Note 15 - Restructuring

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Restructuring and Related Activities Disclosure [Text Block]

15. Restructuring

In 2023, the Company implemented a revised strategic plan, which focused on key products and critical customer engagements in the Automotive market, and aligned the Company's operations with evolving business needs by focusing on a transition from research and development to the commercialization of the Company's automotive products, while winding down the existing industrial product and reducing fixed operating costs. In August 2024, the Company further reduced fixed operating costs and terminated its headquarters lease. See discussion in Footnote 6, Leases. 

The Company recorded restructuring benefits, net, of ($680) and ($557) in the three and nine months ended September 30, 2024, respectively, and restructuring charges of $172 and $1,470 in the three and nine months ended September 30, 2023, respectively, primarily relating to the net gain on termination of operating lease, one-time employee termination benefits and losses on purchase commitments. Restructuring-related liabilities are included in accrued expenses and other current liabilities in the condensed consolidated balance sheets.

Restructuring charges are summarized as follows as of  September 30, 2024 (in thousands):

	One-time employee termination benefits			Losses on purchase commitments			Lease Termination Liability			Other			Total
Balance as of December 31, 2023	$	402		$	233		$	—		$	56		$	691
Charges		18			105			5,274			—			5,397
Cash payments		(420	)		(36	)		(2,150	)		(51	)		(2,657	)
Balance as of September 30, 2024	$	—		$	302		$	3,124		$	5		$	3,431

Restructuring charges (benefits) are included in the condensed consolidated statements of operations and comprehensive loss during the three and nine months ended September 30, 2024 and 2023 as follows (in thousands):

	Three months ended September 30,					Nine months ended September 30,
	2024			2023		2024			2023
Cost of revenue	$	—		$	—	$	105		$	50
Research and development		—			—		—			503
Sales and marketing		—			100		18			658
General and administrative		(680	)		72		(680	)		259
Total restructuring charges (benefits)	$	(680	)	$	172	$	(557	)	$	1,470