SiTime (SITM) 10-Q/A 29 Jan 24 2023 Q2 Quarterly report (amended) Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 01, 2023
Cover [Abstract]
Document Type	10-Q/A
Amendment Flag	true
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
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	Large Accelerated Filer
Entity Common Stock Shares Outstanding		22,692,165
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
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
Amendment Description	EXPLANATORY NOTE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 30,375	$ 34,603
Short-term investments in held-to-maturity securities	544,299	529,494
Accounts receivable, net	15,769	41,229
Inventories	64,252	57,650
Prepaid expenses and other current assets	8,282	6,091
Total current assets	662,977	669,067
Property and equipment, net	56,295	58,772
Intangible assets, net	6,206	5,205
Right-of-use assets, net	9,549	10,848
Other assets	10,477	6,724
Total assets	745,504	750,616
Current liabilities:
Accounts payable	9,762	14,881
Accrued expenses and other current liabilities	20,700	18,913
Total current liabilities	30,462	33,794
Lease liabilities	6,773	8,149
Other non-current liabilities	2	193
Total liabilities	37,237	42,136
Commitments and contingencies (Note 9)
Stockholders’ equity:
Common stock, $0.0001 par value - 200,000 shares authorized; 22,210 and 21,702 shares issued and outstanding at June 30, 2023 and December 31, 2022	2	2
Additional paid-in capital	758,542	716,343
Accumulated deficit	(50,277)	(7,865)
Total stockholders’ equity	708,267	708,480
Total liabilities and stockholders’ equity	$ 745,504	$ 750,616

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares, issued	22,210,000	21,702,000
Common stock, shares, outstanding	22,210,000	21,702,000

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Operations And Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenue	$ 27,728	$ 79,418	$ 66,070	$ 149,671
Cost of revenue	12,290	26,744	27,592	51,763
Gross profit	15,438	52,674	38,478	97,908
Operating expenses:
Research and development	26,567	22,017	51,024	42,612
Selling, general and administrative	21,276	18,376	42,009	36,954
Total operating expenses	47,843	40,393	93,033	79,566
Income (loss) from operations	(32,405)	12,281	(54,555)	18,342
Interest income	6,667	803	12,297	803
Other income (expense), net	(161)	(173)	(61)	(26)
Income (loss) before income taxes	(25,899)	12,911	(42,319)	19,119
Income tax expense	(23)	(52)	(93)	(120)
Net income (loss)	(25,922)	12,859	(42,412)	18,999
Net income (loss) attributable to common stockholders and comprehensive income (loss)	$ (25,922)	$ 12,859	$ (42,412)	$ 18,999
Net income (loss) per share attributable to common stockholders, basic	$ (1.17)	$ 0.61	$ (1.93)	$ 0.90
Net income (loss) per share attributable to common stockholders, diluted	$ (1.17)	$ 0.57	$ (1.93)	$ 0.84
Weighted-average shares used to compute basic net income (loss) per share	22,074	21,148	21,934	21,035
Weighted-average shares used to compute diluted net income (loss) per share	22,074	22,721	21,934	22,736

Condensed Consolidated Statem_2

Condensed Consolidated Statements Of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	At-The-Market Offering	Common Stock	Common Stock At-The-Market Offering	Additional Paid-in Capital	Additional Paid-in Capital At-The-Market Offering	Accumulated Deficit
Beginning Balance at Dec. 31, 2021	$ 632,497		$ 2		$ 663,614		$ (31,119)
Beginning Balance, Shares at Dec. 31, 2021			20,825,000
Stock-based compensation expense	25,650				25,650
Net Income (Loss)	18,999						18,999
Issuance of common stock net of underwriting discounts and commissions and other offering costs		$ 20,080				$ 20,080
Issuance of common stock net of underwriting discounts and commissions and other offerings costs, Shares				100,000
Issuance of shares upon vesting of restricted stock units, net of tax withholdings	(16,942)				(16,942)
Issuance of shares upon vesting of restricted stock units, net of tax withholdings, Shares			361,000
Ending Balance at Jun. 30, 2022	680,284		$ 2		692,402		(12,120)
Ending Balance, Shares at Jun. 30, 2022			21,286,000
Beginning Balance at Mar. 31, 2022	653,874		$ 2		678,851		(24,979)
Beginning Balance, Shares at Mar. 31, 2022			21,042,000
Stock-based compensation expense	10,413				10,413
Net Income (Loss)	12,859						12,859
Issuance of common stock net of underwriting discounts and commissions and other offering costs		20,080				20,080
Issuance of common stock net of underwriting discounts and commissions and other offerings costs, Shares				100,000
Issuance of shares upon vesting of restricted stock units, net of tax withholdings	(16,942)				(16,942)
Issuance of shares upon vesting of restricted stock units, net of tax withholdings, Shares			144,000
Ending Balance at Jun. 30, 2022	680,284		$ 2		692,402		(12,120)
Ending Balance, Shares at Jun. 30, 2022			21,286,000
Beginning Balance at Dec. 31, 2022	$ 708,480		$ 2		716,343		(7,865)
Beginning Balance, Shares at Dec. 31, 2022	21,702,000		21,702,000
Stock-based compensation expense	$ 40,178				40,178
Net Income (Loss)	(42,412)						(42,412)
Issuance of common stock net of underwriting discounts and commissions and other offering costs		21,363				21,363
Issuance of common stock net of underwriting discounts and commissions and other offerings costs, Shares				200,000
Issuance of shares upon vesting of restricted stock units, net of tax withholdings	(19,342)				(19,342)
Issuance of shares upon vesting of restricted stock units, net of tax withholdings, Shares			308,000
Ending Balance at Jun. 30, 2023	$ 708,267		$ 2		758,542		(50,277)
Ending Balance, Shares at Jun. 30, 2023	22,210,000		22,210,000
Beginning Balance at Mar. 31, 2023	$ 713,660		$ 2		738,013		(24,355)
Beginning Balance, Shares at Mar. 31, 2023			21,952,000
Stock-based compensation expense	21,042				21,042
Net Income (Loss)	(25,922)						(25,922)
Issuance of common stock net of underwriting discounts and commissions and other offering costs		$ 8,614				$ 8,614
Issuance of common stock net of underwriting discounts and commissions and other offerings costs, Shares				100,000
Issuance of shares upon vesting of restricted stock units, net of tax withholdings	(9,127)				(9,127)
Issuance of shares upon vesting of restricted stock units, net of tax withholdings, Shares			158,000
Ending Balance at Jun. 30, 2023	$ 708,267		$ 2		$ 758,542		$ (50,277)
Ending Balance, Shares at Jun. 30, 2023	22,210,000		22,210,000

