Balance Sheet Components

12 Months Ended

Dec. 31, 2025

Disclosure Text Block Supplement [Abstract]

Inventory

Inventory consisted of the following (in thousands):


	December 31, 2025		December 31, 2024
Raw materials	$	323	$	238
Work-in-process	9,269		7,510
Finished goods	1,142		1,362
Total inventory	$	10,734	$	9,110

Property and Equipment, Net

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


	December 31, 2025		December 31, 2024
Manufacturing equipment	$	15,070	$	14,199
Computer and network equipment	731		602
Furniture and fixtures	113		113
Construction in Progress	11,131		—
Leasehold improvements	1,476		1,476
Total property and equipment, gross	28,521		16,390
Less: accumulated depreciation	(14,381)		(13,170)
Total property and equipment, net	$	14,140	$	3,220

Depreciation expense during years ended December 31, 2025 and 2024 was $1.5 million and $1.6 million, respectively.

Intangible Assets, Net

The gross carrying amounts and accumulated amortization of intangible assets are as follows at the dates indicated (in thousands):


	December 31, 2025
	Weighted- Average Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Internal-use software	1.0	$	4,456	$	(2,742)	$	1,714
Total intangible assets		$	4,456	$	(2,742)	$	1,714


	December 31, 2024
	Weighted- Average Life (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Internal-use software	2.0	$	4,389	$	(973)	$	3,416
Total intangible assets		$	4,389	$	(973)	$	3,416

Amortization expense for intangible assets was $1.8 million and $0.1 million for the years ended December 31, 2025 and 2024, respectively.

The table below presents estimated future amortization expense for finite-lived intangible assets (in thousands):


As of December 31, 2025	Amount
2026	$	1,633
2027	22
2028	22
2029	21
Thereafter	16
Total	$	1,714

Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	December 31, 2025		December 31, 2024
Payroll-related expenses	$	2,481	$	1,606
Inventory	425		157
Other	745		686
Total accrued liabilities	$	3,651	$	2,449

Deferred Revenue

In March 2025, the Company renewed a contractual arrangement with a customer for the development of a strategic radiation hardened (“RAD-Hard”) field programmable gate array product. The total consideration in the arrangement is $1.2 million. The Company is recognizing revenue related to the performance obligation over time using the input method based on costs incurred to date relative to the total expected costs of the contract and began recognizing revenue in the first quarter of 2025. As of December 31, 2025, the Company has billed $0.7 million for the performance under the agreement and has recognized $0.7 million in revenue for the year ended December 31, 2025.

The Company concluded this contractual arrangement represents one arrangement and evaluated its promises to the customer and whether the performance obligations granted under the arrangement were distinct. The licenses provided to the customer are not transferable, are of limited value without the promised development services, and the customer cannot benefit from the license agreements without the specific obligated services in the development subcontract, as there is strong interdependency between the licenses and the development subcontract. Accordingly, the Company determined the licenses were not distinct within the context of the contract and combined the license with other performance obligations.

In January 2025, the Company executed a contractual arrangement with a customer to provide engineering services supporting the customer’s development that uses capabilities of MRAM for in-memory computing. The total consideration in the arrangement is $4.1 million. The Company is recognizing revenue related to the performance obligation over time using the input method based on costs incurred to date relative to the total expected costs of the contract and began recognizing revenue in the first quarter of 2025. As of December 31, 2025, the Company has billed $4.1 million for the performance under the agreement and has recognized $4.1 million in revenue for the year ended December 31, 2025.

The Company concluded that this contractual arrangement represents one arrangement and assessed the nature of the promises made to the customer to determine whether the performance obligations were distinct. The Company determined that the engineering services are not separately identifiable from the promised development services, as the engineering services are highly interrelated with, and dependent upon, the overall development services over the life of the contract. Accordingly, the Company concluded that the engineering services are not distinct within the context of the contract and, therefore, should be combined with the other promised services into a single performance obligation. Deferred revenue related to these agreements was $0.0 million and $0.1 million as of December 31, 2025 and 2024, respectively.