Segment and Customer Concentration Information

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Segment and Customer Concentration Information

Segment and Customer Concentration Information

Reportable segments are (i) Autonomy Solutions and (ii) ATS. These segments reflect the way the chief operating decision maker (“CODM”) evaluates the Company’s business performance and manages its operations. Each segment has distinct product offerings, customers and market penetration. The Chief Executive Officer is the CODM of the Company.

Autonomy Solutions

This segment manufactures and distributes commercial lidar sensors that measure distance using laser light for automotive mobility applications. This segment is impacted by trends in the autonomous vehicles and associated infrastructure/technology sector.

ATS

This segment is in the business of development of semiconductor technology based lasers and sensors. This segment also designs, tests and provides consulting services for development of integrated circuits. This segment is impacted by trends in and the strength of the automobile and aeronautics sector as well as government spending in military and defense activities.

The accounting policies of the operating segments are the same as those described in Note 2. Segment operating results and reconciliations to the Company’s consolidated balances are as follows (in thousands):

	Three Months Ended June 30, 2023
	Autonomy Solutions		ATS		Total reportable segments		Eliminations (1)		Total Consolidated
Revenues from external customers	$	9,738	$	6,459	$	16,197	$	—	$	16,197
Depreciation and amortization	3,866		683		4,549		—		4,549
Operating income (loss)	(120,162)		(22,234)		(142,396)		(1,496)		(143,892)
Other significant items:
Segment assets	708,853		73,664		782,517		(182,743)		599,774
Inventories, net	19,679		676		20,355		(38)		20,317

	Three Months Ended June 30, 2022
	Autonomy Solutions		ATS		Total reportable segments		Eliminations (1)		Total Consolidated
Revenues from external customers	$	4,179	$	5,753	$	9,932	$	—	$	9,932
Depreciation and amortization	976		763		1,739		—		1,739
Operating income (loss)	(105,592)		728		(104,864)		424		(104,440)
Other significant items:
Segment assets	786,708		51,046		837,754		(62,157)		775,597
Inventory	9,022		327		9,349		—		9,349

	Six Months Ended June 30, 2023
	Autonomy Solutions		ATS		Total reportable segments		Eliminations (1)		Total Consolidated
Revenues from external customers	$	20,411	$	10,295	$	30,706	$	—	$	30,706
Depreciation and amortization	6,192		1,344		7,536		—		7,536
Operating income (loss)	(261,851)		(22,830)		(284,681)		(1,106)		(285,787)
Other significant items:
Segment assets	708,853		73,664		782,517		(182,743)		599,774
Inventory	19,679		676		20,355		(38)		20,317

	Six Months Ended June 30, 2022
	Autonomy Solutions		ATS		Total reportable segments		Eliminations (1)		Total Consolidated
Revenues from external customers	$	10,077	$	6,710	$	16,787	$	—	$	16,787
Depreciation and amortization	1,520		1,024		2,544		—		2,544
Operating income (loss)	(187,769)		998		(186,771)		—		(186,771)
Other significant items:
Segment assets	786,708		51,046		837,754		(62,157)		775,597
Inventory	9,022		327		9,349		—		9,349

(1) Represents the eliminations of all intercompany balances and transactions during the period presented.

One customer accounted for 31% of the Company’s revenue for the three months ended June 30, 2023. Two customers accounted for 29% and 16% of the Company’s revenue for the six months ended June 30, 2023. One customer accounted for 24% of the Company’s revenue for the three months ended June 30, 2022. Two customers accounted for 35% and 15% of the Company’s revenue for the six months ended June 30, 2022.