v3.24.2.u1
Commitments and Contingencies (Tables)
 6 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Activities Related to Warranty Obligations Activities related to warranty obligations were as follows (in thousands):

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Beginning balance

 

$

2,004

 

 

$

1,147

 

 

$

1,531

 

 

$

866

 

Provision for warranty

 

 

1,667

 

 

 

1,085

 

 

 

3,027

 

 

 

2,848

 

Utilization

 

 

(1,471

)

 

 

(883

)

 

 

(2,358

)

 

 

(2,365

)

Ending balance

 

$

2,200

 

 

$

1,349

 

 

$

2,200

 

 

$

1,349

 

Supply Agreements

The Company has entered into supply agreements with certain suppliers that require certain minimum annual purchase agreements. As of June 30, 2024, the Company had minimum annual purchase commitments of $6.3 million due for the remainder of 2024 and $4.9 million due in 2025. In addition, the Company renegotiated a supplier contract resulting in a one-time $6.0 million fee, recorded in accrued liabilities and expensed to cost of revenue as of June 30, 2024. The renegotiation reduced the Company’s future purchase commitments enabling the company to accelerate the move of inventory production to its Costa Rica facility.