0000950170-22-007804 | 10-Q | XBRL Viewer

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Segment, Geographic and Customer Information - Schedule of Revenue by Country (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Revenue	$ 70,253	$ 35,542
Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Revenue	70,253	35,542
Taiwan \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Revenue	23,072	16,492
Hong Kong \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Revenue	14,533	11,434
United States \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Revenue	7,194	1,234
Other \| Revenue from Contract with Customer Benchmark \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Revenue	$ 25,454	$ 6,382

- 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.

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+ Details

Income Taxes (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022 and 2021:


	Three Months Ended March 31,
	2022			2021
	(in thousands)
Income (loss) before income taxes	$	6,208		$	(3,525	)
Income tax expense		(68	)		(40	)
Effective tax rate		1	%		1	%

Leases - Summary of Undiscounted Cash Flows (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Remainder of 2022	$ 1,879
2023	2,655
2024	2,595
2025	2,479
2026	2,062
2027 and beyond	584
Total minimum lease payments	12,254
Less: amount of lease payments representing interest	(1,204)
Total operating lease liabilities	11,050	$ 7,734
Less: current obligations under leases	(2,109)	(1,336)
Long-term lease liabilities	$ 8,941	$ 6,398

Balance Sheets Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued payroll and related benefits	$ 3,711	$ 7,237
Revenue reserves	5,424	4,517
Deferred non-recurring engineering services	4,739	5,666
Short term lease liability	2,109	1,336
Accrued customer rebates		784
Other accrued expenses	5,582	4,742
Total accrued expenses and other current liabilities	$ 21,565	$ 24,282

Income Taxes - Schedule of Provision for Income Taxes and Effective Tax Rates (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income (loss) before income taxes	$ 6,208	$ (3,525)
Income tax expense	$ (68)	$ (40)
Effective tax rate	1.00%	1.00%

- 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.

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+ 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

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 9. 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, specified environmental matters, and certain income taxes. Further, the Company’s obligations under these agreements may be limited in terms of time, amount, or the scope of its responsibility and in some instances, the Company may have recourse against third-parties for certain payments made under these agreements. It is not possible to predict the maximum potential amount of future payments under these agreements due to the conditional nature of the Company’s obligations and the unique facts and circumstances involved in each particular agreement. Historically, the Company has had no material indemnification claims under these agreements.

Net Income (Loss) Per Share (Tables)

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

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

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


	Three Months Ended March 31,
	2022		2021
	(in thousands, except per share data)
Net income (loss) attributable to common stockholders	$	6,140	$	(3,565	)
Weighted-average shares outstanding
Weighted average shares used to compute basic net income (loss) per share		20,921		17,868
Dilutive effect of employee equity incentive plans		1,782		—
Weighted average shares used to compute diluted net income (loss) per share		22,703		17,868
Net income (loss) attributable to common stockholders per share, basic	$	0.29	$	(0.20	)
Net income (loss) attributable to common stockholders per share, diluted	$	0.27	$	(0.20	)

The Company and Basis of Presentation (Policies)	3 Months Ended
The Company and Basis of Presentation (Policies)	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Outbreak of Coronavirus Disease 2019 ("the COVID-19 pandemic")	Outbreak of Coronavirus Disease 2019 (“the COVID-19 pandemic”) On March 11, 2020, the World Health Organization characterized the outbreak of the coronavirus disease known as COVID-19 as a global pandemic and recommended containment and mitigation measures. On March 13, 2020, the United States declared a national emergency concerning the outbreak, and several states and municipalities have declared public health emergencies. To combat the spread of the COVID-19 pandemic, the United States and other foreign countries in which the Company operates have imposed measures such as quarantines and “shelter-in-place” orders that are restricting business operations and travel and requiring individuals to work from home (“WFH”), which has impacted all aspects of the Company’s business as well as those of the third-parties the Company relies upon for manufacturing, assembly, testing, shipping and other operations. Since 2021, the Company experienced a growth in demand for some of its products, however, there are a number of industry-wide supply constraints affecting the supply of analog circuits manufactured by certain foundries, and affecting outsourced semiconductor assembly and test providers, which has limited and may continue to limit the Company's ability to fully satisfy the increase in demand. If the Company cannot ship its products to its customers on time and in the quantity required as a result of this supply constraint the Company's sales could decline and the Company could lose customers. As a result of the COVID-19 pandemic the Company has also experienced some delay and disruption in the manufacture, shipment, and sales of its products. In addition, the production capabilities of the Company's suppliers have been, and will likely continue to be, impacted as a result of quarantines, closures of production facilities, lack of supplies, or delays caused by restrictions on travel or WFH orders. The COVID-19 pandemic has negatively impacted business activity across the globe and has impacted the Company's employees and operations. The inputs into the Company’s judgments and estimates consider the economic implications of the COVID-19 pandemic, as the Company knows them, on the Company’s critical and significant accounting estimates. The extent to which the COVID-19 pandemic may impact the Company’s business will depend on future developments, which are highly uncertain, including the future effects of the COVID-19 pandemic on its employees, customers, suppliers, results of operations, financial condition, or liquidity for 2022 and beyond. To date, the Company has experienced minimal impact from any supplier disruption resulting from COVID-19.
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.
Significant Accounting Policies	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, 2021. There had been no changes to these accounting policies.
Recently Accounting Pronouncements	Recent Accounting Pronouncements There are no new accounting pronouncements that are pending to be adopted by the Company.