Condensed Consolidated Statem_3

Condensed Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ (42,412)	$ 18,999
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation and amortization expense	7,747	5,269
Stock-based compensation expense	39,696	26,092
Unrealized interest on held to maturity securities	(2,686)
Changes in assets and liabilities:
Accounts receivable, net	25,460	(348)
Inventories	(6,602)	(10,753)
Prepaid expenses and other assets	(2,976)	(1,702)
Accounts payable	(5,210)	1,266
Accrued expenses and other liabilities	(1,000)	(3,486)
Net cash provided by operating activities	12,017	35,337
Cash flows from investing activities:
Purchase of held to maturity securities	(536,558)
Proceeds from maturity of held to maturity securities	524,439
Purchase of property and equipment	(3,676)	(17,241)
Cash paid for intangibles	(2,471)	(404)
Net cash used in investing activities	(18,266)	(17,645)
Cash flows from financing activities
Tax withholding paid on behalf of employees for net share settlement	(19,342)	(16,942)
Proceeds from public offering	21,976	20,592
Payments for offering costs	(613)	(512)
Net cash provided by financing activities	2,021	3,138
Net increase (decrease) in cash and cash equivalents	(4,228)	20,830
Cash and cash equivalents
Beginning of period	34,603	559,461
End of period	30,375	580,291
Supplemental disclosure of cash flow information
Income taxes paid	137	37
Supplemental disclosure of noncash investing and financing activities
Unpaid property and equipment	$ 1,043	2,687
Right-of-use assets acquired under operating leases		$ 4,356

The Company and Basis of Presen

The Company and Basis of Presentation	6 Months Ended
	Jun. 30, 2023
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 leading provider of precision timing solutions to the global electronics industry, providing the timing functionality that is needed for electronics to operate reliably and correctly. The Company's products have been 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 to address the broad set of end markets that it serves. The accompanying interim condensed consolidated financial statements have been prepared in conformity with United States (U.S.) generally accepted accounting principles (GAAP) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X, and should be read in conjunction with the Company's audited consolidated financial statements and related notes thereto filed with the U.S. Securities and Exchange Commission (SEC) on Form 10-K for the fiscal year ended December 31, 2022. The interim financial statements are unaudited, but reflect all adjustments which are, in the opinion of management, of a normal, recurring nature necessary to provide a fair statement of results for the interim periods presented. The results of operations for the interim periods shown in this report are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2023, for any future year, or for any other future interim period. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Coronavirus Disease (“the COVID-19 pandemic”) The COVID-19 pandemic continued to impact the Company's workforce and the operations of its customers and suppliers during 2022. In response to the COVID-19 pandemic and related government measures, the Company implemented safety measures to protect its employees and contractors at its locations around the world. The COVID-19 pandemic has not had a significant impact on the Company in 2023. 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, 2022. There have been no changes to these accounting policies through June 30, 2023. Recent Accounting Pronouncements There are currently no new accounting pronouncements with a future effective date that are of significance, or potential significance, to us. Restatement The Company’s previously issued interim condensed consolidated financial statements as of and for the six months ended June 30, 2023 contained a misclassification of “interest received upon maturity of held-to-maturity securities” as an investing activity instead of as an operating activity within the statement of cash flows for the three and six months ended June 30, 2023. A summary of the impact on the condensed consolidated statements of cash flows for the six months ended June 30, 2023, is as follows: Six Months Ended June 30, 2023 As Reported Adjustment As Restated (in thousands) Cash flows from operating activities: Net change in unrealized interest on held to maturity securities $ (12,027) $ 9,341 $ (2,686) Net cash provided by operating activities $ 2,676 $ 9,341 $ 12,017 Cash flows from investing activities: Proceeds from maturity of held to maturity securities $ 533,780 $ (9,341) $ 524,439 Net cash used in investing activities $ (8,925) $ (9,341) $ (18,266)

Net Income (Loss) Per Share

Net Income (Loss) Per Share	6 Months Ended
	Jun. 30, 2023
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 income (loss) per share attributable to common stockholders of the Company: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands, except per share data) Net income (loss) attributable to common stockholders $ (25,922) $ 12,859 $ (42,412) $ 18,999 Weighted-average shares outstanding Weighted average shares used to compute basic net income (loss) per share 22,074 21,148 21,934 21,035 Dilutive effect of employee equity incentive plans — 1,573 — 1,701 Weighted average shares used to compute diluted net income (loss) per share 22,074 22,721 21,934 22,736 Net income (loss) attributable to common stockholders per share, basic $ (1.17) $ 0.61 $ (1.93) $ 0.90 Net income (loss) attributable to common stockholders per share, diluted $ (1.17) $ 0.57 $ (1.93) $ 0.84 Potential dilutive securities include dilutive common shares from share-based awards attributable to the assumed exercise of restricted stock unit awards 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 months ended June 30, 2023 and 2022, the Company had 1,267,359 potential shares and 231,349 potential shares from share-based awards that are anti-dilutive, respectively. During the six months ended June 30, 2023 and 2022, the Company had 1,353,845 and 211,667 potential shares from share-based awards that are anti-dilutive, respectively.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 3. Fair Value Measurements Cash equivalents On June 30, 2023 and December 31, 2022, highly liquid money market funds of $0.3 million and $3.0 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. Short-term investments in held-to-maturity securities As of June 30, 2023 and December 31, 2022, the Company had invested in treasury bills with maturities of six months, which the Company intends to hold until maturity and has classified as held-to-maturity securities. The held-to-maturity securities are recorded at amortized cost totaling $536.6 million with gross accrued interest of $7.7 million and total

