AEye (LIDR) 10-Q11 May 232023 Q1 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2023	May 05, 2023
Entity Listings [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	333-259554
Entity Registrant Name	AEye, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	37-1827430
Entity Address, Address Line One	One Park Place
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Dublin
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94568
City Area Code	(925)
Local Phone Number	400-4366
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		176,891,993
Amendment Flag	false
Central Index Key	0001818644
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Common Stock
Entity Listings [Line Items]
Title of 12(b) Security	Common stock, $0.0001 par value per share
Trading Symbol	LIDR
Security Exchange Name	NASDAQ
Warrants
Entity Listings [Line Items]
Title of 12(b) Security	Warrants to purchase one share of common stock
Trading Symbol	LIDRW
Security Exchange Name	NASDAQ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 20,501	$ 19,064
Marketable securities	53,592	75,135
Accounts receivable, net	123	617
Inventories, net	4,695	4,553
Prepaid and other current assets	3,527	6,181
Total current assets	82,438	105,550
Right-of-use assets	15,152	15,502
Property and equipment, net	7,902	7,665
Restricted cash	2,150	2,150
Other noncurrent assets	2,438	2,473
Total assets	110,080	133,340
CURRENT LIABILITIES:
Accounts payable	2,209	3,218
Accrued expenses and other current liabilities	9,646	9,764
Contract liabilities	476	987
Convertible notes	5,384	8,594
Total current liabilities	17,715	22,563
Operating lease liabilities, noncurrent	16,287	16,681
Other noncurrent liabilities	112	126
Total liabilities	34,114	39,370
COMMITMENTS AND CONTINGENCIES (Note 14)
STOCKHOLDERS’ EQUITY:
Preferred stock—$0.0001 par value: 1,000,000 shares authorized; no shares issued and outstanding	0	0
Common stock—$0.0001 par value: 300,000,000 shares authorized; 170,969,581 and 163,099,124 shares issued and outstanding at March 31, 2023 and December 31, 2022	17	16
Additional paid-in capital	353,533	345,742
Accumulated other comprehensive loss	(810)	(1,279)
Accumulated deficit	(276,774)	(250,509)
Total stockholders’ equity	75,966	93,970
Total liabilities and stockholders’ equity	$ 110,080	$ 133,340

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock — par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock — shares authorized (in shares)	1,000,000	1,000,000
Preferred stock — shares issued (in shares)	0	0
Preferred stock — shares outstanding (in shares)	0	0
Common stock — par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock — shares authorized (in shares)	300,000,000	300,000,000
Common stock — shares issued (in shares)	170,969,581	163,099,124
Common stock — shares outstanding (in shares)	170,969,581	163,099,124

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
REVENUE:
Total revenue	$ 636	$ 1,082
Cost of revenue	2,261	1,482
Gross loss	(1,625)	(400)
OPERATING EXPENSES:
Research and development	9,442	8,576
Sales and marketing	6,268	4,616
General and administrative	8,554	11,330
Total operating expenses	24,264	24,522
LOSS FROM OPERATIONS	(25,889)	(24,922)
OTHER INCOME (EXPENSE):
Change in fair value of convertible note and warrant liabilities	(810)	(32)
Interest income and other	277	424
Interest expense and other	176	(343)
Total other income (expense), net	(357)	49
Provision for income tax expense	19	8
Net loss	$ (26,265)	$ (24,881)
PER SHARE DATA
Net loss per common share (basic) (in dollars per share)	$ (0.16)	$ (0.16)
Net loss per common share (diluted) (in dollars per share)	$ (0.16)	$ (0.16)
Weighted average common shares outstanding (basic) (in shares)	165,865,864	155,515,093
Weighted average common shares outstanding (diluted) (in shares)	165,865,864	155,515,093
COMPREHENSIVE LOSS:
Net loss	$ (26,265)	$ (24,881)
Change in net unrealized loss on available-for-sale securities, net of tax	490	(1,056)
Change in fair value due to instrument-specific credit risk, net of tax	(21)	0
Comprehensive loss	(25,796)	(25,937)
Prototype sales
REVENUE:
Total revenue	125	335
Development contracts
REVENUE:
Total revenue	$ 511	$ 747

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders’ Equity - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2021		0
Beginning balance (in shares) at Dec. 31, 2021			155,137,237
Beginning balance at Dec. 31, 2021	$ 168,767	$ 0	$ 16	$ 320,937	$ (391)	$ (151,795)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	5,340			5,340
Issuance of common stock upon exercise of stock options (in shares)			656,303
Issuance of common stock upon exercise of stock options	222			222
Issuance of common stock upon vesting of restricted stock units (in shares)			856,917
Taxes related to net share settlement of equity awards (in shares)			(285,533)
Taxes related to net share settlement of equity awards	(1,149)			(1,149)
Unrealized loss on available-for-sale securities	(1,056)				(1,056)
Net loss	(24,881)					(24,881)
Ending balance (in shares) at Mar. 31, 2022			156,364,924
Ending balance (in shares) at Mar. 31, 2022		0
Ending balance at Mar. 31, 2022	$ 147,243	$ 0	$ 16	325,350	(1,447)	(176,676)
Beginning balance (in shares) at Dec. 31, 2022	0	0
Beginning balance (in shares) at Dec. 31, 2022	163,099,124		163,099,124
Beginning balance at Dec. 31, 2022	$ 93,970	$ 0	$ 16	345,742	(1,279)	(250,509)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	6,513			6,513
Issuance of common stock upon exercise of stock options (in shares)			2,069,081
Issuance of common stock upon exercise of stock options	391			391
Issuance of common stock upon vesting of restricted stock units (in shares)			2,983,790
Taxes related to net share settlement of equity awards (in shares)			(1,320,828)
Taxes related to net share settlement of equity awards	(867)			(867)
Conversion of convertible note into common stock (in shares)			4,138,414
Conversion of convertible note into common stock	1,755		$ 1	1,754
Other comprehensive income, net of tax	469				469
Unrealized loss on available-for-sale securities	490
Net loss	$ (26,265)					(26,265)
Ending balance (in shares) at Mar. 31, 2023	170,969,581		170,969,581
Ending balance (in shares) at Mar. 31, 2023	0	0
Ending balance at Mar. 31, 2023	$ 75,966	$ 0	$ 17	$ 353,533	$ (810)	$ (276,774)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (26,265)	$ (24,881)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	330	208
Gain on sale of property and equipment	(53)	0
Noncash lease expense relating to operating lease right-of-use assets	350	317
Inventory write-downs, net of scrapped inventory	208	267
Change in fair value of convertible note and warrant liabilities	810	32
Stock-based compensation	6,513	5,340
Amortization of premiums and accretion of discounts on marketable securities, net of change in accrued interest	33	594
Changes in operating assets and liabilities:
Accounts receivable, net	494	3,930
Inventories, current and noncurrent, net	(386)	(436)
Prepaid and other current assets	2,722	510
Other noncurrent assets	71	400
Accounts payable	(985)	(567)
Accrued expenses and other current liabilities	(134)	(645)
Operating lease liabilities	(392)	(325)
Contract liabilities	(511)	(767)
Net cash used in operating activities	(17,195)	(16,023)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(599)	(774)
Proceeds from sale of property and equipment	76	0
Proceeds from redemptions and maturities of marketable securities	22,000	15,500
Net cash provided by investing activities	21,477	14,726
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of stock options	323	222
Taxes paid related to the net share settlement of equity awards	(868)	(1,931)
Payments for convertible note redemptions	(2,300)	0
Net cash used in financing activities	(2,845)	(1,709)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	1,437	(3,006)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—Beginning of period	21,214	16,333
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—End of period	22,651	13,327
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for income taxes	0	0
Cash paid for interest	85	0
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Purchases of property and equipment included in accounts payable and accrued liabilities	19	260
Proceeds from exercise of stock options included in prepaid and other current assets	68	0
Conversion of convertible notes and accrued interest into Class A common stock	1,755	0
Taxes related to net share settlement of equity awards included in accrued liabilities	3	53
Cumulative Effect, Period of Adoption, Adjustment
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Operating lease right-of-use assets obtained in exchange for lease obligations upon adoption of ASC 842	$ 0	$ 16,284

