Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 02, 2020 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
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 | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
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 | 95131 | |
Entity Address, Country | US | |
City Area Code | 408 | |
Local Phone Number | 324-0588 | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Common Stock, Par Value | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 17,663,850 | |
Trading Symbol | 0001556898 | |
Title of 12(b) Security | Common Stock Share, Par Value $0.0001 Per Share | |
Japanese Depositary Shares | Japan Exchange Group | ||
Document Information [Line Items] | ||
Trading Symbol | 0001556898 | |
Title of 12(b) Security | Japanese Depositary Shares, each representing one |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 4,926 | $ 11,391 |
Short-term investments | 18,183 | 9,475 |
Accounts receivable | 77 | 107 |
Inventory | 7,718 | 6,048 |
Prepaid expenses and other current assets | 671 | 875 |
Total current assets | 31,575 | 27,896 |
Property and equipment - net | 673 | 535 |
Deferred tax assets | 553 | 677 |
Right-of-use assets | 1,131 | 1,058 |
Other assets | 4,944 | 8,380 |
Total assets | 38,876 | 38,546 |
Current liabilities: | ||
Accounts payable | 918 | 1,535 |
Accrued liabilities | 1,562 | 2,012 |
Liability related to early exercised stock options | 28 | 67 |
Customer deposits | 940 | 1,371 |
Lease liabilities | 704 | 549 |
Total current liabilities | 4,152 | 5,534 |
Other liabilities | 586 | 632 |
Total liabilities | 4,738 | 6,166 |
Commitments and contingencies (Note 5) | ||
Stockholders’ equity | ||
Preferred stock, par value $0.0001 per share - 5,000,000 shares authorized as of September 30, 2020 and December 31, 2019; nil shares issued and outstanding as of September 30, 2020 and December 31, 2019 | ||
Common stock, par value $0.0001 per share - 75,000,000 shares authorized as of September 30, 2020 and December 31, 2019; 17,634,015 and 17,449,572 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively | 2 | 2 |
Additional paid-in-capital | 22,149 | 20,928 |
Accumulated other comprehensive income (loss) | 66 | (15) |
Retained earnings | 11,921 | 11,465 |
Total stockholders’ equity | 34,138 | 32,380 |
Total liabilities and stockholders’ equity | $ 38,876 | $ 38,546 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 |
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 | 17,634,015 | 17,449,572 |
Common stock, shares outstanding | 17,634,015 | 17,449,572 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Revenue | $ 6,214 | $ 9,613 | $ 20,823 | $ 21,809 |
Cost of revenue | 2,983 | 4,874 | 9,567 | 10,862 |
Gross profit | 3,231 | 4,739 | 11,256 | 10,947 |
Operating expenses | ||||
Research and development | 1,578 | 1,686 | 5,499 | 4,762 |
Selling, general and administrative | 1,695 | 1,442 | 5,327 | 4,939 |
Total operating expenses | 3,273 | 3,128 | 10,826 | 9,701 |
Income (loss) from operations | (42) | 1,611 | 430 | 1,246 |
Other income - net | 42 | 2 | 196 | 41 |
Income before income taxes | 1,613 | 626 | 1,287 | |
Income tax provision | 26 | 156 | 170 | 113 |
Net income (loss) | $ (26) | $ 1,457 | $ 456 | $ 1,174 |
Net income (loss) per share: | ||||
Basic | $ 0 | $ 0.08 | $ 0.03 | $ 0.07 |
Diluted | $ 0 | $ 0.08 | $ 0.03 | $ 0.07 |
Weighted average shares outstanding in computing net income (loss) per share | ||||
Basic | 17,619,958 | 17,316,172 | 17,559,438 | 17,239,544 |
Diluted | 17,619,958 | 17,899,140 | 17,877,310 | 17,850,360 |
Comprehensive income (loss): | ||||
Net income (loss) | $ (26) | $ 1,457 | $ 456 | $ 1,174 |
Other comprehensive income, net of tax: | ||||
Unrealized gain (loss) on available-for-sale debt securities | (13) | 81 | ||
Comprehensive income (loss) | $ (39) | $ 1,457 | $ 537 | $ 1,174 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings |
Beginning Balances at Dec. 31, 2018 | $ 28,631 | $ 2 | $ 19,358 | $ 9,271 | |
Beginning Balances, Shares at Dec. 31, 2018 | 17,130,507 | ||||
Issuance of common stock upon exercise of stock options and vesting of early exercised options | 64 | 64 | |||
Issuance of common stock upon exercise of stock options and vesting of early exercised options, Shares | 46,666 | ||||
Issuance of common stock upon vesting of RSUs, Shares | 14,200 | ||||
Shares repurchased for tax withholdings on vesting of RSUs | (7) | (7) | |||
Shares repurchased for tax withholdings on vesting of RSUs, Shares | (1,510) | ||||
Stock-based compensation | 336 | 336 | |||
Net income (loss) | (618) | (618) | |||
Ending Balances at Mar. 31, 2019 | 28,406 | $ 2 | 19,751 | 8,653 | |
Ending Balances, Shares at Mar. 31, 2019 | 17,189,863 | ||||
Beginning Balances at Dec. 31, 2018 | 28,631 | $ 2 | 19,358 | 9,271 | |
Beginning Balances, Shares at Dec. 31, 2018 | 17,130,507 | ||||
Net income (loss) | 1,174 | ||||
Ending Balances at Sep. 30, 2019 | 30,949 | $ 2 | 20,502 | 10,445 | |
Ending Balances, Shares at Sep. 30, 2019 | 17,369,590 | ||||
Beginning Balances at Mar. 31, 2019 | 28,406 | $ 2 | 19,751 | 8,653 | |
Beginning Balances, Shares at Mar. 31, 2019 | 17,189,863 | ||||
Issuance of common stock upon exercise of stock options and vesting of early exercised options | 36 | 36 | |||
Issuance of common stock upon exercise of stock options and vesting of early exercised options, Shares | 38,000 | ||||
Issuance of common stock upon vesting of RSUs, Shares | 31,300 | ||||
Shares repurchased for tax withholdings on vesting of RSUs | (24) | (24) | |||
Shares repurchased for tax withholdings on vesting of RSUs, Shares | (3,553) | ||||
Stock-based compensation | 348 | 348 | |||
Net income (loss) | 335 | 335 | |||
Ending Balances at Jun. 30, 2019 | 29,101 | $ 2 | 20,111 | 8,988 | |
Ending Balances, Shares at Jun. 30, 2019 | 17,255,610 | ||||
Issuance of common stock upon exercise of stock options and vesting of early exercised options | 80 | 80 | |||
Issuance of common stock upon exercise of stock options and vesting of early exercised options, Shares | 100,015 | ||||
Issuance of common stock upon vesting of RSUs, Shares | 17,925 | ||||
Shares repurchased for tax withholdings on vesting of RSUs | (26) | (26) | |||
Shares repurchased for tax withholdings on vesting of RSUs, Shares | (3,960) | ||||
Stock-based compensation | 337 | 337 | |||
Net income (loss) | 1,457 | 1,457 | |||
Ending Balances at Sep. 30, 2019 | 30,949 | $ 2 | 20,502 | 10,445 | |
Ending Balances, Shares at Sep. 30, 2019 | 17,369,590 | ||||
Beginning Balances at Dec. 31, 2019 | 32,380 | $ 2 | 20,928 | $ (15) | 11,465 |
Beginning Balances, Shares at Dec. 31, 2019 | 17,449,572 | ||||
Other comprehensive (income) loss - unrealized gain (loss) on available-for-sale debt securities | (93) | (93) | |||
Issuance of common stock upon exercise of stock options and vesting of early exercised options | 103 | 103 | |||
Issuance of common stock upon exercise of stock options and vesting of early exercised options, Shares | 58,310 | ||||
Issuance of common stock upon vesting of RSUs, Shares | 21,425 | ||||
Shares repurchased for tax withholdings on vesting of RSUs | (28) | (28) | |||
Shares repurchased for tax withholdings on vesting of RSUs, Shares | (4,264) | ||||
Stock-based compensation | 390 | 390 | |||
Net income (loss) | 93 | 93 | |||
Ending Balances at Mar. 31, 2020 | 32,845 | $ 2 | 21,393 | (108) | 11,558 |
Ending Balances, Shares at Mar. 31, 2020 | 17,525,043 | ||||
Beginning Balances at Dec. 31, 2019 | 32,380 | $ 2 | 20,928 | (15) | 11,465 |
Beginning Balances, Shares at Dec. 31, 2019 | 17,449,572 | ||||
Net income (loss) | 456 | ||||
Ending Balances at Sep. 30, 2020 | 34,138 | $ 2 | 22,149 | 66 | 11,921 |
Ending Balances, Shares at Sep. 30, 2020 | 17,634,015 | ||||
Beginning Balances at Mar. 31, 2020 | 32,845 | $ 2 | 21,393 | (108) | 11,558 |
Beginning Balances, Shares at Mar. 31, 2020 | 17,525,043 | ||||
Other comprehensive (income) loss - unrealized gain (loss) on available-for-sale debt securities | 187 | 187 | |||
Issuance of common stock upon exercise of stock options and vesting of early exercised options | 36 | 36 | |||
Issuance of common stock upon exercise of stock options and vesting of early exercised options, Shares | 18,996 | ||||
Issuance of common stock upon vesting of RSUs, Shares | 52,425 | ||||
Shares repurchased for tax withholdings on vesting of RSUs | (20) | (20) | |||
Shares repurchased for tax withholdings on vesting of RSUs, Shares | (5,081) | ||||
Stock-based compensation | 379 | 379 | |||
Net income (loss) | 389 | 389 | |||
Ending Balances at Jun. 30, 2020 | 33,816 | $ 2 | 21,788 | 79 | 11,947 |
Ending Balances, Shares at Jun. 30, 2020 | 17,591,383 | ||||
Other comprehensive (income) loss - unrealized gain (loss) on available-for-sale debt securities | (13) | (13) | |||
Issuance of common stock upon exercise of stock options and vesting of early exercised options | 20 | 20 | |||
Issuance of common stock upon exercise of stock options and vesting of early exercised options, Shares | 18,251 | ||||
