| Balance Sheet Components |
5. Balance Sheet Components The following tables present the components of certain balance sheet amounts (in thousands):
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June 30,
2026 |
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December 31,
2025 |
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Cash |
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$ |
192,240 |
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$ |
97,183 |
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Restricted cash—short term |
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|
1,364 |
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|
|
1,400 |
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Restricted cash—noncurrent |
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|
252 |
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|
250 |
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Total cash and restricted cash |
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$ |
193,856 |
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$ |
98,833 |
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June 30,
2026 |
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December 31,
2025 |
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Accounts receivable (1) |
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$ |
160,146 |
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$ |
234,226 |
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Allowance for doubtful accounts |
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|
(326 |
) |
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(326 |
) |
Accounts receivable, net |
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$ |
159,820 |
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$ |
233,900 |
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(1)As of June 30, 2026, two customers represented 49.8% and 11.7% of our accounts receivable, net balance, respectively. As of December 31, 2025, two customers represented 42.0% and 14.4% of our accounts receivable, net balance, respectively.
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June 30,
2026 |
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December 31,
2025 |
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Raw materials |
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$ |
46,722 |
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$ |
72,516 |
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Work in progress |
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16,030 |
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|
12,875 |
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Finished goods |
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|
201,781 |
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|
217,945 |
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Inventories |
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$ |
264,533 |
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$ |
303,336 |
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As of June 30, 2026, consigned inventories included within our raw material and work in progress were $7.0 million and $3.7 million, respectively. As of December 31, 2025, consigned inventories included within our raw material and work in progress were $1.2 million and $12.0 million, respectively.
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June 30,
2026 |
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December 31,
2025 |
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Manufacturing equipment |
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$ |
33,529 |
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$ |
30,957 |
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Leasehold improvements |
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23,674 |
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23,260 |
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Computer equipment, software and office equipment |
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21,106 |
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19,194 |
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Furniture and fixtures |
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7,893 |
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|
7,337 |
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Total property and equipment |
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86,202 |
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|
80,748 |
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Less: Accumulated depreciation and amortization |
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|
(55,835 |
) |
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(49,234 |
) |
Property and equipment, net |
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$ |
30,367 |
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$ |
31,514 |
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June 30,
2026 |
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December 31,
2025 |
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Right-of-use assets |
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$ |
55,415 |
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$ |
57,600 |
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Deferred tax asset |
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|
15,204 |
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|
11,371 |
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Other |
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|
4,273 |
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|
4,616 |
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Other assets |
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$ |
74,892 |
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$ |
73,587 |
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June 30,
2026 |
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December 31,
2025 |
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Accrued reserves for customer incentive programs |
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$ |
54,432 |
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$ |
61,173 |
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Accrued reserves for sales returns |
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35,960 |
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|
37,760 |
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Accrued payroll and related expenses |
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|
18,946 |
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|
26,830 |
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Operating lease liabilities, current |
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|
17,186 |
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|
16,400 |
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Accrued freight expenses |
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|
10,686 |
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|
16,037 |
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Sales and use tax and value-added tax payable |
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|
5,750 |
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11,087 |
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Accrued warranty |
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6,642 |
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|
8,065 |
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Contract liabilities |
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5,182 |
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|
8,998 |
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Other |
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|
29,446 |
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|
25,925 |
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Other liabilities and accrued expenses |
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$ |
184,230 |
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$ |
212,275 |
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June 30,
2026 |
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December 31,
2025 |
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Operating lease liabilities, noncurrent |
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$ |
49,400 |
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$ |
52,785 |
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Other |
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|
1,597 |
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|
3,010 |
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Other liabilities, noncurrent |
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$ |
50,997 |
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$ |
55,795 |
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