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	3 Months Ended
Organization and Summary of Significant Accounting Policies	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Summary of Significant Accounting Policies	ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AEye, Inc. (the “Company” or “AEye”) is a provider of high-performance, active lidar systems for vehicle autonomy, advanced driver-assistance systems (ADAS), and robotic vision applications. AEye’s software-definable 4Sight TM Intelligent Sensing Platform combines solid-state active lidar, an optionally fused low-light HD camera, and integrated deterministic artificial intelligence to capture more intelligent information with less data, enabling faster, more accurate, and more reliable perception of the surroundings. The Company’s common stock and public warrants are listed on the Nasdaq Stock Market LLC (“Nasdaq”) under the symbols “LIDR” and “LIDRW”, respectively. Unless otherwise specified, “we,” “us,” “our,” “AEye,” and the “Company” refers to AEye, Inc. Unaudited Condensed Consolidated Financial Statements The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial statements and pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for fair presentation have been included. The accompanying interim unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto for the year ended December 31, 2022 included in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. Certain prior year line item descriptions have been updated for consistency with the current year presentation, however, these changes did not impact the amounts or comparability. Amortization of premiums on marketable securities, net of change in accrued interest is now presented as Amortization of premiums and accretion of discounts on marketable securities, net of change in accrued interest on the condensed consolidated statements of cash flows. Concentration of Credit Risk Financial instruments which potentially subject the Company to concentration of credit risk consist primarily of cash, cash equivalents, and marketable securities, and accounts receivable. The Company places its cash and cash equivalents with major financial institutions, which management assesses to be of high credit quality, to limit the exposure of each investment. The Company’s marketable securities have investment grade ratings when purchased which mitigates risk. The Company’s accounts receivables are derived from customers located in the U.S., Europe, and Asia. The Company mitigates its credit risks by performing ongoing credit evaluations of its customers’ financial conditions. The Company generally does not require collateral. Recently Adopted Accounting Guidance In June 2016, the Financial Accounting Standards Board, ("FASB"), issued Accounting Standards Update ("ASU") 2016-13, Measurement of Credit Losses on Financial Instruments , which has subsequently been amended by ASU No. 2018-19, ASU No. 2019-04, ASU No. 2019-05, ASU No. 2019-10, and ASU No. 2019-11. The objective of the guidance in ASU 2016-13 is to allow entities to recognize estimated credit losses in the period that the change in valuation occurs. ASU 2016-13 requires an entity to present financial assets measured on an amortized cost basis on the balance sheet net of an allowance for credit losses. Available-for-sale and held to maturity debt securities are also required to be held net of an allowance for credit losses. For public business entities, this standard is effective for fiscal years beginning after December 15, 2019. For smaller reporting companies, the standard is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted. The Company adopted ASU 2016-13 on January 1, 2023 which resulted in an immaterial impact to the consolidated financial statements.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	FAIR VALUE MEASUREMENTS The fair value of the Company’s financial assets and liabilities is determined in accordance with the fair value hierarchy established in FASB ASC Topic 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy of ASC 820 requires an entity to maximize the use of observable inputs when measuring fair value and classifies those inputs into three levels: Level 1 —Observable inputs, such as quoted prices in active markets for identical assets or liabilities. Level 2 —Observable inputs, other than Level 1 inputs, which are observable either directly or indirectly or can be corroborated by observable market data using quoted prices for similar assets or liabilities. Level 3 —Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The Company's financial instruments that are not re-measured at fair value include accounts receivable, prepaid and other current assets, accounts payable, accrued expenses and other current liabilities. The carrying values of these financial instruments approximate their fair values. The Company’s financial assets and liabilities measured at fair value on a recurring basis and the level of inputs used for such measurements were as follows (in thousands): Fair Value Measured as of March 31, 2023 Using: Adjusted Cost Unrealized losses Fair Value Cash and Cash Equivalents Marketable Securities Assets Level 1 Money market funds $ 17,103 $ — $ 17,103 $ 17,103 $ — Level 2 Asset-backed securities $ 3,505 $ (78) $ 3,427 $ — $ 3,427 Corporate bonds 10,420 (126) 10,294 — 10,294 Commercial paper 10,448 — 10,448 — — 10,448 U.S. Government securities 29,983 (560) 29,423 — 29,423 Total financial assets $ 71,459 $ (764) $ 70,695 $ 17,103 $ 53,592 Liabilities Level 2 Private placement warrant liability $ — $ — $ 9 $ — $ — Level 3 Convertible notes $ — $ — $ 5,384 $ — $ — Derivative warrant liability — — 103 — — Total financial liabilities $ — $ — $ 5,496 $ — $ — Fair Value Measured as of December 31, 2022 Using: Adjusted Cost Unrealized losses Fair Value Cash and Cash Equivalents Marketable Securities Assets Level 1 Money market funds $ 14,253 $ — $ 14,253 $ 14,253 $ — Level 2 Asset-backed securities $ 3,507 $ (119) $ 3,388 $ — $ 3,388 Corporate bonds 22,139 (240) 21,899 — 21,899 Commercial paper 20,760 — 20,760 — 20,760 U.S. Government securities 29,983 (895) 29,088 — 29,088 Total financial assets $ 90,642 $ (1,254) $ 89,388 $ 14,253 $ 75,135 Liabilities Level 2 Private placement warrant liability $ — $ — $ 7 $ — $ — Level 3 Convertible notes $ 8,594 Derivative warrant liability 119 Total financial liabilities $ — $ — $ 8,720 $ — $ — As of March 31, 2023, the Company’s financial assets and liabilities subject to fair value procedures were comprised of the following: Money Market Funds: The Company holds financial assets consisting of money market funds. These securities are valued using observable inputs, such as quoted prices in active markets for identical assets or liabilities. Marketable Securities : The Company holds financial assets consisting of fixed-income U.S. government agency securities, corporate bonds, commercial paper, and asset-backed securities. The securities are valued using prices from independent pricing services based on quoted prices of identical instruments in less active or inactive markets. Additionally, quoted prices of similar instruments in active market or industry models using data inputs such as interest rates and prices that can be directly observed or corroborated in active markets are used to value marketable securities. 2022 Convertible Note : On September 15, 2022, the Company entered into a convertible note agreement with a face value of $10,500,000 (the "2022 Note"). The Company elected the fair value option to account for the 2022 Note. The fair value estimate of the 2022 Note was based on a binomial lattice model, which represents Level 3 measurements. Significant assumptions include the discount rate used in the model, remaining term, stock price, and volatility. The discount rate is derived from the estimated credit spread and the risk-free interest rate, which is based on interpolated U.S. Treasury rates, commensurate with a similar term to the 2022 Note. The remaining term is calculated as the remaining term of the 2022 Note. The stock price is based on the publicly traded price of our common stock as of the measurement date. The Company estimated the volatility for the 2022 Note based on the historical and implied volatilities of the Company's publicly traded common stock. The changes in fair value are recognized in other income (expense), net for each reporting period. Derivative Warrant Liability : The Company’s derivative warrant liability includes the warrants that were issued by the Company as part of the 2022 Note. The warrants are recorded on the condensed consolidated balance sheets at fair value. The fair value is based on unobservable inputs, which represent Level 3 measurements within the fair value hierarchy. The fair value estimate of the warrants was based on a Monte-Carlo simulation model. Inherent in a Monte-Carlo simulation model are assumptions related to price, volatility, risk-free interest rate, term to expiration, and dividend yield. The price is based on the publicly traded price of our common stock as of the measurement date. The Company estimated the volatility for the warrants based on the historical and implied volatilities of the Company's publicly traded common stock. The risk-free interest rate is based on interpolated U.S. Treasury rates, commensurate with a similar term to the warrants. The term to expiration was calculated as the contractual term of the warrants of 4 years. Finally, the Company does not currently anticipate paying a dividend. Any changes in these assumptions can change the valuation significantly. Changes in fair value are recognized in other income (expense) for each reporting period. Derivative Warrant Liability is included within other noncurrent liabilities on the condensed consolidated balance sheets. Private Placement Warrant Liability : As of March 31, 2023, Private Placement Warrants are recorded on the condensed consolidated balance sheets at fair value. The fair value is based on observable Level 2 inputs, specifically, the observable input of the Company's public warrants. Any changes in the fair value of the liability are reflected in other income (expense),net, on the condensed consolidated statements of operations and comprehensive loss. Private Placement Warrant liability is included within other noncurrent liabilities on the condensed consolidated balance sheets. For the three months ended March 31, 2023, there were no transfers between Level 1 and Level 2 inputs. The following table presents a summary of the changes in fair value of the Company's Level 3 financial instruments for the three months ended March 31, 2023 (in thousands): 2022 Note Derivative Warrant Liability Total Balance at December 31, 2022 $ 8,594 $ 119 $ 8,713 Payments or conversions (4,055) — (4,055) Change in fair value included in other income (expense), net 824 (16) 808 Change in fair value due to instrument specific credit risk included in other comprehensive income 21 — 21 Balance at March 31, 2023 $ 5,384 $ 103 $ 5,487 The key inputs into the binomial-lattice model for the 2022 Note valued at March 31, 2023 are as follows: March 31, 2023 Remaining term (years) 0.6 Expected volatility 116.1 % Risk-free interest rate 4.8 % Dividend yield — % Estimated credit spread 35.6 % The key inputs into the Monte-Carlo simulation model for the derivative warrant liability valued at March 31, 2023 are as follows: March 31, 2023 Expected term (years) 3.5 Expected volatility 116.1 % Risk-free interest rate 3.7 % Dividend yield — % Exercise price $ 3.50

