SITIME CORP, 10-K filed on 2/11/2026
Annual Report
v3.25.4
Cover Page - USD ($)
 12 Months Ended
Dec. 31, 2025
Feb. 05, 2026
Jun. 30, 2025
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-39135    
Entity Registrant Name SiTime Corporation    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 02-0713868    
Entity Address, Address Line One 5451 Patrick Henry Drive    
Entity Address, City or Town Santa Clara    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 95054    
City Area Code 408    
Local Phone Number 328-4400    
Title of 12(b) Security Common Stock, $0.0001 par value per share    
Trading Symbol SITM    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
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    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction false    
Entity Shell Company false    
Entity Public Float     $ 4,729,021,877
Entity Common Stock Shares Outstanding   26,299,915  
Documents Incorporated by Reference
Part III incorporates by reference certain information from the registrant’s definitive proxy statement for the 2026 Annual Meeting of Stockholders to be filed no later than 120 days after the conclusion of the registrant’s fiscal year ended December 31, 2025.
    
Entity Central Index Key 0001451809    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Amendment Flag false    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Firm ID 34
Auditor Name Deloitte & Touche LLP
Auditor Location San Jose, California
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 16,759 $ 6,106
Short-term investments in held-to-maturity securities 791,648 412,728
Accounts receivable, net 45,040 38,209
Inventories 81,557 76,741
Prepaid expenses and other current assets 14,275 10,276
Total current assets 949,279 544,060
Property and equipment, net 105,114 82,475
Intangible assets, net 147,366 163,558
Right-of-use assets, net 4,089 6,569
Goodwill 87,098 87,098
Other assets 1,753 1,199
Total assets 1,294,699 884,959
Current liabilities:    
Accounts payable 21,327 22,894
Accrued expenses and other current liabilities 62,678 85,555
Total current liabilities 84,005 108,449
Other non-current liabilities 54,512 76,791
Total liabilities 138,517 185,240
Commitments and contingencies (Note 6)
Stockholders’ equity:    
Common stock, $0.0001 par value - 200,000 shares authorized; 26,299 and 23,598 shares issued and outstanding at December 31, 2025 and 2024 3 2
Additional paid-in capital 1,381,083 881,718
Accumulated deficit (224,904) (182,001)
Total stockholders’ equity 1,156,182 699,719
Total liabilities and stockholders’ equity $ 1,294,699 $ 884,959
v3.25.4
Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 200,000,000 200,000,000
Common stock, shares, issued (in shares) 26,299,000 23,598,000
Common stock, shares, outstanding (in shares) 26,299,000 23,598,000
v3.25.4
Consolidated Statements of Operations and Comprehensive Loss - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Statement [Abstract]      
Revenue $ 326,660 $ 202,697 $ 143,993
Cost of revenue 151,674 98,203 61,905
Gross profit 174,986 104,494 82,088
Operating expenses:      
Research and development 118,893 106,855 97,589
Selling, general and administrative 116,504 102,157 83,971
Acquisition related costs 6,567 10,722 7,728
Total operating expenses 241,964 219,734 189,288
Loss from operations (66,978) (115,240) (107,200)
Interest income 24,830 22,883 26,958
Other expense, net (157) (758) (141)
Loss before income taxes (42,305) (93,115) (80,383)
Income tax expense (598) (486) (152)
Net loss (42,903) (93,601) (80,535)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent (42,903) (93,601) (80,535)
Net Income (Loss) Available to Common Stockholders, Diluted (42,903) (93,601) (80,535)
Net loss attributable to common stockholders and comprehensive loss $ (42,903) $ (93,601) $ (80,535)
Net loss per share attributable to common stockholders, basic (in dollars per share) $ (1.72) $ (4.05) $ (3.63)
Net loss per share attributable to common stockholders, diluted (in dollars per share) $ (1.72) $ (4.05) $ (3.63)
Weighted-average shares used to compute basic net loss per share (in shares) 24,967 23,118 22,188
Weighted-average shares used to compute diluted net loss per share (in shares) 24,967 23,118 22,188
v3.25.4
Consolidated Statements of Stockholders' Equity - USD ($)
shares in Thousands, $ in Thousands
Total
Follow-on Public Offering
Common Stock
Common Stock
Follow-on Public Offering
Additional Paid-in Capital
Additional Paid-in Capital
Follow-on Public Offering
Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2022     21,702        
Beginning balance at Dec. 31, 2022 $ 708,480   $ 2   $ 716,343   $ (7,865)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Stock-based compensation expense 76,638       76,638    
Net loss (80,535)           (80,535)
Issuance of common stock in connection with At-The-Market offering net of underwriting discounts and commissions and other offering costs (in shares)     400        
Issuance of common stock in connection with At-The-Market offering net of underwriting discounts and commissions and other offering costs 44,815       44,815    
Issuance of shares upon vesting of restricted stock units, net of tax withholdings (in shares)     590        
Issuance of shares upon vesting of restricted stock units, net of tax withholdings (41,346)       (41,346)    
Ending balance (in shares) at Dec. 31, 2023     22,692        
Ending balance at Dec. 31, 2023 708,052   $ 2   796,450   (88,400)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Stock-based compensation expense 89,122       89,122    
Net loss (93,601)           (93,601)
Issuance of common stock in connection with At-The-Market offering net of underwriting discounts and commissions and other offering costs (in shares)     333        
Issuance of common stock in connection with At-The-Market offering net of underwriting discounts and commissions and other offering costs 48,779       48,779    
Issuance of shares upon vesting of restricted stock units, net of tax withholdings (in shares)     573        
Issuance of shares upon vesting of restricted stock units, net of tax withholdings $ (52,633)       (52,633)    
Ending balance (in shares) at Dec. 31, 2024 23,598   23,598        
Ending balance at Dec. 31, 2024 $ 699,719   $ 2   881,718   (182,001)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Stock-based compensation expense 102,353       102,353    
Net loss (42,903)           (42,903)
Issuance of common stock in connection with At-The-Market offering net of underwriting discounts and commissions and other offering costs (in shares)     263 2,013      
Issuance of common stock in connection with At-The-Market offering net of underwriting discounts and commissions and other offering costs 64,277 $ 387,338 $ 1   64,277 $ 387,337  
Issuance of shares upon vesting of restricted stock units, net of tax withholdings (in shares)     425        
Issuance of shares upon vesting of restricted stock units, net of tax withholdings $ (54,602)       (54,602)    
Ending balance (in shares) at Dec. 31, 2025 26,299   26,299        
Ending balance at Dec. 31, 2025 $ 1,156,182   $ 3   $ 1,381,083   $ (224,904)
v3.25.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net loss $ (42,903) $ (93,601) $ (80,535)
Adjustments to reconcile net loss to net cash provided by operating activities      
Depreciation and amortization expense 40,189 30,072 16,128
Stock-based compensation expense 103,540 92,634 76,753
Net change in unrealized interest on held to maturity securities (3,511) 4,577 (3,829)
Change in fair value of sales based earnout liability 4,000 6,049 1,183
Accretion of acquisition consideration payable 1,068 4,056 710
Inventory write-down 6,599 4,431 1,997
Other, net 0 0 (23)
Changes in assets and liabilities:      
Accounts receivable, net (6,831) (16,348) 19,368
Inventories (11,997) (14,344) (9,886)
Prepaid expenses and other assets (4,553) (2,516) (6,116)
Accounts payable 4,302 6,122 (5,706)
Accrued expenses and other liabilities (2,749) 2,058 (1,988)
Net cash provided by operating activities 87,154 23,190 8,056
Cash flows from investing activities      
Purchase of held to maturity securities (1,368,793) (807,836) (1,046,407)
Proceeds from maturity of held to maturity securities 993,383 909,265 1,060,996
Acquisition of business 0 0 (39,000)
Purchase of property and equipment (52,028) (36,217) (8,945)
Cash paid for intangibles (428) (453) (3,304)
Net cash (used in) provided by investing activities (427,866) 64,759 (36,660)
Cash flows from financing activities      
Tax withholding paid on behalf of employees for net share settlement (54,602) (52,633) (41,346)
Proceeds from issuance of common stock 468,683 50,509 46,025
Payments for offering costs (17,069) (1,730) (1,210)
Payment of contingent consideration towards earnouts (12,903) (12,254) 0
Payment of deferred acquisition consideration payable (32,744) (75,203) 0
Net cash provided by (used in) financing activities 351,365 (91,311) 3,469
Net increase (decrease) in cash and cash equivalents 10,653 (3,362) (25,135)
Cash and cash equivalents      
Beginning of period 6,106 9,468 34,603
End of period 16,759 6,106 9,468
Supplemental disclosure of cash flow information      
Income taxes paid, net of refunds 402 88 199
Supplemental disclosure of noncash flow information      
Unpaid property and equipment 3,080 8,949 866
Right-of-use assets acquired under operating leases 405 1,147 0
Settlement of pre-existing arrangement in connection with acquisition 0 0 9,974
Acquisition consideration payable at acquisition date 0 0 107,947
Fair value of sales based earnout liability $ 0 $ 0 $ 102,278
v3.25.4
The Company and Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
The Company and Summary of Significant Accounting Policies The Company and Summary of Significant Accounting Policies
SiTime Corporation (the “Company”) was incorporated in the State of Delaware in December 2003. The Company is a leading provider of Precision Timing solutions to the global electronics industry, providing the timing functionality that is needed for electronics to operate reliably and correctly. The Company's products have been designed to address a wide range of applications across a broad array of end markets. The Company operates a fabless business model and leverages its global network of distributors to address the broad set of end markets that it serves.
Basis of Presentation
The accompanying consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). The consolidated financial statements include all adjustments necessary for a fair presentation of our annual results. The Company’s fiscal year begins on January 1 of the year stated and ends on December 31 of the same year. The Company reports its results on a calendar year basis.
Principles of Consolidation
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The significant areas requiring the use of management estimates and assumptions include fair value of assets acquired and liabilities assumed in business combinations and estimate of reserve for excess and obsolete inventories. Actual results could differ materially from such estimates. Management believes that the estimates, and judgments upon which they rely, are reasonable based upon information available to them at the time that these estimates and judgments are made.
Foreign Currency Remeasurement
The Company and its wholly-owned subsidiaries use the U.S. dollar as their functional currency. Foreign currency assets and liabilities are remeasured into U.S. dollars at the end-of-period exchange rates except for non-monetary assets and liabilities, which are measured at historical exchange rates. Revenue and expenses denominated in non-U.S. dollars are remeasured using an average exchange rate in effect for the period. Gains or losses from foreign currency remeasurement and transactions are included in other expense, net. For the years ended December 31, 2025, 2024, and 2023, foreign currency remeasurement and transactions gains and losses resulting in a net charge of $0.2 million, $0.8 million, and $0.1 million, respectively.
Cash and Cash Equivalents
Cash and cash equivalents consist of cash balances in the Company’s bank checking and savings accounts and liquid short-term investments with original maturities of 90 days or less at the date of purchase, readily convertible to known amounts of cash.
Fair Value Measurements
The Company determines fair value measurements used in its consolidated financial statements based upon the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy distinguishes between (i) market participant assumptions developed based on market data obtained from independent sources (observable inputs), and (ii) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs).
The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:
Level 1:    Valuations based on quoted prices in active markets for identical assets or liabilities that the entity has the ability to access.
Level 2:    Valuations based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities.
Level 3:    Valuations based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
Cash equivalents
At December 31, 2025 and 2024, highly liquid money market funds of $0.4 million and $0.3 million, respectively, were valued using Level 1, of the fair value hierarchy, quoted prices in active markets for identical assets and are included in cash equivalents.
Short-term investments in held-to-maturity securities
As of December 31, 2025, the Company had purchased Treasury Bills with maturities ranging from 3 to 12 months, which the Company intends to hold until maturity and has classified as held-to-maturity securities. The held-to-maturity securities are recorded at amortized cost totaling $791.6 million including gross accrued interest of $7.8 million. As of December 31, 2025, the fair value and gross unrealized gain on the held-to-maturity securities was $792.1 million and $0.5 million respectively. The carrying value of the Company's investments is reviewed quarterly for changes in circumstances or the occurrence of events that suggests an investment may not be fully recoverable. These Treasury Bills were valued using Level 1 of the fair value hierarchy, quoted prices in active markets for identical assets, and are included in short-term investments.
As of December 31, 2024, the Company had purchased Treasury Bills with maturities ranging from 3 to 6 months, which the Company held until maturity and classified as held-to-maturity securities. The held-to-maturity securities were recorded at amortized cost totaling $412.7 million including gross accrued interest of $4.3 million. As of December 31, 2024, the fair value and gross unrealized gain on the held-to-maturity securities was $412.9 million and $0.2 million respectively. The carrying value of the Company's investments is reviewed quarterly for changes in circumstances or the occurrence of events that suggests an investment may not be fully recoverable. These Treasury Bills were valued using Level 1 of the fair value hierarchy, quoted prices in active markets for identical assets, and are included in short-term investments.
Sales based earnout liability
The estimated fair value of the sales based earnout liability is determined using a Monte Carlo simulation model using significant unobservable fair value inputs and is therefore classified as a Level 3 measurement. The assumptions used in the calculation are based on the revenue projections over the term of the contingent earn-out period, expected volatility, and discount rate. The estimates of fair value are uncertain and changes in any of the estimated inputs used as of the date of this report will result in significant adjustments to the fair value. As of December 31, 2025, the Company used a volatility rate of 20%, risk-free rate ranging from 3.4% to 3.7%, and an expected term ranging from 0.1 years to 2.9 years.
The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial liabilities:
Year Ended December 31,
20252024
Beginning fair value$97,256 $103,461 
Change in the fair value during the year recorded to acquisition related costs4,000 6,049 
Payments made during the period(12,903)(12,254)
Ending fair value$88,353 $97,256 
There were no transfers between Level 1, Level 2, and Level 3 categories during any of the periods presented.
Accounts Receivable and Allowances for Credit Losses
Trade accounts receivable are recorded at the invoiced amount, net of allowances for credit losses. An allowance for credit losses is recorded when it is probable that amounts will not be collected based on historical collection trends, age of outstanding receivables, specific customer circumstances, existing economic conditions and future forecasted information. The Company performs periodic credit evaluations of its customers’ financial condition and generally requires no collateral from its customers. Losses have not been significant in any of the periods presented.
Concentration of Credit Risk
Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents, short-term investments and accounts receivable. Substantially all of the Company's cash and cash equivalents balances are in excess of Federal Deposit Insurance Corporation insurance limits with financial institutions. Investment policies have been implemented that limit purchases of marketable debt securities to investment-grade securities.
The Company extends credit based on an evaluation of the customer’s financial condition and collateral is not typically required. The Company primarily sells its products through third-party distributors. Two, three and four distributors directly accounted for 10% or more of the Company’s revenue for the year ended December 31, 2025, 2024 and 2023, respectively. No other distributors accounted for 10% or more of the Company's consolidated revenues for the years ended December 31, 2025, 2024, and 2023.
The following table discloses these customers’ percentage of revenue for the respective periods:
Year Ended December 31,
202520242023
Customer
Arrow Electronics, Inc.26%19%18%
Pernas Electronics Co. Ltd.25%24%20%
Quantek Technology Corporation*13%13%
Sabre Technologies Pte. Ltd**10%
* Revenue from this customer was below 10%.
At December 31, 2025 and 2024 these customers accounted for 10% or more of accounts receivable:
As of December 31,
20252024
Customer
Arrow Electronics, Inc.39%15%
Pernas Electronics Co. Ltd.22%31%
Quantek Technology Corporation*17%
* Accounts receivable from these customers was below 10%.
Inventories
Inventories are stated at the lower of standard cost (which approximates actual cost on a first-in, first-out basis) or net realizable value. The Company reduces excess and obsolete inventories to their estimated net realizable value based on management’s assessment of future demand, historical usage by product, and market conditions. Inventory reserve write-downs, once established, are not released until the related inventory has been sold or scrapped.
Property and Equipment
Property and equipment are recorded at cost, less accumulated depreciation. Depreciation of property and equipment is recognized on a straight-line basis over the estimated useful lives of the respective assets as follows:
Lab and manufacturing equipment
3 to 7 years
Computer equipment3 years
Furniture and fixtures5 years
Leasehold improvementsShorter of remaining lease term or estimated useful lives of the assets
Maintenance and repair costs are charged to expense as incurred, and expenditures that extend the useful lives of assets are capitalized. Upon retirement or sale of the property and equipment, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is recorded in operating expenses.
Intangible Assets
Purchased intangible assets with finite lives are carried at cost, less accumulated amortization. Amortization is computed using the straight-line method over the estimated useful lives of the respective assets of 3 to 10 years. Acquisition-related in-process research and development represents the fair value of incomplete research and development projects that have not reached technological feasibility as of the date of acquisition. Initially, these assets are not subject to amortization. Assets related to projects that have been completed are transferred to developed technology, which are subject to amortization.
