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Leases

12 Months Ended

Dec. 31, 2025

Note 10 – Leases

The Company leases its facilities and certain equipment. Fixed rent escalates each year, and the Company is responsible for a portion of the landlords’ operating expenses such as property tax, insurance, and common area maintenance.

The Company’s facility in Louisville, Colorado (“SP1”) is under a noncancelable operating lease with a maturity date in December 2029. The Company has the right to renew this operating lease for an additional five-year period.

On September 1, 2021, the Company entered into an industrial operating lease agreement for its facility in Thornton, Colorado, or SP2, with the initial term through March 31, 2029. Under this operating lease, the Company has one option to renew for five years, which has been included in the calculation of lease liabilities and right-of-use assets as the exercise of the option was reasonably certain. As the renewal rent has not been negotiated, the Company used an estimated rent rate which approximated the fair market rent at adoption of ASC 842 on January 1, 2022 for the extension period.

The Company has certain equipment leases classified as finance leases as of December 31, 2025. In the Consolidated Balance Sheets, the Company records it right-of-use finance lease assets, net within Other assets, records its short-term finance lease liabilities within Accounts payable and other accrued liabilities, and records its long-term finance lease liabilities within Other liabilities.

The Company’s leases do not have any contingent rent payments and do not contain residual value guarantees.

The components of lease expense are as follows:


	For the Years Ended December 31,
	2025			2024
Finance lease costs:
Amortization of right-of-use assets	$	476		$	232
Interest on lease liabilities		26			46
Operating lease costs		1,505			1,209
Total lease expense	$	2,007		$	1,487

The components of cash flow information related to leases are as follows:


		For the Years Ended December 31,
		2025			2024
Operating outgoing cash flows – finance leases		$	26		$	47
Financing outgoing cash flows – finance leases			280			377
Operating outgoing cash flows – operating leases			1,351			1,320
Right-of-use assets obtained in exchange for new finance lease liabilities:			(1)			—
Right-of-use assets obtained in exchange for new and modified operating lease liabilities:			15			1,005


		December 31, 2025
Finance lease
Weighted-average remaining lease term – finance leases (in years)		1.68
Weighted-average discount rate – finance leases		6.8	%
Operating lease
Weighted-average remaining lease term – operating leases (in years)		7.08
Weighted-average discount rate – operating leases		6.3	%

As of December 31, 2025, future minimum payments during the next five years and thereafter are as follows:


Fiscal year	Finance Lease		Operating Lease
2026	$	179	$	1,403
2027		85		1,448
2028		16		1,494
2029		—		1,548
2030		—		903
Thereafter		—		3,127
Total		280		9,923
Less present value discount		14		1,933
Total lease liabilities	$	266	$	7,990