季度：2026財年第一季（截至2026年3月31日）

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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________
FORM 10-Q
________________________________________
(Mark One)

xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026
or

oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ________________ to ________________
Commission File Number: 001-40592
________________________________________
Rapid Micro Biosystems, Inc.
(Exact name of registrant as specified in its charter)

________________________________________

Delaware20-8121647
(State or other jurisdiction of
incorporation or organization)(I.R.S. Employer
Identification Number)
25 Hartwell Avenue
 Lexington, MA
(Address of Principal Executive Offices)
 02421
(Zip Code)

(978) 349-3200
(Registrant’s telephone number, including area code)
________________________________________

Not applicable
(Former name, former address and former fiscal year, if changed since last report)
________________________________________
Securities registered pursuant to Section 12(b) of the Act:

Title of Each ClassTrading symbol(s)Name of Exchange on which registered
Class A common stock, $0.01 par value per shareRPID
The Nasdaq Capital Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated fileroAccelerated filero
Non-accelerated filerxSmaller reporting companyxEmerging growth companyx

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
As of May 11, 2026, there were 41,669,673 shares of the registrant’s Class A common stock, par value $0.01, outstanding.
As of May 11, 2026, there were 4,499,529 shares of the registrant’s Class B common stock, par value $0.01, outstanding.

Table of Contents

TABLE OF CONTENTS

Page

Part I
Financial Information

Item 1.
Financial Statements
7

Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025 (Unaudited)
7

Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (Unaudited)
8

Condensed Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2026 and 2025 (Unaudited)
9

Condensed Consolidated Statements of Stockholders’ Equity for the three months ended March 31, 2026 and 2025 (Unaudited)
10

Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (Unaudited)
11

Notes to Condensed Consolidated Financial Statements (Unaudited)
13

Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
34

Item 3.
Quantitative and Qualitative Disclosures about Market Risk
46

Item 4.
Controls and Procedures
46

Part II
Other Information

Item 1.
Legal Proceedings
48

Item 1A.
Risk Factors
49

Item 2.
Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities
82

Item 3.
Defaults Upon Senior Securities
82

Item 4.
Mine Safety Disclosures
82

Item 5.
Other Information
82

Item 6.
Exhibits
84

Exhibit Index
84

Signatures
85

2

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FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q may be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements regarding:
•our business strategy for our Growth Direct platform and systems;
•our future results of operations and financial position, including our expectations regarding revenue, gross margin, gross margin percentage, operating expenses and our ability to achieve positive cash flow;
•our goal to achieve positive cash flow, our efforts to reduce our use of cash for operating and investing activities, our efforts to increase productivity and efficiency and to pursue growth opportunities and the assumptions underlying such goal;
•the expected impact of our debt facility with Trinity Capital Inc., including with respect to our financial position, cash forecast and use of proceeds;
•our expectations and assumptions related to our future funding requirements and available capital resources, which may be impacted by market uptake of our Growth Direct platform and systems, our management of inventory and supply chain, our capital expenditures, our research and development activities and our sales, marketing, manufacturing and distribution activities;
•our ability to maintain and expand our customer base for our Growth Direct platform and systems, including expectations for customer adoption of new applications for our Growth Direct system;
•the effectiveness of our sales force and our sales processes;
•anticipated trends and growth rates in our business and in the markets in which we operate;
•our research and development activities and prospective new features, products and product approvals;
•our ability to anticipate market needs and successfully develop and launch new and enhanced solutions to meet those needs, including prospective products;
•our ability to hire and retain necessary qualified employees to grow our business and expand our operations;
•our expectations regarding the potential impact of inflation and fluctuations in interest rates on our business and operating costs;
•our ability to remain in compliance with the listing requirements of The Nasdaq Stock Market LLC ("Nasdaq");
•our expectations regarding the potential impact of ongoing conditions in the financial markets and banking system on our operations and financial results; and
•our ability to adequately protect our intellectual property.
We caution you that the foregoing list may not contain all of the forward-looking statements made in this Quarterly Report on Form 10-Q. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the important factors discussed under Part II, Item 1A, "Risk Factors" of this Quarterly Report on Form 10-Q. The forward-looking statements in this Quarterly Report on Form 10-Q are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.
3

