0001022652-23-000035 | 10-Q | XBRL Viewer

Fair Value Measurement of Assets and Liabilities

9 Months Ended

Sep. 30, 2023

Fair Value Measurement of Assets and Liabilities

Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. Each fair value measurement is classified into one of the following levels based on the information used in the valuation:

Level 1: Observable inputs such as quoted prices in active markets.

Level 2: Inputs, other than quoted prices in active markets, that are observable either directly or indirectly.

Level 3: The fair market value for level 3 securities may be highly sensitive to the use of unobservable inputs and subjective assumptions. Generally, changes in significant unobservable inputs may result in significantly lower or higher fair value measurements.

The Company’s financial instruments measured at fair value were $0 and less than $0.1 million as of September 30, 2023 and December 31, 2022 respectively.

The fair value of the interest make-whole payment derivative liability was determined using a Monte Carlo model using the following key assumptions:


	September 30, 2023		December 31, 2022
Volatility	68	%	50	%
Stock price	$0.42 per share		$0.84 per share
Credit spread	41.61	%	56.52	%
Term	1.59 years		2.34 years
Dividend yield	—	%	—	%
Risk-free rate	5.21	%	4.35	%

There was no material change in the fair value of the interest make-whole liability for both the three and nine months ended September 30, 2023. For the three and nine months ended September 30, 2022, the Company recorded no gain or loss and a $0.9 million gain, respectively, as a result of the change in the fair value of the interest make-whole liability.

The Company reviews the fair value hierarchy classification of its financial instruments measured at fair value each reporting period. Changes in the observability of valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. There have been no transfers of assets or liabilities between fair value measurement classifications during the nine months ended September 30, 2023 or 2022.

Other Financial Instruments

The carrying values of the Company’s other financial assets and liabilities approximate their fair values because of their short-term nature, with the exception of the 3.25% convertible senior notes due 2025 (the “2025 Notes”, see “Note 4, Debt”). The 2025 Notes are carried at amortized cost, adjusted for changes in the fair value of the embedded derivative.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Leases - Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Leases - Lease Costs (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating lease costs	$ 591	$ 589	$ 1,765	$ 1,789

Share-based Compensation - Activity (Details) - shares		9 Months Ended
Share-based Compensation - Activity (Details) - shares	Apr. 28, 2023	Sep. 30, 2023
Stock Options
Outstanding — beginning balance		8,132,959
Granted		378,250
Canceled		(1,193,232)
Outstanding — ending balance		7,317,977
Exercisable — ending balance		5,675,138
RSUs
Restricted Stock Units
Non-vested — beginning balance		1,178,370
Granted	2,200,000	3,667,134
Vested		(265,927)
Forfeited		(253,759)
Non-vested — ending balance		4,325,818

Share-based Compensation

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Share-based Compensation

During the nine months ended September 30, 2023 and 2022 , the Company granted awards under the 2018 Omnibus Incentive Compensation Plan, previously named the Amended and Restated 2009 Omnibus Incentive Compensation Plan (the “2018 Plan”), and the 2015 Incentive Compensation Plan (the “2015 Plan”). The Compensation Committee of the Board of Directors administers the plans. Under the 2018 Plan, a maximum of 6,329,784 shares of common stock may be issued upon the exercise of stock options, in the form of restricted stock, or in settlement of restricted stock units (“RSUs”) or other awards, including awards with alternative vesting schedules such as performance-based criteria.

The following table presents total share-based compensation expense within each functional line item on the condensed consolidated statements of operations for the three and nine months ended September 30, 2023 and 2022 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023 1		2022			2023 1		2022
Cost of revenues	$	251	$	199		657		$	1,873
Research and development	599		513			1,291		5,011
Sales and marketing	373		489			1,093		3,086
General and administrative	1,044		1,205			2,989		5,922

Total	$	2,267	$	2,406		$	6,030	$	15,892

1Rounding may impact summation of amounts.

Stock Options

The Compensation Committee of the Board of Directors determines eligibility, vesting schedules and exercise prices for stock options granted. The Company generally uses the Black-Scholes option pricing model to estimate the fair value of its stock options. For performance stock awards subject to market-based vesting conditions, fair values are determined using the Monte-Carlo simulation model. Stock options generally have a term of ten years and vest over a three- to four-year period.

The following table summarizes the Company’s stock option activity for the nine months ended September 30, 2023:






Outstanding — December 31, 2022			8,132,959
Granted			378,250

Canceled			(1,193,232)
Outstanding — September 30, 2023			7,317,977

Exercisable — September 30, 2023			5,675,138

At September 30, 2023, total unrecognized compensation expense related to stock options was $4.0 million, which is expected to be recognized over a weighted-average period of 2.54 years.

Restricted Stock Units

Pursuant to the 2018 Plan and the 2015 Plan, the Company may issue RSUs that, upon satisfaction of vesting conditions, allow recipients to receive common stock. Issuances of such awards reduce common stock available under the 2018 Plan and 2015 Plan for stock incentive awards. The Company measures compensation cost associated with grants of RSUs at fair value, which is generally the closing price of the Company’s stock on the date of grant. RSUs generally vest over a three- to four-year period.

On April 28, 2023, the Company granted a total of approximately 2.2 million RSUs to certain employees to encourage retention and incentivize future performance (“Retention Awards”). All of the Retention Awards fully vested on November 1, 2023.

The following table summarizes the Company’s RSU activity (including above retention RSUs) for the nine months ended September 30, 2023:






Non-vested — December 31, 2022			1,178,370
Granted			3,667,134
Vested			(265,927)
Forfeited			(253,759)
Non-vested — September 30, 2023			4,325,818

At September 30, 2023, total unrecognized compensation expense related to RSUs was $3.1 million, which is expected to be recognized over a weighted-average period of 0.89 years.

Financial Statement Details

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Financial Statement Details

Inventories

Inventories consist of the following (in thousands):


	September 30, 2023		December 31, 2022
Finished goods	$	18,122	$	31,153
Raw materials and components	3,794		6,823
Total inventories	$	21,916	$	37,976

The Company recorded a write-down of $6.8 million to reflect inventories at net realizable value in addition to a $1.3 million write-off of capitalized inventory order fees. Further, management accrued an additional $6.3 million in contract manufacturing liabilities (included in Accrued Expenses and Other Current Liabilities section below) related to excess materials at the contract manufacturers’ sites. All of these charges were recorded in cost of revenues during the three months ended September 30, 2023.

Prepaid expenses and other

Prepaid expenses and other consists of the following (in thousands):


	September 30, 2023		December 31, 2022

Rebate receivables	$	1,363	$	2,038
Receivables from contract manufacturers	1,441		3,561
Software licenses	816		772

Deposits	727		829
Financed assets	422		—
Other	793		778
Total prepaid expenses and other	$	5,562	$	7,978

1Rounding may impact summation of amounts.

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):


	September 30, 2023		December 31, 2022
Royalties	902		992
Payroll and related expenses	5,440		8,873
Warranty obligations	480		480
Professional fees	176		738

Accrued interest	2,468		1,112
Deferred revenue	4,979		5,060
Customer advances	—		2,828

Operating lease liabilities	2,036		1,759
Accrued contract manufacturing liabilities	6,990		1,416

Value added tax payables	510		449
Other	4,936		4,238
Total accrued expenses and other current liabilities	$	28,917	$	27,945

Earnings Per Share - Calculation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net loss attributable to common stockholders	$ (22,561)	$ (16,434)	$ (34,064)	$ (55,371)
Weighted-average common shares outstanding, basic (in shares)	116,967,545	107,747,468	112,247,219	106,977,201
Weighted-average common shares outstanding, diluted (in shares)	116,967,545	107,747,468	112,247,219	106,977,201
Basic net income (loss) per share (in dollars per share)	$ (0.19)	$ (0.15)	$ (0.30)	$ (0.52)
Diluted net income (loss) per share (in dollars per share)	$ (0.19)	$ (0.15)	$ (0.30)	$ (0.52)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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+ Details

