Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 03, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | Techpoint, Inc. | |
Entity Central Index Key | 0001556898 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 000-55843 | |
Entity Tax Identification Number | 80-0806545 | |
Entity Address, Address Line One | 2550 N. First Street | |
Entity Address, Address Line Two | #550 | |
Entity Address, City or Town | San Jose | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | USA 95131 | |
Entity Address, Country | US | |
City Area Code | 408 | |
Local Phone Number | 324-0588 | |
Entity Common Stock, Shares Outstanding | 18,388,544 | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Japanese Depositary Shares | Japan Exchange Group | ||
Document Information [Line Items] | ||
Trading Symbol | 0001556898 | |
Title of 12(b) Security | Japanese Depositary Shares, each representing one | |
Common Stock, Par Value | ||
Document Information [Line Items] | ||
Trading Symbol | 0001556898 | |
Title of 12(b) Security | Common Stock, $0.0001 Par Value Per Share |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 19,844 | $ 19,392 |
Short-term investments | 37,740 | 25,289 |
Accounts receivable | 89 | 105 |
Inventory, net | 11,469 | 13,709 |
Prepaid expenses and other current assets | 683 | 618 |
Total current assets | 69,825 | 59,113 |
Property and equipment, net | 506 | 634 |
Deferred tax assets | 3,178 | 2,280 |
Right-of-use assets | 508 | 983 |
Intangible assets, net | 1,063 | |
Goodwill | 891 | 0 |
Long-term investments | 3,897 | 9,737 |
Other assets | 179 | 193 |
Total assets | 80,047 | 72,940 |
Current liabilities: | ||
Accounts payable | 2,035 | 2,100 |
Accrued liabilities | 2,821 | 1,564 |
Customer deposits | 3,079 | 1,545 |
Lease liabilities | 476 | 700 |
Dividend payable | 4,551 | |
Total current liabilities | 8,411 | 10,460 |
Other liabilities | 452 | 404 |
Total liabilities | 8,863 | 10,864 |
Commitments and contingencies (Note 6) | ||
Stockholders’ equity | ||
Preferred stock, par value $0.0001 per share - 5,000,000 shares authorized as of September 30, 2023 and December 31, 2022; nil shares issued and outstanding as of September 30, 2023 and December 31, 2022 | ||
Common stock, par value $0.0001 per share - 75,000,000 shares authorized as of September 30, 2023 and December 31, 2022; 18,363,038 and 18,198,737 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | 2 | 2 |
Additional paid-in capital | 27,102 | 26,046 |
Accumulated other comprehensive loss | (129) | (147) |
Retained earnings | 44,209 | 36,175 |
Total stockholders’ equity | 71,184 | 62,076 |
Total liabilities and stockholders’ equity | $ 80,047 | $ 72,940 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 18,363,038 | 18,198,737 |
Common stock, shares outstanding | 18,363,038 | 18,198,737 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Revenue | $ 17,511 | $ 15,505 | $ 46,951 | $ 48,585 |
Cost of revenue | 8,143 | 6,904 | 21,711 | 21,414 |
Gross profit | 9,368 | 8,601 | 25,240 | 27,171 |
Operating expenses | ||||
Research and development | 1,803 | 2,012 | 5,346 | 6,230 |
Selling, general and administrative | 2,255 | 2,018 | 7,148 | 6,843 |
Total operating expenses | 4,058 | 4,030 | 12,494 | 13,073 |
Income from operations | 5,310 | 4,571 | 12,746 | 14,098 |
Other income (expense), net | 550 | 53 | 1,504 | (29) |
Income before income taxes | 5,860 | 4,624 | 14,250 | 14,069 |
Provision for income taxes | 665 | 469 | 1,629 | 1,435 |
Net income | $ 5,195 | $ 4,155 | $ 12,621 | $ 12,634 |
Net income per share: | ||||
Basic | $ 0.28 | $ 0.23 | $ 0.69 | $ 0.70 |
Diluted | $ 0.28 | $ 0.22 | $ 0.68 | $ 0.68 |
Weighted average shares outstanding used in computing net income per share | ||||
Basic | 18,353,552 | 18,152,849 | 18,293,535 | 18,081,235 |
Diluted | 18,647,809 | 18,598,601 | 18,608,773 | 18,555,119 |
Comprehensive income: | ||||
Net income | $ 5,195 | $ 4,155 | $ 12,621 | $ 12,634 |
Other comprehensive income, net of tax: | ||||
Unrealized loss on available-for-sale debt securities, net of tax benefit of ($9), $16, ($9) and $37 for the three and nine months ended September 30, 2023 and 2022, respectively | 17 | (62) | 18 | (140) |
Comprehensive income | $ 5,212 | $ 4,093 | $ 12,639 | $ 12,494 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized loss on available-for-sale debt securities, net of tax benefit | $ 9 | $ 16 | $ 9 | $ 37 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Retained Earnings |
Beginning Balances at Dec. 31, 2021 | $ 51,817 | $ 2 | $ 24,251 | $ (26) | $ 27,590 |
Beginning Balances, Shares at Dec. 31, 2021 | 17,928,748 | ||||
Other comprehensive (loss) income - unrealized (loss) gain on available-for-sale debt securities | (50) | (50) | |||
Issuance of common stock upon exercise of stock options and vesting of early exercised options | 142 | 142 | |||
Issuance of common stock upon exercise of stock options and vesting of early exercised options, Shares | 79,517 | ||||
Issuance of common stock upon vesting of restricted stock units, Shares | 32,225 | ||||
Shares repurchased for tax withholdings on vesting of restricted stock units | (82) | (82) | |||
Shares repurchased for tax withholdings on vesting of restricted stock units, Shares | (5,906) | ||||
Stock-based compensation | 515 | 515 | |||
Net income | 4,377 | 4,377 | |||
Ending Balances at Mar. 31, 2022 | 56,719 | $ 2 | 24,826 | (76) | 31,967 |
Ending Balances, Shares at Mar. 31, 2022 | 18,034,584 | ||||
Beginning Balances at Dec. 31, 2021 | 51,817 | $ 2 | 24,251 | (26) | 27,590 |
Beginning Balances, Shares at Dec. 31, 2021 | 17,928,748 | ||||
Net income | 12,634 | ||||
Ending Balances at Sep. 30, 2022 | 61,199 | $ 2 | 25,666 | (166) | 35,697 |
Ending Balances, Shares at Sep. 30, 2022 | 18,161,529 | ||||
Beginning Balances at Mar. 31, 2022 | 56,719 | $ 2 | 24,826 | (76) | 31,967 |
Beginning Balances, Shares at Mar. 31, 2022 | 18,034,584 | ||||
Other comprehensive (loss) income - unrealized (loss) gain on available-for-sale debt securities | (28) | (28) | |||
Issuance of common stock upon exercise of stock options and vesting of early exercised options | 24 | 24 | |||
Issuance of common stock upon exercise of stock options and vesting of early exercised options, Shares | 8,838 | ||||
Issuance of common stock upon vesting of restricted stock units, Shares | 70,975 | ||||
Shares repurchased for tax withholdings on vesting of restricted stock units | (51) | (51) | |||
Shares repurchased for tax withholdings on vesting of restricted stock units, Shares | (5,804) | ||||
Stock-based compensation | 475 | 475 | |||
Cash dividends declared/adjustments ($0.25 per share) | (4,527) | (4,527) | |||
Net income | 4,102 | 4,102 | |||
Ending Balances at Jun. 30, 2022 | 56,714 | $ 2 | 25,274 | (104) | 31,542 |
Ending Balances, Shares at Jun. 30, 2022 | 18,108,593 | ||||
Other comprehensive (loss) income - unrealized (loss) gain on available-for-sale debt securities | (62) | (62) | |||
Issuance of common stock upon exercise of stock options and vesting of early exercised options | 30 | 30 | |||
Issuance of common stock upon exercise of stock options and vesting of early exercised options, Shares | 24,600 | ||||
Issuance of common stock upon vesting of restricted stock units, Shares | 34,250 | ||||
Shares repurchased for tax withholdings on vesting of restricted stock units | (58) | (58) | |||
Shares repurchased for tax withholdings on vesting of restricted stock units, Shares | (5,914) | ||||
Stock-based compensation | 420 | 420 | |||
Net income | 4,155 | 4,155 | |||
Ending Balances at Sep. 30, 2022 | 61,199 | $ 2 | 25,666 | (166) | 35,697 |
Ending Balances, Shares at Sep. 30, 2022 | 18,161,529 | ||||
Beginning Balances at Dec. 31, 2022 | 62,076 | $ 2 | 26,046 | (147) | 36,175 |
Beginning Balances, Shares at Dec. 31, 2022 | 18,198,737 | ||||
Other comprehensive (loss) income - unrealized (loss) gain on available-for-sale debt securities | 32 | 32 | |||
Issuance of common stock upon exercise of stock options and vesting of early exercised options | 29 | 29 | |||
Issuance of common stock upon exercise of stock options and vesting of early exercised options, Shares | 24,600 | ||||
Issuance of common stock upon vesting of restricted stock units, Shares | 32,425 | ||||
Shares repurchased for tax withholdings on vesting of restricted stock units | (35) | (35) | |||
Shares repurchased for tax withholdings on vesting of restricted stock units, Shares | (4,636) | ||||
Stock-based compensation | 362 | 362 | |||
Cash dividends declared/adjustments ($0.25 per share) | (4) | (4) | |||
Net income | 3,376 | 3,376 | |||
Ending Balances at Mar. 31, 2023 | 65,836 | $ 2 | 26,402 | (115) | 39,547 |
Ending Balances, Shares at Mar. 31, 2023 | 18,251,126 | ||||
Beginning Balances at Dec. 31, 2022 | 62,076 | $ 2 | 26,046 | (147) | 36,175 |
Beginning Balances, Shares at Dec. 31, 2022 | 18,198,737 | ||||
Net income | 12,621 | ||||
Ending Balances at Sep. 30, 2023 | 71,184 | $ 2 | 27,102 | (129) | 44,209 |
Ending Balances, Shares at Sep. 30, 2023 | 18,363,038 | ||||
Beginning Balances at Mar. 31, 2023 | 65,836 | $ 2 | 26,402 | (115) | 39,547 |
Beginning Balances, Shares at Mar. 31, 2023 | 18,251,126 | ||||
Other comprehensive (loss) income - unrealized (loss) gain on available-for-sale debt securities | (31) | (31) | |||
Issuance of common stock upon exercise of stock options and vesting of early exercised options | 10 | 10 | |||
Issuance of common stock upon exercise of stock options and vesting of early exercised options, Shares | 3,250 | ||||
Issuance of common stock upon vesting of restricted stock units, Shares | 82,325 | ||||
Shares repurchased for tax withholdings on vesting of restricted stock units | (41) | (41) | |||
Shares repurchased for tax withholdings on vesting of restricted stock units, Shares | (6,110) | ||||
Stock-based compensation | 368 | 368 | |||
Cash dividends declared/adjustments ($0.25 per share) | (4,583) | (4,583) | |||
Net income | 4,050 | 4,050 | |||
Ending Balances at Jun. 30, 2023 | 65,609 | $ 2 | 26,739 | (146) | 39,014 |
Ending Balances, Shares at Jun. 30, 2023 | 18,330,591 | ||||
Other comprehensive (loss) income - unrealized (loss) gain on available-for-sale debt securities | 17 | 17 | |||
Issuance of common stock upon exercise of stock options and vesting of early exercised options | 3 | 3 | |||
Issuance of common stock upon exercise of stock options and vesting of early exercised options, Shares | 1,690 | ||||
Issuance of common stock upon vesting of restricted stock units, Shares | 37,400 | ||||
Shares repurchased for tax withholdings on vesting of restricted stock units | (46) | (46) | |||
Shares repurchased for tax withholdings on vesting of restricted stock units, Shares | (6,643) | ||||
Stock-based compensation | 406 | 406 | |||
Net income | 5,195 | 5,195 | |||
Ending Balances at Sep. 30, 2023 | $ 71,184 | $ 2 | $ 27,102 | $ (129) | $ 44,209 |
Ending Balances, Shares at Sep. 30, 2023 | 18,363,038 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | ||
Dec. 16, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends declared per share | $ 0.5 | $ 0.25 | $ 0.25 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash Flows From Operating Activities | ||
Net income | $ 12,621 | $ 12,634 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 317 | 313 |
Stock-based compensation | 1,136 | 1,410 |
(Accretion) Amortization of premium on available-for-sale investments | (466) | 105 |
Inventory valuation adjustment | 296 | 413 |
Deferred income taxes | (907) | (1,248) |
Noncash lease expense | 402 | 566 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 16 | 241 |
Inventory | 1,944 | (1,378) |
Prepaid expenses and other current assets | (204) | 371 |
Other assets | 33 | 26 |
Accounts payable | (55) | (139) |
Accrued liabilities | 1,270 | 965 |
Customer deposits | 1,534 | 281 |
Lease liabilities | (156) | (194) |
Other liabilities | (252) | (353) |
Net cash provided by operating activities | 17,529 | 14,013 |
Cash Flows From Investing Activities | ||
Purchase of property and equipment | (185) | (400) |
Acquisition of business and intangible assets | (1,700) | |
Purchases of debt securities | (27,732) | (12,166) |
Proceeds from maturities of debt securities | 21,757 | 12,875 |
Net cash provided by (used in) investing activities | (7,860) | 309 |
Cash Flows From Financing Activities | ||
Payment of dividends | (9,137) | (9,031) |
