Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 02, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | INVE | |
Entity Registrant Name | Identiv, Inc. | |
Entity Central Index Key | 0001036044 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 000-29440 | |
Entity Tax Identification Number | 77-0444317 | |
Entity Address, Address Line One | 2201 Walnut Avenue | |
Entity Address, Address Line Two | Suite 100 | |
Entity Address, City or Town | Fremont | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94538 | |
City Area Code | 949 | |
Local Phone Number | 250-8888 | |
Entity Common Stock, Shares Outstanding | 22,974,287 | |
Security12b Title | Common Stock, $0.001 par value per share | |
Security Exchange Name | NASDAQ | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 20,804 | $ 16,650 |
Restricted cash | 363 | 487 |
Accounts receivable, net of allowances of $2,666 and $2,745 as of September 30, 2022 and December 31, 2021, respectively | 21,136 | 24,826 |
Inventories | 30,609 | 28,958 |
Prepaid expenses and other current assets | 4,361 | 4,177 |
Total current assets | 77,273 | 75,098 |
Property and equipment, net | 7,595 | 6,719 |
Operating lease right-of-use assets | 4,344 | 4,373 |
Intangible assets, net | 4,999 | 5,265 |
Goodwill | 10,192 | 10,190 |
Other assets | 1,148 | 1,120 |
Total assets | 105,551 | 102,765 |
Current liabilities: | ||
Accounts payable | 9,926 | 14,760 |
Financial liabilities, net of debt issuance costs | 9,941 | |
Operating lease liabilities | 1,199 | 1,190 |
Deferred revenue | 1,798 | 2,068 |
Accrued compensation and related benefits | 2,395 | 2,757 |
Other accrued expenses and liabilities | 2,648 | 2,618 |
Total current liabilities | 27,907 | 23,393 |
Long-term operating lease liabilities | 3,371 | 3,366 |
Long-term deferred revenue | 647 | 587 |
Other long-term liabilities | 25 | 25 |
Total liabilities | 31,950 | 27,371 |
Commitments and contingencies (see Note 15) | ||
Stockholders' equity: | ||
Preferred stock, $0.001 par value: 10,000 shares authorized; 5,000 shares issued and outstanding as of March 31, 2023 and December 31, 2022 | 5 | 5 |
Common stock, $0.001 par value: 50,000 shares authorized; 24,246 and 24,168 sharesissued and 22,677 and 22,623 shares outstanding as of March 31, 2023 and December 31, 2022, respectively | 24 | 24 |
Additional paid-in capital | 496,808 | 495,818 |
Treasury stock, 1,569 and 1,545 shares as of March 31, 2023 and December 31, 2022,respectively | (12,357) | (12,173) |
Accumulated deficit | (412,100) | (409,381) |
Accumulated other comprehensive income | 1,221 | 1,101 |
Total stockholders' equity | 73,601 | 75,394 |
Total liabilities and stockholders' equity | $ 105,551 | $ 102,765 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Statement Of Financial Position [Abstract] | ||
Accounts receivable, allowances | $ 2,675 | $ 2,666 |
Debt instrument debt issuance costs, current | $ 59 | |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, issued | 5,000,000 | 5,000,000 |
Preferred stock, outstanding | 5,000,000 | 5,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 24,246,000 | 24,168,000 |
Common stock, shares outstanding | 22,677,000 | 22,623,000 |
Treasury stock, shares | 1,569,000 | 1,545,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
Net revenue | $ 25,997 | $ 25,061 |
Cost of revenue | 16,786 | 16,095 |
Gross profit | 9,211 | 8,966 |
Operating expenses: | ||
Research and development | 2,707 | 2,529 |
Selling and marketing | 6,097 | 5,110 |
General and administrative | 2,948 | 2,488 |
Restructuring and severance | 191 | (140) |
Total operating expenses | 11,943 | 9,987 |
Income (loss) from operations | (2,732) | (1,021) |
Non-operating income (expense): | ||
Interest expense, net | (50) | (25) |
Gain on investment | 24 | |
Foreign currency gains, net | 89 | 19 |
Loss before income tax benefit (provision) | (2,693) | (1,003) |
Income tax benefit (provision) | (26) | 4 |
Net income (loss) | (2,719) | (999) |
Other comprehensive income (loss): | ||
Foreign currency translation adjustment | 120 | (175) |
Comprehensive income (loss) | $ (2,599) | $ (1,174) |
Net income (loss) per common share: | ||
Basic | $ (0.13) | $ (0.06) |
Diluted | $ (0.13) | $ (0.06) |
Weighted average shares used in computing net income (loss) per common share: | ||
Basic | 22,794 | 22,574 |
Diluted | 22,794 | 22,574 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Total | Preferred Stock Series B Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Deficit | Accumulated Other Comprehensive Income |
Beginning Balances at Dec. 31, 2021 | $ 74,512 | $ 5 | $ 24 | $ 492,657 | $ (11,134) | $ (408,989) | $ 1,949 |
Beginning Balances (in shares) at Dec. 31, 2021 | 5,000,000 | 22,230,000 | |||||
Net income (loss) | (999) | (999) | |||||
Unrealized income (loss) from foreign currency translation adjustments | $ (175) | (175) | |||||
Issuance of common stock in connection with vesting of stock awards (shares) | 88,000 | ||||||
Stock-based compensation | $ 895 | 895 | |||||
Shares withheld in payment of taxes in connection with net share settlement of restricted stock units | (399) | (399) | |||||
Shares withheld in payment of taxes in connection with net share settlement of restricted stock units (shares) | (18,000) | ||||||
Ending Balances at Mar. 31, 2022 | 73,834 | $ 5 | $ 24 | 493,552 | (11,533) | (409,988) | 1,774 |
Ending Balances (in shares) at Mar. 31, 2022 | 5,000,000 | 22,300,000 | |||||
Beginning Balances at Dec. 31, 2022 | 75,394 | $ 5 | $ 24 | 495,818 | (12,173) | (409,381) | 1,101 |
Beginning Balances (in shares) at Dec. 31, 2022 | 5,000,000 | 22,623,000 | |||||
Net income (loss) | (2,719) | (2,719) | |||||
Unrealized income (loss) from foreign currency translation adjustments | 120 | 120 | |||||
Issuance of common stock in connection with vesting of stock awards (shares) | 78,000 | ||||||
Stock-based compensation | 990 | 990 | |||||
Shares withheld in payment of taxes in connection with net share settlement of restricted stock units | (184) | 184 | |||||
Shares withheld in payment of taxes in connection with net share settlement of restricted stock units (shares) | (24,000) | ||||||
Ending Balances at Mar. 31, 2023 | $ 73,601 | $ 5 | $ 24 | $ 496,808 | $ (12,357) | $ (412,100) | $ 1,221 |
Ending Balances (in shares) at Mar. 31, 2023 | 5,000,000 | 22,677,000 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows used in operating activities | ||
Net loss | $ (2,719) | $ (999) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 623 | 509 |
Gain on investment | (24) | |
Amortization of debt issuance costs | 5 | |
Stock-based compensation | 990 | 895 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 3,661 | 501 |
Inventories | (1,667) | (541) |
Prepaid expenses and other assets | (214) | 417 |
Accounts payable | (4,876) | 816 |
Deferred revenue | (210) | (649) |
Accrued expenses and other liabilities | (291) | (959) |
Net cash provided by (used in) operating activities | (4,698) | (34) |
Cash flows from investing activities: | ||
Capital expenditures | (1,225) | (510) |
Proceeds from investment | 24 | |
Net cash used in investing activities | (1,225) | (486) |
Cash flows from financing activities: | ||
Borrowings under revolving loan facility, net of issuance costs | 9,936 | |
Taxes paid related to net share settlement of restricted stock units | (184) | (399) |
Net cash provided by (used in) financing activities | 9,752 | (399) |
Effect of exchange rates on cash, cash equivalents, and restricted cash | 201 | (200) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 4,030 | (1,119) |
Cash, cash equivalents, and restricted cash at beginning of period | 17,137 | 29,807 |
Cash, cash equivalents, and restricted cash at end of period | 21,167 | 28,688 |
Supplemental Disclosures of Cash Flow Information: | ||
Interest paid | 28 | 3 |
Taxes paid, net | 27 | $ 32 |
Non-cash investing and financing activities: | ||
Operating lease right-of-use assets obtained in exchange for operating lease liabilities | $ 323 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of Identiv, Inc. and its wholly owned subsidiaries (the “Company”). All intercompany balances and transactions have been eliminated in consolidation. Certain reclassifications have been made to the fiscal year 2022 condensed consolidated financial statements to conform to the fiscal year 2023 presentation. The reclassifications had no impact on net loss, total assets, total liabilities, or stockholders’ equity. The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the Company’s unaudited condensed consolidated financial statements have been included. The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023 or any future period. The unaudited condensed consolidated balance sheet as of December 31, 2022 has been derived from audited consolidated financial statements at that date, but does not include all disclosures required by U.S. GAAP for complete financial statements. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Risk Factors,” and the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. |
Significant Accounting Policies
Significant Accounting Policies and Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2023 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Significant Accounting Policies and Recent Accounting Pronouncements | 2. Significant Accounting Policies and Recent Accounting Pronouncements Significant Accounting Policies No material changes have been made to the Company's significant accounting policies disclosed in Note 2, Significant Accounting Policies and Recent Accounting Pronouncements , in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that the Company adopts as of the specified effective date. The Company does not believe that the impact of recently issued standards that are not yet effective will have a material impact on its financial position or results of operations upon adoption. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2023 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | 3. Revenue Revenue Recognition Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. The Company enters into contracts that can include various combinations of its products, software licenses, and services, which are generally capable of being distinct and accounted for as separate performance obligations. For contracts with multiple performance obligations, the Company allocates the transaction price of the contract to each performance obligation, generally on a relative basis using its standalone selling price. The stated contract value is generally the transaction price to be allocated to the separate performance obligations. Revenue is recognized net of any taxes collected from customers that are subsequently remitted to governmental authorities. Nature of Products and Services The Company derives revenues from sales of hardware products, software licenses, subscriptions, professional services, software maintenance and support, and extended hardware warranties. Hardware Product Revenue — The Company generally has two performance obligations in arrangements involving the sale of hardware products. The first performance obligation is to transfer the hardware product (which includes software integral to the functionality of the hardware product). The second performance obligation is to provide assurance that the product complies with its agreed-upon specifications and is free from defects in material and workmanship for a period of one to three years (i.e., assurance warranty). The entire transaction price is allocated to the hardware product and is generally recognized as revenue at the time of shipment because the customer obtains control of the product at that point in time. The Company has concluded that control generally transfers at that point in time because the customer has title to the hardware, and a present obligation to pay for the hardware. None of the transaction price is allocated to the assurance warranty component, as the Company accounts for these product warranty costs in accordance with Accounting Standards Codification (“ASC”) 460, Guarantees (“ASC 460”). Software License Revenue — The Company’s license arrangements grant customers the perpetual right to access and use the licensed software products at the outset of an arrangement. Technical support and software updates are generally made available