Amortized cost and estimated fair market value of investments classified as available-for-sale, excluding cash equivalents, as of June 28, 2026 and December 31, 2025, were as follows:


		June 28, 2026
(In thousands)		Amortized Cost			Unrealized Gains			Unrealized Losses				Estimated Fair Value
U.S. treasury securities	$		90,182	$		-	$		(83	)	$		90,099
Total	$		90,182	$		-	$		(83	)	$		90,099


		December 31, 2025
(In thousands)		Amortized Cost			Unrealized Gains			Unrealized Losses			Estimated Fair Value
U.S. treasury securities	$		110,048	$		162	$		—	$		110,210
Total	$		110,048	$		162	$		—	$		110,210

The contractual maturities on the U.S. treasury securities as of June 28, 2026 are all due within one year. Accrued interest receivable as of June 28, 2026 was $1.2 million and was recorded within Prepaid expenses and other current assets on the unaudited condensed consolidated balance sheet.

There were no investments classified as available-for-sale in a continuous unrealized loss position for which an allowance for credit losses was not recorded as of June 28, 2026 and December 31, 2025.

In the three and six months ended June 28, 2026 and June 29, 2025, no unrealized losses on available-for-sale securities were recognized in income. The Company does not intend to sell, and it is unlikely that it will be required to sell the investments in an unrealized loss position prior to their anticipated recovery. There were no other-than-temporary impairments for these securities during the three and six months ended June 28, 2026 and June 29, 2025. Refer to Note 13, Fair Value Measurements, for detailed disclosures regarding fair value measurements.

Inventories


(In thousands)		June 28, 2026			December 31, 2025
Raw materials	$		10,297	$		8,828
Finished goods			164,636			167,628
Total	$		174,933	$		176,456

The Company records provisions for excess and obsolete inventory based on assumptions about future demand and market conditions and the amounts incurred were $1.7 million and $3.6 million for the three and six months ended June 28, 2026, respectively, and $0.8 million and $2.2 million for the three and six months ended June 29, 2025, respectively. While management believes the estimates and assumptions underlying its current forecasts are reasonable, there is a risk that additional charges may be necessary if current forecasts are greater than actual demand.

Property and equipment, net


(In thousands)		June 28, 2026				December 31, 2025
Machinery and equipment	$		56,188		$		54,007
Furniture and fixtures			3,647				3,482
Leasehold improvements			21,760				21,475
Software			21,909				21,642
Computer equipment			3,719				3,370
Total property and equipment, gross			107,223				103,976
Accumulated depreciation			(81,845	)			(77,975	)
Total	$		25,378		$		26,001

Intangible Assets, net


		June 28, 2026													December 31, 2025
(In thousands)		Gross			Accumulated Amortization				Accumulated Impairment			Net			Gross			Accumulated Amortization				Accumulated Impairment			Net
Technology	$		39,594	$		(3,996	)	$		—	$		35,598	$		39,594	$		(1,166	)	$		—	$		38,428
Other			60			(15	)			—			45			60			(8	)			—			52
Total	$		39,654	$		(4,011	)	$		—	$		35,643	$		39,654	$		(1,174	)	$		—	$		38,480

In the fourth fiscal quarter of 2025, the Company acquired a perpetual software license related to its managed switch products, which is included within Technology intangible assets. The license is accounted for as a finite-lived intangible asset and is amortized on a straight-line basis over its estimated useful life of seven years. The gross carrying amount of the software

license intangible asset of $35.4 million includes the present value of fixed deferred payments, the present value of contingent consideration when probable and reasonably estimable, and amount recognized upon the extinguishments of an accrued liability. No adjustments to the gross carrying amount of the software license intangible asset were recorded during the three and six months ended June 28, 2026. Increases in intangible assets not related to the aforementioned software license pertain to the Exium business acquisition. Refer to Note 3, Business Acquisition, for additional details.

Amortization of the intangible assets for the three and six months ended June 28, 2026 was $1.4 million and $2.8 million, respectively, and was not material for the three and six months ended June 29, 2025. The weighted remaining useful life of the intangible assets was approximately 6.3 years as of June 28, 2026.

Other non-current assets


(In thousands)		June 28, 2026			December 31, 2025
Non-current deferred income taxes	$		2,212	$		2,386
Long-term investments			8,782			8,732
Restricted cash			2,100			2,102
Other			3,753			3,551
Total	$		16,847	$		16,771

The Company’s long-term investments are primarily comprised of equity investments without readily determinable fair values and investments in limited partnership funds. The carrying value of the equity investments without readily determinable fair values was $6.1 million as of June 28, 2026 and June 29, 2025, respectively. For such equity investments without readily determinable fair value still held at June 28, 2026, there were no cumulative downward adjustments for price changes or impairment, and the cumulative upward adjustments for price changes were $0.3 million. Investments in limited partnership funds amounted to $2.7 million as of June 28, 2026, $2.6 million as of June 29, 2025 and December 31, 2025, and $2.3 million as of December 31, 2024, respectively.

Other current accrued liabilities


(In thousands)		June 28, 2026			December 31, 2025
Current operating lease liabilities	$		10,306	$		9,933
Sales and marketing			67,259			61,144
Warranty obligations			5,286			5,928
Sales returns(1)			20,605			24,435
Freight and duty			4,269			4,518
Current deferred consideration(2)			9,683			8,355
Other			31,781			29,715
Total	$		149,189	$		144,028

(1)

Inventory expected to be received from future sales returns amounted to $9.1 million and $10.8 million as of June 28, 2026 and December 31, 2025, respectively. Provisions to write down expected returned inventory to net realizable value amounted to $7.2 million and $7.9 million as of June 28, 2026 and December 31, 2025, respectively.

(2)

The balance represented current deferred consideration related to the acquisition of a perpetual software license. Refer to “Intangible Assets, net” above for additional information.

Other non-current accrued liabilities


(In thousands)		June 28, 2026			December 31, 2025
Non-current deferred consideration(1)	$		29,904	$		34,921
Non-current deferred revenue			3,990			4,206
Other			774			908
Total	$		34,668	$		40,035

(1)

The balance represented non-current deferred consideration related to the acquisition of a perpetual software license. Refer to “Intangible Assets, net” above for additional information.