Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 02, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
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 | false | |
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 | 22,335,003 | |
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, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 27,614 | $ 28,553 |
Restricted cash | 1,074 | 1,254 |
Accounts receivable, net of allowances of $2,668 and $2,745 as of March 31, 2022 and December 31, 2021, respectively | 19,452 | 19,963 |
Inventories | 20,493 | 19,924 |
Prepaid expenses and other current assets | 2,673 | 3,032 |
Total current assets | 71,306 | 72,726 |
Property and equipment, net | 4,341 | 4,066 |
Operating lease right-of-use assets | 1,780 | 2,088 |
Intangible assets, net | 6,182 | 6,445 |
Goodwill | 10,288 | 10,268 |
Other assets | 1,012 | 1,070 |
Total assets | 94,909 | 96,663 |
Current liabilities: | ||
Accounts payable | 11,335 | 10,502 |
Operating lease liabilities | 1,143 | 1,269 |
Deferred revenue | 1,489 | 2,153 |
Accrued compensation and related benefits | 2,675 | 3,150 |
Other accrued expenses and liabilities | 3,316 | 3,774 |
Total current liabilities | 19,958 | 20,848 |
Long-term operating lease liabilities | 748 | 938 |
Long-term deferred revenue | 295 | 280 |
Other long-term liabilities | 74 | 85 |
Total liabilities | 21,075 | 22,151 |
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, 2022 and December 31, 2021 | 5 | 5 |
Common stock, $0.001 par value: 50,000 shares authorized; 23,794 and 23,707 shares issued and 22,300 and 22,230 shares outstanding as of March 31, 2022 and December 31, 2021, respectively | 24 | 24 |
Additional paid-in capital | 493,552 | 492,657 |
Treasury stock, 1,494 and 1,477 shares as of March 31, 2022 and December 31, 2021, respectively | (11,533) | (11,134) |
Accumulated deficit | (409,988) | (408,989) |
Accumulated other comprehensive income | 1,774 | 1,949 |
Total stockholders' equity | 73,834 | 74,512 |
Total liabilities and stockholders' equity | $ 94,909 | $ 96,663 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Statement Of Financial Position [Abstract] | ||
Accounts receivable, allowances | $ 2,668 | $ 2,745 |
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 | 23,794,000 | 23,707,000 |
Common stock, shares outstanding | 22,300,000 | 22,230,000 |
Treasury stock, shares | 1,494,000 | 1,477,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
Net revenue | $ 25,061 | $ 22,162 |
Cost of revenue | 16,095 | 14,470 |
Gross profit | 8,966 | 7,692 |
Operating expenses: | ||
Research and development | 2,529 | 2,337 |
Selling and marketing | 5,110 | 4,064 |
General and administrative | 2,488 | 2,125 |
Restructuring and severance | (140) | 388 |
Total operating expenses | 9,987 | 8,914 |
Loss from operations | (1,021) | (1,222) |
Non-operating income (expense): | ||
Interest expense, net | (25) | (245) |
Gain on investment | 24 | |
Foreign currency gains, net | 19 | 46 |
Loss before income tax benefit (provision) | (1,003) | (1,421) |
Income tax benefit (provision) | 4 | (44) |
Net loss | (999) | (1,465) |
Other comprehensive loss: | ||
Foreign currency translation adjustment | (175) | (283) |
Comprehensive loss | $ (1,174) | $ (1,748) |
Net loss per common share: | ||
Basic | $ (0.06) | $ (0.09) |
Diluted | $ (0.06) | $ (0.09) |
Weighted average common shares outstanding, basic and diluted | 22,574 | 18,443 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Preferred StockSeries B Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Deficit | Accumulated Other Comprehensive Income |
Beginning Balances at Dec. 31, 2020 | $ 34,189 | $ 5 | $ 19 | $ 452,129 | $ (9,933) | $ (410,609) | $ 2,578 |
Beginning Balances (in shares) at Dec. 31, 2020 | 5,000 | 18,055 | |||||
Net loss | (1,465) | (1,465) | |||||
Unrealized loss from foreign currency translation adjustments | (283) | (283) | |||||
Issuance of common stock in connection with vesting of stock awards (shares) | 98 | ||||||
Proceeds from exercise of stock options | 34 | 34 | |||||
Proceeds from exercise of stock options | 5 | ||||||
Stock-based compensation | 758 | 758 | |||||
Shares withheld in payment of taxes in connection with net share settlement of restricted stock units | (253) | (253) | |||||
Shares withheld in payment of taxes in connection with net share settlement of restricted stock units (shares) | (25) | ||||||
Issuance of common stock in connection with warrant exercise (shares) | 28 | ||||||
Ending Balances at Mar. 31, 2021 | 32,980 | $ 5 | $ 19 | 452,921 | (10,186) | (412,074) | 2,295 |
Ending Balances (in shares) at Mar. 31, 2021 | 5,000 | 18,161 | |||||
Beginning Balances at Dec. 31, 2021 | 74,512 | $ 5 | $ 24 | 492,657 | (11,134) | (408,989) | 1,949 |
Beginning Balances (in shares) at Dec. 31, 2021 | 5,000 | 22,230 | |||||
Net loss | (999) | (999) | |||||
Unrealized loss from foreign currency translation adjustments | (175) | (175) | |||||
Issuance of common stock in connection with vesting of stock awards (shares) | 88 | ||||||
Stock-based compensation | 895 | 895 | |||||
Shares withheld in payment of taxes in connection with net share settlement of restricted stock units | (399) | (399) | |||||
Shares withheld in payment of taxes in connection with net share settlement of restricted stock units (shares) | (18) | ||||||
Ending Balances at Mar. 31, 2022 | $ 73,834 | $ 5 | $ 24 | $ 493,552 | $ (11,533) | $ (409,988) | $ 1,774 |
Ending Balances (in shares) at Mar. 31, 2022 | 5,000 | 22,300 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities | ||
Net loss | $ (999) | $ (1,465) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 509 | 466 |
Gain on investment | (24) | |
Accretion of interest on contractual payment obligation | 19 | |
Amortization of debt issuance costs | 68 | |
Stock-based compensation expense | 895 | 758 |
Impairment of right-of-use operating lease asset | 281 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 501 | 20 |
Inventories | (541) | 977 |
Prepaid expenses and other assets | 417 | (223) |
Accounts payable | 816 | (736) |
Contractual payment obligation liability | (271) | |
Deferred revenue | (649) | (401) |
Accrued expenses and other liabilities | (959) | 96 |
Net cash used in operating activities | (34) | (411) |
Cash flows from investing activities: | ||
Capital expenditures | (510) | (1,131) |
Proceeds from investment | 24 | |
Net cash used in investing activities | (486) | (1,131) |
Cash flows from financing activities: | ||
Borrowings under revolving loan facility, net of issuance costs | 3,975 | |
Repayments under revolving loan facility | (1,793) | |
Taxes paid related to net share settlement of restricted stock units | (399) | (253) |
Proceeds from exercise of stock options | 34 | |
Net cash provided by (used in) financing activities | (399) | 1,963 |
Effect of exchange rates on cash, cash equivalents, and restricted cash | (200) | (312) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | (1,119) | 109 |
Cash, cash equivalents, and restricted cash at beginning of period | 29,807 | 11,409 |
Cash, cash equivalents, and restricted cash at end of period | 28,688 | 11,518 |
Supplemental Disclosures of Cash Flow Information: | ||
Interest paid | 3 | 170 |
Taxes paid, net | $ 32 | $ 15 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
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 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, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022 or any future period. The unaudited condensed consolidated balance sheet as of December 31, 2021 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. |
Significant Accounting Policies
Significant Accounting Policies and Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2022 | |
