Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 12,862 $ 20,273
Accounts receivable, net 7,638 10,650
Inventory 67,690 86,177
Prepaid expenses and other current assets 37,192 12,371
Total current assets 125,382 129,471
Property and equipment, net 39,524 39,315
Operating lease right-of-use assets 93,279 88,624
Intangible assets, net 41,322 43,470
Goodwill 95,375 93,695
Deferred tax assets 8 8
Other assets 2,797 2,799
Total assets 397,687 397,382
Current liabilities:    
Accounts payable 29,491 31,248
Accrued liabilities 34,147 33,532
Sales returns reserve 8,571 7,889
Deferred revenue 13,029 12,707
Income taxes payable 449 243
Operating lease liabilities, current 13,451 13,052
Current portion of long-term debt 6,375 6,375
Total current liabilities 105,513 105,046
Long-term debt 103,194 104,695
Operating lease liabilities 92,583 87,668
Other long-term liabilities 1,979 2,202
Total liabilities 303,269 299,611
Commitments and contingencies (Note 16)
Stockholders’ equity:    
Preferred stock, $0.001 par value; 50,000,000 shares authorized; zero shares issued or outstanding as of each of March 31, 2026 and December 31, 2025 0 0
Common stock, $0.001 par value; 500,000,000 shares authorized; 10,818,993 and 10,770,721 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively 128 128
Additional paid-in capital 477,074 476,124
Accumulated other comprehensive loss (50,813) (53,644)
Accumulated deficit (331,971) (324,837)
Total stockholders’ equity 94,418 97,771
Total liabilities and stockholders’ equity $ 397,687 $ 397,382