LEASES (Tables)

6 Months Ended

Jun. 30, 2025

Leases [Abstract]

Schedule of Operating and Finance Leases

The balances for the operating and finance leases where the Company is the lessee are presented as follows within the Company’s condensed consolidated balance sheets (in thousands):

	June 30, 2025		December 31, 2024
Operating leases:
Right-of-use assets	$	235,821	$	211,886
Other current liabilities	$	50,800	$	35,596
Other long-term liabilities	233,637		229,835
Total operating lease liabilities	$	284,437	$	265,431
Finance leases:
Property, plant and equipment, net(1)	$	183,472	$	82,823
Total finance lease assets	$	183,472	$	82,823
Finance lease liabilities, current portion	$	8,141	$	6,788
Finance lease liabilities, net of current portion	176,113		76,096
Total finance lease liabilities(1)	$	184,254	$	82,884

(1) As of June 30, 2025, the Company recorded $98.0 million of finance lease assets and $99.0 million of finance lease liabilities related to certain facility leases assumed in connection with the assets acquisition from Nikola Corporation.

Schedule of Lease Cost

The components of lease expense were as follows within the Company’s condensed consolidated statements of operations and comprehensive loss (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Operating lease expense:
Operating lease expense(1)	$	19,217	$	15,419	$	35,698	$	30,429
Variable lease expense	$	607	$	463	$	1,177	$	910
Finance lease expense:
Amortization of leased assets	$	1,745	$	808	$	2,294	$	1,827
Interest on lease liabilities	2,746		1,165		3,935		2,334
Total finance lease expense	$	4,491	$	1,973	$	6,229	$	4,161
Total lease expense	$	24,315	$	17,855	$	43,104	$	35,500

(1) Excluded short-term leases, which were not material.

Other information related to leases where the Company is the lessee was as follows:

	June 30, 2025		December 31, 2024
Weighted-average remaining lease term (in years):
Operating leases	5.7		6.2
Finance leases	10.6		1.6
Weighted-average discount rate:
Operating leases	11.62	%	11.87	%
Finance leases	7.29	%	5.73	%

Schedule of Operating Lease Maturity

As of June 30, 2025, the maturities of the Company’s operating and finance lease liabilities (excluding short-term leases) were as follows (in thousands):

	Operating Leases		Finance Leases
2025 (remainder of the year)	$	38,666	$	8,092
2026	81,362		92,377
2027	62,168		10,077
2028	58,419		8,784
2029	51,821		8,577
Thereafter	104,130		188,406
Total minimum lease payments	396,566		316,313
Less: Interest	(112,129)		(132,059)
Present value of lease obligations	284,437		184,254
Less: Current portion	(50,800)		(8,141)
Long-term portion of lease obligations	$	233,637	$	176,113

Schedule of Finance Lease Maturity

As of June 30, 2025, the maturities of the Company’s operating and finance lease liabilities (excluding short-term leases) were as follows (in thousands):

	Operating Leases		Finance Leases
2025 (remainder of the year)	$	38,666	$	8,092
2026	81,362		92,377
2027	62,168		10,077
2028	58,419		8,784
2029	51,821		8,577
Thereafter	104,130		188,406
Total minimum lease payments	396,566		316,313
Less: Interest	(112,129)		(132,059)
Present value of lease obligations	284,437		184,254
Less: Current portion	(50,800)		(8,141)
Long-term portion of lease obligations	$	233,637	$	176,113