Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 04, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | Techpoint, Inc. | |
Entity Central Index Key | 0001556898 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 000-55843 | |
Entity Tax Identification Number | 80-0806545 | |
Entity Address, Address Line One | 2550 N. First Street | |
Entity Address, Address Line Two | #550 | |
Entity Address, City or Town | San Jose | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | USA 95131 | |
Entity Address, Country | US | |
City Area Code | 408 | |
Local Phone Number | 324-0588 | |
Entity Common Stock, Shares Outstanding | 18,064,718 | |
Entity Interactive Data Current | Yes | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Japanese Depositary Shares | Japan Exchange Group | ||
Document Information [Line Items] | ||
Trading Symbol | 0001556898 | |
Title of 12(b) Security | Japanese Depositary Shares, each representing one | |
Common Stock, Par Value | ||
Document Information [Line Items] | ||
Trading Symbol | 0001556898 | |
Title of 12(b) Security | Common Stock Share, Par Value $0.0001 Per Share |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 18,034,584 | 17,928,748 |
Common stock, shares outstanding | 18,034,584 | 17,928,748 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 26,670 | $ 27,379 |
Short-term investments | 15,923 | 14,942 |
Accounts receivable | 106 | 336 |
Inventory | 15,180 | 13,522 |
Prepaid expenses and other current assets | 583 | 895 |
Total current assets | 58,462 | 57,074 |
Property and equipment ̶ net | 735 | 713 |
Deferred tax assets | 1,015 | 584 |
Right-of-use assets | 965 | 1,009 |
Other assets | 2,204 | 2,558 |
Total assets | 63,381 | 61,938 |
Current liabilities: | ||
Accounts payable | 1,550 | 1,838 |
Accrued liabilities | 3,171 | 1,896 |
Customer deposits | 839 | 775 |
Lease liabilities | 537 | 525 |
Dividend Payable | 4,504 | |
Total current liabilities | 6,097 | 9,538 |
Other liabilities | 565 | 583 |
Total liabilities | 6,662 | 10,121 |
Commitments and contingencies (Note 5) | ||
Stockholders’ equity | ||
Preferred stock, par value $0.0001 per share – 5,000,000 shares authorized as of March 31, 2022 and December 31, 2021; nil shares issued and outstanding as of March 31, 2022 and December 31, 2021 | ||
Common stock, par value $0.0001 per share – 75,000,000 shares authorized as of March 31, 2022 and December 31, 2021; 18,034,584 and 17,928,748 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively | 2 | 2 |
Additional paid-in capital | 24,826 | 24,251 |
Accumulated other comprehensive loss | (76) | (26) |
Retained earnings | 31,967 | 27,590 |
Total stockholders’ equity | 56,719 | 51,817 |
Total liabilities and stockholders’ equity | $ 63,381 | $ 61,938 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Revenue | $ 16,028 | $ 14,556 |
Cost of revenue | 6,831 | 6,835 |
Gross profit | 9,197 | 7,721 |
Operating expenses | ||
Research and development | 1,890 | 1,258 |
Selling, general and administrative | 2,478 | 1,946 |
Total operating expenses | 4,368 | 3,204 |
Income from operations | 4,829 | 4,517 |
Other income (expense), net | (30) | 19 |
Income before income taxes | 4,799 | 4,536 |
Provision for income taxes | 422 | 683 |
Net income | $ 4,377 | $ 3,853 |
Net income per share: | ||
Basic | $ 0.24 | $ 0.22 |
Diluted | $ 0.24 | $ 0.21 |
Weighted average shares outstanding used in computing net income per share | ||
Basic | 18,015,424 | 17,735,671 |
Diluted | 18,574,857 | 18,397,654 |
Comprehensive income: | ||
Net income | $ 4,377 | $ 3,853 |
Other comprehensive loss, net of tax: | ||
Unrealized loss on available-for-sale debt securities, net of tax benefit of $13 and $5 for the three months ended March 31, 2022 and 2021, respectively | (50) | (20) |
Comprehensive income | $ 4,327 | $ 3,833 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Unrealized loss on available-for-sale debt securities, net of tax benefit | $ 13 | $ 5 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital | AOCI Attributable to Parent | Retained Earnings |
Beginning Balances at Dec. 31, 2020 | $ 37,373 | $ 2 | $ 22,523 | $ 41 | $ 14,807 |
Beginning Balances, Shares at Dec. 31, 2020 | 17,690,062 | ||||
Other comprehensive loss – unrealized loss on available-for-sale debt securities | (20) | (20) | |||
Issuance of common stock upon exercise of stock options and vesting of early exercised options | 77 | 77 | |||
Issuance of common stock upon exercise of stock options and vesting of early exercised options, Shares | 47,766 | ||||
Issuance of common stock upon vesting of restricted stock units, Shares | 24,125 | ||||
Shares repurchased for tax withholdings on vesting of restricted stock units | (29) | (29) | |||
Shares repurchased for tax withholdings on vesting of restricted stock units, Shares | (3,920) | ||||
Stock-based compensation | 371 | 371 | |||
Net income | 3,853 | 3,853 | |||
Ending Balances at Mar. 31, 2021 | 41,625 | $ 2 | 22,942 | 21 | 18,660 |
Ending Balances, Shares at Mar. 31, 2021 | 17,758,033 | ||||
Beginning Balances at Dec. 31, 2021 | 51,817 | $ 2 | 24,251 | (26) | 27,590 |
Beginning Balances, Shares at Dec. 31, 2021 | 17,928,748 | ||||
Other comprehensive loss – unrealized loss on available-for-sale debt securities | (50) | (50) | |||
Issuance of common stock upon exercise of stock options and vesting of early exercised options | 142 | 142 | |||
Issuance of common stock upon exercise of stock options and vesting of early exercised options, Shares | 79,517 | ||||
Issuance of common stock upon vesting of restricted stock units, Shares | 32,225 | ||||
Shares repurchased for tax withholdings on vesting of restricted stock units | (82) | (82) | |||
Shares repurchased for tax withholdings on vesting of restricted stock units, Shares | (5,906) | ||||
Stock-based compensation | 515 | 515 | |||
Net income | 4,377 | 4,377 | |||
Ending Balances at Mar. 31, 2022 | $ 56,719 | $ 2 | $ 24,826 | $ (76) | $ 31,967 |
Ending Balances, Shares at Mar. 31, 2022 | 18,034,584 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash Flows From Operating Activities | ||
Net income | $ 4,377 | $ 3,853 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 101 | 102 |
Stock-based compensation | 515 | 371 |
Amortization of premium on available-for-sale investments | 56 | 49 |
Loss on disposal of long-lived assets | 6 | |
Inventory valuation adjustment | 182 | 5 |
Deferred income taxes | (422) | 72 |
Noncash lease expense | 190 | 177 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 230 | (2) |
Inventory | (1,840) | (1,377) |
Prepaid expenses and other current assets | 317 | 61 |
Other assets | 8 | 9 |
Accounts payable | (288) | 1,073 |
Accrued expenses | 1,399 | (430) |
Customer deposits | 64 | 2,078 |
Lease liabilities | (53) | (43) |
Other liabilities | (99) | (149) |
Net cash provided by operating activities | 4,737 | 5,855 |
Cash Flows From Investing Activities | ||
Purchase of property and equipment | (246) | (36) |
Purchase of debt securities | (2,005) | |
Proceeds from maturities of debt securities | 1,250 | 5,705 |
Net cash (used in) provided by investing activities | (1,001) | 5,669 |
Cash Flows From Financing Activities | ||
Payment of dividends | (4,504) | |
Net proceeds from exercise of stock options | 141 | 70 |
Payment for shares withheld for tax withholdings on vesting of restricted stock units | (82) | (29) |
Net cash (used in) provided by financing activities | (4,445) | 41 |
Net (decrease) increase in cash and cash equivalents | (709) | 11,565 |
Cash and cash equivalents at beginning of period | 27,379 | 12,084 |
Cash and cash equivalents at end of period | 26,670 | 23,649 |
Supplemental Disclosure of Cash Flow Information | ||
Cash paid for income taxes | 47 | 11 |
Supplemental Disclosure of Noncash Investing and Financing Information | ||
Property and equipment purchased but not yet paid | 108 | |
Vesting of early exercised options | $ 1 | $ 7 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Summary of Significant Accounting Policies | 1. Organization and Summary of Significant Accounting Policies Organization Techpoint, Inc. (together with its wholly-owned subsidiaries, the “Company”) was originally incorporated in California in April 2012 and reincorporated in Delaware in July 2017. The Company is a fabless semiconductor company that designs, markets and sells mixed-signal integrated circuits for multiple video applications in the security surveillance and automotive markets. The Company is headquartered in San Jose, California. Basis of Consolidation and Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and have been prepared in conformity with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”). All intercompany balances and transactions have been eliminated. The functional currency of each of the Company’s subsidiaries is the U.S. dollar. Foreign currency gains or losses are recorded as other income (expense), net in the Condensed Consolidated Statements of Income and Comprehensive Income. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2021 contained in the Company’s Annual Report on Form 10-K. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, which only include normal recurring adjustments, necessary to present fairly the Company’s financial position, results of operations and cash flows for the interim periods and are not necessarily indicative of the results to be expected for the full fiscal year or for any other future annual or interim periods. Revenue Recognition The Company principally sells its products to distributors who, in turn, sell to original design manufacturers Accounting Standards Codification Revenue from Contracts with Customers (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) Product revenue consists of sales of mixed-signal integrated circuits into the security surveillance and automotive markets. The Company generally requires advance payments from customers and records these advance payments, or contract liabilities, as customer deposits on its consolidated balance sheet. Since the Company’s performance obligations relate to contracts with a duration of less than one year, the Company has elected to apply the optional exemption practical expedient provided in ASC 606 and is therefore not required to disclose the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period. The Company provides product assurance warranty only and does not offer warranties to be purchased separately. The Company allocates the transaction price to each distinct product based on a relative standalone selling price. Revenue is recognized when control of the product is transferred to the Company’s customers, upon shipment, at which time the performance obligation is satisfied. The Company’s shipping terms are primarily FOB (free on board) shipping point, whereby legal title, risks and rewards of ownership, and physical possession are transferred to the customer upon shipment. Substantially all of the Company’s customers pay in advance of shipment, and no stock rotation, price protection or return rights are offered. Use of Management’s Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Significant estimates included in the consolidated financial statements include inventory valuation and the valuation allowance for recorded deferred tax assets. These estimates are based upon information available as of the date of the consolidated financial statements. Actual results could differ materially from those estimates. Certain Significant Risks and Uncertainties The Company operates in a dynamic industry and can be affected by a variety of factors. For example, any of the following areas could have a negative effect on the Company in terms of its future financial position, results of operations or cash flows: the general state of the U.S., China and world economies; the highly cyclical nature of the industries the Company serves; successful and timely completion of product design efforts; trade restrictions by the United States against the Company's customers in China, or potential retaliatory trade actions taken by China; the loss of any of its larger customers; restrictions on the Company's ability to sell to foreign customers due to additional U.S. or new China trade laws, regulations and requirements; disruptions of the supply chain of components needed for its products; fundamental changes in the technology underlying the Company’s products; the hiring, training and retention of key employees; and new product design introductions by competitors. Management continues to actively monitor the impact of COVID-19 on the Company’s financial condition, liquidity, operations, end-customers (including its significant end-customers), distributors, suppliers, industry, and workforce. The extent to which the COVID-19 pandemic impacts the Company’s business, prospects and results of operations will depend on future developments, which are highly uncertain, including, but not limited to, the duration and spread of the pandemic, its severity, the actions to contain the virus or treat its impact, and how quickly and to what extent normal economic and operating activities can resume. In particular, as economies reopen there have been increases in demand for the Company’s products. uppliers have been unable to rapidly respond to increased demand Although the Company continues to work with its suppliers as well as its manufacturing partners to secure additional capacity to meet the increased demand, there can be no assurances that such resources will be readily available when needed. The Company has made estimates of the impact of COVID-19 within its financial statements and there may be changes to those estimates in future periods Concentration of Customer and Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, investments, and trade receivables. Risks associated with cash and cash equivalents, and investments are mitigated by banking with, and investing in, creditworthy institutions. The Company generally requires advance payments from customers. The Company also performs credit evaluations of its customers and provides credit to certain customers in the normal course of business. The Company has not incurred bad debt write-offs during any of the periods presented. For each significant customer, or distributor, and significant end-customer, revenue as a percentage of total revenue was as follows: Three Months Ended March 31, 2022 2021 Customer Customer A 51 % 59 % Customer B * 10 % Customer C * 10 % End-Customer End-Customer A (1) 35 % 42 % _________________________ * Less than 10%. (1) Sales to End-Customer A primarily occurred through Customer A. Concentration of Supplier Risk The Company currently relies on Taiwan Semiconductor Manufacturing Company Limited and United Microelectronics Corporation (formerly Fujitsu Electronics America, Inc.) to produce substantially all of its semiconductors. Also, it relies on Advanced Semiconductor Engineering, Inc. and Sigurd Microelectronics Corporation to assemble, package and test substantially all of its semiconductors to satisfy substantially all of the Company’s production requirements. The failure of any subcontractor to fulfill the production requirements of the Company on a timely basis would adversely impact future results. Although there are other subcontractors that are capable of providing similar services, an unexpected change in either subcontractor would cause delays in the Company’s products and potentially result in a significant loss of revenue. Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2019-12, which simplifies the accounting for income taxes. The guidance in ASU No. 2019-12 is required for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2020, for public business entities, with early adoption permitted. The Company adopted this guidance on January 1, 2021. The adoption of this guidance did not have a material impact on the Company’s financial statements as of and for the three months ended March 31, 2022 or March 31, 2021. Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments December 15, 2022 for SEC filers that are eligible to be smaller reporting companies under the SEC’s definition |
Balance Sheet Components
Balance Sheet Components | 3 Months Ended |
Mar. 31, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components | 2. Balance Sheet Inventory Inventory consists of the following (in thousands): March 31, December 31, 2022 2021 Work in process $ 7,726 $ 6,038 Finished goods 7,454 7,484 Total inventory $ 15,180 $ 13,522 Property and Equipment - Net Property and equipment, net consists of the following (in thousands): March 31, December 31, 2022 2021 Computer equipment and software $ 2,336 $ 2,224 Leasehold improvements 94 84 Furniture 36 36 Total property and equipment 2,466 2,344 Less: accumulated depreciation (1,731 ) (1,631 ) Total property and equipment – net $ 735 $ 713 The Company recorded $0.1 million and $0.1 million of depreciation expense for the three months ended March 31, 2022 and 2021, respectively. Accrued Liabilities Accrued liabilities consist of the following (in thousands): March 31, December 31, 2022 2021 Payroll-related expenses $ 1,308 $ 803 Taxes payable 662 117 Engineering services 600 681 Accrued inventory 352 70 Accrued warranty 121 145 Professional fees 97 62 Other 31 18 Total accrued liabilities $ 3,171 $ 1,896 Customer Deposits Customer deposits represent payments received in advance of shipments and fluctuate depending on timing of customer pre-payments and product shipment. Customer deposits were $0.8 million as of March 31, 2022 and December 31, 2021, respectively. The Company generally expects to recognize revenue from customer deposits during the three month period immediately following the balance sheet date. During the three months ended March 31, 2022, the Company recognized $0.8 million revenue from the December 31, 2021 customer deposits balance. |
Fair Value Measurements of Fina
Fair Value Measurements of Financial Instruments | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements of Financial Instruments | 3. Fair Value Measurements of Financial Instruments Summary of Financial Instruments The following is a summary of financial instruments (in thousands): March 31, 2022 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Estimated Fair Values Available-for-sale securities: Money market funds $ 6,285 $ — $ — $ 6,285 Commercial paper 6,240 — (25 ) 6,215 Corporate bonds 13,030 — (71 ) 12,959 Total available-for-sale securities $ 25,555 $ — $ (96 ) $ 25,459 Reported in: Cash and cash equivalents $ 7,535 Short-term investments 15,923 Other assets 2,001 Total available-for-sale securities $ 25,459 December 31, 2021 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Estimated Fair Values Available-for-sale securities: Money market funds $ 8,222 $ — $ — $ 8,222 Commercial paper 3,993 — (6 ) 3,987 Corporate bonds 13,333 — (27 ) 13,306 Total available-for-sale securities $ 25,548 $ — $ (33 ) $ 25,515 Reported in: Cash and cash equivalents $ 8,222 Short-term investments 14,942 Other assets 2,351 Total available-for-sale securities $ 25,515 The contractual maturities of available-for-sale securities are presented in the following table (in thousands): March 31, 2022 Amortized Cost Estimated Fair Value Due in one year or less $ 23,528 $ 23,458 Due between one to two years 2,027 2,001 $ 25,555 $ 25,459 The Company had 15 investments in unrealized loss positions as of March 31, 2022. The investments have been in unrealized loss positions for less than twelve months. The total fair value of such investments is $18.2 million with unrealized losses of approximately $0.1 million as of March 31, 2022. There were no material gross unrealized losses from available-for-sale securities and no material realized gains or losses from available-for-sale securities that were reclassified from accumulated other comprehensive income for the three months ended March 31, 2022. For investments in available-for-sale debt securities that have unrealized losses, the Company evaluates (i) whether it has the intention to sell any of these investments and (ii) whether it is not more likely than not that it will be required to sell any of these investments before recovery of the entire amortized cost basis. Based on this evaluation, the Company determined that there were no other-than-temporary impairments associated with investments as of March 31, 2022. There were no sales of available-for-sale securities for the three months ended March 31, 2022 and 2021. Fair Value Measurements Fair value is defined as the exchange price that would be received from selling an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company measures financial assets and liabilities at fair value at each reporting period using a fair value hierarchy which requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs. A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Three levels of inputs may be used to measure fair value: Level 1 . Quoted prices in active markets for identical assets or liabilities. Level 2 . Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3 . Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. Financial assets measured at fair value on a recurring basis were as follows (in thousands): Fair Value Measurement at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Total As of March 31, 2022 Financial assets - available-for-sale securities Money market funds $ 6,285 $ — $ 6,285 Commercial paper — 6,215 6,215 Corporate bonds — 12,959 12,959 Total financial assets – available-for-sale securities $ 6,285 $ 19,174 $ 25,459 As of December 31, 2021 Financial assets - available-for-sale securities Money market funds $ 8,222 $ — $ 8,222 Commercial paper — 3,987 3,987 Corporate bonds — 13,306 13,306 Total financial assets – available-for-sale securities $ 8,222 $ 17,293 $ 25,515 The Company classifies money market funds in Level 1 since the financial assets consist of securities for which quoted prices are available in an active market. In addition, the Company classifies corporate bonds and commercial paper in Level 2 since the financial assets use observable inputs including quoted prices in active markets for similar assets or liabilities. The Company uses a pricing service to assist in determining the fair values of all of its cash equivalents, short-term investments and long-term investments. The pricing service uses inputs from multiple industry standard data providers or other third party sources and applies various acceptable methodologies. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | 4. Segment Information Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker, the chief executive officer, reviews financial information presented on a consolidated basis for purposes of making operating decisions and assessing financial performance on a regular basis. Accordingly, the Company considers itself to be one reportable segment, which is comprised of one operating segment - the designing, marketing and selling of mixed-signal integrated circuits for the security surveillance and automotive markets. Product revenue from customers is designated based on the geographic region to which the product is delivered. Revenue by geographic region was as follows (in thousands): Three Months Ended March 31, 2022 2021 China $ 11,257 $ 10,159 Taiwan 2,244 2,414 South Korea 1,470 1,642 Japan 638 172 Other 419 169 Total revenue $ 16,028 $ 14,556 Revenue by principal product lines was as follows (in thousands): Three Months Ended March 31, 2022 2021 Automotive $ 9,537 $ 6,305 Security surveillance 6,491 8,251 Total revenue $ 16,028 $ 14,556 L ong-lived assets by geographic region were as follows (in thousands): March 31, December 31, 2022 2021 Taiwan $ 464 $ 415 China $ 189 $ 207 United States 72 79 South Korea 6 7 Japan 4 5 Total property and equipment - net $ 735 $ 713 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 5. Commitments and Contingencies Operating leases The Company determines if an arrangement contains a lease at inception. The Company leases facilities under non-cancelable lease agreements expiring through fiscal year 2024. The Company’s agreements do not include variable lease payments or any restrictions or covenants imposed by the leases. As the rate implicit in each lease agreement is not readily determinable, the Company’s incremental borrowing rate was used as the discount rate. The Company’s right-of-use assets and lease liabilities have been adjusted for initial direct costs and prepaid rent but do not reflect any options to extend or terminate its lease agreements, any residual value guarantees, or any leases that have not yet commenced. The right-of-use assets and lease liabilities related to operating leases were as follows (in thousands): March 31, December 31, 2022 2021 Right-of-use assets $ 965 $ 1,009 Lease liabilities - Current $ 537 $ 525 Lease liabilities - Non-Current 445 468 Total lease liabilities $ 982 $ 993 Rent expense under operating leases was $0.2 million and $0.2 million for the three months ended March 31, 2022 and 2021, respectively. Rent expense recognized from short-term leases was $6,000 and $6,000 for the three months ended March 31, 2022 and 2021, respectively. The following tables summarize the Company’s lease costs and weighted-average assumptions used in determining its right-of-use assets and lease liabilities (in thousands): Three Months Ended March 31, 2022 2021 Operating lease cost $ 200 $ 189 Cash paid for operating leases $ 160 $ 184 Right-of-use assets obtained in exchange for operating lease liabilities (1) $ 146 $ 41 Weighted average remaining term for operating leases 1.79 years 1.16 years Weighted average discount rate for operating leases 3.2 % 5.8 % (1) The Company entered into a new lease in Taiwan when its existing facility lease terminated, and there were no lease modifications in the three months ended March 31, 2022. During the three months ended March 31, 2021, the Company modified one existing operating lease. The lease modification was not treated as a separate contract as no additional right-of-use was granted and was accounted for as non-cash change in existing lease liabilities and the right-of-use assets. As of , the aggregate future minimum lease payments under non-cancelable operating leases consist of the following (in thousands): Year Ending December 31, Amount 2022 (remaining nine months) $ 459 2023 459 2024 110 Total 1,028 Less effects of discounting (46 ) Lease liabilities recognized $ 982 Purchase Commitments As of March 31, 2022, the Company had purchase commitments with its third-party suppliers through fiscal year 2025. Future minimum payments under purchase commitments total $ 5.3 million for the remaining nine months ending December 31, 2022, $0.4 million for the year ending December 31, 2023, $0.4 million for the year ending December 31, 2024 and $0.1 million for the year ending December 31, 2025. Litigation Although the Company is not currently a party to any legal proceedings, and there is no litigation currently threatened, the Company may be subject to legal proceedings, claims and litigation, including intellectual property litigation, arising in the ordinary course of business. Such matters are subject to many uncertainties and outcomes and are not predictable with assurance. The Company accrues amounts that it believes are adequate to address any liabilities related to legal proceedings and other loss contingencies that the Company believes will result in a probable loss that is reasonably estimable. Indemnification During the normal course of business, the Company may make certain indemnities, commitments and guarantees which may include intellectual property indemnities to certain of its customers in connection with the sales of the Company’s products and indemnities for liabilities associated with the infringement of other parties’ technology based upon the Company’s products. The Company’s exposure under these indemnification provisions is generally limited to the total amount paid by a customer under the agreement. However, certain agreements include indemnification provisions that could potentially expose the Company to losses in excess of the amount received under the agreement. In addition, the Company indemnifies its officers, directors and certain key employees while they are serving in good faith in such capacities. The Company has not recorded any liability for these indemnities, commitments and guarantees in the accompanying condensed consolidated balance sheets. Where necessary, the Company accrues for losses for any known contingent liabilities, including those that may arise from indemnification provisions, when future payment is probable. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | 6. Stockholders’ Equity Preferred Stock The Company was authorized to issue 5,000,000 shares of preferred stock with a $0.0001 par value per share as of March 31, 2022 and December 31, 2021. There were no shares of preferred stock issued and outstanding as of March 31, 2022 and December 31, 2021. Common Stock The Company was authorized to issue 75,000,000 shares of common stock with $0.0001 par value per share as of March 31, 2022 . As of March 31, 2022 the shares of common stock issued and outstanding totaled 18,034,584, excluding 84 shares subject to repurchases related to the early exercise of options to purchase common stock. As of December 31, 20 2 1 , the shares of common stock issued and outstanding were 17,928,748 , excluding 334 l egally issued shares subject to repurchase related to the early exercise of options to purchase common stock. The Company has reserved the following number of shares of common stock for future issuances: March 31, 2022 Outstanding stock awards 947,034 Shares available for future issuance under the 2017 Stock Incentive Plan 6,795,167 Total common stock reserved for future issuances 7,742,201 |
Stock Option Plan
Stock Option Plan | 3 Months Ended |
