LEASES

3 Months Ended

Mar. 31, 2026

LEASES

LEASES

13.    LEASES

The Company has operating leases for office space, manufacturing facilities and equipment, computer equipment and automobiles. Many leases include one or more options to renew, some of which include options to extend the leases for a long-term period, and some leases include options to terminate the leases within 30 days. In certain of the Company’s lease agreements, the rental payments are adjusted periodically to reflect actual charges incurred for capital area maintenance, utilities, inflation and/or changes in other indexes.

Supplemental cash flow information related to the Company’s operating and finance leases for the three months ended March 31, 2026 and 2025 was as follows:

	March 31,
	2026		2025
Cash paid for operating leases	$	1,612	$	1,669
Cash paid for interest on finance lease obligations	$	98	$	98
Assets acquired under operating leases	$	81	$	860

The Company’s finance lease obligations relate to a manufacturing facility. Finance lease assets of $6,729 and $7,037 as of March 31, 2026 and December 31, 2025, respectively, are included in property, plant and equipment, net. As of March 31, 2026, finance lease obligations of $472 are included in accrued liabilities and $7,515 are included in long-term debt on the condensed consolidated balance sheet. As of December 31, 2025, finance lease obligations of $486 are included in accrued liabilities and $7,766 are included in long-term debt on the condensed consolidated balance sheet.

The following table presents the maturity of the Company’s operating and finance lease liabilities as of March 31, 2026:

	Operating Leases		Finance Leases
Remainder of 2026		4,594		639
2027		5,443		873
2028		4,086		895
2029		2,717		917
2030		2,153		940
Thereafter		3,617		6,156
Total undiscounted cash flows	$	22,610	$	10,420
Less: present value discount		(2,315)		(2,433)
Total lease liabilities	$	20,295	$	7,987

As of March 31, 2026, the Company has entered into leases for additional office space with future minimum lease payments of $4,817 that have yet to be commenced.

The Company has operating leases for certain facilities from companies for which a member of management is a part owner. In connection with such leases, the Company made fixed minimum lease payments to the lessor of $192 and $254 during the three months ended March 31, 2026 and 2025, respectively, and is obligated to make payments of $565 during the remainder of 2026. Future fixed minimum lease payments under these leases as of March 31, 2026 are $4,789.