Annual report pursuant to Section 13 and 15(d)

Leases

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Leases
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leases Leases
The Company entered into operating lease agreements primarily for offices and manufacturing spaces located in various locations with lease periods expiring between 2024 and 2030. The Company has an option to extend the office lease located in California for five years.
During the fiscal year 2023, the Company entered two new operating lease agreements as described below.
•leased a manufacturing space located in Malaysia for Fab2 with a three-year term and an option to extend it for three years. The Company recognized the option to renew as part of its right-of-use assets and lease liabilities.
•leased an office space located in India for its research and development center with a 5.3 years lease term.
The following table summarizes the components of lease costs (in thousands).
Fiscal Years
2023 2022
Operating lease cost $ 2,429  $ 1,682 
The following table shows supplemental lease information.
As of
Operating leases December 31, 2023 January 1,
2023
Weighted-average remaining lease term 6.0 years 7.7 years
Weighted-average discount rate 8.5% 6.8%
The following table shows supplemental cash flow information related to leases (in thousands).
Fiscal Years
2023 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases $ 2,135  $ 1,366 
Lease liabilities arising from obtaining ROU assets:
Operating leases $ 9,922  $ — 
Maturities of Lease Liabilities
The following is a schedule of maturities of lease liabilities as of December 31, 2023 (in thousands).
Operating leases
2024 $ 3,551 
2025 3,673 
2026 3,698 
2027 3,743 
2028 3,804 
Thereafter 3,834 
Total 22,303 
Less: imputed interest (4,493)
Present value of lease liabilities $ 17,810