| Summary of Property and Equipment and Depreciation Expense |
Property and equipment consists of the following: | | | | | | | | | | | | | | | | | | | Useful Life (Years) | | June 30, 2026 | | December 31, 2025 | | Land | | | $ | 6,009 | | | $ | 6,179 | | | Buildings and leasehold improvements | 25 | | 25,966 | | | 25,364 | | | Computer, software, and office equipment | 3 – 5 | | 28,248 | | | 23,279 | | | Machinery and equipment | 3 – 10 | | 191,778 | | | 181,437 | | | Vehicles, aircrafts and vessels | 5 - 15 | | 98,205 | | | 96,192 | | | Construction in progress | | | 13,827 | | | 11,238 | | | Total property and equipment | | | 364,033 | | | 343,689 | | | Accumulated depreciation | | | (122,916) | | | (88,064) | | | Property and equipment, net | | | $ | 241,117 | | | $ | 255,625 | |
Total depreciation expense for property and equipment was recognized as follows for the following periods: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | Six Months Ended | | | | June 30, 2026 | | June 30, 2025 | | June 30, 2026 | | June 30, 2025 | | | | | Cost of revenue | $ | 19,191 | | | $ | 16,219 | | | $ | 38,034 | | | $ | 31,581 | | | | | | Selling, general and administrative expenses | 4,047 | | | 96 | | | 7,131 | | | 331 | | | | | | Total depreciation expense | $ | 23,238 | | | $ | 16,315 | | | $ | 45,165 | | | $ | 31,912 | | | | | |
|