Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

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Property and Equipment
3 Months Ended
Mar. 31, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment
Property and equipment, net consisted of the following:
March 31, December 31,
2024 2023
(in thousands)
Machinery, equipment, and vehicles $ 56,194 $ 44,169
Land 19,253 19,253
Buildings and leasehold improvements 86,044 66,754
Construction-in-progress 198,290 196,324
Less: Accumulated depreciation (15,669) (13,334)
Property and equipment, net $ 344,112 $ 313,166

Depreciation expense related to property and equipment was $2.3 million and $1.8 million for the three months ended March 31, 2024 and 2023, respectively.