Leases (Tables)

9 Months Ended

Sep. 30, 2025

Leases [Abstract]

Schedule of Components of Lease Expense and Cash Flow Information

The following table summarizes the lease expense by category in the Consolidated Statements of Income:

(in thousands)	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
Cost of sales	$	3,096	$	1,935	$	7,770	$	5,719
Research and development expenses	101		82		261		247
Selling, general and administrative expenses	84		45		188		187
Interest expense	30		2		71		7
Total	$	3,311	$	2,064	$	8,290	$	6,160

The following table summarizes the components of lease expense:

(in thousands)	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2025		2024		2025		2024
Operating lease cost	$	2,493	$	1,531	$	6,187	$	4,595
Finance lease cost
Amortization of right-of-use (“ROU”) asset	107		16		258		50
Interest expense	30		2		71		7
Short-term lease cost	267		265		529		838
Variable lease cost	414		250		1,245		670
Total lease cost, net	$	3,311	$	2,064	$	8,290	$	6,160

The following table presents supplemental cash flow information related to leases:

(in thousands)	For the Nine Months Ended September 30,
	2025		2024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows paid for operating leases	$	5,669	$	4,525
Operating cash flows paid for interest portion of finance leases	71		7
Financing cash flows paid for principal portion of finance leases	238		57
ROU assets obtained in exchange for lease obligations
Operating leases	35,699		1,139
Finance leases	1,730		—

Schedule of Supplemental Balance Sheet Information Related to Leases

The following table presents supplemental balance sheet information related to leases:

(in thousands)	September 30, 2025		December 31, 2024
Operating lease ROU assets, net	$	54,488	$	23,275
Operating lease liabilities, current	5,899		4,503
Operating lease liabilities, non-current	51,040		20,663
Total operating lease liabilities	$	56,939	$	25,166
Finance lease ROU assets, net 1	$	1,640	$	78
Finance lease liabilities, current	368		78
Finance lease liabilities, non-current	1,311		16
Total finance lease liabilities	$	1,679	$	94

1.Included in Property, plant and equipment, net for finance leases on the Consolidated Balance Sheets.

Schedule of Maturity Analysis of Operating Lease Liabilities

The following table presents maturity analysis of lease liabilities as of September 30, 2025:

(in thousands)	Operating Leases		Finance Leases
Nine months ending December 31, 2025	$	2,214	$	128
Year ending December 31, 2026	10,101		451
Year ending December 31, 2027	10,328		434
Year ending December 31, 2028	9,486		434
Year ending December 31, 2029	8,652		415
Year ending December 31, 2030	7,261		75
Thereafter	28,104		—
Total undiscounted lease payments	76,146		1,937
Less: imputed interest	19,207		258
Total lease liabilities	$	56,939	$	1,679

Schedule of Maturity Analysis of Financing Lease Liabilities

The following table presents maturity analysis of lease liabilities as of September 30, 2025:

(in thousands)	Operating Leases		Finance Leases
Nine months ending December 31, 2025	$	2,214	$	128
Year ending December 31, 2026	10,101		451
Year ending December 31, 2027	10,328		434
Year ending December 31, 2028	9,486		434
Year ending December 31, 2029	8,652		415
Year ending December 31, 2030	7,261		75
Thereafter	28,104		—
Total undiscounted lease payments	76,146		1,937
Less: imputed interest	19,207		258
Total lease liabilities	$	56,939	$	1,679