Discontinued Operations

12 Months Ended

Dec. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

In the fourth quarter of 2022, the Company discontinued the operations of its Drivetrain and XL Grid operations. Both the Drivetrain and XL Grid operations are presented as discontinued operations in the Consolidated Financial Statements. See Note 1. Organization and Description of Business for further information. The following provides supplemental detail of the Company’s discontinued operations as of and for the years ended December 31, 2022 and 2021.

The following table presents financial results from discontinued operations in the Consolidated Statements of Operations:


	Years Ended December 31,
(Amounts in thousands)	2022		2021
Net income (loss) from discontinued operations:
Drivetrain	$	(30,414)	$	(23,829)
XL Grid	(1,092)		17
Impairment of goodwill	(8,606)		—
Total	$	(40,112)	$	(23,812)

The following table presents aggregate carrying amounts of assets and liabilities of discontinued operations in the Consolidated Balance Sheets:


	As of December 31,
(Amounts in thousands)	2022		2021
Assets from discontinued operations:
Drivetrain	$	3,604	$	22,686
XL Grid	7,373		9,395
Goodwill	—		8,606
Total assets from discontinued operations	$	10,977	$	40,687

Liabilities from discontinued operations:
Drivetrain	$	5,743	$	10,228
XL Grid	3,648		3,636
Total liabilities from discontinued operations	$	9,391	$	13,864

Drivetrain

The following table presents financial results of Drivetrain operations:


	Years Ended December 31,
(Amounts in thousands)	2022		2021

Revenues	$	2,419	$	2,839
Operating expenses:
Cost of revenues - inventory and other direct costs	14,038		7,938
Engineering, research, and development	9,819		10,775
Selling, general, and administrative expenses	8,041		7,955
Total operating expenses	31,898		26,668
Loss from operations	(29,479)		(23,829)
Other expense:
Loss on asset disposal	935		—
Net loss from discontinued operations	$	(30,414)	$	(23,829)

The following table presents the aggregate carrying amounts of assets and liabilities of discontinued operations for Drivetrain operations:


	As of December 31,
(Amounts in thousands)	2022		2021

Accounts receivable, net	$	348	$	519
Inventory, net	498		13,482
Prepaid expenses and other current assets	—		599
Other property and equipment, net	84		3,104
Intangible assets, net	—		628
Right-of-use asset	2,627		4,310
Other assets	47		44
Total assets of discontinued operations	$	3,604	$	22,686

Current portion of long-term debt	$	—	$	78
Accounts payable	240		1,407
Lease liability, current	414		790
Accrued expenses and other current liabilities	2,272		4,236
Long-term debt, net of current portion	—		21
Deferred revenue, non-current	208		237
Lease liability, non-current	2,609		3,459
Total liabilities of discontinued operations	$	5,743	$	10,228

XL Grid

The following table presents financial results of XL Grid operations:


	Years Ended December 31,
(Amounts in thousands)	2022		2021

Revenues	$	12,279	$	12,761
Operating expenses:
Cost of revenues - inventory and other direct costs	8,577		8,358
Engineering, research, and development	—		—
Selling, general, and administrative expenses	4,794		4,386
Total operating expenses	13,371		12,744
Net income (loss) from discontinued operations	$	(1,092)	$	17

The following table presents the aggregate carrying amounts of assets and liabilities of discontinued operations for XL Grid operations:


	As of December 31,
(Amounts in thousands)	2022		2021

Accounts receivable, net	$	3,623	$	5,958
Inventory, net	1,749		1,780
Prepaid expenses and other current assets	95		131
Other property and equipment, net	152		139
Intangible assets, net	—		1,235
Right-of-use asset	1,719		108
Other assets	35		44
Total assets of discontinued operations	$	7,373	$	9,395

Accounts payable	$	495	$	1,695
Lease liability, current	206		59
Accrued expenses and other current liabilities	395		1,379
Deferred revenue, non-current	976		454
Lease liability, non-current	1,576		49
Total liabilities of discontinued operations	$	3,648	$	3,636