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Leases
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
LEASES
8. LEASES

 

Operating leases as lessee

 

As of June 30, 2025 and December 31, 2024, the Company had operating leases recorded on its consolidated balance sheets for certain office spaces and warehouses that expire on various dates through 2044. The Company terminated leases for certain facilities with lower usage. The termination of the leases reduced operating ROU assets of approximately $0.1 million and operating lease liabilities of approximately $0.1 million, respectively, during the six months ended June 30, 2025. The Company does not plan to cancel the remaining existing lease agreements for its existing facilities prior to their respective expiration dates. When determining the lease term, the Company considers options to extend or terminate the lease when it is reasonably certain that it will exercise or not exercise that option. The Company’s lease arrangements may contain both lease and non-lease components. The Company has separately accounted for lease and non-lease components based on their nature. Payments under the Company’s lease arrangement are fixed.

 

The following table shows ROU assets and lease liabilities, and the associated financial statement line items:

 

   As of
June 30,
2025		   As of
December 31,
2024		 
Assets        
Operating lease right-of-use assets, net  $8,065   $9,918 
           
Liabilities          
Operating lease liabilities, current  $3,978   $4,218 
Operating lease liabilities, non-current  $3,254   $4,719 
           
Weighted average remaining lease term (in years)   3.00    3.25 
Weighted average discount rate (%)   5.85    5.84 

 

Information related to operating lease activities during as of June 30, 2025 and 2024 is set forth below:

 

  

For the Six Months Ended

June 30,

 
   2025   2024 
Operating lease right-of-use assets obtained in exchange for lease liabilities  $233   $1,023 
           
Operating lease expense          
Amortization of right-of-use assets   2,121    3,105 
Interest of lease liabilities   245    494 
Total  $2,366   $3,599 

 

Maturities of lease liabilities were as follows:

 

 Twelve months ending June 30,  Lease
Liabilities		 
2026  $4,113 
2027   1,627 
2028   1,036 
2029   299 
2030   299 
Thereafter   555 
Total lease payments   7,929 
Less: imputed interest   (697)
Total  $7,232