Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 29, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | SiTime Corporation | |
Entity Central Index Key | 0001451809 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock Shares Outstanding | 19,254,018 | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Title of 12(b) Security | Common Stock, $0.0001 par value per share | |
Trading Symbol | SITM | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-39135 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 02-0713868 | |
Entity Address, Address Line One | 5451 Patrick Henry Drive | |
Entity Address, City or Town | Santa Clara | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 95054 | |
City Area Code | 408 | |
Local Phone Number | 328-4400 | |
Document Quarterly Report | true | |
Document Transition Report | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 267,042 | $ 73,525 |
Accounts receivable, net | 32,466 | 23,920 |
Related party accounts receivable | 5 | 736 |
Inventories | 19,635 | 12,350 |
Prepaid expenses and other current assets | 3,906 | 2,649 |
Total current assets | 323,054 | 113,180 |
Property and equipment, net | 31,346 | 11,708 |
Intangible assets, net | 4,540 | 2,069 |
Right-of-use assets, net | 8,341 | 8,892 |
Other assets | 162 | 162 |
Total assets | 367,443 | 136,011 |
Current liabilities: | ||
Accounts payable | 12,972 | 6,182 |
Accrued expenses and other current liabilities | 20,464 | 12,963 |
Total current liabilities | 33,436 | 19,145 |
Lease liabilities | 6,356 | 6,986 |
Other non-current liabilities | 1,654 | |
Total liabilities | 41,446 | 26,131 |
Commitments and contingencies (Note 9) | ||
Stockholders’ equity: | ||
Common stock, $0.0001 par value - 200,000 shares authorized; 19,254 and 17,150 shares issued and outstanding at September 30, 2021 and December 31, 2020 | 2 | 2 |
Additional paid-in capital | 376,973 | 173,274 |
Accumulated deficit | (50,978) | (63,396) |
Total stockholders’ equity | 325,997 | 109,880 |
Total liabilities and stockholders’ equity | $ 367,443 | $ 136,011 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
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 | 19,254,000 | 17,150,000 |
Common stock, shares, outstanding | 19,254,000 | 17,150,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenue | $ 63,029 | $ 32,667 | $ 143,067 | $ 75,882 |
Cost of revenue | 21,334 | 15,765 | 55,727 | 39,021 |
Gross profit | 41,695 | 16,902 | 87,340 | 36,861 |
Operating expenses: | ||||
Research and development | 13,005 | 8,484 | 36,252 | 22,906 |
Selling, general and administrative | 14,616 | 8,978 | 38,425 | 24,642 |
Total operating expenses | 27,621 | 17,462 | 74,677 | 47,548 |
Income (loss) from operations | 14,074 | (560) | 12,663 | (10,687) |
Interest expense | (110) | (726) | ||
Other income (expense), net | (110) | 3 | (178) | 51 |
Income (loss) before income taxes | 13,964 | (667) | 12,485 | (11,362) |
Income tax expense | (4) | (67) | (1) | |
Net income (loss) | 13,960 | (667) | 12,418 | (11,363) |
Net income (loss) attributable to common stockholders and comprehensive loss | $ 13,960 | $ (667) | $ 12,418 | $ (11,363) |
Net income (loss) per share attributable to common stockholders, basic | $ 0.73 | $ (0.04) | $ 0.67 | $ (0.72) |
Net income (loss) per share attributable to common stockholders, diluted | $ 0.66 | $ (0.04) | $ 0.60 | $ (0.72) |
Weighted-average shares used to compute basic net income (loss) per share | 19,149 | 16,818 | 18,658 | 15,737 |
Weighted-average shares used to compute diluted net income (loss) per share | 21,252 | 16,818 | 20,770 | 15,737 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Follow-on Public Offering | Common Stock | Common StockFollow-on Public Offering | Additional Paid-in Capital | Additional Paid-in CapitalFollow-on Public Offering | Accumulated Deficit |
Beginning Balance at Dec. 31, 2019 | $ 62,140 | $ 2 | $ 116,162 | $ (54,024) | |||
Beginning Balance, Shares at Dec. 31, 2019 | 14,968 | ||||||
Stock-based compensation expense | 9,749 | 9,749 | |||||
Net income (loss) | (11,363) | (11,363) | |||||
Issuance of common stock upon follow-on public offering net of underwriting discounts and commissions and other offering costs | $ 45,789 | $ 45,789 | |||||
Issuance of common stock upon follow-on public offering net of underwriting discounts and commissions and other offerings costs, Shares | 1,525 | ||||||
Issuance of shares upon vesting of restricted stock units, net of tax withholdings | (3,492) | (3,492) | |||||
Issuance of shares upon vesting of restricted stock units, net of tax withholdings, Shares | 447 | ||||||
Ending Balance at Sep. 30, 2020 | 102,823 | $ 2 | 168,208 | (65,387) | |||
Ending Balance, Shares at Sep. 30, 2020 | 16,940 | ||||||
Beginning Balance at Jun. 30, 2020 | 99,569 | $ 2 | 164,287 | (64,720) | |||
Beginning Balance, Shares at Jun. 30, 2020 | 16,716 | ||||||
Stock-based compensation expense | 3,919 | 3,919 | |||||
Net income (loss) | (667) | (667) | |||||
Issuance of shares upon vesting of restricted stock units, net of tax withholdings | 2 | 2 | |||||
Issuance of shares upon vesting of restricted stock units, net of tax withholdings, Shares | 224 | ||||||
Ending Balance at Sep. 30, 2020 | 102,823 | $ 2 | 168,208 | (65,387) | |||
Ending Balance, Shares at Sep. 30, 2020 | 16,940 | ||||||
Beginning Balance at Dec. 31, 2020 | $ 109,880 | $ 2 | 173,274 | (63,396) | |||
Beginning Balance, Shares at Dec. 31, 2020 | 17,150 | 17,150 | |||||
Stock-based compensation expense | $ 22,111 | 22,111 | |||||
Net income (loss) | 12,418 | 12,418 | |||||
Issuance of common stock upon follow-on public offering net of underwriting discounts and commissions and other offering costs | $ 181,588 | $ 181,588 | |||||
Issuance of common stock upon follow-on public offering net of underwriting discounts and commissions and other offerings costs, Shares | 1,500 | ||||||
Issuance of shares upon vesting of restricted stock units, net of tax withholdings, Shares | 604 | ||||||
Ending Balance at Sep. 30, 2021 | $ 325,997 | $ 2 | 376,973 | (50,978) | |||
Ending Balance, Shares at Sep. 30, 2021 | 19,254 | 19,254 | |||||
Beginning Balance at Jun. 30, 2021 | $ 303,926 | $ 2 | 368,862 | (64,938) | |||
Beginning Balance, Shares at Jun. 30, 2021 | 19,061 | ||||||
Stock-based compensation expense | 8,111 | 8,111 | |||||
Net income (loss) | 13,960 | 13,960 | |||||
Issuance of shares upon vesting of restricted stock units, net of tax withholdings, Shares | 193 | ||||||
Ending Balance at Sep. 30, 2021 | $ 325,997 | $ 2 | $ 376,973 | $ (50,978) | |||
Ending Balance, Shares at Sep. 30, 2021 | 19,254 | 19,254 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 12,418 | $ (11,363) |
Adjustments to reconcile net loss to net cash provided by operating activities | ||
Depreciation and amortization expense | 5,554 | 4,966 |
Stock-based compensation expense | 21,537 | 10,129 |
Impairment of internal-use software | 959 | |
Changes in assets and liabilities: | ||
Accounts receivable, net | (8,546) | 435 |
Related party accounts receivable | 731 | 335 |
Inventories | (7,284) | (3,481) |
Prepaid expenses and other assets | (1,257) | 2,625 |
Accounts payable | 3,204 | 3,820 |
Accrued expenses and other liabilities | 9,012 | 2,108 |
Lease liabilities | (691) | |
Other assets and liabilities | (956) | |
Net cash provided by operating activities | 34,413 | 9,842 |
Cash flows from investing activities | ||
Purchase of property and equipment | (20,067) | (3,912) |
Cash paid for intangibles | (2,417) | (1,437) |
Net cash used in investing activities | (22,484) | (5,349) |
Cash flows from financing activities | ||
Proceeds from public offering, net of underwriting discounts and commissions | 181,928 | 46,116 |
Payments for offering costs | (340) | (327) |
Tax withholding paid on behalf of employees for net share settlement | (3,492) | |
Proceeds from loans from financial institutions | 35,000 | |
Principal payments on loans to financial institutions | (76,000) | |
Net cash provided by financing activities | 181,588 | 1,297 |
Net increase in cash and cash equivalents | 193,517 | 5,790 |
Cash and cash equivalents | ||
Beginning of period | 73,525 | 63,418 |
End of period | 267,042 | 69,208 |
Supplemental disclosure of cash flow information | ||
Interest paid during the period | 799 | |
Income taxes paid | 1 | 1 |
Supplemental disclosure of noncash flow information | ||
Unpaid property and equipment | 3,928 | 420 |
Unpaid intangibles, net | 1,615 | |
Right-of-use assets acquired under operating leases | $ 529 | $ 382 |
The Company and Basis of Presen
The Company and Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