Balance Sheets Components - Schedule of Future Amortization Expense for Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2022 (remainder)	$ 1,359
2023	1,786
2024	1,025
2025	195
2026 and beyond	28
Intangible assets, net	$ 4,393	$ 5,977

Net Income (Loss) Per Share (Additional Information) (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Anti-dilutive weighted shares	3,211	2,201,903

Balance Sheets Components - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Balance Sheet Related Disclosures [Abstract]
Depreciation expense	$ 2.1	$ 1.1
Amortization expense for intangible assets	0.3	$ 0.5
Intangibles Assets not amortized	$ 0.8

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares, issued	21,042,000	20,825,000
Common stock, shares, outstanding	21,042,000	20,825,000

Related Party Transactions - Additional Information (Details) - USD ($)		1 Months Ended		3 Months Ended
	Aug. 31, 2021	Dec. 31, 2021	May 31, 2021	Mar. 31, 2022
Restricted Stock Units RSU
Related Party Transaction [Line Items]
Equity award, granted				173,291
MegaChips
Related Party Transaction [Line Items]
Agreement termination date	Aug. 31, 2021
MegaChips \| Si Time Corporation
Related Party Transaction [Line Items]
Percentage of outstanding common stock held		24.00%		23.80%
Akira Takata
Related Party Transaction [Line Items]
Sales consulting services fee			$ 5,000
Agreement extension date		Dec. 31, 2022
Akira Takata \| Restricted Stock Units RSU
Related Party Transaction [Line Items]
Equity award, granted		300	500
Equity award, vesting date		Nov. 20, 2022	Nov. 20, 2021

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ 6,140	$ (3,565)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation and amortization expense	2,544	1,617
Stock-based compensation expense	14,280	6,660
Changes in assets and liabilities:
Accounts receivable, net	7,725	1,706
Related party accounts receivable		(240)
Inventories	(7,123)	(2,630)
Prepaid expenses and other assets	(330)	72
Accounts payable	(1,515)	1,748
Accrued expenses and other liabilities	(1,693)	707
Net cash provided by operating activities	20,028	6,075
Cash flows from investing activities
Purchase of property and equipment	(7,452)	(3,866)
Cash paid for intangibles	(583)	(370)
Net cash used in investing activities	(8,035)	(4,236)
Cash flows from financing activities
Proceeds from public offering, net of underwriting discounts and commissions		181,928
Payments for offering costs		(340)
Net cash provided by financing activities		181,588
Net increase in cash and cash equivalents	11,993	183,427
Cash and cash equivalents
Beginning of period	559,461	73,525
End of period	571,454	256,952
Supplemental disclosure of cash flow information
Income taxes paid	14	1
Supplemental disclosure of noncash flow information
Unpaid property and equipment	2,356	1,436
Right-of-use assets acquired under operating leases	$ 3,659	$ 322

Net Income (Loss) Per Share - Summary of Computation of Basic and Diluted Net Loss (Income) per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share [Abstract]
Net income (loss) attributable to common stockholders	$ 6,140	$ (3,565)
Weighted-average shares outstanding
Weighted average shares used to compute basic net income (loss) per share	20,921	17,868
Dilutive effect of employee equity incentive plans	1,782
Weighted average shares used to compute diluted net income (loss) per share	22,703	17,868
Net income (loss) attributable to common stockholders per share, basic	$ 0.29	$ (0.20)
Net income (loss) attributable to common stockholders per share, diluted	$ 0.27	$ (0.20)

- 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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- Definition

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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+ Details

Fair Value Measurements - Additional Information (Details) - Level 1 - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash balances in bank	$ 201.2	$ 339.3
Highly liquid money market funds	$ 370.3
Treasury bills		$ 220.2

Income Taxes

3 Months Ended

Mar. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Note 7. 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 (loss), 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 (loss) before income taxes, the geographic mix of income (loss) 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, 2022 and 2021:


	Three Months Ended March 31,
	2022			2021
	(in thousands)
Income (loss) before income taxes	$	6,208		$	(3,525	)
Income tax expense		(68	)		(40	)
Effective tax rate		1	%		1	%

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 (loss) before income taxes and taxable income (loss).

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, 2022.

As of March 31, 2022 and December 31, 2021, the Company had $2.4 million and $2.4 million, respectively, of total unrecognized tax benefits. If the Company is able to eventually recognize these uncertain tax positions, none of the unrecognized benefit would reduce the Company’s effective tax rate due to 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, 2022 and 2021, the Company had 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.

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+ Details

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Unrecognized tax benefits	$ 2.4	$ 2.4

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021
Current assets:
Cash and cash equivalents	$ 571,454	$ 559,461	$ 256,952
Accounts receivable, net	30,651	38,376
Inventories	30,753	23,630
Prepaid expenses and other current assets	4,890	4,476
Total current assets	637,748	625,943
Property and equipment, net	44,211	37,902
Intangible assets, net	4,393	5,977
Right-of-use assets, net	11,478	8,194
Other assets	218	193
Total assets	698,048	678,209
Current liabilities:
Accounts payable	12,508	13,103
Accrued expenses and other current liabilities	21,565	24,282
Total current liabilities	34,073	37,385
Lease liabilities	8,941	6,398
Other non-current liabilities	1,160	1,929
Total liabilities	44,174	45,712
Commitments and contingencies (Note 9)
Stockholders’ equity:
Common stock, $0.0001 par value - 200,000 shares authorized; 21,042 and 20,825 shares issued and outstanding at March 31, 2022 and December 31, 2021	2	2
Additional paid-in capital	678,851	663,614
Accumulated deficit	(24,979)	(31,119)
Total stockholders’ equity	653,874	632,497	$ 295,269
Total liabilities and stockholders’ equity	$ 698,048	$ 678,209

Balance Sheets Components - Schedule of Property and Equipment Net (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 67,376	$ 59,004
Accumulated depreciation	(23,165)	(21,102)
Total property and equipment, net	44,211	37,902
Lab and Manufacturing Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	51,527	44,283
Computer Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	2,095	1,977
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	433	433
Construction in progress
Property Plant And Equipment [Line Items]
Property and equipment, gross	7,883	7,100
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 5,438	$ 5,211

Leases (Tables)

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Summary of Lease Related Assets and Liabilities

The table below presents the lease-related assets and liabilities recorded on the consolidated balance sheet as of March 31, 2022:


	As of
	March 31, 2022			December 31, 2021
	(in thousands)
Right-of-use assets	$	11,478		$	8,194
Lease liabilities included in accrued expenses and other current liabilities		2,109			1,336
Lease liabilities - non-current		8,941			6,398
Total operating lease liabilities	$	11,050		$	7,734
Weighted-average remaining lease term (years)		4.7			5.0
Weighted-average discount rate		4.4	%		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, 2022 and 2021:


