v3.25.1
PROPERTY AND EQUIPMENT, NET AND INTANGIBLE ASSETS, NET
 3 Months Ended
Mar. 31, 2025
Property, Plant And Equipment And Intangible Assets [Abstract]  
PROPERTY AND EQUIPMENT, NET AND INTANGIBLE ASSETS, NET PROPERTY AND EQUIPMENT, NET AND INTANGIBLE ASSETS, NET 
Property and Equipment, net
Property and equipment, net consisted of the following (in thousands): 
  March 31, 2025December 31, 2024
Leasehold improvements$192,079 $— 
Machinery and equipment115,790 — 
Office equipment 6,816  2,634 
Construction in progress 750  284,136 
315,435 286,770 
Less: Accumulated depreciation (5,188)(1,583)
Total $310,246  $285,187 
Depreciation expense was $3.5 million and $0.2 million for the three months ended March 31, 2025 and 2024, respectively.
Intangible Assets, net
In connection with the Trina Business Combination, we recognized intangible assets related to customer contracts. An estimated useful life of 5 years was determined based on contractual terms of the offtake agreements.
Intangible assets, net consisted of the following (in thousands):
As of March 31, 2025As of December 31, 2024
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Customer contracts$283,000 $(12,314)$270,686 $283,000 $(1,119)$281,881 
Amortization expense was $11.2 million and zero for the three months ended March 31, 2025 and 2024, respectively.
Future annual amortization expense is estimated to be as follows (in thousands):
Remainder of 2025$42,636 
202656,600 
202756,600 
202856,600 
202955,481 
Thereafter2,769 
Total$270,686