Document And Entity Information
Document And Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 10, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | SiTime Corporation | ||
Entity Central Index Key | 0001451809 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Public Float | $ 431,489,077 | ||
Entity Common Stock Shares Outstanding | 17,150,278 | ||
Entity Shell Company | false | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | true | ||
Title of 12(b) Security | Common Stock, $0.0001 par value per share | ||
Trading Symbol | SITM | ||
Security Exchange Name | NASDAQ | ||
Entity File Number | 001-39135 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 02-0713868 | ||
Entity Address, Address Line One | 5451 Patrick Henry Drive | ||
Entity Address, City or Town | Santa Clara | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 95054 | ||
City Area Code | 408 | ||
Local Phone Number | 328-4400 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Part III incorporates by reference certain information from the registrant’s definitive proxy statement for the 2021 Annual Meeting of Stockholders to be filed no later than 120 days after the conclusion of the registrant’s fiscal year ended December 31, 2020. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 73,525 | $ 63,418 |
Accounts receivable, net | 23,920 | 17,659 |
Related party accounts receivable | 736 | 1,073 |
Inventories | 12,350 | 11,911 |
Prepaid expenses and other current assets | 2,649 | 5,601 |
Total current assets | 113,180 | 99,662 |
Property and equipment, net | 11,708 | 9,288 |
Intangible assets, net | 2,069 | 4,489 |
Right-of-use assets, net | 8,892 | 9,790 |
Other assets | 162 | 162 |
Total assets | 136,011 | 123,391 |
Current liabilities: | ||
Accounts payable | 6,182 | 3,869 |
Accrued expenses and other current liabilities | 12,963 | 8,442 |
Loan obligations | 41,000 | |
Total current liabilities | 19,145 | 53,311 |
Lease liabilities | 6,986 | 7,940 |
Total liabilities | 26,131 | 61,251 |
Commitments and contingencies (Note 6) | ||
Stockholders’ equity: | ||
Common stock, $0.0001 par value - 200,000 shares authorized; 17,150 and 14,968 shares issued and outstanding at December 31, 2020 and December 31, 2019 | 2 | 2 |
Additional paid-in capital | 173,274 | 116,162 |
Accumulated deficit | (63,396) | (54,024) |
Total stockholders’ equity | 109,880 | 62,140 |
Total liabilities and stockholders’ equity | $ 136,011 | $ 123,391 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares, issued | 17,150,000 | 14,968,000 |
Common stock, shares, outstanding | 17,150,000 | 14,968,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | ||
Revenue | $ 116,156 | $ 84,074 |
Cost of revenue | 58,224 | 44,516 |
Gross profit | 57,932 | 39,558 |
Operating expenses: | ||
Research and development | 31,652 | 23,795 |
Selling, general and administrative | 34,893 | 20,636 |
Total operating expenses | 66,545 | 44,431 |
Loss from operations | (8,613) | (4,873) |
Interest expense | (726) | (1,714) |
Other expense, net | (32) | (28) |
Loss before income taxes | (9,371) | (6,615) |
Income tax (expense) benefit | (1) | 8 |
Net loss | (9,372) | (6,607) |
Net loss attributable to common stockholder and comprehensive loss | $ (9,372) | $ (6,607) |
Net loss per share attributable to common stockholder, basic and diluted | $ (0.58) | $ (0.63) |
Weighted-average shares used to compute basic and diluted net loss per share | 16,064 | 10,558 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Initial Public Offering [Member] | Common Stock | Common StockInitial Public Offering [Member] | Additional Paid-in Capital | Additional Paid-in CapitalInitial Public Offering [Member] | Accumulated Deficit |
Beginning Balance at Dec. 31, 2018 | $ 11,015 | $ 1 | $ 58,431 | $ (47,417) | |||
Beginning Balance, Shares at Dec. 31, 2018 | 10,000,000 | ||||||
Stock-based compensation expense | 1,379 | 1,379 | |||||
Net loss | (6,607) | (6,607) | |||||
Issuance of common stock net of underwriting discounts and commissions and other offering costs | $ 56,353 | $ 1 | $ 56,352 | ||||
Issuance of common stock upon net of underwriting discounts and commissions and other offerings costs, Shares | 4,945,000 | ||||||
Issuance of shares upon vesting of restricted stock units, net of tax withholdings, Shares | 23,000 | ||||||
Ending Balance at Dec. 31, 2019 | $ 62,140 | $ 2 | 116,162 | (54,024) | |||
Ending Balance, Shares at Dec. 31, 2019 | 14,968,000 | 14,968,000 | |||||
Stock-based compensation expense | $ 14,816 | 14,816 | |||||
Net loss | (9,372) | (9,372) | |||||
Issuance of common stock net of underwriting discounts and commissions and other offering costs | 45,789 | 45,789 | |||||
Issuance of common stock upon net of underwriting discounts and commissions and other offerings costs, Shares | 1,525,000 | ||||||
Issuance of shares upon vesting of restricted stock units, net of tax withholdings | (3,493) | (3,493) | |||||
Issuance of shares upon vesting of restricted stock units, net of tax withholdings, Shares | 657,000 | ||||||
Ending Balance at Dec. 31, 2020 | $ 109,880 | $ 2 | $ 173,274 | $ (63,396) | |||
Ending Balance, Shares at Dec. 31, 2020 | 17,150,000 | 17,150,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (9,372) | $ (6,607) |
Adjustments to reconcile net loss to net cash provided by operating activities | ||
Depreciation and amortization expense | 6,402 | 8,273 |
Stock-based compensation expense | 16,009 | 1,379 |
Inventory write-down | 1,446 | 321 |
Impairment of internal-use software | 959 | |
Other | 106 | 9 |
Changes in assets and liabilities: | ||
Accounts receivable, net | (6,261) | 1,521 |
Related party accounts receivable | 337 | 363 |
Inventories | (2,070) | 8,144 |
Prepaid expenses and other assets | 2,951 | (3,145) |
Accounts payable | 2,606 | (1,148) |
Accrued expenses and other liabilities | 4,151 | (919) |
Lease liabilities | (660) | (813) |
Net cash provided by operating activities | 16,604 | 7,378 |
Cash flows from investing activities | ||
Purchase of property and equipment | (6,098) | (1,426) |
Cash paid for intangibles | (1,695) | (1,776) |
Net cash used in investing activities | (7,793) | (3,202) |
Cash flows from financing activities | ||
Proceeds from public offering, net of underwriting discounts and commissions and other offering costs | 45,789 | 56,353 |
Tax withholding paid on behalf of employees for net share settlement | (3,493) | |
Proceeds from loans from financial institutions | 35,000 | |
Principal payments on loans to financial institutions | (76,000) | (2,000) |
Principal payments on loan to MegaChips | (3,000) | |
Net cash provided by financing activities | 1,296 | 51,353 |
Net increase in cash and cash equivalents | 10,107 | 55,529 |
Cash and cash equivalents | ||
Beginning of period | 63,418 | 7,889 |
End of period | 73,525 | 63,418 |
Supplemental disclosure of cash flow information | ||
Interest paid during the period | 799 | 2,167 |
Income taxes paid | 1 | 1 |
Supplemental disclosure of noncash flow information | ||
Unpaid property and equipment | 343 | 77 |
Right-of-use assets acquired under operating leases | $ 382 | $ 10,763 |
The Company and Summary of Sign
The Company and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
The Company and Summary of Significant Accounting Policies | 1. The Company and Summary of Significant Accounting Policies SiTime Corporation (the “Company”) was incorporated in the State of Delaware in December 2003. The Company is a provider of silicon timing systems. The Company primarily supplies oscillator products that comprise a MEMS resonator and clock IC that is integrated into a package, as well as standalone resonators. The Company has also started to sample clock ICs. The Company’s products are designed to address a wide range of applications across a broad array of end markets. The Company operates a fabless business model and leverages its global network of distributors and resellers to address the broad set of end markets that it serves. The Company was a wholly-owned subsidiary of MegaChips Corporation (“MegaChips”), a fabless semiconductor company based in Japan and traded on the Tokyo Stock Exchange until it completed its initial public offering in November 2019. MegaChips remains the largest stockholder of the Company and held approximately 43.7% of the Company’s outstanding common stock Outbreak of Coronavirus Disease 2019 (“the COVID-19 pandemic”) On March 11, 2020, the World Health Organization characterized the outbreak of the coronavirus disease known as COVID-19 as a global pandemic and recommended containment and mitigation measures. On March 13, 2020, the United States declared a national emergency concerning the outbreak, and several states and municipalities have declared public health emergencies. To combat the spread of the COVID-19 pandemic, the United States and other foreign countries in which the Company operates have imposed measures such as quarantines and “shelter-in-place” orders that are restricting business operations and travel and requiring individuals to work from home (“WFH”), which has impacted all aspects of the Company’s business as well as those of the third-parties we rely upon for our manufacturing, assembly, testing, shipping and other operations. The global health crisis caused by the COVID-19 pandemic has negatively impacted business activity across the globe and has impacted the Company's employees and operations. The inputs into the Company’s judgments and estimates consider the economic implications of the COVID-19 pandemic, as the Company knows them, on the Company’s critical and significant accounting estimates. Reporting Calendar The Company’s fiscal year begins on January 1 of the year stated and ends on December 31 of the same year. The Company reports its results on a calendar year basis. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Initial and Follow-on Public Offerings On November 25, 2019, the Company completed its initial public offering (“IPO”), in which it issued and sold 4,945,000 shares of its common stock including the full exercise of the underwriters’ over-allotment option to purchase an additional 645,000 shares at $13.00 per share, resulting in net proceeds of $56.4 million after deducting underwriting discounts, commissions and offering costs of $7.9 million. On June 16, 2020, the Company completed a follow-on public offering (“June 2020 Offering), in which it issued and sold 1,525,000 shares of its common stock and MegaChips sold 2,500,000 of its common stock held by them, resulting in net proceeds to the Company of $45.8 million after deducting underwriting discounts and commissions of $2.7 million and deferred offering costs of $0.3 million. Stock Split On October 16, 2019, a pricing committee of the Company’s board of directors approved an amendment and restatement of the Company’s certificate of incorporation to (i) increase the total number of authorized shares of its common stock to 200,000,000 shares, (ii) change the par value of its common stock to $0.0001 per share, and (iii) effect a 30,000-for-1 stock split of its common stock, which was within the range previously approved by its sole stockholder. These changes became effective upon filing of the Company’s amended and restated certificate of incorporation on October 18, 2019. Subsequently, on November 6, 2019, the Company’s board of directors and sole stockholder approved an amendment and restatement of the Company’s certificate of incorporation to effect a 2-for-3 reverse stock split of its common stock, which became effective on November 6, 2019. The share and per share amounts in these consolidated financial statements and accompanying notes have been adjusted to reflect such stock split and reverse stock split. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The significant areas requiring the use of management estimates and assumptions include revenue recognition, estimate of reserve for excess and obsolete inventories, sales and warranty reserves, estimate of reserves for accounts receivable, internally developed software capitalization, and valuation allowances for deferred tax assets. Actual results may differ materially from such estimates. Management believes that the estimates, and judgments upon which they rely, are reasonable based upon information available to them at the time that these estimates and judgments are made. To the extent that there are material differences between these estimates and actual results, the Company’s consolidated financial statements will be affected. Foreign Currency Remeasurement The Company and its wholly-owned subsidiaries use the U.S. dollar as the functional currency. Foreign currency assets and liabilities are remeasured into U.S. dollars at the end-of-period exchange rates except for non-monetary assets and liabilities, which are measured at historical exchange rates. Revenue and expenses are remeasured using an average exchange rate in effect for the period, except for items related to non-monetary assets and liabilities, which are measured at historical exchange rates. Gains or losses from foreign currency remeasurement and transactions are included in other expense, net. For the years ended December 31, 2020 and 2019, foreign currency remeasurement and transactions gains and losses were less than $0.2 million. Cash and Cash Equivalents Cash and cash equivalents consist of cash balances in the Company’s bank checking and savings accounts and liquid short-term investments with original or remaining maturities of 90 days or less at the date of purchase, readily convertible to known amounts of cash. Fair Value Measurements The carrying amounts of the Company’s financial instruments, which include cash equivalents, accounts receivable, accounts payable, accrued liabilities, and other current liabilities, approximate their fair values due to their short maturities. The Company determines fair value measurements used in its consolidated financial statements based upon the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy distinguishes between (i) market participant assumptions developed based on market data obtained from independent sources (observable inputs), and (ii) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: Level 1: Valuations based on quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. Level 2: Valuations based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities. Level 3: Valuations based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. At December 31, 2020 and 2019, cash balances in bank checking and savings accounts of $18.4 There were no transfers between Level 1 and Level 2 categories during any of the periods presented. Accounts Receivable and Allowances for Credit Losses Accounts receivable are stated at amounts estimated by management to be net realizable value. An allowance for credit losses is recorded when it is probable that amounts will not be collected based on historical collection trends, age of outstanding receivables, specific customer circumstances, existing economic conditions and future forecasted information. The Company performs periodic credit evaluations of its customers’ financial condition and generally requires no collateral from its customers. Losses have not been significant in any of the periods presented. Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company’s cash and cash equivalents amount is subject to concentration of credit risk. The Company maintains some cash and cash equivalents balances that are in excess of Federal Deposit Insurance Corporation insurance limits with financial institutions. The Company extends credit based on an evaluation of the customer’s financial condition and collateral is not typically required. The Company primarily sells its products through third-party distributors and resellers. For the years ended December 31, 2020 and 2019, three distributors directly accounted for 10% or more of the Company’s revenue. The following table discloses these customers’ percentage of revenue for the respective periods: Year Ended December 31, 2020 2019 Customer Pernas Electronics Co. Ltd. 26 % 17 % Quantek Technology Corporation 18 22 Arrow Electronics, Inc. 15 19 At December 31, 2020 and 2019, three customers accounted for 10% or more of accounts receivable, as disclosed below: As of December 31, 2020 2019 Customer Pernas Electronics Co. Ltd. 31 % 12 % Quantek Technology Corporation 22 32 Arrow Electronics, Inc. 18 26 Inventories Inventories are stated at the lower of standard cost (which approximates actual cost on a first-in, first-out basis) or net realizable value. The Company, at least quarterly, assesses the recoverability of all inventories to determine whether adjustments are required to record inventory at the lower of cost or net realizable value. The Company reduces the value of inventory by establishing excess and obsolete inventories reserves based on management’s assessment of future demand and market conditions and may require estimates that may include uncertain elements. Actual demand may differ from forecasted demand and such differences may have a material effect on recorded value of inventory. Inventory reserve write-downs, once established, are not released until the related inventory has been sold or scrapped. Rebates from the Company’s foundries are recorded as a reduction of inventory cost and are recognized in cost of revenue over the inventory turnover days of the Company. Most of the Company’s inventory is warehoused at its contract manufacturers. Property and Equipment Property and equipment are recorded at cost, less accumulated depreciation. Depreciation of property and equipment is recognized on a straight-line basis over the estimated useful lives of the respective assets as follows: Lab and manufacturing equipment 3 to 5 years Computer equipment 3 years Furniture and fixtures 5 years Leasehold improvements Shorter of remaining lease term or estimated useful lives of the assets The Company capitalizes the costs of purchased mask sets that are utilized during the photolithography phase of manufacturing our products, when technological feasibility and marketability have been established. The capitalization occurs upon the completion of a detailed design, the absence of significant development uncertainties and the determination of market acceptance. Such amounts are included in property and equipment in the consolidated balance sheets and are amortized to cost of revenue over their estimated useful life of 5 years. However, if significant uncertainties exist regarding the future utility of a particular mask set, then its related costs are expensed to research and development at the time the significant uncertainties are identified. Maintenance and repair costs are charged to expense as incurred, and expenditures that extend the useful lives of assets are capitalized. Upon retirement or sale of the property and equipment, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is recorded in other expense, net. Intangible Assets Intangible assets include the costs related to acquired software as well as costs related to software internally developed, or modified solely to meet the Company’s internal requirements, with no substantive plans to market such software at the time of development. The Company develops proprietary design automation software for its MEMS-based resonators. Costs incurred during the preliminary planning and evaluation stage of the project and during post implementation operational stage are expensed as incurred. Costs incurred during the application development stage of the software are capitalized. The Company defines the configuration and coding process as the application development stage. Capitalized internal use software costs are amortized, on a straight-line basis under cost of revenue over the estimated useful life of approximately 2 to 3 years. Purchased intangibles with finite lives are amortized using the straight-line method over the estimated economic lives of the assets of 3 years. Leases The Company applies the guidance in Accounting Standards Codification (“ASC”), Topic 842 to individual leases of assets. The Company recognizes a transaction as a lease when it receives substantially all of the economic benefits from and directs the use of specified property, plant and equipment. Operating leases are included in right-of-use (“ROU”), assets, accrued expenses and other current liabilities, and lease liabilities in the Company’s consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the present value of the Company’s obligation to make lease payments arising from the lease. The Company currently does not have any finance leases. The Company has elected the practical expedient within ASC Topic 842 to not separate lease and non-lease components within lease transactions for all classes of assets. Additionally, the Company has elected the short-term lease exception for all classes of assets and does not apply the recognition requirements for leases of 12 months or less and recognizes lease payments for short-term leases as expense either straight-line over the lease term or as incurred depending on whether the lease payments are fixed or variable. These elections are applied consistently for all leases. When discount rates implicit in leases cannot be readily determined, the Company uses the applicable incremental borrowing rate at lease commencement to perform lease classification tests on lease components and to measure ROU assets and lease liabilities. The incremental borrowing rate used by the Company was based on the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. Impairment of Long-Lived Assets The Company evaluates its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets. The Company determined that no events or changes in circumstances indicate that impairment of its long-lived assets has occurred. Warranty The Company provides limited lifetime warranty coverage on all of its products by guaranteeing that all timing components from the Company will be free from defects in workmanship and materials and will conform to specifications for the life of the system. This assurance-type warranty is not considered a separate performance obligation, and thus no transaction price is allocated to it. The Company records the warranty costs in cost of revenue in the consolidated statements of operations and comprehensive income (loss). The warranty reserve is calculated using historical claim information to project future warranty claims activity and is recorded within accrued expenses and other current liabilities and other long-term liabilities on the consolidated balance sheets based on the expected timing of the related payments. To date, the Company has had negligible returns of any defective products, and hence the warranty reserve balances as of December 31, 2020 and 2019 were less than $0.1 million. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amounts in the consolidated financial statements of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards, using enacted tax rates in effect for the year in which the differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. A valuation allowance is provided in order to reduce the deferred tax assets to a level which, more likely than not, will be realized. The Tax Cuts and Jobs Act of 2017 (the “Tax Act”) and The Coronavirus Aid, Relief, and Economic Security (“CARES Act”) , makes broad and complex changes to the U.S. tax code. These computations require significant judgments and estimates to be made regarding the interpretation of the provisions within the Tax Act along with the preparation and analysis of information not previously required. While the Company believes it has adequately reserved for its uncertain tax positions, no assurance can be given that the final tax outcome of these matters will not be different. The Company adjusts these reserves in light of changing facts and circumstances, such as the closing of a tax audit. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will impact the provision for income taxes and the effective tax rate in the period in which such determination is made. The Company recognizes tax positions in the consolidated financial statements only when it is more likely than not that the position will be sustained upon examination by the relevant taxing authority. Liabilities are established for differences between positions taken in a tax return and amounts recognized in the consolidated financial statements. The Company reports interest and penalties related to uncertain tax positions, if any, in the provision for income taxes in the consolidated statements of operations and comprehensive income (loss). To the extent that accrued interest and penalties do not ultimately become payable, amounts accrued will be reduced and reflected as a reduction of the overall provision for income taxes in the period that such determination is made. Revenue Recognition The Company derives revenue from its product sales to distributors and resellers, who in turn sell to original equipment manufacturers or other end customers. The Company recognizes product revenue, at a point in time, upon shipment when it satisfies its performance obligations as evidenced by the transfer of control of its products to customers. The Company measures revenue based on the amount of consideration it expects to be entitled to in exchange for products. Variable consideration is estimated and reflected as an adjustment to the transaction price. The Company determines variable consideration, which consists primarily of price adjustments and product returns by estimating the amount of consideration the Company expects to receive from its customers based on historical experience of price adjustments and product returns. Initial estimates of price adjustments and product returns are updated at the end of each reporting period if additional information becomes available. Changes to the Company’s estimated variable consideration were not material for the periods presented. Since the Company’s performance obligations relate to contracts with a duration of less than one year, it does not disclose the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period. The Company’s payment terms vary by contract type and type of customer and generally range from 30 to 60 days from shipment. The Company has also elected to recognize the cost for freight and shipping when control over the products sold passes to customers and revenue is recognized. As a practical expedient, the Company records the incremental costs of obtaining a contract, consisting primarily of sales commissions, when incurred because the amortization period is one year or less. These costs are recorded within sales and marketing expenses. The Company entered into a distribution agreement with MegaChips, whereby the Company appointed MegaChips as the exclusive distributor of its products in Japan. The Company recognizes revenue upon shipment derived from sales of products through MegaChips in the amount of expected payments from parties which purchased the products as adjusted for estimated price concessions and product returns. Cost of Revenue Cost of revenue consists of wafers acquired from third-party foundries, assembly, packaging, and test cost of the Company’s products paid to third-party contract manufacturers, and personnel and other costs associated with the manufacturing operations of the Company. Cost of revenue also includes depreciation of production equipment, inventory write-downs, amortization of internally developed software, shipping and handling costs, and allocation of overhead and facility costs. The Company also includes credits for rebates received from foundries to cost of revenue. Research and Development Expenses Research and development costs consist primarily of personnel cost, material cost, and facilities related expenses, incurred in the course of planned research and development of new products. Research and development costs are expensed as incurred. Selling, General and Administrative Expenses Selling, general and administrative expenses primarily consist of personnel costs, field application engineering support, travel costs, professional and consulting fees, accounting and audit fees, legal, advertising expenses, and allocated overhead costs. Selling, general and administrative costs are expensed as incurred. Advertising expenses were $ 0 Stock-Based Compensation The Company measures and recognizes compensation expense for all stock-based awards made to employees, based on estimated fair values using the straight-line method over the requisite service period. The Company recognizes forfeitures as they occur. The Company granted restricted stock units (“RSUs”) of its own common stock after the completion of its IPO and such grants were valued at the fair market value of the Company’s stock on the date of the grant. The Company amortizes stock-based compensation expense for time-based awards under the straight-line attribution method over the vesting period. Stock-based compensation expense for performance-based awards is recognized when it becomes probable that the performance conditions will be met. The Company amortizes stock-based compensation expense for performance-based awards using the accelerated method. Net Loss Per Share Attributable to Common Stockholder Basic net loss per share attributable to common stockholder is calculated by dividing the net loss attributable to common stockholder by the weighted-average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholder by the weighted-average number of shares of common stock and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, the Company does not have any stock issuances that are considered to be potentially dilutive securities. As such, the net loss was attributed entirely to common stockholder. Because the Company has no potentially dilutive securities for the years ended December 31, 2020 and 2019, diluted net loss per share attributable to common stockholder is the same as basic net loss per share attributable to common stockholder for all periods presented. Comprehensive Loss The Company has no components of other comprehensive income loss. Therefore, net loss equals comprehensive loss for all periods presented. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | 2. Recent Accounting Pronouncements Recently Adopted Accounting Guidance In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, which modifies the disclosure requirements in Topic 820. The adoption of this standard on January 1, 2020 did not have any impact on the Company's disclosures. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, New Accounting Pronouncements Not Yet Adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 3. Net Loss Per Share The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholder of the Company: Year Ended December 31 2020 2019 (in thousands, except per share data) Net loss attributable to common stockholder $ (9,372 ) $ (6,607 ) Weighted-average shares outstanding 16,064 10,558 Weighted average shares used to compute basic and diluted net loss per share 16,064 10,558 Net loss attributable to common stockholders per share, basic and diluted $ (0.58 ) $ (0.63 ) |
Balance Sheets Components
Balance Sheets Components | 12 Months Ended |
