v3.26.1
Revenue and Accounts Receivable
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue and Accounts Receivable
Note 3. Revenue and Accounts Receivable

Revenue

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.

For the three and six months ended June 30, 2026 and 2025, the Company’s revenue recognition method was substantially at a “point in time,” with no material revenue recognized over time.

Customer concentrations in revenue

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.

Constrained revenue and variable consideration

During each of the three and six months ended June 30, 2026 and 2025, the Company had no revenue that was subject to constraint or variable consideration.

Other revenue-related matters

There were no contract assets (where right to payment would be conditional) and no material contract liabilities (deferred revenue) as of June 30, 2026 and December 31, 2025. The Company did not have any outstanding or unsatisfied performance obligations as of June 30, 2026 and December 31, 2025. The Company did not have material costs related to obtaining a contract, or fulfilling a contract that are not addressed by other accounting standards, with amortization periods greater than one year as of June 30, 2026 and December 31, 2025.
Accounts Receivable, net

Normal credit terms for the Company’s accounts receivable are generally up to net 30 days, although credit terms for one customer for sales that occurred in the fourth quarter of 2025 and the second quarter of 2026 included repayment terms up to 90 days. As of June 30, 2026, the Company’s accounts receivable before allowance for credit losses were 57% current and 43% over 90 days past due, with no amounts between 1 - 90 days past due, under the credit terms of the applicable customer agreement.

The Company had no accounts receivable due from related parties as of June 30, 2026.

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 

Net additions to the provision for credit losses for the six months ended June 30, 2026 of $9.0 million, included within “selling, general and administrative” expense on the Company’s condensed consolidated statements of operations and comprehensive loss, were substantially comprised of the full credit loss reserve for Customer C, along with “Day 1” credit losses recorded at the inception of an account receivable, net of reversal of the provision due to collections and estimated recoveries.

Customer concentration of accounts receivable

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.