0001022652-24-000012 | 10-Q | XBRL Viewer

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Debt - Short-Term Loan Narrative (Details) $ / shares in Units, $ in Thousands	Jul. 01, 2024 USD ($)	Jun. 28, 2024 USD ($) subsidiaries $ / shares shares	Aug. 02, 2024 shares	Jul. 19, 2024 shares	Jun. 30, 2024 USD ($) $ / shares	Dec. 31, 2023 $ / shares
Debt Instrument [Line Items]
Common stock, par value (in dollars per share) \| $ / shares		$ 0.001			$ 0.001	$ 0.001
Related Party \| Participation Interests
Debt Instrument [Line Items]
Collateral amount		$ 3,000
Loan Warrants
Debt Instrument [Line Items]
Number of securities called by warrants or rights (in shares) \| shares		550,000
Subsequent event
Debt Instrument [Line Items]
Number of securities called by warrants or rights (in shares) \| shares			180,000	236,074
Philip Brace \| Related Party \| Participation Interests
Debt Instrument [Line Items]
Collateral amount		$ 1,000
North Sound Ventures LP \| Related Party \| Participation Interests
Debt Instrument [Line Items]
Collateral amount		2,000
Short-Term Loan Agreement
Debt Instrument [Line Items]
Short term borrowings, gross					$ 16,500
Debt instrument, fee amount		$ 200
Short-Term Loan Agreement \| Line of Credit
Debt Instrument [Line Items]
Number of subsidiaries \| subsidiaries		2
Maximum borrowing capacity		$ 19,500
Short term borrowings, gross					$ 16,500
Remaining borrowed amount		$ 16,500
Stated interest rate of debt issued		12.00%
Exit fee percentage		4.00%
Effective interest rate		5.00%
Short-Term Loan Agreement \| Line of Credit \| Subsequent event
Debt Instrument [Line Items]
Remaining borrowed amount	$ 3,000

Nature of Business and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements (“Financial Statements”) have been prepared by Inseego Corp. (the “Company”, “we”, “us”) in accordance with accounting principles generally accepted in the U.S. (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The Financial Statements include the accounts of the Company and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. These Financial Statements should be read in conjunction with the audited consolidated financial statements and notes as of and for the year ended December 31, 2023, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 (the “Form 10-K”). The condensed consolidated balance sheet as of December 31, 2023 was derived from the audited consolidated financial statements as of that date, but does not include all disclosures required by GAAP. In management’s opinion, the accompanying Financial Statements reflect all normal recurring adjustments necessary for their fair presentation. Other than described below, there have been no changes to the Company’s significant accounting policies described in the Form 10-K that have had a material impact on the Company’s Financial Statements. 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	Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements (“Financial Statements”) have been prepared by Inseego Corp. (the “Company”, “we”, “us”) in accordance with accounting principles generally accepted in the U.S. (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The Financial Statements include the accounts of the Company and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. These Financial Statements should be read in conjunction with the audited consolidated financial statements and notes as of and for the year ended December 31, 2023, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 (the “Form 10-K”). The condensed consolidated balance sheet as of December 31, 2023 was derived from the audited consolidated financial statements as of that date, but does not include all disclosures required by GAAP. In management’s opinion, the accompanying Financial Statements reflect all normal recurring adjustments necessary for their fair presentation. Other than described below, there have been no changes to the Company’s significant accounting policies described in the Form 10-K that have had a material impact on the Company’s Financial Statements. 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.
Segment Information	Segment Information The Company has one reportable segment. The principal 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, warranty provision, capitalized software costs, allowance for credit losses, provision for excess and obsolete inventory, accrued liabilities related to our contract manufacturers, 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.
Reclassifications	Reclassifications Certain amounts recorded in the prior period consolidated financial statements have been reclassified to conform to the current period financial statement presentation. These reclassifications had no effect on previously reported operating results. During the fourth quarter of 2023, and as noted in the Form 10-K, the Company reclassified revenue on its Consolidated Statement of Operations. Historically, the Company classified revenues from products and services into two categories, IoT & Mobile Solutions and Enterprise SaaS Solutions. The Company is now classifying revenues from products and services into the following two categories: Product Revenue, which consists of our Mobile Solutions and Fixed Wireless Access Solutions, and Services and Other. Additionally, during 2023 the Company reclassified all depreciation and amortization expense previously recorded in the operating expense line items of research and development, sales and marketing, and general and administrative expenses on the Consolidated Statement of Operations into a separate line labeled Depreciation and amortization. All prior periods have been reclassified to conform to the current period presentation for these changes.

- Definition

Disclosure of accounting policy for segment reporting.

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+ Details

Stockholders' Equity (Deficit) (Details) - USD ($)

3 Months Ended

6 Months Ended

Jul. 19, 2024

Jun. 30, 2024

Jun. 30, 2023

Aug. 02, 2024

Jul. 31, 2024

Jun. 28, 2024

Dec. 31, 2023

Jan. 31, 2021

Class of Stock [Line Items]

Adjustments to additional paid in capital, warrant issued

$ 2,686,000

Preferred stock, shares authorized (in shares)

2,000,000

Preferred stock, par value (in dollars per share)

$ 0.001

Series D Preferred Stock

Class of Stock [Line Items]

Preferred stock, shares authorized (in shares)

150,000

Series E preferred stock

Class of Stock [Line Items]

Preferred stock, shares authorized (in shares)

39,500

Preferred stock, par value (in dollars per share)

$ 0.001

Preferred stock issued (in shares)

25,000

Preferred stock, shares outstanding (in shares)

25,000

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)

717,786

803,596

Purchase price (in dollars per share)

$ 7.70

$ 7.54

Proceeds from sale of stock

$ 5,400,000

$ 5,900,000

Subsequent event

Class of Stock [Line Items]

Number of securities called by warrants or rights (in shares)

236,074

180,000

Exercise price of warrants (in dollars per share)

$ 13.37

$ 11.27

Number of shares issued (in shares)

349,740

Additional Paid-in Capital

Class of Stock [Line Items]

Adjustments to additional paid in capital, warrant issued

^[1]

$ 2,686,000

Loan Warrants

Class of Stock [Line Items]

Number of securities called by warrants or rights (in shares)

550,000

Exercise price of warrants (in dollars per share)

$ 12.12

Class of warrant or right issued (in shares)

465,385

Loan Warrants | Subsequent event

Class of Stock [Line Items]

Class of warrant or right issued (in shares)

84,615

[1]	Adjusted retroactively for reverse stock split that occurred on January 24, 2024, see Note 1

Financial Statement Details

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Financial Statement Details

Inventories

Inventories consist of the following (in thousands):


	June 30, 2024		December 31, 2023
Finished goods	$	17,983	$	21,264
Raw materials and components	23		1,616
Total inventories	$	18,006	$	22,880

Prepaid expenses and other

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


	June 30, 2024		December 31, 2023

Rebate receivables	$	1,566	$	1,950
Receivables from contract manufacturers	1,752		1,823
Software licenses	901		504

Deposits	713		503

Other	468		431
Total prepaid expenses and other	$	5,400	$	5,211

Accrued expenses and other current liabilities

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


	June 30, 2024		December 31, 2023
Royalties	$	1,824	$	845
Payroll and related expenses	6,827		4,159
Warranty obligations	480		480

Accrued interest	1,146		1,038
Deferred revenue	13,363		5,583

Operating lease liabilities	1,579		1,681
Accrued contract manufacturing liabilities	5,843		7,537


Other	5,957		5,699
Total accrued expenses and other current liabilities	$	37,019	$	27,022

Other long-term liabilities

Other long-term liabilities consist of the following (in thousands):


	June 30, 2024		December 31, 2023
Long-term deferred revenue	$	6,981	$	1,704
Warranty obligations	120		120
Other	33		536
Total other long-term liabilities	$	7,134	$	2,360

As of June 30, 2024, of the $7.0 million long-term deferred revenue balance, $6.3 million relates to performance obligations expected to be satisfied between one and two years, and $0.7 million relates to performance obligations expected to be satisfied between two and three years from June 30, 2024.