Condensed Consolidated Statements of Stockholders' Deficit - USD ($) shares in Thousands, $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning balance (shares) at Dec. 31, 2021		25	105,381
Beginning balance at Dec. 31, 2021	$ (24,854)	$ 0	$ 105	$ 770,619	$ (787,047)	$ (8,531)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(53,342)				(53,342)
Foreign currency translation adjustment	4,581					4,581
Adjustment relating to extinguishment of 2022 Notes	1,727			1,727
Exercise of stock options, vesting of restricted stock units and stock issued under employee stock purchase plan (shares)			2,465
Exercise of stock options, vesting of restricted stock units and stock issued under employee stock purchase plan, net of taxes withheld	196		$ 3	193
Share-based compensation	15,892			15,892
Series E preferred stock dividends	0			2,029	(2,029)
Ending balance (shares) at Sep. 30, 2022		25	107,846
Ending balance at Sep. 30, 2022	(55,800)	$ 0	$ 108	790,460	(842,418)	(3,950)
Beginning balance (shares) at Jun. 30, 2022		25	107,645
Beginning balance at Jun. 30, 2022	(43,690)	$ 0	$ 108	787,283	(825,984)	(5,097)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(15,743)				(15,743)
Foreign currency translation adjustment	1,147					1,147
Exercise of stock options, vesting of restricted stock units and stock issued under employee stock purchase plan (shares)			201
Exercise of stock options, vesting of restricted stock units and stock issued under employee stock purchase plan, net of taxes withheld	80			80
Share-based compensation	2,406			2,406
Series E preferred stock dividends	0			691	(691)
Ending balance (shares) at Sep. 30, 2022		25	107,846
Ending balance at Sep. 30, 2022	(55,800)	$ 0	$ 108	790,460	(842,418)	(3,950)
Beginning balance (shares) at Dec. 31, 2022		25	108,468
Beginning balance at Dec. 31, 2022	(70,118)	$ 0	$ 108	793,855	(857,752)	(6,329)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(31,846)				(31,846)
Foreign currency translation adjustment	(958)					(958)
Exercise of stock options, vesting of restricted stock units and stock issued under employee stock purchase plan (shares)			521
Exercise of stock options, vesting of restricted stock units and stock issued under employee stock purchase plan, net of taxes withheld	50			50
Issuance of shares (shares)			8,036
Issuance of common shares in connection with a public offering	6,057		$ 8	6,049
Share-based compensation	6,030			6,030
Series E preferred stock dividends	0			2,218	(2,218)
Ending balance (shares) at Sep. 30, 2023		25	117,025
Ending balance at Sep. 30, 2023	(90,783)	$ 0	$ 117	808,203	(891,815)	(7,288)
Beginning balance (shares) at Jun. 30, 2023		25	116,870
Beginning balance at Jun. 30, 2023	(70,815)	$ 0	$ 117	805,177	(869,254)	(6,855)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(21,805)				(21,805)
Foreign currency translation adjustment	(433)					(433)
Exercise of stock options, vesting of restricted stock units and stock issued under employee stock purchase plan (shares)			155
Exercise of stock options, vesting of restricted stock units and stock issued under employee stock purchase plan, net of taxes withheld	2			2
Share-based compensation	2,267			2,267
Series E preferred stock dividends	0			756	(756)
Ending balance (shares) at Sep. 30, 2023		25	117,025
Ending balance at Sep. 30, 2023	$ (90,783)	$ 0	$ 117	$ 808,203	$ (891,815)	$ (7,288)

Debt

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Debt

2025 Notes

On May 12, 2020, the Company completed its registered public offering of $100.0 million aggregate principal amount of 2025 Notes and issued $80.4 million principal amount of 2025 Notes in the privately negotiated exchange agreements that closed concurrently with the registered offering in May 2020. During the year ended 2021, certain holders of the 2025 Notes converted an aggregate of approximately $5.0 million in principal amount of the 2025 Notes into 428,669 shares of the Company’s common stock, including 32,221 shares of common stock issued in satisfaction of the interest make-whole payment. The 2025 Notes are senior unsecured obligations of the Company and bear interest at an annual rate of 3.25%, payable semi-annually in arrears on May 1 and November 1 of each year.

As of September 30, 2023 and December 31, 2022, $161.9 million in principal amount of the 2025 Notes were outstanding, $80.4 million of which were held by related parties. As of both September 30, 2023 and December 31, 2022, accrued interest due of $2.2 million, was included within accrued expenses and other current liabilities on the condensed consolidated balance sheets. Assuming no repurchases or conversions of the 2025 Notes prior to May 1, 2025, the entire principal balance of $161.9 million is due on May 1, 2025.

The 2025 Notes consist of the following (in thousands):


	September 30, 2023		December 31, 2022
Principal	$	161,898	$	161,898
Add: fair value of embedded derivative	$	—	$	—
Less: unamortized debt discount	$	(1,313)	$	(1,933)
Less: unamortized issuance costs	$	(1,045)	$	(1,538)
Net carrying amount	$	159,540	$	158,427

The effective interest rate on the liability component of the 2025 Notes was 4.23% and 4.13% for the three months ended September 30, 2023 and 2022, respectively, and 4.27% and 4.18% for the nine months ended September 30, 2023 and 2022, respectively.

The following table sets forth total interest expense recognized related to the 2025 Notes (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,

	2023		2022		2023		2022
Contractual interest expense	$	1,315	$	1,315	$	3,946	$	3,946
Amortization of debt discount	$	207	$	207	$	621	$	621
Amortization of debt issuance costs	$	165	$	165	$	494	$	494
Total interest expense	$	1,687	$	1,687	$	5,061	$	5,061

Asset-backed Revolving Credit Facility

On August 5, 2022, the Company entered into a Loan and Security Agreement (the “Credit Agreement”), by and among Siena Lending Group LLC, as lender (“Lender”), Inseego Wireless, Inc., a Delaware corporation (“Inseego Wireless”), and Inseego North America LLC, an Oregon limited liability company, as borrowers (together with Inseego Wireless, the “Borrowers”), and the Company, as guarantor (together with the Borrowers, the “Loan Parties”). The Credit Agreement establishes a secured asset-backed revolving credit facility which is comprised of a maximum $50 million revolving credit facility (“Credit Facility”), with a minimum borrowing amount for interest calculations of $4.5 million upon execution of the Credit Agreement. The Credit Facility matures on December 31, 2024. Availability under the Credit Facility is determined monthly by a borrowing base comprised of a percentage of eligible accounts receivable and eligible inventory of the Borrowers. Outstanding amounts exceeding the borrowing base must be repaid immediately. The Borrowers’ obligations under the Credit Agreement are guaranteed by the Company. The Loan Parties’ obligations under the Credit Agreement are secured by a continuing security interest in all property of each Loan Party, subject to certain Excluded Collateral (as defined in the Credit Agreement).

Borrowings under the Credit Facility may take the form of base rate (“Base Rate”) loans or Secured Overnight Financing Rate (“SOFR”) loans. SOFR loans will bear interest at a rate per annum equal to Term SOFR (as defined in the Credit Agreement as the Term SOFR Reference Rate for a term of one month on the day) plus the Applicable Margin (as defined in the Credit Agreement), with a Term SOFR floor of 1%. Base Rate loans will bear interest at a rate per annum equal to the Applicable Margin plus the greatest of (a) the per annum rate of interest which is identified as the “Prime Rate” and normally published in the Money Rates section of The Wall Street Journal, (b) the sum of the Federal Funds Rate (as defined in the Credit Agreement) plus 0.5% and (c) 3.50% per annum.

The Applicable Margin varies depending on the average outstanding amount for a preceding month. If the average outstanding amount for a preceding month is less than $15 million, the Applicable Margin will be 2.50% for Base Rate loans and 3.50% for SOFR loans. If the average outstanding amount for a preceding month is between $15 million and $25 million, the Applicable Margin will be 3.00% for Base Rate loans and 4.00% for SOFR loans. If the average outstanding amount for a preceding month is greater than $25 million, the Applicable Margin will be 4.5% for Base Rate loans and 5.50% for SOFR loans.

