SiTime (SITM) 10-K 26 Feb 24 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2023	Feb. 15, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-39135
Entity Registrant Name	SiTime Corporation
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
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	SITM
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 2,031,068,019
Entity Common Stock Shares Outstanding		22,692,165
Documents Incorporated by Reference	Part III incorporates by reference certain information from the registrant’s definitive proxy statement for the 2024 Annual Meeting of Stockholders to be filed no later than 120 days after the conclusion of the registrant’s fiscal year ended December 31, 2023.
Entity Central Index Key	0001451809
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	243
Auditor Name	BDO USA, P.C.
Auditor Location	San Jose, California

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 9,468	$ 34,603
Short-term investments in held-to-maturity securities	518,733	529,494
Accounts receivable, net	21,861	41,229
Inventories	65,539	57,650
Prepaid expenses and other current assets	7,641	6,091
Total current assets	623,242	669,067
Property and equipment, net	54,685	58,772
Intangible assets, net	177,079	5,205
Right-of-use assets, net	8,262	10,848
Goodwill	87,098	0
Other assets	1,317	6,724
Total assets	951,683	750,616
Current liabilities:
Accounts payable	8,690	14,881
Accrued expenses and other current liabilities	112,704	18,913
Total current liabilities	121,394	33,794
Other non-current liabilities	122,237	8,342
Total liabilities	243,631	42,136
Commitments and contingencies (Note 6)
Stockholders’ equity:
Common stock, $0.0001 par value - 200,000 shares authorized; 22,692 and 21,702 shares issued and outstanding at December 31, 2023 and 2022	2	2
Additional paid-in capital	796,450	716,343
Accumulated deficit	(88,400)	(7,865)
Total stockholders’ equity	708,052	708,480
Total liabilities and stockholders’ equity	$ 951,683	$ 750,616

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	200,000,000	200,000,000
Common stock, shares, issued (in shares)	22,692,000	21,702,000
Common stock, shares, outstanding (in shares)	22,692,000	21,702,000

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenue	$ 143,993	$ 283,605	$ 218,808
Cost of revenue	61,905	100,643	79,346
Gross profit	82,088	182,962	139,462
Operating expenses:
Research and development	97,589	90,288	52,104
Selling, general and administrative	83,971	76,532	54,515
Acquisition related costs	7,728	0	0
Total operating expenses	189,288	166,820	106,619
Income (loss) from operations	(107,200)	16,142	32,843
Interest income	26,958	7,291	0
Other expense, net	(141)	(97)	(488)
Income (loss) before income taxes	(80,383)	23,336	32,355
Income tax expense	(152)	(82)	(78)
Net income (loss)	(80,535)	23,254	32,277
Net income (loss) attributable to common stockholders and comprehensive income (loss)	$ (80,535)	$ 23,254	$ 32,277
Net income (loss) per share attributable to common stockholders, basic (in dollars per share)	$ (3.63)	$ 1.09	$ 1.70
Net income (loss) per share attributable to common stockholders, diluted (in dollars per share)	$ (3.63)	$ 1.03	$ 1.53
Weighted-average shares used to compute basic net income (loss) per share (in shares)	22,188	21,245	19,006
Weighted-average shares used to compute diluted net income (loss) per share (in shares)	22,188	22,664	21,144

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Follow-on Public Offering	At-The-Market Offering	Common Stock	Common Stock Follow-on Public Offering	Common Stock At-The-Market Offering	Additional Paid-in Capital	Additional Paid-in Capital Follow-on Public Offering	Additional Paid-in Capital At-The-Market Offering	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2020				17,150
Beginning balance at Dec. 31, 2020	$ 109,880			$ 2			$ 173,274			$ (63,396)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	29,694						29,694
Net income (loss)	32,277									32,277
Issuance of common stock, net of underwriting discounts and commissions and other offering costs (in shares)					2,800
Issuance of common stock, net of underwriting discounts and commissions and other offering costs		$ 460,646						$ 460,646
Issuance of shares upon vesting of restricted stock units, net of tax withholdings (in shares)				875
Ending balance (in shares) at Dec. 31, 2021				20,825
Ending balance at Dec. 31, 2021	632,497			$ 2			663,614			(31,119)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	57,251						57,251
Net income (loss)	23,254									23,254
Issuance of common stock, net of underwriting discounts and commissions and other offering costs (in shares)					225
Issuance of common stock, net of underwriting discounts and commissions and other offering costs		$ 33,030						$ 33,030
Issuance of shares upon vesting of restricted stock units, net of tax withholdings (in shares)				652
Issuance of shares upon vesting of restricted stock units	$ (37,552)						(37,552)
Ending balance (in shares) at Dec. 31, 2022	21,702			21,702
Ending balance at Dec. 31, 2022	$ 708,480			$ 2			716,343			(7,865)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	76,638						76,638
Net income (loss)	(80,535)									(80,535)
Issuance of common stock, net of underwriting discounts and commissions and other offering costs (in shares)						400
Issuance of common stock, net of underwriting discounts and commissions and other offering costs			$ 44,815						$ 44,815
Issuance of shares upon vesting of restricted stock units, net of tax withholdings (in shares)				590
Issuance of shares upon vesting of restricted stock units	$ (41,346)						(41,346)
Ending balance (in shares) at Dec. 31, 2023	22,692			22,692
Ending balance at Dec. 31, 2023	$ 708,052			$ 2			$ 796,450			$ (88,400)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ (80,535)	$ 23,254	$ 32,277
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation and amortization expense	16,128	11,843	7,926
Stock-based compensation expense	76,753	57,415	29,992
Net change in unrealized interest on held to maturity securities	(3,829)	(5,055)	0
Change in fair value of sales based earnout liability	1,183	0	0
Change in fair value of acquisition consideration payable	710	0	0
Inventory write-down	1,997	2,972	1,817
Other, net	(23)	358	117
Changes in assets and liabilities:
Accounts receivable, net	19,368	(2,853)	(14,456)
Related party accounts receivable	0	0	736
Inventories	(9,886)	(36,992)	(13,096)
Prepaid expenses and other assets	(6,116)	(7,460)	(1,859)
Accounts payable	(5,706)	2,468	5,826
Accrued expenses and other liabilities	(1,988)	(6,198)	9,798
Net cash provided by operating activities	8,056	39,752	59,078
Cash flows from investing activities
Purchase of held to maturity securities	(1,046,407)	(673,370)	0
Proceeds from maturity of held to maturity securities	1,060,996	148,931	0
Acquisition of business	(39,000)	0	0
Purchase of property and equipment	(8,945)	(31,793)	(30,878)
Cash paid for intangibles	(3,304)	(3,856)	(2,910)
Net cash used in investing activities	(36,660)	(560,088)	(33,788)
Cash flows from financing activities
Tax withholding paid on behalf of employees for net share settlement	(41,346)	(37,552)	0
Proceeds from public offering	46,025	33,977	461,264
Payments for offering costs	(1,210)	(947)	(618)
Net cash provided by (used in) financing activities	3,469	(4,522)	460,646
Net increase (decrease) in cash and cash equivalents	(25,135)	(524,858)	485,936
Cash and cash equivalents
Beginning of period	34,603	559,461	73,525
End of period	9,468	34,603	559,461
Supplemental disclosure of cash flow information
Income taxes paid	199	58	24
Supplemental disclosure of noncash flow information
Unpaid property and equipment	866	747	1,437
Unpaid intangibles, net	0	606	3,178
Right-of-use assets acquired under operating leases	0	4,761	689
Settlement of pre-existing arrangement in connection with acquisition	9,974	0	0
Acquisition consideration payable at acquisition date	107,947	0	0
Fair value of sales based earnout liability	$ 102,278	$ 0	$ 0

