Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 31, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-38791 | |
Entity Registrant Name | Luminar Technologies, Inc./DE | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 83-1804317 | |
Entity Address, Address Line One | 2603 Discovery Drive | |
Entity Address, Address Line Two | Suite 100 | |
Entity Address, City or Town | Orlando | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 32826 | |
City Area Code | 407 | |
Local Phone Number | 900-5259 | |
Title of 12(b) Security | Class A common stock, par value of $0.0001 per share | |
Trading Symbol | LAZR | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Central Index Key | 0001758057 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Class A Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 293,291,160 | |
Class B Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 97,088,670 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 89,115 | $ 69,552 |
Restricted cash | 2,381 | 1,553 |
Marketable securities | 276,678 | 419,314 |
Accounts receivable | 16,809 | 11,172 |
Inventory | 20,317 | 8,792 |
Prepaid expenses and other current assets | 29,949 | 44,203 |
Total current assets | 435,249 | 554,586 |
Property and equipment, net | 79,144 | 30,260 |
Operating lease right-of-use assets | 21,043 | 21,244 |
Intangible assets, net | 28,157 | 22,077 |
Goodwill | 19,879 | 18,816 |
Other non-current assets | 16,302 | 40,344 |
Total assets | 599,774 | 687,327 |
Current liabilities: | ||
Accounts payable | 21,909 | 18,626 |
Accrued and other current liabilities | 66,039 | 52,962 |
Operating lease liabilities | 6,071 | 5,953 |
Total current liabilities | 94,019 | 77,541 |
Warrant liabilities | 4,033 | 3,005 |
Convertible senior notes | 613,810 | 612,192 |
Operating lease liabilities, non-current | 16,701 | 16,989 |
Other non-current liabilities | 358 | 4,005 |
Total liabilities | 728,921 | 713,732 |
Commitments and contingencies (Note 14) | ||
Stockholders’ deficit: | ||
Additional paid-in capital | 1,741,053 | 1,558,685 |
Accumulated other comprehensive loss | (808) | (4,226) |
Treasury stock | (312,477) | (312,477) |
Accumulated deficit | (1,556,956) | (1,268,426) |
Total stockholders’ deficit | (129,147) | (26,405) |
Total liabilities and stockholders’ deficit | 599,774 | 687,327 |
Class A common stock | ||
Stockholders’ deficit: | ||
Common stock | 31 | 29 |
Class B common stock | ||
Stockholders’ deficit: | ||
Common stock | $ 10 | $ 10 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Total revenue | $ 16,197 | $ 9,932 | $ 30,706 | $ 16,787 |
Total cost of sales | 34,532 | 28,092 | 63,665 | 44,746 |
Gross loss | (18,335) | (18,160) | (32,959) | (27,959) |
Operating expenses: | ||||
Research and development | 67,483 | 40,941 | 136,535 | 74,050 |
Sales and marketing | 15,654 | 7,189 | 29,383 | 16,587 |
General and administrative | 42,420 | 38,150 | 86,910 | 68,175 |
Total operating expenses | 125,557 | 86,280 | 252,828 | 158,812 |
Loss from operations | (143,892) | (104,440) | (285,787) | (186,771) |
Change in fair value of warrant liabilities | 26 | 11,733 | (1,028) | 7,876 |
Interest expense | (1,273) | (3,148) | (2,938) | (6,428) |
Interest income | 1,605 | 1,346 | 3,510 | 2,417 |
Other income (expense) | 1,787 | (743) | (2,278) | (275) |
Total other income (expense), net | 2,145 | 9,188 | (2,734) | 3,590 |
Loss before provision for (benefit from) income taxes | (141,747) | (95,252) | (288,521) | (183,181) |
Provision for (benefit from) income taxes | 9 | (13) | 9 | 391 |
Net loss | $ (141,756) | $ (95,239) | $ (288,530) | $ (183,572) |
Net loss per share: | ||||
Basic (in dollars per share) | $ (0.37) | $ (0.27) | $ (0.77) | $ (0.52) |
Diluted (in dollars per share) | $ (0.37) | $ (0.27) | $ (0.77) | $ (0.52) |
Shares used in computing net loss per share: | ||||
Basic (in shares) | 382,424,675 | 352,054,529 | 376,616,066 | 350,378,494 |
Diluted (in shares) | 382,424,675 | 352,054,529 | 376,616,066 | 350,378,494 |
Comprehensive Loss: | ||||
Net loss | $ (141,756) | $ (95,239) | $ (288,530) | $ (183,572) |
Net unrealized gain (loss) on available-for-sale debt securities | 1,192 | (1,449) | 3,418 | (5,097) |
Comprehensive loss | (140,564) | (96,688) | (285,112) | (188,669) |
Products | ||||
Total revenue | 9,923 | 1,798 | 17,290 | 3,339 |
Total cost of sales | 25,059 | 16,987 | 44,262 | 28,805 |
Services | ||||
Total revenue | 6,274 | 8,134 | 13,416 | 13,448 |
Total cost of sales | $ 9,473 | $ 11,105 | $ 19,403 | $ 15,941 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders’ Equity (Deficit) - USD ($) $ in Thousands | Total | TPK Universal Solutions Limited | Equity Financing Program | Additional Paid-in Capital | Additional Paid-in Capital TPK Universal Solutions Limited | Additional Paid-in Capital Equity Financing Program | Accumulated Other Comprehensive Loss | Treasury Stock | Accumulated Deficit | Class A Common Stock | Class A Common Stock Equity Financing Program | Class A Common Stock Common Stock | Class A Common Stock Common Stock TPK Universal Solutions Limited | Class A Common Stock Common Stock Equity Financing Program | Class B Common Stock | Class B Common Stock Common Stock |
Beginning balance (in shares) at Dec. 31, 2021 | 266,076,525 | 97,088,670 | ||||||||||||||
Beginning balance at Dec. 31, 2021 | $ 197,985 | $ 1,257,214 | $ (908) | $ (235,871) | $ (822,487) | $ 27 | $ 10 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Shares repurchased | (76,606) | (76,606) | ||||||||||||||
Issuance of Class A common stock upon exercise of Public and Private Warrants (in shares) | 405,752 | |||||||||||||||
Issuance of Class A common stock upon exercise of Private Warrants | 19,003 | 19,003 | ||||||||||||||
Issuance of Class A common stock upon exercise of stock options and vesting of restricted stock units (in shares) | 4,185,398 | |||||||||||||||
Issuance of Class A common stock upon exercise of stock options and vesting of restricted stock units | 1,744 | 1,744 | ||||||||||||||
Retirement of unvested restricted common stock (in shares) | (43,556) | |||||||||||||||
Retirement of unvested restricted common stock | 0 | |||||||||||||||
Vendor payments under the stock-in-lieu of cash program (in shares) | 9,036,665 | |||||||||||||||
Vendor payments under the stock-in-lieu of cash program | 43,758 | 43,757 | $ 1 | |||||||||||||
Consideration / milestone related to acquisitions (in shares) | 2,550,398 | |||||||||||||||
Consideration / milestone related to acquisitions | 33,871 | 33,871 | ||||||||||||||
Share-based compensation | 59,199 | 59,199 | ||||||||||||||
Payments of employee taxes related to stock-based awards | (1,724) | (1,724) | ||||||||||||||
Other comprehensive income (loss) | (5,097) | (5,097) | ||||||||||||||
Net loss | (183,572) | (183,572) | ||||||||||||||
Ending balance (in shares) at Jun. 30, 2022 | 282,211,182 | 97,088,670 | ||||||||||||||
Ending balance at Jun. 30, 2022 | 88,561 | 1,413,064 | (6,005) | (312,477) | (1,006,059) | $ 28 | $ 10 | |||||||||
Beginning balance (in shares) at Mar. 31, 2022 | 269,978,536 | 97,088,670 | ||||||||||||||
Beginning balance at Mar. 31, 2022 | 123,884 | 1,314,742 | (4,556) | (275,519) | (910,820) | $ 27 | $ 10 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Shares repurchased | (36,958) | (36,958) | ||||||||||||||
Issuance of Class A common stock upon exercise of Public and Private Warrants (in shares) | 4,387 | |||||||||||||||
Issuance of Class A common stock upon exercise of Private Warrants | 314 | 314 | ||||||||||||||
Issuance of Class A common stock upon exercise of stock options and vesting of restricted stock units (in shares) | 2,068,339 | |||||||||||||||
Issuance of Class A common stock upon exercise of stock options and vesting of restricted stock units | 659 | 659 | ||||||||||||||
Retirement of unvested restricted common stock (in shares) | (2,793) | |||||||||||||||
Retirement of unvested restricted common stock | 0 | |||||||||||||||
Vendor payments under the stock-in-lieu of cash program (in shares) | 7,612,315 | |||||||||||||||
Vendor payments under the stock-in-lieu of cash program | 29,145 | 29,144 | $ 1 | |||||||||||||
Consideration / milestone related to acquisitions (in shares) | 2,550,398 | |||||||||||||||
Consideration / milestone related to acquisitions | 33,871 | 33,871 | ||||||||||||||
Share-based compensation | 35,542 | 35,542 | ||||||||||||||
Payments of employee taxes related to stock-based awards | (1,208) | (1,208) | ||||||||||||||
Other comprehensive income (loss) | (1,449) | (1,449) | ||||||||||||||
Net loss | (95,239) | (95,239) | ||||||||||||||
Ending balance (in shares) at Jun. 30, 2022 | 282,211,182 | 97,088,670 | ||||||||||||||
Ending balance at Jun. 30, 2022 | 88,561 | 1,413,064 | (6,005) | (312,477) | (1,006,059) | $ 28 | $ 10 | |||||||||
Beginning balance (in shares) at Dec. 31, 2022 | 291,942,087 | 97,088,670 | ||||||||||||||
Beginning balance at Dec. 31, 2022 | (26,405) | 1,558,685 | (4,226) | (312,477) | (1,268,426) | $ 29 | $ 10 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Issuance of Class A common stock upon exercise of stock options and vesting of restricted stock units (in shares) | 8,725,129 | 3,765,292 | ||||||||||||||
Issuance of Class A common stock upon exercise of stock options and vesting of restricted stock units | 1,649 | $ 29,604 | 1,648 | $ 29,604 | $ 29,600 | $ 1 | ||||||||||
Issuance of Class A common stock under employee stock purchase plan (ESPP) (in shares) | 272,524 | |||||||||||||||
Issuance of Class A common stock under employee stock purchase plan (“ESPP”) | 1,406 | 1,406 | ||||||||||||||
Vendor payments under the stock-in-lieu of cash program (in shares) | 6,115,092 | |||||||||||||||
Vendor payments under the stock-in-lieu of cash program | 33,595 | 33,594 | $ 1 | |||||||||||||
Consideration / milestone related to acquisitions (in shares) | 1,415,613 | 1,652,892 | ||||||||||||||
Consideration / milestone related to acquisitions | 9,320 | $ 10,000 | 9,320 | $ 10,000 | ||||||||||||
Share-based compensation | 97,368 | 97,368 | ||||||||||||||
Payments of employee taxes related to stock-based awards | (572) | (572) | ||||||||||||||
Other comprehensive income (loss) | 3,418 | 3,418 | ||||||||||||||
Net loss | (288,530) | (288,530) | ||||||||||||||
Ending balance (in shares) at Jun. 30, 2023 | 292,025,179 | 313,888,629 | 97,088,670 | 97,088,670 | ||||||||||||
Ending balance at Jun. 30, 2023 | (129,147) | 1,741,053 | (808) | (312,477) | (1,556,956) | $ 31 | $ 10 | |||||||||
Beginning balance (in shares) at Mar. 31, 2023 | 301,045,203 | 97,088,670 | ||||||||||||||
Beginning balance at Mar. 31, 2023 | (82,280) | 1,647,357 | (2,000) | (312,477) | (1,415,200) | $ 30 | $ 10 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||
Issuance of Class A common stock upon exercise of stock options and vesting of restricted stock units (in shares) | 4,009,392 | 1,652,892 | 1,005,603 | |||||||||||||
Issuance of Class A common stock upon exercise of stock options and vesting of restricted stock units | 610 | $ 10,000 | $ 6,939 | 610 | $ 10,000 | $ 6,939 | $ 6,900 | |||||||||
Issuance of Class A common stock under employee stock purchase plan (ESPP) (in shares) | 272,524 | |||||||||||||||
Issuance of Class A common stock under employee stock purchase plan (“ESPP”) | 1,406 | 1,406 | ||||||||||||||
Vendor payments under the stock-in-lieu of cash program (in shares) | 4,487,402 | |||||||||||||||
Vendor payments under the stock-in-lieu of cash program | 16,854 | 16,853 | $ 1 | |||||||||||||
Consideration / milestone related to acquisitions (in shares) | 1,415,613 | |||||||||||||||
Consideration / milestone related to acquisitions | 9,320 | 9,320 | ||||||||||||||
Share-based compensation | 48,568 | 48,568 | ||||||||||||||
Other comprehensive income (loss) | 1,192 | 1,192 | ||||||||||||||
Net loss | (141,756) | (141,756) | ||||||||||||||
Ending balance (in shares) at Jun. 30, 2023 | 292,025,179 | 313,888,629 | 97,088,670 | 97,088,670 | ||||||||||||
Ending balance at Jun. 30, 2023 | $ (129,147) | $ 1,741,053 | $ (808) | $ (312,477) | $ (1,556,956) | $ 31 | $ 10 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (288,530) | $ (183,572) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 7,536 | 2,544 |
Amortization of operating lease right-of-use assets | 3,303 | 2,139 |
Amortization of premium (discount) on marketable securities | (1,611) | 919 |
Loss on marketable securities | 1,859 | 0 |
Change in fair value of private warrants | 1,028 | (7,876) |
Vendor stock-in-lieu of cash program | 21,114 | 19,916 |
Amortization of debt discount and issuance costs | 1,618 | 1,618 |
Inventory write-offs and write-downs | 13,432 | 4,778 |
Share-based compensation | 115,149 | 65,323 |
Product warranty and other | 3,084 | 171 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (5,635) | 7,038 |
Inventories | (24,958) | (2,814) |
Prepaid expenses and other current assets | 13,858 | (2,417) |
Other non-current assets | (5,287) | (532) |
Accounts payable | 3,761 | 7,392 |
Accrued and other current liabilities | 10,927 | 1,106 |
Other non-current liabilities | (8,631) | (931) |
Net cash used in operating activities | (137,983) | (85,198) |
Cash flows from investing activities: | ||
Purchases of marketable securities | (171,118) | (270,440) |
Proceeds from maturities of marketable securities | 277,771 | 147,053 |
Proceeds from sales/redemptions of marketable securities | 39,152 | 50,315 |
Purchases of property and equipment | (16,831) | (7,491) |
Advances for capital projects and equipment | 0 | (1,673) |
Net cash provided by (used in) investing activities | 116,366 | (86,996) |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options | 1,570 | 1,791 |
Proceeds from sale of Class A common stock under ESPP | 1,406 | 0 |
Payments of employee taxes related to stock-based awards | (572) | (1,724) |
Repurchase of common stock | 0 | (80,878) |
Net cash provided by (used in) financing activities | 42,008 | (80,811) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 20,391 | (253,005) |
Beginning cash, cash equivalents and restricted cash | 71,105 | 330,702 |
Ending cash, cash equivalents and restricted cash | 91,496 | 77,697 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 3,906 | 3,863 |
Supplemental disclosures of noncash investing and financing activities: | ||
Issuance of Class A common stock upon exercise of warrants | 0 | 19,003 |
Operating lease right-of-use assets obtained in exchange for lease obligations | 2,948 | 9,993 |
Purchases of property and equipment recorded in accounts payable and accrued liabilities | 5,439 | 2,630 |
Vendor stock-in-lieu of cash program—advances for capital projects and equipment | 4,245 | 10,293 |
Equity Financing Program | ||
Cash flows from financing activities: | ||
Proceeds from issuance of class A common stock | 29,604 | 0 |
TPK Universal Solutions Limited | ||
Cash flows from financing activities: | ||
Proceeds from issuance of class A common stock | 10,000 | 0 |
Freedom Photonics | ||
Cash flows from investing activities: | ||
Acquisition of Freedom Photonics LLC (net of cash acquired) | 0 | (2,759) |
Solfice | ||
Cash flows from investing activities: | ||
Acquisitions | 0 | (2,001) |
Seagate | ||
Cash flows from investing activities: | ||
Acquisitions | $ (12,608) | $ 0 |
Organization and Description of
Organization and Description of Business | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of Business Luminar Technologies, Inc. (together with its wholly owned subsidiaries, the “Company” or “Luminar”) is incorporated in Delaware. Luminar is a global automotive technology company ushering in a new era of vehicle safety and autonomy. Over the past decade, Luminar has been building from the chip-level up, its light detection and ranging sensor, or lidar, which is expected to meet the demanding performance, safety, reliability and cost requirements to enable next generation safety and autonomous capabilities for passenger and commercial vehicles as well as other adjacent markets. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Consolidation The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Annual Report”) filed with the SEC on February 28, 2023. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. All intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, equity, revenues and expenses, and related disclosures. The significant estimates made by management include inventory reserves, useful life of long-lived assets, valuation allowance for deferred tax assets, valuation of warrants issued in a private placement (“Private Warrants”), valuation of assets acquired in mergers and acquisitions including intangible assets, forecasted costs associated with non-recurring engineering (“NRE”) services, product warranty reserves, stock-based compensation expense and other loss contingencies. Management periodically evaluates such estimates and they are adjusted prospectively based upon such periodic evaluation. Actual results could differ from those estimates. Segment Information The Company has determined its operating segments using the same indicators which are used to evaluate its performance internally. The Company’s business activities are organized in two operating segments: (i) “Autonomy Solutions,” which includes manufacturing and distribution of lidar sensors that measure distance using laser light to generate a 3D map, non-recurring engineering services related to the Company’s lidar products, development of software products that enable autonomy capabilities for automotive applications, and licensing of the Company’s intellectual property (“IP”). In January 2023, the Company acquired certain assets from Seagate Technology LLC and Seagate Singapore International Headquarters Pte. Ltd. (individually and collectively, “Seagate”). Assets purchased from Seagate have been included in the Autonomy Solutions segment. (ii) “Advanced Technologies and Services” (“ATS”), which includes development of application-specific integrated circuits, pixel-based sensors, advanced lasers, as well as designing, testing and providing consulting services for non-standard integrated circuits. Concentration of Credit Risk The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents, debt securities and accounts receivable. The Company’s deposits exceed federally insured limits. Cash held by foreign subsidiaries of the Company as of June 30, 2023 and December 31, 2022 was not material. The Company’s revenue is derived from customers located in the United States and international markets. One customer accounted for 54% of the Company’s accounts receivable as of June 30, 2023. Three customers accounted for 27%, 23% and 11% of the Company’s accounts receivable as of December 31, 2022. Significant Accounting Policies The Company’s significant accounting policies are disclosed in its Annual Report on Form 10-K for the year ended December 31, 2022. There has been no material change to the Company’s significant accounting policies during the six months ended June 30, 2023. Recent Accounting Pronouncements Not Yet Effective The Company has reviewed, or is in the process of evaluating, all issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such accounting pronouncements will cause a material impact on its consolidated financial position, operating results or statements of cash flows. |
