Condensed consolidated balance sheet components

3 Months Ended

Mar. 31, 2026

Consolidated Balance Sheet Components

Condensed consolidated balance sheet components

Note 6 - Condensed consolidated balance sheet components

Accounts and other receivables, net

Accounts and other receivables includes amounts due from sales of Company’s product to customers, sales of materials to contract manufacturers, and reimbursements for leasehold improvements. Accounts and other receivables, net were as follows as of March 31, 2026 and December 31, 2025 (in thousands):

Schedule of non trade receivables
	March 31,		December 31,
	2026		2025
Trade receivables	$	2,144	$	452
Non-trade receivables		435		154
Reimbursement for leasehold improvements		2,573		1,714
Accounts and other receivables		5,152		2,320
Less: provision for credit losses		-		-
Accounts and other receivables, net	$	5,152	$	2,320

During the three months ended March 31, 2026 and 2025, the Company recorded no provision for credit losses.

Inventory

Inventory consisted of the following as of March 31, 2026 and December 31, 2025 (in thousands):

Schedule of inventory consisted
	March 31,		December 31,
	2026		2025
Raw materials	$	2,488	$	2,019
Work in process		9,455		9,168
Finished goods		4,607		4,466
Inventory	$	16,550	$	15,653

Inventory – current	$	15,492	$	13,789
Inventory – noncurrent	$	1,058	$	1,864

Property and equipment, net

Property and equipment consisted of the following as of March 31, 2026 and December 31, 2025 (in thousands):

Schedule of property and equipment, net
	March 31,			December 31,
	2026			2025
Equipment	$	4,169		$	3,300
Computer software		596			560
Leasehold improvements		554			554
Construction in progress		6,802			4,289
Total property and equipment		12,121			8,703
Less accumulated depreciation and amortization		(3,351	)		(3,226	)
Total property and equipment, net	$	8,770		$	5,477

As of March 31, 2026 and December 31, 2025, construction in progress pertains to tenant improvements for the Company’s new corporate headquarters, laboratory, and manufacturing facility in Santa Clara, California. Depreciation and amortization expense for the three months ended March 31, 2026 and 2025, was $0.1 million and $0.1 million, respectively. There were no impairments recorded during the three months ended March 31, 2026 and 2025.

Accrued expenses and other liabilities

Accrued expenses and other liabilities consisted of the following as of March 31, 2026 and December 31, 2025 (in thousands):


	March 31,		December 31,
	2026		2025
Accrued compensation and related liabilities	$	2,925	$	4,049
Accrued development expenses		288		354
Accrued warranty reserves		102		185
Deferred revenue		1,100		502
Accrued other expenses		587		515
Accrued expenses and other liabilities	$	5,002	$	5,605

Changes in accrued warranty reserves were as follows during the three months ended March 31, 2026 and 2025 (in thousands):

Schedule of warranty
	Three Months Ended March 31,
	2026			2025
Beginning of period	$	240		$	692
Warranty reserve accrued during the period		84			-
Settlement of warranty claims		(83	)		(166	)
End of period	$	241		$	526

Warranty reserve - current	$	102		$	526
Warranty reserve - noncurrent	$	139		$	-