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Segment and Customer Concentration Information
6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment and Customer Concentration Information Segment and Customer Concentration Information
Reportable segments are (i) Autonomy Solutions and (ii) ATS, which also represent our operating segments. See Note 2 for additional information on the Company’s operating segments. These segments reflect the way the chief operating decision maker (“CODM”) evaluates the Company’s business performance and manages its operations. Each segment has distinct product offerings, customers and market penetration. The Chief Executive Officer is the CODM of the Company.
The Company’s CODM evaluates segment performance using segment operating loss and segment assets to allocate operating and capital resources to each segment. The CODM also considers other financial information, including revenue data broken down by products and services within the Autonomy Solutions and ATS segments.
Autonomy Solutions
This segment manufactures and distributes commercial LiDAR sensors that measure distance using laser light for automotive mobility applications. This segment is impacted by trends in the automobile and autonomous vehicles sector and the infrastructure/technology sector.
ATS
This segment is in the business of development of semiconductor technology based lasers and sensors. This segment also designs, tests and provides consulting services for development of integrated circuits. This segment is impacted by trends in and the strength of the automobile and aeronautics sectors as well as government spending in military and defense activities.
The accounting policies of the operating segments are the same as those described in Note 2. Segment operating results and reconciliations to the Company’s condensed consolidated balances are as follows (in thousands):
Three Months Ended June 30, 2025
Autonomy
Solutions
ATS
Total
Revenue:
Products
$8,780 $3,187 $11,967 
Services
1,525 2,142 3,667 
Intersegment revenue
— 3,706 3,706 
10,305 9,035 19,340 
Reconciliation of revenue
Elimination of intersegment revenue
(3,706)
Total revenue
15,634 
Less:
Depreciation and amortization3,614 749 4,363 
Other segment items (a)
41,841 12,615 54,456 
Operating loss
$(35,150)$(4,329)$(39,479)
Reconciliation of profit or loss
Other income (expense), net
16,730 
Loss before provision for income taxes
$(22,749)
Other significant items:
Total assets
$220,602 $44,885 $265,487 
Inventory
$13,766 $4,281 $18,047 
(a) For each reportable segment, the other segment items category includes:
Autonomy Solutions - Professional and contracting service expenses, travel expenses, insurance and maintenance expenses, utility expenses, restructuring costs and certain overhead expenses.
ATS - Professional and contracting service expenses, courier & postage expenses, insurance expenses, facility maintenance & utility expenses, restructuring costs and certain overhead expenses.
Three Months Ended June 30, 2024
Autonomy
Solutions
ATSTotal
Revenue:
Products$12,696 $3,043 $15,739 
Services(2,715)3,427 712 
Intersegment revenue— 5,165 5,165 
9,981 11,635 21,616 
Reconciliation of revenue
Elimination of intersegment revenue(5,165)
Total revenue16,451 
Less:
Depreciation and amortization5,646 744 6,390 
Other segment items (a)123,284 19,664 142,948 
Operating loss$(118,949)$(8,773)$(127,722)
Reconciliation of profit or loss
Other income (expense), net(3,451)
Loss before provision for income taxes$(131,173)
Other significant items:
Total assets$334,988 $46,821 $381,809 
Inventory$9,255 $4,771 $14,026 
(a) For each reportable segment, the other segment items category includes:
Autonomy Solutions - Professional and contracting service expenses, travel expenses, insurance and maintenance expenses, utility expenses, restructuring costs and certain overhead expenses.
ATS - Professional and contracting service expenses, courier & postage expenses, insurance expenses, facility maintenance & utility expenses, restructuring costs and certain overhead expenses.
Six Months Ended June 30, 2025
Autonomy
Solutions
ATS
Total
Revenue:
Products
$18,740 $6,199 $24,939 
Services
5,322 4,259 9,581 
Intersegment revenue
— 6,916 6,916 
24,062 17,374 41,436 
Reconciliation of revenue
Elimination of intersegment revenue
(6,916)
Total revenue
34,520 
Less:
Depreciation and amortization7,282 1,490 8,772 
Impairment of goodwill and intangible assets
— — — 
Other segment items (a)
119,410 25,005 144,415 
Operating loss
$(102,630)$(9,121)$(111,751)
Reconciliation of profit or loss
Other income (expense), net
8,458 
Loss before provision for income taxes
$(103,293)
Other significant items:
Total assets
$220,602 $44,885 $265,487 
Inventory
$13,766 $4,281 $18,047 
(a) For each reportable segment, the other segment items category includes:
Autonomy Solutions - Professional and contracting service expenses, travel expenses, insurance and maintenance expenses, utility expenses, restructuring costs and certain overhead expenses.
ATS - Professional and contracting service expenses, courier & postage expenses, insurance expenses, facility maintenance & utility expenses, restructuring costs and certain overhead expenses.
Six Months Ended June 30, 2024
Autonomy
Solutions
ATSTotal
Revenue:
Products$26,986 $4,055 $31,041 
Services(685)7,063 6,378 
Intersegment revenue— 10,676 10,676 
26,301 21,794 48,095 
Reconciliation of revenue
Elimination of intersegment revenue(10,676)
Total revenue37,419 
Less:
Depreciation and amortization13,074 1,384 14,458 
Impairment of goodwill and intangible assets— — — 
Other segment items (a)257,194 29,934 287,128 
Operating loss$(243,967)$(9,524)$(253,491)
Reconciliation of profit or loss
Other income (expense), net(2,809)
Loss before provision for income taxes$(256,300)
Other significant items:
Total assets$334,988 $46,821 $381,809 
Inventory$9,255 $4,771 $14,026 
(a) For each reportable segment, the other segment items category includes:
Autonomy Solutions - Professional and contracting service expenses, travel expenses, insurance and maintenance expenses, utility expenses, restructuring costs and certain overhead expenses.
ATS - Professional and contracting service expenses, courier & postage expenses, insurance expenses, facility maintenance & utility expenses, restructuring costs and certain overhead expenses.
Two customers, customer A and customer B of the Autonomy Solutions segment, accounted for 34% and 22%, respectively, of the Company’s revenue for the three months ended June 30, 2025. Two customers, customer A and customer B of the Autonomy Solutions segment, accounted for 38% and 21%, respectively, of the Company’s revenue for the six months ended June 30, 2025. One customer, customer B of the Autonomy Solutions Segment, accounted for 61% of the Company’s revenue for the three months ended June 30, 2024. One customer, customer B of Autonomy Solutions segment, accounted for 53% of the Company’s revenue for the six months ended June 30, 2024. A vast majority of the Company’s long-lived assets are located in North America.