Identiv (INVE) 10-Q 9 May 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 02, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Trading Symbol	INVE
Entity Registrant Name	IDENTIV, INC.
Entity Central Index Key	0001036044
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	000-29440
Entity Tax Identification Number	77-0444317
Entity Address, Address Line One	2201 Walnut Avenue
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Fremont
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94538
City Area Code	949
Local Phone Number	250-8888
Entity Common Stock, Shares Outstanding		23,382,459
Security12b Title	Common Stock, $0.001 par value per share
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 21,623	$ 23,312
Restricted cash	811	1,072
Accounts receivable, net of allowances of $701 and $2,627 as of March 31, 2024 and December 31, 2023, respectively	17,811	21,969
Inventories	28,460	28,712
Prepaid expenses and other current assets	4,159	4,421
Total current assets	72,864	79,486
Property and equipment, net	8,832	9,320
Operating lease right-of-use assets	4,756	5,214
Intangible assets, net	3,995	4,251
Goodwill	10,192	10,218
Other assets	1,150	1,234
Total assets	101,789	109,723
Current liabilities:
Accounts payable	9,564	12,250
Financial liabilities, net of debt issuance costs of $106 and $5 as of March 31, 2024 and December 31, 2023, respectively	9,894	9,949
Operating lease liabilities	1,655	1,714
Deferred revenue	1,744	2,341
Accrued compensation and related benefits	2,099	2,334
Other accrued expenses and liabilities	2,351	2,194
Total current liabilities	27,307	30,782
Long-term operating lease liabilities	3,309	3,716
Long-term deferred revenue	981	927
Other long-term liabilities	26	26
Total liabilities	31,623	35,451
Commitments and contingencies (see Note 15)
Stockholders' equity:
Preferred stock, $0.001 par value: 10,000 shares authorized; 5,000 shares issued and outstanding as of March 31, 2024 and December 31, 2023	5	5
Common stock, $0.001 par value: 50,000 shares authorized; 25,022 and 24,902 shares issued and 23,334 and 23,247 shares outstanding as of March 31, 2024 and December 31, 2023, respectively	25	25
Additional paid-in capital	501,771	500,752
Treasury stock, 1,688 and 1,655 shares as of March 31, 2024 and December 31, 2023, respectively	(13,246)	(12,969)
Accumulated deficit	(419,428)	(414,870)
Accumulated other comprehensive income	1,039	1,329
Total stockholders' equity	70,166	74,272
Total liabilities and stockholders' equity	$ 101,789	$ 109,723

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement Of Financial Position [Abstract]
Accounts receivable, allowances	$ 701	$ 2,627
Financial liabilities , debt issuance costs	$ 106	$ 51
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, issued	5,000,000	5,000,000
Preferred stock, outstanding	5,000,000	5,000,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	25,022,000	24,902,000
Common stock, shares outstanding	23,334,000	23,247,000
Treasury stock, shares	1,688,000	1,655,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net revenue	$ 22,494	$ 25,997
Cost of revenue	14,102	16,786
Gross profit	8,392	9,211
Operating expenses:
Research and development	3,011	2,707
Selling and marketing	5,302	6,097
General and administrative	4,252	2,948
Restructuring and severance	22	191
Total operating expenses	12,587	11,943
Loss from operations	(4,195)	(2,732)
Non-operating income (expense):
Interest expense, net	(87)	(50)
Foreign currency gains (losses), net	(256)	89
Loss before income tax provision	(4,538)	(2,693)
Income tax provision	(20)	(26)
Net loss	(4,558)	(2,719)
Other comprehensive loss:
Foreign currency translation adjustment, net of tax	(290)	120
Comprehensive loss	$ (4,848)	$ (2,599)
Net loss per common share:
Basic	$ (0.21)	$ (0.13)
Diluted	$ (0.21)	$ (0.13)
Weighted average shares used in computing net loss per common share:
Basic	23,368	22,794
Diluted	23,368	22,794

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Preferred Stock Series B Convertible Preferred Stock	Common Stock	Additional Paid-in Capital	Treasury Stock	Accumulated Deficit	Accumulated Other Comprehensive Income
Beginning Balances at Dec. 31, 2022	$ 75,394	$ 5	$ 24	$ 495,818	$ (12,173)	$ (409,381)	$ 1,101
Beginning Balances (in shares) at Dec. 31, 2022		5,000	22,623
Net loss	(2,719)					(2,719)
Unrealized income (loss) from foreign currency translation adjustments	120						120
Issuance of common stock in connection with vesting of stock awards (shares)			78
Stock-based compensation	990			990
Shares withheld in payment of taxes in connection with net share settlement of restricted stock units	(184)				(184)
Shares withheld in payment of taxes in connection with net share settlement of restricted stock units (shares)			(24)
Ending Balances at Mar. 31, 2023	73,601	$ 5	$ 24	496,808	(12,357)	(412,100)	1,221
Ending Balances (in shares) at Mar. 31, 2023		5,000	22,677
Beginning Balances at Dec. 31, 2023	74,272	$ 5	$ 25	500,752	(12,969)	(414,870)	1,329
Beginning Balances (in shares) at Dec. 31, 2023		5,000	23,247
Net loss	(4,558)					(4,558)
Unrealized income (loss) from foreign currency translation adjustments	(290)						(290)
Issuance of common stock in connection with vesting of stock awards (shares)			120
Stock-based compensation	1,019			1,019
Shares withheld in payment of taxes in connection with net share settlement of restricted stock units	(277)				(277)
Shares withheld in payment of taxes in connection with net share settlement of restricted stock units (shares)			(33)
Ending Balances at Mar. 31, 2024	$ 70,166	$ 5	$ 25	$ 501,771	$ (13,246)	$ (419,428)	$ 1,039
Ending Balances (in shares) at Mar. 31, 2024		5,000	23,334

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows used in operating activities
Net loss	$ (4,558)	$ (2,719)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	785	623
Amortization of debt issuance costs	26	5
Stock-based compensation	1,019	990
Changes in operating assets and liabilities:
Accounts receivable	4,160	3,661
Inventories	234	(1,667)
Prepaid expenses and other assets	346	(214)
Accounts payable	(2,684)	(4,876)
Deferred revenue	(543)	(210)
Accrued expenses and other liabilities	(86)	(291)
Net cash provided by (used in) operating activities	(1,301)	(4,698)
Cash flows from investing activities:
Capital expenditures	(232)	(1,225)
Net cash used in investing activities	(232)	(1,225)
Cash flows from financing activities:
Borrowings under revolving loan facility, net of issuance costs	5,919	9,936
Repayments under revolving loan facility	(6,000)
Taxes paid related to net share settlement of restricted stock units	(277)	(184)
Net cash provided by (used in) financing activities	(358)	9,752
Effect of exchange rates on cash, cash equivalents, and restricted cash	(59)	201
Net increase (decrease) in cash, cash equivalents, and restricted cash	(1,950)	4,030
Cash, cash equivalents, and restricted cash at beginning of period	24,384	17,137
Cash, cash equivalents, and restricted cash at end of period	22,434	21,167
Supplemental Disclosures of Cash Flow Information:
Interest paid	94	28
Taxes paid, net	$ 24	27
Non-cash investing and financing activities:
Operating lease right-of-use assets obtained in exchange for operating lease liabilities		$ 323

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (4,558)	$ (2,719)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
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

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2024
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	1. Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Identiv, Inc. and its wholly owned subsidiaries (the “Company”). All intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the Company’s unaudited condensed consolidated financial statements have been included. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024 or any future period. The unaudited condensed consolidated balance sheet as of December 31, 2023 has been derived from audited consolidated financial statements at that date, but does not include all disclosures required by U.S. GAAP for complete financial statements. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Risk Factors,” and the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as amended. The accompanying unaudited condensed consolidated financial statements contain historical financial information for the periods presented and do not reflect any impact of the Stock and Asset Purchase Agreement entered into on April 2, 2024 more fully disclosed in Note 16, Subsequent Events.

