Airgain (AIRG) 10-Q 12 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Nov. 05, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Trading Symbol	AIRG
Entity Registrant Name	AIRGAIN, INC.
Entity Central Index Key	0001272842
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
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		11,344,639
Document Quarterly 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

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 7,346	$ 7,881
Trade accounts receivable, net	11,800	7,375
Inventories	2,618	2,403
Prepaid expenses and other current assets	1,501	1,422
Total current assets	23,265	19,081
Property and equipment, net	2,128	2,507
Leased right-of-use assets	938	1,392
Goodwill	10,845	10,845
Intangible assets, net	6,009	8,234
Other assets	69	170
Total assets	43,254	42,229
Current liabilities:
Accounts payable	7,438	6,472
Accrued compensation	1,760	728
Accrued liabilities and other	2,053	1,926
Short-term lease liabilities	848	865
Total current liabilities	12,099	9,991
Deferred tax liability	163	151
Long-term lease liabilities	181	674
Total liabilities	12,443	10,816
Commitments and contingencies (Note 13)
Stockholders’ equity:
Common stock and additional paid-in capital, par value $0.0001, 200,000 shares authorized; 11,881 shares issued and 11,340 shares outstanding at September 30, 2024; and 11,010 shares issued and 10,469 shares outstanding at December 31, 2023.	121,412	115,295
Treasury stock, at cost: 541 shares at September 30, 2024 and December 31, 2023.	(5,364)	(5,364)
Accumulated deficit	(85,246)	(78,521)
Accumulated other comprehensive income	9	3
Total stockholders’ equity	30,811	31,413
Total liabilities and stockholders’ equity	$ 43,254	$ 42,229

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
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 issue	11,881,000	11,010,000
Common stock, shares outstanding	11,340,000	10,469,000
Treasury stock, shares at cost	541,000	541,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Sales	$ 16,101	$ 13,696	$ 45,516	$ 45,970
Cost of goods sold	9,387	8,460	27,078	28,137
Gross profit	6,714	5,236	18,438	17,833
Operating expenses:
Research and development	2,855	2,298	9,091	7,337
Sales and marketing	2,395	1,704	6,902	6,875
General and administrative	3,278	3,144	9,393	10,533
Total operating expenses	8,528	7,146	25,386	24,745
Loss from operations	(1,814)	(1,910)	(6,948)	(6,912)
Other (income) expense:
Interest income, net	(29)	(34)	(82)	(68)
Other expense, net	11	1	4	16
Total other income, net	(18)	(33)	(78)	(52)
Loss before income taxes	(1,796)	(1,877)	(6,870)	(6,860)
Income tax (benefit) expense	(39)	4	(145)	84
Net loss	$ (1,757)	$ (1,881)	$ (6,725)	$ (6,944)
Net loss per share:
Basic	$ (0.16)	$ (0.18)	$ (0.62)	$ (0.67)
Diluted	$ (0.16)	$ (0.18)	$ (0.62)	$ (0.67)
Weighted average shares used in calculating loss per share:
Basic	11,315	10,430	10,930	10,370
Diluted	11,315	10,430	10,930	10,370

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net Income (Loss)	$ (1,757)	$ (1,881)	$ (6,725)	$ (6,944)
Other comprehensive loss:
Foreign currency translation adjustment	10	0	6	0
Comprehensive loss	$ (1,747)	$ (1,881)	$ (6,719)	$ (6,944)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock and Additional Paid-in Capital	Treasury Stock	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit
Shares, Outstanding, Beginning Balance at Dec. 31, 2022		10,767	(541)
Beginning balance at Dec. 31, 2022	$ 39,825	$ 111,282	$ (5,364)		$ (66,093)
Net Income (Loss)	(2,858)				(2,858)
Stock-based compensation	1,874	$ 1,874
Common stock Issued through restricted stock awards, shares		278
Common stock withheld related to net share settlement of equity awards, Share		(118)
Common stock withheld related to net share settlement of equity awards	(678)	$ (678)
Common stock issued under ESPP, Share		22
Common stock issued under ESPP, Value	137	$ 137
Ending balance at Mar. 31, 2023	38,300	$ 112,615	$ (5,364)		(68,951)
Shares, Outstanding, Ending Balance at Mar. 31, 2023		10,949	(541)
Shares, Outstanding, Beginning Balance at Dec. 31, 2022		10,767	(541)
Beginning balance at Dec. 31, 2022	39,825	$ 111,282	$ (5,364)		(66,093)
Net Income (Loss)	(6,944)
Foreign currency translation adjustment	0
Ending balance at Sep. 30, 2023	35,765	$ 114,166	$ (5,364)		(73,037)
Shares, Outstanding, Ending Balance at Sep. 30, 2023		10,985	(541)
Shares, Outstanding, Beginning Balance at Mar. 31, 2023		10,949	(541)
Beginning balance at Mar. 31, 2023	38,300	$ 112,615	$ (5,364)		(68,951)
Net Income (Loss)	(2,205)				(2,205)
Stock-based compensation	968	$ 968
Common stock Issued through restricted stock awards, shares		5
Common stock Issued through stock options, Share		12
Common stock Issued through stock options	28	$ 28
Common stock withheld related to net share settlement of equity awards, Share		(2)
Common stock withheld related to net share settlement of equity awards	(12)	$ (12)
Ending balance at Jun. 30, 2023	37,079	$ 113,599	$ (5,364)		(71,156)
Shares, Outstanding, Ending Balance at Jun. 30, 2023		10,964	(541)
Net Income (Loss)	(1,881)				(1,881)
Stock-based compensation	500	$ 500
Common stock Issued through restricted stock awards, shares		4
Common stock issued under ESPP, Share		17
Common stock issued under ESPP, Value	67	$ 67
Foreign currency translation adjustment	0
Ending balance at Sep. 30, 2023	35,765	$ 114,166	$ (5,364)		(73,037)
Shares, Outstanding, Ending Balance at Sep. 30, 2023		10,985	(541)
Shares, Outstanding, Beginning Balance at Dec. 31, 2023		11,010	(541)
Beginning balance at Dec. 31, 2023	31,413	$ 115,295	$ (5,364)	$ 3	(78,521)
Net Income (Loss)	(2,455)				(2,455)
Stock-based compensation	1,087	$ 1,087
Common stock Issued through restricted stock awards, shares		169
Common stock withheld related to net share settlement of equity awards, Share		(24)
Common stock withheld related to net share settlement of equity awards	(94)	$ (94)
Common stock issued under ESPP, Share		23
Common stock issued under ESPP, Value	76	$ 76
Foreign currency translation adjustment	(2)			(2)
Common stock Issued in connection with at-the-market offerings, net Share		124
Common stock Issued in connection with at-the-market offerings, net Value	488	$ 488
Ending balance at Mar. 31, 2024	30,513	$ 116,852	$ (5,364)	1	(80,976)
Shares, Outstanding, Ending Balance at Mar. 31, 2024		11,302	(541)
Shares, Outstanding, Beginning Balance at Dec. 31, 2023		11,010	(541)
Beginning balance at Dec. 31, 2023	31,413	$ 115,295	$ (5,364)	3	(78,521)
Net Income (Loss)	(6,725)
Foreign currency translation adjustment	6
Ending balance at Sep. 30, 2024	30,811	$ 121,412	$ (5,364)	9	(85,246)
Shares, Outstanding, Ending Balance at Sep. 30, 2024		11,881	(541)
Shares, Outstanding, Beginning Balance at Mar. 31, 2024		11,302	(541)
Beginning balance at Mar. 31, 2024	30,513	$ 116,852	$ (5,364)	1	(80,976)
Net Income (Loss)	(2,513)				(2,513)
Stock-based compensation	1,049	$ 1,049
Common stock Issued through restricted stock awards, shares		27
Common stock Issued through stock options, Share		8
Common stock Issued through stock options	25	$ 25
Foreign currency translation adjustment	(2)			(2)
Common stock Issued in connection with at-the-market offerings, net Share		505
Common stock Issued in connection with at-the-market offerings, net Value	2,518	$ 2,518
Ending balance at Jun. 30, 2024	31,590	$ 120,444	$ (5,364)	(1)	(83,489)
Shares, Outstanding, Ending Balance at Jun. 30, 2024		11,842	(541)
Net Income (Loss)	(1,757)				(1,757)
Stock-based compensation	882	$ 882
Common stock Issued through restricted stock awards, shares		14
Common stock Issued through stock options, Share		2
Common stock Issued through stock options	10	$ 10
Common stock issued under ESPP, Share		23
Common stock issued under ESPP, Value	76	$ 76
Foreign currency translation adjustment	10			10
Ending balance at Sep. 30, 2024	$ 30,811	$ 121,412	$ (5,364)	$ 9	$ (85,246)
Shares, Outstanding, Ending Balance at Sep. 30, 2024		11,881	(541)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (6,725)	$ (6,944)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation	418	500
Amortization of intangible assets	2,233	2,227
Stock-based compensation	3,334	2,472
Deferred tax liability	12	7
Amortization of prepaid assets	132	0
Changes in operating assets and liabilities:
Trade accounts receivable	(4,426)	2,469
Inventories	(214)	276
Prepaid expenses and other current assets	(119)	203
Other assets	101	6
Accounts payable	965	(1,100)
Accrued compensation	707	(1,338)
Accrued liabilities and other	138	(102)
Lease liabilities	(57)	(40)
Net cash used in operating activities	(3,501)	(1,364)
Cash flows from investing activities:
Purchases of property and equipment	(177)	(172)
Net cash used in investing activities	(177)	(172)
Cash flows from financing activities:
Proceeds from at-the-market common stock offering, net of offering costs	3,006	0
Payments for withholding taxes related to net share settlement of equity awards	(95)	(690)
Proceeds from employee stock purchase and option exercises	187	232
Net cash provided by (used in) financing activities	3,098	(458)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	5	0
Net decrease in cash, cash equivalents and restricted cash	(575)	(1,994)
Cash, cash equivalents, and restricted cash; beginning of period	7,976	12,078
Cash, cash equivalents, and restricted cash; end of period	7,401	10,084
Supplemental disclosure of cash flow information:
Income taxes paid	42	78
Income taxes refunded	50	0
Supplemental disclosure of non-cash investing and financing activities:
Operating lease liabilities resulting from right-of-use assets	179	11
Accrual of property and equipment	0	17
Cash and cash equivalents	7,346	9,989
Restricted cash included in prepaid expenses and other current assets and other assets long term	55	95
Total cash, cash equivalents, and restricted cash	$ 7,401	$ 10,084