Issuance of common stock upon vesting of RSUs, Shares | 30,075 | ||||
Shares repurchased for tax withholdings on vesting of RSUs | (26) | (26) | |||
Shares repurchased for tax withholdings on vesting of RSUs, Shares | (5,694) | ||||
Stock-based compensation | 367 | 367 | |||
Net income (loss) | (26) | (26) | |||
Ending Balances at Sep. 30, 2020 | $ 34,138 | $ 2 | $ 22,149 | $ 66 | $ 11,921 |
Ending Balances, Shares at Sep. 30, 2020 | 17,634,015 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash Flows From Operating Activities | ||
Net income | $ 456 | $ 1,174 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 256 | 253 |
Stock-based compensation | 1,136 | 1,021 |
Accretion of investment premium, net of amortization of discount | 83 | |
Inventory valuation adjustment | 133 | 266 |
Deferred income taxes | 106 | (15) |
Noncash lease expense | 512 | 475 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 30 | 156 |
Inventory | (1,803) | (4,910) |
Prepaid expenses and other current assets | 267 | 52 |
Other assets | (6) | 2 |
Accounts payable | (615) | 590 |
Accrued expenses | (498) | 320 |
Customer deposits | (431) | 3,396 |
Lease liabilities | (117) | (280) |
Other liabilities | (359) | (240) |
Net cash provided by (used in) operating activities | (850) | 2,260 |
Cash Flows From Investing Activities | ||
Purchase of property and equipment | (346) | (267) |
Purchase of debt securities | (11,065) | |
Proceeds from maturities of debt securities | 5,750 | |
Net cash used in investing activities | (5,661) | (267) |
Cash Flows From Financing Activities | ||
Net proceeds from exercise of stock options | 120 | 128 |
Payment for shares withheld for tax withholdings on vesting of restricted stock units | (74) | (57) |
Net cash provided by financing activities | 46 | 71 |
Net increase (decrease) in cash and cash equivalents | (6,465) | 2,064 |
Cash and cash equivalents at beginning of period | 11,391 | 25,941 |
Cash and cash equivalents at end of period | 4,926 | 28,005 |
Supplemental Disclosure of Cash Flow Information | ||
Cash paid for income taxes | 66 | 35 |
Supplemental Disclosure of Noncash Investing and Financing Information | ||
Property and equipment purchased but not yet paid | 134 | 33 |
Vesting of early exercised options | $ 36 | $ 51 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
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”, “we”, “us” and “our”) 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) in the Condensed Consolidated Statements of Operations. 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, 2019 contained in our Annual Report on Form 10-K. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, which only 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 design manufacturers Revenue from Contracts with Customers 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. Since the Company’s performance obligations relate to contracts with a duration of less than one year, the Company has elected to apply the optional exemption practical expedient provided in ASC 606 and is therefore not required to disclose the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period. The Company provides product assurance warranty only and does not offer warranties to be purchased separately. The Company does not offer variable consideration or other significant payment terms and allocates the transaction price to each distinct product based on a relative standalone selling price. Revenue is recognized when control of the product is transferred to our customers, upon shipment, at which time the performance obligation is satisfied. The Company’s shipping terms are primarily FOB (free on board) shipping point, whereby legal title, risks and rewards of ownership, and physical possession are transferred to the customer upon shipment. Substantially all of the Company’s customers pay in advance of shipment, and no stock rotation, price protection or return rights are offered. 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, valuation allowance for recorded deferred tax assets, and stock-based compensation. 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. COVID-19 In March 2020, the World Health Organization characterized a respiratory illness caused by a novel coronavirus disease, known as COVID-19, as a pandemic. The pandemic has resulted in government authorities implementing numerous measures to try to contain the virus, such as travel bans and restrictions, quarantines, shelter-in-place or stay-at-home orders, and business shutdowns. For example, employees at our headquarters located in San Jose, California, are currently subject to a stay-at-home order from the state government. Our offices in Japan, China, South Korea and Taiwan have also been impacted by COVID-19 and have been subject to various measures implemented by local governments to reduce the spread of COVID-19. These measures may adversely impact our employees and operations and the operations of our end-customers (including our significant end-customers), distributors and suppliers, and may negatively impact our sales and marketing activities. For example, travel restrictions may prohibit our ability to conduct necessary face-to-face meetings with our customers. These measures by government authorities may remain in place for a significant period of time which could adversely affect our sales and marketing activities, product delivery schedule, and our business, financial condition and results of operations. Our security surveillance market has been affected by the weakness in our end markets in North and South Americas, the Middle East, and India due to the impact of the COVID-19 pandemic in those markets. In the third quarter of 2020, one of our largest customers significantly reduced orders to us in response to this market weakness. However, the impact to our security surveillance revenue was partially mitigated by revenue in the automotive market due to demand increase associated with the usual seasonal production cycle in the automotive industry in the second half of the year and multiple new design-wins going into production that we obtained from automotive manufacturers in prior quarters. The extent to which the COVID-19 pandemic impacts our business, prospects and results of operations will depend on future developments, which are highly uncertain, including, but not limited to, the duration and spread of the pandemic, its severity, the actions to contain the virus or treat its impact, and how quickly and to what extent normal economic and operating activities can resume. Management is actively monitoring the impact of COVID-19 on the Company’s financial condition, liquidity, operations, customers, suppliers, industry, and workforce. Credit Risk and Concentration of Customer and Supplier 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 is as follows: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Customer Customer A 34 % 66 % 42 % 61 % Customer B 14 % * 14 % * Customer C 14 % * * * Customer D 10 % * 10 % * End-Customer End-Customer A (1) * 65 % 23 % 50 % End-Customer B (1) * * * 11 % * Less than 10% (1) Sales to End-Customer A and End-Customer B primarily occurred through Customer A. 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, the Company relies on Advanced Semiconductor Engineering, Inc. and Sigurd Microelectronics Corporation to assemble, package and test substantially all of its products. Recently Adopted Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820), ASU No. 2018-13 is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. The Company has determined that the new standard had no material impact on its disclosures as of and for the nine months ended September 30, 2020. Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments December 15, 2022 for SEC filers that are eligible to be smaller reporting companies under the SEC’s definition In December 2019, the FASB issued Accounting Standard Update No. 2019-12, which simplifies the accounting for income taxes. The guidance in ASU No. 2019-12 is required for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2020, for public business entities, with early adoption permitted. The Company is currently evaluating the impact this guidance will have on the Company’s condensed consolidated financial statements. |
Balance Sheet Components
Balance Sheet Components | 9 Months Ended |
