Note 17 - Revenue

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

17. REVENUE

Sale of Prototypes

The Company recorded revenue for prototype sales of $97 and $477 in 2024 and 2023 respectively. The Company does not incur significant contract costs in fulfilling or obtaining their contracts with customers.

Development Contracts

The Company has entered into research and development contracts as well as a sales, marketing and technical support service contract with companies primarily in the automotive industry. The Company assessed the number of performance obligations associated with the promises under each agreement, primarily the delivery of customized 4Sight^TM perception-related goods and services, and recognized $105 and $987 in revenue for performance obligations satisfied during years ended 2024 and 2023 respectively, in the consolidated statements of operations and comprehensive loss.

Disaggregation of Revenue

The Company recognized the following revenues by geographic area based on the primary billing address of the customer and by the timing of the transfer of goods or services to customers (point in time or over time), as it believes such criteria best depict 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 is as follows (in thousands):

	Year ended December 31,
	2024		2023
Revenue by primary geographical market:
United States	$	154	$	1,223
Europe		48		184
Asia-Pacific		—		57
Total	$	202	$	1,464
Revenue by timing of recognition:
Recognized at a point in time	$	97	$	477
Recognized over time		105		987
Total	$	202	$	1,464

Contract Liabilities

The Company had no contract liabilities as of December 31, 2024 and 2023. The following table shows the significant changes in contract liabilities balance as of December 31, 2024 and 2023 (in thousands):

	Year ended December 31,
	2024		2023
Beginning balance	$	—	$	987
Revenue recognized that was included in the contract liabilities beginning balance		—		(987	)
Ending balance	$	—	$	—

Remaining Performance Obligations

Revenue allocated to remaining performance obligations represents the transaction price allocated to the performance obligations that are unsatisfied, or partially unsatisfied. It includes unearned revenue and amounts that will be invoiced and recognized as revenue in future periods and does not include contracts where the customer is not committed. The customer is not considered committed where they are able to terminate for convenience without payment of a substantive penalty under the contract. Additionally, as a practical expedient, the Company has not disclosed the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. The contract liabilities balance represents the remaining performance obligations for contracts with an original duration of greater than one year.