Net proceeds from exercise of stock options | 42 | 195 |
Payment for shares withheld for tax withholdings on vesting of restricted stock units | (122) | (191) |
Net cash used in financing activities | (9,217) | (9,027) |
Net increase in cash and cash equivalents | 452 | 5,295 |
Cash and cash equivalents at beginning of period | 19,392 | 27,379 |
Cash and cash equivalents at end of period | 19,844 | 32,674 |
Supplemental Disclosure of Cash Flow Information | ||
Cash paid for income taxes | 2,408 | 2,614 |
Right-of-use assets obtained in exchange for lease liabilities | 68 | 715 |
Supplemental Disclosure of Noncash Investing and Financing Information | ||
Property and equipment purchased but not yet paid | 35 | $ 6 |
Indemnification obligation for acquisition of business and intangible assets | $ 300 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Summary of Significant Accounting Policies | 1. Organization and Summary of Significant Accounting Policies Organization Techpoint, Inc. (together with its wholly-owned subsidiaries, the “Company”) was originally incorporated in California in April 2012 and reincorporated in Delaware in July 2017 . The Company is a fabless semiconductor company that designs, markets and sells mixed-signal integrated circuits for multiple video applications in the security surveillance and automotive markets. The Company is headquartered in San Jose, California. Basis of Consolidation and Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and have been prepared in conformity with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”). All intercompany balances and transactions have been eliminated. The functional currency of each of the Company’s subsidiaries is the U.S. dollar. Foreign currency gains or losses are recorded as other income (expense), net in the condensed consolidated statements of income and comprehensive income. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2022 contained in the Company’s Annual Report on Form 10-K. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, which include normal recurring adjustments necessary to present fairly the Company’s financial position, results of operations and cash flows for the interim periods and are not necessarily indicative of the results to be expected for the full fiscal year or for any other future annual or interim periods. Revenue Recognition The Company principally sells its products to distributors who, in turn, sell to original equipment manufacturers (“OEM”), original design manufacturers (“ODM”), contract manufacturers, and design houses. Product revenue consists of sales of mixed-signal integrated circuits into the security surveillance and automotive markets. The Company generally requires advance payments from customers and records these advance payments, or contract liabilities, as customer deposits on its condensed consolidated balance sheet. No stock rotation, price protection or return rights are offered. The Company provides product assurance warranty only and does not offer warranties to be purchased separately. Revenue is recognized when control of the product is transferred to the Company's customers, upon shipment, whereby legal title, risks and rewards of ownership, and physical possession are transferred to the customer. Use of Management’s Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Significant estimates included in the condensed consolidated financial statements include inventory valuation and the valuation allowance for recorded deferred tax assets. These estimates are based upon information available as of the date of the condensed consolidated financial statements. Actual results could differ materially from those estimates. Certain Significant Risks and Uncertainties The Company operates in a dynamic industry and can be affected by a variety of factors. For example, any of the following areas could have a negative effect on the Company in terms of its future financial position, results of operations or cash flows: the general state of the U.S., China and world economies; the highly cyclical nature of the industries the Company serves; successful and timely completion of product design efforts; trade restrictions by the United States against the Company's customers in China, or potential retaliatory trade actions taken by China; the loss of any of its larger customers; restrictions on the Company's ability to sell to foreign customers due to additional U.S. or new China trade laws, regulations and requirements; disruptions of the supply chain of components needed for its products; fundamental changes in the technology underlying the Company’s products; the hiring, training and retention of key employees; and new product design introductions by competitors. The Company has been impacted by adverse macroeconomic and geopolitical conditions. These conditions include but are not limited to inflation, foreign currency fluctuations, the COVID-19 pandemic, and the supply chain challenges and disruptions caused by any of these events. Management continues to actively monitor the impact of these conditions on the Company’s financial condition, liquidity, operations, end-customers (including its significant end-customers), distributors, suppliers, industry, and workforce. The extent to which such events impact the Company’s business, prospects and results of operations will depend on future developments, which are highly uncertain. The Company has made estimates of the impact of these events within its financial statements and there may be changes to those estimates in future periods. Concentration of Customer and Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, investments, and trade receivables. Risks associated with cash and cash equivalents, and investments are mitigated by banking with, and investing in, creditworthy institutions. The Company generally requires advance payments from customers. The Company also performs credit evaluations of its customers and provides credit to certain customers in the normal course of business. The Company has not incurred bad debt write-offs during any of the periods presented. For each significant customer, or distributor, and significant end-customer, revenue as a percentage of total revenue was as follows: Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Customer Customer A 37 % 47 % 42 % 49 % Customer B * 10 % * * Customer C 11 % * 10 % * End-Customer End-Customer A (1) 24 % 37 % 25 % 36 % * Less than 10% (1) Sales to End-Customer A primarily occurred through Customer A. Concentration of Supplier Risk The Company currently relies on Taiwan Semiconductor Manufacturing Company Limited and United Microelectronics Corporation (formerly Fujitsu Electronics America, Inc.) to produce substantially all of its semiconductors. Also, it relies on Advanced Semiconductor Engineering, Inc. and Sigurd Microelectronics Corporation to assemble, package and test substantially all of its semiconductors to satisfy substantially all of the Company’s production requirements. The failure of any subcontractor to fulfill the production requirements of the Company on a timely basis would adversely impact future results. Although there are other subcontractors that are capable of providing similar services, an unexpected change in either subcontractor would cause delays in the Company’s products and potentially result in a significant loss of revenue. Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes will result in more timely recognition of credit losses. The guidance is effective for fiscal years beginning after December 15, 2022 for reporting companies that are eligible to be smaller reporting companies under the SEC’s definition , and interim periods within those fiscal years. The Company adopted this guidance on January 1, 2023. The adoption of this guidance did not have a material impact on the Company’s unaudited condensed consolidated financial statements as of and for the nine months ended September 30, 2023. In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment ("ASU 2017-04"). ASU 2017-04 eliminates the requirement to calculate the implied fair value of goodwill (second step) to measure a goodwill impairment charge. Under the guidance, an impairment charge will be measured based on the excess of the reporting unit’s carrying amount over its fair value (first step). The guidance is effective for fiscal years beginning after December 15, 2022 for reporting companies that are eligible to be smaller reporting companies under the SEC’s definition , and interim periods within those fiscal years. The Company adopted this guidance on January 1, 2023. The adoption of this guidance did not have a material impact on the Company’s unaudited condensed consolidated financial statements as of and for the nine months ended September 30, 2023. |
Acquisition
Acquisition | 9 Months Ended |
Sep. 30, 2023 | |
Business Combinations [Abstract] | |
Acquisition | 2. Acquisition On July 25, 2023, the Company completed the purchase of certain assets of Broadvis Corporation, including intellectual property for the enhancement of semiconductor functions for automotive applications. The acquisition was accounted for as a business combination in accordance with Accounting Standards Codification Topic 805. The table below summarizes the preliminary allocation of fair value to the assets acquired on the date of acquisition under the acquisition method of accounting. These fair values may continue to be revised during the measurement period as valuations on the intangible assets are finalized, further information becomes available and additional analyses are performed, and those adjustments could have a material impact on the purchase price allocation. The consideration transferred included the following (in thousands): Amount Cash consideration $ 1,700 Security for the indemnification obligations 300 Total consideration $ 2,000 Acquired intellectual property $ 1,090 Goodwill 891 Other assets 19 Total acquired assets $ 2,000 The significant estimates and assumptions used by the Company in the determination of the fair value of the acquired intellectual property intangible assets includes revenue growth rate, expected remaining life, and discount rate. The goodwill resulting from the transaction is attributable to assembled workforce, anticipated future intellectual property, expected future new customers, and other unidentifiable and inseparable intangible assets. The fair value of acquired assets was measured as of the acquisition date based on a valuation report provided by a third-party valuation expert. Acquisition-related costs were immaterial and were expensed as incurred. Pro forma historical results of operations related to the acquisition have not been presented because they are not significant to the Company's condensed consolidated financial statements, either individually or in the aggregate. |
Balance Sheet Components
Balance Sheet Components | 9 Months Ended |
