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Balance Sheet Components
 12 Months Ended
Dec. 31, 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):
December 31,
20252024
Cash$12,938 $20,802 
Cash equivalents:
Money market funds(1)
54,475 24,740 
Total cash and cash equivalents
$67,413 $45,542 
(1) The Company maintains a cash sweep account, which is included in money market funds as of December 31, 2025 and 2024, respectively. Cash is invested in short-term money market funds that earn interest.
The Company’s short-term investments consist of commercial paper and corporate debt. Short-term investments were $141.2 million as of December 31, 2025. Unrealized gains and losses on the Company’s short-term investments were not material as of December 31, 2025 and therefore, the amortized cost of the Company’s short-term investments approximated their fair value.
Restricted Cash
Restricted cash consists of our 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 following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheets to the total of the amounts reported in the consolidated statements of cash flows (in thousands):
December 31,
20252024
Cash and cash equivalents
$67,413 $45,542 
Restricted cash, current
1,467 722 
Restricted cash, non-current
1,100 1,835 
Total cash, cash equivalents and restricted cash
$69,980 $48,099 
Inventory
Inventory, consisting of material, direct and indirect labor, and manufacturing overhead, consists of the following (in thousands):
December 31,
20252024
Raw materials$3,866 $3,610 
Work in process93 307 
Finished goods19,607 12,500 
Total inventory$23,566 $16,417 
During the years ended December 31, 2025 and 2024, $(0.4) million and $2.1 million of inventory (recoveries) write downs were (credited) charged to cost of revenue.
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consist of the following (in thousands):
December 31,
20252024
Prepaid expenses$6,416 $5,703 
Prepaid insurance967 893 
Receivable from contract manufacturers3,497 2,882 
IRS Income tax refund receivable2,993 — 
Insurance receivable— 2,000 
Other current assets3,644 1,272 
Total prepaid and other current assets$17,517 $12,750 
Property and Equipment, net
Property and equipment consists of the following (in thousands):
Estimated Useful Life
(in years)		December 31,
20252024
Land
Not depreciated
$7,798 $— 
Building259,453 — 
Machinery and equipment316,640 12,146 
Computer equipment31,140 689 
Automotive and vehicle hardware593 93 
Software3160 601 
Furniture and fixtures7863 845 
Construction in progress7,326 6,349 
Leasehold improvementsShorter of useful life or lease term5,097 9,459 
48,570 30,182 
Less: Accumulated depreciation(16,679)(20,018)
Property and equipment, net
$31,891 $10,164 
On December 16, 2025, the Company purchased the building and land at 2741 16th Street, San Francisco, California which were previously leased (see Note 7. Leases).
Depreciation expense associated with property and equipment was $3.3 million and $3.2 million in the years ended December 31, 2025 and 2024, respectively.
The following table summarizes the Company's property and equipment, net by geography (in thousands):
December 31,
20252024
United States$20,944 $3,668 
Thailand4,838 1,766 
France4,050 3,208 
Taiwan1,819 1,180 
Others240 342 
Total$31,891 $10,164 
Acquired Intangible Assets, Net
The following tables present acquired intangible assets, net as of December 31, 2025 and 2024 (in thousands):
December 31, 2025
Estimated Useful Life
(in years)		Gross Carrying AmountAccumulated AmortizationNet Book Value
Developed technology3 - 8$23,500 $(13,634)$9,866 
Vendor relationship36,600 (6,600)— 
Customer relationships3 - 86,300 (2,850)3,450 
Intangible assets, net$36,400 $(23,084)$13,316 
December 31, 2024
Estimated Useful Life
(in years)		Gross Carrying AmountAccumulated AmortizationNet Book Value
Developed technology3 - 8$23,500 $(9,795)$13,705 
Vendor relationship36,600 (6,600)— 
Customer relationships3 - 86,300 (2,175)4,125 
Intangible assets, net$36,400 $(18,570)$17,830 
Amortization expense was $4.5 million, and $6.6 million in the years ended December 31, 2025, and 2024, respectively.
The following table summarizes estimated future amortization expense of finite-lived intangible assets, net (in thousands):
Years:Amount
2026$3,774 
20273,682 
20282,779 
20292,331 
2030675 
Thereafter75 
Total$13,316 
Product Warranties
The following table reflects the activity in accrued warranty cost (in thousands):
December 31,
20252024
Beginning balance$3,049 $3,661 
Warranty expenditures(927)(901)
Change to warranty accrual(122)289 
Ending balance$2,000 $3,049 
Accrued and Other Current Liabilities
Accrued and other current liabilities consist of the following (in thousands):
December 31,
20252024
Accrued legal fees and contingencies$2,124 $8,493 
Uninvoiced receipts7,910 4,368 
Accrued compensation7,415 6,115 
Sales and use tax2,462 2,215 
Other6,289 9,400 
Total accrued and other current liabilities$26,200 $30,591