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 Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) In February 2020, the FASB issued ASU 2020-02, which provides guidance regarding methodologies, documentation, and internal controls related to expected credit losses. The subsequent amendments will have the same effective date and transition requirements as ASU No. 2016-13. Early adoption is permitted. Topic 326 requires a modified retrospective approach by recording a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. The Company adopted this standard on January 1, 2022, and it did not have a material impact on the Company’s condensed consolidated financial statements. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2022 | |
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 — Guarantees Software License Revenue — Subscription Revenue 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 billed monthly or annually. Professional Services Revenue — Software Maintenance and Support Revenue — one-or three-year Extended Hardware Warranties Revenue — two Performance Obligation When Performance Obligation is Typically Satisfied When Payment is Typically Due How Standalone Selling Price is Typically Estimated 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 and support services 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 warranties 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, 2022 2021 Point-in- Time Over Time Total Point-in- Time Over Time Total Americas $ 15,898 $ 993 $ 16,891 $ 14,396 $ 752 $ 15,148 Europe and the Middle East 3,669 125 3,794 2,364 96 2,460 Asia-Pacific 4,376 — 4,376 4,554 — 4,554 Total $ 23,943 $ 1,118 $ 25,061 $ 21,314 $ 848 $ 22,162 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, 2022 and March 2021 were as follows (in thousands): Three Months Ended March 31, 2022 2021 Deferred revenue, beginning of period $ 2,433 $ 2,366 Deferral of revenue billed in current period, net of recognition 381 392 Recognition of revenue deferred in prior periods (1,030 ) (793 ) Deferred revenue, end of period $ 1,784 $ 1,965 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 $0.5 million as of March 31, 2022. Since the Company typically invoices customers at contract inception, this amount is included in the deferred revenue balance. As of March 31, 2022, the Company expects to recognize 43% of the revenue related to these unsatisfied performance obligations during the remainder of 2022, 30% during 2023, and 27% thereafter. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
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 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, 2022 and December 31, 2021, the only assets measured and recognized at fair value on a recurring basis were nominal cash equivalents. As of March 31, 2022 and December 31, 2021, 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, 2022 As of March 31, 2022 and December 31, 2021, 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. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2022 | |
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 December 31, 2020 $ 3,554 $ 6,712 $ 10,266 Currency translation adjustment — 15 15 Balance as of March 31, 2021 $ 3,554 $ 6,727 $ 10,281 Balance as of December 31, 2021 $ 3,554 $ 6,714 $ 10,268 Currency translation adjustment — 20 20 Balance as of March 31, 2022 $ 3,554 $ 6,734 $ 10,288 In accordance with ASC 350, Intangibles – Goodwill and Other During the three months ended March 31, 2022 and 2021, 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, 2022 $ 767 $ 9,136 $ 15,779 $ 25,682 Accumulated amortization (575 ) (6,331 ) (12,594 ) (19,500 ) Intangible assets, net as of March 31, 2022 $ 192 $ 2,805 $ 3,185 $ 6,182 Gross carrying amount as of December 31, 2021 $ 764 $ 9,127 $ 15,774 $ 25,665 Accumulated amortization (536 ) (6,219 ) (12,465 ) (19,220 ) Intangible assets, net as of December 31, 2021 $ 228 $ 2,908 $ 3,309 $ 6,445 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 The following table summarizes the amortization expense included in the condensed consolidated statements of comprehensive loss Three Months Ended March 31, 2022 2021 Cost of revenue $ 112 $ 119 Selling and marketing 168 160 Total $ 280 $ 279 The estimated annual future amortization expense for purchased intangible assets with definite lives as of March 31, 2022 was as follows (in thousands): 2022 (remaining nine months) $ 843 2023 1,046 2024 969 2025 969 2026 969 Thereafter 1,386 Total $ 6,182 |
Balance Sheet Components
Balance Sheet Components | 3 Months Ended |
Mar. 31, 2022 | |
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 consists of (in thousands): March 31, December 31, 2022 2021 Raw materials $ 8,251 $ 7,182 Work-in-progress 11 — Finished goods 12,231 12,742 Total $ 20,493 $ 19,924 Property and equipment, net consists of (in thousands): March 31, December 31, 2022 2021 Building and leasehold improvements $ 1,317 $ 1,304 Furniture, fixtures and office equipment 1,399 1,379 Plant and machinery 13,509 13,244 Purchased software 2,285 2,281 Total 18,510 18,208 Accumulated depreciation (14,169 ) (14,142 ) Property and equipment, net $ 4,341 $ 4,066 The Company recorded depreciation expense of $0.2 million during each of the three months ended March 31, 2022 and 2021 . Other accrued expenses and liabilities consist of (in thousands): March 31, December 31, 2022 2021 Accrued professional fees $ 734 $ 576 Accrued warranties 392 377 Customer deposits 209 149 Rental payments due to landlord — 922 Accrued restructuring — 294 Other accrued expenses 1,981 1,456 Total $ 3,316 $ 3,774 |
Financial Liabilities
Financial Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Financial Liabilities | 7. Financial Liabilities On February 8, 2017, the Company entered into a Loan and Security Agreement with East West Bank (“EWB”). Following subsequent amendments, on February 8, 2021 the Company amended and restated the Loan and Security Agreement in its entirety (the “Loan and Security Agreement”). The Loan and Security Agreement provided for a $20.0 million revolving loan facility subject to a borrowing base and a $4.0 million non-formula revolving loan facility that was not subject to a borrowing base. Advances under the revolving loan facility, as amended on April 30, 2021, bear interest at a per annum rate equal to the prime rate. The maturity date of the main revolving loan facility is February 8, 2023. The non-formula revolving loan facility terminated on February 7, 2022. On April 14, 2022, the Company and EWB amended the Loan and Security 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% , and certain financial covenants were amended. The Loan and Security 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 and Security Agreement are collateralized by substantially all of its assets. As of March 31, 2022, there were no amounts outstanding and the Company was in compliance with all financial covenants under the Loan and Security Agreement. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