Fair Value Measurements - Assumptions (Details) - Level 3 - Interest make-whole payment	6 Months Ended	12 Months Ended
	Jun. 30, 2024 $ / shares	Dec. 31, 2023 $ / shares
Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.9850	0.7700
Stock price (usd per share)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Stock price (usd per share)	$ 10.66	$ 2.20
Credit spread
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	1.0758	0.9220
Term
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Term	10 months 2 days	1 year 4 months 2 days
Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0	0
Risk-free rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.0517	0.0460

Commitments and Contingencies (Details) $ in Millions	Jun. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Noncancellable purchase obligations	$ 78.2

Geographic Information and Concentrations of Risk (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Schedule of Geographic Concentration of Net Revenues

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
United States and Canada	$	50,808	$	46,072	$	86,284	$	89,277
Europe (including United Kingdom)	$	7,051	$	5,956	13,802		11,942
Australia	$	1,278	$	1,450	4,058		3,048
Other	$	12	$	79	14		84
Total	$	59,149	$	53,557	$	104,158	$	104,351

Nature of Business and Significant Accounting Policies - Narrative (Details) $ in Thousands				1 Months Ended	6 Months Ended
	Jul. 01, 2024 USD ($)	Jun. 28, 2024 USD ($) transaction noteholder shares	Jan. 24, 2024 shares	Apr. 30, 2024 USD ($)	Jun. 30, 2024 USD ($) segment shares	Jun. 30, 2023 USD ($)	Aug. 08, 2024 USD ($)	Aug. 02, 2024 USD ($) shares	Jul. 19, 2024 USD ($) shares	May 24, 2024 USD ($)	Dec. 31, 2023 USD ($) shares
Nature Of Business And Significant Accounting Policies [Line Items]
Number of reportable segments \| segment					1
Stock split, conversion ratio			0.1
Fractional shares issued (in shares) \| shares			0
Short-term debt					$ 13,664						$ 0
Common stock, shares issued (in shares) \| shares					11,910,151						11,878,557
Cash and cash equivalents					$ 48,993						$ 7,519
Repayments of debt					0	$ 360
Upfront revenue				$ 15,000
Debt instrument, service contract term				2 years
Subsequent event
Nature Of Business And Significant Accounting Policies [Line Items]
Number of securities called by warrants or rights (in shares) \| shares								180,000	236,074
Highbridge Capital Management, LLC \| Subsequent event
Nature Of Business And Significant Accounting Policies [Line Items]
Debt instrument, repurchase amount	$ 32,100
South Ocean Funding LLC
Nature Of Business And Significant Accounting Policies [Line Items]
Short-term debt		$ 19,500
North Sound Partners and Golden Harbor Ltd
Nature Of Business And Significant Accounting Policies [Line Items]
Common stock, shares issued (in shares) \| shares		2,400,000
Number of securities called by warrants or rights (in shares) \| shares		1,500,000
Short-Term Loan Agreement
Nature Of Business And Significant Accounting Policies [Line Items]
Short-term debt					13,664
Secured Debt \| Subsequent event
Nature Of Business And Significant Accounting Policies [Line Items]
Stated interest rate of debt issued								9.00%
Debt aggregate face amount								$ 4,300
Secured Debt \| North Sound Partners and Golden Harbor Ltd
Nature Of Business And Significant Accounting Policies [Line Items]
Debt aggregate face amount		$ 31,800
2025 Notes
Nature Of Business And Significant Accounting Policies [Line Items]
Debt instrument, repurchase amount										$ 1,700
2025 Notes \| Subsequent event
Nature Of Business And Significant Accounting Policies [Line Items]
Stated interest rate of debt issued							87.70%
Debt aggregate face amount								$ 5,000	$ 4,700
Debt instrument, repurchase amount							$ 141,900
2025 Notes \| Highbridge, South Ocean, North Sound
Nature Of Business And Significant Accounting Policies [Line Items]
Number of transactions \| transaction		3
Number of largest noteholders \| noteholder		3
Counterparty percentage of debt held		80.00%
2025 Notes \| North Sound Partners and Golden Harbor Ltd
Nature Of Business And Significant Accounting Policies [Line Items]
Debt aggregate face amount					$ 80,000
Redemption of principal		30.00%
2025 Notes \| Convertible Debt
Nature Of Business And Significant Accounting Policies [Line Items]
Stated interest rate of debt issued		3.25%			3.25%
Carrying amount of debt					$ 158,898						$ 161,898
2025 Notes \| Convertible Debt \| Subsequent event
Nature Of Business And Significant Accounting Policies [Line Items]
Repayments of debt	$ 45,900
2025 Notes \| Convertible Debt \| Highbridge, South Ocean, North Sound
Nature Of Business And Significant Accounting Policies [Line Items]
Debt aggregate face amount		$ 125,900
2025 Notes \| Convertible Debt \| Highbridge Capital Management, LLC
Nature Of Business And Significant Accounting Policies [Line Items]
Debt aggregate face amount		$ 45,900
Redemption of principal		30.00%

Debt - Interest Expense Related to 2025 Notes (Details) - 2025 Notes - Convertible Debt - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Contractual interest expense	$ 1,305	$ 1,315	$ 2,620	$ 2,631
Amortization of debt discount	205	207	412	414
Amortization of debt issuance costs	163	165	328	329
Total interest expense	$ 1,673	$ 1,687	$ 3,360	$ 3,374

- 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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-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

Share-based Compensation - Activity (Details)	6 Months Ended
Share-based Compensation - Activity (Details)	Jun. 30, 2024 shares
Stock Options
Outstanding — beginning balance (in shares)	545,872
Granted (in shares)	14,250
Exercised (in shares)	(270)
Cancelled (in shares)	(262,605)
Outstanding — ending balance (in shares)	297,247
Exercisable — ending balance (in shares)	195,725
RSUs
Restricted Stock Units
Non-vested — beginning balance (in shares)	203,008
Granted (in shares)	0
Vested (in shares)	(29,293)
Forfeited (in shares)	(12,274)
Non-vested — ending balance (in shares)	161,441