Mar. 31, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Option Plan | 7. Stock Option Plan Stock Incentive Plan In April 2012, the Company adopted a 2012 Stock Option Plan (“2012 Plan”). The 2012 Plan provides for the granting of stock-based awards to employees, directors, and consultants under terms and provisions established by the Company’s board of directors. Under the terms of the 2012 Plan, options may be granted at an exercise price not less than fair market value. For employees holding more than 10% of the voting rights of all classes of stock, the exercise prices for incentive and non-statutory stock options must be at least 110% of the fair market value of the common stock on the grant date, as determined by the Company’s board of directors. The terms of options granted under the 2012 Plan may not exceed ten years. The 2012 Plan was superseded by a 2017 Stock Option Plan (“2017 Plan”). Any outstanding awards under the 2012 Plan will continue to be governed by the terms of the 2012 Plan. In August 2017, the Company adopted the 2017 Plan. The Company’s stockholders approved the 2017 Plan in September 2017 and it became effective immediately prior to the closing of the Company’s initial public offering. In connection with the adoption of the 2017 Plan, no additional awards and no shares of common stock remain available for future issuance under the 2012 Plan and shares reserved but not issued under the 2012 Plan as of the effective date of the 2017 Plan were included in the number of shares reserved for issuance under the 2017 Plan . In addition, shares subject to awards under the 2012 Plan that are forfeited or terminated are added to the 2017 Plan. The number of shares available for issuance under the 2017 Plan is automatically increased on the first day of each fiscal year beginning on January 1, 2018 and ending on (and including) January 1, 2027, in an amount equal to the lesser of (1) 4% of the outstanding shares of the Company’s common stock on the last day of the immediately preceding fiscal year, or (2) another amount determined by the Company’s board of directors. The automatic increase in the number of shares available for issuance under the 2017 plan for the fiscal year 2022 was 717,163 shares. The 2017 Plan provides for the granting of incentive stock options within the meaning of Section 422 of the Internal Revenue Code to employees and the granting of non-statutory stock options to employees, non-employee directors, advisors and consultants. The 2017 Plan also provides for the grants of restricted stock, stock appreciation rights, stock unit and cash-based awards to employees, non-employee directors, advisors and consultants. The Company’s stock award activity under the stock incentive plan is summarized as follows: Awards Available for Grant As of December 31, 2021 6,072,181 Authorized 717,163 Granted (15,000 ) Canceled 20,823 As of March 31, 2022 6,795,167 Early Exercise of Stock Options Certain employees and directors have exercised option grants prior to vesting. The unvested shares are subject to a repurchase right held by the Company at the original purchase price. The proceeds initially are recorded as a liability related to early exercised stock options and reclassified to common stock and additional paid-in capital as the repurchase right lapses. For the three months ended March 31, 2022 and 2021, the Company did not issue unvested shares of common stock upon early exercise nor repurchased any shares of unvested common stock related to early exercised options at the original purchase price. As of March 31, 2022 and December 31, 2021, 84 and 334 shares, respectively, held by employees were subject to repurchase at an aggregate price of approximately nil and $1,000, respectively. Stock Options The Company’s stock option activity under the stock incentive plan is summarized as follows: Options Issued and Outstanding Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in thousands) As of December 31, 2021 584,243 $ 2.51 5.0 $ 7,438 Granted — — — — Exercised (1) (79,517 ) 1.79 — — Canceled (167 ) 2.93 — — As of March 31, 2022 504,559 2.62 4.9 3,746 Options vested and expected to vest as of March 31, 2022 504,559 2.62 4.9 3,746 Options vested and exercisable as of March 31, 2022 491,908 2.61 4.8 3,658 (1) Includes vesting of early-exercised options. The stock options outstanding and exercisable by exercise price at March 31, 2022 are as follows: Options Outstanding Options Vested and Exercisable Exercise Price Number Outstanding Weighted- Average Remaining Contractual Life (Years) Weighted- Average Exercise Price Number Exercisable Weighted- Average Exercise Price $ 0.16 11,950 1.8 $ 0.16 11,950 $ 0.16 0.37 23,050 3.2 0.37 23,050 0.37 0.97 29,300 3.9 0.97 29,300 0.97 2.51 58,780 4.4 2.51 58,780 2.51 2.89 43,000 4.9 2.89 43,000 2.89 2.93 255,422 5.2 2.93 250,606 2.93 3.18 83,057 5.3 3.18 75,222 3.18 504,559 491,908 The aggregate intrinsic value of options exercised for the three months ended March 31, 2022 and 2021 was $1.0 million and $0.3 million, respectively. The Company has various vesting agreements with its employees. Options granted generally vest over a five-year Restricted Stock Units The Company’s restricted stock units activity is summarized as follows: Units Issued and Outstanding Weighted-Average Grant Date Fair Value As of December 31, 2021 474,450 $ 9.28 Granted 15,000 11.98 Released (26,319 ) 8.44 Canceled (20,656 ) 11.92 As of March 31, 2022 442,475 9.29 Restricted stock units are converted into shares of the Company’s common stock upon vesting on a one-for-one basis. Restricted stock unit awards generally vest over a five-year |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 8. Stock-Based Compensation The following table summarizes the distribution of stock-based compensation expense (in thousands): Three Months Ended March 31, 2022 2021 Cost of revenue $ 38 $ 40 Research and development 140 149 Selling, general and administrative 337 182 Total $ 515 $ 371 |
Net Income Per Share
Net Income Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | 9. Net Income Per Share The following table presents the calculation of basic and diluted net income per share (amounts in thousands, except per share data): Three Months Ended March 31, 2022 2021 Numerator: Basic: Net income $ 4,377 $ 3,853 Diluted: Net income $ 4,377 $ 3,853 Denominator: Basic shares: Weighted-average shares outstanding used in computing basic net income per share 18,015,424 17,735,671 Diluted shares: Effect of potentially dilutive securities: Stock awards (1) 559,433 661,983 Weighted-average shares used in computing diluted net income per share 18,574,857 18,397,654 Net income per share: Basic $ 0.24 $ 0.22 Diluted $ 0.24 $ 0.21 (1) Includes early-exercised options. The potentially dilutive shares of common stock outstanding that were excluded from the computation of diluted net income per share for the periods presented as the effect would have been antidilutive, was 13,000 and 30,000 for the three months ended March 31, 2022 and 2021, respectively. |
Provision for Income Taxes
Provision for Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. Provision for Income Taxes The components of income before income taxes were as follows (in thousands): Three Months Ended March 31 2022 2021 Domestic $ 4,769 $ 4,483 Foreign 30 53 Income before income taxes $ 4,799 $ 4,536 The components of the provision for income taxes were as follows (in thousands): Three Months Ended March 31 2022 2021 United States $ 418 $ 675 Foreign 4 8 Provision for income taxes $ 422 $ 683 As of March 31, 2022, there was no material increase in the liability for unrecognized tax benefits and no accrued interest or penalties related to uncertain tax positions. As of March 31, 2022, the Company had approximately $0.4 million of unrecognized tax benefits of which $0.3 million was netted against deferred tax assets with a full valuation allowance. If these amounts are recognized, there will be a tax benefit of $0.1 million against the Company’s effective tax rate. |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | Organization Techpoint, Inc. (together with its wholly-owned subsidiaries, the “Company”) was originally incorporated in California in April 2012 and reincorporated in Delaware in July 2017. The Company is a fabless semiconductor company that designs, markets and sells mixed-signal integrated circuits for multiple video applications in the security surveillance and automotive markets. The Company is headquartered in San Jose, California. |
Basis of Consolidation and Significant Accounting Policies | Basis of Consolidation and Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and have been prepared in conformity with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”). All intercompany balances and transactions have been eliminated. The functional currency of each of the Company’s subsidiaries is the U.S. dollar. Foreign currency gains or losses are recorded as other income (expense), net in the Condensed Consolidated Statements of Income and Comprehensive Income. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2021 contained in the Company’s Annual Report on Form 10-K. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, which only include normal recurring adjustments, necessary to present fairly the Company’s financial position, results of operations and cash flows for the interim periods and are not necessarily indicative of the results to be expected for the full fiscal year or for any other future annual or interim periods. |
Revenue Recognition | Revenue Recognition The Company principally sells its products to distributors who, in turn, sell to original design manufacturers Accounting Standards Codification Revenue from Contracts with Customers (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) Product revenue consists of sales of mixed-signal integrated circuits into the security surveillance and automotive markets. The Company generally requires advance payments from customers and records these advance payments, or contract liabilities, as customer deposits on its consolidated balance sheet. Since the Company’s performance obligations relate to contracts with a duration of less than one year, the Company has elected to apply the optional exemption practical expedient provided in ASC 606 and is therefore not required to disclose the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period. The Company provides product assurance warranty only and does not offer warranties to be purchased separately. The Company allocates the transaction price to each distinct product based on a relative standalone selling price. Revenue is recognized when control of the product is transferred to the Company’s customers, upon shipment, at which time the performance obligation is satisfied. The Company’s shipping terms are primarily FOB (free on board) shipping point, whereby legal title, risks and rewards of ownership, and physical possession are transferred to the customer upon shipment. Substantially all of the Company’s customers pay in advance of shipment, and no stock rotation, price protection or return rights are offered. |
Use of Management's Estimates | Use of Management’s Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Significant estimates included in the consolidated financial statements include inventory valuation and the valuation allowance for recorded deferred tax assets. These estimates are based upon information available as of the date of the consolidated financial statements. Actual results could differ materially from those estimates. |
