The Company leases office space in California, Michigan, Malaysia, Japan, Taiwan, the Netherlands, Finland, Ukraine, and India, all under non-cancellable operating leases with various expiration dates through May 2036.

The remaining lease terms vary from a few months to ten years. For certain of its leases the Company has options to extend the lease term for periods varying from one to ten years. These renewal options are not considered in the remaining lease term unless it is reasonably certain that the Company will exercise such options. The Company also has variable lease payments that are primarily comprised of common area maintenance and utility charges.

The Company has entered into an operating lease arrangement that has not yet commenced as of June 30, 2026. This lease primarily relates to office facilities in California. As the commencement date has not occurred, the related right‑of‑use assets and lease liabilities have not been recognized in the condensed consolidated balance sheets as of June 30, 2026. The undiscounted future minimum lease payments under this lease are approximately $83.2 million.

The table below presents the operating lease-related assets and liabilities recorded on the condensed consolidated balance sheets as of June 30, 2026 and December 31, 2025:


	As of
	June 30, 2026			December 31, 2025

	(in thousands)
Right-of-use assets	$	9,859		$	4,089
Lease liabilities included in accrued expenses and other current liabilities	4,370			2,478
Lease liabilities included in other non-current liabilities	4,686			1,132
Total operating lease liabilities	$	9,056		$	3,610
Weighted-average remaining lease term (years)	5.3			1.6
Weighted-average discount rate	7.2		%	5.3		%

The table below presents certain information related to the lease costs for operating leases for the three and six months ended June 30, 2026 and 2025:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025

	(in thousands)
Operating lease cost	$	1,267	$	822	$	2,008	$	1,627
Short-term lease cost	340		467		685		972
Variable lease cost	395		725		1,163		1,749
Total lease cost	$	2,002	$	2,014	$	3,856	$	4,348

Cash paid for operating lease liabilities was $1.5 million and $0.9 million for the three months ended June 30, 2026 and 2025, respectively, and $2.3 million and $1.7 million for the six months ended June 30, 2026 and 2025, respectively.

The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on the condensed consolidated balance sheet as of June 30, 2026:


	(in thousands)
Remainder of 2026	$	2,731
2027	2,538
2028	899
2029	793
2030	701
2031 and beyond	3,683
Total minimum lease payments	11,345
Less: amount of lease payments representing interest	(2,289)
Present value of future minimum lease payments	9,056
Less: current obligations under leases	(4,370)
Long-term lease liabilities	$	4,686