0001451809-24-000110 | 10-Q | XBRL Viewer

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Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	200,000	200,000
Common stock, shares issued (in shares)	22,872	22,692
Common stock, shares outstanding (in shares)	22,872	22,692

Segment, Geographic and Customer Information

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment, Geographic and Customer Information

The Company operates in one reportable segment related to the sale of Precision Timing solutions to the global electronics industry.

Revenue by geographic area is presented based upon the ship-to location of the customers who purchased the Company’s products which may be different from the geographic locations of the ultimate end customers. The following table sets forth revenue by country for countries with 10% or more of the Company’s revenue during any of the periods presented:


	Three Months Ended March 31,
	2024		2023

	(in thousands)
Taiwan	$	9,559	$	10,614
Hong Kong	10,452		6,308
United States	3,494		7,490
Singapore	2,210		3,782
Other	7,307		10,149
Total	$	33,022	$	38,343

The following table sets forth the Company’s total property and equipment attributable to operations by country as of the periods presented:


	As of
	March 31, 2024		December 31, 2023

	(in thousands)
United States	$	20,492	$	22,540
Malaysia	15,163		14,471
Taiwan	6,884		6,520
Other	10,855		11,154
	$	53,394	$	54,685

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Related Party Transactions - Additional Information (Details)	Mar. 31, 2024	Dec. 31, 2023
Related Party \| MegaChips \| Si Time Corporation
Related Party Transaction [Line Items]
Percentage of outstanding common stock held	18.60%	20.70%

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Samsheer Ahmad [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On March 15, 2024, Samsheer Ahmad, Senior Vice President, Finance and Chief Accounting Officer, adopted a trading arrangement intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act. Mr. Ahmad's trading arrangement provides for the sale through December 31, 2024 of upto 12,000 shares of common stock of the Company. Mr. Ahmad's trading arrangement terminates on the earlier of: (i) December 31, 2024, (ii) the first date on which all trades set forth in the trading arrangement have been executed, or (iii) such date the trading arrangement is otherwise terminated according to its terms.
Name	Samsheer Ahmad
Title	Senior Vice President, Finance and Chief Accounting Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	March 15, 2024
Arrangement Duration	355 days
Aggregate Available	12,000

Segment, Geographic and Customer Information - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	1
Number of operating segments	1

Net Loss Per Share - Summary of Computation of Basic and Diluted Net Income (Loss) per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net loss attributable to common stockholders	$ (28,704)	$ (16,490)
Weighted average shares used to compute basic net loss per share (in shares)	22,765	21,794
Dilutive effect of employee equity incentive plans (in shares)	0	0
Weighted average shares used to compute diluted net loss per share (in shares)	22,765	21,794
Net loss attributable to common stockholders per share, basic (in dollars per share)	$ (1.26)	$ (0.76)
Net loss attributable to common stockholders per share, diluted (in dollars per share)	$ (1.26)	$ (0.76)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/exampleRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Summary of Computation of Basic and Diluted Net Income (Loss) per Share

The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company:


	Three Months Ended March 31,
	2024		2023

	(in thousands, except per share data)
Net loss attributable to common stockholders	$	(28,704)	$	(16,490)
Weighted-average shares outstanding
Weighted average shares used to compute basic net loss per share	22,765		21,794
Dilutive effect of employee equity incentive plans	—		—
Weighted average shares used to compute diluted net loss per share	22,765		21,794
Net loss attributable to common stockholders per share, basic	$	(1.26)	$	(0.76)
Net loss attributable to common stockholders per share, diluted	$	(1.26)	$	(0.76)

Net Loss Per Share - Additional Information (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Anti-dilutive weighted shares (in shares)	932,535	415,017

Fair Value Measurements - Fair Value, Liabilities Measured on Recurring Basis (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, liability value, beginning balance	$ 103,461
Change in the fair value during the year	1,041
Fair value, liability value, ending balance	$ 104,502
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Acquisition related costs

Acquisitions - Schedule of Pro Forma Information (Details) - Aura - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Business Acquisition [Line Items]
Revenue	$ 33,022	$ 38,743
Net loss	$ (28,705)	$ (27,085)

Balance Sheets Components - Schedule of Intangible Assets Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite Lived Intangible Assets [Line Items]
Gross Assets	$ 127,261	$ 127,144
Accumulated Amortization	(21,525)	(19,565)
Net Assets	105,736	107,579
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross Assets	196,761	196,644
Accumulated Amortization	(21,525)	(19,565)
Net Assets	175,236	177,079
In-process research and development
Indefinite-Lived Intangible Assets [Line Items]
In-process research and development	69,500	69,500
Developed Technology
Finite Lived Intangible Assets [Line Items]
Gross Assets	96,700	96,700
Accumulated Amortization	(1,073)	(159)
Net Assets	95,627	96,541
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(1,073)	(159)
Contract based royalty asset
Finite Lived Intangible Assets [Line Items]
Gross Assets	5,900	5,900
Accumulated Amortization	(492)	(121)
Net Assets	5,408	5,779
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(492)	(121)
Internal use software
Finite Lived Intangible Assets [Line Items]
Gross Assets	9,434	9,434
Accumulated Amortization	(9,334)	(9,234)
Net Assets	100	200
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	(9,334)	(9,234)
Purchased software
Finite Lived Intangible Assets [Line Items]
Gross Assets	15,227	15,110
Accumulated Amortization	(10,626)	(10,051)
Net Assets	4,601	5,059
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ (10,626)	$ (10,051)

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income (loss)	$ (28,704)	$ (16,490)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Condensed Consolidated Statements Of Operations And Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue	$ 33,022	$ 38,343
Cost of revenue	15,361	15,302
Gross profit	17,661	23,041
Operating expenses:
Research and development	25,544	24,457
Selling, general and administrative	23,913	20,733
Acquisition related costs	3,242	0
Total operating expenses	52,699	45,190
Loss from operations	(35,038)	(22,149)
Interest income	6,560	5,629
Other income (expense), net	(213)	100
Loss before income taxes	(28,691)	(16,420)
Income tax expense	(13)	(70)
Net loss	(28,704)	(16,490)
Net loss attributable to common stockholders and comprehensive loss	$ (28,704)	$ (16,490)
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (1.26)	$ (0.76)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (1.26)	$ (0.76)
Weighted-average shares used to compute basic net loss per share (in shares)	22,765	21,794
Weighted-average shares used to compute diluted net loss per share (in shares)	22,765	21,794

Balance Sheets Components - Schedule of Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
2024 (remainder)	$ 12,030
2025	15,328
2026	14,986
2027	14,624
2028	12,912
2029 and beyond	35,856
Net Assets	$ 105,736	$ 107,579

Income Taxes - Schedule of Provision for Income Taxes and Effective Tax Rates (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income loss before income taxes	$ (28,691)	$ (16,420)
Income tax expense	$ (13)	$ (70)
Effective tax rate	0.00%	0.00%

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
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-Subparagraph (SX 210.9-05(b)(2))
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Matters From time to time, the Company may be a party to various litigation claims in the normal course of business. Legal fees and other costs associated with such actions are expensed as incurred. The Company assesses, in conjunction with legal counsel, the need to record a liability for litigation and contingencies. Accrual estimates are recorded when and if it is determined that such a liability for litigation and contingencies are both probable and reasonably estimable. Indemnification The Company is a party to a variety of agreements pursuant to which it may be obligated to indemnify other parties to such agreements with respect to certain matters. Typically, these obligations arise in the context of contracts that the Company has entered into, under which the Company customarily agrees to hold the other party harmless against losses arising from a breach of representations and covenants or terms and conditions related to such matters as the sale and/or delivery of its products, title to assets sold, certain intellectual property claims, defective products, and specified environmental matters. Further, the Company’s obligations under these agreements may be limited in terms of time, amount, or the scope of its responsibility and in some instances, the Company may have recourse against third-parties for certain payments made under these agreements. It is not possible to predict the maximum potential amount of future payments under these agreements due to the conditional nature of the Company’s obligations and the unique facts and circumstances involved in each particular agreement. Historically, the Company has had no material indemnification claims under these agreements.

