Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 04, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
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 | Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | 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 | 9,696,556 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Title of 12(b) Security | Common shares, par value $0.0001 per share | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | DE |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 22,533 | $ 13,197 |
Short term investments | 11,016 | 21,686 |
Trade accounts receivable | 7,016 | 7,656 |
Inventory | 996 | 1,193 |
Prepaid expenses and other current assets | 1,090 | 1,361 |
Total current assets | 42,651 | 45,093 |
Property and equipment, net | 2,140 | 2,126 |
Goodwill | 3,700 | 3,700 |
Customer relationships, net | 2,989 | 3,110 |
Intangible assets, net | 644 | 687 |
Other assets | 218 | 10 |
Total assets | 52,342 | 54,726 |
Current liabilities: | ||
Accounts payable | 3,568 | 3,838 |
Accrued bonus | 411 | 1,385 |
Accrued liabilities | 1,025 | 1,451 |
Current portion of deferred rent obligation under operating lease | 42 | 85 |
Total current liabilities | 5,046 | 6,759 |
Deferred tax liability | 52 | 52 |
Deferred rent obligation under operating lease | 9 | 11 |
Total liabilities | 5,107 | 6,822 |
Stockholders’ equity: | ||
Common shares, par value $0.0001, 200,000 shares authorized; 10,185 shares issued and 9,697 shares outstanding at March 31, 2020; and 10,146 shares issued and 9,681 shares outstanding at December 31, 2019 | 1 | 1 |
Additional paid in capital | 97,360 | 96,622 |
Treasury stock, at cost: 489 shares and 465 shares at March 31, 2020, and December 31, 2019, respectively | (4,849) | (4,659) |
Accumulated other comprehensive income (loss) | (7) | 8 |
Accumulated deficit | (45,270) | (44,068) |
Total stockholders’ equity | 47,235 | 47,904 |
Commitments and contingencies (note 12) | ||
Total liabilities and stockholders’ equity | $ 52,342 | $ 54,726 |
Condensed Balance Sheets (Una_2
Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 10,185,000 | 10,146,000 |
Common stock, shares outstanding | 9,697,000 | 9,681,000 |
Treasury stock, shares at cost | 489,000 | 465,000 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement [Abstract] | ||
Sales | $ 11,216 | $ 15,108 |
Cost of goods sold | 5,891 | 8,322 |
Gross profit | 5,325 | 6,786 |
Operating expenses: | ||
Research and development | 2,418 | 2,338 |
Sales and marketing | 1,539 | 2,274 |
General and administrative | 2,678 | 1,995 |
Total operating expenses | 6,635 | 6,607 |
Income (loss) from operations | (1,310) | 179 |
Other expense (income): | ||
Interest income | (124) | (188) |
Interest expense | 1 | |
Total other income | (124) | (187) |
Income (loss) before income taxes | (1,186) | 366 |
Provision for income taxes | 16 | 29 |
Net income (loss) | $ (1,202) | $ 337 |
Net income (loss) per share: | ||
Basic | $ (0.12) | $ 0.03 |
Diluted | $ (0.12) | $ 0.03 |
Weighted average shares used in calculating income (loss) per share: | ||
Basic | 9,690 | 9,626 |
Diluted | 9,690 | 9,961 |
Condensed Statements of Compreh
Condensed Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income (loss) | $ (1,202) | $ 337 |
Unrealized gain (loss) on available-for-sale securities, net of deferred taxes | (15) | 10 |
Total comprehensive income (loss) | $ (1,217) | $ 347 |
Condensed Statements of Stockho
Condensed Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Beginning balance at Dec. 31, 2018 | $ 45,147 | $ 1 | $ 93,583 | $ (3,432) | $ (11) | $ (44,994) |
Stock-based compensation | 514 | |||||
Issuance of shares for stock purchase plans | 231 | |||||
Repurchases of common stock | (193) | |||||
Unrealized gain (loss) on available-for-sale securities, net of deferred taxes | 10 | 10 | ||||
Net income (loss) | 337 | 337 | ||||
Ending balance at Mar. 31, 2019 | 46,046 | 1 | 94,328 | (3,625) | (1) | (44,657) |
Beginning balance at Dec. 31, 2019 | 47,904 | 1 | 96,622 | (4,659) | 8 | (44,068) |
Stock-based compensation | 668 | |||||
Issuance of shares for stock purchase plans | 70 | |||||
Repurchases of common stock | (190) | |||||
Unrealized gain (loss) on available-for-sale securities, net of deferred taxes | (15) | (15) | ||||
Net income (loss) | (1,202) | (1,202) | ||||
Ending balance at Mar. 31, 2020 | $ 47,235 | $ 1 | $ 97,360 | $ (4,849) | $ (7) | $ (45,270) |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (1,202,000) | $ 337,000 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation | 122,000 | 177,000 |
Amortization | 164,000 | 164,000 |
Amortization of premium (discounts) on investments, net | 7,000 | (82,000) |
Stock-based compensation | 668,000 | 514,000 |
Deferred tax liability | 5,000 | |
Changes in operating assets and liabilities: | ||
Trade accounts receivable | 640,000 | (967,000) |
Inventory | 197,000 | 68,000 |
Prepaid expenses and other assets | 238,000 | 77,000 |
Accounts payable | (291,000) | 504,000 |
Accrued bonus | (974,000) | (1,612,000) |
Accrued liabilities | (426,000) | (19,000) |
Deferred obligation under operating lease | (45,000) | (41,000) |
Net cash used in operating activities | (902,000) | (875,000) |
Cash flows from investing activities: | ||
Purchases of available-for-sale securities | (752,000) | (10,462,000) |
Maturities of available-for-sale securities | 11,400,000 | 9,585,000 |
Purchases of property and equipment | (115,000) | (159,000) |
Net cash provided by (used in) investing activities | 10,533,000 | (1,036,000) |
Cash flows from financing activities: | ||
Repurchases of common stock | (190,000) | (193,000) |
Proceeds from issuance of common stock, net | 70,000 | 231,000 |
Net cash provided by (used in) financing activities | (120,000) | 38,000 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 9,511,000 | (1,873,000) |
Cash, cash equivalents, and restricted cash; beginning of period | 13,197,000 | 13,621,000 |
Cash, cash equivalents, and restricted cash; end of period | 22,708,000 | 11,748,000 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 1,000 | |
Taxes paid | 22,000 | 21,000 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Accrual of property and equipment | 21,000 | |
Cash and cash equivalents | 22,533,000 | $ 11,748,000 |
Restricted cash included in other assets | $ 175,000 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | Business Description Airgain, Inc. (the Company) was incorporated in the State of California on March 20, 1995; and reincorporated in the State of Delaware on August 15, 2016. The Company is a leading provider of advanced antenna technologies used to enable high performance wireless networking across a broad range of markets, including consumer, enterprise and automotive. The Company designs, develops, and engineers its antenna products for original equipment and design manufacturers worldwide. The Company’s headquarters is in San Diego, California with office space and research, design and test facilities in the United States, United Kingdom, China, and Taiwan. Basis of Presentation The accompanying unaudited condensed 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 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, 2019, from which the balance sheet information herein was derived. The unaudited condensed balance sheet as of December 31, 2019, included herein was derived from the audited financial statements as of that date but does not include all disclosures including notes required by GAAP. The unaudited condensed statements of operations for the three months ended March 31, 2020 and 2019, and the balance sheet data as of March 31, 2020, have been prepared on the same basis as the audited financial statements. In the opinion of management, the accompanying unaudited condensed financial statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for a fair presentation of results of the Company’s operations and financial position for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full year ending December 31, 2020, or for any future period. 