Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 27, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | AIRG | ||
Entity Registrant Name | AIRGAIN, INC. | ||
Entity Central Index Key | 0001272842 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Shell Company | false | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity File Number | 001-37851 | ||
Entity Tax Identification Number | 95-4523882 | ||
Entity Address, Address Line One | 3611 Valley Centre Drive | ||
Entity Address, Address Line Two | Suite 150 | ||
Entity Address, City or Town | San Diego | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 92130 | ||
City Area Code | 760 | ||
Local Phone Number | 579-0200 | ||
Entity Common Stock, Shares Outstanding | 10,504,597 | ||
Entity Public Float | $ 56.2 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Title of 12(b) Security | Common Stock, par value $0.0001 per share | ||
Security Exchange Name | NASDAQ | ||
Entity Incorporation, State or Country Code | DE | ||
ICFR Auditor Attestation Flag | false | ||
Documents Incorporated by Reference | Certain sections of the Registrant’s definitive proxy statement for the 2023 annual meeting of stockholders to be filed with the Securities and Exchange Commission pursuant to Regulation 14A not later than 120 days after end of the fiscal year covered by this Form 10-K are incorporated by reference into Part III of this Form 10-K | ||
Auditor Name | GRANT THORNTON LLP | ||
Auditor Location | San Diego, California | ||
Auditor Firm ID | 248 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 7,881 | $ 11,903 |
Trade accounts receivable, net | 7,375 | 8,741 |
Inventories | 2,403 | 4,226 |
Prepaid expenses and other current assets | 1,422 | 2,284 |
Total current assets | 19,081 | 27,154 |
Property and equipment, net | 2,507 | 2,765 |
Leased right-of-use assets | 1,392 | 2,217 |
Goodwill | 10,845 | 10,845 |
Intangible assets, net | 8,234 | 11,203 |
Other assets | 170 | 216 |
Total assets | 42,229 | 54,400 |
Current liabilities: | ||
Accounts payable | 6,472 | 6,507 |
Accrued compensation | 728 | 2,874 |
Accrued liabilities and other | 1,926 | 2,615 |
Short-term lease liabilities | 865 | 904 |
Total current liabilities | 9,991 | 12,900 |
Deferred tax liability | 151 | 139 |
Long-term lease liabilities | 674 | 1,536 |
Total liabilities | 10,816 | 14,575 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock and additional paid-in capital, par value $0.0001, 200,000 shares authorized; 11,010 shares issued and 10,469 shares outstanding at December 31, 2023; and 10,767 shares issued and 10,226 shares outstanding at December 31, 2022 | 115,295 | 111,282 |
Treasury stock, at cost: 541 shares at December 31, 2023 and 2022 | (5,364) | (5,364) |
Accumulated deficit | (78,521) | (66,093) |
Accumulated other comprehensive income | 3 | 0 |
Total stockholders' equity | 31,413 | 39,825 |
Total liabilities and stockholders' equity | $ 42,229 | $ 54,400 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 11,010,000 | 10,767,000 |
Common stock, shares outstanding | 10,469,000 | 10,226,000 |
Treasury stock, shares at cost | 541,000 | 541,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Statement [Abstract] | ||
Sales | $ 56,040 | $ 75,895 |
Cost of goods sold | 35,277 | 47,923 |
Gross profit | 20,763 | 27,972 |
Operating expenses: | ||
Research and development | 10,505 | 11,345 |
Sales and marketing | 9,126 | 11,174 |
General and administrative | 13,532 | 14,033 |
Total operating expenses | 33,163 | 36,552 |
Loss from operations | (12,400) | (8,580) |
Other (income) expense: | ||
Interest income, net | (109) | (63) |
Other expense | 9 | 58 |
Total other income | (100) | (5) |
Pretax loss from operations | (12,300) | (8,575) |
Income tax expense | 128 | 84 |
Net loss | $ (12,428) | $ (8,659) |
Net loss per share: | ||
Basic | $ (1.2) | $ (0.85) |
Diluted | $ (1.2) | $ (0.85) |
Weighted average shares used in calculating loss per share: | ||
Basic | 10,392 | 10,190 |
Diluted | 10,392 | 10,190 |
Statements of Comprehensive Inc
Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income (Loss) | $ (12,428) | $ (8,659) |
Other Comprehensive Income (Loss), Tax [Abstract] | ||
Foreign currency translation adjustments | 3 | 0 |
Comprehensive loss | $ (12,425) | $ (8,659) |
Statements of Stockholders' Equ
Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common stock and additional paid-in capital | Treasury Stock, Common [Member] | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Beginning balance at Dec. 31, 2021 | $ 44,173 | $ 106,971 | $ (5,364) | $ 0 | $ (57,434) |
Beginning balance, Shares at Dec. 31, 2021 | 10,097 | 10,097 | |||
Stock-based compensation | $ 4,083 | ||||
Common stock withheld related to net share settlement of equity awards | 0 | ||||
Release of RSUs, stock issued under ESPP and exercise of stock option | $ 228 | ||||
Release of RSUs, stock issued under ESPP and exercise of stock option, Shares | 129 | ||||
Foreign currency translation adjustments | $ 0 | 0 | |||
Net Income (Loss) | (8,659) | (8,659) | |||
Ending balance at Dec. 31, 2022 | $ 39,825 | $ 111,282 | (5,364) | 0 | (66,093) |
Ending balance, Shares at Dec. 31, 2022 | 10,226 | 10,226 | |||
Stock-based compensation | $ 4,471 | ||||
Common stock withheld related to net share settlement of equity awards | (690) | ||||
Release of RSUs, stock issued under ESPP and exercise of stock option | $ 232 | ||||
Release of RSUs, stock issued under ESPP and exercise of stock option, Shares | 243 | ||||
Foreign currency translation adjustments | $ 3 | 3 | |||
Net Income (Loss) | (12,428) | (12,428) | |||
Ending balance at Dec. 31, 2023 | $ 31,413 | $ 115,295 | $ (5,364) | $ 3 | $ (78,521) |
Ending balance, Shares at Dec. 31, 2023 | 10,469 | 10,469 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (12,428) | $ (8,659) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation | 661 | 675 |
Loss on disposal of property and equipment | 0 | 4 |
Amortization of intangible assets | 2,969 | 3,026 |
Stock-based compensation | 3,681 | 4,978 |
Deferred tax liability | 12 | 30 |
Changes in operating assets and liabilities: | ||
Trade accounts receivable | 1,367 | 2,015 |
Inventories | 1,823 | 4,723 |
Prepaid expenses and other assets | 822 | (1,012) |
Other assets | 6 | 137 |
Accounts payable | (93) | 1,037 |
Accrued compensation | (1,253) | (35) |
Accrued liabilities and other | (793) | (370) |
Payments of contingent consideration fair value changes | 0 | (2,040) |
Lease liabilities | (75) | (63) |
Net cash (used in) provided by operating activities | (3,301) | 4,446 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (346) | (763) |
Proceeds from sale of equipment | 0 | 13 |
Net cash used in investing activities | (346) | (750) |
Cash flows from financing activities: | ||
Cash paid for business acquisition contingent consideration | 0 | (6,532) |
Payments for withholding taxes related to net share settlement of equity awards | (690) | 0 |
Issuance of shares for stock purchase and option plans | 232 | 228 |
Net cash used in financing activities | (458) | (6,304) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 3 | 0 |
Net decrease in cash, cash equivalents and restricted cash | (4,102) | (2,608) |
Cash, cash equivalents, and restricted cash; beginning of period | 12,078 | 14,686 |
Cash, cash equivalents, and restricted cash; end of period | 7,976 | 12,078 |
Supplemental disclosure of cash flow information | ||
Taxes paid | 112 | 197 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Operating lease liabilities resulting from right-of-use assets | 11 | 0 |
Accrual of property and equipment | 58 | 0 |
Cash and cash equivalents and restricted cash | 7,881 | 11,903 |
Restricted cash included in other assets | 95 | 175 |
Total cash, cash equivalents, and restricted cash | $ 7,976 | $ 12,078 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ (12,428) | $ (8,659) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 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 |
Description of Business and Bas
Description of Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | Note 1. Description of Business and Basis of Presentation Description of Business Airgain, Inc. was incorporated in the State of California on March 20, 1995; and reincorporated in the State of Delaware on August 17, 2016. Airgain, Inc. together with its subsidiaries are herein referred to as the “Company,” “we,” or “our.” The Company is a leading provider of connectivity solutions including embedded components, external antennas, and integrated systems that enable wireless networking in the consumer, enterprise, and automotive markets. The Company’s headquarters is in San Diego, California. Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding financial reporting. The consolidated financial statements include the accounts of the Company and our wholly owned subsidiary. All intercompany transactions and investments have been eliminated in consolidation. Segment Information The Company’s operations are located primarily in the United States and most of its assets are located in San Diego, California and Plymouth, Minnesota. The Company operates in one segment related to providing connectivity solutions – embedded components, external antennas, and integrated systems. The Company’s chief operating decision-maker is our chief executive officer, who reviews operating results on an aggregate consolidated basis for purposes of regularly making operating decisions, allocation of resources and assessing performance as a single operating segment. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2. Significant Accounting Policies Cash Equivalents Cash equivalents are comprised of short-term, highly liquid investments with maturities of 90 days or less at the date of purchase. The cash balances may, at times, exceed federally insured limits. Accounts are guaranteed by the Federal Deposit Insurance Corporation (FDIC) up to $ 250,000 . Trade Accounts Receivable We perform ongoing credit evaluations of our customers and assess each customer’s credit worthiness. The policy for determining when receivables are past due or delinquent is based on the contractual terms agreed upon. We monitor collections and payments from our customers and analyze for an allowance for credit losses. The allowance for credit losses is based upon applying an expected credit loss rate to receivables based on the historical loss rate and is adjusted for current conditions, including any specific customer collection issues identified, and economic conditions forecast. Delinquent account balances are written off after management has determined that the likelihood of collection is remote. An allowance for doubtful accounts is established when, in the opinion of management, collection of the account is doubtful. Inventory As of April 2022, all of the Company’s products are manufactured by third parties that retain ownership of the inventory until title is transferred to the customer at the shipping point. In some situations, the Company retains ownership of inventory which is held in third-party contract manufacturing facilities. In certain instances, shipping terms are delivery-at-place and the Company is responsible for arranging transportation and delivery of goods ready for unloading at the named place. In those instances, the Company bears all risk involved in bringing the goods to the named place and records the related inventory in transit to the customer as inventory on the accompanying consolidated balance sheets. In the second quarter of 2022, we closed our facility located in Scottsdale, Arizona where certain of our products were previously manufactured. Inventory is stated at the lower of cost or net realizable value. For items manufactured by our CMs, cost is determined using the weighted average cost method. For items manufactured by third parties, cost is determined using the first-in, first-out method (FIFO). Any adjustments to reduce the cost of inventories to their net realizable value are recognized in earnings in the current period. Write downs for excess and obsolete inventories are estimated based on product life cycles, quality issues, and historical experience. In some instances, the Company holds consigned inventories at its CMs’ locations due to actual or pending customers’ orders. The Company recognized the consigned inventory as an asset in its financial statements . Property and Equipment Property and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, generally three to ten years . The estimated useful lives for leasehold improvements are determined as either the estimated useful life of the asset or the lease term, whichever is shorter. Repairs and maintenance are expensed as incurred. Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. When assets are disposed of (or otherwise sold), the cost and related accumulated depreciation are removed from the accounts and any gain or loss on the disposal of property and equipment is classified as other expense (income) in the Company's consolidated statement of operations. Goodwill Goodwill represents the excess of cost over fair value of net assets acquired. We account for our goodwill under the authoritative guidance ASC 350 for goodwill and other intangible assets and the provisions of ASU 2017-04, Simplifying the Test for Goodwill Impairment, which we early adopted in fiscal year 2020. Goodwill is not amortized but is tested for impairment annually as of December 31 or more frequently if events or changes in circumstances indicate that our goodwill might be impaired. Such circumstances may include, but not limited to (1) a decline in microeconomic conditions, (2) a significant decline in our financial performance or (3) a significant decline in the price of our common stock for a sustained period of time. We consider the aggregation of the relevant qualitative factors, and conclude whether it is more likely than not that the fair value of our reporting unit is less than the carrying value. If we conclude that it is more likely than not that the fair value of our reporting unit is less than the carrying value, we perform a quantitative impairment test. The quantitative impairment test compares the fair value of the reporting unit to its carrying amount, including goodwill. If the fair value of the reporting unit exceeds the carrying amount of the net assets assigned to that reporting unit, goodwill is not considered impaired. However, if the fair value of the reporting unit is lower than the carrying amount of the net assets assigned to the reporting unit, an impairment charge is recognized equal to the excess of the carrying amount over the fair value. The impairment charge is limited to the goodwill amount of the reporting unit. Determining the fair value of a reporting unit is judgmental in nature and involves the use of significant estimates and assumptions. For the market approach of valuation, we may use the guideline public company method. Under this method we utilize information from comparable publicly traded companies with similar operating and investment characteristics as the reporting unit to derive an indication of value. For the income approach of valuation, we use a discounted cash flow methodology to derive an indication of value, which required management to make estimates and assumptions related to forecasted revenues, gross profit margins, operating income margins, working capital cash flow, income tax rates, EBITDA, perpetual growth rates, and long-term discount rates, among others . In addition, we make certain judgments and assumptions in determining our reporting unit. We base our fair value estimates on assumptions we believe to be reasonable but that are unpredictable and inherently uncertain. Actual future results may differ from those estimates. Intangibles The Company’s identifiable finite-lived intangible assets are comprised of