Balance Sheets Components

Balance Sheets Components	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 December 31, 2022 (in thousands) Accounts receivable, gross $ 15,819 $ 41,279 Allowance for credit losses (50) (50) Accounts receivable, net $ 15,769 $ 41,229 Inventories Inventories consisted of the following: As of June 30, 2023 December 31, 2022 (in thousands) Raw materials $ 24,486 $ 17,518 Work in progress 32,658 33,687 Finished goods 7,108 6,445 Total inventories $ 64,252 $ 57,650 Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following: As of June 30, 2023 December 31, 2022 (in thousands) Prepaid expenses $ 3,351 $ 3,118 Other current assets 4,931 2,973 Total prepaid expenses and other current assets $ 8,282 $ 6,091 Property and Equipment, net Property and equipment, net consisted of the following: As of June 30, 2023 December 31, 2022 (in thousands) Lab and manufacturing equipment $ 76,678 $ 73,220 Computer equipment 3,254 3,170 Furniture and fixtures 570 509 Construction in progress 6,077 5,967 Leasehold improvements 7,454 7,129 94,033 89,995 Accumulated depreciation (37,738) (31,223) Total property and equipment, net $ 56,295 $ 58,772 Depreciation expense related to property and equipment was $3.3 million and $2.4 million for the three months ended June 30, 2023 and 2022, respectively, and $6.5 million and $4.5 million for the six months ended June 30, 2023 and 2022, respectively. Intangible Assets, net Intangible assets, net consisted of the following: As of June 30, 2023 December 31, 2022 (in thousands) Gross Assets Accumulated Amortization Net Assets Gross Assets Accumulated Amortization Net Assets Internal use software $ 9,434 $ (9,033) $ 401 $ 9,434 $ (8,833) $ 601 Purchased software 14,849 (9,044) 5,805 12,583 (7,978) 4,604 Intangible assets $ 24,283 $ (18,077) $ 6,206 $ 22,017 $ (16,811) $ 5,205 Amortization expense for intangible assets was $0.7 million and $0.4 million for the three months ended June 30, 2023 and 2022, respectively, and $1.3 million and $0.7 million for the six months ended June 30, 2023 and 2022, respectively. The estimated aggregate future amortization expense for intangible assets subject to amortization as of June 30, 2023 is summarized as below: (in thousands) 2023 (remainder) $ 1,314 2024 1,903 2025 935 2026 600 2027 398 2028 and beyond 1,056 $ 6,206 Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: As of June 30, 2023 December 31, 2022 (in thousands) Accrued payroll and related benefits $ 5,668 $ 6,109 Revenue reserves 2,359 1,840 Deferred non-recurring engineering services 2,707 2,689 Short term lease liability 2,574 2,485 Other accrued expenses 7,392 5,790 Total accrued expenses and other current liabilities $ 20,700 $ 18,913 The Company recorded reductions to research and development expenses related to non-recurring engineering service arrangements in the condensed consolidated statements of operations of $0.5 million and $2.8 million during the three months ended June 30, 2023 and 2022, respectively, and $1.7 million and $4.8 million during the six months ended June 30, 2023 and 2022, respectively.

Leases

Leases	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Leases	Note 5. Leases The Company leases real estate property under operating leases. The Company leases office space in California, Michigan, Malaysia, Japan, Taiwan, the Netherlands, Finland, and Ukraine all under non-cancellable operating leases with various expiration dates through May 2029. 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 The table below presents the lease-related assets and liabilities recorded on the condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022: As of June 30, 2023 December 31, 2022 (in thousands) Right-of-use assets $ 9,549 $ 10,848 Lease liabilities included in accrued expenses and other current liabilities 2,574 2,485 Lease liabilities - non-current 6,773 8,149 Total operating lease liabilities $ 9,347 $ 10,634 Weighted-average remaining lease term (years) 3.6 4.0 Weighted-average discount rate 4.5 % 4.6 % The table below presents certain information related to the lease costs for operating leases for the three and six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) Operating lease cost $ 758 $ 692 $ 1,517 $ 1,261 Short-term lease cost 135 299 312 833 Variable lease cost 290 260 567 354 Total lease cost $ 1,183 $ 1,251 $ 2,396 $ 2,448 Cash paid for operating lease liabilities was $0.8 million and $0.7 million for the three months ended June 30, 2023 and 2022, respectively. Cash paid for operating lease liabilities was $1.5 million and $1.2 million for the six months ended June 30, 2023 and 2022, respectively. 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 condensed consolidated balance sheet as of June 30, 2023: (in thousands) Remainder of 2023 $ 1,409 2024 3,037 2025 2,701 2026 2,177 2027 629 2028 and beyond 190 Total minimum lease payments 10,143 Less: amount of lease payments representing interest (796) Present value of future minimum lease payments 9,347 Less: current obligations under leases (2,574) Long-term lease liabilities $ 6,773

