0001818644-24-000003 | 10-K | XBRL Viewer

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RESTRUCTURING - Schedule of Restructuring and Related Costs (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Restructuring Reserve [Roll Forward]
Beginning balance	$ 0
Charges	3,707
Cash payments	(3,016)
Ending balance	691
One-time employee termination benefits
Restructuring Reserve [Roll Forward]
Beginning balance	0
Charges	3,224
Cash payments	(2,822)
Ending balance	402
Losses on purchase commitments
Restructuring Reserve [Roll Forward]
Beginning balance	0
Charges	360
Cash payments	(127)
Ending balance	233
Other
Restructuring Reserve [Roll Forward]
Beginning balance	0
Charges	123
Cash payments	(67)
Ending balance	$ 56

INTEREST EXPENSE AND OTHER

12 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]

INTEREST EXPENSE AND OTHER

Interest expense and other for the years ended December 31, 2023 and 2022 consisted of the following (in thousands):


	Twelve months ended December 31,
	2023		2022






Amortization of premiums (accretion of discounts) on marketable securities, net	$	(474)	$	778
Convertible note issuance costs	—		474
Loss on disposal of assets	111		—
Realized loss on instrument-specific credit risk	46		—
Expected credit losses	35		—
Realized losses on redemptions of marketable securities	—		77
Common Stock Purchase Agreement costs	—		29
Other	34		21
Interest expense and other	$	(248)	$	1,379

CONVERTIBLE NOTES (Details)	Dec. 15, 2022 day $ / shares	Sep. 15, 2022 USD ($) day redemptionAmount $ / shares	Sep. 14, 2022 USD ($) issuance	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage of principal amount redeemed	6.67%
2022 Notes
Debt Instrument [Line Items]
Number of issuances allowed \| issuance			2
Proceeds receivable from convertible debt			$ 20,000,000
Number of monthly redemption amounts that can be accelerated in any calendar month \| redemptionAmount		4
2022 Notes \| 2022 Convertible Note
Debt Instrument [Line Items]
Interest rate		5.00%
Discount on issuance, percentage		4.76%
Conversion price (in dollars per share) \| $ / shares	$ 75.00	$ 9.00
Threshold percentage of stock price trigger	95.00%	95.00%
Threshold consecutive trading days \| day	5	5
Monthly redemption premium, percentage	5.00%
Acceleration payment monthly limit		$ 2,800,000
Convertible notes outstanding				$ 0
2022 Notes \| 2022 Convertible Note \| Acceleration Date
Debt Instrument [Line Items]
Conversion price (in dollars per share) \| $ / shares	$ 9.00
2022 Notes, Each Closing
Debt Instrument [Line Items]
Proceeds receivable from convertible debt			10,000,000
2022 Notes, Each Closing \| 2022 Convertible Note
Debt Instrument [Line Items]
Loan amount			$ 10,500,000
2022 Notes, First Closing
Debt Instrument [Line Items]
Proceeds from convertible debt		9,850,000
2022 Notes, First Closing \| 2022 Convertible Note
Debt Instrument [Line Items]
Loan amount		$ 10,500,000

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principle of Consolidation and Liquidity	Principle of Consolidation and Liquidity The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Reclassification of Prior Year Presentation	Reclassification of Prior Year Presentation Certain prior year amounts have been reclassified for consistency with the current year presentation. Accrued severance has been broken out from Accrued payroll within Footnote 9, Accrued expenses and other current liabilities.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include impairment of long-lived assets, write-downs of inventory to the lower of cost or net realizable value, investments, fair value of the 2022 convertible note, embedded derivative and warrant liabilities, and stock-based compensation.
Segment Reporting	Segment Reporting The Company manages its business on the basis of one reportable and operating segment. Operating segments are defined as components of an enterprise with separate financial information, and are evaluated regularly by the chief operating decision maker, which is the Company's Chief Executive Officer (“CEO”). The CEO decides how to allocate resources and assesses the Company’s performance based upon consolidated financial information. All of the Company's sales were made to customers in USD located in the U.S., Europe, and Asia-Pacific through AEye, Inc. All of the Company's
Cash, Cash Equivalents	The Company considers all highly liquid investments, such as treasury bills, commercial paper, certificates of deposit, and money market instruments with maturities of three months or less at the time of acquisition to be cash equivalents. Cash equivalents primarily consist of amounts held in interest-bearing money market accounts that are readily convertible to cash. Cash equivalents are stated at cost, which approximates fair market value.
Marketable Securities	Marketable securities have been classified as available-for-sale and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. Unrealized gains and losses in fair value of the available-for-sale (“AFS”) debt securities are reported in other comprehensive income (loss). When the AFS debt securities are sold, cost is based on the specific identification method, and the realized gains and losses are included in other income (expense), net in the consolidated statements of operations and comprehensive loss. The Company determines the appropriate classification of its investments at the time of purchase and reevaluates such designation at each balance sheet date. The Company considers all AFS debt securities as available for use to support current operations, including those with maturity dates beyond one year and are classified as current assets under marketable securities in the accompanying consolidated balance sheets. AFS debt securities included in marketable securities on the consolidated balance sheets consist of securities with original maturities greater than three months at the time of purchase. Interest on marketable securities is included within interest income and other on the consolidated statements of operations. Amortization of premiums and accretion of discounts are included within interest expense and other on the consolidated statements of operations.
Restricted Cash	The Company determines current or non-current classification of restricted cash based on the expected duration of the restriction.
Concentration of Credit Risk	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-Pacific. The Company mitigates its credit risks by performing ongoing credit evaluations of its customers’ financial conditions. The Company generally does not require collateral. The Company’s concentration of risk related to accounts receivable and accounts payable was determined by evaluating the number of customers and vendors accounting for 10% or more of accounts receivable (“AR”) and accounts payable (“AP”).
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company defines fair value as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability.
Derivatives	Derivatives The Company accounts for derivative instruments in accordance with Financial Accounting Standards Board's (FASB) Accounting Standards Codification (ASC) Topic 815, Derivatives and Hedging (“ASC 815”). The Company’s objectives and strategies for using derivative instruments, and how the derivative instruments and related hedged items are accounted for affect the financial statements. The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risk. Terms of convertible debt instruments are reviewed to determine whether they contain embedded derivative instruments that are required under ASC 815 to be accounted for separately from the host contract and recorded on the consolidated balance sheets at fair value. An evaluation of specifically identified conditions is made to determine whether the fair value of the derivative issued is required to be classified as equity or as a derivative liability. The fair value of derivative liabilities is required to be revalued at each reporting date, with corresponding changes in fair value recorded in current period operating results.
Accounts Receivable, net	Accounts Receivable, net Accounts receivable are recorded at the invoiced amount and do not bear interest. Amounts collected on accounts receivable are included in net cash provided by operating activities in the consolidated statements of cash flows. If necessary, accounts receivable are reduced by a provision for expected credit losses, which is the Company’s best estimate of the amount of credit losses inherent in its existing accounts receivable. The Company reviews the provision quarterly based on historical experience with each customer and the specifics of each arrangement.
Inventories, net	Inventories, net Inventories consist of raw materials, work in progress, and finished goods. Inventories are stated at the lower of cost and net realizable value and costs are computed under the standard cost method. Inventories that are not expected to be consumed in the next 12 months are classified within Other noncurrent assets. Prototype inventory cost consists of the associated raw material, direct labor, indirect labor and other overhead costs. The Company evaluates the need for inventory write-downs associated with obsolete, slow moving, and non-sellable inventory by reviewing estimated net realizable values on a periodic basis and records a provision for excess and obsolete inventory to adjust the carrying value of inventory as needed.
Property and Equipment, net	Property and Equipment, net Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which range from 2 to7 years. Leasehold improvements are amortized over the shorter of the lease term or expected useful life of the improvements. Construction in progress is the construction or development of property and equipment that have not yet been placed in service. Maintenance and repairs are charged to expense as incurred, and improvements are capitalized. When assets are retired or otherwise disposed of, the cost and accumulated depreciation and amortization are removed from the consolidated balance sheet and any resulting gain or loss is reflected in the consolidated statements of operations and comprehensive loss in the period realized.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company evaluates its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If the test for recoverability identifies a possible impairment, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. The fair value is calculated based on estimated salvage value, estimated orderly liquidation value, or a value-in-use approach depending on the asset's highest and best use. When an impairment loss is recognized for assets to be held and used, the adjusted carrying amount of the long-lived asset becomes its new cost basis which is depreciated over the asset's remaining useful life.
Warrant Liability	Warrant Liability The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant's specific terms and applicable authoritative guidance. The warrants assumed in connection with the 2022 convertible note are accounted for in accordance with ASC 815-40, Derivatives and Hedging—Contracts in Entity’s Own Equity, under which the warrants do not meet the criteria for equity treatment and must be recorded as liabilities. The Private Placement Warrants issued in connection with the business combination are classified as liabilities. The Company adjusts the warrants to fair value at each reporting period. The warrant liabilities are subject to remeasurement at each balance sheet date until exercised, and any change in fair value is recognized in the consolidated statements of operations.
Leases	Leases The Company determines if an arrangement is or contains a lease at inception. The Company evaluates the classification of leases at commencement, and, as necessary, at modification. Operating leases, consisting of office leases, are included in Right-of-use ("ROU") assets, Accrued expenses and other current liabilities, and Operating lease liabilities, noncurrent, on the Company's consolidated balance sheets. The Company did not have any finance leases as of December 31, 2023 and December 31, 2022. ROU assets represent the Company's right to an underlying asset for the lease term, and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The operating lease ROU asset also includes any lease payments made prior to lease commencement and initial direct costs and excludes lease incentives. Variable lease payments not dependent on an index or a rate are expensed as incurred and are not included within the ROU asset and lease liability calculation. Variable lease payments primarily include reimbursements of costs incurred by lessors for common area maintenance and utilities. As most of the Company's leases do not include an implicit rate, the Company uses the incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date in determining the present value of future payments. The incremental borrowing rate is a hypothetical rate based on the Company's understanding of what its credit rating would be for a secured borrowing when the lease was executed. The Company's lease term includes the noncancelable period, any rent-free periods provided by the lessor, and options to extend or terminate the lease when it is reasonably certain that it will exercise that option. At lease inception, and in subsequent periods as necessary, the Company estimates the lease term based on its assessment of extension and termination options that are reasonably certain to be exercised. Operating lease expense for lease payments is recognized on a straight-line basis over the lease term and is included in operating expenses on the consolidated statements of operations and comprehensive loss. The Company elected to exclude from its balance sheets recognition of leases having a term of 12 months or less (short-term leases) and elected to not separate lease components and non-lease components for its long-term real estate leases.
Convertible Notes	Convertible Notes The Company adopted Accounting Standards Update (“ASU”) 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). The Company has elected to apply the fair value measurement option to the 2022 convertible note on the date that the Company first recognized the convertible note on September 15, 2022. The Company acknowledges that its election to apply the fair value option is irrevocable. The Company recognized costs incurred upon issuance of the 2022 convertible note as an expense in its consolidated statement of operations for the twelve months ended December 31, 2022. The 2022 convertible note was classified and presented as a current liability on the consolidated balance sheet as of December 31, 2022. As of December 31, 2023, the 2022 convertible note has no outstanding principal balance as all outstanding principal and accrued interest has been fully settled. Changes in fair value were recorded in the consolidated statements of operations and changes in fair value related to credit risk are recorded in other comprehensive loss. The Company reported interest expense, including accrued interest, related to this convertible debt under the fair value option, within the change in fair value of convertible notes in the consolidated statement of operations.
Revenue Recognition, Agreements with Multiple Performance Obligations, Other Policies, Judgements and Practical Expedients and Cost of Revenue	Revenue Recognition The Company generates revenues from the sale of prototypes and from development arrangements with automakers and suppliers to automakers. Under FASB ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), the Company accounts for such arrangements as contracts with customers and accordingly recognizes revenue by applying the following steps: •Identification of the contract, or contracts, with a customer •Identification of the performance obligations in the contract •Determination of the transaction price •Allocation of the transaction price to the performance obligations in the contract •Recognition of revenue when, or as, the Company satisfies a performance obligation Revenue from the sale of prototypes is generally recognized at a point in time when control of the goods is transferred. Certain prototype sales contracts include services to install and commission or customize the prototypes for customers. Revenues from these services are categorized as prototype revenue and recognized either over time as the services are being performed, or at a point in time, depending on the nature of the services and whether the criteria for recording revenue over time are met in accordance with ASC 606. Revenue from development arrangements is either recognized at a point in time or over time depending on the performance obligations in the contract. For performance obligations that are satisfied over time, such as services which require engineering and development based on customer requirements, the Company recognizes revenue using an input method based on contract costs incurred to date compared to total estimated contract costs. See Note 16, Revenue, for additional information related to the application of ASC 606 to the Company’s primary revenue streams. Sales taxes collected from customers and remitted to governmental authorities are accounted for on a net basis and therefore are excluded from revenues in the consolidated statements of operations and comprehensive loss. Arrangements with Multiple Performance Obligations When a contract involves multiple performance obligations, the Company accounts for individual products and services separately if the customer can benefit from the product or service on its own or with other resources that are readily available to the customer and the product or service is separately identifiable from other promises in the arrangement. The consideration is allocated between separate performance obligations in proportion to their estimated standalone selling price (SSP). The SSP reflects the price the Company would charge for a specific product or service if it were sold separately in similar circumstances and to similar customers. If the selling price is not directly observable, the Company determines SSP using information that may include other observable inputs, such as the cost plus margin approach, to estimate SSP. In instances where SSP is not directly observable, the Company determines SSP using information that may include other observable inputs such as expected costs plus margin, or uses the residual approach for performance obligations whose SSP is highly variable or uncertain. The Company provides standard product warranties for a term of typically one year to ensure that its products comply with agreed-upon specifications. Standard warranties are considered to be assurance type warranties and are not accounted for as separate performance obligations. Estimated future warranty costs are accrued and charged to cost of sales in the period that the related revenue is recognized. These estimates are based on historical warranty experience and any known or expected changes in warranty exposure, such as trends of product reliability and costs of repairing and replacing defective products. The Company assesses the adequacy of its recorded warranty liabilities on a quarterly basis and adjusts the amounts as necessary. Warranty costs are included within accrued expenses and other liabilities on the consolidated balance sheets. Refer to Note 9 for further information on warranty reserve amounts. Other Policies, Judgments and Practical Expedients Contract assets and liabilities. Contract assets primarily represent revenues recognized for performance obligations that have been satisfied but for which amounts have not been billed. The Company did not have any contract assets as of December 31, 2023. Contract liabilities relate to deferred revenue. Deferred revenue consists of amounts that have been invoiced and/or cash received but for which revenue has not been earned. This generally includes unrecognized revenue balances for development arrangements. Deferred revenue that will be realized during the succeeding 12-month period is recorded within current liabilities and the remaining deferred revenue is recorded as noncurrent liabilities. Right of return. The Company’s general terms and conditions for its contracts do not contain a right of return that allows the customer to return products and receive a credit. Therefore, the Company does not estimate returns and generally recognizes revenue at contract price upon product shipment or delivery. Significant financing component. In certain arrangements, the Company receives payment from a customer either before or after the performance obligation has been satisfied. The expected timing difference between the payment and satisfaction of performance obligations for all of the Company’s contracts is one year or less; therefore, the Company applies a practical expedient and does not consider the effects of the time value of money on transaction price. The Company’s contracts with customer prepayment terms do not include a significant financing component because the primary purpose is not to receive financing from the customers. Contract modifications. The Company may modify contracts to offer customers additional products or services. Each of the additional products and services are generally considered distinct from those products or services transferred to the customer before the modification. The Company evaluates whether the contract price for the additional products and services reflects the standalone selling price as adjusted for facts and circumstances applicable to that contract. In these cases, the Company accounts for the additional products or services as a separate contract. In other cases where the pricing in the modification does not reflect the standalone selling price as adjusted for facts and circumstances applicable to that contract, the Company accounts for the additional products or services as part of the existing contract primarily on a prospective basis. Judgments and estimates. Accounting for contracts recognized over time under ASC 606 involves the use of various techniques to estimate total contract revenue and costs. Due to uncertainties inherent in the estimation process, it is possible that estimates of costs to complete a contract will be revised in the near-term. The Company reviews and updates its contract-related estimates quarterly, and records adjustments as needed. For those performance obligations for which revenue is recognized using a cost-to-cost input method, changes in total estimated costs, and related progress towards complete satisfaction of the performance obligation, are recognized in the period in which the revisions to the estimates are made. Cost of Revenue Cost of revenue primarily consists of costs directly associated with the production of those prototypes that are held for sale and certain costs associated with development arrangements. Such costs for prototypes are direct materials, direct labor, indirect labor, inventory write-downs, losses on purchase commitments, warranty expense, and allocation of overhead. Direct and indirect labor includes personnel-related costs and packaging and procurement respectively associated with the production of prototypes. Other costs such as indirect manufacturing costs are recognized in research and development and general and administrative expenses on the consolidated statements of operations and comprehensive loss. Costs associated with development arrangements include the direct costs and allocation of overhead costs involved in the execution of the contract.
Research and Development Expenses	Research and Development Expenses Research and development expenses include personnel costs (including salaries, benefits, bonuses, one-time termination benefits, and stock-based compensation), new hardware and software materials to the extent no future economic benefits are expected, other related expenses such as lab equipment, third party development-related contractors, and allocated overhead expenses. Substantially all the R&D expenses are related to the development of new products and services, including contract development expenses. They are expensed as incurred and included in the consolidated statements of operation and comprehensive loss.
Stock-Based Compensation	Stock-Based Compensation The Company accounts for stock-based compensation by measuring and recognizing compensation expense for all share-based awards based on estimated grant-date fair values. The Company uses the straight-line attribution method to allocate compensation cost to reporting periods over each awardee’s requisite service period, which is generally the vesting period of the award. The Company measures nonemployee awards at the date of grant, which generally is the date at which a grantor and a grantee reach a mutual understanding of the key terms and conditions of a share-based payment award. The Company’s policy is to recognize the effect of forfeitures in the period they occur. The grant-date fair value of the restricted stock units, or “RSUs,” is equal to the fair market value of the Company’s common stock on the grant date. The grant-date fair value for stock options and stock purchase rights under the employee stock purchase plan ("ESPP") is estimated using the Black-Scholes option-pricing model. The grant-date fair value for RSUs with an associated market condition is estimated using the Monte-Carlo simulation model. Both the Black-Scholes option-pricing model and the Monte-Carlo simulation model require the input of subjective assumptions, including the award’s expected term and the price volatility of the underlying stock.
Income Taxes	Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases, as well as net operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes deferred tax assets to the extent that these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If the Company determines that it would be able to realize deferred tax assets in the future in excess of their net recorded amount, an adjustment to the deferred tax asset valuation allowance would be made to reduce the provision for income taxes. The Company records uncertain tax positions in accordance with FASB ASC Topic 740, Income Taxes (“ASC 740”) on the basis of a two-step process in which determinations are made (1) whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to unrecognized tax benefits in the provision for income tax expense in the accompanying consolidated statements of operations and comprehensive loss. Accrued interest and penalties are included in accrued expenses and other current liabilities in the consolidated balance sheets.
Net Loss per Share	Net Loss per Share Basic net loss per share is computed using net loss available to common stockholders divided by the weighted average number of common shares outstanding during the period. Diluted net loss per share reflects the dilutive effects of stock options, restricted stock units, preferred stock, stock to be issued under the ESPP, convertible notes, and warrants outstanding during the period to the extent such securities would not be anti-dilutive and is determined using the if-converted and treasury stock methods. The Company calculates weighted average number of common shares outstanding during the period using the Company’s common stock outstanding. Basic and diluted net loss per share attributable to common stockholders was the same for all periods presented as the inclusion of all potentially dilutive securities outstanding was anti-dilutive, as AEye is currently operating in a net loss position.
Comprehensive Income (Loss)	Comprehensive Income (Loss) Comprehensive income (loss) includes all changes in equity (net assets) from non-owner sources during a period, changes in fair value due to instrument-specific credit risk, and net unrealized gains (losses) on available-for-sale debt securities.
Recent Accounting Pronouncements and Recently Adopted Accounting Guidance	Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board, ("FASB"), issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures to increase the transparency and usefulness of income tax information through improvements to the income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The guidance is effective for fiscal years beginning after December 15, 2024. The Company is currently in the process of evaluating the effects of the new 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.

