Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | May 03, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 000-56424 | |
Entity Registrant Name | Life360, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 26-0197666 | |
Entity Address, Address Line One | 1900 South Norfolk Street | |
Entity Address, Address Line Two | Suite 310 | |
Entity Address, City or Town | San Mateo | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94403 | |
City Area Code | 415 | |
Local Phone Number | 484-5244 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 69,625,755 | |
Entity Central Index Key | 0001581760 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current Assets: | ||
Cash and cash equivalents | $ 73,401 | $ 68,964 |
Accounts receivable, net | 37,036 | 42,180 |
Inventory | 6,338 | 4,099 |
Costs capitalized to obtain contracts, net | 961 | 1,010 |
Prepaid expenses and other current assets | 13,720 | 15,174 |
Total current assets | 131,456 | 131,427 |
Restricted cash, noncurrent | 1,202 | 1,749 |
Property and equipment, net | 684 | 730 |
Costs capitalized to obtain contracts, noncurrent | 940 | 834 |
Prepaid expenses and other assets, noncurrent | 5,606 | 6,848 |
Operating lease right-of-use asset | 933 | 1,014 |
Intangible assets, net | 44,281 | 45,441 |
Goodwill | 133,674 | 133,674 |
Total Assets | 318,776 | 321,717 |
Current Liabilities: | ||
Accounts payable | 9,388 | 5,896 |
Accrued expenses and other current liabilities | 25,063 | 27,538 |
Convertible notes, current ($4,057 and $3,449 measured at fair value, respectively) | 4,057 | 3,449 |
Deferred revenue, current | 35,513 | 33,932 |
Total current liabilities | 74,021 | 70,815 |
Convertible notes, noncurrent | 1,161 | 1,056 |
Derivative liability, noncurrent | 1,924 | 217 |
Deferred revenue, noncurrent | 1,196 | 1,842 |
Other liabilities, noncurrent | 634 | 723 |
Total Liabilities | 78,936 | 74,653 |
Commitments and Contingencies (Note 10) | ||
Stockholders’ Equity | ||
Common Stock, $0.001 par value; 100,000,000 shares authorized as of March 31, 2024 and December 31, 2023; 69,440,062 and 68,155,830 issued and outstanding as of March 31, 2024 and December 31, 2023, respectively | 71 | 70 |
Additional paid-in capital | 534,679 | 532,128 |
Accumulated deficit | (294,920) | (285,143) |
Accumulated other comprehensive income | 10 | 9 |
Total stockholders’ equity | 239,840 | 247,064 |
Total Liabilities and Stockholders’ Equity | $ 318,776 | $ 321,717 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Convertible notes, current, fair value | $ 4,057 | $ 3,449 |
Common stock, par value (in usd per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, issued (in shares) | 69,440,062 | 68,155,830 |
Common stock, outstanding (in shares) | 69,440,062 | 68,155,830 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Total revenue | $ 78,227 | $ 68,143 |
Total cost of revenue | 18,214 | 18,313 |
Gross profit | 60,013 | 49,830 |
Operating expenses: | ||
Research and development | 27,258 | 27,197 |
Sales and marketing | 24,733 | 24,316 |
General and administrative | 14,401 | 13,209 |
Total operating expenses | 66,392 | 64,722 |
Loss from operations | (6,379) | (14,892) |
Other income (expense): | ||
Convertible notes fair value adjustment | (608) | 72 |
Derivative liability fair value adjustment | (1,707) | 14 |
Other income, net | 311 | 843 |
Total other income (expense), net | (2,004) | 929 |
Loss before income taxes | (8,383) | (13,963) |
Provision for income taxes | 1,394 | 108 |
Net loss | $ (9,777) | $ (14,071) |
Net loss per share, basic (in usd per share) | $ (0.14) | $ (0.21) |
Net loss per share, diluted (in usd per share) | $ (0.14) | $ (0.21) |
Weighted-average shares used in computing net loss per share, basic (in shares) | 68,535,626 | 65,592,780 |
Weighted-average shares used in computing net loss per share, diluted (in shares) | 68,535,626 | 65,592,780 |
Comprehensive loss | ||
Net loss | $ (9,777) | $ (14,071) |
Change in foreign currency translation adjustment | 1 | 24 |
Total comprehensive loss | (9,776) | (14,047) |
Subscription | ||
Total revenue | 61,579 | 51,664 |
Total cost of revenue | 9,315 | 8,045 |
Hardware | ||
Total revenue | 10,188 | 9,984 |
Total cost of revenue | 8,012 | 9,426 |
Other | ||
Total revenue | 6,460 | 6,495 |
Total cost of revenue | $ 887 | $ 842 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Notes Due from Affiliates | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) |
Beginning balance (in shares) at Dec. 31, 2022 | 65,239,843 | |||||
Beginning balance at Dec. 31, 2022 | $ 244,538 | $ 67 | $ 501,763 | $ (314) | $ (256,972) | $ (6) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Exercise of stock options (in shares) | 185,073 | |||||
Exercise of stock options | 714 | 714 | ||||
Vesting of restricted stock units (in shares) | 870,915 | |||||
Vesting of restricted stock units | 0 | $ 1 | (1) | |||
Taxes paid related to net settlement of equity awards | (5,731) | (5,731) | ||||
Repayment of notes due from affiliate | 391 | 77 | 314 | |||
Stock-based compensation expense | 8,955 | 8,955 | ||||
Change in foreign currency translation adjustment | 24 | 24 | ||||
Net loss | (14,071) | (14,071) | ||||
Ending balance (in shares) at Mar. 31, 2023 | 66,295,831 | |||||
Ending balance at Mar. 31, 2023 | $ 234,820 | $ 68 | 505,777 | $ 0 | (271,043) | 18 |
Beginning balance (in shares) at Dec. 31, 2023 | 68,155,830 | 68,155,830 | ||||
Beginning balance at Dec. 31, 2023 | $ 247,064 | $ 70 | 532,128 | (285,143) | 9 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Exercise of stock options (in shares) | 277,309 | 277,309 | ||||
Exercise of stock options | $ 2,307 | 2,307 | ||||
Exercise of warrants (in shares) | 41,685 | |||||
Exercise of warrants | 94 | 94 | ||||
Vesting of restricted stock units (in shares) | 965,238 | |||||
Vesting of restricted stock units | 0 | $ 1 | (1) | |||
Taxes paid related to net settlement of equity awards | (8,110) | (8,110) | ||||
Stock-based compensation expense | 8,261 | 8,261 | ||||
Change in foreign currency translation adjustment | 1 | 1 | ||||
Net loss | $ (9,777) | (9,777) | ||||
Ending balance (in shares) at Mar. 31, 2024 | 69,440,062 | 69,440,062 | ||||
Ending balance at Mar. 31, 2024 | $ 239,840 | $ 71 | $ 534,679 | $ (294,920) | $ 10 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (9,777) | $ (14,071) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 2,295 | 2,273 |
Amortization of costs capitalized to obtain contracts | 341 | 439 |
Amortization of operating lease right-of-use asset | 81 | 0 |
Stock-based compensation expense | 8,261 | 8,955 |
Compensation expense in connection with revesting notes | 0 | 72 |
Non-cash interest expense, net | 128 | 92 |
Convertible notes fair value adjustment | 608 | (72) |
Derivative liability fair value adjustment | 1,707 | (14) |
Non-cash revenue from investment | (446) | (496) |
Inventory write-off | 0 | 916 |
Changes in operating assets and liabilities, net of acquisitions: | ||
Accounts receivable, net | 5,144 | 2,145 |
Prepaid expenses and other assets | 3,272 | (1,340) |
Inventory | (2,239) | 1,113 |
Costs capitalized to obtain contracts, net | (398) | (498) |
Accounts payable | 3,492 | (4,274) |
Accrued expenses and other current liabilities | (3,073) | (4,628) |
Deferred revenue | 1,381 | 189 |
Other liabilities, noncurrent | (89) | 0 |
Net cash provided by (used in) operating activities | 10,688 | (9,199) |
Cash Flows from Investing Activities: | ||
Internal use software | (1,089) | (348) |
Purchase of property and equipment | 0 | (26) |
Net cash used in investing activities | (1,089) | (374) |
Cash Flows from Financing Activities: | ||
Proceeds from the exercise of stock options and warrants | 2,401 | 714 |
Taxes paid related to net settlement of equity awards | (8,110) | (5,731) |
Proceeds from repayment of notes due from affiliates | 0 | 314 |
Net cash used in financing activities | (5,709) | (4,703) |
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | 3,890 | (14,276) |
Cash, Cash Equivalents and Restricted Cash at the Beginning of the Period | 70,713 | 90,365 |
Cash, Cash Equivalents, and Restricted Cash at the End of the Period | 74,603 | 76,089 |
Supplemental disclosure: | ||
Cash paid during the period for taxes | 56 | 0 |
Cash, cash equivalents and restricted cash | ||
Cash and cash equivalents | 73,401 | 61,394 |
Restricted cash, current | 0 | 13,094 |
Restricted cash, noncurrent | 1,202 | 1,601 |
Total cash and cash equivalents, and restricted cash | $ 74,603 | $ 76,089 |
Nature of Business
Nature of Business | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business | 1. Nature of Business Life360, Inc. (the “Company”) is a leading technology platform connecting millions of people throughout the world to the people, pets and things they care about most. The Company has created a new category at the intersection of family, technology, and safety to help keep families connected and safe. The Company’s core offering, the Life360 mobile application, includes features like communications, driving safety, digital safety and location sharing. Beyond the everyday, Life360 also provides much-needed protection and saves lives, which is crucial for families in emergency situations such as natural disasters, vehicle collisions, physical property theft, and digital identity theft. The Life360 mobile application operates under a “freemium” model where its core offering is available to members at no charge, with three membership subscription options that are available but not required. The Company acquired Jio, Inc. (“Jiobit”) and Tile, Inc, (“Tile”) in September 2021 and January 2022, respectively, to create a comprehensive platform-agnostic location tracking solution for people, pets and things. Jiobit is a leading wearable location device for young children, pets and seniors and Tile is a leading product suite of location trackers for finding objects. The Company’s suite of product and service offerings, including the Life360 and Tile mobile applications, and related third-party services, is system and platform-agnostic, allowing its products and services to work seamlessly for members, regardless of the devices they use. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Included below are select significant accounting policies. Refer to Note 2, "Summary of Significant Accounting Policies" in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 29, 2024 (“Annual Report”) for a full list of the Company’s significant accounting policies. Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements, which include the accounts of the Company and its wholly owned subsidiaries, have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim periods and following the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. All intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated balance sheet as of December 31, 2023, included herein, was derived from the audited financial statements as of that date. In the opinion of the Company’s management, the condensed consolidated financial statements reflect all normal recurring adjustments necessary to provide a fair presentation of the Company’s financial position, results of operations, stockholders’ equity, and cash flows for the interim periods presented. Operating results for these interim periods are not necessarily indicative of the Company’s future results of operations. The condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report. Use of Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates, judgments, and assumptions that affect the reported amounts of assets, liabilities, net revenue, and expenses. Significant items subject to such estimates, judgments, and assumptions include: • revenue recognition, including the determination of selling prices for distinct performance obligations sold in multiple performance obligation arrangements, the period over which revenue is recognized for certain arrangements, and estimated delivery dates for orders with title transfer upon delivery; • allowances for credit losses and product returns; • promotional and marketing allowances; • inventory valuation; • average useful customer life; • valuation of stock-based awards; • legal contingencies; • impairment of long-lived assets and goodwill; • valuation of convertible notes and embedded derivatives; • useful lives of long-lived assets; and • income taxes including valuation allowances on deferred tax assets. The Company bases its estimates and judgments on historical experience and on various assumptions that it believes are reasonable under the circumstances. Actual results could differ significantly from those estimates. Accounting pronouncements not yet adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07 – Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company does not expect adoption of this ASU will have a material impact on its financial position or results of operations. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The updates in this ASU are effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company does not expect adoption of this ASU will have a material impact on its financial position or results of operations. Concentrations of Risk and Significant Customers Major Customers The Company derives its accounts receivable from revenue earned from customers located in the United States and internationally. Channel and retail partners account for the majority of the Company’s revenue and accounts receivable for all periods presented. The following tables set forth the information about the Company’s third-party platforms and distribution channels (each a “Channel Partner”) that processed the Company’s overall revenue transactions and retail partners who represented greater than 10% of the Company’s revenue or accounts receivable, respectively: Percentage of Revenue Three Months Ended March 31, 2024 2023 Channel Partner (Apple) 57 % 56 % Channel Partner (Google) 18 % 15 % Percentage of Gross Accounts Receivable As of March 31, As of December 31, 2024 2023 Channel Partner (Apple) 61 % 50 % Channel Partner (Google) 12 % * Data Partner A 10 % * Retail Partner A * 17 % * Represents less than 10% Supplier Concentration The Company currently relies on a single technology partner for its cloud platform and outsources the manufacturing of the Jiobit and Tile hardware devices to a single contract manufacturer. Although there are a limited number of suppliers, management believes that other suppliers could provide similar services on comparable terms. Cash and Cash Equivalents The Company considers all highly liquid investment securities with remaining maturities at the date of purchase of three months or less to be cash equivalents. Cash and cash equivalents include deposit and money market funds. Money market mutual funds are valued using quoted market prices and therefore are classified within Level 1 of the fair value hierarchy. Restricted Cash The restricted cash, noncurrent balance of $1.2 million and $1.7 million as of March 31, 2024 and December 31, 2023, respectively, relates to cash deposits restricted under letters of credit issued on behalf of the Company in support of indebtedness to trade creditors incurred in the ordinary course of business. |
Segment and Geographic Revenue
Segment and Geographic Revenue | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Segment and Geographic Revenue | 3. Segment and Geographic Revenue The Company operates as a single operating segment. The Company’s chief operating decision maker is its chief executive officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. All material long-lived assets are based in the United States. Revenue by geographic region is generally based on the address of the customer as defined in the contract with the customer. The following table sets forth revenue by geographic region for the periods presented (in thousands): Three Months Ended March 31, 2024 2023 North America $ 70,316 $ 60,801 Europe, Middle East and Africa 4,633 4,318 Other international regions 3,278 3,024 Total revenue $ 78,227 $ 68,143 The Company’s revenues in the United States were $68.9 million, or 88%, of total revenue for the three months ended March 31, 2024 and $58.7 million, or 86%, of total revenue for the three months ended March 31, 2023. |
Deferred Revenue
Deferred Revenue | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Deferred Revenue | 4. Deferred Revenue Deferred revenue consists primarily of payments received and accounts receivable recorded in advance of revenue recognition under the Company’s subscription service arrangements and is recognized as the revenue recognition criteria is met. The Company primarily invoices its customers for its subscription services arrangements in advance. Amounts anticipated to be recognized within one year of the balance sheet date are recorded as deferred revenue, current and the remaining portion is recorded as deferred revenue, noncurrent on the condensed consolidated balance sheets. During the three months ended March 31, 2024 and 2023, the Company recognized revenue of $18.4 million and $16.8 million, respectively, that was included in the deferred revenue balance at the beginning of each respective period. Remaining performance obligations represent the amount of contracted future revenue not yet recognized as the amounts relate to undelivered performance obligations, including both deferred revenue and non-cancelable contracted amounts that will be invoiced and recognized as revenue in future periods. Revenue expected to be recognized from remaining performance obligations was $36.7 million as of March 31, 2024, of which the Company expects $35.5 million to be recognized over the next twelve months. 5. Costs Capitalized to Obtain Contracts The Company recognizes as an asset the costs of obtaining a contract with a customer if it expects to recover those costs and they are both direct and incremental. These costs are attributable to the Company’s largest Channel Partners. Costs of obtaining new revenue contracts are deferred and then amortized on a straight-line basis over the related period of benefit, which is estimated to be two The following table represents a roll forward of the Company’s costs capitalized to obtain contracts, net (in thousands): Three Months Ended March 31, 2024 2023 Costs capitalized to obtain contracts, net, beginning of period $ 1,844 $ 2,063 Additions to costs capitalized to obtain contracts, net 398 499 Amortization of costs capitalized to obtain contracts, net (341) (439) Costs capitalized to obtain contracts, net, end of period $ 1,901 $ 2,123 |
Costs Capitalized to Obtain Con
Costs Capitalized to Obtain Contracts | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Costs Capitalized to Obtain Contracts | 4. Deferred Revenue Deferred revenue consists primarily of payments received and accounts receivable recorded in advance of revenue recognition under the Company’s subscription service arrangements and is recognized as the revenue recognition criteria is met. The Company primarily invoices its customers for its subscription services arrangements in advance. Amounts anticipated to be recognized within one year of the balance sheet date are recorded as deferred revenue, current and the remaining portion is recorded as deferred revenue, noncurrent on the condensed consolidated balance sheets. During the three months ended March 31, 2024 and 2023, the Company recognized revenue of $18.4 million and $16.8 million, respectively, that was included in the deferred revenue balance at the beginning of each respective period. Remaining performance obligations represent the amount of contracted future revenue not yet recognized as the amounts relate to undelivered performance obligations, including both deferred revenue and non-cancelable contracted amounts that will be invoiced and recognized as revenue in future periods. Revenue expected to be recognized from remaining performance obligations was $36.7 million as of March 31, 2024, of which the Company expects $35.5 million to be recognized over the next twelve months. 5. Costs Capitalized to Obtain Contracts The Company recognizes as an asset the costs of obtaining a contract with a customer if it expects to recover those costs and they are both direct and incremental. These costs are attributable to the Company’s largest Channel Partners. Costs of obtaining new revenue contracts are deferred and then amortized on a straight-line basis over the related period of benefit, which is estimated to be two The following table represents a roll forward of the Company’s costs capitalized to obtain contracts, net (in thousands): Three Months Ended March 31, 2024 2023 Costs capitalized to obtain contracts, net, beginning of period $ 1,844 $ 2,063 Additions to costs capitalized to obtain contracts, net 398 499 Amortization of costs capitalized to obtain contracts, net (341) (439) Costs capitalized to obtain contracts, net, end of period $ 1,901 $ 2,123 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 6. Fair Value Measurements The Company measures its financial assets at fair value each reporting period using a fair value hierarchy that prioritizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. 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. The three levels of inputs which may be used to measure fair value are as follows: Level 1 - Observable inputs, such as quoted prices in active markets for identical assets or liabilities. Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Valuations based on unobservable inputs to the valuation methodology and including data about assumptions market participants would use in pricing the asset or liability based on the best information available under the circumstances. The carrying amounts of certain financial instruments, including cash and cash equivalents, prepaid expenses, accounts receivable, and accounts payable approximate fair value due to their short-term maturities. The Company measures and reports certain assets and liabilities at fair value on a recurring basis. The fair value of these assets and liabilities as of March 31, 2024 and December 31, 2023 are classified as follows (in thousands): As of March 31, 2024 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 42,528 $ — $ — $ 42,528 Total assets $ 42,528 $ — $ — $ 42,528 Liabilities: Derivative liability (Note 9) $ — $ — $ 1,924 $ 1,924 Convertible notes (Note 8) — — 4,057 4,057 Total liabilities $ — $ — $ 5,981 $ 5,981 As of December 31, 2023 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 41,981 $ — $ — $ 41,981 Total assets $ 41,981 $ — $ — $ 41,981 Liabilities: Derivative liability (Note 9) $ — $ — $ 217 $ 217 Convertible notes (Note 8) — — 3,449 3,449 Total liabilities $ — $ — $ 3,666 $ 3,666 The change in fair value of the Level 3 instruments were as follows (in thousands): As of March 31, 2024 Derivative Convertible Fair value, beginning of the year $ 217 $ 3,449 Changes in fair value 1,707 608 Fair value, end of period $ 1,924 $ 4,057 As of December 31, 2023 Derivative Convertible Fair value, beginning of the year $ 101 $ 6,938 Vesting of revesting notes — 72 Forfeiture of revesting notes — (326) Repayment of convertible notes (Note 8) — (3,919) Changes in fair value 116 684 Fair value, end of period $ 217 $ 3,449 For the three months ended March 31, 2024, the Company recorded losses associated with the change in fair value of the derivative liability and convertible notes of $1.7 million and $0.6 million, respectively. For the year ended December 31, 2023, the Company recorded losses associated with the change in fair value of the derivative liability and the convertible notes of $0.1 million and $0.7 million, respectively. The amounts have been recorded in other income (expense), net in the condensed consolidated statements of operations and comprehensive loss. For the three months ended March 31, 2023, the Company recorded gains associated with the change in fair value of the derivative liability and convertible notes of $14 thousand and $72 thousand, respectively. The amounts have been recorded in other income (expense), net in the condensed consolidated statements of operations and comprehensive loss. |
Balance Sheet Components