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 The Company generally is no longer subject to tax examinations for years prior to 2017. 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. On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 (the “Act”) into law. The $1.9 trillion Act includes COVID-19 relief, as well as broader stimulus, but also includes several revenue-raising and business tax provisions. The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) also includes several significant provisions for corporations, including the usage of net operating losses and payroll benefits. Several foreign (non-U.S.) jurisdictions in which the Company operates have taken similar economic stimulus measures. The Act and the CARES Act had no material impact on the Company’s condensed consolidated financial statements and disclosures. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | 9. Stockholders’ Equity Series B Convertible Preferred Stock Dividend Accretion The following table summarizes Series B convertible 2022 and 2021 Three Months Ended March 31, 2022 2021 Series B Convertible Preferred Stock: Balance at beginning of period $ 24,117 $ 22,969 Cumulative dividends on Series B convertible preferred stock 298 284 Balance at end of period $ 24,415 $ 23,253 Number of Common Shares Issuable Upon Conversion: Number of shares at beginning of period 6,029 5,742 Cumulative dividends on Series B convertible preferred stock 75 71 Number of shares at end of period 6,104 5,813 Based on the current conversion price, the outstanding shares, including the accretion of dividends, of Series B convertible preferred stock as of March 31, March 31, Each share of Series B convertible th convertible convertible Common Stock Warrants On May 5, 2020, the Company entered into a Note and Warrant Purchase Agreement with 21 April Fund, LP and 21 April Fund, Ltd., (collectively, the “April 21 Funds”) , Below is the summary of outstanding warrants issued by the Company as of March 31, 2022: Warrant Type Number of Shares Issuable Upon Exercise Weighted Average Exercise Price Issue Date Expiration Date April 21 Funds Warrants 275,000 $ 3.50 May 5, 2020 May 5, 2023 Common Stock Reserved for Future Issuance Common stock reserved for future issuance as of March 31, 2022 was as follows: Exercise of outstanding stock options, vesting of restricted stock units ("RSUs"), vesting of performance stock units ("PSUs"), and issuance of RSUs vested but not released 1,448,112 Employee Stock Purchase Plan 293,888 Shares of common stock available for grant under the 2011 Plan 902,090 Warrants to purchase common stock 275,000 Shares of common stock issuable upon conversion of Series B convertible preferred stock 7,541,449 Total 10,460,539 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
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 (the “2011 Plan”), as amended, 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, 2022 is as follows: Number Outstanding Average Exercise Price per Share Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Balance as of December 31, 2021 514,693 $ 5.11 4.11 $ 11,850,930 Granted — — Cancelled or Expired (333 ) 19.70 Exercised — — Balance as of March 31, 2022 514,360 $ 5.11 3.87 $ 5,691,347 Vested or expected to vest as of March 31, 2022 514,360 $ 5.11 3.87 $ 5,691,347 Exercisable as of March 31, 2022 514,360 $ 5.11 3.87 $ 5,691,347 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, 2022 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, 2022: Stock Options Outstanding Stock Options Exercisable Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $4.36 - $7.20 452,510 4.12 $ 4.41 452,510 $ 4.41 $7.50 - $11.25 61,317 1.98 10.19 61,317 10.19 $11.30 - $16.95 500 2.00 11.30 500 11.30 $19.70 - $29.55 33 1.38 19.70 33 19.70 $4.36 - $29.55 514,360 3.87 $ 5.11 514,360 $ 5.11 As of March 31, 2022, there was no related to stock options Restricted Stock Units The following is a summary of RSU activity for the three months ended March 31, 2022: Number Outstanding Weighted Average Fair Value Unvested as of December 31, 2021 485,729 $ 9.19 Granted 144,738 20.89 Vested (71,310 ) 7.84 Forfeited (1,844 ) 11.71 Unvested as of March 31, 2022 557,313 $ 12.40 RSUs vested but not released 301,439 $ 5.48 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, 2022, there was $5.6 million of unrecognized compensation expense related to unvested RSUs granted, which is expected to be recognized over a weighted average period of 3.3 years. No Performance Stock Units The Company granted 200,000 PSUs to a certain key employee during the year ended December 31, 2020, with a grant date fair value of $6.38 per share. The PSUs are subject to the attainment of performance goals established by the Company’s Compensation Committee, the periods during which performance is to be measured, and other limitations and conditions. Performance goals are based on pre-established objectives that specify the manner of determining the number of PSUs that will vest if performance goals are attained. If the employee terminates employment, the non-vested portion of the PSUs will not vest and all rights to the non-vested portion will terminate. The following is a summary of PSU activity for the three months ended March 31, 2022: Number Outstanding Unvested as of December 31, 2021 175,000 Granted — Vested (20,000 ) Forfeited (80,000 ) Unvested as of March 31, 2022 75,000 As of March 31, 2022, there was $0.4 million of unrecognized compensation expense related to unvested PSUs, which is expected to be recognized over a period of 0 .8 years Stock-Based Compensation Expense The following table summarizes stock-based compensation expense related to stock options, RSUs, and PSUs included in the condensed consolidated for the three months ended March 31, 2022 and 2021 (in thousands): Three Months Ended March 31, 2022 2021 Cost of revenue $ 56 $ 33 Research and development 310 162 Selling and marketing 194 103 General and administrative 335 460 Total $ 895 $ 758 Restricted Stock Unit Net Share Settlements During the three months ended March 31, 2022 and 2021, the Company repurchased 17,647 and 25,327 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, 2022 | |
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. Three Months Ended March 31, 2022 2021 Basic net loss per common share: Numerator: Net loss $ (999 ) $ (1,465 ) Less: accretion of Series B convertible preferred stock dividends (298 ) (284 ) Net loss available to common stockholders $ (1,297 ) $ (1,749 ) Denominator: Weighted average common shares outstanding - basic 22,574 18,443 Net loss per common share - basic $ (0.06 ) $ (0.09 ) The following common stock equivalents have been excluded from diluted net loss per share for the three months ended March 31, 2022 and 2021 because their inclusion would have been anti-dilutive (in thousands): Three Months Ended March 31, 2022 2021 Shares of common stock subject to outstanding RSUs 557 633 Shares of common stock subject to outstanding PSUs 75 180 Shares of common stock subject to outstanding stock options 514 545 Shares of common stock subject to outstanding warrants 275 275 Shares of common stock issuable upon conversion of Series B convertible preferred stock 6,104 5,813 Total 7,525 7,446 |
Segment Reporting, Geographic I
Segment Reporting, Geographic Information, and Concentration of Credit Risk | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Reporting, Geographic Information, and Concentration of Credit Risk | 12. Segment Reporting, Geographic Information, and Concentration of Credit Risk Segment Reporting ASC 280, Segment Reporting 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, 2022 and 2021 are as follows (in thousands): Three Months Ended March 31, 2022 2021 Identity: Net revenue $ 14,579 $ 13,658 Gross profit 3,159 3,359 Gross profit margin 22 % 25 % Premises: Net revenue 10,482 8,504 Gross profit 5,807 4,333 Gross profit margin 55 % 51 % Total: Net revenue 25,061 22,162 Gross profit 8,966 7,692 Gross profit margin 36 % 35 % Operating expenses: Research and development 2,529 2,337 Selling and marketing 5,110 4,064 General and administrative 2,488 2,125 Restructuring and severance (140 ) 388 Total operating expenses: 9,987 8,914 Loss from operations (1,021 ) (1,222 ) Non-operating income (expense): Interest expense, net (25 ) (245 ) Gain on investment 24 — Foreign currency gains, net 19 46 Loss before income tax benefit (provision) $ (1,003 ) $ (1,421 ) 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, 2022 and 2021 is as follows (in thousands): Three Months Ended March 31, 2022 2021 Americas $ 16,891 $ 15,148 Europe and the Middle East 3,794 2,460 Asia-Pacific 4,376 4,554 Total $ 25,061 $ 22,162 As percentage of net revenue: Americas 67 % 68 % Europe and the Middle East 15 % 11 % Asia-Pacific 18 % 21 % Total 100 % 100 % Concentration of Credit Risk No customer accounted for 10% or more of net revenue for either of the three months ended March 31, 2022 or 2021. No Long-lived assets by geographic location as of March 31, 2022 and December 31, 2021 are as follows (in thousands): March 31, December 31, 2022 2021 Property and equipment, net: Americas $ 521 $ 545 Europe and the Middle East 348 334 Asia-Pacific 3,472 3,187 Total property and equipment, net $ 4,341 $ 4,066 Operating lease ROU assets: Americas $ 1,186 $ 1,344 Europe and the Middle East 106 135 Asia-Pacific 488 609 Total operating lease right-of-use assets $ 1,780 $ 2,088 |