Table of Contents

You should read this Quarterly Report on Form 10-Q and the documents that we reference in this Quarterly Report on Form 10-Q and have filed as exhibits to this Quarterly Report on Form 10-Q with the understanding that our actual future results, levels of activity, performance and achievements may be materially different from what we expect. We caution you not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

SUMMARY RISK FACTORS

Our business is subject to numerous risks and uncertainties, including those described in Part II, Item 1A, “Risk Factors” in this Quarterly Report on Form 10-Q. You should carefully consider these risks and uncertainties as part of your evaluation of an investment in our Class A common stock. The principal risks and uncertainties affecting our business include, but are not limited to, the following:
•We have incurred significant losses since inception, we expect to incur losses in the future and we may not be able to achieve and maintain positive cash flow and profitability;
•Our limited operating history makes it difficult to evaluate our future prospects and the risks and challenges we may encounter;
•Our business depends on the commercial success of our Growth Direct platform, which may not be achieved or maintained;
•Our operating results have fluctuated significantly in the past and will fluctuate significantly in the future, which makes our future operating results difficult to predict and could cause our operating results to fall below expectations;
•We have in the past and may in the future fail to meet our publicly announced guidance or other expectations about our business and future operating results, which could adversely affect our business, reputation and financial results and cause our stock price to decline;
•If we cannot maintain the level of sales of our Growth Direct systems or the sales of our consumables and services to existing customers declines, our future operating results would be adversely affected;
•We may need or otherwise decide to raise additional capital to fund our existing operations, improve our platform or develop and commercialize new products or expand our operations;
•Our existing and any future indebtedness could adversely affect our ability to operate our business;
•Our business relies heavily on establishing and maintaining our position in the market as a leading provider of automated microbial quality control ("MQC") testing;
•We may not be successful in expanding our business with existing customers and driving adoption of our solutions with new customers;
•The size of the markets and forecasts of market growth for automated MQC testing and other of our key performance indicators are based on a number of complex assumptions and estimates, and may be inaccurate;
•New product development involves a lengthy and complex process and we may be unable to develop or commercialize products on a timely basis, or at all;
•Our customers use our Growth Direct platform as part of their quality control workflow, which is subject to regulation by the U.S. Food and Drug Administration and other comparable regulatory authorities;
•If we are unable to manage our inventory and support demand for existing and future products on the Growth Direct platform, our business could suffer;
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•We have limited experience in marketing and sales, and if we are unable to successfully market our products to new and existing customers, address our customers’ needs or to expand our customer base, our business may be adversely affected;
•If we cannot compete successfully, we may be unable to increase or sustain our revenue, or achieve and sustain profitability;
•We must develop new products, adapt to rapid and significant technological change and respond to introductions of new products by competitors to remain competitive;
•Due to the significant resources required to enable access in new markets, we must make strategic and operational decisions to prioritize certain markets, products and services. We may expend our resources to access markets and develop products and services that do not yield meaningful revenue or we may fail to capitalize on markets, products or services that may be more profitable or with a greater potential for success;
•The Growth Direct platform may contain undetected errors or defects and may not meet the expectations of our customers, which means our business, financial condition, results of operations and prospects could suffer;
•Potential product liability lawsuits against us could cause us to incur substantial liabilities and limit commercialization of any products that we may develop;
•If we lose key management, cannot recruit qualified employees, directors, officers or other significant personnel or experience increases in our compensation costs, our business may be materially harmed; 
•We may not realize the intended benefits of our strategic partnerships and other collaborations, and such relationships may introduce additional risks to our business.
•If our primary manufacturing facility or development facility become damaged or inoperable or we are required to vacate one or both facilities, our ability to conduct and pursue our manufacturing and/or development efforts would be jeopardized;
•Our manufacturing operations are dependent upon third-party suppliers, including single-source suppliers, making us vulnerable to supply shortages and price fluctuations, which could harm our business;
•If we are unable to obtain and maintain sufficient intellectual property protection for our technology, including the Growth Direct platform, or if the scope of the intellectual property protection obtained is not sufficiently broad, our competitors could develop and commercialize products similar or identical to ours, and our ability to successfully commercialize our products may be impaired; 
•Patent terms may be inadequate to protect our competitive position on our products for an adequate amount of time;
•The market price of our Class A common stock has been and may continue to be volatile and fluctuate substantially, which could result in substantial losses for our stockholders;
•If our Class A common stock is delisted from Nasdaq, the liquidity of our Class A common stock would be adversely affected and the market price of our common stock could decrease; and
•We have been, and may in the future be, subject to the actions of activist shareholders or unsolicited acquisition proposals, which could cause us to incur substantial costs, divert management’s and the board’s attention and resources, and have an adverse effect on our business and stock price.

TRADEMARKS
Solely for convenience, our trademarks and trade names in this Quarterly Report on Form 10-Q are referred to without the ® and ™ symbols, but such references should not be construed as any indicator that we will not assert, to the fullest extent under applicable law, our rights thereto.
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INTERNET POSTING OF INFORMATION
We routinely post information that may be important to investors in the “Investors” section of our website at www.rapidmicrobio.com. We encourage investors and potential investors to consult our website regularly for important information about us. The contents of our website are not incorporated by reference in this Quarterly Report on Form 10-Q and shall not be deemed “filed” under the Exchange Act.
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PART I —FINANCIAL INFORMATION

Item 1. Financial Statements

RAPID MICRO BIOSYSTEMS, INC.
Condensed consolidated balance sheets
(Unaudited)
(In thousands, except share and per share amounts)

March 31,
2026December 31,
2025
Assets
Current assets:
Cash and cash equivalents$13,815 $20,030 
Short-term investments9,134 18,266 
Accounts receivable6,367 3,134 
Inventory, net17,447 17,593 
Prepaid expenses and other current assets2,463 2,145 
Total current assets49,226 61,168 
Property and equipment, net8,770 8,972 
Right-of-use assets3,838 4,109 

Other long-term assets245 319 
Restricted cash284 284 
Total assets62,363 74,852 

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$4,670 $4,139 
Accrued expenses and other current liabilities6,495 8,316 
Deferred revenue6,634 4,734 
Lease liabilities, short-term1,320 1,298 
Total current liabilities19,119 18,487 
Notes payable, net19,053 18,902 
Warrant liability116 186 
Lease liabilities, long-term3,337 3,674 
Other long-term liabilities340 397 
Total liabilities41,965 41,646 
Commitments and contingencies (Note 15)
Stockholders’ equity:
Class A common stock, $0.01 par value; 210,000,000 shares authorized at March 31, 2026 and December 31, 2025; 41,267,511 shares and 39,970,946 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively
413 400 
Class B common stock, $0.01 par value; 10,000,000 shares authorized at March 31, 2026 and December 31, 2025; 4,499,529 shares issued and outstanding at March 31, 2026 and December 31, 2025
45 45 
Preferred stock, $0.01 par value: 10,000,000 shares authorized at March 31, 2026 and December 31, 2025; 0 shares issued and outstanding at March 31, 2026 and December 31, 2025
— — 
Additional paid-in capital556,613 555,147 
Accumulated deficit(536,672)(522,397)
Accumulated other comprehensive (loss) income(1)11 
Total stockholders’ equity20,398 33,206 
Total liabilities and stockholders’ equity$62,363 $74,852 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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RAPID MICRO BIOSYSTEMS, INC.
Condensed consolidated statements of operations
(Unaudited)
(In thousands, except share and per share amounts)