acquired intangibles, developed technologies, customer relationships and non-compete agreements. The cost of the market-related intangible assets with finite lives is amortized on a straight-line basis over the assets’ respective estimated useful lives. We assess potential impairments to our intangible assets in accordance with the authoritative guidance for impairment or disposal of long-lived assets (ASC 360) when events or changes in circumstances indicate that the carrying value may not be recoverable. We assess the impairment of long-lived and intangible assets whenever events or changes in circumstances indicate that the carrying value may not be recoverable. As a first step, we consider factors, which may include the following, but are not limited to: (1) significant underperformance relative to historical or projected future operating results; (2) significant negative industry or economic trends; or (3) a significant decline in our stock price for a sustained period. If this assessment indicates that the carrying value of the assets may not be recoverable, the Company is required to perform the second step to test the asset group for recoverability. This recoverability test compares the future undiscounted cash flows expected from the use of the asset group to its carrying value. If the carrying value is more than the undiscounted future cash flows, the Company is required perform a third step to determine the fair value of the asset group and compare fair value against the carrying value. Any excess carrying value over the fair value needs to be recognized as an impairment loss. Determining the recoverability of long-lived or intangible assets is judgmental in nature and involves the use of significant estimates and assumptions. These estimates and assumptions include revenue growth rates and operating margins used to calculate projected future cash flows and the future market value of our asset group. In addition, we make certain judgments and assumptions in determining our asset group. We base our recoverability estimates on assumptions we believe to be reasonable but that are unpredictable and inherently uncertain. Actual future results may differ from those estimates. Revenue Recognition Under ASC Topic 606 “Revenue from Contracts with Customers”, the Company recognize revenue when, or as the control of the promised goods or services is transferred to the customers in an amount that reflects the consideration the Company expects to be entitled in exchange for those goods or services. In applying this core principle, the Company performs the following five-steps only when it is probable that substantially all of the consideration that it will be entitled in exchange for the goods or services that will be transferred to the customer: (i) identify the contract(s) with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligation(s) in the contract and (v) recognize revenue when or as the entity satisfies performance obligations. A performance obligation is at a point in time, except if it meets any of the three criteria, which will require recognition of revenue over time: • the customer simultaneously receives and consumes the benefit provided by the entity’s performance as the entity performs • the entity’s performance creates or enhances an asset (for example, work in process) that the customer controls as the asset is created or enhanced, and • the entity's performance does not create an asset with an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date . Most of the Company's revenue is generated from product sales and the revenue is recognized at a point-in-time when control is transferred to the customer. Each purchase order, along with existing customer agreements, when applicable, represents a contract from a customer and each product sold represents a distinct performance obligation. Revenue is recognized when control is transferred to the customer at a point in time either when the product is shipped to or received by the customer, based on the terms of the specific agreement with the customer, and the Company has an enforceable right to payment for the product. The Company allocates the transaction price, which is generally the quoted price per terms of the contract and the consideration the Company expects to receive, to each performance obligation. The Company offers return rights and/or pricing credits under certain circumstances. We estimate product returns based on historical sales and return trends and record against revenue and corresponding refund liability. A portion of the Company's revenue is recognized over time, including: data subscription, test services or custom design services. Revenue from data subscription plans relate to purchased asset trackers with activated data lines, through a third-party service provider. Data subscription plan revenues are recognized monthly based on the fee stated in the contract, as the customer is simultaneously receiving and consuming the benefits provided throughout the Company's monthly performance obligation. Test service revenues are recognized monthly based on the fee stated in the contract for obligations over time on assets that the customer controls. Design service fees are paid in advance; the prepayments are deferred revenues and are recorded as contract liabilities. Most of the design service fees are recognized based on the Company's achievement of milestones. The Company's performance for the design services does not create an asset with an alternative use to the Company and the Company has an enforceable right to payment for performance completed to date. We recognize from the contract liabilities as milestones are achieved over service periods ranging from three (3) to eighteen (18) months. The Company's contracts with customers do not typically include extended payment terms. Payment terms may vary by contract and type of customer and generally range from 30 to 90 days from delivery. The Company provides assurance-type warranties on all product sales ranging from one to two years. The estimated warranty costs are accrued for at the time of sale based on historical warranty experience plus any known or expected changes in warranty exposure. The Company has opted to not disclose the portion of revenues allocated to partially unsatisfied performance obligations, which represent products to be shipped within 12 months under open customer purchase orders, at the end of the current reporting period as allowed under ASC 606. The Company has also elected to record sales commissions when incurred, pursuant to the practical expedient under ASC 340, Other Assets and Deferred Costs, as the period over which the sales commission asset that would have been recognized is less than one year. Shipping and Transportation Costs Shipping and other transportation costs expensed as incurred were $ 0.4 million and $ 0.5 million for the years ended December 31, 2023 and 2022 , respectively. These costs are included in sales and marketing expenses in the accompanying consolidated statements of operations. Research and Development Costs Research and development costs are expensed as incurred. Advertising Costs Advertising costs are expensed as incurred and were $ 0.3 million and $ 0.5 million for the years ended December 31, 2023 and 2022 , respectively. These costs are included in sales and marketing expenses in the accompanying consolidated statements of operations. Income Taxes The Company records income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. When applicable a valuation allowance is established to reduce any deferred tax asset when we determine that it is more likely than not that some portion of the deferred tax asset will not be realized. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest related to unrecognized tax benefits in interest expense and penalties in general and administrative expenses. Stock-Based Compensation We recognize compensation costs related to stock options and restricted stock units granted to employees and directors based on the estimated fair value of the awards on the date of grant. We estimate the option grant fair values, and the resulting stock-based compensation expense, using the Black-Scholes option-pricing model. The grant date fair value of stock-based awards are expensed on a straight-line basis over the requisite service period of the entire reward. The Company recognizes forfeitures when incurred. The assumptions used in the Black-Scholes option-pricing model are as follows: • Fair value of our common stock . The Company’s common stock is valued by reference to the publicly traded price of our common stock. • Expected term . The expected term represents the period of time stock-based awards are expected to be outstanding. • Expected weighted average volatility . From 2018 through 2021, the Company estimated expected volatility using our historical share prices along with volatilities of the selected comparable companies. Beginning 2022, we estimated expected volatility using solely our historical share price volatilities. • Risk-free interest rate . The risk-free interest rate is based on the U.S. Treasury yield in effect at the time of grant for zero coupon U.S. Treasury notes with maturities approximately equal to the expected term. • Expected dividend . The expected dividend is assumed to be zero as the Company has never paid dividends and have no current plans to pay any dividends. Fair Value Measurements The carrying values of the Company’s financial instruments, including cash, trade accounts receivable, accounts payable, accrued liabilities and deferred purchase price obligations approximate their fair values due to the short maturity of these instruments. Fair value measurements are market-based measurements, not entity-specific measurements. Therefore, fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. The Company follows a three-level hierarchy to prioritize the inputs used in the valuation techniques to derive fair values. The basis for fair value measurements for each level within the hierarchy is described below: • Level 1: Quoted prices in active markets for identical assets or liabilities. • Level 2: Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. • Level 3: Valuations derived from valuation techniques in which one or more significant inputs are unobservable in active markets. Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. This standard changes the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. The Company adopted this standard in the first quarter of fiscal 2023; it did not have a material impact on our financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. ASU 2019-12 clarifies classification of franchise taxes, the enacted changes in tax laws or rates and the accounting for transactions that result in a step-up in the tax basis of goodwill. This standard eliminates certain exceptions to the guidance in Topic 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. This update is effective for public entities for annual reporting periods and interim periods within those years beginning after December 15, 2020. The adoption of ASU 2019-12 had no impact on the Company’s consolidated financial statements. Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” ASU No. 2023-07 require that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to an entity's chief operating decision maker (CODM), amounts and descriptions of other reportable segments, and any additional measures of a segment's profit or loss used by the CODM when deciding how to allocate resources. The ASU is applicable to entities with a single reportable segment. This ASU is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The ASU should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of the ASU on our disclosures within the consolidated financial statements. As the amendments apply to the Company's reportable segment disclosures only, the Company does not expect adoption to have a material impact on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." ASU No. 2023-09 requires expanded disaggregated information about a reporting entity’s effective tax rate reconciliation as well as disclosure of income taxes paid by jurisdiction. The amendments in ASU are effective for fiscal years beginning after December 15, 2024 with early adoption permitted. Retrospective application of the amendments are permitted. The Company will evaluate the ASU to determine its impact on the Company’s disclosures. As the amendments apply to income tax disclosures only, the Company does not expect adoption to have a material impact on its consolidated financial statements. We have assessed all other ASUs issued but not yet adopted and concluded that those not disclosed are not relevant to the Company or are not expected to have a material impact. |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Note 3. Net Loss Per Share Basic net loss per share is calculated by dividing net loss available to common stockholders by the weighted average shares of common stock outstanding for the period. Diluted net loss per share is calculated by dividing net loss by the weighted average shares of common stock outstanding for the period plus amounts representing the dilutive effect of securities that are convertible into common stock. The Company calculates diluted loss per common share using the treasury stock method. The following table presents the computation of net loss per share (in thousands except per share data): For the Years Ended December 31, 2023 2022 Numerator: Net loss $ ( 12,428 ) $ ( 8,659 ) Denominator: Basic weighted average common shares outstanding 10,392 10,190 Diluted weighted average common shares outstanding 10,392 10,190 Net loss per share: Basic $ ( 1.20 ) $ ( 0.85 ) Diluted $ ( 1.20 ) $ ( 0.85 ) Potentially dilutive securities (in common stock equivalent shares) not included in the calculation of diluted net loss per share because to do so would be anti-dilutive are as follows (in thousands): For the Years Ended December 31, 2023 2022 Stock options and restricted stock 2,246 1,903 Total common stock equivalent shares 2,246 1,903 |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | Note 4. Cash and Cash Equivalents The following tables show the Company’s cash and cash equivalents by significant investment category (in thousands): As of December 31, 2023 2022 Cash $ 7,581 $ 8,323 Level 1: Money market funds 300 3,580 Total $ 7,881 $ 11,903 Restricted Cash As of December 31, 2023, the Company had $ 95,000 in cash on deposit to secure certain lease commitments; $ 40,000 of which short-term in nature and recorded in prepaid expenses and other current assets and $ 55,000 of which is restricted for more than twelve months and recorded in other assets in the Company’s consolidated balance sheet. As of December 31, 2022, the Company had $ 175,000 in cash on deposit to secure certain lease commitments; $ 80,000 of which is short-term in nature and recorded in prepaid expenses and other current assets and $ 95,000 of which is restricted for more than twelve months and recorded in other assets in the Company’s consolidated balance sheet. |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventory | Note 5. Inventory Inventory is comprised of the following (in thousands): As of December 31, 2023 2022 Raw materials $ 661 $ 1,060 Finished goods 1,742 3,166 Total Inventory $ 2,403 $ 4,226 Consigned Inventory is comprised of the following (in thousands): As of December 31, 2023 2022 Raw materials $ 558 $ 631 Finished goods 598 2,272 Total Consigned Inventory $ 1,156 $ 2,903 Excess and obsolete inventory reserves were $ 1.7 million and $ 0.9 million as of December 31, 2023 and 2022 , respectively. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Note 6. Property and Equipment Depreciation and amortization of property and equipment is calculated on the straight-line method based on the shorter of the estimated useful life or the term of the lease for tenant improvements and three to ten years for all other property and equipment. Property and equipment consist of the following (in thousands): As of December 31, 2023 2022 Computers and software $ 811 $ 703 Furniture, fixtures, and equipment 427 409 Manufacturing and testing equipment 5,371 5,194 Construction in process 45 16 Leasehold improvements 848 848 Vehicles 55 — Property and equipment, gross 7,557 7,170 Less accumulated depreciation ( 5,050 ) ( 4,405 ) Property and equipment, net $ 2,507 $ 2,765 Depreciation expense was $ 0.7 million for each of the years ended December 31, 2023 and 2022 . |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Note 7. Intangible Assets and Goodwill Other Intangible Assets The following is a summary of the Company’s acquired intangible assets (dollars in thousands): December 31, 2023 Weighted average amortization period (in years) Gross carrying amount Accumulated amortization Net carrying amount Market related intangibles 5 $ 1,820 $ 1,135 $ 685 Customer relationships 7 13,780 8,993 4,787 Developed technologies 11 4,380 1,618 2,762 Covenants to non-compete 2 115 115 — Total intangible assets, net 20,095 11,861 8,234 December 31, 2022 Weighted average amortization period (in years) Gross carrying amount Accumulated amortization Net carrying amount Market related intangibles 5 $ 1,820 $ 795 $ 1,025 Customer relationships 7 13,780 6,720 7,060 Developed technologies 11 4,380 1,263 3,117 Covenants to non-compete 2 115 114 1 Total intangible assets, net $ 20,095 $ 8,892 $ 11,203 Estimated annual amortization of intangible assets for the next five years and thereafter is shown in the following table (in thousands): Estimated future amortization 2024 $ 2,968 2025 2,958 2026 557 2027 356 Thereafter 1,395 Total $ 8,234 Actual amortization expense to be reported in future periods could differ from these estimates as a result of acquisitions, divestitures, and asset impairments, among other factors. Amortization expense was $ 3.0 million for the each of the years ended December 31, 2023 and 2022, respectively. No impairment losses were recorded against the other intangibles for the years ended December 31, 2023 and 2022, respectively. During the three months ended September 30, 2023, the Company had a decline in its market capitalization, as reflected in a material decline in share price. The decline in market capitalization indicated that the carrying value of the Company's intangible assets composed of acquired intangibles, developed technologies, customer relationships and non-compete agreements may not be recoverable. Accordingly under ASC 360, the Company performed an interim impairment test to determine the recoverability of the assets group by comparing the future undiscounted cash flows expected from the use of the asset group to the carrying value at September 30, 2023. The Company determined under ASC 360-10-55-24 that the reporting unit is the asset group for the purposes of assessing impairment of the intangible assets. The cash flows of the intangible assets are dependent on the reporting entity as a whole. The cash flows of other assets and liabilities in various departments of the Company such as research, administrative and sales and marketing contribute to the generation of cash flows from the intangible assets. The recoverability test indicated that the future expected cash flows materially exceed the asset group carrying value. Therefore, the Company did not proceed with the third step to determine the fair value of the intangible assets and compare fair value against the carrying value. Based on the assessment performed, we determined that the intangible asset carrying values are not impaired as of September 30, 2023 and the useful lives remain appropriate. For the annual finite-lived intangible assets impairment assessment, as of December 31, 2023, the Company evaluated the impairment considerations during the fourth quarter of 2023, starting with the interim assessment as of September 30, 2023. During the fourth quarter 2023, the Company determined that there were no triggering events or circumstances in the fourth quarter of 2023 to indicate that the carrying value of the finite-lived asset group may not be recoverable. Based on the assessment performed, we concluded that an impairment charge to finite-lived intangible assets was not required as of December 31, 2023 and the useful lives remain appropriate. Goodwill No impairment losses were recorded against the goodwill during the for the years ended December 31, 2023 and 2022, respectively. The decline in the Company's market share price during the three months ended September 30, 2023 was a triggering event that indicated that the fair value of the entity may be below its carrying amount. As a result of the triggering event, the Company performed a qualitative assessment by comparing the margin between the market capitalization and the carrying value at September 30, 2023 and at December 31, 2022. The qualitative assessment showed a significant decline in the margin between the market capitalization and the carrying value. Therefore, the Company proceeded to perform a quantitative assessment. The quantitative impairment test compares the fair value of the reporting unit to its carrying amount, including goodwill. To determine the fair value of the reporting unit, the Company engaged a valuation consulting firm to assist management for purposes of impairment testing under ASC 350. The Company estimated the fair value of our reporting unit using a weighting of the market and income approaches. For the market approach, we used the guideline public company method. Under this method we utilize information from comparable publicly traded companies with similar operating and investment characteristics as the reporting unit to derive an indication of value. For the income approach, we used a discounted cash flow methodology to derive an indication of value, which required management to make estimates and assumptions related to forecasted revenues, gross profit margins, operating income margins, working capital cash flow, income tax rates, EBITDA, perpetual growth rates, and long-term discount rates, among others. We then applied a weighting to the indicated values computed from the market and income approaches to derive the fair values of the reporting unit. Forecasts of future cash flows were based on our best estimate of future net sales and operating expenses, based primarily on customer forecasts, industry trade organization data and general economic conditions. Fair value determinations require considerable judgment and are sensitive to changes in underlying assumptions and factors. Based on the analysis performed, the Company determined the fair value of the reporting unit is greater than the carrying value. Therefore, there is no goodwill impairment charge as of September 30, 2023. For the annual goodwill impairment assessment, as of December 31, 2023, the Company evaluated the impairment considerations during the fourth quarter of 2023, starting with the interim assessment as of September 30, 2023. During the fourth quarter 2023, the Company's macroeconomic conditions, stock share, market capitalization, working capital, industry and market conditions, operating cash flow and forecasted cash flows remained stable with September 30, 2023. After assessing the totality of events or circumstances as those described in the preceding section, the Company determined that there were no events or circumstances in the fourth quarter 2023 that indicates that it is more likely than not that the fair value of a reporting unit may be less than its carrying amount. Since there was no indication that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company determined that a quantitative goodwill impairment test was not necessary as of December 31, 2023. Based on the assessment performed, we concluded that an impairment charge to goodwill was not required as of December 31, 2023. Certain future events and circumstances, including adverse changes in the business and economic conditions and changes in customer behavior could result in changes to our assumptions and judgments used in the impairment tests. A downward revision of these assumptions could cause the total fair value of our goodwill and intangible assets to fall below carrying values and a non-cash impairment charge would be required. Such a charge may have a material effect on the consolidated financial statements. |
Accrued Liabilities and Other
Accrued Liabilities and Other | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities and Other | Note 8. Accrued Liabilities and Other Accrued liabilities and other is comprised of the following (in thousands): As of December 31, 2023 2022 Accrued expenses $ 1,031 $ 815 VAT payable 339 339 Accrued income taxes 145 166 Advanced payments from contract manufacturers 17 210 Contract liabilities — 32 Goods received not invoiced 185 529 Other current liabilities 209 524 Accrued liabilities and other $ 1,926 $ 2,615 |
Long-term Notes Payable and Lin
Long-term Notes Payable and Line of Credit | 12 Months Ended |
Dec. 31, 2023 | |
Long-Term Debt, Unclassified [Abstract] | |
Long-term Notes Payable and Line of Credit | Note 9. Note Payable and Line of Credit On February 18, 2022, the Company and its subsidiary NimbeLink entered into a loan and security agreement with Silicon Valley Bank, providing a revolving line of credit for $ 4.0 million. The line of credit only allowed for maximum advances of 80 % of the aggregate face amount of certain eligible receivables. The line of credit bore an interest rate of WSJ prime (currently 7.5%) plus 1.75% . The lender had a first security interest in all of the Company's and NimbeLink’s assets, excluding intellectual property, for which the lender received a negative pledge and included certain financial and non-financial covenants. The Company was required to pay monthly interest and paid an annual commitment fee of $ 15,000 upon signing. As of December 31, 2022, there was no balance owed on the line of credit. The line of credit expired in February 2023. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Note 10. Leases Operating leases The Company has made certain assumptions and judgments when applying ASC 842, the Company elected not to recognize right-of-use assets and lease liabilities for short-term leases (lease terms of twelve months or less). Operating lease arrangements primarily consist of office, warehouse and test house leases expiring during different years through 2025 . The facility leases have original lease terms of approximately one to five years and may contain options to extend up to 5 years and/or terminate early. Options to extend are included in leased right-of-use assets and lease liabilities in the consolidated balance sheet when we are reasonably certain to renew a lease. Since the implicit rate of such leases is unknown and we may not be reasonably certain to renew leases, the Company has elected to apply a collateralized incremental borrowing rate to facility leases on the original lease term in calculating the present value of future lease payments. As of December 31, 2023 and 2022, the weighted average discount rate for operating leases was 3.8 % and 3.9 % , respectively, and the weighted average remaining lease term for operating leases was 1.8 years and 2.7 years, respectively. The Company has entered into various short-term operating leases, primarily for test houses and office equipment with initial terms of 12 months or less. These short-term leases are not recorded on the Company's consolidated balance sheet and the related short-term lease expense was $ 0.1 million and $ 0.2 million for the year ended December 31, 2023 and 2022, respectively. Total operating lease cost were $ 1.0 million for each year ended December 31, 2023 and 2022. The table below presents aggregate future minimum pa yments due under leases, reconciled to lease liabilities included in the consolidated balance sheet as of December 31, 2023 (in thousands): 2024 $ 903 2025 687 Total minimum payments 1,590 Less imputed interest ( 54 ) Less unrealized translation gain 3 Total lease liabilities 1,539 Less short-term lease liabilities ( 865 ) Long-term lease liability $ 674 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 11. Income Taxes Income Taxes The components of the pretax loss from operations for the years ended December 31 are as follows (in thousands): For the Years Ended December 31, 2023 2022 U.S. Domestic 12,235 8,575 Foreign 65 — Pretax loss from operations 12,300 8,575 The income tax expense (benefit) is as follows (in thousands): For the Years Ended December 31, 2023 2022 Current: U.S. federal $ — $ ( 13 ) State and local 16 24 Foreign 100 43 Total current income tax expense 116 54 Deferred: U.S. federal 9 10 State and local 3 20 Total deferred income tax expense 12 30 Income tax expense $ 128 $ 84 Tax Rate Reconciliation Reconciliations of the total income tax provision tax rate to the statutory federal income tax rate of 21 % for the years ended December 31, 2023 and 2022, respectively, are as follows (in thousands): For the Years Ended December 31, 2023 2022 Income taxes at statutory rates $ ( 2,583 ) $ ( 1,802 ) State income tax, net of federal benefit 23 44 Permanent items 40 52 Equity based compensation 386 298 Federal research credits ( 122 ) ( 374 ) Federal return to provision ( 10 ) ( 1 ) Foreign taxes 100 43 Other 17 77 Change in federal valuation allowance 2,277 1,747 Income tax expense $ 128 $ 84 Significant Components of Current and Deferred Taxes The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows (in thousands): As of December 31, 2023 2022 Deferred tax assets: Net operating loss carryforwards $ 5,846 $ 5,374 Research and AMT credits 3,937 3,742 Stock based compensation 1,831 1,891 Lease liability 383 611 Section 174 R&D Capitalization 4,159 2,319 Accrued and other 760 1,100 16,916 15,037 Less valuation allowance ( 14,578 ) ( 11,884 ) Deferred tax assets, net of allowance 2,338 3,153 Deferred tax liabilities: Fixed assets ( 501 ) ( 520 ) Goodwill ( 468 ) ( 418 ) Right-of-use asset ( 340 ) ( 556 ) Intangible asset ( 1,180 ) ( 1,798 ) Deferred tax liabilities ( 2,489 ) ( 3,292 ) Total deferred tax liabilities $ ( 151 ) $ ( 139 ) We have established a valuation allowance against our net deferred tax assets due to the uncertainty surrounding the realization of such assets. The Company periodically evaluates the recoverability of the deferred tax assets. At such time it is determined that it is more likely than not that deferred assets are realizable, the valuation allowance will be reduced. The Company has recorded a valuation allowance of $ 14.6 million as of December 31, 2023 as it does not believe it is more likely than not that certain deferred tax assets will be realized due to the recent history of both pre-tax book income and losses, the lack of taxable income available in carryback periods or feasible tax-planning strategies, the limited existing taxable temporary differences, and the subjective nature of forecasting future taxable income into the future. The Company increased its valuation allowance by approximately $ 2.7 million during the year ended December 31, 2023. At December 31, 2023 the Company had federal and state tax loss carryforwards of approximately $ 23.2 million, and $ 11.5 million, respectively. The federal loss generated post 2018 of $ 11.9 million will carryforward indefinitely and be available to offset up to 80 % of future taxable income each year. The remaining federal and state net operating loss carryforwards begin to expire in 2029 and 2026 , respectively, if unused. At December 31, 2023 the Company had federal and state tax credit carryforwards of approximately $ 2.1 million, and $ 1.8 