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Financial Statement Components | 6 Months Ended
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Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Financial Statement Components | Financial Statement Components Cash and Cash Equivalents Cash and cash equivalents consisted of the following (in thousands):
| June 30, 2025 |  | December 31, 2024
Cash | $ | 23,412 |  |  | $ | 48,825 |
Money market funds | 18,451 |  |  | 17,730 |
U.S. treasury securities | 1,299 |  |  | 5,519 |
Commercial paper | — |  |  | 9,967 |
Corporate bonds | 5,004 |  |  | 799 |
Total cash and cash equivalents | $ | 48,166 |  |  | $ | 82,840 |
Inventory Inventory comprised of the following (in thousands):
| June 30, 2025 |  | December 31, 2024
Raw materials | $ | 11,870 |  |  | $ | 6,932 |
Work-in-process | 1,025 |  |  | 3,917 |
Finished goods | 5,152 |  |  | 4,059 |
Total inventories, net | $ | 18,047 |  |  | $ | 14,908 |
The Company’s inventory write-downs were $1.2 million and $3.4 million for the three and six months ended June 30, 2025 and $0.9 million and $17.8 million for the three and six months ended June 30, 2024, respectively. The write-downs were primarily due to obsolescence charges as a result of changes in product design, lower of cost or market assessment, yield losses, and other adjustments. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands):
| June 30, 2025 |  | December 31, 2024
Prepaid expenses | $ | 6,842 |  |  | $ | 8,321 |
Contract assets | 2,503 |  |  | 16,199 |
Advance payments to vendors | 2,045 |  |  | 274 |
Other receivables | 9,063 |  |  | 6,704 |
Total prepaid expenses and other current assets | $ | 20,453 |  |  | $ | 31,498 |
Property and Equipment Property and equipment consisted of the following (in thousands):
| June 30, 2025 |  | December 31, 2024
Machinery and equipment | $ | 63,148 |  |  | $ | 62,982 |
Computer hardware and software | 8,467 |  |  | 8,404 |
Land | 1,001 |  |  | 1,001 |
Leasehold improvements | 22,620 |  |  | 22,620 |
Vehicles, including demonstration fleet | 2,237 |  |  | 2,139 |
Furniture and fixtures | 398 |  |  | 398 |
Construction in progress | 1,630 |  |  | 887 |
Total property and equipment | 99,501 |  |  | 98,431 |
Accumulated depreciation | (52,858) |  |  | (46,150) |
Total property and equipment, net | $ | 46,643 |  |  | $ | 52,281 |
Property and equipment capitalized under finance lease were not material. Depreciation expense associated with property and equipment was $3.3 million and $6.7 million for the three and six months ended June 30, 2025, and $5.4 million and $12.5 million for the three and six months ended June 30, 2024, respectively. The Company continually evaluates opportunities for optimizing its manufacturing processes and product design, including evaluating its sourcing strategies to reduce per unit sensor manufacturing costs. In 2023, the Company finalized and committed to a change in sourcing of certain sub-assemblies and components from one supplier to another, which required the Company to abandon certain equipment located at the legacy supplier. As a result, the Company reduced the useful lives of the long-lived assets within the impacted asset group in line with when these assets are expected to be abandoned. The reduction in the estimated useful lives of the impacted assets resulted in the Company recording $0.1 million and $0.3 million of incremental accelerated depreciation charges in the three and six months ended June 30, 2025, respectively. Intangible Assets The following table summarizes the activity in the Company’s intangible assets (in thousands):
| June 30, 2025 |  | December 31, 2024 |  |
Beginning of the period | $ | 15,556 |  |  | $ | 22,994 |  |  |
Additions | — |  |  | — |  |  |
Amortization | (2,063) |  |  | (4,188) |  |  |
Impairment | — |  |  | (3,250) |  |  |
End of the period | $ | 13,493 |  |  | $ | 15,556 |  |  |
Intangible assets were acquired in connection with the Company’s acquisition of Optogration in August 2021, Freedom Photonics in April 2022, and acquisition of certain assets from Solfice in June 2022 and Seagate in January 2023. The components of intangible assets were as follows (in thousands):
