Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 08, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | PCTEL, Inc. | |
Entity Central Index Key | 0001057083 | |
Entity Incorporation, State or Country Code | DE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | PCTI | |
Security Exchange Name | NASDAQ | |
Entity File Number | 000-27115 | |
Entity Tax Identification Number | 77-0364943 | |
Entity Address, Address Line One | 471 Brighton Drive | |
Entity Address, City or Town | Bloomingdale | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60108 | |
City Area Code | 630 | |
Local Phone Number | 372-6800 | |
Entity Common Stock Shares Outstanding | 19,262,433 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and cash equivalents | $ 7,057 | $ 7,736 |
Short-term investment securities | 26,586 | 22,254 |
Accounts receivable, net of allowances of $122 and $132 at June 30, 2023 and December 31, 2022, respectively | 12,856 | 18,853 |
Inventories, net | 16,357 | 18,918 |
Prepaid expenses and other assets | 1,372 | 1,861 |
Total current assets | 64,228 | 69,622 |
Property and equipment, net | 9,788 | 10,004 |
Goodwill | 5,848 | 5,935 |
Intangible assets, net | 853 | 1,045 |
Other noncurrent assets | 2,802 | 3,269 |
TOTAL ASSETS | 83,519 | 89,875 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Accounts payable | 3,618 | 4,648 |
Accrued liabilities | 7,634 | 12,605 |
Total current liabilities | 11,252 | 17,253 |
Long-term liabilities | 3,279 | 3,624 |
Total liabilities | 14,531 | 20,877 |
Stockholders’ equity: | ||
Common stock, $0.001 par value, 50,000,000 shares authorized at June 30, 2023 and December 31, 2022, and 19,263,534 and 18,748,529 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively | 19 | 19 |
Additional paid-in capital | 128,533 | 128,370 |
Accumulated deficit | (57,698) | (57,941) |
Accumulated other comprehensive loss | (1,866) | (1,450) |
Total stockholders’ equity | 68,988 | 68,998 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 83,519 | $ 89,875 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) (unaudited) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Allowance for accounts receivable | $ 122 | $ 132 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 19,263,534 | 18,748,529 |
Common stock, shares outstanding | 19,263,534 | 18,748,529 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
REVENUES | $ 20,578 | $ 24,976 | $ 43,551 | $ 47,518 |
COST OF REVENUES | 10,483 | 13,549 | 21,924 | 26,758 |
GROSS PROFIT | 10,095 | 11,427 | 21,627 | 20,760 |
OPERATING EXPENSES: | ||||
Research and development | 3,130 | 3,356 | 6,114 | 6,605 |
Sales and marketing | 3,220 | 3,908 | 6,781 | 7,310 |
General and administrative | 2,854 | 3,451 | 6,460 | 6,694 |
Amortization of intangible assets | 63 | 67 | 126 | 138 |
Restructuring expenses | 0 | 317 | 0 | 1,252 |
Total operating expenses | 9,267 | 11,099 | 19,481 | 21,999 |
OPERATING INCOME (LOSS) | 828 | 328 | 2,146 | (1,239) |
Other income, net | 346 | 114 | 566 | 125 |
INCOME (LOSS) BEFORE INCOME TAXES | 1,174 | 442 | 2,712 | (1,114) |
Expense for income taxes | 175 | 31 | 389 | 39 |
NET INCOME (LOSS) | $ 999 | $ 411 | $ 2,323 | $ (1,153) |
Net Income (Loss) per Share: | ||||
Basic | $ 0.05 | $ 0.02 | $ 0.13 | $ (0.06) |
Diluted | $ 0.05 | $ 0.02 | $ 0.12 | $ (0.06) |
Weighted Average Shares: | ||||
Basic | 18,741,208 | 18,156,561 | 18,554,854 | 18,064,616 |
Diluted | 18,821,330 | 18,156,561 | 18,629,970 | 18,064,616 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
NET INCOME (LOSS) | $ 999 | $ 411 | $ 2,323 | $ (1,153) |
OTHER COMPREHENSIVE LOSS: | ||||
Foreign currency translation adjustments | (459) | (706) | (416) | (932) |
COMPREHENSIVE INCOME (LOSS) | $ 540 | $ (295) | $ 1,907 | $ (2,085) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid - In Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] |
BALANCE at beginning of year at Dec. 31, 2021 | $ 66,921 | $ 18 | $ 123,998 | $ (56,735) | $ (360) |
Stock-based compensation expense | 1,860 | 1 | 1,859 | 0 | 0 |
Issuance of shares for stock purchase plans and stock options | 404 | 0 | 404 | 0 | 0 |
Cancellation of shares for payment of withholding tax | (396) | 0 | (396) | 0 | 0 |
Dividends paid | (2,021) | 0 | (2,021) | 0 | 0 |
Net (loss) income | (1,153) | 0 | 0 | (1,153) | 0 |
Change in cumulative translation adjustment, net | (932) | 0 | 0 | 0 | (932) |
BALANCE at end of year at Jun. 30, 2022 | 64,683 | 19 | 123,844 | (57,888) | (1,292) |
BALANCE at beginning of year at Mar. 31, 2022 | 64,512 | 18 | 123,379 | (58,299) | (586) |
Stock-based compensation expense | 1,086 | 1 | 1,085 | 0 | 0 |
Issuance of shares for stock purchase plans and stock options | 404 | 0 | 404 | 0 | 0 |
Cancellation of shares for payment of withholding tax | (4) | 0 | (4) | 0 | 0 |
Dividends paid | (1,020) | 0 | (1,020) | 0 | 0 |
Net (loss) income | 411 | 0 | 0 | 411 | 0 |
Change in cumulative translation adjustment, net | (706) | 0 | 0 | 0 | (706) |
BALANCE at end of year at Jun. 30, 2022 | 64,683 | 19 | 123,844 | (57,888) | (1,292) |
BALANCE at beginning of year at Dec. 31, 2022 | 68,998 | 19 | 128,370 | (57,941) | (1,450) |
Stock-based compensation expense | 512 | 0 | 512 | 0 | 0 |
Issuance of shares for stock purchase plans and stock options | 362 | 0 | 362 | 0 | 0 |
Cancellation of shares for payment of withholding tax | (711) | 0 | (711) | 0 | 0 |
Dividends paid | (2,080) | 0 | 0 | (2,080) | 0 |
Net (loss) income | 2,323 | 0 | 0 | 2,323 | 0 |
Change in cumulative translation adjustment, net | (416) | 0 | 0 | 0 | (416) |
BALANCE at end of year at Jun. 30, 2023 | 68,988 | 19 | 128,533 | (57,698) | (1,866) |
BALANCE at beginning of year at Mar. 31, 2023 | 68,903 | 19 | 127,938 | (57,647) | (1,407) |
Stock-based compensation expense | 235 | 0 | 235 | 0 | 0 |
Issuance of shares for stock purchase plans and stock options | 362 | 0 | 362 | 0 | 0 |
Cancellation of shares for payment of withholding tax | (2) | 0 | (2) | 0 | 0 |
Dividends paid | (1,050) | 0 | 0 | (1,050) | 0 |
Net (loss) income | 999 | 0 | 0 | 999 | 0 |
Change in cumulative translation adjustment, net | (459) | 0 | 0 | 0 | (459) |
BALANCE at end of year at Jun. 30, 2023 | $ 68,988 | $ 19 | $ 128,533 | $ (57,698) | $ (1,866) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) (unaudited) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividend per share | $ 0.055 | $ 0.055 | $ 0.11 | $ 0.11 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating Activities: | ||
Net income (loss) | $ 2,323 | $ (1,153) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 1,082 | 1,562 |
Intangible asset amortization | 161 | 177 |
Stock-based compensation | 512 | 1,860 |
Loss on disposal of property and equipment | 37 | 7 |
Restructuring costs | 0 | (328) |
Bad debt provision | 10 | 17 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 5,932 | (614) |
Inventories | 2,517 | (715) |
Prepaid expenses and other assets | 674 | 100 |
Deferred tax assets | 217 | 0 |
Accounts payable | (975) | 435 |
Income taxes payable | (287) | (1) |
Other accrued liabilities | (5,025) | (900) |
Deferred revenue | 64 | (126) |
Net cash provided by operating activities | 7,242 | 321 |
Investing Activities: | ||
Capital expenditures | (901) | (420) |
Purchases of investments | (18,422) | (15,587) |
Redemptions/maturities of short-term investments | 14,090 | 15,623 |
Net cash (used in) provided by investing activities | (5,233) | (384) |
Financing Activities: | ||
Proceeds from issuance of common stock | 362 | 404 |
Payment of withholding tax on stock-based compensation | (711) | (396) |
Principal payments on finance leases | (28) | (37) |
Cash dividends | (2,080) | (2,021) |
Net cash used in financing activities | (2,457) | (2,050) |
Net decrease in cash and cash equivalents | (448) | (2,113) |
Effect of exchange rate changes on cash | (231) | (282) |
Cash and cash equivalents, beginning of period | 7,736 | 8,192 |
Cash and Cash Equivalents, End of Period | $ 7,057 | $ 5,797 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments of a normal, recurring nature that are considered necessary for a fair presentation have been included. For further information, refer to the audited consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Form 10-K”). Throughout this Quarterly Report on Form 10-Q, including under Part 1, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” we disclose certain impacts of the coronavirus (“COVID-19”) pandemic and the ensuing supply chain disruption, as well as macroeconomic trends, including inflationary pressures, an economic downturn and the potential for a recession. The full extent to which the COVID-19 pandemic and these macroeconomic trends will directly or indirectly impact the Company’s business, results of operations and financial condition will depend on future developments that remain highly uncertain at this time. Nature of Operations PCTEL, Inc. (“PCTEL” or “the Company”) was incorporated in California in 1994 and reincorporated in Delaware in 1998. The Company is a leading global provider of wireless technology, including purpose-built Industrial IoT devices, antenna systems, and test and measurement solutions. PCTEL strives to solve complex wireless challenges to help organizations stay connected, transform, and grow and it has expertise in radio frequency ("RF,"), digital, and mechanical engineering. The Company has two product lines (antennas & Industrial IoT devices and test & measurement products). The Company’s principal executive offices are located at 471 Brighton Drive, Bloomingdale, Illinois 60108. The telephone number at that address is (630) 372-6800 and the website is www.pctel.com. Additional information about the Company can be obtained on the Company’s website; however, the information within, or that can be accessed through, the Company’s website is not part of this Quarterly Report on Form 10-Q. Basis of Consolidation The unaudited interim condensed consolidated financial statements of the Company include the condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022, and the condensed consolidated statement of cash flows, the condensed consolidated statements of operations, the condensed consolidated statements of comprehensive income (loss), and the condensed consolidated statements of stockholders’ equity for the three and six months ended June 30, 2023 and 2022, respectively. The interim condensed consolidated financial statements are unaudited and reflect all adjustments of a normal recurring nature that are, in the opinion of management, necessary for a fair presentation of the interim period financial statements. The condensed consolidated balance sheet as of December 31, 2022 is derived from the audited financial statements as of December 31, 2022. The unaudited interim condensed consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The significant accounting policies followed by the Company are set forth in the 2022 Form 10-K. There were no material changes in the Company’s significant accounting policies during the three and six months ended June 30, 2023. In addition, the Company reaffirms the use of estimates in the preparation of the financial statements as set forth in the 2022 Form 10-K. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the 2022 Form 10-K. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the full period or any other interim periods. Foreign Operations Cross-border transactions, both with external parties and in our internal operations, result in exposure to foreign exchange rate fluctuations. We are exposed to currency risk by having foreign locations with suppliers and employees located outside the U.S. Fluctuations could have an adverse effect on our results of operations, cash flows and our balance sheet. We manage certain operating activities at the local level with revenues, costs, assets, and liabilities generally being denominated in local currencies. However, our results of operations and assets and liabilities are reported in U.S. dollars and thus will fluctuate with changes in exchange rates between such local currencies and the U.S. dollar. Gains and losses resulting from transactions originally in foreign currencies and then translated into U.S. dollars are included in the condensed consolidated statements of operations. For the six months ended June 30, 2023, approximately 13 % of revenues and 11 % of expenses were transacted in foreign currencies as compared to 11 % and 14 % for the six months ended June 30, 2022. Net foreign exchange gains (losses) resulting from foreign currency transactions included in other income, net were $ 84 and $ 75 for the three months ended June 30, 2023 and 2022, respectively. Net foreign exchange gains (losses) resulting from foreign currency transactions included in other income, net were $ 74 and $ 73 for the six months ended June 30, 2023 and 2022, respectively. Recent Accounting Pronouncements In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. This update clarifies the guidance in Topic 820 on the fair value measurement of an equity security that is subject to contractual restrictions that prohibit the sale of the equity security. This update also requires specific disclosures related to such an equity security including (1) the fair value of such equity securities reflected in the balance sheet, (2) the nature and remaining duration of the corresponding restrictions, and (3) any circumstances that could cause a lapse in the restrictions. This ASU is effective for all public business entities in fiscal years beginning after December 15, 2023, and interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of this ASU on our consolidated financial statements and related disclosures. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 2. Fair Value of Financial Instruments The Company follows accounting guidance for fair value measurements and disclosures, which establishes a fair value hierarchy that requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy has been established, which prioritizes the inputs used in measuring fair value as follows: Level 1: inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2: inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of assets or liabilities. Level 3: unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Cash equivalents are measured at fair value and investments are recognized at amortized cost in the Company’s financial statements. Accounts receivable is a financial asset with a carrying value that approximates fair value due to the short-term nature of these assets. Accounts payable, accrued employee compensation and certain operating liabilities are financial liabilities with a carrying value that approximates fair value due to the short-term nature of these liabilities. |
