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Leases | 12 Months Ended
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Dec. 31, 2025
Leases [Abstract] |
Leases | Leases The Company accounts for its leases under ASC Topic 842 Leases. The Company has both operating and finance leases for certain assets. The Company has elected to apply the short-term measurement and recognition exemption, under which the right-of-use (“ROU”) assets and lease liabilities are not recognized for short-term leases. The following table summarizes the Company’s ROU assets and lease liabilities (in thousands):
|  | December 31,
|  | 2025 |  | 2024
Lease assets |  |  |  |
Finance lease ROU assets |  | $ | 48,791 |  |  | $ | — |
Operating lease ROU assets, including $26,419 and $0, respectively, from leases with related parties |  | 48,297 |  |  | 16,384 |
Lease assets |  | $ | 97,088 |  |  | $ | 16,384 |
Current portion of lease liabilities |  |  |  |
Finance lease liabilities, current portion |  | $ | 188 |  |  | $ | — |
Operating lease liabilities, current portion, including $592 and $0, respectively, from leases with related parties |  | 7,474 |  |  | 5,600 |
Current portion of lease liabilities |  | $ | 7,662 |  |  | $ | 5,600 |
Lease liabilities, net of current portion |  |  |  |
Finance lease liabilities, long-term portion |  | $ | 42,264 |  |  | $ | — |
Operating lease liabilities, long-term portion, including $26,050 and $0, respectively, from leases with related parties |  | 47,288 |  |  | 15,128 |
Lease Liabilities, net of current portion |  | $ | 89,552 |  |  | $ | 15,128 |
The components of lease cost were as follows (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Finance Leases: |  |  |  |  |
Amortization of finance lease assets | $ | 450 |  |  | $ | — |  |  | $ | — |
Interest obligation under finance leases | 687 |  |  | — |  |  | — |
Total lease costs | $ | 1,137 |  |  | $ | — |  |  | $ | — |
Operating Leases: |  |  |  |  |
Fixed operating lease costs to non-related parties | $ | 8,574 |  |  | $ | 8,262 |  |  | $ | 8,188 |
Fixed operating lease costs to related parties | 1,152 |  |  | — |  |  | — |
Variable operating lease costs to non-related parties | 1,931 |  |  | 1,838 |  |  | 1,501 |
Short-term lease costs | 57 |  |  | 48 |  |  | 86 |
Total lease costs | $ | 11,714 |  |  | $ | 10,148 |  |  | $ | 9,775 |
Future minimum lease payments as of December 31, 2025, are as follows (in thousands):
|  |  | Operating Leases |  |
| Finance Leases |  | Related Party |  | Non-Related Party |  | Total Operating |  | Total
2026 | $ | 2,452 |  |  | $ | 2,451 |  |  | $ | 8,370 |  |  | $ | 10,821 |  |  | $ | 13,273 |
2027 | 3,067 |  |  | 2,525 |  |  | 6,762 |  |  | 9,287 |  |  | 12,354 |
2028 | 3,173 |  |  | 2,601 |  |  | 5,410 |  |  | 8,011 |  |  | 11,184 |
2029 | 3,284 |  |  | 2,679 |  |  | 3,359 |  |  | 6,038 |  |  | 9,322 |
2030 | 3,399 |  |  | 2,759 |  |  | 3,480 |  |  | 6,239 |  |  | 9,638 |
Thereafter | 87,783 |  |  | 31,316 |  |  | 7,884 |  |  | 39,200 |  |  | 126,983 |
Total lease payments | 103,158 |  |  | 44,331 |  |  | 35,265 |  |  | 79,596 |  |  | 182,754 |
Less: Imputed lease interest | (60,706) |  |  | (17,689) |  |  | (7,145) |  |  | (24,834) |  |  | (85,540) |
Total lease liabilities | $ | 42,452 |  |  | $ | 26,642 |  |  | $ | 28,120 |  |  | $ | 54,762 |  |  | $ | 97,214 |
Other information pertaining to leases consists of the following:
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Weighted average remaining lease-term |  |  |  |  |
Finance leases | 23.3 years |  | n/a |  | n/a
Operating leases | 9.8 years |  | 6.0 years |  | 5.7 years
Weighted average discount rate |  |  |  |  |
Finance leases | 7.8 | % |  | — | % |  | — | %
Operating leases | 7.5 | % |  | 8.3 | % |  | 7.9 | %
Supplemental cash flow and other information related to leases are as follows (in thousands):
| Year Ended December 31, |  |
| 2025 |  | 2024 |  | 2023 |  |
