0001581760-24-000080 | 10-Q | XBRL Viewer

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Equity Incentive Plan - Stock Option Activity (Details) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares
Number of Shares Underlying Outstanding Options
Balance (in shares) \| shares	6,625,812
Options granted (in shares) \| shares	0
Options exercised (in shares) \| shares	(407,277)
Options canceled/forfeited (in shares) \| shares	(191,094)
Balance (in shares) \| shares	6,027,441	6,625,812
Exercisable (in shares) \| shares	5,443,161
Weighted Average Exercise Price per Share
Balance (in usd per share) \| $ / shares	$ 6.57
Options granted (in usd per share) \| $ / shares	0
Options exercised (in usd per share) \| $ / shares	8.18
Options canceled/forfeited (in usd per share) \| $ / shares	14.45
Balance (in usd per share) \| $ / shares	6.21	$ 6.57
Exercisable (in usd per share) \| $ / shares	$ 5.57
Weighted Average Remaining Contractual Life, Balance (in Years)	4 years 3 months 18 days	4 years 8 months 12 days
Weighted Average Remaining Contractual Life, Exercisable (in Years)	4 years 3 months 18 days
Aggregate Intrinsic Value, Balance \| $	$ 157,803	$ 59,957
Aggregate Intrinsic Value, Exercisable \| $	$ 145,976

Costs Capitalized to Obtain Contracts (Tables)

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Costs capitalized to obtain contracts

The following table represents a roll forward of the Company’s costs capitalized to obtain contracts, net (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Costs capitalized to obtain contracts, net, beginning of period	$	1,901	$	2,123	$	1,844	$	2,063

Additions to costs capitalized to obtain contracts, net	387		497		785		995
Amortization of costs capitalized to obtain contracts, net	(322)		(426)		(663)		(864)
Costs capitalized to obtain contracts, net, end of period	$	1,966	$	2,194	$	1,966	$	2,194

Deferred Revenue

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Deferred Revenue

4. Deferred Revenue

Deferred revenue consists primarily of payments received and accounts receivable recorded in advance of revenue recognition under the Company’s subscription service arrangements and is recognized as the revenue recognition criteria is met. The Company primarily invoices its customers for its subscription services arrangements in advance. Amounts anticipated to be recognized within one year of the balance sheet date are recorded as deferred revenue, current and the remaining portion is recorded as deferred revenue, noncurrent on the condensed consolidated balance sheets.

During the three and six months ended June 30, 2024, the Company recognized revenue of $7.8 million and $26.2 million, respectively, that was included in the deferred revenue balance at December 31, 2023. During the three and six months ended June 30, 2023, the Company recognized revenue of $6.0 million and $19.8 million, respectively, that was included in the deferred revenue balance at December 31, 2022

Remaining performance obligations represent the amount of contracted future revenue not yet recognized as the amounts relate to undelivered performance obligations, including both deferred revenue and non-cancelable contracted amounts that will be invoiced and recognized as revenue in future periods. Revenue expected to be recognized in connection with remaining performance obligations was $56.6 million as of June 30, 2024, of which the Company expects 98% to be recognized over the next twelve months.

5. Costs Capitalized to Obtain Contracts

The Company recognizes as an asset the costs of obtaining a contract with a customer if it expects to recover those costs and they are both direct and incremental. These costs are attributable to the Company’s largest Channel Partners.

Costs of obtaining new revenue contracts are deferred and then amortized on a straight-line basis over the related period of benefit, which is estimated to be two to three years depending on the subscription type.

The following table represents a roll forward of the Company’s costs capitalized to obtain contracts, net (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Costs capitalized to obtain contracts, net, beginning of period	$	1,901	$	2,123	$	1,844	$	2,063

Additions to costs capitalized to obtain contracts, net	387		497		785		995
Amortization of costs capitalized to obtain contracts, net	(322)		(426)		(663)		(864)
Costs capitalized to obtain contracts, net, end of period	$	1,966	$	2,194	$	1,966	$	2,194

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

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+ Details

Commitments and Contingencies - Purchase Commitments (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2024	$ 18,355
2025	25,000
2026	25,500
2027	26,000
Total purchase commitments	$ 94,855

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Aug. 05, 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	000-56424
Entity Registrant Name	Life360, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	26-0197666
Entity Address, Address Line One	1900 South Norfolk Street
Entity Address, Address Line Two	Suite 310
Entity Address, City or Town	San Mateo
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94403
City Area Code	415
Local Phone Number	484-5244
Title of 12(g) Security	Common Stock, $0.001 par value per share
Trading Symbol	LIF
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		74,135,201
Entity Central Index Key	0001581760
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false

Costs Capitalized to Obtain Contracts (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Capitalized Contract Cost [Roll Forward]
Costs capitalized to obtain contracts, net, beginning of period	$ 1,901	$ 2,123	$ 1,844	$ 2,063
Additions to costs capitalized to obtain contracts, net	387	497	785	995
Amortization of costs capitalized to obtain contracts, net	(322)	(426)	(663)	(864)
Costs capitalized to obtain contracts, net, end of period	$ 1,966	$ 2,194	$ 1,966	$ 2,194
Minimum
Capitalized Contract Cost [Line Items]
Capitalized contract costs, amortization period	2 years		2 years
Maximum
Capitalized Contract Cost [Line Items]
Capitalized contract costs, amortization period	3 years		3 years

Derivative Liability (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	Dec. 31, 2023	Jul. 31, 2021
Debt Instrument [Line Items]
Derivative liability, noncurrent	$ 0		$ 0		$ 217	$ 700
Gain on settlement of derivative liability	$ 1,924	$ 0	$ 1,924	$ 0
July 2021 Convertible Notes
Debt Instrument [Line Items]
Convertible notes conversion price (in usd per share)	$ 11.96		$ 11.96			$ 11.96

- Definition

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

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+ Details

Equity Incentive Plan - Narrative (Details) - USD ($) $ in Thousands		1 Months Ended		3 Months Ended			6 Months Ended		12 Months Ended
	Mar. 31, 2022	Jan. 31, 2022	Sep. 30, 2021	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Capitalized stock-based compensation expense				$ 400		$ 0	$ 400	$ 0
Tile
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards forfeited (in shares)	787,446
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense, stock options				2,700			$ 2,700
Unrecognized compensation expense, period for recognition							1 year 6 months
Stock options \| Jiobit
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense, stock options				$ 20			$ 20		$ 100
Unrecognized compensation expense, period for recognition							8 months 12 days		1 year
Excluded consideration, share-based compensation (in shares)			43,083
Excluded consideration, share-based compensation			$ 500
Performance-based restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Performance-based restricted stock units granted (in shares)				61,328	54,075
Performance period							1 year
Performance target percentage							200.00%
Performance goal metric percentage							50.00%
Vesting period							4 years
PRSU awards vested (in shares)							0
Performance-based restricted stock units \| Tranche one
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage							25.00%
Performance-based restricted stock units \| Tranche two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage							6.25%
Performance-based restricted stock units \| Tile
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period		2 years
Excluded consideration, share-based compensation (in shares)		787,446
Excluded consideration, share-based compensation		$ 15,600
Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense, period for recognition							3 years
Performance-based restricted stock units granted (in shares)							2,041,638
PRSU awards vested (in shares)							1,992,579
Unrecognized compensation expense, other awards				$ 89,100			$ 89,100
Awards forfeited (in shares)							339,141
Restricted stock units \| Tile
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense, period for recognition							1 year 6 months		1 year 10 months 24 days
Excluded consideration, share-based compensation (in shares)		1,499,349					711,903
Unrecognized compensation expense, other awards				$ 500			$ 500		$ 700
Excluded consideration, share-based compensation		$ 29,600
Restricted stock units \| Tile \| Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period							2 years
Restricted stock units \| Tile \| Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period							4 years
Restricted stock \| Tile
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation expense, period for recognition		6 months
Excluded consideration, shares granted (in shares)		1,561
Grants in period, aggregate fair value		$ 31
Service period		30 months

Deferred Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Deferred Revenue (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue recognized	$ 7.8	$ 6.0	$ 26.2	$ 19.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, amount	$ 56.6		$ 56.6
Revenue, remaining performance obligation, percentage	98.00%		98.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing of satisfaction	12 months		12 months

Equity Incentive Plan - Stock-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
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation, net of amounts capitalized	$ 10,786	$ 9,269	$ 19,047	$ 18,224
Cost of revenue
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation, net of amounts capitalized	427	407	774	749
Cost of revenue \| Subscription
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation, net of amounts capitalized	203	154	362	279
Cost of revenue \| Hardware
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation, net of amounts capitalized	224	243	408	449
Cost of revenue \| Other
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation, net of amounts capitalized	0	10	4	21
Research and development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation, net of amounts capitalized	6,467	5,301	11,793	10,086
Sales and marketing
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation, net of amounts capitalized	774	560	1,406	1,487
General and administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation, net of amounts capitalized	$ 3,118	$ 3,001	$ 5,074	$ 5,902

Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

6. Fair Value Measurements

The Company measures its financial assets at fair value each reporting period using a fair value hierarchy that prioritizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

The three levels of inputs which may be used to measure fair value are as follows:

Level 1 - Observable inputs, such as quoted prices in active markets for identical assets or liabilities.

Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 - Valuations based on unobservable inputs to the valuation methodology and including data about assumptions market participants would use in pricing the asset or liability based on the best information available under the circumstances.

The carrying amounts of certain financial instruments, including cash and cash equivalents, prepaid expenses, accounts receivable, and accounts payable approximate fair value due to their short-term maturities.

The Company measures and reports certain assets and liabilities at fair value on a recurring basis. The fair value of these assets and liabilities as of June 30, 2024 and December 31, 2023 are classified as follows (in thousands):


	As of June 30, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	130,707	$	—	$	—	$	130,707
Total assets	$	130,707	$	—	$	—	$	130,707
Liabilities:
Derivative liability (Note 9)	$	—	$	—	$	—	$	—
Convertible notes (Note 8)	—		—		—		—
Total liabilities	$	—	$	—	$	—	$	—


	As of December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	41,981	$	—	$	—	$	41,981
Total assets	$	41,981	$	—	$	—	$	41,981
Liabilities:
Derivative liability (Note 9)	$	—	$	—	$	217	$	217
Convertible notes (Note 8)	—		—		3,449		3,449
Total liabilities	$	—	$	—	$	3,666	$	3,666

The change in fair value of the Level 3 instruments were as follows (in thousands):


	As of June 30, 2024
	Derivative liability (Note 9)		Convertible notes (Note 8)
	(unaudited)
Fair value, beginning of the year	$	217	$	3,449

Changes in fair value	1,707		608

Settlement of September 2021 Convertible Notes upon conversion (Note 8)	—		(3,548)
Gain on settlement of September 2021 Convertible Notes (Note 8)	—		(509)
Gain on settlement of derivative liability (Note 9)	(1,924)		—
Fair value, end of period	$	—	$	—


	As of December 31, 2023
	Derivative liability (Note 9)		Convertible notes (Note 8)
Fair value, beginning of the year	$	101	$	6,938
Vesting of revesting notes	—		72
Forfeiture of revesting notes	—		(326)
Repayment of convertible notes (Note 8)	—		(3,919)
Changes in fair value	116		684

Fair value, end of period	$	217	$	3,449

For the three and six months ended June 30, 2024, the Company recorded a loss associated with the change in fair value of the derivative liability of zero and $1.7 million, respectively. For the three and six months ended June 30, 2024, the Company recorded a gain of $1.9 million related to the settlement of the derivative liability upon conversion of the July 2021 Convertible Notes. Refer to Note 8, "Convertible Notes" for further details.

