0001645113-26-000062 | 10-Q | XBRL Viewer

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ORGANIZATION AND BASIS OF PRESENTATION	6 Months Ended
ORGANIZATION AND BASIS OF PRESENTATION	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	ORGANIZATION AND BASIS OF PRESENTATION Organization. NovoCure Limited (including its consolidated subsidiaries, the "Company") was incorporated in the Bailiwick of Jersey and is principally engaged in the development, manufacture and commercialization of Tumor Treating Fields ("TTFields") devices, including Optune Gio, Optune Pax and Optune Lua (collectively, our "Products"), for the treatment of solid tumor cancers. The Company markets Optune Gio, Optune Pax and Optune Lua in multiple countries around the globe with the majority of revenues coming from the use of Optune Gio in the U.S., Germany, France and Japan. The Company also has a License and Collaboration Agreement (the "Zai Agreement") with Zai Lab (Shanghai) Co., Ltd. ("Zai") to market Optune in China, Hong Kong, Macau and Taiwan ("Greater China"). Financial statement preparation. The accompanying unaudited consolidated financial statements include the accounts of the Company and intercompany accounts and transactions have been eliminated. In the opinion of the Company’s management, the unaudited consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation for the periods presented. The preparation of these unaudited consolidated financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the amounts reported in these unaudited consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. These unaudited consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the "2025 10-K") filed with the Securities and Exchange Commission on February 26, 2026. The significant accounting policies applied in the audited annual consolidated financial statements of the Company as disclosed in the 2025 10-K are applied consistently in these unaudited interim consolidated financial statements except for the adoption of ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): "Measurement of Credit Losses for Accounts Receivable and Contract Assets”, see below. Concentration Risks. The Company's cash, cash equivalents, short-term investments and trade receivables are potentially subject to a concentration of risk. Cash, cash equivalents and short-term investments are invested at top tier financial institutions globally and the total value invested at any one institution is limited pursuant to the Company's investment policy. These investments may be in excess of insured limitations or not insured in certain jurisdictions. Generally, these investments may be redeemed upon demand according to the terms of the securities. The Company's trade receivables are due from numerous governments and federal and state agencies that are paid from their respective budgets, and from hundreds of health insurance companies. The Company does not believe that there are significant default risks associated with these governments, agencies and health insurance companies based upon the Company's historical experience. The Company has no off-balance sheet concentrations of credit risk such as foreign exchange contracts, option contracts or other foreign hedging arrangements. Recently adopted accounting pronouncements In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This amendment introduces a practical expedient for the application of the current expected credit loss (“CECL”) model to current accounts receivable and contract assets. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company adopted ASU 2025-05 on January 1, 2026, on a prospective basis, and elected the practical expedient provided by ASU 2025-05. Under this expedient, the Company assumes that economic conditions as of the balance sheet date remain unchanged for the remaining life of all current accounts receivable and current contract assets arising from transactions under ASC 606. The Company continues to estimate expected credit losses for non-current receivables and contract assets in accordance with ASC 326. The adoption of ASU 2025-05 did not have any material impact on the consolidated financial statements. Recently announced accounting pronouncements In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2024-03. In September 2025, the FASB issued ASU 2025-06, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40) - Targeted Improvements to the Accounting for Internal-Use Software. The ASU was updated to consider different methods of software development and requires internal use software costs to be capitalized when management has authorized and committed to funding the software project and when significant uncertainty associated with the development of the software has been resolved. The amendments in this ASU are required to be adopted for annual and interim reporting periods beginning after December 15, 2027 (the year ending December 31, 2028, for the Company), with early adoption permitted, and may be applied either through a prospective, retrospective or a modified transition approach. The Company is currently evaluating the effect of adopting the ASU on its consolidated financial statements. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies interim disclosure requirements and the applicability of Topic 270. This update will be effective beginning after December 15, 2027. The Company is currently evaluating the impact that adoption of ASU 2025-11 will have on its consolidated financial statements.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Cash flows from operating activities:
Net income (loss)	$ (15,658)	$ (40,139)	$ (86,796)	$ (74,458)	$ (136,227)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	4,307	3,444	8,431	6,769	14,650
Accrued Interest	104	5,918	(115)	3,647	4,949
Asset write-downs and impairment of field equipment	738	424	1,450	2,685	4,851
Share-based compensation	17,012	26,143	80,021	55,695	104,832
Foreign currency remeasurement loss (gain)	17	1,371	494	1,322	1,251
Decrease (increase) in accounts receivables and prepaid expenses	424	(10,447)	1,252	(19,053)	(38,938)
Amortization of discount (premium)	(2,593)	(6,460)	(5,210)	(13,114)	(23,262)
Decrease (increase) in inventories	866	(629)	(1,912)	(4,570)	(5,668)
Decrease (increase) in other long-term assets	2,907	1,412	4,949	3,990	10,847
Increase (decrease) in accounts payables and accrued expenses	2,797	2,107	(2,323)	(14,313)	18,958
Increase (decrease) in other long-term liabilities	(2,789)	920	(5,626)	(201)	(5,274)
Net cash provided by (used in) operating activities	8,132	(15,936)	(5,385)	(51,601)	(49,031)
Cash flows from investing activities:
Purchase of property, equipment and field equipment	(6,916)	(5,486)	(12,068)	(16,097)	(26,648)
Proceeds from maturity of short-term investments	95,000	420,000	205,000	540,000	1,285,000
Purchase of short-term investments	(94,462)	(378,528)	(191,563)	(494,389)	(821,076)
Net cash provided by (used in) investing activities	(6,378)	35,986	1,369	29,514	437,276
Cash flows from financing activities:
Proceeds from issuance of shares, net	2,093	2,136	2,093	2,136	3,656
Proceeds from senior secured credit facility, net	0	0	0	0	99,979
Repayment and redemption of long-term debt	0	0	0	0	(560,945)
Tax payments related to net settlements on equity awards	0	0	(556)	0	(146)
Exercise of options	2,455	251	2,845	5,498	6,113
Net cash provided by (used in) financing activities	4,548	2,387	4,382	7,634	(451,343)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(8)	265	(138)	492	394
Increase (decrease) in cash, cash equivalents and restricted cash	6,294	22,702	228	(13,961)	(62,704)
Cash, cash equivalents and restricted cash at the beginning of the period	97,324	129,431	103,390	166,094	166,094
Cash, cash equivalents and restricted cash at the end of the period	103,618	152,133	103,618	152,133	103,390
Cash paid during the period for:
Income taxes paid (refunded), net	2,868	13,838	(1,009)	18,809	30,673
Interest paid	5,033	2,674	9,994	5,319	13,406
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	93,701	149,624	93,701	149,624	93,548
Restricted cash	9,917	2,509	9,917	2,509	9,842
Total cash, cash equivalents and restricted cash	103,618	152,133	103,618	152,133	103,390
Non-cash activities:
Right-of-use assets obtained (disposed) in exchange for lease liabilities	1,021	1,618	2,019	25,110	29,369
Purchase of property incurred but unpaid at period end	$ 1,265	$ 404	$ 1,265	$ 404	$ 886

