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

Property, Plant and Equipment, net

v3.25.4
Property, Plant and Equipment, net
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment, net
Note F – Property, Plant and Equipment, net
Property, plant and equipment, net were as follows:
  December 31, 2025 December 31, 2024
North America
 Europe Total
North America
 Europe Total
Computer equipment
 $ 4,025  $ 962  $ 4,987  $ 2,690  $ 695  $ 3,385 
Furniture and fixtures
 2,610  1,334  3,944  1,409  36  1,445 
Machinery and Laboratory equipment
 29,496  5,503  34,999  6,879  728  7,607 
Leasehold improvements
 10,503  4,295  14,798  2,576  4,410  6,986 
Vehicles
 81  —  81  81  —  81 
Finance lease ROU assets —  3,567  3,567  —  2,313  2,313 
Construction in process 1,010  371  1,381  5,648  —  5,648 
Property, plant and equipment, gross 47,725  16,032  63,757  19,283  8,182  27,465 
Less: accumulated depreciation
 (11,498) (3,060) (14,558) (6,147) (3,481) (9,628)
Total property, plant and equipment, net $ 36,227  $ 12,972  $ 49,199  $ 13,136  $ 4,701  $ 17,837 

The Company observed a significant decline in discounted future cash flows, specifically in the Space Europe reporting unit, primarily attributable to a decrease in forecasted revenues as well as increased production costs that have reduced margins of existing performance obligations and encountered deferred pipeline realization. After considering the totality of events and circumstances, the Company determined that these triggering events indicated that certain recorded long-lived assets, including property, plant and equipment and finite-lived intangibles may be impaired. As a result, the Company performed a quantitative impairment assessment of asset groups within the Space Europe reporting unit as of October 1, 2025 and determined that the carrying value of one asset group was not recoverable based on entity-specific, undiscounted net cash flows. Accordingly, impairment expense was measured as the amount by which the carrying value of the asset groups exceeded their fair value as of the assessment date. The fair value of the asset group was determined using an income approach based on a discounted cash flow model, which resulted in an impairment of certain tangible and intangible assets recorded on the underlying asset group. Based on the results of the quantitative impairment test performed during 2025, the Company recognized impairment expense related to furniture and fixtures, machinery and equipment and leasehold improvements of $2.6 million.

There was no impairment recognized related to property, plant and equipment during the years ended December 31, 2024 and 2023.

The table below presents the depreciation expense related to property, plant and equipment for the following periods:
Year Ended
  December 31, 2025 December 31, 2024 December 31, 2023
Depreciation expense
 $ 7,849  $ 4,067  $ 3,512