SiTime (SITM) 10-Q 8 Aug 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Aug. 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock Shares Outstanding		23,132,290
Entity Central Index Key	0001451809
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 16,637	$ 9,468
Short-term investments in held-to-maturity securities	435,881	518,733
Accounts receivable, net	20,986	21,861
Inventories	70,785	65,539
Prepaid expenses and other current assets	9,278	7,641
Total current assets	553,567	623,242
Property and equipment, net	58,689	54,685
Intangible assets, net	171,149	177,079
Right-of-use assets, net	7,056	8,262
Goodwill	87,098	87,098
Other assets	996	1,317
Total assets	878,555	951,683
Current liabilities:
Accounts payable	14,489	8,690
Accrued expenses and other current liabilities	65,874	112,704
Total current liabilities	80,363	121,394
Other non-current liabilities	105,680	122,237
Total liabilities	186,043	243,631
Commitments and contingencies (Note 9)
Stockholders’ equity:
Common stock, $0.0001 par value - 200,000 shares authorized; 23,132 and 22,692 shares issued and outstanding at June 30, 2024 and December 31, 2023	2	2
Additional paid-in capital	836,383	796,450
Accumulated deficit	(143,873)	(88,400)
Total stockholders’ equity	692,512	708,052
Total liabilities and stockholders’ equity	$ 878,555	$ 951,683

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Jun. 30, 2024	Dec. 31, 2023
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	200,000
Common stock, shares issued (in shares)	23,132	22,692
Common stock, shares outstanding (in shares)	23,132	22,692

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Operations And Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenue	$ 43,866	$ 27,728	$ 76,888	$ 66,070
Cost of revenue	22,343	12,290	37,705	27,592
Gross profit	21,523	15,438	39,183	38,478
Operating expenses:
Research and development	25,490	26,567	51,034	51,024
Selling, general and administrative	25,190	21,276	49,102	42,009
Acquisition related costs	3,163	0	6,405	0
Total operating expenses	53,843	47,843	106,541	93,033
Loss from operations	(32,320)	(32,405)	(67,358)	(54,555)
Interest income	5,736	6,667	12,296	12,297
Other expense, net	(203)	(161)	(416)	(61)
Loss before income taxes	(26,787)	(25,899)	(55,478)	(42,319)
Income tax benefit (expense)	18	(23)	5	(93)
Net loss	(26,769)	(25,922)	(55,473)	(42,412)
Net loss attributable to common stockholders and comprehensive loss	$ (26,769)	$ (25,922)	$ (55,473)	$ (42,412)
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (1.16)	$ (1.17)	$ (2.42)	$ (1.93)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (1.16)	$ (1.17)	$ (2.42)	$ (1.93)
Weighted-average shares used to compute basic net loss per share (in shares)	22,997	22,074	22,881	21,934
Weighted-average shares used to compute diluted net loss per share (in shares)	22,997	22,074	22,881	21,934

Condensed Consolidated Statem_2

Condensed Consolidated Statements Of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022		21,702
Beginning balance at Dec. 31, 2022	$ 708,480	$ 2	$ 716,343	$ (7,865)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	40,178		40,178
Net loss	(42,412)			(42,412)
Issuance of common stock in connection with At-The-Marker offering net of underwriting discounts and commissions and other offerings costs (in shares)		200
Issuance of common stock in connection with At-The-Market offering net of underwriting discounts and commissions and other offering costs	21,363		21,363
Issuance of shares upon vesting of restricted stock units, net of tax withholdings (in shares)		308
Issuance of shares upon vesting of restricted stock units, net of tax withholdings	(19,342)		(19,342)
Ending balance (in shares) at Jun. 30, 2023		22,210
Ending balance at Jun. 30, 2023	708,267	$ 2	758,542	(50,277)
Beginning balance (in shares) at Mar. 31, 2023		21,952
Beginning balance at Mar. 31, 2023	713,660	$ 2	738,013	(24,355)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	21,042		21,042
Net loss	(25,922)			(25,922)
Issuance of common stock in connection with At-The-Marker offering net of underwriting discounts and commissions and other offerings costs (in shares)		100
Issuance of common stock in connection with At-The-Market offering net of underwriting discounts and commissions and other offering costs	8,614		8,614
Issuance of shares upon vesting of restricted stock units, net of tax withholdings (in shares)		158
Issuance of shares upon vesting of restricted stock units, net of tax withholdings	(9,127)		(9,127)
Ending balance (in shares) at Jun. 30, 2023		22,210
Ending balance at Jun. 30, 2023	$ 708,267	$ 2	758,542	(50,277)
Beginning balance (in shares) at Dec. 31, 2023	22,692	22,692
Beginning balance at Dec. 31, 2023	$ 708,052	$ 2	796,450	(88,400)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	45,247		45,247
Net loss	(55,473)			(55,473)
Issuance of common stock in connection with At-The-Marker offering net of underwriting discounts and commissions and other offerings costs (in shares)		133
Issuance of common stock in connection with At-The-Market offering net of underwriting discounts and commissions and other offering costs	15,054		15,054
Issuance of shares upon vesting of restricted stock units, net of tax withholdings (in shares)		307
Issuance of shares upon vesting of restricted stock units, net of tax withholdings	$ (20,368)		(20,368)
Ending balance (in shares) at Jun. 30, 2024	23,132	23,132
Ending balance at Jun. 30, 2024	$ 692,512	$ 2	836,383	(143,873)
Beginning balance (in shares) at Mar. 31, 2024		22,872
Beginning balance at Mar. 31, 2024	696,210	$ 2	813,312	(117,104)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	22,353		22,353
Net loss	(26,769)			(26,769)
Issuance of common stock in connection with At-The-Marker offering net of underwriting discounts and commissions and other offerings costs (in shares)		100
Issuance of common stock in connection with At-The-Market offering net of underwriting discounts and commissions and other offering costs	12,349		12,349
Issuance of shares upon vesting of restricted stock units, net of tax withholdings (in shares)		160
Issuance of shares upon vesting of restricted stock units, net of tax withholdings	$ (11,631)		(11,631)
Ending balance (in shares) at Jun. 30, 2024	23,132	23,132
Ending balance at Jun. 30, 2024	$ 692,512	$ 2	$ 836,383	$ (143,873)

Condensed Consolidated Statem_3

Condensed Consolidated Statements Of Cash Flows $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Cash flows from operating activities:
Net loss	$ (55,473)	$ (42,412)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation and amortization expense	13,526	7,747
Stock-based compensation expense	44,620	39,696
Net change in unrealized interest on held to maturity securities	(1,200)	(2,686)
Change in fair value of sales based earnout liability	3,311	0
Change in fair value of acquisition consideration payable	2,479	0
Inventory write-down	1,986	1,271
Changes in assets and liabilities:
Accounts receivable, net	875	25,460
Inventories	(6,393)	(7,873)
Prepaid expenses and other assets	(1,316)	(2,976)
Accounts payable	(414)	(5,210)
Accrued expenses and other liabilities	(453)	(1,000)
Net cash provided by operating activities	1,548	12,017
Cash flows from investing activities
Purchase of held to maturity securities	(343,951)	(536,558)
Proceeds from maturity of held to maturity securities	428,004	524,439
Purchase of property and equipment	(5,470)	(3,676)
Cash paid for intangibles	(171)	(2,471)
Net cash provided by (used in) investing activities	78,412	(18,266)
Cash flows from financing activities
Tax withholding paid on behalf of employees for net share settlement	(20,368)	(19,342)
Proceeds from At-The-Market offering	15,727	21,976
Payments for At-The-Market offering costs	(608)	(613)
Payment of contingent consideration towards earnouts	(5,618)	0
Payment of deferred consideration towards acquisition consideration payable	(61,924)	0
Net cash (used in) provided by financing activities	(72,791)	2,021
Net increase (decrease) in cash and cash equivalents	7,169	(4,228)
Cash and cash equivalents
Beginning of period	9,468	34,603
End of period	16,637	30,375
Supplemental disclosure of cash flow information
Income taxes paid	27	137
Supplemental disclosure of noncash investing and financing activities
Unpaid property and equipment	7,079	1,043
Unpaid At-The-Market offering costs	65	0
Right-of-use assets acquired under operating leases	$ 186	$ 0

