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Property and Equipment, Net | 12 Months Ended
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Dec. 31, 2024
Property, Plant and Equipment [Abstract] |
Property and Equipment, Net | Property and Equipment, Net Property and equipment, net consisted of the following (in thousands):
| December 31,
| 2024 |  | 2023
Data center equipment | $ | 54,552 |  |  | $ | 37,245 |
Leased and financed data center equipment | 65,037 |  |  | 68,757 |
Machinery and equipment | 16,872 |  |  | 14,004 |
Computer equipment | 2,239 |  |  | 2,472 |
Leasehold improvements | 244 |  |  | 1,114 |
Construction-in-process (1) | 311 |  |  | 1,371 |
Total property and equipment | 139,255 |  |  | 124,963 |
Less: accumulated depreciation and amortization | (96,306) |  |  | (79,363) |
Total property and equipment, net | $ | 42,949 |  |  | $ | 45,600 |
(1) Construction-in-process relates to assets that have not yet been placed in service related to hard drives not yet deployed. Deprec iation expense was $21.3 million and $21.3 million for the years ended December 31, 2024 and 2023, respectively. For the Company’s equipment under finance leases and collateralized financing obligations, accumulated depreciation was $29.3 million and $31.6 million as of December 31, 2024 and 2023, respectively. The carrying value of the Company’s equipment under finance lease agreements and collateralized financing obligations was $35.7 million and $37.1 million as of December 31, 2024 and 2023, respectively. During the years ended December 31, 2024 and 2023, the Company recorded gains of $0.2 million and $0.4 million, respectively, as a result of disposing of certain hard drives. These disposals occurred in the ordinary course of business, as the Company continuously evaluates its requirements for operating its data centers. The gains are recorded as general and administrative expenses in the Company’s consolidated statements of operations and comprehensive loss. The following table presents property and equipment, net and operating lease right-of-use assets by geographic region (in thousands):
| December 31,
| 2024 |  | 2023
United States | $ | 47,930 |  |  | $ | 50,746 |
Canada | 3,309 |  |  | — |
The Netherlands | 7,583 |  |  | 4,834 |
Total property and equipment, net and operating lease right-of-use assets | $ | 58,822 |  |  | $ | 55,580 |

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