Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 14, 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 | IMPINJ, INC. | |
Entity Central Index Key | 0001114995 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Incorporation, State or Country Code | DE | |
Entity Common Stock Shares Outstanding | 26,859,563 | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Document Transition Report | false | |
Document Quarterly Report | true | |
Trading Symbol | PI | |
Entity Address, State or Province | WA | |
Entity File Number | 001-37824 | |
Entity Tax Identification Number | 91-2041398 | |
Entity Address, Address Line One | 400 Fairview Avenue North | |
Entity Address, Address Line Two | Suite 1200 | |
Entity Address, City or Town | Seattle | |
Entity Address, Postal Zip Code | 98109 | |
City Area Code | 206 | |
Local Phone Number | 517-5300 | |
Title of 12(b) Security | Common Stock, par value $0.001 per share | |
Security Exchange Name | NASDAQ | |
Entity Interactive Data Current | Yes |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 45,244 | $ 19,597 |
Short-term investments | 63,656 | 154,148 |
Accounts receivable, net | 58,945 | 49,996 |
Inventory | 112,323 | 46,397 |
Prepaid expenses and other current assets | 3,455 | 5,032 |
Total current assets | 283,623 | 275,170 |
Long-term investments | 5,995 | 19,200 |
Property and equipment, net | 45,077 | 39,027 |
Intangible assets | 16,587 | |
Operating lease right-of-use assets | 11,004 | 10,490 |
Other non-current assets | 1,744 | 1,969 |
Goodwill | 19,516 | 3,881 |
Total assets | 383,546 | 349,737 |
Current liabilities: | ||
Accounts payable | 27,627 | 25,024 |
Accrued compensation and employee related benefits | 7,746 | 9,048 |
Accrued and other current liabilities | 9,681 | 2,925 |
Current portion of operating lease liabilities | 3,301 | 3,122 |
Current portion of deferred revenue | 2,523 | 2,250 |
Total current liabilities | 50,878 | 42,369 |
Long-term debt | 281,046 | 280,244 |
Operating lease liabilities, net of current portion | 11,071 | 11,066 |
Deferred tax liabilities, net | 3,415 | 118 |
Deferred revenue, net of current portion | 341 | 349 |
Total liabilities | 346,751 | 334,146 |
Commitments and contingencies (Note 5) | ||
Stockholders' equity: | ||
Preferred stock, $0.001 par value - 5,000 shares authorized, no shares issued and outstanding at June 30, 2023 and December 31, 2022 | ||
Common stock, $0.001 par value - 495,000 shares authorized, 26,819 and 26,098 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively | 27 | 26 |
Additional paid-in capital | 436,302 | 403,599 |
Accumulated other comprehensive loss | (325) | (1,249) |
Accumulated deficit | (399,209) | (386,785) |
Total stockholders' equity | 36,795 | 15,591 |
Total liabilities and stockholders' equity | $ 383,546 | $ 349,737 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 495,000,000 | 495,000,000 |
Common stock, shares issued | 26,819,000 | 26,098,000 |
Common stock, shares outstanding | 26,819,000 | 26,098,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
Revenue | $ 85,986 | $ 59,796 | $ 171,883 | $ 112,940 |
Cost of revenue | 42,172 | 28,294 | 84,539 | 52,659 |
Gross profit | 43,814 | 31,502 | 87,344 | 60,281 |
Operating expenses: | ||||
Research and development | 23,403 | 18,369 | 45,838 | 36,358 |
Sales and marketing | 10,632 | 9,614 | 20,605 | 18,913 |
General and administrative | 16,002 | 11,995 | 31,566 | 22,801 |
Amortization of intangibles | 2,146 | 2,146 | ||
Total operating expenses | 52,183 | 39,978 | 100,155 | 78,072 |
Loss from operations | (8,369) | (8,476) | (12,811) | (17,791) |
Other income, net | 1,165 | 429 | 2,530 | 593 |
Induced conversion expense | (2,232) | (2,232) | ||
Interest expense | (1,211) | (1,250) | (2,420) | (2,511) |
Loss before income taxes | (8,415) | (11,529) | (12,701) | (21,941) |
Income tax benefit (expense) | 349 | 6 | 277 | (43) |
Net loss | $ (8,066) | $ (11,523) | $ (12,424) | $ (21,984) |
Net loss per share basic | $ (0.3) | $ (0.45) | $ (0.47) | $ (0.87) |
Net loss per share diluted | $ (0.3) | $ (0.45) | $ (0.47) | $ (0.87) |
Weighted-average shares outstanding basic | 26,713 | 25,429 | 26,499 | 25,204 |
Weighted-average shares outstanding diluted | 26,713 | 25,429 | 26,499 | 25,204 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE 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) | $ (8,066) | $ (11,523) | $ (12,424) | $ (21,984) |
Other comprehensive gain (loss), net of tax: | ||||
Unrealized gain (loss) on investments | 193 | (510) | 837 | (1,187) |
Foreign currency translation adjustments | 87 | 87 | ||
Total other comprehensive gain (loss) | 280 | (510) | 924 | (1,187) |
Comprehensive loss | $ (7,786) | $ (12,033) | $ (11,500) | $ (23,171) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating activities: | ||
Net Income (Loss) | $ (12,424) | $ (21,984) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 6,066 | 2,973 |
Stock-based compensation | 23,372 | 22,173 |
Accretion of discount or amortization of premium on investments | (1,285) | 419 |
Amortization of debt issuance costs | 802 | 806 |
Induced conversion expense related to convertible notes | 2,232 | |
Deferred tax expense | (399) | |
Changes in operating assets and liabilities, net of amounts acquired: | ||
Accounts receivable | (7,755) | (4,679) |
Inventory | (64,733) | (10,089) |
Prepaid expenses and other assets | 2,277 | 1,463 |
Accounts payable | 6,113 | (2,201) |
Accrued compensation and employee related benefits | (1,879) | (437) |
Accrued and other liabilities | 2,043 | (106) |
Operating lease right-of-use assets | 1,331 | 1,623 |
Operating lease liabilities | (1,661) | (2,034) |
Deferred revenue | (972) | 2,202 |
Net cash used in operating activities | (49,104) | (7,639) |
Investing activities: | ||
Purchases of investments | (115,697) | |
Proceeds from sales of investments | 13,372 | |
Proceeds from maturities of investments | 92,424 | 46,805 |
Purchases of intangible assets | (250) | |
Purchases of property and equipment | (13,198) | (3,724) |
Business acquisitions, net of cash acquired | (23,357) | |
Net cash provided by (used in) investing activities | 68,991 | (72,616) |
Financing activities: | ||
Proceeds from exercise of stock options and employee stock purchase plan | 5,753 | 6,496 |
Net cash provided by (used in) financing activities | 5,753 | (11,068) |
Effect of exchange rate changes on cash and cash equivalents | 7 | |
Net increase (decrease) in cash and cash equivalents | 25,647 | (91,323) |
Cash and cash equivalents | ||
Beginning of period | 19,597 | 123,903 |
End of period | 45,244 | 32,580 |
Supplemental disclosure of cashflow information: | ||
Cash paid for interest | 1,617 | 1,803 |
Purchases of property and equipment not yet paid | 1,973 | 891 |
Operating lease liabilities arising from obtaining ROU assets | 979 | |
Lease liabilities arising from remeasurement of ROU assets | 159 | |
26,396 shares of common stock issued for Voyantic Oy acquisition | 3,579 | |
Acquisition-related contingent consideration liability | $ 4,602 | |
2019 Notes | ||
Financing activities: | ||
Payment of 2019 Notes | $ (17,564) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) shares in Thousands | Jun. 30, 2023 shares |
Common stock, shares issued | 26,819 |
Voyantic Oy [Member] | |
Common stock, shares issued | 26,396 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-In-Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (loss) |
Beginning balance at Dec. 31, 2021 | $ (11,076) | $ 25 | $ 351,422 | $ (362,484) | $ (39) |
Beginning balance, shares at Dec. 31, 2021 | 24,737 | ||||
Issuance of common stock | 4,611 | 4,611 | |||
Issuance of common stock, shares | 483 | ||||
Stock-based compensation | 11,314 | 11,314 | |||
Net Income (Loss) | (10,461) | (10,461) | |||
Other comprehensive loss | (677) | (677) | |||
Ending balance at Mar. 31, 2022 | (6,289) | $ 25 | 367,347 | (372,945) | (716) |
Ending balance, shares at Mar. 31, 2022 | 25,220 | ||||
Beginning balance at Dec. 31, 2021 | (11,076) | $ 25 | 351,422 | (362,484) | (39) |
Beginning balance, shares at Dec. 31, 2021 | 24,737 | ||||
Net Income (Loss) | (21,984) | ||||
Other comprehensive loss | (1,187) | ||||
Ending balance at Jun. 30, 2022 | (11,259) | $ 26 | 374,409 | (384,468) | (1,226) |
Ending balance, shares at Jun. 30, 2022 | 25,547 | ||||
Beginning balance at Mar. 31, 2022 | (6,289) | $ 25 | 367,347 | (372,945) | (716) |
Beginning balance, shares at Mar. 31, 2022 | 25,220 | ||||
Issuance of common stock | 1,885 | $ 1 | 1,884 | ||
Issuance of common stock, shares | 327 | ||||
Stock-based compensation | 10,859 | 10,859 | |||
Net Income (Loss) | (11,523) | (11,523) | |||
Other comprehensive loss | (510) | (510) | |||
Induced conversion on 2019 Notes | (5,681) | (5,681) | |||
Ending balance at Jun. 30, 2022 | (11,259) | $ 26 | 374,409 | (384,468) | (1,226) |
Ending balance, shares at Jun. 30, 2022 | 25,547 | ||||
Beginning balance at Dec. 31, 2022 | 15,591 | $ 26 | 403,599 | (386,785) | (1,249) |
Beginning balance, shares at Dec. 31, 2022 | 26,098 | ||||
Issuance of common stock | 4,520 | $ 1 | 4,519 | ||
Issuance of common stock, shares | 483 | ||||
Stock-based compensation | 10,224 | 10,224 | |||
Net Income (Loss) | (4,358) | (4,358) | |||
Other comprehensive loss | 644 | 644 | |||
Ending balance at Mar. 31, 2023 | 26,621 | $ 27 | 418,342 | (391,143) | (605) |
Ending balance, shares at Mar. 31, 2023 | 26,581 | ||||
Beginning balance at Dec. 31, 2022 | 15,591 | $ 26 | 403,599 | (386,785) | (1,249) |
Beginning balance, shares at Dec. 31, 2022 | 26,098 | ||||
Net Income (Loss) | (12,424) | ||||
Other comprehensive loss | 924 | ||||
Ending balance at Jun. 30, 2023 | 36,795 | $ 27 | 436,302 | (399,209) | (325) |
Ending balance, shares at Jun. 30, 2023 | 26,819 | ||||
Beginning balance at Mar. 31, 2023 | 26,621 | $ 27 | 418,342 | (391,143) | (605) |
Beginning balance, shares at Mar. 31, 2023 | 26,581 | ||||
Issuance of common stock | 1,233 | 1,233 | |||
Issuance of common stock, shares | 211 | ||||
Stock-based compensation | 13,148 | 13,148 | |||
Net Income (Loss) | (8,066) | (8,066) | |||
Common stock issued for Voyantic acquisition | 3,579 | 3,579 | |||
Common stock issued for Voyantic acquisition, shares | 27 | ||||
Other comprehensive loss | 280 | 280 | |||
Ending balance at Jun. 30, 2023 | $ 36,795 | $ 27 | $ 436,302 | $ (399,209) | $ (325) |
Ending balance, shares at Jun. 30, 2023 | 26,819 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||||
Net Income (Loss) | $ (8,066) | $ (4,358) | $ (11,523) | $ (10,461) | $ (12,424) | $ (21,984) |
Insider Trading Arrangements
Insider Trading Arrangements | 6 Months Ended |
Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1. Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements include Impinj, Inc. and its wholly owned subsidiaries. We have eliminated intercompany balances and transactions in consolidation. We have prepared these condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles, or GAAP, and applicable rules and regulations of the Securities and Exchange Commission, or SEC, regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes as of and for the year ended December 31, 2022 included in Impinj, Inc.’s Annual Report on Form 10-K, which was filed with the SEC on February 13, 2023. We have reclassified certain amounts on our consolidated statement of cash flows in the prior period to conform to current period presentation. The unaudited condensed consolidated interim financial statements, in the opinion of management, reflect all adjustments, comprising normal recurring adjustments, necessary to state fairly our financial position, results of operations and our cash flows for the periods presented. Interim results are not necessarily indicative of the results for a full year or for any other future period. Business combinations and intangible assets including goodwill — We account for business combinations using the acquisition method which involves allocating the purchase price paid to assets acquired and liabilities assumed at their acquisition-date fair values. While we use our best estimates and assumptions to accurately estimate the fair value of assets acquired, liabilities assumed and contingent consideration, our estimates are inherently uncertain. On April 3, 2023, we completed the acquisition of Voyantic Oy and applied judgement in estimating the fair value of the intangible assets from the acquisition. These estimates involved using assumptions related to revenue growth rates, discount rates, underlying product or technology life cycles, and expenses necessary to support the acquired technology and estimated sales cycle for customer relationships. The acquisition-date fair value of total consideration includes cash, shares and contingent consideration. Because we are contractually obligated to pay contingent consideration upon Voyantic achieving certain specified objectives, we record a contingent consideration liability at the acquisition date. We review assumptions related to the fair value of the contingent consideration liability each reporting period and revalue the contingent consideration liability based on the revised assumptions, until the contingency is satisfied. We recognize the change in fair value of the contingent consideration liability in “General and administrative” expense on the consolidated statements of comprehensive income for the period in which the fair value changes. We calculate goodwill as the excess of the acquisition-date fair value of total consideration over the acquisition-date fair value of net assets, including the amount assigned to identifiable intangible assets. We perform an impairment assessment at least once annually, or more frequently if indicators of potential impairment exist, which includes evaluating qualitative and quantitative factors to assess the likelihood of an impairment of a reporting unit’s goodwill. We amortize identifiable intangible assets with finite lives over their useful lives on a straight-line basis. We expense acquisition-related costs, including advisory, legal, accounting, valuation, and other similar costs, in the periods in which the costs are incurred. We include the results of operations of acquired businesses in the consolidated financial statements from the acquisition date. Foreign currencies — We translate the assets and liabilities of our non-U.S. dollar functional currency subsidiary into U.S. dollars using exchange rates in effect at the end of each period. Revenue and expenses for this subsidiary are translated using rates that approximate those in effect during the period. We recognize gains and losses from these translations as a component of accumulated other comprehensive income (loss) in stockholders' equity. Our subsidiaries that use the U.S. dollar as their functional currency re-measure monetary assets and liabilities at exchange rates in effect at the end of each period, and non-monetary assets and liabilities at historical rates. We have included the gains or losses from foreign currency remeasurement in earnings. Use of Estimates Preparing financial statements in conformity with GAAP requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and related disclosures as of the date of the financial statements, as well as the reported revenue and expenses during the periods presented. On an ongoing basis, we evaluate our estimates, including those related to revenue recognition, sales incentives, percentage completion of development contracts, inventory excess and obsolescence, income taxes and fair value of stock awards. To the extent there are material differences between our estimates, judgments, or assumptions and actual results, our financial statements will be affected. Recently Adopted Accounting Standards In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. Under ASU 2021-08, an acquirer must recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. The guidance is effective for interim and annual periods beginning after December 15, 2022, with early adoption permitted. The impact of adoption of this standard on our consolidated financial statements, including accounting policies and processes, was not material. Recently Issued Accounting Standards Not Yet Adopted Recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants, and the SEC did not have, or are not expected to have, a material impact on our present or future consolidated financial statements. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 2. Fair Value Measurements Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. The standards also establish a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Assets and liabilities valued based on observable market data for similar instruments, such as quoted prices for similar assets or liabilities. • Level 3 — Unobservable inputs that are supported by little or no market activity; instruments valued based on the best available data, some of which is internally developed, and considers risk premiums that a market participant would require. We applied the following methods and assumptions in estimating our fair value measurements: Cash Equivalents — Cash equivalents comprise highly liquid investments, including money market funds with original maturities of less than three months at the acquisition date. We record the fair value measurement of these assets based on quoted market prices in active markets. Investments — Our investments comprise fixed income securities, which include U.S. government agency securities, corporate notes and bonds, commercial paper, treasury bills and asset-backed securities. The fair value measurement of these assets is based on observable market-based inputs or inputs that are derived principally from or corroborated by observable market data by correlation or other means. Long-term Debt — See Note 7 for the carrying amount and estimated fair value of the Notes. Contingent Consideration — The contingent consideration liability is related to the acquisition of Voyantic Oy (see "Note 4: Goodwill and Intangible Assets"), and the related payments are expected to occur in 2024. As of June 30, 2023, we could be required to pay up to 10 million euros or $ 10.9 million contingent upon revenue and gross margin performance over a one-year period from the acquisition date. We recorded the contingent consideration at its fair value using unobservable inputs and used the Monte Carlo simulation option pricing framework, incorporating contractual terms and assumptions regarding financial forecasts, discount rates, and volatility of forecasted revenue and gross margins. A decrease in estimated revenues and gross margins or an increase in the discount rate would decrease the fair value of the contingent consideration liability. The estimated revenues and gross margins are not interrelated inputs. The development and determination of the unobservable inputs for Level 3 fair value measurements and fair value calculations is management's responsibility with the assistance of a third-party valuation specialist. As of Ju ne 30, 2023, we recorded approximately $ 4.6 million in "Accrued expenses and other current liabilities" on the consolidated balance sheet. The following table presents the balances of assets and liabilities measured at fair value on a recurring basis, by level within the fair value hierarchy, as of the dates presented (in thousands): June 30, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Total Cash equivalents: Money market funds $ 30,062 $ — $ — $ 30,062 $ 14,620 $ — $ 14,620 Total cash equivalents 30,062 — — 30,062 14,620 — 14,620 Short-term investments: U.S. government agency securities — 40,433 — 40,433 — 78,621 78,621 Corporate notes and bonds — 3,998 — 3,998 — 26,953 26,953 Commercial paper — 8,218 — 8,218 — 24,073 24,073 Treasury bill — — — — — 11,359 11,359 Yankee bonds — 1,980 — 1,980 — 1,939 1,939 Agency bonds — 5,908 — 5,908 — 2,882 2,882 Asset-backed securities — 3,119 — 3,119 — 8,321 8,321 Total short-term investments — 63,656 — 63,656 — 154,148 154,148 Long-term investments: U.S. government agency securities — 3,411 — 3,411 — 13,462 13,462 Yankee bonds — 1,900 — 1,900 — 1,869 1,869 Agency bonds — — — — — 2,983 2,983 Asset-backed securities — 684 — 684 — 886 886 Total long-term investments — 5,995 — 5,995 — 19,200 19,200 Total assets at fair value 30,062 69,651 — 99,713 14,620 173,348 187,968 Acquisition-related contingent consideration liability — — 4,602 4,602 — — — Total liabilities at fair value — — 4,602 4,602 — — — A reconciliation of Level 3 items measured at fair value on a recurring basis is as follows (in thousands): June 30, 2023 Contingent consideration liability: Balance at beginning of period $ — Initial estimate upon acquisition 4,602 Remeasurement of fair value of contingent consideration liability — Total $ 4,602 We did no t have any Level 3 assets nor did we measure any liabilities at fair value as of December 31, 2022 . There were no transfers into or out of Level 3 of the fair value hierarchy as of June 30, 2023 or as of December 31, 2022. We expect short-term investments to mature within 1 year of the reporting date. We expect long-term investments to mature between 1 and 2 years from the reporting date. See Note 7 for the carrying amount and estimated fair value of our convertible senior notes due 2027 . Investments The following tables present the cost or amortized cost, gross unrealized gains, gross unrealized losses and total estimated fair value of our financial assets as of the dates presented (in thousands): June 30, 2023 Cost or Gross Gross Total Estimated Amortized Cost Unrealized Gains Unrealized Losses Fair Value Description: Money market funds $ 30,062 $ — $ — $ 30,062 U.S. government agency securities 44,187 — ( 343 ) 43,844 Corporate notes and bonds 3,998 — — 3,998 Yankee bonds 3,898 — ( 18 ) 3,880 Commercial paper 8,218 — — 8,218 Treasury bill — — — — Agency bond 5,936 — ( 28 ) 5,908 Asset-backed securities 3,826 — ( 23 ) 3,803 Total $ 100,125 $ — $ ( 412 ) $ 99,713 December 31, 2022 Cost or Gross Gross Total Estimated Amortized Cost Unrealized Gains Unrealized Losses Fair Value Description: Money market funds $ 14,620 $ — $ — $ 14,620 U.S. government agency securities 93,065 — ( 982 ) 92,083 Corporate notes and bonds 27,133 6 ( 186 ) 26,953 Yankee bonds 3,815 — ( 7 ) 3,808 Commercial paper 24,073 — — 24,073 Treasury bill 11,361 2 ( 4 ) 11,359 Agency bond 5,863 4 ( 2 ) 5,865 Asset-backed securities 9,287 2 ( 82 ) 9,207 Total $ 189,217 $ 14 $ ( 1,263 ) $ 187,968 Marketable securities in a continuous loss position for less than 12 months had an estimated fair value of $ 40.4 million and $ 125.6 million and unrealized losses of $ 0.3 million and $ 1.2 million as of June 30, 2023 and December 31, 2022, respectively. Marketable securities in a continuous loss position for greater than 12 months had an estimated fair value of $ 19.3 million and $ 13.9 million and unrealized losses of $ 0.2 million and $ 0.1 million as of June 30, 2023 and December 31, 2022, respectively. Unrealized losses from our fixed-income securities are primarily attributable to changes in interest rates and not to lower credit ratings of the issuers. In determining whether an unrealized loss is other-than-temporary, for the periods presented, we determined we do not have plans to sell the securities nor is it more likely than not that we would be required to sell the securities before their anticipated recovery. We used the specific identification method to determine cost of securities sold. |
Inventory
Inventory | 6 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventory | N ote 3. Inventory The following table presents the detail of inventories as of the dates presented (in thousands): June 30, 2023 December 31, 2022 Raw materials $ 25,630 $ 14,678 Work-in-process 45,369 14,525 Finished goods 41,324 17,194 Total inventory $ 112,323 $ 46,397 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Note 4. Goodwill and Intangible Assets On April 3, 2023, we acquired all of the outstanding equity of Voyantic Oy, for an aggregate purchase price of $ 32.7 million. The acquisition of Voyantic Oy adds label design, manufacturing and test systems, within our systems product offering, which advance the quality, reliability, and readability of partner inlays. The consideration comprised (i) $ 3.6 million in shares of our common stock valued using the market price on the date of the acquisition, (ii) $ 4.6 million in deferred payments included within accrued and other current liabilities, that is contingent upon revenue and gross margin performance over a one-year period from the acquisition date, and (iii) the remainder in cash paid at closing. We recorded the assets acquired and liabilities assumed at their estimated fair values as of the acquisition date. We recorded the excess of the purchase price over the assets acquired and liabilities assumed as goodwill. As part of the preliminary purchase price allocation, the fair value of net assets acquired, goodwill, intangible assets and deferred tax liability were $ 2.4 million, $ 15.6 million $ 18.4 million, and $ 3.7 million respectively. The goodwill amount represents synergies expected to be realized from this business combination and assembled workforce. The goodwill was allocated to our one reporting unit and reportable segment. The acquired goodwill and intangible assets were not deductible for tax purposes. The transaction-related costs for the acquisition were $ 630,000 and are included in general and administrative expenses in the consolidated statements of operations for the three and six months ended June 30, 2023. This acquisition did not have a material impact on our reported revenue or net loss amounts for any period presented; therefore, we have not presented historical and pro forma disclosures. Goodwill represents the excess of the purchase price over the fair value of the net assets acquired in business combinations accounted for under the purchase method of accounting. The following table presents goodwill as of June 30, 2023 (in thousands): June 30, 2023 Balance at beginning of period $ 3,881 Additions from acquisition 15,590 Foreign currency translation adjustment 45 Total $ 19,516 As of June 30, 2023, intangible assets comprised of the following (in thousands): Estimated Useful Life in Years Gross Carrying Amount Accumulated Amortization Net Definite-lived intangible assets: Backlog 0.25 764 ( 764 ) — Customer Relationships 1 3,656 ( 914 ) 2,742 Developed Technology 7.25 12,876 ( 443 ) 12,433 Patent 3 250 — 250 Tradename 8 1,200 ( 38 ) 1,162 Total definite-lived intangible assets (1) 18,746 ( 2,159 ) 16,587 (1) Foreign intangible asset carrying amounts are affected by foreign currency translation We amortize identifiable intangible assets with finite lives over their useful lives on a straight-line basis. The weighted average life of our intangible assets is approximately six years . Amortization of intangible assets was $ 2.1 million for the three and six months ended June 30, 2023, respectively. As of June 30, 2023, the estimated intangible asset amortization expense for the next five years and thereafter is as follows: Estimated Amortization (in thousands) Remainder of 2023 $ 2,833 2024 2,923 2025 2,009 2026 1,968 2027 1,926 Thereafter 4,928 Total $ 16,587 |
Stock-Based Awards
Stock-Based Awards | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Awards | Note 5. Stock-Based Awards Restricted Stock Units We grant restricted stock units, or RSUs, with a service condition, and RSUs with market and service conditions, or MSUs. Historically we granted RSUs with performance and service conditions, or PSUs, as part of our annual bonus plan to our senior executives and other bonus-eligible employees, however, in fiscal year 2023, our bonus plan is solely cash-based The following table summarizes activity for RSUs, PSUs and MSUs for the six months ended June 30, 2023 (in thousands): Number of Underlying Shares RSUs MSUs PSUs Outstanding at December 31, 2022 1,310 110 74 Granted 396 126 — Vested ( 388 ) ( 58 ) ( 57 ) Forfeited ( 21 ) — ( 17 ) Outstanding at June 30, 2023 1,297 178 — Stock-Based Compensation Expense The following table presents the detail of stock-based compensation expense amounts included in our condensed consolidated statements of operations for the periods presented (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Cost of revenue $ 472 $ 299 $ 889 $ 898 Research and development expense 5,879 4,336 10,448 9,111 Sales and marketing expense 2,790 2,642 4,929 5,394 General and administrative expense 4,007 3,582 7,106 6,770 Total stock-based compensation expense $ 13,148 $ 10,859 $ 23,372 $ 22,173 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 6. Commitments and Contingencies For information on our commitments and contingencies, see Part II, Item 8 (Financial Statements and Supplementary Data, Note 11. Commitments and Contingencies) of our Annual Report on Form 10-K for the year ended December 31, 2022. There have been no material changes to our commitments and contingencies, outside of the ordinary course of our business, as previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2022, except for “Obligations with Third-Parties” and “Litigation” as discussed below. Obligations with Third Parties We manufacture products with third-party manufacturers. We are committed to purchase $ 43.7 million of inventory as of June 30, 2023. Litigation From time to time, we are subject to various legal proceedings or claims that arise in the ordinary course of business. We accrue a liability when management believes that it is both probable that we have incurred a liability and we can reasonably estimate the amount of loss. As of June 30, 2023 and December 31, 2022 , we did no t have accrued contingency liabilities. The following is a description of our significant legal proceedings. Although we believe that resolving these claims, individually or in aggregate, will not have a material adverse impact on our financial statements, these matters are subject to inherent uncertainties. Patent Infringement Claims and Counterclaims Impinj Patent Infringement Claims Against NXP in California On June 6, 2019, we filed a patent infringement lawsuit against NXP USA, Inc., a Delaware corporation and subsidiary of NXP Semiconductors N.V., or NXP, in the U.S. District Court for the Northern District of California, or the Court. Our original complaint alleged that certain NXP endpoint ICs infringe 26 of our U.S. patents. At the order of the Court, we filed an amended complaint limited to eight of the original 26 patents. We subsequently elected to go forward with asserting infringement of six of those eight patents. We are seeking, among other things, past damages, including lost profits; no less than a reasonable royalty; enhanced damages for willful infringement; and reasonable attorneys’ fees and costs. We are also seeking an injunction against NXP making, selling, using, offering for sale or importing UCODE 8 and UCODE 9 ICs. NXP responded to our complaint on September 30, 2019 citing numerous defenses including denying infringement and claiming our asserted patents are invalid. After various post-trial motions, the Court narrowed the case to two patents—U.S. patent nos. 9,633,302 (the “’302 patent”) and 8,115,597 (the “’597 patent”). Before trial, the Court granted summary judgment of infringement on the ‘302 patent. The Court conducted a trial on those two patents beginning on July 5, 2023, and concluding on July 13, 2023. The issues on the ‘302 patent were validity, damages and willful infringement. The issues on the ‘597 patent were infringement, validity, damages and willful infringement. On July 14, 2023, the jury returned a verdict in our favor finding that: (1) that some, but not all, of the asserted claims of the ‘302 patent were proven to be obvious, and hence invalid; (2) that NXP’s infringement of the asserted claims of the ‘302 patent that were not proven to be invalid was willful; (3) none of the asserted claims of the ‘597 patent were proven to be invalid; and (4) NXP infringed the asserted claims of the ‘597 patent. The jury awarded approximately $ 18.2 million and $ 18.4 million in damages for infringement of the ‘302 patent and the ’597 patent, respectively. The majority of these damages were for lost profits and are therefore overlapping. The Court will approve any final award after deciding post-trial motions. If the Court upholds damages for both patents as determined by the jury, total damages will be approximately $ 18.9 million. We recognize contingent gains in our financial statements upon resolution of all contingencies related to the award. NXP Patent Infringement Claims Against Impinj in Washington On October 4, 2019, NXP