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 Scottsdale, Arizona. The Company operates in one segment related to the sale of antenna products. The Company’s chief operating decision-maker is its chief executive officer, who reviews operating results on an aggregate basis and manages the Company’s operations 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include valuation of intangible assets. Reclassifications Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period financial statements. Fair Value Measurements The carrying values of the Company’s financial instruments, including cash and cash equivalents, restricted 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. Cash Equivalents and Short-Term Investments Cash equivalents are comprised of short-term, highly liquid investments with maturities of 90 days or less at the date of purchase. Short-term investments consist predominantly of commercial paper, corporate debt securities, U.S. Treasury securities and asset backed securities. The Company classifies short-term investments based on the facts and circumstances surrounding the investments at the time of purchase and evaluates such classification as of each balance sheet date. All short-term investments are classified as available-for-sale securities as of March 31, 2020, and are recorded at estimated fair value. Unrealized gains and losses for available-for-sale securities are included in accumulated other comprehensive income (loss), a component of stockholders’ equity. Realized gains and losses are included in other income, in the unaudited condensed statements of operations. The Company evaluates its investments to determine whether those with unrealized loss positions are other than temporarily impaired. Impairments are considered to be other than temporary if they are related to deterioration in credit risk or if it is likely that the Company will sell the securities before recovery of their cost basis. Inventory The majority 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 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. 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 balance sheet. The Company also manufactures certain of its products at its facility located in Scottsdale, Arizona. Inventory is stated at the lower of cost or net realizable value. For items manufactured by the Company, cost is determined using the weighted average cost method. For items manufactured by third parties, cost is determined using the first-in, first-out (FIFO) method. Any adjustments to reduce the cost of inventories to their net realizable value are recognized in earnings in the current period. As of March 31, 2020, the Company’s inventories consist primarily of raw materials. Provisions for excess and obsolete inventories are estimated based on product life cycles, quality issues, and historical experience. As of March 31, 2020, there is no provision for excess and obsolete inventories. Accumulated Other Comprehensive Income (Loss) Comprehensive income (loss) is comprised of net income (loss) and other comprehensive income (loss). Accumulated other comprehensive income (loss) on the unaudited condensed balance sheet at March 31, 2020, includes unrealized gains and losses on the Company’s available-for-sale securities. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies During the three months ended March 31, 2020, there have been no material changes to the Company’s significant accounting policies as described in the Annual Report on Form 10-K for the fiscal year ended December 31, 2019, except as follows. For interim financial reporting purposes, income taxes are recorded based upon estimated annual effective income tax rates; however, for the current period the provision for income taxes has been determined on the basis of year to date results, as COVID-19 related closures impacted our ability to reasonably forecast full year results by jurisdiction. Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (FASB)issued Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842) In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment , which simplifies the test for goodwill impairment by removing Step 2 which requires a hypothetical purchase price allocation and may require the services of valuation experts. An entity will, therefore, perform the goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount, recognizing an impairment charge for the amount by which the carrying amount exceeds the fair value, not to exceed the total amount of goodwill allocated to the reporting unit. An entity still has the option to perform a qualitative assessment to determine if the quantitative impairment test is necessary. ASU 2017-04 will be effective for the Company in annual periods beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021, with early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company has not yet determined whether it will early adopt ASU 2017-04 and is evaluating the impact the standard will have on its ongoing financial reporting. In May 2019, the FASB issued ASU 2019-05, Financial Instruments-Credit Losses (Topic 326), Targeted Transition Relief |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | No te 3. Net Income (Loss) Per Share Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted average shares of common stock outstanding for the period. Diluted net income (loss) per share is calculated by dividing net income (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 income (loss) per common share using the treasury stock method and the as-if-converted method, as applicable. The following table presents the computation of net income (loss) per share (in thousands except per share data) Three months ended March 31, 2020 2019 Numerator: Net income (loss) $ (1,202 ) $ 337 Denominator: Weighted average common shares outstanding - basic 9,690 9,626 Plus dilutive effect of potential common shares — 335 Weighted average common shares outstanding - diluted 9,690 9,961 Net income (loss) per share: Basic $ (0.12 ) $ 0.03 Diluted $ (0.12 ) $ 0.03 Diluted weighted average common shares outstanding for the three months ended March 31, 2019, includes 335,000 options outstanding. Potentially dilutive securities (in common stock equivalent shares) not included in the calculation of diluted net income (loss) per share because to do so would be anti-dilutive are as follows (in thousands) Three months ended March 31, 2020 2019 Stock options and restricted stock 1,211 468 Warrants outstanding 51 51 Total 1,262 519 |
Cash, Cash Equivalents and Shor
Cash, Cash Equivalents and Short-Term Investments | 3 Months Ended |
Mar. 31, 2020 | |
Cash And Cash Equivalents [Abstract] | |