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (1,757)	$ (2,513)	$ (2,455)	$ (1,881)	$ (2,205)	$ (2,858)	$ (6,725)	$ (6,944)

Insider Trading Arrangements

Insider Trading Arrangements shares in Thousands	3 Months Ended
	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Director and Officer Trading Arrangements: Rule 10b5-1 Trading Plans From time to time, our officers (as defined in Rule 16a-1(f) of the Exchange Act) and directors may enter into Rule 10b5-1 or non-Rule 10b5-1 trading arrangements (as each such term is defined in Item 408 of Regulation S-K). On August 26, 2024 , Ali Sadri , our Chief Technology Officer , adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) of the Exchange Act. The plan provides for the potential sale of up to 9,000 shares of the Company's common stock from December 10, 2024 through August 26, 2025 . During the three months ended September 30, 2024 , no other director or officer adopted , modified or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement.
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
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false
Ali Sadri [Member]
Trading Arrangements, by Individual
Name	Ali Sadri
Title	Chief Technology Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 26, 2024
Expiration Date	August 26, 2025
Arrangement Duration	259 days
Aggregate Available	9,000

Description of Business and Bas

Description of Business and Basis of Presentation	9 Months Ended
	Sep. 30, 2024
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 unaudited condensed 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 interim financial reporting. Certain information and note disclosures normally included in the consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Interim financial results are not necessarily indicative of results anticipated for the full year. As such, the information included in this quarterly report on Form 10-Q should be read in conjunction with the financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 , from which the balance sheet information herein was derived. The unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies During the nine months ended September 30, 2024, there have been no material changes to the Company’s significant accounting policies as described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. 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. Inventories 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 consigned inventories at third-party contract manufacturer (CM) locations due to actual or pending customers' orders. The Company recognized the consigned inventory as an asset in its financial statements. 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. 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. 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 We account for our goodwill under the authoritative guidance ASC 250 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 macro-economic 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 $ 0.1 million for each of the three months ended September 30, 2024 and 2023 . 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. 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. 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, and accrued liabilities 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 None. 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 will evaluate the ASU to determine its impact on the Company’s disclosures. 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. In March 2024, the FASB issued ASU 2024-02, "Codification Improvements—Amendments to Remove References to the Concepts Statements." ASU No. 2024-02 removes various references to concepts statements from the FASB Accounting Standards Codification. The ASU indicates that the goal of the amendments is to simplify the Codification and distinguish between non-authoritative and authoritative guidance since, unlike the Codification, the concepts statements are non-authoritative. 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. 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	9 Months Ended
	Sep. 30, 2024
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) : Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Numerator: Net loss $ ( 1,757 ) $ ( 1,881 ) $ ( 6,725 ) $ ( 6,944 ) Denominator: Basic weighted average common shares outstanding 11,315 10,430 10,930 10,370 Plus dilutive effect of potential common shares — — — — Diluted weighted average common shares outstanding 11,315 10,430 10,930 10,370 Net loss per share: Basic $ ( 0.16 ) $ ( 0.18 ) $ ( 0.62 ) $ ( 0.67 ) Diluted $ ( 0.16 ) $ ( 0.18 ) $ ( 0.62 ) $ ( 0.67 ) 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 follow s (in thousands): Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Stock options, restricted stock and performance stock 1,933 2,211 2,262 2,290 Common stock equivalent shares 1,933 2,211 2,262 2,290

Cash and Cash Equivalents

Cash and Cash Equivalents	9 Months Ended
	Sep. 30, 2024
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): September 30, 2024 December 31, 2023 Cash $ 7,262 $ 7,581 Level 1: Money market funds 84 300 Total $ 7,346 $ 7,881 Restricted Cash As of September 30, 2024, the Company had $ 55,000 in cash on deposit to secure certain lease commitments, which is restricted for more than twelve months and recorded in other assets in the Company’s consolidated balance sheet. As of December 31, 2023, the Company had $ 95,000 in cash on deposit to secure certain lease commitments; $ 40,000 of which is 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.