Leases
The Company determines if an arrangement is a lease at inception. Lease classification is evaluated at commencement and, as necessary, at modification. Operating lease related balances are included in right-of-use (“ROU”), assets, accrued expenses and other current liabilities, and other non-current liabilities in the Company’s consolidated balance sheets. The Company currently does not have any finance leases.
Operating lease ROU assets represent the Company's right to use an underlying asset for the lease term and operating lease liabilities represent the present value of the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value of the future lease payments is the incremental borrowing rate of the Company, because the interest rates implicit in most of its leases are not readily determinable. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located. Operating lease ROU assets also include adjustments related to lease incentives, prepaid or accrued rent and initial direct lease costs. Operating lease ROU assets are subject to evaluation for impairment or disposal on a basis consistent with other long-lived assets.
Lease terms may include periods under options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company generally uses the base, non-cancelable lease term when determining the lease right-of-use assets and lease liabilities. Operating lease cost is recognized on a straight-line basis over the lease term.
The Company has elected the practical expedient within ASC Topic 842 to account for lease and non-lease components as a single lease component. Additionally, the Company has elected the short-term lease exception for all classes of assets and does not recognize ROU assets and lease liabilities for leases with a term of 12 months or less and recognizes lease payments for short-term leases as expense either straight-line over the lease term or as incurred depending on whether the lease payments are fixed or variable. These elections are applied consistently for all leases. Payments under the Company's lease arrangements are primarily fixed, however, certain lease agreements contain variable payments, which are expensed as incurred and not included in the operating lease ROU assets and liabilities. Variable lease payments are primarily comprised of common area maintenance charges and utility costs.
Business Combinations
The Company applies the provisions of ASC 805, Business Combinations (ASC 805), in accounting for acquisitions. ASC 805 requires that the Company evaluates whether a transaction pertains to an acquisition of assets, or to an acquisition of a business. A business is defined as an integrated set of assets and activities that is capable of being conducted and managed for the purpose of providing a return to investors. Asset acquisitions are accounted for by allocating the cost of the acquisition to the individual assets and liabilities assumed on a relative fair value basis; whereas the acquisition of a business requires the Company to recognize separately from goodwill the assets acquired and the liabilities assumed at the acquisition date fair values. Goodwill as of the business acquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. The Company also evaluates all contingent consideration arrangements to determine if the arrangements are compensatory in nature. No liability is recognized at the acquisition date for arrangements concluded to be compensatory. While the Company uses its best estimates and assumptions to accurately value assets acquired and liabilities assumed at the business acquisition date as well as any contingent consideration, where applicable, the estimates are inherently uncertain and subject to refinement. Estimates and assumptions relevant to the determination of the fair value of the assets acquired and liabilities assumed include, but are not limited to, revenue projections, discount rates, and other assumptions. The approach to estimating an initial contingent consideration associated with the purchase price also uses similar unobservable factors such as revenue projections over the term of the contingent earn-out period, discounted for the period over which the initial contingent consideration is measured and expected volatility. Based upon these assumptions, the initial contingent consideration is then valued using a Monte Carlo simulation. As a result, during the measurement period, which may be up to one year from the business acquisition date, the Company may record certain adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of a business acquisition’s measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the consolidated statements of operations. In the event an acquisition involves an entity with which the Company has a preexisting relationship, the Company will recognize a gain or loss, if any, to settle that relationship as of the acquisition date within the consolidated statement of operations and comprehensive loss. All acquisition-related costs are accounted for as expenses in the period in which they are incurred. Changes in the fair value of contingent consideration arrangements that are not measurement period adjustments are recognized in earnings.
Impairment of Goodwill, Intangible Assets, and Other Long-Lived Assets
Goodwill is evaluated for impairment on an annual basis in the fourth quarter of the Company's fiscal year, and whenever events or changes in circumstances indicate the carrying amount of goodwill may not be recoverable. The Company has elected to first assess qualitative factors to determine whether it is more likely than not that the fair value of its single reporting unit is less than its carrying amount, including goodwill. If the Company determines that it is more likely than not that the fair value is less than its carrying amount, then the quantitative impairment test will be performed. Under the quantitative impairment test, if the carrying amount exceeds its fair value, the Company will recognize an impairment loss in an amount equal to that excess but limited to the total amount of goodwill.
The Company evaluates events and changes in circumstances that could indicate carrying amounts of purchased intangible assets and other long-lived assets may not be recoverable. When such events or changes in circumstances occur, it assesses the recoverability of these assets or asset groups by determining whether or not the carrying amount will be recovered through undiscounted expected future cash flows. If the total of the future undiscounted cash flows is less than the carrying amount of an asset or asset group, the Company records an impairment loss for the amount by which the carrying amount exceeds the fair value of the asset or asset group.
The Company did not recognize any impairment losses on its goodwill, intangible assets, or other long-lived assets during the years ended December 31, 2025, 2024, and 2023.
Warranty
The Company provides limited lifetime warranty coverage on all of its products by guaranteeing that all timing components from the Company will be free from defects in workmanship and materials and will conform to specifications for the life of the system. This assurance-type warranty is not considered a separate performance obligation, and thus no transaction price is allocated to it. The Company records the warranty costs in cost of revenue in the consolidated statements of operations and comprehensive loss. The warranty reserve is calculated using historical claim information to project future warranty claims activity and is recorded within accrued expenses and other current liabilities and other non-current liabilities on the consolidated balance sheets based on the expected timing of the related payments. To date, the
Company has had negligible warranty claims for any defective products, and hence the warranty reserve balances as of December 31, 2025 and 2024 was not significant for any periods presented.
Income Taxes
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amounts in the consolidated financial statements of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards, using enacted tax rates in effect for the year in which the differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. A valuation allowance is provided in order to reduce the deferred tax assets to a level which, more likely than not, will be realized.
While the Company believes it has adequately reserved for its uncertain tax positions, no assurance can be given that the final tax outcome of these matters will not be different. The Company adjusts these reserves in light of changing facts and circumstances, such as the closing of a tax audit. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will impact the provision for income taxes and the effective tax rate in the period in which such determination is made.
The Company recognizes tax positions in the consolidated financial statements only when it is more likely than not that the position will be sustained upon examination by the relevant taxing authority. Liabilities are established for differences between positions taken in a tax return and amounts recognized in the consolidated financial statements. The Company reports interest and penalties related to uncertain tax positions, if any, in the provision for income taxes in the consolidated statements of operations and comprehensive loss. To the extent that accrued interest and penalties do not ultimately become payable, amounts accrued will be reduced and reflected as a reduction of the overall provision for income taxes in the period that such determination is made.
Revenue Recognition
The Company derives revenue from its product sales primarily to distributors, who in turn sell to original equipment manufacturers or other end customers. The Company recognizes product revenue, at a point in time, upon shipment when it satisfies its performance obligations as evidenced by the transfer of control of its products to customers. The software included in our offerings is embedded in the related products, is not sold separately, and does not provide a separate and distinct benefit to the customer. Accordingly, the Company does not identify such software as a separate performance obligation. The Company measures revenue based on the amount of consideration it expects to be entitled to in exchange for products. Variable consideration is estimated and reflected as an adjustment to the transaction price. Depending on the terms of the contract, variable consideration is estimated using either the expected value approach or the most likely value approach. The Company determines variable consideration, which consists primarily of price adjustments and product returns by estimating the amount of consideration the Company expects to receive from its customers based on historical experience of price adjustments and product returns. Changes to the Company’s estimated variable consideration were not material for the periods presented. Since the Company’s performance obligations relate to contracts with a duration of less than one year, it does not disclose the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period.
The Company’s payment terms vary by contract type and type of customer and generally range from 30 to 60 days from shipment. The Company has also elected to recognize the cost for freight and shipping when control over the products sold passes to customers and revenue is recognized.
As a practical expedient, the Company records the incremental costs of obtaining a contract, consisting primarily of sales commissions, when incurred because the amortization period is one year or less. These costs are recorded within selling, general, and administrative expenses.
Cost of Revenue
Cost of revenue consists of wafers acquired from third-party foundries, assembly, packaging, and test cost of the Company’s products paid to third-party contract manufacturers, and personnel and other costs associated with the manufacturing operations of the Company. Cost of revenue also includes depreciation of production equipment, inventory
write-downs, shipping and handling costs, and allocation of overhead and facility costs. The Company also includes credits for rebates received from third-party contract manufacturers in cost of revenue.
Research and Development Expenses
Research and development costs consist primarily of personnel cost, material cost, and facilities related expenses, incurred in the course of planned research and development of new products. Research and development costs are expensed as incurred.
Non-recurring engineering services
The Company has certain contracts to provide non-recurring engineering (NRE) services for research and development arrangements through 2026, which do not meet the requirement to be accounted for under ASC 606, Revenue from Contracts with Customers. The Company recognizes the payments received under these NRE arrangements as liabilities and recognizes them as an offset to research and development expense as the Company achieves the milestones of the contract. As the progress towards completion occurs, the Company uses an input method based on the ratio of costs incurred to date to total estimated costs of the project. Judgment is required to estimate the remaining effort to complete the project. These estimates are reassessed throughout the term of the arrangement. For the years ended December 31, 2025, 2024, and 2023, the Company recorded $1.8 million, $1.5 million and $3.9 million, respectively as a reduction of research and development expenses in the consolidated statements of operations.
Selling, General and Administrative Expenses
Selling, general and administrative expenses primarily consist of personnel costs, field application engineering support, travel costs, professional and consulting fees, accounting and audit fees, legal, advertising expenses, and allocated overhead costs. Selling, general and administrative costs are expensed as incurred. Advertising expenses were $1.3 million, $1.5 million and $1.6 million, for the years ended December 31, 2025, 2024, and 2023, respectively.
Stock-Based Compensation
The Company grants restricted stock unit awards (“RSUs”) of its own common stock. Compensation expense related to share-based transactions is measured at fair value on the grant date. The Company recognizes share-based compensation expense for awards with only service conditions on a straight-line basis over the requisite service period.
Stock-based compensation expense for performance-based restricted stock unit awards ("PRSU") is recognized when it becomes probable that the performance conditions will be met. Stock-based compensation expense for grants with market conditions is valued using a Monte-Carlo simulation model. The Company amortizes stock-based compensation expense for these grants using the graded-vesting method over the requisite performance period. The Company recognizes the expense related to the multi-year performance based restricted stock unit awards ("MYPSU") on a graded-vesting method over the requisite service period.
The Company recognizes forfeitures as they occur.
Net Loss Per Share Attributable to Common Stockholders
Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock and potentially dilutive securities outstanding for the period. Refer to "Note 3 - Net Loss Per Share" for further discussion regarding potentially dilutive and anti-dilutive securities.
Comprehensive Loss
The Company has no components of other comprehensive loss. Therefore, net loss equals comprehensive loss for all periods presented.
Recent Accounting Pronouncements
Recently issued accounting pronouncements not yet adopted
In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40). The ASU requires the disaggregated disclosure of specific expense categories, including purchases of inventory, employee compensation, depreciation, and amortization, within relevant income statement captions. This ASU also requires disclosure of the total amount of selling expenses along with the definition of selling expenses. The ASU is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Adoption of this ASU can either be applied prospectively to consolidated financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the consolidated financial statements. Early adoption is also permitted. This ASU will likely result in the required additional disclosures being included in our consolidated financial statements, once adopted. We are currently evaluating the provisions of this ASU.
Recently adopted accounting pronouncements
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. The Company adopted this guidance on a prospective basis with no material impact on its consolidated financial statements for its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Refer "Note 9 - Income Taxes" for further details.
v3.25.4
Acquisitions
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions Acquisitions
Fiscal 2023
On December 1, 2023, we completed our acquisition of certain assets and an exclusive license to certain intellectual property ("IP") relating to Aura's timing business and clock products, and an assembled workforce. The acquisition date fair value of the purchase consideration was $259.2 million, which was comprised of the following:
Estimated Fair Value
(in thousands)
Fixed consideration$139,946 
Fair value of sales based earnout liability102,278 
Settlement of pre-existing arrangement16,974 
Total purchase consideration$259,198 
The purchase consideration allocation to the assets acquired based on their respective estimated fair values as of the date of acquisition is as follows:
Estimated Fair ValueEstimated Useful LifeFinancial Statement Line Item
(in thousands)(in years)
Developed Technology$96,700 
5 to 8 years
Intangible assets, net
In-process research and development69,500 N/AIntangible assets, net
Goodwill87,098 IndefiniteGoodwill
Assumed customer agreements5,900 4 yearsIntangible assets, net
Total assets acquired$259,198 
We did not record any measurement period adjustments for this acquisition.
Goodwill is primarily attributed to the assembled workforce and expected synergies from acquiring the underlying IP. Goodwill from this business combination is deductible for income tax purposes.
v3.25.4
Net Loss Per Share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Net Loss Per Share Net Loss Per Share
The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company:
Year Ended December 31,
202520242023
(in thousands, except per share data)
Net loss attributable to common stockholders$(42,903)$(93,601)$(80,535)
Weighted average shares used to compute basic and diluted net loss per share24,96723,11822,188
Net loss attributable to common stockholders per share, basic and diluted$(1.72)$(4.05)$(3.63)
Potential dilutive securities include dilutive common shares from share-based awards attributable to the assumed exercise of vested restricted stock units using the treasury stock method. Under the treasury stock method, potential common shares outstanding are not included in the computation of diluted net income per share if their effect is anti-dilutive.
Anti-dilutive potential shares from share-based awards are excluded from the calculation of diluted earnings per share if either their exercise price exceeded the average market price during the period or the share-based awards were determined to be anti-dilutive based on applying the treasury stock method. During the year ended December 31, 2025, 2024, and 2023 the Company had 819,500, 620,889, and 1,078,089 potential shares from share-based awards that are anti-dilutive, respectively. Anti-dilutive potential shares from share-based awards are excluded from the calculation of diluted loss per share for the years ended December 31, 2025, 2024, and 2023 due to the net losses reported in this period.
v3.25.4
Balance Sheets Components
 12 Months Ended
Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]  
Balance Sheets Components Balance Sheets Components
Accounts Receivable, net
Accounts receivable, net consisted of the following:
As of
December 31, 2025December 31, 2024
(in thousands)
Accounts receivable, gross$45,090 $38,259 
Allowance for credit losses(50)(50)
Accounts receivable, net$45,040 $38,209 
Inventory
Inventory consisted of the following:
As of
December 31, 2025December 31, 2024
(in thousands)
Raw materials$13,572 $14,995 
Work in progress47,485 47,300 
Finished goods20,500 14,446 
Total inventories$81,557 $76,741 
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following:
As of
December 31, 2025December 31, 2024
(in thousands)
Prepaid expenses$6,761 $4,305 
Other current assets7,514 5,971 
Total prepaid expenses and other current assets$14,275 $10,276 
Property and Equipment, Net
Property and equipment, net consisted of the following:
As of
December 31, 2025December 31, 2024
(in thousands)
Lab and manufacturing equipment$158,909 $119,964 
Computer equipment3,928 3,833 
Furniture and fixtures1,152 1,167 
Construction in progress15,885 9,538 
Leasehold improvements8,303 7,818 
188,177 142,320 
Accumulated depreciation(83,063)(59,845)
Total property and equipment, net$105,114 $82,475 
Depreciation expense related to property and equipment was $23.6 million, $16.1 million, and $13.3 million for the years ended December 31, 2025, 2024, and 2023, respectively.
Intangible Assets, Net
Intangible assets, net consisted of the following:
As of
December 31, 2025December 31, 2024
(in thousands)
Gross AssetsAccumulated
Amortization 		Net AssetsGross AssetsAccumulated
Amortization 		Net Assets
Developed technology$166,200 $(24,534)$141,666 $96,700 $(10,575)$86,125 
Contract based royalty asset5,900 (3,073)2,827 5,900 (1,598)4,302 
Internal use software— — — 9,434 (9,434)— 
Purchased software3,454 (581)2,873 15,551 (11,920)3,631 
Total amortizable intangible assets$175,554 $(28,188)$147,366 $127,585 $(33,527)$94,058 
In-process research and development— — — 69,500 — 69,500 
Total intangible assets$175,554 $(28,188)$147,366 $197,085 $(33,527)$163,558 
Amortization expense for intangible assets was $16.6 million, $14.0 million, and $2.9 million, for the years ended December 31, 2025, 2024, and 2023, respectively.
