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Property, Plant and Equipment
 3 Months Ended
Mar. 31, 2025
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment

Note 6 – Property, Plant and Equipment

Property, plant and equipment consist of the following as of March 31, 2025 and December 31, 2024 (in thousands):

 

 

 

As of
March 31,

 

 

As of
December 31,

 

 

 

2025

 

 

2024

 

Land

 

$

 

1,822

 

 

$

 

1,822

 

Buildings

 

 

 

3,298

 

 

 

 

3,297

 

Furniture and fixtures

 

 

 

5,416

 

 

 

 

5,263

 

Software

 

 

 

5,322

 

 

 

 

3,659

 

Machinery and equipment

 

 

 

885,061

 

 

 

 

857,900

 

Vehicles

 

 

 

5,946

 

 

 

 

5,889

 

Leasehold improvements

 

 

 

8,276

 

 

 

 

8,269

 

Construction in progress

 

 

 

5,676

 

 

 

 

7,148

 

Property, plant and equipment

 

 

 

920,817

 

 

 

 

893,247

 

Less: accumulated depreciation

 

 

 

(214,005

)

 

 

 

(190,631

)

Property, plant and equipment, net

 

$

 

706,812

 

 

$

 

702,616

 

 

The Company’s rental fleet included in machinery and equipment was $825.1 million (approximately $618.5 million, net of accumulated depreciation) as of March 31, 2025 was and $799.5 million (approximately $620.0 million, net of accumulated depreciation) as of December 31, 2024.

Depreciation expenses for the three months ended March 31, 2025 and 2024 were approximately $23.4 million and $10.7 million, respectively.

The Company reviews long-lived tangible assets, including property, plant and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Such events and changes may include significant changes in performance relative to expected operating results, significant changes in asset use, significant negative industry or economic trends, and changes in our business strategy, among others. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to estimated future undiscounted net cash flows expected to be generated by the asset. Impairment losses are recognized in the period in which the impairment occurs and represent the excess of the asset carrying value over its fair value estimated using future discounted net cash flows. No impairment was recorded for the three months ended March 31, 2025 and 2024.