For the three and six months ended June 30, 2024, the Company recorded a loss associated with the change in fair value of the September 2021 Convertible Notes of zero and $0.6 million, respectively. For the three and six months ended June 30, 2024, the Company recorded a gain of $0.5 million related to the settlement of the September 2021 Convertible Notes upon conversion. For the year ended December 31, 2023, the Company recorded a loss associated with the change in fair value of the derivative liability and the convertible notes of $0.1 million and $0.7 million, respectively. The amounts have been recorded in other income (expense), net in the condensed consolidated statements of operations and comprehensive loss.

For the three and six months ended June 30, 2023, the Company recorded a loss associated with the change in fair value of the derivative liability of $0.3 million and $0.2 million, respectively. For the three and six months ended June 30, 2023, the Company recorded a loss associated with the change in fair value of the September 2021 Convertible Notes of $0.3 million and $0.2 million, respectively. The amounts have been recorded in other income (expense), net in the condensed consolidated statements of operations and comprehensive loss.

- 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

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+ Details

Net Loss Per Share - Antidilutive Shares (Details) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock (in shares)	11,927,663	13,916,103
Issuances under stock incentive plan
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock (in shares)	6,027,441	7,373,302
Issuances upon exercise of common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock (in shares)	7,761	137,658
Issuances upon vesting of restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock (in shares)	5,892,461	5,888,385
Issuances upon conversion of convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive common stock (in shares)	0	516,758

Derivative Liability	6 Months Ended
Derivative Liability	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Liability	9. Derivative Liability The Company’s derivative liability represents embedded share-settled redemption features bifurcated from its July 2021 Convertible Notes and is carried at fair value. The changes in the fair value of the derivative liability are recorded in other income (expense), net in the Company’s condensed consolidated statements of operations and comprehensive loss. Upon the issuance of the July 2021 Convertible Notes, the Company recorded a derivative liability of $0.7 million at fair value using inputs classified as Level 3 in the fair value hierarchy. In June 2024, the holders of the July 2021 Convertible Notes converted their notes and accrued interest to common stock based on a fixed conversion price of $11.96 per share. As the Company’s derivative liability represented embedded share-settled redemption features bifurcated from its July 2021 Convertible Notes, the derivative liability was settled as a result of the conversion of the July 2021 Convertible Notes. A $1.9 million gain was recorded within other income (expense), net on the condensed consolidated statements of operations and comprehensive loss for the three months ended June 30, 2024. As of June 30, 2024, the fair value of the derivative liability was zero on the Company’s condensed consolidated balance sheet. As of December 31, 2023, the fair value of the derivative liability was $0.2 million. Refer to Note 6, "Fair Value Measurements" and Note 8, "Convertible Notes" for further details.

Segment and Geographic Revenue

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segment and Geographic Revenue

3. Segment and Geographic Revenue

The Company operates as a single operating segment. The Company’s chief operating decision maker is its chief executive officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. All material long-lived assets are based in the United States.

Revenue by geographic region is generally based on the address of the customer as defined in the contract with the customer. The following table sets forth revenue by geographic region for the periods presented (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
North America	$	74,929	$	63,541	$	145,245	$	124,341
Europe, Middle East and Africa	6,286		4,137		10,919		8,456
Other international regions	3,648		3,110		6,926		6,134
Total revenue	$	84,863	$	70,788	$	163,090	$	138,931

The Company’s revenues in the United States were $73.4 million, or 87%, of total revenue for the three months ended June 30, 2024 and $62.4 million, or 88%, of total revenue for the three months ended June 30, 2023. The Company’s revenues in the United States were $142.3 million, or 87%, of total revenue for the six months ended June 30, 2024 and $121.1 million, or 87%, of total revenue for the six months ended June 30, 2023.

- 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

Defined Contribution Plan	6 Months Ended
Defined Contribution Plan	Jun. 30, 2024
Retirement Benefits [Abstract]
Defined Contribution Plan	16. Defined Contribution Plan The Company sponsors a defined contribution plan under Section 401(k) of the Internal Revenue Code covering substantially all employees over the age of 21 years. Contributions made by the Company are voluntary and are determined annually by the Board of Directors on an individual basis subject to the maximum allowable amount under federal tax regulations. Employer contributions to the plan were $0.3 million and $0.9 million for the three and six months ended June 30, 2024, respectively, and immaterial for the three and six months ended June 30, 2023, respectively.

Balance Sheet Components - Intangible Assets, Weighted-Average Remaining Useful Life (Details)	Jun. 30, 2024	Dec. 31, 2023
Trade name
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Useful Life	7 years 6 months	8 years
Technology
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Useful Life	2 years 4 months 24 days	2 years 10 months 24 days
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Useful Life	5 years 7 months 6 days	6 years 1 month 6 days
Internal use software
Finite-Lived Intangible Assets [Line Items]
Weighted-Average Remaining Useful Life	2 years 4 months 24 days	3 years 7 months 6 days

- 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

Summary of Significant Accounting Policies - Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Accounting Policies [Abstract]
Restricted cash, noncurrent	$ 1,217	$ 1,749	$ 1,746

Warrants (Details) - $ / shares	1 Months Ended
Warrants (Details) - $ / shares	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Class of Warrant or Right [Line Items]
Number of shares to purchase under warrants (in shares)	7,761		137,658
Warrants exercised (in shares)	88,212	41,685
Warrants exercised, exercise price (in usd per share)	$ 11.96	$ 2.28
Minimum
Class of Warrant or Right [Line Items]
Exercise price or warrants (in usd per share)	$ 6.44		$ 2.28
Maximum
Class of Warrant or Right [Line Items]
Exercise price or warrants (in usd per share)			$ 11.96

Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Notes Due from Affiliates	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2022		65,239,843
Beginning balance at Dec. 31, 2022	$ 244,538	$ 67	$ 501,763	$ (314)	$ (256,972)	$ (6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		185,073
Exercise of stock options	714		714
Vesting of restricted stock units (in shares)		870,915
Vesting of restricted stock units	0	$ 1	(1)
Taxes paid related to net settlement of equity awards	(5,731)		(5,731)
Repayment of notes due from affiliate	391		77	314
Stock-based compensation expense	8,955		8,955
Change in foreign currency translation adjustment	24					24
Net loss	(14,071)				(14,071)
Ending balance (in shares) at Mar. 31, 2023		66,295,831
Ending balance at Mar. 31, 2023	234,820	$ 68	505,777	0	(271,043)	18
Beginning balance (in shares) at Dec. 31, 2022		65,239,843
Beginning balance at Dec. 31, 2022	244,538	$ 67	501,763	(314)	(256,972)	(6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Change in foreign currency translation adjustment	26
Net loss	(18,484)
Ending balance (in shares) at Jun. 30, 2023		66,831,437
Ending balance at Jun. 30, 2023	237,713	$ 68	513,081	0	(275,456)	20
Beginning balance (in shares) at Mar. 31, 2023		66,295,831
Beginning balance at Mar. 31, 2023	234,820	$ 68	505,777	0	(271,043)	18
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		146,056
Exercise of stock options	855		855
Vesting of restricted stock units (in shares)		389,550
Taxes paid related to net settlement of equity awards	(2,820)		(2,820)
Stock-based compensation expense	9,269		9,269
Change in foreign currency translation adjustment	2					2
Net loss	(4,413)				(4,413)
Ending balance (in shares) at Jun. 30, 2023		66,831,437
Ending balance at Jun. 30, 2023	$ 237,713	$ 68	513,081	$ 0	(275,456)	20
Beginning balance (in shares) at Dec. 31, 2023	68,155,830	68,155,830
Beginning balance at Dec. 31, 2023	$ 247,064	$ 70	532,128		(285,143)	9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		277,309
Exercise of stock options	2,307		2,307
Exercise of warrants (in shares)		41,685
Exercise of warrants	94		94
Vesting of restricted stock units (in shares)		965,238
Vesting of restricted stock units	0	$ 1	(1)
Taxes paid related to net settlement of equity awards	(8,110)		(8,110)
Stock-based compensation expense	8,261		8,261
Change in foreign currency translation adjustment	1					1
Net loss	(9,777)				(9,777)
Ending balance (in shares) at Mar. 31, 2024		69,440,062
Ending balance at Mar. 31, 2024	$ 239,840	$ 71	534,679		(294,920)	10
Beginning balance (in shares) at Dec. 31, 2023	68,155,830	68,155,830
Beginning balance at Dec. 31, 2023	$ 247,064	$ 70	532,128		(285,143)	9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)	407,277
Change in foreign currency translation adjustment	$ (3)
Net loss	$ (20,741)
Ending balance (in shares) at Jun. 30, 2024	74,132,201	74,132,201
Ending balance at Jun. 30, 2024	$ 326,716	$ 74	632,520		(305,884)	6
Beginning balance (in shares) at Mar. 31, 2024		69,440,062
Beginning balance at Mar. 31, 2024	239,840	$ 71	534,679		(294,920)	10
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)		129,968
Exercise of stock options	1,006		1,006
Exercise of warrants (in shares)		88,212
Exercise of warrants	1,055		1,055
Vesting of restricted stock units (in shares)		428,378
Taxes paid related to net settlement of equity awards	(7,834)		(7,834)
Stock-based compensation expense	11,159		11,159
Settlement of convertible notes (in shares)		341,877
Settlement of convertible notes	5,751		5,751
Issuance of common stock net of underwriting discounts, commissions and issuance costs (in shares)		3,703,704
Issuance of common stock net of underwriting discounts, commissions and issuance costs	86,707	$ 3	86,704
Change in foreign currency translation adjustment	(4)					(4)
Net loss	$ (10,964)				(10,964)
Ending balance (in shares) at Jun. 30, 2024	74,132,201	74,132,201
Ending balance at Jun. 30, 2024	$ 326,716	$ 74	$ 632,520		$ (305,884)	$ 6

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Future non-cancellable contractual commitments

As of June 30, 2024, future non-cancellable commitments under these agreements were as follows in thousands):


	Amount
Remainder of 2024	$	18,355
2025	25,000
2026	25,500
2027	26,000


Total purchase commitments	$	94,855

Segment and Geographic Revenue (Details) $ in Thousands	3 Months Ended		6 Months Ended
Segment and Geographic Revenue (Details) $ in Thousands	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) segment	Jun. 30, 2023 USD ($)
Disaggregation of Revenue [Line Items]
Total revenue	$ 84,863	$ 70,788	$ 163,090	$ 138,931
Number of operating segments \| segment			1
North America
Disaggregation of Revenue [Line Items]
Total revenue	74,929	63,541	$ 145,245	124,341
Europe, Middle East and Africa
Disaggregation of Revenue [Line Items]
Total revenue	6,286	4,137	10,919	8,456
Other international regions
Disaggregation of Revenue [Line Items]
Total revenue	3,648	3,110	6,926	6,134
United States
Disaggregation of Revenue [Line Items]
Total revenue	$ 73,400	$ 62,400	$ 142,300	$ 121,100
United States \| Revenues \| Geographic concentration risk
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	87.00%	88.00%	87.00%	87.00%

Balance Sheet Components - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 10,071	$ 14,520
Other receivables	432	654
Total prepaid expenses and other current assets	$ 10,503	$ 15,174