Significant Accounting Policies

Significant Accounting Policies and Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2024
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Significant Accounting Policies and Recent Accounting Pronouncements	2. Significant Accounting Policies and Recent Accounting Pronouncements Significant Accounting Policies No material changes have been made to the Company's significant accounting policies disclosed in Note 2, Significant Accounting Policies and Recent Accounting Pronouncements , in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as amended. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that the Company adopts as of the specified effective date. Unless otherwise discussed, the Company does not believe that the impact of recently issued standards that are not yet effective will have a material impact on its financial position or results of operations upon adoption. In November 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of incremental segment information on an annual and interim basis. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. Early adoption is permitted. The Company is currently evaluating the impact of the new standard on the consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU is intended to improve the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU’s amendments are effective for public business entities for annual periods beginning after December 15, 2024. Entities are permitted to early adopt the standard for “annual financial statements that have not yet been issued or made available for issuance.” Adoption is either prospectively or retrospectively, the Company will adopt this ASU on a prospective basis. The Company is currently evaluating the impact of the new standard on the consolidated financial statements and related disclosures.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2024
Revenue From Contract With Customer [Abstract]
Revenue	3. Revenue Revenue Recognition Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. The Company enters into contracts that can include various combinations of its products, software licenses, and services, which are generally capable of being distinct and accounted for as separate performance obligations. For contracts with multiple performance obligations, the Company allocates the transaction price of the contract to each performance obligation, generally on a relative basis using its standalone selling price. The stated contract value is generally the transaction price to be allocated to the separate performance obligations. Revenue is recognized net of any taxes collected from customers that are subsequently remitted to governmental authorities. Nature of Products and Services The Company derives revenues from sales of hardware products, software licenses, subscriptions, professional services, software maintenance and support, and extended hardware warranties. Hardware Product Revenue — The Company generally has two performance obligations in arrangements involving the sale of hardware products. The first performance obligation is to transfer the hardware product (which includes software integral to the functionality of the hardware product). The second performance obligation is to provide assurance that the product complies with its agreed-upon specifications and is free from defects in material and workmanship for a period of one to three years (i.e., assurance warranty). The entire transaction price is allocated to the hardware product and is generally recognized as revenue at the time of shipment because the customer obtains control of the product at that point in time. The Company has concluded that control generally transfers at that point in time because the customer has title to the hardware, and a present obligation to pay for the hardware. None of the transaction price is allocated to the assurance warranty component, as the Company accounts for these product warranty costs in accordance with Accounting Standards Codification (“ASC”) 460, Guarantees . Software License Revenue — The Company’s license arrangements grant customers the perpetual right to access and use the licensed software products at the outset of an arrangement. Technical support and software updates are generally made available throughout the term of the support agreement, which is generally one to three years . The Company accounts for these arrangements as two performance obligations: (1) the software licenses, and (2) the related updates and technical support. The software license revenue is recognized when the license is delivered to the customer or made available for download, while the software updates and technical support revenue is recognized over the term of the support contract. Subscription Revenue — Subscription revenues consist of fees received in consideration for providing customers access to one or more of the Company’s software-as-a-service (“SaaS”) based solutions. These SaaS arrangements include access to the Company’s licensed software and, in certain arrangements, use of various hardware devices over the contract term. These SaaS arrangements do not provide the customer the right to take possession of the software supporting the subscription service, or if applicable, any hardware devices at any time during the contract period, and as such are not considered separate performance obligations. Revenue is recognized ratably on a straight-line basis over the term of the contract beginning when the service is made available to the customer. Subscription contract terms range from month -to-month to six years in length and are billed monthly or annually. Professional Services Revenue — Professional services revenue consists primarily of programming customization services performed relating to the integration of the Company’s software products with the customers other systems, such as human resources systems. Professional services contracts are generally billed on a time and materials basis and revenue is recognized as the services are performed. Software Maintenance and Support Revenue — Support and maintenance contract revenue consists of the services provided to support the specialized programming applications performed by the Company’s professional services group. Support and maintenance contracts are typically billed at inception of the contract and recognized as revenue over the contract period, typically over a one -or three-year period. Extended Hardware Warranties Revenue — Sales of the Company’s hardware products may also include optional extended hardware warranties, which typically provide assurance that the product will continue to function as initially intended. Extended hardware warranty contracts are typically billed at inception of the contract and recognized as revenue over the respective contract period, typically over one -to- two-year periods after the expiration of the original assurance warranty. Performance When Performance Obligation is When Payment is How Standalone Selling Price is Hardware products When customer obtains control of the product (point-in-time) Within 30 - 60 days of shipment Observable in transactions without multiple performance obligations Software licenses When license is delivered to customer or made available for download, and the applicable license period has begun (point-in-time) Within 30 - 60 days of the beginning of license period Established pricing practices for software licenses bundled with software maintenance, which are separately observable in renewal transactions Subscriptions Ratably over the course of the subscription term (over time) In advance of subscription term Contractually stated or list price Professional services As services are performed and/or when contract is fulfilled (point-in-time) Within 30 - 60 days of delivery Observable in transactions without multiple performance obligations Software maintenance Ratably over the course of the support contract (over time) Within 30 - 60 days of the beginning of the contract period Observable in renewal transactions Extended hardware Ratably over the course of the support contract (over time) Within 30 - 60 days of the beginning of the contract period Observable in renewal transactions Significant Judgments The Company’s contracts with customers often include promises to transfer multiple products and services to a customer. For such arrangements, the Company allocates the transaction price to each performance obligation based on its relative standalone selling price (“SSP”). Judgment is required to determine the SSP for each distinct performance obligation in a contract. For the majority of items, the Company estimates SSP using historical transaction data. The Company uses a range of amounts to estimate SSP when it sells each of the products and services separately and needs to determine whether there is a discount to be allocated based on the relative SSP of the various products and services. In instances where SSP is not directly observable, such as when the product or service is not sold separately, the Company determines the SSP using information that may include market conditions and other observable inputs. The determination of SSP is an ongoing process and information is reviewed regularly in order to ensure SSPs reflect current information or trends. Disaggregation of Revenue The Company disaggregates revenue from contracts with customers based on the timing of transfer of goods or services to customers (point-in-time or over time) and geographic region based on the shipping location of the customer. The geographic regions that are tracked are the Americas, Europe and the Middle East, and Asia-Pacific regions. Total net revenue based on the disaggregation criteria described above is as follows (in thousands): Three Months Ended March 31, 2024 2023 Point-in- Over Time Total Point-in- Over Time Total Americas $ 15,360 $ 1,144 $ 16,504 $ 20,874 $ 754 $ 21,628 Europe and the Middle East 3,897 101 3,998 2,899 85 2,984 Asia-Pacific 1,992 — 1,992 1,385 — 1,385 Total $ 21,249 $ 1,245 $ 22,494 $ 25,158 $ 839 $ 25,997 Contract Balances Amounts invoiced in advance of services being provided are accounted for as deferred revenue. Nearly all of the Company’s deferred revenue balance is related to software maintenance contracts. Payment terms and conditions vary by contract type, although payment is typically due within 30 to 60 days of contract inception. In instances where the timing of revenue recognition differs from the timing of invoicing, the Company has determined its contracts do not include a significant financing component. The primary purpose of the Company’s invoicing terms is to provide customers with simplified and predictable ways of purchasing the Company’s products and services, not to receive financing from its customers. Changes in deferred revenue during the three months ended March 31, 2024 and 2023 were as follows (in thousands): Three Months Ended March 31, 2024 2023 Deferred revenue, beginning of period $ 3,268 $ 2,655 Deferral of revenue billed in current period, net of recognition 542 504 Recognition of revenue deferred in prior periods ( 1,085 ) ( 714 ) Deferred revenue, end of period $ 2,725 $ 2,445 Amounts recognized as revenue in excess of amounts billed are recorded as unbilled receivables and are included in other current assets on the condensed consolidated balance sheets. As of March 31, 2024 and December 31, 2023, the amount of unbilled receivables was immaterial. Unsatisfied Performance Obligations Revenue expected to be recognized in future periods related to remaining performance obligations, excluding revenue pertaining to contracts that have an original expected duration of one year or less, and contracts where revenue is recognized as invoiced, was approximately $ 1.5 million as of March 31, 2024. Since the Company typically invoices customers at contract inception, this amount is included in the deferred revenue balance. As of March 31, 2024 , the Company expects to recognize 30 % of the revenue related to these unsatisfied performance obligations during the remainder of 2024 , 29 % during 2025 , and 41 % thereafter.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	4. Fair Value Measurements The Company determines the fair values of its financial instruments based on a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The classification of a financial asset or liability within the hierarchy is based upon the lowest level input that is significant to the fair value measurement. Under ASC 820, Fair Value Measurement and Disclosures , the fair value hierarchy prioritizes the inputs into three levels that may be used to measure fair value: • Level 1 – Quoted prices (unadjusted) for identical assets and liabilities in active markets; • Level 2 – Inputs other than quoted prices in active markets for identical assets and liabilities that are observable either directly or indirectly; and • Level 3 – Unobservable inputs. Assets and Liabilities Measured at Fair Value on a Recurring Basis As of March 31, 2024 and December 31, 2023, the only assets measured and recognized at fair value on a recurring basis were nominal cash equivalents. As of March 31, 2024 and December 31, 2023 , there were no liabilities measured and recognized at fair value on a recurring basis. Assets and Liabilities Measured at Fair Value on a Non-recurring Basis Certain of the Company's assets, including goodwill, intangible assets, and privately-held investments, are measured at fair value on a nonrecurring basis if impairment is indicated. Purchased intangible assets are measured at fair value primarily using discounted cash flow projections. For additional discussion of measurement criteria used in evaluating potential impairment involving goodwill and intangible assets, refer to Note 5, Goodwill and Intangible Assets . As of March 31, 2024 and December 31, 2023 , the Company had $ 348,000 of privately-held investments measured at fair value on a nonrecurring basis, which were classified as Level 3 assets due to the absence of quoted market prices and inherent lack of liquidity. The Company reviews its investments to identify and evaluate investments that have an indication of possible impairment. The Company adjusts the carrying value for its privately-held investments for any impairment if the fair value is less than the carrying value of the respective assets on an other-than-temporary basis. The amount of privately-held investments is included in other assets in the accompanying condensed consolidated balance sheets. As of March 31, 2024 and December 31, 2023 , there were no liabilities that are measured and recognized at fair value on a non-recurring basis. Assets and Liabilities Not Measured at Fair Value The carrying amounts of the Company's accounts receivable, prepaid expenses and other current assets, accounts payable, and other accrued liabilities approximate fair value due to their short maturities. The carrying value of the Company's financial liabilities approximates fair value based upon borrowing rates currently available to the Company for loans with similar terms.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2024
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	5. Goodwill and Intangible Assets Goodwill The following table summarizes the activity in goodwill (in thousands): Identity Premises Total Balance as of January 1, 2023 $ 3,554 $ 6,636 $ 10,190 Currency translation adjustment — 2 2 Balance as of March 31, 2023 $ 3,554 $ 6,638 $ 10,192 Balance as of January 1, 2024 $ 3,554 $ 6,664 $ 10,218 Currency translation adjustment — ( 26 ) ( 26 ) Balance as of March 31, 2024 $ 3,554 $ 6,638 $ 10,192 In accordance with ASC 350, Intangibles – Goodwill and Other , the Company tests goodwill for impairment on an annual basis, in the fourth quarter, or whenever events or changes in circumstances indicate that the carrying amount of these assets may not be recoverable. The Company performs an initial assessment of qualitative factors to determine whether the existence of events and circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. In performing the qualitative assessment, the Company identifies and considers the significance of relevant key factors, events, and circumstances that affect the fair value of its reporting units. These factors include external factors such as macroeconomic, industry, and market conditions, as well as entity-specific factors, such as actual and planned financial performance. If, after assessing the totality of relevant events and circumstances, the Company determines that it is more likely than not that the fair value of the reporting unit exceeds its carrying value and there is no indication of impairment, no further testing is performed; however, if the Company concludes otherwise, then the Company will perform the quantitative impairment test which compares the estimated fair value of the reporting unit to its carrying value, including goodwill. If the carrying amount of the reporting unit is in excess of its fair value, an impairment loss would be recorded in the condensed consolidated statements of comprehensive loss. During the three months ended March 31, 2024 and 2023 , the Company noted no indicators of goodwill impairment and concluded no further testing was necessary. Intangible Assets The following table summarizes the gross carrying amount and accumulated amortization for intangible assets resulting from acquisitions (in thousands): Developed Customer Trademarks Technology Relationships Total Amortization period (in years) 5 10 – 12 4 – 12 Gross carrying amount as of March 31, 2024 $ 760 $ 9,088 $ 15,742 $ 25,590 Accumulated amortization ( 760 ) ( 7,220 ) ( 13,615 ) ( 21,595 ) Intangible assets, net as of March 31, 2024 $ — $ 1,868 $ 2,127 $ 3,995 Gross carrying amount as of December 31, 2023 $ 760 $ 9,098 $ 15,748 $ 25,606 Accumulated amortization ( 760 ) ( 7,110 ) ( 13,485 ) ( 21,355 ) Intangible assets, net as of December 31, 2023 $ — $ 1,988 $ 2,263 $ 4,251 Each period, the Company evaluates the estimated remaining useful lives of purchased intangible assets and whether events or changes in circumstances warrant a revision to the remaining period of amortization. If a revision to the remaining period of amortization is warranted, amortization is prospectively adjusted over the remaining useful life of the intangible asset. Intangible assets subject to amortization are amortized on a straight-line basis over their useful lives as indicated in the table above. The Company performs an evaluation of its amortizable intangible assets for impairment at the end of each reporting period. The Company did no t identify any impairment indicators during the three months ended March 31, 2024. The following table summarizes the amortization expense included in the condensed consolidated statements of comprehensive income (loss) for the three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended March 31, 2024 2023 Cost of revenue $ 110 $ 111 Selling and marketing 130 155 Total $ 240 $ 266 The estimated annual future amortization expense for purchased intangible assets with definite lives as of March 31, 2024 was as follows (in thousands): 2024 (remaining nine months) $ 721 2025 961 2026 961 2027 961 2028 391 Total $ 3,995

