Quarterly report [Sections 13 or 15(d)]

Property, Plant and Equipment, Net

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Property, Plant and Equipment, Net
 9 Months Ended
Sep. 30, 2025
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment, Net Property, Plant and Equipment, Net
Property, plant and equipment, net consists of the following (dollars in thousands):

September 30, December 31,
2025 2024
(unaudited) (audited)
Building and leasehold improvements $ 24,131  $ 27,429 
Machinery and equipment 19,621  19,946 
Computer equipment and software 19,210  17,814 
Furniture and fixtures 2,891  2,949 
Land 110  1,547 
Vehicles 551  762 
Construction in progress 10,848  10,925 
Property, plant, and equipment, gross 77,362  81,372 
Less: accumulated depreciation and amortization (30,780) (22,168)
Total property, plant and equipment, net $ 46,582  $ 59,204 

The total depreciation expense for internal use software was $1,355 and $4,043 for the three and nine months ended September 30, 2025, respectively, and $1,285 and $3,288 for the three and nine months ended September 30, 2024, respectively.

All long-lived assets are located in the United States.

Assets Held for Sale
During the second quarter of 2025, management committed to a plan to sell office property located in Salt Lake City, Utah. As of September 30, 2025, the carrying value of this office property is included in the financial line item "Assets held for sale" on the consolidated balance sheets. The property, including the land, building and improvements had a net carrying value of $4,294 and was previously classified within "Property, plant and equipment, net" on the consolidated balance sheets. On July 17, 2025, the Company entered into an agreement to sell this Salt Lake City property for $5,350. The sale closed on October 17, 2025