Business Combinations and Acqui
Business Combinations and Acquisitions | 6 Months Ended |
Jun. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combinations and Acquisitions | Business Combinations and Acquisitions Acquisition of Seagate’s Lidar Business On January 18, 2023, the Company acquired certain assets (including intellectual property (“IP”), equipment and other assets) and employees from Seagate Technology LLC and its affiliates (together “Seagate”). The Company simultaneously licensed IP from Seagate. The aggregate purchase price of $12.6 million for the said acquired assets and the license was paid in cash. The acquired assets and employees comprised Seagate’s lidar development operations and have been combined into the Company’s research and development team. This transaction has been accounted for as a business combination. Recording of Assets Acquired Price allocation includes estimates of fair value of certain working capital and deferred tax balances. During the quarter ended June 30, 2023, the Company finalized its determination relating to the fair value of assets acquired from Seagate. The following table summarizes the purchase price allocation to assets acquired (in thousands): Recorded Value Property plant and equipment $ 3,163 Developed Technology (1) 8,240 Goodwill (2) 1,063 Other assets 142 Net assets acquired $ 12,608 (1) Technology and IP Licenses were measured using the cost approach. Significant inputs used as part of the valuation of intangible assets include personnel costs, overhead costs, developer’s profit, and expected time to reproduce. (2) Goodwill is the excess of the consideration transferred over the net assets recognized and represents the expected future economic benefits as a result of other assets acquired that could not be individually identified and separately recognized. Goodwill is not amortized. The factors that made up the goodwill recognized included workforce and expected synergies derived from the technology application to the Company’s current technological platforms. The entire amount of goodwill is expected to be deductible for tax purposes and is allocated to the Autonomy Solutions segment, which is also deemed the reporting unit. Identifiable intangible assets recognized (in thousands): Useful Life Recorded Value Developed technology 4 — 6 years $ 8,240 The acquired business did not contribute distinct revenues but added additional operating expenses primarily related to personnel-related costs of the hired team of former Seagate employees and related facilities costs in the period from January 18, 2023 to June 30, 2023. Such operating expenses were not material to the operating results of the Company for the three and six months ended June 30, 2023. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The Company’s revenue is comprised of sales of lidar sensors hardware, components, NRE services and licensing of certain 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, 2023 2022 Revenue % of Revenue Revenue % of Revenue Revenue by primary geographical market: North America $ 13,776 85 % $ 8,716 88 % Asia Pacific 393 2 % 932 9 % Europe and Middle East 2,028 13 % 284 3 % Total $ 16,197 100 % $ 9,932 100 % Revenue by timing of recognition: Recognized at a point in time $ 9,932 61 % $ 1,798 18 % Recognized over time 6,265 39 % 8,134 82 % Total $ 16,197 100 % $ 9,932 100 % Revenue by segment: Autonomy Solutions $ 9,738 60 % $ 4,179 42 % ATS 6,459 40 % 5,753 58 % Total $ 16,197 100 % $ 9,932 100 % Six Months Ended June 30, 2023 2022 Revenue % of Revenue Revenue % of Revenue Revenue by primary geographical market: North America $ 26,974 88 % $ 13,684 81 % Asia Pacific 985 3 % 2,792 17 % Europe and Middle East 2,747 9 % 311 2 % Total $ 30,706 100 % $ 16,787 100 % Revenue by timing of recognition: Recognized at a point in time $ 17,290 56 % $ 3,339 20 % Recognized over time 13,416 44 % 13,448 80 % Total $ 30,706 100 % $ 16,787 100 % Revenue by segment: Autonomy Solutions $ 20,411 66 % $ 10,077 60 % ATS 10,295 34 % 6,710 40 % Total $ 30,706 100 % $ 16,787 100 % Volvo Stock Purchase Warrant As disclosed in the Company’s 2022 Annual Report, the Company had previously issued certain stock purchase warrants (“Volvo Warrants”) to Volvo Car Technology Fund AB (“VCTF”) in connection with an engineering services contract. The Volvo Warrants vest and become exercisable in two tranches based on satisfaction of certain commercial milestones. The fair value of the first tranche of the Volvo Warrants was recorded as a reduction in revenue in 2021. The second tranche of the Volvo warrants will be recorded as reduction in revenue upon achievement of sales of a certain number of the Company’s sensors to Volvo for use in their commercial vehicles, which had not commenced as of the end of June 30, 2023. Contract assets and liabilities Changes in our contract assets and contract liabilities primarily result from the timing difference between our 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 advanced 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, 2023 December 31, 2022 Contract assets, current $ 8,038 $ 15,395 Contract assets, non-current 7,513 2,575 Ending balance $ 15,551 $ 17,970 The significant changes in contract assets balances consisted of the following (in thousands): June 30, 2023 December 31, 2022 Beginning balance $ 17,970 $ 9,907 Amounts billed that were included in the contract assets beginning balance (8,373) (4,228) Revenue recognized for performance obligations that have been satisfied but for which amounts have not been billed 5,954 12,291 Ending balance $ 15,551 $ 17,970 The opening and closing balances of contract liabilities were as follows (in thousands): June 30, 2023 December 31, 2022 Contract liabilities, current $ 4,143 $ 1,993 Contract liabilities, non-current — 1,015 Ending balance $ 4,143 $ 3,008 The significant changes in contract liabilities balances consisted of the following (in thousands): June 30, 2023 December 31, 2022 Beginning balance $ 3,008 $ 898 Revenue recognized that was included in the contract liabilities beginning balance (1,615) (489) Increase due to cash received and not recognized as revenue and billings in excess of revenue recognized during the period 2,750 2,599 Ending balance $ 4,143 $ 3,008 Remaining Performance Obligations Revenue allocated to remaining performance obligations was $31.8 million as of June 30, 2023 and includes amounts within contract liabilities. The Company expects to recognize approximately 86% of this revenue over the next 12 months and the remainder thereafter. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments Debt Securities The Company’s investments in debt securities consisted of the following as of June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 Cost Gross Gross Fair Value U.S. treasury securities $ 210,583 $ 47 $ (749) $ 209,881 Commercial paper 7,467 — (14) 7,453 Corporate bonds 43,946 2 (91) 43,857 Asset-backed securities 981 — (3) 978 Total debt securities $ 262,977 $ 49 $ (857) $ 262,169 Included in marketable securities 262,977 49 (857) 262,169 December 31, 2022 Cost Gross Gross Fair Value U.S. treasury securities $ 191,075 $ 3 $ (2,598) $ 188,480 U.S. agency and government sponsored securities 4,999 — (75) 4,924 Commercial paper 74,755 — (232) 74,523 Corporate bonds 111,123 — (1,214) 109,909 Asset-backed securities 11,945 — (110) 11,835 Total debt securities $ 393,897 $ 3 $ (4,229) $ 389,671 Included in marketable securities $ 393,897 $ 3 $ (4,229) $ 389,671 The following table presents the gross unrealized losses and the fair value for those debt securities that were in an unrealized loss position for less than 12 months as of June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 December 31, 2022 Gross Fair Value Gross Fair Value U.S. treasury securities $ (749) $ 159,069 $ (2,598) $ 158,888 U.S. agency and government sponsored securities — — (75) 4,924 Commercial paper (14) 7,453 (232) 74,523 Corporate bonds (91) 39,729 (1,214) 109,909 Asset-backed securities (3) 978 (110) 11,835 Total $ (857) $ 207,229 $ (4,229) $ 360,079 As of June 30, 2023, the total amortized cost basis of the Company’s available-for-sale securities exceeded its fair value by $0.9 million, which was primarily attributable to widening credit spreads and rising interest rates since purchase. The Company reviewed its available-for-sale securities and concluded that the decline in fair value was not related to credit losses and that it is more likely than not that the entire amortized cost of each security will be recoverable before the Company is required to sell them or when the security matures. Accordingly, during the three and six months ended June 30, 2023, no allowance for credit losses was recorded and instead the unrealized losses are reported as a component of accumulated other comprehensive loss. Equity Investments The Company’s equity investments consisted of the following as of June 30, 2023 and December 31, 2022 (in thousands): Condensed Consolidated Balance Sheets Location June 30, 2023 December 31, 2022 Money market funds (1) Cash and cash equivalents $ 55,517 $ 42,056 Marketable equity investments (1) Marketable securities 14,509 29,643 Non-marketable equity investment measured using the measurement alternative (2) Other non-current assets 4,000 4,000 Total $ 74,026 $ 75,699 (1) Investments with readily determinable fair values. (2) Investment in privately held company without readily determinable fair value. The Company assesses its non-marketable equity investments quarterly for impairment. Adjustments and impairments are recorded in other income (expense), net on the condensed consolidated statements of operations. |
Financial Statement Components
Financial Statement Components | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 December 31, 2022 Cash $ 33,598 $ 27,496 Money market funds 55,517 42,056 Total cash and cash equivalents $ 89,115 $ 69,552 Inventory Inventory comprised of the following (in thousands): June 30, 2023 December 31, 2022 Raw materials $ 11,461 $ 3,614 Work-in-process 3,190 2,329 Finished goods 5,666 2,849 Total inventories, net $ 20,317 $ 8,792 The Company’s inventory write-offs and write-downs (primarily due to obsolescence, lower of cost or market assessment, and other adjustments) were $8.0 million and $13.4 million for the three and six months ended June 30, 2023 and $3.4 million and $4.8 million for the three and six months ended June 30, 2022, respectively. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): June 30, 2023 December 31, 2022 Prepaid expenses $ 10,942 $ 15,653 Contract assets 8,038 15,395 Advance payments to vendors 7,031 7,919 Other receivables 3,938 5,236 Total prepaid expenses and other current assets $ 29,949 $ 44,203 Property and Equipment Property and equipment consisted of the following (in thousands): June 30, 2023 December 31, 2022 Machinery and equipment $ 55,423 $ 14,047 Computer hardware and software 8,431 6,797 Land 1,001 1,001 Leasehold improvements 19,139 885 Vehicles, including demonstration fleet 3,353 3,222 Furniture and fixtures 818 818 Construction in progress 6,508 13,642 Total property and equipment 94,673 40,412 Accumulated depreciation and amortization (15,529) (10,152) Total property and equipment, net $ 79,144 $ 30,260 Property and equipment capitalized under finance lease (capital lease prior to adoption of ASC 842) were not material. Depreciation and amortization expense associated with property and equipment was $3.5 million and $5.4 million for the three and six months ended June 30, 2023 and $0.9 million and $1.7 million for the three and six months ended June 30, 2022, respectively. The Company continually evaluates opportunities for optimizing its manufacturing processes and product design. During the second quarter of 2023 , the Company’s management began evaluating certain options for changing sourcing of certain sub-assemblies and components which may help reduce future per unit sensor manufacturing costs. If these options are executed, certain property, plant & equipment items presently owned by the Company may no longer be needed for their original intended use. The impacted asset group was determined to be recoverable as of June 30, 2023 . Given uncertainty with these strategic options as of June 30, 2023 , the estimated useful lives of said assets were not revised during the second quarter of 2023 . Subsequent to June 30, 2023 , the Company’s management finalized and committed to a plan to proceed with change in its sourcing strategy. The Company is in the process of re-evaluating the useful lives of certain long-lived assets within the impacted asset group. Finalization of this analysis may result in the Company needing to record depreciation for the impacted assets over an accelerated period. Intangible Assets The following table summarizes the activity in the Company’s intangible assets (in thousands): June 30, 2023 December 31, 2022 Beginning of the period $ 22,077 $ 2,424 Additions 8,240 21,890 Amortization expense (2,160) (2,237) End of the period $ 28,157 $ 22,077 The components of intangible assets were as follows (in thousands): June 30, 2023 December 31, 2022 Gross Accumulated Net Weighted Average Gross Accumulated Net Weighted Customer relationships $ 3,730 $ (1,071) $ 2,659 4.0 $ 3,730 $ (664) $ 3,066 4.4 Customer backlog 650 (488) 162 0.4 650 (292) 358 0.9 Tradename 620 (276) 344 2.8 620 (214) 406 3.3 Assembled workforce 130 (130) — — 130 (130) — — Developed technology 20,150 (2,658) 17,492 6.1 11,910 (1,163) 10,747 7.5 IPR&D 7,500 — 7,500 — 7,500 — 7,500 — Total intangible assets $ 32,780 $ (4,623) $ 28,157 5.7 $ 24,540 $ (2,463) $ 22,077 6.6 Amortization expense related to intangible assets was $1.1 million and $2.2 million for the three and six months ended June 30, 2023 and $0.8 million and $0.9 million for the three and six months ended June 30, 2022, respectively. As of June 30, 2023, the expected future amortization expense for intangible assets was as follows (in thousands): Period Expected Future 2023 (remaining six months) $ 2,163 2024 4,001 2025 4,001 2026 3,354 2027 3,138 Thereafter 4,000 IPR&D 7,500 Total $ 28,157 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, 2022 $ 687 $ 18,129 $ 18,816 Goodwill related to acquisition of Seagate’s lidar business (see Note 3) 1,063 — 1,063 Balance as of June 30, 2023 $ 1,750 $ 18,129 $ 19,879 Other Non-Current Assets Other non-current assets consisted of the following (in thousands): June 30, 2023 December 31, 2022 Security deposits $ 2,386 $ 5,495 Non-marketable equity investment 4,000 4,000 Advance payment for capital projects — 27,683 Contract assets 7,513 2,575 Other non-current assets 2,403 591 Total other non-current assets $ 16,302 $ 40,344 Accrued and Other Current Liabilities Accrued and other current liabilities consisted of the following (in thousands): June 30, 2023 December 31, 2022 Accrued compensation and benefits $ 26,847 $ 16,682 Accrued expenses 21,853 22,358 Contract losses 7,580 7,526 Warranty reserves 4,734 3,584 Contract liabilities 4,143 1,993 Accrued interest payable and other liabilities 882 819 Total accrued and other current liabilities $ 66,039 $ 52,962 During the three and six months ended June 30, 2023, the Company recorded $4.8 million and $7.6 million, respectively, and $5.1 million and $5.3 million for the three and six months ended June 30, 2022, respectively, in cost of sales (services) estimated losses expected to be incurred on NRE projects with certain customers. The estimated contract losses recorded were primarily a result of (a) changes in estimates related to costs expected to be incurred for contractual milestones based on actual experience on similar projects and (b) changes in scope of project deliverables agreed upon with the respective customers during the year. |
Convertible Senior Notes and Ca