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	34
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	San Francisco, California

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Preferred stock, beginning balance (in shares) at Dec. 31, 2021		0
Beginning balance at Dec. 31, 2021	$ 168,767	$ 0	$ 1	$ 320,952	$ (391)	$ (151,795)
Common stock, beginning balance (in shares) at Dec. 31, 2021			5,171,241
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	23,959			23,959
Issuance of common stock upon exercise of stock options (in shares)			107,332
Issuance of common stock upon exercise of stock options	1,174			1,174
Issuance of common stock upon vesting of restricted stock units (in shares)			130,268
Taxes related to net share settlement of equity awards (in shares)			(44,694)
Taxes related to net share settlement of equity awards	(3,790)			(3,790)
Issuance of common stock under the Common Stock Purchase Agreement (in shares)			38,167
Issuance of common stock under the Common Stock Purchase Agreement	2,891			2,891
Transaction costs related to the Common Stock Purchase Agreement	(29)			(29)
Conversions of convertible note into common stock (in shares)			34,323
Conversions of convertible note into common stock	600			600
Other comprehensive income, net of tax	(888)				(888)
Net loss	$ (98,714)					(98,714)
Preferred stock, ending balance (in shares) at Dec. 31, 2022	0	0
Ending balance at Dec. 31, 2022	$ 93,970	$ 0	$ 1	345,757	(1,279)	(250,509)
common stock, ending balance (in shares) at Dec. 31, 2022	5,436,637		5,436,637
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	$ 18,071			18,071
Issuance of common stock upon exercise of stock options (in shares)	81,814		81,814
Issuance of common stock upon exercise of stock options	$ 455			455
Issuance of common stock upon vesting of restricted stock units (in shares)			330,661
Taxes related to net share settlement of equity awards (in shares)			(125,825)
Taxes related to net share settlement of equity awards	(1,441)			(1,441)
Issuance of common stock under the Common Stock Purchase Agreement (in shares)			19,500
Issuance of common stock under the Common Stock Purchase Agreement	136			136
Stock issuance costs related to the Common Stock Purchase Agreement	(3)			(3)
Issuance of common stock through the Employee Stock Purchase Plan (in shares)			64,773
Issuance of common stock through the Employee Stock Purchase Plan	334			334
Conversions of convertible note into common stock (in shares)			502,530
Conversions of convertible note into common stock	3,338			3,338
Other comprehensive income, net of tax	1,289				1,289
Net loss	$ (87,126)					(87,126)
Preferred stock, ending balance (in shares) at Dec. 31, 2023	0	0
Ending balance at Dec. 31, 2023	$ 29,023	$ 0	$ 1	$ 366,647	$ 10	$ (337,635)
common stock, ending balance (in shares) at Dec. 31, 2023	6,310,090		6,310,090

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of Federal Statutory Rate to Effective Tax Rate

The following table presents a reconciliation of the federal statutory rate of 21.0% to the Company's effective tax rate for the periods presented:


	Twelve months ended December 31,
	2023		2022
U.S. federal tax benefit at statutory rate	21.0	%	21.0	%
State income taxes, net of federal benefit	—	%	—	%
Non-deductible expenses and other	(0.4)	%	(1.0)	%
Stock-based compensation	(4.6)	%	(2.3)	%
Research and development credits	2.3	%	3.5	%
Foreign rate differential	—	%	(4.1)	%
Change in valuation allowance, net	(18.4)	%	(17.2)	%
Effective tax rate	(0.1)	%	(0.1)	%

Schedule of Deferred Tax Assets

Significant components of the Company’s deferred tax assets as of December 31, 2023 and 2022 are presented below (in thousands):


	As of December 31,
	2023		2022
Deferred tax assets:
Net operating loss carryforwards	$	69,612	$	49,669
Research and development credit carryforward	9,941		7,967
Stock-based compensation	301		1,048
Property and equipment	2,364		234
Operating lease liabilities	4,967		4,435
Section 174 R&D capitalization	14,194		9,053
Other accruals	689		630
Gross deferred tax assets	102,068		73,036
Valuation allowance	(98,840)		(68,868)
Deferred tax assets net of valuation allowance	3,228		4,168
Deferred tax liabilities:
Right-of-use assets	(3,228)		(4,168)
Gross deferred tax liabilities	(3,228)		(4,168)
Total deferred tax assets (liabilities)—net	$	—	$	—

Schedule of Reconciliation of Unrecognized Tax Benefits

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (in thousands):


	Twelve months ended December 31,
	2023		2022
Unrecognized tax benefits as of the beginning of the year	$	2,822	$	1,681
Increases related to prior year tax provisions	161		182
Increase related to current year tax provisions	497		959
Unrecognized tax benefits as of the end of the year	$	3,480	$	2,822

RELATED PARTIES (Details) - USD ($) $ in Thousands	12 Months Ended
RELATED PARTIES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
RSUs
Related Party Transaction [Line Items]
Awards granted (in shares)	901,472
Sibling of President and CTO
Related Party Transaction [Line Items]
Cash compensation	$ 149	$ 162
Sibling of President and CTO \| RSUs
Related Party Transaction [Line Items]
Awards granted (in shares)	2,000	750

STOCKHOLDERS' EQUITY	12 Months Ended
STOCKHOLDERS' EQUITY	Dec. 31, 2023
Equity [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY The Company is authorized to issue 600,000,000 shares of common stock, par value $0.0001 per share. As of December 31, 2023, the Company had 6,310,090 shares of common stock issued and outstanding, post the reverse stock split. Class A Common Stock — Class A common stock has the following rights: Voting rights: Each holder of Class A common stock will be entitled to one (1) vote in person or by proxy for each share of the Class A common stock held of record by such holder. The holders of shares of the Class A common stock will not have cumulative voting rights. Except as otherwise required in the Amended Charter or by applicable law, the holders of the Class A common stock vote together as a single class on all matters on which stockholders are generally entitled to vote. Dividend rights: Subject to any other provisions of the Amended Charter, each holder of Class A common stock will be entitled to receive, in proportion to the number of shares of the Class A common stock held, such dividends and other distributions in cash, stock or property of the Company when, as and if declared thereon by the Board from time to time out of assets or funds of the Company legally available therefor. Rights upon liquidation: In the event of any liquidation, dissolution or winding up (either voluntary or involuntary) of the Company, after payments to creditors of the Company that may at the time be outstanding, and subject to the rights of any holders of the Company preferred stock that may then be outstanding, holders of shares of the Class A common stock will be entitled to receive ratably, in proportion to the number of shares of the Class A common stock held by them, all remaining assets of the Company available for distribution. Preferred Stock — The Company has the authority, without stockholder approval, to issue shares of preferred stock from time to time on terms it may determine, to divide shares of preferred stock into one or more class or series and to fix for each such class or series the designations, preferences, privileges, and restrictions of preferred stock, including dividend rights, conversion rights, voting rights, terms of redemption, liquidation preference, and the number of shares constituting any series or the designation of any series to the fullest extent permitted by the Delaware General Corporation Law. The issuance of the Company’s preferred stock could have the effect of decreasing the trading price of the Class A common stock, restricting dividends on the capital stock of the Company, diluting the voting power of the Class A common stock, impairing the liquidation rights of the capital stock of the Company, or delaying or preventing a change in control of the Company. Although the Company does not currently intend to issue any shares of preferred stock, the Company may choose to do so in the future. The Company is authorized to issue up to 1,000,000 shares of preferred stock, each with a par value of $0.0001 per share. As of December 31, 2023, no shares of preferred stock were issued and outstanding. Warrants — As of December 31, 2023, the Company had 5,555 Private Placement warrants and 255,555 Public warrants outstanding. Each warrant entitles the registered holder to purchase one share of the Company's common stock at a price of $345.00 per share. On September 15, 2022, in connection with the issuance of the 2022 Note, the Company issued warrants to the investor. The warrants are immediately exercisable and entitle the investor to purchase up to 58,333 shares of Common Stock at a price of $105.00 per share, subject to a four (4) year term. As of December 31, 2023, no shares were exercised pursuant to the warrants. Contingent Warrants - As of December 31, 2023, the Company had 58,333 contingently issuable warrants outstanding associated with the potential Second Closing under the Securities Purchase Agreement. As the Company did not effect a Second Closing by March 15, 2024, these warrants are no longer outstanding and will not be issued to the investor. Tumim Stone Common Stock Purchase Agreement — On December 8, 2021, the Company entered into a Common Stock Purchase Agreement (the “CSPA”) and a Registration Rights Agreement with Tumim Stone Capital LLC (“Tumim Stone”). Under the terms and subject to the conditions of the CSPA, the Company has the right, but not the obligation, to sell to Tumim Stone, and Tumim Stone is obligated to purchase up to the lesser of (i) $125,000 of the Company’s common stock, or (ii) the Exchange Cap equal to 1,028,847 shares of the Company's common stock, unless the Company’s stockholders approve the issuance of shares in excess of the Exchange Cap, or the average price of all applicable sales of common stock to Tumim Stone under the CSPA equals or exceeds $148.46 per share. Upon the satisfaction of various commencement conditions, such as the filing of the registration statement which provides for the resale of such shares pursuant to the Registration Rights Agreement, the Company has sole discretion to initiate such sales of common stock over the period of 36 months commencing December 8, 2021. In all instances, the Company may not sell shares of its common stock to Tumim Stone under the CSPA if doing so would result in Tumim Stone beneficially owning more than 9.99% of its common stock. The purchase price per share to be purchased by Tumim is equal to the volume-weighted average price for common stock on the applicable purchase date multiplied by 0.9615 (to be adjusted for any reorganization, recapitalization, non-cash dividend, stock split, reverse stock split, or similar transaction). The maximum number of shares the Company may sell to Tumim Stone on any single business day is the lesser of (i) $20,000 divided by the closing sale price of the common stock on the trading day immediately preceding the purchase date, and (ii) 0.15 multiplied by the average daily trading volume in common stock for the three trading days preceding the purchase date. In connection with the CSPA, the Company issued to Tumim Stone 10,087 restricted common shares in the Company. The Company determined that the right to sell additional shares represents a freestanding put option under ASC 815 Derivatives and Hedging, and as such, the financial instrument was classified as a derivative asset with a fair value of zero at inception of the CSPA on December 8, 2021. During the twelve months ended December 31, 2023, the Company issued 19,500 shares of its common stock under the CSPA for gross proceeds of $136. During the twelve months ended December 31, 2022, the Company issued 38,167 shares of its common stock under the CSPA for gross proceeds of $2,891. As of December 31, 2023, 961,093 shares remain available for issuance under the CSPA.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

REVENUE - Schedule of Significant Changes in Contract Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Contract with Customer, Liability [Roll Forward]
Beginning balance	$ 987	$ 2,918
Revenue recognized that was included in the contract liabilities beginning balance	(987)	(1,931)
Ending balance	$ 0	$ 987

OTHER NONCURRENT ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Non-current inventory	$ 208	$ 1,491
Long-term prepaid expenses	626	901
Security deposits	72	81
Total other noncurrent assets	$ 906	$ 2,473

LEASES - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 2,474
2025	2,484
2026	2,559
2027	2,636
2028	2,716
Thereafter	8,400
Total lease payments	21,269
Less amount to discount to present value	(3,996)
Present value of lease liabilities	$ 17,273	$ 19,136

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

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 remeasured 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 December 31, 2023 Using:
	Adjusted Cost		Unrealized gains		Fair Value		Cash and Cash Equivalent		Marketable Securities
Assets
Level 1
Money market funds	$	16,377	$	—	$	16,377	$	16,377	$	—
Level 2

Corporate bonds	2,880		1		2,881		—		2,881
Commercial paper	8,809		5		8,814		—		8,814
U.S. Government securities	7,892		4		7,896		—		7,896
Total financial assets	$	35,958	$	10	$	35,968	$	16,377	$	19,591
Liabilities
Level 2
Private placement warrant liability	$	—	$	—	$	—	$	—	$	—
Level 3
Convertible notes	—		—		—		—		—
Derivative warrant liability	—		—		26		—		—
Total financial liabilities	$	—	$	—	$	26	$	—	$	—


	Fair Value Measured as of December 31, 2022 Using:
	Adjusted Cost		Unrealized losses		Fair Value		Cash and Cash Equivalent		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	$	—	$	—

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 (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 based on the estimated maturity date of the 2022 Note. The stock price is based on the publicly traded price of the Company's common stock as of the measurement date. The Company estimated the volatility for the 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. Refer to Note 10 for details of the terms and conditions of the 2022 Note.

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 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 the Company's 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 consolidated balance sheets.

Private Placement Warrant Liability: The Private Placement Warrants are recorded on the 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 consolidated statements of operations and comprehensive loss. Private Placement Warrant liability is included within other noncurrent liabilities on the consolidated balance sheets.

The Company measures certain nonfinancial assets at fair value on a nonrecurring basis, primarily property and equipment and ROU assets, whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. The fair value of the Company's property and equipment was based upon estimated salvage value or estimated orderly liquidation value, depending on the asset's highest and best use. As the fair value of property and equipment was estimated using primarily unobservable inputs, these are considered Level 3 fair value measurements. The fair value of the Company's headquarter ROU asset and associated leasehold improvements were based on a value-in-use approach utilizing market rent comparable information, and is considered a Level 2 fair value measurement. For more information regarding impairment charges, see Notes 1, 6, 7, and 17.