throughout the term of the support agreement, which is generally one to three years . The Company accounts for these arrangements as two performance obligations: (1) the software licenses, and (2) the related updates and technical support. The software license revenue is recognized when the license is delivered to the customer or made available for download, while the software updates and technical support revenue is recognized over the term of the support contract. Subscription Revenue — Subscription revenues consist of fees received in consideration for providing customers access to one or more of the Company’s software-as-a-service (“SaaS”) based solutions. These SaaS arrangements include access to the Company’s licensed software and, in certain arrangements, use of various hardware devices over the contract term. These SaaS arrangements do not provide the customer the right to take possession of the software supporting the subscription service, or if applicable, any hardware devices at any time during the contract period, and as such are not considered separate performance obligations. Revenue is recognized ratably on a straight-line basis over the term of the contract beginning when the service is made available to the customer. Subscription contract terms range from month -to-month to six years in length and are billed monthly or annually. Professional Services Revenue — Professional services revenue consists primarily of programming customization services performed relating to the integration of the Company’s software products with the customers other systems, such as human resources systems. Professional services contracts are generally billed on a time and materials basis and revenue is recognized as the services are performed. Software Maintenance and Support Revenue — Support and maintenance contract revenue consists of the services provided to support the specialized programming applications performed by the Company’s professional services group. Support and maintenance contracts are typically billed at inception of the contract and recognized as revenue over the contract period, typically over a one -or three-year period. Extended Hardware Warranties Revenue — Sales of the Company’s hardware products may also include optional extended hardware warranties, which typically provide assurance that the product will continue to function as initially intended. Extended hardware warranty contracts are typically billed at inception of the contract and recognized as revenue over the respective contract period, typically over one -to- two-year periods after the expiration of the original assurance warranty. Performance When Performance Obligation is When Payment is How Standalone Selling Price is Hardware products When customer obtains control of the product (point-in-time) Within 30 - 60 days of shipment Observable in transactions without multiple performance obligations Software licenses When license is delivered to customer or made available for download, and the applicable license period has begun (point-in-time) Within 30 - 60 days of the beginning of license period Established pricing practices for software licenses bundled with software maintenance, which are separately observable in renewal transactions Subscriptions Ratably over the course of the subscription term (over time) In advance of subscription term Contractually stated or list price Professional services As services are performed and/or when contract is fulfilled (point-in-time) Within 30 - 60 days of delivery Observable in transactions without multiple performance obligations Software maintenance Ratably over the course of the support contract (over time) Within 30 - 60 days of the beginning of the contract period Observable in renewal transactions Extended hardware Ratably over the course of the support contract (over time) Within 30 - 60 days of the beginning of the contract period Observable in renewal transactions Significant Judgments The Company’s contracts with customers often include promises to transfer multiple products and services to a customer. For such arrangements, the Company allocates the transaction price to each performance obligation based on its relative standalone selling price (“SSP”). Judgment is required to determine the SSP for each distinct performance obligation in a contract. For the majority of items, the Company estimates SSP using historical transaction data. The Company uses a range of amounts to estimate SSP when it sells each of the products and services separately and needs to determine whether there is a discount to be allocated based on the relative SSP of the various products and services. In instances where SSP is not directly observable, such as when the product or service is not sold separately, the Company determines the SSP using information that may include market conditions and other observable inputs. The determination of SSP is an ongoing process and information is reviewed regularly in order to ensure SSPs reflect current information or trends. Disaggregation of Revenue The Company disaggregates revenue from contracts with customers based on the timing of transfer of goods or services to customers (point-in-time or over time) and geographic region based on the shipping location of the customer. The geographic regions that are tracked are the Americas, Europe and the Middle East, and Asia-Pacific regions. Total net revenue based on the disaggregation criteria described above is as follows (in thousands): Three Months Ended March 31, 2023 2022 Point-in- Over Time Total Point-in- Over Time Total Americas $ 20,874 $ 754 $ 21,628 $ 15,898 $ 993 $ 16,891 Europe and the Middle East 2,899 85 2,984 3,669 125 3,794 Asia-Pacific 1,385 — 1,385 4,376 — 4,376 Total $ 25,158 $ 839 $ 25,997 $ 23,943 $ 1,118 $ 25,061 Contract Balances Amounts invoiced in advance of services being provided are accounted for as deferred revenue. Nearly all of the Company’s deferred revenue balance is related to software maintenance contracts. Payment terms and conditions vary by contract type, although payment is typically due within 30 to 60 days of contract inception. In instances where the timing of revenue recognition differs from the timing of invoicing, the Company has determined its contracts do not include a significant financing component. The primary purpose of the Company’s invoicing terms is to provide customers with simplified and predictable ways of purchasing the Company’s products and services, not to receive financing from its customers. Changes in deferred revenue during the three months ended March 31, 2023 and 2022 were as follows (in thousands): Three Months Ended March 31, 2023 2022 Deferred revenue, beginning of period $ 2,655 $ 2,433 Deferral of revenue billed in current period, net of recognition 504 381 Recognition of revenue deferred in prior periods ( 714 ) ( 1,030 ) Deferred revenue, end of period $ 2,445 $ 1,784 Amounts recognized as revenue in excess of amounts billed are recorded as unbilled receivables and are included in other current assets on the condensed consolidated balances sheets. As of March 31, 2023 and December 31, 2022, the amount of unbilled receivables was immaterial. Unsatisfied Performance Obligations Revenue expected to be recognized in future periods related to remaining performance obligations, excluding revenue pertaining to contracts that have an original expected duration of one year or less, and contracts where revenue is recognized as invoiced, was approximately $ 1.1 million as of March 31, 2023. Since the Company typically invoices customers at contract inception, this amount is included in the deferred revenue balance. As of March 31, 2023 , the Company expects to recognize 38 % of the revenue related to these unsatisfied performance obligations during the remainder of 2023 , 31 % during 2024 , and 31 % thereafter. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. Fair Value Measurements The Company determines the fair values of its financial instruments based on a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The classification of a financial asset or liability within the hierarchy is based upon the lowest level input that is significant to the fair value measurement. Under ASC 820, Fair Value Measurement and Disclosures , the fair value hierarchy prioritizes the inputs into three levels that may be used to measure fair value: • Level 1 – Quoted prices (unadjusted) for identical assets and liabilities in active markets; • Level 2 – Inputs other than quoted prices in active markets for identical assets and liabilities that are observable either directly or indirectly; and • Level 3 – Unobservable inputs. Assets and Liabilities Measured at Fair Value on a Recurring Basis As of March 31, 2023 and December 31, 2022, the only assets measured and recognized at fair value on a recurring basis were nominal cash equivalents. As of March 31, 2023 and December 31, 2022 , there were no liabilities measured and recognized at fair value on a recurring basis. Assets and Liabilities Measured at Fair Value on a Non-recurring Basis Certain of the Company's assets, including goodwill, intangible assets, and privately-held investments, are measured at fair value on a nonrecurring basis if impairment is indicated. Purchased intangible assets are measured at fair value primarily using discounted cash flow projections. For additional discussion of measurement criteria used in evaluating potential impairment involving goodwill and intangible assets, refer to Note 5, Goodwill and Intangible Assets . As of March 31, 2023 and December 31, 2022 , the Company had $ 348,000 of privately-held investments measured at fair value on a nonrecurring basis, which were classified as Level 3 assets due to the absence of quoted market prices and inherent lack of liquidity. The Company reviews its investments to identify and evaluate investments that have an indication of possible impairment. The Company adjusts the carrying value for its privately-held investments for any impairment if the fair value is less than the carrying value of the respective assets on an other-than-temporary basis. The amount of privately-held investments is included in other assets in the accompanying condensed consolidated balance sheets. As of March 31, 2023 and December 31, 2022 , there were no liabilities that are measured and recognized at fair value on a non-recurring basis. Assets and Liabilities Not Measured at Fair Value The carrying amounts of the Company's accounts receivable, prepaid expenses and other current assets, accounts payable, and other accrued liabilities approximate fair value due to their short maturities. The carrying value of the Company's financial liabilities approximates fair value based upon borrowing rates currently available to the Company for loans with similar terms. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 5. Goodwill and Intangible Assets Goodwill The following table summarizes the activity in goodwill (in thousands): Identity Premises Total Balance as of January 1, 2022 $ 3,554 $ 6,714 $ 10,268 Currency translation adjustment — 20 20 Balance as of March 31, 2022 $ 3,554 $ 6,734 $ 10,288 Balance as of January 1, 2023 $ 3,554 $ 6,636 $ 10,190 Currency translation adjustment — 2 2 Balance as of March 31, 2023 $ 3,554 $ 6,638 $ 10,192 In accordance with ASC 350, Intangibles – Goodwill and Other , the Company tests goodwill for impairment on an annual basis, in the fourth quarter, or whenever events or changes in circumstances indicate that the carrying amount of these assets may not be recoverable. The Company performs an initial assessment of qualitative factors to determine whether the existence of events and circumstances leads to a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. In performing the qualitative assessment, the Company identifies and considers the significance of relevant key factors, events, and circumstances that affect the fair value of its reporting units. These factors include external factors such as macroeconomic, industry, and market conditions, as well as entity-specific factors, such as actual and planned financial performance. If, after assessing the totality of relevant events and circumstances, the Company determines that it is more likely than not that the fair value of the reporting unit exceeds its carrying value and there is no indication of impairment, no further testing is performed; however, if the Company concludes otherwise, then the Company will perform the quantitative impairment test which compares the estimated fair value of the reporting unit to its carrying value, including goodwill. If the carrying amount of the reporting unit is in excess of its fair value, an impairment loss would be recorded in the condensed consolidated statements of comprehensive loss. During the three months ended March 31, 2023 and 2022, the Company noted no indicators of goodwill impairment and concluded no further testing was necessary. Intangible Assets The following table summarizes the gross carrying amount and accumulated amortization for intangible assets resulting from acquisitions (in thousands): Developed Customer Trademarks Technology Relationships Total Amortization period (in years) 5 10 – 12 4 – 12 Gross carrying amount as of March 31, 2023 $ 765 $ 9,093 $ 15,744 $ 25,602 Accumulated amortization ( 719 ) ( 6,777 ) ( 13,107 ) ( 20,603 ) Intangible assets, net as of March 31, 2023 $ 46 $ 2,316 $ 2,637 $ 4,999 Gross carrying amount as of December 31, 2022 $ 766 $ 9,093 $ 15,743 $ 25,602 Accumulated amortization ( 691 ) ( 6,666 ) ( 12,980 ) ( 20,337 ) Intangible assets, net as of December 31, 2022 $ 75 $ 2,427 $ 2,763 $ 5,265 Each period, the Company evaluates the estimated remaining useful lives of purchased intangible assets and whether events or changes in circumstances warrant a revision to the remaining period of amortization. If a revision to the remaining period of amortization is warranted, amortization is prospectively adjusted over the remaining useful life of the intangible asset. Intangible assets subject to amortization are amortized on a straight-line basis over their useful lives as indicated in the table above. The Company performs an evaluation of its amortizable intangible assets for impairment at the end of each reporting period. The Company did no t identify any impairment indicators during the three months ended March 31, 2023. The following table summarizes the amortization expense included in the condensed consolidated statements of comprehensive income (loss) for the three months ended March 31, 2023 and 2022 (in thousands): Three Months Ended March 31, 2023 2022 Cost of revenue $ 111 $ 112 Selling and marketing 155 168 Total $ 266 $ 280 The estimated annual future amortization expense for purchased intangible assets with definite lives as of March 31, 2023 was as follows (in thousands): 2023 (remaining nine months) $ 773 2024 956 2025 956 2026 956 2027 956 Thereafter 402 Total $ 4,999 |
Balance Sheet Components
Balance Sheet Components | 3 Months Ended |
Mar. 31, 2023 | |
Statement Of Financial Position [Abstract] | |
Balance Sheet Components | 6. Balance Sheet Components The Company’s inventories are stated at the lower of cost or net realizable value. Inventories consists of (in thousands): March 31, December 31, Raw materials $ 14,489 $ 13,333 Work-in-progress — 55 Finished goods 16,120 15,570 Total $ 30,609 $ 28,958 Property and equipment, net consists of (in thousands): March 31, December 31, Building and leasehold improvements $ 2,742 $ 1,941 Furniture, fixtures and office equipment 890 726 Plant and machinery 15,586 15,311 Purchased software 732 718 Total 19,950 18,696 Accumulated depreciation ( 12,355 ) ( 11,977 ) Property and equipment, net $ 7,595 $ 6,719 The Company recorded depreciation expenses of $ 0.4 million and $ 0.2 million during the three months ended March 31, 2023 and 2022, respectively. Other accrued expenses and liabilities consist of (in thousands): March 31, December 31, Accrued professional fees $ 485 $ 574 Accrued warranties 341 345 Other accrued expenses 1,822 1,699 Total $ 2,648 $ 2,618 |
Financial Liabilities
Financial Liabilities | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Financial Liabilities | 7. Financial Liabilities The Company’s financial liabilities consist of (in thousands): March 31, December 31, 2023 2022 Revolving loan facility $ 10,000 $ — Less: Unamortized debt issuance costs ( 59 ) — Financial liabilities, net of debt issuance costs $ 9,941 $ — On February 8, 2017, the Company entered into a Loan and Security Agreement (as amended or amended and restated from time to time, the “Loan Agreement”) with East West Bank (“EWB”). Following subsequent amendments, on April 14, 2022, the Company and EWB amended the Loan Agreement replacing the $ 20.0 million revolving loan facility subject to a borrowing base with a non-formula revolving loan facility with no borrowing base requirement and a maturity date of February 8, 2023 . In addition, the interest rate was lowered from prime to prime minus 0.25 % (interest rate as of March 31, 2023 was 7.75 %), and certain financial covenants were amended. On February 8, 2023, the Company entered into an amendment (the "Fourth Amendment") to the Loan Agreement. The Fourth Amendment amends the Loan Agreement to, among other things, extend the maturity date to February 8, 2025 , and amend certain financial covenants. The Loan Agreement contains customary representations and warranties and customary affirmative and negative covenants, including, limits or restrictions on the Company’s ability to incur liens, incur indebtedness, make certain restricted payments (including dividends), merge or consolidate and dispose of assets, as well as other financial covenants. The Company’s obligations under the Loan Agreement are collateralized by substantially all of its assets. As of March 31, 2023 , there was $ 10.0 million outstanding and the Company was in compliance with all financial covenants under the Loan Agreement. On May 4, 2023, the Company repaid $ 7.0 million of the amounts outstanding under the revolving loan facility. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. Income Taxes The Company conducts business globally and, as a result, files federal, state and foreign tax returns. The Company strives to resolve open matters with each tax authority at the examination level and could reach agreement with a tax authority at any time. While the Company has accrued for amounts it believes are the probable outcomes, the final outcome with a tax authority may result in a tax liability that is more or less than that reflected in the condensed consolidated financial statements. Furthermore, the Company may later decide to challenge any assessments, if made, and may exercise its right to appeal. The Company applies the provisions of, and accounted for uncertain tax positions, in accordance with ASC 740, Income Taxes (“ASC 740”), which clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. It prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. The Company generally is no longer subject to tax examinations for years prior to 2017. However, if loss carryforwards of tax years prior to 2017 are utilized in the U.S., these tax years may become subject to investigation by the tax authorities. While timing of the resolution and/or finalization of tax audits is uncertain, the Company does not believe that its unrecognized tax benefits would materially change in the next 12 months. On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 (the “Act”) into law. The $1.9 trillion Act includes COVID-19 relief, as well as broader stimulus, but also includes several revenue-raising and business tax provisions. The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) also includes several significant provisions for corporations, including the usage of net operating losses and payroll benefits. Several foreign (non-U.S.) jurisdictions in which the Company operates have taken similar economic stimulus measures. The Act and the CARES Act had no material impact on the Company’s condensed consolidated financial statements and disclosures. The Inflation Reduction Act (the “IRA”) was signed into the law on August 16, 2022. The IRA provides for a minimum tax on certain corporations having more than $ 1 billion in revenue, excise taxes on share buybacks and changes to various types of tax credits. The Company believes the IRA will have little to no effect on the Company’s income taxes. The Company will continue to assess as the provisions are clarified. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | 9. Stockholders’ Equity Series B Convertible Preferred Stock Dividend Accretion The following table summarizes Series B convertible preferred stock and the accretion of dividend activity for the three months ended March 31, 2023 and 2022 (in thousands): Three Months Ended March 31, 2023 2022 Series B Convertible Preferred Stock: Balance at beginning of period $ 25,323 $ 24,117 Cumulative dividends on Series B convertible preferred stock 313 298 Balance at end of period $ 25,636 $ 24,415 Number of Common Shares Issuable Upon Conversion: Number of shares at beginning of period 6,331 6,029 Cumulative dividends on Series B convertible preferred stock 78 75 Number of shares at end of period 6,409 6,104 Based on the current conversion price, the outstanding shares, including the accretion of dividends, of Series B convertible preferred stock as of March 31, 2023 would be convertible into 6,409,010 shares of the Company’s common stock. However, the conversion rate will be subject to adjustment in certain instances, such as if the Company issues shares of its common stock at a price less than $ 4.00 per common share, subject to a minimum conversion price of $ 3.27 per share. As of March 31, 2023, none of the contingent conditions to adjust the conversion rate had been met. Each share of Series B convertible preferred stock is entitled to a cumulative annual dividend of 5 % for the first six years following the issuance of such share and 3 % for each year thereafter, with the Company retaining the option to settle each year’s dividend after the 10th year in cash. The dividends accrue and are payable in kind upon such time as the shares convert into the Company’s common stock . In general, the shares are not entitled to vote except in certain limited cases, including in change of control transactions where the expected price per share distributable to the Company’s stockholders is expected to be less than $ 4.00 per share. The Certificate of Designation with respect to the Series B convertible preferred stock further provides that in the event of, among other things, any change of control, liquidation or dissolution of the Company, the holders of the Series B convertible preferred stock will be entitled to receive, on a pari passu basis with the holders of the common stock, the same amount and form of consideration that the holders of the Company’s common stock receive (on an as-if-converted-to-common-stock basis and without regard to the Beneficial Ownership Limitation (as defined in the Certificate of Designation) applicable to the Series B convertible preferred stock). Common Stock Warrants On May 5, 2020, the Company entered into a Note and Warrant Purchase Agreement with 21 April Fund, LP and 21 April Fund, Ltd., (collectively, the “April 21 Funds”) , pursuant to which the Company issued warrants (“April 21 Funds Warrants”) to purchase 275,000 shares of common stock of the Company. The April 21 Funds Warrants have a term of three years (subject to early termination upon the closing of an acquisition). The shares of common stock issuable upon exercise of the April 21 Fund Warrants are entitled to resale registration rights pursuant to a Stockholders Agreement dated December 21, 2017. Below is the summary of outstanding warrants as of March 31, 2023: Warrant Type Number of Shares Weighted Issue Date Expiration Date April 21 Funds Warrants 275,000 $ 3.50 May 5, 2020 May 5, 2023 On April 24, 2023, April 21 Funds exercised their warrants, receiving 275,000 shares of the Company's common stock which resulted in the Company receiving $ 962,500 in cash proceeds. Common Stock Reserved for Future Issuance Common stock reserved for future issuance as of March 31, 2023 was as follows: Exercise of outstanding stock options, vesting of restricted stock units ("RSUs"), vesting of 1,556,124 Employee Stock Purchase Plan 293,888 Shares of common stock available for grant under the 2011 Plan 416,955 Warrants to purchase common stock 275,000 Shares of common stock issuable upon conversion of Series B convertible preferred stock 7,541,449 Total 10,083,416 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 10. Stock-Based Compensation Stock Incentive Plan The Company maintains a stock-based compensation plan, the 2011 Incentive Compensation Plan (the “2011 Plan”), as amended, to attract, motivate, retain and reward employees, directors and consultants by providing its Board or a committee of the Board the discretion to award equity incentives to these persons. Stock Options A summary of stock option activity for the three months ended March 31, 2023 is as follows: Number Weighted Average Exercise Weighted Average Aggregate Balance as of January 1, 2023 505,593 $ 5.05 3.17 $ 1,280,805 Granted — — Cancelled or Expired — — Exercised — — Balance as of March 31, 2023 505,593 $ 5.05 2.93 $ 791,309 Vested or expected to vest as of March 31, 2023 505,593 $ 5.05 2.93 $ 791,309 Exercisable as of March 31, 2023 505,593 $ 5.05 2.93 $ 791,309 The aggregate intrinsic value in the table above represents the difference between the fair value of the Company’s common stock as of March 31, 2023 and the exercise price of in-the-money stock options multiplied by the number of such stock options. The following table summarizes information about stock options outstanding as of March 31, 2023: Stock Options Outstanding Stock Options Exercisable Range of Exercise Prices Number Weighted Weighted Number Weighted $ 4.36 - $ 7.20 445,960 3.18 $ 4.37 445,960 $ 4.37 $ 7.50 - $ 11.25 59,100 1.05 10.17 59,100 10.17 $ 11.30 - $ 16.95 500 1.00 11.30 500 11.30 $ 19.70 - $ 29.55 33 0.38 19.70 33 19.70 $ 4.36 - $ 29.55 505,593 2.93 $ 5.05 505,593 $ 5.05 As of March 31, 2023 , there was no unrecognized stock-based compensation expense related to stock options. Restricted Stock Units The following is a summary of RSU activity for the three months ended March 31, 2023: Number Weighted Average Unvested as of January 1, 2023 819,185 $ 13.23 Granted 151,123 6.96 Vested ( 84,816 ) 13.35 Forfeited ( 12,729 ) 12.62 Unvested as of March 31, 2023 872,763 $ 12.14 RSUs vested but not released 137,768 $ 7.00 The fair value of the Company’s RSUs is calculated based upon the fair market value of the Company’s common stock at the date of grant. As of March 31, 2023 , there was $ 8.6 million of unrecognized compensation expense related to unvested RSUs granted, which is expected to be recognized over a weighted average period of 3.1 years. No tax benefit was realized from RSUs for the three months ended March 31, 2023. Performance Stock Units The Company grants PSUs to certain key employees that are subject to the attainment of performance goals established by the Company’s Compensation Committee, the periods during which performance is to be measured, and other limitations and conditions. Performance goals are based on pre-established objectives that specify the manner of determining the number of PSUs that will vest if performance goals are attained. If an employee terminates employment, the non-vested portion of the PSUs will not vest and all rights to the non-vested portion will terminate. The following is a summary of PSU activity for the three months ended March 31, 2023: Number Weighted Average Unvested as of January 1, 2023 40,000 $ 8.51 Granted — — Vested — — Forfeited — — Unvested as of March 31, 2023 40,000 $ 8.51 As of March 31, 2023 , there was $ 0.2 million of unrecognized compensation expense related to unvested PSUs, which is expected to be recognized over a period of 0.75 years. No tax benefit was realized from PSUs for the three months ended March 31, 2023. Stock-Based Compensation Expense The following table summarizes stock-based compensation expense related to stock options, RSUs, and PSUs included in the condensed consolidated statements of comprehensive income (loss) for the three months ended March 31, 2023 and 2022 (in thousands): Three Months Ended March 31, 2023 2022 Cost of revenue $ 45 $ 56 Research and development 202 310 Selling and marketing 293 194 General and administrative 450 335 Total $ 990 $ 895 Restricted Stock Unit Net Share Settlements During the three months ended March 31, 2023 and 2022 , the Company repurchased 24,812 and 17,647 shares, respectively, of common stock surrendered to the Company to satisfy tax withholding obligations in connection with the vesting of RSUs issued to employees. |
Net Loss per Common Share
Net Loss per Common Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss per Common Share | 11. Net Loss per Common Share Basic net loss per common share is computed by dividing net loss available to common stockholders during the period by the weighted average number of common shares outstanding during that period. Diluted net loss per common share is impacted by equity instruments considered to be potential common shares, if dilutive, computed using the treasury stock or the if-converted method of accounting. Dilutive potential common share equivalents are excluded from the computation of net income (loss) per share in loss periods, as their effect would be antidilutive. Three Months Ended March 31, 2023 2022 Basic net loss per common share: Numerator: Net loss $ ( 2,719 ) $ ( 999 ) Less: accretion of Series B convertible preferred stock dividends ( 313 ) ( 298 ) Net loss available to common stockholders $ ( 3,032 ) $ ( 1,297 ) Denominator: Weighted average common shares outstanding - basic 22,794 22,574 Net loss per common share - basic $ ( 0.13 ) $ ( 0.06 ) The following common stock equivalents have been excluded from diluted net loss per share for the three months ended March 31, 2023 and 2022 because their inclusion would have been anti-dilutive (in thousands): Three Months Ended March 31, 2023 2022 Shares of common stock subject to outstanding RSUs 873 557 Shares of common stock subject to outstanding PSUs 40 75 Shares of common stock subject to outstanding stock options 506 514 Shares of common stock subject to outstanding warrants 275 275 Shares of common stock issuable upon conversion of Series B 6,409 6,104 Total 8,103 7,525 |
Segment Reporting, Geographic I
Segment Reporting, Geographic Information, and Concentration of Credit Risk | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting, Geographic Information, and Concentration of Credit Risk | 2. Segment Reporting, Geographic Information, and Concentration of Credit Risk Segment Reporting ASC 280, Segment Reporting establishes standards for the reporting by public business enterprises of information about operating segments, products and services, geographic areas, and major customers. The method for determining what information to report is based on the way management organizes the operating segments within the Company for making operating decisions and assessing financial performance. An operating segment is defined as a component of an enterprise that engages in business activities from which it may earn revenue and incur expenses and about which separate financial information is available to its chief operating decision makers (“CODM”). The Company’s CODM is its Chief Executive Officer. The CODM reviews financial information and business performance for each operating segment. The Company evaluates the performance of its operating segments at the revenue and gross profit levels. The Company does not report total assets, capital expenditures or operating expenses by operating segment as such information is not used by the CODM for purposes of assessing performance or allocating resources. Net revenue and gross profit information by segment for the three months ended March 31, 2023 and 2022 are as follows (in thousands): Three Months Ended March 31, 2023 2022 Identity: Net revenue $ 14,678 $ 14,579 Gross profit 3,079 3,159 Gross profit margin 21 % 22 % Premises: Net revenue 11,319 10,482 Gross profit 6,132 5,807 Gross profit margin 54 % 55 % Total: Net revenue 25,997 25,061 Gross profit 9,211 8,966 Gross profit margin 35 % 36 % Operating expenses: Research and development 2,707 2,529 Selling and marketing 6,097 5,110 General and administrative 2,948 2,488 Restructuring and severance 191 ( 140 ) Total operating expenses: 11,943 9,987 Loss from operations ( 2,732 ) ( 1,021 ) Non-operating income (expense): Interest expense, net ( 50 ) ( 25 ) Gain on investment — 24 Foreign currency gains, net 89 19 Loss before income tax benefit (provision) $ ( 2,693 ) $ ( 1,003 ) Geographic Information Geographic net revenue is based on the customer’s ship-to location. Information regarding net revenue by geographic region for the three months ended March 31, 2023 and 2022 is as follows (in thousands): Three Months Ended March 31, 2023 2022 Americas $ 21,628 $ 16,891 Europe and the Middle East 2,984 3,794 Asia-Pacific 1,385 4,376 Total $ 25,997 $ 25,061 As percentage of net revenue: Americas 83 % 67 % Europe and the Middle East 12 % 15 % Asia-Pacific 5 % 18 % Total 100 % 100 % Concentration of Credit Risk One customer accounted for 11% of net revenue for the three months ended March 31, 2023. No customer accounted for more than 10% of net revenue for the three months ended March 31, 2022. No customer accounted for 10% or more of net accounts receivable as of March 31, 2023 or December 31, 2022 . Long-lived assets by geographic location as of March 31, 2023 and December 31, 2022 are as follows (in thousands): March 31, December 31, Property and equipment, net: Americas $ 706 $ 530 Europe and the Middle East 490 458 Asia-Pacific 6,399 5,731 Total property and equipment, net $ 7,595 $ 6,719 Operating lease ROU assets: Americas $ 3,440 $ 3,637 Europe and the Middle East 350 384 Asia-Pacific 554 352 Total operating lease right-of-use assets $ 4,344 $ 4,373 |
Restructuring and Severance
Restructuring and Severance | 3 Months Ended |
Mar. 31, 2023 | |
Restructuring And Related Activities [Abstract] | |
Restructuring and Severance | 13. Restructuring and Severance During the three months ended March 31, 2023 , restructuring expenses consisted of severance related costs of $ 191,000 . During the three months ended March 31, 2022, the Company entered into a settlement agreement associated with outstanding rental payments due the landlord on leased office space in San Francisco, California. As a result of the settlement, the Company recorded a net credit of $ 153,000 representing the difference between amounts accrued and the settlement amount. The settlement credit was partially offset by severance related costs of $ 13,000 . |
Leases
Leases | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Leases | 4. Leases The Company’s leases consist primarily of operating leases for administrative office space, research and development facilities, a manufacturing facility, and sales offices in various countries around the world. The Company determines if an arrangement is a lease at inception. Some lease agreements contain lease and non-lease components, which are accounted for as a single lease component. Total rent expense was $ 0.4 million and $ 0.3 million for the three months ended March 31, 2023 and 2022, respectively. Initial lease terms are determined at commencement and may include options to extend or terminate the lease when it is reasonably certain the Company will exercise the option. Remaining lease terms range from one to five years , some of which include options to extend for up to five years . Leases with an initial term of 12 months or less are not recorded on the condensed consolidated balance sheets. As the Company’s leases do not provide an implicit rate, the present value of future lease payments is determined using the Company’s incremental borrowing rate based on information available at the lease commencement date. The table below reconciles the undiscounted cash flows for the first five years and the total of the remaining years to the operating lease liabilities recorded on the condensed consolidated balance sheet as of March 31, 2023 (in thousands): March 31, 2023 (remaining nine months) $ 1,063 2024 1,285 2025 1,051 2026 836 2027 798 Thereafter 13 Total minimum lease payments 5,046 Less: amount of lease payments representing interest ( 476 ) Present value of future minimum lease payments 4,570 Less: current liabilities under operating leases ( 1,199 ) Long-term operating lease liabilities $ 3,371 As of March 31, 2023 , the weighted average remaining lease term for the Company’s operating leases was 3.0 years, and the weighted average discount rate used