Convertible Senior Notes and Capped Call Transactions | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Convertible Senior Notes and Capped Call Transactions | Convertible Senior Notes and Capped Call Transactions In December 2021, the Company issued $625.0 million aggregate principal amount of 1.25% Convertible Senior Notes due 2026 in a private placement, which included $75.0 million aggregate principal amount of such notes pursuant to the exercise in full of the option granted to the initial purchasers to purchase additional notes (collectively, the “Convertible Senior Notes”). The interest on the Convertible Senior Notes is payable semi-annually in arrears on June 15 and December 15 of each year, beginning on June 15, 2022. The Convertible Senior Notes will mature on December 15, 2026, unless repurchased or redeemed earlier by the Company or converted pursuant to their terms. The total net proceeds from the debt offering, after deducting fees paid to the initial purchasers paid by the Company, was approximately $609.4 million. Each $1,000 principal amount of the Convertible Senior Notes is initially convertible into 50.0475 shares of the Company’s Class A common stock, par value $0.0001, which is equivalent to an initial conversion price of approximately $19.98 per share. The conversion rate is subject to adjustment upon the occurrence of certain specified events prior to the maturity date but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date or if the Company delivers a notice of redemption in respect of some or all of the Convertible Senior Notes, the Company will, under certain circumstances, increase the conversion rate of the Convertible Senior Notes for a holder who elects to convert its Convertible Senior Notes in connection with such a corporate event or convert its Convertible Senior Notes called for redemption during the related redemption period, as the case may be. The Convertible Senior Notes are redeemable, in whole or in part (subject to certain limitations), at the Company’s option at any time, and from time to time, on or after December 20, 2024, and on or before the 40th scheduled trading day immediately before the maturity date, at a cash redemption price equal to the principal amount of the Convertible Senior Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, but only if certain liquidity conditions are satisfied and the last reported sale price per share of the Class A common stock exceeds 130% of the conversion price on (1) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related redemption notice, and (2) the trading day immediately before the date the Company sends such notice. If the Company undergoes a fundamental change (as defined in the indenture governing the Convertible Senior Notes) prior to the maturity date, holders may require the Company to repurchase for cash all or any portion of their Convertible Senior Notes in principal amounts of $1,000 or a multiple thereof at a fundamental change repurchase price equal to 100% of the principal amount of the Convertible Senior Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. Holders of the Convertible Senior Notes may convert their Convertible Senior Notes at their option at any time prior to the close of business on the business day immediately preceding December 15, 2026, in multiples of $1,000 principal amount, only under the following circumstances: (1) during any calendar quarter (and only during such calendar quarter) commencing after the calendar quarter ending on March 31, 2022, if the last reported sale price per share of the Class A common stock exceeds 130% of the conversion price for each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter; (2) during the five consecutive business days immediately after any 10 consecutive trading day period (such 10 consecutive trading day period, the “measurement period”) in which the trading price per $1,000 principal amount of Convertible Senior Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price per share of the Class A common stock on such trading day and the conversion rate on such trading day; (3) upon the occurrence of specified corporate events or distributions on the Class A common stock; and (4) if the Convertible Senior Notes are called for redemption. On or after June 15, 2026, holders may convert all or any portion of their Convertible Senior Notes at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date, regardless of the foregoing circumstances. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of its Class A common stock or a combination of cash and shares of its Class A common stock, at the Company’s election. As of June 30, 2023, the conditions allowing holders of the Convertible Senior Notes to convert were not met. The Company currently intends to settle the principal amount of its outstanding Convertible Senior Notes in cash and any excess in shares of the Company’s Class A common stock. The Convertible Senior Notes are senior unsecured obligations and will rank equal in right of payment with the Company’s future senior unsecured indebtedness; senior in right of payment to the Company’s future indebtedness that is expressly subordinated to the Convertible Senior Notes; effectively subordinated to the Company’s existing and future secured indebtedness, to the extent of the value of the collateral securing that indebtedness; and structurally subordinated to all existing and future indebtedness and other liabilities, including trade payables, and (to the extent the Company is not a holder thereof) preferred equity, if any, of the Company’s subsidiaries. The Company has classified the Convertible Senior Notes as a non-current liability under the guidance in ASC 470-20, as amended by ASU 2020-06. Debt discount and issuance costs aggregating approximately $16.2 million were initially recorded as a reduction to the principal amount of the Convertible Senior Notes and is being amortized as interest expense on a straight line basis over the contractual terms of the notes. The Company estimates that the difference between amortizing the debt discounts and the issuance costs using the straight line method as compared to using the effective interest rate method is immaterial. The net carrying amount of the Convertible Senior Notes was as follows (in thousands): June 30, 2023 December 31, 2022 Principal $ 625,000 $ 625,000 Unamortized debt discount and issuance costs (11,190) (12,808) Net carrying amount $ 613,810 $ 612,192 The following table sets forth the interest expense recognized related to the Convertible Senior Notes (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Contractual interest expense $ 1,948 $ 1,948 $ 3,874 $ 3,874 Amortization of debt discount and issuance costs 809 809 1,618 1,618 Total interest expense $ 2,757 $ 2,757 $ 5,492 $ 5,492 The remaining term over which the debt discount and issuance costs will be amortized is 3.5 years. Contractual interest expense is reflected as a component of other income (expense) income, net in the accompanying condensed consolidated statement of operations for the three and six months ended June 30, 2023 and 2022. In connection with the offering of the Convertible Senior Notes, the Company entered into privately negotiated capped call option transactions with certain counterparties (the “Capped Calls”). The Capped Calls each have an initial strike price of approximately $19.98 per share, subject to certain adjustments, which corresponds to the initial conversion price of the Convertible Senior Notes. The Capped Calls have initial cap prices of $30.16 per share, subject to certain adjustment events. The Capped Calls are generally intended to reduce the potential dilution to the Class A common stock upon any conversion of the Convertible Senior Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted Convertible Senior Notes, as the case may be, with such reduction and/or offset subject to a cap based on the cap price. The Capped Calls expire on April 6, 2027, subject to earlier exercise. The Capped Calls are subject to either adjustment or termination upon the occurrence of specified extraordinary events affecting the Company, including a merger event, a tender offer, and a nationalization, insolvency or delisting involving the Company. In addition, the Capped Calls are subject to certain specified additional disruption events that may give rise to a termination of the Capped Calls, including |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements As of June 30, 2023, the Company carried cash equivalents, marketable investments and Private Warrants that are measured at fair value on a recurring basis. Additionally, the Company measures its equity settled fixed value awards at fair value on a recurring basis. See Note 11 for further information on the Company’s fixed value equity awards. Fair value is based on the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1 — Observable inputs, which include unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than Level 1 inputs, such as quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 — Unobservable inputs that are supported by little or no market activity and that are based on management’s assumptions, including fair value measurements determined by using pricing models, discounted cash flow methodologies or similar techniques. The Company determined the fair value of its Level 1 financial instruments, which are traded in active markets, using quoted market prices for identical instruments. Marketable investments classified within Level 2 of the fair value hierarchy are valued based on other observable inputs, including broker or dealer quotations, alternative pricing sources or U.S. Government Treasury yield of appropriate term. When quoted prices in active markets for identical assets or liabilities are not available, the Company relies on non-binding quotes from its investment managers, which are based on proprietary valuation models of independent pricing services. These models generally use inputs such as observable market data, quoted market prices for similar instruments, historical pricing trends of a security as relative to its peers. To validate the fair value determination provided by its investment managers, the Company reviews the pricing movement in the context of overall market trends and trading information from its investment managers. The Company performs routine procedures such as comparing prices obtained from independent source to ensure that appropriate fair values are recorded. Given that the transfer of Private Warrants to anyone outside of a small group of individuals constituting the sponsors of Gores Metropoulos, Inc. would result in the Private Warrants having substantially the same terms as the Public Warrants, management determined that the fair value of each Private Warrant is the same as that of a Public Warrant, with an insignificant adjustment for short-term marketability restrictions, as of December 31, 2022. As of June 30, 2023, management determined the fair value of the Private Warrants using observable inputs in the Black-Scholes valuation model, which used the remaining term of warrants of 2.43 years volatility of 78.3% and a risk-free rate of 4.71%. Accordingly, the Private Warrants are classified as Level 3 financial instruments. The following table presents changes in Level 3 liabilities relating to Private Warrants measured at fair value (in thousands): Private Warrants Balance as of December 31, 2022 $ 3,005 Change in fair value of outstanding warrants 1,028 Balance as of June 30, 2023 $ 4,033 The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (in thousands): Fair Value (in thousands) Measured as of June 30, 2023 Using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 55,517 $ — $ — $ 55,517 Total cash equivalents $ 55,517 $ — $ — $ 55,517 Marketable investments: U.S. treasury securities $ 209,881 $ — $ — $ 209,881 Commercial paper — 7,453 — 7,453 Corporate bonds — 43,857 — 43,857 Asset-backed securities — 978 — 978 Marketable equity investments 14,509 — — 14,509 Total marketable investments $ 224,390 $ 52,288 $ — $ 276,678 Liabilities: Private Warrants $ — $ — $ 4,033 $ 4,033 Fair Value (in thousands) Measured as of December 31, 2022 Using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 42,056 $ — $ — $ 42,056 Total cash equivalents $ 42,056 $ — $ — $ 42,056 Marketable investments: U.S. treasury securities $ 188,480 $ — $ — $ 188,480 U.S. agency and government sponsored securities — 4,924 — 4,924 Commercial paper — 74,523 — 74,523 Corporate bonds — 109,909 — 109,909 Asset-backed securities — 11,835 — 11,835 Marketable equity investments 29,643 — — 29,643 Total marketable investments $ 218,123 $ 201,191 $ — $ 419,314 Liabilities: Private Warrants $ — $ — $ 3,005 $ 3,005 As of June 30, 2023 and December 31, 2022, the estimated fair value of the Company’s outstanding Convertible Senior Notes was $418.8 million and $352.5 million, respectively. The fair value was determined based on the quoted price of the Convertible Senior Notes in an inactive market on the last trading day of the reporting period and have been classified as Level 2 in the fair value hierarchy. See Note 7 for further information on the Company’s Convertible Senior Notes. The fair value of Company’s other financial instruments, including accounts receivable, accounts payable and other current liabilities, approximate their carrying value due to the relatively short maturity of those instruments. The carrying amounts of the Company’s finance leases approximate their fair value, which is the present value of expected future cash payments based on assumptions about current interest rates and the creditworthiness of the Company. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | Earnings (Loss) Per ShareBasic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted average number of shares of common stock during the period plus common stock equivalents, as calculated under the treasury stock method, outstanding during the period. If the Company reports a net loss, the computation of diluted loss per share excludes the effect of dilutive common stock equivalents, as their effect would be antidilutive. The Company computes earnings (loss) per share using the two-class method for its Class A and Class B common stock. Earnings (loss) per share is same for both Class A and Class B common stock since they are entitled to the same liquidation and dividend rights. The following table sets forth the computation of basic and diluted loss per share for the three and six months ended June 30, 2023 and 2022 (in thousands, except for share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net loss $ (141,756) $ (95,239) $ (288,530) $ (183,572) Denominator: Weighted average common shares outstanding—Basic 382,424,675 352,054,529 376,616,066 350,378,494 Weighted average common shares outstanding—Diluted 382,424,675 352,054,529 376,616,066 350,378,494 Net loss per share—Basic and Diluted $ (0.37) $ (0.27) $ (0.77) $ (0.52) The following table presents the potential shares of common stock outstanding that were excluded from the computation of diluted net loss per share of common stock as of the periods presented because including them would have been antidilutive or related contingencies on issuance of shares had not been met as of June 30, 2023: June 30, 2023 Warrants 5,757,549 Stock-based awards—Equity classified 36,511,687 Stock-based awards—Liability classified 9,789,753 Vendor stock-in-lieu of cash program 500,969 Option issued to a wholly owned subsidiary of TPK 1,652,892 Convertible Senior Notes 31,279,716 Earn-out shares 8,606,717 Total 94,099,283 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Class A and Class B Common Stock The Company’s board of directors (the “Board”) has authorized two classes of common stock, Class A and Class B. As of June 30, 2023, the Company had authorized 715,000,000 shares of Class A common stock and 121,000,000 shares of Class B common stock with a par value of $0.0001 per share for each class. As of June 30, 2023, the Company had 313,888,629 shares issued and 292,025,179 shares outstanding of Class A common stock, and 97,088,670 shares issued and outstanding of Class B common stock. Holders of Class A and Class B common stock have identical rights, except that holders of the Class A common stock are entitled to one vote per share and the holder of the Class B common stock is entitled to ten votes per share. Equity Financing Program On February 28, 2023, the Company entered into an agreement (the “Sales Agreement”) with Virtu Americas LLC (the “Agent”) under which the Company may offer and sell, from time to time in its sole discretion, shares of the Company’s Class A common stock with aggregate gross sales proceeds of up to $75.0 million through an equity offering program under which the Agent will act as sales agent (the “Equity Financing Program”). The Company intends to use the net proceeds from offerings under the Equity Financing Program primarily for expenditures or payments in connection with strategic merger and acquisition opportunities, as well as potential strategic investments, partnerships and similar transactions. Under the Sales Agreement, the Company sets the parameters for the sale of the shares, including the number of shares to be issued, the time period during which sales are requested to be made, limitations on the number of shares that may be sold in any one trading day and any minimum price below which sales may not be made. Subject to the terms and conditions of the Sales Agreement, the Agent has agreed to use its commercially reasonable efforts, consistent with its normal trading and sales practices, to sell the shares by methods deemed to be an “at the market” offering as defined in Rule 415 promulgated under the Securities Act of 1933, as amended, (the “Securities Act”) including sales made through The Nasdaq Global Select Market. The Company issued 1,005,603 and 3,765,292 shares of Class A common stock under the Equity Financing Program during the three and six months ended June 30, 2023 for net proceeds of $6.9 million and $29.6 million, respectively. As of June 30, 2023, $45.1 million of Class A common stock was available for sale under the program. Strategic Investment Agreement On May 8, 2023, the Company entered into an agreement to issue 1,652,892 shares of Class A common stock to a wholly owned subsidiary of TPK, for a cash purchase price of $10.0 million pursuant to a private placement in reliance on Section 4(a)(2) of the Securities Act. The Company received proceeds of $10.0 million and issued 1,652,892 shares of Class A common stock on May 15, 2023. Additionally, the Company granted an option to purchase 1,652,892 additional shares of Class A common stock worth $10.0 million within 90 days following the date of the agreement. The option was equity classified and the fair value of the option recorded within additional paid in capital was not material. On August 4, 2023, TPK notified the Company of its intention to exercise the option. The settlement of the option exercise is expected to close in August 2023. Private Warrants The Company had 1,668,269 Private Warrants outstanding as of December 31, 2022. No Private Warrants were exercised in the six months ended June 30, 2023. The Private Warrants are set to expire on December 2, 2025. Each Private Warrant allows the holder to purchase one share of Class A common stock at $11.50 per share. Stock-in-lieu of Cash Program The Company has entered into arrangements with certain vendors and other third parties wherein the Company at its discretion may elect to compensate the respective vendors / third parties for services provided in either cash or by issuing shares of the Company’s Class A common stock (“Stock-in-lieu of Cash Program”). The Company considers the shares issuable under the Stock-in-lieu of Cash Program as liability classified awards when the arrangement with the vendors requires the Company to issue a variable number of shares to settle amounts owed. During the six months ended June 30, 2023, the Company issued 6,115,092 shares of Class A common stock as part of the Stock-in-lieu of Cash Program, including 1,564,822 shares of Class A common stock in lieu of cash to a certain vendor for purchases of certain data, hardware and software pursuant to a private placement. As of June 30, 2023, the Company had a total of $11.0 million in prepaid expenses and other current and non-current assets related to its Stock-in-lieu of Cash Program. The Company’s vendor Stock-in-lieu of Cash Program activity for the six months ended June 30, 2023 was as follows: Shares Weighted Average Unvested shares as of December 31, 2022 1,047,151 $ 11.90 Granted 6,115,092 6.15 Vested (4,588,812) 6.72 Unvested shares as of June 30, 2023 2,573,431 7.47 |
Stock-based Compensation