The Company and Summary of Sign

The Company and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
The Company and Summary of Significant Accounting Policies	The Company and Summary of Significant Accounting Policies 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. Coronavirus Disease ("COVID-19") The COVID-19 pandemic impacted the Company's workforce and the operations of its customers and suppliers during 2022, however, the COVID-19 pandemic has not had a significant impact on the Company in 2023. Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). The consolidated financial statements include all adjustments necessary for a fair presentation of our annual results. The Company’s fiscal year begins on January 1 of the year stated and ends on December 31 of the same year. The Company reports its results on a calendar year basis. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The significant areas requiring the use of management estimates and assumptions include revenue recognition, fair value of assets acquired and liabilities assumed in business combinations, estimate of reserve for excess and obsolete inventories, and sales reserves. Actual results could differ materially from such estimates. Management believes that the estimates, and judgments upon which they rely, are reasonable based upon information available to them at the time that these estimates and judgments are made. Foreign Currency Remeasurement The Company and its wholly-owned subsidiaries use the U.S. dollar as their functional currency. Foreign currency assets and liabilities are remeasured into U.S. dollars at the end-of-period exchange rates except for non-monetary assets and liabilities, which are measured at historical exchange rates. Revenue and expenses denominated in non-U.S. dollars are remeasured using an average exchange rate in effect for the period. Gains or losses from foreign currency remeasurement and transactions are included in other expense, net. For the years ended December 31, 2023, 2022, and 2021, foreign currency remeasurement and transactions gains and losses resulting in a net charge of $0.1 million, $0.1 million, and $0.5 million, respectively. Cash and Cash Equivalents Cash and cash equivalents consist of cash balances in the Company’s bank checking and savings accounts and liquid short-term investments with original maturities of 90 days or less at the date of purchase, readily convertible to known amounts of cash. Fair Value Measurements The Company determines fair value measurements used in its consolidated financial statements based upon the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy distinguishes between (i) market participant assumptions developed based on market data obtained from independent sources (observable inputs), and (ii) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: Level 1: Valuations based on quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. Level 2: Valuations based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities. Level 3: Valuations based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Cash equivalents At December 31, 2023 and 2022, highly liquid money market funds of $0.4 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 December 31, 2023, the Company had purchased Treasury Bills with maturities ranging from 3 to 12 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 $518.7 million including gross accrued interest of $8.9 million. As of December 31, 2023, the fair value and gross unrealized gain on the held-to-maturity securities was $519.0 million and $0.3 million respectively. The carrying value of the Company's investments is reviewed quarterly for changes in circumstances or the occurrence of events that suggests an investment may not be fully recoverable. These Treasury Bills were valued using Level 1 of the fair value hierarchy, quoted prices in active markets for identical assets, and are included in short-term investments. As of December 31, 2022, the Company had purchased Treasury Bills with maturities ranging from 3 to 6 months, which the Company held until maturity and classified as held-to-maturity securities. The held-to-maturity securities were recorded at amortized cost totaling $529.5 million including gross accrued interest of $5.1 million. As of December 31, 2022, the fair value and gross unrealized loss on the held-to-maturity securities was $529.2 million and $0.3 million respectively. The carrying value of the Company's investments is reviewed quarterly for changes in circumstances or the occurrence of events that suggests an investment may not be fully recoverable. These Treasury Bills were valued using Level 1 of the fair value hierarchy, quoted prices in active markets for identical assets, and are included in short-term investments. Sales based earnout liability The estimated fair value of the sales based earnout liability is determined using a Monte Carlo simulation model using significant unobservable fair value inputs and is therefore classified as a Level 3 measurement. The assumptions used in the calculation are based on the revenue projections over the term of the contingent earn-out period, expected volatility, and discount rate. The estimates of fair value are uncertain and changes in any of the estimated inputs used as of the date of this report could have resulted in significant adjustments to the fair value. As of the date of acquisition, the Company used a volatility rate of 25%, risk-free rate ranging from 4.10% to 5.47%, and an expected term ranging from 0.04 years to 4.96 years. There were no material changes to the assumptions as of December 31, 2023. The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial liabilities: Amount Fair value as of January 1, 2023 $ — Initial fair value of sales based earnout liability 102,278 Change in the fair value during the year 1,183 Fair value as of December 31, 2023 $ 103,461 There were no transfers between Level 1, Level 2, and Level 3 categories during any of the periods presented. Accounts Receivable and Allowances for Credit Losses Trade accounts receivable are recorded at the invoiced amount, net of allowances for credit losses. An allowance for credit losses is recorded when it is probable that amounts will not be collected based on historical collection trends, age of outstanding receivables, specific customer circumstances, existing economic conditions and future forecasted information. The Company performs periodic credit evaluations of its customers’ financial condition and generally requires no collateral from its customers. Losses have not been significant in any of the periods presented. Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents, short-term investments and accounts receivable. Substantially all of the Company's cash and cash equivalents balances are in excess of Federal Deposit Insurance Corporation insurance limits with financial institutions. Investment policies have been implemented that limit purchases of marketable debt securities to investment-grade securities. The Company extends credit based on an evaluation of the customer’s financial condition and collateral is not typically required. The Company primarily sells its products through third-party distributors. Four distributors directly accounted for 10% or more of the Company’s revenue for the year ended December 31, 2023. Three distributors directly accounted for 10% or more of the Company’s revenue for the years ended December 31, 2022 and 2021. The following table discloses these customers’ percentage of revenue for the respective periods: Year Ended December 31, 2023 2022 2021 Customer Pernas Electronics Co. Ltd. 20% 20% 24% Arrow Electronics, Inc. 18% 17% 14% Quantek Technology Corporation 13% 12% 10% Sabre Technologies Pte. Ltd 10% 6% 4% Revenue from sales to one end customer through multiple distributors accounted for 21%, 20% and 22% of consolidated revenues for the years ended December 31, 2023, 2022, and 2021, respectively. No other distributors or end customers accounted for 10% or more of the Company's consolidated revenues for the years ended December 31, 2023, 2022, and 2021. At December 31, 2023 and 2022 these customers accounted for 10% or more of accounts receivable: As of December 31, 2023 2022 Customer Pernas Electronics Co. Ltd. 29% 24% Quantek Technology Corporation 18% 17% Sabre Technologies Pte. Ltd 16% 5% Arrow Electronics, Inc. 8% 15% Inventories Inventories are stated at the lower of standard cost (which approximates actual cost on a first-in, first-out basis) or net realizable value. The Company establishes provisions for excess and obsolete inventories to reduce such inventories to their estimated net realizable value based on management’s assessment of future demand and market conditions. Inventory reserve write-downs, once established, are not released until the related inventory has been sold or scrapped. Rebates from the Company’s foundries are recorded as a reduction of inventory cost and are recognized in cost of revenue over the inventory turnover days of the Company. Property and Equipment Property and equipment are recorded at cost, less accumulated depreciation. Depreciation of property and equipment is recognized on a straight-line basis over the estimated useful lives of the respective assets as follows: Lab and manufacturing equipment 3 to 7 years Computer equipment 3 years Furniture and fixtures 5 years Leasehold improvements Shorter of remaining lease term or estimated useful lives of the assets The Company capitalizes the costs of purchased mask sets that are utilized during the photolithography phase of manufacturing its products, when technological feasibility and marketability have been established. The capitalization occurs upon the completion of a detailed design, the absence of significant development uncertainties and the determination of market acceptance. Such amounts are included in property and equipment in the consolidated balance sheets and are amortized to cost of revenue over their estimated useful life of 5 to 7 years. However, if significant uncertainties exist regarding the future utility of a particular mask set, then its related costs are expensed to research and development at the time the significant uncertainties are identified. Maintenance and repair costs are charged to expense as incurred, and expenditures that extend the useful lives of assets are capitalized. Upon retirement or sale of the property and equipment, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is recorded in operating expenses. Intangible Assets Purchased intangible assets with finite lives are carried at cost, less accumulated amortization. Amortization is computed using the straight-line method over the estimated useful lives of the respective assets of 3 to 10 years. Acquisition-related in-process research and development represents the fair value of incomplete research and development projects that have not reached technological feasibility as of the date of acquisition. Initially, these assets are not subject to amortization. Assets related to projects that have been completed are transferred to developed technology, which are subject to amortization. Intangible assets also include the costs related to software internally developed, or modified solely to meet the Company’s internal requirements, with no substantive plans to market such software at the time of development. The Company develops proprietary design automation software for its MEMS-based resonators. Costs incurred during the preliminary planning and evaluation stage of the project and during post implementation operational stage are expensed as incurred. Costs incurred during the application development stage of the software are capitalized. The Company defines the configuration and coding process as the application development stage. Capitalized internal use software costs are amortized, on a straight-line basis under cost of revenue over the estimated useful life of 2 to 3 years. Leases The Company determines if an arrangement is a lease at inception. Lease classification is evaluated at commencement and, as necessary, at modification. Operating lease related balances are included in right-of-use (“ROU”), assets, accrued expenses and other current liabilities, and other non-current liabilities in the Company’s consolidated balance sheets. The Company currently does not have any finance leases. Operating lease right-of-use assets represent the Company's right to use an underlying asset for the lease term and operating lease liabilities represent the present value of the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value of the future lease payments is the incremental borrowing rate of the Company, because the interest rates implicit in most of its leases are not readily determinable. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located. Operating lease right-of-use assets also include adjustments related to lease incentives, prepaid or accrued rent and initial direct lease costs. Operating lease right-of-use assets are subject to evaluation for impairment or disposal on a basis consistent with other long-lived assets. Lease terms may include periods under options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company generally uses the base, non-cancelable lease term when determining the lease right-of-use assets and lease liabilities. Operating lease cost is recognized on a straight-line basis over the lease term. The Company has elected the practical expedient within ASC Topic 842 to account for lease and non-lease components as a single lease component. Additionally, the Company has elected the short-term lease exception for all classes of assets and does not recognize right-of-use assets and lease liabilities for leases with a term of 12 months or less and recognizes lease payments for short-term leases as expense either straight-line over the lease term or as incurred depending on whether the lease payments are fixed or variable. These elections are applied consistently for all leases. Payments under the Company's lease arrangements are primarily fixed, however, certain lease agreements contain variable payments, which are expensed as incurred and not included in the operating lease right-of-use assets and liabilities. Variable lease payments are primarily comprised of common area maintenance charges and utility costs. Business Combinations The Company applies the provisions of ASC 805, Business Combinations (ASC 805), in accounting for acquisitions. ASC 805 requires that the Company evaluates whether a transaction pertains to an acquisition of assets, or to an acquisition of a business. A business is defined as an integrated set of assets and activities that is capable of being conducted and managed for the purpose of providing a return to investors. Asset acquisitions are accounted for by allocating the cost of the acquisition to the individual assets and liabilities assumed on a relative fair value basis; whereas the acquisition of a business requires the Company to recognize separately from goodwill the assets acquired and the liabilities assumed at the acquisition date fair values. Goodwill as of the business acquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. The Company also evaluates all contingent consideration arrangements to determine if the arrangements are compensatory in nature. No liability is recognized at the acquisition date for arrangements concluded to be compensatory. While the Company uses its best estimates and assumptions to accurately value assets acquired and liabilities assumed at the business acquisition date as well as any contingent consideration, where applicable, the estimates are inherently uncertain and subject to refinement. Estimates and assumptions relevant to the determination of the fair value of the assets acquired and liabilities assumed include, but are not limited to, revenue projections, discount rates, and other assumptions. The approach to estimating an initial contingent consideration associated with the purchase price also uses similar unobservable factors such as revenue projections over the term of the contingent earn-out period, discounted for the period over which the initial contingent consideration is measured and expected volatility. Based upon these assumptions, the initial contingent consideration is then valued using a Monte Carlo simulation. As a result, during the measurement period, which may be up to one year from the business acquisition date, the Company may record certain adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of a business acquisition’s measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the consolidated statements of operations. In the event an acquisition involves an entity with which the Company has a preexisting relationship, the Company will recognize a gain or loss, if any, to settle that relationship as of the acquisition date within the consolidated statement of operations and comprehensive loss . All acquisition-related costs are accounted for as expenses in the period in which they are incurred. Changes in the fair value of contingent consideration arrangements that are not measurement period adjustments are recognized in earnings. Impairment of Goodwill, Intangible Assets, and Other Long-Lived Assets Goodwill is evaluated for impairment on an annual basis in the fourth quarter of the Company's fiscal year, and whenever events or changes in circumstances indicate the carrying amount of goodwill may not be recoverable. The Company has elected to first assess qualitative factors to determine whether it is more likely than not that the fair value of its single reporting unit is less than its carrying amount, including goodwill. If the Company determines that it is more likely than not that the fair value is less than its carrying amount, then the quantitative impairment test will be performed. Under the quantitative impairment test, if the carrying amount exceeds its fair value, the Company will recognize an impairment loss in an amount equal to that excess but limited to the total amount of goodwill. The Company evaluates events and changes in circumstances that could indicate carrying amounts of purchased intangible assets and other long-lived assets may not be recoverable. When such events or changes in circumstances occur, it assesses the recoverability of these assets or asset groups by determining whether or not the carrying amount will be recovered through undiscounted expected future cash flows. If the total of the future undiscounted cash flows is less than the carrying amount of an asset or asset group, the Company records an impairment loss for the amount by which the carrying amount exceeds the fair value of the asset or asset group. The Company did not recognize any impairment losses on its goodwill, intangible assets, or other long-lived assets during the years ended December 31, 2023, 2022, and 2021. Warranty The Company provides limited lifetime warranty coverage on all of its products by guaranteeing that all timing components from the Company will be free from defects in workmanship and materials and will conform to specifications for the life of the system. This assurance-type warranty is not considered a separate performance obligation, and thus no transaction price is allocated to it. The Company records the warranty costs in cost of revenue in the consolidated statements of operations and comprehensive income (loss). The warranty reserve is calculated using historical claim information to project future warranty claims activity and is recorded within accrued expenses and other current liabilities and other non-current liabilities on the consolidated balance sheets based on the expected timing of the related payments. To date, the Company has had negligible returns of any defective products, and hence the warranty reserve balances as of December 31, 2023 and 2022 were less than $0.3 million. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amounts in the consolidated financial statements of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards, using enacted tax rates in effect for the year in which the differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. A valuation allowance is provided in order to reduce the deferred tax assets to a level which, more likely than not, will be realized. While the Company believes it has adequately reserved for its uncertain tax positions, no assurance can be given that the final tax outcome of these matters will not be different. The Company adjusts these reserves in light of changing facts and circumstances, such as the closing of a tax audit. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will impact the provision for income taxes and the effective tax rate in the period in which such determination is made. The Company recognizes tax positions in the consolidated financial statements only when it is more likely than not that the position will be sustained upon examination by the relevant taxing authority. Liabilities are established for differences between positions taken in a tax return and amounts recognized in the consolidated financial statements. The Company reports interest and penalties related to uncertain tax positions, if any, in the provision for income taxes in the consolidated statements of operations and comprehensive income (loss). To the extent that accrued interest and penalties do not ultimately become payable, amounts accrued will be reduced and reflected as a reduction of the overall provision for income taxes in the period that such determination is made. Revenue Recognition The Company derives revenue from its product sales primarily to distributors, who in turn sell to original equipment manufacturers or other end customers. The Company recognizes product revenue, at a point in time, upon shipment when it satisfies its performance obligations as evidenced by the transfer of control of its products to customers. The Company measures revenue based on the amount of consideration it expects to be entitled to in exchange for products. Variable consideration is estimated and reflected as an adjustment to the transaction price. Depending on the terms of the contract, variable consideration is estimated using either the expected value approach or the most likely value approach. The Company determines variable consideration, which consists primarily of price adjustments and product returns by estimating the amount of consideration the Company expects to receive from its customers based on historical experience of price adjustments and product returns. Changes to the Company’s estimated variable consideration were not material for the periods presented. Since the Company’s performance obligations relate to contracts with a duration of less than one year, it does not disclose the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period. The Company’s payment terms vary by contract type and type of customer and generally range from 30 to 60 days from shipment. The Company has also elected to recognize the cost for freight and shipping when control over the products sold passes to customers and revenue is recognized. As a practical expedient, the Company records the incremental costs of obtaining a contract, consisting primarily of sales commissions, when incurred because the amortization period is one year or less. These costs are recorded within selling, general, and administrative expenses. The Company had a distribution agreement with MegaChips, whereby the Company appointed MegaChips as the exclusive distributor of its products in Japan. The Company recognized revenue upon shipment derived from sales of products through MegaChips in the amount of expected payments from parties which purchased the products as adjusted for estimated price concessions and product returns. In connection with the Company's efforts to contract directly with distributors in Japan, the Company and MegaChips mutually terminated the Distribution Agreement effective November 3, 2021. Cost of Revenue Cost of revenue consists of wafers acquired from third-party foundries, assembly, packaging, and test cost of the Company’s products paid to third-party contract manufacturers, and personnel and other costs associated with the manufacturing operations of the Company. Cost of revenue also includes depreciation of production equipment, inventory write-downs, amortization of internally developed software, shipping and handling costs, and allocation of overhead and facility costs. The Company also includes credits for rebates received from foundries in cost of revenue. Research and Development Expenses Research and development costs consist primarily of personnel cost, material cost, and facilities related expenses, incurred in the course of planned research and development of new products. Research and development costs are expensed as incurred. Non-recurring engineering services The Company has certain contracts to provide non-recurring engineering (NRE) services for research and development arrangements through 2024, which do not meet the requirement to be accounted for under ASC 606, Revenue from Contracts with Customers. The Company recognizes the payments received under these NRE arrangements as liabilities and recognizes them as an offset to research and development expense as the Company achieves the milestones of the contract. As the progress towards completion occurs, the Company uses an input method based on the ratio of costs incurred to date to total estimated costs of the project. 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 $1.0 million was recorded as accrued expenses and other current liabilities, in the consolidated balance sheet as of December 31, 2023. A liability of $2.7 million and $0.2 million was recorded as accrued expenses and other current liabilities, and other non-current liabilities, respectively, in the consolidated balance sheet as of December 31, 2022. For the years ended December 31, 2023, 2022 and 2021, the Company recorded $3.9 million, $9.0 million and $2.4 million, respectively as a reduction of research and development expenses in the consolidated statements of operations. Selling, General and Administrative Expenses Selling, general and administrative expenses primarily consist of personnel costs, field application engineering support, travel costs, professional and consulting fees, accounting and audit fees, legal, advertising expenses, and allocated overhead costs. Selling, general and administrative costs are expensed as incurred. Advertising expenses were $1.6 million, $2.3 million and $1.5 million, for the years ended December 31, 2023, 2022, and 2021, respectively. Stock-Based Compensation The Company grants restricted stock unit awards (“RSUs”) of its own common stock. Compensation expense related to share-based transactions is measured at fair value on the grant date. The Company recognizes share-based compensation expense for awards with only service conditions on a straight-line basis over the requisite service period. Stock-based compensation expense for performance-based restricted stock unit awards ("PRSU") is recognized when it becomes probable that the performance conditions will be met. The Company amortizes stock-based compensation expense for PRSUs using the graded-vesting method over the requisite performance period. The Company recognizes the expense related to the multi-year performance based restricted stock unit awards ("MYPSU") on a graded-vesting method over the requisite service period. The Company recognizes forfeitures as they occur. Net Income (Loss) Per Share Attributable to Common Stockholders Basic net income (loss) per share attributable to common stockholders is calculated by dividing the net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities. Diluted net income (loss) per share is computed by dividing the net income (loss) attributable to common stockholders by the weighted-average number of shares of common stock and potentially dilutive securities outstanding for the period. Refer to "Note 3 - Net Income (Loss) Per Share" for further discussion regarding potentially dilutive and anti-dilutive securities. Comprehensive Income (Loss) The Company has no components of other comprehensive income loss. Therefore, net income (loss) equals comprehensive income (loss) for all periods presented. Recent Accounting Pronouncements There are currently no new accounting pronouncements with a future effective date that are considered material, or could be material, to us.