Restructuring and Severance
Restructuring and Severance | 3 Months Ended |
Mar. 31, 2022 | |
Restructuring And Related Activities [Abstract] | |
Restructuring and Severance | 13. Restructuring and Severance During the three months ended March 31, 2022, the Company entered into a settlement agreement associated with outstanding rental payments due the landlord on leased office space in San Francisco, California. As a result of the settlement, the Company recorded a net credit of $153,000 representing the difference between amounts accrued and the settlement amount. The settlement credit was partially offset by severance related costs of $13,000. During the three months ended March 31, 2021, the Company incurred restructuring expenses of $388,000, consisting of facility rental related costs of $329,000, which included a charge of $281,000 resulting from the impairment of a right-of-use operating lease asset for office space the Company vacated in the first quarter of 2021, and severance related costs of $59,000. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Leases | 14. Leases The Company’s leases consist primarily of operating leases for administrative office space, research and development facilities, a manufacturing facility, 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 approximately 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 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, 2022 (in thousands): March 31, 2022 2022 (remaining nine months) $ 1,016 2023 494 2024 252 2025 233 2026 60 Thereafter — Total minimum lease payments 2,055 Less: amount of lease payments representing interest (164 ) Present value of future minimum lease payments 1,891 Less: current liabilities under operating leases (1,143 ) Long-term operating lease liabilities $ 748 As of March 31, 2022, the weighted average remaining lease term for the Company’s operating leases was 2.3 years, and the weighted average discount rate used to determine the present value of the Company’s operating leases was 5.9%. Cash paid for amounts included in the measurement of operating lease liabilities was $0.3 million |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022 (in thousands): Purchase Commitments Other Contractual Commitments Total 2022 (remaining nine months) $ 53,069 $ 51 $ 53,120 2023 4,178 — 4,178 Total $ 57,247 $ 51 $ 57,298 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, 2022 and 2021: Three Months Ended March 31, 2022 2021 Balance at beginning of period $ 377 $ 321 Accruals for warranties charged to expense 14 16 Cost of warranty claims 1 (2 ) Balance at end of period $ 392 $ 335 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, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 16. Subsequent Events There were no subsequent events except as disclosed within Note 7, Financial Liabilities. |
Significant Accounting Polici_2
Significant Accounting Policies and Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) In February 2020, the FASB issued ASU 2020-02, which provides guidance regarding methodologies, documentation, and internal controls related to expected credit losses. The subsequent amendments will have the same effective date and transition requirements as ASU No. 2016-13. Early adoption is permitted. Topic 326 requires a modified retrospective approach by recording a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. The Company adopted this standard on January 1, 2022, and it did not have a material impact on the Company’s condensed consolidated financial statements. |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Performance Obligation | Performance Obligation When Performance Obligation is Typically Satisfied When Payment is Typically Due How Standalone Selling Price is Typically Estimated 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 and support services 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 warranties 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 |
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, 2022 2021 Point-in- Time Over Time Total Point-in- Time Over Time Total Americas $ 15,898 $ 993 $ 16,891 $ 14,396 $ 752 $ 15,148 Europe and the Middle East 3,669 125 3,794 2,364 96 2,460 Asia-Pacific 4,376 — 4,376 4,554 — 4,554 Total $ 23,943 $ 1,118 $ 25,061 $ 21,314 $ 848 $ 22,162 |
Changes in Deferred Revenue | Changes in deferred revenue during the three months ended March 31, 2022 and March 2021 were as follows (in thousands): Three Months Ended March 31, 2022 2021 Deferred revenue, beginning of period $ 2,433 $ 2,366 Deferral of revenue billed in current period, net of recognition 381 392 Recognition of revenue deferred in prior periods (1,030 ) (793 ) Deferred revenue, end of period $ 1,784 $ 1,965 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 December 31, 2020 $ 3,554 $ 6,712 $ 10,266 Currency translation adjustment — 15 15 Balance as of March 31, 2021 $ 3,554 $ 6,727 $ 10,281 Balance as of December 31, 2021 $ 3,554 $ 6,714 $ 10,268 Currency translation adjustment — 20 20 Balance as of March 31, 2022 $ 3,554 $ 6,734 $ 10,288 |
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, 2022 $ 767 $ 9,136 $ 15,779 $ 25,682 Accumulated amortization (575 ) (6,331 ) (12,594 ) (19,500 ) Intangible assets, net as of March 31, 2022 $ 192 $ 2,805 $ 3,185 $ 6,182 Gross carrying amount as of December 31, 2021 $ 764 $ 9,127 $ 15,774 $ 25,665 Accumulated amortization (536 ) (6,219 ) (12,465 ) (19,220 ) Intangible assets, net as of December 31, 2021 $ 228 $ 2,908 $ 3,309 $ 6,445 |
Amortization Expense Included in Condensed Consolidated Statements of Operations | The following table summarizes the amortization expense included in the condensed consolidated statements of comprehensive loss Three Months Ended March 31, 2022 2021 Cost of revenue $ 112 $ 119 Selling and marketing 168 160 Total $ 280 $ 279 |
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, 2022 was as follows (in thousands): 2022 (remaining nine months) $ 843 2023 1,046 2024 969 2025 969 2026 969 Thereafter 1,386 Total $ 6,182 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Statement Of Financial Position [Abstract] | |
Inventories | The Company’s inventories are stated at the lower of cost or net realizable value. Inventories consists of (in thousands): March 31, December 31, 2022 2021 Raw materials $ 8,251 $ 7,182 Work-in-progress 11 — Finished goods 12,231 12,742 Total $ 20,493 $ 19,924 |
Property and Equipment, Net | Property and equipment, net consists of (in thousands): March 31, December 31, 2022 2021 Building and leasehold improvements $ 1,317 $ 1,304 Furniture, fixtures and office equipment 1,399 1,379 Plant and machinery 13,509 13,244 Purchased software 2,285 2,281 Total 18,510 18,208 Accumulated depreciation (14,169 ) (14,142 ) Property and equipment, net $ 4,341 $ 4,066 |