The Company and Basis of Presen

The Company and Basis of Presentation	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
The Company and Basis of Presentation	The Company and Basis of Presentation SiTime Corporation (the “Company”) was incorporated in the State of Delaware in December 2003. The Company is a leading provider of Precision Timing solutions to the global electronics industry, providing the timing functionality that is needed for electronics to operate reliably and correctly. The Company's products have been designed to address a wide range of applications across a broad array of end markets. The Company operates a fabless business model and leverages its global network of distributors to address the broad set of end markets that it serves. The accompanying interim condensed consolidated financial statements have been prepared in conformity with United States (U.S.) generally accepted accounting principles (GAAP) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X, and should be read in conjunction with the Company's audited consolidated financial statements and related notes thereto filed with the U.S. Securities and Exchange Commission (SEC) on Form 10-K for the fiscal year ended December 31, 2023. The interim financial statements are unaudited, but reflect all adjustments which are, in the opinion of management, of a normal, recurring nature necessary to provide a fair statement of results for the interim periods presented. The results of operations for the interim periods shown in this report are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2024, for any future year, or for any other future interim period. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The significant areas requiring the use of management estimates and assumptions include revenue recognition, fair value of earnout liabilities, estimate of reserve for excess and obsolete inventories, and sales reserves. Actual results could differ from those estimates. Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Significant Accounting Policies The Company’s significant accounting policies are disclosed in the Company’s audited consolidated financial statements and related notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2023. There have been no changes to these accounting policies through June 30, 2024. 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	6 Months Ended
	Jun. 30, 2024
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions On December 1, 2023, we completed our acquisition of Aura's timing business and clock products, and an assembled workforce. 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 comprised 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 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 N/A Intangible assets, net Assumed customer agreements 5,900 4 years Intangible assets, net Goodwill 87,098 Indefinite Goodwill Total assets acquired $ 259,198 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, 2023: Three Months Ended Six Months Ended Unaudited pro forma information 2024 2023 2024 2023 (in thousands) (in thousands) Revenue $ 43,866 $ 28,478 $ 76,888 $ 67,220 Net loss $ (26,769) $ (30,360) $ (55,473) $ (57,447) The supplemental pro forma information presents the combined results of operations for the three and six months ended June 30, 2024 and 2023, as if the acquisition was completed on January 1, 2023, the first day of the fiscal year of 2023. 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 $6.5 million nonrecurring adjustment related to acquisition costs.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Cash equivalents At June 30, 2024 and December 31, 2023, highly liquid money market funds of $10.4 million and $0.4 million, respectively, were valued using Level 1 of the fair value hierarchy, quoted prices in active markets for identical assets, and are included in cash equivalents. Short-term investments in held-to-maturity securities As of June 30, 2024 and 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 $435.9 million including gross accrued interest of $10.1 million as of June 30, 2024. As of June 30, 2024, the fair value and gross unrealized loss on the held-to-maturity securities was $435.5 million and $0.4 million respectively. As of December 31, 2023, the amortized cost of the held-to-maturity securities totaled $518.7 million including gross accrued interest of $8.9 million. As of December 31, 2023, the fair value and gross unrealized loss on the held-to-maturity securities $519.0 million and $0.3 million respectively. 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. The carrying value of our investments is reviewed quarterly for changes in circumstances or the occurrence of events that suggests an investment may not be fully recoverable. 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 will result in significant adjustments to the fair value. As of June 30, 2024, the Company used a volatility rate of 20%, risk free rate ranging from 4.3% to 5.4%, and an expected term ranging from 0.13 years to 4.38 years. 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, 2024 $ 103,461 Change in the fair value during the year recorded to acquisition related costs 3,311 Payments made during the period (5,618) Fair value as of June 30, 2024 $ 101,154 There were no transfers between Level 1, Level 2, and Level 3 categories during any of the periods presented.

Balance Sheets Components

Balance Sheets Components	6 Months Ended
	Jun. 30, 2024
Balance Sheet Related Disclosures [Abstract]
Balance Sheets Components	Balance Sheet Components Accounts Receivable, net Accounts receivable, net consisted of the following: As of June 30, 2024 December 31, 2023 December 31, 2022 (in thousands) Accounts receivable, gross $ 21,036 $ 21,911 $ 41,279 Allowance for credit losses (50) (50) (50) Accounts receivable, net $ 20,986 $ 21,861 $ 41,229 Inventories Inventories consisted of the following: As of June 30, 2024 December 31, 2023 (in thousands) Raw materials $ 15,092 $ 17,550 Work in progress 39,467 35,193 Finished goods 16,226 12,796 Total inventories $ 70,785 $ 65,539 Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following: As of June 30, 2024 December 31, 2023 (in thousands) Prepaid expenses $ 3,350 $ 3,563 Other current assets 5,928 4,078 Total prepaid expenses and other current assets $ 9,278 $ 7,641 Property and Equipment, net Property and equipment, net consisted of the following: As of June 30, 2024 December 31, 2023 (in thousands) Lab and manufacturing equipment $ 88,472 $ 80,772 Computer equipment 3,716 3,541 Furniture and fixtures 1,169 969 Construction in progress 9,386 5,978 Leasehold improvements 7,640 7,847 110,383 99,107 Accumulated depreciation (51,694) (44,422) Total property and equipment, net $ 58,689 $ 54,685 Depreciation expense related to property and equipment was $3.8 million and $3.3 million for the three months ended June 30, 2024 and 2023, respectively, and $7.4 million and $6.5 million for the six months ended June 30, 2024 and 2023, respectively. Intangible Assets, net Intangible assets, net consisted of the following: As of June 30, 2024 December 31, 2023 (in thousands) Gross Assets Accumulated Amortization Net Assets Gross Assets Accumulated Amortization Net Assets Developed technology $ 96,700 $ (4,167) $ 92,533 $ 96,700 $ (159) $ 96,541 Contract based royalty asset $ 5,900 $ (860) $ 5,040 $ 5,900 $ (121) $ 5,779 Internal use software $ 9,434 $ (9,434) $ — $ 9,434 $ (9,234) $ 200 Purchased software 15,276 (11,200) 4,076 15,110 (10,051) 5,059 Total amortizable intangible assets $ 127,310 $ (25,661) $ 101,649 $ 127,144 $ (19,565) $ 107,579 In-process research and development $ 69,500 $ — $ 69,500 $ 69,500 $ — $ 69,500 Total intangible assets $ 196,810 $ (25,661) $ 171,149 $ 196,644 $ (19,565) $ 177,079 Amortization expense for intangible assets was $4.1 million and $0.7 million for the three months ended June 30, 2024 and 2023, respectively, and $6.1 million and $1.3 million for the six months ended June 30, 2024 and 2023, respectively. The estimated aggregate future amortization expense for intangible assets subject to amortization as of June 30, 2024 is summarized as below: (in thousands) 2024 (remainder) $ 7,870 2025 15,343 2026 15,002 2027 14,634 2028 12,912 2029 and beyond 35,888 $ 101,649 Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: As of June 30, 2024 December 31, 2023 (in thousands) Accrued payroll and related benefits $ 7,068 $ 6,358 Revenue reserves 3,365 2,954 Sales based earnout liability, current 21,514 19,733 Acquisition consideration payable, current 27,192 75,695 Short term lease liability 2,544 2,601 Other accrued expenses 4,191 5,363 Total accrued expenses and other current liabilities $ 65,874 $ 112,704 The Company recorded reductions to research and development expenses related to non-recurring engineering service arrangements in the condensed consolidated statements of operations of $0.3 million and $0.5 million during the three months ended June 30, 2024 and 2023, respectively, and $0.7 million and $1.7 million for the six months ended June 30, 2024 and 2023, respectively. Other Non-current Liabilities Other non-current liabilities consisted of the following: As of June 30, 2024 December 31, 2023 (in thousands) Sales based earnout liability, non-current $ 79,640 $ 83,728 Acquisition consideration payable, non-current 21,825 33,086 Long term lease liability 4,215 5,423 Total other non-current liabilities $ 105,680 $ 122,237