For the years ended December 31, 2023 and 2022, 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 year ended December 31, 2023 (in thousands):


	2022 Convertible Note		Derivative Warrant Liability		Total
Balance at December 31, 2022	$	8,594	$	119	$	8,713
Additions	—		—		—
Payments or conversions	(9,573)		—		(9,573)
Change in fair value included in other income (expense), net	958		(93)		865
Change in fair value due to instrument specific credit risk included in other comprehensive income	21		—		21
Balance at December 31, 2023	$	—	$	26	$	26

The key inputs into the Monte-Carlo simulation model for the derivative warrant liability valued at December 31, 2023 are as follows:


	December 31, 2023
Expected term (years)	2.7
Expected volatility	155.7		%
Risk-free interest rate	4.1		%
Dividend yield	—		%
Exercise price	$	105.00

If factors or assumptions change, the estimated fair values could be materially different. The value of the Company’s derivative warrant liability would increase if a higher risk-free interest rate was used, and would decrease if a lower risk-free interest rate was used. Similarly, a higher volatility assumption would increase the value of the liability, and a lower volatility assumption would decrease the value of the liability.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

FAIR VALUE MEASUREMENTS - Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents, adjusted cost	$ 16,932	$ 19,064
Recurring
Assets
Total financial assets, adjusted cost	35,958	90,642
Marketable securities, unrealized gains (losses)	10	(1,254)
Total financial assets, fair value	35,968	89,388
Liabilities
Total financial liabilities	26	8,720
Recurring \| Cash and Cash Equivalent
Assets
Total financial assets, fair value	16,377	14,253
Recurring \| Marketable Securities
Assets
Total financial assets, fair value	19,591	75,135
Recurring \| Level 1 \| Money market funds
Assets
Cash and cash equivalents, adjusted cost	16,377	14,253
Cash and cash equivalents, fair value	16,377	14,253
Recurring \| Level 1 \| Money market funds \| Cash and Cash Equivalent
Assets
Cash and cash equivalents, fair value	16,377	14,253
Recurring \| Level 2 \| Private Placement Warrants
Liabilities
Warrant liability		7
Recurring \| Level 2 \| Asset-backed securities
Assets
Marketable securities, adjusted cost		3,507
Marketable securities, unrealized gains (losses)		(119)
Marketable securities, fair value		3,388
Recurring \| Level 2 \| Asset-backed securities \| Marketable Securities
Assets
Marketable securities, fair value		3,388
Recurring \| Level 2 \| Corporate bonds
Assets
Marketable securities, adjusted cost	2,880	22,139
Marketable securities, unrealized gains (losses)	1	(240)
Marketable securities, fair value	2,881	21,899
Recurring \| Level 2 \| Corporate bonds \| Marketable Securities
Assets
Marketable securities, fair value	2,881	21,899
Recurring \| Level 2 \| Commercial paper
Assets
Marketable securities, adjusted cost	8,809	20,760
Marketable securities, unrealized gains (losses)	5	0
Marketable securities, fair value	8,814	20,760
Recurring \| Level 2 \| Commercial paper \| Marketable Securities
Assets
Marketable securities, fair value	8,814	20,760
Recurring \| Level 2 \| U.S. Government securities
Assets
Marketable securities, adjusted cost	7,892	29,983
Marketable securities, unrealized gains (losses)	4	(895)
Marketable securities, fair value	7,896	29,088
Recurring \| Level 2 \| U.S. Government securities \| Marketable Securities
Assets
Marketable securities, fair value	7,896	29,088
Recurring \| Level 3
Liabilities
Convertible notes		8,594
Recurring \| Level 3 \| Warrants
Liabilities
Derivative warrant liability	$ 26	$ 119

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 16,932	$ 19,064
Restricted cash	2,150	2,150
Total cash, cash equivalents, and restricted cash	$ 19,082	$ 21,214	$ 16,333

INVENTORIES (Tables)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Schedule of Inventory, Net of Write-Downs

Inventory, net of write-downs, as of December 31, 2023 and 2022 were as follows (in thousands):


	As of December 31,
	2023		2022
Raw materials	$	405	$	2,022
Work in-process	159		2,484
Finished goods	19		47
Total inventory, net	$	583	$	4,553

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 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.

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive income (loss) by component for the twelve months ended December 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, 2021	$	(391)	$	—	$	(391)
Other comprehensive loss before reclassifications, net of tax	(940)		(25)		(965)
Amounts reclassified from accumulated other comprehensive loss, net of tax	77		—		77
Net other comprehensive loss	(863)		(25)		(888)
Balance at December 31, 2022	$	(1,254)	$	(25)	$	(1,279)
Other comprehensive income (loss) before reclassifications, net of tax	1,264		(21)		1,243
Amounts reclassified from accumulated other comprehensive loss, net of tax	—		46		46
Net other comprehensive income	1,264		25		1,289
Balance at December 31, 2023	$	10	$	—	$	10

NET LOSS PER SHARE - Schedule of Antidilutive Common Share Equivalents (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common share equivalents (in shares)	1,284,727	2,201,383
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common share equivalents (in shares)	319,443	319,443
Common stock options issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common share equivalents (in shares)	289,015	846,451
Unvested restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common share equivalents (in shares)	652,453	425,703
Conversion of convertible notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common share equivalents (in shares)	0	543,120
ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive common share equivalents (in shares)	23,816	66,666

EMPLOYEE BENEFIT PLAN (Details) - Plan 401K - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Match percentage	100.00%
Percentage of employee earnings eligible for match	5.00%
Contributions to employee benefit plan	$ 899	$ 1,177

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
-Paragraph 2
-Subparagraph (a)(1)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

RESTRUCTURING

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

RESTRUCTURING

In the first quarter of 2023, the Company 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. In the fourth quarter of 2023, the Company implemented the second phase of its revised strategic plan to align the Company's operations with evolving business needs by focusing on the transition from research and development to the commercialization of its automotive products and winding down its existing industrial product, while reducing fixed operating costs.

The winding down of the Company's existing industrial product, in combination with an accumulation of other triggering events, indicated that the carrying amount of the Company's long-lived assets may not be recoverable. An impairment review was performed on the Company's long-lived assets as of December 31, 2023, resulting in a write-down of its property and equipment and ROU asset to fair value.

As a result of the implementation of both phases of the revised strategic plan and the impairment review of long-lived assets, the Company recorded restructuring charges of $19,153 in the twelve months ended December 31, 2023 primarily relating to one-time employee termination benefits, inventory and other current asset write-downs, losses on purchase commitments, and impairment and disposal charges on its long-lived assets. 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 consolidated balance sheets.

Restructuring charges were included in the consolidated statements of operations and comprehensive loss during the twelve months ended December 31, 2023 as follows (in thousands):


	Twelve months ended December 31, 2023
	One-time employee termination benefits		Inventory and other current asset write-downs		Losses on purchase commitments		Long-lived asset disposals and impairment charges		Other		Total
Cost of revenue	$	130	$	5,231	$	360	$	—	$	—	$	5,721
Research and development	789		—		—		152		—		941
Sales and marketing	2,011		30		—		38		—		2,079
General and administrative	294		—		—		55		123		472
Impairment of long-lived assets	—		—		—		9,940		—		9,940
Total restructuring charges	$	3,224	$	5,261	$	360	$	10,185	$	123	$	19,153

A reconciliation of the beginning and ending balance of cash restructuring charges, including one-time employee termination benefits, losses on purchase commitments, and other restructuring charges, which are included in accrued expenses and other current liabilities in the consolidated balance sheets, is as follows (in thousands):


	One-time employee termination benefits		Losses on purchase commitments		Other		Total
Balance as of December 31, 2022	$	—	$	—	$	—	$	—
Charges	3,224		360		123		3,707
Cash payments	(2,822)		(127)		(67)		(3,016)
Balance as of December 31, 2023	$	402	$	233	$	56	$	691

STOCK-BASED COMPENSATION - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Outstanding Stock Options
Beginning balance (in shares)	846,451
Granted (in shares)	0	0
Exercised (in shares)	(81,814)
Forfeited (in shares)	(111,937)
Expired (in shares)	(363,685)
Repurchased (in shares)	0
Ending balance (in shares)	289,015	846,451
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 14.94
Granted (in dollars per share)	0
Exercised (in dollars per share)	5.57
Forfeited (in dollars per share)	18.78
Expired (in dollars per share)	18.77
Repurchased (in dollars per share)	0
Ending balance (in dollars per share)	$ 11.29	$ 14.94
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Options outstanding, weighted average contractual life	3 years 25 days	6 years 5 months 12 days
Options outstanding, aggregate intrinsic value	$ 0	$ 2,277
Vested and expected to vest (in shares)	289,015
Vested and expected to vest, weighted average exercise price (in dollars per share)	$ 11.29
Vested and expected to vest, weighted average contractual life	3 years 25 days
Vested and expected to vest, aggregate intrinsic value	$ 0
Vested and exercisable (in shares)	281,380
Vested and exercisable, weighted average exercise price (in dollars per share)	$ 11.09
Vested and exercisable, weighted average contractual life	2 years 11 months 19 days
Vested and exercisable, aggregate intrinsic value	$ 0

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH

12 Months Ended

Dec. 31, 2023

Cash and Cash Equivalents [Abstract]

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH

Cash, cash equivalents, and restricted cash as of December 31, 2023 and 2022 were as follows (in thousands):


	As of December 31,
	2023		2022
Cash and cash equivalents	$	16,932	$	19,064
Restricted cash	2,150		2,150
Total cash, cash equivalents, and restricted cash	$	19,082	$	21,214

STOCK-BASED COMPENSATION - Narrative (Details) $ / shares in Units, $ in Thousands				12 Months Ended		24 Months Ended	108 Months Ended
	Feb. 13, 2023 $ / shares shares	May 10, 2022 USD ($) purchasePeriod shares	Aug. 16, 2021 shares	Dec. 31, 2023 USD ($) plan calendarQuarter shares	Dec. 31, 2022 shares	Dec. 31, 2023 USD ($) shares	Jan. 01, 2032
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity incentive plans \| plan				5
Options granted (in shares)				0	0
Unrecognized compensation expense for stock option grants \| $				$ 362		$ 362
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued during period, shares, employee stock purchase plans (in shares)				64,773
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)			514,681
Annual increase, percentage of outstanding stock maximum			5.00%
Additional share authorized (in shares)						954,545
2021 Plan \| Forecast
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Annual increase, percentage of outstanding stock maximum							3.00%
2022 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional share authorized (in shares)				54,366
2023 CEO Inducement Grand Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)	233,332
Share based compensation arrangement by share base payment award, closing price (in dollars per share) \| $ / shares	$ 36.00
Share-based compensation arrangement by share-based payment award, consecutive trading days	10 days
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)				901,472
Fair value of awards that vested \| $				$ 3,596
Unrecognized compensation expense, period for recognition				1 year 11 months 4 days
Unrecognized compensation expense for RSU's \| $				$ 16,669		$ 16,669
RSUs \| 2014 Plan and 2016 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)				58,056
RSUs \| 2016 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				4 years
RSUs \| 2016 Plan \| Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				25.00%
RSUs \| 2016 Plan \| Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				3 years
RSUs \| 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)				1,264,338
RSUs \| 2021 Plan \| Share-Based Payment Arrangement, Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				3 years
RSUs \| 2021 Plan \| Share-based Payment Arrangement, Tranche One \| Share-Based Payment Arrangement, New Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				1 year
Vesting percentage				25.00%
RSUs \| 2021 Plan \| Share-based Payment Arrangement, Tranche Two \| Share-Based Payment Arrangement, New Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				3 years
RSUs \| 2023 CEO Inducement Grand Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)				233,332
Service-based RSUs \| 2023 CEO Inducement Grand Plan \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	166,666
Vesting period				3 years
Market-based RSUs \| 2023 CEO Inducement Grand Plan \| Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	66,666
Number of calendar quarters to vest \| calendarQuarter				6
Common stock options issued and outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, period for recognition				9 months 14 days
Common stock options issued and outstanding \| 2016 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				4 years
Expiration period				10 years
Common stock options issued and outstanding \| 2016 Plan \| Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				25.00%
Common stock options issued and outstanding \| 2016 Plan \| Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				3 years
Common stock options issued and outstanding \| 2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period				10 years
Common stock options issued and outstanding \| 2014 Plan \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				4 years
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense, period for recognition				1 year 3 months 29 days
Unrecognized compensation expense for RSU's \| $				$ 458		458
ESPP \| 2022 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for future issuance (in shares)		66,666
Annual increase, percentage of outstanding stock maximum		1.00%
Share-based compensation offering period		24 months
Number of purchase periods \| purchasePeriod		4
Purchase period duration		6 months
Share-based compensation arrangement minimum employee subscription rate		1.00%
Maximum contribution as a percentage of compensation		10.00%
Maximum contribution per purchase period \| $		$ 15
Maximum contribution per purchase year \| $		$ 25
Purchase price as a percentage of fair market value		85.00%
Amounts withheld for employee stock purchases \| $				$ 58		$ 58

OTHER NONCURRENT ASSETS (Tables)

12 Months Ended

Dec. 31, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Other Noncurrent Assets

Other noncurrent assets as of December 31, 2023 and 2022 were as follows (in thousands):


	As of December 31,
	2023		2022
Non-current inventory	$	208	$	1,491
Long-term prepaid expenses	626		901
Security deposits	72		81
Total other noncurrent assets	$	906	$	2,473

INCOME TAXES - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits as of the beginning of the year	$ 2,822	$ 1,681
Increases related to prior year tax provisions	161	182
Increase related to current year tax provisions	497	959
Unrecognized tax benefits as of the end of the year	$ 3,480	$ 2,822

FAIR VALUE MEASUREMENTS - Schedule of Key Inputs into the Black-Sholes Option Pricing Model (Details) - Derivative Warrant Liability - Level 3 - Recurring - Monte Carlo Simulation Model	Dec. 31, 2023 $ / shares
Expected term (years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input	2.7
Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input	1.557
Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input	0.041
Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input	0
Exercise price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant liability, measurement input	105.00

REVENUE (Tables)

12 Months Ended

Dec. 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):


	Twelve months ended December 31,
	2023		2022
Revenue by primary geographical market:
United States	$	1,223	$	2,471
Europe	184		920
Asia-Pacific	57		256
Total	$	1,464	$	3,647

Revenue by timing of recognition:
Recognized at a point in time	$	477	$	1,982
Recognized over time	987		1,665
Total	$	1,464	$	3,647

Schedule of Contract Liabilities

Contract liabilities consisted of the following as of December 31, 2023 and 2022 (in thousands):


	As of December 31,
	2023		2022
Contract liabilities, current	$	—	$	987

Total	$	—	$	987

The following table shows the significant changes in contract liabilities balance as of December 31, 2023 and 2022 (in thousands):


	Twelve months ended December 31,
	2023		2022
Beginning balance	$	987	$	2,918
Revenue recognized that was included in the contract liabilities beginning balance	(987)		(1,931)

Ending balance	$	—	$	987

FAIR VALUE MEASUREMENTS - Schedule of the Changes in Fair Value of Level 3 Financial Instruments (Details) $ in Thousands	12 Months Ended
	Dec. 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
Additions	0
Payments or conversions	(9,573)
Change in fair value included in other income (expense), net	865
Change in fair value due to instrument specific credit risk included in other comprehensive income	21
Ending balance	26
2022 Convertible Note
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	8,594
Additions	0
Payments or conversions	(9,573)
Change in fair value included in other income (expense), net	958
Change in fair value due to instrument specific credit risk included in other comprehensive income	21
Ending balance	0
Derivative Warrant Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	119
Additions	0
Payments or conversions	0
Change in fair value included in other income (expense), net	(93)
Change in fair value due to instrument specific credit risk included in other comprehensive income	0
Ending balance	$ 26

REVENUE

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

REVENUE

Sale of Prototypes

The Company recorded revenue for prototype sales of $477 and $1,743 in 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 4SightTM perception-related goods and services, and recognized $987 and $1,904 in revenue for performance obligations satisfied during years ended 2023 and 2022 respectively, in the 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):


	Twelve months ended December 31,
	2023		2022
Revenue by primary geographical market:
United States	$	1,223	$	2,471
Europe	184		920
Asia-Pacific	57		256
Total	$	1,464	$	3,647

Revenue by timing of recognition:
Recognized at a point in time	$	477	$	1,982
Recognized over time	987		1,665
Total	$	1,464	$	3,647

Contract Liabilities

Contract liabilities consisted of the following as of December 31, 2023 and 2022 (in thousands):


