v3.26.1
PROPERTY AND EQUIPMENT, NET
 6 Months Ended
Jun. 30, 2026
Property, Plant, and Equipment [Abstract]  
PROPERTY AND EQUIPMENT, NET PROPERTY AND EQUIPMENT, NET
Property and equipment, net consisted of the following (in thousands):
June 30, 2026December 31, 2025
Leasehold improvements$196,829 $193,659 
Machinery and equipment117,242 115,029 
Office equipment8,251 7,660 
Construction in progress180,622 31,061 
Property and equipment502,944 347,409 
Less: Accumulated depreciation(72,528)(45,107)
Property and equipment, net$430,416 $302,302 
During the year ended December 31, 2025, certain amounts related to our European businesses that had previously been classified as held for sale as of December 31, 2024, were reclassified to held and used as it was determined that certain assets were no longer available for immediate sale or would be disposed of by means other than a sale and thus no longer met the criteria for classification as held for sale. Refer to Note 1 – Summary of Significant Accounting Policies for further details.
Depreciation expense was $13.6 million and $14.9 million for the three months ended June 30, 2026 and 2025, respectively, and $27.4 million and $18.4 million for the six months ended June 30, 2026 and 2025, respectively.