Subsequent Events

12 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

Subsequent Events

Note 21. Subsequent Events

Sale of LiDAR Assets

On January 11, 2026, the Company and entered into a Purchase Agreement (the “Stalking Horse Asset Purchase Agreement”) with QCi, as the proposed stalking horse bidder, to acquire specified assets and assume certain liabilities related to the LiDAR business, for cash consideration of $22.0 million. The transaction was subject to Bankruptcy Court approval and other customary closing conditions.

On January 26, 2026, the Company held an auction for the LiDAR business pursuant to the bidding procedures approved by the Bankruptcy Court (the “Auction”). At the conclusion of the Auction, the Company determined (i) the bid submitted by MicroVision, Inc. (“MicroVision”) was the highest or otherwise best offer and designated MicroVision as the successful bidder for the Company’s LiDAR assets and (ii) the bid submitted by QCi was the second highest or otherwise second best offer and designated QCi as the back-up bidder. As a result of the Auction, on January 26, 2026, the Company and MicroVision entered into a Purchase Agreement (the “MicroVision Asset Purchase Agreement”), pursuant to which, subject to the terms and conditions set forth therein, MicroVision agreed to acquire specified assets related to the Company’s LiDAR business and assume certain liabilities, subject to the Bankruptcy Court’s approval, for cash consideration of $33.0 million, subject to certain adjustments as contemplated by the MicroVision Asset Purchase Agreement.

On February 3, 2026, following receipt of Bankruptcy Court approval, the Company completed the sale to MicroVision as contemplated by the MicroVision Asset Purchase Agreement. On February 4, 2026, the Company delivered written notice to QCi terminating the Stalking Horse Asset Purchase Agreement pursuant to the terms thereof and paid QCi a break-up fee of $0.7 million and reimbursed QCi $0.5 million for its reasonable, out-of-pocket and documented expenses, in connection with the termination of the Stalking Horse Asset Purchase Agreement.

Sale of LSI

On February 2, 2026 (the “LSI Closing Date”), following receipt of Bankruptcy Court approval, the Company completed the sale of all of the issued and outstanding shares of LSI to QCi for $110.0 million in cash subject to certain adjustments as contemplated by the LSI Stock Purchase Agreement (the “Closing Cash Consideration”). In accordance with the LSI Stock Purchase Agreement, (i) $11.0 million of the Closing Cash Consideration will be held in a post-closing escrow account for a period of twelve months, as QCi’s sole recourse against the Company in the event of a breach of certain representations and warranties and for certain indemnification claims, which could reduce the amount of available recovery for creditors (ii) the Company has agreed to refrain from competing with LSI and to refrain from soliciting LSI’s employees, customers, vendors, suppliers and other business partners (subject to limited exceptions) for a period of three years following the LSI Closing Date, and (iii) the Company and LSI have granted each other certain mutual non-exclusive licenses to respective intellectual property currently used in the other party’s business to ensure freedom to operate following the LSI Closing Date.