Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

Leases

The following tables provide the components of lease expense included within the Consolidated Statement of Comprehensive Income (Loss) for the years ended December 31, 2023 and 2022 (in thousands):

	Year Ended
	December 31, 2023		December 31, 2022
Operating lease cost	$	3,015	$	2,418
Short-term lease cost	700		357
Finance lease cost:
Amortization of right-of-use assets	320		163
Interest on lease liabilities	42		16
Sublease income	—		—
Total	$	4,077	$	2,954

The following table provides the weighted average remaining lease term and the weighted average discount rate for the Company's leases as of December 31, 2023 and 2022:

	Year Ended
	December 31, 2023	December 31, 2022
Operating and Finance lease weighted average remaining lease term (in years):
Operating leases	7.3	4.1
Finance leases	3.0	3.6

	Year Ended
	December 31, 2023		December 31, 2022
Operating and Finance lease weighted average discount rate:
Operating leases	11.9	%	5.4	%
Finance leases	2.5	%	2.4	%

As of December 31, 2023, the Company’s future maturities of operating and finance lease liabilities were as follows:

Years ending December 31	Operating Leases		Finance Leases
2024	$	3,025	$	364
2025	2,706		364
2026	2,561		279
2027	1,714		91
2028	1,549		—
2029 and thereafter	9,847		—
Total undiscounted lease liabilities	21,402		1,098
Less: imputed interest	(7,290)		(81)
Net lease liabilities	$	14,112	$	1,017

The current finance lease liabilities and non-current finance lease liabilities are recorded in "Other current liabilities" and "Other long-term liabilities" on the consolidated balance sheets.

The following table provides supplemental cash flow information related to leases for the ended December 31, 2023 and 2022 (in thousands):

	Year Ended
	December 31, 2023		December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	3,078	$	—
Operating cash flows from finance leases	42		242
Right-of-use assets obtained in exchange for new operating lease liabilities	—		6,773
Right-of-use assets obtained in exchange for new finance lease liabilities	$	422	$	1,134

In the years ended December 31, 2023 and 2022, the Company recorded an impairment losses related to the right of use asset of $7.6 million and $0.0 million, respectively.

In the year ended December 31, 2023 the Company ceased to use its showroom in New Jersey. As a result, the Company recorded an impairment loss related to the right of use asset of $3.0 million. In the year ended December 31, 2023 the Company's subsidiary, Via Motors, ceased to use its lease in Michigan. As a result, the Company recorded an impairment loss related to the right of use asset of $4.4 million.

Leases

Leases

The following tables provide the components of lease expense included within the Consolidated Statement of Comprehensive Income (Loss) for the years ended December 31, 2023 and 2022 (in thousands):

	Year Ended
	December 31, 2023		December 31, 2022
Operating lease cost	$	3,015	$	2,418
Short-term lease cost	700		357
Finance lease cost:
Amortization of right-of-use assets	320		163
Interest on lease liabilities	42		16
Sublease income	—		—
Total	$	4,077	$	2,954

The following table provides the weighted average remaining lease term and the weighted average discount rate for the Company's leases as of December 31, 2023 and 2022:

	Year Ended
	December 31, 2023	December 31, 2022
Operating and Finance lease weighted average remaining lease term (in years):
Operating leases	7.3	4.1
Finance leases	3.0	3.6

	Year Ended
	December 31, 2023		December 31, 2022
Operating and Finance lease weighted average discount rate:
Operating leases	11.9	%	5.4	%
Finance leases	2.5	%	2.4	%

As of December 31, 2023, the Company’s future maturities of operating and finance lease liabilities were as follows:

Years ending December 31	Operating Leases		Finance Leases
2024	$	3,025	$	364
2025	2,706		364
2026	2,561		279
2027	1,714		91
2028	1,549		—
2029 and thereafter	9,847		—
Total undiscounted lease liabilities	21,402		1,098
Less: imputed interest	(7,290)		(81)
Net lease liabilities	$	14,112	$	1,017

The current finance lease liabilities and non-current finance lease liabilities are recorded in "Other current liabilities" and "Other long-term liabilities" on the consolidated balance sheets.

The following table provides supplemental cash flow information related to leases for the ended December 31, 2023 and 2022 (in thousands):

	Year Ended
	December 31, 2023		December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	3,078	$	—
Operating cash flows from finance leases	42		242
Right-of-use assets obtained in exchange for new operating lease liabilities	—		6,773
Right-of-use assets obtained in exchange for new finance lease liabilities	$	422	$	1,134

In the years ended December 31, 2023 and 2022, the Company recorded an impairment losses related to the right of use asset of $7.6 million and $0.0 million, respectively.

In the year ended December 31, 2023 the Company ceased to use its showroom in New Jersey. As a result, the Company recorded an impairment loss related to the right of use asset of $3.0 million. In the year ended December 31, 2023 the Company's subsidiary, Via Motors, ceased to use its lease in Michigan. As a result, the Company recorded an impairment loss related to the right of use asset of $4.4 million.