million, respectively, after reduction for uncertain tax positions. The federal credits will begin to expire in 2026 , if unused, and the California credits carryforwards indefinitely. The other states credits will begin to expire in 2032. The Internal Revenue Code (IRC) Sections 382 and 383 limit annual use of NOL and research and development credit carryforwards in the event a cumulative change in ownership of more than 50 % occurs within a three-year period. The Company has completed an ownership change analysis through December 31, 2022 and determined that there were no ownership changes in 2023. If a requisite ownership change occurs, the amount of remaining tax attribute carryforwards available to offset taxable income and income tax expense in future years may be restricted or eliminated. If eliminated, the related asset would be removed from deferred tax assets with a corresponding reduction in the valuation allowance. Due to the existence of the valuation allowance, limitations created by future ownership changes, if any, will not impact the Company’s effective tax rate. The following table summarizes the reconciliation of the unrecognized tax benefits activity during the years ended December 31 (in thousands): 2023 2022 Beginning unrecognized tax benefits $ 1,305 $ 1,217 Gross increases - tax positions in prior period ( 65 ) ( 50 ) Gross decreases – tax positions in prior period - ( 9 ) Gross increases - current year tax positions 114 147 Purchase accounting — — Ending unrecognized tax benefits $ 1,354 $ 1,305 The unrecognized tax benefit amounts are reflected in the determination of the Company’s deferred tax assets. If recognized, $ 120,000 of these amounts would impact the company’s effective tax rate. We do not foresee material changes to our uncertain tax benefits within the next twelve months. The Company’s policy is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company has an accrual for interest or penalties of $ 0.1 million on the Company’s balance sheets as of December 31, 2023 and 2022. The Company has recognized no interest and/or penalties in the Statement of Operations for each of the years ended December 31, 2023 and 2022. The company is subject to taxation in the United States, various state jurisdictions, China and the United Kingdom. Due to the existence of federal, state and foreign net operating loss and credit carryovers, the Company's tax years that remain open and subject to examination by tax jurisdiction are years 2003 and forward for federal and years 2007 and forward for the state of California. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Class of Stock Disclosures [Abstract] | |
Stockholders' Equity | Note 12. Stockholders’ Equity In August 2016, the Company's Board adopted the 2016 Equity Inventive Plan (the 2016 Plan) for employees, directors and consultants. In February 2021, the Board adopted the 2021 Employment Inducement Incentive Award Plan (Inducement Plan), which provides for grants of equity-based awards. The following common stock is reserved for future issuance (1) (in thousands): As of December 31, 2023 2022 Stock options issued and outstanding 2,104 2,065 Stock awards issued and outstanding 817 581 Authorized for grants under the 2016 Equity Incentive Plan (2) 448 507 Authorized for grants under the Inducement Plan (3) 174 294 Authorized for grants under the 2016 Employee Stock Purchase Plan (4) 540 378 4,083 3,825 (1) Treasury stock of 541,000 shares as of December 31, 2023 and 2022 are excluded from the table above. (2) On January 1 , 2023, the number of authorized shares in the 2016 Plan increased by 431,000 shares pursuant to the evergreen provisions of the 2016 Equity Incentive Plan. (3) On February 5, 2021, 300,000 shares were authorized pursuant to the terms of the Inducement Plan. 188,000 shares were issued under the Inducement Plan during the year ended December 31, 2023 . (4) On January 1, 2023, the number of authorized shares in the 2016 Employee Stock Purchase Plan increased by 100,000 shares pursuant to the evergreen provisions of the 2016 Employee Stock Purchase Plan. |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Note 13. Stock Based Compensation Stock-based compensation expense Stock-based compensation is recorded in the consolidated statements of operations as follows (in thousands): For the Years Ended December 31, 2023 2022 Cost of goods sold $ 107 $ 181 Research and development 1,062 1,056 Sales and marketing 373 1,195 General and administrative 2,139 2,546 Total stock-based compensation expense $ 3,681 $ 4,978 Stock Options The vesting period for stock options granted to employees is generally one to four years . All stock options granted under the 2016 Plan have a maximum contractual term of ten years. Commencing in 2019, each non-employee member of the board of directors will receive an annual award on the first trading day in February a number of stock options having a value of $30,000 (with the award to the chairperson of the board of directors having a value of $ 45,000 ), (calculated as of the date of grant in accordance with the Black-Scholes option pricing model). The grant-date fair value of each option award is estimated on the date of grant using the Black-Scholes-Merton option-pricing model. The weighted average assumptions for grants during the years ended December 31, 2023 and 2022 are provided in the following table: For the Years Ended December 31, 2023 2022 Expected dividend yield 0 % 0 % Expected volatility 61.0 % 57.4 % Expected term (years) 4.3 5.6 Risk-free interest rate 4.0 % 4.6 % A summary of the Company’s stock option activity is as follows (shares in thousands): Weighted Average Number of Exercise Remaining contractual term (years) Aggregate Intrinsic Value (in thousands) Balance at December 31, 2022 2,065 $ 11.78 6.7 $ 758 Granted 396 $ 4.90 Exercised ( 12 ) $ 2.30 $ 40 Expired/Forfeited ( 345 ) $ 13.82 Balance at December 31, 2023 2,104 $ 10.20 6.2 $ 329 Vested and exercisable at December 31, 2023 1,482 $ 11.25 5.1 $ 264 Vested and expected to vest at December 31, 2023 2,104 $ 10.20 6.2 $ 329 During the years ended December 31, 2023 and 2022, the Company received proceeds of $ 28,000 and $ 21,000 respectively from the exercise of options. The weighted average grant-date fair values of options granted during the years ended December 31, 2023 and 2022 were $ 2.53 and $ 4.58 per share, respectively. The grant date fair value of shares vested during the years ended December 31, 2023 and 2022 was $ 1.9 million and $ 3.4 million, respectively. At December 31, 2023, there was $ 2.1 million of unrecognized compensation cost related to unvested stock options granted under the Company’s equity plans that is expected to be recognized over the next 2.5 years. Restricted Stock Units The following table summarizes the Company’s restricted stock unit activity (shares in thousands): Restricted Weighted average grant date fair value Balance at December 31, 2022 444 $ 11.78 Grants 726 $ 4.94 Vested and released ( 312 ) $ 8.13 Forfeited ( 152 ) $ 8.90 Balance at December 31, 2023 706 $ 6.97 Commencing in 2019, each non-employee member of the board of directors receives, on the first trading day in February of each year, such number of restricted stock units as is determined by dividing (a) $30,000 (with the award to the chairperson of the board of directors having a value of $ 45,000 ) by (b) the 30 trade days trailing average share price. During the year ended December 31, 2023, 28,000 restricted stock units with an average fair value of $ 8.00 per share were granted to the members of the Company’s board of directors of which fully vest on the one year anniversary of the grant date. Employees and consultants were granted 698,200 restricted stock units with an average fair value of $ 4.82 per share, which vest on grant date or vest equally after each of the annual anniversaries over a four year period. During the year ended December 31, 2022 , 19,100 restricted stock units with a fair value of $ 9.46 per share were granted to members of the Company’s board of directors which shares vest on the first anniversary of the grant date, and 274,800 restricted stock units with a fair value of $ 8.05 per share were issued to employees which vest equally after each of the annual anniversaries over a four-year period. As of December 31, 2023, there was $ 3.4 million of total unrecognized stock-based compensation expense related to non-vested restricted stock units which is expected to be recognized over a remaining weighted-average vesting period of 2.9 years. The Company currently uses authorized and unissued shares to satisfy share award exercises. Performance Stock Units The following table summarizes the Company's PSU activity during the period indicated (shares in thousands): Performance Weighted average grant date fair value Balance at December 31, 2022 137 $ 2.09 Grants 18 $ 0.60 Vested and released — $ — Forfeited ( 45 ) $ 2.20 Balance at December 31, 2023 110 $ 1.79 Service as well as market and performance conditions determine the number of PSUs that the holder will earn from 0% to 150% of the target number of shares. The percentage received is based on the Company common stock price targets over a three-year service period. Additionally, the Company must achieve or exceed 75% of the year to date revenue target measured at the end of the quarter in which the price target is achieved. The market conditions have not currently been met. As of December 31, 2023, there was $ 0.1 million of total unrecognized compensation cost related to unvested PSUs having a weighted average remaining contractual term of 1.3 years. We estimate the fair value of PSUs with a market condition using a Monte Carlo simulation model as of the date of grant to forecast performance achievement of market price. Key inputs in the valuation include cost of equity, market price volatility and discount rate. Share-Settled Obligation Share-based compensation expense for the year ended December 31, 2023 was $ 0.1 million for the liability classified restricted stock unit payout obligation related to non-employee compensation. During the year ended December 31, 2023, the Company settled $ 0.9 million related to the 2022 bonus awards by granting 187,200 immediately vested RSUs. Employee Stock Purchase Plan (ESPP) The Company maintains the 2016 Employee Stock Purchase Plan (ESPP) that provides employees an opportunity to purchase common stock through payroll deductions. The ESPP is implemented through consecutive 6 -month offering periods commencing on March 1 and September 1 of each year. The purchase price is set at 85 % of the fair market value of the Company's common stock on either the first or last trading day of the offering period, whichever is lower. Annual contributions are limited to the lower of 20 % of an employee's eligible compensation or such other limits as apply under Section 423 of the Internal Revenue Code. The ESPP is intended to qualify as an employee stock purchase plan for purposes of Section 423 of the Internal Revenue Code. Based on the 15 % discount and the fair value of the option feature of the ESPP, it is considered compensatory. Compensation expense is calculated using the fair value of the employees’ purchase rights under the Black-Scholes model. The Company currently uses authorized and unissued shares to satisfy share award exercises. During the year ended December 31, 2023, the Company received $ 0.2 million from the issuance of 38,401 shares and during the year ended December 31, 2022, the Company received $ 0.4 million from the issuance of 47,852 shares under the ESPP. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 14. Commitments and Contingencies Severance and Exit Costs The following table presents details of the liability we recorded related to severance and exit costs: Severance and Exit Costs (In thousands) Balance at December 31, 2022 $ — Accrued to expense 612 Payments ( 562 ) Balance at December 31, 2023 $ 50 The severance liability is recorded in accrued compensation on the accompanying consolidated balance sheet. The severance and exit cost were recorded in the relevant operating expense departments in the accompanying consolidated statement of operations. Potential product warranty claims The Company had a general warranty accrual of approximately $ 0.1 million and $ 0.2 million as of December 31, 2023 and December 31, 2022, respectively. Indemnification In some agreements to which the Company is a party, the Company has agreed to indemnify the other party for certain matters, including, but not limited to, product liability and intellectual property. To date, there have been no known events or circumstances that have resulted in any material costs related to these indemnification provisions and no liabilities have been recorded in the accompanying consolidated financial statements. Purchase Commitments with CMs and Suppliers A portion of our reported purchase commitments consists of firm, noncancelable, and unconditional commitments. These inventory purchase commitments with CMs and suppliers relate to arrangements to secure supply and pricing for certain product components for multi-year periods. In certain instances, these agreements allow us the option to cancel, reschedule, and adjust our requirements based on our business needs prior to firm orders being placed. |
Concentrations
Concentrations | 12 Months Ended |
Dec. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
Concentrations | Note 15. Concentrations Concentration of Sales and Accounts Receivable The following represents customers that accounted for 10 % or more of total revenue: For the Years Ended December 31, 2023 2022 Customer A 15 % 17 % Customer B 15 % 13 % Customer C 10 % 10 % The following represents customers that accounted for 10 % or more of total trade accounts receivable: As of December, 31 2023 2022 Customer A 14 % 12 % Customer B 14 % 3 % Customer C 11 % 15 % Customer D 10 % 2 % The allowance for credit losses as of December 31, 2023 and 2022 were not material . Concentration of Purchases During the year ended December 31, 2023, the Company’s products were primarily manufactured by six CMs with locations in China, Mexico, Minnesota, and Vietnam. Concentration of Cash The bank where most of the Company’s cash was held was placed into receivership with the FDIC on March 10, 2023. The Company’s cash deposits exceeded the FDIC insured limits at that time. However, the Treasury, the Federal Reserve, and the FDIC, as receiver, jointly released a statement that depositors at this specific bank would have access to their funds, including funds in excess of standard FDIC insurance limits. The Company has not experienced losses on these accounts. In the second quarter of 2023, the Company moved most of the deposits out of this institution to several accounts at a larger institutional bank. As of December 31, 2023 , 88 % of the deposits are at the large institutional bank. Concentration of Property and Equipment The Company’s property and equipment, net by geographic region, are as follows (in thousands): As of December, 31 2023 2022 North America $ 2,295 $ 2,469 Asia Pacific (APAC) 86 138 Europe, Middle East and Africa (EMEA) 126 158 Property and equipment, net $ 2,507 $ 2,765 |
Disaggregated Revenues
