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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 June 30, 2022
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 filer☒Accelerated filer☐
Non-accelerated filer☐Smaller 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 July 29, 2022, the registrant had 260,793,186 shares of Class A common stock and 97,088,670 shares of Class B common stock, par value $0.0001 per share, outstanding.

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

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CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS
This Quarterly Report on Form 10-Q (this “Form 10-Q”) includes 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,” “future,” “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, product plans, future growth, market opportunities, strategic initiatives, industry positioning, customer acquisition and retention, revenue growth 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, including, our history of losses and our expectation that we will continue to incur significant expenses, including substantial R&D costs, and continuing losses for the foreseeable future as well as our limited operating history which makes it difficult to evaluate our future prospects and the risks and challenges we may encounter; our strategic initiatives which may prove more costly than we currently anticipate and potential failure to increase our revenue to offset these initiatives; whether our lidar products are selected for inclusion in autonomous driving or ADAS systems by automotive OEMs or their suppliers, and whether we will be de-selected by any customers; the lengthy period of time from a major commercial win to implementation and the risks of cancellation or postponement of the contract or unsuccessful implementation; potential inaccuracies in our forward looking estimates of certain metrics and our future cost of goods sold (COGS) and bill of materials (BOM) and total addressable market; the discontinuation, lack of success of our customers in developing and commercializing products using our solutions or loss of business with respect to a particular vehicle model or technology package and whether end automotive consumers will demand and be willing to pay for such features; our inability to reduce and control the cost of the inputs on which we rely, which could negatively impact the adoption of our products and our profitability; the effect of continued pricing pressures, competition from other lidar manufacturers, automotive original equipment manufacturers (“OEMs”) cost reduction initiatives and the ability of automotive OEMs to re-source or cancel vehicle or technology programs which may result in lower than anticipated margins, or losses, which may adversely affect our business; general economic uncertainty and the effect of general economic conditions generally, including inflation, recession risks and rising interest rates, and on our industry in particular, including the level of demand and financial performance of the autonomous vehicle industry and market adoption of lidar as well as developments in alternative technology and the increasingly competitive environment in which we operate; our ability to manage our growth and expand our business operations effectively, including into international markets, such as China, which exposes us to operational, financial and regulatory risks; adverse impacts due to limited availability and quality of materials, supplies, and capital equipment, or dependency on third-party service providers whether we will be able to successfully transition our engineering designs into high volume manufacturing, including our ability to transition to an outsourced manufacturing business model and whether we and our outsourcing partners and suppliers can successfully operate complex machinery; whether we can successfully select, execute or integrate our acquisitions; whether the complexity of our products results in undetected defects and reliability issues which could reduce market adoption of our new products, limit our ability to manufacture, damage our reputation and expose us to product liability, warranty and other claims; our ability to maintain and adequately manage our inventory; our ability to remediate the material weakness in our internal controls over financial reporting; our ability to protect and enforce our intellectual property rights; changes in personnel and availability of qualified personnel and dependence on Austin Russell, our Founder, President and Chief Executive Officer; the amount and timing of future sales and whether the average selling prices of our products could decrease rapidly over the life of the product as well as our dependence on a few key customers, who are often large corporations with substantial negotiating power; the effects of the ongoing coronavirus (COVID-19) pandemic or other infectious diseases, health epidemics, pandemics and natural disasters on Luminar’s business; interruption or failure of our information technology and communications systems and cybersecurity risks to our operational systems, security systems, infrastructure, integrated software in our lidar solutions; and those other factors discussed in Part 1, Item 1A, of our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 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. Given these risks, uncertainties and other factors, you should not place undue reliance on these forward-looking statements. 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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In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.
WEBSITE AND SOCIAL MEDIA DISCLOSURE
We use our website (https://www.luminartech.com/) and various social media channels as a means of disclosing information about the Company and its products to its customers, investors and the public (e.g., @luminartech on Twitter, Luminartech on YouTube, and Luminar Technologies on LinkedIn). The information on our website (or any webpages referenced in this Quarterly Report on Form 10-Q) or posted on social media channels is not part of this or any other report that the Company files with, or furnishes to, the SEC. The information we post through these channels may be deemed material. Accordingly, investors should monitor these channels, in addition to following our press releases, SEC filings and public conference calls and webcasts.