Net Loss Per Share - Computation (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, basic	$ (10,964)	$ (4,413)	$ (20,741)	$ (18,484)
Net loss, diluted	$ (10,964)	$ (4,413)	$ (20,741)	$ (18,484)
Weighted-average shares used in computing net loss per share, basic (in shares)	70,760,080	66,467,200	69,647,853	66,032,405
Weighted-average shares used in computing net loss per share, diluted (in shares)	70,760,080	66,467,200	69,647,853	66,032,405
Net loss per share, basic (in usd per share)	$ (0.15)	$ (0.07)	$ (0.30)	$ (0.28)
Net loss per share, diluted (in usd per share)	$ (0.15)	$ (0.07)	$ (0.30)	$ (0.28)

- Definition

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

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

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Nature of Business	6 Months Ended
Nature of Business	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	1. Nature of Business Life360, Inc. (the “Company”) is a leading technology platform connecting millions of people throughout the world to the people, pets and things they care about most. The Company has created a new category at the intersection of family, technology, and safety to help keep families connected and safe. The Company’s core offering, the Life360 mobile application, includes features like communications, driving safety, digital safety and location sharing. Beyond the everyday, Life360 also provides much-needed protection and saves lives, which is crucial for families in emergency situations such as natural disasters, vehicle collisions, physical property theft, and digital identity theft. The Life360 mobile application operates under a “freemium” model where its core offering is available to members at no charge, with three membership subscription options that are available but not required. The Company acquired Jio, Inc. (“Jiobit”) and Tile, Inc, (“Tile”) in September 2021 and January 2022, respectively, to create a comprehensive platform-agnostic location tracking solution for people, pets and things. Jiobit is a leading wearable location device for young children, pets and seniors and Tile is a leading product suite of location trackers for finding objects. The Company’s suite of product and service offerings, including the Life360 and Tile mobile applications, and related third-party services, is system and platform-agnostic, allowing its products and services to work seamlessly for its members, regardless of the devices they use. U.S. Initial Public Offering (“U.S. IPO”) On June 6, 2024, the Company completed its U.S. IPO and began trading on the Nasdaq Global Select Market under the trading symbol “LIF”. The Company issued and sold 3,703,704 shares of common stock and certain selling securityholders sold 2,908,796 shares of common stock (including 862,500 shares sold pursuant to the underwriters’ full exercise of their option to purchase additional shares) in each case at an offering price of $27.00 per share. The Company received net proceeds of $93.0 million after deducting underwriting discounts and commissions of $7.0 million. An additional $5.5 million of expenses were paid on behalf of selling securityholders. Refer to Note 15, "Related-Party Transactions" for further details. The Company did not receive any proceeds from the sale of shares of common stock by the selling securityholders. In connection with the U.S. IPO, the Company restated its certificate of incorporation to increase the authorized number of shares of its common stock from 100,000,000 shares to 500,000,000 shares.

Balance Sheet Components - Intangible Assets Remaining Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Remainder of 2024	$ 4,655
2025	9,223
2026	8,780
2027	4,371
2028	4,225
Thereafter	9,003
Total future amortization expense	40,257
Internal use software not yet in service	3,263
Total	$ 43,520	$ 45,441

Common Stock

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Common Stock

11. Common Stock

In June 2024, in connection with its U.S. IPO, the Company issued a total of 3,703,704 shares of common stock.

The Company has the following potentially outstanding common stock reserved for issuance:


	As of June 30,	As of December 31,
	2024	2023

Issuances under stock incentive plan	6,027,441	6,625,812
Issuances upon exercise of common stock warrants	7,761	137,658
Issuances upon vesting of restricted stock units	5,892,461	6,182,543
Issuances upon conversion of convertible notes	—	325,981
Shares reserved for shares available to be granted but not granted yet	12,933,470	16,882,215
	24,861,133	30,154,209

- Definition

The entire disclosure for equity.

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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
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Reference 14: 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
-Topic 505
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 18
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

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
Total revenue	$ 84,863	$ 70,788	$ 163,090	$ 138,931
Total cost of revenue	21,237	16,005	39,451	34,318
Gross profit	63,626	54,783	123,639	104,613
Operating expenses:
Research and development	27,013	23,182	54,271	50,379
Sales and marketing	24,363	23,347	49,096	47,663
General and administrative	14,613	12,497	29,014	25,706
Total operating expenses	65,989	59,026	132,381	123,748
Loss from operations	(2,363)	(4,243)	(8,742)	(19,135)
Other income (expense):
Convertible notes fair value adjustment	0	(266)	(608)	(194)
Derivative liability fair value adjustment	0	(254)	(1,707)	(240)
Loss on settlement of convertible notes	(440)	0	(440)	0
Gain on settlement of derivative liability	1,924	0	1,924	0
Other income (expense), net	(4,607)	617	(4,296)	1,460
Total other income (expense), net	(3,123)	97	(5,127)	1,026
Loss before income taxes	(5,486)	(4,146)	(13,869)	(18,109)
Provision for income taxes	5,478	267	6,872	375
Net loss	$ (10,964)	$ (4,413)	$ (20,741)	$ (18,484)
Net loss per share, basic (in usd per share)	$ (0.15)	$ (0.07)	$ (0.30)	$ (0.28)
Net loss per share, diluted (in usd per share)	$ (0.15)	$ (0.07)	$ (0.30)	$ (0.28)
Weighted-average shares used in computing net loss per share, basic (in shares)	70,760,080	66,467,200	69,647,853	66,032,405
Weighted-average shares used in computing net loss per share, diluted (in shares)	70,760,080	66,467,200	69,647,853	66,032,405
Comprehensive loss
Net loss	$ (10,964)	$ (4,413)	$ (20,741)	$ (18,484)
Change in foreign currency translation adjustment	(4)	2	(3)	26
Total comprehensive loss	(10,968)	(4,411)	(20,744)	(18,458)
Subscription
Total revenue	65,678	52,727	127,257	104,391
Total cost of revenue	10,393	6,388	19,708	14,433
Hardware
Total revenue	11,901	11,585	22,089	21,569
Total cost of revenue	9,922	8,736	17,934	18,162
Other
Total revenue	7,284	6,476	13,744	12,971
Total cost of revenue	$ 922	$ 881	$ 1,809	$ 1,723

Related-Party Transactions (Tables)

6 Months Ended

Jun. 30, 2024

Summary of expenses paid on behalf of selling stockholders

A summary of the expenses paid on behalf of the selling securityholders is detailed below (in millions):


	Three Months Ended June 30,
	2024
Executive Officers(1)	$	0.9
Board of Directors	3.9
Non-Executive Employees	0.1
Other	0.6
Total	$	5.5

(1) Includes $0.7 million in expenses paid on behalf of a securityholder who is both an executive officer and member of the board of directors.

Balance Sheet Components

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Components

7. Balance Sheet Components

Accounts receivable, net

Accounts receivable, net consists of the following (in thousands):


	As of June 30,		As of December 31,
	2024		2023

Accounts receivable	$	40,720	$	42,274
Allowance for credit losses	(94)		(94)
Total accounts receivable, net	$	40,626	$	42,180

Inventory

Inventory consists of the following (in thousands):


	As of June 30,		As of December 31,
	2024		2023

Raw materials	$	89	$	298
Finished goods	5,456		3,801
Total inventory	$	5,545	$	4,099

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following (in thousands):


	As of June 30,		As of December 31,
	2024		2023

Prepaid expenses	$	10,071	$	14,520
Other receivables	432		654
Total prepaid expenses and other current assets	$	10,503	$	15,174

Prepaid expenses primarily consist of certain cloud platform, customer service program costs, and prepaid inventory. Other receivables primarily consist of dividends, refunds owed to the Company, and other amounts which the Company is expected to receive in less than twelve months.

Property and Equipment, net

Property and equipment, net consists of the following (in thousands):


	As of June 30,		As of December 31,
	2024		2023

Computer equipment	$	297	$	297
Leasehold improvements	100		100
Production manufacturing equipment	891		839
Construction in progress	1,312		249
Furniture and fixtures	29		29
Total property and equipment, gross	2,629		1,514
Less: accumulated depreciation	(880)		(784)
Total property and equipment, net	$	1,749	$	730

Construction in progress relates to certain costs incurred with production manufacturing equipment.

For the three and six months ended June 30, 2024, depreciation expense was $49 thousand and $95 thousand, respectively, and for the three and six months ended June 30, 2023, depreciation expense was $40 thousand and $77 thousand, respectively.

There was no impairment of property and equipment or long-lived assets recognized during the three and six months ended June 30, 2024 or 2023.

Prepaid Expenses and Other Assets, noncurrent

Prepaid expenses and other assets, noncurrent consist of the following (in thousands):


	As of June 30,		As of December 31,
	2024		2023

Prepaid expenses, noncurrent	$	—	$	1,353
Investment	5,474		5,474
Other assets	21		21
Total prepaid expenses and other assets, noncurrent	$	5,495	$	6,848

Prepaid expenses, noncurrent primarily consist of cloud platform costs as of December 31, 2023. Investment relates to warrants to purchase shares of preferred stock of a current Data Revenue Partner.

Leases

The Company leases office space under a non-cancelable operating lease with a remaining lease term of 2.4 years, which includes the option to extend the lease.

The Company did not have any finance leases as of June 30, 2024 or December 31, 2023.

The components of lease expense are as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

Operating lease cost (1)	$	114	$	250	$	224	$	495

(1) Amounts include short-term leases, which are immaterial.

For the three and six months ended June 30, 2024, payments for operating leases included in cash from operating activities were $0.1 million and $0.2 million, respectively. For the three and six months ended June 30, 2023, payments for operating leases included in cash from operating activities were $0.3 million and $0.5 million, respectively.

Supplemental balance sheet information related to leases is as follows (in thousands, except lease term):


	As of June 30,		As of December 31,
	2024		2023
Operating lease right-of-use asset	$	851	$	1,014
Operating lease liability, current (included in accrued expenses and other current liabilities)	349		335
Operating lease liability, noncurrent (included in other liabilities, noncurrent)	544		723
Weighted-average remaining term for operating lease (in years)	2.4		2.9

The weighted-average discount rate used to measure the present value of the operating lease liabilities was 5.0% for each period presented.

Maturities of the Company’s operating lease liability, which does not include short-term leases, as of June 30, 2024 were as follows (in thousands):


	Operating leases
Remainder of 2024	$	190
2025	390
2026	367



Total future minimum lease payments	947
Less imputed interest	(54)
Total operating lease liability	$	893

Goodwill and Intangible Assets, net

Intangible assets, net consists of the following (in thousands):


	As of June 30, 2024
	Gross		Accumulated Amortization		Net
Trade name	$	23,380	$	(5,931)	$	17,449
Technology	22,430		(11,434)		10,996
Customer relationships	15,290		(4,725)		10,565
Internal use software	5,061		(551)		4,510
Total	$	66,161	$	(22,641)	$	43,520


	As of December 31, 2023
	Gross		Accumulated Amortization		Net
Trade name	$	23,380	$	(4,762)	$	18,618
Technology	22,430		(9,191)		13,239
Customer relationships	15,290		(3,782)		11,508
Internal use software	2,416		(340)		2,076
Total	$	63,516	$	(18,075)	$	45,441

For the three and six months ended June 30, 2024, the Company capitalized $1.5 million and $2.6 million, respectively, in internal use software. For the three and six months ended June 30, 2023, the Company capitalized $0.5 million and $0.9 million, respectively, in internal use software.

For the three and six months ended June 30, 2024, amortization expense was $2.3 million and $4.6 million, respectively. For the three and six months ended June 30, 2023, amortization expense was $2.3 million and $4.5 million, respectively.

During the three and six months ended June 30, 2024 and 2023, there was no impairment of intangible assets recorded.

