| BALANCE SHEET COMPONENTS |
BALANCE SHEET COMPONENTS Accounts Receivable
Accounts receivable are non-interest-bearing and stated net of an allowance for expected lifetime credit losses, as detailed in our 2025 annual report on Form 10-K. Accounts receivable, net consist of the following (in thousands): | | | | | | | | | | | | | | March 31, 2026 | | December 31, 2025 | | Accounts receivable, gross | $ | 3,697 | | | $ | 3,352 | | | Unbilled receivables | 498 | | | 737 | | | Allowance for credit losses | (468) | | | (468) | | | Accounts receivable, net | $ | 3,727 | | | $ | 3,621 | |
Allowance for credit losses activity (in thousands): | | | | | | | Allowance for Credit Losses | | Balance at December 31, 2024 | $ | (135) | | | Provision for credit losses | (844) | | | Accounts written-off | 511 | | | Balance at December 31, 2025 | $ | (468) | | | Provision for credit losses | — | | | Recovery of prior accounts written off | — | | | Balance at March 31, 2026 | $ | (468) | |
Inventories
Inventories consist of the following (in thousands): | | | | | | | | | | | | | | March 31, 2026 | | December 31, 2025 | Raw materials | $ | 2,545 | | | $ | 1,224 | | Work-in-process | 7,196 | | | 7,920 | | Finished goods | 5,184 | | | 4,139 | | Total | $ | 14,925 | | | $ | 13,283 | |
Property and equipment, net
Property and equipment, net consist of the following (in thousands): | | | | | | | | | | | | | | | | | | | March 31, 2026 | | December 31, 2025 | | Useful Life | | Furniture and fixtures | $ | 351 | | | $ | 295 | | | 3 — 7 years | | Computers and other equipment | 15,813 | | | 15,675 | | | 2 — 5 years | | Leasehold improvements | 4,412 | | | 4,383 | | | 2 — 6 years | | | | | | | | 20,576 | | | 20,353 | | | | | Accumulated depreciation | (11,453) | | | (10,574) | | | | | Total | $ | 9,123 | | | $ | 9,779 | | | |
|