Stock-based Compensation | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based Compensation | Stock-based Compensation Prior to becoming a publicly traded entity, the Company issued incentive stock options, non-qualified stock options, and restricted stock to employees and non-employee consultants under its 2015 Stock Plan (the “2015 Plan”). Since the closing of the business combination between Gores Metropoulos, Inc. and Luminar Technologies, Inc. on December 2, 2020 (the “Business Combination”), the Company has not issued any new stock-based awards under the 2015 Plan. In December 2020, the Board adopted, and the Company’s stockholders approved the 2020 Equity Incentive Plan (the “2020 Plan”). The 2020 Plan became effective upon the closing of the Business Combination. Under the 2020 Plan, the Company was originally authorized to issue a maximum number of 36,588,278 shares of Class A common stock. In June 2022, the Company’s stockholders approved an amendment and restatement of the Company’s 2020 Plan (the “Amended 2020 Plan”) to increase the number of shares of Class A common stock authorized for issuance by 36,000,000 additional shares and added an evergreen provision under which the number of shares of Class A common stock available for issuance under the Amended 2020 Plan will be increased on the first day of each fiscal year of the Company beginning with the 2023 fiscal year and ending on (and including) the first day of the 2030 fiscal year, in an amount equal to the lesser of (i) 5% of the outstanding shares of common stock on the last day of the immediately preceding fiscal year, (ii) 40,000,000 shares or (iii) such number of shares determined by the Board. Pursuant to the evergreen provision, 18,358,365 additional shares of Class A common stock were added to the Amended 2020 Plan on January 1, 2023. Stock Options Under the terms of the 2015 Plan, incentive stock options had an exercise price at or above the fair market value of the stock on the date of the grant, while non-qualified stock options were permitted to be granted below fair market value of the stock on the date of grant. Stock options granted have service-based vesting conditions only. The service-based vesting conditions vary, though typically, stock options vest over four years with 25% of stock options vesting on the first anniversary of the grant and the remaining 75% vesting monthly over the remaining 36 months. Option holders have a 10-year period to exercise their options before they expire. Forfeitures are recognized in the period of occurrence. The Company’s stock option activity for the six months ended June 30, 2023 was as follows: Number of Weighted- Weighted- Aggregate Outstanding as of December 31, 2022 8,162,850 $ 1.74 Exercised (987,653) 1.67 Cancelled/Forfeited (254,010) 1.67 Outstanding as of June 30, 2023 6,921,187 1.75 6.49 $ 36,209 The aggregate intrinsic value of stock options exercised during the six months ended June 30, 2023 was $5.5 million. The intrinsic value is calculated as the difference between the exercise price and the fair value of the common stock on the exercise date. The total grant-date fair value of stock options vested during the six months ended June 30, 2023 was $2.1 million. Restricted Stock Awards Prior to June 30, 2019, the Company granted restricted stock awards (“RSAs”) to employees. Recipients purchased the restricted stock on the grant date and the Company has the right to repurchase the restricted shares at the same price recipients paid to obtain those shares. The restrictions lapse solely based on continued service, and generally lapse over 4 years —25% on the first anniversary of the date of issuance, and the remaining 75% monthly over the remaining 36 months. At the grant date of the award, recipients of restricted stock are granted voting rights and receive dividends on unvested shares. No restricted stock awards have been granted since June 30, 2019. The Company’s RSAs activity for the six months ended June 30, 2023 was as follows: Shares Weighted Average Outstanding as of December 31, 2022 64,486 $ 1.29 Vested (64,486) 1.29 Outstanding as of June 30, 2023 — — Restricted Stock units Since the closing of the Business Combination, the Company has granted restricted stock units (“RSUs”) under the Amended 2020 Plan (and prior to its amendment and restatement, under the 2020 Plan). Each RSU granted under the Amended 2020 Plan represents a right to receive one share of the Company’s Class A common stock when the RSU vests. RSUs generally vest over a period up to six years. The Company has granted certain performance-based equity awards that vest upon achievement of certain performance milestones. The fair value of RSUs is equal to the fair value of the Company’s common stock on the date of grant. The Company’s Time-Based RSUs and Performance-Based and Other RSUs activity (the Company disclosed RSUs activity on an aggregated basis in filings prior to this Form 10-Q for the quarterly period ended June 30, 2023) for the six months ended June 30, 2023 was as follows: Time-Based RSUs Performance-Based and Other RSUs Shares Weighted Average Shares Weighted Average Outstanding as of December 31, 2022 25,010,689 $ 12.76 583,347 $ 8.39 Granted 13,318,819 7.17 961,187 8.58 Forfeited (1,598,623) 11.12 (12,832) 8.58 Vested (7,481,325) 11.82 (31,282) 8.58 Change in units based on performance — — (404,323) 9.90 Outstanding as of June 30, 2023 29,249,560 10.54 1,096,097 7.99 Fixed Value Equity Awards The Company issues fixed value equity awards to certain employees as a part of their compensation package. These awards are issued as RSUs under the Amended 2020 Plan (and prior to its amendment and restatement, under the 2020 Plan) and are accounted for as liability classified awards under ASC 718 — Stock Compensation. Fixed value equity awards granted have service-based conditions only and vest quarterly over a period of up to four years. These awards represent a fixed dollar amount settled in a variable number of shares determined at each vesting period. Stock-based compensation expense related to these awards was $3.0 million and $5.9 million for the three and six months ended June 30, 2023, respectively, and $1.7 million and $3.5 million for the three and six months ended June 30, 2022, respectively. Optogration Milestone Awards As part of the acquisition of Optogration, Inc. in August 2021, the Company owed up to $22.0 million of post combination compensation related to certain service and performance conditions (“Optogration Milestone Awards”). In August 2022, the Company issued 1,632,056 shares of Class A common stock for $11.0 million of the Optogration Milestone Awards due to achievement of the service and performance conditions. As of June 30, 2023, it is probable that the service and performance conditions for the remaining $11.0 million obligation will be met. Freedom Photonics Awards As part of the acquisition of Freedom Photonics LLC (“Freedom Photonics”) in April 2022, the Company owed up to $29.8 million of post combination compensation related to certain service and performance conditions including achievement of certain technical and financial milestones. In May 2023, the Company issued 634,994 shares of Class A common stock and 492,176 RSUs for $3.9 million and $3.5 million, respectively, of the post combination compensation due to achievement of the service and performance conditions. As of June 30, 2023, it is probable that the remaining conditions will be met for the outstanding balance of $22.4 million of post combination compensation. Solfice Awards The service and performance conditions related to the post combination compensation associated with the acquisition of certain assets from Solfice Research, Inc. (“Solfice”) were met in June 2023. Management Awards On May 2, 2022, the Board granted an award of 10.8 million RSUs to Austin Russell, the Company’s Chief Executive Officer. The grant date fair value per share of the award granted to Mr. Russell was $8.70 per share. On August 19, 2022, the Board granted 500,000 RSUs to each of Thomas Fennimore, the Company’s Chief Financial Officer, and Alan Prescott, the Company’s Chief Legal Officer. The grant date fair value per share of the awards granted to Mr. Fennimore and Mr. Prescott was $6.12 per share. These awards to Mr. Russell, Mr. Fennimore and Mr. Prescott are subject to all of the following vesting conditions: • Public Market condition: Achievement of three stock price milestones: $50 or more, $60 or more, and $70 or more. The stock price will be measured based on the volume-weighted average price per share for 90 consecutive trading days; • Service condition: Approximately 7-years of vesting; and • Performance condition: Start of production for at least one series production program. On March 16, 2023, the Board granted a $12.0 million stock-price based award to the Company’s Executive Vice President & General Manager that vested in six tranches of $2.0 million each, upon achievement of the six stock price milestones of $20, $25, $30, $40, $50 and $60 based on 90 trading day volume-weighted average price of a share of common stock over a 7.0 years performance period. The grant date fair value per share of the award granted to the said executive was $8.58 per share. On June 20, 2023, this award was modified to settle in a fixed number of shares and the impact of modification was not material. The Company measured the compensation cost for the above management awards using a Monte Carlo simulation model and recorded $5.8 million and $11.5 million in stock-based compensation expense related to these awards in the three and six months ended June 30, 2023, respectively. The Company’s management awards activity for the six months ended June 30, 2023 was as follows: Shares Weighted Average Outstanding as of December 31, 2022 11,800,000 $ 8.48 Granted 370,000 6.80 Outstanding as of June 30, 2023 12,170,000 8.43 Compensation expense Stock-based compensation expense by function was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Cost of sales $ 1,925 $ 6,989 $ 4,587 $ 8,775 Research and development 20,541 8,714 38,012 15,816 Sales and marketing 9,792 2,741 15,620 5,609 General and administrative 26,937 20,181 56,930 35,123 Total $ 59,195 $ 38,625 $ 115,149 $ 65,323 Stock-based compensation expense by type of award was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Equity Classified Awards: Stock options $ 534 $ 748 $ 1,261 $ 1,270 RSAs 1 187 61 21 RSUs 34,706 32,540 73,038 54,049 Management awards 5,840 — 11,499 — ESPP 345 157 748 157 Liability Classified Awards: Equity settled fixed value 3,035 1,741 5,916 3,521 Optogration 3,078 394 5,659 3,447 Freedom Photonics 4,977 2,800 9,532 2,800 Other 6,679 58 7,435 58 Total $ 59,195 $ 38,625 $ 115,149 $ 65,323 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Provision for income taxes for the three and six months ended June 30, 2023 and 2022 was not material. The effective tax rate was 0.0% and 0.2% for the six months ended June 30, 2023 and 2022, respectively . The effective tax rates differ significantly from the statutory tax rate of 21%, primarily due to the Company’s valuation allowance movement in each period presented. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Leases | Leases The Company leases office and manufacturing facilities under non-cancelable operating leases expiring at various dates through November 2028. Some of the Company’s leases include one or more options to renew, with renewal terms that if exercised by the Company, extend the lease term from one The components of lease expenses were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Operating lease cost $ 2,028 $ 1,597 $ 4,000 $ 2,713 Variable lease cost 518 515 1,034 1,070 Total operating lease cost $ 2,546 $ 2,112 $ 5,034 $ 3,783 Supplemental cash flow information related to leases was as follows (in thousands): Six Months Ended June 30, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Cash paid for operating leases included in operating activities $ (3,881) $ (2,857) Right of use assets obtained in exchange for lease obligations: Operating leases 2,948 9,993 Supplemental balance sheet information related to leases was as follows (in thousands): June 30, 2023 December 31, 2022 Operating leases: Operating lease right-of-use assets $ 21,043 $ 21,244 Operating lease liabilities: Operating lease liabilities, current $ 6,071 $ 5,953 Operating lease liabilities, non-current 16,701 16,989 Total operating lease liabilities $ 22,772 $ 22,942 Weighted average remaining terms were as follows (in years): June 30, 2023 December 31, 2022 Weighted average remaining lease term Operating leases 4.14 4.43 Weighted average discount rates were as follows: June 30, 2023 December 31, 2022 Weighted average discount rate Operating leases 5.90 % 5.45 % Maturities of lease liabilities were as follows (in thousands): Operating Leases Year Ending December 31, 2023 (remaining six months) $ 3,240 2024 5,892 2025 5,789 2026 5,310 2027 4,208 2028 1,363 Total lease payments 25,802 Less: imputed interest (3,030) Total leases liabilities $ 22,772 |
Leases | Leases The Company leases office and manufacturing facilities under non-cancelable operating leases expiring at various dates through November 2028. Some of the Company’s leases include one or more options to renew, with renewal terms that if exercised by the Company, extend the lease term from one The components of lease expenses were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Operating lease cost $ 2,028 $ 1,597 $ 4,000 $ 2,713 Variable lease cost 518 515 1,034 1,070 Total operating lease cost $ 2,546 $ 2,112 $ 5,034 $ 3,783 Supplemental cash flow information related to leases was as follows (in thousands): Six Months Ended June 30, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Cash paid for operating leases included in operating activities $ (3,881) $ (2,857) Right of use assets obtained in exchange for lease obligations: Operating leases 2,948 9,993 Supplemental balance sheet information related to leases was as follows (in thousands): June 30, 2023 December 31, 2022 Operating leases: Operating lease right-of-use assets $ 21,043 $ 21,244 Operating lease liabilities: Operating lease liabilities, current $ 6,071 $ 5,953 Operating lease liabilities, non-current 16,701 16,989 Total operating lease liabilities $ 22,772 $ 22,942 Weighted average remaining terms were as follows (in years): June 30, 2023 December 31, 2022 Weighted average remaining lease term Operating leases 4.14 4.43 Weighted average discount rates were as follows: June 30, 2023 December 31, 2022 Weighted average discount rate Operating leases 5.90 % 5.45 % Maturities of lease liabilities were as follows (in thousands): Operating Leases Year Ending December 31, 2023 (remaining six months) $ 3,240 2024 5,892 2025 5,789 2026 5,310 2027 4,208 2028 1,363 Total lease payments 25,802 Less: imputed interest (3,030) Total leases liabilities $ 22,772 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Purchase and Other Obligations The Company purchases goods and services from a variety of suppliers in the ordinary course of business. Purchase obligations are defined as agreements that are enforceable and legally binding and that specify all significant terms, including fixed or minimum quantities to be purchased, fixed, minimum, or variable price provisions, and the approximate timing of the transaction. The Company had purchase obligations primarily for purchases of inventory, R&D, and general and administrative activities totaling $82.9 million as of June 30, 2023. Legal Matters From time to time, the Company is involved in actions, claims, suits and other proceedings in the ordinary course of business, including assertions by third parties relating to intellectual property infringement, breaches of contract or warranties or employment-related matters. When it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated, the Company records a liability for such loss contingencies. The Company’s estimates regarding potential losses and materiality are based on the Company’s judgment and assessment of the claims utilizing currently available information. Although the Company will continue to reassess its reserves and estimates based on future developments, the Company’s objective assessment of the legal merits of such claims may not always be predictive of the outcome and actual results may vary from the Company’s current estimates. The Company’s current legal accrual is not material to the financial statements. |
Segment and Customer Concentrat
Segment and Customer Concentration Information | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment and Customer Concentration Information | Segment and Customer Concentration Information Reportable segments are (i) Autonomy Solutions and (ii) ATS. 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. 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 autonomous vehicles and associated 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 sector 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 consolidated balances are as follows (in thousands): Three Months Ended June 30, 2023 Autonomy ATS Total Eliminations (1) Total Revenues from external customers $ 9,738 $ 6,459 $ 16,197 $ — $ 16,197 Depreciation and amortization 3,866 683 4,549 — 4,549 Operating income (loss) (120,162) (22,234) (142,396) (1,496) (143,892) Other significant items: Segment assets 708,853 73,664 782,517 (182,743) 599,774 Inventories, net 19,679 676 20,355 (38) 20,317 Three Months Ended June 30, 2022 Autonomy ATS Total Eliminations (1) Total Revenues from external customers $ 4,179 $ 5,753 $ 9,932 $ — $ 9,932 Depreciation and amortization 976 763 1,739 — 1,739 Operating income (loss) (105,592) 728 (104,864) 424 (104,440) Other significant items: Segment assets 786,708 51,046 837,754 (62,157) 775,597 Inventory 9,022 327 9,349 — 9,349 Six Months Ended June 30, 2023 Autonomy ATS Total Eliminations (1) Total Revenues from external customers $ 20,411 $ 10,295 $ 30,706 $ — $ 30,706 Depreciation and amortization 6,192 1,344 7,536 — 7,536 Operating income (loss) (261,851) (22,830) (284,681) (1,106) (285,787) Other significant items: Segment assets 708,853 73,664 782,517 (182,743) 599,774 Inventory 19,679 676 20,355 (38) 20,317 Six Months Ended June 30, 2022 Autonomy ATS Total Eliminations (1) Total Revenues from external customers $ 10,077 $ 6,710 $ 16,787 $ — $ 16,787 Depreciation and amortization 1,520 1,024 2,544 — 2,544 Operating income (loss) (187,769) 998 (186,771) — (186,771) Other significant items: Segment assets 786,708 51,046 837,754 (62,157) 775,597 Inventory 9,022 327 9,349 — 9,349 (1) Represents the eliminations of all intercompany balances and transactions during the period presented. One customer accounted for 31% of the Company’s revenue for the three months ended June 30, 2023. Two customers accounted for 29% and 16% of the Company’s revenue for the six months ended June 30, 2023. One customer accounted for 24% of the Company’s revenue for the three months ended June 30, 2022. Two customers accounted for 35% and 15% of the Company’s revenue for the six months ended June 30, 2022. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pay vs Performance Disclosure | ||||
