| Revision of Previously Reported Information |
Note 19 — Revision of Previously Reported Information In connection with the preparation of the Report, the Company identified immaterial errors in its previously reported financial statements for the periods ended December 31, 2024, March 31, 2025, June 30, 2025, December 31, 2025, and March 31, 2026 relating to the improper recording of vendor accrued purchases. In accordance with SAB 99, Materiality, and SAB 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in the Current Year Financial Statements, the Company evaluated the materiality of the errors from qualitative and quantitative perspectives, and concluded that the errors were immaterial to any prior interim financial statements. Notwithstanding this conclusion, management has revised the accompanying unaudited condensed consolidated financial statements for the affected periods, and related notes included herein to correct the errors. The following tables present the effect of correcting this error on the Company's previously issued financial statements (in thousands).
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For the period ended December 31, 2024 |
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As previously reported |
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Adjustment |
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As revised |
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Consolidated Statement of Stockholders' Equity |
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Accumulated deficit |
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$ |
(203,420 |
) |
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$ |
510 |
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$ |
(202,910 |
) |
Total stockholders' equity |
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33,610 |
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510 |
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34,120 |
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For the period ended March 31, 2025 |
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As previously reported |
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Adjustment |
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As revised |
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Condensed Consolidated Statement of Stockholders' Equity |
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Net and comprehensive loss |
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$ |
(10,186 |
) |
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$ |
25 |
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$ |
(10,161 |
) |
Accumulated deficit |
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(213,606 |
) |
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535 |
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(213,071 |
) |
Total stockholders' equity |
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24,807 |
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535 |
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25,342 |
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For the three months ended June 30, 2025 |
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As previously reported |
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Adjustment |
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As revised |
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Condensed Consolidated Statement of Operations and Comprehensive Loss |
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Cost of goods sold |
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$ |
16,774 |
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$ |
(18 |
) |
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$ |
16,756 |
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Gross profit |
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1,619 |
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18 |
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1,637 |
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Loss from operations |
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(7,081 |
) |
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18 |
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(7,063 |
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Loss before provision for income taxes |
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(7,492 |
) |
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18 |
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(7,474 |
) |
Net loss |
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(7,505 |
) |
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18 |
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(7,487 |
) |
Net and comprehensive loss |
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(7,505 |
) |
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18 |
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(7,487 |
) |
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For the six months ended June 30, 2025 |
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As previously reported |
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Adjustment |
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As revised |
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Condensed Consolidated Statement of Operations and Comprehensive Loss |
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Cost of goods sold |
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$ |
21,442 |
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$ |
(43 |
) |
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$ |
21,399 |
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Gross profit |
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2,830 |
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43 |
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2,873 |
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Loss from operations |
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(16,350 |
) |
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43 |
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(16,307 |
) |
Loss before provision for income taxes |
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(17,666 |
) |
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43 |
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(17,623 |
) |
Net loss |
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(17,691 |
) |
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43 |
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(17,648 |
) |
Net and comprehensive loss |
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(17,691 |
) |
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43 |
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(17,648 |
) |
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For the period ended June 30, 2025 |
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As previously reported |
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Adjustment |
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As revised |
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Condensed Consolidated Statement of Stockholders' Equity |
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Net and comprehensive loss |
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$ |
(7,505 |
) |
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$ |
18 |
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$ |
(7,487 |
) |
Accumulated deficit |
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(221,111 |
) |
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553 |
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(220,558 |
) |
Total stockholders' equity |
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18,328 |
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553 |
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18,881 |
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For the period ended June 30, 2025 |
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As previously reported |
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Adjustment |
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As revised |
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Condensed Consolidated Statement of Cash Flows |
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Net loss |
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$ |
(17,691 |
) |
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$ |
43 |
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$ |
(17,648 |
) |
Other liabilities |
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2,625 |
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(43 |
) |
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2,582 |
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For the period ended December 31, 2025 |
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As previously reported |
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Adjustment |
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As revised |
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Consolidated Balance Sheet |
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Other current liabilities |
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$ |
14,685 |
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$ |
(674 |
) |
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$ |
14,011 |
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Total current liabilities |
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23,658 |
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(674 |
) |
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22,984 |
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Total liabilities |
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37,076 |
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(674 |
) |
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36,402 |
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Accumulated deficit |
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(228,740 |
) |
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674 |
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(228,066 |
) |
Total stockholders' equity |
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23,287 |
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|
674 |
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23,961 |
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For the period ended December 31, 2025 |
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As previously reported |
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Adjustment |
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As revised |
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Consolidated Statement of Stockholders' Equity |
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Accumulated deficit |
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(228,740 |
) |
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|
674 |
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(228,066 |
) |
Total stockholders' equity |
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23,287 |
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|
674 |
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23,961 |
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For the period ended March 31, 2026 |
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As previously reported |
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Adjustment |
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As revised |
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Condensed Consolidated Statement of Stockholders' Equity |
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Net loss |
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$ |
(4,953 |
) |
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$ |
37 |
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$ |
(4,916 |
) |
Accumulated deficit |
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(233,693 |
) |
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|
711 |
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(232,982 |
) |
Total stockholders' equity |
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19,790 |
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|
711 |
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20,501 |
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