Dec. 31, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheets Components | 4. Balance Sheets Components Accounts Receivable, net Accounts receivable, net consisted of the following: As of December 31, 2020 December 31, 2019 (in thousands) Accounts receivable, gross $ 23,970 $ 17,788 Allowance for credit losses (50 ) (129 ) Accounts receivable, net $ 23,920 $ 17,659 Inventory Inventory consisted of the following: As of December 31, 2020 December 31, 2019 (in thousands) Raw materials $ 435 $ 304 Work in progress 10,184 8,160 Finished goods 1,731 3,447 Total inventories $ 12,350 $ 11,911 Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following: As of December 31, 2020 December 31, 2019 (in thousands) Advance to suppliers $ 853 $ 3,338 Prepaid expenses 1,074 1,279 Other current assets 722 984 Total prepaid and other current assets $ 2,649 $ 5,601 Property and Equipment, Net Property and equipment, net consisted of the following: As of December 31, 2020 December 31, 2019 (in thousands) Lab and manufacturing equipment $ 21,958 $ 17,376 Computer equipment 1,121 800 Furniture and fixtures 237 241 Construction in progress 638 221 Leasehold improvements 4,134 4,074 28,088 22,712 Accumulated depreciation (16,380 ) (13,424 ) Total property and equipment, net $ 11,708 $ 9,288 Depreciation expense related to property and equipment was $ 3 Intangible Assets, Net Intangible assets, net consisted of the following: As of December 31, 2020 December 31, 2019 (in thousands) Internal use software $ 9,377 $ 10,022 Purchased intangibles 5,663 4,793 15,040 14,815 Accumulated amortization (12,971 ) (10,326 ) Intangible assets, net $ 2,069 $ 4,489 Amortization expense for intangible assets was $ 2.7 As of December 31, 2020 and 2019, the Company had $ 0.7 (in thousands) 2021 $ 1,267 2022 543 2023 259 $ 2,069 Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: As of December 31, 2020 December 31, 2019 (in thousands) Accrued payroll and related benefits $ 5,362 $ 1,880 Accrued customer rebates 380 218 Accrued interest - 72 Price adjustment and other revenue reserves 3,063 1,222 Short term lease liability 1,264 1,874 Other accrued expenses 2,894 3,176 Total accrued expenses and other current liabilities $ 12,963 $ 8,442 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | 5. Leases The Company leases real estate property under operating leases. The Company was also a lessee and a sublessor from an accounting perspective for its Santa Clara lease through March 31, 2019. The Company signed a non-cancellable operating lease agreement for its corporate headquarters in Santa Clara, California, that commenced on October 20, 2016 and will expire on December 31, 2026. The agreement provides for an option to renew for an additional 5 years and for monthly rent payments through the term of the lease. The Company also leases office space in Michigan, Malaysia, Japan, the Netherlands, and Ukraine all under non-cancellable operating leases with various expiration dates through December In the year ended December 31, 2018, the Company signed an agreement to lease equipment of $3.2 million for research and development and to help with the production of certain of its products. The table below presents the lease-related assets and liabilities recorded on the consolidated balance sheet as of December 31, 2020 and 2019: As of December 31, 2020 December 31, 2019 (in thousands) Right-of-use assets $ 8,892 $ 9,790 Lease liabilities included in accrued expenses and other current liabilities 1,264 1,874 Lease liabilities - non-current 6,986 7,940 Total operating lease liabilities $ 8,250 $ 9,814 Weighted-average remaining lease term (years) 5.9 7.1 Weighted-average discount rate 4.2 % 4.1 % The table below presents certain information related to the lease costs for operating leases for the years ended December 31, 2020 and 2019: Year Ended December 31 2020 2019 (in thousands) Operating lease cost $ 1,696 $ 1,419 Short-term lease cost 356 313 Variable lease cost 332 494 Total lease cost $ 2,384 $ 2,226 Cash paid for operating lease liabilities was $ 2 Undiscounted Cash Flows The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on the consolidated balance sheet as of December 31, 2020: (in thousands) 2021 $ 1,453 2022 1,596 2023 1,489 2024 1,532 2025 1,580 2026 and beyond 1,615 Total minimum lease payments 9,265 Less: amount of lease payments representing interest (1,015 ) Present value of future minimum lease payments 8,250 Less: current obligations under leases (1,264 ) Long-term lease liabilities $ 6,986 As of December 31, 2020, the Company had two leases in Japan for a total cost of less than $0.1 million that had not yet commenced. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 6. Commitments and Contingencies Purchase Commitments The Company purchases components from a variety of suppliers and uses several contract manufacturers to provide manufacturing services for its products. During the normal course of business, in order to manage manufacturing lead times and to help ensure adequate component supply, the Company enters into agreements with the Company’s contract manufacturers and suppliers that allow them to procure inventory based upon criteria as defined by the Company. A portion of the Company’s reported purchase commitments arising from these agreements consists of firm, non-cancelable purchase commitments. In certain instances, these agreements allow the Company the option to cancel, reschedule, and adjust the Company’s requirements based on its business needs prior to when production starts. However, in situations where the Company is unable to cancel, reschedule, or adjust the purchase commitment due to changing customer demand, excess inventories could result in material inventory provisions. As of December 31, 2020, the Company had a commitment of $2.1 million for a license which will be paid equally through July 2023. Commitments for MEMS Wafer Supplier Agreement The Company purchases MEMS wafers required for its silicon timing systems products under a multi-year manufacturing agreement with a third-party supplier. Under this agreement, the Company has agreed to minimum quantity purchase commitments and is responsible for research and development, tooling, and samples cost, in addition to wafer costs. The Company has historically met the supplier’s minimum wafer quantity requirements. Indemnification The Company is a party to a variety of agreements pursuant to which it may be obligated to indemnify other parties to such agreements with respect to certain matters. Typically, these obligations arise in the context of contracts that the Company has entered into, under which the Company customarily agrees to hold the other party harmless against losses arising from a breach of representations and covenants or terms and conditions related to such matters as the sale and/or delivery of its products, title to assets sold, certain intellectual property claims, defective products, specified environmental matters, and certain income taxes. Further, the Company’s obligations under these agreements may be limited in terms of time, amount, or the scope of its responsibility and in some instances, the Company may have recourse against third parties for certain payments made under these agreements. It is not possible to predict the maximum potential amount of future payments under these agreements due to the conditional nature of the Company’s obligations and the unique facts and circumstances involved in each particular agreement. Historically, the Company has had no material indemnification claims under these agreements. Legal Matters From time to time, the Company may be a party to various litigation claims in the normal course of business. Legal fees and other costs associated with such actions are expensed as incurred. The Company assesses, in conjunction with legal counsel, the need to record a liability for litigation and contingencies. Accrual estimates are recorded when and if it is determined that such a liability for litigation and contingencies are both probable and reasonably estimable. In March 2019, VTT Technical Research Centre of Finland, Ltd. ("VTT") filed suit in the United States District Court for the Northern District of California alleging infringement by the Company of a patent relating to specific combinations of features set forth in U.S. Patent No. 8,558,643. The complaint sought unspecified monetary damages and injunctive relief. On January 22, 2020, the Company participated in a mediation that had been ordered by the Court. The case was not resolved at the mediation. A Markman Hearing was held on May 15, 2020 relating to a number of different disputed claim terms, and on July 9, 2020 the Court issued a Markman Order relating to those disputed claim terms. Among its determinations, the Court found that one of the disputed claim terms was indefinite, as well as any claim that had this claim term in it. On July 17, 2020, the Court issued a judgment finding all claims of U.S. Patent No. 8,558,643 invalid, based upon its Markman Order. VTT filed a Notice of Appeal of the Court's judgment with the US Court of Appeals for the Federal Circuit and filed its opening brief on November 19, 2020 and the Company filed its response brief on January 28, 2021. The potential loss is currently neither probable nor reasonably estimable. |
Debt Obligations
Debt Obligations | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt Obligations | 7. Debt Obligations The Company has borrowed against the short-term revolving lines of credit that it has arranged with financial institutions like The Bank of Tokyo-Mitsubishi UFJ, Ltd.(“MUFG”), and Sumitomo Mitsui Banking Corporation (“SMBC”), and MegaChips to fund its operations. The weighted-average interest rate on short-term borrowings outstanding as of December 31, 2019 was 1.42%. Debt obligations as of December 31, 2020 and 2019 consisted of the following: As of December 31, 2020 December 31, 2019 (in thousands) Revolving line of credit: MUFG $ - $ 41,000 Balance — 41,000 Less: Current portion of long-term debt — (41,000 ) Long-term debt $ — $ — As of December 31, 2019, debt obligations were as follows (dollars in thousands): Loan Start Date Loan Amount Annual Interest Rate Maturity Date Lender MUFG 12/19/2019 $ 38,000 2.97000 % 6/10/2020 MUFG 8/23/2019 3,000 3.10000 % 2/19/2020 $ 41,000 Revolving Line of Credit The Bank of Tokyo-Mitsubishi Credit Facility On August 31, 2015, the Company entered into a bank transaction agreement with MUFG. The agreement provided for a revolving line of credit with a maximum available borrowing of $20.0 million. On June 29, 2018, the Company increased the revolving line of credit to $50.0 million through July 31, 2020. Between August 2015 and December 31, 2019, the Company borrowed $139.0 million in several draw-downs against the revolving line of credit with terms ranging from one month to one year and interest rate ranging between 1.01 % to 4.07%. Renewal and extensions on the MUFG loans for the years ended December 2019 and 2020 have been set forth below: Loan Start Date Maturity Date Loan Amount Annual Interest Rate 8/23/2019 2/19/2020 $ 3,000 3.10% 12/19/2019 6/10/2020 38,000 2.97% 3/23/2020 9/21/2020 3,000 2.46% 3/24/2020 3/24/2021 9,000 2.37% 6/10/2020 6/24/2020 23,000 1.39% 6/24/2020 7/24/2020 23,000 1.45% On July 24, 2020, the Company paid down all outstanding loans with MUFG of $35.0 million of which $12.0 million of loans were prepaid with a penalty of $0.1 million. Effective June 30, 2020, the MegaChips guarantee for the revolving line of credit with MUFG has been terminated. Upon termination of the guarantee, the Company agreed to maintain a minimum cash balance in its operating cash account equal to its outstanding loan balance with MUFG. The minimum cash balance requirement is a compensating balance arrangement that does not legally restrict any cash amounts that are shown in the condensed consolidated balance sheet. The Company continues to have $50.0 million funds available under its credit facility with MUFG. Interest under the revolving line of credit was calculated at MUFG’s prevailing prime rate plus a margin of 2 percentage points which would be agreed by the Company at the time each loan was made. Interest was due for payment on the maturity date of each loan. The Company did not incur any costs upon renewal of the revolving credit line or at the time of increase in the revolving line of credit. The agreement contains customary representations and warranties, affirmative covenants, and events of default upon the occurrence of certain events, such as nonpayment of amounts due under the revolving line of credit, violation of contractual provisions, or a material adverse change in the Company’s business. The agreement also includes customary administrative covenants, including a limitation on entering any transactions involving a merger or consolidation, reorganization, spin-off, liquidation, dissolution, winding up, or conveying, selling, leasing, licensing, or otherwise disposing of all or substantially all of the Company’s property, assets, or business. As of December 31, 2020 and 2019, the Company was in compliance with all covenants. Terminated Loans Sumitomo Mitsui Banking Corporation Credit Facility On September 22, 2017, the Company entered into an uncommitted and revolving credit line agreement with SMBC. The revolving credit line has a maximum available borrowing availability of up to $20.0 million. The Company could draw loans under the revolving credit line from time to time through September 21, 2018, as long as the principal amount at any time did not exceed $20.0 million in the aggregate. Such term was extended for an additional year through September 20, 2019 and further extended for an additional year through September 21, 2020. The Company closed its line of credit in September 2020. Loans under the revolving credit line may have a maturity from one day to 12 months from the date of borrowing. The loans borrowed under the revolving line of credit bear a variable rate of interest based upon SMBC’s prevailing prime rate plus a margin of 1 percentage point which would be agreed by the Company at the time each loan was made. Interest was due for payment on the maturity date of each loan. SMBC had the right to terminate the revolving credit line in whole or part in its sole discretion. The Company did not incur any costs at the initiation of the revolving line of credit or upon renewal of the revolving credit line. The agreement contained customary representations and warranties, affirmative covenants, negative covenants, and events of default upon the occurrence of certain events, such as nonpayment of amounts due under the revolving line of credit, violation of contractual provisions, or a material adverse change in the Company’s business. In addition, the agreement included a financial covenant for a minimum net worth, defined as total assets less total liabilities, of $0. The agreement also included customary administrative covenants, including a limitation on entering any transactions involving a merger or consolidation, reorganization, spin-off, liquidation, dissolution, winding up, or conveying, selling, leasing, licensing, or otherwise disposing of all or substantially all of the Company’s property, assets, or business. As of December 31, 2019, the Company was in compliance with all covenants. The agreement provided that the Company would provide collateral if SMBC determined in consultation with the Company that additional collateral or guarantee would be necessary. Use of proceeds from the loan was restricted for certain specified purposes. The SMBC revolving line of credit was guaranteed by MegaChips. MegaChips Loan On September 13, 2016, the Company entered into a loan agreement with MegaChips for a revolving credit limit of up to $30.0 million (the “MegaChips Loan Agreement”). Loans under the MegaChips Loan Agreement bear interest at a rate equal to the interest rate at which MegaChips procured the funds from SMBC, plus 0.09%. Interest for each loan is due on the maturity date of each loan. Each loan drawn from MegaChips has a three-month term, which term was renewed on maturity. MegaChips has discretion whether to accept the Company’s request for a loan under the MegaChips Loan Agreement. The initial term of the MegaChips Loan Agreement is one year from the date of the agreement, which term is automatically renewed and extended every year unless either party provides written notice to the other party. The Company did not incur any costs at the time of initiation of such credit facility or at the time of extension of the term of the credit facility. The agreement contains usual and customary events of default upon the occurrence of certain events, such as nonpayment of amounts due under the revolving line of credit, violation of contractual provisions, a material adverse impact on the Company’s business, or its ability to perform under the agreement. The agreement includes customary administrative covenants but does not contain any negative covenants or conditions to borrowing. The outstanding balance under the revolving line with MegaChips was repaid on December 12, 2019 upon maturity. During the year ended December 31, 2020, the Company closed its revolving line of credit with MegaChips. As of December 31, 2019, the Company was in compliance with all covenants. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Stockholders' Equity | 8. Stockholders’ Equity The Company’s certificate of incorporation, as amended and currently in effect, authorizes the Company to issue 200,000,000 shares of common stock, par value $0.0001 per share. Each share of common stock is entitled to one vote. The holders of common stock are also entitled to receive dividends whenever funds are legally available and when and if declared by the board of directors, subject to the prior rights of holders of all classes of preferred stock outstanding. The Company has never declared any dividends. |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-based Compensation | 9. Stock-based Compensation SiTime Corporation 2019 Stock Incentive Plan Upon completion of its IPO in November 2019, the Company adopted the SiTime Corporation 2019 Stock Incentive Plan (the “2019 Plan”), which initially reserved approximately 3.4 million shares of the Company’s common stock. The 2019 Plan provides for the grant of incentive stock options, non-statutory stock options, restricted stock awards, restricted stock unit awards, stock appreciation rights, performance stock awards, and other forms of equity compensation (collectively, “stock awards”), and cash awards, all of which may be granted to employees (including officers), directors, and consultants or affiliates. Awards granted under the 2019 Plan vest at the rate specified by the plan administrator, for restricted stock unit awards typically with quarterly vesting over four years. As of December 31, 2020, 0.3 million shares were still reserved for issuance The Company granted 3.0 million new time-based restricted stock awards in the year ended December 31, 2019 with quarterly vests primarily over two to five years. Activity of RSUs granted under the Plan is set forth below: RSU Grant Date CRSU Grant Date Number of Fair Value Number of Fair Value Shares per share Shares per share Balance at December 31, 2018 — — — — Granted 3,012,399 13.00 — — Vested (23,077 ) 13.00 — — Forfeited - — — — Balance at December 31, 2019 2,989,322 13.00 — — Granted 682,517 53.42 11,844 48.62 Vested (766,934 ) 15.46 (11,220 ) 49.37 Forfeited (169,199 ) 13.72 — — Balance at December 31, 2020 2,735,706 22.35 624 35.05 On August 4, 2020, the Compensation Committee of the Company adopted and approved the Executive Bonus and Retention Plan (the “Bonus and Retention Plan”) with target bonus amounts and performance goals for the second half of the fiscal year 2020 (the “2020 Goals”). The 2020 Goals are based on the achievement of revenue and Non-GAAP operating profit for the second half of 2020, as well as individual performance goals. The target bonuses were granted based on a fixed dollar amount to be settled in restricted stock units on the vesting date and hence the awards have been classified as liability-based awards. Such expense is included in the non-cash adjustment within stock-based compensation expense on the consolidated cash flow statement. The liability of $ 1 119% In the year ended December 31, 2020, the Company granted cash based RSUs (the “CRSU”) as part of an employee bonus plan. Generally, such units are granted quarterly and fully vest at the end of the quarter they are granted except units granted to new hires that have a one-year cliff vesting. Such awards have also been classified as liability-based awards. The fair value of shares vested during the year ended December 31, 2020 was $43.7 million of which $0.9 million related to CRSU. For the year ended December 31, 2020, the Company issued 657,201 shares of common stock in connection with the vesting of RSUs. The difference between the number of RSUs vested and the shares of common stock issued is the result of RSUs withheld in satisfaction of minimum tax withholding obligations associated with the vesting. Total stock-based compensation expense for employees recognized in the consolidated statements of operations and comprehensive income (loss) was as follows: Year Ended December 31, 2020 2019 (in thousands) Equity awards Cost of revenue $ 613 $ 36 Research and development 4,682 346 Selling, general and administrative 9,521 997 $ 14,816 $ 1,379 Liability based awards - equity settled Research and development 445 — Selling, general and administrative 748 — $ 1,193 $ — Total stock-based compensation - equity settled $ 16,009 $ 1,379 Liability based awards - cash settled Cost of revenue $ 264 $ — Research and development 415 — Selling, general and administrative 278 — Total stock-based compensation - cash settled $ 957 $ — Total stock-based compensation expense $ 16,966 $ 1,379 At December 31, 2020, there was $ 57.6 0.6 3 0 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. Income Taxes The components of income (loss) before income taxes were as follows: Years Ended December 31, 2020 2019 (in thousands) United States $ (9,645 ) $ (6,485 ) Foreign 274 (130 ) $ (9,371 ) $ (6,615 ) The components of income tax (expense) benefit were as follows: Years Ended December 31, 2020 2019 (in thousands) United States $ (1 ) $ 8 Foreign — — $ (1 ) $ 8 The material components of the deferred tax assets and liabilities consisted of net operating loss carry-forwards and tax credit carry-forwards. Years Ended December 31, 2020 2019 (in thousands) Deferred tax assets: Accrual, write-down and other $ 3,249 $ 2,469 Depreciation and amortization 257 76 Net operating loss and credits carry forwards 52,445 42,949 Total gross deferred tax assets 55,951 45,494 Valuation allowance (55,951 ) (45,494 ) Total net deferred tax assets $ — $ — The net valuation allowance decreased by $10.5 million for the year ended December 31, 2020. A reconciliation of the Company’s effective tax rate to the statutory U.S. federal rate is as follows: Years Ended December 31, 2020 2019 (in thousands) US Federal Rate 21.0 % 21.0 % R&D Credits - (10.9 ) Permanent differences and others 90.4 (18.3 ) Change in valuation allowance (111.4 ) 8.2 0.0 % 0.0 % The reported amount of income tax expense differs from an expected amount based on statutory rates primarily due to the Company’s valuation allowance. As of December 31, 2020 and 2019, based on the available objective evidence, management believes it is more likely than not that the net deferred tax assets will not be realized. Accordingly, management has applied a full valuation allowance against its net deferred tax assets at December 31, 2020 and 2019. At December 31, 2020 and 2019, the Company has federal net operating loss carry-forwards of approximately $201.5 million and $156.5 million, respectively, and state net operating loss carry-forwards of approximately $64.0 million and $63.7 million, respectively. At December 31, 2020 and 2019, the Company has net operating loss carryforwards for foreign income tax purposes of approximately $2.2 million and $1.3 million, respectively. These federal, state, and foreign net operating loss carry-forwards will expire beginning in 2025, 2028, and 2028, respectively. Of the total federal net operating loss carryforward, $55.7 million will not expired as a result of the Tax Act. At December 31, 2020 and 2019, the Company also has federal research and development tax credit carry-forwards of approximately $3.9 million and $3.9 million, respectively, and state research and development tax credit carry-forwards of approximately $3.6 million and $3.6 million, respectively. The federal tax credits begin to expire in 2025, and the California tax credits carry forward indefinitely. Utilization of the net operating loss carry-forwards and credits may be subject to a substantial annual limitation due to the ownership change limitations provided by the Internal Revenue Code of 1986, as amended (“the Code”), and similar state provisions. The annual limitation may result in the expiration of net operating losses and credits before utilization. As of December 31, 2020 and 2019, the Company had $2.4 million and $2.2 million of total unrecognized tax benefits. The Company currently has a full valuation allowance against its net deferred tax assets which would impact the timing of the effective tax rate benefit should any of these uncertain tax positions be favorably settled in the future. If the Company is able to eventually recognize these uncertain tax positions, none of the unrecognized benefit would reduce the Company’s effective tax rate due to full valuation allowance of the Company’s deferred tax assets. The Company’s policy is to record interest and penalties related to unrecognized tax benefits as income tax expense. During the years ended December 31, 2020 and 2019, the Company had immaterial amounts related to the accrual of interest and penalties. A reconciliation of the beginning and ending unrecognized tax benefit amount is as follows: December 31, 2020 2019 (in thousands) Beginning balance $ 2,184 $ 2,198 Decrease in balance related to tax position taken during prior periods — (14 ) Increase in balance related to tax position taken during the current period 252 — Ending balance $ 2,436 $ 2,184 The Company does not have any tax positions for which it is reasonably possible the total amount of gross unrecognized tax benefits will increase or decrease within 12 months of the years ended December 31, 2020 and 2019. The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal, state, local, and foreign jurisdictions, where applicable. Due to the Company’s net losses, its federal, state and local, and foreign tax returns since inception are subject to audit. As of December 31, 2020, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are as follows: Jurisdiction Earliest Tax Year Subject to Examination U.S. federal 2005 California State 2008 Michigan State 2019 |
401 (k) Plan
401 (k) Plan | 12 Months Ended |
Dec. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
401 (k) Plan | 11. 401(k) Plan The Company has a 401(k) retirement plan that qualifies as a defined contribution plan. All employees are eligible to participate on the first day of the month following their hire date with the Company. Under the defined contribution plan, employees may contribute up to the lesser of 90% of their pre-tax salaries per year or the maximum contribution allowed under the Code. The Company may make discretionary matching contributions, if deferral contributions are made by the employees. The Company’s matching contributions for the years ended December 31, 2020 and 2019 resulted in expense of $0.6 million in each year. |
Segment Information and Operati
Segment Information and Operations by Geographic Area | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Information and Operations by Geographic Area | 12. Segment Information and Operations by Geographic Area The Company operates in one reportable segment related to the design, development, and sale of silicon timing systems solutions. The chief operating decision maker, for the Company is the Chief Executive Officer. The Company’s Chief Executive Officer reviews operating results on an aggregate basis and manages the Company’s operations as a whole for the purpose of evaluating financial performance and allocating resources. Accordingly, the Company has determined that it has a single reportable and operating segment structure. The following table sets forth revenue by country, based on ship-to destinations, for countries with 10% or more of the Company’s revenue during any of the periods presented: Year Ended December 31, 2020 December 31, 2019 (in thousands) Taiwan $ 55,789 $ 39,060 Hong Kong 30,306 16,534 United States 8,522 5,677 Other 21,539 22,803 Total $ 116,156 $ 84,074 The Company’s long-lived assets in the U.S. attributable to operations as of December 31, 2020 and 2019 were 97% of total property and equipment and intangible assets. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 13. Related Party Transactions The Company entered into an agreement with MegaChips, whereby the Company appointed MegaChips as the exclusive sales representative of its products in Japan. The Company sells products through MegaChips to distributors, resellers, or direct customers in Japan. The Company pays MegaChips a fixed percentage of the revenue as sales commission, which is recorded as commission expense and included in sales and marketing in the consolidated statements of operations and comprehensive income (loss). MegaChips is the largest stockholder of the Company and held approximately 43.7% and 66.8% of the Company’s outstanding common stock as of December 31, 2020 and December 31, 2019, respectively. In the year ended December 31, 2020, the Company entered into an asset purchase agreement with MegaChips Corporation. The Company recorded the equipment of $0.1 million on the consolidated balance sheet under “Property and equipment, net.” In the year ended December 31, 2020 the Company entered into an equipment purchase agreement with MegaChips Taiwan Corporation, a wholly-owned subsidiary of MegaChips Corporation. The Company recorded the equipment of $0.1 million on the consolidated balance sheet under “Property and equipment, net.” In the year ended December 31, 2020 the Company entered into a services and secondment agreement with MegaChips LSI USA Corporation, a wholly-owned subsidiary of MegaChips Corporation. The Company records the transactions as consulting expenses as part of its research and development expense on the consolidated statement of operations and comprehensive loss. See Note 7, “Debt Obligations” for more information regarding the Company’s loan agreement with MegaChips. The following is a summary of significant balances, transactions and payments with the related parties and affiliates. Components of Consolidated Balance Sheets December 31, 2020 December 31, 2019 (in thousands) MegaChips Accounts receivable $ 736 $ 1,073 Property and equipment, net 209 — Accounts payable — 220 Components of Statement of Operations and Comprehensive Loss Year ended December 31, 2020 2019 (in thousands) MegaChips Sales through distribution agreement $ 5,714 $ 5,071 License expense 148 158 Commission expense 228 202 Interest expense — 94 Affiliates Consulting fees 380 — Components of Consolidated Cash Flows Year Ended December 31, 2020 2019 (in thousands) MegaChips Cash paid for principal $ - $ 3,000 Cash paid for equipment 209 — Cash paid for interest — 94 Cash paid for commissions 228 202 Cash paid for licenses 25 329 Consulting fees Cash paid for consulting fees 380 — |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2020 | |
Valuation And Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II Valuation and Qualifying Accounts Balance at Beginning of Period Additions Charged to Expenses or Other Accounts Deductions Credited to Expenses or Other Accounts Balance at End of Period (in thousands) Allowance for credit losses Year Ended December 31, 2020 $ 129 $ — $ (79 ) $ 50 Year Ended December 31, 2019 $ 168 $ — $ (39 ) $ 129 Deferred tax valuation allowance Year Ended December 31, 2020 $ 45,494 $ 10,457 $ — $ 55,951 Year Ended December 31, 2019 $ 45,496 $ — $ (2 ) $ 45,494 |
