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Balance Sheet Components
 12 Months Ended
Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Components Balance Sheet Components
Cash and Cash Equivalents
The Company’s cash and cash equivalents consist of the following (in thousands):
December 31,
20222021
Cash$1,832 $5,131 
Cash equivalents:
Money market funds(1)
121,100 177,513 
Total cash and cash equivalents
$122,932 $182,644 
(1)The Company maintains a cash sweep account, which is included in money market funds as of December 31, 2022 and 2021, respectively. Cash is invested in short-term money market funds that earn interest.
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheets to the total of the amounts reported in the consolidated statements of cash flows (in thousands):
December 31,
202220212020
Cash and cash equivalents
$122,932 $182,644 $11,362 
Restricted cash, current
257 977 276 
Restricted cash, non-current
1,089 1,035 1,004 
Total cash, cash equivalents and restricted cash
$124,278 $184,656 $12,642 
Inventory
Inventory, consisting of material, direct and indirect labor, and manufacturing overhead, consists of the following (in thousands):
December 31,
20222021
Raw materials$6,971 $2,401 
Work in process3,857 1,951 
Finished goods8,705 3,096 
Total inventory$19,533 $7,448 
During the years ended December 31, 2022, 2021 and 2020, $1.3 million, $0.8 million and $0.8 million of inventory write downs were charged to cost of revenue.
Prepaid expenses and other current assets
Prepaid expenses and other current assets consist of the following (in thousands):
December 31,
20222021
Prepaid expenses$2,502 $1,970 
Prepaid insurance1,442 1,355 
Receivable from contract manufacturer2,526 1,344 
Other current assets2,073 897 
Total prepaid and other current assets$8,543 $5,566 
Property and Equipment, net
Property and equipment consists of the following (in thousands):
Estimated Useful Life
(in years)		December 31,
20222021
Machinery and equipment3$8,716 $8,404 
Computer equipment3340 498 
Automotive and vehicle hardware593 93 
Software385 104 
Furniture and fixtures7848 730 
Construction in progress3,448 1,700 
Leasehold improvementsShorter of useful life or lease term9,319 9,265 
22,849 20,794 
Less: Accumulated depreciation(13,154)(10,740)
Property and equipment, net
$9,695 $10,054 
Depreciation expense associated with property and equipment was $5.0 million, $4.7 million and $3.7 million in the years ended December 31, 2022, 2021 and 2020, respectively.
The following table summarizes the Company's property and equipment, net by geography (in thousands):

December 31,
20222021
United States$5,295 $8,254 
Thailand2,481 1,800 
France1,750 — 
Others169 — 
Total$9,695 $10,054 
Goodwill and Acquired Intangible Assets, Net
In the fourth quarter of 2021, the Company completed the acquisition of Sense Photonics Inc. (“Sense”), a privately held lidar technology company for autonomous vehicles. The transaction has been accounted for as a business combination. The Company purchased all of the outstanding shares of the capital stock of Sense and settled all Sense debt for total consideration of $72.8 million. Goodwill represents the excess of the purchase price over the preliminary estimated fair values of the identifiable assets and assumed liabilities acquired and is primarily attributable to the assembled workforce and expected synergies at the time of the acquisition. Goodwill is not deductible for tax purposes.
The following table presents goodwill activity (in thousands):
December 31, 2020$— 
Goodwill acquired51,076 
December 31, 202151,076 
Measurement period adjustment76 
December 31, 2022$51,152 
Goodwill and purchased intangible assets are reviewed for impairment annually during the fourth quarter of each fiscal year and whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. The process of evaluating the potential impairment of goodwill and intangible assets requires significant judgment. The Company regularly monitors current business conditions and other factors including, but not limited to, adverse industry or economic trends and lower projections of profitability that may impact future operating results.
The Company with the assistance of third-party valuation specialist performed an interim and annual impairment test of its goodwill, as of September 30, 2022 and October 1, 2022, respectively, as a result of the decline in market conditions and updated outlook as a result of the impact of market uncertainties that prolonged sales cycle. The Company’s reporting unit fair value was determined based on a discounted future cash flow model (income approach) and a market approach. The Company’s estimate of fair value included significant judgments and assumptions relating to an implied control premium and comparable company market transactions. The estimated fair value of the reporting unit exceeded its carrying value by approximately 4%. Accordingly, the Company determined that goodwill was not impaired as of September 30, 2022 and October 1, 2022.
The Company with the assistance of third-party valuation specialist performed an interim impairment test of its goodwill in the fourth quarter of 2022 as a result of the continuing market volatility resulting in a decline in the Company’s stock price. The Company’s reporting unit fair value was determined based on a discounted future cash flow model (income approach) and a market approach. The Company’s estimate of fair value included significant judgments and assumptions relating to an implied control premium and comparable company market transactions. The estimated fair value of the reporting unit exceeded its carrying value by approximately 5% as of December 31, 2022. Accordingly, the Company determined that goodwill was not impaired as of December 31, 2022.
Given this level headroom, in the event the financial performance of the Company does not meet management’s current expectations in the future or the Company experiences prolonged market downturns or persistent declines in the Company’s stock price, or there are other negative revisions to key assumptions, the Company may be required to perform additional impairment analyses and could be required to recognize a non-cash goodwill impairment charge.
The following tables present acquired intangible assets, net as of December 31, 2022 and 2021 (in thousands):
December 31, 2022
Estimated Useful Life
(in years)		Gross Carrying amountAccumulated AmortizationNet Book Value
Developed technology8$15,900 $(2,318)$13,582 
Vendor relationship36,600 (2,567)4,033 
Customer relationships3900 (350)550 
Intangible assets, net$23,400 $(5,235)$18,165 

December 31, 2021
Estimated Useful Life
(in years)		Gross Carrying amountAccumulated AmortizationNet Book Value
Developed technology8$15,900 $(331)$15,569 
Vendor relationship36,600 (367)6,233 
Customer relationships3900 (50)850 
Intangible assets, net$23,400 $(748)$22,652 
Amortization expense was $4.5 million and $0.7 million in the years ended December 31, 2022 and 2021, respectively. The Company did not have any intangible assets and amortization expense associated as of December 31, 2020.
The following table summarizes estimated future amortization expense of finite-lived intangible assets-net (in thousands):
Years:Amount
2023$4,486 
20244,071 
20251,988 
20261,988 
20271,988 
Thereafter3,644 
Total$18,165 
Accrued and Other Current Liabilities
Accrued and other current liabilities consist of the following (in thousands):
December 31,
20222021
Accrued compensation$3,758 $3,229 
Uninvoiced receipts10,727 9,835 
Other2,987 1,109 
Total accrued and other current liabilities$17,473 $14,173