QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||||||||
☒ | Accelerated filer | ☐ | |||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||||||||
Emerging growth company |
Page | ||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
Marketable securities | |||||||||||
Accounts receivable | |||||||||||
Inventory | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total current assets | |||||||||||
Property and equipment, net | |||||||||||
Operating lease right-of-use assets | |||||||||||
Intangible assets, net | |||||||||||
Goodwill | |||||||||||
Other non-current assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued and other current liabilities | |||||||||||
Operating lease liabilities | |||||||||||
Total current liabilities | |||||||||||
Warrant liabilities | |||||||||||
Convertible senior notes | |||||||||||
Operating lease liabilities, non-current | |||||||||||
Other non-current liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (Note 14) | |||||||||||
Stockholders’ deficit: | |||||||||||
Class A common stock | |||||||||||
Class B common stock | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated other comprehensive income (loss) | ( | ||||||||||
Treasury stock | ( | ( | |||||||||
Accumulated deficit | ( | ( | |||||||||
Total stockholders’ deficit | ( | ( | |||||||||
Total liabilities and stockholders’ deficit | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Revenue: | |||||||||||
Products | $ | $ | |||||||||
Services | |||||||||||
Total revenue | |||||||||||
Cost of sales: | |||||||||||
Products | |||||||||||
Services | |||||||||||
Total cost of sales | |||||||||||
Gross loss | ( | ( | |||||||||
Operating expenses: | |||||||||||
Research and development | |||||||||||
Sales and marketing | |||||||||||
General and administrative | |||||||||||
Total operating expenses | |||||||||||
Loss from operations | ( | ( | |||||||||
Other income (expense), net: | |||||||||||
Change in fair value of warrant liabilities | ( | ||||||||||
Interest expense | ( | ( | |||||||||
Interest income | |||||||||||
Gain from acquisition of EM4, LLC (“EM4”) | |||||||||||
Losses related to investments and certain other assets, and other income (expense) | ( | ( | |||||||||
Total other income (expense), net | ( | ||||||||||
Loss before provision for income taxes | ( | ( | |||||||||
Provision for income taxes | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Net loss per share: | |||||||||||
Basic and diluted | $ | ( | $ | ( | |||||||
Shares used in computing net loss per share: | |||||||||||
Basic and diluted | |||||||||||
Comprehensive Loss: | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Net unrealized gain (loss) on available-for-sale debt securities | ( | ||||||||||
Comprehensive loss | $ | ( | $ | ( |
Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Accumulated Deficit | Total Stockholders’ Deficit | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||||||||||||||||||
Issuance of Class A common stock upon exercise of stock options and vesting of restricted stock units | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Class A common stock under the Equity Financing Program | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Vendor payments under the stock-in-lieu of cash program | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Payments of employee taxes related to stock-based awards | — | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2023 | $ | $ | $ | $ | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||||||||||||||||||||
Issuance of Class A common stock upon exercise of stock options and vesting of restricted stock units | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Class A common stock under 401(k) Plan | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Class A common stock under the Equity Financing Program | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Class A common stock in settlement of certain claims | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Vendor payments under the stock-in-lieu of cash program | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Milestone awards related to acquisition | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||
Payments of employee taxes related to vested restricted stock units | — | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2024 | $ | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Amortization of operating lease right-of-use assets | |||||||||||
Amortization of premium (discount) on marketable securities | ( | ( | |||||||||
Loss on marketable securities | |||||||||||
Change in fair value of private warrants | ( | ||||||||||
Vendor stock-in-lieu of cash program | |||||||||||
Gain from acquisition of EM4 | ( | ||||||||||
Amortization of debt discount and issuance costs | |||||||||||
Inventory write-offs and write-downs | |||||||||||
Share-based compensation | |||||||||||
Product warranty and other | ( | ||||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | ( | ( | |||||||||
Inventories | ( | ( | |||||||||
Prepaid expenses and other current assets | ( | ||||||||||
Other non-current assets | ( | ( | |||||||||
Accounts payable | |||||||||||
Accrued and other current liabilities | |||||||||||
Other non-current liabilities | ( | ( | |||||||||
Net cash used in operating activities | ( | ( | |||||||||
Cash flows from investing activities: | |||||||||||
Acquisition of EM4 (net of cash acquired) | ( | ||||||||||
Acquisition of Seagate’s lidar business | ( | ||||||||||
Purchases of marketable securities | ( | ( | |||||||||
Proceeds from maturities of marketable securities | |||||||||||
Proceeds from sales/redemptions of marketable securities | |||||||||||
Purchases of property and equipment | ( | ( | |||||||||
Net cash provided by investing activities | |||||||||||
Cash flows from financing activities: | |||||||||||
Net proceeds from issuance of Class A common stock under the Equity Financing Program | |||||||||||
Proceeds from exercise of stock options | |||||||||||
Payments of employee taxes related to stock-based awards | ( | ( | |||||||||
Net cash provided by financing activities | |||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | ( | ||||||||||
Beginning cash, cash equivalents and restricted cash | |||||||||||
Ending cash, cash equivalents and restricted cash | $ | $ | |||||||||
Supplemental disclosures of noncash investing and financing activities: | |||||||||||
Operating lease right-of-use assets obtained in exchange for lease obligations | $ | $ | |||||||||
Purchases of property and equipment recorded in accounts payable and accrued liabilities | |||||||||||
Vendor stock-in-lieu of cash program—advances for capital projects and equipment | |||||||||||
Preliminary Recorded Value | ||||||||
Cash and cash equivalents | $ | |||||||
Accounts receivable | ||||||||
Contract asset | ||||||||
Inventories, net | ||||||||
Prepaid expenses and other current assets | ||||||||
Property plant and equipment | ||||||||
Operating lease right-of-use assets | ||||||||
Total assets acquired | ||||||||
Current liabilities | ( | |||||||
Operating lease liabilities, non-current | ( | |||||||
Total liabilities assumed | ( | |||||||
Net assets acquired | $ | |||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2024 | 2023 | ||||||||||||||||||||||
Revenue | % of Revenue | Revenue | % of Revenue | ||||||||||||||||||||
Revenue by primary geographical market: | |||||||||||||||||||||||
North America | $ | % | $ | % | |||||||||||||||||||
Asia Pacific | % | % | |||||||||||||||||||||
Europe and Middle East | % | % | |||||||||||||||||||||
Total | $ | % | $ | % | |||||||||||||||||||
Revenue by timing of recognition: | |||||||||||||||||||||||
Recognized at a point in time | $ | % | $ | % | |||||||||||||||||||
Recognized over time | % | % | |||||||||||||||||||||
Total | $ | % | $ | % | |||||||||||||||||||
Revenue by segment: | |||||||||||||||||||||||
Autonomy Solutions | $ | % | $ | % | |||||||||||||||||||
ATS | % | % | |||||||||||||||||||||
Total | $ | % | $ | % |
March 31, 2024 | December 31, 2023 | ||||||||||
Contract assets, current | $ | $ | |||||||||
Contract assets, non-current | |||||||||||
Ending balance | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
Beginning balance | $ | $ | |||||||||
Amounts billed that were included in the contract assets beginning balance | ( | ( | |||||||||
Contract assets from acquisition of EM4 (See Note 3) | |||||||||||
Revenue recognized for performance obligations that have been satisfied but for which amounts have not been billed | |||||||||||
Ending balance | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
Contract liabilities, current | $ | $ | |||||||||
Contract liabilities, non-current | |||||||||||
Ending balance | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
Beginning balance | $ | $ | |||||||||
Revenue recognized that was included in the contract liabilities beginning balance | ( | ( | |||||||||
Increase due to cash received and not recognized as revenue and billings in excess of revenue recognized during the period | |||||||||||
Ending balance | $ | $ |
March 31, 2024 | ||||||||||||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||
U.S. treasury securities | $ | $ | $ | ( | $ | |||||||||||||||||||||
U.S. agency and government sponsored securities | ( | |||||||||||||||||||||||||
Commercial paper | ||||||||||||||||||||||||||
Corporate bonds | ( | |||||||||||||||||||||||||
Certificate of deposit | ||||||||||||||||||||||||||
Total debt securities | $ | $ | $ | ( | $ | |||||||||||||||||||||
Included in cash and cash equivalents | $ | $ | $ | $ | ||||||||||||||||||||||
Included in marketable securities | $ | $ | $ | ( | $ |
December 31, 2023 | ||||||||||||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||
U.S. treasury securities | $ | $ | $ | $ | ||||||||||||||||||||||
U.S. agency and government sponsored securities | ||||||||||||||||||||||||||
Commercial paper | ||||||||||||||||||||||||||
Corporate bonds | ( | |||||||||||||||||||||||||
Total debt securities | $ | $ | $ | ( | $ | |||||||||||||||||||||
Included in cash and cash equivalents | $ | $ | $ | ( | $ | |||||||||||||||||||||
Included in marketable securities | $ | $ | $ | ( | $ |
March 31, 2024 | December 31, 2023 | |||||||||||||||||||||||||
Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||
U.S. treasury securities | $ | ( | $ | $ | $ | |||||||||||||||||||||
U.S. agency and government sponsored securities | ( | |||||||||||||||||||||||||
Corporate bonds | ( | ( | ||||||||||||||||||||||||
Total | $ | ( | $ | $ | ( | $ |
Condensed Consolidated Balance Sheets Location | March 31, 2024 | December 31, 2023 | |||||||||||||||
Money market funds(1) | Cash and cash equivalents | $ | $ | ||||||||||||||
Marketable equity investments(1) | Marketable securities | ||||||||||||||||
Investment in non-marketable securities(2) | Other non-current assets | ||||||||||||||||
Non-marketable equity investment measured using the measurement alternative(2) | Other non-current assets | ||||||||||||||||
Total | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
Cash | $ | $ | |||||||||
Money market funds | |||||||||||
U.S. treasury securities | |||||||||||
Commercial paper | |||||||||||
Corporate bonds | |||||||||||
Total cash and cash equivalents | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
Raw materials | $ | $ | |||||||||
Work-in-process | |||||||||||
Finished goods | |||||||||||
Total inventories, net | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
Prepaid expenses | $ | $ | |||||||||
Contract assets | |||||||||||
Advance payments to vendors | |||||||||||
Other receivables | |||||||||||
Total prepaid expenses and other current assets | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
Machinery and equipment | $ | $ | |||||||||
Computer hardware and software | |||||||||||
Land | |||||||||||
Leasehold improvements | |||||||||||
Vehicles, including demonstration fleet | |||||||||||
Furniture and fixtures | |||||||||||
Construction in progress | |||||||||||
Total property and equipment | |||||||||||
Accumulated depreciation and amortization | ( | ( | |||||||||
Total property and equipment, net | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
Beginning of the period | $ | $ | |||||||||
Additions | |||||||||||
Amortization | ( | ( | |||||||||
Impairment | ( | ||||||||||
End of the period | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Impairment | Net Carrying Amount | Weighted Average Remaining Period (Years) | Gross Carrying Amount | Accumulated Amortization | Impairment | Net Carrying Amount | Weighted Average Remaining Period (Years) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Customer relationships | $ | $ | ( | $ | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
Customer backlog | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tradename | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assembled workforce | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Developed technology | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
IPR&D | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total intangible assets | $ | $ | ( | $ | $ | $ | $ | ( | $ | ( | $ |
Period | Expected Future Amortization Expense | |||||||
2024 (remaining nine months) | $ | |||||||
2025 | ||||||||
2026 | ||||||||
2027 | ||||||||
2028 | ||||||||
Thereafter | ||||||||
IPR&D | ||||||||
Total | $ |
Autonomy Solutions | ATS | Total | |||||||||||||||
Balance as of December 31, 2022 | $ | $ | $ | ||||||||||||||
