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Financial Statement Components
 6 Months Ended
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, 2025December 31, 2024
Cash$23,412 $48,825 
Money market funds18,451 17,730 
U.S. treasury securities1,299 5,519 
Commercial paper— 9,967 
Corporate bonds5,004 799 
Total cash and cash equivalents$48,166 $82,840 
Inventory
Inventory comprised of the following (in thousands):
 June 30, 2025December 31, 2024
Raw materials$11,870 $6,932 
Work-in-process1,025 3,917 
Finished goods5,152 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, 2025December 31, 2024
Prepaid expenses$6,842 $8,321 
Contract assets2,503 16,199 
Advance payments to vendors2,045 274 
Other receivables9,063 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, 2025December 31, 2024
Machinery and equipment$63,148 $62,982 
Computer hardware and software8,467 8,404 
Land1,001 1,001 
Leasehold improvements22,620 22,620 
Vehicles, including demonstration fleet2,237 2,139 
Furniture and fixtures398 398 
Construction in progress1,630 887 
Total property and equipment99,501 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, 2025December 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, 2025December 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 backlog650 (650)— — —650 (650)— — —
Tradename620 (526)— 94 0.8620 (464)— 156 1.3
Assembled workforce
130 (130)— — —130 (130)— — —
Developed technology21,400 (9,029)— 12,371 4.421,400 (7,435)— 13,965 4.9
IPR&D6,250 — (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):
PeriodExpected Future
Amortization Expense
2025 (remaining six months)
$2,064 
20263,479 
20273,263 
20281,771 
20291,635 
Thereafter1,281 
Total$13,493 
Goodwill
The carrying amount of goodwill allocated to the Company’s reportable segments was as follows (in thousands):
 Autonomy SolutionsATSTotal
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, 2025December 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 assets350 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, 2025December 31, 2024
Accrued compensation and benefits$7,241 $10,284 
Accrued expenses8,362 10,334 
Warranty reserves3,852 850 
Contract liabilities3,070 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.