Total revenue decreased by $33.4 million, or 35%, to $61.9 million for 2021 from $95.4 million for 2020. The $20.4 million decrease in product revenue reflected a $11.1 million nonrecurring stocking fee in 2020 and a decrease of $16.3 million related to reduction in average selling price for lidar sensors, partially offset by an increase of $7.0 million in the volume and mix of sensors and parts sold. The timing of customer orders and our ability to fulfill orders we received was impacted by various COVID-19 related government mandates across our worldwide operations. The reduction in average selling price reflected our continued objective to drive additional adoption of our smart vision solutions in multiple end markets. Our revenue has been subject to significant fluctuations. Our customers in pre-commercial development phase may have purchased their requirements of our products in earlier periods and are not expected to begin purchasing again in volume unless and until they reach commercial deployments. As a number of our target markets reach commercialization, we expect there to be a shift towards higher unit volume at lower per-unit prices, with more predictable customer demand. The $13.1 million decrease in license and service revenue reflected primarily a $10.1 million decrease in nonrecurring license revenue from the patent cross-license agreements entered into during the second and third quarter of 2020, and a $3.7 million non-recurring engineering services revenue in 2020 that did not recur in 2021.
We use cookies on this site to provide a more responsive and personalized service. Continuing to browse, clicking I Agree, or closing this banner indicates agreement. See our Cookie Policy for more information.