Operating cash flows from operating leases | 7,454 |  |  | 7,042 |  |  | 7,911 |  |  |
Non cash investing activities: |  |  |  |  |  |  |
Lease liabilities arising from obtaining right-of-use assets, including those assumed through acquisition | $ | 81,611 |  |  | $ | 849 |  |  | $ | 10,562 |  |  |
In May 2024, the Company entered into a triple net lease (“NNN term lease”) with GDC Sunshine LLC (“Lessor”) for 13 1/2 years (162 full calendar months) for a new manufacturing and office facility in Bernalillo County, New Mexico (the “County”). The NNN term lease agreement allows for an extension of one consecutive period of 10 years. The new facility that is mixed use and built for general purposes will be approximately 216,000 square feet when constructed. The Company took control of the facility in the fourth quarter of 2025, at which point the NNN term lease commenced and will be accounted for as a finance lease. Future minimum lease payments under the NNN term lease, assuming the Company executes the renewal option, are estimated to be $103.2 million, payable over the expected lease term beginning with the commencement date. In connection with this NNN term lease and the Company’s planned acquisition of machinery and equipment related to the new facility, the Lessor and the Company entered into a series of transactions with the County related to a tax abatement plan. These transactions had no net impact to the consolidated financial statements of the Company. The tax abatement plan provides for the effective elimination of 75% of the real property taxes and 100% of the personal property taxes payable to the County by the Company and the Lessor during the term of the NNN term lease, and the abatement of 100% of the sales and use taxes that would be incurred by the Company and the Lessor related to the purchase and use of machinery and equipment.
Leases | Leases The Company accounts for its leases under ASC Topic 842 Leases. The Company has both operating and finance leases for certain assets. The Company has elected to apply the short-term measurement and recognition exemption, under which the right-of-use (“ROU”) assets and lease liabilities are not recognized for short-term leases. The following table summarizes the Company’s ROU assets and lease liabilities (in thousands):
|  | December 31,
|  | 2025 |  | 2024
Lease assets |  |  |  |
Finance lease ROU assets |  | $ | 48,791 |  |  | $ | — |
Operating lease ROU assets, including $26,419 and $0, respectively, from leases with related parties |  | 48,297 |  |  | 16,384 |
Lease assets |  | $ | 97,088 |  |  | $ | 16,384 |
Current portion of lease liabilities |  |  |  |
Finance lease liabilities, current portion |  | $ | 188 |  |  | $ | — |
Operating lease liabilities, current portion, including $592 and $0, respectively, from leases with related parties |  | 7,474 |  |  | 5,600 |
Current portion of lease liabilities |  | $ | 7,662 |  |  | $ | 5,600 |
Lease liabilities, net of current portion |  |  |  |
Finance lease liabilities, long-term portion |  | $ | 42,264 |  |  | $ | — |
Operating lease liabilities, long-term portion, including $26,050 and $0, respectively, from leases with related parties |  | 47,288 |  |  | 15,128 |
Lease Liabilities, net of current portion |  | $ | 89,552 |  |  | $ | 15,128 |
The components of lease cost were as follows (in thousands):
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Finance Leases: |  |  |  |  |
Amortization of finance lease assets | $ | 450 |  |  | $ | — |  |  | $ | — |
Interest obligation under finance leases | 687 |  |  | — |  |  | — |
Total lease costs | $ | 1,137 |  |  | $ | — |  |  | $ | — |
Operating Leases: |  |  |  |  |
Fixed operating lease costs to non-related parties | $ | 8,574 |  |  | $ | 8,262 |  |  | $ | 8,188 |
Fixed operating lease costs to related parties | 1,152 |  |  | — |  |  | — |