	Three Months Ended March 31,
	2022		2021
	(in thousands)
Operating lease cost	$	558	$	315
Short-term lease cost		534		78
Variable lease cost		94		83
Total lease cost	$	1,186	$	476

Summary of Undiscounted Cash Flows

The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on the consolidated balance sheet as of March 31, 2022:


	(in thousands)
Remainder of 2022	$	1,879
2023		2,655
2024		2,595
2025		2,479
2026		2,062
2027 and beyond		584
Total minimum lease payments		12,254
Less: amount of lease payments representing interest		(1,204	)
Present value of future minimum lease payments		11,050
Less: current obligations under leases		(2,109	)
Long-term lease liabilities	$	8,941

Balance Sheets Components

3 Months Ended

Mar. 31, 2022

Balance Sheet Related Disclosures [Abstract]

Balance Sheets Components

Note 4. Balance Sheet Components

Accounts Receivable, net

Accounts receivable, net consisted of the following:


	As of
	March 31, 2022			December 31, 2021
	(in thousands)
Accounts receivable, gross	$	30,701		$	38,426
Allowance for credit losses		(50	)		(50	)
Accounts receivable, net	$	30,651		$	38,376

Inventories

Inventories consisted of the following:


	As of
	March 31, 2022		December 31, 2021
	(in thousands)
Raw materials	$	3,848	$	1,841
Work in progress		19,945		16,963
Finished goods		6,960		4,826
Total inventories	$	30,753	$	23,630

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:


	As of
	March 31, 2022		December 31, 2021
	(in thousands)
Prepaid expenses	$	3,078	$	2,398
Other current assets		1,812		2,078
Total prepaid expenses and other current assets	$	4,890	$	4,476

Property and Equipment, Net

Property and equipment, net consisted of the following:


	As of
	March 31, 2022			December 31, 2021
	(in thousands)
Lab and manufacturing equipment	$	51,527		$	44,283
Computer Equipment		2,095			1,977
Furniture and fixtures		433			433
Construction in progress		7,883			7,100
Leasehold improvements		5,438			5,211
		67,376			59,004
Accumulated depreciation		(23,165	)		(21,102	)
Total property and equipment, net	$	44,211		$	37,902

Depreciation expense related to property and equipment was $2.1 million and $1.1 million for the three months ended March 31, 2022 and 2021, respectively.

Intangible Assets, Net

Intangible assets, net consisted of the following:


	As of
	March 31, 2022							December 31, 2021
	(in thousands)
	Gross Assets		Accumulated Amortization			Net Assets		Gross Assets		Accumulated Amortization			Net Assets
Internal use software	$	9,434	$	(8,633	)	$	801	$	9,434	$	(8,633	)	$	801
Purchased intangibles		10,438		(6,846	)		3,592		11,703		(6,527	)		5,176
Intangible assets	$	19,872	$	(15,479	)	$	4,393	$	21,137	$	(15,160	)	$	5,977

Amortization expense for intangible assets was $0.3 million and $0.5 million for the three months ended March 31, 2022 and 2021, respectively.

As of March 31, 2022, the Company had $0.8 million of intangibles that were still in development stage and were not being amortized, with the amortization beginning in May 2022. The estimated aggregate future amortization expense for intangible assets in development stage and subject to amortization as of March 31, 2022 is summarized as below:


	(in thousands)
2022 (remainder)	$	1,359
2023		1,786
2024		1,025
2025		195
2026 and beyond		28
	$	4,393

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:



	As of
	March 31, 2022		December 31, 2021
	(in thousands)
Accrued payroll and related benefits	$	3,711	$	7,237
Revenue reserves		5,424		4,517
Deferred non-recurring engineering services		4,739		5,666
Short term lease liability		2,109		1,336
Accrued customer rebates		—		784
Other accrued expenses		5,582		4,742
Total accrued expenses and other current liabilities	$	21,565	$	24,282

For the three months ended March 31, 2022, the Company recorded $2.0 million as a reduction of research and development expenses related to non-recurring engineering service arrangements in the condensed consolidated statement of operations. There was no reduction of research and development expenses recorded during the three months ended March 31, 2021.

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, 2022 $ / shares shares
Restricted Stock Units RSU
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Unvested Beginning Balance \| shares	2,227,197
Number of Shares, Granted \| shares	173,291
Number of Shares, Vested \| shares	(217,358)
Number of Shares, Forfeited \| shares	(5,352)
Number of Shares, Unvested Ending Balance \| shares	2,177,778
Grant Date Fair Value per share, Unvested Beginning Balance \| $ / shares	$ 40.6
Grant Date Fair Value per share, Granted \| $ / shares	232.8
Grant Date Fair Value per share, Vested \| $ / shares	45.9
Grant Date Fair Value per share, Forfeited \| $ / shares	117.3
Grant Date Fair Value per share, Unvested Ending Balance \| $ / shares	$ 55.1
Performance Restricted Stock Unit Award PRSU
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Unvested Beginning Balance \| shares	58,954
Number of Shares, Granted \| shares	11,202
Number of Shares, Unvested Ending Balance \| shares	70,156
Grant Date Fair Value per share, Unvested Beginning Balance \| $ / shares	$ 261.4
Grant Date Fair Value per share, Granted \| $ / shares	233.1
Grant Date Fair Value per share, Unvested Ending Balance \| $ / shares	$ 256.9
Multi-year Performance Restricted Stock Unit Award MYPSU
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Granted \| shares	311,872
Number of Shares, Unvested Ending Balance \| shares	311,872
Grant Date Fair Value per share, Granted \| $ / shares	$ 88.6
Grant Date Fair Value per share, Unvested Ending Balance \| $ / shares	$ 88.6

Stockholders' Equity

3 Months Ended

Mar. 31, 2022

Equity [Abstract]

Stockholders' Equity

Note 6. Stockholders’ Equity

Follow-on public offering

On February 22, 2021, the Company completed a follow-on public offering, in which it issued and sold 1,500,000 shares of its common stock and MegaChips Corporation ("MegaChips"), the Company's largest stockholder, sold 1,500,000 of the Company’s common stock held by it, resulting in net proceeds to the Company of $181.6 million after deducting underwriting discounts and commissions of $8.6 million and deferred offering costs of $0.3 million.

