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Revenue | 6 Months Ended
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Jun. 30, 2023
Revenue from Contract with Customer [Abstract] |
Revenue | Revenue The Company’s revenue is comprised of sales of lidar sensors hardware, components, NRE services and licensing of certain information available with the Company. Disaggregation of Revenues The Company disaggregates its revenue from contracts with customers by (1) geographic region based on a customer’s billed to location, and (2) type of good or service and timing of transfer of goods or services to customers (point-in-time or over time), as it believes it best depicts how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors. Total revenue based on the disaggregation criteria described above, as well as revenue by segment, are as follows (in thousands):
| Three Months Ended June 30,
| 2023 |  | 2022
| Revenue |  | % of Revenue |  | Revenue |  | % of Revenue
Revenue by primary geographical market: |  |  |  |  |  |  |
North America | $ | 13,776 |  |  | 85 | % |  | $ | 8,716 |  |  | 88 | %
Asia Pacific | 393 |  |  | 2 | % |  | 932 |  |  | 9 | %
Europe and Middle East | 2,028 |  |  | 13 | % |  | 284 |  |  | 3 | %
Total | $ | 16,197 |  |  | 100 | % |  | $ | 9,932 |  |  | 100 | %
Revenue by timing of recognition: |  |  |  |  |  |  |
Recognized at a point in time | $ | 9,932 |  |  | 61 | % |  | $ | 1,798 |  |  | 18 | %
Recognized over time | 6,265 |  |  | 39 | % |  | 8,134 |  |  | 82 | %
Total | $ | 16,197 |  |  | 100 | % |  | $ | 9,932 |  |  | 100 | %
Revenue by segment: |  |  |  |  |  |  |
Autonomy Solutions | $ | 9,738 |  |  | 60 | % |  | $ | 4,179 |  |  | 42 | %
ATS | 6,459 |  |  | 40 | % |  | 5,753 |  |  | 58 | %
Total | $ | 16,197 |  |  | 100 | % |  | $ | 9,932 |  |  | 100 | %
| Six Months Ended June 30,
| 2023 |  | 2022
| Revenue |  | % of Revenue |  | Revenue |  | % of Revenue
Revenue by primary geographical market: |  |  |  |  |  |  |
North America | $ | 26,974 |  |  | 88 | % |  | $ | 13,684 |  |  | 81 | %
Asia Pacific | 985 |  |  | 3 | % |  | 2,792 |  |  | 17 | %
Europe and Middle East | 2,747 |  |  | 9 | % |  | 311 |  |  | 2 | %
Total | $ | 30,706 |  |  | 100 | % |  | $ | 16,787 |  |  | 100 | %
Revenue by timing of recognition: |  |  |  |  |  |  |
Recognized at a point in time | $ | 17,290 |  |  | 56 | % |  | $ | 3,339 |  |  | 20 | %
Recognized over time | 13,416 |  |  | 44 | % |  | 13,448 |  |  | 80 | %
Total | $ | 30,706 |  |  | 100 | % |  | $ | 16,787 |  |  | 100 | %
Revenue by segment: |  |  |  |  |  |  |
Autonomy Solutions | $ | 20,411 |  |  | 66 | % |  | $ | 10,077 |  |  | 60 | %
ATS | 10,295 |  |  | 34 | % |  | 6,710 |  |  | 40 | %
Total | $ | 30,706 |  |  | 100 | % |  | $ | 16,787 |  |  | 100 | %
Volvo Stock Purchase Warrant As disclosed in the Company’s 2022 Annual Report, the Company had previously issued certain stock purchase warrants (“Volvo Warrants”) to Volvo Car Technology Fund AB (“VCTF”) in connection with an engineering services contract. The Volvo Warrants vest and become exercisable in two tranches based on satisfaction of certain commercial milestones. The fair value of the first tranche of the Volvo Warrants was recorded as a reduction in revenue in 2021. The second tranche of the Volvo warrants will be recorded as reduction in revenue upon achievement of sales of a certain number of the Company’s sensors to Volvo for use in their commercial vehicles, which had not commenced as of the end of June 30, 2023. Contract assets and liabilities Changes in our contract assets and contract liabilities primarily result from the timing difference between our performance and the customer’s payment based on contractual terms. Contract assets primarily represent revenues recognized for performance obligations that have been satisfied but for which amounts have not been billed. Contract liabilities consist of the Company’s obligation to transfer goods or services to a customer for which the Company has received consideration from the customer. Customer advanced payments represent required customer payments in advance of product shipments. Customer advance payments are recognized in revenue as or when control of the performance obligation is transferred to the customer. The opening and closing balances of contract assets were as follows (in thousands):
| June 30, 2023 |  | December 31, 2022
Contract assets, current | $ | 8,038 |  |  | $ | 15,395 |
Contract assets, non-current | 7,513 |  |  | 2,575 |
Ending balance | $ | 15,551 |  |  | $ | 17,970 |
The significant changes in contract assets balances consisted of the following (in thousands):
| June 30, 2023 |  | December 31, 2022
Beginning balance | $ | 17,970 |  |  | $ | 9,907 |
Amounts billed that were included in the contract assets beginning balance | (8,373) |  |  | (4,228) |
Revenue recognized for performance obligations that have been satisfied but for which amounts have not been billed | 5,954 |  |  | 12,291 |
Ending balance | $ | 15,551 |  |  | $ | 17,970 |
The opening and closing balances of contract liabilities were as follows (in thousands):
| June 30, 2023 |  | December 31, 2022
Contract liabilities, current | $ | 4,143 |  |  | $ | 1,993 |
Contract liabilities, non-current | — |  |  | 1,015 |
Ending balance | $ | 4,143 |  |  | $ | 3,008 |
The significant changes in contract liabilities balances consisted of the following (in thousands):
| June 30, 2023 |  | December 31, 2022
Beginning balance | $ | 3,008 |  |  | $ | 898 |
Revenue recognized that was included in the contract liabilities beginning balance | (1,615) |  |  | (489) |
Increase due to cash received and not recognized as revenue and billings in excess of revenue recognized during the period | 2,750 |  |  | 2,599 |
Ending balance | $ | 4,143 |  |  | $ | 3,008 |
Remaining Performance Obligations Revenue allocated to remaining performance obligations was $31.8 million as of June 30, 2023 and includes amounts within contract liabilities. The Company expects to recognize approximately 86% of this revenue over the next 12 months and the remainder thereafter.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org//606/tableOfContent + Details
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