Other Accrued Expenses and Liabilities | Other accrued expenses and liabilities consist of (in thousands): March 31, December 31, 2022 2021 Accrued professional fees $ 734 $ 576 Accrued warranties 392 377 Customer deposits 209 149 Rental payments due to landlord — 922 Accrued restructuring — 294 Other accrued expenses 1,981 1,456 Total $ 3,316 $ 3,774 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Summary of Series B Preferred Stock and Accretion of Dividends | The following table summarizes Series B convertible 2022 and 2021 Three Months Ended March 31, 2022 2021 Series B Convertible Preferred Stock: Balance at beginning of period $ 24,117 $ 22,969 Cumulative dividends on Series B convertible preferred stock 298 284 Balance at end of period $ 24,415 $ 23,253 Number of Common Shares Issuable Upon Conversion: Number of shares at beginning of period 6,029 5,742 Cumulative dividends on Series B convertible preferred stock 75 71 Number of shares at end of period 6,104 5,813 |
Summary of Outstanding Warrants Issued by Company | Below is the summary of outstanding warrants issued by the Company as of March 31, 2022: Warrant Type Number of Shares Issuable Upon Exercise Weighted Average Exercise Price Issue Date Expiration Date April 21 Funds Warrants 275,000 $ 3.50 May 5, 2020 May 5, 2023 |
Summary of Common Stock Reserved for Future Issuance | Common Stock Reserved for Future Issuance Common stock reserved for future issuance as of March 31, 2022 was as follows: Exercise of outstanding stock options, vesting of restricted stock units ("RSUs"), vesting of performance stock units ("PSUs"), and issuance of RSUs vested but not released 1,448,112 Employee Stock Purchase Plan 293,888 Shares of common stock available for grant under the 2011 Plan 902,090 Warrants to purchase common stock 275,000 Shares of common stock issuable upon conversion of Series B convertible preferred stock 7,541,449 Total 10,460,539 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Activity for Stock Option Plans | A summary of stock option activity for the three months ended March 31, 2022 is as follows: Number Outstanding Average Exercise Price per Share Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Balance as of December 31, 2021 514,693 $ 5.11 4.11 $ 11,850,930 Granted — — Cancelled or Expired (333 ) 19.70 Exercised — — Balance as of March 31, 2022 514,360 $ 5.11 3.87 $ 5,691,347 Vested or expected to vest as of March 31, 2022 514,360 $ 5.11 3.87 $ 5,691,347 Exercisable as of March 31, 2022 514,360 $ 5.11 3.87 $ 5,691,347 |
Summary Information about Options Outstanding | The following table summarizes information about stock options outstanding as of March 31, 2022: Stock Options Outstanding Stock Options Exercisable Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $4.36 - $7.20 452,510 4.12 $ 4.41 452,510 $ 4.41 $7.50 - $11.25 61,317 1.98 10.19 61,317 10.19 $11.30 - $16.95 500 2.00 11.30 500 11.30 $19.70 - $29.55 33 1.38 19.70 33 19.70 $4.36 - $29.55 514,360 3.87 $ 5.11 514,360 $ 5.11 |
Summary of Stock Unit Activity | The following is a summary of RSU activity for the three months ended March 31, 2022: Number Outstanding Weighted Average Fair Value Unvested as of December 31, 2021 485,729 $ 9.19 Granted 144,738 20.89 Vested (71,310 ) 7.84 Forfeited (1,844 ) 11.71 Unvested as of March 31, 2022 557,313 $ 12.40 RSUs vested but not released 301,439 $ 5.48 |
Stock-Based Compensation Expense Related to Stock Options, RSUs and PSUs | The following table summarizes stock-based compensation expense related to stock options, RSUs, and PSUs included in the condensed consolidated for the three months ended March 31, 2022 and 2021 (in thousands): Three Months Ended March 31, 2022 2021 Cost of revenue $ 56 $ 33 Research and development 310 162 Selling and marketing 194 103 General and administrative 335 460 Total $ 895 $ 758 |
Performance Stock Units | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Stock Unit Activity | The following is a summary of PSU activity for the three months ended March 31, 2022: Number Outstanding Unvested as of December 31, 2021 175,000 Granted — Vested (20,000 ) Forfeited (80,000 ) Unvested as of March 31, 2022 75,000 |
Net Loss per Common Share (Tabl
Net Loss per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
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. Three Months Ended March 31, 2022 2021 Basic net loss per common share: Numerator: Net loss $ (999 ) $ (1,465 ) Less: accretion of Series B convertible preferred stock dividends (298 ) (284 ) Net loss available to common stockholders $ (1,297 ) $ (1,749 ) Denominator: Weighted average common shares outstanding - basic 22,574 18,443 Net loss per common share - basic $ (0.06 ) $ (0.09 ) |
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, 2022 and 2021 because their inclusion would have been anti-dilutive (in thousands): Three Months Ended March 31, 2022 2021 Shares of common stock subject to outstanding RSUs 557 633 Shares of common stock subject to outstanding PSUs 75 180 Shares of common stock subject to outstanding stock options 514 545 Shares of common stock subject to outstanding warrants 275 275 Shares of common stock issuable upon conversion of Series B convertible preferred stock 6,104 5,813 Total 7,525 7,446 |
Segment Reporting, Geographic_2
Segment Reporting, Geographic Information, and Concentration of Credit Risk (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022 and 2021 are as follows (in thousands): Three Months Ended March 31, 2022 2021 Identity: Net revenue $ 14,579 $ 13,658 Gross profit 3,159 3,359 Gross profit margin 22 % 25 % Premises: Net revenue 10,482 8,504 Gross profit 5,807 4,333 Gross profit margin 55 % 51 % Total: Net revenue 25,061 22,162 Gross profit 8,966 7,692 Gross profit margin 36 % 35 % Operating expenses: Research and development 2,529 2,337 Selling and marketing 5,110 4,064 General and administrative 2,488 2,125 Restructuring and severance (140 ) 388 Total operating expenses: 9,987 8,914 Loss from operations (1,021 ) (1,222 ) Non-operating income (expense): Interest expense, net (25 ) (245 ) Gain on investment 24 — Foreign currency gains, net 19 46 Loss before income tax benefit (provision) $ (1,003 ) $ (1,421 ) |
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, 2022 and 2021 is as follows (in thousands): Three Months Ended March 31, 2022 2021 Americas $ 16,891 $ 15,148 Europe and the Middle East 3,794 2,460 Asia-Pacific 4,376 4,554 Total $ 25,061 $ 22,162 As percentage of net revenue: Americas 67 % 68 % Europe and the Middle East 15 % 11 % Asia-Pacific 18 % 21 % Total 100 % 100 % |
Long-Lived Assets by Geographic Location | Long-lived assets by geographic location as of March 31, 2022 and December 31, 2021 are as follows (in thousands): March 31, December 31, 2022 2021 Property and equipment, net: Americas $ 521 $ 545 Europe and the Middle East 348 334 Asia-Pacific 3,472 3,187 Total property and equipment, net $ 4,341 $ 4,066 Operating lease ROU assets: Americas $ 1,186 $ 1,344 Europe and the Middle East 106 135 Asia-Pacific 488 609 Total operating lease right-of-use assets $ 1,780 $ 2,088 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022 (in thousands): March 31, 2022 2022 (remaining nine months) $ 1,016 2023 494 2024 252 2025 233 2026 60 Thereafter — Total minimum lease payments 2,055 Less: amount of lease payments representing interest (164 ) Present value of future minimum lease payments 1,891 Less: current liabilities under operating leases (1,143 ) Long-term operating lease liabilities $ 748 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022 (in thousands): Purchase Commitments Other Contractual Commitments Total 2022 (remaining nine months) $ 53,069 $ 51 $ 53,120 2023 4,178 — 4,178 Total $ 57,247 $ 51 $ 57,298 |
Summary of Warranty Accrual Account Activity | The following table summarizes the Company’s warranty accrual account activity during the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Balance at beginning of period $ 377 $ 321 Accruals for warranties charged to expense 14 16 Cost of warranty claims 1 (2 ) Balance at end of period $ 392 $ 335 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Revenue From Contract With Customer [Line Items] | |