Equity Incentive Plans

The following table summarizes the restricted stock unit award (“RSU”), performance based restricted stock unit awards ("PRSU"), and multi-year performance restricted stock units ("MYPSU") activity for the three months ended March 31, 2022:


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

Unvested at December 31, 2021		2,227,197		$	40.6		58,954	$	261.4		—	$	-
Granted		173,291			232.8		11,202		233.1		311,872		88.6
Vested		(217,358	)		45.9		—		—		—		—
Forfeited		(5,352	)		117.3		—		—		—		—
Unvested at March 31, 2022		2,177,778		$	55.1		70,156	$	256.9		311,872	$	88.6

On August 4, 2020, the Compensation Committee of the Company adopted and approved the Executive Bonus and Retention Plan (the “Bonus and Retention Plan”). In each of January and July 2021, the Compensation Committee approved target bonus amounts and performance goals for the first half and second half, respectively, of the fiscal year 2021 (the “2021 Goals”). In January 2022, the Compensation Committee approved target bonus amounts and performance goals for the first half of the fiscal year 2022 (the “1H2022 Goals”). The 2021 Goals and 1H2022 Goals are based on the achievement of revenue and Non-GAAP operating profit, as well as individual performance 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 $0.5 million for 1H2022 Goals was recorded as accrued expenses and other current liabilities in the condensed consolidated balance sheet as of March 31, 2022.

In December 2021, the Compensation Committee of the Company approved PRSUs with performance goals for the year 2022 (the “PRSU 2022 Goals”). The PRSU 2022 Goals are based on the achievement of revenue. These grants are included in the RSU awards granted in the table above.

In February 2022, the Compensation Committee of the Company approved and granted to certain of the Company’s executive officers MYPSUs with vesting based on achievement of stock price targets, which are measured based on the 60-trading day average per share closing price of the Company’s common stock on the Nasdaq Global Market during the performance periods of up to six years from the date of grant, subject to the continued service of the grantee through the vest date. The grant-date fair value of each MYPSU was determined using Monte Carlo simulation model. The assumptions used in the Monte Carlo simulation included expected volatility of 44.4%, risk free rate of 1.83%, no expected dividend yield, expected term of six years and possible future stock prices over the performance period based on historical stock and market prices. The Company recognizes the expense related to the MYPSUs on a graded-vesting method over the requisite service period.

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,
	2022		2021
	(in thousands)
Equity based awards
Cost of revenue	$	638	$	384
Research and development		5,374		2,456
Selling, general and administrative		7,736		3,335
	$	13,748	$	6,175

Liability based awards - to be settled in equity
Cost of revenue	$	19	$	17
Research and development		220		204
Selling, general and administrative		293		264
	$	532	$	485
Total stock-based compensation - equity and liability based	$	14,280	$	6,660

Liability-based awards - cash settled
Cost of revenue	$	—	$	102
Research and development		—		106
Selling, general and administrative		—		108
	$	—	$	316
Total stock-based compensation expense	$	14,280	$	6,976

Stock-based compensation expense recorded to additional paid-in capital
Equity based awards	$	13,748	$	6,175
Liability based awards - settled in equity		1,489		1,191
Total stock-based compensation expense recorded to additional paid-in capital	$	15,237	$	7,366

As of March 31, 2022, there was $111.3 million, $15.5 million, $26.3 million and $1.0 million of unrecognized compensation costs related to RSUs granted, PRSUs granted, MYPSUs granted, and liability-based awards granted, respectively. The unrecognized compensation cost is expected to be recognized over a weighted average period of 3.2 years for RSUs, 4.0 years for PRSUs, 1.6 years for MYPSUs and 0.4 years for liability-based awards.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

Segment, Geographic and Customer Information - Schedule of Property and Equipment and Intangible Assets Attributable to Operations (Details)	Mar. 31, 2022	Dec. 31, 2021
United States
Segment Reporting Information [Line Items]
Percentage of long lived assets	52.00%	57.00%
Malaysia
Segment Reporting Information [Line Items]
Percentage of long lived assets	36.00%	31.00%
Taiwan
Segment Reporting Information [Line Items]
Percentage of long lived assets	6.00%	5.00%
Other
Segment Reporting Information [Line Items]
Percentage of long lived assets	6.00%	7.00%

Segment, Geographic and Customer Information (Tables)

3 Months Ended

Mar. 31, 2022

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,
	2022		2021
	(in thousands)
Taiwan	$	23,072	$	16,492
Hong Kong		14,533		11,434
United States		7,194		1,234
Other		25,454		6,382
Total	$	70,253	$	35,542

Schedule of Property and Equipment and Intangible Assets Attributable to Operations

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


	As of
	March 31, 2022			December 31, 2021
United States		52	%		57	%
Malaysia		36	%		31	%
Taiwan		6	%		5	%
Other		6	%		7	%

The Company and Basis of Presentation

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

The Company and Basis of Presentation

Note 1. The Company and Basis of Presentation

SiTime Corporation (the “Company”) was incorporated in the State of Delaware in December 2003. The Company is a provider of silicon timing systems. The Company primarily supplies oscillator products that comprise a MEMS resonator and clock IC that is integrated into a package, as well as standalone resonators. The Company has also started to sample clock ICs. The Company’s products are designed to address a wide range of applications across a broad array of end markets. The Company operates a fabless business model and leverages its global network of distributors and resellers to address the broad set of end markets that it serves.

In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments of a normal, recurring nature, which are necessary to state fairly the financial information included therein. These financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto included in SiTime Corporation's Annual Report on Form 10-K for the fiscal year ended December 31, 2021. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP.

Certain prior year amounts have been reclassified to conform to the current year presentation.