Disaggregated Revenues | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregated Revenues | Note 16. Revenues Disaggregated revenues are as follows (in thousands): For the Years Ended December 31, 2023 2022 By Market Group: Consumer $ 18,934 $ 25,793 Enterprise 27,209 34,533 Automotive 9,897 15,569 Total sales $ 56,040 $ 75,895 By Geography: North America $ 33,916 $ 45,678 China (including Hong Kong and Taiwan) 20,293 28,086 Rest of the world 1,831 2,131 Total sales $ 56,040 $ 75,895 Timing of revenue recognition: Products and services transferred at a point in time $ 52,736 $ 73,109 Products and services transferred over time 3,304 2,786 Total sales $ 56,040 $ 75,895 Revenue generated from the United States was $ 33.6 million and $ 45.3 million for the year ended December 31, 2023 and 2022, respectively. Liability for potential rights of return was approximately $ 0.1 million and $ 0.3 million as of December 31, 2023 and 2022, respectively. There were no contract assets at December 31, 2023 and 2022. Contract liabilities are deferred revenues that were recorded when advance payment were received for remaining performance obligations that are recognized over time. The deferred revenues were $ 17,000 and $ 0.2 million as of December 31, 2023 and 2022, respectively. The remaining performance obligations to be recognized over time amounts to $ 0.6 million as of December 31, 2023 . |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2023 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plan | Note 17. Employee Benefit Plan The Company’s 401(k) plan covers all of the U.S. employees beginning the first of the month following the first 90 days of their employment. Under this plan, employees may elect to contribute up to 20 % of their annual compensation to the 401(k) plan up to the statutorily prescribed annual limit. The Company matches 100 % of the employee’s elective deferrals up to 4 % of their annual compensation. The Company may make discretionary contributions to the 401(k) plan, but there were no discretionary contributions during the year ended December 31, 2023. The Company’s contribution expense was $ 0.3 million for each of the years ended December 31, 2023 and 2022 . |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Description of Business | Description of Business Airgain, Inc. was incorporated in the State of California on March 20, 1995; and reincorporated in the State of Delaware on August 17, 2016. Airgain, Inc. together with its subsidiaries are herein referred to as the “Company,” “we,” or “our.” The Company is a leading provider of connectivity solutions including embedded components, external antennas, and integrated systems that enable wireless networking in the consumer, enterprise, and automotive markets. The Company’s headquarters is in San Diego, California. |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding financial reporting. The consolidated financial statements include the accounts of the Company and our wholly owned subsidiary. All intercompany transactions and investments have been eliminated in consolidation. |
Segment Information | Segment Information The Company’s operations are located primarily in the United States and most of its assets are located in San Diego, California and Plymouth, Minnesota. The Company operates in one segment related to providing connectivity solutions – embedded components, external antennas, and integrated systems. The Company’s chief operating decision-maker is our chief executive officer, who reviews operating results on an aggregate consolidated basis for purposes of regularly making operating decisions, allocation of resources and assessing performance as a single operating segment. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash Equivalents | Cash Equivalents Cash equivalents are comprised of short-term, highly liquid investments with maturities of 90 days or less at the date of purchase. The cash balances may, at times, exceed federally insured limits. Accounts are guaranteed by the Federal Deposit Insurance Corporation (FDIC) up to $ 250,000 . |
Trade Accounts Receivable | Trade Accounts Receivable We perform ongoing credit evaluations of our customers and assess each customer’s credit worthiness. The policy for determining when receivables are past due or delinquent is based on the contractual terms agreed upon. We monitor collections and payments from our customers and analyze for an allowance for credit losses. The allowance for credit losses is based upon applying an expected credit loss rate to receivables based on the historical loss rate and is adjusted for current conditions, including any specific customer collection issues identified, and economic conditions forecast. Delinquent account balances are written off after management has determined that the likelihood of collection is remote. An allowance for doubtful accounts is established when, in the opinion of management, collection of the account is doubtful. |
Inventory | Inventory As of April 2022, all of the Company’s products are manufactured by third parties that retain ownership of the inventory until title is transferred to the customer at the shipping point. In some situations, the Company retains ownership of inventory which is held in third-party contract manufacturing facilities. In certain instances, shipping terms are delivery-at-place and the Company is responsible for arranging transportation and delivery of goods ready for unloading at the named place. In those instances, the Company bears all risk involved in bringing the goods to the named place and records the related inventory in transit to the customer as inventory on the accompanying consolidated balance sheets. In the second quarter of 2022, we closed our facility located in Scottsdale, Arizona where certain of our products were previously manufactured. Inventory is stated at the lower of cost or net realizable value. For items manufactured by our CMs, cost is determined using the weighted average cost method. For items manufactured by third parties, cost is determined using the first-in, first-out method (FIFO). Any adjustments to reduce the cost of inventories to their net realizable value are recognized in earnings in the current period. Write downs for excess and obsolete inventories are estimated based on product life cycles, quality issues, and historical experience. In some instances, the Company holds consigned inventories at its CMs’ locations due to actual or pending customers’ orders. The Company recognized the consigned inventory as an asset in its financial statements |
Property and Equipment | Property and Equipment Property and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, generally three to ten years . The estimated useful lives for leasehold improvements are determined as either the estimated useful life of the asset or the lease term, whichever is shorter. Repairs and maintenance are expensed as incurred. Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. When assets are disposed of (or otherwise sold), the cost and related accumulated depreciation are removed from the accounts and any gain or loss on the disposal of property and equipment is classified as other expense (income) in the Company's consolidated statement of operations. |
Goodwill | Goodwill Goodwill represents the excess of cost over fair value of net assets acquired. We account for our goodwill under the authoritative guidance ASC 350 for goodwill and other intangible assets and the provisions of ASU 2017-04, Simplifying the Test for Goodwill Impairment, which we early adopted in fiscal year 2020. Goodwill is not amortized but is tested for impairment annually as of December 31 or more frequently if events or changes in circumstances indicate that our goodwill might be impaired. Such circumstances may include, but not limited to (1) a decline in microeconomic conditions, (2) a significant decline in our financial performance or (3) a significant decline in the price of our common stock for a sustained period of time. We consider the aggregation of the relevant qualitative factors, and conclude whether it is more likely than not that the fair value of our reporting unit is less than the carrying value. If we conclude that it is more likely than not that the fair value of our reporting unit is less than the carrying value, we perform a quantitative impairment test. The quantitative impairment test compares the fair value of the reporting unit to its carrying amount, including goodwill. If the fair value of the reporting unit exceeds the carrying amount of the net assets assigned to that reporting unit, goodwill is not considered impaired. However, if the fair value of the reporting unit is lower than the carrying amount of the net assets assigned to the reporting unit, an impairment charge is recognized equal to the excess of the carrying amount over the fair value. The impairment charge is limited to the goodwill amount of the reporting unit. Determining the fair value of a reporting unit is judgmental in nature and involves the use of significant estimates and assumptions. For the market approach of valuation, we may use the guideline public company method. Under this method we utilize information from comparable publicly traded companies with similar operating and investment characteristics as the reporting unit to derive an indication of value. For the income approach of valuation, we use a discounted cash flow methodology to derive an indication of value, which required management to make estimates and assumptions related to forecasted revenues, gross profit margins, operating income margins, working capital cash flow, income tax rates, EBITDA, perpetual growth rates, and long-term discount rates, among others . In addition, we make certain judgments and assumptions in determining our reporting unit. We base our fair value estimates on assumptions we believe to be reasonable but that are unpredictable and inherently uncertain. Actual future results may differ from those estimates. |
Intangibles | Intangibles The Company’s identifiable finite-lived intangible assets are comprised of acquired intangibles, developed technologies, customer relationships and non-compete agreements. The cost of the market-related intangible assets with finite lives is amortized on a straight-line basis over the assets’ respective estimated useful lives. We assess potential impairments to our intangible assets in accordance with the authoritative guidance for impairment or disposal of long-lived assets (ASC 360) when events or changes in circumstances indicate that the carrying value may not be recoverable. We assess the impairment of long-lived and intangible assets whenever events or changes in circumstances indicate that the carrying value may not be recoverable. As a first step, we consider factors, which may include the following, but are not limited to: (1) significant underperformance relative to historical or projected future operating results; (2) significant negative industry or economic trends; or (3) a significant decline in our stock price for a sustained period. If this assessment indicates that the carrying value of the assets may not be recoverable, the Company is required to perform the second step to test the asset group for recoverability. This recoverability test compares the future undiscounted cash flows expected from the use of the asset group to its carrying value. If the carrying value is more than the undiscounted future cash flows, the Company is required perform a third step to determine the fair value of the asset group and compare fair value against the carrying value. Any excess carrying value over the fair value needs to be recognized as an impairment loss. Determining the recoverability of long-lived or intangible assets is judgmental in nature and involves the use of significant estimates and assumptions. These estimates and assumptions include revenue growth rates and operating margins used to calculate projected future cash flows and the future market value of our asset group. In addition, we make certain judgments and assumptions in determining our asset group. We base our recoverability estimates on assumptions we believe to be reasonable but that are unpredictable and inherently uncertain. Actual future results may differ from those estimates. |
Revenue Recognition | Revenue Recognition Under ASC Topic 606 “Revenue from Contracts with Customers”, the Company recognize revenue when, or as the control of the promised goods or services is transferred to the customers in an amount that reflects the consideration the Company expects to be entitled in exchange for those goods or services. In applying this core principle, the Company performs the following five-steps only when it is probable that substantially all of the consideration that it will be entitled in exchange for the goods or services that will be transferred to the customer: (i) identify the contract(s) with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligation(s) in the contract and (v) recognize revenue when or as the entity satisfies performance obligations. A performance obligation is at a point in time, except if it meets any of the three criteria, which will require recognition of revenue over time: • the customer simultaneously receives and consumes the benefit provided by the entity’s performance as the entity performs • the entity’s performance creates or enhances an asset (for example, work in process) that the customer controls as the asset is created or enhanced, and • the entity's performance does not create an asset with an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date . Most of the Company's revenue is generated from product sales and the revenue is recognized at a point-in-time when control is transferred to the customer. Each purchase order, along with existing customer agreements, when applicable, represents a contract from a customer and each product sold represents a distinct performance obligation. Revenue is recognized when control is transferred to the customer at a point in time either when the product is shipped to or received by the customer, based on the terms of the specific agreement with the customer, and the Company has an enforceable right to payment for the product. The Company allocates the transaction price, which is generally the quoted price per terms of the contract and the consideration the Company expects to receive, to each performance obligation. The Company offers return rights and/or pricing credits under certain circumstances. We estimate product returns based on historical sales and return trends and record against revenue and corresponding refund liability. A portion of the Company's revenue is recognized over time, including: data subscription, test services or custom design services. Revenue from data subscription plans relate to purchased asset trackers with activated data lines, through a third-party service provider. Data subscription plan revenues are recognized monthly based on the fee stated in the contract, as the customer is simultaneously receiving and consuming the benefits provided throughout the Company's monthly performance obligation. Test service revenues are recognized monthly based on the fee stated in the contract for obligations over time on assets that the customer controls. Design service fees are paid in advance; the prepayments are deferred revenues and are recorded as contract liabilities. Most of the design service fees are recognized based on the Company's achievement of milestones. The Company's performance for the design services does not create an asset with an alternative use to the Company and the Company has an enforceable right to payment for performance completed to date. We recognize from the contract liabilities as milestones are achieved over service periods ranging from three (3) to eighteen (18) months. The Company's contracts with customers do not typically include extended payment terms. Payment terms may vary by contract and type of customer and generally range from 30 to 90 days from delivery. The Company provides assurance-type warranties on all product sales ranging from one to two years. The estimated warranty costs are accrued for at the time of sale based on historical warranty experience plus any known or expected changes in warranty exposure. The Company has opted to not disclose the portion of revenues allocated to partially unsatisfied performance obligations, which represent products to be shipped within 12 months under open customer purchase orders, at the end of the current reporting period as allowed under ASC 606. The Company has also elected to record sales commissions when incurred, pursuant to the practical expedient under ASC 340, Other Assets and Deferred Costs, as the period over which the sales commission asset that would have been recognized is less than one year. |
