Financial Statement Components

12 Months Ended

Dec. 31, 2021

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):

	December 31,
	2021		2020
Cash	$	303,373	$	10,652
Money market funds	25,654		64,971
U.S. treasury securities	—		24,999
Commercial paper	950		108,322
Total cash and cash equivalents	$	329,977	$	208,944

Inventory

Inventory consisted of the following (in thousands):

	December 31,
	2021		2020
Raw materials	$	5,866	$	625
Work-in-process	1,171		52
Finished goods	3,305		2,936
Total inventory	$	10,342	$	3,613

The Company’s inventory write-down (primarily due to obsolescence, lower of cost or market assessment, and other adjustments) was $2.9 million, $4.4 million and $1.4 million during the years ended December 31, 2021, 2020 and 2019, respectively.

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):

	December 31,
	2021		2020
Prepaid expenses	$	14,651	$	1,073
Contract assets	9,907		—
Advance payments to vendors	1,810		961
Prepaid rent and other	—		503
Other receivables	2,827		2,260
Total prepaid expenses and other current assets	$	29,195	$	4,797

Property and Equipment

Property and equipment consisted of the following (in thousands):

	December 31,
	2021		2020
Machinery and equipment	$	7,694	$	5,940
Computer hardware and software	2,854		2,450
Demonstration fleet and demonstration units	811		1,821
Leasehold improvements	869		791
Vehicles	1,610		835
Furniture and fixtures	272		293
Construction in progress	3,677		1,410
Total property and equipment	17,787		13,540
Accumulated depreciation and amortization	(6,778)		(5,851)
Total property and equipment, net	$	11,009	$	7,689

Depreciation and amortization associated with property and equipment was $3.9 million, $2.5 million and $2.3 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Property and equipment capitalized under finance lease (capital lease prior to adoption of ASC 842) were not material.

Intangible Assets

Intangible assets were acquired in connection with the Company’s acquisition of OptoGration in August 2021. See Note 3 for further details of the OptoGration acquisition. The components of intangible assets were as follows (in thousands):

	Gross Carrying  Amount		Accumulated Amortization		Net Carrying Amount		Weighted Average Remaining Period (Years)
Customer relationships	$	780	$	(33)	$	747	9.6
Tradename	120		(120)		—		—
Developed technology	1,750		(73)		1,677		9.6
Total intangible assets	$	2,650	$	(226)	$	2,424	9.6

Amortization expense related to intangible assets was $0.2 million for the year ended December 31, 2021.

As of December 31, 2021, the expected future amortization expense for intangible assets was as follows (in thousands):

Period	Expected Future Amortization Expense
2022	$	253
2023	253
2024	253
2025	253
2026	253
Thereafter	1,159
Total	$	2,424

Goodwill

The carrying amount of goodwill allocated to the Company’s reportable segments was as follows (in thousands):

	Autonomy Solutions		Components		Total
As of December 31, 2021	$	687	$	2,423	$	3,110
As of December 31, 2020	$	687	$	14	$	701

Other Non-Current Assets

Other non-current assets consisted of the following (in thousands):

	December 31,
	2021		2020
Security deposits	$	1,187	$	1,106
Non-marketable equity investment	10,002		—
Other non-current assets	1,266		45
Total other non-current assets	$	12,455	$	1,151

Accrued and Other Current Liabilities

Accrued and other current liabilities consisted of the following (in thousands): 

	December 31,
	2021		2020
Accrued compensation and benefits	$	9,899	$	3,071
Accrued expenses	6,727		3,998
Warranty reserves	1,798		259
Contract liabilities	898		2,284
Accrued interest payable	316		—
Contract losses	115		558
Finance lease liabilities (capital lease liabilities prior to adoption of ASC 842), current	91		282
Total accrued and other current liabilities	$	19,844	$	10,452

Other Non-Current Liabilities

Other non-current liabilities consisted of the following (in thousands): 

	December 31,
	2021		2020
Deferred rent	$	—	$	826
Finance lease liabilities (capital lease liabilities prior to adoption of ASC 842), non-current	—		492
Other non-current liabilities	598		—
Total other non-current liabilities	$	598	$	1,318