The Company and Summary of Si_2
The Company and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Outbreak of Coronavirus Disease 2019 (“the COVID-19 pandemic”) | Outbreak of Coronavirus Disease 2019 (“the COVID-19 pandemic”) On March 11, 2020, the World Health Organization characterized the outbreak of the coronavirus disease known as COVID-19 as a global pandemic and recommended containment and mitigation measures. On March 13, 2020, the United States declared a national emergency concerning the outbreak, and several states and municipalities have declared public health emergencies. To combat the spread of the COVID-19 pandemic, the United States and other foreign countries in which the Company operates have imposed measures such as quarantines and “shelter-in-place” orders that are restricting business operations and travel and requiring individuals to work from home (“WFH”), which has impacted all aspects of the Company’s business as well as those of the third-parties we rely upon for our manufacturing, assembly, testing, shipping and other operations. The global health crisis caused by the COVID-19 pandemic has negatively impacted business activity across the globe and has impacted the Company's employees and operations. The inputs into the Company’s judgments and estimates consider the economic implications of the COVID-19 pandemic, as the Company knows them, on the Company’s critical and significant accounting estimates. |
Reporting Calendar | Reporting Calendar The Company’s fiscal year begins on January 1 of the year stated and ends on December 31 of the same year. The Company reports its results on a calendar year basis. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. |
Initial and Follow-on Public Offerings | Initial and Follow-on Public Offerings On November 25, 2019, the Company completed its initial public offering (“IPO”), in which it issued and sold 4,945,000 shares of its common stock including the full exercise of the underwriters’ over-allotment option to purchase an additional 645,000 shares at $13.00 per share, resulting in net proceeds of $56.4 million after deducting underwriting discounts, commissions and offering costs of $7.9 million. On June 16, 2020, the Company completed a follow-on public offering (“June 2020 Offering), in which it issued and sold 1,525,000 shares of its common stock and MegaChips sold 2,500,000 of its common stock held by them, resulting in net proceeds to the Company of $45.8 million after deducting underwriting discounts and commissions of $2.7 million and deferred offering costs of $0.3 million. |
Stock Split | Stock Split On October 16, 2019, a pricing committee of the Company’s board of directors approved an amendment and restatement of the Company’s certificate of incorporation to (i) increase the total number of authorized shares of its common stock to 200,000,000 shares, (ii) change the par value of its common stock to $0.0001 per share, and (iii) effect a 30,000-for-1 stock split of its common stock, which was within the range previously approved by its sole stockholder. These changes became effective upon filing of the Company’s amended and restated certificate of incorporation on October 18, 2019. Subsequently, on November 6, 2019, the Company’s board of directors and sole stockholder approved an amendment and restatement of the Company’s certificate of incorporation to effect a 2-for-3 reverse stock split of its common stock, which became effective on November 6, 2019. The share and per share amounts in these consolidated financial statements and accompanying notes have been adjusted to reflect such stock split and reverse stock split. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The significant areas requiring the use of management estimates and assumptions include revenue recognition, estimate of reserve for excess and obsolete inventories, sales and warranty reserves, estimate of reserves for accounts receivable, internally developed software capitalization, and valuation allowances for deferred tax assets. Actual results may differ materially from such estimates. Management believes that the estimates, and judgments upon which they rely, are reasonable based upon information available to them at the time that these estimates and judgments are made. To the extent that there are material differences between these estimates and actual results, the Company’s consolidated financial statements will be affected. |
Foreign Currency Remeasurement | Foreign Currency Remeasurement The Company and its wholly-owned subsidiaries use the U.S. dollar as the functional currency. Foreign currency assets and liabilities are remeasured into U.S. dollars at the end-of-period exchange rates except for non-monetary assets and liabilities, which are measured at historical exchange rates. Revenue and expenses are remeasured using an average exchange rate in effect for the period, except for items related to non-monetary assets and liabilities, which are measured at historical exchange rates. Gains or losses from foreign currency remeasurement and transactions are included in other expense, net. For the years ended December 31, 2020 and 2019, foreign currency remeasurement and transactions gains and losses were less than $0.2 million. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash balances in the Company’s bank checking and savings accounts and liquid short-term investments with original or remaining maturities of 90 days or less at the date of purchase, readily convertible to known amounts of cash. |
Fair Value Measurements | Fair Value Measurements The carrying amounts of the Company’s financial instruments, which include cash equivalents, accounts receivable, accounts payable, accrued liabilities, and other current liabilities, approximate their fair values due to their short maturities. The Company determines fair value measurements used in its consolidated financial statements based upon the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy distinguishes between (i) market participant assumptions developed based on market data obtained from independent sources (observable inputs), and (ii) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: Level 1: Valuations based on quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. Level 2: Valuations based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities. Level 3: Valuations based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. At December 31, 2020 and 2019, cash balances in bank checking and savings accounts of $18.4 There were no transfers between Level 1 and Level 2 categories during any of the periods presented. |
Accounts Receivable and Allowances for Credit Losses | Accounts Receivable and Allowances for Credit Losses Accounts receivable are stated at amounts estimated by management to be net realizable value. An allowance for credit losses is recorded when it is probable that amounts will not be collected based on historical collection trends, age of outstanding receivables, specific customer circumstances, existing economic conditions and future forecasted information. The Company performs periodic credit evaluations of its customers’ financial condition and generally requires no collateral from its customers. Losses have not been significant in any of the periods presented. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company’s cash and cash equivalents amount is subject to concentration of credit risk. The Company maintains some cash and cash equivalents balances that are in excess of Federal Deposit Insurance Corporation insurance limits with financial institutions. The Company extends credit based on an evaluation of the customer’s financial condition and collateral is not typically required. The Company primarily sells its products through third-party distributors and resellers. For the years ended December 31, 2020 and 2019, three distributors directly accounted for 10% or more of the Company’s revenue. The following table discloses these customers’ percentage of revenue for the respective periods: Year Ended December 31, 2020 2019 Customer Pernas Electronics Co. Ltd. 26 % 17 % Quantek Technology Corporation 18 22 Arrow Electronics, Inc. 15 19 At December 31, 2020 and 2019, three customers accounted for 10% or more of accounts receivable, as disclosed below: As of December 31, 2020 2019 Customer Pernas Electronics Co. Ltd. 31 % 12 % Quantek Technology Corporation 22 32 Arrow Electronics, Inc. 18 26 |
Inventories | Inventories Inventories are stated at the lower of standard cost (which approximates actual cost on a first-in, first-out basis) or net realizable value. The Company, at least quarterly, assesses the recoverability of all inventories to determine whether adjustments are required to record inventory at the lower of cost or net realizable value. The Company reduces the value of inventory by establishing excess and obsolete inventories reserves based on management’s assessment of future demand and market conditions and may require estimates that may include uncertain elements. Actual demand may differ from forecasted demand and such differences may have a material effect on recorded value of inventory. Inventory reserve write-downs, once established, are not released until the related inventory has been sold or scrapped. Rebates from the Company’s foundries are recorded as a reduction of inventory cost and are recognized in cost of revenue over the inventory turnover days of the Company. Most of the Company’s inventory is warehoused at its contract manufacturers. |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost, less accumulated depreciation. Depreciation of property and equipment is recognized on a straight-line basis over the estimated useful lives of the respective assets as follows: Lab and manufacturing equipment 3 to 5 years Computer equipment 3 years Furniture and fixtures 5 years Leasehold improvements Shorter of remaining lease term or estimated useful lives of the assets The Company capitalizes the costs of purchased mask sets that are utilized during the photolithography phase of manufacturing our products, when technological feasibility and marketability have been established. The capitalization occurs upon the completion of a detailed design, the absence of significant development uncertainties and the determination of market acceptance. Such amounts are included in property and equipment in the consolidated balance sheets and are amortized to cost of revenue over their estimated useful life of 5 years. However, if significant uncertainties exist regarding the future utility of a particular mask set, then its related costs are expensed to research and development at the time the significant uncertainties are identified. Maintenance and repair costs are charged to expense as incurred, and expenditures that extend the useful lives of assets are capitalized. Upon retirement or sale of the property and equipment, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is recorded in other expense, net. |
Intangible Assets | Intangible Assets Intangible assets include the costs related to acquired software as well as costs related to software internally developed, or modified solely to meet the Company’s internal requirements, with no substantive plans to market such software at the time of development. The Company develops proprietary design automation software for its MEMS-based resonators. Costs incurred during the preliminary planning and evaluation stage of the project and during post implementation operational stage are expensed as incurred. Costs incurred during the application development stage of the software are capitalized. The Company defines the configuration and coding process as the application development stage. Capitalized internal use software costs are amortized, on a straight-line basis under cost of revenue over the estimated useful life of approximately 2 to 3 years. Purchased intangibles with finite lives are amortized using the straight-line method over the estimated economic lives of the assets of 3 years. |
Leases | Leases The Company applies the guidance in Accounting Standards Codification (“ASC”), Topic 842 to individual leases of assets. The Company recognizes a transaction as a lease when it receives substantially all of the economic benefits from and directs the use of specified property, plant and equipment. Operating leases are included in right-of-use (“ROU”), assets, accrued expenses and other current liabilities, and lease liabilities in the Company’s consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the present value of the Company’s obligation to make lease payments arising from the lease. The Company currently does not have any finance leases. The Company has elected the practical expedient within ASC Topic 842 to not separate lease and non-lease components within lease transactions for all classes of assets. Additionally, the Company has elected the short-term lease exception for all classes of assets and does not apply the recognition requirements for leases of 12 months or less and recognizes lease payments for short-term leases as expense either straight-line over the lease term or as incurred depending on whether the lease payments are fixed or variable. These elections are applied consistently for all leases. When discount rates implicit in leases cannot be readily determined, the Company uses the applicable incremental borrowing rate at lease commencement to perform lease classification tests on lease components and to measure ROU assets and lease liabilities. The incremental borrowing rate used by the Company was based on the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company evaluates its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets. The Company determined that no events or changes in circumstances indicate that impairment of its long-lived assets has occurred. |
Warranty | Warranty The Company provides limited lifetime warranty coverage on all of its products by guaranteeing that all timing components from the Company will be free from defects in workmanship and materials and will conform to specifications for the life of the system. This assurance-type warranty is not considered a separate performance obligation, and thus no transaction price is allocated to it. The Company records the warranty costs in cost of revenue in the consolidated statements of operations and comprehensive income (loss). The warranty reserve is calculated using historical claim information to project future warranty claims activity and is recorded within accrued expenses and other current liabilities and other long-term liabilities on the consolidated balance sheets based on the expected timing of the related payments. To date, the Company has had negligible returns of any defective products, and hence the warranty reserve balances as of December 31, 2020 and 2019 were less than $0.1 million. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amounts in the consolidated financial statements of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards, using enacted tax rates in effect for the year in which the differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. A valuation allowance is provided in order to reduce the deferred tax assets to a level which, more likely than not, will be realized. The Tax Cuts and Jobs Act of 2017 (the “Tax Act”) and The Coronavirus Aid, Relief, and Economic Security (“CARES Act”) , makes broad and complex changes to the U.S. tax code. These computations require significant judgments and estimates to be made regarding the interpretation of the provisions within the Tax Act along with the preparation and analysis of information not previously required. While the Company believes it has adequately reserved for its uncertain tax positions, no assurance can be given that the final tax outcome of these matters will not be different. The Company adjusts these reserves in light of changing facts and circumstances, such as the closing of a tax audit. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will impact the provision for income taxes and the effective tax rate in the period in which such determination is made. The Company recognizes tax positions in the consolidated financial statements only when it is more likely than not that the position will be sustained upon examination by the relevant taxing authority. Liabilities are established for differences between positions taken in a tax return and amounts recognized in the consolidated financial statements. The Company reports interest and penalties related to uncertain tax positions, if any, in the provision for income taxes in the consolidated statements of operations and comprehensive income (loss). To the extent that accrued interest and penalties do not ultimately become payable, amounts accrued will be reduced and reflected as a reduction of the overall provision for income taxes in the period that such determination is made. |
