v3.25.2
LEASES
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
LEASES LEASES
The Company has operating leases for real estate and equipment with an option to renew the leases for up to one month to five years. Some of the leases include the option to terminate the leases upon a specified notice period with a penalty. The Company’s leases have various remaining lease terms ranging from approximately four months to approximately ten years.

The components of lease expense and supplemental balance sheet information were as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Operating lease expense related to ROU assets and liabilities$1,230 $1,109 $2,421 $2,222 
Other lease expense296 181 485 293 
Total lease expense$1,526 $1,290 $2,906 $2,515 

Other information related to leases was as follows (in thousands):
Supplemental Balance Sheet InformationJune 30, 2025December 31, 2024
Operating lease right-of-use assets, noncurrent$21,282 $7,161 
June 30, 2025December 31, 2024
Operating lease liabilities, current$4,281 $3,967 
Operating lease liabilities, noncurrent20,558 7,064 
  Total operating lease liabilities$24,839 $11,031 

The Company entered into a new operating lease effective June 1, 2025 in India. The lease expires in 2035 and resulted in an increase of $15.0 million to operating lease ROU assets and $15.1 million to operating lease liabilities as of June 30, 2025.

Weighted Average Remaining Lease TermYears
Operating leases7.2
Weighted Average Discount Rate
Operating leases7.9 %

Maturities of operating lease liabilities as of June 30, 2025 were as follows (in thousands):
Year Ending June 30,
2026$2,979 
20276,095 
20283,717 
20293,551 
20303,079 
Thereafter13,851 
  Total future undiscounted lease payments33,272 
Less imputed interest(8,433)
Total$24,839 

As of June 30, 2025, the Company has one additional operating lease with a net present value of $0.7 million that will commence in July 2025.

For the three months ended June 30, 2025 and 2024, the Company paid $1.5 million and $1.4 million, respectively, for operating lease liabilities. For the six months ended June 30, 2025 and 2024, the Company paid $3.0 million and $2.8 million, respectively, for operating lease liabilities.