Balance Sheets Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Prepaid expenses	$ 3,309	$ 3,563
Other current assets	6,435	4,078
Total prepaid expenses and other current assets	$ 9,744	$ 7,641

The Company and Basis of Presentation	3 Months Ended
The Company and Basis of Presentation	Mar. 31, 2024
Accounting Policies [Abstract]
The Company and Basis of Presentation	The Company and Basis of Presentation SiTime Corporation (the “Company”) was incorporated in the State of Delaware in December 2003. The Company is a leading provider of Precision Timing solutions to the global electronics industry, providing the timing functionality that is needed for electronics to operate reliably and correctly. The Company's products have been designed to address a wide range of applications across a broad array of end markets. The Company operates a fabless business model and leverages its global network of distributors to address the broad set of end markets that it serves. The accompanying interim condensed consolidated financial statements have been prepared in conformity with United States (U.S.) generally accepted accounting principles (GAAP) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X, and should be read in conjunction with the Company's audited consolidated financial statements and related notes thereto filed with the U.S. Securities and Exchange Commission (SEC) on Form 10-K for the fiscal year ended December 31, 2023. The interim financial statements are unaudited, but reflect all adjustments which are, in the opinion of management, of a normal, recurring nature necessary to provide a fair statement of results for the interim periods presented. The results of operations for the interim periods shown in this report are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2024, for any future year, or for any other future interim period. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Significant Accounting Policies The Company’s significant accounting policies are disclosed in the Company’s audited consolidated financial statements and related notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2023. There have been no changes to these accounting policies through March 31, 2024. Recent Accounting Pronouncements There are currently no new accounting pronouncements with a future effective date that are considered material, or could be material, to us.

Leases - Summary of Undiscounted Cash Flows (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Remainder of 2024	$ 2,256
2025	2,714
2026	2,183
2027	490
2028	134
2029 and beyond	45
Total minimum lease payments	7,822
Less: amount of lease payments representing interest	(505)
Total operating lease liabilities	7,317	$ 8,024
Less: current obligations under leases	(2,531)	(2,601)
Long-term lease liabilities	$ 4,786	$ 5,423

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value, Liabilities Measured on Recurring Basis

The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial liabilities:


	Amount
Fair value as of January 1, 2024	$	103,461
Change in the fair value during the year	1,041
Fair value as of March 31, 2024	$	104,502

Acquisitions - Schedule of Acquisition Date Fair Value of the Purchase Consideration (Details) - Aura $ in Thousands	Dec. 01, 2023 USD ($)
Business Acquisition [Line Items]
Fixed consideration	$ 139,946
Fair value of sales based earnout liability	102,278
Settlement of pre-existing arrangement	16,974
Total purchase consideration	$ 259,198

The Company and Basis of Presentation (Policies)	3 Months Ended
The Company and Basis of Presentation (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Recently Accounting Pronouncements	Recent Accounting Pronouncements There are currently no new accounting pronouncements with a future effective date that are considered material, or could be material, to us.

Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Cash equivalents

At March 31, 2024 and December 31, 2023, highly liquid money market funds of $93.7 million and $0.4 million, respectively, were valued using Level 1 of the fair value hierarchy, quoted prices in active markets for identical assets, and are included in cash equivalents.

Short-term investments in held-to-maturity securities

As of March 31, 2024 and December 31, 2023, the Company had purchased Treasury Bills with maturities ranging from 3 to 12 months, which the Company intends to hold until maturity and has classified as held-to-maturity securities. The held-to-maturity securities are recorded at amortized cost totaling $421.0 million including gross accrued interest of $5.3 million as of March 31, 2024. As of March 31, 2024, the fair value and gross unrealized loss on the held-to-maturity securities was $420.6 million and $0.4 million respectively.

As of December 31, 2023, the amortized cost of the held-to-maturity securities totaled $518.7 million including gross accrued interest of $8.9 million. As of December 31, 2023, the fair value and gross unrealized loss on the held-to-maturity securities $519.0 million and $0.3 million respectively.

These treasury bills were valued using Level 1 of the fair value hierarchy, quoted prices in active markets for identical assets, and are included in short-term investments. The carrying value of our investments is reviewed quarterly for changes in circumstances or the occurrence of events that suggests an investment may not be fully recoverable.

Sales based earnout liability

The estimated fair value of the sales based earnout liability is determined using a Monte Carlo simulation model using significant unobservable fair value inputs and is therefore classified as a Level 3 measurement. The assumptions used in the calculation are based on the revenue projections over the term of the contingent earn-out period, expected volatility, and discount rate. The estimates of fair value are uncertain and changes in any of the estimated inputs used will result in significant adjustments to the fair value. As of March 31, 2024, the Company used a volatility rate of 20%, discount rate ranging from 4.2% to 5.4%, and an expected term ranging from 0.13 years to 4.63 years.

The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial liabilities:


	Amount
Fair value as of January 1, 2024	$	103,461
Change in the fair value during the year	1,041
Fair value as of March 31, 2024	$	104,502

There were no transfers between Level 1, Level 2, and Level 3 categories during any of the periods presented.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions MegaChips Corporation is the largest stockholder of the Company and held approximately 18.6% and 20.7% of the Company’s outstanding common stock as of March 31, 2024 and December 31, 2023, respectively. There were no transactions with related parties during the three months ended March 31, 2024 and 2023.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 5
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-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Balance Sheets Components (Tables)

3 Months Ended

Mar. 31, 2024

Balance Sheet Related Disclosures [Abstract]

Schedule of Accounts Receivable, Net

Accounts receivable, net consisted of the following:


	As of
	March 31, 2024		December 31, 2023		December 31, 2022

	(in thousands)
Accounts receivable, gross	$	16,824	$	21,911	$	41,279
Allowance for credit losses	(50)		(50)		(50)
Accounts receivable, net	$	16,774	$	21,861	$	41,229

Schedule of Inventory

Inventories consisted of the following:


	As of
	March 31, 2024		December 31, 2023

	(in thousands)
Raw materials	$	24,066	$	17,550
Work in progress	35,248		35,193
Finished goods	15,062		12,796
Total inventories	$	74,376	$	65,539

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:


