v3.26.1
Investments
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Investments
Note 7. Investments
 
Debt Securities
 

The Company had no investments in debt securities as of as of December 31, 2025. The Company’s investments in debt securities consisted of the following as of December 31, 2024 (in thousands):
 
   
December 31, 2024
  
   
Cost
    
Gross
Unrealized
Gains
    
Gross
Unrealized
Losses
    
Fair Value
  
U.S. treasury securities
  
$
10,933
    
$
22
    
$
—
    
$
10,955
  
Commercial paper
    
19,067
      
7
      
—
      
19,074
  
Corporate bonds
    
81,207
      
166
      
(16
)
    
81,357
  
Certificate of deposits
    
1,561
      
—
      
—
      
1,561
  
Total debt securities
  
$
112,768
    
$
195
    
$
(16
)
  
$
112,947
  
Included in cash and cash equivalents
  
$
16,280
    
$
5
    
$
—
    
$
16,285
  
Included in marketable securities
  
$
96,488
    
$
190
    
$
(16
)
  
$
96,662
  
 

The following table presents the gross unrealized losses and the fair value for those debt securities that were in an unrealized loss position for less than 12 months as of December 31, 2024 (in thousands):
 
 
December 31, 2024
  
 
Gross
Unrealized
Losses
  
Fair Value
  
U.S. agency and government sponsored securities
  
$
—
    
$
—
  
Corporate bonds
    
(16
)
    
31,546
  
Total
  
$
(16
)
  
$
31,546
  

Equity Investments
 

The Company’s equity investments consisted of the following as of December 31, 2025 and 2024 (in thousands):
      
December 31,
  
  Consolidated Balance Sheets Location     2025
      2024
 
Money market funds (1)
Cash and cash equivalents
  
$
8,136
    
$
17,730
  
Marketable equity investments (1)
Marketable securities
    
2,580
      
3,165
  
Investment in non-marketable securities (2)
Other non-current assets
    
10,000
      
10,000
  
Total
    
$
20,716
    
$
30,895
  
(1)
Investments with readily determinable fair values.
(2)
Investment in privately held company without readily determinable fair value.
 
Forterra Investment
 

In December 2021, the Company made an investment in 1,495 Class A Preferred Units of Robotic Research OpCo, LLC (“Forterra”) for consideration of $10.0 million. The Company measured the initial investment in Forterra at cost as provided under the guidance for measurement of equity investment using the measurement alternative. The Company recorded an impairment charge of $6.0 million and $4.0 million related to the said investment during the years ended December 31, 2022 and 2024, respectively.
 

In July 2024, the Company and Forterra entered into the Fourth Amended and Restated Limited Liability Company Agreement, pursuant to which the 1,495 Class A Preferred Units issued and outstanding were converted into 3,459 Class A Common Units.
 

In May 2025, the Company and Forterra entered into the Unit Repurchase Agreement pursuant to which Forterra repurchased 3,459 Class A Common Units for a price per unit of $840.63 for an aggregate purchase price of $2.9 million. The gain on sale of equity investment was recorded in other income (expense), net in the consolidated statements of operations.
 
Plus Investment
 

In August 2023, the Company made an investment in a Simple Agreement for Future Equity of Plus Automation, Inc. (“Plus”) for consideration of $10.0 million, towards which the Company initially issued 99,354 shares of Class A common stock of the Company. In September 2023, the Company settled the consideration owed by issuing an additional 29,077 shares of Class A common stock. The Company’s investment in Plus represents less than 5% of Plus’s capitalization. The Company neither has a significant influence over Plus nor does its investment amount to a controlling financial interest in Plus. The Company measures the investment in Plus at cost as provided under the guidance for measurement of equity investment using the measurement alternative.