Nature of Business and Significant Accounting Policies	6 Months Ended
Nature of Business and Significant Accounting Policies	Jun. 30, 2024
Accounting Policies [Abstract]
Nature of Business and Significant Accounting Policies	Nature of Business and Significant Accounting Policies Basis of Presentation and Consolidation The accompanying unaudited condensed consolidated financial statements (“Financial Statements”) have been prepared by Inseego Corp. (the “Company”, “we”, “us”) in accordance with accounting principles generally accepted in the U.S. (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. The Financial Statements include the accounts of the Company and its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. These Financial Statements should be read in conjunction with the audited consolidated financial statements and notes as of and for the year ended December 31, 2023, included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 (the “Form 10-K”). The condensed consolidated balance sheet as of December 31, 2023 was derived from the audited consolidated financial statements as of that date, but does not include all disclosures required by GAAP. In management’s opinion, the accompanying Financial Statements reflect all normal recurring adjustments necessary for their fair presentation. Other than described below, there have been no changes to the Company’s significant accounting policies described in the Form 10-K that have had a material impact on the Company’s Financial Statements. 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. Segment Information The Company has one reportable segment. The principal 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, warranty provision, capitalized software costs, allowance for credit losses, provision for excess and obsolete inventory, accrued liabilities related to our contract manufacturers, 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. Reclassifications Certain amounts recorded in the prior period consolidated financial statements have been reclassified to conform to the current period financial statement presentation. These reclassifications had no effect on previously reported operating results. During the fourth quarter of 2023, and as noted in the Form 10-K, the Company reclassified revenue on its Consolidated Statement of Operations. Historically, the Company classified revenues from products and services into two categories, IoT & Mobile Solutions and Enterprise SaaS Solutions. The Company is now classifying revenues from products and services into the following two categories: Product Revenue, which consists of our Mobile Solutions and Fixed Wireless Access Solutions, and Services and Other. Additionally, during 2023 the Company reclassified all depreciation and amortization expense previously recorded in the operating expense line items of research and development, sales and marketing, and general and administrative expenses on the Consolidated Statement of Operations into a separate line labeled Depreciation and amortization. All prior periods have been reclassified to conform to the current period presentation for these changes. Reverse Stock Split On January 24, 2024, the Company completed a 1-for-10 reverse stock split of its issued and outstanding common stock (the “Reverse Stock Split”). As a result of the Reverse Stock Split, each share of common stock issued and outstanding immediately prior to January 24th were automatically converted into one-tenth (1/10) of a share of common stock. The Reverse Stock Split affected all common stockholders uniformly and did not alter any stockholder's percentage interest in the Company's equity, except to the extent that the Reverse Stock Split would result in a stockholder owning a fractional share. No fractional shares were issued in connection with the Reverse Stock Split. Stockholders who otherwise would be entitled to receive a fractional share instead were entitled to receive cash in lieu of such fractional share. The Reverse Stock Split did not change the par value of the common stock or the authorized number of shares of common stock. All outstanding convertible notes entitling their holders to purchase or obtain or convert into shares of our common stock were adjusted, as required by the terms of these securities. All common share and per-share amounts in this Form 10-Q have been retroactively restated to reflect the effect of the Reverse Stock Split. Liquidity On June 28, 2024, the Company entered into a series of agreements, as part of its overall capital structure management, to reduce its total debt and restructure its outstanding 3.25% convertible notes due 2025 (the “2025 Convertible Notes”). Specifically, pursuant to agreements summarized in Note 4 – Debt, the Company executed three transactions that, together, involved the three largest noteholders of $125.9 million in face value, or 80%, of the 2025 Convertible Notes, as follows: (1) Convertible Debt Repurchase: the Company agreed to purchase for cash, all of the $45.9 million in face value of the 2025 Convertible Notes held by certain entities managed by Highbridge Capital Management, LLC (such entities, “Highbridge”), the second largest noteholder, at a discount of 30% to face value; (2) Short-Term Loan Agreement: to finance a portion of the Convertible Debt Repurchase, the Company agreed to a $19.5 million loan from (i) South Ocean Funding, LLC (“South Ocean”), which is an affiliate of Golden Harbor Ltd. (“Golden Harbor”), and Tavistock Financial, LLC, and (ii) certain participant lenders (the “Participating Lenders”); and (3) Convertible Debt Exchange: the Company entered into binding term sheets (the “Exchange Agreements”) to exchange $80.0 million of face value that represents all of the 2025 Convertible Notes held by North Sound Partners and Golden Harbor (the “Noteholders”), the largest and third-largest bondholders, respectively, for the same 30% discount as the Highbridge Notes purchase, for a combination of new long-term debt and equity. Specifically, the Noteholders will receive an aggregate of approximately 2.4 million shares of Common Stock and $31.8 million principal amount of new long-term senior secured notes. In addition the Noteholders will receive warrants to purchase an aggregate of approximately 1.5 million shares of Common Stock. As of June 30, 2024, the Company had available cash and cash equivalents totaling $49.0 million. Under the Short-Term Loan Agreement, the Company received $16.5 million in cash on June 28, 2024. Subsequent to June 30, 2024 (on July 1, 2024), the Company received the remaining $3.0 million under the Short-Term Loan Agreement and closed the Convertible Debt Repurchase, paying $32.1 million to Highbridge, plus accrued interest. The 2025 Convertible Notes had a principal balance of $158.9 million as of June 30, 2024 and mature on May 1, 2025. The closing of the Convertible Debt Repurchase on July 1, 2024 reduced the principal balance of the 2025 Convertible Notes by $45.9 million. Taking into account the Convertible Debt Repurchase, the Convertible Debt Exchange, and certain other transactions with individual holders of the 2025 Convertible Notes through the date of issuance of this report, the Company has repurchased and/or entered into binding agreements to repurchase and/or exchange approximately $141.9 million, or 87.7%, of the face value of the outstanding 2025 Convertible Notes. Consummation of the Convertible Debt Exchanges are subject to, among other things, the drafting, execution and delivery of one or more final agreements reflecting the terms contained in the Exchange Agreements and other customary and mutually acceptable terms and conditions, which agreements the Company and the Noteholders have agreed to negotiate in good faith. There can be no assurance that the Convertible Debt Exchanges will be consummated on the terms set forth in the Exchange Agreements, or at all. As the closing of the Convertible Debt Exchanges cannot be assured, accounting guidance requires disclosure that this raises substantial doubt about the Company’s ability to continue as a going concern within one year of the issuance of these financial statements. The Company generated positive cash flow from operations both for the year ended December 31, 2023 and in the three and six months ended June 30, 2024. In April 2024, the Company received a $15.0 million upfront payment from a customer in connection with a two-year service contract. Based on the factors above, and to reduce financing costs, the Company voluntarily paid-off and terminated its Credit Facility (as defined below) effective April 18, 2024. These factors have had a positive impact on our liquidity. While the Company’s liquidity and financial results have had several positive developments recently, as noted above, the Company has a history of operating and net losses and overall usage of cash from operating and investing activities. The Company’s ability to maintain profitable operations and continue to generate positive cash flows is dependent upon achieving a level and mix of revenues adequate to support its evolving cost structure. In order to effect the restructuring or refinancing of the Company’s obligations, or 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, 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.

Financial Statement Details - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Long-term deferred revenue	$ 6,981	$ 1,704
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, amount	$ 6,300
Revenue, remaining performance obligation, expected timing of satisfaction, period	2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Performance obligation, amount	$ 700
Revenue, remaining performance obligation, expected timing of satisfaction, period	3 years

Geographic Information and Concentrations of Risk - Net Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 59,149	$ 53,557	$ 104,158	$ 104,351
United States and Canada
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	50,808	46,072	86,284	89,277
Europe (including United Kingdom)
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	7,051	5,956	13,802	11,942
Australia
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	1,278	1,450	4,058	3,048
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 12	$ 79	$ 14	$ 84

- 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 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
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-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Debt - Interest Expense Related to Credit Facility (Details) - Revolving Credit Facility - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Contractual interest expense	$ 90	$ 105	$ 312	$ 223
Amortization of debt issuance costs	0	116	117	233
Total interest expense	$ 90	$ 221	$ 429	$ 456

- 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.

+ References

+ Details

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Jul. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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 Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		12,282,552
Entity Central Index Key	0001022652
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Revenues:

Total revenues

$ 59,149

$ 53,557

$ 104,158

$ 104,351

Cost of revenues:

Total cost of revenues

36,109

34,661

63,726

67,268

Gross profit

23,040

18,896

40,432

37,083

Operating costs and expenses:

Research and development

5,486

6,266

10,529

10,041

Sales and marketing

5,391

5,787

10,386

12,253

General and administrative

5,805

5,431

10,788

11,155

Depreciation and amortization

4,009

4,688

7,644

9,997

Impairment of capitalized software

420

504

Total operating costs and expenses

20,691

22,172

39,767

43,950

Operating income (loss)

2,349

(3,276)

665

(6,867)

Other (expense) income:

Interest expense, net

(1,774)

(2,014)

(3,948)

(4,011)

Other income (expense), net

355

658

(5)

1,453

Income (Loss) before income taxes

930

(4,632)

(3,288)

(9,425)

Income tax provision

306

304

543

616

Net income (loss)

624

(4,936)

(3,831)

(10,041)

Preferred stock dividends

(808)

(739)

(1,598)

(1,462)

Net loss attributable to common stockholders

$ (184)

$ (5,675)

$ (5,429)

$ (11,503)

Net loss per common share

Basic (in dollars per share)

^[1]

$ (0.02)

$ (0.51)

$ (0.46)

$ (1.05)

Diluted (in dollars per share)

^[1]

$ (0.02)

$ (0.51)

$ (0.46)

$ (1.05)

Weighted-average shares used in computation of net loss per common share:

Basic (in shares)

^[1]

11,894,746

11,108,029

11,887,233

10,984,794

Diluted (in shares)

^[1]

11,894,746

11,108,029

11,887,233

10,984,794

Other comprehensive loss:

Foreign currency translation adjustment

$ (355)

$ (619)

$ (93)

$ (525)

Comprehensive income (loss)

269

(5,555)

(3,924)

(10,566)

Product

Revenues:

Total revenues

39,196

38,400

68,648

73,310

Cost of revenues:

Total cost of revenues

30,507

30,620

53,220

58,587

Mobile solutions

Revenues:

Total revenues

25,879

18,895

41,149

41,935

Fixed wireless access solutions

Revenues:

Total revenues

13,317

19,505

27,499

31,375

Services and other

Revenues:

Total revenues

19,953

15,157

35,510

31,041

Cost of revenues:

Total cost of revenues

$ 5,602

$ 4,041

$ 10,506

$ 8,681

[1]	Adjusted retroactively for reverse stock split that occurred on January 24, 2024, see Note 1

Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt

Short-Term Loan

On June 28, 2024, the Company entered into a Loan and Security Agreement (the “Short-Term Loan Agreement”), among South Ocean, as lender (“Lender”), the Participating Lenders, the Company, as borrower, and two of the Company’s wholly-owned subsidiaries, Inseego Wireless, Inc. and Inseego North America LLC as guarantors (collectively, the “Guarantors,” and together with the Company, the “Loan Parties”). The Loan Agreement establishes a senior secured $19.5 million loan facility (the “Short-Term Loan”) under which the Company borrowed $16.5 million as of June 30, 2024. The remaining $3.0 million was borrowed in July 2024.

