XML 22 R10.htm IDEA: XBRL DOCUMENT v3.25.2
Revenue
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
The Company’s revenue is comprised of sales of LiDAR sensors, semiconductor components, NRE services and licensing of certain data and 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,
20252024
Revenue% of RevenueRevenue% of Revenue
Revenue by primary geographical market:
North America$13,612 87%$15,764 96%
Asia Pacific282 2%16 —%
Europe and Middle East1,740 11%671 4%
Total$15,634 100%$16,451 100%
Revenue by timing of recognition:
Recognized at a point in time$11,967 77%$15,808 96%
Recognized over time3,667 23%643 4%
Total$15,634 100%$16,451 100%
Revenue by segment:
Autonomy Solutions$10,305 66%$9,981 61%
ATS5,329 34%6,470 39%
Total$15,634 100%$16,451 100%
Six Months Ended June 30,
20252024
Revenue% of RevenueRevenue% of Revenue
Revenue by primary geographical market:
North America$28,604 83%$36,101 97%
Asia Pacific512 1%97 —%
Europe and Middle East5,404 16%1,221 3%
Total$34,520 100%$37,419 100%
Revenue by timing of recognition:
Recognized at a point in time$24,939 72%$31,112 83%
Recognized over time9,581 28%6,307 17%
Total$34,520 100%$37,419 100%
Revenue by segment:
Autonomy Solutions$24,062 70%$26,301 70%
ATS10,458 30%11,118 30%
Total$34,520 100%$37,419 100%
Contract assets and liabilities
Changes in the Company’s contract assets and contract liabilities primarily result from the timing difference between the Company’s 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 advance 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, 2025December 31, 2024
Contract assets, current$2,503 $16,199 
Contract assets, non-current— — 
Ending balance$2,503 $16,199 

The significant changes in contract assets balances consisted of the following (in thousands): 
 June 30, 2025December 31, 2024
Beginning balance$16,199 $16,603 
Amounts billed that were included in the contract assets beginning balance(13,959)(3,737)
Contract assets from acquisition of EM4 (See Note 3)— 1,644 
Revenue recognized for performance obligations that have been satisfied but for which amounts have not been billed263 1,689 
Ending balance$2,503 $16,199 
The opening and closing balances of contract liabilities were as follows (in thousands):
 June 30, 2025December 31, 2024
Contract liabilities, current$3,070 $1,918 
Contract liabilities, non-current— — 
Ending balance$3,070 $1,918 
The significant changes in contract liabilities balances consisted of the following (in thousands): 
 June 30, 2025December 31, 2024
Beginning balance$1,918 $3,932 
Revenue recognized that was included in the contract liabilities beginning balance(1,332)(2,980)
Increase due to cash received and not recognized as revenue and billings in excess of revenue recognized during the period2,484 966 
Ending balance$3,070 $1,918 
Remaining Performance Obligations
Revenue allocated to remaining performance obligations was $6.3 million as of June 30, 2025 and includes amounts within contract liabilities. The Company expects to recognize approximately 100% of this revenue over the next 12 months.