	As of
	March 31, 2024		December 31, 2023

	(in thousands)
Prepaid expenses	$	3,309	$	3,563
Other current assets	6,435		4,078
Total prepaid expenses and other current assets	$	9,744	$	7,641

Schedule of Property and Equipment Net

Property and equipment, net consisted of the following:


	As of
	March 31, 2024		December 31, 2023

	(in thousands)
Lab and manufacturing equipment	$	85,422	$	80,772
Computer equipment	3,577		3,541
Furniture and fixtures	1,002		969
Construction in progress	3,429		5,978
Leasehold improvements	7,833		7,847
	101,263		99,107
Accumulated depreciation	(47,869)		(44,422)
Total property and equipment, net	$	53,394	$	54,685

Schedule of Intangible Assets, Net

Intangible assets, net consisted of the following:


	As of
	March 31, 2024						December 31, 2023

	(in thousands)
	Gross Assets		Accumulated Amortization		Net Assets		Gross Assets		Accumulated Amortization		Net Assets
Developed technology	$	96,700	$	(1,073)	$	95,627	$	96,700	$	(159)	$	96,541
Contract based royalty asset	$	5,900	$	(492)	$	5,408	$	5,900	$	(121)	$	5,779
Internal use software	$	9,434	$	(9,334)	$	100	$	9,434	$	(9,234)	$	200
Purchased software	15,227		(10,626)		4,601		15,110		(10,051)		5,059
Total amortizable intangible assets	$	127,261	$	(21,525)	$	105,736	$	127,144	$	(19,565)	$	107,579
In-process research and development	$	69,500	$	—	$	69,500	$	69,500	$	—	$	69,500
Total intangible assets	$	196,761	$	(21,525)	$	175,236	$	196,644	$	(19,565)	$	177,079

Schedule of Future Amortization Expense for Intangible Assets

The estimated aggregate future amortization expense for intangible assets subject to amortization as of March 31, 2024 is summarized as below:


	(in thousands)
2024 (remainder)	$	12,030
2025	15,328
2026	14,986
2027	14,624
2028	12,912
2029 and beyond	35,856
	$	105,736

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	As of
	March 31, 2024		December 31, 2023

	(in thousands)
Accrued payroll and related benefits	$	5,782	$	6,358
Revenue reserves	2,585		2,954
Sales based earnout liability, current	16,772		19,733
Acquisition consideration payable, current	76,245		75,695
Deferred non-recurring engineering services	617		978
Short term lease liability	2,531		2,601
Accrued customer rebates	238		238
Other accrued expenses	3,837		4,147
Total accrued expenses and other current liabilities	$	108,607	$	112,704

Other Noncurrent Liabilities

Other non-current liabilities consisted of the following:


	As of
	March 31, 2024		December 31, 2023

	(in thousands)
Sales based earnout liability, non-current	$	87,730	$	83,728
Acquisition consideration payable, non-current	34,500		33,086
Long term lease liability	4,786		5,423
Total other non-current liabilities	$	127,016	$	122,237

Segment, Geographic and Customer Information - Schedule of Revenue by Country (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Revenue	$ 33,022	$ 38,343
Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Revenue	33,022	38,343
Taiwan \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Revenue	9,559	10,614
Hong Kong \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Revenue	10,452	6,308
United States \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Revenue	3,494	7,490
Singapore \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Revenue	2,210	3,782
Other \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Revenue	$ 7,307	$ 10,149

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Stockholders' Equity

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

At-The-Market offering

On February 27, 2024, the Company entered into a Sales Agreement ("Sales Agreement"), with Stifel, Nicolaus & Company, Incorporated ("Stifel"), under which the Company may offer and sell from time to time at its sole discretion, up to an aggregate of 1,200,000 shares of its common stock, par value $0.0001 per share, through Stifel acting as its sales agent. The Company used the net proceeds from the shares of common stock offered and sold to replenish funds expended to satisfy anticipated tax withholding and remittance obligations related to the net settlement upon vesting of restricted stock unit awards (“RSU”) granted to employees under the equity incentive plans. The Company has filed a prospectus supplement pursuant to the Sales Agreement for the offer and sale of up to an aggregate of 1,200,000 shares of its common stock. Subject to the terms and conditions of the Sales Agreement, Stifel will sell the common stock from time to time, based upon instructions from the Company. The Company agreed to pay Stifel a commission of up to 3% of the gross sales proceeds of any common stock sold through Stifel under the Sales Agreement.

During the three months ended March 31, 2024, the Company sold 32,500 shares of its common stock through Stifel under the Sales Agreement at a weighted average price of $92.57 per share resulting in net proceeds to the Company of $2.7 million, after deducting underwriting discounts and commissions of $0.1 million and offering costs of $0.2 million.

Equity Incentive Plans

The following table summarizes the RSU, performance based restricted stock units ("PRSU"), and multi-year performance restricted stock units ("MYPSU") activity for the three months ended March 31, 2024:


	RSU Number of Shares	Grant Date Fair Value per share		PRSU Number of Shares	Grant Date Fair Value per share		MYPSU Number of Shares	Grant Date Fair Value per share

Unvested at December 31, 2023	1,238,417	$	103.8	108,622	$	145.5	285,880	$	88.6
Granted	391,669	110.8		146,116	77.4		—	—
Vested	(229,644)	86.0		—	—		—	—
Forfeited	(13,170)	126.0		(55,532)	123.6		—	—
Unvested at March 31, 2024	1,387,272	$	108.5	199,206	$	101.5	285,880	$	88.6

In March 2024, the Compensation Committee approved target bonus amounts based on the achievement of revenue and individual performance goals for the fiscal year 2024 (the "2024 Goals"). The awards for the actual payouts are granted in the quarter following the end of the performance period. The target bonuses were granted based on a fixed dollar amount to be settled in RSUs on the vesting date and hence the awards have been classified as liability-based awards until settled. Such expense is included in the non-cash adjustment within stock-based compensation expense on the condensed consolidated cash flow statements. The liability of $0.1 million for 2024 Goals was recorded as accrued expenses and other current liabilities in the condensed consolidated balance sheet as of March 31, 2024.

In March 2024, the Compensation Committee of the Company approved PRSUs for the fiscal year 2024 with performance goals based on the achievement of relative total stockholder return with a three year performance period (the "2024 TSR PRSU Goals"). The grant-date fair value of each PRSU was determined using Monte Carlo simulation model. The assumptions used in the Monte Carlo simulation included expected volatility of 74.7%, risk free rate of 4.5%, no expected dividend yield and expected term of 2.8 years. The Company recognizes the expense related to the 2024 TSR PRSU Goals on a graded-vesting method over the requisite performance period. These grants are included in the PRSU awards granted in the table above.

The Company also operates a bonus plan for certain employees which are based on a fixed dollar amount to be settled in RSUs. These awards are categorized as liability-based awards until settled. Once settled, these awards are reflected as RSU granted in the above table. Such expense is included in the non-cash adjustment within stock-based compensation expense on the condensed consolidated cash flow statements. The liability of $0.9 million was recorded as accrued expenses and other current liabilities in the condensed consolidated balance sheet as of March 31, 2024.

Stock-Based Compensation

The following table presents the detail of stock-based compensation expense amounts included in the condensed consolidated statement of operations for each of the periods presented:


	Three Months Ended March 31,
	2024		2023

	(in thousands)
Equity based awards
Cost of revenue	$	175	$	628
Research and development	8,614		7,505
Selling, general and administrative	11,878		9,480
	$	20,667	$	17,613

Liability based awards - to be settled in equity
Cost of revenue	$	4	$	11
Research and development	563		526
Selling, general and administrative	469		386
	$	1,036	$	923
Total stock-based compensation - equity and liability based	$	21,703	$	18,536

Stock-based compensation expense recorded to additional paid-in capital
Equity based awards	$	20,667	$	17,613
Liability based awards - settled in equity	1,759		1,523
Stock compensation expense capitalized to inventory	$	468	$	—
Total stock-based compensation expense recorded to additional paid-in capital	$	22,894	$	19,136

The following table presents the unrecognized compensation costs and related weighted average period of recognition as of March 31, 2024:


	As of
	March 31, 2024
	Unrecognized Compensation Costs (in millions)		Weighted Average Period of Recognition (in years)
RSUs	$	137.1	2.0
PRSUs	$	16.0	1.5
MYPSUs	$	6.9	1.2
Liability-based awards	$	4.2	0.6

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Lessor, Lease, Description [Line Items]
Cash paid for operating lease liabilities	$ 0.8	$ 0.7
Minimum
Lessor, Lease, Description [Line Items]
Operating lease, renewal term	1 year
Maximum
Lessor, Lease, Description [Line Items]
Lease term	6 years
Operating lease, renewal term	5 years

Segment, Geographic and Customer Information - Schedule of Property and Equipment Attributable to Operations (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Property and equipment, net	$ 53,394	$ 54,685
United States
Segment Reporting Information [Line Items]
Property and equipment, net	20,492	22,540
Malaysia
Segment Reporting Information [Line Items]
Property and equipment, net	15,163	14,471
Taiwan
Segment Reporting Information [Line Items]
Property and equipment, net	6,884	6,520
Other
Segment Reporting Information [Line Items]
Property and equipment, net	$ 10,855	$ 11,154

Balance Sheets Components - Schedule of Property and Equipment Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 101,263	$ 99,107
Accumulated depreciation	(47,869)	(44,422)
Total property and equipment, net	53,394	54,685
Lab and manufacturing equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	85,422	80,772
Computer equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	3,577	3,541
Furniture and fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	1,002	969
Construction in progress
Property Plant And Equipment [Line Items]
Property and equipment, gross	3,429	5,978
Leasehold improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 7,833	$ 7,847

Leases - Summary of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease cost	$ 748	$ 759
Short-term lease cost	177	177
Variable lease cost	316	264
Total lease cost	$ 1,241	$ 1,200

Acquisitions - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended
Acquisitions - Narrative (Details) - USD ($) $ in Thousands	Dec. 01, 2023	Mar. 31, 2024	Mar. 31, 2023
Business Acquisition [Line Items]
Acquisition related costs		$ 3,242	$ 0
Aura
Business Acquisition [Line Items]
Total purchase consideration	$ 259,198
Acquisition related costs	$ 6,500

Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Summary of Lease Related Assets and Liabilities

The table below presents the lease-related assets and liabilities recorded on the condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023:


	As of
	March 31, 2024			December 31, 2023

	(in thousands)
Right-of-use assets	$	7,582		$	8,262
Lease liabilities included in accrued expenses and other current liabilities	2,531			2,601
Lease liabilities included in other non-current liabilities	4,786			5,423
Total operating lease liabilities	$	7,317		$	8,024
Weighted-average remaining lease term (years)	2.9			3.1
Weighted-average discount rate	4.5		%	4.5		%

Summary of Lease Costs

The table below presents certain information related to the lease costs for operating leases for the three months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
	2024		2023

	(in thousands)
Operating lease cost	$	748	$	759
Short-term lease cost	177		177
Variable lease cost	316		264
Total lease cost	$	1,241	$	1,200

Summary of Undiscounted Cash Flows

The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on the condensed consolidated balance sheet as of March 31, 2024:


	(in thousands)
Remainder of 2024	$	2,256
2025	2,714
2026	2,183
2027	490
2028	134
2029 and beyond	45
Total minimum lease payments	7,822
Less: amount of lease payments representing interest	(505)
Present value of future minimum lease payments	7,317
Less: current obligations under leases	(2,531)
Long-term lease liabilities	$	4,786

Acquisitions (Tables)

3 Months Ended

Mar. 31, 2024

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions, by Acquisition

The acquisition date fair value of the purchase consideration was $259.2 million, which comprised the following:


	Estimated Fair Value
	(in thousands)
Fixed consideration	$	139,946
Fair value of sales based earnout liability	102,278
Settlement of pre-existing arrangement	16,974
Total purchase consideration	$	259,198

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The preliminary purchase consideration allocation to the assets acquired based on their respective estimated fair values as of the date of acquisition is as follows:


	Estimated Fair Value (Preliminary)		Estimated Useful Life	Financial Statement Line Item
	(in thousands)		(in years)
Developed Technology	$	96,700	5 to 8 years	Intangible assets, net
In-process research and development	69,500		Indefinite	Intangible assets, net
Assumed customer agreements	5,900		4 years	Intangible assets, net
Goodwill	87,098		Indefinite	Goodwill
Total assets acquired	$	259,198

Business Acquisition, Pro Forma Information

Following are the supplemental consolidated financial results of the Company on an unaudited pro forma basis, as if the acquisition had been consummated on January 1, 2023:


	Three Months Ended March 31,
Unaudited pro forma information	2024		2023
	(in thousands)
Revenue	$	33,022	$	38,743
Net loss	$	(28,705)	$	(27,085)

Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

The quarterly provision for income taxes is based on applying the estimated annual effective tax rate to the year to date pre-tax income, plus any discrete items. The Company updates its estimate of its annual effective tax rate at the end of each quarterly period. The estimate takes into account annual forecasted income before income taxes, the geographic mix of income before income taxes and any significant permanent tax items.

The following table presents the provision for income taxes and the effective tax rates for the three months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
	2024			2023

	(in thousands)
Income loss before income taxes	$	(28,691)		$	(16,420)
Income tax expense	(13)			(70)
Effective tax rate	0		%	0		%

The Company’s effective tax rate may vary from the U.S. federal statutory tax rate due to the change in the mix of earnings in tax jurisdictions with different statutory rates, benefits related to tax credits and the tax impact of non-deductible expenses, existence of full valuation allowance on its deferred tax assets, and other permanent differences between income before income taxes and taxable income.

A valuation allowance is established or maintained when, based on currently available information and other factors, it is more likely than not that all or a portion of the deferred tax assets will not be realized. The Company regularly assesses its valuation allowance against deferred tax assets on a jurisdiction by jurisdiction basis. The Company considers all available positive and negative evidence, including future reversals of temporary differences, projected future taxable income, tax planning strategies and recent financial results. Based on management’s assessment of the realizability of deferred tax assets, the Company continues to maintain a full valuation reserve on its deferred tax assets as of March 31, 2024.

