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Supplemental Financial Information | 3 Months Ended
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Apr. 01, 2017
Supplemental Financial Information |
Supplemental Financial Information | Note 3—Supplemental Financial Information Inventories Inventories consisted of the following as of the dates presented:
|  | April 1, |  | December 31,
|  | 2017 |  | 2016
|  | (in thousands)
Raw materials |  | $ | 1,198 |  | $ | 884
Work in process |  |  | 151 |  |  | 47
Finished goods |  |  | 3,148 |  |  | 2,229
|  | $ | 4,497 |  | $ | 3,160
Warranty Liabilities The following table summarizes activity related to warranty liabilities in the periods presented:
|  | Three Months Ended
|  | April 1, |  | April 2,
|  | 2017 |  | 2016
|  | (in thousands)
Beginning balance |  | $ | 89 |  | $ | 122
Estimated cost of warranty claims charged to cost of sales |  |  | 49 |  |  | 11
Cost of actual warranty claims |  |  | (38) |  |  | (88)
Ending balance |  |  | 100 |  |  | 45
Less current portion |  |  | (60) |  |  | (23)
Long-term warranty liability |  | $ | 40 |  | $ | 22
The allowance for warranty liabilities expected to be incurred within one year is included as a component of accrued expenses and other current liabilities in the accompanying condensed consolidated balance sheets. The allowance for warranty liability expected to be incurred after one year is classified as long-term warranty liability in the accompanying condensed consolidated balance sheets. Computation of Net Loss Per Share The following table sets forth the computation of basic and diluted net loss per share, including the numerator and denominator used in the calculation of basic and diluted net loss per share, for the periods presented:
|  | Three Months Ended
|  | April 1, |  | April 2,
|  | 2017 |  | 2016
|  | (in thousands, except per share data)
Basic and diluted net loss per share: |  |  |  |  |  |
Numerator: Net loss |  | $ | (3,342) |  | $ | (1,413)
Denominator: Weighted-average common shares outstanding, basic and diluted |  |  | 61,681 |  |  | 50,365
Basic and diluted net loss per share |  | $ | (0.05) |  | $ | (0.03)
The table below sets forth potentially dilutive common share equivalents, consisting of shares issuable upon the exercise or vesting of outstanding stock options and restricted stock awards, respectively, and the exercise of warrants, computed using the treasury stock method, and shares issuable upon conversion of the SVIC Note (see Note 5) using the “if converted” method. These potential common shares have been excluded from the diluted net loss per share calculations above as their effect would be anti-dilutive for the periods presented:
|  | Three Months Ended
|  | April 1, |  | April 2,
|  | 2017 |  | 2016
|  | (in thousands)
Common share equivalents |  |  | 12,837 |  |  | 12,759
The above common share equivalents would have been included in the calculation of diluted net loss per share had the Company reported net income for the periods presented. Major Customers and Suppliers The Company’s product sales have historically been concentrated in a small number of customers. The following table sets forth the percentage of the Company’s net product sales made to customers that each comprise 10% or more of the Company’s net product sales in the periods presented:
|  | Three Months Ended |
|  | April 1, |  | April 2, |
|  | 2017 |  | 2016 |
Customer: |  |  |  |  |
Customer A |  | * | % | 28 | %
Customer B |  | * | % | 12 | %
Customer C |  | 15 | % | * | %
Customer D |  | 11 | % | * | %
*less than 10% of net product sales during the period. Sales of NAND flash products sourced from Samsung under its JDLA represented 61% of the Company’s product sales in the three months ended April 1, 2017. The Company’s accounts receivable are concentrated with three customers at April 1, 2017, representing approximately 34%, 13% and 10% of aggregate gross receivables. At December 31, 2016, two customers represented approximately 27% and 11% of aggregate gross receivables, respectively. The loss of any of the Company’s significant customers or a reduction in sales to or difficulties collecting payments from any of them could significantly reduce the Company’s net product sales and adversely affect its operating results. The Company tries to mitigate risks associated with foreign receivables by purchasing comprehensive foreign credit insurance. Cash Flow Information The following table sets forth supplemental disclosures of cash flow information and non-cash financing activities for the periods presented:
|  | Three Months Ended
|  | April 1, |  | April 2,
|  | 2017 |  | 2016
|  | (in thousands)
Supplemental disclosure of cash flow information: |  |  |  |  |  |
Debt financing of insurance |  | $ | 220 |  | $ | 224

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