Sep. 30, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components | 2. Balance Sheet Inventory Inventory consists of the following (in thousands): September 30, December 31, 2020 2019 Work in process $ 3,505 $ 2,529 Finished goods 4,213 3,519 Total inventory $ 7,718 $ 6,048 Property and Equipment - Net Property and equipment – net consists of the following (in thousands): September 30, December 31, 2020 2019 Computer equipment and software $ 1,795 $ 1,405 Leasehold improvements 89 89 Furniture 36 30 Total property and equipment 1,920 1,524 Less: accumulated depreciation (1,247 ) (989 ) Total property and equipment - net $ 673 $ 535 The Company recorded $0.1 million and $0.1 million of depreciation expense for the three months ended September 30, 2020 and 2019, respectively, and $0.3 million and $0.3 million for nine months ended September 30, 2020 and 2019, respectively. Accrued Liabilities Accrued liabilities consist of the following (in thousands): September 30, December 31, 2020 2019 Payroll-related expenses $ 591 $ 780 Engineering services 506 637 Accrued inventory 301 283 Accrued warranty 58 194 Taxes payable 48 72 Professional fees 41 31 Other 17 15 Total accrued liabilities $ 1,562 $ 2,012 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 $0.9 million, $0.3 million and $1.4 million as of September 30, 2020, June 30, 2020 and December 31, 2019, respectively. The Company generally expects to recognize revenue from customer deposits during the three month period immediately following the balance sheet date. During the three months ended September 30, 2020, the Company recognized $0.3 million of revenue from the June 30, 2020 customer deposit balance. During the nine months ended September 30, 2020, the Company recognized $1.4 million of revenue from the December 31, 2019 customer deposits balance. |
Fair Value Measurements of Fina
Fair Value Measurements of Financial Instruments | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. Fair Value Measurements of Financial Instruments Summary of Financial Instruments The following is a summary of financial instruments (in thousands): September 30, 2020 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Estimated Fair Values Available-for-sale securities: Money market funds $ 2,544 $ — $ — $ 2,544 Commercial paper 1,749 — — 1,749 Corporate bonds 21,080 85 (1 ) 21,164 Total available-for-sale securities $ 25,373 $ 85 $ (1 ) $ 25,457 Reported in: Cash and cash equivalents $ 2,544 Short-term investments 18,183 Other assets 4,730 Total available-for-sale securities $ 25,457 December 31, 2019 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Estimated Fair Values Available-for-sale securities: Money market funds $ 2,027 $ — $ — $ 2,027 Commercial paper 6,965 — (3 ) 6,962 Corporate bonds 12,943 1 (13 ) 12,931 Total available-for-sale securities $ 21,935 $ 1 $ (16 ) $ 21,920 Reported in: Cash and cash equivalents $ 4,275 Short-term investments 9,475 Other assets 8,170 Total available-for-sale securities $ 21,920 The contractual maturities of available-for-sale securities are presented in the following table (in thousands): September 30, 2020 Amortized Cost Basis Estimated Fair Value Due in one year or less $ 20,662 $ 20,727 Due between one to two years 4,711 4,730 $ 25,373 $ 25,457 The Company had 4 investments in unrealized loss positions as of September 30, 2020. The investments have been in unrealized loss positions for less than twelve months. The total fair value of such investments is $5.4 million with unrealized losses of $1,365 for the nine months ended September 30, 2020. 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 out of accumulated other comprehensive income for the nine months ended September 30, 2020. 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 not 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, 2020. There were no sales of available-for-sale securities for the nine months ended September 30, 2020 and 2019. 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 us 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 Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total As of September 30, 2020 Financial assets - available-for-sales securities Money market funds $ 2,544 $ — $ — $ 2,544 Commercial paper — 1,749 — 1,749 Corporate bonds — 21,164 — 21,164 Total financial assets - available-for-sales securities $ 2,544 $ 22,913 $ — $ 25,457 As of December 31, 2019 Financial assets - available-for-sales securities Money market funds $ 2,027 $ — $ — $ 2,027 Commercial paper — 6,962 — 6,962 Corporate bonds — 12,931 — 12,931 Total financial assets - available-for-sales securities $ 2,027 $ 19,893 $ — $ 21,920 The Company classifies money market funds in Level 1 since the financial assets consist of securities for which quoted prices are available in an active market. In addition, the Company classifies corporate bonds and commercial paper 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, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | 4. 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, 2020 2019 2020 2019 China $ 3,559 $ 7,582 $ 12,424 $ 15,768 Taiwan 1,466 940 4,424 2,833 South Korea 952 894 3,260 2,445 Japan 147 170 458 673 Other 90 27 257 90 Total revenue $ 6,214 $ 9,613 $ 20,823 $ 21,809 Revenue by principal product lines were as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Security surveillance $ 1,944 $ 6,551 $ 9,407 $ 14,363 Automotive 4,270 3,062 11,416 7,446 Total revenue $ 6,214 $ 9,613 $ 20,823 $ 21,809 Long-lived assets are attributed to the geographic region where they are located. Net long-lived assets by geographic region were as follows (in thousands): September 30, December 31, 2020 2019 Taiwan $ 593 $ 409 United States 32 49 Japan 27 54 China 13 19 South Korea 8 4 Total property and equipment - net $ 673 $ 535 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 5. Commitments and Contingencies Operating leases The Company determines if an arrangement contains a lease at inception. The Company leases facilities under non-cancellable lease agreements expiring through fiscal year 2022. 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 yet to be commenced. As of September 30, 2020 and December 31, 2019, the right-of-use assets and lease liabilities related to operating leases were as follows (in thousands): September 30, December 31, 2020 2019 Right-of-use assets $ 1,131 $ 1,058 Lease liabilities - Current $ 704 $ 549 Lease liabilities - Non-Current 449 518 Total lease liabilities $ 1,153 $ 1,067 Rent expense under operating leases was $0.2 million and $0.2 million for the three months ended September 30, 2020 and 2019, respectively. Rent expense under operating leases was $0.6 million and $0.5 million for nine months ended September 30, 2020 and 2019, respectively. The rent expense recognized from short-term leases were $6,000 and $6,000 for the three months ended September 30, 2020 and 2019, respectively. The rent expense recognized from short-term leases were $18,000 and $18,000 for nine months ended September 30, 2020 and 2019, respectively. 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, 2020 September 30, 2019 Operating lease cost (1) $ 549 $ 501 Cash paid for operating leases (2) $ 542 $ 508 Right-of-use assets obtained in exchange for operating lease liabilities (3) $ 585 $ 839 Weighted average remaining term for operating leases 1.64 years 0.66 years Weighted average discount rate for operating leases 6.0 % 6.0 % (1) Operating lease cost for the three months ended September 30, 2020 and 2019 (2) Cash paid for operating leases for the three months ended September 30, 2020 and 2019 (3) During the nine months ended September 30, 2020 As of , the aggregate future minimum lease payments under operating leases consist of the following (in thousands): Year Ending December 31, Amount 2020 (remaining three months) $ 197 2021 740 2022 266 Total 1,203 Less effects of discounting (50 ) Lease liabilities recognized $ 1,153 Purchase Commitments As of September 30, 2020, the Company had purchase commitments with its third-party suppliers through fiscal year 2022. Future minimum payments under purchase commitments are $0.1 million for the remaining three months ending December 31, 2020, and $0.2 million and $49,000 for the year ending December 31, 2021 and 2022, respectively. Litigation Although the Company is not currently subject to any litigation, and no litigation is currently threatened against it, 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 us 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, 2020 | |
Equity [Abstract] | |
Stockholders' Equity | 6. 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, 2020 and December 31, 2019. The shares of preferred stock issued and outstanding was nil as of September 30, 2020 and December 31, 2019. 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, 2020 . As of September 30, 2020 the shares of common stock issued and outstanding were 17,634,015 excluding 12,836 legally issued shares subject to repurchases related to the early exercise of options to purchase common stock. As of December 31, 2019, the shares of common stock issued and outstanding were 17,449,572 excluding 51,006 legally issued shares subject to repurchase related to the early exercise of options to purchase common stock. The Company has reserved the following number of shares of common stock for future issuances: September 30, 2020 Outstanding stock awards 1,190,084 Shares available for future issuance under the 2017 Stock Incentive Plan 5,527,607 Total common stock reserved for future issuances 6,717,691 |