The estimated aggregate future amortization expense for intangible assets and subject to amortization as of December 31, 2025 is summarized as below:
(in thousands)
2026$23,859 
202723,487 
202821,720 
202919,850 
203019,799 
2031 and beyond38,651 
$147,366 
Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following:
As of
December 31, 2025December 31, 2024
(in thousands)
Accrued payroll and related benefits$14,007 $12,381 
Revenue reserves3,655 3,673 
Sales based earnout liability, current35,007 23,953 
Acquisition consideration payable, current— 37,760 
Short term lease liability2,478 2,744 
Other accrued expenses7,531 5,044 
Total accrued expenses and other current liabilities$62,678 $85,555 
Other Non-current Liabilities
Other non-current liabilities consisted of the following:
As of
December 31, 2025December 31, 2024
(in thousands)
Sales based earnout liability, non-current$53,346 $73,303 
Long term lease liability1,132 3,488 
Other non-current liabilities$34 $— 
Total other non-current liabilities$54,512 $76,791 
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases Leases
The Company leases real estate property under operating leases. The Company leases office space in California, Michigan, Malaysia, Japan, Taiwan, the Netherlands, Finland, India, and Ukraine all under non-cancellable operating leases with various expiration dates through May 2029.
The remaining lease terms vary from a few months to 4 years. For certain of its leases, the Company has options to extend the lease term for periods varying from one to 5 years. These renewal options are not considered in the remaining lease term unless it is reasonably certain that the Company will exercise such options. The Company also has variable lease payments that are primarily composed of common area maintenance and utility charges.
The table below presents the lease-related assets and liabilities recorded on the consolidated balance sheets as of December 31, 2025 and 2024:
As of
December 31, 2025December 31, 2024
(in thousands)
Right-of-use assets$4,089$6,569
Lease liabilities included in accrued expenses and other current liabilities2,4782,744
Lease liabilities included in other non-current liabilities1,1323,488
Total operating lease liabilities$3,610$6,232
Weighted-average remaining lease term (years)1.62.4
Weighted-average discount rate5.3 %5.1 %
The table below presents certain information related to the lease costs for operating leases for the years ended December 31, 2025, 2024, and 2023:
Year Ended December 31,
202520242023
(in thousands)
Operating lease cost$3,261 $3,098 $3,024 
Short-term lease cost1,567 1,038 758 
Variable lease cost3,312 1,481 1,022 
Total lease cost$8,140 $5,617 $4,804 
Cash paid for operating lease liabilities was $3.4 million, $3.1 million, and $3.1 million for the years ended December 31, 2025, 2024, and 2023 respectively.
Operating Lease Cash Flows
The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years, as applicable, to the operating lease liabilities recorded on the consolidated balance sheet as of December 31, 2025:
(in thousands)
2026$2,760 
2027720 
2028225 
202983 
Total minimum lease payments3,788 
Less: amount of lease payments representing interest(178)
Present value of future minimum lease payments3,610 
Less: current obligations under leases(2,478)
Long-term lease liabilities$1,132 
v3.25.4
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Purchase Commitments
The Company purchases components from a variety of suppliers and uses several contract manufacturers to provide manufacturing services for its products. During the normal course of business, in order to manage manufacturing lead times and to help ensure adequate component supply, the Company enters into agreements with the Company’s
contract manufacturers and suppliers that allow them to procure inventory based upon criteria as defined by the Company. A portion of the Company’s reported purchase commitments arising from these agreements consists of firm, non-cancelable purchase commitments. In certain instances, these agreements allow the Company the option to cancel, reschedule, and adjust the Company’s requirements based on its business needs prior to when production starts. However, in situations where the Company is unable to cancel, reschedule, or adjust the purchase commitment due to changing customer demand, excess inventories could result in material inventory provisions. Total future non-cancelable purchase commitments as of December 31, 2025 were as follows:
(in thousands)
2026$10,566 
20279,392 
20288,098 
Total$28,056 
Indemnification
The Company is a party to a variety of agreements pursuant to which it may be obligated to indemnify other parties to such agreements with respect to certain matters. Typically, these obligations arise in the context of contracts that the Company has entered into, under which the Company customarily agrees to hold the other party harmless against losses arising from a breach of representations and covenants or terms and conditions related to such matters as the sale and/or delivery of its products, title to assets sold, certain intellectual property claims, defective products, specified environmental matters, and certain income taxes. Further, the Company’s obligations under these agreements may be limited in terms of time, amount, or the scope of its responsibility and in some instances, the Company may have recourse against third parties for certain payments made under these agreements. It is not possible to predict the maximum potential amount of future payments under these agreements due to the conditional nature of the Company’s obligations and the unique facts and circumstances involved in each particular agreement. Historically, the Company has had no material indemnification claims under these agreements.
Legal Matters
From time to time, the Company may be a party to various litigation claims in the normal course of business. Legal fees and other costs associated with such actions are expensed as incurred. The Company assesses, in conjunction with legal counsel, the need to record a liability for litigation and contingencies. Accrual estimates are recorded when and if it is determined that such a liability for litigation and contingencies are both probable and reasonably estimable.
v3.25.4
Stockholders' Equity
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Stockholders' Equity Stockholders’ Equity
The Company’s certificate of incorporation, as amended and currently in effect, authorizes the Company to issue 200,000,000 shares of common stock and 10,000,000 shares of preferred stock, par value $0.0001 per share. Each share of common stock is entitled to one vote. The holders of common stock are also entitled to receive dividends whenever funds are legally available and when and if declared by the board of directors, subject to the prior rights of holders of all classes of preferred stock outstanding. The Company has never declared any dividends. As of December 31, 2025 and 2024, there were no shares of preferred stock outstanding.
At-The-Market offering
On February 27, 2024, the Company entered into a Sales Agreement ("Sales Agreement"), with Stifel, Nicolaus & Company, Incorporated ("Stifel"), under which the Company may offer and sell from time to time at its sole discretion, up to an aggregate of 1,200,000 shares of its common stock, par value $0.0001 per share, through Stifel as its sales agent. The Company used the net proceeds from the shares of common stock offered and sold to replenish funds expended to satisfy anticipated tax withholding and remittance obligations related to the net settlement upon vesting of RSUs granted to employees under the equity incentive plans. The Company has filed a prospectus supplement pursuant to the Sales Agreement for the offer and sale of up to an aggregate of 1,200,000 shares of its common stock. Subject to the terms and conditions of the Sales Agreement, Stifel will sell the common stock from time to time, based upon instructions from the Company. The Company agreed to pay Stifel a commission of up to 3% of the gross sales proceeds of any common stock sold through Stifel under the Sales Agreement.
During the year ended December 31, 2025, the Company sold 263,400 shares of its common stock to Stifel under the Sales Agreement at a weighted average price of $251.26 per share resulting in net proceeds to the Company of $64.3
million, after deducting underwriting discounts and commissions of $1.3 million and offering costs of $0.6 million. During the year ended December 31, 2024, the Company sold 332,500 shares of its common stock to Stifel under the Sales Agreement at a weighted average price of $151.91 per share resulting in net proceeds to the Company of $48.8 million, after deducting underwriting discounts and commissions of $1.0 million and offering costs of $0.7 million.
Follow-on public offering
On June 27, 2025, the Company completed a follow-on public offering, in which it issued and sold 2,012,500 shares of its common stock, resulting in net proceeds to the Company of $387.3 million after deducting underwriting discounts and commissions of $14.1 million and deferred offering costs of $1.1 million.
v3.25.4
Stock-based Compensation
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-based Compensation Stock-based Compensation
SiTime Corporation 2019 Stock Incentive Plan
The SiTime Corporation 2019 Stock Incentive Plan (the “2019 Plan”) provides for the grant of incentive stock options, non-statutory stock options, restricted stock awards, restricted stock unit awards, stock appreciation rights, performance stock awards, and other forms of equity compensation (collectively, “stock awards”), and cash awards, all of which may be granted to employees (including officers), directors, and consultants or affiliates. Awards granted under the 2019 Plan vest at the rate specified by the plan administrator, for restricted stock unit awards primarily within the quarter up to five years. As of December 31, 2025, 2.2 million shares were available for future issuance.
SiTime Corporation 2022 Inducement Award Plan
The SiTime Corporation 2022 Inducement Award Plan (the "2022 Plan"), which initially reserved 250,000 shares of the Company's common stock, provides for the grant of incentive stock options, non-statutory stock options, restricted stock awards, restricted stock unit awards, stock appreciation rights, and other forms of equity compensation and cash awards, all of which may be granted to employees (including officers). Awards granted under the 2022 Plan vest at the rate specified by the plan administrator, for restricted stock unit awards primarily over one to four years. In February 2023, the Company amended and restated the 2022 Plan to reserve an additional 250,000 shares of the Company's common stock. As of December 31, 2025, 176,524 shares were available for future issuance.
Bonus and Retention Plans
On August 4, 2020, the Compensation Committee of the Board adopted and approved the Executive Bonus and Retention Plan (the "Bonus and Retention Plan"). In January 2023 and March 2024, the Compensation Committee approved target bonus amounts and performance goals for the fiscal year 2023 (the “2023 Goals”) and fiscal year 2024 (the "2024 Goals"), respectively. In February 2025, the Compensation Committee approved target bonus amounts based on the achievement of revenue and individual performance goals for the fiscal year 2025 (the "2025 Goals"). The 2023 Goals, 2024 Goals, and 2025 Goals are based on the achievement of revenue and Non-GAAP operating profit, as well as individual performance goals. The awards for the actual payouts are granted in the quarter following the end of the performance period and vest as per the Compensation Committee approval. The target bonuses were granted based on a fixed dollar amount to be settled in RSUs on the vesting date and hence the awards have been classified as liability-based awards until settled. Such expense is included in the non-cash adjustment within stock-based compensation expense on the consolidated cash flow statements. The liability of $5.9 million for the 2025 Goals was recorded as accrued expenses and other current liabilities in the consolidated balance sheet as of December 31, 2025. Actual payouts ranged from 0% to 45% of target for the 2023 Goals, ranged from 170% to 200% of target for the 2024 Goals and 2025 Goals, in each case based on performance.
In April 2022, the Company adopted a bonus plan for certain employees. The target bonuses are granted based on a fixed dollar amount to be settled in RSUs in the quarter following the end of the performance period. Due to the fixed dollar amount targets, the awards have been classified as liability-based awards until settled. Once settled, these awards are reflected as RSUs granted in the table below. Such expense is included in the non-cash adjustment within stock-based compensation expense on the consolidated cash flow statements and was $3.9 million for the year ended December 31, 2025. The liability of $1.1 million was recorded as accrued expenses and other current liabilities in the consolidated balance sheet as of December 31, 2025.
In February 2022, the Compensation Committee of the Company approved and granted to certain of the Company’s executive officers MYPSUs with vesting based on achievement of stock price targets, which are measured based on the 60-trading day average per share closing price of the Company’s common stock on the Nasdaq Global Market during the performance periods of up to six years from the date of grant, subject to the continued service of the grantee through the vest date. The grant-date fair value of each MYPSU was determined using a Monte Carlo simulation model. The assumptions used in the Monte Carlo simulation included expected volatility of 44.4%, risk free rate of 1.83%, no
expected dividend yield, expected term of six years and possible future stock prices over the performance period based on historical stock and market prices. The Company recognizes the expense related to the MYPSUs on a graded-vesting method over the requisite service period. To date, no MYPSUs have vested.
In February 2023 and March 2023, the Compensation Committee of the Company approved PRSUs for the year 2023 with performance goals based on the achievement of revenue over a one year performance period (the “PRSU 2023 Goals”) and achievement of relative total stockholder return with a two year performance period (the "2023 TSR PRSU Goals"). The grant-date fair value of each PRSU with 2023 TSR PRSU Goals was determined using a Monte Carlo simulation model. The assumptions used in the Monte Carlo simulation included expected volatility of 84.0% and 83.8%, risk free rate of 4.67% and 4.05%, no expected dividend yield, and expected term of 1.9 years and 1.8 years for the awards approved in February 2023 and March 2023, respectively. The Company recognizes the expense related to the PRSUs with PRSU 2023 Goals and PRSUs with 2023 TSR PRSU Goals on a graded-vesting method over the requisite performance period. These grants are included in the PRSU awards granted in the table below.
In March 2024 and August 2024, the Compensation Committee of the Company approved PRSUs for the fiscal year 2024 with performance goals based on the achievement of relative total stockholder return with a two year and a three year performance period (the "2024 TSR PRSU Goals"). The grant-date fair value of each PRSU was determined using Monte Carlo simulation model. The assumptions used in the Monte Carlo simulation for the March 2024 awards included expected volatility of 74.7%, risk free rate of 4.5%, no expected dividend yield and expected term of 2.8 years. The assumptions used in the Monte Carlo simulation for the August 2024 awards included expected volatility ranging from 60.5% to 71.9%, risk free rate ranging from 3.9% to 4.3%, no expected dividend yield and expected term ranging from 1.4 years to 2.4 years. The Company recognizes the expense related to the 2024 TSR PRSU Goals on a graded-vesting method over the requisite performance period. These grants are included in the PRSU awards granted in the table below.
In February 2025, the Compensation Committee of the Company approved PRSUs for the fiscal year 2025 with performance goals based on the achievement of relative total stockholder return with a three year performance period (the "2025 TSR PRSU Goals"). The grant-date fair value of each PRSU was determined using Monte Carlo simulation model. The assumptions used in the Monte Carlo simulation for the awards included expected volatility ranging from 72.6% to 72.9%, risk free rate of 4.3%, no expected dividend yield and expected term of 2.9 years. The Company recognizes the expense related to the 2025 TSR PRSU Goals on a graded-vesting method over the requisite performance period. These grants are included in the PRSU awards granted in the table below.
The following table summarizes the RSU, PRSU, and MYPSU awards activity for the year ended December 31, 2025:
RSUPRSUMYPSU
Number of
Shares 		Grant Date
Fair Value
per share		Number of
Shares		Grant Date
Fair Value
per share		Number of
Shares		Grant Date
Fair Value
per share
Unvested at December 31, 2024915,152$128.7 210,044104.3 285,880$88.6 
Granted442,745186.4 155,565187.8 —— 
Vested(629,986)143.8 (53,090)167.8 —— 
Forfeited(44,920)150.4 —— —— 
Unvested at December 31, 2025682,991$150.7 312,519$135.1 285,880$88.6 
The difference between the number of RSUs vested and the shares of common stock issued during the year ended December 31, 2025 and 2024 is the result of RSUs withheld in satisfaction of minimum tax withholding obligations associated with the vesting. The weighted-average grant date fair value for RSUs granted for the years ended December 31, 2025, 2024, and 2023 was $186.4, $117.0, and $120.1 per share, respectively. The weighted-average grant date fair value for PRSUs granted for the years ended December 31, 2025 and 2024 was $187.8 and $82.8 per share, respectively. No PRSUs were granted for the year ended December 31, 2023. No MYPSUs were granted for the years ended December 31, 2025, 2024, and 2023. The total grant date fair value, as of the vesting date, of awards vested during the years ended December 31, 2025, 2024, and 2023 were $90.6 million, $80.2 million, and $55.6 million, respectively.
Total stock-based compensation expense for employees recognized in the consolidated statements of operations and comprehensive loss was as follows:
Year Ended December 31,
202520242023
(in thousands)
Equity based awards
Cost of revenue$2,838 $1,553 $2,765 
Research and development38,417 34,247 30,893 
Selling, general and administrative52,216 47,632 39,111 
$93,471 $83,432 $72,769 
Liability based awards - to be settled in equity
Cost of revenue$288 $100 $75 
Research and development4,112 3,701 2,017 
Selling, general and administrative5,669 5,401 1,892 
$10,069 $9,202 $3,984 
Total stock-based compensation - equity and liability based$103,540 $92,634 $76,753 
Stock-based compensation expense recorded to additional paid-in capital   
Equity based awards$93,471 $83,432 $72,769 
Liability based awards - settled in equity9,391 4,554 3,869 
Stock compensation expense capitalized to / (amortized from) to inventory(509)1,136 — 
Total stock-based compensation expense recorded to additional paid-in capital$102,353 $89,122 $76,638 
The following table presents the unrecognized compensation costs and related weighted average period of recognition as of December 31, 2025:
As of
December 31, 2025
Unrecognized Compensation
Costs (in thousands)		Weighted Average Period of
Recognition (in years)
RSUs$86,650 2.2
PRSUs19,730 1.1
MYPSUs167 0.2
Liability-based awards4,518 0.3
Total unrecognized compensation costs$111,065 
v3.25.4
Income Taxes
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The components of income (loss) before income taxes were as follows:
Years Ended December 31,
202520242023
(in thousands)
United States$(43,529)$(93,691)$(81,208)
Foreign1,224 576 825 
$(42,305)$(93,115)$(80,383)
The components of income tax expense were as follows:
Years Ended December 31,
202520242023
(in thousands)
Current Provision:
Federal$— $— $— 
State(1)(1)(1)
Foreign(597)(485)(151)
Total current provision(598)(486)(152)
Total deferred provision— — — 
Total income tax provision$(598)$(486)$(152)
The material components of the deferred tax assets and liabilities consisted of net operating loss carry-forwards, capitalized research and development costs, and tax credit carry-forwards.
