Balance Sheet Components

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Cash and Cash Equivalents

The Company’s cash and cash equivalents consist of the following (in thousands):


	June 30, 2024		December 31, 2023
Cash	$	34,323	$	40,648
Cash equivalents:
Money market funds(1)	18,364		7,354
Commercial paper	—		2,989
Total cash and cash equivalents	$	52,687	$	50,991

(1)The Company maintains a cash sweep account, which is included in money market funds as of June 30, 2024 and December 31, 2023. Cash is invested in short-term money market funds that earn interest.

Restricted Cash

Restricted cash consists of collateral to merchant credit card and certificates of deposit held by a bank as security for outstanding letters of credit. The Company had a restricted cash balance of $1.5 million and $1.6 million as of June 30, 2024 and December 31, 2023, respectively, which has been excluded from the Company’s cash and cash equivalents balances. The Company presented $0.4 million and $0.6 million of the total amount of restricted cash within current assets on the unaudited condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023, respectively. The remaining restricted cash balance of $1.1 million and $1.1 million is included in non-current assets on the condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023, respectively.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the unaudited condensed consolidated balance sheets to the amounts reported in the unaudited condensed consolidated statements of cash flows (in thousands):


	June 30, 2024		June 30, 2023
Cash and cash equivalents	$	52,687	$	91,237
Restricted cash, current	426		528
Restricted cash, non-current	1,092		1,090
Total cash, cash equivalents and restricted cash	$	54,205	$	92,855

Inventory

Inventory, consisting of material, direct and indirect labor, and manufacturing overhead, consists of the following (in thousands):


	June 30, 2024		December 31, 2023
Raw materials	$	10,033	$	10,062
Work in process	62		75
Finished goods	9,358		13,095
Total inventory	$	19,453	$	23,232

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following (in thousands):


	June 30, 2024		December 31, 2023
Prepaid expenses	$	5,720	$	5,377
Prepaid insurance	1,334		648
Receivable from contract manufacturer	2,193		2,028
Insurance receivable	23,375		23,375
Other current assets	908		3,219
Total prepaid expenses and other current assets	$	33,530	$	34,647

Property and Equipment, Net

Property and equipment consists of the following (in thousands):


	Estimated Useful Life (in years)	June 30, 2024		December 31, 2023
Machinery and equipment	3	$	15,836	$	16,535
Computer equipment	3	1,104		1,104
Automotive and vehicle hardware	5	93		22
Software	3	590		593
Furniture and fixtures	7	943		946
Construction in progress		4,988		3,572
Leasehold improvements	Shorter of useful life or lease term	10,910		10,879
		34,464		33,651
Less: Accumulated depreciation		(25,019)		(23,423)
Property and equipment, net		$	9,445	$	10,228

Depreciation expense associated with property and equipment was $5.4 million and $6.3 million during the six months ended June 30, 2024 and 2023, respectively.

Intangible Assets, Net

The following tables present acquired intangible assets, net as of June 30, 2024 and December 31, 2023 (in thousands):


		June 30, 2024
	Estimated Useful Life (in years)	Gross Carrying amount		Accumulated Amortization		Net Book Value
Developed technology	3-8	$	23,500	$	(7,868)	$	15,632
Vendor relationship	3	6,600		(5,867)		733
Customer relationships	3-8	6,300		(1,735)		4,565
Intangible assets, net		$	36,400	$	(15,470)	$	20,930


		December 31, 2023
	Estimated Useful Life (in years)	Gross Carrying amount		Accumulated Amortization		Net Book Value
Developed technology	3-8	$	23,500	$	(5,948)	$	17,552
Vendor relationship	3	6,600		(4,767)		1,833
Customer relationships	3-8	6,300		(1,249)		5,051
Intangible assets, net		$	36,400	$	(11,964)	$	24,436

Amortization expense was $3.4 million and $3.2 million during the six months ended June 30, 2024 and 2023, respectively.

The following table summarizes estimated future amortization expense of finite-lived intangible assets-net (in thousands):


Years:	Amount
2024 (the remainder of 2024)	$	3,101
2025	4,515
2026	3,776
2027	3,682
2028	2,779
Thereafter	3,077
Total	$	20,930

Accrued and Other Current Liabilities

Accrued and other current liabilities consist of the following (in thousands):


	June 30, 2024		December 31, 2023
Accrued legal contingencies	$	23,375	$	27,500
Uninvoiced receipts	8,707		12,980
Accrued compensation	5,581		6,387
Sales and use tax	2,124		2,667
Other	8,719		8,632
Total accrued and other current liabilities	$	48,506	$	58,166