	As of December 31,
	2023		2022
Contract liabilities, current	$	—	$	987

Total	$	—	$	987

The following table shows the significant changes in contract liabilities balance as of December 31, 2023 and 2022 (in thousands):


	Twelve months ended December 31,
	2023		2022
Beginning balance	$	987	$	2,918
Revenue recognized that was included in the contract liabilities beginning balance	(987)		(1,931)

Ending balance	$	—	$	987

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.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 12
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

REVENUE - Schedule of Contract Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Contract liabilities, current	$ 0	$ 987
Total	$ 0	$ 987	$ 2,918

LEASES - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease right-of-use assets	$ 11,226	$ 15,502
Operating lease liabilities:
Operating lease liabilities, current	2,415	2,455
Operating lease liabilities, non-current	14,858	16,681
Total operating lease liabilities	$ 17,273	$ 19,136
Weighted average remaining lease term (in years)	7 years 10 months 20 days	9 years 3 months 3 days
Weighted average discount rate	5.32%	5.35%
Cash paid for operating leases included in operating cash flows	$ (2,500)	$ (1,341)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (87,126,000)	$ (98,714,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,547,000	1,422,000
Loss on sale of property and equipment, net	59,000	0
Noncash lease expense relating to operating lease right-of-use assets	1,406,000	1,338,000
Impairment of long-lived assets	9,988,000	0
Gain from early termination of right-of-use assets	(35,000)	0
Inventory write-downs, net of scrapped inventory	7,712,000	675,000
Loss on advances to suppliers	1,385,000	0
Change in fair value of convertible note and warrant liabilities	858,000	14,000
Realized loss on instrument-specific credit risk	46,000	0
Stock-based compensation	18,071,000	23,959,000
Convertible note issuance costs	0	474,000
Realized losses on redemptions of marketable securities	0	77,000
Amortization of premiums and accretion of discounts on marketable securities, net of change in accrued interest	(211,000)	1,086,000
Expected credit losses	35,000	0
Changes in operating assets and liabilities:
Accounts receivable, net	451,000	3,605,000
Inventories, current and noncurrent, net	(2,459,000)	(2,634,000)
Prepaid and other current assets	2,279,000	(1,130,000)
Other noncurrent assets	284,000	527,000
Accounts payable	252,000	839,000
Accrued expenses and other current liabilities	(3,135,000)	85,000
Operating lease liabilities	(1,528,000)	(1,341,000)
Contract liabilities	(987,000)	(1,931,000)
Other noncurrent liabilities	383,000	0
Net cash used in operating activities	(50,725,000)	(71,649,000)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(1,951,000)	(4,200,000)
Proceeds from sale of property and equipment	283,000	0
Proceeds from redemptions and maturities of marketable securities	76,350,000	96,592,000
Purchases of marketable securities	(19,331,000)	(23,929,000)
Net cash provided by investing activities	55,351,000	68,463,000
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of stock options	455,000	1,174,000
Proceeds from the issuance of convertible notes	0	9,850,000
Payments for convertible note redemptions	(6,235,000)	(874,000)
Payment of 2022 convertible note issuance costs	0	(324,000)
Taxes paid related to the net share settlement of equity awards	(1,445,000)	(4,621,000)
Proceeds from issuance of common stock under the Common Stock Purchase Agreement	136,000	2,891,000
Stock issuance costs related to the Common Stock Purchase Agreement	(3,000)	(29,000)
Proceeds from issuance of common stock through the Employee Stock Purchase Plan	334,000	0
Net cash (used in) provided by financing activities	(6,758,000)	8,067,000
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(2,132,000)	4,881,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—Beginning of period	21,214,000	16,333,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—End of period	19,082,000	21,214,000
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	115,000	133,000
Cash paid for income taxes	16,000	20,000
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:
Purchases of property and equipment included in accounts payable and accrued liabilities	0	28,000
Operating lease right-of-use assets obtained in exchange for lease obligations upon adoption of ASC 842	0	556,000
Operating lease liabilities extinguished upon early lease termination	335,000	0
Conversion of convertible notes and accrued interest into Class A common stock	3,338,000	600,000
Taxes related to net share settlement of equity awards included in accrued liabilities	0	4,000
Operating lease right-of-use assets obtained in exchange for lease obligations upon adoption of ASC 842
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	$ 16,284,000

STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

A summary of stock option activity related to the Plans as of December 31, 2023 is as follows:


	Outstanding Stock Options	Weighted Average Exercise Price		Weighted Average Contractual Life (Years)	Aggregate Intrinsic Value
Balance at December 31, 2022	846,451	$	14.94	6.45	$	2,277
Granted	—	—
Exercised	(81,814)	5.57
Forfeited	(111,937)	18.78
Expired	(363,685)	18.77
Repurchased	—	—
Balance at December 31, 2023	289,015	$	11.29	3.07	$	—
Vested and expected to vest as of December 31, 2023	289,015	$	11.29	3.07	$	—
Vested and exercisable as of December 31, 2023	281,380	$	11.09	2.97	$	—

Schedule of RSU Activity

The following table summarizes the RSU award activity under the Plans:


	Shares	Weighted Average Grant date Fair Value per Share
Unvested at December 31, 2022	425,703	$	119.85
Granted	901,472	10.66
Forfeited	(344,061)	67.82
Vested	(330,661)	53.07
Unvested at December 31, 2023	652,453	$	30.29

Schedule of Stock-Based Compensation Expense

The following table summarizes stock-based compensation expense recorded in each financial statement line item in the Company’s consolidated statements of operations and comprehensive loss for the year ended December 31, 2023 and 2022 (in thousands):


	Twelve months ended December 31,
	2023		2022
Research and development	$	6,821	$	7,201
Sales and marketing	2,993		4,696
General and administrative	8,121		11,931
Cost of revenue	136		131
Total stock-based compensation	$	18,071	$	23,959

Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions

The following table summarizes the range of valuation assumptions used in estimating the fair value of the ESPP during the period:


	Twelve months ended December 31, 2023
Expected term (years)	0.50 -2.00
Expected volatility	107.3% - 136.0%
Risk-free interest rate	4.1% - 5.1%
Dividend yield	—	%

The following table summarizes the valuation assumptions used in estimating the fair value of awards granted during the period with a market condition:


	Twelve months ended December 31, 2023
Expected term (years)	1.05
Expected volatility	104.5	%
Risk-free interest rate	4.8	%
Dividend yield	—	%

REVENUE - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
REVENUE - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 1,464	$ 3,647
Sale of Prototypes
Disaggregation of Revenue [Line Items]
Revenue	477	1,743
Development Contracts
Disaggregation of Revenue [Line Items]
Revenue	$ 987	$ 1,904

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Section 50
-Paragraph 41
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-Publisher FASB
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

PREPAID AND OTHER CURRENT ASSETS - Prepaid and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses	$ 2,386	$ 4,203
Demonstration units	0	281
Advances to suppliers	79	984
Other	52	713
Prepaid and other current assets	$ 2,517	$ 6,181

STOCK-BASED COMPENSATION - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 18,071	$ 23,959
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	6,821	7,201
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	2,993	4,696
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	8,121	11,931
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 136	$ 131

INVENTORIES - Schedule of Inventory, Net of Write-Downs (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 405	$ 2,022
Work in-process	159	2,484
Finished goods	19	47
Total inventory, net	$ 583	$ 4,553

INVENTORIES

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

INVENTORIES

Inventory, net of write-downs, as of December 31, 2023 and 2022 were as follows (in thousands):


	As of December 31,
	2023		2022
Raw materials	$	405	$	2,022
Work in-process	159		2,484
Finished goods	19		47
Total inventory, net	$	583	$	4,553

The Company also had $208 and $1,491 of non-current inventory (raw materials), net of write-downs, classified within Other noncurrent assets on the consolidated balance sheet as of December 31, 2023 and December 31, 2022, respectively.

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 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 December 31, 2023 Using:
	Adjusted Cost		Unrealized gains		Fair Value		Cash and Cash Equivalent		Marketable Securities
Assets
Level 1
Money market funds	$	16,377	$	—	$	16,377	$	16,377	$	—
Level 2

Corporate bonds	2,880		1		2,881		—		2,881
Commercial paper	8,809		5		8,814		—		8,814
U.S. Government securities	7,892		4		7,896		—		7,896
Total financial assets	$	35,958	$	10	$	35,968	$	16,377	$	19,591
Liabilities
Level 2
Private placement warrant liability	$	—	$	—	$	—	$	—	$	—
Level 3
Convertible notes	—		—		—		—		—
Derivative warrant liability	—		—		26		—		—
Total financial liabilities	$	—	$	—	$	26	$	—	$	—


	Fair Value Measured as of December 31, 2022 Using:
	Adjusted Cost		Unrealized losses		Fair Value		Cash and Cash Equivalent		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	$	—	$	—

Schedule 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 year ended December 31, 2023 (in thousands):


	2022 Convertible Note		Derivative Warrant Liability		Total
Balance at December 31, 2022	$	8,594	$	119	$	8,713
Additions	—		—		—
Payments or conversions	(9,573)		—		(9,573)
Change in fair value included in other income (expense), net	958		(93)		865
Change in fair value due to instrument specific credit risk included in other comprehensive income	21		—		21
Balance at December 31, 2023	$	—	$	26	$	26

Schedule of Key Inputs into the Black-Sholes Option Pricing Model

The key inputs into the Monte-Carlo simulation model for the derivative warrant liability valued at December 31, 2023 are as follows:


	December 31, 2023
Expected term (years)	2.7
Expected volatility	155.7		%
Risk-free interest rate	4.1		%
Dividend yield	—		%
Exercise price	$	105.00

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

RESTRUCTURING (Tables)

12 Months Ended

Dec. 31, 2023

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Related Costs

Restructuring charges were included in the consolidated statements of operations and comprehensive loss during the twelve months ended December 31, 2023 as follows (in thousands):


	Twelve months ended December 31, 2023
	One-time employee termination benefits		Inventory and other current asset write-downs		Losses on purchase commitments		Long-lived asset disposals and impairment charges		Other		Total
Cost of revenue	$	130	$	5,231	$	360	$	—	$	—	$	5,721
Research and development	789		—		—		152		—		941
Sales and marketing	2,011		30		—		38		—		2,079
General and administrative	294		—		—		55		123		472
Impairment of long-lived assets	—		—		—		9,940		—		9,940
Total restructuring charges	$	3,224	$	5,261	$	360	$	10,185	$	123	$	19,153


	One-time employee termination benefits		Losses on purchase commitments		Other		Total
Balance as of December 31, 2022	$	—	$	—	$	—	$	—
Charges	3,224		360		123		3,707
Cash payments	(2,822)		(127)		(67)		(3,016)
Balance as of December 31, 2023	$	402	$	233	$	56	$	691

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Revenue from Major Customers Representing 10% or More of Total Revenue

For the years ended December 31, 2023 and 2022, revenue from the Company’s major customers representing 10% or more of total revenue was as follows:


	Twelve months ended December 31,
	2023		2022
Customer A	70	%	51	%
Customer B	*		13	%
Customer C	*		10	%

*Customer accounted for less than 10% of total revenue in the period.

CONVERTIBLE NOTES	12 Months Ended
CONVERTIBLE NOTES	Dec. 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 gross cash proceeds of $10,000, 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 net cash proceeds of $9,850. As part of the First Closing, the Company also issued warrants to the investor - see Note 12 for further details. The second Note Closing ("Second Closing") may occur, at the Company's option, until March 15, 2024, upon which the Company's right to effect a Second Closing shall automatically terminate. As of March 15, 2024, the Company did not effect a Second Closing. The 2022 Note bore interest at an annual rate of 5.0%, in addition to an original issue discount of 4.76%, and had an initial a 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 was required to redeem the Monthly Redemption Amount until the 2022 Note was fully redeemed. The Monthly Redemption Amount, in most instances, was 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 could be settled in cash or, so long as certain equity conditions were met, shares of common stock at the option of the Company and was payable together with the monthly redemptions of the outstanding principal amount of the Note. If the Company elected to settle such redemptions in shares of Common Stock, the number of shares to be settled was based on an Installment Conversion Price equal to the lower of (i) $75.00 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 elected to settle redemptions in cash, the Monthly Redemption Amount included a 5% premium. The investor was 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 was the lower of (i) the Installment Conversion Price for such current Installment Date or (ii) the greater of $9.00 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 $9.00 per share, then a Conversion Floor Price Condition exists and the Company must deliver to the lender the Conversion Installment Floor Amount in cash, in addition to the required number of shares, which are valued at $9.00 regardless of the actual trading price of the Company's 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 the Company's shares is below $9.00 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 are bifurcated from the 2022 Note. The Company classifies the 2022 Note as a liability at fair value and remeasures 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 consolidated statement of operations. As of December 31, 2023, the 2022 Note has no outstanding principal balance as all outstanding principal and accrued interest has been fully settled through Monthly Redemptions and Accelerations. As part of the debt extinguishment, the Company reclassified the accumulated change in fair value due to instrument-specific credit risk out of accumulated other comprehensive loss on the consolidated balance sheet and into interest expense and other on the consolidated statement of operations. The Company evaluated the Second Closing and associated warrants to be a contingently issuable financial asset with a fair value of zero at inception in accordance with ASC 815-40 Contracts in an Entity's own Equity. The contingently issuable warrants are considered issued for accounting purposes - see Note 12 for further details.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

LEASES - Narrative (Details) - USD ($)	12 Months Ended
LEASES - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Gain from early termination of right-of-use assets	$ 35,000	$ 0
RoU Asset impairment	2,570,000	$ 0
Lessee, operating lease, maximum exposure	$ 21,269,000
Office Facilities in Northern California
Lessee, Lease, Description [Line Items]
Lessee, operating lease, remaining lease term	3 years 8 months 12 days
Lessee, operating lease, maximum exposure	$ 360,000
Minimum \| Office Facilities in Northern California
Lessee, Lease, Description [Line Items]
Lease extension term	2 years
Maximum \| Office Facilities in Northern California
Lessee, Lease, Description [Line Items]
Lease extension term	5 years

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
REVENUE:
Total revenue	$ 1,464,000	$ 3,647,000
Cost of revenue	15,319,000	8,732,000
Gross loss	(13,855,000)	(5,085,000)
OPERATING EXPENSES:
Research and development	26,171,000	37,644,000
Sales and marketing	12,528,000	19,317,000
General and administrative	25,234,000	36,762,000
Impairment of long-lived assets	9,988,000	0
Total operating expenses	73,921,000	93,723,000
LOSS FROM OPERATIONS	(87,776,000)	(98,808,000)
OTHER INCOME (EXPENSE):
Change in fair value of convertible note and warrant liabilities	(858,000)	(14,000)
Interest income and other	1,317,000	1,545,000
Interest expense and other	248,000	(1,379,000)
Total other income (expense), net	707,000	152,000
Provision for income tax expense	57,000	58,000
Net loss	(87,126,000)	(98,714,000)
Change in net unrealized gain (loss) on available-for-sale securities, net of tax	1,264,000	(940,000)
Change in fair value due to instrument-specific credit risk, net of tax	(21,000)	(25,000)
Net losses reclassified into income during the period, net of tax	46,000	77,000
Comprehensive loss	$ (85,837,000)	$ (99,602,000)
PER SHARE DATA
Net loss per common share (basic) (in dollars per share)	$ (14.95)	$ (18.82)
Net loss per common share (diluted) (in dollars per share)	$ (14.95)	$ (18.82)
Weighted average common shares outstanding (basic) (in shares)	5,827,721	5,245,624
Weighted average common shares outstanding (diluted) (in shares)	5,827,721	5,245,624
Prototype sales
REVENUE:
Total revenue	$ 477,000	$ 1,743,000
Development contracts
REVENUE:
Total revenue	$ 987,000	$ 1,904,000

PREPAID AND OTHER CURRENT ASSETS - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Loss on advances to suppliers	$ (1,385)	$ 0

INCOME TAXES - Reconciliation of Federal Statutory Rate to Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
U.S. federal tax benefit at statutory rate	21.00%	21.00%
State income taxes, net of federal benefit	0.00%	0.00%
Non-deductible expenses and other	(0.40%)	(1.00%)
Stock-based compensation	(4.60%)	(2.30%)
Research and development credits	2.30%	3.50%
Foreign rate differential	0.00%	(4.10%)
Change in valuation allowance, net	(18.40%)	(17.20%)
Effective tax rate	(0.10%)	(0.10%)

INTEREST EXPENSE AND OTHER (Tables)

12 Months Ended

Dec. 31, 2023

Other Income and Expenses [Abstract]

Schedule of Interest Expense and Other

Interest expense and other for the years ended December 31, 2023 and 2022 consisted of the following (in thousands):


	Twelve months ended December 31,
	2023		2022






Amortization of premiums (accretion of discounts) on marketable securities, net	$	(474)	$	778
Convertible note issuance costs	—		474
Loss on disposal of assets	111		—
Realized loss on instrument-specific credit risk	46		—
Expected credit losses	35		—
Realized losses on redemptions of marketable securities	—		77
Common Stock Purchase Agreement costs	—		29
Other	34		21
Interest expense and other	$	(248)	$	1,379

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net loss	$ (87,126)	$ (98,714)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

RELATED PARTIES	12 Months Ended
RELATED PARTIES	Dec. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTIES	RELATED PARTIES From November 2016 to December 2023, the Company had employed a sibling of Mr. Dussan, a director and the Company’s former Chief Technology Officer, who held the position of Director, Human Resources and Sr. Manager of Human Resources during 2023 and 2022, respectively. For the years ended December 31, 2023 and 2022, Mr. Dussan’s sibling received total cash compensation of $149 and $162, respectively. For the years ended December 31, 2023 and 2022, Mr. Dussan’s sibling was granted 2,000 and 750 RSUs, respectively. In addition, he participated in all other benefits that the Company generally offers to all of its employees.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

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+ Details

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

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 smart industrial applications. AEye’s software-definable 4SightTM Intelligent Sensing Platform combines solid-state active lidar and integrated deterministic artificial intelligence to capture more intelligent information with less data, enabling faster, more accurate, and more reliable perception of the surroundings.