Three Months Ended March 31,
20262025
Revenue:
Product revenue$5,578 $4,101 
Service revenue2,424 3,104 
Total revenue8,002 7,205 
Cost of revenue:
Cost of product revenue6,025 5,029 
Cost of service revenue1,606 1,772 
Total cost of revenue7,631 6,801 
Gross margin371 404 
Operating expenses:
Research and development3,359 3,624 
Sales and marketing3,422 2,751 
General and administrative7,442 5,690 
Total operating expenses14,223 12,065 
Loss from operations(13,852)(11,661)
Other income (expense):
Interest income256 466 
Interest expense(639)(12)
Other expense, net(32)(49)
Total other income (expense), net(415)405 
Loss before income taxes(14,267)(11,256)
Income tax expense8 7 
Net loss$(14,275)$(11,263)
Net loss per share — basic and diluted$(0.31)$(0.26)
Weighted average common shares outstanding — basic and diluted45,433,80043,993,359

The accompanying notes are an integral part of these condensed consolidated financial statements.
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RAPID MICRO BIOSYSTEMS, INC.
Condensed consolidated statements of comprehensive loss
(Unaudited)
(In thousands)

Three Months Ended March 31,
20262025
Net loss$(14,275)$(11,263)
Other comprehensive loss:
Unrealized loss on investments(12)(26)
Comprehensive loss$(14,287)$(11,289)

The accompanying notes are an integral part of these condensed consolidated financial statements.
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RAPID MICRO BIOSYSTEMS, INC.
Condensed consolidated statements of stockholders’ equity 
(Unaudited)
(In thousands, except share amounts)

Class A
Common stock Class B
Common stock Additional
paid-in
capitalAccumulated
deficitAccumulated
other
comprehensive
income (loss)Total
SharesAmountSharesAmount
Balances at December 31, 202539,970,946$400 4,499,529$45 $555,147 $(522,397)$11 $33,206 
Issuance of Class A common stock upon exercise of common stock options102,3681 —— 115 — — 116 
Issuance of Class A common stock under ESPP58,1821 —— 139 — — 140 
Vesting of restricted stock units514,7225 —— (5)— — — 
Net exercise of warrant to purchase Class A common stock621,2936 —— (6)— — — 
Stock-based compensation expense—— —— 1,223 — — 1,223 
Net loss—— —— — (14,275)— (14,275)
Other comprehensive loss—— —— — — (12)(12)
Balances at March 31, 202641,267,511$413 4,499,529$45 $556,613 $(536,672)$(1)$20,398 

Class A
Common stock Class B
Common stock Additional
paid-in
capitalAccumulated
deficitAccumulated
other
comprehensive
income (loss)Total
SharesAmountSharesAmount
Balances at December 31, 202437,729,242 $377 5,309,529 $53 $550,157 $(475,274)$39 $75,352 
Issuance of Class A common stock under ESPP127,335 1 — — 89 — — 90 
Vesting of restricted stock units251,707 3 — — (3)— — — 
Issuance of Class A common stock upon exercise of common stock options273,385 3 — — 293 — — 296 
Stock-based compensation expense— — — — 1,042 — — 1,042 
Conversion of Class B common stock to Class A common stock810,0008 (810,000)(8)— — — — 
Net loss— — — — — (11,263)— (11,263)
Other comprehensive loss— — — — — — (26)(26)
Balances at March 31, 202539,191,669 $392 4,499,529 $45 $551,578 $(486,537)$13 $65,491 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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RAPID MICRO BIOSYSTEMS, INC.
Condensed consolidated statements of cash flows
(Unaudited)
(In thousands)

Three Months Ended March 31,
20262025
Cash flows from operating activities:
Net loss$(14,275)$(11,263)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense706 847 

Amortization of debt discount and issuance costs86 — 
Stock-based compensation expense1,223 1,042 
Provision for excess and obsolete inventory— 235 
Non-cash lease expense305 305 
Gain on revaluation of warrant liability(70)— 
Accretion on investments131 32 
Other58 28 
Changes in operating assets and liabilities:
Accounts receivable(3,233)2,998 
Inventory144 (1,075)
Prepaid expenses and other current assets(318)196 
Other long-term assets(13)— 
Accounts payable530 100 
Accrued expenses and other current liabilities(2,232)(2,003)
Deferred revenue1,900 (507)

Net cash used in operating activities(15,058)(9,065)