Leases

Leases	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Leases	Leases The Company leases office space in California, Michigan, Malaysia, Japan, Taiwan, the Netherlands, Finland, Ukraine, and India, all under non-cancellable operating leases with various expiration dates through May 2029. The remaining lease terms vary from a few months to 5 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 operating lease-related assets and liabilities recorded on the condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023: As of June 30, 2024 December 31, 2023 (in thousands) Right-of-use assets $ 7,056 $ 8,262 Lease liabilities included in accrued expenses and other current liabilities 2,544 2,601 Lease liabilities included in other non-current liabilities 4,215 5,423 Total operating lease liabilities $ 6,759 $ 8,024 Weighted-average remaining lease term (years) 2.7 3.1 Weighted-average discount rate 4.6 % 4.5 % The table below presents certain information related to the lease costs for operating leases for the three and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended 2024 2023 2024 2023 (in thousands) Operating lease cost $ 754 $ 758 $ 1,502 $ 1,517 Short-term lease cost 238 135 415 312 Variable lease cost 268 290 679 567 Total lease cost $ 1,260 $ 1,183 $ 2,596 $ 2,396 Cash paid for operating lease liabilities was $0.8 million and $0.8 million for the three months ended June 30, 2024 and 2023, respectively. Cash paid for operating lease liabilities was $1.5 million and $1.5 million for the six months ended June 30, 2024 and 2023, respectively. Operating Lease Cash Flows The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on the condensed consolidated balance sheet as of June 30, 2024: (in thousands) Remainder of 2024 $ 1,533 2025 2,796 2026 2,195 2027 490 2028 134 2029 and beyond 45 Total minimum lease payments 7,193 Less: amount of lease payments representing interest (434) Present value of future minimum lease payments 6,759 Less: current obligations under leases (2,544) Long-term lease liabilities $ 4,215

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity At-The-Market offering On February 27, 2024, 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 1,200,000 shares of its common stock, par value $0.0001 per share, through Stifel acting 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 anticipated tax withholding and remittance obligations related to the net settlement upon vesting of restricted stock unit awards (“RSU”) granted to employees under the equity incentive plans. The Company has filed a prospectus supplement pursuant to the Sales Agreement for the offer and sale of up to an aggregate of 1,200,000 shares of its common stock. Subject to the terms and conditions of the Sales Agreement, Stifel will sell the common stock from time to time, based upon instructions from the Company. The Company agreed to pay Stifel a commission of up to 3% of the gross sales proceeds of any common stock sold through Stifel under the Sales Agreement. During the three months ended June 30, 2024, the Company sold 100,000 shares of its common stock through Stifel under the Sales Agreement at a weighted average price of $127.18 per share resulting in net proceeds to the Company of $12.3 million, after deducting underwriting discounts and commissions of $0.3 million and offering costs of $0.1 million. During the six months ended June 30, 2024, the Company sold 132,500 shares of its common stock through Stifel under the Sales Agreement at a weighted average price of $118.69 per share resulting in net proceeds to the Company of $15.0 million, after deducting underwriting discounts and commissions of $0.3 million and deferred offering costs of $0.4 million. Equity Incentive Plans The following table summarizes the RSU, performance based restricted stock units ("PRSU"), and multi-year performance restricted stock units ("MYPSU") activity for the three and six months ended June 30, 2024: RSU Grant Date PRSU Grant Date MYPSU Grant Date Unvested at December 31, 2023 1,238,417 $ 103.8 108,622 $ 145.5 285,880 $ 88.6 Granted 391,669 110.8 146,116 77.4 — — Vested (229,644) 86.0 — — — — Forfeited (13,170) 126.0 (55,532) 123.6 — — Unvested at March 31, 2024 1,387,272 $ 108.5 199,206 $ 101.5 285,880 $ 88.6 Granted 80,159 101.2 — — — — Vested (248,988) 85.7 — — — — Forfeited (26,539) 136.3 — — — — Unvested at June 30, 2024 1,191,904 $ 112.1 199,206 $ 101.5 285,880 $ 88.6 In March 2024, the Compensation Committee approved target bonus amounts based on the achievement of revenue and individual performance goals for the fiscal year 2024 (the "2024 Goals"). The awards for the actual payouts are granted in the quarter following the end of the performance period. The target bonuses were granted based on a fixed dollar amount to be settled in RSUs on the vesting date and hence the awards have been classified as liability-based awards until settled. Such expense is included in the non-cash adjustment within stock-based compensation expense on the condensed consolidated cash flow statements. The liability of $0.9 million for 2024 Goals was recorded as accrued expenses and other current liabilities in the condensed consolidated balance sheet as of June 30, 2024. In March 2024, the Compensation Committee of the Company approved PRSUs for the fiscal year 2024 with performance goals based on the achievement of relative total stockholder return with a three year performance period (the "2024 TSR PRSU Goals"). The grant-date fair value of each PRSU was determined using Monte Carlo simulation model. The assumptions used in the Monte Carlo simulation included expected volatility of 74.7%, risk free rate of 4.5%, no expected dividend yield and expected term of 2.8 years. The Company recognizes the expense related to the 2024 TSR PRSU Goals on a graded-vesting method over the requisite performance period. These grants are included in the PRSU awards granted in the table above. The Company also operates a bonus plan for certain employees which are based on a fixed dollar amount to be settled in RSUs. These awards are categorized as liability-based awards until settled. Once settled, these awards are reflected as RSU granted in the above table. Such expense is included in the non-cash adjustment within stock-based compensation expense on the condensed consolidated cash flow statements. The liability of $1.0 million was recorded as accrued expenses and other current liabilities in the condensed consolidated balance sheet as of June 30, 2024. Stock-Based Compensation The following table presents the detail of stock-based compensation expense amounts included in the condensed consolidated statement of operations for each of the periods presented: Three Months Ended Six Months Ended 2024 2023 2024 2023 (in thousands) Equity based awards Cost of revenue $ 315 $ 696 $ 491 $ 1,324 Research and development 8,623 9,506 17,236 17,011 Selling, general and administrative 12,213 10,076 24,091 19,556 $ 21,151 $ 20,278 $ 41,818 $ 37,891 Liability based awards - to be settled in equity Cost of revenue $ 12 $ 17 $ 16 $ 28 Research and development 791 477 1,354 1,003 Selling, general and administrative 963 388 1,432 774 $ 1,766 $ 882 $ 2,802 $ 1,805 Total stock-based compensation expense - equity and liability based $ 22,917 $ 21,160 $ 44,620 $ 39,696 Stock-based compensation expense recorded to additional paid-in capital Equity based awards $ 21,151 $ 20,278 $ 41,818 $ 37,891 Liability based awards - settled in equity 865 764 2,624 2,287 Stock compensation expense capitalized to inventory $ 337 $ — $ 805 $ — Total stock-based compensation expense recorded to additional paid-in capital $ 22,353 $ 21,042 $ 45,247 $ 40,178 The following table presents the unrecognized compensation costs and related weighted average period of recognition as of June 30, 2024: Unrecognized Compensation Costs (in millions) Weighted Average Period of Recognition (in years) RSUs $ 122.6 1.9 PRSUs $ 14.1 1.3 MYPSUs $ 5.2 1.0 Liability-based awards $ 4.1 0.5