Outbreak of Coronavirus Disease 2019 (“the COVID-19 pandemic”)

On March 11, 2020, the World Health Organization characterized the outbreak of the coronavirus disease known as COVID-19 as a global pandemic and recommended containment and mitigation measures. On March 13, 2020, the United States declared a national emergency concerning the outbreak, and several states and municipalities have declared public health emergencies. To combat the spread of the COVID-19 pandemic, the United States and other foreign countries in which the Company operates have imposed measures such as quarantines and “shelter-in-place” orders that are restricting business operations and travel and requiring individuals to work from home (“WFH”), which has impacted all aspects of the Company’s business as well as those of the third-parties the Company relies upon for manufacturing, assembly, testing, shipping and other operations.

Since 2021, the Company experienced a growth in demand for some of its products, however, there are a number of industry-wide supply constraints affecting the supply of analog circuits manufactured by certain foundries, and affecting outsourced semiconductor assembly and test providers, which has limited and may continue to limit the Company's ability to fully satisfy the increase in demand. If the Company cannot ship its products to its customers on time and in the quantity required as a result of this supply constraint the Company's sales could decline and the Company could lose customers. As a result of the COVID-19 pandemic the Company has also experienced some delay and disruption in the manufacture, shipment, and sales of its products. In addition, the production capabilities of the Company's suppliers have been, and will likely continue to be, impacted as a result of quarantines, closures of production facilities, lack of supplies, or delays caused by restrictions on travel or WFH orders.

The COVID-19 pandemic has negatively impacted business activity across the globe and has impacted the Company's employees and operations. The inputs into the Company’s judgments and estimates consider the economic implications of the COVID-19 pandemic, as the Company knows them, on the Company’s critical and significant accounting estimates. The extent to which the COVID-19 pandemic may impact the Company’s business will depend on future developments, which are highly uncertain, including the future effects of the COVID-19 pandemic on its employees, customers, suppliers, results of operations, financial condition, or liquidity for 2022 and beyond. To date, the Company has experienced minimal impact from any supplier disruption resulting from COVID-19.

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, 2021. There had been no changes to these accounting policies.

Recent Accounting Pronouncements

There are no new accounting pronouncements that are pending to be adopted by the Company.

Segment, Geographic and Customer Information

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segment, Geographic and Customer Information

Note 8. Segment, Geographic and Customer Information

The Company operates in one reportable segment related to the design, development, and sale of silicon timing systems solutions.

Revenue by geographic area are presented based upon the ship-to location of the original equipment manufacturers, the contract manufacturers, or the distributors who purchased the Company’s products. For sales to the distributors, their geographic location 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,
	2022		2021
	(in thousands)
Taiwan	$	23,072	$	16,492
Hong Kong		14,533		11,434
United States		7,194		1,234
Other		25,454		6,382
Total	$	70,253	$	35,542

Revenue from sales to three of the Company's distributors accounted for 18%, 13%, and 10% of its consolidated revenues for the three months ended March 31, 2022. Revenue from sales to one end customer through a distributor accounted for 18% for the three months ended March 31, 2022. Our end customers predominantly purchase our products from distributors. No other distributors or customers accounted for 10% or more of the Company's consolidated revenues for the three months ended March 31, 2022.

Revenue from sales to three of the Company's distributors accounted for 34%, 14%, and 14% of its consolidated revenues for the three months ended March 31, 2021. Revenue from sales to one end customer through a distributor accounted for 37% for the three months ended March 31, 2021. No other distributors or customers accounted for 10% or more of the Company's consolidated revenues for the three months ended March 31, 2021.

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


	As of
	March 31, 2022			December 31, 2021
United States		52	%		57	%
Malaysia		36	%		31	%
Taiwan		6	%		5	%
Other		6	%		7	%

- 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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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Related Party Transactions

3 Months Ended

Mar. 31, 2022

Related Party Transactions

Note 10. Related Party Transactions

The Company entered into an agreement with MegaChips Corporation ("MegaChips"), whereby the Company appointed MegaChips as a non-exclusive sales representative of its products in Japan. The Company sold products through MegaChips to distributors, resellers, or direct customers in Japan. The Company paid MegaChips a fixed percentage of the revenue as sales commission, which was recorded as commission expense and included in sales and marketing in the consolidated statements of operations and comprehensive loss. In connection with the Company's efforts to contract directly with distributors in Japan, the Company entered into a termination agreement with MegaChips pursuant to which the Company and MegaChips mutually terminated the Distribution Agreement effective November 3, 2021.

The Company also entered into a service and secondment agreement with MegaChips LSI USA Corporation, a wholly owned subsidiary of MegaChips, in 2020 that terminated on August 31, 2021.

MegaChips is the largest stockholder of the Company and held approximately 23.8% and 24.0% of the Company’s outstanding common stock as of March 31, 2022 and December 31, 2021, respectively.

In May 2021, the Company signed a consulting agreement with Akira Takata, a member of the Board of Directors of the Company, to provide sales consulting services through December 31, 2021, for which he received monthly cash fees of $5,000, reimbursement of expenses, and an equity award of 500 RSUs that fully vested on November 20, 2021. In December 2021, the Company signed an amendment to extend the consulting agreement with Mr. Takata through December 31, 2022, for which he continues to receive monthly cash fees, reimbursement of expenses, and an equity award of 300 RSUs that fully vest on November 20, 2022.

The following is a summary of significant balances, transactions and payments with the related parties and affiliates.


	Three Months Ended March 31,
Transactions	2022		2021
	(in thousands)
MegaChips
Sales through distribution agreement	$	—	$	1,855
Commission expense		—		77
Affiliates
Consulting fees		63		87


	Three Months Ended March 31,
Payments	2022		2021
	(in thousands)
MegaChips
Cash paid for commissions	$	-	$	77
Affiliates
Cash paid for consulting fees		63		87

Leases

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Leases

Note 5. Leases

The Company leases real estate property under operating leases. The Company leases office space in California, Michigan, Malaysia, Japan, Taiwan, the Netherlands, and Ukraine all under non-cancellable operating leases with various expiration dates through April 2027. In January 2021, the Company signed an amendment to its Santa Clara, California office space lease where the lessor provided the Company lease incentives of $0.4 million and extended the term of the lease by three months. The amendment was accounted as a single modified lease and the remaining payments were remeasured using an updated discount rate. During the three months ended March 31, 2022, the Company commenced three operating leases with 2 to 5.3 year lease terms, and recorded right-of-use assets of $3.7 million, current lease liabilities of $0.7 million, and long-term lease liabilities of $2.9 million upon the commencement of these leases.

