Balance Sheet Components (Tables)

9 Months Ended

Sep. 30, 2026

Balance Sheet Related Disclosures [Abstract]

Schedule of Components of Balance Sheet

The following tables present the components of certain balance sheet amounts (in thousands):


		September 30, 2026				December 31, 2025

Cash		$	134,595			$	97,183
Restricted cash—short term			1,360				1,400
Restricted cash—noncurrent			252				250
Total cash and restricted cash		$	136,207			$	98,833


		September 30, 2026				December 31, 2025

Accounts receivable (1)		$	189,584			$	234,226
Allowance for doubtful accounts			(326	)			(326	)
Accounts receivable, net		$	189,258			$	233,900

(1)

As of September 30, 2026, two customers represented 37.1% and 11.2% of our accounts receivable, net balance, respectively. As of December 31, 2025, two customers represented 42.0% and 14.4% of our accounts receivable, net balance, respectively.


		September 30, 2026				December 31, 2025

Raw materials		$	70,436			$	72,516
Work in progress			41,363				12,875
Finished goods			232,839				217,945
Inventories		$	344,638			$	303,336


		September 30, 2026				December 31, 2025

Prepaid inventory (1)		$	39,560			$	856
Prepaid expenses			8,743				7,671
Others			19,336				21,112
Prepaid expenses and other current assets		$	67,639			$	29,639

(1)

See “Nonmonetary Transactions” below for additional information.


		September 30, 2026				December 31, 2025

Manufacturing equipment		$	34,700			$	30,957
Leasehold improvements			23,074				23,260
Computer equipment, software and office equipment			21,904				19,194
Furniture and fixtures			7,991				7,337
Total property and equipment			87,669				80,748
Less: Accumulated depreciation and amortization			(58,764	)			(49,234	)
Property and equipment, net		$	28,905			$	31,514


		September 30, 2026				December 31, 2025

Right-of-use assets		$	60,752			$	57,600
Deferred tax asset			13,724				11,371
Call option to acquire business, at cost (1)			4,810				—
Non-marketable equity investment			2,750				—
Other			4,482				4,616
Other assets		$	86,518			$	73,587

(1)

On July 31, 2026, the Company completed a Collaboration and License Agreement (the “License Agreement”) and a related Call Option Agreement (the “Call Option Agreement”) with a privately held software technology company (the “Counterparty”). The arrangement grants the Company an exclusive, worldwide license to integrate the Counterparty’s technology into its products and an exclusive option to acquire 100% of the Counterparty’s outstanding equity.

Under the License Agreement, the Company paid the Counterparty a one-time, non-refundable cash payment of $6.0 million. The payment represents consideration for both the license rights and the call option. The Company allocated the payment between the various elements in the agreement on a relative fair value basis, resulting in $4.8 million allocated to the call option. The Call Option Agreement grants the Company an option to acquire all of the Counterparty’s outstanding equity for a purchase price of $60.0 million in cash, subject to a quality-of-earnings adjustment, with aggregate consideration capped at $72.0 million, adjusted for the $6.0 million payment already paid. Exercise of the option and consummation of any acquisition remain subject to negotiation of definitive acquisition agreements and customary closing conditions, including the Counterparty’s board and stockholder approvals.

The Company’s exclusive right to the option is effectively limited to the period through March 31, 2027, after which it becomes non-exclusive. Absent exercise of the option or termination by the Counterparty, the option expires on September 30, 2027. As of the date these condensed consolidated financial statements were issued, the Company had not exercised the call option.


		September 30, 2026				December 31, 2025

Accrued reserves for customer incentive programs		$	52,453			$	61,173
Accrued reciprocal inventory purchases (1)			40,813				1,040
Accrued reserves for sales returns			36,429				37,760
Accrued payroll and related expenses			21,378				26,830
Operating lease liabilities, current			18,006				16,400
Accrued freight expenses			13,546				16,037
Sales and use tax and value-added tax payable			4,727				11,087
Accrued warranty			7,214				8,065
Contract liabilities			5,977				8,998
Other			27,211				24,885
Other liabilities and accrued expenses		$	227,754			$	212,275

(1)

See “Nonmonetary Transactions” below for additional information.


		September 30, 2026				December 31, 2025

Operating lease liabilities, noncurrent		$	53,868			$	52,785
Other			3,647				3,010
Other liabilities, noncurrent		$	57,515			$	55,795