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions On October 30, 2023, the Company entered into an agreement with Aura to acquire certain assets and an exclusive license to certain intellectual property ("IP") relating to Aura's timing business and clock products, and an assembled workforce. The agreement with Aura contains certain covenants and restrictions, including certain geographic restrictions providing that for five years following December 1, 2023 the Company is prohibited from selling products containing certain IP to entities with group headquarters of the design win customer located in the People's Republic of China, the Hong Kong Special Administrative Region, or the Macau Special Administrative Region and Aura is prohibited from selling products containing certain IP to entities with group headquarters of the design win customer located outside the People's Republic of China, the Hong Kong Special Administrative Region, or the Macau Special Administrative Region. The transaction closed and had an effective date of December 1, 2023. The acquisition qualified as a business combination in accordance with ASC 805, Business Combinations and, accordingly, total consideration was first allocated to the fair value of assets acquired as of the date of acquisition, with the excess being recorded as goodwill. The acquisition date fair value of the purchase consideration was $259.2 million, which was comprised of the following: Estimated Fair Value (in thousands) Fixed consideration $ 139,946 Fair value of sales based earnout liability 102,278 Settlement of pre-existing arrangement 16,974 Total purchase consideration $ 259,198 Total fixed consideration of $148.0 million, recorded at fair value of $139.9 million, includes payments for deliverables on the closing date of $36.0 million and acquisition consideration payable of $103.9 million for future deliveries of related assets. The acquisition consideration payable has been recorded within accrued expenses and other current liabilities and other non-current liabilities on the consolidated balance sheet. The accretion of the acquisition consideration payable for the passage of time was recorded within acquisition related costs on the consolidated statement of operations and comprehensive loss. Contingent consideration includes earnout payments paid based on various multiples of future revenues to be generated from the acquired IP from 2023 through 2028. The range of the undiscounted amounts that the Company could pay under the contingent consideration agreement is between zero and $120.0 million. The estimated fair value of the sales based earnout liability of $102.3 million is determined using the Monte Carlo simulation mode using significant unobservable fair value inputs and is therefore classified as a Level 3 financial instrument. The Company had a royalty and supply agreement with Aura for $18.0 million prior to the acquisition. As part of the acquisition, the Company acquired the license rights to the IP associated with this royalty and supply agreement and settled this pre-existing contract. The pre-existing arrangement was determined to be carried at fair value as at December 1, 2023, for an amount of $17.0 million, which was included in the purchase consideration of the Aura acquisition. Of the total amount recorded, $10.0 million has been paid prior to the acquisition date. The fair value of the effective settlement of the pre-existing arrangement was concluded to be at market using a build vs buy approach. The preliminary purchase consideration allocation to the assets acquired based on their respective estimated fair values as of the date of acquisition is as follows: Estimated Fair Value (Preliminary) Estimated Useful Life Financial Statement Line Item (in thousands) (in years) Developed Technology $ 96,700 5 to 8 years Intangible assets, net In-process research and development 69,500 Indefinite Intangible assets, net Goodwill 87,098 Indefinite Goodwill Assumed customer agreements 5,900 4 years Intangible assets, net Total assets acquired $ 259,198 The fair value of developed technology and in-process research and development was estimated under the Multi-Period Excess Earnings Method and the fair value of the assumed customer agreements was estimated under the Discounted Cash Flow method. The fair value estimates for intangible assets include significant assumptions in the prospective financial information which include, but are not limited to, the revenue projections, and the discount rates. The Company used a discount rate ranging from 20.0% to 22.0%. Goodwill is primarily attributed to the assembled workforce and expected synergies from acquiring the underlying IP. Goodwill from this business combination is deductible for income tax purposes. In addition to the assets acquired, the Company also entered into a support services agreement with Aura for a period of five years, with $0.4 million payable each year. Costs for the support services will be recognized in cost of sales and research and development expenses in the periods in which services are received. Company will recognize the cost of these services ratably over the five-year service period. The Company concluded that the agreement was entered at market terms using a cost buildup approach. Total acquisition-related costs incurred in connection with the business combination were $5.8 million and change in the fair value of acquisition related payables and sales based earnout liability was $1.9 million. All these costs are included in acquisition related costs in the consolidated statement of operations and comprehensive loss. Since the date of acquisition, the net impact of the Aura acquisition on the consolidated statement of operations and comprehensive income was revenue and operating loss of $0.1 million and $2.2 million, respectively, for the year ended December 31, 2023. Following are the supplemental consolidated financial results of the Company on an unaudited pro forma basis, as if the acquisition had been consummated on January 1, 2022: For the year ended Unaudited proforma information December 31, 2023 December 31, 2022 (in thousands) Revenue $ 146,343 $ 286,105 Net income (loss) $ (91,581) $ (451) The supplemental pro forma information presents the combined results of operations for the years ended December 31, 2023 and 2022, as if the acquisition was completed on January 1, 2022, the first day of the fiscal year of 2022. The supplemental pro forma financial information presented above is not necessarily indicative of the financial position or results of operations that would have been realized if the acquisition had been completed on the date indicated. The supplemental pro forma financial information does not reflect synergies that might have been achieved, nor is it indicative of future operating results or financial position. The proforma financial information includes a $5.8 million nonrecurring adjustment related to third party transaction costs.

Net Income (Loss) Per Share

Net Income (Loss) Per Share	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Net Income (Loss) Per Share	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: Year Ended December 31, 2023 2022 2021 (in thousands, except per share data) Net income (loss) attributable to common stockholders $ (80,535) $ 23,254 $ 32,277 Weighted-average shares outstanding Weighted average shares used to compute basic net income per share 22,188 21,245 19,006 Dilutive effect of employee equity incentive plans — 1,419 2,138 Weighted average shares used to compute diluted net income (loss) per share 22,188 22,664 21,144 Net income (loss) attributable to common stockholders per share, basic $ (3.63) $ 1.09 $ 1.70 Net income (loss) attributable to common stockholders per share, diluted $ (3.63) $ 1.03 $ 1.53 Potential dilutive securities include dilutive common shares from share-based awards attributable to the assumed exercise of vested 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 year ended December 31, 2023, 2022, and 2021 the Company had 1,078,089, 309,963, and 3,955 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 year ended December 31, 2023 due to the net losses reported in this period.

Balance Sheets Components

Balance Sheets Components	12 Months Ended
	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Balance Sheets Components	Balance Sheets Components Accounts Receivable, net Accounts receivable, net consisted of the following: As of December 31, 2023 December 31, 2022 December 31, 2021 (in thousands) Accounts receivable, gross $ 21,911 $ 41,279 $ 38,426 Allowance for credit losses (50) (50) (50) Accounts receivable, net $ 21,861 $ 41,229 $ 38,376 Inventory Inventory consisted of the following: As of December 31, 2023 December 31, 2022 (in thousands) Raw materials $ 17,550 $ 17,518 Work in progress 35,193 33,687 Finished goods 12,796 6,445 Total inventories $ 65,539 $ 57,650 Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following: As of December 31, 2023 December 31, 2022 (in thousands) Prepaid expenses $ 3,563 $ 3,118 Other current assets 4,078 2,973 Total prepaid expenses and other current assets $ 7,641 $ 6,091 Property and Equipment, Net Property and equipment, net consisted of the following: As of December 31, 2023 December 31, 2022 (in thousands) Lab and manufacturing equipment $ 80,772 $ 73,220 Computer equipment 3,541 3,170 Furniture and fixtures 969 509 Construction in progress 5,978 5,967 Leasehold improvements 7,847 7,129 99,107 89,995 Accumulated depreciation (44,422) (31,223) Total property and equipment, net $ 54,685 $ 58,772 Depreciation expense related to property and equipment was $13.3 million, $10.1 million, and $5.7 million for the years ended December 31, 2023, 2022, and 2021, respectively. Intangible Assets, Net Intangible assets, net consisted of the following: As of December 31, 2023 December 31, 2022 (in thousands) Gross Assets Accumulated Net Assets Gross Assets Accumulated Net Assets Developed technology $ 96,700 $ (159) $ 96,541 $ — $ — $ — Contract based royalty asset 5,900 (121) 5,779 — — — Internal use software 9,434 (9,234) 200 9,434 (8,833) 601 Purchased software 15,110 (10,051) 5,059 12,583 (7,979) 4,604 Total amortizable intangible assets $ 127,144 $ (19,565) $ 107,579 $ 22,017 $ (16,812) $ 5,205 In-process research and development 69,500 — 69,500 — — — Total intangible assets $ 196,644 $ (19,565) $ 177,079 $ 22,017 $ (16,812) $ 5,205 Amortization expense for intangible assets was $2.9 million, $1.7 million, and $2.2 million, for the years ended December 31, 2023, 2022, and 2021, respectively. The estimated aggregate future amortization expense for intangible assets and subject to amortization as of December 31, 2023 is summarized as below: (in thousands) 2024 $ 14,815 2025 15,293 2026 14,950 2027 14,605 2028 12,919 2029 and beyond 34,997 $ 107,579 Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: As of December 31, 2023 December 31, 2022 (in thousands) Accrued payroll and related benefits $ 6,358 $ 6,109 Revenue reserves 2,954 1,840 Sales based earnout liability, current 19,733 — Acquisition consideration payable, current 75,695 — Deferred non-recurring engineering services 978 2,689 Short term lease liability 2,601 2,485 Accrued customer rebates 238 234 Other accrued expenses 4,147 5,556 Total accrued expenses and other current liabilities $ 112,704 $ 18,913 As of December 31, 2021 and through June 30, 2022, the Company had recorded $2.7 million of accrued customer rebates as contra revenue under a customer agreement. In July 2022, the customer waived the right to the rebate and the Company recorded the $2.7 million of accrued customer rebate as revenue. Other Non-current Liabilities Other non-current liabilities consisted of the following: As of December 31, 2023 December 31, 2022 (in thousands) (in thousands) Sales based earnout liability, non-current $ 83,728 $ — Acquisition consideration payable, non-current 33,086 — Long term lease liability 5,423 8,149 Other long term liabilities — 193 Total other non-current liabilities $ 122,237 $ 8,342

Leases

Leases	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Leases	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. 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 agreement provides for an option to renew for an additional 5 years and for monthly rent payments through the term of the lease. During the year ended December 31, 2023, the Company did not commence any new operating leases. 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 consolidated balance sheets as of December 31, 2023 and 2022: As of December 31, 2023 December 31, 2022 (in thousands) Right-of-use assets $ 8,262 $ 10,848 L ease liabilities included in accrued expenses and other current liabilities 2,601 2,485 Lease liabilities included in other non-current liabilities 5,423 8,149 Total operating lease liabilities $ 8,024 $ 10,634 Weighted-average remaining lease term (years) 3.1 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 years ended December 31, 2023, 2022, and 2021: Year Ended December 31, 2023 2022 2021 (in thousands) Operating lease cost $ 3,024 $ 2,759 $ 1,761 Short-term lease cost 758 1,389 579 Variable lease cost 1,022 911 599 Total lease cost $ 4,804 $ 5,059 $ 2,939 Cash paid for operating lease liabilities was $3.1 million, $2.5 million, and $1.7 million for the years ended December 31, 2023, 2022, and 2021 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 consolidated balance sheet as of December 31, 2023: (in thousands) 2024 $ 3,050 2025 2,711 2026 2,186 2027 492 2028 134 2029 and beyond 45 Total minimum lease payments 8,618 Less: amount of lease payments representing interest (594) Present value of future minimum lease payments 8,024 Less: current obligations under leases (2,601) Long-term lease liabilities $ 5,423

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Purchase Commitments The Company purchases components from a variety of suppliers and uses several contract manufacturers to provide manufacturing services for its products. During the normal course of business, in order to manage manufacturing lead times and to help ensure adequate component supply, the Company enters into agreements with the Company’s contract manufacturers and suppliers that allow them to procure inventory based upon criteria as defined by the Company. In addition, the Company has a multi-year agreement to purchase minimum quantities of MEMS wafers and is responsible for research and development, tooling, and samples cost under the agreement. A portion of the Company’s reported purchase commitments arising from these agreements consists of firm, non-cancelable purchase commitments. In certain instances, these agreements allow the Company the option to cancel, reschedule, and adjust the Company’s requirements based on its business needs prior to when production starts. However, in situations where the Company is unable to cancel, reschedule, or adjust the purchase commitment due to changing customer demand, excess inventories could result in material inventory provisions. Total future non-cancelable purchase commitments as of December 31, 2023 were as follows: (in thousands) 2024 $ 11,579 2025 8,317 2026 7,863 2027 1,419 2028 525 2029 and beyond — Total $ 29,703 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. 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.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity The Company’s certificate of incorporation, as amended and currently in effect, authorizes the Company to issue 200,000,000 shares of common stock and 10,000,000 shares of preferred stock, par value $0.0001 per share. Each share of common stock is entitled to one vote. The holders of common stock are also entitled to receive dividends whenever funds are legally available and when and if declared by the board of directors, subject to the prior rights of holders of all classes of preferred stock outstanding. The Company has never declared any dividends. As of December 31, 2023 and 2022, there were no shares of preferred stock outstanding. Follow-on Public Offerings 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, resulting in net proceeds to the Company of $181.6 million after deducting underwriting discounts and commissions of $8.6 million and offering costs of $0.3 million. On November 10, 2021 the Company completed a follow-on public offering, in which it issued and sold 1,300,000 shares of its common stock, resulting in net proceeds to the Company of $279.0 million after deducting underwriting discounts and commissions of $13.2 million and offering costs of $0.3 million. 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 used the net proceeds from the shares of common stock offered and sold to replenish funds expended to satisfy 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 year ended December 31, 2023, the Company sold 400,000 shares of its common stock to Stifel under the Sales Agreement at a weighted average price of $115.06 per share resulting in net proceeds to the Company of $44.8 million, after deducting underwriting discounts and commissions of $0.9 million and offering costs of $0.3 million. During the year ended December 31, 2022, the Company sold 225,334 shares of its common stock to Stifel under the Sales Agreement at a weighted average price of $150.78 per share resulting in net proceeds to the Company of $33.0 million, after deducting underwriting discounts and commissions of $0.7 million and offering costs of $0.2 million.