Balance Sheet Components

Balance Sheet Components	3 Months Ended
	Mar. 31, 2024
Statement Of Financial Position [Abstract]
Balance Sheet Components	6. Balance Sheet Components The Company’s inventories are stated at the lower of cost or net realizable value. Inventories consist of (in thousands): March 31, December 31, Raw materials $ 14,255 $ 15,122 Work-in-progress — 5 Finished goods 14,205 13,585 Total $ 28,460 $ 28,712 Property and equipment, net consists of (in thousands): March 31, December 31, Building and leasehold improvements $ 1,999 $ 2,203 Furniture, fixtures and office equipment 1,064 1,017 Plant and machinery 18,957 18,920 Purchased software 855 836 Total 22,875 22,976 Accumulated depreciation ( 14,043 ) ( 13,656 ) Property and equipment, net $ 8,832 $ 9,320 The Company recorded depreciation expenses of $ 0.5 million and $ 0.4 million during the three months ended March 31, 2024 and 2023, respectively. Other accrued expenses and liabilities consist of (in thousands): March 31, December 31, Accrued professional fees $ 449 $ 441 Accrued warranties 301 378 Other accrued expenses 1,601 1,375 Total $ 2,351 $ 2,194

Financial Liabilities

Financial Liabilities	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Financial Liabilities	7. Financial Liabilities The Company’s financial liabilities consist of (in thousands): March 31, December 31, 2024 2023 Revolving loan facility $ 10,000 $ 10,000 Less: Unamortized debt issuance costs ( 106 ) ( 51 ) Financial liabilities, net of debt issuance costs $ 9,894 $ 9,949 On February 8, 2017, the Company entered into a Loan and Security Agreement (as amended or amended and restated from time to time, the “Loan Agreement”) with East West Bank (“EWB”). Following subsequent amendments, on April 14, 2022, the Company and EWB amended the Loan Agreement replacing the $ 20.0 million revolving loan facility subject to a borrowing base with a non-formula revolving loan facility with no borrowing base requirement and a maturity date of February 8, 2023 . In addition, the interest rate was lowered from prime to prime minus 0.25 % (interest rate as of March 31, 2024 was 8.50 %), and certain financial covenants were amended. On February 8, 2023, the Company entered into an amendment (the "Fourth Amendment") to the Loan Agreement. The Fourth Amendment amends the Loan Agreement to, among other things, extend the maturity date to February 8, 2025 , and amend certain financial covenants. The Loan Agreement contains customary representations and warranties and customary affirmative and negative covenants, including, limits or restrictions on the Company’s ability to incur liens, incur indebtedness, make certain restricted payments (including dividends), merge or consolidate and dispose of assets, as well as other financial covenants. The Company’s obligations under the Loan Agreement are collateralized by substantially all of its assets. The Company was not in compliance with a financial covenant under the Loan Agreement as of March 31, 2024 , which non-compliance was waived by EWB on May 6, 2024.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	8. Income Taxes The Company conducts business globally and, as a result, files federal, state and foreign tax returns. The Company strives to resolve open matters with each tax authority at the examination level and could reach agreement with a tax authority at any time. While the Company has accrued for amounts it believes are the probable outcomes, the final outcome with a tax authority may result in a tax liability that is more or less than that reflected in the condensed consolidated financial statements. Furthermore, the Company may later decide to challenge any assessments, if made, and may exercise its right to appeal. The Company applies the provisions of, and accounted for uncertain tax positions, in accordance with ASC 740, Income Taxes (“ASC 740”), which clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. It prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. The Company generally is no longer subject to tax examinations for years prior to 2018. However, if loss carryforwards of tax years prior to 2017 are utilized in the U.S., these tax years may become subject to investigation by the tax authorities. While timing of the resolution and/or finalization of tax audits is uncertain, the Company does not believe that its unrecognized tax benefits would materially change in the next 12 months.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Stockholders' Equity	9. Stockholders’ Equity Series B Convertible Preferred Stock Dividend Accretion The following table summarizes Series B convertible preferred stock and the accretion of dividend activity for the three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended March 31, 2024 2023 Series B Convertible Preferred Stock: Balance at beginning of period $ 26,589 $ 25,323 Cumulative dividends on Series B convertible preferred stock 248 313 Balance at end of period $ 26,837 $ 25,636 Number of Common Shares Issuable Upon Conversion: Number of shares at beginning of period 6,647 6,331 Cumulative dividends on Series B convertible preferred stock 62 78 Number of shares at end of period 6,709 6,409 Based on the current conversion price, the outstanding shares, including the accretion of dividends, of Series B convertible preferred stock as of March 31, 2024 would be convertible into 6,709,359 shares of the Company’s common stock. However, the conversion rate will be subject to adjustment in certain instances, such as if the Company issues shares of its common stock at a price less than $ 4.00 per common share, subject to a minimum conversion price of $ 3.27 per share. As of March 31, 2024, none of the contingent conditions to adjust the conversion rate had been met. Each share of Series B convertible preferred stock is entitled to a cumulative annual dividend of 5 % for the first six years following the issuance of such share and 3 % for each year thereafter, with the Company retaining the option to settle each year’s dividend after the 10th year in cash. The dividends accrue and are payable in kind upon such time as the shares convert into the Company’s common stock . In general, the shares are not entitled to vote except in certain limited cases, including in change of control transactions where the expected price per share distributable to the Company’s stockholders is expected to be less than $ 4.00 per share. The Certificate of Designation with respect to the Series B convertible preferred stock further provides that in the event of, among other things, any change of control, liquidation or dissolution of the Company, the holders of the Series B convertible preferred stock will be entitled to receive, on a pari passu basis with the holders of the common stock, the same amount and form of consideration that the holders of the Company’s common stock receive (on an as-if-converted-to-common-stock basis and without regard to the Beneficial Ownership Limitation (as defined in the Certificate of Designation) applicable to the Series B convertible preferred stock). Common Stock Reserved for Future Issuance Common stock reserved for future issuance as of March 31, 2024 was as follows: Exercise of outstanding stock options, vesting of restricted stock units ("RSUs"), and issuance of RSUs vested but not released 1,304,248 Employee Stock Purchase Plan 293,888 Shares of common stock available for grant under the 2011 Plan 286,899 Shares of common stock issuable upon conversion of Series B convertible preferred stock 7,541,449 Total 9,426,484

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2024
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	10. Stock-Based Compensation Stock Incentive Plan The Company maintains a stock-based compensation plan, the 2011 Incentive Compensation Plan, as amended (the “2011 Plan”), to attract, motivate, retain and reward employees, directors and consultants by providing its Board or a committee of the Board the discretion to award equity incentives to these persons. Stock Options A summary of stock option activity for the three months ended March 31, 2024 is as follows: Number Weighted Average Exercise Weighted Average Aggregate Balance as of January 1, 2024 494,960 $ 4.99 2.23 $ 1,725,985 Granted — — Cancelled or Expired ( 7,500 ) 8.97 Exercised — — Balance as of March 31, 2024 487,460 $ 4.93 2.01 $ 1,583,118 Vested or expected to vest as of March 31, 2024 487,460 $ 4.93 2.01 $ 1,583,118 Exercisable as of March 31, 2024 487,460 $ 4.93 2.01 $ 1,583,118 The aggregate intrinsic value in the table above represents the difference between the fair value of the Company’s common stock as of March 31, 2024 and the exercise price of in-the-money stock options multiplied by the number of such stock options. The following table summarizes information about stock options outstanding as of March 31, 2024: Stock Options Outstanding Stock Options Exercisable Range of Exercise Prices Number Weighted Weighted Number Weighted $ 4.36 - $ 7.20 446,460 2.17 $ 4.37 446,460 $ 4.37 $ 10.93 - $ 16.40 41,000 0.25 10.93 41,000 10.93 $ 4.36 - $ 16.40 487,460 2.01 $ 4.93 487,460 $ 4.93 As of March 31, 2024 , there was no unrecognized stock-based compensation expense related to stock options. Restricted Stock Units The following is a summary of RSU activity for the three months ended March 31, 2024: Number Weighted Average Unvested as of January 1, 2024 730,062 $ 11.17 Granted 127,919 8.63 Vested ( 106,761 ) 10.16 Forfeited — — Unvested as of March 31, 2024 751,220 $ 10.88 RSUs vested but not released 65,568 $ 10.72 The fair value of the Company’s RSUs is calculated based upon the fair market value of the Company’s common stock at the date of grant. As of March 31, 2024 , there was $ 7.0 million of unrecognized compensation expense related to unvested RSUs granted, which is expected to be recognized over a weighted average period of 2.3 years. No tax benefit was realized from RSUs for the three months ended March 31, 2024. Stock-Based Compensation Expense The following table summarizes stock-based compensation expense related to stock options and RSUs included in the condensed consolidated statements of comprehensive income (loss) for the three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended March 31, 2024 2023 Cost of revenue $ 47 $ 45 Research and development 182 202 Selling and marketing 264 293 General and administrative 526 450 Total $ 1,019 $ 990 Restricted Stock Unit Net Share Settlements During the three months ended March 31, 2024 and 2023, the Company repurchased 32,608 and 24,812 shares, respectively, of common stock surrendered to the Company to satisfy tax withholding obligations in connection with the vesting of RSUs issued to employees.