Income (Loss) per Share
Income (Loss) per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Income (Loss) per Share | 3. Income (Loss) per Share The following table is the computation of basic and diluted income per share: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Basic Income Per Share computation: Numerator: Net income (loss) $ 999 $ 411 $ 2,323 $ ( 1,153 ) Denominator: Weighted shares outstanding - basic 18,741,208 18,156,561 18,554,854 18,064,616 Net income (loss) per common share - basic $ 0.05 $ 0.02 $ 0.13 $ ( 0.06 ) Diluted Income Per Share computation: Denominator: Weighted shares outstanding - basic 18,741,208 18,156,561 18,554,854 18,064,616 Restricted shares subject to vesting 80,067 0 75,079 0 Common stock option grants 55 0 37 0 Weighted shares outstanding - diluted 18,821,330 18,156,561 18,629,970 18,064,616 Net income (loss) per common share - diluted $ 0.05 $ 0.02 $ 0.12 $ ( 0.06 ) |
Cash, Cash Equivalents and Inve
Cash, Cash Equivalents and Investments | 6 Months Ended |
Jun. 30, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents and Investments | 4. Cash, Cash Equivalents and Investments The Company’s cash, cash equivalents, and investments consisted of the following: June 30, December 31, 2023 2022 Cash $ 4,519 $ 5,780 Cash equivalents 2,538 1,956 Short-term investments 26,586 22,254 Total $ 33,643 $ 29,990 Cash and Cash Equivalents At June 30, 2023 and December 31, 2022, cash and cash equivalents included bank balances and investments with original maturities of less than 90 days. At June 30, 2023 and December 31, 2022, the Company’s cash equivalents were invested in highly liquid AAA rated money market funds that are required to comply with Rule 2a-7 of the Investment Company Act of 1940. Such funds utilize the amortized cost method of accounting, seek to maintain a constant $ 1.00 per share price, and are redeemable upon demand. The Company restricts its investments in AAA money market funds to those invested 100 % in either short-term U.S. government agency securities or bank repurchase agreements collateralized by these same securities. The fair values of these money market funds are established through quoted prices in active markets for identical assets (Level 1 inputs). The Company’s cash in U.S. banks is insured by the Federal Deposit Insurance Corporation up to the insurable limit of $ 250 . The cash in foreign accounts was as follows: June 30, December 31, 2023 2022 China $ 2,728 $ 2,672 Sweden 2,745 1,868 Total $ 5,473 $ 4,540 As of June 30, 2023, the Company has no intention of repatriating the cash in its foreign bank accounts. If the Company decides to repatriate the cash in the foreign bank accounts, it may have trouble doing so in a timely manner. The Company may also be exposed to foreign currency fluctuations and taxes if it repatriates these funds. Investments At June 30, 2023 and December 31, 2022, the Company’s investments consisted of corporate bonds with ratings at the purchase date of A or higher and certificates of deposit. The investments at June 30, 2023 and December 31, 2022 were classified as held-to-maturity. The bonds and certificates of deposit classified as short-term investments have original maturities greater than 90 days and mature within one year . The Company’s bond investments are recorded at the purchase price and carried at amortized cost. Under ASU 2016-13, the Company classifies its held-to-maturity investment portfolio by the investment type and further classifies the corporate bonds by the bond ratings. For estimating potential credit losses, the Company considers historical loss data and bond rating, as well as current and future economic conditions. Cash equivalents and investments were as follows at June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 Level 1 Level 2 Total Level 1 Level 2 Total Cash equivalents: Money market funds $ 2,538 $ 0 $ 2,538 $ 1,956 $ 0 $ 1,956 Total Cash Equivalents $ 2,538 $ 0 $ 2,538 $ 1,956 $ 0 $ 1,956 Short-Term Investments: Corporate bonds $ 0 $ 21,614 $ 21,614 $ 0 $ 21,145 $ 21,145 Certificates of deposit 4,972 0 4,972 1,109 0 1,109 Total Short-Term Investments $ 4,972 $ 21,614 $ 26,586 $ 1,109 $ 21,145 $ 22,254 Cash equivalents and Investments - book value $ 7,510 $ 21,614 $ 29,124 $ 3,065 $ 21,145 $ 24,210 Unrealized losses $ 0 $ ( 162 ) $ ( 162 ) $ 0 $ ( 59 ) $ ( 59 ) Cash equivalents and Investments - fair value $ 7,510 $ 21,452 $ 28,962 $ 3,065 $ 21,086 $ 24,151 The Company categorizes its financial instruments within a fair value hierarchy according to accounting guidance for fair value. The fair value hierarchy is described under the Fair Value of Financial Instruments in Note 2. For the Level 1 investments, the Company uses fair value estimates based on quoted prices in active markets for identical assets or liabilities. For the Level 2 investments, the Company uses quoted prices of similar assets in active markets. The fair values in the table above reflect net unrealizable losses of $ 162 and $ 59 at June 30, 2023 and December 31, 2022, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 5. Goodwill and Intangible Assets Goodwill The change in the carrying amount of goodwill during the six months ended June 30, 2023 is as follows: Amount Balance at December 31, 2022 $ 5,935 Foreign currency translation ( 87 ) Balance at June 30, 2023 $ 5,848 The Company performs an annual impairment test of goodwill as of the end of the first month of the fourth fiscal quarter (October 31), or at an interim date if an event occurs or if circumstances change that indicate that an impairment loss may have been incurred. In performing the annual impairment test, the Company may consider qualitative factors that would indicate possible impairment. A quantitative fair value assessment is also performed at the reporting unit level. If the fair value exceeds the carrying value, then goodwill is not impaired, and no further testing is performed. If the carrying value exceeds the fair value, the implied fair value of goodwill is then compared against the carrying value of goodwill to determine the amount of impairment. In addition to the annual impairment test, the Company is required to regularly assess whether a triggering event has occurred which would require interim impairment testing. The Company considered the current and expected future economic and market conditions, including those related to the COVID-19 pandemic and their impact on each of the reporting units. Further, the Company assessed the current market capitalization and financial forecasts. There were no triggering events during the six months ended June 30, 2023 or June 30, 2022. The Company will continue to monitor goodwill for impairment going forward. Intangible Assets The Company amortized intangible assets with finite lives on a straight-line basis over the estimated useful lives, which ranged from one to five years . The summary of amortization expense in the condensed consolidated statement of operations is as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Cost of revenues $ 17 $ 19 $ 35 $ 39 Operating expenses 63 67 126 138 Total $ 80 $ 86 $ 161 $ 177 The summary of other intangible assets, net is as follows: June 30, 2023 December 31, 2022 Accumulated Net Book Accumulated Net Book Cost Amortization Value Cost Amortization Value Customer contracts and relationships $ 17,491 $ 17,145 $ 346 $ 17,512 $ 17,091 $ 421 Patents and technology 9,983 9,791 192 9,995 9,761 234 Trademarks and trade names 1,467 1,186 281 1,484 1,143 341 Other intangible assets 92 58 34 96 47 49 Total $ 29,033 $ 28,180 $ 853 $ 29,087 $ 28,042 $ 1,045 During the six months ended June 30, 2023, the Company recorded amortization expense of $ 0.2 million. During the six months ended June 30, 2022, the Company recorded amortization expense of $ 0.2 million and foreign currency translation adjustment of $ 0.2 million. The assigned lives and weighted average amortization periods by intangible asset category are summarized below: Intangible Assets Assigned Life Weighted Customer contracts and relationships 5 years 5.0 Patents and technology 5 years 5.0 Trademarks and trade names 5 years 5.0 Other intangible assets .5 to 5 years 3.6 The future amortization expenses are as follows: Fiscal Year Amount 2023 (remaining six months) $ 156 2024 302 2025 296 2026 99 Thereafter 0 Total $ 853 |
Balance Sheet Information
Balance Sheet Information | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Balance Sheet Information | 6. Balance Sheet Information Accounts Receivable Accounts receivable are recorded at invoiced amounts with standard net terms that range between 30 and 90 days. The Company extends credit to its customers based on an evaluation of a customer’s financial condition and collateral is generally not required. The Company records reserves for credit losses and credit allowances that reduce the value of accounts receivable to fair value. The allowances for accounts receivable consisted of the following: June 30, 2023 December 31, 2022 Credit loss provision $ 99 $ 92 Credit allowances 23 40 Total allowances $ 122 $ 132 The Company is exposed to credit losses primarily through the sale of products. The Company’s methodology for expected losses on accounts receivable uses historical collection experience, current and future economic market conditions, and a review of the current status of customers’ trade accounts receivable. Due to the short-term nature of accounts receivable, the estimate of the amount of accounts receivable that may not be collected is based on aging of the account receivable balances and the financial condition of customers. Additionally, specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. The Company’s monitoring activities include timely account reconciliation, dispute resolution, payment confirmation, consideration of customers' financial condition and macroeconomic conditions. Balances are written off when determined to be uncollectible. The Company’s allowance for credit losses was $ 99 at June 30, 2023 and $ 92 at December 31, 2022. The following table summarizes the allowance for credit losses activity during the six months ended June 30, 2023: Balance at December 31, 2022 $ 92 Current period allowance for credit losses 7 Balance at June 30, 2023 $ 99 Inventories Inventories are stated at the lower of cost or net realizable value and include material, labor and overhead costs using the first-in, first-out method of costing. Inventories as of June 30, 2023 and December 31, 2022 were composed of raw materials, work-in-process and finished goods. The Company had consigned inventory with customers of $ 0.1 million and $ 0.2 million at June 30, 2023 and December 31, 2022, respectively. The Company records allowances to reduce the value of inventory to the lower of cost or net realizable value, including allowances for excess and obsolete inventory. Reserves for excess inventory are calculated based on an estimate of inventory in excess of normal and planned usage. Obsolete reserves are based on identification of inventory where the carrying value is above net realizable value. The allowance for inventory losses was $ 3.3 million at June 30, 2023 and $ 3.1 million at December 31, 2022. Inventories, net consisted of the following: June 30, 2023 December 31, 2022 Raw materials $ 8,197 $ 9,064 Work-in-process 896 1,076 Finished goods 7,264 8,778 Inventories, net $ 16,357 $ 18,918 Prepaid Expenses and Other Assets Prepaid assets are stated at cost and are amortized over the useful lives (up to one year ) of the assets. Property and Equipment Property and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the assets. The Company depreciates computer equipment and software licenses over three to five years ; office equipment, manufacturing and test equipment, and motor vehicles over five years ; furniture and fixtures over seven years ; and buildings over 30 years. Leasehold improvements are amortized over the shorter of the corresponding lease term or useful life. Depreciation expense and gains and losses on the disposal of property and equipment are included in cost of revenues and operating expenses in the condensed consolidated statements of operations. Maintenance and repairs are expensed as incurred. Property and equipment consisted of the following: June 30, 2023 December 31, 2022 Building $ 6,922 $ 6,922 Computers and office equipment 10,677 10,217 Manufacturing and test equipment 13,989 14,661 Furniture and fixtures 1,491 1,475 Leasehold improvements 1,965 1,965 Motor vehicles 20 20 Total property and equipment 35,064 35,260 Less: Accumulated depreciation and amortization ( 27,046 ) ( 27,026 ) Land 1,770 1,770 Property and equipment, net $ 9,788 $ 10,004 Depreciation and amortization expense was approximately $ 0.5 million and $ 0.8 million for the three months ended June 30, 2023 and 2022, respectively. Depreciation and amortization expense was approximately $ 1.1 million and $ 1.6 million for the six months ended June 30, 2023 and 2022, respectively. Amortization for finance leases is included in depreciation and amortization expense. See Note 10 for information related to finance leases. Liabilities Accrued liabilities consisted of the following: June 30, 2023 December 31, 2022 Inventory receipts $ 1,747 $ 3,720 Payroll and other employee benefits 1,521 4,318 Paid time off 1,306 1,001 Deferred revenues 559 495 Professional fees and contractors 532 346 Operating leases 516 527 Income and sales taxes 286 836 Warranties 281 317 Employee stock purchase plan 224 232 Customer refunds for estimated returns 222 235 Real estate taxes 163 158 Finance leases 46 51 Other 231 369 Total $ 7,634 $ 12,605 