Cash, Cash Equivalents and Short-Term Investments | Note 4. Cash, Cash Equivalents and Short-Term Investments The following tables show the Company’s cash and cash equivalents and short-term investments by significant investment category as of March 31, 2020, and December 31, 2019 (in thousands) March 31, 2020 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Cash and cash equivalents Short term investments Cash $ 2,048 $ — $ — $ 2,048 $ 2,048 $ — Level 1 (1) Money market funds 20,485 — — 20,485 20,485 — U.S. treasury securities 2,058 14 — 2,072 — 2,072 Subtotal 22,543 14 — 22,557 20,485 2,072 Level 2 (2) Commercial paper 1,498 — — 1,498 — 1,498 Corporate debt obligations 4,456 — (8 ) 4,448 — 4,448 Repurchase agreements — — — — — — Asset-backed securities 3,011 — (13 ) 2,998 — 2,998 Subtotal 8,965 — (21 ) 8,944 — 8,944 Total $ 33,556 $ 14 $ (21 ) $ 33,549 $ 22,533 $ 11,016 December 31, 2019 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Cash and cash equivalents Short term investments Cash $ 3,950 $ — $ — $ 3,950 $ 3,950 $ — Level 1 (1) Money market funds 5,500 — — 5,500 5,500 — U.S. treasury securities 3,078 2 (1 ) 3,079 — 3,079 Subtotal 8,578 2 (1 ) 8,579 5,500 3,079 Level 2 (2) Commercial paper 8,920 — — 8,920 747 8,173 Corporate debt obligations 5,922 5 (1 ) 5,926 — 5,926 Repurchase agreements 3,000 — — 3,000 3,000 — Asset-backed securities 4,505 3 — 4,508 — 4,508 Subtotal 22,347 8 (1 ) 22,354 3,747 18,607 Total $ 34,875 $ 10 $ (2 ) $ 34,883 $ 13,197 $ 21,686 (1) Level 1 fair value estimates are based on quoted prices in active markets for identical assets or liabilities. (2) Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. The Company’s investments were primarily valued based upon one or more valuations reported by its investment accounting and reporting service provider. The investment service provider values the securities using a hierarchical security pricing model that relies primarily on valuations provided by a third-party pricing vendor. Such valuations may be based on trade prices in active markets for identical assets or liabilities (Level 1 inputs) or valuation models using inputs that are observable either directly or indirectly (Level 2 inputs), such as quoted prices for similar assets or liabilities, yield curve, volatility factors, credit spreads, default rates, loss severity, current market and contractual prices for underlying instruments or debt, broker and dealer quotes, as well as other relevant economic measures. The Company performs certain procedures to corroborate the fair value of its holdings, including comparing valuations obtained from its investment service provider with other pricing sources to validate the reasonableness of the valuations. The Company typically invests in highly rated securities, and its investment policy limits the amount of credit exposure to any one issuer. The policy requires investments in fixed income instruments denominated and payable in U.S. dollars only and requires investments to be investment grade, with a primary objective of minimizing the potential risk of principal loss. The following table presents the Company's short-term investments with unrealized losses by investment category and length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2020 (in thousands) Less than 12 months Description of securities Amortized cost Unrealized losses Corporate debt obligations $ 3,699 $ (8 ) Asset-backed securities 3,011 (13 ) Total $ 6,710 $ (21 ) The Company considers the declines in market value of its short-term investments to be temporary in nature. Fair values were determined for each individual security in the investment portfolio. When evaluating an investment for other-than-temporary impairment, the Company reviews factors such as length of time and extent to which fair value has been below its cost basis, the financial condition of the issuer and any changes thereto, changes in market interest rates and the Company’s intent to sell, or whether it is more likely than not it will be required to sell the investment before recovery of the investment’s cost basis. As of March 31, 2020, the Company does not consider any of its investments to be other-than temporarily impaired. The estimated fair value of contractual maturities of short-term investments as of March 31, 2020, is $11.0 million. |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | Note 5. Property and Equipment Depreciation and amortization of property and equipment is calculated on the straight-line method based on estimated useful lives of six to ten years for tenant improvements and three to fifteen years for all other property and equipment. Property and equipment consist of the following (in thousands) March 31, 2020 December 31, 2019 Computers, software, and equipment $ 572 $ 572 Furniture, fixtures, and equipment 299 299 Manufacturing and testing equipment 3,462 3,444 Equipment construction in process 136 18 Leasehold improvements 911 911 5,380 5,244 Less accumulated depreciation (3,240 ) (3,118 ) $ 2,140 $ 2,126 Depreciation expense was $122,000 and $177,000 for the three months ended March 31, 2020 and 2019, respectively. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Note 6. Intangible Assets The following is a summary of the Company’s acquired intangible assets (dollars in thousands) Weighted average amortization period (years) Gross carrying amount Accumulated amortization Intangibles, net March 31, 2020 Customer relationships 10 $ 4,830 $ 1,841 $ 2,989 Developed technologies 9 1,080 439 641 Tradename 3 120 117 3 Total intangible assets, net $ 6,030 $ 2,397 $ 3,633 December 31, 2019 Customer relationships 10 $ 4,830 $ 1,720 $ 3,110 Developed technologies 9 1,080 406 674 Tradename 3 120 107 13 Total intangible assets, net $ 6,030 $ 2,233 $ 3,797 The estimated annual amortization of intangible assets for the next five years and thereafter is shown in the following table (in thousands) Estimated future amortization 2020 (remaining nine months) $ 465 2021 598 2022 563 2023 563 2024 563 Thereafter 881 Total $ 3,633 Actual amortization expense to be reported in future periods could differ from these estimates as a result of acquisitions, divestitures, and asset impairments, among other factors. Amortization expense was $164,000 for both the three months ended March 31, 2020 and 2019. |
Notes Payable and Line of Credi
Notes Payable and Line of Credit | 3 Months Ended |
Mar. 31, 2020 | |
Long Term Debt [Abstract] | |
Notes Payable and Line of Credit | No t In January 2018 the Company entered into a second amended and restated loan and security agreement (the Loan Agreement) with Silicon Valley Bank. Under this Loan Agreement the aggregate principal amount available under the revolving line of credit is $10.0 million and requires the Company maintain a ratio of cash and cash equivalents plus accounts receivable to outstanding debt under the Loan Agreement minus deferred revenue of 1.25 to 1.00. The Loan Agreement also set a borrowing base limit of 80% of the aggregate face amount of all eligible receivables. No balance was owed on the line of credit as of December 31, 2019. The revolving line of credit matured on January 31, 2020. |
Treasury Stock
Treasury Stock | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Treasury Stock | Note 8. Treasury Stock In August 2017, the Company’s Board of Directors (the Board) approved a share repurchase program (the 2017 Program) pursuant to which the Company could purchase up to $7.0 million of shares of its common stock over the twelve-month period following the establishment of the program. The repurchases under the 2017 Program were made from time to time in the open market or in privately negotiated transactions and were funded from the Company’s working capital. Repurchases were made in compliance with Rule 10b-18 of the Securities Exchange Act of 1934, as amended, subject to market conditions, available liquidity, cash flow, applicable legal requirements and other factors. All shares of common stock repurchased under the Company’s 2017 Program were returned to the status of authorized but unissued shares of common stock. On August 7, 2018, the Board approved an extension to the 2017 Program for an additional twelve-month period ending on August 14, 2019. On September 9, 2019, the Board approved a new share repurchase program (the 2019 Program) pursuant to which the Company may purchase up to $7.0 million of shares of its common stock over the following twelve-months. The 2019 Program mirrors all aspects and terms of the 2017 Program as described above. During the three months ended March 31, 2020, the Company repurchased approximately 24,000 shares of common stock under the share repurchase program at an average price per share of $8.03 per share for a total cost of $0.2 million. Since inception of the 2019 Program through March 31, 2020, the Company repurchased a total of approximately 117,000 shares of the Company’s stock for a total cost of $1.2 million. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9. Income Taxes The Company’s effective income tax rate was (1.4)% and 8.0% for the three months ended March 31, 2020 and 2019, respectively. The variance from the U.S. federal statutory tax rate of 21% for each of the three months ended March 31, 2020 and 2019, 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. At March 31, 2020, and December 31, 2019, the Company has a valuation allowance against net deferred tax assets but for the exclusion of a deferred tax liability generated by goodwill (an indefinite lived intangible) that may not be considered a future source of taxable income in evaluating the need for a valuation allowance. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2020 | |