Balance Sheet Components | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Balance Sheet Components | 7. Balance Sheet Components Accounts receivable, net Accounts receivable, net consists of the following (in thousands): As of March 31, As of December 31, 2024 2023 Accounts receivable $ 37,130 $ 42,274 Allowance for credit losses (94) (94) Total accounts receivable, net $ 37,036 $ 42,180 Inventory Inventory consists of the following (in thousands): As of March 31, As of December 31, 2024 2023 Raw materials $ 18 $ 298 Finished goods 6,320 3,801 Total inventory $ 6,338 $ 4,099 Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands): As of March 31, As of December 31, 2024 2023 Prepaid expenses $ 13,217 $ 14,520 Other receivables 503 654 Total prepaid expenses and other current assets $ 13,720 $ 15,174 Prepaid expenses primarily consist of certain cloud platform and customer service program costs. Other receivables primarily consist of refunds owed to the Company and other amounts which the Company is expected to receive in less than twelve months. Property and Equipment, net Property and equipment, net consists of the following (in thousands): As of March 31, As of December 31, 2024 2023 Computer equipment $ 297 $ 297 Leasehold improvements 100 100 Production manufacturing equipment 839 839 Construction in progress 249 249 Furniture and fixtures 29 29 Total property and equipment, gross 1,514 1,514 Less: accumulated depreciation (830) (784) Total property and equipment, net $ 684 $ 730 Depreciation expense was $46 thousand and $37 thousand for the three months ended March 31, 2024 and 2023, respectively. There was no impairment of property and equipment or long-lived assets recognized during the three months ended March 31, 2024 or 2023. Prepaid Expenses and Other Assets, noncurrent Prepaid expenses and other assets, noncurrent consist of the following (in thousands): As of March 31, As of December 31, 2024 2023 Prepaid expenses, noncurrent $ 111 $ 1,353 Investment 5,474 5,474 Other assets 21 21 Total prepaid expenses and other assets, noncurrent $ 5,606 $ 6,848 Prepaid expenses, noncurrent primarily consist of cloud platform costs. Investment relates to warrants to purchase shares of preferred stock of a current Data Revenue Partner. Leases The Company leases office space under a non-cancelable operating lease with a remaining lease term of 2.7 years, which includes the option to extend the lease. The Company did not have any finance leases as of March 31, 2024 or December 31, 2023. The components of lease expense are as follows (in thousands): Three Months Ended March 31, 2024 2023 Operating lease cost (1) $ 110 $ 245 (1) Amounts include short-term leases, which are immaterial. Payments for operating leases included in cash from operating activities were $0.1 million and $0.3 million for the three months ended March 31, 2024 and 2023, respectively. Supplemental balance sheet information related to leases is as follows (in thousands, except lease term): As of March 31, As of December 31, 2024 2023 Operating lease right-of-use asset $ 933 $ 1,014 Operating lease liability, current (included in accrued expenses and other current liabilities) 342 335 Operating lease liability, noncurrent (included in other liabilities, noncurrent) 634 723 Weighted-average remaining term for operating lease (in years) 2.7 2.9 The weighted-average discount rate used to measure the present value of the operating lease liabilities was 5.0% for each period presented. Maturities of the Company’s operating lease liability, which does not include short-term leases, as of March 31, 2024 were as follows (in thousands): Operating leases Remainder of 2024 $ 285 2025 390 2026 367 Total future minimum lease payments 1,042 Less imputed interest (66) Total operating lease liability $ 976 Goodwill and Intangible Assets, net Intangible assets, net consists of the following (in thousands): As of March 31 2024, Gross Accumulated Amortization Net Trade name $ 23,380 $ (5,346) $ 18,034 Technology 22,430 (10,313) 12,117 Customer relationships 15,290 (4,254) 11,036 Internal use software 3,506 (412) 3,094 Total $ 64,606 $ (20,325) $ 44,281 As of December 31 2023, Gross Accumulated Amortization Net Trade name $ 23,380 $ (4,762) $ 18,618 Technology 22,430 (9,191) 13,239 Customer relationships 15,290 (3,782) 11,508 Internal use software 2,416 (340) 2,076 Total $ 63,516 $ (18,075) $ 45,441 The Company capitalized $1.1 million and $0.3 million in internal use software during the three months ended March 31, 2024 and 2023, respectively. Amortization expense was $2.2 million for each of the three months ended March 31, 2024 and 2023. During the three months ended March 31, 2024 and 2023, there was no impairment of intangible assets recorded. As of March 31, 2024, the estimated remaining amortization expense for intangible assets by fiscal year is as follows (in thousands): Amount Remainder of 2024 $ 6,750 2025 8,913 2026 8,470 2027 4,274 2028 4,225 Thereafter 9,012 Total future amortization expense $ 41,644 Internal use software not yet in service $ 2,637 Total $ 44,281 The weighted-average remaining useful lives of the Company’s acquired intangible assets are as follows: Weighted-Average Remaining Useful Life As of March 31, As of December 31, 2024 2023 Trade name 7.7 years 8.0 years Technology 2.7 years 2.9 years Customer relationships 5.9 years 6.1 years Internal use software 1.6 years 3.6 years As of March 31, 2024, the Company had $2.6 million of capitalized internal use software projects that were not yet in service. These assets will be placed into service once the projects have completed, and will be amortized over a three-year useful life. The internal use software projects that were not yet in service have been excluded from the weighted-average remaining useful life calculation for internal use software in the table above. As of March 31, 2024 and December 31, 2023, goodwill was $133.7 million. No goodwill impairment was recorded during the three months ended March 31, 2024 or 2023. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following (in thousands): As of March 31, As of December 31, 2024 2023 Accrued vendor expenses $ 11,815 $ 10,020 Accrued compensation 4,314 3,349 Customer related promotions and discounts 3,223 9,049 Operating lease liability 342 335 Sales return reserves 2,899 3,285 Other current liabilities 2,470 1,500 Total accrued expenses and other current liabilities $ 25,063 $ 27,538 Other current liabilities primarily relate to sales and income taxes payable, as of March 31, 2024, and warranty liabilities related to the Company’s hardware tracking devices, inventory received not yet billed, and sales taxes payable as of December 31, 2023. |
Convertible Notes
Convertible Notes | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Convertible Notes | 8. Convertible Notes July 2021 Convertible Notes In July 2021, the Company issued convertible notes (“July 2021 Convertible Notes”) to investors with an underlying principal amount of $2.1 million. The July 2021 Convertible Notes accrue simple interest at an annual rate of 4% and mature on July 1, 2026. The July 2021 Convertible Notes may be settled under the following scenarios at the option of the holder: (i) at any time into common shares equal to the conversion amount of outstanding principal and any accrued but unpaid interest divided by the conversion price of $11.96; (ii) at the option of the holder upon a liquidation event a) paid in cash equal to the outstanding principal and any accrued but unpaid interest or b) into common shares equal to the conversion amount of outstanding principal and any accrued but unpaid interest divided by the conversion price of $11.96; or (iii) upon maturity, settlement in cash at the outstanding accrued interest and principal amount. Certain conversion and redemption features of the July 2021 Convertible Notes were determined to not be clearly and closely associated with the risk of the debt-type host instrument and were required to be separately accounted for as derivative financial instruments. The Company bifurcated these embedded conversion and redemption (“embedded derivatives”) features and classified these as liabilities measured at fair value. The fair value of the derivative liability of $0.7 million was recorded separate from the July 2021 Convertible Notes with an offsetting amount recorded as a debt discount. The debt discount is amortized over the estimated life of the debt using the straight-line method, as the value attributable to the July 2021 Convertible Notes was zero upon issuance. As of March 31, 2024 the unamortized amount and net carrying value of the July 2021 Convertible Notes is $0.9 million and $1.2 million, respectively. The amount by which the July 2021 Convertible Notes if-converted value exceeds its principal is $2.4 million as of March 31, 2024. As of December 31, 2023 the unamortized amount and net carrying value of the July 2021 Convertible Notes was $1.1 million and $1.1 million, respectively. The amount by which the July 2021 Convertible Notes if-converted value exceed its principal was $0.6 million as of December 31, 2023. In connection with the July 2021 Convertible Notes, the Company issued warrants to purchase 88,213 shares of the Company’s common stock with an exercise price of $0.01 per share and a term of one year (Warrant Tranche 1), 44,106 shares of the Company’s common stock with an exercise price of $11.96 per share and a term of 5 years (Warrant Tranche 2), and 44,106 shares of the Company’s common stock which is exercisable starting twelve months from the issuance date with an exercise price of $11.96 per share and a term of 5 years (Warrant Tranche 3). The warrants were recorded to additional paid-in capital during the year ended December 31, 2021. The fair value of the warrants issued in connection with the July 2021 Convertible Notes was $0.8 million and was recorded as a debt discount that is being amortized to interest expense under the straight-line method over the term of the respective July 2021 Convertible Notes. As a result of the beneficial conversion feature associated with the July 2021 Convertible Notes, $0.6 million was added to additional paid-in capital during the year ended December 31, 2021. The beneficial conversion feature was recorded as a debt discount and is being amortized to interest expense under the straight-line method over the term of the respective July 2021 Convertible Notes. For the three months ended March 31, 2024 and March 31, 2023, the Company recognized a total of $0.1 million and $0.1 million, respectively, in non-cash interest expense related to the July 2021 Convertible Notes. September 2021 Convertible Notes In September 2021, the Company, in connection with the Jiobit Acquisition, issued $11.6 million representing the fair value of convertible notes (the “September 2021 Convertible Notes”) and $1.6 million of revesting convertible notes (“Revesting Notes”) that vest over time. The September 2021 Convertible Notes were convertible to common stock at any time subsequent to the acquisition at a fixed conversion price of $22.50 per share. The Company agreed to repay 1/3rd of the unconverted principal plus accrued interest to the holders of such notes on each of the first three annual anniversaries of the issuance date of the September 2021 Convertible Notes, the first two payments of which were made in September 2022 and 2023. Upon a change of control, the holder could elect to either convert at the fixed conversion price of $22.50 per share or be repaid in full. The Company elected the fair value option and remeasured the September 2021 Convertible Notes at their fair value on each reporting date and reflect the changes in fair value in earnings. The estimated fair value of the September 2021 Convertible Notes is determined using a combination of the present value of the cash flows and the Black-Scholes option pricing model using assumptions as follows: As of March 31, As of December 31, As of September 1, 2024 2023 2021 Principal $ 3,365 $ 3,365 $ 11,206 Interest rate 6.8 % 5.7 % 4.5 % Common stock fair value per share 25.59 15.46 20.49 Conversion price per share 22.50 22.50 22.50 Risk-free interest rate 5.34 % 4.96 % 0.45 % Time to exercise (in years) 0.4 0.7 3.0 Volatility 36 % 29 % 37 % Annual dividend yield 0 % 0 % 0 % The Revesting Notes are restricted and vest with continuous employment of certain key employees over a 3-year period subsequent to the acquisition. The Revesting Notes are recognized in general and administrative expense. In January 2023, the final key employee exited the Company. As part of their separation agreement, their Revesting Notes are due in their entirety at the maturity date and the Company recorded $0.1 million of compensation expense included in general and administrative expense. The Company records the Revesting Notes at fair value and will remeasure the Revesting Notes at fair value on each reporting date. As the Revesting Notes vest, the changes in fair value are recorded as general and administrative expense with a corresponding entry to convertibles notes. The estimated fair value of the Revesting Notes is determined using a combination of the present value of the Revesting Notes cash flows and the Black-Scholes option pricing model. The terms of the Revesting Notes are consistent with the terms of the September 2021 Convertible Notes. For the three months ended March 31, 2024 and 2023, the Company recorded zero and $0.1 million, respectively, to compensation expense included in general and administrative expense related to the changes in fair value of the Revesting Notes. Convertible notes, current and noncurrent consist of the following (in thousands): As of March 31, As of December 31, 2024 2023 Convertible notes, current: September 2021 Convertible Notes $ 4,057 $ 3,449 Convertible notes, noncurrent: July 2021 Convertible Notes 1,161 1,056 Total convertible notes $ 5,218 $ 4,505 The contractual future principal payments for all convertible notes as of March 31, 2024 were as follows (in thousands): Amount (unaudited) Remainder of 2024 $ 3,365 2025 — 2026 2,110 Total principal outstanding 5,475 Fair value adjustment (257) Total convertible notes $ 5,218 |
Derivative Liability
