Quarterly report pursuant to Section 13 or 15(d)

Property, Plant and Equipment (Tables)

v3.22.2
Property, Plant and Equipment (Tables)
6 Months Ended
Jun. 30, 2022
Property, Plant and Equipment [Abstract]  
Schedule of Property, plant, and equipment, net

Property, plant and equipment, net, consisted of the following:

 

 

 

 

June 30,

 

 

December 31,

 

(in thousands)

 

Estimated Useful Life (Years)

 

2022

 

 

2021

 

Land and improvements

 

20

 

$

92

 

 

$

92

 

Leasehold improvements

 

Shorter of useful life or lease term

 

 

28,036

 

 

 

27,845

 

Buildings

 

15-40

 

 

2,156

 

 

 

2,156

 

Machinery and equipment

 

5-20

 

 

100,977

 

 

 

97,923

 

Motor vehicles

 

7-10

 

 

921

 

 

 

912

 

Furniture and fixtures

 

7-10

 

 

443

 

 

 

420

 

Office equipment

 

3-10

 

 

3,509

 

 

 

3,368

 

Construction in progress

 

N/A

 

 

308,148

 

 

 

212,647

 

 

 

 

 

 

444,282

 

 

 

345,363

 

Accumulated depreciation and amortization

 

 

 

 

(35,397

)

 

 

(29,182

)

Property, plant and equipment, net

 

 

 

$

408,885

 

 

$

316,181

 

Schedule of depreciation and amortization expense

We reported depreciation and amortization expense (which included amortization of intangible assets) as follows:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(in thousands)

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Cost of revenue

 

$

2,289

 

 

$

1,951

 

 

$

4,517

 

 

$

3,790

 

Selling, general and administrative

 

 

163

 

 

 

177

 

 

 

323

 

 

 

273

 

Research and development

 

 

1,876

 

 

 

83

 

 

 

3,748

 

 

 

248

 

Total depreciation and amortization expense

 

$

4,328

 

 

$

2,211

 

 

$

8,588

 

 

$

4,311

 

Schedule of Construction in Progress

Construction in progress consists primarily of the early stages of construction of our Greenfield facility in Bainbridge, Georgia and the build-out of our facility in Winchester, Kentucky, as noted in the table below.

 

 

June 30,
 2022

 

 

December 31,
 2021

 

Georgia

 

$

155,329

 

 

$

83,660

 

Kentucky

 

 

150,016

 

 

 

128,289

 

New York

 

 

2,803

 

 

 

698

 

 

 

$

308,148

 

 

$

212,647