Depreciation is computed using the straight-line method over the following estimated useful lives of assets:
AssetUseful
Life
Leasehold improvements
1 – 12 years
Vehicles and trailers
3 – 5 years
Computers and software3 years
Furniture and fixtures5 years
Machinery and equipment
3 – 7 years
As of December 31, 2025 and 2024, property and equipment, net consisted of the following (in thousands):
December 31,
2025
December 31,
2024
Leasehold improvements$336 $208 
Vehicles and trailers146 129 
Computers and software7,931 4,146 
Furniture and fixtures3,097 1,913 
Machinery and equipment9,632 4,361 
Construction in progress54,964 17,117 
Property and equipment, gross76,106 27,874 
Less: accumulated depreciation and amortization(7,556)(4,510)
Property and equipment, net$68,550 $23,364 
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Historical Timeline

Fiscal YearFiled
2025Mar 19, 2026Showing above
2024Mar 25, 2025
2023Mar 25, 2024

About PP&E Disclosures

The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.

Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.