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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands)
June 30, 2022December 31, 2021
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents$76,717 $329,977 
Restricted cash980 725 
Marketable securities (including $4,721 and $12,200 with a related party as of June 30, 2022 and December 31, 2021, respectively, see Note 16)
528,548 462,141 
Accounts receivable9,279 13,013 
Inventory9,349 10,342 
Prepaid expenses and other current assets46,178 29,195 
Total current assets671,051 845,393 
Property and equipment, net19,946 11,009 
Operating lease right-of-use assets17,447 9,145 
Intangible assets, net23,458 2,424 
Goodwill18,465 3,110 
Other non-current assets25,230 12,455 
Total assets$775,597 $883,536 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable$20,119 $14,419 
Accrued and other current liabilities31,504 19,844 
Operating lease liabilities6,217 4,735 
Total current liabilities57,840 38,998 
Warrant liabilities4,351 31,230 
Convertible senior notes610,575 608,957 
Operating lease liabilities, non-current12,464 5,768 
Other non-current liabilities1,806 598 
Total liabilities687,036 685,551 
Commitments and contingencies (Note 14)
Stockholders’ equity:
Class A common stock28 27 
Class B common stock10 10 
Additional paid-in capital1,413,064 1,257,214 
Accumulated other comprehensive loss(6,005)(908)
Treasury stock(312,477)(235,871)
Accumulated deficit(1,006,059)(822,487)
Total stockholders’ equity88,561 197,985 
Total liabilities and stockholders’ equity$775,597 $883,536 
See accompanying notes to the unaudited condensed consolidated financial statements.
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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 June 30,Six Months Ended June 30,
2022202120222021
Revenue:
Products$1,798 $1,977 $3,339 $4,910 
Services8,134 4,332 13,448 6,712 
Total revenue9,932 6,309 16,787 11,622 
Cost of sales:
Products16,987 3,720 28,805 9,029 
Services11,105 4,133 15,941 6,463 
Total cost of sales28,092 7,853 44,746 15,492 
Gross loss(18,160)(1,544)(27,959)(3,870)
Operating expenses:
Research and development40,941 19,913 74,050 33,923 
Sales and marketing7,189 3,507 16,587 6,142 
General and administrative38,150 19,237 68,175 29,510 
Total operating expenses86,280 42,657 158,812 69,575 
Loss from operations(104,440)(44,201)(186,771)(73,445)
Other income (expense), net:
Change in fair value of warrant liabilities11,733 6,928 7,876 (39,721)
Interest expense and other(3,148)(288)(6,428)(488)
Interest income and other603 731 2,142 901 
Total other income (expense), net9,188 7,371 3,590 (39,308)
Loss before provision for (benefit from) income taxes(95,252)(36,830)(183,181)(112,753)
Provision for (benefit from) income taxes(13)— 391 — 
Net loss$(95,239)$(36,830)$(183,572)$(112,753)
Net loss per share:
Basic and diluted$(0.27)$(0.11)$(0.52)$(0.33)
Shares used in computing net loss per share:
Basic and diluted352,054,529 340,255,023 350,378,494 336,641,349 
Comprehensive Loss:
Net loss$(95,239)$(36,830)$(183,572)$(112,753)
Net unrealized losses on available-for-sale debt securities(1,449)16 (5,097)(27)
Comprehensive loss$(96,688)$(36,814)$(188,669)$(112,780)
See accompanying notes to the unaudited condensed consolidated financial statements.
