v3.26.1
Balance Sheet Components
 3 Months Ended
Mar. 31, 2026
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):
 March 31,
2026		December 31,
2025
Cash$18,293 $12,938 
Cash equivalents:
Money market funds(1)
60,427 54,475 
Total cash and cash equivalents$78,720 $67,413 
(1)The Company maintains a cash sweep account, which is included in money market funds as of March 31, 2026 and December 31, 2025. Cash is invested in short-term money market funds that earn interest.
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 $1.7 million and $2.6 million as of March 31, 2026 and December 31, 2025, respectively, which has been excluded from the Company’s cash and cash equivalents balances. The Company presented $0.6 million and $1.5 million of the total amount of restricted cash within current assets on the unaudited condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025, respectively. The remaining restricted cash balance of $1.1 million and $1.1 million is included in non-current assets on the condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025, 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):
March 31,
2026		March 31,
2025
Cash and cash equivalents$78,720 $53,984 
Restricted cash, current647 731 
Restricted cash, non-current1,100 1,835 
Total cash, cash equivalents and restricted cash$80,467 $56,550 
Inventory
Inventory, consisting of material, direct and indirect labor, and manufacturing overhead, consists of the following (in thousands):
 March 31,
2026		December 31,
2025
Raw materials$9,041 $3,866 
Work in process1,565 93 
Finished goods19,272 19,607 
Total inventory$29,878 $23,566 
Prepaid expenses and other current assets
Prepaid expenses and other current assets consist of the following (in thousands):
March 31,
2026		December 31,
2025
Prepaid expenses$5,750 $3,529 
Prepaid inventory3,098 2,887 
Prepaid insurance1,745 967 
Receivable from contract manufacturer3,926 3,497 
IRS Income tax refund receivable— 2,993 
Indemnification asset (See Note 3.)1,855 — 
Other current assets4,795 3,644 
Total prepaid expenses and other current assets$21,169 $17,517 
Property and Equipment, net
Property and equipment consists of the following (in thousands):
Estimated Useful Life
(in years)		March 31,
2026		December 31,
2025
LandNot depreciated$7,798 $7,798 
Building259,453 9,453 
Machinery and equipment317,851 16,640 
Computer equipment31,373 1,140 
Automotive and vehicle hardware593 93 
Software3438 160 
Furniture and fixtures71,129 863 
Construction in progress8,231 7,326 
Leasehold improvementsShorter of useful life or lease term5,134 5,097 
51,500 48,570 
Less: Accumulated depreciation(17,674)(16,679)
Property and equipment, net$33,826 $31,891 
Depreciation expense associated with property and equipment was $1.0 million and $0.7 million during the three months ended March 31, 2026 and 2025, respectively.
Goodwill and Acquired Intangible Assets, Net
The changes in the carrying amount of goodwill are as follows (in thousands):
Amount
Balance at December 31, 2025$— 
Goodwill addition related to Stereolabs acquisition38,525 
Balance at March 31, 2026$38,525 
Annually, and/or upon the identification of a triggering event, management is required to perform an assessment of fair value relative to carrying value of goodwill. Triggering events potentially warranting an interim goodwill impairment test include, among other factors, declines in historical or projected revenue, operating income or cash flows, and sustained declines in the Company’s stock price or market capitalization, considered both in absolute terms and relative to peers.
The following tables present acquired intangible assets, net as of March 31, 2026 and December 31, 2025 (in thousands):
March 31, 2026
Estimated Useful Life
(in years)		Gross Carrying AmountAccumulated AmortizationNet Book Value
Trade name6$1,500 $(37)$1,463 
Developed technology
3-8
37,500 (14,994)22,506 
Vendor relationship36,600 (6,600)— 
Customer relationships
3 - 8
14,200 (3,162)11,038 
Intangible assets, net$59,800 $(24,793)$35,007 
December 31, 2025
Estimated Useful Life
(in years)		Gross Carrying AmountAccumulated AmortizationNet Book Value
Developed technology
3-8
$23,500 $(13,634)$9,866 
Vendor relationship36,600 (6,600)— 
Customer relationships
3-8
6,300 (2,850)3,450 
Intangible assets, net$36,400 $(23,084)$13,316 
Amortization expense was $1.7 million and $1.1 million during the three months ended March 31, 2026 and 2025, respectively.
The following table summarizes estimated future amortization expense of finite-lived intangible assets-net (in thousands):
Years:Amount
Remainder of 2026$6,333 
20278,416 
20287,526 
20297,065 
20302,257 
Thereafter3,410 
Total$35,007 
Accrued and Other Current Liabilities
Accrued and other current liabilities consist of the following (in thousands):
March 31,
2026		December 31,
2025
Accrued legal fees and contingencies$2,801 $2,124 
Uninvoiced receipts10,900 7,910 
Accrued compensation8,012 7,415 
Warranty reserve2,137 1,800 
Sales, use, value-added taxes, customs duties and other taxes(1)
9,835 3,108 
Other4,508 3,843 
Total accrued and other current liabilities$38,193 $26,200 
(1) Includes indemnified Specific Tax Loss Liabilities of $6.3 million from the Stereolabs acquisition. The indemnification of the Specific Tax Loss is capped at $1.9 million. See Note 3.