Years Ended December 31,
202520242023
(in thousands)
Deferred tax assets (liabilities):
Deferred tax assets:
Accrual, write-down and other$11,560 $12,863 $9,169 
Acquired assets6,161 4,623 1,650 
Capitalized research and development35,673 46,495 37,706 
Credits5,657 5,657 5,657 
Net operating loss and credits carry forwards78,252 58,689 54,212 
Gross deferred tax assets$137,303 $128,327 $108,394 
Deferred tax liabilities:
Depreciation and amortization$(909)$(2,277)$(2,622)
Gross deferred tax liabilities$(909)$(2,277)$(2,622)
Total gross deferred tax assets$136,394 $126,050 $105,772 
Valuation allowance(136,394)(126,050)(105,772)
Total net deferred tax assets$— $— $— 
The net valuation allowance increased by $10.3 million and $20.3 million for the year ended December 31, 2025 and 2024 respectively.
Beginning in 2025 annual reporting period, we adopted ASU 2023-09 prospectively. A reconciliation of the U.S. federal statutory income tax rate to our effective tax rate pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025 is as follows:
Year Ended December 31,
2025
(in thousands)%
U.S. federal statutory income tax rate$(8,884)(21.0)%
Change in valuation allowance10,341 24.4 %
Nontaxable or Nondeductible items
Excess tax expense from share-based compensation(13,469)(31.8)%
Non-deductible executive compensation9,240 21.8 %
Non-deductible non-U.S. equity compensation2,756 6.5 %
Other Adjustments
Other614 1.5 %
Effective tax rate$598 1.4 %
A reconciliation of the Company’s effective tax rate to the statutory U.S. federal rate for the prior years is as follows:
Years Ended December 31,
20242023
US Federal rate benefit(21.0)%(21.0)%
RSU excess tax benefit(15.5)(12.9)
Section 162(m) limitation10.4 — 
Permanent differences and others5.0 7.0 
Change in valuation allowance21.6 27.1 
Net tax expense0.5 %0.2 %
The reported amount of income tax expense differs from an expected amount based on statutory rates primarily due to the Company’s valuation allowance, the stock-based compensation windfall, and the disallowed executive compensation.
Cash paid for income taxes, net of refunds received, by jurisdiction, pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025 is as follows:
Year Ended December 31,
2025
(in thousands)
Foreign
India$221 
Japan80 
Ukraine39 
Malaysia23 
Other39 
Cash paid for income taxes, net of refunds received$402 
As of December 31, 2025 and 2024, based on the available objective evidence, management believes it is more likely than not that the net deferred tax assets will not be realized. Accordingly, management has applied a full valuation allowance against its net deferred tax assets at December 31, 2025 and 2024.
At December 31, 2025 and 2024, the Company has federal net operating loss carry-forwards of approximately $344.3 million and $250.7 million, respectively, and state net operating loss carry-forwards of approximately $85.1 million and $84.5 million, respectively. At December 31, 2025 and 2024, the Company has net operating loss carryforwards for foreign income tax purposes of approximately $0.2 million and $2.0 million, respectively. These federal, state, and foreign net operating loss carry-forwards will expire beginning in 2028.
At December 31, 2025 and 2024, the Company also has federal research and development tax credit carry-forwards of approximately $3.9 million and $3.9 million, respectively, and state research and development tax credit carry-forwards of approximately $3.6 million and $3.6 million, respectively. The federal tax credits begin to expire in 2025, and the California tax credits carry forward indefinitely.
As of December 31, 2025 and 2024, the Company had $2.5 million and $2.5 million of total unrecognized tax benefits. The Company currently has a full valuation allowance against its net deferred tax assets which would impact the timing of the effective tax rate benefit should any of these uncertain tax positions be favorably settled in the future. If the Company is able to eventually recognize these uncertain tax positions, none of the unrecognized benefit would reduce the Company’s effective tax rate due to full valuation allowance of the Company’s deferred tax assets. The Company’s policy is to record interest and penalties related to unrecognized tax benefits as income tax expense. During the years ended December 31, 2025 and 2024, the Company had immaterial amounts related to the accrual of interest and penalties.
A reconciliation of the beginning and ending unrecognized tax benefit amount is as follows:
December 31,
20252024
(in thousands)
Beginning balance$2,505 $2,271 
Increase in balance related to tax position taken during prior periods30 259 
Decrease in balance related to tax position taken during the current period— (25)
Ending balance$2,535 $2,505 
These amounts are related to certain deferred tax assets with a corresponding valuation allowance.
The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal, state, local, and foreign jurisdictions, where
applicable. Due to the Company’s net losses, its federal, state and local, and foreign tax returns since inception are subject to audit.
v3.25.4
401 (k) Plan
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
401(k) Plan 401(k) Plan
The Company has a 401(k) retirement plan for the U.S. based employees that qualifies as a defined contribution plan. All U.S. based employees are eligible to participate on the first day of the month following their hire date with the Company. Under the defined contribution plan, employees may contribute up to the lesser of 90% of their pre-tax salaries per year or the maximum contribution allowed under the Code. The Company may make discretionary matching contributions, if deferral contributions are made by the employees. The Company’s matching contributions for the years ended December 31, 2025, 2024, and 2023 resulted in expense of $1.6 million, $1.4 million, and $1.3 million respectively.
In addition, other eligible employees outside of the U.S. receive retirement benefits under various statutory plans. Expenses under the Company's statutory plans were not material for any of the periods presented.
v3.25.4
Segment Information and Operations by Geographic Area
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Information and Operations by Geographic Area Segment Information and Operations by Geographic Area
The Company operates in one reportable segment related to the design, development, and sale of silicon timing systems solutions. The chief operating decision maker for the Company is the Chief Executive Officer (the "CEO"). The Company’s CEO reviews operating results on an aggregate basis and manages the Company’s operations as a whole for the purpose of evaluating financial performance and allocating resources. Accordingly, the Company has determined that it has a single reportable and operating segment structure.
The CEO uses aggregate net income to allocate resources (including employees, financial, or capital resources) in the annual budgeting and forecasting process and uses that measure as a basis for evaluating financial performance quarterly by comparing the actuals with historical budgets.
The accounting policies of the Company’s single segment are the same as those described in the summary of significant accounting policies within Note 1 of this Annual Report on Form 10-K. The CEO assesses performance for the Company and decides how to allocate resources based on net income that is also reported on the consolidated income statement as net income (loss). The measure of segment assets is reported on the consolidated balance sheets as total assets.
The table below provides information about the Company’s revenue, significant segment expenses and other segment expenses.
Year Ended December 31,
202520242023
(in thousands)
Revenue$326,660 $202,697 $143,993 
Less:
Product costs97,304 61,626 42,612 
Depreciation15,472 8,474 6,718 
Amortization15,460 12,103 681 
Other manufacturing overheads23,438 16,000 11,894 
Gross profit174,986 104,494 82,088 
Less:
Acquisition related costs6,567 10,722 7,728 
Interest income(24,830)(22,883)(26,958)
Other segment items (a)
236,152 210,256 181,853 
Net loss$(42,903)$(93,601)$(80,535)
(a)Other segment items include research and development expenses and selling, general and administrative expenses, primarily in the nature of nonmanufacturing expenses including salaries and stock-based compensation for employees, consulting expenses, certain other expenses, and taxes.
Revenue by geographic area is presented based upon the ship-to location of the customers, which maybe different from the geographic locations of the ultimate end customers. The following table sets forth revenue by country for countries with 10% or more of the Company’s revenue during any of the periods presented:
Year Ended December 31,
202520242023
(in thousands)
Hong Kong$117,082 $64,441 $31,987 
Taiwan84,517 64,836 43,954 
United States22,540 15,853 19,976 
Singapore17,417 16,643 16,466 
Other85,104 40,924 31,610 
Total$326,660 $202,697 $143,993 
The following table sets forth the Company’s total property and equipment attributable to operations by country for countries with 10% or more of the Company’s net property and equipment as of the periods presented:
As of
December 31, 2025December 31, 2024
(in thousands)
United States$35,811 $32,200 
Taiwan23,256 24,294 
Malaysia21,072 16,231 
Singapore18,817 2,419 
Other6,158 7,331 
Total$105,114 $82,475 
v3.25.4
Subsequent Events
 12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On February 4, 2026, we entered into the Asset Purchase Agreement with Renesas, pursuant to which Renesas will and will cause certain of its affiliates to sell, transfer, assign and convey to SiTime all of their right, title and interest in, to and under certain assets related to the timing business of Renesas Electronics Corporation for an aggregate purchase price of approximately $1,500.0 million in cash and 4.13 million shares of our common stock, subject to certain adjustments as set forth in the Asset Purchase Agreement.
As described in greater detail in the Asset Purchase Agreement, the number of shares subject to the Stock Consideration will be determined based on the volume-weighted average price of our common stock for the period of 10 consecutive trading days ending on the third full trading day prior to the consummation of the Acquisition, subject to a floor price of $308.6686 and a ceiling price of $417.6104.
The Closing is subject to the satisfaction of certain customary conditions, including the accuracy of each party’s representations and warranties as of the Closing, subject in certain instances, to certain materiality and other thresholds, the performance by each party of its obligations and covenants under the Asset Purchase Agreement in all material respects, the expiration or termination of the applicable waiting periods under HSR and the receipt of other governmental approvals in certain foreign jurisdictions.
Also on February 4, 2026, in connection with our entry into the Asset Purchase Agreement, we entered into the Commitment Letter with Wells Fargo, pursuant to which Wells Fargo has committed to provide us with debt financing to fund a portion of the Cash Consideration in an aggregate principal amount of up to $900.0 million in the form of the Bridge Facility, subject to customary conditions. Subject to market conditions and other factors, in lieu of all or a portion of the Bridge Facility, we may fund a portion of the acquisition consideration through one or more bank financing or capital markets transactions. The consummation of the acquisition is not conditioned on the availability of the Bridge Facility or any alternative financing.
v3.25.4
Schedule II - Valuation and Qualifying Accounts
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
Schedule II - Valuation and Qualifying Accounts
SCHEDULE II
VALUATION AND QUALIFYING ACCOUNTS
Valuation and Qualifying Accounts
Balance at
Beginning
of Period		Additions
Charged to
Expenses or
Other Accounts		Deductions
Credited to
Expenses or
Other Accounts 		Balance at
End of
Period
(in thousands)
Allowance for credit losses
Year Ended December 31, 2025$50 $— $— $50 
Year Ended December 31, 2024$50 $— $— $50 
Year Ended December 31, 2023$50 $— $— $50 
Deferred tax valuation allowance
Year Ended December 31, 2025$126,050 $10,344 $— $136,394 
Year Ended December 31, 2024$105,772 $20,278 $— $126,050 
Year Ended December 31, 2023$82,674 $23,098 $— $105,772 
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
Trading Arrangements
During the Company's last fiscal quarter, the Company's following officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated a "Rule 10b5-1 trading arrangement" (as defined in Item 408(a) of Regulation S-K of the Exchange Act) set forth in the table below, each of which is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c):

Name of the Director or OfficerDesignation of Director or Officer
Action
Adoption/Termination Date
Rule 10b5-1
Expiration Date (1)
Number of securities to be sold
Lionel BonnotExecutive Vice President, Worldwide Sales and Business Development
Adoption
November 15, 2025
X
August 21, 202616,816 
Fariborz AssaderaghiExecutive Vice President, Engineering and Operations
Adoption
November 14, 2025
X
July 31, 202612,923 
Piyush SevaliaExecutive Vice President, Marketing
Adoption
November 14, 2025
X
August 21, 202615,066 
(1) Each officer's trading arrangement terminates on the earliest of: (i) date stated above (ii) the first date on which all trades set forth in the trading arrangement have been executed, or (iii) such date the trading arrangement is otherwise terminated according to its terms.
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Lionel Bonnot [Member]  
Trading Arrangements, by Individual  
Name Lionel Bonnot
Title Executive Vice President, Worldwide Sales and Business Development
Rule 10b5-1 Arrangement Adopted true
Adoption Date November 15, 2025
Expiration Date August 21, 2026
Arrangement Duration 279 days
Aggregate Available 16,816
Fariborz Assaderaghi [Member]  
Trading Arrangements, by Individual  
Name Fariborz Assaderaghi
Title Executive Vice President, Engineering and Operations
Rule 10b5-1 Arrangement Adopted true
Adoption Date November 14, 2025
Expiration Date July 31, 2026
Arrangement Duration 259 days
Aggregate Available 12,923
Piyush Sevalia [Member]  
Trading Arrangements, by Individual  
Name Piyush Sevalia
Title Executive Vice President, Marketing
Rule 10b5-1 Arrangement Adopted true
Adoption Date November 14, 2025
Expiration Date August 21, 2026
Arrangement Duration 280 days
Aggregate Available 15,066
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We have established policies and processes for assessing, identifying, and managing material risks from cybersecurity threats. These policies and processes are intended to protect the confidentiality, integrity, and availability of our critical information systems and our critical data, including intellectual property and confidential information that is proprietary, strategic, or competitive in nature (“Information Systems and Data”).
Our IT management team, with oversight by our board of directors (“Board”) and Audit Committee of the Board (“Audit Committee”), helps identify, assess, and manage risks from cybersecurity threats by monitoring and evaluating threats through our cybersecurity risk management program, which leverages the National Institute of Standards and Technology Cybersecurity Framework.
Our cybersecurity risk management program incorporates a variety of methods to manage and mitigate material risks from cybersecurity threats to our Information Systems and Data, including:
•risk assessments designed to help identify cybersecurity risks to our Information Systems and Data;
•a team principally responsible for managing (1) our cybersecurity risk assessment processes, (2) our security controls, and (3) our response to cybersecurity incidents;
•annual training of our employees at all levels and in all departments regarding cybersecurity awareness and protection of confidential information; and
•a cybersecurity incident response plan that includes procedures for detecting and responding to cybersecurity incidents.
Additionally, our cybersecurity risk management program incorporates a variety of tools and services to assess, identify, and manage material risks from cybersecurity threats, including regular network and endpoint monitoring, vulnerability assessments, and penetration testing.
Our cybersecurity risk management program is integrated in our overall enterprise risk management program. For example, our IT team works with management to prioritize our risk management processes and mitigate cybersecurity threats that are more likely to lead to a material impact on our business.
Our cybersecurity risk management program also seeks to manage cybersecurity risks associated with our use of third-party service providers through risk assessments and imposition of contractual obligations.
For a description of risks from cybersecurity threats that may materially affect the Company and how they may do so, see Item 1A “Risk Factors” in this Annual Report on Form 10-K, including the risk factors entitled “Security breaches, cyberattacks, and other disruptions to information technology systems owned or maintained by us or third parties, such as vendors or suppliers, could disrupt our operations, compromise the confidentiality of private customer data or our intellectual property, and adversely affect our business, reputation, operations, and financial results” and “Our business may be impacted by information technology system failures or network disruptions, and lack of redundancy.”
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
We have established policies and processes for assessing, identifying, and managing material risks from cybersecurity threats. These policies and processes are intended to protect the confidentiality, integrity, and availability of our critical information systems and our critical data, including intellectual property and confidential information that is proprietary, strategic, or competitive in nature (“Information Systems and Data”).
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Our Board considers cybersecurity risk as part of its overall risk oversight function and has delegated to the Audit Committee oversight of cybersecurity matters and other policies and internal controls regarding information security risks. The Audit Committee oversees management’s implementation of our cybersecurity risk management program.
The Audit Committee receives quarterly reports from management on our cybersecurity risks. In addition, management will update the Audit Committee, as necessary, regarding any significant cybersecurity incidents. The Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also receives a briefing from management on our cyber risk management program at least annually.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]
Our Board considers cybersecurity risk as part of its overall risk oversight function and has delegated to the Audit Committee oversight of cybersecurity matters and other policies and internal controls regarding information security risks. The Audit Committee oversees management’s implementation of our cybersecurity risk management program.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Audit Committee receives quarterly reports from management on our cybersecurity risks. In addition, management will update the Audit Committee, as necessary, regarding any significant cybersecurity incidents. The Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also receives a briefing from management on our cyber risk management program at least annually.