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Stockholders' Equity	Note 6. Stockholders’ Equity At-The-Market offering On May 4, 2022, the Company entered into a Sales Agreement ("Sales Agreement"), with Stifel, Nicolaus & Company, Incorporated ("Stifel"), under which the Company may offer and sell from time to time at its sole discretion, up to an aggregate of 800,000 shares of its common stock, par value $0.0001 per share, through Stifel as its sales agent. The Company intends to use the net proceeds from the shares of common stock offered and sold to primarily replenish funds expended to satisfy anticipated tax withholding and remittance obligations related to the net settlement upon vesting of restricted stock unit awards (“RSU”) granted to employees under the equity incentive plans. The Company has filed a prospectus supplement pursuant to the Sales Agreement for the offer and sale of up to an aggregate of 800,000 shares of its common stock. Subject to the terms and conditions of the Sales Agreement, Stifel will sell the common stock from time to time, based upon instructions from the Company. The Company agreed to pay Stifel a commission of up to 3% of the gross sales proceeds of any common stock sold through Stifel under the Sales Agreement. During the three months ended June 30, 2023, the Company sold 100,000 shares of its common stock through Stifel under the Sales Agreement at a weighted average price of $88.57 per share resulting in net proceeds to the Company of $8.6 million, after deducting underwriting discounts and commissions of $0.2 million and deferred offering costs of $0.1 million. During the six months ended June 30, 2023, the Company sold 200,000 shares of its common stock through Stifel under the Sales Agreement at a weighted average price of $109.88 per share resulting in net proceeds to the Company of $21.4 million, after deducting underwriting discounts and commissions of $0.5 million and deferred offering costs of $0.2 million. Equity Incentive Plans The following table summarizes the RSU, performance based restricted stock units ("PRSU"), and multi-year performance restricted stock units ("MYPSU") activity for the three and six months ended June 30, 2023: RSU Grant Date PRSU Grant Date MYPSU Grant Date Unvested at December 31, 2022 1,717,994 $ 73.6 58,954 $ 261.4 311,872 $ 88.6 Granted 368,363 123.1 122,466 145.5 — — Vested (234,633) 56.6 — — — — Forfeited (27,792) 67.4 (58,954) 261.4 — — Unvested at March 31, 2023 1,823,932 $ 82.8 122,466 $ 145.5 311,872 $ 88.6 Granted 60,333 111.3 — — — — Vested (254,997) 66.5 — — — — Forfeited (55,170) 177.3 (6,106) 145.5 — — Unvested at June 30, 2023 1,574,098 $ 88.9 116,360 $ 145.5 311,872 $ 88.6 On August 4, 2020, the Compensation Committee of the Company adopted and approved the Executive Bonus and Retention Plan (the “Bonus and Retention Plan”). The Compensation Committee approved target bonus amounts and performance goals for the second half of the fiscal year 2022 (the “2022 Goals”) in August 2022 and approved the achievement of the 2022 Goals in February 2023. Actual payouts for the 2022 Goals ranged from 44% to 89% of target, based on performance. In February 2023, the Compensation Committee approved target bonus amounts for the fiscal year 2023 (the "2023 Goals"). The 2022 Goals and the 2023 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 $0.3 million for 2023 Goals and $0.8 million for 2022 Goals was recorded as accrued expenses and other current liabilities in the condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022 respectively. In December 2021, the Compensation Committee of the Company approved PRSUs with performance goals for the year 2022 (the “PRSU 2022 Goals”). The PRSU 2022 Goals were based on the achievement of a revenue goal. These grants were not earned and were cancelled in February 2023. In February 2022, the Compensation Committee of the Company approved and granted to certain of the Company’s executive officers MYPSUs with vesting based on achievement of stock price targets, which are measured based on the 60-trading day average per share closing price of the Company’s common stock on the Nasdaq Global Market during the performance periods of up to six years from the date of grant, subject to the continued service of the grantee through the vest date. The grant-date fair value of each MYPSU was determined using Monte Carlo simulation model. The assumptions used in the Monte Carlo simulation included expected volatility of 44.4%, risk free rate of 1.83%, no expected dividend yield, expected term of six years and possible future stock prices over the performance period based on historical stock and market prices. The Company recognizes the expense related to the MYPSUs on a graded-vesting method over the requisite service period. In April 2022, the Company approved a bonus plan for certain employees. The target bonuses are granted based on a fixed dollar amount to be settled in RSUs in the quarter following the end of the performance period. Due to the fixed dollar amount targets, the awards have been classified as liability-based awards until settled. Once settled, these awards are reflected as RSU granted in the above table. Such expense is included in the non-cash adjustment within stock-based compensation expense on the condensed consolidated cash flow statements. The liability of $0.8 million and $0.8 million was recorded as accrued expenses and other current liabilities in the condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022 respectively. In February 2023 and March 2023, the Compensation Committee of the Company approved PRSUs for the year 2023 with performance goals based on the achievement of revenue over a one year performance period (the “PRSU 2023 Goals”) and achievement of relative total stockholder return with a two year performance period (the "2023 TSR PRSU Goals"). The grant-date fair value of each PRSU with 2023 TSR PRSU Goals was determined using Monte Carlo simulation model. The assumptions used in the Monte Carlo simulation included expected volatility of 84.0% and 83.8%, risk free rate of 4.67% and 4.05%, no expected dividend yield and expected term of 1.9 years and 1.8 years for the awards approved in February 2023 and March 2023 respectively. The Company recognizes the expense related to the PRSUs with PRSU 2023 Goals and PRSUs with 2023 TSR PRSU Goals on a graded-vesting method over the requisite performance period. These grants are included in the PRSU awards granted in the table above. 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) Equity based awards Cost of revenue $ 696 $ 283 $ 1,324 $ 921 Research and development 9,506 4,325 17,011 9,700 Selling, general and administrative 10,076 5,805 19,556 13,541 $ 20,278 $ 10,413 $ 37,891 $ 24,162 Liability based awards - to be settled in equity Cost of revenue $ 17 $ 44 $ 28 $ 63 Research and development 477 668 1,003 888 Selling, general and administrative 388 685 774 979 $ 882 $ 1,397 $ 1,805 $ 1,930 Total stock-based compensation - equity and liability based $ 21,160 $ 11,810 $ 39,696 $ 26,092 Stock-based compensation expense recorded to additional paid-in capital Equity based awards $ 20,278 $ 10,413 $ 37,891 $ 24,162 Liability based awards - settled in equity 764 — 2,287 1,488 Total stock-based compensation expense recorded to additional paid-in capital $ 21,042 $ 10,413 $ 40,178 $ 25,650 The following table presents the unrecognized compensation costs and related weighted average period of recognition as of June 30, 2023: As of June 30, 2023 Unrecognized Compensation Costs (in millions) Weighted Average Period of Recognition (in years) RSUs $ 121.9 2.0 PRSUs $ 8.4 1.5 MYPSUs $ 14.5 1.4 Liability-based awards $ 1.3 0.3

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
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, 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 before income taxes, the geographic mix of income 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 six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) Income (loss) before income taxes $ (25,899) $ 12,911 $ (42,319) $ 19,119 Income tax expense (23) (52) (93) (120) Effective tax rate 0 % 0 % 0 % 1 % 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 before income taxes and taxable income. 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 June 30, 2023. The income tax provision was less than $0.1 million for both the three and six months ended June 30, 2023 and 2022. The effective tax rate was less than 1% for both the three and six months ended June 30, 2023 and 2022. The provision for income taxes primarily comes from the foreign subsidiaries’ local country obligations. The U.S. effective tax rate is less than 1% and is due to minimum state tax. There is no federal provision for income taxes as the Company has sufficient carryfoward of net operating losses to offset any operating income earned since inception and has projected an operating loss in the current year. As of June 30, 2023 and December 31, 2022, the Company had $2.3 million and $2.3 million, respectively, of total unrecognized tax benefits. If the Company is able to eventually recognize these uncertain tax positions, none of the unrecognized benefits 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 six months ended June 30, 2023 and 2022, the Company recorded immaterial amounts related to the accrual of interest and penalties.

Segment, Geographic and Custome

Segment, Geographic and Customer Information	6 Months Ended
	Jun. 30, 2023
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 sale of precision timing solutions to the global electronics industry. Revenue by geographic area is presented based upon the ship-to location of the customers who purchased the Company’s products which 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) Taiwan $ 5,290 $ 24,545 $ 15,904 $ 47,617 Hong Kong 6,538 17,345 12,846 31,878 United States 4,134 8,826 11,624 16,020 Singapore 3,666 5,973 7,448 11,129 Other 8,100 22,729 18,248 43,027 Total $ 27,728 $ 79,418 $ 66,070 $ 149,671 The following table sets forth the Company’s total property and equipment attributable to operations by country as of the periods presented: As of June 30, 2023 December 31, 2022 (in thousands) United States $ 24,275 $ 24,211 Malaysia 16,010 18,524 Taiwan 5,760 5,570 Other 10,250 10,467 $ 56,295 $ 58,772