USA, Inc. and NXP filed a patent infringement lawsuit against us in the U.S. District Court for the District of Delaware. The complaint alleged that certain of our products infringe eight U.S. patents owned by NXP or NXP USA, Inc. The plaintiffs sought, among other things, past damages adequate to compensate them for our alleged infringement of each of the patents-in-suit and reasonable attorneys’ fees and costs. They also sought an injunction against us. We denied we are infringing any of the patents and we have asserted both that our wafer supplier is licensed under four of them and that all eight are invalid. On September 23, 2020, the District of Delaware granted Impinj’s motion to transfer the case to the U.S. District Court for the Western District of Washington in Seattle. On December 11, 2020, we moved to stay the case with respect to six of the eight patents in suit pending final resolution of IPR petitions we filed with the PTAB. On February 12, 2021, the Court granted our motion to stay the case as to these six patents. The PTAB instituted IPRs on two of the six challenged patents but denied them on the other four . The Court subsequently removed the stay on the four against which IPRs were not instituted. The Court ultimately narrowed the case to seven patents. Following the close of fact discovery, the parties each moved for summary judgment on various issues. The Court ultimately granted summary judgment of noninfringement to us on six of the seven patents, and the final patent went to a jury trial beginning on June 5, 2023. The jury found that we did not infringe the patent and a final judgment was entered in our favor. We moved for attorneys’ fees on July 12, 2023 and that motion is pending. Impinj Patent Infringement Claims Against NXP in Texas On May 25, 2021, we filed a new patent infringement lawsuit against NXP USA in the United States District Court for the Western District of Texas (Waco), asserting that NXP has infringed nine of our patents, including seven that we originally asserted in the Northern California case. We also later added NXP Semiconductor Netherlands B.V. as a defendant. We are seeking among other things, past damages, including lost profits; no less than a reasonable royalty; enhanced damages for willful infringement; and reasonable attorney’s fees and costs. We are also seeking an injunction against NXP making, selling, using, offering for sale or importing its UCODE 7, 8 and 9 endpoint ICs. On July 26, 2021, NXP filed an answer to our complaint and counterclaimed that we infringe nine patents, one of which NXP owns and eight of which NXP recently licensed from a third party. NXP has denied infringement, asserted our patents are invalid and asserted that some are unenforceable and/or subject to a license under our commitments to license “necessary” patents to certain standards. A claim construction hearing was held on February 10, 2022 and fact discovery has closed. The Patent Office has instituted reexamination proceedings on five of the nine patents asserted by NXP and has issued a final office action rejecting all asserted claims on three of those patents. The Court has ordered that a first trial will involve three patents asserted by each side and is scheduled to begin on October 30, 2023. The parties have selected those patents and various summary judgment motions have been filed relating to many of the asserted patents. There is no hearing date yet for those motions. NXP Patent Infringement Claims Against Impinj in China On December 7, 2020, Impinj Radio Frequency Technology (Shanghai) Co., Ltd., or Impinj Shanghai, was served with patent infringement lawsuits filed in the Intellectual Property Court in Shanghai, China, or Shanghai Intellectual Property Court, in which NXP B.V. asserted that certain of our products infringe three Chinese patents owned by NXP B.V., that closely correspond to three of the eight U.S. patents NXP asserted in the U.S. District Court described above. The plaintiffs are seeking, among other things, past damages and reasonable attorneys’ fees and costs. They are also seeking an injunction against us, enjoining continuing acts of infringement of the patents-in-suit. Impinj Shanghai objected to the jurisdiction of the Shanghai Intellectual Property Court and filed a motion to stay the proceedings. The jurisdictional challenge was rejected by the Shanghai court in March 2021; a subsequent appeal filed by Impinj Shanghai was denied before the IP Tribunal of the Supreme People’s Court in third-quarter 2021. Impinj, Inc. was formally served in July 2021, officially adding Impinj, Inc. to the suit. On December 22, 2022, Impinj Shanghai filed invalidity requests against all three Chinese patents before the China National Intellectual Property Administration, or CNIPA. In July 2021, the CNIPA issued decisions upholding the validity of all three Chinese patents. In October 2021, Impinj Shanghai filed for judicial review of all the CNIPA decisions by the Beijing Intellectual Property Court, which has docketed its review for all three patents. In December 2022, the Beijing Intellectual Property Court issued the first-instance administrative judgment, upholding the invalidity decision for one of the three Chinese patents. On January 11, 2023, Impinj Shanghai filed a subsequent appeal to the IP Tribunal of the Supreme People’s Court, which is pending. For the remaining two Chinese patent cases, the Beijing Intellectual Property Court held a hearing on July 14th, 2023, and the decisions are still pending. In May 2022, the Shanghai court held a hearing for all three patents, but the panel did not address the merits of any case in the hearing. In November 2022, we filed with the Shanghai court motions to dismiss two patent cases to which we assert a license defense (parallel to our arguments in Washington). Decisions on the motions are pending. In January 2023, the Shanghai Intellectual Property Court held a supplemental evidentiary hearing to review the admissions of evidence, but the panel did not address the merits of any case in that hearing. For the two Chinese patents for which we argue a license defense, the Shanghai court has requested NXP to withdraw in view of the existing wafer supplier license and the favorable summary judgment regarding the corresponding U.S. Patents in the Western District of Washington. For the third Chinese patent, the Shanghai court has not yet set a date for any further hearings while the completion of its technical evaluation remains pending. |
Long-term Debt
Long-term Debt | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Note 7. Long-term debt Convertible Senior Notes In November 2021, we issued $ 287.5 million aggregate principal amount of convertible promissory notes due May 15, 2027 (the “2021 Notes”). The following table presents the outstanding principal amount and carrying value of the 2021 Notes as of the dates indicated (in thousands): June 30, 2023 December 31, 2022 Principal Amount Unamortized debt issuance costs Net Carrying Amount Principal Amount Unamortized debt issuance costs Net Carrying Amount 2021 Notes $ 287,500 $ ( 6,454 ) $ 281,046 $ 287,500 $ ( 7,256 ) $ 280,244 Further details of the 2021 Notes are as follows: Issuance Maturity Date Interest Rate First Interest Payment Date Effective Interest Rate Semi-Annual Interest Payment Dates Initial Conversion Rate per $1,000 Principal Initial Conversion Price Number of Shares (in millions) 2021 Notes May 15, 2027 1.125 % May 15, 2022 1.72 % May 15; November 15 9.0061 $ 111.04 2.6 The 2021 Notes are senior unsecured obligations, do not contain any financial covenants and are governed by indentures (the Indentures). The total net proceeds from the 2021 Notes, after deducting initial debt issuance costs, fees and expenses, was $ 278.4 million. We used approximately $ 183.6 million of the 2021 Notes net proceeds, excluding accrued intere st, to repurchase approximately $ 76.4 million aggregate principal amount of convertible notes due 2026 (the “2019 Notes” and, together with the 2021 Notes, the “Notes”) through individual privately negotiated transactions concurrent with us offering the 2021 Notes. We used approximately $ 17.6 million, excluding accrued interest, to repurchase the remaining $ 9.85 million aggregate principal amount of the 2019 Notes in June 2022. We w ill use the remainder of the net proceeds from the 2021 Notes for general corporate purposes. Terms of the 2021 Notes The holders of the 2021 Notes may convert their respective 2021 Notes at their option at any time prior to the close of business on the business day immediately preceding the respective conversion dates under the following circumstances: • during any fiscal quarter commencing after the fiscal quarter ending on March 31, 2022 (and only during such fiscal quarter), if the last reported sale price of our common stock, for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130 % of the conversion price on each applicable trading day; • during the five business day period after any five consecutive trading day period in which the trading price per $1,000 principal amount of the 2021 Notes for each trading day was less than 98 % of the product of the last reported sale price of our common stock and the conversion rate on each such trading day; • prior to the close of business on the second scheduled trading day immediately preceding the redemption date if we call the 2021 Notes for redemption; or • upon the occurrence of specified corporate events, as described in the indenture. None of the circumstances described in the above paragraphs were met during the six months ended June 30, 2023. Regardless of the foregoing circumstances, holders may convert all or any portion of the 2021 Notes, in increments of $1,000 principal amount, on or after February 15, 2027, until the close of business on the second scheduled trading day immediately preceding the maturity date. We may redeem all or a portion of the 2021 Notes for cash, at our option, on or after November 20, 2024, if the last reported sale price of our common stock has been at least 130 % of the conversion price at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period at a redemption price equal to 100% of the principal amount of the 2021 Notes being redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date. Holders who convert their 2021 Notes in connection with certain corporate events that constitute a make-whole fundamental change (as defined in the indenture) are, under certain circumstances, entitled to an increase in the conversion rate. Additionally in the event of a corporate event constituting a fundamental change (as defined in the indenture), holders of the 2021 Notes may require us to repurchase all or a portion of their 2021 Notes at a repurchase price equal to 100 % of the principal amount of the 2021 Notes being repurchased, plus any accrued and unpaid interest