to determine the present value of the Company’s operating leases was 6.3 %. Cash paid for amounts included in the measurement of operating lease liabilities was $ 0.4 million and $ 0.3 million for the three months ended March 31, 2023 and 2022 , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 15. Commitments and Contingencies The following table summarizes the Company’s principal contractual commitments, excluding operating leases, as of March 31, 2023 (in thousands): Purchase Other Total 2023 (remaining nine months) $ 50,158 $ 67 $ 50,225 2024 7,744 — 7,744 2025 4,005 — 4,005 Total $ 61,907 $ 67 $ 61,974 Purchase commitments for inventories are highly dependent upon forecasts of customer demand. Due to the uncertainty in demand from its customers, the Company may have to change, reschedule, or cancel purchases or purchase orders from its suppliers. These changes may lead to vendor cancellation charges on these purchases or contractual commitments. The following table summarizes the Company’s warranty accrual account activity during the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 Balance at beginning of period $ 345 $ 377 Charged (credited) to costs and expenses ( 5 ) 14 Cost of warranty claims 1 1 Balance at end of period $ 341 $ 392 The Company provides warranties on certain product sales for periods ranging from 12 to 36 months, and allowances for estimated warranty costs are recorded during the period of sale. The determination of such allowances requires the Company to make estimates of product return rates and expected costs to repair or to replace the products under warranty. The Company currently establishes warranty reserves based on historical warranty costs for each product line combined with liability estimates based on the prior 12 months’ sales activities. If actual return rates and/or repair and replacement costs differ significantly from the Company’s estimates, adjustments to recognize additional cost of sales may be required in future periods. Historically, the warranty accrual and the expense amounts have been immaterial. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 16. Subsequent Events There were no subsequent events except as disclosed within Note 7, Financial Liabilities and Note 9, Stockholders' Equity . |
Significant Accounting Polici_2
Significant Accounting Policies and Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies that the Company adopts as of the specified effective date. The Company does not believe that the impact of recently issued standards that are not yet effective will have a material impact on its financial position or results of operations upon adoption. |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue From Contract With Customer [Abstract] | |
Total Net Revenue Based on Disaggregation Criteria | Total net revenue based on the disaggregation criteria described above is as follows (in thousands): Three Months Ended March 31, 2023 2022 Point-in- Over Time Total Point-in- Over Time Total Americas $ 20,874 $ 754 $ 21,628 $ 15,898 $ 993 $ 16,891 Europe and the Middle East 2,899 85 2,984 3,669 125 3,794 Asia-Pacific 1,385 — 1,385 4,376 — 4,376 Total $ 25,158 $ 839 $ 25,997 $ 23,943 $ 1,118 $ 25,061 |
Changes in Deferred Revenue | Changes in deferred revenue during the three months ended March 31, 2023 and 2022 were as follows (in thousands): Three Months Ended March 31, 2023 2022 Deferred revenue, beginning of period $ 2,655 $ 2,433 Deferral of revenue billed in current period, net of recognition 504 381 Recognition of revenue deferred in prior periods ( 714 ) ( 1,030 ) Deferred revenue, end of period $ 2,445 $ 1,784 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Activity in Goodwill | The following table summarizes the activity in goodwill (in thousands): Identity Premises Total Balance as of January 1, 2022 $ 3,554 $ 6,714 $ 10,268 Currency translation adjustment — 20 20 Balance as of March 31, 2022 $ 3,554 $ 6,734 $ 10,288 Balance as of January 1, 2023 $ 3,554 $ 6,636 $ 10,190 Currency translation adjustment — 2 2 Balance as of March 31, 2023 $ 3,554 $ 6,638 $ 10,192 |
Summary of Gross Carrying Amount and Accumulated Amortization for Intangible Assets Resulting from Acquisitions | The following table summarizes the gross carrying amount and accumulated amortization for intangible assets resulting from acquisitions (in thousands): Developed Customer Trademarks Technology Relationships Total Amortization period (in years) 5 10 – 12 4 – 12 Gross carrying amount as of March 31, 2023 $ 765 $ 9,093 $ 15,744 $ 25,602 Accumulated amortization ( 719 ) ( 6,777 ) ( 13,107 ) ( 20,603 ) Intangible assets, net as of March 31, 2023 $ 46 $ 2,316 $ 2,637 $ 4,999 Gross carrying amount as of December 31, 2022 $ 766 $ 9,093 $ 15,743 $ 25,602 Accumulated amortization ( 691 ) ( 6,666 ) ( 12,980 ) ( 20,337 ) Intangible assets, net as of December 31, 2022 $ 75 $ 2,427 $ 2,763 $ 5,265 |
Amortization Expense Included in Condensed Consolidated Statements of Operations | The following table summarizes the amortization expense included in the condensed consolidated statements of comprehensive income (loss) for the three months ended March 31, 2023 and 2022 (in thousands): Three Months Ended March 31, 2023 2022 Cost of revenue $ 111 $ 112 Selling and marketing 155 168 Total $ 266 $ 280 |
Estimated Future Amortization Expense of Purchased Intangible Assets with Definite Lives | The estimated annual future amortization expense for purchased intangible assets with definite lives as of March 31, 2023 was as follows (in thousands): 2023 (remaining nine months) $ 773 2024 956 2025 956 2026 956 2027 956 Thereafter 402 Total $ 4,999 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Statement Of Financial Position [Abstract] | |
Inventories | The Company’s inventories are stated at the lower of cost or net realizable value. Inventories consists of (in thousands): March 31, December 31, Raw materials $ 14,489 $ 13,333 Work-in-progress — 55 Finished goods 16,120 15,570 Total $ 30,609 $ 28,958 |
Property and Equipment, Net | Property and equipment, net consists of (in thousands): March 31, December 31, Building and leasehold improvements $ 2,742 $ 1,941 Furniture, fixtures and office equipment 890 726 Plant and machinery 15,586 15,311 Purchased software 732 718 Total 19,950 18,696 Accumulated depreciation ( 12,355 ) ( 11,977 ) Property and equipment, net $ 7,595 $ 6,719 |
Other Accrued Expenses and Liabilities | Other accrued expenses and liabilities consist of (in thousands): March 31, December 31, Accrued professional fees $ 485 $ 574 Accrued warranties 341 345 Other accrued expenses 1,822 1,699 Total $ 2,648 $ 2,618 |
Financial Liabilities (Tables)
Financial Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Summary of Financial Liabilities | The Company’s financial liabilities consist of (in thousands): March 31, December 31, 2023 2022 Revolving loan facility $ 10,000 $ — Less: Unamortized debt issuance costs ( 59 ) — Financial liabilities, net of debt issuance costs $ 9,941 $ — |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Summary of Series B Preferred Stock and Accretion of Dividends | The following table summarizes Series B convertible preferred stock and the accretion of dividend activity for the three months ended March 31, 2023 and 2022 (in thousands): Three Months Ended March 31, 2023 2022 Series B Convertible Preferred Stock: Balance at beginning of period $ 25,323 $ 24,117 Cumulative dividends on Series B convertible preferred stock 313 298 Balance at end of period $ 25,636 $ 24,415 Number of Common Shares Issuable Upon Conversion: Number of shares at beginning of period 6,331 6,029 Cumulative dividends on Series B convertible preferred stock 78 75 Number of shares at end of period 6,409 6,104 |
Summary of Outstanding Warrants | Below is the summary of outstanding warrants as of March 31, 2023: Warrant Type Number of Shares Weighted Issue Date Expiration Date April 21 Funds Warrants 275,000 $ 3.50 May 5, 2020 May 5, 2023 |
Summary of Common Stock Reserved for Future Issuance | Common Stock Reserved for Future Issuance Common stock reserved for future issuance as of March 31, 2023 was as follows: Exercise of outstanding stock options, vesting of restricted stock units ("RSUs"), vesting of 1,556,124 Employee Stock Purchase Plan 293,888 Shares of common stock available for grant under the 2011 Plan 416,955 Warrants to purchase common stock 275,000 Shares of common stock issuable upon conversion of Series B convertible preferred stock 7,541,449 Total 10,083,416 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Activity for Stock Option Plans | A summary of stock option activity for the three months ended March 31, 2023 is as follows: Number Weighted Average Exercise Weighted Average Aggregate Balance as of January 1, 2023 505,593 $ 5.05 3.17 $ 1,280,805 Granted — — Cancelled or Expired — — Exercised — — Balance as of March 31, 2023 505,593 $ 5.05 2.93 $ 791,309 Vested or expected to vest as of March 31, 2023 505,593 $ 5.05 2.93 $ 791,309 Exercisable as of March 31, 2023 505,593 $ 5.05 2.93 $ 791,309 |
Summary Information about Options Outstanding | The following table summarizes information about stock options outstanding as of March 31, 2023: Stock Options Outstanding Stock Options Exercisable Range of Exercise Prices Number Weighted Weighted Number Weighted $ 4.36 - $ 7.20 445,960 3.18 $ 4.37 445,960 $ 4.37 $ 7.50 - $ 11.25 59,100 1.05 10.17 59,100 10.17 $ 11.30 - $ 16.95 500 1.00 11.30 500 11.30 $ 19.70 - $ 29.55 33 0.38 19.70 33 19.70 $ 4.36 - $ 29.55 505,593 2.93 $ 5.05 505,593 $ 5.05 |
Summary of Stock Unit Activity | The following is a summary of RSU activity for the three months ended March 31, 2023: Number Weighted Average Unvested as of January 1, 2023 819,185 $ 13.23 Granted 151,123 6.96 Vested ( 84,816 ) 13.35 Forfeited ( 12,729 ) 12.62 Unvested as of March 31, 2023 872,763 $ 12.14 RSUs vested but not released 137,768 $ 7.00 |
Stock-Based Compensation Expense Related to Stock Options, RSUs and PSUs | The following table summarizes stock-based compensation expense related to stock options, RSUs, and PSUs included in the condensed consolidated statements of comprehensive income (loss) for the three months ended March 31, 2023 and 2022 (in thousands): Three Months Ended March 31, 2023 2022 Cost of revenue $ 45 $ 56 Research and development 202 310 Selling and marketing 293 194 General and administrative 450 335 Total $ 990 $ 895 |
Performance Stock Units | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Stock Unit Activity | The following is a summary of PSU activity for the three months ended March 31, 2023: Number Weighted Average Unvested as of January 1, 2023 40,000 $ 8.51 Granted — — Vested — — Forfeited — — Unvested as of March 31, 2023 40,000 $ 8.51 |
Net Loss per Common Share (Tabl
Net Loss per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Calculations for Basic Net Loss Per Common Share | Basic net loss per common share is computed by dividing net loss available to common stockholders during the period by the weighted average number of common shares outstanding during that period. Diluted net loss per common share is impacted by equity instruments considered to be potential common shares, if dilutive, computed using the treasury stock or the if-converted method of accounting. Dilutive potential common share equivalents are excluded from the computation of net income (loss) per share in loss periods, as their effect would be antidilutive. Three Months Ended March 31, 2023 2022 Basic net loss per common share: Numerator: Net loss $ ( 2,719 ) $ ( 999 ) Less: accretion of Series B convertible preferred stock dividends ( 313 ) ( 298 ) Net loss available to common stockholders $ ( 3,032 ) $ ( 1,297 ) Denominator: Weighted average common shares outstanding - basic 22,794 22,574 Net loss per common share - basic $ ( 0.13 ) $ ( 0.06 ) |
Common Stock Equivalents Excluded From Diluted Net Loss Per Share | The following common stock equivalents have been excluded from diluted net loss per share for the three months ended March 31, 2023 and 2022 because their inclusion would have been anti-dilutive (in thousands): Three Months Ended March 31, 2023 2022 Shares of common stock subject to outstanding RSUs 873 557 Shares of common stock subject to outstanding PSUs 40 75 Shares of common stock subject to outstanding stock options 506 514 Shares of common stock subject to outstanding warrants 275 275 Shares of common stock issuable upon conversion of Series B 6,409 6,104 Total 8,103 7,525 |