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LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Stockholders’ Equity
(Unaudited, in thousands, except share data)
Class A
Common Stock		Class B
Common Stock		Additional
Paid-in
Capital		Accumulated
Other
Comprehensive
Income (Loss)		Treasury
Stock		Accumulated
Deficit		Total
Stockholders’
Equity
SharesAmountSharesAmount
Balance as of March 31, 2021234,575,992 $23 105,118,203 $11 $1,227,559 $(9)$— $(660,424)$567,160 
Issuance of Class A common stock upon exercise of Public and Private Warrants— — — — — — — — — 
Issuance of Class A common stock upon exercise of stock options and vesting of restricted stock units1,907,695 1 — — 2,884 — — — 2,885 
Share-based compensation— — — — 13,915 — — — 13,915 
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— — — — — 16 — — 16 
Net loss— — — — — — — (36,830)(36,830)
Balance as of June 30, 2021236,483,687 $24 105,118,203 $11 $1,244,228 $7 $— $(697,254)$547,016 
Balance as of March 31, 2022269,978,536 $27 97,088,670 $10 $1,314,742 $(4,556)$(275,519)$(910,820)$123,884 
Shares repurchased— — — — — — (36,958)— (36,958)
Issuance of Class A common stock upon exercise of Private Warrants4,387 — — — 314 — — — 314 
Issuance of Class A common stock upon exercise of stock options and vesting of restricted stock units2,068,339 — — — 659 — — — 659 
Retirement of unvested restricted common stock(2,793)— — — — — — — — 
Vendor stock-in-lieu of cash program7,612,315 1 — — 29,144 — — — 29,145 
Acquisition of Freedom Photonics LLC2,176,205 — — — 30,510 — — — 30,510 
Acquisition of Solfice assets374,193 — — — 3,361 — — — 3,361 
Share-based compensation— — — — 35,542 — — — 35,542 
Payments of employee taxes related to stock-based awards— — — — (1,208)— — — (1,208)
Other comprehensive loss— — — — — (1,449)— — (1,449)
Net loss— — — — — — — (95,239)(95,239)
Balance as of June 30, 2022282,211,182 $28 97,088,670 $10 $1,413,064 $(6,005)$(312,477)$(1,006,059)$88,561 
See accompanying notes to the unaudited condensed consolidated financial statements.
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LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Stockholders’ Equity
(Unaudited, in thousands, except share data)
Class A
Common Stock		Class B
Common Stock		Additional
Paid-in
Capital		Accumulated
Other
Comprehensive
Income (Loss)		Treasury
Stock		Accumulated
Deficit		Total
Stockholders’
Equity
SharesAmountSharesAmount
Balance as of December 31, 2020218,818,037 $22 105,118,203 $11 $733,175 $34 $— $(584,501)$148,741 
Issuance of Class A common stock upon exercise of Public and Private Warrants15,574,037 2 — — 492,219 — — — 492,221 
Issuance of Class A common stock upon exercise of stock options and vesting of restricted stock units2,091,613 — — — 3,206 — — — 3,206 
Share-based compensation— — — — 15,758 — — — 15,758 
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 income— — — — — (27)— — (27)
Net loss— — — — — — — (112,753)(112,753)
Balance as of Balance as of June 30, 2021236,483,687 $24 105,118,203 $11 $1,244,228 $7 $— $(697,254)$547,016 
Balance as of December 31, 2021266,076,525 $27 97,088,670 $10 $1,257,214 $(908)$(235,871)$(822,487)$197,985 
Shares repurchased— — — — — — (76,606)— (76,606)
Issuance of Class A common stock upon exercise of Private Warrants405,752 — — — 19,003 — — — 19,003 
Issuance of Class A common stock upon exercise of stock options and vesting of restricted stock units4,185,398 — — — 1,744 — — — 1,744 
Retirement of unvested restricted common stock(43,556)— — — — — — — — 
Vendor stock-in-lieu of cash program9,036,665 1 — — 43,757 — — — 43,758 
Acquisition of Freedom Photonics LLC2,176,205 — — — 30,510 — — — 30,510 
Acquisition of Solfice assets374,193 — — — 3,361 — — — 3,361 
Share-based compensation— — — — 59,199 — — — 59,199 
Payments of employee taxes related to stock-based awards— — — — (1,724)— — — (1,724)
Other comprehensive loss— — — — — (5,097)— — (5,097)
Net loss— — — — — — — (183,572)(183,572)
Balance as of June 30, 2022282,211,182 $28 97,088,670 $10 $1,413,064 $(6,005)$(312,477)$(1,006,059)$88,561 
See accompanying notes to the unaudited condensed consolidated financial statements.
