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Financial Statement Components
 3 Months Ended
Mar. 31, 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):
 March 31, 2023December 31, 2022
Cash$25,904 $27,496 
Money market funds34,202 42,056 
U.S. treasury securities29,827 — 
Total cash and cash equivalents$89,933 $69,552 
Inventory
Inventory comprised of the following (in thousands):
 March 31, 2023December 31, 2022
Raw materials$8,066 $3,614 
Work-in-process3,706 2,329 
Finished goods3,146 2,849 
Total inventories, net$14,918 $8,792 
The Company’s inventory write-offs and write-downs (primarily due to obsolescence, lower of cost or market assessment, and other adjustments) was $5.5 million and $1.4 million for the three months ended March 31, 2023 and 2022, respectively.
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following (in thousands):
 March 31, 2023December 31, 2022
Prepaid expenses$14,729 $15,653 
Contract assets7,904 15,395 
Advance payments to vendors5,394 7,919 
Other receivables5,832 5,236 
Total prepaid expenses and other current assets$33,859 $44,203 
Property and Equipment
Property and equipment consisted of the following (in thousands):
 March 31, 2023December 31, 2022
Machinery and equipment$25,817 $14,047 
Computer hardware and software7,978 6,797 
Land1,001 1,001 
Leasehold improvements19,359 885 
Vehicles, including demonstration fleet3,357 3,222 
Furniture and fixtures817 818 
Construction in progress32,143 13,642 
Total property and equipment90,472 40,412 
Accumulated depreciation and amortization(12,077)(10,152)
Total property and equipment, net$78,395 $30,260 
Property and equipment capitalized under finance lease (capital lease prior to adoption of ASC 842) were not material. Construction in progress increased due to increased capital expenditure related to build out of series production equipment and facilities, which are expected to be completed over approximately next 12 months.
Depreciation and amortization expense associated with property and equipment was $1.9 million and $0.7 million for the three months ended March 31, 2023 and 2022, respectively.
Intangible Assets
The following table summarizes the activity in the Company’s intangible assets (in thousands):
March 31, 2023December 31, 2022
Beginning of the period$22,077 $2,424 
Additions8,240 21,890 
Amortization(1,062)(2,237)
End of the period$29,255 $22,077 
The components of intangible assets were as follows (in thousands):
March 31, 2023December 31, 2022
Gross
Carrying
 Amount		Accumulated
Amortization		Net
Carrying
Amount		Weighted Average
Remaining Period
(Years)		Gross
Carrying
 Amount		Accumulated
Amortization		Net
Carrying
Amount		Weighted
Average
Remaining
Period
(Years)
Customer relationships$3,730 $(867)$2,863 4.2$3,730 $(664)$3,066 4.4
Customer backlog650 (390)260 0.7650 (292)358 0.9
Tradename620 (245)375 3.0620 (214)406 3.3
Assembled workforce130 (130)— — 130 (130)— — 
Developed technology20,150 (1,893)18,257 6.311,910 (1,163)10,747 7.5
IPR&D7,500 — 7,500 — 7,500 — 7,500 — 
Total intangible assets$32,780 $(3,525)$29,255 5.9$24,540 $(2,463)$22,077 6.6
Amortization expense related to intangible assets was $1.1 million and $0.1 million for the three months ended March 31, 2023 and 2022, respectively.
As of March 31, 2023, the expected future amortization expense for intangible assets was as follows (in thousands):
PeriodExpected Future
Amortization Expense
2023 (remaining nine months)$3,261 
20244,001 
20254,001 
20263,354 
20273,138 
Thereafter4,000 
IPR&D7,500 
Total$29,255 
Goodwill
The carrying amount of goodwill allocated to the Company’s reportable segments was as follows (in thousands):
 Autonomy SolutionsATSTotal
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 March 31, 2023
$1,750 $18,129 $19,879 
Other Non-Current Assets
Other non-current assets consisted of the following (in thousands):
 March 31, 2023December 31, 2022
Security deposits$5,078 $5,495 
Non-marketable equity investment4,000 4,000 
Advance payment for capital projects— 27,683 
Contract assets5,985 2,575 
Other non-current assets423 591 
Total other non-current assets$15,486 $40,344 
Accrued and Other Current Liabilities
Accrued and other current liabilities consisted of the following (in thousands): 
 March 31, 2023December 31, 2022
Accrued compensation and benefits$21,639 $16,682 
Accrued expenses24,592 22,358 
Warranty reserves4,170 3,584 
Contract liabilities4,558 1,993 
Accrued interest payable2,286 359 
Contract losses6,890 7,526 
Other527 460 
Total accrued and other current liabilities$64,662 $52,962 
During the three months ended March 31, 2023 and 2022, the Company recorded $3.3 million and $0.4 million, 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.