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The quarterly provision for income taxes is based on applying the estimated annual effective tax rate to the year to date pre-tax income, plus any discrete items. The Company updates its estimate of its annual effective tax rate at the end of each quarterly period. The estimate takes into account annual forecasted income before income taxes, the geographic mix of income before income taxes and any significant permanent tax items. The following table presents the provision for income taxes and the effective tax rates for the three and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended 2024 2023 2024 2023 (in thousands) Loss before income taxes $ (26,787) $ (25,899) $ (55,478) $ (42,319) Income tax benefit (expense) 18 (23) 5 (93) Effective tax rate 0 % 0 % 0 % 0 % The Company’s effective tax rate may vary from the U.S. federal statutory tax rate due to the change in the mix of earnings in tax jurisdictions with different statutory rates, benefits related to tax credits and the tax impact of non-deductible expenses, existence of full valuation allowance on its deferred tax assets, and other permanent differences between income before income taxes and taxable income. A valuation allowance is established or maintained when, based on currently available information and other factors, it is more likely than not that all or a portion of the deferred tax assets will not be realized. The Company regularly assesses its valuation allowance against deferred tax assets on a jurisdiction by jurisdiction basis. The Company considers all available positive and negative evidence, including future reversals of temporary differences, projected future taxable income, tax planning strategies and recent financial results. Based on management’s assessment of the realizability of deferred tax assets, the Company continues to maintain a full valuation reserve on its deferred tax assets as of June 30, 2024. The income tax provision was less than $0.1 million for both the three and six months ended June 30, 2024 and 2023. The effective tax rate was less than 1% for both the three and six months ended June 30, 2024 and 2023. The provision for income taxes is primarily related to the foreign subsidiaries’ local country obligations. The U.S. effective tax rate is less than 1% and is due to minimum state tax. There is no federal provision for income taxes as the Company has sufficient carryforward of net operating losses to offset any operating income earned since inception and has projected an operating loss in the current year. As of June 30, 2024 and December 31, 2023, the Company had $2.3 million and $2.3 million, respectively, of total unrecognized tax benefits. If the Company is able to eventually recognize these uncertain tax positions, none of the unrecognized benefits would reduce the Company’s effective tax rate due to the full valuation allowance on the Company’s deferred tax assets. The Company’s policy is to record interest and penalties related to unrecognized tax benefits as income tax expense. For the three and six months ended June 30, 2024 and 2023, the Company recorded immaterial amounts related to the accrual of interest and penalties.

Segment, Geographic and Custome

Segment, Geographic and Customer Information	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Segment, Geographic and Customer Information	Segment, Geographic and Customer Information The Company operates in one reportable segment related to the sale of Precision Timing solutions to the global electronics industry. Revenue by geographic area is presented based upon the ship-to location of the customers who purchased the Company’s products which may be different from the geographic locations of the ultimate end customers. The following table sets forth revenue by country for countries with 10% or more of the Company’s revenue during any of the periods presented: Three Months Ended Six Months Ended 2024 2023 2024 2023 (in thousands) Taiwan $ 12,052 $ 5,290 $ 21,611 $ 15,904 Hong Kong 15,082 6,538 25,536 12,846 United States 4,129 4,134 7,623 11,624 Singapore 4,259 3,666 6,468 7,448 Other 8,344 8,100 15,650 18,248 Total $ 43,866 $ 27,728 $ 76,888 $ 66,070 The following table sets forth the Company’s total property and equipment attributable to operations by country as of the periods presented: As of June 30, 2024 December 31, 2023 (in thousands) United States $ 27,838 $ 22,540 Malaysia 14,254 14,471 Taiwan 6,720 6,520 Other 9,877 11,154 $ 58,689 $ 54,685

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Matters From time to time, the Company may be a party to various litigation claims in the normal course of business. Legal fees and other costs associated with such actions are expensed as incurred. The Company assesses, in conjunction with legal counsel, the need to record a liability for litigation and contingencies. Accrual estimates are recorded when and if it is determined that such a liability for litigation and contingencies are both probable and reasonably estimable. We did not have any amounts accrued towards these matters as of June 30, 2024 Indemnification The Company is a party to a variety of agreements pursuant to which it may be obligated to indemnify other parties to such agreements with respect to certain matters. Typically, these obligations arise in the context of contracts that the Company has entered into, under which the Company customarily agrees to hold the other party harmless against losses arising from a breach of representations and covenants or terms and conditions related to such matters as the sale and/or delivery of its products, title to assets sold, certain intellectual property claims, defective products, and specified environmental matters. Further, the Company’s obligations under these agreements may be limited in terms of time, amount, or the scope of its responsibility and in some instances, the Company may have recourse against third-parties for certain payments made under these agreements. It is not possible to predict the maximum potential amount of future payments under these agreements due to the conditional nature of the Company’s obligations and the unique facts and circumstances involved in each particular agreement. Historically, the Company has had no material indemnification claims under these agreements. 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 June 30, 2024 were as follows: (in thousands) Remainder of 2024 $ 4,059 2025 8,654 2026 8,239 2027 1,419 2028 525 Total $ 22,896