Segment Reporting, Geographic_2
Segment Reporting, Geographic Information, and Concentration of Credit Risk (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Information Regarding Net Revenue and Gross Profit by Segment | Net revenue and gross profit information by segment for the three months ended March 31, 2023 and 2022 are as follows (in thousands): Three Months Ended March 31, 2023 2022 Identity: Net revenue $ 14,678 $ 14,579 Gross profit 3,079 3,159 Gross profit margin 21 % 22 % Premises: Net revenue 11,319 10,482 Gross profit 6,132 5,807 Gross profit margin 54 % 55 % Total: Net revenue 25,997 25,061 Gross profit 9,211 8,966 Gross profit margin 35 % 36 % Operating expenses: Research and development 2,707 2,529 Selling and marketing 6,097 5,110 General and administrative 2,948 2,488 Restructuring and severance 191 ( 140 ) Total operating expenses: 11,943 9,987 Loss from operations ( 2,732 ) ( 1,021 ) Non-operating income (expense): Interest expense, net ( 50 ) ( 25 ) Gain on investment — 24 Foreign currency gains, net 89 19 Loss before income tax benefit (provision) $ ( 2,693 ) $ ( 1,003 ) |
Information Regarding Net Revenue by Geographic Region | Geographic Information Geographic net revenue is based on the customer’s ship-to location. Information regarding net revenue by geographic region for the three months ended March 31, 2023 and 2022 is as follows (in thousands): Three Months Ended March 31, 2023 2022 Americas $ 21,628 $ 16,891 Europe and the Middle East 2,984 3,794 Asia-Pacific 1,385 4,376 Total $ 25,997 $ 25,061 As percentage of net revenue: Americas 83 % 67 % Europe and the Middle East 12 % 15 % Asia-Pacific 5 % 18 % Total 100 % 100 % |
Long-Lived Assets by Geographic Location | Long-lived assets by geographic location as of March 31, 2023 and December 31, 2022 are as follows (in thousands): March 31, December 31, Property and equipment, net: Americas $ 706 $ 530 Europe and the Middle East 490 458 Asia-Pacific 6,399 5,731 Total property and equipment, net $ 7,595 $ 6,719 Operating lease ROU assets: Americas $ 3,440 $ 3,637 Europe and the Middle East 350 384 Asia-Pacific 554 352 Total operating lease right-of-use assets $ 4,344 $ 4,373 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Schedule of Reconciles Undiscounted Cash flows of Operating Lease Liabilities Recorded on the Condensed Consolidated Balance Sheet | The table below reconciles the undiscounted cash flows for the first five years and the total of the remaining years to the operating lease liabilities recorded on the condensed consolidated balance sheet as of March 31, 2023 (in thousands): March 31, 2023 (remaining nine months) $ 1,063 2024 1,285 2025 1,051 2026 836 2027 798 Thereafter 13 Total minimum lease payments 5,046 Less: amount of lease payments representing interest ( 476 ) Present value of future minimum lease payments 4,570 Less: current liabilities under operating leases ( 1,199 ) Long-term operating lease liabilities $ 3,371 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Principal Contractual Obligations, Excluding Operating Leases | The following table summarizes the Company’s principal contractual commitments, excluding operating leases, as of March 31, 2023 (in thousands): Purchase Other Total 2023 (remaining nine months) $ 50,158 $ 67 $ 50,225 2024 7,744 — 7,744 2025 4,005 — 4,005 Total $ 61,907 $ 67 $ 61,974 |
Summary of Warranty Accrual Account Activity | The following table summarizes the Company’s warranty accrual account activity during the three months ended March 31, 2023 and 2022: Three Months Ended March 31, 2023 2022 Balance at beginning of period $ 345 $ 377 Charged (credited) to costs and expenses ( 5 ) 14 Cost of warranty claims 1 1 Balance at end of period $ 341 $ 392 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Revenue From Contract With Customer [Line Items] | |
Remaining performance obligations | $ 1.1 |
Minimum | |
Revenue From Contract With Customer [Line Items] | |
Payment period from contract inception | 30 days |
Maximum | |
Revenue From Contract With Customer [Line Items] | |
Payment period from contract inception | 60 days |
Software Licenses | Minimum | |
Revenue From Contract With Customer [Line Items] | |
Contract period | 1 year |
Software Licenses | Maximum | |
Revenue From Contract With Customer [Line Items] | |
Contract period | 3 years |
Subscriptions | Minimum | |
Revenue From Contract With Customer [Line Items] | |
Contract period | 1 month |
Subscriptions | Maximum | |
Revenue From Contract With Customer [Line Items] | |
Contract period | 6 years |
Software Maintenance and Support Services | Minimum | |
Revenue From Contract With Customer [Line Items] | |
Contract period | 1 year |
Software Maintenance and Support Services | Maximum | |
Revenue From Contract With Customer [Line Items] | |
Contract period | 3 years |
Extended Hardware Warranties | Minimum | |
Revenue From Contract With Customer [Line Items] | |
Contract period | 1 year |
Extended Hardware Warranties | Maximum | |
Revenue From Contract With Customer [Line Items] | |
Contract period | 2 years |
Schedule of Performance Obligat
Schedule of Performance Obligation (Detail) | 3 Months Ended |
Mar. 31, 2023 | |
Hardware Products | |
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |
Performance Obligation | Hardware products |
When Performance Obligation is Typically Satisfied | When customer obtains control of the product (point-in-time) |
When Payment is Typically Due | Within 30-60 days of shipment |
How Standalone Selling Price is Typically Estimated | Observable in transactions without multiple performance obligations |
Software Licenses | |
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |
Performance Obligation | Software licenses |
When Performance Obligation is Typically Satisfied | When license is delivered to customer or made available for download, and the applicable license period has begun (point-in-time) |
When Payment is Typically Due | Within 30-60 days of the beginning of license period |
How Standalone Selling Price is Typically Estimated | Established pricing practices for software licenses bundled with software maintenance, which are separately observable in renewal transactions |
Subscriptions | |
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |
Performance Obligation | Subscriptions |
When Performance Obligation is Typically Satisfied | Ratably over the course of the subscription term (over time) |
When Payment is Typically Due | In advance of subscription term |
How Standalone Selling Price is Typically Estimated | Contractually stated or list price |
Professional Services | |
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |
Performance Obligation | Professional services |
When Performance Obligation is Typically Satisfied | As services are performed and/or when contract is fulfilled (point-in-time) |
When Payment is Typically Due | Within 30-60 days of delivery |
How Standalone Selling Price is Typically Estimated | Observable in transactions without multiple performance obligations |
Software Maintenance and Support Services | |
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |
Performance Obligation | Software maintenance and support services |
When Performance Obligation is Typically Satisfied | Ratably over the course of the support contract (over time) |
When Payment is Typically Due | Within 30-60 days of the beginning of the contract period |
How Standalone Selling Price is Typically Estimated | Observable in renewal transactions |
Extended Hardware Warranties | |
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |
Performance Obligation | Extended hardware warranties |
When Performance Obligation is Typically Satisfied | Ratably over the course of the support contract (over time) |
When Payment is Typically Due | Within 30-60 days of the beginning of the contract period |
How Standalone Selling Price is Typically Estimated | Observable in renewal transactions |
Schedule of Performance Oblig_2
Schedule of Performance Obligation (Parenthetical) (Detail) | 3 Months Ended |
Mar. 31, 2023 | |
Hardware Products | Minimum | |
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |
Payment period, after shipment | 30 days |
Hardware Products | Maximum | |
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |
Payment period, after shipment | 60 days |
Software Licenses | Minimum | |
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |
Payment period, after shipment | 30 days |
Software Licenses | Maximum | |
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |
Payment period, after shipment | 60 days |
Professional Services | Minimum | |
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |
Payment period, after shipment | 30 days |
Professional Services | Maximum | |
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |
Payment period, after shipment | 60 days |
Software Maintenance and Support Services | Minimum | |
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |
Payment period, after shipment | 30 days |
Software Maintenance and Support Services | Maximum | |
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |
Payment period, after shipment | 60 days |
Extended Hardware Warranties | Minimum | |
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |
Payment period, after shipment | 30 days |
Extended Hardware Warranties | Maximum | |
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |
Payment period, after shipment | 60 days |
Total Net Revenue Based on Disa
Total Net Revenue Based on Disaggregation Criteria (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation Of Revenue [Line Items] | ||
Total net revenue | $ 25,997 | $ 25,061 |
Point-in-Time | ||
Disaggregation Of Revenue [Line Items] | ||
Total net revenue | 25,158 | 23,943 |
Over Time | ||
Disaggregation Of Revenue [Line Items] | ||
Total net revenue | 839 | 1,118 |
Americas | ||
Disaggregation Of Revenue [Line Items] | ||
Total net revenue | 21,628 | 16,891 |
Americas | Point-in-Time | ||
Disaggregation Of Revenue [Line Items] | ||
Total net revenue | 20,874 | 15,898 |
Americas | Over Time | ||
Disaggregation Of Revenue [Line Items] | ||
Total net revenue | 754 | 993 |
Europe and the Middle East | ||
Disaggregation Of Revenue [Line Items] | ||
Total net revenue | 2,984 | 3,794 |
Europe and the Middle East | Point-in-Time | ||
Disaggregation Of Revenue [Line Items] | ||
Total net revenue | 2,899 | 3,669 |
Europe and the Middle East | Over Time | ||
Disaggregation Of Revenue [Line Items] | ||
Total net revenue | 85 | 125 |
Asia-Pacific | ||
Disaggregation Of Revenue [Line Items] | ||
Total net revenue | 1,385 | 4,376 |
Asia-Pacific | Point-in-Time | ||
Disaggregation Of Revenue [Line Items] | ||
Total net revenue | $ 1,385 | $ 4,376 |
Changes in Deferred Revenue (De
Changes in Deferred Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue From Contract With Customer [Abstract] | ||
Deferred revenue | $ 2,655 | $ 2,433 |
Deferral of revenue billed in current period, net of recognition | 504 | 381 |
Recognition of revenue deferred in prior periods | (714) | (1,030) |
Deferred revenue | $ 2,445 | $ 1,784 |
Revenue - Unsatisfied Performan
Revenue - Unsatisfied Performance Obligation - Additional Information (Detail) | Mar. 31, 2023 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-04-01 | |
Revenue From Contract With Customer [Line Items] | |
Unsatisfied performance obligations, expected to recognize | 38% |
Unsatisfied performance obligations, expected to recognize, period | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01 | |
Revenue From Contract With Customer [Line Items] | |
Unsatisfied performance obligations, expected to recognize | 31% |
Unsatisfied performance obligations, expected to recognize, period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01 | |
Revenue From Contract With Customer [Line Items] | |
Unsatisfied performance obligations, expected to recognize | 31% |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value Measurements, Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liability measured and recognized at fair value | $ 0 | $ 0 |
Fair Value Measurements, Non-recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liability measured and recognized at fair value | 0 | 0 |