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LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands)
Six Months Ended June 30,
20222021
Cash flows from operating activities:
Net loss$(183,572)$(112,753)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization2,544 1,332 
Noncash lease expense related to operating lease right-of-use assets2,139 1,748 
Amortization of premium on marketable securities919 602 
Change in fair value of warrants(7,876)39,721 
Vendor stock-in-lieu of cash program19,916 — 
Amortization of debt discount and issuance costs1,618 — 
Impairment of inventories4,778 1,453 
Share-based compensation65,323 16,367 
Product warranty and other171 572 
Changes in operating assets and liabilities:
Accounts receivable7,038 3,527 
Inventories(2,814)(2,640)
Prepaid expenses and other current assets(2,417)(8,469)
Other non-current assets(532)(1,490)
Accounts payable7,392 854 
Accrued and other current liabilities1,106 2,652 
Other non-current liabilities(931)(1,659)
Net cash used in operating activities(85,198)(58,183)
Cash flows from investing activities:
Acquisition of Freedom Photonics(2,759)— 
Acquisition of Solfice assets(2,001)— 
Purchases of marketable securities(270,440)(376,289)
Proceeds from maturities of marketable securities147,053 169,619 
Proceeds from sales of marketable securities50,315 36,937 
Purchases of property and equipment(7,491)(2,710)
Advances for capital projects and equipment(1,673)— 
Net cash used in investing activities(86,996)(172,443)
Cash flows from financing activities:
Proceeds from exercise of warrants— 153,927 
Proceeds from exercise of stock options1,791 2,812 
Payments of employee taxes related to stock-based awards(1,724)(140)
Repurchase of common stock and redemption of warrants(80,878)(2)
Other financing activities— (276)
Net cash provided by (used in) financing activities(80,811)156,321 
Net decrease in cash, cash equivalents and restricted cash(253,005)(74,305)
Beginning cash, cash equivalents and restricted cash330,702 209,719 
Ending cash, cash equivalents and restricted cash$77,697 $135,414 
Supplemental disclosures of cash flow information:
Cash paid for interest$3,863 $37 
Supplemental disclosures of noncash investing and financing activities:
Issuance of Class A common stock upon exercise of warrants$19,003 $338,293 
Operating lease right-of-use assets obtained in exchange for lease obligations upon adoption of ASC 842— 10,849 
Operating lease right-of-use assets obtained in exchange for lease obligations9,993 2,876 
Purchases of property and equipment recorded in accounts payable and accrued liabilities2,630 222 
Vendor stock-in-lieu of cash program—advances for capital projects and equipment10,293 — 
Receivable from stock option exercises— 394 
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 Reverse Merger with Gores in Note 3 to the financial statements of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 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 is headquartered in Orlando, Florida and has various facilities located in the United States and internationally in Munich, Germany.
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, 2021. 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, forecasted costs associated with non-recurring engineering (“NRE”) services, product warranty reserves, 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) “Autonomy Solutions” for automotive 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. In June 2022, the Company acquired assets from Solfice Research, Inc. (“Solfice”), which have been included in the Autonomy Solutions segment.
(ii) “Advanced Technologies and Services (“ATS”)” which includes development of application-specific integrated circuits, pixel-based sensors, advanced lasers, as well as designing, testing and providing consulting services for non-standard
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LUMINAR TECHNOLOGIES, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements (Unaudited)
integrated circuits. In the second quarter of 2022, the Components segment was renamed as ATS. In August 2021 and in April 2022, the Company acquired Optogration, Inc. (“Optogration”) and Freedom Photonics LLC (“Freedom Photonics”), respectively, which have been included in the ATS segment.
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. Cash held by the Company in foreign entities as of June 30, 2022 and December 31, 2021 was not material.
The Company’s revenue is derived from customers located in the United States and international markets. Two customers accounted for 17% and 13% of the Company’s accounts receivable at June 30, 2022. Two customers accounted for 39% and 31% of the Company’s accounts receivable at December 31, 2021.
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, 2021. There has been no material change to the Company’s significant accounting policies during the six months ended June 30, 2022, except as noted below related to revenue recognition from long-term contracts as part of Freedom Photonics acquisition.