Sep. 30, 2023 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components | 3. Balance Sheet Components Inventory, net Inventory consists of the following (in thousands): September 30, December 31, 2023 2022 Work in process $ 6,974 $ 8,621 Finished goods 4,495 5,088 Total inventory, net $ 11,469 $ 13,709 Property and Equipment, Net Property and equipment, net consists of the following (in thousands): September 30, December 31, 2023 2022 Computer equipment and software $ 2,684 $ 2,521 Leasehold improvements 94 94 Furniture 36 36 Total property and equipment 2,814 2,651 Less: accumulated depreciation ( 2,308 ) ( 2,017 ) Total property and equipment, net $ 506 $ 634 The Company recorded $ 0.1 million of depreciation expense for each of the three months ended September 30, 2023 and 2022 , and $ 0.3 million for each of the nine months ended September 30, 2023 and 2022. Intangible assets and goodwill Goodwill as of September 30, 2023 and December 31, 2022 was $ 0.9 million and nil, respectively. Goodwill is tested for impairment annually as of December 31 or more frequently on a reporting unit basis when events or changes in circumstances indicate that impairment may have occurred. Changes in the carrying amount of goodwill for the nine months ended September 30, 2023 are as follows (in thousands): Total Goodwill at December 31, 2022 $ — Acquisition 891 Adjustments — Goodwill at September 30, 2023 $ 891 Intangible assets, except goodwill consist of the following (in thousands): September 30, 2023 Acquired intellectual property $ 1,090 Total finite-lived intangible assets 1,090 Less: accumulated amortization ( 27 ) Total finite-lived intangible assets, net $ 1,063 The a mortization expenses of intangible assets were $ 27,000 for each of the three months and nine months ended September 30, 2023. The amortization expenses of intangible assets were nil for each of the three months and nine months ended September 30, 2022. The acquired intellectual property is amortized over 10 years of its useful life. As of September 30, 2023, expected amortization expense for the unamortized intangible assets for the next five years and thereafter is as follows (in thousands): Year Ending December 31, Amount Remainder of 2023 $ 27 2024 109 2025 109 2026 109 2027 109 Thereafter 600 Total $ 1,063 Accrued Liabilities Accrued liabilities consisted of the following (in thousands): September 30, December 31, 2023 2022 Payroll-related expenses $ 2,000 $ 812 Taxes payable 237 152 Engineering services 198 282 Accrued warranty 155 173 Professional fees 122 52 Accrued inventory 95 71 Other 14 22 Total accrued liabilities $ 2,821 $ 1,564 Customer Deposits Customer deposits represent payments received in advance of shipments and fluctuate depending on timing of customer pre-payments and product shipment. Customer deposits were $ 3.1 million and $ 1.5 million as of September 30, 2023 and December 31, 2022 , respectively. The Company generally expects to recognize revenue from customer deposits during the three month period immediately following the balance sheet date. The Company recognized $1 .6 million of revenue from the June 30, 2023 customer deposit balance during the three months ended September 30, 2023, and $ 1.5 million of revenue from the December 31, 2022 customer deposits balance during the nine months ended September 30, 2023. |
Fair Value Measurements of Fina
Fair Value Measurements of Financial Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements of Financial Instruments | 4. Fair Value Measurements of Financial Instruments Summary of Financial Instruments The following is a summary of financial instruments (in thousands): September 30, 2023 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Estimated Fair Values Available-for-sale securities: Certificates of deposit $ 6,187 $ — $ ( 3 ) $ 6,184 Treasury bills 27,108 12 ( 7 ) 27,113 Money market funds 2,052 — — 2,052 Government agency bonds 5,038 — ( 13 ) 5,025 Corporate bonds 14,956 — ( 130 ) 14,826 Total available-for-sale securities $ 55,341 $ 12 $ ( 153 ) $ 55,200 Reported in: Cash and cash equivalents $ 13,563 Short-term investments 37,740 Long-term investments 3,897 Total available-for-sale securities $ 55,200 December 31, 2022 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Estimated Fair Values Available-for-sale securities: Certificates of deposit $ 4,007 $ — $ — $ 4,007 Treasury bills 3,983 1 — 3,984 Money market funds 2,183 — — 2,183 Commercial papers 13,631 — ( 20 ) 13,611 Government agency bonds 3,391 1 ( 19 ) 3,373 Corporate bonds 21,654 1 ( 149 ) 21,506 Total available-for-sale securities $ 48,849 $ 3 $ ( 188 ) $ 48,664 Reported in: Cash and cash equivalents $ 13,638 Short-term investments 25,289 Long-term investments 9,737 Total available-for-sale securities $ 48,664 The contractual maturities of available-for-sale securities are presented in the following table (in thousands): September 30, 2023 December 31, 2022 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due in one year or less $ 51,399 51,303 $ 39,012 $ 38,927 Due between one to two years 3,942 3,897 9,837 9,737 $ 55,341 $ 55,200 $ 48,849 $ 48,664 The Company had 64 investments in unrealized loss positions as of September 30, 2023. 57 of such investments have been in unrealized loss positions for less than twelve months. The total fair value of such investments is $ 35.7 million with unrealized losses of approximately $ 0.2 million as of September 30, 2023. There were no material gross unrealized losses from available-for-sale securities and no material realized gains or losses from available-for-sale securities that were reclassified from accumulated other comprehensive income for the nine months ended September 30, 2023. For investments in available-for-sale debt securities that have unrealized losses, the Company evaluates (i) whether it has the intention to sell any of these investments and (ii) whether it is more likely than not that it will be required to sell any of these investments before recovery of the entire amortized cost basis. Based on this evaluation, the Company determined that there were no other-than-temporary impairments associated with investments as of September 30, 2023. There were no sales of available-for-sale securities for the nine months ended September 30, 2023 and 2022. Fair Value Measurements Fair value is defined as the exchange price that would be received from selling an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company measures financial assets and liabilities at fair value at each reporting period using a fair value hierarchy which requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs. A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Three levels of inputs may be used to measure fair value: Level 1 . Quoted prices in active markets for identical assets or liabilities. Level 2 . Inputs other than Level 1 that are observable, either directly or indirectly, such as 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 market data. Level 3 . Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. Financial assets measured at fair value on a recurring basis were as follows (in thousands): Fair Value Measurement at Reporting Date Using Quoted Prices in Significant Total As of September 30, 2023 Financial assets - available-for-sale securities Certificates of deposit $ 6,184 — $ 6,184 Treasury bills 27,113 — 27,113 Money market funds 2,052 — 2,052 Governmental agency bonds — 5,025 5,025 Corporate bonds — 14,826 14,826 Total financial assets - available-for-sale securities $ 35,349 $ 19,851 $ 55,200 As of December 31, 2022 Financial assets - available-for-sale securities Certificates of deposit $ 4,007 $ — $ 4,007 Treasury bills 3,984 — 3,984 Money market funds 2,183 — 2,183 Commercial papers — 13,611 13,611 Governmental agency bonds — 3,373 3,373 Corporate bonds — 21,506 21,506 Total financial assets - available-for-sale securities $ 10,174 $ 38,490 $ 48,664 The Company classifies certificates of deposit and treasury bills in Level 1 since valuations are based on direct or indirect observable input other than quoted market price. The Company also classifies money market funds in Level 1 since the financial assets consist of securities for which quoted prices are available in an active market. The Company classifies governmental agency bonds, corporate bonds and commercial papers in Level 2 since the financial assets use observable inputs including quoted prices in active markets for similar assets or liabilities. The Company uses a pricing service to assist in determining the fair values of all of its cash equivalents, short-term investments and long-term investments. The pricing service uses inputs from multiple industry standard data providers or other third party sources and applies various acceptable methodologies. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | 5. Segment Information Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker, the chief executive officer, reviews financial information presented on a consolidated basis for purposes of making operating decisions and assessing financial performance on a regular basis. Accordingly, the Company considers itself to be one reportable segment, which is comprised of one operating segment - the designing, marketing and selling of mixed-signal integrated circuits for the security surveillance and automotive markets. Product revenue from customers is designated based on the geographic region to which the product is delivered. Revenue by geographic region was as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 China $ 13,084 $ 10,734 $ 34,836 $ 34,045 Taiwan 2,293 1,982 6,355 6,374 South Korea 1,466 1,854 4,229 4,849 Japan 339 907 1,046 2,821 Other 329 28 485 496 Total revenue $ 17,511 $ 15,505 $ 46,951 $ 48,585 Revenue by principal product lines was as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Automotive $ 12,467 $ 8,742 $ 31,194 $ 27,807 Security surveillance 5,044 6,763 15,757 20,778 Total revenue $ 17,511 $ 15,505 $ 46,951 $ 48,585 Long-lived assets by geographic region were as follows (in thousands): September 30, December 31, 2023 2022 Taiwan $ 325 $ 389 China 137 179 United States 37 52 Japan 4 8 South Korea 3 6 Total property and equipment - net $ 506 $ 634 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 6. Commitments and Contingencies Operating leases The Company determines if an arrangement contains a lease at inception. The Company leases facilities under non-cancelable lease agreements expiring through fiscal year 2024. The Company’s agreements do not include variable lease payments or any restrictions or covenants imposed by the leases. As the rate implicit in each lease agreement is not readily determinable, the Company’s incremental borrowing rate was used as the discount rate. The Company’s right-of-use assets and lease liabilities have been adjusted for initial direct costs and prepaid rent but do not reflect any options to extend or terminate its lease agreements, any residual value guarantees, or any leases that have not yet commenced. The right-of-use assets and lease liabilities related to operating leases were as follows (in thousands): December 31, September 30, 2023 2022 Right-of-use assets $ 508 $ 983 Lease liabilities - Current $ 476 $ 700 Lease liabilities - Non-Current — 284 Total lease liabilities $ 476 $ 984 Rent expense under operating leases was $ 0.2 million for each of the three months ended September 30, 2023 and 2022. Rent expense under operating leases was $ 0.6 million for each of the nine months ended September 30, 2023 and 2022. The rent expense recognized from short-term leases was $ 6,000 for each of the three months ended September 30, 2023 and 2022. The rent expense recognized from short-term leases was $ 18,000 for each of the nine months ended September 30, 2023 and 2022. The following tables summarize the Company’s lease costs and weighted-average assumptions used in determining its right-of-use assets and lease liabilities (in thousands): Nine Months Ended Nine Months Ended September 30, 2023 September 30, 2022 Operating lease cost $ 578 $ 603 Cash paid for operating leases $ 589 $ 589 Right-of-use assets obtained in exchange for operating lease liabilities (1) $ 68 $ 715 Weighted average remaining term for operating leases 0.71 years 1.67 years Weighted average discount rate for operating leases 5.7 % 4.9 % During the nine months ended September 30, 2023, the Company extended the term of its lease in South Korea; the South Korea lease was treated as a modification but no t as a separate contract, as no additional right-of-use was granted. The South Korea lease modification was accounted for as a non-cash change in existing lease liabilities and the right-of-use assets. In addition, the Company entered into two lease agreements for two new offices in China, and additional right-of-use was granted. During the nine months ended September 30, 2022, the Company entered into a new lease in Taiwan when its existing facility lease terminated and extended the term of its lease in South Korea; the South Korea lease was treated as a modification but not as a separate contract, as no additional right-of-use was granted. The South Korea lease modification was accounted for as a non-cash change in existing lease liabilities and the right-of-use assets. As of September 30, 2023, the aggregate future minimum lease payments under non-cancelable operating leases consist of the following (in thousands): Year Ending December 31, Amount 2023 (remaining three months) $ 200 2024 316 Total 516 Less effects of discounting ( 40 ) Total lease liabilities $ 476 Purchase Commitments As of September 30, 2023 , the Company had purchase