Goodwill related to acquisition of Seagate’s lidar business | |||||||||||||||||
Impairment of goodwill related to Freedom Photonics | ( | ( | |||||||||||||||
Balance as of December 31, 2023 | $ | $ | $ | ||||||||||||||
Balance as of March 31, 2024 | $ | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
Security deposits | $ | $ | |||||||||
Non-marketable equity investment | |||||||||||
Contract assets | |||||||||||
Other non-current assets | |||||||||||
Total other non-current assets | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
Accrued compensation and benefits | $ | $ | |||||||||
Accrued expenses | |||||||||||
Contract losses | |||||||||||
Warranty reserves | |||||||||||
Contract liabilities | |||||||||||
Accrued interest payable and other liabilities | |||||||||||
Total accrued and other current liabilities | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
Principal | $ | $ | |||||||||
Unamortized debt discount and issuance costs | ( | ( | |||||||||
Net carrying amount | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Contractual interest expense | $ | $ | |||||||||
Amortization of debt discount and issuance costs | |||||||||||
Total interest expense | $ | $ |
Private Warrants | ||||||||
Balance as of December 31, 2023 | $ | |||||||
Change in fair value of outstanding warrants | ( | |||||||
Balance as of March 31, 2024 | $ |
Fair Value (in thousands) Measured as of March 31, 2024: | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | |||||||||||||||||||
U.S. treasury securities | |||||||||||||||||||||||
Total cash equivalents | $ | $ | $ | $ | |||||||||||||||||||
Marketable investments: | |||||||||||||||||||||||
U.S. treasury securities | $ | $ | $ | $ | |||||||||||||||||||
U.S. agency and government sponsored securities | |||||||||||||||||||||||
Commercial paper | |||||||||||||||||||||||
Corporate bonds | |||||||||||||||||||||||
Certificate of deposit | |||||||||||||||||||||||
Marketable equity investments | |||||||||||||||||||||||
Total marketable investments | $ | $ | $ | $ | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Private Warrants | $ | $ | $ | $ | |||||||||||||||||||
Fair Value (in thousands) Measured as of December 31, 2023: | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | |||||||||||||||||||
Commercial paper | |||||||||||||||||||||||
Corporate bonds | |||||||||||||||||||||||
Total cash equivalents | $ | $ | $ | $ | |||||||||||||||||||
Marketable investments: | |||||||||||||||||||||||
U.S. treasury securities | $ | $ | $ | $ | |||||||||||||||||||
U.S. agency and government sponsored securities | |||||||||||||||||||||||
Commercial paper | |||||||||||||||||||||||
Corporate bonds | |||||||||||||||||||||||
Marketable equity investments | |||||||||||||||||||||||
Total marketable investments | $ | $ | $ | $ | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Private Warrants | $ | $ | $ | $ | |||||||||||||||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Numerator: | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Denominator: | |||||||||||
Weighted average common shares outstanding—Basic | |||||||||||
Weighted average common shares outstanding—Diluted | |||||||||||
Net loss per share—Basic and Diluted | $ | ( | $ | ( |
March 31, 2024 | ||||||||
Warrants | ||||||||
Stock-based awards—Equity classified | ||||||||
Stock-based awards—Liability classified | ||||||||
Vendor stock-in-lieu of cash program | ||||||||
Convertible Senior Notes | ||||||||
Earn-out shares | ||||||||
Total |
Shares | Weighted Average Grant Date Fair Value per Share | ||||||||||
Unvested shares as of December 31, 2023 | $ | ||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Unvested shares as of March 31, 2024 |
Number of Common Stock Options | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value (In Thousands) | ||||||||||||||||||||
Outstanding as of December 31, 2023 | $ | ||||||||||||||||||||||
Exercised | ( | ||||||||||||||||||||||
Cancelled/Forfeited | ( | ||||||||||||||||||||||
Outstanding as of March 31, 2024 | $ | ||||||||||||||||||||||
Time-Based RSUs | Performance-Based and Other RSUs | ||||||||||||||||||||||
Shares | Weighted Average Grant Date Fair Value per Share | Shares | Weighted Average Grant Date Fair Value per Share | ||||||||||||||||||||
Outstanding as of December 31, 2023 | $ | $ | |||||||||||||||||||||
Granted | |||||||||||||||||||||||
Forfeited | ( | ( | |||||||||||||||||||||
Vested | ( | ( | |||||||||||||||||||||
Change in units based on performance | |||||||||||||||||||||||
Outstanding as of March 31, 2024 |
Shares | Weighted Average Grant Date Fair Value per Share | ||||||||||
Outstanding as of December 31, 2023 | $ | ||||||||||
Outstanding as of March 31, 2024 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Cost of sales | $ | $ | |||||||||
Research and development | |||||||||||
Sales and marketing | |||||||||||
General and administrative | |||||||||||
Total | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Equity Classified Awards: | |||||||||||
Stock options | $ | $ | |||||||||
RSAs | |||||||||||
RSUs | |||||||||||
Management awards | |||||||||||
ESPP | |||||||||||
Liability Classified Awards: | |||||||||||
Equity-settled fixed value | |||||||||||
Optogration | |||||||||||
Freedom Photonics | |||||||||||
Other | |||||||||||
Total | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Operating lease cost | $ | $ | |||||||||
Variable lease cost | |||||||||||
Total operating lease cost | $ | $ | |||||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||
Cash paid for operating leases included in operating activities | $ | ( | $ | ( | |||||||
Right of use assets obtained in exchange for lease obligations: | |||||||||||
Operating leases |
March 31, 2024 | December 31, 2023 | ||||||||||
Operating leases: | |||||||||||
Operating lease right-of-use assets | $ | $ | |||||||||
Operating lease liabilities: | |||||||||||
Operating lease liabilities, current | $ | $ | |||||||||
Operating lease liabilities, non-current | |||||||||||
Total operating lease liabilities | $ | $ | |||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
Weighted average remaining lease term | |||||||||||
Operating leases | |||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
Weighted average discount rate | |||||||||||
Operating leases | % | % | |||||||||
Operating Leases | |||||
Year Ending December 31, | |||||
2024 (remaining nine months) | $ | ||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
2029 | |||||
Thereafter | |||||
Total lease payments | |||||
Less: imputed interest | ( | ||||
Total leases liabilities | $ |
Three Months Ended March 31, 2024 | |||||||||||||||||||||||||||||
Autonomy Solutions | ATS | Total reportable segments | Eliminations (1) | Total Consolidated | |||||||||||||||||||||||||
Revenues from external customers | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||||||||
Operating income (loss) | ( | ( | ( | ( | |||||||||||||||||||||||||
Other significant items: | |||||||||||||||||||||||||||||
Segment assets | ( | ||||||||||||||||||||||||||||
Inventories, net | ( |
Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||
Autonomy Solutions | ATS | Total reportable segments | Eliminations (1) | Total Consolidated | |||||||||||||||||||||||||
Revenues from external customers | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||||||||
Operating income (loss) | ( | ( | ( | ( | |||||||||||||||||||||||||
Other significant items: | |||||||||||||||||||||||||||||
Segment assets | ( | ||||||||||||||||||||||||||||
Inventory | ( |
Three Months Ended March 31, | |||||||||||||||||||||||
2024 | 2023 | $ Change | % Change | ||||||||||||||||||||
Revenue | $ | 20,968 | $ | 14,509 | $ | 6,459 | 45 | % | |||||||||||||||
Cost of sales | 31,423 | 29,133 | 2,290 | 8 | % | ||||||||||||||||||
Gross loss | (10,455) | (14,624) | 4,169 | (29) | % | ||||||||||||||||||
Operating Expenses: | |||||||||||||||||||||||
Research and development | 67,750 | 69,052 | (1,302) | (2) | % | ||||||||||||||||||
Sales and marketing | 14,515 | 13,729 | 786 | 6 | % | ||||||||||||||||||
General and administrative | 33,049 | 44,490 | (11,441) | (26) | % | ||||||||||||||||||
Total operating expenses | 115,314 | 127,271 | (11,957) | (9) | % | ||||||||||||||||||
Loss from operations | (125,769) | (141,895) | 16,126 | (11) | % | ||||||||||||||||||
Other income (expense), net: | |||||||||||||||||||||||
Change in fair value of warrant liabilities | 821 | (1,054) | 1,875 | (178) | % | ||||||||||||||||||
Interest expense | (2,757) | (1,665) | (1,092) | 66 | % | ||||||||||||||||||
Interest income | 3,430 | 1,905 | 1,525 | 80 | % | ||||||||||||||||||
Gain from acquisition of EM4 | 1,752 | — | 1,752 | nm | |||||||||||||||||||
Losses related to investments and certain other assets, and other income (expense) | (2,604) | (4,065) | 1,461 | (36) | % | ||||||||||||||||||
Total other income (expense), net | 642 | (4,879) | 5,521 | (113) | % | ||||||||||||||||||
Loss before provision for income taxes | (125,127) | (146,774) | 21,647 | (15) | % | ||||||||||||||||||
Provision for income taxes | 587 | — | 587 | nm | |||||||||||||||||||
Net loss | $ | (125,714) | $ | (146,774) | $ | 21,060 | (14) | % |
Three Months Ended March 31, | |||||||||||||||||||||||
2024 | 2023 | $ Change | % Change | ||||||||||||||||||||
Revenue from sales to external customers: | |||||||||||||||||||||||
Autonomy Solutions | $ | 16,320 | $ | 10,673 | $ | 5,647 | 53 | % | |||||||||||||||
ATS | 4,648 | 3,836 | 812 | 21 | % | ||||||||||||||||||
Total | $ | 20,968 | $ | 14,509 | $ | 6,459 | 45 | % |
Three Months Ended March 31, | |||||||||||||||||||||||
2024 | 2023 | $ Change | % Change | ||||||||||||||||||||
Segment operating income (loss) | |||||||||||||||||||||||
Autonomy Solutions | $ | (125,019) | $ | (141,584) | $ | 16,565 | (12 | %) | |||||||||||||||
ATS | (750) | (596) | (154) | (26 | %) |
Three months ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Net cash provided by (used in): | |||||||||||
Operating activities | $ | (81,229) | $ | (64,674) | |||||||
Investing activities | 34,426 | 62,599 | |||||||||
Financing activities | 17,475 | 23,129 |
Incorporation by Reference | |||||||||||||||||||||||||||||||||||
Exhibit Number | Description | Form | File Number | Exhibit/Appendix Reference | Filing Date | Filed Herewith | |||||||||||||||||||||||||||||
3.1 | 8-K/A | 001-38791 | 3.1 | 12/8/20 | |||||||||||||||||||||||||||||||
3.2 | 10-K | 001-38791 | 3.2 | 02/28/24 | |||||||||||||||||||||||||||||||
3.3 | 8-K | 001-38791 | 3.1 | 03/21/23 | |||||||||||||||||||||||||||||||
10.1 | 10-K | 001-38791 | 10.20 | 02/28/24 | |||||||||||||||||||||||||||||||
12/8/20 | |||||||||||||||||||||||||||||||||||
10.2 | 10-K | 001-38791 | 10.21 | 02/28/24 | |||||||||||||||||||||||||||||||
31.1 | X | ||||||||||||||||||||||||||||||||||
31.2 | X | ||||||||||||||||||||||||||||||||||
32.1 | Furnished herewith | ||||||||||||||||||||||||||||||||||
101.INS | XBRL Instance Document | X | |||||||||||||||||||||||||||||||||
101.SCH | XBRL Taxonomy Extension Schema Document | X | |||||||||||||||||||||||||||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | X | |||||||||||||||||||||||||||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | X | |||||||||||||||||||||||||||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | X | |||||||||||||||||||||||||||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | X | |||||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL). | X | |||||||||||||||||||||||||||||||||
Luminar Technologies, Inc. | ||||||||
Date: May 10, 2024 | By: | /s/ Austin Russell | ||||||
Austin Russell | ||||||||
President, Chief Executive Officer and Chairperson of the Board | ||||||||
(Principal Executive Officer) | ||||||||
/s/ Thomas J. Fennimore | ||||||||
Thomas J. Fennimore | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial Officer) | ||||||||
Date: May 10, 2024 | By: | /s/ Austin Russell | ||||||
Austin Russell | ||||||||
Chief Executive Officer | ||||||||
(Principal Executive Officer) |
Date: May 10, 2024 | By: | /s/ Thomas J. Fennimore | ||||||
Thomas J. Fennimore | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial and Accounting Officer) |
Date: May 10, 2024 | By: | /s/ Austin Russell | ||||||
Austin Russell | ||||||||
Chief Executive Officer | ||||||||
(Principal Executive Officer) |
Date: May 10, 2024 | By: | /s/ Thomas J. Fennimore | ||||||
Thomas J. Fennimore | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial and Accounting Officer) |
Organization and Description of Business |
3 Months Ended |
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Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of Business Luminar Technologies, Inc. (together with its wholly-owned subsidiaries, the “Company” or “Luminar”) is incorporated in Delaware. Luminar is a global automotive technology company ushering in a new era of vehicle safety and autonomy. Over the past decade, Luminar has been building from the chip-level up, its light detection and ranging sensor, or LiDAR, which is expected to meet the demanding performance, safety, reliability and cost requirements to enable next-generation safety and autonomous capabilities for passenger and commercial vehicles as well as other adjacent markets. The Company’s Class A common stock is listed on the NASDAQ under the symbol “LAZR.” The Company is headquartered in Orlando, Florida and has personnel that conducts the Company’s operations from various locations in the United States and internationally including Germany, Sweden, Mexico, China and India.