Inventory

Inventory	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Inventory	Note 5. Inventory Inventories are comprised of the following (in thousands): September 30, 2024 December 31, 2023 Raw materials $ 865 $ 661 Finished goods 1,753 1,742 Total Inventory $ 2,618 $ 2,403 Consigned inventories, which are included in total inventories, are comprised of the following (in thousands): September 30, 2024 December 31, 2023 Raw materials $ 674 $ 558 Finished goods 1,001 598 Total Consigned Inventory $ 1,675 $ 1,156

Property and Equipment

Property and Equipment	9 Months Ended
	Sep. 30, 2024
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) : September 30, 2024 December 31, 2023 Manufacturing and testing equipment $ 5,507 $ 5,371 Leasehold improvements 848 848 Computers and software 557 811 Furniture, fixtures, and equipment 427 427 Vehicles 55 55 Software Development – Internal Use 66 — Construction in process 6 45 Property and equipment, gross 7,466 7,557 Less accumulated depreciation ( 5,338 ) ( 5,050 ) Property and equipment, net $ 2,128 $ 2,507 Depreciation expense was $ 0.1 million and $ 0.2 million for the three months ended September 30, 2024 and 2023, respectively. Depreciation expense was $ 0.4 million and $ 0.5 million for the nine months ended September 30, 2024 and 2023 , respectively.

Intangible Assets and Goodwill

Intangible Assets and Goodwill	9 Months Ended
	Sep. 30, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible Assets and Goodwill	Note 7. Intangible Assets and Goodwill Other Intangible Assets The following is a summary of the Company’s acquired other intangible assets (dollars in thousands): September 30, 2024 Weighted average amortization period (in years) Gross carrying amount Accumulated amortization Net carrying amount Market related intangibles 5 $ 1,820 $ 1,389 $ 431 Customer relationships 7 13,780 10,698 3,082 Developed technologies 11 4,380 1,884 2,496 Covenants to non-compete 2 115 115 — Total intangible assets, net $ 20,095 $ 14,086 $ 6,009 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 Amortization expense was $ 0.7 million for each of the three months ended September 30, 2024 and 2023. Amortization expense was $ 2.2 million for each of the nine months ended September 30, 2024 and 2023. Estimated annual amortization of intangible assets for the next five years and thereafter is shown in the foll owing table (in thousands): Estimated future amortization 2024 (remaining three months) $ 742 2025 2,958 2026 557 2027 356 Thereafter 1,396 Total $ 6,009 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. No impairment losses were recorded against the other intangibles during each of the three months ended September 30, 2024 and 2023. During the fourth quarter of 2023 and the nine months ended September 30, 2024, the Company determined that there were no triggering events or circumstances 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 September 30, 2024 and the useful lives remain appropriate. Goodwill No impairment losses were recorded against the goodwill during the three months ended September 30, 2024 and 2023. During the fourth quarter of 2023, the Company determined that there were no events or circumstances that indicated that the fair value of a reporting unit is more likely than not less than its carrying amount. During the nine months ended September 30, 2024, the Company's current and expected cash flows, and the macro-economic and industry conditions have not significantly changed, while the Company’s market capitalization materially increased since December 31, 2023. After assessing the totality of events or circumstances, the Company determined that there were no events or circumstances in the fourth quarter of 2023 and third quarter of 2024 that indicated that the fair value of a reporting unit is more likely than not less than its carrying amount. Therefore, an impairment charge to goodwill was not required as of December 31, 2023 and September 30, 2024. Certain future events and circumstances 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	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Accrued Liabilities and Other	No t e 8. Accrued Liabilities and Other Accrued liabilities and other is comprised of the follo wing (in thousands): September 30, 2024 December 31, 2023 Accrued expenses $ 824 $ 1,031 VAT payable — 339 Accrued income taxes 4 145 Advanced payments from contract manufacturers 4 — Contract liabilities 29 17 Goods received not invoiced 899 185 Other current liabilities 293 209 Accrued liabilities and other $ 2,053 $ 1,926

Leases

Leases	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Leases	Note 9. Leases Operating Leases The Company made certain assumptions and judgments when applying ASC 842 and it 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 2026 . The facility leases have original terms of approximately two to five years and may contain options to extend up to five 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 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 September 30, 2024 and December 31, 2023, the weighted average discount rate for operating leases were 4.5 % and 3.8 % , respectively. As of September 30, 2024 and December 31, 2023, the weighted average remaining lease term for operating leases was 1.4 years and 1.8 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 $ 57,700 and $ 23,000 , for the three months ended September 30, 2024 and 2023, respectively. Total operating lease cost was $ 0.3 million for each of the three months ended September 30, 2024 and 2023. The table below presents aggregate future minimum payments due under leases, reconciled to lease liabilities included in the consolidated balance sheet as of September 30, 2024 (in thousands): Estimated future lease obligation 2024 (remaining three months) $ 243 2025 786 2026 36 Total minimum payments 1,065 Less imputed interest ( 26 ) Less unrealized translation gain ( 10 ) Total lease liabilities 1,029 Less short-term lease liabilities ( 848 ) Long-term lease liability $ 181

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Note 10. Income Taxes The Company’s effective income tax rate was 2.1 % and - 1.2 % for the nine months ended September 30, 2024 and 2023, respectively. The variance from the U.S. federal statutory rate of 21.0 % for the nine months ended September 30, 2024 was primarily attributable to the utilization of deferred tax attributes that had a full valuation allowance. Management assesses its deferred tax assets quarterly to determine whether all or any portion of the asset is more likely than not unrealizable under Accounting Standards Codification (ASC) Topic 740. The Company is required to establish a valuation allowance for any portion of the asset that management concludes is more likely than not to be unrealizable. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company’s assessment considers all evidence, both positive and negative, including the nature, frequency and severity of any current and cumulative losses, taxable income in carryback years, the scheduled reversal of deferred tax liabilities, tax planning strategies, and projected future taxable income in making this assessment. As of December 31, 2023, the Company had a valuation allowance against net deferred tax assets of $ 14.6 million, however, the exclusion of a deferred tax liability generated by goodwill (an indefinite lived intangible) may not be considered a future source of taxable income in evaluating the need for a valuation allowance.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2024
Class of Stock Disclosures [Abstract]
Stockholders' Equity	Note 11. Stockholders’ Equity In August 2016, the Company's Board adopted the 2016 Equity Incentive 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 table presents common stock reserved for future issuance (1) (in thousands): September 30, 2024 December 31, 2023 Stock options issued and outstanding 2,455 2,104 Stock awards issued and outstanding 1,000 817 Authorized for grants under the 2016 Plan (2) 109 448 Authorized for grants under the Inducement Plan (3) 192 174 Authorized for grants under the 2016 Employee Stock Purchase Plan (4) 494 540 4,250 4,083 (1) The table above excludes 541,000 treasury stock shares as of September 30, 2024 and December 31, 2023 . (2) On January 1, 2024, the number of authorized shares in the 2016 Plan increased by 440,000 shares pursuant to the evergreen provisions of the 2016 Plan. (3) On February 5, 2021, 300,000 shares were authorized pursuant to the terms of the Inducement Plan. (4) On January 1, 2024, the number of authorized shares in the 2016 Employee Stock Purchase Plan increased by 100,000 sh ares pursuant to the evergreen provisions of the 2016 Employee Stock Purchase Plan. Issuance of Common Stock In March 2024, we established an at-the-market (ATM) offering program to sell up to $ 5.0 million of the Company's common stock. As of September 30, 2024, we have $ 1.7 million available under the offering program for future sales of our common stock. The Company recorded the ATM gross sales proceeds and offering costs in additional paid-in capital of the consolidated balance sheet. The following table summarizes the Company ’s ATM sales activity during the period indicated (in thousands): Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 Shares issued — 629 Gross proceeds $ — $ 3,309 Net proceeds after offering costs $ — $ 3,006