Stock Option Plan
Stock Option Plan | 9 Months Ended |
Sep. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Option Plan | 7. Stock Option Plan Stock Incentive Plan 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 fair market 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 IPO. 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 2020 was 700,023 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 Grant As of December 31, 2019 4,847,877 Authorized 700,023 Granted (55,000 ) Canceled 34,707 As of September 30, 2020 5,527,607 Early Exercise of Stock Options Certain employees and directors have exercised option grants prior to vesting. The unvested shares are subject to a repurchase right held by the Company at the original purchase price. The proceeds initially are recorded as a liability related to early exercised stock options and reclassified to common stock and additional paid in capital as the repurchase right lapses. For the nine months ended September 30, 2020 and 2019, the Company did not issue unvested shares of common stock upon early exercise. For the nine months ended September 30, 2020, the Company repurchased 3,334 shares of unvested common stock related to early exercised options at the original purchase price, and no shares were repurchased for the nine months ended September 30, 2019. As of September 30, 2020 and December 31, 2019, 12,836 and 51,006 shares, respectively, held by employees were subject to repurchase at an aggregate price of $28,000 and $0.1 million, respectively. Stock Options The Company’s stock option activity under the stock incentive plan is summarized as follows: Options Issued and Outstanding Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in thousands) As of December 31, 2019 850,334 $ 2.30 $ 6.8 $ 3,587 Granted — — Exercised (1) (95,557 ) 1.66 Canceled (6,668 ) 1.95 As of September 30, 2020 748,109 2.38 $ 6.1 1,463 Options vested and expected to vest as of September 30, 2020 748,109 2.38 $ 6.1 1,463 Options vested and exercisable as of September 30, 2020 537,772 2.24 $ 6.0 1,131 (1) Includes vesting of early-exercised options. The stock options outstanding and exercisable by exercise price at September 30, 2020 are as follows: Options Outstanding Options Vested and Exercisable Exercise Price Number Outstanding Weighted- Average Remaining Contractual Life (Years) Weighted- Average Exercise Price Number Exercisable Weighted- Average Exercise Price $ 0.16 32,850 3.3 $ 0.16 32,850 $ 0.16 0.37 53,251 4.7 0.37 52,917 0.37 0.97 80,234 5.5 0.97 64,849 0.97 2.51 117,902 5.9 2.51 82,234 2.51 2.89 46,000 6.4 2.89 30,250 2.89 2.93 311,672 6.6 2.93 210,807 2.93 3.18 106,200 6.8 3.18 63,865 3.18 748,109 6.1 2.38 537,772 2.24 The aggregate intrinsic value of options exercised for the nine months ended September 30, 2020 and 2019 was $0.2 million and $0.6 million, respectively. The Company has various vesting agreements with its employees. Options granted generally vest over a five-year Restricted Stock Units The Company’s restricted stock units activity is summarized as follows: Units Issued and Outstanding Weighted-Average Grant Date Fair Value As of December 31, 2019 503,900 $ 8.48 Granted 55,000 4.40 Released (88,886 ) 7.99 Canceled (28,039 ) 9.12 As of September 30, 2020 441,975 8.03 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 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 8. 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, 2020 2019 2020 2019 Cost of revenue $ 33 $ 29 $ 100 $ 83 Research and development 133 124 401 370 Selling, general and administrative 201 184 635 568 Total $ 367 $ 337 $ 1,136 $ 1,021 |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | 9. Net Income (Loss) Per Share The following table presents the calculation of basic and diluted net income per share (amounts in thousands, except per share data): Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Numerator: Basic: Net income (loss) $ (26 ) $ 1,457 $ 456 $ 1,174 Diluted: Net income (loss) $ (26 ) $ 1,457 $ 456 $ 1,174 Denominator: Basic shares: Weighted-average shares outstanding in computing basic net income (loss) per share 17,619,958 17,316,172 17,559,438 17,239,544 Diluted shares: Effect of potentially dilutive securities: Stock awards (1) — 582,968 317,872 610,816 Weighted-average shares used in computing diluted net income (loss) per share 17,619,958 17,899,140 17,877,310 17,850,360 Net income (loss) per share: Basic $ (0.00 ) $ 0.08 $ 0.03 $ 0.07 Diluted $ (0.00 ) $ 0.08 $ 0.03 $ 0.07 (1) Includes early-exercised options. For a net loss period, basic net loss per share and diluted net loss per share are the same as the effect of potential shares is antidilutive and therefore excluded. The potentially dilutive securities outstanding for the three months ended September 30, 2020 and 2019 and for the nine months ended September 30, 2020 and 2019 that were excluded from the computation of diluted net income (loss) per share for the period presented as the effect would have been antidilutive was 799,000, 325,000, 779,000 and 367,000 shares, respectively. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. Income Taxes The components of income before income taxes are as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Domestic $ (51 ) $ 1,546 $ 458 $ 1,108 Foreign 51 67 168 179 Income before income taxes $ — $ 1,613 $ 626 $ 1,287 The components of the income tax provision are as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 United States $ 15 $ 145 $ 139 $ 86 Foreign 11 11 31 27 Income tax provision $ 26 $ 156 $ 170 $ 113 As of September 30, 2020, there was no material increase in the liability for unrecognized tax benefits nor any accrued interest and penalties related to uncertain tax positions. Additionally, as of September 30, 2020, the Company had approximately $0.3 million of unrecognized tax benefits of which $0.2 million was netted against deferred tax assets with a full valuation allowance. If these amounts are recognized, there will be a tax benefit of $0.1 million against the Company’s effective tax rate. The CARES Act did not have a material impact on our tax provision for the nine months ended September 30, 2020. We continue to examine the elements of the CARES Act and the impact that it may have on our future business. |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | Organization Techpoint, Inc. (together with its wholly-owned subsidiaries, the “Company”, “we”, “us” and “our”) 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) in the Condensed Consolidated Statements of Operations. 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, 2019 contained in our Annual Report on Form 10-K. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, which only 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 design manufacturers Revenue from Contracts with Customers 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. Since the Company’s performance obligations relate to contracts with a duration of less than one year, the Company has elected to apply the optional exemption practical expedient provided in ASC 606 and is therefore not required to disclose the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period. The Company provides product assurance warranty only and does not offer warranties to be purchased separately. The Company does not offer variable consideration or other significant payment terms and allocates the transaction price to each distinct product based on a relative standalone selling price. Revenue is recognized when control of the product is transferred to our customers, upon shipment, at which time the performance obligation is satisfied. The Company’s shipping terms are primarily FOB (free on board) shipping point, whereby legal title, risks and rewards of ownership, and physical possession are transferred to the customer upon shipment. Substantially all of the Company’s customers pay in advance of shipment, and no stock rotation, price protection or return rights are offered. |
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, valuation allowance for recorded deferred tax assets, and stock-based compensation. 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. |