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Basis of Presentation and Summary of Significant Accounting Policies |
3 Months Ended |
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Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Consolidation The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”) filed with the SEC on February 28, 2024. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. All intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, equity, revenues and expenses, and related disclosures. The significant estimates made by management include inventory reserves, useful life of long-lived assets, valuation allowance for deferred tax assets, valuation of warrants issued in a private placement (“Private Warrants”), valuation of contingent consideration payable, and assets acquired in mergers and acquisitions including intangible assets, forecasted costs associated with non-recurring engineering (“NRE”) services, restructuring costs and stock-based compensation expense. Management periodically evaluates such estimates and they are adjusted prospectively based upon such periodic evaluation. Actual results could differ from those estimates. Segment Information The Company has determined its operating segments using the same indicators which are used to evaluate its performance internally. The Company’s business activities are organized in two operating segments: (i) “Autonomy Solutions” which includes manufacturing and distribution of LiDAR sensors that measure distance using laser light to generate a 3D map, non-recurring engineering services related to the Company’s LiDAR products, development of software products that enable autonomy capabilities for automotive applications, and licensing of certain information. In June 2022, the Company acquired certain assets from Solfice Research, Inc. (“Solfice” or “Civil Maps”). In January 2023, the Company acquired certain assets from Seagate Technology LLC and Seagate Singapore International Headquarters Pte. Ltd. (individually and collectively, “Seagate”). Assets purchased from both, Civil Maps and Seagate have been included in the Autonomy Solutions segment. (ii) “Advanced Technologies and Services (“ATS”)” which includes development of application-specific integrated circuits, pixel-based sensors, advanced lasers, as well as designing, testing and providing consulting services for non-standard integrated circuits. In August 2021 and in April 2022, the Company acquired Optogration, Inc. (“Optogration”) and Freedom Photonics LLC (“Freedom Photonics”), respectively. Operations of Optogration and Freedom Photonics have been included in the ATS segment. In March 2024, the Company acquired EM4, LLC (“EM4”) and included operations of EM4 in the ATS segment. Concentration of Credit Risk The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents, debt securities and accounts receivable. The Company’s deposits exceed federally insured limits. Cash held by foreign subsidiaries of the Company as of March 31, 2024 and December 31, 2023 was not material. The Company’s revenue is derived from customers located in the United States and international markets. One customer, Scale AI, Inc., accounted for 69% and 71% of the Company’s accounts receivable as of March 31, 2024 and December 31, 2023, respectively. Significant Accounting Policies The Company’s significant accounting policies are disclosed in its Annual Report on Form 10-K for the year ended December 31, 2023. There has been no material change to the Company’s significant accounting policies during the three months ended March 31, 2024. Recent Accounting Pronouncements Not Yet Effective In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires a public company to enhance the transparency and decision usefulness of income tax disclosures to provide information to better assess how an entity’s operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. ASU 2023-09 will be effective for the Company for the annual period beginning January 1, 2025 with early adoption permitted. The Company is currently evaluating this guidance and the impact it may have on its financial statement disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 requires a public company to enhance disclosures about significant segment expenses and provide incremental segment information on an annual and interim basis to enable investors to develop more decision-useful financial analyses. ASU 2023-07 will be effective for the Company for fiscal year beginning January 1, 2024, and interim periods within fiscal year beginning January 1, 2025, with early adoption permitted. The Company is currently evaluating this guidance and the impact it may have on its financial statement disclosures.
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Business Combinations and Acquisitions |
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations and Acquisitions | Business Combinations and Acquisitions Acquisition of EM4 On March 18, 2024 (the “Acquisition Date”), the Company completed its acquisition of EM4, a designer, manufacturer and seller of packaged photonic components and sub-systems for industrial markets. The EM4 acquisition is expected to accelerate the Company’s strategy to package lasers, detectors and ASICs. The Company acquired 100% of the membership interests of EM4 from G&H Investment Holding, Inc. (“G&H”), for an aggregate purchase price of approximately $4.5 million in cash, net of working capital adjustments, and up to $6.75 million in contingent future payments to G&H subject to the achievement of certain financial performance targets. The fair value of the contingent consideration at the Acquisition Date was estimated to be $0.1 million. The Company utilized a Monte Carlo simulation model to estimate the probability-weighted fair value of the contingent consideration. This transaction has been accounted for as a business combination. The acquisition related costs incurred as part of the transaction were not material. Recording of Assets Acquired and Liabilities Assumed Price allocation includes preliminary estimates of deferred tax balances, certain tax liabilities, for which the Company is in the process of collecting documentation to ascertain potential amounts, and fair value of certain working capital components. Preliminary estimates of fair values included in the condensed consolidated financial statements are expected to be finalized within a one-year measurement period following the acquisition date after which any subsequent adjustments will be reflected in the consolidated statements of operations. The following table summarizes the preliminary purchase price allocation to assets acquired (in thousands):
Since the consideration paid by the Company to acquire EM4’s business was lower than the estimated fair value of net assets acquired, the Company recognized a $1.8 million gain from the acquisition of EM4. The following factors contributed towards the purchase price paid by the Company being lower than the estimated fair value of the net assets acquired: (a) EM4 had historically been incurring losses and G&H viewed it as non-core; (b) although G&H pursued a competitive auction process for the business, the ultimate timeline to completion was drawn-out due to the complexity of the transaction structure; and (c) during the later stages of the sale process, after the Company was selected as the winning bidder, EM4’s business was impacted by the cancellation of certain material government programs as well as delays in certain other purchase orders, which also served to significantly reduce the estimated probability of the contingent future payments to G&H. The results of operations related to EM4 are included in our condensed consolidated statements of operations beginning from the Acquisition Date. The impact of the acquisition on the consolidated financial results of the Company for the three months ended March 31, 2024 was not material.
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Revenue |
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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 a 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):
Volvo Stock Purchase Warrant The Company had previously issued certain stock purchase warrants (“Volvo Warrants”) to Volvo Car Technology Fund AB (“VCTF”) in connection with an engineering services contract. The Volvo Warrants vest and become exercisable in two tranches based on satisfaction of certain commercial milestones. The fair value of the first tranche of the Volvo Warrants was recorded as a reduction in revenue in 2021. The second tranche of the Volvo warrants will be recorded as reduction in revenue to be amortized over sales of a certain number of the Company’s sensors to Volvo for use in their commercial vehicles, which commenced in the second quarter of 2024. Contract assets and liabilities Changes in the Company’s contract assets and contract liabilities primarily result from the timing difference between the Company’s performance and the customer’s payment based on contractual terms. Contract assets primarily represent revenues recognized for performance obligations that have been satisfied but for which amounts have not been billed. Contract liabilities consist of the Company’s obligation to transfer goods or services to a customer for which the Company has received consideration from the customer. Customer advance payments represent required customer payments in advance of product shipments. Customer advance payments are recognized in revenue as or when control of the performance obligation is transferred to the customer. The opening and closing balances of contract assets were as follows (in thousands):
The significant changes in contract assets balances consisted of the following (in thousands):
The opening and closing balances of contract liabilities were as follows (in thousands):
The significant changes in contract liabilities balances consisted of the following (in thousands):
Remaining Performance Obligations Revenue allocated to remaining performance obligations was $8.9 million as of March 31, 2024 and includes amounts within contract liabilities. The Company expects to recognize approximately 94% of this revenue over the next 12 months and the remainder thereafter.
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Investments |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments Debt Securities The Company’s investments in debt securities consisted of the following as of March 31, 2024 and December 31, 2023 (in thousands):
The following table presents the gross unrealized losses and the fair value for those debt securities that were in an unrealized loss position for less than 12 months as of March 31, 2024 and December 31, 2023 (in thousands):
Equity Investments The Company’s equity investments consisted of the following as of March 31, 2024 and December 31, 2023 (in thousands):
(1) Investments with readily determinable fair values. (2) Investment in privately held company without readily determinable fair value. The Company assesses its non-marketable equity investments quarterly for impairment. Adjustments and impairments are recorded in other income (expense), net on the condensed consolidated statements of operations.