Stock Based Compensation

Stock Based Compensation	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock Based Compensation	Note 12 . Stock Based Compensation Stock-Based Compensation Expense Stock-based compensation is recorded in the consolidated statements of operations as fol lows (in thousands): Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Cost of goods sold $ 97 $ 29 $ 220 $ 73 Research and development 260 230 988 747 Sales and marketing 88 ( 223 ) 243 53 General and administrative 636 487 1,883 1,599 Total stock-based compensation expense $ 1,081 $ 523 $ 3,334 $ 2,472 Stock Options The following table summarizes the outstanding stock option activity during the period indi cated (shares in thousands): Weighted average Number of Exercise Remaining contractual term (in years) Aggregate intrinsic value (in thousands) Balance at December 31, 2023 2,104 $ 10.20 6.2 $ 329 Granted 407 $ 5.07 Exercised ( 10 ) $ 3.36 $ 18 Expired/Forfeited ( 46 ) $ 11.87 Balance at September 30, 2024 2,455 $ 9.35 6.0 $ 2,900 Vested and exercisable at September 30, 2024 1,677 $ 11.09 4.6 $ 1,026 Vested and expected to vest at September 30, 2024 2,455 $ 9.35 6.0 $ 2,900 The weighted average grant date fair value of options granted during the nine months ended September 30, 2024 was $ 2.82 . The grant-date fair value of each option award is estimated on the date of grant using the Black-Scholes-Merton option-pricing model. For stock options vested and expected to vest, the aggregate intrinsic value as of September 30, 2024 was $ 2.9 million. At September 30, 2024, there was $ 2.0 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 2.3 years. Restricted Stock The following table summarizes the Company ’s restricted stock unit (RSU) activity during the period indicated (shares in thousands): Restricted Weighted average grant date fair value Balance at December 31, 2023 706 $ 6.97 Grants 494 $ 5.19 Vested and released ( 210 ) $ 7.80 Forfeited ( 100 ) $ 6.47 Balance at September 30, 2024 890 $ 5.84 As of September 30, 2024, there was $ 3.5 million of total unrecognized compensation cost related to unvested RSUs having a weighted average remaining contractual term of 2.5 years. Performance Stock Units The following table summarizes the Company ’s performance stock unit (PSU) activity during the period indicated (shares in thousands): Performance Weighted average grant date fair value Balance at December 31, 2023 110 $ 1.79 Grants — $ — Vested and released — $ — Forfeited — $ — Balance at September 30, 2024 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 per centage 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. As of September 30, 2024, there was $ 5,730 of total unrecognized compensation cost related to unvested PSUs, having a weighted average remaining contractual term of 0.6 years. We estimate the fair value of PSUs with a market condition using a Monte Carlo simulation model as of the date of grant using historical volatility. Share-Settled Obligations When incurred, share-settled obligations to non-employees that will be paid in restricted stock units are recorded as accrued expense liability and stock-based compensation expense. The following table summarizes the Company ’s share-settled obligation RSU grants, which immediately vested during the period indicated: RSU grants that settled obligations (in thousands) Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Grant date fair value $ 31.7 $ — $ 227.1 $ 949.2 RSU shares granted and vested 4 — 49 187 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 three months ended September 30, 2024, the Company received $ 0.1 million from the issuance of 22,957 shares under the ESPP. During the nine months ended September 30, 2024, the Company received $ 0.2 million from the issuance of 45,809 shares under the ESPP .

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 13. Commitments and Contingencies Potential Product Warranty Claims The Company had a general warranty accrual of approximately $ 0.1 million as of September 30, 2024 and December 31, 2023. 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, we have not recorded any material liabilities in the accompanying consolidated financial statements.

Concentrations

Concentrations	9 Months Ended
	Sep. 30, 2024
Risks and Uncertainties [Abstract]
Concentrations	Note 14. Concentrations Concentration of Sales and Accounts Receivable The following represents customers that accounted for 10 % or more of total revenue: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Customer A 31 % 22 % 24 % 15 % Customer B 21 % 8 % 12 % 16 % Customer C 12 % 8 % 15 % 8 % The following represents customers that accounted for 10 % or more of total trade accounts receivable: September 30, 2024 December 31, 2023 Customer A 28 % 17 % Customer B 26 % 7 % The allowance for credit losses as of September 30, 2024 and December 31, 2023 were not material. Concentration of Purchases During the nine months ended September 30, 2024, the Company’s products were manufactured by eight CMs with locations in China, Taiwan, Vietnam, Mexico, and the United States. Concentration of Cash The Company’s cash deposits exceeded the Federal Deposit Insurance Corporation’s insured limits. The Company has not experienced losses on these accounts. Most of the Company's deposits are in several accounts at a large institutional bank. Concentration of Property and Equipment The Company’s property and equipment, net by geographic region, are as follows (in thousands): September 30, 2024 December 31, 2023 North America $ 1,961 $ 2,295 Asia Pacific (APAC) 64 86 Europe, Middle East and Africa (EMEA) 103 126 Property and equipment, net $ 2,128 $ 2,507

Revenue

Revenue	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Note 15. Revenue Disaggregated revenues are as fo llows (in thousands): Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 By Market Group: Enterprise $ 6,665 $ 6,791 $ 24,159 $ 22,594 Consumer 6,854 4,404 15,192 15,725 Automotive 2,582 2,501 6,165 7,651 Total sales $ 16,101 $ 13,696 $ 45,516 $ 45,970 By Geography: North America $ 8,755 $ 8,261 $ 28,116 $ 27,867 China (including Hong Kong and Taiwan) 6,845 4,961 15,545 16,989 Rest of the world 501 474 1,855 1,114 Total sales $ 16,101 $ 13,696 $ 45,516 $ 45,970 Timing of revenue recognition: Products and services transferred at a point in time $ 15,353 $ 12,904 $ 43,385 $ 43,543 Products and services transferred over time 748 792 2,131 2,427 Total sales $ 16,101 $ 13,696 $ 45,516 $ 45,970 Revenue generated from the United States was $ 8.8 million and $ 8.2 million for the three months ended September 30, 2024 and 2023, respectively, and $ 28.1 million and $ 27.6 million for the nine months ended September 30, 2024 and 2023, respectively. Liability for potential rights of return was approximately $ 0.2 million and $ 0.1 million as of September 30, 2024 and December 31, 2023, respectively and is included within accrued liabilities in the accompanying unaudited condensed consolidated balance sheets. Contract liabilities are deferred revenues that were recorded when advance payment were received for remaining performance obligations that are recognized over time. The contract liabilities were $ 29,000 and $ 17,000 as of September 30, 2024 and December 31, 2023, respectively. The remaining non-cancellable revenue, that will be recognized over time on a series of distinct performance obligations, amounts to $ 0.1 million as of September 30, 2024 .