As of June 30, 2024, the estimated remaining amortization expense for intangible assets by fiscal year is as follows (in thousands):


	Amount

Remainder of 2024	$	4,655
2025	9,223
2026	8,780
2027	4,371
2028	4,225
Thereafter	9,003
Total future amortization expense	40,257
Internal use software not yet in service	3,263
Total	$	43,520

The weighted-average remaining useful lives of the Company’s acquired intangible assets are as follows:


	Weighted-Average Remaining Useful Life
	As of June 30,	As of December 31,
	2024	2023
Trade name	7.5 years	8.0 years
Technology	2.4 years	2.9 years
Customer relationships	5.6 years	6.1 years
Internal use software	2.4 years	3.6 years

As of June 30, 2024, the Company had $3.3 million of capitalized internal use software projects that were not yet in service. These assets will be placed into service once the projects have completed, and will be amortized over a three-year useful life. The internal use software projects that were not yet in service have been excluded from the weighted-average remaining useful life calculation for internal use software in the table above.

As of June 30, 2024 and December 31, 2023, goodwill was $133.7 million. No goodwill impairment was recorded during the three and six months ended June 30, 2024 or 2023.

Accrued Expenses and Other Current Liabilities

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


	As of June 30,		As of December 31,
	2024		2023

Accrued vendor expenses	$	15,194	$	10,020
Accrued compensation	3,351		3,349
Customer related promotions and discounts	3,756		9,049
Operating lease liability	349		335
Sales return reserves	3,223		3,285
Income taxes payable	4,924		—
Other current liabilities	1,340		1,500
Total accrued expenses and other current liabilities	$	32,137	$	27,538

Other current liabilities primarily relate to sales taxes payable, as of June 30, 2024, and warranty liabilities related to the Company’s hardware tracking devices, inventory received not yet billed, and sales taxes payable as of December 31, 2023.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

10. Commitments and Contingencies

Purchase Commitments

The Company has certain commitments with its cloud platform provider and sole contract manufacturer that are non-cancellable. As of June 30, 2024, future non-cancellable commitments under these agreements were as follows in thousands):


	Amount
Remainder of 2024	$	18,355
2025	25,000
2026	25,500
2027	26,000


Total purchase commitments	$	94,855

Contingencies

From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of business activities. The Company accrues a liability for such matters when it is probable that future expenditures will be made, and such expenditures can be reasonably estimated. The Company is not subject to any current pending legal matters or claims that the Company believes could have a material adverse effect on its financial position, results of operations or cash flows.

Warranties and Indemnification

To date, the Company has not incurred significant costs and has not accrued any material liabilities in the accompanying condensed consolidated financial statements as a result of its warranty and indemnification obligations.

Litigation

Occasionally, the Company is involved in various legal proceedings, claims and government investigations in the ordinary course of business. The outcome of litigation and other legal matters is inherently uncertain, though the Company intends to vigorously defend the matters. In making a determination regarding accruals, using available information, the Company evaluates the likelihood of an unfavorable outcome in legal or regulatory proceedings to which the Company is a party and records a loss contingency when it is probable a liability has been incurred and the amount of the loss can be reasonably estimated. When the Company determines an unfavorable outcome is not probable or reasonably estimable the Company does not accrue for any potential litigation loss. Actual outcomes of these legal and regulatory proceedings may materially differ from the Company’s estimates.

On March 12, 2019, a former alleged competitor of Tile, Cellwitch, Inc, filed a patent infringement claim against Tile in the U.S. District Court, Northern District of California, seeking permanent injunction and damages. On December 18, 2019, Tile filed an inter partes review petition with the Patent Trial and Appeal Board (“PTAB”) challenging the validity of the patent. On May 13, 2021, the PTAB issued a Final Written Decision on Tile’s inter partes review petition (the “Final Written Decision”), finding a majority of the claims invalid. The Final Written Decision was affirmed by the U.S. Court of Appeals for the Federal Circuit on May 13, 2022. The case is currently in trial court. The claim construction hearing took place on January 18, 2024, and on April 23, 2024, the court released its order which found 10 of the claims invalid, leaving only 2 active claims remaining. At this time, a loss is reasonably possible but not estimable, and as a result, no litigation reserve has been recorded on our condensed consolidated balance sheet as of June 30, 2024.

No litigation reserve was recorded on our condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023, respectively.

Balance Sheet Components (Tables)

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accounts receivable, net

Accounts receivable, net consists of the following (in thousands):


	As of June 30,		As of December 31,
	2024		2023

Accounts receivable	$	40,720	$	42,274
Allowance for credit losses	(94)		(94)
Total accounts receivable, net	$	40,626	$	42,180

Inventory

Inventory consists of the following (in thousands):


	As of June 30,		As of December 31,
	2024		2023

Raw materials	$	89	$	298
Finished goods	5,456		3,801
Total inventory	$	5,545	$	4,099

Prepaid expenses and other assets

Prepaid expenses and other current assets consist of the following (in thousands):


	As of June 30,		As of December 31,
	2024		2023

Prepaid expenses	$	10,071	$	14,520
Other receivables	432		654
Total prepaid expenses and other current assets	$	10,503	$	15,174

Prepaid expenses and other assets, noncurrent consist of the following (in thousands):


	As of June 30,		As of December 31,
	2024		2023

Prepaid expenses, noncurrent	$	—	$	1,353
Investment	5,474		5,474
Other assets	21		21
Total prepaid expenses and other assets, noncurrent	$	5,495	$	6,848

Property and equipment, net

Property and equipment, net consists of the following (in thousands):


	As of June 30,		As of December 31,
	2024		2023

Computer equipment	$	297	$	297
Leasehold improvements	100		100
Production manufacturing equipment	891		839
Construction in progress	1,312		249
Furniture and fixtures	29		29
Total property and equipment, gross	2,629		1,514
Less: accumulated depreciation	(880)		(784)
Total property and equipment, net	$	1,749	$	730

Operating lease costs

The components of lease expense are as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

Operating lease cost (1)	$	114	$	250	$	224	$	495

(1) Amounts include short-term leases, which are immaterial.

Supplemental balance sheet information related to leases

Supplemental balance sheet information related to leases is as follows (in thousands, except lease term):


	As of June 30,		As of December 31,
	2024		2023
Operating lease right-of-use asset	$	851	$	1,014
Operating lease liability, current (included in accrued expenses and other current liabilities)	349		335
Operating lease liability, noncurrent (included in other liabilities, noncurrent)	544		723
Weighted-average remaining term for operating lease (in years)	2.4		2.9

Maturities of operating lease liabilities

Maturities of the Company’s operating lease liability, which does not include short-term leases, as of June 30, 2024 were as follows (in thousands):


	Operating leases
Remainder of 2024	$	190
2025	390
2026	367



Total future minimum lease payments	947
Less imputed interest	(54)
Total operating lease liability	$	893

Intangibles, net

Intangible assets, net consists of the following (in thousands):


	As of June 30, 2024
	Gross		Accumulated Amortization		Net
Trade name	$	23,380	$	(5,931)	$	17,449
Technology	22,430		(11,434)		10,996
Customer relationships	15,290		(4,725)		10,565
Internal use software	5,061		(551)		4,510
Total	$	66,161	$	(22,641)	$	43,520


	As of December 31, 2023
	Gross		Accumulated Amortization		Net
Trade name	$	23,380	$	(4,762)	$	18,618
Technology	22,430		(9,191)		13,239
Customer relationships	15,290		(3,782)		11,508
Internal use software	2,416		(340)		2,076
Total	$	63,516	$	(18,075)	$	45,441

The weighted-average remaining useful lives of the Company’s acquired intangible assets are as follows:


	Weighted-Average Remaining Useful Life
	As of June 30,	As of December 31,
	2024	2023
Trade name	7.5 years	8.0 years
Technology	2.4 years	2.9 years
Customer relationships	5.6 years	6.1 years
Internal use software	2.4 years	3.6 years

Estimated remaining amortization expense for intangible assets

As of June 30, 2024, the estimated remaining amortization expense for intangible assets by fiscal year is as follows (in thousands):


	Amount

Remainder of 2024	$	4,655
2025	9,223
2026	8,780
2027	4,371
2028	4,225
Thereafter	9,003
Total future amortization expense	40,257
Internal use software not yet in service	3,263
Total	$	43,520

Accrued expenses and other current liabilities

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


	As of June 30,		As of December 31,
	2024		2023

Accrued vendor expenses	$	15,194	$	10,020
Accrued compensation	3,351		3,349
Customer related promotions and discounts	3,756		9,049
Operating lease liability	349		335
Sales return reserves	3,223		3,285
Income taxes payable	4,924		—
Other current liabilities	1,340		1,500
Total accrued expenses and other current liabilities	$	32,137	$	27,538

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements, which include the accounts of the Company and its wholly owned subsidiaries, have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim periods and following the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted.
Consolidation	All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates, judgments, and assumptions that affect the reported amounts of assets, liabilities, net revenue, and expenses. Significant items subject to such estimates, judgments, and assumptions include: •revenue recognition, including the determination of selling prices for distinct performance obligations sold in multiple performance obligation arrangements, the period over which revenue is recognized for certain arrangements, and estimated delivery dates for orders with title transfer upon delivery; •allowances for credit losses and product returns; •promotional and marketing allowances; •inventory valuation; •average useful customer life; •valuation of stock-based awards; •legal contingencies; •impairment of long-lived assets and goodwill; •valuation of convertible notes and embedded derivatives; •useful lives of long-lived assets; and •income taxes including valuation allowances on deferred tax assets. The Company bases its estimates and judgments on historical experience and on various assumptions that it believes are reasonable under the circumstances. Actual results could differ significantly from those estimates.
Accounting pronouncements not yet adopted	Accounting pronouncements not yet adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07 – Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in Accounting Standards Codification (“ASC”) 280 on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company does not expect adoption of this ASU will have a material impact on its financial position or results of operations. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The updates in this ASU are effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company does not expect adoption of this ASU will have a material impact on its financial position or results of operations.
Concentrations of Risk and Significant Customers, and Supplier Concentration	Concentrations of Risk and Significant Customers Major Customers The Company derives its accounts receivable from revenue earned from customers located in the United States and internationally. Channel and retail partners account for the majority of the Company’s revenue and accounts receivable for all periods presented. Supplier Concentration The Company currently relies on a single technology partner for its cloud platform and outsources the manufacturing of the Jiobit and Tile hardware devices to a single contract manufacturer. Although there are a limited number of suppliers, management believes that other suppliers could provide similar services on comparable terms.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investment securities with remaining maturities at the date of purchase of three months or less to be cash equivalents. Cash and cash equivalents include deposit and money market funds. Money market mutual funds are valued using quoted market prices and therefore are classified within Level 1 of the fair value hierarchy.
Restricted Cash	Restricted Cash The restricted cash, noncurrent balance of $1.2 million and $1.7 million as of June 30, 2024 and December 31, 2023, respectively, relates to cash deposits restricted under letters of credit issued on behalf of the Company in support of indebtedness to trade creditors incurred in the ordinary course of business.

