XML 23 R11.htm IDEA: XBRL DOCUMENT v3.25.3
Balance Sheet Components
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Components Balance Sheet Components
Cash and Cash Equivalents
The Company’s cash and cash equivalents consist of the following (in thousands):
 September 30,
2025		December 31,
2024
Cash$27,301 $20,802 
Cash equivalents:
Money market funds(1)
59,825 24,740 
Total cash and cash equivalents$87,126 $45,542 
(1) The Company maintains a cash sweep account, which is included in money market funds as of September 30, 2025 and December 31, 2024. Cash equivalents are invested in short-term money market funds that earn interest and commercial paper.
Restricted Cash
Restricted cash consists of collateral to merchant credit card, deposit account to secure foreign entity closure costs, issuances of deposit performance guarantee issued in favor of a customer, and certificates of deposit held by a bank as security for outstanding letters of credit. The Company had a restricted cash balance of $2.6 million as of September 30, 2025 and December 31, 2024, which has been excluded from the Company’s cash and cash equivalents balances. The Company presented $0.8 million and $0.7 million of the total amount of restricted cash within current assets on the unaudited condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024, respectively. The remaining restricted cash balance of $1.8 million is included in non-current assets on the condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024, respectively.
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the unaudited condensed consolidated balance sheets to the total of the amounts reported in the unaudited condensed consolidated statements of cash flows (in thousands):
September 30,
2025		September 30,
2024
Cash and cash equivalents$87,126 $44,388 
Restricted cash, current805 439 
Restricted cash, non-current1,835 1,892 
Total cash, cash equivalents and restricted cash$89,766 $46,719 
Inventory
Inventory, consisting of material, direct and indirect labor, and manufacturing overhead, consists of the following (in thousands):
 September 30,
2025		December 31,
2024
Raw materials$3,038 $3,610 
Work in process114 307 
Finished goods13,361 12,500 
Total inventory$16,513 $16,417 
Prepaid expenses and other current assets
Prepaid expenses and other current assets consist of the following (in thousands):
September 30,
2025		December 31,
2024
Prepaid expenses$8,374 $5,703 
Prepaid insurance1,225 893 
Receivable from contract manufacturers3,851 2,882 
Insurance receivable— 2,000 
Income tax refund receivable2,991 — 
Other current assets2,190 1,272 
Total prepaid expenses and other current assets$18,631 $12,750 
Property and Equipment, net
Property and equipment consists of the following (in thousands):
Estimated Useful Life
(in years)		September 30,
2025		December 31,
2024
Machinery and equipment3$13,688 $12,146 
Computer equipment31,093 689 
Automotive and vehicle hardware593 93 
Software3647 601 
Furniture and fixtures7869 845 
Construction in progress9,099 6,349 
Leasehold improvementsShorter of useful life or lease term9,730 9,459 
35,219 30,182 
Less: Accumulated depreciation(22,355)(20,018)
Property and equipment, net$12,864 $10,164 
Depreciation expense associated with property and equipment was $2.3 million and $2.6 million during the nine months ended September 30, 2025 and 2024, respectively.
Intangible Assets, Net
The following tables present acquired intangible assets, net as of September 30, 2025 and December 31, 2024 (in thousands):
September 30, 2025
Estimated Useful Life
(in years)		Gross Carrying AmountAccumulated AmortizationNet Book Value
Developed technology
3-8
$23,500 $(12,670)$10,830 
Vendor relationship
3
6,600 (6,600)— 
Customer relationships
3 - 8
6,300 (2,680)3,620 
Intangible assets, net$36,400 $(21,950)$14,450 
December 31, 2024
Estimated Useful Life
(in years)		Gross Carrying AmountAccumulated AmortizationNet Book Value
Developed technology
3-8
$23,500 $(9,795)$13,705 
Vendor relationship36,600 (6,600)— 
Customer relationships
3-8
6,300 (2,175)4,125 
Intangible assets, net$36,400 $(18,570)$17,830 
Amortization expense was $3.4 million and $5.3 million during the nine months ended September 30, 2025 and 2024, respectively.
The following table summarizes estimated future amortization expense of finite-lived intangible assets-net (in thousands):
Years:Amount
Remainder of 2025$1,133 
20263,775 
20273,682 
20282,779 
20292,331 
Thereafter750 
Total$14,450 
Accrued and Other Current Liabilities
Accrued and other current liabilities consist of the following (in thousands):
September 30,
2025		December 31,
2024
Accrued legal fees and contingencies$11,845 $8,493 
Uninvoiced receipts7,070 4,368 
Accrued compensation8,832 6,115 
Sales and use tax2,306 2,215 
Other10,689 9,400 
Total accrued and other current liabilities$40,742 $30,591