REVENUE RECOGNITION

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

a. Net revenues

The Company’s net revenues by geographic region, based on the patient’s location are summarized as follows:


	Three months ended June 30,				Six months ended June 30,				Year ended Year ended December 31,
	2026		2025		2026		2025		2025
United States	$	102,955	$	94,261	$	198,911	$	187,415	$	385,632
International markets:
Germany	23,341		19,074		47,845		37,792		79,407
France	21,347		18,416		44,225		36,275		76,189
Japan	11,780		9,484		22,023		18,193		37,786
Other international markets	18,205		12,979		33,884		24,916		56,898
International markets - Total	74,673		59,953		147,977		117,176		250,280

Greater China (1)	5,956		4,591		10,751		9,208		19,441

Total net revenues	$	183,584	$	158,805	$	357,639	$	313,799	$	655,353

(1) For additional information, see Notes 12 and 13 to the Consolidated Financial Statements in the 2025 10-K.

The Company's net revenues by performance period are as follows:


	Three months ended June 30,				Six months ended June 30,				Year ended December 31,
	2026		2025		2026		2025		2025
Net revenues recognized in the reporting period from performance obligations satisfied in:
Reporting period	$	174,813	$	150,954	$	343,986	$	296,970	$	632,358
Previous periods	8,771		7,851		13,653		16,829		22,995
Total net revenues	$	183,584	$	158,805	$	357,639	$	313,799	$	655,353

b. Contract balances

The following table provides information about trade receivables, unbilled receivables and contract liabilities from contracts with customers:


	June 30, 2026		December 31, 2025
	Unaudited		Audited
Trade receivables	$	91,459	$	81,648
Unbilled receivables	$	7,672	$	7,787
Deferred revenues (short-term contract liabilities)	$	(16,866)	$	(15,948)

During the six months ended June 30, 2026 and 2025 and the year ended December 31, 2025 the Company recognized $15,948, $14,225 and $14,225, respectively, which were included in the deferred revenues (short-term contract liability) balance at January 1, 2026 and 2025.