COVID-19 | COVID-19 In March 2020, the World Health Organization characterized a respiratory illness caused by a novel coronavirus disease, known as COVID-19, as a pandemic. The pandemic has resulted in government authorities implementing numerous measures to try to contain the virus, such as travel bans and restrictions, quarantines, shelter-in-place or stay-at-home orders, and business shutdowns. For example, employees at our headquarters located in San Jose, California, are currently subject to a stay-at-home order from the state government. Our offices in Japan, China, South Korea and Taiwan have also been impacted by COVID-19 and have been subject to various measures implemented by local governments to reduce the spread of COVID-19. These measures may adversely impact our employees and operations and the operations of our end-customers (including our significant end-customers), distributors and suppliers, and may negatively impact our sales and marketing activities. For example, travel restrictions may prohibit our ability to conduct necessary face-to-face meetings with our customers. These measures by government authorities may remain in place for a significant period of time which could adversely affect our sales and marketing activities, product delivery schedule, and our business, financial condition and results of operations. Our security surveillance market has been affected by the weakness in our end markets in North and South Americas, the Middle East, and India due to the impact of the COVID-19 pandemic in those markets. In the third quarter of 2020, one of our largest customers significantly reduced orders to us in response to this market weakness. However, the impact to our security surveillance revenue was partially mitigated by revenue in the automotive market due to demand increase associated with the usual seasonal production cycle in the automotive industry in the second half of the year and multiple new design-wins going into production that we obtained from automotive manufacturers in prior quarters. The extent to which the COVID-19 pandemic impacts our business, prospects and results of operations will depend on future developments, which are highly uncertain, including, but not limited to, the duration and spread of the pandemic, its severity, the actions to contain the virus or treat its impact, and how quickly and to what extent normal economic and operating activities can resume. Management is actively monitoring the impact of COVID-19 on the Company’s financial condition, liquidity, operations, customers, suppliers, industry, and workforce. |
Credit Risk and Concentration of Customer and Supplier | Credit Risk and Concentration of Customer and Supplier 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 is as follows: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Customer Customer A 34 % 66 % 42 % 61 % Customer B 14 % * 14 % * Customer C 14 % * * * Customer D 10 % * 10 % * End-Customer End-Customer A (1) * 65 % 23 % 50 % End-Customer B (1) * * * 11 % * Less than 10% (1) Sales to End-Customer A and End-Customer B primarily occurred through Customer A. 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, the Company relies on Advanced Semiconductor Engineering, Inc. and Sigurd Microelectronics Corporation to assemble, package and test substantially all of its products. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820), ASU No. 2018-13 is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. The Company has determined that the new standard had no material impact on its disclosures as of and for the nine months ended September 30, 2020. |
Recently Issued Accounting Pronouncements Not Yet Adopted | Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments December 15, 2022 for SEC filers that are eligible to be smaller reporting companies under the SEC’s definition In December 2019, the FASB issued Accounting Standard Update No. 2019-12, which simplifies the accounting for income taxes. The guidance in ASU No. 2019-12 is required for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2020, for public business entities, with early adoption permitted. The Company is currently evaluating the impact this guidance will have on the Company’s condensed consolidated financial statements. |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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 is as follows: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Customer Customer A 34 % 66 % 42 % 61 % Customer B 14 % * 14 % * Customer C 14 % * * * Customer D 10 % * 10 % * End-Customer End-Customer A (1) * 65 % 23 % 50 % End-Customer B (1) * * * 11 % * Less than 10% (1) Sales to End-Customer A and End-Customer B primarily occurred through Customer A. |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Components of Inventory | Inventory consists of the following (in thousands): September 30, December 31, 2020 2019 Work in process $ 3,505 $ 2,529 Finished goods 4,213 3,519 Total inventory $ 7,718 $ 6,048 |
Components of Property and Equipment - Net | Property and equipment – net consists of the following (in thousands): September 30, December 31, 2020 2019 Computer equipment and software $ 1,795 $ 1,405 Leasehold improvements 89 89 Furniture 36 30 Total property and equipment 1,920 1,524 Less: accumulated depreciation (1,247 ) (989 ) Total property and equipment - net $ 673 $ 535 |
Components of Accrued Liabilities | Accrued liabilities consist of the following (in thousands): September 30, December 31, 2020 2019 Payroll-related expenses $ 591 $ 780 Engineering services 506 637 Accrued inventory 301 283 Accrued warranty 58 194 Taxes payable 48 72 Professional fees 41 31 Other 17 15 Total accrued liabilities $ 1,562 $ 2,012 |
Fair Value Measurements of Fi_2
Fair Value Measurements of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Instruments | Summary of Financial Instruments The following is a summary of financial instruments (in thousands): September 30, 2020 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Estimated Fair Values Available-for-sale securities: Money market funds $ 2,544 $ — $ — $ 2,544 Commercial paper 1,749 — — 1,749 Corporate bonds 21,080 85 (1 ) 21,164 Total available-for-sale securities $ 25,373 $ 85 $ (1 ) $ 25,457 Reported in: Cash and cash equivalents $ 2,544 Short-term investments 18,183 Other assets 4,730 Total available-for-sale securities $ 25,457 December 31, 2019 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Estimated Fair Values Available-for-sale securities: Money market funds $ 2,027 $ — $ — $ 2,027 Commercial paper 6,965 — (3 ) 6,962 Corporate bonds 12,943 1 (13 ) 12,931 Total available-for-sale securities $ 21,935 $ 1 $ (16 ) $ 21,920 Reported in: Cash and cash equivalents $ 4,275 Short-term investments 9,475 Other assets 8,170 Total available-for-sale securities $ 21,920 |
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, 2020 Amortized Cost Basis Estimated Fair Value Due in one year or less $ 20,662 $ 20,727 Due between one to two years 4,711 4,730 $ 25,373 $ 25,457 |
Schedule of Financial Assets Measured at Fair Value on Recurring Basis | 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 Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total As of September 30, 2020 Financial assets - available-for-sales securities Money market funds $ 2,544 $ — $ — $ 2,544 Commercial paper — 1,749 — 1,749 Corporate bonds — 21,164 — 21,164 Total financial assets - available-for-sales securities $ 2,544 $ 22,913 $ — $ 25,457 As of December 31, 2019 Financial assets - available-for-sales securities Money market funds $ 2,027 $ — $ — $ 2,027 Commercial paper — 6,962 — 6,962 Corporate bonds — 12,931 — 12,931 Total financial assets - available-for-sales securities $ 2,027 $ 19,893 $ — $ 21,920 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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, 2020 2019 2020 2019 China $ 3,559 $ 7,582 $ 12,424 $ 15,768 Taiwan 1,466 940 4,424 2,833 South Korea 952 894 3,260 2,445 Japan 147 170 458 673 Other 90 27 257 90 Total revenue $ 6,214 $ 9,613 $ 20,823 $ 21,809 |
Schedule of Revenue by Principal Products Lines | Revenue by principal product lines were as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Security surveillance $ 1,944 $ 6,551 $ 9,407 $ 14,363 Automotive 4,270 3,062 11,416 7,446 Total revenue $ 6,214 $ 9,613 $ 20,823 $ 21,809 |
Schedule of Net Long-lived Assets by Geographic Region | Long-lived assets are attributed to the geographic region where they are located. Net long-lived assets by geographic region were as follows (in thousands): September 30, December 31, 2020 2019 Taiwan $ 593 $ 409 United States 32 49 Japan 27 54 China 13 19 South Korea 8 4 Total property and equipment - net $ 673 $ 535 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Right of Use Asset and Lease Liabilities Related to Operating Leases | As of September 30, 2020 and December 31, 2019, the right-of-use assets and lease liabilities related to operating leases were as follows (in thousands): September 30, December 31, 2020 2019 Right-of-use assets $ 1,131 $ 1,058 Lease liabilities - Current $ 704 $ 549 Lease liabilities - Non-Current 449 518 Total lease liabilities $ 1,153 $ 1,067 |
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, 2020 September 30, 2019 Operating lease cost (1) $ 549 $ 501 Cash paid for operating leases (2) $ 542 $ 508 Right-of-use assets obtained in exchange for operating lease liabilities (3) $ 585 $ 839 Weighted average remaining term for operating leases 1.64 years 0.66 years Weighted average discount rate for operating leases 6.0 % 6.0 % (1) Operating lease cost for the three months ended September 30, 2020 and 2019 (2) Cash paid for operating leases for the three months ended September 30, 2020 and 2019 (3) During the nine months ended September 30, 2020 |