The Credit Agreement contains a financial covenant whereby the Loan Parties shall not permit the consolidated Liquidity (as defined in the Credit Agreement) to be less than $10 million at any time. The Credit Agreement also contains certain customary covenants, which include, but are not limited to, restrictions on indebtedness, liens, fundamental changes, restricted payments, asset sales, and investments, and places limits on various other payments. The Company determined that the term “Eligible Accounts”, as defined in the Credit Agreement would have excluded certain balances used in the determination of eligible collateral upon which the Company’s borrowing base is calculated and that exclusion would have resulted in a violation of the Liquidity Covenant as of December 31, 2022. Accordingly, to clarify this matter and others, the Loan Parties agreed to amend the Credit Agreement (as amended, the “Amended Credit Agreement”) to modify and clarify the definitions of “Eligible Accounts”, “Permitted Indebtedness” and also “Eligible Inventory”. The Amended Credit Agreement was entered into on February 25, 2023 with an effective date of December 15, 2022. The Company was in compliance with the financial covenants of the Amended Credit Agreement as of September 30, 2023.

The Company incurred $1.1 million of debt issuance and related costs, which is being amortized to interest expense on a pro rata basis over the term of the Credit Agreement. As of September 30, 2023, the Company had no outstanding borrowings, excess availability (collateral value less lender reserves) of $10.2 million and availability to borrow of approximately $5.2 million. The Company’s policy is to classify outstanding borrowings as long-term so long as such borrowings are not

expected to exceed the borrowing base over the 12 months subsequent to the balance sheet date, in which case, any excess borrowings would be classified as short-term.

The following tables set forth the principal amount outstanding and interest expense for the periods (in thousands):


	September 30, 2023		December 31, 2022
Principal	$	—	$	7,851
Less: unamortized issuance costs (a)	$	—	$	(932)
Net carrying amount	$	—	$	6,919

(a) Unamortized issuance costs of $958 were reclassified to other long term assets.

The effective interest rate of the Credit Facility was 58.7%, which includes 27.3% related to amortization of original issuance costs, for the nine months ended September 30, 2023.

The following table sets forth total interest expense recognized related to the Credit Facility (in thousands):


	Nine Months Ended September 30, 2023
Contractual interest expense	$	810
Amortization of debt issuance costs	$	705
Total interest expense	$	1,515

On May 2, 2023, (1) two related parties (the “Participants”) collectively purchased a $4.0 million last-out subordinated participation interest in the Amended Credit Agreement (the “Participation Interest”) from the Lender, and (2) the Borrowers entered into an amendment to the Amended Credit Agreement which increased the borrowing base under the Credit Facility by $4.0 million, increased the minimum borrowing amount for interest calculations to $8.5 million, and modified certain covenants. In connection with the purchase of the Participation Interest, we agreed to pay the Participants an aggregate exit fee ranging from 7.5% to 12.5% of the amount of the Participation Interest, payable upon the earlier to occur of (a) the maturity date of the Credit Facility, (b) termination of the Lender’s commitment to make revolving loans prior to the scheduled maturity date of the Credit Facility, and (c) the early redemption of the Participation Interest, as applicable. Further, the purchase of the Participation Interest granted an option for the Participants to purchase the subject revolving loan or to redeem its Participation Interest under certain circumstances. The Participants are each affiliates of beneficial holders of greater than five percent of our outstanding common stock.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Earnings Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share Basic earnings per share (“EPS”) excludes dilution and is computed by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock using the treasury stock method. Potentially dilutive securities (consisting primarily of the 2025 Notes calculated using the if-converted method and warrants, stock options and RSUs calculated using the treasury stock method) are excluded from the diluted EPS computation in loss periods and when the applicable exercise price is greater than the market price on the period end date as their effect would be anti-dilutive.

The calculation of basic and diluted earnings per share was as follows (in thousands, except share and per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net loss attributable to common stockholders	$	(22,561)	$	(16,434)	$	(34,064)	$	(55,371)
Weighted-average common shares outstanding	116,967,545		107,747,468		112,247,219		106,977,201
Basic and diluted net loss per share	$	(0.19)	$	(0.15)	$	(0.30)	$	(0.52)

The following is a summary of outstanding anti-dilutive potential shares of common stock that have been excluded from diluted net loss per share attributable to common stockholders because their inclusion would have been anti-dilutive:


	Three Months Ended September 30,		Nine Months Ended September 30,
(in thousands)	2023 1	2022	2023 1	2022
2025 Notes	14,090	14,341	14,090	14,341
Non-qualified stock options	7,295	8,557	7,586	8,787
Restricted stock units	3,024	1,438	2,336	1,441
Employee stock purchase plan	6,103	984	6,103	984
Total	30,512	25,320	30,115	25,553

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Allowance for doubtful accounts	$ 1,101	$ 541
Accumulated depreciation, Property, plant and equipment	28,240	26,049
Accumulated depreciation, Rental assets	5,037	5,484
Accumulated amortization, Intangible assets	$ 42,138	$ 31,629
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	2,000,000	2,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	117,024,709	108,468,150
Common stock, shares outstanding (in shares)	117,024,709	108,468,150
Revolving credit facility, net	$ 0	$ 6,919
Series E preferred stock
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	39,500	39,500
Preferred stock issued (in shares)	25,000	25,000
Preferred stock, shares outstanding (in shares)	25,000	25,000
Preferred stock, liquidation preference per share (in dollars per share)	$ 1,000	$ 1,000

Financial Statement Details - Prepaid Expenses and Other (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Rebate receivables	$ 1,363	$ 2,038
Receivables from contract manufacturers	1,441	3,561
Software licenses	816	772
Deposits	727	829
Financed assets	422	0
Other	793	778
Total prepaid expenses and other	$ 5,562	$ 7,978

Debt - Narrative (Details) - USD ($)			9 Months Ended
Debt - Narrative (Details) - USD ($)	May 03, 2023	Aug. 05, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	May 12, 2020
Debt Instrument [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity			$ 5,200,000
Line of Credit Facility, Interest Rate During Period			58.70%
Line of Credit Facility, Commitment Fee Percentage			27.30%
Revolving Credit Facility
Debt Instrument [Line Items]
Debt aggregate face amount	$ 4,000,000
Carrying amount of debt			$ 0		$ 7,851,000
Line of Credit Facility, Maximum Borrowing Capacity		$ 50,000,000	$ 10,200,000
Line of Credit Facility, Minimum Draw	8,500,000	$ 4,500,000
Debt Instrument, Basis Spread on Variable Rate		3.50%
Line of Credit Facility, Debt Covenant Threshold		$ 10,000,000
Debt issuance costs		1,100,000
Line of Credit Facility, Increase (Decrease), Net	$ 4,000,000
Revolving Credit Facility \| Less Than $15 Million
Debt Instrument [Line Items]
Line of Credit Facility, Debt Covenant Threshold		15,000,000
Revolving Credit Facility \| Greater Than $25 Million
Debt Instrument [Line Items]
Line of Credit Facility, Debt Covenant Threshold		25,000,000
Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage	7.50%
Revolving Credit Facility \| Minimum \| Between Than $15 Million and $25 Million
Debt Instrument [Line Items]
Line of Credit Facility, Debt Covenant Threshold		15,000,000
Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Line of Credit Facility, Commitment Fee Percentage	12.50%
Revolving Credit Facility \| Maximum \| Between Than $15 Million and $25 Million
Debt Instrument [Line Items]
Line of Credit Facility, Debt Covenant Threshold		$ 25,000,000
Revolving Credit Facility \| SOFR
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		1.00%
Revolving Credit Facility \| SOFR \| Less Than $15 Million
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		3.50%
Revolving Credit Facility \| SOFR \| Between Than $15 Million and $25 Million
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		4.00%
Revolving Credit Facility \| SOFR \| Greater Than $25 Million
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		5.50%
Revolving Credit Facility \| Base Rate \| Less Than $15 Million
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		2.50%
Revolving Credit Facility \| Base Rate \| Between Than $15 Million and $25 Million
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		3.00%
Revolving Credit Facility \| Base Rate \| Greater Than $25 Million
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		4.50%
Revolving Credit Facility \| Federal Base Rate
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		0.50%
2025 Notes
Debt Instrument [Line Items]
Debt conversion amount				$ 5,000,000
Conversion (shares)				428,669
Shares in satisfaction of make-whole payment (shares)				32,221
2025 Notes \| Public Offering
Debt Instrument [Line Items]
Debt aggregate face amount						$ 100,000,000
2025 Notes \| Private Offering
Debt Instrument [Line Items]
Debt aggregate face amount						$ 80,400,000
Convertible Debt \| 2025 Notes
Debt Instrument [Line Items]
Stated interest rate of debt issued			3.25%
Carrying amount of debt			$ 161,898,000		161,898,000
Accrued interest due to related parties					$ 2,200,000
Convertible Debt \| 2025 Notes \| Related Party
Debt Instrument [Line Items]
Carrying amount of debt			$ 80,400,000