Variable operating lease costs to non-related parties | 1,931 |  |  | 1,838 |  |  | 1,501 |
Short-term lease costs | 57 |  |  | 48 |  |  | 86 |
Total lease costs | $ | 11,714 |  |  | $ | 10,148 |  |  | $ | 9,775 |
Future minimum lease payments as of December 31, 2025, are as follows (in thousands):
|  |  | Operating Leases |  |
| Finance Leases |  | Related Party |  | Non-Related Party |  | Total Operating |  | Total
2026 | $ | 2,452 |  |  | $ | 2,451 |  |  | $ | 8,370 |  |  | $ | 10,821 |  |  | $ | 13,273 |
2027 | 3,067 |  |  | 2,525 |  |  | 6,762 |  |  | 9,287 |  |  | 12,354 |
2028 | 3,173 |  |  | 2,601 |  |  | 5,410 |  |  | 8,011 |  |  | 11,184 |
2029 | 3,284 |  |  | 2,679 |  |  | 3,359 |  |  | 6,038 |  |  | 9,322 |
2030 | 3,399 |  |  | 2,759 |  |  | 3,480 |  |  | 6,239 |  |  | 9,638 |
Thereafter | 87,783 |  |  | 31,316 |  |  | 7,884 |  |  | 39,200 |  |  | 126,983 |
Total lease payments | 103,158 |  |  | 44,331 |  |  | 35,265 |  |  | 79,596 |  |  | 182,754 |
Less: Imputed lease interest | (60,706) |  |  | (17,689) |  |  | (7,145) |  |  | (24,834) |  |  | (85,540) |
Total lease liabilities | $ | 42,452 |  |  | $ | 26,642 |  |  | $ | 28,120 |  |  | $ | 54,762 |  |  | $ | 97,214 |
Other information pertaining to leases consists of the following:
| Year Ended December 31,
| 2025 |  | 2024 |  | 2023
Weighted average remaining lease-term |  |  |  |  |
Finance leases | 23.3 years |  | n/a |  | n/a
Operating leases | 9.8 years |  | 6.0 years |  | 5.7 years
Weighted average discount rate |  |  |  |  |
Finance leases | 7.8 | % |  | — | % |  | — | %
Operating leases | 7.5 | % |  | 8.3 | % |  | 7.9 | %
Supplemental cash flow and other information related to leases are as follows (in thousands):
| Year Ended December 31, |  |
| 2025 |  | 2024 |  | 2023 |  |
Operating cash flows from operating leases | 7,454 |  |  | 7,042 |  |  | 7,911 |  |  |
Non cash investing activities: |  |  |  |  |  |  |
Lease liabilities arising from obtaining right-of-use assets, including those assumed through acquisition | $ | 81,611 |  |  | $ | 849 |  |  | $ | 10,562 |  |  |
In May 2024, the Company entered into a triple net lease (“NNN term lease”) with GDC Sunshine LLC (“Lessor”) for 13 1/2 years (162 full calendar months) for a new manufacturing and office facility in Bernalillo County, New Mexico (the “County”). The NNN term lease agreement allows for an extension of one consecutive period of 10 years. The new facility that is mixed use and built for general purposes will be approximately 216,000 square feet when constructed. The Company took control of the facility in the fourth quarter of 2025, at which point the NNN term lease commenced and will be accounted for as a finance lease. Future minimum lease payments under the NNN term lease, assuming the Company executes the renewal option, are estimated to be $103.2 million, payable over the expected lease term beginning with the commencement date. In connection with this NNN term lease and the Company’s planned acquisition of machinery and equipment related to the new facility, the Lessor and the Company entered into a series of transactions with the County related to a tax abatement plan. These transactions had no net impact to the consolidated financial statements of the Company. The tax abatement plan provides for the effective elimination of 75% of the real property taxes and 100% of the personal property taxes payable to the County by the Company and the Lessor during the term of the NNN term lease, and the abatement of 100% of the sales and use taxes that would be incurred by the Company and the Lessor related to the purchase and use of machinery and equipment.

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- 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 + Details
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- 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 + Details
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