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Financial Statement Components |
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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):
Inventory Inventory comprised of the following (in thousands):
The Company’s inventory write-downs were $16.9 million and $5.5 million for the three months ended March 31, 2024 and 2023, respectively. The write-downs were primarily due to obsolescence charges as a result of change in product design, lower of cost or market assessment, yield losses, and other adjustments. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands):
Property and Equipment Property and equipment consisted of the following (in thousands):
Property and equipment capitalized under finance lease were not material. Depreciation and amortization expense associated with property and equipment was $7.1 million and $1.9 million for the three months ended March 31, 2024 and 2023, respectively. The Company continually evaluates opportunities for optimizing its manufacturing processes and product design. In 2023, the Company finalized and committed to a plan to change its sourcing of certain sub-assemblies and components from one supplier to another which requires the Company to abandon certain equipment located at the legacy supplier. As a result, the Company has reduced the useful lives of the long-lived assets within the impacted asset group in line with when these assets are expected to be abandoned. The Company expects the transition to the new supplier to be completed in 2024. The reduction in the estimated useful lives of the impacted assets resulted in the Company recording $2.1 million of incremental accelerated depreciation charges in the three months ended March 31, 2024. Intangible Assets The following table summarizes the activity in the Company’s intangible assets (in thousands):
Intangible assets were acquired in connection with the Company’s acquisition of Optogration in August 2021, Freedom Photonics in April 2022 and Solfice in June 2022. The components of intangible assets were as follows (in thousands):
Amortization expense related to intangible assets was $1.0 million and $1.1 million for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, the expected future amortization expense for intangible assets was as follows (in thousands):
Goodwill The carrying amount of goodwill allocated to the Company’s reportable segments was as follows (in thousands):
During the year ended December 31, 2023, the Company recognized impairment charges of $12.5 million and $3.0 million related to goodwill and IPR&D related to Freedom Photonics. These impairment charges were due to events which occurred during the fourth quarter of 2023, including a decision to delay development activities on certain new products resulting from an increase in focus on supporting the product roadmap of the Autonomy Solutions segment, and a lowering of the growth outlook for the business due to less than anticipated traction in sales of new products. Total life-to-date goodwill impairment charge recorded by the ATS reportable segment was $12.5 million and no impairment charge has been recorded by the Autonomy Solutions reportable segment. In relation to the goodwill, the Company engaged third-party valuation specialists and used industry accepted valuation models and criteria that were reviewed and approved by various levels of management. The Company assessed the fair value of the Freedom Photonics reporting during the fourth quarter of 2023, using the discounted cash flow method under the income approach, utilizing estimated cash flows and a terminal value, discounted at a rate of return that reflects the relative risk of the cash flows. The significant assumptions used in the assessment of the reporting unit included revenue growth rates, profit margins, operating expenses, capital expenditures, terminal value and a discount rate. As a result of this assessment, the Company concluded that the carrying value of the Freedom Photonics reporting unit exceeded the estimated fair value by $12.5 million, which was recorded as a noncash impairment charge to goodwill. In relation to the intangibles, the significant assumptions used in the assessment of the IPR&D intangible asset included revenue growth rates, a discount rate and a royalty rate. Based on this assessment, the Company recorded a $3.0 million noncash impairment charge related to the IPR&D intangible asset. Other Non-Current Assets Other non-current assets consisted of the following (in thousands):
Accrued and Other Current Liabilities Accrued and other current liabilities consisted of the following (in thousands):
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Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt Convertible Senior Notes and Capped Call Transactions In December 2021, the Company issued $625.0 million aggregate principal amount of 1.25% Convertible Senior Notes due 2026 in a private placement, which included $75.0 million aggregate principal amount of such notes pursuant to the exercise in full of the option granted to the initial purchasers to purchase additional notes (collectively, the “Convertible Senior Notes”). The interest on the Convertible Senior Notes is payable semi-annually in arrears on June 15 and December 15 of each year, beginning on June 15, 2022. The Convertible Senior Notes will mature on December 15, 2026, unless repurchased or redeemed earlier by the Company or converted pursuant to their terms. The total net proceeds from the debt offering, after deducting fees paid to the initial purchasers paid by the Company, was approximately $609.4 million. Each $1,000 principal amount of the Convertible Senior Notes is initially convertible into 50.0475 shares of the Company’s Class A common stock, par value $0.0001, which is equivalent to an initial conversion price of approximately $19.98 per share. The conversion rate is subject to adjustment upon the occurrence of certain specified events prior to the maturity date but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date or if the Company delivers a notice of redemption in respect of some or all of the Convertible Senior Notes, the Company will, under certain circumstances, increase the conversion rate of the Convertible Senior Notes for a holder who elects to convert its Convertible Senior Notes in connection with such a corporate event or convert its Convertible Senior Notes called for redemption during the related redemption period, as the case may be. The Convertible Senior Notes are redeemable, in whole or in part (subject to certain limitations), at the Company’s option at any time, and from time to time, on or after December 20, 2024, and on or before the 40th scheduled trading day immediately before the maturity date, at a cash redemption price equal to the principal amount of the Convertible Senior Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, but only if certain liquidity conditions are satisfied and the last reported sale price per share of the Class A common stock exceeds 130% of the conversion price on (1) each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the trading day immediately before the date the Company sends the related redemption notice, and (2) the trading day immediately before the date the Company sends such notice. If the Company undergoes a fundamental change (as defined in the indenture governing the Convertible Senior Notes) prior to the maturity date, holders may require the Company to repurchase for cash all or any portion of their Convertible Senior Notes in principal amounts of $1,000 or a multiple thereof at a fundamental change repurchase price equal to 100% of the principal amount of the Convertible Senior Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date. Holders of the Convertible Senior Notes may convert their Convertible Senior Notes at their option at any time prior to the close of business on the business day immediately preceding December 15, 2026, in multiples of $1,000 principal amount, only under the following circumstances: (1) during any calendar quarter (and only during such calendar quarter) commencing after the calendar quarter ending on March 31, 2022, if the last reported sale price per share of the Class A common stock exceeds 130% of the conversion price for each of at least 20 trading days, whether or not consecutive, during the 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter; (2) during the five consecutive business days immediately after any 10 consecutive trading day period (such 10 consecutive trading day period, the “measurement period”) in which the trading price per $1,000 principal amount of Convertible Senior Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price per share of the Class A common stock on such trading day and the conversion rate on such trading day; (3) upon the occurrence of specified corporate events or distributions on the Class A common stock; and (4) if the Convertible Senior Notes are called for redemption. On or after June 15, 2026, holders may convert all or any portion of their Convertible Senior Notes at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date, regardless of the foregoing circumstances. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of its Class A common stock or a combination of cash and shares of its Class A common stock, at the Company’s election. As of March 31, 2024, the conditions allowing holders of the Convertible Senior Notes to convert were not met. The Company currently intends to settle the principal amount of its outstanding Convertible Senior Notes in cash and any excess in shares of the Company’s Class A common stock. The Convertible Senior Notes are senior unsecured obligations and will rank equal in right of payment with the Company’s future senior unsecured indebtedness; senior in right of payment to the Company’s future indebtedness that is expressly subordinated to the Convertible Senior Notes; effectively subordinated to the Company’s existing and future secured indebtedness, to the extent of the value of the collateral securing that indebtedness; and structurally subordinated to all existing and future indebtedness and other liabilities, including trade payables, and (to the extent the Company is not a holder thereof) preferred equity, if any, of the Company’s subsidiaries. The Company has classified the Convertible Senior Notes as a non-current liability under the guidance in ASC 470-20, as amended by ASU 2020-06. Debt discount and issuance costs aggregating approximately $16.2 million were initially recorded as a reduction to the principal amount of the Convertible Senior Notes and is being amortized as interest expense on a straight line basis over the contractual terms of the notes. The Company estimates that the difference between amortizing the debt discounts and the issuance costs using the straight line method as compared to using the effective interest rate method is immaterial. The net carrying amount of the Convertible Senior Notes was as follows (in thousands):
The following table sets forth the interest expense recognized related to the Convertible Senior Notes (in thousands):
The remaining term over which the debt discount and issuance costs will be amortized is 2.7 years. In connection with the offering of the Convertible Senior Notes, the Company entered into privately negotiated capped call option transactions with certain counterparties (the “Capped Calls”). The Capped Calls each have an initial strike price of approximately $19.98 per share, subject to certain adjustments, which corresponds to the initial conversion price of the Convertible Senior Notes. The Capped Calls have initial cap prices of $30.16 per share, subject to certain adjustment events. The Capped Calls are generally intended to reduce the potential dilution to the Class A common stock upon any conversion of the Convertible Senior Notes and/or offset any cash payments the Company is required to make in excess of the principal amount of converted Convertible Senior Notes, as the case may be, with such reduction and/or offset subject to a cap based on the cap price. The Capped Calls expire on April 6, 2027, subject to earlier exercise. The Capped Calls are subject to either adjustment or termination upon the occurrence of specified extraordinary events affecting the Company, including a merger event, a tender offer, and a nationalization, insolvency or delisting involving the Company. In addition, the Capped Calls are subject to certain specified additional disruption events that may give rise to a termination of the Capped Calls, including changes in law, failure to deliver, and hedging disruptions. The Capped Calls are recorded in stockholders’ equity and are not accounted for as derivatives. The net cost of $73.4 million incurred to purchase the Capped Calls was recorded as a reduction to additional paid-in capital in the accompanying consolidated balance sheet. Credit Facility In February 2024, the Company entered into two non-recourse loan and securities pledge agreements (the “Loan Agreements”) with The St. James Bank & Trust Company Ltd. (the “Lender”), pursuant to which the Company may borrow up to an aggregate of $50.0 million. Any loans made by the Lender under the Loan Agreements would be collateralized by shares of the Company’s Class A common stock or stock the Company holds of another company. The Loan Agreements require the Company to pay an up-front structure fee of 1.5% on any amounts borrowed, and any outstanding amounts would bear interest at 8.0% per annum. The Company did not borrow any amounts from the credit facility and had no outstanding balance as of March 31, 2024.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements As of March 31, 2024, the Company carried cash equivalents, marketable investments and Private Warrants that are measured at fair value on a recurring basis. Additionally, the Company measures its equity-settled fixed value awards at fair value on a recurring basis. See Note 11 for further information on the Company’s fixed value equity awards. Fair value is based on the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1 — Observable inputs, which include unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than Level 1 inputs, such as quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 — Unobservable inputs that are supported by little or no market activity and that are based on management’s assumptions, including fair value measurements determined by using pricing models, discounted cash flow methodologies or similar techniques. The Company determined the fair value of its Level 1 financial instruments, which are traded in active markets, using quoted market prices for identical instruments. Marketable investments classified within Level 2 of the fair value hierarchy are valued based on other observable inputs, including broker or dealer quotations, alternative pricing sources or U.S. Government Treasury yield of appropriate term. When quoted prices in active markets for identical assets or liabilities are not available, the Company relies on non-binding quotes from its investment managers, which are based on proprietary valuation models of independent pricing services. These models generally use inputs such as observable market data, quoted market prices for similar instruments, historical pricing trends of a security as relative to its peers. To validate the fair value determination provided by its investment managers, the Company reviews the pricing movement in the context of overall market trends and trading information from its investment managers. The Company performs routine procedures such as comparing prices obtained from independent source to ensure that appropriate fair values are recorded. Given that the transfer of Private Warrants to anyone outside of a small group of individuals constituting the sponsors of Gores Metropoulos, Inc. (“Gores”) would result in the Private Warrants having substantially the same terms as warrants issued in connection with the initial public offering of Gores (“Public Warrants”), management determined that the fair value of each Private Warrant is the same as that of a Public Warrant, with an insignificant adjustment for short-term marketability restrictions. As of March 31, 2024, management determined the fair value of the Private Warrants using observable inputs in the Black-Scholes valuation model, which used the remaining term of warrants of 1.67 years volatility of 88.89% and a risk-free rate of 4.73%. Accordingly, the Private Warrants are classified as Level 3 financial instruments. The following table presents changes in Level 3 liabilities relating to Private Warrants measured at fair value (in thousands):
The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (in thousands):
As of March 31, 2024 and December 31, 2023, the estimated fair value of the Company’s outstanding Convertible Senior Notes was $214.4 million and $296.3 million, respectively. The fair value was determined based on the quoted price of the Convertible Senior Notes in an inactive market on the last trading day of the reporting period and have been classified as Level 2 in the fair value hierarchy. See Note 7 for further information on the Company’s Convertible Senior Notes. The fair value of Company’s other financial instruments, including accounts receivable, accounts payable and other current liabilities, approximate their carrying value due to the relatively short maturity of those instruments. The carrying amounts of the Company’s finance leases approximate their fair value, which is the present value of expected future cash payments based on assumptions about current interest rates and the creditworthiness of the Company.
