Life360, Inc. Common Stock (LIF) 10-Q 12 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Nov. 06, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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
Title of 12(g) Security	Common Stock, $0.001 par value per share
Trading Symbol	LIF
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		74,666,574
Entity Central Index Key	0001581760
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 158,980	$ 68,964
Accounts receivable, net	48,850	42,180
Inventory	13,788	4,099
Costs capitalized to obtain contracts, net	1,037	1,010
Prepaid expenses and other current assets	12,706	15,174
Total current assets	235,361	131,427
Restricted cash, noncurrent	1,205	1,749
Property and equipment, net	1,782	730
Costs capitalized to obtain contracts, noncurrent	1,120	834
Prepaid expenses and other assets, noncurrent	11,199	6,848
Operating lease right-of-use asset	767	1,014
Intangible assets, net	42,279	45,441
Goodwill	133,674	133,674
Total Assets	427,387	321,717
Current Liabilities:
Accounts payable	19,088	5,896
Accrued expenses and other current liabilities	28,239	27,538
Convertible notes, current ($0 and $3,449 measured at fair value, respectively)	0	3,449
Deferred revenue, current	37,947	33,932
Total current liabilities	85,274	70,815
Convertible notes, noncurrent	0	1,056
Derivative liability, noncurrent	0	217
Deferred revenue, noncurrent	1,969	1,842
Other liabilities, noncurrent	453	723
Total Liabilities	87,696	74,653
Commitments and Contingencies (Note 10)
Stockholders’ Equity
Common Stock, $0.001 par value; 500,000,000 and 100,000,000 shares authorized as of September 30, 2024 and December 31, 2023, respectively; 74,664,748 and 68,155,830 issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	74	70
Additional paid-in capital	637,806	532,128
Accumulated deficit	(298,195)	(285,143)
Accumulated other comprehensive income	6	9
Total stockholders’ equity	339,691	247,064
Total Liabilities and Stockholders’ Equity	$ 427,387	$ 321,717

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Convertible notes, current, fair value	$ 0	$ 3,449
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	500,000,000	100,000,000
Common stock, issued (in shares)	74,664,748	68,155,830
Common stock, outstanding (in shares)	74,664,748	68,155,830

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Total revenue	$ 92,865	$ 78,624	$ 255,955	$ 217,555
Total cost of revenue	22,853	20,739	62,304	55,057
Gross profit	70,012	57,885	193,651	162,498
Operating expenses:
Research and development	29,012	24,569	83,283	74,948
Sales and marketing	30,722	25,741	79,818	73,404
General and administrative	15,229	14,082	44,243	39,788
Total operating expenses	74,963	64,392	207,344	188,140
Loss from operations	(4,951)	(6,507)	(13,693)	(25,642)
Other income (expense):
Convertible notes fair value adjustment	0	(604)	(608)	(798)
Derivative liability fair value adjustment	0	63	(1,707)	(177)
Loss on settlement of convertible notes	0	0	(440)	0
Gain on settlement of derivative liability	0	0	1,924	0
Gain on change in fair value of investment	5,389	0	5,389	0
Other income (expense), net	2,524	337	(1,772)	1,797
Total other income (expense), net	7,913	(204)	2,786	822
Income (loss) before income taxes	2,962	(6,711)	(10,907)	(24,820)
Provision for (benefit from) income taxes	(4,727)	(170)	2,146	205
Net income (loss)	$ 7,689	$ (6,541)	$ (13,053)	$ (25,025)
Net income (loss) per share, basic (in usd per share)	$ 0.10	$ (0.10)	$ (0.18)	$ (0.38)
Net income (loss) per share, diluted (in usd per share)	$ 0.09	$ (0.10)	$ (0.18)	$ (0.38)
Weighted-average shares used in computing net income (loss) per share, basic (in shares)	74,232,140	67,091,993	71,187,103	66,389,483
Weighted-average shares used in computing net income (loss) per share, diluted (in shares)	82,083,976	67,091,993	71,187,103	66,389,483
Comprehensive income (loss)
Net income (loss)	$ 7,689	$ (6,541)	$ (13,053)	$ (25,025)
Change in foreign currency translation adjustment	0	(17)	(3)	9
Total comprehensive income (loss)	7,689	(6,558)	(13,056)	(25,016)
Subscription
Total revenue	71,833	56,607	199,090	160,998
Total cost of revenue	10,659	8,267	30,367	22,700
Hardware
Total revenue	11,744	15,541	33,833	37,110
Total cost of revenue	11,213	11,570	29,147	29,732
Other
Total revenue	9,288	6,476	23,032	19,447
Total cost of revenue	$ 981	$ 902	$ 2,790	$ 2,625

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 income (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, 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]
Change in foreign currency translation adjustment	9
Net income (loss)	(25,025)
Ending balance (in shares) at Sep. 30, 2023		67,556,092
Ending balance at Sep. 30, 2023	240,308	$ 68	522,234	0	(281,997)	3
Beginning balance (in shares) at Mar. 31, 2023		66,295,831
Beginning balance at Mar. 31, 2023	234,820	$ 68	505,777	0	(271,043)	18
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		146,056
Exercise of stock options	855		855
Vesting of restricted stock units (in shares)		389,550
Taxes paid related to net settlement of equity awards	(2,820)		(2,820)
Stock-based compensation expense	9,269		9,269
Change in foreign currency translation adjustment	2					2
Net income (loss)	(4,413)				(4,413)
Ending balance (in shares) at Jun. 30, 2023		66,831,437
Ending balance at Jun. 30, 2023	237,713	$ 68	513,081	0	(275,456)	20
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		378,907
Exercise of stock options	2,540		2,540
Vesting of restricted stock units (in shares)		345,748
Taxes paid related to net settlement of equity awards	(2,841)		(2,841)
Stock-based compensation expense	9,454		9,454
Change in foreign currency translation adjustment	(17)					(17)
Net income (loss)	(6,541)				(6,541)
Ending balance (in shares) at Sep. 30, 2023		67,556,092
Ending balance at Sep. 30, 2023	$ 240,308	$ 68	522,234	$ 0	(281,997)	3
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
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 income (loss)	(9,777)				(9,777)
Ending balance (in shares) at Mar. 31, 2024		69,440,062
Ending balance at Mar. 31, 2024	$ 239,840	$ 71	534,679		(294,920)	10
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)	536,004
Change in foreign currency translation adjustment	$ (3)
Net income (loss)	$ (13,053)
Ending balance (in shares) at Sep. 30, 2024	74,664,748	74,664,748
Ending balance at Sep. 30, 2024	$ 339,691	$ 74	637,806		(298,195)	6
Beginning balance (in shares) at Mar. 31, 2024		69,440,062
Beginning balance at Mar. 31, 2024	239,840	$ 71	534,679		(294,920)	10
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		129,968
Exercise of stock options	1,006		1,006
Exercise of warrants (in shares)		88,212
Exercise of warrants	1,055		1,055
Vesting of restricted stock units (in shares)		428,378
Taxes paid related to net settlement of equity awards	(7,834)		(7,834)
Stock-based compensation expense	11,159		11,159
Settlement of convertible notes (in shares)		341,877
Settlement of convertible notes	5,751		5,751
Issuance of common stock net of underwriting discounts, commissions and issuance costs (in shares)		3,703,704
Issuance of common stock net of underwriting discounts, commissions and issuance costs	86,707	$ 3	86,704
Change in foreign currency translation adjustment	(4)					(4)
Net income (loss)	(10,964)				(10,964)
Ending balance (in shares) at Jun. 30, 2024		74,132,201
Ending balance at Jun. 30, 2024	326,716	$ 74	632,520		(305,884)	6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		128,727
Exercise of stock options	1,103		1,103
Vesting of restricted stock units (in shares)		403,820
Vesting of restricted stock units	0	$ 0	0
Taxes paid related to net settlement of equity awards	(7,427)		(7,427)
Stock-based compensation expense	11,610		11,610
Change in foreign currency translation adjustment	0
Net income (loss)	$ 7,689				7,689
Ending balance (in shares) at Sep. 30, 2024	74,664,748	74,664,748
Ending balance at Sep. 30, 2024	$ 339,691	$ 74	$ 637,806		$ (298,195)	$ 6

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders’ Equity (Parenthetical) $ in Thousands	3 Months Ended
	Jun. 30, 2024 USD ($)
Statement of Stockholders' Equity [Abstract]
Issuance costs	$ 13,293

