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Revenue
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
The majority of the Company’s revenue is recognized at a point in time when the customer obtains control of the respective lidar sensor kits. Revenue from the sale of licenses and services was not material for any period presented and, therefore, is not presented separately.
The following table presents total revenues by geographic area based on the location products were shipped to and services provided (in thousands):
Three Months Ended September 30,Nine months ended September 30,
2024202320242023
Americas$17,267 $13,317 $41,461 $35,204 
Asia and Pacific4,271 2,325 14,986 5,994 
Europe, Middle East and Africa6,537 6,567 24,562 17,637 
Total$28,075 $22,209 $81,009 $58,835 
Country that accounted for more than 10% of revenue was as follows:
Three Months Ended September 30,Nine months ended September 30,
2024202320242023
United States58 %58 %47 %58 %
Sweden— %— %11 %— %
Revenue contract balances
Timing of revenue recognition may differ from the timing of invoicing to customers. An unbilled receivable is recorded in instances when revenue is recognized prior to invoicing, and amounts collected in advance of services being provided are recorded as deferred revenue. Contract assets are generated when contractual billing schedules differ from revenue recognition timing.
Unbilled receivables
A receivable for multi-year licensing services is generally recorded upon invoicing. A receivable for multi-year license contracts is recorded upon delivery, whether or not invoiced, to the extent the Company has an unconditional right to receive payment in the future related to those licenses. As of September 30, 2024, the current portion of these unbilled receivables in the amount of $3.2 million, primarily consisting of unbilled receivables from multi-year license contracts, is included in “Accounts receivable, net” on the unaudited condensed consolidated balance sheet.
Contract Assets
Contract assets primarily relate to the Company’s rights to consideration under license arrangements when the licenses have been transferred to the customers, but payment is contingent upon a future event, other than the passage of time (i.e., type of unbilled receivable) and for which the Company does not have an unconditional right at the reporting date.
Contract asset also arises when the timing of billing differs from the timing of revenue recognized, such as when revenue is recognized on guaranteed minimum payments at the inception of the contract when there is not yet a right to invoice in accordance with contract terms and payment is contingent upon future event.
Contract Liabilities
Contract liabilities consist of deferred revenue, advanced payments and deposits from customers for goods or services that are yet to be provided. Deferred revenue includes billings in excess of revenue recognized related to product sales, licenses, extended warranty and other services revenue, and is recognized as revenue when the Company performs under the contract. The long-term portion of deferred revenue, mostly related to obligations under license arrangements and extended warranty, is classified as non-current contract liabilities. Customer advanced payments represent required customer payments in advance of product shipments according to customer’s payment term. Customer advance payments are recognized as revenue when control of the performance obligation is transferred to the customer. Customer deposits represent consideration received from a customer which can be applied to future product or service purchases, or refunded.
Contract assets and liabilities are presented net at the individual contract level in the unaudited condensed consolidated balance sheet and are classified as current or non-current based on the nature of the underlying contractual rights and obligations.
September 30,
2024		December 31,
2023
Contract liabilities, current
Deferred revenues from licensing arrangements$7,080 $4,723 
Other contract liabilities15,041 8,162 
Contract liabilities, non-current portion
Deferred revenues from licensing arrangements1,639 3,997 
Other contract liabilities1,717 970 
Total contract liabilities$25,477 $17,852 
Deferred revenues from multi-year licensing contracts mainly represent minimum royalty payments received from licensees relating to long-term IP license contracts for which the Company has future obligations under the license agreements. Royalties from the IP licenses are recognized at the later of the period the sales occur or the satisfaction of the performance obligation to which some or all of the royalties have been allocated. The Company evaluated its performance obligations under multi-year licensing contracts and did not recognize any revenue under such licensing contracts in 2023 and 2024 because the Company concluded there is significant uncertainty associated with resolving the Company’s performance.
Other contract liabilities primarily relate to one multi-year contract entered in 2023 with a customer to sell its products. In July 2024, the Company signed a new contract with this customer that added new service performance obligations and modified certain payment, pricing and delivery terms. As a result, the Company received an additional $8.2 million payment from this customer, which was recorded in other contract liabilities. During the three months ended September 30, 2024, the Company recognized no revenue from this customer. As of September 30, 2024, $13.5 million remained deferred under the contract until a future product and service delivery date. This amount includes a deferred revenue balance of $5.3 million prior to the amendment, along with $8.2 million in cash received during the three months ended September 30, 2024.
The following table provides information about contract liabilities (remaining performance obligations) and the significant changes in the balances (in thousands):
Nine Months Ended September 30,
20242023
Beginning balance$17,852 $744 
Contract liabilities acquired in the Velodyne Merger— 8,384 
Net revenue deferred in the period9,405 6,065 
Revenue recognized that was included in the contract liability balance at the beginning of the period(1,780)(503)
Ending balance$25,477 $14,690