Shipping and Transportation Costs | Shipping and Transportation Costs Shipping and other transportation costs expensed as incurred were $ 0.4 million and $ 0.5 million for the years ended December 31, 2023 and 2022 , respectively. These costs are included in sales and marketing expenses in the accompanying consolidated statements of operations. |
Research and Development Costs | Research and Development Costs Research and development costs are expensed as incurred. |
Advertising Costs | Advertising Costs Advertising costs are expensed as incurred and were $ 0.3 million and $ 0.5 million for the years ended December 31, 2023 and 2022 , respectively. These costs are included in sales and marketing expenses in the accompanying consolidated statements of operations. |
Income Taxes | Income Taxes The Company records income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. When applicable a valuation allowance is established to reduce any deferred tax asset when we determine that it is more likely than not that some portion of the deferred tax asset will not be realized. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest related to unrecognized tax benefits in interest expense and penalties in general and administrative expenses. |
Stock-Based Compensation | Stock-Based Compensation We recognize compensation costs related to stock options and restricted stock units granted to employees and directors based on the estimated fair value of the awards on the date of grant. We estimate the option grant fair values, and the resulting stock-based compensation expense, using the Black-Scholes option-pricing model. The grant date fair value of stock-based awards are expensed on a straight-line basis over the requisite service period of the entire reward. The Company recognizes forfeitures when incurred. The assumptions used in the Black-Scholes option-pricing model are as follows: • Fair value of our common stock . The Company’s common stock is valued by reference to the publicly traded price of our common stock. • Expected term . The expected term represents the period of time stock-based awards are expected to be outstanding. • Expected weighted average volatility . From 2018 through 2021, the Company estimated expected volatility using our historical share prices along with volatilities of the selected comparable companies. Beginning 2022, we estimated expected volatility using solely our historical share price volatilities. • Risk-free interest rate . The risk-free interest rate is based on the U.S. Treasury yield in effect at the time of grant for zero coupon U.S. Treasury notes with maturities approximately equal to the expected term. • Expected dividend . The expected dividend is assumed to be zero as the Company has never paid dividends and have no current plans to pay any dividends. |
Fair Value Measurements | Fair Value Measurements The carrying values of the Company’s financial instruments, including cash, trade accounts receivable, accounts payable, accrued liabilities and deferred purchase price obligations approximate their fair values due to the short maturity of these instruments. Fair value measurements are market-based measurements, not entity-specific measurements. Therefore, fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. The Company follows a three-level hierarchy to prioritize the inputs used in the valuation techniques to derive fair values. The basis for fair value measurements for each level within the hierarchy is described below: • Level 1: Quoted prices in active markets for identical assets or liabilities. • Level 2: Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. Level 3: Valuations derived from valuation techniques in which one or more significant inputs are unobservable in active markets. |
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. This standard changes the methodology for measuring credit losses on financial instruments and the timing of when such losses are recorded. The Company adopted this standard in the first quarter of fiscal 2023; it did not have a material impact on our financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. ASU 2019-12 clarifies classification of franchise taxes, the enacted changes in tax laws or rates and the accounting for transactions that result in a step-up in the tax basis of goodwill. This standard eliminates certain exceptions to the guidance in Topic 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. This update is effective for public entities for annual reporting periods and interim periods within those years beginning after December 15, 2020. The adoption of ASU 2019-12 had no impact on the Company’s consolidated financial statements. Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” ASU No. 2023-07 require that a public entity disclose, on an annual and interim basis, significant segment expenses that are regularly provided to an entity's chief operating decision maker (CODM), amounts and descriptions of other reportable segments, and any additional measures of a segment's profit or loss used by the CODM when deciding how to allocate resources. The ASU is applicable to entities with a single reportable segment. This ASU is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The ASU should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of the ASU on our disclosures within the consolidated financial statements. As the amendments apply to the Company's reportable segment disclosures only, the Company does not expect adoption to have a material impact on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." ASU No. 2023-09 requires expanded disaggregated information about a reporting entity’s effective tax rate reconciliation as well as disclosure of income taxes paid by jurisdiction. The amendments in ASU are effective for fiscal years beginning after December 15, 2024 with early adoption permitted. Retrospective application of the amendments are permitted. The Company will evaluate the ASU to determine its impact on the Company’s disclosures. As the amendments apply to income tax disclosures only, the Company does not expect adoption to have a material impact on its consolidated financial statements. We have assessed all other ASUs issued but not yet adopted and concluded that those not disclosed are not relevant to the Company or are not expected to have a material impact. |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Summary of Computation of Net Income or (Loss) Per Share | The following table presents the computation of net loss per share (in thousands except per share data): For the Years Ended December 31, 2023 2022 Numerator: Net loss $ ( 12,428 ) $ ( 8,659 ) Denominator: Basic weighted average common shares outstanding 10,392 10,190 Diluted weighted average common shares outstanding 10,392 10,190 Net loss per share: Basic $ ( 1.20 ) $ ( 0.85 ) Diluted $ ( 1.20 ) $ ( 0.85 ) |
Summary of Potentially Dilutive Securities | Potentially dilutive securities (in common stock equivalent shares) not included in the calculation of diluted net loss per share because to do so would be anti-dilutive are as follows (in thousands): For the Years Ended December 31, 2023 2022 Stock options and restricted stock 2,246 1,903 Total common stock equivalent shares 2,246 1,903 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents by Significant Investment Category | The following tables show the Company’s cash and cash equivalents by significant investment category (in thousands): As of December 31, 2023 2022 Cash $ 7,581 $ 8,323 Level 1: Money market funds 300 3,580 Total $ 7,881 $ 11,903 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory And Consigned Inventories, Current | Inventory is comprised of the following (in thousands): As of December 31, 2023 2022 Raw materials $ 661 $ 1,060 Finished goods 1,742 3,166 Total Inventory $ 2,403 $ 4,226 Consigned Inventory is comprised of the following (in thousands): As of December 31, 2023 2022 Raw materials $ 558 $ 631 Finished goods 598 2,272 Total Consigned Inventory $ 1,156 $ 2,903 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | As of December 31, 2023 2022 Computers and software $ 811 $ 703 Furniture, fixtures, and equipment 427 409 Manufacturing and testing equipment 5,371 5,194 Construction in process 45 16 Leasehold improvements 848 848 Vehicles 55 — Property and equipment, gross 7,557 7,170 Less accumulated depreciation ( 5,050 ) ( 4,405 ) Property and equipment, net $ 2,507 $ 2,765 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Acquired Intangible Assets | The following is a summary of the Company’s acquired intangible assets (dollars in thousands): December 31, 2023 Weighted average amortization period (in years) Gross carrying amount Accumulated amortization Net carrying amount Market related intangibles 5 $ 1,820 $ 1,135 $ 685 Customer relationships 7 13,780 8,993 4,787 Developed technologies 11 4,380 1,618 2,762 Covenants to non-compete 2 115 115 — Total intangible assets, net 20,095 11,861 8,234 December 31, 2022 Weighted average amortization period (in years) Gross carrying amount Accumulated amortization Net carrying amount Market related intangibles 5 $ 1,820 $ 795 $ 1,025 Customer relationships 7 13,780 6,720 7,060 Developed technologies 11 4,380 1,263 3,117 Covenants to non-compete 2 115 114 1 Total intangible assets, net $ 20,095 $ 8,892 $ 11,203 Estimated annual amortization of intangible assets for the next five years and thereafter is shown in the following table (in thousands): Estimated future amortization 2024 $ 2,968 2025 2,958 2026 557 2027 356 Thereafter 1,395 Total $ 8,234 |
Schedule of Estimated Annual Amortization of Intangible Assets | Estimated annual amortization of intangible assets for the next five years and thereafter is shown in the following table (in thousands): |
Accrued Liabilities and Other (
Accrued Liabilities and Other (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Summary of Accrued Liabilities and Other | Accrued liabilities and other is comprised of the following (in thousands): As of December 31, 2023 2022 Accrued expenses $ 1,031 $ 815 VAT payable 339 339 Accrued income taxes 145 166 Advanced payments from contract manufacturers 17 210 Contract liabilities — 32 Goods received not invoiced 185 529 Other current liabilities 209 524 Accrued liabilities and other $ 1,926 $ 2,615 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Payments Under Operating Leases | The table below presents aggregate future minimum pa yments due under leases, reconciled to lease liabilities included in the consolidated balance sheet as of December 31, 2023 (in thousands): 2024 $ 903 2025 687 Total minimum payments 1,590 Less imputed interest ( 54 ) Less unrealized translation gain 3 Total lease liabilities 1,539 Less short-term lease liabilities ( 865 ) Long-term lease liability $ 674 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Provision (Benefit) | The income tax expense (benefit) is as follows (in thousands): For the Years Ended December 31, 2023 2022 Current: U.S. federal $ — $ ( 13 ) State and local 16 24 Foreign 100 43 Total current income tax expense 116 54 Deferred: U.S. federal 9 10 State and local 3 20 Total deferred income tax expense 12 30 Income tax expense $ 128 $ 84 |
Schedule of components of the pretax loss from operation | The components of the pretax loss from operations for the years ended December 31 are as follows (in thousands): For the Years Ended December 31, 2023 2022 U.S. Domestic 12,235 8,575 Foreign 65 — Pretax loss from operations 12,300 8,575 |
Schedule of Reconciliation of Income Tax Provision to Statutory Federal Income Tax Rate | Reconciliations of the total income tax provision tax rate to the statutory federal income tax rate of 21 % for the years ended December 31, 2023 and 2022, respectively, are as follows (in thousands): For the Years Ended December 31, 2023 2022 Income taxes at statutory rates $ ( 2,583 ) $ ( 1,802 ) State income tax, net of federal benefit 23 44 Permanent items 40 52 Equity based compensation 386 298 Federal research credits ( 122 ) ( 374 ) Federal return to provision ( 10 ) ( 1 ) Foreign taxes 100 43 Other 17 77 Change in federal valuation allowance 2,277 1,747 Income tax expense $ 128 $ 84 |
Deferred Income Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows (in thousands): As of December 31, 2023 2022 Deferred tax assets: Net operating loss carryforwards $ 5,846 $ 5,374 Research and AMT credits 3,937 3,742 Stock based compensation 1,831 1,891 Lease liability 383 611 Section 174 R&D Capitalization 4,159 2,319 Accrued and other 760 1,100 16,916 15,037 Less valuation allowance ( 14,578 ) ( 11,884 ) Deferred tax assets, net of allowance 2,338 3,153 Deferred tax liabilities: Fixed assets ( 501 ) ( 520 ) Goodwill ( 468 ) ( 418 ) Right-of-use asset ( 340 ) ( 556 ) Intangible asset ( 1,180 ) ( 1,798 ) Deferred tax liabilities ( 2,489 ) ( 3,292 ) Total deferred tax liabilities $ ( 151 ) $ ( 139 ) We have established a valuation allowance against our net deferred tax assets due to the uncertainty surrounding the |
Summary of Reconciliation of Unrecognized Tax Benefit Activity | The following table summarizes the reconciliation of the unrecognized tax benefits activity during the years ended December 31 (in thousands): 2023 2022 Beginning unrecognized tax benefits $ 1,305 $ 1,217 Gross increases - tax positions in prior period ( 65 ) ( 50 ) Gross decreases – tax positions in prior period - ( 9 ) Gross increases - current year tax positions 114 147 Purchase accounting — — Ending unrecognized tax benefits $ 1,354 $ 1,305 The unrecognized tax benefit amounts are reflected in the determination of the Company’s deferred tax assets. If recognized, |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Class of Stock Disclosures [Abstract] | |
Schedule of Common Stock Reserved for Future Issuance | The following common stock is reserved for future issuance (1) (in thousands): As of December 31, 2023 2022 Stock options issued and outstanding 2,104 2,065 Stock awards issued and outstanding 817 581 Authorized for grants under the 2016 Equity Incentive Plan (2) 448 507 Authorized for grants under the Inducement Plan (3) 174 294 Authorized for grants under the 2016 Employee Stock Purchase Plan (4) 540 378 4,083 3,825 (1) Treasury stock of 541,000 shares as of December 31, 2023 and 2022 are excluded from the table above. (2) On January 1 , 2023, the number of authorized shares in the 2016 Plan increased by 431,000 shares pursuant to the evergreen provisions of the 2016 Equity Incentive Plan. (3) On February 5, 2021, 300,000 shares were authorized pursuant to the terms of the Inducement Plan. 188,000 shares were issued under the Inducement Plan during the year ended December 31, 2023 . (4) On January 1, 2023, the number of authorized shares in the 2016 Employee Stock Purchase Plan increased by 100,000 shares pursuant to the evergreen provisions of the 2016 Employee Stock Purchase Plan. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Weighted Average Assumptions Used in Estimating Fair Value of Stock Options | The grant-date fair value of each option award is estimated on the date of grant using the Black-Scholes-Merton option-pricing model. The weighted average assumptions for grants during the years ended December 31, 2023 and 2022 are provided in the following table: For the Years Ended December 31, 2023 2022 Expected dividend yield 0 % 0 % Expected volatility 61.0 % 57.4 % Expected term (years) 4.3 5.6 Risk-free interest rate 4.0 % 4.6 % |
