v3.26.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current Assets    
Cash and cash equivalents $ 6,280 $ 18,270
Accounts receivable, net of allowance for credit losses 3,480 4,215
Inventory 20,341 24,234
Prepaid expenses 704 1,088
Prepaid inventory 1,216 937
Prepaid income tax 359 353
Other current assets 2,373 1,083
Total Current Assets 34,753 50,180
Property and Equipment    
Machinery and equipment 18,446 17,794
Office furniture and equipment 441 432
Leasehold improvements 7,666 7,563
Vehicle 77 33
Total 26,630 25,822
Less accumulated depreciation and amortization (6,321) (5,081)
Property and Equipment, Net 20,309 20,741
Intangible assets, net 194
Operating lease right of use asset, net 14,654 15,240
Other assets 379 388
Total Assets 70,289 86,549
Current Liabilities    
Accounts payable 7,880 10,322
Accrued payroll and other liabilities 2,118 4,053
Accrued tariffs 341 943
Customer deposits 114 121
Deferred revenue, current portion 1,000 1,000
Dividends Payable 510 317
Notes payable, current portion, net of debt issuance costs 506 433
Operating lease liability, current portion 2,360 2,533
Financing lease liability, current portion 21 35
Total Current Liabilities 14,850 19,757
Long-Term Liabilities    
Deferred revenue, net of current portion 2,083 2,583
Warrant liabilities 27 713
Notes payable, non current portion, net of debt issuance costs 10,614 9,212
Operating lease liability, net of current portion 19,411 20,470
Financing lease liability, net of current portion 18 28
Total Long-Term Liabilities 32,153 33,006
Total Liabilities 47,003 52,763
Commitments and Contingencies (See Note 5)  
Stockholders’ Equity (Deficit)    
Preferred stock, 4,995,000 shares at $0.0001 par value, authorized, no shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively
Common stock, 400,000,000 shares at $0.0001 par value, authorized, 13,353,812 and 12,078,713 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 1 1
Additional paid in capital 162,919 163,622
Accumulated deficit (163,104) (152,093)
Total Stockholders’ Equity (Deficit) (184) 11,530
Total Liabilities and Stockholders’ Equity (Deficit) 70,289 86,549
Redeemable Preferred Stock Series B [Member]    
Redeemable Preferred Stock    
Redeemable Preferred Stock $ 23,470 $ 22,256