Summary of Significant Accounting Policies (Tables)
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9 Months Ended |
Sep. 30, 2024 |
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| Accounting Policies [Abstract] |
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| Summary Of Current And Non Current Restricted Cash |
The deposits are related to contracts that have a remaining term greater than twelve months, and thus this cash is included in other noncurrent assets.
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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(in thousands) |
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2024 |
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2023 |
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2024 |
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2023 |
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Restricted cash equivalents, beginning of period |
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$ |
19,121 |
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$ |
— |
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$ |
— |
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$ |
— |
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Surety bond collateral |
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— |
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— |
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19,075 |
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— |
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Interest received |
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250 |
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— |
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296 |
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— |
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Balance at end of period |
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$ |
19,371 |
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$ |
— |
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$ |
19,371 |
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$ |
— |
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Restricted cash in non-current assets, beginning of period |
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1,430 |
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1,430 |
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1,430 |
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1,430 |
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Cash released from restriction |
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(625 |
) |
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— |
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(625 |
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— |
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Balance at end of period |
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$ |
805 |
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$ |
1,430 |
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$ |
805 |
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$ |
1,430 |
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| Summary of Cash Equivalents and Short-term Investments |
The Company did not hold any short term investments as of September 30, 2024 or December 31, 2023. Cash equivalents are invested in the following:
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September 30, 2024 |
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(in thousands) |
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Amortized Cost |
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Unrealized Gains |
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Unrealized Losses |
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Fair Value |
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Money market funds |
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$ |
54,848 |
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$ |
— |
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$ |
— |
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$ |
54,848 |
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Total cash equivalents |
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$ |
54,848 |
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$ |
— |
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$ |
— |
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$ |
54,848 |
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December 31, 2023 |
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(in thousands) |
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Amortized Cost |
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Unrealized Gains |
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Unrealized Losses |
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Fair Value |
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Money market funds |
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$ |
110,775 |
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$ |
— |
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$ |
— |
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$ |
110,775 |
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Total cash equivalents |
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$ |
110,775 |
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— |
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— |
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$ |
110,775 |
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| Summary of Allowance For Doubtful Accounts |
The following presents the changes in the balance of the Company’s allowance for expected credit losses:
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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(in thousands) |
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2024 |
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2023 |
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2024 |
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2023 |
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Balance at beginning of period |
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$ |
438 |
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$ |
183 |
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$ |
360 |
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$ |
1,559 |
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Provision adjustment |
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23 |
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300 |
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351 |
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(566 |
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Write – offs |
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— |
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— |
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(250 |
) |
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(510 |
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Balance at end of period |
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$ |
461 |
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$ |
483 |
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$ |
461 |
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$ |
483 |
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| Summary of Fair Value Hierarchy of The Valuation |
The following table presents information about the Company’s assets and liabilities that are measured at fair value as of September 30, 2024 and December 31, 2023 and indicates the fair value hierarchy of the valuation:
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Fair Value Measurements |
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September 30, 2024 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Assets: |
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Cash equivalents: |
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Money market funds included in cash and cash equivalents |
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$ |
54,848 |
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— |
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— |
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$ |
54,848 |
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Money market funds included in restricted cash |
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19,371 |
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— |
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— |
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19,371 |
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Total assets |
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$ |
74,219 |
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$ |
— |
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$ |
— |
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$ |
74,219 |
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Liabilities: |
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Contingent earnout liability |
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$ |
7,653 |
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$ |
— |
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$ |
— |
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$ |
7,653 |
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Total liabilities |
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$ |
7,653 |
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$ |
— |
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$ |
— |
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$ |
7,653 |
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December 31, 2023 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Assets: |
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Cash equivalents: |
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Money market funds included in cash and cash equivalents |
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$ |
110,775 |
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— |
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— |
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$ |
110,775 |
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Total cash and cash equivalents |
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$ |
110,775 |
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$ |
— |
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$ |
— |
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$ |
110,775 |
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Total assets |
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$ |
110,775 |
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$ |
— |
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$ |
— |
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$ |
110,775 |
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Liabilities: |
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Contingent earnout liability |
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$ |
— |
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$ |
— |
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$ |
1,379 |
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$ |
1,379 |
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Private placement warrant liability |
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— |
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— |
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189 |
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189 |
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Teton acquisition contingent earnout liability |
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— |
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— |
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1,500 |
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1,500 |
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Total liabilities |
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$ |
— |
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$ |
— |
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$ |
3,068 |
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$ |
3,068 |
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| Summary of Changes in Fair Value of the Derivative Warrant Liabilities |
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(in thousands) |
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Contingent Earnout Liability |
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Private Placement Warrant Liability |
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Teton Acquisition Contingent Earnout Liability |
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Total |
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Fair Value as of December 31, 2022 |
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$ |
2,415 |
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$ |
661 |
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$ |
602 |
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$ |
3,678 |
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Change in fair value |
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2,509 |
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(220 |
) |
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— |
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2,289 |
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Fair Value as of September 30, 2023 |
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$ |
4,924 |
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$ |
441 |
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$ |
602 |
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$ |
5,967 |
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Fair Value as of December 31, 2023 |
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$ |
1,379 |
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$ |
189 |
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$ |
1,500 |
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$ |
3,068 |
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Change in fair value |
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6,274 |
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(189 |
) |
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— |
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6,085 |
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Settlement of liability acquired as part of acquisitions |
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— |
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— |
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(1,500 |
) |
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(1,500 |
) |
Fair Value as of September 30, 2024 |
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$ |
7,653 |
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$ |
— |
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$ |
— |
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$ |
7,653 |
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| Summary of Balance of The Company's Warranty Reserve |
Warranty reserves are included within accrued expenses on the unaudited condensed consolidated balance sheets. The following table presents changes in the balance of the Company’s warranty reserve:
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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(in thousands) |
|
2024 |
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2023 |
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|
2024 |
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2023 |
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Balance at beginning of period |
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$ |
807 |
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$ |
556 |
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$ |
886 |
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$ |
620 |
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Additions to warranty reserve |
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110 |
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444 |
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541 |
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|
975 |
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Claims fulfilled |
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(164 |
) |
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(292 |
) |
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(674 |
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(887 |
) |
Balance at end of period |
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$ |
753 |
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$ |
708 |
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$ |
753 |
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$ |
708 |
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