commitments with its third-party suppliers through fiscal year 2026. Future minimum payments under purchase commitments total $ 0.2 million for the remaining three months ending December 31, 2023, $ 0.7 million for the year ending December 31, 2024, $ 0.7 million for the year ending December 31, 2025, and $ 0.3 million for the year ending December 31, 2026. Litigation Although the Company is not currently a party to any legal proceedings and there is no litigation currently threatened, the Company may be subject to legal proceedings, claims and litigation, including intellectual property litigation, arising in the ordinary course of business. Such matters are subject to many uncertainties and outcomes and are not predictable with assurance. The Company accrues amounts that it believes are adequate to address any liabilities related to legal proceedings and other loss contingencies that the Company believes will result in a probable loss that is reasonably estimable. Indemnification During the normal course of business, the Company may make certain indemnities, commitments and guarantees which may include intellectual property indemnities to certain of its customers in connection with the sales of the Company’s products and indemnities for liabilities associated with the infringement of other parties’ technology based upon the Company’s products. The Company’s exposure under these indemnification provisions is generally limited to the total amount paid by a customer under the agreement. However, certain agreements include indemnification provisions that could potentially expose the Company to losses in excess of the amount received under the agreement. In addition, the Company indemnifies its officers, directors and certain key employees while they are serving in good faith in such capacities. The Company has not recorded any liability for these indemnities, commitments and guarantees in the accompanying condensed consolidated balance sheets. Where necessary, the Company accrues for losses for any known contingent liabilities, including those that may arise from indemnification provisions, when future payment is probable. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | 7. Stockholders’ Equity Preferred Stock The Company was authorized to issue 5,000,000 shares of preferred stock with a $ 0.0001 par value per share as of September 30, 2023 and December 31, 2022 . There were no shares of preferred stock issued and outstanding as of September 30, 2023 and December 31, 2022. Common Stock The Company was authorized to issue 75,000,000 shares of common stock with $ 0.0001 par value per share as of September 30, 2023 and December 31, 2022. As of September 30, 2023 , the shares of common stock issued and outstanding totaled 18,363,038 . As of December 31, 2022, the shares of common stock issued and outstanding were 18,198,737 . The Company has reserved the following number of shares of common stock for future issuances: September 30, 2023 Outstanding stock awards 1,002,206 Shares available for future issuance under the 2017 Stock Incentive Plan 7,139,490 Total common stock reserved for future issuances 8,141,696 Dividend On December 16, 2022 , the Company announced a cash dividend of an aggregate of $ 0.50 per share for fiscal 2023, payable in two equal installments of $ 0.25 per share. The first installment of the dividend was paid during the first fiscal quarter of 2023 to stockholders of record as of the close of business on January 31, 2023 . The second installment of the dividend was paid in July 2023 to stockholders of record as of the close of business on June 30, 2023. The aggregate amount of two dividend payments was $ 9.1 million. |
Equity Incentive Plans
Equity Incentive Plans | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Equity Incentive Plans | 8. Equity Incentive Plans Stock Incentive Plans In April 2012, the Company adopted a 2012 Stock Option Plan (“2012 Plan”). The 2012 Plan provides for the granting of stock-based awards to employees, directors, and consultants under terms and provisions established by the Company’s board of directors. Under the terms of the 2012 Plan, options may be granted at an exercise price not less than fair market value. For employees holding more than 10 % of the voting rights of all classes of stock, the exercise prices for incentive and non-statutory stock options must be at least 110 % of the fair market value of the common stock on the grant date, as determined by the Company’s board of directors. The terms of options granted under the 2012 Plan may not exceed ten years . The 2012 Plan was superseded by a 2017 Stock Option Plan (“2017 Plan”). Any outstanding awards under the 2012 Plan will continue to be governed by the terms of the 2012 Plan. In August 2017, the Company adopted the 2017 Plan. The Company’s stockholders approved the 2017 Plan in September 2017 and it became effective immediately prior to the closing of the Company’s initial public offering. In connection with the adoption of the 2017 Plan, no additional awards and no shares of common stock remain available for future issuance under the 2012 Plan and shares reserved but not issued under the 2012 Plan as of the effective date of the 2017 Plan were included in the number of shares reserved for issuance under the 2017 Plan. In addition, shares subject to awards under the 2012 Plan that are forfeited or terminated are added to the 2017 Plan. The number of shares available for issuance under the 2017 Plan is automatically increased on the first day of each fiscal year beginning on January 1, 2018 and ending on (and including) January 1, 2027 , in an amount equal to the lesser of (1) 4 % of the outstanding shares of the Company’s common stock on the last day of the immediately preceding fiscal year, or (2) another amount determined by the Company’s board of directors. The automatic increase in the number of shares available for issuance under the 2017 plan for the fiscal year 2023 was 727,949 shares. The 2017 Plan provides for the granting of incentive stock options within the meaning of Section 422 of the Internal Revenue Code to employees and the granting of non-statutory stock options to employees, non-employee directors, advisors and consultants. The 2017 Plan also provides for the grants of restricted stock, stock appreciation rights, stock unit and cash-based awards to employees, non-employee directors, advisors and consultants. The Company’s stock award activity under the stock incentive plan is summarized as follows: Awards Available for As of December 31, 2022 6,674,252 Authorized 727,949 Granted ( 313,000 ) Canceled 50,289 As of September 30, 2023 7,139,490 Stock Options The Company’s stock option activity under the stock incentive plan is summarized as follows: Options Weighted- Weighted- Aggregate As of December 31, 2022 464,621 $ 2.70 4.2 $ 2,106 Granted — — Exercised ( 29,540 ) 1.44 Canceled — — As of September 30, 2023 435,081 2.79 3.5 1,924 Options vested and exercisable as of September 30, 2023 435,081 2.79 3.5 1,924 The stock options outstanding and exercisable by exercise price at September 30, 2023 are as follows: Options Outstanding, Vested and Exercisable Exercise Price Number Weighted- Weighted- $ 0.16 3,250 0.3 $ 0.16 0.37 11,750 1.8 0.37 0.97 10,000 2.2 0.97 2.51 51,780 2.9 2.51 2.89 40,000 3.4 2.89 2.93 238,734 3.7 2.93 3.18 79,567 3.8 3.18 435,081 3.5 2.79 The aggregate intrinsic value of options exercised for the nine months ended September 30, 2023 and 2022 was $ 0.2 million and $ 1.2 million, respectively. The Company has various vesting agreements with its employees. Options granted generally vest over a five-year period and generally are exercisable for up to 10 years . Restricted Stock Units The Company’s restricted stock units activity is summarized as follows: Units Weighted-Average As of December 31, 2022 439,175 $ 8.41 Granted 313,000 6.89 Released, net ( 134,761 ) 7.07 Canceled ( 50,289 ) 7.69 As of September 30, 2023 567,125 7.65 Restricted stock units are converted into shares of the Company’s common stock upon vesting on a one-for- one basis. Restricted stock unit awards generally vest over a five-year period and are subject to the grantee’s continued service with the Company. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 9. Stock-Based Compensation The following table summarizes the distribution of stock-based compensation expense (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Cost of revenue $ 34 $ 36 $ 110 $ 111 Research and development 166 153 400 437 Selling, general and administrative 206 231 626 862 Total $ 406 $ 420 $ 1,136 $ 1,410 |
Net Income Per Share
Net Income Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | 10. Net Income Per Share The following table presents the calculation of basic and diluted net income per share (amounts in thousands, except share and per share data): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Numerator: Basic and Diluted: Net income $ 5,195 $ 4,155 $ 12,621 $ 12,634 Denominator: Basic shares: Weighted-average shares outstanding used in computing basic 18,353,552 18,152,849 18,293,535 18,081,235 Diluted shares: Effect of potentially dilutive securities: Stock options and restricted stock units 294,257 445,752 315,238 473,884 Weighted-average shares used in computing diluted net 18,647,809 18,598,601 18,608,773 18,555,119 Net income per share: Basic $ 0.28 $ 0.23 $ 0.69 $ 0.70 Diluted $ 0.28 $ 0.22 $ 0.68 $ 0.68 The potentially dilutive shares of common stock outstanding for the three months ended September 30, 2023 and 2022 that were excluded from the computation of diluted net income per share as the effect would have been antidilutive, was approximately 262,000 and 33,000 shares, respectively. The potentially dilutive shares of common stock outstanding for the nine months ended September 30, 2023 and 2022 that were excluded from the computation of diluted net income per share for the periods presented as the effect would have been antidilutive was 255,000 and 31,000 shares, respectively. |
Provision for Income Taxes
Provision for Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Provision for Income Taxes | 11. Provision for Income Taxes The components of income before income taxes were as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Domestic $ 5,798 $ 4,578 $ 14,119 $ 14,023 Foreign 62 46 131 46 Income before income taxes $ 5,860 $ 4,624 $ 14,250 $ 14,069 The components of the provision for income taxes were as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 United States $ 658 $ 469 $ 1,614 $ 1,430 Foreign 7 — 15 5 Provision for income taxes $ 665 $ 469 $ 1,629 $ 1,435 As of September 30, 2023, there was no material increase in the liability for unrecognized tax benefits and no accrued interest or penalties related to uncertain tax positions. As of September 30, 2023 , the Company had approximately $ 0.4 million of unrecognized tax benefits of which $ 0.3 million was netted against deferred tax assets with a full valuation allowance. If these amounts are recognized, there will be a tax benefit of $0 .2 million against the Company’s effective tax rate. The CHIPS and Science Act of 2022 ("CHIPS") and the Inflation Reduction Act ("IRA") of 2022 were signed into law by President Biden on August 9, 2022 and August 16, 2022, respectively. The legislation introduces new options for monetizing certain credits, a corporate alternative minimum tax, and a stock repurchase excise tax. The Company has concluded that the impact of any of the provisions included in CHIPS and IRA acts did not have a material impact on the Company's unaudited condensed consolidated financial statements as of and for the nine months ended September 30, 2023. |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Techpoint, Inc. (together with its wholly-owned subsidiaries, the “Company”) was originally incorporated in California in April 2012 and reincorporated in Delaware in July 2017 . The Company is a fabless semiconductor company that designs, markets and sells mixed-signal integrated circuits for multiple video applications in the security surveillance and automotive markets. The Company is headquartered in San Jose, California. |
