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Leases
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Leases Leases
Leases
The Company has obligations under lease arrangements primarily for facilities, equipment and vehicles. These leases have original lease periods expiring from April 2026 to March 2036. The following table summarizes the lease expense by category in the Consolidated Statements of Income:
(in thousands)For the Three Months Ended March 31,
20262025
Cost of sales$3,538 $2,185 
Research and development expenses79 79 
Selling, general and administrative expenses61 42 
Interest expense27 14 
Total$3,705 $2,320 
The following table summarizes the components of lease expense and income:
(in thousands)For the Three Months Ended March 31,
20262025
Operating lease cost
$2,949 $1,598 
Finance lease cost
Amortization of right-of-use (“ROU”) asset96 59 
Interest expense27 15 
Short-term lease cost
215 181 
Variable lease cost
418 467 
Total lease cost, net$3,705 $2,320 
The following table presents supplemental cash flow information related to leases:
(in thousands)For the Three Months Ended March 31,
20262025
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows paid for operating leases$3,982 $1,449 
Operating cash flows paid for interest portion of finance leases27 15 
Financing cash flows paid for principal portion of finance leases86 56 
ROU assets obtained in exchange for lease obligations
Operating leases
9,953 18,355 
Finance leases111 904 
As of March 31, 2026 and December 31, 2025, the weighted-average remaining lease term was 8.0 years and 7.7 years for operating leases and 4.0 years and 4.4 years for finance leases, respectively. As of March 31, 2026 and December 31, 2025, the weighted-average discount rate was 7.1% and 7.3% for operating leases, respectively. As of both March 31, 2026 and December 31, 2025 weighted-average discount rate was 6.9% for finance leases.
The following table presents supplemental balance sheet information related to leases:
(in thousands)March 31, 2026December 31, 2025
Operating lease ROU assets, net
$61,164 $52,911 
Operating lease liabilities, current
7,351 6,346 
Operating lease liabilities, non-current 55,628 49,397 
Total operating lease liabilities
$62,979 $55,743 
Finance lease ROU assets, net 1
$1,534 $1,533 
Finance lease liabilities, current 364 355 
Finance lease liabilities, non-current 1,223 1,224 
Total finance lease liabilities
$1,587 $1,579 
1.Included in Property, plant and equipment, net for finance leases on the Consolidated Balance Sheets.
The following table presents maturity analysis of lease liabilities as of March 31, 2026:
(in thousands)Operating LeasesFinance Leases
Nine months ending December 31, 2026$8,651 $345 
Year ending December 31, 202711,642 460 
Year ending December 31, 202810,612 460 
Year ending December 31, 20299,803 441 
Year ending December 31, 20308,448 100 
Year ending December 31, 20316,471 2 
Thereafter27,669 — 
Total undiscounted lease payments
83,296 1,808 
Less: imputed interest
20,317 221 
Total lease liabilities
$62,979 $1,587 
Leases Leases
Leases
The Company has obligations under lease arrangements primarily for facilities, equipment and vehicles. These leases have original lease periods expiring from April 2026 to March 2036. The following table summarizes the lease expense by category in the Consolidated Statements of Income:
(in thousands)For the Three Months Ended March 31,
20262025
Cost of sales$3,538 $2,185 
Research and development expenses79 79 
Selling, general and administrative expenses61 42 
Interest expense27 14 
Total$3,705 $2,320 
The following table summarizes the components of lease expense and income:
(in thousands)For the Three Months Ended March 31,
20262025
Operating lease cost
$2,949 $1,598 
Finance lease cost
Amortization of right-of-use (“ROU”) asset96 59 
Interest expense27 15 
Short-term lease cost
215 181 
Variable lease cost
418 467 
Total lease cost, net$3,705 $2,320 
The following table presents supplemental cash flow information related to leases:
(in thousands)For the Three Months Ended March 31,
20262025
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows paid for operating leases$3,982 $1,449 
Operating cash flows paid for interest portion of finance leases27 15 
Financing cash flows paid for principal portion of finance leases86 56 
ROU assets obtained in exchange for lease obligations
Operating leases
9,953 18,355 
Finance leases111 904 
As of March 31, 2026 and December 31, 2025, the weighted-average remaining lease term was 8.0 years and 7.7 years for operating leases and 4.0 years and 4.4 years for finance leases, respectively. As of March 31, 2026 and December 31, 2025, the weighted-average discount rate was 7.1% and 7.3% for operating leases, respectively. As of both March 31, 2026 and December 31, 2025 weighted-average discount rate was 6.9% for finance leases.
The following table presents supplemental balance sheet information related to leases:
(in thousands)March 31, 2026December 31, 2025
Operating lease ROU assets, net
$61,164 $52,911 
Operating lease liabilities, current
7,351 6,346 
Operating lease liabilities, non-current 55,628 49,397 
Total operating lease liabilities
$62,979 $55,743 
Finance lease ROU assets, net 1
$1,534 $1,533 
Finance lease liabilities, current 364 355 
Finance lease liabilities, non-current 1,223 1,224 
Total finance lease liabilities
$1,587 $1,579 
1.Included in Property, plant and equipment, net for finance leases on the Consolidated Balance Sheets.
The following table presents maturity analysis of lease liabilities as of March 31, 2026:
(in thousands)Operating LeasesFinance Leases
Nine months ending December 31, 2026$8,651 $345 
Year ending December 31, 202711,642 460 
Year ending December 31, 202810,612 460 
Year ending December 31, 20299,803 441 
Year ending December 31, 20308,448 100 
Year ending December 31, 20316,471 2 
Thereafter27,669 — 
Total undiscounted lease payments
83,296 1,808 
Less: imputed interest
20,317 221 
Total lease liabilities
$62,979 $1,587