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
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. 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, and specified environmental matters. 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	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Note 10. Related Party Transactions MegaChips Corporation is the largest stockholder of the Company and held approximately 21.2% and 23.0% of the Company’s outstanding common stock as of June 30, 2023 and December 31, 2022, respectively.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (25,922)	$ 12,859	$ (42,412)	$ 18,999

Insider Trading Arrangements

Insider Trading Arrangements	6 Months Ended
	Jun. 30, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On June 9, 2023, Dr. Fariborz Assaderaghi, Executive Vice President, Technology and Engineering, adopted a Rule 10b5-1 Trading Plan ("the Plan") intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act, pursuant to which a maximum amount of 24,421 shares of common stock of the Company may be sold between September 11, 2023 and August 31, 2024. The Plan terminates on the earlier of: (i) August 31, 2024, (ii) the first date on which all trades set forth in the Plan have been executed, or (iii) such date the Plan is otherwise terminated according to its terms.
Name	. Fariborz Assaderaghi
Title	Executive Vice President, Technology and Engineering
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 9, 2023
Aggregate Available	24,421

The Company and Basis of Pres_2

The Company and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Coronavirus Disease ("the COVID-19 pandemic")	Coronavirus Disease (“the COVID-19 pandemic”) The COVID-19 pandemic continued to impact the Company's workforce and the operations of its customers and suppliers during 2022. In response to the COVID-19 pandemic and related government measures, the Company implemented safety measures to protect its employees and contractors at its locations around the world. The COVID-19 pandemic has not had a significant impact on the Company in 2023.
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, 2022. There have been no changes to these accounting policies through June 30, 2023.
Recently Accounting Pronouncements	Recent Accounting Pronouncements There are currently no new accounting pronouncements with a future effective date that are of significance, or potential significance, to us.

The Company and Basis of Pres_3

The Company and Basis of Presentation (Tables)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Schedule of Error Corrections and Prior Period Adjustments	A summary of the impact on the condensed consolidated statements of cash flows for the six months ended June 30, 2023, is as follows: Six Months Ended June 30, 2023 As Reported Adjustment As Restated (in thousands) Cash flows from operating activities: Net change in unrealized interest on held to maturity securities $ (12,027) $ 9,341 $ (2,686) Net cash provided by operating activities $ 2,676 $ 9,341 $ 12,017 Cash flows from investing activities: Proceeds from maturity of held to maturity securities $ 533,780 $ (9,341) $ 524,439 Net cash used in investing activities $ (8,925) $ (9,341) $ (18,266)

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Summary of Computation of Basic and Diluted Net Income (Loss) per Share	The following table summarizes the computation of basic and diluted net income (loss) per share attributable to common stockholders of the Company: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands, except per share data) Net income (loss) attributable to common stockholders $ (25,922) $ 12,859 $ (42,412) $ 18,999 Weighted-average shares outstanding Weighted average shares used to compute basic net income (loss) per share 22,074 21,148 21,934 21,035 Dilutive effect of employee equity incentive plans — 1,573 — 1,701 Weighted average shares used to compute diluted net income (loss) per share 22,074 22,721 21,934 22,736 Net income (loss) attributable to common stockholders per share, basic $ (1.17) $ 0.61 $ (1.93) $ 0.90 Net income (loss) attributable to common stockholders per share, diluted $ (1.17) $ 0.57 $ (1.93) $ 0.84

Balance Sheets Components (Tabl

Balance Sheets Components (Tables)	6 Months Ended
	Jun. 30, 2023
Balance Sheet Related Disclosures [Abstract]
Schedule of Accounts Receivable, Net	Accounts receivable, net consisted of the following: As of June 30, 2023 December 31, 2022 (in thousands) Accounts receivable, gross $ 15,819 $ 41,279 Allowance for credit losses (50) (50) Accounts receivable, net $ 15,769 $ 41,229
Schedule of Inventory	Inventories consisted of the following: As of June 30, 2023 December 31, 2022 (in thousands) Raw materials $ 24,486 $ 17,518 Work in progress 32,658 33,687 Finished goods 7,108 6,445 Total inventories $ 64,252 $ 57,650
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following: As of June 30, 2023 December 31, 2022 (in thousands) Prepaid expenses $ 3,351 $ 3,118 Other current assets 4,931 2,973 Total prepaid expenses and other current assets $ 8,282 $ 6,091
Schedule of Property and Equipment Net	Property and equipment, net consisted of the following: As of June 30, 2023 December 31, 2022 (in thousands) Lab and manufacturing equipment $ 76,678 $ 73,220 Computer equipment 3,254 3,170 Furniture and fixtures 570 509 Construction in progress 6,077 5,967 Leasehold improvements 7,454 7,129 94,033 89,995 Accumulated depreciation (37,738) (31,223) Total property and equipment, net $ 56,295 $ 58,772
Schedule of Intangible Assets, Net	Intangible assets, net consisted of the following: As of June 30, 2023 December 31, 2022 (in thousands) Gross Assets Accumulated Amortization Net Assets Gross Assets Accumulated Amortization Net Assets Internal use software $ 9,434 $ (9,033) $ 401 $ 9,434 $ (8,833) $ 601 Purchased software 14,849 (9,044) 5,805 12,583 (7,978) 4,604 Intangible assets $ 24,283 $ (18,077) $ 6,206 $ 22,017 $ (16,811) $ 5,205
Schedule of Future Amortization Expense for Intangible Assets	The estimated aggregate future amortization expense for intangible assets subject to amortization as of June 30, 2023 is summarized as below: (in thousands) 2023 (remainder) $ 1,314 2024 1,903 2025 935 2026 600 2027 398 2028 and beyond 1,056 $ 6,206
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following: As of June 30, 2023 December 31, 2022 (in thousands) Accrued payroll and related benefits $ 5,668 $ 6,109 Revenue reserves 2,359 1,840 Deferred non-recurring engineering services 2,707 2,689 Short term lease liability 2,574 2,485 Other accrued expenses 7,392 5,790 Total accrued expenses and other current liabilities $ 20,700 $ 18,913

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Summary of Lease Related Assets and Liabilities	The table below presents the lease-related assets and liabilities recorded on the condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022: As of June 30, 2023 December 31, 2022 (in thousands) Right-of-use assets $ 9,549 $ 10,848 Lease liabilities included in accrued expenses and other current liabilities 2,574 2,485 Lease liabilities - non-current 6,773 8,149 Total operating lease liabilities $ 9,347 $ 10,634 Weighted-average remaining lease term (years) 3.6 4.0 Weighted-average discount rate 4.5 % 4.6 %
Summary of Lease Costs	The table below presents certain information related to the lease costs for operating leases for the three and six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) Operating lease cost $ 758 $ 692 $ 1,517 $ 1,261 Short-term lease cost 135 299 312 833 Variable lease cost 290 260 567 354 Total lease cost $ 1,183 $ 1,251 $ 2,396 $ 2,448
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 condensed consolidated balance sheet as of June 30, 2023: (in thousands) Remainder of 2023 $ 1,409 2024 3,037 2025 2,701 2026 2,177 2027 629 2028 and beyond 190 Total minimum lease payments 10,143 Less: amount of lease payments representing interest (796) Present value of future minimum lease payments 9,347 Less: current obligations under leases (2,574) Long-term lease liabilities $ 6,773