Stock-based Compensation

Stock-based Compensation	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-based Compensation	Stock-based Compensation SiTime Corporation 2019 Stock Incentive Plan Upon completion of its IPO in November 2019, the Company adopted the SiTime Corporation 2019 Stock Incentive Plan (the “2019 Plan”). The 2019 Plan provides for the grant of incentive stock options, non-statutory stock options, restricted stock awards, restricted stock unit awards, stock appreciation rights, performance stock awards, and other forms of equity compensation (collectively, “stock awards”), and cash awards, all of which may be granted to employees (including officers), directors, and consultants or affiliates. Awards granted under the 2019 Plan vest at the rate specified by the plan administrator, for restricted stock unit awards primarily within the quarter up to five years. As of December 31, 2023, 1.3 million shares were available for future issuance. SiTime Corporation 2022 Inducement Award Plan In February 2022, the Company adopted the SiTime Corporation 2022 Inducement Award Plan (the "2022 Plan"), which initially reserved 250,000 shares of the Company's common stock. The 2022 Plan provides for the grant of incentive stock options, non-statutory stock options, restricted stock awards, restricted stock unit awards, stock appreciation rights, and other forms of equity compensation and cash awards, all of which may be granted to employees (including officers). Awards granted under the 2022 Plan vest at the rate specified by the plan administrator, for restricted stock unit awards primarily over one Bonus and Retention Plans 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 each of January and July 2021, the Compensation Committee approved target bonus amounts and performance goals for the first half and second half, respectively, of the fiscal year 2021 (the “2021 Goals”). In January and August 2022, the Compensation Committee approved target bonus amounts and performance goals for the first half and second half, respectively, of the fiscal year 2022 (the “2022 Goals”). In January 2023, the Compensation Committee approved target bonus amounts and performance goals for the fiscal year 2023 (the “2023 Goals”). The 2021 Goals, 2022 Goals, and 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 consolidated cash flow statements. The liability of $1.0 million for the 2023 Goals was recorded as accrued expenses and other current liabilities in the consolidated balance sheet as of December 31, 2023. Actual payouts ranged from 76% to 150% of target for the 2021 Goals, ranged from 44% to 130% of target for the 2022 Goals, and ranged from 0% to 45% of target for the 2023 Goals, in each case based on performance. In April 2022, the Company adopted 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 table below. Such expense is included in the non-cash adjustment within stock-based compensation expense on the consolidated cash flow statements and was $2.8 million for the year ended December 31, 2023. The liability of $0.8 million was recorded as accrued expenses and other current liabilities in the consolidated balance sheet as of December 31, 2023. In December 2021, the Compensation Committee of the Company approved performance based restricted stock unit awards ("PRSU") 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 a 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. To date, no MYPSUs have vested. In the year ended December 31, 2020, the Company granted CRSUs as part of an employee bonus plan. The Company ended this 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. 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 a 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 below. The following table summarizes the RSU, PRSU, and MYPSU awards activity for the year ended December 31, 2023: RSU PRSU MYPSU Number of Grant Date Number of Grant Date Number of Grant Date Unvested at December 31, 2022 1,717,994 $ 73.6 58,954 261.4 311,872 $ 88.6 Granted 570,202 120.1 122,466 145.5 — — Vested (952,564) 58.4 — — — — Forfeited (97,215) 154.4 (72,798) 239.4 (25,992) 88.6 Unvested at December 31, 2023 1,238,417 $ 103.8 108,622 $ 145.5 285,880 $ 88.6 The difference between the number of RSUs vested and the shares of common stock issued during the year ended December 31, 2023 and 2022 is the result of RSUs withheld in satisfaction of minimum tax withholding obligations associated with the vesting. The weighted-average grant date fair value for RSUs granted for the years ended December 31, 2023, 2022, and 2021 was $120.1, $188.3, and $128.6 per share, respectively. The weighted-average grant date fair value for PRSUs granted for the years ended December 31, 2023 and 2021 was $145.5 and $261.4 per share, respectively. The weighted-average grant date fair value for MYPSUs granted for the year ended December 31, 2022 was $88.6 per share. No PRSUs were granted for the year ended December 31, 2022. No MYPSUs were granted for the years ended December 31, 2023 and 2021. The total grant date fair value, as of the vesting date, of awards vested during the years ended December 31, 2023, 2022, and 2021 were $55.6 million, $40.8 million, and $24.4 million, respectively. Total stock-based compensation expense for employees recognized in the consolidated statements of operations and comprehensive income (loss) was as follows: Year Ended December 31, 2023 2022 2021 (in thousands) Equity based awards Cost of revenue $ 2,765 $ 1,861 $ 1,654 Research and development 30,893 23,024 11,087 Selling, general and administrative 39,111 28,177 14,422 $ 72,769 $ 53,062 $ 27,163 Liability based awards - to be settled in equity Cost of revenue $ 75 $ 121 $ 114 Research and development 2,017 2,214 492 Selling, general and administrative 1,892 2,018 2,223 $ 3,984 $ 4,353 $ 2,829 Total stock-based compensation - equity and liability based $ 76,753 $ 57,415 $ 29,992 Liability-based awards - cash settled Cost of revenue $ — $ — $ 102 Research and development — — 143 Selling, general and administrative — — 108 $ — $ — $ 353 Total stock-based compensation expense $ 76,753 $ 57,415 $ 30,345 Stock-based compensation expense recorded to additional paid-in capital Equity based awards $ 72,769 $ 53,062 $ 27,163 Liability based awards - settled in equity 3,869 4,189 2,531 Total stock-based compensation expense recorded to additional paid-in capital $ 76,638 $ 57,251 $ 29,694 The following table presents the unrecognized compensation costs and related weighted average period of recognition as of December 31, 2023: As of Unrecognized Compensation Weighted Average Period of RSUs $ 103,995 1.8 PRSUs 6,341 1.4 MYPSUs 8,982 1.3 Liability-based awards 900 0.1 Total unrecognized compensation costs $ 120,218

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The components of income (loss) before income taxes were as follows: Years Ended December 31, 2023 2022 2021 (in thousands) United States $ (81,208) $ 22,208 $ 32,379 Foreign 825 1,128 (24) $ (80,383) $ 23,336 $ 32,355 The components of income tax expense were as follows: Years Ended December 31, 2023 2022 2021 (in thousands) Current Provision: Federal $ — $ — $ (11) State (1) (1) (1) Foreign (151) (81) (66) Total current provision (152) (82) (78) Total deferred provision — — — Total income tax provision $ (152) $ (82) $ (78) The material components of the deferred tax assets and liabilities consisted of net operating loss carry-forwards, Section 174 costs and tax credit carry-forwards. Years Ended December 31, 2023 2022 2021 (in thousands) Deferred tax assets (liabilities): Deferred tax assets: Accrual, write-down and other $ 9,169 $ 5,433 $ 5,442 Acquired assets 1,650 — - Capitalized research and development 37,706 23,513 - Credits 5,657 5,657 - Net operating loss and credits carry forwards 54,212 49,647 64,690 Gross deferred tax assets $ 108,394 $ 84,250 $ 70,132 Deferred tax liabilities: Depreciation and amortization (2,622) (1,576) (818) Gross deferred tax liabilities $ (2,622) $ (1,576) $ (818) Total gross deferred tax assets (liabilities) 105,772 82,674 69,314 Valuation allowance (105,772) (82,674) (69,314) Total net deferred tax assets $ — $ — $ — The net valuation allowance increased by $23.1 million and $13.4 million for the year ended December 31, 2023 and 2022 respectively. A reconciliation of the Company’s effective tax rate to the statutory U.S. federal rate is as follows: Years Ended December 31, 2023 2022 2021 US Federal Rate 21.0 % 21.0 % 21.0 % RSU excess tax expense (benefit) 12.9 (88.6) (79.0) Permanent differences and others (7.0) 10.9 15.7 Change in valuation allowance (27.1) 57.0 42.3 (0.2) % 0.3 % 0.0 % The reported amount of income tax expense differs from an expected amount based on statutory rates primarily due to the Company’s valuation allowance. As of December 31, 2023 and 2022, based on the available objective evidence, management believes it is more likely than not that the net deferred tax assets will not be realized. Accordingly, management has applied a full valuation allowance against its net deferred tax assets at December 31, 2023 and 2022. At December 31, 2023 and 2022, the Company has federal net operating loss carry-forwards of approximately $230.2 million and $213.3 million, respectively, and state net operating loss carry-forwards of approximately $83.7 million and $65.3 million, respectively. At December 31, 2023 and 2022, the Company has net operating loss carryforwards for foreign income tax purposes of approximately $1.7 million and $1.7 million, respectively. These federal, state, and foreign net operating loss carry-forwards will expire beginning in 2028. At December 31, 2023 and 2022, the Company also has federal research and development tax credit carry-forwards of approximately $3.9 million and $3.9 million, respectively, and state research and development tax credit carry-forwards of approximately $3.6 million and $3.6 million, respectively. The federal tax credits begin to expire in 2025, and the California tax credits carry forward indefinitely. Utilization of the net operating loss carry-forwards and credits may be subject to a substantial annual limitation due to the ownership change limitations provided by the Internal Revenue Code of 1986, as amended (“the Code”), and similar state provisions. The annual limitation may result in the expiration of net operating losses and credits before utilization. As of December 31, 2023 and 2022, the Company had $2.3 million and $2.3 million of total unrecognized tax benefits. The Company currently has a full valuation allowance against its net deferred tax assets which would impact the timing of the effective tax rate benefit should any of these uncertain tax positions be favorably settled in the future. 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 full valuation allowance of 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. During the years ended December 31, 2023 and 2022, the Company had immaterial amounts related to the accrual of interest and penalties. A reconciliation of the beginning and ending unrecognized tax benefit amount is as follows: December 31, 2023 2022 (in thousands) Beginning balance $ 2,302 $ 2,431 Increase (decrease) in balance related to tax position taken during prior periods — — Increase (decrease) in balance related to tax position taken during the current period (31) (129) Ending balance $ 2,271 $ 2,302 These amounts are related to certain deferred tax assets with a corresponding valuation allowance. As of December 31, 2023, the total amount of unrecognized tax benefits, if recognized, that would affect the effective tax rate is $0.7 million. The Company does not anticipate a material change to our unrecognized tax benefits over the next twelve months. Unrecognized tax benefits may change during the next twelve months for items that arise in the ordinary course of business. The Company does not have any tax positions for which it is reasonably possible the total amount of gross unrecognized tax benefits will increase or decrease within 12 months of the years ended December 31, 2023 and 2022. The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal, state, local, and foreign jurisdictions, where applicable. Due to the Company’s net losses, its federal, state and local, and foreign tax returns since inception are subject to audit.

401 (k) Plan

401 (k) Plan	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
401(k) Plan	401(k) Plan The Company has a 401(k) retirement plan for the U.S. based employees that qualifies as a defined contribution plan. All U.S. based employees are eligible to participate on the first day of the month following their hire date with the Company. Under the defined contribution plan, employees may contribute up to the lesser of 90% of their pre-tax salaries per year or the maximum contribution allowed under the Code. The Company may make discretionary matching contributions, if deferral contributions are made by the employees. The Company’s matching contributions for the years ended December 31, 2023, 2022, and 2021 resulted in expense of $1.3 million, $1.3 million, and $1.0 million respectively.

Segment Information and Operati

Segment Information and Operations by Geographic Area	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Segment Information and Operations by Geographic Area	Segment Information and Operations by Geographic Area The Company operates in one reportable segment related to the design, development, and sale of silicon timing systems solutions. The chief operating decision maker for the Company is the Chief Executive Officer. The Company’s Chief Executive Officer reviews operating results on an aggregate basis and manages the Company’s operations as a whole for the purpose of evaluating financial performance and allocating resources. Accordingly, the Company has determined that it has a single reportable and operating segment structure. Revenue by geographic area is 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: Year Ended December 31, 2023 2022 2021 (in thousands) Taiwan $ 43,954 $ 101,849 $ 66,390 Hong Kong 31,987 59,209 82,503 United States 19,976 33,470 14,221 Singapore 16,466 22,439 14,371 Other 31,610 66,638 41,323 Total $ 143,993 $ 283,605 $ 218,808 The following table sets forth the Company’s total property and equipment attributable to operations by country for countries with 10% or more of the Company’s net property and equipment as of the periods presented: As of December 31, 2023 December 31, 2022 (in thousands) United States $ 22,540 $ 24,211 Malaysia 14,471 18,524 Taiwan 6,520 5,570 Other 11,154 10,467 Total $ 54,685 $ 58,772

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company entered into an agreement with MegaChips Corporation ("MegaChips"), whereby the Company appointed MegaChips as a non-exclusive sales representative of its products in Japan. The Company sold products through MegaChips to distributors, resellers, or direct customers in Japan. The Company paid MegaChips a fixed percentage of the revenue as sales commission, which was recorded as commission expense and included in sales and marketing in the consolidated statements of operations and comprehensive loss. In connection with the Company's efforts to contract directly with distributors in Japan, the Company entered into a termination agreement with MegaChips pursuant to which the Company and MegaChips mutually terminated the Distribution Agreement effective November 3, 2021. The Company sold $8.2 million through the distribution agreement for the year ended December 31, 2021 and paid sales commissions of $0.3 million to MegaChips for such sales for the year ended December 31, 2021. The Company also entered into a service and secondment agreement with MegaChips LSI USA Corporation, a wholly owned subsidiary of MegaChips, in 2020 that terminated on August 31, 2021. The Company paid $0.1 million in consulting fees for such service and secondment agreement in the year ended December 31, 2021. MegaChips has been the largest stockholder of the Company and held approximately 20.7% and 23.0% of the Company’s outstanding common stock as of December 31, 2023 and December 31, 2022, 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 provided sales consulting services through December 31, 2021, for which he received monthly cash fees of $5,000, reimbursement of expenses, and an equity award of 500 RSUs that fully vested on November 20, 2021. In December 2021, the Company signed an amendment to extend the consulting agreement with Akira Takata through December 31, 2022, for which he received monthly cash fees, reimbursement of expenses, and an equity award of 300 RSUs that fully vested on November 20, 2022.

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Schedule II - Valuation and Qualifying Accounts	SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS Valuation and Qualifying Accounts Balance at Additions Deductions Balance at (in thousands) Allowance for credit losses Year Ended December 31, 2023 $ 50 $ — $ — $ 50 Year Ended December 31, 2022 $ 50 $ — $ — $ 50 Year Ended December 31, 2021 $ 50 $ — $ — $ 50 Deferred tax valuation allowance Year Ended December 31, 2023 $ 82,674 $ 23,098 $ — $ 105,772 Year Ended December 31, 2022 $ 69,314 $ 13,360 $ — $ 82,674 Year Ended December 31, 2021 $ 55,951 $ 13,363 $ — $ 69,314

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net income (loss)	$ (80,535)	$ 23,254	$ 32,277

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	12 Months Ended
	Dec. 31, 2023 shares	Dec. 31, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		Trading Arrangements During the Company's last fiscal quarter, the Company's directors and officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated the contracts, instructions, or written plans for the purchase or sale of the Company's securities set forth in the table below: Name of the Director or Officer Designation of Director or Officer Action Adoption/Termination Date Rule 10b5-1* Expiration Date Number of securities to be sold Lionel Bonnot Executive Vice President, Worldwide Sales and Business Development Adoption November 17, 2023 X November 14, 2024 30,264 * Piyush Sevalia Executive Vice President, Marketing Adoption November 27, 2023 X December 1, 2024 30,180 * Vincent Pangrazio Executive Vice President, Chief Legal Officer and Corporate Secretary Adoption December 1, 2023 X February 28, 2025 13,211 * Kate Schuelke Director Adoption December 4, 2023 X May 31, 2024 1,094 *The actual number of securities that will be sold under the Rule 10b5-1 trading plan will be reduced by the number of securities sold in accordance with an existing plan prior to its expiration.
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Lionel Bonnot [Member]
Trading Arrangements, by Individual
Name	Lionel Bonnot
Title	Executive Vice President, Worldwide Sales and Business Development
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 17, 2023
Arrangement Duration	363 days
Aggregate Available	30,264	30,264
Piyush Sevalia [Member]
Trading Arrangements, by Individual
Name	Piyush Sevalia
Title	Executive Vice President, Marketing
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 27, 2023
Arrangement Duration	370 days
Aggregate Available	30,180	30,180
Vincent Pangrazio [Member]
Trading Arrangements, by Individual
Name	Vincent Pangrazio
Title	Executive Vice President, Chief Legal Officer and Corporate Secretary
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 1, 2023
Arrangement Duration	455 days
Aggregate Available	13,211	13,211
Kate Schuelke [Member]
Trading Arrangements, by Individual
Name	Kate Schuelke
Title	Director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 4, 2023
Arrangement Duration	179 days
Aggregate Available	1,094	1,094

