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Table of Contents

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 001-38791
LUMINAR TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
Delaware83-1804317
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
2603 Discovery DriveSuite 100OrlandoFlorida32826
(Address of Principal Executive Offices)(Zip Code)
(407) 900-5259
Registrant's telephone number, including area code
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Class A common stock, par value of $0.0001 per shareLAZRThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.   Yes     No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes     No ☒

As of November 5, 2021, the registrant had 259,965,800 shares of Class A common stock and 101,588,670 shares of Class B common stock, par value $0.0001 per share, outstanding.


Table of Contents
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
FORM 10-Q
TABLE OF CONTENTS
Page

1

Table of Contents
CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
This Quarterly Report on Form 10-Q (this “Form 10-Q”) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which involve substantial risks and uncertainties. These statements reflect the current views of management with respect to future events and our financial performance. In some cases, you can identify these statements by forward-looking words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “could,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words or phrases, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections of our future financial performance, our anticipated growth strategies and anticipated trends in our business.
These statements are only predictions based on our current expectations and projections about future events. These statements involve known and unknown risks, uncertainties and other important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. Given these risks, uncertainties and other factors, you should not place undue reliance on these forward-looking statements. These factors include the information set forth in Part 1, Item 1A, of our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 under the heading “Risk Factors” and Part II, Item 1A, of this Quarterly Report under the heading “Risk Factors”, which we encourage you to carefully read. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. We undertake no obligation to update any forward-looking statements made in this Form 10-Q to reflect events or circumstances after the date of this Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law.
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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands)
September 30, 2021December 31, 2020
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents$129,323 $208,944 
Restricted cash725 775 
Marketable securities415,544 276,710 
Accounts receivable1,033 5,971 
Inventories, net7,871 3,613 
Prepaid expenses and other current assets23,883 4,797 
Total current assets578,379 500,810 
Property and equipment, net11,128 7,689 
Operating lease right-of-use assets10,165 — 
Intangible assets, net2,488  
Goodwill3,110 701 
Other non-current assets2,536 1,151 
Total assets$607,806 $510,351 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$9,682 $6,039 
Accrued and other current liabilities18,551 10,452 
Operating lease liabilities4,927 — 
Debt, current66 99 
Total current liabilities33,226 16,590 
Warrant liabilities27,753 343,400 
Debt, non-current177 302 
Operating lease liabilities, non-current6,639 — 
Other non-current liabilities911 1,318 
Total liabilities68,706 361,610 
Commitments and contingencies (Note 13)
Stockholders’ equity:
Class A common stock26 22 
Class B common stock10 11 
Additional paid-in capital1,287,558 733,175 
Accumulated other comprehensive income100 34 
Accumulated deficit(748,594)(584,501)
Total stockholders’ equity539,100 148,741 
Total liabilities and stockholders’ equity$607,806 $510,351 
See accompanying notes to the unaudited condensed consolidated financial statements.
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Table of Contents
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations and Comprehensive Loss
(Unaudited, in thousands, except share and per share data)
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Revenue$7,978 $4,223 $19,600 $11,519 
Cost of sales10,762 6,924 26,254 18,209 
Gross loss(2,784)(2,701)(6,654)(6,690)
Operating expenses:
Research and development25,890 10,152 59,813 28,268 
Sales and marketing5,868 2,332 12,010 5,407 
General and administrative35,603 6,611 65,113 16,116 
Total operating expenses67,361 19,095 136,936 49,791 
Loss from operations(70,145)(21,796)(143,590)(56,481)
Other income (expense), net:
Change in fair value of warrant liabilities17,072 (7,988)(22,649)(12,562)
Loss on extinguishment of debt   (866)
Interest expense and other(374)(1,076)(860)(2,097)
Interest income and other843 (351)1,744 (221)
Total other income (expense), net17,541 (9,415)(21,765)(15,746)
Loss before benefit from income taxes(52,604)(31,211)(165,355)(72,227)
Benefit from income taxes(1,264) (1,262) 
Net loss$(51,340)$(31,211)$(164,093)$(72,227)
Net loss attributable to common stockholders$(51,340)$(37,458)$(164,093)$(78,474)
Net loss per share attributable to common stockholders:
Basic and diluted$(0.15)$(0.29)$(0.48)$(0.61)
Shares used in computing net loss per share attributable to common stockholders:
Basic and diluted352,122,485 130,601,660 341,858,435 129,643,774 
Comprehensive Loss:
Net loss$(51,340)$(31,211)$(164,093)$(72,227)
Net unrealized gains (losses) on available-for-sale debt securities93 (28)66 (19)
Comprehensive loss$(51,247)$(31,239)$(164,027)$(72,246)
See accompanying notes to the unaudited condensed consolidated financial statements.