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Schedule of Restricted Stock Unit Award ("RSU") and Performance Based Restricted Stock Unit Awards ("PRSU") and Multi-year Performance Restricted Stock Units ("MYPSU") Activity (Details)	The following table summarizes the RSU, performance based restricted stock units ("PRSU"), and multi-year performance restricted stock units ("MYPSU") activity for the three and six months ended June 30, 2023: RSU Grant Date PRSU Grant Date MYPSU Grant Date Unvested at December 31, 2022 1,717,994 $ 73.6 58,954 $ 261.4 311,872 $ 88.6 Granted 368,363 123.1 122,466 145.5 — — Vested (234,633) 56.6 — — — — Forfeited (27,792) 67.4 (58,954) 261.4 — — Unvested at March 31, 2023 1,823,932 $ 82.8 122,466 $ 145.5 311,872 $ 88.6 Granted 60,333 111.3 — — — — Vested (254,997) 66.5 — — — — Forfeited (55,170) 177.3 (6,106) 145.5 — — Unvested at June 30, 2023 1,574,098 $ 88.9 116,360 $ 145.5 311,872 $ 88.6
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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) Equity based awards Cost of revenue $ 696 $ 283 $ 1,324 $ 921 Research and development 9,506 4,325 17,011 9,700 Selling, general and administrative 10,076 5,805 19,556 13,541 $ 20,278 $ 10,413 $ 37,891 $ 24,162 Liability based awards - to be settled in equity Cost of revenue $ 17 $ 44 $ 28 $ 63 Research and development 477 668 1,003 888 Selling, general and administrative 388 685 774 979 $ 882 $ 1,397 $ 1,805 $ 1,930 Total stock-based compensation - equity and liability based $ 21,160 $ 11,810 $ 39,696 $ 26,092 Stock-based compensation expense recorded to additional paid-in capital Equity based awards $ 20,278 $ 10,413 $ 37,891 $ 24,162 Liability based awards - settled in equity 764 — 2,287 1,488 Total stock-based compensation expense recorded to additional paid-in capital $ 21,042 $ 10,413 $ 40,178 $ 25,650
Summary of Unrecognized Compensation Costs and Related Weighted Average Period Of Recognition	The following table presents the unrecognized compensation costs and related weighted average period of recognition as of June 30, 2023: As of June 30, 2023 Unrecognized Compensation Costs (in millions) Weighted Average Period of Recognition (in years) RSUs $ 121.9 2.0 PRSUs $ 8.4 1.5 MYPSUs $ 14.5 1.4 Liability-based awards $ 1.3 0.3

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2023
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 six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) Income (loss) before income taxes $ (25,899) $ 12,911 $ (42,319) $ 19,119 Income tax expense (23) (52) (93) (120) Effective tax rate 0 % 0 % 0 % 1 %

Segment, Geographic and Custo_2

Segment, Geographic and Customer Information (Tables)	6 Months Ended
	Jun. 30, 2023
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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 (in thousands) Taiwan $ 5,290 $ 24,545 $ 15,904 $ 47,617 Hong Kong 6,538 17,345 12,846 31,878 United States 4,134 8,826 11,624 16,020 Singapore 3,666 5,973 7,448 11,129 Other 8,100 22,729 18,248 43,027 Total $ 27,728 $ 79,418 $ 66,070 $ 149,671
Schedule of Property and Equipment Attributable to Operations	The following table sets forth the Company’s total property and equipment attributable to operations by country as of the periods presented: As of June 30, 2023 December 31, 2022 (in thousands) United States $ 24,275 $ 24,211 Malaysia 16,010 18,524 Taiwan 5,760 5,570 Other 10,250 10,467 $ 56,295 $ 58,772

The Company and Basis of Pres_4

The Company and Basis of Presentation - Schedule of Error Corrections and Prior Period Adjustments (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net change in unrealized interest on held to maturity securities	$ (2,686)
Net cash provided by operating activities	12,017	$ 35,337
Cash flows from investing activities:
Proceeds from maturity of held to maturity securities	524,439
Net cash used in investing activities	(18,266)	$ (17,645)
As Reported
Cash flows from operating activities:
Net change in unrealized interest on held to maturity securities	(12,027)
Net cash provided by operating activities	2,676
Cash flows from investing activities:
Proceeds from maturity of held to maturity securities	533,780
Net cash used in investing activities	(8,925)
Adjustment
Cash flows from operating activities:
Net change in unrealized interest on held to maturity securities	9,341
Net cash provided by operating activities	9,341
Cash flows from investing activities:
Proceeds from maturity of held to maturity securities	(9,341)
Net cash used in investing activities	$ (9,341)

Net Income (Loss) Per Share - S

Net Income (Loss) Per Share - Summary of Computation of Basic and Diluted Net Income (Loss) per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net income (loss) attributable to common stockholders	$ (25,922)	$ 12,859	$ (42,412)	$ 18,999
Weighted average shares used to compute basic net income (loss) per share	22,074	21,148	21,934	21,035
Dilutive effect of employee equity incentive plans		1,573		1,701
Weighted average shares used to compute diluted net income (loss) per share	22,074	22,721	21,934	22,736
Net income (loss) attributable to common stockholders per share, basic	$ (1.17)	$ 0.61	$ (1.93)	$ 0.90
Net income (loss) attributable to common stockholders per share, diluted	$ (1.17)	$ 0.57	$ (1.93)	$ 0.84

Net Income (Loss) Per Share - A

Net Income (Loss) Per Share - Additional Information (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Anti-dilutive weighted shares	1,267,359	231,349	1,353,845	211,667

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Treasury bills maturity date	6 months	6 months
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Highly liquid money market funds	$ 0.3	$ 3
Short-term investments in held-to-maturity securities, at amortized cost	536.6	524.4
Short-term investments in held-to-maturity securities, gross unrealized gain	7.7	5.1
Short-term investments in held-to-maturity securities, total carrying value	$ 544.3	$ 529.5

