Segment and Customer Concentration Information

3 Months Ended

Mar. 31, 2024

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):

	Three Months Ended March 31, 2024
	Autonomy Solutions		ATS		Total reportable segments		Eliminations (1)		Total Consolidated
Revenues from external customers	$	16,320	$	4,648	$	20,968	$	—	$	20,968
Depreciation and amortization	7,428		638		8,066		—		8,066
Operating income (loss)	(125,019)		(750)		(125,769)		—		(125,769)
Other significant items:
Segment assets	554,708		63,120		617,828		(149,883)		467,945
Inventories, net	11,863		4,591		16,454		(37)		16,417

	Three Months Ended March 31, 2023
	Autonomy Solutions		ATS		Total reportable segments		Eliminations (1)		Total Consolidated
Revenues from external customers	$	10,673	$	3,836	$	14,509	$	—	$	14,509
Depreciation and amortization	2,326		661		2,987		—		2,987
Operating income (loss)	(141,584)		(596)		(142,180)		285		(141,895)
Other significant items:
Segment assets	735,264		64,157		799,421		(141,070)		658,351
Inventory	14,477		479		14,956		(38)		14,918

(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.