v3.25.2
PROPERTY AND EQUIPMENT, NET AND INTANGIBLE ASSETS, NET (Tables)
 3 Months Ended
Mar. 31, 2025
Property, Plant And Equipment And Intangible Assets [Abstract]  
Schedule of property and equipment
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 
Schedule of intangible assets
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. Intangible asset amortization for customer contracts is recognized in the condensed consolidated statements of operations and comprehensive income (loss) as a reduction to net sales - related party.
Schedule of future amortization expense
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