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss Per Share The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in thousands, except per share data) Net loss attributable to common stockholders $ (26,769) $ (25,922) $ (55,473) $ (42,412) Weighted-average shares outstanding Weighted average shares used to compute basic net loss per share 22,997 22,074 22,881 21,934 Dilutive effect of employee equity incentive plans — — — — Weighted average shares used to compute diluted net loss per share 22,997 22,074 22,881 21,934 Net loss attributable to common stockholders per share, basic $ (1.16) $ (1.17) $ (2.42) $ (1.93) Net loss attributable to common stockholders per share, diluted $ (1.16) $ (1.17) $ (2.42) $ (1.93) Potential dilutive securities include dilutive common shares from share-based awards attributable to the assumed exercise of restricted stock unit awards using the treasury stock method. Under the treasury stock method, potential common shares outstanding are not included in the computation of diluted net income per share if their effect is anti-dilutive. Anti-dilutive potential shares from share-based awards are excluded from the calculation of diluted earnings per share if either their exercise price exceeded the average market price during the period, or the share-based awards were determined to be anti-dilutive based on applying the treasury stock method. During the three months ended June 30, 2024 and 2023, the Company had 766,620 and 1,267,359 potential shares from share-based awards that are anti-dilutive, respectively. During the six months ended June 30, 2024 and 2023, the Company had 698,148 and 1,353,845 potential shares from share-based awards that are anti-dilutive, respectively.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (26,769)	$ (25,922)	$ (55,473)	$ (42,412)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jun. 30, 2024 shares	Jun. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Dr. Fariborz Assaderaghi [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On June 6, 2024, Dr. Fariborz Assaderaghi, Executive Vice President, Technology and Engineering, adopted a trading arrangement intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act. Dr. Assaderaghi's trading arrangement provides for the sale through May 31, 2025 of up to 18,315 shares of common stock of the Company. Dr. Assaderaghi's trading arrangement terminates on the earliest of: (i) May 31, 2025, (ii) the first date on which all trades set forth in the trading arrangement have been executed, or (iii) such date the trading arrangement is otherwise terminated according to its terms.
Name	Dr. Fariborz Assaderaghi
Title	Executive Vice President, Technology and Engineering
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 6, 2024
Arrangement Duration	359 days
Aggregate Available	18,315	18,315
Mr. Rajesh Vashist [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On June 14, 2024, Mr. Rajesh Vashist, Chief Executive Officer, adopted a trading arrangement intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act. Mr. Vashist's trading arrangement provides for the sale through August 31, 2025 of up to 20,000 shares of common stock of the Company. Mr. Vashist's trading arrangement terminates on the earliest of: (i) August 31, 2025, (ii) the first date on which all trades set forth in the trading arrangement have been executed, or (iii) such date the trading arrangement is otherwise terminated according to its terms.
Name	Mr. Rajesh Vashist
Title	Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 14, 2024
Arrangement Duration	443 days
Aggregate Available	20,000	20,000

The Company and Basis of Pres_2

The Company and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
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.

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Jun. 30, 2024
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 comprised 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 N/A Intangible assets, net Assumed customer agreements 5,900 4 years Intangible assets, net Goodwill 87,098 Indefinite Goodwill 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, 2023: Three Months Ended Six Months Ended Unaudited pro forma information 2024 2023 2024 2023 (in thousands) (in thousands) Revenue $ 43,866 $ 28,478 $ 76,888 $ 67,220 Net loss $ (26,769) $ (30,360) $ (55,473) $ (57,447)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
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, 2024 $ 103,461 Change in the fair value during the year recorded to acquisition related costs 3,311 Payments made during the period (5,618) Fair value as of June 30, 2024 $ 101,154

Balance Sheets Components (Tabl

Balance Sheets Components (Tables)	6 Months Ended
	Jun. 30, 2024
Balance Sheet Related Disclosures [Abstract]
Schedule of Accounts Receivable, Net	Accounts receivable, net consisted of the following: As of June 30, 2024 December 31, 2023 December 31, 2022 (in thousands) Accounts receivable, gross $ 21,036 $ 21,911 $ 41,279 Allowance for credit losses (50) (50) (50) Accounts receivable, net $ 20,986 $ 21,861 $ 41,229
Schedule of Inventory	Inventories consisted of the following: As of June 30, 2024 December 31, 2023 (in thousands) Raw materials $ 15,092 $ 17,550 Work in progress 39,467 35,193 Finished goods 16,226 12,796 Total inventories $ 70,785 $ 65,539
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following: As of June 30, 2024 December 31, 2023 (in thousands) Prepaid expenses $ 3,350 $ 3,563 Other current assets 5,928 4,078 Total prepaid expenses and other current assets $ 9,278 $ 7,641
Schedule of Property and Equipment Net	Property and equipment, net consisted of the following: As of June 30, 2024 December 31, 2023 (in thousands) Lab and manufacturing equipment $ 88,472 $ 80,772 Computer equipment 3,716 3,541 Furniture and fixtures 1,169 969 Construction in progress 9,386 5,978 Leasehold improvements 7,640 7,847 110,383 99,107 Accumulated depreciation (51,694) (44,422) Total property and equipment, net $ 58,689 $ 54,685
Schedule of Intangible Assets, Net	Intangible assets, net consisted of the following: As of June 30, 2024 December 31, 2023 (in thousands) Gross Assets Accumulated Amortization Net Assets Gross Assets Accumulated Amortization Net Assets Developed technology $ 96,700 $ (4,167) $ 92,533 $ 96,700 $ (159) $ 96,541 Contract based royalty asset $ 5,900 $ (860) $ 5,040 $ 5,900 $ (121) $ 5,779 Internal use software $ 9,434 $ (9,434) $ — $ 9,434 $ (9,234) $ 200 Purchased software 15,276 (11,200) 4,076 15,110 (10,051) 5,059 Total amortizable intangible assets $ 127,310 $ (25,661) $ 101,649 $ 127,144 $ (19,565) $ 107,579 In-process research and development $ 69,500 $ — $ 69,500 $ 69,500 $ — $ 69,500 Total intangible assets $ 196,810 $ (25,661) $ 171,149 $ 196,644 $ (19,565) $ 177,079
Schedule of Future Amortization Expense for Intangible Assets	The estimated aggregate future amortization expense for intangible assets subject to amortization as of June 30, 2024 is summarized as below: (in thousands) 2024 (remainder) $ 7,870 2025 15,343 2026 15,002 2027 14,634 2028 12,912 2029 and beyond 35,888 $ 101,649
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following: As of June 30, 2024 December 31, 2023 (in thousands) Accrued payroll and related benefits $ 7,068 $ 6,358 Revenue reserves 3,365 2,954 Sales based earnout liability, current 21,514 19,733 Acquisition consideration payable, current 27,192 75,695 Short term lease liability 2,544 2,601 Other accrued expenses 4,191 5,363 Total accrued expenses and other current liabilities $ 65,874 $ 112,704
Other Noncurrent Liabilities	Other non-current liabilities consisted of the following: As of June 30, 2024 December 31, 2023 (in thousands) Sales based earnout liability, non-current $ 79,640 $ 83,728 Acquisition consideration payable, non-current 21,825 33,086 Long term lease liability 4,215 5,423 Total other non-current liabilities $ 105,680 $ 122,237

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2024
Leases [Abstract]
Summary of Lease Related Assets and Liabilities	The table below presents the operating lease-related assets and liabilities recorded on the condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023: As of June 30, 2024 December 31, 2023 (in thousands) Right-of-use assets $ 7,056 $ 8,262 Lease liabilities included in accrued expenses and other current liabilities 2,544 2,601 Lease liabilities included in other non-current liabilities 4,215 5,423 Total operating lease liabilities $ 6,759 $ 8,024 Weighted-average remaining lease term (years) 2.7 3.1 Weighted-average discount rate 4.6 % 4.5 %
Summary of Lease Costs	The table below presents certain information related to the lease costs for operating leases for the three and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended 2024 2023 2024 2023 (in thousands) Operating lease cost $ 754 $ 758 $ 1,502 $ 1,517 Short-term lease cost 238 135 415 312 Variable lease cost 268 290 679 567 Total lease cost $ 1,260 $ 1,183 $ 2,596 $ 2,396
Summary of Undiscounted Cash Flows	The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on the condensed consolidated balance sheet as of June 30, 2024: (in thousands) Remainder of 2024 $ 1,533 2025 2,796 2026 2,195 2027 490 2028 134 2029 and beyond 45 Total minimum lease payments 7,193 Less: amount of lease payments representing interest (434) Present value of future minimum lease payments 6,759 Less: current obligations under leases (2,544) Long-term lease liabilities $ 4,215

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of Restricted Stock Unit Award ("RSU") and Performance Based Restricted Stock Unit Awards ("PRSU") and Multi-year Performance Restricted Stock Units ("MYPSU") Activity (Details)	The following table summarizes the RSU, performance based restricted stock units ("PRSU"), and multi-year performance restricted stock units ("MYPSU") activity for the three and six months ended June 30, 2024: RSU Grant Date PRSU Grant Date MYPSU Grant Date Unvested at December 31, 2023 1,238,417 $ 103.8 108,622 $ 145.5 285,880 $ 88.6 Granted 391,669 110.8 146,116 77.4 — — Vested (229,644) 86.0 — — — — Forfeited (13,170) 126.0 (55,532) 123.6 — — Unvested at March 31, 2024 1,387,272 $ 108.5 199,206 $ 101.5 285,880 $ 88.6 Granted 80,159 101.2 — — — — Vested (248,988) 85.7 — — — — Forfeited (26,539) 136.3 — — — — Unvested at June 30, 2024 1,191,904 $ 112.1 199,206 $ 101.5 285,880 $ 88.6
Schedule of Stock-based Compensation Expense Amounts Included in Condensed Consolidated Statement of Operations	The following table presents the detail of stock-based compensation expense amounts included in the condensed consolidated statement of operations for each of the periods presented: Three Months Ended Six Months Ended 2024 2023 2024 2023 (in thousands) Equity based awards Cost of revenue $ 315 $ 696 $ 491 $ 1,324 Research and development 8,623 9,506 17,236 17,011 Selling, general and administrative 12,213 10,076 24,091 19,556 $ 21,151 $ 20,278 $ 41,818 $ 37,891 Liability based awards - to be settled in equity Cost of revenue $ 12 $ 17 $ 16 $ 28 Research and development 791 477 1,354 1,003 Selling, general and administrative 963 388 1,432 774 $ 1,766 $ 882 $ 2,802 $ 1,805 Total stock-based compensation expense - equity and liability based $ 22,917 $ 21,160 $ 44,620 $ 39,696 Stock-based compensation expense recorded to additional paid-in capital Equity based awards $ 21,151 $ 20,278 $ 41,818 $ 37,891 Liability based awards - settled in equity 865 764 2,624 2,287 Stock compensation expense capitalized to inventory $ 337 $ — $ 805 $ — Total stock-based compensation expense recorded to additional paid-in capital $ 22,353 $ 21,042 $ 45,247 $ 40,178
Summary of Unrecognized Compensation Costs and Related Weighted Average Period Of Recognition	The following table presents the unrecognized compensation costs and related weighted average period of recognition as of June 30, 2024: Unrecognized Compensation Costs (in millions) Weighted Average Period of Recognition (in years) RSUs $ 122.6 1.9 PRSUs $ 14.1 1.3 MYPSUs $ 5.2 1.0 Liability-based awards $ 4.1 0.5

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Schedule of Provision for Income Taxes and Effective Tax Rates	The following table presents the provision for income taxes and the effective tax rates for the three and six months ended June 30, 2024 and 2023: Three Months Ended Six Months Ended 2024 2023 2024 2023 (in thousands) Loss before income taxes $ (26,787) $ (25,899) $ (55,478) $ (42,319) Income tax benefit (expense) 18 (23) 5 (93) Effective tax rate 0 % 0 % 0 % 0 %

Segment, Geographic and Custo_2

Segment, Geographic and Customer Information (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Revenue by Country	The following table sets forth revenue by country for countries with 10% or more of the Company’s revenue during any of the periods presented: Three Months Ended Six Months Ended 2024 2023 2024 2023 (in thousands) Taiwan $ 12,052 $ 5,290 $ 21,611 $ 15,904 Hong Kong 15,082 6,538 25,536 12,846 United States 4,129 4,134 7,623 11,624 Singapore 4,259 3,666 6,468 7,448 Other 8,344 8,100 15,650 18,248 Total $ 43,866 $ 27,728 $ 76,888 $ 66,070
Schedule of Property and Equipment Attributable to Operations	The following table sets forth the Company’s total property and equipment attributable to operations by country as of the periods presented: As of June 30, 2024 December 31, 2023 (in thousands) United States $ 27,838 $ 22,540 Malaysia 14,254 14,471 Taiwan 6,720 6,520 Other 9,877 11,154 $ 58,689 $ 54,685

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Contractual Obligation, Fiscal Year Maturity	Total future non-cancelable purchase commitments as of June 30, 2024 were as follows: (in thousands) Remainder of 2024 $ 4,059 2025 8,654 2026 8,239 2027 1,419 2028 525 Total $ 22,896

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
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 loss per share attributable to common stockholders of the Company: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (in thousands, except per share data) Net loss attributable to common stockholders $ (26,769) $ (25,922) $ (55,473) $ (42,412) Weighted-average shares outstanding Weighted average shares used to compute basic net loss per share 22,997 22,074 22,881 21,934 Dilutive effect of employee equity incentive plans — — — — Weighted average shares used to compute diluted net loss per share 22,997 22,074 22,881 21,934 Net loss attributable to common stockholders per share, basic $ (1.16) $ (1.17) $ (2.42) $ (1.93) Net loss attributable to common stockholders per share, diluted $ (1.16) $ (1.17) $ (2.42) $ (1.93)

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Dec. 01, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Business Acquisition [Line Items]
Acquisition related costs		$ 3,163	$ 0	$ 6,405	$ 0
Aura
Business Acquisition [Line Items]
Total purchase consideration	$ 259,198
Acquisition related costs	$ 6,500

Acquisitions - Schedule of Acqu

Acquisitions - Schedule of Acquisition Date Fair Value of the Purchase Consideration (Details) - Aura $ in Thousands	Dec. 01, 2023 USD ($)
Business Acquisition [Line Items]
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

Acquisitions - Schedule of Asse

Acquisitions - Schedule of Assets Acquired (Details) - USD ($) $ in Thousands	Dec. 01, 2023	Jun. 30, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill		$ 87,098	$ 87,098
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	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Business Acquisition [Line Items]
Revenue	$ 43,866	$ 28,478	$ 76,888	$ 67,220
Net loss	$ (26,769)	$ (30,360)	$ (55,473)	$ (57,447)

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) yr	Dec. 31, 2023 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments in held-to-maturity securities, at amortized cost	$ 435.5	$ 519
Short-term investments in held-to-maturity securities, gross unrealized loss	$ 0.4	$ 0.3
Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Treasury bills, maturity period	3 months	3 months
Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Treasury bills, maturity period	12 months	12 months
Measurement Input, Price Volatility
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Earnout liability, measurement input	0.20
Measurement Input, Risk Free Interest Rate | Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Earnout liability, measurement input	0.043
Measurement Input, Risk Free Interest Rate | Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Earnout liability, measurement input	0.054
Measurement Input, Expected Term | Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Earnout liability, measurement input | yr	0.13
Measurement Input, Expected Term | Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Earnout liability, measurement input | yr	4.38
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Highly liquid money market funds	$ 10.4	$ 0.4
Short-term investments in held-to-maturity securities, at amortized cost, excluding accrued interest	435.9	518.7
Short-term investments in held-to-maturity securities, gross accrued interest	$ 10.1	$ 8.9

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value, Liabilities Measured on Recurring Basis (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, liability value, beginning balance	$ 103,461
Change in the fair value during the year recorded to acquisition related costs	3,311
Payments made during the period	(5,618)
Fair value, liability value, ending balance	$ 101,154
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Acquisition related costs