AEye, Inc., formerly known as CF Finance Acquisition Corp. III, (“CF III”) was originally incorporated in Delaware on March 15, 2016 under the name CF SPAC Re Inc. On February 17, 2021, AEye Technologies, Inc., then known as AEye, Inc., entered into an Agreement and Plan of Merger with CF III. Based on CF III’s business activities, it was a “shell company” as defined under the Securities Exchange Act of 1934, as amended. On August 16, 2021, the business combination contemplated by the Agreement and Plan of Merger was closed and CF III changed its name to AEye, Inc.

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.

Principle of Consolidation and Liquidity

The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

The Company has funded its operations primarily through the business combination and issuances of stock. As of December 31, 2023, the Company’s existing sources of liquidity included cash, cash equivalents and marketable securities of $36,523.

ASC 205-40, Presentation of Financial Statements - Going Concern, requires management to assess an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. In each reporting period, including interim periods, an entity is required to assess conditions known and reasonably knowable as of the financial statement issuance date to determine whether it is probable an entity will not meet its financial obligations within one year from the financial statement issuance date.

As is common in early-stage companies with limited operating histories, the Company is subject to risks and uncertainties such as its ability to develop and commercialize its products; produce and deliver lidar and software products meeting acceptable performance metrics; attract new and retain existing customers; develop, obtain, or progress strategic partnerships; secure an automotive OEM design win; secure additional capital to support the business plan; and other risks and uncertainties such as those described in Part I, Item 1A of this Annual Report on Form 10-K.

Since its inception, the Company has incurred net losses and negative cash flows from operations. As of December 31, 2023, the Company had an accumulated deficit of $337,635. For the twelve months ended December 31, 2023 and 2022, the Company incurred a net loss of $87,126 and $98,714, respectively, and the Company had net cash outflows from operating activities of $50,725 and $71,649, respectively. As of December 31, 2023, the Company had $36,523 of cash and marketable securities. As the Company is still in its early stages, it is expected to incur additional operating losses and negative cash flows as it continues to focus on achieving commercialization of its lidar solutions.

When conditions and events, in the aggregate, impact an entity’s ability to continue as a going concern, management evaluates the mitigating effect of its plans to determine if it is probable that the plans will be effectively implemented, and, when implemented, the plans will mitigate the relevant conditions or events.

The decision by the Company's Tier 1 partner, Continental, to discontinue its joint lidar development program, may have a material and adverse effect on the Company's business, which is predicated on licensing its lidar designs and other intellectual property to Tier 1 partners. The Company has a plan to improve its results and

liquidity through securing additional financing and finding a replacement Tier 1 partner. Should the Company not be able to do so, the Company has plans which would further reduce operating expenses and cash outlays. The Company believes that these plans alleviate substantial doubt about the Company's ability to continue as a going concern, which will result in adequate cash flows to support its ongoing operations for at least one year following the date these financial statements are issued.

Based upon the results of Management’s assessment, which has been performed as of March 26, 2024, these consolidated financial statements have been prepared on a going concern basis.

Reverse Stock Split

On December 27, 2023, the Company effected a 1-for-30 reverse stock split of its issued and outstanding shares of common stock (the "Reverse Stock Split"). Pursuant to the Reverse Stock Split, every thirty (30) shares of issued and outstanding shares of common stock were combined into one (1) share of common stock. The Company did not issue fractional shares in connection with the Reverse Stock Split. Stockholders who were otherwise entitled to fractional shares of common stock were instead entitled to receive a proportional cash payment. The number of shares of common stock issuable under our equity incentive plans and exercisable under the outstanding warrants were also proportionately adjusted.

In connection with the Reverse Stock Split, there was no change to the shares authorized or in the par value per share of common stock of $0.0001. Accordingly, all historical per share data, number of shares issued and outstanding, stock awards, and other common stock equivalents for the periods presented in the accompanying consolidated financial statements and notes thereto have been adjusted retroactively, where applicable, to reflect the Reverse Stock Split.

Reclassification of Prior Year Presentation

Certain prior year amounts have been reclassified for consistency with the current year presentation. Accrued severance has been broken out from Accrued payroll within Footnote 9, Accrued expenses and other current liabilities.

Emerging Growth Company

The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected to take advantage of the benefits of the extended transition period for new or revised financial accounting standards. This may make it difficult or impossible to compare the Company’s financial results with the financial results of another public company that is either not an emerging growth company or is an emerging growth company that has chosen not to take advantage of the extended transition period exemptions because of the potential differences in accounting standards used.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant

items subject to such estimates and assumptions include impairment of long-lived assets, write-downs of inventory to the lower of cost or net realizable value, investments, fair value of the 2022 convertible note, embedded derivative and warrant liabilities, and stock-based compensation.

Segment Reporting

The Company manages its business on the basis of one reportable and operating segment. Operating segments are defined as components of an enterprise with separate financial information, and are evaluated regularly by the chief operating decision maker, which is the Company's Chief Executive Officer (“CEO”). The CEO decides how to allocate resources and assesses the Company’s performance based upon consolidated financial information. All of the Company's sales were made to customers in USD located in the U.S., Europe, and Asia-Pacific through AEye, Inc. All of the Company's $281 of net property and equipment as of December 31, 2023 is located in the United States.

Cash, Cash Equivalents, and Marketable Securities

The Company considers all highly liquid investments, such as treasury bills, commercial paper, certificates of deposit, and money market instruments with maturities of three months or less at the time of acquisition to be cash equivalents. Cash equivalents primarily consist of amounts held in interest-bearing money market accounts that are readily convertible to cash. Cash equivalents are stated at cost, which approximates fair market value.

Marketable securities have been classified as available-for-sale and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. Unrealized gains and losses in fair value of the available-for-sale (“AFS”) debt securities are reported in other comprehensive income (loss). When the AFS debt securities are sold, cost is based on the specific identification method, and the realized gains and losses are included in other income (expense), net in the consolidated statements of operations and comprehensive loss. The Company determines the appropriate classification of its investments at the time of purchase and reevaluates such designation at each balance sheet date. The Company considers all AFS debt securities as available for use to support current operations, including those with maturity dates beyond one year and are classified as current assets under marketable securities in the accompanying consolidated balance sheets. AFS debt securities included in marketable securities on the consolidated balance sheets consist of securities with original maturities greater than three months at the time of purchase. Interest on marketable securities is included within interest income and other on the consolidated statements of operations. Amortization of premiums and accretion of discounts are included within interest expense and other on the consolidated statements of operations.

Restricted Cash

Restricted cash of $2,150 as of December 31, 2023 and 2022, consists of funds that are contractually restricted as to usage or withdrawal due to a contractual agreement. The Company has a letter of credit to the amount of $2,150 with Citibank N.A. as of December 31, 2023 as security for the payment of rent on its headquarters in Dublin, CA which require lease payments through 2026. At December 31, 2022, the letter of credit was held with Silicon Valley Bank.

The Company determines current or non-current classification of restricted cash based on the expected duration of the restriction.

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-Pacific. The Company mitigates its credit risks by performing ongoing credit evaluations of its customers’ financial conditions. The Company generally does not require collateral.

The Company’s concentration of risk related to accounts receivable and accounts payable was determined by evaluating the number of customers and vendors accounting for 10% or more of accounts receivable (“AR”) and

accounts payable (“AP”). As of December 31, 2023, AEye had four customers, each accounting for 10% or more of AR and one vendor accounting for 10% or more of AP. As of December 31, 2022, AEye had four customers, each accounting for 10% or more of AR and two vendors, each accounting for 10% or more of AP.

For the years ended December 31, 2023 and 2022, revenue from the Company’s major customers representing 10% or more of total revenue was as follows:


	Twelve months ended December 31,
	2023		2022
Customer A	70	%	51	%
Customer B	*		13	%
Customer C	*		10	%

*Customer accounted for less than 10% of total revenue in the period.

Fair Value of Financial Instruments

The Company defines fair value as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. For additional discussion on fair value of financial instruments, see Note 2.

Derivatives

The Company accounts for derivative instruments in accordance with Financial Accounting Standards Board's (FASB) Accounting Standards Codification (ASC) Topic 815, Derivatives and Hedging (“ASC 815”). The Company’s objectives and strategies for using derivative instruments, and how the derivative instruments and related hedged items are accounted for affect the financial statements.

The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risk. Terms of convertible debt instruments are reviewed to determine whether they contain embedded derivative instruments that are required under ASC 815 to be accounted for separately from the host contract and recorded on the consolidated balance sheets at fair value.

An evaluation of specifically identified conditions is made to determine whether the fair value of the derivative issued is required to be classified as equity or as a derivative liability. The fair value of derivative liabilities is required to be revalued at each reporting date, with corresponding changes in fair value recorded in current period operating results. For additional discussion of derivatives, see Note 2.

Accounts Receivable, net

Accounts receivable are recorded at the invoiced amount and do not bear interest. Amounts collected on accounts receivable are included in net cash provided by operating activities in the consolidated statements of cash flows.

If necessary, accounts receivable are reduced by a provision for expected credit losses, which is the Company’s best estimate of the amount of credit losses inherent in its existing accounts receivable. The Company reviews the provision quarterly based on historical experience with each customer and the specifics of each arrangement. During the years ended December 31, 2023 and 2022, the Company did not have any write-offs, and at December 31, 2023 and 2022, recorded a $35 and $0 provision for expected credit losses, respectively.

Inventories, net

Inventories consist of raw materials, work in progress, and finished goods. Inventories are stated at the lower of cost and net realizable value and costs are computed under the standard cost method. Inventories that are not expected to be consumed in the next 12 months are classified within Other noncurrent assets. Prototype inventory cost consists of the associated raw material, direct labor, indirect labor and other overhead costs. The Company evaluates the need for inventory write-downs associated with obsolete, slow moving, and non-sellable inventory by reviewing estimated net realizable values on a periodic basis and records a provision for excess and obsolete inventory to adjust the carrying value of inventory as needed. The Company's current and non-current

inventory as of December 31, 2023 and 2022 was written down by $5,062 and $833, respectively, in order to record inventory at its estimated net realizable value.

Property and Equipment, net

Property and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which range from 2 to7 years. Leasehold improvements are amortized over the shorter of the lease term or expected useful life of the improvements. Construction in progress is the construction or development of property and equipment that have not yet been placed in service. Maintenance and repairs are charged to expense as incurred, and improvements are capitalized. When assets are retired or otherwise disposed of, the cost and accumulated depreciation and amortization are removed from the consolidated balance sheet and any resulting gain or loss is reflected in the consolidated statements of operations and comprehensive loss in the period realized.

Impairment of Long-Lived Assets

The Company evaluates its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If the test for recoverability identifies a possible impairment, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. The fair value is calculated based on estimated salvage value, estimated orderly liquidation value, or a value-in-use approach depending on the asset's highest and best use. When an impairment loss is recognized for assets to be held and used, the adjusted carrying amount of the long-lived asset becomes its new cost basis which is depreciated over the asset's remaining useful life. There were $9,988 of non-cash impairment charges recorded in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2023. No impairment charges were recorded for the year ended December 31, 2022.

Warrant Liability

The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the warrant's specific terms and applicable authoritative guidance. The warrants assumed in connection with the 2022 convertible note are accounted for in accordance with ASC 815-40, Derivatives and Hedging—Contracts in Entity’s Own Equity, under which the warrants do not meet the criteria for equity treatment and must be recorded as liabilities. The Private Placement Warrants issued in connection with the business combination are classified as liabilities. The Company adjusts the warrants to fair value at each reporting period. The warrant liabilities are subject to remeasurement at each balance sheet date until exercised, and any change in fair value is recognized in the consolidated statements of operations.

Leases

The Company determines if an arrangement is or contains a lease at inception. The Company evaluates the classification of leases at commencement, and, as necessary, at modification. Operating leases, consisting of office leases, are included in Right-of-use ("ROU") assets, Accrued expenses and other current liabilities, and Operating lease liabilities, noncurrent, on the Company's consolidated balance sheets. The Company did not have any finance leases as of December 31, 2023 and December 31, 2022. ROU assets represent the Company's right to an underlying asset for the lease term, and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The operating lease ROU asset also includes any lease payments made prior to lease commencement and initial direct costs and excludes lease incentives. Variable lease payments not dependent on an index or a rate are expensed as incurred and are not included within the ROU asset and lease liability calculation. Variable lease payments primarily include reimbursements of costs incurred by lessors for common area maintenance and utilities. As most of the Company's leases do not include an implicit rate, the Company uses the incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date in determining the present value of future payments. The incremental borrowing rate is a hypothetical rate based on the Company's understanding of what its credit rating would be for a secured borrowing when the lease was executed. The Company's lease term includes the noncancelable period, any rent-free periods provided by the lessor, and options to extend or terminate the lease when it is reasonably certain that it will exercise that option. At lease inception, and in subsequent periods as necessary, the Company estimates the lease term based on its assessment of extension and termination options that are

reasonably certain to be exercised. Operating lease expense for lease payments is recognized on a straight-line basis over the lease term and is included in operating expenses on the consolidated statements of operations and comprehensive loss. The Company elected to exclude from its balance sheets recognition of leases having a term of 12 months or less (short-term leases) and elected to not separate lease components and non-lease components for its long-term real estate leases.

Convertible Notes

The Company adopted Accounting Standards Update (“ASU”) 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”). The Company has elected to apply the fair value measurement option to the 2022 convertible note on the date that the Company first recognized the convertible note on September 15, 2022. The Company acknowledges that its election to apply the fair value option is irrevocable. The Company recognized costs incurred upon issuance of the 2022 convertible note as an expense in its consolidated statement of operations for the twelve months ended December 31, 2022. The 2022 convertible note was classified and presented as a current liability on the consolidated balance sheet as of December 31, 2022. As of December 31, 2023, the 2022 convertible note has no outstanding principal balance as all outstanding principal and accrued interest has been fully settled. Changes in fair value were recorded in the consolidated statements of operations and changes in fair value related to credit risk are recorded in other comprehensive loss. The Company reported interest expense, including accrued interest, related to this convertible debt under the fair value option, within the change in fair value of convertible notes in the consolidated statement of operations.

Revenue Recognition

The Company generates revenues from the sale of prototypes and from development arrangements with automakers and suppliers to automakers. Under FASB ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), the Company accounts for such arrangements as contracts with customers and accordingly recognizes revenue by applying the following steps:

•Identification of the contract, or contracts, with a customer

•Identification of the performance obligations in the contract

•Determination of the transaction price

•Allocation of the transaction price to the performance obligations in the contract

•Recognition of revenue when, or as, the Company satisfies a performance obligation

Revenue from the sale of prototypes is generally recognized at a point in time when control of the goods is transferred. Certain prototype sales contracts include services to install and commission or customize the prototypes for customers. Revenues from these services are categorized as prototype revenue and recognized either over time as the services are being performed, or at a point in time, depending on the nature of the services and whether the criteria for recording revenue over time are met in accordance with ASC 606.

Revenue from development arrangements is either recognized at a point in time or over time depending on the performance obligations in the contract. For performance obligations that are satisfied over time, such as services which require engineering and development based on customer requirements, the Company recognizes revenue using an input method based on contract costs incurred to date compared to total estimated contract costs.

See Note 16, Revenue, for additional information related to the application of ASC 606 to the Company’s primary revenue streams.