The income tax provision was less than $0.1 million for both the three months ended March 31, 2024 and 2023. The effective tax rate was less than 1% for both the three months ended March 31, 2024 and 2023. The provision for income taxes is primarily related to the foreign subsidiaries’ local country obligations. The U.S. effective tax rate is less than 1% and is due to minimum state tax. There is no federal provision for income taxes as the Company has sufficient carryforward of net operating losses to offset any operating income earned since inception and has projected an operating loss in the current year.

As of March 31, 2024 and December 31, 2023, the Company had $2.3 million and $2.3 million, respectively, of total unrecognized tax benefits. If the Company is able to eventually recognize these uncertain tax positions, none of the unrecognized benefits would reduce the Company’s effective tax rate due to the full valuation allowance on the Company’s deferred tax assets.

The Company’s policy is to record interest and penalties related to unrecognized tax benefits as income tax expense. For the three months ended March 31, 2024 and 2023, the Company recorded immaterial amounts related to the accrual of interest and penalties.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Balance Sheets Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total accrued expenses and other current liabilities	Total accrued expenses and other current liabilities
Accrued payroll and related benefits	$ 5,782	$ 6,358
Revenue reserves	2,585	2,954
Sales based earnout liability, current	16,772	19,733
Acquisition consideration payable, current	76,245	75,695
Deferred non-recurring engineering services	617	978
Short term lease liability	2,531	2,601
Accrued customer rebates	238	238
Other accrued expenses	3,837	4,147
Total accrued expenses and other current liabilities	$ 108,607	$ 112,704

Fair Value Measurements - Additional Information (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) yr	Dec. 31, 2023 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short-term investments in held-to-maturity securities, at amortized cost	$ 420.6	$ 519.0
Short-term investments in held-to-maturity securities, gross unrealized loss	$ 0.4	$ 0.3
Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Treasury bills, maturity period	3 months	3 months
Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Treasury bills, maturity period	12 months	12 months
Measurement Input, Price Volatility
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Earnout liability, measurement input	0.20
Measurement Input, Risk Free Interest Rate \| Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Earnout liability, measurement input	0.042
Measurement Input, Risk Free Interest Rate \| Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Earnout liability, measurement input	0.054
Measurement Input, Expected Term \| Minimum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Earnout liability, measurement input \| yr	0.13
Measurement Input, Expected Term \| Maximum
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Earnout liability, measurement input \| yr	4.63
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Highly liquid money market funds	$ 93.7	$ 0.4
Short-term investments in held-to-maturity securities, at amortized cost, excluding accrued interest	421.0	518.7
Short-term investments in held-to-maturity securities, gross accrued interest	$ 5.3	$ 8.9

Acquisitions

3 Months Ended

Mar. 31, 2024

Business Combination and Asset Acquisition [Abstract]

Acquisitions

On December 1, 2023, we completed our acquisition of Aura's timing business and clock products, and an assembled workforce. The acquisition qualified as a business combination in accordance with ASC 805, Business Combinations and, accordingly, total consideration was first allocated to the fair value of assets acquired as of the date of acquisition, with the excess being recorded as goodwill. The acquisition date fair value of the purchase consideration was $259.2 million, which comprised the following:


	Estimated Fair Value
	(in thousands)
Fixed consideration	$	139,946
Fair value of sales based earnout liability	102,278
Settlement of pre-existing arrangement	16,974
Total purchase consideration	$	259,198

The preliminary purchase consideration allocation to the assets acquired based on their respective estimated fair values as of the date of acquisition is as follows:


	Estimated Fair Value (Preliminary)		Estimated Useful Life	Financial Statement Line Item
	(in thousands)		(in years)
Developed Technology	$	96,700	5 to 8 years	Intangible assets, net
In-process research and development	69,500		Indefinite	Intangible assets, net
Assumed customer agreements	5,900		4 years	Intangible assets, net
Goodwill	87,098		Indefinite	Goodwill
Total assets acquired	$	259,198

Following are the supplemental consolidated financial results of the Company on an unaudited pro forma basis, as if the acquisition had been consummated on January 1, 2023:


	Three Months Ended March 31,
Unaudited pro forma information	2024		2023
	(in thousands)
Revenue	$	33,022	$	38,743
Net loss	$	(28,705)	$	(27,085)

The supplemental pro forma information presents the combined results of operations for the three months ended March 31, 2024 and 2023, as if the acquisition was completed on January 1, 2023, the first day of the fiscal year of 2023. The supplemental pro forma financial information presented above is not necessarily indicative of the financial position or results of operations that would have been realized if the acquisition had been completed on the date indicated. The supplemental pro forma financial information does not reflect synergies that might have been achieved, nor is it indicative of future operating results or financial position. The proforma financial information includes a $6.5 million nonrecurring adjustment related to acquisition costs.

Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

The Company leases real estate property under operating leases. The Company leases office space in California, Michigan, Malaysia, Japan, Taiwan, the Netherlands, Finland, Ukraine, and India, all under non-cancellable operating leases with various expiration dates through May 2029.

The remaining lease terms vary from a few months to 6 years. For certain of its leases the Company has options to extend the lease term for periods varying from one to five years. These renewal options are not considered in the remaining lease term unless it is reasonably certain that the Company will exercise such options. The Company also has variable lease payments that are primarily comprised of common area maintenance and utility charges.

The table below presents the lease-related assets and liabilities recorded on the condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023:


	As of
	March 31, 2024			December 31, 2023

	(in thousands)
Right-of-use assets	$	7,582		$	8,262
Lease liabilities included in accrued expenses and other current liabilities	2,531			2,601
Lease liabilities included in other non-current liabilities	4,786			5,423
Total operating lease liabilities	$	7,317		$	8,024
Weighted-average remaining lease term (years)	2.9			3.1
Weighted-average discount rate	4.5		%	4.5		%

The table below presents certain information related to the lease costs for operating leases for the three months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
	2024		2023

	(in thousands)
Operating lease cost	$	748	$	759
Short-term lease cost	177		177
Variable lease cost	316		264
Total lease cost	$	1,241	$	1,200

Cash paid for operating lease liabilities was $0.8 million and $0.7 million for the three months ended March 31, 2024 and 2023, respectively.