Balance Sheets Components - Sch

Balance Sheets Components - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accounts Receivable, after Allowance for Credit Loss, Current [Abstract]
Accounts receivable, gross	$ 15,819	$ 41,279
Allowance for credit losses	(50)	(50)
Accounts receivable, net	$ 15,769	$ 41,229

Balance Sheets Components - S_2

Balance Sheets Components - Schedule of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 24,486	$ 17,518
Work in progress	32,658	33,687
Finished goods	7,108	6,445
Total inventories	$ 64,252	$ 57,650

Balance Sheets Components - S_3

Balance Sheets Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid expenses	$ 3,351	$ 3,118
Other current assets	4,931	2,973
Total prepaid expenses and other current assets	$ 8,282	$ 6,091

Balance Sheets Components - S_4

Balance Sheets Components - Schedule of Property and Equipment Net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 94,033	$ 89,995
Accumulated depreciation	(37,738)	(31,223)
Total property and equipment, net	56,295	58,772
Lab and Manufacturing Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	76,678	73,220
Computer Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	3,254	3,170
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	570	509
Construction in progress
Property Plant And Equipment [Line Items]
Property and equipment, gross	6,077	5,967
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 7,454	$ 7,129

Balance Sheets Components - Add

Balance Sheets Components - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Finite Lived Intangible Assets [Line Items]
Depreciation expense	$ 3,300	$ 2,400	$ 6,500	$ 4,500
Amortization expense for intangible assets	700	400	1,300	700
Reduction in research and development expenses	26,567	22,017	51,024	42,612
Non-recurring Engineering Service Arrangements
Finite Lived Intangible Assets [Line Items]
Reduction in research and development expenses	$ 500	$ 2,800	$ 1,700	$ 4,800

Balance Sheets Components - S_5

Balance Sheets Components - Schedule of Intangible Assets Net (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 24,283	$ 22,017
Accumulated amortization	(18,077)	(16,811)
Intangible assets, net	6,206	5,205
Internal use software
Finite Lived Intangible Assets [Line Items]
Intangible assets, gross	9,434	9,434
Accumulated amortization	(9,033)	(8,833)
Intangible assets, net	401	601
Purchased Software
Finite Lived Intangible Assets [Line Items]
Intangible assets, gross	14,849	12,583
Accumulated amortization	(9,044)	(7,978)
Intangible assets, net	$ 5,805	$ 4,604

Balance Sheets Components - S_6

Balance Sheets Components - Schedule of Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2023 (remainder)	$ 1,314
2024	1,903
2025	935
2026	600
2027	398
2028 and beyond	1,056
Intangible assets, net	$ 6,206	$ 5,205

Balance Sheets Components - S_7

Balance Sheets Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued payroll and related benefits	$ 5,668	$ 6,109
Revenue reserves	2,359	1,840
Deferred non-recurring engineering services	2,707	2,689
Short term lease liability	$ 2,574	$ 2,485
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total accrued expenses and other current liabilities	Total accrued expenses and other current liabilities
Other accrued expenses	$ 7,392	$ 5,790
Total accrued expenses and other current liabilities	$ 20,700	$ 18,913

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Lease Disclosure [Line Items]
Cash paid for operating lease liabilities	$ 0.8	$ 0.7	$ 1.5	$ 1.2
Office Space
Lease Disclosure [Line Items]
Lease term expiration date			2029-05
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.
Maximum
Lease Disclosure [Line Items]
Lease term	6 years		6 years
Operating lease, renewal term	5 years		5 years
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	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Right-of-use assets, net	$ 9,549	$ 10,848
Short term lease liability	2,574	2,485
Long-term lease liabilities	6,773	8,149
Total operating lease liabilities	$ 9,347	$ 10,634
Weighted-average remaining lease term (years)	3 years 7 months 6 days	4 years
Weighted-average discount rate	4.50%	4.60%

Leases - Summary of Lease Costs

Leases - Summary of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Operating lease cost	$ 758	$ 692	$ 1,517	$ 1,261
Short-term lease cost	135	299	312	833
Variable lease cost	290	260	567	354
Total lease cost	$ 1,183	$ 1,251	$ 2,396	$ 2,448

Leases - Summary of Undiscounte

Leases - Summary of Undiscounted Cash Flows (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Remainder of 2023	$ 1,409
2024	3,037
2025	2,701
2026	2,177
2027	629
2028 and beyond	190
Total minimum lease payments	10,143
Less: amount of lease payments representing interest	(796)
Total operating lease liabilities	9,347	$ 10,634
Less: current obligations under leases	(2,574)	(2,485)
Long-term lease liabilities	$ 6,773	$ 8,149

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Restricted Stock Unit Award ("RSU") and Performance Based Restricted Stock Unit Awards ("PRSU") and Multi-year Performance Restricted Stock Units ("MYPSU") Activity (Details) - $ / shares	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023
Restricted Stock Units RSU
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Unvested Beginning Balance	1,823,932	1,717,994
Number of Shares, Granted	60,333	368,363
Number of Shares, Vested	(254,997)	(234,633)
Number of Shares, Forfeited	(55,170)	(27,792)
Number of Shares, Unvested Ending Balance	1,574,098	1,823,932
Grant Date Fair Value per share, Unvested Beginning Balance	$ 82.8	$ 73.6
Grant Date Fair Value per share, Granted	111.3	123.1
Grant Date Fair Value per share, Vested	66.5	56.6
Grant Date Fair Value per share, Forfeited	177.3	67.4
Grant Date Fair Value per share, Unvested Ending Balance	$ 88.9	$ 82.8
Performance Restricted Stock Unit Award PRSU
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Unvested Beginning Balance	122,466	58,954
Number of Shares, Granted		122,466
Number of Shares, Forfeited	(6,106)	(58,954)
Number of Shares, Unvested Ending Balance	116,360	122,466
Grant Date Fair Value per share, Unvested Beginning Balance	$ 145.5	$ 261.4
Grant Date Fair Value per share, Granted		145.5
Grant Date Fair Value per share, Forfeited	145.5	261.4
Grant Date Fair Value per share, Unvested Ending Balance	$ 145.5	$ 145.5
Multi-year Performance Restricted Stock Unit Award MYPSU
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Unvested Beginning Balance	311,872	311,872
Number of Shares, Unvested Ending Balance	311,872	311,872
Grant Date Fair Value per share, Unvested Beginning Balance	$ 88.6	$ 88.6
Grant Date Fair Value per share, Unvested Ending Balance	$ 88.6	$ 88.6