Inventories

Inventories	3 Months Ended
Inventories	Mar. 31, 2023
Inventory Disclosure [Abstract]
Inventories	INVENTORIES Inventory, net of write-downs, as of March 31, 2023 and December 31, 2022 were as follows (in thousands): March 31, 2023 December 31, 2022 (unaudited) Raw materials $ 1,842 $ 2,022 Work in-process 2,804 2,484 Finished goods 49 47 Total inventory, net $ 4,695 $ 4,553 The Company also had $1,527 and $1,491 of non-current inventory (raw materials) classified within Other noncurrent assets on the condensed consolidated balance sheet as of March 31, 2023 and December 31, 2022, respectively. The Company's inventory as of March 31, 2023 and December 31, 2022 was written down by $273 and $833, respectively, in order to reduce inventory to the lower of cost or to its net realizable value.

Prepaid and Other Current Asset

Prepaid and Other Current Assets	3 Months Ended
Prepaid and Other Current Assets	Mar. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid and Other Current Assets	PREPAID AND OTHER CURRENT ASSETS Prepaid and other current assets as of March 31, 2023 and December 31, 2022 were as follows (in thousands): March 31, 2023 December 31, 2022 (unaudited) Prepaid expenses $ 2,039 $ 4,203 Advances to suppliers 986 984 Demonstration units 182 281 Other 320 713 Total prepaid and other current assets $ 3,527 $ 6,181

Leases

Leases	3 Months Ended
Leases	Mar. 31, 2023
Leases [Abstract]
Leases	LEASES The components of operating lease expenses for the three months ended March 31, 2023 and 2022 are as follows (in thousands): Three months ended March 31, 2023 2022 Operating lease cost $ 602 $ 577 Variable lease cost 79 63 Total operating lease cost $ 681 $ 640 Maturities of lease liabilities were as follows (in thousands): Operating leases Years ended - December 31: (Unaudited) 2023 (remaining nine months) $ 1,889 2024 2,570 2025 2,583 2026 2,660 2027 2,701 Thereafter 11,116 Total lease payments 23,519 Less amount to discount to present value (4,775) Present value of lease liabilities $ 18,744

