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BUSINESS COMBINATION | 12 Months Ended
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Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
BUSINESS COMBINATION | 4. BUSINESS COMBINATION On January 31, 2023, the Company completed the acquisition of certain net assets of Ibeo, a lidar hardware and software provider based in Hamburg, Germany. The purpose of the acquisition was to acquire certain Ibeo assets, primarily intellectual property and personnel, which enabled the Company to expand their technology and product portfolio and diversify revenue streams. Total consideration related to this transaction was approximately EUR 20.0 million or $21.6 million, consisting of approximately (i) EUR 7.0 million or $7.6 million in cash paid at closing, (ii) EUR 6.6 million or $7.1 million in cash advanced to Ibeo prior to closing, (iii) EUR 3.0 million or $3.3 million released from escrow during the quarter ended March 31, 2024, (iv) EUR 0.6 million or $0.7 million in costs paid on behalf of the seller, and (v) EUR 2.7 million or approximately $3.0 million after calculating the deduction in purchase price agreed between both the parties. The remaining balance of approximately EUR 2.7 million was paid during the three months ended June 30, 2024 and was previously recorded as an accrued liability for Ibeo business combination on the consolidated balance sheet. In addition, the Company incurred $0.6 million of acquisition-related costs associated with the acquisition during the three months ended March 31, 2023, which were included in Sales, marketing, general and administrative expense. The transaction was accounted for as a business combination. The results of operations for the acquisition are included in the consolidated financial statements from the date of acquisition onwards. The following table summarizes the final purchase price allocation to assets acquired and liabilities assumed (in thousands): SCHEDULE OF PURCHASE PRICE ALLOCATION TO ASSETS ACQUIRED AND LIABILITIES ASSUMED
|  |  |  |  | Weighted Average |
|  | Amount |  |  | Useful Life (in years) |
Total purchase consideration |  | $ | 21,611 |  |  |  |  |
Inventory |  | $ | 1,197 |  |  |  |  |
Other current assets |  |  | 703 |  |  |  |  |
Operating lease right-of-use assets |  |  | 234 |  |  |  |  |
Property and equipment, net |  |  | 5,330 |  |  |  |  |
Intangible assets: |  |  |  |  |  |  |  |
Acquired technology(1) |  |  | 17,987 |  |  |  | 13 |
Order backlog |  |  | 26 |  |  |  | 1 |
Contract liabilities |  |  | (1,178 | ) |  |  |  |
Operating lease liabilities |  |  | (234 | ) |  |  |  |
Deferred tax liabilities |  |  | (785 | ) |  |  |  |
Total identifiable net assets |  | $ | 23,280 |  |  |  |  |
Bargain purchase gain(2) |  |  | (1,669 | ) |  |  |  |
| (1) | During the year ended December 31, 2024, the Company recognized a $4.2 million impairment charge on certain identified intangible assets acquired in this business combination. See Note 8. Financial Statement Components.
| (2) | The bargain purchase gain represents the excess of the fair value of the underlying net assets acquired and liabilities assumed over the purchase consideration and is included in bargain purchase gain, net of tax in the consolidated statements of operations. The bargain purchase gain was attributable to the negotiation process with Ibeo during its insolvency proceedings resulting in cash consideration paid being less than the fair value of the net assets acquired.
The estimated fair value of acquired technology was calculated through the income approach using the multi-period excess earnings and relief from royalty methodologies. The estimated fair value of the order backlog was calculated through the income approach using the multi-period excess earnings methodology. Revenue and net income from the acquisition included in the consolidated statement of operations from the acquisition date through December 31, 2023 is $2.3 million and $3.9 million, respectively.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-5 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/805/tableOfContent + Details
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