Certain Significant Risks and Uncertainties | Certain Significant Risks and Uncertainties The Company operates in a dynamic industry and can be affected by a variety of factors. For example, any of the following areas could have a negative effect on the Company in terms of its future financial position, results of operations or cash flows: the general state of the U.S., China and world economies; the highly cyclical nature of the industries the Company serves; successful and timely completion of product design efforts; trade restrictions by the United States against the Company's customers in China, or potential retaliatory trade actions taken by China; the loss of any of its larger customers; restrictions on the Company's ability to sell to foreign customers due to additional U.S. or new China trade laws, regulations and requirements; disruptions of the supply chain of components needed for its products; fundamental changes in the technology underlying the Company’s products; the hiring, training and retention of key employees; and new product design introductions by competitors. Management continues to actively monitor the impact of COVID-19 on the Company’s financial condition, liquidity, operations, end-customers (including its significant end-customers), distributors, suppliers, industry, and workforce. The extent to which the COVID-19 pandemic impacts the Company’s business, prospects and results of operations will depend on future developments, which are highly uncertain, including, but not limited to, the duration and spread of the pandemic, its severity, the actions to contain the virus or treat its impact, and how quickly and to what extent normal economic and operating activities can resume. In particular, as economies reopen there have been increases in demand for the Company’s products. uppliers have been unable to rapidly respond to increased demand Although the Company continues to work with its suppliers as well as its manufacturing partners to secure additional capacity to meet the increased demand, there can be no assurances that such resources will be readily available when needed. The Company has made estimates of the impact of COVID-19 within its financial statements and there may be changes to those estimates in future periods |
Concentration of Customer and Credit Risk | Concentration of Customer and Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, investments, and trade receivables. Risks associated with cash and cash equivalents, and investments are mitigated by banking with, and investing in, creditworthy institutions. The Company generally requires advance payments from customers. The Company also performs credit evaluations of its customers and provides credit to certain customers in the normal course of business. The Company has not incurred bad debt write-offs during any of the periods presented. For each significant customer, or distributor, and significant end-customer, revenue as a percentage of total revenue was as follows: Three Months Ended March 31, 2022 2021 Customer Customer A 51 % 59 % Customer B * 10 % Customer C * 10 % End-Customer End-Customer A (1) 35 % 42 % _________________________ * Less than 10%. (1) Sales to End-Customer A primarily occurred through Customer A. |
Concentration of Supplier Risk | Concentration of Supplier Risk The Company currently relies on Taiwan Semiconductor Manufacturing Company Limited and United Microelectronics Corporation (formerly Fujitsu Electronics America, Inc.) to produce substantially all of its semiconductors. Also, it relies on Advanced Semiconductor Engineering, Inc. and Sigurd Microelectronics Corporation to assemble, package and test substantially all of its semiconductors to satisfy substantially all of the Company’s production requirements. The failure of any subcontractor to fulfill the production requirements of the Company on a timely basis would adversely impact future results. Although there are other subcontractors that are capable of providing similar services, an unexpected change in either subcontractor would cause delays in the Company’s products and potentially result in a significant loss of revenue. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2019-12, which simplifies the accounting for income taxes. The guidance in ASU No. 2019-12 is required for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2020, for public business entities, with early adoption permitted. The Company adopted this guidance on January 1, 2021. The adoption of this guidance did not have a material impact on the Company’s financial statements as of and for the three months ended March 31, 2022 or March 31, 2021. |
Recently Issued Accounting Pronouncements Not Yet Adopted | Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments December 15, 2022 for SEC filers that are eligible to be smaller reporting companies under the SEC’s definition |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Summary of Revenue as Percentage of Total Revenue for Each Significant Customer, or Distributor, and Significant End-Customer | For each significant customer, or distributor, and significant end-customer, revenue as a percentage of total revenue was as follows: Three Months Ended March 31, 2022 2021 Customer Customer A 51 % 59 % Customer B * 10 % Customer C * 10 % End-Customer End-Customer A (1) 35 % 42 % _________________________ * Less than 10%. (1) Sales to End-Customer A primarily occurred through Customer A. |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Balance Sheet Related Disclosures [Abstract] | |
Components of Inventory | Inventory consists of the following (in thousands): March 31, December 31, 2022 2021 Work in process $ 7,726 $ 6,038 Finished goods 7,454 7,484 Total inventory $ 15,180 $ 13,522 |
Components of Property and Equipment - Net | Property and equipment, net consists of the following (in thousands): March 31, December 31, 2022 2021 Computer equipment and software $ 2,336 $ 2,224 Leasehold improvements 94 84 Furniture 36 36 Total property and equipment 2,466 2,344 Less: accumulated depreciation (1,731 ) (1,631 ) Total property and equipment – net $ 735 $ 713 |
Components of Accrued Liabilities | Accrued liabilities consist of the following (in thousands): March 31, December 31, 2022 2021 Payroll-related expenses $ 1,308 $ 803 Taxes payable 662 117 Engineering services 600 681 Accrued inventory 352 70 Accrued warranty 121 145 Professional fees 97 62 Other 31 18 Total accrued liabilities $ 3,171 $ 1,896 |
Fair Value Measurements of Fi_2
Fair Value Measurements of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Instruments | The following is a summary of financial instruments (in thousands): March 31, 2022 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Estimated Fair Values Available-for-sale securities: Money market funds $ 6,285 $ — $ — $ 6,285 Commercial paper 6,240 — (25 ) 6,215 Corporate bonds 13,030 — (71 ) 12,959 Total available-for-sale securities $ 25,555 $ — $ (96 ) $ 25,459 Reported in: Cash and cash equivalents $ 7,535 Short-term investments 15,923 Other assets 2,001 Total available-for-sale securities $ 25,459 December 31, 2021 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Estimated Fair Values Available-for-sale securities: Money market funds $ 8,222 $ — $ — $ 8,222 Commercial paper 3,993 — (6 ) 3,987 Corporate bonds 13,333 — (27 ) 13,306 Total available-for-sale securities $ 25,548 $ — $ (33 ) $ 25,515 Reported in: Cash and cash equivalents $ 8,222 Short-term investments 14,942 Other assets 2,351 Total available-for-sale securities $ 25,515 |
Summary of Contractual Maturities of Available-for-sale Securities | The contractual maturities of available-for-sale securities are presented in the following table (in thousands): March 31, 2022 Amortized Cost Estimated Fair Value Due in one year or less $ 23,528 $ 23,458 Due between one to two years 2,027 2,001 $ 25,555 $ 25,459 |
Schedule of Financial Instruments Measured at Fair Value | Financial assets measured at fair value on a recurring basis were as follows (in thousands): Fair Value Measurement at Reporting Date Using Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Total As of March 31, 2022 Financial assets - available-for-sale securities Money market funds $ 6,285 $ — $ 6,285 Commercial paper — 6,215 6,215 Corporate bonds — 12,959 12,959 Total financial assets – available-for-sale securities $ 6,285 $ 19,174 $ 25,459 As of December 31, 2021 Financial assets - available-for-sale securities Money market funds $ 8,222 $ — $ 8,222 Commercial paper — 3,987 3,987 Corporate bonds — 13,306 13,306 Total financial assets – available-for-sale securities $ 8,222 $ 17,293 $ 25,515 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Product Revenue from Customer by Geographic Region | Product revenue from customers is designated based on the geographic region to which the product is delivered. Revenue by geographic region was as follows (in thousands): Three Months Ended March 31, 2022 2021 China $ 11,257 $ 10,159 Taiwan 2,244 2,414 South Korea 1,470 1,642 Japan 638 172 Other 419 169 Total revenue $ 16,028 $ 14,556 |
Schedule of Revenue by Principal Products Lines | Revenue by principal product lines was as follows (in thousands): Three Months Ended March 31, 2022 2021 Automotive $ 9,537 $ 6,305 Security surveillance 6,491 8,251 Total revenue $ 16,028 $ 14,556 |
Schedule of Net Long-lived Assets by Geographic Region | L ong-lived assets by geographic region were as follows (in thousands): March 31, December 31, 2022 2021 Taiwan $ 464 $ 415 China $ 189 $ 207 United States 72 79 South Korea 6 7 Japan 4 5 Total property and equipment - net $ 735 $ 713 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Right of Use Assets and Lease Liabilities Related to Operating Leases | The right-of-use assets and lease liabilities related to operating leases were as follows (in thousands): March 31, December 31, 2022 2021 Right-of-use assets $ 965 $ 1,009 Lease liabilities - Current $ 537 $ 525 Lease liabilities - Non-Current 445 468 Total lease liabilities $ 982 $ 993 |
