Quarterly report [Sections 13 or 15(d)]

Balance Sheet Components

v3.25.1
Balance Sheet Components
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Components Balance Sheet Components
Property and Equipment, Net
Property and equipment, net consists of the following (in thousands):
March 31,
2025		 December 31,
2024
Equipment $ 110,944  $ 103,694 
Molds and tooling 27,056  22,409 
Construction in-progress 23,404  19,583 
Buildings 22,202  22,186 
Leasehold improvements 21,430  20,569 
Computer software 18,342  18,072 
Land 6,270  6,270 
Vehicles and aircraft 2,503  2,486 
Furniture and fixtures 1,136  1,110 
Gross property and equipment 233,287  216,379 
Accumulated depreciation and amortization (103,511) (95,425)
Property and equipment, net $ 129,776  $ 120,954 
Depreciation and amortization expense of property and equipment for the three months ended March 31, 2025 and 2024 was $7.9 million and $7.0 million, respectively. Vehicles and aircraft includes utility automobiles used at the Company’s various facilities and purchased aircraft to support the Company’s air operations and training.
Intangible Assets, Net
The intangible assets consist of the following (in thousands):
March 31,
2025		 December 31,
2024
Automation platform software $ 7,200  $ 7,200 
System simulation software technology 4,600  4,600 
Developed technology 6,900  6,900 
Other intangibles 500  1,485 
Gross intangible assets 19,200  20,185 
Accumulated amortization (12,291) (12,058)
Intangible assets, net $ 6,909  $ 8,127 
Amortization expense related to intangible assets for the three months ended March 31, 2025 and 2024 was $1.2 million and $1.5 million, respectively. As of March 31, 2025 the weighted-average amortization period of intangible assets was 1.8 years.
The following table presents the estimated future amortization expense of acquired amortizable intangible assets as of March 31, 2025 (in thousands):
Fiscal Year Amount
2025 (remainder)
 $ 3,414 
2026 2,467 
2027 1,028 
$ 6,909 
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consist of the following (in thousands):
March 31,
2025		 December 31,
2024
Prepaid equipment $ 3,526  $ 3,998 
Prepaid software 7,887  7,794 
Prepaid taxes 2,747  3,183 
Other 2,612  2,170 
Prepaid insurance 2,418  3,565 
Total $ 19,190  $ 20,710 
Other non-current assets
Other non-current assets consist of the following (in thousands):
March 31,
2025		 December 31,
2024
Contractual agreement asset $ 59,611  $ 59,611 
Other non-current assets 2,111  1,395 
Total $ 61,722  $ 61,006 
Accrued and other current liabilities
Accrued and other current liabilities consist of the following (in thousands):
March 31,
2025		 December 31,
2024
Vendor related accruals $ 16,442  $ 20,026 
Payroll accruals 8,890  6,619 
Contract liabilities under contracts with customers 4,486  5,161 
Deferred research and development credits $ 1,784  1,712 
Other accruals and current liabilities 5,594  5,324 
Total $ 37,196  $ 38,842