The Company and Basis of Presentation | Note 1. The Company and Basis of Presentation SiTime Corporation (the “Company”) was incorporated in the State of Delaware in December 2003. The Company is a provider of silicon timing systems. The Company primarily supplies oscillator products that comprise a MEMS resonator and clock IC that is integrated into a package, as well as standalone resonators. The Company has also started to sample clock ICs. The Company’s products are designed to address a wide range of applications across a broad array of end markets. The Company operates a fabless business model and leverages its global network of distributors and resellers to address the broad set of end markets that it serves. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments of a normal, recurring nature, which are necessary to state fairly the financial information included therein. These financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto included in SiTime Corporation's Annual Report on Form 10-K for the fiscal year ended December 31, 2020. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The Company was a wholly-owned subsidiary of MegaChips Corporation (“MegaChips”), a fabless semiconductor company based in Japan and traded on the Tokyo Stock Exchange, until the Company completed its initial public offering in November 2019. On June 16, 2020, the Company completed a follow-on public offering, in which it issued and sold 1,525,000 shares of its common stock and MegaChips sold 2,500,000 of the Company’s common stock held by them , resulting in net proceeds to the Company of $ 45.8 million after deducting underwriting discounts and commissions of $ 2.7 million and deferred offering costs of $ 0.3 million. On February 22, 2021, the Company completed an additional follow-on public offering, in which it issued and sold 1,500,000 shares of its common stock and MegaChips sold 1,500,000 of the Company’s common stock held by them , resulting in net proceeds to the Company of $ 181.6 million after deducting underwriting discounts and commissions of $ 8.6 million and deferred offering costs of $ 0.3 million. MegaChips remains the largest stockholder of the Company and held approximately 31.2 % of the Company’s outstanding common stock as of September 30, 2021. Outbreak of Coronavirus Disease 2019 (“the COVID-19 pandemic”) On March 11, 2020, the World Health Organization characterized the outbreak of the coronavirus disease known as COVID-19 as a global pandemic and recommended containment and mitigation measures. On March 13, 2020, the United States declared a national emergency concerning the outbreak, and several states and municipalities have declared public health emergencies. To combat the spread of the COVID-19 pandemic, the United States and other foreign countries in which the Company operates have imposed measures such as quarantines and “shelter-in-place” orders that are restricting business operations and travel and requiring individuals to work from home (“WFH”), which has impacted all aspects of the Company’s business as well as those of the third-parties the Company relies upon for manufacturing, assembly, testing, shipping and other operations. The global health crisis caused by the COVID-19 pandemic has negatively impacted business activity across the globe and has impacted the Company's employees and operations. The inputs into the Company’s judgments and estimates consider the economic implications of the COVID-19 pandemic, as the Company knows them, on the Company’s critical and significant accounting estimates. The extent to which the COVID-19 pandemic may impact the Company’s business will depend on future developments, which are highly uncertain, including the future effects of the COVID-19 pandemic on its employees, customers, suppliers, results of operations, financial condition, or liquidity for the remainder of fiscal year 2021 and beyond . To date, we have experienced minimal impact from any supplier disruption resulting from COVID-19. Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Significant Accounting Policies The Company’s significant accounting policies are disclosed in the Company’s audited consolidated financial statements and related notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2020. There had been no changes to these accounting policies except for the recently adopted accounting guidance and non-recurring engineering services as discussed below. Non-recurring engineering services The Company has certain contracts to provide non-recurring engineering (NRE) services for research and development arrangements, including cost sharing arrangements, which do not meet the requirement to be accounted for under ASC 606, Revenue from Contracts with Customers. The Company recognizes the advanced payments received from the counterparty as liabilities and recognizes them as an offset to research and development expense as progress toward completion occurs using an input method based on the ratio of costs incurred to date to total estimated costs of the project. Significant judgment is required to estimate the remaining effort to complete the project. These estimates are reassessed throughout the term of the arrangement. A liability of $ 3.9 million and $ 0.7 million was recorded as accrued expenses and other current liabilities, and other non-current liabilities, respectively, in the condensed consolidated balance sheet as of September 30, 2021. For the three and nine months ended September 30, 2021, the Company recorded $ 0.9 million and $ 1.0 million, respectively, as a reduction of research and development expenses in the condensed consolidated statement of operations. There were no reduction of research and development expenses recorded during the three and nine months ended September 30, 2020. Recently Adopted Accounting Guidance In December 2019, the Financial Accounting Standard Board (“FASB”) issued Accounting Standard Update (“ASU”) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. The adoption of this standard on January 1, 2021 did not have any material impact on the Company’s consolidated financial position, results of operations or cash flows. There are no new accounting pronouncements that are pending to be adopted by the Company. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | Note 2. Net Income (Loss) Per Share The following table summarizes the computation of basic and diluted net loss (income) per share attributable to common stockholders of the Company: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands, except per share data) Net income (loss) attributable to common stockholders $ 13,960 $ ( 667 ) $ 12,418 $ ( 11,363 ) Weighted-average shares outstanding Weighted average shares used to compute basic net income (loss) per share 19,149 16,818 18,658 15,737 Dilutive effect of employee equity incentive plans 2,103 — 2,112 — Weighted average shares used to compute diluted net income (loss) per share 21,252 16,818 20,770 15,737 Net income (loss) attributable to common stockholders per share, basic $ 0.73 $ ( 0.04 ) $ 0.67 $ ( 0.72 ) Net income (loss) attributable to common stockholders per share, diluted $ 0.66 $ ( 0.04 ) $ 0.60 $ ( 0.72 ) Potential dilutive securities include dilutive common shares from share-based awards attributable to the assumed exercise of restricted stock units using the treasury stock method. Under the treasury stock method, potential common shares outstanding are not included in the computation of diluted net income per share if their effect is anti-dilutive. Anti-dilutive potential shares from share-based awards are excluded from the calculation of diluted earnings per share if either their exercise price exceeded the average market price during the period or the share-based awards were determined to be anti-dilutive based on applying the treasury stock method. During the three and nine months ended September 30, 2021, the Company had no potential shares and 5,350 potential shares from share-based awards that are anti-dilutive, respectively. During the three and nine months ended September 30, 2020, the Company had 2,835,076 and 2,902,824 potential shares from share-based awards that are anti-dilutive, respectively. Anti-dilutive potential shares from share-based awards are excluded from the calculation of diluted loss per share for the three and nine months ended September 30, 2020 due to the net losses reported in these periods. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 3. Fair Value Measurements The carrying amounts of the Company’s financial instruments, which include cash equivalents, accounts receivable, accounts payable, accrued liabilities, and other current liabilities, approximate their fair values due to their short maturities. On September 30, 2021 and December 31, 2020, cash balances in bank checking and savings accounts of $ 66.9 million and $ 18.4 million, respectively, were valued using Level 1 of the fair value hierarchy. On September 30, 2021 and December 31, 2020, highly liquid money market funds of $ 200.2 million and $ 55.1 million, respectively, were valued using Level 1 of the fair value hierarchy, quoted prices in active markets for identical assets, and are included in cash equivalents. |
Balance Sheets Components