Net Loss per Common Share

Net Loss per Common Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Net Loss per Common Share	11. Net Loss per Common Share Basic net loss per common share is computed by dividing net loss available to common stockholders during the period by the weighted average number of common shares outstanding during that period. Diluted net loss per common share is impacted by equity instruments considered to be potential common shares, if dilutive, computed using the treasury stock or the if-converted method of accounting. Dilutive potential common share equivalents are excluded from the computation of net loss per share in loss periods, as their effect would be antidilutive. Three Months Ended March 31, 2024 2023 Basic net loss per common share: Numerator: Net loss $ ( 4,558 ) $ ( 2,719 ) Less: accretion of Series B convertible preferred stock dividends ( 248 ) ( 313 ) Net loss available to common stockholders $ ( 4,806 ) $ ( 3,032 ) Denominator: Weighted average common shares outstanding - basic and diluted 23,368 22,794 Net loss per common share - basic and diluted $ ( 0.21 ) $ ( 0.13 ) The following common stock equivalents have been excluded from diluted net loss per share for the three months ended March 31, 2024 and 2023 because their inclusion would have been anti-dilutive (in thousands): Three Months Ended March 31, 2024 2023 Shares of common stock subject to outstanding RSUs 751 873 Shares of common stock subject to outstanding PSUs — 40 Shares of common stock subject to outstanding stock options 487 506 Shares of common stock subject to outstanding warrants — 275 Shares of common stock issuable upon conversion of Series B 6,709 6,409 Total 7,947 8,103

Segment Reporting, Geographic I

Segment Reporting, Geographic Information, and Concentration of Credit Risk	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Reporting, Geographic Information, and Concentration of Credit Risk	2. Segment Reporting, Geographic Information, and Concentration of Credit Risk Segment Reporting ASC 280, Segment Reporting establishes standards for the reporting by public business enterprises of information about operating segments, products and services, geographic areas, and major customers. The method for determining what information to report is based on the way management organizes the operating segments within the Company for making operating decisions and assessing financial performance. An operating segment is defined as a component of an enterprise that engages in business activities from which it may earn revenue and incur expenses and about which separate financial information is available to its chief operating decision makers (“CODM”). The Company’s CODM is its Chief Executive Officer. The CODM reviews financial information and business performance for each operating segment. The Company evaluates the performance of its operating segments at the revenue and gross profit levels. The Company does not report total assets, capital expenditures or operating expenses by operating segment as such information is not used by the CODM for purposes of assessing performance or allocating resources. Net revenue and gross profit information by segment for the three months ended March 31, 2024 and 2023 are as follows (in thousands): Three Months Ended March 31, 2024 2023 Identity: Net revenue $ 12,835 $ 14,678 Gross profit 2,834 3,079 Gross profit margin 22 % 21 % Premises: Net revenue 9,659 11,319 Gross profit 5,558 6,132 Gross profit margin 58 % 54 % Total: Net revenue 22,494 25,997 Gross profit 8,392 9,211 Gross profit margin 37 % 35 % Operating expenses: Research and development 3,011 2,707 Selling and marketing 5,302 6,097 General and administrative 4,252 2,948 Restructuring and severance 22 191 Total operating expenses: 12,587 11,943 Loss from operations ( 4,195 ) ( 2,732 ) Non-operating income (expense): Interest expense, net ( 87 ) ( 50 ) Foreign currency gains (losses), net ( 256 ) 89 Loss before income tax provision $ ( 4,538 ) $ ( 2,693 ) Geographic Information Geographic net revenue is based on the customer’s ship-to location. Information regarding net revenue by geographic region for the three months ended March 31, 2024 and 2023 is as follows (in thousands): Three Months Ended March 31, 2024 2023 Americas $ 16,504 $ 21,628 Europe and the Middle East 3,998 2,984 Asia-Pacific 1,992 1,385 Total $ 22,494 $ 25,997 As percentage of net revenue: Americas 73 % 83 % Europe and the Middle East 18 % 12 % Asia-Pacific 9 % 5 % Total 100 % 100 % Concentration of Credit Risk One customer accounted for 11% of net revenue for the three months ended March 31, 2024. No customer accounted for more than 10% of net revenue for the three months ended March 31, 2023. No customer accounted for 10% or more of net accounts receivable as of March 31, 2024 or December 31, 2023 . Long-lived assets by geographic location as of March 31, 2024 and December 31, 2023 are as follows (in thousands): March 31, December 31, Property and equipment, net: Americas $ 667 $ 711 Europe and the Middle East 500 519 Asia-Pacific 7,665 8,090 Total property and equipment, net $ 8,832 $ 9,320 Operating lease ROU assets: Americas $ 2,623 $ 2,836 Europe and the Middle East 316 371 Asia-Pacific 1,817 2,007 Total operating lease right-of-use assets $ 4,756 $ 5,214

Restructuring and Severance

Restructuring and Severance	3 Months Ended
	Mar. 31, 2024
Restructuring And Related Activities [Abstract]
Restructuring and Severance	13. Restructuring and Severance During the three months ended March 31, 2024 and 2023, restructuring expenses consisted of severance related costs of $ 22,000 and $ 191,000 , respectively.

Leases

Leases	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Leases	14. Leases The Company’s leases consist primarily of operating leases for administrative office space, research and development facilities, manufacturing facilities, and sales offices in various countries around the world. The Company determines if an arrangement is a lease at inception. Some lease agreements contain lease and non-lease components, which are accounted for as a single lease component. Total rent expense was $ 0.6 million and $ 0.4 million for the three months ended March 31, 2024 and 2023, respectively. Initial lease terms are determined at commencement and may include options to extend or terminate the lease when it is reasonably certain the Company will exercise the option. Remaining lease terms range from one to four years , some of which include options to extend for up to five years . Leases with an initial term of 12 months or less are not recorded on the condensed consolidated balance sheets. As the Company’s leases do not provide an implicit rate, the present value of future lease payments is determined using the Company’s incremental borrowing rate based on information available at the lease commencement date. The table below reconciles the undiscounted cash flows for the first five years and the total of the remaining years to the operating lease liabilities recorded on the condensed consolidated balance sheet as of March 31, 2024 (in thousands): March 31, 2024 (remaining nine months) $ 1,475 2025 1,765 2026 1,347 2027 858 2028 23 Total minimum lease payments 5,468 Less: amount of lease payments representing interest ( 504 ) Present value of future minimum lease payments 4,964 Less: current liabilities under operating leases ( 1,655 ) Long-term operating lease liabilities $ 3,309 As of March 31, 2024 , the weighted average remaining lease term for the Company’s operating leases was 3.1 years, and the weighted average discount rate used to determine the present value of the Company’s operating leases was 7 .0 %. Cash paid for amounts included in the measurement of operating lease liabilities was $ 0.5 million and $ 0.4 million for the three months ended March 31, 2024 and 2023 , respectively.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	15. Commitments and Contingencies The following table summarizes the Company’s principal contractual commitments, excluding operating leases, as of March 31, 2024 (in thousands): Purchase Other Total 2024 (remaining nine months) $ 21,597 $ 151 $ 21,748 2025 5,320 31 5,351 2026 2,729 9 2,738 2027 3,500 1 3,501 Total $ 33,146 $ 192 $ 33,338 Purchase commitments for inventories are highly dependent upon forecasts of customer demand. Due to the uncertainty in demand from its customers, the Company may have to change, reschedule, or cancel purchases or purchase orders from its suppliers. These changes may lead to vendor cancellation charges on these purchases or contractual commitments. The following table summarizes the Company’s warranty accrual account activity during the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 Balance at beginning of period $ 378 $ 345 Credited to costs and expenses ( 77 ) ( 5 ) Cost of warranty claims — 1 Balance at end of period $ 301 $ 341 The Company provides warranties on certain product sales for periods ranging from 12 to 36 months, and allowances for estimated warranty costs are recorded during the period of sale. The determination of such allowances requires the Company to make estimates of product return rates and expected costs to repair or to replace the products under warranty. The Company currently establishes warranty reserves based on historical warranty costs for each product line combined with liability estimates based on the prior 12 months’ sales activities. If actual return rates and/or repair and replacement costs differ significantly from the Company’s estimates, adjustments to recognize additional cost of sales may be required in future periods. Historically, the warranty accrual and the expense amounts have been immaterial.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2024
Subsequent Events [Abstract]
Subsequent Events	16. Subsequent Events On April 2, 2024, the Company entered into a Stock and Asset Purchase Agreement (the “Purchase Agreement”) with Hawk Acquisition, Inc., a Delaware corporation (“Buyer”) and a wholly-owned subsidiary of Vitaprotech SAS, a French société par actions simplifiée and provider of security solutions (“Vitaprotech”) . Upon the terms and subject to the conditions set forth in the Purchase Agreement, at the closing of the transactions contemplated thereby, the Company will sell its physical security, access card, and identity reader operations and assets, including all outstanding shares of Identiv Private Limited, its wholly-owned subsidiary (the “Physical Security Business”), to Buyer in exchange for $ 145.0 million in cash (the “Purchase Price”), subject to customary adjustments set forth in the Purchase Agreement, and the assumption by Buyer of certain liabilities related to the Physical Security Business (collectively, the “Asset Sale”). The completion of the Asset Sale and the other transactions contemplated by the Purchase Agreement (the “Closing”) is subject to customary conditions, including, (1) the approval of the Asset Sale by the Company’s stockholders, (2) the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), (3) the absence of any order that has the effect of enjoining or otherwise prohibiting the completion of the Asset Sale, (4) each party’s representations and warranties being true and correct as of the Closing, (5) each party’s material compliance with agreements, covenants and conditions, (6) obtaining clearance from the Committee on Foreign Investment in the United States (“CFIUS”), (7) obtaining approval under the United Kingdom National Security and Investment Act 2021 (the “NSI Act”), and (8) delivery of the Purchase Price. The Closing is not subject to the approval of Buyer’s stockholders or the receipt of financing by Buyer. Certain of Buyer’s obligations under the Purchase Agreement are guaranteed by Vitaprotech. The Purchase Agreement includes customary representations, warranties and covenants of the Company and Buyer, including covenants to use their respective reasonable best efforts to consummate the transactions contemplated by the Purchase Agreement. Between the date of execution of the Purchase Agreement and the Closing, the Company has agreed to conduct its and its subsidiaries’ business in the ordinary course of business and in a manner consistent with past practice and to comply with certain operating covenants .

Significant Accounting Polici_2

Significant Accounting Policies and Recent Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2024
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that the Company adopts as of the specified effective date. Unless otherwise discussed, the Company does not believe that the impact of recently issued standards that are not yet effective will have a material impact on its financial position or results of operations upon adoption. In November 2023, the FASB issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of incremental segment information on an annual and interim basis. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. Early adoption is permitted. The Company is currently evaluating the impact of the new standard on the consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU is intended to improve the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. The ASU’s amendments are effective for public business entities for annual periods beginning after December 15, 2024. Entities are permitted to early adopt the standard for “annual financial statements that have not yet been issued or made available for issuance.” Adoption is either prospectively or retrospectively, the Company will adopt this ASU on a prospective basis. The Company is currently evaluating the impact of the new standard on the consolidated financial statements and related disclosures.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2024
Revenue From Contract With Customer [Abstract]
Total Net Revenue Based on Disaggregation Criteria	Total net revenue based on the disaggregation criteria described above is as follows (in thousands): Three Months Ended March 31, 2024 2023 Point-in- Over Time Total Point-in- Over Time Total Americas $ 15,360 $ 1,144 $ 16,504 $ 20,874 $ 754 $ 21,628 Europe and the Middle East 3,897 101 3,998 2,899 85 2,984 Asia-Pacific 1,992 — 1,992 1,385 — 1,385 Total $ 21,249 $ 1,245 $ 22,494 $ 25,158 $ 839 $ 25,997
Changes in Deferred Revenue	Changes in deferred revenue during the three months ended March 31, 2024 and 2023 were as follows (in thousands): Three Months Ended March 31, 2024 2023 Deferred revenue, beginning of period $ 3,268 $ 2,655 Deferral of revenue billed in current period, net of recognition 542 504 Recognition of revenue deferred in prior periods ( 1,085 ) ( 714 ) Deferred revenue, end of period $ 2,725 $ 2,445

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2024
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Activity in Goodwill	The following table summarizes the activity in goodwill (in thousands): Identity Premises Total Balance as of January 1, 2023 $ 3,554 $ 6,636 $ 10,190 Currency translation adjustment — 2 2 Balance as of March 31, 2023 $ 3,554 $ 6,638 $ 10,192 Balance as of January 1, 2024 $ 3,554 $ 6,664 $ 10,218 Currency translation adjustment — ( 26 ) ( 26 ) Balance as of March 31, 2024 $ 3,554 $ 6,638 $ 10,192
Summary of Gross Carrying Amount and Accumulated Amortization for Intangible Assets Resulting from Acquisitions	The following table summarizes the gross carrying amount and accumulated amortization for intangible assets resulting from acquisitions (in thousands): Developed Customer Trademarks Technology Relationships Total Amortization period (in years) 5 10 – 12 4 – 12 Gross carrying amount as of March 31, 2024 $ 760 $ 9,088 $ 15,742 $ 25,590 Accumulated amortization ( 760 ) ( 7,220 ) ( 13,615 ) ( 21,595 ) Intangible assets, net as of March 31, 2024 $ — $ 1,868 $ 2,127 $ 3,995 Gross carrying amount as of December 31, 2023 $ 760 $ 9,098 $ 15,748 $ 25,606 Accumulated amortization ( 760 ) ( 7,110 ) ( 13,485 ) ( 21,355 ) Intangible assets, net as of December 31, 2023 $ — $ 1,988 $ 2,263 $ 4,251
Amortization Expense Included in Consolidated Statements of Comprehensive Income (Loss)	The following table summarizes the amortization expense included in the condensed consolidated statements of comprehensive income (loss) for the three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended March 31, 2024 2023 Cost of revenue $ 110 $ 111 Selling and marketing 130 155 Total $ 240 $ 266
Estimated Future Amortization Expense of Purchased Intangible Assets with Definite Lives	The estimated annual future amortization expense for purchased intangible assets with definite lives as of March 31, 2024 was as follows (in thousands): 2024 (remaining nine months) $ 721 2025 961 2026 961 2027 961 2028 391 Total $ 3,995

Balance Sheet Components (Table

Balance Sheet Components (Tables)	3 Months Ended
	Mar. 31, 2024
Statement Of Financial Position [Abstract]
Inventories	The Company’s inventories are stated at the lower of cost or net realizable value. Inventories consist of (in thousands): March 31, December 31, Raw materials $ 14,255 $ 15,122 Work-in-progress — 5 Finished goods 14,205 13,585 Total $ 28,460 $ 28,712
Property and Equipment, Net	Property and equipment, net consists of (in thousands): March 31, December 31, Building and leasehold improvements $ 1,999 $ 2,203 Furniture, fixtures and office equipment 1,064 1,017 Plant and machinery 18,957 18,920 Purchased software 855 836 Total 22,875 22,976 Accumulated depreciation ( 14,043 ) ( 13,656 ) Property and equipment, net $ 8,832 $ 9,320
Other Accrued Expenses and Liabilities	Other accrued expenses and liabilities consist of (in thousands): March 31, December 31, Accrued professional fees $ 449 $ 441 Accrued warranties 301 378 Other accrued expenses 1,601 1,375 Total $ 2,351 $ 2,194

Financial Liabilities (Tables)

Financial Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
Summary of Financial Liabilities	The Company’s financial liabilities consist of (in thousands): March 31, December 31, 2024 2023 Revolving loan facility $ 10,000 $ 10,000 Less: Unamortized debt issuance costs ( 106 ) ( 51 ) Financial liabilities, net of debt issuance costs $ 9,894 $ 9,949

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Summary of Series B Preferred Stock and Accretion of Dividends	The following table summarizes Series B convertible preferred stock and the accretion of dividend activity for the three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended March 31, 2024 2023 Series B Convertible Preferred Stock: Balance at beginning of period $ 26,589 $ 25,323 Cumulative dividends on Series B convertible preferred stock 248 313 Balance at end of period $ 26,837 $ 25,636 Number of Common Shares Issuable Upon Conversion: Number of shares at beginning of period 6,647 6,331 Cumulative dividends on Series B convertible preferred stock 62 78 Number of shares at end of period 6,709 6,409
Summary of Common Stock Reserved for Future Issuance	Common Stock Reserved for Future Issuance Common stock reserved for future issuance as of March 31, 2024 was as follows: Exercise of outstanding stock options, vesting of restricted stock units ("RSUs"), and issuance of RSUs vested but not released 1,304,248 Employee Stock Purchase Plan 293,888 Shares of common stock available for grant under the 2011 Plan 286,899 Shares of common stock issuable upon conversion of Series B convertible preferred stock 7,541,449 Total 9,426,484

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Summary of Stock Option Activity	A summary of stock option activity for the three months ended March 31, 2024 is as follows: Number Weighted Average Exercise Weighted Average Aggregate Balance as of January 1, 2024 494,960 $ 4.99 2.23 $ 1,725,985 Granted — — Cancelled or Expired ( 7,500 ) 8.97 Exercised — — Balance as of March 31, 2024 487,460 $ 4.93 2.01 $ 1,583,118 Vested or expected to vest as of March 31, 2024 487,460 $ 4.93 2.01 $ 1,583,118 Exercisable as of March 31, 2024 487,460 $ 4.93 2.01 $ 1,583,118
Summary Information about Stock Options Outstanding	The following table summarizes information about stock options outstanding as of March 31, 2024: Stock Options Outstanding Stock Options Exercisable Range of Exercise Prices Number Weighted Weighted Number Weighted $ 4.36 - $ 7.20 446,460 2.17 $ 4.37 446,460 $ 4.37 $ 10.93 - $ 16.40 41,000 0.25 10.93 41,000 10.93 $ 4.36 - $ 16.40 487,460 2.01 $ 4.93 487,460 $ 4.93
Summary of Stock Unit Activity	The following is a summary of RSU activity for the three months ended March 31, 2024: Number Weighted Average Unvested as of January 1, 2024 730,062 $ 11.17 Granted 127,919 8.63 Vested ( 106,761 ) 10.16 Forfeited — — Unvested as of March 31, 2024 751,220 $ 10.88 RSUs vested but not released 65,568 $ 10.72
Stock-Based Compensation Expense Related to Stock Options and RSUs	The following table summarizes stock-based compensation expense related to stock options and RSUs included in the condensed consolidated statements of comprehensive income (loss) for the three months ended March 31, 2024 and 2023 (in thousands): Three Months Ended March 31, 2024 2023 Cost of revenue $ 47 $ 45 Research and development 182 202 Selling and marketing 264 293 General and administrative 526 450 Total $ 1,019 $ 990

Net Loss per Common Share (Tabl

Net Loss per Common Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Summary of Calculations for Basic Net Loss Per Common Share	Basic net loss per common share is computed by dividing net loss available to common stockholders during the period by the weighted average number of common shares outstanding during that period. Diluted net loss per common share is impacted by equity instruments considered to be potential common shares, if dilutive, computed using the treasury stock or the if-converted method of accounting. Dilutive potential common share equivalents are excluded from the computation of net loss per share in loss periods, as their effect would be antidilutive. Three Months Ended March 31, 2024 2023 Basic net loss per common share: Numerator: Net loss $ ( 4,558 ) $ ( 2,719 ) Less: accretion of Series B convertible preferred stock dividends ( 248 ) ( 313 ) Net loss available to common stockholders $ ( 4,806 ) $ ( 3,032 ) Denominator: Weighted average common shares outstanding - basic and diluted 23,368 22,794 Net loss per common share - basic and diluted $ ( 0.21 ) $ ( 0.13 )
Common Stock Equivalents Excluded From Diluted Net Loss Per Share	The following common stock equivalents have been excluded from diluted net loss per share for the three months ended March 31, 2024 and 2023 because their inclusion would have been anti-dilutive (in thousands): Three Months Ended March 31, 2024 2023 Shares of common stock subject to outstanding RSUs 751 873 Shares of common stock subject to outstanding PSUs — 40 Shares of common stock subject to outstanding stock options 487 506 Shares of common stock subject to outstanding warrants — 275 Shares of common stock issuable upon conversion of Series B 6,709 6,409 Total 7,947 8,103