Class Of Stock Disclosures [Abstract] | |
Stockholders' Equity | Note 10. Stockholders’ Equity Shares Reserved for Future Issuance The following table presents common stock reserved for future issuance (1) (in thousands) March 31, 2020 December 31, 2019 Warrants issued and outstanding 51 51 Stock option awards issued and outstanding 1,924 1,600 Authorized for grants under the 2016 Equity Incentive Plan (2) 313 401 Authorized for grants under the 2016 Employee Stock Purchase Plan (3) 268 186 2,556 2,238 (1) (2) (3) |
Stock Based Compensation
Stock Based Compensation | 3 Months Ended |
Mar. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Based Compensation | Note 11. Stock Based Compensation Stock Options The following table summarizes the outstanding stock option activity during the periods indicated (shares in thousands) Weighted average Number of shares Exercise price Remaining contractual term (years) Balance at December 31, 2019 1,600 $ 9.98 Granted 341 10.14 Exercised — 1.90 Expired/Forfeited (17 ) 9.70 Balance at March 31, 2020 1,924 10.01 8.1 Vested and exercisable at March 31, 2020 892 8.74 7.0 Vested and expected to vest at March 31, 2020 1,924 10.01 8.1 The weighted average grant date fair value of options granted during the three months ended March 31, 2020, and for the year ended December 31, 2019, was $4.30 and $4.93, respectively. For fully vested stock options, the aggregate intrinsic value as of March 31, 2020, and December 31, 2019, was $1.1 million and $2.3 million, respectively. For stock options expected to vest, the aggregate intrinsic value as of March 31, 2020 and December 31, 2019 was $15,000 and $300,000, respectively. At March 31, 2020, and December 31, 2019, there was $4.2 million and $3.2 million, respectively, of total unrecognized compensation cost related to unvested stock options granted under the Company’s equity plans. That cost is expected to be recognized over the next four years and is based on the date the options were granted. Restricted Stock The following table summarizes the Company's Restricted Stock Unit (RSU) activity for the three months ended March 31, 2020 (shares in thousands) Restricted stock units Weighted average grant date fair value Non-vested balance at December 31, 2019 80 $ 11.43 Grants 151 10.17 Vested and released (28 ) 11.17 Forfeitures — — Non-vested balance at March 31, 2020 203 10.53 As of March 31, 2020, there was $2.0 million of total unrecognized compensation cost related to unvested RSUs having a weighted average remaining contractual term of 2.1 years. Employee Stock Purchase Plan (ESPP) The Company maintains the 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 first offering period under the ESPP commenced on March 1, 2019. 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, and 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 for such plans such as the ESPP. 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. The Company received proceeds of $99,000 from the issuance of 15,000 shares under the ESPP in February 2020. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 12. Commitments and Contingencies (a) Operating Leases The Company has entered into lease agreements for office space and research facilities in San Diego County, California; Melbourne, Florida; Scottsdale, Arizona; Taipei, Taiwan; Shenzhen and Jiangsu, China; and Cambridgeshire, United Kingdom. Rent expense was $247,000 and $235,000 for the three months ended March 31, 2020 and 2019, respectively. With the Company’s recent five year renewal of its San Diego location, the longest lease now expires in November 2025. The Company moved into its facility in San Diego, California during the year ended December 31, 2014. The San Diego facility lease agreement included a tenant improvement allowance which provided for the landlord to pay for tenant improvements on behalf of the Company up to $515,000. Based on the terms of this landlord incentive and involvement of the Company in the construction process, the leasehold improvements purchased under the landlord incentive were determined to be property of the Company. The future minimum lease payments required under operating leases in effect at March 31, 2020, were as follows (in thousands) Year ending: 2020 (remaining nine months) $ 653 2021 992 2022 719 2023 705 2024 686 2025 615 $ 4,370 (b) Indemnification In some agreements to which the Company is a party, the Company has agreed to indemnify the other party for certain matters, including, but not limited to, product liability and intellectual property. To date, there have been no known events or circumstances that have resulted in any material costs related to these indemnification provisions and no liabilities have been recorded in the accompanying financial statements. |
Concentration of Credit Risk
Concentration of Credit Risk | 3 Months Ended |
Mar. 31, 2020 | |
Risks And Uncertainties [Abstract] | |
Concentration of Credit Risk | Note 13. Concentration of Credit Risk (a) Concentration of Sales and Accounts Receivable The following represents customers that accounted for 10% or more of total revenue during the three months ended March 31, 2020 and 2019, and customers that accounted for 10% or more of total trade accounts receivable at March 31, 2020 and 2019. Three months ended March 31, 2020 2019 Percentage of net revenue Customer A 36% 42% Customer B 8 10 As of March 31, 2020 2019 Percentage of gross trade accounts receivable Customer A 37% 43% Customer B 8 11 (b) Concentration of Purchases During the three months ended March 31, 2020, the Company’s products were primarily manufactured by two vendors in China and by the Company’s Arizona facility. |
Disaggregated Revenues
Disaggregated Revenues | 3 Months Ended |
Mar. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Disaggregated Revenues | Note 14. Disaggregated Revenue Disaggregated revenue are as follows (in thousands) By Sales Channel Three months ended March 31, 2020 2019 Fulfillment distributors $ 6,082 $ 8,607 OEM/ODM/Contract manufacturer 4,113 4,826 Other 1,021 1,675 Total $ 11,216 $ 15,108 By Geography 2020 2019 China $ 8,347 $ 10,811 North America 2,456 2,797 Rest of the world 413 1,500 Total $ 11,216 $ 15,108 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Business Description | Business Description Airgain, Inc. (the Company) was incorporated in the State of California on March 20, 1995; and reincorporated in the State of Delaware on August 15, 2016. The Company is a leading provider of advanced antenna technologies used to enable high performance wireless networking across a broad range of markets, including consumer, enterprise and automotive. The Company designs, develops, and engineers its antenna products for original equipment and design manufacturers worldwide. The Company’s headquarters is in San Diego, California with office space and research, design and test facilities in the United States, United Kingdom, China, and Taiwan. |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed 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 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, 2019, from which the balance sheet information herein was derived. The unaudited condensed balance sheet as of December 31, 2019, included herein was derived from the audited financial statements as of that date but does not include all disclosures including notes required by GAAP. The unaudited condensed statements of operations for the three months ended March 31, 2020 and 2019, and the balance sheet data as of March 31, 2020, have been prepared on the same basis as the audited financial statements. In the opinion of management, the accompanying unaudited condensed financial statements reflect all adjustments, consisting of normal and recurring adjustments, necessary for a fair presentation of results of the Company’s operations and financial position for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full year ending December 31, 2020, or for any future period. |