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows from Operating Activities:
Net loss	$ (13,053)	$ (25,025)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	7,058	6,844
Amortization of costs capitalized to obtain contracts	974	1,782
Amortization of operating lease right-of-use asset	247	690
Stock-based compensation expense, net of amounts capitalized	30,507	27,678
Compensation expense in connection with revesting notes	0	73
Non-cash interest expense, net	59	331
Convertible notes fair value adjustment	608	798
Derivative liability fair value adjustment	1,707	177
Loss on settlement of convertible notes	440	0
Gain on settlement of derivative liability	(1,924)	0
Gain on change in fair value of investment	(5,389)	0
Non-cash revenue from investment	(965)	(1,489)
Inventory write-off	0	916
Adjustment in connection with membership benefit	0	(2,172)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net	(6,670)	(6,606)
Prepaid expenses and other assets	3,506	(2,036)
Inventory	(9,689)	(1,026)
Costs capitalized to obtain contracts, net	(1,287)	(1,567)
Accounts payable	12,058	(889)
Accrued expenses and other current liabilities	(2,736)	(3,163)
Deferred revenue	5,108	3,748
Other liabilities, noncurrent	(270)	(498)
Net cash provided by (used in) operating activities	20,289	(1,434)
Cash Flows from Investing Activities:
Internal use software	(3,228)	(1,232)
Purchase of property and equipment	(63)	(26)
Net cash used in investing activities	(3,291)	(1,258)
Cash Flows from Financing Activities:
Indemnity escrow payment in connection with an acquisition	0	(13,128)
Proceeds from the exercise of stock options and warrants	5,564	4,109
Taxes paid related to net settlement of equity awards	(23,371)	(11,392)
Proceeds from issuance of common stock in U.S. initial public offering, net of underwriting discounts and commissions	93,000	0
Payments of U.S. initial public offering issuance costs	(2,719)	0
Proceeds from repayment of notes due from affiliates	0	314
Repayment of convertible notes	0	(3,919)
Net cash provided by (used in) financing activities	72,474	(24,016)
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash	89,472	(26,708)
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	160,185	63,657
Supplemental disclosure:
Cash paid during the period for taxes	2,318	538
Cash paid during the period for interest	46	640
Non-cash investing and financing activities:
Right of use asset recognized in connection with lease modification	0	1,054
Operating lease liability recognized in connection with lease modification	0	1,054
Property and equipment included within accounts payable	1,134	0
Stock-based compensation included in internal use software	523	0
IPO-related transaction costs included in accrued expenses and other current liabilities	3,573	0
Cash, cash equivalents and restricted cash
Cash and cash equivalents	158,980	61,848
Restricted cash, noncurrent	1,205	1,809
Total cash and cash equivalents, and restricted cash	160,185	63,657
September 2021 Convertible Notes
Non-cash investing and financing activities:
Conversion of Convertible Notes and accrued interest to common stock	3,548	0
July 2021 Convertible Notes
Non-cash investing and financing activities:
Conversion of Convertible Notes and accrued interest to common stock	$ 2,203	$ 0

Nature of Business

Nature of Business	9 Months Ended
	Sep. 30, 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 its members, regardless of the devices they use. U.S. Initial Public Offering (“U.S. IPO”) On June 6, 2024, the Company completed its U.S. IPO and began trading on the Nasdaq Global Select Market under the trading symbol “LIF”. The Company issued and sold 3,703,704 shares of common stock and certain selling securityholders sold 2,908,796 shares of common stock (including 862,500 shares sold pursuant to the underwriters’ full exercise of their option to purchase additional shares) in each case at an offering price of $27.00 per share. The Company received net proceeds of $93.0 million after deducting underwriting discounts and commissions of $7.0 million. An additional $5.5 million of expenses were paid on behalf of selling securityholders. Refer to Note 15, "Related-Party Transactions" for further details. The Company did not receive any proceeds from the sale of shares of common stock by the selling securityholders. In connection with the U.S. IPO, the Company restated its certificate of incorporation to increase the authorized number of shares of its common stock from 100,000,000 shares to 500,000,000 shares.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 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; • achievement of performance-based restricted stock units (“PRSUs”); • 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 Accounting Standards Codification (“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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Channel Partner (Apple) 55 % 51 % 55 % 54 % Channel Partner (Google) 18 % 17 % 18 % 16 % Percentage of Gross Accounts Receivable As of September 30, As of December 31, 2024 2023 Channel Partner (Apple) 56 % 50 % Channel Partner (Google) 11 % * Data Partner A 12 % * 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 September 30, 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	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 North America $ 80,968 $ 69,624 $ 226,213 $ 193,966 Europe, Middle East and Africa 6,756 5,379 17,675 13,834 Other international regions 5,141 3,621 12,067 9,755 Total revenue $ 92,865 $ 78,624 $ 255,955 $ 217,555 The Company’s revenues in the United States were $79.1 million, or 85%, of total revenue for the three months ended September 30, 2024 and $67.4 million, or 86%, of total revenue for the three months ended September 30, 2023. The Company’s revenues in the United States were $221.4 million, or 86%, of total revenue for the nine months ended September 30, 2024 and $188.5 million, or 87%, of total revenue for the nine months ended September 30, 2023.

Deferred Revenue

Deferred Revenue	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2024, the Company recognized revenue of $5.0 million and $31.2 million, respectively, that was included in the deferred revenue balance at December 31, 2023. During the three and nine months ended September 30, 2023, the Company recognized revenue of $3.5 million and $23.4 million, respectively, that was included in the deferred revenue balance at December 31, 2022 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 in connection with remaining performance obligations was $218.9 million as of September 30, 2024, of which the Company expects 34% 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Costs capitalized to obtain contracts, net, beginning of period $ 1,966 $ 2,194 $ 1,844 $ 2,064 Additions to costs capitalized to obtain contracts, net 502 573 1,287 1,567 Amortization of costs capitalized to obtain contracts, net (311) (918) (974) (1,782) Costs capitalized to obtain contracts, net, end of period $ 2,157 $ 1,849 $ 2,157 $ 1,849

Costs Capitalized to Obtain Con

Costs Capitalized to Obtain Contracts	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2024, the Company recognized revenue of $5.0 million and $31.2 million, respectively, that was included in the deferred revenue balance at December 31, 2023. During the three and nine months ended September 30, 2023, the Company recognized revenue of $3.5 million and $23.4 million, respectively, that was included in the deferred revenue balance at December 31, 2022 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 in connection with remaining performance obligations was $218.9 million as of September 30, 2024, of which the Company expects 34% 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Costs capitalized to obtain contracts, net, beginning of period $ 1,966 $ 2,194 $ 1,844 $ 2,064 Additions to costs capitalized to obtain contracts, net 502 573 1,287 1,567 Amortization of costs capitalized to obtain contracts, net (311) (918) (974) (1,782) Costs capitalized to obtain contracts, net, end of period $ 2,157 $ 1,849 $ 2,157 $ 1,849