The Company’s obligations under the Short-Term Loan Agreement are guaranteed by the Guarantors. Subject to the requirements of the Short-Term Loan Agreement, certain of the Company’s other subsidiaries may become guarantors and Loan Parties of the Loan Agreement after closing. The Loan Parties’ obligations under the Loan Agreement are secured by a continuing security interest in substantially all property of each Loan Party, subject to certain excluded collateral, as defined in the Short-Term Loan Agreement.

The Short-Term Loan matures on September 30, 2024, provided that the Company may request an extension of the maturity date of up to six months, to March 31, 2025, which the Lender and each Participating Lender may grant or deny with respect to each of their respective portions of the Short-Term Loan. Borrowings under the Short-Term Loan will bear interest at 12.0% per annum. Upon any repayment or prepayment of the amounts borrowed under the Short-Term Loan (including at maturity), the Company will be required to pay an exit fee equal to 4.0% of the aggregate principal amount prepaid or repaid.

The Short-Term Loan Agreement 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 Short-Term Loan Agreement contains certain customary provisions with respect to the definition of, and remedies with respect to, events of default.

Also on June 28, 2024, as part of the Short-Term Loan Agreement, the Participating Lenders contributed an aggregate of $3.0 million of participation interests in the Short-Term Loan Agreement (the “Participation Interests”). The Participating Lenders consist of Philip Brace, the Company’s Executive Chairman, who acquired a $1.0 million Participation Interest, and North Sound Ventures, LP, which acquired a $2.0 million Participation Interest in the $19.5 million Loan. As of the date hereof, affiliates of each of the Lender and North Sound Ventures, LP may be deemed to beneficially own more than 5% of the Company’s outstanding Common Stock. James B. Avery, a member of the Company’s Board of Directors, currently serves as Senior Managing Director of Tavistock Group, an affiliate of the Lender. Accordingly, the Lender and the Participating Lenders are considered related parties of the Company.

In connection with entering into the Short-Term Loan Agreement, the Company paid an arrangement and administration fee of $0.2 million to the Lender (the “Loan Costs”). Additionally in connection with the Short-Term Loan Agreement, the Company issued to the Lender and the Participating Lenders warrants (the “Loan Warrants”) to purchase an aggregate of 550,000 shares of the Company’s common stock, par value $0.001 per share (“Common Stock”). See Note 7 – Stockholders' Equity (Deficit) for further details regarding the Loan Warrants.

The gross proceeds received under the Short-Term Loan Agreement, along with the Loan Costs, were allocated between the Short-Term Loan and the Loan Warrants based on their relative fair values at issuance.

As of June 30, 2024, $16.5 million of principal amount of the Short-Term Loan was funded and outstanding. The Short-Term Loan amount recorded in the Condensed Consolidated Balance Sheets as of June 30, 2024 consists of the following:


	June 30, 2024
Principal	$	16,500
Less: unamortized debt discount1	(2,836)

Net carrying amount	$	13,664

1Represents the portion of the net proceeds received for the Short-Term Loan and Loan Warrants that was allocated to the Loan Warrants, see Note 7 – Stockholders' Equity (Deficit)

2025 Convertible Notes

In 2020, the Company completed both a registered public offering and a privately negotiated exchange agreement that resulted in the issuance of the 2025 Convertible Notes. After taking into account exchanges and redemptions occurring in prior periods, the outstanding principal balance of the 2025 Convertible Notes was $158.9 million and $161.9 million as of June 30, 2024 and December 31, 2023, respectively.

The 2025 Convertible Notes were issued under an indenture, dated May 12, 2020 (the “Base Indenture”), between the Company and Wilmington Trust, National Association, as trustee (the “Trustee”), as supplemented by the first supplemental indenture, dated May 12, 2020 (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), between the Company and the Trustee.

The 2025 Convertible Notes will mature on May 1, 2025, unless earlier repurchased, redeemed or converted. The 2025 Convertible 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.

Holders of the 2025 Convertible Notes may convert the 2025 Convertible Notes into shares of the Company’s common stock (together with cash in lieu of any fractional share), at their option, at any time until the close of business on the scheduled trading day immediately before the maturity date. Upon conversion of the 2025 Convertible Notes, the Company will deliver for each $1,000 principal amount of 2025 Convertible Notes converted a number of shares of the Company’s common stock (together with cash in lieu of any fractional share), equal to the conversion rate.

As of June 30, 2024, the conversion rate for the 2025 Convertible Notes is 7.92896 shares of common stock per $1,000 principal amount of 2025 Convertible Notes, which represents a conversion price of approximately $126.12 per share, and is subject to adjustment upon the occurrence of certain events, including, but not limited to, certain stock dividends, splits and combinations, the issuance of certain rights, options or warrants to holders of the common stock, certain distributions of assets, debt securities, capital stock or other property to holders of the common stock, cash dividends on the common stock and certain Company tender or exchange offers.

If a fundamental change (as defined in the Indenture) occurs at any time prior to the maturity date, then the noteholders may require the Company to repurchase their 2025 Convertible Notes at a cash repurchase price equal to the principal amount of the 2025 Convertible Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the fundamental change repurchase date. If a make-whole fundamental change (as defined in the Indenture) occurs, then the Company will in certain circumstances increase the conversion rate for a specified period of time.

The 2025 Convertible Notes are be redeemable, in whole or in part, at the Company’s option at any time, and from time to time, on or after May 6, 2023 through the last scheduled trading day before the maturity date, at a cash redemption price equal to the principal amount of the 2025 Convertible Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, as long as the last reported sale price per share of the common stock exceeds 130% of the conversion price on (i) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related redemption notice; and (ii) the trading day immediately before the date the Company sends such notice.

The Indenture contains customary events of default. If an event of default (other than certain events of bankruptcy, insolvency or reorganization involving the Company) occurs and is continuing, the Trustee, by notice to the Company, or the holders of the 2025 Convertible Notes representing at least 25% in aggregate principal amount of the outstanding 2025 Convertible Notes, by notice to the Company and the Trustee, may declare 100% of the principal of, and all accrued and unpaid interest on, all of the then outstanding 2025 Convertible Notes to be due and payable immediately. Upon the occurrence of certain events of bankruptcy, insolvency or reorganization involving the Company, 100% of the principal of, and all accrued and unpaid interest on, all of the then outstanding 2025 Convertible Notes will automatically become immediately due and payable. Notwithstanding the foregoing, the Indenture provides that, to the extent the Company elects, the sole remedy for an event of default relating to certain failures by the Company to comply with certain reporting covenants in the Indenture will, for the first 360 days after such event of default, consist exclusively of the right to receive additional interest on the 2025 Convertible Notes.

Interest make-whole payment

The 2025 Convertible Notes also include an interest make-whole payment feature whereby if the last reported sale price of the Company’s common stock for each of the five trading days immediately preceding a conversion date is greater than or equal to $105.10, the Company will, in addition to the other consideration payable or deliverable in connection with such conversion,

make an interest make-whole payment to the converting holder equal to the sum of the present values of the scheduled payments of interest that would have been made on the 2025 Convertible Notes to be converted had such notes remained outstanding from the conversion date through the earlier of (i) the date that is three years after the conversion date and (ii) the maturity date. The present values will be computed using a discount rate equal to 1%. The Company will satisfy its obligation to pay the interest make-whole payment, at its election, in cash or shares of common stock (together with cash in lieu of fractional shares). The Company has determined that this feature is an embedded derivative and has recognized the fair value of this derivative as a liability in the consolidated balance sheets, with subsequent changes to fair value to be recorded at each reporting period on the consolidated statement of operations in other income, net. See Note 3 – Fair Value Measurements, for more information on this derivative liability.

2025 Convertible Note Repurchases

On May 24, 2024, the Company entered into a repurchase agreement with a single holder of the 2025 Convertible Notes, resulting in the settlement of $3.0 million of outstanding principal at a purchase price of 55% of par. The repurchase price was equal to the aggregate principal amount at 55% of par, plus accrued and unpaid interest up to, but excluding, the repurchase date. The total repurchase payment was $1.7 million. The repurchase resulted in a gain of $1.3 million, net of costs incurred directly with executing the transaction, recorded within other (expense) income, net on the condensed consolidated statement of operations.