to, but excluding, the repurchase date. Interest expense related to the Notes was as follows (in thousands): Three Months Ended June 30, 2023 Three Months Ended June 30, 2022 2021 Notes 2019 Notes 2021 Notes Total Amortization of debt issuance costs $ 402 $ 8 $ 395 $ 403 Cash interest expense 809 38 809 847 Total interest expense $ 1,211 $ 46 $ 1,204 $ 1,250 Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 2021 Notes 2019 Notes 2021 Notes Total Amortization of debt issuance costs $ 802 $ 19 $ 788 $ 807 Cash interest expense 1,618 87 1,617 1,704 Total interest expense $ 2,420 $ 106 $ 2,405 $ 2,511 Accrued interest related to the 2021 Notes as of June 30, 2023 and December 31, 2022 wa s $ 404,000 for both periods, respectively . We record accrued interest in accrued liabilities in our consolidated balance sheet. We estimate the fair value of the 2021 Notes to be $ 312.6 million and $ 347.4 million as of June 30, 2023 and December 31, 2022, respectively, which we determined through consideration of quoted market prices. The fair value for the 2021 Notes is classified as Level 2, as defined in Note 2. Capped Calls In connection with the issuance of the 2019 Notes, we entered into privately negotiated capped-call transactions with certain financial counterparties. The capped call transactions are generally designed to reduce the potential dilution to our common stock upon any conversion or settlement of the 2019 Notes, or to offset any cash payments we are required to make in excess of the principal amount upon conversion of the 2019 Notes, as the case may be, with the reduction or offset subject to a cap based on the cap price. If, however, the market price per share of our common stock exceeds the cap price of the capped-call transactions, then our stock would experience some dilution and/or the capped call would not fully offset the potential cash payments, in each case, to the extent then-market price per share of our common stock exceeds the cap price. The capped call remains outstanding even though we have repurchased the 2019 Notes. The initial cap price of the capped call transactions is $ 54.20 per share, subject to certain adjustments under the terms of the capped call transactions. The capped call transactions expire over 40 consecutive scheduled trading days ending on December 11, 2026 . The capped call transactions meet the criteria for classification in equity, are not accounted for as derivatives and are not remeasured each reporting period. |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Note 8. Net Loss Per Share For the periods presented, the following table provides a reconciliation of the numerator and denominator used in computing basic and diluted net loss per share (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net loss $ ( 8,066 ) $ ( 11,523 ) $ ( 12,424 ) $ ( 21,984 ) Denominator: Weighted-average shares outstanding — basic and diluted 26,713 25,429 26,499 25,204 Net loss per share — basic and diluted $ ( 0.30 ) $ ( 0.45 ) $ ( 0.47 ) $ ( 0.87 ) The following table presents the outstanding shares of our common stock equivalents excluded from the computation of diluted net loss per share as of the dates presented because their effect would have been antidilutive (in thousands): Three and Six Months Ended June 30, 2023 2022 Stock options 1,543 2,047 RSUs, MSUs and PSUs 1,475 1,714 Employee stock purchase plan shares 23 29 2021 Notes 2,589 2,589 |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | Note 9. Segment Information We have one reportable and operating segment: the development and sale of our RAIN products and services. We identified our operating segment based on how our chief operating decision-maker manages our business, makes operating decisions and evaluates our operating performance. Our chief executive officer acts as the chief operating decision-maker and reviews financial and operational information on an entity-wide basis. We have one business activity and there are no segment managers who are held accountable for operations, operating results or plans for levels or components. Accordingly, we have determined that we have a single reportable and operating segment. Our chief executive officer reviews information about our revenue categories, endpoint ICs and systems, the latter defined as reader ICs, readers, gateways, test and measurement solutions and software and cloud services. The following table presents our revenue categories for the indicated periods (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Endpoint ICs $ 64,905 $ 42,854 $ 131,954 $ 81,649 Systems 21,081 16,942 39,929 31,291 Total revenue $ 85,986 $ 59,796 $ 171,883 $ 112,940 |
Deferred Revenue
Deferred Revenue | 6 Months Ended |
Jun. 30, 2023 | |
Deferred Revenue Disclosure [Abstract] | |
Deferred Revenue | N ote 10. Deferred Revenue Deferred revenue, comprising individually immaterial amounts for extended warranty, enhanced product maintenance and advance payments on non-recurring engineering ("NRE") services contracts, represents contracted revenue that has not yet been recognized. We recognized $ 2.0 million of revenue related to amounts included in deferred revenue as of December 31, 2022 for the six months ended June 30, 2023 . We recognized $ 270,000 of revenue related to amounts included in deferred revenue as of December 31, 2021 for the six months ended June 30, 2022. The following table presents the changes in deferred revenue for the indicated periods (in thousands): Six Months Ended June 30, 2023 2022 Balance at beginning of period $ 2,599 $ 794 Opening balance from Voyantic acquisition 1,233 — Deferral of revenue 1,672 2,661 Recognition of deferred revenue ( 2,640 ) ( 459 ) Balance at end of period $ 2,864 $ 2,996 |
Related-Party Transactions
Related-Party Transactions | 6 Months Ended |
Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | Note 11. Related-Party Transactions We have been party to a consulting agreement with a limited liability company owned by Cathal Phelan, a member of our board of directors, pursuant to which Mr. Phelan provided advisory and consulting services to us. We recognized and paid $ 134,000 and $ 269,000 in c onsulting fees to the limited liability company owned by Mr. Phelan for the three and six months ended June 30, 2022, respectively. On January 1, 2023, Mr. Phelan joined our company as Chief Innovation Officer and ceased to provide us with consulting services. Mr. Phelan remains on our board of directors as a non-independent director. On June 23, 2023, we a cquired a patent from a related party in which a member of our board of directors holds an executive leadership position. The patent pertains to our endpoint IC products and the acquisition price was $ 250,000 . The patent expires on July 17, 2026 and does not have renewal rights. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements include Impinj, Inc. and its wholly owned subsidiaries. We have eliminated intercompany balances and transactions in consolidation. We have prepared these condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles, or GAAP, and applicable rules and regulations of the Securities and Exchange Commission, or SEC, regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes as of and for the year ended December 31, 2022 included in Impinj, Inc.’s Annual Report on Form 10-K, which was filed with the SEC on February 13, 2023. We have reclassified certain amounts on our consolidated statement of cash flows in the prior period to conform to current period presentation. The unaudited condensed consolidated interim financial statements, in the opinion of management, reflect all adjustments, comprising normal recurring adjustments, necessary to state fairly our financial position, results of operations and our cash flows for the periods presented. Interim results are not necessarily indicative of the results for a full year or for any other future period. Business combinations and intangible assets including goodwill — We account for business combinations using the acquisition method which involves allocating the purchase price paid to assets acquired and liabilities assumed at their acquisition-date fair values. While we use our best estimates and assumptions to accurately estimate the fair value of assets acquired, liabilities assumed and contingent consideration, our estimates are inherently uncertain. On April 3, 2023, we completed the acquisition of Voyantic Oy and applied judgement in estimating the fair value of the intangible assets from the acquisition. These estimates involved using assumptions related to revenue growth rates, discount rates, underlying product or technology life cycles, and expenses necessary to support the acquired technology and estimated sales cycle for customer relationships. The acquisition-date fair value of total consideration includes cash, shares and contingent consideration. Because we are contractually obligated to pay contingent consideration upon Voyantic achieving certain specified objectives, we record a contingent consideration liability at the acquisition date. We review assumptions related to the fair value of the contingent consideration liability each reporting period and revalue the contingent consideration liability based on the revised assumptions, until the contingency is satisfied. We recognize the change in fair value of the contingent consideration liability in “General and administrative” expense on the consolidated statements of comprehensive income for the period in which the fair value changes. We calculate goodwill as the excess of the acquisition-date fair value of total consideration over the acquisition-date fair value of net assets, including the amount assigned to identifiable intangible assets. We perform an impairment assessment at least once annually, or more frequently if indicators of potential impairment exist, which includes evaluating qualitative and quantitative factors to assess the likelihood of an impairment of a reporting unit’s goodwill. We amortize identifiable intangible assets with finite lives over their useful lives on a straight-line basis. We expense acquisition-related costs, including advisory, legal, accounting, valuation, and other similar costs, in the periods in which the costs are incurred. We include the results of operations of acquired businesses in the consolidated financial statements from the acquisition date. Foreign currencies — We translate the assets and liabilities of our non-U.S. dollar functional currency subsidiary into U.S. dollars using exchange rates in effect at the end of each period. Revenue and expenses for this subsidiary are translated using rates that approximate those in effect during the period. We recognize gains and losses from these translations as a component of accumulated other comprehensive income (loss) in stockholders' equity. Our subsidiaries that use the U.S. dollar as their functional currency re-measure monetary assets and liabilities at exchange rates in effect at the end of each period, and non-monetary assets and liabilities at historical rates. We have included the gains or losses from foreign currency remeasurement in earnings. |