Balance Sheets Components | 9 Months Ended |
Sep. 30, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheets Components | Note 4. Balance Sheet Components Accounts Receivable, net Accounts receivable, net consisted of the following: As of September 30, 2021 December 31, 2020 (in thousands) Accounts receivable, gross $ 32,516 $ 23,970 Allowance for credit losses ( 50 ) ( 50 ) Accounts receivable, net $ 32,466 $ 23,920 Inventories Inventories consisted of the following: As of September 30, 2021 December 31, 2020 (in thousands) Raw materials $ 1,015 $ 435 Work in progress 14,306 10,184 Finished goods 4,314 1,731 Total inventories $ 19,635 $ 12,350 Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following: As of September 30, 2021 December 31, 2020 (in thousands) Advance to suppliers $ 95 $ 853 Prepaid expenses 2,409 1,074 Other current assets 1,402 722 Total prepaid expenses and other current assets $ 3,906 $ 2,649 Property and Equipment, Net Property and equipment, net consisted of the following: As of September 30, 2021 December 31, 2020 (in thousands) Lab and manufacturing equipment $ 43,389 $ 21,958 Computer Equipment 1,693 1,121 Furniture and fixtures 360 237 Construction in progress 638 638 Leasehold improvements 5,198 4,134 51,278 28,088 Accumulated depreciation ( 19,932 ) ( 16,380 ) Total property and equipment, net $ 31,346 $ 11,708 Depreciation expense related to property and equipment was $ 0.7 million, $ 1.9 million, $ 1.0 million, and $ 2.7 million for the three and nine months ended September 30, 2021 and 2020, respectively. Intangible Assets, Net Intangible assets, net consisted of the following: As of September 30, 2021 December 31, 2020 (in thousands) Gross Assets Accumulated Amortization Net Assets Gross Assets Accumulated Amortization Net Assets (in thousands) Internal use software $ 9,434 $ ( 8,681 ) $ 753 $ 9,377 $ ( 8,312 ) $ 1,065 Purchased intangibles 9,652 ( 5,865 ) 3,787 5,663 ( 4,659 ) 1,004 Intangible assets $ 19,086 $ ( 14,546 ) $ 4,540 $ 15,040 $ ( 12,971 ) $ 2,069 Amortization expense for intangible assets was $ 0.5 million, $ 1.6 million, $ 0.3 million, and $ 2.3 million for the three and nine months ended September 30, 2021 and 2020 , respectively. In the three and nine months ended September 30, 2020, the Company recorded impairment charges of $ 0.8 million and $ 1.0 million related to cost of software that was in process of development for internal use. As of September 30, 2021, the Company had $ 0.8 million of intangibles that were still in development stage and were not being amortized, and anticipates the amortization to begin in 2022. The estimated aggregate future amortization expense for intangible assets in development stage and subject to amortization as of September 30, 2021 is summarized as below: (in thousands) 2021 (remainder) $ 503 2022 1,676 2023 1,459 2024 629 2025 and beyond 273 $ 4,540 Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: As of September 30, 2021 December 31, 2020 (in thousands) Accrued payroll and related benefits $ 5,793 $ 5,362 Revenue reserves 4,174 3,063 Deferred non-recurring engineering services 3,881 — Short term lease liability 1,411 1,264 Other accrued expenses 5,205 3,274 Total accrued expenses and other current liabilities $ 20,464 $ 12,963 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Leases | Note 5. Leases The Company leases real estate property under operating leases. The Company leases office space in Santa Clara, Michigan, Malaysia, Japan, Taiwan, the Netherlands, and Ukraine all under non-cancellable operating leases with various expiration dates through March 2027 . In January 2021, the Company signed an amendment to its Santa Clara office space lease where the lessor provided the Company lease incentives of $ 0.4 million and extended the term of the lease by three months . The amendment was accounted as a single modified lease and the remaining payments were remeasured using an updated discount rate. The remaining lease terms vary from a few months to 6 years. For certain of its leases the Company has options to extend the lease term for periods varying from one to five years . These renewal options are not considered in the remaining lease term unless it is reasonably certain that the Company will exercise such options. The Company also has variable lease payments that are primarily comprised of common area maintenance and utility charges. As of September 30, 2021 , the Company did not have any leases that had not yet commenced. The table below presents the lease-related assets and liabilities recorded on the consolidated balance sheet as of September 30, 2021: As of September 30, 2021 December 31, 2020 (in thousands) Right-of-use assets $ 8,341 $ 8,892 Lease liabilities included in accrued expenses and other current liabilities 1,411 1,264 Lease liabilities - non-current 6,356 6,986 Total operating lease liabilities $ 7,767 $ 8,250 Weighted-average remaining lease term (years) 5.3 5.9 Weighted-average discount rate 4.5 % 4.2 % The table below presents certain information related to the lease costs for operating leases for the three and nine months ended September 30, 2021 and 2020: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) Operating lease cost $ 396 $ 418 $ 1,278 $ 1,269 Short-term lease cost 86 88 313 253 Variable lease cost 34 37 199 193 Total lease cost $ 516 $ 543 $ 1,790 $ 1,715 Cash paid for operating lease liabilities was $ 0.4 million, $ 1.5 million, $ 0.3 million, and $ 1.9 million, respectively, for the three and nine months ended September 30, 2021 and 2020. Operating Lease Cash Flows The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on the consolidated balance sheet as of September 30, 2021: (in thousands) 2021 $ 319 2022 1,741 2023 1,586 2024 1,548 2025 1,580 2026 and beyond 2,009 Total minimum lease payments 8,783 Less: amount of lease payments representing interest ( 1,016 ) Present value of future minimum lease payments 7,767 Less: current obligations under leases ( 1,411 ) Long-term lease liabilities $ 6,356 |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | Note 6. Stockholders’ Equity On February 22, 2021, the Company completed a follow-on public offering, in which it issued and sold 1,500,000 shares of its common stock and MegaChips sold 1,500,000 of the Company’s common stock held by them at a price of $ 127 per share. Equity Incentive Plans The following table summarizes the restricted stock unit award (“RSU”) and cash restricted stock unit award (“CRSU”), activity for the three and nine months ended September 30, 2021: RSU Grant Date CRSU Grant Date Number of Fair Value Number of Fair Value Shares per share Shares per share Unvested at December 31, 2020 2,735,706 $ 22.4 624 $ 35.1 Granted 190,838 107.1 3,025 111.9 Vested ( 189,460 ) 22.8 ( 3,405 ) 101.7 Forfeited ( 13,840 ) 13.0 — — Unvested at March 31, 2021 2,723,244 $ 28.2 244 $ 58.4 Granted 103,063 100.5 — — Vested ( 221,049 ) 23.1 — — Forfeited ( 49,880 ) 29.6 ( 244 ) 58.4 Unvested at June 30, 2021 2,555,378 $ 31.5 — $ - Granted 68,992 107.4 — — Vested ( 193,407 ) 27.8 — — Forfeited — — — — Unvested at September 30, 2021 2,430,963 $ 33.9 — $ - On August 4, 2020, the Compensation Committee of the Company adopted and approved the Executive Bonus and Retention Plan (the “Bonus and Retention Plan”). In August 2020, the Compensation Committee approved target bonus amounts and performance goals for the second half of the fiscal year 2020 (the “2020 Goals”), in January 2021, the Compensation Committee approved target bonus amounts and performance goals for the first half of the fiscal year 2021 (the “1H2021 Goals”), and in July 2021 the Compensation Committee approved target bonus amounts and performance goals for the second half of the fiscal year 2021 (the “2H2021 Goals”). The 2020 Goals, the 1H2021 Goals and the 2H2021 Goals are based on the achievement of revenue and Non-GAAP operating profit, as well as individual performance goals. The awards for the actual payouts are granted in the quarter following the end of the performance period. The target bonuses were granted based on a fixed dollar amount to be settled in RSUs on the vesting date and hence the awards have been classified as liability-based awards until settled. Such expense is included in the non-cash adjustment within stock-based compensation expense on the condensed consolidated cash flow statements. The liability of $ 0.6 million for 2H2021 Goals was recorded as accrued expenses and other current liabilities in the condensed consolidated balance sheet as of September 30, 2021. Actual payouts for 2020 Goals ranged from 119 % to 144 % of target, and for 1H2021 Goals ranged from 76 % to 141 % of target, based on performance. In the nine months ended September 30, 2021, the Company granted CRSUs as part of an employee bonus plan. The Company ended such program effective April 1, 2021. Generally, such units were granted quarterly and fully vested at the