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net loss	$ (31,846)	$ (53,342)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	16,270	20,936
Provision for credit losses	612	29
Write-down of capitalized software	1,115	0
Provision for excess and obsolete inventory	7,011	1,330
Share-based compensation expense	6,030	15,892
Amortization of debt discount and debt issuance costs	2,048	2,472
Fair value adjustment on derivative instrument	0	(902)
Loss on debt conversion and extinguishment, net	0	450
Deferred income taxes	177	(223)
Right-of-use assets	437	1,057
Changes in assets and liabilities:
Accounts receivable	7,703	(561)
Inventories	7,685	(5,926)
Prepaid expenses and other assets	1,479	2,723
Accounts payable	1,162	(13,548)
Accrued expenses, income taxes, and other	2,561	6,276
Operating lease liabilities	(41)	(1,366)
Net cash provided by (used in) operating activities	22,403	(24,703)
Cash flows from investing activities:
Purchases of property, plant and equipment	(403)	(1,203)
Additions to capitalized software development costs	(6,114)	(9,242)
Net cash used in investing activities	(6,517)	(10,445)
Cash flows from financing activities:
Net borrowing (repayment) of bank and overdraft facilities	79	(458)
Principal payments under finance lease obligations	0	(62)
Proceeds from a public offering	6,057	0
Principal payments on financed assets	(360)	(1,567)
Repayments of Lines of Credit	(7,851)
Proceeds from Long-Term Lines of Credit		4,500
Payment of debt issuance costs on revolving credit facility	0	(1,126)
Proceeds from stock option exercises and employee stock purchase plan, net of taxes paid on vested restricted stock units	49	196
Net cash (used in) provided by financing activities	(2,026)	1,483
Effect of exchange rates on cash	(2,057)	1,916
Net increase (decrease) in cash, cash equivalents and restricted cash	11,803	(31,749)
Cash, cash equivalents and restricted cash, beginning of period	7,143	49,812
Cash, and cash equivalents, and restricted cash, end of period	18,946	18,063
Cash paid during the year for:
Interest	3,336	2,675
Income taxes	217	96
Supplemental disclosures of non-cash activities:
Transfer of inventories to rental assets	1,077	297
Capital expenditures financed through accounts payable or accrued liabilities	7,216	4,402
Right-of-use assets obtained in exchange for operating leases liabilities	$ 1,030	$ 342

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Noncancellable Purchase Obligations The Company typically enters into commitments with its contract manufacturers that require future purchases of goods or services in the three to four quarters following the balance sheet date. Such commitments are noncancellable (“noncancellable purchase obligations”). As of September 30, 2023, future payments under these noncancellable purchase obligations were approximately $28.4 million. Legal The Company is, from time to time, party to various legal proceedings arising in the ordinary course of business. The Company is regularly required to directly or indirectly participate in other U.S. patent infringement actions pursuant to its contractual indemnification obligations to certain customers. Based on an evaluation of these matters the Company currently believes that liabilities arising from, or sums paid in settlement of these existing matters, if any, would not have a material adverse effect on its consolidated results of operations or financial condition. Indemnification In the normal course of business, the Company periodically enters into agreements that require the Company to indemnify and defend its customers for, among other things, claims alleging that the Company’s products infringe third-party patents or other intellectual property rights. The Company’s maximum exposure under these indemnification provisions cannot be estimated but the Company does not believe that there are any matters individually or collectively that would have a material adverse effect on its consolidated results of operations or financial condition.

Financial Statement Details - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Royalties	$ 902	$ 992
Payroll and related expenses	5,440	8,873
Warranty obligations	480	480
Professional fees	176	738
Accrued interest	2,468	1,112
Deferred revenue	4,979	5,060
Customer advances	0	2,828
Operating lease liabilities	2,036	1,759
Accrued contract manufacturing liabilities	6,990	1,416
Value added tax payables	510	449
Other	4,936	4,238
Total accrued expenses and other current liabilities	$ 28,917	$ 27,945

Debt - Components (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Debt - Components (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Revolving Credit Facility
Debt Instrument [Line Items]
Principal amount	$ 0		$ 0		$ 7,851
Net carrying amount	0		0		6,919
Unamortized Debt Issuance Expense	0		0		(932)
2025 Notes \| Convertible Debt
Debt Instrument [Line Items]
Principal amount	161,898		161,898		161,898
Embedded Derivative, Fair Value of Embedded Derivative Liability	0		0		0
Unamortized debt discount	(1,313)		(1,313)		(1,933)
Unamortized issuance costs	(1,045)		(1,045)		(1,538)
Net carrying amount	$ 159,540		$ 159,540		$ 158,427
Debt Instrument, Interest Rate During Period	4.23%	4.13%	4.27%	4.18%

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2023	Oct. 30, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-38358
Entity Registrant Name	INSEEGO CORP.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-3377646
Entity Address, Address Line One	9710 Scranton Road, Suite 200
Entity Address, City or Town	San Diego,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	858
Local Phone Number	812-3400
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	INSG
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		117,031,701
Entity Central Index Key	0001022652
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Filer Category	Accelerated Filer

Share-based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Compensation


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023 1		2022			2023 1		2022
Cost of revenues	$	251	$	199		657		$	1,873
Research and development	599		513			1,291		5,011
Sales and marketing	373		489			1,093		3,086
General and administrative	1,044		1,205			2,989		5,922

Total	$	2,267	$	2,406		$	6,030	$	15,892

1Rounding may impact summation of amounts.

Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity for the nine months ended September 30, 2023:






Outstanding — December 31, 2022			8,132,959
Granted			378,250

Canceled			(1,193,232)
Outstanding — September 30, 2023			7,317,977

Exercisable — September 30, 2023			5,675,138

Summary of Restricted Stock Unit Activity

The following table summarizes the Company’s RSU activity (including above retention RSUs) for the nine months ended September 30, 2023:






Non-vested — December 31, 2022			1,178,370
Granted			3,667,134
Vested			(265,927)
Forfeited			(253,759)
Non-vested — September 30, 2023			4,325,818

Share-based Compensation - Narrative (Details) - USD ($) $ in Millions		9 Months Ended
	Apr. 28, 2023	Sep. 30, 2023
2018 Omnibus Incentive Compensation Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized under the plan		6,329,784
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
General term (in years)		10 years
Unrecognized expense		$ 4.0
Recognition period		2 years 6 months 14 days
Stock options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		3 years
Stock options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		4 years
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized expense		$ 3.1
Recognition period		10 months 20 days
Granted	2,200,000	3,667,134
RSUs \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		3 years
RSUs \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		4 years

Leases

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Leases

The components of the right-of-use assets and lease liabilities were as follows (in thousands):


	Balance Sheet Classification	September 30, 2023			December 31, 2022
Operating right-of-use assets, net	Right-of-use assets	$	5,819		$	6,662

Current operating lease liabilities	Accrued expenses and other current liabilities	$	2,036		$	1,759
Non-current operating lease liabilities	Other long-term liabilities	5,149			5,903
Total operating lease liabilities		$	7,185		$	7,662

Weighted-average remaining lease term (in years)		4.3			4.1
Weighted-average discount rate		9.0		%	9.0		%

The components of lease cost were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022

Operating lease costs included in operating costs and expenses	$	591	$	589	$	1,765	$	1,789

Supplemental cash flow information related to leases was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022

Operating cash flows related to operating leases	$	593	$	618	$	1,824	$	1,857
Operating right-of-use assets obtained in exchange for lease liabilities	$	197	$	184	$	1,030	$	342

Future minimum payments under operating leases were as follows as of September 30, 2023 (in thousands):


2023 (remainder)	$	579
2024	2,272
2025	1,909
2026	1,864
2027	1,270
2028	142
Thereafter	693
Total minimum operating lease payments	$	8,729
Less: amounts representing interest	(1,544)
Present value of net minimum operating lease payments	7,185
Less: current portion	(2,036)
Long-term portion of operating lease obligations	$	5,149

Sublease of operating lease

The Company subleased one of its leased properties in San Diego effective June 2023 for total sublease rental payments of $1.2 million over 4.25 years, without a change to nor relief from current obligations under the original lease agreement which the Company continued accounting for as an operating lease. Sublease income earned on a straight-line basis amounted to less than $0.1 million for the three and nine months ended September 30, 2023 and is included under other income (expense) in the condensed consolidated statements of operations.

Further, the associated lease cost for the term of the sublease, which is equal to the remaining term of the original lease, exceeded the anticipated sublease income for the same period. The Company treated this as an indicator that the carrying amount of the right-of-use asset associated with the original lease may not be recoverable. As a result, the Company tested the related right-of-use asset for recoverability and determined that the carrying amount of the lease was not recoverable as it exceeded its fair value. Accordingly, an impairment loss of approximately $0.5 million was determined as the difference between the $1.5 million carrying value of the right-of-use asset and the $1.0 million fair value. The fair value of the right-of-use asset for the original lease was determined based on the net present value of the total future cash flows from the related sublease agreement as of June 2, 2023 (sublease commencement date), using a 9% marketable discount rate that considers the amount and term of the sublease.

Leases

The components of the right-of-use assets and lease liabilities were as follows (in thousands):


	Balance Sheet Classification	September 30, 2023			December 31, 2022
Operating right-of-use assets, net	Right-of-use assets	$	5,819		$	6,662

Current operating lease liabilities	Accrued expenses and other current liabilities	$	2,036		$	1,759
Non-current operating lease liabilities	Other long-term liabilities	5,149			5,903
Total operating lease liabilities		$	7,185		$	7,662

Weighted-average remaining lease term (in years)		4.3			4.1
Weighted-average discount rate		9.0		%	9.0		%

The components of lease cost were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022

Operating lease costs included in operating costs and expenses	$	591	$	589	$	1,765	$	1,789

Supplemental cash flow information related to leases was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022

Operating cash flows related to operating leases	$	593	$	618	$	1,824	$	1,857
Operating right-of-use assets obtained in exchange for lease liabilities	$	197	$	184	$	1,030	$	342

Future minimum payments under operating leases were as follows as of September 30, 2023 (in thousands):


2023 (remainder)	$	579
2024	2,272
2025	1,909
2026	1,864
2027	1,270
2028	142
Thereafter	693
Total minimum operating lease payments	$	8,729
Less: amounts representing interest	(1,544)
Present value of net minimum operating lease payments	7,185
Less: current portion	(2,036)
Long-term portion of operating lease obligations	$	5,149

Sublease of operating lease

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	The unaudited condensed consolidated financial statements contained herein have been prepared by Inseego Corp. (the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and note disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to SEC rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. Accordingly, the condensed consolidated financial statements reflect all normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the results of interim periods and may not include all disclosures required by accounting principles generally accepted in the United States (“GAAP”). The information as of September 30, 2023, and for the nine months ended September 30, 2023, and September 30, 2022, is unaudited, whereas the condensed consolidated balance sheet as of December 31, 2022, is derived from the Company’s audited consolidated financial statements as of that date. These condensed consolidated financial statements and notes hereto should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2022, as amended (“Form 10-K”). The accounting policies used in preparing these condensed consolidated financial statements are the same as those described in the Form 10-K. The results of operations for the interim periods presented are not necessarily indicative of results to be expected for any other interim period or for the year as a whole.
Principles of Consolidation	Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Segment Information	Segment Information The Company has one reportable segment. The Chief Executive Officer, who is also the Chief Operating Decision Maker, does not manage any part of the Company separately, and the allocation of resources and assessment of performance are based solely on the Company’s consolidated operations and financial results.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent liabilities. Actual results could differ materially from these estimates. Estimates are assessed each period and updated to reflect current information. Significant estimates include revenue recognition, capitalized software costs, allowance for credit losses, provision for excess and obsolete inventory, valuation of tangible and intangible long-lived assets, valuation of goodwill, valuation of derivatives, accruals relating to litigation, income taxes and share-based compensation expense.
Cash, Cash Equivalents	Cash and cash equivalents include highly liquid investments with original maturities of three months or less. The Company’s cash and cash equivalents are generally held with large financial institutions worldwide to reduce the amount of exposure to credit risk. Cash and cash equivalents are recorded at market value, which approximates cost. Gains and losses associated with the Company’s foreign currency denominated demand deposits are recorded as a component of other income, net, in the condensed consolidated statements of operations.
Recently Adopted Accounting Pronouncements and Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity's Own Equity (Subtopic 815-40)-Accounting For Convertible Instruments and Contracts in an Entity's Own Equity. The ASU simplifies accounting for convertible instruments by removing major separation models required under current GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument with no separate accounting for embedded conversion features. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for it. The ASU also simplifies the diluted net income per share calculation in certain areas. The guidance is effective for annual and interim periods beginning after December 15, 2021. The Company adopted the ASU in the first quarter of 2022 and there was no impact to the condensed consolidated financial statements. In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40). The ASU addresses issuer’s accounting for certain modifications or exchanges of freestanding equity-classified written call options. The ASU is effective for annual and interim periods beginning after December 15, 2021. The Company adopted the ASU in the first quarter of 2022 and there was no impact to the condensed consolidated financial statements. In September 2022, the FASB issued ASU No. 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50). The ASU requires disclosure of the key terms of outstanding supplier finance programs and a rollforward of the related obligations. The ASU does not affect the recognition, measurement or financial statement presentation of supplier finance program obligations. The ASU is effective for annual and interim periods beginning after December 15, 2022, except for the rollforward requirement, which is effective for annual periods beginning after December 15, 2023. The Company adopted the ASU in the first quarter of 2023, and there was no impact to the consolidated financial statements.

- Definition

Disclosure of accounting policy for segment reporting.

+ References + Details

Fair Value Measurement of Assets and Liabilities - Binomial Lattice Model and Assumptions (Details) $ / shares in Units, $ in Millions	9 Months Ended		12 Months Ended
	Sep. 30, 2023 $ / shares	Sep. 30, 2022 USD ($)	Dec. 31, 2022 $ / shares
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Gain (Loss) on Investments \| $		$ 0.9
Level 3 \| Interest make-whole payment \| Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.68		0.50
Level 3 \| Interest make-whole payment \| Stock price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Stock price \| $ / shares	$ 0.42		$ 0.84
Level 3 \| Interest make-whole payment \| Credit spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.4161		0.5652
Level 3 \| Interest make-whole payment \| Term
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Term	1 year 7 months 2 days		2 years 4 months 2 days
Level 3 \| Interest make-whole payment \| Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0		0
Level 3 \| Interest make-whole payment \| Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0521		0.0435

Geographic Information and Concentrations of Risk (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Schedule of Geographic Concentration of Net Revenues

The following table details the Company’s net revenues by geographic region based on shipping destination (in thousands):


	Three Months Ended September 30,			Nine Months Ended September 30,
		2023 1		2022		2023		2022
United States and Canada		$	40,181	$	53,924	$	129,458	159,393
Europe		7,198		6,954		19,140		20,176

Australia		1,202		7,543		4,250		9,966
Other		3		746		86		2,873
Total		$	48,583	$	69,167	$	152,934	$	192,408

1Rounding may impact summation of amounts.

Leases (Tables)

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Schedule of Components of Right-of-Use Assets and Lease Liabilities

The components of the right-of-use assets and lease liabilities were as follows (in thousands):


	Balance Sheet Classification	September 30, 2023			December 31, 2022
Operating right-of-use assets, net	Right-of-use assets	$	5,819		$	6,662

Current operating lease liabilities	Accrued expenses and other current liabilities	$	2,036		$	1,759
Non-current operating lease liabilities	Other long-term liabilities	5,149			5,903
Total operating lease liabilities		$	7,185		$	7,662

Weighted-average remaining lease term (in years)		4.3			4.1
Weighted-average discount rate		9.0		%	9.0		%

Schedule of Lease Costs

The components of lease cost were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022

Operating lease costs included in operating costs and expenses	$	591	$	589	$	1,765	$	1,789

Schedule of Supplemental Cash Flow Information Related to Leases

Supplemental cash flow information related to leases was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022

Operating cash flows related to operating leases	$	593	$	618	$	1,824	$	1,857
Operating right-of-use assets obtained in exchange for lease liabilities	$	197	$	184	$	1,030	$	342

Schedule of Future Minimum Payments Under Operating Leases

Future minimum payments under operating leases were as follows as of September 30, 2023 (in thousands):


2023 (remainder)	$	579
2024	2,272
2025	1,909
2026	1,864
2027	1,270
2028	142
Thereafter	693
Total minimum operating lease payments	$	8,729
Less: amounts representing interest	(1,544)
Present value of net minimum operating lease payments	7,185
Less: current portion	(2,036)
Long-term portion of operating lease obligations	$	5,149

Geographic Information and Concentrations of Risk

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Geographic Information and Concentrations of Risk

Geographic Information

The following table details the Company’s net revenues by geographic region based on shipping destination (in thousands):


	Three Months Ended September 30,			Nine Months Ended September 30,
		2023 1		2022		2023		2022
United States and Canada		$	40,181	$	53,924	$	129,458	159,393
Europe		7,198		6,954		19,140		20,176

Australia		1,202		7,543		4,250		9,966
Other		3		746		86		2,873
Total		$	48,583	$	69,167	$	152,934	$	192,408

1Rounding may impact summation of amounts.

Concentrations of Credit Risk

For the three months ended September 30, 2023, two customers accounted for 29.6% and 35.1% of net revenues, respectively. For the three months ended September 30, 2022, two customers accounted for 33.9% and 29.3%, respectively, of net revenues.

For the nine months ended September 30, 2023, two customers accounted for 28.8% and 31.6% of net revenues, respectively. For the nine months ended September 30, 2022, two customers accounted for 50.8% and 44.4%, respectively, of net revenues.As of September 30, 2023, three customers accounted for 30.9%, 24.8% and 11% of accounts receivable, net, respectively. As of December 31, 2022, two customers accounted for 37.4% and 21.9% of accounts receivable, net, respectively.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements contained herein have been prepared by Inseego Corp. (the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and note disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to SEC rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. Accordingly, the condensed consolidated financial statements reflect all normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the results of interim periods and may not include all disclosures required by accounting principles generally accepted in the United States (“GAAP”). The information as of September 30, 2023, and for the nine months ended September 30, 2023, and September 30, 2022, is unaudited, whereas the condensed consolidated balance sheet as of December 31, 2022, is derived from the Company’s audited consolidated financial statements as of that date. These condensed consolidated financial statements and notes hereto should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2022, as amended (“Form 10-K”). The accounting policies used in preparing these condensed consolidated financial statements are the same as those described in the Form 10-K. The results of operations for the interim periods presented are not necessarily indicative of results to be expected for any other interim period or for the year as a whole. Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. Segment Information The Company has one reportable segment. The Chief Executive Officer, who is also the Chief Operating Decision Maker, does not manage any part of the Company separately, and the allocation of resources and assessment of performance are based solely on the Company’s consolidated operations and financial results. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent liabilities. Actual results could differ materially from these estimates. Estimates are assessed each period and updated to reflect current information. Significant estimates include revenue recognition, capitalized software costs, allowance for credit losses, provision for excess and obsolete inventory, valuation of tangible and intangible long-lived assets, valuation of goodwill, valuation of derivatives, accruals relating to litigation, income taxes and share-based compensation expense. Risks and Uncertainties We may be affected by various macroeconomic factors and the current and future conditions in the global financial markets. The global credit and financial markets have recently experienced extreme volatility and disruptions, including severely diminished liquidity and credit availability, declines in consumer confidence, declines in economic growth, rising interest rates, inflation, increases in unemployment rates and uncertainty about economic stability. The inflationary pressures impacting the global supply chain could potentially increase the cost of net revenues in the current and future years. The ongoing inflation challenges could adversely impact future revenues, gross margins and financial results. Furthermore, a global semiconductor supply shortage continues to have wide-ranging impacts across the technology industry. While the shortage has not materially impacted the Company’s operations and financial results, it may negatively impact the Company’s customers and the supply of materials needed for testing and production timeline. The Company’s suppliers, contract manufacturers, and customers are all taking actions to reduce the impact of the semiconductor shortage; however, if the shortage persists, the impact on operations and financial results could be material. The inflationary pressures impacting the global supply chain could potentially increase our future cost of net revenues. The ongoing inflation challenges could adversely impact our future revenues, gross margins and financial results. Liquidity As of September 30, 2023, the Company had available cash and cash equivalents totaling $18.9 million and $5.2 million of availability to borrow under its secured asset-backed Credit Facility (as defined below). See Note 4, Debt, for more information on this Credit Facility. The Company has a history of operating and net losses and overall usage of cash from operating and investing activities. The Company’s management believes that its cash and cash equivalents on-hand, together with anticipated cash flows from operations, availability under its secured asset-backed Credit Facility, and anticipated savings from ongoing cost reduction efforts, will be sufficient to meet its cash flow needs for the next twelve months from the filing date of this report. The Company’s ability to attain profitable operations and generate positive cash flow is dependent upon achieving a level and mix of revenues adequate to support its evolving cost structure. If events or circumstances occur such that the Company does not meet its operating plan as expected, or if the Company becomes obligated to pay unforeseen expenditures as a result of potential litigation or otherwise, the Company may be required to raise capital, reduce planned research and development activities, incur additional restructuring charges or reduce other operating expenses and capital expenditures, which could have an adverse impact on the Company’s ability to achieve its intended business objectives. The Company’s liquidity could also be impaired by significant interruptions in its business operations, such as those described above under the heading Risks and Uncertainties, a material failure to satisfy its contractual commitments or a failure to generate revenues from new or existing products. In addition, there can be no assurance that any required or desired restructuring or financing will be available on terms favorable to the Company, or at all. Cash and Cash Equivalents Cash and cash equivalents include highly liquid investments with original maturities of three months or less. The Company’s cash and cash equivalents are generally held with large financial institutions worldwide to reduce the amount of exposure to credit risk. Cash and cash equivalents are recorded at market value, which approximates cost. Gains and losses associated with the Company’s foreign currency denominated demand deposits are recorded as a component of other income, net, in the condensed consolidated statements of operations. There are no cash equivalents as of December 31, 2022 and as of September 30, 2023. Restricted cash held in escrow as of December 31, 2021 was released during the third quarter of 2022 and we no longer have any restricted cash on our balance sheet as of September 30, 2023 and December 31, 2022. Recently Adopted Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity's Own Equity (Subtopic 815-40)-Accounting For Convertible Instruments and Contracts in an Entity's Own Equity. The ASU simplifies accounting for convertible instruments by removing major separation models required under current GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument with no separate accounting for embedded conversion features. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for it. The ASU also simplifies the diluted net income per share calculation in certain areas. The guidance is effective for annual and interim periods beginning after December 15, 2021. The Company adopted the ASU in the first quarter of 2022 and there was no impact to the condensed consolidated financial statements. In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40). The ASU addresses issuer’s accounting for certain modifications or exchanges of freestanding equity-classified written call options. The ASU is effective for annual and interim periods beginning after December 15, 2021. The Company adopted the ASU in the first quarter of 2022 and there was no impact to the condensed consolidated financial statements. In September 2022, the FASB issued ASU No. 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50). The ASU requires disclosure of the key terms of outstanding supplier finance programs and a rollforward of the related obligations. The ASU does not affect the recognition, measurement or financial statement presentation of supplier finance program obligations. The ASU is effective for annual and interim periods beginning after December 15, 2022, except for the rollforward requirement, which is effective for annual periods beginning after December 15, 2023. The Company adopted the ASU in the first quarter of 2023, and there was no impact to the consolidated financial statements.

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income tax (benefit) provision	$ (16)	$ 42	$ 600	$ (582)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Geographic Information and Concentrations of Risk - Net Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 48,583	$ 69,167	$ 152,934	$ 192,408
United States and Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	40,181	53,924	129,458	159,393
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	7,198	6,954	19,140	20,176
Australia
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	1,202	7,543	4,250	9,966
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 3	$ 746	$ 86	$ 2,873

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
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-Section S99
-Paragraph 1
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+ Details

Earnings per Share - Narrative (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Anti-dilutive shares (in shares)	30,512	25,320	30,115	25,553

Leases - Supplemental Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Leases [Abstract]
Operating cash flows related to operating leases	$ 593	$ 618	$ 1,824	$ 1,857
Right-of-use assets obtained in exchange for operating leases liabilities	$ 197	$ 184	$ 1,030	$ 342

Leases - Maturity of Operating Lease Liability (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Leases [Abstract]
2023 (remainder)	$ 579
2024	2,272
2025	1,909
2026	1,864
2027	1,270
2028	142
Thereafter	693
Total minimum operating lease payments	8,729
Less: amounts representing interest	(1,544)
Present value of net minimum operating lease payments	7,185	$ 7,662
Less: current portion	(2,036)	(1,759)
Long-term portion of operating lease obligations	$ 5,149	$ 5,903

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 18,946	$ 7,143
Accounts receivable, net of provision for credit losses of $1,101 and $541, respectively	17,435	25,259
Inventories	21,916	37,976
Prepaid expenses and other	5,562	7,978
Total current assets	63,859	78,356
Property, plant and equipment, net of accumulated depreciation of $28,240 and $26,049, respectively	3,597	5,390
Rental assets, net of accumulated depreciation of $5,037 and $5,484, respectively	5,037	4,816
Intangible assets, net of accumulated amortization of $42,138 and $31,629, respectively	35,057	41,383
Goodwill	21,922	21,922
Right-of-use assets	5,819	6,662
Other assets	1,464	488
Total assets	136,755	159,017
Current liabilities:
Accounts payable	30,980	29,018
Accrued expenses and other current liabilities	28,917	27,945
Total current liabilities	59,897	56,963
Liabilities, Noncurrent [Abstract]
2025 Notes, net	159,541	158,427
Revolving credit facility, net	0	6,919
Deferred tax liabilities, net	278	323
Other long-term liabilities	7,822	6,503
Total liabilities	227,538	229,135
Commitments and contingencies
Stockholders’ deficit:
Preferred Stock, Value, Issued	0	0
Common stock, par value $0.001; 150,000,000 shares authorized, 117,024,709 and 108,468,150 shares issued and outstanding, respectively	117	108
Additional paid-in capital	808,203	793,855
Accumulated other comprehensive loss	(7,288)	(6,329)
Accumulated deficit	(891,815)	(857,752)
Total stockholders’ deficit	(90,783)	(70,118)
Total liabilities and stockholders’ deficit	$ 136,755	$ 159,017

Private Placements and Public Offering (Details) - USD ($)	1 Months Ended	3 Months Ended
	Jan. 31, 2021	Jun. 30, 2023	Sep. 30, 2023	Dec. 31, 2022	Jan. 25, 2021
Class of Stock [Line Items]
Common stock, shares authorized (in shares)			150,000,000	150,000,000
Canaccord Genuity LLC \| ATM Offering
Class of Stock [Line Items]
Equity Distribution Agreement, maximum aggregate amount authorized for offer or sale					$ 40,000,000
Number of shares issued (in shares)	1,516,073	8,035,959
Proceeds from sale of stock	$ 29,400,000	$ 5,900,000
Purchase price (in dollars per share)	$ 20.11	$ 0.75

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Fair Value Measurement of Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value Valuation Model and Assumptions

The fair value of the interest make-whole payment derivative liability was determined using a Monte Carlo model using the following key assumptions:


	September 30, 2023		December 31, 2022
Volatility	68	%	50	%
Stock price	$0.42 per share		$0.84 per share
Credit spread	41.61	%	56.52	%
Term	1.59 years		2.34 years
Dividend yield	—	%	—	%
Risk-free rate	5.21	%	4.35	%

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (21,805)	$ (15,743)	$ (31,846)	$ (53,342)
Foreign currency translation adjustment	(433)	1,147	(958)	4,581
Total comprehensive loss	$ (22,238)	$ (14,596)	$ (32,804)	$ (48,761)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 3
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 30
-Subparagraph (b)
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Subparagraph (f)
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 60B
-Subparagraph (a)
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Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 32
-Subparagraph (c)
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Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
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Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
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Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Financial Statement Details (Tables)

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Inventories

Inventories consist of the following (in thousands):


	September 30, 2023		December 31, 2022
Finished goods	$	18,122	$	31,153
Raw materials and components	3,794		6,823
Total inventories	$	21,916	$	37,976

Summary of Prepaid Expenses and Other

Accrued expenses and other current liabilities consist of the following (in thousands):


	September 30, 2023		December 31, 2022
Royalties	902		992
Payroll and related expenses	5,440		8,873
Warranty obligations	480		480
Professional fees	176		738

Accrued interest	2,468		1,112
Deferred revenue	4,979		5,060
Customer advances	—		2,828

Operating lease liabilities	2,036		1,759
Accrued contract manufacturing liabilities	6,990		1,416

Value added tax payables	510		449
Other	4,936		4,238
Total accrued expenses and other current liabilities	$	28,917	$	27,945

Schedule of Other Current Assets

Prepaid expenses and other

Prepaid expenses and other consists of the following (in thousands):


	September 30, 2023		December 31, 2022

Rebate receivables	$	1,363	$	2,038
Receivables from contract manufacturers	1,441		3,561
Software licenses	816		772

Deposits	727		829
Financed assets	422		—
Other	793		778
Total prepaid expenses and other	$	5,562	$	7,978

1Rounding may impact summation of amounts.

Leases - Narrative (Details) - USD ($)	3 Months Ended	9 Months Ended
Leases - Narrative (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2023	Jun. 02, 2023	Dec. 31, 2022
Lessor, Lease, Description [Line Items]
Right-of-use assets	$ 5,819,000	$ 5,819,000		$ 6,662,000
Sublease, Marketable Discound			9.00%
San Diego Property
Lessor, Lease, Description [Line Items]
Lessor, Operating Lease, Payment to be Received	$ 1,200,000	$ 1,200,000
Lessor, Operating Lease, Term of Contract	4 years 3 months	4 years 3 months
Lease Income	$ 100,000	$ 100,000
Right-of-use asset impairment		500,000
Right-of-use assets	1,500,000	1,500,000
Operating Lease, Right of Use, Fair Value	$ 1,000,000	$ 1,000,000

Debt (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Net Carrying Amount of Debt

The 2025 Notes consist of the following (in thousands):


	September 30, 2023		December 31, 2022
Principal	$	161,898	$	161,898
Add: fair value of embedded derivative	$	—	$	—
Less: unamortized debt discount	$	(1,313)	$	(1,933)
Less: unamortized issuance costs	$	(1,045)	$	(1,538)
Net carrying amount	$	159,540	$	158,427

Schedule of Interest Expense

The following table sets forth total interest expense recognized related to the 2025 Notes (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,

	2023		2022		2023		2022
Contractual interest expense	$	1,315	$	1,315	$	3,946	$	3,946
Amortization of debt discount	$	207	$	207	$	621	$	621
Amortization of debt issuance costs	$	165	$	165	$	494	$	494
Total interest expense	$	1,687	$	1,687	$	5,061	$	5,061

Asset-backed Revolving Credit Facility

expected to exceed the borrowing base over the 12 months subsequent to the balance sheet date, in which case, any excess borrowings would be classified as short-term.

The following tables set forth the principal amount outstanding and interest expense for the periods (in thousands):


	September 30, 2023		December 31, 2022
Principal	$	—	$	7,851
Less: unamortized issuance costs (a)	$	—	$	(932)
Net carrying amount	$	—	$	6,919

(a) Unamortized issuance costs of $958 were reclassified to other long term assets.

The effective interest rate of the Credit Facility was 58.7%, which includes 27.3% related to amortization of original issuance costs, for the nine months ended September 30, 2023.

