| Balance Sheet Components |
Balance Sheet Components Accounts receivable, net: | | | | | | | | | | | | | | March 31,
2026 | | June 30,
2025 | | (in thousands) | | Accounts receivable | $ | 75,136 | | | $ | 75,604 | | | Less: Allowance for price adjustments | (36,771) | | | (40,802) | | | Less: Allowance for credit losses | (30) | | | (30) | | | Accounts receivable, net | $ | 38,335 | | | $ | 34,772 | |
Inventories: | | | | | | | | | | | | | | March 31,
2026 | | June 30,
2025 | | (in thousands) | | Raw materials | $ | 71,651 | | | $ | 81,341 | | | Work-in-process | 100,149 | | | 91,591 | | | Finished goods | 27,249 | | | 16,745 | | | | $ | 199,049 | | | $ | 189,677 | |
Other current assets: | | | | | | | | | | | | | March 31,
2026 | | June 30,
2025 | | (in thousands) | | Value-added tax receivable | $ | 374 | | | $ | 339 | | | Other prepaid expenses | 1,944 | | | 2,383 | | | Prepaid insurance | 1,656 | | | 3,669 | | | Prepaid maintenance | 1,229 | | | 1,990 | | | Deposit with supplier | 587 | | | 7,073 | | | Prepaid income tax | 582 | | | 336 | | | Interest receivable | 187 | | | 191 | | | Short term deposit | 744 | | | 534 | | | | | | | Other receivables | 1,854 | | | 1,700 | | | | | | | $ | 9,157 | | | $ | 18,215 | |
Property, plant and equipment, net: | | | | | | | | | | | | | | March 31,
2026 | | June 30,
2025 | | (in thousands) | | Land | $ | 4,877 | | | $ | 4,877 | | | | | | | Building and building improvements | 73,382 | | | 71,961 | | | Manufacturing machinery and equipment | 465,159 | | | 442,462 | | | Equipment and tooling | 39,580 | | | 37,918 | | | Computer equipment and software | 54,031 | | | 53,509 | | | Office furniture and equipment | 3,617 | | | 3,267 | | | Leasehold improvements | 43,810 | | | 43,901 | | | | | | | | 684,456 | | | 657,895 | | Less: Accumulated depreciation and amortization | (409,022) | | | (371,836) | | | | 275,434 | | | 286,059 | | | Equipment and construction in progress | 38,814 | | | 28,038 | | | Property, plant and equipment, net | $ | 314,248 | | | $ | 314,097 | |
Intangible assets, net: | | | | | | | | | | | | | March 31,
2026 | | June 30,
2025 | | (in thousands) | | Patents and technology rights | $ | 18,037 | | | $ | 18,037 | | | Software license | 1,485 | | | — | | | Trade name | 268 | | | 268 | | | Customer relationships | 1,150 | | | 1,150 | | | 20,940 | | | 19,455 | | Less: Accumulated amortization | (19,734) | | | (19,455) | | | 1,206 | | | — | | | Goodwill | 269 | | | 269 | | | Intangible assets, net | $ | 1,475 | | | $ | 269 | |
Future amortization expense of intangible assets is as follows (in thousands): | | | | | | | Year ending June 30, | | | 2026 (Remaining) | $ | 128 | | | 2027 | 513 | | | 2028 | 513 | | | 2029 | 52 | | | | | | $ | 1,206 | | | | | | | | | | | | | |
Other long-term assets: | | | | | | | | | | | | | March 31,
2026 | | June 30,
2025 | | (in thousands) | | Prepayments for property and equipment | $ | 1,496 | | | $ | 1,973 | | | | | | | | | | | | | | | | | | | Customs deposit | 702 | | | 814 | | | Deposit with supplier | 23,042 | | | 18,080 | | Long-term loan receivable | 8,040 | | | — | | | Office leases deposits | 1,127 | | | 1,358 | | | | | | | Other | 529 | | | 541 | | | | $ | 34,936 | | | $ | 22,766 | |
Accrued liabilities: | | | | | | | | | | | | | March 31,
2026 | | June 30,
2025 | | (in thousands) | | Accrued compensation and benefits | $ | 21,421 | | | $ | 17,766 | | | | | | | | | | | Warranty accrual | 2,060 | | | 2,118 | | | Stock rotation accrual | 6,442 | | | 6,184 | | | Accrued professional fees | 2,662 | | | 3,399 | | | | | | | | | | | Accrued inventory | 862 | | | 1,465 | | | Accrued facilities related expenses | 2,373 | | | 2,184 | | | | | | | Accrued property, plant and equipment | 4,208 | | | 2,704 | | | Other accrued expenses | 4,994 | | | 4,755 | | | Customer deposits | 10,358 | | | 17,030 | | | ESPP payable | 3,626 | | | 1,422 | | | | $ | 59,006 | | | $ | 59,027 | |
Short-term customer deposits are payments received from customers for securing future product shipments. As of March 31, 2026, $5.0 million for such deposits were from Customer A, $1.0 million were from Customer B, and $4.4 million were from other customers. As of June 30, 2025, $7.0 million were from Customer A, $2.0 million were from Customer B, and $8.0 million were from other customers. The activities in the warranty accrual, included in accrued liabilities, are as follows: | | | | | | | | | | | | | | Nine Months Ended March 31, | | | 2026 | | 2025 | | | (in thousands) | | | Beginning balance | $ | 2,118 | | | $ | 2,407 | | | | Additions | 1,342 | | | 884 | | | | Released | — | | | (700) | | | | Utilization | (1,400) | | | (542) | | | | Ending balance | $ | 2,060 | | | $ | 2,049 | | |
The activities in the stock rotation accrual, included in accrued liabilities, are as follows: | | | | | | | | | | | | | Nine Months Ended March 31, | | 2026 | | 2025 | | (in thousands) | | Beginning balance | $ | 6,184 | | | $ | 4,660 | | | Additions | 11,806 | | | 8,175 | | | Utilization | (11,548) | | | (7,860) | | | Ending balance | $ | 6,442 | | | $ | 4,975 | |
Other long-term liabilities: | | | | | | | | | | | | | | March 31,
2026 | | June 30,
2025 | | (in thousands) | | | | | | Customer deposits | $ | 3,457 | | | $ | 7,000 | | | | | | | Other | 674 | | | — | | | Other long-term liabilities | $ | 4,131 | | | $ | 7,000 | |
Customer deposits in other long-term liabilities are payments received from customers for securing future product shipments. As of March 31, 2026, there were no customer deposits from Customer A and $3.5 million were from other customers. As of June 30, 2025, $5.0 million were from Customer A and $2.0 million were from other customers.
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