Sales taxes collected from customers and remitted to governmental authorities are accounted for on a net basis and therefore are excluded from revenues in the consolidated statements of operations and comprehensive loss.

Arrangements with Multiple Performance Obligations

When a contract involves multiple performance obligations, the Company accounts for individual products and services separately if the customer can benefit from the product or service on its own or with other resources that are readily available to the customer and the product or service is separately identifiable from other promises in the arrangement. The consideration is allocated between separate performance obligations in proportion to their estimated standalone selling price (SSP). The SSP reflects the price the Company would charge for a specific

product or service if it were sold separately in similar circumstances and to similar customers. If the selling price is not directly observable, the Company determines SSP using information that may include other observable inputs, such as the cost plus margin approach, to estimate SSP. In instances where SSP is not directly observable, the Company determines SSP using information that may include other observable inputs such as expected costs plus margin, or uses the residual approach for performance obligations whose SSP is highly variable or uncertain.

The Company provides standard product warranties for a term of typically one year to ensure that its products comply with agreed-upon specifications. Standard warranties are considered to be assurance type warranties and are not accounted for as separate performance obligations. Estimated future warranty costs are accrued and charged to cost of sales in the period that the related revenue is recognized. These estimates are based on historical warranty experience and any known or expected changes in warranty exposure, such as trends of product reliability and costs of repairing and replacing defective products. The Company assesses the adequacy of its recorded warranty liabilities on a quarterly basis and adjusts the amounts as necessary. Warranty costs are included within accrued expenses and other liabilities on the consolidated balance sheets. Refer to Note 9 for further information on warranty reserve amounts.

Other Policies, Judgments and Practical Expedients

Contract assets and liabilities. Contract assets primarily represent revenues recognized for performance obligations that have been satisfied but for which amounts have not been billed. The Company did not have any contract assets as of December 31, 2023. Contract liabilities relate to deferred revenue. Deferred revenue consists of amounts that have been invoiced and/or cash received but for which revenue has not been earned. This generally includes unrecognized revenue balances for development arrangements. Deferred revenue that will be realized during the succeeding 12-month period is recorded within current liabilities and the remaining deferred revenue is recorded as noncurrent liabilities.

Right of return. The Company’s general terms and conditions for its contracts do not contain a right of return that allows the customer to return products and receive a credit. Therefore, the Company does not estimate returns and generally recognizes revenue at contract price upon product shipment or delivery.

Significant financing component. In certain arrangements, the Company receives payment from a customer either before or after the performance obligation has been satisfied. The expected timing difference between the payment and satisfaction of performance obligations for all of the Company’s contracts is one year or less; therefore, the Company applies a practical expedient and does not consider the effects of the time value of money on transaction price. The Company’s contracts with customer prepayment terms do not include a significant financing component because the primary purpose is not to receive financing from the customers.

Contract modifications. The Company may modify contracts to offer customers additional products or services. Each of the additional products and services are generally considered distinct from those products or services transferred to the customer before the modification. The Company evaluates whether the contract price for the additional products and services reflects the standalone selling price as adjusted for facts and circumstances applicable to that contract. In these cases, the Company accounts for the additional products or services as a separate contract. In other cases where the pricing in the modification does not reflect the standalone selling price as adjusted for facts and circumstances applicable to that contract, the Company accounts for the additional products or services as part of the existing contract primarily on a prospective basis.

Judgments and estimates. Accounting for contracts recognized over time under ASC 606 involves the use of various techniques to estimate total contract revenue and costs. Due to uncertainties inherent in the estimation process, it is possible that estimates of costs to complete a contract will be revised in the near-term. The Company reviews and updates its contract-related estimates quarterly, and records adjustments as needed. For those performance obligations for which revenue is recognized using a cost-to-cost input method, changes in total estimated costs, and related progress towards complete satisfaction of the performance obligation, are recognized in the period in which the revisions to the estimates are made.

Cost of Revenue

Cost of revenue primarily consists of costs directly associated with the production of those prototypes that are held for sale and certain costs associated with development arrangements. Such costs for prototypes are direct materials, direct labor, indirect labor, inventory write-downs, losses on purchase commitments, warranty expense, and allocation of overhead. Direct and indirect labor includes personnel-related costs and packaging and procurement respectively associated with the production of prototypes. Other costs such as indirect manufacturing costs are recognized in research and development and general and administrative expenses on the consolidated statements of operations and comprehensive loss. Costs associated with development arrangements include the

direct costs and allocation of overhead costs involved in the execution of the contract.

Research and Development Expenses

Research and development expenses include personnel costs (including salaries, benefits, bonuses, one-time termination benefits, and stock-based compensation), new hardware and software materials to the extent no future economic benefits are expected, other related expenses such as lab equipment, third party development-related contractors, and allocated overhead expenses. Substantially all the R&D expenses are related to the development of new products and services, including contract development expenses. They are expensed as incurred and included in the consolidated statements of operation and comprehensive loss.

Stock-Based Compensation

The Company accounts for stock-based compensation by measuring and recognizing compensation expense for all share-based awards based on estimated grant-date fair values. The Company uses the straight-line attribution method to allocate compensation cost to reporting periods over each awardee’s requisite service period, which is generally the vesting period of the award. The Company measures nonemployee awards at the date of grant, which generally is the date at which a grantor and a grantee reach a mutual understanding of the key terms and conditions of a share-based payment award. The Company’s policy is to recognize the effect of forfeitures in the period they occur. The grant-date fair value of the restricted stock units, or “RSUs,” is equal to the fair market value of the Company’s common stock on the grant date. The grant-date fair value for stock options and stock purchase rights under the employee stock purchase plan ("ESPP") is estimated using the Black-Scholes option-pricing model. The grant-date fair value for RSUs with an associated market condition is estimated using the Monte-Carlo simulation model. Both the Black-Scholes option-pricing model and the Monte-Carlo simulation model require the input of subjective assumptions, including the award’s expected term and the price volatility of the underlying stock.

Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases, as well as net operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

The Company recognizes deferred tax assets to the extent that these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If the Company determines that it would be able to realize deferred tax assets in the future in excess of their net recorded amount, an adjustment to the deferred tax asset valuation allowance would be made to reduce the provision for income taxes.

The Company records uncertain tax positions in accordance with FASB ASC Topic 740, Income Taxes (“ASC 740”) on the basis of a two-step process in which determinations are made (1) whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority.

The Company recognizes interest and penalties related to unrecognized tax benefits in the provision for income tax expense in the accompanying consolidated statements of operations and comprehensive loss. Accrued interest and penalties are included in accrued expenses and other current liabilities in the consolidated balance sheets. As of and for the year ended December 31, 2023 and 2022 there were no interest or penalties recorded.

Net Loss per Share

Basic net loss per share is computed using net loss available to common stockholders divided by the weighted average number of common shares outstanding during the period. Diluted net loss per share reflects the dilutive effects of stock options, restricted stock units, preferred stock, stock to be issued under the ESPP, convertible notes, and warrants outstanding during the period to the extent such securities would not be anti-dilutive

and is determined using the if-converted and treasury stock methods.

The Company calculates weighted average number of common shares outstanding during the period using the Company’s common stock outstanding.

Basic and diluted net loss per share attributable to common stockholders was the same for all periods presented as the inclusion of all potentially dilutive securities outstanding was anti-dilutive, as AEye is currently operating in a net loss position.

Comprehensive Income (Loss)

Comprehensive income (loss) includes all changes in equity (net assets) from non-owner sources during a period, changes in fair value due to instrument-specific credit risk, and net unrealized gains (losses) on available-for-sale debt securities.

Recent Accounting Pronouncements

In December 2023, the Financial Accounting Standards Board, ("FASB"), issued Accounting Standards Update ("ASU") 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures to increase the transparency and usefulness of income tax information through improvements to the income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The guidance is effective for fiscal years beginning after December 15, 2024. The Company is currently in the process of evaluating the effects of the new 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.

LEASES - Operating Lease Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating lease cost	$ 2,379	$ 2,382
Variable lease cost	340	241
Total operating lease cost	$ 2,719	$ 2,623

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Management has evaluated subsequent events through March 26, 2024 and determined that there were no such events requiring recognition or disclosure in the financial statements.

INCOME TAXES - Narrative (Details) - USD ($)	12 Months Ended
INCOME TAXES - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Provision for income taxes	$ 57,000	$ 58,000
U.S. federal tax benefit at statutory rate	21.00%	21.00%
Valuation allowance	$ 98,840,000	$ 68,868,000
Accrued interest and penalties related to uncertain tax positions	0	0
State
Operating Loss Carryforwards [Line Items]
Provision for income taxes	3,000	9,000
Net operating losses available to reduce future taxable income	202,887,000	127,624,000
Net operating losses available to reduce future taxable income subject to expiration	202,887,000
State \| Research and development
Operating Loss Carryforwards [Line Items]
Tax credit carryforward	5,829,000	4,597,000
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Provision for income taxes	54,000	49,000
Federal
Operating Loss Carryforwards [Line Items]
Net operating losses available to reduce future taxable income	247,802,000	184,007,000
Net operating losses available to reduce future taxable income subject to expiration	12,256,000
Net operating losses available to reduce future taxable income not subject to expiration	235,546,000
Federal \| Research and development
Operating Loss Carryforwards [Line Items]
Tax credit carryforward	$ 7,591,000	$ 6,193,000

NET LOSS PER SHARE

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

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):


	Twelve months ended December 31,
	2023		2022
Numerator:
Net loss attributable to common stockholders	$	(87,126)	$	(98,714)
Denominator:
Weighted average common shares outstanding- Basic	5,827,721		5,245,624
Dilutive effect of potential common shares	—		—
Weighted average common shares outstanding- Diluted	5,827,721		5,245,624

Net loss per share attributable to common stockholders - Basic and Diluted	$	(14.95)	$	(18.82)

Due to net losses for the years ended December 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:


	Twelve months ended December 31,
	2023	2022
Warrants	319,443	319,443
Common stock options issued and outstanding	289,015	846,451
Unvested restricted stock units	652,453	425,703
Conversion of convertible notes	—	543,120
ESPP	23,816	66,666
Total	1,284,727	2,201,383

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The changes in accumulated other comprehensive income (loss) by component for the twelve months ended December 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, 2021	$	(391)	$	—	$	(391)
Other comprehensive loss before reclassifications, net of tax	(940)		(25)		(965)
Amounts reclassified from accumulated other comprehensive loss, net of tax	77		—		77
Net other comprehensive loss	(863)		(25)		(888)
Balance at December 31, 2022	$	(1,254)	$	(25)	$	(1,279)
Other comprehensive income (loss) before reclassifications, net of tax	1,264		(21)		1,243
Amounts reclassified from accumulated other comprehensive loss, net of tax	—		46		46
Net other comprehensive income	1,264		25		1,289
Balance at December 31, 2023	$	10	$	—	$	10

The amounts reclassified out of accumulated other comprehensive income (loss) in the twelve months ended December 31, 2023 and 2022 are included within Interest expense and other on the consolidated statement of operations.

INCOME TAXES - Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Net operating loss carryforwards	$ 69,612	$ 49,669
Research and development credit carryforward	9,941	7,967
Stock-based compensation	301	1,048
Property and equipment	2,364	234
Operating lease liabilities	4,967	4,435
Section 174 R&D capitalization	14,194	9,053
Other accruals	689	630
Gross deferred tax assets	102,068	73,036
Valuation allowance	(98,840)	(68,868)
Deferred tax assets net of valuation allowance	3,228	4,168
Deferred tax liabilities:
Right-of-use assets	(3,228)	(4,168)
Gross deferred tax liabilities	(3,228)	(4,168)
Total deferred tax assets (liabilities)—net	$ 0	$ 0

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 93,970	$ 168,767
Other comprehensive loss before reclassifications, net of tax	1,243	(965)
Amounts reclassified from accumulated other comprehensive loss, net of tax	46	77
Other comprehensive income, net of tax	1,289	(888)
Ending balance	29,023	93,970
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(1,279)	(391)
Other comprehensive income, net of tax	1,289	(888)
Ending balance	10	(1,279)
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 before reclassifications, net of tax	1,264	(940)
Amounts reclassified from accumulated other comprehensive loss, net of tax	0	77
Other comprehensive income, net of tax	1,264	(863)
Ending balance	10	(1,254)
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 before reclassifications, net of tax	(21)	(25)
Amounts reclassified from accumulated other comprehensive loss, net of tax	46	0
Other comprehensive income, net of tax	25	(25)
Ending balance	$ 0	$ (25)

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Section 55
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+ Details

INTEREST EXPENSE AND OTHER (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Other Income and Expenses [Abstract]
Amortization of premiums (accretion of discounts) on marketable securities, net	$ (474)	$ 778
Convertible note issuance costs	0	474
Loss on disposal of assets	111	0
Realized loss on instrument-specific credit risk	46	0
Expected credit losses	35	0
Realized losses on redemptions of marketable securities	0	77
Common Stock Purchase Agreement costs	0	29
Other	34	21
Interest expense and other	$ (248)	$ 1,379

STOCK-BASED COMPENSATION - Schedule of RSU Activity (Details) - RSUs	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Shares
Beginning balance (in shares) \| shares	425,703
Granted (in shares) \| shares	901,472
Forfeited (in shares) \| shares	(344,061)
Vested (in shares) \| shares	(330,661)
Ending balance (in shares) \| shares	652,453
Weighted Average Grant date Fair Value per Share
Beginning balance (in dollars per share) \| $ / shares	$ 119.85
Granted (in dollars per share) \| $ / shares	10.66
Forfeited (in dollars per share) \| $ / shares	67.82
Vested (in dollars per share) \| $ / shares	53.07
Ending balance (in dollars per share) \| $ / shares	$ 30.29

ACCURED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued purchases and other	$ 681	$ 4,092
Operating lease liabilities - current	2,415	2,455
Accrued bonuses	2,053	1,022
Accrued payroll	540	1,122
Accrued severance	402	26
Accrued payroll taxes	317	526
Warranty reserve	102	480
Income tax payable	75	41
Accrued expenses and other current liabilities	$ 6,585	$ 9,764

Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2023	Mar. 20, 2024	Jun. 30, 2023
Entity Listings [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 23,000,000
Entity Common Stock, Shares Outstanding (in shares)		6,502,979
Documents Incorporated by Reference	Portions of the Registrant’s Proxy Statement relating to the 2024 Annual Meeting of Stockholders, are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. Such Proxy Statement, or an amendment to this Annual Report on Form 10-K, will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s fiscal year ended December 31, 2023.
Amendment Flag	false
Central Index Key	0001818644
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
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

PROPERTY AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net as of December 31, 2023 and 2022 consists of the following (in thousands):


	As of December 31,
	2023		2022
Machinery and equipment	$	171	$	2,528
Computers, software and related equipment	26		432
Office furniture and equipment	24		651
Vehicles	60		846
Leasehold improvements	—		4,830
Construction in progress	—		1,401
Total property and equipment	281		10,688
Less accumulated depreciation and amortization	—		(3,023)
Property and equipment, net	$	281	$	7,665

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 16,932	$ 19,064
Marketable securities	19,591	75,135
Accounts receivable, net	131	617
Inventories, net	583	4,553
Prepaid and other current assets	2,517	6,181
Total current assets	39,754	105,550
Right-of-use assets	11,226	15,502
Property and equipment, net	281	7,665
Restricted cash	2,150	2,150
Other noncurrent assets	906	2,473
Total assets	54,317	133,340
CURRENT LIABILITIES:
Accounts payable	3,442	3,218
Accrued expenses and other current liabilities	6,585	9,764
Contract liabilities	0	987
Convertible notes	0	8,594
Total current liabilities	10,027	22,563
Operating lease liabilities, noncurrent	14,858	16,681
Other noncurrent liabilities	409	126
Total liabilities	25,294	39,370
COMMITMENTS AND CONTINGENCIES (Note 20)
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: 600,000,000 shares authorized; 6,310,090 and 5,436,637 shares issued and outstanding at December 31, 2023 and 2022	1	1
Additional paid-in capital	366,647	345,757
Accumulated other comprehensive income (loss)	10	(1,279)
Accumulated deficit	(337,635)	(250,509)
Total stockholders’ equity	29,023	93,970
Total liabilities and stockholders’ equity	$ 54,317	$ 133,340

NET LOSS PER SHARE (Tables)

12 Months Ended

Dec. 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):


	Twelve months ended December 31,
	2023		2022
Numerator:
Net loss attributable to common stockholders	$	(87,126)	$	(98,714)
Denominator:
Weighted average common shares outstanding- Basic	5,827,721		5,245,624
Dilutive effect of potential common shares	—		—
Weighted average common shares outstanding- Diluted	5,827,721		5,245,624

Net loss per share attributable to common stockholders - Basic and Diluted	$	(14.95)	$	(18.82)