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LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit)
(Unaudited, in thousands, except share data)
Series A Convertible
Preferred Stock
Series X Convertible
Preferred Stock
Founders Convertible
Preferred Stock
Class A
Common Stock
Class B
Common Stock
Additional
Paid-in
Capital
Accumulated
Other
Comprehensive
Income (Loss)
Accumulated
Deficit
Total
Stockholders’
Equity (Deficit)
SharesAmountSharesAmountSharesAmountSharesAmountSharesAmount
Balance as of June 30, 202094,818,151 $244,743  $ 26,206,837 $3 139,635,890 $14  $ $13,889 $8 $(263,219)$(249,305)
Issuance of Series X convertible preferred stock for cash, net of issuance costs of $5,889
— — 17,065,536 164,111 — — — — — — — — — — 
Share-based compensation— — — — — — — — — — 1,306 — — 1,306 
Other comprehensive income— — — — — — — — — — — (28)— (28)
Net loss— — — — — — — — — — — — (31,211)(31,211)
Balance as of September 30, 202094,818,151 $244,743 17,065,536 $164,111 26,206,837 $3 139,635,890 $14  $ $15,195 $(20)$(294,430)$(279,238)
Balance as of June 30, 2021 $  $  $ 236,483,687 $24 105,118,203 $11 $1,244,228 $7 $(697,254)$547,016 
Issuance of Class A common stock upon exercise of stock options and vesting of restricted stock units— — — — — — 1,920,137 — — — 1,547 — — 1,547 
Vendor payments in shares in lieu of cash— — — — — — 291,940 — — — 4,848 — — 4,848 
Acquisition of Optogration, Inc.— — — — — — 370,034 — — — 6,527 — — 6,527 
Issuance of earn-out shares— — — — — — 10,242,703 1 6,970,467 — (2)— — (1)
Conversion of Class B common stock into Class A common stock— — — — — — 10,500,000 1 (10,500,000)(1)— — — 
Share-based compensation— — — — — — — — — — 30,410 — — 30,410 
Other comprehensive income— — — — — — — — — — — 93 — 93 
Net loss— — — — — — — — — — — — (51,340)(51,340)
Balance as of September 30, 2021 $  $  $ 259,808,501 $26 101,588,670 $10 $1,287,558 $100 $(748,594)$539,100 
See accompanying notes to the unaudited condensed consolidated financial statements.
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Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit)
(Unaudited, in thousands, except share data)
Series A Convertible
Preferred Stock
Series X Convertible
Preferred Stock
Founders Convertible
Preferred Stock
Class A
Common Stock
Class B
Common Stock
Additional
Paid-in
Capital
Accumulated
Other
Comprehensive
Income (Loss)
Accumulated
Deficit
Total
Stockholders’
Equity (Deficit)
SharesAmountSharesAmountSharesAmountSharesAmountSharesAmount
Balance as of December 31, 201994,818,151 $244,743  $ 26,206,837 $3 139,635,890 $14  $ $10,457 $(1)$(222,203)$(211,730)
Issuance of Series X convertible preferred stock for cash, net of issuance costs of $5,889
— — 17,065,536 164,111 — — — — — — — — — — 
Share-based compensation— — — — — — — — — — 4,738 — — 4,738 
Other comprehensive income— — — — — — — — — — — (19)— (19)
Net loss— — — — — — — — — — — — (72,227)(72,227)
Balance as of September 30, 202094,818,151 $244,743 17,065,536 $164,111 26,206,837 $3 139,635,890 $14  $ $15,195 $(20)$(294,430)$(279,238)
Balance as of December 31, 2020 $  $  $ 218,818,037 $22 105,118,203 $11 $733,175 $34 $(584,501)$148,741 
Issuance of Class A common stock upon exercise of warrants, stock options and vesting of restricted stock units— — — — — — 19,585,787 2 — — 496,972 — — 496,974 
Vendor payments in shares in lieu of cash— — — — — — 291,940 — — — 4,848 — — 4,848 
Acquisition of Optogration, Inc.— — — — — — 370,034 — — — 6,527 — — 6,527 
Issuance of earn-out shares— — — — — — 10,242,703 1 6,970,467 — (2)— — (1)
Conversion of Class B common stock into Class A common stock— — — — — — 10,500,000 1 (10,500,000)(1)— —  
Share-based compensation— — — — — — — — — — 46,168 — — 46,168 
Payments of employee taxes related to vested restricted stock units— — — — — — — — — — (140)— — (140)
Cash received from Gores on settlement of recapitalization of escrow— — — — — — — — — — 10 — — 10 
Other comprehensive loss— — — — — — — — — — — 66 — 66 
Net loss— — — — — — — — — — — — (164,093)(164,093)
Balance as of September 30, 2021 $  $  $ 259,808,501 $26 101,588,670 $10 $1,287,558 $100 $(748,594)$539,100 
See accompanying notes to the unaudited condensed consolidated financial statements.
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Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands)
Nine Months Ended September 30,
20212020
Cash flows from operating activities:
Net loss$(164,093)$(72,227)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization2,240 1,929 
Noncash lease expense related to operating lease right-of-use assets2,682 — 
Change in fair value of warrants22,649 12,562 
 Share-based compensation—vendor payments2,744  
Impairment of inventories1,601 4,393 
Loss on extinguishment of debt 866 
Share-based compensation49,887 4,710 
Warranty related to sensors1,239  
Deferred taxes(1,264) 
Other883 389 
Changes in operating assets and liabilities:
Accounts receivable5,748 723 
Inventories(6,658)(3,206)
Prepaid expenses and other current assets(16,971)(3,571)
Other non-current assets(88)544 
Accounts payable3,330 2,462 
Accrued and other current liabilities5,910 2,885 
Other non-current liabilities(4,095)(190)
Net cash used in operating activities(94,256)(47,731)
Cash flows from investing activities:
Cash received from acquisition of Optogration, Inc.358  
Purchases of marketable securities(530,179)(123,403)
Proceeds from maturities of marketable securities306,907 8,465 
Proceeds from sales of marketable securities83,493 4,448 
Purchases of property and equipment(4,155)(1,963)
Net cash used in investing activities(143,576)(112,453)
Cash flows from financing activities:
Proceeds from issuance of Series X convertible preferred stock 170,000 
Issuance cost paid for Series X convertible preferred stock (5,662)
Proceeds from the issuance of debt 31,910 
Repayment of debt(159)(11,206)
Proceeds from exercise of warrants153,927  
Proceeds from exercise of stock options4,738  
Other financing activities(345)(1,238)
Net cash provided by financing activities158,161 183,804 
Net increase (decrease) in cash, cash equivalents and restricted cash(79,671)23,620 
Beginning cash, cash equivalents and restricted cash209,719 27,305 
Ending cash, cash equivalents and restricted cash$130,048 $50,925 
Supplemental disclosures of cash flow information:
Cash paid for interest$53 $2,013 
Supplemental disclosures of noncash investing and financing activities:
Issuance of Class A common stock upon exercise of warrants$338,293 $ 
Operating lease right-of-use assets obtained in exchange for lease obligations upon adoption of ASC 84210,849  
Operating lease right-of-use assets obtained in exchange for lease obligations2,876  
Assets acquired under finance leases (capital lease prior to adoption of ASC 842) 43 
Purchases of property and equipment recorded in accounts payable and accrued liabilities543 313 
Merger related expense recorded in accounts payable and accrued liabilities 3,669 
Issuance cost for Series X preferred stock recorded in accounts payable 227 
See accompanying notes to the unaudited condensed consolidated financial statements.
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LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)

Note 1. Organization and Description of Business
Luminar Technologies, Inc. and its wholly-owned subsidiaries (the “Company” or “Luminar”) was originally incorporated in Delaware on August 28, 2018 under the name Gores Metropoulos, Inc (“Gores”). The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. On December 2, 2020 (the “Closing Date”), the Company (at such time named Gores Metropoulos, Inc.) consummated the business combination (the “Business Combination”) pursuant to the Agreement and Plan of Merger (the “Merger Agreement”), dated August 24, 2020 with the pre-Business Combination Luminar Technologies, Inc. (“Legacy Luminar”). Legacy Luminar was incorporated in Delaware on March 31, 2015. In connection with the consummation of the Business Combination, the Company changed its name from Gores Metropoulos, Inc. to Luminar Technologies, Inc. The Company’s common stock is listed on the NASDAQ under the symbol “LAZR.” The Company’s public warrants to purchase shares of Class A common stock were listed on the NASDAQ under the symbol “LAZRW,” until they were delisted on March 5, 2021 upon exercise and redemption.