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 Scottsdale, Arizona. The Company operates in one segment related to the sale of antenna products. The Company’s chief operating decision-maker is its chief executive officer, who reviews operating results on an aggregate basis and manages the Company’s operations 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include valuation of intangible assets. |
Reclassifications | Reclassifications Certain amounts in the prior period financial statements have been reclassified to conform to the presentation of the current period financial statements. |
Fair Value Measurements | Fair Value Measurements The carrying values of the Company’s financial instruments, including cash and cash equivalents, restricted 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. |
Cash Equivalents and Short Term Investments | Cash Equivalents and Short-Term Investments Cash equivalents are comprised of short-term, highly liquid investments with maturities of 90 days or less at the date of purchase. Short-term investments consist predominantly of commercial paper, corporate debt securities, U.S. Treasury securities and asset backed securities. The Company classifies short-term investments based on the facts and circumstances surrounding the investments at the time of purchase and evaluates such classification as of each balance sheet date. All short-term investments are classified as available-for-sale securities as of March 31, 2020, and are recorded at estimated fair value. Unrealized gains and losses for available-for-sale securities are included in accumulated other comprehensive income (loss), a component of stockholders’ equity. Realized gains and losses are included in other income, in the unaudited condensed statements of operations. The Company evaluates its investments to determine whether those with unrealized loss positions are other than temporarily impaired. Impairments are considered to be other than temporary if they are related to deterioration in credit risk or if it is likely that the Company will sell the securities before recovery of their cost basis. |
Inventory | Inventory The majority 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 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. 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 balance sheet. The Company also manufactures certain of its products at its facility located in Scottsdale, Arizona. Inventory is stated at the lower of cost or net realizable value. For items manufactured by the Company, cost is determined using the weighted average cost method. For items manufactured by third parties, cost is determined using the first-in, first-out (FIFO) method. Any adjustments to reduce the cost of inventories to their net realizable value are recognized in earnings in the current period. As of March 31, 2020, the Company’s inventories consist primarily of raw materials. Provisions for excess and obsolete inventories are estimated based on product life cycles, quality issues, and historical experience. As of March 31, 2020, there is no provision for excess and obsolete inventories. |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Comprehensive income (loss) is comprised of net income (loss) and other comprehensive income (loss). Accumulated other comprehensive income (loss) on the unaudited condensed balance sheet at March 31, 2020, includes unrealized gains and losses on the Company’s available-for-sale securities. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (FASB)issued Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842) In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment , which simplifies the test for goodwill impairment by removing Step 2 which requires a hypothetical purchase price allocation and may require the services of valuation experts. An entity will, therefore, perform the goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount, recognizing an impairment charge for the amount by which the carrying amount exceeds the fair value, not to exceed the total amount of goodwill allocated to the reporting unit. An entity still has the option to perform a qualitative assessment to determine if the quantitative impairment test is necessary. ASU 2017-04 will be effective for the Company in annual periods beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021, with early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company has not yet determined whether it will early adopt ASU 2017-04 and is evaluating the impact the standard will have on its ongoing financial reporting. In May 2019, the FASB issued ASU 2019-05, Financial Instruments-Credit Losses (Topic 326), Targeted Transition Relief |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Summary of Computation of Net Income (Loss) Per Share | The following table presents the computation of net income (loss) per share (in thousands except per share data) Three months ended March 31, 2020 2019 Numerator: Net income (loss) $ (1,202 ) $ 337 Denominator: Weighted average common shares outstanding - basic 9,690 9,626 Plus dilutive effect of potential common shares — 335 Weighted average common shares outstanding - diluted 9,690 9,961 Net income (loss) per share: Basic $ (0.12 ) $ 0.03 Diluted $ (0.12 ) $ 0.03 |
Summary of Potentially Dilutive Securities | Potentially dilutive securities (in common stock equivalent shares) not included in the calculation of diluted net income (loss) per share because to do so would be anti-dilutive are as follows (in thousands) Three months ended March 31, 2020 2019 Stock options and restricted stock 1,211 468 Warrants outstanding 51 51 Total 1,262 519 |
Cash, Cash Equivalents and Sh_2
Cash, Cash Equivalents and Short-Term Investments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Cash And Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents and Short-Term Investments by Significant Investment Category | The following tables show the Company’s cash and cash equivalents and short-term investments by significant investment category as of March 31, 2020, and December 31, 2019 (in thousands) March 31, 2020 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Cash and cash equivalents Short term investments Cash $ 2,048 $ — $ — $ 2,048 $ 2,048 $ — Level 1 (1) Money market funds 20,485 — — 20,485 20,485 — U.S. treasury securities 2,058 14 — 2,072 — 2,072 Subtotal 22,543 14 — 22,557 20,485 2,072 Level 2 (2) Commercial paper 1,498 — — 1,498 — 1,498 Corporate debt obligations 4,456 — (8 ) 4,448 — 4,448 Repurchase agreements — — — — — — Asset-backed securities 3,011 — (13 ) 2,998 — 2,998 Subtotal 8,965 — (21 ) 8,944 — 8,944 Total $ 33,556 $ 14 $ (21 ) $ 33,549 $ 22,533 $ 11,016 December 31, 2019 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Cash and cash equivalents Short term investments Cash $ 3,950 $ — $ — $ 3,950 $ 3,950 $ — Level 1 (1) Money market funds 5,500 — — 5,500 5,500 — U.S. treasury securities 3,078 2 (1 ) 3,079 — 3,079 Subtotal 8,578 2 (1 ) 8,579 5,500 3,079 Level 2 (2) Commercial paper 8,920 — — 8,920 747 8,173 Corporate debt obligations 5,922 5 (1 ) 5,926 — 5,926 Repurchase agreements 3,000 — — 3,000 3,000 — Asset-backed securities 4,505 3 — 4,508 — 4,508 Subtotal 22,347 8 (1 ) 22,354 3,747 18,607 Total $ 34,875 $ 10 $ (2 ) $ 34,883 $ 13,197 $ 21,686 (1) Level 1 fair value estimates are based on quoted prices in active markets for identical assets or liabilities. (2) Level 2 fair value estimates are based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. |
