v3.26.1
Balance Sheet Components
 6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Components
Note 4 - Balance Sheet Components

Accounts receivable, net consisted of the following:

(In thousands)June 30, 2026December 31, 2025
Accounts receivable$65,050 $66,890 
Less: allowance for expected credit losses(1,087)(1,199)
Accounts receivable, net$63,963 $65,691 

The beginning balance of accounts receivable as of January 1, 2025 was $55.7 million.

Movement of allowance for expected credit losses was as follows:

Six Months Ended June 30,
(In thousands)20262025
Beginning balance$1,199 $1,557 
Credit for expected credit losses25 618 
Bad debt write-offs(137)(1)
Ending balance$1,087 $2,174 

Prepaid expenses and other current assets consisted of the following:

(In thousands)June 30, 2026December 31, 2025
Prepaid expenses$1,319 $5,641 
Advances to suppliers2,361 1,514 
Other current assets3,544 2,570 
Prepaid expenses and other current assets$7,224 $9,725 
Assets held for sale consisted of the following:

(In thousands)June 30, 2026December 31, 2025
Buildings$— $2,034 
Land— 734 
Assets held for sale$— $2,768 

In 2025, the Company approved a plan to sell land and a building it owned in Utah. The Company engaged a firm to market the location for sale and solicited multiple offers on the property. On October 17, 2025, the Company executed a sale agreement for the assets and subsequently determined that the assets met the accounting requirements to be classified as held for sale as of December 31, 2025. The Company closed on the sale of the land and building on February 12, 2026. The gain of $1.4 million realized on the sale was recognized in other income, net on our condensed consolidated statements of operations and comprehensive income (loss) in the current year.

Property and equipment, net consisted of the following:

(In thousands)June 30, 2026December 31, 2025
Automobiles (1)
$65,574 $65,202 
Buildings64,608 60,648 
Building improvements (1)
41,164 41,182 
Furniture and fixtures454 489 
Land57,721 49,180 
Machinery and equipment (1)
12,018 14,500 
Construction in progress8,017 2,493 
Subtotal249,556 233,694 
Less: accumulated depreciation(70,667)(70,297)
Property and equipment, net$178,889 $163,397 
_________________
(1)    The cost and accumulated depreciation of property and equipment related to finance leases was $51.2 million and $24.2 million, respectively, at June 30, 2026 and $50.0 million and $21.1 million, respectively, at December 31, 2025. The total future minimum lease payments under all finance leases as of June 30, 2026 is $41.7 million.

Depreciation expense was $3.5 million and $3.2 million for the three months ended June 30, 2026 and 2025, respectively. Depreciation expense was $7.1 million and $6.1 million for the six months ended June 30, 2026 and 2025, respectively.

Long-term investments consisted of the following:

(In thousands)Ownership as of June 30,
2026		June 30, 2026December 31, 2025
Asahi Food, Inc. (“Asahi”)49.0%$248 $344 
Pt. Tamron Akuatik Produk Industri (“Tamron”)12.0%1,800 1,800 
Total long-term investments$2,048 $2,144 

The investment in Tamron is accounted for using the measurement alternative under Accounting Standards Codification (“ASC”) Topic 321 Investments—Equity Securities, which is measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments, if any. The investment in Asahi is accounted for under the equity method due to the fact that the Company has significant influence but does not exercise control over this investee. The Company determined there was no impairment for the six months ended June 30, 2026 and 2025 for these investments.
Accrued expenses and other liabilities consisted of the following:

(In thousands)June 30, 2026December 31, 2025
Accrued compensation$6,376 $6,690 
Accrued professional fees681 300 
Accrued interest and fees818 862 
Self-insurance liability2,580 1,969 
Advance from customers430 549 
Other4,905 4,624 
Total accrued expenses and other liabilities$15,790 $14,994