Cash flows from investing activities:
Purchases of property and equipment(394)(319)
Purchases of investments(3,016)— 
Sales of investments2,006 — 
Maturity of investments10,000 11,000 
Net cash provided by investing activities8,596 10,681 
Cash flows from financing activities:
Proceeds from issuance of Class A common stock - stock option exercise116 296 
Proceeds from issuance of Class A common stock - employee stock purchase plan140 90 

Payments on finance lease obligations(9)(7)
Net cash provided by financing activities247 379 
Net (decrease) increase in cash, cash equivalents and restricted cash(6,215)1,995 
Cash, cash equivalents and restricted cash at beginning of period20,314 17,276 
Cash, cash equivalents and restricted cash at end of period$14,099 $19,271 

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RAPID MICRO BIOSYSTEMS, INC.
Condensed consolidated statements of cash flows
(Unaudited)
(In thousands)

Three Months Ended March 31,
20262025
Supplemental disclosure of cash flow information
Cash paid for interest$560 $12 
Supplemental disclosure of non-cash investing activities

Purchases of property and equipment in accounts payable and accrued expenses$75 $106 

The accompanying notes are an integral part of these condensed consolidated financial statements.
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RAPID MICRO BIOSYSTEMS, INC.
Notes to condensed consolidated financial statements
(Amounts in thousands, except share and per share amounts)
(Unaudited)

1. Nature of the business and basis of presentation
Rapid Micro Biosystems, Inc. (the “Company”) was incorporated under the laws of the State of Delaware on December 29, 2006. The Company develops, manufactures, markets and sells Growth Direct systems (“Systems”), proprietary consumables, laboratory information management system (“LIMS”) connection and other software, and services to address rapid microbial analysis used for quality control in the manufacture of pharmaceuticals, medical devices and personal care products. The Company’s technology uses a highly sensitive camera and the natural auto fluorescence of living cells to identify and quantify microbial growth faster and more accurately than the traditional method, which relies on the human eye. The Company currently sells to customers in North America, Europe and the Asia-Pacific region. The Company is headquartered in Lexington, Massachusetts.
Basis of presentation
These condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and include the accounts of the Company and its wholly owned subsidiaries in Germany and Switzerland. All intercompany accounts and transactions have been eliminated in consolidation. Certain information and note disclosures normally included in the consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s audited consolidated financial statements for the year ended December 31, 2025. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”).
The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of March 31, 2026 and the results of its operations and its cash flows for the three months ended March 31, 2026 and 2025. The financial data and other information disclosed in these notes related to the three months ended March 31, 2026 and 2025 are also unaudited. The results for the three months ended March 31, 2026 are not necessarily indicative of results to be expected for the year ending December 31, 2026, any other interim periods, or any future year or period.
Reclassification
 Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period financial statements.
Liquidity
 The Company has incurred recurring losses and net cash outflows from operations since its inception. The Company expects to continue to generate operating losses in the near to medium term. To date, the Company has funded operations primarily through proceeds from sales of redeemable convertible preferred stock, borrowings under loan agreements, revenue from sales of our products and services, proceeds from the Company's initial public offering ("IPO"), and proceeds from the Company's at-the-market facility.
On August 8, 2025, the Company entered into a Loan and Security Agreement ("LSA") with the lenders party thereto and Trinity Capital Inc., as administrative agent and collateral agent, with an aggregate principal amount of $45.0 million, with $20.0 million drawn on the first tranche and up to an additional $20.0 million in the aggregate, across two equal tranches, available if certain commercial and operational milestones are met, and up to an additional $5.0 million at the lenders' sole discretion. 
On December 15, 2023, the Company entered into a sales agreement, or the ATM Agreement, to establish an "at-the-market" facility with Cowen and Company, LLC, or Cowen, pursuant to which the Company may issue and sell shares of its Class A common stock. During the year ended December 31, 2025, the Company sold 113,217 shares of Class A common stock under this facility resulting in net proceeds of $0.4 million. During the quarter ended March 31, 2026 
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through the filing date of this Quarterly Report, the Company did not issue or sell any shares of its Class A common stock under this facility.
If the Company's expectations and underlying assumptions of business performance, including revenue growth, gross margin improvement, and control of operating costs, are not realized, the Company may need to reduce spending or raise additional funding which could be through equity offerings, additional debt financings or a combination thereof. If the Company is unable to raise capital as, if and when, needed, the Company may have to significantly delay, scale back or discontinue its expansion plans including further development and commercialization efforts of one or more of its products.
 The Company expects that its existing cash, cash equivalents and investments and additional borrowing capacity expected to become available under the LSA that is subject to the satisfaction of certain commercial and operational milestones and other conditions later this year will be sufficient to fund its operating expenses and capital expenditure requirements for at least twelve months following the date these consolidated financial statements were issued. 