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Event	Note 16. Subsequent Events None.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
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 unaudited condensed 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 interim financial reporting. Certain information and note disclosures normally included in the consolidated financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Interim financial results are not necessarily indicative of results anticipated for the full year. As such, the information included in this quarterly report on Form 10-Q should be read in conjunction with the financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 , from which the balance sheet information herein was derived. The unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its 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.
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.
Inventories	Inventories 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 consigned inventories at third-party contract manufacturer (CM) locations due to actual or pending customers' orders. The Company recognized the consigned inventory as an asset in its financial statements. 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. 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.
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 We account for our goodwill under the authoritative guidance ASC 250 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 macro-economic 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.
Other Intangible Assets	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 $ 0.1 million for each of the three months ended September 30, 2024 and 2023 . 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. 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. 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, and accrued liabilities 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 Issued Accounting Pronouncements	Recently Adopted Accounting Pronouncements None. 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 will evaluate the ASU to determine its impact on the Company’s disclosures. 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. In March 2024, the FASB issued ASU 2024-02, "Codification Improvements—Amendments to Remove References to the Concepts Statements." ASU No. 2024-02 removes various references to concepts statements from the FASB Accounting Standards Codification. The ASU indicates that the goal of the amendments is to simplify the Codification and distinguish between non-authoritative and authoritative guidance since, unlike the Codification, the concepts statements are non-authoritative. 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. 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)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Summary of Computation of Net Loss Per Share	The following table presents the computation of net loss per share (in thousands except per share data) : Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Numerator: Net loss $ ( 1,757 ) $ ( 1,881 ) $ ( 6,725 ) $ ( 6,944 ) Denominator: Basic weighted average common shares outstanding 11,315 10,430 10,930 10,370 Plus dilutive effect of potential common shares — — — — Diluted weighted average common shares outstanding 11,315 10,430 10,930 10,370 Net loss per share: Basic $ ( 0.16 ) $ ( 0.18 ) $ ( 0.62 ) $ ( 0.67 ) Diluted $ ( 0.16 ) $ ( 0.18 ) $ ( 0.62 ) $ ( 0.67 )
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 follow s (in thousands): Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Stock options, restricted stock and performance stock 1,933 2,211 2,262 2,290 Common stock equivalent shares 1,933 2,211 2,262 2,290

Cash and Cash Equivalents (Tabl

Cash and Cash Equivalents (Tables)	9 Months Ended
	Sep. 30, 2024
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): September 30, 2024 December 31, 2023 Cash $ 7,262 $ 7,581 Level 1: Money market funds 84 300 Total $ 7,346 $ 7,881

Inventory (Tables)

Inventory (Tables)	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory And Consigned Inventories, Current	Inventories are comprised of the following (in thousands): September 30, 2024 December 31, 2023 Raw materials $ 865 $ 661 Finished goods 1,753 1,742 Total Inventory $ 2,618 $ 2,403 Consigned inventories, which are included in total inventories, are comprised of the following (in thousands): September 30, 2024 December 31, 2023 Raw materials $ 674 $ 558 Finished goods 1,001 598 Total Consigned Inventory $ 1,675 $ 1,156

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment consist of the following (in thousands) : September 30, 2024 December 31, 2023 Manufacturing and testing equipment $ 5,507 $ 5,371 Leasehold improvements 848 848 Computers and software 557 811 Furniture, fixtures, and equipment 427 427 Vehicles 55 55 Software Development – Internal Use 66 — Construction in process 6 45 Property and equipment, gross 7,466 7,557 Less accumulated depreciation ( 5,338 ) ( 5,050 ) Property and equipment, net $ 2,128 $ 2,507

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	9 Months Ended
	Sep. 30, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Summary of Acquired Intangible Assets	The following is a summary of the Company’s acquired other intangible assets (dollars in thousands): September 30, 2024 Weighted average amortization period (in years) Gross carrying amount Accumulated amortization Net carrying amount Market related intangibles 5 $ 1,820 $ 1,389 $ 431 Customer relationships 7 13,780 10,698 3,082 Developed technologies 11 4,380 1,884 2,496 Covenants to non-compete 2 115 115 — Total intangible assets, net $ 20,095 $ 14,086 $ 6,009 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
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 foll owing table (in thousands): Estimated future amortization 2024 (remaining three months) $ 742 2025 2,958 2026 557 2027 356 Thereafter 1,396 Total $ 6,009

Accrued Liabilities and Other (

Accrued Liabilities and Other (Tables)	9 Months Ended
	Sep. 30, 2024
Accrued Liabilities and Other Liabilities [Abstract]
Summary of Accrued Liabilities and Other	Accrued liabilities and other is comprised of the follo wing (in thousands): September 30, 2024 December 31, 2023 Accrued expenses $ 824 $ 1,031 VAT payable — 339 Accrued income taxes 4 145 Advanced payments from contract manufacturers 4 — Contract liabilities 29 17 Goods received not invoiced 899 185 Other current liabilities 293 209 Accrued liabilities and other $ 2,053 $ 1,926

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Schedule of Future Minimum Lease Payments Under Operating Leases	The table below presents aggregate future minimum payments due under leases, reconciled to lease liabilities included in the consolidated balance sheet as of September 30, 2024 (in thousands): Estimated future lease obligation 2024 (remaining three months) $ 243 2025 786 2026 36 Total minimum payments 1,065 Less imputed interest ( 26 ) Less unrealized translation gain ( 10 ) Total lease liabilities 1,029 Less short-term lease liabilities ( 848 ) Long-term lease liability $ 181

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Class of Stock Disclosures [Abstract]
Schedule of Common Stock Reserved for Future Issuance	The following table presents common stock reserved for future issuance (1) (in thousands): September 30, 2024 December 31, 2023 Stock options issued and outstanding 2,455 2,104 Stock awards issued and outstanding 1,000 817 Authorized for grants under the 2016 Plan (2) 109 448 Authorized for grants under the Inducement Plan (3) 192 174 Authorized for grants under the 2016 Employee Stock Purchase Plan (4) 494 540 4,250 4,083 (1) The table above excludes 541,000 treasury stock shares as of September 30, 2024 and December 31, 2023 . (2) On January 1, 2024, the number of authorized shares in the 2016 Plan increased by 440,000 shares pursuant to the evergreen provisions of the 2016 Plan. (3) On February 5, 2021, 300,000 shares were authorized pursuant to the terms of the Inducement Plan. (4) On January 1, 2024, the number of authorized shares in the 2016 Employee Stock Purchase Plan increased by 100,000 sh ares pursuant to the evergreen provisions of the 2016 Employee Stock Purchase Plan.
Schedule Of The Company's ATM Sales Activity	The following table summarizes the Company ’s ATM sales activity during the period indicated (in thousands): Three Months Ended September 30, 2024 Nine Months Ended September 30, 2024 Shares issued — 629 Gross proceeds $ — $ 3,309 Net proceeds after offering costs $ — $ 3,006