Segment Reporting, Geographic_2

Segment Reporting, Geographic Information, and Concentration of Credit Risk (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Information Regarding Net Revenue and Gross Profit by Segment	Net revenue and gross profit information by segment for the three months ended March 31, 2024 and 2023 are as follows (in thousands): Three Months Ended March 31, 2024 2023 Identity: Net revenue $ 12,835 $ 14,678 Gross profit 2,834 3,079 Gross profit margin 22 % 21 % Premises: Net revenue 9,659 11,319 Gross profit 5,558 6,132 Gross profit margin 58 % 54 % Total: Net revenue 22,494 25,997 Gross profit 8,392 9,211 Gross profit margin 37 % 35 % Operating expenses: Research and development 3,011 2,707 Selling and marketing 5,302 6,097 General and administrative 4,252 2,948 Restructuring and severance 22 191 Total operating expenses: 12,587 11,943 Loss from operations ( 4,195 ) ( 2,732 ) Non-operating income (expense): Interest expense, net ( 87 ) ( 50 ) Foreign currency gains (losses), net ( 256 ) 89 Loss before income tax provision $ ( 4,538 ) $ ( 2,693 )
Information Regarding Net Revenue by Geographic Region	Geographic Information Geographic net revenue is based on the customer’s ship-to location. Information regarding net revenue by geographic region for the three months ended March 31, 2024 and 2023 is as follows (in thousands): Three Months Ended March 31, 2024 2023 Americas $ 16,504 $ 21,628 Europe and the Middle East 3,998 2,984 Asia-Pacific 1,992 1,385 Total $ 22,494 $ 25,997 As percentage of net revenue: Americas 73 % 83 % Europe and the Middle East 18 % 12 % Asia-Pacific 9 % 5 % Total 100 % 100 %
Long-Lived Assets by Geographic Location	Long-lived assets by geographic location as of March 31, 2024 and December 31, 2023 are as follows (in thousands): March 31, December 31, Property and equipment, net: Americas $ 667 $ 711 Europe and the Middle East 500 519 Asia-Pacific 7,665 8,090 Total property and equipment, net $ 8,832 $ 9,320 Operating lease ROU assets: Americas $ 2,623 $ 2,836 Europe and the Middle East 316 371 Asia-Pacific 1,817 2,007 Total operating lease right-of-use assets $ 4,756 $ 5,214

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2024
Leases [Abstract]
Schedule of Reconciles Undiscounted Cash flows of Operating Lease Liabilities Recorded on the Condensed Consolidated Balance Sheet	The table below reconciles the undiscounted cash flows for the first five years and the total of the remaining years to the operating lease liabilities recorded on the condensed consolidated balance sheet as of March 31, 2024 (in thousands): March 31, 2024 (remaining nine months) $ 1,475 2025 1,765 2026 1,347 2027 858 2028 23 Total minimum lease payments 5,468 Less: amount of lease payments representing interest ( 504 ) Present value of future minimum lease payments 4,964 Less: current liabilities under operating leases ( 1,655 ) Long-term operating lease liabilities $ 3,309

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2024
Commitments And Contingencies Disclosure [Abstract]
Summary of Principal Contractual Obligations, Excluding Operating Leases	The following table summarizes the Company’s principal contractual commitments, excluding operating leases, as of March 31, 2024 (in thousands): Purchase Other Total 2024 (remaining nine months) $ 21,597 $ 151 $ 21,748 2025 5,320 31 5,351 2026 2,729 9 2,738 2027 3,500 1 3,501 Total $ 33,146 $ 192 $ 33,338
Summary of Warranty Accrual Account Activity	The following table summarizes the Company’s warranty accrual account activity during the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 Balance at beginning of period $ 378 $ 345 Credited to costs and expenses ( 77 ) ( 5 ) Cost of warranty claims — 1 Balance at end of period $ 301 $ 341

Revenue - Additional Informatio

Revenue - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Revenue From Contract With Customer [Line Items]
Remaining performance obligations	$ 1.5
Minimum
Revenue From Contract With Customer [Line Items]
Payment period from contract inception	30 days
Maximum
Revenue From Contract With Customer [Line Items]
Payment period from contract inception	60 days
Software Licenses | Minimum
Revenue From Contract With Customer [Line Items]
Contract period	1 year
Software Licenses | Maximum
Revenue From Contract With Customer [Line Items]
Contract period	3 years
Subscriptions | Minimum
Revenue From Contract With Customer [Line Items]
Contract period	1 month
Subscriptions | Maximum
Revenue From Contract With Customer [Line Items]
Contract period	6 years
Software Maintenance and Support Services | Minimum
Revenue From Contract With Customer [Line Items]
Contract period	1 year
Software Maintenance and Support Services | Maximum
Revenue From Contract With Customer [Line Items]
Contract period	3 years
Extended Hardware Warranties | Minimum
Revenue From Contract With Customer [Line Items]
Contract period	1 year
Extended Hardware Warranties | Maximum
Revenue From Contract With Customer [Line Items]
Contract period	2 years

Schedule of Performance Obligat

Schedule of Performance Obligation (Detail)	3 Months Ended
	Mar. 31, 2024
Hardware Products
Revenue Recognition Multiple Deliverable Arrangements [Line Items]
Performance Obligation	Hardware products
When Performance Obligation is Typically Satisfied	When customer obtains control of the product (point-in-time)
When Payment is Typically Due	Within 30-60 days of shipment
How Standalone Selling Price is Typically Estimated	Observable in transactions without multiple performance obligations
Software Licenses
Revenue Recognition Multiple Deliverable Arrangements [Line Items]
Performance Obligation	Software licenses
When Performance Obligation is Typically Satisfied	When license is delivered to customer or made available for download, and the applicable license period has begun (point-in-time)
When Payment is Typically Due	Within 30-60 days of the beginning of license period
How Standalone Selling Price is Typically Estimated	Established pricing practices for software licenses bundled with software maintenance, which are separately observable in renewal transactions
Subscriptions
Revenue Recognition Multiple Deliverable Arrangements [Line Items]
Performance Obligation	Subscriptions
When Performance Obligation is Typically Satisfied	Ratably over the course of the subscription term (over time)
When Payment is Typically Due	In advance of subscription term
How Standalone Selling Price is Typically Estimated	Contractually stated or list price
Professional Services
Revenue Recognition Multiple Deliverable Arrangements [Line Items]
Performance Obligation	Professional services
When Performance Obligation is Typically Satisfied	As services are performed and/or when contract is fulfilled (point-in-time)
When Payment is Typically Due	Within 30-60 days of delivery
How Standalone Selling Price is Typically Estimated	Observable in transactions without multiple performance obligations
Software Maintenance and Support Services
Revenue Recognition Multiple Deliverable Arrangements [Line Items]
Performance Obligation	Software maintenance and support services
When Performance Obligation is Typically Satisfied	Ratably over the course of the support contract (over time)
When Payment is Typically Due	Within 30-60 days of the beginning of the contract period
How Standalone Selling Price is Typically Estimated	Observable in renewal transactions
Extended Hardware Warranties
Revenue Recognition Multiple Deliverable Arrangements [Line Items]
Performance Obligation	Extended hardware warranties
When Performance Obligation is Typically Satisfied	Ratably over the course of the support contract (over time)
When Payment is Typically Due	Within 30-60 days of the beginning of the contract period
How Standalone Selling Price is Typically Estimated	Observable in renewal transactions

Schedule of Performance Oblig_2

Schedule of Performance Obligation (Parenthetical) (Detail)	3 Months Ended
	Mar. 31, 2024
Hardware Products | Minimum
Revenue Recognition Multiple Deliverable Arrangements [Line Items]
Payment period, after shipment	30 days
Hardware Products | Maximum
Revenue Recognition Multiple Deliverable Arrangements [Line Items]
Payment period, after shipment	60 days
Software Licenses | Minimum
Revenue Recognition Multiple Deliverable Arrangements [Line Items]
Payment period, after shipment	30 days
Software Licenses | Maximum
Revenue Recognition Multiple Deliverable Arrangements [Line Items]
Payment period, after shipment	60 days
Professional Services | Minimum
Revenue Recognition Multiple Deliverable Arrangements [Line Items]
Payment period, after shipment	30 days
Professional Services | Maximum
Revenue Recognition Multiple Deliverable Arrangements [Line Items]
Payment period, after shipment	60 days
Software Maintenance and Support Services | Minimum
Revenue Recognition Multiple Deliverable Arrangements [Line Items]
Payment period, after shipment	30 days
Software Maintenance and Support Services | Maximum
Revenue Recognition Multiple Deliverable Arrangements [Line Items]
Payment period, after shipment	60 days
Extended Hardware Warranties | Minimum
Revenue Recognition Multiple Deliverable Arrangements [Line Items]
Payment period, after shipment	30 days
Extended Hardware Warranties | Maximum
Revenue Recognition Multiple Deliverable Arrangements [Line Items]
Payment period, after shipment	60 days

Total Net Revenue Based on Disa

Total Net Revenue Based on Disaggregation Criteria (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation Of Revenue [Line Items]
Total net revenue	$ 22,494	$ 25,997
Point-in-Time
Disaggregation Of Revenue [Line Items]
Total net revenue	21,249	25,158
Over Time
Disaggregation Of Revenue [Line Items]
Total net revenue	1,245	839
Americas
Disaggregation Of Revenue [Line Items]
Total net revenue	16,504	21,628
Americas | Point-in-Time
Disaggregation Of Revenue [Line Items]
Total net revenue	15,360	20,874
Americas | Over Time
Disaggregation Of Revenue [Line Items]
Total net revenue	1,144	754
Europe and the Middle East
Disaggregation Of Revenue [Line Items]
Total net revenue	3,998	2,984
Europe and the Middle East | Point-in-Time
Disaggregation Of Revenue [Line Items]
Total net revenue	3,897	2,899
Europe and the Middle East | Over Time
Disaggregation Of Revenue [Line Items]
Total net revenue	101	85
Asia-Pacific
Disaggregation Of Revenue [Line Items]
Total net revenue	1,992	1,385
Asia-Pacific | Point-in-Time
Disaggregation Of Revenue [Line Items]
Total net revenue	$ 1,992	$ 1,385

