| The effects of the restatement on the previously issued financial statements presented or otherwise required to be disclosed in this Quarterly Report are set forth below. |
The effects of the restatement
on the previously issued financial statements presented or otherwise required to be disclosed in this Quarterly Report are set forth below.
“As Previously Reported” amounts are derived from the applicable filed financial statements. “Adjustment” amounts
reflect the correction of the inventory-costing errors and the related income-tax and per-share effects. Certain amounts may not sum due
to rounding.
Effect on the consolidated balance sheet
December 31, 2025
| Line item |
As Previously Reported |
Adjustment |
As Restated |
| Inventories, net |
$18,511 |
$(3,548) |
$14,963 |
| Total current assets |
28,776 |
(3,548) |
25,228 |
| Total assets |
50,055 |
(3,548) |
46,507 |
| Accumulated deficit |
(98,638) |
(3,548) |
(102,186) |
| Total stockholders’ equity |
17,634 |
(3,548) |
14,086 |
| Total liabilities and stockholders’ equity |
50,055 |
(3,548) |
46,507 |
Effect on the consolidated statements of operations
Three months ended June 30, 2025
| Line item |
As Previously Reported |
Adjustment |
As Restated |
| Cost of revenue |
$14,482 |
(566) |
13,916 |
| Gross profit |
5,877 |
566 |
6,443 |
| Research and development expense |
955 |
— |
955 |
| Selling, general and administrative expense |
3,012 |
— |
3,012 |
| Operating income |
1,910 |
553 |
2,476 |
| Interest expense, net |
87 |
— |
87 |
| Other income, net |
1,234 |
— |
1,234 |
| Provision for income taxes |
390 |
— |
390 |
| Net income |
2,667 |
566 |
3,233 |
| Net income per share — basic |
$0.04 |
— |
$0.04 |
| Net income per share — diluted |
$0.04 |
— |
$0.04 |
| Weighted-average shares — basic |
70,200,039 |
— |
70,200,039 |
| Weighted-average shares — diluted |
72,580,679 |
— |
72,580,679 |
Six months ended June 30, 2025
| Line item |
As Previously Reported |
Adjustment |
As Restated |
| Cost of revenue |
$25,725 |
(830) |
24,895 |
| Gross profit |
9,259 |
830 |
10,089 |
| Research and development expense |
1,973 |
— |
1,973 |
| Selling, general and administrative expense |
5,120 |
— |
5,120 |
| Operating income |
2,166 |
830 |
2,996 |
| Interest expense, net |
263 |
— |
263 |
| Other income, net |
1,234 |
— |
1,234 |
| Provision for income taxes |
390 |
— |
390 |
| Net income |
2,747 |
830 |
3,577 |
| Net income per share — basic |
$0.04 |
$0.01 |
$0.05 |
| Net income per share — diluted |
$0.04 |
$0.01 |
$0.05 |
| Weighted-average shares — basic |
70,151,928 |
— |
70,151,928 |
| Weighted-average shares — diluted |
72,497,929 |
— |
72,497,929 |
Effect on the previously issued first-quarter 2026
financial statements
March 31, 2026 — consolidated balance sheet
| Line item |
As Previously Reported |
Adjustment |
As Restated |
| Inventories, net |
$17,559 |
$(3,744) |
$13,815 |
| Total current assets |
26,413 |
(3,744) |
22,672 |
| Total assets |
47,794 |
(3,744) |
44,050 |
| Accumulated deficit |
(99,404) |
(3,744) |
(103,148) |
| Total stockholders’ equity |
16,967 |
(3,744) |
13,223 |
| Total liabilities and stockholders’ equity |
47,794 |
(3,744) |
44,050 |
Three months ended March 31, 2026 — consolidated
statement of operations
| Line item |
As Previously Reported |
Adjustment |
As Restated |
| Cost of revenue |
$9,620 |
196 |
9,816 |
| Gross profit |
3,337 |
(196) |
3,141 |
| Research and development expense |
1,042 |
— |
1,042 |
| Selling, general and administrative expense |
2,799 |
— |
2,799 |
| Operating loss |
(504) |
(196) |
(700) |
| Provision for income taxes |
— |
— |
— |
| Net loss |
(766) |
(196) |
(962) |
| Net loss per share — basic |
$(0.01) |
$0.00 |
$(0.01) |
| Net loss per share — diluted |
$(0.01) |
$0.00 |
$(0.01) |
Effect on the consolidated statement of cash flows
Six months ended June 30, 2025
| Line item |
As Previously Reported |
Adjustment |
As Restated |
| Net income |
$2,747 |
830 |
3,577 |
| Inventories, net |
435 |
(830) |
(395) |
| Net cash used in operating activities |
(7,875) |
— |
(7,875) |
| Net increase in cash |
2,699 |
— |
2,699 |
| Cash at end of period |
$4,108 |
— |
$4,108 |
Effect on stockholders’ equity
| Line item |
As Previously Reported |
Adjustment |
As Restated |
| Accumulated deficit — December 31, 2024 |
$(100,428) |
(4,593) |
$(105,021) |
| Total stockholders’ equity — December 31, 2024 |
14,946 |
(4,593) |
10,353 |
| Q1 2025 net income |
80 |
263 |
343 |
| Q2 2025 net income |
2,667 |
566 |
3,233 |
| Accumulated deficit — June 30, 2025 |
(97,681) |
(4,505) |
(102,186) |
| Total stockholders’ equity — June 30, 2025 |
18,188 |
(3,764) |
14,424 |
|