Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 02, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
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 | 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 | 9,767,957 | |
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 | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 35,795 | $ 13,197 |
Short-term investments | 2,184 | 21,686 |
Trade accounts receivable | 4,182 | 7,656 |
Inventory | 1,077 | 1,193 |
Prepaid expenses and other current assets | 1,469 | 1,361 |
Total current assets | 44,707 | 45,093 |
Property and equipment, net | 2,323 | 2,126 |
Goodwill | 3,700 | 3,700 |
Customer relationships, net | 2,748 | 3,110 |
Intangible assets, net | 574 | 687 |
Other assets | 197 | 10 |
Total assets | 54,249 | 54,726 |
Current liabilities: | ||
Accounts payable | 3,078 | 3,838 |
Accrued bonus | 1,220 | 1,385 |
Accrued liabilities and other | 1,653 | 1,536 |
Total current liabilities | 5,951 | 6,759 |
Deferred tax liability | 44 | 52 |
Deferred rent obligation under operating lease | 190 | 11 |
Total liabilities | 6,185 | 6,822 |
Stockholders’ equity: | ||
Common stock and additional paid-in capital, par value $0.0001, 200,000 shares authorized; 10,302 shares issued and 9,768 shares outstanding at September 30, 2020; and 10,146 shares issued and 9,681 shares outstanding at December 31, 2019 | 99,597 | 96,623 |
Treasury stock, at cost: 534 shares and 465 shares at September 30, 2020, and December 31, 2019, respectively | (5,267) | (4,659) |
Accumulated other comprehensive income | 1 | 8 |
Accumulated deficit | (46,267) | (44,068) |
Total stockholders’ equity | 48,064 | 47,904 |
Commitments and contingencies (note 12) | ||
Total liabilities and stockholders’ equity | $ 54,249 | $ 54,726 |
Condensed Balance Sheets (Una_2
Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 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 | 10,302,000 | 10,146,000 |
Common stock, shares outstanding | 9,768,000 | 9,681,000 |
Treasury stock, shares at cost | 534,000 | 465,000 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement [Abstract] | ||||
Sales | $ 13,010 | $ 13,142 | $ 35,672 | $ 42,713 |
Cost of goods sold | 6,981 | 7,067 | 18,924 | 23,167 |
Gross profit | 6,029 | 6,075 | 16,748 | 19,546 |
Operating expenses: | ||||
Research and development | 2,231 | 2,403 | 6,873 | 6,944 |
Sales and marketing | 1,559 | 1,461 | 4,477 | 5,964 |
General and administrative | 2,439 | 2,416 | 7,506 | 6,168 |
Total operating expenses | 6,229 | 6,280 | 18,856 | 19,076 |
Income (loss) from operations | (200) | (205) | (2,108) | 470 |
Other expense (income): | ||||
Interest income, net | (23) | (183) | (194) | (558) |
Other expense | 11 | |||
Total other income | (23) | (183) | (183) | (558) |
Income (loss) before income taxes | (177) | (22) | (1,925) | 1,028 |
Provision for income taxes | 84 | 113 | 274 | 165 |
Net income (loss) | $ (261) | $ (135) | $ (2,199) | $ 863 |
Net income (loss) per share: | ||||
Basic | $ (0.03) | $ (0.01) | $ (0.23) | $ 0.09 |
Diluted | $ (0.03) | $ (0.01) | $ (0.23) | $ 0.09 |
Weighted average shares used in calculating income (loss) per share: | ||||
Basic | 9,710 | 9,711 | 9,694 | 9,678 |
Diluted | 9,710 | 9,711 | 9,694 | 10,083 |
Condensed Statements of Compreh
Condensed Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (261) | $ (135) | $ (2,199) | $ 863 |
Unrealized gain (loss) on available-for-sale securities, net of deferred taxes | (15) | 1 | (7) | 24 |
Comprehensive income (loss) | $ (276) | $ (134) | $ (2,206) | $ 887 |
Condensed Statements of Stockho
Condensed Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock and Additional Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Beginning balance at Dec. 31, 2018 | $ 45,147 | $ 93,584 | $ (3,432) | $ (11) | $ (44,994) |
Stock-based compensation | 1,605 | ||||
Issuance of shares for stock purchase plan | 779 | ||||
Repurchases of common stock | (799) | ||||
Other comprehensive income (loss) | 24 | ||||
Net income (loss) | 863 | 863 | |||
Ending balance at Sep. 30, 2019 | 47,619 | 95,968 | (4,231) | 13 | (44,131) |
Beginning balance at Jun. 30, 2019 | 47,620 | 95,229 | (3,625) | 12 | (43,996) |
Stock-based compensation | 549 | ||||
Issuance of shares for stock purchase plan | 190 | ||||
Repurchases of common stock | (606) | ||||
Other comprehensive income (loss) | 1 | ||||
Net income (loss) | (135) | (135) | |||
Ending balance at Sep. 30, 2019 | 47,619 | 95,968 | (4,231) | 13 | (44,131) |
Beginning balance at Dec. 31, 2019 | 47,904 | 96,623 | (4,659) | 8 | (44,068) |
Stock-based compensation | 1,956 | ||||
Issuance of shares for stock purchase plan | 1,018 | ||||
Repurchases of common stock | (608) | ||||
Other comprehensive income (loss) | (7) | ||||
Net income (loss) | (2,199) | (2,199) | |||
Ending balance at Sep. 30, 2020 | 48,064 | 99,597 | (5,267) | 1 | (46,267) |
Beginning balance at Jun. 30, 2020 | 46,779 | 98,036 | (5,267) | 16 | (46,006) |
Stock-based compensation | 633 | ||||
Issuance of shares for stock purchase plan | 928 | ||||
Other comprehensive income (loss) | (15) | ||||
Net income (loss) | (261) | (261) | |||
Ending balance at Sep. 30, 2020 | $ 48,064 | $ 99,597 | $ (5,267) | $ 1 | $ (46,267) |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (2,199,000) | $ 863,000 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation | 348,000 | 373,000 |
