Leases (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Leases |
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| Schedule of right-of-use assets and lease liabilities |
| | | | | | | (in USD thousands) | | June 30, 2025 | | December 31, 2024 | Right-of-use assets: | | | | | | | Operating leases | | $ | 20,057 | | $ | 20,593 | Finance leases | | | 19,456 | | | 19,770 | Total right-of-use assets | | $ | 39,513 | | $ | 40,363 | | | | | | | | Lease liabilities: | | | | | | | Operating leases | | $ | 20,816 | | $ | 21,364 | Finance leases | | | 25,070 | | | 23,700 | Total lease liabilities | | $ | 45,886 | | $ | 45,064 |
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| Schedule of lease costs |
| | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | (in USD thousands) | | June 30, 2025 | | June 30, 2024 | | June 30, 2025 | | June 30, 2024 | Operating leases | | | | | | | | | | | | | Operating lease cost | | $ | 1,275 | | $ | 586 | | $ | 2,478 | | $ | 1,253 | Variable lease cost | | | 242 | | | 255 | | | 479 | | | 517 | Operating lease expense | | | 1,517 | | | 841 | | | 2,957 | | | 1,770 | Short-term lease expense | | | 200 | | | 69 | | | 283 | | | 95 | Total operating lease expense | | | 1,717 | | | 910 | | | 3,240 | | | 1,865 | Finance leases | | | | | | | | | | | | | Amortization of financed assets | | | 1,471 | | | 187 | | | 2,897 | | | 374 | Interest on lease obligations | | | 641 | | | 20 | | | 1,292 | | | 42 | Total finance lease expense | | | 2,112 | | | 207 | | | 4,189 | | | 416 | Total lease expense | | $ | 3,829 | | $ | 1,117 | | $ | 7,429 | | $ | 2,281 |
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| Schedule of supplemental lease information |
| | | | | | | | | | | Six Months Ended | | (in USD thousands) | | June 30, 2025 | | | June 30, 2024 | | Operating cash outflows – operating leases | | $ | 2,512 | | | $ | 1,400 | | Operating cash outflows – finance leases | | $ | 425 | | | $ | 42 | | Financing cash outflows – finance leases | | $ | 970 | | | $ | 359 | | | | | | | | | | | Right-of-use assets obtained in exchange for operating lease liabilities | | $ | 197 | | | $ | — | | Right-of-use assets obtained in exchange for finance lease liabilities | | $ | — | | | $ | 24,672 | | | | | | | | | | | | | Six Months Ended | | (in USD thousands) | | June 30, 2025 | | | June 30, 2024 | | Weighted-average remaining lease term – operating leases | | | 8.3 | | | | 10.8 | | Weighted-average remaining lease term – finance leases | | | 3.8 | | | | 4.3 | | Weighted-average discount rate(1) – operating leases | | | 11.6 | % | | | 11.2 | % | Weighted average discount rate – finance leases | | | 10.0 | % | | | 9.9 | % |
(1) The Company’s operating leases do not provide an implicit rate, therefore the Company uses the incremental borrowing rate at the lease commencement date in determining the present value of lease payments. The incremental borrowing rate represents an estimate of the interest rate the Company would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis for similar assets over the term of the lease.
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| Schedule of future minimum operating lease payments |
| | | | | | Operating | (in USD thousands) | | Leases | Remainder of 2025 | | $ | 2,623 | 2026 | | | 5,071 | 2027 | | | 4,799 | 2028 | | | 4,444 | 2029 | | | 3,380 | Thereafter | | | 13,231 | Total undiscounted lease payments | | | 33,548 | Less present value discount | | | (12,732) | Present value of operating lease liabilities | | $ | 20,816 |
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| Schedule of future minimum finance lease payments |
| | | | | | Finance | (in USD thousands) | | Leases | Remainder of 2025 | | $ | 4,217 | 2026 | | | 9,188 | 2027 | | | 6,891 | 2028 | | | 6,891 | 2029 | | | 2,767 | Thereafter | | | — | Total undiscounted lease payments | | | 29,954 | Less present value discount | | | (4,884) | Present value of finance lease liabilities | | $ | 25,070 |
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