Operating Lease Cash Flows


	(in thousands)
Remainder of 2024	$	2,256
2025	2,714
2026	2,183
2027	490
2028	134
2029 and beyond	45
Total minimum lease payments	7,822
Less: amount of lease payments representing interest	(505)
Present value of future minimum lease payments	7,317
Less: current obligations under leases	(2,531)
Long-term lease liabilities	$	4,786

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (28,704)	$ (16,490)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation and amortization expense	5,601	3,824
Stock-based compensation expense	21,703	18,536
Net change in unrealized interest on held to maturity securities	3,589	212
Change in fair value of sales based earnout liability	1,041	0
Change in fair value of acquisition consideration payable	1,585	0
Inventory write-down	826	771
Changes in assets and liabilities:
Accounts receivable, net	5,087	19,765
Inventories	(9,182)	(3,132)
Prepaid expenses and other assets	(1,923)	(2,895)
Accounts payable	2,591	(6,430)
Accrued expenses and other liabilities	(485)	(2,212)
Net cash provided by operating activities	1,729	11,949
Cash flows from investing activities
Purchase of held to maturity securities	(294,393)	(379,543)
Proceeds from maturity of held to maturity securities	388,531	371,007
Purchase of property and equipment	(2,907)	(2,094)
Cash paid for intangibles	(121)	(191)
Net cash provided by (used in) investing activities	91,110	(10,821)
Cash flows from financing activities
Tax withholding paid on behalf of employees for net share settlement	(8,738)	(10,215)
Proceeds from public offering	3,009	13,119
Payments for offering costs	(303)	(370)
Net cash provided by (used in) financing activities	(6,032)	2,534
Net increase in cash and cash equivalents	86,807	3,662
Cash and cash equivalents
Beginning of period	9,468	34,603
End of period	96,275	38,265
Supplemental disclosure of cash flow information
Income taxes paid	12	104
Supplemental disclosure of noncash investing and financing activities
Unpaid property and equipment	$ 375	$ 486

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes and Effective Tax Rates

The following table presents the provision for income taxes and the effective tax rates for the three months ended March 31, 2024 and 2023:


	Three Months Ended March 31,
	2024			2023

	(in thousands)
Income loss before income taxes	$	(28,691)		$	(16,420)
Income tax expense	(13)			(70)
Effective tax rate	0		%	0		%

Segment, Geographic and Customer Information (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of Revenue by Country

The following table sets forth revenue by country for countries with 10% or more of the Company’s revenue during any of the periods presented:


	Three Months Ended March 31,
	2024		2023

	(in thousands)
Taiwan	$	9,559	$	10,614
Hong Kong	10,452		6,308
United States	3,494		7,490
Singapore	2,210		3,782
Other	7,307		10,149
Total	$	33,022	$	38,343

Schedule of Property and Equipment Attributable to Operations

The following table sets forth the Company’s total property and equipment attributable to operations by country as of the periods presented:


	As of
	March 31, 2024		December 31, 2023

	(in thousands)
United States	$	20,492	$	22,540
Malaysia	15,163		14,471
Taiwan	6,884		6,520
Other	10,855		11,154
	$	53,394	$	54,685

Balance Sheets Components - Schedule of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Raw materials	$ 24,066	$ 17,550
Work in progress	35,248	35,193
Finished goods	15,062	12,796
Total inventories	$ 74,376	$ 65,539

Balance Sheets Components - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Finite Lived Intangible Assets [Line Items]
Depreciation expense	$ 3,600	$ 3,200
Amortization expense for intangible assets	2,000	600
Reduction in research and development expenses	25,544	24,457
Non-recurring Engineering Service Arrangements
Finite Lived Intangible Assets [Line Items]
Reduction in research and development expenses	$ 400	$ 1,200

Condensed Consolidated Statements Of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022		21,702
Beginning balance at Dec. 31, 2022	$ 708,480	$ 2	$ 716,343	$ (7,865)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	19,136		19,136
Net income (loss)	(16,490)			(16,490)
Issuance of common stock in connection with At-The-Marker offering net of underwriting discounts and commissions and other offerings costs (in shares)		100
Issuance of common stock in connection with At-The-Market offering net of underwriting discounts and commissions and other offering costs	12,749		12,749
Issuance of shares upon vesting of restricted stock units, net of tax withholdings (in shares)		150
Issuance of shares upon vesting of restricted stock units, net of tax withholdings	(10,215)		(10,215)
Ending balance (in shares) at Mar. 31, 2023		21,952
Ending balance at Mar. 31, 2023	$ 713,660	$ 2	738,013	(24,355)
Beginning balance (in shares) at Dec. 31, 2023	22,692	22,692
Beginning balance at Dec. 31, 2023	$ 708,052	$ 2	796,450	(88,400)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	22,894		22,894
Net income (loss)	(28,704)			(28,704)
Issuance of common stock in connection with At-The-Marker offering net of underwriting discounts and commissions and other offerings costs (in shares)		33
Issuance of common stock in connection with At-The-Market offering net of underwriting discounts and commissions and other offering costs	2,706		2,706
Issuance of shares upon vesting of restricted stock units, net of tax withholdings (in shares)		147
Issuance of shares upon vesting of restricted stock units, net of tax withholdings	$ (8,738)		(8,738)
Ending balance (in shares) at Mar. 31, 2024	22,872	22,872
Ending balance at Mar. 31, 2024	$ 696,210	$ 2	$ 813,312	$ (117,104)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Acquisitions - Schedule of Assets Acquired (Details) - USD ($) $ in Thousands	Dec. 01, 2023	Mar. 31, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill		$ 87,098	$ 87,098
Aura
Business Acquisition [Line Items]
Goodwill	$ 87,098
Total assets acquired	259,198
Aura \| In-process research and development
Business Acquisition [Line Items]
In-process research and development	69,500
Aura \| Developed Technology
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles	$ 96,700
Aura \| Developed Technology \| Minimum
Business Acquisition [Line Items]
Estimated Useful Life	5 years
Aura \| Developed Technology \| Maximum
Business Acquisition [Line Items]
Estimated Useful Life	8 years
Aura \| Assumed customer agreements
Business Acquisition [Line Items]
Business combination, recognized identifiable assets acquired and liabilities assumed, finite-lived intangibles	$ 5,900
Estimated Useful Life	4 years

Net Loss Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company:


	Three Months Ended March 31,
	2024		2023

	(in thousands, except per share data)
Net loss attributable to common stockholders	$	(28,704)	$	(16,490)
Weighted-average shares outstanding
Weighted average shares used to compute basic net loss per share	22,765		21,794
Dilutive effect of employee equity incentive plans	—		—
Weighted average shares used to compute diluted net loss per share	22,765		21,794
Net loss attributable to common stockholders per share, basic	$	(1.26)	$	(0.76)
Net loss attributable to common stockholders per share, diluted	$	(1.26)	$	(0.76)

Potential dilutive securities include dilutive common shares from share-based awards attributable to the assumed exercise of restricted stock unit awards using the treasury stock method. Under the treasury stock method, potential common shares outstanding are not included in the computation of diluted net income per share if their effect is anti-dilutive.

Anti-dilutive potential shares from share-based awards are excluded from the calculation of diluted earnings per share if either their exercise price exceeded the average market price during the period, or the share-based awards were determined to be anti-dilutive based on applying the treasury stock method. During the three months ended March 31, 2024 and 2023, the Company had 932,535 and 415,017 potential shares from share-based awards that are anti-dilutive, respectively.