Loss on disposal of property and equipment | 11,000 | |
Amortization | 475,000 | 491,000 |
Amortization of premium (discounts) on investments, net | 49,000 | (248,000) |
Stock-based compensation | 1,956,000 | 1,605,000 |
Deferred tax liability | (8,000) | |
Changes in operating assets and liabilities: | ||
Trade accounts receivable | 3,474,000 | (1,551,000) |
Inventory | 116,000 | 86,000 |
Prepaid expenses and other assets | (120,000) | (500,000) |
Accounts payable | (756,000) | 305,000 |
Accrued bonus | (165,000) | (674,000) |
Accrued liabilities and other | 296,000 | 125,000 |
Net cash provided by operating activities | 3,477,000 | 875,000 |
Cash flows from investing activities: | ||
Purchases of available-for-sale securities | (753,000) | (30,080,000) |
Maturities of available-for-sale securities | 20,199,000 | 29,520,000 |
Purchases of property and equipment | (560,000) | (1,045,000) |
Net cash provided by (used in) investing activities | 18,886,000 | (1,605,000) |
Cash flows from financing activities: | ||
Repurchases of common stock | (608,000) | (799,000) |
Proceeds from issuance of common stock, net | 1,018,000 | 779,000 |
Net cash provided by (used in) financing activities | 410,000 | (20,000) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 22,773,000 | (750,000) |
Cash, cash equivalents, and restricted cash; beginning of period | 13,197,000 | 13,621,000 |
Cash, cash equivalents, and restricted cash; end of period | 35,970,000 | 12,871,000 |
Supplemental disclosure of cash flow information: | ||
Taxes paid | 137,000 | 54,000 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Accrual of property and equipment | 4,000 | |
Cash and cash equivalents | 35,795,000 | $ 12,871,000 |
Restricted cash included in other assets | $ 175,000 |
Description of Business and Bas
Description of Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | Note 1. Description of Business and 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 and nine months ended September 30, 2020 and 2019, and the balance sheet data as of September 30, 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. 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 September 30, 2020, and are recorded at estimated fair value. Unrealized gains and losses for available-for-sale securities are included in accumulated other comprehensive income, 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. 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 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 September 30, 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 September 30, 2020, and December 31, 2019, there is no provision for excess and obsolete inventories. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies During the three and nine months ended September 30, 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. Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842) The Company will adopt the new accounting standard using the modified retrospective transition option as of the effective date on January 1, 2021. The Company’s initial evaluation of its current leases does not indicate that the adoption of this standard will have an impact on its statements of operations. The Company expects that the adoption of the standard will have an impact on its balance sheets for the recognition of certain operating leases as right-of-use assets and lease liabilities In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments Effective Dates . 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, 202 2 , with early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017 . The Company intends to early adopt ASU 2017-04 and believes the standard will have no impact on its ongoing financial reporting. In May 2019, the FASB issued ASU 2019-05, Financial Instruments-Credit Losses (Topic 326), Targeted Transition Relief Accounting Standards Codification ( In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes , as part of its initiative to reduce complexity in accounting standards. The amendments in the ASU include removing exceptions to incremental intraperiod tax allocation of losses and gains from different financial statement components, exceptions to the method of recognizing income taxes on interim period losses, and exceptions to deferred tax liability recognition related to foreign subsidiary investments. In addition, the ASU requires that entities recognize franchise tax based on an incremental method and requires an entity to evaluate the accounting for step-ups in the tax basis of goodwill as inside or outside of a business combination. Based on the Company’s emerging growth company status the amendments in the ASU are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption of the standard is permitted, including adoption in interim or annual periods for which financial statements have not yet been issued. We have not early adopted this ASU as of September 30, 2020. The ASU is currently not expected to have a material impact on the Company’s financial statements. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | Note 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. The following table presents the computation of net income (loss) per share (in thousands except per share data) Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Numerator: Net income (loss) $ (261 ) $ (135 ) $ (2,199 ) $ 863 Denominator: Weighted average common shares outstanding - basic 9,710 9,711 9,694 9,678 Plus dilutive effect of potential common shares — — — 405 Weighted average common shares outstanding - diluted 9,710 9,711 9,694 10,083 Net income (loss) per share: Basic $ (0.03 ) $ (0.01 ) $ (0.23 ) $ 0.09 Diluted $ (0.03 ) $ (0.01 ) $ (0.23 ) $ 0.09 Diluted weighted average common shares outstanding for the nine months ended September 30, 2019 includes 3,000 warrants and 402,000 options . 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 September 30, Nine months ended September 30, 2020 2019 2020 2019 Stock options and restricted stock 1,451 721 1,622 457 Warrants outstanding 3 51 51 — Total 1,454 772 1,673 457 |
Cash, Cash Equivalents and Shor
Cash, Cash Equivalents and Short-Term Investments | 9 Months Ended |
Sep. 30, 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 September 30, 2020, and December 31, 2019 (in thousands) September 30, 2020 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Cash and cash equivalents Short-term investments Cash $ 2,577 $ — $ — $ 2,577 $ 2,577 $ — Level 1: Money market funds 33,218 — — 33,218 33,218 — U.S. treasury securities — — — — — — Subtotal 33,218 — — 33,218 33,218 — Level 2: Commercial paper — — — — — — Corporate debt obligations 1,432 1 — 1,433 — 1,433 Repurchase agreements — — — — — — Asset-backed securities 751 — — 751 — 751 Subtotal 2,183 1 — 2,184 — 2,184 Total $ 37,978 $ 1 $ - $ 37,979 $ 35,795 $ 2,184 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: 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: 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 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 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 September 30, 2020, and December 31, 2019, the Company does not consider any of its investments to be other-than temporarily impaired. |
Property and Equipment
Property and Equipment | 9 Months Ended |
Sep. 30, 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 the shorter of the estimated useful life or the term of the lease for tenant improvements and three to fifteen years for all other property and equipment. Property and equipment consist of the following (in thousands) September 30, 2020 December 31, 2019 Computers and software $ 575 $ 572 Furniture, fixtures, and equipment 355 299 Manufacturing and testing equipment 3,864 3,444 Construction in process 26 18 Leasehold improvements 932 911 5,752 5,244 Less accumulated depreciation (3,429 ) (3,118 ) $ 2,323 $ 2,126 Depreciation expense was $106,000 and $105,000 for the three months ended September 30, 2020 and 2019, respectively, and $348,000 and $373,000 for the nine months ended September 30, 2020 and 2019, respectively. |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 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 September 30, 2020 Customer relationships 10 $ 4,830 $ 2,082 $ 2,748 Developed technologies 9 1,080 506 574 Tradename 3 120 120 — Total intangible assets, net $ 6,030 $ 2,708 $ 3,322 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 three months) $ 154 2021 598 2022 563 2023 563 2024 563 Thereafter 881 Total $ 3,322 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 $153,000 and $163,000 for the three months ended September 30, 2020 and 2019, respectively, and $475,000 and $491,000 for the nine months ended September 30, 2020 and 2019, respectively. |
Notes Payable and Line of Credi
Notes Payable and Line of Credit | 9 Months Ended |
Sep. 30, 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 | 9 Months Ended |
Sep. 30, 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 twelve-month On September 9, 2019, the Board approved a new share repurchase program (the 2019 Program) pursuant to which the Company could purchase up to $7.0 million of shares of its common stock over the following twelve-months twelve-month During the three and nine months ended September 30, 2020, the Company repurchased approximately 0 and 69,000 shares of common stock, respectively, under the share repurchase program. For the nine months ended September 30, 2020, the shares were repurchased at an average price of $8.78 per share for a total cost of $0.6 million. Since inception of the 2019 Program through September 30, 2020, the Company repurchased a total of approximately 162,000 shares of the Company’s stock for a total cost of $1.6 million. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9. Income Taxes The Company’s effective income tax rate was (14.2)% and 16.1% for the nine months ended September 30, 2020 and 2019, respectively. The primary driver of the effective tax rate is the valuation allowance offsetting the Company’s net deferred tax assets. Management assesses its deferred tax assets quarterly to determine whether all or any portion of the asset is more likely than not unrealizable under ASC Topic 740 Income Taxes |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2020 | |
Class Of Stock Disclosures [Abstract] | |
