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Financing Lease
 9 Months Ended
Sep. 30, 2025
Financing Lease  
Financing Lease

8. Financing Lease

 

In February 2024, the CGN JV entered into a lease agreement for certain equipment under separate non-cancelable equipment loan and security agreements. The agreement matures in January 2030. The agreements require monthly payments of principal and interest through maturity and are secured by the assets under the lease. As of September 30, 2025, $417 thousand is included in the property and equipment on the balance sheet. The weighted average interest rate was 9.1% at September 30, 2025.

 

The following table presents information about the amount and timing of the liability arising from the Company’s financing lease as of September 30, 2025 ($ in thousands):

 

Maturity of Lease Liability 

Financing

Lease

Liability

 
2025  $22 
2026   91 
2027   90 
2028   91 
2029   90 
Thereafter   8 
Total undiscounted financing lease payments   392 
Less: Imputed interest   (69)
Present value of financing lease liability  $323 
Weighted average remaining lease term   4.3 years 
Weighted average discount rate   9.1%