Leases

9 Months Ended

Sep. 30, 2024

LEASES

As of September 30, 2024, the Company leased-in certain facilities and other equipment. The leases typically contain purchase and renewal options or rights of first refusal with respect to the sale or lease of the equipment. The lease terms of certain facilities and other equipment had a duration ranging from nine to 267 months.

As of September 30, 2024, future minimum payments for leases for the remainder of 2024 and the years ended December 31, noted below, were as follows (in thousands):


	Operating Leases			Finance Leases
Remainder of 2024	$	183		$	10
2025		806			9
2026		474			3
2027		400			1
2028		341			—
Years subsequent to 2028		2,872			—
		5,076			23
Interest component		(1,361	)		(2	)
		3,715			21
Current portion of long-term lease liabilities		494			17
Long-term lease liabilities	$	3,221		$	4

For the three and nine months ended September 30, 2024 and 2023 the components of lease expense were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Operating lease costs	$	218	$	551	$	1,009	$	1,661
Finance lease costs:
Amortization of finance lease assets (1)		12		135		32		456
Interest on finance lease liabilities (2)		—		58		1		200
Short-term lease costs		146		100		322		408
	$	376	$	844	$	1,364	$	2,725

(1)

Included in amortization costs in the consolidated statements of income (loss).

(2)

Included in interest expense in the consolidated statements of income (loss).

For the nine months ended September 30, 2024 supplemental cash flow information related to leases was as follows (in thousands):


	2024
Operating cash outflows from operating leases	$	1,658
Financing cash outflows from finance leases		28
Right-of-use assets obtained for operating lease liabilities		—
Right-of-use assets obtained for finance lease liabilities		7

For the nine months ended September 30, 2024 other information related to leases was as follows:


	2024
Weighted average remaining lease term, in years - operating leases		11.7
Weighted average remaining lease term, in years - finance leases		1.2
Weighted average discount rate - operating leases		6.3	%
Weighted average discount rate - finance leases		6.4	%