Property and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Note 4. Property and equipment

Property and equipment, net consisted of the following (in thousands):


		December 31,			December 31,
	Useful Life	2023			2024

Equipment and tooling	5 years	$	37,678		$	37,036
Computer equipment	3 years		5,546			5,715
Furniture and fixtures	5 to 10 years		853			850
Leasehold improvements	2 to 13 years		518			5,426
Total cost			44,595			49,027
Less: Accumulated depreciation			(31,716	)		(35,752	)
Less: Impairment			—			(8,849	)
Property and equipment, net		$	12,879		$	4,426

Total depreciation expense was $4.3 million and $4.2 million for the years ended December 31, 2023 and 2024, respectively.

As a result of the impairment triggers identified during the year ended December 31, 2024, the Company completed a quantitative assessment on the Company's long-lived assets for recoverability. Based on the quantitative assessment performed, management concluded that the assets were not recoverable. The Company completed a full review of its assets using the cost approach, considering economic obsolescence, and recorded an impairment charge of $8.8 million as of September 30, 2024, consisting of $4.9 million for equipment and tooling, $3.2 million for leasehold improvements, $0.6 million for computer equipment and $0.1 million for furniture and fixtures. Refer to Note 6. Goodwill and intangible assets for additional information.