Convertible Notes

Convertible Notes	3 Months Ended
Convertible Notes	Mar. 31, 2023
Debt Disclosure [Abstract]
Convertible Notes	CONVERTIBLE NOTES 2022 Convertible Note On September 14, 2022, the Company entered into a Securities Purchase Agreement, or SPA, with an investor allowing for the sale and issue of two convertible notes, each with a principal balance of $10,500 and cash proceeds of $9,850, for a total of $20,000 in proceeds between the two issuances (each, a "Note Closing"). The first Note Closing ("First Closing") occurred on September 15, 2022, and the Company entered into a Senior Unsecured Convertible Note with the investor pursuant to which the Company issued to the investor one convertible note ("2022 Note") with a principal balance of $10,500 for cash proceeds of $9,850. As part of the First Closing, the Company also issued warrants to the investor. The second tranche convertible note under the SPA can be drawn at our option, subject to satisfaction of certain conditions specified in the SPA, including, without limitation, (i) absence of an uncured event of default, as defined, (ii) there being a sufficient number of authorized but unissued shares of our common stock available for issuance, (iii) the daily volume weighted average price of our common stock exceeding $1.50 for the twenty (20) trading days prior to the draw of the second tranche, (iv) the average daily trading volume of our common stock exceeding $1.5 million for the twenty (20) trading days prior to the draw of the second tranche, and (v) the outstanding balance of the first tranche being less than $2 million. These conditions can be waived by the lender, but the lender has no obligation to do so. If the second tranche is not drawn down by March 15, 2024, the Company's right to effect a Second Closing shall automatically terminate. The 2022 Note bears interest at an annual rate of 5.0%, in addition to an original issue discount of 4.76%, and had an initial maturity date of March 15, 2024 ("Maturity Date"). Beginning December 15, 2022, and the first of each subsequent month (each a "Monthly Redemption Date" or an "Installment Date"), the Company shall redeem the Monthly Redemption Amount until the 2022 Note is fully redeemed. The Monthly Redemption Amount, in most instances, will be 1/15th of the original principal amount, plus any amount accelerated pursuant to the 2022 Note, accrued but unpaid interest, and late fees, if any. The principal and interest may be settled in cash or, so long as certain equity conditions are met, shares of Common Stock at the option of the Company and is payable together with monthly redemptions of the outstanding principal amount of the Note. If the Company elects to settle such redemptions in shares of Common Stock, the number of shares to be settled shall be based on an Installment Conversion Price equal to the lower of (i) $2.50 or (ii) 95% of the lowest daily volume weighted average price of the Common Stock during the five (5) trading days immediately preceding the applicable Monthly Redemption Date. If the Company elects to settle redemptions in cash, the Monthly Redemption Amount shall include a 5% premium. The investor is permitted to accelerate up to four (4) Monthly Redemption Amounts in any calendar month (each, an "Acceleration," and each such amount, an "Acceleration Amount", and the Conversion Date of any such Acceleration, each an "Acceleration Date") at the Acceleration Conversion Price, subject to a $2,800 limit per month. The Acceleration Conversion Price shall be the lower of (i) the Installment Conversion Price for such current Installment Date or (ii) the greater of $0.30 and 95% of the lowest daily volume weighted average price of the Common Stock during the five (5) trading days immediately preceding the Acceleration Date. As these terms are defined in the 2022 Note, if either the relevant Installment Conversion Price or Acceleration Conversion Price, as applicable, is less than $0.30 per share, then a Conversion Floor Price Condition exists and we must deliver to the note holder the Conversion Installment Floor Amount in cash, in addition to the required number of shares, which are valued at $0.30 regardless of the actual trading price of our shares. The Conversion Installment Floor Amount is an amount in cash equal to the product obtained by multiplying (A) the higher of (i) the highest price that the Common Stock trades at on the Trading Day immediately preceding the relevant Share Delivery Date and (ii) the applicable Installment or Acceleration Conversion Price and (B) the difference obtained by subtracting (i) the number of shares of Common Stock delivered to the investor on the applicable Share Delivery Date with respect to such Conversion from (ii) the quotient obtained by dividing (x) the applicable Installment or Acceleration amount subject to such Conversion, by (y) the applicable Installment Conversion Price. Interest payments are also trued-up in cash when the value of our shares is below $0.30 per share. The Company elected to apply the fair value option to the measurement of the 2022 Note. As a result of adopting the fair value option, no embedded derivatives should be bifurcated from the 2022 Note. The Company classifies the 2022 Note as a liability at fair value and will remeasure the 2022 Note to fair value at each reporting period. The fair value measurement includes the assumption of accrued interest and expense and thus a separate amount is not reflected on the condensed consolidated statement of operations. As of March 31, 2023 , the 2022 Note has outstanding principal of $5,345 and is recorded as a current liability at fair value of $5,384.

Interest Expense and Other

Interest Expense and Other	3 Months Ended
Interest Expense and Other	Mar. 31, 2023
Other Income and Expenses [Abstract]
Interest Expense and Other	INTEREST EXPENSE AND OTHER Interest expense and other for the three months ended March 31, 2023 and 2022 consisted of the following (in thousands): Three months ended March 31, 2023 2022 Amortization of premiums (accretion of discounts) on marketable securities, net (188) 336 Other 12 7 Interest expense and other $ (176) $ 343

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
Accumulated Other Comprehensive Loss	Mar. 31, 2023
Equity [Abstract]
Accumulated Other Comprehensive Loss	ACCUMULATED OTHER COMPREHENSIVE LOSS The changes in accumulated other comprehensive loss by component for the three months ended March 31, 2023 and 2022 are as follows (in thousands): Unrealized gains (losses) on available-for-sale securities Change in fair value due to instrument-specific credit risk Total Balance at December 31, 2022 $ (1,254) $ (25) $ (1,279) Other comprehensive income (loss), net of tax 490 (21) 469 Balance at March 31, 2023 $ (764) $ (46) $ (810) Unrealized gains (losses) on available-for-sale securities Change in fair value due to instrument-specific credit risk Total Balance at December 31, 2021 $ (391) $ — $ (391) Other comprehensive loss, net of tax (1,056) — (1,056) Balance at March 31, 2022 $ (1,447) $ — $ (1,447)

Net Loss per Share

Net Loss per Share	3 Months Ended
Net Loss per Share	Mar. 31, 2023
Earnings Per Share [Abstract]
Net Loss per Share	NET LOSS PER SHARE The following table sets forth the basic and diluted net loss per share attributable to common stockholders for the periods presented (in thousands, except per share data): Three months ended March 31, 2023 2022 Numerator: Net loss attributable to common stockholders $ (26,265) $ (24,881) Denominator: Weighted average common shares outstanding- Basic 165,865,864 155,515,093 Weighted average common shares outstanding- Diluted 165,865,864 155,515,093 Net loss per share attributable to common stockholders - Basic and Diluted $ (0.16) $ (0.16) Due to net losses for the three months ended March 31, 2023 and 2022, basic and diluted net loss per share were the same, as the effect of all potentially dilutive securities would have been anti-dilutive. The following table sets forth the anti-dilutive common share equivalents for the periods listed: Three months ended March 31, 2023 2022 Common stock options issued and outstanding 20,447,525 28,389,111 Unvested restricted stock units 18,773,594 13,801,742 Warrants 9,583,322 7,833,332 Conversion of convertible notes 17,079,861 — ESPP 2,027,592 — Total 67,911,894 50,024,185

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
Stock-Based Compensation	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	STOCK-BASED COMPENSATION The following table summarizes stock-based compensation expense recorded in each component of operating expenses in the Company’s condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2023 and 2022 (in thousands): Three months ended March 31, 2023 2022 Cost of revenue $ 61 $ — Research and development 2,278 1,223 Sales and marketing 1,368 906 General and administrative 2,806 3,211 Total stock-based compensation $ 6,513 $ 5,340 The Company uses the Monte-Carlo simulation model to estimate the grant date fair value of awards with a market condition, which requires the input of subjective assumptions such as expected term, the expected stock price volatility, risk free interest rate and dividend yield as discussed below. Expected Term —The expected term for awards with a market condition is the length of time from the grant date to the date the market condition expires. Expected Volatility —Expected volatility is estimated using a combination of the average historical volatility of the Company's own stock and those of comparable companies’ stock. Risk-Free Interest Rate —The risk-free interest rates are based on US Treasury yields in effect at the grant date for notes with comparable terms as the awards. Dividend Yield —The expected dividend-yield assumption is based on the Company’s current expectations about its anticipated dividend policy. The following table summarizes the valuation assumptions used in estimating the fair value of awards granted during the period with a market condition: Three months ended March 31, 2023 Expected term (years) 1.05 Expected volatility 104.5 % Risk-free interest rate 4.8 % Dividend yield — %