Net loss | $ (141,756) | $ (95,239) | $ (288,530) | $ (183,572) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Annual Report”) filed with the SEC on February 28, 2023. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. All intercompany transactions and balances have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, equity, revenues and expenses, and related disclosures. The significant estimates made by management include inventory reserves, useful life of long-lived assets, valuation allowance for deferred tax assets, valuation of warrants issued in a private placement (“Private Warrants”), valuation of assets acquired in mergers and acquisitions including intangible assets, forecasted costs associated with non-recurring engineering (“NRE”) services, product warranty reserves, stock-based compensation expense and other loss contingencies. Management periodically evaluates such estimates and they are adjusted prospectively based upon such periodic evaluation. Actual results could differ from those estimates. |
Segment Information | Segment Information The Company has determined its operating segments using the same indicators which are used to evaluate its performance internally. The Company’s business activities are organized in two operating segments: (i) “Autonomy Solutions,” which includes manufacturing and distribution of lidar sensors that measure distance using laser light to generate a 3D map, non-recurring engineering services related to the Company’s lidar products, development of software products that enable autonomy capabilities for automotive applications, and licensing of the Company’s intellectual property (“IP”). In January 2023, the Company acquired certain assets from Seagate Technology LLC and Seagate Singapore International Headquarters Pte. Ltd. (individually and collectively, “Seagate”). Assets purchased from Seagate have been included in the Autonomy Solutions segment. (ii) “Advanced Technologies and Services” (“ATS”), which includes development of application-specific integrated circuits, pixel-based sensors, advanced lasers, as well as designing, testing and providing consulting services for non-standard integrated circuits. |
Concentration of Credit Risk | Concentration of Credit Risk The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents, debt securities and accounts receivable. The Company’s deposits exceed federally insured limits. Cash held by foreign subsidiaries of the Company as of June 30, 2023 and December 31, 2022 was not material. |
Recent Accounting Pronouncements Not Yet Effective | Recent Accounting Pronouncements Not Yet Effective The Company has reviewed, or is in the process of evaluating, all issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such accounting pronouncements will cause a material impact on its consolidated financial position, operating results or statements of cash flows. |
Fair Value Measurements | Fair Value Measurements As of June 30, 2023, the Company carried cash equivalents, marketable investments and Private Warrants that are measured at fair value on a recurring basis. Additionally, the Company measures its equity settled fixed value awards at fair value on a recurring basis. See Note 11 for further information on the Company’s fixed value equity awards. Fair value is based on the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1 — Observable inputs, which include unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than Level 1 inputs, such as quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 — Unobservable inputs that are supported by little or no market activity and that are based on management’s assumptions, including fair value measurements determined by using pricing models, discounted cash flow methodologies or similar techniques. The Company determined the fair value of its Level 1 financial instruments, which are traded in active markets, using quoted market prices for identical instruments. |
Business Combinations and Acq_2
Business Combinations and Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Purchase Price Allocation To Assets Acquired | The following table summarizes the purchase price allocation to assets acquired (in thousands): Recorded Value Property plant and equipment $ 3,163 Developed Technology (1) 8,240 Goodwill (2) 1,063 Other assets 142 Net assets acquired $ 12,608 (1) Technology and IP Licenses were measured using the cost approach. Significant inputs used as part of the valuation of intangible assets include personnel costs, overhead costs, developer’s profit, and expected time to reproduce. (2) Goodwill is the excess of the consideration transferred over the net assets recognized and represents the expected future economic benefits as a result of other assets acquired that could not be individually identified and separately recognized. Goodwill is not amortized. The factors that made up the goodwill recognized included workforce and expected synergies derived from the technology application to the Company’s current technological platforms. The entire amount of goodwill is expected to be deductible for tax purposes and is allocated to the Autonomy Solutions segment, which is also deemed the reporting unit. |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Asset Acquisition | Identifiable intangible assets recognized (in thousands): Useful Life Recorded Value Developed technology 4 — 6 years $ 8,240 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | 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, 2023 2022 Revenue % of Revenue Revenue % of Revenue Revenue by primary geographical market: North America $ 13,776 85 % $ 8,716 88 % Asia Pacific 393 2 % 932 9 % Europe and Middle East 2,028 13 % 284 3 % Total $ 16,197 100 % $ 9,932 100 % Revenue by timing of recognition: Recognized at a point in time $ 9,932 61 % $ 1,798 18 % Recognized over time 6,265 39 % 8,134 82 % Total $ 16,197 100 % $ 9,932 100 % Revenue by segment: Autonomy Solutions $ 9,738 60 % $ 4,179 42 % ATS 6,459 40 % 5,753 58 % Total $ 16,197 100 % $ 9,932 100 % Six Months Ended June 30, 2023 2022 Revenue % of Revenue Revenue % of Revenue Revenue by primary geographical market: North America $ 26,974 88 % $ 13,684 81 % Asia Pacific 985 3 % 2,792 17 % Europe and Middle East 2,747 9 % 311 2 % Total $ 30,706 100 % $ 16,787 100 % Revenue by timing of recognition: Recognized at a point in time $ 17,290 56 % $ 3,339 20 % Recognized over time 13,416 44 % 13,448 80 % Total $ 30,706 100 % $ 16,787 100 % Revenue by segment: Autonomy Solutions $ 20,411 66 % $ 10,077 60 % ATS 10,295 34 % 6,710 40 % Total $ 30,706 100 % $ 16,787 100 % |
Schedule of Opening and Closing Balances of Contract Liabilities and Significant Changes in Contract Liabilities | The opening and closing balances of contract assets were as follows (in thousands): June 30, 2023 December 31, 2022 Contract assets, current $ 8,038 $ 15,395 Contract assets, non-current 7,513 2,575 Ending balance $ 15,551 $ 17,970 The significant changes in contract assets balances consisted of the following (in thousands): June 30, 2023 December 31, 2022 Beginning balance $ 17,970 $ 9,907 Amounts billed that were included in the contract assets beginning balance (8,373) (4,228) Revenue recognized for performance obligations that have been satisfied but for which amounts have not been billed 5,954 12,291 Ending balance $ 15,551 $ 17,970 The opening and closing balances of contract liabilities were as follows (in thousands): June 30, 2023 December 31, 2022 Contract liabilities, current $ 4,143 $ 1,993 Contract liabilities, non-current — 1,015 Ending balance $ 4,143 $ 3,008 The significant changes in contract liabilities balances consisted of the following (in thousands): June 30, 2023 December 31, 2022 Beginning balance $ 3,008 $ 898 Revenue recognized that was included in the contract liabilities beginning balance (1,615) (489) Increase due to cash received and not recognized as revenue and billings in excess of revenue recognized during the period 2,750 2,599 Ending balance $ 4,143 $ 3,008 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Debt Securities, Available-for-sale | The Company’s investments in debt securities consisted of the following as of June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 Cost Gross Gross Fair Value U.S. treasury securities $ 210,583 $ 47 $ (749) $ 209,881 Commercial paper 7,467 — (14) 7,453 Corporate bonds 43,946 2 (91) 43,857 Asset-backed securities 981 — (3) 978 Total debt securities $ 262,977 $ 49 $ (857) $ 262,169 Included in marketable securities 262,977 49 (857) 262,169 December 31, 2022 Cost Gross Gross Fair Value U.S. treasury securities $ 191,075 $ 3 $ (2,598) $ 188,480 U.S. agency and government sponsored securities 4,999 — (75) 4,924 Commercial paper 74,755 — (232) 74,523 Corporate bonds 111,123 — (1,214) 109,909 Asset-backed securities 11,945 — (110) 11,835 Total debt securities $ 393,897 $ 3 $ (4,229) $ 389,671 Included in marketable securities $ 393,897 $ 3 $ (4,229) $ 389,671 |
Schedule of Gross Unrealized Losses and the Fair Value for Marketable Investments | The following table presents the gross unrealized losses and the fair value for those debt securities that were in an unrealized loss position for less than 12 months as of June 30, 2023 and December 31, 2022 (in thousands): June 30, 2023 December 31, 2022 Gross Fair Value Gross Fair Value U.S. treasury securities $ (749) $ 159,069 $ (2,598) $ 158,888 U.S. agency and government sponsored securities — — (75) 4,924 Commercial paper (14) 7,453 (232) 74,523 Corporate bonds (91) 39,729 (1,214) 109,909 Asset-backed securities (3) 978 (110) 11,835 Total $ (857) $ 207,229 $ (4,229) $ 360,079 |
Schedule of Equity Investments Included in Marketable Securities | The Company’s equity investments consisted of the following as of June 30, 2023 and December 31, 2022 (in thousands): Condensed Consolidated Balance Sheets Location June 30, 2023 December 31, 2022 Money market funds (1) Cash and cash equivalents $ 55,517 $ 42,056 Marketable equity investments (1) Marketable securities 14,509 29,643 Non-marketable equity investment measured using the measurement alternative (2) Other non-current assets 4,000 4,000 Total $ 74,026 $ 75,699 (1) Investments with readily determinable fair values. (2) Investment in privately held company without readily determinable fair value. |
Financial Statement Components
Financial Statement Components (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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, 2023 December 31, 2022 Cash $ 33,598 $ 27,496 Money market funds 55,517 42,056 Total cash and cash equivalents $ 89,115 $ 69,552 |
Schedule of Inventories, net | Inventory comprised of the following (in thousands): June 30, 2023 December 31, 2022 Raw materials $ 11,461 $ 3,614 Work-in-process 3,190 2,329 Finished goods 5,666 2,849 Total inventories, net $ 20,317 $ 8,792 |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following (in thousands): June 30, 2023 December 31, 2022 Prepaid expenses $ 10,942 $ 15,653 Contract assets 8,038 15,395 Advance payments to vendors 7,031 7,919 Other receivables 3,938 5,236 Total prepaid expenses and other current assets $ 29,949 $ 44,203 |
Schedule of Property and Equipment | Property and equipment consisted of the following (in thousands): June 30, 2023 December 31, 2022 Machinery and equipment $ 55,423 $ 14,047 Computer hardware and software 8,431 6,797 Land 1,001 1,001 Leasehold improvements 19,139 885 Vehicles, including demonstration fleet 3,353 3,222 Furniture and fixtures 818 818 Construction in progress 6,508 13,642 Total property and equipment 94,673 40,412 Accumulated depreciation and amortization (15,529) (10,152) Total property and equipment, net $ 79,144 $ 30,260 |
Schedule of Finite-Lived Intangible Assets | The following table summarizes the activity in the Company’s intangible assets (in thousands): June 30, 2023 December 31, 2022 Beginning of the period $ 22,077 $ 2,424 Additions 8,240 21,890 Amortization expense (2,160) (2,237) End of the period $ 28,157 $ 22,077 The components of intangible assets were as follows (in thousands): June 30, 2023 December 31, 2022 Gross Accumulated Net Weighted Average Gross Accumulated Net Weighted Customer relationships $ 3,730 $ (1,071) $ 2,659 4.0 $ 3,730 $ (664) $ 3,066 4.4 Customer backlog 650 (488) 162 0.4 650 (292) 358 0.9 Tradename 620 (276) 344 2.8 620 (214) 406 3.3 Assembled workforce 130 (130) — — 130 (130) — — Developed technology 20,150 (2,658) 17,492 6.1 11,910 (1,163) 10,747 7.5 IPR&D 7,500 — 7,500 — 7,500 — 7,500 — Total intangible assets $ 32,780 $ (4,623) $ 28,157 5.7 $ 24,540 $ (2,463) $ 22,077 6.6 |
Schedule of Future Amortization Expense | As of June 30, 2023, the expected future amortization expense for intangible assets was as follows (in thousands): Period Expected Future 2023 (remaining six months) $ 2,163 2024 4,001 2025 4,001 2026 3,354 2027 3,138 Thereafter 4,000 IPR&D 7,500 Total $ 28,157 |
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, 2022 $ 687 $ 18,129 $ 18,816 Goodwill related to acquisition of Seagate’s lidar business (see Note 3) 1,063 — 1,063 Balance as of June 30, 2023 $ 1,750 $ 18,129 $ 19,879 |
Schedule of Other Noncurrent Assets | Other non-current assets consisted of the following (in thousands): June 30, 2023 December 31, 2022 Security deposits $ 2,386 $ 5,495 Non-marketable equity investment 4,000 4,000 Advance payment for capital projects — 27,683 Contract assets 7,513 2,575 Other non-current assets 2,403 591 Total other non-current assets $ 16,302 $ 40,344 |
Schedule of Accrued and Other Current Liabilities | Accrued and other current liabilities consisted of the following (in thousands): June 30, 2023 December 31, 2022 Accrued compensation and benefits $ 26,847 $ 16,682 Accrued expenses 21,853 22,358 Contract losses 7,580 7,526 Warranty reserves 4,734 3,584 Contract liabilities 4,143 1,993 Accrued interest payable and other liabilities 882 819 Total accrued and other current liabilities $ 66,039 $ 52,962 |
Convertible Senior Notes and _2
Convertible Senior Notes and Capped Call Transactions (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Net Carrying Amount | The net carrying amount of the Convertible Senior Notes was as follows (in thousands): June 30, 2023 December 31, 2022 Principal $ 625,000 $ 625,000 Unamortized debt discount and issuance costs (11,190) (12,808) Net carrying amount $ 613,810 $ 612,192 |
Schedule of Interest Expense | The following table sets forth the interest expense recognized related to the Convertible Senior Notes (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Contractual interest expense $ 1,948 $ 1,948 $ 3,874 $ 3,874 Amortization of debt discount and issuance costs 809 809 1,618 1,618 Total interest expense $ 2,757 $ 2,757 $ 5,492 $ 5,492 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Changes in Level 3 Liabilities Measured at Fair Value | The following table presents changes in Level 3 liabilities relating to Private Warrants measured at fair value (in thousands): Private Warrants Balance as of December 31, 2022 $ 3,005 Change in fair value of outstanding warrants 1,028 Balance as of June 30, 2023 $ 4,033 |
Schedule of Financial Assets and Liabilities Subject to Fair Value Measurements on a Recurring Basis and the Level of Inputs Used | The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (in thousands): Fair Value (in thousands) Measured as of June 30, 2023 Using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 55,517 $ — $ — $ 55,517 Total cash equivalents $ 55,517 $ — $ — $ 55,517 Marketable investments: U.S. treasury securities $ 209,881 $ — $ — $ 209,881 Commercial paper — 7,453 — 7,453 Corporate bonds — 43,857 — 43,857 Asset-backed securities — 978 — 978 Marketable equity investments 14,509 — — 14,509 Total marketable investments $ 224,390 $ 52,288 $ — $ 276,678 Liabilities: Private Warrants $ — $ — $ 4,033 $ 4,033 Fair Value (in thousands) Measured as of December 31, 2022 Using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 42,056 $ — $ — $ 42,056 Total cash equivalents $ 42,056 $ — $ — $ 42,056 Marketable investments: U.S. treasury securities $ 188,480 $ — $ — $ 188,480 U.S. agency and government sponsored securities — 4,924 — 4,924 Commercial paper — 74,523 — 74,523 Corporate bonds — 109,909 — 109,909 Asset-backed securities — 11,835 — 11,835 Marketable equity investments 29,643 — — 29,643 Total marketable investments $ 218,123 $ 201,191 $ — $ 419,314 Liabilities: Private Warrants $ — $ — $ 3,005 $ 3,005 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Loss Per Share | The following table sets forth the computation of basic and diluted loss per share for the three and six months ended June 30, 2023 and 2022 (in thousands, except for share and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Numerator: Net loss $ (141,756) $ (95,239) $ (288,530) $ (183,572) Denominator: Weighted average common shares outstanding—Basic 382,424,675 352,054,529 376,616,066 350,378,494 Weighted average common shares outstanding—Diluted 382,424,675 352,054,529 376,616,066 350,378,494 Net loss per share—Basic and Diluted $ (0.37) $ (0.27) $ (0.77) $ (0.52) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table presents the potential shares of common stock outstanding that were excluded from the computation of diluted net loss per share of common stock as of the periods presented because including them would have been antidilutive or related contingencies on issuance of shares had not been met as of June 30, 2023: June 30, 2023 Warrants 5,757,549 Stock-based awards—Equity classified 36,511,687 Stock-based awards—Liability classified 9,789,753 Vendor stock-in-lieu of cash program 500,969 Option issued to a wholly owned subsidiary of TPK 1,652,892 Convertible Senior Notes 31,279,716 Earn-out shares 8,606,717 Total 94,099,283 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Schedule of Vendor Stock-in-lieu of Cash Program | The Company’s vendor Stock-in-lieu of Cash Program activity for the six months ended June 30, 2023 was as follows: Shares Weighted Average Unvested shares as of December 31, 2022 1,047,151 $ 11.90 Granted 6,115,092 6.15 Vested (4,588,812) 6.72 Unvested shares as of June 30, 2023 2,573,431 7.47 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock Option Activity | The Company’s stock option activity for the six months ended June 30, 2023 was as follows: Number of Weighted- Weighted- Aggregate Outstanding as of December 31, 2022 8,162,850 $ 1.74 Exercised (987,653) 1.67 Cancelled/Forfeited (254,010) 1.67 Outstanding as of June 30, 2023 6,921,187 1.75 6.49 $ 36,209 |