Basis of Consolidation and Significant Accounting Policies | Basis of Consolidation and Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and have been prepared in conformity with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”). All intercompany balances and transactions have been eliminated. The functional currency of each of the Company’s subsidiaries is the U.S. dollar. Foreign currency gains or losses are recorded as other income (expense), net in the condensed consolidated statements of income and comprehensive income. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2022 contained in the Company’s Annual Report on Form 10-K. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, which include normal recurring adjustments necessary to present fairly the Company’s financial position, results of operations and cash flows for the interim periods and are not necessarily indicative of the results to be expected for the full fiscal year or for any other future annual or interim periods. |
Revenue Recognition | Revenue Recognition The Company principally sells its products to distributors who, in turn, sell to original equipment manufacturers (“OEM”), original design manufacturers (“ODM”), contract manufacturers, and design houses. Product revenue consists of sales of mixed-signal integrated circuits into the security surveillance and automotive markets. The Company generally requires advance payments from customers and records these advance payments, or contract liabilities, as customer deposits on its condensed consolidated balance sheet. No stock rotation, price protection or return rights are offered. The Company provides product assurance warranty only and does not offer warranties to be purchased separately. Revenue is recognized when control of the product is transferred to the Company's customers, upon shipment, whereby legal title, risks and rewards of ownership, and physical possession are transferred to the customer. |
Use of Management's Estimates | Use of Management’s Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Significant estimates included in the condensed consolidated financial statements include inventory valuation and the valuation allowance for recorded deferred tax assets. These estimates are based upon information available as of the date of the condensed consolidated financial statements. Actual results could differ materially from those estimates. |
Certain Significant Risks and Uncertainties | Certain Significant Risks and Uncertainties The Company operates in a dynamic industry and can be affected by a variety of factors. For example, any of the following areas could have a negative effect on the Company in terms of its future financial position, results of operations or cash flows: the general state of the U.S., China and world economies; the highly cyclical nature of the industries the Company serves; successful and timely completion of product design efforts; trade restrictions by the United States against the Company's customers in China, or potential retaliatory trade actions taken by China; the loss of any of its larger customers; restrictions on the Company's ability to sell to foreign customers due to additional U.S. or new China trade laws, regulations and requirements; disruptions of the supply chain of components needed for its products; fundamental changes in the technology underlying the Company’s products; the hiring, training and retention of key employees; and new product design introductions by competitors. The Company has been impacted by adverse macroeconomic and geopolitical conditions. These conditions include but are not limited to inflation, foreign currency fluctuations, the COVID-19 pandemic, and the supply chain challenges and disruptions caused by any of these events. Management continues to actively monitor the impact of these conditions on the Company’s financial condition, liquidity, operations, end-customers (including its significant end-customers), distributors, suppliers, industry, and workforce. The extent to which such events impact the Company’s business, prospects and results of operations will depend on future developments, which are highly uncertain. The Company has made estimates of the impact of these events within its financial statements and there may be changes to those estimates in future periods. |
Concentration of Customer and Credit Risk | Concentration of Customer and Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, investments, and trade receivables. Risks associated with cash and cash equivalents, and investments are mitigated by banking with, and investing in, creditworthy institutions. The Company generally requires advance payments from customers. The Company also performs credit evaluations of its customers and provides credit to certain customers in the normal course of business. The Company has not incurred bad debt write-offs during any of the periods presented. For each significant customer, or distributor, and significant end-customer, revenue as a percentage of total revenue was as follows: Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Customer Customer A 37 % 47 % 42 % 49 % Customer B * 10 % * * Customer C 11 % * 10 % * End-Customer End-Customer A (1) 24 % 37 % 25 % 36 % * Less than 10% (1) Sales to End-Customer A primarily occurred through Customer A. |
Concentration of Supplier Risk | Concentration of Supplier Risk The Company currently relies on Taiwan Semiconductor Manufacturing Company Limited and United Microelectronics Corporation (formerly Fujitsu Electronics America, Inc.) to produce substantially all of its semiconductors. Also, it relies on Advanced Semiconductor Engineering, Inc. and Sigurd Microelectronics Corporation to assemble, package and test substantially all of its semiconductors to satisfy substantially all of the Company’s production requirements. The failure of any subcontractor to fulfill the production requirements of the Company on a timely basis would adversely impact future results. Although there are other subcontractors that are capable of providing similar services, an unexpected change in either subcontractor would cause delays in the Company’s products and potentially result in a significant loss of revenue. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes will result in more timely recognition of credit losses. The guidance is effective for fiscal years beginning after December 15, 2022 for reporting companies that are eligible to be smaller reporting companies under the SEC’s definition , and interim periods within those fiscal years. The Company adopted this guidance on January 1, 2023. The adoption of this guidance did not have a material impact on the Company’s unaudited condensed consolidated financial statements as of and for the nine months ended September 30, 2023. In January 2017, the FASB issued ASU No. 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment ("ASU 2017-04"). ASU 2017-04 eliminates the requirement to calculate the implied fair value of goodwill (second step) to measure a goodwill impairment charge. Under the guidance, an impairment charge will be measured based on the excess of the reporting unit’s carrying amount over its fair value (first step). The guidance is effective for fiscal years beginning after December 15, 2022 for reporting companies that are eligible to be smaller reporting companies under the SEC’s definition , and interim periods within those fiscal years. The Company adopted this guidance on January 1, 2023. The adoption of this guidance did not have a material impact on the Company’s unaudited condensed consolidated financial statements as of and for the nine months ended September 30, 2023. |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Revenue as Percentage of Total Revenue for Each Significant Customer, or Distributor, and Significant End-Customer | For each significant customer, or distributor, and significant end-customer, revenue as a percentage of total revenue was as follows: Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Customer Customer A 37 % 47 % 42 % 49 % Customer B * 10 % * * Customer C 11 % * 10 % * End-Customer End-Customer A (1) 24 % 37 % 25 % 36 % * Less than 10% (1) Sales to End-Customer A primarily occurred through Customer A. |
Acquisition (Tables)
Acquisition (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Business Combinations [Abstract] | |
Summary of Consideration Transferred | The consideration transferred included the following (in thousands): Amount Cash consideration $ 1,700 Security for the indemnification obligations 300 Total consideration $ 2,000 Acquired intellectual property $ 1,090 Goodwill 891 Other assets 19 Total acquired assets $ 2,000 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Balance Sheet Related Disclosures [Abstract] | |
Components of Inventory | Inventory consists of the following (in thousands): September 30, December 31, 2023 2022 Work in process $ 6,974 $ 8,621 Finished goods 4,495 5,088 Total inventory, net $ 11,469 $ 13,709 |
Components of Property and Equipment - Net | Property and equipment, net consists of the following (in thousands): September 30, December 31, 2023 2022 Computer equipment and software $ 2,684 $ 2,521 Leasehold improvements 94 94 Furniture 36 36 Total property and equipment 2,814 2,651 Less: accumulated depreciation ( 2,308 ) ( 2,017 ) Total property and equipment, net $ 506 $ 634 |
Summary of Changes in Carrying Amount of Goodwill | Changes in the carrying amount of goodwill for the nine months ended September 30, 2023 are as follows (in thousands): Total Goodwill at December 31, 2022 $ — Acquisition 891 Adjustments — Goodwill at September 30, 2023 $ 891 |
Summary of Intangible Assets Except Goodwill | Intangible assets, except goodwill consist of the following (in thousands): September 30, 2023 Acquired intellectual property $ 1,090 Total finite-lived intangible assets 1,090 Less: accumulated amortization ( 27 ) Total finite-lived intangible assets, net $ 1,063 |
Summary of Expected Amortization Expense | As of September 30, 2023, expected amortization expense for the unamortized intangible assets for the next five years and thereafter is as follows (in thousands): Year Ending December 31, Amount Remainder of 2023 $ 27 2024 109 2025 109 2026 109 2027 109 Thereafter 600 Total $ 1,063 |
Components of Accrued Liabilities | Accrued liabilities consisted of the following (in thousands): September 30, December 31, 2023 2022 Payroll-related expenses $ 2,000 $ 812 Taxes payable 237 152 Engineering services 198 282 Accrued warranty 155 173 Professional fees 122 52 Accrued inventory 95 71 Other 14 22 Total accrued liabilities $ 2,821 $ 1,564 |
Fair Value Measurements of Fi_2
Fair Value Measurements of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Instruments | Summary of Financial Instruments The following is a summary of financial instruments (in thousands): September 30, 2023 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Estimated Fair Values Available-for-sale securities: Certificates of deposit $ 6,187 $ — $ ( 3 ) $ 6,184 Treasury bills 27,108 12 ( 7 ) 27,113 Money market funds 2,052 — — 2,052 Government agency bonds 5,038 — ( 13 ) 5,025 Corporate bonds 14,956 — ( 130 ) 14,826 Total available-for-sale securities $ 55,341 $ 12 $ ( 153 ) $ 55,200 Reported in: Cash and cash equivalents $ 13,563 Short-term investments 37,740 Long-term investments 3,897 Total available-for-sale securities $ 55,200 December 31, 2022 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Estimated Fair Values Available-for-sale securities: Certificates of deposit $ 4,007 $ — $ — $ 4,007 Treasury bills 3,983 1 — 3,984 Money market funds 2,183 — — 2,183 Commercial papers 13,631 — ( 20 ) 13,611 Government agency bonds 3,391 1 ( 19 ) 3,373 Corporate bonds 21,654 1 ( 149 ) 21,506 Total available-for-sale securities $ 48,849 $ 3 $ ( 188 ) $ 48,664 Reported in: Cash and cash equivalents $ 13,638 Short-term investments 25,289 Long-term investments 9,737 Total available-for-sale securities $ 48,664 |
Summary of Contractual Maturities of Available-for-sale Securities | The contractual maturities of available-for-sale securities are presented in the following table (in thousands): September 30, 2023 December 31, 2022 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due in one year or less $ 51,399 51,303 $ 39,012 $ 38,927 Due between one to two years 3,942 3,897 9,837 9,737 $ 55,341 $ 55,200 $ 48,849 $ 48,664 |
Schedule of Financial Instruments Measured at Fair Value | Financial assets measured at fair value on a recurring basis were as follows (in thousands): Fair Value Measurement at Reporting Date Using Quoted Prices in Significant Total As of September 30, 2023 Financial assets - available-for-sale securities Certificates of deposit $ 6,184 — $ 6,184 Treasury bills 27,113 — 27,113 Money market funds 2,052 — 2,052 Governmental agency bonds — 5,025 5,025 Corporate bonds — 14,826 14,826 Total financial assets - available-for-sale securities $ 35,349 $ 19,851 $ 55,200 As of December 31, 2022 Financial assets - available-for-sale securities Certificates of deposit $ 4,007 $ — $ 4,007 Treasury bills 3,984 — 3,984 Money market funds 2,183 — 2,183 Commercial papers — 13,611 13,611 Governmental agency bonds — 3,373 3,373 Corporate bonds — 21,506 21,506 Total financial assets - available-for-sale securities $ 10,174 $ 38,490 $ 48,664 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Product Revenue from Customer by Geographic Region | Product revenue from customers is designated based on the geographic region to which the product is delivered. Revenue by geographic region was as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 China $ 13,084 $ 10,734 $ 34,836 $ 34,045 Taiwan 2,293 1,982 6,355 6,374 South Korea 1,466 1,854 4,229 4,849 Japan 339 907 1,046 2,821 Other 329 28 485 496 Total revenue $ 17,511 $ 15,505 $ 46,951 $ 48,585 |
Schedule of Revenue by Principal Products Lines | Revenue by principal product lines was as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Automotive $ 12,467 $ 8,742 $ 31,194 $ 27,807 Security surveillance 5,044 6,763 15,757 20,778 Total revenue $ 17,511 $ 15,505 $ 46,951 $ 48,585 |
Schedule of Long-lived Assets by Geographic Region | Long-lived assets by geographic region were as follows (in thousands): September 30, December 31, 2023 2022 Taiwan $ 325 $ 389 China 137 179 United States 37 52 Japan 4 8 South Korea 3 6 Total property and equipment - net $ 506 $ 634 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Right of Use Assets and Lease Liabilities Related to Operating Leases | The right-of-use assets and lease liabilities related to operating leases were as follows (in thousands): December 31, September 30, 2023 2022 Right-of-use assets $ 508 $ 983 Lease liabilities - Current $ 476 $ 700 Lease liabilities - Non-Current — 284 Total lease liabilities $ 476 $ 984 |
Schedule of Lease Costs and Weighted-Average Assumptions Used in Determining its Right-of-Use Assets and Lease Liabilities | The following tables summarize the Company’s lease costs and weighted-average assumptions used in determining its right-of-use assets and lease liabilities (in thousands): Nine Months Ended Nine Months Ended September 30, 2023 September 30, 2022 Operating lease cost $ 578 $ 603 Cash paid for operating leases $ 589 $ 589 Right-of-use assets obtained in exchange for operating lease liabilities (1) $ 68 $ 715 Weighted average remaining term for operating leases 0.71 years 1.67 years Weighted average discount rate for operating leases 5.7 % 4.9 % |
Schedule of Aggregate Future Minimum Lease Payments Under Non-cancelable Operating Leases | As of September 30, 2023, the aggregate future minimum lease payments under non-cancelable operating leases consist of the following (in thousands): Year Ending December 31, Amount 2023 (remaining three months) $ 200 2024 316 Total 516 Less effects of discounting ( 40 ) Total lease liabilities $ 476 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Schedule of Number of Shares of Common Stock Reserved for Future Issuances | The Company has reserved the following number of shares of common stock for future issuances: September 30, 2023 Outstanding stock awards 1,002,206 Shares available for future issuance under the 2017 Stock Incentive Plan 7,139,490 Total common stock reserved for future issuances 8,141,696 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Summary of Stock Options Outstanding and Exercisable by Exercise Price | The stock options outstanding and exercisable by exercise price at September 30, 2023 are as follows: Options Outstanding, Vested and Exercisable Exercise Price Number Weighted- Weighted- $ 0.16 3,250 0.3 $ 0.16 0.37 11,750 1.8 0.37 0.97 10,000 2.2 0.97 2.51 51,780 2.9 2.51 2.89 40,000 3.4 2.89 2.93 238,734 3.7 2.93 3.18 79,567 3.8 3.18 435,081 3.5 2.79 |
Summary of Restricted Stock Units Activity | The Company’s restricted stock units activity is summarized as follows: Units Weighted-Average As of December 31, 2022 439,175 $ 8.41 Granted 313,000 6.89 Released, net ( 134,761 ) 7.07 Canceled ( 50,289 ) 7.69 As of September 30, 2023 567,125 7.65 |
2012 Stock Option Plan | |
Summary of Stock Award and Option Activity Under Stock Incentive Plan | The Company’s stock award activity under the stock incentive plan is summarized as follows: Awards Available for As of December 31, 2022 6,674,252 Authorized 727,949 Granted ( 313,000 ) Canceled 50,289 As of September 30, 2023 7,139,490 The Company’s stock option activity under the stock incentive plan is summarized as follows: Options Weighted- Weighted- Aggregate As of December 31, 2022 464,621 $ 2.70 4.2 $ 2,106 Granted — — Exercised ( 29,540 ) 1.44 Canceled — — As of September 30, 2023 435,081 2.79 3.5 1,924 Options vested and exercisable as of September 30, 2023 435,081 2.79 3.5 1,924 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Distribution of Stock-Based Compensation Expense | The following table summarizes the distribution of stock-based compensation expense (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Cost of revenue $ 34 $ 36 $ 110 $ 111 Research and development 166 153 400 437 Selling, general and administrative 206 231 626 862 Total $ 406 $ 420 $ 1,136 $ 1,410 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Income Per Share | The following table presents the calculation of basic and diluted net income per share (amounts in thousands, except share and per share data): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Numerator: Basic and Diluted: Net income $ 5,195 $ 4,155 $ 12,621 $ 12,634 Denominator: Basic shares: Weighted-average shares outstanding used in computing basic 18,353,552 18,152,849 18,293,535 18,081,235 Diluted shares: Effect of potentially dilutive securities: Stock options and restricted stock units 294,257 445,752 315,238 473,884 Weighted-average shares used in computing diluted net 18,647,809 18,598,601 18,608,773 18,555,119 Net income per share: Basic $ 0.28 $ 0.23 $ 0.69 $ 0.70 Diluted $ 0.28 $ 0.22 $ 0.68 $ 0.68 |
Provision for Income Taxes (Tab
Provision for Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Before Income Taxes | The components of income before income taxes were as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Domestic $ 5,798 $ 4,578 $ 14,119 $ 14,023 Foreign 62 46 131 46 Income before income taxes $ 5,860 $ 4,624 $ 14,250 $ 14,069 |
Schedule of Components of Provision for Income Taxes | The components of the provision for income taxes were as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 United States $ 658 $ 469 $ 1,614 $ 1,430 Foreign 7 — 15 5 Provision for income taxes $ 665 $ 469 $ 1,629 $ 1,435 |
Organization and Summary of S_4
Organization and Summary of Significant Accounting Policies - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2023 | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Company Incorporation place | DE |
California | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Company original incorporation date of incorporation | 2012-04 |
Company Incorporation place | CA |
Delaware | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Company Incorporation place | DE |
Company reincorporation incorporation date of incorporation | 2017-07 |
Organization and Summary of S_5
Organization and Summary of Significant Accounting Policies - Summary of Revenue as Percentage of Total Revenue for Each Significant Customer, or Distributor, and Significant End-Customer (Details) - Sales Revenue, Net - Customer Concentration Risk | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Customer A | ||||
Product Information [Line Items] | ||||
Concentration risk, percentage | 37% | 47% | 42% | 49% |
Customer B | ||||
Product Information [Line Items] | ||||
Concentration risk, percentage | 10% | |||
Customer C | ||||
Product Information [Line Items] | ||||
Concentration risk, percentage | 11% | 10% | ||
End-Customer A | ||||
Product Information [Line Items] | ||||
Concentration risk, percentage | 24% | 37% | 25% | 36% |
Acquisition - Summary of Consid
Acquisition - Summary of Consideration Transferred (Details) $ in Thousands | Jul. 25, 2023 USD ($) |
Business Acquisition [Line Items] | |
Cash Consideration | $ 1,700 |
Security for the Indemnification Obligations | 300 |
Total consideration | 2,000 |
Total acquired assets | 2,000 |
Acquired Intellectual Property | |
Business Acquisition [Line Items] | |
Total acquired assets | 1,090 |
Other Assets | |
Business Acquisition [Line Items] | |
Total acquired assets | 19 |
Goodwill | |
Business Acquisition [Line Items] | |
Total acquired assets | $ 891 |
Balance Sheet Components - Comp
Balance Sheet Components - Components of Inventory (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Balance Sheet Related Disclosures [Abstract] | ||
Work in process | $ 6,974 | $ 8,621 |
Finished goods | 4,495 | 5,088 |
Total inventory, net | $ 11,469 | $ 13,709 |
Balance Sheet Components - Co_2
Balance Sheet Components - Components of Property and Equipment - Net (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 2,814 | $ 2,651 |
Less: accumulated depreciation | (2,308) | (2,017) |
Total property and equipment, net | 506 | 634 |
Computer Equipment and Software | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 2,684 | 2,521 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 94 | 94 |
Furniture | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 36 | $ 36 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |||||
Depreciation | $ 100 | $ 100 | $ 317 | $ 313 | |
Goodwill | 891 | 891 | $ 0 | ||
Payments received in advance of shipments | 3,079 | 3,079 | $ 1,545 | ||
Company recognized revenue | 600 | 1,500 | |||
Amortization expenses of intangible assets | $ 27,000 | $ 0 | $ 27,000 | $ 0 | |
Estimated useful life | 10 years | 10 years |
Balance Sheet Components - Summ
Balance Sheet Components - Summary of Changes in Carrying Amount of Goodwill (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Goodwill [Roll Forward] | |
Goodwill beginning balance | $ 0 |
Acquisition | 891 |
Goodwill ending balance | $ 891 |
Balance Sheet Components - Su_2
Balance Sheet Components - Summary of Intangible Assets Except Goodwill (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |
Acquired intellectual property | $ 1,090 |
Total finite-lived intangible assets | 1,090 |
Less: accumulated amortization | (27) |
Total finite-lived intangible assets, net | $ 1,063 |
Balance Sheet Components - Su_3
Balance Sheet Components - Summary of Expected Amortization Expense (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
Remainder of 2023 | $ 27 |
2024 | 109 |
2025 | 109 |
2026 | 109 |
2027 | 109 |
Thereafter | 600 |
Total finite-lived intangible assets, net | $ 1,063 |
Balance Sheet Components - Co_3
Balance Sheet Components - Components of Accrued Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Balance Sheet Related Disclosures [Abstract] | ||
Payroll-related expenses | $ 2,000 | $ 812 |
Taxes payable | 237 | 152 |
Engineering services | 198 | 282 |
Accrued warranty | 155 | 173 |
Professional fees | 122 | 52 |
Accrued inventory | 95 | 71 |
Other | 14 | 22 |
Total accrued liabilities | $ 2,821 | $ 1,564 |
Fair Value Measurements of Fi_3
Fair Value Measurements of Financial Instruments - Summary of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 55,341 | $ 48,849 |
Gross Unrealized Gain | 12 | 3 |
Gross Unrealized Loss | (153) | (188) |
Estimated Fair Values | 55,200 | 48,664 |
Certificates of Deposit | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 6,187 | 4,007 |
Gross Unrealized Loss | (3) | |
Estimated Fair Values | 6,184 | 4,007 |
Treasury bills | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 27,108 | 3,983 |
Gross Unrealized Gain | 12 | 1 |
Gross Unrealized Loss | (7) | |
Estimated Fair Values | 27,113 | 3,984 |