Balance Sheet Components - Intangible Assets, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross	$ 66,161	$ 63,516
Accumulated Amortization	(22,641)	(18,075)
Total	43,520	45,441
Trade name
Finite-Lived Intangible Assets [Line Items]
Gross	23,380	23,380
Accumulated Amortization	(5,931)	(4,762)
Total	17,449	18,618
Technology
Finite-Lived Intangible Assets [Line Items]
Gross	22,430	22,430
Accumulated Amortization	(11,434)	(9,191)
Total	10,996	13,239
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross	15,290	15,290
Accumulated Amortization	(4,725)	(3,782)
Total	10,565	11,508
Internal use software
Finite-Lived Intangible Assets [Line Items]
Gross	5,061	2,416
Accumulated Amortization	(551)	(340)
Total	$ 4,510	$ 2,076

- 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

Fair Value Measurements - Fair Value and Classification of Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jul. 31, 2021
Assets:
Money market funds	$ 130,707	$ 41,981
Total assets	130,707	41,981
Liabilities:
Derivative liability (Note 9)	0	217	$ 700
Convertible notes (Note 8)	0	3,449
Total liabilities	0	3,666
Level 1
Assets:
Money market funds	130,707	41,981
Total assets	130,707	41,981
Liabilities:
Derivative liability (Note 9)	0	0
Convertible notes (Note 8)	0	0
Total liabilities	0	0
Level 2
Assets:
Money market funds	0	0
Total assets	0	0
Liabilities:
Derivative liability (Note 9)	0	0
Convertible notes (Note 8)	0	0
Total liabilities	0	0
Level 3
Assets:
Money market funds	0	0
Total assets	0	0
Liabilities:
Derivative liability (Note 9)	0	217
Convertible notes (Note 8)	0	3,449
Total liabilities	$ 0	$ 3,666

Nature of Business (Details) $ / shares in Units, $ in Thousands		6 Months Ended
	Jun. 06, 2024 USD ($) $ / shares shares	Jun. 30, 2024 USD ($) subscription_option shares	Jun. 30, 2023 USD ($)	Jun. 05, 2024 shares	Dec. 31, 2023 shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of membership subscription options \| subscription_option		3
Restructuring Cost and Reserve [Line Items]
Underwriting discounts and commissions \| $		$ 1,837	$ 0
Expenses paid on behalf of selling stockholders \| $	$ 5,500
Common stock, authorized (in shares) \| shares	500,000,000	500,000,000		100,000,000	100,000,000
U.S. IPO
Restructuring Cost and Reserve [Line Items]
Shares issued (in shares) \| shares	3,703,704
Sale of stock, price (in usd per share) \| $ / shares	$ 27.00
Proceeds after deducting underwriting discounts and commissions \| $	$ 93,000
Underwriting discounts and commissions \| $	$ 7,000
U.S. IPO \| Selling Securityholders
Restructuring Cost and Reserve [Line Items]
Shares issued (in shares) \| shares	2,908,796
Over-Allotment Option
Restructuring Cost and Reserve [Line Items]
Shares issued (in shares) \| shares	862,500

Balance Sheet Components - Leases (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Remaining lease terms	2 years 4 months 24 days		2 years 4 months 24 days
Operating lease costs	$ 114	$ 250	$ 224	$ 495
Payments for operating leases	100	$ 300	200	$ 500
Operating lease right-of-use asset	851		851		$ 1,014
Operating lease liability, current (included in accrued expenses and other current liabilities)	$ 349		$ 349		$ 335
Operating lease liability, current, location	Accrued expenses and other current liabilities		Accrued expenses and other current liabilities		Accrued expenses and other current liabilities
Operating lease liability, noncurrent (included in other liabilities, noncurrent)	$ 544		$ 544		$ 723
Operating lease liability, non-current, location	Other liabilities, noncurrent		Other liabilities, noncurrent		Other liabilities, noncurrent
Weighted-average remaining term for operating lease (in years)	2 years 4 months 24 days		2 years 4 months 24 days		2 years 10 months 24 days
Weighted-average discount rate	5.00%		5.00%		5.00%
Operating leases
Remainder of 2024	$ 190		$ 190
2025	390		390
2026	367		367
Total future minimum lease payments	947		947
Less imputed interest	(54)		(54)
Total operating lease liability	$ 893		$ 893

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Channel and retail partners who represented greater than 10% of revenue or accounts receivable

The following tables set forth the information about the Company’s third-party platforms and distribution channels (each a “Channel Partner”) that processed the Company’s overall revenue transactions and retail partners who represented greater than 10% of the Company’s revenue or accounts receivable, respectively:


	Percentage of Revenue
	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Channel Partner (Apple)	55	%	54	%	56	%	55	%
Channel Partner (Google)	18	%	16	%	18	%	15	%


	Percentage of Gross Accounts Receivable
	As of June 30,		As of December 31,
	2024		2023
Channel Partner (Apple)	59	%	50	%
Channel Partner (Google)	11	%	*
Data Partner A	10	%	*
Retail Partner A	16	%	17	%

* Represents less than 10%

Balance Sheet Components - Property and Equipment, Net (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 2,629,000		$ 2,629,000		$ 1,514,000
Less: accumulated depreciation	(880,000)		(880,000)		(784,000)
Total property and equipment, net	1,749,000		1,749,000		730,000
Depreciation	49,000	$ 40,000	95,000	$ 77,000
Impairment of long-lived assets	0	$ 0	0	$ 0
Computer equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	297,000		297,000		297,000
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	100,000		100,000		100,000
Production manufacturing equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	891,000		891,000		839,000
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	1,312,000		1,312,000		249,000
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 29,000		$ 29,000		$ 29,000

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair value and classification of instruments

The fair value of these assets and liabilities as of June 30, 2024 and December 31, 2023 are classified as follows (in thousands):


	As of June 30, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	130,707	$	—	$	—	$	130,707
Total assets	$	130,707	$	—	$	—	$	130,707
Liabilities:
Derivative liability (Note 9)	$	—	$	—	$	—	$	—
Convertible notes (Note 8)	—		—		—		—
Total liabilities	$	—	$	—	$	—	$	—


	As of December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	41,981	$	—	$	—	$	41,981
Total assets	$	41,981	$	—	$	—	$	41,981
Liabilities:
Derivative liability (Note 9)	$	—	$	—	$	217	$	217
Convertible notes (Note 8)	—		—		3,449		3,449
Total liabilities	$	—	$	—	$	3,666	$	3,666

Change in fair value of convertible notes and contingent liability

The change in fair value of the Level 3 instruments were as follows (in thousands):


	As of June 30, 2024
	Derivative liability (Note 9)		Convertible notes (Note 8)
	(unaudited)
Fair value, beginning of the year	$	217	$	3,449

Changes in fair value	1,707		608

Settlement of September 2021 Convertible Notes upon conversion (Note 8)	—		(3,548)
Gain on settlement of September 2021 Convertible Notes (Note 8)	—		(509)
Gain on settlement of derivative liability (Note 9)	(1,924)		—
Fair value, end of period	$	—	$	—


	As of December 31, 2023
	Derivative liability (Note 9)		Convertible notes (Note 8)
Fair value, beginning of the year	$	101	$	6,938
Vesting of revesting notes	—		72
Forfeiture of revesting notes	—		(326)
Repayment of convertible notes (Note 8)	—		(3,919)
Changes in fair value	116		684

Fair value, end of period	$	217	$	3,449

Common Stock - Outstanding Common Stock Reserved for Issuance (Details) - shares	Jun. 30, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Reserved shares of common stock (in shares)	24,861,133	30,154,209
Issuances under stock incentive plan
Class of Stock [Line Items]
Reserved shares of common stock (in shares)	6,027,441	6,625,812
Issuances upon exercise of common stock warrants
Class of Stock [Line Items]
Reserved shares of common stock (in shares)	7,761	137,658
Issuances upon vesting of restricted stock units
Class of Stock [Line Items]
Reserved shares of common stock (in shares)	5,892,461	6,182,543
Issuances upon conversion of convertible notes
Class of Stock [Line Items]
Reserved shares of common stock (in shares)	0	325,981
Shares reserved for shares available to be granted but not granted yet
Class of Stock [Line Items]
Reserved shares of common stock (in shares)	12,933,470	16,882,215

- 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

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

Common Stock (Tables)

6 Months Ended

Jun. 30, 2024

Equity [Abstract]

Reserved shares of common stock

The Company has the following potentially outstanding common stock reserved for issuance:


	As of June 30,	As of December 31,
	2024	2023

Issuances under stock incentive plan	6,027,441	6,625,812
Issuances upon exercise of common stock warrants	7,761	137,658
Issuances upon vesting of restricted stock units	5,892,461	6,182,543
Issuances upon conversion of convertible notes	—	325,981
Shares reserved for shares available to be granted but not granted yet	12,933,470	16,882,215
	24,861,133	30,154,209

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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+ Details

Segment and Geographic Revenue (Tables)

6 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Revenue by geographic region

The following table sets forth revenue by geographic region for the periods presented (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
North America	$	74,929	$	63,541	$	145,245	$	124,341
Europe, Middle East and Africa	6,286		4,137		10,919		8,456
Other international regions	3,648		3,110		6,926		6,134
Total revenue	$	84,863	$	70,788	$	163,090	$	138,931

Related-Party Transactions

6 Months Ended

Jun. 30, 2024

Related-Party Transactions

15. Related-Party Transactions

On June 6, 2024, in connection with its U.S. IPO, the Company issued and sold 3,703,704 shares of common stock and certain selling securityholders including members of the Company’s board of directors, executive officers, non-executive employees, and other shareholders of the Company, sold 2,908,796 shares of common stock (including 862,500 shares sold pursuant to the underwriters’ full exercise of their option to purchase additional shares) in each case at an offering price of $27.00 per share. The Company received net proceeds of $93.0 million after deducting underwriting discounts and commissions of $7.0 million. The Company did not receive any proceeds from the sale of shares of common stock by the selling securityholders. The Company paid the underwriting discounts and commissions in connection with the sale of shares of common stock by the selling securityholders. A summary of the expenses paid on behalf of the selling securityholders is detailed below (in millions):


	Three Months Ended June 30,
	2024
Executive Officers(1)	$	0.9
Board of Directors	3.9
Non-Executive Employees	0.1
Other	0.6
Total	$	5.5

(1) Includes $0.7 million in expenses paid on behalf of a securityholder who is both an executive officer and member of the board of directors.

The $5.5 million in total fees paid have been recorded within Other income (expense), net on the condensed consolidated statements of operations for the three and six months ended June 30, 2024.

For additional details regarding this transaction, refer to the prospectus supplement filed with the SEC on June 6, 2024 as well as the registration statement on Form S-3 (File No. 333-279271) filed with the SEC on May 9, 2024, of which the prospectus supplement forms a part.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Net Loss Per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

17. Net Loss Per Share

The following table presents the calculation of basic and diluted net loss per share (in thousands except share and per share information):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net loss	$	(10,964)	$	(4,413)	$	(20,741)	$	(18,484)
Weighted-average shares used in computing net loss per share, basic and diluted	70,760,080		66,467,200		69,647,853		66,032,405
Net loss per share, basic and diluted	$	(0.15)	$	(0.07)	$	(0.30)	$	(0.28)

The potential shares of common stock that were excluded from the computation of diluted net loss per share for the periods presented because including them would have been antidilutive are as follows:


	As of June 30,	As of June 30,
	2024	2023

Issuances under stock incentive plan	6,027,441	7,373,302
Issuances upon exercise of common stock warrants	7,761	137,658
Issuances upon vesting of restricted stock units	5,892,461	5,888,385
Issuances upon conversion of convertible notes	—	516,758
	11,927,663	13,916,103

Condensed Consolidated Statements of Stockholders’ Equity (Parenthetical) $ in Thousands	3 Months Ended
	Jun. 30, 2024 USD ($)
Statement of Stockholders' Equity [Abstract]
Issuance costs	$ 13,293

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]
Provision for income taxes	$ 5,478	$ 267	$ 6,872	$ 375

- 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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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

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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-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
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
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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
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Convertible notes, current, fair value	$ 0	$ 3,449
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	500,000,000	100,000,000
Common stock, issued (in shares)	74,132,201	68,155,830
Common stock, outstanding (in shares)	74,132,201	68,155,830

Warrants	6 Months Ended
Warrants	Jun. 30, 2024
Other Liabilities Disclosure [Abstract]
Warrants	12. Warrants As of June 30, 2024, the Company had outstanding warrants to purchase 7,761 shares of Company common stock with an exercise price of $6.44 and expiry date of 2026. In March 2024, 41,685 of the Company’s freestanding warrants were exercised to purchase shares of the Company’s common stock at an exercise price of $2.28 per share. In June 2024, 88,212 of the Company’s freestanding warrants were exercised to purchase shares of the Company’s common stock at an exercise price of $11.96 per share. As of December 31, 2023, the Company had outstanding warrants to purchase 137,658 shares of Company common stock with exercise prices ranging from $2.28 to $11.96 and expiry dates ranging from 2024 to 2026. Refer to Note 8, "Convertible Notes" for further details.

