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Leases | 12 Months Ended
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Dec. 31, 2025
Leases [Abstract] |
Leases | Note 5 – Leases The Company has operating leases related to office space and manufacturing facilities. The Company has finance leases related to vehicles, tractors, and trailers. The Company’s office space leases have a remaining lease term of three to 87 months as of December 31, 2025. The Co mpany’s finance leases have remaining lease terms ranging from one to 84 months as of December 31, 2025. Certain leases include one or more options to renew, with renewal terms that can extend the le ase term from one to seven years. The exercise of lease renewal options is typically at our discretion. The measurement of the lease term includes options to extend or renew the lease when it is reasonably certain that we will exercise those options. Lease terms are negotiated on an individual basis and may contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes. Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Company. Amounts recognized in the consolidated balance sheet The consolidated balance sheets consist of the following amounts relating to operating and finance leases (in thousands):
|  | As of December 31, |
|  | 2025 |  |  | 2024 |
Operating right-of-use assets |  |  |  |  |  |  |  |
Real property |  | $ |  | 17,556 |  |  | $ |  | 19,480 |
|  | $ |  | 17,556 |  |  | $ |  | 19,480 |
Operating lease liabilities |  |  |  |  |  |  |  |
Current |  | $ |  | 8,004 |  |  | $ |  | 6,809 |
Non-current |  |  |  | 9,783 |  |  |  |  | 12,739 |
|  | $ |  | 17,787 |  |  | $ |  | 19,548 |
|  | As of December 31, |
|  | 2025 |  |  | 2024 |
Finance right-of-use assets |  |  |  |  |  |  |  |
Vehicles |  | $ |  | 25,861 |  |  | $ |  | 21,871 |
|  | $ |  | 25,861 |  |  | $ |  | 21,871 |
Finance lease liabilities |  |  |  |  |  |  |  |
Current |  | $ |  | 12,895 |  |  | $ |  | 7,837 |
Non-current |  |  |  | 10,862 |  |  |  |  | 13,389 |
|  | $ |  | 23,757 |  |  | $ |  | 21,226 |
Additions to operating right-of-use assets during 2025 and 2024 were approximately $5.3 million and $5.5 million, respectively. Disposals to operating right-of-use assets during 2025 and 2024 were approximately $4.2 million and $0.6 million, respectively. Additions to finance right-of-use assets during 2025 and 2024 were approximately $17.9 million and $8.4 million, respectively. Disposals to finance right-of-use assets during 2025 and 2024 were approximately $5.1 million and $0.1 million, respectively. The weighted average lessee’s incremental borrowing rate applied to the operating and finance lease liabilities on December 31, 2025 was 6.6% and 6.9%, respectively. The weighted average lessee's incremental borrowing rate applied to the operating and finance lease liabilities on December 31, 2024 was 6.7% and 8.0%, respectively. The weighted average remaining lease term for operating and finance lease on December 31, 2025 was 2.80 years and 2.68 years, respectively. The weighted average remaining lease term for operating and finance lease on December 31, 2024 was 3.77 years and 2.10 years, respectively. Amounts recognized in the consolidated statement of operations The consolidated statements of operations consist of the following amounts relating to leases (in thousands):
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Amortization of real property operating right-of-use assets |  |  |  |  |  |  |  |  |  |  |  |
(included in general and administrative expenses) |  | $ |  | 9,827 |  |  | $ |  | 4,326 |  |  | $ |  | 508 |
Interest expense (recovery) of vehicles finance right-of-use assets |  |  |  |  |  |  |  |  |  |  |  |
(included in interest expense) |  | $ |  | 1,820 |  |  | $ |  | 909 |  |  | $ |  | 530 |
Depreciation of vehicles finance right-of-use assets |  |  |  |  |  |  |  |  |  |  |  |
(included in depreciation and amortization) |  | $ |  | 12,414 |  |  | $ |  | 6,113 |  |  | $ |  | 995 |
Variable lease expense |  | $ |  | — |  |  | $ |  | — |  |  | $ |  | — |
Short-term lease expense |  | $ |  | 1,628 |  |  | $ |  | 331 |  |  | $ |  | — |
The below table shows the total cash outflows for leases for the periods presented (in thousands):
|  | Year Ended December 31, |
|  | 2025 |  |  | 2024 |  |  | 2023 |
Operating cash flows from operating leases |  | $ |  | 9,913 |  |  | $ |  | 4,246 |  |  | $ |  | 508 |
Financing cash flows from finance leases |  |  |  | 14,965 |  |  |  |  | 7,503 |  |  |  |  | 1,525 |
Total cash outflows for leases |  | $ |  | 24,878 |  |  | $ |  | 11,749 |  |  | $ |  | 2,033 |
The table below reconciles the undiscounted future minimum operating and finance lease payments to the operating and finance lease liabilities recorded on the balance sheet as of December 31, 2025 (in thousands):
|  | Operating Lease |  |  | Finance Lease |
2026 |  | $ |  | 8,878 |  |  | $ |  | 13,993 |
2027 |  |  |  | 5,256 |  |  |  |  | 8,306 |
2028 |  |  |  | 2,607 |  |  |  |  | 2,452 |
2029 |  |  |  | 1,452 |  |  |  |  | 380 |
2030 |  |  |  | 895 |  |  |  |  | 157 |
Thereafter |  |  |  | 645 |  |  |  |  | 31 |
Total future minimum lease payments |  |  |  | 19,733 |  |  |  |  | 25,319 |
Less: Amount of lease payments representing interest |  |  |  | (1,946 | ) |  |  |  | (1,562 | )
Present values of future minimum lease payments |  | $ |  | 17,787 |  |  | $ |  | 23,757 |
Lessor Accounting Rental agreements are for the rental of our compressor units to customers. Rental revenue for the years ended December 31, 2025, 2024 and 2023 were approximately $418.0 million, $276.7 million, and $168.8 million, respectively. Revenue related to these rental agreements is reflected as rental revenue in the consolidated statements of operations. Scheduled future minimum lease payments to be received by the Company as of December 31, 2025 for each of the next five years is as follows (in thousands):
|  | Amount |
2026 |  | $ |  | 161,481 |
2027 |  |  |  | 68,650 |
2028 |  |  |  | 13,328 |
2029 |  |  |  | 1,193 |
2030 |  |  |  | — |
Thereafter |  |  |  | — |
Total |  | $ |  | 244,652 |

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