XML 23 R12.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Balance Sheet Components | 6 Months Ended
--- | ---
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Balance Sheet Components | Balance Sheet Components Cash and Cash Equivalents The Company’s cash and cash equivalents consist of the following (in thousands):
| June 30, 2024 |  | December 31, 2023
Cash | $ | 34,323 |  |  | $ | 40,648 |
Cash equivalents: |  |  |
Money market funds(1) | 18,364 |  |  | 7,354 |
Commercial paper | — |  |  | 2,989 |
Total cash and cash equivalents | $ | 52,687 |  |  | $ | 50,991 |
(1)The Company maintains a cash sweep account, which is included in money market funds as of June 30, 2024 and December 31, 2023. Cash is invested in short-term money market funds that earn interest. Restricted Cash Restricted cash consists of collateral to merchant credit card and certificates of deposit held by a bank as security for outstanding letters of credit. The Company had a restricted cash balance of $1.5 million and $1.6 million as of June 30, 2024 and December 31, 2023, respectively, which has been excluded from the Company’s cash and cash equivalents balances. The Company presented $0.4 million and $0.6 million of the total amount of restricted cash within current assets on the unaudited condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023, respectively. The remaining restricted cash balance of $1.1 million and $1.1 million is included in non-current assets on the condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023, respectively. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the unaudited condensed consolidated balance sheets to the amounts reported in the unaudited condensed consolidated statements of cash flows (in thousands):
| June 30, 2024 |  | June 30, 2023
Cash and cash equivalents | $ | 52,687 |  |  | $ | 91,237 |
Restricted cash, current | 426 |  |  | 528 |
Restricted cash, non-current | 1,092 |  |  | 1,090 |
Total cash, cash equivalents and restricted cash | $ | 54,205 |  |  | $ | 92,855 |
Inventory Inventory, consisting of material, direct and indirect labor, and manufacturing overhead, consists of the following (in thousands):
| June 30, 2024 |  | December 31, 2023
Raw materials | $ | 10,033 |  |  | $ | 10,062 |
Work in process | 62 |  |  | 75 |
Finished goods | 9,358 |  |  | 13,095 |
Total inventory | $ | 19,453 |  |  | $ | 23,232 |
Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands):
| June 30, 2024 |  | December 31, 2023
Prepaid expenses | $ | 5,720 |  |  | $ | 5,377 |
Prepaid insurance | 1,334 |  |  | 648 |
Receivable from contract manufacturer | 2,193 |  |  | 2,028 |
Insurance receivable | 23,375 |  |  | 23,375 |
Other current assets | 908 |  |  | 3,219 |
Total prepaid expenses and other current assets | $ | 33,530 |  |  | $ | 34,647 |
Property and Equipment, Net Property and equipment consists of the following (in thousands):
| Estimated Useful Life (in years) |  | June 30, 2024 |  | December 31, 2023
Machinery and equipment | 3 |  | $ | 15,836 |  |  | $ | 16,535 |
Computer equipment | 3 |  | 1,104 |  |  | 1,104 |
Automotive and vehicle hardware | 5 |  | 93 |  |  | 22 |
Software | 3 |  | 590 |  |  | 593 |
Furniture and fixtures | 7 |  | 943 |  |  | 946 |
Construction in progress |  |  | 4,988 |  |  | 3,572 |
Leasehold improvements | Shorter of useful life or lease term |  | 10,910 |  |  | 10,879 |
|  |  | 34,464 |  |  | 33,651 |
Less: Accumulated depreciation |  |  | (25,019) |  |  | (23,423) |
Property and equipment, net |  |  | $ | 9,445 |  |  | $ | 10,228 |
Depreciation expense associated with property and equipment was $5.4 million and $6.3 million during the six months ended June 30, 2024 and 2023, respectively. Intangible Assets, Net The following tables present acquired intangible assets, net as of June 30, 2024 and December 31, 2023 (in thousands):
|  |  | June 30, 2024
| Estimated Useful Life (in years) |  | Gross Carrying amount |  | Accumulated Amortization |  | Net Book Value
Developed technology | 3-8 |  | $ | 23,500 |  |  | $ | (7,868) |  |  | $ | 15,632 |
Vendor relationship | 3 |  | 6,600 |  |  | (5,867) |  |  | 733 |
Customer relationships | 3-8 |  | 6,300 |  |  | (1,735) |  |  | 4,565 |
Intangible assets, net |  |  | $ | 36,400 |  |  | $ | (15,470) |  |  | $ | 20,930 |
|  |  | December 31, 2023
| Estimated Useful Life (in years) |  | Gross Carrying amount |  | Accumulated Amortization |  | Net Book Value
Developed technology | 3-8 |  | $ | 23,500 |  |  | $ | (5,948) |  |  | $ | 17,552 |
Vendor relationship | 3 |  | 6,600 |  |  | (4,767) |  |  | 1,833 |
Customer relationships | 3-8 |  | 6,300 |  |  | (1,249) |  |  | 5,051 |
Intangible assets, net |  |  | $ | 36,400 |  |  | $ | (11,964) |  |  | $ | 24,436 |
Amortization expense was $3.4 million and $3.2 million during the six months ended June 30, 2024 and 2023, respectively. The following table summarizes estimated future amortization expense of finite-lived intangible assets-net (in thousands):
Years: | Amount
2024 (the remainder of 2024) | $ | 3,101 |
2025 | 4,515 |
2026 | 3,776 |
2027 | 3,682 |
2028 | 2,779 |
Thereafter | 3,077 |
Total | $ | 20,930 |
Accrued and Other Current Liabilities Accrued and other current liabilities consist of the following (in thousands):
| June 30, 2024 |  | December 31, 2023
Accrued legal contingencies | $ | 23,375 |  |  | $ | 27,500 |
Uninvoiced receipts | 8,707 |  |  | 12,980 |
Accrued compensation | 5,581 |  |  | 6,387 |
Sales and use tax | 2,124 |  |  | 2,667 |
Other | 8,719 |  |  | 8,632 |
Total accrued and other current liabilities | $ | 48,506 |  |  | $ | 58,166 |

X
- References No definition available. + Details
Name: | us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/210/tableOfContent + Details
Name: | us-gaap_SupplementalBalanceSheetDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration