Condensed consolidated balance sheet components

6 Months Ended

Jun. 30, 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 June 30, 2026 and December 31, 2025 (in thousands):

Schedule of non trade receivables
	June 30,		December 31,
	2026		2025
Trade receivables	$	1,263	$	452
Non-trade receivables		423		154
Reimbursement for leasehold improvements		1,207		1,714
Accounts and other receivables		2,893		2,320
Less provision for credit losses		-		-
Accounts and other receivables, net	$	2,893	$	2,320

During the three and six months ended June 30, 2026 and 2025, the Company recorded no provision for credit losses.

Inventory

Inventory consisted of the following as of June 30, 2026 and December 31, 2025 (in thousands):

Schedule of inventory consisted
	June 30,		December 31,
	2026		2025
Raw materials	$	2,916	$	2,019
Work in process		13,632		9,168
Finished goods		4,086		4,466
Inventory	$	20,634	$	15,653

Inventory – current	$	17,585	$	13,789
Inventory – noncurrent	$	3,049	$	1,864

The Company’s non-current inventory consist of raw materials and work in process that are expected to be sold or consumed beyond the next twelve months.

Property and equipment, net

Property and equipment consisted of the following as of June 30, 2026 and December 31, 2025 (in thousands):

Schedule of property and equipment, net
	June 30,			December 31,
	2026			2025
Equipment	$	5,821		$	3,300
Computer software		604			560
Leasehold improvements		5,297			554
Construction in progress		1,108			4,289
Total property and equipment		12,830			8,703
Less accumulated depreciation and amortization		(3,635	)		(3,226	)
Total property and equipment, net	$	9,195		$	5,477

As of June 30, 2026 and December 31, 2025, construction in progress pertains to tenant improvements and manufacturing equipment, not yet available for use for the Company’s new corporate headquarters, laboratory, and manufacturing facility in Santa Clara, California. Depreciation and amortization expense for the three months ended June 30, 2026 and 2025 was $0.3 million and $0.1 million, respectively. Depreciation and amortization expense for the six months ended June 30, 2026 and 2025 was $0.4 million and $0.2 million, respectively.

Accrued expenses and other liabilities

Accrued expenses and other liabilities consisted of the following as of June 30, 2026 and December 31, 2025 (in thousands):


		June 30,		December 31,
	2026		2025
Accrued compensation and related liabilities	$	3,688	$	4,049
Accrued development expenses		352		354
Accrued warranty reserves		99		185
Deferred revenue		1,192		502
Finance lease liability, current		10		-
Accrued other expenses		158		515
Accrued expenses and other liabilities	$	5,499	$	5,605

Changes in accrued warranty reserves were as follows for the three and six months ended June 30, 2026 and 2025 (in thousands):

Schedule of warranty
	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2026			2025			2026			2025
Beginning of period	$	241		$	526		$	240		$	692
Warranty reserve accrued during the period		134			17			218			17
Settlement of warranty claims		(48	)		(107	)		(131	)		(273	)
End of period	$	327		$	436		$	327		$	436

Warranty reserve - current	$	99		$	426		$	99		$	426
Warranty reserve - noncurrent	$	228		$	10		$	228		$	10