The Company and Summary of Si_2

The Company and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Coronavirus Disease (“COVID-19”)	Coronavirus Disease ("COVID-19") The COVID-19 pandemic impacted the Company's workforce and the operations of its customers and suppliers during 2022, however, the COVID-19 pandemic has not had a significant impact on the Company in 2023.
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). The consolidated financial statements include all adjustments necessary for a fair presentation of our annual results. The Company’s fiscal year begins on January 1 of the year stated and ends on December 31 of the same year. The Company reports its results on a calendar year basis.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The significant areas requiring the use of management estimates and assumptions include revenue recognition, fair value of assets acquired and liabilities assumed in business combinations, estimate of reserve for excess and obsolete inventories, and sales reserves. Actual results could differ materially from such estimates. Management believes that the estimates, and judgments upon which they rely, are reasonable based upon information available to them at the time that these estimates and judgments are made.
Foreign Currency Remeasurement	Foreign Currency Remeasurement
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash balances in the Company’s bank checking and savings accounts and liquid short-term investments with original maturities of 90 days or less at the date of purchase, readily convertible to known amounts of cash.
Fair Value Measurements	Fair Value Measurements The Company determines fair value measurements used in its consolidated financial statements based upon the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy distinguishes between (i) market participant assumptions developed based on market data obtained from independent sources (observable inputs), and (ii) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: Level 1: Valuations based on quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. Level 2: Valuations based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities. Level 3: Valuations based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Cash equivalents At December 31, 2023 and 2022, highly liquid money market funds of $0.4 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 December 31, 2023, the Company had purchased Treasury Bills with maturities ranging from 3 to 12 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 $518.7 million including gross accrued interest of $8.9 million. As of December 31, 2023, the fair value and gross unrealized gain on the held-to-maturity securities was $519.0 million and $0.3 million respectively. The carrying value of the Company's investments is reviewed quarterly for changes in circumstances or the occurrence of events that suggests an investment may not be fully recoverable. These Treasury Bills were valued using Level 1 of the fair value hierarchy, quoted prices in active markets for identical assets, and are included in short-term investments. As of December 31, 2022, the Company had purchased Treasury Bills with maturities ranging from 3 to 6 months, which the Company held until maturity and classified as held-to-maturity securities. The held-to-maturity securities were recorded at amortized cost totaling $529.5 million including gross accrued interest of $5.1 million. As of December 31, 2022, the fair value and gross unrealized loss on the held-to-maturity securities was $529.2 million and $0.3 million respectively. The carrying value of the Company's investments is reviewed quarterly for changes in circumstances or the occurrence of events that suggests an investment may not be fully recoverable. These Treasury Bills were valued using Level 1 of the fair value hierarchy, quoted prices in active markets for identical assets, and are included in short-term investments. Sales based earnout liability The estimated fair value of the sales based earnout liability is determined using a Monte Carlo simulation model using significant unobservable fair value inputs and is therefore classified as a Level 3 measurement. The assumptions used in the calculation are based on the revenue projections over the term of the contingent earn-out period, expected volatility, and discount rate. The estimates of fair value are uncertain and changes in any of the estimated inputs used as of the date of this report could have resulted in significant adjustments to the fair value. As of the date of acquisition, the Company used a volatility rate of 25%, risk-free rate ranging from 4.10% to 5.47%, and an expected term ranging from 0.04 years to 4.96 years. There were no material changes to the assumptions as of December 31, 2023. The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial liabilities: Amount Fair value as of January 1, 2023 $ — Initial fair value of sales based earnout liability 102,278 Change in the fair value during the year 1,183 Fair value as of December 31, 2023 $ 103,461 There were no transfers between Level 1, Level 2, and Level 3 categories during any of the periods presented.
Accounts Receivable and Allowances for Credit Losses	Accounts Receivable and Allowances for Credit Losses Trade accounts receivable are recorded at the invoiced amount, net of allowances for credit losses. An allowance for credit losses is recorded when it is probable that amounts will not be collected based on historical collection trends, age of outstanding receivables, specific customer circumstances, existing economic conditions and future forecasted information. The Company performs periodic credit evaluations of its customers’ financial condition and generally requires no collateral from its customers. Losses have not been significant in any of the periods presented.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents, short-term investments and accounts receivable. Substantially all of the Company's cash and cash equivalents balances are in excess of Federal Deposit Insurance Corporation insurance limits with financial institutions. Investment policies have been implemented that limit purchases of marketable debt securities to investment-grade securities.
Inventories	Inventories Inventories are stated at the lower of standard cost (which approximates actual cost on a first-in, first-out basis) or net realizable value. The Company establishes provisions for excess and obsolete inventories to reduce such inventories to their estimated net realizable value based on management’s assessment of future demand and market conditions. Inventory reserve write-downs, once established, are not released until the related inventory has been sold or scrapped. Rebates from the Company’s foundries are recorded as a reduction of inventory cost and are recognized in cost of revenue over the inventory turnover days of the Company.
Property and Equipment	Property and Equipment Property and equipment are recorded at cost, less accumulated depreciation. Depreciation of property and equipment is recognized on a straight-line basis over the estimated useful lives of the respective assets as follows: Lab and manufacturing equipment 3 to 7 years Computer equipment 3 years Furniture and fixtures 5 years Leasehold improvements Shorter of remaining lease term or estimated useful lives of the assets The Company capitalizes the costs of purchased mask sets that are utilized during the photolithography phase of manufacturing its products, when technological feasibility and marketability have been established. The capitalization occurs upon the completion of a detailed design, the absence of significant development uncertainties and the determination of market acceptance. Such amounts are included in property and equipment in the consolidated balance sheets and are amortized to cost of revenue over their estimated useful life of 5 to 7 years. However, if significant uncertainties exist regarding the future utility of a particular mask set, then its related costs are expensed to research and development at the time the significant uncertainties are identified. Maintenance and repair costs are charged to expense as incurred, and expenditures that extend the useful lives of assets are capitalized. Upon retirement or sale of the property and equipment, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is recorded in operating expenses.
Intangible Assets	Intangible Assets Purchased intangible assets with finite lives are carried at cost, less accumulated amortization. Amortization is computed using the straight-line method over the estimated useful lives of the respective assets of 3 to 10 years. Acquisition-related in-process research and development represents the fair value of incomplete research and development projects that have not reached technological feasibility as of the date of acquisition. Initially, these assets are not subject to amortization. Assets related to projects that have been completed are transferred to developed technology, which are subject to amortization. Intangible assets also include the costs related to software internally developed, or modified solely to meet the Company’s internal requirements, with no substantive plans to market such software at the time of development. The Company develops proprietary design automation software for its MEMS-based resonators. Costs incurred during the preliminary planning and evaluation stage of the project and during post implementation operational stage are expensed as incurred. Costs incurred during the application development stage of the software are capitalized. The Company defines the configuration and coding process as the application development stage. Capitalized internal use software costs are amortized, on a straight-line basis under cost of revenue over the estimated useful life of 2 to 3 years.
Leases	Leases The Company determines if an arrangement is a lease at inception. Lease classification is evaluated at commencement and, as necessary, at modification. Operating lease related balances are included in right-of-use (“ROU”), assets, accrued expenses and other current liabilities, and other non-current liabilities in the Company’s consolidated balance sheets. The Company currently does not have any finance leases. Operating lease right-of-use assets represent the Company's right to use an underlying asset for the lease term and operating lease liabilities represent the present value of the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value of the future lease payments is the incremental borrowing rate of the Company, because the interest rates implicit in most of its leases are not readily determinable. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located. Operating lease right-of-use assets also include adjustments related to lease incentives, prepaid or accrued rent and initial direct lease costs. Operating lease right-of-use assets are subject to evaluation for impairment or disposal on a basis consistent with other long-lived assets. Lease terms may include periods under options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company generally uses the base, non-cancelable lease term when determining the lease right-of-use assets and lease liabilities. Operating lease cost is recognized on a straight-line basis over the lease term. The Company has elected the practical expedient within ASC Topic 842 to account for lease and non-lease components as a single lease component. Additionally, the Company has elected the short-term lease exception for all classes of assets and does not recognize right-of-use assets and lease liabilities for leases with a term of 12 months or less and recognizes lease payments for short-term leases as expense either straight-line over the lease term or as incurred depending on whether the lease payments are fixed or variable. These elections are applied consistently for all leases. Payments under the Company's lease arrangements are primarily fixed, however, certain lease agreements contain variable payments, which are expensed as incurred and not included in the operating lease right-of-use assets and liabilities. Variable lease payments are primarily comprised of common area maintenance charges and utility costs.
Business Combinations	Business Combinations The Company applies the provisions of ASC 805, Business Combinations (ASC 805), in accounting for acquisitions. ASC 805 requires that the Company evaluates whether a transaction pertains to an acquisition of assets, or to an acquisition of a business. A business is defined as an integrated set of assets and activities that is capable of being conducted and managed for the purpose of providing a return to investors. Asset acquisitions are accounted for by allocating the cost of the acquisition to the individual assets and liabilities assumed on a relative fair value basis; whereas the acquisition of a business requires the Company to recognize separately from goodwill the assets acquired and the liabilities assumed at the acquisition date fair values. Goodwill as of the business acquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. The Company also evaluates all contingent consideration arrangements to determine if the arrangements are compensatory in nature. No liability is recognized at the acquisition date for arrangements concluded to be compensatory. While the Company uses its best estimates and assumptions to accurately value assets acquired and liabilities assumed at the business acquisition date as well as any contingent consideration, where applicable, the estimates are inherently uncertain and subject to refinement. Estimates and assumptions relevant to the determination of the fair value of the assets acquired and liabilities assumed include, but are not limited to, revenue projections, discount rates, and other assumptions. The approach to estimating an initial contingent consideration associated with the purchase price also uses similar unobservable factors such as revenue projections over the term of the contingent earn-out period, discounted for the period over which the initial contingent consideration is measured and expected volatility. Based upon these assumptions, the initial contingent consideration is then valued using a Monte Carlo simulation. As a result, during the measurement period, which may be up to one year from the business acquisition date, the Company may record certain adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of a business acquisition’s measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the consolidated statements of operations. In the event an acquisition involves an entity with which the Company has a preexisting relationship, the Company will recognize a gain or loss, if any, to settle that relationship as of the acquisition date within the consolidated statement of operations and comprehensive loss . All acquisition-related costs are accounted for as expenses in the period in which they are incurred. Changes in the fair value of contingent consideration arrangements that are not measurement period adjustments are recognized in earnings.
Impairment of Goodwill, Intangible Assets, and Other Long-Lived Assets	Impairment of Goodwill, Intangible Assets, and Other Long-Lived Assets Goodwill is evaluated for impairment on an annual basis in the fourth quarter of the Company's fiscal year, and whenever events or changes in circumstances indicate the carrying amount of goodwill may not be recoverable. The Company has elected to first assess qualitative factors to determine whether it is more likely than not that the fair value of its single reporting unit is less than its carrying amount, including goodwill. If the Company determines that it is more likely than not that the fair value is less than its carrying amount, then the quantitative impairment test will be performed. Under the quantitative impairment test, if the carrying amount exceeds its fair value, the Company will recognize an impairment loss in an amount equal to that excess but limited to the total amount of goodwill. The Company evaluates events and changes in circumstances that could indicate carrying amounts of purchased intangible assets and other long-lived assets may not be recoverable. When such events or changes in circumstances occur, it assesses the recoverability of these assets or asset groups by determining whether or not the carrying amount will be recovered through undiscounted expected future cash flows. If the total of the future undiscounted cash flows is less than the carrying amount of an asset or asset group, the Company records an impairment loss for the amount by which the carrying amount exceeds the fair value of the asset or asset group.
Warranty	Warranty
Income Taxes	Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amounts in the consolidated financial statements of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards, using enacted tax rates in effect for the year in which the differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. A valuation allowance is provided in order to reduce the deferred tax assets to a level which, more likely than not, will be realized. While the Company believes it has adequately reserved for its uncertain tax positions, no assurance can be given that the final tax outcome of these matters will not be different. The Company adjusts these reserves in light of changing facts and circumstances, such as the closing of a tax audit. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will impact the provision for income taxes and the effective tax rate in the period in which such determination is made. The Company recognizes tax positions in the consolidated financial statements only when it is more likely than not that the position will be sustained upon examination by the relevant taxing authority. Liabilities are established for differences between positions taken in a tax return and amounts recognized in the consolidated financial statements. The Company reports interest and penalties related to uncertain tax positions, if any, in the provision for income taxes in the consolidated statements of operations and comprehensive income (loss). To the extent that accrued interest and penalties do not ultimately become payable, amounts accrued will be reduced and reflected as a reduction of the overall provision for income taxes in the period that such determination is made.
Revenue Recognition	Revenue Recognition The Company derives revenue from its product sales primarily to distributors, who in turn sell to original equipment manufacturers or other end customers. The Company recognizes product revenue, at a point in time, upon shipment when it satisfies its performance obligations as evidenced by the transfer of control of its products to customers. The Company measures revenue based on the amount of consideration it expects to be entitled to in exchange for products. Variable consideration is estimated and reflected as an adjustment to the transaction price. Depending on the terms of the contract, variable consideration is estimated using either the expected value approach or the most likely value approach. The Company determines variable consideration, which consists primarily of price adjustments and product returns by estimating the amount of consideration the Company expects to receive from its customers based on historical experience of price adjustments and product returns. Changes to the Company’s estimated variable consideration were not material for the periods presented. Since the Company’s performance obligations relate to contracts with a duration of less than one year, it does not disclose the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period. The Company’s payment terms vary by contract type and type of customer and generally range from 30 to 60 days from shipment. The Company has also elected to recognize the cost for freight and shipping when control over the products sold passes to customers and revenue is recognized. As a practical expedient, the Company records the incremental costs of obtaining a contract, consisting primarily of sales commissions, when incurred because the amortization period is one year or less. These costs are recorded within selling, general, and administrative expenses. The Company had a distribution agreement with MegaChips, whereby the Company appointed MegaChips as the exclusive distributor of its products in Japan. The Company recognized revenue upon shipment derived from sales of products through MegaChips in the amount of expected payments from parties which purchased the products as adjusted for estimated price concessions and product returns. In connection with the Company's efforts to contract directly with distributors in Japan, the Company and MegaChips mutually terminated the Distribution Agreement effective November 3, 2021.
Cost of Revenue	Cost of Revenue Cost of revenue consists of wafers acquired from third-party foundries, assembly, packaging, and test cost of the Company’s products paid to third-party contract manufacturers, and personnel and other costs associated with the manufacturing operations of the Company. Cost of revenue also includes depreciation of production equipment, inventory write-downs, amortization of internally developed software, shipping and handling costs, and allocation of overhead and facility costs. The Company also includes credits for rebates received from foundries in cost of revenue.
Research and Development Expenses	Research and Development Expenses Research and development costs consist primarily of personnel cost, material cost, and facilities related expenses, incurred in the course of planned research and development of new products. Research and development costs are expensed as incurred.
Non-recurring engineering services	Non-recurring engineering services
Selling, General and Administrative Expenses	Selling, General and Administrative Expenses
Stock-Based Compensation	Stock-Based Compensation The Company grants restricted stock unit awards (“RSUs”) of its own common stock. Compensation expense related to share-based transactions is measured at fair value on the grant date. The Company recognizes share-based compensation expense for awards with only service conditions on a straight-line basis over the requisite service period. Stock-based compensation expense for performance-based restricted stock unit awards ("PRSU") is recognized when it becomes probable that the performance conditions will be met. The Company amortizes stock-based compensation expense for PRSUs using the graded-vesting method over the requisite performance period. The Company recognizes the expense related to the multi-year performance based restricted stock unit awards ("MYPSU") on a graded-vesting method over the requisite service period. The Company recognizes forfeitures as they occur.
Net Income (Loss) Per Share Attributable to Common Stockholders	Net Income (Loss) Per Share Attributable to Common Stockholders
Comprehensive Income (Loss)	Comprehensive Income (Loss) The Company has no components of other comprehensive income loss. Therefore, net income (loss) equals comprehensive income (loss) for all periods presented.
Recently Accounting Pronouncements	Recent Accounting Pronouncements There are currently no new accounting pronouncements with a future effective date that are considered material, or could be material, to us.