Derivative Liability | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Liability | 9. Derivative Liability The Company’s derivative liability represents embedded share-settled redemption features bifurcated from its July 2021 Convertible Notes and is carried at fair value. The changes in the fair value of the derivative liability are recorded in other income (expense), net in the Company’s condensed consolidated statements of operations and comprehensive loss. Estimating fair values of derivative financial instruments requires the development of significant and subjective estimates that may, and are likely to, change over the duration of the instrument with related changes in internal and external market factors. Since derivative financial instruments are initially and subsequently carried at fair value, the Company’s income will reflect the volatility in these estimate and assumption changes. The features embedded in the July 2021 Convertible Notes are combined into one compound embedded derivative. The fair value of the embedded derivative was estimated based on the present value of the redemption discount applied to the principal amount of the July 2021 Convertible Notes adjusted to reflect the weighted probability of exercise. The discount rate was based on the risk-free interest rate. The estimated fair value of the embedded derivative is determined using a lattice model with the following assumptions: As of March 31, As of December 31, 2024 2023 Principal $ 2,110 $ 2,110 Interest rate 4.0 % 4.0 % Common stock fair value per share $ 25.59 $ 15.46 Risk-free interest rate 3.7% - 4.2% 3.7% - 4.0% Term (in years) 2.3 2.5 Volatility 66.4% - 76.9% 43.0% - 61.2% Option adjusted spread (bps) 561 613 Annual dividend yield 0 % 0 % Exchange rate (AUD to USD) 0.65 0.68 Upon the issuance of the July 2021 Convertible Notes, the Company recorded a derivative liability of $0.7 million at fair value using inputs classified as Level 3 in the fair value hierarchy. As of March 31, 2024 and December 31, 2023, the fair value of the derivative liability was $1.9 million and $0.2 million, respectively. Refer to Note 6, "Fair Value Measurements" for further details. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies Purchase Commitments The Company has certain commitments with its cloud platform provider and sole contract manufacturer that are non-cancellable. As of March 31, 2024, future non-cancellable commitments under these agreements were as follows in thousands): Amount Remainder of 2024 $ 21,409 2025 25,000 2026 25,500 2027 26,000 Total purchase commitments $ 97,909 Contingencies From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of business activities. The Company accrues a liability for such matters when it is probable that future expenditures will be made, and such expenditures can be reasonably estimated. The Company is not subject to any current pending legal matters or claims that the Company believes could have a material adverse effect on its financial position, results of operations or cash flows. Warranties and Indemnification To date, the Company has not incurred significant costs and has not accrued any material liabilities in the accompanying condensed consolidated financial statements as a result of its warranty and indemnification obligations. Litigation Occasionally, the Company is involved in various legal proceedings, claims and government investigations in the ordinary course of business. The outcome of litigation and other legal matters is inherently uncertain, though the Company intends to vigorously defend the matters. In making a determination regarding accruals, using available information, the Company evaluates the likelihood of an unfavorable outcome in legal or regulatory proceedings to which the Company is a party and records a loss contingency when it is probable a liability has been incurred and the amount of the loss can be reasonably estimated. When the Company determines an unfavorable outcome is not probable or reasonably estimable the Company does not accrue for any potential litigation loss. Actual outcomes of these legal and regulatory proceedings may materially differ from the Company’s estimates. On March 12, 2019, a former alleged competitor of Tile, Cellwitch, Inc, filed a patent infringement claim against Tile in the U.S. District Court, Northern District of California, seeking permanent injunction and damages. On December 18, 2019, Tile filed an inter partes review petition with the Patent Trial and Appeal Board (“PTAB”) challenging the validity of the patent. On May 13, 2021, the PTAB issued a Final Written Decision on Tile’s inter partes review petition (the “Final Written Decision”), finding a majority of the claims invalid. The Final Written Decision was affirmed by the U.S. Court of Appeals for the Federal Circuit on May 13, 2022. The case is currently in trial court. The claim construction hearing took place on January 18, 2024, and on April 23, 2024, the court released its order which found 10 of the claims invalid, leaving only 2 active claims remaining. At this time, a loss is not probable nor estimable, and as a result, no litigation reserve has been recorded on our condensed consolidated balance sheet as of March 31, 2024. No litigation reserve was recorded on our condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023, respectively. |
Common Stock
Common Stock | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Common Stock | 11. Common Stock The Company has the following potentially outstanding common stock reserved for issuance: As of March 31, As of December 31, 2024 2023 Issuances under stock incentive plan 6,186,944 6,625,812 Issuances upon exercise of common stock warrants 95,973 137,658 Issuances upon vesting of restricted stock units 5,408,458 6,182,543 Issuances upon conversion of convertible notes 325,981 325,981 Shares reserved for shares available to be granted but not granted yet 20,682,366 16,882,215 32,699,722 30,154,209 |
Warrants
Warrants | 3 Months Ended |
Mar. 31, 2024 | |
Other Liabilities Disclosure [Abstract] | |
Warrants | 12. Warrants As of March 31, 2024, the Company had outstanding warrants to purchase 95,973 shares of Company common stock with exercise prices ranging from $6.44 to $11.96 and expiry dates ranging from 2025 to 2026. In March 2024, 41,685 of the Company’s freestanding warrants were exercised to purchase shares of the Company’s common stock at an exercise price of $2.28 per share. As of December 31, 2023, the Company had outstanding warrants to purchase 137,658 shares of Company common stock with exercise prices ranging from $2.28 to $11.96 and expiry dates ranging from 2024 to 2026. Refer to Note 8, "Convertible Notes" for further details. |
Equity Incentive Plan
Equity Incentive Plan | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Equity Incentive Plan | 13. Equity Incentive Plan 2011 Equity Incentive Plan The Company’s equity incentive plan allows the Company to grant restricted stock units, performance-based restricted stock units (PRSU), restricted stock, and stock options to employees and consultants of the Company and any of the Company’s parent, subsidiaries, or affiliates, and to the members of the Board of Directors. The following summary of stock option activity for the periods presented is as follows (in thousands, except share and per share data): Number of Shares Weighted Weighted Aggregate Balance as of December 31, 2023 6,625,812 $ 6.57 4.7 $ 59,957 Options granted — — Options exercised (277,309) 8.32 Options canceled/forfeited (161,559) 15.29 Balance as of March 31, 2024 6,186,944 6.26 4.6 119,570 Exercisable as of March 31, 2024 5,327,732 $ 5.39 4.5 $ 107,623 As of March 31, 2024, there was total unrecognized compensation cost for outstanding stock options of $3.4 million to be recognized over a period of approximately 1.7 years. Performance-based Restricted Stock Units The Company granted 54,075 PRSUs (“the Target Grant”) to certain executives during the three months ended March 31, 2024. The number of PRSUs that may be vested depends on the extent to which performance goals for the award are achieved over a one-year performance period, as determined by the Remuneration and Nomination Committee of the Board, up to a maximum of 200% of the Target Grant. The performance goals for the PRSUs consist of the following two metrics, each with a weighting of 50%: (1) a revenue metric for the year ended December 31, 2024; and (2) an Adjusted EBITDA metric for the year ended December 31, 2024. Each of the metrics are within the Company’s published revenue and Adjusted EBITDA guidance described in the Company’s press release furnished within Exhibit 99.1 of the Company’s Current Report on Form 8-K filed with the SEC on February 29, 2024. The PRSU awards vest over a four-year period with 1/4th of the shares vesting after the first year and 1/16th of the shares vesting each quarter thereafter. As of March 31, 2024, PRSUs granted in 2024 are being accrued at the target amount. The Company uses the grant date fair value of the common stock to measure compensation expense for PRSU awards. Compensation expense is recognized over the vesting period of the PRSU award using the straight-line method and shares attained over target upon vesting will be recognized as awards granted in the period. No PRSU awards vested as of March 31, 2024. The following summary of restricted stock units (including PRSUs) activity for the periods presented is as follows: Number of Shares Weighted Balance as of December 31, 2023 6,182,543 $ 12.67 RSU granted 685,698 17.64 RSU vested and settled (1,313,564) 22.99 RSU canceled/forfeited (146,219) 12.63 Balance as of March 31, 2024 5,408,458 $ 13.35 As of March 31, 2024, there was unrecognized compensation cost for outstanding restricted stock units of $64.7 million to be recognized over a period of approximately 2.8 years. The number of RSUs vested and settled includes shares of common stock that the Company withheld on behalf of employees to satisfy the minimum statutory tax withholding requirements. Stock-based Compensation Stock-based compensation expense was allocated as follows (in thousands): Three Months Ended March 31, 2024 2023 Cost of revenue Subscription costs $ 159 $ 125 Hardware costs 184 206 Other costs 4 11 Total cost of revenue 347 342 Research and development 5,325 4,786 Sales and marketing 632 926 General and administrative 1,957 2,901 Total stock-based compensation expense $ 8,261 $ 8,955 There was an immaterial amount of capitalized stock-based compensation costs and no stock-based compensation tax benefits recognized during the three months ended March 31, 2024 and 2023, respectively. Equity Awards Issued in Connection with Business Combinations Jio, Inc. In connection with the Jiobit acquisition in September 2021, the Company issued 91,217 shares of restricted common stock with an aggregate fair value of $1.9 million to be recognized as post combination stock-based compensation ratably with continuous employment of certain employees over a 3 year period. In January 2023, a key employee of the Jiobit acquisition terminated employment with the Company. As part of such employee’s separation agreement, the Company recorded $0.2 million to compensation included in general and administrative expense related to their Revesting Stock. As of each of March 31, 2024 and December 31, 2023, there was zero unrecognized compensation expense related to the restricted common stock, as a result of the termination of certain employees. Additionally, the Company granted 43,083 service-based stock options under the Plan to certain Jiobit employees with an aggregate fair value of $0.5 million which vests ratably over the requisite service period. As of March 31, 2024, there was $32 thousand of unrecognized compensation expense related to unvested assumed stock options, which is expected to be recognized over the remaining weighted average life of 0.8 years. As of December 31, 2023, there was $0.1 million of unrecognized compensation expense related to unvested assumed stock options, which is expected to be recognized over the remaining weighted average life of 1 year. Tile, Inc. In connection with the Tile acquisition in January 2022, the Company issued 1,499,349 shares of retention restricted stock units with an aggregate fair value of $29.6 million. Of the 1,499,349 shares of retention restricted stock units, 787,446 shares valued at $15.6 million contained performance vesting criteria based on the achievement of certain company milestones during the three months ended March 31, 2022, and vest over a two year period. As of March 31, 2022, the vesting criteria had not been met and all 787,446 restricted stock units were forfeited. The remaining 711,903 retention restricted stock units vest over a two The Company also issued 38,730 vested common stock options to Tile employees as stock-based compensation on the acquisition date. The aggregate fair value of $0.4 million was recognized as compensation expense on the date of acquisition. A total of 694,672 shares of common stock with an aggregate fair value of $13.7 million were issued to Tile shareholders as part of purchase consideration. All $13.7 million was included within purchase consideration. A total of 1,561 shares of common stock with an aggregate fair value of $31 thousand were issued to a key employee, the vesting of which is subject to continued employment over a 30-month period. As of March 31, 2024 and December 31, 2023 there was an immaterial amount of unrecognized compensation expense related to unvested restricted stock units which is expected to be recognized over the remaining 0.3 years and 0.5 years, respectively. A total of 84,524 shares of common stock were issued as part of consideration transferred and were placed in an indemnity escrow fund to be held for fifteen months after the acquisition date for general representations and warranties. The aggregate fair value of $1.7 million was included within purchase consideration. All 84,524 shares of common stock were released from escrow in April 2023 as scheduled. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 14. Income Taxes The provision for income taxes for interim periods is determined using an estimated annual effective tax rate in accordance with ASC 740-270, Income Taxes, Interim Reporting. The effective tax rate may be subject to fluctuations during the year as new information is obtained, which may affect the assumptions used to estimate the annual effective tax rate, including factors such as valuation allowances against deferred tax assets, the recognition or de-recognition of tax benefits related to uncertain tax position, if any, and changes in or the interpretation of tax laws in jurisdictions where the Company conducts business. The Company recorded a provision for income taxes of $1.4 million and $0.1 million for the three months ended March 31, 2024 and 2023, respectively. |