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 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 September 30, 2024 and December 31, 2023 are classified as follows (in thousands): As of September 30, 2024 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 132,408 $ — $ — $ 132,408 Total assets $ 132,408 $ — $ — $ 132,408 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 September 30, 2024 Derivative Convertible (unaudited) Fair value, beginning of the year $ 217 $ 3,449 Changes in fair value 1,707 608 Settlement of September 2021 Convertible Notes upon conversion (Note 8) — (3,548) Gain on settlement of September 2021 Convertible Notes (Note 8) — (509) Gain on settlement of derivative liability (Note 9) (1,924) — Fair value, end of period $ — $ — 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 and nine months ended September 30, 2024, the Company recorded a loss associated with the change in fair value of the derivative liability of zero and $1.7 million, respectively. For the three and nine months ended September 30, 2024, the Company recorded a gain of zero and $1.9 million, respectively, related to the settlement of the derivative liability upon conversion of the July 2021 Convertible Notes. Refer to Note 8, "Convertible Notes" for further details. For the three and nine months ended September 30, 2024, the Company recorded a loss associated with the change in fair value of the September 2021 Convertible Notes of zero and $0.6 million, respectively. For the three and nine months ended September 30, 2024, the Company recorded a gain of zero and $0.5 million, respectively, related to the settlement of the September 2021 Convertible Notes upon conversion. For the year ended December 31, 2023, the Company recorded a loss associated with the change in fair value of the derivative liability and the convertible notes of $0.1 million and $0.7 million, respectively. These amounts have been recorded in other income (expense), net in the condensed consolidated statements of operations and comprehensive income (loss). For the three and nine months ended September 30, 2023, the Company recorded a gain associated with the change in fair value of the derivative liability of $0.1 million and a loss of $0.2 million, respectively. For the three and nine months ended September 30, 2023, the Company recorded a loss associated with the change in fair value of the September 2021 Convertible Notes of $0.6 million and $0.8 million, 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	9 Months Ended
	Sep. 30, 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 September 30, As of December 31, 2024 2023 Accounts receivable $ 48,944 $ 42,274 Allowance for credit losses (94) (94) Total accounts receivable, net $ 48,850 $ 42,180 Inventory Inventory consists of the following (in thousands): As of September 30, As of December 31, 2024 2023 Raw materials $ 40 $ 298 Finished goods 13,748 3,801 Total inventory $ 13,788 $ 4,099 Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands): As of September 30, As of December 31, 2024 2023 Prepaid expenses $ 11,725 $ 14,520 Other receivables 981 654 Total prepaid expenses and other current assets $ 12,706 $ 15,174 Prepaid expenses primarily consist of certain cloud platforms, customer service program costs, prepaid insurance and inventory. Other receivables primarily consist of freight and 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 September 30, As of December 31, 2024 2023 Computer equipment $ 297 $ 297 Leasehold improvements 101 100 Production manufacturing equipment 2,026 839 Construction in progress 259 249 Furniture and fixtures 29 29 Total property and equipment, gross 2,712 1,514 Less: accumulated depreciation (930) (784) Total property and equipment, net $ 1,782 $ 730 Construction in progress relates to certain costs incurred with production manufacturing equipment. For the three and nine months ended September 30, 2024, depreciation expense was $51 thousand and $146 thousand, respectively, and for the three and nine months ended September 30, 2023, depreciation expense was $46 thousand and $123 thousand, respectively. There was no impairment of property and equipment or long-lived assets recognized during the three and nine months ended September 30, 2024 or 2023. Prepaid Expenses and Other Assets, noncurrent Prepaid expenses and other assets, noncurrent consist of the following (in thousands): As of September 30, As of December 31, 2024 2023 Prepaid expenses, noncurrent $ 336 $ 1,374 Investment 10,863 5,474 Total prepaid expenses and other assets, noncurrent $ 11,199 $ 6,848 Prepaid expenses, noncurrent primarily consist of cloud platform costs as of December 31, 2023. Investment relates to non-marketable equity securities in a privately held company without a readily determinable market value. Non-marketable equity securities consist of warrants to purchase shares of preferred stock of a data revenue partner. Investments in non-public businesses that do not have readily determinable pricing, and for which the Company does not have control or does not exert significant influence, are carried at cost less impairments, if any, plus or minus changes in observable prices for those investments. During the three months ended September 30, 2024, an observable price change related to our investment in warrants held to purchase shares of preferred stock of a data revenue partner took place. This resulted in a $5.4 million increase in the investment asset value and a corresponding gain on fair value adjustment recorded in other income (expense), net in the condensed consolidated statements of operations and comprehensive income (loss) for the three and nine months ended September 30, 2024. Leases The Company leases office space under a non-cancelable operating lease with a remaining lease term of 2.2 years, which includes the option to extend the lease. The Company did not have any finance leases as of September 30, 2024 or December 31, 2023. The components of lease expense are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Operating lease cost (1) $ 114 $ 253 $ 338 $ 748 (1) Amounts include short-term leases, which are immaterial. For the three and nine months ended September 30, 2024, payments for operating leases included in cash from operating activities were $0.1 million and $0.3 million, respectively. For the three and nine months ended September 30, 2023, payments for operating leases included in cash from operating activities were $0.2 million and $0.7 million, respectively. Supplemental balance sheet information related to leases is as follows (in thousands, except lease term): As of September 30, As of December 31, 2024 2023 Operating lease right-of-use asset $ 767 $ 1,014 Operating lease liability, current (included in accrued expenses and other current liabilities) 356 335 Operating lease liability, noncurrent (included in other liabilities, noncurrent) 453 723 Weighted-average remaining term for operating lease (in years) 2.2 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 September 30, 2024 were as follows (in thousands): Operating leases Remainder of 2024 $ 95 2025 390 2026 367 Total future minimum lease payments 852 Less imputed interest (43) Total operating lease liability $ 809 Goodwill and Intangible Assets, net Intangible assets, net consists of the following (in thousands): As of September 30, 2024 Gross Accumulated Amortization Net Trade name $ 23,380 $ (6,515) $ 16,865 Technology 22,430 (12,556) 9,874 Customer relationships 15,290 (5,197) 10,093 Internal use software 6,167 (720) 5,447 Total $ 67,267 $ (24,988) $ 42,279 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 For the three and nine months ended September 30, 2024, the Company capitalized $1.2 million and $3.8 million, respectively, in internal use software. For the three and nine months ended September 30, 2023, the Company capitalized $0.4 million and $1.2 million, respectively, in internal use software. For the three and nine months ended September 30, 2024, amortization expense was $2.3 million and $6.9 million, respectively. For the three and nine months ended September 30, 2023, amortization expense was $2.2 million and $6.7 million, respectively. During the three and nine months ended September 30, 2024 and 2023, there was no impairment of intangible assets recorded. As of September 30, 2024, the estimated remaining amortization expense for intangible assets by fiscal year is as follows (in thousands): Amount Remainder of 2024 $ 2,353 2025 9,327 2026 8,883 2027 4,431 2028 4,225 Thereafter 9,003 Total future amortization expense 38,222 Internal use software not yet in service 4,057 Total $ 42,279 The weighted-average remaining useful lives of the Company’s acquired intangible assets are as follows: Weighted-Average Remaining Useful Life As of September 30, As of December 31, 2024 2023 Trade name 7.2 years 8.0 years Technology 2.2 years 2.9 years Customer relationships 5.4 years 6.1 years Internal use software 2.3 years 3.6 years As of September 30, 2024, the Company had $4.1 million of capitalized internal use software projects that were not yet in service. 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 September 30, 2024 and December 31, 2023, goodwill was $133.7 million. No goodwill impairment was recorded during the three and nine months ended September 30, 2024 or 2023. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following (in thousands): As of September 30, As of December 31, 2024 2023 Accrued vendor expenses $ 15,711 $ 10,020 Accrued compensation 3,260 3,349 Customer related promotions and discounts 3,737 9,049 Operating lease liability 356 335 Sales return reserves 3,405 3,285 Other current liabilities 1,770 1,500 Total accrued expenses and other current liabilities $ 28,239 $ 27,538 Other current liabilities primarily relate to sales taxes payable and inventory received not yet billed, as of September 30, 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	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Convertible Notes	8. Convertible Notes July 2021 Convertible Notes In July 2021, the Company issued convertible notes (the “July 2021 Convertible Notes”) to investors with an underlying principal amount of $2.1 million. In June 2024, the July 2021 Convertible Notes were converted to common stock based on a fixed conversion price of $11.96 per share. At the time of conversion, the July 2021 Convertible Notes had an outstanding principal and accrued interest balance of $2.2 million. As a result of the conversion, 184,192 shares of common stock were issued to the holders in redemption of the outstanding July 2021 Convertible Notes. In June 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 $0.9 million loss on the settlement of the July 2021 Convertible Notes was recorded in other income (expense), net on the condensed consolidated statements of operations and comprehensive loss. As of September 30, 2024, the balance of the July 2021 Convertible Notes is zero on the Company’s condensed consolidated balance sheet. September 2021 Convertible Notes In September 2021, the Company, in connection with the acquisition of Jiobit, issued $11.6 million representing the fair value of convertible notes (the “September 2021 Convertible Notes”) and $1.6 million of revesting convertible notes that vested over time. 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. As of September 30, 2024, the balance of the September 2021 Convertible Notes is zero on the Company’s condensed consolidated balance sheet. Convertible notes, current and noncurrent consist of the following (in thousands): As of September 30, As of December 31, 2024 2023 Convertible notes, current: September 2021 Convertible Notes $ — $ 3,449 Convertible notes, noncurrent: July 2021 Convertible Notes — 1,056 Total convertible notes $ — $ 4,505

Derivative Liability

Derivative Liability	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Liability	9. Derivative Liability The Company’s derivative liability, which represented embedded share-settled redemption features bifurcated from its July 2021 Convertible Notes, was settled in June 2024 upon the conversion of the July 2021 Convertible Notes to common stock based on a fixed conversion price of $11.96 per share. A $1.9 million gain was recorded at the time of conversion within other income (expense), net on the condensed consolidated statements of operations and comprehensive loss for the nine months ended September 30, 2024. As of September 30, 2024, the fair value of the derivative liability was zero on the Company’s condensed consolidated balance sheet. As of December 31, 2023, the fair value of the derivative liability was $0.2 million. Refer to Note 6, "Fair Value Measurements" and Note 8, "Convertible Notes" for further details.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 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 September 30, 2024, future non-cancellable commitments under these agreements were as follows in thousands): Amount Remainder of 2024 $ 8,649 2025 25,000 2026 25,500 2027 26,000 Total purchase commitments $ 85,149 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 reasonably possible but not estimable, and as a result, no litigation reserve has been recorded on our condensed consolidated balance sheet as of September 30, 2024. No material litigation reserve was recorded on our condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023, respectively.

