v3.26.3
BALANCE SHEET COMPONENTS
 9 Months Ended
Sep. 30, 2026
Balance Sheet Components [Abstract]  
BALANCE SHEET COMPONENTS BALANCE SHEET COMPONENTS
Accounts Receivable

Accounts receivable are non-interest-bearing and stated net of an allowance for expected lifetime credit losses, as detailed in our annual report on Form 10-K for the year ended December 31, 2025. Accounts receivable, net consist of the following (in thousands):
September 30, 2026December 31, 2025
Accounts receivable, gross$5,760 $3,352 
Unbilled receivables55 737 
Allowance for credit losses(98)(468)
Accounts receivable, net$5,717 $3,621 

Allowance for credit losses activity (in thousands):
Allowance for Credit Losses
Balance at December 31, 2024$(135)
Provision for credit losses(844)
Accounts written-off511 
Balance at December 31, 2025$(468)
Reversal of credit losses370 
Balance at September 30, 2026$(98)

Inventories

Inventories consist of the following (in thousands):
September 30, 2026December 31, 2025
Raw materials
$4,741 $1,224 
Work-in-process
21,809 7,920 
Finished goods
5,838 4,139 
Total inventories
$32,388 $13,283 
Less: Inventories, noncurrent(11,237)— 
Inventories, current$21,151 $13,283 

Inventories not expected to be sold or consumed within twelve months of the balance sheet date are classified as Inventories, noncurrent. As of September 30, 2026, Inventories, noncurrent consisted primarily of GaN wafers purchased as buffer inventory to support the transition of GaN wafer supply to a new foundry partner.

Property and Equipment, Net
Property and equipment, net consist of the following (in thousands):
September 30, 2026December 31, 2025
Useful Life
Furniture and fixtures$351 $295 
3 — 7 years
Computers and other equipment13,842 15,675 
2 — 5 years
Leasehold improvements4,383 4,383 
2 — 6 years
18,576 20,353 
Accumulated depreciation$(13,013)(10,574)
Total$5,563 $9,779