Revenue

Revenue	3 Months Ended
Revenue	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue	REVENUE Sale of Prototypes The Company recorded revenue for prototype sales of $125 and $335 in the three months ended March 31, 2023 and 2022, 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 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 $511 and $747 in revenue for performance obligations satisfied during the three months ended March 31, 2023 and 2022, respectively, in the condensed 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 are as follows (in thousands): Three months ended March 31, 2023 2022 Revenue by primary geographical market: United States $ 547 $ 1,021 Europe 32 40 Australia 32 — Asia 25 21 Total $ 636 $ 1,082 Revenue by timing of recognition: Recognized at a point in time $ 125 $ 555 Recognized over time 511 527 Total $ 636 $ 1,082 Contract Liabilities Contract liabilities consisted of the following as of March 31, 2023 (in thousands): As of March 31, 2023 Contract liabilities, current $ 476 Total $ 476 The following table shows the significant changes in contract liabilities balance for the three months ended March 31, 2023 and 2022 (in thousands): Three months ended March 31, 2023 2022 Beginning balance $ 987 $ 2,918 Revenue recognized that was included in the contract liabilities beginning balance (511) (767) Increase due to cash received and not recognized as revenue and billings in excess of revenue recognized during the period — — Ending balance $ 476 $ 2,151 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.

Restructuring

Restructuring	3 Months Ended
Restructuring	Mar. 31, 2023
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring In the first quarter of 2023, management began the implementation of a revised strategic plan to focus on key products and critical customer engagements it believes will generate the best long-term results for all stakeholders. As a part of the implementation of the revised strategic plan, the Company has realigned resources, which resulted in restructuring charges of $1,253 in the three months ended March 31, 2023 relating to one-time employee termination benefits. The majority of these restructuring charges will be paid in the second quarter of 2023, however, the Company expects that the implementation of the revised strategic plan will continue over the remainder of the 2023 fiscal year. The Company did not have any restructuring charges during fiscal year 2022. Restructuring related liabilities are included in Accrued expenses and other current liabilities in the condensed consolidated balance sheets. Restructuring activity is summarized as follows as of March 31, 2023 (in thousands): One-time employee termination benefits Balance as of December 31, 2022 $ — Charges 1,253 Cash payments (199) Balance as of March 31, 2023 $ 1,054 Restructuring charges were included in the condensed consolidated statements of operations and comprehensive loss during the three months ended March 31, 2023 as follows (in thousands): Three months ended March 31, 2023 Cost of revenue $ 50 Research and development 503 Sales and marketing 513 General and administrative 187 Total restructuring charges $ 1,253

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES For the three months ended March 31, 2023 and 2022, the Company recorded $19 and $8 provision for income taxes, respectively. The income tax rates vary from the federal and state statutory rates due to the valuation allowances on the Company's net operating losses and foreign tax rate differences. The Company computes its quarterly income tax provision by using a forecasted annual effective tax rate and adjusts for any discrete items arising during the quarter. The Company does not provide for federal income taxes on the undistributed earnings of its foreign subsidiaries as such earnings are to be reinvested indefinitely outside the U.S.

Commitment and Contingencies

Commitment and Contingencies	3 Months Ended
Commitment and Contingencies	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Legal matters The Company may be subject to legal proceedings and claims that arise in the ordinary course of business. Management is not currently aware of any matters that will have a material effect on the financial position, results of operations, or cash flows of the Company.

Related Parties

Related Parties	3 Months Ended
Related Parties	Mar. 31, 2023
Related Party Transactions [Abstract]
Related Parties	RELATED PARTIESSince November 2016, the Company has employed a sibling of Mr. Dussan, the Company’s Chief Technology Officer, who held the position of Director, Human Resources at March 31, 2023 and 2022. For the three months ended March 31, 2023 and 2022, Mr. Dussan’s sibling received total cash compensation of $41 and $53, respectively. For the three months ended March 31, 2023 and 2022, Mr. Dussan’s sibling was granted 10,000 and 22,500 RSUs, respectively. In addition, he participates in all other benefits that the Company generally offers to all of its employees.

Subsequent Events

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTSManagement has evaluated subsequent events and determined that there were no such events requiring recognition or disclosure in the financial statements.