Long-term liabilities consisted of the following: June 30, 2023 December 31, 2022 Operating leases $ 3,039 $ 3,327 Deferred revenue 167 181 Finance leases 49 73 Other 24 43 Total $ 3,279 $ 3,624 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 7. Stock-Based Compensation The condensed consolidated statements of operations include $ 0.2 million and $ 1.1 million of stock compensation expense for the three months ended June 30, 2023 and 2022, respectively. The condensed consolidated statements of operations include $ 0.5 million and $ 1.9 million of stock compensation expense for the six months ended June 30, 2023 and 2022, respectively. Stock compensation expense was lower during the three months and six months ended June 30, 2023 compared to the same period in 2022 primarily because of revisions to forecasts for performance-based share awards under long-term incentive plans and forfeitures. The Company accounts for forfeitures as they occur. The stock-based compensation expense by type is as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Service-based awards $ 330 $ 383 $ 691 $ 703 Performance-based awards (short-term incentive plan) ( 6 ) 263 109 343 Performance-based awards (long-term incentive plan) ( 146 ) 364 ( 406 ) 671 Employee stock purchase plan 57 76 118 143 Total $ 235 $ 1,086 $ 512 $ 1,860 Total stock-based compensation is reflected in the condensed consolidated statements of operations as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Cost of revenues $ 66 $ 31 $ 94 $ 96 Research and development 35 172 93 308 Sales and marketing 64 255 107 452 General and administrative 70 628 218 1,004 Total $ 235 $ 1,086 $ 512 $ 1,860 The following table presents a summary of the remaining unrecognized share-based compensation expense related to outstanding share-based awards as of June 30, 2023: Award Type Remaining Unrecognized Compensation Expense Weighted Average Life (Years) Service-based awards $ 1,867 1.4 Performance-based awards $ 1,124 1.9 Service-Based Awards Restricted Stock The Company grants both service-based and performance-based stock awards to employees pursuant to the PCTEL, Inc. 2019 Stock Incentive Plan. When service-based restricted stock is granted, the Company records deferred stock compensation within additional paid-in capital, representing the fair value of the common stock on the date the restricted shares are granted. The Company records stock compensation expense on a straight-line basis over the vesting period of the applicable service-based restricted shares. For the annual awards granted to executives and key managers in the six months ended June 30, 2023 and 2022, the Company awarded long-term incentives comprised of one-third service-based restricted stock and two-thirds performance-based restricted stock. The Company awarded service-based restricted stock to all other participating employees. The following table summarizes service-based restricted stock activity for the six months ended June 30, 2023: Shares Weighted Unvested Restricted Stock Awards - December 31, 2022 354,037 $ 6.12 Shares awarded 170,960 4.38 Shares vested ( 165,475 ) 6.77 Shares cancelled ( 20,141 ) 5.17 Unvested Restricted Stock Awards - June 30, 2023 339,381 $ 4.98 The intrinsic value of service-based restricted shares that vested during the each of the six months ended June 30, 2023 and 2022 was $ 0.8 million. Restricted Stock Units The Company grants service-based and performance-based restricted stock units as employee incentives. Restricted stock units are primarily granted to foreign employees for long-term incentive purposes. Employee restricted stock units are service-based awards and are amortized over the vesting period. At the vesting date, these units are converted to shares of common stock. The Company records expense on a straight-line basis for restricted stock units on the same basis as for Restricted Stock awards as described above. The following table summarizes the restricted stock unit activity during the six months ended June 30, 2023: Shares Weighted Unvested Restricted Stock Units - December 31, 2022 35,253 $ 5.42 Units awarded 6,200 4.21 Units vested/Shares awarded ( 12,252 ) 5.57 Unvested Restricted Stock Units - June 30, 2023 29,201 $ 5.12 The intrinsic value of service-based restricted stock units that vested and were issued as shares during the six months ended June 30, 2023 and 2022 was $ 55 and $ 21 , respectively. Stock Options The Company may grant employees stock options to purchase common stock. The Company issues stock options with exercise prices no less than the fair value of the Company’s stock on the grant date. Employee stock options are subject to installment vesting. Stock options may be exercised at any time prior to their expiration date or within 180 days of termination of employment, or such shorter time as may be provided in the related stock option agreement. The stock options outstanding at June 30, 2023 have a seven-year life. There was no activity related to stock options during the second quarter of 2023. The following table summarizes information about stock options outstanding under all stock option plans at June 30, 2023: Options Outstanding and Exercisable Range of Number of Shares Weighted Intrinsic Value Weighted- $ 5.06 - $ 6.98 4,000 0.92 $ 0 $ 6.02 The intrinsic value is based on the share price of $ 4.80 at June 30, 2023. For outstanding employee stock options, the Company calculated the fair value of each stock option on the date of grant using the Black-Scholes option-pricing model. Because the Company’s employee stock options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, the existing models may not necessarily provide a reliable single measure of the fair value of the employee stock options. In addition, option valuation models require the input of highly subjective assumptions including the expected stock price volatility and expected option life. The dividend yield rate is calculated by dividing the Company’s annual dividend by the closing price on the grant date. The risk-free interest rate is based on the U.S. Treasury yields with a remaining term that approximates the expected life of the options granted. The expected volatility is based on a five-year historical period of the Company’s stock price. The expected life for options granted is based on historical data of employee exercise performance. The Company records expense based on the graded vesting method. Performance-Based Equity Awards Short-Term Incentive Plan The Company granted short-term incentive awards to executives, key managers, and non-sales employees under the Company’s 2022 Short-Term Incentive Plan (“STIP”) based on upon achievement of specifically identified corporate annual 2022 adjusted EBITDA and revenue goals. In the first quarter 2023, bonuses for 2022 were paid 50 % Company common stock and 50 % in cash for executives and key managers, and 100 % in cash for all other participants. The value of the common stock for 2022 bonuses was $ 1.2 million. The 2023 STIP awards, like the 2022 STIP awards, will be paid 50 % in cash and 50 % in the Company’s stock for executives and key managers. Long-Term Incentive Plan The Company grants performance-based awards to executives and key managers to encourage sustainable growth, consistent earnings, and management retention. Based on the fair value of the shares on the grant date, the Company records stock compensation expense over the performance period based on the estimated achievement of the award. The following table summarizes the performance award activity: Awards at Target Weighted Unvested Performance Awards - December 31, 2022 521,204 $ 6.85 Awards granted 230,355 4.46 Awards vested ( 53,345 ) 8.70 Awards cancelled ( 129,361 ) 6.25 Unvested Performance Awards - June 30, 2023 568,853 $ 5.52 The Company granted performance awards under its long-term incentive plan to executives in February 2023 (“2023 LTIP”) and non-executives in May 2023. The performance period for the 2023 LTIP is from January 1, 2023 through December 31, 2025 . At target, the total fair market value of all performance based award issued in 2023 was $ 1.0 million based on the share price of $ 4.46 on the grant date. On the award date, the aggregate number of shares that could be earned at target was 230,355 and the maximum number of aggregate shares that could be earned was 403,121 . Under the 2023 LTIP and similar plans from 2022 and 2021, shares of the Company’s stock can be earned based on achievement of a three-year revenue growth target with a penalty if a certain Adjusted EBITDA level is not maintained. If the Company achieves less than the target growth over the performance period, the participant will receive fewer shares than the target award, determined on a straight-line basis. If the Company achieves greater than the target growth, the participant will receive more shares than the target award on an accelerated basis. Participants are required to be in service at the determination date of the award following the end of the performance period in order to receive the award. Shares earned will be fully vested shares. The Company records stock compensation expense over the performance period based on the Company’s estimate of the aggregate number of shares that will be earned under the incentive plan. During the first quarter 2023, the Company issued 53,345 shares with an intrinsic value of $ 0.2 million related to achievement under the 2020 LTIP. The following table summarizes the active performance-based long-term incentive plans at June 30, 2023: Number of Shares Share Price That Could Be Earned: LTIP award on Grant Date Target Maximum Performance Period 2021 LTIP $ 8.23 140,297 245,520 January 1, 2021 through December 31, 2023 2022 LTIP $ 4.83 214,951 376,164 January 1, 2022 through December 31, 2024 2023 LTIP $ 4.55 213,605 373,809 January 1, 2023 through December 31, 2025 568,853 995,493 Employee Stock Purchase Plan (“ESPP”) The ESPP enables eligible employees to purchase common stock at the lower of 85 % of the fair market value of the common stock on the first or last day of each offering period. Each offering period is approximately six months . Based on the 15 % discount and the fair value of the option feature of the ESPP, it is considered compensatory. Compensation expense is calculated using the fair value of the employees’ purchase rights under the Black-Scholes model. The Company calculated the fair value of each employee stock purchase grant on the date of grant using the Black-Scholes option-pricing model using the following assumptions: Employee Stock Purchase Plan 2023 2022 Dividend yield 5.2 % 4.7 % Risk-free interest rate 4.6 % 1.7 % Expected volatility 48.7 % 48 % Expected life (in years) 0.5 0.5 The dividend yield rate was calculated by dividing the Company’s annual dividend by the closing price on the grant date. The risk-free interest rate was based on the U.S. Treasury yields with a remaining term that approximates the expected life of the purchased shares. The volatility was based on a five-year historical period of the Company’s stock price. The expected life was based on the offering period. Board of Director Equity Awards The Company grants restricted stock awards to members of its Board of Directors as an annual retainer and for committee service. These awards are shares of the Company’s stock that vest one year after issuance. In addition, new directors receive a one-time grant that vests over three years . In June 2023, the Company issued 95,966 shares to directors for their annual retainer and committee services. In addition, the Company issued 10,893 shares to its new director. The fair value of the service-based restricted shares for directors that vested during the six months ended June 30, 2023 was $ 0.6 million. The following table summarizes the director awards activity: Shares Weighted Outstanding - December 31, 2022 120,696 $ 4.02 Shares awarded 106,859 4.59 Shares vested ( 116,663 ) 4.02 Outstanding - June 30, 2023 110,892 $ 4.57 Employee Withholding Taxes on Stock Awards For ease in administering the issuance of employee stock awards, the Company withholds shares of vested restricted stock awards, stock option exercises and short-term and long-term incentive plan stock awards for taxes. The Company withholds the number of shares it computes as having the value of the relevant withholding tax and remits the tax payment to the appropriate tax authority. For withholding taxes related to stock awards, the Company paid $ 0.7 million and $ 0.4 million during the six months ended June 30, 2023 and 2022, respectively. |
Benefit Plans
Benefit Plans | 6 Months Ended |
Jun. 30, 2023 | |
Retirement Benefits [Abstract] | |
