RIGHT-OF-USE ASSETS UNDER OPERATING LEASES, NET
Right-of-use assets under operating leases, net consists of the following as of December 31:
(in thousands)20252024
Right-of-use assets under operating leases$6,340 $6,177 
Less: Accumulated amortization(5,223)(3,934)
Total$1,117 $2,243 
Amortization of operating leases was $1.3 million and $1.5 million for the years ended December 31, 2025 and 2024, respectively, and is included in cost of revenue for operating assets and in selling, general and administrative expenses for non-operating assets in the accompanying consolidated statements of operations and comprehensive income (loss).

Historical Timeline

Fiscal YearFiled
2025Mar 4, 2026Showing above
2024Mar 31, 2025
2023Mar 7, 2024
2022Mar 30, 2023
2021Mar 3, 2022
2020Mar 11, 2021
2019Mar 5, 2020
2018Feb 26, 2019

About Leases Disclosures

Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.

Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.