Revenue Recognition | Revenue Recognition The Company derives revenue from its product sales to distributors and resellers, who in turn sell to original equipment manufacturers or other end customers. The Company recognizes product revenue, at a point in time, upon shipment when it satisfies its performance obligations as evidenced by the transfer of control of its products to customers. The Company measures revenue based on the amount of consideration it expects to be entitled to in exchange for products. Variable consideration is estimated and reflected as an adjustment to the transaction price. The Company determines variable consideration, which consists primarily of price adjustments and product returns by estimating the amount of consideration the Company expects to receive from its customers based on historical experience of price adjustments and product returns. Initial estimates of price adjustments and product returns are updated at the end of each reporting period if additional information becomes available. Changes to the Company’s estimated variable consideration were not material for the periods presented. Since the Company’s performance obligations relate to contracts with a duration of less than one year, it does not disclose the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period. The Company’s payment terms vary by contract type and type of customer and generally range from 30 to 60 days from shipment. The Company has also elected to recognize the cost for freight and shipping when control over the products sold passes to customers and revenue is recognized. As a practical expedient, the Company records the incremental costs of obtaining a contract, consisting primarily of sales commissions, when incurred because the amortization period is one year or less. These costs are recorded within sales and marketing expenses. The Company entered into a distribution agreement with MegaChips, whereby the Company appointed MegaChips as the exclusive distributor of its products in Japan. The Company recognizes revenue upon shipment derived from sales of products through MegaChips in the amount of expected payments from parties which purchased the products as adjusted for estimated price concessions and product returns. |
Cost of Revenue | Cost of Revenue Cost of revenue consists of wafers acquired from third-party foundries, assembly, packaging, and test cost of the Company’s products paid to third-party contract manufacturers, and personnel and other costs associated with the manufacturing operations of the Company. Cost of revenue also includes depreciation of production equipment, inventory write-downs, amortization of internally developed software, shipping and handling costs, and allocation of overhead and facility costs. The Company also includes credits for rebates received from foundries to cost of revenue. |
Research and Development Expenses | Research and Development Expenses Research and development costs consist primarily of personnel cost, material cost, and facilities related expenses, incurred in the course of planned research and development of new products. Research and development costs are expensed as incurred. |
Selling, General and Administrative Expenses | Selling, General and Administrative Expenses Selling, general and administrative expenses primarily consist of personnel costs, field application engineering support, travel costs, professional and consulting fees, accounting and audit fees, legal, advertising expenses, and allocated overhead costs. Selling, general and administrative costs are expensed as incurred. Advertising expenses were $ 0 |
Stock-Based Compensation | Stock-Based Compensation The Company measures and recognizes compensation expense for all stock-based awards made to employees, based on estimated fair values using the straight-line method over the requisite service period. The Company recognizes forfeitures as they occur. The Company granted restricted stock units (“RSUs”) of its own common stock after the completion of its IPO and such grants were valued at the fair market value of the Company’s stock on the date of the grant. The Company amortizes stock-based compensation expense for time-based awards under the straight-line attribution method over the vesting period. Stock-based compensation expense for performance-based awards is recognized when it becomes probable that the performance conditions will be met. The Company amortizes stock-based compensation expense for performance-based awards using the accelerated method. |
Net Loss Per Share Attributable to Common Stockholder | Net Loss Per Share Attributable to Common Stockholder Basic net loss per share attributable to common stockholder is calculated by dividing the net loss attributable to common stockholder by the weighted-average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholder by the weighted-average number of shares of common stock and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, the Company does not have any stock issuances that are considered to be potentially dilutive securities. As such, the net loss was attributed entirely to common stockholder. Because the Company has no potentially dilutive securities for the years ended December 31, 2020 and 2019, diluted net loss per share attributable to common stockholder is the same as basic net loss per share attributable to common stockholder for all periods presented. |
Comprehensive Loss | Comprehensive Loss The Company has no components of other comprehensive income loss. Therefore, net loss equals comprehensive loss for all periods presented. |
Accounting Standards Recently Adopted/Not Yet Adopted | Recently Adopted Accounting Guidance In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, which modifies the disclosure requirements in Topic 820. The adoption of this standard on January 1, 2020 did not have any impact on the Company's disclosures. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, New Accounting Pronouncements Not Yet Adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes |
The Company and Summary of Si_3
The Company and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Schedule of Concentration of Risk, by Risk Factor | The following table discloses these customers’ percentage of revenue for the respective periods: Year Ended December 31, 2020 2019 Customer Pernas Electronics Co. Ltd. 26 % 17 % Quantek Technology Corporation 18 22 Arrow Electronics, Inc. 15 19 At December 31, 2020 and 2019, three customers accounted for 10% or more of accounts receivable, as disclosed below: As of December 31, 2020 2019 Customer Pernas Electronics Co. Ltd. 31 % 12 % Quantek Technology Corporation 22 32 Arrow Electronics, Inc. 18 26 |
Property, Plant and Equipment Estimated Useful Lives | Depreciation of property and equipment is recognized on a straight-line basis over the estimated useful lives of the respective assets as follows: Lab and manufacturing equipment 3 to 5 years Computer equipment 3 years Furniture and fixtures 5 years Leasehold improvements Shorter of remaining lease term or estimated useful lives of the assets |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Summary of Computation of Basic and Diluted Net Loss per Share | The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholder of the Company: Year Ended December 31 2020 2019 (in thousands, except per share data) Net loss attributable to common stockholder $ (9,372 ) $ (6,607 ) Weighted-average shares outstanding 16,064 10,558 Weighted average shares used to compute basic and diluted net loss per share 16,064 10,558 Net loss attributable to common stockholders per share, basic and diluted $ (0.58 ) $ (0.63 ) |
Balance Sheets Components (Tabl
Balance Sheets Components (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Accounts Receivable, Net | Accounts receivable, net consisted of the following: As of December 31, 2020 December 31, 2019 (in thousands) Accounts receivable, gross $ 23,970 $ 17,788 Allowance for credit losses (50 ) (129 ) Accounts receivable, net $ 23,920 $ 17,659 |
Schedule of Inventory | Inventory consisted of the following: As of December 31, 2020 December 31, 2019 (in thousands) Raw materials $ 435 $ 304 Work in progress 10,184 8,160 Finished goods 1,731 3,447 Total inventories $ 12,350 $ 11,911 |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following: As of December 31, 2020 December 31, 2019 (in thousands) Advance to suppliers $ 853 $ 3,338 Prepaid expenses 1,074 1,279 Other current assets 722 984 Total prepaid and other current assets $ 2,649 $ 5,601 |
Schedule of Property and Equipment Net | Property and equipment, net consisted of the following: As of December 31, 2020 December 31, 2019 (in thousands) Lab and manufacturing equipment $ 21,958 $ 17,376 Computer equipment 1,121 800 Furniture and fixtures 237 241 Construction in progress 638 221 Leasehold improvements 4,134 4,074 28,088 22,712 Accumulated depreciation (16,380 ) (13,424 ) Total property and equipment, net $ 11,708 $ 9,288 |
Schedule of Intangible Assets, Net | Intangible assets, net consisted of the following: As of December 31, 2020 December 31, 2019 (in thousands) Internal use software $ 9,377 $ 10,022 Purchased intangibles 5,663 4,793 15,040 14,815 Accumulated amortization (12,971 ) (10,326 ) Intangible assets, net $ 2,069 $ 4,489 |
Schedule of Future Amortization Expense for Intangible Assets | The estimated aggregate future amortization expense for intangible assets in development stage and subject to amortization as of December 31, 2020 is summarized as below: (in thousands) 2021 $ 1,267 2022 543 2023 259 $ 2,069 |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following: As of December 31, 2020 December 31, 2019 (in thousands) Accrued payroll and related benefits $ 5,362 $ 1,880 Accrued customer rebates 380 218 Accrued interest - 72 Price adjustment and other revenue reserves 3,063 1,222 Short term lease liability 1,264 1,874 Other accrued expenses 2,894 3,176 Total accrued expenses and other current liabilities $ 12,963 $ 8,442 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Summary of Lease Related Assets and Liabilities | The table below presents the lease-related assets and liabilities recorded on the consolidated balance sheet as of December 31, 2020 and 2019: As of December 31, 2020 December 31, 2019 (in thousands) Right-of-use assets $ 8,892 $ 9,790 Lease liabilities included in accrued expenses and other current liabilities 1,264 1,874 Lease liabilities - non-current 6,986 7,940 Total operating lease liabilities $ 8,250 $ 9,814 Weighted-average remaining lease term (years) 5.9 7.1 Weighted-average discount rate 4.2 % 4.1 % |
Summary of Lease Costs | The table below presents certain information related to the lease costs for operating leases for the years ended December 31, 2020 and 2019: Year Ended December 31 2020 2019 (in thousands) Operating lease cost $ 1,696 $ 1,419 Short-term lease cost 356 313 Variable lease cost 332 494 Total lease cost $ 2,384 $ 2,226 |
Summary of Undiscounted Cash Flows | The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on the consolidated balance sheet as of December 31, 2020: (in thousands) 2021 $ 1,453 2022 1,596 2023 1,489 2024 1,532 2025 1,580 2026 and beyond 1,615 Total minimum lease payments 9,265 Less: amount of lease payments representing interest (1,015 ) Present value of future minimum lease payments 8,250 Less: current obligations under leases (1,264 ) Long-term lease liabilities $ 6,986 |
Debt Obligations (Tables)
Debt Obligations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Long Term Debt | Debt obligations as of December 31, 2020 and 2019 consisted of the following: As of December 31, 2020 December 31, 2019 (in thousands) Revolving line of credit: MUFG $ - $ 41,000 Balance — 41,000 Less: Current portion of long-term debt — (41,000 ) Long-term debt $ — $ — |
Schedule of Debt Obligations | As of December 31, 2019, debt obligations were as follows (dollars in thousands): Loan Start Date Loan Amount Annual Interest Rate Maturity Date Lender MUFG 12/19/2019 $ 38,000 2.97000 % 6/10/2020 MUFG 8/23/2019 3,000 3.10000 % 2/19/2020 $ 41,000 Renewal and extensions on the MUFG loans for the years ended December 2019 and 2020 have been set forth below: Loan Start Date Maturity Date Loan Amount Annual Interest Rate 8/23/2019 2/19/2020 $ 3,000 3.10% 12/19/2019 6/10/2020 38,000 2.97% 3/23/2020 9/21/2020 3,000 2.46% 3/24/2020 3/24/2021 9,000 2.37% 6/10/2020 6/24/2020 23,000 1.39% 6/24/2020 7/24/2020 23,000 1.45% |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Activity of RSUs Granted | Activity of RSUs granted under the Plan is set forth below: RSU Grant Date CRSU Grant Date Number of Fair Value Number of Fair Value Shares per share Shares per share Balance at December 31, 2018 — — — — Granted 3,012,399 13.00 — — Vested (23,077 ) 13.00 — — Forfeited - — — — Balance at December 31, 2019 2,989,322 13.00 — — Granted 682,517 53.42 11,844 48.62 Vested (766,934 ) 15.46 (11,220 ) 49.37 Forfeited (169,199 ) 13.72 — — Balance at December 31, 2020 2,735,706 22.35 624 35.05 |
Schedule of Total Stock-Based Compensation Expense | Total stock-based compensation expense for employees recognized in the consolidated statements of operations and comprehensive income (loss) was as follows: Year Ended December 31, 2020 2019 (in thousands) Equity awards Cost of revenue $ 613 $ 36 Research and development 4,682 346 Selling, general and administrative 9,521 997 $ 14,816 $ 1,379 Liability based awards - equity settled Research and development 445 — Selling, general and administrative 748 — $ 1,193 $ — Total stock-based compensation - equity settled $ 16,009 $ 1,379 Liability based awards - cash settled Cost of revenue $ 264 $ — Research and development 415 — Selling, general and administrative 278 — Total stock-based compensation - cash settled $ 957 $ — Total stock-based compensation expense $ 16,966 $ 1,379 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income (Loss) Before Income Taxes | The components of income (loss) before income taxes were as follows: Years Ended December 31, 2020 2019 (in thousands) United States $ (9,645 ) $ (6,485 ) Foreign 274 (130 ) $ (9,371 ) $ (6,615 ) |
Schedule of Components of Income Tax (Expense) Benefit | The components of income tax (expense) benefit were as follows: Years Ended December 31, 2020 2019 (in thousands) United States $ (1 ) $ 8 Foreign — — $ (1 ) $ 8 |
Schedule of Components of Deferred Tax Assets and Liabilities | The material components of the deferred tax assets and liabilities consisted of net operating loss carry-forwards and tax credit carry-forwards. Years Ended December 31, 2020 2019 (in thousands) Deferred tax assets: Accrual, write-down and other $ 3,249 $ 2,469 Depreciation and amortization 257 76 Net operating loss and credits carry forwards 52,445 42,949 Total gross deferred tax assets 55,951 45,494 Valuation allowance (55,951 ) (45,494 ) Total net deferred tax assets $ — $ — |
