Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

Leases

The Company leases machinery, manufacturing facilities, office space, land, and equipment under both operating and finance leases. Lease assets and lease liabilities as of December 31, 2023 and 2022 were as follows:

		December 31,
	Classification on Balance Sheet	2023		2022
Assets
ROU operating lease assets	Operating lease right-of-use asset, net	$	4,033	$	4,316
Finance lease assets	Property, plant and equipment, net	209		153
Total lease assets		$	4,242	$	4,469
		December 31,
	Classification on Balance Sheet	2023		2022
Liabilities
Current
Operating lease liability	Operating lease liability, current	$	1,496	$	1,106
Finance lease liability	Other current liabilities	100		32
Long-term
Operating lease liability	Operating lease liability	3,350		4,130
Finance lease liability	Other liabilities	88		126
Total lease liabilities		$	5,034	$	5,394

Operating lease costs for the years ended December 31, 2023 and 2022, were $1,573 and $1,370, respectively. As of December 31, 2023 and 2022, the weighted average remaining term (in years) for the operating leases was 2.77 and 3.82 years, respectively and the weighted average discount rate was 16.0% and 10.4%, respectively. As of December 31, 2023 and 2022, the weighted average remaining term (in years) for the finance leases was 2.54 and 3.94 years, respectively, and the weighted average discount rate was 26.3% and 19.9%, respectively.

Future minimum lease payments as of December 31, 2023 were as follows:

	Operating leases		Finance leases		Total
2024	$	2,063	$	135	$	2,198
2025	2,175		56		2,231
2026	1,610		35		1,645
2027	—		19		19
Total minimum lease payments	$	5,848	$	245	$	6,093
Less amounts representing interest	(1,002)		(57)		(1,059)
Present value of minimum lease payments	$	4,846	$	188	$	5,034

Lessor

The Company currently leases BESS to one customer with a 20-year term through sales-type leases. Leases offered by the Company include purchase options during the lease term with a bargain purchase option at the end of the term. At the time of accepting a lease that qualifies as a sales-type lease, the Company records the gross amount of lease payments receivable, estimated residual value of the leased equipment and unearned finance income. The unearned finance income is recognized interest income over the lease term using the interest method.

For the years ended December 31, 2023 and 2022, the Company recognized revenue of $0 and $1,166 from the sales-type lease, respectively. Net sales-type lease receivables of $1,512 and $1,471, net of unearned finance income are recorded under other assets on the consolidated balance sheets as of December 31, 2023 and 2022, respectively.

Leases

Leases

The Company leases machinery, manufacturing facilities, office space, land, and equipment under both operating and finance leases. Lease assets and lease liabilities as of December 31, 2023 and 2022 were as follows:

		December 31,
	Classification on Balance Sheet	2023		2022
Assets
ROU operating lease assets	Operating lease right-of-use asset, net	$	4,033	$	4,316
Finance lease assets	Property, plant and equipment, net	209		153
Total lease assets		$	4,242	$	4,469
		December 31,
	Classification on Balance Sheet	2023		2022
Liabilities
Current
Operating lease liability	Operating lease liability, current	$	1,496	$	1,106
Finance lease liability	Other current liabilities	100		32
Long-term
Operating lease liability	Operating lease liability	3,350		4,130
Finance lease liability	Other liabilities	88		126
Total lease liabilities		$	5,034	$	5,394

Operating lease costs for the years ended December 31, 2023 and 2022, were $1,573 and $1,370, respectively. As of December 31, 2023 and 2022, the weighted average remaining term (in years) for the operating leases was 2.77 and 3.82 years, respectively and the weighted average discount rate was 16.0% and 10.4%, respectively. As of December 31, 2023 and 2022, the weighted average remaining term (in years) for the finance leases was 2.54 and 3.94 years, respectively, and the weighted average discount rate was 26.3% and 19.9%, respectively.

Future minimum lease payments as of December 31, 2023 were as follows:

	Operating leases		Finance leases		Total
2024	$	2,063	$	135	$	2,198
2025	2,175		56		2,231
2026	1,610		35		1,645
2027	—		19		19
Total minimum lease payments	$	5,848	$	245	$	6,093
Less amounts representing interest	(1,002)		(57)		(1,059)
Present value of minimum lease payments	$	4,846	$	188	$	5,034

Lessor

The Company currently leases BESS to one customer with a 20-year term through sales-type leases. Leases offered by the Company include purchase options during the lease term with a bargain purchase option at the end of the term. At the time of accepting a lease that qualifies as a sales-type lease, the Company records the gross amount of lease payments receivable, estimated residual value of the leased equipment and unearned finance income. The unearned finance income is recognized interest income over the lease term using the interest method.

For the years ended December 31, 2023 and 2022, the Company recognized revenue of $0 and $1,166 from the sales-type lease, respectively. Net sales-type lease receivables of $1,512 and $1,471, net of unearned finance income are recorded under other assets on the consolidated balance sheets as of December 31, 2023 and 2022, respectively.

Leases

Leases

The Company leases machinery, manufacturing facilities, office space, land, and equipment under both operating and finance leases. Lease assets and lease liabilities as of December 31, 2023 and 2022 were as follows:

		December 31,
	Classification on Balance Sheet	2023		2022
Assets
ROU operating lease assets	Operating lease right-of-use asset, net	$	4,033	$	4,316
Finance lease assets	Property, plant and equipment, net	209		153
Total lease assets		$	4,242	$	4,469
		December 31,
	Classification on Balance Sheet	2023		2022
Liabilities
Current
Operating lease liability	Operating lease liability, current	$	1,496	$	1,106
Finance lease liability	Other current liabilities	100		32
Long-term
Operating lease liability	Operating lease liability	3,350		4,130
Finance lease liability	Other liabilities	88		126
Total lease liabilities		$	5,034	$	5,394

Operating lease costs for the years ended December 31, 2023 and 2022, were $1,573 and $1,370, respectively. As of December 31, 2023 and 2022, the weighted average remaining term (in years) for the operating leases was 2.77 and 3.82 years, respectively and the weighted average discount rate was 16.0% and 10.4%, respectively. As of December 31, 2023 and 2022, the weighted average remaining term (in years) for the finance leases was 2.54 and 3.94 years, respectively, and the weighted average discount rate was 26.3% and 19.9%, respectively.

Future minimum lease payments as of December 31, 2023 were as follows:

	Operating leases		Finance leases		Total
2024	$	2,063	$	135	$	2,198
2025	2,175		56		2,231
2026	1,610		35		1,645
2027	—		19		19
Total minimum lease payments	$	5,848	$	245	$	6,093
Less amounts representing interest	(1,002)		(57)		(1,059)
Present value of minimum lease payments	$	4,846	$	188	$	5,034

Lessor

The Company currently leases BESS to one customer with a 20-year term through sales-type leases. Leases offered by the Company include purchase options during the lease term with a bargain purchase option at the end of the term. At the time of accepting a lease that qualifies as a sales-type lease, the Company records the gross amount of lease payments receivable, estimated residual value of the leased equipment and unearned finance income. The unearned finance income is recognized interest income over the lease term using the interest method.

For the years ended December 31, 2023 and 2022, the Company recognized revenue of $0 and $1,166 from the sales-type lease, respectively. Net sales-type lease receivables of $1,512 and $1,471, net of unearned finance income are recorded under other assets on the consolidated balance sheets as of December 31, 2023 and 2022, respectively.