Changes in Deferred Revenue (De

Changes in Deferred Revenue (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue From Contract With Customer [Abstract]
Deferred revenue	$ 3,268	$ 2,655
Deferral of revenue billed in current period, net of recognition	542	504
Recognition of revenue deferred in prior periods	(1,085)	(714)
Deferred revenue	$ 2,725	$ 2,445

Revenue - Unsatisfied Performan

Revenue - Unsatisfied Performance Obligation - Additional Information (Detail)	Mar. 31, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-04-01
Revenue From Contract With Customer [Line Items]
Unsatisfied performance obligations, expected to recognize	30%
Unsatisfied performance obligations, expected to recognize, period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01
Revenue From Contract With Customer [Line Items]
Unsatisfied performance obligations, expected to recognize	29%
Unsatisfied performance obligations, expected to recognize, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01
Revenue From Contract With Customer [Line Items]
Unsatisfied performance obligations, expected to recognize	41%

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Fair Value Measurements, Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liability measured and recognized at fair value	$ 0	$ 0
Fair Value Measurements, Non-recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Liability measured and recognized at fair value	0	0
Fair Value Measurements, Non-recurring | Fair Value, Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Privately-held investments measured at fair value	$ 348,000	$ 348,000

Summary of Activity in Goodwill

Summary of Activity in Goodwill (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill [Line Items]
Beginning Balance	$ 10,218	$ 10,190
Currency translation adjustment	(26)	2
Ending Balance	10,192	10,192
Identity
Goodwill [Line Items]
Beginning Balance	3,554	3,554
Ending Balance	3,554	3,554
Premises
Goodwill [Line Items]
Beginning Balance	6,664	6,636
Currency translation adjustment	(26)	2
Ending Balance	$ 6,638	$ 6,638

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill And Intangible Assets Disclosure [Abstract]
Impairment of goodwill	$ 0	$ 0
Impairment of intangible assets	$ 0

Summary of Gross Carrying Amoun

Summary of Gross Carrying Amount and Accumulated Amortization for Intangible Assets Resulting from Acquisitions (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Acquired Finite Lived Intangible Assets [Line Items]
Gross carrying amount	$ 25,590	$ 25,606
Accumulated amortization	(21,595)	(21,355)
Intangible assets, net	$ 3,995	4,251
Trademarks
Acquired Finite Lived Intangible Assets [Line Items]
Amortization period (in years)	5 years
Gross carrying amount	$ 760	760
Accumulated amortization	(760)	(760)
Developed Technology
Acquired Finite Lived Intangible Assets [Line Items]
Gross carrying amount	9,088	9,098
Accumulated amortization	(7,220)	(7,110)
Intangible assets, net	$ 1,868	1,988
Developed Technology | Minimum
Acquired Finite Lived Intangible Assets [Line Items]
Amortization period (in years)	10 years
Developed Technology | Maximum
Acquired Finite Lived Intangible Assets [Line Items]
Amortization period (in years)	12 years
Customer Relationships
Acquired Finite Lived Intangible Assets [Line Items]
Gross carrying amount	$ 15,742	15,748
Accumulated amortization	(13,615)	(13,485)
Intangible assets, net	$ 2,127	$ 2,263
Customer Relationships | Minimum
Acquired Finite Lived Intangible Assets [Line Items]
Amortization period (in years)	4 years
Customer Relationships | Maximum
Acquired Finite Lived Intangible Assets [Line Items]
Amortization period (in years)	12 years

Amortization Expense Included i

Amortization Expense Included in Consolidated Statements of Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Finite Lived Intangible Assets [Line Items]
Amortization expense	$ 240	$ 266
Cost of revenue
Finite Lived Intangible Assets [Line Items]
Amortization expense	110	111
Selling and Marketing Expense
Finite Lived Intangible Assets [Line Items]
Amortization expense	$ 130	$ 155

Estimated Future Amortization E

Estimated Future Amortization Expense of Purchased Intangible Assets with Definite Lives (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Goodwill And Intangible Assets Disclosure [Abstract]
2024 (remaining nine months)	$ 721
2025	961
2026	961
2027	961
2028	391
Intangible assets, net	$ 3,995	$ 4,251

Inventories (Detail)

Inventories (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 14,255	$ 15,122
Work-in-progress		5
Finished goods	14,205	13,585
Total	$ 28,460	$ 28,712

Property and Equipment, Net (De

Property and Equipment, Net (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 22,875	$ 22,976
Accumulated depreciation	(14,043)	(13,656)
Property and equipment, net	8,832	9,320
Building and Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	1,999	2,203
Furniture, Fixtures and Office Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	1,064	1,017
Plant and Machinery
Property Plant And Equipment [Line Items]
Property and equipment, gross	18,957	18,920
Purchased Software
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 855	$ 836

Balance Sheet Components - Addi

Balance Sheet Components - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Property Plant And Equipment [Abstract]
Depreciation expenses	$ 0.5	$ 0.4

Other Accrued Expenses and Liab

Other Accrued Expenses and Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accrued Liabilities And Other Liabilities Current [Abstract]
Accrued professional fees	$ 449	$ 441
Accrued warranties	301	378
Other accrued expenses	1,601	1,375
Total	$ 2,351	$ 2,194

Financial Liabilities - Summary

Financial Liabilities - Summary of Financial Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Less: Unamortized debt issuance costs	$ (106)	$ (51)
Financial liabilities, net of debt issuance costs	9,894	9,949
Revolving Loan Facility
Debt Instrument [Line Items]
Financial liabilities	$ 10,000	$ 10,000

Financial Liabilities - Additio

Financial Liabilities - Additional Information (Detail) - Revolving Loan Facility - USD ($) $ in Millions			3 Months Ended
	Feb. 08, 2023	Apr. 14, 2022	Mar. 31, 2024
Amended Loan Agreement
Debt Instrument [Line Items]
Interest rate			8.50%
Amended Loan Agreement | Prime Rate
Debt Instrument [Line Items]
Percentage of interest rate		0.25%
Amended Loan Agreement | East West Bank
Debt Instrument [Line Items]
Borrowing capacity under credit facility		$ 20
Loan facility payable date		Feb. 08, 2023
Fourth Amendment Loan Agreement | East West Bank
Debt Instrument [Line Items]
Loan facility payable date	Feb. 08, 2025

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Series B Convertible Preferred Stock
Stockholders Equity [Line Items]
Minimum conversion price	$ 3.27
Dividend payment terms	Each share of Series B convertible preferred stock is entitled to a cumulative annual dividend of 5% for the first six years following the issuance of such share and 3% for each year thereafter, with the Company retaining the option to settle each year’s dividend after the 10th year in cash. The dividends accrue and are payable in kind upon such time as the shares convert into the Company’s common stock
Cumulative annual dividend for first six years	5%
Cumulative annual dividend for each year after sixth year	3%
Price per share distributable to stockholders	$ 4
Series B Convertible Preferred Stock | Common Stock
Stockholders Equity [Line Items]
Preferred stock shares convertible into common stock | shares	6,709,359
Maximum | Common Stock
Stockholders Equity [Line Items]
Shares issued, price per share	$ 4

Summary of Series B Convertible

Summary of Series B Convertible Preferred Stock and Accretion of Dividend (Detail) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stockholders Equity [Line Items]
Dividends earned on Series B preferred stock	$ 248	$ 313
Series B Convertible Preferred Stock
Stockholders Equity [Line Items]
Balance at beginning of period	26,589	25,323
Dividends earned on Series B preferred stock	248	313
Balance at end of period	$ 26,837	$ 25,636
Number of shares at beginning of period	6,647	6,331
Cumulative dividends on Series B convertible preferred stock	62	78
Number of shares at end of period	6,709	6,409

Summary of Common Stock Reserve

Summary of Common Stock Reserved for Future Issuance (Detail)	Mar. 31, 2024 shares
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Common stock reserved for future issuance	9,426,484
Exercise of Outstanding Stock Options, Vesting of Restricted Stock Units ("RSUs"), and Issuance of RSUs Vested but not Released
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Common stock reserved for future issuance	1,304,248
Employee Stock Purchase Plan
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Common stock reserved for future issuance	293,888
Shares of Common Stock Available for Grant Under the 2011 Plan
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Common stock reserved for future issuance	286,899
Shares of Common Stock Issuable Upon Conversion of Series B Convertible Preferred Stock
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Common stock reserved for future issuance	7,541,449

Summary of Activity for Stock O

Summary of Activity for Stock Options (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Stock Options Number Outstanding
Beginning Balance	494,960
Cancelled or Expired	(7,500)
Ending Balance	487,460	494,960
Vested or expected to vest as of March 31, 2024	487,460
Exercisable as of March 31, 2024	487,460
Stock Options Average Intrinsic Value
Beginning Balance	$ 1,725,985
Ending Balance	1,583,118	$ 1,725,985
Vested or expected to vest as of March 31, 2024	1,583,118
Exercisable as of March 31, 2024	$ 1,583,118
Stock Options Remaining Contractual Life (in years)
Weighted Average Remaining Contractual Term (Years)	2 years 3 days	2 years 2 months 23 days
Vested or expected to vest as of March 31, 2024	2 years 3 days
Exercisable as of March 31, 2024	2 years 3 days
Stock Options Weighted Average Exercise Price per share
Beginning Balance	$ 4.99
Cancelled or Expired	8.97
Ending Balance	4.93	$ 4.99
Vested or expected to vest as of March 31, 2024	4.93
Exercisable as of March 31, 2024	$ 4.93