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended			3 Months Ended	6 Months Ended
	May 04, 2022	Mar. 31, 2023	Feb. 28, 2023	Feb. 28, 2022	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Deferred offering costs						$ 613	$ 512
Common stock, shares authorized					200,000,000	200,000,000		200,000,000
Common stock, par value					$ 0.0001	$ 0.0001		$ 0.0001
Accrued expenses and other current liabilities					$ 20,700	$ 20,700		$ 18,913
2023 Goals
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Accrued expenses and other current liabilities					300	$ 300
2022 Goals
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Accrued expenses and other current liabilities								800
Performance Restricted Stock Unit Award PRSU
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance period						1 year
Liability-based Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Accrued expenses and other current liabilities					$ 800	$ 800		$ 800
Multi-year Performance Restricted Stock Unit Award MYPSU
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock price target achievement period				60-trading day
Expected volatility				44.40%
Risk free rate				1.83%
Expected dividend yield				0%
Expected term				6 years
Total Stockholder Performance Restricted Stock Unit Award TSR PRSU
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance period						2 years
Expected volatility		83.80%	84%
Risk free rate		4.05%	4.67%
Expected dividend yield		0%	0%
Expected term		1 year 9 months 18 days	1 year 10 months 24 days
Minimum | 2022 Goals
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Bonus and retention plan actual payout ranges					44%	44%
Maximum | 2022 Goals
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Bonus and retention plan actual payout ranges					89%	89%
Maximum | Multi-year Performance Restricted Stock Unit Award MYPSU
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance period of common stock				six years
Stifel | At-The-Market Issuance Sales Agreement
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	800,000				100,000	200,000
Proceeds from public offering, net of underwriting discounts and commissions					$ 8,600	$ 21,400
Payments for underwriting discounts and commissions					200	500
Deferred offering costs					$ 100	$ 200
Common stock, shares authorized	800,000
Common stock, par value	$ 0.0001
Shares issued price per share					$ 88.57	$ 109.88
Percentage of sales commission from common stock sold	3%

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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Additional Paid-in Capital
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 21,042	$ 10,413	$ 40,178	$ 25,650
Equity Based Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	20,278	10,413	37,891	24,162
Equity Based Awards | Additional Paid-in Capital
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	20,278	10,413	37,891	24,162
Equity Based Awards | Cost of Revenue
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	696	283	1,324	921
Equity Based Awards | Selling, General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	10,076	5,805	19,556	13,541
Equity Based Awards | Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	9,506	4,325	17,011	9,700
Liability Based Awards to be Settled in Equity
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	882	1,397	1,805	1,930
Liability Based Awards to be Settled in Equity | Cost of Revenue
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	17	44	28	63
Liability Based Awards to be Settled in Equity | Selling, General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	388	685	774	979
Liability Based Awards to be Settled in Equity | Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	477	668	1,003	888
Equity and Liability Based Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	21,160	$ 11,810	39,696	26,092
Liability-based Awards | Additional Paid-in Capital
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 764		$ 2,287	$ 1,488

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Unrecognized Compensation Costs and Related Weighted Average Period of Recognition (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized Compensation Costs	$ 121.9
Weighted Average Period of Recognition (in years)	2 years
PRSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized Compensation Costs	$ 8.4
Weighted Average Period of Recognition (in years)	1 year 6 months
MYPSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized Compensation Costs	$ 14.5
Weighted Average Period of Recognition (in years)	1 year 4 months 24 days
Liability-based Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized Compensation Costs	$ 1.3
Weighted Average Period of Recognition (in years)	3 months 18 days

Income Taxes - Schedule of Prov

Income Taxes - Schedule of Provision for Income Taxes and Effective Tax Rates (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income (loss) before income taxes	$ (25,899)	$ 12,911	$ (42,319)	$ 19,119
Income tax expense	$ (23)	$ (52)	$ (93)	$ (120)
Effective tax rate	0%	0%	0%	1%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Income Tax [Line Items]
Unrecognized tax benefits	$ 2,300		$ 2,300		$ 2,300
Effective tax rate	0%	0%	0%	1%
Income tax provision	$ 23	$ 52	$ 93	$ 120
Maximum
Income Tax [Line Items]
Effective tax rate	1%	1%	1%	1%
Income tax provision	$ 100	$ 100	$ 100	$ 100
U.S. effective tax rate			1%

Segment, Geographic and Custo_3

Segment, Geographic and Customer Information - Additional Information (Details)	6 Months Ended
	Jun. 30, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	1

Segment, Geographic and Custo_4

Segment, Geographic and Customer Information - Schedule of Revenue by Country (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Revenue	$ 27,728	$ 79,418	$ 66,070	$ 149,671
Revenue from Contract with Customer Benchmark | Geographic Concentration Risk
Segment Reporting Information [Line Items]
Revenue	27,728	79,418	66,070	149,671
Taiwan | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk
Segment Reporting Information [Line Items]
Revenue	5,290	24,545	15,904	47,617
Hong Kong | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk
Segment Reporting Information [Line Items]
Revenue	6,538	17,345	12,846	31,878
United States | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk
Segment Reporting Information [Line Items]
Revenue	4,134	8,826	11,624	16,020
Singapore | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk
Segment Reporting Information [Line Items]
Revenue	3,666	5,973	7,448	11,129
Other | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk
Segment Reporting Information [Line Items]
Revenue	$ 8,100	$ 22,729	$ 18,248	$ 43,027

Segment, Geographic and Custo_5

Segment, Geographic and Customer Information - Schedule of Property and Equipment Attributable to Operations (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Property and equipment, net	$ 56,295	$ 58,772
United States
Segment Reporting Information [Line Items]
Property and equipment, net	24,275	24,211
Malaysia
Segment Reporting Information [Line Items]
Property and equipment, net	16,010	18,524
Taiwan
Segment Reporting Information [Line Items]
Property and equipment, net	5,760	5,570
Other
Segment Reporting Information [Line Items]
Property and equipment, net	$ 10,250	$ 10,467

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)	1 Months Ended		3 Months Ended
	Dec. 31, 2021	May 31, 2021	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Restricted Stock Units RSU
Related Party Transaction [Line Items]
Equity award, granted			60,333	368,363
MegaChips | Si Time Corporation
Related Party Transaction [Line Items]
Percentage of outstanding common stock held			21.20%		23%
Akira Takata
Related Party Transaction [Line Items]
Sales consulting services fee		$ 5,000
Agreement extension date	Dec. 31, 2022
Akira Takata | Restricted Stock Units RSU
Related Party Transaction [Line Items]
Equity award, granted	300	500
Equity award, vesting date	Nov. 20, 2022	Nov. 20, 2021