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Earnings (Loss) Per Share |
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Earnings (Loss) Per Share | Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted average number of shares of common stock during the period plus common stock equivalents, as calculated under the treasury stock method, outstanding during the period. If the Company reports a net loss, the computation of diluted loss per share excludes the effect of dilutive common stock equivalents, as their effect would be antidilutive. The Company computes earnings (loss) per share using the two-class method for its Class A and Class B common stock. Earnings (loss) per share is same for both Class A and Class B common stock since they are entitled to the same liquidation and dividend rights. The following table sets forth the computation of basic and diluted loss per share for the three months ended March 31, 2024 and 2023 (in thousands, except for share and per share amounts):
The following table presents the potential shares of common stock outstanding that were excluded from the computation of diluted net loss per share of common stock as of the periods presented because including them would have been antidilutive or related contingencies on issuance of shares had not been met as of March 31, 2024:
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Stockholders' Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity | Stockholders’ Equity Class A and Class B Common Stock The Company’s board of directors (the “Board”) has authorized two classes of common stock, Class A and Class B. As of March 31, 2024, the Company had authorized 715,000,000 shares of Class A common stock and 121,000,000 shares of Class B common stock with a par value of $0.0001 per share for each class. As of March 31, 2024, the Company had 365,309,068 shares issued and 343,445,618 shares outstanding of Class A common stock, and 97,088,670 shares issued and outstanding of Class B common stock. Holders of Class A and Class B common stock have identical rights, except that holders of the Class A common stock are entitled to one vote per share and the holder of the Class B common stock is entitled to ten votes per share. Equity Financing Program On February 28, 2023, the Company entered into an agreement (the “Sales Agreement”) with Virtu Americas LLC (the “Agent”) under which the Company may offer and sell, from time to time in its sole discretion, shares of the Company’s Class A common stock with aggregate gross sales proceeds of up to $75.0 million through an equity offering program under which the Agent will act as sales agent (the “Equity Financing Program”). The Company intends to use the net proceeds from offerings under the Equity Financing Program primarily for expenditures or payments in connection with strategic merger and acquisition opportunities, as well as potential strategic investments, partnerships and similar transactions. Under the Sales Agreement, the Company sets the parameters for the sale of the shares, including the number of shares to be issued, the time period during which sales are requested to be made, limitations on the number of shares that may be sold in any one trading day and any minimum price below which sales may not be made. Subject to the terms and conditions of the Sales Agreement, the Agent has agreed to use its commercially reasonable efforts, consistent with its normal trading and sales practices, to sell the shares by methods deemed to be an “at the market” offering as defined in Rule 415 promulgated under the Securities Act of 1933, as amended, (the “Securities Act”) including sales made through The Nasdaq Global Select Market. The Company issued 9,644,286 shares of Class A common stock under the Equity Financing Program during the three months ended March 31, 2024 for net proceeds of $17.2 million. As of March 31, 2024, no amounts were available for sale under the program. Private Warrants The Company had 1,668,269 Private Warrants outstanding as of December 31, 2023. No Private Warrants were exercised in the three months ended March 31, 2024. The Private Warrants are set to expire on December 2, 2025. Each Private Warrant allows the holder to purchase one share of Class A common stock at $11.50 per share. Stock-in-lieu of Cash Program The Company has entered into arrangements with certain vendors and other third parties wherein the Company at its discretion may elect to compensate the respective vendors / third parties for services provided in either cash or by issuing shares of the Company’s Class A common stock (“Stock-in-lieu of Cash Program”). The Company considers the shares issuable under the Stock-in-lieu of Cash Program as liability classified awards when the arrangement with the vendors requires the Company to issue a variable number of shares to settle amounts owed. During the three months ended March 31, 2024, the Company issued 151,206 shares of Class A common stock as part of the Stock-in-lieu of Cash Program. As of March 31, 2024, the Company had a total of $9.4 million in prepaid expenses and other current and non-current assets related to its Stock-in-lieu of Cash Program. The Company’s vendor Stock-in-lieu of Cash Program activity for the three months ended March 31, 2024 was as follows:
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Stock-based Compensation |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based Compensation | Stock-based Compensation Prior to becoming a publicly traded entity, the Company issued incentive stock options, non-qualified stock options, and restricted stock to employees and non-employee consultants under its 2015 Stock Plan (the “2015 Plan”). Since the closing of the business combination between Gores Metropoulos, Inc. and Luminar Technologies, Inc. on December 2, 2020 (the “Business Combination”), the Company has not issued any new stock-based awards under the 2015 Plan. In December 2020, the Board adopted, and the Company’s stockholders approved the 2020 Equity Incentive Plan (the “2020 Plan”). The 2020 Plan became effective upon the closing of the Business Combination. Under the 2020 Plan, the Company was originally authorized to issue a maximum number of 36,588,278 shares of Class A common stock. In June 2022, the Company’s stockholders approved an amendment and restatement of the Company’s 2020 Plan (the “Amended 2020 Plan”) to increase the number of shares of Class A common stock authorized for issuance by 36,000,000 additional shares and added an evergreen provision under which the number of shares of Class A common stock available for issuance under the Amended 2020 Plan will be increased on the first day of each fiscal year of the Company beginning with the 2023 fiscal year and ending on (and including) the first day of the 2030 fiscal year, in an amount equal to the lesser of (i) 5% of the outstanding shares of common stock on the last day of the immediately preceding fiscal year, (ii) 40,000,000 shares or (iii) such number of shares determined by the Board. Pursuant to the evergreen provision, 20,991,566 additional shares of Class A common stock were added to the Amended 2020 Plan on January 1, 2024. Stock Options Under the terms of the 2015 Plan, incentive stock options had an exercise price at or above the fair market value of the stock on the date of the grant, while non-qualified stock options were permitted to be granted below fair market value of the stock on the date of grant. Stock options granted have service-based vesting conditions only. The service-based vesting conditions vary, though typically, stock options vest over four years with 25% of stock options vesting on the first anniversary of the grant and the remaining 75% vesting monthly over the remaining 36 months. Option holders have a 10-year period to exercise their options before they expire. Forfeitures are recognized in the period of occurrence. The Company’s stock option activity for the three months ended March 31, 2024 was as follows:
The aggregate intrinsic value of stock options exercised during the three months ended March 31, 2024 was $0.2 million. The intrinsic value is calculated as the difference between the exercise price and the fair value of the common stock on the exercise date. The total grant date fair value of stock options vested during the three months ended March 31, 2024 was $0.3 million. Restricted Stock units Since the closing of the Business Combination, the Company has granted restricted stock units (“RSUs”) under the Amended 2020 Plan (and prior to its amendment and restatement, under the 2020 Plan). Each RSU granted under the Amended 2020 Plan represents a right to receive one share of the Company’s Class A common stock when the RSU vests. RSUs generally vest over a period up to six years. The Company has granted certain performance-based equity awards that vest upon achievement of certain performance milestones. The fair value of RSUs is equal to the fair value of the Company’s common stock on the date of grant. The Company’s Time-Based RSUs and Performance-Based and Other RSUs activity for the three months ended March 31, 2024 was as follows:
Fixed Value Equity Awards The Company issues fixed value equity awards to certain employees as a part of their compensation package. These awards are issued as RSUs under the Amended 2020 Plan (and prior to its amendment and restatement, under the 2020 Plan) and are accounted for as liability classified awards under ASC 718 — Stock Compensation. Fixed value equity awards granted have service-based conditions only and vest quarterly over a period of up to six years. These awards represent a fixed dollar amount settled in a variable number of shares determined at each vesting period. Stock-based compensation expense related to these awards was $4.0 million and $2.9 million for the three months ended March 31, 2024 and 2023, respectively. Freedom Photonics Awards As part of the acquisition of Freedom Photonics LLC (“Freedom Photonics”) in April 2022, the Company owed up to $29.8 million of post combination compensation related to certain service and performance conditions including achievement of certain technical and financial milestones. In March 2024, the Company issued 2,651,085 shares of Class A common stock for $5.4 million of the post combination compensation due to achievement of the service and performance conditions. As of March 31, 2024, it is probable that the remaining conditions will be met for an amount equal to approximately $15.4 million of post combination compensation. Management Awards On May 2, 2022, the Board granted an award of 10.8 million RSUs to Austin Russell, the Company’s Chief Executive Officer. The grant date fair value per share of the award granted to Mr. Russell was $8.70 per share. On August 19, 2022, the Board granted 500,000 RSUs to each of Thomas Fennimore, the Company’s Chief Financial Officer, and Alan Prescott, the Company’s Chief Legal Officer. The grant date fair value per share of the awards granted to Mr. Fennimore and Mr. Prescott was $6.12 per share. These awards to Mr. Russell, Mr. Fennimore and Mr. Prescott are subject to all of the following vesting conditions: •Public Market condition: Achievement of three stock price milestones: $50 or more, $60 or more, and $70 or more. The stock price will be measured based on the volume-weighted average price per share for 90 consecutive trading days; •Service condition: Approximately 7-years of vesting; and •Performance condition: Start of production for at least one series production program. The Company measured the compensation cost for the management awards outlined above using a Monte Carlo simulation model and recorded $5.7 million in stock-based compensation expense related to these awards in the three months ended March 31, 2024. The Company’s management awards activity for the three months ended March 31, 2024 was as follows:
On November 8, 2023, the Board approved a formula for RSU grants to Messrs. Fennimore and Prescott for each year from 2024 through 2029 for Mr. Fennimore and through 2026 for Mr. Prescott based on achievement of annual performance goals with respect to the immediately preceding year (“Annual Performance Award”). The number of RSUs to be awarded in a year will be determined at the sole discretion of the Human Resources and Compensation Committee of the Board (the “Compensation Committee”) based on actual achievement of the annual performance goals established by the Board based on the Company’s approved operating plan in respect of the immediately preceding year, with such awards ranging from 137,500 RSUs at the threshold level, 550,000 RSUs at the target level, and 825,000 RSUs at the maximum level for extraordinary performance (interpolated linearly between target levels, as applicable). For a potential award to be made in 2024, the Compensation Committee had determined that annual performance goals will be weighted 50% based on revenue and 50% based on free cash flow, with target performance for the revenue performance goal equal to $81.4 million and target performance for the 2023 fourth quarter free cash flow goal equal to $(37) million. In March 2024, the Compensation Committee determined that the achievement of the 2023 performance goals was below the threshold level. Accordingly, no 2023 Annual Performance Award was granted to Messrs. Fennimore and Prescott in March 2024. Compensation expense Stock-based compensation expense by function was as follows (in thousands):
Stock-based compensation expense by type of award was as follows (in thousands):
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Income Taxes |
3 Months Ended |
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Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Provision for income taxes for the three months ended March 31, 2024 and 2023 was not material. The effective tax rate was (0.5)% and 0.0% for the three months ended March 31, 2024 and 2023, respectively. The effective tax rates differ significantly from the statutory tax rate of 21%, primarily due to the Company’s valuation allowance movement in each period presented.