2. Summary of significant accounting policies
Use of estimates
The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, calculating the standalone selling price for revenue recognition, the valuation of inventory, and the valuation of stock-based awards. The Company bases its estimates on historical experience, known trends and other market-specific and relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates when there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates.
There have been no material changes to the Company's significant accounting policies during the three months ended March 31, 2026, as compared to those disclosed in Note 2 of the audited consolidated financial statements filed with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
Risk of concentrations of credit, significant customers and significant suppliers
Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents, short-term investments and accounts receivable. The Company maintains its cash and cash equivalents with financial institutions that management believes to be of high credit quality, and does not believe that it is subject to unusual credit risk beyond the credit risk associated with commercial banking relationships.
Significant customers are those which represent more than 10% of the Company’s total revenue or accounts receivable balance at each respective balance sheet date. The following table presents customers that represented 10% or more of the Company’s total revenue:

Three Months Ended March 31,
20262025
Customer A11.9 %17.4 %
Customer B*15.6 %
Customer C*12.3 %
Customer D14.3 %*

26.2 %45.3 %

____________________________
*Represented less than 10%
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The following table presents customers that represented 10% or more of the Company’s accounts receivable:

March 31,December 31,
20262025
Customer B10.0 %16.3 %
Customer E*11.4 %
Customer F*10.8 %
Customer D24.0 %*
Customer A11.0 %*

45.0 %38.5 %

____________________________
*Represented less than 10%
The Company relies on third parties for the supply and manufacture of certain components of its products as well as third-party logistics providers. There were no significant concentrations around a single third-party supplier, manufacturer, or logistics provider for the three months ended March 31, 2026 or 2025.
Cash and cash equivalents
The Company considers all highly liquid investments with an original maturity of 90 days or less at the time of purchase to be cash equivalents. Cash equivalents that are readily convertible to cash are stated at cost, which approximates fair value. At March 31, 2026 and December 31, 2025, the Company held cash of $0.3 million and $0.1 million in banks located outside of the United States, respectively.
Restricted cash
As of March 31, 2026 and December 31, 2025, the Company was required to maintain guaranteed investment certificates of $0.3 million with maturities of three months to one year that are subject to an insignificant risk of changes in value. The guaranteed investment certificates are held for the benefit of the landlord in connection with operating leases which have remaining terms of greater than one year and are classified as restricted cash (non-current) on the Company’s condensed consolidated balance sheets.
Accounts receivable
Accounts receivable are customer obligations that are unconditional. Accounts receivable are presented net of an allowance for doubtful accounts for expected credit losses, which represents an estimate of amounts that may not be collectible. The Company performs ongoing credit evaluations of its customers and, if necessary, provides an allowance for doubtful accounts and expected credit losses. A provision to the allowance for doubtful accounts for expected credit losses is recorded based on factors including the length of time the receivables are past due, the current business environment, the geographic market, and the Company’s historical experience. Provisions to the allowance for doubtful accounts for expected credit losses are recorded to general and administrative expenses in the condensed consolidated statements of operations. The Company writes off accounts receivable against the allowance when it determines a balance is uncollectible and no longer actively pursues collection of the receivable. The Company does not have any off-balance-sheet credit exposure related to customers. As of March 31, 2026 and December 31, 2025, the allowance for doubtful accounts for expected credit losses was zero.
Software development costs
The Company accounts for software deve