Remaining performance obligations | $ 0.5 |
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, 2022 | |
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, 2022 | |
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, 2022 | Mar. 31, 2021 | |
Disaggregation Of Revenue [Line Items] | ||
Total net revenue | $ 25,061 | $ 22,162 |
Point-in-Time | ||
Disaggregation Of Revenue [Line Items] | ||
Total net revenue | 23,943 | 21,314 |
Over Time | ||
Disaggregation Of Revenue [Line Items] | ||
Total net revenue | 1,118 | 848 |
Americas | ||
Disaggregation Of Revenue [Line Items] | ||
Total net revenue | 16,891 | 15,148 |
Americas | Point-in-Time | ||
Disaggregation Of Revenue [Line Items] | ||
Total net revenue | 15,898 | 14,396 |
Americas | Over Time | ||
Disaggregation Of Revenue [Line Items] | ||
Total net revenue | 993 | 752 |
Europe and the Middle East | ||
Disaggregation Of Revenue [Line Items] | ||
Total net revenue | 3,794 | 2,460 |
Europe and the Middle East | Point-in-Time | ||
Disaggregation Of Revenue [Line Items] | ||
Total net revenue | 3,669 | 2,364 |
Europe and the Middle East | Over Time | ||
Disaggregation Of Revenue [Line Items] | ||
Total net revenue | 125 | 96 |
Asia-Pacific | ||
Disaggregation Of Revenue [Line Items] | ||
Total net revenue | 4,376 | 4,554 |
Asia-Pacific | Point-in-Time | ||
Disaggregation Of Revenue [Line Items] | ||
Total net revenue | $ 4,376 | $ 4,554 |
Changes in Deferred Revenue (De
Changes in Deferred Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | ||
Deferred revenue | $ 2,433 | $ 2,366 |
Deferral of revenue billed in current period, net of recognition | 381 | 392 |
Recognition of revenue deferred in prior periods | (1,030) | (793) |
Deferred revenue | $ 1,784 | $ 1,965 |
Revenue - Unsatisfied Performan
Revenue - Unsatisfied Performance Obligation - Additional Information (Detail) | Mar. 31, 2022 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-04-01 | |
Revenue From Contract With Customer [Line Items] | |
Unsatisfied performance obligations, expected to recognize | 43.00% |
Unsatisfied performance obligations, expected to recognize, period | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01 | |
Revenue From Contract With Customer [Line Items] | |
Unsatisfied performance obligations, expected to recognize | 30.00% |
Unsatisfied performance obligations, expected to recognize, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01 | |
Revenue From Contract With Customer [Line Items] | |
Unsatisfied performance obligations, expected to recognize | 27.00% |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
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, 2022 | Mar. 31, 2021 | |
Goodwill [Line Items] | ||
Beginning Balance | $ 10,268 | $ 10,266 |
Currency translation adjustment | 20 | 15 |
Ending Balance | 10,288 | 10,281 |
Identity | ||
Goodwill [Line Items] | ||
Beginning Balance | 3,554 | 3,554 |
Ending Balance | 3,554 | 3,554 |
Premises | ||
Goodwill [Line Items] | ||
Beginning Balance | 6,714 | 6,712 |
Currency translation adjustment | 20 | 15 |
Ending Balance | $ 6,734 | $ 6,727 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Impairment of goodwill | $ 0 | $ 0 |
Impairment of intangible assets | $ 0 | $ 0 |
Summary of Gross Carrying Amoun
Summary of Gross Carrying Amount and Accumulated Amortization for Intangible Assets Resulting from Acquisitions (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | |
Acquired Finite Lived Intangible Assets [Line Items] | |||
Gross carrying amount | $ 25,682 | $ 25,665 | |
Accumulated amortization | (19,500) | (19,220) | |
Intangible assets, net | $ 6,182 | $ 6,445 | 6,445 |
Trademarks | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Amortization period (in years) | 5 years | ||
Gross carrying amount | $ 767 | 764 | |
Accumulated amortization | (575) | (536) | |
Intangible assets, net | 192 | 228 | |
Developed Technology | |||
Acquired Finite Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 9,136 | 9,127 | |
Accumulated amortization | (6,331) | (6,219) | |
Intangible assets, net | $ 2,805 | 2,908 | |
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 | $ 15,779 | 15,774 | |
Accumulated amortization | (12,594) | (12,465) | |
Intangible assets, net | $ 3,185 | $ 3,309 | |
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 Condensed Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Finite Lived Intangible Assets [Line Items] | ||
Amortization expense | $ 280 | $ 279 |
Cost of revenue | ||
Finite Lived Intangible Assets [Line Items] | ||
Amortization expense | 112 | 119 |
Selling and Marketing Expense | ||
Finite Lived Intangible Assets [Line Items] | ||
Amortization expense | $ 168 | $ 160 |
Estimated Future Amortization E
Estimated Future Amortization Expense of Purchased Intangible Assets with Definite Lives (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
2022 (remaining nine months) | $ 843 | ||
2023 | 1,046 | ||
2024 | 969 | ||
2025 | 969 | ||
2026 | 969 | ||
Thereafter | 1,386 | ||
Intangible assets, net | $ 6,182 | $ 6,445 | $ 6,445 |
Inventories (Detail)
Inventories (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 8,251 | $ 7,182 |
Work-in-progress | 11 | |
Finished goods | 12,231 | 12,742 |
Total | $ 20,493 | $ 19,924 |
Property and Equipment, Net (De
Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 18,510 | $ 18,208 |
Accumulated depreciation | (14,169) | (14,142) |
Property and equipment, net | 4,341 | 4,066 |
Building and Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 1,317 | 1,304 |
Furniture, Fixtures and Office Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 1,399 | 1,379 |
Plant and Machinery | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 13,509 | 13,244 |
Purchased Software | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 2,285 | $ 2,281 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Property Plant And Equipment [Abstract] | ||
Depreciation expense | $ 0.2 | $ 0.2 |
Other Accrued Expenses and Liab
Other Accrued Expenses and Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Accrued Liabilities And Other Liabilities Current [Abstract] | ||
Accrued professional fees | $ 734 | $ 576 |
Accrued warranties | 392 | 377 |
Customer deposits | 209 | 149 |
Rental payments due to landlord | 922 | |
Accrued restructuring | 294 | |
Other accrued expenses | 1,981 | 1,456 |
Total | $ 3,316 | $ 3,774 |
Financial Liabilities - Additio
Financial Liabilities - Additional Information (Detail) - USD ($) | Apr. 14, 2022 | Feb. 08, 2021 | Mar. 31, 2022 |
Loan and Security Agreements | Revolving Loan Facility | |||
Debt Instrument [Line Items] | |||
Outstanding borrowing capacity under credit facility | $ 0 | ||
Loan and Security Agreements | Revolving Loan Facility | East West Bank | |||
Debt Instrument [Line Items] | |||
Borrowing capacity under credit facility | $ 20,000,000 | ||
Loan facility payable date | Feb. 8, 2023 | ||
Loan and Security Agreements | Non-formula Revolving Credit Facility | East West Bank | |||
Debt Instrument [Line Items] | |||
Borrowing capacity under credit facility | $ 4,000,000 | ||
Loan facility payable date | Feb. 7, 2022 | ||
Amended Loan and Security Agreements | Revolving Loan Facility | Prime Rate | |||
Debt Instrument [Line Items] | |||
Percentage of interest rate | 0.25% | ||
Amended Loan and Security Agreements | Revolving Loan Facility | East West Bank | |||
Debt Instrument [Line Items] | |||
Borrowing capacity under credit facility | $ 20,000,000 | ||
Loan facility payable date | Feb. 8, 2023 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - $ / shares | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | May 05, 2020 | |
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 (6) 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 tenth (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 | 5.00% | ||