The Company and Summary of Si_3

The Company and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Schedule of Concentration of Risk, by Risk Factor	The following table discloses these customers’ percentage of revenue for the respective periods: Year Ended December 31, 2023 2022 2021 Customer Pernas Electronics Co. Ltd. 20% 20% 24% Arrow Electronics, Inc. 18% 17% 14% Quantek Technology Corporation 13% 12% 10% Sabre Technologies Pte. Ltd 10% 6% 4% Revenue from sales to one end customer through multiple distributors accounted for 21%, 20% and 22% of consolidated revenues for the years ended December 31, 2023, 2022, and 2021, respectively. No other distributors or end customers accounted for 10% or more of the Company's consolidated revenues for the years ended December 31, 2023, 2022, and 2021. At December 31, 2023 and 2022 these customers accounted for 10% or more of accounts receivable: As of December 31, 2023 2022 Customer Pernas Electronics Co. Ltd. 29% 24% Quantek Technology Corporation 18% 17% Sabre Technologies Pte. Ltd 16% 5% Arrow Electronics, Inc. 8% 15%
Summary of Property, Plant and Equipment Estimated Useful Lives	Depreciation of property and equipment is recognized on a straight-line basis over the estimated useful lives of the respective assets as follows: Lab and manufacturing equipment 3 to 7 years Computer equipment 3 years Furniture and fixtures 5 years Leasehold improvements Shorter of remaining lease term or estimated useful lives of the assets
Fair Value, Liabilities Measured on Recurring Basis	The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial liabilities: Amount Fair value as of January 1, 2023 $ — Initial fair value of sales based earnout liability 102,278 Change in the fair value during the year 1,183 Fair value as of December 31, 2023 $ 103,461

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Business Acquisitions, by Acquisition	The acquisition date fair value of the purchase consideration was $259.2 million, which was comprised of the following: Estimated Fair Value (in thousands) Fixed consideration $ 139,946 Fair value of sales based earnout liability 102,278 Settlement of pre-existing arrangement 16,974 Total purchase consideration $ 259,198
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The preliminary purchase consideration allocation to the assets acquired based on their respective estimated fair values as of the date of acquisition is as follows: Estimated Fair Value (Preliminary) Estimated Useful Life Financial Statement Line Item (in thousands) (in years) Developed Technology $ 96,700 5 to 8 years Intangible assets, net In-process research and development 69,500 Indefinite Intangible assets, net Goodwill 87,098 Indefinite Goodwill Assumed customer agreements 5,900 4 years Intangible assets, net Total assets acquired $ 259,198
Business Acquisition, Pro Forma Information	Following are the supplemental consolidated financial results of the Company on an unaudited pro forma basis, as if the acquisition had been consummated on January 1, 2022: For the year ended Unaudited proforma information December 31, 2023 December 31, 2022 (in thousands) Revenue $ 146,343 $ 286,105 Net income (loss) $ (91,581) $ (451)

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 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: Year Ended December 31, 2023 2022 2021 (in thousands, except per share data) Net income (loss) attributable to common stockholders $ (80,535) $ 23,254 $ 32,277 Weighted-average shares outstanding Weighted average shares used to compute basic net income per share 22,188 21,245 19,006 Dilutive effect of employee equity incentive plans — 1,419 2,138 Weighted average shares used to compute diluted net income (loss) per share 22,188 22,664 21,144 Net income (loss) attributable to common stockholders per share, basic $ (3.63) $ 1.09 $ 1.70 Net income (loss) attributable to common stockholders per share, diluted $ (3.63) $ 1.03 $ 1.53

Balance Sheets Components (Tabl

Balance Sheets Components (Tables)	12 Months Ended
	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Schedule of Accounts Receivable, Net	Accounts receivable, net consisted of the following: As of December 31, 2023 December 31, 2022 December 31, 2021 (in thousands) Accounts receivable, gross $ 21,911 $ 41,279 $ 38,426 Allowance for credit losses (50) (50) (50) Accounts receivable, net $ 21,861 $ 41,229 $ 38,376
Schedule of Inventory	Inventory consisted of the following: As of December 31, 2023 December 31, 2022 (in thousands) Raw materials $ 17,550 $ 17,518 Work in progress 35,193 33,687 Finished goods 12,796 6,445 Total inventories $ 65,539 $ 57,650
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following: As of December 31, 2023 December 31, 2022 (in thousands) Prepaid expenses $ 3,563 $ 3,118 Other current assets 4,078 2,973 Total prepaid expenses and other current assets $ 7,641 $ 6,091
Schedule of Property and Equipment Net	Property and equipment, net consisted of the following: As of December 31, 2023 December 31, 2022 (in thousands) Lab and manufacturing equipment $ 80,772 $ 73,220 Computer equipment 3,541 3,170 Furniture and fixtures 969 509 Construction in progress 5,978 5,967 Leasehold improvements 7,847 7,129 99,107 89,995 Accumulated depreciation (44,422) (31,223) Total property and equipment, net $ 54,685 $ 58,772
Schedule of Intangible Assets, Net	Intangible assets, net consisted of the following: As of December 31, 2023 December 31, 2022 (in thousands) Gross Assets Accumulated Net Assets Gross Assets Accumulated Net Assets Developed technology $ 96,700 $ (159) $ 96,541 $ — $ — $ — Contract based royalty asset 5,900 (121) 5,779 — — — Internal use software 9,434 (9,234) 200 9,434 (8,833) 601 Purchased software 15,110 (10,051) 5,059 12,583 (7,979) 4,604 Total amortizable intangible assets $ 127,144 $ (19,565) $ 107,579 $ 22,017 $ (16,812) $ 5,205 In-process research and development 69,500 — 69,500 — — — Total intangible assets $ 196,644 $ (19,565) $ 177,079 $ 22,017 $ (16,812) $ 5,205
Schedule of Future Amortization Expense for Intangible Assets	The estimated aggregate future amortization expense for intangible assets and subject to amortization as of December 31, 2023 is summarized as below: (in thousands) 2024 $ 14,815 2025 15,293 2026 14,950 2027 14,605 2028 12,919 2029 and beyond 34,997 $ 107,579
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following: As of December 31, 2023 December 31, 2022 (in thousands) Accrued payroll and related benefits $ 6,358 $ 6,109 Revenue reserves 2,954 1,840 Sales based earnout liability, current 19,733 — Acquisition consideration payable, current 75,695 — Deferred non-recurring engineering services 978 2,689 Short term lease liability 2,601 2,485 Accrued customer rebates 238 234 Other accrued expenses 4,147 5,556 Total accrued expenses and other current liabilities $ 112,704 $ 18,913
Other Noncurrent Liabilities	Other Non-current Liabilities Other non-current liabilities consisted of the following: As of December 31, 2023 December 31, 2022 (in thousands) (in thousands) Sales based earnout liability, non-current $ 83,728 $ — Acquisition consideration payable, non-current 33,086 — Long term lease liability 5,423 8,149 Other long term liabilities — 193 Total other non-current liabilities $ 122,237 $ 8,342

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Summary of Lease Related Assets and Liabilities	The table below presents the lease-related assets and liabilities recorded on the consolidated balance sheets as of December 31, 2023 and 2022: As of December 31, 2023 December 31, 2022 (in thousands) Right-of-use assets $ 8,262 $ 10,848 L ease liabilities included in accrued expenses and other current liabilities 2,601 2,485 Lease liabilities included in other non-current liabilities 5,423 8,149 Total operating lease liabilities $ 8,024 $ 10,634 Weighted-average remaining lease term (years) 3.1 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 years ended December 31, 2023, 2022, and 2021: Year Ended December 31, 2023 2022 2021 (in thousands) Operating lease cost $ 3,024 $ 2,759 $ 1,761 Short-term lease cost 758 1,389 579 Variable lease cost 1,022 911 599 Total lease cost $ 4,804 $ 5,059 $ 2,939
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 December 31, 2023: (in thousands) 2024 $ 3,050 2025 2,711 2026 2,186 2027 492 2028 134 2029 and beyond 45 Total minimum lease payments 8,618 Less: amount of lease payments representing interest (594) Present value of future minimum lease payments 8,024 Less: current obligations under leases (2,601) Long-term lease liabilities $ 5,423

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Summary of Future Non-Cancellable Purchase Commitments	Total future non-cancelable purchase commitments as of December 31, 2023 were as follows: (in thousands) 2024 $ 11,579 2025 8,317 2026 7,863 2027 1,419 2028 525 2029 and beyond — Total $ 29,703

Stock-based Compensation (Table

Stock-based Compensation (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of RSU, PRSU, and MYPSU Awards Activity	The following table summarizes the RSU, PRSU, and MYPSU awards activity for the year ended December 31, 2023: RSU PRSU MYPSU Number of Grant Date Number of Grant Date Number of Grant Date Unvested at December 31, 2022 1,717,994 $ 73.6 58,954 261.4 311,872 $ 88.6 Granted 570,202 120.1 122,466 145.5 — — Vested (952,564) 58.4 — — — — Forfeited (97,215) 154.4 (72,798) 239.4 (25,992) 88.6 Unvested at December 31, 2023 1,238,417 $ 103.8 108,622 $ 145.5 285,880 $ 88.6
Schedule of Total Stock-Based Compensation Expense	Total stock-based compensation expense for employees recognized in the consolidated statements of operations and comprehensive income (loss) was as follows: Year Ended December 31, 2023 2022 2021 (in thousands) Equity based awards Cost of revenue $ 2,765 $ 1,861 $ 1,654 Research and development 30,893 23,024 11,087 Selling, general and administrative 39,111 28,177 14,422 $ 72,769 $ 53,062 $ 27,163 Liability based awards - to be settled in equity Cost of revenue $ 75 $ 121 $ 114 Research and development 2,017 2,214 492 Selling, general and administrative 1,892 2,018 2,223 $ 3,984 $ 4,353 $ 2,829 Total stock-based compensation - equity and liability based $ 76,753 $ 57,415 $ 29,992 Liability-based awards - cash settled Cost of revenue $ — $ — $ 102 Research and development — — 143 Selling, general and administrative — — 108 $ — $ — $ 353 Total stock-based compensation expense $ 76,753 $ 57,415 $ 30,345 Stock-based compensation expense recorded to additional paid-in capital Equity based awards $ 72,769 $ 53,062 $ 27,163 Liability based awards - settled in equity 3,869 4,189 2,531 Total stock-based compensation expense recorded to additional paid-in capital $ 76,638 $ 57,251 $ 29,694
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 December 31, 2023: As of Unrecognized Compensation Weighted Average Period of RSUs $ 103,995 1.8 PRSUs 6,341 1.4 MYPSUs 8,982 1.3 Liability-based awards 900 0.1 Total unrecognized compensation costs $ 120,218

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Components of Income (Loss) Before Income Taxes	The components of income (loss) before income taxes were as follows: Years Ended December 31, 2023 2022 2021 (in thousands) United States $ (81,208) $ 22,208 $ 32,379 Foreign 825 1,128 (24) $ (80,383) $ 23,336 $ 32,355
Schedule of Components of Income Tax (Expense) Benefit	The components of income tax expense were as follows: Years Ended December 31, 2023 2022 2021 (in thousands) Current Provision: Federal $ — $ — $ (11) State (1) (1) (1) Foreign (151) (81) (66) Total current provision (152) (82) (78) Total deferred provision — — — Total income tax provision $ (152) $ (82) $ (78)
Schedule of Components of Deferred Tax Assets and Liabilities	The material components of the deferred tax assets and liabilities consisted of net operating loss carry-forwards, Section 174 costs and tax credit carry-forwards. Years Ended December 31, 2023 2022 2021 (in thousands) Deferred tax assets (liabilities): Deferred tax assets: Accrual, write-down and other $ 9,169 $ 5,433 $ 5,442 Acquired assets 1,650 — - Capitalized research and development 37,706 23,513 - Credits 5,657 5,657 - Net operating loss and credits carry forwards 54,212 49,647 64,690 Gross deferred tax assets $ 108,394 $ 84,250 $ 70,132 Deferred tax liabilities: Depreciation and amortization (2,622) (1,576) (818) Gross deferred tax liabilities $ (2,622) $ (1,576) $ (818) Total gross deferred tax assets (liabilities) 105,772 82,674 69,314 Valuation allowance (105,772) (82,674) (69,314) Total net deferred tax assets $ — $ — $ —
Schedule of Reconciliation of Effective Tax Rate	A reconciliation of the Company’s effective tax rate to the statutory U.S. federal rate is as follows: Years Ended December 31, 2023 2022 2021 US Federal Rate 21.0 % 21.0 % 21.0 % RSU excess tax expense (benefit) 12.9 (88.6) (79.0) Permanent differences and others (7.0) 10.9 15.7 Change in valuation allowance (27.1) 57.0 42.3 (0.2) % 0.3 % 0.0 %
Schedule of Reconciliation of Unrecognized Tax Benefit	A reconciliation of the beginning and ending unrecognized tax benefit amount is as follows: December 31, 2023 2022 (in thousands) Beginning balance $ 2,302 $ 2,431 Increase (decrease) in balance related to tax position taken during prior periods — — Increase (decrease) in balance related to tax position taken during the current period (31) (129) Ending balance $ 2,271 $ 2,302

Segment Information and Opera_2

Segment Information and Operations by Geographic Area (Tables)	12 Months Ended
	Dec. 31, 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: Year Ended December 31, 2023 2022 2021 (in thousands) Taiwan $ 43,954 $ 101,849 $ 66,390 Hong Kong 31,987 59,209 82,503 United States 19,976 33,470 14,221 Singapore 16,466 22,439 14,371 Other 31,610 66,638 41,323 Total $ 143,993 $ 283,605 $ 218,808
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 for countries with 10% or more of the Company’s net property and equipment as of the periods presented: As of December 31, 2023 December 31, 2022 (in thousands) United States $ 22,540 $ 24,211 Malaysia 14,471 18,524 Taiwan 6,520 5,570 Other 11,154 10,467 Total $ 54,685 $ 58,772

The Company and Summary of Si_4

The Company and Summary of Significant Accounting Policies - Foreign Currency Remeasurement (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Foreign currency remeasurement and transactions gains and losses	$ 0.1	$ 0.1	$ 0.5

