Balance Sheet Details

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Inventories

Inventories consist of the following (in thousands):


	March 31, 2024		December 31, 2023
Raw materials	$	51,870	$	36,970
Work in process	1,978		889
Finished goods	19,621		24,741
Total	$	73,469	$	62,600

Valuation adjustments for excess and obsolete inventory, reflected as a reduction of inventory at March 31, 2024 and December 31, 2023, were $13.7 million and $13.0 million, respectively.

Other current assets and prepaid expenses

Other current assets and a prepaid expenses consist of the following (in thousands):


	March 31, 2024		December 31, 2023
Sale tax and VAT receivable	$	6,884	$	6,307
Deposits with vendors	6,738		9,501

Prepayments	2,933		3,819
Distribution agreement settlement receivable	2,374		—
Other	365		225
Total	$	19,294	$	19,852

Long-term inventories

The Company’s long-term inventories relate to AviClear devices, and parts for device manufacturing, not expected to be sold in the twelve months ended March 31, 2025. Long-term inventories consist of the following (in thousands):


	March 31, 2024		December 31, 2023
Raw materials	$	12,864	$	8,672
Work in process	1,332		2,049
Finished goods	6,386		5,562
Total	$	20,582	$	16,283

Valuation adjustments for excess and obsolete inventory, reflected as a reduction of inventory at March 31, 2024 and December 31, 2023, were $19.0 million and $12.8 million, respectively.

Property and Equipment, net

Property and equipment, net consists of the following (in thousands):


	March 31, 2024		December 31, 2023
Leasehold improvements	$	1,035	$	1,010

AviClear devices	33,936		38,490
Office equipment and furniture	1,883		1,884
Machinery and equipment	4,578		4,944
Assets under construction	1,456		1,274
	42,888		47,602
Less: Accumulated depreciation	(10,924)		(10,327)
Property and equipment, net	$	31,964	$	37,275

Accrued Liabilities

Accrued liabilities consist of the following (in thousands):


	March 31, 2024		December 31, 2023
Bonus and payroll-related accruals	$	14,647	$	13,949
Accrued sales tax	6,531		6,325
Liability for inventory in transit	5,004		5,461
Sales and marketing accruals	4,100		4,929
Accrued interest	3,465		1,304
Product warranty	2,472		2,593
Jabil settlement obligation, net	750		8,908
Other accrued liabilities	10,150		11,586
Total	$	47,119	$	55,055