Balance Sheets Components - Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Sales based earnout liability, non-current	$ 87,730	$ 83,728
Acquisition consideration payable, non-current	34,500	33,086
Long term lease liability	4,786	5,423
Total other non-current liabilities	$ 127,016	$ 122,237

Balance Sheets Components

3 Months Ended

Mar. 31, 2024

Balance Sheet Related Disclosures [Abstract]

Balance Sheets Components

Balance Sheet Components

Accounts Receivable, net

Accounts receivable, net consisted of the following:


	As of
	March 31, 2024		December 31, 2023		December 31, 2022

	(in thousands)
Accounts receivable, gross	$	16,824	$	21,911	$	41,279
Allowance for credit losses	(50)		(50)		(50)
Accounts receivable, net	$	16,774	$	21,861	$	41,229

Inventories

Inventories consisted of the following:


	As of
	March 31, 2024		December 31, 2023

	(in thousands)
Raw materials	$	24,066	$	17,550
Work in progress	35,248		35,193
Finished goods	15,062		12,796
Total inventories	$	74,376	$	65,539

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:


	As of
	March 31, 2024		December 31, 2023

	(in thousands)
Prepaid expenses	$	3,309	$	3,563
Other current assets	6,435		4,078
Total prepaid expenses and other current assets	$	9,744	$	7,641

Property and Equipment, net

Property and equipment, net consisted of the following:


	As of
	March 31, 2024		December 31, 2023

	(in thousands)
Lab and manufacturing equipment	$	85,422	$	80,772
Computer equipment	3,577		3,541
Furniture and fixtures	1,002		969
Construction in progress	3,429		5,978
Leasehold improvements	7,833		7,847
	101,263		99,107
Accumulated depreciation	(47,869)		(44,422)
Total property and equipment, net	$	53,394	$	54,685

Depreciation expense related to property and equipment was $3.6 million and $3.2 million for the three months ended March 31, 2024 and 2023, respectively.

Intangible Assets, net

Intangible assets, net consisted of the following:


	As of
	March 31, 2024						December 31, 2023

	(in thousands)
	Gross Assets		Accumulated Amortization		Net Assets		Gross Assets		Accumulated Amortization		Net Assets
Developed technology	$	96,700	$	(1,073)	$	95,627	$	96,700	$	(159)	$	96,541
Contract based royalty asset	$	5,900	$	(492)	$	5,408	$	5,900	$	(121)	$	5,779
Internal use software	$	9,434	$	(9,334)	$	100	$	9,434	$	(9,234)	$	200
Purchased software	15,227		(10,626)		4,601		15,110		(10,051)		5,059
Total amortizable intangible assets	$	127,261	$	(21,525)	$	105,736	$	127,144	$	(19,565)	$	107,579
In-process research and development	$	69,500	$	—	$	69,500	$	69,500	$	—	$	69,500
Total intangible assets	$	196,761	$	(21,525)	$	175,236	$	196,644	$	(19,565)	$	177,079

Amortization expense for intangible assets was $2.0 million and $0.6 million for the three months ended March 31, 2024 and 2023, respectively.

The estimated aggregate future amortization expense for intangible assets subject to amortization as of March 31, 2024 is summarized as below:


	(in thousands)
2024 (remainder)	$	12,030
2025	15,328
2026	14,986
2027	14,624
2028	12,912
2029 and beyond	35,856
	$	105,736

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	As of
	March 31, 2024		December 31, 2023

	(in thousands)
Accrued payroll and related benefits	$	5,782	$	6,358
Revenue reserves	2,585		2,954
Sales based earnout liability, current	16,772		19,733
Acquisition consideration payable, current	76,245		75,695
Deferred non-recurring engineering services	617		978
Short term lease liability	2,531		2,601
Accrued customer rebates	238		238
Other accrued expenses	3,837		4,147
Total accrued expenses and other current liabilities	$	108,607	$	112,704

The Company recorded reductions to research and development expenses related to non-recurring engineering service arrangements in the condensed consolidated statements of operations of $0.4 million and $1.2 million during the three months ended March 31, 2024 and 2023, respectively.

Other Non-current Liabilities

Other non-current liabilities consisted of the following:


	As of
	March 31, 2024		December 31, 2023

	(in thousands)
Sales based earnout liability, non-current	$	87,730	$	83,728
Acquisition consideration payable, non-current	34,500		33,086
Long term lease liability	4,786		5,423
Total other non-current liabilities	$	127,016	$	122,237

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Schedule of Restricted Stock Unit Award ("RSU") and Performance Based Restricted Stock Unit Awards ("PRSU") and Multi-year Performance Restricted Stock Units ("MYPSU") Activity (Details)


	RSU Number of Shares	Grant Date Fair Value per share		PRSU Number of Shares	Grant Date Fair Value per share		MYPSU Number of Shares	Grant Date Fair Value per share

Unvested at December 31, 2023	1,238,417	$	103.8	108,622	$	145.5	285,880	$	88.6
Granted	391,669	110.8		146,116	77.4		—	—
Vested	(229,644)	86.0		—	—		—	—
Forfeited	(13,170)	126.0		(55,532)	123.6		—	—
Unvested at March 31, 2024	1,387,272	$	108.5	199,206	$	101.5	285,880	$	88.6

Schedule of Stock-based Compensation Expense Amounts Included in Condensed Consolidated Statement of Operations

The following table presents the detail of stock-based compensation expense amounts included in the condensed consolidated statement of operations for each of the periods presented:


	Three Months Ended March 31,
	2024		2023

	(in thousands)
Equity based awards
Cost of revenue	$	175	$	628
Research and development	8,614		7,505
Selling, general and administrative	11,878		9,480
	$	20,667	$	17,613

Liability based awards - to be settled in equity
Cost of revenue	$	4	$	11
Research and development	563		526
Selling, general and administrative	469		386
	$	1,036	$	923
Total stock-based compensation - equity and liability based	$	21,703	$	18,536

Stock-based compensation expense recorded to additional paid-in capital
Equity based awards	$	20,667	$	17,613
Liability based awards - settled in equity	1,759		1,523
Stock compensation expense capitalized to inventory	$	468	$	—
Total stock-based compensation expense recorded to additional paid-in capital	$	22,894	$	19,136

Summary of Unrecognized Compensation Costs and Related Weighted Average Period Of Recognition

The following table presents the unrecognized compensation costs and related weighted average period of recognition as of March 31, 2024:


	As of
	March 31, 2024
	Unrecognized Compensation Costs (in millions)		Weighted Average Period of Recognition (in years)
RSUs	$	137.1	2.0
PRSUs	$	16.0	1.5
MYPSUs	$	6.9	1.2
Liability-based awards	$	4.2	0.6