Benefit Plans | 8. Benefit Plans Employee Benefit Plans The Company’s 401(k) plan covers all U.S. employees beginning the first day of the month following the first month of their employment. Under this plan, employees may elect to contribute up to 15 % of their current compensation to the 401(k) plan up to the statutorily prescribed annual limit. The Company matches employee contributions up to 4 % of compensation and may also make discretionary contributions to the 401(k) plan. The Company also contributes to various retirement plans for foreign employees. The Company’s contributions to retirement plans during the three and six months ended June 30, 2023 and 2022, respectively, were as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 PCTEL, Inc. 401(k) profit sharing plan - US employees $ 187 $ 187 $ 444 $ 406 Defined contribution plans - Foreign employees 57 62 110 135 Total $ 244 $ 249 $ 554 $ 541 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies Warranty Reserve and Sales Returns The Company allows its major distributors and certain other customers to return unused product under specified terms and conditions. The Company accrues for product returns based on historical sales and return trends. The refund liability related to estimated sales returns was $ 0.2 million June 30, 2023 and December 31, 2022, respectively, and is included within accrued liabilities on the accompanying condensed consolidated balance sheets. The Company offers repair and replacement warranties ranging from one to ten years for certain antenna products and test & measurement products. The Company’s warranty reserve is based on historical sales and costs of repair and replacement trends. The warranty reserve was $ 0.3 million at June 30, 2023 and 2022, respectively, and is included in accrued liabilities in the accompanying condensed consolidated balance sheets. The following table summarizes the warranty activity during the six months ended June 30, 2023 and 2022: Six Months Ended June 30, 2023 2022 Beginning balance $ 317 $ 257 Provisions for warranties 60 41 Consumption of reserves ( 96 ) ( 26 ) Ending balance $ 281 $ 272 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Leases | 10. Leases The Company has operating leases for facilities and finance leases for office equipment. Leases with an initial term of 12 months or less are not recorded in the balance sheet. The Company determines if an arrangement is a lease at inception of a contract. Right of Use (“ROU”) assets represent the Company's right to use an underlying asset during the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the net present value of fixed lease payments over the lease term. The Company's lease term is deemed to include options to extend or terminate the lease when it is reasonably certain that it will exercise that option. ROU assets also include any advance lease payments made and exclude lease incentives. As most of the Company's operating leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments on a collateralized basis. Finance lease agreements generally include an interest rate that is used to determine the present value of future lease payments. Operating fixed lease expense and finance lease depreciation expense are recognized on a straight-line basis over the lease term. The Company's lease cost for the three and six months ended June 30, 2023 and 2022, respectively, included the following components: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Operating lease costs $ 133 $ 130 $ 268 $ 258 Short-term lease costs 9 23 18 50 Variable lease costs 6 ( 2 ) 7 2 Amortization of finance lease assets 13 16 27 35 Interest on finance lease liabilities 1 1 2 3 Total lease cost $ 162 $ 168 $ 322 $ 348 The table below summarizes the Company's scheduled future minimum lease payments under operating and finance leases recorded on the balance sheet as of June 30, 2023: Year Operating Leases Finance Leases 2023 (remaining six months) $ 286 $ 25 2024 673 44 2025 583 26 2026 521 5 2027 505 0 Thereafter 1,674 0 Total minimum payments required 4,242 100 Less: amount representing interest 687 5 Present value of net minimum lease payments 3,555 95 Less: current maturities of lease obligations ( 516 ) ( 46 ) Long-term lease obligations $ 3,039 $ 49 The weighted average remaining lease terms and discount rates for all the Company’s operating and finance leases were as follows as of June 30, 2023: June 30, 2023 Weighted-average remaining lease term - finance leases 2.3 years Weighted-average remaining lease term - operating leases 7.1 years Weighted-average discount rate - finance leases 4.3 % Weighted-average discount rate - operating leases 5.0 % The table below presents supplemental cash flow information related to leases during the three and six months ended June 30, 2023 and 2022, respectively: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 181 $ 186 $ 434 $ 386 Operating cash flows for finance leases $ 1 $ 1 $ 2 $ 3 Financing cash flows for finance leases $ 14 $ 18 $ 28 $ 37 The following table summarizes the classification of ROU assets and lease liabilities as of June 30, 2023 and December 31, 2022: Leases Consolidated Balance Sheet Classification June 30, 2023 December 31, 2022 Assets: Operating right-of-use assets Other noncurrent assets $ 2,054 $ 2,241 Finance right-of-use assets Other noncurrent assets 92 120 Total leased assets $ 2,146 $ 2,361 Liabilities: Current Operating lease liabilities Accrued liabilities $ 516 $ 527 Finance lease liabilities Accrued liabilities 46 51 Noncurrent Operating lease liabilities Long-term liabilities 3,039 3,327 Finance lease liabilities Long-term liabilities 49 73 Total lease liabilities $ 3,650 $ 3,978 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes The Company recorded an income tax expense of $ 0.4 million for the six months ended June 30, 2023, and income tax expense of $ 39 for the six months ended June 30, 2022. The income tax expense recorded for the six months ended June 30, 2023 and 2022 was lower than the statutory rate of 21 % because the Company has a full valuation allowance on its U.S. deferred tax assets. The Company had deferred tax assets net of deferred tax liabilities of $ 14.8 million and $ 15.3 million at June 30, 2023 and December 31, 2022, respectively. By jurisdiction, $ 12.0 million was associated with the U.S., $ 1.3 million was associated with China, and $ 1.5 million was associated with Sweden. The Company’s gross deferred tax assets consist of federal and state net operating losses (“NOLs”), credits, and timing differences. The Company's valuation allowances are due to uncertainty regarding the utilization of the deferred tax assets. On a regular basis, the Company evaluates the recoverability of deferred tax assets and the need for a valuation allowance. Such evaluations involve the application of significant judgment. The Company considers multiple factors in its evaluation of the need for a valuation allowance. At June 30, 2023, the Company had a full valuation allowance on its U.S. and China deferred tax asset and a partial valuation allowance related to its net deferred tax assets for Sweden. The Company’s federal NOLs generated in 2018 and later periods will not expire, but the Company’s NOLs generated through December 31, 2017 have a finite life primarily based on the 20 -year carry forward of federal net operating losses. The timing differences have a ratable reversal pattern over 12 years. While the Company has recorded pre-tax book income for the prior three years and believes its financial outlook remains positive, it did not meet its revenue or earnings expectations for the U.S. jurisdiction. Additionally, the Company recognized revenue for one-time projects in fiscal year 2022 that may not be repeated in 2023 or future years. Because of difficulties with forecasting financial results historically, and due to the uncertainties associated with macroeconomic conditions, the Company maintained a full valuation allowance on its U.S. deferred tax assets at June 30, 2023 and December 31, 2022. The Company’s performance versus its projections in both of the prior two years are considered significant negative evidence that is difficult to overcome on a “more likely than not” standard through objectively verifiable data. While the Company believes its financial outlook remains positive, under the accounting standards, objective verifiable evidence will have greater weight than subjective evidence such as the Company’s projections for future growth. In addition, the Company faces uncertainties from recent macroeconomic conditions, including inflationary pressures, the economic weakness and the potential for a recession. As a result of all these factors, the Company maintained a full valuation allowance on its U.S. deferred tax assets at June 30, 2023. Until an appropriate level of profitability is attained with corresponding utilization of its net deferred tax assets, the Company expects to maintain a full valuation allowance on its net deferred tax assets for the U.S. jurisdiction. Any U.S. or foreign tax benefits or tax expense recorded on its consolidated statements of operations will be offset with a corresponding valuation allowance until such time that the Company changes its determination related to the realization of deferred tax assets. In the event that the Company changes its determination as to the amount of deferred tax assets that can be realized, the Company will adjust its valuation allowance with a corresponding impact to the provision for income taxes in the period in which such a determination is made. Since the Company completed the transition of manufacturing from its Tianjin facility to contract manufacturers in 2022, the Company does not expect sufficient profits to utilize its China deferred tax assets. The Company had a full valuation allowance on its China deferred tax at June 30, 2023 and at December 31, 2022. The Company maintained a partial valuation allowance on its Sweden deferred tax assets at June 30, 2023 and at December 31, 2022. Based on positive book and taxable income in 2021 and 2022 and because results exceeded projections, the Company reversed a portion of its valuation allowance related to Sweden deferred tax assets during 2022. The analysis that the Company prepared to determine the valuation allowance required significant judgment and assumptions regarding future market conditions as well as forecasts for profits, taxable income, and taxable income by jurisdiction. Due to the sensitivity of the analysis, changes to the assumptions in subsequent periods could have a material effect on the valuation allowance. The Company files a consolidated federal income tax return, income tax returns with various states, and foreign income tax returns in various foreign jurisdictions. The Company’s U.S. federal tax returns remain subject to examination for 2019 and subsequent periods. The Company’s U.S. state tax returns remain subject to examination for 2017 and subsequent periods. The Company’s foreign tax returns remain subject to examination for 2011 and subsequent periods. The Company’s gross unrecognized tax benefit related to income tax uncertainties was $ 1.0 million at June 30, 2023 and December 31, 2022. |
Product Line and Geographic Inf
Product Line and Geographic Information | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Product Line and Geographic Information | 12. Product Line and Geographic Information Product Line Information: The following tables are the product line revenues and gross profits for the three and six months ended June 30, 2023 and 2022: Three Months Ended June 30, 2023 Antennas & Industrial IoT Devices Test & Measurement Products Corporate Total Revenues $ 14,359 $ 6,230 $ ( 11 ) $ 20,578 Gross Profit $ 5,548 $ 4,503 $ 44 $ 10,095 Gross Profit % 38.6 % 72.3 % NA 49.1 % Six Months Ended June 30, 2023 Antennas & Industrial IoT Devices Test & Measurement Products Corporate Total Revenues $ 29,973 $ 13,657 $ ( 79 ) $ 43,551 Gross Profit $ 11,668 $ 9,886 $ 73 $ 21,627 Gross Profit % 38.9 % 72.4 % NA 49.7 % Three Months Ended June 30, 2022 Antennas & Industrial IoT Devices Test & Measurement Products Corporate Total Revenues $ 17,555 $ 7,431 $ ( 10 ) $ 24,976 Gross Profit $ 5,626 $ 5,759 $ 42 $ 11,427 Gross Profit % 32.0 % 77.5 % N/A 45.8 % Six Months Ended June 30, 2022 Antennas & Industrial IoT Devices Test & Measurement Products Corporate Total Revenues $ 34,657 $ 13,014 $ ( 153 ) $ 47,518 Gross Profit $ 10,873 $ 9,921 $ ( 34 ) $ 20,760 Gross Profit % 31.4 % 76.2 % NA 43.7 % Geographic Information: The Company’s revenue from customers by geographic location, as a percent of total revenues for the three and six months ended June 30, 2023 and 2022, is as follows: Three Months Ended June 30, Six Months Ended June 30, Region 2023 2022 2023 2022 Europe, Middle East & Africa 26 % 17 % 23 % 22 % Asia Pacific 5 % 5 % 9 % 6 % Other Americas 3 % 3 % 3 % 2 % Total Foreign sales 34 % 25 % 35 % 30 % Customer Concentration: The following table represents the customers that accounted for 10% or more of revenues during the three and six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, Revenues 2023 2022 2023 2022 Customer A 12 % 17 % 12 % 14 % The following table represents the customers that accounted for 10% or more of total trade accounts receivable: Trade Accounts Receivable June 30, 2023 December 31, 2022 Customer A 14 % 12 % Customer B 2 % 12 % Customer C 6 % 11 % |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | 13. Revenue from Contracts with Customers Under Topic 606, a contract with a customer is an agreement that both parties have approved, that creates enforceable rights and obligations, has commercial substance, and specified payment terms, and for which collectability is probable. Once the Company has entered into a contract, it is evaluated to identify performance obligations. For each performance obligation, revenue is recognized as control of promised goods or services transfers to the customer in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. The amount of revenue recognized takes into account variable consideration, such as returns and volume rebates. A majority of the Company’s revenue is short cycle in nature with shipments within one year from order. The Company's payment terms generally range between 30 to 90 days. All of the Company’s revenue relates to contracts with customers. The Company’s accounting contracts are from purchase orders or purchase orders combined with purchase agreements. The majority of the Company’s revenue is recognized on a “point-in-time” basis and a nominal amount of revenue is recognized “over time”. For the sale of antenna products and test & measurement products, the Company satisfies its performance obligations generally at the time of shipment or upon delivery based on the contractual terms with its customers. For products shipped on consignment, the Company recognizes revenue upon usage at the consignment location. For its test & measurement software tools, the Company has a performance obligation to provide software maintenance and support for one year . The Company recognizes revenues for the maintenance and support over this period. The Company considers shipping and handling performed by the Company as fulfillment activities. Amounts billed for shipping and handling are included in revenues, while costs incurred for shipping and handling are included in cost of revenues. The Company excludes taxes from the transaction price. Cost of contracts include sales commissions. The Company expenses the cost of contracts when incurred because the amortization period is one year or less. The Company allows its major distributors and certain other customers to return unused product under specified terms and conditions. The Company estimates product returns based on historical sales and return trends and records a corresponding refund liability. The refund liability was $ 0.2 million at June 30, 2023 and December 31, 2022, and is included within accrued liabilities in the accompanying condensed consolidated balance sheets. The Company records an asset based on historical experience for the amount of product it expects to return to inventory as a result of customer returns, which is recorded in inventories in the accompanying condensed consolidated balance sheets. The product return asset was $ 0.1 million at June 30, 2023 and December 31, 2022. There were no contract assets at June 30, 2023 and December 31, 2022. The Company records contract liabilities for deferred revenue and customer prepayments. Contract liabilities are recorded in accrued liabilities in the accompanying condensed consolidated balance sheets. The contract liability was $ 0.8 million and $ 0.9 million at June 30, 2023 and December 31, 2022, respectively. The Company recognized revenue of $ 0.8 million and $ 0.6 million during the six months ended June 30, 2023 and 2022, respectively, related to contract liabilities that existed at the beginning of the period. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. Subsequent Events The Company evaluates subsequent events occurring between the most recent balance sheet date and the date that the financial statements are available to be issued in order to determine whether the subsequent events are to be recorded and/or disclosed in the Company’s financial statements and footnotes. The financial statements are considered to be available to be issued at the time that they are filed with the SEC. There were no subsequent events or transactions that required recognition or disclosure in the unaudited interim condensed consolidated financial statements. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Nature of Operations PCTEL, Inc. (“PCTEL” or “the Company”) was incorporated in California in 1994 and reincorporated in Delaware in 1998. The Company is a leading global provider of wireless technology, including purpose-built Industrial IoT devices, antenna systems, and test and measurement solutions. PCTEL strives to solve complex wireless challenges to help organizations stay connected, transform, and grow and it has expertise in radio frequency ("RF,"), digital, and mechanical engineering. The Company has two product lines (antennas & Industrial IoT devices and test & measurement products). The Company’s principal executive offices are located at 471 Brighton Drive, Bloomingdale, Illinois 60108. The telephone number at that address is (630) 372-6800 and the website is www.pctel.com. Additional information about the Company can be obtained on the Company’s website; however, the information within, or that can be accessed through, the Company’s website is not part of this Quarterly Report on Form 10-Q. |
Basis of Consolidation | Basis of Consolidation The unaudited interim condensed consolidated financial statements of the Company include the condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022, and the condensed consolidated statement of cash flows, the condensed consolidated statements of operations, the condensed consolidated statements of comprehensive income (loss), and the condensed consolidated statements of stockholders’ equity for the three and six months ended June 30, 2023 and 2022, respectively. The interim condensed consolidated financial statements are unaudited and reflect all adjustments of a normal recurring nature that are, in the opinion of management, necessary for a fair presentation of the interim period financial statements. The condensed consolidated balance sheet as of December 31, 2022 is derived from the audited financial statements as of December 31, 2022. The unaudited interim condensed consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The significant accounting policies followed by the Company are set forth in the 2022 Form 10-K. There were no material changes in the Company’s significant accounting policies during the three and six months ended June 30, 2023. In addition, the Company reaffirms the use of estimates in the preparation of the financial statements as set forth in the 2022 Form 10-K. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the 2022 Form 10-K. The results of operations for interim periods are not necessarily indicative of the results that may be expected for the full period or any other interim periods. |
Foreign Operations | Foreign Operations Cross-border transactions, both with external parties and in our internal operations, result in exposure to foreign exchange rate fluctuations. We are exposed to currency risk by having foreign locations with suppliers and employees located outside the U.S. Fluctuations could have an adverse effect on our results of operations, cash flows and our balance sheet. We manage certain operating activities at the local level with revenues, costs, assets, and liabilities generally being denominated in local currencies. However, our results of operations and assets and liabilities are reported in U.S. dollars and thus will fluctuate with changes in exchange rates between such local currencies and the U.S. dollar. Gains and losses resulting from transactions originally in foreign currencies and then translated into U.S. dollars are included in the condensed consolidated statements of operations. For the six months ended June 30, 2023, approximately 13 % of revenues and 11 % of expenses were transacted in foreign currencies as compared to 11 % and 14 % for the six months ended June 30, 2022. Net foreign exchange gains (losses) resulting from foreign currency transactions included in other income, net were $ 84 and $ 75 for the three months ended June 30, 2023 and 2022, respectively. Net foreign exchange gains (losses) resulting from foreign currency transactions included in other income, net were $ 74 and $ 73 for the six months ended June 30, 2023 and 2022, respectively. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. This update clarifies the guidance in Topic 820 on the fair value measurement of an equity security that is subject to contractual restrictions that prohibit the sale of the equity security. This update also requires specific disclosures related to such an equity security including (1) the fair value of such equity securities reflected in the balance sheet, (2) the nature and remaining duration of the corresponding restrictions, and (3) any circumstances that could cause a lapse in the restrictions. This ASU is effective for all public business entities in fiscal years beginning after December 15, 2023, and interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of this ASU on our consolidated financial statements and related disclosures. |
Income (Loss) per Share (Tables
Income (Loss) per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Income Per Share | The following table is the computation of basic and diluted income per share: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Basic Income Per Share computation: Numerator: Net income (loss) $ 999 $ 411 $ 2,323 $ ( 1,153 ) Denominator: Weighted shares outstanding - basic 18,741,208 18,156,561 18,554,854 18,064,616 Net income (loss) per common share - basic $ 0.05 $ 0.02 $ 0.13 $ ( 0.06 ) Diluted Income Per Share computation: Denominator: Weighted shares outstanding - basic 18,741,208 18,156,561 18,554,854 18,064,616 Restricted shares subject to vesting 80,067 0 75,079 0 Common stock option grants 55 0 37 0 Weighted shares outstanding - diluted 18,821,330 18,156,561 18,629,970 18,064,616 Net income (loss) per common share - diluted $ 0.05 $ 0.02 $ 0.12 $ ( 0.06 ) |
Cash, Cash Equivalents and In_2
Cash, Cash Equivalents and Investments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents and Investments | The Company’s cash, cash equivalents, and investments consisted of the following: June 30, December 31, 2023 2022 Cash $ 4,519 $ 5,780 Cash equivalents 2,538 1,956 Short-term investments 26,586 22,254 Total $ 33,643 $ 29,990 |
Summary of Cash in Foreign Accounts | The cash in foreign accounts was as follows: June 30, December 31, 2023 2022 China $ 2,728 $ 2,672 Sweden 2,745 1,868 Total $ 5,473 $ 4,540 |
Cash Equivalents and Investments | Cash equivalents and investments were as follows at June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 Level 1 Level 2 Total Level 1 Level 2 Total Cash equivalents: Money market funds $ 2,538 $ 0 $ 2,538 $ 1,956 $ 0 $ 1,956 Total Cash Equivalents $ 2,538 $ 0 $ 2,538 $ 1,956 $ 0 $ 1,956 Short-Term Investments: Corporate bonds $ 0 $ 21,614 $ 21,614 $ 0 $ 21,145 $ 21,145 Certificates of deposit 4,972 0 4,972 1,109 0 1,109 Total Short-Term Investments $ 4,972 $ 21,614 $ 26,586 $ 1,109 $ 21,145 $ 22,254 Cash equivalents and Investments - book value $ 7,510 $ 21,614 $ 29,124 $ 3,065 $ 21,145 $ 24,210 Unrealized losses $ 0 $ ( 162 ) $ ( 162 ) $ 0 $ ( 59 ) $ ( 59 ) Cash equivalents and Investments - fair value $ 7,510 $ 21,452 $ 28,962 $ 3,065 $ 21,086 $ 24,151 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Carrying Amount of Goodwill | The change in the carrying amount of goodwill during the six months ended June 30, 2023 is as follows: Amount Balance at December 31, 2022 $ 5,935 Foreign currency translation ( 87 ) Balance at June 30, 2023 $ 5,848 |
Summary of Amortization Expense | The summary of amortization expense in the condensed consolidated statement of operations is as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Cost of revenues $ 17 $ 19 $ 35 $ 39 Operating expenses 63 67 126 138 Total $ 80 $ 86 $ 161 $ 177 |
Summary of Other Intangible Assets | The summary of other intangible assets, net is as follows: June 30, 2023 December 31, 2022 Accumulated Net Book Accumulated Net Book Cost Amortization Value Cost Amortization Value Customer contracts and relationships $ 17,491 $ 17,145 $ 346 $ 17,512 $ 17,091 $ 421 Patents and technology 9,983 9,791 192 9,995 9,761 234 Trademarks and trade names 1,467 1,186 281 1,484 1,143 341 Other intangible assets 92 58 34 96 47 49 Total $ 29,033 $ 28,180 $ 853 $ 29,087 $ 28,042 $ 1,045 |
Summary of Assigned Lives and Weighted Average Amortization Periods by Intangible Asset Category | The assigned lives and weighted average amortization periods by intangible asset category are summarized below: Intangible Assets Assigned Life Weighted Customer contracts and relationships 5 years 5.0 Patents and technology 5 years 5.0 Trademarks and trade names 5 years 5.0 Other intangible assets .5 to 5 years 3.6 |
Schedule of Future Amortization Expenses | The future amortization expenses are as follows: Fiscal Year Amount 2023 (remaining six months) $ 156 2024 302 2025 296 2026 99 Thereafter 0 Total $ 853 |
Balance Sheet Information (Tabl
Balance Sheet Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Allowances for Accounts Receivable | The allowances for accounts receivable consisted of the following: June 30, 2023 December 31, 2022 Credit loss provision $ 99 $ 92 Credit allowances 23 40 Total allowances $ 122 $ 132 |
Summary of Allowance for credit losses | The following table summarizes the allowance for credit losses activity during the six months ended June 30, 2023: Balance at December 31, 2022 $ 92 Current period allowance for credit losses 7 Balance at June 30, 2023 $ 99 |
Summary of Inventories, Net | Inventories, net consisted of the following: June 30, 2023 December 31, 2022 Raw materials $ 8,197 $ 9,064 Work-in-process 896 1,076 Finished goods 7,264 8,778 Inventories, net $ 16,357 $ 18,918 |
Summary of Property and Equipment | Property and equipment consisted of the following: June 30, 2023 December 31, 2022 Building $ 6,922 $ 6,922 Computers and office equipment 10,677 10,217 Manufacturing and test equipment 13,989 14,661 Furniture and fixtures 1,491 1,475 Leasehold improvements 1,965 1,965 Motor vehicles 20 20 Total property and equipment 35,064 35,260 Less: Accumulated depreciation and amortization ( 27,046 ) ( 27,026 ) Land 1,770 1,770 Property and equipment, net $ 9,788 $ 10,004 |
Summary of Accrued Liabilities | Accrued liabilities consisted of the following: June 30, 2023 December 31, 2022 Inventory receipts $ 1,747 $ 3,720 Payroll and other employee benefits 1,521 4,318 Paid time off 1,306 1,001 Deferred revenues 559 495 Professional fees and contractors 532 346 Operating leases 516 527 Income and sales taxes 286 836 Warranties 281 317 Employee stock purchase plan 224 232 Customer refunds for estimated returns 222 235 Real estate taxes 163 158 Finance leases 46 51 Other 231 369 Total $ 7,634 $ 12,605 |
Summary of Long-term Liabilities | Long-term liabilities consisted of the following: June 30, 2023 December 31, 2022 Operating leases $ 3,039 $ 3,327 Deferred revenue 167 181 Finance leases 49 73 Other 24 43 Total $ 3,279 $ 3,624 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Stock-Based Compensation Expense by Type | The stock-based compensation expense by type is as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Service-based awards $ 330 $ 383 $ 691 $ 703 Performance-based awards (short-term incentive plan) ( 6 ) 263 109 343 Performance-based awards (long-term incentive plan) ( 146 ) 364 ( 406 ) 671 Employee stock purchase plan 57 76 118 143 Total $ 235 $ 1,086 $ 512 $ 1,860 |
Stock-Based Compensation | Total stock-based compensation is reflected in the condensed consolidated statements of operations as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Cost of revenues $ 66 $ 31 $ 94 $ 96 Research and development 35 172 93 308 Sales and marketing 64 255 107 452 General and administrative 70 628 218 1,004 Total $ 235 $ 1,086 $ 512 $ 1,860 The following table presents a summary of the remaining unrecognized share-based compensation expense related to outstanding share-based awards as of June 30, 2023: Award Type Remaining Unrecognized Compensation Expense Weighted Average Life (Years) Service-based awards $ 1,867 1.4 Performance-based awards $ 1,124 1.9 |