Schedule of Short-Term Investments | The following table presents the Company's short-term investments with unrealized losses by investment category and length of time that individual securities have been in a continuous unrealized loss position as of March 31, 2020 (in thousands) Less than 12 months Description of securities Amortized cost Unrealized losses Corporate debt obligations $ 3,699 $ (8 ) Asset-backed securities 3,011 (13 ) Total $ 6,710 $ (21 ) |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property and Equipment | Depreciation and amortization of property and equipment is calculated on the straight-line method based on estimated useful lives of six to ten years for tenant improvements and three to fifteen years for all other property and equipment. Property and equipment consist of the following (in thousands) March 31, 2020 December 31, 2019 Computers, software, and equipment $ 572 $ 572 Furniture, fixtures, and equipment 299 299 Manufacturing and testing equipment 3,462 3,444 Equipment construction in process 136 18 Leasehold improvements 911 911 5,380 5,244 Less accumulated depreciation (3,240 ) (3,118 ) $ 2,140 $ 2,126 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Acquired Intangible Assets | The following is a summary of the Company’s acquired intangible assets (dollars in thousands) Weighted average amortization period (years) Gross carrying amount Accumulated amortization Intangibles, net March 31, 2020 Customer relationships 10 $ 4,830 $ 1,841 $ 2,989 Developed technologies 9 1,080 439 641 Tradename 3 120 117 3 Total intangible assets, net $ 6,030 $ 2,397 $ 3,633 December 31, 2019 Customer relationships 10 $ 4,830 $ 1,720 $ 3,110 Developed technologies 9 1,080 406 674 Tradename 3 120 107 13 Total intangible assets, net $ 6,030 $ 2,233 $ 3,797 |
Schedule of Estimated Annual Amortization of Intangible Assets | The estimated annual amortization of intangible assets for the next five years and thereafter is shown in the following table (in thousands) Estimated future amortization 2020 (remaining nine months) $ 465 2021 598 2022 563 2023 563 2024 563 Thereafter 881 Total $ 3,633 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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) March 31, 2020 December 31, 2019 Warrants issued and outstanding 51 51 Stock option awards issued and outstanding 1,924 1,600 Authorized for grants under the 2016 Equity Incentive Plan (2) 313 401 Authorized for grants under the 2016 Employee Stock Purchase Plan (3) 268 186 2,556 2,238 (1) (2) (3) |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Outstanding Stock Option Activity | The following table summarizes the outstanding stock option activity during the periods indicated (shares in thousands) Weighted average Number of shares Exercise price Remaining contractual term (years) Balance at December 31, 2019 1,600 $ 9.98 Granted 341 10.14 Exercised — 1.90 Expired/Forfeited (17 ) 9.70 Balance at March 31, 2020 1,924 10.01 8.1 Vested and exercisable at March 31, 2020 892 8.74 7.0 Vested and expected to vest at March 31, 2020 1,924 10.01 8.1 |
Summary of Outstanding Restricted Stock Unit Activity | The following table summarizes the Company's Restricted Stock Unit (RSU) activity for the three months ended March 31, 2020 (shares in thousands) Restricted stock units Weighted average grant date fair value Non-vested balance at December 31, 2019 80 $ 11.43 Grants 151 10.17 Vested and released (28 ) 11.17 Forfeitures — — Non-vested balance at March 31, 2020 203 10.53 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments Under Operating Leases | The future minimum lease payments required under operating leases in effect at March 31, 2020, were as follows (in thousands) Year ending: 2020 (remaining nine months) $ 653 2021 992 2022 719 2023 705 2024 686 2025 615 $ 4,370 |
Concentration of Credit Risk (T
Concentration of Credit Risk (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 during the three months ended March 31, 2020 and 2019, and customers that accounted for 10% or more of total trade accounts receivable at March 31, 2020 and 2019. Three months ended March 31, 2020 2019 Percentage of net revenue Customer A 36% 42% Customer B 8 10 As of March 31, 2020 2019 Percentage of gross trade accounts receivable Customer A 37% 43% Customer B 8 11 |
Disaggregated Revenues (Tables)
Disaggregated Revenues (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Disaggregated Revenues | Disaggregated revenue are as follows (in thousands) By Sales Channel Three months ended March 31, 2020 2019 Fulfillment distributors $ 6,082 $ 8,607 OEM/ODM/Contract manufacturer 4,113 4,826 Other 1,021 1,675 Total $ 11,216 $ 15,108 By Geography 2020 2019 China $ 8,347 $ 10,811 North America 2,456 2,797 Rest of the world 413 1,500 Total $ 11,216 $ 15,108 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2020Segment | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Number of operating segments | 1 |
Net Income (Loss) Per Share - S
Net Income (Loss) Per Share - Summary of Computation of Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Numerator: | ||
Net income (loss) | $ (1,202) | $ 337 |
Weighted average shares used in calculating income (loss) per share: | ||
Basic | 9,690 | 9,626 |
Plus dilutive effect of potential common shares | 335 | |
Weighted average common shares outstanding - diluted | 9,690 | 9,961 |
Net income (loss) per share: | ||
Basic | $ (0.12) | $ 0.03 |
Diluted | $ (0.12) | $ 0.03 |
Net Income (Loss) Per Share - A
Net Income (Loss) Per Share - Additional Information (Details) - shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net Income (Loss) Per Share [Line Items] | ||
Diluted weighted average common shares outstanding | 9,690,000 | 9,961,000 |
Options Outstanding | ||
Net Income (Loss) Per Share [Line Items] | ||
Diluted weighted average common shares outstanding | 335,000 |
Net Income (Loss) Per Share -_2
Net Income (Loss) Per Share - Summary of Potentially Dilutive Securities (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities not included in the calculation of diluted net loss per share | 1,262 | 519 |
Stock Options and Restricted Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities not included in the calculation of diluted net loss per share | 1,211 | 468 |
Warrants outstanding | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities not included in the calculation of diluted net loss per share | 51 | 51 |
Cash, Cash Equivalents and Sh_3
Cash, Cash Equivalents and Short-Term Investments - Schedule of Cash and Cash Equivalents and Short-term Investments by Significant Investment Category (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Cash And Cash Equivalents And Short Term Investments [Line Items] | |||
Cash | $ 2,048 | $ 3,950 | |
Short term investments Gross unrealized gains | 14 | 10 | |
Short term investments Gross unrealized losses | (21) | (2) | |
Short term investments | 11,016 | 21,686 | |
Cash and cash equivalents and Short term investments, Amortized cost | 33,556 | 34,875 | |
Cash and cash equivalents and Short term investments, Estimated fair value | 33,549 | 34,883 | |
Cash and cash equivalents | 22,533 | 13,197 | $ 11,748 |
Level 1 | |||
Cash And Cash Equivalents And Short Term Investments [Line Items] | |||
Short term investments Gross unrealized gains | 14 | 2 | |
Short term investments Gross unrealized losses | (1) | ||
Cash equivalents and Short term investments, Estimated Fair Value | 22,557 | 8,579 | |
Cash equivalents and Short term investments, Amortized cost | 22,543 | 8,578 | |
Level 2 | |||
Cash And Cash Equivalents And Short Term Investments [Line Items] | |||
Short term investments Gross unrealized gains | 8 | ||
