XML 19 R10.htm IDEA: XBRL DOCUMENT v3.22.2.2
Revenue
 9 Months Ended
Sep. 30, 2022
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 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 September 30,
20222021
Revenue% of RevenueRevenue% of Revenue
Revenue by primary geographical market:
North America$12,440 97 %$5,713 72 %
Asia Pacific168 1 %— — %
Europe and Middle East177 2 %2,265 28 %
Total$12,785 100 %$7,978 100 %
Revenue by timing of recognition:
Recognized at a point in time$6,728 53 %$873 11 %
Recognized over time6,057 47 %7,105 89 %
Total$12,785 100 %$7,978 100 %
Revenue by segment:
Autonomy Solutions$6,777 53 %$7,550 95 %
ATS6,008 47 %428 5 %
Total$12,785 100 %$7,978 100 %
Nine Months Ended September 30,
20222021
Revenue% of RevenueRevenue% of Revenue
Revenue by primary geographical market:
North America$26,124 88 %$12,313 63 %
Asia Pacific2,960 10 %475 2 %
Europe and Middle East488 2 %6,812 35 %
Total$29,572 100 %$19,600 100 %
Revenue by timing of recognition:
Recognized at a point in time$10,067 34 %$4,914 25 %
Recognized over time19,505 66 %14,686 75 %
Total$29,572 100 %$19,600 100 %
Revenue by segment:
Autonomy Solutions$16,854 57 %$17,708 90 %
ATS12,718 43 %1,892 10 %
Total$29,572 100 %$19,600 100 %
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
the Volvo warrants, aggregating $2.9 million, represents consideration payable to VCTF and is being 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 two tranches of the Volvo Warrants was probable as of December 31, 2021. As such, the Company had 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. 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. This threshold had not been achieved as of the end of the third quarter of 2022.
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 September 30, 2022 and December 31, 2021 were $19.8 million and $9.9 million, respectively. 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 the customer’s payment term. Customer advance payments are recognized in revenue as or when control of the performance obligation is transferred to the customer. The Company’s contract liabilities were $3.6 million and $0.9 million as of September 30, 2022 and December 31, 2021, respectively, and were included in accrued and other current and non-current liabilities in the condensed consolidated balance sheets.
The opening and closing balances of contract assets were as follows (in thousands):
 September 30, 2022December 31, 2021
Contract assets, current$18,402 $9,907 
Contract assets, non-current1,427 — 
Ending balance$19,829 $9,907 

The significant changes in contract assets balances consisted of the following (in thousands): 
 September 30, 2022December 31, 2021
Beginning balance$9,907 $— 
Amounts billed that were included in the contract assets beginning balance(1,602)
Revenue recognized for performance obligations that have been satisfied but for which amounts have not been billed11,524 9,907 
Ending balance$19,829 $9,907 
The opening and closing balances of contract liabilities were as follows (in thousands):
 September 30, 2022December 31, 2021
Contract liabilities, current$3,463 $898 
Contract liabilities, non-current134 — 
Ending balance$3,597 $898 
The significant changes in contract liabilities balances consisted of the following (in thousands): 
 September 30, 2022December 31, 2021
Beginning balance$898 $2,284 
Revenue recognized that was included in the contract liabilities beginning balance(489)(1,792)
Net increase due to cash received and not recognized as revenue and billings in excess of revenue recognized during the period3,188 406 
Ending balance$3,597 $898 
Remaining Performance Obligations
Revenue allocated to remaining performance obligations for the information licensing agreements was $27.5 million as of September 30, 2022. The Company expects to recognize approximately 64% of this revenue over the next 12 months and the remainder thereafter. Other revenue streams do not have material remaining performance obligations.