Common Stock

Common Stock	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Common Stock	11. Common Stock The Company has the following potentially outstanding common stock reserved for issuance: As of September 30, As of December 31, 2024 2023 Issuances under stock incentive plan, stock options 5,896,659 6,625,812 Issuances upon exercise of common stock warrants 7,761 137,658 Issuances upon vesting of restricted stock units 5,546,127 6,182,543 Issuances upon conversion of convertible notes — 325,981 Shares reserved for shares available to be granted but not granted yet 12,878,039 16,882,215 24,328,586 30,154,209

Warrants

Warrants	9 Months Ended
	Sep. 30, 2024
Other Liabilities Disclosure [Abstract]
Warrants	12. Warrants As of September 30, 2024, the Company had outstanding warrants entitling the holder thereof to purchase 7,761 shares of Company common stock with an exercise price of $6.44 and expiry date of 2025. 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	9 Months Ended
	Sep. 30, 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 (“RSUs”), PRSUs, 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 (536,004) 8.24 Options cancelled/forfeited (193,149) 14.56 Balance as of September 30, 2024 5,896,659 6.15 4.2 195,741 Exercisable as of September 30, 2024 5,415,694 $ 5.62 4.1 $ 182,668 As of September 30, 2024, there was total unrecognized compensation cost for outstanding stock options of $2.6 million to be recognized over a period of approximately 1.3 years. Performance-based Restricted Stock Units The Company granted 115,403 PRSUs (“the Target Grant”) to certain executive officers during the nine months ended September 30, 2024. No PRSUs were granted to executive officers during the three months ended September 30, 2024, or during the three and nine months ended September 30, 2023. The number of PRSUs that may vest depends on the extent to which the performance goals for the award are achieved over a one-year performance period, as determined by the Compensation 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, subject to continuous service with the Company. 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 graded-vesting attribution method and shares attained over target upon vesting will be recognized as awards granted in the period. No PRSU awards vested as of September 30, 2024. RSU, including PRSU, activity for the periods presented is as follows: Number of Shares Weighted Balance as of December 31, 2023 6,182,543 $ 12.67 RSUs & PRSUs granted 2,374,478 25.90 RSUs vested and settled (2,615,400) 27.74 RSUs cancelled/forfeited (395,494) 14.16 Balance as of September 30, 2024 5,546,127 $ 17.92 As of September 30, 2024, there was unrecognized compensation cost for outstanding restricted stock units, including PRSUs, of $90.2 million to be recognized over a period of approximately 2.9 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Cost of revenue Subscription costs $ 193 $ 151 $ 555 $ 429 Hardware costs 204 266 612 715 Other costs — 10 4 32 Total cost of revenue 397 427 1,171 1,176 Research and development 6,619 5,477 18,412 15,563 Sales and marketing 865 725 2,271 2,212 General and administrative 3,579 2,825 8,653 8,727 Total stock-based compensation, net of amounts capitalized $ 11,460 $ 9,454 $ 30,507 $ 27,678 There was $0.1 million and $0.5 million of capitalized stock-based compensation costs recognized during the three and nine months ended September 30, 2024, respectively. There was an immaterial amount of capitalized stock-based compensation costs recognized during the three and nine months ended September 30, 2023 . Equity Awards Issued in Connection with Business Combinations Jio, Inc. In connection with the acquisition of Jiobit in September 2021, 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 September 30, 2024, there was $12 thousand of unrecognized compensation expense related to unvested assumed stock options, which is expected to be recognized over the remaining weighted average life of 0.4 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

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	14. Income Taxes The provision for income taxes for interim quarterly reporting periods is based on the Company's estimates of the effective tax rates for the full fiscal year, in accordance with ASC 740-270, Income Taxes, Interim Reporting. ASC 740-270-25-2 requires that an annual effective tax rate be determined and such annual effective rate be applied to year to date income/loss in interim periods. The effective tax rate in any quarter may be subject to fluctuations during the year as new information is obtained, which may positively or negatively 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. In accordance with the Tax Cuts and Jobs Act of 2017, research and experimental (“R&E”) expenses under Internal Revenue Code Section 174 are required to be capitalized beginning in 2022. R&E expenses are required to be amortized over a period of five years for domestic expenses and fifteen years for foreign expenses. The Company has capitalized R&E expenditures in its income tax provision. This is a driver for the annual estimated income tax rate used to calculate the provision for income taxes. For the three and nine months ended September 30, 2024, the Company recorded a benefit from income taxes of $4.7 million and a provision for income taxes of $2.1 million, respectively. For the three and nine months ended September 30, 2023, the Company recorded a benefit from income taxes of $0.2 million and a provision for income taxes of $0.2 million, respectively.

Related-Party Transactions

Related-Party Transactions	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related-Party Transactions	15. Related-Party Transactions On June 6, 2024, in connection with its U.S. IPO, the Company issued and sold 3,703,704 shares of common stock and certain selling securityholders including members of the Company’s board of directors, executive officers, non-executive employees, and other stockholders of the Company, sold 2,908,796 shares of common stock (including 862,500 shares sold pursuant to the underwriters’ full exercise of their option to purchase additional shares) in each case at an offering price of $27.00 per share. The Company received net proceeds of $93.0 million after deducting underwriting discounts and commissions of $7.0 million. The Company did not receive any proceeds from the sale of shares of common stock by the selling securityholders. The Company paid the underwriting discounts and commissions in connection with the sale of shares of common stock by the selling securityholders. A summary of the expenses paid on behalf of the selling securityholders is detailed below (in millions): Nine Months Ended September 30, 2024 Executive Officers (1) $ 0.9 Board of Directors 3.9 Non-Executive Employees 0.1 Other 0.6 Total $ 5.5 (1) Includes $0.7 million in expenses paid on behalf of a securityholder who is both an executive officer and member of the board of directors. No additional expenses were paid on behalf of the selling securityholders during the three months ended September 30, 2024. The $5.5 million in total fees paid have been recorded within Other income (expense), net on the condensed consolidated statements of operations for the nine months ended September 30, 2024. For additional details regarding this transaction, refer to the prospectus supplement filed with the SEC on June 6, 2024 as well as the registration statement on Form S-3 (File No. 333-279271) filed with the SEC on May 9, 2024, of which the prospectus supplement forms a part.

Defined Contribution Plan

Defined Contribution Plan	9 Months Ended
	Sep. 30, 2024
Retirement Benefits [Abstract]
Defined Contribution Plan	16. 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 $0.1 million and $1.1 million for the three and nine months ended September 30, 2024, respectively, and immaterial for the three and nine months ended September 30, 2023, respectively .

Net Income (Loss) Per Share

Net Income (Loss) Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Net Income (Loss) Per Share	17. Net Income (Loss) Per Share Basic net income (loss) per share is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of shares of common stock outstanding for the period. Diluted net income (loss) per share reflects the potential dilution that could occur if options, RSUs, PRSUs, warrants, or other securities with features that could result in the issuance of common stock were exercised or converted to common stock using the treasury-stock method. The following table presents the calculation of basic and diluted net income (loss) per share (in thousands except share and per share information): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net income (loss) $ 7,689 $ (6,541) $ (13,053) $ (25,025) Weighted-average shares outstanding: Basic 74,232,140 67,091,993 71,187,103 66,389,483 Dilutive effect of outstanding options, RSUs and warrants 7,851,836 — — — Diluted 82,083,976 67,091,993 71,187,103 66,389,483 Net income (loss) per share: Basic $ 0.10 $ (0.10) $ (0.18) $ (0.38) Diluted $ 0.09 $ (0.10) $ (0.18) $ (0.38) Certain potential shares of common stock were excluded from the diluted net loss per share calculation as their inclusion would have been antidilutive. Excluded shares are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Issuances under stock incentive plan, stock options — 6,971,398 5,896,659 6,971,398 Issuances upon exercise of common stock warrants — 137,658 7,761 137,658 Issuances upon vesting of restricted stock units 269,715 5,518,647 5,546,127 5,518,647 Issuances upon conversion of convertible notes — 325,981 — 325,981 Total 269,715 12,953,684 11,450,547 12,953,684 Outstanding PRSUs are not considered to be potential shares of common stock until performance goals and service requirements have been met. As of September 30, 2024, no performance goals have been met and as a result no outstanding PRSUs are considered potential shares of common stock within the diluted net income (loss) per share calculation for any of the periods presented.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	18. Subsequent Events In October 2024, the Company entered into a Manufacturing Services Agreement (“MSA”) with Jabil, Inc. and Jabil Circuit (Singapore) Pte. Ltd (collectively, “Jabil”), under which Jabil will continue to manufacture the Company’s Tile and Jiobit products as the designated sole contract manufacturer for Tile products and the primary manufacturer for Jiobit products. The MSA has an initial term of three years and will automatically renew for one-year periods unless terminated by either party. On November 12, 2024 (the “Effective Date”), the Company entered into a series of transactions with Hubble Network, Inc. (“Hubble”), subject to Hubble shareholder approval, including (i) a technology exclusivity and revenue sharing agreement (the “Hubble Agreement”), (ii) a $5.0 million Simple Agreement for Future Equity (“SAFE”) investment by the Company into Hubble; and (iii) Hubble’s issuance of a warrant to the Company to purchase Hubble common stock. The Hubble Agreement has an initial term of 5 years beginning on the Effective Date.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income (loss)	$ 7,689	$ (10,964)	$ (9,777)	$ (6,541)	$ (4,413)	$ (14,071)	$ (13,053)	$ (25,025)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
	Sep. 30, 2024 shares	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		During the three months ended September 30, 2024, the following Section 16 Officers adopted a “Rule 10b5-1 trading arrangement” as defined in Item 408 of Regulation S-K of the Exchange Act: Name Title Action Adoption Date Expiration Date Total number of securities to be sold Russell Burke Chief Financial Officer Adoption 9/6/2024 7/28/2025 Up to 49,590 shares Chris Hulls Chief Executive Officer Adoption 9/12/2024 8/31/2025 Up to 219,000 shares
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Russell Burke [Member]
Trading Arrangements, by Individual
Name	Russell Burke
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	9/6/2024
Expiration Date	7/28/2025
Arrangement Duration	325 days
Aggregate Available	49,590	49,590
Chris Hulls [Member]
Trading Arrangements, by Individual
Name	Chris Hulls
Title	Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	9/12/2024
Expiration Date	8/31/2025
Arrangement Duration	353 days
Aggregate Available	219,000	219,000