Schedule of Aggregate Future Minimum Lease Payments Under Operating Leases | As of , the aggregate future minimum lease payments under operating leases consist of the following (in thousands): Year Ending December 31, Amount 2020 (remaining three months) $ 197 2021 740 2022 266 Total 1,203 Less effects of discounting (50 ) Lease liabilities recognized $ 1,153 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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, 2020 Outstanding stock awards 1,190,084 Shares available for future issuance under the 2017 Stock Incentive Plan 5,527,607 Total common stock reserved for future issuances 6,717,691 |
Stock Option Plan (Tables)
Stock Option Plan (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Summary of Stock Options Outstanding and Exercisable by Exercise Price | The stock options outstanding and exercisable by exercise price at September 30, 2020 are as follows: Options Outstanding Options Vested and Exercisable Exercise Price Number Outstanding Weighted- Average Remaining Contractual Life (Years) Weighted- Average Exercise Price Number Exercisable Weighted- Average Exercise Price $ 0.16 32,850 3.3 $ 0.16 32,850 $ 0.16 0.37 53,251 4.7 0.37 52,917 0.37 0.97 80,234 5.5 0.97 64,849 0.97 2.51 117,902 5.9 2.51 82,234 2.51 2.89 46,000 6.4 2.89 30,250 2.89 2.93 311,672 6.6 2.93 210,807 2.93 3.18 106,200 6.8 3.18 63,865 3.18 748,109 6.1 2.38 537,772 2.24 |
Summary of Restricted Stock Units Activity | The Company’s restricted stock units activity is summarized as follows: Units Issued and Outstanding Weighted-Average Grant Date Fair Value As of December 31, 2019 503,900 $ 8.48 Granted 55,000 4.40 Released (88,886 ) 7.99 Canceled (28,039 ) 9.12 As of September 30, 2020 441,975 8.03 |
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 Grant As of December 31, 2019 4,847,877 Authorized 700,023 Granted (55,000 ) Canceled 34,707 As of September 30, 2020 5,527,607 The Company’s stock option activity under the stock incentive plan is summarized as follows: Options Issued and Outstanding Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in thousands) As of December 31, 2019 850,334 $ 2.30 $ 6.8 $ 3,587 Granted — — Exercised (1) (95,557 ) 1.66 Canceled (6,668 ) 1.95 As of September 30, 2020 748,109 2.38 $ 6.1 1,463 Options vested and expected to vest as of September 30, 2020 748,109 2.38 $ 6.1 1,463 Options vested and exercisable as of September 30, 2020 537,772 2.24 $ 6.0 1,131 (1) Includes vesting of early-exercised options. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [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, 2020 2019 2020 2019 Cost of revenue $ 33 $ 29 $ 100 $ 83 Research and development 133 124 401 370 Selling, general and administrative 201 184 635 568 Total $ 367 $ 337 $ 1,136 $ 1,021 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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 per share data): Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Numerator: Basic: Net income (loss) $ (26 ) $ 1,457 $ 456 $ 1,174 Diluted: Net income (loss) $ (26 ) $ 1,457 $ 456 $ 1,174 Denominator: Basic shares: Weighted-average shares outstanding in computing basic net income (loss) per share 17,619,958 17,316,172 17,559,438 17,239,544 Diluted shares: Effect of potentially dilutive securities: Stock awards (1) — 582,968 317,872 610,816 Weighted-average shares used in computing diluted net income (loss) per share 17,619,958 17,899,140 17,877,310 17,850,360 Net income (loss) per share: Basic $ (0.00 ) $ 0.08 $ 0.03 $ 0.07 Diluted $ (0.00 ) $ 0.08 $ 0.03 $ 0.07 (1) Includes early-exercised options. |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Before Income Taxes | The components of income before income taxes are as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Domestic $ (51 ) $ 1,546 $ 458 $ 1,108 Foreign 51 67 168 179 Income before income taxes $ — $ 1,613 $ 626 $ 1,287 |
Schedule of Components of Income Tax Provision | The components of the income tax provision are as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 United States $ 15 $ 145 $ 139 $ 86 Foreign 11 11 31 27 Income tax provision $ 26 $ 156 $ 170 $ 113 |
Organization and Summary of S_4
Organization and Summary of Significant Accounting Policies - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2020 | |
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, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Customer A | ||||
Product Information [Line Items] | ||||
Concentration risk, percentage | 34.00% | 66.00% | 42.00% | 61.00% |
Customer B | ||||
Product Information [Line Items] | ||||
Concentration risk, percentage | 14.00% | 14.00% | ||
Customer C | ||||
Product Information [Line Items] | ||||
Concentration risk, percentage | 14.00% | |||
Customer D | ||||
Product Information [Line Items] | ||||
Concentration risk, percentage | 10.00% | 10.00% | ||
End-Customer A | ||||
Product Information [Line Items] | ||||
Concentration risk, percentage | 65.00% | 23.00% | 50.00% | |
End-Customer B | ||||
Product Information [Line Items] | ||||
Concentration risk, percentage | 11.00% |
Balance Sheet Components - Comp
Balance Sheet Components - Components of Inventory (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Balance Sheet Related Disclosures [Abstract] | ||
Work in process | $ 3,505 | $ 2,529 |
Finished goods | 4,213 | 3,519 |
Total inventory | $ 7,718 | $ 6,048 |
Balance Sheet Components - Co_2
Balance Sheet Components - Components of Property and Equipment - Net (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 1,920 | $ 1,524 |
Less: accumulated depreciation | (1,247) | (989) |
Total property and equipment - net | 673 | 535 |
Computer Equipment and Software | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 1,795 | 1,405 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 89 | 89 |
Furniture | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 36 | $ 30 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Dec. 31, 2019 | |
Balance Sheet Related Disclosures [Abstract] | ||||||
Depreciation expense | $ 100 | $ 100 | $ 300 | $ 300 | ||
Payments received in advance of shipments | 940 | 940 | $ 300 | $ 1,371 | ||
Company recognized revenue | $ 300 | $ 1,400 |
Balance Sheet Components - Co_3
Balance Sheet Components - Components of Accrued Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Balance Sheet Related Disclosures [Abstract] | ||
Payroll-related expenses | $ 591 | $ 780 |
Engineering services | 506 | 637 |
Accrued inventory | 301 | 283 |
Accrued warranty | 58 | 194 |
Taxes payable | 48 | 72 |
Professional fees | 41 | 31 |
Other | 17 | 15 |
Total accrued liabilities | $ 1,562 | $ 2,012 |
Fair Value Measurements of Fi_3
Fair Value Measurements of Financial Instruments - Summary of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 25,373 | $ 21,935 |
Gross Unrealized Gain | 85 | 1 |
Gross Unrealized Loss | (1) | (16) |
Estimated Fair Values | 25,457 | 21,920 |
Money Market Funds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 2,544 | 2,027 |
Estimated Fair Values | 2,544 | 2,027 |
Commercial Paper | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 1,749 | 6,965 |
Gross Unrealized Loss | (3) | |
Estimated Fair Values | 1,749 | 6,962 |
Corporate Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 21,080 | 12,943 |
Gross Unrealized Gain | 85 | 1 |
Gross Unrealized Loss | (1) | (13) |
Estimated Fair Values | 21,164 | 12,931 |
Cash and Cash Equivalents | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated Fair Values | 2,544 | 4,275 |
Short-term Investments | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated Fair Values | 18,183 | 9,475 |
Other Assets | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated Fair Values | $ 4,730 | $ 8,170 |
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, 2020 | Dec. 31, 2019 |
Available For Sale Securities [Abstract] | ||
Amortized Cost, Due in one year or less | $ 20,662 | |
Amortized Cost, Due between one to two years | 4,711 | |
Amortized Cost | 25,373 | $ 21,935 |
Estimated Fair Value, Due in one year or less | 20,727 | |
Estimated Fair Value, Due between one to two years | 4,730 | |
Estimated Fair Value | $ 25,457 | $ 21,920 |
Fair Value Measurements of Fi_5
Fair Value Measurements of Financial Instruments - Additional Information (Details) | 9 Months Ended | |
Sep. 30, 2020USD ($)Investment | Sep. 30, 2019USD ($) | |
Available For Sale Securities [Abstract] | ||
Number of investments in unrealized loss positions | Investment | 4 | |
Fair value of investments | $ 5,400,000 | |
Unrealized losses on investments | 1,365 | |
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, 2020 | Dec. 31, 2019 |
Financial assets - available-for-sales securities | ||
