Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.24.3
Property and Equipment
9 Months Ended
Sep. 30, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment
Property and equipment, net consisted of the following:
September 30, December 31,
2024 2023
(in thousands)
Land $ 19,253 $ 19,253
Machinery and equipment 113,798 44,169
Greenhouses, buildings and leasehold improvements 251,191 66,754
Construction-in-progress 10,767 196,324
Less: Accumulated depreciation (23,641) (13,334)
Property and equipment, net $ 371,368 $ 313,166

Depreciation expense related to property and equipment was $5.0 million and $1.7 million for the three months ended September 30, 2024 and 2023, respectively, and $10.3 million and $5.2 million for the nine months ended September 30, 2024 and 2023, respectively.