Organization and Summary of S_2

Organization and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Concentration of Credit Risk	Financial instruments which potentially subject the Company to concentration of credit risk consist primarily of cash, cash equivalents, and marketable securities, and accounts receivable. The Company places its cash and cash equivalents with major financial institutions, which management assesses to be of high credit quality, to limit the exposure of each investment. The Company’s marketable securities have investment grade ratings when purchased which mitigates risk. The Company’s accounts receivables are derived from customers located in the U.S., Europe, and Asia. The Company mitigates its credit risks by performing ongoing credit evaluations of its customers’ financial conditions. The Company generally does not require collateral.
Recently Adopted Accounting Guidance	Recently Adopted Accounting Guidance In June 2016, the Financial Accounting Standards Board, ("FASB"), issued Accounting Standards Update ("ASU") 2016-13, Measurement of Credit Losses on Financial Instruments , which has subsequently been amended by ASU No. 2018-19, ASU No. 2019-04, ASU No. 2019-05, ASU No. 2019-10, and ASU No. 2019-11. The objective of the guidance in ASU 2016-13 is to allow entities to recognize estimated credit losses in the period that the change in valuation occurs. ASU 2016-13 requires an entity to present financial assets measured on an amortized cost basis on the balance sheet net of an allowance for credit losses. Available-for-sale and held to maturity debt securities are also required to be held net of an allowance for credit losses. For public business entities, this standard is effective for fiscal years beginning after December 15, 2019. For smaller reporting companies, the standard is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted. The Company adopted ASU 2016-13 on January 1, 2023 which resulted in an immaterial impact to the consolidated financial statements.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
Fair Value Measurements (Tables)	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis	The Company’s financial assets and liabilities measured at fair value on a recurring basis and the level of inputs used for such measurements were as follows (in thousands): Fair Value Measured as of March 31, 2023 Using: Adjusted Cost Unrealized losses Fair Value Cash and Cash Equivalents Marketable Securities Assets Level 1 Money market funds $ 17,103 $ — $ 17,103 $ 17,103 $ — Level 2 Asset-backed securities $ 3,505 $ (78) $ 3,427 $ — $ 3,427 Corporate bonds 10,420 (126) 10,294 — 10,294 Commercial paper 10,448 — 10,448 — — 10,448 U.S. Government securities 29,983 (560) 29,423 — 29,423 Total financial assets $ 71,459 $ (764) $ 70,695 $ 17,103 $ 53,592 Liabilities Level 2 Private placement warrant liability $ — $ — $ 9 $ — $ — Level 3 Convertible notes $ — $ — $ 5,384 $ — $ — Derivative warrant liability — — 103 — — Total financial liabilities $ — $ — $ 5,496 $ — $ — Fair Value Measured as of December 31, 2022 Using: Adjusted Cost Unrealized losses Fair Value Cash and Cash Equivalents Marketable Securities Assets Level 1 Money market funds $ 14,253 $ — $ 14,253 $ 14,253 $ — Level 2 Asset-backed securities $ 3,507 $ (119) $ 3,388 $ — $ 3,388 Corporate bonds 22,139 (240) 21,899 — 21,899 Commercial paper 20,760 — 20,760 — 20,760 U.S. Government securities 29,983 (895) 29,088 — 29,088 Total financial assets $ 90,642 $ (1,254) $ 89,388 $ 14,253 $ 75,135 Liabilities Level 2 Private placement warrant liability $ — $ — $ 7 $ — $ — Level 3 Convertible notes $ 8,594 Derivative warrant liability 119 Total financial liabilities $ — $ — $ 8,720 $ — $ —
Summary of the Changes in Fair Value of Level 3 Financial Instruments	The following table presents a summary of the changes in fair value of the Company's Level 3 financial instruments for the three months ended March 31, 2023 (in thousands): 2022 Note Derivative Warrant Liability Total Balance at December 31, 2022 $ 8,594 $ 119 $ 8,713 Payments or conversions (4,055) — (4,055) Change in fair value included in other income (expense), net 824 (16) 808 Change in fair value due to instrument specific credit risk included in other comprehensive income 21 — 21 Balance at March 31, 2023 $ 5,384 $ 103 $ 5,487
Schedule of Key Inputs into the Black-Sholes Option Pricing Model	The key inputs into the binomial-lattice model for the 2022 Note valued at March 31, 2023 are as follows: March 31, 2023 Remaining term (years) 0.6 Expected volatility 116.1 % Risk-free interest rate 4.8 % Dividend yield — % Estimated credit spread 35.6 % The key inputs into the Monte-Carlo simulation model for the derivative warrant liability valued at March 31, 2023 are as follows: March 31, 2023 Expected term (years) 3.5 Expected volatility 116.1 % Risk-free interest rate 3.7 % Dividend yield — % Exercise price $ 3.50

Inventories (Tables)

Inventories (Tables)	3 Months Ended
Inventories (Tables)	Mar. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory, Net of Write-Downs	Inventory, net of write-downs, as of March 31, 2023 and December 31, 2022 were as follows (in thousands): March 31, 2023 December 31, 2022 (unaudited) Raw materials $ 1,842 $ 2,022 Work in-process 2,804 2,484 Finished goods 49 47 Total inventory, net $ 4,695 $ 4,553

Prepaid and Other Current Ass_2

Prepaid and Other Current Assets (Tables)	3 Months Ended
Prepaid and Other Current Assets (Tables)	Mar. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Prepaid and Other Current Assets	Prepaid and other current assets as of March 31, 2023 and December 31, 2022 were as follows (in thousands): March 31, 2023 December 31, 2022 (unaudited) Prepaid expenses $ 2,039 $ 4,203 Advances to suppliers 986 984 Demonstration units 182 281 Other 320 713 Total prepaid and other current assets $ 3,527 $ 6,181

Leases (Tables)

Leases (Tables)	3 Months Ended
Leases (Tables)	Mar. 31, 2023
Leases [Abstract]
Schedule of Operating Lease Expenses and Supplemental Cash Flow Information	The components of operating lease expenses for the three months ended March 31, 2023 and 2022 are as follows (in thousands): Three months ended March 31, 2023 2022 Operating lease cost $ 602 $ 577 Variable lease cost 79 63 Total operating lease cost $ 681 $ 640
Schedule of Maturities of Lease Liabilities	Maturities of lease liabilities were as follows (in thousands): Operating leases Years ended - December 31: (Unaudited) 2023 (remaining nine months) $ 1,889 2024 2,570 2025 2,583 2026 2,660 2027 2,701 Thereafter 11,116 Total lease payments 23,519 Less amount to discount to present value (4,775) Present value of lease liabilities $ 18,744

Interest Expense and Other (Tab

Interest Expense and Other (Tables)	3 Months Ended
Interest Expense and Other (Tables)	Mar. 31, 2023
Other Income and Expenses [Abstract]
Schedule of Interest Expense and Other	Interest expense and other for the three months ended March 31, 2023 and 2022 consisted of the following (in thousands): Three months ended March 31, 2023 2022 Amortization of premiums (accretion of discounts) on marketable securities, net (188) 336 Other 12 7 Interest expense and other $ (176) $ 343

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
Accumulated Other Comprehensive Loss (Tables)	Mar. 31, 2023
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Loss	The changes in accumulated other comprehensive loss by component for the three months ended March 31, 2023 and 2022 are as follows (in thousands): Unrealized gains (losses) on available-for-sale securities Change in fair value due to instrument-specific credit risk Total Balance at December 31, 2022 $ (1,254) $ (25) $ (1,279) Other comprehensive income (loss), net of tax 490 (21) 469 Balance at March 31, 2023 $ (764) $ (46) $ (810) Unrealized gains (losses) on available-for-sale securities Change in fair value due to instrument-specific credit risk Total Balance at December 31, 2021 $ (391) $ — $ (391) Other comprehensive loss, net of tax (1,056) — (1,056) Balance at March 31, 2022 $ (1,447) $ — $ (1,447)

Net Loss per Share (Tables)

Net Loss per Share (Tables)	3 Months Ended
Net Loss per Share (Tables)	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Loss per Share	The following table sets forth the basic and diluted net loss per share attributable to common stockholders for the periods presented (in thousands, except per share data): Three months ended March 31, 2023 2022 Numerator: Net loss attributable to common stockholders $ (26,265) $ (24,881) Denominator: Weighted average common shares outstanding- Basic 165,865,864 155,515,093 Weighted average common shares outstanding- Diluted 165,865,864 155,515,093 Net loss per share attributable to common stockholders - Basic and Diluted $ (0.16) $ (0.16)
Schedule of Antidilutive Common Share Equivalents	The following table sets forth the anti-dilutive common share equivalents for the periods listed: Three months ended March 31, 2023 2022 Common stock options issued and outstanding 20,447,525 28,389,111 Unvested restricted stock units 18,773,594 13,801,742 Warrants 9,583,322 7,833,332 Conversion of convertible notes 17,079,861 — ESPP 2,027,592 — Total 67,911,894 50,024,185

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
Stock-Based Compensation (Tables)	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-Based Compensation Expense	The following table summarizes stock-based compensation expense recorded in each component of operating expenses in the Company’s condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2023 and 2022 (in thousands): Three months ended March 31, 2023 2022 Cost of revenue $ 61 $ — Research and development 2,278 1,223 Sales and marketing 1,368 906 General and administrative 2,806 3,211 Total stock-based compensation $ 6,513 $ 5,340
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award	The following table summarizes the valuation assumptions used in estimating the fair value of awards granted during the period with a market condition: Three months ended March 31, 2023 Expected term (years) 1.05 Expected volatility 104.5 % Risk-free interest rate 4.8 % Dividend yield — %

