The Company leases its office facilities, located in Concord, California and Amersfoort, the Netherlands, and certain equipment and automobiles under non-cancelable operating leases with initial terms in excess of one year that require the Company to pay operating costs, property taxes, insurance and maintenance. The operating leases expire at various dates through 2031, with certain of the leases providing for renewal options, provisions for adjusting future lease payments based on the consumer price index, and the right to terminate the lease early. The Company does not assume renewals in determination of the lease term unless the renewals are deemed to be reasonably assured at lease commencement. The Company recorded the lease right-of-use asset and obligation at the present value of lease payments over the lease term. The rates implicit in the Company’s leases are generally not readily determinable. The Company must estimate its incremental borrowing rate to discount the lease payments to present value. Operating lease assets also include lease incentives.

Supplemental cash flow information related to operating leases is as follows (dollars in thousands):


	Six Months Ended
	June 30,
	2026		2025
Cash payments for operating leases	$	1,810	$	1,739
Right-of-use assets obtained in exchange for operating lease obligations		179		1,444



	June 30, 2026			December 31, 2025
Weighted-average remaining lease term	3.6 years			4.1 years
Weighted-average discount rate		8.9	%		9.0	%

Future minimum non-cancelable payments under operating leases as of June 30, 2026, were as follows (in thousands):


	Operating Leases
2026	$	1,967
2027		4,060
2028		3,397
2029		3,439
2030		882
Thereafter		—
Total future lease payments	$	13,745
Less imputed interest		1,862
Present value of lease liabilities	$	11,883

The operating lease expense for the three and six months ended June 30, 2026 and 2025, were as follows (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
Operating lease expense	$	1,075	$	1,007	$	2,192	$	1,972