Schedule of Reconciliation of Effective Tax Rate | A reconciliation of the Company’s effective tax rate to the statutory U.S. federal rate is as follows: Years Ended December 31, 2020 2019 (in thousands) US Federal Rate 21.0 % 21.0 % R&D Credits - (10.9 ) Permanent differences and others 90.4 (18.3 ) Change in valuation allowance (111.4 ) 8.2 0.0 % 0.0 % |
Schedule of Reconciliation of Unrecognized Tax Benefit | A reconciliation of the beginning and ending unrecognized tax benefit amount is as follows: December 31, 2020 2019 (in thousands) Beginning balance $ 2,184 $ 2,198 Decrease in balance related to tax position taken during prior periods — (14 ) Increase in balance related to tax position taken during the current period 252 — Ending balance $ 2,436 $ 2,184 |
Schedule of Tax Years Examination By Major Tax Jurisdictions | As of December 31, 2020, the tax years that remain subject to examination by the major tax jurisdictions under the statute of limitations are as follows: Jurisdiction Earliest Tax Year Subject to Examination U.S. federal 2005 California State 2008 Michigan State 2019 |
Segment Information and Opera_2
Segment Information and Operations by Geographic Area (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Revenue by Country | The following table sets forth revenue by country, based on ship-to destinations, for countries with 10% or more of the Company’s revenue during any of the periods presented: Year Ended December 31, 2020 December 31, 2019 (in thousands) Taiwan $ 55,789 $ 39,060 Hong Kong 30,306 16,534 United States 8,522 5,677 Other 21,539 22,803 Total $ 116,156 $ 84,074 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Summary of Significant Balances, Transactions and Payments with Related Parties and Affiliates | The following is a summary of significant balances, transactions and payments with the related parties and affiliates. Components of Consolidated Balance Sheets December 31, 2020 December 31, 2019 (in thousands) MegaChips Accounts receivable $ 736 $ 1,073 Property and equipment, net 209 — Accounts payable — 220 Components of Statement of Operations and Comprehensive Loss Year ended December 31, 2020 2019 (in thousands) MegaChips Sales through distribution agreement $ 5,714 $ 5,071 License expense 148 158 Commission expense 228 202 Interest expense — 94 Affiliates Consulting fees 380 — Components of Consolidated Cash Flows Year Ended December 31, 2020 2019 (in thousands) MegaChips Cash paid for principal $ - $ 3,000 Cash paid for equipment 209 — Cash paid for interest — 94 Cash paid for commissions 228 202 Cash paid for licenses 25 329 Consulting fees Cash paid for consulting fees 380 — |
The Company and Summary of Si_4
The Company and Summary of Significant Accounting Policies - Additional Information (Details) | Jun. 16, 2020USD ($)shares | Nov. 25, 2019USD ($)$ / sharesshares | Nov. 06, 2019 | Oct. 16, 2019$ / sharesshares | Dec. 31, 2020USD ($)DistributorCustomer$ / sharesshares | Dec. 31, 2019USD ($)DistributorCustomer$ / sharesshares |
Significant Accounting Policies [Line Items] | ||||||
Stock split | 30,000-for-1 | |||||
Common stock, shares authorized | shares | 200,000,000 | 200,000,000 | 200,000,000 | |||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Reverse stock split | 2-for-3 | |||||
Fair value, assets, level 1 to level 2 transfers, amount | $ 0 | $ 0 | ||||
Fair value, assets, level 2 to level 1 transfers, amount | 0 | 0 | ||||
Fair value, liabilities, level 1 to level 2 transfers, amount | 0 | 0 | ||||
Fair value, liabilities, level 2 to level 1 transfers, amount | $ 0 | $ 0 | ||||
Property and equipment, estimated useful life | 5 years | |||||
Finance leases | $ 0 | |||||
Earnings per share, potentially dilutive securities | shares | 0 | 0 | ||||
Selling, General and Administrative Expenses | ||||||
Significant Accounting Policies [Line Items] | ||||||
Advertising expenses | $ 300,000 | $ 300,000 | ||||
Purchased Intangibles with Finite Lives | ||||||
Significant Accounting Policies [Line Items] | ||||||
Estimated useful life of intangible assets | 3 years | |||||
Revenue | Credit Concentration Risk | ||||||
Significant Accounting Policies [Line Items] | ||||||
Number of distributors representing more than 10% of company's revenue | Distributor | 3 | 3 | ||||
Concentration risk, percentage | 10.00% | 10.00% | ||||
Accounts Receivable | Credit Concentration Risk | ||||||
Significant Accounting Policies [Line Items] | ||||||
Concentration risk, customer | At December 31, 2020 and 2019, three customers accounted for 10% or more of accounts receivable | |||||
Number of customers | Customer | 3 | 3 | ||||
Level 1 | ||||||
Significant Accounting Policies [Line Items] | ||||||
Cash balances in bank | $ 18,400,000 | $ 28,400,000 | ||||
Highly liquid money market funds | $ 55,100,000 | $ 35,000,000 | ||||
MegaChips | SiTime Corporation | ||||||
Significant Accounting Policies [Line Items] | ||||||
Percentage of outstanding common stock held | 43.70% | |||||
Minimum | ||||||
Significant Accounting Policies [Line Items] | ||||||
Revenue Recognized Payment Terms | 30 days | |||||
Minimum | Capitalized Internal Use Software | ||||||
Significant Accounting Policies [Line Items] | ||||||
Estimated useful life of intangible assets | 2 years | |||||
Minimum | Accounts Receivable | Credit Concentration Risk | ||||||
Significant Accounting Policies [Line Items] | ||||||
Concentration risk, percentage | 10.00% | 10.00% | ||||
Maximum | ||||||
Significant Accounting Policies [Line Items] | ||||||
Foreign currency remeasurement and transactions gains and losses | $ 200,000 | $ 200,000 | ||||
Warranty reserve balances | $ 100,000 | $ 100,000 | ||||
Revenue Recognized Payment Terms | 60 days | |||||
Revenue recognized amortization period term | 1 year | |||||
Maximum | Capitalized Internal Use Software | ||||||
Significant Accounting Policies [Line Items] | ||||||
Estimated useful life of intangible assets | 3 years | |||||
Initial Public Offering [Member] | ||||||
Significant Accounting Policies [Line Items] | ||||||
Issuance of common stock upon net of underwriting discounts and commissions and other offerings costs, Shares | shares | 4,945,000 | |||||
Shares issued price per share | $ / shares | $ 13 | |||||
Proceeds from public offering, net of underwriting discounts and commissions | $ 56,400,000 | |||||
Payments for underwriting discounts, commissions and offering costs | $ 7,900,000 | |||||
Follow-on Public Offering (June 2020 Offering) | ||||||
Significant Accounting Policies [Line Items] | ||||||
Deferred offering costs | $ 300,000 | |||||
Proceeds from public offering, net of underwriting discounts and commissions | 45,800,000 | |||||
Payments for underwriting discounts and commissions | $ 2,700,000 | |||||
Follow-on Public Offering (June 2020 Offering) | SiTime Corporation | ||||||
Significant Accounting Policies [Line Items] | ||||||
Issuance of common stock upon net of underwriting discounts and commissions and other offerings costs, Shares | shares | 1,525,000 | |||||
Follow-on Public Offering (June 2020 Offering) | MegaChips | ||||||
Significant Accounting Policies [Line Items] | ||||||
Issuance of common stock upon net of underwriting discounts and commissions and other offerings costs, Shares | shares | 2,500,000 | |||||
Over-Allotment Option | ||||||
Significant Accounting Policies [Line Items] | ||||||
Issuance of common stock upon net of underwriting discounts and commissions and other offerings costs, Shares | shares | 645,000 | |||||
Restricted Stock Units RSU | ||||||
Significant Accounting Policies [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, equity instruments other than options, grants in period | shares | 682,517 | 3,012,399 |
The Company and Summary of Si_5
The Company and Summary of Significant Accounting Policies - Summary of Customers Percentage Accounted For 10% or More of Revenue and Accounts Receivable (Details) - Credit Concentration Risk | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 10.00% | 10.00% |
Revenue | Pernas Electronics Co. Ltd. | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 26.00% | 17.00% |
Revenue | Arrow Electronics, Inc. | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 15.00% | 19.00% |
Revenue | Quantek Technology Corporation | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 18.00% | 22.00% |
Accounts Receivable | Pernas Electronics Co. Ltd. | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 31.00% | 12.00% |
Accounts Receivable | Arrow Electronics, Inc. | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 18.00% | 26.00% |
Accounts Receivable | Quantek Technology Corporation | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 22.00% | 32.00% |
The Company and Summary of Si_6
The Company and Summary of Significant Accounting Policies - Summary of Estimated Useful Lives of Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Significant Accounting Policies [Line Items] | |
Property and equipment, estimated useful lives | 5 years |
Lab and Manufacturing Equipment | Minimum | |
Significant Accounting Policies [Line Items] | |
Property and equipment, estimated useful lives | 3 years |
Lab and Manufacturing Equipment | Maximum | |
Significant Accounting Policies [Line Items] | |
Property and equipment, estimated useful lives | 5 years |
Computer Equipment | |
Significant Accounting Policies [Line Items] | |
Property and equipment, estimated useful lives | 3 years |
Furniture and Fixtures | |
Significant Accounting Policies [Line Items] | |
Property and equipment, estimated useful lives | 5 years |
Leasehold Improvements | |
Significant Accounting Policies [Line Items] | |
Property and equipment, estimated useful lives | Shorter of remaining lease term or estimated useful lives of the assets |
Net Loss Per Share - Summary of
Net Loss Per Share - Summary of Computation of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Net loss attributable to common stockholder | $ (9,372) | $ (6,607) |
Weighted-average shares used to compute basic and diluted net loss per share | 16,064 | 10,558 |
Net loss attributable to common stockholders per share, basic and diluted | $ (0.58) | $ (0.63) |
Balance Sheets Components - Add
Balance Sheets Components - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Balance Sheet Related Disclosures [Abstract] | ||
Depreciation expense | $ 3,700 | $ 3,300 |
Amortization expense for intangible assets | 2,700 | 4,900 |
Impairment of internal-use software | 959 | |
Intangibles Assets not amortized | $ 700 | $ 2,000 |
Balance Sheets Components - Sch
Balance Sheets Components - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts Receivable Net Current [Abstract] | ||
Accounts receivable, gross | $ 23,970 | $ 17,788 |
Allowance for credit losses | (50) | (129) |
Accounts receivable, net | $ 23,920 | $ 17,659 |
Balance Sheets Components - S_2
Balance Sheets Components - Schedule of Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 435 | $ 304 |
Work in progress | 10,184 | 8,160 |
Finished goods | 1,731 | 3,447 |
Total inventories | $ 12,350 | $ 11,911 |
Balance Sheets Components - S_3
Balance Sheets Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Prepaid Expense And Other Assets Current [Abstract] | ||
Advance to suppliers | $ 853 | $ 3,338 |
Prepaid expenses | 1,074 | 1,279 |
Other current assets | 722 | 984 |
Total prepaid and other current assets | $ 2,649 | $ 5,601 |
Balance Sheets Components - S_4
Balance Sheets Components - Schedule of Property and Equipment Net (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 28,088 | $ 22,712 |
Accumulated depreciation | (16,380) | (13,424) |
Total property and equipment, net | 11,708 | 9,288 |
Lab and Manufacturing Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 21,958 | 17,376 |
Computer Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 1,121 | 800 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 237 | 241 |
Construction in progress | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 638 | 221 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 4,134 | $ 4,074 |
Balance Sheets Components - S_5
Balance Sheets Components - Schedule of Intangible Assets Net (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 15,040 | $ 14,815 |
Accumulated amortization | (12,971) | (10,326) |
Intangible assets, net | 2,069 | 4,489 |
Internal use software | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | 9,377 | 10,022 |
Purchased intangibles | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, gross | $ 5,663 | $ 4,793 |
Balance Sheets Components - S_6
Balance Sheets Components - Schedule of Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Finite Lived Intangible Assets Future Amortization Expense Current And Five Succeeding Fiscal Years [Abstract] | ||
2021 | $ 1,267 | |
2022 | 543 | |
2023 | 259 | |
Intangible assets, net | $ 2,069 | $ 4,489 |
Balance Sheets Components - S_7
Balance Sheets Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Aug. 04, 2020 | Dec. 31, 2019 |
Payables And Accruals [Abstract] | |||
Accrued payroll and related benefits | $ 5,362 | $ 1,880 | |
Accrued customer rebates | 380 | 218 | |
Accrued interest | 72 | ||
Price adjustment and other revenue reserves | 3,063 | 1,222 | |
Short term lease liability | $ 1,264 | $ 1,874 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | sitm:ShortTermLeaseLiabilityMember | sitm:ShortTermLeaseLiabilityMember | |
Other accrued expenses | $ 2,894 | $ 3,176 | |
Total accrued expenses and other current liabilities | $ 12,963 | $ 1,200 | $ 8,442 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Lease Disclosure [Line Items] | |||
Cash paid for operating lease liabilities | $ 2,300,000 | $ 3,900,000 | |
Sublease income | $ 100,000 | ||
Leases not yet commenced | Company had two leases in Japan for a total cost of less than $0.1 million that had not yet commenced | ||
Lease Equipment | |||
Lease Disclosure [Line Items] | |||
Lease term | 10 years | ||
Lease equipment | $ 3,200,000 | ||
Corporate Headquarters | |||
Lease Disclosure [Line Items] | |||
Operating lease commencement date | Oct. 20, 2016 | ||
Lease term expiration date | Dec. 31, 2026 | ||
Operating lease, renewal term | 5 years | ||
Office Space | |||
Lease Disclosure [Line Items] | |||
Lease term expiration date | Dec. 31, 2022 | ||
Lease option to extend | The remaining lease terms vary from few months to 6 years. For its leases the Company has options to extend the lease term for periods varying from one to five years. | ||
Option to extend | true | ||
Office Space | Maximum | |||
Lease Disclosure [Line Items] | |||
Operating lease, renewal term | 5 years | ||
Lease term | 6 years | ||
Office Space | Minimum | |||
Lease Disclosure [Line Items] | |||
Operating lease, renewal term | 1 year | ||
Japan | Maximum | |||
Lease Disclosure [Line Items] | |||
Lessee operating lease, lease not yet commenced total cost | $ 100,000 |
Leases - Summary of Lease Relat
Leases - Summary of Lease Related Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Right-of-use assets, net | $ 8,892 | $ 9,790 |
Lease liabilities included in accrued expenses and other current liabilities | 1,264 | 1,874 |
Lease liabilities - non-current | 6,986 | 7,940 |
Total operating lease liabilities | $ 8,250 | $ 9,814 |
Weighted-average remaining lease term (years) | 5 years 10 months 24 days | 7 years 1 month 6 days |
Weighted-average discount rate | 4.20% | 4.10% |
Leases - Summary of Lease Costs
Leases - Summary of Lease Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 1,696 | $ 1,419 |
Short-term lease cost | 356 | 313 |
Variable lease cost | 332 | 494 |
Total lease cost | $ 2,384 | $ 2,226 |
Leases - Summary of Undiscounte
