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Revenue
 12 Months Ended
Dec. 31, 2021
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
The Company’s revenue is comprised of sales of lidar sensors hardware, components and NRE services.
Disaggregation of Revenues
The Company disaggregates its revenue from contracts with customers by (1) geographic region based on 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):
Year Ended December 31,
202120202019
Revenue% of RevenueRevenue% of RevenueRevenue% of Revenue
Revenue by primary geographical market:
North America$23,043 72 %$4,010 29 %$10,453 83 %
Asia Pacific2,502 8 %906 6 %469 4 %
Europe and Middle East6,399 20 %9,035 65 %1,680 13 %
Total31,944 100 %13,951 100 %12,602 100 %
Revenue by timing of recognition:
Recognized at a point in time8,892 28 %2,639 19 %9,666 77 %
Recognized over time23,052 72 %11,312 81 %2,936 23 %
Total31,944 100 %13,951 100 %12,602 100 %
Revenue by segment:
Autonomy Solutions28,497 89 %11,387 82 %9,666 77 %
Components3,447 11 %2,564 18 %2,936 23 %
Total31,944 100 %13,951 100 %12,602 100 %
Volvo Stock Purchase Warrant
In March 2020, the Company issued a stock purchase warrant (“Volvo Warrants”) to Volvo Car Technology Fund AB (“VCTF”) in connection with an engineering services contract. The Volvo Warrants entitle VCTF to purchase up to 4,089,280 shares of Class A common stock, at a price of $3.1769 per share from the Company and were determined to be an equity classified award to VCTF. The Volvo Warrants vest and become exercisable in two tranches based on satisfaction of certain commercial milestones, upon reaching commercial production and delivering of production units. The grant date fair value of warrants, aggregating $2.9 million, represents consideration payable to VCTF and will be recognized as reduction in revenue consistent with the revenue recognition pattern when these warrants become probable of vesting. The Company’s management determined that the vesting of the first of the tranches of Volvo Warrants was probable as of December 31, 2021. As such, the Company has recognized a reduction in revenue in the amount of $1.0 million related to the said first tranche of the Volvo Warrants in the year ended December 31, 2021.
Contract assets and liabilities
Contract assets primarily represent revenues recognized for performance obligations that have been satisfied but for which amounts have not been billed. The Company’s contract assets as of December 31, 2021 and 2020 were $9.9 million and $0.0 million. Contract liabilities consist of deferred revenue and customer advanced payments. Deferred revenue includes billings in excess of revenue recognized related to product sales and other services revenue and is recognized as revenue when the Company performs under the contract. Customer advanced payments represent required customer payments in advance of product shipments according to customer’s payment term. Customer advance payments are recognized as revenue when control of the performance obligation is transferred to the customer. The Company’s contract liabilities were $0.9 million and $2.3 million as of December 31, 2021 and 2020, respectively, and were included in accrued and other current liabilities in the consolidated balance sheets.
The significant changes in contract assets balances consisted of the following (in thousands): 
 December 31,
 20212020
Beginning balance$— $— 
Revenue recognized for performance obligations that have been satisfied but for which amounts have not been billed9,907 — 
Ending balance$9,907 $— 
The significant changes in contract liabilities balances consisted of the following (in thousands): 
 December 31,
 20212020
Beginning balance$2,284 $225 
Revenue recognized that was included in the contract liabilities beginning balance(1,792)(225)
Increase due to cash received and not recognized as revenue and billings in excess of revenue recognized during the period406 2,284 
Ending balance$898 $2,284