Defined Contribution Plan
Defined Contribution Plan | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Defined Contribution Plan | 15. Defined Contribution Plan The Company sponsors a defined contribution plan under Section 401(k) of the Internal Revenue Code covering substantially all employees over the age of 21 years. Contributions made by the Company are voluntary and are determined annually by the Board of Directors on an individual basis subject to the maximum allowable amount under federal tax regulations. Employer contributions to the plan were $0.7 million for the three months ended March 31, 2024 and immaterial for the three months ended March 31, 2023 . |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 16. Net Loss Per Share The following table presents the calculation of basic and diluted net loss per share (in thousands except share and per share information): Three Months Ended March 31, 2024 2023 Net loss $ (9,777) $ (14,071) Weighted-average shares used in computing net loss per share, basic and diluted 68,535,626 65,592,780 Net loss per share, basic and diluted $ (0.14) $ (0.21) The potential shares of common stock that were excluded from the computation of diluted net loss per share for the periods presented because including them would have been antidilutive are as follows: As of March 31, As of March 31, 2024 2023 Issuances under stock incentive plan 6,186,944 7,708,686 Issuances upon exercise of common stock warrants 95,973 137,658 Issuances upon vesting of restricted stock units 5,408,458 5,109,200 Issuances upon conversion of convertible notes 325,981 516,758 12,017,356 13,472,302 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17. Subsequent Events September 2021 Convertible Notes Conversion In April 2024, the holders of the September 2021 Convertible Notes elected to convert their notes and accrued interest to common stock based on a fixed conversion price of $22.50 per share. At the time of conversion, the September 2021 Convertible Notes had an outstanding principal and accrued interest balance of $3.5 million. As a result of the conversion, 157,685 shares of common stock with a fair value of $3.5 million were issued to the holders in redemption of the outstanding September 2021 Convertible Notes. In April 2024, the fair value of the issued common stock was recorded within additional paid-in capital on the Company’s condensed consolidated balance sheet and a $0.5 million gain on settlement of the September 2021 Convertible Notes was recorded in other income (expense), net on the condensed consolidated statements of operations and comprehensive loss. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The accompanying unaudited condensed consolidated financial statements, which include the accounts of the Company and its wholly owned subsidiaries, have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim periods and following the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. |
Consolidation | All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates, judgments, and assumptions that affect the reported amounts of assets, liabilities, net revenue, and expenses. Significant items subject to such estimates, judgments, and assumptions include: • revenue recognition, including the determination of selling prices for distinct performance obligations sold in multiple performance obligation arrangements, the period over which revenue is recognized for certain arrangements, and estimated delivery dates for orders with title transfer upon delivery; • allowances for credit losses and product returns; • promotional and marketing allowances; • inventory valuation; • average useful customer life; • valuation of stock-based awards; • legal contingencies; • impairment of long-lived assets and goodwill; • valuation of convertible notes and embedded derivatives; • useful lives of long-lived assets; and • income taxes including valuation allowances on deferred tax assets. The Company bases its estimates and judgments on historical experience and on various assumptions that it believes are reasonable under the circumstances. Actual results could differ significantly from those estimates. |
Accounting pronouncements not yet adopted | Accounting pronouncements not yet adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07 – Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures , which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company does not expect adoption of this ASU will have a material impact on its financial position or results of operations. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The updates in this ASU are effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company does not expect adoption of this ASU will have a material impact on its financial position or results of operations. |
Concentrations of Risk and Significant Customers, and Supplier Concentration | Concentrations of Risk and Significant Customers Major Customers The Company derives its accounts receivable from revenue earned from customers located in the United States and internationally. Channel and retail partners account for the majority of the Company’s revenue and accounts receivable for all periods presented. Supplier Concentration The Company currently relies on a single technology partner for its cloud platform and outsources the manufacturing of the Jiobit and Tile hardware devices to a single contract manufacturer. Although there are a limited number of suppliers, management believes that other suppliers could provide similar services on comparable terms. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investment securities with remaining maturities at the date of purchase of three months or less to be cash equivalents. Cash and cash equivalents include deposit and money market funds. Money market mutual funds are valued using quoted market prices and therefore are classified within Level 1 of the fair value hierarchy. |
Restricted Cash | Restricted Cash The restricted cash, noncurrent balance of $1.2 million and $1.7 million as of March 31, 2024 and December 31, 2023, respectively, relates to cash deposits restricted under letters of credit issued on behalf of the Company in support of indebtedness to trade creditors incurred in the ordinary course of business. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Channel and retail partners who represented greater than 10% of revenue or accounts receivable | The following tables set forth the information about the Company’s third-party platforms and distribution channels (each a “Channel Partner”) that processed the Company’s overall revenue transactions and retail partners who represented greater than 10% of the Company’s revenue or accounts receivable, respectively: Percentage of Revenue Three Months Ended March 31, 2024 2023 Channel Partner (Apple) 57 % 56 % Channel Partner (Google) 18 % 15 % Percentage of Gross Accounts Receivable As of March 31, As of December 31, 2024 2023 Channel Partner (Apple) 61 % 50 % Channel Partner (Google) 12 % * Data Partner A 10 % * Retail Partner A * 17 % * Represents less than 10% |
Segment and Geographic Revenue
Segment and Geographic Revenue (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Revenue by geographic region | The following table sets forth revenue by geographic region for the periods presented (in thousands): Three Months Ended March 31, 2024 2023 North America $ 70,316 $ 60,801 Europe, Middle East and Africa 4,633 4,318 Other international regions 3,278 3,024 Total revenue $ 78,227 $ 68,143 |
Costs Capitalized to Obtain C_2
Costs Capitalized to Obtain Contracts (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Costs capitalized to obtain contracts | The following table represents a roll forward of the Company’s costs capitalized to obtain contracts, net (in thousands): Three Months Ended March 31, 2024 2023 Costs capitalized to obtain contracts, net, beginning of period $ 1,844 $ 2,063 Additions to costs capitalized to obtain contracts, net 398 499 Amortization of costs capitalized to obtain contracts, net (341) (439) Costs capitalized to obtain contracts, net, end of period $ 1,901 $ 2,123 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair value and classification of instruments | The fair value of these assets and liabilities as of March 31, 2024 and December 31, 2023 are classified as follows (in thousands): As of March 31, 2024 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 42,528 $ — $ — $ 42,528 Total assets $ 42,528 $ — $ — $ 42,528 Liabilities: Derivative liability (Note 9) $ — $ — $ 1,924 $ 1,924 Convertible notes (Note 8) — — 4,057 4,057 Total liabilities $ — $ — $ 5,981 $ 5,981 As of December 31, 2023 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 41,981 $ — $ — $ 41,981 Total assets $ 41,981 $ — $ — $ 41,981 Liabilities: Derivative liability (Note 9) $ — $ — $ 217 $ 217 Convertible notes (Note 8) — — 3,449 3,449 Total liabilities $ — $ — $ 3,666 $ 3,666 |
Change in fair value of convertible notes and contingent liability | The change in fair value of the Level 3 instruments were as follows (in thousands): As of March 31, 2024 Derivative Convertible Fair value, beginning of the year $ 217 $ 3,449 Changes in fair value 1,707 608 Fair value, end of period $ 1,924 $ 4,057 As of December 31, 2023 Derivative Convertible Fair value, beginning of the year $ 101 $ 6,938 Vesting of revesting notes — 72 Forfeiture of revesting notes — (326) Repayment of convertible notes (Note 8) — (3,919) Changes in fair value 116 684 Fair value, end of period $ 217 $ 3,449 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Accounts receivable, net | Accounts receivable, net consists of the following (in thousands): As of March 31, As of December 31, 2024 2023 Accounts receivable $ 37,130 $ 42,274 Allowance for credit losses (94) (94) Total accounts receivable, net $ 37,036 $ 42,180 |
Inventory | Inventory consists of the following (in thousands): As of March 31, As of December 31, 2024 2023 Raw materials $ 18 $ 298 Finished goods 6,320 3,801 Total inventory $ 6,338 $ 4,099 |
Prepaid expenses and other assets | Prepaid expenses and other current assets consist of the following (in thousands): As of March 31, As of December 31, 2024 2023 Prepaid expenses $ 13,217 $ 14,520 Other receivables 503 654 Total prepaid expenses and other current assets $ 13,720 $ 15,174 Prepaid expenses and other assets, noncurrent consist of the following (in thousands): As of March 31, As of December 31, 2024 2023 Prepaid expenses, noncurrent $ 111 $ 1,353 Investment 5,474 5,474 Other assets 21 21 Total prepaid expenses and other assets, noncurrent $ 5,606 $ 6,848 |
Property and equipment, net | Property and equipment, net consists of the following (in thousands): As of March 31, As of December 31, 2024 2023 Computer equipment $ 297 $ 297 Leasehold improvements 100 100 Production manufacturing equipment 839 839 Construction in progress 249 249 Furniture and fixtures 29 29 Total property and equipment, gross 1,514 1,514 Less: accumulated depreciation (830) (784) Total property and equipment, net $ 684 $ 730 |
Operating lease costs | The components of lease expense are as follows (in thousands): Three Months Ended March 31, 2024 2023 Operating lease cost (1) $ 110 $ 245 (1) Amounts include short-term leases, which are immaterial. |
Supplemental balance sheet information related to leases | Supplemental balance sheet information related to leases is as follows (in thousands, except lease term): As of March 31, As of December 31, 2024 2023 Operating lease right-of-use asset $ 933 $ 1,014 Operating lease liability, current (included in accrued expenses and other current liabilities) 342 335 Operating lease liability, noncurrent (included in other liabilities, noncurrent) 634 723 Weighted-average remaining term for operating lease (in years) 2.7 2.9 |