Short term investments Gross unrealized losses | (21) | (1) | |
Short term investments | 8,944 | 18,607 | |
Cash equivalents and Short term investments, Estimated Fair Value | 8,944 | 22,354 | |
Cash and cash equivalents | 3,747 | ||
Cash equivalents and Short term investments, Amortized cost | 8,965 | 22,347 | |
Money Market Funds | Level 1 | |||
Cash And Cash Equivalents And Short Term Investments [Line Items] | |||
Cash equivalents | 20,485 | 5,500 | |
Repurchase Agreements | Level 2 | |||
Cash And Cash Equivalents And Short Term Investments [Line Items] | |||
Cash equivalents | 3,000 | ||
US Treasury Securities | Level 1 | |||
Cash And Cash Equivalents And Short Term Investments [Line Items] | |||
Short Term Investments Amortized cost | 2,058 | 3,078 | |
Short term investments Gross unrealized gains | 14 | 2 | |
Short term investments Gross unrealized losses | (1) | ||
Short term investments | 2,072 | 3,079 | |
Commercial Paper | Level 2 | |||
Cash And Cash Equivalents And Short Term Investments [Line Items] | |||
Cash equivalents | 747 | ||
Short Term Investments Amortized cost | 1,498 | 8,920 | |
Short term investments | 1,498 | 8,173 | |
Cash equivalents and Short term investments, Estimated Fair Value | 1,498 | 8,920 | |
Corporate Debt Securities | Level 2 | |||
Cash And Cash Equivalents And Short Term Investments [Line Items] | |||
Short Term Investments Amortized cost | 4,456 | 5,922 | |
Short term investments Gross unrealized gains | 5 | ||
Short term investments Gross unrealized losses | (8) | (1) | |
Short term investments | 4,448 | 5,926 | |
Asset-backed Securities | Level 2 | |||
Cash And Cash Equivalents And Short Term Investments [Line Items] | |||
Short Term Investments Amortized cost | 3,011 | 4,505 | |
Short term investments Gross unrealized gains | 3 | ||
Short term investments Gross unrealized losses | (13) | ||
Short term investments | 2,998 | 4,508 | |
Cash equivalents and Short term investments, Estimated Fair Value | $ 2,998 | $ 4,508 |
Cash, Cash Equivalents and Sh_4
Cash, Cash Equivalents and Short-Term Investments - Schedule of Short-Term Investments (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Cash And Cash Equivalents And Short Term Investments [Line Items] | |
Short-term investments in continuous unrealized loss position for 12 months or less, Amortized cost | $ 6,710 |
Short-term investments in continuous unrealized loss position for 12 months or less, Unrealized losses | (21) |
Corporate Debt Securities | |
Cash And Cash Equivalents And Short Term Investments [Line Items] | |
Short-term investments in continuous unrealized loss position for 12 months or less, Amortized cost | 3,699 |
Short-term investments in continuous unrealized loss position for 12 months or less, Unrealized losses | (8) |
Asset-backed Securities | |
Cash And Cash Equivalents And Short Term Investments [Line Items] | |
Short-term investments in continuous unrealized loss position for 12 months or less, Amortized cost | 3,011 |
Short-term investments in continuous unrealized loss position for 12 months or less, Unrealized losses | $ (13) |
Cash, Cash Equivalents and Sh_5
Cash, Cash Equivalents and Short-Term Investments - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Investments Debt And Equity Securities [Abstract] | ||
Estimated fair value of contractual maturities of short-term investments | $ 11,016 | $ 21,686 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Property Plant And Equipment [Line Items] | ||
Depreciation expense | $ 122,000 | $ 177,000 |
Tenant Improvement | Minimum | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, estimated useful life | 6 years | |
Tenant Improvement | Maximum | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, estimated useful life | 10 years | |
Other Property and Equipment | Minimum | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, estimated useful life | 3 years | |
Other Property and Equipment | Maximum | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, estimated useful life | 15 years |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 5,380 | $ 5,244 |
Less accumulated depreciation | (3,240) | (3,118) |
Property and equipment, net | 2,140 | 2,126 |
Computers, Software, and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 572 | 572 |
Furniture, Fixtures, and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 299 | 299 |
Manufacturing and Testing Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 3,462 | 3,444 |
Equipment Construction in Process | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 136 | 18 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 911 | $ 911 |
Intangible Assets - Summary of
Intangible Assets - Summary of Acquired Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 6,030 | $ 6,030 |
Accumulated amortization | 2,397 | 2,233 |
Intangibles, net | $ 3,633 | $ 3,797 |
Customer relationships | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Weighted average amortization period (years) | 10 years | 10 years |
Gross carrying amount | $ 4,830 | $ 4,830 |
Accumulated amortization | 1,841 | 1,720 |
Intangibles, net | $ 2,989 | $ 3,110 |
Developed technologies | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Weighted average amortization period (years) | 9 years | 9 years |
Gross carrying amount | $ 1,080 | $ 1,080 |
Accumulated amortization | 439 | 406 |
Intangibles, net | $ 641 | $ 674 |
Tradename | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Weighted average amortization period (years) | 3 years | 3 years |
Gross carrying amount | $ 120 | $ 120 |
Accumulated amortization | 117 | 107 |
Intangibles, net | $ 3 | $ 13 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Estimated Annual Amortization of Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2020 (remaining nine months) | $ 465 | |
2021 | 598 | |
2022 | 563 | |
2023 | 563 | |
2024 | 563 | |
Thereafter | 881 | |
Intangibles, net | $ 3,633 | $ 3,797 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Amortization | $ 164,000 | $ 164,000 |
Notes Payable and Line of Cre_2
Notes Payable and Line of Credit - Additional Information (Details) - Silicon Valley Bank - Revolving Credit Facility - USD ($) | 1 Months Ended | 3 Months Ended | |
Jan. 31, 2018 | Mar. 31, 2020 | Dec. 31, 2019 | |
Line Of Credit Facility [Line Items] | |||
Line of credit facility allowable amount | $ 10,000,000 | ||
Line of credit | $ 0 | ||
Line of credit facility maturity date | Jan. 31, 2020 | ||
Line of credit facility borrowing base limitation percentage of eligible receivables | 80.00% | ||
Liquidity ratio | 125.00% |
Treasury Stock - Additional Inf
Treasury Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | Aug. 07, 2018 | Sep. 09, 2019 | Aug. 31, 2017 | Mar. 31, 2020 | Mar. 31, 2020 |
Share Repurchase Program September 9, 2019 | |||||
Equity Class Of Treasury Stock [Line Items] | |||||
Stock repurchase, shares | 117,000 | ||||
Common stock repurchase, value | $ 1.2 | $ 1.2 | |||
Common Stock | Share Repurchase Program August 2017 | |||||
Equity Class Of Treasury Stock [Line Items] | |||||
Stock approved for repurchase, value | $ 7 | ||||
Period of stock repurchase program | 12 months | ||||
Additional period of stock repurchase program | 12 months | ||||
Common Stock | Share Repurchase Program September 9, 2019 | |||||
Equity Class Of Treasury Stock [Line Items] | |||||
Stock approved for repurchase, value | $ 7 | ||||
Period of stock repurchase program | 12 months | ||||
Common Stock | Share Repurchase Program August 2017 and September 2019 | |||||
Equity Class Of Treasury Stock [Line Items] | |||||
Stock repurchase, shares | 24,000 | ||||
Stock repurchase, average price per share | $ 8.03 | ||||
Stock repurchase, cost | $ 0.2 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | (1.40%) | 8.00% |
U.S. federal statutory tax rate | 21.00% | 21.00% |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Common Stock Reserved for Future Issuance (Details) - shares | Mar. 31, 2020 | Dec. 31, 2019 |
