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LEASES

9 Months Ended

Sep. 30, 2025

14. LEASES

The Company has operating leases for office space, manufacturing facilities and equipment, computer equipment and automobiles. Many leases include one or more options to renew, some of which include options to extend the leases for a long-term period, and some leases include options to terminate the leases within 30 days. In certain of the Company’s lease agreements, the rental payments are adjusted periodically to reflect actual charges incurred for capital area maintenance, utilities, inflation and/or changes in other indexes.

Supplemental cash flow information related to the Company’s operating and finance leases for the nine months ended September 30, 2025 and 2024 was as follows:


	September 30,
	2025		2024
Cash paid for operating leases	$	5,000	$	4,791
Cash paid for interest on finance lease obligations	$	291	$	305
Assets acquired under operating leases	$	1,609	$	3,709
Operating lease assets obtained in acquisitions	$	—	$	378

The Company’s finance lease obligations relate to a manufacturing facility. Finance lease assets of $7,103 and $7,577 as of September 30, 2025 and December 31, 2024, respectively, are included in property, plant and equipment, net. As of September 30, 2025, finance lease obligations of $476 are included in accrued liabilities and $7,797 are included in long-term debt on the condensed consolidated balance sheet. As of December 31, 2024, finance lease obligations of $448 are included in accrued liabilities and $8,160 are included in long-term debt on the condensed consolidated balance sheet.

The following table presents the maturity of the Company’s operating and finance lease liabilities as of September 30, 2025:


	Operating Leases		Finance Leases
Remainder of 2025		1,616		208
2026		6,111		848
2027		5,347		867
2028		4,003		866
2029		2,727		906
Thereafter		5,816		6,978
Total undiscounted cash flows	$	25,620	$	10,673
Less: present value discount		(2,786)		(2,400)
Total lease liabilities	$	22,834	$	8,273

As of September 30, 2025, the Company has entered into leases for additional office space with future minimum lease payments of $4,817 that have yet to be commenced.

The Company has operating leases for certain facilities from companies for which a member of management is a part owner. In connection with such leases, the Company made fixed minimum lease payments to the lessor of $272 and $798 during the three and nine months ended September 30, 2025 and $242 and $726 during the three and nine months ended September 30, 2024, respectively, and is obligated to make payments of $274 during the remainder of 2025. Future fixed minimum lease payments under these leases as of September 30, 2025 are $6,693.