Revenue (Tables)

Revenue (Tables)	3 Months Ended
Revenue (Tables)	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	Total revenue based on the disaggregation criteria described above are as follows (in thousands): Three months ended March 31, 2023 2022 Revenue by primary geographical market: United States $ 547 $ 1,021 Europe 32 40 Australia 32 — Asia 25 21 Total $ 636 $ 1,082 Revenue by timing of recognition: Recognized at a point in time $ 125 $ 555 Recognized over time 511 527 Total $ 636 $ 1,082
Schedule of Contract Liabilities	Contract liabilities consisted of the following as of March 31, 2023 (in thousands): As of March 31, 2023 Contract liabilities, current $ 476 Total $ 476 The following table shows the significant changes in contract liabilities balance for the three months ended March 31, 2023 and 2022 (in thousands): Three months ended March 31, 2023 2022 Beginning balance $ 987 $ 2,918 Revenue recognized that was included in the contract liabilities beginning balance (511) (767) Increase due to cash received and not recognized as revenue and billings in excess of revenue recognized during the period — — Ending balance $ 476 $ 2,151

Restructuring (Tables)

Restructuring (Tables)	3 Months Ended
Restructuring (Tables)	Mar. 31, 2023
Restructuring and Related Activities [Abstract]
Schedule of Restructuring and Related Costs	Restructuring activity is summarized as follows as of March 31, 2023 (in thousands): One-time employee termination benefits Balance as of December 31, 2022 $ — Charges 1,253 Cash payments (199) Balance as of March 31, 2023 $ 1,054 Restructuring charges were included in the condensed consolidated statements of operations and comprehensive loss during the three months ended March 31, 2023 as follows (in thousands): Three months ended March 31, 2023 Cost of revenue $ 50 Research and development 503 Sales and marketing 513 General and administrative 187 Total restructuring charges $ 1,253

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents, adjusted cost	$ 20,501	$ 19,064
Recurring
Assets
Total financial assets, adjusted cost	71,459	90,642
Marketable securities, unrealized losses	(764)	(1,254)
Total financial assets, fair value	70,695	89,388
Liabilities
Total financial liabilities	5,496	8,720
Recurring \| Cash and Cash Equivalents
Assets
Total financial assets, fair value	17,103	14,253
Recurring \| Marketable Securities
Assets
Total financial assets, fair value	53,592	75,135
Recurring \| Level 1 \| Money market funds
Assets
Cash and cash equivalents, adjusted cost	17,103	14,253
Cash and cash equivalents, fair value	17,103	14,253
Recurring \| Level 1 \| Money market funds \| Cash and Cash Equivalents
Assets
Cash and cash equivalents, fair value	17,103	14,253
Recurring \| Level 2 \| Private Placement Warrants
Liabilities
Private placement warrant liability	9	7
Recurring \| Level 2 \| Asset-backed securities
Assets
Marketable securities, adjusted cost	3,505	3,507
Marketable securities, unrealized losses	(78)	(119)
Marketable securities, fair value	3,427	3,388
Recurring \| Level 2 \| Asset-backed securities \| Marketable Securities
Assets
Marketable securities, fair value	3,427	3,388
Recurring \| Level 2 \| Corporate bonds
Assets
Marketable securities, adjusted cost	10,420	22,139
Marketable securities, unrealized losses	(126)	(240)
Marketable securities, fair value	10,294	21,899
Recurring \| Level 2 \| Corporate bonds \| Marketable Securities
Assets
Marketable securities, fair value	10,294	21,899
Recurring \| Level 2 \| Commercial paper
Assets
Marketable securities, adjusted cost	10,448	20,760
Marketable securities, unrealized losses	0	0
Marketable securities, fair value	10,448	20,760
Recurring \| Level 2 \| Commercial paper \| Marketable Securities
Assets
Marketable securities, fair value	10,448	20,760
Recurring \| Level 2 \| U.S. Government securities
Assets
Marketable securities, adjusted cost	29,983	29,983
Marketable securities, unrealized losses	(560)	(895)
Marketable securities, fair value	29,423	29,088
Recurring \| Level 2 \| U.S. Government securities \| Marketable Securities
Assets
Marketable securities, fair value	29,423	29,088
Recurring \| Level 3
Liabilities
Convertible notes	5,384	8,594
Recurring \| Level 3 \| Warrants
Liabilities
Derivative warrant liability	$ 103	$ 119

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($)	Mar. 31, 2023	Sep. 15, 2022
Debt Instrument [Line Items]
Warrant, term of contract	4 years
2022 Notes, First Closing \| 2022 Note
Debt Instrument [Line Items]
Loan amount		$ 10,500,000

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Fair Value of Level 3 Financial Instruments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Liability, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	Change in fair value due to instrument-specific credit risk, net of tax
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 8,713
Payments or conversions	(4,055)
Change in fair value included in other income (expense), net	808
Change in fair value due to instrument specific credit risk included in other comprehensive income	21
Ending balance	5,487
2022 Note
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	8,594
Payments or conversions	(4,055)
Change in fair value included in other income (expense), net	824
Change in fair value due to instrument specific credit risk included in other comprehensive income	21
Ending balance	5,384
Derivative Warrant Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	119
Payments or conversions	0
Change in fair value included in other income (expense), net	(16)
Change in fair value due to instrument specific credit risk included in other comprehensive income	0
Ending balance	$ 103

Fair Value Measurements - Key I

Fair Value Measurements - Key Inputs into the Black-Scholes Option Pricing Model (Details) - Recurring - Level 3	Mar. 31, 2023 $ / shares
Binomial Lattice Model \| Remaining term (years) \| 2022 Note
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	0.6
Binomial Lattice Model \| Expected volatility \| 2022 Note
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	1.161
Binomial Lattice Model \| Risk-free interest rate \| 2022 Note
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	0.048
Binomial Lattice Model \| Dividend yield \| 2022 Note
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	0
Binomial Lattice Model \| Estimated credit spread \| 2022 Note
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Debt instrument, measurement input	0.356
Monte Carlo Simulation Model \| Remaining term (years) \| Derivative Warrant Liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input	3.5
Monte Carlo Simulation Model \| Expected volatility \| Derivative Warrant Liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input	1.161
Monte Carlo Simulation Model \| Risk-free interest rate \| Derivative Warrant Liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input	0.037
Monte Carlo Simulation Model \| Dividend yield \| Derivative Warrant Liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input	0
Monte Carlo Simulation Model \| Exercise price \| Derivative Warrant Liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input	3.50

Inventories - Components of Inv

Inventories - Components of Inventory, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 1,842	$ 2,022
Work in-process	2,804	2,484
Finished goods	49	47
Total inventory, net	$ 4,695	$ 4,553