Summary of Service-based Restricted Stock Activity | The following table summarizes service-based restricted stock activity for the six months ended June 30, 2023: Shares Weighted Unvested Restricted Stock Awards - December 31, 2022 354,037 $ 6.12 Shares awarded 170,960 4.38 Shares vested ( 165,475 ) 6.77 Shares cancelled ( 20,141 ) 5.17 Unvested Restricted Stock Awards - June 30, 2023 339,381 $ 4.98 The following table summarizes the restricted stock unit activity during the six months ended June 30, 2023: Shares Weighted Unvested Restricted Stock Units - December 31, 2022 35,253 $ 5.42 Units awarded 6,200 4.21 Units vested/Shares awarded ( 12,252 ) 5.57 Unvested Restricted Stock Units - June 30, 2023 29,201 $ 5.12 |
Information about Stock Options Outstanding Under all Stock Plans | The following table summarizes information about stock options outstanding under all stock option plans at June 30, 2023: Options Outstanding and Exercisable Range of Number of Shares Weighted Intrinsic Value Weighted- $ 5.06 - $ 6.98 4,000 0.92 $ 0 $ 6.02 |
Summary of Performance Share Activity | The following table summarizes the performance award activity: Awards at Target Weighted Unvested Performance Awards - December 31, 2022 521,204 $ 6.85 Awards granted 230,355 4.46 Awards vested ( 53,345 ) 8.70 Awards cancelled ( 129,361 ) 6.25 Unvested Performance Awards - June 30, 2023 568,853 $ 5.52 |
Summary Of Active Performance-Based Long-Term Incentive Plans | The following table summarizes the active performance-based long-term incentive plans at June 30, 2023: Number of Shares Share Price That Could Be Earned: LTIP award on Grant Date Target Maximum Performance Period 2021 LTIP $ 8.23 140,297 245,520 January 1, 2021 through December 31, 2023 2022 LTIP $ 4.83 214,951 376,164 January 1, 2022 through December 31, 2024 2023 LTIP $ 4.55 213,605 373,809 January 1, 2023 through December 31, 2025 568,853 995,493 |
Calculation of Fair Value of Each Employee Stock Purchase Grant Using Black-Scholes Option-Pricing Model | The Company calculated the fair value of each employee stock purchase grant on the date of grant using the Black-Scholes option-pricing model using the following assumptions: Employee Stock Purchase Plan 2023 2022 Dividend yield 5.2 % 4.7 % Risk-free interest rate 4.6 % 1.7 % Expected volatility 48.7 % 48 % Expected life (in years) 0.5 0.5 |
Summary of Director Awards Activity | The following table summarizes the director awards activity: Shares Weighted Outstanding - December 31, 2022 120,696 $ 4.02 Shares awarded 106,859 4.59 Shares vested ( 116,663 ) 4.02 Outstanding - June 30, 2023 110,892 $ 4.57 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Retirement Benefits [Abstract] | |
Summary of Contributions to Retirement Plans | The Company’s contributions to retirement plans during the three and six months ended June 30, 2023 and 2022, respectively, were as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 PCTEL, Inc. 401(k) profit sharing plan - US employees $ 187 $ 187 $ 444 $ 406 Defined contribution plans - Foreign employees 57 62 110 135 Total $ 244 $ 249 $ 554 $ 541 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Warranty Activity | The following table summarizes the warranty activity during the six months ended June 30, 2023 and 2022: Six Months Ended June 30, 2023 2022 Beginning balance $ 317 $ 257 Provisions for warranties 60 41 Consumption of reserves ( 96 ) ( 26 ) Ending balance $ 281 $ 272 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Components of Lease Cost | The Company's lease cost for the three and six months ended June 30, 2023 and 2022, respectively, included the following components: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Operating lease costs $ 133 $ 130 $ 268 $ 258 Short-term lease costs 9 23 18 50 Variable lease costs 6 ( 2 ) 7 2 Amortization of finance lease assets 13 16 27 35 Interest on finance lease liabilities 1 1 2 3 Total lease cost $ 162 $ 168 $ 322 $ 348 |
Schedule of Future Minimum Lease Payments under Operating and Finance Leases | The table below summarizes the Company's scheduled future minimum lease payments under operating and finance leases recorded on the balance sheet as of June 30, 2023: Year Operating Leases Finance Leases 2023 (remaining six months) $ 286 $ 25 2024 673 44 2025 583 26 2026 521 5 2027 505 0 Thereafter 1,674 0 Total minimum payments required 4,242 100 Less: amount representing interest 687 5 Present value of net minimum lease payments 3,555 95 Less: current maturities of lease obligations ( 516 ) ( 46 ) Long-term lease obligations $ 3,039 $ 49 |
Summary of Weighted Average Remaining Lease Terms and Discount Rates | The weighted average remaining lease terms and discount rates for all the Company’s operating and finance leases were as follows as of June 30, 2023: June 30, 2023 Weighted-average remaining lease term - finance leases 2.3 years Weighted-average remaining lease term - operating leases 7.1 years Weighted-average discount rate - finance leases 4.3 % Weighted-average discount rate - operating leases 5.0 % |
Schedule of Supplemental Cash Flow Information Related to Leases | The table below presents supplemental cash flow information related to leases during the three and six months ended June 30, 2023 and 2022, respectively: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 181 $ 186 $ 434 $ 386 Operating cash flows for finance leases $ 1 $ 1 $ 2 $ 3 Financing cash flows for finance leases $ 14 $ 18 $ 28 $ 37 |
Schedule of Classification of ROU Assets and Lease liabilities | The following table summarizes the classification of ROU assets and lease liabilities as of June 30, 2023 and December 31, 2022: Leases Consolidated Balance Sheet Classification June 30, 2023 December 31, 2022 Assets: Operating right-of-use assets Other noncurrent assets $ 2,054 $ 2,241 Finance right-of-use assets Other noncurrent assets 92 120 Total leased assets $ 2,146 $ 2,361 Liabilities: Current Operating lease liabilities Accrued liabilities $ 516 $ 527 Finance lease liabilities Accrued liabilities 46 51 Noncurrent Operating lease liabilities Long-term liabilities 3,039 3,327 Finance lease liabilities Long-term liabilities 49 73 Total lease liabilities $ 3,650 $ 3,978 |
Product Line and Geographic I_2
Product Line and Geographic Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Result of Product Line Revenues and Gross Profits | Product Line Information: The following tables are the product line revenues and gross profits for the three and six months ended June 30, 2023 and 2022: Three Months Ended June 30, 2023 Antennas & Industrial IoT Devices Test & Measurement Products Corporate Total Revenues $ 14,359 $ 6,230 $ ( 11 ) $ 20,578 Gross Profit $ 5,548 $ 4,503 $ 44 $ 10,095 Gross Profit % 38.6 % 72.3 % NA 49.1 % Six Months Ended June 30, 2023 Antennas & Industrial IoT Devices Test & Measurement Products Corporate Total Revenues $ 29,973 $ 13,657 $ ( 79 ) $ 43,551 Gross Profit $ 11,668 $ 9,886 $ 73 $ 21,627 Gross Profit % 38.9 % 72.4 % NA 49.7 % Three Months Ended June 30, 2022 Antennas & Industrial IoT Devices Test & Measurement Products Corporate Total Revenues $ 17,555 $ 7,431 $ ( 10 ) $ 24,976 Gross Profit $ 5,626 $ 5,759 $ 42 $ 11,427 Gross Profit % 32.0 % 77.5 % N/A 45.8 % Six Months Ended June 30, 2022 Antennas & Industrial IoT Devices Test & Measurement Products Corporate Total Revenues $ 34,657 $ 13,014 $ ( 153 ) $ 47,518 Gross Profit $ 10,873 $ 9,921 $ ( 34 ) $ 20,760 Gross Profit % 31.4 % 76.2 % NA 43.7 % |
Customers Accounted Revenues by Geographic Location | Geographic Information: The Company’s revenue from customers by geographic location, as a percent of total revenues for the three and six months ended June 30, 2023 and 2022, is as follows: Three Months Ended June 30, Six Months Ended June 30, Region 2023 2022 2023 2022 Europe, Middle East & Africa 26 % 17 % 23 % 22 % Asia Pacific 5 % 5 % 9 % 6 % Other Americas 3 % 3 % 3 % 2 % Total Foreign sales 34 % 25 % 35 % 30 % |
Revenue [Member] | |
Schedule of Revenues and Total Trade Accounts Receivable Represents Customers Accounted for 10% or More Percentage | The following table represents the customers that accounted for 10% or more of revenues during the three and six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, Revenues 2023 2022 2023 2022 Customer A 12 % 17 % 12 % 14 % |
Trade Accounts Receivable [Member] | |
Schedule of Revenues and Total Trade Accounts Receivable Represents Customers Accounted for 10% or More Percentage | The following table represents the customers that accounted for 10% or more of total trade accounts receivable: Trade Accounts Receivable June 30, 2023 December 31, 2022 Customer A 14 % 12 % Customer B 2 % 12 % Customer C 6 % 11 % |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Percentage of revenue transacted in foreign currency | 13% | 11% | ||
Percentage of expenses transacted in foreign currency | 11% | 14% | ||
Net foreign exchange gains (losses) resulting from foreign currency transactions included in other income | $ 84 | $ 75 | $ 74 | $ 73 |
Income (Loss) per Share - Compu
Income (Loss) per Share - Computation of Basic and Diluted Income Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Numerator: | ||||
NET INCOME (LOSS) | $ 999 | $ 411 | $ 2,323 | $ (1,153) |
Denominator: | ||||
Weighted shares outstanding - basic | 18,741,208 | 18,156,561 | 18,554,854 | 18,064,616 |
Net Income (loss) per common share - basic | $ 0.05 | $ 0.02 | $ 0.13 | $ (0.06) |
Weighted Average Shares: | ||||
Weighted shares outstanding - basic | 18,741,208 | 18,156,561 | 18,554,854 | 18,064,616 |
Common stock option grants | 55 | 0 | 37 | 0 |
Weighted shares outstanding - diluted | 18,821,330 | 18,156,561 | 18,629,970 | 18,064,616 |
Net Income (loss) per common share - diluted | $ 0.05 | $ 0.02 | $ 0.12 | $ (0.06) |
Restricted Stock [Member] | ||||
Weighted Average Shares: | ||||
Restricted shares subject to vesting | 80,067 | 0 | 75,079 | 0 |
Cash, Cash Equivalents and In_3
Cash, Cash Equivalents and Investments - Cash and Cash Equivalents and Investments (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Cash and Cash Equivalents [Abstract] | ||
Cash | $ 4,519 | $ 5,780 |
Cash equivalents | 2,538 | 1,956 |
Short-term investments | 26,586 | 22,254 |
Cash and investments | $ 33,643 | $ 29,990 |
Cash, Cash Equivalents and In_4
Cash, Cash Equivalents and Investments - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents maturities | 90 days | 90 days |
Investment of cash equivalents are redeemable upon demand using amortized cost method | $ 1 | |
Investment in money market funds restricted by investment in short term securities, percentage | 100% | |
Short-term investments, maturities, minimum | 90 days | |
Short-term investments, maturities, maximum | 1 year | |
Net unrealized losses | $ 162,000 | $ 59,000 |
Maximum [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Federal Deposit Insurance Corporation insured limit | $ 250,000 |
Cash, Cash Equivalents and In_5
Cash, Cash Equivalents and Investments - Summary of Cash in Foreign Accounts (Detail) - Cash [Member] - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Cash And Cash Equivalents [Line Items] | ||
Cash in foreign accounts | $ 5,473 | $ 4,540 |
China [Member] | ||
Cash And Cash Equivalents [Line Items] | ||
Cash in foreign accounts | 2,728 | 2,672 |
Sweden [Member] | ||
Cash And Cash Equivalents [Line Items] | ||
Cash in foreign accounts | $ 2,745 | $ 1,868 |
Cash, Cash Equivalents and In_6
Cash, Cash Equivalents and Investments - Cash Equivalents and Investments (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | $ 2,538 | $ 1,956 |
Short-term investments | 26,586 | 22,254 |
Cash equivalents and Investments - book value | 29,124 | 24,210 |
Unrealized losses | (162) | (59) |
Cash equivalents and Investments - fair value | 28,962 | 24,151 |
Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 2,538 | 1,956 |
Short-term investments | 4,972 | 1,109 |
Cash equivalents and Investments - book value | 7,510 | 3,065 |
Unrealized losses | 0 | 0 |
Cash equivalents and Investments - fair value | 7,510 | 3,065 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 0 | 0 |
Short-term investments | 21,614 | 21,145 |
Cash equivalents and Investments - book value | 21,614 | 21,145 |
Unrealized losses | (162) | (59) |
Cash equivalents and Investments - fair value | 21,452 | 21,086 |
Corporate Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 21,614 | 21,145 |
Corporate Bonds [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 0 | 0 |
Corporate Bonds [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 21,614 | 21,145 |
Certificates of Deposit [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 4,972 | 1,109 |
Certificates of Deposit [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 4,972 | 1,109 |
Certificates of Deposit [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 0 | 0 |
Money Market Funds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 2,538 | 1,956 |
Money Market Funds [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 2,538 | 1,956 |
Money Market Funds [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | $ 0 | $ 0 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets - Summary of Carrying Amount of Goodwill (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Beginning Balance | $ 5,935 |
Foreign currency translation | (87) |
Ending Balance | $ 5,848 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Finite Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 63 | $ 67 | $ 126 | $ 138 |
Foreign currency translation adjustment | 200 | |||
Operating Expense [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 200 | $ 200 | ||
Minimum [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets basis over estimated useful lives | 1 year | 1 year | ||
Maximum [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets basis over estimated useful lives | 5 years | 5 years |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Summary of Amortization Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Finite Lived Intangible Assets [Line Items] | ||||
Amortization expense, total | $ 80 | $ 86 | $ 161 | $ 177 |
Cost of Revenues [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Amortization expense, total | 17 | 19 | 35 | 39 |