Convertible Notes

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Convertible Notes

8. Convertible Notes

July 2021 Convertible Notes

In July 2021, the Company issued convertible notes (“July 2021 Convertible Notes”) to investors with an underlying principal amount of $2.1 million. Prior to conversion, the July 2021 Convertible Notes accrued simple interest at an annual rate of 4% with a maturity date of July 1, 2026. The July 2021 Convertible Notes could be settled under the following scenarios at the option of the holder: (i) at any time into shares of common stock equal to the conversion amount of outstanding principal and any accrued but unpaid interest divided by the conversion price of $11.96; (ii) at the option of the holder upon a liquidation event (a) paid in cash equal to the outstanding principal and any accrued but unpaid interest or (b) into shares of common stock equal to the conversion amount of outstanding principal and any accrued but unpaid interest divided by the conversion price of $11.96; or (iii) upon maturity, settlement in cash at the outstanding accrued interest and principal amount.

Certain conversion and redemption features of the July 2021 Convertible Notes were determined to not be clearly and closely associated with the risk of the debt-type host instrument and were required to be separately accounted for as derivative financial instruments. The Company bifurcated these embedded conversion and redemption (“embedded derivatives”) features and classified these as liabilities measured at fair value. The fair value of the derivative liability of $0.7 million was recorded separate from the July 2021 Convertible Notes with an offsetting amount recorded as a debt discount. The debt discount was amortized over the estimated life of the debt using the straight-line method, as the value attributable to the July 2021 Convertible Notes was zero upon issuance.

In June 2024, the July 2021 Convertible Notes were converted to common stock based on a fixed conversion price of $11.96 per share. At the time of conversion, the July 2021 Convertible Notes had an outstanding principal and accrued interest balance of $2.2 million. As a result of the conversion, 184,192 shares of common stock were issued to the holders in redemption of the outstanding July 2021 Convertible Notes. In June 2024, the fair value of the issued common stock was recorded within additional paid-in capital on the Company’s condensed consolidated balance sheet and a $0.9 million loss on the settlement of the July 2021 Convertible Notes was recorded in other income (expense), net on the condensed consolidated statements of operations and comprehensive loss. As of June 30, 2024, the balance of the July 2021 Convertible Notes is zero on the Company’s condensed consolidated balance sheet.

In connection with the July 2021 Convertible Notes, the Company issued warrants to purchase 88,213 shares of the Company’s common stock with an exercise price of $0.01 per share and a term of one year (Warrant Tranche 1), 44,106 shares of the Company’s common stock with an exercise price of $11.96 per share and a term of 5 years (Warrant Tranche 2), and 44,106 shares of the Company’s common stock which is exercisable starting twelve months from the issuance date with an exercise price of $11.96 per share and a term of 5 years (Warrant Tranche 3).

The warrants were recorded to additional paid-in capital during the year ended December 31, 2021. The fair value of the warrants issued in connection with the July 2021 Convertible Notes was $0.8 million and was recorded as a debt discount that is being amortized to interest expense under the straight-line method over the term of the respective July 2021 Convertible Notes.

As a result of the beneficial conversion feature associated with the July 2021 Convertible Notes, $0.6 million was added to additional paid-in capital during the year ended December 31, 2021. The beneficial conversion feature was recorded as a debt discount and is being amortized to interest expense under the straight-line method over the term of the respective July 2021 Convertible Notes.

The Company recognized non-cash interest expense related to the July 2021 Convertible Notes of $0.1 million for the three and six months ended June 30, 2024, and $0.1 million and $0.2 million for the three and six months ended June 30, 2023, respectively.

September 2021 Convertible Notes

In September 2021, the Company, in connection with the Jiobit Acquisition, issued $11.6 million representing the fair value of convertible notes (the “September 2021 Convertible Notes”) and $1.6 million of revesting convertible notes that vest over time. The September 2021 Convertible Notes were convertible to common stock at any time subsequent to the acquisition at a fixed conversion price of $22.50 per share. The Company agreed to repay 1/3rd of the unconverted principal plus accrued interest to the holders of such notes on each of the first three annual anniversaries of the issuance date of the September 2021 Convertible Notes, the first two payments of which were made in September 2022 and 2023. Upon a change of control, the holder could elect to either convert at the fixed conversion price of $22.50 per share or be repaid in full. The Company elected the fair value option and remeasured the September 2021 Convertible Notes at their fair value on each reporting date and reflect the changes in fair value in earnings.

In April 2024, the holders of the September 2021 Convertible Notes elected to convert their notes and accrued interest to common stock based on a fixed conversion price of $22.50 per share. At the time of conversion, the September 2021 Convertible Notes had an outstanding principal and accrued interest balance of $3.5 million. As a result of the conversion, 157,685 shares of common stock with a fair value of $3.5 million were issued to the holders in redemption of the outstanding September 2021 Convertible Notes. In April 2024, the fair value of the issued common stock was recorded within additional paid-in capital on the Company’s condensed consolidated balance sheet and a $0.5 million gain on settlement of the September 2021 Convertible Notes was recorded in other income (expense), net on the condensed consolidated statements of operations and comprehensive loss. As of June 30, 2024, the balance of the September 2021 Convertible Notes is zero on the Company’s condensed consolidated balance sheet.

Convertible notes, current and noncurrent consist of the following (in thousands):


	As of June 30,		As of December 31,
	2024		2023

Convertible notes, current:
September 2021 Convertible Notes	$	—	$	3,449

Convertible notes, noncurrent:
July 2021 Convertible Notes	—		1,056


Total convertible notes	$	—	$	4,505

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: 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
-Topic 470
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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 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 160,793	$ 68,964
Accounts receivable, net	40,626	42,180
Inventory	5,545	4,099
Costs capitalized to obtain contracts, net	958	1,010
Prepaid expenses and other current assets	10,503	15,174
Total current assets	218,425	131,427
Restricted cash, noncurrent	1,217	1,749
Property and equipment, net	1,749	730
Costs capitalized to obtain contracts, noncurrent	1,008	834
Prepaid expenses and other assets, noncurrent	5,495	6,848
Operating lease right-of-use asset	851	1,014
Intangible assets, net	43,520	45,441
Goodwill	133,674	133,674
Total Assets	405,939	321,717
Current Liabilities:
Accounts payable	10,031	5,896
Accrued expenses and other current liabilities	32,137	27,538
Convertible notes, current ($0 and $3,449 measured at fair value, respectively)	0	3,449
Deferred revenue, current	35,460	33,932
Total current liabilities	77,628	70,815
Convertible notes, noncurrent	0	1,056
Derivative liability, noncurrent	0	217
Deferred revenue, noncurrent	935	1,842
Other liabilities, noncurrent	660	723
Total Liabilities	79,223	74,653
Commitments and Contingencies (Note 10)
Stockholders’ Equity
Common Stock, $0.001 par value; 500,000,000 and 100,000,000 shares authorized as of June 30, 2024 and December 31, 2023, respectively; 74,132,201 and 68,155,830 issued and outstanding as of June 30, 2024 and December 31, 2023, respectively	74	70
Additional paid-in capital	632,520	532,128
Accumulated deficit	(305,884)	(285,143)
Accumulated other comprehensive income	6	9
Total stockholders’ equity	326,716	247,064
Total Liabilities and Stockholders’ Equity	$ 405,939	$ 321,717

Related-Party Transactions - Expenses Paid on Behalf of Selling Stockholders (Details) $ in Millions	3 Months Ended
	Jun. 30, 2024 USD ($)
Related Party
Related Party Transaction [Line Items]
Related party transaction	$ 5.5
Executive Officers
Related Party Transaction [Line Items]
Related party transaction	0.9
Board of Directors
Related Party Transaction [Line Items]
Related party transaction	3.9
Non-Executive Employees
Related Party Transaction [Line Items]
Related party transaction	0.1
Other
Related Party Transaction [Line Items]
Related party transaction	0.6
Executive Officer and Director
Related Party Transaction [Line Items]
Related party transaction	$ 0.7

Balance Sheet Components - Prepaid Expenses and Other Assets, Non-Current (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses, noncurrent	$ 0	$ 1,353
Investment	5,474	5,474
Other assets	21	21
Total prepaid expenses and other assets, noncurrent	$ 5,495	$ 6,848

Balance Sheet Components - Accrued Expenses and Current Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued vendor expenses	$ 15,194	$ 10,020
Accrued compensation	3,351	3,349
Customer related promotions and discounts	3,756	9,049
Operating lease liability	349	335
Sales return reserves	3,223	3,285
Income taxes payable	4,924	0
Other current liabilities	1,340	1,500
Total accrued expenses and other current liabilities	$ 32,137	$ 27,538

Balance Sheet Components- Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts receivable	$ 40,720	$ 42,274
Allowance for credit losses	(94)	(94)
Total accounts receivable, net	$ 40,626	$ 42,180

Costs Capitalized to Obtain Contracts

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Abstract]

Costs Capitalized to Obtain Contracts

4. Deferred Revenue

5. Costs Capitalized to Obtain Contracts

The following table represents a roll forward of the Company’s costs capitalized to obtain contracts, net (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Costs capitalized to obtain contracts, net, beginning of period	$	1,901	$	2,123	$	1,844	$	2,063

Additions to costs capitalized to obtain contracts, net	387		497		785		995
Amortization of costs capitalized to obtain contracts, net	(322)		(426)		(663)		(864)
Costs capitalized to obtain contracts, net, end of period	$	1,966	$	2,194	$	1,966	$	2,194

- Definition

+ References

+ Details

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of Significant Accounting Policies

Included below are select significant accounting policies. Refer to Note 2, "Summary of Significant Accounting Policies" in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 29, 2024 (“Annual Report”) for a full list of the Company’s significant accounting policies.

Basis of Presentation and Consolidation

The accompanying unaudited condensed consolidated financial statements, which include the accounts of the Company and its wholly owned subsidiaries, have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim periods and following the requirements of the Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. All intercompany balances and transactions have been eliminated in consolidation.

The condensed consolidated balance sheet as of December 31, 2023, included herein, was derived from the audited financial statements as of that date. In the opinion of the Company’s management, the condensed consolidated financial statements reflect all normal recurring adjustments necessary to provide a fair presentation of the Company’s financial position, results of operations, stockholders’ equity, and cash flows for the interim periods presented. Operating results for these interim periods are not necessarily indicative of the Company’s future results of operations.

The condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report.

