v3.26.1
Revenue and Accounts Receivable (Tables)
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Revenue by Geographic Location
The following table sets forth the Company’s revenue disaggregated by geographical location, determined by reference to the customer’s shipping location for the three and six months ended June 30, 2026 and 2025:

Three Months Ended June 30,
(Amounts in thousands, except for percentages)2026% *2025% *
China$11,941 99.6%$6 0.3%
United States28 0.2%1,974 99.6%
Other16 0.1%2 0.1%
Total revenue$11,985 $1,982 
Six Months Ended June 30,
(Amounts in thousands, except for percentages)2026% *2025% *
China$11,941 81.1%$966 32.3%
United States2,625 17.8%1,974 66.0%
Other157 1.1%49 1.6%
Total revenue$14,723 $2,989 

*Percentages may not total to 100% due to rounding.
Schedule of Revenue by Major Customers
The following table sets forth a summary of the Company’s revenue concentration by customer for the three and six months ended June 30, 2026 and 2025:

Three Months Ended June 30,
(Amounts in thousands, except for percentages)2026%2025%
Customer A (1)
$28 0.2%$1,625 82.0%
Customer D11,941 99.6%300 15.1%
Others (2)
16 0.1%57 2.9%
Total revenue$11,985 $1,982 

Customers B and C were not customers for the three months ended June 30, 2026 and 2025, and are intentionally omitted.

Six Months Ended June 30,
(Amounts in thousands, except for percentages)2026%2025%
Customer A (1)
$2,625 17.8%$1,625 54.4%
Customer B— —%960 32.1%
Customer D11,941 81.1%300 10.0%
Others (2)
157 1.1%104 3.5%
Total revenue$14,723 $2,989 

(1) Customer A is a related party.
(2) Each of the customers within “Others” comprised less than 10% of revenue each.

Customer C was not a customer for the six months ended June 30, 2026 and 2025, and is intentionally omitted.
Schedule of Provision for Credit Losses
The balances and activity within the Company’s provision for credit losses as of and for the six months ended June 30, 2026 and as of and for the year ended December 31, 2025 are set forth as follows:

(Amounts in thousands)
Balance, January 1, 2025$420 
Additions to provision for credit losses 523 
Additions to provision for credit losses - related party 34 
Write-off activity (420)
Balance, December 31, 2025557 
Reversal of provision due to collection of full balance(34)
Additions to provision for credit losses1,907 
Balance, March 31, 20262,430 
Additions to provision for credit losses7,838 
Estimated recoveries(720)
Balance, June 30, 2026$9,548 
Schedule of Accounts Receivable by Major Customer
The following table sets forth the summary of the Company’s concentration of accounts receivable by customer as of June 30, 2026 (1):

As of June 30, 2026
(Amounts in thousands, except for percentages)$%
Customer C (2)
$8,844 37.8%
Customer D (2)
13,272 56.7%
Others (3)
1,292 5.5%
Total accounts receivable23,408 
Less: provision for credit losses:(9,548)
Accounts receivable, net$13,860 

(1) There were no accounts receivable due from related parties as of June 30, 2026.
(2) The geographic concentration of these accounts receivable is in China. Customer C’s account receivable arose in the third quarter of 2025, and has been fully reserved as of June 30, 2026. The receivable for Customer D includes value-added tax (“VAT”) while the revenue recognized from Customer D excludes VAT.
(3) Each customer within “Others” individually comprised less than 10% each of the Company’s accounts receivable balance, but is primarily within China.

The following table sets forth the summary of the Company’s concentration of accounts receivable by customer as of December 31, 2025:

As of December 31, 2025
(Amounts in thousands, except for percentages)$%
Customer C (1)
$8,844 23.7 %
Customer D (1) (2)
23,750 63.8 %
Others (3) (4)
4,656 12.5 %
Total accounts receivable, including due from related party$37,250 
Less: provision for credit losses:(557)
Accounts receivable, net, including due from related party$36,693 

(1) The geographic concentration of these accounts receivable is from customers located in China. Customer C’s account receivable arose in the third quarter of 2025.
(2) Subsequent to December 31, 2025, and as of June 30, 2026, the customer paid this balance of $23.8 million in full.
(3) Each customer within “Others” individually comprised less than 10% each of the Company’s accounts receivable balance, but is substantially due from a related party located within the United States.
(4) Includes receivable due from a related party of $3.4 million, which was paid in full subsequent to December 31, 2025.