Operating Expense [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Amortization expense, total | $ 63 | $ 67 | $ 126 | $ 138 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Summary of Other Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Finite Lived Intangible Assets [Line Items] | ||
Cost | $ 29,033 | $ 29,087 |
Accumulated Amortization | 28,180 | 28,042 |
Net Book Value | 853 | 1,045 |
Customer Contracts and Relationships [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Cost | 17,491 | 17,512 |
Accumulated Amortization | 17,145 | 17,091 |
Net Book Value | 346 | 421 |
Patents and Technology [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Cost | 9,983 | 9,995 |
Accumulated Amortization | 9,791 | 9,761 |
Net Book Value | 192 | 234 |
Trademarks and Trade Names [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Cost | 1,467 | 1,484 |
Accumulated Amortization | 1,186 | 1,143 |
Net Book Value | 281 | 341 |
Other Intangible Assets [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Cost | 92 | 96 |
Accumulated Amortization | 58 | 47 |
Net Book Value | $ 34 | $ 49 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Summary of Assigned Lives and Weighted Average Amortization Periods by Intangible Asset Category (Detail) | 6 Months Ended |
Jun. 30, 2023 | |
Minimum [Member] | |
Summary Of Assigned Lives And Weighted Average Amortization Periods By Intangible Asset Category [Abstract] | |
Assigned Life | 1 year |
Maximum [Member] | |
Summary Of Assigned Lives And Weighted Average Amortization Periods By Intangible Asset Category [Abstract] | |
Assigned Life | 5 years |
Customer Contracts and Relationships [Member] | |
Summary Of Assigned Lives And Weighted Average Amortization Periods By Intangible Asset Category [Abstract] | |
Assigned Life | 5 years |
Weighted Average Amortization Period | 5 years |
Patents and Technology [Member] | |
Summary Of Assigned Lives And Weighted Average Amortization Periods By Intangible Asset Category [Abstract] | |
Assigned Life | 5 years |
Weighted Average Amortization Period | 5 years |
Trademarks and Trade Names [Member] | |
Summary Of Assigned Lives And Weighted Average Amortization Periods By Intangible Asset Category [Abstract] | |
Assigned Life | 5 years |
Weighted Average Amortization Period | 5 years |
Other Intangible Assets [Member] | |
Summary Of Assigned Lives And Weighted Average Amortization Periods By Intangible Asset Category [Abstract] | |
Weighted Average Amortization Period | 3 years 7 months 6 days |
Other Intangible Assets [Member] | Minimum [Member] | |
Summary Of Assigned Lives And Weighted Average Amortization Periods By Intangible Asset Category [Abstract] | |
Assigned Life | 6 months |
Other Intangible Assets [Member] | Maximum [Member] | |
Summary Of Assigned Lives And Weighted Average Amortization Periods By Intangible Asset Category [Abstract] | |
Assigned Life | 5 years |
Goodwill and Intangible Asset_6
Goodwill and Intangible Assets - Schedule of Future Amortization Expenses (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2023 (remaining six months) | $ 156 | |
2024 | 302 | |
2025 | 296 | |
2026 | 99 | |
Thereafter | 0 | |
Net Book Value | $ 853 | $ 1,045 |
Balance Sheet Information - Add
Balance Sheet Information - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Property, Plant and Equipment [Line Items] | |||||
Allowance for credit losses | $ 99 | $ 99 | $ 92 | ||
Consigned inventory with customers | 100 | 100 | 200 | ||
Allowance for inventory losses | 3,300 | 3,300 | $ 3,100 | ||
Depreciation and amortization | $ 500 | $ 800 | $ 1,100 | $ 1,600 | |
Equipment [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Period over which assets are depreciated | 5 years | 5 years | |||
Furniture and Fixtures [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Period over which assets are depreciated | 7 years | 7 years | |||
Building [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Period over which assets are depreciated | 30 years | 30 years | |||
Minimum [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Standard term of accounts receivable | 30 days | ||||
Minimum [Member] | Computer Equipment and Software Licenses [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Period over which assets are depreciated | 3 years | 3 years | |||
Maximum [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Standard term of accounts receivable | 90 days | ||||
Useful lives of the assets | 1 year | ||||
Maximum [Member] | Computer Equipment and Software Licenses [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Period over which assets are depreciated | 5 years | 5 years |
Balance Sheet Information - Sum
Balance Sheet Information - Summary of Allowances for Accounts Receivable (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Credit loss provision | $ 99 | $ 92 |
Credit allowances | 23 | 40 |
Total allowances | $ 122 | $ 132 |
Balance Sheet Information - All
Balance Sheet Information - Allowance for credit losses (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Balance at December 31, 2022 | $ 92 |
Current period allowance for credit losses | 7 |
Balance at June 30, 2023 | $ 99 |
Balance Sheet Information - S_2
Balance Sheet Information - Summary of Inventories, Net (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Inventory, Net [Abstract] | ||
Raw materials | $ 8,197 | $ 9,064 |
Work-in-process | 896 | 1,076 |
Finished goods | 7,264 | 8,778 |
Inventories, net | $ 16,357 | $ 18,918 |
Balance Sheet Information - S_3
Balance Sheet Information - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 35,064 | $ 35,260 |
Less: Accumulated depreciation and amortization | (27,046) | (27,026) |
Land | 1,770 | 1,770 |
Property and equipment, net | 9,788 | 10,004 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 6,922 | 6,922 |
Computers and Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 10,677 | 10,217 |
Manufacturing and Test Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 13,989 | 14,661 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 1,491 | 1,475 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 1,965 | 1,965 |
Motor Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 20 | $ 20 |
Balance Sheet Information - S_4
Balance Sheet Information - Summary of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||||
Inventory receipts | $ 1,747 | $ 3,720 | ||
Payroll and other employee benefits | 1,521 | 4,318 | ||
Paid time off | 1,306 | 1,001 | ||
Deferred revenues | 559 | 495 | ||
Professional fees and contractors | 532 | 346 | ||
Operating leases | 516 | 527 | ||
Income and sales taxes | 286 | 836 | ||
Warranties | 281 | 317 | $ 272 | $ 257 |
Employee stock purchase plan | 224 | 232 | ||
Customer refunds for estimated returns | 222 | 235 | ||
Real estate taxes | 163 | 158 | ||
Finance leases | 46 | 51 | ||
Other | 231 | 369 | ||
Total | $ 7,634 | $ 12,605 |
Balance Sheet Information - S_5
Balance Sheet Information - Summary of Long-term Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Liabilities, Noncurrent [Abstract] | ||
Operating leases | $ 3,039 | $ 3,327 |
Deferred revenue | 167 | 181 |
Finance leases | 49 | 73 |
Other | 24 | 43 |
Total | $ 3,279 | $ 3,624 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||||
Stock compensation expense | $ 235 | $ 1,086 | $ 512 | $ 1,860 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock-Based Compensation Expense by Type (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Stock Based Compensation [Line Items] | ||||
Total | $ 235 | $ 1,086 | $ 512 | $ 1,860 |
Service-based Awards [Member] | ||||
Stock Based Compensation [Line Items] | ||||
Total | 330 | 383 | 691 | 703 |
Performance-based Awards - Short-term Incentive Plan [Member] | ||||
Stock Based Compensation [Line Items] | ||||
Total | (6) | 263 | 109 | 343 |
Performance-based Awards - Long-term Incentive Plan [Member] | ||||
Stock Based Compensation [Line Items] | ||||
Total | (146) | 364 | (406) | 671 |
Employee Stock Purchase Plan [Member] | ||||
Stock Based Compensation [Line Items] | ||||
Total | $ 57 | $ 76 | $ 118 | $ 143 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-Based Compensation (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock compensation expense | $ 235 | $ 1,086 | $ 512 | $ 1,860 |
Cost of Revenues [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock compensation expense | 66 | 31 | 94 | 96 |
Research and Development [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock compensation expense | 35 | 172 | 93 | 308 |
Sales and Marketing [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock compensation expense | 64 | 255 | 107 | 452 |
General and Administrative [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock compensation expense | $ 70 | $ 628 | $ 218 | $ 1,004 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Remaining Unrecognized Share-based Compensation Expense Related to Outstanding Share-based Awards (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Service-based Awards [Member] | |
Stock Based Compensation [Line Items] | |
Remaining unrecognized share-based compensation expense | $ 1,867 |
Share based compensation arrangement by share based payment award options weighted average life in years | 1 year 4 months 24 days |
Performance-based Awards [Member] | |
Stock Based Compensation [Line Items] | |
Remaining unrecognized share-based compensation expense | $ 1,124 |
Share based compensation arrangement by share based payment award options weighted average life in years | 1 year 10 months 24 days |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Service-based Restricted Stock Activity (Detail) - Restricted Stock [Member] | 6 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested Beginning balance, Shares | shares | 354,037 |
Shares awarded, Shares | shares | 170,960 |
Shares vested, Shares | shares | (165,475) |
Shares cancelled, Shares | shares | (20,141) |
Unvested Ending balance, Shares | shares | 339,381 |
Unvested Beginning balance, Weighted Average Fair Value | $ / shares | $ 6.12 |
Shares awarded, Weighted Average Fair Value | $ / shares | 4.38 |
Shares vested, Weighted Average Fair Value | $ / shares | 6.77 |
Shares cancelled, Weighted Average Fair Value | $ / shares | 5.17 |
Unvested Ending balance, Weighted Average Fair Value | $ / shares | $ 4.98 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Units - Service Based - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Service Based Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted shares vested intrinsic value | $ 800 | $ 800 |
Service Based Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted shares vested intrinsic value | $ 55 | $ 21 |
Stock-Based Compensation - Su_4
Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Detail) - Restricted Stock Units (RSUs) | 6 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested Beginning balance, Shares | shares | 35,253 |
Units awarded, Shares | shares | 6,200 |
Units vested/Shares awarded, Shares | shares | (12,252) |
Unvested Ending balance, Shares | shares | 29,201 |
Unvested Beginning balance, Weighted Average Fair Value | $ / shares | $ 5.42 |
Units awarded, Weighted Average Fair Value | $ / shares | 4.21 |
Units vested/Shares awarded, Weighted Average Fair Value | $ / shares | 5.57 |
Unvested Ending balance, Weighted Average Fair Value | $ / shares | $ 5.12 |
Stock-Based Compensation - St_2
Stock-Based Compensation - Stock Options - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2023 $ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share Price | $ 4.80 |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Period of termination of employment | 180 days |
Stock options granted period | 7 years |
Period of expected life, options granted | 5 years |
Stock-Based Compensation - Info
Stock-Based Compensation - Information about Stock Options Outstanding Under all Stock Plans (Detail) - Range One [Member] $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) $ / shares shares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range of exercise prices | $ 5.06 |
Upper range of exercise prices | $ 6.98 |
Options Outstanding, Number | shares | 4,000 |
Options Outstanding, Weighted Average Contractual Life (Years) | 11 months 1 day |
Options Outstanding, Intrinsic Value | $ | $ 0 |
Options Outstanding, Weighted-Average Exercise Price | $ 6.02 |
Options Exercisable, Number | shares | 4,000 |
Options Exercisable, Weighted Average Contractual Life (Years) | 11 months 1 day |
Options Exercisable, Intrinsic Value | $ | $ 0 |
Options Exercisable, Weighted Average Exercise Price | $ 6.02 |
Stock-Based Compensation - Shor
Stock-Based Compensation - Short-Term Incentive Plan - Additional Information (Detail) - 2022 STIP [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Mar. 31, 2023 | Jun. 30, 2023 | |
Executives and Key Managers [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of incentive awards in shares | 50% | 50% |
Percentage of incentive awards in cash | 50% | 50% |
Payments of bonus awards in common stock | $ 1.2 | |
Other Participants [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Percentage of incentive awards in cash | 100% |
Stock-Based Compensation - Su_5
Stock-Based Compensation - Summary of Performance Share Activity (Detail) - Performance Related Awards [Member] | 6 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested Beginning balance, Shares | shares | 521,204 |
Awards granted | shares | 230,355 |
Shares vested, Shares | shares | (53,345) |
Shares cancelled, Shares | shares | (129,361) |
Unvested Ending balance, Shares | shares | 568,853 |
Unvested Beginning balance, Weighted Average Fair Value | $ / shares | $ 6.85 |
Shares awarded, Weighted Average Fair Value | $ / shares | 4.46 |
Shares vested, Weighted Average Fair Value | $ / shares | 8.70 |
Shares cancelled, Weighted Average Fair Value | $ / shares | 6.25 |
Unvested Ending balance, Weighted Average Fair Value | $ / shares | $ 5.52 |
Stock-Based Compensation - Long
Stock-Based Compensation - Long-Term Incentive Plan - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended |
Mar. 31, 2023 | Jun. 30, 2023 | |
2020 LTIP | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares issued | 53,345 | |
