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Property and Equipment, Net
 12 Months Ended
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,
20242023
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.
Depreciation 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,
20242023
United States$47,930 $50,746 
Canada3,309 — 
The Netherlands7,583 4,834 
Total property and equipment, net and operating lease right-of-use assets$58,822 $55,580