LONG-TERM DEBT, NET - Senior Secured Credit Facility Narrative (Details) - Revolving credit facility $ in Thousands			26 Months Ended
	Sep. 30, 2025 USD ($)	May 01, 2024 USD ($) drawing repayment yr	Jun. 30, 2026 USD ($)	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)
Debt Instrument [Line Items]
Drawing amount			$ 200,000
2024 Credit Facility
Debt Instrument [Line Items]
Contractual term		5 years
Maximum borrowing capacity		$ 400,000
Number of drawings \| drawing		4
Stated interest rate		6.25%	11.70%
Debt instrument additional interest rate		2.50%
Number of repayments \| repayment		8
Final payment of outstanding principal due, year \| yr		5
2024 Credit Facility \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate		3.25%
2024 Credit Facility Tranche A
Debt Instrument [Line Items]
Drawing amount		$ 100,000
Debt issuance costs, gross			$ 6,177
2024 Credit Facility Tranche B
Debt Instrument [Line Items]
Drawing amount	$ 100,000
2024 Credit Facility Tranche C
Debt Instrument [Line Items]
Accordion additional borrowing option					$ 100,000
2024 Credit Facility Tranche D
Debt Instrument [Line Items]
Accordion additional borrowing option				$ 100,000

SUPPLEMENTAL INFORMATION - Narrative (Details)	6 Months Ended
SUPPLEMENTAL INFORMATION - Narrative (Details)	Jun. 30, 2026 segment
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Long-Lived Asset [Abstract]
Number of reportable segments	1

REVENUE RECOGNITION - Schedule of Contract with Customer, Contract Asset, Contract Liability, and Receivable (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Revenue from Contract with Customer [Abstract]
Trade receivables	$ 91,459	$ 81,648
Unbilled receivables	7,672	7,787
Deferred revenues (short-term contract liabilities)	$ (16,866)	$ (15,948)

SHARE OPTION PLANS AND ESPP - Narrative (Details)		6 Months Ended
SHARE OPTION PLANS AND ESPP - Narrative (Details)	Jun. 03, 2026 shares	Jun. 30, 2026 shares	Jun. 04, 2025 shares
2024 plan
Share Capital [Line Items]
Additional ordinary shares available for grants (in shares)	9,000,000
Ordinary shares available for grants (in shares)	17,566,982	13,142,164
Stock awards, maximum percentage of available share pool		0.05
2024 plan \| Minimum
Share Capital [Line Items]
Stock awards granted, vesting period (years)		1 year
2024 plan \| Minimum \| Share-Based Payment Arrangement, Nonemployee
Share Capital [Line Items]
Stock awards granted, vesting period (years)		350 days
2024 plan \| Maximum \| Share-Based Payment Arrangement, Nonemployee
Share Capital [Line Items]
Stock awards granted, vesting period (years)		1 year
2024 plan \| Options \| Minimum
Share Capital [Line Items]
Stock awards granted, vesting period (years)		2 years
2024 plan \| Options \| Maximum
Share Capital [Line Items]
Stock awards granted, vesting period (years)		4 years
2024 plan \| Restricted share units
Share Capital [Line Items]
Stock awards granted, vesting period (years)		3 years
2024 plan \| PSUs \| Minimum
Share Capital [Line Items]
Stock awards granted, vesting period (years)		3 years
2024 plan \| PSUs \| Maximum
Share Capital [Line Items]
Stock awards granted, vesting period (years)		6 years
2015 plan \| Options
Share Capital [Line Items]
Stock awards granted, expiration period (years)		10 years
2025 ESPP
Share Capital [Line Items]
Ordinary shares available for grants (in shares)		6,040,676
Stock for reserved for future issuance (in shares)			6,366,651

