Leases (Tables)
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9 Months Ended |
Sep. 30, 2026 |
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| Lease, Cost [Abstract] |
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| Summary of weighted average remaining lease term and weighted average discount rates related to leases |
The Company has operating and finance leases for its facilities. The weighted-average remaining lease term and weighted-average discount rates related to leases were as follows:
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September 30, |
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December 31, |
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2026 |
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2025 |
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Weighted-average remaining lease term (in years) |
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Operating leases |
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6.2 |
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4.5 |
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Finance leases |
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|
9.3 |
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0.0 |
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Weighted-average discount rate |
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Operating leases |
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7.0 |
% |
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|
7.6 |
% |
Finance leases |
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|
9.4 |
% |
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|
0.0 |
% |
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| Summary of Components of lease cost |
The components of lease cost were as follows (in thousands):
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Operating lease cost |
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Fixed lease cost |
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$ |
3,207 |
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$ |
1,614 |
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$ |
8,395 |
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$ |
3,273 |
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Short-term cost |
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|
2,351 |
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|
818 |
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|
5,251 |
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|
1,049 |
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Total operating lease cost(1) |
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|
5,558 |
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|
2,432 |
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|
13,646 |
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|
4,322 |
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Finance lease cost |
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Amortization of assets |
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|
515 |
|
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|
— |
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|
518 |
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|
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— |
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Interest on lease liabilities |
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|
441 |
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— |
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|
442 |
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— |
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Total finance lease cost |
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|
956 |
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— |
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|
960 |
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— |
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Total net lease cost |
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$ |
6,514 |
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$ |
2,432 |
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|
$ |
14,606 |
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$ |
4,322 |
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| Summary of lease costs are reflected in the Statements of Operations and Comprehensive Loss |
(1)The operating lease costs are reflected in the condensed consolidated statements of operations as follows (in thousands):
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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|
2026 |
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|
2025 |
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|
2026 |
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|
2025 |
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Cost of revenue |
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$ |
1,271 |
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|
$ |
520 |
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$ |
3,161 |
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|
$ |
785 |
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Research and development |
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|
3,082 |
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|
614 |
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8,035 |
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|
1,793 |
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Sales and marketing |
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|
319 |
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|
55 |
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|
784 |
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|
290 |
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General and administrative |
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|
886 |
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|
1,243 |
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|
1,666 |
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|
1,454 |
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Total operating lease cost |
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$ |
5,558 |
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$ |
2,432 |
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|
$ |
13,646 |
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$ |
4,322 |
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| Summary of supplemental cash flow and other information related to leases |
Supplemental cash flow and other information related to leases was as follows (in thousands):
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Three Months Ended
September 30, |
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Nine Months Ended
September 30, |
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|
2026 |
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|
2025 |
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|
2026 |
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|
2025 |
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Cash payments (receipts) included in the
measurement of lease liabilities, net of
lease incentives |
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Operating leases |
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$ |
2,807 |
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$ |
1,940 |
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$ |
7,810 |
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$ |
3,483 |
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Finance leases |
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$ |
777 |
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$ |
— |
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$ |
781 |
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$ |
— |
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| Summary of supplemental balance sheet information related to leases |
Supplemental balance sheet information related to leases is as follows (in thousands):
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September 30, |
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December 31, |
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Leases |
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Classification |
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2026 |
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|
2025 |
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Right-of-use assets |
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Operating lease right-of-use assets |
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Other noncurrent assets |
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$ |
76,899 |
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$ |
22,724 |
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Finance lease right-of-use assets |
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Property and equipment, net |
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|
28,185 |
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— |
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Total lease right-of-use assets |
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|
105,084 |
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|
22,724 |
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Operating lease liabilities |
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Current portion of operating lease liabilities |
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Accrued expenses and
other current liabilities |
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|
14,034 |
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|
8,850 |
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Operating lease liabilities, net of current portion |
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Other noncurrent
liabilities |
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|
46,218 |
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|
21,171 |
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Total operating lease liabilities |
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|
60,252 |
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|
30,021 |
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Finance lease liabilities |
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Current portion of finance lease liabilities |
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Accrued expenses and
other current liabilities |
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|
2,305 |
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— |
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Finance lease liabilities, net of current portion |
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Other noncurrent
liabilities |
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|
26,087 |
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|
— |
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Total finance lease liabilities |
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|
28,392 |
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— |
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Total lease liabilities |
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|
$ |
88,644 |
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|
$ |
30,021 |
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| Summary of maturities of lease liabilities |
As of September 30, 2026, maturities of lease liabilities are as follows (in thousands):
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Operating Leases |
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Finance Leases |
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Year Ending December 31, |
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|
2026 |
|
$ |
2,792 |
|
|
$ |
1,131 |
|
2027 |
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|
15,329 |
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|
4,710 |
|
2028 |
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|
14,449 |
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|
4,484 |
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2029 |
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|
12,500 |
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|
4,466 |
|
2030 |
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|
9,544 |
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|
4,462 |
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Thereafter |
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|
24,559 |
|
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|
21,710 |
|
Total lease payments |
|
$ |
79,173 |
|
|
$ |
40,963 |
|
Less: imputed interest |
|
|
(14,969 |
) |
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|
(12,571 |
) |
Less: lease incentives |
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|
(3,952 |
) |
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|
— |
|
Present value of lease liabilities |
|
$ |
60,252 |
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|
$ |
28,392 |
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