Document

exact name of registrant a


(Exact name of Registrant as Specified in Its Charter)

Delaware	001-42756	83-1081863
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
1800 Aston Ave, Suite 100
Carlsbad , California		92008
(Address of Principal Executive Offices)		(Zip Code)


☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Media

	Three Months Ended March 31,
	2026		2025
Revenue	16116		10189
Cost of sales		3691		2553
Gross profit		12425		7636
Operating expenses:
Research and development		5178		3150
Sales and marketing		10297		6739
General and administrative		6226		3466
Total operating expenses		21701		13355
Loss from operations		-9276		-5719
Other income (expense):
Interest expense		-311		-357
Interest income		891		380
Change in fair value of warrant liabilities		—		-33
Total other income (expense), net		580		-10
Net loss and comprehensive loss		-8696		-5729
Deemed dividend to preferred stockholders		—		-584
Net loss attributable to common stockholders	-8696		-6313
Net loss per share attributable to common stockholders, basic and diluted	-0.32		-1.47
Weighted-average number of common shares used to compute basic and diluted net loss per share		26835841		4299492


	March 31, 2026		December 31, 2025
Assets
Current assets:
Cash and cash equivalents	73016		85793
Restricted cash		100		100
Short-term investments		24000		24000
Accounts receivable, net of allowances of $2,055 and $1,653, as of March 31, 2026 and December 31, 2025, respectively		12268		11362
Inventory		2063		1845
Prepaid expenses and other current assets		3959		3573
Total current assets		115406		126673
Property and equipment, net		1597		1487
Operating lease right-of-use assets		1663		1826
Other assets		103		134
Total assets	118769		130120
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	2952		4481
Accrued liabilities		3202		3287
Accrued compensation		2785		5760
Short-term operating lease liabilities		776		752
Total current liabilities		9715		14280
Long-term portion of term loan, net		15364		15346
Long-term operating lease liabilities		1115		1316
Other long-term liabilities		327		309
Total liabilities		26521		31251
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.00001 par value; 10,000,000 shares authorized and zero shares issued and outstanding as of March 31, 2026 and December 31, 2025		—		—
Common stock, $0.00001 par value; 600,000,000 shares authorized, 27,232,278 shares issued, and 27,181,501 shares outstanding as of March 31, 2026; 600,000,000 shares authorized, 26,664,243 shares issued, and 26,604,505 shares outstanding as of December 31, 2025		—		—
Additional paid-in capital		201749		199674
Accumulated deficit		-109501		-100805
Total stockholders’ equity		92248		98869
Total liabilities and stockholders’ equity	118769		130120


(unaudited)

	Three Months Ended March 31,							$%
		2026		2025		Change			Change
(in thousands, except percentages)
Net loss		-8696		-5729		-2967				51.8	%
Interest (income) expense			-580		-23		-557			2421.7	%
Income taxes			—		—		—			—
Depreciation and amortization			99		40		59			147.5	%
EBITDA			-9177		-5712		-3465			60.7	%
Stock-based compensation			1629		175		1454			830.9	%
Change in fair value of warrant liabilities			—		33		-33			-100	%
Adjusted EBITDA		-7548		-5504		-2044				37.1	%