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2024	May 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-39135
Entity Registrant Name	SiTime Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	02-0713868
Entity Address, Address Line One	5451 Patrick Henry Drive
Entity Address, City or Town	Santa Clara
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95054
City Area Code	408
Local Phone Number	328-4400
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	SITM
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock Shares Outstanding		22,871,540
Entity Central Index Key	0001451809
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Stockholders' Equity - Schedule of Restricted Stock Unit Award ("RSU") and Performance Based Restricted Stock Unit Awards ("PRSU") and Multi-year Performance Restricted Stock Units ("MYPSU") Activity (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Restricted Stock Units (RSU)
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of Shares, beginning balance (in shares) \| shares	1,238,417
Granted (in shares) \| shares	391,669
Vested (in shares) \| shares	(229,644)
Forfeited (in shares) \| shares	(13,170)
Number of Shares, ending balance (in shares) \| shares	1,387,272
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Grant Date Fair Value per share, beginning balance (in dollars per share) \| $ / shares	$ 103.8
Grant Date Fair Value per share, Granted (in dollars per share) \| $ / shares	110.8
Grant Date Fair Value per share, Vested (in dollars per share) \| $ / shares	86.0
Grant Date Fair Value per share, Forfeited (in dollars per share) \| $ / shares	126.0
Grant Date Fair Value per share, ending balance (in dollars per share) \| $ / shares	$ 108.5
Performance Restricted Stock Unit Award (PRSU)
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of Shares, beginning balance (in shares) \| shares	108,622
Granted (in shares) \| shares	146,116
Vested (in shares) \| shares	0
Forfeited (in shares) \| shares	(55,532)
Number of Shares, ending balance (in shares) \| shares	199,206
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Grant Date Fair Value per share, beginning balance (in dollars per share) \| $ / shares	$ 145.5
Grant Date Fair Value per share, Granted (in dollars per share) \| $ / shares	77.4
Grant Date Fair Value per share, Vested (in dollars per share) \| $ / shares	0
Grant Date Fair Value per share, Forfeited (in dollars per share) \| $ / shares	123.6
Grant Date Fair Value per share, ending balance (in dollars per share) \| $ / shares	$ 101.5
Multi-Year Performance Restricted Stock Unit Award (MYPSU)
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Number of Shares, beginning balance (in shares) \| shares	285,880
Granted (in shares) \| shares	0
Vested (in shares) \| shares	0
Forfeited (in shares) \| shares	0
Number of Shares, ending balance (in shares) \| shares	285,880
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
Grant Date Fair Value per share, beginning balance (in dollars per share) \| $ / shares	$ 88.6
Grant Date Fair Value per share, Granted (in dollars per share) \| $ / shares	0
Grant Date Fair Value per share, Vested (in dollars per share) \| $ / shares	0
Grant Date Fair Value per share, Forfeited (in dollars per share) \| $ / shares	0
Grant Date Fair Value per share, ending balance (in dollars per share) \| $ / shares	$ 88.6

Stockholders' Equity - Schedule of Stock-based Compensation Expense Amounts Included in Condensed Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock compensation expense capitalized to inventory	$ 468	$ 0
Total stock-based compensation expense recorded to additional paid-in capital	22,894	19,136
Equity Based Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	20,667	17,613
Equity Based Awards \| Additional Paid-in Capital
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	20,667	17,613
Equity Based Awards \| Cost of revenue
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	175	628
Equity Based Awards \| Research and development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	8,614	7,505
Equity Based Awards \| Selling, general and administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	11,878	9,480
Liability Based Awards to be Settled in Equity
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	1,036	923
Liability Based Awards to be Settled in Equity \| Cost of revenue
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	4	11
Liability Based Awards to be Settled in Equity \| Research and development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	563	526
Liability Based Awards to be Settled in Equity \| Selling, general and administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	469	386
Equity and Liability Based Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	21,703	18,536
Liability-based awards \| Additional Paid-in Capital
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 1,759	$ 1,523

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Income Tax [Line Items]
Income tax provision	$ 13	$ 70
Effective tax rate	0.00%	0.00%
Unrecognized tax benefits	$ 2,300		$ 2,300
Maximum
Income Tax [Line Items]
Income tax provision	$ 100	$ 100
Effective tax rate	1.00%	1.00%
U.S. effective tax rate	1.00%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended
	Feb. 27, 2024	Mar. 31, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, shares authorized (in shares)		200,000,000	200,000,000		200,000,000
Common stock, par value (in dollars per share)		$ 0.0001	$ 0.0001		$ 0.0001
Payments of stock issuance costs			$ 303	$ 370
Accrued expenses and other current liabilities		$ 108,607	108,607		$ 112,704
Total Stockholder Performance Restricted Stock Unit Award (TSR PRSU)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance period		3 years
Expected volatility		74.70%
Risk free rate		4.50%
Expected dividend yield		0.00%
Expected term		2 years 9 months 18 days
Liability-based awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Accrued expenses and other current liabilities		$ 900	900
2024 Goals
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Accrued expenses and other current liabilities		$ 100	$ 100
At-The-Market Issuance Sales Agreement
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, shares authorized (in shares)	1,200,000
Common stock, par value (in dollars per share)	$ 0.0001
Issuance of common stock in connection with At-The-Marker offering net of underwriting discounts and commissions and other offerings costs (in shares)	1,200,000		32,500
Percentage of sales commission from common stock sold	3.00%
Sale Of Common Stock Price Per Share			$ 92.57
Proceeds from public offering, net of underwriting discounts and commissions			$ 2,700
Payments for underwriting discounts and commissions			100
Payments of stock issuance costs			$ 200

Leases - Summary of Lease Related Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Right-of-use assets, net	$ 7,582	$ 8,262
Lease liabilities included in accrued expenses and other current liabilities	2,531	2,601
Long-term lease liabilities	4,786	5,423
Total operating lease liabilities	$ 7,317	$ 8,024
Weighted-average remaining lease term (years)	2 years 10 months 24 days	3 years 1 month 6 days
Weighted-average discount rate	4.50%	4.50%

Balance Sheets Components - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Accounts receivable, gross	$ 16,824	$ 21,911	$ 41,279
Allowance for credit losses	(50)	(50)	(50)
Accounts receivable, net	$ 16,774	$ 21,861	$ 41,229

Stockholders' Equity - Summary of Unrecognized Compensation Costs and Related Weighted Average Period of Recognition (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
RSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized Compensation Costs (in millions)	$ 137.1
Weighted Average Period of Recognition (in years)	2 years
PRSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized Compensation Costs (in millions)	$ 16.0
Weighted Average Period of Recognition (in years)	1 year 6 months
MYPSUs
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized Compensation Costs (in millions)	$ 6.9
Weighted Average Period of Recognition (in years)	1 year 2 months 12 days
Liability-based awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized Compensation Costs (in millions)	$ 4.2
Weighted Average Period of Recognition (in years)	7 months 6 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
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+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 96,275	$ 9,468
Short-term investments in held-to-maturity securities	421,006	518,733
Accounts receivable, net	16,774	21,861
Inventories	74,376	65,539
Prepaid expenses and other current assets	9,744	7,641
Total current assets	618,175	623,242
Property and equipment, net	53,394	54,685
Intangible assets, net	175,236	177,079
Right-of-use assets, net	7,582	8,262
Goodwill	87,098	87,098
Other assets	1,138	1,317
Total assets	942,623	951,683
Current liabilities:
Accounts payable	10,790	8,690
Accrued expenses and other current liabilities	108,607	112,704
Total current liabilities	119,397	121,394
Other non-current liabilities	127,016	122,237
Total liabilities	246,413	243,631
Commitments and contingencies (Note 9)
Stockholders’ equity:
Common stock, $0.0001 par value - 200,000 shares authorized; 22,872 and 22,692 shares issued and outstanding at March 31, 2024 and December 31, 2023	2	2
Additional paid-in capital	813,312	796,450
Accumulated deficit	(117,104)	(88,400)
Total stockholders’ equity	696,210	708,052
Total liabilities and stockholders’ equity	$ 942,623	$ 951,683