Summary of Significant Accounting Policies (Tables)
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3 Months Ended |
Mar. 31, 2024 |
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| Accounting Policies [Abstract] |
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| Summary of Cash Equivalents and Short-term Investments |
The Company did not hold any short term investments as of March 31, 2024 or December 31, 2023. Cash equivalents are invested in the following:
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March 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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$ |
104,622 |
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$ |
— |
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$ |
— |
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$ |
104,622 |
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Total cash equivalents |
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$ |
104,622 |
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$ |
— |
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$ |
— |
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$ |
104,622 |
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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 doubtful accounts:
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Three Months Ended March 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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161 |
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(523 |
) |
Write – offs |
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(250 |
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(250 |
) |
Balance at end of period |
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$ |
271 |
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$ |
786 |
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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 March 31, 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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March 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 included in cash and cash equivalents |
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$ |
104,622 |
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— |
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— |
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$ |
104,622 |
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Total cash and cash equivalents |
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$ |
104,622 |
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$ |
— |
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$ |
— |
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$ |
104,622 |
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Total assets |
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$ |
104,622 |
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$ |
— |
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$ |
— |
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$ |
104,622 |
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Liabilities: |
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Contingent earnout liability |
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$ |
— |
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$ |
— |
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$ |
1,540 |
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$ |
1,540 |
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Private placement warrant liability |
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— |
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— |
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158 |
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158 |
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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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$ |
3,198 |
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$ |
3,198 |
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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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(808 |
) |
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(189 |
) |
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— |
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(997 |
) |
Fair Value as of March 31, 2023 |
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$ |
1,607 |
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$ |
472 |
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$ |
602 |
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$ |
2,681 |
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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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161 |
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(31 |
) |
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— |
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|
130 |
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Fair Value as of March 31, 2024 |
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$ |
1,540 |
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$ |
158 |
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$ |
1,500 |
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$ |
3,198 |
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| Summary of Balance of The Company's Warranty Reserve |
Warranty reserves are included within accrued expenses on the 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 March 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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$ |
886 |
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$ |
620 |
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Additions to warranty reserve |
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398 |
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173 |
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Claims fulfilled |
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(285 |
) |
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(309 |
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Balance at end of period |
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$ |
999 |
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$ |
484 |
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