Leases - Summary of Undiscounted Cash Flows (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
2021 | $ 1,453 | |
2022 | 1,596 | |
2023 | 1,489 | |
2024 | 1,532 | |
2025 | 1,580 | |
2026 and beyond | 1,615 | |
Total minimum lease payments | 9,265 | |
Less: amount of lease payments representing interest | (1,015) | |
Total operating lease liabilities | 8,250 | $ 9,814 |
Less: current obligations under leases | (1,264) | (1,874) |
Long-term lease liabilities | $ 6,986 | $ 7,940 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Commitments And Contingencies Disclosure [Abstract] | |
Purchase commitment | $ 2.1 |
Debt Obligations - Additional I
Debt Obligations - Additional Information (Details) - USD ($) | Jul. 24, 2020 | Sep. 22, 2017 | Sep. 13, 2016 | Aug. 31, 2015 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 21, 2018 | Jun. 29, 2018 |
Line Of Credit Facility [Line Items] | ||||||||
Weighted average interest rate on short term borrowings outstanding | 1.42% | |||||||
Loan Amount | $ 41,000,000 | |||||||
Repayment of outstanding loan | $ 76,000,000 | 2,000,000 | ||||||
MUFG | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Loan Amount | $ 41,000,000 | |||||||
Line of credit guarantee termination date | Jun. 30, 2020 | |||||||
MegaChips | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | $ 30,000,000 | |||||||
Interest rate | 0.09% | |||||||
Debt instrument, term | 3 months | |||||||
Revolving line of credit closing date | Dec. 31, 2020 | |||||||
Minimum | MUFG | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Debt instrument, maturity | 1 month | |||||||
Interest rate | 1.01% | |||||||
Maximum | MUFG | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Debt instrument, maturity | 1 year | |||||||
Interest rate | 4.07% | |||||||
Revolving Line of Credit | MUFG | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | $ 20,000,000 | $ 50,000,000 | ||||||
Loan Amount | $ 139,000,000 | |||||||
Interest rate | 2.00% | |||||||
Repayment of outstanding loan | $ 35,000,000 | |||||||
Line of credit prepaid amount | 12,000,000 | |||||||
Line of credit, prepayment penalties | $ 100,000 | |||||||
Line of credit | $ 50,000,000 | |||||||
Revolving Line of Credit | SMBC | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | $ 20,000,000 | |||||||
Debt instrument, maturity | 12 months | |||||||
Interest rate | 1.00% | |||||||
Line of credit facility closing date | 2020-09 | |||||||
Financial covenant for minimum net worth | $ 0 | |||||||
Revolving Line of Credit | Maximum | SMBC | ||||||||
Line Of Credit Facility [Line Items] | ||||||||
Debt instrument, principal amount | $ 20,000,000 |
Debt Obligations - Schedule of
Debt Obligations - Schedule of Long Term Debt (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | |
Short term portion of total debt | $ 41,000 |
Less: Current portion of long-term debt | (41,000) |
MUFG | |
Debt Instrument [Line Items] | |
Short term portion of total debt | $ 41,000 |
Debt Obligations - Schedule o_2
Debt Obligations - Schedule of Debt Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Loan Amount | $ 41,000 | |
MUFG | ||
Debt Instrument [Line Items] | ||
Loan Amount | $ 41,000 | |
MUFG | 2.97000% Loan Maturing on 6/10/2020 | ||
Debt Instrument [Line Items] | ||
Loan Start Date | Dec. 19, 2019 | |
Loan Amount | $ 38,000 | |
Annual Interest Rate | 2.97% | |
Maturity Date | Jun. 10, 2020 | |
MUFG | 3.10000% Loan Maturing on 2/19/2020 | ||
Debt Instrument [Line Items] | ||
Loan Start Date | Aug. 23, 2019 | |
Loan Amount | $ 3,000 | |
Annual Interest Rate | 3.10% | |
Maturity Date | Feb. 19, 2020 | |
MUFG | 3.10% Loan Maturing on 2/19/2020 | ||
Debt Instrument [Line Items] | ||
Loan Start Date | Aug. 23, 2019 | |
Loan Amount | $ 3,000 | |
Annual Interest Rate | 3.10% | |
Maturity Date | Feb. 19, 2020 | |
MUFG | 2.97% Loan Maturing on 06/10/2020 | ||
Debt Instrument [Line Items] | ||
Loan Start Date | Dec. 19, 2019 | |
Loan Amount | $ 38,000 | |
Annual Interest Rate | 2.97% | |
Maturity Date | Jun. 10, 2020 | |
MUFG | 2.46% Loan Maturing on 09/21/2020 | ||
Debt Instrument [Line Items] | ||
Loan Start Date | Mar. 23, 2020 | |
Loan Amount | $ 3,000 | |
Annual Interest Rate | 2.46% | |
Maturity Date | Sep. 21, 2020 | |
MUFG | 2.37% Loan Maturing on 3/24/2021 | ||
Debt Instrument [Line Items] | ||
Loan Start Date | Mar. 24, 2020 | |
Loan Amount | $ 9,000 | |
Annual Interest Rate | 2.37% | |
Maturity Date | Mar. 24, 2021 | |
MUFG | 1.39% Loan Maturing on 6/24/2020 | ||
Debt Instrument [Line Items] | ||
Loan Start Date | Jun. 10, 2020 | |
Loan Amount | $ 23,000 | |
Annual Interest Rate | 1.39% | |
Maturity Date | Jun. 24, 2020 | |
MUFG | 1.45% Loan Maturing on 7/24/2020 | ||
Debt Instrument [Line Items] | ||
Loan Start Date | Jun. 24, 2020 | |
Loan Amount | $ 23,000 | |
Annual Interest Rate | 1.45% | |
Maturity Date | Jul. 24, 2020 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Oct. 16, 2019 | |
Equity [Abstract] | |||
Common stock, shares authorized | 200,000,000 | 200,000,000 | 200,000,000 |
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common stock, voting rights | one vote |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Aug. 04, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Accrued expenses and other current liabilities | $ 12,963 | $ 8,442 | $ 1,200 | |
Issued of common stock | 657,201 | |||
Fair value of shares vested | $ 43,700 | |||
Minimum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Percentage actual payouts | 119.00% | |||
Maximum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Percentage actual payouts | 144.00% | |||
Restricted Stock Units RSU | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Awards granted | 682,517 | 3,012,399 | ||
Unrecognized compensation costs | $ 57,600 | |||
Time-based Restricted Stock Awards | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Awards granted | 3,000,000 | |||
Time-based Restricted Stock Awards | Minimum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 2 years | |||
Time-based Restricted Stock Awards | Maximum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 5 years | |||
Cash Restricted Stock Unit Award CRSU | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Awards granted | 11,844 | |||
Fair value of shares vested | $ 900 | |||
Liability-based Awards | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Unrecognized compensation costs | $ 600 | |||
Unrecognized compensation cost is expected weighted average period | 5 months 8 days | |||
Equity Awards | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Unrecognized compensation cost is expected weighted average period | 3 years 9 months 18 days | |||
New Hires | Cash Restricted Stock Unit Award CRSU | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 1 year | |||
2019 Stock Incentive Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Common stock, capital shares reserved for future issuance | 3,400,000 | 300,000 | ||
Vesting period | 4 years |
Stock-based Compensation - Sche
Stock-based Compensation - Schedule of Activity of RSUs Granted (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Restricted Stock Units RSU | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Shares, Beginning Balance | 2,989,322 | |
Number of Shares, Granted | 682,517 | 3,012,399 |
Number of Shares, Vested | (766,934) | (23,077) |
Number of Shares, Forfeited | (169,199) | |
Number of Shares, Ending Balance | 2,735,706 | 2,989,322 |
Grant Date Fair Value per share, Beginning Balance | $ 13 | |
Grant Date Fair Value per share, Granted | 53.42 | $ 13 |
Grant Date Fair Value per share, Vested | 15.46 | 13 |
Grant Date Fair Value per share, Forfeited | 13.72 | |
Grant Date Fair Value per share, Ending Balance | $ 22.35 | $ 13 |
Cash Restricted Stock Unit Award CRSU | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Shares, Granted | 11,844 | |
Number of Shares, Vested | (11,220) | |
Number of Shares, Ending Balance | 624 | |
Grant Date Fair Value per share, Granted | $ 48.62 | |
Grant Date Fair Value per share, Vested | 49.37 | |
Grant Date Fair Value per share, Ending Balance | $ 35.05 |
Stock-based Compensation - Sc_2
Stock-based Compensation - Schedule of Total Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 16,966 | $ 1,379 |
Equity Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | 14,816 | 1,379 |
Equity Awards | Cost of Revenue | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | 613 | 36 |
Equity Awards | Research and Development | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | 4,682 | 346 |
Equity Awards | Selling, General and Administrative Expenses | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | 9,521 | 997 |
Liability Based Awards - Equity Settled | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | 1,193 | |
Liability Based Awards - Equity Settled | Research and Development | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | 445 | |
Liability Based Awards - Equity Settled | Selling, General and Administrative Expenses | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | 748 | |
Liability Based Awards - Cash Settled | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | 957 | |
Liability Based Awards - Cash Settled | Cost of Revenue | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | 264 | |
Liability Based Awards - Cash Settled | Research and Development | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | 415 | |
Liability Based Awards - Cash Settled | Selling, General and Administrative Expenses | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | 278 | |
Equity Awards and Liability Based Awards - Equity Settled | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 16,009 | $ 1,379 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
United States | $ (9,645) | $ (6,485) |
Foreign | 274 | (130) |
Loss before income taxes | $ (9,371) | $ (6,615) |
Income Taxes - Schedule of Co_2
Income Taxes - Schedule of Components of Income Tax (Expense) Benefit (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
United States | $ (1) | $ 8 |
Income tax (expense) benefit | $ (1) | $ 8 |
Income Taxes - Schedule of Co_3
Income Taxes - Schedule of Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Accrual, write-down and other | $ 3,249 | $ 2,469 |
Depreciation and amortization, assets | 257 | 76 |
Net operating loss and credits carry forwards | 52,445 | 42,949 |
Total gross deferred tax assets | 55,951 | 45,494 |
Valuation allowance | $ (55,951) | $ (45,494) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Change in valuation allowance | $ 10,500 | ||
Federal net operating loss carry-forwards | 201,500 | $ 156,500 | |
State net operating loss carry-forwards | 64,000 | 63,700 | |
Foreign net operating loss carry-forwards | $ 2,200 | 1,300 | |
Federal net operating loss carry-forwards expiration year | 2025 | ||
State net operating loss carry-forwards expiration year | 2028 | ||
Foreign net operating loss carry-forwards expiration year | 2028 | ||
Federal research and development tax credit carry-forwards | $ 3,900 | 3,900 | |
State research and development tax credit carry-forwards | $ 3,600 | 3,600 | |
Expiration of federal tax credits | 2025 | ||
Total federal net operating loss carryforward | $ 55,700 | ||
Unrecognized tax benefits | $ 2,436 | $ 2,184 | $ 2,198 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Effective Tax Rate (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
US Federal Rate | 21.00% | 21.00% |
R&D Credits | (10.90%) | |
Permanent differences and others | 90.40% | (18.30%) |
Change in valuation allowance | (111.40%) | 8.20% |
Effective income tax rate | 0.00% | 0.00% |
Income Taxes - Schedule of Re_2
Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefit (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Beginning balance | $ 2,184 | $ 2,198 |
Decrease in balance related to tax position taken during prior periods | (14) | |
Increase in balance related to tax position taken during the current period | 252 | |
Ending balance | $ 2,436 | $ 2,184 |
Income Taxes - Schedule of Tax
Income Taxes - Schedule of Tax Years Examination By Major Tax Jurisdictions (Details) | 12 Months Ended |
Dec. 31, 2020 | |
U.S. Federal | |
Income Tax Examination [Line Items] | |
Earliest Tax Year Subject to Examination | 2005 |
Foreign Tax Authority | California State | |
Income Tax Examination [Line Items] | |
Earliest Tax Year Subject to Examination | 2008 |
Foreign Tax Authority | Michigan State | |
Income Tax Examination [Line Items] | |
Earliest Tax Year Subject to Examination | 2019 |
401(k) Plan - Additional Inform
401(k) Plan - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Compensation And Retirement Disclosure [Abstract] | ||
Maximum pre-tax contribution per employee | 90.00% | |
Matching contributions | $ 0.6 | $ 0.6 |
Segment Information and Opera_3
Segment Information and Operations by Geographic Area - Additional Information (Details) - Segment | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting [Abstract] | ||
Number of reportable segments | 1 | |
Percentage of long lived assets | 97.00% | 97.00% |
Segment Information and Opera_4
Segment Information and Operations by Geographic Area - Schedule of Revenue by Country (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 116,156 | $ 84,074 |
Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | ||
Segment Reporting Information [Line Items] | ||
Revenue | 116,156 | 84,074 |
Taiwan | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | ||
Segment Reporting Information [Line Items] | ||
Revenue | 55,789 | 39,060 |
Hong Kong | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | ||
Segment Reporting Information [Line Items] | ||
Revenue | 30,306 | 16,534 |
United States | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | ||
Segment Reporting Information [Line Items] | ||
Revenue | 8,522 | 5,677 |
Other | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 21,539 | $ 22,803 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Related Party Transaction [Line Items] | ||
Property and equipment, net | $ 11,708 | $ 9,288 |
MegaChips | Equipment | ||
Related Party Transaction [Line Items] | ||
Property and equipment, net | $ 100 | |
MegaChips | SiTime Corporation | ||
Related Party Transaction [Line Items] | ||
Percentage of outstanding common stock held | 43.70% | 66.80% |
MegaChips Taiwan Corporation | Equipment | ||
Related Party Transaction [Line Items] | ||
Property and equipment, net | $ 100 |
Related Party Transactions - Su
Related Party Transactions - Summary of Significant Balances, Transactions and Payments with Related Parties and Affiliates (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | ||
Related party accounts receivable | $ 736 | $ 1,073 |
MegaChips | ||
Related Party Transaction [Line Items] | ||
Related party accounts receivable | 736 | 1,073 |
Property and equipment, net | 209 | |
Accounts payable | 220 | |
Sales through distribution agreement | 5,714 | 5,071 |
License expense | 148 | 158 |
Commission expense | 228 | 202 |
Interest expense | 94 | |
Cash paid for principal | 3,000 | |
Cash paid for equipment | 209 | |
Cash paid for interest | 94 | |
Cash paid for commissions | 228 | 202 |
Cash paid for licenses | 25 | $ 329 |
Affliates | ||
Related Party Transaction [Line Items] | ||
Consulting fees | 380 | |
Cash paid for consulting fees | $ 380 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Allowance for Credit Losses | ||
Valuation And Qualifying Accounts Disclosure [Line Items] | ||
Balance at Beginning of Period | $ 129 | $ 168 |
Deductions Credited to Expenses or Other Accounts | (79) | (39) |
Balance at End of Period | 50 | 129 |
Deferred Tax Valuation Allowance | ||
Valuation And Qualifying Accounts Disclosure [Line Items] | ||
Balance at Beginning of Period | 45,494 | 45,496 |
Additions Charged to Expenses or Other Accounts | 10,457 | |
Deductions Credited to Expenses or Other Accounts | (2) | |
Balance at End of Period | $ 55,951 | $ 45,494 |