Summary of Outstanding Stock Option Activity | A summary of the Company’s stock option activity is as follows (shares in thousands): Weighted Average Number of Exercise Remaining contractual term (years) Aggregate Intrinsic Value (in thousands) Balance at December 31, 2022 2,065 $ 11.78 6.7 $ 758 Granted 396 $ 4.90 Exercised ( 12 ) $ 2.30 $ 40 Expired/Forfeited ( 345 ) $ 13.82 Balance at December 31, 2023 2,104 $ 10.20 6.2 $ 329 Vested and exercisable at December 31, 2023 1,482 $ 11.25 5.1 $ 264 Vested and expected to vest at December 31, 2023 2,104 $ 10.20 6.2 $ 329 |
Summary of Outstanding Restricted Stock Unit Activity | The following table summarizes the Company’s restricted stock unit activity (shares in thousands): Restricted Weighted average grant date fair value Balance at December 31, 2022 444 $ 11.78 Grants 726 $ 4.94 Vested and released ( 312 ) $ 8.13 Forfeited ( 152 ) $ 8.90 Balance at December 31, 2023 706 $ 6.97 |
Schedule Of Stock Based Compensation Expenses | Stock-based compensation is recorded in the consolidated statements of operations as follows (in thousands): For the Years Ended December 31, 2023 2022 Cost of goods sold $ 107 $ 181 Research and development 1,062 1,056 Sales and marketing 373 1,195 General and administrative 2,139 2,546 Total stock-based compensation expense $ 3,681 $ 4,978 |
Schedule of performance stock unit | The following table summarizes the Company's PSU activity during the period indicated (shares in thousands): Performance Weighted average grant date fair value Balance at December 31, 2022 137 $ 2.09 Grants 18 $ 0.60 Vested and released — $ — Forfeited ( 45 ) $ 2.20 Balance at December 31, 2023 110 $ 1.79 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Commitments and Contingencies Liability Recorded Related to Severance and Exit Costs | The following table presents details of the liability we recorded related to severance and exit costs: Severance and Exit Costs (In thousands) Balance at December 31, 2022 $ — Accrued to expense 612 Payments ( 562 ) Balance at December 31, 2023 $ 50 |
Concentrations (Tables)
Concentrations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
Schedule of Concentration of Sales and Accounts Receivable | The following represents customers that accounted for 10 % or more of total revenue: For the Years Ended December 31, 2023 2022 Customer A 15 % 17 % Customer B 15 % 13 % Customer C 10 % 10 % The following represents customers that accounted for 10 % or more of total trade accounts receivable: As of December, 31 2023 2022 Customer A 14 % 12 % Customer B 14 % 3 % Customer C 11 % 15 % Customer D 10 % 2 % The allowance for credit losses as of December 31, 2023 and 2022 were not material |
Summary Of Long Lived Assets By Geographical Region | The Company’s property and equipment, net by geographic region, are as follows (in thousands): As of December, 31 2023 2022 North America $ 2,295 $ 2,469 Asia Pacific (APAC) 86 138 Europe, Middle East and Africa (EMEA) 126 158 Property and equipment, net $ 2,507 $ 2,765 |
Disaggregated Revenues (Tables)
Disaggregated Revenues (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Disaggregated Revenues | Disaggregated revenues are as follows (in thousands): For the Years Ended December 31, 2023 2022 By Market Group: Consumer $ 18,934 $ 25,793 Enterprise 27,209 34,533 Automotive 9,897 15,569 Total sales $ 56,040 $ 75,895 By Geography: North America $ 33,916 $ 45,678 China (including Hong Kong and Taiwan) 20,293 28,086 Rest of the world 1,831 2,131 Total sales $ 56,040 $ 75,895 Timing of revenue recognition: Products and services transferred at a point in time $ 52,736 $ 73,109 Products and services transferred over time 3,304 2,786 Total sales $ 56,040 $ 75,895 |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2023 USD ($) d | Dec. 31, 2022 USD ($) | |
Significant Accounting Policies [Line Items] | ||
Shipping and other transportation costs | $ 400,000 | $ 500,000 |
Advertising costs | $ 300,000 | $ 500,000 |
Minimum [Member] | ||
Significant Accounting Policies [Line Items] | ||
Deferred revenue recognition period | 3 months | |
Revenue Recognition Payment Terms | d | 30 | |
Property and equipment, estimated useful life | 3 years | |
Maximum [Member] | ||
Significant Accounting Policies [Line Items] | ||
Cash, FDIC Insured Amount | $ 250,000 | |
Deferred revenue recognition period | 18 months | |
Revenue Recognition Payment Terms | d | 90 | |
Property and equipment, estimated useful life | 10 years |
Net Loss Per Share - Summary of
Net Loss Per Share - Summary of Computation of Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Net Income (Loss) | $ (12,428) | $ (8,659) |
Weighted Average Number of Shares Outstanding, Basic | 10,392 | 10,190 |
Weighted Average Number of Shares Outstanding, Diluted | 10,392 | 10,190 |
Basic | $ (1.2) | $ (0.85) |
Diluted | $ (1.2) | $ (0.85) |
Net Loss Per Share - Summary _2
Net Loss Per Share - Summary of Potentially Dilutive Securities (Details) - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Stock Options and Restricted Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities not included in the calculation of diluted net loss per share | 2,246 | 1,903 |
Total common stock equivalent shares [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities not included in the calculation of diluted net loss per share | 2,246 | 1,903 |
Cash and Cash Equivalents - Sch
Cash and Cash Equivalents - Schedule of Cash and Cash Equivalents by Significant Investment Category (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Cash and Cash Equivalents [Line Items] | ||
Cash | $ 7,581 | $ 8,323 |
Level 1 | ||
Cash and Cash Equivalents [Line Items] | ||
Cash and cash equivalents and Short term investments, Amortized cost | 7,881 | 11,903 |
Money Market Funds | Level 1 | ||
Cash and Cash Equivalents [Line Items] | ||
Cash equivalents | $ 300 | $ 3,580 |
Cash and Cash Equivalents - Add
Cash and Cash Equivalents - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Restricted cash | $ 95,000 | $ 175,000 |
Restricted cash -short term | 40,000 | 80,000 |
Restricted cash -long term | $ 55,000 | $ 95,000 |
Inventory - Schedule of invento
Inventory - Schedule of inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Inventories [Member] | ||
Statement [Table] | ||
Raw materials | $ 661 | $ 1,060 |
Finished goods | 1,742 | 3,166 |
Total Inventory | 2,403 | 4,226 |
Consigned inventories [Member] | ||
Statement [Table] | ||
Raw materials | 558 | 631 |
Finished goods | 598 | 2,272 |
Total Inventory | $ 1,156 | $ 2,903 |
Inventory (Additional Informati
Inventory (Additional Information) (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Reserve for excess and obsolete inventory | $ 1.7 | $ 0.9 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property Plant And Equipment [Line Items] | ||
Depreciation expense | $ 661 | $ 675 |
Maximum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, estimated useful life | 10 years | |
Property, Plant and Equipment, Other Types [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, estimated useful life | 10 years |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 7,557 | $ 7,170 |
Less accumulated depreciation | (5,050) | (4,405) |
Property and equipment, net | 2,507 | 2,765 |
Computers and Software | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 811 | 703 |
Furniture, Fixtures, and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 427 | 409 |
Manufacturing and Testing Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 5,371 | 5,194 |
Construction in Progress | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 45 | 16 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 848 | 848 |
Vehicles | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 55 | $ 0 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Schedule of Change in the Carrying Amount of Goodwill (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill, Beginning Balance | $ 10,845 |
Goodwill, Ending Balance | $ 10,845 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Summary of Acquired Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 20,095 | $ 20,095 |
Accumulated amortization | 11,861 | 8,892 |
Total | $ 8,234 | $ 11,203 |
Market related intangibles | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Weighted average amortization period (years) | 5 years | 5 years |
Gross carrying amount | $ 1,820 | $ 1,820 |
Accumulated amortization | 1,135 | 795 |
Total | $ 685 | $ 1,025 |
Customer relationships | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Weighted average amortization period (years) | 7 years | 7 years |
Gross carrying amount | $ 13,780 | $ 13,780 |
Accumulated amortization | 8,993 | 6,720 |
Total | $ 4,787 | $ 7,060 |
Developed technologies | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Weighted average amortization period (years) | 11 years | 11 years |
Gross carrying amount | $ 4,380 | $ 4,380 |
Accumulated amortization | 1,618 | 1,263 |
Total | $ 2,762 | $ 3,117 |
Covenants to non-compete | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Weighted average amortization period (years) | 2 years | 2 years |
Gross carrying amount | $ 115 | $ 115 |
Accumulated amortization | 115 | 114 |
Total | $ 0 | $ 1 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Schedule of Estimated Annual Amortization of Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2024 | $ 2,968 | |
2025 | 2,958 | |
2026 | 557 | |
2027 | 356 | |
Thereafter | 1,395 | |
Total | $ 8,234 | $ 11,203 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization | $ 2,969 | $ 3,026 |
GoodwillI impairment Loss | 0 | 0 |
Impairment losses intangible assets | $ 0 | $ 0 |
Accrued Liabilities and Other -
Accrued Liabilities and Other - Summary of Accrued Liabilities and Other (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accrued Liabilities and Other Liabilities [Abstract] | ||
Accrued expenses | $ 1,031 | $ 815 |
VAT payable | 339 | 339 |
Accrued income taxes | 145 | 166 |
Advanced payments from contract manufacturers | 17 | 210 |
Contract liabilities | 0 | 32 |
Goods received not invoiced | 185 | 529 |
Other current liabilities | 209 | 524 |
Accrued liabilities and other | $ 1,926 | $ 2,615 |
Long-term Notes Payable and L_2
Long-term Notes Payable and Line of Credit - Additional Information (Details) - USD ($) $ in Thousands | Feb. 18, 2022 | Dec. 31, 2022 |
Line Of Credit Facility [Line Items] | ||
Line of credit | $ 0 | |
Revolving Credit Facility | ||
Line Of Credit Facility [Line Items] | ||
Line of credit facility interest rate description | The line of credit bore an interest rate of WSJ prime (currently 7.5%) plus 1.75% | |
Line of credit | $ 4,000 | |
Line of credit facility borrowing base limitation percentage of eligible receivables | 80% | |
Line of Credit Facility, Commitment Fee Amount | $ 15,000 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Lessee, Lease, Description [Line Items] | ||
Operating lease option to extend | 5 years | |
Operating lease weighted average discount rate percent | 3.80% | 3.90% |
Operating lease weighted average remaining lease term | 1 year 9 months 18 days | 2 years 8 months 12 days |
Operating lease cost | $ 1 | $ 1 |
Short-term leases expense | $ 0.1 | $ 0.2 |
Lease expiration date | Dec. 31, 2025 | |
Maximum [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease term of contract | 5 years | |
Minimum [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease term of contract | 1 year |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments on Operating Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
2024 | $ 903 | |
2025 | 687 | |
Total minimum payments | 1,590 | |
Less imputed interest | (54) | |
Less unrealized translation gain | 3 | |
Total lease liabilities | 1,539 | |
Less short-term lease liabilities | (865) | $ (904) |
Long-term lease liabilities | $ 674 | $ 1,536 |
Income Taxes - The components o
Income Taxes - The components of the pretax loss from operations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Pretax loss from operations | $ 12,300 | $ 8,575 |
U.S. Domestic | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Pretax loss from operations | 12,235 | 8,575 |
Foreign | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Pretax loss from operations | $ 65 | $ 0 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Provision (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Current: | ||
U.S. federal | $ 0 | $ (13) |
State and local | 16 | 24 |
Foreign | 100 | 43 |
Total current provision | 116 | 54 |
Deferred: | ||
U.S. federal | 9 | 10 |
State and local | 3 | 20 |
Total deferred provision (benefit) | 12 | 30 |
Total tax provision | $ 128 | $ 84 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2018 | |
Income Taxes [Line Items] | |||
U.S. federal statutory tax rate | 21% | 21% | |
Valuation allowance | $ 14,578,000 | $ 11,884,000 | |
Increase in valuation allowance | $ 2,700,000 | ||
Cumulative change in ownership percentage | 50% | ||
Unrecognized tax benefit that would impact effective tax rate, if recognized | $ 120,000 | ||
Income tax interest and penalties accrued | 100,000 | $ 100,000 | |
U.S. Domestic | |||
Income Taxes [Line Items] | |||
Net operating loss carry forwards | $ 23,200,000 | ||
Net operating loss carryforwards begin to expire | 2029 | ||
Post 2018 operating loss carryforward available to offset future taxable income | $ 11,900,000 | ||
Percentage of future taxable income offset by operating loss carryforward | 80% | ||
Tax credit carry forwards | $ 2,100,000 | ||
Tax credit carry forwards, expire period | 2026 | ||
State | |||
Income Taxes [Line Items] | |||
Net operating loss carry forwards | $ 11,500,000 | ||
Net operating loss carryforwards begin to expire | 2026 | ||
Tax credit carry forwards | $ 1,800,000 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Income Tax Provision to Statutory Federal Income Tax Rate (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||
Income taxes at statutory rates | $ (2,583) | $ (1,802) |
State income tax, net of federal benefit | 23 | 44 |
Permanent items | 40 | 52 |
Equity based compensation | 386 | 298 |
Federal research credits | (122) | (374) |
Federal return to provision | (10) | (1) |
Foreign taxes | 100 | 43 |
Other | 17 | 77 |
Change in federal valuation allowance | 2,277 | 1,747 |
Total tax provision | $ 128 | $ 84 |
Income Taxes - Deferred Income
Income Taxes - Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 5,846 | $ 5,374 |
Research and AMT credits | 3,937 | 3,742 |
Stock based compensation | 1,831 | 1,891 |
Lease Liability | 383 | 611 |
Section 174 R&D Capitalization | 4,159 | 2,319 |
Accrued and other | 760 | 1,100 |
Deferred Tax Assets, Gross | 16,916 | 15,037 |
Less valuation allowance | (14,578) | (11,884) |
Deferred tax assets, net of allowance | 2,338 | 3,153 |
Deferred tax liabilities: | ||
Fixed assets | (501) | (520) |
Goodwill | (468) | (418) |
Right-of-use asset | (340) | (556) |
Intangible asset | (1,180) | (1,798) |
Deferred tax liabilities | (2,489) | (3,292) |
Total deferred tax liabilities | $ (151) | $ (139) |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation of Unrecognized Tax Benefit Activity (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Beginning unrecognized tax benefits | $ 1,305 | $ 1,217 |
Gross increases - tax positions in prior period | (65) | (50) |
Gross decreases-tax positions in prior period | 0 | (9) |
Gross increases - current year tax positions | 114 | 147 |
Purchase accounting | 0 | 0 |
Ending unrecognized tax benefits | $ 1,354 | $ 1,305 |
Stock Based Compensation - Sche
Stock Based Compensation - Schedule Of Stock Based Compensation Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Share-based payment arrangement, expense | $ 3,681 | $ 4,978 |
Cost of goods sold | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Share-based payment arrangement, expense | 107 | 181 |