Intrinsic value | $ 0.2 | |
2023 LTIP | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Revenue growth target performance period start date | Jan. 01, 2023 | |
Revenue growth target performance period end date | Dec. 31, 2025 | |
Total fair market value of award at target | $ 1 | |
Shares awarded, Weighted Average Fair Value | $ 4.46 | |
Number of shares earned | 230,355 | |
Maximum number of shares that may be issued | 403,121 |
Stock-Based Compensation - Su_6
Stock-Based Compensation - Summary Of Active Performance-Based Long-Term Incentive Plans (Detail) | Jun. 30, 2023 shares |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total shares reserved | 995,493 |
Target | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total shares reserved | 568,853 |
2021 LTIP [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total shares reserved | 245,520 |
2021 LTIP [Member] | Share Price On Grant Date | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total shares reserved | 8.23 |
2021 LTIP [Member] | Target | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total shares reserved | 140,297 |
2022 LTIP [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total shares reserved | 376,164 |
2022 LTIP [Member] | Share Price On Grant Date | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total shares reserved | 4.83 |
2022 LTIP [Member] | Target | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total shares reserved | 214,951 |
2023 LTIP [Member] | Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total shares reserved | 373,809 |
2023 LTIP [Member] | Share Price On Grant Date | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total shares reserved | 4.55 |
2023 LTIP [Member] | Target | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total shares reserved | 213,605 |
Stock-Based Compensation - Empl
Stock-Based Compensation - Employee Stock Purchase Plan ("ESPP") - Additional Information (Detail) - Employee Stock Purchase Plan [Member] | 6 Months Ended |
Jun. 30, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of fair market value to determine purchase price | 85% |
Offering period | 6 months |
Rate of discount on fair market value of common stock under ESPP | 15% |
Stock-Based Compensation - Calc
Stock-Based Compensation - Calculation of Fair Value of Each Employee Stock Purchase Grant Using the Black-Scholes Option-Pricing Model (Detail) - Employee Stock Purchase Plan [Member] | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Calculation of fair value of each employee stock purchase grant using the Black-Scholes option-pricing model | ||
Dividend yield | 5.20% | 4.70% |
Risk-free interest rate | 4.60% | 1.70% |
Expected volatility | 48.70% | 48% |
Expected life (in years) | 6 months | 6 months |
Stock-Based Compensation - Boar
Stock-Based Compensation - Board of Director Equity Awards - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | |
New Directors [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grants vesting period | 3 years | |
Common stock issued | 10,893 | |
Directors [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grants vesting period | 1 year | |
Common stock issued | 95,966 | |
Restricted shares vested intrinsic value | $ 0.6 |
Stock-Based Compensation - Su_7
Stock-Based Compensation - Summary of Director Awards Activity (Detail) - Directors [Member] | 6 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding, Beginning balance, Shares | shares | 120,696 |
Shares awarded, Shares | shares | 106,859 |
Shares vested, Shares | shares | (116,663) |
Outstanding, Ending balance, Shares | shares | 110,892 |
Weighted Average Fair Value, Beginning balance | $ / shares | $ 4.02 |
Shares awarded, Weighted Average Fair Value | $ / shares | 4.59 |
Shares vested, Weighted Average Fair Value | $ / shares | 4.02 |
Weighted Average Fair Value, Ending balance | $ / shares | $ 4.57 |
Stock-Based Compensation - Em_2
Stock-Based Compensation - Employee Withholding Taxes on Stock Awards - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Payment of withholding taxes related to stock awards | $ 711 | $ 396 |
Employee Withholding Taxes on Stock Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Payment of withholding taxes related to stock awards | $ 700 | $ 400 |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Detail) - Employee Benefit Plans [Member] | 6 Months Ended |
Jun. 30, 2023 | |
Defined Benefit Plan Disclosure [Line Items] | |
Maximum percentage of current compensation of employee to contribute in plan | 15% |
Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Employer matches employee contribution percentage | 4% |
Benefit Plans - Summary of Cont
Benefit Plans - Summary of Contributions to Retirement Plans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Contribution to retirement plans | $ 244 | $ 249 | $ 554 | $ 541 |
US Employees [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Contribution to retirement plans | 187 | 187 | 444 | 406 |
Foreign Employees [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Contribution to retirement plans | $ 57 | $ 62 | $ 110 | $ 135 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Commitments And Contingencies Disclosure [Line Items] | ||||
Refund liability | $ 222 | $ 235 | ||
Warranties | 281 | 317 | $ 272 | $ 257 |
Warranty Reserves [Member] | ||||
Commitments And Contingencies Disclosure [Line Items] | ||||
Refund liability | 200 | 200 | ||
Warranties | $ 300 | $ 300 | ||
Warranty Reserves [Member] | Antenna [Member] | Minimum [Member] | ||||
Commitments And Contingencies Disclosure [Line Items] | ||||
Repair and replacement warranty | 1 year | |||
Warranty Reserves [Member] | Antenna [Member] | Maximum [Member] | ||||
Commitments And Contingencies Disclosure [Line Items] | ||||
Repair and replacement warranty | 10 years |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Warranty Activity (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | ||
Beginning balance | $ 317 | $ 257 |
Provisions for warranties | 60 | 41 |
Consumption of reserves | (96) | (26) |
Ending balance | $ 281 | $ 272 |
Leases - Components of Lease Co
Leases - Components of Lease Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Leases [Abstract] | ||||
Operating lease costs | $ 133 | $ 130 | $ 268 | $ 258 |
Short-term lease costs | 9 | 23 | 18 | 50 |
Variable lease costs | 6 | (2) | 7 | 2 |
Amortization of finance lease assets | 13 | 16 | 27 | 35 |
Interest on finance lease liabilities | 1 | 1 | 2 | 3 |
Total lease cost | $ 162 | $ 168 | $ 322 | $ 348 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments under Operating and Finance Leases (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Operating Leases | ||
2023 (remaining six months) | $ 286 | |
2024 | 673 | |
2025 | 583 | |
2026 | 521 | |
2027 | 505 | |
Thereafter | 1,674 | |
Total minimum payments required | 4,242 | |
Less: amount representing interest | 687 | |
Present value of net minimum lease payments | 3,555 | |
Less: current maturities of lease obligations | (516) | $ (527) |
Long-term lease obligations | 3,039 | 3,327 |
Finance Leases | ||
2023 (remaining six months) | 25 | |
2024 | 44 | |
2025 | 26 | |
2026 | 5 | |
2027 | 0 | |
Thereafter | 0 | |
Total minimum payments required | 100 | |
Less: amount representing interest | 5 | |
Present value of net minimum lease payments | 95 | |
Less: current maturities of lease obligations | (46) | (51) |
Long-term lease obligations | $ 49 | $ 73 |
Leases - Summary of Weighted Av
Leases - Summary of Weighted Average Remaining Lease Terms and Discount Rates (Detail) | Jun. 30, 2023 |
Leases [Abstract] | |
Weighted-average remaining lease term - finance leases | 2 years 3 months 18 days |
Weighted-average remaining lease term - operating leases | 7 years 1 month 6 days |
Weighted-average discount rate - finance leases | 4.30% |
Weighted-average discount rate - operating leases | 5% |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Leases [Abstract] | ||||
Operating cash flows for operating leases | $ 181 | $ 186 | $ 434 | $ 386 |
Operating cash flows for finance leases | 1 | 1 | 2 | 3 |
Financing cash flows for finance leases | $ 14 | $ 18 | $ 28 | $ 37 |
Leases - Schedule of Classifica
Leases - Schedule of Classification of ROU Assets and Lease liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
ASSETS | ||
Operating right-of-use assets | $ 2,054 | $ 2,241 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other noncurrent assets | Other noncurrent assets |
Finance right-of-use assets | $ 92 | $ 120 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other noncurrent assets | Other noncurrent assets |
Total leased assets | $ 2,146 | $ 2,361 |
Current | ||
Operating lease | $ 516 | $ 527 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued liabilities | Accrued liabilities |
Finance lease | $ 46 | $ 51 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued liabilities | Accrued liabilities |
Noncurrent | ||
Operating leases | $ 3,039 | $ 3,327 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Long-term liabilities | Long-term liabilities |
Finance leases | $ 49 | $ 73 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Long-term liabilities | Long-term liabilities |
Total lease liabilities | $ 3,650 | $ 3,978 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Income Tax Disclosure [Line Items] | |||||
Income tax expense (benefit) | $ 175 | $ 31 | $ 389 | $ 39 | |
Statutory rate | 21% | 21% | |||
Net deferred tax assets | 14,800 | $ 14,800 | $ 15,300 | ||
Operating loss and credit carry forward, expiration period | The Company’s federal NOLs generated in 2018 and later periods will not expire, but the Company’s NOLs generated through December 31, 2017 have a finite life primarily based on the 20-year carry forward of federal net operating losses. The timing differences have a ratable reversal pattern over 12 years. | ||||
Net operating loss carry forward period | 20 years | ||||
Domestic deferred tax assets ratable reversal pattern period | 12 years | ||||
Gross unrecognized tax benefit | 1,000 | $ 1,000 | $ 1,000 | ||
Domestic Tax Authority [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Net deferred tax assets | 12,000 | 12,000 | |||
Foreign Tax Authority | China [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Net deferred tax assets | 1,300 | 1,300 | |||
Foreign Tax Authority | Sweden [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Net deferred tax assets | $ 1,500 | $ 1,500 |
Product Line and Geographic I_3
Product Line and Geographic Information - Result of Product Line Revenues and Gross Profits (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Results of operations by segments | ||||
Revenues | $ 20,578 | $ 24,976 | $ 43,551 | $ 47,518 |
Gross Profit | $ 10,095 | $ 11,427 | $ 21,627 | $ 20,760 |
Gross Profit % | 49.10% | 45.80% | 49.70% | 43.70% |
Operating Segments [Member] | Antennas & Industrial IoT Devices [Member] | ||||
Results of operations by segments | ||||
Revenues | $ 14,359 | $ 17,555 | $ 29,973 | $ 34,657 |
Gross Profit | $ 5,548 | $ 5,626 | $ 11,668 | $ 10,873 |
Gross Profit % | 38.60% | 32% | 38.90% | 31.40% |
Operating Segments [Member] | Test & Measurement Products [Member] | ||||
Results of operations by segments | ||||
Revenues | $ 6,230 | $ 7,431 | $ 13,657 | $ 13,014 |
Gross Profit | $ 4,503 | $ 5,759 | $ 9,886 | $ 9,921 |
Gross Profit % | 72.30% | 77.50% | 72.40% | 76.20% |
Corporate, Non-Segment [Member] | ||||
Results of operations by segments | ||||
Revenues | $ (11) | $ (10) | $ (79) | $ (153) |
Gross Profit | $ 44 | $ 42 | $ 73 | $ (34) |
Product Line and Geographic I_4
Product Line and Geographic Information - Customers Accounted Revenues by Geographic Location (Detail) - Revenue [Member] - Geographic Concentration Risk [Member] | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Europe, Middle East, & Africa [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total Sales | 26% | 17% | 23% | 22% |
Asia Pacific [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total Sales | 5% | 5% | 9% | 6% |
Other Americas [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total Sales | 3% | 3% | 3% | 2% |
Total Foreign Sales [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total Sales | 34% | 25% | 35% | 30% |
Product Line and Geographic I_5
Product Line and Geographic Information - Schedule of Revenues and Total Trade Accounts Receivable Represents Customer Accounted for 10% or More Percentage (Detail) - Customer Concentration Risk | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Revenue [Member] | Customer A | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Concentration risk percentage | 12% | 17% | 12% | 14% | |
Trade Accounts Receivable [Member] | Customer A | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Concentration risk percentage | 14% | 12% | |||
Trade Accounts Receivable [Member] | Customer B | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Concentration risk percentage | 2% | 12% | |||
Trade Accounts Receivable [Member] | Customer C | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Concentration risk percentage | 6% | 11% |
Revenue from Contracts with C_2
Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Disaggregation Of Revenue [Line Items] | |||
Order shipments, description | A majority of the Company’s revenue is short cycle in nature with shipments within one year from order. | ||
Payment terms, description | The Company's payment terms generally range between 30 to 90 days. | ||
Refund liability | $ 222,000 | $ 235,000 | |
Contract assets | 0 | 0 | |
Contract with customer liability, revenue recognized | 800,000 | $ 600,000 | |
Accrued Liabilities [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Refund liability | 200,000 | 200,000 | |
Contract liability | 800,000 | 900,000 | |
Inventories [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Product return asset | $ 100,000 | $ 100,000 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Additional Information1 (Detail) | Jun. 30, 2023 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-07-01 | |
Disaggregation Of Revenue [Line Items] | |
Period for performance obligation to provide software maintenance and support | 1 year |