Schedule of Restricted Stock Awards Activity | The Company’s RSAs activity for the six months ended June 30, 2023 was as follows: Shares Weighted Average Outstanding as of December 31, 2022 64,486 $ 1.29 Vested (64,486) 1.29 Outstanding as of June 30, 2023 — — The Company’s Time-Based RSUs and Performance-Based and Other RSUs activity (the Company disclosed RSUs activity on an aggregated basis in filings prior to this Form 10-Q for the quarterly period ended June 30, 2023) for the six months ended June 30, 2023 was as follows: Time-Based RSUs Performance-Based and Other RSUs Shares Weighted Average Shares Weighted Average Outstanding as of December 31, 2022 25,010,689 $ 12.76 583,347 $ 8.39 Granted 13,318,819 7.17 961,187 8.58 Forfeited (1,598,623) 11.12 (12,832) 8.58 Vested (7,481,325) 11.82 (31,282) 8.58 Change in units based on performance — — (404,323) 9.90 Outstanding as of June 30, 2023 29,249,560 10.54 1,096,097 7.99 The Company’s management awards activity for the six months ended June 30, 2023 was as follows: Shares Weighted Average Outstanding as of December 31, 2022 11,800,000 $ 8.48 Granted 370,000 6.80 Outstanding as of June 30, 2023 12,170,000 8.43 |
Schedule of Stock-based Compensation Expense by Function | Stock-based compensation expense by function was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Cost of sales $ 1,925 $ 6,989 $ 4,587 $ 8,775 Research and development 20,541 8,714 38,012 15,816 Sales and marketing 9,792 2,741 15,620 5,609 General and administrative 26,937 20,181 56,930 35,123 Total $ 59,195 $ 38,625 $ 115,149 $ 65,323 Stock-based compensation expense by type of award was as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Equity Classified Awards: Stock options $ 534 $ 748 $ 1,261 $ 1,270 RSAs 1 187 61 21 RSUs 34,706 32,540 73,038 54,049 Management awards 5,840 — 11,499 — ESPP 345 157 748 157 Liability Classified Awards: Equity settled fixed value 3,035 1,741 5,916 3,521 Optogration 3,078 394 5,659 3,447 Freedom Photonics 4,977 2,800 9,532 2,800 Other 6,679 58 7,435 58 Total $ 59,195 $ 38,625 $ 115,149 $ 65,323 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Schedule of Components of Lease Expenses, Supplemental Cash Flow Information, Weighted Average Remaining Terms, and Weighted Average Discount Rates | The components of lease expenses were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Operating lease cost $ 2,028 $ 1,597 $ 4,000 $ 2,713 Variable lease cost 518 515 1,034 1,070 Total operating lease cost $ 2,546 $ 2,112 $ 5,034 $ 3,783 Supplemental cash flow information related to leases was as follows (in thousands): Six Months Ended June 30, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Cash paid for operating leases included in operating activities $ (3,881) $ (2,857) Right of use assets obtained in exchange for lease obligations: Operating leases 2,948 9,993 Weighted average remaining terms were as follows (in years): June 30, 2023 December 31, 2022 Weighted average remaining lease term Operating leases 4.14 4.43 Weighted average discount rates were as follows: June 30, 2023 December 31, 2022 Weighted average discount rate Operating leases 5.90 % 5.45 % |
Schedule of Supplemental Balance Sheet Information | Supplemental balance sheet information related to leases was as follows (in thousands): June 30, 2023 December 31, 2022 Operating leases: Operating lease right-of-use assets $ 21,043 $ 21,244 Operating lease liabilities: Operating lease liabilities, current $ 6,071 $ 5,953 Operating lease liabilities, non-current 16,701 16,989 Total operating lease liabilities $ 22,772 $ 22,942 |
Schedule of Maturities of Lease Liabilities | Maturities of lease liabilities were as follows (in thousands): Operating Leases Year Ending December 31, 2023 (remaining six months) $ 3,240 2024 5,892 2025 5,789 2026 5,310 2027 4,208 2028 1,363 Total lease payments 25,802 Less: imputed interest (3,030) Total leases liabilities $ 22,772 |
Segment and Customer Concentr_2
Segment and Customer Concentration Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Operating Results and Reconciliations to the Consolidated Balances | 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 consolidated balances are as follows (in thousands): Three Months Ended June 30, 2023 Autonomy ATS Total Eliminations (1) Total Revenues from external customers $ 9,738 $ 6,459 $ 16,197 $ — $ 16,197 Depreciation and amortization 3,866 683 4,549 — 4,549 Operating income (loss) (120,162) (22,234) (142,396) (1,496) (143,892) Other significant items: Segment assets 708,853 73,664 782,517 (182,743) 599,774 Inventories, net 19,679 676 20,355 (38) 20,317 Three Months Ended June 30, 2022 Autonomy ATS Total Eliminations (1) Total Revenues from external customers $ 4,179 $ 5,753 $ 9,932 $ — $ 9,932 Depreciation and amortization 976 763 1,739 — 1,739 Operating income (loss) (105,592) 728 (104,864) 424 (104,440) Other significant items: Segment assets 786,708 51,046 837,754 (62,157) 775,597 Inventory 9,022 327 9,349 — 9,349 Six Months Ended June 30, 2023 Autonomy ATS Total Eliminations (1) Total Revenues from external customers $ 20,411 $ 10,295 $ 30,706 $ — $ 30,706 Depreciation and amortization 6,192 1,344 7,536 — 7,536 Operating income (loss) (261,851) (22,830) (284,681) (1,106) (285,787) Other significant items: Segment assets 708,853 73,664 782,517 (182,743) 599,774 Inventory 19,679 676 20,355 (38) 20,317 Six Months Ended June 30, 2022 Autonomy ATS Total Eliminations (1) Total Revenues from external customers $ 10,077 $ 6,710 $ 16,787 $ — $ 16,787 Depreciation and amortization 1,520 1,024 2,544 — 2,544 Operating income (loss) (187,769) 998 (186,771) — (186,771) Other significant items: Segment assets 786,708 51,046 837,754 (62,157) 775,597 Inventory 9,022 327 9,349 — 9,349 (1) Represents the eliminations of all intercompany balances and transactions during the period presented. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies - Segment Information (Details) | 6 Months Ended |
Jun. 30, 2023 operating_segment | |
Accounting Policies [Abstract] | |
Number of operating segments | 2 |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies - Concentration of Credit Risk (Details) - Accounts Receivable - Customer Concentration Risk | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Customer One | ||
Concentration Risk [Line Items] | ||
Percentage of accounts receivable (as percent) | 54% | 27% |
Customer Two | ||
Concentration Risk [Line Items] | ||
Percentage of accounts receivable (as percent) | 23% | |
Customer Three | ||
Concentration Risk [Line Items] | ||
Percentage of accounts receivable (as percent) | 11% |
Business Combinations and Acq_3
Business Combinations and Acquisitions - Narrative (Details) $ in Millions | Jan. 18, 2023 USD ($) |
Seagate | |
Business Acquisition [Line Items] | |
Asset acquisition, consideration transferred | $ 12.6 |
Business Combinations and Acq_4
Business Combinations and Acquisitions - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Business Acquisition [Line Items] | |||
Finite-lived intangible assets acquired | $ 8,240 | $ 21,890 | |
Seagate | |||
Business Acquisition [Line Items] | |||
Property plant and equipment | $ 3,163 | ||
Goodwill | 1,063 | ||
Other assets | 142 | ||
Net assets acquired | 12,608 | ||
Seagate | Autonomy Solutions | |||
Business Acquisition [Line Items] | |||
Goodwill | 1,063 | $ 1,063 | |
Seagate | Developed technology | |||
Business Acquisition [Line Items] | |||
Finite-lived intangible assets acquired | $ 8,240 |
Business Combinations and Acq_5
Business Combinations and Acquisitions - Components of Intangible Assets and Estimated Useful Lives (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jan. 18, 2023 | Dec. 31, 2022 |
Business Acquisition [Line Items] | |||
Useful Life | 5 years 8 months 12 days | 6 years 7 months 6 days | |
Developed technology | |||
Business Acquisition [Line Items] | |||
Useful Life | 6 years 1 month 6 days | 7 years 6 months | |
Recorded Value | $ 20,150 | $ 11,910 | |
Seagate | Developed technology | |||
Business Acquisition [Line Items] | |||
Recorded Value | $ 8,240 | ||
Seagate | Developed technology | Minimum | |||
Business Acquisition [Line Items] | |||
Useful Life | 4 years | ||
Seagate | Developed technology | Maximum | |||
Business Acquisition [Line Items] | |||
Useful Life | 6 years |
Revenue - Schedule of Disaggreg
Revenue - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 16,197 | $ 9,932 | $ 30,706 | $ 16,787 |
Revenue from contract with customer benchmark | Geographic Concentration Risk | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of revenue (as percent) | 100% | 100% | 100% | 100% |
Revenue from contract with customer benchmark | Revenue Recognition Timing Concentration Risk | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of revenue (as percent) | 100% | 100% | 100% | 100% |
Revenue from contract with customer benchmark | Segment Concentration Risk | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of revenue (as percent) | 100% | 100% | 100% | 100% |
Autonomy Solutions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 9,738 | $ 4,179 | $ 20,411 | $ 10,077 |
Autonomy Solutions | Revenue from contract with customer benchmark | Segment Concentration Risk | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of revenue (as percent) | 60% | 42% | 66% | 60% |
ATS | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 6,459 | $ 5,753 | $ 10,295 | $ 6,710 |
ATS | Revenue from contract with customer benchmark | Segment Concentration Risk | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of revenue (as percent) | 40% | 58% | 34% | 40% |
Recognized at a point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 9,932 | $ 1,798 | $ 17,290 | $ 3,339 |
Recognized at a point in time | Revenue from contract with customer benchmark | Revenue Recognition Timing Concentration Risk | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of revenue (as percent) | 61% | 18% | 56% | 20% |
Recognized over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 6,265 | $ 8,134 | $ 13,416 | $ 13,448 |
Recognized over time | Revenue from contract with customer benchmark | Revenue Recognition Timing Concentration Risk | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of revenue (as percent) | 39% | 82% | 44% | 80% |
North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 13,776 | $ 8,716 | $ 26,974 | $ 13,684 |
North America | Revenue from contract with customer benchmark | Geographic Concentration Risk | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of revenue (as percent) | 85% | 88% | 88% | 81% |
Asia Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 393 | $ 932 | $ 985 | $ 2,792 |
Asia Pacific | Revenue from contract with customer benchmark | Geographic Concentration Risk | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of revenue (as percent) | 2% | 9% | 3% | 17% |
Europe and Middle East | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 2,028 | $ 284 | $ 2,747 | $ 311 |
Europe and Middle East | Revenue from contract with customer benchmark | Geographic Concentration Risk | ||||
Disaggregation of Revenue [Line Items] | ||||
Percentage of revenue (as percent) | 13% | 3% | 9% | 2% |
Revenue - Narrative (Details)
Revenue - Narrative (Details) | Mar. 31, 2020 tranche |
VCTF warrant | |
Class of Warrant or Right [Line Items] | |
Number of tranches | 2 |
Revenue - Schedule of Opening a
Revenue - Schedule of Opening and Closing Balances of Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Revenue from Contract with Customer [Abstract] | |||
Contract assets, current | $ 8,038 | $ 15,395 | |
Contract assets, non-current | 7,513 | 2,575 | |
Contract with customer, asset, total | 15,551 | 17,970 | $ 9,907 |
Contract liabilities, current | 4,143 | 1,993 | |
Contract liabilities, non-current | 0 | 1,015 | |
Contract with customer, liability, total | $ 4,143 | $ 3,008 | $ 898 |
Revenue - Schedule of Significa
Revenue - Schedule of Significant Changes in Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Contract With Customer Asset [Roll Forward] | ||
Beginning balance | $ 17,970 | $ 9,907 |
Amounts billed that were included in the contract assets beginning balance | (8,373) | (4,228) |
Revenue recognized for performance obligations that have been satisfied but for which amounts have not been billed | 5,954 | 12,291 |
Ending balance | 15,551 | 17,970 |
Contract with Customer, Liability [Roll Forward] | ||
Beginning balance | 3,008 | 898 |
Revenue recognized that was included in the contract liabilities beginning balance | (1,615) | (489) |
Increase due to cash received and not recognized as revenue and billings in excess of revenue recognized during the period | 2,750 | 2,599 |
Ending balance | $ 4,143 | $ 3,008 |
Revenue - Remaining Performance
Revenue - Remaining Performance Obligations (Details) $ in Millions | Jun. 30, 2023 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 31.8 |
Revenue, remaining performance obligation, percentage | 86% |
Revenue, remaining performance obligation, period | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, period | 12 months |
Investments - Schedule of Debt
Investments - Schedule of Debt Securities, Available-for-sale (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Cost | $ 262,977 | $ 393,897 |
Gross Unrealized Gains | 49 | 3 |
Gross Unrealized Losses | (857) | (4,229) |
Fair Value | 262,169 | 389,671 |
Included in marketable securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 262,977 | 393,897 |
Gross Unrealized Gains | 49 | 3 |
Gross Unrealized Losses | (857) | (4,229) |
Fair Value | 262,169 | 389,671 |
U.S. treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 210,583 | 191,075 |
Gross Unrealized Gains | 47 | 3 |
Gross Unrealized Losses | (749) | (2,598) |
Fair Value | 209,881 | 188,480 |
U.S. agency and government sponsored securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 4,999 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (75) | |
Fair Value | 4,924 | |
Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 7,467 | 74,755 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (14) | (232) |
Fair Value | 7,453 | 74,523 |
Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 43,946 | 111,123 |
Gross Unrealized Gains | 2 | 0 |
Gross Unrealized Losses | (91) | (1,214) |
Fair Value | 43,857 | 109,909 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cost | 981 | 11,945 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (3) | (110) |
Fair Value | $ 978 | $ 11,835 |
Investments - Schedule of Gross
Investments - Schedule of Gross Unrealized Losses and the Fair Value for Marketable Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Gross Unrealized Losses | $ (857) | $ (4,229) |
Fair Value | 207,229 | 360,079 |
U.S. treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Gross Unrealized Losses | (749) | (2,598) |
Fair Value | 159,069 | 158,888 |
U.S. agency and government sponsored securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Gross Unrealized Losses | 0 | (75) |
Fair Value | 0 | 4,924 |
Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Gross Unrealized Losses | (14) | (232) |
Fair Value | 7,453 | 74,523 |
Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Gross Unrealized Losses | (91) | (1,214) |
Fair Value | 39,729 | 109,909 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Gross Unrealized Losses | (3) | (110) |
Fair Value | $ 978 | $ 11,835 |
Investments - Narrative (Detail
Investments - Narrative (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-sale securities in excess of fair value | $ 857,000 | $ 4,229,000 |
Allowance for credit loss | $ 0 |
Investments - Schedule of Equit
Investments - Schedule of Equity Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Total | $ 74,026 | $ 75,699 |
Money market funds | Cash and cash equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Marketable equity investments | 55,517 | 42,056 |
Marketable equity investments | Marketable securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Marketable equity investments | 14,509 | 29,643 |
Non-marketable equity investment | Other non-current assets | ||
Debt Securities, Available-for-sale [Line Items] | ||
Non-marketable equity investment measured using the measurement alternative | $ 4,000 | $ 4,000 |
Financial Statement Component_2
Financial Statement Components - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Cash | $ 33,598 | $ 27,496 |
Money market funds | 55,517 | 42,056 |
Total cash and cash equivalents | $ 89,115 | $ 69,552 |
Financial Statement Component_3
Financial Statement Components - Schedule of Inventories, net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Raw materials | $ 11,461 | $ 11,461 | $ 3,614 | ||
Work-in-process | 3,190 | 3,190 | 2,329 | ||
Finished goods | 5,666 | 5,666 | 2,849 | ||
Total inventories, net | 20,317 | $ 9,349 | 20,317 | $ 9,349 | $ 8,792 |
Inventory write-downs | $ 8,000 | $ 3,400 | $ 13,432 | $ 4,778 |
Financial Statement Component_4
Financial Statement Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Prepaid expenses | $ 10,942 | $ 15,653 |
Contract assets | 8,038 | 15,395 |
Advance payments to vendors | 7,031 | 7,919 |
Other receivables | 3,938 | 5,236 |
Total prepaid expenses and other current assets | $ 29,949 | $ 44,203 |
Financial Statement Component_5
Financial Statement Components - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Property, Plant and Equipment [Line Items] | |||||
Total property and equipment | $ 94,673 | $ 94,673 | $ 40,412 | ||
Accumulated depreciation and amortization | (15,529) | (15,529) | (10,152) | ||
Total property and equipment, net | 79,144 | 79,144 | 30,260 | ||
Depreciation and amortization | 3,500 | $ 900 | 5,400 | $ 1,700 | |
Machinery and equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property and equipment | 55,423 | 55,423 | 14,047 | ||
Computer hardware and software | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property and equipment | 8,431 | 8,431 | 6,797 | ||
Land | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property and equipment | 1,001 | 1,001 | 1,001 | ||
Leasehold improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property and equipment | 19,139 | 19,139 | 885 | ||
Vehicles, including demonstration fleet | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property and equipment | 3,353 | 3,353 | 3,222 | ||
Furniture and fixtures | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property and equipment | 818 | 818 | 818 | ||
Construction in progress | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property and equipment | $ 6,508 | $ 6,508 | $ 13,642 |
Financial Statement Component_6
Financial Statement Components - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Intangible Assets (Including Goodwill) [Roll Forward] | |||||
Beginning of the period | $ 22,077 | $ 2,424 | $ 2,424 | ||
Additions | 8,240 | 21,890 | |||
Amortization expense | $ (1,100) | $ (800) | (2,160) | (900) | (2,237) |
End of the period | 28,157 | 28,157 | 22,077 | ||
Accumulated Amortization | $ (4,623) | $ (4,623) | $ (2,463) | ||
Weighted Average Remaining Period (Years) | 5 years 8 months 12 days | 5 years 8 months 12 days | 6 years 7 months 6 days | ||
Amortization expense | $ 1,100 | $ 800 | $ 2,160 | $ 900 | $ 2,237 |
Indefinite-Lived Intangible Assets [Line Items] | |||||
IPR&D | 7,500 | 7,500 | |||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||