Balance Sheets Components - Sch

Balance Sheets Components - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Accounts receivable, gross	$ 21,036	$ 21,911	$ 41,279
Allowance for credit losses	(50)	(50)	(50)
Accounts receivable, net	$ 20,986	$ 21,861	$ 41,229

Balance Sheets Components - S_2

Balance Sheets Components - Schedule of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Raw materials	$ 15,092	$ 17,550
Work in progress	39,467	35,193
Finished goods	16,226	12,796
Total inventories	$ 70,785	$ 65,539

Balance Sheets Components - S_3

Balance Sheets Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Prepaid expenses	$ 3,350	$ 3,563
Other current assets	5,928	4,078
Total prepaid expenses and other current assets	$ 9,278	$ 7,641

Balance Sheets Components - S_4

Balance Sheets Components - Schedule of Property and Equipment Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 110,383	$ 99,107
Accumulated depreciation	(51,694)	(44,422)
Total property and equipment, net	58,689	54,685
Lab and manufacturing equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	88,472	80,772
Computer equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	3,716	3,541
Furniture and fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	1,169	969
Construction in progress
Property Plant And Equipment [Line Items]
Property and equipment, gross	9,386	5,978
Leasehold improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 7,640	$ 7,847

Balance Sheets Components - Add

Balance Sheets Components - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Finite Lived Intangible Assets [Line Items]
Depreciation expense	$ 3,800	$ 3,300	$ 7,400	$ 6,500
Amortization expense for intangible assets	4,100	700	6,100	1,300
Reduction in research and development expenses	25,490	26,567	51,034	51,024
Non-recurring Engineering Service Arrangements
Finite Lived Intangible Assets [Line Items]
Reduction in research and development expenses	$ 300	$ 500	$ 700	$ 1,700

Balance Sheets Components - S_5

Balance Sheets Components - Schedule of Intangible Assets Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finite Lived Intangible Assets [Line Items]
Gross Assets	$ 127,310	$ 127,144
Accumulated Amortization	(25,661)	(19,565)
Net Assets	101,649	107,579
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Assets	196,810	196,644
Accumulated Amortization	(25,661)	(19,565)
Net Assets	171,149	177,079
In-process research and development
Indefinite-Lived Intangible Assets [Line Items]
In-process research and development	69,500	69,500
Developed technology
Finite Lived Intangible Assets [Line Items]
Gross Assets	96,700	96,700
Accumulated Amortization	(4,167)	(159)
Net Assets	92,533	96,541
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(4,167)	(159)
Contract based royalty asset
Finite Lived Intangible Assets [Line Items]
Gross Assets	5,900	5,900
Accumulated Amortization	(860)	(121)
Net Assets	5,040	5,779
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(860)	(121)
Internal use software
Finite Lived Intangible Assets [Line Items]
Gross Assets	9,434	9,434
Accumulated Amortization	(9,434)	(9,234)
Net Assets	0	200
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(9,434)	(9,234)
Purchased software
Finite Lived Intangible Assets [Line Items]
Gross Assets	15,276	15,110
Accumulated Amortization	(11,200)	(10,051)
Net Assets	4,076	5,059
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ (11,200)	$ (10,051)

Balance Sheets Components - S_6

Balance Sheets Components - Schedule of Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
2024 (remainder)	$ 7,870
2025	15,343
2026	15,002
2027	14,634
2028	12,912
2029 and beyond	35,888
Net Assets	$ 101,649	$ 107,579

Balance Sheets Components - S_7

Balance Sheets Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total accrued expenses and other current liabilities	Total accrued expenses and other current liabilities
Accrued payroll and related benefits	$ 7,068	$ 6,358
Revenue reserves	3,365	2,954
Sales based earnout liability, current	21,514	19,733
Acquisition consideration payable, current	27,192	75,695
Short term lease liability	2,544	2,601
Other accrued expenses	4,191	5,363
Total accrued expenses and other current liabilities	$ 65,874	$ 112,704

Balance Sheets Components - Oth

Balance Sheets Components - Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Sales based earnout liability, non-current	$ 79,640	$ 83,728
Acquisition consideration payable, non-current	21,825	33,086
Long term lease liability	4,215	5,423
Total other non-current liabilities	$ 105,680	$ 122,237

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Lessor, Lease, Description [Line Items]
Cash paid for operating lease liabilities	$ 0.8	$ 0.8	$ 1.5	$ 1.5
Minimum
Lessor, Lease, Description [Line Items]
Operating lease, renewal term	1 year		1 year
Maximum
Lessor, Lease, Description [Line Items]
Lease term	5 years		5 years
Operating lease, renewal term	5 years		5 years

Leases - Summary of Lease Relat

Leases - Summary of Lease Related Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Right-of-use assets, net	$ 7,056	$ 8,262
Lease liabilities included in accrued expenses and other current liabilities	2,544	2,601
Long-term lease liabilities	4,215	5,423
Total operating lease liabilities	$ 6,759	$ 8,024
Weighted-average remaining lease term (years)	2 years 8 months 12 days	3 years 1 month 6 days
Weighted-average discount rate	4.60%	4.50%

Leases - Summary of Lease Costs

Leases - Summary of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Operating lease cost	$ 754	$ 758	$ 1,502	$ 1,517
Short-term lease cost	238	135	415	312
Variable lease cost	268	290	679	567
Total lease cost	$ 1,260	$ 1,183	$ 2,596	$ 2,396

Leases - Summary of Undiscounte

Leases - Summary of Undiscounted Cash Flows (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Remainder of 2024	$ 1,533
2025	2,796
2026	2,195
2027	490
2028	134
2029 and beyond	45
Total minimum lease payments	7,193
Less: amount of lease payments representing interest	(434)
Total operating lease liabilities	6,759	$ 8,024
Less: current obligations under leases	(2,544)	(2,601)
Long-term lease liabilities	$ 4,215	$ 5,423

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended	6 Months Ended
	Feb. 27, 2024	Mar. 31, 2024	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, shares authorized (in shares)			200,000,000	200,000,000		200,000,000
Common stock, par value (in dollars per share)			$ 0.0001	$ 0.0001		$ 0.0001
Payments of stock issuance costs				$ 608	$ 613
Accrued expenses and other current liabilities			$ 65,874	65,874		$ 112,704
Total Stockholder Performance Restricted Stock Unit Award (TSR PRSU)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance period		3 years
Expected volatility		74.70%
Risk free rate		4.50%
Expected dividend yield		0%
Expected term		2 years 9 months 18 days
Liability-based awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Accrued expenses and other current liabilities			1,000	1,000
2024 Goals
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Accrued expenses and other current liabilities			$ 900	$ 900
At-The-Market Issuance Sales Agreement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, shares authorized (in shares)	1,200,000
Common stock, par value (in dollars per share)	$ 0.0001
Issuance of common stock in connection with At-The-Marker offering net of underwriting discounts and commissions and other offerings costs (in shares)	1,200,000		100,000	132,500
Percentage of sales commission from common stock sold	3%
Sale of common stock price per share (in usd per share)			$ 127.18	$ 118.69
Proceeds from public offering, net of underwriting discounts and commissions			$ 12,300	$ 15,000
Payments for underwriting discounts and commissions			300	300
Payments of stock issuance costs			$ 100	$ 400