Total financial assets - available-for-sales securities | $ 25,457 | $ 21,920 |
Money Market Funds | ||
Financial assets - available-for-sales securities | ||
Total financial assets - available-for-sales securities | 2,544 | 2,027 |
Commercial Paper | ||
Financial assets - available-for-sales securities | ||
Total financial assets - available-for-sales securities | 1,749 | 6,962 |
Corporate Bonds | ||
Financial assets - available-for-sales securities | ||
Total financial assets - available-for-sales securities | 21,164 | 12,931 |
Fair Value Measurements Recurring | ||
Financial assets - available-for-sales securities | ||
Total financial assets - available-for-sales securities | 25,457 | 21,920 |
Fair Value Measurements Recurring | Money Market Funds | ||
Financial assets - available-for-sales securities | ||
Total financial assets - available-for-sales securities | 2,544 | 2,027 |
Fair Value Measurements Recurring | Commercial Paper | ||
Financial assets - available-for-sales securities | ||
Total financial assets - available-for-sales securities | 1,749 | 6,962 |
Fair Value Measurements Recurring | Corporate Bonds | ||
Financial assets - available-for-sales securities | ||
Total financial assets - available-for-sales securities | 21,164 | 12,931 |
Fair Value Measurements Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial assets - available-for-sales securities | ||
Total financial assets - available-for-sales securities | 2,544 | 2,027 |
Fair Value Measurements Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Money Market Funds | ||
Financial assets - available-for-sales securities | ||
Total financial assets - available-for-sales securities | 2,544 | 2,027 |
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2) | ||
Financial assets - available-for-sales securities | ||
Total financial assets - available-for-sales securities | 22,913 | 19,893 |
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2) | Commercial Paper | ||
Financial assets - available-for-sales securities | ||
Total financial assets - available-for-sales securities | 1,749 | 6,962 |
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2) | Corporate Bonds | ||
Financial assets - available-for-sales securities | ||
Total financial assets - available-for-sales securities | $ 21,164 | $ 12,931 |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2020Segment | |
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, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenue | $ 6,214 | $ 9,613 | $ 20,823 | $ 21,809 |
China | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenue | 3,559 | 7,582 | 12,424 | 15,768 |
Taiwan | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenue | 1,466 | 940 | 4,424 | 2,833 |
South Korea | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenue | 952 | 894 | 3,260 | 2,445 |
Japan | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenue | 147 | 170 | 458 | 673 |
Other | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Revenue | $ 90 | $ 27 | $ 257 | $ 90 |
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, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Entity Wide Information Revenue From External Customer [Line Items] | ||||
Revenue | $ 6,214 | $ 9,613 | $ 20,823 | $ 21,809 |
Security Surveillance | ||||
Entity Wide Information Revenue From External Customer [Line Items] | ||||
Revenue | 1,944 | 6,551 | 9,407 | 14,363 |
Automotive | ||||
Entity Wide Information Revenue From External Customer [Line Items] | ||||
Revenue | $ 4,270 | $ 3,062 | $ 11,416 | $ 7,446 |
Segment Information - Schedul_3
Segment Information - Schedule of Net Long-Lived Assets by Geographic Region (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Property and equipment - net | $ 673 | $ 535 |
Taiwan | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Property and equipment - net | 593 | 409 |
United States | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Property and equipment - net | 32 | 49 |
Japan | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Property and equipment - net | 27 | 54 |
China | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Property and equipment - net | 13 | 19 |
South Korea | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Property and equipment - net | $ 8 | $ 4 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020USD ($)Litigation | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)Litigation | Sep. 30, 2019USD ($) | |
Commitments And Contingencies Disclosure [Abstract] | ||||
Non-cancellable operating lease agreements, expiration description | non-cancellable lease agreements expiring through fiscal year 2022. | |||
Rent expense under operating leases | $ 200,000 | $ 200,000 | $ 600,000 | $ 500,000 |
Rent expense recognized from short-term leases | 6,000 | $ 6,000 | 18,000 | $ 18,000 |
Future minimum payments under purchase commitments for year ending December 31, 2020 | 100,000 | 100,000 | ||
Future minimum payments under purchase commitments for year ending December 31, 2021 | 200,000 | 200,000 | ||
Future minimum payments under purchase commitments for year ending December 31, 2022 | $ 49,000 | $ 49,000 | ||
Number of litigation | Litigation | 0 | 0 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Right of Use Asset and Lease Liabilities Related to Operating Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Assets And Liabilities Lessee [Abstract] | ||
Right-of-use assets | $ 1,131 | $ 1,058 |
Lease liabilities - Current | 704 | 549 |
Lease liabilities - Non-Current | 449 | 518 |
Total lease liabilities | $ 1,153 | $ 1,067 |
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 | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | ||||
Operating lease cost | $ 200 | $ 200 | $ 549 | $ 501 |
Cash paid for operating leases | $ 200 | $ 200 | 542 | 508 |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 585 | $ 839 | ||
Weighted average remaining term for operating leases | 1 year 7 months 20 days | 7 months 28 days | 1 year 7 months 20 days | 7 months 28 days |
Weighted average discount rate for operating leases | 6.00% | 6.00% | 6.00% | 6.00% |
Commitments and Contingencies_4
Commitments and Contingencies - Schedule of Lease Costs and Weighted-Average Assumptions Used in Determining its Right-of-Use Assets and Lease Liabilities (Parenthetical) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)Lease | Sep. 30, 2019USD ($) | |
Commitments And Contingencies Disclosure [Abstract] | ||||
Operating lease cost | $ 200,000 | $ 200,000 | $ 549,000 | $ 501,000 |
Cash paid for operating leases | $ 200,000 | $ 200,000 | $ 542,000 | 508,000 |
Number of modified existing operating lease | Lease | 4 | |||
New leases commenced during the period | $ 0 |
Commitments and Contingencies_5
Commitments and Contingencies - Schedule of Aggregate Future Minimum Lease Payments Under Operating Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Commitments And Contingencies Disclosure [Abstract] | ||
2020 (remaining three months) | $ 197 | |
2021 | 740 | |
2022 | 266 | |
Total | 1,203 | |
Less effects of discounting | (50) | |
Lease liabilities recognized | $ 1,153 | $ 1,067 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 |
Equity [Abstract] | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, par value | $ 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 | $ 0.0001 | $ 0.0001 |
Common stock shares issued | 17,634,015 | 17,449,572 |
Common stock shares outstanding | 17,634,015 | 17,449,572 |
Common stock issued subject to repurchase related to early exercise of options | 12,836 | 51,006 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Number of Shares of Common Stock Reserved for Future Issuances (Details) | Sep. 30, 2020shares |
Class Of Stock [Line Items] | |
Common stock reserved for future issuances | 6,717,691 |
Outstanding Stock Awards | |
Class Of Stock [Line Items] | |
Common stock reserved for future issuances | 1,190,084 |
Shares Available for Future Issuance under 2017 Stock Incentive Plan | |
Class Of Stock [Line Items] | |
Common stock reserved for future issuances | 5,527,607 |
Stock Option Plan - Additional
Stock Option Plan - Additional Information (Details) | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2017shares | Apr. 30, 2012 | Sep. 30, 2020USD ($)shares | Sep. 30, 2019USD ($)shares | Dec. 31, 2020shares | Dec. 31, 2019USD ($)shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, additional awards | 700,023 | |||||
Common stock reserved for future issuances | 6,717,691 | |||||
Number of options early exercised | 0 | 0 | ||||
Number of shares of unvested common stock repurchased | 3,334 | 0 | ||||
Number of shares subject to repurchase | 12,836 | 51,006 | ||||
Aggregate price of shares held subject to repurchase | $ | $ 28,000 | $ 100,000 | ||||
Share-based compensation arrangement by share-based payment award, aggregate intrinsic value of options exercised | $ | $ 200,000 | $ 600,000 | ||||