Schedule of Antidilutive Common Share Equivalents

The following table sets forth the anti-dilutive common share equivalents for the periods listed:


	Twelve months ended December 31,
	2023	2022
Warrants	319,443	319,443
Common stock options issued and outstanding	289,015	846,451
Unvested restricted stock units	652,453	425,703
Conversion of convertible notes	—	543,120
ESPP	23,816	66,666
Total	1,284,727	2,201,383

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 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)	600,000,000	600,000,000
Common stock — shares issued (in shares)	6,310,090	5,436,637
Common stock — shares outstanding (in shares)	6,310,090	5,436,637

NET LOSS PER SHARE - Schedule of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net loss attributable to common stockholders	$ (87,126)	$ (98,714)
Denominator:
Weighted average common shares outstanding - Basic (in shares)	5,827,721	5,245,624
Dilutive effect of potential common shares (in shares)	0	0
Weighted average common shares outstanding - Diluted (in shares)	5,827,721	5,245,624
Net loss per share attributable to common stockholders - Basic (in dollars per share)	$ (14.95)	$ (18.82)
Net loss per share attributable to common stockholders - Diluted (in dollars per share)	$ (14.95)	$ (18.82)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

RESTRUCTURING - Narrative (Details) - USD ($)	12 Months Ended
RESTRUCTURING - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Restructuring and Related Activities [Abstract]
Restructuring costs	$ 19,153,000	$ 0

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Revenue from Major Customers Representing 10% or More of Total Revenue (Details) - Revenue - Customer Concentration Risk	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Customer A
Concentration Risk [Line Items]
Concentration risk percentage	70.00%	51.00%
Customer B
Concentration Risk [Line Items]
Concentration risk percentage		13.00%
Customer C
Concentration Risk [Line Items]
Concentration risk percentage		10.00%

STOCKHOLDERS’ EQUITY (Details)		12 Months Ended
STOCKHOLDERS’ EQUITY (Details)	Dec. 08, 2021 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) vote $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Mar. 15, 2024 shares	Sep. 15, 2022 $ / shares shares
Class of Warrant or Right [Line Items]
Common stock — shares authorized (in shares)		600,000,000	600,000,000
Common stock — par value (in dollars per share) \| $ / shares		$ 0.0001	$ 0.0001
Common stock — shares outstanding (in shares)		6,310,090	5,436,637
Common stock — shares issued (in shares)		6,310,090	5,436,637
Number of votes \| vote		1
Preferred stock — shares authorized (in shares)		1,000,000	1,000,000
Preferred stock — par value (in dollars per share) \| $ / shares		$ 0.0001	$ 0.0001
Preferred stock — shares issued (in shares)		0	0
Preferred stock — shares outstanding (in shares)		0	0
Number of shares of common stock entitled to purchase for each warrant (in shares)		1
Warrant exercise price (in dollars per share) \| $ / shares		$ 345.00
Tumim Stone Capital
Class of Warrant or Right [Line Items]
Commitment shares for Common Stock Purchase Agreement (in shares)	10,087
Derivative asset \| $	$ 0
Tumim Stone Capital \| Private Placement
Class of Warrant or Right [Line Items]
Maximum common stock value \| $	$ 125,000,000
Exchange Cap (in shares)	1,028,847
Exchange cap exception, minimum price per share (in dollars per share) \| $ / shares	$ 148.46
Term of agreement	36 months
Maximum percentage ownership after the transaction	9.99%
Price per share multiplier	0.9615
Maximum number of shares issued per day calculation, amount divided by closing sale price \| $	$ 20,000,000
Maximum number of shares issued per day calculation, average daily common stock trading volume multiplier	0.15
Maximum number of shares issued per day calculation, average daily common stock trading volume, trading days preceding sale date	3 days
Shares issued in transaction (in shares)		19,500	38,167
Aggregate purchase price \| $		$ 136,000	$ 2,891,000
Sale of stock, number of shares available issued in transactions (in shares)		961,093
Private Placement Warrants
Class of Warrant or Right [Line Items]
Outstanding warrants exercised (in shares)		5,555
Public Warrants
Class of Warrant or Right [Line Items]
Outstanding warrants exercised (in shares)		255,555
Convertible Note Warrants
Class of Warrant or Right [Line Items]
Outstanding warrants exercised (in shares)					58,333
Warrant exercise price (in dollars per share) \| $ / shares					$ 105.00
Warrants and Rights Outstanding, Term					4 years
Contingent Warrants
Class of Warrant or Right [Line Items]
Outstanding warrants exercised (in shares)		58,333
Contingent Warrants \| Subsequent Event
Class of Warrant or Right [Line Items]
Outstanding warrants exercised (in shares)				0

PREPAID AND OTHER CURRENT ASSETS

12 Months Ended

Dec. 31, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

PREPAID AND OTHER CURRENT ASSETS

Prepaid and other current assets as of December 31, 2023 and 2022 were as follows (in thousands):


	As of December 31,
	2023		2022
Prepaid expenses	$	2,386	$	4,203
Demonstration units	—		281
Advances to suppliers	79		984
Other	52		713
Total prepaid and other current assets	$	2,517	$	6,181

During the twelve months ended December 31, 2023, the Company recorded a loss on advances to suppliers of $1,385 associated with the winding down of its existing industrial product as part of its revised strategic plan. See Note 17, Restructuring, for further details.

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

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

PROPERTY AND EQUIPMENT, NET - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Impairment of long-lived assets	$ 9,988,000	$ 0
Depreciation and amortization expense	1,547,000	1,422,000
Property, plant and equipment, disposals	1,041,000	604,000
Property, plant and equipment, disposals, carrying amount	342,000	$ 0
Property and Equipment
Property, Plant and Equipment [Line Items]
Impairment of long-lived assets	$ 7,418,000

RESTRUCTURING - Schedule of Consolidated Statement of Operations and Comprehensive Loss (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 19,153,000	$ 0
Cost of revenue
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	5,721,000
Research and development
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	941,000
Sales and marketing
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	2,079,000
Impairment of long-lived assets
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	9,940,000
General and administrative
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	472,000
One-time employee termination benefits
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	3,224,000
One-time employee termination benefits \| Cost of revenue
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	130,000
One-time employee termination benefits \| Research and development
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	789,000
One-time employee termination benefits \| Sales and marketing
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	2,011,000
One-time employee termination benefits \| Impairment of long-lived assets
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	0
One-time employee termination benefits \| General and administrative
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	294,000
Inventory and other current asset write-downs
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	5,261,000
Inventory and other current asset write-downs \| Cost of revenue
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	5,231,000
Inventory and other current asset write-downs \| Research and development
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	0
Inventory and other current asset write-downs \| Sales and marketing
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	30,000
Inventory and other current asset write-downs \| Impairment of long-lived assets
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	0
Inventory and other current asset write-downs \| General and administrative
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	0
Losses on purchase commitments
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	360,000
Losses on purchase commitments \| Cost of revenue
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	360,000
Losses on purchase commitments \| Research and development
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	0
Losses on purchase commitments \| Sales and marketing
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	0
Losses on purchase commitments \| Impairment of long-lived assets
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	0
Losses on purchase commitments \| General and administrative
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	0
Long-lived asset disposals and impairment charges
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	10,185,000
Long-lived asset disposals and impairment charges \| Cost of revenue
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	0
Long-lived asset disposals and impairment charges \| Research and development
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	152,000
Long-lived asset disposals and impairment charges \| Sales and marketing
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	38,000
Long-lived asset disposals and impairment charges \| Impairment of long-lived assets
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	9,940,000
Long-lived asset disposals and impairment charges \| General and administrative
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	55,000
Other
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	123,000
Other \| Cost of revenue
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	0
Other \| Research and development
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	0
Other \| Sales and marketing
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	0
Other \| Impairment of long-lived assets
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	0
Other \| General and administrative
Restructuring Cost and Reserve [Line Items]
Total restructuring charges	$ 123,000

ACCURED EXPENSES AND OTHER CURRENT LIABILITIES

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

ACCURED EXPENSES AND OTHER CURRENT LIABILITIES

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities as of December 31, 2023 and 2022 were as follows (in thousands):


	As of December 31,
	2023		2022
Accrued purchases and other	$	681	$	4,092
Operating lease liabilities - current	2,415		2,455
Accrued bonuses	2,053		1,022
Accrued payroll	540		1,122
Accrued severance	402		26
Accrued payroll taxes	317		526
Warranty reserve	102		480
Income tax payable	75		41
Total accrued expenses and other current liabilities	$	6,585	$	9,764

INVENTORIES - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Non-current inventory	$ 208	$ 1,491

LEASES - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Cash paid for operating leases included in operating cash flows	$ (2,500)	$ (1,341)

INCOME TAXES

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

For the years ended December 31, 2023 and 2022, the Company recognized $57 and $58 provision for income taxes, respectively. The provision for the year ended December 31, 2023 was comprised of $3 and $54 in state and foreign taxes, respectively. The provision for the year ended December 31, 2022 was comprised of $9 and $49 in state and foreign taxes, respectively.

The following table presents a reconciliation of the federal statutory rate of 21.0% to the Company's effective tax rate for the periods presented:


	Twelve months ended December 31,
	2023		2022
U.S. federal tax benefit at statutory rate	21.0	%	21.0	%
State income taxes, net of federal benefit	—	%	—	%
Non-deductible expenses and other	(0.4)	%	(1.0)	%
Stock-based compensation	(4.6)	%	(2.3)	%
Research and development credits	2.3	%	3.5	%
Foreign rate differential	—	%	(4.1)	%
Change in valuation allowance, net	(18.4)	%	(17.2)	%
Effective tax rate	(0.1)	%	(0.1)	%

For 2023 and 2022, the Company's effective tax rate differs from the amount computed by applying the statutory federal and state income tax rates to net loss before income tax, primarily as the result of state income taxes, R&D credits and changes in the Company's valuation allowance.

Significant components of the Company’s deferred tax assets as of December 31, 2023 and 2022 are presented below (in thousands):


	As of December 31,
	2023		2022
Deferred tax assets:
Net operating loss carryforwards	$	69,612	$	49,669
Research and development credit carryforward	9,941		7,967
Stock-based compensation	301		1,048
Property and equipment	2,364		234
Operating lease liabilities	4,967		4,435
Section 174 R&D capitalization	14,194		9,053
Other accruals	689		630
Gross deferred tax assets	102,068		73,036
Valuation allowance	(98,840)		(68,868)
Deferred tax assets net of valuation allowance	3,228		4,168
Deferred tax liabilities:
Right-of-use assets	(3,228)		(4,168)
Gross deferred tax liabilities	(3,228)		(4,168)
Total deferred tax assets (liabilities)—net	$	—	$	—

The Company reports income taxes in accordance with ASC 740, which requires an asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as net operating loss and tax credit carryforwards. Deferred tax amounts are determined by using the enacted tax rates expected to be in effect when the temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance reduces the deferred tax assets to the amount that is more likely than not to be realized.

Realization of deferred tax assets is dependent on future earnings, if any, the timing and amount of which are uncertain. The Company has a history of operating losses and has incurred cumulative book losses since its formation. Based upon the history of losses, the Company has determined that it is more likely than not that the net deferred tax assets will not be realized, and accordingly, a full valuation allowance has been recorded. The valuation allowance as of December 31, 2023 was $98,840 which increased from $68,868 at December 31, 2022. The increase in the valuation allowance is primarily due to additional reserve required against net operating losses and research

credits generated during the year ended December 31, 2023.

As of December 31, 2023, the Company had $247,802 and $202,887 of federal and state net operating losses available to reduce future taxable income, respectively, of which $12,256 will begin to expire in 2033 for federal tax purposes and $202,887 will begin to expire in 2029 for state tax purposes. Approximately $235,546 of federal net operating loss included above can be carried forward indefinitely.

As of December 31, 2022, the Company had $184,007 and $127,624 of federal and state net operating losses available to reduce future taxable income, which will begin to expire on 2033 for federal and 2029 for state tax purposes.

The Company also has federal and state research and development tax credit carryforwards of $7,591 and $5,829 as of December 31, 2023 and $6,193 and $4,597 as of December 31, 2022. The federal credits begin to expire in 2034 and the state credits have no expiration date.

Under Section 382 of the Internal Revenue Code of 1986, as amended, the Company’s ability to utilize NOL or other tax attributes, such as research tax credits, in any taxable year, may be limited if the Company has experienced an “ownership change.” Generally, a Section 382 ownership change occurs if there is a cumulative increase of more than 50 percentage points in the stock ownership of one or more stockholders or groups of stockholders who owns at least 5% of a corporation’s stock within a specific testing period. Similar rules may apply under state tax laws. Based on the Section 382 analysis performed through December 31, 2021, the Company concluded all of its NOLs and credits would be available to use as of December 31, 2021, however, future changes in ownership may limit the ability to use tax attributes under Section 382.

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (in thousands):


	Twelve months ended December 31,
	2023		2022
Unrecognized tax benefits as of the beginning of the year	$	2,822	$	1,681
Increases related to prior year tax provisions	161		182
Increase related to current year tax provisions	497		959
Unrecognized tax benefits as of the end of the year	$	3,480	$	2,822

The Company recognizes interest and penalties related to income tax matters as a component of income tax expense. As of December 31, 2023 and December 31, 2022 there was no accrued interest nor penalties related to uncertain tax positions.

The Company files income tax returns in the U.S., various state jurisdictions, and foreign jurisdictions. The U.S., state and foreign jurisdictions have statutes of limitations that generally range from three to five years. Due to the Company’s net losses, substantially all of its federal, state and local income tax returns are subject to examination for federal and state purposes since inception. The Company is not currently under examination for federal or state income tax purposes.

Effective for tax years beginning on or after January 1, 2022, pursuant to the Tax Cuts and Jobs Act of 2017, companies are required to capitalize Internal Revenue Code ("IRC") Section 174 research and experimental expenses paid or incurred during the year. These expenses are amortized over 5 years for research and development performed in the United States and over 15 years for expenses related to research and development performed outside of the United States. As a result of the IRC Section 174 research and development capitalization, the Company recognized a deferred tax asset for the future tax benefit of the amortization deductions.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

REVENUE - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Total revenue	$ 1,464	$ 3,647
Recognized at a point in time
Disaggregation of Revenue [Line Items]
Total revenue	477	1,982
Recognized over time
Disaggregation of Revenue [Line Items]
Total revenue	987	1,665
United States
Disaggregation of Revenue [Line Items]
Total revenue	1,223	2,471
Europe
Disaggregation of Revenue [Line Items]
Total revenue	184	920
Asia-Pacific
Disaggregation of Revenue [Line Items]
Total revenue	$ 57	$ 256

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

PREPAID AND OTHER CURRENT ASSETS (Tables)

12 Months Ended

Dec. 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 December 31, 2023 and 2022 were as follows (in thousands):


	As of December 31,
	2023		2022
Prepaid expenses	$	2,386	$	4,203
Demonstration units	—		281
Advances to suppliers	79		984
Other	52		713
Total prepaid and other current assets	$	2,517	$	6,181

STOCK-BASED COMPENSATION - Schedule of Valuation Assumptions (Details)	12 Months Ended
	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	1 year 18 days
Expected volatility	104.50%
Risk-free interest rate	4.80%
Dividend yield	0.00%
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	0.00%
ESPP \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	6 months
Expected volatility	107.30%
Risk-free interest rate	4.10%
ESPP \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (years)	2 years
Expected volatility	136.00%
Risk-free interest rate	5.10%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

LEASES

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

LEASES

The Company primarily leases office facilities in Northern California under non-cancelable operating leases expiring at various dates through November 2026. Some of the Company's leases include options to renew, with renewal terms that, if exercised by the Company, extend the lease term from two to five years. The exercise of these renewal options is at the Company's discretion. The Company's lease agreements do not contain any material terms and conditions of residual value guarantees or material restrictive covenants. The Company's short-term lease expense was determined to not be material.

The Company recorded a gain of $35 on early lease termination within Interest income and other on the consolidated statements of operations for the twelve months ended December 31, 2023.

During the twelve months ended December 31, 2023, the Company recorded an impairment charge on right-of-use assets of $2,570, included within impairment of long-lived assets within the Company's consolidated statements of operations. No impairment charges were recorded for the twelve months ended December 31, 2022.

On November 14, 2023, the Company assigned an operating lease resulting in the Company being relieved of its primary obligation under this lease. As a result of the lease assignment, a new tenant assumed the primary obligation under the lease, with the Company becoming secondarily liable. If the new tenant should fail to perform under the lease, the Company could be liable to fulfill any remaining lease obligations. The lease had a remaining term of 3.7 years as of December 31, 2023 with the Company serving as guarantor for the remaining term. The resulting maximum exposure includes $360 of undiscounted future minimum lease payments plus potential additional payments to satisfy maintenance, taxes, and insurance requirements for the remainder of the lease term.