The remaining lease terms vary from a few months to 5 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 consolidated balance sheet as of March 31, 2022:


	As of
	March 31, 2022			December 31, 2021
	(in thousands)
Right-of-use assets	$	11,478		$	8,194
Lease liabilities included in accrued expenses and other current liabilities		2,109			1,336
Lease liabilities - non-current		8,941			6,398
Total operating lease liabilities	$	11,050		$	7,734
Weighted-average remaining lease term (years)		4.7			5.0
Weighted-average discount rate		4.4	%		4.5	%

The table below presents certain information related to the lease costs for operating leases for the three months ended March 31, 2022 and 2021:


	Three Months Ended March 31,
	2022		2021
	(in thousands)
Operating lease cost	$	558	$	315
Short-term lease cost		534		78
Variable lease cost		94		83
Total lease cost	$	1,186	$	476

Cash paid for operating lease liabilities was $0.5 million and $0.4 million for the three months ended March 31, 2022 and 2021, respectively.

Operating Lease Cash Flows


	(in thousands)
Remainder of 2022	$	1,879
2023		2,655
2024		2,595
2025		2,479
2026		2,062
2027 and beyond		584
Total minimum lease payments		12,254
Less: amount of lease payments representing interest		(1,204	)
Present value of future minimum lease payments		11,050
Less: current obligations under leases		(2,109	)
Long-term lease liabilities	$	8,941

During the three months ended March 31, 2022, the Company entered into an operating lease that commences in May 2022 with a 7 year term, for which the Company expects to record right-of use asset of approximately $0.6 million and a lease liability of approximately $0.7 million at the commencement of this lease.

Related Party Transactions - Summary of Significant Balances, Transactions and Payments with Related Parties and Affiliates (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
MegaChips
Related Party Transaction [Line Items]
Sales through distribution agreement		$ 1,855
Commission expense		77
Cash paid for commissions		77
Affliates
Related Party Transaction [Line Items]
Consulting fees	$ 63	87
Cash paid for consulting fees	$ 63	$ 87

- Definition

Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07.1(c))
-URI http://asc.fasb.org/extlink&oid=120401555&loc=SL114874292-224272

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1(e))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

+ Details

Segment, Geographic and Customer Information - Additional Information (Details)	3 Months Ended		9 Months Ended
	Mar. 31, 2022 Segment Distributor	Mar. 31, 2021 Distributor	Mar. 31, 2021 Distributor
Segment Reporting Information [Line Items]
Number of reportable segments \| Segment	1
Revenue Benchmark \| Distributor Concentration Risk
Segment Reporting Information [Line Items]
Number of distributors accounted for 10% or more of revenues	0	0	0
Revenue Benchmark \| Customer Concentration Risk
Segment Reporting Information [Line Items]
Number of customers accounted for 10% or more of revenues	0	0	0
Revenue Benchmark \| Distributor One \| Distributor Concentration Risk
Segment Reporting Information [Line Items]
Sales revenue percentage	18.00%	34.00%
Revenue Benchmark \| Distributor One \| Customer Concentration Risk
Segment Reporting Information [Line Items]
Sales revenue percentage	18.00%	37.00%
Revenue Benchmark \| Distributor Two \| Distributor Concentration Risk
Segment Reporting Information [Line Items]
Sales revenue percentage	13.00%	14.00%
Revenue Benchmark \| Distributor Three \| Distributor Concentration Risk
Segment Reporting Information [Line Items]
Sales revenue percentage	10.00%	14.00%

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2022

Summary of Significant Balances, Transactions and Payments with Related Parties and Affiliates

The following is a summary of significant balances, transactions and payments with the related parties and affiliates.


	Three Months Ended March 31,
Transactions	2022		2021
	(in thousands)
MegaChips
Sales through distribution agreement	$	—	$	1,855
Commission expense		—		77
Affiliates
Consulting fees		63		87


	Three Months Ended March 31,
Payments	2022		2021
	(in thousands)
MegaChips
Cash paid for commissions	$	-	$	77
Affiliates
Cash paid for consulting fees		63		87

Balance Sheets Components (Tables)

3 Months Ended

Mar. 31, 2022

Balance Sheet Related Disclosures [Abstract]

Schedule of Accounts Receivable, Net

Accounts receivable, net consisted of the following:


	As of
	March 31, 2022			December 31, 2021
	(in thousands)
Accounts receivable, gross	$	30,701		$	38,426
Allowance for credit losses		(50	)		(50	)
Accounts receivable, net	$	30,651		$	38,376

Schedule of Inventory

Inventories consisted of the following:


	As of
	March 31, 2022		December 31, 2021
	(in thousands)
Raw materials	$	3,848	$	1,841
Work in progress		19,945		16,963
Finished goods		6,960		4,826
Total inventories	$	30,753	$	23,630

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:


	As of
	March 31, 2022		December 31, 2021
	(in thousands)
Prepaid expenses	$	3,078	$	2,398
Other current assets		1,812		2,078
Total prepaid expenses and other current assets	$	4,890	$	4,476

Schedule of Property and Equipment Net

Property and equipment, net consisted of the following:


	As of
	March 31, 2022			December 31, 2021
	(in thousands)
Lab and manufacturing equipment	$	51,527		$	44,283
Computer Equipment		2,095			1,977
Furniture and fixtures		433			433
Construction in progress		7,883			7,100
Leasehold improvements		5,438			5,211
		67,376			59,004
Accumulated depreciation		(23,165	)		(21,102	)
Total property and equipment, net	$	44,211		$	37,902

Schedule of Intangible Assets, Net

Intangible assets, net consisted of the following:


	As of
	March 31, 2022							December 31, 2021
	(in thousands)
	Gross Assets		Accumulated Amortization			Net Assets		Gross Assets		Accumulated Amortization			Net Assets
Internal use software	$	9,434	$	(8,633	)	$	801	$	9,434	$	(8,633	)	$	801
Purchased intangibles		10,438		(6,846	)		3,592		11,703		(6,527	)		5,176
Intangible assets	$	19,872	$	(15,479	)	$	4,393	$	21,137	$	(15,160	)	$	5,977