Maturities of operating lease liabilities | Maturities of the Company’s operating lease liability, which does not include short-term leases, as of March 31, 2024 were as follows (in thousands): Operating leases Remainder of 2024 $ 285 2025 390 2026 367 Total future minimum lease payments 1,042 Less imputed interest (66) Total operating lease liability $ 976 |
Intangibles, net | Intangible assets, net consists of the following (in thousands): As of March 31 2024, Gross Accumulated Amortization Net Trade name $ 23,380 $ (5,346) $ 18,034 Technology 22,430 (10,313) 12,117 Customer relationships 15,290 (4,254) 11,036 Internal use software 3,506 (412) 3,094 Total $ 64,606 $ (20,325) $ 44,281 As of December 31 2023, Gross Accumulated Amortization Net Trade name $ 23,380 $ (4,762) $ 18,618 Technology 22,430 (9,191) 13,239 Customer relationships 15,290 (3,782) 11,508 Internal use software 2,416 (340) 2,076 Total $ 63,516 $ (18,075) $ 45,441 The weighted-average remaining useful lives of the Company’s acquired intangible assets are as follows: Weighted-Average Remaining Useful Life As of March 31, As of December 31, 2024 2023 Trade name 7.7 years 8.0 years Technology 2.7 years 2.9 years Customer relationships 5.9 years 6.1 years Internal use software 1.6 years 3.6 years |
Estimated remaining amortization expense for intangible assets | As of March 31, 2024, the estimated remaining amortization expense for intangible assets by fiscal year is as follows (in thousands): Amount Remainder of 2024 $ 6,750 2025 8,913 2026 8,470 2027 4,274 2028 4,225 Thereafter 9,012 Total future amortization expense $ 41,644 Internal use software not yet in service $ 2,637 Total $ 44,281 |
Accrued expenses and other current liabilities | Accrued expenses and other current liabilities consist of the following (in thousands): As of March 31, As of December 31, 2024 2023 Accrued vendor expenses $ 11,815 $ 10,020 Accrued compensation 4,314 3,349 Customer related promotions and discounts 3,223 9,049 Operating lease liability 342 335 Sales return reserves 2,899 3,285 Other current liabilities 2,470 1,500 Total accrued expenses and other current liabilities $ 25,063 $ 27,538 |
Convertible Notes (Tables)
Convertible Notes (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Fair value assumptions | The estimated fair value of the September 2021 Convertible Notes is determined using a combination of the present value of the cash flows and the Black-Scholes option pricing model using assumptions as follows: As of March 31, As of December 31, As of September 1, 2024 2023 2021 Principal $ 3,365 $ 3,365 $ 11,206 Interest rate 6.8 % 5.7 % 4.5 % Common stock fair value per share 25.59 15.46 20.49 Conversion price per share 22.50 22.50 22.50 Risk-free interest rate 5.34 % 4.96 % 0.45 % Time to exercise (in years) 0.4 0.7 3.0 Volatility 36 % 29 % 37 % Annual dividend yield 0 % 0 % 0 % The estimated fair value of the embedded derivative is determined using a lattice model with the following assumptions: As of March 31, As of December 31, 2024 2023 Principal $ 2,110 $ 2,110 Interest rate 4.0 % 4.0 % Common stock fair value per share $ 25.59 $ 15.46 Risk-free interest rate 3.7% - 4.2% 3.7% - 4.0% Term (in years) 2.3 2.5 Volatility 66.4% - 76.9% 43.0% - 61.2% Option adjusted spread (bps) 561 613 Annual dividend yield 0 % 0 % Exchange rate (AUD to USD) 0.65 0.68 |
Convertible notes | Convertible notes, current and noncurrent consist of the following (in thousands): As of March 31, As of December 31, 2024 2023 Convertible notes, current: September 2021 Convertible Notes $ 4,057 $ 3,449 Convertible notes, noncurrent: July 2021 Convertible Notes 1,161 1,056 Total convertible notes $ 5,218 $ 4,505 |
Contractual future principal payments | The contractual future principal payments for all convertible notes as of March 31, 2024 were as follows (in thousands): Amount (unaudited) Remainder of 2024 $ 3,365 2025 — 2026 2,110 Total principal outstanding 5,475 Fair value adjustment (257) Total convertible notes $ 5,218 |
Derivative Liability (Tables)
Derivative Liability (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair value assumptions | The estimated fair value of the September 2021 Convertible Notes is determined using a combination of the present value of the cash flows and the Black-Scholes option pricing model using assumptions as follows: As of March 31, As of December 31, As of September 1, 2024 2023 2021 Principal $ 3,365 $ 3,365 $ 11,206 Interest rate 6.8 % 5.7 % 4.5 % Common stock fair value per share 25.59 15.46 20.49 Conversion price per share 22.50 22.50 22.50 Risk-free interest rate 5.34 % 4.96 % 0.45 % Time to exercise (in years) 0.4 0.7 3.0 Volatility 36 % 29 % 37 % Annual dividend yield 0 % 0 % 0 % The estimated fair value of the embedded derivative is determined using a lattice model with the following assumptions: As of March 31, As of December 31, 2024 2023 Principal $ 2,110 $ 2,110 Interest rate 4.0 % 4.0 % Common stock fair value per share $ 25.59 $ 15.46 Risk-free interest rate 3.7% - 4.2% 3.7% - 4.0% Term (in years) 2.3 2.5 Volatility 66.4% - 76.9% 43.0% - 61.2% Option adjusted spread (bps) 561 613 Annual dividend yield 0 % 0 % Exchange rate (AUD to USD) 0.65 0.68 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future non-cancellable contractual commitments | As of March 31, 2024, future non-cancellable commitments under these agreements were as follows in thousands): Amount Remainder of 2024 $ 21,409 2025 25,000 2026 25,500 2027 26,000 Total purchase commitments $ 97,909 |
Common Stock (Tables)
Common Stock (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Reserved shares of common stock | The Company has the following potentially outstanding common stock reserved for issuance: As of March 31, As of December 31, 2024 2023 Issuances under stock incentive plan 6,186,944 6,625,812 Issuances upon exercise of common stock warrants 95,973 137,658 Issuances upon vesting of restricted stock units 5,408,458 6,182,543 Issuances upon conversion of convertible notes 325,981 325,981 Shares reserved for shares available to be granted but not granted yet 20,682,366 16,882,215 32,699,722 30,154,209 |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock option activity | The following summary of stock option activity for the periods presented is as follows (in thousands, except share and per share data): Number of Shares Weighted Weighted Aggregate Balance as of December 31, 2023 6,625,812 $ 6.57 4.7 $ 59,957 Options granted — — Options exercised (277,309) 8.32 Options canceled/forfeited (161,559) 15.29 Balance as of March 31, 2024 6,186,944 6.26 4.6 119,570 Exercisable as of March 31, 2024 5,327,732 $ 5.39 4.5 $ 107,623 |
Time-based restricted stock units (RSU) and PRSU activity | The following summary of restricted stock units (including PRSUs) activity for the periods presented is as follows: Number of Shares Weighted Balance as of December 31, 2023 6,182,543 $ 12.67 RSU granted 685,698 17.64 RSU vested and settled (1,313,564) 22.99 RSU canceled/forfeited (146,219) 12.63 Balance as of March 31, 2024 5,408,458 $ 13.35 |
Stock-based compensation expense | Stock-based compensation expense was allocated as follows (in thousands): Three Months Ended March 31, 2024 2023 Cost of revenue Subscription costs $ 159 $ 125 Hardware costs 184 206 Other costs 4 11 Total cost of revenue 347 342 Research and development 5,325 4,786 Sales and marketing 632 926 General and administrative 1,957 2,901 Total stock-based compensation expense $ 8,261 $ 8,955 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Computation of basic and diluted net loss per share | The following table presents the calculation of basic and diluted net loss per share (in thousands except share and per share information): Three Months Ended March 31, 2024 2023 Net loss $ (9,777) $ (14,071) Weighted-average shares used in computing net loss per share, basic and diluted 68,535,626 65,592,780 Net loss per share, basic and diluted $ (0.14) $ (0.21) |
Antidilutive common shares excluded from computation | The potential shares of common stock that were excluded from the computation of diluted net loss per share for the periods presented because including them would have been antidilutive are as follows: As of March 31, As of March 31, 2024 2023 Issuances under stock incentive plan 6,186,944 7,708,686 Issuances upon exercise of common stock warrants 95,973 137,658 Issuances upon vesting of restricted stock units 5,408,458 5,109,200 Issuances upon conversion of convertible notes 325,981 516,758 12,017,356 13,472,302 |
Nature of Business (Details)
Nature of Business (Details) | 3 Months Ended |
Mar. 31, 2024 subscription_option | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of membership subscription options | 3 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Channel and Retail Partners Greater Than 10% (Details) - Customer concentration risk | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Revenue benchmark | Channel Partner (Apple) | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 57% | 56% | |
Revenue benchmark | Channel Partner (Google) | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 18% | 15% | |
Accounts receivable | Channel Partner (Apple) | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 61% | 50% | |
Accounts receivable | Channel Partner (Google) | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 12% | ||
Accounts receivable | Data Partner A | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 10% | ||
Accounts receivable | Retail Partner A | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 17% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Accounting Policies [Abstract] | |||
Restricted cash, noncurrent | $ 1,202 | $ 1,749 | $ 1,601 |
Segment and Geographic Revenu_2
Segment and Geographic Revenue (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 USD ($) segment | Mar. 31, 2023 USD ($) | |
Segment Reporting [Abstract] | ||
Number of operating segments | segment | 1 | |
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 78,227 | $ 68,143 |
North America | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 70,316 | 60,801 |
Europe, Middle East and Africa | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 4,633 | 4,318 |
Other international regions | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 3,278 | 3,024 |
United States | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 68,900 | $ 58,700 |
United States | Revenues | Geographic concentration risk | ||
Disaggregation of Revenue [Line Items] | ||
Concentration risk, percentage | 88% | 86% |
Deferred Revenue (Details)
Deferred Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | ||
Revenue recognized | $ 18.4 | $ 16.8 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining performance obligation, amount | 36.7 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining performance obligation, amount | $ 35.5 | |
Remaining performance obligation, expected timing of satisfaction | 12 months |
Costs Capitalized to Obtain C_3
Costs Capitalized to Obtain Contracts (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Capitalized Contract Cost [Roll Forward] | ||
Costs capitalized to obtain contracts, net, beginning of period | $ 1,844 | $ 2,063 |
Additions to costs capitalized to obtain contracts, net | 398 | 499 |
Amortization of costs capitalized to obtain contracts, net | (341) | (439) |
Costs capitalized to obtain contracts, net, end of period | $ 1,901 | $ 2,123 |
Minimum | ||
Capitalized Contract Cost [Line Items] | ||
Capitalized contract costs, amortization period | 2 years | |
Maximum | ||
Capitalized Contract Cost [Line Items] | ||
Capitalized contract costs, amortization period | 3 years |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value and Classification of Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Jul. 31, 2021 |
Assets: | |||
Money market funds | $ 42,528 | $ 41,981 | |
Total assets | 42,528 | 41,981 | |
Liabilities: | |||
Derivative liability (Note 9) | 1,924 | 217 | $ 700 |
Convertible notes (Note 8) | 4,057 | 3,449 | |
Total liabilities | 5,981 | 3,666 | |
Level 1 | |||
Assets: | |||
Money market funds | 42,528 | 41,981 | |
Total assets | 42,528 | 41,981 | |
Liabilities: | |||
Derivative liability (Note 9) | 0 | 0 | |
Convertible notes (Note 8) | 0 | 0 | |
Total liabilities | 0 | 0 | |
Level 2 | |||
Assets: | |||
Money market funds | 0 | 0 | |
Total assets | 0 | 0 | |
Liabilities: | |||
Derivative liability (Note 9) | 0 | 0 | |
Convertible notes (Note 8) | 0 | 0 | |
Total liabilities | 0 | 0 | |
Level 3 | |||
Assets: | |||
Money market funds | 0 | 0 | |
Total assets | 0 | 0 | |
Liabilities: | |||
Derivative liability (Note 9) | 1,924 | 217 | |
Convertible notes (Note 8) | 4,057 | 3,449 | |
Total liabilities | $ 5,981 | $ 3,666 |