Use of Estimates | Use of Estimates Preparing financial statements in conformity with GAAP requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and related disclosures as of the date of the financial statements, as well as the reported revenue and expenses during the periods presented. On an ongoing basis, we evaluate our estimates, including those related to revenue recognition, sales incentives, percentage completion of development contracts, inventory excess and obsolescence, income taxes and fair value of stock awards. To the extent there are material differences between our estimates, judgments, or assumptions and actual results, our financial statements will be affected. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. Under ASU 2021-08, an acquirer must recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. The guidance is effective for interim and annual periods beginning after December 15, 2022, with early adoption permitted. The impact of adoption of this standard on our consolidated financial statements, including accounting policies and processes, was not material. |
Recently Issued Accounting Standards Not Yet Adopted | Recently Issued Accounting Standards Not Yet Adopted Recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants, and the SEC did not have, or are not expected to have, a material impact on our present or future consolidated financial statements. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents the balances of assets and liabilities measured at fair value on a recurring basis, by level within the fair value hierarchy, as of the dates presented (in thousands): June 30, 2023 December 31, 2022 Level 1 Level 2 Level 3 Total Level 1 Level 2 Total Cash equivalents: Money market funds $ 30,062 $ — $ — $ 30,062 $ 14,620 $ — $ 14,620 Total cash equivalents 30,062 — — 30,062 14,620 — 14,620 Short-term investments: U.S. government agency securities — 40,433 — 40,433 — 78,621 78,621 Corporate notes and bonds — 3,998 — 3,998 — 26,953 26,953 Commercial paper — 8,218 — 8,218 — 24,073 24,073 Treasury bill — — — — — 11,359 11,359 Yankee bonds — 1,980 — 1,980 — 1,939 1,939 Agency bonds — 5,908 — 5,908 — 2,882 2,882 Asset-backed securities — 3,119 — 3,119 — 8,321 8,321 Total short-term investments — 63,656 — 63,656 — 154,148 154,148 Long-term investments: U.S. government agency securities — 3,411 — 3,411 — 13,462 13,462 Yankee bonds — 1,900 — 1,900 — 1,869 1,869 Agency bonds — — — — — 2,983 2,983 Asset-backed securities — 684 — 684 — 886 886 Total long-term investments — 5,995 — 5,995 — 19,200 19,200 Total assets at fair value 30,062 69,651 — 99,713 14,620 173,348 187,968 Acquisition-related contingent consideration liability — — 4,602 4,602 — — — Total liabilities at fair value — — 4,602 4,602 — — — |
Summary of Reconciliation of Level 3 Items Measured at Fair Value on Recurring Basis | A reconciliation of Level 3 items measured at fair value on a recurring basis is as follows (in thousands): June 30, 2023 Contingent consideration liability: Balance at beginning of period $ — Initial estimate upon acquisition 4,602 Remeasurement of fair value of contingent consideration liability — Total $ 4,602 |
Schedule of Cost Or Amortized Cost, Gross Unrealized Gains, Gross Unrealized Losses, And Total Estimated Fair Value Of Financial Assets | The following tables present the cost or amortized cost, gross unrealized gains, gross unrealized losses and total estimated fair value of our financial assets as of the dates presented (in thousands): June 30, 2023 Cost or Gross Gross Total Estimated Amortized Cost Unrealized Gains Unrealized Losses Fair Value Description: Money market funds $ 30,062 $ — $ — $ 30,062 U.S. government agency securities 44,187 — ( 343 ) 43,844 Corporate notes and bonds 3,998 — — 3,998 Yankee bonds 3,898 — ( 18 ) 3,880 Commercial paper 8,218 — — 8,218 Treasury bill — — — — Agency bond 5,936 — ( 28 ) 5,908 Asset-backed securities 3,826 — ( 23 ) 3,803 Total $ 100,125 $ — $ ( 412 ) $ 99,713 December 31, 2022 Cost or Gross Gross Total Estimated Amortized Cost Unrealized Gains Unrealized Losses Fair Value Description: Money market funds $ 14,620 $ — $ — $ 14,620 U.S. government agency securities 93,065 — ( 982 ) 92,083 Corporate notes and bonds 27,133 6 ( 186 ) 26,953 Yankee bonds 3,815 — ( 7 ) 3,808 Commercial paper 24,073 — — 24,073 Treasury bill 11,361 2 ( 4 ) 11,359 Agency bond 5,863 4 ( 2 ) 5,865 Asset-backed securities 9,287 2 ( 82 ) 9,207 Total $ 189,217 $ 14 $ ( 1,263 ) $ 187,968 |
Inventory (Tables)
Inventory (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | The following table presents the detail of inventories as of the dates presented (in thousands): June 30, 2023 December 31, 2022 Raw materials $ 25,630 $ 14,678 Work-in-process 45,369 14,525 Finished goods 41,324 17,194 Total inventory $ 112,323 $ 46,397 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table presents goodwill as of June 30, 2023 (in thousands): June 30, 2023 Balance at beginning of period $ 3,881 Additions from acquisition 15,590 Foreign currency translation adjustment 45 Total $ 19,516 |
Schedule of Intangible Assets | As of June 30, 2023, intangible assets comprised of the following (in thousands): Estimated Useful Life in Years Gross Carrying Amount Accumulated Amortization Net Definite-lived intangible assets: Backlog 0.25 764 ( 764 ) — Customer Relationships 1 3,656 ( 914 ) 2,742 Developed Technology 7.25 12,876 ( 443 ) 12,433 Patent 3 250 — 250 Tradename 8 1,200 ( 38 ) 1,162 Total definite-lived intangible assets (1) 18,746 ( 2,159 ) 16,587 (1) Foreign intangible asset carrying amounts are affected by foreign currency translation |
Schedule of Estimated Intangible Asset Amortization Expense | As of June 30, 2023, the estimated intangible asset amortization expense for the next five years and thereafter is as follows: Estimated Amortization (in thousands) Remainder of 2023 $ 2,833 2024 2,923 2025 2,009 2026 1,968 2027 1,926 Thereafter 4,928 Total $ 16,587 |
Stock-Based Awards (Tables)
Stock-Based Awards (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Restricted Stock Units | The following table summarizes activity for RSUs, PSUs and MSUs for the six months ended June 30, 2023 (in thousands): Number of Underlying Shares RSUs MSUs PSUs Outstanding at December 31, 2022 1,310 110 74 Granted 396 126 — Vested ( 388 ) ( 58 ) ( 57 ) Forfeited ( 21 ) — ( 17 ) Outstanding at June 30, 2023 1,297 178 — |
Summary of Stock-Based Compensation Expense | The following table presents the detail of stock-based compensation expense amounts included in our condensed consolidated statements of operations for the periods presented (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Cost of revenue $ 472 $ 299 $ 889 $ 898 Research and development expense 5,879 4,336 10,448 9,111 Sales and marketing expense 2,790 2,642 4,929 5,394 General and administrative expense 4,007 3,582 7,106 6,770 Total stock-based compensation expense $ 13,148 $ 10,859 $ 23,372 $ 22,173 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Summary of Outstanding Principal Amount and Carrying Value | The following table presents the outstanding principal amount and carrying value of the 2021 Notes as of the dates indicated (in thousands): June 30, 2023 December 31, 2022 Principal Amount Unamortized debt issuance costs Net Carrying Amount Principal Amount Unamortized debt issuance costs Net Carrying Amount 2021 Notes $ 287,500 $ ( 6,454 ) $ 281,046 $ 287,500 $ ( 7,256 ) $ 280,244 |
Schedule of Notes | Further details of the 2021 Notes are as follows: Issuance Maturity Date Interest Rate First Interest Payment Date Effective Interest Rate Semi-Annual Interest Payment Dates Initial Conversion Rate per $1,000 Principal Initial Conversion Price Number of Shares (in millions) 2021 Notes May 15, 2027 1.125 % May 15, 2022 1.72 % May 15; November 15 9.0061 $ 111.04 2.6 |
Schedule of Interest Expense | Interest expense related to the Notes was as follows (in thousands): Three Months Ended June 30, 2023 Three Months Ended June 30, 2022 2021 Notes 2019 Notes 2021 Notes Total Amortization of debt issuance costs $ 402 $ 8 $ 395 $ 403 Cash interest expense 809 38 809 847 Total interest expense $ 1,211 $ 46 $ 1,204 $ 1,250 Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 2021 Notes 2019 Notes 2021 Notes Total Amortization of debt issuance costs $ 802 $ 19 $ 788 $ 807 Cash interest expense 1,618 87 1,617 1,704 Total interest expense $ 2,420 $ 106 $ 2,405 $ 2,511 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Reconciliation of the Numerator and Denominator used in Computing Basic and Diluted Net Loss Per Share | For the periods presented, the following table provides a reconciliation of the numerator and denominator used in computing basic and diluted net loss per share (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net loss $ ( 8,066 ) $ ( 11,523 ) $ ( 12,424 ) $ ( 21,984 ) Denominator: Weighted-average shares outstanding — basic and diluted 26,713 25,429 26,499 25,204 Net loss per share — basic and diluted $ ( 0.30 ) $ ( 0.45 ) $ ( 0.47 ) $ ( 0.87 ) |
Computation of Diluted Net Loss Per Share Effect in Antidilutive | The following table presents the outstanding shares of our common stock equivalents excluded from the computation of diluted net loss per share as of the dates presented because their effect would have been antidilutive (in thousands): Three and Six Months Ended June 30, 2023 2022 Stock options 1,543 2,047 RSUs, MSUs and PSUs 1,475 1,714 Employee stock purchase plan shares 23 29 2021 Notes 2,589 2,589 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Summary of Revenue Categories | The following table presents our revenue categories for the indicated periods (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Endpoint ICs $ 64,905 $ 42,854 $ 131,954 $ 81,649 Systems 21,081 16,942 39,929 31,291 Total revenue $ 85,986 $ 59,796 $ 171,883 $ 112,940 |
Deferred Revenue (Tables)
Deferred Revenue (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Deferred Revenue Disclosure [Abstract] | |
Summary of Changes in Deferred Revenue | The following table presents the changes in deferred revenue for the indicated periods (in thousands): Six Months Ended June 30, 2023 2022 Balance at beginning of period $ 2,599 $ 794 Opening balance from Voyantic acquisition 1,233 — Deferral of revenue 1,672 2,661 Recognition of deferred revenue ( 2,640 ) ( 459 ) Balance at end of period $ 2,864 $ 2,996 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) € in Millions | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2023 EUR (€) | Jun. 30, 2023 USD ($) | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Fair value measurement with unobservable inputs reconciliation liability transfers | $ 0 | $ 0 | ||