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases The Company leases office and manufacturing facilities under non-cancelable operating leases expiring at various dates through August 2032. Some of the Company’s leases include one or more options to renew, with renewal terms that if exercised by the Company, extend the lease term from to six years. The exercise of these renewal options is at the Company’s discretion. The Company’s lease agreements do not contain any material terms and conditions of residual value guarantees or material restrictive covenants. The Company’s short-term leases and sublease income were not material. The components of lease expenses were as follows (in thousands):
Supplemental cash flow information related to leases was as follows (in thousands):
Supplemental balance sheet information related to leases was as follows (in thousands):
Weighted average remaining terms were as follows (in years):
Weighted average discount rates were as follows:
Maturities of lease liabilities were as follows (in thousands):
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Leases | Leases The Company leases office and manufacturing facilities under non-cancelable operating leases expiring at various dates through August 2032. Some of the Company’s leases include one or more options to renew, with renewal terms that if exercised by the Company, extend the lease term from to six years. The exercise of these renewal options is at the Company’s discretion. The Company’s lease agreements do not contain any material terms and conditions of residual value guarantees or material restrictive covenants. The Company’s short-term leases and sublease income were not material. The components of lease expenses were as follows (in thousands):
Supplemental cash flow information related to leases was as follows (in thousands):
Supplemental balance sheet information related to leases was as follows (in thousands):
Weighted average remaining terms were as follows (in years):
Weighted average discount rates were as follows:
Maturities of lease liabilities were as follows (in thousands):
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Commitments and Contingencies |
3 Months Ended |
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Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Purchase and Other Obligations The Company purchases goods and services from a variety of suppliers in the ordinary course of business. Purchase obligations are defined as agreements that are enforceable and legally binding and that specify all significant terms, including fixed or minimum quantities to be purchased, fixed, minimum, or variable price provisions, and the approximate timing of the transaction. The Company had purchase obligations primarily for purchases of inventory, R&D, and general and administrative activities totaling $181.2 million as of March 31, 2024. Legal Matters From time to time, the Company is involved in actions, claims, suits and other proceedings in the ordinary course of business, including assertions by third parties relating to intellectual property infringement, breaches of contract or warranties or employment-related matters. When it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated, the Company records a liability for such loss contingencies. The Company’s estimates regarding potential losses and materiality are based on the Company’s judgment and assessment of the claims utilizing currently available information. Although the Company will continue to reassess its reserves and estimates based on future developments, the Company’s objective assessment of the legal merits of such claims may not always be predictive of the outcome and actual results may vary from the Company’s current estimates. The Company’s current legal accrual is not material to the financial statements. On May 26, 2023, a putative class action styled Johnson v. Luminar Technologies, Inc., et al., Case No. 6:23-cv-00982-PGB-LHP, was filed in the United States District Court for the Middle District of Florida, against the Company and an employee. The suit asserts purported claims on behalf of purchasers of the Company’s securities between February 28, 2023 and March 17, 2023 under Sections 10(b) and 20(a) of the Exchange Act for allegedly misleading statements regarding the Company’s photonic integrated circuits technology. Defendants filed a motion to dismiss the complaint on December 29, 2023. The Company disputes the allegations in the complaint and intends to vigorously defend the litigation. The Company presently does not expect this matter to have a material adverse impact on the Company’s financial results and did not accrue anything related to this matter as of March 31, 2024. On October 21, 2023, a shareholder derivative suit entitled Bhavsar v. McAuliffe, et al. Bhavsar v. McAuliffe, et al., No. 6:23-cv-02037 was filed in the United States District Court for the Middle District of Florida against directors of the Company and an employee. The suit avers claims for purported breaches of fiduciary duty, unjust enrichment, abuse of control, gross mismanagement, waste, aiding and abetting, and contribution under Sections 10(b) and 21D of the Exchange Act on the basis of the same wrongdoing alleged in the first lawsuit described above. In November 2023, three additional shareholder derivative suits averring similar claims to Bhavsar were filed in the United States District Court for the District of Delaware: Lance Dechant, et al. v. Alec E. Gores, et al., C.A. No. 23-cv-01318-UNA, Hutchinson v. Russell, et al., C.A. No. 23-cv-01345-UNA, and Ulerio v. Russell, et al., C.A. No. 23-cv-01359-UNA. The Company disputes the allegations in the complaint and intends to vigorously defend the litigation. The Company has determined that the likelihood of this matter resulting in a material adverse impact on the Company’s financial results is remote. On March 21, 2024, a putative class action styled Smith v. Gores, et al., C.A. No. 2024-0285-MTZ (Del. Ch.) was filed in the Delaware Court of Chancery against the Company and the members of its Board of Directors. The lawsuit asserts claims on behalf of a putative class comprised of all stockholders other than defendants and any current directors or officers of the Company. The plaintiff alleges that certain provisions in the Company’s advance notice bylaws (the “Challenged Provisions”) are invalid and void and that the members of the Board have breached their fiduciary duty of loyalty by adopting and maintaining the Challenged Provisions. In addition to seeking declaratory, equitable, and injunctive relief, the plaintiff seeks an award of attorneys’ fees and other costs and expenses on behalf of the putative class. On April 15, 2024, the Company moved to dismiss the complaint. The Company has determined that the likelihood of this matter resulting in a material adverse impact on the Company’s financial results is remote.
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Segment and Customer Concentration Information |
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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 automobile and autonomous vehicles sector and the 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 sectors 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):
(1) Represents the eliminations of all intercompany balances and transactions during the period presented. Three customers, Scale AI, Inc., Tesla, Inc. and Mercedes-Benz ExTra, LLC of Autonomy Solutions segment, accounted for 48%, 11% and 10% of the Company’s revenue for the three months ended March 31, 2024, respectively. Two customers, Scale AI, Inc. and Mercedes-Benz ExTra, LLC of Autonomy Solutions segment, accounted for 28% and 24% of the Company’s revenue for the three months ended March 31, 2023, respectively. A vast majority of the Company’s long-lived assets are located in North America.
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Subsequent Event |
3 Months Ended |
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Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event Equity Financing Program The Company sold 2,915,534 and 954,000 shares of Class A common stock on March 27, 2024 and March 28, 2024, respectively. Upon settlement of these sales, the Company received net proceeds of $6.9 million and issued shares of Class A common stock in April 2024. On May 3, 2024, the Company entered into a Financing Agreement with the Agent under which the Company may offer and sell, from time to time in its sole discretion, shares of the Company’s Class A common stock with aggregate gross sales proceeds of up to $150.0 million under the Equity Financing Program. This is an extension of the prior Equity Financing Program the Company established with the Agent in February 2023. The Company intends to use the net proceeds from offerings under the Equity Financing Program for expenditures or payments in connection with strategic merger and acquisitions, strategic investments, partnerships and similar transactions, repurchases of convertible debt securities, and if needed, for general corporate and business purposes. Restructuring On May 3, 2024, the Company approved and announced a restructuring plan (the “2024 Restructuring Plan”) consisting of the following: •a reduction in its workforce by approximately 20%, which is intended to realign its employee base to its highest priorities and core competencies as a company, eliminate redundancies with resources gained through the expanded TPK partnership, and reduce operating costs and drive operating leverage as the Company continues to scale in the future; and •a reduction in its global footprint by sub-leasing portions or the entirety of certain facilities. The actions associated with the 2024 Restructuring Plan commenced in May 2024 and are estimated to be substantially complete by the end of 2024. The Company estimates that it will incur approximately $6 million to $8 million in cash charges associated with employee severance and related employee costs, to be incurred primarily in the second quarter and third quarter of 2024. Incrementally, the Company expects to incur charges related to acceleration of certain previously granted stock-based awards and grants of new awards as part of severance packages for employees impacted under the 2024 Restructuring Plan. The Company expects to incur $2 million to $5 million in losses from sub-leasing of facilities, to be incurred during the remainder of 2024. The Company’s estimates are subject to a number of assumptions, and actual results may materially differ.
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 31, 2024 |
Mar. 31, 2023 |
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Pay vs Performance Disclosure | ||
Net loss | $ (125,714) | $ (146,774) |
Insider Trading Arrangements |
3 Months Ended |
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Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation and Summary of Significant Accounting Policies (Policies) |
3 Months Ended |
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Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”) filed with the SEC on February 28, 2024. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. All intercompany transactions and balances have been eliminated in consolidation.
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Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, equity, revenues and expenses, and related disclosures. The significant estimates made by management include inventory reserves, useful life of long-lived assets, valuation allowance for deferred tax assets, valuation of warrants issued in a private placement (“Private Warrants”), valuation of contingent consideration payable, and assets acquired in mergers and acquisitions including intangible assets, forecasted costs associated with non-recurring engineering (“NRE”) services, restructuring costs and stock-based compensation expense. Management periodically evaluates such estimates and they are adjusted prospectively based upon such periodic evaluation. Actual results could differ from those estimates.
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Segment Information | Segment Information The Company has determined its operating segments using the same indicators which are used to evaluate its performance internally. The Company’s business activities are organized in two operating segments: (i) “Autonomy Solutions” which includes manufacturing and distribution of LiDAR sensors that measure distance using laser light to generate a 3D map, non-recurring engineering services related to the Company’s LiDAR products, development of software products that enable autonomy capabilities for automotive applications, and licensing of certain information. In June 2022, the Company acquired certain assets from Solfice Research, Inc. (“Solfice” or “Civil Maps”). In January 2023, the Company acquired certain assets from Seagate Technology LLC and Seagate Singapore International Headquarters Pte. Ltd. (individually and collectively, “Seagate”). Assets purchased from both, Civil Maps and Seagate have been included in the Autonomy Solutions segment. (ii) “Advanced Technologies and Services (“ATS”)” which includes development of application-specific integrated circuits, pixel-based sensors, advanced lasers, as well as designing, testing and providing consulting services for non-standard integrated circuits. In August 2021 and in April 2022, the Company acquired Optogration, Inc. (“Optogration”) and Freedom Photonics LLC (“Freedom Photonics”), respectively. Operations of Optogration and Freedom Photonics have been included in the ATS segment. In March 2024, the Company acquired EM4, LLC (“EM4”) and included operations of EM4 in the ATS segment.
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Concentration of Credit Risk | Concentration of Credit Risk The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents, debt securities and accounts receivable. The Company’s deposits exceed federally insured limits. Cash held by foreign subsidiaries of the Company as of March 31, 2024 and December 31, 2023 was not material. The Company’s revenue is derived from customers located in the United States and international markets.
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Recent Accounting Pronouncements Not Yet Effective | Recent Accounting Pronouncements Not Yet Effective In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 requires a public company to enhance the transparency and decision usefulness of income tax disclosures to provide information to better assess how an entity’s operations and related tax risks and tax planning and operational opportunities affect its tax rate and prospects for future cash flows. ASU 2023-09 will be effective for the Company for the annual period beginning January 1, 2025 with early adoption permitted. The Company is currently evaluating this guidance and the impact it may have on its financial statement disclosures. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 requires a public company to enhance disclosures about significant segment expenses and provide incremental segment information on an annual and interim basis to enable investors to develop more decision-useful financial analyses. ASU 2023-07 will be effective for the Company for fiscal year beginning January 1, 2024, and interim periods within fiscal year beginning January 1, 2025, with early adoption permitted. The Company is currently evaluating this guidance and the impact it may have on its financial statement disclosures.