Additional repurchase and exchange restructuring transactions involving the 2025 Convertible Notes were completed after June 30, 2024. See Note 1 – Nature of Business and Significant Accounting Policies and Note 11 – Subsequent Events for more information.

As of June 30, 2024 and December 31, 2023, $158.9 million and $161.9 million of principal amount of the 2025 Convertible Notes was outstanding, respectively, $80.4 million of which was held by related parties.

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


	June 30, 2024		December 31, 2023
Principal	$	158,898	$	161,898
Add: fair value of embedded derivative	—		$	—
Less: unamortized debt discount	(679)		$	(1,106)
Less: unamortized issuance costs	(540)		$	(880)
Net carrying amount	$	157,679	$	159,912

The effective interest rate of the liability component of the 2025 Convertible Notes was 4.17% and 4.23% for the three months ended June 30, 2024 and 2023, respectively, and 4.17% and 4.25% for the six months ended June 30, 2024 and 2023, respectively.

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Contractual interest expense	$	1,305	$	1,315	$	2,620	$	2,631
Amortization of debt discount	$	205	$	207	412		414
Amortization of debt issuance costs	$	163	$	165	328		329
Total interest expense	$	1,673	$	1,687	$	3,360	$	3,374

The contractual interest expense on the 2025 Convertible Notes recorded within interest expense, net on the consolidated statements of operations attributable to related parties was $0.7 million in the three months ended June 30, 2024 and 2023 and $1.3 million in the six months ended June 30, 2024 and 2023. As of both June 30, 2024 and December 31, 2023, accrued interest due to related parties of $0.4 million was included within accrued expenses and other current liabilities on the condensed consolidated balance sheets.

Asset-backed Revolving Credit Facility

In August 2022, the Company entered into a Loan and Security Agreement (as subsequently amended, the “Credit Agreement”), by and among Siena Lending Group LLC, as lender (“Lender”), Inseego Wireless, Inc., a Delaware corporation (“Inseego Wireless”), a subsidiary of the Company, and Inseego North America LLC, an Oregon limited liability company and indirect subsidiary of the Company, as borrowers (together with Inseego Wireless, the “Borrowers”), and the Company, as guarantor (together with the Borrowers, the “Credit Facility Parties”).

The Credit Agreement established a secured asset-backed revolving credit facility which was 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. Availability under the Credit Facility was 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 were to be repaid immediately. The Borrowers’ obligations under the Credit Agreement were guaranteed by the Company. The Loan Parties’ obligations under the Credit Agreement were secured by a continuing security interest in all property of each Loan Party, subject to certain Excluded Collateral (as defined in the Credit Agreement).

On May 2, 2023, (1) two related parties, South Ocean Funding, LLC and North Sound Ventures, LP (collectively, the “Credit Facility Participants”) collectively purchased a $4.0 million last-out subordinated participation interest in the Credit Agreement (the “Credit Facility Participation Interest”) from the Lender, and (2) the Borrowers entered into an amendment to the 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 (the “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.

Effective April 18, 2024, the Company exercised its right to voluntarily pay-off and terminate the Credit Facility. As a result of the termination, the Company paid the outstanding balance and related termination fees on the Credit Facility of approximately $3.0 million. The Company also paid the Exit Fee in the aggregate amount of $0.4 million to the Participants. South Ocean Funding, LLC is an affiliate of Golden Harbor, Ltd. and North Sound Ventures, LP is an affiliate of North Sound Management, Inc. As of April 18, 2024, each of Golden Harbor, Ltd. and North Sound Management, Inc. were beneficial owners of in excess of 5% of the Company’s outstanding common stock. As a result of the voluntary pay-off, the Company recorded a loss on extinguishment of debt of $0.8 million within other (expense) income, net on the condensed consolidated statements of operations during the six months ended June 30, 2024.

The effective interest rate of the average outstanding balance for the Credit Facility was 36.1%, which includes 8.3% related to amortization of original issuance costs, and 28.5%, which includes 14.5% related to amortization of original issuance costs, for the six months ended June 30, 2024 and 2023, respectively. The following table sets forth total interest expense recognized related to the Credit Facility (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Contractual interest expense	$	90	$	105	$	312	$	223
Amortization of debt issuance costs	—		116		117		233
Total interest expense	$	90	$	221	$	429	$	456

- 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 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Loss per Share (Tables)

6 Months Ended

Jun. 30, 2024

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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net loss attributable to common stockholders	$	(184)	$	(5,675)	$	(5,429)	$	(11,503)
Weighted-average common shares outstanding*	11,894,746		11,108,029		11,887,233		10,984,794
Basic and diluted net loss per share	$	(0.02)	$	(0.51)	$	(0.46)	$	(1.05)

(*) Adjusted retroactively for reverse stock split that occurred on January 24, 2024, see Note 1

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

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 (in thousands):


	As of June 30,
	2024	2023
2025 Convertible Notes	1,301	1,409
Common stock warrants	465	—
Non-qualified stock options	297	758
Restricted stock units	161	190
Employee stock purchase plan	—	319
Total	2,224	2,676

Financial Statement Details - Other Long-term Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Long-term deferred revenue	$ 6,981	$ 1,704
Warranty obligations	120	120
Other	33	536
Total other long-term liabilities	$ 7,134	$ 2,360

Loss per Share - Antidilutive Securities (Details) - shares shares in Thousands	3 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)	2,224	2,676
2025 Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)	1,301	1,409
Common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)	465	0
Non-qualified stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)	297	758
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)	161	190
Employee stock purchase plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares (in shares)	0	319

Debt - Short Term Loan (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Short-Term Debt [Line Items]
Net carrying amount	$ 13,664	$ 0
Short-Term Loan Agreement
Short-Term Debt [Line Items]
Principal	16,500
Less: unamortized debt discount	(2,836)
Net carrying amount	$ 13,664

Debt - Asset-backed Revolving Credit Facility Narrative (Details) - USD ($)			3 Months Ended	6 Months Ended
	Apr. 18, 2024	May 02, 2023	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Aug. 31, 2022
Debt Instrument [Line Items]
Loss on extinguishment of debt			$ 800,000	$ (1,324,000)	$ 0
Effective interest rate of the average outstanding balance				36.10%	28.50%
Amortization of original issuance costs				8.30%	14.50%
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity						$ 50,000,000
Minimum draw		$ 8,500,000				$ 4,500,000
Debt aggregate face amount		4,000,000
Line of credit increase		$ 4,000,000
Repayments of line of credit	$ 3,000,000
Revolving Credit Facility \| South Ocean Funding, LLC and North Sound Ventures, LP
Debt Instrument [Line Items]
Debt aggregate face amount	$ 400,000
Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Commitment fee rate		7.50%
Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Commitment fee rate		12.50%

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income tax provision	$ 306	$ 304	$ 543	$ 616

