Quarterly report [Sections 13 or 15(d)]

Property and Equipment, Net

v3.25.2
Property and Equipment, Net
6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net Property and Equipment, Net
Property and equipment, net consist of the following as of the periods presented:
(in thousands) June 30,
2025
December 31,
2024
Land $ 731  $ 731 
Building 60,679  60,679 
Leasehold improvements 17,977  17,977 
Processing equipment 14,457  13,950 
Furniture and equipment 10,798  9,583 
Projects in process 857  1,499 
Finance lease right-of-use assets 159  159 
Property and equipment, at cost 105,658  104,578 
Less: accumulated depreciation
(23,266) (19,911)
Property and equipment, net $ 82,392  $ 84,667 

Depreciation expense is as follows for the periods presented:

Three Months Ended June 30, Six Months Ended June 30,
(in thousands) 2025 2024 2025 2024
Depreciation expense $ 1,657  $ 1,657  $ 3,385  $ 3,177