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Restricted Stock Unit Award ("RSU") and Performance Based Restricted Stock Unit Awards ("PRSU") and Multi-year Performance Restricted Stock Units ("MYPSU") Activity (Details) - $ / shares	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024
Restricted Stock Units (RSU)
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of Shares, beginning balance (in shares)	1,387,272	1,238,417
Granted (in shares)	80,159	391,669
Vested (in shares)	(248,988)	(229,644)
Forfeited (in shares)	(26,539)	(13,170)
Number of Shares, ending balance (in shares)	1,191,904	1,387,272
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Grant Date Fair Value per share, beginning balance (in dollars per share)	$ 108.5	$ 103.8
Grant Date Fair Value per share, Granted (in dollars per share)	101.2	110.8
Grant Date Fair Value per share, Vested (in dollars per share)	85.7	86
Grant Date Fair Value per share, Forfeited (in dollars per share)	136.3	126
Grant Date Fair Value per share, ending balance (in dollars per share)	$ 112.1	$ 108.5
Performance Restricted Stock Unit Award (PRSU)
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of Shares, beginning balance (in shares)	199,206	108,622
Granted (in shares)	0	146,116
Vested (in shares)	0	0
Forfeited (in shares)	0	(55,532)
Number of Shares, ending balance (in shares)	199,206	199,206
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Grant Date Fair Value per share, beginning balance (in dollars per share)	$ 101.5	$ 145.5
Grant Date Fair Value per share, Granted (in dollars per share)	0	77.4
Grant Date Fair Value per share, Vested (in dollars per share)	0	0
Grant Date Fair Value per share, Forfeited (in dollars per share)	0	123.6
Grant Date Fair Value per share, ending balance (in dollars per share)	$ 101.5	$ 101.5
Multi-Year Performance Restricted Stock Unit Award (MYPSU)
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of Shares, beginning balance (in shares)	285,880	285,880
Granted (in shares)	0	0
Vested (in shares)	0	0
Forfeited (in shares)	0	0
Number of Shares, ending balance (in shares)	285,880	285,880
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Grant Date Fair Value per share, beginning balance (in dollars per share)	$ 88.6	$ 88.6
Grant Date Fair Value per share, Granted (in dollars per share)	0	0
Grant Date Fair Value per share, Vested (in dollars per share)	0	0
Grant Date Fair Value per share, Forfeited (in dollars per share)	0	0
Grant Date Fair Value per share, ending balance (in dollars per share)	$ 88.6	$ 88.6

Stockholders' Equity - Schedu_2

Stockholders' Equity - Schedule of Stock-based Compensation Expense Amounts Included in Condensed Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock compensation expense capitalized to inventory	$ 337	$ 0	$ 805	$ 0
Total stock-based compensation expense recorded to additional paid-in capital	22,353	21,042	45,247	40,178
Equity Based Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	21,151	20,278	41,818	37,891
Equity Based Awards | Additional Paid-in Capital
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	21,151	20,278	41,818	37,891
Equity Based Awards | Cost of revenue
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	315	696	491	1,324
Equity Based Awards | Research and development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	8,623	9,506	17,236	17,011
Equity Based Awards | Selling, general and administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	12,213	10,076	24,091	19,556
Liability Based Awards to be Settled in Equity
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	1,766	882	2,802	1,805
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	12	17	16	28
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	791	477	1,354	1,003
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	963	388	1,432	774
Equity and Liability Based Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	22,917	21,160	44,620	39,696
Liability-based awards | Additional Paid-in Capital
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 865	$ 764	$ 2,624	$ 2,287

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Unrecognized Compensation Costs and Related Weighted Average Period of Recognition (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized Compensation Costs (in millions)	$ 122.6
Weighted Average Period of Recognition (in years)	1 year 10 months 24 days
PRSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized Compensation Costs (in millions)	$ 14.1
Weighted Average Period of Recognition (in years)	1 year 3 months 18 days
MYPSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized Compensation Costs (in millions)	$ 5.2
Weighted Average Period of Recognition (in years)	1 year
Liability-based awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized Compensation Costs (in millions)	$ 4.1
Weighted Average Period of Recognition (in years)	6 months

Income Taxes - Schedule of Prov

Income Taxes - Schedule of Provision for Income Taxes and Effective Tax Rates (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Loss before income taxes	$ (26,787)	$ (25,899)	$ (55,478)	$ (42,319)
Income tax benefit (expense)	$ 18	$ (23)	$ 5	$ (93)
Effective tax rate	0%	0%	0%	0%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Income Tax [Line Items]
Income tax provision	$ (18)	$ 23	$ (5)	$ 93
Effective tax rate	0%	0%	0%	0%
Unrecognized tax benefits	$ 2,300		$ 2,300		$ 2,300
Maximum
Income Tax [Line Items]
Income tax provision			$ 100	$ 100
Effective tax rate			1%	1%
U.S. effective tax rate			1%

Segment, Geographic and Custo_3

Segment, Geographic and Customer Information - Additional Information (Details)	6 Months Ended
	Jun. 30, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	1
Number of operating segments	1

Segment, Geographic and Custo_4

Segment, Geographic and Customer Information - Schedule of Revenue by Country (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Revenue	$ 43,866	$ 27,728	$ 76,888	$ 66,070
Revenue from Contract with Customer Benchmark | Geographic Concentration Risk
Segment Reporting Information [Line Items]
Revenue	43,866	27,728	76,888	66,070
Taiwan | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk
Segment Reporting Information [Line Items]
Revenue	12,052	5,290	21,611	15,904
Hong Kong | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk
Segment Reporting Information [Line Items]
Revenue	15,082	6,538	25,536	12,846
United States | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk
Segment Reporting Information [Line Items]
Revenue	4,129	4,134	7,623	11,624
Singapore | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk
Segment Reporting Information [Line Items]
Revenue	4,259	3,666	6,468	7,448
Other | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk
Segment Reporting Information [Line Items]
Revenue	$ 8,344	$ 8,100	$ 15,650	$ 18,248

Segment, Geographic and Custo_5

Segment, Geographic and Customer Information - Schedule of Property and Equipment Attributable to Operations (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Property and equipment, net	$ 58,689	$ 54,685
United States
Segment Reporting Information [Line Items]
Property and equipment, net	27,838	22,540
Malaysia
Segment Reporting Information [Line Items]
Property and equipment, net	14,254	14,471
Taiwan
Segment Reporting Information [Line Items]
Property and equipment, net	6,720	6,520
Other
Segment Reporting Information [Line Items]
Property and equipment, net	$ 9,877	$ 11,154

Commitments and Contingencies_2

Commitments and Contingencies (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2024	$ 4,059
2025	8,654
2026	8,239
2027	1,419
2028	525
Total	$ 22,896

Net Loss Per Share - Summary of

Net Loss Per Share - Summary of Computation of Basic and Diluted Net Income (Loss) per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Net loss attributable to common stockholders	$ (26,769)	$ (25,922)	$ (55,473)	$ (42,412)
Weighted average shares used to compute basic net loss per share (in shares)	22,997	22,074	22,881	21,934
Dilutive effect of employee equity incentive plans (in shares)	0	0	0	0
Weighted average shares used to compute diluted net loss per share (in shares)	22,997	22,074	22,881	21,934
Net loss attributable to common stockholders per share, basic (in dollars per share)	$ (1.16)	$ (1.17)	$ (2.42)	$ (1.93)
Net loss attributable to common stockholders per share, diluted (in dollars per share)	$ (1.16)	$ (1.17)	$ (2.42)	$ (1.93)

Net Loss Per Share - Additional

Net Loss Per Share - Additional Information (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Earnings Per Share [Abstract]
Anti-dilutive weighted shares (in shares)	766,620	1,267,359	698,148	1,353,845