Summary Information about Stock

Summary Information about Stock Options Outstanding (Detail)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
$4.36 - $7.20
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Range of Exercise Prices, lower limit	$ 4.36
Range of Exercise Prices, upper limit	$ 7.2
Stock Options Number Outstanding | shares	446,460
Stock Options Outstanding Weighted Average Remaining Contractual Life (Years)	2 years 2 months 1 day
Stock Options Outstanding Weighted Average Exercise Price	$ 4.37
Stock Options Number Exercisable | shares	446,460
Stock Options Exercisable Weighted Average Exercise Price	$ 4.37
$10.93 - $16.40
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Range of Exercise Prices, lower limit	10.93
Range of Exercise Prices, upper limit	$ 16.4
Stock Options Number Outstanding | shares	41,000
Stock Options Outstanding Weighted Average Remaining Contractual Life (Years)	3 months
Stock Options Outstanding Weighted Average Exercise Price	$ 10.93
Stock Options Number Exercisable | shares	41,000
Stock Options Exercisable Weighted Average Exercise Price	$ 10.93
$04.36 - $16.40
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items]
Range of Exercise Prices, lower limit	4.36
Range of Exercise Prices, upper limit	$ 16.4
Stock Options Number Outstanding | shares	487,460
Stock Options Outstanding Weighted Average Remaining Contractual Life (Years)	2 years 3 days
Stock Options Outstanding Weighted Average Exercise Price	$ 4.93
Stock Options Number Exercisable | shares	487,460
Stock Options Exercisable Weighted Average Exercise Price	$ 4.93

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense related to stock options	$ 0
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense	$ 7,000,000
Unrecognized stock-based compensation expense, weighted average period of recognition	2 years 3 months 18 days
Realized tax benefit	$ 0
Granted	127,919
Grant fair value	$ 8.63
Repurchase of common stock (in shares)	32,608	24,812

Summary of RSU Activity (Detail

Summary of RSU Activity (Detail) - Restricted Stock Units	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning Balance, Unvested, Number Outstanding | shares	730,062
Granted, Number Outstanding | shares	127,919
Vested, Number Outstanding | shares	(106,761)
Ending Balance, Unvested, Number Outstanding | shares	751,220
Vested but not released, Number Outstanding | shares	65,568
Beginning Balance, Unvested, Weighted Average Fair Value | $ / shares	$ 11.17
Granted, Weighted Average Fair Value | $ / shares	8.63
Vested, Weighted Average Fair Value | $ / shares	10.16
Ending Balance, Unvested, Weighted Average Fair Value | $ / shares	10.88
Vested but not released, Weighted Average Fair Value | $ / shares	$ 10.72

Stock-Based Compensation Expens

Stock-Based Compensation Expense Related to Stock Options, RSUs and PSUs (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-Based Compensation Expense	$ (1,019)	$ (990)
Stock Options and Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-Based Compensation Expense	1,019	990
Stock Options and Restricted Stock Units | Cost of revenue
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-Based Compensation Expense	47	45
Stock Options and Restricted Stock Units | Research and Development Expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-Based Compensation Expense	182	202
Stock Options and Restricted Stock Units | Selling and Marketing Expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-Based Compensation Expense	264	293
Stock Options and Restricted Stock Units | General and Administrative Expense
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-Based Compensation Expense	$ 526	$ 450

Summary of Calculations for Bas

Summary of Calculations for Basic Net Loss Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net loss	$ (4,558)	$ (2,719)
Less: accretion of Series B convertible preferred stock dividends	(248)	(313)
Net loss available to common stockholders	$ (4,806)	$ (3,032)
Denominator:
Weighted average common shares outstanding - basic	23,368	22,794
Weighted average common shares outstanding - diluted	23,368	22,794
Net loss per common share - basic	$ (0.21)	$ (0.13)
Net loss per common share - diluted	$ (0.21)	$ (0.13)

Common Stock Equivalents Exclud

Common Stock Equivalents Excluded From Diluted Net Loss Per Share (Detail) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Common stock equivalents diluted net income (loss) per share inclusion anti-dilutive	7,947	8,103
Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Common stock equivalents diluted net income (loss) per share inclusion anti-dilutive	751	873
PSUs
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Common stock equivalents diluted net income (loss) per share inclusion anti-dilutive		40
Employee Stock Option
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Common stock equivalents diluted net income (loss) per share inclusion anti-dilutive	487	506
Warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Common stock equivalents diluted net income (loss) per share inclusion anti-dilutive		275
Shares of Common Stock Issuable Upon Conversion of Series B Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Common stock equivalents diluted net income (loss) per share inclusion anti-dilutive	6,709	6,409

Information Regarding Net Reven

Information Regarding Net Revenue and Gross Profit by Segment (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Net revenue	$ 22,494	$ 25,997
Gross profit	$ 8,392	$ 9,211
Gross profit margin	37%	35%
Operating expenses:
Research and development	$ 3,011	$ 2,707
Selling and marketing	5,302	6,097
General and administrative	4,252	2,948
Restructuring and severance	22	191
Total operating expenses	12,587	11,943
Loss from operations	(4,195)	(2,732)
Non-operating income (expense):
Interest expense, net	(87)	(50)
Foreign currency gains (losses), net	(256)	89
Loss before income tax provision	(4,538)	(2,693)
Identity | Operating Segments
Segment Reporting Information [Line Items]
Net revenue	12,835	14,678
Gross profit	$ 2,834	$ 3,079
Gross profit margin	22%	21%
Premises | Operating Segments
Segment Reporting Information [Line Items]
Net revenue	$ 9,659	$ 11,319
Gross profit	$ 5,558	$ 6,132
Gross profit margin	58%	54%

Information Regarding Net Rev_2

Information Regarding Net Revenue by Geographic Region (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Net revenue	$ 22,494	$ 25,997
Geographic Concentration Risk | Revenue from Contract with Customer
Segment Reporting Information [Line Items]
Percentage of net revenue	100%	100%
Americas
Segment Reporting Information [Line Items]
Net revenue	$ 16,504	$ 21,628
Americas | Geographic Concentration Risk | Revenue from Contract with Customer
Segment Reporting Information [Line Items]
Percentage of net revenue	73%	83%
Europe and the Middle East
Segment Reporting Information [Line Items]
Net revenue	$ 3,998	$ 2,984
Europe and the Middle East | Geographic Concentration Risk | Revenue from Contract with Customer
Segment Reporting Information [Line Items]
Percentage of net revenue	18%	12%
Asia-Pacific
Segment Reporting Information [Line Items]
Net revenue	$ 1,992	$ 1,385
Asia-Pacific | Geographic Concentration Risk | Revenue from Contract with Customer
Segment Reporting Information [Line Items]
Percentage of net revenue	9%	5%

Segment Reporting, Geographic_3

Segment Reporting, Geographic Information and Concentration of Credit Risk - Additional Information (Detail) - Customer	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Segment Reporting [Abstract]
Concentration Risk, Customer	One customer accounted for 11% of net revenue for the three months ended March 31, 2024. No customer accounted for more than 10% of net revenue for the three months ended March 31, 2023. No customer accounted for 10% or more of net accounts receivable as of March 31, 2024 or December 31, 2023.
Number of major customer represented stated percentage of total net revenue	1	0
Number of customers who accounted for 10% or more net accounts receivable	0		0

Long-Lived Assets by Geographic

Long-Lived Assets by Geographic Location (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Property and equipment, net	$ 8,832	$ 9,320
Operating lease ROU assets	4,756	5,214
Americas
Segment Reporting Information [Line Items]
Property and equipment, net	667	711
Operating lease ROU assets	2,623	2,836
Europe and the Middle East
Segment Reporting Information [Line Items]
Property and equipment, net	500	519
Operating lease ROU assets	316	371
Asia-Pacific
Segment Reporting Information [Line Items]
Property and equipment, net	7,665	8,090
Operating lease ROU assets	$ 1,817	$ 2,007

Restructuring and Severance - A

Restructuring and Severance - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restructuring Cost And Reserve [Line Items]
Restructuring and severance expenses	$ 22,000	$ 191,000
Severance
Restructuring Cost And Reserve [Line Items]
Restructuring and severance expenses	$ 22,000	$ 191,000

Leases - Additional Information

Leases - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Lessee Lease Description [Line Items]
Total rent expense	$ 0.6	$ 0.4
Lessee, Operating Lease, Existence of Option to Extend [true false]	true
Weighted average remaining operating lease term	3 years 1 month 6 days
Weighted average discount rate of operating lease	0%
Operating lease liabilities, cash paid	$ 0.5	$ 0.4
Minimum
Lessee Lease Description [Line Items]
Remaining lease term	1 year
Maximum
Lessee Lease Description [Line Items]
Remaining lease term	4 years
Operating leases, options to extend leases term	5 years

Leases - Schedule of Reconciles

Leases - Schedule of Reconciles Undiscounted Cash flows of Operating Lease Liabilities Recorded on the Condensed Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
2024 (remaining nine months)	$ 1,475
2025	1,765
2026	1,347
2027	858
2028	23
Total minimum lease payments	5,468
Less: amount of lease payments representing interest	(504)
Present value of future minimum lease payments	4,964
Less: current liabilities under operating leases	(1,655)	$ (1,714)
Long-term operating lease liabilities	$ 3,309	$ 3,716

Summary of Principal Contractua

Summary of Principal Contractual Obligations, Excluding Operating Leases (Detail) $ in Thousands	Mar. 31, 2024 USD ($)
Purchase Commitments
2024 (remaining nine months)	$ 21,597
2025	5,320
2026	2,729
2027	3,500
Total	33,146
Other Contractual Commitments
2024 (remaining nine months)	151
2025	31
2026	9
2027	1
Total	192
Total Commitments
2024 (remaining nine months)	21,748
2025	5,351
2026	2,738
2027	3,501
Total	$ 33,338

Summary of Warranty Accrual Acc

Summary of Warranty Accrual Account Activity (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Balance at beginning of period	$ 378	$ 345
Credited to costs and expenses	(77)	(5)
Cost of warranty claims		1
Balance at end of period	$ 301	$ 341

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2024
Minimum
Commitment And Contingencies [Line Items]
Term of warranties on certain product sales	12 months
Maximum
Commitment And Contingencies [Line Items]
Term of warranties on certain product sales	36 months

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) $ in Millions	Apr. 02, 2024 USD ($)
Subsequent Event | Stock and Asset Purchase Agreement
Subsequent Event [Line Items]
Purchase Price	$ 145