Schedule of Future Amortization Expense for Intangible Assets

The estimated aggregate future amortization expense for intangible assets in development stage and subject to amortization as of March 31, 2022 is summarized as below:


	(in thousands)
2022 (remainder)	$	1,359
2023		1,786
2024		1,025
2025		195
2026 and beyond		28
	$	4,393

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:



	As of
	March 31, 2022		December 31, 2021
	(in thousands)
Accrued payroll and related benefits	$	3,711	$	7,237
Revenue reserves		5,424		4,517
Deferred non-recurring engineering services		4,739		5,666
Short term lease liability		2,109		1,336
Accrued customer rebates		—		784
Other accrued expenses		5,582		4,742
Total accrued expenses and other current liabilities	$	21,565	$	24,282

Balance Sheets Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid expenses	$ 3,078	$ 2,398
Other current assets	1,812	2,078
Total prepaid expenses and other current assets	$ 4,890	$ 4,476

Stockholders' Equity - Additional Information (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended
	Feb. 22, 2021	Feb. 28, 2022	Mar. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Accrued expenses and other current liabilities			$ 21,565	$ 24,282
First Half of 2022 Goals
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Accrued expenses and other current liabilities			500
Performance Restricted Stock Unit Award PRSU
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation costs			$ 15,500
Unrecognized compensation cost is expected weighted average period			4 years
Restricted Stock Units RSU
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation costs			$ 11,300
Unrecognized compensation cost is expected weighted average period			3 years 2 months 12 days
Liability-based Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation costs			$ 1,000
Unrecognized compensation cost is expected weighted average period			4 months 24 days
Multi-year Performance Restricted Stock Unit Award MYPSU
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation costs			$ 26,300
Unrecognized compensation cost is expected weighted average period			1 year 7 months 6 days
Stock price target achievement period		60-trading day
Expected volatility		44.40%
Risk free rate		1.83%
Expected dividend yield		0.00%
Expected term		6 years
Maximum \| Multi-year Performance Restricted Stock Unit Award MYPSU
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Performance period of common stock		six years
Follow-on Public Offering
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of common stock upon follow-on public offering net of underwriting discounts and commissions and deferred offerings costs, Shares	1,500,000
Proceeds from public offering, net of underwriting discounts and commissions	$ 181,600
Payments for underwriting discounts and commissions	8,600
Deferred offering costs	$ 300
MegaChips \| Follow-on Public Offering
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of common stock upon follow-on public offering net of underwriting discounts and commissions and deferred offerings costs, Shares	1,500,000

Fair Value Measurements

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 3. Fair Value Measurements

The carrying amounts of the Company’s financial instruments, which include cash equivalents, accounts receivable, accounts payable, accrued liabilities, and other current liabilities, approximate their fair values due to their short maturities.

On March 31, 2022 and December 31, 2021, cash balances in bank checking and savings accounts of $201.2 million and $339.3 million, respectively, were valued using Level 1 of the fair value hierarchy. On March 31, 2022 and December 31, 2021, highly liquid money market funds and treasury bills of $370.3 million and $220.2 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.

- 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

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenue	$ 70,253	$ 35,542
Cost of revenue	25,020	16,725
Gross profit	45,233	18,817
Operating expenses:
Research and development	20,595	11,180
Selling, general and administrative	18,578	11,123
Total operating expenses	39,173	22,303
Income (loss) from operations	6,060	(3,486)
Other income (expense), net	148	(39)
Income (loss) before income taxes	6,208	(3,525)
Income tax expense	(68)	(40)
Net income (loss)	6,140	(3,565)
Net income (loss) attributable to common stockholders and comprehensive loss	$ 6,140	$ (3,565)
Net income (loss) per share attributable to common stockholders, basic	$ 0.29	$ (0.20)
Net income (loss) per share attributable to common stockholders, diluted	$ 0.27	$ (0.20)
Weighted-average shares used to compute basic net income (loss) per share	20,921	17,868
Weighted-average shares used to compute diluted net income (loss) per share	22,703	17,868

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2022

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

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,
	2022		2021
	(in thousands)
Equity based awards
Cost of revenue	$	638	$	384
Research and development		5,374		2,456
Selling, general and administrative		7,736		3,335
	$	13,748	$	6,175

Liability based awards - to be settled in equity
Cost of revenue	$	19	$	17
Research and development		220		204
Selling, general and administrative		293		264
	$	532	$	485
Total stock-based compensation - equity and liability based	$	14,280	$	6,660

Liability-based awards - cash settled
Cost of revenue	$	—	$	102
Research and development		—		106
Selling, general and administrative		—		108
	$	—	$	316
Total stock-based compensation expense	$	14,280	$	6,976

Stock-based compensation expense recorded to additional paid-in capital
Equity based awards	$	13,748	$	6,175
Liability based awards - settled in equity		1,489		1,191
Total stock-based compensation expense recorded to additional paid-in capital	$	15,237	$	7,366

RSU, PRSU and MYPSU

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

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

Unvested at December 31, 2021		2,227,197		$	40.6		58,954	$	261.4		—	$	-
Granted		173,291			232.8		11,202		233.1		311,872		88.6
Vested		(217,358	)		45.9		—		—		—		—
Forfeited		(5,352	)		117.3		—		—		—		—
Unvested at March 31, 2022		2,177,778		$	55.1		70,156	$	256.9		311,872	$	88.6

Balance Sheets Components - Schedule of Intangible Assets Net (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Finite Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 19,872	$ 21,137
Accumulated amortization	(15,479)	(15,160)
Intangible assets, net	4,393	5,977
Internal use software
Finite Lived Intangible Assets [Line Items]
Intangible assets, gross	9,434	9,434
Accumulated amortization	(8,633)	(8,633)
Intangible assets, net	801	801
Purchased intangibles
Finite Lived Intangible Assets [Line Items]
Intangible assets, gross	10,438	11,703
Accumulated amortization	(6,846)	(6,527)
Intangible assets, net	$ 3,592	$ 5,176