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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; • achievement of performance-based restricted stock units (“PRSUs”); • 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 Accounting Standards Codification (“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 September 30, 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)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Channel Partner (Apple) 55 % 51 % 55 % 54 % Channel Partner (Google) 18 % 17 % 18 % 16 % Percentage of Gross Accounts Receivable As of September 30, As of December 31, 2024 2023 Channel Partner (Apple) 56 % 50 % Channel Partner (Google) 11 % * Data Partner A 12 % * Retail Partner A * 17 % * Represents less than 10%

Segment and Geographic Revenue

Segment and Geographic Revenue (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 North America $ 80,968 $ 69,624 $ 226,213 $ 193,966 Europe, Middle East and Africa 6,756 5,379 17,675 13,834 Other international regions 5,141 3,621 12,067 9,755 Total revenue $ 92,865 $ 78,624 $ 255,955 $ 217,555

Costs Capitalized to Obtain C_2

Costs Capitalized to Obtain Contracts (Tables)	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Costs capitalized to obtain contracts, net, beginning of period $ 1,966 $ 2,194 $ 1,844 $ 2,064 Additions to costs capitalized to obtain contracts, net 502 573 1,287 1,567 Amortization of costs capitalized to obtain contracts, net (311) (918) (974) (1,782) Costs capitalized to obtain contracts, net, end of period $ 2,157 $ 1,849 $ 2,157 $ 1,849

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value and Classification of Instruments	The fair value of these assets and liabilities as of September 30, 2024 and December 31, 2023 are classified as follows (in thousands): As of September 30, 2024 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 132,408 $ — $ — $ 132,408 Total assets $ 132,408 $ — $ — $ 132,408 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 September 30, 2024 Derivative Convertible (unaudited) Fair value, beginning of the year $ 217 $ 3,449 Changes in fair value 1,707 608 Settlement of September 2021 Convertible Notes upon conversion (Note 8) — (3,548) Gain on settlement of September 2021 Convertible Notes (Note 8) — (509) Gain on settlement of derivative liability (Note 9) (1,924) — Fair value, end of period $ — $ — 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)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts Receivable, Net	Accounts receivable, net consists of the following (in thousands): As of September 30, As of December 31, 2024 2023 Accounts receivable $ 48,944 $ 42,274 Allowance for credit losses (94) (94) Total accounts receivable, net $ 48,850 $ 42,180
Inventory	Inventory consists of the following (in thousands): As of September 30, As of December 31, 2024 2023 Raw materials $ 40 $ 298 Finished goods 13,748 3,801 Total inventory $ 13,788 $ 4,099
Prepaid Expenses and Other Assets	Prepaid expenses and other current assets consist of the following (in thousands): As of September 30, As of December 31, 2024 2023 Prepaid expenses $ 11,725 $ 14,520 Other receivables 981 654 Total prepaid expenses and other current assets $ 12,706 $ 15,174 Prepaid expenses and other assets, noncurrent consist of the following (in thousands): As of September 30, As of December 31, 2024 2023 Prepaid expenses, noncurrent $ 336 $ 1,374 Investment 10,863 5,474 Total prepaid expenses and other assets, noncurrent $ 11,199 $ 6,848
Property and Equipment, Net	Property and equipment, net consists of the following (in thousands): As of September 30, As of December 31, 2024 2023 Computer equipment $ 297 $ 297 Leasehold improvements 101 100 Production manufacturing equipment 2,026 839 Construction in progress 259 249 Furniture and fixtures 29 29 Total property and equipment, gross 2,712 1,514 Less: accumulated depreciation (930) (784) Total property and equipment, net $ 1,782 $ 730
Operating Lease Costs	The components of lease expense are as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Operating lease cost (1) $ 114 $ 253 $ 338 $ 748 (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 September 30, As of December 31, 2024 2023 Operating lease right-of-use asset $ 767 $ 1,014 Operating lease liability, current (included in accrued expenses and other current liabilities) 356 335 Operating lease liability, noncurrent (included in other liabilities, noncurrent) 453 723 Weighted-average remaining term for operating lease (in years) 2.2 2.9
Maturities of Operating Lease Liabilities	Maturities of the Company’s operating lease liability, which does not include short-term leases, as of September 30, 2024 were as follows (in thousands): Operating leases Remainder of 2024 $ 95 2025 390 2026 367 Total future minimum lease payments 852 Less imputed interest (43) Total operating lease liability $ 809
Intangibles, Net	Intangible assets, net consists of the following (in thousands): As of September 30, 2024 Gross Accumulated Amortization Net Trade name $ 23,380 $ (6,515) $ 16,865 Technology 22,430 (12,556) 9,874 Customer relationships 15,290 (5,197) 10,093 Internal use software 6,167 (720) 5,447 Total $ 67,267 $ (24,988) $ 42,279 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 September 30, As of December 31, 2024 2023 Trade name 7.2 years 8.0 years Technology 2.2 years 2.9 years Customer relationships 5.4 years 6.1 years Internal use software 2.3 years 3.6 years
Estimated Remaining Amortization Expense for Intangible Assets	As of September 30, 2024, the estimated remaining amortization expense for intangible assets by fiscal year is as follows (in thousands): Amount Remainder of 2024 $ 2,353 2025 9,327 2026 8,883 2027 4,431 2028 4,225 Thereafter 9,003 Total future amortization expense 38,222 Internal use software not yet in service 4,057 Total $ 42,279
Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consist of the following (in thousands): As of September 30, As of December 31, 2024 2023 Accrued vendor expenses $ 15,711 $ 10,020 Accrued compensation 3,260 3,349 Customer related promotions and discounts 3,737 9,049 Operating lease liability 356 335 Sales return reserves 3,405 3,285 Other current liabilities 1,770 1,500 Total accrued expenses and other current liabilities $ 28,239 $ 27,538

Convertible Notes (Tables)

Convertible Notes (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Convertible Notes	Convertible notes, current and noncurrent consist of the following (in thousands): As of September 30, As of December 31, 2024 2023 Convertible notes, current: September 2021 Convertible Notes $ — $ 3,449 Convertible notes, noncurrent: July 2021 Convertible Notes — 1,056 Total convertible notes $ — $ 4,505

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Future Non-Cancellable Contractual Commitments	As of September 30, 2024, future non-cancellable commitments under these agreements were as follows in thousands): Amount Remainder of 2024 $ 8,649 2025 25,000 2026 25,500 2027 26,000 Total purchase commitments $ 85,149

Common Stock (Tables)

Common Stock (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Reserved Shares of Common Stock	The Company has the following potentially outstanding common stock reserved for issuance: As of September 30, As of December 31, 2024 2023 Issuances under stock incentive plan, stock options 5,896,659 6,625,812 Issuances upon exercise of common stock warrants 7,761 137,658 Issuances upon vesting of restricted stock units 5,546,127 6,182,543 Issuances upon conversion of convertible notes — 325,981 Shares reserved for shares available to be granted but not granted yet 12,878,039 16,882,215 24,328,586 30,154,209

