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Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value, Option, Quantitative Disclosures [Line Items]  
Schedule of company's assets that are measured at fair value on a recurring basis

The following fair value hierarchy table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis:

 

 

 

Fair value measurement at
reporting date using

 

(in thousands)

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

December 31, 2024

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

Money market accounts

 

$

6,839

 

 

$

—

 

 

$

—

 

U.S. agency securities

 

$

—

 

 

$

499

 

 

$

—

 

Marketable securities:

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

—

 

 

$

2,018

 

 

$

—

 

U.S. agency securities

 

$

—

 

 

$

6,138

 

 

$

—

 

December 31, 2023

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

Money market accounts

 

$

1,646

 

 

$

—

 

 

$

—

 

Marketable securities:

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

—

 

 

$

19,489

 

 

$

—

 

U.S. agency securities

 

$

—

 

 

$

9,294

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

Contingent shares liability from fSight acquisition

 

$

527

 

 

$

—

 

 

$

—

 
Schedule of changes in fair value of the company's marketable securities

The following is a summary of the changes in fair value of the Company’s marketable securities as of December 31, 2024, and 2023, respectively:

 

 

As of December 31, 2024

 

(in thousands)

 

Amortized cost

 

 

Unrealized gain

 

 

Unrealized loss

 

 

Fair value

 

Available-for-sale marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

2,019

 

 

$

—

 

 

$

(1

)

 

$

2,018

 

U.S. agency securities

 

 

6,135

 

 

 

3

 

 

$

—

 

 

 

6,138

 

Total available-for-sale marketable securities

 

$

8,154

 

 

$

3

 

 

$

(1

)

 

$

8,156

 

As of December 31, 2024, all available-for-sale marketable securities consisted of investments that mature within one year.

 

 

As of December 31, 2023

 

(in thousands)

 

Amortized cost

 

 

Unrealized gain

 

 

Unrealized loss

 

 

Fair value

 

Available-for-sale marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

$

17,561

 

 

$

2

 

 

$

(52

)

 

$

17,511

 

U.S. agency securities

 

 

9,300

 

 

 

2

 

 

$

(7

)

 

 

9,295

 

Total

 

 

26,861

 

 

 

4

 

 

 

(59

)

 

 

26,806

 

Long-term assets

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

 

1,981

 

 

 

3

 

 

 

(7

)

 

 

1,977

 

Total

 

 

1,981

 

 

 

3

 

 

 

(7

)

 

 

1,977

 

 

 

 

 

 

 

 

 

 

 

 

 

Total available-for-sale marketable securities

 

$

28,842

 

 

$

7

 

 

$

(66

)

 

$

28,783

 
Schedule of changes in fair value of the company's preferred stock warrant liability he table presented below is a summary of the changes in fair value of the Company’s preferred stock warrant liability which was exercised immediately prior to the Business Combination into Legacy Tigo preferred stock and subsequently converted into Legacy Tigo common stock. Upon the consummation of the Business Combination, such shares of Legacy Tigo common stock were converted to shares of common stock. Please see Note 3, “Merger with ROTH CH Acquisition IV Co.” for additional information.

 

 (in thousands)

 

Fair value of
preferred stock
warrant liability

 

Balance at December 31, 2022

 

 

1,507

 

Change in fair value

 

 

501

 

Exercise of warrants

 

 

(2,008

)

Balance at December 31, 2023

 

$

—

 
Schedule of changes in fair value of Level 3 financial instruments The table presented below is a summary of the changes in fair value of the Company’s Level 3 financial instruments.

 (in thousands)

 

Fair value of
contingent shares
from fSight acquisition

 

 

Fair value of
derivative liability

 

Balance at December 31, 2022

 

$

—

 

 

$

—

 

Fair value at inception

 

 

2,167

 

 

 

23,525

 

Change in fair value

 

 

29

 

 

 

(12,247

)

Transfer out of level 3

 

 

(2,196

)

 

 

(11,278

)

Balance at December 31, 2023

 

$

—

 

 

$

—

 
Warrant Liabilities  
Fair Value, Option, Quantitative Disclosures [Line Items]  
Schedule of fair value of the warrant and derivative liabilities is estimated using the Black-Scholes option pricing model The fair value of the warrant liabilities was estimated using the Black-Scholes option pricing model using the following assumptions:

 

 

 

May 23, 2023
(Merger Date)

 

Expected volatility

 

68% - 70%

 

Risk-free interest rate

 

4.10% - 4.28%

 

Expected term (in years)

 

2.0 - 2.6

 

Expected dividend yield

 

 

—

 

Fair value of Series C convertible preferred stock

 

$

1.89

 
T
Derivative Liability  
Fair Value, Option, Quantitative Disclosures [Line Items]  
Schedule of fair value of the warrant and derivative liabilities is estimated using the Black-Scholes option pricing model

The fair value of the convertible note derivative liability was estimated using the Black-Scholes option pricing model using the following assumptions:

 

 

As of September 24, 2023 (1)

 

Expected volatility

 

 

58.6

%

Risk-free interest rate

 

 

4.9

%

Expected term (in years)

 

 

2.3

 

Expected dividend yield

 

 

—

 

 

(1)
The fair value of the convertible note derivative liability was remeasured on September 24, 2023, immediately prior to the execution of the Convertible Note Amendment.