Additional Balance Sheet Information

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Additional Balance Sheet Information

Additional Balance Sheet Information

Inventories, net consisted of the following as of December 31, (in thousands):

	2023		2022
Raw materials and work in process	$	486	$	48
Electric motorcycles and electric balance bikes	28,205		25,291
Parts and accessories and apparel	3,431		3,876
Inventories, net	$	32,122	$	29,215

Inventory valuation reserves deducted from cost were $3,539 thousand and $1,320 thousand as of December 31, 2023 and 2022, respectively.

Other current assets primarily include prepaid expenses of $1,905 thousand and $3,700 thousand as of December 31, 2023 and 2022, respectively.

Property, plant and equipment, net consisted of the following as of December 31, (in thousands):

	2023		2022
Construction in progress	$	6,697	$	26,362
Tooling	23,627		9,874
Machinery and equipment	5,147		3,488
Software	17,310		2,799
Leasehold improvements	2,023		1,635
	$	54,804	$	44,158
Accumulated depreciation	(17,122)		(12,591)
Property, plant and equipment, net	$	37,682	$	31,567

Depreciation was $4,531 thousand, $3,939 thousand and $4,256 thousand for the years ending December 31, 2023, 2022 and 2021, respectively. Software, net of accumulated amortization, included in Property, plant and equipment, net, was $14,395 thousand and $1,309 thousand as of December 31, 2023 and 2022, respectively. The Company had $4,933 thousand and $7,748 thousand related to purchases of property, plant and equipment included in Accrued liabilities as of December 31, 2023 and December 31, 2022, respectively. The Company had $3,651 thousand related to purchases of property, plant and equipment included in Accounts payable as of December 31, 2021.

Other long-term assets consisted primarily of capitalized implementation costs incurred in connection with cloud computing arrangements that do not include a license to internal-use software in accordance with Accounting Standards Update 2018-15.

Accrued liabilities consisted of the following as of December 31, (in thousands):

	2023		2022
Payroll and employee benefits	$	7,077	$	4,641
Engineering	5,215		4,377
Warranty and recalls	730		397
Deferred revenue	214		163
Sales incentives	78		—
Taxes	579		352
Accrued capital expenditures	4,933		7,748
Other	2,363		2,665
Accrued liabilities	$	21,189	$	20,343