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	9 Months Ended
	Sep. 30, 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 (536,004) 8.24 Options cancelled/forfeited (193,149) 14.56 Balance as of September 30, 2024 5,896,659 6.15 4.2 195,741 Exercisable as of September 30, 2024 5,415,694 $ 5.62 4.1 $ 182,668
Time-Based Restricted Stock Units (RSU) and PRSU Activity	RSU, including PRSU, activity for the periods presented is as follows: Number of Shares Weighted Balance as of December 31, 2023 6,182,543 $ 12.67 RSUs & PRSUs granted 2,374,478 25.90 RSUs vested and settled (2,615,400) 27.74 RSUs cancelled/forfeited (395,494) 14.16 Balance as of September 30, 2024 5,546,127 $ 17.92
Stock-Based Compensation Expense	Stock-based compensation expense was allocated as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Cost of revenue Subscription costs $ 193 $ 151 $ 555 $ 429 Hardware costs 204 266 612 715 Other costs — 10 4 32 Total cost of revenue 397 427 1,171 1,176 Research and development 6,619 5,477 18,412 15,563 Sales and marketing 865 725 2,271 2,212 General and administrative 3,579 2,825 8,653 8,727 Total stock-based compensation, net of amounts capitalized $ 11,460 $ 9,454 $ 30,507 $ 27,678

Related-Party Transactions (Tab

Related-Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Summary of Expenses Paid on Behalf of Selling Stockholders	A summary of the expenses paid on behalf of the selling securityholders is detailed below (in millions): Nine Months Ended September 30, 2024 Executive Officers (1) $ 0.9 Board of Directors 3.9 Non-Executive Employees 0.1 Other 0.6 Total $ 5.5 (1) Includes $0.7 million in expenses paid on behalf of a securityholder who is both an executive officer and member of the board of directors.

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	9 Months Ended
	Sep. 30, 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 income (loss) per share (in thousands except share and per share information): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net income (loss) $ 7,689 $ (6,541) $ (13,053) $ (25,025) Weighted-average shares outstanding: Basic 74,232,140 67,091,993 71,187,103 66,389,483 Dilutive effect of outstanding options, RSUs and warrants 7,851,836 — — — Diluted 82,083,976 67,091,993 71,187,103 66,389,483 Net income (loss) per share: Basic $ 0.10 $ (0.10) $ (0.18) $ (0.38) Diluted $ 0.09 $ (0.10) $ (0.18) $ (0.38)
Antidilutive Common Shares Excluded from Computation	Certain potential shares of common stock were excluded from the diluted net loss per share calculation as their inclusion would have been antidilutive. Excluded shares are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Issuances under stock incentive plan, stock options — 6,971,398 5,896,659 6,971,398 Issuances upon exercise of common stock warrants — 137,658 7,761 137,658 Issuances upon vesting of restricted stock units 269,715 5,518,647 5,546,127 5,518,647 Issuances upon conversion of convertible notes — 325,981 — 325,981 Total 269,715 12,953,684 11,450,547 12,953,684

Nature of Business (Details)

Nature of Business (Details) $ / shares in Units, $ in Thousands		9 Months Ended
	Jun. 06, 2024 USD ($) $ / shares shares	Sep. 30, 2024 USD ($) subscription_option shares	Sep. 30, 2023 USD ($)	Jun. 05, 2024 shares	Dec. 31, 2023 shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of membership subscription options | subscription_option		3
Restructuring Cost and Reserve [Line Items]
Underwriting discounts and commissions | $		$ 2,719	$ 0
Expenses paid on behalf of selling stockholders | $	$ 5,500
Common stock, authorized (in shares) | shares	500,000,000	500,000,000		100,000,000	100,000,000
U.S. IPO
Restructuring Cost and Reserve [Line Items]
Shares issued (in shares) | shares	3,703,704
Sale of stock, price (in usd per share) | $ / shares	$ 27
Proceeds after deducting underwriting discounts and commissions | $	$ 93,000
Underwriting discounts and commissions | $	$ 7,000
U.S. IPO | Selling Securityholders
Restructuring Cost and Reserve [Line Items]
Shares issued (in shares) | shares	2,908,796
Over-Allotment Option
Restructuring Cost and Reserve [Line Items]
Shares issued (in shares) | shares	862,500

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Channel and Retail Partners Greater Than 10% (Details) - Customer concentration risk	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenue benchmark | Channel Partner (Apple)
Concentration Risk [Line Items]
Concentration risk, percentage	55%	51%	55%	54%
Revenue benchmark | Channel Partner (Google)
Concentration Risk [Line Items]
Concentration risk, percentage	18%	17%	18%	16%
Accounts receivable | Channel Partner (Apple)
Concentration Risk [Line Items]
Concentration risk, percentage			56%		50%
Accounts receivable | Channel Partner (Google)
Concentration Risk [Line Items]
Concentration risk, percentage			11%
Accounts receivable | Data Partner A
Concentration Risk [Line Items]
Concentration risk, percentage			12%
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	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Accounting Policies [Abstract]
Restricted cash, noncurrent	$ 1,205	$ 1,749	$ 1,809

Segment and Geographic Revenu_2

Segment and Geographic Revenue (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)
Segment Reporting [Abstract]
Number of operating segments | segment			1
Disaggregation of Revenue [Line Items]
Total revenue	$ 92,865	$ 78,624	$ 255,955	$ 217,555
North America
Disaggregation of Revenue [Line Items]
Total revenue	80,968	69,624	226,213	193,966
United States
Disaggregation of Revenue [Line Items]
Total revenue	$ 79,100	$ 67,400	$ 221,400	$ 188,500
United States | Revenues | Geographic concentration risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	85%	86%	86%	87%
Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Total revenue	$ 6,756	$ 5,379	$ 17,675	$ 13,834
Other international regions
Disaggregation of Revenue [Line Items]
Total revenue	$ 5,141	$ 3,621	$ 12,067	$ 9,755

Deferred Revenue (Details)

Deferred Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue recognized	$ 5	$ 3.5	$ 31.2	$ 23.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, amount	$ 218.9		$ 218.9
Revenue, remaining performance obligation, percentage	34%		34%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing of satisfaction	12 months		12 months

Costs Capitalized to Obtain C_3

Costs Capitalized to Obtain Contracts (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Capitalized Contract Cost [Roll Forward]
Costs capitalized to obtain contracts, net, beginning of period	$ 1,966	$ 2,194	$ 1,844	$ 2,064
Additions to costs capitalized to obtain contracts, net	502	573	1,287	1,567
Amortization of costs capitalized to obtain contracts, net	(311)	(918)	(974)	(1,782)
Costs capitalized to obtain contracts, net, end of period	$ 2,157	$ 1,849	$ 2,157	$ 1,849
Minimum
Capitalized Contract Cost [Line Items]
Capitalized contract costs, amortization period	2 years		2 years
Maximum
Capitalized Contract Cost [Line Items]
Capitalized contract costs, amortization period	3 years		3 years

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value and Classification of Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets:
Money market funds	$ 132,408	$ 41,981
Total assets	132,408	41,981
Liabilities:
Derivative liability (Note 9)		217
Convertible notes (Note 8)		3,449
Total liabilities		3,666
Level 1
Assets:
Money market funds	132,408	41,981
Total assets	132,408	41,981
Liabilities:
Derivative liability (Note 9)		0
Convertible notes (Note 8)		0
Total liabilities		0
Level 2
Assets:
Money market funds	0	0
Total assets	0	0
Liabilities:
Derivative liability (Note 9)		0
Convertible notes (Note 8)		0
Total liabilities		0
Level 3
Assets:
Money market funds	0	0
Total assets	$ 0	0
Liabilities:
Derivative liability (Note 9)		217
Convertible notes (Note 8)		3,449
Total liabilities		$ 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		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 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
Changes in fair value	$ 0	$ (100)	1,707	200	116
Gain on settlement	0		(1,924)
Fair value, end of period	0		0		217
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	0	$ 600	608	$ 800	684
Gain/loss related to write-off of derivative liability upon conversion			(3,548)		(3,919)
Gain on settlement	0		(509)
Fair value, end of period	$ 0		$ 0		3,449
Convertible notes | Convertible Debt, Revesting Notes
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gain/loss related to write-off of derivative liability upon conversion					$ (326)

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 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	$ 0	$ 100	$ (1,707)	$ (200)	$ (116)
Gain on settlement	0		1,924
Convertible notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain (loss) for change in fair value	0	$ (600)	(608)	$ (800)	$ (684)
Gain on settlement	$ 0		$ 509

