v3.26.3
Property and Equipment
 9 Months Ended
Sep. 30, 2026
Property Plant And Equipment [Abstract]  
Property and Equipment

6. Property and Equipment

Property and equipment consisted of the following (dollars in thousands):

 

 

Estimated Useful
Life (Years)

 

 

September 30, 2026

 

 

December 31, 2025

 

Land

 

 

—

 

 

$

875

 

 

$

875

 

Buildings

 

39-40

 

 

 

17,452

 

 

 

17,389

 

Building improvements

 

5-40

 

 

 

92,112

 

 

 

90,988

 

Machinery and equipment

 

3-15

 

 

 

71,613

 

 

 

68,785

 

Furniture, fixtures and office equipment

 

5-10

 

 

 

3,166

 

 

 

3,122

 

Computer equipment and software

 

 

3

 

 

 

8,780

 

 

 

8,780

 

Construction in progress

 

 

—

 

 

 

12,268

 

 

 

6,397

 

 

 

 

 

 

 

206,266

 

 

 

196,336

 

Less accumulated depreciation

 

 

 

 

 

(119,895

)

 

 

(113,913

)

Total property and equipment, net

 

 

 

 

$

86,371

 

 

$

82,423

 

Depreciation expense related to property and equipment was as follows (in thousands):

 

 

Three Months
Ended September 30,

 

 

Nine Months
Ended September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Depreciation expense

 

$

2,071

 

 

$

2,012

 

 

$

6,117

 

 

$

6,108

 

During the three months ended September 30, 2026, the Company did not retire any of its fixed assets. During the nine months ended September 30, 2026, the Company retired $0.1 million of building improvements and furniture, fixtures and office equipment, as they were no longer in service. The net book value for the disposed assets was de minimis. During the three months ended September 30, 2025, the Company did not retire any of its fixed assets. During the nine months ended September 30, 2025, the Company retired $0.1 million of machinery and equipment as it was no longer in service. The net book value for the disposed assets was de minimis.