Unless the context otherwise requires, the “Company” refers to the combined company and its subsidiaries following the Business Combination, “Gores” refers to the Company prior to the Business Combination and “Legacy Luminar” refers to Luminar Technologies, Inc., prior to the Business Combination. Refer to Note 3 to the financial statements of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 for additional information relating to the Business Combination.
The Company is a developer of advanced sensor technologies and software for the autonomous vehicle industry, encompassing Laser Imaging, Detection and Ranging (lidar) technology. The Company manufactures and distributes commercial lidar sensors and certain components for the autonomous vehicle industry. The Company has facilities located in Palo Alto, California, Detroit, Michigan, Boston, Massachusetts, Colorado Springs, Colorado, Munich, Germany and Orlando, Florida, which is also the Company’s headquarters.
Note 2. Basis of Presentation and Summary of Significant Accounting Policies
Basis of Presentation and Consolidation
The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. All intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates
The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, equity, revenues and expenses, and related disclosures. The significant estimates made by management include inventory reserves, valuation allowance for deferred tax assets, valuation of warrants, revenue, stock-based compensation expense and other loss contingencies. Management periodically evaluates such estimates and they are adjusted prospectively based upon such periodic evaluation. Actual results could differ from those estimates.
Segment Information
The Company has determined its operating segments using the same indicators which are used to evaluate its performance internally. The Company has two business activities which are its operating segments:
(i) “Autonomous Solutions” for automotive mobility applications, which includes manufacturing and distribution of lidar sensors that measure distance using laser light to generate a 3D map, non-recurring engineering services related to the Company’s lidar products, and development of software products that enable autonomy capabilities; and
(ii) “Component Sales” which includes development of ultra-sensitive pixel-based sensors as well as designing, testing and providing consulting services for non-standard integrated circuits. In August 2021, the Company acquired Optogration, Inc.
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Notes to Condensed Consolidated Financial Statements (Unaudited)
(“Optogration”) to secure supply for a key enabling component as the Company advances towards series production and scale of its lidar sensor offering.
The Company’s chief operating decision maker (“CODM”), its Chief Executive Officer, reviews the operating results of these segments for the purpose of allocating resources and evaluating financial performance.
Concentration of Credit Risk
Financial instruments that potentially subject the Company to significant concentrations of credit risk, consist primarily of cash and cash equivalents, marketable investments and accounts receivable. A significant portion of the Company’s cash and cash equivalents is held at high-quality domestic financial institutions. Deposits held with the financial institutions may, at times, exceed the amount of insurance provided on such deposits. The Company held cash in foreign entities of $1.6 million and $0.6 million as of September 30, 2021 and December 31, 2020, respectively.
The Company’s revenue is derived from customers located in the United States and international markets. The Company generally does not require collateral.
Three customers accounted for 35%, 17% and 12%, respectively, of the Company’s accounts receivable at September 30, 2021 and one customer accounted for 86% of the Company’s accounts receivable at December 31, 2020.
Significant Accounting Policies
The Company’s significant accounting policies are disclosed in its Annual Report on Form 10-K for the year ended December 31, 2020. Other than the accounting policies discussed below related to equity investments and in Note 12 related to the adoption of Accounting Standards Codification (“ASC”) 842, Leases, there has been no material change to the Company’s significant accounting policies during the nine months ended September 30, 2021.
Equity Investments
The Company holds marketable equity investments over which the Company does not have a controlling interest or significant influence. Marketable equity investments are measured using the quoted prices in active markets with changes recorded in other income (expense), net on the condensed consolidated statement of operations.
Recently Adopted Accounting Pronouncements
In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2016-02, Leases (Topic 842) and issued subsequent amendments to the initial guidance in 2017, 2018 and 2019 (collectively “ASC 842”). Under the new guidance, a lessee is required to recognize assets and liabilities for both finance, previously known as capital, and operating leases with lease terms of more than 12 months. The ASU also requires disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. In transition, the Company recognized and measured leases at the beginning of the period of adoption, January 1, 2021, using a modified retrospective approach that included a number of optional practical expedients that the Company elected to apply. See Note 12 for disclosure on the impact of adopting this standard.
Recent Accounting Pronouncements Not Yet Effective
In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (ASC 326): Measurement of Credit Losses of Financial Instruments, which, together with subsequent amendments, amends the requirement on the measurement and recognition of expected credit losses for financial assets held. ASU 2016-13 will be effective for the Company beginning January 1, 2023, with early adoption permitted. The Company is currently in the process of evaluating the effects of this pronouncement on the Company’s financial statements and does not expect it to have a material impact on the consolidated financial statements.