Cybersecurity Risk Role of Management [Text Block]
Our management team, including our Chief Digital Officer and the leaders responsible for information security, are responsible for day-to-day implementation, assessment, and management of our cybersecurity risk assessment and management processes. The IT management team has primary responsibility for our overall cybersecurity risk management program, including monitoring the prevention, detection, mitigation, and remediation of cybersecurity incidents, and works in partnership with our other business leaders, including our Chief Legal Officer. Our IT management team supervises both our internal cybersecurity personnel and any retained external cybersecurity consultants. Our Executive Vice President and Chief Digital Officer has deep experience in driving digital transformation and leading enterprise-wide cybersecurity and technology initiatives.
Our cybersecurity incident response plan is designed to escalate certain cybersecurity incidents to a team of business leaders, including, but not limited to, our Chief Legal Officer, Executive Vice President and Chief Financial Officer, Executive Vice President of Engineering and Operations, and our Executive Vice President and Chief Digital Officer. This team of business leaders works with our incident response team to help determine the severity of the impact of a cybersecurity incident, as well as to help mitigate and remediate cybersecurity incidents of which they are notified.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
Our management team, including our Chief Digital Officer and the leaders responsible for information security, are responsible for day-to-day implementation, assessment, and management of our cybersecurity risk assessment and management processes. The IT management team has primary responsibility for our overall cybersecurity risk management program, including monitoring the prevention, detection, mitigation, and remediation of cybersecurity incidents, and works in partnership with our other business leaders, including our Chief Legal Officer. Our IT management team supervises both our internal cybersecurity personnel and any retained external cybersecurity consultants. Our Executive Vice President and Chief Digital Officer has deep experience in driving digital transformation and leading enterprise-wide cybersecurity and technology initiatives.
Our cybersecurity incident response plan is designed to escalate certain cybersecurity incidents to a team of business leaders, including, but not limited to, our Chief Legal Officer, Executive Vice President and Chief Financial Officer, Executive Vice President of Engineering and Operations, and our Executive Vice President and Chief Digital Officer. This team of business leaders works with our incident response team to help determine the severity of the impact of a cybersecurity incident, as well as to help mitigate and remediate cybersecurity incidents of which they are notified.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our Executive Vice President and Chief Digital Officer has deep experience in driving digital transformation and leading enterprise-wide cybersecurity and technology initiatives.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
Our cybersecurity incident response plan is designed to escalate certain cybersecurity incidents to a team of business leaders, including, but not limited to, our Chief Legal Officer, Executive Vice President and Chief Financial Officer, Executive Vice President of Engineering and Operations, and our Executive Vice President and Chief Digital Officer. This team of business leaders works with our incident response team to help determine the severity of the impact of a cybersecurity incident, as well as to help mitigate and remediate cybersecurity incidents of which they are notified.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
The Company and Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). The consolidated financial statements include all adjustments necessary for a fair presentation of our annual results. The Company’s fiscal year begins on January 1 of the year stated and ends on December 31 of the same year. The Company reports its results on a calendar year basis.
Principles of Consolidation
Principles of Consolidation
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates
Use of Estimates
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The significant areas requiring the use of management estimates and assumptions include fair value of assets acquired and liabilities assumed in business combinations and estimate of reserve for excess and obsolete inventories. Actual results could differ materially from such estimates. Management believes that the estimates, and judgments upon which they rely, are reasonable based upon information available to them at the time that these estimates and judgments are made.
Foreign Currency Remeasurement
Foreign Currency Remeasurement
The Company and its wholly-owned subsidiaries use the U.S. dollar as their functional currency. Foreign currency assets and liabilities are remeasured into U.S. dollars at the end-of-period exchange rates except for non-monetary assets and liabilities, which are measured at historical exchange rates. Revenue and expenses denominated in non-U.S. dollars are remeasured using an average exchange rate in effect for the period. Gains or losses from foreign currency remeasurement and transactions are included in other expense, net.
Cash and Cash Equivalents
Cash and Cash Equivalents
Cash and cash equivalents consist of cash balances in the Company’s bank checking and savings accounts and liquid short-term investments with original maturities of 90 days or less at the date of purchase, readily convertible to known amounts of cash.
Fair Value Measurements
Fair Value Measurements
The Company determines fair value measurements used in its consolidated financial statements based upon the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy distinguishes between (i) market participant assumptions developed based on market data obtained from independent sources (observable inputs), and (ii) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs).
The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:
Level 1:    Valuations based on quoted prices in active markets for identical assets or liabilities that the entity has the ability to access.
Level 2:    Valuations based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities.
Level 3:    Valuations based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
Cash equivalents
At December 31, 2025 and 2024, highly liquid money market funds of $0.4 million and $0.3 million, respectively, were valued using Level 1, of the fair value hierarchy, quoted prices in active markets for identical assets and are included in cash equivalents.
Short-term investments in held-to-maturity securities
As of December 31, 2025, the Company had purchased Treasury Bills with maturities ranging from 3 to 12 months, which the Company intends to hold until maturity and has classified as held-to-maturity securities. The held-to-maturity securities are recorded at amortized cost totaling $791.6 million including gross accrued interest of $7.8 million. As of December 31, 2025, the fair value and gross unrealized gain on the held-to-maturity securities was $792.1 million and $0.5 million respectively. The carrying value of the Company's investments is reviewed quarterly for changes in circumstances or the occurrence of events that suggests an investment may not be fully recoverable. These Treasury Bills were valued using Level 1 of the fair value hierarchy, quoted prices in active markets for identical assets, and are included in short-term investments.
As of December 31, 2024, the Company had purchased Treasury Bills with maturities ranging from 3 to 6 months, which the Company held until maturity and classified as held-to-maturity securities. The held-to-maturity securities were recorded at amortized cost totaling $412.7 million including gross accrued interest of $4.3 million. As of December 31, 2024, the fair value and gross unrealized gain on the held-to-maturity securities was $412.9 million and $0.2 million respectively. The carrying value of the Company's investments is reviewed quarterly for changes in circumstances or the occurrence of events that suggests an investment may not be fully recoverable. These Treasury Bills were valued using Level 1 of the fair value hierarchy, quoted prices in active markets for identical assets, and are included in short-term investments.
Sales based earnout liability
The estimated fair value of the sales based earnout liability is determined using a Monte Carlo simulation model using significant unobservable fair value inputs and is therefore classified as a Level 3 measurement. The assumptions used in the calculation are based on the revenue projections over the term of the contingent earn-out period, expected volatility, and discount rate. The estimates of fair value are uncertain and changes in any of the estimated inputs used as of the date of this report will result in significant adjustments to the fair value. As of December 31, 2025, the Company used a volatility rate of 20%, risk-free rate ranging from 3.4% to 3.7%, and an expected term ranging from 0.1 years to 2.9 years.
The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial liabilities:
Year Ended December 31,
20252024
Beginning fair value$97,256 $103,461 
Change in the fair value during the year recorded to acquisition related costs4,000 6,049 
Payments made during the period(12,903)(12,254)
Ending fair value$88,353 $97,256 
There were no transfers between Level 1, Level 2, and Level 3 categories during any of the periods presented.
Accounts Receivable and Allowances for Credit Losses
Accounts Receivable and Allowances for Credit Losses
Trade accounts receivable are recorded at the invoiced amount, net of allowances for credit losses. An allowance for credit losses is recorded when it is probable that amounts will not be collected based on historical collection trends, age of outstanding receivables, specific customer circumstances, existing economic conditions and future forecasted information. The Company performs periodic credit evaluations of its customers’ financial condition and generally requires no collateral from its customers. Losses have not been significant in any of the periods presented.
Concentration of Credit Risk
Concentration of Credit Risk
Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents, short-term investments and accounts receivable. Substantially all of the Company's cash and cash equivalents balances are in excess of Federal Deposit Insurance Corporation insurance limits with financial institutions. Investment policies have been implemented that limit purchases of marketable debt securities to investment-grade securities.
The Company extends credit based on an evaluation of the customer’s financial condition and collateral is not typically required. The Company primarily sells its products through third-party distributors.
Inventories
Inventories
Inventories are stated at the lower of standard cost (which approximates actual cost on a first-in, first-out basis) or net realizable value. The Company reduces excess and obsolete inventories to their estimated net realizable value based on management’s assessment of future demand, historical usage by product, and market conditions. Inventory reserve write-downs, once established, are not released until the related inventory has been sold or scrapped.
Property and Equipment
Property and Equipment
Property and equipment are recorded at cost, less accumulated depreciation. Depreciation of property and equipment is recognized on a straight-line basis over the estimated useful lives of the respective assets as follows:
Lab and manufacturing equipment
3 to 7 years
Computer equipment3 years
Furniture and fixtures5 years
Leasehold improvementsShorter of remaining lease term or estimated useful lives of the assets
Maintenance and repair costs are charged to expense as incurred, and expenditures that extend the useful lives of assets are capitalized. Upon retirement or sale of the property and equipment, the cost and related accumulated depreciation are removed from the balance sheet and the resulting gain or loss is recorded in operating expenses.
Intangible Assets
Intangible Assets
Purchased intangible assets with finite lives are carried at cost, less accumulated amortization. Amortization is computed using the straight-line method over the estimated useful lives of the respective assets of 3 to 10 years. Acquisition-related in-process research and development represents the fair value of incomplete research and development projects that have not reached technological feasibility as of the date of acquisition. Initially, these assets are not subject to amortization. Assets related to projects that have been completed are transferred to developed technology, which are subject to amortization.
Leases
Leases
The Company determines if an arrangement is a lease at inception. Lease classification is evaluated at commencement and, as necessary, at modification. Operating lease related balances are included in right-of-use (“ROU”), assets, accrued expenses and other current liabilities, and other non-current liabilities in the Company’s consolidated balance sheets. The Company currently does not have any finance leases.
Operating lease ROU assets represent the Company's right to use an underlying asset for the lease term and operating lease liabilities represent the present value of the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the present value of the future lease payments at the lease commencement date. The interest rate used to determine the present value of the future lease payments is the incremental borrowing rate of the Company, because the interest rates implicit in most of its leases are not readily determinable. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located. Operating lease ROU assets also include adjustments related to lease incentives, prepaid or accrued rent and initial direct lease costs. Operating lease ROU assets are subject to evaluation for impairment or disposal on a basis consistent with other long-lived assets.
Lease terms may include periods under options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company generally uses the base, non-cancelable lease term when determining the lease right-of-use assets and lease liabilities. Operating lease cost is recognized on a straight-line basis over the lease term.
The Company has elected the practical expedient within ASC Topic 842 to account for lease and non-lease components as a single lease component. Additionally, the Company has elected the short-term lease exception for all classes of assets and does not recognize ROU assets and lease liabilities for leases with a term of 12 months or less and recognizes lease payments for short-term leases as expense either straight-line over the lease term or as incurred depending on whether the lease payments are fixed or variable. These elections are applied consistently for all leases. Payments under the Company's lease arrangements are primarily fixed, however, certain lease agreements contain variable payments, which are expensed as incurred and not included in the operating lease ROU assets and liabilities. Variable lease payments are primarily comprised of common area maintenance charges and utility costs.
Business Combinations
Business Combinations
The Company applies the provisions of ASC 805, Business Combinations (ASC 805), in accounting for acquisitions. ASC 805 requires that the Company evaluates whether a transaction pertains to an acquisition of assets, or to an acquisition of a business. A business is defined as an integrated set of assets and activities that is capable of being conducted and managed for the purpose of providing a return to investors. Asset acquisitions are accounted for by allocating the cost of the acquisition to the individual assets and liabilities assumed on a relative fair value basis; whereas the acquisition of a business requires the Company to recognize separately from goodwill the assets acquired and the liabilities assumed at the acquisition date fair values. Goodwill as of the business acquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. The Company also evaluates all contingent consideration arrangements to determine if the arrangements are compensatory in nature. No liability is recognized at the acquisition date for arrangements concluded to be compensatory. While the Company uses its best estimates and assumptions to accurately value assets acquired and liabilities assumed at the business acquisition date as well as any contingent consideration, where applicable, the estimates are inherently uncertain and subject to refinement. Estimates and assumptions relevant to the determination of the fair value of the assets acquired and liabilities assumed include, but are not limited to, revenue projections, discount rates, and other assumptions. The approach to estimating an initial contingent consideration associated with the purchase price also uses similar unobservable factors such as revenue projections over the term of the contingent earn-out period, discounted for the period over which the initial contingent consideration is measured and expected volatility. Based upon these assumptions, the initial contingent consideration is then valued using a Monte Carlo simulation. As a result, during the measurement period, which may be up to one year from the business acquisition date, the Company may record certain adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of a business acquisition’s measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the consolidated statements of operations. In the event an acquisition involves an entity with which the Company has a preexisting relationship, the Company will recognize a gain or loss, if any, to settle that relationship as of the acquisition date within the consolidated statement of operations and comprehensive loss. All acquisition-related costs are accounted for as expenses in the period in which they are incurred. Changes in the fair value of contingent consideration arrangements that are not measurement period adjustments are recognized in earnings.
Impairment of Goodwill, Intangible Assets, and Other Long-Lived Assets
Impairment of Goodwill, Intangible Assets, and Other Long-Lived Assets
Goodwill is evaluated for impairment on an annual basis in the fourth quarter of the Company's fiscal year, and whenever events or changes in circumstances indicate the carrying amount of goodwill may not be recoverable. The Company has elected to first assess qualitative factors to determine whether it is more likely than not that the fair value of its single reporting unit is less than its carrying amount, including goodwill. If the Company determines that it is more likely than not that the fair value is less than its carrying amount, then the quantitative impairment test will be performed. Under the quantitative impairment test, if the carrying amount exceeds its fair value, the Company will recognize an impairment loss in an amount equal to that excess but limited to the total amount of goodwill.
The Company evaluates events and changes in circumstances that could indicate carrying amounts of purchased intangible assets and other long-lived assets may not be recoverable. When such events or changes in circumstances occur, it assesses the recoverability of these assets or asset groups by determining whether or not the carrying amount will be recovered through undiscounted expected future cash flows. If the total of the future undiscounted cash flows is less than the carrying amount of an asset or asset group, the Company records an impairment loss for the amount by which the carrying amount exceeds the fair value of the asset or asset group.
Warranty
Warranty
The Company provides limited lifetime warranty coverage on all of its products by guaranteeing that all timing components from the Company will be free from defects in workmanship and materials and will conform to specifications for the life of the system. This assurance-type warranty is not considered a separate performance obligation, and thus no transaction price is allocated to it. The Company records the warranty costs in cost of revenue in the consolidated statements of operations and comprehensive loss. The warranty reserve is calculated using historical claim information to project future warranty claims activity and is recorded within accrued expenses and other current liabilities and other non-current liabilities on the consolidated balance sheets based on the expected timing of the related payments.
Income Taxes
Income Taxes
Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amounts in the consolidated financial statements of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards, using enacted tax rates in effect for the year in which the differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period that includes the enactment date. A valuation allowance is provided in order to reduce the deferred tax assets to a level which, more likely than not, will be realized.
While the Company believes it has adequately reserved for its uncertain tax positions, no assurance can be given that the final tax outcome of these matters will not be different. The Company adjusts these reserves in light of changing facts and circumstances, such as the closing of a tax audit. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will impact the provision for income taxes and the effective tax rate in the period in which such determination is made.
The Company recognizes tax positions in the consolidated financial statements only when it is more likely than not that the position will be sustained upon examination by the relevant taxing authority. Liabilities are established for differences between positions taken in a tax return and amounts recognized in the consolidated financial statements. The Company reports interest and penalties related to uncertain tax positions, if any, in the provision for income taxes in the consolidated statements of operations and comprehensive loss. To the extent that accrued interest and penalties do not ultimately become payable, amounts accrued will be reduced and reflected as a reduction of the overall provision for income taxes in the period that such determination is made.
Revenue Recognition
Revenue Recognition
The Company derives revenue from its product sales primarily to distributors, who in turn sell to original equipment manufacturers or other end customers. The Company recognizes product revenue, at a point in time, upon shipment when it satisfies its performance obligations as evidenced by the transfer of control of its products to customers. The software included in our offerings is embedded in the related products, is not sold separately, and does not provide a separate and distinct benefit to the customer. Accordingly, the Company does not identify such software as a separate performance obligation. The Company measures revenue based on the amount of consideration it expects to be entitled to in exchange for products. Variable consideration is estimated and reflected as an adjustment to the transaction price. Depending on the terms of the contract, variable consideration is estimated using either the expected value approach or the most likely value approach. The Company determines variable consideration, which consists primarily of price adjustments and product returns by estimating the amount of consideration the Company expects to receive from its customers based on historical experience of price adjustments and product returns. Changes to the Company’s estimated variable consideration were not material for the periods presented. Since the Company’s performance obligations relate to contracts with a duration of less than one year, it does not disclose the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period.