SHARE OPTION PLANS AND ESPP - Schedule of Non-cash Share-Based Compensation Expenses Related to Company's Equity-Based Awards (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
	Feb. 11, 2026	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense		$ 17,012	$ 26,143	$ 80,021	$ 55,695	$ 104,832
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested (in shares)	901,284
Income Statement Location: us-gaap:CostOfRevenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense		537	973	1,136	2,075	3,627
Income Statement Location: us-gaap:GeneralAndAdministrativeExpense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense		8,456	14,025	62,543	27,757	48,546
Income Statement Location: us-gaap:GeneralAndAdministrativeExpense \| PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense	$ 43,406
Income Statement Location: us-gaap:ResearchAndDevelopmentExpense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense		4,032	5,787	8,058	11,988	25,538
Income Statement Location: us-gaap:SellingAndMarketingExpense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense		$ 3,987	$ 5,358	$ 8,284	$ 13,875	$ 27,121

COMMITMENTS AND CONTINGENT LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Pledged bank deposits	$ 5,586	$ 5,114
Operating lease and other contractual commitments	$ 6,061	$ 5,554

SHARE OPTION PLANS AND ESPP - Schedule of RSUs and PSUs (Details) - USD ($) $ / shares in Units, $ in Thousands		6 Months Ended
	Feb. 11, 2026	Jun. 30, 2026
RSUs and PSUs
Number of RSU/PSUs
Unvested at beginning of year (in shares)		13,134,654
Granted (in shares)		4,952,953
Vested (in shares)		(3,552,865)
RSUs withheld for tax liabilities (in shares)		(40,950)
Forfeited and cancelled (in shares)		(3,362,496)
Unvested at ending of year (in shares)		11,131,296
Weighted average grant date fair value
Unvested at beginning of year (in usd per share)		$ 23.67
Granted (in usd per share)		13.42
Vested (in usd per share)		22.82
RSUs withheld for tax liabilities (in usd per share)		31.25
Forfeited and cancelled (in usd per share)		36.64
Unvested at ending of year (in usd per share)		$ 15.43
PSUs
Number of RSU/PSUs
Vested (in shares)	(901,284)
Weighted average grant date fair value
Number of PSUs (in shares)		1,888,529
Total fair value at grant date		$ 29,278
PSUs \| Award one
Weighted average grant date fair value
Number of PSUs (in shares)		894,375
Fair value at grant date per PSU (in usd per share)		$ 13.48
Total fair value at grant date		$ 12,056
PSUs \| Award two
Weighted average grant date fair value
Number of PSUs (in shares)		49,079
Fair value at grant date per PSU (in usd per share)		$ 14.99
Total fair value at grant date		$ 736
PSUs \| Award three
Weighted average grant date fair value
Number of PSUs (in shares)		373,003
Fair value at grant date per PSU (in usd per share)		$ 16.30
Total fair value at grant date		$ 6,080
PSUs \| Award four
Weighted average grant date fair value
Number of PSUs (in shares)		572,072
Fair value at grant date per PSU (in usd per share)		$ 18.19
Total fair value at grant date		$ 10,406

SUPPLEMENTAL INFORMATION - Schedule of Long-lived Assets by Location (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Total long lived assets	$ 145,740	$ 146,999
United States
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Total long lived assets	66,036	65,669
Switzerland
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Total long lived assets	46,068	48,125
Israel
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Total long lived assets	12,999	14,059
Others
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]
Total long lived assets	$ 20,637	$ 19,146

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2026	Jul. 17, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	001-37565
Entity Registrant Name	NovoCure Limited
Entity Incorporation, State or Country Code	Y9
Entity Tax Identification Number	98-1057807
Entity Address, Address Line One	No. 4 The Forum
Entity Address, Address Line Two	Grenville Street
Entity Address, City or Town	St. Helier
Entity Address, Country	JE
Entity Address, Postal Zip Code	JE2 4UF
City Area Code	44 (0) 15
Local Phone Number	3475 6700
Title of 12(b) Security	Ordinary Shares, no par value
Trading Symbol	NVCR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		116,445,840
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001645113
Current Fiscal Year End Date	--12-31