Fair value measurement with unobservable iInputs reconciliation assets transfers | $ 0 | 0 | ||
Marketable securities continuous loss position for less than 12 months, estimated fair value | 125,600,000 | $ 40,400,000 | ||
Marketable securities continuous loss position for less than 12 months, unrealized losses | 1,200,000 | 300,000 | ||
Marketable securities continuous loss position for greater than 12 months, estimated fair value | 13,900,000 | 19,300,000 | ||
Marketable securities continuous loss position for greater than 12 months, unrealized losses | 100,000 | 200,000 | ||
Voyantic Oy | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Contingent consideration liability, maximum undiscounted amount | € 10 | 10,900,000 | ||
2021 Convertible Senior Notes due 2027 | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Debt instrument, maturity year | 2027 | |||
Fair Value Measurements Recurring | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Contingent consideration liability | 4,602,000 | |||
Assets measured at fair value | 187,968,000 | 99,713,000 | ||
Liabilities measured at fair value | 0 | 4,602,000 | ||
Fair Value Measurements Recurring | Level 3 | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Contingent consideration liability | 4,602,000 | |||
Assets measured at fair value | $ 0 | |||
Liabilities measured at fair value | 4,602,000 | |||
Accrued Expenses and Other Current Liabilities | Voyantic Oy | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Contingent consideration liability | $ 4,600,000 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value Measurements Recurring - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | $ 99,713,000 | $ 187,968,000 |
Acquisition-related contingent consideration liability | 4,602,000 | |
Total liabilities at fair value | 4,602,000 | 0 |
Cash Equivalents | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 30,062,000 | 14,620,000 |
Cash Equivalents | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 30,062,000 | 14,620,000 |
Short-term Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 63,656,000 | 154,148,000 |
Short-term Investments | U.S. Government Agency Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 40,433,000 | 78,621,000 |
Short-term Investments | Corporate Notes and Bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 3,998,000 | 26,953,000 |
Short-term Investments | Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 8,218,000 | 24,073,000 |
Short-term Investments | Treasury Bill | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 11,359,000 | |
Short-term Investments | Yankee Bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 1,980,000 | 1,939,000 |
Short-term Investments | Agency Bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 5,908,000 | 2,882,000 |
Short-term Investments | Asset-backed Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 3,119,000 | 8,321,000 |
Long-term Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 5,995,000 | 19,200,000 |
Long-term Investments | U.S. Government Agency Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 3,411,000 | 13,462,000 |
Long-term Investments | Yankee Bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 1,900,000 | 1,869,000 |
Long-term Investments | Agency Bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 2,983,000 | |
Long-term Investments | Asset-backed Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 684,000 | 886,000 |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 30,062,000 | 14,620,000 |
Level 1 | Cash Equivalents | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 30,062,000 | 14,620,000 |
Level 1 | Cash Equivalents | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 30,062,000 | 14,620,000 |
Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 69,651,000 | 173,348,000 |
Level 2 | Short-term Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 63,656,000 | 154,148,000 |
Level 2 | Short-term Investments | U.S. Government Agency Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 40,433,000 | 78,621,000 |
Level 2 | Short-term Investments | Corporate Notes and Bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 3,998,000 | 26,953,000 |
Level 2 | Short-term Investments | Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 8,218,000 | 24,073,000 |
Level 2 | Short-term Investments | Treasury Bill | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 11,359,000 | |
Level 2 | Short-term Investments | Yankee Bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 1,980,000 | 1,939,000 |
Level 2 | Short-term Investments | Agency Bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 5,908,000 | 2,882,000 |
Level 2 | Short-term Investments | Asset-backed Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 3,119,000 | 8,321,000 |
Level 2 | Long-term Investments | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 5,995,000 | 19,200,000 |
Level 2 | Long-term Investments | U.S. Government Agency Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 3,411,000 | 13,462,000 |
Level 2 | Long-term Investments | Yankee Bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 1,900,000 | 1,869,000 |
Level 2 | Long-term Investments | Agency Bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 2,983,000 | |
Level 2 | Long-term Investments | Asset-backed Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 684,000 | 886,000 |
Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | $ 0 | |
Acquisition-related contingent consideration liability | 4,602,000 | |
Total liabilities at fair value | $ 4,602,000 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Reconciliation of Level 3 Items Measured at Fair Value on Recurring Basis (Details) - Contingent Consideration Liability $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Initial estimate upon acquisition | $ 4,602 |
Total | $ 4,602 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Cost Or Amortized Cost, Gross Unrealized Gains, Gross Unrealized Losses, And Total Estimated Fair Value Of Financial Assets (Details) - Fair Value Measurements Recurring - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cost or Amortized Cost | $ 100,125 | $ 189,217 |
Gross Unrealized Gains | 14 | |
Gross Unrealized Losses | (412) | (1,263) |
Total Estimated Fair Value | 99,713 | 187,968 |
Money Market Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cost or Amortized Cost | 30,062 | 14,620 |
Total Estimated Fair Value | 30,062 | 14,620 |
U.S. Government Agency Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cost or Amortized Cost | 44,187 | 93,065 |
Gross Unrealized Losses | (343) | (982) |
Total Estimated Fair Value | 43,844 | 92,083 |
Corporate Notes and Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cost or Amortized Cost | 3,998 | 27,133 |
Gross Unrealized Gains | 6 | |
Gross Unrealized Losses | (186) | |
Total Estimated Fair Value | 3,998 | 26,953 |
Yankee Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cost or Amortized Cost | 3,898 | 3,815 |
Gross Unrealized Losses | (18) | (7) |
Total Estimated Fair Value | 3,880 | 3,808 |
Commercial Paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cost or Amortized Cost | 8,218 | 24,073 |
Total Estimated Fair Value | 8,218 | 24,073 |
Treasury Bill | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cost or Amortized Cost | 11,361 | |
Gross Unrealized Gains | 2 | |
Gross Unrealized Losses | (4) | |
Total Estimated Fair Value | 11,359 | |
Agency Bond | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cost or Amortized Cost | 5,936 | 5,863 |
Gross Unrealized Gains | 4 | |
Gross Unrealized Losses | (28) | (2) |
Total Estimated Fair Value | 5,908 | 5,865 |
Asset-Backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cost or Amortized Cost | 3,826 | 9,287 |
Gross Unrealized Gains | 2 | |
Gross Unrealized Losses | (23) | (82) |
Total Estimated Fair Value | $ 3,803 | $ 9,207 |
Inventory - Schedule of Invento
Inventory - Schedule of Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 25,630 | $ 14,678 |
Work-in-process | 45,369 | 14,525 |
Finished goods | 41,324 | 17,194 |
Total inventory | $ 112,323 | $ 46,397 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Apr. 03, 2023 | Jun. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Goodwill [Line Items] | ||||
Goodwill | $ 19,516,000 | $ 19,516,000 | $ 3,881,000 | |
Weighted average life of intangible assets | 6 years | 6 years | ||
Amortization of intangible assets | $ 2,146,000 | $ 2,146,000 | ||
Voyantic Oy | ||||
Goodwill [Line Items] | ||||
Purchase price | $ 32,700,000 | |||
Consideration value of common stock | 3,600,000 | |||
Fair value of net assets acquired | 2,400,000 | |||
Goodwill | 15,600,000 | |||
Intangible assets | 18,400,000 | |||
Deferred tax liability | 3,700,000 | |||
Voyantic Oy | General and Administrative Expense | ||||
Goodwill [Line Items] | ||||
Transaction-related costs for acquisition | 630,000 | |||
Voyantic Oy | Accrued Expenses and Other Current Liabilities | ||||
Goodwill [Line Items] | ||||
Deferred payments | $ 4,600,000 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Goodwill (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Balance at beginning of period | $ 3,881 |
Additions from acquisition | 15,590 |
Foreign currency translation adjustment | 45 |
Total | $ 19,516 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
Estimated Useful Life in Years | 6 years |
Gross Carrying Amount | $ 18,746 |
Accumulated Amortization | (2,159) |
Net Total | $ 16,587 |
Backlog | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated Useful Life in Years | 3 months |
Gross Carrying Amount | $ 764 |
Accumulated Amortization | $ (764) |
Customer Relationships | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated Useful Life in Years | 1 year |
Gross Carrying Amount | $ 3,656 |
Accumulated Amortization | (914) |
Net Total | $ 2,742 |
Developed Technology | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated Useful Life in Years | 7 years 3 months |
Gross Carrying Amount | $ 12,876 |
Accumulated Amortization | (443) |
Net Total | $ 12,433 |
Patent | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated Useful Life in Years | 3 years |
Gross Carrying Amount | $ 250 |
Net Total | $ 250 |
Tradename | |
Finite-Lived Intangible Assets [Line Items] | |
Estimated Useful Life in Years | 8 years |
Gross Carrying Amount | $ 1,200 |
Accumulated Amortization | (38) |
Net Total | $ 1,162 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Schedule of Estimated Intangible Asset Amortization Expense (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | |
Remainder of 2023 | $ 2,833 |
2024 | 2,923 |
2025 | 2,009 |
2026 | 1,968 |
2027 | 1,926 |
Thereafter | 4,928 |
Net Total | $ 16,587 |
Stock-Based Awards - Summary of
Stock-Based Awards - Summary of Restricted Stock Units (Details) shares in Thousands | 6 Months Ended |
