Property and Equipment, Net

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property and equipment, net consisted of the following (in thousands):


	December 31,
	2022		2021
Computers and telecom equipment	$	599	$	40
Lab equipment	871		568
Furniture and fixtures	111		37
Leasehold improvements	542		491
Leased equipment	35,983		20,797
Capitalized software	4,150		1,146
Sales demo equipment	2,340		1,938
Equipment held for lease1	7,826		2,250
Construction in progress	71		—
	52,493		27,267
Less: Accumulated depreciation and amortization	(7,786)		(3,484)
	$	44,707	$	23,783

1Represents equipment that has not yet been deployed to a customer and, accordingly, is not being depreciated.

As of December 31, 2022 and 2021, the net book value of capitalized software was $3.5 million and $1.1 million, respectively. These amounts include $0.2 million and less than $0.1 million of capitalized stock compensation costs. Depreciation expense and amortization expense related to property and equipment was $5.5 million and $2.9 million for the years ended December 31, 2022 and 2021, respectively, which included amortization expense of capitalized software of $0.6 million and less than $0.1 million for the years ended December 31, 2022 and 2021, respectively.

Leased equipment and the related accumulated depreciation were as follows:


	December 31,
	2022		2021
Leased equipment	$	35,983	$	20,797
Accumulated depreciation	(5,802)		(2,631)
Leased equipment, net	$	30,181	$	18,166

Depreciation expense related to leased units was $4.3 million and $2.5 million during the years ended December 31, 2022 and 2021, respectively. Depreciable lives are generally 7 years, consistent with the Company’s planned and historical usage of the equipment subject to operating leases.