Leases

3 Months Ended

Mar. 31, 2026

LEASES

As of March 31, 2026, the Company leased-in certain facilities and other equipment but did not lease-in any vessels. The leases typically contain purchase and renewal options or rights of first refusal with respect to the sale or lease of the equipment. The lease terms of certain facilities and other equipment had a duration ranging from six to 249 months.

As of March 31, 2026, future minimum payments for leases for the remainder of 2026 and the years ended December 31, noted below, were as follows (in thousands):


	Operating Leases			Finance Leases
Remainder of 2026	$	380		$	10
2027		323			9
2028		30			—
2029		30			—
2030		30			—
Years subsequent to 2030		480			—
		1,273			19
Interest component		(322	)		(2	)
		951			17
Current portion of long-term lease liabilities		481			12
Long-term lease liabilities	$	470		$	5

For the three months ended March 31, 2026 and 2025 the components of lease expense were as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Operating lease costs	$	160	$	200
Finance lease costs:
Amortization of finance lease assets (1)		3		11
Interest on finance lease liabilities (2)		1		1
Short-term lease costs		90		137
	$	254	$	349

(1)

Included in amortization costs in the consolidated statements of income (loss).

(2)

Included in interest expense in the consolidated statements of income (loss).

For the three months ended March 31, 2026 supplemental cash flow information related to leases was as follows (in thousands):


	2026		2025
Operating cash outflows from operating leases	$	164	$	178
Financing cash outflows from finance leases		3		9
Right-of-use assets obtained for operating lease liabilities		83		—

For the three months ended March 31, 2026 other information related to leases was as follows:


	2026			2025
Weighted average remaining lease term, in years - operating leases		11.5			11.5
Weighted average remaining lease term, in years - finance leases		1.5			2.4
Weighted average discount rate - operating leases		12.1	%		6.1	%
Weighted average discount rate - finance leases		11.0	%		10.8	%