Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED STATEMENTS OF OPERATIONS

v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Income Statement [Abstract]    
Sales $ 48,365 $ 38,138
Cost of goods sold [1],[2] 42,505 34,048
Gross profit 5,860 4,090
Operating expenses:    
Research and development [1],[2] 25,575 22,287
Sales and marketing [1],[2] 9,143 7,893
General and administrative [1],[2] 33,769 32,878
Total operating expenses 68,487 63,058
Loss from operations (62,627) (58,968)
Other income (expense):    
Change in fair value of warrant liabilities (3,358) 811
Interest expense, net (32,167) (58,923)
Other income (expense), net 3,773 (2,822)
Net loss (94,379) (119,902)
Less: Deemed dividend to preferred stockholders 403 0
Net loss attributable to common stockholders $ (94,782) $ (119,902)
Net loss applicable to common stockholders per common share:    
Basic (in dollars per share) $ (5.61) $ (14.14)
Diluted (in dollars per share) $ (5.61) $ (14.14)
Weighted average common shares outstanding:    
Basic (in shares) 16,895,925 8,480,247
Diluted (in shares) 16,895,925 8,480,247
[1] Amounts include depreciation and amortization as follows:
 
Year Ended December 31,
 
2025
2024
Cost of goods sold
$
8,142 
$
6,137 
Research and development
9,933 
7,631 
Selling, general and administrative
5,122 
5,103 
Total depreciation and amortization
$
23,197 
$
18,871 
[2] Amounts include stock-based compensation as follows:
 
Year Ended December 31,
 
2025
2024
Cost of goods sold
$
124 
$
73 
Research and development
232 
274 
Sales and marketing
441 
(13)
General and administrative
4,394 
3,014 
Total stock-based compensation expense, net of amounts capitalized
$
5,191 
$
3,348