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 fair market 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 | 10.00% | |||||
Share-based compensation arrangement by share-based payment award, exercise prices percentage of fair market of common stock on grant date | 110.00% | |||||
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. 1, 2018 | |||||
Automatic increase in number of shares authorized under stock option plan, end date | Jan. 1, 2027 | |||||
Share-based compensation arrangement by share-based payment award, options vesting period | 5 years | |||||
Two Thousand Seventeen Stock Option Plan | Scenario Forecast | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Automatic increase in number of shares available for issuance under the stock option plan | 700,023 | |||||
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 | 4.00% |
Stock Option Plan - Summary of
Stock Option Plan - 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, 2020 | Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Awards Available for Grant, Beginning balance | 4,847,877 | |
Awards Available for Grant, Authorized | 700,023 | |
Awards Available for Grant, Granted | (55,000) | |
Awards Available for Grant, Canceled | 34,707 | |
Awards Available for Grant, Ending balance | 5,527,607 | 4,847,877 |
Options Issued and Outstanding, Beginning balance | 850,334 | |
Options Issued and Outstanding, Exercised | (95,557) | |
Options Issued and Outstanding, Canceled | (6,668) | |
Options Issued and Outstanding, Ending balance | 748,109 | 850,334 |
Options Issued and Outstanding, Options vested and expected to vest | 748,109 | |
Options Issued and Outstanding, Options vested and exercisable | 537,772 | |
Weighted Average Exercise Price, Beginning balance | $ 2.30 | |
Weighted Average Exercise Price, Exercised | 1.66 | |
Weighted Average Exercise Price, Canceled | 1.95 | |
Weighted Average Exercise Price, Ending balance | 2.38 | $ 2.30 |
Weighted Average Exercise Price, Options vested and expected to vest | 2.38 | |
Weighted Average Exercise Price, Options vested and exercisable | $ 2.24 | |
Weighted-Average Remaining Contractual Term | 6 years 1 month 6 days | 6 years 9 months 18 days |
Weighted-Average Remaining Contractual Term, Options vested and expected to vest | 6 years 1 month 6 days | |
Weighted-Average Remaining Contractual Term, Options vested and exercisable | 6 years | |
Aggregate Intrinsic Value | $ 1,463 | $ 3,587 |
Aggregate Intrinsic Value, Options vested and expected to vest | 1,463 | |
Aggregate Intrinsic Value, Options vested and exercisable | $ 1,131 |
Stock Option Plan - Summary o_2
Stock Option Plan - Summary of Stock Options Outstanding and Exercisable by Exercise Price (Details) - $ / shares | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Options Outstanding, Number Outstanding | 748,109 | |
Options Outstanding, Weighted-Average Remaining Contractual Life (Years) | 6 years 1 month 6 days | |
Options Outstanding, Weighted-Average Exercise Price | $ 2.38 | $ 2.30 |
Options Vested and Exercisable, Number Exercisable | 537,772 | |
Options Vested and Exercisable, Weighted-Average Exercise Price | $ 2.24 | |
Exercise Price 0.16 | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Exercise Price | $ 0.16 | |
Options Outstanding, Number Outstanding | 32,850 | |
Options Outstanding, Weighted-Average Remaining Contractual Life (Years) | 3 years 3 months 18 days | |
Options Outstanding, Weighted-Average Exercise Price | $ 0.16 | |
Options Vested and Exercisable, Number Exercisable | 32,850 | |
Options 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, Number Outstanding | 53,251 | |
Options Outstanding, Weighted-Average Remaining Contractual Life (Years) | 4 years 8 months 12 days | |
Options Outstanding, Weighted-Average Exercise Price | $ 0.37 | |
Options Vested and Exercisable, Number Exercisable | 52,917 | |
Options 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, Number Outstanding | 80,234 | |
Options Outstanding, Weighted-Average Remaining Contractual Life (Years) | 5 years 6 months | |
Options Outstanding, Weighted-Average Exercise Price | $ 0.97 | |
Options Vested and Exercisable, Number Exercisable | 64,849 | |
Options 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, Number Outstanding | 117,902 | |
Options Outstanding, Weighted-Average Remaining Contractual Life (Years) | 5 years 10 months 24 days | |
Options Outstanding, Weighted-Average Exercise Price | $ 2.51 | |
Options Vested and Exercisable, Number Exercisable | 82,234 | |
Options 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, Number Outstanding | 46,000 | |
Options Outstanding, Weighted-Average Remaining Contractual Life (Years) | 6 years 4 months 24 days | |
Options Outstanding, Weighted-Average Exercise Price | $ 2.89 | |
Options Vested and Exercisable, Number Exercisable | 30,250 | |
Options 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, Number Outstanding | 311,672 | |
Options Outstanding, Weighted-Average Remaining Contractual Life (Years) | 6 years 7 months 6 days | |
Options Outstanding, Weighted-Average Exercise Price | $ 2.93 | |
Options Vested and Exercisable, Number Exercisable | 210,807 | |
Options 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, Number Outstanding | 106,200 | |
Options Outstanding, Weighted-Average Remaining Contractual Life (Years) | 6 years 9 months 18 days | |
Options Outstanding, Weighted-Average Exercise Price | $ 3.18 | |
Options Vested and Exercisable, Number Exercisable | 63,865 | |
Options Vested and Exercisable, Weighted-Average Exercise Price | $ 3.18 |
Stock Option Plan - Summary o_3
Stock Option Plan - Summary of Restricted Stock Units Activity (Details) - Restricted Stock Units | 9 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Units Issued and Outstanding, Beginning balance | shares | 503,900 |
Units Issued and Outstanding, Granted | shares | 55,000 |
Units Issued and Outstanding, Released | shares | (88,886) |
Units Issued and Outstanding, Canceled | shares | (28,039) |
Units Issued and Outstanding, Ending balance | shares | 441,975 |
Weighted-Average Grant Date Fair Value, Beginning balance | $ / shares | $ 8.48 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 4.40 |
Weighted-Average Grant Date Fair Value, Released | $ / shares | 7.99 |
Weighted-Average Grant Date Fair Value, Canceled | $ / shares | 9.12 |
Weighted-Average Grant Date Fair Value, Ending balance | $ / shares | $ 8.03 |
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, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share Based Compensation Expense [Line Items] | ||||
Stock-based compensation | $ 367 | $ 337 | $ 1,136 | $ 1,021 |
Cost of Revenue | ||||
Share Based Compensation Expense [Line Items] | ||||
Stock-based compensation | 33 | 29 | 100 | 83 |
Research and Development | ||||
Share Based Compensation Expense [Line Items] | ||||
Stock-based compensation | 133 | 124 | 401 | 370 |
Selling, General and Administrative | ||||
Share Based Compensation Expense [Line Items] | ||||
Stock-based compensation | $ 201 | $ 184 | $ 635 | $ 568 |
Net Income (Loss) Per Share - C
Net Income (Loss) Per Share - Computation of Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Basic: | ||||||||
Net income (loss) | $ (26) | $ 389 | $ 93 | $ 1,457 | $ 335 | $ (618) | $ 456 | $ 1,174 |
Diluted: | ||||||||
Net income (loss) | $ (26) | $ 389 | $ 93 | $ 1,457 | $ 335 | $ (618) | $ 456 | $ 1,174 |
Denominator: | ||||||||
Weighted-average shares outstanding in computing basic net income (loss) per share | 17,619,958 | 17,316,172 | 17,559,438 | 17,239,544 | ||||
Effect of potentially dilutive securities: | ||||||||
Stock awards | 582,968 | 317,872 | 610,816 | |||||
Weighted-average shares used in computing diluted net income (loss) per share | 17,619,958 | 17,899,140 | 17,877,310 | 17,850,360 | ||||
Net income (loss) per share: | ||||||||
Basic | $ 0 | $ 0.08 | $ 0.03 | $ 0.07 | ||||
Diluted | $ 0 | $ 0.08 | $ 0.03 | $ 0.07 |
Net Income (Loss) Per Share - A
Net Income (Loss) Per Share - Additional Information (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per share amount | 799,000 | 325,000 | 779,000 | 367,000 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Before Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Domestic | $ (51) | $ 1,546 | $ 458 | $ 1,108 |
Foreign | $ 51 | 67 | 168 | 179 |
Income before income taxes | $ 1,613 | $ 626 | $ 1,287 |
Income Taxes - Schedule of Co_2
Income Taxes - Schedule of Components of Income Tax Provision (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||||
United States | $ 15 | $ 145 | $ 139 | $ 86 |
Foreign | 11 | 11 | 31 | 27 |
Income tax provision | $ 26 | $ 156 | $ 170 | $ 113 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) $ in Millions | Sep. 30, 2020USD ($) |
Income Tax Disclosure [Abstract] | |
Unrecognized tax benefits | $ 0.3 |
Unrecognized tax benefits netted against deferred tax assets valuation allowance | 0.2 |
Unrecognized tax benefit against effective tax rate | $ 0.1 |