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Fair Value Measurements | Fair Value Measurements As of March 31, 2024, the Company carried cash equivalents, marketable investments and Private Warrants that are measured at fair value on a recurring basis. Additionally, the Company measures its equity-settled fixed value awards at fair value on a recurring basis. See Note 11 for further information on the Company’s fixed value equity awards. Fair value is based on the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1 — Observable inputs, which include unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than Level 1 inputs, such as quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 — Unobservable inputs that are supported by little or no market activity and that are based on management’s assumptions, including fair value measurements determined by using pricing models, discounted cash flow methodologies or similar techniques. The Company determined the fair value of its Level 1 financial instruments, which are traded in active markets, using quoted market prices for identical instruments. Marketable investments classified within Level 2 of the fair value hierarchy are valued based on other observable inputs, including broker or dealer quotations, alternative pricing sources or U.S. Government Treasury yield of appropriate term. When quoted prices in active markets for identical assets or liabilities are not available, the Company relies on non-binding quotes from its investment managers, which are based on proprietary valuation models of independent pricing services. These models generally use inputs such as observable market data, quoted market prices for similar instruments, historical pricing trends of a security as relative to its peers. To validate the fair value determination provided by its investment managers, the Company reviews the pricing movement in the context of overall market trends and trading information from its investment managers. The Company performs routine procedures such as comparing prices obtained from independent source to ensure that appropriate fair values are recorded.
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Business Combinations and Acquisitions (Tables) |
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets and Liabilities | The following table summarizes the preliminary purchase price allocation to assets acquired (in thousands):
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Revenue (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disaggregation of Revenue | Total revenue based on the disaggregation criteria described above, as well as revenue by segment, are as follows (in thousands):
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Schedule of Opening and Closing Balances of Contract Liabilities and Significant Changes in Contract Liabilities | The opening and closing balances of contract assets were as follows (in thousands):
The significant changes in contract assets balances consisted of the following (in thousands):
The opening and closing balances of contract liabilities were as follows (in thousands):
The significant changes in contract liabilities balances consisted of the following (in thousands):
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Investments (Tables) |
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Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt Securities, Available-for-sale | The Company’s investments in debt securities consisted of the following as of March 31, 2024 and December 31, 2023 (in thousands):
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Schedule of Gross Unrealized Losses and the Fair Value for Marketable Investments | The following table presents the gross unrealized losses and the fair value for those debt securities that were in an unrealized loss position for less than 12 months as of March 31, 2024 and December 31, 2023 (in thousands):
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Schedule of Equity Investments Included in Marketable Securities | The Company’s equity investments consisted of the following as of March 31, 2024 and December 31, 2023 (in thousands):
(1) Investments with readily determinable fair values. (2) Investment in privately held company without readily determinable fair value.
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Financial Statement Components (Tables) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash and Cash Equivalents | Cash and cash equivalents consisted of the following (in thousands):
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Schedule of Inventories, net | Inventory comprised of the following (in thousands):
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Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following (in thousands):
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Schedule of Property and Equipment | Property and equipment consisted of the following (in thousands):
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Schedule of Finite-Lived Intangible Assets | The following table summarizes the activity in the Company’s intangible assets (in thousands):
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Future Amortization Expense | As of March 31, 2024, the expected future amortization expense for intangible assets was as follows (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | The carrying amount of goodwill allocated to the Company’s reportable segments was as follows (in thousands):
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Schedule of Other Noncurrent Assets | Other non-current assets consisted of the following (in thousands):
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Schedule of Accrued and Other Current Liabilities | Accrued and other current liabilities consisted of the following (in thousands):
|
Debt (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Carrying Amount | The net carrying amount of the Convertible Senior Notes was as follows (in thousands):
|
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Schedule of Interest Expense | The following table sets forth the interest expense recognized related to the Convertible Senior Notes (in thousands):
|
Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Level 3 Liabilities Measured at Fair Value | The following table presents changes in Level 3 liabilities relating to Private Warrants measured at fair value (in thousands):
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Schedule of Financial Assets and Liabilities Subject to Fair Value Measurements on a Recurring Basis and the Level of Inputs Used | The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (in thousands):
|
Earnings (Loss) Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Basic and Diluted Loss Per Share | The following table sets forth the computation of basic and diluted loss per share for the three months ended March 31, 2024 and 2023 (in thousands, except for share and per share amounts):
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Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table presents the potential shares of common stock outstanding that were excluded from the computation of diluted net loss per share of common stock as of the periods presented because including them would have been antidilutive or related contingencies on issuance of shares had not been met as of March 31, 2024:
|
Stockholders' Equity (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Vendor Stock-in-lieu of Cash Program | The Company’s vendor Stock-in-lieu of Cash Program activity for the three months ended March 31, 2024 was as follows:
|
Stock-based Compensation (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stock Option Activity | The Company’s stock option activity for the three months ended March 31, 2024 was as follows:
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Schedule of Restricted Stock Awards Activity | The Company’s Time-Based RSUs and Performance-Based and Other RSUs activity for the three months ended March 31, 2024 was as follows:
The Company’s management awards activity for the three months ended March 31, 2024 was as follows:
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Schedule of Stock-based Compensation Expense by Function | Stock-based compensation expense by function was as follows (in thousands):
Stock-based compensation expense by type of award was as follows (in thousands):
|
Leases (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Lease Expenses, Supplemental Cash Flow Information, Weighted Average Remaining Terms, and Weighted Average Discount Rates | The components of lease expenses were as follows (in thousands):
Supplemental cash flow information related to leases was as follows (in thousands):
Weighted average remaining terms were as follows (in years):
Weighted average discount rates were as follows:
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Schedule of Supplemental Balance Sheet Information | Supplemental balance sheet information related to leases was as follows (in thousands):
|
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Schedule of Maturities of Lease Liabilities | Maturities of lease liabilities were as follows (in thousands):
|
Segment and Customer Concentration Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Operating Results and Reconciliations to the Consolidated Balances | 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):
(1) Represents the eliminations of all intercompany balances and transactions during the period presented.
|
Basis of Presentation and Summary of Significant Accounting Policies - Segment Information (Details) |
3 Months Ended |
---|---|
Mar. 31, 2024
operating_segment
| |
Accounting Policies [Abstract] | |
Number of operating segments | 2 |
Basis of Presentation and Summary of Significant Accounting Policies - Concentration of Credit Risk (Details) |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
|
Scale AI, Inc | Accounts Receivable | Customer Concentration Risk | ||
Concentration Risk [Line Items] | ||
Percentage of accounts receivable (as percent) | 69.00% | 71.00% |
Business Combinations and Acquisitions - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 18, 2024 |
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Business Acquisition [Line Items] | |||
Gain on bargain purchase | $ 1,752 | $ 0 | |
EM4 | |||
Business Acquisition [Line Items] | |||
Membership interest percentage | 100.00% | ||
Cash consideration | $ 4,500 | ||
Contingent future payments | 6,750 | ||
Contingent stock consideration | $ 100 | ||
Gain on bargain purchase | $ 1,800 |
Business Combinations and Acquisitions - Schedule of Recognized Identified Assets and Liabilities (Details) - EM4 $ in Thousands |
Mar. 18, 2024
USD ($)
|
---|---|
Business Acquisition [Line Items] | |
Cash and cash equivalents | $ 557 |
Accounts receivable | 1,064 |
Contract asset | 1,644 |
Inventories, net | 3,539 |
Prepaid expenses and other current assets | 252 |
Property plant and equipment | 1,888 |
Operating lease right-of-use assets | 2,072 |
Total assets acquired | 11,016 |
Current liabilities | (3,148) |
Operating lease liabilities, non-current | (1,628) |
Total liabilities assumed | (4,776) |
Net assets acquired | $ 6,240 |
Revenue - Narrative (Details) |
Mar. 31, 2020
tranche
|
---|---|
VCTF warrant | |
Class of Warrant or Right [Line Items] | |
Number of tranches | 2 |
Revenue - Schedule of Opening and Closing Balances of Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
---|---|---|---|
Revenue from Contract with Customer [Abstract] | |||
Contract assets, current | $ 14,580 | $ 14,132 | |
Contract assets, non-current | 3,827 | 2,471 | |
Contract with customer, asset, total | 18,407 | 16,603 | $ 17,970 |
Contract liabilities, current | 2,341 | 3,127 | |
Contract liabilities, non-current | 525 | 805 | |
Contract with customer, liability, total | $ 2,866 | $ 3,932 | $ 3,008 |
Revenue - Schedule of Significant Changes in Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
|
Contract With Customer Asset [Roll Forward] | ||
Beginning balance | $ 16,603 | $ 17,970 |
Amounts billed that were included in the contract assets beginning balance | (2,518) | (10,965) |
Contract assets from acquisition of EM4 (See Note 3) | 1,644 | 0 |
Revenue recognized for performance obligations that have been satisfied but for which amounts have not been billed | 2,678 | 9,598 |
Ending balance | 18,407 | 16,603 |
Contract with Customer, Liability [Roll Forward] | ||
Beginning balance | 3,932 | 3,008 |
Revenue recognized that was included in the contract liabilities beginning balance | (1,570) | (2,125) |
Increase due to cash received and not recognized as revenue and billings in excess of revenue recognized during the period | 504 | 3,049 |
Ending balance | $ 2,866 | $ 3,932 |
Investments - Schedule of Gross Unrealized Losses and the Fair Value for Marketable Investments (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Gross Unrealized Losses | $ (78) | $ (27) |
Fair Value | 48,337 | 31,362 |
U.S. treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Gross Unrealized Losses | (2) | 0 |
Fair Value | 9,263 | 0 |