The Company and Summary of Si_5

The Company and Summary of Significant Accounting Policies - Fair Value Measurements (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) yr	Dec. 31, 2022 USD ($)
Significant Accounting Policies [Line Items]
Short-term investments in held-to-maturity securities, fair value	$ 519	$ 529.2
Short-term investments in held-to-maturity securities, gross unrealized gain	$ 0.3	$ 0.3
Volatility Rate
Significant Accounting Policies [Line Items]
Earnout liability, measurement input	0.25
Minimum
Significant Accounting Policies [Line Items]
Treasury bills maturity date	3 months	3 months
Minimum | Risk Free Rate
Significant Accounting Policies [Line Items]
Earnout liability, measurement input	0.0410
Minimum | Measurement Input, Expected Term
Significant Accounting Policies [Line Items]
Earnout liability, measurement input | yr	0.04
Maximum
Significant Accounting Policies [Line Items]
Treasury bills maturity date	12 months	6 months
Maximum | Risk Free Rate
Significant Accounting Policies [Line Items]
Earnout liability, measurement input	0.0547
Maximum | Measurement Input, Expected Term
Significant Accounting Policies [Line Items]
Earnout liability, measurement input | yr	4.96
Level 1
Significant Accounting Policies [Line Items]
Highly liquid money market funds	$ 0.4	$ 3
Short-term investments in held-to-maturity securities, at amortized cost	518.7	529.5
Short-term investments in held-to-maturity securities, accrued interest	$ 8.9	$ 5.1

The Company and Summary of Si_6

The Company and Summary of Significant Accounting Policies - Fair Value, Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	2 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, liability value, beginning balance		$ 0
Initial fair value of sales based earnout liability		102,278
Change in the fair value during the year		1,183
Fair value, liability value, ending balance	$ 103,461	$ 103,461
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Acquisition related costs

The Company and Summary of Si_7

The Company and Summary of Significant Accounting Policies - Concentration of Credit Risk (Details) - Revenue Benchmark - distributor	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Credit Concentration Risk
Concentration Risk [Line Items]
Number of distributors representing more than 10% of company's revenue	4	3	3
Customer Concentration Risk | Minimum
Concentration Risk [Line Items]
Concentration risk, percentage	10%	10%	10%

The Company and Summary of Si_8

The Company and Summary of Significant Accounting Policies - Schedule of Concentration of Risk, by Risk Factor (Details) - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue Benchmark | Pernas Electronics Co. Ltd.
Concentration Risk [Line Items]
Concentration risk, percentage	20%	20%	24%
Revenue Benchmark | Arrow Electronics, Inc.
Concentration Risk [Line Items]
Concentration risk, percentage	18%	17%	14%
Revenue Benchmark | Quantek Technology Corporation
Concentration Risk [Line Items]
Concentration risk, percentage	13%	12%	10%
Revenue Benchmark | Sabre Technologies Pte. Ltd
Concentration Risk [Line Items]
Concentration risk, percentage	10%	6%	4%
Revenue Benchmark | Distributor One
Concentration Risk [Line Items]
Concentration risk, percentage	21%	20%	22%
Accounts Receivable | Pernas Electronics Co. Ltd.
Concentration Risk [Line Items]
Concentration risk, percentage	29%	24%
Accounts Receivable | Arrow Electronics, Inc.
Concentration Risk [Line Items]
Concentration risk, percentage	8%	15%
Accounts Receivable | Quantek Technology Corporation
Concentration Risk [Line Items]
Concentration risk, percentage	18%	17%
Accounts Receivable | Sabre Technologies Pte. Ltd
Concentration Risk [Line Items]
Concentration risk, percentage	16%	5%

The Company and Summary of Si_9

The Company and Summary of Significant Accounting Policies - Summary of Property, Plant and Equipment Estimated Useful Lives (Details)	Dec. 31, 2023
Minimum
Significant Accounting Policies [Line Items]
Property and equipment, estimated useful lives	5 years
Maximum
Significant Accounting Policies [Line Items]
Property and equipment, estimated useful lives	7 years
Lab and manufacturing equipment | Minimum
Significant Accounting Policies [Line Items]
Property and equipment, estimated useful lives	3 years
Lab and manufacturing equipment | Maximum
Significant Accounting Policies [Line Items]
Property and equipment, estimated useful lives	7 years
Computer equipment
Significant Accounting Policies [Line Items]
Property and equipment, estimated useful lives	3 years
Furniture and fixtures
Significant Accounting Policies [Line Items]
Property and equipment, estimated useful lives	5 years

The Company and Summary of S_10

The Company and Summary of Significant Accounting Policies - Intangible Assets (Details)	Dec. 31, 2023
Minimum | Purchased intangibles
Significant Accounting Policies [Line Items]
Estimated useful life of intangible assets	3 years
Minimum | Internal use software
Significant Accounting Policies [Line Items]
Estimated useful life of intangible assets	2 years
Maximum | Purchased intangibles
Significant Accounting Policies [Line Items]
Estimated useful life of intangible assets	10 years
Maximum | Internal use software
Significant Accounting Policies [Line Items]
Estimated useful life of intangible assets	3 years

The Company and Summary of S_11

The Company and Summary of Significant Accounting Policies - Leases (Details)	Dec. 31, 2023 USD ($)
Accounting Policies [Abstract]
Finance leases	$ 0

The Company and Summary of S_12

The Company and Summary of Significant Accounting Policies - Warranty (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Warranty reserve balances (less than)	$ 0.3	$ 0.3

The Company and Summary of S_13

The Company and Summary of Significant Accounting Policies - Revenue Recognition (Details)	12 Months Ended
	Dec. 31, 2023
Minimum
Significant Accounting Policies [Line Items]
Revenue recognized payment terms	30 days
Maximum
Significant Accounting Policies [Line Items]
Revenue recognized payment terms	60 days
Revenue recognized amortization period term	1 year

The Company and Summary of S_14

The Company and Summary of Significant Accounting Policies - Non-recurring engineering services (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Significant Accounting Policies [Line Items]
Accrued expenses and other current liabilities	$ 112,704	$ 18,913
Reduction of research and development expenses	3,900	9,000	$ 2,400
Non-recurring Engineering Services
Significant Accounting Policies [Line Items]
Accrued expenses and other current liabilities	$ 1,000	2,700
Accrued expenses and other non current liabilities		$ 200

The Company and Summary of S_15

The Company and Summary of Significant Accounting Policies - Selling, General and Administrative Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Selling, General and Administrative Expenses
Significant Accounting Policies [Line Items]
Advertising expenses	$ 1.6	$ 2.3	$ 1.5

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details)			2 Months Ended	12 Months Ended
	Oct. 30, 2023 USD ($)	Oct. 29, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Business Acquisition [Line Items]
Acquisition consideration payable at acquisition date				$ 107,947,000	$ 0	$ 0
Fair value of sales based earnout liability				102,278,000	0	0
Settlement of pre-existing arrangement in connection with acquisition				9,974,000	0	0
Acquisition related costs				7,728,000	0	0
Change in the fair value of acquisition related payables and sales based earnout liability			$ 1,900,000
Revenue				143,993,000	283,605,000	218,808,000
Operating Income (Loss)				(107,200,000)	$ 16,142,000	$ 32,843,000
Measurement Input, Discount Rate | Minimum
Business Acquisition [Line Items]
Business combination, intangible assets acquired, measurement input	0.200
Measurement Input, Discount Rate | Maximum
Business Acquisition [Line Items]
Business combination, intangible assets acquired, measurement input	0.220
Aura
Business Acquisition [Line Items]
Total purchase consideration	$ 259,198,000
Fixed consideration	148,000,000
Fair value of fixed consideration	139,946,000
Payments to acquire businesses, deliverables	36,000,000
Acquisition consideration payable at acquisition date	103,900,000
Minimum amount of earnout	0
Maximum amount of earnout	120,000,000
Fair value of sales based earnout liability	102,278,000
Settlement of pre-existing arrangement	$ 16,974,000	$ 18,000,000
Settlement of pre-existing arrangement in connection with acquisition		$ 10,000,000
Support services agreement, term	5 years
Support services agreement, payable	$ 400,000
Acquisition related costs	$ 5,800,000
Pro forma information, revenue of acquiree since acquisition date				100,000
Pro forma information, earnings or loss of acquiree since acquisition date				$ 2,200,000

Acquisitions - Schedule of Acqu

Acquisitions - Schedule of Acquisition Date Fair Value of the Purchase Consideration (Details) - USD ($) $ in Thousands			12 Months Ended
	Oct. 30, 2023	Oct. 29, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Fair value of sales based earnout liability			$ 102,278	$ 0	$ 0
Aura
Business Acquisition [Line Items]
Fixed consideration	$ 139,946
Fair value of sales based earnout liability	102,278
Settlement of pre-existing arrangement	16,974	$ 18,000
Total purchase consideration	$ 259,198

Acquisitions - Schedule of Asse

Acquisitions - Schedule of Assets Acquired (Details) - USD ($) $ in Thousands	Oct. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill		$ 87,098	$ 0
Aura
Business Acquisition [Line Items]
Goodwill	$ 87,098
Total assets acquired	259,198
Aura | In-process research and development
Business Acquisition [Line Items]
In-process research and development	69,500
Aura | Developed technology
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles	$ 96,700
Aura | Developed technology | Minimum
Business Acquisition [Line Items]
Estimated Useful Life	5 years
Aura | Developed technology | Maximum
Business Acquisition [Line Items]
Estimated Useful Life	8 years
Aura | Assumed customer agreements
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles	$ 5,900
Estimated Useful Life	4 years

Acquisitions - Schedule of Pro

Acquisitions - Schedule of Pro Forma Information (Details) - Aura - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Revenue	$ 146,343	$ 286,105
Net income (loss)	$ (91,581)	$ (451)

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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net income (loss) attributable to common stockholders	$ (80,535)	$ 23,254	$ 32,277
Weighted-average shares outstanding
Weighted average shares used to compute basic net income per share (in shares)	22,188	21,245	19,006
Dilutive effect of employee equity incentive plans (in shares)	0	1,419	2,138
Weighted-average shares used to compute diluted net income (loss) per share (in shares)	22,188	22,664	21,144
Net income (loss) attributable to common stockholders per share, basic (in usd per share)	$ (3.63)	$ 1.09	$ 1.70
Net income (loss) attributable to common stockholders per share, diluted (in usd per share)	$ (3.63)	$ 1.03	$ 1.53

Net Income (Loss) Per Share - A

Net Income (Loss) Per Share - Additional Information (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Anti-dilutive weighted shares (in shares)	1,078,089	309,963	3,955

Balance Sheets Components - Sch

Balance Sheets Components - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Accounts receivable, gross	$ 21,911	$ 41,279	$ 38,426
Allowance for credit losses	(50)	(50)	(50)
Accounts receivable, net	$ 21,861	$ 41,229	$ 38,376

Balance Sheets Components - S_2

Balance Sheets Components - Schedule of Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Raw materials	$ 17,550	$ 17,518
Work in progress	35,193	33,687
Finished goods	12,796	6,445
Total inventories	$ 65,539	$ 57,650

Balance Sheets Components - S_3

Balance Sheets Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Prepaid expenses	$ 3,563	$ 3,118
Other current assets	4,078	2,973
Total prepaid expenses and other current assets	$ 7,641	$ 6,091

Balance Sheets Components - S_4

Balance Sheets Components - Schedule of Property and Equipment Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 99,107	$ 89,995
Accumulated depreciation	(44,422)	(31,223)
Total property and equipment, net	54,685	58,772
Lab and manufacturing equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	80,772	73,220
Computer equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	3,541	3,170
Furniture and fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	969	509
Construction in progress
Property Plant And Equipment [Line Items]
Property and equipment, gross	5,978	5,967
Leasehold improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 7,847	$ 7,129

Balance Sheets Components - Add

Balance Sheets Components - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2022
Balance Sheet Related Disclosures [Abstract]
Depreciation expense		$ 13,300	$ 10,100	$ 5,700
Amortization expense for intangible assets		2,900	1,700	2,200
Accrued customer rebates		$ 238	$ 234	$ 2,700	$ 2,700
Accrued customer rebate waiver	$ 2,700

Balance Sheets Components - S_5

Balance Sheets Components - Schedule of Intangible Assets Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite Lived Intangible Assets [Line Items]
Gross Assets	$ 127,144	$ 22,017
Accumulated Amortization	(19,565)	(16,812)
Net Assets	107,579	5,205
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Assets	196,644	22,017
Accumulated Amortization	(19,565)	(16,812)
Net Assets	177,079	5,205
In-process research and development
Indefinite-Lived Intangible Assets [Line Items]
In-process research and development	69,500	0
Developed technology
Finite Lived Intangible Assets [Line Items]
Gross Assets	96,700	0
Accumulated Amortization	(159)	0
Net Assets	96,541	0
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(159)	0
Contract based royalty asset
Finite Lived Intangible Assets [Line Items]
Gross Assets	5,900	0
Accumulated Amortization	(121)	0
Net Assets	5,779	0
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(121)	0
Internal use software
Finite Lived Intangible Assets [Line Items]
Gross Assets	9,434	9,434
Accumulated Amortization	(9,234)	(8,833)
Net Assets	200	601
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(9,234)	(8,833)
Purchased software
Finite Lived Intangible Assets [Line Items]
Gross Assets	15,110	12,583
Accumulated Amortization	(10,051)	(7,979)
Net Assets	5,059	4,604
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ (10,051)	$ (7,979)

Balance Sheets Components - S_6

Balance Sheets Components - Schedule of Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
2024	$ 14,815
2025	15,293
2026	14,950
2027	14,605
2028	12,919
2029 and beyond	34,997
Net Assets	$ 107,579	$ 5,205

Balance Sheets Components - S_7

Balance Sheets Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Total accrued expenses and other current liabilities	Total accrued expenses and other current liabilities
Accrued payroll and related benefits	$ 6,358	$ 6,109
Revenue reserves	2,954	1,840
Sales based earnout liability, current	19,733	0
Acquisition consideration payable, current	75,695	0
Deferred non-recurring engineering services	978	2,689
Short term lease liability	2,601	2,485
Accrued customer rebates	238	234	$ 2,700	$ 2,700
Other accrued expenses	4,147	5,556
Total accrued expenses and other current liabilities	$ 112,704	$ 18,913

Balance Sheets Components - Oth

Balance Sheets Components - Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Regulated Operations [Abstract]
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Total other non-current liabilities	Total other non-current liabilities
Sales based earnout liability, non-current	$ 83,728	$ 0
Acquisition consideration payable, non-current	33,086	0
Long term lease liability	5,423	8,149
Other long term liabilities	0	193
Total other non-current liabilities	$ 122,237	$ 8,342

