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Note 9 - Leases

3 Months Ended

Mar. 31, 2025

Lessee Operating and Finance Leases [Text Block]

NOTE 9 — LEASES

The Company leases certain facilities and equipment. The leases are accounted for under Accounting Standard Update 2016-02, Leases (“Topic 842”), and the Company elected to apply each available practical expedient. The discount rates used for the leases are based on an interest rate yield curve developed for the leases in the Company’s lease portfolio.

The Company has elected to apply the short-term lease exception to all leases of one year or less. During the three months ended March 31, 2025 and 2024, the Company had additional operating leases that resulted in right-of-use assets obtained in exchange for lease obligations in the amount of $1,034 and $0, respectively. During the three months ended March 31, 2025 and 2024, the Company had additional finance leases associated with property, plant, and equipment of $0 and $813, respectively.

Some of the Company’s facility leases include options to renew. The exercise of the renewal options is typically at the Company’s discretion. The Company regularly evaluates the renewal options and includes them in the lease term when the Company is reasonably certain to exercise them.

Quantitative information regarding the Company’s leases is as follows:

	*Three Months Ended March 31,*
	*2025*			*2024*
Components of lease cost
Finance lease cost components:
Amortization of finance lease assets	$	327		$	358
Interest on finance lease liabilities		113			107
Total finance lease costs		440			465
Operating lease cost components:
Operating lease cost		741			642
Short-term lease cost		188			46
Variable lease cost (1)		277			369
Sublease income		(121	)		(104	)
Total operating lease costs		1,085			953

Total lease cost	$	1,525		$	1,418

Supplemental cash flow information related to our operating leases is as follows for the three months ended March 31, 2025 and 2024:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflow from operating leases	$	907			810

Weighted-average remaining lease term-finance leases at end of period (in years)		2.9			2.9
Weighted-average remaining lease term-operating leases at end of period (in years)		5.9			6.9
Weighted-average discount rate-finance leases at end of period		5.9	%		8.0	%
Weighted-average discount rate-operating leases at end of period		8.5	%		8.9	%

(1)

Variable lease costs consist primarily of taxes, insurance, utilities, and common area or other maintenance costs for the Company’s leased facilities and equipment.

As of March 31, 2025, future minimum lease payments under finance leases and operating leases were as follows:

	*Finance*			*Operating*
	*Leases*			*Leases*			*Total*
2025	$	2,130		$	2,709		$	4,839
2026		1,508			3,676			5,184
2027		1,212			3,388			4,600
2028		952			3,402			4,354
2029		526			3,440			3,966
2030 and thereafter		—			4,618			4,618
Total lease payments		6,328			21,233			27,561
Less—portion representing interest		(648	)		(4,833	)		(5,481	)
Present value of lease obligations		5,680			16,400			22,080
Less—current portion of lease obligations		(2,257	)		(2,306	)		(4,563	)
Long-term portion of lease obligations	$	3,423		$	14,094		$	17,517