|
The Company has noncancelable operating leases for offices, manufacturing facilities, warehouse space, automobiles and equipment expiring at various dates through 2030.
The components of lease expense for the three months ended March 31, 2026 and 2025, were as follows:
| |
|
Three Months Ended March 31,
|
|
|
(in thousands)
|
|
2026
|
|
|
2025
|
|
|
Operating lease cost
|
|
$ |
556 |
|
|
$ |
521 |
|
|
Short-term lease cost
|
|
|
38 |
|
|
|
44 |
|
|
Total lease cost
|
|
$ |
594 |
|
|
$ |
565 |
|
Supplemental cash flow information related to the Company's operating leases is as follows:
| |
|
Three Months Ended March 31,
|
|
|
(in thousands)
|
|
2026
|
|
|
2025
|
|
|
Cash paid for amounts included in the measurement of lease liabilities
|
|
$ |
640 |
|
|
$ |
596 |
|
|
Right-of-use assets obtained in exchange for lease obligations
|
|
|
6 |
|
|
|
1,442 |
|
Supplemental balance sheet information related to the Company’s operating leases is as follows:
| |
|
March 31,
|
|
|
December 31,
|
|
|
(in thousands)
|
|
2026
|
|
|
2025
|
|
|
Operating lease right-of-use assets
|
|
$ |
6,730 |
|
|
$ |
7,172 |
|
| |
|
|
|
|
|
|
|
|
|
Current portion, operating lease liabilities
|
|
$ |
1,552 |
|
|
$ |
1,525 |
|
|
Operating lease liabilities, long-term
|
|
|
6,359 |
|
|
|
6,882 |
|
|
Total operating lease liabilities
|
|
$ |
7,911 |
|
|
$ |
8,407 |
|
| |
|
|
|
|
|
|
|
|
|
Weighted average remaining lease term (years)
|
|
|
3.9 |
|
|
|
4.2 |
|
|
Weighted average discount rate
|
|
|
7.9 |
% |
|
|
7.9 |
% |
Future minimum lease payments for operating leases, with initial terms in excess of one year at March 31, 2026, are as follows:
|
Year Ending December 31,
|
|
|
|
|
|
(in thousands)
|
|
|
|
|
|
2026 (remainder of year)
|
|
|
1,725 |
|
|
2027
|
|
|
2,396 |
|
|
2028
|
|
|
2,310 |
|
|
2029
|
|
|
2,060 |
|
|
2030
|
|
|
850 |
|
|
Thereafter
|
|
|
- |
|
|
Total lease payments
|
|
|
9,341 |
|
|
Less imputed interest
|
|
|
(1,430 |
) |
|
Total operating lease liabilities
|
|
$ |
7,911 |
|
|