In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The new guidance in this update affects all entities that enter into a business combination within the scope of ASC 805-10. ASU 2021-08 will be effective for the Company beginning January 1, 2023. The Company is currently in the process of evaluating the effects of this pronouncement on the Company’s financial statements and does not expect it to have a material impact on the consolidated financial statements.
Note 3. Business Combination
On August 3, 2021, (the “Acquisition Date”) the Company completed its acquisition of OptoGration. The OptoGration acquisition helps the Company secure intellectual property and supply of Indium Gallium Arsenide (“InGaAs”) photodetector
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Notes to Condensed Consolidated Financial Statements (Unaudited)
(used to convert optical power into an electrical current) semiconductor chips. The acquisition of OptoGration is part of the Company’s vertical integration strategy, which will secure supply of a key component of its sensor technology.
Pursuant to the terms of the Stock Purchase Agreement between the Company and OptoGration, the Company acquired all of the issued and outstanding capital stock of OptoGration for an aggregate purchase price of approximately $6.3 million payable in Class A common stock of the Company. Subsequent to the Acquisition Date, up to $22.0 million of post combination compensation may be payable to the shareholders of OptoGration subject to certain service and performance conditions. The results of operations related to OptoGration are included in our consolidated statements of operations beginning from the Acquisition Date. The impact of the acquisition on the consolidated financial results of the Company for the three months ended September 30, 2021 was not material.
Recording of Assets Acquired and Liabilities Assumed
Preliminary estimates of fair value included in the consolidated financial statements, in conformity with ASC 820, Fair Value Measurement, represent the Company’s best preliminary estimates and preliminary valuations. In accordance with ASC 805, Business Combinations, the preliminary allocation of the consideration value is subject to adjustment until the Company has completed its analysis, but not to exceed one year after the Acquisition Date to provide the Company with the time to complete the valuation of its assets and liabilities. As of September 30, 2021, the Company has completed a preliminary estimate of deferred tax balances but the process of finalizing deferred tax balances will take place after the current period tax returns are filed. As of September 30, 2021, the Company was still in the process of finalizing assessment of working capital accounts. The completion of this analysis could result in changes to the Company’s allocation of the consideration value to assets acquired and liabilities assumed.
Settlement of a pre-existing agreement with OptoGration
Prior to the acquisition, the Company had contracted with OptoGration as a supplier. In assessing whether said pre-existing supply contract was at market, favorable or unfavorable from the Company’s perspective, the Company assessed whether the terms of the supply contract, including pricing, were consistent with what the Company would have required from another company that would have contracted for similar products and production volumes. The Company concluded that the supply agreement was at market, and thus no gain or loss was recognized upon effective settlement of the said pre-existing supply agreement.
The following table summarizes the preliminary purchase price allocation to assets acquired and liabilities assumed, including identification of measurement period adjustments:
Preliminary Recorded Value
Cash and cash equivalents$358 
Accounts receivable810 
Other current assets482 
Property and equipment1,248 
Other non-current assets384 
Intangible assets (1)2,650 
Goodwill (2)2,409 
     Total assets acquired8,341 
Current Liabilities(488)
Non-current liabilities(1,511)
     Total liabilities assumed(1,999)
      Net assets acquired$6,342 
(1) Identifiable intangible assets were measured using the income approach.
(2) Goodwill is the excess of the consideration transferred over the net assets recognized and represents the expected future economic benefits as a result of other assets acquired that could not be individually identified and separately recognized. Goodwill is not amortized. The factors that made up the goodwill recognized included assembled workforce and component cost savings. Goodwill is not expected to be deductible for tax purposes.
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Notes to Condensed Consolidated Financial Statements (Unaudited)
Identifiable intangible assets recognized:
Useful LifePreliminary Recorded Value
Customer relationships10 years$780 
Tradename
1 year
120 
Developed technology10 years1,750 
Total intangible assets$2,650 
Note 4. Revenue
The Company’s revenue till date has comprised of sales of lidar sensors hardware, components, and engineering services.
Disaggregation of Revenues
The Company disaggregates its revenue from contracts with customers by geographic region based on the primary locations where the customer is situated, type of good or service and timing of transfer of goods or services to customers (point-in-time or over time), as it believes it best depicts 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 September 30,
20212020
Revenue% of RevenueRevenue% of Revenue
Revenue by primary geographical market:
North America$5,713 72 %$1,473 35 %
Asia Pacific  %507 12 %
Europe and Middle East2,265 28 %2,243 53 %
Total$7,978