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Balance Sheet Components
 12 Months Ended
Dec. 31, 2024
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,
20242023
Cash$20,802 $40,648 
Cash equivalents:
Money market funds(1)
24,740 7,354 
Commercial paper— 2,989 
Total cash and cash equivalents
$45,542 $50,991 
(1) The Company maintains a cash sweep account, which is included in money market funds as of December 31, 2024 and 2023, respectively. Cash is invested in short-term money market funds that earn interest.
The Company acquired short-term investments consisting of commercial paper, corporate debt and U.S. government agency securities as a result of the merger with Velodyne that closed on February 10, 2023 (see Note 3). Short-term investments were $126.5 million as of December 31, 2024. Unrealized gains and losses on the Company’s short-term investments were not significant as of December 31, 2023 and therefore, the amortized cost of the Company’s short-term investments approximated their fair value.
Restricted Cash
Restricted cash consists of our collateral to merchant credit card, deposit account to secure foreign entity closure costs, issuances of deposit performance guarantee issued in favor of a customer, and certificates of deposit held by a bank as security for outstanding letters of credit.
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,
20242023
Cash and cash equivalents
$45,542 $50,991 
Restricted cash, current
722 552 
Restricted cash, non-current
1,835 1,091 
Total cash, cash equivalents and restricted cash
$48,099 $52,634 
Inventory
Inventory, consisting of material, direct and indirect labor, and manufacturing overhead, consists of the following (in thousands):
December 31,
20242023
Raw materials$3,610 $10,062 
Work in process307 75 
Finished goods12,500 13,095 
Total inventory$16,417 $23,232 
During the years ended December 31, 2024 and 2023, $2.1 million and $10.0 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,
20242023
Prepaid expenses$5,703 $5,377 
Prepaid insurance893 648 
Receivable from contract manufacturers2,882 2,028 
Insurance receivable2,000 23,375 
Other current assets1,272 3,219 
Total prepaid and other current assets$12,750 $34,647 
The insurance receivable in the amount of $23.4 million was settled in the year ended December 31, 2024 (see Note 9).
Property and Equipment, net
Property and equipment consists of the following (in thousands):
Estimated Useful Life
(in years)		December 31,
20242023
Machinery and equipment3$12,146 $16,535 
Computer equipment3689 1,104 
Automotive and vehicle hardware593 22 
Software3601 593 
Furniture and fixtures7845 946 
Construction in progress6,349 3,572 
Leasehold improvementsShorter of useful life or lease term9,459 10,879 
30,182 33,651 
Less: Accumulated depreciation(20,018)(23,423)
Property and equipment, net
$10,164 $10,228 
Depreciation expense associated with property and equipment was $3.2 million and $10.4 million in the years ended December 31, 2024 and 2023, respectively.
The following table summarizes the Company's property and equipment, net by geography (in thousands):
December 31,
20242023
United States$3,668 $4,967 
Thailand1,766 2,733 
France3,208 2,416 
Taiwan1,180 — 
Others342 112 
Total$10,164 $10,228 
Goodwill and Acquired Intangible Assets, Net
In the first quarter of 2023, the Company completed the acquisition of Velodyne. The transaction has been accounted for as a business combination. The Company acquired Velodyne for the price of $306.6 million, primarily consisting of fair value of the Company’s common stock issued in exchange for Velodyne shares and fair value of the Amazon Warrant of $8.6 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):
Goodwill
December 31, 2022$51,152 
Goodwill addition related to Velodyne Merger
115,523 
Goodwill impairment charges
(166,675)
December 31, 2023$— 
Goodwill is not amortized and is tested for impairment on an annual basis or whenever events or changes in circumstances indicate that the carrying value may not be recoverable. In 2023 the Company experienced a significant decline in its stock price. This decline resulted in the total market value of its shares of stock outstanding (“market capitalization”) being less than the carrying value of its reporting unit as of March 31, 2023 and June 30, 2023. The Company also considered the impact of current macroeconomic conditions in the lidar sensor industry that potentially impact the fair value of the Company’s reporting unit. The macroeconomic conditions considered include deterioration in the equity markets evidenced by sustained declines in the Company’s stock price, those of its peers, along with an increase in the weighted-average cost of capital primarily driven by an increase in interest rates. After considering all available evidence in the evaluation of goodwill impairment indicators, the Company determined it was appropriate to perform an interim quantitative assessment of its goodwill as of March 31, 2023 and June 30, 2023. In connection with the Company’s interim goodwill impairment assessments the Company recorded goodwill impairment charges of approximately $99.4 million in the three months ended March 31, 2023 and $67.3 million in the three months ended June 30, 2023. The Company’s goodwill impairment analysis included a comparison of the aggregate estimated fair value of our reporting unit to our total market capitalization. As of December 31, 2023, remaining goodwill balance was nil.
The following tables present acquired intangible assets, net as of December 31, 2024 and 2023 (in thousands):
December 31, 2024
Estimated Useful Life
(in years)		Gross Carrying amountAccumulated AmortizationNet Book Value
Developed technology3 - 8$23,500 $(9,795)$13,705 
Vendor relationship36,600 (6,600)— 
Customer relationships3 - 86,300 (2,175)4,125 
Intangible assets, net$36,400 $(18,570)$17,830 

December 31, 2023
Estimated Useful Life
(in years)		Gross Carrying amountAccumulated AmortizationNet Book Value
Developed technology3 - 8$23,500 $(5,948)$17,552 
Vendor relationship36,600 (4,767)1,833 
Customer relationships3 - 86,300 (1,249)5,051 
Intangible assets, net$36,400 $(11,964)$24,436 
Amortization expense was $6.6 million and $6.7 million in the years ended December 31, 2024 and 2023, respectively.
The following table summarizes estimated future amortization expense of finite-lived intangible assets, net (in thousands):
Years:Amount
20254,513 
20263,774 
20273,682 
20282,779 
20292,331 
Thereafter751 
Total$17,830 
Product Warranties
The following table reflects the activity in accrued warranty cost (in thousands):
December 31,
20242023
Beginning balance$3,661 $2,096 
Additions from acquisitions— 802 
Warranty expenditures(901)(2,820)
Change to warranty accrual289 3,583 
Ending balance$3,049 $3,661 
Accrued and Other Current Liabilities
Accrued and other current liabilities consist of the following (in thousands):
December 31,
20242023
Accrued legal fees and contingencies$8,493 $28,415 
Uninvoiced receipts4,368 12,980 
Accrued compensation6,115 6,387 
Sales and use tax2,215 2,667 
Other9,400 7,717 
Total accrued and other current liabilities$30,591 $58,166