Leases

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Leases

NOTE 9 - LEASES

The Company leases real estate for administrative office space, research, marketing and light manufacturing operations of the lessee’s aerospace related research and development business under operating leases.

The Company has operating and finance leases for real estate and equipment with remaining lease terms ranging from 7 months to 271 months, some of which contain options to extend and some of which contain options to terminate the lease without cause at the option of lessee.

The Company’s real estate leasing agreements include terms requiring the Company to reimburse the lessor for its share of real estate taxes, insurance, operating costs and utilities which the Company accounts for as variable lease costs when incurred since the Company has elected to not separate lease and non-lease components, and hence are not included in the measurement of lease liability. There are no restrictions or covenants imposed by any of the leases, and none of the Company’s leases contain material residual value guarantees.

The components of total lease expense recorded in cost of product revenue (excluding depreciation and amortization) and general and administrative expense (excluding depreciation and amortization) are as follows (in thousands):

	Three Months Ended March 31,
	2026		2025
Operating lease cost	$	3,344	$	1,193
Finance lease cost	9		11
Variable lease cost	688		—
Short-term lease cost	125		4
Total lease cost	$	4,166	$	1,208

The components of supplemental cash flow information are as follows (in thousands):

	Three Months Ended March 31,
	2026						2025
	Operating Leases			Finance Leases			Operating Leases			Finance Leases
Cash paid for amounts included in the measurement of lease liabilities:
Cash flows from operating activities	$	10,463		$	1		$	601		$	2
Cash flows from financing activities	$	—		$	11		$	—		$	12
Weighted average remaining lease term (months)	106			21			202			27
Weighted average discount rate	7.2		%	8.0		%	6.5		%	8.0		%

The operating and finance lease ROU assets, current operating lease liabilities, current finance lease liabilities, non-current operating lease liabilities, and non-current finance lease liabilities are disclosed in our condensed consolidated balance sheets.

The table below includes the estimated future undiscounted cash flows for operating and finance leases as of March 31, 2026 (in thousands):

	Operating Leases		Finance Leases
Remainder of 2026	$	22,825	$	32
2027	21,071		21
2028	18,088		8
2029	17,766		—
2030	3,941		—
Thereafter	60,897		—
Total undiscounted lease payments	$	144,588	$	61
Less: imputed interest	54,097		4
Present value of lease liabilities	$	90,491	$	57

Leases

NOTE 9 - LEASES

The Company leases real estate for administrative office space, research, marketing and light manufacturing operations of the lessee’s aerospace related research and development business under operating leases.

The Company has operating and finance leases for real estate and equipment with remaining lease terms ranging from 7 months to 271 months, some of which contain options to extend and some of which contain options to terminate the lease without cause at the option of lessee.

The Company’s real estate leasing agreements include terms requiring the Company to reimburse the lessor for its share of real estate taxes, insurance, operating costs and utilities which the Company accounts for as variable lease costs when incurred since the Company has elected to not separate lease and non-lease components, and hence are not included in the measurement of lease liability. There are no restrictions or covenants imposed by any of the leases, and none of the Company’s leases contain material residual value guarantees.

The components of total lease expense recorded in cost of product revenue (excluding depreciation and amortization) and general and administrative expense (excluding depreciation and amortization) are as follows (in thousands):

	Three Months Ended March 31,
	2026		2025
Operating lease cost	$	3,344	$	1,193
Finance lease cost	9		11
Variable lease cost	688		—
Short-term lease cost	125		4
Total lease cost	$	4,166	$	1,208

The components of supplemental cash flow information are as follows (in thousands):

	Three Months Ended March 31,
	2026						2025
	Operating Leases			Finance Leases			Operating Leases			Finance Leases
Cash paid for amounts included in the measurement of lease liabilities:
Cash flows from operating activities	$	10,463		$	1		$	601		$	2
Cash flows from financing activities	$	—		$	11		$	—		$	12
Weighted average remaining lease term (months)	106			21			202			27
Weighted average discount rate	7.2		%	8.0		%	6.5		%	8.0		%

The operating and finance lease ROU assets, current operating lease liabilities, current finance lease liabilities, non-current operating lease liabilities, and non-current finance lease liabilities are disclosed in our condensed consolidated balance sheets.

The table below includes the estimated future undiscounted cash flows for operating and finance leases as of March 31, 2026 (in thousands):

	Operating Leases		Finance Leases
Remainder of 2026	$	22,825	$	32
2027	21,071		21
2028	18,088		8
2029	17,766		—
2030	3,941		—
Thereafter	60,897		—
Total undiscounted lease payments	$	144,588	$	61
Less: imputed interest	54,097		4
Present value of lease liabilities	$	90,491	$	57