| June 30, 2025 |  | December 31, 2024
| Gross Carrying Amount |  | Accumulated Amortization |  | Impairment (1) |  | Net Carrying Amount |  | Weighted Average Remaining Period (Years) |  | Gross Carrying Amount |  | Accumulated Amortization |  | Impairment (1) |  | Net Carrying Amount |  | Weighted Average Remaining Period (Years)
Customer relationships | $ | 3,730 |  |  | $ | (2,702) |  |  | $ | — |  |  | $ | 1,028 |  |  | 3.2 |  | $ | 3,730 |  |  | $ | (2,295) |  |  | $ | — |  |  | $ | 1,435 |  |  | 3.2
Customer backlog | 650 |  |  | (650) |  |  | — |  |  | — |  |  | — |  | 650 |  |  | (650) |  |  | — |  |  | — |  |  | —
Tradename | 620 |  |  | (526) |  |  | — |  |  | 94 |  |  | 0.8 |  | 620 |  |  | (464) |  |  | — |  |  | 156 |  |  | 1.3
Assembled workforce | 130 |  |  | (130) |  |  | — |  |  | — |  |  | — |  | 130 |  |  | (130) |  |  | — |  |  | — |  |  | —
Developed technology | 21,400 |  |  | (9,029) |  |  | — |  |  | 12,371 |  |  | 4.4 |  | 21,400 |  |  | (7,435) |  |  | — |  |  | 13,965 |  |  | 4.9
IPR&D | 6,250 |  |  | — |  |  | (6,250) |  |  | — |  |  | — |  | 6,250 |  |  | — |  |  | (6,250) |  |  | — |  |  | —
Total intangible assets | $ | 32,780 |  |  | $ | (13,037) |  |  | $ | (6,250) |  |  | $ | 13,493 |  |  | 4.3 |  | $ | 32,780 |  |  | $ | (10,974) |  |  | $ | (6,250) |  |  | $ | 15,556 |  |  | 4.7
(1) See below for discussions related to impairment charges. Amortization expense related to intangible assets was $1.0 million and $2.1 million for the three and six months ended June 30, 2025 and $1.0 million and $2.0 million for the three and six months ended June 30, 2024, respectively. As of June 30, 2025, the expected future amortization expense for intangible assets was as follows (in thousands):
Period |  | Expected Future Amortization Expense
2025 (remaining six months) |  | $ | 2,064 |
2026 |  | 3,479 |
2027 |  | 3,263 |
2028 |  | 1,771 |
2029 |  | 1,635 |
Thereafter |  | 1,281 |
Total |  | $ | 13,493 |
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, 2024 | $ | 1,750 |  |  | $ | 2,244 |  |  | $ | 3,994 |
Impairment of goodwill related to Freedom Photonics | — |  |  | — |  |  | — |
Balance as of June 30, 2025 | $ | 1,750 |  |  | $ | 2,244 |  |  | $ | 3,994 |
Total life-to-date goodwill impairment charge recorded by the ATS reportable segment was $15.9 million. No impairment charge has been recorded by the Autonomy Solutions reportable segment. Other Non-Current Assets Other non-current assets consisted of the following (in thousands):
| June 30, 2025 |  | December 31, 2024
Security deposits | $ | 1,457 |  |  | $ | 2,285 |
Non-marketable equity investment (see Note 6 for additional information) | 10,000 |  |  | 10,000 |
Prepaid expenses non-current | 2,095 |  |  | 3,587 |
Other non-current assets | 350 |  |  | 804 |
Total other non-current assets | $ | 13,902 |  |  | $ | 16,676 |
Accrued and Other Current Liabilities Accrued and other current liabilities consisted of the following (in thousands):
| June 30, 2025 |  | December 31, 2024
Accrued compensation and benefits | $ | 7,241 |  |  | $ | 10,284 |
Accrued expenses | 8,362 |  |  | 10,334 |
Warranty reserves | 3,852 |  |  | 850 |
Contract liabilities | 3,070 |  |  | 1,918 |
Accrued interest payable and other liabilities | 9,376 |  |  | 8,181 |
Total accrued and other current liabilities | $ | 31,901 |  |  | $ | 31,567 |
During the three and six months ended June 30, 2025, the Company recorded $0.4 million and $0.5 million, and $10.2 million and $12.5 million for the three and six months ended June 30,2024, respectively, in cost of sales (services) for estimated losses expected to be incurred on NRE service projects with certain customers. The estimated contract losses recorded during the three and six months ended June 30, 2025 were primarily driven by changes in scope of project deliverables agreed upon with a customer.

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- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/210/tableOfContent + Details
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