Balance Sheet Components- Accou

Balance Sheet Components- Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts receivable	$ 48,944	$ 42,274
Allowance for credit losses	(94)	(94)
Total accounts receivable, net	$ 48,850	$ 42,180

Balance Sheet Components - Inve

Balance Sheet Components - Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 40	$ 298
Finished goods	13,748	3,801
Total inventory	$ 13,788	$ 4,099

Balance Sheet Components - Prep

Balance Sheet Components - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 11,725	$ 14,520
Other receivables	981	654
Total prepaid expenses and other current assets	$ 12,706	$ 15,174

Balance Sheet Components - Prop

Balance Sheet Components - Property and Equipment, Net (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 2,712,000		$ 2,712,000		$ 1,514,000
Less: accumulated depreciation	(930,000)		(930,000)		(784,000)
Total property and equipment, net	1,782,000		1,782,000		730,000
Depreciation	51,000	$ 46,000	146,000	$ 123,000
Impairment of long-lived assets	0	$ 0	0	$ 0
Computer equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	297,000		297,000		297,000
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	101,000		101,000		100,000
Production manufacturing equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	2,026,000		2,026,000		839,000
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	259,000		259,000		249,000
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 29,000		$ 29,000		$ 29,000

Balance Sheet Components - Pr_2

Balance Sheet Components - Prepaid Expenses and Other Assets, Non-Current (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses, noncurrent	$ 336		$ 336		$ 1,374
Investment	10,863		10,863		5,474
Total prepaid expenses and other assets, noncurrent	11,199		11,199		$ 6,848
Gain on change in fair value of investment	$ 5,389	$ 0	$ 5,389	$ 0

Balance Sheet Components - Leas

Balance Sheet Components - Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Remaining lease terms	2 years 2 months 12 days		2 years 2 months 12 days
Operating lease costs	$ 114	$ 253	$ 338	$ 748
Payments for operating leases	100	$ 200	300	$ 700
Operating lease right-of-use asset	767		767		$ 1,014
Operating lease liability, current (included in accrued expenses and other current liabilities)	$ 356		$ 356		$ 335
Operating lease liability, current, location	Accrued expenses and other current liabilities		Accrued expenses and other current liabilities		Accrued expenses and other current liabilities
Operating lease liability, noncurrent (included in other liabilities, noncurrent)	$ 453		$ 453		$ 723
Operating lease liability, non-current, location	Other liabilities, noncurrent		Other liabilities, noncurrent		Other liabilities, noncurrent
Weighted-average remaining term for operating lease (in years)	2 years 2 months 12 days		2 years 2 months 12 days		2 years 10 months 24 days
Weighted-average discount rate	5%		5%		5%
Operating leases
Remainder of 2024	$ 95		$ 95
2025	390		390
2026	367		367
Total future minimum lease payments	852		852
Less imputed interest	(43)		(43)
Total operating lease liability	$ 809		$ 809

Balance Sheet Components - Inta

Balance Sheet Components - Intangible Assets, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross	$ 67,267	$ 63,516
Accumulated Amortization	(24,988)	(18,075)
Total	42,279	45,441
Trade name
Finite-Lived Intangible Assets [Line Items]
Gross	23,380	23,380
Accumulated Amortization	(6,515)	(4,762)
Total	16,865	18,618
Technology
Finite-Lived Intangible Assets [Line Items]
Gross	22,430	22,430
Accumulated Amortization	(12,556)	(9,191)
Total	9,874	13,239
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross	15,290	15,290
Accumulated Amortization	(5,197)	(3,782)
Total	10,093	11,508
Internal use software
Finite-Lived Intangible Assets [Line Items]
Gross	6,167	2,416
Accumulated Amortization	(720)	(340)
Total	$ 5,447	$ 2,076

Balance Sheet Components - In_2

Balance Sheet Components - Intangible Assets Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Capitalized internal use software	$ 1,200	$ 400	$ 3,800	$ 1,200
Amortization expense	2,300	2,200	6,900	6,700
Impairment of intangible assets	0	0	0	0
Finite-Lived Intangible Assets [Line Items]
Internal use software not yet in service	4,057		4,057
Goodwill	133,674		133,674		$ 133,674
Goodwill impairments	0	$ 0	0	$ 0
Internal use software, not yet in service
Finite-Lived Intangible Assets [Line Items]
Internal use software not yet in service	$ 4,100		$ 4,100

Balance Sheet Components - In_3

Balance Sheet Components - Intangible Assets Remaining Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Remainder of 2024	$ 2,353
2025	9,327
2026	8,883
2027	4,431
2028	4,225
Thereafter	9,003
Total future amortization expense	38,222
Internal use software not yet in service	4,057
Total	$ 42,279	$ 45,441

Balance Sheet Components - In_4

Balance Sheet Components - Intangible Assets, Weighted-Average Remaining Useful Life (Details)	Sep. 30, 2024	Dec. 31, 2023
Trade name
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Useful Life	7 years 2 months 12 days	8 years
Technology
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Useful Life	2 years 2 months 12 days	2 years 10 months 24 days
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Useful Life	5 years 4 months 24 days	6 years 1 month 6 days
Internal use software
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Useful Life	2 years 3 months 18 days	3 years 7 months 6 days

Balance Sheet Components - Accr

Balance Sheet Components - Accrued Expenses and Current Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued vendor expenses	$ 15,711	$ 10,020
Accrued compensation	3,260	3,349
Customer related promotions and discounts	3,737	9,049
Operating lease liability	356	335
Sales return reserves	3,405	3,285
Other current liabilities	1,770	1,500
Total accrued expenses and other current liabilities	$ 28,239	$ 27,538

Convertible Notes - Narrative (

Convertible Notes - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended			9 Months Ended
	Jun. 30, 2024	Apr. 30, 2024	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Sep. 30, 2021	Jul. 31, 2021
Debt Instrument [Line Items]
Exercise price or warrants (in usd per share)			$ 6.44			$ 6.44
Gain (loss) on settlement of convertible notes			$ 0		$ 0	$ (440)	$ 0
Convertible notes, noncurrent			0			0		$ 1,056
Settlement of convertible notes				$ 5,751
Convertible notes, current			0			0		3,449
Warrant Tranche 2
Debt Instrument [Line Items]
Exercise price or warrants (in usd per share)	$ 11.96			$ 11.96
July 2021 Convertible Notes
Debt Instrument [Line Items]
Principal amount										$ 2,100
Outstanding principal and accrued interest balance	$ 2,200
Conversion of common stock (in shares)	184,192
Gain (loss) on settlement of convertible notes	$ (900)
Convertible notes, noncurrent			0			0		1,056
Conversion price per share (in usd per share)	$ 11.96			$ 11.96
September 2021 Convertible Notes
Debt Instrument [Line Items]
Principal amount									$ 11,600
Gain (loss) on settlement of convertible notes		$ 500
Conversion price per share (in usd per share)		$ 22.50
Outstanding principal and accrued interest		$ 3,500
Settlement of convertible notes (in shares)		157,685
Settlement of convertible notes		$ 3,500
Convertible notes, current			$ 0			$ 0		$ 3,449
Convertible Debt, Revesting Notes
Debt Instrument [Line Items]
Principal amount									$ 1,600

Convertible Notes - Current and

Convertible Notes - Current and Non-Current (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Convertible notes, current:	$ 0	$ 3,449
Convertible notes, noncurrent:	0	1,056
Total convertible notes	0	4,505
September 2021 Convertible Notes
Debt Instrument [Line Items]
Convertible notes, current:	0	3,449
July 2021 Convertible Notes
Debt Instrument [Line Items]
Convertible notes, noncurrent:	$ 0	$ 1,056

Derivative Liability (Details)

Derivative Liability (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Gain on settlement of derivative liability	$ 0	$ 0	$ 1,924	$ 0
Derivative liability, noncurrent	$ 0		$ 0			$ 217
July 2021 Convertible Notes
Debt Instrument [Line Items]
Convertible notes conversion price (in usd per share)					$ 11.96

Commitments and Contingencies -

Commitments and Contingencies - Purchase Commitments (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2024	$ 8,649
2025	25,000
2026	25,500
2027	26,000
Total purchase commitments	$ 85,149

Commitments and Contingencies_2

Commitments and Contingencies - Litigation (Details) - Patent infringement claim	Apr. 23, 2024 claim
Loss Contingencies [Line Items]
Claims found invalid	10
Claims remaining	2

Common Stock (Details)

