v3.26.1
LEASES
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
LEASES
NOTE. 8 LEASES
LESSEE
The Company's lease portfolio consists of operating leases primarily for office space and research and development sites. The majority of our leases have remaining lease terms of 1-14 years. The current portion of operating lease liabilities are included in Accrued liabilities, and the non-current portion of operating lease liabilities are included in Operating lease liabilities, non-current in the Condensed Consolidated Balance Sheets.
In the first quarter of 2026, the Company extended an existing lease in Broomfield, Colorado, resulting in an additional right-of-use asset of $14.1 million and an increase in operating lease liabilities of $15.2 million.
In the second quarter of 2026, the Company assumed the head lease of its existing sublease with a related party, refer to Note 17 — Related Party Transactions for further details. As a result, the Company recorded an increase in right-of-use assets of $9.5 million and a corresponding increase in operating lease liabilities of $9.5 million.
The following table summarizes the Company’s lease costs (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Operating lease cost$1,130 $748 $2,194 $1,457 
Variable lease cost1,011 1,099 1,778 1,817 
Short-term lease cost262 33 304 141 
Total lease cost$2,403 $1,880 $4,276 $3,415 
Supplemental cash flow information related to leases was as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$1,005 $686 $1,996 $1,348 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$8,061 $489 $22,114 $823 
Supplemental balance sheet information related to leases was as follows (in thousands):
June 30,December 31,
20262025
Operating leases:
Right-of-use assets$30,911 $10,000 
Total assets30,911 10,000 
   Accrued liabilities2,793 3,313 
Operating lease liabilities, non-current29,860 7,143 
Total operating lease liabilities$32,653 $10,456 
June 30,December 31,
20262025
Weighted-average remaining lease term in years
Operating leases11.14.3
Weighted-average discount rate
Operating leases6.2 %3.7 %
As of June 30, 2026, maturities of operating lease liabilities were as follows (in thousands):
June 30,
2026
Remainder of 2026$2,344 
20274,647 
20284,307 
20294,102 
20303,685 
Thereafter27,782 
Total lease payments46,867 
Less - interest(14,214)
Total$32,653 
LESSOR
Operating Leases
During the second quarter of 2026, the Company entered into a sublease arrangement, refer to Note 17 — Related Party Transactions for further details. The sublease is classified as an operating lease and has a term of 19 months , with fixed monthly payments.
The lease income was as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenue—net$32 $— $32 $— 
Total lease income
$32 $— $32 $— 
As of June 30, 2026, future minimum lease payments to be received under the sublease are as follows (in thousands):
Remainder of 2026$190 
2027390 
Total future minimum lease payments$580 

Sales-type lease
The Company has an agreement with a customer to provide exclusive on premises access to a quantum processing unit, which is classified as a sales-type lease. The lease term is 45 months with fixed quarterly payments.
At lease commencement in 2025, the Company recorded a total of $21.6 million in net investment in lease and derecognized the underlying asset. The difference between the carrying amount of the derecognized asset and the net investment in the lease was recognized as a point in time Revenue—net. No interest income is accrued over the lease term.
There is no guaranteed or unguaranteed residual value associated with this sales-type lease. The current portion of sales-type lease is included in Net investment in lease, current, and the non-current portion of sales-type lease is included in Net investment in lease, non-current in the Condensed Consolidated Balance Sheets.
The lease income was as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenue—net$— $— $— $16,526 
Total lease income
$— $— $— $16,526 
Supplemental balance sheet information related to sales-type lease was as follows (in thousands):
June 30,December 31,
20262025
Net investment in lease, current portion
$5,773 $5,773 
Net investment in lease, non-current portion
7,216 10,102 
Total assets
$12,989 $15,875 
As of June 30, 2026, future minimum lease payments to be received under the sales-type lease are as follows (in thousands):
Remainder of 2026$2,887 
20275,773 
20284,329 
Total future minimum lease payments$12,989 
LEASES
NOTE. 8 LEASES
LESSEE
The Company's lease portfolio consists of operating leases primarily for office space and research and development sites. The majority of our leases have remaining lease terms of 1-14 years. The current portion of operating lease liabilities are included in Accrued liabilities, and the non-current portion of operating lease liabilities are included in Operating lease liabilities, non-current in the Condensed Consolidated Balance Sheets.
