Business Acquisition |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Combination [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Acquisition | Note 9. Business Acquisition On February 20, 2026, the Company acquired substantially all assets of the high-power user equipment (HPUE) product business from Nextivity. The acquisition expands the Company’s product portfolio and is expected to provide synergies with its existing operations. No cash, equity, or other consideration was transferred in connection with the acquisition, and the transaction represents a non-cash business combination. Assets Acquired The following table summarizes the fair value of identifiable intangible assets acquired as of the acquisition date (in thousands):
The Company did not assume any liabilities in connection with the acquisition. The fair values of identifiable intangible assets were determined using commonly accepted valuation methodologies, including the multi-period excess earnings method for customer relationships and the relief-from-royalty method for developed technology and trade names. The following table represents the preliminary purchase price allocation recorded in the Company's unaudited condensed consolidated balance sheet as of the acquisition date (in thousands):
As the fair value of the net assets acquired exceeds the fair value of the consideration transferred (zero consideration transferred), the Company recognized a gain on bargain purchase of $0.3 million, which was included in other income (expense) in the condensed consolidated statements of operations for the three months ended March 31, 2026. The Company reassessed the identification and measurement of all assets acquired and liabilities assumed prior to recognizing the gain. The Company incurred $0.2 million of acquisition and integration-related costs, which were recorded in research and development, sales and marketing and general and administrative expenses on the condensed consolidated statements of operations. From the acquisition date through March 31, 2026, the acquired business did not contribute material revenue or net loss to the Company’s condensed consolidated results of operations. The acquisition has been recorded using provisional amounts, as the purchase price allocation is incomplete. The Company expects to finalize the acquisition accounting during the measurement period, and any resulting adjustments will be recorded retrospectively. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||