Common Stock (Details) - shares	Sep. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Reserved shares of common stock (in shares)	24,328,586	30,154,209
Issuances under stock incentive plan, stock options
Class of Stock [Line Items]
Reserved shares of common stock (in shares)	5,896,659	6,625,812
Issuances upon exercise of common stock warrants
Class of Stock [Line Items]
Reserved shares of common stock (in shares)	7,761	137,658
Issuances upon vesting of restricted stock units
Class of Stock [Line Items]
Reserved shares of common stock (in shares)	5,546,127	6,182,543
Issuances upon conversion of convertible notes
Class of Stock [Line Items]
Reserved shares of common stock (in shares)	0	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)	12,878,039	16,882,215

Warrants (Details)

Warrants (Details) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Class of Warrant or Right [Line Items]
Number of shares to purchase under warrants (in shares)	7,761	137,658
Exercise price or warrants (in usd per share)	$ 6.44
Minimum
Class of Warrant or Right [Line Items]
Exercise price or warrants (in usd per share)		$ 2.28
Maximum
Class of Warrant or Right [Line Items]
Exercise price or warrants (in usd per share)		$ 11.96

Equity Incentive Plan - Stock O

Equity Incentive Plan - Stock Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Number of Shares Underlying Outstanding Options
Balance (in shares) | shares	6,625,812
Options granted (in shares) | shares	0
Options exercised (in shares) | shares	(536,004)
Options canceled/forfeited (in shares) | shares	(193,149)
Balance (in shares) | shares	5,896,659	6,625,812
Exercisable (in shares) | shares	5,415,694
Weighted Average Exercise Price per Share
Balance (in usd per share) | $ / shares	$ 6.57
Options granted (in usd per share) | $ / shares	0
Options exercised (in usd per share) | $ / shares	8.24
Options canceled/forfeited (in usd per share) | $ / shares	14.56
Balance (in usd per share) | $ / shares	6.15	$ 6.57
Exercisable (in usd per share) | $ / shares	$ 5.62
Weighted Average Remaining Contractual Life, Balance (in Years)	4 years 2 months 12 days	4 years 8 months 12 days
Weighted Average Remaining Contractual Life, Exercisable (in Years)	4 years 1 month 6 days
Aggregate Intrinsic Value, Balance | $	$ 195,741	$ 59,957
Aggregate Intrinsic Value, Exercisable | $	$ 182,668

Equity Incentive Plan - Narrati

Equity Incentive Plan - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2022	Jan. 31, 2022	Sep. 30, 2021	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Capitalized stock-based compensation expense				$ 100	$ 0	$ 500	$ 0
Tile
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards forfeited (in shares)	787,446
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense, stock options				2,600		$ 2,600
Unrecognized compensation expense, period for recognition						1 year 3 months 18 days
Stock options | Jiobit
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense, stock options				$ 12		$ 12		$ 100
Unrecognized compensation expense, period for recognition						4 months 24 days		1 year
Excluded consideration, share-based compensation (in shares)			43,083
Excluded consideration, share-based compensation			$ 500
Performance-based restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Performance-based restricted stock units granted (in shares)				0	0	115,403	0
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 10 months 24 days
Performance-based restricted stock units granted (in shares)						2,374,478
PRSU awards vested (in shares)						2,615,400
Awards forfeited (in shares)						395,494
Unrecognized compensation expense, other awards				$ 90,200		$ 90,200
Restricted stock units | Tile
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense, period for recognition						1 year 3 months 18 days		1 year 10 months 24 days
Excluded consideration, share-based compensation (in shares)		1,499,349				711,903
Excluded consideration, share-based compensation		$ 29,600
Unrecognized compensation expense, other awards				$ 400		$ 400		$ 700
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

Equity Incentive Plan - Time-ba

Equity Incentive Plan - Time-based Restricted Stock Units (RSU) and PRSU Activity (Details) - Restricted stock units	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Number of Shares
Balance (in shares) | shares	6,182,543
RSUs & PRSUs granted (in shares) | shares	2,374,478
RSU vested and settled (in shares) | shares	(2,615,400)
RSU canceled/forfeited (in shares) | shares	(395,494)
Balance (in shares) | shares	5,546,127
Weighted average grant date fair value
Balance (in usd per share) | $ / shares	$ 12.67
RSUs & PRSUs granted (in usd per share) | $ / shares	25.90
RSU vested and settled (in usd per share) | $ / shares	27.74
RSU canceled/forfeited (in usd per share) | $ / shares	14.16
Balance (in usd per share) | $ / shares	$ 17.92

Equity Incentive Plan - Stock-B

Equity Incentive Plan - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation, net of amounts capitalized	$ 11,460	$ 9,454	$ 30,507	$ 27,678
Cost of revenue
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation, net of amounts capitalized	397	427	1,171	1,176
Cost of revenue | Subscription
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation, net of amounts capitalized	193	151	555	429
Cost of revenue | Hardware
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation, net of amounts capitalized	204	266	612	715
Cost of revenue | Other
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation, net of amounts capitalized	0	10	4	32
Research and development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation, net of amounts capitalized	6,619	5,477	18,412	15,563
Sales and marketing
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation, net of amounts capitalized	865	725	2,271	2,212
General and administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation, net of amounts capitalized	$ 3,579	$ 2,825	$ 8,653	$ 8,727

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Provision for (benefit from) income taxes	$ (4,727)	$ (170)	$ 2,146	$ 205

Related-Party Transactions - Na

Related-Party Transactions - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		9 Months Ended
	Jun. 06, 2024	Sep. 30, 2024	Sep. 30, 2023
Related Party Transaction [Line Items]
Underwriting discounts and commissions		$ 2,719	$ 0
Related Party
Related Party Transaction [Line Items]
Related party transaction		$ 5,500
U.S. IPO
Related Party Transaction [Line Items]
Shares issued (in shares)	3,703,704
Sale of stock, price (in usd per share)	$ 27
Proceeds after deducting underwriting discounts and commissions	$ 93,000
Underwriting discounts and commissions	$ 7,000
U.S. IPO | Selling Securityholders
Related Party Transaction [Line Items]
Shares issued (in shares)	2,908,796
Over-Allotment Option
Related Party Transaction [Line Items]
Shares issued (in shares)	862,500

Related-Party Transactions - Ex

Related-Party Transactions - Expenses Paid on Behalf of Selling Stockholders (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Related Party
Related Party Transaction [Line Items]
Related party transaction		$ 5.5
Executive Officers
Related Party Transaction [Line Items]
Related party transaction		0.9
Board of Directors
Related Party Transaction [Line Items]
Related party transaction		3.9
Non-Executive Employees
Related Party Transaction [Line Items]
Related party transaction		0.1
Other
Related Party Transaction [Line Items]
Related party transaction		$ 0.6
Executive Officer and Director
Related Party Transaction [Line Items]
Related party transaction	$ 0.7

Defined Contribution Plan (Deta

Defined Contribution Plan (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Retirement Benefits [Abstract]
Employer contributions	$ 0.1	$ 0	$ 1.1	$ 0

Net Income (Loss) Per Share - C

Net Income (Loss) Per Share - Computation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net income (loss)	$ 7,689	$ (10,964)	$ (9,777)	$ (6,541)	$ (4,413)	$ (14,071)	$ (13,053)	$ (25,025)
Weighted-average shares outstanding:
Weighted-average shares used in computing net income (loss) per share, basic (in shares)	74,232,140			67,091,993			71,187,103	66,389,483
Dilutive effect of outstanding options, RSUs and warrants (in shares)	7,851,836			0			0	0
Weighted-average shares used in computing net income (loss) per share, diluted (in shares)	82,083,976			67,091,993			71,187,103	66,389,483
Net income (loss) per share:
Net income (loss) per share, basic (in usd per share)	$ 0.10			$ (0.10)			$ (0.18)	$ (0.38)
Net income (loss) per share, diluted (in usd per share)	$ 0.09			$ (0.10)			$ (0.18)	$ (0.38)

Net Income (Loss) Per Share - A

Net Income (Loss) Per Share - Antidilutive Shares (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock (in shares)	269,715	12,953,684	11,450,547	12,953,684
Issuances under stock incentive plan, stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock (in shares)	0	6,971,398	5,896,659	6,971,398
Issuances upon exercise of common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock (in shares)	0	137,658	7,761	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)	269,715	5,518,647	5,546,127	5,518,647
Issuances upon conversion of convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock (in shares)	0	325,981	0	325,981

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent event - USD ($) $ in Millions		1 Months Ended
	Nov. 12, 2024	Oct. 31, 2024
Subsequent Event [Line Items]
Manufacturing Services Agreement, term		3 years
Manufacturing Services Agreement, renewal term		1 year
Technology exclusivity and revenue sharing agreement, term	5 years
Equity investment commitment
Subsequent Event [Line Items]
Commitment amount	$ 5