Consistent with the revenue recognition for NRE services, for Freedom Photonics long-term contracts, the Company recognizes revenue over time using an input method based on contract cost incurred to date compared to total estimated contracts (cost-to-cost). Contract costs are incurred over a period of time, which can be several years, and the estimation of these costs requires management’s judgment. The Company reviews the estimate at completion on significant contracts on a periodic basis and for others, no less than annually or when a change in circumstances warrant a modification to a previous estimate. Due to the nature of the work required to be performed on many of the Company’s performance obligations, the estimation of total revenue and cost at completion is complex, subject to many variables and requires significant judgment by management on a contract by contract basis. Changes in estimates of transaction price, revenue, cost of sales and the related impact to operating profit are recognized on a cumulative catch-up basis, which recognizes the cumulative effect of the profit changes on current and prior periods in the current period.
Recently Adopted Accounting Pronouncements
In October 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. No. 2021-08 (“ASU 2021-08”), Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. ASU 2021-08 requires an acquirer to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. At the acquisition date, it requires an acquirer to account for the related revenue contracts in accordance with Topic 606 as if it had originated the contracts, which should generally result in an acquirer recognizing and measuring the acquired contract assets and contract liabilities consistent with how they were recognized and measured in the acquiree’s financial statements. The Company elected to early adopt ASU 2021-08 as of January 1, 2022. The adoption of ASU 2021-08 did not have a material impact on the Company’s consolidated financial position, operating results or cash flows.
Note 3. Business Combination
Freedom Photonics Acquisition
On April 13, 2022 (the “Acquisition Date”), the Company completed its acquisition of Freedom Photonics, a designer and manufacturer of high-performance lasers and related photonic products. The Freedom Photonics acquisition is expected to help the Company secure intellectual property and the supply of a key enabling component as part of the Company’s vertical integration strategy.
Pursuant to the terms of the Merger Agreement between the Company and Freedom Photonics, the Company acquired all of the issued and outstanding units of capital of Freedom Photonics for an aggregate purchase price of approximately $34.2 million payable primarily in Class A common stock of the Company. In conjunction with the acquisition, the Company issued share-based compensation awards to certain employees and selling shareholders of Freedom Photonics, which may result in future stock-based compensation expense, subject to achievement of certain service and performance conditions. The results of operations related to Freedom Photonics are included in the Company’s consolidated statements of operations beginning
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Notes to Condensed Consolidated Financial Statements (Unaudited)
from the Acquisition Date. As part of the transaction, the Company incurred $1.4 million of acquisition-related costs, which were expensed and included in general and administrative expenses in the periods in which the costs were incurred.
Recording of Assets Acquired and Liabilities Assumed
Preliminary estimates of fair values included in the consolidated financial statements are expected to be finalized within a year following the Acquisition Date. These are related to certain working capital adjustments and finalization of the estimates relating to deferred tax balances which will occur after the filing of the current tax returns. After the measurement period, any subsequent adjustments will be reflected in the consolidated statements of operations.
The following table summarizes the preliminary purchase price allocation to assets acquired and liabilities assumed, including identification of measurement period adjustments (in thousands):
Preliminary Recorded Value
Cash and cash equivalents$1,063 
Accounts receivable3,235 
Contract asset1,913 
Inventories, net127 
Prepaid expenses and other current assets70 
Property and equipment1,353 
Operating lease right-of-use assets449 
Other non-current assets22 
Intangible assets (1)15,600 
Goodwill (2)15,520 
     Total assets acquired39,352 
Current Liabilities(4,036)
Non-current liabilities(1,135)
     Total liabilities assumed(5,171)
      Net assets acquired$34,181 
(1) Tradename was measured using the relief-from-royalty method. The remaining identifiable intangible assets were measured using the income approach. Significant inputs used as part of the valuation of intangible assets include revenue forecasts, present value factors, expected product margins and costs to complete the IPR&D.
(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. The entire amount of goodwill is expected to be deductible for tax purposes and is allocated to the ATS segment, which is also deemed the reporting unit.
Identifiable intangible assets recognized (in thousands):
Useful LifePreliminary Recorded Value
Customer backlog
≤ 2 years
$650 
Customer relationships4 years2,950 
Developed technology8 years4,000 
In-process research and development (IPR&D) (1)