Discontinued Operations

3 Months Ended

Mar. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

In the fourth quarter of 2022, the Company discontinued the operations of its Drivetrain and XL Grid operations. The following provides supplemental detail of the Company’s discontinued operations for the three months ended March 31, 2023 and 2022.

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

	Three Months Ended March 31,
(Amounts in thousands)	2023		2022
Net income (loss) from discontinued operations:
Drivetrain	$	109	$	(5,896)
XL Grid	(3,975)		(1,441)
Impairment of goodwill	—		(8,606)
Total	$	(3,866)	$	(15,943)

XL Grid

The following table presents financial results of XL Grid operations:

	Three Months Ended March 31,
(Amounts in thousands)	2023		2022
Revenues	$	149	$	4,165
Operating expenses:
Cost of revenues - inventory and other direct costs	148		2,988
Loss on asset disposal	3,233		—
Selling, general, and administrative expenses	743		2,618
Total operating expenses	4,124		5,606
Net loss from discontinued operations	$	(3,975)	$	(1,441)

Drivetrain

The following table presents financial results of Drivetrain operations:

	Three Months Ended March 31,
(Amounts in thousands)	2023		2022
Revenues	$	9	$	598
Operating expenses:
Cost of revenues - inventory and other direct costs	(138)		2,208
Engineering, research, and development	—		2,989
Selling, general, and administrative expenses	—		1,297
Other	38		—
Total operating expenses	(100)		6,494
Net income (loss) from discontinued operations	$	109	$	(5,896)

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

	As of
(Amounts in thousands)	March 31, 2023		December 31, 2022
Assets from discontinued operations:
Drivetrain	$	71	$	3,604
XL Grid	—		7,373
Goodwill	—		—
Total assets from discontinued operations	$	71	$	10,977
Liabilities from discontinued operations:
Drivetrain	$	802	$	5,743
XL Grid	—		3,648
Total liabilities from discontinued operations	$	802	$	9,391