Use of Estimates

The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates, judgments, and assumptions that affect the reported amounts of assets, liabilities, net revenue, and expenses. Significant items subject to such estimates, judgments, and assumptions include:

•revenue recognition, including the determination of selling prices for distinct performance obligations sold in multiple performance obligation arrangements, the period over which revenue is recognized for certain arrangements, and estimated delivery dates for orders with title transfer upon delivery;

•allowances for credit losses and product returns;

•promotional and marketing allowances;

•inventory valuation;

•average useful customer life;

•valuation of stock-based awards;

•legal contingencies;

•impairment of long-lived assets and goodwill;

•valuation of convertible notes and embedded derivatives;

•useful lives of long-lived assets; and

•income taxes including valuation allowances on deferred tax assets.

The Company bases its estimates and judgments on historical experience and on various assumptions that it believes are reasonable under the circumstances. Actual results could differ significantly from those estimates.

Accounting pronouncements not yet adopted

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07 – Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in Accounting Standards Codification (“ASC”) 280 on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company does not expect adoption of this ASU will have a material impact on its financial position or results of operations.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. The updates in this ASU are effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company does not expect adoption of this ASU will have a material impact on its financial position or results of operations.

Concentrations of Risk and Significant Customers

Major Customers

The Company derives its accounts receivable from revenue earned from customers located in the United States and internationally. Channel and retail partners account for the majority of the Company’s revenue and accounts receivable for all periods presented.


	Percentage of Revenue
	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Channel Partner (Apple)	55	%	54	%	56	%	55	%
Channel Partner (Google)	18	%	16	%	18	%	15	%


	Percentage of Gross Accounts Receivable
	As of June 30,		As of December 31,
	2024		2023
Channel Partner (Apple)	59	%	50	%
Channel Partner (Google)	11	%	*
Data Partner A	10	%	*
Retail Partner A	16	%	17	%

* Represents less than 10%

Supplier Concentration

The Company currently relies on a single technology partner for its cloud platform and outsources the manufacturing of the Jiobit and Tile hardware devices to a single contract manufacturer. Although there are a limited number of suppliers, management believes that other suppliers could provide similar services on comparable terms.

Cash and Cash Equivalents

The Company considers all highly liquid investment securities with remaining maturities at the date of purchase of three months or less to be cash equivalents. Cash and cash equivalents include deposit and money market funds. Money market mutual funds are valued using quoted market prices and therefore are classified within Level 1 of the fair value hierarchy.

Restricted Cash

The restricted cash, noncurrent balance of $1.2 million and $1.7 million as of June 30, 2024 and December 31, 2023, respectively, relates to cash deposits restricted under letters of credit issued on behalf of the Company in support of indebtedness to trade creditors incurred in the ordinary course of business.

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	14. Income Taxes The provision for income taxes for interim quarterly reporting periods is based on the Company's estimates of the effective tax rates for the full fiscal year, in accordance with ASC 740-270, Income Taxes, Interim Reporting. ASC 740-270-25-2 requires that an annual effective tax rate be determined and such annual effective rate be applied to year to date income/loss in interim periods. The effective tax rate in any quarter may be subject to fluctuations during the year as new information is obtained, which may positively or negatively affect the assumptions used to estimate the annual effective tax rate, including factors such as valuation allowances against deferred tax assets, the recognition or de-recognition of tax benefits related to uncertain tax position, if any, and changes in or the interpretation of tax laws in jurisdictions where the Company conducts business. In accordance with the Tax Cuts and Jobs Act of 2017, research and experimental (“R&E”) expenses under Internal Revenue Code Section 174 are required to be capitalized beginning in 2022. R&E expenses are required to be amortized over a period of five years for domestic expenses and fifteen years for foreign expenses. The Company has capitalized R&E expenditures in its income tax provision. This is a driver for the annual estimated income tax rate used to calculate the provision for income taxes. For the three and six months ended June 30, 2024, the Company recorded a provision for income taxes of $5.5 million and $6.9 million, respectively. For the three and six months ended June 30, 2023, the Company recorded a provision for income taxes of $0.3 million and $0.4 million, respectively.

- 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

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

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

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

+ Details

Fair Value Measurements - Change in Fair Value of Convertible Notes and Contingent Liability (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Derivative liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning of the year			$ 217	$ 101	$ 101
Changes in fair value	$ 0	$ 300	1,707	200	116
Gain on settlement	(1,900)		(1,924)
Fair value, end of period	0		0		217
Convertible notes
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning of the year			3,449	6,938	6,938
Changes in fair value	0	$ 300	608	$ 200	684
Vesting of revesting notes					72
Gain/loss related to write-off of derivative liability upon conversion			(3,548)		(3,919)
Gain on settlement	(500)		(509)
Fair value, end of period	$ 0		$ 0		3,449
Convertible notes \| Convertible Debt, Revesting Notes
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gain/loss related to write-off of derivative liability upon conversion					$ (326)

Balance Sheet Components - Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 89	$ 298
Finished goods	5,456	3,801
Total inventory	$ 5,545	$ 4,099

Defined Contribution Plan (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Defined Contribution Plan (Details) - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Retirement Benefits [Abstract]
Employer contributions	$ 0.3	$ 0.0	$ 0.9	$ 0.0

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	$ (20,741)	$ (18,484)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	4,661	4,549
Amortization of costs capitalized to obtain contracts	663	864
Amortization of operating lease right-of-use asset	163	460
Stock-based compensation expense, net of amounts capitalized	19,047	18,224
Compensation expense in connection with revesting notes	0	73
Non-cash interest expense, net	59	295
Convertible notes fair value adjustment	608	194
Derivative liability fair value adjustment	1,707	240
Loss on settlement of convertible notes	440	0
Gain on settlement of derivative liability	(1,924)	0
Non-cash revenue from investment	(891)	(993)
Inventory write-off	0	916
Adjustment in connection with membership benefit	0	(2,094)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable, net	1,554	(343)
Prepaid expenses and other assets	6,024	(932)
Inventory	(1,446)	(480)
Costs capitalized to obtain contracts, net	(785)	(994)
Accounts payable	4,135	(6,680)
Accrued expenses and other current liabilities	(783)	(1,356)
Deferred revenue	1,512	1,055
Other liabilities, noncurrent	(63)	(42)
Net cash provided by (used in) operating activities	13,940	(5,528)
Cash Flows from Investing Activities:
Internal use software	(2,272)	(865)
Purchase of property and equipment	(51)	(26)
Net cash used in investing activities	(2,323)	(891)
Cash Flows from Financing Activities:
Indemnity escrow payment in connection with an acquisition	0	(13,128)
Proceeds from the exercise of stock options and warrants	4,461	1,569
Taxes paid related to net settlement of equity awards	(15,944)	(8,551)
Proceeds from issuance of common stock in U.S. initial public offering, net of underwriting discounts and commissions	93,000	0
Payments of U.S. initial public offering issuance costs	(1,837)	0
Proceeds from repayment of notes due from affiliates	0	314
Net cash provided by (used in) financing activities	79,680	(19,796)
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash	91,297	(26,215)
Cash, Cash Equivalents and Restricted Cash at the Beginning of the Period	70,713	90,365
Cash, Cash Equivalents, and Restricted Cash at the End of the Period	162,010	64,150
Supplemental disclosure:
Cash paid during the period for taxes	1,651	250
Cash paid during the period for interest	46	0
Non-cash investing and financing activities:
Right of use asset recognized in connection with lease modification	0	1,054
Operating lease liability recognized in connection with lease modification	0	1,054
Property and equipment included within accrued expenses and other current liabilities	1,063	0
Stock-based compensation included in internal use software	373	0
IPO-related transaction costs included in accrued expenses and other current liabilities	4,455	0
Cash, cash equivalents and restricted cash
Cash and cash equivalents	160,793	62,404
Restricted cash, noncurrent	1,217	1,746
Total cash and cash equivalents, and restricted cash	162,010	64,150
September 2021 Convertible Notes
Non-cash investing and financing activities:
Settlement of 2021 Convertible Notes to common stock and accrued interest	3,548	0
July 2021 Convertible Notes
Non-cash investing and financing activities:
Settlement of 2021 Convertible Notes to common stock and accrued interest	$ 2,203	$ 0

Convertible Notes (Tables)

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Convertible notes

Convertible notes, current and noncurrent consist of the following (in thousands):


	As of June 30,		As of December 31,
	2024		2023

Convertible notes, current:
September 2021 Convertible Notes	$	—	$	3,449

Convertible notes, noncurrent:
July 2021 Convertible Notes	—		1,056


Total convertible notes	$	—	$	4,505

Commitments and Contingencies - Litigation (Details) - Patent infringement claim	Apr. 23, 2024 claim
Loss Contingencies [Line Items]
Claims found invalid	10
Claims remaining	2

- 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

Convertible Notes - Current and Non-Current (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Convertible notes, current:	$ 0	$ 3,449
Convertible notes, noncurrent:	0	1,056
Total convertible notes	0	4,505
September 2021 Convertible Notes
Debt Instrument [Line Items]
Convertible notes, current:	0	3,449
Convertible notes, noncurrent:	0
July 2021 Convertible Notes
Debt Instrument [Line Items]
Convertible notes, noncurrent:	$ 0	$ 1,056

- 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

Equity Incentive Plan

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Equity Incentive Plan

13. Equity Incentive Plan

2011 Equity Incentive Plan

The Company’s equity incentive plan allows the Company to grant restricted stock units, performance-based restricted stock units (“PRSU”), restricted stock, and stock options to employees and consultants of the Company and any of the Company’s parent, subsidiaries, or affiliates, and to the members of the Board of Directors.

The following summary of stock option activity for the periods presented is as follows (in thousands, except share and per share data):


	Number of Shares Underlying Outstanding Options	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Life (in Years)	Aggregate Intrinsic Value
Balance as of December 31, 2023	6,625,812	$	6.57	4.7	$	59,957
Options granted	—	—
Options exercised	(407,277)	8.18
Options canceled/forfeited	(191,094)	14.45
Balance as of June 30, 2024	6,027,441	6.21		4.3	157,803
Exercisable as of June 30, 2024	5,443,161	$	5.57	4.3	$	145,976

As of June 30, 2024, there was total unrecognized compensation cost for outstanding stock options of $2.7 million to be recognized over a period of approximately 1.5 years.

Performance-based Restricted Stock Units

The Company granted 54,075 and 61,328 PRSUs (“the Target Grant”) to certain executive officers during the three months ended March 31, 2024 and June 30, 2024, respectively. The number of PRSUs that may be vested depends on the extent to which performance goals for the award are achieved over a one-year performance period, as determined by the Compensation Committee of the Board, up to a maximum of 200% of the Target Grant. The performance goals for the PRSUs consist of the following two metrics, each with a weighting of 50%: (1) a revenue metric for the year ended December 31, 2024; and (2) an Adjusted EBITDA metric for the year ended December 31, 2024. Each of the metrics are within the Company’s published revenue and Adjusted EBITDA guidance described in the Company’s press release furnished within Exhibit 99.1 of the Company’s Current Report on Form 8-K filed with the SEC on February 29, 2024.

The PRSU awards vest over a four-year period with 1/4th of the shares vesting after the first year and 1/16th of the shares vesting each quarter thereafter, subject to continuous service with the Company. As of June 30, 2024, PRSUs granted in 2024 are being accrued at the target amount. The Company uses the grant date fair value of the common stock to measure compensation expense for PRSU awards. Compensation expense is recognized over the vesting period of the PRSU award using the graded-vesting attribution method and shares attained over target upon vesting will be recognized as awards granted in the period. No PRSU awards vested as of June 30, 2024.

