XML 43 R31.htm IDEA: XBRL DOCUMENT
v3.25.2

Financial Statement Components (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2025
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, 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 |
Schedule of 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 |
Schedule of 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 |
Schedule of 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 |
Schedule of 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 |  |  |
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.
Schedule of Future Amortization Expense | 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 |
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, 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 |
Schedule of Other Noncurrent 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 |
Schedule of 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 |

X
- References No definition available. + Details
Name: | us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 360 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482099/360-10-50-1 + Details
Name: | us-gaap_PropertyPlantAndEquipmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of accrued liabilities. + References No definition available. + Details
Name: | us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of cash and cash equivalents. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCashAndCashEquivalentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets, excluding financial assets and goodwill, lacking physical substance with a finite life, by either major class or business segment. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Name Accounting Standards Codification -Section 55 -Paragraph 40 -SubTopic 30 -Topic 350 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482640/350-30-55-40 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-2 + Details
Name: | us-gaap_ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482548/350-20-55-24 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1 Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482573/350-20-50-2 + Details
Name: | us-gaap_ScheduleOfGoodwillTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(6)(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(6)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(6)(c)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483489/210-10-50-1 + Details
Name: | us-gaap_ScheduleOfInventoryCurrentTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of noncurrent assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(17)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 + Details
Name: | us-gaap_ScheduleOfOtherAssetsNoncurrentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the carrying amounts of other current assets. + References No definition available. + Details
Name: | us-gaap_ScheduleOfOtherCurrentAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amount of amortization expense expected to be recorded in succeeding fiscal years for finite-lived intangible assets. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Name Accounting Standards Codification -Section 55 -Paragraph 40 -SubTopic 30 -Topic 350 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482640/350-30-55-40 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-2 + Details
Name: | us-gaap_ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration