Summary of Significant Accounting Policies (Tables)
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12 Months Ended |
Dec. 31, 2024 |
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| Accounting Policies [Abstract] |
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| Summary of Cash Equivalents and Short-term Investments |
The Company’s cash equivalents and short-term investments are invested in the following:
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December 31, 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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$ |
46,313 |
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$ |
— |
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$ |
— |
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$ |
46,313 |
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Total cash equivalents |
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$ |
46,313 |
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$ |
— |
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$ |
— |
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$ |
46,313 |
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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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| Restrictions on Cash and Cash Equivalents |
The deposits are related to contracts that have a remaining term greater than twelve months, thus this cash is included in other noncurrent assets.
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December 31 |
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(in thousands) |
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2024 |
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2023 |
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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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Cash released from restriction |
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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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| 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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Year Ended December 31, |
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(in thousands) |
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2024 |
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2023 |
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Balance at beginning of period |
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$ |
360 |
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$ |
1,559 |
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Provision adjustment |
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646 |
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(688 |
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Write – offs |
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(250 |
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(511 |
) |
Balance at end of period |
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$ |
756 |
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$ |
360 |
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| Summary of Fair Value Hierarchy of the Valuation |
The following table presents information about the Company’s assets that are measured at fair value as of December 31, 2024 and 2023, and indicates the fair value hierarchy of the valuation:
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Fair Value Measurements |
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December 31, 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 |
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$ |
46,313 |
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$ |
— |
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$ |
— |
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$ |
46,313 |
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Total cash equivalents |
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$ |
46,313 |
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$ |
— |
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$ |
— |
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$ |
46,313 |
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Total assets |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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Liabilities: |
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Contingent earnout liability |
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$ |
5,037 |
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$ |
— |
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$ |
— |
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$ |
5,037 |
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Total liabilities |
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$ |
5,037 |
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$ |
— |
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$ |
— |
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$ |
5,037 |
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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 |
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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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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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(1,036 |
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(472 |
) |
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898 |
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(610 |
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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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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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3,658 |
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(189 |
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— |
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3,469 |
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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 |
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Fair Value as of December 31, 2024 |
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$ |
5,037 |
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$ |
— |
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$ |
— |
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$ |
5,037 |
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| Summary of Property and Equipment Depreciated |
The cost of property and equipment is depreciated based upon the following asset lives:
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Asset Classification
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Estimated Useful Life
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Machinery and equipment |
5 years |
Leasehold improvements |
Shorter of estimated useful life or remaining lease term |
Computer equipment |
3 years |
Computer software |
3 years |
Furniture and fixtures |
3 years |
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| Summary of Balance of The Company's Warranty Reserve |
Warranty reserves are included within accrued expenses on the consolidated balance sheets. The following table presents changes in the balance of the Company’s warranty reserve:
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Year Ended December 31, |
|
(in thousands) |
|
2024 |
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|
2023 |
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Balance at beginning of period |
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$ |
886 |
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$ |
620 |
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Additions to warranty reserve |
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848 |
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1,397 |
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Claims fulfilled |
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(1,003 |
) |
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(1,131 |
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Balance at end of period |
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$ |
731 |
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$ |
886 |
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