The following table sets forth total interest expense recognized related to the Credit Facility (in thousands):


	Nine Months Ended September 30, 2023
Contractual interest expense	$	810
Amortization of debt issuance costs	$	705
Total interest expense	$	1,515

Financial Statement Details - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Inventory Write-down	$ 6,800	$ 7,011	$ 1,330
write-off of capitalized inventory order fees		1,300
contract manufacturing liabilities	$ 6,300	$ 6,300

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s income tax provision was a tax benefit of less than $0.1 million and a tax expense of $0.6 million for the three and nine months ended September 30, 2023, respectively, compared to a tax expense of less than $0.1 million for the three ended September 30, 2022 and a tax benefit of $0.6 million for the nine months ended September 30, 2022. Income taxes for both periods consisted primarily of foreign income taxes at certain of the Company’s international entities and minimum state taxes for its U.S.-based entities. The Company’s income tax expense differs from the expected expense based on statutory rates primarily due to full valuation allowances at all of its U.S.-based entities and several of its foreign subsidiaries. The income tax provisions for 2023 and tax benefits for 2022 were largely driven by the Company’s foreign subsidiaries which had unrealized foreign currency gains and improved profitability in 2023 compared to significant unrealized foreign currency losses in 2022.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Basis of Presentation - Narrative (Details) $ in Thousands	9 Months Ended
Basis of Presentation - Narrative (Details) $ in Thousands	Sep. 30, 2023 USD ($) segment	Dec. 31, 2022 USD ($)
Accounting Policies [Abstract]
Number of reportable segments \| segment	1
Cash and cash equivalents	$ 18,946	$ 7,143
Line of Credit Facility, Remaining Borrowing Capacity	$ 5,200

Commitments and Contingencies (Details) $ in Millions	Sep. 30, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Noncancellable purchase obligations	$ 28.4

Financial Statement Details - Inventories, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Finished goods	$ 18,122	$ 31,153
Raw materials and components	3,794	6,823
Total inventories	$ 21,916	$ 37,976

Share-based Compensation - Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 2,267	$ 2,406	$ 6,030	$ 15,892
Cost of net revenues
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	251	199	657	1,873
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	599	513	1,291	5,011
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	373	489	1,093	3,086
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 1,044	$ 1,205	$ 2,989	$ 5,922

Geographic Information and Concentrations of Risk - Narrative (Details)	3 Months Ended		6 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
Net Revenues \| Customer concentration risk \| Customer one
Segment Reporting Information [Line Items]
Concentration percentage	29.60%	33.90%		28.80%	50.80%
Net Revenues \| Customer concentration risk \| Customer two
Segment Reporting Information [Line Items]
Concentration percentage	35.10%	29.30%		31.60%	44.40%
Accounts Receivable \| Credit concentration risk \| Customer one
Segment Reporting Information [Line Items]
Concentration percentage			37.40%	30.90%
Accounts Receivable \| Credit concentration risk \| Customer two
Segment Reporting Information [Line Items]
Concentration percentage			21.90%	11.00%
Accounts Receivable \| Credit concentration risk \| Customer Three
Segment Reporting Information [Line Items]
Concentration percentage				24.80%

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Calculation of Basic and Diluted Earnings per Share

The calculation of basic and diluted earnings per share was as follows (in thousands, except share and per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Net loss attributable to common stockholders	$	(22,561)	$	(16,434)	$	(34,064)	$	(55,371)
Weighted-average common shares outstanding	116,967,545		107,747,468		112,247,219		106,977,201
Basic and diluted net loss per share	$	(0.19)	$	(0.15)	$	(0.30)	$	(0.52)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	Three Months Ended September 30,		Nine Months Ended September 30,
(in thousands)	2023 1	2022	2023 1	2022
2025 Notes	14,090	14,341	14,090	14,341
Non-qualified stock options	7,295	8,557	7,586	8,787
Restricted stock units	3,024	1,438	2,336	1,441
Employee stock purchase plan	6,103	984	6,103	984
Total	30,512	25,320	30,115	25,553

Leases - Components (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Leases [Abstract]
Right-of-use assets	$ 5,819	$ 6,662
Current operating lease liabilities	2,036	1,759
Non-current operating lease liabilities	5,149	5,903
Total operating lease liabilities	$ 7,185	$ 7,662
Weighted-average remaining lease term (in years)	4 years 3 months 18 days	4 years 1 month 6 days
Weighted-average discount rate	9.00%	9.00%

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net revenues:
Total net revenues	$ 48,583	$ 69,167	$ 152,934	$ 192,408
Cost of net revenues:
Total cost of net revenues	46,688	51,211	113,956	141,310
Gross profit	1,895	17,956	38,978	51,098
Operating costs and expenses:
Research and development	8,951	15,417	27,127	47,597
Sales and marketing	5,355	8,295	17,975	25,789
General and administrative	4,906	5,720	16,703	20,101
Amortization of purchased intangible assets	424	433	1,277	1,319
Write-down of capitalized software	611	0	1,115	0
Total operating costs and expenses	20,247	29,865	64,197	94,806
Operating loss	(18,352)	(11,909)	(25,219)	(43,708)
Other (expense) income:
Loss on debt conversion and extinguishment, net	0	0	0	(450)
Interest expense, net	(2,891)	(2,034)	(6,902)	(6,621)
Other (expense) income, net	(578)	(1,758)	875	(3,145)
Total other expense	(3,469)	(3,792)	(6,027)	(10,216)
Loss before income taxes	(21,821)	(15,701)	(31,246)	(53,924)
Income tax (benefit) provision	(16)	42	600	(582)
Net loss	(21,805)	(15,743)	(31,846)	(53,342)
Series E preferred stock dividends	(756)	(691)	(2,218)	(2,029)
Net loss attributable to common stockholders	$ (22,561)	$ (16,434)	$ (34,064)	$ (55,371)
Net loss per common share:
Basic (in dollars per share)	$ (0.19)	$ (0.15)	$ (0.30)	$ (0.52)
Diluted (in dollars per share)	$ (0.19)	$ (0.15)	$ (0.30)	$ (0.52)
Weighted-average shares used in computation of net loss per common share:
Basic (in shares)	116,967,545	107,747,468	112,247,219	106,977,201
Diluted (in shares)	116,967,545	107,747,468	112,247,219	106,977,201
IoT & Mobile Solutions
Net revenues:
Total net revenues	$ 41,357	$ 62,633	$ 131,367	$ 172,129
Cost of net revenues:
Total cost of net revenues	43,560	48,209	105,011	131,805
Enterprise SaaS Solutions
Net revenues:
Total net revenues	7,226	6,534	21,567	20,279
Cost of net revenues:
Total cost of net revenues	$ 3,128	$ 3,002	$ 8,945	$ 9,505

Earnings per Share - Antidilutive Securities (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)	30,512	25,320	30,115	25,553
2025 Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)	14,090	14,341	14,090	14,341
Non-qualified stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)	7,295	8,557	7,586	8,787
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)	3,024	1,438	2,336	1,441
Employee stock purchase plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)	6,103	984	6,103	984

Private Placements and Public Offering	9 Months Ended
Private Placements and Public Offering	Sep. 30, 2023
Equity [Abstract]
Private Placements and Public Offering	Public OfferingIn January 2021, the Company entered into an Equity Distribution Agreement with Canaccord Genuity LLC (the “Agent”), pursuant to which the Company may offer and sell, from time to time, through or to the Agent, up to $40.0 million of shares of its common stock (the “ATM Offering”). In January 2021, the Company sold 1,516,073 shares of common stock, at an average price of $20.11 per share, for net proceeds of $29.4 million, after deducting underwriter fees and discounts, and other offering fees, pursuant to the ATM Offering. There were no ATM transactions in 2022. During the nine months ended September 30, 2023 the Company sold 8,035,959 shares of common stock, at an average price of $0.75 per share, for net proceeds of $5.9 million, after deducting underwriter fees and discounts. There was no ATM transactions during the quarter ended September 30, 2023. Effective as of November 2, 2023

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Debt - Interest Expense (Details) - USD ($)	3 Months Ended		9 Months Ended
Debt - Interest Expense (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revolving Credit Facility
Debt Instrument [Line Items]
Contractual interest expense			$ 810,000
Amortization of debt issuance costs			705,000
Total interest expense			1,515,000
2025 Notes \| Convertible Debt
Debt Instrument [Line Items]
Contractual interest expense	$ 1,315,000	$ 1,315,000	3,946,000	$ 3,946,000
Amortization of debt discount	207,000	207,000	621,000	621,000
Amortization of debt issuance costs	165,000	165,000	494,000	494,000
Total interest expense	$ 1,687,000	$ 1,687,000	$ 5,061,000	$ 5,061,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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