end of the quarter they were granted except units granted to new hires that had a one-year cliff vesting. Such awards were classified as liability-based awards. Stock-Based Compensation The following table presents the detail of stock-based compensation expense amounts included in the condensed consolidated statement of operations for each of the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Equity awards (in thousands) Cost of revenue $ 421 $ 34 $ 1,233 $ 119 Research and development 2,587 1,100 7,695 3,016 Selling, general and administrative 3,763 2,785 10,652 6,614 $ 6,771 $ 3,919 $ 19,580 $ 9,749 Liability-based awards - equity settled Cost of revenue $ 22 $ — $ 72 $ — Research and development 289 145 698 — Selling, general and administrative 306 234 1,187 — $ 617 $ 379 $ 1,957 $ — Total stock-based compensation - equity settled $ 7,388 $ 4,298 $ 21,537 $ 9,749 Liability-based awards - cash settled Cost of revenue $ — $ 98 $ 102 $ 138 Research and development — 140 143 383 Selling, general and administrative — 104 108 392 Total stock-based compensation - cash settled $ — $ 342 $ 353 $ 913 Total stock-based compensation expense $ 7,388 $ 4,640 $ 21,890 $ 10,662 As of September 30, 2021 , there was $ 71.6 million and $ 1.1 million of unrecognized compensation costs related to RSUs granted and liability-based awards granted, respectively. The unrecognized compensation cost is expected to be recognized over a weighted average period of 3.3 years for equity awards and 0.4 years for liability-based awards. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 7. Income Taxes The quarterly provision for income taxes is based on applying the estimated annual effective tax rate to the year to date pre-tax income (loss), plus any discrete items. The Company updates its estimate of its annual effective tax rate at the end of each quarterly period. The estimate takes into account annual forecasted income (loss) before income taxes, the geographic mix of income (loss) before income taxes and any significant permanent tax items. The following table presents the provision for income taxes and the effective tax rates for the three and nine months ended September 30, 2021 and 2020: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) Income (loss) before income taxes $ 13,964 $ ( 667 ) $ 12,485 $ ( 11,362 ) Income tax expense ( 4 ) — ( 67 ) ( 1 ) Effective tax rate 0 % 0 % - 1 % 0 % The Company’s effective tax rate may vary from the U.S. federal statutory tax rate due to the change in the mix of earnings in tax jurisdictions with different statutory rates, benefits related to tax credits and the tax impact of non-deductible expenses, existence of full valuation allowance on its deferred tax assets, and other permanent differences between income (loss) before income taxes and taxable income (loss). A valuation allowance is established or maintained when, based on currently available information and other factors, it is more likely than not that all or a portion of the deferred tax assets will not be realized. The Company regularly assesses its valuation allowance against deferred tax assets on a jurisdiction by jurisdiction basis. The Company considers all available positive and negative evidence, including future reversals of temporary differences, projected future taxable income, tax planning strategies and recent financial results. Based on management’s assessment of the realizability of deferred tax assets, the Company continues to maintain a full valuation reserve on its deferred tax assets as of September 30, 2021. As of September 30, 2021 and December 31, 2020, the Company had $ 2.4 million and $ 2.4 million, respectively, of total unrecognized tax benefits. If the Company is able to eventually recognize these uncertain tax positions, none of the unrecognized benefit would reduce the Company’s effective tax rate due to the full valuation allowance on the Company’s deferred tax assets. The Company’s policy is to record interest and penalties related to unrecognized tax benefits as income tax expense. For the three and nine months ended September 30, 2021 and 2020 , the Company had immaterial amounts related to the accrual of interest and penalties. |
Segment, Geographic and Custome
Segment, Geographic and Customer Information | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment, Geographic and Customer Information | Note 8. Segment, Geographic and Customer Information The Company operates in one reportable segment related to the design, development, and sale of silicon timing systems solutions. Revenue by geographic area are presented based upon the ship-to location of the original equipment manufacturers, the contract manufacturers or the distributors who purchased the Company’s products. For sales to the distributors, their geographic location may be different from the geographic locations of the ultimate end customers. The following table sets forth revenue by country for countries with 10% or more of the Company’s revenue during any of the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) Taiwan $ 16,506 $ 16,126 $ 45,008 $ 34,099 Hong Kong 23,063 9,209 52,054 19,530 United States 5,756 2,263 9,691 5,938 Other 17,704 5,069 36,314 16,315 Total $ 63,029 $ 32,667 $ 143,067 $ 75,882 The Company’s long-lived assets in the U.S. attributable to operations as of September 30, 2021 and December 31, 2020 were 97 % and 97 %, respectively, of total property and equipment, intangible assets and right-of-use assets. Revenue from sales to three of the Company's distributors accounted for 20 %, 17 %, and 8 % of its consolidated revenues for the three months ended September 30, 2021 . Revenue from sales to three of the Company's distributors accounted for 22 %, 16 % and 11 % of its consolidated revenues for the nine months ended September 30, 2021 . Revenue from sales to one end customer through a distributor accounted for 20 % and 23 % for the three and nine months ended September 30, 2021 , respectively. Our end customers predominantly purchase our products from distributors. No other distributors or customers accounted for 10% or more of the Company's consolidated revenues for the three and nine months ended September 30, 2021. Revenue from sales to three of the Company's distributors accounted for 30 %, 16 %, and 15 % of its consolidated revenues for the three months ended September 30, 2020 . Revenue from sales to three of the Company's distributors accounted for 23 %, 19 % and 14 % of its consolidated revenues for the nine months ended September 30, 2020 . Revenue from sales to one end customer through a distributor accounted for 45 % and 36 % for the three and nine months ended September 30, 2020 , respectively. Our end customers predominantly purchase our products from distributors. No other distributors or customers accounted for 10% or more of the Company's consolidated revenues for the three and nine months ended September 30, 2020 . |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 9. Commitments and Contingencies Legal Matters From time to time, the Company may be a party to various litigation claims in the normal course of business. Legal fees and other costs associated with such actions are expensed as incurred. The Company assesses, in conjunction with legal counsel, the need to record a liability for litigation and contingencies. Accrual estimates are recorded when and if it is determined that such a liability for litigation and contingencies are both probable and reasonably estimable. In March 2019, VTT Technical Research Centre of Finland, Ltd. ("VTT") filed suit in the United States District Court for the Northern District of California (“the Court”) alleging infringement by the Company of a patent relating to specific combinations of features set forth in U.S. Patent No. 8,558,643. The complaint sought unspecified monetary damages and injunctive relief. On January 22, 2020, the Company participated in a mediation that had been ordered by the Court. The case was not resolved at the mediation. A Markman Hearing was held on May 15, 2020 relating to a number of different disputed claim terms, and on July 9, 2020 the Court issued a Markman Order relating to those disputed claim terms. Among its determinations, the Court found that one of the disputed claim terms was indefinite, as well as any claim that had this claim term in it. On July 17, 2020, the Court issued a judgment finding all claims of U.S. Patent No. 8,558,643 invalid, based upon its Markman Order. VTT filed a Notice of Appeal of the Court's judgment with the US Court of Appeals for the Federal Circuit (“CAFC”) and filed its opening brief on November 19, 2020 and the Company filed its response brief on January 28, 2021. VTT filed its reply on March 4, 2021. On June 9, 2021, a hearing was held at the CAFC and on June 10, 2021 the CAFC affirmed the Court’s judgment. The Company believes this litigation matter is now fully resolved. Indemnification The Company is a party to a variety of agreements pursuant to which it may be obligated to indemnify other parties to such agreements with respect to certain matters. Typically, these obligations arise in the context of contracts that the Company has entered into, under which the Company customarily agrees to hold the other party harmless against losses arising from a breach of representations and covenants or terms and conditions related to such matters as the sale and/or delivery of its products, title to assets sold, certain intellectual property claims, defective products, specified environmental matters, and certain income taxes. Further, the Company’s obligations under these agreements may be limited in terms of time, amount, or the scope of its responsibility and in some instances, the Company may have recourse against third-parties for certain payments made under these agreements. It is not possible to predict the maximum potential amount of future payments under these agreements due to the conditional nature of the Company’s obligations and the unique facts and circumstances involved in each particular agreement. Historically, the Company has had no material indemnification claims under these agreements. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 10. Related Party Transactions The Company entered into an agreement with MegaChips, whereby the Company appointed MegaChips as a non-exclusive sales representative of its products in Japan. The Company sells products through MegaChips to distributors, resellers, or direct customers in Japan. The Company pays MegaChips a fixed percentage of the revenue as sales commission, which is recorded as commission expense and included in sales and marketing in the consolidated statements of operations and comprehensive loss. In connection with our efforts to contract directly with distributors in Japan, on November 3, 2021, we entered into a termination agreement with MegaChips Corporation pursuant to which we agreed to mutually terminate the Distribution Agreement effective November 3, 2021. The Company has also entered into a service and secondment agreement with MegaChips LSI USA Corporation, a wholly owned subsidiary of MegaChips, that terminated on August 31, 2021 . MegaChips is the largest stockholder of the Company and held approximately 31.2 % and 43.7 % of the Company’s outstanding common stock as of September 30, 2021 and December 31, 2020, respectively. In May 2021, the Company signed a consulting agreement with Akira Takata, a member of the Board of Directors of the Company. As a consultant, Mr. Takata will provide sales consulting services through December 31, 2021, for which he will receive monthly cash fees of $ 5,000 , reimbursement of expenses, and an equity award of 500 RSUs that vest on November 20, 2021 . The following is a summary of significant balances, transactions and payments with the related parties and affiliates. As of Balances September 30, 2021 December 31, 2020 (in thousands) MegaChips Accounts receivable $ 5 $ 736 Property and equipment, net — 209 Three Months Ended September 30, Nine Months Ended September 30, Transactions 2021 2020 2021 2020 (in thousands) MegaChips Sales through distribution agreement $ 1,896 $ 1,544 $ 8,166 $ 4,274 License expense — — — 148 Commission expense 79 64 340 176 Affiliates Consulting fees 106 87 231 262 Three Months Ended September 30, Nine Months Ended September 30, Payments 2021 2020 2021 2020 (in thousands) (in thousands) MegaChips Cash paid for commissions $ 79 $ 64 $ 340 $ 176 Cash paid for licenses — — — 25 Affiliates Cash paid for consulting fees 106 87 231 262 |
The Company and Basis of Pres_2
The Company and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Outbreak of Coronavirus Disease 2019 ("the COVID-19 pandemic") | Outbreak of Coronavirus Disease 2019 (“the COVID-19 pandemic”) On March 11, 2020, the World Health Organization characterized the outbreak of the coronavirus disease known as COVID-19 as a global pandemic and recommended containment and mitigation measures. On March 13, 2020, the United States declared a national emergency concerning the outbreak, and several states and municipalities have declared public health emergencies. To combat the spread of the COVID-19 pandemic, the United States and other foreign countries in which the Company operates have imposed measures such as quarantines and “shelter-in-place” orders that are restricting business operations and travel and requiring individuals to work from home (“WFH”), which has impacted all aspects of the Company’s business as well as those of the third-parties the Company relies upon for manufacturing, assembly, testing, shipping and other operations. The global health crisis caused by the COVID-19 pandemic has negatively impacted business activity across the globe and has impacted the Company's employees and operations. The inputs into the Company’s judgments and estimates consider the economic implications of the COVID-19 pandemic, as the Company knows them, on the Company’s critical and significant accounting estimates. The extent to which the COVID-19 pandemic may impact the Company’s business will depend on future developments, which are highly uncertain, including the future effects of the COVID-19 pandemic on its employees, customers, suppliers, results of operations, financial condition, or liquidity for the remainder of fiscal year 2021 and beyond . To date, we have experienced minimal impact from any supplier disruption resulting from COVID-19. |
Principles of Consolidation | Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. |
Significant Accounting Policies | Significant Accounting Policies The Company’s significant accounting policies are disclosed in the Company’s audited consolidated financial statements and related notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2020. There had been no changes to these accounting policies except for the recently adopted accounting guidance and non-recurring engineering services as discussed below. |
Accounting Standards Recently Adopted/Not Yet Adopted | Recently Adopted Accounting Guidance In December 2019, the Financial Accounting Standard Board (“FASB”) issued Accounting Standard Update (“ASU”) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. It also clarifies and simplifies other aspects of the accounting for income taxes. The adoption of this standard on January 1, 2021 did not have any material impact on the Company’s consolidated financial position, results of operations or cash flows. There are no new accounting pronouncements that are pending to be adopted by the Company. |
Non-recurring Engineering Services | Non-recurring engineering services The Company has certain contracts to provide non-recurring engineering (NRE) services for research and development arrangements, including cost sharing arrangements, which do not meet the requirement to be accounted for under ASC 606, Revenue from Contracts with Customers. The Company recognizes the advanced payments received from the counterparty as liabilities and recognizes them as an offset to research and development expense as progress toward completion occurs using an input method based on the ratio of costs incurred to date to total estimated costs of the project. Significant judgment is required to estimate the remaining effort to complete the project. These estimates are reassessed throughout the term of the arrangement. A liability of $ 3.9 million and $ 0.7 million was recorded as accrued expenses and other current liabilities, and other non-current liabilities, respectively, in the condensed consolidated balance sheet as of September 30, 2021. For the three and nine months ended September 30, 2021, the Company recorded $ 0.9 million and $ 1.0 million, respectively, as a reduction of research and development expenses in the condensed consolidated statement of operations. There were no reduction of research and development expenses recorded during the three and nine months ended September 30, 2020. |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Summary of Computation of Basic and Diluted Net Loss (Income) per Share | The following table summarizes the computation of basic and diluted net loss (income) per share attributable to common stockholders of the Company: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands, except per share data) Net income (loss) attributable to common stockholders $ 13,960 $ ( 667 ) $ 12,418 $ ( 11,363 ) Weighted-average shares outstanding Weighted average shares used to compute basic net income (loss) per share 19,149 16,818 18,658 15,737 Dilutive effect of employee equity incentive plans 2,103 — 2,112 — Weighted average shares used to compute diluted net income (loss) per share 21,252 16,818 20,770 15,737 Net income (loss) attributable to common stockholders per share, basic $ 0.73 $ ( 0.04 ) $ 0.67 $ ( 0.72 ) Net income (loss) attributable to common stockholders per share, diluted $ 0.66 $ ( 0.04 ) $ 0.60 $ ( 0.72 ) |