Inventories - Narrative (Detail

Inventories - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Non-current inventory	$ 1,527	$ 1,491
Inventory write down to reduce inventory to the lower of cost or to its net realizable value	$ 273	$ 833

Prepaid and Other Current Ass_3

Prepaid and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses	$ 2,039	$ 4,203
Advances to suppliers	986	984
Demonstration units	182	281
Other	320	713
Total prepaid and other current assets	$ 3,527	$ 6,181

Leases - Operating Lease Expens

Leases - Operating Lease Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Operating lease cost	$ 602	$ 577
Variable lease cost	79	63
Total operating lease cost	$ 681	$ 640

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Leases [Abstract]
2023 (remaining nine months)	$ 1,889
2024	2,570
2025	2,583
2026	2,660
2027	2,701
Thereafter	11,116
Total lease payments	23,519
Less amount to discount to present value	(4,775)
Present value of lease liabilities	$ 18,744

Convertible Notes (Details)

Convertible Notes (Details)	Dec. 14, 2022 d $ / shares	Sep. 15, 2022 USD ($) redemptionAmount $ / shares	Sep. 14, 2022 USD ($) issuance d $ / shares	Mar. 31, 2023 USD ($)
2022 Notes
Debt Instrument [Line Items]
Number of issuances allowed \| issuance			2
Proceeds receivable from convertible debt			$ 20,000
Number of monthly redemption amounts that can be accelerated in any calendar month \| redemptionAmount		4
Convertible notes				$ 5,384,000
2022 Notes \| 2022 Note
Debt Instrument [Line Items]
Minimum weighted average price (in dollars per share) \| $ / shares			$ 1.50
Trading days prior to the installment notice date \| d			20
Minimum average daily trading volume			$ 1,500,000
Interest rate		5%
Discount on issuance, percentage		4.76%
Convertible, conversion price (in dollars per share) \| $ / shares	$ 2.50	$ 0.30
Threshold percentage of stock price trigger	95%	95%
Threshold consecutive trading days \| d	5
Monthly redemption premium, percentage	5%
Acceleration payment monthly limit		$ 2,800,000
Convertible notes outstanding				$ 5,345,000
2022 Notes, Each Closing
Debt Instrument [Line Items]
Proceeds receivable from convertible debt			9,850,000
2022 Notes, Each Closing \| 2022 Note
Debt Instrument [Line Items]
Loan amount			10,500,000
2022 Notes, First Closing
Debt Instrument [Line Items]
Cash proceeds		9,850,000
2022 Notes, First Closing \| 2022 Note
Debt Instrument [Line Items]
Loan amount		$ 10,500,000
2022 Notes, Second Closing \| 2022 Note
Debt Instrument [Line Items]
Borrowing conditions, maximum outstanding balance of other debt			$ 2,000,000

Interest Expense and Other (Det

Interest Expense and Other (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Other Income and Expenses [Abstract]
Amortization of premiums (accretion of discounts) on marketable securities, net	$ (188)	$ 336
Other	12	7
Interest expense and other	$ (176)	$ 343

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 93,970	$ 168,767
Other comprehensive loss, net of tax	469	(1,056)
Ending balance	75,966	147,243
Unrealized gains (losses) on available-for-sale securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,254)	(391)
Other comprehensive loss, net of tax	490	(1,056)
Ending balance	(764)	(1,447)
Change in fair value due to instrument-specific credit risk
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(25)	0
Other comprehensive loss, net of tax	(21)	0
Ending balance	(46)	0
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,279)	(391)
Ending balance	$ (810)	$ (1,447)

Net Loss per Share - Basic and

Net Loss per Share - Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net loss attributable to common stockholders	$ (26,265)	$ (24,881)
Denominator:
Weighted average common shares outstanding - Basic (in shares)	165,865,864	155,515,093
Weighted average common shares outstanding - Diluted (in shares)	165,865,864	155,515,093
Net loss per share attributable to common stockholders - (basic) (in dollars per share)	$ (0.16)	$ (0.16)
Net loss per share attributable to common stockholders - (diluted) (in dollars per share)	$ (0.16)	$ (0.16)

Net Loss per Share - Anti-Dilut

Net Loss per Share - Anti-Dilutive Common Share Equivalents (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common share equivalents (in shares)	67,911,894	50,024,185
Common stock options issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common share equivalents (in shares)	20,447,525	28,389,111
Unvested restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common share equivalents (in shares)	18,773,594	13,801,742
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common share equivalents (in shares)	9,583,322	7,833,332
Conversion of convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common share equivalents (in shares)	17,079,861	0
ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common share equivalents (in shares)	2,027,592	0

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 6,513	$ 5,340
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	61	0
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	2,278	1,223
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	1,368	906
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 2,806	$ 3,211

Stock-Based Compensation - ESPP

Stock-Based Compensation - ESPP Valuation Assumptions (Details)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Expected term (years)	1 year 18 days
Expected volatility	104.50%
Risk-free interest rate	4.80%
Dividend yield	0%

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 636	$ 1,082
Prototype sales
Disaggregation of Revenue [Line Items]
Revenue	125	335
Development contracts
Disaggregation of Revenue [Line Items]
Revenue	$ 511	$ 747

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 636	$ 1,082
Recognized at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	125	555
Recognized over time
Disaggregation of Revenue [Line Items]
Total revenue	511	527
United States
Disaggregation of Revenue [Line Items]
Total revenue	547	1,021
Europe
Disaggregation of Revenue [Line Items]
Total revenue	32	40
Australia
Disaggregation of Revenue [Line Items]
Total revenue	32	0
Asia
Disaggregation of Revenue [Line Items]
Total revenue	$ 25	$ 21

Revenue - Contract Liabilities

Revenue - Contract Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract liabilities, current	$ 476		$ 987
Total	476	$ 2,151	$ 987
Contract with Customer, Liability [Roll Forward]
Beginning balance	987	2,918
Revenue recognized that was included in the contract liabilities beginning balance	(511)	(767)
Increase due to cash received and not recognized as revenue and billings in excess of revenue recognized during the period	0	0
Ending balance	$ 476	$ 2,151

Restructuring - Narrative (Deta

Restructuring - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Restructuring and Related Activities [Abstract]
Restructuring charges	$ 1,253	$ 0

Restructuring - Schedule of Res

Restructuring - Schedule of Restructuring and Related Costs (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Restructuring Reserve [Roll Forward]
Charges	$ 1,253	$ 0
One-time Termination Benefits
Restructuring Reserve [Roll Forward]
Beginning balance	0
Charges	1,253
Cash payments	(199)
Ending balance	$ 1,054	$ 0

Restructuring - Schedule of Con

Restructuring - Schedule of Consolidated Statement of Operations and Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 1,253	$ 0
Cost of revenue
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	50
Research and development
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	503
Sales and marketing
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	513
General and administrative
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 187

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 19	$ 8

Related Parties (Details)

Related Parties (Details) - Sibling of President and CTO - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Related Party Transaction [Line Items]
Cash compensation	$ 41	$ 53
RSUs
Related Party Transaction [Line Items]
Awards granted (in shares)	10,000	22,500