Schedule of Lease Costs and Weighted-Average Assumptions Used in Determining its Right-of-Use Assets and Lease Liabilities | The following tables summarize the Company’s lease costs and weighted-average assumptions used in determining its right-of-use assets and lease liabilities (in thousands): Three Months Ended March 31, 2022 2021 Operating lease cost $ 200 $ 189 Cash paid for operating leases $ 160 $ 184 Right-of-use assets obtained in exchange for operating lease liabilities (1) $ 146 $ 41 Weighted average remaining term for operating leases 1.79 years 1.16 years Weighted average discount rate for operating leases 3.2 % 5.8 % (1) The Company entered into a new lease in Taiwan when its existing facility lease terminated, and there were no lease modifications in the three months ended March 31, 2022. During the three months ended March 31, 2021, the Company modified one existing operating lease. The lease modification was not treated as a separate contract as no additional right-of-use was granted and was accounted for as non-cash change in existing lease liabilities and the right-of-use assets. |
Schedule of Aggregate Future Minimum Lease Payments Under Non-cancelable Operating Leases | As of , the aggregate future minimum lease payments under non-cancelable operating leases consist of the following (in thousands): Year Ending December 31, Amount 2022 (remaining nine months) $ 459 2023 459 2024 110 Total 1,028 Less effects of discounting (46 ) Lease liabilities recognized $ 982 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Schedule of Number of Shares of Common Stock Reserved for Future Issuances | The Company has reserved the following number of shares of common stock for future issuances: March 31, 2022 Outstanding stock awards 947,034 Shares available for future issuance under the 2017 Stock Incentive Plan 6,795,167 Total common stock reserved for future issuances 7,742,201 |
Stock Option Plan (Tables)
Stock Option Plan (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Summary of Stock Options Outstanding and Exercisable by Exercise Price | The stock options outstanding and exercisable by exercise price at March 31, 2022 are as follows: Options Outstanding Options Vested and Exercisable Exercise Price Number Outstanding Weighted- Average Remaining Contractual Life (Years) Weighted- Average Exercise Price Number Exercisable Weighted- Average Exercise Price $ 0.16 11,950 1.8 $ 0.16 11,950 $ 0.16 0.37 23,050 3.2 0.37 23,050 0.37 0.97 29,300 3.9 0.97 29,300 0.97 2.51 58,780 4.4 2.51 58,780 2.51 2.89 43,000 4.9 2.89 43,000 2.89 2.93 255,422 5.2 2.93 250,606 2.93 3.18 83,057 5.3 3.18 75,222 3.18 504,559 491,908 |
Summary of Restricted Stock Units Activity | The Company’s restricted stock units activity is summarized as follows: Units Issued and Outstanding Weighted-Average Grant Date Fair Value As of December 31, 2021 474,450 $ 9.28 Granted 15,000 11.98 Released (26,319 ) 8.44 Canceled (20,656 ) 11.92 As of March 31, 2022 442,475 9.29 |
2012 Stock Option Plan | |
Summary of Stock Award and Option Activity Under Stock Incentive Plan | The Company’s stock award activity under the stock incentive plan is summarized as follows: Awards Available for Grant As of December 31, 2021 6,072,181 Authorized 717,163 Granted (15,000 ) Canceled 20,823 As of March 31, 2022 6,795,167 The Company’s stock option activity under the stock incentive plan is summarized as follows: Options Issued and Outstanding Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value (in thousands) As of December 31, 2021 584,243 $ 2.51 5.0 $ 7,438 Granted — — — — Exercised (1) (79,517 ) 1.79 — — Canceled (167 ) 2.93 — — As of March 31, 2022 504,559 2.62 4.9 3,746 Options vested and expected to vest as of March 31, 2022 504,559 2.62 4.9 3,746 Options vested and exercisable as of March 31, 2022 491,908 2.61 4.8 3,658 (1) Includes vesting of early-exercised options. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Distribution of Stock-Based Compensation Expense | The following table summarizes the distribution of stock-based compensation expense (in thousands): Three Months Ended March 31, 2022 2021 Cost of revenue $ 38 $ 40 Research and development 140 149 Selling, general and administrative 337 182 Total $ 515 $ 371 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Income Per Share | The following table presents the calculation of basic and diluted net income per share (amounts in thousands, except per share data): Three Months Ended March 31, 2022 2021 Numerator: Basic: Net income $ 4,377 $ 3,853 Diluted: Net income $ 4,377 $ 3,853 Denominator: Basic shares: Weighted-average shares outstanding used in computing basic net income per share 18,015,424 17,735,671 Diluted shares: Effect of potentially dilutive securities: Stock awards (1) 559,433 661,983 Weighted-average shares used in computing diluted net income per share 18,574,857 18,397,654 Net income per share: Basic $ 0.24 $ 0.22 Diluted $ 0.24 $ 0.21 (1) Includes early-exercised options. |
Provision for Income Taxes (Tab
Provision for Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Before Income Taxes | The components of income before income taxes were as follows (in thousands): Three Months Ended March 31 2022 2021 Domestic $ 4,769 $ 4,483 Foreign 30 53 Income before income taxes $ 4,799 $ 4,536 |
Schedule of Components of Provision for Income Taxes | The components of the provision for income taxes were as follows (in thousands): Three Months Ended March 31 2022 2021 United States $ 418 $ 675 Foreign 4 8 Provision for income taxes $ 422 $ 683 |
Organization and Summary of S_4
Organization and Summary of Significant Accounting Policies - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Company Incorporation place | DE |
California | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Company original incorporation date of incorporation | 2012-04 |
Company Incorporation place | CA |
Delaware | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |
Company Incorporation place | DE |
Company reincorporation incorporation date of incorporation | 2017-07 |
Organization and Summary of S_5
Organization and Summary of Significant Accounting Policies - Summary of Revenue as Percentage of Total Revenue for Each Significant Customer, or Distributor, and Significant End-Customer (Details) - Sales Revenue, Net - Customer Concentration Risk | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Customer A | ||
Product Information [Line Items] | ||
Concentration risk, percentage | 51.00% | 59.00% |
Customer B | ||
Product Information [Line Items] | ||
Concentration risk, percentage | 10.00% | |
Customer C | ||
Product Information [Line Items] | ||
Concentration risk, percentage | 10.00% | |
End-Customer A | ||
Product Information [Line Items] | ||
Concentration risk, percentage | 35.00% | 42.00% |
Balance Sheet Components - Comp
Balance Sheet Components - Components of Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Balance Sheet Related Disclosures [Abstract] | ||
Work in process | $ 7,726 | $ 6,038 |
Finished goods | 7,454 | 7,484 |
Total inventory | $ 15,180 | $ 13,522 |
Balance Sheet Components - Co_2
Balance Sheet Components - Components of Property and Equipment - Net (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 2,466 | $ 2,344 |
Less: accumulated depreciation | (1,731) | (1,631) |
Total property and equipment – net | 735 | 713 |
Computer Equipment and Software | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 2,336 | 2,224 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 94 | 84 |
Furniture | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 36 | $ 36 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Balance Sheet Related Disclosures [Abstract] | |||
Depreciation expense | $ 100 | $ 100 | |
Payments received in advance of shipments | 839 | $ 775 | |
Company recognized revenue | $ 800 |
Balance Sheet Components - Co_3
Balance Sheet Components - Components of Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Balance Sheet Related Disclosures [Abstract] | ||
Payroll-related expenses | $ 1,308 | $ 803 |
Taxes payable | 662 | 117 |
Engineering services | 600 | 681 |
Accrued inventory | 352 | 70 |
Accrued warranty | 121 | 145 |
Professional fees | 97 | 62 |
Other | 31 | 18 |
Total accrued liabilities | $ 3,171 | $ 1,896 |
Fair Value Measurements of Fi_3
Fair Value Measurements of Financial Instruments - Summary of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 25,555 | $ 25,548 |
Gross Unrealized Loss | (96) | (33) |
Estimated Fair Values | 25,459 | 25,515 |
Money Market Funds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 6,285 | 8,222 |
Estimated Fair Values | 6,285 | 8,222 |
Commercial Paper | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 6,240 | 3,993 |
Gross Unrealized Loss | (25) | (6) |
Estimated Fair Values | 6,215 | 3,987 |
Corporate Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 13,030 | 13,333 |
Gross Unrealized Loss | (71) | (27) |
Estimated Fair Values | 12,959 | 13,306 |
Cash and Cash Equivalents | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated Fair Values | 7,535 | 8,222 |
Short-term Investments | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated Fair Values | 15,923 | 14,942 |
Other Assets | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated Fair Values | $ 2,001 | $ 2,351 |
Fair Value Measurements of Fi_4
Fair Value Measurements of Financial Instruments - Summary of Contractual Maturities of Available-for-sale Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Available For Sale Securities [Abstract] | ||
Amortized Cost, Due in one year or less | $ 23,528 | |
Amortized Cost, Due between one to two years | 2,027 | |
Amortized Cost | 25,555 | $ 25,548 |
Estimated Fair Value, Due in one year or less | 23,458 | |
Estimated Fair Value, Due between one to two years | 2,001 | |
Estimated Fair Value | $ 25,459 | $ 25,515 |
Fair Value Measurements of Fi_5
Fair Value Measurements of Financial Instruments - Additional Information (Details) | 3 Months Ended | |
Mar. 31, 2022USD ($)Investment | Mar. 31, 2021USD ($) | |
Available For Sale Securities [Abstract] | ||
Number of investments in unrealized loss positions | Investment | 15 | |
Fair value of investments | $ 18,200,000 | |
Unrealized losses on investments | 100,000 | |
Other-than-temporary impairments associated with investments | 0 | |
Sales of available-for-sale securities | $ 0 | $ 0 |
Fair Value Measurements of Fi_6