Balance Sheets Components (Tabl
Balance Sheets Components (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Accounts Receivable, Net | Accounts receivable, net consisted of the following: As of September 30, 2021 December 31, 2020 (in thousands) Accounts receivable, gross $ 32,516 $ 23,970 Allowance for credit losses ( 50 ) ( 50 ) Accounts receivable, net $ 32,466 $ 23,920 |
Schedule of Inventory | Inventories consisted of the following: As of September 30, 2021 December 31, 2020 (in thousands) Raw materials $ 1,015 $ 435 Work in progress 14,306 10,184 Finished goods 4,314 1,731 Total inventories $ 19,635 $ 12,350 |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following: As of September 30, 2021 December 31, 2020 (in thousands) Advance to suppliers $ 95 $ 853 Prepaid expenses 2,409 1,074 Other current assets 1,402 722 Total prepaid expenses and other current assets $ 3,906 $ 2,649 |
Schedule of Property and Equipment Net | Property and equipment, net consisted of the following: As of September 30, 2021 December 31, 2020 (in thousands) Lab and manufacturing equipment $ 43,389 $ 21,958 Computer Equipment 1,693 1,121 Furniture and fixtures 360 237 Construction in progress 638 638 Leasehold improvements 5,198 4,134 51,278 28,088 Accumulated depreciation ( 19,932 ) ( 16,380 ) Total property and equipment, net $ 31,346 $ 11,708 |
Schedule of Intangible Assets, Net | Intangible assets, net consisted of the following: As of September 30, 2021 December 31, 2020 (in thousands) Gross Assets Accumulated Amortization Net Assets Gross Assets Accumulated Amortization Net Assets (in thousands) Internal use software $ 9,434 $ ( 8,681 ) $ 753 $ 9,377 $ ( 8,312 ) $ 1,065 Purchased intangibles 9,652 ( 5,865 ) 3,787 5,663 ( 4,659 ) 1,004 Intangible assets $ 19,086 $ ( 14,546 ) $ 4,540 $ 15,040 $ ( 12,971 ) $ 2,069 |
Schedule of Future Amortization Expense for Intangible Assets | The estimated aggregate future amortization expense for intangible assets in development stage and subject to amortization as of September 30, 2021 is summarized as below: (in thousands) 2021 (remainder) $ 503 2022 1,676 2023 1,459 2024 629 2025 and beyond 273 $ 4,540 |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following: As of September 30, 2021 December 31, 2020 (in thousands) Accrued payroll and related benefits $ 5,793 $ 5,362 Revenue reserves 4,174 3,063 Deferred non-recurring engineering services 3,881 — Short term lease liability 1,411 1,264 Other accrued expenses 5,205 3,274 Total accrued expenses and other current liabilities $ 20,464 $ 12,963 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Summary of Lease Related Assets and Liabilities | The table below presents the lease-related assets and liabilities recorded on the consolidated balance sheet as of September 30, 2021: As of September 30, 2021 December 31, 2020 (in thousands) Right-of-use assets $ 8,341 $ 8,892 Lease liabilities included in accrued expenses and other current liabilities 1,411 1,264 Lease liabilities - non-current 6,356 6,986 Total operating lease liabilities $ 7,767 $ 8,250 Weighted-average remaining lease term (years) 5.3 5.9 Weighted-average discount rate 4.5 % 4.2 % |
Summary of Lease Costs | The table below presents certain information related to the lease costs for operating leases for the three and nine months ended September 30, 2021 and 2020: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) Operating lease cost $ 396 $ 418 $ 1,278 $ 1,269 Short-term lease cost 86 88 313 253 Variable lease cost 34 37 199 193 Total lease cost $ 516 $ 543 $ 1,790 $ 1,715 |
Summary of Undiscounted Cash Flows | The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on the consolidated balance sheet as of September 30, 2021: (in thousands) 2021 $ 319 2022 1,741 2023 1,586 2024 1,548 2025 1,580 2026 and beyond 2,009 Total minimum lease payments 8,783 Less: amount of lease payments representing interest ( 1,016 ) Present value of future minimum lease payments 7,767 Less: current obligations under leases ( 1,411 ) Long-term lease liabilities $ 6,356 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Schedule of Stock-based Compensation Expense Amounts Included in Condensed Consolidated Statement of Operations | The following table presents the detail of stock-based compensation expense amounts included in the condensed consolidated statement of operations for each of the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Equity awards (in thousands) Cost of revenue $ 421 $ 34 $ 1,233 $ 119 Research and development 2,587 1,100 7,695 3,016 Selling, general and administrative 3,763 2,785 10,652 6,614 $ 6,771 $ 3,919 $ 19,580 $ 9,749 Liability-based awards - equity settled Cost of revenue $ 22 $ — $ 72 $ — Research and development 289 145 698 — Selling, general and administrative 306 234 1,187 — $ 617 $ 379 $ 1,957 $ — Total stock-based compensation - equity settled $ 7,388 $ 4,298 $ 21,537 $ 9,749 Liability-based awards - cash settled Cost of revenue $ — $ 98 $ 102 $ 138 Research and development — 140 143 383 Selling, general and administrative — 104 108 392 Total stock-based compensation - cash settled $ — $ 342 $ 353 $ 913 Total stock-based compensation expense $ 7,388 $ 4,640 $ 21,890 $ 10,662 |
RSU and CRSU | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Schedule of Restricted Stock Unit Award ("RSU") and Cash Restricted Stock Unit Award (''CRSU'') Activity (Details) | The following table summarizes the restricted stock unit award (“RSU”) and cash restricted stock unit award (“CRSU”), activity for the three and nine months ended September 30, 2021: RSU Grant Date CRSU Grant Date Number of Fair Value Number of Fair Value Shares per share Shares per share Unvested at December 31, 2020 2,735,706 $ 22.4 624 $ 35.1 Granted 190,838 107.1 3,025 111.9 Vested ( 189,460 ) 22.8 ( 3,405 ) 101.7 Forfeited ( 13,840 ) 13.0 — — Unvested at March 31, 2021 2,723,244 $ 28.2 244 $ 58.4 Granted 103,063 100.5 — — Vested ( 221,049 ) 23.1 — — Forfeited ( 49,880 ) 29.6 ( 244 ) 58.4 Unvested at June 30, 2021 2,555,378 $ 31.5 — $ - Granted 68,992 107.4 — — Vested ( 193,407 ) 27.8 — — Forfeited — — — — Unvested at September 30, 2021 2,430,963 $ 33.9 — $ - |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Income Taxes and Effective Tax Rates | The following table presents the provision for income taxes and the effective tax rates for the three and nine months ended September 30, 2021 and 2020: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) Income (loss) before income taxes $ 13,964 $ ( 667 ) $ 12,485 $ ( 11,362 ) Income tax expense ( 4 ) — ( 67 ) ( 1 ) Effective tax rate 0 % 0 % - 1 % 0 % |
Segment, Geographic and Custo_2
Segment, Geographic and Customer Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Revenue by Country | The following table sets forth revenue by country for countries with 10% or more of the Company’s revenue during any of the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 (in thousands) Taiwan $ 16,506 $ 16,126 $ 45,008 $ 34,099 Hong Kong 23,063 9,209 52,054 19,530 United States 5,756 2,263 9,691 5,938 Other 17,704 5,069 36,314 16,315 Total $ 63,029 $ 32,667 $ 143,067 $ 75,882 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Summary of Significant Balances, Transactions and Payments with Related Parties and Affiliates | The following is a summary of significant balances, transactions and payments with the related parties and affiliates. As of Balances September 30, 2021 December 31, 2020 (in thousands) MegaChips Accounts receivable $ 5 $ 736 Property and equipment, net — 209 Three Months Ended September 30, Nine Months Ended September 30, Transactions 2021 2020 2021 2020 (in thousands) MegaChips Sales through distribution agreement $ 1,896 $ 1,544 $ 8,166 $ 4,274 License expense — — — 148 Commission expense 79 64 340 176 Affiliates Consulting fees 106 87 231 262 Three Months Ended September 30, Nine Months Ended September 30, Payments 2021 2020 2021 2020 (in thousands) (in thousands) MegaChips Cash paid for commissions $ 79 $ 64 $ 340 $ 176 Cash paid for licenses — — — 25 Affiliates Cash paid for consulting fees 106 87 231 262 |
The Company and Basis of Pres_3
The Company and Basis of Presentation - Additional Information (Details) - USD ($) | Feb. 22, 2021 | Jun. 16, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 |
Significant Accounting Policies [Line Items] | |||||||
Accrued expenses and other current liabilities | $ 20,464,000 | $ 20,464,000 | $ 12,963,000 | ||||
Reduction of research and development expense | 900,000 | $ 0 | 1,000,000 | $ 0 | |||
Non-recurring Engineering Services | |||||||
Significant Accounting Policies [Line Items] | |||||||
Accrued expenses and other current liabilities | 3,900,000 | 3,900,000 | |||||
Accrued expenses and other non current liabilities | $ 700,000 | $ 700,000 | |||||
Follow-on Public Offering | |||||||
Significant Accounting Policies [Line Items] | |||||||