Class Of Stock [Line Items] | ||
Common stock, reserved for future issuance | 2,556,000 | 2,238,000 |
Warrants Issued and Outstanding | ||
Class Of Stock [Line Items] | ||
Common stock, reserved for future issuance | 51,000 | 51,000 |
Stock Option Awards Issued and Outstanding | ||
Class Of Stock [Line Items] | ||
Common stock, reserved for future issuance | 1,924,000 | 1,600,000 |
Authorized for Grants under the 2016 Equity Incentive Plan | ||
Class Of Stock [Line Items] | ||
Common stock, reserved for future issuance | 313,000 | 401,000 |
Authorized for grants under the 2016 Employee Stock Purchase Plan | ||
Class Of Stock [Line Items] | ||
Common stock, reserved for future issuance | 268,000 | 186,000 |
Stockholders' Equity - Schedu_2
Stockholders' Equity - Schedule of Common Stock Reserved for Future Issuance (Parenthetical) (Details) - shares | Jan. 01, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Class Of Stock [Line Items] | |||
Treasury stock, shares at cost | 489,000 | 465,000 | |
2016 Equity Incentive Plan | |||
Class Of Stock [Line Items] | |||
Number of authorized shares increased | 387,000 | ||
2016 Employee Stock Purchase Plan | |||
Class Of Stock [Line Items] | |||
Number of authorized shares increased | 97,000 |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Outstanding Stock Option Activity (Details) | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Number of shares, Beginning balance | shares | 1,600,000 |
Number of shares, Granted | shares | 341,000 |
Number of shares, Expired/Forfeited | shares | (17,000) |
Number of shares, Ending balance | shares | 1,924,000 |
Number of shares, Vested and exercisable | shares | 892,000 |
Number of shares, Vested and expected to vest | shares | 1,924,000 |
Weighted average exercise price, Beginning balance | $ 9.98 |
Weighted average exercise price, Granted | 10.14 |
Weighted average exercise price, Exercised | 1.90 |
Weighted average exercise price, Expired/Forfeited | 9.70 |
Weighted average exercise price, Ending balance | 10.01 |
Weighted average exercise price, Vested and exercisable | 8.74 |
Weighted average exercise price, Vested and expected to vest | $ 10.01 |
Weighted average remaining contractual term (years) | 8 years 1 month 6 days |
Weighted average remaining contractual term (years), Vested and exercisable | 7 years |
Weighted average remaining contractual term (years), Vested and expected to vest | 8 years 1 month 6 days |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended |
Feb. 29, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted average grant-date fair value of options granted | $ 4.30 | $ 4.93 | |
Stock options vested aggregate intrinsic value | $ 1,100,000 | $ 2,300,000 | |
Stock options expected to vest aggregate intrinsic value | 15,000 | 300,000 | |
Total unrecognized compensation cost of unvested stock options | $ 4,200,000 | $ 3,200,000 | |
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 | 20.00% | ||
Percentage of discount and fair value of option | 15.00% | ||
Proceeds from stock issued during period | $ 99,000 | ||
Number of stock issued during period | 15,000 | ||
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 | 85.00% | ||
Stock Options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total unrecognized compensation cost, period for recognition | 4 years | ||
Restricted Stock Unit (RSU) | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted average remaining contractual term | 2 years 1 month 6 days | ||
Total unrecognized compensation cost | $ 2,000,000 |
Stock Based Compensation - Su_2
Stock Based Compensation - Summary of Outstanding Restricted Stock Unit Activity (Details) - Restricted Stock Unit (RSU) shares in Thousands | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Restricted stock units, Beginning balance | shares | 80 |
Restricted stock units, Grants | shares | 151 |
Restricted stock units, Vested and released | shares | (28) |
Restricted stock units, Ending balance | shares | 203 |
Weighted average grant date fair value, Beginning balance | $ / shares | $ 11.43 |
Weighted average grant date fair value, Grants | $ / shares | 10.17 |
Weighted average grant date fair value, Vested and released | $ / shares | 11.17 |
Weighted average grant date fair value, Ending balance | $ / shares | $ 10.53 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - Office Space and Research Facilities Lease - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Commitment And Contingencies [Line Items] | ||
Operating leases, rent expense | $ 247,000 | $ 235,000 |
Operating lease, renewal term | 5 years | |
Lease agreement description | The San Diego facility lease agreement included a tenant improvement allowance which provided for the landlord to pay for tenant improvements on behalf of the Company up to $515,000. Based on the terms of this landlord incentive and involvement of the Company in the construction process, the leasehold improvements purchased under the landlord incentive were determined to be property of the Company. | |
Lease expiration date | Nov. 30, 2025 | |
Maximum | ||
Commitment And Contingencies [Line Items] | ||
Payments for tenant improvements allowance | $ 515,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Future Minimum Lease Payments Under Operating Leases (Detail) $ in Thousands | Mar. 31, 2020USD ($) |
Future minimum lease payment | |
2020 (remaining nine months) | $ 653 |
2021 | 992 |
2022 | 719 |
2023 | 705 |
2024 | 686 |
2025 | 615 |
Total future minimum lease payment | $ 4,370 |
Concentration of Credit Risk -
Concentration of Credit Risk - Additional Information (Details) - Vendor | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
China | ||
Concentration Risk [Line Items] | ||
Number of vendors | 2 | |
Customer Concentration Risk | Net Revenue | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 10.00% | 10.00% |
Customer Concentration Risk | Trade Accounts Receivable | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 10.00% | 10.00% |
Concentration of Credit Risk _2
Concentration of Credit Risk - Schedule of Concentration of Sales and Accounts Receivable (Details) - Customer Concentration Risk | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net Revenue | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 10.00% | 10.00% |
Net Revenue | Customer A | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 36.00% | 42.00% |
Net Revenue | Customer B | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 8.00% | 10.00% |
Trade Accounts Receivable | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 10.00% | 10.00% |
Trade Accounts Receivable | Customer A | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 37.00% | 43.00% |
Trade Accounts Receivable | Customer B | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 8.00% | 11.00% |
Disaggregated Revenues - Summar
Disaggregated Revenues - Summary of Disaggregated Revenues By Sales Channel (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation Of Revenue [Line Items] | ||
Disaggregated revenues | $ 11,216 | $ 15,108 |
Fulfillment Distributors | ||
Disaggregation Of Revenue [Line Items] | ||
Disaggregated revenues | 6,082 | 8,607 |
OEM/ODM/Contract Manufacturer | ||
Disaggregation Of Revenue [Line Items] | ||
Disaggregated revenues | 4,113 | 4,826 |
Other | ||
Disaggregation Of Revenue [Line Items] | ||
Disaggregated revenues | $ 1,021 | $ 1,675 |
Disaggregated Revenues - Summ_2
Disaggregated Revenues - Summary of Disaggregated Revenues By Geography (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Disaggregation Of Revenue [Line Items] | ||
Disaggregated revenues | $ 11,216 | $ 15,108 |
China | ||
Disaggregation Of Revenue [Line Items] | ||
Disaggregated revenues | 8,347 | 10,811 |
North America | ||
Disaggregation Of Revenue [Line Items] | ||
Disaggregated revenues | 2,456 | 2,797 |
Rest of the world | ||
Disaggregation Of Revenue [Line Items] | ||
Disaggregated revenues | $ 413 | $ 1,500 |