Revenue

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

The Company’s revenue is comprised of sales of LiDAR sensors, semiconductor components, NRE services and licensing of certain data and 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):

	Three Months Ended September 30,
	2025				2024
	Revenue		% of Revenue		Revenue		% of Revenue
Revenue by primary geographical market:
North America	$	14,778	79	%	$	14,022	91	%
Asia Pacific	119		1	%	202		1	%
Europe and Middle East	3,852		21	%	1,269		8	%
Total	$	18,749	100	%	$	15,493	100	%
Revenue by timing of recognition:
Recognized at a point in time	$	13,689	73	%	$	12,609	81	%
Recognized over time	5,060		27	%	2,884		19	%
Total	$	18,749	100	%	$	15,493	100	%
Revenue by segment:
Autonomy Solutions	$	11,381	61	%	$	9,766	63	%
ATS	7,368		39	%	5,727		37	%
Total	$	18,749	100	%	$	15,493	100	%

	Nine Months Ended September 30,
	2025				2024
	Revenue		% of Revenue		Revenue		% of Revenue
Revenue by primary geographical market:
North America	$	43,383	82	%	$	50,122	94	%
Asia Pacific	630		1	%	299		1	%
Europe and Middle East	9,256		17	%	2,490		5	%
Total	$	53,269	100	%	$	52,911	100	%
Revenue by timing of recognition:
Recognized at a point in time	$	38,628	73	%	$	43,721	83	%
Recognized over time	14,641		27	%	9,190		17	%
Total	$	53,269	100	%	$	52,911	100	%
Revenue by segment:
Autonomy Solutions	$	35,444	67	%	$	36,066	68	%
ATS	17,825		33	%	16,845		32	%
Total	$	53,269	100	%	$	52,911	100	%

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):

	September 30, 2025		December 31, 2024
Contract assets, current	$	2,542	$	16,199
Contract assets, non-current	—		—
Ending balance	$	2,542	$	16,199

The significant changes in contract assets balances consisted of the following (in thousands): 

	September 30, 2025		December 31, 2024
Beginning balance	$	16,199	$	16,603
Amounts billed that were included in the contract assets beginning balance	(14,421)		(3,737)
Contract assets from acquisition of EM4 (See Note 3)	—		1,644
Revenue recognized for performance obligations that have been satisfied but for which amounts have not been billed	764		1,689
Ending balance	$	2,542	$	16,199

The opening and closing balances of contract liabilities were as follows (in thousands):

	September 30, 2025		December 31, 2024
Contract liabilities, current	$	3,739	$	1,918
Contract liabilities, non-current	—		—
Ending balance	$	3,739	$	1,918

The significant changes in contract liabilities balances consisted of the following (in thousands): 

	September 30, 2025		December 31, 2024
Beginning balance	$	1,918	$	3,932
Revenue recognized that was included in the contract liabilities beginning balance	(1,696)		(2,980)
Increase due to cash received and not recognized as revenue and billings in excess of revenue recognized during the period	3,517		966
Ending balance	$	3,739	$	1,918

Remaining Performance Obligations

Revenue allocated to remaining performance obligations was $3.7 million as of September 30, 2025 and includes amounts within contract liabilities. The Company expects to recognize approximately 100% of this revenue over the next 12 months.