| Schedule of Components of Balance Sheet |
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 |
|
|
$ |
97,183 |
|
Restricted cash—short term |
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|
1,364 |
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|
|
1,400 |
|
Restricted cash—noncurrent |
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|
252 |
|
|
|
250 |
|
Total cash and restricted cash |
|
$ |
193,856 |
|
|
$ |
98,833 |
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June 30,
2026 |
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December 31,
2025 |
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|
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Accounts receivable (1) |
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$ |
160,146 |
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$ |
234,226 |
|
Allowance for doubtful accounts |
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|
(326 |
) |
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|
(326 |
) |
Accounts receivable, net |
|
$ |
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 |
|
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 |
|
|
|
217,945 |
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Inventories |
|
$ |
264,533 |
|
|
$ |
303,336 |
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June 30,
2026 |
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December 31,
2025 |
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|
|
|
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|
|
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Manufacturing equipment |
|
$ |
33,529 |
|
|
$ |
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 |
) |
|
|
(49,234 |
) |
Property and equipment, net |
|
$ |
30,367 |
|
|
$ |
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 |
|
|
18,946 |
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|
|
26,830 |
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Operating lease liabilities, current |
|
|
17,186 |
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|
|
16,400 |
|
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 |
|
|
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 |
|
|
|
8,998 |
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Other |
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|
29,446 |
|
|
|
25,925 |
|
Other liabilities and accrued expenses |
|
$ |
184,230 |
|
|
$ |
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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