Proceeds from public offering, net of underwriting discounts and commissions | $ 181,600,000 | $ 45,800,000 | |||||
Payments for underwriting discounts and commissions | 8,600,000 | 2,700,000 | |||||
Deferred offering costs | $ 300,000 | $ 300,000 | |||||
Si Time Corporation | Follow-on Public Offering | |||||||
Significant Accounting Policies [Line Items] | |||||||
Issuance of common stock upon follow-on public offering net of underwriting discounts and commissions and deferred offerings costs, Shares | 1,500,000 | 1,525,000 | |||||
MegaChips | Follow-on Public Offering | |||||||
Significant Accounting Policies [Line Items] | |||||||
Issuance of common stock upon follow-on public offering net of underwriting discounts and commissions and deferred offerings costs, Shares | 1,500,000 | 2,500,000 | |||||
MegaChips | Si Time Corporation | |||||||
Significant Accounting Policies [Line Items] | |||||||
Percentage of outstanding common stock held | 31.20% | 31.20% |
Net Income (Loss) Per Share - S
Net Income (Loss) Per Share - Summary of Computation of Basic and Diluted Net Loss (Income) per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) attributable to common stockholders | $ 13,960 | $ (667) | $ 12,418 | $ (11,363) |
Weighted-average shares outstanding | ||||
Weighted average shares used to compute basic net income (loss) per share | 19,149 | 16,818 | 18,658 | 15,737 |
Dilutive effect of employee equity incentive plans | 2,103 | 2,112 | ||
Weighted average shares used to compute diluted net income (loss) per share | 21,252 | 16,818 | 20,770 | 15,737 |
Net income (loss) attributable to common stockholders per share, basic | $ 0.73 | $ (0.04) | $ 0.67 | $ (0.72) |
Net income (loss) attributable to common stockholders per share, diluted | $ 0.66 | $ (0.04) | $ 0.60 | $ (0.72) |
Net Income (Loss) Per Share (Ad
Net Income (Loss) Per Share (Additional Information) (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Anti-dilutive weighted shares | 0 | 2,835,076 | 5,350 | 2,902,824 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - Level 1 - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash balances in bank | $ 66.9 | $ 18.4 |
Highly liquid money market funds | $ 200.2 | $ 55.1 |
Balance Sheets Components - Sch
Balance Sheets Components - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts Receivable, after Allowance for Credit Loss, Current [Abstract] | ||
Accounts receivable, gross | $ 32,516 | $ 23,970 |
Allowance for credit losses | (50) | (50) |
Accounts receivable, net | $ 32,466 | $ 23,920 |
Balance Sheets Components - S_2
Balance Sheets Components - Schedule of Inventory (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 1,015 | $ 435 |
Work in progress | 14,306 | 10,184 |
Finished goods | 4,314 | 1,731 |
Total inventories | $ 19,635 | $ 12,350 |
Balance Sheets Components - S_3
Balance Sheets Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Advance to suppliers | $ 95 | $ 853 |
Prepaid expenses | 2,409 | 1,074 |
Other current assets | 1,402 | 722 |
Total prepaid expenses and other current assets | $ 3,906 | $ 2,649 |
Balance Sheets Components - S_4
Balance Sheets Components - Schedule of Property and Equipment Net (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 51,278 | $ 28,088 |
Accumulated depreciation | (19,932) | (16,380) |
Total property and equipment, net | 31,346 | 11,708 |
Lab and Manufacturing Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 43,389 | 21,958 |
Computer Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 1,693 | 1,121 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 360 | 237 |
Construction in Progress | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 638 | 638 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 5,198 | $ 4,134 |
Balance Sheets Components - Add
Balance Sheets Components - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Balance Sheet Related Disclosures [Abstract] | ||||
Depreciation expense | $ 700 | $ 1,900 | $ 1,000 | $ 2,700 |
Amortization expense for intangible assets | 500 | 1,600 | 300 | 2,300 |
Impairment of internal-use software | $ 800 | $ 959 | ||
Intangibles Assets not amortized | $ 800 | $ 800 |
Balance Sheets Components - S_5
Balance Sheets Components - Schedule of Intangible Assets Net (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Finite Lived Intangible Assets [Line Items] | ||
Gross Assets | $ 19,086 | $ 15,040 |
Accumulated Amortization | (14,546) | (12,971) |
Net Assets | 4,540 | 2,069 |
Internal use software | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Assets | 9,434 | 9,377 |
Accumulated Amortization | (8,681) | (8,312) |
Net Assets | 753 | 1,065 |
Purchased intangibles | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Assets | 9,652 | 5,663 |
Accumulated Amortization | (5,865) | (4,659) |
Net Assets | $ 3,787 | $ 1,004 |
Balance Sheets Components - S_6
Balance Sheets Components - Schedule of Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | ||
2021 (remainder) | $ 503 | |
2022 | 1,676 | |
2023 | 1,459 | |
2024 | 629 | |
2025 and beyond | 273 | |
Net Assets | $ 4,540 | $ 2,069 |
Balance Sheets Components - S_7
Balance Sheets Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Accrued payroll and related benefits | $ 5,793 | $ 5,362 |
Revenue reserves | 4,174 | 3,063 |
Deferred non-recurring engineering services | 3,881 | |
Short term lease liability | 1,411 | 1,264 |
Other accrued expenses | 5,205 | 3,274 |
Total accrued expenses and other current liabilities | $ 20,464 | $ 12,963 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Lease Disclosure [Line Items] | ||||
Leases not yet commenced | Company did not have any leases that had not yet commenced. | |||
Cash paid for operating lease liabilities | $ 0.4 | $ 1.5 | $ 0.3 | $ 1.9 |
Office Space | ||||
Lease Disclosure [Line Items] | ||||
Lease term expiration date | Mar. 31, 2027 | |||
Lease option to extend | The remaining lease terms vary from a few months to 6 years. For certain of its leases the Company has options to extend the lease term for periods varying from one to five years. | |||
Option to extend | true | |||
Lease incentives received | $ 0.4 | |||
Extended term of leases | 3 months | |||
Office Space | Maximum | ||||
Lease Disclosure [Line Items] | ||||
Lease term | 6 years | 6 years | ||
Operating lease, renewal term | 5 years | 5 years | ||
Office Space | Minimum | ||||
Lease Disclosure [Line Items] | ||||
Operating lease, renewal term | 1 year | 1 year |
Leases - Summary of Lease Relat
Leases - Summary of Lease Related Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Right-of-use assets, net | $ 8,341 | $ 8,892 |
Lease liabilities included in accrued expenses and other current liabilities | 1,411 | 1,264 |
Long-term lease liabilities | 6,356 | 6,986 |
Total operating lease liabilities | $ 7,767 | $ 8,250 |
Weighted-average remaining lease term (years) | 5 years 3 months 18 days | 5 years 10 months 24 days |
Weighted-average discount rate | 4.50% | 4.20% |
Leases - Summary of Lease Costs
Leases - Summary of Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Leases [Abstract] | ||||
Operating lease cost | $ 396 | $ 418 | $ 1,278 | $ 1,269 |
Short-term lease cost | 86 | 88 | 313 | 253 |
Variable lease cost | 34 | 37 | 199 | 193 |
Total lease cost | $ 516 | $ 543 | $ 1,790 | $ 1,715 |
Leases - Summary of Undiscounte
Leases - Summary of Undiscounted Cash Flows (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
2021 | $ 319 | |
2022 | 1,741 | |
2023 | 1,586 | |
2024 | 1,548 | |
2025 | 1,580 | |
2026 and beyond | 2,009 | |
Total minimum lease payments | 8,783 | |
Less: amount of lease payments representing interest | (1,016) | |
Total operating lease liabilities | 7,767 | $ 8,250 |
Less: current obligations under leases | (1,411) | (1,264) |
Long-term lease liabilities | $ 6,356 | $ 6,986 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 22, 2021 | Jun. 16, 2020 | Sep. 30, 2021 | Dec. 31, 2020 | Aug. 04, 2020 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Accrued expenses and other current liabilities | $ 20,464 | $ 12,963 | |||
Second Half of 2021 Goals | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Accrued expenses and other current liabilities | 600 | ||||
Restricted Stock Units RSU | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Unrecognized compensation costs | 71,600 | ||||
Liability-based Awards | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Unrecognized compensation costs | $ 1,100 | ||||
Unrecognized compensation cost is expected weighted average period | 4 months 24 days | ||||
Equity Awards | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Unrecognized compensation cost is expected weighted average period | 3 years 3 months 18 days | ||||
New Hires | Cash Restricted Stock Unit Award CRSU | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting period | 1 year | ||||
Minimum | 2020 Goals | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Percentage actual payouts | 119.00% | ||||
