LEASES

3 Months Ended

Mar. 31, 2026

7. LEASES

The Company has operating leases for office and manufacturing space in California and office space in Taiwan, Republic of China, with remaining lease terms ranging from under one year to approximately two years as of March 31, 2026.

Leases with an initial term of twelve months or less are not accounted for in the balance sheet; these are limited to minor leases in Taiwan, which are excluded from amounts presented in the following tables. The operating leases include certain variable payments related to operating expenses, which are billed by the landlord, as is customary with these types of charges for office space.

The Company’s existing leases contain escalation clauses and renewal options. The Company has evaluated several factors in assessing whether it is reasonably certain that the Company will exercise a contractual renewal option. For leases with renewal options that are reasonably certain to be exercised, the Company includes the renewal term in the total lease term used in deriving the right-of-use asset and lease liability. The Company’s main office lease includes a renewal option of three years, which was excluded after evaluation of those factors.

Amounts comprising total lease expense, reflected in general and administrative expenses and costs of revenue (including amounts capitalized as overhead to inventory), were as follows.


	Three Months Ended March 31,
	2026		2025
Operating lease expense	$	118	$	118
Short-term lease expense	11		9
Total lease expense	$	129	$	127

Lease-related amounts reflected in the balance sheet and data related thereto were as follows.


	March 31, 2026			December 31, 2025
Operating lease right-of-use assets	$	749		$	843

Operating lease liabilities - current	$	426		$	410
Operating lease liabilities – long-term	362			477
Total operating lease liabilities	$	788		$	887

Weighted average remaining lease term	1.8 years			2.0 years
Weighted average discount rate	11.8		%	11.8		%


	Three Months Ended March 31,
	2026		2025
Variable lease payments related to operating leases	$	(4)	$	—
Cash payments related to operating leases	$	122	$	118

Future minimum lease payments under non-cancellable leases are as follows as of March 31, 2026.



2026	$	366
2027	503

Less: interest	(81)
Total operating lease liabilities	$	788