Cash, cash equivalents and restricted cash consist of the following:


	June 30, 2026		December 31, 2025
	(in thousands)
Cash and cash equivalents	$	64,814	$	72,806
Short-term restricted cash	1,492		1,419
Long-term restricted cash	27,426		27,187
Total cash, cash equivalents and restricted cash	$	93,732	$	101,412

As of June 30, 2026 and December 31, 2025, cash and cash equivalents included money market funds of approximately $2.0 million and $19.2 million, respectively. As of June 30, 2026 and December 31, 2025, the Company had restricted cash of approximately $28.9 million and $28.6 million, respectively. The cash is restricted in connection with guarantees for certain import duties, office leases and purchase obligations.

Property and equipment, net consists of the following:


	Useful Life (in Years)	June 30, 2026		December 31, 2025
		(in thousands)
Furniture and fixtures	5	$	4,101	$	4,006
Machinery and equipment	3-5	88,929		87,043
Masks and production equipment	5	68,028		66,044
Software	3	11,253		11,498
Leasehold improvements	1-5	36,127		35,632
Construction in progress	N/A	1,315		2,516
		209,753		206,739
Less: accumulated depreciation and amortization		(168,546)		(157,866)
		$	41,207	$	48,873

Depreciation expense for the three months ended June 30, 2026 and 2025 was $5.6 million and $5.9 million, respectively. Depreciation expense for the six months ended June 30, 2026 and 2025 was $11.4 million and $11.7 million, respectively.

As of June 30, 2026, the Company held a note receivable from a supplier of $8.0 million with annual repayments of $2.0 million per year due annually by March 31, from 2027 through 2030, provided that certain production utilization targets are met. The long-term portion of the note receivable of $6.0 million is included in other long-term assets as of June 30, 2026 and December 31, 2025, respectively.

On January 5, 2026, the Company entered into a convertible note receivable of $2.0 million with a privately-held entity. The convertible note receivable bears interest at an annual rate of 3.87%, compounded annually. The note is due and payable at any time on or after the maturity date of January 5, 2029, unless earlier converted. The outstanding principal and any unpaid accrued interest are convertible into shares of the entity or repayable under certain conditions. Conversion occurs automatically upon the closing of the investee’s next equity financing of at least $10.0 million, provided the entity has achieved a specified milestone prior to such financing, or conversion may be elected by the Company under certain conditions. If the entity fails to achieve the milestone prior to the maturity date, the Company may, at any time on or after maturity, elect either repayment of the outstanding principal and accrued interest or conversion into shares of the entity. The convertible note receivable of $2.0 million is included in other long-term assets as of June 30, 2026.

The following table sets forth activity related to the accrued price protection liability:


	Six Months Ended June 30,
	2026		2025
	(in thousands)
Beginning balance	$	26,493	$	43,401

Charged as a reduction of revenue	15,890		14,353

Revisions to accrued rebates	(2,440)		(12,170)
Payments	(8,751)		(6,064)
Ending balance	$	31,192	$	39,520

Accrued expenses and other current liabilities consist of the following:


	June 30, 2026		December 31, 2025
	(in thousands)


Accrued technology license payments	$	3,627	$	3,687
Accrued professional fees	5,198		6,882
Accrued engineering and production costs	11,496		8,469
Accrued restructuring	2,363		13,390


Short-term lease liabilities	8,806		9,096

Accrued customer credits	5,197		6,398

Income tax liability	432		511
Customer contract liabilities	397		4,222
Accrued obligations to customers for price adjustments	10,420		11,922
Accrued obligations to customers for stock rotation rights	247		222
Contingent consideration - current portion	2,600		2,600
Other	7,461		4,993
	$	58,244	$	72,392

The following table summarizes the change in balances of accumulated other comprehensive income (loss) by component:


	Cumulative Translation Adjustments		Pension and Other Defined Benefit Plan Obligation		Total
	(in thousands)
Balance at December 31, 2025	$	(327)	$	1,357	$	1,030
Other comprehensive loss before reclassifications, net of tax	319		—		319


Balance at June 30, 2026	$	(8)	$	1,357	$	1,349