Gross Carrying Amount | 32,780 | 32,780 | 24,540 | ||
Accumulated Amortization | (4,623) | (4,623) | (2,463) | ||
Total | 28,157 | 28,157 | 22,077 | ||
IPR&D | |||||
Indefinite-Lived Intangible Assets [Line Items] | |||||
IPR&D | 7,500 | 7,500 | 7,500 | ||
Customer relationships | |||||
Intangible Assets (Including Goodwill) [Roll Forward] | |||||
Gross Carrying Amount | 3,730 | 3,730 | 3,730 | ||
Accumulated Amortization | (1,071) | (1,071) | (664) | ||
Net Carrying Amount | $ 2,659 | $ 2,659 | $ 3,066 | ||
Weighted Average Remaining Period (Years) | 4 years | 4 years | 4 years 4 months 24 days | ||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||
Accumulated Amortization | $ (1,071) | $ (1,071) | $ (664) | ||
Customer backlog | |||||
Intangible Assets (Including Goodwill) [Roll Forward] | |||||
Gross Carrying Amount | 650 | 650 | 650 | ||
Accumulated Amortization | (488) | (488) | (292) | ||
Net Carrying Amount | $ 162 | $ 162 | $ 358 | ||
Weighted Average Remaining Period (Years) | 4 months 24 days | 4 months 24 days | 10 months 24 days | ||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||
Accumulated Amortization | $ (488) | $ (488) | $ (292) | ||
Tradename | |||||
Intangible Assets (Including Goodwill) [Roll Forward] | |||||
Gross Carrying Amount | 620 | 620 | 620 | ||
Accumulated Amortization | (276) | (276) | (214) | ||
Net Carrying Amount | $ 344 | $ 344 | $ 406 | ||
Weighted Average Remaining Period (Years) | 2 years 9 months 18 days | 2 years 9 months 18 days | 3 years 3 months 18 days | ||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||
Accumulated Amortization | $ (276) | $ (276) | $ (214) | ||
Assembled workforce | |||||
Intangible Assets (Including Goodwill) [Roll Forward] | |||||
Gross Carrying Amount | 130 | 130 | 130 | ||
Accumulated Amortization | (130) | (130) | (130) | ||
Net Carrying Amount | 0 | 0 | 0 | ||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||
Accumulated Amortization | (130) | (130) | (130) | ||
Developed technology | |||||
Intangible Assets (Including Goodwill) [Roll Forward] | |||||
Gross Carrying Amount | 20,150 | 20,150 | 11,910 | ||
Accumulated Amortization | (2,658) | (2,658) | (1,163) | ||
Net Carrying Amount | $ 17,492 | $ 17,492 | $ 10,747 | ||
Weighted Average Remaining Period (Years) | 6 years 1 month 6 days | 6 years 1 month 6 days | 7 years 6 months | ||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||||
Accumulated Amortization | $ (2,658) | $ (2,658) | $ (1,163) |
Financial Statement Component_7
Financial Statement Components - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
2023 (remaining six months) | $ 2,163 | |
2024 | 4,001 | |
2025 | 4,001 | |
2026 | 3,354 | |
2027 | 3,138 | |
Thereafter | 4,000 | |
IPR&D | 7,500 | |
Total | $ 28,157 | $ 22,077 |
Financial Statement Component_8
Financial Statement Components - Schedule of Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2023 | Jun. 30, 2023 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 18,816 | |
Ending balance | $ 19,879 | 19,879 |
Seagate | ||
Goodwill [Roll Forward] | ||
Goodwill related to acquisitions | 1,063 | |
Autonomy Solutions | ||
Goodwill [Roll Forward] | ||
Beginning balance | 687 | |
Ending balance | 1,750 | 1,750 |
Autonomy Solutions | Seagate | ||
Goodwill [Roll Forward] | ||
Goodwill related to acquisitions | 1,063 | 1,063 |
ATS | ||
Goodwill [Roll Forward] | ||
Beginning balance | 18,129 | |
Ending balance | $ 18,129 | 18,129 |
ATS | Seagate | ||
Goodwill [Roll Forward] | ||
Goodwill related to acquisitions | $ 0 |
Financial Statement Component_9
Financial Statement Components - Schedule of Other Noncurrent Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Security deposits | $ 2,386 | $ 5,495 |
Non-marketable equity investment | 4,000 | 4,000 |
Advance payment for capital projects | 0 | 27,683 |
Contract assets | 7,513 | 2,575 |
Other non-current assets | 2,403 | 591 |
Other non-current assets | $ 16,302 | $ 40,344 |
Financial Statement Componen_10
Financial Statement Components - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Accrued compensation and benefits | $ 26,847 | $ 26,847 | $ 16,682 | ||
Accrued expenses | 21,853 | 21,853 | 22,358 | ||
Contract losses | 7,580 | 7,580 | 7,526 | ||
Warranty reserves | 4,734 | 4,734 | 3,584 | ||
Contract liabilities | 4,143 | 4,143 | 1,993 | ||
Accrued interest payable and other liabilities | 882 | 882 | 819 | ||
Total accrued and other current liabilities | 66,039 | 66,039 | $ 52,962 | ||
Credit loss expense | $ 4,800 | $ 5,100 | $ 7,600 | $ 5,300 |
Convertible Senior Notes and _3
Convertible Senior Notes and Capped Call Transactions - Narrative (Details) | 1 Months Ended | 6 Months Ended | ||||||
Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) trading_day $ / shares | Dec. 31, 2021 USD ($) consecutive_trading_day $ / shares | Dec. 31, 2021 USD ($) consecutive_business_day $ / shares | Jun. 30, 2023 USD ($) $ / shares | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | ||||||||
Stock option, capped calls, initial strike price (in dollars per share) | $ / shares | $ 19.98 | $ 19.98 | $ 19.98 | $ 19.98 | $ 19.98 | $ 19.98 | ||
Stock option, capped calls, initial cap price (in dollars per share) | $ / shares | $ 30.16 | $ 30.16 | $ 30.16 | $ 30.16 | $ 30.16 | $ 30.16 | ||
Class A Common Stock | ||||||||
Debt Instrument [Line Items] | ||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | |||||||
Convertible Senior Notes Due 2026 | Convertible Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal | $ | $ 625,000,000 | $ 625,000,000 | $ 625,000,000 | $ 625,000,000 | $ 625,000,000 | $ 625,000,000 | $ 625,000,000 | $ 625,000,000 |
Interest rate (as a percent) | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% | ||
Proceeds from the issuance of debt | $ | $ 75,000,000 | |||||||
Proceeds from convertible debt | $ | $ 609,400,000 | |||||||
Debt instrument, convertible, shares issuable (in shares) | shares | 50.0475 | |||||||
Conversion price (in dollars per share) | $ / shares | $ 19.98 | $ 19.98 | $ 19.98 | $ 19.98 | $ 19.98 | $ 19.98 | ||
Debt issuance costs, net | $ | $ 16,200,000 | $ 16,200,000 | $ 16,200,000 | $ 16,200,000 | $ 16,200,000 | $ 16,200,000 | ||
Note term (in months) | 3 years 6 months | |||||||
Payments to purchase capped calls | $ | $ 73,400,000 | |||||||
Convertible Senior Notes Due 2026 | Convertible Debt | Debt Instrument, Redemption, Period One | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, convertible, threshold trading days | trading_day | 20 | |||||||
Debt instrument, convertible, threshold consecutive trading days | consecutive_trading_day | 30 | |||||||
Debt instrument, redemption price, percentage | 100% | |||||||
Convertible Senior Notes Due 2026 | Convertible Debt | Debt Instrument, Redemption, Period Two | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, convertible, threshold percentage of stock price trigger | 130% | |||||||
Debt instrument, convertible, threshold trading days | trading_day | 20 | |||||||
Debt instrument, convertible, threshold consecutive trading days | consecutive_trading_day | 30 | |||||||
Convertible Senior Notes Due 2026 | Convertible Debt | Debt Instrument, Redemption, Period Three | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, convertible, threshold trading days | 10 | 5 | ||||||
Debt instrument, convertible, threshold percent of conversion price triggering convertible feature | 98% | |||||||
Convertible Senior Notes Due 2026 | Convertible Debt | Class A Common Stock | ||||||||
Debt Instrument [Line Items] | ||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Convertible Senior Notes Due 2026 | Convertible Debt | Class A Common Stock | Debt Instrument, Redemption, Period One | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, convertible, threshold percentage of stock price trigger | 130% |
Convertible Senior Notes and _4
Convertible Senior Notes and Capped Call Transactions - Schedule of Net Carrying Amount (Details) - Convertible Senior Notes Due 2026 - Convertible Debt - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | |||
Principal | $ 625,000,000 | $ 625,000,000 | $ 625,000,000 |
Unamortized debt discount and issuance costs | (11,190,000) | (12,808,000) | |
Net carrying amount | $ 613,810,000 | $ 612,192,000 |
Convertible Senior Notes and _5
Convertible Senior Notes and Capped Call Transactions - Schedule of Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Debt Instrument [Line Items] | ||||
Total interest expense | $ 1,273 | $ 3,148 | $ 2,938 | $ 6,428 |
Convertible Senior Notes Due 2026 | Convertible Debt | ||||
Debt Instrument [Line Items] | ||||
Contractual interest expense | 1,948 | 1,948 | 3,874 | 3,874 |
Amortization of debt discount and issuance costs | 809 | 809 | 1,618 | 1,618 |
Total interest expense | $ 2,757 | $ 2,757 | $ 5,492 | $ 5,492 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Level 3 | Expected Term | Private Warrants | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants term (in years) | 2 years 5 months 4 days | |
Level 3 | Price Volatility | Private Warrants | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants outstanding, measurement input (percent) | 0.783 | |
Level 3 | Risk-Free Interest Rate | Private Warrants | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants outstanding, measurement input (percent) | 0.0471 | |
Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Convertible senior notes, fair value | $ 418,800,000 | $ 352,500,000 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Changes in Level 3 Liabilities Measured at Fair Value (Details) - Warrants - Private Warrants $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance at beginning of period | $ 3,005 |
Change in fair value of outstanding warrants | 1,028 |
Balance at end of period | $ 4,033 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Financial Assets and Liabilities Subject to Fair Value Measurements on a Recurring Basis and the Level of Inputs Used (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Assets: | ||
Marketable investments: | $ 262,169 | $ 389,671 |
Liabilities: | ||
Warrant liabilities | 4,033 | 3,005 |
U.S. treasury securities | ||
Assets: | ||
Marketable investments: | 209,881 | 188,480 |
U.S. agency and government sponsored securities | ||
Assets: | ||
Marketable investments: | 4,924 | |
Corporate bonds | ||
Assets: | ||
Marketable investments: | 43,857 | 109,909 |
Asset-backed securities | ||
Assets: | ||
Marketable investments: | 978 | 11,835 |
Fair Value, Recurring | ||
Assets: | ||
Total cash equivalents | 55,517 | 42,056 |
Marketable equity investments | 14,509 | 29,643 |
Total marketable investments | 276,678 | 419,314 |
Fair Value, Recurring | Private Warrants | ||
Liabilities: | ||
Warrant liabilities | 4,033 | 3,005 |
Fair Value, Recurring | U.S. treasury securities | ||
Assets: | ||
Marketable investments: | 209,881 | 188,480 |
Fair Value, Recurring | U.S. agency and government sponsored securities | ||
Assets: | ||
Marketable investments: | 4,924 | |
Fair Value, Recurring | Commercial paper | ||
Assets: | ||
Marketable investments: | 7,453 | 74,523 |
Fair Value, Recurring | Corporate bonds | ||
Assets: | ||
Marketable investments: | 43,857 | 109,909 |
Fair Value, Recurring | Asset-backed securities | ||
Assets: | ||
Marketable investments: | 978 | 11,835 |
Fair Value, Recurring | Money market funds | ||
Assets: | ||
Total cash equivalents | 55,517 | 42,056 |
Level 1 | Fair Value, Recurring | ||
Assets: | ||
Total cash equivalents | 55,517 | 42,056 |
Marketable equity investments | 14,509 | 29,643 |
Total marketable investments | 224,390 | 218,123 |
Level 1 | Fair Value, Recurring | Private Warrants | ||
Liabilities: | ||
Warrant liabilities | 0 | 0 |
Level 1 | Fair Value, Recurring | U.S. treasury securities | ||
Assets: | ||
Marketable investments: | 209,881 | 188,480 |
Level 1 | Fair Value, Recurring | U.S. agency and government sponsored securities | ||
Assets: | ||
Marketable investments: | 0 | |
Level 1 | Fair Value, Recurring | Commercial paper | ||
Assets: | ||
Marketable investments: | 0 | 0 |
Level 1 | Fair Value, Recurring | Corporate bonds | ||
Assets: | ||
Marketable investments: | 0 | 0 |
Level 1 | Fair Value, Recurring | Asset-backed securities | ||
Assets: | ||
Marketable investments: | 0 | 0 |
Level 1 | Fair Value, Recurring | Money market funds | ||
Assets: | ||
Total cash equivalents | 55,517 | 42,056 |
Level 2 | Fair Value, Recurring | ||
Assets: | ||
Total cash equivalents | 0 | 0 |
Marketable equity investments | 0 | 0 |
Total marketable investments | 52,288 | 201,191 |
Level 2 | Fair Value, Recurring | Private Warrants | ||
Liabilities: | ||
Warrant liabilities | 0 | 0 |
Level 2 | Fair Value, Recurring | U.S. treasury securities | ||
Assets: | ||
Marketable investments: | 0 | 0 |
Level 2 | Fair Value, Recurring | U.S. agency and government sponsored securities | ||
Assets: | ||
Marketable investments: | 4,924 | |
Level 2 | Fair Value, Recurring | Commercial paper | ||
Assets: | ||
Marketable investments: | 7,453 | 74,523 |
Level 2 | Fair Value, Recurring | Corporate bonds | ||
Assets: | ||
Marketable investments: | 43,857 | 109,909 |
Level 2 | Fair Value, Recurring | Asset-backed securities | ||
Assets: | ||
Marketable investments: | 978 | 11,835 |
Level 2 | Fair Value, Recurring | Money market funds | ||
Assets: | ||
Total cash equivalents | 0 | 0 |
Level 3 | Fair Value, Recurring | ||
Assets: | ||
Total cash equivalents | 0 | 0 |
Marketable equity investments | 0 | 0 |
Total marketable investments | 0 | 0 |
Level 3 | Fair Value, Recurring | Private Warrants | ||
Liabilities: | ||
Warrant liabilities | 4,033 | 3,005 |
Level 3 | Fair Value, Recurring | U.S. treasury securities | ||
Assets: | ||
Marketable investments: | 0 | 0 |
Level 3 | Fair Value, Recurring | U.S. agency and government sponsored securities | ||
Assets: | ||
Marketable investments: | 0 | |
Level 3 | Fair Value, Recurring | Commercial paper | ||
Assets: | ||
Marketable investments: | 0 | 0 |
Level 3 | Fair Value, Recurring | Corporate bonds | ||
Assets: | ||
Marketable investments: | 0 | 0 |
Level 3 | Fair Value, Recurring | Asset-backed securities | ||
Assets: | ||
Marketable investments: | 0 | 0 |
Level 3 | Fair Value, Recurring | Money market funds | ||
Assets: | ||
Total cash equivalents | $ 0 | $ 0 |
Earnings (Loss) Per Share - Sch
Earnings (Loss) Per Share - Schedule of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Numerator: | ||||
Net loss | $ (141,756) | $ (95,239) | $ (288,530) | $ (183,572) |
Denominator: | ||||
Weighted average common shares outstanding- Basic (in shares) | 382,424,675 | 352,054,529 | 376,616,066 | 350,378,494 |
Weighted average common shares outstanding- Diluted (in shares) | 382,424,675 | 352,054,529 | 376,616,066 | 350,378,494 |
Net loss per share - Basic (in dollars per share) | $ (0.37) | $ (0.27) | $ (0.77) | $ (0.52) |
Net loss per share - Diluted (in dollars per share) | $ (0.37) | $ (0.27) | $ (0.77) | $ (0.52) |
Earnings (Loss) Per Share - S_2
Earnings (Loss) Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) | 6 Months Ended |
Jun. 30, 2023 shares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Total (in shares) | 94,099,283 |
Warrants | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Total (in shares) | 5,757,549 |
Stock-based awards—Equity classified | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Total (in shares) | 36,511,687 |
Stock-based awards—Liability classified | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Total (in shares) | 9,789,753 |
Vendor stock-in-lieu of cash program | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Total (in shares) | 500,969 |
Option Issued to Wholly Owned Subsidiary of TPK | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Total (in shares) | 1,652,892 |
Convertible Senior Notes | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Total (in shares) | 31,279,716 |
Earn-out shares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Total (in shares) | 8,606,717 |
Earnings (Loss) Per Share - Nar
Earnings (Loss) Per Share - Narrative (Details) | Jun. 30, 2023 $ / shares |
Convertible Senior Notes | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Conversion price (in dollars per share) | $ 19.981 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
May 15, 2023 USD ($) shares | May 09, 2023 USD ($) shares | May 08, 2023 USD ($) shares | Feb. 28, 2023 USD ($) | Jun. 30, 2023 USD ($) vote $ / shares shares | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) vote $ / shares shares | Jun. 30, 2022 USD ($) | Dec. 31, 2022 shares | |
Class of Stock [Line Items] | |||||||||
Sale of stock, gross proceeds | $ | $ 610 | $ 659 | $ 1,649 | $ 1,744 | |||||
Vendor payments in shares in lieu of cash (in shares) | 6,115,092 | ||||||||
Vendor payments in stock in lieu of cash, liability | $ | $ 11,000 | $ 11,000 | |||||||
Pony. AI, Inc | |||||||||
Class of Stock [Line Items] | |||||||||
Vendor payments in shares in lieu of cash (in shares) | 1,564,822 | ||||||||
Private Warrants | |||||||||
Class of Stock [Line Items] | |||||||||
Warrants outstanding (in shares) | 1,668,269 | ||||||||
Warrants exercised (in shares) | 0 | 0 | |||||||
Share per warrant (in shares) | 1 | 1 | |||||||
Stock price of warrants (in dollars per share) | $ / shares | $ 11.50 | $ 11.50 | |||||||
Equity Financing Program | |||||||||
Class of Stock [Line Items] | |||||||||
Stock issuance sales agreement, authorized offering amount | $ | $ 75,000 | ||||||||
Sale of stock, gross proceeds | $ | $ 6,939 | $ 29,604 | |||||||
Class A Common Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Common stock, shares authorized (in shares) | 715,000,000 | 715,000,000 | |||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | |||||||
Common stock, shares issued (in shares) | 313,888,629 | 313,888,629 | |||||||
Common stock, shares outstanding (in shares) | 292,025,179 | 292,025,179 | |||||||
Common stock, votes per share | vote | 1 | 1 | |||||||
Sale of stock, shares issued in transaction | 1,652,892 | 1,652,892 | |||||||
Sale of stock, gross proceeds | $ | $ 10,000 | $ 10,000 | |||||||
Granted (in shares) | 1,652,892 | ||||||||
Option to purchase additional shares granted amount | $ | $ 10,000 | ||||||||
Award expiration period (in years) | 90 days | ||||||||
Class A Common Stock | Equity Financing Program | |||||||||
Class of Stock [Line Items] | |||||||||
Sale of stock (in shares) | 1,005,603 | 3,765,292 | |||||||
Sale of stock, gross proceeds | $ | $ 6,900 | $ 29,600 | |||||||
Common stock available for future issuance | $ | $ 45,100 | $ 45,100 | |||||||
Class B Common Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Common stock, shares authorized (in shares) | 121,000,000 | 121,000,000 | |||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | |||||||
Common stock, shares issued (in shares) | 97,088,670 | 97,088,670 | |||||||
Common stock, shares outstanding (in shares) | 97,088,670 | 97,088,670 | |||||||
