Leases
The Company has lease arrangements for certain administrative, manufacturing and warehousing facilities and equipment. Lease expiration dates, including expected renewal options, range from January 2029 to April 2033, with the weighted average remaining term being 6.0 years. The discount rates used to calculate the present value of lease payments range from 1.3% to 6.6% as of December 31, 2025. All leases are classified as operating leases.
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| | | December 31, | | |
| | | 2025 | | 2024 | | |
| | | | | | | |
| | | (in thousands) | | |
| Right-of-use assets | Right of use assets | | $ | 17,988 | | | $ | 15,436 | | | |
| Current lease liability | Accrued liabilities | | 3,262 | | | 2,481 | | | |
| Noncurrent lease liability | Other long-term liabilities | | 15,529 | | | 13,592 | | | |
Since 2018, the Company has leased the manufacturing, engineering and office space used by our operations in Parkville, Missouri. The lease term is through January 2029. In May 2025, the Company added approximately 17,000 additional square feet and extended the lease term through April 2033. Additionally, in May 2025, the Company added approximately 22,300 square feet with a lease term through April 2030. The Company’s total leased space in Parkville, Missouri is approximately 125,300 square feet.
In November 2022, the Company entered into a lease arrangement for additional storage facilities in Tulsa, Oklahoma to support our operations. The lease added an additional 198,000 square feet to our operations. In January 2024, we amended the lease for an additional 157,550 square feet for operations and parts distribution. The amended lease term will expire April 2033.
In July 2023, the Company entered into a lease agreement with a start date of September 2023, for land and approximately 72,000 square feet of facilities in Redmond, Oregon to support our manufacturing operations. The lease term will expire November 2033 with additional renewal options.
We also lease six properties near our Redmond location. In the aggregate, these leases contain approximately 83,000 square feet of additional warehouse space, office space, as well as outside storage. These leases have expiring terms from May 2027 to October 2030.
In October 2025, the Company entered into a lease agreement in Bend, OR with a start date of November 2025, for approximately 34,000 square feet of additional warehouse and office space. The lease term will expire October 2030.
Total future lease payments as of December 31, 2025 are as follows:
| | | | | | | |
| (in thousands) | | |
| 2026 | $ | 4,275 | | | |
| 2027 | 4,248 | | | |
| 2028 | 4,103 | | | |
| 2029 | 2,477 | | | |
| 2030 | 2,225 | | | |
| Thereafter | 5,013 | | | |
| Total minimum lease obligations | $ | 22,341 | | | |
| Less: present value of minimum lease payments | 3,550 | | | |
| Less: current portion | 3,262 | | | |
| Lease obligations, long-term | $ | 15,529 | | | |