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stockholders' Equity (Deficit)	6 Months Ended
Stockholders' Equity (Deficit)	Jun. 30, 2024
Equity [Abstract]
Stockholders' Equity (Deficit)	Stockholders' Equity (Deficit) Loan Warrants As noted in Note 4 – Debt, on June 28, 2024 in connection with the Short-Term Loan Agreement, the Company agreed to issue to the Lender and the Participating Lenders Loan Warrants to purchase an aggregate of 550,000 shares of the Company’s Common Stock. The Loan Warrants have an exercise price of $12.12 per share of Common Stock, subject to adjustment for stock splits, reverse stock splits, stock dividends and similar transactions. The Loan Warrants will expire on June 28, 2028, are exercisable on a cash basis, and contain customary registration rights with respect to the shares of Common Stock issuable upon exercise of the Loan Warrants. As of June 30, 2024, 465,385 of the 550,000 warrants were issued in connection with the portion of the Short-Term Loan received. The remaining 84,615 warrants were issued in July 2024. The proceeds from the Short-Term Loan Agreement, along with the related Loan Costs incurred, were allocated to the Loan Warrants and Short-Term Loan based on their relative fair values. This allocation resulted in the Warrants having a net value of $2.7 million that the Company recorded within Additional Paid-In Capital within the Company’s Condensed Consolidated Statements of Stockholders’ Deficit. Public Equity Offering In January 2021, the Company entered into an Equity Distribution Agreement with Canaccord Genuity LLC (the “Agent”), pursuant to which the Company could 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”). During the three months ended June 30, 2023 the Company sold 717,786 shares of common stock, at an average price of $7.70 per share, for net proceeds of $5.4 million, after deducting underwriter fees and discounts. During the six months ended June 30, 2023 the Company sold 803,596 shares of common stock, at an average price of $7.54 per share, for net proceeds of $5.9 million, after deducting underwriter fees and discounts. Effective as of November 2, 2023, the Equity Distribution Agreement was terminated by the Company, and there will be no further sales under the ATM Offering. Preferred Stock The Company has a total of 2,000,000 shares of preferred stock authorized for issuance at a par value of $0.001 per share, 150,000 of which have been designated Series D Preferred Stock and 39,500 of which have been designated Series E Preferred Stock. As of June 30, 2024 and December 31, 2023, the Company had 25,000 shares of Series E preferred stock issued and outstanding.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net loss	$ (3,831)	$ (10,041)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	9,069	10,819
Provision for expected credit losses	(101)	244
Impairment of capitalized software	420	504
Provision for excess and obsolete inventory	31	310
Impairment of operating lease right-of-use assets	0	469
Share-based compensation expense	1,586	3,762
Amortization of debt discount and debt issuance costs	857	977
Gain on debt repurchases	(1,324)	0
Deferred income taxes	12	95
Non-cash operating lease expense	816	(255)
Changes in assets and liabilities:
Accounts receivable	1,990	233
Inventories	3,501	6,172
Prepaid expenses and other assets	568	470
Accounts payable	5,952	5,106
Accrued expenses and other liabilities	14,643	(6,384)
Operating lease liabilities	(888)	198
Net cash provided by operating activities	33,301	12,679
Cash flows from investing activities:
Purchases of property, plant and equipment	(28)	(161)
Additions to capitalized software development costs and purchases of intangible assets	(2,348)	(4,441)
Net cash used in investing activities	(2,376)	(4,602)
Cash flows from financing activities:
Payments related to repurchases of 2025 Convertible Notes	(1,650)	0
Proceeds from issuance of short-term loan and warrants, net of issuance costs	16,500	0
Proceeds from a public offering of equity, net of issuance costs	0	6,059
Principal payments on financed assets	0	(360)
Net repayments on revolving credit facility	(4,094)	(4,598)
Other investing activities	2	126
Net cash provided by financing activities	10,758	1,227
Effect of exchange rates on cash	(209)	(1,282)
Net increase in cash and cash equivalents	41,474	8,022
Cash and cash equivalents, beginning of period	7,519	7,143
Cash and cash equivalents, end of period	48,993	15,165
Cash paid during the year for:
Interest	2,966	2,864
Income taxes	202	152
Supplemental disclosures of non-cash investing and financing activities:
Transfer of inventories to rental assets	1,346	665
Capital expenditures financed through accounts payable or accrued liabilities	162	4,312
Debt and warrant issuance costs financed through accrued liabilities	150	0
Right-of-use assets obtained in exchange for operating leases liabilities	$ 146	$ 833

Debt - 2025 Convertible Notes Narrative (Details) $ / shares in Units, $ in Thousands		3 Months Ended		6 Months Ended
	May 24, 2024 USD ($)	Jun. 30, 2024 USD ($) $ / shares	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) tradingDay $ / shares	Jun. 30, 2023 USD ($)	Jun. 28, 2024	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Accrued interest due to related parties		$ 400		$ 400			$ 400
Affiliated Entity
Debt Instrument [Line Items]
Contractual interest expense		700	$ 700	1,300	$ 1,300
2025 Notes
Debt Instrument [Line Items]
Repurchased face amount	$ 3,000
Redemption price as a percentage of principal amount	55.00%
Debt instrument, repurchase amount	$ 1,700
TDR transaction amount	$ 1,300
Convertible Debt \| 2025 Notes
Debt Instrument [Line Items]
Carrying amount of debt		$ 158,898		$ 158,898			161,898
Stated interest rate of debt issued		3.25%		3.25%		3.25%
Conversion ratio				0.00792896
Conversion price ($ per share) \| $ / shares		$ 126.12		$ 126.12
Threshold percentage of stock price trigger				130.00%
Threshold of trading days \| tradingDay				20
Threshold of consecutive trading days \| tradingDay				30
Aggregate percentage of holders to declare notes due and payable in default event				25.00%
Percentage of principal and accrued interest that may be called in default event				100.00%
Percentage of principal and accrued interest that may be called in event of bankruptcy, insolvency or reorganization				100.00%
Trading day threshold				5 days
Stock price trigger (in dollars per share) \| $ / shares				$ 105.10
Make-whole payment term				3 years
Interest make-whole payment discount rate		1.00%		1.00%
Interest rate during period		4.17%	4.23%	4.17%	4.25%
Contractual interest expense		$ 1,305	$ 1,315	$ 2,620	$ 2,631
Convertible Debt \| 2025 Notes \| Affiliated Entity
Debt Instrument [Line Items]
Carrying amount of debt		$ 80,400		$ 80,400			$ 80,400

Financial Statement Details - Inventories, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Finished goods	$ 17,983	$ 21,264
Raw materials and components	23	1,616
Total inventories	$ 18,006	$ 22,880

Share-based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Compensation

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 six months ended June 30, 2024 and 2023 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Cost of revenues	$	35	$	223	$	66	$	406
Research and development	81		445		241		693
Sales and marketing	50		390		215		719
General and administrative	703		906		1,064		1,944

Total	$	869	$	1,964	$	1,586	$	3,762

Schedule of Stock Option Activity

The following table summarizes the Company’s stock option activity for the six months ended June 30, 2024:






Outstanding — December 31, 2023			545,872
Granted			14,250
Exercised			(270)
Canceled			(262,605)
Outstanding — June 30, 2024			297,247

Exercisable — June 30, 2024			195,725

Schedule of Restricted Stock Unit Activity

The following table summarizes the Company’s RSU activity for the six months ended June 30, 2024:






Non-vested — December 31, 2023			203,008
Granted			—
Vested			(29,293)
Forfeited			(12,274)
Non-vested — June 30, 2024			161,441

Financial Statement Details (Tables)

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Inventories

Inventories consist of the following (in thousands):


	June 30, 2024		December 31, 2023
Finished goods	$	17,983	$	21,264
Raw materials and components	23		1,616
Total inventories	$	18,006	$	22,880

Schedule of Prepaid Expenses and Other

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


	June 30, 2024		December 31, 2023

Rebate receivables	$	1,566	$	1,950
Receivables from contract manufacturers	1,752		1,823
Software licenses	901		504

Deposits	713		503

Other	468		431
Total prepaid expenses and other	$	5,400	$	5,211

Schedule of Accrued Expenses and Other Current Liabilities

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


	June 30, 2024		December 31, 2023
Royalties	$	1,824	$	845
Payroll and related expenses	6,827		4,159
Warranty obligations	480		480

Accrued interest	1,146		1,038
Deferred revenue	13,363		5,583

Operating lease liabilities	1,579		1,681
Accrued contract manufacturing liabilities	5,843		7,537


Other	5,957		5,699
Total accrued expenses and other current liabilities	$	37,019	$	27,022

Schedule of Other Long-term Liabilities

Other long-term liabilities consist of the following (in thousands):


	June 30, 2024		December 31, 2023
Long-term deferred revenue	$	6,981	$	1,704
Warranty obligations	120		120
Other	33		536
Total other long-term liabilities	$	7,134	$	2,360

Share-based Compensation

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Share-based Compensation

During the three and six months ended June 30, 2024 and 2023, 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, 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.


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Cost of revenues	$	35	$	223	$	66	$	406
Research and development	81		445		241		693
Sales and marketing	50		390		215		719
General and administrative	703		906		1,064		1,944

Total	$	869	$	1,964	$	1,586	$	3,762

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 six months ended June 30, 2024:






Outstanding — December 31, 2023			545,872
Granted			14,250
Exercised			(270)
Canceled			(262,605)
Outstanding — June 30, 2024			297,247

Exercisable — June 30, 2024			195,725

At June 30, 2024, total unrecognized compensation expense related to stock options was $0.5 million, which is expected to be recognized over a weighted-average period of 3.15 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.

The following table summarizes the Company’s RSU activity for the six months ended June 30, 2024:






Non-vested — December 31, 2023			203,008
Granted			—
Vested			(29,293)
Forfeited			(12,274)
Non-vested — June 30, 2024			161,441

At June 30, 2024, total unrecognized compensation expense related to RSUs was $1.2 million, which is expected to be recognized over a weighted-average period of 0.90 years.