Research and development | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Share-based payment arrangement, expense | 1,062 | 1,056 |
Sales and marketing | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Share-based payment arrangement, expense | 373 | 1,195 |
General and administrative | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Share-based payment arrangement, expense | $ 2,139 | $ 2,546 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Common Stock Reserved for Future Issuance (Details) - shares | Dec. 31, 2023 | Dec. 31, 2022 | |
Class Of Stock [Line Items] | |||
Common stock, reserved for future issuance | 4,083,000 | 3,825,000 | |
Stock options issued and outstanding [Member] | |||
Class Of Stock [Line Items] | |||
Common stock, reserved for future issuance | 2,104,000 | 2,065,000 | |
Stock awards issued and outstanding [Member] | |||
Class Of Stock [Line Items] | |||
Common stock, reserved for future issuance | 817,000 | 581,000 | |
Authorized for Grants under the 2016 Equity Incentive Plan | |||
Class Of Stock [Line Items] | |||
Common stock, reserved for future issuance | [1] | 448,000 | 507,000 |
Authorized for grants under the 2016 Employee Stock Purchase Plan | |||
Class Of Stock [Line Items] | |||
Common stock, reserved for future issuance | [2] | 540,000 | 378,000 |
2021 Inducement Plan | |||
Class Of Stock [Line Items] | |||
Common stock, reserved for future issuance | [3] | 174,000 | 294,000 |
[1] On January 1 , 2023, the number of authorized shares in the 2016 Plan increased by 431,000 shares pursuant to the evergreen provisions of the 2016 Equity Incentive Plan. On January 1, 2023, the number of authorized shares in the 2016 Employee Stock Purchase Plan increased by 100,000 shares pursuant to the evergreen provisions of the 2016 Employee Stock Purchase Plan. On February 5, 2021, 300,000 shares were authorized pursuant to the terms of the Inducement Plan. 188,000 shares were issued under the Inducement Plan during the year ended December 31, 2023 |
Stockholders' Equity - Schedu_2
Stockholders' Equity - Schedule of Common Stock Reserved for Future Issuance (Parenthetical) (Details) - shares | 12 Months Ended | |||
Jan. 01, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Feb. 05, 2021 | |
Class Of Stock [Line Items] | ||||
Treasury stock, shares at cost | 541,000 | 541,000 | ||
2016 Equity Incentive Plan | ||||
Class Of Stock [Line Items] | ||||
Number of authorized shares increased | 431,000 | |||
2016 Employee Stock Purchase Plan | ||||
Class Of Stock [Line Items] | ||||
Number of authorized shares increased | 100,000 | |||
Inducement Plan | ||||
Class Of Stock [Line Items] | ||||
Number of authorized shares | 300,000 | |||
Number of shares issued | 188,000 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2019 | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Intrinsic value of stock options exercised | $ 40,000 | |||
Stock-based compensation | $ 3,681,000 | $ 4,978,000 | ||
Common stock, reserved for future issuance | 4,083,000 | 3,825,000 | ||
Employee Stock Purchase Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Offering period of employee stock purchase plan | 6 months | |||
Limited percentage of annual contribution | 20% | |||
Percentage of discount and fair value of option | 15% | |||
Proceeds from stock issued during period | $ 200,000 | $ 400,000 | ||
Number of stock issued during period | 38,401 | 47,852 | ||
Restricted Stock Units | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total unrecognized compensation cost | $ 3,400,000 | |||
Total unrecognized compensation cost, period for recognition | 2 years 10 months 24 days | |||
Restricted stock units, Grants | 726,000 | |||
Restricted stock units, Vested | 312,000 | |||
Weighted average grant date fair value, Grants | $ 4.94 | $ 8.05 | ||
Restricted stock units, vesting period description | vest equally after each of the annual anniversaries over a four-year period. | |||
Restricted Stock Units | Employees | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Restricted stock units, vesting period description | fully vest on the one year anniversary of the grant date. Employees and consultants were granted 698,200 | |||
Restricted stock units, vesting period | 4 years | |||
Restricted Stock Units | Employees And Consultants [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Restricted stock units, Vested | 698,200 | 274,800 | ||
Weighted average grant date fair value, Grants | $ 4.82 | |||
Restricted stock units, vesting period | 4 years | |||
Employee Stock Option [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Proceeds from exercise of stock options | $ 28,000 | $ 21,000 | ||
Weighted average grant-date fair value of options granted | $ 2.53 | $ 4.58 | ||
Grant date fair value of shares vested | $ 1,900,000 | $ 3,400,000 | ||
Total unrecognized compensation cost | $ 2,100,000 | |||
Total unrecognized compensation cost, period for recognition | 2 years 6 months | |||
Performance Stock Units | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total unrecognized compensation cost | $ 100,000 | |||
Restricted stock units, Grants | 18,000 | |||
Restricted stock units, Vested | 0 | |||
Weighted average grant date fair value, Grants | $ 0.6 | |||
Description of performance stock unit | Service as well as market and performance conditions determine the number of PSUs that the holder will earn from 0% to 150% of the target number of shares. The percentage received is based on the Company common stock price targets over a three-year service period. Additionally, the Company must achieve or exceed 75% of the year to date revenue target measured at the end of the quarter in which the price target is achieved. The market conditions have not currently been met. | |||
Weighted average remaining contractual term | 1 year 3 months 18 days | |||
Share-Settled Obligation [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation expense -Share-Settled Obligation | $ 100,000 | |||
Share-Settled Obligation Setteled | 900,000 | |||
Share Granted upon Settlement of debt | 187,200 | |||
Board of Directors Chairman | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of stock option value awarded per year -Chairperson | 45,000 | 45,000 | $ 45,000 | |
Board of Directors Chairman | Restricted Stock Units | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of restricted stock units value awarded per year -Chairperson | $ 45,000 | $ 45,000 | $ 45,000 | |
Restricted stock units, Grants | 28,000 | 19,100 | ||
Weighted average grant date fair value, Grants | $ 8 | $ 9.46 | ||
Minimum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Service period for stock options granted to employees | 1 year | |||
Minimum [Member] | Restricted Stock Units | Employees | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Restricted stock units, vesting period description | vest on grant date or vest equally after each of the annual anniversaries over a four year period. | |||
Maximum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Service period for stock options granted to employees | 4 years | |||
Maximum [Member] | Employee Stock Purchase Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Purchase price percentage of market value of common stock | 85% | |||
Authorized for Grants under the 2016 Equity Incentive Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Common stock, reserved for future issuance | [1] | 448,000 | 507,000 | |
[1] On January 1 , 2023, the number of authorized shares in the 2016 Plan increased by 431,000 shares pursuant to the evergreen provisions of the 2016 Equity Incentive Plan. |
Stock Based Compensation - Weig
Stock Based Compensation - Weighted Average Assumptions Used in Estimating Fair Value of Stock Options (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-based compensation arrangement by share-based payment award, Fair value assumptions and methodology | ||
Expected dividend yield | 0% | 0% |
Expected volatility | 61% | 57.40% |
Expected term (years) | 4 years 3 months 18 days | 5 years 7 months 6 days |
Risk-free interest rate | 4% | 4.60% |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Outstanding Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||
Number of shares, Beginning balance | 2,065 | |
Number of shares, Granted | 396 | |
Number of shares, Exercised | (12) | |
Number of shares, Expired/Forfeited | (345) | |
Number of shares, Ending balance | 2,104 | 2,065 |
Number of shares, Vested and exercisable | 1,482 | |
Number of shares, Vested and expected to vest | 2,104 | |
Weighted average exercise price, Beginning balance | $ 11.78 | |
Weighted average exercise price, Granted | 4.9 | |
Weighted average exercise price, Exercised | 2.3 | |
Weighted average exercise price, Expired/Forfeited | 13.82 | |
Weighted average exercise price, Ending balance | 10.2 | $ 11.78 |
Weighted average exercise price, Vested and exercisable | 11.25 | |
Weighted average exercise price, Vested and expected to vest | $ 10.2 | |
Weighted average remaining contractual term | 6 years 2 months 12 days | 6 years 8 months 12 days |
Weighted average remaining contractual term, Vested and exercisable | 5 years 1 month 6 days | |
Weighted average remaining contractual term, Vested and expected to vest | 6 years 2 months 12 days | |
Aggregate intrinsic value, Beginning Balance | $ 758 | |
Intrinsic value of stock options exercised | 40 | |
Aggregate Intrinsic Value, Ending Balance | 329 | $ 758 |
Aggregate intrinsic value vested and exercisable | 264 | |
Stock options expected to vest aggregate intrinsic value | $ 329 |
Stock Based Compensation - Su_2
Stock Based Compensation - Summary of Outstanding Restricted Stock Unit Activity (Details) - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Restricted Stock Units | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Restricted stock units, Beginning balance | 444 | |
Restricted stock units, Grants | 726 | |
Restricted stock units, Vested and released | (312) | |
Forfeited | (152) | |
Restricted stock units, Ending balance | 706 | 444 |
Weighted average grant date fair value, Beginning balance | $ 11.78 | |
Weighted average grant date fair value, Grants | 4.94 | $ 8.05 |
Weighted average grant date fair value, Vested | 8.13 | |
Weighted Average Grant Date Fair Value Forfeited | 8.90 | |
Weighted average grant date fair value, Ending balance | $ 6.97 | $ 11.78 |
Performance Stock Units | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Restricted stock units, Beginning balance | 137 | |
Restricted stock units, Grants | 18 | |
Restricted stock units, Vested and released | 0 | |
Forfeited | (45) | |
Restricted stock units, Ending balance | 110 | 137 |
Weighted average grant date fair value, Beginning balance | $ 2.09 | |
Weighted average grant date fair value, Grants | 0.6 | |
Weighted average grant date fair value, Vested | 0 | |
Weighted Average Grant Date Fair Value Forfeited | 2.2 | |
Weighted average grant date fair value, Ending balance | $ 1.79 | $ 2.09 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Commitment And Contingencies [Line Items] | ||
Accrual warranty | $ 0.1 | $ 0.2 |
Lease expiration date | Dec. 31, 2025 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of liability recorded related to severance and exit costs (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Opening Balance | $ 0 |
Accrued to expense | 612 |
Payments | (562) |
Closing Balance | $ 50 |
Concentrations - Additional Inf
Concentrations - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Customer Concentration Risk | Major Customers | Net Revenue | |
Concentration Risk [Line Items] | |
Concentration risk percentage | 10% |
Customer Concentration Risk | Major Customers | Trade Accounts Receivable | |
Concentration Risk [Line Items] | |
Concentration risk percentage | 10% |
Concentration of Cash | |
Concentration Risk [Line Items] | |
Percentage of Cash Deposite | 88% |
Concentrations - Schedule of Co
Concentrations - Schedule of Concentration of Sales and Accounts Receivable (Details) - Customer Concentration Risk | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net Revenue | Customer A | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 15% | 17% |
Net Revenue | Customer B | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 15% | 13% |
Net Revenue | Customer C | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 10% | 10% |
Trade Accounts Receivable | Customer A | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 14% | 12% |
Trade Accounts Receivable | Customer B | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 14% | 3% |
Trade Accounts Receivable | Customer C | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 11% | 15% |
Trade Accounts Receivable | Customer D | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 10% | 2% |
Concentrations - Schedule Of Lo
Concentrations - Schedule Of Long Lived Assets By Geographical Region (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-Lived Assets | $ 2,507 | $ 2,765 |
North America | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-Lived Assets | 2,295 | 2,469 |
Asia Pacific (APAC) | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-Lived Assets | 86 | 138 |
Europe, Middle East and Africa (EMEA) | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-Lived Assets | $ 126 | $ 158 |
Disaggregated Revenues - Summar
Disaggregated Revenues - Summary of Disaggregated Revenues By Sales Channel (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disaggregation Of Revenue [Line Items] | ||
Disaggregated revenues | $ 56,040 | $ 75,895 |
Disaggregated Revenues - Summ_2
Disaggregated Revenues - Summary of Disaggregated Revenues By Market Group (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Sales | $ 56,040 | $ 75,895 |
Consumer | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 18,934 | 25,793 |
Enterprise | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 27,209 | 34,533 |
Automotive | ||
Disaggregation of Revenue [Line Items] | ||
Sales | $ 9,897 | $ 15,569 |
Disaggregated Revenues - Summ_3
Disaggregated Revenues - Summary of Disaggregated Revenues By Geography (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disaggregation Of Revenue [Line Items] | ||
Disaggregated revenues | $ 56,040 | $ 75,895 |
China including Hong Kong and Taiwan | ||
Disaggregation Of Revenue [Line Items] | ||
Disaggregated revenues | 20,293 | 28,086 |
North America | ||
Disaggregation Of Revenue [Line Items] | ||
Disaggregated revenues | 33,916 | 45,678 |
Rest of the world | ||
Disaggregation Of Revenue [Line Items] | ||
Disaggregated revenues | $ 1,831 | $ 2,131 |
Disaggregated Revenues - Summ_4
Disaggregated Revenues - Summary of Disaggregated Revenue Timing of revenue recognition (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 56,040 | $ 75,895 |
Transferred at Point in Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 52,736 | 73,109 |
Transferred over Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 3,304 | $ 2,786 |
Disaggregated Revenues - Additi
Disaggregated Revenues - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 56,040,000 | $ 75,895,000 |
United States | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 33,600,000 | 45,300,000 |
Contract With Customer Right To Recover Product | 100,000 | 300,000 |
Contract with Customer, Liability, Current | 17,000 | $ 200,000 |
Recognized revenue remaining performance obligations | $ 600,000 |
Employee Benefit Plan - Additio
Employee Benefit Plan - Additional Information (Detail) - 401 K - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Employers matching contribution, annual maximum contribution percentage | 20% | |
Maximum annual contribution percentage per employee that is match by employer | 100% | |
Employer discretionary contribution amount | $ 0 | |
Maximum contribution that is matched by the employer | 4% | |
Contribution expense | $ 300 | $ 300 |