Jun. 30, 2023 shares | |
Restricted Stock Units | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Underlying Shares Outstanding, Balance | 1,310 |
Number of Underlying Shares, Granted | 396 |
Number of Underlying Shares, Vested | (388) |
Number of Underlying Shares, Forfeited | (21) |
Number of Underlying Shares Outstanding, Balance | 1,297 |
Market and Service Conditions Units | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Underlying Shares Outstanding, Balance | 110 |
Number of Underlying Shares, Granted | 126 |
Number of Underlying Shares, Vested | (58) |
Number of Underlying Shares Outstanding, Balance | 178 |
Performance Share Units | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Underlying Shares Outstanding, Balance | 74 |
Number of Underlying Shares, Vested | (57) |
Number of Underlying Shares, Forfeited | (17) |
Stock-Based Awards - Summary _2
Stock-Based Awards - Summary of Stock-Based Compensation Expense (Details) - 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] | ||||
Total stock-based compensation expense | $ 13,148 | $ 10,859 | $ 23,372 | $ 22,173 |
Cost of Revenue | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 472 | 299 | 889 | 898 |
Research and Development Expense | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 5,879 | 4,336 | 10,448 | 9,111 |
Selling and Marketing Expense | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 2,790 | 2,642 | 4,929 | 5,394 |
General and Administrative Expense | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 4,007 | $ 3,582 | $ 7,106 | $ 6,770 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | 1 Months Ended | ||||||||||||
Jul. 14, 2023 USD ($) | Dec. 22, 2022 Patent | Feb. 10, 2022 Patent | Jul. 26, 2021 Patent | May 25, 2021 Patent | Feb. 12, 2021 Patent | Dec. 11, 2020 Patent | Dec. 07, 2020 Patent | Oct. 04, 2019 Patent | Jun. 06, 2019 Patent | Nov. 30, 2022 Patent | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Commitments And Contingencies [Line Items] | |||||||||||||
Inventory purchase commitment, amount | $ | $ 43,700,000 | ||||||||||||
Number of infringement patents | 1 | ||||||||||||
Patent Infringement Claims | |||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||
Number of patents allegedly infringed | 3 | 8 | 26 | ||||||||||
Number of patents found | 6 | ||||||||||||
Number of patents filed inter parties review with patent trail and appeal board | 6 | ||||||||||||
Number of asserted patents | 7 | 3 | 4 | ||||||||||
Damages awarded value | $ | $ 18,900,000 | ||||||||||||
Number of asserted patents Invalid | 3 | 8 | |||||||||||
Number of patents in suit pending final resolution of petitions | 8 | ||||||||||||
Number of patents on for IPRs | 2 | ||||||||||||
Number of patents denied for IPRs | 4 | ||||||||||||
Stay removed on number of patents | 4 | ||||||||||||
Number of non-Infringement patents | 6 | ||||||||||||
Number of limited patents | 7 | ||||||||||||
Number of infringement patents | 9 | 9 | 7 | ||||||||||
Number of infringement patents exclusively licensed | 8 | ||||||||||||
Number of patent cases filed for dismiss | 2 | ||||||||||||
Number of patents proceedings instituted for reexamination | 5 | ||||||||||||
Patent Infringement Claims of 302 | |||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||
Damages awarded value | $ | 18,200,000 | ||||||||||||
Patent Infringement Claims of 597 | |||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||
Damages awarded value | $ | $ 18,400,000 | ||||||||||||
Accrued Liabilities | |||||||||||||
Commitments And Contingencies [Line Items] | |||||||||||||
Contingent liabilities | $ | $ 0 | $ 0 |
Long-term Debt - Summary of Out
Long-term Debt - Summary of Outstanding Principal Amount and Carrying Value (Details) - 2021 Convertible Senior Notes due 2027 - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Principal Amount | $ 287,500 | $ 287,500 |
Unamortized debt issuance costs | (6,454) | (7,256) |
Net Carrying Amount | $ 281,046 | $ 280,244 |
Long-term Debt - Convertible Se
Long-term Debt - Convertible Senior Notes - Additional Information (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Dec. 11, 2019 | Jun. 30, 2022 USD ($) | Nov. 30, 2021 USD ($) | Dec. 31, 2019 Days $ / shares | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) Days | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | ||||||||
Debt instrument, threshold trading days | Days | 5 | |||||||
Number of business day | Days | 5 | |||||||
Long-term debt | $ 281,046 | $ 280,244 | ||||||
Additional paid in capital | (436,302) | (403,599) | ||||||
Accumulated deficit | 399,209 | 386,785 | ||||||
Induced conversion expense related to convertible notes | $ 2,232 | $ 2,232 | ||||||
2019 Convertible Senior Notes due 2026 | ||||||||
Debt Instrument [Line Items] | ||||||||
Cap price of the capped call transactions | $ / shares | $ 54.2 | |||||||
Capped call transactions expiration consecutive days | Days | 40 | |||||||
Capped call transaction expiring date | Dec. 11, 2026 | |||||||
2019 Convertible Senior Notes due 2026 | 2019 Note Repurchase | ||||||||
Debt Instrument [Line Items] | ||||||||
Payment of 2019 Notes | $ 17,600 | $ 183,600 | ||||||
Repurchase of debt principal amount | $ 9,850 | $ 76,400 | ||||||
2021 Convertible Senior Notes due 2027 | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, maturity date | May 15, 2027 | |||||||
Net proceeds from issuing notes | $ 278,400 | |||||||
Accrued interest | 404,000 | 404,000 | ||||||
Unamortized debt issuance costs | 6,454 | 7,256 | ||||||
2021 Convertible Promissory Notes due 2027 | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate principal amount | $ 287,500 | |||||||
Debt instrument, maturity date | May 15, 2027 | |||||||
2021 Convertible Promissory Notes due 2027 | Level 2 | ||||||||
Debt Instrument [Line Items] | ||||||||
Estimated fair value | $ 312,600 | $ 347,400 | ||||||
Convertible Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, threshold consecutive trading days | Days | 30 | |||||||
Debt instrument, threshold percentage of stock price trigger | 130% | |||||||
Debt instrument, terms of conversion feature | Regardless of the foregoing circumstances, holders may convert all or any portion of the 2021 Notes, in increments of $1,000 principal amount, on or after February 15, 2027, until the close of business on the second scheduled trading day immediately preceding the maturity date. | |||||||
Percentage of repurchase price of principal amount | 100% | |||||||
Convertible Senior Notes | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, threshold trading days | Days | 20 | |||||||
Convertible Senior Notes | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, threshold percentage of stock price trigger | 98% |
Long-term Debt - Schedule of No
Long-term Debt - Schedule of Notes (Details) - 2021 Notes Unit in Millions | 1 Months Ended |
Nov. 30, 2021 Unit $ / shares shares | |
Debt Instrument [Line Items] | |
Maturity Date | May 15, 2027 |
Interest Rate | 1.125% |
First Interest Payment Date | May 15, 2022 |
Effective Interest Rate | 1.72% |
Semi-Annual Interest Payment Dates | May 15; November 15 |
Initial Conversion Rate per $1,000 Principal | shares | 9.0061 |
Initial Conversion Price | $ / shares | $ 111.04 |
Number of Shares (in millions) | Unit | 2.6 |
Long-term Debt - Schedule of In
Long-term Debt - Schedule of Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
2019 Convertible Senior Notes due 2026 | ||||
Debt Instrument [Line Items] | ||||
Amortization of debt issuance costs | $ 8 | $ 19 | ||
Cash interest expense | 38 | 87 | ||
Total interest expense | 46 | 106 | ||
2021 Convertible Senior Notes due 2027 | ||||
Debt Instrument [Line Items] | ||||
Amortization of debt issuance costs | $ 402 | 395 | $ 802 | 788 |
Cash interest expense | 809 | 809 | 1,618 | 1,617 |
Total interest expense | $ 1,211 | 1,204 | $ 2,420 | 2,405 |
Convertible Senior Notes | ||||
Debt Instrument [Line Items] | ||||
Amortization of debt issuance costs | 403 | 807 | ||
Cash interest expense | 847 | 1,704 | ||
Total interest expense | $ 1,250 | $ 2,511 |
Net Loss Per Share - Reconcilia
Net Loss Per Share - Reconciliation of the Numerator and Denominator used in Computing Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Numerator: | ||||||
Net Income (Loss) | $ (8,066) | $ (4,358) | $ (11,523) | $ (10,461) | $ (12,424) | $ (21,984) |
Denominator: | ||||||
Weighted-average shares outstanding - basic | 26,713 | 25,429 | 26,499 | 25,204 | ||
Weighted-average shares outstanding - diluted | 26,713 | 25,429 | 26,499 | 25,204 | ||
Net loss per share - basic | $ (0.3) | $ (0.45) | $ (0.47) | $ (0.87) | ||
Net loss per share - diluted | $ (0.3) | $ (0.45) | $ (0.47) | $ (0.87) |
Net Loss Per Share - Computatio
Net Loss Per Share - Computation of Diluted Net Loss Per Share Effect in Antidilutive (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Employee Stock Option | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 1,543 | 2,047 | 1,543 | 2,047 |
RSUs, MSUs, and PSUs | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 1,475 | 1,714 | 1,475 | 1,714 |
Employee Stock Purchase Plan Shares | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 23 | 29 | 23 | 29 |
2021 Notes | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 2,589 | 2,589 | 2,589 | 2,589 |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2023 Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 1 |
Number of operating segments | 1 |
Segment Information - Summary o
Segment Information - Summary of Revenue Categories (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 85,986 | $ 59,796 | $ 171,883 | $ 112,940 |
Endpoint ICs | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 64,905 | 42,854 | 131,954 | 81,649 |
Systems | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 21,081 | $ 16,942 | $ 39,929 | $ 31,291 |
Deferred Revenue - Additional I
Deferred Revenue - Additional Information (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Deferred Revenue Disclosure [Abstract] | ||
Recognition of deferred revenue | $ 2,000,000 | $ 270,000 |
Deferred Revenue - Summary of C
Deferred Revenue - Summary of Changes in Deferred Revenue (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Deferred Revenue Disclosure [Abstract] | ||
Balance at beginning of period | $ 2,599 | $ 794 |
Opening balance from Voyantic acquisition | 1,233 | |
Deferral of revenue | 1,672 | 2,661 |
Recognition of deferred revenue | (2,640) | (459) |
Balance at end of period | $ 2,864 | $ 2,996 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Details) - Related Party - USD ($) | 3 Months Ended | 6 Months Ended | |
Jun. 23, 2023 | Jun. 30, 2022 | Jun. 30, 2022 | |
Endpoint ICs | Patent | |||
Related Party Transaction [Line Items] | |||
Patent acquired | $ 250,000 | ||
Cathal Phelan | Advisory and Consulting Services | |||
Related Party Transaction [Line Items] | |||
Consulting fee expense recognized and paid | $ 134,000 | $ 269,000 |