The Company’s payment terms vary by contract type and type of customer and generally range from 30 to 60 days from shipment. The Company has also elected to recognize the cost for freight and shipping when control over the products sold passes to customers and revenue is recognized.
As a practical expedient, the Company records the incremental costs of obtaining a contract, consisting primarily of sales commissions, when incurred because the amortization period is one year or less. These costs are recorded within selling, general, and administrative expenses.
Cost of Revenue
Cost of Revenue
Cost of revenue consists of wafers acquired from third-party foundries, assembly, packaging, and test cost of the Company’s products paid to third-party contract manufacturers, and personnel and other costs associated with the manufacturing operations of the Company. Cost of revenue also includes depreciation of production equipment, inventory
write-downs, shipping and handling costs, and allocation of overhead and facility costs. The Company also includes credits for rebates received from third-party contract manufacturers in cost of revenue.
Research and Development Expenses
Research and Development Expenses
Research and development costs consist primarily of personnel cost, material cost, and facilities related expenses, incurred in the course of planned research and development of new products. Research and development costs are expensed as incurred.
Non-recurring engineering services
Non-recurring engineering services
The Company has certain contracts to provide non-recurring engineering (NRE) services for research and development arrangements through 2026, which do not meet the requirement to be accounted for under ASC 606, Revenue from Contracts with Customers. The Company recognizes the payments received under these NRE arrangements as liabilities and recognizes them as an offset to research and development expense as the Company achieves the milestones of the contract. As the progress towards completion occurs, the Company uses an input method based on the ratio of costs incurred to date to total estimated costs of the project. Judgment is required to estimate the remaining effort to complete the project. These estimates are reassessed throughout the term of the arrangement. For the years ended December 31, 2025, 2024, and 2023, the Company recorded $1.8 million, $1.5 million and $3.9 million, respectively as a reduction of research and development expenses in the consolidated statements of operations.
Selling, General and Administrative Expenses
Selling, General and Administrative Expenses
Selling, general and administrative expenses primarily consist of personnel costs, field application engineering support, travel costs, professional and consulting fees, accounting and audit fees, legal, advertising expenses, and allocated overhead costs. Selling, general and administrative costs are expensed as incurred.
Stock-Based Compensation
Stock-Based Compensation
The Company grants restricted stock unit awards (“RSUs”) of its own common stock. Compensation expense related to share-based transactions is measured at fair value on the grant date. The Company recognizes share-based compensation expense for awards with only service conditions on a straight-line basis over the requisite service period.
Stock-based compensation expense for performance-based restricted stock unit awards ("PRSU") is recognized when it becomes probable that the performance conditions will be met. Stock-based compensation expense for grants with market conditions is valued using a Monte-Carlo simulation model. The Company amortizes stock-based compensation expense for these grants using the graded-vesting method over the requisite performance period. The Company recognizes the expense related to the multi-year performance based restricted stock unit awards ("MYPSU") on a graded-vesting method over the requisite service period.
The Company recognizes forfeitures as they occur.
Net Loss Per Share Attributable to Common Stockholders
Net Loss Per Share Attributable to Common Stockholders
Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock and potentially dilutive securities outstanding for the period. Refer to "Note 3 - Net Loss Per Share" for further discussion regarding potentially dilutive and anti-dilutive securities.
Comprehensive Income (Loss)
Comprehensive Loss
The Company has no components of other comprehensive loss. Therefore, net loss equals comprehensive loss for all periods presented.
Recently Accounting Pronouncements
Recent Accounting Pronouncements
Recently issued accounting pronouncements not yet adopted
In November 2024, the FASB issued ASU No. 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40). The ASU requires the disaggregated disclosure of specific expense categories, including purchases of inventory, employee compensation, depreciation, and amortization, within relevant income statement captions. This ASU also requires disclosure of the total amount of selling expenses along with the definition of selling expenses. The ASU is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Adoption of this ASU can either be applied prospectively to consolidated financial statements issued for reporting periods after the effective date of this ASU or retrospectively to any or all prior periods presented in the consolidated financial statements. Early adoption is also permitted. This ASU will likely result in the required additional disclosures being included in our consolidated financial statements, once adopted. We are currently evaluating the provisions of this ASU.
Recently adopted accounting pronouncements
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. The Company adopted this guidance on a prospective basis with no material impact on its consolidated financial statements for its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Refer "Note 9 - Income Taxes" for further details.
v3.25.4
The Company and Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Fair Value, Liabilities Measured on Recurring Basis
The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial liabilities:
Year Ended December 31,
20252024
Beginning fair value$97,256 $103,461 
Change in the fair value during the year recorded to acquisition related costs4,000 6,049 
Payments made during the period(12,903)(12,254)
Ending fair value$88,353 $97,256 
Schedule of Concentration of Risk, by Risk Factor
The following table discloses these customers’ percentage of revenue for the respective periods:
Year Ended December 31,
202520242023
Customer
Arrow Electronics, Inc.26%19%18%
Pernas Electronics Co. Ltd.25%24%20%
Quantek Technology Corporation*13%13%
Sabre Technologies Pte. Ltd**10%
* Revenue from this customer was below 10%.
At December 31, 2025 and 2024 these customers accounted for 10% or more of accounts receivable:
As of December 31,
20252024
Customer
Arrow Electronics, Inc.39%15%
Pernas Electronics Co. Ltd.22%31%
Quantek Technology Corporation*17%
* Accounts receivable from these customers was below 10%.
Schedule of Estimated Useful Lives of the Property, Plant and Equipment Depreciation of property and equipment is recognized on a straight-line basis over the estimated useful lives of the respective assets as follows:
Lab and manufacturing equipment
3 to 7 years
Computer equipment3 years
Furniture and fixtures5 years
Leasehold improvementsShorter of remaining lease term or estimated useful lives of the assets
v3.25.4
Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Acquisition Date Fair Value of the Purchase Consideration The acquisition date fair value of the purchase consideration was $259.2 million, which was comprised of the following:
Estimated Fair Value
(in thousands)
Fixed consideration$139,946 
Fair value of sales based earnout liability102,278 
Settlement of pre-existing arrangement16,974 
Total purchase consideration$259,198 
Schedule of Assets Acquired
The purchase consideration allocation to the assets acquired based on their respective estimated fair values as of the date of acquisition is as follows:
Estimated Fair ValueEstimated Useful LifeFinancial Statement Line Item
(in thousands)(in years)
Developed Technology$96,700 
5 to 8 years
Intangible assets, net
In-process research and development69,500 N/AIntangible assets, net
Goodwill87,098 IndefiniteGoodwill
Assumed customer agreements5,900 4 yearsIntangible assets, net
Total assets acquired$259,198 
v3.25.4
Net Loss Per Share (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Net Loss Per Share
The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company:
Year Ended December 31,
202520242023
(in thousands, except per share data)
Net loss attributable to common stockholders$(42,903)$(93,601)$(80,535)
Weighted average shares used to compute basic and diluted net loss per share24,96723,11822,188
Net loss attributable to common stockholders per share, basic and diluted$(1.72)$(4.05)$(3.63)
v3.25.4
Balance Sheets Components (Tables)
 12 Months Ended
Dec. 31, 2025
Balance Sheet Related Disclosures [Abstract]  
Schedule of Accounts Receivable, Net
Accounts receivable, net consisted of the following:
As of
December 31, 2025December 31, 2024
(in thousands)
Accounts receivable, gross$45,090 $38,259 
Allowance for credit losses(50)(50)
Accounts receivable, net$45,040 $38,209 
Schedule of Inventory
Inventory consisted of the following:
As of
December 31, 2025December 31, 2024
(in thousands)
Raw materials$13,572 $14,995 
Work in progress47,485 47,300 
Finished goods20,500 14,446 
Total inventories$81,557 $76,741 
Schedule of Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following:
As of
December 31, 2025December 31, 2024
(in thousands)
Prepaid expenses$6,761 $4,305 
Other current assets7,514 5,971 
Total prepaid expenses and other current assets$14,275 $10,276 
Schedule of Property and Equipment, Net
Property and equipment, net consisted of the following:
As of
December 31, 2025December 31, 2024
(in thousands)
Lab and manufacturing equipment$158,909 $119,964 
Computer equipment3,928 3,833 
Furniture and fixtures1,152 1,167 
Construction in progress15,885 9,538 
Leasehold improvements8,303 7,818 
188,177 142,320 
Accumulated depreciation(83,063)(59,845)
Total property and equipment, net$105,114 $82,475 
Schedule of Intangible Assets, Net
Intangible assets, net consisted of the following:
As of
December 31, 2025December 31, 2024
(in thousands)
Gross AssetsAccumulated
Amortization 		Net AssetsGross AssetsAccumulated
Amortization 		Net Assets
Developed technology$166,200 $(24,534)$141,666 $96,700 $(10,575)$86,125 
Contract based royalty asset5,900 (3,073)2,827 5,900 (1,598)4,302 
Internal use software— — — 9,434 (9,434)— 
Purchased software3,454 (581)2,873 15,551 (11,920)3,631 
Total amortizable intangible assets$175,554 $(28,188)$147,366 $127,585 $(33,527)$94,058 
In-process research and development— — — 69,500 — 69,500 
Total intangible assets$175,554 $(28,188)$147,366 $197,085 $(33,527)$163,558 
Schedule of Future Amortization Expense for Intangible Assets
The estimated aggregate future amortization expense for intangible assets and subject to amortization as of December 31, 2025 is summarized as below:
(in thousands)
2026$23,859 
202723,487 
202821,720 
202919,850 
203019,799 
2031 and beyond38,651 
$147,366 
Schedule of Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following:
As of
December 31, 2025December 31, 2024
(in thousands)
Accrued payroll and related benefits$14,007 $12,381 
Revenue reserves3,655 3,673 
Sales based earnout liability, current35,007 23,953 
Acquisition consideration payable, current— 37,760 
Short term lease liability2,478 2,744 
Other accrued expenses7,531 5,044 
Total accrued expenses and other current liabilities$62,678 $85,555 
Schedule of Other Non-current Liabilities
Other non-current liabilities consisted of the following:
As of
December 31, 2025December 31, 2024
(in thousands)
Sales based earnout liability, non-current$53,346 $73,303 
Long term lease liability1,132 3,488 
Other non-current liabilities$34 $— 
Total other non-current liabilities$54,512 $76,791 
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Lease-Related Assets and Liabilities
The table below presents the lease-related assets and liabilities recorded on the consolidated balance sheets as of December 31, 2025 and 2024:
As of
December 31, 2025December 31, 2024
(in thousands)
Right-of-use assets$4,089$6,569
Lease liabilities included in accrued expenses and other current liabilities2,4782,744
Lease liabilities included in other non-current liabilities1,1323,488
Total operating lease liabilities$3,610$6,232
Weighted-average remaining lease term (years)1.62.4
Weighted-average discount rate5.3 %5.1 %
Schedule of Lease Costs
The table below presents certain information related to the lease costs for operating leases for the years ended December 31, 2025, 2024, and 2023:
Year Ended December 31,
202520242023
(in thousands)
Operating lease cost$3,261 $3,098 $3,024 
Short-term lease cost1,567 1,038 758 
Variable lease cost3,312 1,481 1,022 
Total lease cost$8,140 $5,617 $4,804 
Schedule of Undiscounted Cash Flows
The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years, as applicable, to the operating lease liabilities recorded on the consolidated balance sheet as of December 31, 2025:
(in thousands)
2026$2,760 
2027720 
2028225 
202983 
Total minimum lease payments3,788 
Less: amount of lease payments representing interest(178)
Present value of future minimum lease payments3,610 
Less: current obligations under leases(2,478)
Long-term lease liabilities$1,132 
v3.25.4
Commitment and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Future Non-Cancelable Purchase Commitments Total future non-cancelable purchase commitments as of December 31, 2025 were as follows:
(in thousands)
2026$10,566 
20279,392 
20288,098 
Total$28,056 
v3.25.4
Stock-based Compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of RSU, PRSU, and MYPSU Awards Activity
The following table summarizes the RSU, PRSU, and MYPSU awards activity for the year ended December 31, 2025:
RSUPRSUMYPSU
Number of
Shares 		Grant Date
Fair Value
per share		Number of
Shares		Grant Date
Fair Value
per share		Number of
Shares		Grant Date
Fair Value
per share
Unvested at December 31, 2024915,152$128.7 210,044104.3 285,880$88.6 
Granted442,745186.4 155,565187.8 —— 
Vested(629,986)143.8 (53,090)167.8 —— 
Forfeited(44,920)150.4 —— —— 
Unvested at December 31, 2025682,991$150.7 312,519$135.1 285,880$88.6 
Schedule of Total Stock-Based Compensation Expense
Total stock-based compensation expense for employees recognized in the consolidated statements of operations and comprehensive loss was as follows:
Year Ended December 31,
202520242023
(in thousands)
Equity based awards
Cost of revenue$2,838 $1,553 $2,765 
Research and development38,417 34,247 30,893 
Selling, general and administrative52,216 47,632 39,111 
$93,471 $83,432 $72,769 
Liability based awards - to be settled in equity
Cost of revenue$288 $100 $75 
Research and development4,112 3,701 2,017 
Selling, general and administrative5,669 5,401 1,892 
$10,069 $9,202 $3,984 
Total stock-based compensation - equity and liability based$103,540 $92,634 $76,753 
Stock-based compensation expense recorded to additional paid-in capital   
Equity based awards$93,471 $83,432 $72,769 
Liability based awards - settled in equity9,391 4,554 3,869 
Stock compensation expense capitalized to / (amortized from) to inventory(509)1,136 — 
Total stock-based compensation expense recorded to additional paid-in capital$102,353 $89,122 $76,638 
Schedule of Unrecognized Compensation Costs and Related Weighted Average Period of Recognition
The following table presents the unrecognized compensation costs and related weighted average period of recognition as of December 31, 2025:
As of
December 31, 2025
Unrecognized Compensation
Costs (in thousands)		Weighted Average Period of
Recognition (in years)
RSUs$86,650 2.2
PRSUs19,730 1.1
MYPSUs167 0.2
Liability-based awards4,518 0.3
Total unrecognized compensation costs$111,065 
v3.25.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Income (Loss) Before Income Taxes
The components of income (loss) before income taxes were as follows:
Years Ended December 31,
202520242023
(in thousands)
United States$(43,529)$(93,691)$(81,208)
Foreign1,224 576 825 
$(42,305)$(93,115)$(80,383)
Schedule of Components of Income Tax Expense
The components of income tax expense were as follows:
Years Ended December 31,
202520242023
(in thousands)
Current Provision:
Federal$— $— $— 
State(1)(1)(1)
Foreign(597)(485)(151)
Total current provision(598)(486)(152)
Total deferred provision— — — 
Total income tax provision$(598)$(486)$(152)
Schedule of Components of Deferred Tax Assets and Liabilities
The material components of the deferred tax assets and liabilities consisted of net operating loss carry-forwards, capitalized research and development costs, and tax credit carry-forwards.
Years Ended December 31,
202520242023
(in thousands)
Deferred tax assets (liabilities):
Deferred tax assets:
Accrual, write-down and other$11,560 $12,863 $9,169 
Acquired assets6,161 4,623 1,650 
Capitalized research and development35,673 46,495 37,706 
Credits5,657 5,657 5,657 
Net operating loss and credits carry forwards78,252 58,689 54,212 
Gross deferred tax assets$137,303 $128,327 $108,394 
Deferred tax liabilities:
Depreciation and amortization$(909)$(2,277)$(2,622)
Gross deferred tax liabilities$(909)$(2,277)$(2,622)
Total gross deferred tax assets$136,394 $126,050 $105,772 
Valuation allowance(136,394)(126,050)(105,772)
Total net deferred tax assets$— $— $— 
Schedule of Reconciliation of Effective Tax Rate
Beginning in 2025 annual reporting period, we adopted ASU 2023-09 prospectively. A reconciliation of the U.S. federal statutory income tax rate to our effective tax rate pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025 is as follows:
Year Ended December 31,
2025
(in thousands)%
U.S. federal statutory income tax rate$(8,884)(21.0)%
Change in valuation allowance10,341 24.4 %
Nontaxable or Nondeductible items
Excess tax expense from share-based compensation(13,469)(31.8)%
Non-deductible executive compensation9,240 21.8 %
Non-deductible non-U.S. equity compensation2,756 6.5 %
Other Adjustments
Other614 1.5 %
Effective tax rate$598 1.4 %
A reconciliation of the Company’s effective tax rate to the statutory U.S. federal rate for the prior years is as follows:
Years Ended December 31,
20242023
US Federal rate benefit(21.0)%(21.0)%
RSU excess tax benefit(15.5)(12.9)
Section 162(m) limitation10.4 — 
Permanent differences and others5.0 7.0 
Change in valuation allowance21.6 27.1 
Net tax expense0.5 %0.2 %
Schedule of Cash Paid For Income Taxes, Net of Refunds Received, By Jurisdiction
Cash paid for income taxes, net of refunds received, by jurisdiction, pursuant to the disclosure requirements of ASU 2023-09 for the year ended December 31, 2025 is as follows:
Year Ended December 31,
2025
(in thousands)
Foreign
India$221 
Japan80 
Ukraine39 
Malaysia23 
Other39 
Cash paid for income taxes, net of refunds received$402 
Schedule of Unrecognized Tax Benefit
A reconciliation of the beginning and ending unrecognized tax benefit amount is as follows:
December 31,
20252024
(in thousands)
Beginning balance$2,505 $2,271 
Increase in balance related to tax position taken during prior periods30 259 
Decrease in balance related to tax position taken during the current period— (25)
Ending balance$2,535 $2,505 
v3.25.4
Segment Information and Operations by Geographic Area (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The table below provides information about the Company’s revenue, significant segment expenses and other segment expenses.