Fair Value Measurements of Financial Instruments - Schedule of Financial Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Financial assets - available-for-sale securities | ||
Total financial assets – available-for-sale securities | $ 25,459 | $ 25,515 |
Money Market Funds | ||
Financial assets - available-for-sale securities | ||
Total financial assets – available-for-sale securities | 6,285 | 8,222 |
Commercial Paper | ||
Financial assets - available-for-sale securities | ||
Total financial assets – available-for-sale securities | 6,215 | 3,987 |
Corporate Bonds | ||
Financial assets - available-for-sale securities | ||
Total financial assets – available-for-sale securities | 12,959 | 13,306 |
Fair Value Measurements Recurring | ||
Financial assets - available-for-sale securities | ||
Total financial assets – available-for-sale securities | 25,459 | 25,515 |
Fair Value Measurements Recurring | Money Market Funds | ||
Financial assets - available-for-sale securities | ||
Total financial assets – available-for-sale securities | 6,285 | 8,222 |
Fair Value Measurements Recurring | Commercial Paper | ||
Financial assets - available-for-sale securities | ||
Total financial assets – available-for-sale securities | 6,215 | 3,987 |
Fair Value Measurements Recurring | Corporate Bonds | ||
Financial assets - available-for-sale securities | ||
Total financial assets – available-for-sale securities | 12,959 | 13,306 |
Fair Value Measurements Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial assets - available-for-sale securities | ||
Total financial assets – available-for-sale securities | 6,285 | 8,222 |
Fair Value Measurements Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Money Market Funds | ||
Financial assets - available-for-sale securities | ||
Total financial assets – available-for-sale securities | 6,285 | 8,222 |
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2) | ||
Financial assets - available-for-sale securities | ||
Total financial assets – available-for-sale securities | 19,174 | 17,293 |
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2) | Commercial Paper | ||
Financial assets - available-for-sale securities | ||
Total financial assets – available-for-sale securities | 6,215 | 3,987 |
Fair Value Measurements Recurring | Significant Other Observable Inputs (Level 2) | Corporate Bonds | ||
Financial assets - available-for-sale securities | ||
Total financial assets – available-for-sale securities | $ 12,959 | $ 13,306 |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2022Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 1 |
Number of operating segments | 1 |
Segment Information - Schedule
Segment Information - Schedule of Product Revenue from Customers by Geographic Region (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Revenue | $ 16,028 | $ 14,556 |
China | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Revenue | 11,257 | 10,159 |
Taiwan | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Revenue | 2,244 | 2,414 |
South Korea | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Revenue | 1,470 | 1,642 |
Japan | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Revenue | 638 | 172 |
Other | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Revenue | $ 419 | $ 169 |
Segment Information - Schedul_2
Segment Information - Schedule of Revenue by Principal Product Lines (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Entity Wide Information Revenue From External Customer [Line Items] | ||
Revenue | $ 16,028 | $ 14,556 |
Security Surveillance | ||
Entity Wide Information Revenue From External Customer [Line Items] | ||
Revenue | 6,491 | 8,251 |
Automotive | ||
Entity Wide Information Revenue From External Customer [Line Items] | ||
Revenue | $ 9,537 | $ 6,305 |
Segment Information - Schedul_3
Segment Information - Schedule of Net Long-Lived Assets by Geographic Region (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Property and equipment ̶ net | $ 735 | $ 713 |
Taiwan | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Property and equipment ̶ net | 464 | 415 |
United States | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Property and equipment ̶ net | 72 | 79 |
Japan | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Property and equipment ̶ net | 4 | 5 |
South Korea | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Property and equipment ̶ net | 6 | 7 |
China | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Property and equipment ̶ net | $ 189 | $ 207 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | 3 Months Ended | |
Mar. 31, 2022USD ($)Litigation | Mar. 31, 2021USD ($) | |
Commitments And Contingencies Disclosure [Abstract] | ||
Non-cancelable operating lease agreements, expiration description | non-cancelable lease agreements expiring through fiscal year 2024. | |
Rent expense under operating leases | $ 200,000 | $ 200,000 |
Rent expense recognized from short-term leases | 6,000 | $ 6,000 |
Future minimum payments under purchase commitments for the remaining nine months ending December 31, 2022 | 5,300,000 | |
Future minimum payments under purchase commitments for the year ended December 31, 2023 | 400,000 | |
Future minimum payments under purchase commitments for the year ended December 31, 2024 | 400,000 | |
Future minimum payments under purchase commitments for the year ended December 31, 2025 | $ 100,000 | |
Number of litigation | Litigation | 0 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Right of Use Assets and Lease Liabilities Related to Operating Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Assets And Liabilities Lessee [Abstract] | ||
Right-of-use assets | $ 965 | $ 1,009 |
Lease liabilities - Current | 537 | 525 |
Lease liabilities - Non-Current | $ 445 | $ 468 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other liabilities | Other liabilities |
Total lease liabilities | $ 982 | $ 993 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Lease Costs and Weighted-Average Assumptions Used in Determining its Right-of-Use Assets and Lease Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | ||
Operating lease cost | $ 200 | $ 189 |
Cash paid for operating leases | 160 | 184 |
Right-of-use assets obtained in exchange for operating lease liabilities | $ 146 | $ 41 |
Weighted average remaining term for operating leases | 1 year 9 months 14 days | 1 year 1 month 28 days |
Weighted average discount rate for operating leases | 3.20% | 5.80% |
Commitments and Contingencies_4
Commitments and Contingencies - Schedule of Lease Costs and Weighted-Average Assumptions Used in Determining its Lease Assets and Lease Liabilities (Parenthetical) (Details) - Lease | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | ||
Number of new operating lease | 0 | |
Number of modified existing operating lease | 0 | 1 |
Commitments and Contingencies_5
Commitments and Contingencies - Schedule of Aggregate Future Minimum Lease Payments Under Non-cancelable Operating Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Commitments And Contingencies Disclosure [Abstract] | ||
2022 (remaining nine months) | $ 459 | |
2023 | 459 | |
2024 | 110 | |
Total | 1,028 | |
Less effects of discounting | (46) | |
Lease liabilities recognized | $ 982 | $ 993 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Equity [Abstract] | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock shares authorized | 75,000,000 | 75,000,000 |
Common stock par value | $ 0.0001 | $ 0.0001 |
Common stock shares issued | 18,034,584 | 17,928,748 |
Common stock shares outstanding | 18,034,584 | 17,928,748 |
Common stock issued subject to repurchase related to early exercise of options | 84 | 334 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Number of Shares of Common Stock Reserved for Future Issuances (Details) | Mar. 31, 2022shares |
Class Of Stock [Line Items] | |
Common stock reserved for future issuances | 7,742,201 |
Outstanding Stock Awards | |
Class Of Stock [Line Items] | |
Common stock reserved for future issuances | 947,034 |
Shares Available for Future Issuance under 2017 Stock Incentive Plan | |
Class Of Stock [Line Items] | |
Common stock reserved for future issuances | 6,795,167 |
Stock Option Plan - Additional
Stock Option Plan - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2017shares | Apr. 30, 2012 | Mar. 31, 2022USD ($)shares | Mar. 31, 2021USD ($)shares | Dec. 31, 2022shares | Dec. 31, 2021USD ($)shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, additional awards | 717,163 | |||||
Common stock reserved for future issuances | 7,742,201 | |||||
Number of options early exercised | 0 | 0 | ||||
Number of shares subject to repurchase | 84 | 334 | ||||
Aggregate price of shares held subject to repurchase | $ | $ 1,000 | |||||
Share-based compensation arrangement by share-based payment award, aggregate intrinsic value of options exercised | $ | $ 1,000,000 | $ 300,000 | ||||
Restricted Stock Units | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, options vesting period | 5 years | |||||
Share-based compensation arrangement by share-based payment award, stock awards conversion ratio | 1 | |||||
2012 Stock Option Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, options vesting term of award | The 2012 Plan provides for the granting of stock-based awards to employees, directors, and consultants under terms and provisions established by the Company’s board of directors. Under the terms of the 2012 Plan, options may be granted at an exercise price not less than fair market value. For employees holding more than 10% of the voting rights of all classes of stock, the exercise prices for incentive and non-statutory stock options must be at least 110% of the fair market value of the common stock on the grant date, as determined by the Company’s board of directors. The terms of options granted under the 2012 Plan may not exceed ten years. | |||||
Share-based compensation arrangement by share-based payment award, additional awards | 0 | |||||
Common stock reserved for future issuances | 0 | |||||
2012 Stock Option Plan | Minimum | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, percentage of voting rights of all classes of stock to be owned by employees to determine stock options exercise price on grant date | 10.00% | |||||
Share-based compensation arrangement by share-based payment award, exercise prices percentage of fair market of common stock on grant date | 110.00% | |||||
2012 Stock Option Plan | Maximum | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, Options exercisable period | 10 years | |||||
Two Thousand Seventeen Stock Option Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, options vesting term of award | Options granted generally vest over a five-year period and generally are exercisable for up to 10 years | |||||
Share based compensation arrangement by share based payment award number of shares authorized increment description | The number of shares available for issuance under the 2017 Plan is automatically increased on the first day of each fiscal year beginning on January 1, 2018 and ending on (and including) January 1, 2027, in an amount equal to the lesser of (1) 4% of the outstanding shares of the Company’s common stock on the last day of the immediately preceding fiscal year, or (2) another amount determined by the Company’s board of directors. | |||||
Automatic increase in number of shares authorized under stock option plan, start date | Jan. 1, 2018 | |||||
Automatic increase in number of shares authorized under stock option plan, end date | Jan. 1, 2027 | |||||
Automatic increase in number of shares available for issuance under the stock option plan | 717,163 | |||||
Share-based compensation arrangement by share-based payment award, options vesting period | 5 years | |||||
Two Thousand Seventeen Stock Option Plan | Maximum | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share-based compensation arrangement by share-based payment award, Options exercisable period | 10 years | |||||
Share-based compensation arrangement by share-based payment award, percentage of annual increase in number of shares authorized of outstanding shares of common stock | 4.00% |
Stock Option Plan - Summary of
Stock Option Plan - Summary of Stock Awards and Option Activity Under Stock Incentive Plan (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Awards Available for Grant, Beginning balance | 6,072,181 | |
Awards Available for Grant, Authorized | 717,163 | |
Awards Available for Grant, Granted | (15,000) | |
Awards Available for Grant, Canceled | 20,823 | |
Awards Available for Grant, Ending balance | 6,795,167 | 6,072,181 |
Options Issued and Outstanding, Beginning balance | 584,243 | |
Options Issued and Outstanding, Exercised | (79,517) | |
Options Issued and Outstanding, Canceled | (167) | |
Options Issued and Outstanding, Ending balance | 504,559 | 584,243 |
Options Issued and Outstanding, Options vested and expected to vest | 504,559 | |
Options Issued and Outstanding, Options vested and exercisable | 491,908 | |
Weighted Average Exercise Price, Beginning balance | $ 2.51 | |
Weighted Average Exercise Price, Exercised | 1.79 | |
Weighted Average Exercise Price, Canceled | 2.93 | |
Weighted Average Exercise Price, Ending balance | 2.62 | $ 2.51 |
Weighted Average Exercise Price, Options vested and expected to vest | 2.62 | |
Weighted Average Exercise Price, Options vested and exercisable | $ 2.61 | |
Weighted-Average Remaining Contractual Term | 4 years 10 months 24 days | 5 years |
Weighted-Average Remaining Contractual Term, Options vested and expected to vest | 4 years 10 months 24 days | |
Weighted-Average Remaining Contractual Term, Options vested and exercisable | 4 years 9 months 18 days | |
Aggregate Intrinsic Value | $ 3,746 | $ 7,438 |
Aggregate Intrinsic Value, Options vested and expected to vest | 3,746 | |
Aggregate Intrinsic Value, Options vested and exercisable | $ 3,658 |
Stock Option Plan - Summary o_2
Stock Option Plan - Summary of Stock Options Outstanding and Exercisable by Exercise Price (Details) - $ / shares | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Options Outstanding, Number Outstanding | 504,559 | ||
Options Outstanding, Weighted-Average Exercise Price | $ 2.62 | $ 2.51 | |
Options Vested and Exercisable, Number Exercisable | 491,908 | ||
Options Vested and Exercisable, Weighted-Average Exercise Price | $ 2.61 | ||
Exercise Price 0.16 | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Exercise Price | $ 0.16 | ||
Options Outstanding, Number Outstanding | 11,950 | ||
Options Outstanding, Weighted-Average Remaining Contractual Life (Years) | 1 year 9 months 18 days | ||
Options Outstanding, Weighted-Average Exercise Price | $ 0.16 | ||
Options Vested and Exercisable, Number Exercisable | 11,950 | ||
Options Vested and Exercisable, Weighted-Average Exercise Price | $ 0.16 | ||
Exercise Price 0.37 | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Exercise Price | 0.37 | ||
Options Outstanding, Number Outstanding | 23,050 | ||
Options Outstanding, Weighted-Average Remaining Contractual Life (Years) | 3 years 2 months 12 days | ||
Options Outstanding, Weighted-Average Exercise Price | $ 0.37 | ||
Options Vested and Exercisable, Number Exercisable | 23,050 | ||
Options Vested and Exercisable, Weighted-Average Exercise Price | $ 0.37 | ||
Exercise Price 0.97 | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Exercise Price | 0.97 | ||
Options Outstanding, Number Outstanding | 29,300 | ||
Options Outstanding, Weighted-Average Remaining Contractual Life (Years) | 3 years 10 months 24 days | ||
Options Outstanding, Weighted-Average Exercise Price | $ 0.97 | ||
Options Vested and Exercisable, Number Exercisable | 29,300 | ||
Options Vested and Exercisable, Weighted-Average Exercise Price | $ 0.97 | ||
Exercise Price 2.51 | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Exercise Price | 2.51 | ||
Options Outstanding, Number Outstanding | 58,780 | ||
Options Outstanding, Weighted-Average Remaining Contractual Life (Years) | 4 years 4 months 24 days | ||
Options Outstanding, Weighted-Average Exercise Price | $ 2.51 | ||
Options Vested and Exercisable, Number Exercisable | 58,780 | ||
Options Vested and Exercisable, Weighted-Average Exercise Price | $ 2.51 | ||
Exercise Price 2.89 | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Exercise Price | 2.89 | ||
Options Outstanding, Number Outstanding | 43,000 | ||
Options Outstanding, Weighted-Average Remaining Contractual Life (Years) | 4 years 10 months 24 days | ||
Options Outstanding, Weighted-Average Exercise Price | $ 2.89 | ||
Options Vested and Exercisable, Number Exercisable | 43,000 | ||
Options Vested and Exercisable, Weighted-Average Exercise Price | $ 2.89 | ||
Exercise Price 2.93 | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Exercise Price | 2.93 | ||
Options Outstanding, Number Outstanding | 255,422 | ||
Options Outstanding, Weighted-Average Remaining Contractual Life (Years) | 5 years 2 months 12 days | ||
Options Outstanding, Weighted-Average Exercise Price | $ 2.93 | ||
Options Vested and Exercisable, Number Exercisable | 250,606 | ||
Options Vested and Exercisable, Weighted-Average Exercise Price | $ 2.93 | ||
Exercise Price 3.18 | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Exercise Price | $ 3.18 | ||
Options Outstanding, Number Outstanding | 83,057 | ||
Options Outstanding, Weighted-Average Remaining Contractual Life (Years) | 5 years 3 months 18 days | ||
Options Outstanding, Weighted-Average Exercise Price | $ 3.18 | ||
Options Vested and Exercisable, Number Exercisable | 75,222 | ||
Options Vested and Exercisable, Weighted-Average Exercise Price | $ 3.18 |
Stock Option Plan - Summary o_3
Stock Option Plan - Summary of Restricted Stock Units Activity (Details) - Restricted Stock Units | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Units Issued and Outstanding, Beginning balance | shares | 474,450 |
Units Issued and Outstanding, Granted | shares | 15,000 |
Units Issued and Outstanding, Released | shares | (26,319) |
Units Issued and Outstanding, Canceled | shares | (20,656) |
Units Issued and Outstanding, Ending balance | shares | 442,475 |
Weighted-Average Grant Date Fair Value, Beginning balance | $ / shares | $ 9.28 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 11.98 |
Weighted-Average Grant Date Fair Value, Released | $ / shares | 8.44 |
Weighted-Average Grant Date Fair Value, Canceled | $ / shares | 11.92 |
Weighted-Average Grant Date Fair Value, Ending balance | $ / shares | $ 9.29 |
Stock-Based Compensation - Dist
Stock-Based Compensation - Distribution of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share Based Compensation Expense [Line Items] | ||
Stock-based compensation | $ 515 | $ 371 |
Cost of Revenue | ||
Share Based Compensation Expense [Line Items] | ||
Stock-based compensation | 38 | 40 |
Research and Development | ||
Share Based Compensation Expense [Line Items] | ||
Stock-based compensation | 140 | 149 |
Selling, General and Administrative | ||
Share Based Compensation Expense [Line Items] | ||
Stock-based compensation | $ 337 | $ 182 |
Net Income Per Share - Computat
Net Income Per Share - Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Basic: | ||
Net income | $ 4,377 | $ 3,853 |
Diluted: | ||
Net income | $ 4,377 | $ 3,853 |
Denominator: | ||
Weighted-average shares outstanding used in computing basic net income per share | 18,015,424 | 17,735,671 |
Effect of potentially dilutive securities: | ||
Stock awards | 559,433 | 661,983 |
Weighted-average shares used in computing diluted net income per share | 18,574,857 | 18,397,654 |
Net income per share: | ||
Basic | $ 0.24 | $ 0.22 |
Diluted | $ 0.24 | $ 0.21 |
Net Income Per Share - Addition
Net Income Per Share - Additional Information (Details) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share amount | 13,000 | 30,000 |
Provision for Income Taxes - Sc
Provision for Income Taxes - Schedule of Components of Income Before Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Domestic | $ 4,769 | $ 4,483 |
Foreign | 30 | 53 |
Income before income taxes | $ 4,799 | $ 4,536 |
Provision for Income Taxes - _2
Provision for Income Taxes - Schedule of Components of Provision for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
United States | $ 418 | $ 675 |
Foreign | 4 | 8 |
Provision for income taxes | $ 422 | $ 683 |
Provision for Income Taxes - Ad
Provision for Income Taxes - Additional Information (Details) $ in Millions | Mar. 31, 2022USD ($) |
Income Tax Disclosure [Abstract] | |
Unrecognized tax benefits | $ 0.4 |
Unrecognized tax benefits netted against deferred tax assets valuation allowance | 0.3 |
Unrecognized tax benefits against effective tax rate | $ 0.1 |