Property and Equipment

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

NOTE 6. PROPERTY AND EQUIPMENT

A summary of property and equipment as of September 30, 2025 and December 31, 2024 is as follows:


(in thousands)	September 30, 2025			December 31, 2024
Land	$	13,465		$	25,075
Buildings, building improvements and leasehold improvements		49,027			75,689
Manufacturing machinery and equipment		69,093			64,088
Rental tools		64,834			54,456
Office equipment and computer software		3,077			4,516
Vehicles		14,722			19,638
Right of use leases – finance		38,751			20,689
Total Property and equipment		252,969			264,151
Less: Accumulated depreciation and amortization		(94,284	)		(73,365	)
Net Property and equipment	$	158,685		$	190,786

The amortization expense for the right of use finance lease assets was $1.9 million and $1.5 million for the three months ended September 30, 2025 and 2024, respectively, and $5.4 million and $4.5 million for the nine months ended September 30, 2025 and 2024, respectively.

Depreciation expense related to property and equipment was $9.2 million and $4.3 million for the three months ended September 30, 2025 and 2024, respectively, and $28.2 million and $8.7 million for the nine months ended September 30, 2025 and 2024, respectively.