Fair Value Measurements, Non-recurring | Fair Value, Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Privately-held investments measured at fair value | $ 348,000 | $ 348,000 |
Summary of Activity in Goodwill
Summary of Activity in Goodwill (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Goodwill [Line Items] | ||
Beginning Balance | $ 10,190 | $ 10,268 |
Currency translation adjustment | 2 | 20 |
Ending Balance | 10,192 | 10,288 |
Identity | ||
Goodwill [Line Items] | ||
Beginning Balance | 3,554 | 3,554 |
Ending Balance | 3,554 | 3,554 |
Premises | ||
Goodwill [Line Items] | ||
Beginning Balance | 6,636 | 6,714 |
Currency translation adjustment | 2 | 20 |
Ending Balance | $ 6,638 | $ 6,734 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Impairment of goodwill | $ 0 | $ 0 |
Impairment of intangible assets | $ 0 |
Summary of Gross Carrying Amoun
Summary of Gross Carrying Amount and Accumulated Amortization for Intangible Assets Resulting from Acquisitions (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 25,602 | $ 25,602 |
Accumulated amortization | (20,603) | (20,337) |
Intangible assets, net | $ 4,999 | 5,265 |
Trademarks | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Amortization period (in years) | 5 years | |
Gross carrying amount | $ 765 | 766 |
Accumulated amortization | (719) | (691) |
Intangible assets, net | 46 | 75 |
Developed Technology | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 9,093 | 9,093 |
Accumulated amortization | (6,777) | (6,666) |
Intangible assets, net | $ 2,316 | 2,427 |
Developed Technology | Minimum | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Amortization period (in years) | 10 years | |
Developed Technology | Maximum | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Amortization period (in years) | 12 years | |
Customer Relationships | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 15,744 | 15,743 |
Accumulated amortization | (13,107) | (12,980) |
Intangible assets, net | $ 2,637 | $ 2,763 |
Customer Relationships | Minimum | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Amortization period (in years) | 4 years | |
Customer Relationships | Maximum | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Amortization period (in years) | 12 years |
Amortization Expense Included i
Amortization Expense Included in Condensed Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Finite Lived Intangible Assets [Line Items] | ||
Amortization expense | $ 266 | $ 280 |
Cost of revenue | ||
Finite Lived Intangible Assets [Line Items] | ||
Amortization expense | 111 | 112 |
Selling and Marketing Expense | ||
Finite Lived Intangible Assets [Line Items] | ||
Amortization expense | $ 155 | $ 168 |
Estimated Future Amortization E
Estimated Future Amortization Expense of Purchased Intangible Assets with Definite Lives (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2023 (remaining nine months) | $ 773 | |
2024 | 956 | |
2025 | 956 | |
2026 | 956 | |
2027 | 956 | |
Thereafter | 402 | |
Intangible assets, net | $ 4,999 | $ 5,265 |
Inventories (Detail)
Inventories (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 14,489 | $ 13,333 |
Work-in-progress | 55 | |
Finished goods | 16,120 | 15,570 |
Total | $ 30,609 | $ 28,958 |
Property and Equipment, Net (De
Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 19,950 | $ 18,696 |
Accumulated depreciation | (12,355) | (11,977) |
Property and equipment, net | 7,595 | 6,719 |
Building and Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 2,742 | 1,941 |
Furniture, Fixtures and Office Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 890 | 726 |
Plant and Machinery | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 15,586 | 15,311 |
Purchased Software | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 732 | $ 718 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Property Plant And Equipment [Abstract] | ||
Depreciation expenses | $ 0.4 | $ 0.2 |
Other Accrued Expenses and Liab
Other Accrued Expenses and Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Accrued Liabilities And Other Liabilities Current [Abstract] | ||
Accrued professional fees | $ 485 | $ 574 |
Accrued warranties | 341 | 345 |
Other accrued expenses | 1,822 | 1,699 |
Total | $ 2,648 | $ 2,618 |
Financial Liabilities - Summary
Financial Liabilities - Summary of Financial Liabilities (Detail) $ in Thousands | Mar. 31, 2023 USD ($) |
Debt Instrument [Line Items] | |
Less: Unamortized debt issuance costs | $ (59) |
Financial liabilities, net of debt issuance costs | 9,941 |
Revolving Loan Facility | |
Debt Instrument [Line Items] | |
Financial liabilities | $ 10,000 |
Financial Liabilities - Additio
Financial Liabilities - Additional Information (Detail) - Revolving Loan Facility - USD ($) $ in Millions | 3 Months Ended | |||
May 04, 2023 | Feb. 08, 2023 | Apr. 14, 2022 | Mar. 31, 2023 | |
Subsequent Event | ||||
Debt Instrument [Line Items] | ||||
Repayment of outstanding amounts | $ 7 | |||
Loan and Security Agreements | ||||
Debt Instrument [Line Items] | ||||
Outstanding borrowing capacity under credit facility | $ 10 | |||
Amended Loan Agreement | ||||
Debt Instrument [Line Items] | ||||
Interest rate | 7.75% | |||
Amended Loan Agreement | Prime Rate | ||||
Debt Instrument [Line Items] | ||||
Percentage of interest rate | 0.25% | |||
Amended Loan Agreement | East West Bank | ||||
Debt Instrument [Line Items] | ||||
Borrowing capacity under credit facility | $ 20 | |||
Loan facility payable date | Feb. 08, 2023 | |||
Fourth Amendment Loan Agreement | East West Bank | ||||
Debt Instrument [Line Items] | ||||
Loan facility payable date | Feb. 08, 2025 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) $ in Billions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Minimum | |
Income Taxes [Line Items] | |
Tax provide on corporations | $ 1 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Apr. 24, 2023 | Mar. 31, 2023 | May 05, 2020 | |
Series B Convertible Preferred Stock | |||
Stockholders Equity [Line Items] | |||
Minimum conversion price | $ 3.27 | ||
Dividend payment terms | Each share of Series B convertible preferred stock is entitled to a cumulative annual dividend of 5% for the first six years following the issuance of such share and 3% for each year thereafter, with the Company retaining the option to settle each year’s dividend after the 10th year in cash. The dividends accrue and are payable in kind upon such time as the shares convert into the Company’s common stock | ||
Cumulative annual dividend for first six years | 5% | ||
Cumulative annual dividend for each year after sixth year | 3% | ||
Price per share distributable to stockholders | $ 4 | ||
Series B Convertible Preferred Stock | Common Stock | |||
Stockholders Equity [Line Items] | |||
Preferred stock shares convertible into common stock | 6,409,010 | ||
Maximum | Common Stock | |||
Stockholders Equity [Line Items] | |||
Shares issued, price per share | $ 4 | ||
April 21 Funds Warrants | |||
Stockholders Equity [Line Items] | |||
Warrants issued to purchase common stock | 275,000 | ||
Warrant exercise price | $ 3.50 | ||
Warrants outstanding term | 3 years | ||
Number of shares issuable upon exercise | 275,000 | ||
April 21 Funds Warrants | Subsequent Event | |||
Stockholders Equity [Line Items] | |||
Number of shares issuable upon exercise | 275,000 | ||
Cash proceeds reveived | $ 962,500 |
Summary of Series B Convertible
Summary of Series B Convertible Preferred Stock and Accretion of Dividend (Detail) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Stockholders Equity [Line Items] | ||
Dividends earned on Series B preferred stock | $ 313 | $ 298 |
Series B Convertible Preferred Stock | ||
Stockholders Equity [Line Items] | ||
Balance at beginning of period | 25,323 | 24,117 |
Dividends earned on Series B preferred stock | 313 | 298 |
Balance at end of period | $ 25,636 | $ 24,415 |
Number of shares at beginning of period | 6,331 | 6,029 |
Cumulative dividends on Series B convertible preferred stock | 78 | 75 |
Number of shares at end of period | 6,409 | 6,104 |
Summary of Outstanding Warrants
Summary of Outstanding Warrants (Detail) - April 21 Funds Warrants | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Class Of Warrant Or Right [Line Items] | |
Number of Shares Issuable Upon Exercise | shares | 275,000 |
Weighted Average Exercise Price | $ / shares | $ 3.50 |
Issue Date | May 05, 2020 |
Expiration Date | May 05, 2023 |
Summary of Common Stock Reserve
Summary of Common Stock Reserved for Future Issuance (Detail) | Mar. 31, 2023 shares |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Common stock reserved for future issuance | 10,083,416 |
Exercise of Outstanding Stock Options, Vesting of Restricted Stock Units ("RSU"), Vesting of Performance Stock Units ("PSU") and Issuance of RSUs Vested but not Released | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Common stock reserved for future issuance | 1,556,124 |
Employee Stock Purchase Plan | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Common stock reserved for future issuance | 293,888 |
Shares of Common Stock Available for Grant Under the 2011 Plan | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Common stock reserved for future issuance | 416,955 |
Warrants to Purchase Common Stock | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Common stock reserved for future issuance | 275,000 |
Shares of Common Stock Issuable Upon Conversion of Series B Convertible Preferred Stock | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Common stock reserved for future issuance | 7,541,449 |
Summary of Activity for Stock O
Summary of Activity for Stock Options (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2023 | Dec. 31, 2022 | |
Stock Options Number Outstanding | ||
Beginning Balance | 505,593 | |
Ending Balance | 505,593 | 505,593 |
Vested or expected to vest as of March 31, 2023 | 505,593 | |
Exercisable as of March 31, 2023 | 505,593 | |
Stock Options Aggregate Intrinsic Value | ||
Beginning Balance | $ 1,280,805 | |
Ending Balance | 791,309 | $ 1,280,805 |
Vested or expected to vest as of March 31, 2023 | 791,309 | |
Exercisable as of March 31, 2023 | $ 791,309 | |
Stock Options Remaining Contractual Life (in years) | ||
Weighted Average Remaining Contractual Term (Years) | 2 years 11 months 4 days | 3 years 2 months 1 day |
Vested or expected to vest as of March 31, 2023 | 2 years 11 months 4 days | |
Exercisable as of March 31, 2023 | 2 years 11 months 4 days | |
Stock Options Weighted Average Exercise Price per share | ||
Beginning Balance | $ 5.05 | |
Ending Balance | 5.05 | $ 5.05 |
Vested or expected to vest as of March 31, 2023 | 5.05 | |
Exercisable as of March 31, 2023 | $ 5.05 |
Summary Information about Stock
Summary Information about Stock Options Outstanding (Detail) | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
$4.36 - $7.20 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of Exercise Prices, lower limit | $ 4.36 |
Range of Exercise Prices, upper limit | $ 7.20 |
Stock Options Number Outstanding | shares | 445,960 |
Stock Options Outstanding Weighted Average Remaining Contractual Life (Years) | 3 years 2 months 4 days |
Stock Options Outstanding Weighted Average Exercise Price | $ 4.37 |
Stock Options Number Exercisable | shares | 445,960 |
Stock Options Exercisable Weighted Average Exercise Price | $ 4.37 |
$7.50 - $11.25 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of Exercise Prices, lower limit | 7.50 |
Range of Exercise Prices, upper limit | $ 11.25 |
Stock Options Number Outstanding | shares | 59,100 |
Stock Options Outstanding Weighted Average Remaining Contractual Life (Years) | 1 year 18 days |
Stock Options Outstanding Weighted Average Exercise Price | $ 10.17 |
Stock Options Number Exercisable | shares | 59,100 |
Stock Options Exercisable Weighted Average Exercise Price | $ 10.17 |
$11.30 - $16.95 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of Exercise Prices, lower limit | 11.30 |
Range of Exercise Prices, upper limit | $ 16.95 |
Stock Options Number Outstanding | shares | 500 |
Stock Options Outstanding Weighted Average Remaining Contractual Life (Years) | 1 year |
Stock Options Outstanding Weighted Average Exercise Price | $ 11.30 |
Stock Options Number Exercisable | shares | 500 |
