LEASES

12 Months Ended

Dec. 31, 2025

NOTE 11 - LEASES

The Company leases real estate, equipment, and vehicles. The Company’s most significant individual lease arrangements relate to real estate with lease terms ranging from 1 to 30 years. Lease terms include renewal or termination options the Company is reasonably certain to exercise.

In May 2024, the Company sublet the leased space that previously housed its corporate headquarters in Orlando, FL and has no further involvement in that property. The Company recognized a $0.8 million

impairment on the related ROU asset, which is recorded in other (income)/expense, net in the Consolidated Statements of Comprehensive Loss.

The components of lease expense and supplemental cash flow information related to leases for the period are as follows:


	Year Ended December 31,
(in thousands)	2025		2024		2023
Lease cost
Operating lease cost	$	8,279	$	5,668	$	4,171
Short-term lease cost		1,706		1,447		1,175
Total lease cost	$	9,985	$	7,115	$	5,346

Other information
Cash paid for amounts included in the measurement of lease liabilities	$	7,723	$	5,401	$	3,772
Right-of-use assets obtained in exchange for new operating lease liabilities	$	550	$	31,527	$	13,578

The weighted-average remaining lease term and weighted-average discount rate for our operating lease liabilities as of December 31, 2025 were 14.1 years and 6.5%, respectively.

The supplemental balance sheet information related to leases for the period is as follows:


	December 31,
(in thousands)	2025		2024
Operating lease right-of-use assets	$	54,226	$	56,833

Operating lease liabilities
Accrued expenses and other current liabilities	$	3,061	$	3,110
Operating lease right-of-use liabilities		52,350		54,665
Total operating lease liabilities	$	55,411	$	57,775

Maturities of the Company’s lease liabilities are as follows (in thousands):


Year Ended December 31,	Lease Liabilities
2026	$	6,543
2027		7,360
2028		6,113
2029		5,902
2030		5,999
Thereafter		60,343
Total future minimum lease payments		92,260
Less: Imputed interest		(36,849	)
Present value of lease liabilities	$	55,411

Sale-leaseback Transaction

The Company is party to a sale-leaseback arrangement with The Development Authority of Augusta, Georgia (“AEDA”) related to the Augusta Facility. The improvements and equipment, when completed and placed in service, will be transferred to the AEDA and leased back by PCT. The arrangement has an initial expiration date in 2044 and continues to provide local property tax incentives to the Company.