Minimum | First Half of 2021 One Goals | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Percentage actual payouts | 76.00% | ||||
Maximum | 2020 Goals | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Percentage actual payouts | 144.00% | ||||
Maximum | First Half of 2021 One Goals | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Percentage actual payouts | 141.00% | ||||
Si Time Corporation | Follow-on Public Offering | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Issuance of common stock upon follow-on public offering net of underwriting discounts and commissions and deferred offerings costs, Shares | 1,500,000 | 1,525,000 | |||
MegaChips | Follow-on Public Offering | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Issuance of common stock upon follow-on public offering net of underwriting discounts and commissions and deferred offerings costs, Shares | 1,500,000 | ||||
MegaChips | Si Time Corporation | Follow-on Public Offering | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Shares issued price per share | $ 127 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Restricted Stock Unit Award ("RSU") and Cash Restricted Stock Unit Award (''CRSU'') Activity (Details) - $ / shares | 3 Months Ended | ||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | |
Restricted Stock Units RSU | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of Shares, Unvested Beginning Balance | 2,555,378 | 2,723,244 | 2,735,706 |
Number of Shares, Granted | 68,992 | 103,063 | 190,838 |
Number of Shares, Vested | (193,407) | (221,049) | (189,460) |
Number of Shares, Forfeited | (49,880) | (13,840) | |
Number of Shares, Unvested Ending Balance | 2,430,963 | 2,555,378 | 2,723,244 |
Grant Date Fair Value per share, Unvested Beginning Balance | $ 31.5 | $ 28.2 | $ 22.4 |
Grant Date Fair Value per share, Granted | 107.4 | 100.5 | 107.1 |
Grant Date Fair Value per share, Vested | 27.8 | 23.1 | 22.8 |
Grant Date Fair Value per share, Forfeited | 29.6 | 13 | |
Grant Date Fair Value per share, Unvested Ending Balance | $ 33.9 | $ 31.5 | $ 28.2 |
Cash Restricted Stock Unit Award CRSU | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of Shares, Unvested Beginning Balance | 244 | 624 | |
Number of Shares, Granted | 3,025 | ||
Number of Shares, Vested | (3,405) | ||
Number of Shares, Forfeited | (244) | ||
Number of Shares, Unvested Ending Balance | 244 | ||
Grant Date Fair Value per share, Unvested Beginning Balance | $ 58.4 | $ 35.1 | |
Grant Date Fair Value per share, Granted | 111.9 | ||
Grant Date Fair Value per share, Vested | 101.7 | ||
Grant Date Fair Value per share, Forfeited | $ 58.4 | ||
Grant Date Fair Value per share, Unvested Ending Balance | $ 58.4 |
Stockholders' Equity - Schedu_2
Stockholders' Equity - Schedule of Stock-based Compensation Expense Amounts Included in Condensed Consolidated Statement of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 7,388 | $ 4,640 | $ 21,890 | $ 10,662 |
Equity Awards | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 6,771 | 3,919 | 19,580 | 9,749 |
Equity Awards | Cost of Revenue | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 421 | 34 | 1,233 | 119 |
Equity Awards | Selling, General and Administrative | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 3,763 | 2,785 | 10,652 | 6,614 |
Equity Awards | Research and Development | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 2,587 | 1,100 | 7,695 | 3,016 |
Liability-based Awards | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 617 | 379 | 1,957 | |
Liability-based Awards | Cost of Revenue | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 22 | 72 | ||
Liability-based Awards | Selling, General and Administrative | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 306 | 234 | 1,187 | |
Liability-based Awards | Research and Development | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 289 | 145 | 698 | |
Equity Awards and Liability Based Awards - Equity Settled | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 7,388 | 4,298 | 21,537 | 9,749 |
Liability Based Awards - Cash Settled | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 342 | 353 | 913 | |
Liability Based Awards - Cash Settled | Cost of Revenue | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 98 | 102 | 138 | |
Liability Based Awards - Cash Settled | Selling, General and Administrative | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 104 | 108 | 392 | |
Liability Based Awards - Cash Settled | Research and Development | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 140 | $ 143 | $ 383 |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Taxes and Effective Tax Rates (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Income (loss) before income taxes | $ 13,964 | $ (667) | $ 12,485 | $ (11,362) |
Income tax expense | $ (4) | $ (67) | $ (1) | |
Effective tax rate | 0.00% | 0.00% | 1.00% | 0.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefits | $ 2.4 | $ 2.4 |
Segment, Geographic and Custo_3
Segment, Geographic and Customer Information - Additional Information (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021Distributor | Sep. 30, 2020Distributor | Sep. 30, 2021DistributorSegment | Sep. 30, 2020Distributor | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||
Number of reportable segments | Segment | 1 | ||||
Percentage of long lived assets | 97.00% | 97.00% | 97.00% | ||
Revenue Benchmark | Distributor Concentration Risk | |||||
Segment Reporting Information [Line Items] | |||||
Number of distributors accounted for 10% or more of revenues | 0 | 0 | 0 | 0 | |
Revenue Benchmark | Customer Concentration Risk | |||||
Segment Reporting Information [Line Items] | |||||
Number of customers accounted for 10% or more of revenues | 0 | 0 | 0 | 0 | |
Revenue Benchmark | Distributor One | Distributor Concentration Risk | |||||
Segment Reporting Information [Line Items] | |||||
Sales revenue percentage | 20.00% | 30.00% | 22.00% | 23.00% | |
Revenue Benchmark | Distributor One | Customer Concentration Risk | |||||
Segment Reporting Information [Line Items] | |||||
Sales revenue percentage | 20.00% | 45.00% | 23.00% | 36.00% | |
Revenue Benchmark | Distributor Two | Distributor Concentration Risk | |||||
Segment Reporting Information [Line Items] | |||||
Sales revenue percentage | 17.00% | 16.00% | 16.00% | 19.00% | |
Revenue Benchmark | Distributor Three | Distributor Concentration Risk | |||||
Segment Reporting Information [Line Items] | |||||
Sales revenue percentage | 8.00% | 15.00% | 11.00% | 14.00% |
Segment, Geographic and Custo_4
Segment, Geographic and Customer Information - Schedule of Revenue by Country (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 63,029 | $ 32,667 | $ 143,067 | $ 75,882 |
Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 63,029 | 32,667 | 143,067 | 75,882 |
Taiwan | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 16,506 | 16,126 | 45,008 | 34,099 |
Hong Kong | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 23,063 | 9,209 | 52,054 | 19,530 |
United States | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 5,756 | 2,263 | 9,691 | 5,938 |
Other | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 17,704 | $ 5,069 | $ 36,314 | $ 16,315 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) | Aug. 31, 2021 | May 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Restricted Stock Units RSU | ||||||
Related Party Transaction [Line Items] | ||||||
Equity award, granted | 68,992 | 103,063 | 190,838 | |||
MegaChips | ||||||
Related Party Transaction [Line Items] | ||||||
Agreement termination date | Aug. 31, 2021 | |||||
MegaChips | Si Time Corporation | ||||||
Related Party Transaction [Line Items] | ||||||
Percentage of outstanding common stock held | 31.20% | 43.70% | ||||
Akira Takata | ||||||
Related Party Transaction [Line Items] | ||||||
Sales consulting services fee | $ 5,000 | |||||
Akira Takata | Restricted Stock Units RSU | ||||||
Related Party Transaction [Line Items] | ||||||
Equity award, granted | 500 | |||||
Equity award, vesting date | Nov. 20, 2021 |
Related Party Transactions - Su
Related Party Transactions - Summary of Significant Balances, Transactions and Payments with Related Parties and Affiliates (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||||
Related party accounts receivable | $ 5 | $ 5 | $ 736 | ||
MegaChips | |||||
Related Party Transaction [Line Items] | |||||
Related party accounts receivable | 5 | 5 | 736 | ||
Property and equipment, net | $ 209 | ||||
Sales through distribution agreement | 1,896 | $ 1,544 | 8,166 | $ 4,274 | |
License expense | 148 | ||||
Commission expense | 79 | 64 | 340 | 176 | |
Cash paid for commissions | 79 | 64 | 340 | 176 | |
Cash paid for licenses | 25 | ||||
Affliates | |||||
Related Party Transaction [Line Items] | |||||
Consulting fees | 106 | 87 | 231 | 262 | |
Cash paid for consulting fees | $ 106 | $ 87 | $ 231 | $ 262 |