Basic and diluted net income (loss) per ordinary share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended		12 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss) attributable to ordinary shares as reported used in computing basic and diluted net income (loss) per share	$ (15,658)	$ (71,138)	$ (40,139)	$ (34,319)	$ (86,796)	$ (74,458)	$ (136,227)
Weighted average number of ordinary shares used in computing diluted net income (loss) per share (in shares)	116,012,397		111,572,191		115,106,850	110,930,576	111,471,991
Potentially anti-dilutive shares that were excluded from the computation of basic net income (loss) per share (in shares)	12,826,679		13,575,686		13,097,790	13,943,014	14,288,460
Basic net income (loss) per ordinary share (in usd per share)	$ (0.13)		$ (0.36)		$ (0.75)	$ (0.67)	$ (1.22)
Diluted net income (loss) per ordinary share (in usd per share)	$ (0.13)		$ (0.36)		$ (0.75)	$ (0.67)	$ (1.22)
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially anti-dilutive shares that were excluded from the computation of basic net income (loss) per share (in shares)	8,345,038		9,069,460		8,945,746	8,902,549	9,297,875
RSUs and PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially anti-dilutive shares that were excluded from the computation of basic net income (loss) per share (in shares)	4,293,924		4,365,034		3,964,327	4,899,273	4,781,731
ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially anti-dilutive shares that were excluded from the computation of basic net income (loss) per share (in shares)	187,717		141,192		187,717	141,192	208,854

LONG-TERM DEBT, NET - Schedule of Liability and Equity Components of the Senior Secured Credit Facility (Details) - Revolving credit facility - 2024 Credit Facility Tranche A - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Principal amount	$ 200,000	$ 200,000
Unamortized issuance costs	(4,109)	(4,953)
Net carrying amount of liability component	195,891	195,047
Fair Value, Inputs, Level 3
Debt Instrument [Line Items]
Estimated fair value	$ 208,923	$ 215,538

COMMITMENTS AND CONTINGENT LIABILITIES	6 Months Ended
COMMITMENTS AND CONTINGENT LIABILITIES	Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENT LIABILITIES	COMMITMENTS AND CONTINGENT LIABILITIES Operating Leases. The facilities of the Company are leased under various operating lease agreements for periods, including options for extensions, ending no later than 2044. The Company also leases motor vehicles under various operating leases, which expire on various dates, the latest of which is in 2031. Pledged deposits and bank guarantees. As of June 30, 2026 and December 31, 2025, the Company pledged bank deposits of $5,586 and $5,114, respectively, to cover bank guarantees in respect of its leases of operating facilities and obtained bank guarantees for the fulfillment of the Company’s lease and other contractual commitments of $6,061 and $5,554, respectively.

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
CURRENT ASSETS:
Cash and cash equivalents	$ 93,701	$ 93,548
Short-term investments	346,858	354,126
Restricted cash	9,917	9,842
Trade receivables, net	99,131	89,435
Receivables and prepaid expenses	46,690	58,669
Inventories	42,224	41,111
Total current assets	638,521	646,731
LONG-TERM ASSETS:
Property and equipment, net	75,369	77,606
Field equipment, net	26,582	22,066
Right-of-use assets	43,789	47,327
Other long-term assets	10,930	10,596
Total long-term assets	156,670	157,595
TOTAL ASSETS	795,191	804,326
CURRENT LIABILITIES:
Trade payables	130,729	122,231
Other payables, lease liabilities and accrued expenses	89,981	100,997
Total current liabilities	220,710	223,228
LONG-TERM LIABILITIES:
Senior secured credit facility, net	195,891	195,047
Long-term leases	37,529	41,647
Employee benefit liabilities	2,969	3,938
Total long-term liabilities	236,389	240,632
TOTAL LIABILITIES	457,099	463,860
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY:
Ordinary shares no par value, Unlimited shares authorized; issued and outstanding: 116,442,465 shares and 112,492,667 shares at June 30, 2026 (unaudited) and December 31, 2025, respectively	0	0
Additional paid-in capital	1,718,667	1,634,264
Accumulated other comprehensive income (loss)	(3,422)	(3,441)
Retained earnings (accumulated deficit)	(1,377,153)	(1,290,357)
TOTAL SHAREHOLDERS' EQUITY	338,092	340,466
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 795,191	$ 804,326

SHARE OPTION PLANS AND ESPP - Schedule of Stock Option Plan (Details)	6 Months Ended
	Jun. 30, 2026 $ / shares shares
Number of options
Number of options, beginning outstanding (in shares) \| shares	10,827,353
Number of options, granted (in shares) \| shares	992,929
Number of options, exercised (in shares) \| shares	(209,216)
Number of options, forfeited and canceled (in shares) \| shares	(1,058,071)
Number of options, ending outstanding (in shares) \| shares	10,552,995
Number of options, exercisable options (in shares) \| shares	7,437,725
Weighted average exercise price
Weighted average exercise price, beginning outstanding (in usd per share) \| $ / shares	$ 29.93
Weighted average exercise price, granted (in usd per share) \| $ / shares	13.69
Weighted average exercise price, exercised (in usd per share) \| $ / shares	13.60
Weighted average exercise price, forfeited and canceled (in usd per share) \| $ / shares	25.77
Weighted average exercise price, ending outstanding (in usd per share) \| $ / shares	29.14
Weighted average exercise price, exercisable options (in usd per share) \| $ / shares	$ 33.95