Money Market Funds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 2,052 | 2,183 |
Estimated Fair Values | 2,052 | 2,183 |
Commercial Paper | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 13,631 | |
Gross Unrealized Loss | (20) | |
Estimated Fair Values | 13,611 | |
Government Agency Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 5,038 | 3,391 |
Gross Unrealized Gain | 1 | |
Gross Unrealized Loss | (13) | (19) |
Estimated Fair Values | 5,025 | 3,373 |
Corporate Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 14,956 | 21,654 |
Gross Unrealized Gain | 1 | |
Gross Unrealized Loss | (130) | (149) |
Estimated Fair Values | 14,826 | 21,506 |
Cash and Cash Equivalents | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated Fair Values | 13,563 | 13,638 |
Short-term Investments | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated Fair Values | 37,740 | 25,289 |
Long-term investments | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated Fair Values | $ 3,897 | $ 9,737 |
Fair Value Measurements of Fi_4
Fair Value Measurements of Financial Instruments - Summary of Contractual Maturities of Available-for-sale Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-Sale [Abstract] | ||
Amortized Cost, Due in one year or less | $ 51,399 | $ 39,012 |
Amortized Cost, Due between one to two years | 3,942 | 9,837 |
Amortized Cost | 55,341 | 48,849 |
Estimated Fair Value, Due in one year or less | 51,303 | 38,927 |
Estimated Fair Value, Due between one to two years | 3,897 | 9,737 |
Estimated Fair Value | $ 55,200 | $ 48,664 |
Fair Value Measurements of Fi_5
Fair Value Measurements of Financial Instruments - Additional Information (Details) | 9 Months Ended | |
Sep. 30, 2023 USD ($) Investment | Sep. 30, 2022 USD ($) | |
Debt Securities, Available-for-Sale [Abstract] | ||
Number of investments in unrealized loss positions | Investment | 64 | |
Fair value of investments | $ 35,700,000 | |
Unrealized losses on investments | 200,000 | |
Other-than-temporary impairments associated with investments | 0 | |
Sales of available-for-sale securities | $ 0 | $ 0 |
Fair Value Measurements of Fi_6
Fair Value Measurements of Financial Instruments - Schedule of Financial Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Financial assets - available-for-sale securities | ||
Total financial assets - available-for-sale securities | $ 55,200 | $ 48,664 |
Certificates of Deposit | ||
Financial assets - available-for-sale securities | ||
Total financial assets - available-for-sale securities | 6,184 | 4,007 |
Treasury bills | ||
Financial assets - available-for-sale securities | ||
Total financial assets - available-for-sale securities | 27,113 | 3,984 |
Money Market Funds | ||
Financial assets - available-for-sale securities | ||
Total financial assets - available-for-sale securities | 2,052 | 2,183 |
Commercial Paper | ||
Financial assets - available-for-sale securities | ||
Total financial assets - available-for-sale securities | 13,611 | |
Government Agency Bonds | ||
Financial assets - available-for-sale securities | ||
Total financial assets - available-for-sale securities | 5,025 | 3,373 |
Corporate Bonds | ||
Financial assets - available-for-sale securities | ||
Total financial assets - available-for-sale securities | 14,826 | 21,506 |
Fair Value Measurements Recurring | ||
Financial assets - available-for-sale securities | ||
Total financial assets - available-for-sale securities | 55,200 | 48,664 |
Fair Value Measurements Recurring | Certificates of Deposit | ||
Financial assets - available-for-sale securities | ||
Total financial assets - available-for-sale securities | 6,184 | 4,007 |
Fair Value Measurements Recurring | Treasury bills | ||
Financial assets - available-for-sale securities | ||
Total financial assets - available-for-sale securities | 27,113 | 3,984 |
Fair Value Measurements Recurring | Money Market Funds | ||
Financial assets - available-for-sale securities | ||
Total financial assets - available-for-sale securities | 2,052 | 2,183 |
Fair Value Measurements Recurring | Commercial Paper | ||
Financial assets - available-for-sale securities | ||
Total financial assets - available-for-sale securities | 13,611 | |
Fair Value Measurements Recurring | Government Agency Bonds | ||
Financial assets - available-for-sale securities | ||
Total financial assets - available-for-sale securities | 5,025 | 3,373 |
Fair Value Measurements Recurring | Corporate Bonds | ||
Financial assets - available-for-sale securities | ||
Total financial assets - available-for-sale securities | 14,826 | 21,506 |
Fair Value Measurements Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial assets - available-for-sale securities | ||
Total financial assets - available-for-sale securities | 35,349 | 10,174 |
Fair Value Measurements Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Certificates of Deposit | ||
Financial assets - available-for-sale securities | ||
Total financial assets - available-for-sale securities | 6,184 | 4,007 |
Fair Value Measurements Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Treasury bills | ||
Financial assets - available-for-sale securities | ||
Total financial assets - available-for-sale securities | 27,113 | 3,984 |
Fair Value Measurements Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Money Market Funds | ||
Financial assets - available-for-sale securities | ||
Total financial assets - available-for-sale securities | 2,052 | 2,183 |
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2) | ||
Financial assets - available-for-sale securities | ||
Total financial assets - available-for-sale securities | 19,851 | 38,490 |
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2) | Commercial Paper | ||
Financial assets - available-for-sale securities | ||
Total financial assets - available-for-sale securities | 13,611 | |
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2) | Government Agency Bonds | ||
Financial assets - available-for-sale securities | ||
Total financial assets - available-for-sale securities | 5,025 | 3,373 |
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2) | Corporate Bonds | ||
Financial assets - available-for-sale securities | ||
Total financial assets - available-for-sale securities | $ 14,826 | $ 21,506 |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2023 Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 1 |
Number of operating segments | 1 |
Segment Information - Schedule
Segment Information - Schedule of Product Revenue from Customers by Geographic Region (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenue | $ 17,511 | $ 15,505 | $ 46,951 | $ 48,585 |
China | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenue | 13,084 | 10,734 | 34,836 | 34,045 |
Taiwan | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenue | 2,293 | 1,982 | 6,355 | 6,374 |
South Korea | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenue | 1,466 | 1,854 | 4,229 | 4,849 |
Japan | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenue | 339 | 907 | 1,046 | 2,821 |
Other | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenue | $ 329 | $ 28 | $ 485 | $ 496 |
Segment Information - Schedul_2
Segment Information - Schedule of Revenue by Principal Product Lines (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Entity Wide Information Revenue From External Customer [Line Items] | ||||
Revenue | $ 17,511 | $ 15,505 | $ 46,951 | $ 48,585 |
Automotive | ||||
Entity Wide Information Revenue From External Customer [Line Items] | ||||
Revenue | 12,467 | 8,742 | 31,194 | 27,807 |
Security Surveillance | ||||
Entity Wide Information Revenue From External Customer [Line Items] | ||||
Revenue | $ 5,044 | $ 6,763 | $ 15,757 | $ 20,778 |
Segment Information - Schedul_3
Segment Information - Schedule of Long-Lived Assets by Geographic Region (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total property and equipment - net | $ 506 | $ 634 |
Taiwan | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total property and equipment - net | 325 | 389 |
China | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total property and equipment - net | 137 | 179 |
United States | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total property and equipment - net | 37 | 52 |
Japan | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total property and equipment - net | 4 | 8 |
South Korea | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total property and equipment - net | $ 3 | $ 6 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 USD ($) Litigation | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) Lease Litigation Office | Sep. 30, 2022 USD ($) Lease | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Non-cancelable operating lease agreements, expiration description | non-cancelable lease agreements expiring through fiscal year 2024. | |||
Rent expense under operating leases | $ 200,000 | $ 200,000 | $ 600,000 | $ 600,000 |
Rent expense recognized from short-term leases | 6,000 | $ 6,000 | 18,000 | $ 18,000 |
Future minimum payments under purchase commitments for the year ended December 31, 2023 | 200,000 | 200,000 | ||
Future minimum payments under purchase commitments for the year ended December 31, 2024 | 700,000 | 700,000 | ||
Future minimum payments under purchase commitments for the year ended December 31, 2025 | 700,000 | 700,000 | ||
Future minimum payments under purchase commitments for the year ended December 31, 2026 | $ 300,000 | $ 300,000 | ||
Number of litigation | Litigation | 0 | 0 | ||
Number of new offices | Office | 2 | |||
Number of modified existing operating lease | Lease | 0 | |||
Number of new operating lease | Lease | 2 | 1 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Right of Use Assets and Lease Liabilities Related to Operating Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Assets and Liabilities, Lessee [Abstract] | ||
Right-of-use assets | $ 508 | $ 983 |
Lease liabilities - Current | $ 476 | 700 |
Lease liabilities - Non-Current | $ 284 | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other liabilities | Other liabilities |
Total lease liabilities | $ 476 | $ 984 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Lease Costs and Weighted-Average Assumptions Used in Determining its Right-of-Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Operating lease cost | $ 578 | $ 603 |
Cash paid for operating leases | 589 | 589 |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 68 | $ 715 |
Weighted average remaining term for operating leases | 8 months 15 days | 1 year 8 months 1 day |
Weighted average discount rate for operating leases | 5.70% | 4.90% |
Commitments and Contingencies_4
Commitments and Contingencies - Schedule of Aggregate Future Minimum Lease Payments Under Non-cancelable Operating Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
2023 (remaining three months) | $ 200 | |
2024 | 316 | |
Total | 516 | |
Less effects of discounting | (40) | |
Total lease liabilities | $ 476 | $ 984 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) | 3 Months Ended | 9 Months Ended | ||||
Dec. 16, 2022 USD ($) Installment $ / shares | Jun. 30, 2023 $ / shares | Jun. 30, 2022 $ / shares | Sep. 30, 2023 USD ($) $ / shares shares | Sep. 30, 2022 USD ($) | Dec. 31, 2022 $ / shares shares | |
Class of Stock [Line Items] | ||||||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | ||||
Preferred stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | ||||
Preferred stock, shares issued | 0 | 0 | ||||
Preferred stock, shares outstanding | 0 | 0 | ||||
Common stock shares authorized | 75,000,000 | 75,000,000 | ||||
Common stock par value | $ / shares | $ 0.0001 | $ 0.0001 | ||||
Common stock shares issued | 18,363,038 | 18,198,737 | ||||
Common stock shares outstanding | 18,363,038 | 18,198,737 | ||||
Dividends payable, date declared | Dec. 16, 2022 | |||||
Cash dividends declared per share | $ / shares | $ 0.5 | $ 0.25 | $ 0.25 | |||
Number of dividend payable installment | Installment | 2 | |||||
Dividends payable, amount per share | $ / shares | $ 0.25 | |||||
Dividend paid | $ | $ 9,137,000 | $ 9,031,000 | ||||
Dividends payable, date of record | Jan. 31, 2023 | |||||
First Installment of Dividend | ||||||
Class of Stock [Line Items] | ||||||
Dividend paid | $ | $ 9.1 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Number of Shares of Common Stock Reserved for Future Issuances (Details) | Sep. 30, 2023 shares |