Cumulative annual dividend for each year after sixth year | 3.00% | ||
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 | 6,103,819 | ||
Maximum | Common Stock | |||
Stockholders Equity [Line Items] | |||
Shares issued, price per share | 4 | ||
April 21 Funds Warrants | |||
Stockholders Equity [Line Items] | |||
Warrants issued to purchase common stock | 275,000 | ||
Warrant exercise price | $ 3.50 | ||
Warrants outstanding term | 3 years |
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, 2022 | Mar. 31, 2021 | |
Stockholders Equity [Line Items] | ||
Dividends earned on Series B preferred stock | $ 298 | $ 284 |
Series B Convertible Preferred Stock | ||
Stockholders Equity [Line Items] | ||
Balance at beginning of period | 24,117 | 22,969 |
Dividends earned on Series B preferred stock | 298 | 284 |
Balance at end of period | $ 24,415 | $ 23,253 |
Number of shares at beginning of period | 6,029 | 5,742 |
Cumulative dividends on Series B convertible preferred stock | 75 | 71 |
Number of shares at end of period | 6,104 | 5,813 |
Summary of Outstanding Warrants
Summary of Outstanding Warrants Issued by Company (Detail) - April 21 Funds Warrants | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Class Of Warrant Or Right [Line Items] | |
Number of Shares Issuable Upon Exercise | shares | 275,000 |
Weighted Average Exercise Price | $ / shares | $ 3.50 |
Issue Date | May 5, 2020 |
Expiration Date | May 5, 2023 |
Summary of Common Stock Reserve
Summary of Common Stock Reserved for Future Issuance (Detail) | Mar. 31, 2022shares |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Common stock reserved for future issuance | 10,460,539 |
Exercise of Outstanding Stock Options, Vesting of Restricted Stock Units ("RSU"), Vesting of Performance Stock Units ("PSU") 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 | 1,448,112 |
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 | 902,090 |
Warrants to Purchase Common Stock | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Common stock reserved for future issuance | 275,000 |
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, 2022 | Dec. 31, 2021 | |
Stock Options Number Outstanding | ||
Beginning Balance | 514,693 | |
Cancelled or Expired | (333) | |
Ending Balance | 514,360 | 514,693 |
Vested or expected to vest as of March 31, 2022 | 514,360 | |
Exercisable as of March 31, 2022 | 514,360 | |
Stock Options Average Exercise Price per share | ||
Beginning Balance | $ 5.11 | |
Cancelled or Expired | 19.70 | |
Ending Balance | 5.11 | $ 5.11 |
Vested or expected to vest as of March 31, 2022 | 5.11 | |
Exercisable as of March 31, 2022 | $ 5.11 | |
Stock Options Remaining Contractual Life (in years) | ||
Weighted Average Remaining Contractual Term (Years) | 3 years 10 months 13 days | 4 years 1 month 9 days |
Vested or expected to vest as of March 31, 2022 | 3 years 10 months 13 days | |
Exercisable as of March 31, 2022 | 3 years 10 months 13 days | |
Stock Options Aggregate Intrinsic Value | ||
Aggregate intrinsic value | $ 5,691,347 | $ 11,850,930 |
Vested or expected to vest as of March 31, 2022 | 5,691,347 | |
Exercisable as of March 31, 2022 | $ 5,691,347 |
Summary Information about Stock
Summary Information about Stock Options Outstanding (Detail) | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
$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 | $ 7.20 |
Stock Options Number Outstanding | shares | 452,510 |
Stock Options Outstanding Weighted Average Remaining Contractual Life (Years) | 4 years 1 month 13 days |
Stock Options Outstanding Weighted Average Exercise Price | $ 4.41 |
Stock Options Number Exercisable | shares | 452,510 |
Stock Options Exercisable Weighted Average Exercise Price | $ 4.41 |
$7.50 - $11.25 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of Exercise Prices, lower limit | 7.50 |
Range of Exercise Prices, upper limit | $ 11.25 |
Stock Options Number Outstanding | shares | 61,317 |
Stock Options Outstanding Weighted Average Remaining Contractual Life (Years) | 1 year 11 months 23 days |
Stock Options Outstanding Weighted Average Exercise Price | $ 10.19 |
Stock Options Number Exercisable | shares | 61,317 |
Stock Options Exercisable Weighted Average Exercise Price | $ 10.19 |
$11.30 - $16.95 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of Exercise Prices, lower limit | 11.30 |
Range of Exercise Prices, upper limit | $ 16.95 |
Stock Options Number Outstanding | shares | 500 |
Stock Options Outstanding Weighted Average Remaining Contractual Life (Years) | 2 years |
Stock Options Outstanding Weighted Average Exercise Price | $ 11.30 |
Stock Options Number Exercisable | shares | 500 |
Stock Options Exercisable Weighted Average Exercise Price | $ 11.30 |
$19.70 - $29.55 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of Exercise Prices, lower limit | 19.70 |
Range of Exercise Prices, upper limit | $ 29.55 |
Stock Options Number Outstanding | shares | 33 |
Stock Options Outstanding Weighted Average Remaining Contractual Life (Years) | 1 year 4 months 17 days |
Stock Options Outstanding Weighted Average Exercise Price | $ 19.70 |
Stock Options Number Exercisable | shares | 33 |
Stock Options Exercisable Weighted Average Exercise Price | $ 19.70 |
$4.36 - $29.55 | |
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 | $ 29.55 |
Stock Options Number Outstanding | shares | 514,360 |
Stock Options Outstanding Weighted Average Remaining Contractual Life (Years) | 3 years 10 months 13 days |
Stock Options Outstanding Weighted Average Exercise Price | $ 5.11 |
Stock Options Number Exercisable | shares | 514,360 |
Stock Options Exercisable Weighted Average Exercise Price | $ 5.11 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2020 | |
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 | $ 5,600,000 | ||
Unrecognized stock-based compensation expense, weighted average period of recognition | 3 years 3 months 18 days | ||
Realized tax benefit | $ 0 | ||
Granted | 144,738 | ||
Grant fair value | $ 20.89 | ||
Repurchase of common stock (in shares) | 17,647 | 25,327 | |
Performance Stock Units | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized compensation expense | $ 400,000 | ||
Unrecognized stock-based compensation expense, weighted average period of recognition | 8 years | ||
Realized tax benefit | $ 0 | ||
Granted | 200,000 | ||
Grant fair value | $ 6.38 |
Summary of RSU Activity (Detail
Summary of RSU Activity (Detail) - Restricted Stock Units | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Beginning Balance, Unvested, Number Outstanding | shares | 485,729 |
Granted, Number Outstanding | shares | 144,738 |
Vested, Number Outstanding | shares | (71,310) |
Forfeited, Number Outstanding | shares | (1,844) |
Ending Balance, Unvested, Number Outstanding | shares | 557,313 |
RSUs vested but not released, Number Outstanding | shares | 301,439 |
Beginning Balance, Unvested, Weighted Average Fair Value | $ / shares | $ 9.19 |
Granted, Weighted Average Fair Value | $ / shares | 20.89 |
Vested, Weighted Average Fair Value | $ / shares | 7.84 |
Forfeited, Weighted Average Fair Value | $ / shares | 11.71 |
Ending Balance, Unvested, Weighted Average Fair Value | $ / shares | 12.40 |
RSUs vested but not released, Weighted Average Fair Value | $ / shares | $ 5.48 |
Summary of PSU Activity (Detail
Summary of PSU Activity (Detail) - Performance Stock Units - shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Beginning Balance, Unvested, Number Outstanding | 175,000 | |
Granted, Number Outstanding | 200,000 | |
Vested, Number Outstanding | (20,000) | |
Forfeited, Number Outstanding | (80,000) | |
Ending Balance, Unvested, Number Outstanding | 75,000 |
Stock-Based Compensation Expens
Stock-Based Compensation Expense Related to Stock Options, RSUs and PSUs (Detail) - Stock Options and Restricted Stock Units - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-Based Compensation Expense | $ 895 | $ 758 |
