Quarterly report pursuant to Section 13 or 15(d)

Property and Equipment

v3.23.3
Property and Equipment
 9 Months Ended
Sep. 30, 2023
Property, Plant and Equipment [Abstract]  
Property and Equipment Property and Equipment
Property and equipment consisted of the following:
September 30, December 31,
2023 2022
(in thousands)
Machinery, equipment, and vehicles $ 41,528 $ 32,774
Land 19,253 19,296
Buildings and leasehold improvements 63,659 55,392
Construction-in-progress 155,073 56,753
Less: Accumulated depreciation (11,414) (6,371)
Property and equipment, net $ 268,099 $ 157,844

Depreciation expense related to property and equipment was $1.7 million and $1.7 million for the three months ended September 30, 2023 and 2022, respectively, and $5.2 million and $3.5 million for the nine months ended September 30, 2023 and 2022, respectively.