Financial Statement Details - Prepaid Expenses and Other (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Rebate receivables	$ 1,566	$ 1,950
Receivables from contract manufacturers	1,752	1,823
Software licenses	901	504
Deposits	713	503
Other	468	431
Total prepaid expenses and other	$ 5,400	$ 5,211

Financial Statement Details - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Royalties	$ 1,824	$ 845
Payroll and related expenses	6,827	4,159
Warranty obligations	480	480
Accrued interest	1,146	1,038
Deferred revenue	13,363	5,583
Operating lease liabilities	1,579	1,681
Accrued contract manufacturing liabilities	5,843	7,537
Other	5,957	5,699
Total accrued expenses and other current liabilities	$ 37,019	$ 27,022

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Allowance for doubtful accounts	$ 890,000	$ 1,113,000
Accumulated depreciation, Property, plant and equipment	29,835,000	28,920,000
Accumulated depreciation, Rental assets	8,682,000	7,003,000
Accumulated amortization, Intangible assets	$ 45,110,000	$ 39,987,000
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)	11,910,151	11,878,557
Common stock, shares outstanding (in shares)	11,910,151	11,878,557
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	$ 36,721,385	$ 36,721,385

Share-based Compensation - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
General term (in years)	10 years
Unrecognized expense	$ 0.5
Recognition period	3 years 1 month 24 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]
Recognition period	10 months 24 days
Unrecognized expense	$ 1.2
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

Geographic Information and Concentrations of Risk - Narrative (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Net Revenues \| Customer concentration risk \| Customer one
Segment Reporting Information [Line Items]
Concentration percentage	30.00%	33.20%	24.90%	30.00%
Net Revenues \| Customer concentration risk \| Customer two
Segment Reporting Information [Line Items]
Concentration percentage	39.50%	25.90%	39.40%	28.40%
Accounts Receivable \| Credit concentration risk \| Customer one
Segment Reporting Information [Line Items]
Concentration percentage			30.70%		41.80%
Accounts Receivable \| Credit concentration risk \| Customer two
Segment Reporting Information [Line Items]
Concentration percentage			15.30%		10.20%
Accounts Receivable \| Credit concentration risk \| Customer three
Segment Reporting Information [Line Items]
Concentration percentage			12.50%

Fair Value Measurements - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
Fair Value Measurements - Narrative (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Financial liabilities fair value	$ 0		$ 0		$ 0
Gain on change in fair value of embedded derivative	$ 0	$ 0	$ 0	$ 0

Debt - 2025 Convertible Notes (Details) - 2025 Notes - Convertible Debt - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Principal	$ 158,898	$ 161,898
Add: fair value of embedded derivative	0	0
Less: unamortized debt discount	(679)	(1,106)
Less: unamortized issuance costs	(540)	(880)
Net carrying amount	$ 157,679	$ 159,912

- 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.

+ References

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

The Company’s only financial instrument measured at fair value on a recurring basis is its interest make-whole payment derivative liability on its 2025 Convertible Notes (see Note 4 – Debt). The fair value of that liability was zero as of both June 30, 2024 and December 31, 2023.

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


	June 30, 2024		December 31, 2023
Volatility	98.50	%	77.00	%
Stock price	$10.66 per share		$2.20 per share
Credit spread	107.58	%	92.20	%
Term	0.84 years		1.34 years
Dividend yield	—	%	—	%
Risk-free rate	5.17	%	4.60	%

There was no change in the fair value of the interest make-whole liability for the three and six months ended June 30, 2024 or June 30, 2023.

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 2025 Convertible Notes. The 2025 Convertible 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions	Jul. 30, 2024	Jul. 19, 2024	Aug. 08, 2024	Aug. 02, 2024	May 24, 2024
Subsequent event
Subsequent Event [Line Items]
Number of shares issued (in shares)		349,740
Number of securities called by warrants or rights (in shares)		236,074		180,000
Exercise price of warrants (in dollars per share)		$ 13.37		$ 11.27
Warrant or right, reason for issuance expiry term		4 years		4 years
Subsequent event \| RSUs
Subsequent Event [Line Items]
Number of shares authorized under the plan (in shares)	1,000,000.0
Vesting period (in years)	4 years
Subsequent event \| Secured Debt
Subsequent Event [Line Items]
Debt aggregate face amount				$ 4.3
Stated interest rate of debt issued				9.00%
2025 Notes
Subsequent Event [Line Items]
Debt instrument, repurchase amount					$ 1.7
2025 Notes \| Subsequent event
Subsequent Event [Line Items]
Debt aggregate face amount		$ 4.7		$ 5.0
Stated interest rate of debt issued			87.70%
Debt instrument, repurchase amount			$ 141.9

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

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:


	June 30, 2024		December 31, 2023
Volatility	98.50	%	77.00	%
Stock price	$10.66 per share		$2.20 per share
Credit spread	107.58	%	92.20	%
Term	0.84 years		1.34 years
Dividend yield	—	%	—	%
Risk-free rate	5.17	%	4.60	%

Debt (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Schedule of Net Carrying Amount of Debt

The Short-Term Loan amount recorded in the Condensed Consolidated Balance Sheets as of June 30, 2024 consists of the following:


	June 30, 2024
Principal	$	16,500
Less: unamortized debt discount1	(2,836)

Net carrying amount	$	13,664

1Represents the portion of the net proceeds received for the Short-Term Loan and Loan Warrants that was allocated to the Loan Warrants, see Note 7 – Stockholders' Equity (Deficit)

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


	June 30, 2024		December 31, 2023
Principal	$	158,898	$	161,898
Add: fair value of embedded derivative	—		$	—
Less: unamortized debt discount	(679)		$	(1,106)
Less: unamortized issuance costs	(540)		$	(880)
Net carrying amount	$	157,679	$	159,912

Schedule of Interest Expense

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Contractual interest expense	$	1,305	$	1,315	$	2,620	$	2,631
Amortization of debt discount	$	205	$	207	412		414
Amortization of debt issuance costs	$	163	$	165	328		329
Total interest expense	$	1,673	$	1,687	$	3,360	$	3,374

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Contractual interest expense	$	90	$	105	$	312	$	223
Amortization of debt issuance costs	—		116		117		233
Total interest expense	$	90	$	221	$	429	$	456

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s income tax provision was $0.3 million and $0.5 million for the three and six months ended June 30, 2024, respectively, compared to $0.3 million and $0.6 million for the three and six months ended June 30, 2023, respectively. Income taxes for both periods consisted primarily of foreign income taxes at certain of the Company’s international entities and 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 the three and six months ended June 30, 2024 and 2023, were largely driven by a combination of improved profits and unrealized foreign currency gains at the Company’s foreign subsidiaries.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT - USD ($)
shares in Thousands, $ in Thousands

Total

Preferred Stock

Common Stock

Additional Paid-in Capital

^[1]

Accumulated Deficit

Accumulated Other Comprehensive (Loss) Income

Beginning balance (shares) at Dec. 31, 2022

10,847

^[1]

Beginning balance at Dec. 31, 2022

$ (70,118)

$ 0

$ 11

^[1]

$ 793,952

$ (857,751)

$ (6,330)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net (loss) income

(10,041)

Foreign currency translation adjustment

(525)

Exercises of stock options, vesting of restricted stock units and stock issued under employee stock purchase plan, net of taxes withheld (shares)

^[1]

Exercises of stock options, vesting of restricted stock units and stock issued under employee stock purchase plan, net of taxes withheld

Issuance of common shares in connection with a public offering, net of issuance costs (shares)

^[1]

803

Issuance of common shares in connection with a public offering, net of issuance costs

6,058

$ 1

^[1]

6,057

Share-based compensation

3,762

Preferred stock dividends

1,462

(1,462)

Ending balance (shares) at Jun. 30, 2023

11,687

^[1]

Ending balance at Jun. 30, 2023

(70,815)

$ 0

$ 12

^[1]

805,282

(869,254)

(6,855)

Beginning balance (shares) at Mar. 31, 2023

10,937

^[1]

Beginning balance at Mar. 31, 2023

(72,725)

$ 0

$ 11

^[1]

797,079

(863,579)

(6,236)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net (loss) income

(4,936)

Foreign currency translation adjustment

(619)

Exercises of stock options, vesting of restricted stock units and stock issued under employee stock purchase plan, net of taxes withheld (shares)

^[1]

Exercises of stock options, vesting of restricted stock units and stock issued under employee stock purchase plan, net of taxes withheld

(28)

Issuance of common shares in connection with a public offering, net of issuance costs (shares)

^[1]

718

Issuance of common shares in connection with a public offering, net of issuance costs

5,529

$ 1

^[1]

5,528

Share-based compensation

1,964

Preferred stock dividends

739

(739)

Ending balance (shares) at Jun. 30, 2023

11,687

^[1]

Ending balance at Jun. 30, 2023

(70,815)

$ 0

$ 12

^[1]

805,282

(869,254)

(6,855)

Beginning balance (shares) at Dec. 31, 2023

11,879

^[1]

Beginning balance at Dec. 31, 2023

(102,105)

$ 0

$ 12

^[1]

810,138

(906,928)

(5,327)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net (loss) income

(3,831)

Foreign currency translation adjustment

(93)

Exercises of stock options, vesting of restricted stock units and stock issued under employee stock purchase plan, net of taxes withheld (shares)

^[1]

Exercises of stock options, vesting of restricted stock units and stock issued under employee stock purchase plan, net of taxes withheld

(6)

Share-based compensation

1,586

Issuance of common stock warrants, net of issuance costs

2,686

Preferred stock dividends

1,598

(1,598)

Ending balance (shares) at Jun. 30, 2024

11,910

^[1]

Ending balance at Jun. 30, 2024

(101,763)

$ 0

$ 12

^[1]

816,002

(912,357)

(5,420)

Beginning balance (shares) at Mar. 31, 2024

11,883

^[1]

Beginning balance at Mar. 31, 2024

(105,589)

$ 0

$ 12

^[1]

811,637

(912,173)

(5,065)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net (loss) income

624

Foreign currency translation adjustment

(355)

Exercises of stock options, vesting of restricted stock units and stock issued under employee stock purchase plan, net of taxes withheld (shares)

^[1]

Exercises of stock options, vesting of restricted stock units and stock issued under employee stock purchase plan, net of taxes withheld

Share-based compensation

869

Issuance of common stock warrants, net of issuance costs

2,686

Preferred stock dividends

808

(808)

Ending balance (shares) at Jun. 30, 2024

11,910

^[1]

Ending balance at Jun. 30, 2024

$ (101,763)

$ 0

$ 12

^[1]

$ 816,002

$ (912,357)

$ (5,420)

[1]	Adjusted retroactively for reverse stock split that occurred on January 24, 2024, see Note 1

Loss per Share - Calculation of Basic and Diluted Earnings per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Earnings Per Share [Abstract]

Net loss attributable to common stockholders

$ (184)

$ (5,675)

$ (5,429)

$ (11,503)

Weighted-average common shares outstanding, basic (in shares)

^[1]

11,894,746

11,108,029

11,887,233

10,984,794

Weighted-average common shares outstanding, diluted (in shares)

^[1]

11,894,746

11,108,029

11,887,233

10,984,794

Basic net loss per share (in dollars per share)

^[1]

$ (0.02)

$ (0.51)

$ (0.46)

$ (1.05)

Diluted net loss per share (in dollars per share)

^[1]

$ (0.02)

$ (0.51)

$ (0.46)

$ (1.05)

[1]	Adjusted retroactively for reverse stock split that occurred on January 24, 2024, see Note 1

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
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-URI https://asc.fasb.org/1943274/2147482635/260-10-55-52

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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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.

+ References

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+ Details

Share-based Compensation - Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 869	$ 1,964	$ 1,586	$ 3,762
Cost of revenues
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	35	223	66	406
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	81	445	241	693
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	50	390	215	719
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense	$ 703	$ 906	$ 1,064	$ 1,944

Geographic Information and Concentrations of Risk

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Geographic Information and Concentrations of Risk

Geographic Information

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
United States and Canada	$	50,808	$	46,072	$	86,284	$	89,277
Europe (including United Kingdom)	$	7,051	$	5,956	13,802		11,942
Australia	$	1,278	$	1,450	4,058		3,048
Other	$	12	$	79	14		84
Total	$	59,149	$	53,557	$	104,158	$	104,351

Concentrations of Credit Risk

For the three months ended June 30, 2024, two customers accounted for 39.5% and 30.0% of revenues, respectively. For the three months ended June 30, 2023, two customers accounted for 33.2% and 25.9% of revenues, respectively.

For the six months ended June 30, 2024, two customers accounted for 39.4% and 24.9% of revenues, respectively. For the six months ended June 30, 2023, two customers accounted for 30.0% and 28.4%, respectively, of revenues.

As of June 30, 2024, three customers accounted for 30.7%, 15.3%, and 12.5% of accounts receivable, net, respectively. As of December 31, 2023, two customers accounted for 41.8% and 10.2% 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.

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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 48,993	$ 7,519
Accounts receivable, net of allowance for expected credit losses of $890 and $1,113, respectively	20,727	22,616
Inventories	18,006	22,880
Prepaid expenses and other	5,400	5,211
Total current assets	93,126	58,226
Property, plant and equipment, net of accumulated depreciation of $29,835 and $28,920, respectively	1,925	2,758
Rental assets, net of accumulated depreciation of $8,682 and $7,003, respectively	4,863	5,083
Intangible assets, net of accumulated amortization of $45,110 and $39,987, respectively	22,644	27,140
Goodwill	21,922	21,922
Operating lease right-of-use assets	4,701	5,412
Other assets	382	1,256
Total assets	149,563	121,797
Current liabilities:
Accounts payable	30,739	24,795
Accrued expenses and other current liabilities	37,019	27,022
Short-term loan	13,664	0
2025 Convertible Notes, net	157,679	0
Revolving credit facility	0	4,094
Total current liabilities	239,101	55,911
Long-term liabilities:
2025 Convertible Notes, net	0	159,912
Operating lease liabilities	4,394	5,039
Deferred tax liabilities, net	697	680
Other long-term liabilities	7,134	2,360
Total liabilities	251,326	223,902
Commitments and contingencies (Note 9)
Stockholders’ deficit:
Preferred stock, value, issued	0	0
Common stock, par value $0.001; 150,000,000 shares authorized, 11,910,151 and 11,878,557 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	12	12
Additional paid-in capital	816,002	810,138
Accumulated other comprehensive loss	(5,420)	(5,327)
Accumulated deficit	(912,357)	(906,928)
Total stockholders’ deficit	(101,763)	(102,105)
Total liabilities and stockholders’ deficit	$ 149,563	$ 121,797

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2024
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 June 30, 2024, future payments under these noncancellable purchase obligations were approximately $78.2 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 upon 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.

Loss per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Loss per Share

Basic loss 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 Convertible 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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net loss attributable to common stockholders	$	(184)	$	(5,675)	$	(5,429)	$	(11,503)
Weighted-average common shares outstanding*	11,894,746		11,108,029		11,887,233		10,984,794
Basic and diluted net loss per share	$	(0.02)	$	(0.51)	$	(0.46)	$	(1.05)

(*) Adjusted retroactively for reverse stock split that occurred on January 24, 2024, see Note 1


	As of June 30,
	2024	2023
2025 Convertible Notes	1,301	1,409
Common stock warrants	465	—
Non-qualified stock options	297	758
Restricted stock units	161	190
Employee stock purchase plan	—	319
Total	2,224	2,676

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On July 19, 2024, the Company entered into an agreement with a holder of approximately $4.7 million in principal amount of the Company’s 2025 Convertible Notes, pursuant to which the Company agreed to repurchase the holder’s 2025 Convertible Notes in exchange for 349,740 shares of the Company’s common stock, and warrants to purchase an aggregate of 236,074 shares of Common Stock, plus accrued interest. The warrants have the same general terms as the Loan Warrants and an exercise price of $13.37 per share of Common Stock and will expire four years from the date of issuance. On August 2, 2024, the Company entered into an agreement with another holder of approximately $5.0 million in principal amount of the Company’s 2025 Convertible Notes, pursuant to which the Company agreed to repurchase the holder’s 2025 Convertible Notes in exchange for new senior secured notes with an aggregate principal amount of $4.3 million and warrants to purchase an aggregate of 180,000 shares of Common Stock. The new senior secured notes will bear interest at 9% per annum, payable semi-annually in arrears, and matures on May 1, 2029. The warrants have the same general terms as the Loan Warrants and an exercise price of $11.27 per share of Common Stock and will expire four years from the date of issuance. Through the date of issuance of this report, the Company has repurchased and/or entered into binding agreements to repurchase and/or exchange approximately $141.9 million, or 87.7%, of face value of the outstanding 2025 Convertible Notes. On July 30, 2024, the Company’s Board of Directors approved new issuances of approximately 1.0 million restricted stock units to our employee base. These restricted stock units will generally vest over a four year period.