Fair Value Measurements - Chang
Fair Value Measurements - Change in Fair Value of Convertible Notes and Contingent Liability (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Derivative liability | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair value, beginning of the year | $ 217 | $ 101 | $ 101 |
Vesting of revesting notes | 0 | ||
Changes in fair value | 1,707 | (14) | 116 |
Fair value, end of period | 1,924 | 217 | |
Derivative liability | Revesting Notes | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Settlements | 0 | ||
Derivative liability | Convertible Notes | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Settlements | 0 | ||
Convertible notes | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair value, beginning of the year | 3,449 | 6,938 | 6,938 |
Vesting of revesting notes | 72 | ||
Changes in fair value | 608 | $ (72) | 684 |
Fair value, end of period | $ 4,057 | 3,449 | |
Convertible notes | Revesting Notes | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Settlements | (326) | ||
Convertible notes | Convertible Notes | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Settlements | $ (3,919) |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Derivative liability | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gain (loss) for change in fair value | $ (1,707) | $ 14 | $ (116) |
Convertible notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gain (loss) for change in fair value | $ (608) | $ 72 | $ (684) |
Balance Sheet Components- Accou
Balance Sheet Components- Accounts Receivable, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accounts receivable | $ 37,130 | $ 42,274 |
Allowance for credit losses | (94) | (94) |
Total accounts receivable, net | $ 37,036 | $ 42,180 |
Balance Sheet Components - Inve
Balance Sheet Components - Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Raw materials | $ 18 | $ 298 |
Finished goods | 6,320 | 3,801 |
Total inventory | $ 6,338 | $ 4,099 |
Balance Sheet Components - Prep
Balance Sheet Components - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Prepaid expenses | $ 13,217 | $ 14,520 |
Other receivables | 503 | 654 |
Total prepaid expenses and other current assets | $ 13,720 | $ 15,174 |
Balance Sheet Components - Prop
Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Property, Plant and Equipment [Line Items] | |||
Total property and equipment, gross | $ 1,514,000 | $ 1,514,000 | |
Less: accumulated depreciation | (830,000) | (784,000) | |
Total property and equipment, net | 684,000 | 730,000 | |
Depreciation | 46,000 | $ 37,000 | |
Impairment of long-lived assets | 0 | $ 0 | |
Computer equipment | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment, gross | 297,000 | 297,000 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment, gross | 100,000 | 100,000 | |
Production manufacturing equipment | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment, gross | 839,000 | 839,000 | |
Construction in progress | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment, gross | 249,000 | 249,000 | |
Furniture and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment, gross | $ 29,000 | $ 29,000 |
Balance Sheet Components - Pr_2
Balance Sheet Components - Prepaid Expenses and Other Assets, Non-Current (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Prepaid expenses, noncurrent | $ 111 | $ 1,353 |
Investment | 5,474 | 5,474 |
Other assets | 21 | 21 |
Total prepaid expenses and other assets, noncurrent | $ 5,606 | $ 6,848 |
Balance Sheet Components - Leas
Balance Sheet Components - Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Remaining lease terms | 2 years 8 months 12 days | ||
Operating lease costs | $ 110 | $ 245 | |
Payments for operating leases | 100 | $ 300 | |
Operating lease right-of-use asset | 933 | $ 1,014 | |
Operating lease liability, current (included in accrued expenses and other current liabilities) | $ 342 | $ 335 | |
Operating lease liability, current, location | Accrued expenses and other current liabilities | Accrued expenses and other current liabilities | |
Operating lease liability, noncurrent (included in other liabilities, noncurrent) | $ 634 | $ 723 | |
Operating lease liability, non-current, location | Other liabilities, noncurrent | Other liabilities, noncurrent | |
Weighted-average remaining term for operating lease (in years) | 2 years 8 months 12 days | 2 years 10 months 24 days | |
Weighted-average discount rate | 5% | 5% | |
Operating leases | |||
Remainder of 2024 | $ 285 | ||
2025 | 390 | ||
2026 | 367 | ||
Total future minimum lease payments | 1,042 | ||
Less imputed interest | (66) | ||
Total operating lease liability | $ 976 |
Balance Sheet Components - Inta
Balance Sheet Components - Intangible Assets, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross | $ 64,606 | $ 63,516 |
Accumulated Amortization | (20,325) | (18,075) |
Total | 44,281 | 45,441 |
Trade name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 23,380 | 23,380 |
Accumulated Amortization | (5,346) | (4,762) |
Total | 18,034 | 18,618 |
Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 22,430 | 22,430 |
Accumulated Amortization | (10,313) | (9,191) |
Total | 12,117 | 13,239 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 15,290 | 15,290 |
Accumulated Amortization | (4,254) | (3,782) |
Total | 11,036 | 11,508 |
Internal use software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross | 3,506 | 2,416 |
Accumulated Amortization | (412) | (340) |
Total | $ 3,094 | $ 2,076 |
Balance Sheet Components - In_2
Balance Sheet Components - Intangible Assets Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Capitalized internal use software | $ 1,100 | $ 300 | |
Amortization expense | 2,200 | 2,200 | |
Impairment of intangible assets | 0 | 0 | |
Finite-Lived Intangible Assets [Line Items] | |||
Internal use software not yet in service | 2,637 | ||
Goodwill | 133,674 | $ 133,674 | |
Goodwill impairments | 0 | $ 0 | |
Internal use software, not yet in service | |||
Finite-Lived Intangible Assets [Line Items] | |||
Internal use software not yet in service | $ 2,600 | ||
Useful life | 3 years |
Balance Sheet Components - In_3
Balance Sheet Components - Intangible Assets Remaining Amortization Expense (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Remainder of 2024 | $ 6,750 | |
2025 | 8,913 | |
2026 | 8,470 | |
2027 | 4,274 | |
2028 | 4,225 | |
Thereafter | 9,012 | |
Total future amortization expense | 41,644 | |
Internal use software not yet in service | 2,637 | |
Total | $ 44,281 | $ 45,441 |
Balance Sheet Components - In_4
Balance Sheet Components - Intangible Assets, Weighted-Average Remaining Useful Life (Details) | Mar. 31, 2024 | Dec. 31, 2023 |
Trade name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted-Average Remaining Useful Life | 7 years 8 months 12 days | 8 years |
Technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted-Average Remaining Useful Life | 2 years 8 months 12 days | 2 years 10 months 24 days |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted-Average Remaining Useful Life | 5 years 10 months 24 days | 6 years 1 month 6 days |
Internal use software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted-Average Remaining Useful Life | 1 year 7 months 6 days | 3 years 7 months 6 days |
Balance Sheet Components - Accr
Balance Sheet Components - Accrued Expenses and Current Other Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accrued vendor expenses | $ 11,815 | $ 10,020 |
Accrued compensation | 4,314 | 3,349 |
Customer related promotions and discounts | 3,223 | 9,049 |
Operating lease liability | 342 | 335 |
Sales return reserves | 2,899 | 3,285 |
Other current liabilities | 2,470 | 1,500 |
Total accrued expenses and other current liabilities | $ 25,063 | $ 27,538 |
Convertible Notes - Narrative (
Convertible Notes - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | ||||||
Sep. 01, 2021 | Jan. 31, 2023 | Sep. 30, 2021 | Jul. 31, 2021 | Mar. 31, 2024 | Mar. 31, 2023 | Apr. 30, 2024 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | ||||||||
Derivative liability (Note 9) | $ 700 | $ 1,924 | $ 217 | |||||
Carrying amount | 5,218 | |||||||
Warrant Tranche 1 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Warrants (in shares) | 88,213 | |||||||
Exercise price or warrants (in usd per share) | $ 0.01 | |||||||
Warrants and Rights Outstanding, Term | 1 year | |||||||
Warrant Tranche 2 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Warrants (in shares) | 44,106 | |||||||
Exercise price or warrants (in usd per share) | $ 11.96 | |||||||
Warrants and Rights Outstanding, Term | 5 years | |||||||
Warrant Tranche 3 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Warrants (in shares) | 44,106 | |||||||
Exercise price or warrants (in usd per share) | $ 11.96 | |||||||
Warrants and Rights Outstanding, Term | 5 years | |||||||
Restriction period of warrants | 12 months | |||||||
July 2021 Convertible Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal amount | $ 2,100 | |||||||
Annual interest rate | 4% | |||||||
Conversion price per share (in usd per share) | $ 11.96 | |||||||
Unamortized amount | 900 | 1,100 | ||||||
Carrying amount | 1,200 | 1,100 | ||||||
Amount by which if-converted value (does not exceed)/exceeds principal | 2,400 | $ 600 | ||||||
Debt discount | $ 800 | |||||||
Beneficial conversion feature | $ 600 | |||||||
Interest expense | 100 | $ 100 | ||||||
September 2021 Convertible Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal amount | $ 11,600 | |||||||
Conversion price per share (in usd per share) | $ 22.50 | |||||||
Convertible notes, repayment of principal, percentage per year | 33.33% | |||||||
September 2021 Convertible Notes | Subsequent event | ||||||||
Debt Instrument [Line Items] | ||||||||
Conversion price per share (in usd per share) | $ 22.50 | |||||||
Revesting Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal amount | $ 1,600 | |||||||
Vesting period | 3 years | |||||||
Vesting expense | $ 100 | |||||||
Change in fair value | $ 0 | $ 100 |
Convertible Notes - Fair Value
Convertible Notes - Fair Value Assumptions - Convertible Notes (Details) - September 2021 Convertible Notes - USD ($) $ / shares in Units, $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2021 | Sep. 01, 2021 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Principal | $ 11,600 | |||
Conversion price per share (in usd per share) | $ 22.50 | |||
Convertible notes | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Principal | $ 3,365 | $ 3,365 | $ 11,206 | |
Interest rate | 6.80% | 5.70% | 4.50% | |
Common stock fair value per share (usd per share) | $ 25.59 | $ 15.46 | $ 20.49 | |
Conversion price per share (in usd per share) | $ 22.50 | $ 22.50 | $ 22.50 | |
Measurement Input, Risk Free Interest Rate [Member] | Convertible notes | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Convertible notes, measurement input | 0.0534 | 0.0496 | 0.0045 | |
Time to exercise (in years) | Convertible notes | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Convertible notes, measurement input | 0.4 | 0.7 | 3 | |
Measurement Input, Price Volatility [Member] | Convertible notes | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Convertible notes, measurement input | 0.36 | 0.29 | 0.37 | |
Annual dividend yield | Convertible notes | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Convertible notes, measurement input | 0 | 0 | 0 |
Convertible Notes - Current and
Convertible Notes - Current and Non-Current (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Convertible notes, current: | $ 4,057 | $ 3,449 |
Convertible notes, noncurrent: | 1,161 | 1,056 |
Total convertible notes | 5,218 | 4,505 |
September 2021 Convertible Notes | ||
Debt Instrument [Line Items] | ||
Convertible notes, current: | 4,057 | 3,449 |
July 2021 Convertible Notes | ||
Debt Instrument [Line Items] | ||
Convertible notes, noncurrent: | $ 1,161 | $ 1,056 |
Convertible Notes - Contractual
Convertible Notes - Contractual Future Principal Payments (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Debt Disclosure [Abstract] | |
Remainder of 2024 | $ 3,365 |
2025 | 0 |
2026 | 2,110 |
Total principal outstanding | 5,475 |
Fair value adjustment | (257) |
Total convertible notes | $ 5,218 |
Derivative Liability - Fair Val
Derivative Liability - Fair Value Assumptions of Embedded Derivative (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Lattice model | Common stock fair value per share | ||
Embedded Derivative [Line Items] | ||
Embedded derivative liability, measurement input | 25.59 | 15.46 |
Lattice model | Measurement Input, Risk Free Interest Rate [Member] | Minimum | ||
Embedded Derivative [Line Items] | ||
Embedded derivative liability, measurement input | 0.037 | 0.037 |
Lattice model | Measurement Input, Risk Free Interest Rate [Member] | Maximum | ||
Embedded Derivative [Line Items] | ||
Embedded derivative liability, measurement input | 0.042 | 0.040 |
Lattice model | Term (in years) | ||
Embedded Derivative [Line Items] | ||
