Note 10 - Leases

3 Months Ended

Mar. 31, 2026

Notes to Financial Statements

Lessee Operating and Finance Leases [Text Block]

NOTE 10 — LEASES

The Company leases certain facilities and equipment. The leases are accounted for under Accounting Standard Update 2016-02, Leases (“Topic 842”), and the Company elected to apply each available practical expedient. The discount rates used for the leases are based on an interest rate yield curve developed for the leases in the Company’s lease portfolio.

The Company has elected to apply the short-term lease exception to all leases of one year or less. During the three months ended March 31, 2026 and 2025, the Company had additional operating leases that resulted in right-of-use assets obtained in exchange for lease obligations in the amount of $0 and $1,034, respectively. During the three months ended March 31, 2026 and 2025, the Company had no additional finance leases associated with property, plant, and equipment. 

Some of the Company’s facility leases include options to renew. The exercise of the renewal options is typically at the Company’s discretion. The Company regularly evaluates the renewal options and includes them in the lease term when the Company is reasonably certain to exercise them.

During 2025, the Company executed a lease amendment that extended the term of the Gearing facility lease and reduced the amount of square footage leased. These lease provisions are effective December 1, 2026. 

Quantitative information regarding the Company’s leases is as follows:

	Three Months Ended March 31,
	2026			2025
Components of lease cost
Finance lease cost components:
Amortization of finance lease assets	$	301		$	327
Interest on finance lease liabilities		82			113
Total finance lease costs		383			440
Operating lease cost components:
Operating lease cost		502			741
Short-term lease cost		70			188
Variable lease cost (1)		323			277
Sublease income		(75	)		(121	)
Total operating lease costs		820			1,085
Total lease cost	$	1,203		$	1,525
Supplemental cash flow information related to our operating leases is as follows for the three months ended March 31, 2026 and 2025:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflow from operating leases	$	825		$	907
Weighted-average remaining lease term-finance leases at end of period (in years)		2.3			2.9
Weighted-average remaining lease term-operating leases at end of period (in years)		7.5			5.9
Weighted-average discount rate-finance leases at end of period		5.8	%		5.9	%
Weighted-average discount rate-operating leases at end of period		6.7	%		8.5	%

(1) Variable lease costs consist primarily of taxes, insurance, utilities, and common area or other maintenance costs for the Company’s leased facilities and equipment.

As of March 31, 2026, future minimum lease payments under finance leases and operating leases were as follows:

	Finance			Operating
	Leases			Leases			Total
2026	$	1,909		$	2,309		$	4,218
2027		1,212			1,812			3,024
2028		952			2,034			2,986
2029		526			1,993			2,519
2030		—			2,029			2,029
2031 and thereafter		—			6,324			6,324
Total lease payments		4,599			16,501			21,100
Less—portion representing interest		(359	)		(3,546	)		(3,905	)
Present value of lease obligations		4,240			12,955			17,195
Less—current portion of lease obligations		(2,028	)		(1,823	)		(3,851	)
Long-term portion of lease obligations	$	2,212		$	11,132		$	13,344