Stockholders' Equity | Note 10. Stockholders’ Equity The following table presents common stock reserved for future issuance (1) (in thousands) September 30, 2020 December 31, 2019 Warrants issued and outstanding 51 51 Stock option awards issued and outstanding 1,792 1,600 Authorized for grants under the 2016 Equity Incentive Plan (2) 340 401 Authorized for grants under the 2016 Employee Stock Purchase Plan (3) 256 186 2,439 2,238 (1) (2) (3) |
Stock Based Compensation
Stock Based Compensation | 9 Months Ended |
Sep. 30, 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 period 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 402 10.05 Exercised (105 ) 8.24 Expired/Forfeited (105 ) 10.42 Balance at September 30, 2020 1,792 10.07 7.8 Vested and exercisable at September 30, 2020 947 9.27 6.9 Vested and expected to vest at September 30, 2020 1,792 10.07 7.8 The weighted average grant date fair value of options granted during the nine months ended September 30, 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 September 30, 2020 and December 31, 2019, was $4.1 million and $2.3 million, respectively. For stock options expected to vest, the aggregate intrinsic value as of September 30, 2020, and December 31, 2019, was $2.0 million and $0.3 million, respectively. At September 30, 2020, and December 31, 2019, there was $3.5 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 during the period indicated (shares in thousands) Restricted stock units Weighted average grant date fair value Non-vested balance at December 31, 2019 80 $ 11.43 Grants 151 Vested and released (28 ) Non-vested balance at September 30, 2020 203 10.53 As of September 30, 2020, there was $1.7 million of total unrecognized compensation cost related to unvested RSUs having a weighted average remaining contractual term of 1.6 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. 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. Under the ESPP the Company received proceeds of $182,000 from the issuances of approximately 27,000 shares in February and August |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 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 $284,000 and $239,000 for the three months ended September 30, 2020 and 2019, respectively, and $832,000 and $729,000 for the nine months ended September 30, 2020 and 2019, respectively. With the Company’s recent five-year The future minimum lease payments required under operating leases in effect at September 30, 2020, were as follows (in thousands) Year ending: 2020 (remaining three months) $ 202 2021 992 2022 719 2023 705 2024 686 2025 615 $ 3,919 (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. (c) Supply Agreement In September 2020 the Company entered into a supply agreement with a vendor to purchase up to $2.0 million of inventory during the initial term of the agreement through December 31, 2022. As of September 30, 2020, no amounts had been paid under this supply agreement. |
Concentration of Credit Risk
Concentration of Credit Risk | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2020 and 2019, and customers that accounted for 10% or more of total trade accounts receivable at September 30, 2020 and 2019. Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Percentage of net revenue Customer A 32% 34% 33% 38% Customer B 15 18 10 14 Customer C 10 6 7 6 Customer D 4 10 1 3 As of September 30, 2020 2019 Percentage of gross trade accounts receivable Customer A 17% 13% Customer B 15 38 Customer C 13 15 Customer D 13 5 (b) Concentration of Purchases During the three and nine months ended September 30, 2020, the Company’s products were primarily manufactured by two vendors in China and by the Company’s Arizona facility. |
Disaggregated Revenue
Disaggregated Revenue | 9 Months Ended |
Sep. 30, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Disaggregated Revenue | Note 14. Disaggregated Revenue Disaggregated revenue are as follows (in thousands) Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 By Sales Channel: Fulfillment distributors $ 8,086 $ 7,658 $ 19,502 $ 24,417 OEM/ODM/Contract manufacturer 3,851 4,251 12,863 13,539 Other 1,073 1,233 3,307 4,757 Total $ 13,010 $ 13,142 $ 35,672 $ 42,713 By Geography: China $ 10,067 $ 9,267 $ 26,994 $ 30,853 North America 2,469 3,332 7,362 9,043 Rest of the world 474 543 1,316 2,817 Total $ 13,010 $ 13,142 $ 35,672 $ 42,713 |
Description of Business and B_2
Description of Business and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2020 and 2019, and the balance sheet data as of September 30, 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. |
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 September 30, 2020, and are recorded at estimated fair value. Unrealized gains and losses for available-for-sale securities are included in accumulated other comprehensive income, 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. 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 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 September 30, 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 September 30, 2020, and December 31, 2019, there is no provision for excess and obsolete inventories. |
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) The Company will adopt the new accounting standard using the modified retrospective transition option as of the effective date on January 1, 2021. The Company’s initial evaluation of its current leases does not indicate that the adoption of this standard will have an impact on its statements of operations. The Company expects that the adoption of the standard will have an impact on its balance sheets for the recognition of certain operating leases as right-of-use assets and lease liabilities In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments Effective Dates . 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, 202 2 , with early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017 . The Company intends to early adopt ASU 2017-04 and believes the standard will have no impact on its ongoing financial reporting. In May 2019, the FASB issued ASU 2019-05, Financial Instruments-Credit Losses (Topic 326), Targeted Transition Relief Accounting Standards Codification ( In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes , as part of its initiative to reduce complexity in accounting standards. The amendments in the ASU include removing exceptions to incremental intraperiod tax allocation of losses and gains from different financial statement components, exceptions to the method of recognizing income taxes on interim period losses, and exceptions to deferred tax liability recognition related to foreign subsidiary investments. In addition, the ASU requires that entities recognize franchise tax based on an incremental method and requires an entity to evaluate the accounting for step-ups in the tax basis of goodwill as inside or outside of a business combination. Based on the Company’s emerging growth company status the amendments in the ASU are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early adoption of the standard is permitted, including adoption in interim or annual periods for which financial statements have not yet been issued. We have not early adopted this ASU as of September 30, 2020. The ASU is currently not expected to have a material impact on the Company’s financial statements. |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, Nine months ended September 30, 2020 2019 2020 2019 Numerator: Net income (loss) $ (261 ) $ (135 ) $ (2,199 ) $ 863 Denominator: Weighted average common shares outstanding - basic 9,710 9,711 9,694 9,678 Plus dilutive effect of potential common shares — — — 405 Weighted average common shares outstanding - diluted 9,710 9,711 9,694 10,083 Net income (loss) per share: Basic $ (0.03 ) $ (0.01 ) $ (0.23 ) $ 0.09 Diluted $ (0.03 ) $ (0.01 ) $ (0.23 ) $ 0.09 |
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 September 30, Nine months ended September 30, 2020 2019 2020 2019 Stock options and restricted stock 1,451 721 1,622 457 Warrants outstanding 3 51 51 — Total 1,454 772 1,673 457 |
Cash, Cash Equivalents and Sh_2
Cash, Cash Equivalents and Short-Term Investments (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2020, and December 31, 2019 (in thousands) September 30, 2020 Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value Cash and cash equivalents Short-term investments Cash $ 2,577 $ — $ — $ 2,577 $ 2,577 $ — Level 1: Money market funds 33,218 — — 33,218 33,218 — U.S. treasury securities — — — — — — Subtotal 33,218 — — 33,218 33,218 — Level 2: Commercial paper — — — — — — Corporate debt obligations 1,432 1 — 1,433 — 1,433 Repurchase agreements — — — — — — Asset-backed securities 751 — — 751 — 751 Subtotal 2,183 1 — 2,184 — 2,184 Total $ 37,978 $ 1 $ - $ 37,979 $ 35,795 $ 2,184 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: 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: 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 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consist of the following (in thousands) September 30, 2020 December 31, 2019 Computers and software $ 575 $ 572 Furniture, fixtures, and equipment 355 299 Manufacturing and testing equipment 3,864 3,444 Construction in process 26 18 Leasehold improvements 932 911 5,752 5,244 Less accumulated depreciation (3,429 ) (3,118 ) $ 2,323 $ 2,126 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2020 Customer relationships 10 $ 4,830 $ 2,082 $ 2,748 Developed technologies 9 1,080 506 574 Tradename 3 120 120 — Total intangible assets, net $ 6,030 $ 2,708 $ 3,322 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 three months) $ 154 2021 598 2022 563 2023 563 2024 563 Thereafter 881 Total $ 3,322 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 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) September 30, 2020 December 31, 2019 Warrants issued and outstanding 51 51 Stock option awards issued and outstanding 1,792 1,600 Authorized for grants under the 2016 Equity Incentive Plan (2) 340 401 Authorized for grants under the 2016 Employee Stock Purchase Plan (3) 256 186 2,439 2,238 (1) (2) (3) |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 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 period 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 402 10.05 Exercised (105 ) 8.24 Expired/Forfeited (105 ) 10.42 Balance at September 30, 2020 1,792 10.07 7.8 Vested and exercisable at September 30, 2020 947 9.27 6.9 Vested and expected to vest at September 30, 2020 1,792 10.07 7.8 |
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 stock units Weighted average grant date fair value Non-vested balance at December 31, 2019 80 $ 11.43 Grants 151 Vested and released (28 ) Non-vested balance at September 30, 2020 203 10.53 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2020, were as follows (in thousands) Year ending: 2020 (remaining three months) $ 202 2021 992 2022 719 2023 705 2024 686 2025 615 $ 3,919 |
Concentration of Credit Risk (T
Concentration of Credit Risk (Tables) | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2020 and 2019, and customers that accounted for 10% or more of total trade accounts receivable at September 30, 2020 and 2019. Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 Percentage of net revenue Customer A 32% 34% 33% 38% Customer B 15 18 10 14 Customer C 10 6 7 6 Customer D 4 10 1 3 As of September 30, 2020 2019 Percentage of gross trade accounts receivable Customer A 17% 13% Customer B 15 38 Customer C 13 15 Customer D 13 5 |
Disaggregated Revenue (Tables)
Disaggregated Revenue (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Disaggregated Revenue | Disaggregated revenue are as follows (in thousands) Three months ended September 30, Nine months ended September 30, 2020 2019 2020 2019 By Sales Channel: Fulfillment distributors $ 8,086 $ 7,658 $ 19,502 $ 24,417 OEM/ODM/Contract manufacturer 3,851 4,251 12,863 13,539 Other 1,073 1,233 3,307 4,757 Total $ 13,010 $ 13,142 $ 35,672 $ 42,713 By Geography: China $ 10,067 $ 9,267 $ 26,994 $ 30,853 North America 2,469 3,332 7,362 9,043 Rest of the world 474 543 1,316 2,817 Total $ 13,010 $ 13,142 $ 35,672 $ 42,713 |
Description of Business and B_3
Description of Business and Basis of Presentation - Additional Information (Details) | 9 Months Ended |
Sep. 30, 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 | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Numerator: | ||||
Net income (loss) | $ (261) | $ (135) | $ (2,199) | $ 863 |
Denominator: | ||||
Weighted average common shares outstanding - basic | 9,710 | 9,711 | 9,694 | 9,678 |
Plus dilutive effect of potential common shares | 405 | |||
Weighted average common shares outstanding - diluted | 9,710 | 9,711 | 9,694 | 10,083 |
Net income (loss) per share: | ||||
Basic | $ (0.03) | $ (0.01) | $ (0.23) | $ 0.09 |
Diluted | $ (0.03) | $ (0.01) | $ (0.23) | $ 0.09 |
Net Income (Loss) Per Share - A
Net Income (Loss) Per Share - Additional Information (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net Income (Loss) Per Share [Line Items] | ||||
Diluted weighted average common shares outstanding | 9,710,000 | 9,711,000 | 9,694,000 | 10,083,000 |
Warrants | ||||
Net Income (Loss) Per Share [Line Items] | ||||
Diluted weighted average common shares outstanding | 3,000 | |||
Options Outstanding | ||||
Net Income (Loss) Per Share [Line Items] | ||||
Diluted weighted average common shares outstanding | 402,000 |
Net Income (Loss) Per Share -_2
Net Income (Loss) Per Share - Summary of Potentially Dilutive Securities (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 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 | 1,454 | 772 | 1,673 | 457 |
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 | 1,451 | 721 | 1,622 | 457 |
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 | 3 | 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 | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Cash And Cash Equivalents And Short Term Investments [Line Items] | |||
Cash | $ 2,577 | $ 3,950 | |
Short term investments Gross unrealized gains | 1 | 10 | |
Short term investments Gross unrealized losses | (2) | ||
Short-term investments | 2,184 | 21,686 | |
Cash and cash equivalents and Short term investments, Amortized cost | 37,978 | 34,875 | |
Cash and cash equivalents and Short term investments, Estimated fair value | 37,979 | 34,883 | |
Cash and cash equivalents | 35,795 | 13,197 | $ 12,871 |
Level 1 | |||
Cash And Cash Equivalents And Short Term Investments [Line Items] | |||
Short term investments Gross unrealized gains | 2 | ||
Short term investments Gross unrealized losses | (1) | ||
Cash equivalents and Short term investments, Estimated Fair Value | 33,218 | 8,579 | |
Cash equivalents and Short term investments, Amortized cost | 33,218 | 8,578 | |
Level 2 | |||
Cash And Cash Equivalents And Short Term Investments [Line Items] | |||
Short term investments Gross unrealized gains | 1 | 8 | |
Short term investments Gross unrealized losses | (1) | ||
Short-term investments | 2,184 | 18,607 | |
Cash equivalents and Short term investments, Estimated Fair Value | 2,184 | 22,354 | |
Cash and cash equivalents | 3,747 | ||
Cash equivalents and Short term investments, Amortized cost | 2,183 | 22,347 | |
Money Market Funds | Level 1 | |||
Cash And Cash Equivalents And Short Term Investments [Line Items] | |||
Cash equivalents | 33,218 | 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 | 3,078 | ||
Short term investments Gross unrealized gains | 2 | ||
Short term investments Gross unrealized losses | (1) | ||
Short-term investments | 3,079 | ||
Commercial Paper | Level 2 | |||
Cash And Cash Equivalents And Short Term Investments [Line Items] | |||
Cash equivalents | 747 | ||
Short Term Investments Amortized cost | 8,920 | ||
Short-term investments | 8,173 | ||
Cash equivalents and Short term investments, Estimated Fair Value | 8,920 | ||
Corporate Debt Securities | Level 2 | |||
Cash And Cash Equivalents And Short Term Investments [Line Items] | |||
Short Term Investments Amortized cost | 1,432 | 5,922 | |
Short term investments Gross unrealized gains | 1 | 5 | |
Short term investments Gross unrealized losses | (1) | ||
Short-term investments | 1,433 | 5,926 | |
Asset-backed Securities | Level 2 | |||
Cash And Cash Equivalents And Short Term Investments [Line Items] | |||
Short Term Investments Amortized cost | 751 | 4,505 | |
Short term investments Gross unrealized gains | 3 | ||
Short-term investments | 751 | 4,508 | |
Cash equivalents and Short term investments, Estimated Fair Value | $ 751 | $ 4,508 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Property Plant And Equipment [Line Items] | ||||
Depreciation expense | $ 106,000 | $ 105,000 | $ 348,000 | $ 373,000 |
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 | Sep. 30, 2020 | Dec. 31, 2019 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 5,752 | $ 5,244 |
Less accumulated depreciation | (3,429) | (3,118) |
Property and equipment, net | 2,323 | 2,126 |
Computers and Software | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 575 | 572 |
Furniture, Fixtures, and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 355 | 299 |
Manufacturing and Testing Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 3,864 | 3,444 |
Construction in Process | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 26 | 18 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 932 | $ 911 |
Intangible Assets - Summary of
Intangible Assets - Summary of Acquired Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 6,030 | $ 6,030 |
Accumulated amortization | 2,708 | 2,233 |
Intangibles, net | $ 3,322 | $ 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 | 2,082 | 1,720 |
Intangibles, net | $ 2,748 | $ 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 | 506 | 406 |
Intangibles, net | $ 574 | $ 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 | $ 120 | 107 |
Intangibles, net | $ 13 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Estimated Annual Amortization of Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2020 (remaining three months) | $ 154 | |
2021 | 598 | |
2022 | 563 | |
2023 | 563 | |
2024 | 563 | |
Thereafter | 881 | |
Intangibles, net | $ 3,322 | $ 3,797 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||||
Amortization | $ 153,000 | $ 163,000 | $ 475,000 | $ 491,000 |
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 | |
Jan. 31, 2018 | 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 | Sep. 09, 2020 | Aug. 07, 2018 | Sep. 09, 2019 | Aug. 31, 2017 | Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2020 |
Share Repurchase Program September 9, 2019 | |||||||
Equity Class Of Treasury Stock [Line Items] | |||||||
Stock repurchase, shares | 162,000 | ||||||
Common stock repurchase, value | $ 1.6 | $ 1.6 | $ 1.6 | ||||
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 | ||||||
Additional 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 | 0 | 69,000 | |||||
Stock repurchase, average price per share | $ 8.78 | ||||||
Stock repurchase, cost | $ 0.6 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | (14.20%) | 16.10% |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Common Stock Reserved for Future Issuance (Details) - shares | Sep. 30, 2020 | Dec. 31, 2019 |
Class Of Stock [Line Items] | ||
Common stock, reserved for future issuance | 2,439,000 | 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 | 1,792,000 | 1,600,000 |
Authorized for Grants under the 2016 Equity Incentive Plan | ||
Class Of Stock [Line Items] | ||
Common stock, reserved for future issuance | 340,000 | 401,000 |
Authorized for grants under the 2016 Employee Stock Purchase Plan | ||
Class Of Stock [Line Items] | ||
Common stock, reserved for future issuance | 256,000 | 186,000 |
Stockholders' Equity - Schedu_2
Stockholders' Equity - Schedule of Common Stock Reserved for Future Issuance (Parenthetical) (Details) - shares | Jan. 01, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Class Of Stock [Line Items] | |||
Treasury stock, shares at cost | 534,000 | 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) | 9 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Number of shares, Beginning balance | shares | 1,600,000 |
Number of shares, Granted | shares | 402,000 |
Number of shares, Exercised | shares | (105,000) |
Number of shares, Expired/Forfeited | shares | (105,000) |
Number of shares, Ending balance | shares | 1,792,000 |
Number of shares, Vested and exercisable | shares | 947,000 |
Number of shares, Vested and expected to vest | shares | 1,792,000 |
Weighted average exercise price, Beginning balance | $ / shares | $ 9.98 |
Weighted average exercise price, Granted | $ / shares | 10.05 |
Weighted average exercise price, Exercised | $ / shares | 8.24 |
Weighted average exercise price, Expired/Forfeited | $ / shares | 10.42 |
Weighted average exercise price, Ending balance | $ / shares | 10.07 |
Weighted average exercise price, Vested and exercisable | $ / shares | 9.27 |
Weighted average exercise price, Vested and expected to vest | $ / shares | $ 10.07 |