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Ordinary shares	Additional paid-in capital	Accumulated other comprehensive income (loss)	Retained earnings (accumulated deficit)
Beginning balance (in shares) at Dec. 31, 2024		108,516,819
Beginning balance at Dec. 31, 2024	$ 360,179		$ 1,519,809	$ (5,500)	$ (1,154,130)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation to employees	29,552		29,552
Exercise of options and vested RSUs (in shares)		2,965,781
Exercise of options and vested RSUs	5,247		5,247
Other comprehensive income (loss), net of tax benefit of $0	1,299			1,299
Net income (loss)	(34,319)				(34,319)
Ending balance (in shares) at Mar. 31, 2025		111,482,600
Ending balance at Mar. 31, 2025	361,958		1,554,608	(4,201)	(1,188,449)
Beginning balance (in shares) at Dec. 31, 2024		108,516,819
Beginning balance at Dec. 31, 2024	360,179		1,519,809	(5,500)	(1,154,130)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(74,458)
Ending balance (in shares) at Jun. 30, 2025		111,798,690
Ending balance at Jun. 30, 2025	349,441		1,583,138	(5,109)	(1,228,588)
Beginning balance (in shares) at Dec. 31, 2024		108,516,819
Beginning balance at Dec. 31, 2024	360,179		1,519,809	(5,500)	(1,154,130)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(136,227)
Ending balance (in shares) at Dec. 31, 2025		112,492,667
Ending balance at Dec. 31, 2025	340,466		1,634,264	(3,441)	(1,290,357)
Beginning balance (in shares) at Mar. 31, 2025		111,482,600
Beginning balance at Mar. 31, 2025	361,958		1,554,608	(4,201)	(1,188,449)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation to employees	26,143		26,143
Proceeds from issuance of shares (in shares)		141,192
Proceeds from issuance of shares	2,136		2,136
Exercise of options and vested RSUs (in shares)		174,898
Exercise of options and vested RSUs	251		251
Other comprehensive income (loss), net of tax benefit of $0	(908)			(908)
Net income (loss)	(40,139)				(40,139)
Ending balance (in shares) at Jun. 30, 2025		111,798,690
Ending balance at Jun. 30, 2025	349,441		1,583,138	(5,109)	(1,228,588)
Beginning balance (in shares) at Dec. 31, 2025		112,492,667
Beginning balance at Dec. 31, 2025	340,466		1,634,264	(3,441)	(1,290,357)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation to employees	63,009		63,009
Exercise of options and vested RSUs (in shares)		3,328,273
Exercise of options and vested RSUs	390		390
Tax payment related to net share settlement on equity awards	(556)		(556)
Other comprehensive income (loss), net of tax benefit of $0	(1,454)			(1,454)
Net income (loss)	(71,138)				(71,138)
Ending balance (in shares) at Mar. 31, 2026		115,820,940
Ending balance at Mar. 31, 2026	330,717		1,697,107	(4,895)	(1,361,495)
Beginning balance (in shares) at Dec. 31, 2025		112,492,667
Beginning balance at Dec. 31, 2025	340,466		1,634,264	(3,441)	(1,290,357)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(86,796)
Ending balance (in shares) at Jun. 30, 2026		116,442,465
Ending balance at Jun. 30, 2026	338,092		1,718,667	(3,422)	(1,377,153)
Beginning balance (in shares) at Mar. 31, 2026		115,820,940
Beginning balance at Mar. 31, 2026	330,717		1,697,107	(4,895)	(1,361,495)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation to employees	17,012		17,012
Proceeds from issuance of shares (in shares)		187,717
Proceeds from issuance of shares	2,093		2,093
Exercise of options and vested RSUs (in shares)		433,808
Exercise of options and vested RSUs	2,455		2,455
Other comprehensive income (loss), net of tax benefit of $0	1,473			1,473
Net income (loss)	(15,658)				(15,658)
Ending balance (in shares) at Jun. 30, 2026		116,442,465
Ending balance at Jun. 30, 2026	$ 338,092		$ 1,718,667	$ (3,422)	$ (1,377,153)

CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	6 Months Ended
CONSOLIDATED BALANCE SHEETS (Parenthetical) - shares	Jun. 30, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Common Stock, Shares Authorized, Unlimited [Fixed List]	Unlimited
Common stock, shares issued (in shares)	116,442,465	112,492,667
Common stock, shares outstanding (in shares)	116,442,465	112,492,667

INVENTORIES (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Inventory Disclosure [Abstract]
Raw materials	$ 3,051	$ 4,533
Work in progress	8,032	7,500
Finished products	31,141	29,078
Total	$ 42,224	$ 41,111

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents	$ 93,701	$ 93,548	$ 149,624
HTM Securities
Debt securities, held-to-maturity, adjusted cost basis and recorded basis	306,571	348,873
Unrealized gains	30	130
Unrealized losses	(639)	(205)
Fair market value	305,962	348,798
Debt securities, available-for-sale and held-to-maturity, adjusted cost basis	440,559	447,674
Debt securities, available-for-sale and held-to-maturity, unrealized gains	30	130
Debt securities, available-for-sale and held-to-maturity, unrealized losses	(639)	(205)
Debt securities, available-for-sale and held-to-maturity, fair value	439,950	447,599
Debt securities, available-for-sale and held-to-maturity	440,559	447,674
Level 1 \| U.S. Treasury bills
HTM Securities
Debt securities, held-to-maturity, adjusted cost basis and recorded basis	58,931	54,096
Unrealized gains	1	48
Unrealized losses	(59)	0
Fair market value	58,873	54,144
Level 2 \| Corporate debt securities
HTM Securities
Debt securities, held-to-maturity, adjusted cost basis and recorded basis	247,640	294,777
Unrealized gains	29	82
Unrealized losses	(580)	(205)
Fair market value	247,089	294,654
Balance Sheet Location [Axis]: us-gaap:CashAndCashEquivalentsAtCarryingValue
HTM Securities
Debt securities, held-to-maturity, adjusted cost basis and recorded basis	0	9,920
Debt securities, available-for-sale and held-to-maturity	93,701	93,548
Balance Sheet Location [Axis]: us-gaap:CashAndCashEquivalentsAtCarryingValue \| Level 1 \| U.S. Treasury bills
HTM Securities
Debt securities, held-to-maturity, adjusted cost basis and recorded basis	0	0
Balance Sheet Location [Axis]: us-gaap:CashAndCashEquivalentsAtCarryingValue \| Level 2 \| Corporate debt securities
HTM Securities
Debt securities, held-to-maturity, adjusted cost basis and recorded basis	0	9,920
Balance Sheet Location [Axis]: us-gaap:HeldToMaturitySecuritiesCurrent
HTM Securities
Debt securities, held-to-maturity, adjusted cost basis and recorded basis	306,571	338,953
Debt securities, available-for-sale and held-to-maturity	346,858	354,126
Balance Sheet Location [Axis]: us-gaap:HeldToMaturitySecuritiesCurrent \| Level 1 \| U.S. Treasury bills
HTM Securities
Debt securities, held-to-maturity, adjusted cost basis and recorded basis	58,931	54,096
Balance Sheet Location [Axis]: us-gaap:HeldToMaturitySecuritiesCurrent \| Level 2 \| Corporate debt securities
HTM Securities
Debt securities, held-to-maturity, adjusted cost basis and recorded basis	247,640	284,857
Cash
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents, fair value	8,097	7,402
Cash \| Balance Sheet Location [Axis]: us-gaap:CashAndCashEquivalentsAtCarryingValue
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents	8,097	7,402
Money market funds \| Level 1
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents, fair value	85,604	66,213
Money market funds \| Balance Sheet Location [Axis]: us-gaap:CashAndCashEquivalentsAtCarryingValue \| Level 1
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents	85,604	66,213
Certificate of deposits and term deposits \| Level 2
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents, fair value	40,287	25,186
Certificate of deposits and term deposits \| Balance Sheet Location [Axis]: us-gaap:CashAndCashEquivalentsAtCarryingValue \| Level 2
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents	0	10,013
Certificate of deposits and term deposits \| Balance Sheet Location [Axis]: us-gaap:HeldToMaturitySecuritiesCurrent \| Level 2
Debt Securities, Available-for-Sale [Line Items]
Cash and cash equivalents	$ 40,287	$ 15,173