The following summary of restricted stock units (including PRSUs) activity for the periods presented is as follows:


	Number of Shares	Weighted average grant date fair value
Balance as of December 31, 2023	6,182,543	$	12.67
RSU granted	2,041,638	24.30
RSU vested and settled	(1,992,579)	25.82
RSU canceled/forfeited	(339,141)	13.83
Balance as of June 30, 2024	5,892,461	$	16.59

As of June 30, 2024, there was unrecognized compensation cost for outstanding restricted stock units of $89.1 million to be recognized over a period of approximately 3.0 years.

The number of RSUs vested and settled includes shares of common stock that the Company withheld on behalf of employees to satisfy the minimum statutory tax withholding requirements.

Stock-based Compensation

Stock-based compensation expense was allocated as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

Cost of revenue
Subscription costs	$	203	$	154	$	362	$	279
Hardware costs	224		243		408		449
Other costs	—		10		4		21
Total cost of revenue	427		407		774		749
Research and development	6,467		5,301		11,793		10,086
Sales and marketing	774		560		1,406		1,487
General and administrative	3,118		3,001		5,074		5,902
Total stock-based compensation, net of amounts capitalized	$	10,786	$	9,269	$	19,047	$	18,224

There was $0.4 million of capitalized stock-based compensation costs recognized during the three and six months ended June 30, 2024, respectively. There was an immaterial amount of capitalized stock-based compensation costs recognized during the three and six months ended June 30, 2023.

Equity Awards Issued in Connection with Business Combinations

Jio, Inc.

In connection with the Jiobit acquisition in September 2021, the Company granted 43,083 service-based stock options under the Plan to certain Jiobit employees with an aggregate fair value of $0.5 million which vests ratably over the requisite service period. As of June 30, 2024, there was $20 thousand of unrecognized compensation expense related to unvested assumed stock options, which is expected to be recognized over the remaining weighted average life of 0.7 years. As of December 31, 2023, there was $0.1 million of unrecognized compensation expense related to unvested assumed stock options, which is expected to be recognized over the remaining weighted average life of 1 year.

Tile, Inc.

In connection with the Tile acquisition in January 2022, the Company issued 1,499,349 shares of retention restricted stock units with an aggregate fair value of $29.6 million. Of the 1,499,349 shares of retention restricted stock units, 787,446 shares valued at $15.6 million contained performance vesting criteria based on the achievement of certain company milestones during the three months ended March 31, 2022, and vest over a two year period. As of March 31, 2022, the vesting criteria had not been met and all 787,446 restricted stock units were forfeited. The remaining 711,903 retention restricted stock units vest over a two to four year period. As of June 30, 2024, there was $0.5 million of unrecognized compensation expense related to the retention restricted stock units which is expected to be recognized over the remaining weighted average life of 1.5 years. As of December 31, 2023, there was $0.7 million of unrecognized compensation expense related to the retention restricted stock units which is expected to be recognized over the remaining weighted average life of 1.9 years.

A total of 1,561 shares of common stock with an aggregate fair value of $31 thousand were issued to a key employee, the vesting of which is subject to continued employment over a 30-month period. As of June 30, 2024 there was an immaterial amount of unrecognized compensation expense related to unvested restricted stock units which was expected to be recognized over the remaining 0.5 years. As of December 31, 2023 the compensation expense related to the vested restricted stock units was fully recognized.

Convertible Notes - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended			3 Months Ended		6 Months Ended
	Sep. 01, 2021	Jun. 30, 2024	Apr. 30, 2024	Jul. 31, 2021	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Sep. 30, 2021
Debt Instrument [Line Items]
Derivative liability		$ 0		$ 700	$ 0		$ 0		$ 217
Settlement of convertible notes					5,751
Gain (loss) on settlement of convertible notes					(440)	$ 0	(440)	$ 0
Convertible notes, noncurrent		$ 0			$ 0		$ 0		1,056
Warrant Tranche 1
Debt Instrument [Line Items]
Exercise price or warrants (in usd per share)				$ 0.01
Warrants (in shares)				88,213
Warrants term				1 year
Warrant Tranche 2
Debt Instrument [Line Items]
Exercise price or warrants (in usd per share)		$ 11.96			$ 11.96		$ 11.96
Warrants (in shares)				44,106
Warrants term				5 years
Warrant Tranche 3
Debt Instrument [Line Items]
Exercise price or warrants (in usd per share)				$ 11.96
Warrants (in shares)				44,106
Warrants term				5 years
Restriction period of warrants				12 months
July 2021 Convertible Notes
Debt Instrument [Line Items]
Principal amount				$ 2,100
Annual interest rate				4.00%
Conversion price per share (in usd per share)		$ 11.96		$ 11.96	$ 11.96		$ 11.96
Outstanding principal and accrued interest balance		$ 2,200
Conversion of common stock (in shares)		184,192
Gain (loss) on settlement of convertible notes		$ (900)
Convertible notes, noncurrent		0			$ 0		$ 0		$ 1,056
Debt discount				$ 800
Beneficial conversion feature				$ 600
Interest expense					100	$ 100	100	$ 200
September 2021 Convertible Notes
Debt Instrument [Line Items]
Principal amount										$ 11,600
Conversion price per share (in usd per share)			$ 22.50							$ 22.50
Outstanding principal and accrued interest			$ 3,500
Settlement of convertible notes (in shares)			157,685
Settlement of convertible notes			$ 3,500
Gain (loss) on settlement of convertible notes			$ 500
Convertible notes, noncurrent		$ 0			$ 0		$ 0
Convertible notes, repayment of principal, percentage per year	33.33%
Convertible Debt, Revesting Notes
Debt Instrument [Line Items]
Principal amount										$ 1,600

Summary of Significant Accounting Policies - Channel and Retail Partners Greater Than 10% (Details) - Customer concentration risk	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Revenue benchmark \| Channel Partner (Apple)
Concentration Risk [Line Items]
Concentration risk, percentage	55.00%	54.00%	56.00%	55.00%
Revenue benchmark \| Channel Partner (Google)
Concentration Risk [Line Items]
Concentration risk, percentage	18.00%	16.00%	18.00%	15.00%
Accounts receivable \| Channel Partner (Apple)
Concentration Risk [Line Items]
Concentration risk, percentage			59.00%		50.00%
Accounts receivable \| Channel Partner (Google)
Concentration Risk [Line Items]
Concentration risk, percentage			11.00%
Accounts receivable \| Data Partner A
Concentration Risk [Line Items]
Concentration risk, percentage			10.00%
Accounts receivable \| Retail Partner A
Concentration Risk [Line Items]
Concentration risk, percentage			16.00%		17.00%

Common Stock - Narrative (Details)	Jun. 06, 2024 shares
U.S. IPO
Subsidiary, Sale of Stock [Line Items]
Shares issued (in shares)	3,703,704

Equity Incentive Plan - Time-based Restricted Stock Units (RSU) and PRSU Activity (Details) - Restricted stock units	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Number of Shares
Balance (in shares) \| shares	6,182,543
RSU granted (in shares) \| shares	2,041,638
RSU vested and settled (in shares) \| shares	(1,992,579)
RSU canceled/forfeited (in shares) \| shares	(339,141)
Balance (in shares) \| shares	5,892,461
Weighted average grant date fair value
Balance (in usd per share) \| $ / shares	$ 12.67
RSU granted (in usd per share) \| $ / shares	24.30
RSU vested and settled (in usd per share) \| $ / shares	25.82
RSU canceled/forfeited (in usd per share) \| $ / shares	13.83
Balance (in usd per share) \| $ / shares	$ 16.59

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Computation of basic and diluted net loss per share

The following table presents the calculation of basic and diluted net loss per share (in thousands except share and per share information):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net loss	$	(10,964)	$	(4,413)	$	(20,741)	$	(18,484)
Weighted-average shares used in computing net loss per share, basic and diluted	70,760,080		66,467,200		69,647,853		66,032,405
Net loss per share, basic and diluted	$	(0.15)	$	(0.07)	$	(0.30)	$	(0.28)

Antidilutive common shares excluded from computation


	As of June 30,	As of June 30,
	2024	2023

Issuances under stock incentive plan	6,027,441	7,373,302
Issuances upon exercise of common stock warrants	7,761	137,658
Issuances upon vesting of restricted stock units	5,892,461	5,888,385
Issuances upon conversion of convertible notes	—	516,758
	11,927,663	13,916,103

Related-Party Transactions - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	6 Months Ended
	Jun. 06, 2024	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023
Related Party Transaction [Line Items]
Underwriting discounts and commissions			$ 1,837	$ 0
Related Party
Related Party Transaction [Line Items]
Related party transaction		$ 5,500
U.S. IPO
Related Party Transaction [Line Items]
Shares issued (in shares)	3,703,704
Sale of stock, price (in usd per share)	$ 27.00
Proceeds after deducting underwriting discounts and commissions	$ 93,000
Underwriting discounts and commissions	$ 7,000
U.S. IPO \| Selling Securityholders
Related Party Transaction [Line Items]
Shares issued (in shares)	2,908,796
Over-Allotment Option
Related Party Transaction [Line Items]
Shares issued (in shares)	862,500

Balance Sheet Components - Intangible Assets Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Capitalized internal use software	$ 1,500	$ 500	$ 2,600	$ 900
Amortization expense	2,300	2,300	4,600	4,500
Impairment of intangible assets	0	0	0	0
Finite-Lived Intangible Assets [Line Items]
Internal use software not yet in service	3,263		3,263
Goodwill	133,674		133,674		$ 133,674
Goodwill impairments	0	$ 0	0	$ 0
Internal use software, not yet in service
Finite-Lived Intangible Assets [Line Items]
Internal use software not yet in service	$ 3,300		$ 3,300
Useful life	3 years		3 years

Equity Incentive Plan (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock option activity

The following summary of stock option activity for the periods presented is as follows (in thousands, except share and per share data):


	Number of Shares Underlying Outstanding Options	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Life (in Years)	Aggregate Intrinsic Value
Balance as of December 31, 2023	6,625,812	$	6.57	4.7	$	59,957
Options granted	—	—
Options exercised	(407,277)	8.18
Options canceled/forfeited	(191,094)	14.45
Balance as of June 30, 2024	6,027,441	6.21		4.3	157,803
Exercisable as of June 30, 2024	5,443,161	$	5.57	4.3	$	145,976

Time-based restricted stock units (RSU) and PRSU activity

The following summary of restricted stock units (including PRSUs) activity for the periods presented is as follows:


	Number of Shares	Weighted average grant date fair value
Balance as of December 31, 2023	6,182,543	$	12.67
RSU granted	2,041,638	24.30
RSU vested and settled	(1,992,579)	25.82
RSU canceled/forfeited	(339,141)	13.83
Balance as of June 30, 2024	5,892,461	$	16.59

Stock-based compensation expense

Stock-based compensation expense was allocated as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023

Cost of revenue
Subscription costs	$	203	$	154	$	362	$	279
Hardware costs	224		243		408		449
Other costs	—		10		4		21
Total cost of revenue	427		407		774		749
Research and development	6,467		5,301		11,793		10,086
Sales and marketing	774		560		1,406		1,487
General and administrative	3,118		3,001		5,074		5,902
Total stock-based compensation, net of amounts capitalized	$	10,786	$	9,269	$	19,047	$	18,224

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Derivative liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loss for change in fair value	$ 0	$ (300)	$ (1,707)	$ (200)	$ (116)
Gain on settlement	1,900		1,924
Convertible notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Loss for change in fair value	0	$ (300)	(608)	$ (200)	$ (684)
Gain on settlement	$ 500		$ 509