Stock Based Compensation (Table

Stock Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Based Compensation Expenses	Stock-based compensation is recorded in the consolidated statements of operations as fol lows (in thousands): Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Cost of goods sold $ 97 $ 29 $ 220 $ 73 Research and development 260 230 988 747 Sales and marketing 88 ( 223 ) 243 53 General and administrative 636 487 1,883 1,599 Total stock-based compensation expense $ 1,081 $ 523 $ 3,334 $ 2,472
Summary of Outstanding Stock Option Activity	The following table summarizes the outstanding stock option activity during the period indi cated (shares in thousands): Weighted average Number of Exercise Remaining contractual term (in years) Aggregate intrinsic value (in thousands) Balance at December 31, 2023 2,104 $ 10.20 6.2 $ 329 Granted 407 $ 5.07 Exercised ( 10 ) $ 3.36 $ 18 Expired/Forfeited ( 46 ) $ 11.87 Balance at September 30, 2024 2,455 $ 9.35 6.0 $ 2,900 Vested and exercisable at September 30, 2024 1,677 $ 11.09 4.6 $ 1,026 Vested and expected to vest at September 30, 2024 2,455 $ 9.35 6.0 $ 2,900
Summary of Outstanding Restricted Stock Unit Activity	The following table summarizes the Company ’s restricted stock unit (RSU) activity during the period indicated (shares in thousands): Restricted Weighted average grant date fair value Balance at December 31, 2023 706 $ 6.97 Grants 494 $ 5.19 Vested and released ( 210 ) $ 7.80 Forfeited ( 100 ) $ 6.47 Balance at September 30, 2024 890 $ 5.84
Schedule of Performance Stock Unit	The following table summarizes the Company ’s performance stock unit (PSU) activity during the period indicated (shares in thousands): Performance Weighted average grant date fair value Balance at December 31, 2023 110 $ 1.79 Grants — $ — Vested and released — $ — Forfeited — $ — Balance at September 30, 2024 110 $ 1.79
Schedule of Company's share-settled obligation RSU grants	The following table summarizes the Company ’s share-settled obligation RSU grants, which immediately vested during the period indicated: RSU grants that settled obligations (in thousands) Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Grant date fair value $ 31.7 $ — $ 227.1 $ 949.2 RSU shares granted and vested 4 — 49 187

Concentrations (Tables)

Concentrations (Tables)	9 Months Ended
	Sep. 30, 2024
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: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Customer A 31 % 22 % 24 % 15 % Customer B 21 % 8 % 12 % 16 % Customer C 12 % 8 % 15 % 8 % The following represents customers that accounted for 10 % or more of total trade accounts receivable: September 30, 2024 December 31, 2023 Customer A 28 % 17 % Customer B 26 % 7 %
Summary of Long Lived Assets By Geographical Region	The Company’s property and equipment, net by geographic region, are as follows (in thousands): September 30, 2024 December 31, 2023 North America $ 1,961 $ 2,295 Asia Pacific (APAC) 64 86 Europe, Middle East and Africa (EMEA) 103 126 Property and equipment, net $ 2,128 $ 2,507

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Summary of Disaggregated Revenue	Disaggregated revenues are as fo llows (in thousands): Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 By Market Group: Enterprise $ 6,665 $ 6,791 $ 24,159 $ 22,594 Consumer 6,854 4,404 15,192 15,725 Automotive 2,582 2,501 6,165 7,651 Total sales $ 16,101 $ 13,696 $ 45,516 $ 45,970 By Geography: North America $ 8,755 $ 8,261 $ 28,116 $ 27,867 China (including Hong Kong and Taiwan) 6,845 4,961 15,545 16,989 Rest of the world 501 474 1,855 1,114 Total sales $ 16,101 $ 13,696 $ 45,516 $ 45,970 Timing of revenue recognition: Products and services transferred at a point in time $ 15,353 $ 12,904 $ 43,385 $ 43,543 Products and services transferred over time 748 792 2,131 2,427 Total sales $ 16,101 $ 13,696 $ 45,516 $ 45,970

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 Days
Significant Accounting Policies [Line Items]
Shipping and other transportation costs | $	$ 0.1	$ 0.1
Minimum [Member]
Significant Accounting Policies [Line Items]
Property and equipment, estimated useful life	3 years		3 years
Deferred revenue recognition period			3 months
Revenue recognition, payment terms			30
Maximum [Member]
Significant Accounting Policies [Line Items]
Property and equipment, estimated useful life	10 years		10 years
Deferred revenue recognition period			18 months
Revenue recognition, payment terms			90

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	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net Income (Loss)	$ (1,757)	$ (2,513)	$ (2,455)	$ (1,881)	$ (2,205)	$ (2,858)	$ (6,725)	$ (6,944)
Basic weighted average common shares outstanding	11,315			10,430			10,930	10,370
Plus dilutive effect of potential common shares	0			0			0	0
Diluted weighted average common shares outstanding	11,315			10,430			10,930	10,370
Basic	$ (0.16)			$ (0.18)			$ (0.62)	$ (0.67)
Diluted	$ (0.16)			$ (0.18)			$ (0.62)	$ (0.67)

Net Loss Per Share - Summary _2

Net Loss Per Share - Summary of Potentially Dilutive Securities (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Common stock equivalent shares	1,933	2,211	2,262	2,290
Stock Options, Restricted Stock and Performance Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Common stock equivalent shares	1,933	2,211	2,262	2,290

Cash and Cash Equivalents - Sch

Cash and Cash Equivalents - Schedule of Cash and Cash Equivalents by Significant Investment Category (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Cash And Cash Equivalents And Short Term Investments [Line Items]
Cash	$ 7,262	$ 7,581
Cash and cash equivalents and Short term investments, Amortized cost	7,346	7,881
Money Market Funds | Level 1
Cash And Cash Equivalents And Short Term Investments [Line Items]
Cash equivalents	$ 84	$ 300

Cash and Cash Equivalents (Addi

Cash and Cash Equivalents (Additional Information) (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Restricted cash	$ 55,000	$ 95,000
Restricted cash - short term		40,000
Restricted cash - long term	$ 55,000	$ 55,000

Inventory - Schedule of Invento

Inventory - Schedule of Inventory and Consigned Inventories, Current (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventories
Total Inventory	$ 2,618	$ 2,403
Inventories [Member]
Inventories
Raw materials	865	661
Finished good	1,753	1,742
Total Inventory	2,618	2,403
Consigned inventories [Member]
Inventories
Raw materials	674	558
Finished good	1,001	598
Total Inventory	$ 1,675	$ 1,156

Property and Equipment - Additi

Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property Plant And Equipment [Line Items]
Depreciation expense	$ 100	$ 200	$ 418	$ 500
Minimum
Property Plant And Equipment [Line Items]
Property and equipment, estimated useful life	3 years		3 years
Maximum
Property Plant And Equipment [Line Items]
Property and equipment, estimated useful life	10 years		10 years

