Leases (Tables)
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6 Months Ended |
Jun. 30, 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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June 30, 2026 |
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|
December 31, 2025 |
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Gross assets |
|
$ |
82,252 |
|
|
$ |
41,700 |
|
Less: Accumulated depreciation |
|
|
(10,003 |
) |
|
|
(4,344 |
) |
Net assets |
|
$ |
72,249 |
|
|
$ |
37,356 |
|
|
| Schedule of Lease Cost |
The components of lease cost were as follows (in thousands):
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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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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$ |
3,670 |
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$ |
1,188 |
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$ |
6,411 |
|
|
$ |
2,065 |
|
Interest on lease liabilities |
|
|
1,320 |
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|
|
155 |
|
|
|
2,286 |
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|
|
223 |
|
Operating lease cost |
|
|
1,668 |
|
|
|
2,619 |
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|
|
3,393 |
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|
|
5,123 |
|
Variable lease cost |
|
|
420 |
|
|
|
265 |
|
|
|
1,007 |
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|
|
472 |
|
Short-term lease cost |
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|
24,747 |
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|
|
21,926 |
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|
|
51,244 |
|
|
|
41,613 |
|
Total lease cost |
|
$ |
31,825 |
|
|
$ |
26,153 |
|
|
$ |
64,341 |
|
|
$ |
49,496 |
|
|
| 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 June 30, |
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Six Months Ended June 30, |
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|
2026 |
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|
2025 |
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|
2026 |
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|
2025 |
|
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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$ |
— |
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$ |
— |
|
|
$ |
2,069 |
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|
$ |
— |
|
Operating cash outflows from operating leases |
|
$ |
1,711 |
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|
$ |
2,542 |
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|
$ |
3,355 |
|
|
$ |
5,084 |
|
Operating cash outflows from finance leases |
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$ |
1,320 |
|
|
$ |
155 |
|
|
$ |
2,286 |
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|
$ |
223 |
|
Financing cash outflows from finance leases |
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$ |
2,814 |
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|
$ |
732 |
|
|
$ |
4,948 |
|
|
$ |
1,691 |
|
Right-of-use assets obtained in exchange for new lease liabilities: |
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Operating leases |
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$ |
4,660 |
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|
$ |
179 |
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$ |
8,322 |
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$ |
5,651 |
|
Finance leases |
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$ |
13,760 |
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|
$ |
4,869 |
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|
$ |
40,440 |
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|
$ |
6,283 |
|
(a) The Company received lease incentives from a landlord of $2.1 million as of June 30, 2026, which is reflected as a reduction of the operating lease liability.
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| Schedule of Lease Terms and Discount Rates |
Lease terms and discount rates as of June 30, 2026 and December 31, 2025 are as follows:
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June 30, 2026 |
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|
December 31, 2025 |
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Weighted-average remaining lease term: |
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Operating leases |
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5.5 years |
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|
4.5 years |
|
Finance leases |
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5.5 years |
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|
5.5 years |
|
Weighted-average discount rate: |
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Operating leases |
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|
8.8 |
% |
|
|
8.5 |
% |
Finance leases |
|
|
8.6 |
% |
|
|
8.3 |
% |
|
| Schedule of Future Minimum Lease Commitments of Operating and Finance Leases Liabilities |
Future minimum lease commitments as of June 30, 2026 are as follows (in thousands):
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Finance |
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Operating |
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Remainder of 2026 |
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$ |
8,651 |
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|
$ |
2,336 |
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2027 |
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|
16,169 |
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|
|
4,877 |
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2028 |
|
|
14,378 |
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|
|
4,546 |
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2029 |
|
|
12,712 |
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|
|
4,396 |
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2030 |
|
|
12,173 |
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|
|
4,441 |
|
Thereafter |
|
|
13,565 |
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|
|
5,660 |
|
Total lease payments |
|
$ |
77,648 |
|
|
$ |
26,256 |
|
Less imputed interest |
|
|
15,468 |
|
|
|
5,898 |
|
Total |
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$ |
62,180 |
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|
$ |
20,358 |
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