Leases - Summary of Lease Related Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Right-of-use assets, net	$ 11,478	$ 8,194
Lease liabilities included in accrued expenses and other current liabilities	2,109	1,336
Long-term lease liabilities	8,941	6,398
Total operating lease liabilities	$ 11,050	$ 7,734
Weighted-average remaining lease term (years)	4 years 8 months 12 days	5 years
Weighted-average discount rate	4.40%	4.50%

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, 2022	Mar. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 14,280	$ 6,976
Additional Paid-in Capital
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	15,237	7,366
Equity Based Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	13,748	6,175
Equity Based Awards \| Additional Paid-in Capital
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	13,748	6,175
Equity Based Awards \| Cost of Revenue
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	638	384
Equity Based Awards \| Selling, General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	7,736	3,335
Equity Based Awards \| Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	5,374	2,456
Liability Based Awards to be Settled in Equity
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	532	485
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	19	17
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	293	264
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	220	204
Equity and Liability Based Awards
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	14,280	6,660
Liability-based Awards \| Additional Paid-in Capital
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 1,489	1,191
Liability Based Awards - Cash Settled
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense		316
Liability Based Awards - Cash Settled \| Cost of Revenue
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense		102
Liability Based Awards - Cash Settled \| Selling, General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense		108
Liability Based Awards - Cash Settled \| Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense		$ 106

Leases - Summary of Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Operating lease cost	$ 558	$ 315
Short-term lease cost	534	78
Variable lease cost	94	83
Total lease cost	$ 1,186	$ 476

Net Income (Loss) Per Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

Note 2. Net Income (Loss) Per Share

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


	Three Months Ended March 31,
	2022		2021
	(in thousands, except per share data)
Net income (loss) attributable to common stockholders	$	6,140	$	(3,565	)
Weighted-average shares outstanding
Weighted average shares used to compute basic net income (loss) per share		20,921		17,868
Dilutive effect of employee equity incentive plans		1,782		—
Weighted average shares used to compute diluted net income (loss) per share		22,703		17,868
Net income (loss) attributable to common stockholders per share, basic	$	0.29	$	(0.20	)
Net income (loss) attributable to common stockholders per share, diluted	$	0.27	$	(0.20	)

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, 2022 and 2021, the Company had 3,211 potential shares and 2,201,903 potential shares from share-based awards that are anti-dilutive, respectively. Anti-dilutive potential shares from share-based awards are excluded from the calculation of diluted loss per share for the three months ended March 31, 2021 due to the net loss reported in this period.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Beginning Balance at Dec. 31, 2020	$ 109,880	$ 2	$ 173,274	$ (63,396)
Beginning Balance, Shares at Dec. 31, 2020		17,150
Stock-based compensation expense	7,366		7,366
Net income (loss)	(3,565)			(3,565)
Issuance of common stock upon follow-on public offering net of underwriting discounts and commissions and other offering costs	181,588		181,588
Issuance of common stock upon follow-on public offering net of underwriting discounts and commissions and other offerings costs, Shares		1,500
Issuance of shares upon vesting of restricted stock units, net of tax withholdings, Shares		190
Ending Balance at Mar. 31, 2021	295,269	$ 2	362,228	(66,961)
Ending Balance, Shares at Mar. 31, 2021		18,840
Beginning Balance at Dec. 31, 2021	$ 632,497	$ 2	663,614	(31,119)
Beginning Balance, Shares at Dec. 31, 2021	20,825	20,825
Stock-based compensation expense	$ 15,237		15,237
Net income (loss)	6,140			6,140
Issuance of shares upon vesting of restricted stock units, net of tax withholdings, Shares		217
Ending Balance at Mar. 31, 2022	$ 653,874	$ 2	$ 678,851	$ (24,979)
Ending Balance, Shares at Mar. 31, 2022	21,042	21,042

- Definition

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

+ References

+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
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-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 210
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

Leases - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	May 31, 2022	Dec. 31, 2021
Lease Disclosure [Line Items]
Operating lease right-of use asset	$ 11,478			$ 8,194
Current lease liabilities	2,109			1,336
Long-term lease liabilities	8,941			6,398
Operating lease liability	11,050			$ 7,734
Cash paid for operating lease liabilities	$ 500	$ 400
Leases not yet commenced	Company entered into an operating lease that commences in May 2022 with a 7 year term, for which the Company expects to record right-of use asset of approximately $0.6 million and a lease liability of approximately $0.7 million at the commencement of this lease.
Operating lease, term of contract	7 years
Office Space
Lease Disclosure [Line Items]
Lease term expiration date	Apr. 30, 2027
Lease incentives received	$ 400
Lease option to extend	The remaining lease terms vary from a few months to 5 years. For certain of its leases the Company has options to extend the lease term for periods varying from one to five years.
Extended term of leases	3 months
Option to extend	true
Three Operating Leases Commenced in March Two Thousand Twenty Two
Lease Disclosure [Line Items]
Operating lease right-of use asset	$ 3,700
Current lease liabilities	700
Long-term lease liabilities	$ 2,900
Maximum
Lease Disclosure [Line Items]
Lease term	5 years
Operating lease, renewal term	5 years
Maximum \| Three Operating Leases Commenced in March Two Thousand Twenty Two
Lease Disclosure [Line Items]
Lease term	5 years 3 months 18 days
Minimum
Lease Disclosure [Line Items]
Operating lease, renewal term	1 year
Minimum \| Three Operating Leases Commenced in March Two Thousand Twenty Two
Lease Disclosure [Line Items]
Lease term	2 years
Scenario Forecast
Lease Disclosure [Line Items]
Operating lease right-of use asset			$ 600
Operating lease liability			$ 700

Balance Sheets Components - Schedule of Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 3,848	$ 1,841
Work in progress	19,945	16,963
Finished goods	6,960	4,826
Total inventories	$ 30,753	$ 23,630

Balance Sheets Components - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accounts Receivable, after Allowance for Credit Loss, Current [Abstract]
Accounts receivable, gross	$ 30,701	$ 38,426
Allowance for credit losses	(50)	(50)
Accounts receivable, net	$ 30,651	$ 38,376