Weighted average remaining contractual term (years) | 7 years 9 months 18 days |
Weighted average remaining contractual term (years), Vested and exercisable | 6 years 10 months 24 days |
Weighted average remaining contractual term (years), Vested and expected to vest | 7 years 9 months 18 days |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Details) - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended | |
Aug. 31, 2020 | Feb. 29, 2020 | Sep. 30, 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 | $ 4,100,000 | $ 2,300,000 | ||
Stock options expected to vest aggregate intrinsic value | 2,000,000 | 300,000 | ||
Total unrecognized compensation cost of unvested stock options | $ 3,500,000 | $ 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 | $ 182,000 | $ 182,000 | ||
Number of stock issued during period | 27,000 | 27,000 | ||
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 | 1 year 7 months 6 days | |||
Total unrecognized compensation cost | $ 1,700,000 |
Stock Based Compensation - Su_2
Stock Based Compensation - Summary of Outstanding Restricted Stock Unit Activity (Details) - Restricted Stock Unit (RSU) shares in Thousands | 9 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Restricted stock units, Beginning balance | 80 |
Restricted stock units, Grants | 151 |
Restricted stock units, Vested and released | (28) |
Restricted stock units, Ending balance | 203 |
Weighted average grant date fair value, Beginning balance | $ / shares | $ 11.43 |
Weighted average grant date fair value, Ending balance | $ / shares | $ 10.53 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Supply Agreement | |||||
Commitment And Contingencies [Line Items] | |||||
Payments for inventory | $ 0 | ||||
Supply Agreement | Maximum | |||||
Commitment And Contingencies [Line Items] | |||||
Purchase of inventory | $ 2,000,000 | ||||
Office Space and Research Facilities Lease | |||||
Commitment And Contingencies [Line Items] | |||||
Operating leases, rent expense | $ 284,000 | $ 239,000 | $ 832,000 | $ 729,000 | |
Operating lease, renewal term | 5 years | 5 years | 5 years | ||
Lease expiration date | 2025-11 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Future Minimum Lease Payments Under Operating Leases (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Future minimum lease payment | |
2020 (remaining three months) | $ 202 |
2021 | 992 |
2022 | 719 |
2023 | 705 |
2024 | 686 |
2025 | 615 |
Total future minimum lease payment | $ 3,919 |
Concentration of Credit Risk -
Concentration of Credit Risk - Additional Information (Details) - Vendor | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
China | ||||
Concentration Risk [Line Items] | ||||
Number of vendors | 2 | 2 | ||
Customer Concentration Risk | Net Revenue | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 10.00% | 10.00% | 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 | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net Revenue | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 10.00% | 10.00% | 10.00% | 10.00% |
Net Revenue | Customer A | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 32.00% | 34.00% | 33.00% | 38.00% |
Net Revenue | Customer B | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 15.00% | 18.00% | 10.00% | 14.00% |
Net Revenue | Customer C | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 10.00% | 6.00% | 7.00% | 6.00% |
Net Revenue | Customer D | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 4.00% | 10.00% | 1.00% | 3.00% |
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 | 17.00% | 13.00% | ||
Trade Accounts Receivable | Customer B | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 15.00% | 38.00% | ||
Trade Accounts Receivable | Customer C | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 13.00% | 15.00% | ||
Trade Accounts Receivable | Customer D | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 13.00% | 5.00% |
Disaggregated Revenue - Summary
Disaggregated Revenue - Summary of Disaggregated Revenue By Sales Channel (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Disaggregation Of Revenue [Line Items] | ||||
Disaggregated revenues | $ 13,010 | $ 13,142 | $ 35,672 | $ 42,713 |
Fulfillment Distributors | ||||
Disaggregation Of Revenue [Line Items] | ||||
Disaggregated revenues | 8,086 | 7,658 | 19,502 | 24,417 |
OEM/ODM/Contract Manufacturer | ||||
Disaggregation Of Revenue [Line Items] | ||||
Disaggregated revenues | 3,851 | 4,251 | 12,863 | 13,539 |
Other | ||||
Disaggregation Of Revenue [Line Items] | ||||
Disaggregated revenues | $ 1,073 | $ 1,233 | $ 3,307 | $ 4,757 |
Disaggregated Revenue - Summa_2
Disaggregated Revenue - Summary of Disaggregated Revenue By Geography (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Disaggregation Of Revenue [Line Items] | ||||
Disaggregated revenues | $ 13,010 | $ 13,142 | $ 35,672 | $ 42,713 |
China | ||||
Disaggregation Of Revenue [Line Items] | ||||
Disaggregated revenues | 10,067 | 9,267 | 26,994 | 30,853 |
North America | ||||
Disaggregation Of Revenue [Line Items] | ||||
Disaggregated revenues | 2,469 | 3,332 | 7,362 | 9,043 |
Rest of the world | ||||
Disaggregation Of Revenue [Line Items] | ||||
Disaggregated revenues | $ 474 | $ 543 | $ 1,316 | $ 2,817 |