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 7,466	$ 7,557
Less accumulated depreciation	(5,338)	(5,050)
Property and equipment, net	2,128	2,507
Manufacturing and Testing Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	5,507	5,371
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	848	848
Computers and Software
Property Plant And Equipment [Line Items]
Property and equipment, gross	557	811
Furniture, Fixtures, and Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	427	427
Vehicles
Property Plant And Equipment [Line Items]
Property and equipment, gross	55	55
Software Development Internal Use
Property Plant And Equipment [Line Items]
Property and equipment, gross	66	0
Construction in Process
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 6	$ 45

Intangible Assets and Goodwil_2

Intangible Assets and Goodwill - Summary of Acquired Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Acquired Finite Lived Intangible Assets [Line Items]
Gross carrying amount	$ 20,095	$ 20,095
Accumulated amortization	14,086	11,861
Total	$ 6,009	$ 8,234
Market related intangibles
Acquired Finite Lived Intangible Assets [Line Items]
Weighted average amortization period (in years)	5 years	5 years
Gross carrying amount	$ 1,820	$ 1,820
Accumulated amortization	1,389	1,135
Total	$ 431	$ 685
Customer relationships
Acquired Finite Lived Intangible Assets [Line Items]
Weighted average amortization period (in years)	7 years	7 years
Gross carrying amount	$ 13,780	$ 13,780
Accumulated amortization	10,698	8,993
Total	$ 3,082	$ 4,787
Developed technologies
Acquired Finite Lived Intangible Assets [Line Items]
Weighted average amortization period (in years)	11 years	11 years
Gross carrying amount	$ 4,380	$ 4,380
Accumulated amortization	1,884	1,618
Total	$ 2,496	$ 2,762
Covenants to non-compete
Acquired Finite Lived Intangible Assets [Line Items]
Weighted average amortization period (in years)	2 years	2 years
Gross carrying amount	$ 115	$ 115
Accumulated amortization	115	115
Total	$ 0	$ 0

Intangible Assets and Goodwil_3

Intangible Assets and Goodwill - Schedule of Estimated Annual Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]
2024 (remaining three months)	$ 742
2025	2,958
2026	557
2027	356
Thereafter	1,396
Total	$ 6,009	$ 8,234

Intangible Assets and Goodwil_4

Intangible Assets and Goodwill - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Amortization	$ 700	$ 700	$ 2,233	$ 2,227
Goodwill impairment losses	0	0
Impairment of intangible assets	$ 0	$ 0

Accrued Liabilities and Other -

Accrued Liabilities and Other - Summary of Accrued Liabilities and Other (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accrued Liabilities and Other Liabilities [Abstract]
Accrued expenses	$ 824	$ 1,031
VAT payable	0	339
Accrued income taxes	4	145
Advanced payments from contract manufacturer	4	0
Contract liabilities	29	17
Goods received not invoiced	899	185
Other current liabilities	293	209
Accrued liabilities and other	$ 2,053	$ 1,926

Leases - Additional Information

Leases - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Dec. 31, 2023
Lease Expiration Date			Dec. 31, 2026
Operating lease option to extend			five years
Operating lease weighted average discount rate percent	4.50%		4.50%	3.80%
Operating lease weighted average remaining lease term	1 year 4 months 24 days		1 year 4 months 24 days	1 year 9 months 18 days
Operating lease cost	$ 300,000	$ 300,000
Short-term leases expense	$ 57,700	$ 23,000
Maximum [Member]
Operating lease term of contract	5 years		5 years
Minimum [Member]
Operating lease term of contract	2 years		2 years

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments on Operating Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
2024 (remaining three months)	$ 243
2025	786
2026	36
Total minimum payments	1,065
Less imputed interest	(26)
Less unrealized translation gain	(10)
Total lease liabilities	1,029
Less short-term lease liabilities	(848)	$ (865)
Long-term lease liability	$ 181	$ 674

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	2.10%	(1.20%)
U.S. federal statutory tax rate	21%
Net deferred tax assets			$ 14.6

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2024	Dec. 31, 2023
Class Of Stock [Line Items]
Common Stock, Shares, Issued	11,881,000			11,010,000
Proceeds from at-the-market common stock offering, net of offering costs	$ 3,006	$ 0
ATM Offerings
Class Of Stock [Line Items]
Common Stock, Value, ATM Available for Issuance	$ 1,700		$ 5,000

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Common Stock Reserved for Future Issuance (Details) - shares shares in Thousands		Sep. 30, 2024	Dec. 31, 2022
Class Of Stock [Line Items]
Common stock, reserved for future issuance	[1]	4,250	4,083
Stock awards issued and outstanding
Class Of Stock [Line Items]
Common stock, reserved for future issuance	[1]	1,000	817
Stock options issued and outstanding
Class Of Stock [Line Items]
Common stock, reserved for future issuance	[1]	2,455	2,104
Authorized for grants under the 2016 Plan
Class Of Stock [Line Items]
Common stock, reserved for future issuance	[1],[2]	109	448
Authorized for grants under the 2016 Employee Stock Purchase Plan
Class Of Stock [Line Items]
Common stock, reserved for future issuance	[1],[3]	494	540
Authorized for Grants under the Inducement Plan
Class Of Stock [Line Items]
Common stock, reserved for future issuance	[1],[4]	192	174
[1] (1) The table above excludes 541,000 treasury stock shares as of September 30, 2024 and December 31, 2023 . (2) On January 1, 2024, the number of authorized shares in the 2016 Plan increased by 440,000 shares pursuant to the evergreen provisions of the 2016 Plan. (4) On January 1, 2024, the number of authorized shares in the 2016 Employee Stock Purchase Plan increased by 100,000 sh ares pursuant to the evergreen provisions of the 2016 Employee Stock Purchase Plan. (3) On February 5, 2021, 300,000 shares were authorized pursuant to the terms of the Inducement Plan.

Stockholders' Equity- Schedule

Stockholders' Equity- Schedule of Common Stock Reserved for Future Issuance (Parenthetical) (Details) - shares	Jan. 01, 2024	Sep. 30, 2024	Dec. 31, 2023	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	440,000
2016 Employee Stock Purchase Plan
Class Of Stock [Line Items]
Number of authorized shares increased	100,000
2021 Inducement Plan
Class Of Stock [Line Items]
Number of authorized shares				300,000

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of the Company's ATM sales activity (Details) - ATM [Member] - USD ($) shares in Thousands, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Subsidiary, Sale of Stock [Line Items]
Shares issued	0	629
Gross proceeds	$ 0	$ 3,309
Net proceeds after offering costs	$ 0	$ 3,006

Stock Based Compensation - Sche

Stock Based Compensation - Schedule Of Stock Based Compensation Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 1,081	$ 523	$ 3,334	$ 2,472
Cost of goods sold
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, expense	97	29	220	73
Research and development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, expense	260	230	988	747
Sales and marketing
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, expense	88	(223)	243	53
General and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, expense	$ 636	$ 487	$ 1,883	$ 1,599

