Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Geographical Breakdown of Loss Before Income Taxes

The geographical breakdown of loss before income taxes is as follows (in thousands):

	Years ended December 31,
	2023			2022
Loss before income taxes - Domestic	$	(99,060	)	$	(34,906	)
Loss before income taxes - Foreign		(35,379	)		(5,400	)
Loss before income taxes	$	(134,439	)	$	(40,306	)

Components of Income Tax Provision Applicable to Loss Before Income Taxes

The following is a summary of the components of income tax provision applicable to loss before income taxes (in thousands):

	Years ended December 31,
	2023		2022
Current:
Federal	$	306	$	32
State		68		88
Foreign		405		844
Total current tax provision		779		964
Deferred:
Federal		—		—
State		—		—
Foreign		—		—
Total deferred tax provision		—		—
Total tax provision	$	779	$	964

Reconciliation of Expected Tax Provision (Benefit) to Actual Tax Provision (Benefit)

A reconciliation of the expected tax provision (benefit) to the actual tax provision (benefit) is as follows (in thousands):

	Years ended December 31,
	2023			2022
Expected tax benefit at statutory rate	$	(27,134	)	$	(8,465	)
Current state taxes, net of federal benefit		53			69
Deferred state taxes, net of federal benefit		—			—
Foreign taxes		203			107
Foreign rate differential		(491	)		(449	)
Valuation allowance		18,393			3,744
Uncertain tax positions		—			—
Global intangible low taxed income		878			5,676
Share-based compensation		3,520			1,835
Permanent differences		192			111
Tax credits		(575	)		945
Net operating loss adjustment		—			(2,177	)
Impairment charges		4,390			—
Other		1,350			(432	)
Total tax provision	$	779		$	964

Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2023 and 2022 are as follows (in thousands):

	As of December 31,
	2023			2022
Deferred tax assets:
Net operating loss carryforwards	$	33,063		$	22,873
Tax credit carryforwards		5,364			4,702
Fixed assets and intangible assets		3,574			2,815
Inventory and other reserves		13,010			8,295
Operating lease liability		2,407			3,889
Capitalized research and experimental expenditures		11,001			6,182
Other		8,030			8,568
Gross deferred tax assets		76,449			57,324
Less valuation allowance		(74,338	)		(53,401	)
Net deferred tax assets		2,111			3,923
Deferred tax liabilities:		—			—
Fixed assets and intangible assets		—			(771	)
Operating lease right-of-use-asset		(1,641	)		(2,907	)
Other assets		(470	)		(245	)
Gross deferred tax liabilities		(2,111	)		(3,923	)
Total net deferred tax assets	$	—		$	—

Reconciliation of Beginning and Ending Unrecognized Tax Benefit

A reconciliation of the beginning and ending unrecognized tax benefit amounts for 2023 and 2022 are as follows (in thousands):

	As of December 31,
	2023		2022
Balance at beginning of year	$	5,213	$	4,188
Increases (decreases) related to prior year’s tax positions		—		—
Increases related to current year tax positions		—		1,025
Balance at end of year	$	5,213	$	5,213

Open Tax Years for Major Jurisdictions

The open tax years for the major jurisdictions are as follows:

Federal	2019 - 2022
California	2018 - 2022
Canada	2018 - 2022
Brazil	2018 - 2022
Germany	2017 - 2022
Japan	2017 - 2022
Korea	2017 - 2022
United Kingdom	2018 - 2022
Vietnam	2012 - 2022