LEASES

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

LEASES

LEASES

The following table presents assets and liabilities for leases as of December 31, 2024 and 2023 (in thousands):

	2024		2023
Assets
Operating lease right-of-use assets	$	17,298	$	16,339
Finance lease right-of-use assets	6,173		6,064
Total lease assets	$	23,471	$	22,403
Liabilities
Operating lease liabilities:
Current (included in accrued expenses and other current liabilities)	$	2,677	$	2,146
Non-current	15,540		14,908
Total operating lease liabilities	18,217		17,054
Finance lease liabilities:
Current (included in accrued expenses and other current liabilities)	732		600
Non-current	6,013		5,547
Total finance lease liabilities	6,745		6,147
Total lease liabilities	$	24,962	$	23,201

Lease cost for the years ended December 31, 2024 and 2023 are as follows (in thousands):

	2024		2023
Operating lease cost (1)	$	3,463	$	4,396
Finance lease cost:
Amortization of right-of-use assets	1,080		562
Interest on lease liabilities	527		290
Total lease cost	$	5,070	$	5,248
Reported in:
Cost of goods sold	$	4,484	$	4,777
Selling, general and administrative expense	586		471
Total lease cost	$	5,070	$	5,248

(1)Operating lease cost does not include short-term leases or variable costs, all of which are immaterial.

As of December 31, 2024 the weighted-average remaining lease term of operating and finance leases were approximately 7.8 years and 6.3 years, respectively, and the weighted-average discount rates applied were 6.8% and 7.6%, respectively.

Supplemental cash flow information related to leases for the years ended December 31, 2024 and 2023 are as follows (in thousands):

	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	3,278	$	4,182
Operating cash flows for finance leases	501		282
Financing cash flows for finance leases	740		387
Right-of-use assets obtained in exchange for new lease obligations:
Operating leases	$	3,479	$	4,492
Finance leases	884		6,381
Net change in operating right-of-use assets due to lease modifications resulting in reclassification of leases from operating to finance	$	(34)	$	(1,514)

As of December 31, 2024, the estimated future minimum payment obligations for non-cancelable operating leases and finance leases are as follows (in thousands):

Years Ending December 31,	Operating Leases		Finance Leases
2025	$	3,669	$	1,215
2026	3,320		1,105
2027	3,157		979
2028	2,477		1,632
2029	2,471		952
Thereafter	8,648		3,291
Total lease payments	23,742		9,174
Less: imputed interest	(5,525)		(2,429)
Present value of lease liabilities	$	18,217	$	6,745