Embedded derivative liability, measurement input | 2.3 | 2.5 |
Lattice model | Volatility | Minimum | ||
Embedded Derivative [Line Items] | ||
Embedded derivative liability, measurement input | 0.664 | 0.430 |
Lattice model | Volatility | Maximum | ||
Embedded Derivative [Line Items] | ||
Embedded derivative liability, measurement input | 0.769 | 0.612 |
Lattice model | Option adjusted spread (bps) | ||
Embedded Derivative [Line Items] | ||
Embedded derivative liability, measurement input | 0.0561 | 0.0613 |
Lattice model | Annual dividend yield | ||
Embedded Derivative [Line Items] | ||
Embedded derivative liability, measurement input | 0 | 0 |
Lattice model | Exchange rate (AUD to USD) | ||
Embedded Derivative [Line Items] | ||
Embedded derivative liability, measurement input | 0.65 | 0.68 |
Embedded derivative liability | ||
Embedded Derivative [Line Items] | ||
Principal | $ 2,110 | $ 2,110 |
Interest rate | 4% | 4% |
Derivative Liability - Narrativ
Derivative Liability - Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Jul. 31, 2021 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Derivative liability, noncurrent | $ 1,924 | $ 217 | $ 700 |
Commitments and Contingencies -
Commitments and Contingencies - Purchase Commitments (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Remainder of 2024 | $ 21,409 |
2025 | 25,000 |
2026 | 25,500 |
2027 | 26,000 |
Total purchase commitments | $ 97,909 |
Commitments and Contingencies_2
Commitments and Contingencies - Litigation (Details) - Patent infringement claim - Subsequent event | Apr. 23, 2024 claim |
Loss Contingencies [Line Items] | |
Claims found invalid | 10 |
Claims remaining | 2 |
Common Stock (Details)
Common Stock (Details) - shares | Mar. 31, 2024 | Dec. 31, 2023 |
Class of Stock [Line Items] | ||
Reserved shares of common stock (in shares) | 32,699,722 | 30,154,209 |
Issuances under stock incentive plan | ||
Class of Stock [Line Items] | ||
Reserved shares of common stock (in shares) | 6,186,944 | 6,625,812 |
Issuances upon exercise of common stock warrants | ||
Class of Stock [Line Items] | ||
Reserved shares of common stock (in shares) | 95,973 | 137,658 |
Issuances upon vesting of restricted stock units | ||
Class of Stock [Line Items] | ||
Reserved shares of common stock (in shares) | 5,408,458 | 6,182,543 |
Issuances upon conversion of convertible notes | ||
Class of Stock [Line Items] | ||
Reserved shares of common stock (in shares) | 325,981 | 325,981 |
Shares reserved for shares available to be granted but not granted yet | ||
Class of Stock [Line Items] | ||
Reserved shares of common stock (in shares) | 20,682,366 | 16,882,215 |
Warrants (Details)
Warrants (Details) - $ / shares | 1 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Class of Warrant or Right [Line Items] | ||
Number of shares to purchase under warrants (in shares) | 95,973 | 137,658 |
Warrants exercised (in shares) | 41,685 | |
Warrants exercised, exercise price (in usd per share) | $ 2.28 | |
Minimum | ||
Class of Warrant or Right [Line Items] | ||
Exercise price or warrants (in usd per share) | 6.44 | $ 2.28 |
Maximum | ||
Class of Warrant or Right [Line Items] | ||
Exercise price or warrants (in usd per share) | $ 11.96 | $ 11.96 |
Equity Incentive Plan - Stock O
Equity Incentive Plan - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Number of Shares Underlying Outstanding Options | ||
Balance (in shares) | 6,625,812 | |
Options granted (in shares) | 0 | |
Options exercised (in shares) | (277,309) | |
Options canceled/forfeited (in shares) | (161,559) | |
Balance (in shares) | 6,186,944 | 6,625,812 |
Exercisable (in shares) | 5,327,732 | |
Weighted Average Exercise Price per Share | ||
Balance (in usd per share) | $ 6.57 | |
Options granted (in usd per share) | 0 | |
Options exercised (in usd per share) | 8.32 | |
Options canceled/forfeited (in usd per share) | 15.29 | |
Balance (in usd per share) | 6.26 | $ 6.57 |
Exercisable (in usd per share) | $ 5.39 | |
Weighted Average Remaining Contractual Life, Balance (in Years) | 4 years 7 months 6 days | 4 years 8 months 12 days |
Weighted Average Remaining Contractual Life, Exercisable (in Years) | 4 years 6 months | |
Aggregate Intrinsic Value, Balance | $ 119,570 | $ 59,957 |
Aggregate Intrinsic Value, Exercisable | $ 107,623 |
Equity Incentive Plan - Narrati
Equity Incentive Plan - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2022 | Apr. 30, 2023 | Jan. 31, 2023 | Jan. 31, 2022 | Sep. 30, 2021 | Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Stock-based compensation | $ 8,261 | $ 8,955 | ||||||
Tile | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Awards forfeited (in shares) | 787,446 | |||||||
Purchase consideration (in shares) | 694,672 | |||||||
Purchase consideration | $ 13,700 | |||||||
Excluded consideration, shares granted (in shares) | 1,561 | |||||||
Consideration, indemnity escrow (in shares) | 84,524 | |||||||
Consideration, indemnity escrow, term | 15 months | |||||||
Transaction related expenses | $ 1,700 | |||||||
Indemnity escrow shares released | 84,524 | |||||||
Stock options | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Unrecognized compensation expense, stock options | $ 3,400 | |||||||
Unrecognized compensation expense, period for recognition | 1 year 8 months 12 days | |||||||
Stock options | Jiobit | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Unrecognized compensation expense, stock options | $ 32 | $ 100 | ||||||
Unrecognized compensation expense, period for recognition | 9 months 18 days | 1 year | ||||||
Excluded consideration, share-based compensation (in shares) | 43,083 | |||||||
Excluded consideration, share-based compensation | $ 500 | |||||||
Stock options | Tile | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Excluded consideration, share-based compensation (in shares) | 38,730 | |||||||
Excluded consideration, share-based compensation | $ 400 | |||||||
Performance-based restricted stock units | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Performance-based restricted stock units granted (in shares) | 54,075 | |||||||
Performance period | 1 year | |||||||
Performance target percentage | 200% | |||||||
Performance goal metric percentage | 50% | |||||||
Vesting period | 4 years | |||||||
PRSU awards vested (in shares) | 0 | |||||||
Performance-based restricted stock units | Tranche one | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Vesting percentage | 25% | |||||||
Performance-based restricted stock units | Tranche two | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Vesting percentage | 6.25% | |||||||
Performance-based restricted stock units | Tile | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Vesting period | 2 years | |||||||
Excluded consideration, share-based compensation (in shares) | 787,446 | |||||||
Excluded consideration, share-based compensation | $ 15,600 | |||||||
Restricted stock units | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Unrecognized compensation expense, period for recognition | 2 years 9 months 18 days | |||||||
Performance-based restricted stock units granted (in shares) | 685,698 | |||||||
PRSU awards vested (in shares) | 1,313,564 | |||||||
Unrecognized compensation expense, other awards | $ 64,700 | |||||||
Awards forfeited (in shares) | 146,219 | |||||||
Restricted stock units | Tile | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Unrecognized compensation expense, period for recognition | 1 year 9 months 18 days | 1 year 10 months 24 days | ||||||
Unrecognized compensation expense, other awards | $ 600 | $ 700 | ||||||
Excluded consideration, share-based compensation (in shares) | 1,499,349 | 711,903 | ||||||
Excluded consideration, share-based compensation | $ 29,600 | |||||||
Restricted stock units | Tile | Minimum | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Vesting period | 2 years | |||||||
Restricted stock units | Tile | Maximum | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Vesting period | 4 years | |||||||
Restricted stock | Jiobit | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Vesting period | 3 years | |||||||
Excluded consideration, revesting stock (in shares) | 91,217 | |||||||
Excluded consideration, revesting stock | $ 1,900 | |||||||
Restricted stock | Tile | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Unrecognized compensation expense, period for recognition | 3 months 18 days | 6 months | ||||||
Grants in period, aggregate fair value | $ 31 | |||||||
Service period | 30 months | |||||||
Revesting Stock | Jiobit | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||||
Unrecognized compensation expense, other awards | $ 0 | $ 0 | ||||||
Stock-based compensation | $ 200 |
Equity Incentive Plan - Time-ba
Equity Incentive Plan - Time-based Restricted Stock Units (RSU) and PRSU Activity (Details) - Restricted stock units | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Number of Shares | |
Balance (in shares) | shares | 6,182,543 |
RSU granted (in shares) | shares | 685,698 |
RSU vested and settled (in shares) | shares | (1,313,564) |
RSU canceled/forfeited (in shares) | shares | (146,219) |
Balance (in shares) | shares | 5,408,458 |
Weighted average grant date fair value | |
Balance (in usd per share) | $ / shares | $ 12.67 |
RSU granted (in usd per share) | $ / shares | 17.64 |
RSU vested and settled (in usd per share) | $ / shares | 22.99 |
RSU canceled/forfeited (in usd per share) | $ / shares | 12.63 |
Balance (in usd per share) | $ / shares | $ 13.35 |
Equity Incentive Plan - Stock-B
Equity Incentive Plan - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation expense | $ 8,261 | $ 8,955 |
Cost of revenue | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation expense | 347 | 342 |
Cost of revenue | Subscription | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation expense | 159 | 125 |
Cost of revenue | Hardware | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation expense | 184 | 206 |
Cost of revenue | Other | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation expense | 4 | 11 |
Research and development | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation expense | 5,325 | 4,786 |
Sales and marketing | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation expense | 632 | 926 |
General and administrative | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation expense | $ 1,957 | $ 2,901 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | ||
Provision for income taxes | $ 1,394 | $ 108 |
Defined Contribution Plan (Deta
Defined Contribution Plan (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Retirement Benefits [Abstract] | ||
Employer contributions | $ 0.7 | $ 0 |
Net Loss Per Share - Computatio
Net Loss Per Share - Computation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Net loss, basic | $ (9,777) | $ (14,071) |
Net loss, diluted | $ (9,777) | $ (14,071) |
Weighted-average shares used in computing net loss per share, basic (in shares) | 68,535,626 | 65,592,780 |
Weighted-average shares used in computing net loss per share, diluted (in shares) | 68,535,626 | 65,592,780 |
Net loss per share, basic (in usd per share) | $ (0.14) | $ (0.21) |
Net loss per share, diluted (in usd per share) | $ (0.14) | $ (0.21) |
Net Loss Per Share - Antidiluti
Net Loss Per Share - Antidilutive Shares (Details) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive common stock (in shares) | 12,017,356 | 13,472,302 |
Issuances under stock incentive plan | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive common stock (in shares) | 6,186,944 | 7,708,686 |
Issuances upon exercise of common stock warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive common stock (in shares) | 95,973 | 137,658 |
Issuances upon vesting of restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive common stock (in shares) | 5,408,458 | 5,109,200 |
Issuances upon conversion of convertible notes | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive common stock (in shares) | 325,981 | 516,758 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |
Apr. 30, 2024 | Mar. 31, 2024 | Sep. 30, 2021 | |
Subsequent Event [Line Items] | |||
Issuance of common stock for conversion of convertible debt | $ 94 | ||
Common Stock | |||
Subsequent Event [Line Items] | |||
Issuance of common stock for conversion of convertible debt (in shares) | 41,685 | ||
September 2021 Convertible Notes | |||
Subsequent Event [Line Items] | |||
Convertible notes conversion price (in usd per share) | $ 22.50 | ||
September 2021 Convertible Notes | Subsequent event | |||
Subsequent Event [Line Items] | |||
Convertible notes conversion price (in usd per share) | $ 22.50 | ||
Amount of principal and interest converted | $ 3,500 | ||
Gain on debt settlement | $ 500 | ||
September 2021 Convertible Notes | Subsequent event | Common Stock | |||
Subsequent Event [Line Items] | |||
Issuance of common stock for conversion of convertible debt (in shares) | 157,685 | ||
Issuance of common stock for conversion of convertible debt | $ 3,500 |