Common stock, votes per share | vote | 10 | 10 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Vendor Stock-in-lieu of Cash Program (Details) - Vendor stock-in-lieu of cash program | 6 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Shares | |
Outstanding at beginning of period (in shares) | shares | 1,047,151 |
Granted (in shares) | shares | 6,115,092 |
Vested (in shares) | shares | (4,588,812) |
Outstanding at end of period (in shares) | shares | 2,573,431 |
Weighted Average Grant Date Fair Value per Share | |
Outstanding at beginning of period (in dollars per share) | $ / shares | $ 11.90 |
Granted (in dollars per share) | $ / shares | 6.15 |
Vested (in dollars per share) | $ / shares | 6.72 |
Outstanding at end of period (in dollars per share) | $ / shares | $ 7.47 |
Stock-based Compensation - Narr
Stock-based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 48 Months Ended | |||||||||||||
May 09, 2023 | Mar. 16, 2023 USD ($) trading_day $ / shares | Jan. 01, 2023 shares | Aug. 19, 2022 $ / shares shares | May 02, 2022 $ / shares shares | May 31, 2023 USD ($) shares | Aug. 31, 2022 USD ($) shares | Jun. 30, 2022 shares | Apr. 30, 2022 USD ($) | Aug. 31, 2021 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) trading_day $ / shares shares | Jun. 30, 2022 USD ($) | Jun. 30, 2019 | Jun. 30, 2023 USD ($) shares | Dec. 31, 2020 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Intrinsic value of stock options exercised | $ | $ 5,500 | ||||||||||||||||
Fair value of options vested | $ | $ 2,100 | ||||||||||||||||
Shares issued upon vesting of each RSU | 1 | 1 | 1 | ||||||||||||||
Stock-based compensation expense | $ | $ 59,195 | $ 38,625 | $ 115,149 | $ 65,323 | |||||||||||||
Optogration Milestone Awards | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Contingent stock consideration | $ | $ 22,000 | ||||||||||||||||
Freedom Photonics Awards | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Contingent stock consideration | $ | $ 29,800 | 22,400 | |||||||||||||||
Class A Common Stock | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Award expiration period (in years) | 90 days | ||||||||||||||||
Class A Common Stock | Optogration Milestone Awards | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Share-based arrangement awards (in shares) | shares | 1,632,056 | ||||||||||||||||
Share-based arrangement awards | $ | $ 11,000 | ||||||||||||||||
Share-based arrangement awards, remaining obligations | $ | 11,000 | $ 11,000 | $ 11,000 | ||||||||||||||
Class A Common Stock | Freedom Photonics Awards | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Share-based arrangement awards (in shares) | shares | 634,994 | ||||||||||||||||
Share-based arrangement awards | $ | $ 3,900 | ||||||||||||||||
Stock-based awards—Liability classified | Share-based Payment Arrangement, Employee | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Award vesting period (in years and in months) | 4 years | ||||||||||||||||
Granted (in shares) | shares | 0 | ||||||||||||||||
Stock-based awards—Liability classified | Tranche One | Share-based Payment Arrangement, Employee | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Award vesting percentage | 25% | ||||||||||||||||
Stock-based awards—Liability classified | Tranche Two | Share-based Payment Arrangement, Employee | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Award vesting period (in years and in months) | 36 months | ||||||||||||||||
Award vesting percentage | 75% | ||||||||||||||||
RSUs | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Granted (in shares) | shares | 13,318,819 | ||||||||||||||||
RSUs | Freedom Photonics Awards | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Share-based arrangement awards (in shares) | shares | 492,176 | ||||||||||||||||
Share-based arrangement awards | $ | $ 3,500 | ||||||||||||||||
RSUs | Maximum | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Award vesting period (in years and in months) | 6 years | ||||||||||||||||
Management awards | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Granted (in shares) | shares | 370,000 | ||||||||||||||||
Management awards | Chief Executive Officer | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Granted (in shares) | shares | 10,800,000 | ||||||||||||||||
Grant date fair value (in dollars per share) | $ / shares | $ 8.70 | ||||||||||||||||
Management awards | Chief Legal officer | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Granted (in shares) | shares | 500,000 | ||||||||||||||||
Grant date fair value (in dollars per share) | $ / shares | $ 6.12 | ||||||||||||||||
Management awards | Chief Financial Officer | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Granted (in shares) | shares | 500,000 | ||||||||||||||||
Grant date fair value (in dollars per share) | $ / shares | $ 6.12 | ||||||||||||||||
Management awards | Executive Officer | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Stock-based compensation expense | $ | 5,800 | $ 11,500 | |||||||||||||||
Grant date fair value (in dollars per share) | $ / shares | $ 8.58 | ||||||||||||||||
Consecutive trading days | trading_day | 90 | ||||||||||||||||
Service period (in years) | 7 years | 7 years | |||||||||||||||
Granted | $ | $ 12,000 | ||||||||||||||||
Fair value of restricted stock vested | $ | $ 2,000 | ||||||||||||||||
Trading days | trading_day | 90 | ||||||||||||||||
Management awards | Tranche One | Executive Officer | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
RSU vesting, market condition, stock price (in dollars per share) | $ / shares | $ 20 | ||||||||||||||||
Management awards | Tranche Two | Executive Officer | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
RSU vesting, market condition, stock price (in dollars per share) | $ / shares | 25 | ||||||||||||||||
Management awards | Tranche Three | Executive Officer | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
RSU vesting, market condition, stock price (in dollars per share) | $ / shares | 30 | ||||||||||||||||
Management awards | Tranche Four | Executive Officer | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
RSU vesting, market condition, stock price (in dollars per share) | $ / shares | 40 | ||||||||||||||||
Management awards | Tranche Five | Executive Officer | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
RSU vesting, market condition, stock price (in dollars per share) | $ / shares | 50 | ||||||||||||||||
Management awards | Tranche Six | Executive Officer | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
RSU vesting, market condition, stock price (in dollars per share) | $ / shares | $ 60 | ||||||||||||||||
Management awards | Achievement of stock price one | Executive Officer | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
RSU vesting, market condition, stock price (in dollars per share) | $ / shares | $ 50 | ||||||||||||||||
Management awards | Achievement of stock price two | Executive Officer | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
RSU vesting, market condition, stock price (in dollars per share) | $ / shares | 60 | ||||||||||||||||
Management awards | Achievement of stock price three | Executive Officer | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
RSU vesting, market condition, stock price (in dollars per share) | $ / shares | $ 70 | ||||||||||||||||
2020 Plan | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Shares authorized for issuance (in shares) | shares | 36,588,278 | ||||||||||||||||
2020 Plan | Equity settled fixed value | Share-based Payment Arrangement, Employee | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Award vesting period (in years and in months) | 4 years | ||||||||||||||||
Stock-based compensation expense | $ | $ 3,000 | $ 1,700 | $ 5,900 | $ 3,500 | |||||||||||||
Amended 2020 Plan | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Additional shares authorized for issuance (in shares) | shares | 36,000,000 | ||||||||||||||||
Percentage of outstanding stock maximum | 5% | ||||||||||||||||
Incremental number of shares authorized (in shares) | shares | 40,000,000 | ||||||||||||||||
Amended 2020 Plan | Class A Common Stock | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Additional shares authorized for issuance (in shares) | shares | 18,358,365 | ||||||||||||||||
2015 Plan | Stock-based awards—Equity classified | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Award vesting period (in years and in months) | 4 years | ||||||||||||||||
Award expiration period (in years) | 10 years | ||||||||||||||||
2015 Plan | Stock-based awards—Equity classified | Tranche One | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Award vesting percentage | 25% | ||||||||||||||||
2015 Plan | Stock-based awards—Equity classified | Tranche Two | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Award vesting period (in years and in months) | 36 months | ||||||||||||||||
Award vesting percentage | 75% |
Stock-based Compensation - Sche
Stock-based Compensation - Schedule of Stock Option Activity (Details) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) $ / shares shares | |
Number of Common Stock Options | |
Outstanding at beginning of period (in shares) | shares | 8,162,850 |
Exercised (in shares) | shares | (987,653) |
Cancelled/Forfeited (in shares) | shares | (254,010) |
Outstanding at end of period (in shares) | shares | 6,921,187 |
Weighted- Average Exercise Price | |
Outstanding at beginning of period (in dollars per share) | $ / shares | $ 1.74 |
Exercised (in dollars per share) | $ / shares | 1.67 |
Cancelled/Forfeited (in dollars per share) | $ / shares | 1.67 |
Outstanding at end of period (in dollars per share) | $ / shares | $ 1.75 |
Weighted- Average Remaining Contractual Life (Years) | |
Outstanding balance | 6 years 5 months 26 days |
Aggregate Intrinsic Value (In Thousands) | |
Outstanding balance | $ | $ 36,209 |
Stock-based Compensation - Sc_2
Stock-based Compensation - Schedule of Restricted Stock Awards Activity (Details) | 6 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Stock-based awards—Liability classified | |
Shares | |
Outstanding at beginning of period (in shares) | shares | 64,486 |
Vested (in shares) | shares | (64,486) |
Outstanding at end of period (in shares) | shares | 0 |
Weighted Average Grant Date Fair Value per Share | |
Outstanding at beginning of period (in dollars per share) | $ / shares | $ 1.29 |
Vested (in dollars per share) | $ / shares | 1.29 |
Outstanding at end of period (in dollars per share) | $ / shares | $ 0 |
RSUs | |
Shares | |
Outstanding at beginning of period (in shares) | shares | 25,010,689 |
Granted (in shares) | shares | 13,318,819 |
Forfeited (in shares) | shares | (1,598,623) |
Vested (in shares) | shares | (7,481,325) |
Change in units based on performance (in shares) | shares | 0 |
Outstanding at end of period (in shares) | shares | 29,249,560 |
Weighted Average Grant Date Fair Value per Share | |
Outstanding at beginning of period (in dollars per share) | $ / shares | $ 12.76 |
Granted (in dollars per share) | $ / shares | 7.17 |
Forfeited (in dollars per share) | $ / shares | 11.12 |
Vested (in dollars per share) | $ / shares | 11.82 |
Change in units based on performance (in dollars per share) | $ / shares | 0 |
Outstanding at end of period (in dollars per share) | $ / shares | $ 10.54 |
Performance-Based and Other RSUs | |
Shares | |
Outstanding at beginning of period (in shares) | shares | 583,347 |
Granted (in shares) | shares | 961,187 |
Forfeited (in shares) | shares | (12,832) |
Vested (in shares) | shares | (31,282) |
Change in units based on performance (in shares) | shares | (404,323) |
Outstanding at end of period (in shares) | shares | 1,096,097 |
Weighted Average Grant Date Fair Value per Share | |
Outstanding at beginning of period (in dollars per share) | $ / shares | $ 8.39 |
Granted (in dollars per share) | $ / shares | 8.58 |
Forfeited (in dollars per share) | $ / shares | 8.58 |
Vested (in dollars per share) | $ / shares | 8.58 |
Change in units based on performance (in dollars per share) | $ / shares | 9.90 |
Outstanding at end of period (in dollars per share) | $ / shares | $ 7.99 |
Management awards | |
Shares | |
Outstanding at beginning of period (in shares) | shares | 11,800,000 |
Granted (in shares) | shares | 370,000 |
Outstanding at end of period (in shares) | shares | 12,170,000 |
Weighted Average Grant Date Fair Value per Share | |
Outstanding at beginning of period (in dollars per share) | $ / shares | $ 8.48 |
Granted (in dollars per share) | $ / shares | 6.80 |
Outstanding at end of period (in dollars per share) | $ / shares | $ 8.43 |
Stock-based Compensation - Sc_3
Stock-based Compensation - Schedule of Stock-based Compensation Expense by Function (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 59,195 | $ 38,625 | $ 115,149 | $ 65,323 |
Equity settled fixed value | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | 3,035 | 1,741 | 5,916 | 3,521 |
Optogration | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | 3,078 | 394 | 5,659 | 3,447 |
Freedom Photonics | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | 4,977 | 2,800 | 9,532 | 2,800 |
Other | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | 6,679 | 58 | 7,435 | 58 |
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | 534 | 748 | 1,261 | 1,270 |
RSAs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | 1 | 187 | 61 | 21 |
RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | 34,706 | 32,540 | 73,038 | 54,049 |
Management awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | 5,840 | 0 | 11,499 | 0 |
ESPP | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | 345 | 157 | 748 | 157 |
Cost of sales | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | 1,925 | 6,989 | 4,587 | 8,775 |
Research and development | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | 20,541 | 8,714 | 38,012 | 15,816 |
Sales and marketing | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | 9,792 | 2,741 | 15,620 | 5,609 |
General and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 26,937 | $ 20,181 | $ 56,930 | $ 35,123 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||
Effective tax rate, percent | 0% | 0.20% |
Leases - Narrative (Details)
Leases - Narrative (Details) | 6 Months Ended |
Jun. 30, 2023 USD ($) renewal_option | |
Lessee, Lease, Description [Line Items] | |
Short-term leases | $ 0 |
Sublease income | $ 0 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Number of renewal options | renewal_option | 1 |
Renewal lease term (in years) | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Renewal lease term (in years) | 6 years |
Leases - Schedule of Components
Leases - Schedule of Components of Lease Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Leases [Abstract] | ||||
Operating lease cost | $ 2,028 | $ 1,597 | $ 4,000 | $ 2,713 |
Variable lease cost | 518 | 515 | 1,034 | 1,070 |
Total operating lease cost | $ 2,546 | $ 2,112 | $ 5,034 | $ 3,783 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Cash paid for operating leases included in operating activities | $ (3,881) | $ (2,857) |
Right of use assets obtained in exchange for lease obligations: | ||
Operating leases | $ 2,948 | $ 9,993 |
Leases - Schedule of Suppleme_2
Leases - Schedule of Supplemental Balance Sheet Information, Weighted Average Remaining Terms, and Weighted Average Discount Rates (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Operating leases: | ||
Operating lease right-of-use assets | $ 21,043 | $ 21,244 |
Operating lease liabilities, current | 6,071 | 5,953 |
Operating lease liabilities, non-current | 16,701 | 16,989 |
Total operating lease liabilities | $ 22,772 | $ 22,942 |
Weighted average remaining lease term | ||
Operating leases (in years) | 4 years 1 month 20 days | 4 years 5 months 4 days |
Weighted average discount rate | ||
Operating leases (as a percent) | 5.90% | 5.45% |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Operating Leases | ||
2023 (remaining six months) | $ 3,240 | |
2024 | 5,892 | |
2025 | 5,789 | |
2026 | 5,310 | |
2027 | 4,208 | |
2028 | 1,363 | |
Total lease payments | 25,802 | |
Less: imputed interest | (3,030) | |
Total leases liabilities | $ 22,772 | $ 22,942 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Millions | Jun. 30, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Purchase obligation | $ 82.9 |
Segment and Customer Concentr_3
Segment and Customer Concentration Information - Schedule of Segment Operating Results and Reconciliation to the Consolidated Balances (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Revenue: | |||||
Revenue | $ 16,197 | $ 9,932 | $ 30,706 | $ 16,787 | |
Depreciation and amortization | 4,549 | 1,739 | 7,536 | 2,544 | |
Operating income (loss) | (143,892) | (104,440) | (285,787) | (186,771) | |
Other significant items: | |||||
Segment assets | 599,774 | 775,597 | 599,774 | 775,597 | $ 687,327 |
Inventories, net | 20,317 | 9,349 | 20,317 | 9,349 | $ 8,792 |
Reportable Segments | |||||
Revenue: | |||||
Depreciation and amortization | 4,549 | 1,739 | 7,536 | 2,544 | |
Operating income (loss) | (142,396) | (104,864) | (284,681) | (186,771) | |
Other significant items: | |||||
Segment assets | 782,517 | 837,754 | 782,517 | 837,754 | |
Inventories, net | 20,355 | 9,349 | 20,355 | 9,349 | |
Eliminations | |||||
Revenue: | |||||
Depreciation and amortization | 0 | 0 | 0 | 0 | |
Operating income (loss) | (1,496) | 424 | (1,106) | 0 | |
Other significant items: | |||||
Segment assets | (182,743) | (62,157) | (182,743) | (62,157) | |
Inventories, net | (38) | 0 | (38) | 0 | |
Autonomy Solutions | |||||
Revenue: | |||||
Revenue | 9,738 | 4,179 | 20,411 | 10,077 | |
Autonomy Solutions | Reportable Segments | |||||
Revenue: | |||||
Depreciation and amortization | 3,866 | 976 | 6,192 | 1,520 | |
Operating income (loss) | (120,162) | (105,592) | (261,851) | (187,769) | |
Other significant items: | |||||
Segment assets | 708,853 | 786,708 | 708,853 | 786,708 | |
Inventories, net | 19,679 | 9,022 | 19,679 | 9,022 | |
ATS | |||||
Revenue: | |||||
Revenue | 6,459 | 5,753 | 10,295 | 6,710 | |
ATS | Reportable Segments | |||||
Revenue: | |||||
Depreciation and amortization | 683 | 763 | 1,344 | 1,024 | |
Operating income (loss) | (22,234) | 728 | (22,830) | 998 | |
Other significant items: | |||||
Segment assets | 73,664 | 51,046 | 73,664 | 51,046 | |
Inventories, net | $ 676 | $ 327 | $ 676 | $ 327 |
Segment and Customer Concentr_4
Segment and Customer Concentration Information - Narrative (Details) - Revenue from contract with customer benchmark - Customer Concentration Risk | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Customer One | ||||
Concentration Risk [Line Items] | ||||
Percentage of revenue (as percent) | 31% | 24% | 29% | 35% |
Customer Two | ||||
Concentration Risk [Line Items] | ||||
Percentage of revenue (as percent) | 16% | 15% |