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Leases

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Leases

Leases

The Company has operating and finance leases for offices, manufacturing plants, vehicles and certain office and manufacturing equipment. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company accounts for each separate lease component of a contract and its associated non-lease components as a single lease component, thus causing all fixed payments to be capitalized. Variable lease payment amounts that cannot be determined at the commencement of the lease such as increases in lease payments based on changes in index rates or usage, are not included in the right of use (“ROU”) assets or lease liabilities. These are expensed as incurred and recorded as variable lease expense. The Company determines if an arrangement is a lease at the inception of a contract. Operating and finance lease ROU assets and operating and finance lease liabilities are stated separately in the condensed consolidated balance sheets.

ROU assets represent the Company's right to use an underlying asset during the lease term and lease liabilities represent the Company's obligation to make lease payments pursuant to the lease. ROU assets and lease liabilities are recognized at commencement date based on the net present value of fixed lease payments over the lease term. The Company's assumed lease term includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option. ROU assets are also adjusted for any deferred or accrued rent. As the Company's leases do not typically provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

ROU assets and lease liabilities consist of the following (in thousands):

			June 30, 2026						December 31, 2025
Operating lease ROU assets			$	18,576					$	18,847
Finance lease ROU assets			13						32
Total ROU assets			$	18,589					$	18,879
Operating lease liabilities - current			$	4,725					$	5,005
Finance lease liabilities - current			14						32
Total lease liabilities - current			$	4,739					$	5,037
Operating lease liabilities - long-term			$	14,292					$	13,988
Finance lease liabilities - long-term			—						2
Total lease liabilities - long-term			$	14,292					$	13,990

The components of lease costs for the six months ended June 30, 2026 and 2025 consist of the following (in thousands):

			Six Months Ended June 30,
			2026						2025
Lease Cost:
Finance lease cost:
Amortization of right of use assets			$	19					$	30
Interest on lease liabilities			—						1
Operating lease cost			2,882						2,321
Variable lease cost			458						342
Short-term lease cost			150						97
Total lease cost			$	3,509					$	2,791
Weighted-average remaining lease term (years):
Finance			0.83						1.04
Operating			5.52						3.78
Weighted-average discount rate:
Finance			2.26		%				2.13		%
Operating			5.53		%				5.25		%

The components of lease income were as follows (in thousands):

			Six Months Ended June 30,
			2026						2025
Lease income:
Operating lease income			173						169
Total lease income			$	173					$	169

The following table provides additional details of cash flow information related to the Company's leases (in thousands):

			Six Months Ended June 30,
			2026						2025
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases			$	2,586					$	2,244
Financing cash flows from finance leases			20						32
Total operating cash flows			$	2,606					$	2,276
Supplemental non-cash information:
ROU assets obtained in exchange for new lease liabilities			$	2,185					$	2,711

Maturities of lease liabilities and receipts as of June 30, 2026 are as follows (in thousands):

			Lease Liabilities												Lease Receipts
			Operating						Finance						Operating
Remainder of 2026			$	2,768					$	9					$	181
2027			5,594						5						363
2028			4,483						—						372
2029			3,560						—						—
2030			2,206						—						—
Thereafter			3,382						—						—
Total lease payments			21,993						14						$	916
Less: Interest			(2,976)						—
Present value of lease liabilities			$	19,017					$	14

Leases

Leases

The Company has operating and finance leases for offices, manufacturing plants, vehicles and certain office and manufacturing equipment. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company accounts for each separate lease component of a contract and its associated non-lease components as a single lease component, thus causing all fixed payments to be capitalized. Variable lease payment amounts that cannot be determined at the commencement of the lease such as increases in lease payments based on changes in index rates or usage, are not included in the right of use (“ROU”) assets or lease liabilities. These are expensed as incurred and recorded as variable lease expense. The Company determines if an arrangement is a lease at the inception of a contract. Operating and finance lease ROU assets and operating and finance lease liabilities are stated separately in the condensed consolidated balance sheets.

ROU assets represent the Company's right to use an underlying asset during the lease term and lease liabilities represent the Company's obligation to make lease payments pursuant to the lease. ROU assets and lease liabilities are recognized at commencement date based on the net present value of fixed lease payments over the lease term. The Company's assumed lease term includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option. ROU assets are also adjusted for any deferred or accrued rent. As the Company's leases do not typically provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

ROU assets and lease liabilities consist of the following (in thousands):

			June 30, 2026						December 31, 2025
Operating lease ROU assets			$	18,576					$	18,847
Finance lease ROU assets			13						32
Total ROU assets			$	18,589					$	18,879
Operating lease liabilities - current			$	4,725					$	5,005
Finance lease liabilities - current			14						32
Total lease liabilities - current			$	4,739					$	5,037
Operating lease liabilities - long-term			$	14,292					$	13,988
Finance lease liabilities - long-term			—						2
Total lease liabilities - long-term			$	14,292					$	13,990

The components of lease costs for the six months ended June 30, 2026 and 2025 consist of the following (in thousands):

			Six Months Ended June 30,
			2026						2025
Lease Cost:
Finance lease cost:
Amortization of right of use assets			$	19					$	30
Interest on lease liabilities			—						1
Operating lease cost			2,882						2,321
Variable lease cost			458						342
Short-term lease cost			150						97
Total lease cost			$	3,509					$	2,791
Weighted-average remaining lease term (years):
Finance			0.83						1.04
Operating			5.52						3.78
Weighted-average discount rate:
Finance			2.26		%				2.13		%
Operating			5.53		%				5.25		%

The components of lease income were as follows (in thousands):

			Six Months Ended June 30,
			2026						2025
Lease income:
Operating lease income			173						169
Total lease income			$	173					$	169

The following table provides additional details of cash flow information related to the Company's leases (in thousands):

			Six Months Ended June 30,
			2026						2025
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases			$	2,586					$	2,244
Financing cash flows from finance leases			20						32
Total operating cash flows			$	2,606					$	2,276
Supplemental non-cash information:
ROU assets obtained in exchange for new lease liabilities			$	2,185					$	2,711

Maturities of lease liabilities and receipts as of June 30, 2026 are as follows (in thousands):

			Lease Liabilities												Lease Receipts
			Operating						Finance						Operating
Remainder of 2026			$	2,768					$	9					$	181
2027			5,594						5						363
2028			4,483						—						372
2029			3,560						—						—
2030			2,206						—						—
Thereafter			3,382						—						—
Total lease payments			21,993						14						$	916
Less: Interest			(2,976)						—
Present value of lease liabilities			$	19,017					$	14

X

- References

No definition available.

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X

- Definition

The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/842-20/tableOfContent

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X

- Definition

The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/842-20/tableOfContent

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