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LEASES | 3 Months Ended
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Mar. 31, 2026
Leases [Abstract] |
LEASES | LEASES Operating Leases The Company has operating leases for office and warehouse space and certain equipment. In certain of the Company’s lease agreements, the rental payments are adjusted periodically based on defined terms within the lease. The Company held no finance leases during the three-month periods ended as of March 31, 2026 and 2025. The Company’s leases relating to office and warehouse space have lease terms of 65 months to 103 months. Equipment leases carry 36 month terms with some including automatic renewal clauses. The Company’s warehouse agreements also contain non-lease components, in the form of payments towards variable logistics services and labor charges, which the Company is obligated to pay based on the services consumed by it. Such amounts are not included in the measurement of the lease liability but are recognized as expenses when they are incurred. The operating lease expense was $1.3 million and $1.2 million for the three months ended March 31, 2026 and 2025, respectively. Supplemental cash flow information related to the Company’s operating leases was as follows (in thousands):
| Three months ended March 31,
| 2026 |  | 2025
Cash paid for amounts included in the measurements of lease liabilities |  |  |
Operating cash flow used in operating leases | $ | 1,536 |  |  | $ | 1,600 |
Right-of-use assets obtained in exchange for lease obligations |  |  |
Operating leases | $ | 6,850 |  |  | $ | — |
As of March 31, 2026, the weighted average remaining lease term was 5 years, 2 months and the weighted average discount rate was 3.50%. The following table presents the maturity of the Company’s operating lease liabilities as of March 31, 2026 (in thousands):
2026 (excluding the three months ended March 31, 2026) | $ | 3,513 |
2027 | 3,779 |
2028 | 3,910 |
2029 | 1,565 |
2030 | 1,116 |
Thereafter | 4,245 |
Total lease payments | $ | 18,128 |
Less: imputed interest | (2,027) |
Total | $ | 16,101 |
During the three months ended September 30, 2025, the Company entered into a lease agreement for new headquarters office space in 1501 South Clinton Street, Baltimore, Maryland 21224, with a lease term of 8 years and 7 months. The lease commenced during the three months ended March 31, 2026. The Company recorded an initial right-of-use asset and corresponding lease liability of $6.8 million. The Company did not renew its office space lease in 100 International Drive, Baltimore, Maryland 21202 which expired in February 2026. The future minimum lease commitments related to this lease are included in the tables above.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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