Stock Based Compensation - Summ

Stock Based Compensation - Summary of Outstanding Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Number of stock options, Beginning balance	2,104
Number of stock options, Granted	407
Number of stock options, Exercised	(10)
Number of stock options, Expired/Forfeited	(46)
Number of stock options, Ending balance	2,455	2,104
Number of stock options, Vested and exercisable	1,677
Number of stock options, Vested and expected to vest	2,455
Weighted average exercise price, Beginning balance	$ 10.2
Weighted average exercise price, Granted	5.07
Weighted average exercise price, Exercised	3.36
Weighted average exercise price, Expired/Forfeited	11.87
Weighted average exercise price, Ending balance	9.35	$ 10.2
Weighted average exercise price, Vested and exercisable	11.09
Weighted average exercise price, Vested and expected to vest	$ 9.35
Weighted average remaining contractual term (in years)	6 years	6 years 2 months 12 days
Weighted average remaining contractual term (in years), Vested and exercisable	4 years 7 months 6 days
Intrinsic value of stock options exercised	$ 18
Aggregate Intrinsic Value, Ending Balance	2,900	$ 329
Aggregate Intrinsic Value, Beginning Balance	$ 329
Weighted average remaining contractual term (in years), Vested and expected to vest	6 years
Aggregate intrinsic value vested and exercisable	$ 1,026
Stock options expected to vest aggregate intrinsic value	$ 2,900

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Details) - USD ($)	3 Months Ended				9 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options vested and expected to vest aggregate intrinsic value	$ 2,900,000				$ 2,900,000
Proceeds from stock issued during period	$ 76,000	$ 76,000	$ 67,000	$ 137,000
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%				20%
Percentage of discount and fair value of option					15%
Proceeds from stock issued during period	$ 100,000				$ 200,000
Employee Stock Purchase Plan shares	22,957				45,809
Employee Stock Purchase Plan | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Purchase price percentage of market value of common stock					85%
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant-date fair value of options granted					$ 2.82
Stock options vested and expected to vest aggregate intrinsic value	$ 2,900,000				$ 2,900,000
Total unrecognized compensation cost, period for recognition					2 years 3 months 18 days
Total unrecognized compensation cost	2,000,000				$ 2,000,000
Restricted Stock Unit (RSU)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average remaining contractual term					2 years 6 months
Total unrecognized compensation cost	3,500,000				$ 3,500,000
Performance stock unit (PSU)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average remaining contractual term					7 months 6 days
Total unrecognized compensation cost	$ 5,730				$ 5,730
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.

Stock Based Compensation - Su_2

Stock Based Compensation - Summary of Outstanding Restricted Stock Unit Activity (Details) shares in Thousands	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Restricted Stock Unit (RSU)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, Beginning balance | shares	706
Restricted stock units, Grants | shares	494
Restricted stock units, Vested and released | shares	(210)
Restricted stock units, Forfeited | shares	(100)
Restricted stock units, Ending balance | shares	890
Weighted average grant date fair value, Beginning balance | $ / shares	$ 6.97
Weighted average grant date fair value, Grants | $ / shares	5.19
Weighted average grant date fair value, Vested and released | $ / shares	7.8
Weighted average grant date fair value, Forfeited | $ / shares	6.47
Weighted average grant date fair value, Ending balance | $ / shares	$ 5.84
Performance stock unit (PSU)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units, Beginning balance | shares	110
Restricted stock units, Grants | shares	0
Restricted stock units, Vested and released | shares	0
Restricted stock units, Forfeited | shares	0
Restricted stock units, Ending balance | shares	110
Weighted average grant date fair value, Beginning balance | $ / shares	$ 1.79
Weighted average grant date fair value, Grants | $ / shares	0
Weighted average grant date fair value, Vested and released | $ / shares	0
Weighted average grant date fair value, Forfeited | $ / shares	0
Weighted average grant date fair value, Ending balance | $ / shares	$ 1.79

Stock Based Compensation - Comp

Stock Based Compensation - Company's share-settled obligation RSU grants (Details) - Restricted Stock Unit (RSU) - USD ($) shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Grant date fair value	$ 31,700	$ 0	$ 227,100	$ 949,200
RSU shares granted and vested	4	0	49	187

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Commitment And Contingencies [Line Items]
Warranty accrual expense	$ 0.1	$ 0.1

Concentration - Additional Info

Concentration - Additional Information (Details) - Customer Concentration Risk - Major Customers	9 Months Ended
	Sep. 30, 2024
Net Revenue
Concentration Risk [Line Items]
Concentration risk percentage	10%
Trade Accounts Receivable
Concentration Risk [Line Items]
Concentration risk percentage	10%

Concentration - Schedule of Con

Concentration - Schedule of Concentration of Sales and Accounts Receivable (Details) - Customer Concentration Risk	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Net Revenue | Customer A
Concentration Risk [Line Items]
Concentration risk percentage	31%	22%	24%	15%
Net Revenue | Customer B
Concentration Risk [Line Items]
Concentration risk percentage	21%	8%	12%	16%
Net Revenue | Customer C
Concentration Risk [Line Items]
Concentration risk percentage	12%	8%	15%	8%
Trade Accounts Receivable | Customer A
Concentration Risk [Line Items]
Concentration risk percentage			28%		17%
Trade Accounts Receivable | Customer B
Concentration Risk [Line Items]
Concentration risk percentage			26%		7%

Concentration - Schedule of C_2

Concentration - Schedule of Concentration of Fixed Assets by Geographical Regions (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net	$ 2,128	$ 2,507
North America
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net	1,961	2,295
Asia Pacific (APAC)
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net	64	86
Europe, Middle East and Africa (EMEA)
Revenues from External Customers and Long-Lived Assets [Line Items]
Property and equipment, net	$ 103	$ 126

Revenue - Summary of Disaggrega

Revenue - Summary of Disaggregated Revenue By Market Group (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation Of Revenue [Line Items]
Sales	$ 16,101	$ 13,696	$ 45,516	$ 45,970
North America [Member]
Disaggregation Of Revenue [Line Items]
Sales	8,755	8,261	28,116	27,867
China Including Hong Kong and Taiwan [Member]
Disaggregation Of Revenue [Line Items]
Sales	6,845	4,961	15,545	16,989
Other Countries [Member]
Disaggregation Of Revenue [Line Items]
Sales	501	474	1,855	1,114
Transferred At Point In Time
Disaggregation Of Revenue [Line Items]
Sales	15,353	12,904	43,385	43,543
Transferred Over Time
Disaggregation Of Revenue [Line Items]
Sales	748	792	2,131	2,427
Enterprise
Disaggregation Of Revenue [Line Items]
Sales	6,665	6,791	24,159	22,594
Consumer
Disaggregation Of Revenue [Line Items]
Sales	6,854	4,404	15,192	15,725
Automotive
Disaggregation Of Revenue [Line Items]
Sales	$ 2,582	$ 2,501	$ 6,165	$ 7,651

Revenues - Additional Informati

Revenues - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 16,101,000	$ 13,696,000	$ 45,516,000	$ 45,970,000
Contract with Customer, Right to Recover Product	200,000		200,000		$ 100,000
Contract with Customer, Liability, Current	29,000		29,000		$ 17,000
Recognized revenue remaining performance obligations	100,000		100,000
United States
Disaggregation Of Revenue [Line Items]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 8,800,000	$ 8,200,000	$ 28,100,000	$ 27,600,000