Leases (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Leases [Abstract] |
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| Schedule of Gross Assets and Accumulated Depreciation of Power Equipment Leases Included in Property, Plant and Equipment, Net |
The following table presents the underlying gross assets and accumulated depreciation of power equipment leases included in property, plant and equipment, net (in thousands):
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March 31, 2026 |
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December 31, 2025 |
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Gross assets |
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$ |
49,564 |
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$ |
41,700 |
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Less: Accumulated depreciation |
|
|
(7,076 |
) |
|
|
(4,344 |
) |
Net assets |
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$ |
42,488 |
|
|
$ |
37,356 |
|
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| Schedule of Lease Cost |
The components of lease cost were as follows (in thousands):
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Three Months Ended March 31, |
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2026 |
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|
2025 |
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Finance lease cost: |
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Amortization of right-of-use assets |
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$ |
2,741 |
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$ |
877 |
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Interest on lease liabilities |
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|
966 |
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|
|
68 |
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Operating lease cost |
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|
1,725 |
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|
|
2,504 |
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Variable lease cost |
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|
587 |
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|
|
207 |
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Short-term lease cost |
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|
26,497 |
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|
|
19,687 |
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Total lease cost |
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$ |
32,516 |
|
|
$ |
23,343 |
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| Schedule of Supplemental Cash Flow and Other Information Related to Leases |
Supplemental cash flow and other information related to leases were as follows (in thousands):
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Three Months Ended March 31, |
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2026 |
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|
2025 |
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Cash paid for amounts included in the measurement of lease liabilities: |
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Operating cash inflows from operating leases (a) |
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$ |
2,069 |
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$ |
— |
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Operating cash outflows from operating leases |
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$ |
1,644 |
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$ |
2,542 |
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Operating cash outflows from finance leases |
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$ |
966 |
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$ |
68 |
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Financing cash outflows from finance leases |
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$ |
2,134 |
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$ |
959 |
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Right-of-use assets obtained in exchange for new lease liabilities: |
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Operating leases |
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$ |
3,662 |
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$ |
5,472 |
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Finance leases |
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$ |
26,680 |
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$ |
1,414 |
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(a) The Company received lease incentives from a landlord of $2.1 million as of March 31, 2026, which is reflected as a reduction of the operating lease liability.
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| Schedule of Lease Terms and Discount Rates |
Lease terms and discount rates as of March 31, 2026 and December 31, 2025 are as follows:
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March 31, 2026 |
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|
December 31, 2025 |
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Weighted-average remaining lease term: |
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Operating leases |
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5.0 years |
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4.5 years |
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Finance leases |
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5.8 years |
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|
5.5 years |
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Weighted-average discount rate: |
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Operating leases |
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|
8.3 |
% |
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|
8.5 |
% |
Finance leases |
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|
8.5 |
% |
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|
8.3 |
% |
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| Schedule of Future Minimum Lease Commitments of Operating and Finance Leases Liabilities |
Future minimum lease commitments as of March 31, 2026 are as follows (in thousands):
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Finance |
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Operating |
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Remainder of 2026 |
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$ |
10,359 |
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$ |
3,443 |
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2027 |
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|
12,325 |
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|
4,012 |
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2028 |
|
|
11,076 |
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|
|
3,663 |
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2029 |
|
|
10,446 |
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|
|
3,492 |
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2030 |
|
|
10,166 |
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|
|
3,515 |
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Thereafter |
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|
12,999 |
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|
|
3,063 |
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Total lease payments |
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$ |
67,371 |
|
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$ |
21,188 |
|
Less imputed interest |
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|
14,281 |
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|
|
4,393 |
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Total |
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$ |
53,090 |
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$ |
16,795 |
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