Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

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Property and Equipment
6 Months Ended
Jun. 30, 2024
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment
Property and equipment, net consisted of the following:
June 30, December 31,
2024 2023
(in thousands)
Machinery, equipment, and vehicles $ 110,188 $ 44,169
Land 19,253 19,253
Buildings and leasehold improvements 242,751 66,754
Construction-in-progress 14,735 196,324
Less: Accumulated depreciation (18,666) (13,334)
Property and equipment, net $ 368,261 $ 313,166

Depreciation expense related to property and equipment was $3.0 million and $1.6 million for the three months ended June 30, 2024 and 2023, respectively, and $5.3 million and $3.4 million for the six months ended June 30, 2024 and 2023, respectively.