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lease Disclosure [Line Items]
Cash paid for operating lease liabilities		$ 3.1	$ 2.5	$ 1.7
Minimum
Lease Disclosure [Line Items]
Operating lease, renewal term		1 year
Maximum
Lease Disclosure [Line Items]
Operating lease, renewal term		5 years
Lease term		6 years
Office Space
Lease Disclosure [Line Items]
Lease incentives received	$ 0.4
Extended term of leases	3 months
Operating lease, renewal term		5 years

Leases - Summary of Lease Relat

Leases - Summary of Lease Related Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Right-of-use assets	$ 8,262	$ 10,848
Lease liabilities included in accrued expenses and other current liabilities	2,601	2,485
Lease liabilities included in other non-current liabilities	5,423	8,149
Total operating lease liabilities	$ 8,024	$ 10,634
Weighted-average remaining lease term (years)	3 years 1 month 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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease cost	$ 3,024	$ 2,759	$ 1,761
Short-term lease cost	758	1,389	579
Variable lease cost	1,022	911	599
Total lease cost	$ 4,804	$ 5,059	$ 2,939

Leases - Summary of Undiscounte

Leases - Summary of Undiscounted Cash Flows (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 3,050
2025	2,711
2026	2,186
2027	492
2028	134
2029 and beyond	45
Total minimum lease payments	8,618
Less: amount of lease payments representing interest	(594)
Present value of future minimum lease payments	8,024	$ 10,634
Less: current obligations under leases	(2,601)	(2,485)
Lease liabilities included in other non-current liabilities	$ 5,423	$ 8,149

Commitments and Contingencies -

Commitments and Contingencies - Summary of Future Non-Cancellable Purchase Commitments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2024	$ 11,579
2025	8,317
2026	7,863
2027	1,419
2028	525
2029 and beyond	0
Total	$ 29,703

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) $ / shares in Units, $ in Thousands				12 Months Ended
	May 04, 2022 $ / shares shares	Nov. 10, 2021 USD ($) shares	Feb. 22, 2021 USD ($) shares	Dec. 31, 2023 USD ($) vote $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, shares authorized (in shares) | shares				200,000,000	200,000,000
Preferred stock, shares authorized (in shares) | shares				10,000,000
Common stock, par value (in dollars per share) | $ / shares				$ 0.0001	$ 0.0001
Number of votes per share, common | vote				1
Preferred stock, outstanding (in shares) | shares				0	0
Deferred offering costs				$ 1,210	$ 947	$ 618
Stifel | At-The-Market Issuance Sales Agreement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, shares authorized (in shares) | shares	800,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.0001
Common stock issued and sold (in shares) | shares	800,000			400,000	225,334
Proceeds from public offering, net of underwriting discounts and commissions				$ 44,800	$ 33,000
Payments for underwriting discounts and commissions				$ 900	$ 700
Percentage of sales commission from common stock sold	3%
Shares issued, price per share (in dollars per share) | $ / shares				$ 115.06	$ 150.78
Deferred offering costs				$ 300	$ 200
Follow-on Public Offering
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock issued and sold (in shares) | shares		1,300,000	1,500,000
Proceeds from public offering, net of underwriting discounts and commissions		$ 279,000	$ 181,600
Payments for underwriting discounts and commissions		13,200	8,600
Deferred offering costs		$ 300	$ 300

Stock-based Compensation - Addi

Stock-based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended				12 Months Ended			23 Months Ended
	Mar. 31, 2023	Feb. 28, 2023	Feb. 28, 2022	Nov. 30, 2019	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Accrued expenses and other current liabilities					$ 112,704	$ 18,913		$ 112,704
Stock-based compensation expense					76,753	57,415	$ 30,345
Total fair value as of vesting date of awards					55,600	$ 40,800	$ 24,400
Liability based awards - settled in equity
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Accrued expenses and other current liabilities					800			$ 800
Stock-based compensation expense					$ 2,800
MYPSU
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility			44.40%
Risk free rate			1.83%
Expected dividend yield			0%
Expected term			6 years
Vested (in shares)					0			0
Grant Date Fair Value per share, Granted (in dollars per share)					$ 0	$ 88.6	$ 0
MYPSU | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance period of common stock			6 years
PRSU
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vested (in shares)					0
Grant Date Fair Value per share, Granted (in dollars per share)					$ 145.5	0	261.4
Performance period					1 year
Total Stockholder Performance Restricted Stock Unit Award
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
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
Performance period					2 years
RSU
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vested (in shares)					952,564
Grant Date Fair Value per share, Granted (in dollars per share)					$ 120.1	$ 188.3	$ 128.6
New Hires | Cash Restricted Stock Unit Award CRSU
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period							1 year
2019 Stock Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period				5 years
Common stock, capital shares reserved for future issuance (in shares)					1,300,000			1,300,000
Inducement Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares)			250,000		204,439			204,439
Common stock, additional shares authorized (in shares)		250,000
Inducement Plan | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			1 year
Inducement Plan | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			4 years
Second Half of 2022 Goals
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Accrued expenses and other current liabilities					$ 1,000			$ 1,000
2020 Goals | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Bonus and retention plan actual payout ranges							76%
2020 Goals | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Bonus and retention plan actual payout ranges							150%
2021 Goals | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Bonus and retention plan actual payout ranges						44%
2021 Goals | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Bonus and retention plan actual payout ranges						130%
2022 Goals | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Bonus and retention plan actual payout ranges					0%			0%
2022 Goals | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Bonus and retention plan actual payout ranges					45%			45%

Stock-based Compensation - Sche

Stock-based Compensation - Schedule of RSU, PRSU, and MYPSU Awards Activity (Details) - $ / shares	12 Months Ended			23 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
RSU
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares)	1,717,994
Granted (in shares)	570,202
Vested (in shares)	(952,564)
Forfeited (in shares)	(97,215)
Ending balance (in shares)	1,238,417	1,717,994		1,238,417
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Nonvested, Weighted Average Grant Date Fair Value, RF [Roll Forward]
Grant Date Fair Value per share, beginning balance (in dollars per share)	$ 73.6
Grant Date Fair Value per share, Granted (in dollars per share)	120.1	$ 188.3	$ 128.6
Grant Date Fair Value per share, Vested (in dollars per share)	58.4
Grant Date Fair Value per share, Forfeited (in dollars per share)	154.4
Grant Date Fair Value per share, ending balance (in dollars per share)	$ 103.8	$ 73.6		$ 103.8
PRSU
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares)	58,954
Granted (in shares)	122,466
Vested (in shares)	0
Forfeited (in shares)	(72,798)
Ending balance (in shares)	108,622	58,954		108,622
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Nonvested, Weighted Average Grant Date Fair Value, RF [Roll Forward]
Grant Date Fair Value per share, beginning balance (in dollars per share)	$ 261.4
Grant Date Fair Value per share, Granted (in dollars per share)	145.5	$ 0	261.4
Grant Date Fair Value per share, Vested (in dollars per share)	0
Grant Date Fair Value per share, Forfeited (in dollars per share)	239.4
Grant Date Fair Value per share, ending balance (in dollars per share)	$ 145.5	$ 261.4		$ 145.5
MYPSU
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares)	311,872
Granted (in shares)	0
Vested (in shares)	0			0
Forfeited (in shares)	(25,992)
Ending balance (in shares)	285,880	311,872		285,880
Share-Based Compensation Arrangement By Share-Based Payment Award, Equity Instruments Other Than Options, Nonvested, Weighted Average Grant Date Fair Value, RF [Roll Forward]
Grant Date Fair Value per share, beginning balance (in dollars per share)	$ 88.6
Grant Date Fair Value per share, Granted (in dollars per share)	0	$ 88.6	$ 0
Grant Date Fair Value per share, Vested (in dollars per share)	0
Grant Date Fair Value per share, Forfeited (in dollars per share)	88.6
Grant Date Fair Value per share, ending balance (in dollars per share)	$ 88.6	$ 88.6		$ 88.6

Stock-based Compensation - Sc_2

Stock-based Compensation - Schedule of Total Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 76,753	$ 57,415	$ 30,345
Additional Paid-in Capital
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	76,638	57,251	29,694
Equity based awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	72,769	53,062	27,163
Equity based awards | Additional Paid-in Capital
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	72,769	53,062	27,163
Equity based awards | Cost of revenue
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	2,765	1,861	1,654
Equity based awards | Research and development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	30,893	23,024	11,087
Equity based awards | Selling, general and administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	39,111	28,177	14,422
Liability based awards - to be settled in equity
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	3,984	4,353	2,829
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	75	121	114
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	2,017	2,214	492
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	1,892	2,018	2,223
Total stock-based compensation - equity and liability based
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	76,753	57,415	29,992
Liability-based awards - cash settled
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	0	0	353
Liability-based awards - cash settled | Cost of revenue
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	0	0	102
Liability-based awards - cash settled | Research and development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	0	0	143
Liability-based awards - cash settled | Selling, general and administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	0	0	108
Liability based awards - settled in equity
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	2,800
Liability based awards - settled in equity | Additional Paid-in Capital
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 3,869	$ 4,189	$ 2,531

Stock-based Compensation - Summ

Stock-based Compensation - Summary of Unrecognized Compensation Costs and Related Weighted Average Period of Recognition (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized Compensation Costs (in thousands)	$ 120,218
RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized Compensation Costs (in thousands)	$ 103,995
Weighted Average Period of Recognition (in years)	1 year 9 months 18 days
PRSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized Compensation Costs (in thousands)	$ 6,341
Weighted Average Period of Recognition (in years)	1 year 4 months 24 days
MYPSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized Compensation Costs (in thousands)	$ 8,982
Weighted Average Period of Recognition (in years)	1 year 3 months 18 days
Liability-based awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized Compensation Costs (in thousands)	$ 900
Weighted Average Period of Recognition (in years)	1 month 6 days

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
United States	$ (81,208)	$ 22,208	$ 32,379
Foreign	825	1,128	(24)
Income (loss) before income taxes	$ (80,383)	$ 23,336	$ 32,355

Income Taxes - Schedule of Co_2

Income Taxes - Schedule of Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Federal	$ 0	$ 0	$ (11)
State	(1)	(1)	(1)
Foreign	(151)	(81)	(66)
Total current provision	(152)	(82)	(78)
Total deferred provision	0	0	0
Total income tax provision	$ (152)	$ (82)	$ (78)

Income Taxes - Schedule of Co_3

Income Taxes - Schedule of Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Accrual, write-down and other	$ 9,169	$ 5,433	$ 5,442
Acquired assets	1,650	0	0
Capitalized research and development	37,706	23,513	0
Credits	5,657	5,657	0
Net operating loss and credits carry forwards	54,212	49,647	64,690
Gross deferred tax assets	108,394	84,250	70,132
Deferred tax liabilities:
Depreciation and amortization	(2,622)	(1,576)	(818)
Gross deferred tax liabilities	(2,622)	(1,576)	(818)
Total gross deferred tax assets (liabilities)	105,772	82,674	69,314
Valuation allowance	(105,772)	(82,674)	(69,314)
Total net deferred tax assets	$ 0	$ 0	$ 0

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Increase (decrease) in valuation allowance	$ 23,100	$ 13,400
Federal net operating loss carry-forwards	230,200	213,300
State net operating loss carry-forwards	83,700	65,300
Foreign net operating loss carry-forwards	1,700	1,700
Federal research and development tax credit carry-forwards	3,900	3,900
State research and development tax credit carry-forwards	3,600	3,600
Unrecognized tax benefits	2,271	$ 2,302	$ 2,431
Unrecognized tax benefits that would impact effective tax rate	$ 700

Income Taxes - Schedule of Reco

Income Taxes - Schedule of Reconciliation of Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
US Federal Rate	21%	21%	21%
RSU excess tax expense (benefit)	12.90%	(88.60%)	(79.00%)
Permanent differences and others	(7.00%)	10.90%	15.70%
Change in valuation allowance	(27.10%)	57%	42.30%
Effective income tax rate	(0.20%)	0.30%	(0.00%)

Income Taxes - Schedule of Re_2

Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 2,302	$ 2,431
Increase (decrease) in balance related to tax position taken during prior periods	0	0
Increase (decrease) in balance related to tax position taken during the current period	(31)	(129)
Ending balance	$ 2,271	$ 2,302

401(k) Plan - Additional Inform

401(k) Plan - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Maximum pre-tax contribution per employee	90%
Matching contributions	$ 1.3	$ 1.3	$ 1

Segment Information and Opera_3

Segment Information and Operations by Geographic Area - Additional Information (Details)	12 Months Ended
	Dec. 31, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	1

Segment Information and Opera_4

Segment Information and Operations by Geographic Area - Schedule of Revenue by Country (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Revenue	$ 143,993	$ 283,605	$ 218,808
Revenue from Contract with Customer Benchmark | Geographic Concentration Risk
Segment Reporting Information [Line Items]
Revenue	143,993	283,605	218,808
Taiwan | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk
Segment Reporting Information [Line Items]
Revenue	43,954	101,849	66,390
Hong Kong | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk
Segment Reporting Information [Line Items]
Revenue	31,987	59,209	82,503
United States | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk
Segment Reporting Information [Line Items]
Revenue	19,976	33,470	14,221
Singapore | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk
Segment Reporting Information [Line Items]
Revenue	16,466	22,439	14,371
Other | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk
Segment Reporting Information [Line Items]
Revenue	$ 31,610	$ 66,638	$ 41,323

Segment Information and Opera_5

Segment Information and Operations by Geographic Area - Schedule of Property and Equipment Attributable to Operations (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Property and equipment, net	$ 54,685	$ 58,772
United States
Segment Reporting Information [Line Items]
Property and equipment, net	22,540	24,211
Malaysia
Segment Reporting Information [Line Items]
Property and equipment, net	14,471	18,524
Taiwan
Segment Reporting Information [Line Items]
Property and equipment, net	6,520	5,570
Other
Segment Reporting Information [Line Items]
Property and equipment, net	$ 11,154	$ 10,467

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)	1 Months Ended	12 Months Ended
	May 31, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party
Related Party Transaction [Line Items]
Revenue from contract with customer				$ 8,200,000
Sales commissions				300,000
Consulting fees				$ 100,000
Sales consulting services fee	$ 5,000
RSU
Related Party Transaction [Line Items]
Awards granted (in shares)		570,202
RSU | Related Party
Related Party Transaction [Line Items]
Awards granted (in shares)	500		300
SiTime Corporation | Related Party
Related Party Transaction [Line Items]
Percentage of outstanding common stock held (as a percent)		20.70%	23%

Schedule II - Valuation and Q_2

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Allowance for Credit Losses
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ 50	$ 50	$ 50
Additions Charged to Expenses or Other Accounts	0	0	0
Deductions Credited to Expenses or Other Accounts	0	0	0
Balance at End of Period	50	50	50
Deferred Tax Valuation Allowance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	82,674	69,314	55,951
Additions Charged to Expenses or Other Accounts	23,098	13,360	13,363
Deductions Credited to Expenses or Other Accounts	0	0	0
Balance at End of Period	$ 105,772	$ 82,674	$ 69,314