Year Ended December 31,
202520242023
(in thousands)
Revenue$326,660 $202,697 $143,993 
Less:
Product costs97,304 61,626 42,612 
Depreciation15,472 8,474 6,718 
Amortization15,460 12,103 681 
Other manufacturing overheads23,438 16,000 11,894 
Gross profit174,986 104,494 82,088 
Less:
Acquisition related costs6,567 10,722 7,728 
Interest income(24,830)(22,883)(26,958)
Other segment items (a)
236,152 210,256 181,853 
Net loss$(42,903)$(93,601)$(80,535)
(a)Other segment items include research and development expenses and selling, general and administrative expenses, primarily in the nature of nonmanufacturing expenses including salaries and stock-based compensation for employees, consulting expenses, certain other expenses, and taxes.
Schedule of Revenue by Country The following table sets forth revenue by country for countries with 10% or more of the Company’s revenue during any of the periods presented:
Year Ended December 31,
202520242023
(in thousands)
Hong Kong$117,082 $64,441 $31,987 
Taiwan84,517 64,836 43,954 
United States22,540 15,853 19,976 
Singapore17,417 16,643 16,466 
Other85,104 40,924 31,610 
Total$326,660 $202,697 $143,993 
Schedule of Property and Equipment Attributable to Operations
The following table sets forth the Company’s total property and equipment attributable to operations by country for countries with 10% or more of the Company’s net property and equipment as of the periods presented:
As of
December 31, 2025December 31, 2024
(in thousands)
United States$35,811 $32,200 
Taiwan23,256 24,294 
Malaysia21,072 16,231 
Singapore18,817 2,419 
Other6,158 7,331 
Total$105,114 $82,475 
v3.25.4
The Company and Summary of Significant Accounting Policies - Foreign Currency Remeasurement (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounting Policies [Abstract]      
Foreign currency remeasurement and transactions gains (losses) $ 0.2 $ 0.8 $ 0.1
v3.25.4
The Company and Summary of Significant Accounting Policies - Fair Value Measurements (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
yr
Dec. 31, 2024
USD ($)
Significant Accounting Policies [Line Items]    
Short-term investments in held-to-maturity securities, fair value $ 792.1 $ 412.9
Short-term investments in held-to-maturity securities, gross unrealized gain $ 0.5 $ 0.2
Debt Securities Held To Maturity Accrued Interest After Allowance For Credit Loss Statement Of Financial Position Extensible List Not Disclosed Flag gross accrued interest  
Volatility Rate    
Significant Accounting Policies [Line Items]    
Earnout liability, measurement input 0.20  
Minimum    
Significant Accounting Policies [Line Items]    
Treasury bills maturity period 3 months 3 months
Minimum | Risk Free Rate    
Significant Accounting Policies [Line Items]    
Earnout liability, measurement input 0.034  
Minimum | Expected Term    
Significant Accounting Policies [Line Items]    
Earnout liability, measurement input | yr 0.1  
Maximum    
Significant Accounting Policies [Line Items]    
Treasury bills maturity period 12 months 6 months
Maximum | Risk Free Rate    
Significant Accounting Policies [Line Items]    
Earnout liability, measurement input 0.037  
Maximum | Expected Term    
Significant Accounting Policies [Line Items]    
Earnout liability, measurement input | yr 2.9  
Level 1    
Significant Accounting Policies [Line Items]    
Highly liquid money market funds $ 0.4 $ 0.3
Short-term investments in held-to-maturity securities, at amortized cost, excluding accrued interest 791.6 412.7
Short-term investments in held-to-maturity securities, gross accrued interest $ 7.8 $ 4.3
v3.25.4
The Company and Summary of Significant Accounting Policies - Schedule of Fair Value, Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning fair value $ 97,256 $ 103,461
Change in the fair value during the year recorded to acquisition related costs 4,000 6,049
Payments made during the period (12,903) (12,254)
Ending fair value $ 88,353 $ 97,256
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Acquisition related costs Acquisition related costs
v3.25.4
The Company and Summary of Significant Accounting Policies - Concentration of Credit Risk (Details) - distributor
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue Benchmark | Credit Concentration Risk      
Concentration Risk [Line Items]      
Number of distributors representing more than 10% of company's revenue 2 3 4
v3.25.4
The Company and Summary of Significant Accounting Policies - Schedule of Concentration of Risk, by Risk Factor (Details) - Customer Concentration Risk
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue Benchmark | Arrow Electronics, Inc.      
Concentration Risk [Line Items]      
Concentration risk, percentage 26.00% 19.00% 18.00%
Revenue Benchmark | Pernas Electronics Co. Ltd.      
Concentration Risk [Line Items]      
Concentration risk, percentage 25.00% 24.00% 20.00%
Revenue Benchmark | Quantek Technology Corporation      
Concentration Risk [Line Items]      
Concentration risk, percentage   13.00% 13.00%
Revenue Benchmark | Sabre Technologies Pte. Ltd      
Concentration Risk [Line Items]      
Concentration risk, percentage     10.00%
Accounts Receivable | Arrow Electronics, Inc.      
Concentration Risk [Line Items]      
Concentration risk, percentage 39.00% 15.00%  
Accounts Receivable | Pernas Electronics Co. Ltd.      
Concentration Risk [Line Items]      
Concentration risk, percentage   17.00%  
Accounts Receivable | Quantek Technology Corporation      
Concentration Risk [Line Items]      
Concentration risk, percentage 22.00% 31.00%  
v3.25.4
The Company and Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of the Property, Plant and Equipment (Details)
Dec. 31, 2025
Lab and manufacturing equipment | Minimum  
Significant Accounting Policies [Line Items]  
Property and equipment, estimated useful lives 3 years
Lab and manufacturing equipment | Maximum  
Significant Accounting Policies [Line Items]  
Property and equipment, estimated useful lives 7 years
Computer equipment  
Significant Accounting Policies [Line Items]  
Property and equipment, estimated useful lives 3 years
Furniture and fixtures  
Significant Accounting Policies [Line Items]  
Property and equipment, estimated useful lives 5 years
v3.25.4
The Company and Summary of Significant Accounting Policies - Intangible Assets (Details) - Purchased intangibles
Dec. 31, 2025
Minimum  
Significant Accounting Policies [Line Items]  
Estimated useful life of intangible assets 3 years
Maximum  
Significant Accounting Policies [Line Items]  
Estimated useful life of intangible assets 10 years
v3.25.4
The Company and Summary of Significant Accounting Policies - Leases (Details)
Dec. 31, 2025
USD ($)
Accounting Policies [Abstract]  
Finance leases $ 0
v3.25.4
The Company and Summary of Significant Accounting Policies - Revenue Recognition (Details)
 12 Months Ended
Dec. 31, 2025
Minimum  
Significant Accounting Policies [Line Items]  
Revenue recognized payment term 30 days
Maximum  
Significant Accounting Policies [Line Items]  
Revenue recognized payment term 60 days
Revenue recognized amortization period 1 year
v3.25.4
The Company and Summary of Significant Accounting Policies - Non-recurring engineering services (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounting Policies [Abstract]      
Reduction of research and development expenses $ (1.8) $ (1.5) $ (3.9)
v3.25.4
The Company and Summary of Significant Accounting Policies - Selling, General and Administrative Expenses (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounting Policies [Abstract]      
Advertising expenses $ 1.3 $ 1.5 $ 1.6
v3.25.4
Acquisitions - Schedule of Acquisition Date Fair Value of the Purchase Consideration (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 01, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Business Combination [Line Items]        
Fair value of sales based earnout liability   $ 0 $ 0 $ 102,278
Aura        
Business Combination [Line Items]        
Fixed consideration $ 139,946      
Fair value of sales based earnout liability 102,278      
Settlement of pre-existing arrangement 16,974      
Total purchase consideration $ 259,198      
v3.25.4
Acquisitions - Schedule of Assets Acquired (Details) - USD ($)
$ in Thousands
Dec. 01, 2023
Dec. 31, 2025
Dec. 31, 2024
Business Combination [Line Items]      
Goodwill   $ 87,098 $ 87,098
Aura      
Business Combination [Line Items]      
Goodwill $ 87,098    
Total assets acquired 259,198    
Aura | In-process research and development      
Business Combination [Line Items]      
In-process research and development 69,500    
Aura | Developed Technology      
Business Combination [Line Items]      
Finite-lived intangibles $ 96,700    
Aura | Developed Technology | Minimum      
Business Combination [Line Items]      
Estimated Useful Life 5 years    
Aura | Developed Technology | Maximum      
Business Combination [Line Items]      
Estimated Useful Life 8 years    
Aura | Assumed customer agreements      
Business Combination [Line Items]      
Finite-lived intangibles $ 5,900    
Estimated Useful Life 4 years    
v3.25.4
Net Loss Per Share - Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share [Abstract]      
Net loss attributable to common stockholders $ (42,903) $ (93,601) $ (80,535)
Weighted average shares used to compute basic net loss per share (in shares) 24,967 23,118 22,188
Weighted average shares used to compute diluted net loss per share (in shares) 24,967 23,118 22,188
Net loss attributable to common stockholders per share, basic (in dollars per share) $ (1.72) $ (4.05) $ (3.63)
Net loss attributable to common stockholders per share, diluted (in dollars per share) $ (1.72) $ (4.05) $ (3.63)
v3.25.4
Net Loss Per Share - Additional Information (Details) - shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share [Abstract]      
Anti-dilutive securities (in shares) 819,500 620,889 1,078,089
v3.25.4
Balance Sheets Components - Schedule of Accounts Receivable, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]    
Accounts receivable, gross $ 45,090 $ 38,259
Allowance for credit losses (50) (50)
Accounts receivable, net $ 45,040 $ 38,209
v3.25.4
Balance Sheets Components - Schedule of Inventory (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]    
Raw materials $ 13,572 $ 14,995
Work in progress 47,485 47,300
Finished goods 20,500 14,446
Total inventories $ 81,557 $ 76,741
v3.25.4
Balance Sheets Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]    
Prepaid expenses $ 6,761 $ 4,305
Other current assets 7,514 5,971
Total prepaid expenses and other current assets $ 14,275 $ 10,276
v3.25.4
Balance Sheets Components - Schedule of Property and Equipment, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property Plant And Equipment [Line Items]    
Property and equipment, gross $ 188,177 $ 142,320
Accumulated depreciation (83,063) (59,845)
Total property and equipment, net 105,114 82,475
Lab and manufacturing equipment    
Property Plant And Equipment [Line Items]    
Property and equipment, gross 158,909 119,964
Computer equipment    
Property Plant And Equipment [Line Items]    
Property and equipment, gross 3,928 3,833
Furniture and fixtures    
Property Plant And Equipment [Line Items]    
Property and equipment, gross 1,152 1,167
Construction in progress    
Property Plant And Equipment [Line Items]    
Property and equipment, gross 15,885 9,538
Leasehold improvements    
Property Plant And Equipment [Line Items]    
Property and equipment, gross $ 8,303 $ 7,818
v3.25.4
Balance Sheets Components - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]      
Depreciation $ 23.6 $ 16.1 $ 13.3
Amortization expense for intangible assets $ 16.6 $ 14.0 $ 2.9
v3.25.4
Balance Sheets Components - Schedule of Intangible Assets, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Finite Lived Intangible Assets [Line Items]    
Gross Assets $ 175,554 $ 127,585
Accumulated Amortization (28,188) (33,527)
Net Assets 147,366 94,058
Total intangible assets    
Gross Assets 175,554 197,085
Accumulated Amortization (28,188) (33,527)
Net Assets 147,366 163,558
In-process research and development    
Indefinite-Lived Intangible Assets [Line Items]    
In-process research and development 0 69,500
Developed technology    
Finite Lived Intangible Assets [Line Items]    
Gross Assets 166,200 96,700
Accumulated Amortization (24,534) (10,575)
Net Assets 141,666 86,125
Total intangible assets    
Accumulated Amortization (24,534) (10,575)
Contract based royalty asset    
Finite Lived Intangible Assets [Line Items]    
Gross Assets 5,900 5,900
Accumulated Amortization (3,073) (1,598)
Net Assets 2,827 4,302
Total intangible assets    
Accumulated Amortization (3,073) (1,598)
Internal use software    
Finite Lived Intangible Assets [Line Items]    
Gross Assets 0 9,434
Accumulated Amortization 0 (9,434)
Net Assets 0 0
Total intangible assets    
Accumulated Amortization 0 (9,434)
Purchased software    
Finite Lived Intangible Assets [Line Items]    
Gross Assets 3,454 15,551
Accumulated Amortization (581) (11,920)
Net Assets 2,873 3,631
Total intangible assets    
Accumulated Amortization $ (581) $ (11,920)
v3.25.4
Balance Sheets Components - Schedule of Future Amortization Expense for Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]    
2026 $ 23,859  
2027 23,487  
2028 21,720  
2029 19,850  
2030 19,799  
2031 and beyond 38,651  
Net Assets $ 147,366 $ 94,058
v3.25.4
Balance Sheets Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]    
Accrued payroll and related benefits $ 14,007 $ 12,381
Revenue reserves 3,655 3,673
Sales based earnout liability, current 35,007 23,953
Acquisition consideration payable, current 0 37,760
Short term lease liability 2,478 2,744
Other accrued expenses 7,531 5,044
Total accrued expenses and other current liabilities $ 62,678 $ 85,555
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Total accrued expenses and other current liabilities Total accrued expenses and other current liabilities
v3.25.4
Balance Sheets Components - Schedule of Other Non-current Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Balance Sheet Related Disclosures [Abstract]    
Sales based earnout liability, non-current $ 53,346 $ 73,303
Long term lease liability 1,132 3,488
Other non-current liabilities 34 0
Total other non-current liabilities $ 54,512 $ 76,791
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Total other non-current liabilities Total other non-current liabilities
v3.25.4
Leases - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Lessor, Lease, Description [Line Items]      
Cash paid for operating lease liabilities $ 3.4 $ 3.1 $ 3.1
Minimum      
Lessor, Lease, Description [Line Items]      
Operating lease, renewal term 1 year    
Maximum      
Lessor, Lease, Description [Line Items]      
Lease term 4 years    
Operating lease, renewal term 5 years    
v3.25.4
Leases - Schedule of Lease-Related Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Right-of-use assets $ 4,089 $ 6,569
Lease liabilities included in accrued expenses and other current liabilities 2,478 2,744
Lease liabilities included in other non-current liabilities 1,132 3,488
Total operating lease liabilities $ 3,610 $ 6,232
Weighted-average remaining lease term (years) 1 year 7 months 6 days 2 years 4 months 24 days
Weighted-average discount rate 5.30% 5.10%
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Accrued expenses and other current liabilities Accrued expenses and other current liabilities
v3.25.4
Leases - Schedule of Lease Costs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Leases [Abstract]      
Operating lease cost $ 3,261 $ 3,098 $ 3,024
Short-term lease cost 1,567 1,038 758
Variable lease cost 3,312 1,481 1,022
Total lease cost $ 8,140 $ 5,617 $ 4,804
v3.25.4
Leases - Schedule of Undiscounted Cash Flows (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
2026 $ 2,760  
2027 720  
2028 225  
2029 83  
Total minimum lease payments 3,788  
Less: amount of lease payments representing interest (178)  
Total operating lease liabilities 3,610 $ 6,232
Less: current obligations under leases (2,478) (2,744)
Long-term lease liabilities $ 1,132 $ 3,488
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Liabilities, Noncurrent Other Liabilities, Noncurrent
v3.25.4
Commitments and Contingencies (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2026 $ 10,566
2027 9,392
2028 8,098
Total $ 28,056
v3.25.4
Stockholders' Equity (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Jun. 27, 2025
USD ($)
shares
Feb. 27, 2024
$ / shares
shares
Dec. 31, 2025
USD ($)
vote
$ / shares
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Dec. 31, 2023
USD ($)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Common stock, shares authorized (in shares) | shares     200,000,000 200,000,000  
Preferred stock, shares authorized (in shares) | shares     10,000,000    
Common stock, par value (in dollars per share) | $ / shares     $ 0.0001 $ 0.0001  
Number of votes per share, common | vote     1    
Preferred stock, outstanding (in shares) | shares     0 0  
Deferred offering costs     $ 17,069 $ 1,730 $ 1,210
Follow-on Public Offering          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Issuance of common stock in connection with At-The-Market offering net of underwriting discounts and commissions and other offering costs (in shares) | shares 2,012,500        
Proceeds from public offering, net of underwriting discounts and commissions $ 387,300        
Payments for underwriting discounts and commissions 14,100        
Deferred offering costs $ 1,100        
Stifel | At-The-Market Issuance Sales Agreement          
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]          
Common stock, shares authorized (in shares) | shares   1,200,000      
Common stock, par value (in dollars per share) | $ / shares   $ 0.0001      
Percentage of sales commission from common stock sold   3.00%      
Issuance of common stock in connection with At-The-Market offering net of underwriting discounts and commissions and other offering costs (in shares) | shares     263,400 332,500  
Shares issued, price per share (in dollars per share) | $ / shares     $ 251.26 $ 151.91  
Proceeds from public offering, net of underwriting discounts and commissions     $ 64,300 $ 48,800  
Payments for underwriting discounts and commissions     1,300 1,000  
Deferred offering costs     $ 600 $ 700  
v3.25.4