Class Of Stock [Line Items] | |
Common stock reserved for future issuances | 8,141,696 |
Outstanding Stock Awards | |
Class Of Stock [Line Items] | |
Common stock reserved for future issuances | 1,002,206 |
Shares Available for Future Issuance under 2017 Stock Incentive Plan | |
Class Of Stock [Line Items] | |
Common stock reserved for future issuances | 7,139,490 |
Equity Incentive Plans - Additi
Equity Incentive Plans - Additional Information (Details) $ in Millions | 1 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 shares | Apr. 30, 2012 | Sep. 30, 2023 USD ($) shares | Sep. 30, 2022 USD ($) | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation arrangement by share-based payment award, additional awards | 727,949 | |||
Common stock reserved for future issuances | 8,141,696 | |||
Share-based compensation arrangement by share-based payment award, aggregate intrinsic value of options exercised | $ | $ 0.2 | $ 1.2 | ||
Restricted Stock Units | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation arrangement by share-based payment award, options vesting period | 5 years | |||
Share-based compensation arrangement by share-based payment award, stock awards conversion ratio | 1 | |||
2012 Stock Option Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation arrangement by share-based payment award, options vesting term of award | The 2012 Plan provides for the granting of stock-based awards to employees, directors, and consultants under terms and provisions established by the Company’s board of directors. Under the terms of the 2012 Plan, options may be granted at an exercise price not less than fair market value. For employees holding more than 10% of the voting rights of all classes of stock, the exercise prices for incentive and non-statutory stock options must be at least 110% of the fair market value of the common stock on the grant date, as determined by the Company’s board of directors. The terms of options granted under the 2012 Plan may not exceed ten years. | |||
Share-based compensation arrangement by share-based payment award, additional awards | 0 | |||
Common stock reserved for future issuances | 0 | |||
2012 Stock Option Plan | Minimum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation arrangement by share-based payment award, percentage of voting rights of all classes of stock to be owned by employees to determine stock options exercise price on grant date | 10% | |||
Share-based compensation arrangement by share-based payment award, exercise prices percentage of fair market value of common stock on grant date | 110% | |||
2012 Stock Option Plan | Maximum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation arrangement by share-based payment award, Options exercisable period | 10 years | |||
Two Thousand Seventeen Stock Option Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation arrangement by share-based payment award, options vesting term of award | Options granted generally vest over a five-year period and generally are exercisable for up to 10 years | |||
Share based compensation arrangement by share based payment award number of shares authorized increment description | The number of shares available for issuance under the 2017 Plan is automatically increased on the first day of each fiscal year beginning on January 1, 2018 and ending on (and including) January 1, 2027, in an amount equal to the lesser of (1) 4% of the outstanding shares of the Company’s common stock on the last day of the immediately preceding fiscal year, or (2) another amount determined by the Company’s board of directors. | |||
Automatic increase in number of shares authorized under stock option plan, start date | Jan. 01, 2018 | |||
Automatic increase in number of shares authorized under stock option plan, end date | Jan. 01, 2027 | |||
Automatic increase in number of shares available for issuance under the stock option plan | 727,949 | |||
Share-based compensation arrangement by share-based payment award, options vesting period | 5 years | |||
Two Thousand Seventeen Stock Option Plan | Maximum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation arrangement by share-based payment award, Options exercisable period | 10 years | |||
Share-based compensation arrangement by share-based payment award, percentage of annual increase in number of shares authorized of outstanding shares of common stock | 4% |
Equity Incentive Plans - Summar
Equity Incentive Plans - Summary of Stock Awards and Option Activity Under Stock Incentive Plan (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | ||
Awards Available for Grant, Beginning balance | 6,674,252 | |
Awards Available for Grant, Authorized | 727,949 | |
Awards Available for Grant, Granted | (313,000) | |
Awards Available for Grant, Canceled | 50,289 | |
Awards Available for Grant, Ending balance | 7,139,490 | 6,674,252 |
Options Issued and Outstanding, Beginning balance | 464,621 | |
Options Issued and Outstanding, Exercised | (29,540) | |
Options Issued and Outstanding, Ending balance | 435,081 | 464,621 |
Options Issued and Outstanding, Options vested and exercisable | 435,081 | |
Weighted Average Exercise Price, Beginning balance | $ 2.7 | |
Weighted Average Exercise Price, Exercised | 1.44 | |
Weighted Average Exercise Price, Ending balance | 2.79 | $ 2.7 |
Weighted Average Exercise Price, Options vested and exercisable | $ 2.79 | |
Weighted-Average Remaining Contractual Term | 3 years 6 months | 4 years 2 months 12 days |
Weighted-Average Remaining Contractual Term, Options vested and exercisable | 3 years 6 months | |
Aggregate Intrinsic Value | $ 1,924 | $ 2,106 |
Aggregate Intrinsic Value, Options vested and exercisable | $ 1,924 |
Equity Incentive Plans - Summ_2
Equity Incentive Plans - Summary of Stock Options Outstanding and Exercisable by Exercise Price (Details) | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Options Outstanding, Vested and Exercisable, Number | shares | 435,081 |
Options Outstanding, Vested and Exercisable, Weighted-Average Remaining Contractual Life (Years) | 3 years 6 months |
Options Outstanding, Vested and Exercisable, Weighted-Average Exercise Price | $ 2.79 |
Exercise Price 0.16 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercise Price | $ 0.16 |
Options Outstanding, Vested and Exercisable, Number | shares | 3,250 |
Options Outstanding, Vested and Exercisable, Weighted-Average Remaining Contractual Life (Years) | 3 months 18 days |
Options Outstanding, Vested and Exercisable, Weighted-Average Exercise Price | $ 0.16 |
Exercise Price 0.37 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercise Price | $ 0.37 |
Options Outstanding, Vested and Exercisable, Number | shares | 11,750 |
Options Outstanding, Vested and Exercisable, Weighted-Average Remaining Contractual Life (Years) | 1 year 9 months 18 days |
Options Outstanding, Vested and Exercisable, Weighted-Average Exercise Price | $ 0.37 |
Exercise Price 0.97 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercise Price | $ 0.97 |
Options Outstanding, Vested and Exercisable, Number | shares | 10,000 |
Options Outstanding, Vested and Exercisable, Weighted-Average Remaining Contractual Life (Years) | 2 years 2 months 12 days |
Options Outstanding, Vested and Exercisable, Weighted-Average Exercise Price | $ 0.97 |
Exercise Price 2.51 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercise Price | $ 2.51 |
Options Outstanding, Vested and Exercisable, Number | shares | 51,780 |
Options Outstanding, Vested and Exercisable, Weighted-Average Remaining Contractual Life (Years) | 2 years 10 months 24 days |
Options Outstanding, Vested and Exercisable, Weighted-Average Exercise Price | $ 2.51 |
Exercise Price 2.89 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercise Price | $ 2.89 |
Options Outstanding, Vested and Exercisable, Number | shares | 40,000 |
Options Outstanding, Vested and Exercisable, Weighted-Average Remaining Contractual Life (Years) | 3 years 4 months 24 days |
Options Outstanding, Vested and Exercisable, Weighted-Average Exercise Price | $ 2.89 |
Exercise Price 2.93 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercise Price | $ 2.93 |
Options Outstanding, Vested and Exercisable, Number | shares | 238,734 |
Options Outstanding, Vested and Exercisable, Weighted-Average Remaining Contractual Life (Years) | 3 years 8 months 12 days |
Options Outstanding, Vested and Exercisable, Weighted-Average Exercise Price | $ 2.93 |
Exercise Price 3.18 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercise Price | $ 3.18 |
Options Outstanding, Vested and Exercisable, Number | shares | 79,567 |
Options Outstanding, Vested and Exercisable, Weighted-Average Remaining Contractual Life (Years) | 3 years 9 months 18 days |
Options Outstanding, Vested and Exercisable, Weighted-Average Exercise Price | $ 3.18 |
Equity Incentive Plans - Summ_3
Equity Incentive Plans - Summary of Restricted Stock Units Activity (Details) - Restricted Stock Units | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Units Issued and Outstanding, Beginning balance | shares | 439,175 |
Units Issued and Outstanding, Granted | shares | 313,000 |
Units Issued and Outstanding, Released, net | shares | (134,761) |
Units Issued and Outstanding, Canceled | shares | (50,289) |
Units Issued and Outstanding, Ending balance | shares | 567,125 |
Weighted-Average Grant Date Fair Value, Beginning balance | $ / shares | $ 8.41 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 6.89 |
Weighted-Average Grant Date Fair Value, Released, net | $ / shares | 7.07 |
Weighted-Average Grant Date Fair Value, Canceled | $ / shares | (7.69) |
Weighted-Average Grant Date Fair Value, Ending balance | $ / shares | $ 7.65 |
Stock-Based Compensation - Dist
Stock-Based Compensation - Distribution of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share Based Compensation Expense [Line Items] | ||||
Stock-based compensation | $ 406 | $ 420 | $ 1,136 | $ 1,410 |
Cost of Revenue | ||||
Share Based Compensation Expense [Line Items] | ||||
Stock-based compensation | 34 | 36 | 110 | 111 |
Research and Development | ||||
Share Based Compensation Expense [Line Items] | ||||
Stock-based compensation | 166 | 153 | 400 | 437 |
Selling, General and Administrative | ||||
Share Based Compensation Expense [Line Items] | ||||
Stock-based compensation | $ 206 | $ 231 | $ 626 | $ 862 |
Net Income Per Share - Computat
Net Income Per Share - Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Basic and diluted: | ||||||||
Net income | $ 5,195 | $ 4,050 | $ 3,376 | $ 4,155 | $ 4,102 | $ 4,377 | $ 12,621 | $ 12,634 |
Denominator: | ||||||||
Weighted-average shares outstanding used in computing basic net income per share | 18,353,552 | 18,152,849 | 18,293,535 | 18,081,235 | ||||
Effect of potentially dilutive securities: | ||||||||
Stock options and restricted stock units | 294,257 | 445,752 | 315,238 | 473,884 | ||||
Weighted-average shares used in computing diluted net income per share | 18,647,809 | 18,598,601 | 18,608,773 | 18,555,119 | ||||
Net income per share: | ||||||||
Basic | $ 0.28 | $ 0.23 | $ 0.69 | $ 0.70 | ||||
Diluted | $ 0.28 | $ 0.22 | $ 0.68 | $ 0.68 |
Net Income Per Share - Addition
Net Income Per Share - Additional Information (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per share amount | 262,000 | 33,000 | 255,000 | 31,000 |
Provision for Income Taxes - Sc
Provision for Income Taxes - Schedule of Components of Income Before Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Domestic | $ 5,798 | $ 4,578 | $ 14,119 | $ 14,023 |
Foreign | 62 | 46 | 131 | 46 |
Income before income taxes | $ 5,860 | $ 4,624 | $ 14,250 | $ 14,069 |
Provision for Income Taxes - _2
Provision for Income Taxes - Schedule of Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
United States | $ 658 | $ 469 | $ 1,614 | $ 1,430 |
Foreign | 7 | 0 | 15 | 5 |
Provision for income taxes | $ 665 | $ 469 | $ 1,629 | $ 1,435 |
Provision for Income Taxes - Ad
Provision for Income Taxes - Additional Information (Details) $ in Millions | Sep. 30, 2023 USD ($) |
Income Tax Disclosure [Abstract] | |
Unrecognized tax benefits | $ 0.4 |
Unrecognized tax benefits netted against deferred tax assets valuation allowance | 0.3 |
Unrecognized tax benefits against effective tax rate | $ 0.2 |