In the first quarter of 2026, the Company extended an existing lease in Broomfield, Colorado, resulting in an additional right-of-use asset of $14.1 million and an increase in operating lease liabilities of $15.2 million.
In the second quarter of 2026, the Company assumed the head lease of its existing sublease with a related party, refer to Note 17 — Related Party Transactions for further details. As a result, the Company recorded an increase in right-of-use assets of $9.5 million and a corresponding increase in operating lease liabilities of $9.5 million.
The following table summarizes the Company’s lease costs (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Operating lease cost$1,130 $748 $2,194 $1,457 
Variable lease cost1,011 1,099 1,778 1,817 
Short-term lease cost262 33 304 141 
Total lease cost$2,403 $1,880 $4,276 $3,415 
Supplemental cash flow information related to leases was as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases$1,005 $686 $1,996 $1,348 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$8,061 $489 $22,114 $823 
Supplemental balance sheet information related to leases was as follows (in thousands):
June 30,December 31,
20262025
Operating leases:
Right-of-use assets$30,911 $10,000 
Total assets30,911 10,000 
   Accrued liabilities2,793 3,313 
Operating lease liabilities, non-current29,860 7,143 
Total operating lease liabilities$32,653 $10,456 
June 30,December 31,
20262025
Weighted-average remaining lease term in years
Operating leases11.14.3
Weighted-average discount rate
Operating leases6.2 %3.7 %
As of June 30, 2026, maturities of operating lease liabilities were as follows (in thousands):
June 30,
2026
Remainder of 2026$2,344 
20274,647 
20284,307 
20294,102 
20303,685 
Thereafter27,782 
Total lease payments46,867 
Less - interest(14,214)
Total$32,653 
LESSOR
Operating Leases
During the second quarter of 2026, the Company entered into a sublease arrangement, refer to Note 17 — Related Party Transactions for further details. The sublease is classified as an operating lease and has a term of 19 months , with fixed monthly payments.
The lease income was as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenue—net$32 $— $32 $— 
Total lease income
$32 $— $32 $— 
As of June 30, 2026, future minimum lease payments to be received under the sublease are as follows (in thousands):
Remainder of 2026$190 
2027390 
Total future minimum lease payments$580 

Sales-type lease
The Company has an agreement with a customer to provide exclusive on premises access to a quantum processing unit, which is classified as a sales-type lease. The lease term is 45 months with fixed quarterly payments.
At lease commencement in 2025, the Company recorded a total of $21.6 million in net investment in lease and derecognized the underlying asset. The difference between the carrying amount of the derecognized asset and the net investment in the lease was recognized as a point in time Revenue—net. No interest income is accrued over the lease term.
There is no guaranteed or unguaranteed residual value associated with this sales-type lease. The current portion of sales-type lease is included in Net investment in lease, current, and the non-current portion of sales-type lease is included in Net investment in lease, non-current in the Condensed Consolidated Balance Sheets.
The lease income was as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Revenue—net$— $— $— $16,526 
Total lease income
$— $— $— $16,526 
Supplemental balance sheet information related to sales-type lease was as follows (in thousands):
June 30,December 31,
20262025
Net investment in lease, current portion
$5,773 $5,773 
Net investment in lease, non-current portion
7,216 10,102 
Total assets
$12,989 $15,875 
As of June 30, 2026, future minimum lease payments to be received under the sales-type lease are as follows (in thousands):
Remainder of 2026$2,887 
20275,773 
20284,329 
Total future minimum lease payments$12,989