Stock-based Compensation - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 12 Months Ended 47 Months Ended
Feb. 28, 2025
Aug. 31, 2024
Mar. 31, 2024
Mar. 31, 2023
Feb. 28, 2023
Feb. 28, 2022
Nov. 30, 2019
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2025
Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                        
Accrued expenses and other current liabilities               $ 62,678 $ 85,555   $ 62,678  
Total fair value as of vesting date of awards               90,600 $ 80,200 $ 55,600    
Liability based awards - settled in equity                        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                        
Accrued expenses and other current liabilities               1,100     $ 1,100  
Stock-based compensation expense               $ 3,900        
MYPSU                        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                        
Expected volatility           44.40%            
Risk free rate           1.83%            
Expected dividend yield           0.00%            
Expected term           6 years            
Vested (in shares)               0     0  
Weighted-average grant date fair value, granted (in dollars per share)               $ 0 $ 0 $ 0    
MYPSU | Maximum                        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                        
Performance period of common stock           6 years            
PRSU                        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                        
Vested (in shares)               53,090        
Performance period               1 year        
Weighted-average grant date fair value, granted (in dollars per share)               $ 187.8 $ 82.8 $ 0    
Total Stockholder Performance Restricted Stock Unit Award                        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                        
Expected volatility     74.70% 83.80% 84.00%              
Risk free rate     4.50% 4.05% 4.67%              
Expected dividend yield 0.00% 0.00% 0.00% 0.00% 0.00%              
Expected term     2 years 9 months 18 days 1 year 9 months 18 days 1 year 10 months 24 days              
Performance period               2 years        
Relative total stockholder return, performance period 3 years 3 years 2 years                  
Total Stockholder Performance Restricted Stock Unit Award | Minimum                        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                        
Expected volatility 72.60% 60.50%                    
Risk free rate 4.30% 3.90%                    
Expected term 2 years 10 months 24 days 1 year 4 months 24 days                    
Total Stockholder Performance Restricted Stock Unit Award | Maximum                        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                        
Expected volatility 72.90% 71.90%                    
Risk free rate   4.30%                    
Expected term   2 years 4 months 24 days                    
RSU                        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                        
Stock-based compensation expense               $ 9,391 $ 4,554 $ 3,869    
Vested (in shares)               629,986        
Weighted-average grant date fair value, granted (in dollars per share)               $ 186.4 $ 117.0 $ 120.1    
2019 Stock Incentive Plan                        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                        
Vesting period             5 years          
Common stock, capital shares reserved for future issuance (in shares)               2,200,000     2,200,000  
Inducement Plan                        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                        
Common stock, capital shares reserved for future issuance (in shares)           250,000   176,524     176,524  
Common stock, additional shares authorized (in shares)         250,000              
Inducement Plan | Minimum                        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                        
Vesting period           1 year            
Inducement Plan | Maximum                        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                        
Vesting period           4 years            
2025 Goals                        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                        
Accrued expenses and other current liabilities               $ 5,900     $ 5,900  
2022 Goals | Minimum                        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                        
Bonus and retention plan actual payout ranges                       0.00%
2022 Goals | Maximum                        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                        
Bonus and retention plan actual payout ranges                       45.00%
2023 Goals | Minimum                        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                        
Bonus and retention plan actual payout ranges                   170.00%    
2023 Goals | Maximum                        
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]                        
Bonus and retention plan actual payout ranges                   200.00%    
v3.25.4
Stock-based Compensation - Schedule of RSU, PRSU, and MYPSU Awards Activity (Details) - $ / shares
 12 Months Ended 47 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2025
RSU        
Number of Shares        
Beginning balance (in shares) 915,152      
Granted (in shares) 442,745      
Vested (in shares) (629,986)      
Forfeited (in shares) (44,920)      
Ending balance (in shares) 682,991 915,152   682,991
Grant Date Fair Value per share        
Beginning balance (in dollars per share) $ 128.7      
Granted (in dollars per share) 186.4 $ 117.0 $ 120.1  
Vested (in dollars per share) 143.8      
Forfeited (in dollars per share) 150.4      
Ending balance (in dollars per share) $ 150.7 $ 128.7   $ 150.7
PRSU        
Number of Shares        
Beginning balance (in shares) 210,044      
Granted (in shares) 155,565      
Vested (in shares) (53,090)      
Forfeited (in shares) 0      
Ending balance (in shares) 312,519 210,044   312,519
Grant Date Fair Value per share        
Beginning balance (in dollars per share) $ 104.3      
Granted (in dollars per share) 187.8 $ 82.8 0  
Vested (in dollars per share) 167.8      
Forfeited (in dollars per share) 0      
Ending balance (in dollars per share) $ 135.1 $ 104.3   $ 135.1
MYPSU        
Number of Shares        
Beginning balance (in shares) 285,880      
Granted (in shares) 0      
Vested (in shares) 0     0
Forfeited (in shares) 0      
Ending balance (in shares) 285,880 285,880   285,880
Grant Date Fair Value per share        
Beginning balance (in dollars per share) $ 88.6      
Granted (in dollars per share) 0 $ 0 $ 0  
Vested (in dollars per share) 0      
Forfeited (in dollars per share) 0      
Ending balance (in dollars per share) $ 88.6 $ 88.6   $ 88.6
v3.25.4
Stock-based Compensation - Schedule of Total Stock-Based Compensation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Stock compensation expense capitalized to / (amortized from) to inventory $ (509) $ 1,136 $ 0
Total stock-based compensation expense recorded to additional paid-in capital 102,353 89,122 76,638
Equity based awards      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Stock-based compensation expense 93,471 83,432 72,769
Equity based awards | Cost of revenue      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Stock-based compensation expense 2,838 1,553 2,765
Equity based awards | Research and development      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Stock-based compensation expense 38,417 34,247 30,893
Equity based awards | Selling, general and administrative      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Stock-based compensation expense 52,216 47,632 39,111
Liability based awards - to be settled in equity      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Stock-based compensation expense 10,069 9,202 3,984
Liability based awards - to be settled in equity | Cost of revenue      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Stock-based compensation expense 288 100 75
Liability based awards - to be settled in equity | Research and development      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Stock-based compensation expense 4,112 3,701 2,017
Liability based awards - to be settled in equity | Selling, general and administrative      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Stock-based compensation expense 5,669 5,401 1,892
Total stock-based compensation - equity and liability based      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Stock-based compensation expense 103,540 92,634 76,753
Liability based awards - settled in equity      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Stock-based compensation expense 9,391 $ 4,554 $ 3,869
Liability based awards - settled in equity      
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]      
Stock-based compensation expense $ 3,900    
v3.25.4
Stock-based Compensation - Schedule of Unrecognized Compensation Costs and Related Weighted Average Period of Recognition (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Total unrecognized compensation costs $ 111,065
RSU  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Total unrecognized compensation costs $ 86,650
Weighted Average Period of Recognition (in years) 2 years 2 months 12 days
PRSUs  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Total unrecognized compensation costs $ 19,730
Weighted Average Period of Recognition (in years) 1 year 1 month 6 days
MYPSUs  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Total unrecognized compensation costs $ 167
Weighted Average Period of Recognition (in years) 2 months 12 days
Liability-based awards  
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]  
Total unrecognized compensation costs $ 4,518
Weighted Average Period of Recognition (in years) 3 months 18 days
v3.25.4
Income Taxes - Schedule of Components of Income (Loss) Before Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
United States $ (43,529) $ (93,691) $ (81,208)
Foreign 1,224 576 825
Loss before income taxes $ (42,305) $ (93,115) $ (80,383)
v3.25.4
Income Taxes - Schedule of Components of Income Tax Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Federal $ 0 $ 0 $ 0
State (1) (1) (1)
Foreign (597) (485) (151)
Total current provision (598) (486) (152)
Total deferred provision 0 0 0
Total income tax provision $ (598) $ (486) $ (152)
v3.25.4
Income Taxes - Schedule of Components of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Deferred tax assets:      
Accrual, write-down and other $ 11,560 $ 12,863 $ 9,169
Acquired assets 6,161 4,623 1,650
Capitalized research and development 35,673 46,495 37,706
Credits 5,657 5,657 5,657
Net operating loss and credits carry forwards 78,252 58,689 54,212
Gross deferred tax assets 137,303 128,327 108,394
Deferred tax liabilities:      
Depreciation and amortization (909) (2,277) (2,622)
Gross deferred tax liabilities (909) (2,277) (2,622)
Total gross deferred tax assets 136,394 126,050 105,772
Valuation allowance (136,394) (126,050) (105,772)
Total net deferred tax assets $ 0 $ 0 $ 0
v3.25.4
Income Taxes - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Increase in valuation allowance $ (10,300) $ (20,300)  
Federal net operating loss carry-forwards 344,300 250,700  
State net operating loss carry-forwards 85,100 84,500  
Foreign net operating loss carry-forwards 200 2,000  
Federal research and development tax credit carry-forwards 3,900 3,900  
State research and development tax credit carry-forwards 3,600 3,600  
Unrecognized tax benefits $ 2,535 $ 2,505 $ 2,271
v3.25.4
Income Taxes - Schedule of Reconciliation of Effective Tax Rate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
U.S. federal statutory income tax rate $ 8,884    
Change in valuation allowance (10,341)    
Nontaxable or Nondeductible items      
Excess tax expense from share-based compensation 13,469    
Non-deductible executive compensation (9,240)    
Non-deductible non-U.S. equity compensation (2,756)    
Other Adjustments      
Other (614)    
Total income tax provision $ (598) $ (486) $ (152)
Percent      
US Federal rate benefit (21.00%) (21.00%) (21.00%)
Change in valuation allowance 24.40% 21.60% 27.10%
Nontaxable or Nondeductible items      
RSU excess tax benefit (31.80%) (15.50%) (12.90%)
Section 162(m) limitation 21.80% 10.40% 0.00%
Non-deductible non-U.S. equity compensation 6.50%    
Other Adjustments      
Permanent differences and others 1.50% 5.00% 7.00%
Net tax expense 1.40% 0.50% 0.20%
v3.25.4
Income Taxes - Schedule of Cash Paid For Income Taxes, Net of Refunds Received, By Jurisdiction (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Cash paid for income taxes, net of refunds received $ 402 $ 88 $ 199
India      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign 221    
Japan      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign 80    
Ukraine      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign 39    
Malaysia      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign 23    
Other      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Foreign $ 39    
v3.25.4
Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefit (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Unrecognized Tax Benefits [Roll Forward]    
Beginning balance $ 2,505 $ 2,271
Increase in balance related to tax position taken during prior periods 30 259
Decrease in balance related to tax position taken during the current period 0 (25)
Ending balance $ 2,535 $ 2,505
v3.25.4
401(k) Plan - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Retirement Benefits [Abstract]      
Maximum pre-tax contribution per employee 90.00%    
Matching contributions $ 1.6 $ 1.4 $ 1.3
v3.25.4
Segment Information and Operations by Geographic Area - Additional Information (Details)
 12 Months Ended
Dec. 31, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 1
Number of operating segments 1
v3.25.4
Segment Information and Operations by Geographic Area - Schedule of Segment Reporting Information, by Segment (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Revenue $ 326,660 $ 202,697 $ 143,993
Less:      
Depreciation 23,600 16,100 13,300
Gross profit 174,986 104,494 82,088
Less:      
Acquisition related costs 6,567 10,722 7,728
Net loss (42,903) (93,601) (80,535)
Reportable Segment      
Segment Reporting Information [Line Items]      
Revenue 326,660 202,697 143,993
Less:      
Product costs 97,304 61,626 42,612
Depreciation 15,472 8,474 6,718
Amortization 15,460 12,103 681
Other manufacturing overheads 23,438 16,000 11,894
Gross profit 174,986 104,494 82,088
Less:      
Acquisition related costs 6,567 10,722 7,728
Interest income (24,830) (22,883) (26,958)
Other segment items 236,152 210,256 181,853
Net loss $ (42,903) $ (93,601) $ (80,535)
v3.25.4
Segment Information and Operations by Geographic Area - Schedule of Revenue by Country (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Total $ 326,660 $ 202,697 $ 143,993
Reportable Segment      
Segment Reporting Information [Line Items]      
Total 326,660 202,697 143,993
Reportable Segment | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk      
Segment Reporting Information [Line Items]      
Total 326,660 202,697 143,993
Reportable Segment | Hong Kong | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk      
Segment Reporting Information [Line Items]      
Total 117,082 64,441 31,987
Reportable Segment | Taiwan | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk      
Segment Reporting Information [Line Items]      
Total 84,517 64,836 43,954
Reportable Segment | United States | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk      
Segment Reporting Information [Line Items]      
Total 22,540 15,853 19,976
Reportable Segment | Singapore | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk      
Segment Reporting Information [Line Items]      
Total 17,417 16,643 16,466
Reportable Segment | Other | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk      
Segment Reporting Information [Line Items]      
Total $ 85,104 $ 40,924 $ 31,610
v3.25.4
Segment Information and Operations by Geographic Area - Schedule of Property and Equipment Attributable to Operations (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Segment Reporting Information [Line Items]    
Total $ 105,114 $ 82,475
Reportable Segment    
Segment Reporting Information [Line Items]    
Total 105,114 82,475
Reportable Segment | United States    
Segment Reporting Information [Line Items]    
Total 35,811 32,200
Reportable Segment | Taiwan    
Segment Reporting Information [Line Items]    
Total 23,256 24,294
Reportable Segment | Malaysia    
Segment Reporting Information [Line Items]    
Total 21,072 16,231
Reportable Segment | Singapore    
Segment Reporting Information [Line Items]    
Total 18,817 2,419
Reportable Segment | Other    
Segment Reporting Information [Line Items]    
Total $ 6,158 $ 7,331
v3.25.4
Subsequent Events (Details) - Subsequent Event - Renesas Asset Purchase Agreement
$ / shares in Units, shares in Thousands, $ in Millions
Feb. 04, 2026
USD ($)
$ / shares
shares
Subsequent Event [Line Items]  
Aggregate purchase price | $ $ 1,500.0
Common stock to be issued (in shares) | shares 4,130
Consecutive trading days 10 days
Minimum  
Subsequent Event [Line Items]  
Stock consideration, share price (in dollars per share) | $ / shares $ 308.6686
Maximum  
Subsequent Event [Line Items]  
Stock consideration, share price (in dollars per share) | $ / shares $ 417.6104
Wells Fargo | Letter of Credit | Bridge Loan  
Subsequent Event [Line Items]  
Aggregate principal amount (up to) | $ $ 900.0
v3.25.4
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Allowance for credit losses      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period $ 50 $ 50 $ 50
Additions Charged to Expenses or Other Accounts 0 0 0
Deductions Credited to Expenses or Other Accounts 0 0 0
Balance at End of Period 50 50 50
Deferred tax valuation allowance      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period 126,050 105,772 82,674
Additions Charged to Expenses or Other Accounts 10,344 20,278 23,098
Deductions Credited to Expenses or Other Accounts 0 0 0
Balance at End of Period $ 136,394 $ 126,050 $ 105,772