U.S. agency and government sponsored securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Gross Unrealized Losses | (1) | 0 |
Fair Value | 1,522 | 741 |
Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Gross Unrealized Losses | (75) | (27) |
Fair Value | $ 37,552 | $ 30,621 |
Investments - Schedule of Equity Investments (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Total | $ 102,793 | $ 123,597 |
Money market funds | Cash and cash equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Marketable equity investments | 83,433 | 101,842 |
Marketable equity investments | Marketable securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Marketable equity investments | 5,360 | 7,755 |
Investment in non-marketable securities | Other non-current assets | ||
Debt Securities, Available-for-sale [Line Items] | ||
Non-marketable equity investment measured using the measurement alternative | 10,000 | 10,000 |
Non-marketable equity investment | Other non-current assets | ||
Debt Securities, Available-for-sale [Line Items] | ||
Non-marketable equity investment measured using the measurement alternative | $ 4,000 | $ 4,000 |
Financial Statement Components - Schedule of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Cash | $ 24,391 | $ 35,659 |
Money market funds | 83,433 | 101,842 |
U.S. treasury securities | 1,739 | 0 |
Commercial paper | 0 | 497 |
Corporate bonds | 0 | 1,097 |
Total cash and cash equivalents | $ 109,563 | $ 139,095 |
Financial Statement Components - Schedule of Inventories, net (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
---|---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Raw materials | $ 7,699 | $ 5,614 | |
Work-in-process | 3,960 | 2,521 | |
Finished goods | 4,758 | 4,061 | |
Total inventories, net | $ 16,417 | $ 12,196 | $ 14,918 |
Financial Statement Components - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Finite-Lived Intangible Assets [Line Items] | ||||
Inventory write-downs | $ 16,903 | $ 5,451 | ||
Depreciation and amortization | 7,100 | 1,900 | ||
Restructuring and related cost, accelerated depreciation | 2,100 | |||
Amortization expense | 1,000 | 1,100 | $ 4,323 | |
Estimated contract losses | 2,300 | $ 3,300 | ||
IPR&D | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment charges | $ 3,000 | |||
Freedom Photonics | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment charges | $ 12,500 | 12,500 | ||
Freedom Photonics | ATS | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment charges | 12,500 | |||
Freedom Photonics | Autonomy Solutions | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment charges | 0 | |||
Freedom Photonics | IPR&D | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment charges | $ 3,000 |
Financial Statement Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Prepaid expenses | $ 20,144 | $ 12,434 |
Contract assets | 14,580 | 14,132 |
Advance payments to vendors | 1,256 | 3,038 |
Other receivables | 5,142 | 3,346 |
Total prepaid expenses and other current assets | $ 41,122 | $ 32,950 |
Financial Statement Components - Schedule of Future Amortization Expense (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
2024 (remaining nine months) | $ 3,001 | |
2025 | 4,001 | |
2026 | 3,354 | |
2027 | 3,138 | |
2028 | 1,646 | |
Thereafter | 2,354 | |
IPR&D | 4,500 | |
Total | $ 21,994 | $ 22,994 |
Financial Statement Components - Schedule of Goodwill (Details) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2023
USD ($)
| |
Goodwill [Line Items] | |
Beginning balance | $ 18,816 |
Impairment of goodwill related to Freedom Photonics | (12,489) |
Ending balance | 7,390 |
Seagate | |
Goodwill [Line Items] | |
Goodwill related to acquisition of Seagate’s lidar business | 1,063 |
Autonomy Solutions | |
Goodwill [Line Items] | |
Beginning balance | 687 |
Impairment of goodwill related to Freedom Photonics | 0 |
Ending balance | 1,750 |
Autonomy Solutions | Seagate | |
Goodwill [Line Items] | |
Goodwill related to acquisition of Seagate’s lidar business | 1,063 |
ATS | |
Goodwill [Line Items] | |
Beginning balance | 18,129 |
Impairment of goodwill related to Freedom Photonics | (12,489) |
Ending balance | 5,640 |
ATS | Seagate | |
Goodwill [Line Items] | |
Goodwill related to acquisition of Seagate’s lidar business | $ 0 |
Financial Statement Components - Schedule of Other Noncurrent Assets (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Security deposits | $ 2,604 | $ 2,410 |
Non-marketable equity investment | 14,000 | 14,000 |
Contract assets | 3,827 | 2,471 |
Other non-current assets | 2,735 | 3,475 |
Total other non-current assets | $ 23,166 | $ 22,356 |
Financial Statement Components - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accrued compensation and benefits | $ 17,533 | $ 20,658 |
Accrued expenses | 19,605 | 14,723 |
Contract losses | 8,195 | 8,790 |
Warranty reserves | 1,443 | 4,154 |
Contract liabilities | 2,341 | 3,127 |
Accrued interest payable and other liabilities | 3,019 | 1,153 |
Total accrued and other current liabilities | $ 52,136 | $ 52,605 |
Debt - Schedule of Net Carrying Amount (Details) - Convertible Senior Notes Due 2026 - Convertible Debt - USD ($) |
Mar. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2021 |
---|---|---|---|
Debt Instrument [Line Items] | |||
Principal | $ 625,000,000 | $ 625,000,000 | $ 625,000,000 |
Unamortized debt discount and issuance costs | (8,763,000) | (9,572,000) | |
Net carrying amount | $ 616,237,000 | $ 615,428,000 |
Debt - Schedule of Interest Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Debt Instrument [Line Items] | ||
Total interest expense | $ 2,757 | $ 1,665 |
Convertible Senior Notes Due 2026 | Convertible Debt | ||
Debt Instrument [Line Items] | ||
Contractual interest expense | 1,948 | 1,926 |
Amortization of debt discount and issuance costs | 809 | 809 |
Total interest expense | $ 2,757 | $ 2,735 |
Debt - Credit Facility (Details) - The Loan Agreements - Secured Debt - Line of Credit |
2 Months Ended |
---|---|
Mar. 31, 2024
USD ($)
debtAgreement
| |
Debt Instrument [Line Items] | |
Number of agreements | debtAgreement | 2 |
Aggregate borrowing capacity | $ 50,000,000 |
Upfront Structure fee (percent) | 1.50% |
Interest rate (as a percent) | 8.00% |
Amount borrowed | $ 0 |
Outstanding balance | $ 0 |
Fair Value Measurements - Narrative (Details) $ in Millions |
Mar. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
---|---|---|
Level 3 | Expected Term | Private Warrants | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants term (in years) | 1 year 8 months 1 day | |
Level 3 | Price Volatility | Private Warrants | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants outstanding, measurement input (percent) | 0.8889 | |
Level 3 | Risk-Free Interest Rate | Private Warrants | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants outstanding, measurement input (percent) | 0.0473 | |
Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Convertible senior notes, fair value | $ 214.4 | $ 296.3 |
Fair Value Measurements - Schedule of Changes in Level 3 Liabilities Measured at Fair Value (Details) - Warrants - Private Warrants $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2024
USD ($)
| |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance at beginning of period | $ 1,069 |
Change in fair value of outstanding warrants | (821) |
Balance at end of period | $ 248 |
Earnings (Loss) Per Share - Schedule of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Numerator: | ||
Net loss | $ (125,714) | $ (146,774) |
Denominator: | ||
Weighted average common shares outstanding- Basic (in shares) | 424,929,163 | 370,742,917 |
Weighted average common shares outstanding- Diluted (in shares) | 424,929,163 | 370,742,917 |
Net loss per share - Basic (in dollars per share) | $ (0.30) | $ (0.40) |
Net loss per share - Diluted (in dollars per share) | $ (0.30) | $ (0.40) |
Earnings (Loss) Per Share - Narrative (Details) |
Mar. 31, 2024
$ / shares
|
---|---|
Convertible Senior Notes | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Conversion price (in dollars per share) | $ 19.981 |
Stockholders’ Equity - Stock-in-lieu of Cash Program Activity (Details) - Vendor stock-in-lieu of cash program |
3 Months Ended |
---|---|
Mar. 31, 2024
$ / shares
shares
| |
Shares | |
Outstanding at beginning of period (in shares) | shares | 878,060 |
Granted (in shares) | shares | 151,206 |
Vested (in shares) | shares | (657,588) |
Outstanding at end of period (in shares) | shares | 371,678 |
Weighted Average Grant Date Fair Value per Share | |
Outstanding at beginning of period (in dollars per share) | $ / shares | $ 4.32 |
Granted (in dollars per share) | $ / shares | 3.37 |
Vested (in dollars per share) | $ / shares | 3.69 |
Outstanding at end of period (in dollars per share) | $ / shares | $ 5.05 |
Stock-based Compensation - Schedule of Stock Option Activity (Details) $ / shares in Units, $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2024
USD ($)
$ / shares
shares
| |
Number of Common Stock Options | |
Outstanding at beginning of period (in shares) | shares | 6,199,453 |
Exercised (in shares) | shares | (223,401) |
Cancelled/Forfeited (in shares) | shares | (25,805) |
Outstanding at end of period (in shares) | shares | 5,950,247 |
Weighted- Average Exercise Price | |
Outstanding at beginning of period (in dollars per share) | $ / shares | $ 1.76 |
Exercised (in dollars per share) | $ / shares | 1.67 |
Cancelled/Forfeited (in dollars per share) | $ / shares | 4.27 |
Outstanding at end of period (in dollars per share) | $ / shares | $ 1.75 |
Weighted- Average Remaining Contractual Life (Years) | |
Outstanding balance | 5 years 8 months 15 days |
Aggregate Intrinsic Value (In Thousands) | |
Outstanding balance | $ | $ 1,749 |
Income Taxes - Narrative (Details) |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Income Tax Disclosure [Abstract] | ||
Effective tax rate, percent | (0.50%) | 0.00% |
Leases - Narrative (Details) |
3 Months Ended |
---|---|
Mar. 31, 2024
USD ($)
renewal_option
| |
Lessee, Lease, Description [Line Items] | |
Short-term leases | $ 0 |
Sublease income | $ 0 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Number of renewal options | renewal_option | 1 |
Renewal lease term (in years) | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Renewal lease term (in years) | 6 years |
Leases - Schedule of Components of Lease Expenses (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Leases [Abstract] | ||
Operating lease cost | $ 2,720 | $ 1,972 |
Variable lease cost | 327 | 516 |
Total operating lease cost | $ 3,047 | $ 2,488 |
Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Cash paid for amounts included in the measurement of lease liabilities: | ||
Cash paid for operating leases included in operating activities | $ (2,336) | $ (1,695) |
Right of use assets obtained in exchange for lease obligations: | ||
Operating leases | $ 3,842 | $ 1,211 |
Leases - Schedule of Supplemental Balance Sheet Information, Weighted Average Remaining Terms, and Weighted Average Discount Rates (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Operating leases: | ||
Operating lease right-of-use assets | $ 46,631 | $ 42,706 |
Operating lease liabilities, current | 11,309 | 10,154 |
Operating lease liabilities, non-current | 38,386 | 35,079 |
Total operating lease liabilities | $ 49,695 | $ 45,233 |
Weighted average remaining lease term | ||
Operating leases (in years) | 5 years 4 months 24 days | 5 years 7 months 9 days |
Weighted average discount rate | ||
Operating leases (as a percent) | 6.29% | 6.45% |
Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Operating Leases | ||
2024 (remaining nine months) | $ 8,742 | |
2025 | 11,707 | |
2026 | 11,440 | |
2027 | 10,518 | |
2028 | 7,418 | |
2029 | 2,455 | |
Thereafter | 6,489 | |
Total lease payments | 58,769 | |
Less: imputed interest | (9,074) | |
Total leases liabilities | $ 49,695 | $ 45,233 |
Commitments and Contingencies (Details) $ in Millions |
Mar. 31, 2024
USD ($)
|
Nov. 30, 2023
shareholder
|
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Purchase obligation | $ | $ 181.2 | |
Number of additional shareholders | shareholder | 3 |
Segment and Customer Concentration Information - Narrative (Details) - Revenue from contract with customer benchmark - Customer Concentration Risk |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Scale AI, Inc | ||
Concentration Risk [Line Items] | ||
Percentage of revenue (as percent) | 28.00% | |
Scale AI, Inc | Autonomy Solutions | ||
Concentration Risk [Line Items] | ||
Percentage of revenue (as percent) | 48.00% | |
Tesla, Inc | Autonomy Solutions | ||
Concentration Risk [Line Items] | ||
Percentage of revenue (as percent) | 11.00% | |
Mercedes-Benz ExTra, LLC | ||
Concentration Risk [Line Items] | ||
Percentage of revenue (as percent) | 24.00% | |
Mercedes-Benz ExTra, LLC | Autonomy Solutions | ||
Concentration Risk [Line Items] | ||
Percentage of revenue (as percent) | 10.00% |
Label | Element | Value |
---|---|---|
Autonomy Solutions Segment [Member] | ||
Goodwill | us-gaap_Goodwill | $ 1,750,000 |
Advanced Technologies and Services Segment [Member] | ||
Goodwill | us-gaap_Goodwill | $ 5,640,000 |
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