Stock Options Exercisable Weighted Average Exercise Price | $ 11.30 |
$19.70 - $29.55 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of Exercise Prices, lower limit | 19.70 |
Range of Exercise Prices, upper limit | $ 29.55 |
Stock Options Number Outstanding | shares | 33 |
Stock Options Outstanding Weighted Average Remaining Contractual Life (Years) | 4 months 17 days |
Stock Options Outstanding Weighted Average Exercise Price | $ 19.70 |
Stock Options Number Exercisable | shares | 33 |
Stock Options Exercisable Weighted Average Exercise Price | $ 19.70 |
$4.36 - $29.55 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of Exercise Prices, lower limit | 4.36 |
Range of Exercise Prices, upper limit | $ 29.55 |
Stock Options Number Outstanding | shares | 505,593 |
Stock Options Outstanding Weighted Average Remaining Contractual Life (Years) | 2 years 11 months 4 days |
Stock Options Outstanding Weighted Average Exercise Price | $ 5.05 |
Stock Options Number Exercisable | shares | 505,593 |
Stock Options Exercisable Weighted Average Exercise Price | $ 5.05 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Sep. 30, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized compensation expense related to stock options | $ 0 | ||
Restricted Stock Units | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized compensation expense | $ 8,600,000 | ||
Unrecognized stock-based compensation expense, weighted average period of recognition | 3 years 1 month 6 days | ||
Realized tax benefit | $ 0 | ||
Granted | 151,123 | ||
Grant fair value | $ 6.96 | ||
Repurchase of common stock (in shares) | 24,812 | 17,647 | |
Performance Stock Units | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Unrecognized compensation expense | $ 200,000 | ||
Unrecognized stock-based compensation expense, weighted average period of recognition | 9 months | ||
Realized tax benefit | $ 0 |
Summary of RSU Activity (Detail
Summary of RSU Activity (Detail) - Restricted Stock Units | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Beginning Balance, Unvested, Number Outstanding | shares | 819,185 |
Granted, Number Outstanding | shares | 151,123 |
Vested, Number Outstanding | shares | (84,816) |
Forfeited, Number Outstanding | shares | (12,729) |
Ending Balance, Unvested, Number Outstanding | shares | 872,763 |
RSUs vested but not released, Number Outstanding | shares | 137,768 |
Beginning Balance, Unvested, Weighted Average Fair Value | $ / shares | $ 13.23 |
Granted, Weighted Average Fair Value | $ / shares | 6.96 |
Vested, Weighted Average Fair Value | $ / shares | 13.35 |
Forfeited, Weighted Average Fair Value | $ / shares | 12.62 |
Ending Balance, Unvested, Weighted Average Fair Value | $ / shares | 12.14 |
RSUs vested but not released, Weighted Average Fair Value | $ / shares | $ 7 |
Summary of PSU Activity (Detail
Summary of PSU Activity (Detail) - Performance Stock Units | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Beginning Balance, Unvested, Number Outstanding | shares | 40,000 |
Ending Balance, Unvested, Number Outstanding | shares | 40,000 |
Beginning Balance, Unvested, Weighted Average Fair Value | $ / shares | $ 8.51 |
Ending Balance, Unvested, Weighted Average Fair Value | $ / shares | $ 8.51 |
Stock-Based Compensation Expens
Stock-Based Compensation Expense Related to Stock Options, RSUs and PSUs (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-Based Compensation Expense | $ (990) | $ (895) |
Stock Options and Restricted Stock Units | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-Based Compensation Expense | 990 | 895 |
Stock Options and Restricted Stock Units | Cost of revenue | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-Based Compensation Expense | 45 | 56 |
Stock Options and Restricted Stock Units | Research and Development Expense | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-Based Compensation Expense | 202 | 310 |
Stock Options and Restricted Stock Units | Selling and Marketing Expense | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-Based Compensation Expense | 293 | 194 |
Stock Options and Restricted Stock Units | General and Administrative Expense | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-Based Compensation Expense | $ 450 | $ 335 |
Calculations for Basic Net Loss
Calculations for Basic Net Loss Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Numerator: | ||
Net loss | $ (2,719) | $ (999) |
Less: accretion of Series B convertible preferred stock dividends | (313) | (298) |
Net loss available to common stockholders | $ (3,032) | $ (1,297) |
Denominator: | ||
Weighted average common shares outstanding - basic | 22,794 | 22,574 |
Net loss per common share - basic | $ (0.13) | $ (0.06) |
Common Stock Equivalents Exclud
Common Stock Equivalents Excluded From Diluted Net Loss Per Share (Detail) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Common stock equivalents diluted net income (loss) per share inclusion anti-dilutive | 8,103 | 7,525 |
Restricted Stock Units | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Common stock equivalents diluted net income (loss) per share inclusion anti-dilutive | 873 | 557 |
PSUs | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Common stock equivalents diluted net income (loss) per share inclusion anti-dilutive | 40 | 75 |
Stock Options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Common stock equivalents diluted net income (loss) per share inclusion anti-dilutive | 506 | 514 |
Warrants | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Common stock equivalents diluted net income (loss) per share inclusion anti-dilutive | 275 | 275 |
Shares of Common Stock Issuable Upon Conversion of Series B Convertible Preferred Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Common stock equivalents diluted net income (loss) per share inclusion anti-dilutive | 6,409 | 6,104 |
Information Regarding Net Reven
Information Regarding Net Revenue and Gross Profit by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Net revenue | $ 25,997 | $ 25,061 |
Gross profit | $ 9,211 | $ 8,966 |
Gross profit margin | 35% | 36% |
Operating expenses: | ||
Research and development | $ 2,707 | $ 2,529 |
Selling and marketing | 6,097 | 5,110 |
General and administrative | 2,948 | 2,488 |
Restructuring and severance | 191 | (140) |
Total operating expenses | 11,943 | 9,987 |
Loss from operations | (2,732) | (1,021) |
Non-operating income (expense): | ||
Interest expense, net | (50) | (25) |
Gain on investment | 24 | |
Foreign currency gains, net | 89 | 19 |
Loss before income tax benefit (provision) | (2,693) | (1,003) |
Identity | ||
Segment Reporting Information [Line Items] | ||
Net revenue | 14,678 | 14,579 |
Gross profit | $ 3,079 | $ 3,159 |
Gross profit margin | 21% | 22% |
Premises | ||
Segment Reporting Information [Line Items] | ||
Net revenue | $ 11,319 | $ 10,482 |
Gross profit | $ 6,132 | $ 5,807 |
Gross profit margin | 54% | 55% |
Information Regarding Net Rev_2
Information Regarding Net Revenue by Geographic Region (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Net revenue | $ 25,997 | $ 25,061 |
Geographic Concentration Risk | Revenue from Contract with Customer | ||
Segment Reporting Information [Line Items] | ||
Percentage of net revenue | 100% | 100% |
Americas | ||
Segment Reporting Information [Line Items] | ||
Net revenue | $ 21,628 | $ 16,891 |
Americas | Geographic Concentration Risk | Revenue from Contract with Customer | ||
Segment Reporting Information [Line Items] | ||
Percentage of net revenue | 83% | 67% |
Europe and the Middle East | ||
Segment Reporting Information [Line Items] | ||
Net revenue | $ 2,984 | $ 3,794 |
Europe and the Middle East | Geographic Concentration Risk | Revenue from Contract with Customer | ||
Segment Reporting Information [Line Items] | ||
Percentage of net revenue | 12% | 15% |
Asia-Pacific | ||
Segment Reporting Information [Line Items] | ||
Net revenue | $ 1,385 | $ 4,376 |
Asia-Pacific | Geographic Concentration Risk | Revenue from Contract with Customer | ||
Segment Reporting Information [Line Items] | ||
Percentage of net revenue | 5% | 18% |
Segment Reporting, Geographic_3
Segment Reporting, Geographic Information and Concentration of Credit Risk - Additional Information (Detail) - Customer | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Segment Reporting [Abstract] | |||
Concentration Risk, Customer | One customer accounted for 11% of net revenue for the three months ended March 31, 2023. No customer accounted for more than 10% of net revenue for the three months ended March 31, 2022. No customer accounted for 10% or more of net accounts receivable as of March 31, 2023 or December 31, 2022. | ||
Number of major customer represented stated percentage of total net revenue | 1 | 0 | |
Number of customers who accounted for 10% or more net accounts receivable | 0 | 0 |
Long-Lived Assets by Geographic
Long-Lived Assets by Geographic Location (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Segment Reporting Information [Line Items] | ||
Property and equipment, net | $ 7,595 | $ 6,719 |
Operating lease ROU assets | 4,344 | 4,373 |
Americas | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, net | 706 | 530 |
Operating lease ROU assets | 3,440 | 3,637 |
Europe and the Middle East | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, net | 490 | 458 |
Operating lease ROU assets | 350 | 384 |
Asia-Pacific | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, net | 6,399 | 5,731 |
Operating lease ROU assets | $ 554 | $ 352 |
Restructuring and Severance - A
Restructuring and Severance - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Restructuring Cost And Reserve [Line Items] | ||
Net credit representing difference between amounts accrued and the settlement amount | $ 153,000 | |
Restructuring and severance expenses | $ 191,000 | (140,000) |
Severance | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring and severance expenses | $ 191,000 | |
Severance | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring and severance expenses | $ 13,000 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Lessee Lease Description [Line Items] | ||
Total rent expense | $ 0.4 | $ 0.3 |
Lessee, Operating Lease, Existence of Option to Extend [true false] | true | |
Weighted average remaining operating lease term | 3 years | |
Weighted average discount rate of operating lease | 6.30% | |
Operating lease liabilities, cash paid | $ 0.4 | $ 0.3 |
Minimum | ||
Lessee Lease Description [Line Items] | ||
Remaining lease term | 1 year | |
Maximum | ||
Lessee Lease Description [Line Items] | ||
Remaining lease term | 5 years | |
Operating leases, options to extend leases term | 5 years |
Leases - Schedule of Reconciles
Leases - Schedule of Reconciles Undiscounted Cash flows of Operating Lease Liabilities Recorded on the Condensed Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
2023 (remaining nine months) | $ 1,063 | |
2024 | 1,285 | |
2025 | 1,051 | |
2026 | 836 | |
2027 | 798 | |
Thereafter | 13 | |
Total minimum lease payments | 5,046 | |
Less: amount of lease payments representing interest | (476) | |
Present value of future minimum lease payments | 4,570 | |
Less: current liabilities under operating leases | (1,199) | $ (1,190) |
Long-term operating lease liabilities | $ 3,371 | $ 3,366 |
Summary of Principal Contractua
Summary of Principal Contractual Obligations, Excluding Operating Leases (Detail) $ in Thousands | Mar. 31, 2023 USD ($) |
Purchase Commitments | |
2023 (remaining nine months) | $ 50,158 |
2024 | 7,744 |
2025 | 4,005 |
Total | 61,907 |
Other Contractual Commitments | |
2023 (remaining nine months) | 67 |
Total | 67 |
Total Commitments | |
2023 (remaining nine months) | 50,225 |
2024 | 7,744 |
2025 | 4,005 |
Total | $ 61,974 |
Summary of Warranty Accrual Acc
Summary of Warranty Accrual Account Activity (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Leases [Abstract] | ||
Balance at beginning of period | $ 345 | $ 377 |
Charged (credited) to costs and expenses | (5) | 14 |
Cost of warranty claims | 1 | 1 |
Balance at end of period | $ 341 | $ 392 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2023 | |
Minimum | |
Commitment And Contingencies [Line Items] | |
Term of warranties on certain product sales | 12 months |
Maximum | |
Commitment And Contingencies [Line Items] | |
Term of warranties on certain product sales | 36 months |