Cost of revenue | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-Based Compensation Expense | 56 | 33 |
Research and Development Expense | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-Based Compensation Expense | 310 | 162 |
Selling and Marketing Expense | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-Based Compensation Expense | 194 | 103 |
General and Administrative Expense | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-Based Compensation Expense | $ 335 | $ 460 |
Calculations for Basic Net Loss
Calculations for Basic Net Loss Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Numerator: | ||
Net loss | $ (999) | $ (1,465) |
Less: accretion of Series B convertible preferred stock dividends | (298) | (284) |
Net loss available to common stockholders | $ (1,297) | $ (1,749) |
Denominator: | ||
Weighted average common shares outstanding - basic | 22,574 | 18,443 |
Net loss per common share - basic | $ (0.06) | $ (0.09) |
Common Stock Equivalents Exclud
Common Stock Equivalents Excluded From Diluted Net Loss Per Share (Detail) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Common stock equivalents diluted net income (loss) per share inclusion anti-dilutive | 7,525 | 7,446 |
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 | 557 | 633 |
PSUs | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Common stock equivalents diluted net income (loss) per share inclusion anti-dilutive | 75 | 180 |
Stock Options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Common stock equivalents diluted net income (loss) per share inclusion anti-dilutive | 514 | 545 |
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 | 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 | 6,104 | 5,813 |
Information Regarding Net Reven
Information Regarding Net Revenue and Gross Profit by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Net revenue | $ 25,061 | $ 22,162 |
Gross profit | $ 8,966 | $ 7,692 |
Gross profit margin | 36.00% | 35.00% |
Operating expenses: | ||
Research and development | $ 2,529 | $ 2,337 |
Selling and marketing | 5,110 | 4,064 |
General and administrative | 2,488 | 2,125 |
Restructuring and severance | (140) | 388 |
Total operating expenses | 9,987 | 8,914 |
Loss from operations | (1,021) | (1,222) |
Non-operating income (expense): | ||
Interest expense, net | (25) | (245) |
Gain on investment | 24 | |
Foreign currency gains, net | 19 | 46 |
Loss before income tax benefit (provision) | (1,003) | (1,421) |
Identity | ||
Segment Reporting Information [Line Items] | ||
Net revenue | 14,579 | 13,658 |
Gross profit | $ 3,159 | $ 3,359 |
Gross profit margin | 22.00% | 25.00% |
Premises | ||
Segment Reporting Information [Line Items] | ||
Net revenue | $ 10,482 | $ 8,504 |
Gross profit | $ 5,807 | $ 4,333 |
Gross profit margin | 55.00% | 51.00% |
Information Regarding Net Rev_2
Information Regarding Net Revenue by Geographic Region (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Net revenue | $ 25,061 | $ 22,162 |
Geographic Concentration Risk | Revenue from Contract with Customer | ||
Segment Reporting Information [Line Items] | ||
Percentage of net revenue | 100.00% | 100.00% |
Americas | ||
Segment Reporting Information [Line Items] | ||
Net revenue | $ 16,891 | $ 15,148 |
Americas | Geographic Concentration Risk | Revenue from Contract with Customer | ||
Segment Reporting Information [Line Items] | ||
Percentage of net revenue | 67.00% | 68.00% |
Europe and the Middle East | ||
Segment Reporting Information [Line Items] | ||
Net revenue | $ 3,794 | $ 2,460 |
Europe and the Middle East | Geographic Concentration Risk | Revenue from Contract with Customer | ||
Segment Reporting Information [Line Items] | ||
Percentage of net revenue | 15.00% | 11.00% |
Asia-Pacific | ||
Segment Reporting Information [Line Items] | ||
Net revenue | $ 4,376 | $ 4,554 |
Asia-Pacific | Geographic Concentration Risk | Revenue from Contract with Customer | ||
Segment Reporting Information [Line Items] | ||
Percentage of net revenue | 18.00% | 21.00% |
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, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Segment Reporting [Abstract] | |||
Concentration Risk, Customer | No customer accounted for 10% or more of net revenue for either of the three months ended March 31, 2022 or 2021. No customer accounted for 10% or more of net accounts receivable as of March 31, 2022 or December 31, 2021. | ||
Number of major customer represented stated percentage of total net revenue | 0 | 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, 2022 | Dec. 31, 2021 |
Segment Reporting Information [Line Items] | ||
Property and equipment, net | $ 4,341 | $ 4,066 |
Operating lease ROU assets | 1,780 | 2,088 |
Americas | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, net | 521 | 545 |
Operating lease ROU assets | 1,186 | 1,344 |
Europe and the Middle East | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, net | 348 | 334 |
Operating lease ROU assets | 106 | 135 |
Asia-Pacific | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, net | 3,472 | 3,187 |
Operating lease ROU assets | $ 488 | $ 609 |
Restructuring and Severance - A
Restructuring and Severance - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Restructuring Cost And Reserve [Line Items] | ||
Restructuring and severance expenses | $ (140,000) | $ 388,000 |
Net credit representing difference between amounts accrued and the settlement amount | 153,000,000 | |
3VR | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring and severance expenses | 388,000 | |
Severance | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring and severance expenses | $ 13,000,000 | |
Severance | 3VR | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring and severance expenses | 59,000 | |
Facility Rental | 3VR | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring and severance expenses | 329,000 | |
Impairment of ROU Operating Lease Asset | 3VR | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring and severance expenses | $ 281,000 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Lessee Lease Description [Line Items] | ||
Total rent expense | $ 0.3 | $ 0.3 |
Lessee, Operating Lease, Existence of Option to Extend [true false] | true | |
Weighted average remaining operating lease term | 2 years 3 months 18 days | |
Weighted average discount rate of operating lease | 5.90% | |
Operating lease liabilities, cash paid | $ 0.3 | |
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, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
2022 (remaining nine months) | $ 1,016 | |
2023 | 494 | |
2024 | 252 | |
2025 | 233 | |
2026 | 60 | |
Total minimum lease payments | 2,055 | |
Less: amount of lease payments representing interest | (164) | |
Present value of future minimum lease payments | 1,891 | |
Less: current liabilities under operating leases | (1,143) | $ (1,269) |
Long-term operating lease liabilities | $ 748 | $ 938 |
Summary of Principal Contractua
Summary of Principal Contractual Obligations, Excluding Operating Leases (Detail) $ in Thousands | Mar. 31, 2022USD ($) |
Purchase Commitments | |
2022 (remaining nine months) | $ 53,069 |
2023 | 4,178 |
Total | 57,247 |
Other Contractual Commitments | |
2022 (remaining nine months) | 51 |
Total | 51 |
Total Commitments | |
2022 (remaining nine months) | 53,120 |
2023 | 4,178 |
Total | $ 57,298 |
Summary of Warranty Accrual Acc
Summary of Warranty Accrual Account Activity (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases [Abstract] | ||
Balance at beginning of period | $ 377 | $ 321 |
Accruals for warranties charged to expense | 14 | 16 |
Cost of warranty claims | 1 | (2) |
Balance at end of period | $ 392 | $ 335 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2022 | |
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 |