Annual report [Section 13 and 15(d), not S-K Item 405]

Property and Equipment

v3.25.1
Property and Equipment
12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment
Property and equipment, net consisted of the following:

December 31,
2024 2023
(in thousands)
Machinery, equipment, and vehicles $ 115,373 $ 44,169
Land 19,253 19,253
Buildings and leasehold improvements 258,864 66,754
Construction-in-progress 6,039 196,324
Less: Accumulated depreciation (28,551) (13,334)
Property and equipment, net $ 370,978 $ 313,166
Depreciation expense related to property and equipment was $15.3 million and $7.2 million for the years ended December 31, 2024 and 2023, respectively.