v3.26.1
Property, Plant and Equipment, Net
3 Months Ended
Mar. 31, 2026
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment, Net

4. Property, Plant and Equipment, Net

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

 

 

 

March 31,

 

 

December 31,

 

 

 

2026

 

 

2025

 

Transplant aircraft

 

$

295,563

 

 

$

295,527

 

Transplant aircraft equipment

 

 

3,100

 

 

 

3,100

 

Flight school aircraft

 

 

3,717

 

 

 

3,717

 

OCS Consoles

 

 

26,930

 

 

 

24,590

 

Manufacturing equipment

 

 

13,476

 

 

 

12,101

 

Computer equipment and software

 

 

3,378

 

 

 

3,376

 

Internal-use software

 

 

14,240

 

 

 

12,413

 

Laboratory equipment

 

 

4,080

 

 

 

3,698

 

Office, trade show and training equipment

 

 

5,400

 

 

 

5,260

 

Building

 

 

20,352

 

 

 

 

Leasehold improvements

 

 

25,720

 

 

 

25,113

 

Construction-in-progress

 

 

3,158

 

 

 

2,174

 

Land

 

 

16,279

 

 

 

2,652

 

 

 

435,393

 

 

 

393,721

 

Less: Accumulated depreciation and amortization

 

 

(73,822

)

 

 

(66,065

)

 

$

361,571

 

 

$

327,656

 

During the three months ended March 31, 2026 and 2025, total depreciation and amortization expense, including finance lease amortization (see Note 10), was $9.9 million and $6.1 million, respectively.

The Company capitalized costs associated with the development of internal-use software of $1.9 million and $1.8 million during the three months ended March 31, 2026 and 2025, respectively, and recorded amortization expense of $0.7 million during the three months ended March 31, 2026. There was no amortization recorded during the three months ended March 31, 2025 as internal-use software had not yet been placed in service. The net book value of internal-use software was $12.4 million and $11.2 million as of March 31, 2026 and December 31, 2025, respectively, of which $0.2 million and $0.1 million was included in construction-in-progress as of those respective dates.