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v3.23.2

Financial Statement Components (Tables) | 6 Months Ended
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Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Schedule of Cash and Cash Equivalents | Cash and cash equivalents consisted of the following (in thousands):
| June 30, 2023 |  | December 31, 2022
Cash | $ | 33,598 |  |  | $ | 27,496 |
Money market funds | 55,517 |  |  | 42,056 |
Total cash and cash equivalents | $ | 89,115 |  |  | $ | 69,552 |
Schedule of Inventories, net | Inventory comprised of the following (in thousands):
| June 30, 2023 |  | December 31, 2022
Raw materials | $ | 11,461 |  |  | $ | 3,614 |
Work-in-process | 3,190 |  |  | 2,329 |
Finished goods | 5,666 |  |  | 2,849 |
Total inventories, net | $ | 20,317 |  |  | $ | 8,792 |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following (in thousands):
| June 30, 2023 |  | December 31, 2022
Prepaid expenses | $ | 10,942 |  |  | $ | 15,653 |
Contract assets | 8,038 |  |  | 15,395 |
Advance payments to vendors | 7,031 |  |  | 7,919 |
Other receivables | 3,938 |  |  | 5,236 |
Total prepaid expenses and other current assets | $ | 29,949 |  |  | $ | 44,203 |
Schedule of Property and Equipment | Property and equipment consisted of the following (in thousands):
| June 30, 2023 |  | December 31, 2022
Machinery and equipment | $ | 55,423 |  |  | $ | 14,047 |
Computer hardware and software | 8,431 |  |  | 6,797 |
Land | 1,001 |  |  | 1,001 |
Leasehold improvements | 19,139 |  |  | 885 |
Vehicles, including demonstration fleet | 3,353 |  |  | 3,222 |
Furniture and fixtures | 818 |  |  | 818 |
Construction in progress | 6,508 |  |  | 13,642 |
Total property and equipment | 94,673 |  |  | 40,412 |
Accumulated depreciation and amortization | (15,529) |  |  | (10,152) |
Total property and equipment, net | $ | 79,144 |  |  | $ | 30,260 |
Schedule of Finite-Lived Intangible Assets | The following table summarizes the activity in the Company’s intangible assets (in thousands):
| June 30, 2023 |  | December 31, 2022 |  |
Beginning of the period | $ | 22,077 |  |  | $ | 2,424 |  |  |
Additions | 8,240 |  |  | 21,890 |  |  |
Amortization expense | (2,160) |  |  | (2,237) |  |  |
End of the period | $ | 28,157 |  |  | $ | 22,077 |  |  |
The components of intangible assets were as follows (in thousands):
| June 30, 2023 |  | December 31, 2022
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Weighted Average Remaining Period (Years) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Weighted Average Remaining Period (Years)
Customer relationships | $ | 3,730 |  |  | $ | (1,071) |  |  | $ | 2,659 |  |  | 4.0 |  | $ | 3,730 |  |  | $ | (664) |  |  | $ | 3,066 |  |  | 4.4
Customer backlog | 650 |  |  | (488) |  |  | 162 |  |  | 0.4 |  | 650 |  |  | (292) |  |  | 358 |  |  | 0.9
Tradename | 620 |  |  | (276) |  |  | 344 |  |  | 2.8 |  | 620 |  |  | (214) |  |  | 406 |  |  | 3.3
Assembled workforce | 130 |  |  | (130) |  |  | — |  |  | — |  | 130 |  |  | (130) |  |  | — |  |  | —
Developed technology | 20,150 |  |  | (2,658) |  |  | 17,492 |  |  | 6.1 |  | 11,910 |  |  | (1,163) |  |  | 10,747 |  |  | 7.5
IPR&D | 7,500 |  |  | — |  |  | 7,500 |  |  | — |  | 7,500 |  |  | — |  |  | 7,500 |  |  | —
Total intangible assets | $ | 32,780 |  |  | $ | (4,623) |  |  | $ | 28,157 |  |  | 5.7 |  | $ | 24,540 |  |  | $ | (2,463) |  |  | $ | 22,077 |  |  | 6.6
Schedule of Future Amortization Expense | As of June 30, 2023, the expected future amortization expense for intangible assets was as follows (in thousands):
Period |  | Expected Future Amortization Expense
2023 (remaining six months) |  | $ | 2,163 |
2024 |  | 4,001 |
2025 |  | 4,001 |
2026 |  | 3,354 |
2027 |  | 3,138 |
Thereafter |  | 4,000 |
IPR&D |  | 7,500 |
Total |  | $ | 28,157 |
Schedule of Goodwill | The carrying amount of goodwill allocated to the Company’s reportable segments was as follows (in thousands):
| Autonomy Solutions |  | ATS |  | Total
Balance as of December 31, 2022 | $ | 687 |  |  | $ | 18,129 |  |  | $ | 18,816 |
Goodwill related to acquisition of Seagate’s lidar business (see Note 3) | 1,063 |  |  | — |  |  | 1,063 |
Balance as of June 30, 2023 | $ | 1,750 |  |  | $ | 18,129 |  |  | $ | 19,879 |
Schedule of Other Noncurrent Assets | Other non-current assets consisted of the following (in thousands):
| June 30, 2023 |  | December 31, 2022
Security deposits | $ | 2,386 |  |  | $ | 5,495 |
Non-marketable equity investment | 4,000 |  |  | 4,000 |
Advance payment for capital projects | — |  |  | 27,683 |
Contract assets | 7,513 |  |  | 2,575 |
Other non-current assets | 2,403 |  |  | 591 |
Total other non-current assets | $ | 16,302 |  |  | $ | 40,344 |
Schedule of Accrued and Other Current Liabilities | Accrued and other current liabilities consisted of the following (in thousands):
| June 30, 2023 |  | December 31, 2022
Accrued compensation and benefits | $ | 26,847 |  |  | $ | 16,682 |
Accrued expenses | 21,853 |  |  | 22,358 |
Contract losses | 7,580 |  |  | 7,526 |
Warranty reserves | 4,734 |  |  | 3,584 |
Contract liabilities | 4,143 |  |  | 1,993 |
Accrued interest payable and other liabilities | 882 |  |  | 819 |
Total accrued and other current liabilities | $ | 66,039 |  |  | $ | 52,962 |

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