Property and equipment consisted of the following as of December 31, 2025 and 2024:


	December 31, 2025			December 31, 2024
	(in thousands)
Land and buildings	$	6,611		$	—
Machinery and equipment (7-10 year assets)		85,729			59,669
Vehicles (5 year assets)		265			48
Office furniture and equipment (5-7 year assets)		1,435			1,253
Computer systems (3 year assets)		2,941			2,532
Leasehold improvements (life tied to lease duration)		18,840			14,201
Construction in process		18,972			10,129
Total property and equipment		134,793			87,832
Less accumulated depreciation		(39,384	)		(26,952	)
Property and equipment, net	$	95,409		$	60,880

Depreciation expense for the years ended December 31, 2025, 2024 and 2023 was $12.4 million, $9.6 million and $7.8 million, respectively, of which, $11.3 million , $8.8 million and $6.7 million was recorded in cost of goods sold, respectively, and the remainder in operating expenses in the accompanying consolidated statements of income.