v3.25.2
LEASES
6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
LEASES LEASES
Lease cost for the three and six months ended June 30, 2025 and 2024 is as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Operating lease cost (1)
$1,130 $839 $2,146 $1,752 
Finance lease cost:
Amortization of right-of-use assets263 259 515 600 
Interest on lease liabilities125 132 252 270 
Total lease cost$1,518 $1,230 $2,913 $2,622 
Reported in:
Cost of goods sold$1,339 $1,090 $2,563 $2,323 
Selling, general and administrative expense179 140 350 299 
Total lease cost$1,518 $1,230 $2,913 $2,622 
(1)Operating lease cost does not include short-term leases or variable costs, all of which are immaterial.
As of June 30, 2025, the weighted-average remaining lease terms of the Company’s operating leases and finance leases were approximately 8.6 years and 5.9 years, respectively, and the weighted-average discount rates applied were 7.0% and 7.6%, respectively.
Supplemental cash flow information related to leases for the six months ended June 30, 2025 and 2024 is as follows (in thousands):
Six Months Ended June 30,
20252024
Cash paid for amounts included in the measurement of operating lease liabilities:
Operating cash flows for operating leases$1,998 $1,629 
Operating cash flows for finance leases251 262 
Financing cash flows for finance leases482 367 
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases$14,717 $273 
Finance leases458 751 
Net change in operating lease right-of-use assets due to lease modifications resulting in reclassification of leases from operating to finance$(32)$— 
As of June 30, 2025, the estimated future minimum payment obligations for non-cancelable operating and finance leases are as follows (in thousands):
Operating LeasesFinance Leases
Remainder of 2025$2,678 $624 
20265,278 1,205 
20275,208 1,103 
20284,460 1,749 
20294,493 952 
Thereafter20,983 3,291 
Total lease payments43,100 8,924 
Less: imputed interest11,301 2,221 
Present value of lease liabilities$31,799 $6,703