The components of operating lease expenses for the twelve months ended December 31, 2023 and 2022 were as follows (in thousands):


	Twelve months ended December 31,
	2023		2022
Operating lease cost	$	2,379	$	2,382
Variable lease cost	340		241
Total operating lease cost	$	2,719	$	2,623

Supplemental cash flow information for the twelve months ended December 31, 2023 and 2022 were as follows (in thousands):


	Twelve months ended December 31,
	2023		2022
Cash paid for operating leases included in operating cash flows	$	(2,500)	$	(1,341)

Supplemental balance sheet information related to operating leases as of December 31, 2023 and 2022 was as follows (in thousands):


	As of December 31,
	2023		2022
Operating lease right-of-use assets	$	11,226	$	15,502

Operating lease liabilities:
Operating lease liabilities, current	$	2,415	$	2,455
Operating lease liabilities, non-current	14,858		16,681
Total operating lease liabilities	$	17,273	$	19,136


	As of December 31,
	2023		2022
Weighted average remaining lease term (in years)	7.89		9.26
Weighted average discount rate	5.32	%	5.35	%

Maturities of lease liabilities were as follows (in thousands).


Years ending - December 31:
2024	$	2,474
2025	2,484
2026	2,559
2027	2,636
2028	2,716
Thereafter	8,400
Total lease payments	21,269
Less amount to discount to present value	(3,996)
Present value of lease liabilities	$	17,273

PROPERTY AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

Property and equipment, net as of December 31, 2023 and 2022 consists of the following (in thousands):


	As of December 31,
	2023		2022
Machinery and equipment	$	171	$	2,528
Computers, software and related equipment	26		432
Office furniture and equipment	24		651
Vehicles	60		846
Leasehold improvements	—		4,830
Construction in progress	—		1,401
Total property and equipment	281		10,688
Less accumulated depreciation and amortization	—		(3,023)
Property and equipment, net	$	281	$	7,665

For the year ended December 31, 2023, the Company recorded impairment charges on assets classified as property and equipment of $7,418, included within impairment of long-lived assets within the Company's consolidated statements of operations. No impairment charges were recorded for the year ended December 31, 2022.

Depreciation and amortization expense related to property and equipment amounted to $1,547 and $1,422 recognized within research and development, sales and marketing, and general and administrative expenses within the consolidated statements of operations and comprehensive loss for the years ended December 31, 2023 and 2022, respectively. The Company recorded disposals of gross property and equipment of $1,041 and $604 in the years ended December 31, 2023 and 2022, respectively. The carrying amounts of the property and equipment disposed in the years ended December 31, 2023 and 2022 were $342 and $0, respectively.

STOCK-BASED COMPENSATION

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

The Company has five equity incentive plans, the 2014 US LADAR Inc. Equity Incentive Plan (the “2014 Plan”), the 2016 Stock Plan (the “2016 Plan”), the 2021 Equity Incentive Plan (the “Incentive Plan”), the 2022 Employee Stock Purchase Plan (the "ESPP"), and the 2023 CEO Inducement Grant Plan (the "CEO Plan"). On August 16, 2021, the Company’s 2014 Plan and 2016 Plan were terminated in connection with the closing of the business combination as defined in Note 1, but continue to govern the terms of outstanding equity awards that were granted prior to the termination of the plans.

2014 Plan and 2016 Plan

The 2014 and 2016 Plan provide for the grant of incentive stock options to employees only and non-statutory stock options and RSUs to employees, directors, and consultants of the Company. As of August 16, 2021, the Company no longer grants equity awards pursuant to the 2014 Plan or 2016 Plan, and as of December 31, 2023, 58,056 RSUs were granted.

Under the 2016 Plan, options to purchase common stock generally vest over four years with 25% vesting at the end of the first year and the rest vesting ratably over the next three years. RSUs generally vest 25% at the end of the first year with the remaining RSUs vesting ratably over the next three years or they vest ratably over the four years. Under the 2014 Plan, the vesting period for options to purchase common stock range from immediate to four years. Under each plan, the options expire ten years from the date of grant.

2021 Equity Incentive Plan

The Incentive Plan became effective immediately upon the closing of the business combination on August 16, 2021 and initially reserved 514,681 shares of common stock for issuance thereunder. The Incentive Plan includes an evergreen provision that provides for an annual increase in the number of shares of common stock available for issuance thereunder beginning on January 1, 2022 and ending on January 1, 2032, equal to 5% of the shares of the Company’s common stock outstanding on December 31, 2021 for the first year and by 3% of the total number of shares of common stock outstanding on December 31 of the preceding calendar year for each year thereafter, or a lesser number of shares as determined by the Board of Directors. Since January 1, 2022, the Board of Directors have authorized the addition of 954,545 shares of common stock to be added to the Incentive Plan for issuance.

Under the Incentive plan, RSU’s vest depending on their vesting schedule. For newly hired employees, RSU’s generally vest 25% during the quarterly release date following the recipient’s one year anniversary of their start date. The remaining amounts generally vest quarterly over the next three years. For existing employees, these RSUs generally vest quarterly over three years. The fair value of the RSU is equal to the fair value of the Company’s common stock on the date of grant.

As of December 31, 2023, 1,264,338 RSUs were granted to certain individuals under the Incentive Plan.

2022 Employee Stock Purchase Plan

On May 10, 2022, the Company's stockholders approved the 2022 Employee Stock Purchase Plan (the "ESPP"), authorizing 66,666 shares of common stock to be reserved for issuance under the ESPP. The number of

shares reserved and available for issuance under the ESPP shall be cumulatively increased by the 1% of the number of shares issued and outstanding on December 31 of the preceding calendar year for each year thereafter, or a lesser number of shares as determined by the Board of Directors. During 2023, the Board of Directors have authorized the addition of 54,366 shares of common stock to be added to the ESPP for issuance.

The ESPP provides an offering period of 24 months, with four purchase periods that are generally six months long and end on April 30 and October 31 of each year. The first purchase period to the Company's employees to purchase shares under the ESPP began on November 1, 2022. Each employee who is a participant in the ESPP may purchase shares by authorizing contributions at a minimum of 1% up to a maximum of 10% of his or her compensation for each pay period, to a maximum of $15 per purchase period and $25 per year, which will then be used to purchase shares on the last business day of the purchase period at a price equal to 85% of the fair market value of common stock on the offering date or the exercise date whichever is less.

During the year ended December 31, 2023, 64,773 shares were purchased under the ESPP. During the year ended December 31, 2022, no shares were purchased under the ESPP. As of December 31, 2023, the Company has withheld $58 of contributions from its employees within accrued expenses and other current liabilities on the consolidated balance sheets.

2023 CEO Inducement Grant Plan

The CEO Plan became effective on February 13, 2023 with 233,332 shares of common stock initially reserved for issuance.

In connection with the appointment of the Company's CEO on February 13, 2023, the Company granted 166,666 service-based RSUs and 66,666 market-based RSUs to the CEO. The service-based RSUs will vest over three years. The market-based RSUs would have vested quarterly over six (6) calendar quarters following the satisfaction of the market condition. The market condition would have been satisfied if the closing price of the Company's common stock, as reported by NASDAQ, met or exceeded $36.00 per share for any ten (10) consecutive trading days prior to March 1, 2024. As the market condition was not satisfied by March 1, 2024, the market-based RSUs were forfeited.

As of December 31, 2023, 233,332 RSUs were granted under the CEO Plan.

A summary of stock option activity related to the Plans as of December 31, 2023 is as follows:


	Outstanding Stock Options	Weighted Average Exercise Price		Weighted Average Contractual Life (Years)	Aggregate Intrinsic Value
Balance at December 31, 2022	846,451	$	14.94	6.45	$	2,277
Granted	—	—
Exercised	(81,814)	5.57
Forfeited	(111,937)	18.78
Expired	(363,685)	18.77
Repurchased	—	—
Balance at December 31, 2023	289,015	$	11.29	3.07	$	—
Vested and expected to vest as of December 31, 2023	289,015	$	11.29	3.07	$	—
Vested and exercisable as of December 31, 2023	281,380	$	11.09	2.97	$	—

The aggregate intrinsic value is the difference between the current fair value of the underlying common stock and the exercise price for in-the-money stock options. The Company did not grant any options during the years ended December 31, 2023 and 2022.

The following table summarizes the RSU award activity under the Plans:


	Shares	Weighted Average Grant date Fair Value per Share
Unvested at December 31, 2022	425,703	$	119.85
Granted	901,472	10.66
Forfeited	(344,061)	67.82
Vested	(330,661)	53.07
Unvested at December 31, 2023	652,453	$	30.29

The total fair value of RSUs that vested during the year ended December 31, 2023 was $3,596.

Stock-Based Compensation Expense —The following table summarizes stock-based compensation expense recorded in each financial statement line item in the Company’s consolidated statements of operations and comprehensive loss for the year ended December 31, 2023 and 2022 (in thousands):


	Twelve months ended December 31,
	2023		2022
Research and development	$	6,821	$	7,201
Sales and marketing	2,993		4,696
General and administrative	8,121		11,931
Cost of revenue	136		131
Total stock-based compensation	$	18,071	$	23,959

As of December 31, 2023, the Company had $362 of unrecognized compensation expense for related stock option grants. This cost is expected to be recognized over an estimated weighted average period of 0.79 years. The total unrecognized compensation expense for RSUs was $16,669 as of December 31, 2023 which is expected to be recognized over an estimated weighted average period of 1.93 years. The total unrecognized compensation expense for the ESPP was $458 as of December 31, 2023 which is expected to be recognized over an estimated weighted average period of 1.33 years.

The Company uses the Black-Scholes option-pricing model to estimate the grant-date fair value of ESPP purchase rights. The fair value of each of the four purchase periods is estimated separately. The Company uses the Monte-Carlo simulation model to estimate the grant date fair value of awards with a market condition. Both models require the input of subjective assumptions such as expected term, expected stock price volatility, risk-free interest rate and dividend yield as discussed below.

Expected Term—The expected term for ESPP is the length of time from the grant date to the date on which the stock is purchased by the employees. 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 at the time of the grant.

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 range of valuation assumptions used in estimating the fair value of the ESPP during the period:


	Twelve months ended December 31, 2023
Expected term (years)	0.50 -2.00
Expected volatility	107.3% - 136.0%
Risk-free interest rate	4.1% - 5.1%
Dividend yield	—	%

The following table summarizes the valuation assumptions used in estimating the fair value of awards granted during the period with a market condition:


	Twelve months ended December 31, 2023
Expected term (years)	1.05
Expected volatility	104.5	%
Risk-free interest rate	4.8	%
Dividend yield	—	%

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)		12 Months Ended
	Dec. 27, 2023	Dec. 31, 2023 USD ($) segment $ / shares	Dec. 31, 2022 USD ($) $ / shares
Organization and Summary of Significant Accounting Policies [Line Items]
Cash and cash equivalents and marketable securities		$ 36,523,000
Accumulated deficit		337,635,000	$ 250,509,000
Net loss		87,126,000	98,714,000
Net cash used in operating activities		$ 50,725,000	$ 71,649,000
Stockholders' equity note, stock split, conversion ratio	0.0333
Common stock — par value (in dollars per share) \| $ / shares		$ 0.0001	$ 0.0001
Number of reportable segments \| segment		1
Number of operating segments \| segment		1
Property and equipment, net		$ 281,000	$ 7,665,000
Restricted cash		2,150,000	2,150,000
Accounts receivable write-offs		0	0
Allowance for doubtful accounts		35,000	0
Inventory allowance		5,062,000	833,000
Impairment of long-lived assets		$ 9,988,000	$ 0
Operating lease, liability, current, statement of financial position [extensible enumeration]		Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Term of standard product warranties		1 year
Contract assets		$ 0
Interest and penalties recorded related to unrecognized tax benefits		$ 0	$ 0
Minimum
Organization and Summary of Significant Accounting Policies [Line Items]
Useful life of property and equipment		2 years
Maximum
Organization and Summary of Significant Accounting Policies [Line Items]
Useful life of property and equipment		7 years
Accounts Payable \| Supplier Concentration Risk \| Vendor Two
Organization and Summary of Significant Accounting Policies [Line Items]
Concentration risk percentage (more than)			10.00%
Accounts Payable \| Supplier Concentration Risk \| Vendor One
Organization and Summary of Significant Accounting Policies [Line Items]
Concentration risk percentage (more than)		10.00%	10.00%
Customer One \| Accounts Receivable \| Customer Concentration Risk
Organization and Summary of Significant Accounting Policies [Line Items]
Concentration risk percentage (more than)		10.00%	10.00%
Customer Two \| Accounts Receivable \| Customer Concentration Risk
Organization and Summary of Significant Accounting Policies [Line Items]
Concentration risk percentage (more than)		10.00%	10.00%
Customer Three \| Accounts Receivable \| Customer Concentration Risk
Organization and Summary of Significant Accounting Policies [Line Items]
Concentration risk percentage (more than)		10.00%	10.00%
Customer Four \| Accounts Receivable \| Customer Concentration Risk
Organization and Summary of Significant Accounting Policies [Line Items]
Concentration risk percentage (more than)		10.00%	10.00%
Letter of Credit
Organization and Summary of Significant Accounting Policies [Line Items]
Maximum capacity		$ 2,150,000

PROPERTY AND EQUIPMENT, NET - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 281	$ 10,688
Less accumulated depreciation and amortization	0	(3,023)
Property and equipment, net	281	7,665
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	171	2,528
Computers, software and related equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	26	432
Office furniture and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	24	651
Vehicles
Property, Plant and Equipment [Line Items]
Total property and equipment	60	846
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	0	4,830
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 0	$ 1,401

EMPLOYEE BENEFIT PLAN	12 Months Ended
EMPLOYEE BENEFIT PLAN	Dec. 31, 2023
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLAN	EMPLOYEE BENEFIT PLANEmployees of the Company may participate in the AEye, Inc. 401(k) Plan (the "401(k) Plan"), a defined contribution plan, which qualifies under Section 401(k) of the Internal Revenue Code. Participating employees may contribute into a traditional plan with pretax salary or into a Roth plan with after tax salary up to statutory limits. In 2023 and 2022, the 401(k) Plan provides for Company safe harbor matching contributions of 100% of the employee contribution, up to 5% of each employee's earnings, which vest upon the first day of employment. The Company made contributions of $899 and $1,177 for the years ended December 31, 2023 and 2022, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

ACCURED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities as of December 31, 2023 and 2022 were as follows (in thousands):


	As of December 31,
	2023		2022
Accrued purchases and other	$	681	$	4,092
Operating lease liabilities - current	2,415		2,455
Accrued bonuses	2,053		1,022
Accrued payroll	540		1,122
Accrued severance	402		26
Accrued payroll taxes	317		526
Warranty reserve	102		480
Income tax payable	75		41
Total accrued expenses and other current liabilities	$	6,585	$	9,764

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (Tables)

12 Months Ended

Dec. 31, 2023

Cash and Cash Equivalents [Abstract]

Schedule of Cash and Cash Equivalents

Cash, cash equivalents, and restricted cash as of December 31, 2023 and 2022 were as follows (in thousands):


	As of December 31,
	2023		2022
Cash and cash equivalents	$	16,932	$	19,064
Restricted cash	2,150		2,150
Total cash, cash equivalents, and restricted cash	$	19,082	$	21,214

Schedule of Restricted Cash

Cash, cash equivalents, and restricted cash as of December 31, 2023 and 2022 were as follows (in thousands):


	As of December 31,
	2023		2022
Cash and cash equivalents	$	16,932	$	19,064
Restricted cash	2,150		2,150
Total cash, cash equivalents, and restricted cash	$	19,082	$	21,214

LEASES (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Operating Lease Expenses and Supplemental Cash Flow Information

The components of operating lease expenses for the twelve months ended December 31, 2023 and 2022 were as follows (in thousands):


	Twelve months ended December 31,
	2023		2022
Operating lease cost	$	2,379	$	2,382
Variable lease cost	340		241
Total operating lease cost	$	2,719	$	2,623

Supplemental cash flow information for the twelve months ended December 31, 2023 and 2022 were as follows (in thousands):


	Twelve months ended December 31,
	2023		2022
Cash paid for operating leases included in operating cash flows	$	(2,500)	$	(1,341)

Schedule of Supplemental Balance Sheet Information

Supplemental balance sheet information related to operating leases as of December 31, 2023 and 2022 was as follows (in thousands):


	As of December 31,
	2023		2022
Operating lease right-of-use assets	$	11,226	$	15,502

Operating lease liabilities:
Operating lease liabilities, current	$	2,415	$	2,455
Operating lease liabilities, non-current	14,858		16,681
Total operating lease liabilities	$	17,273	$	19,136


	As of December 31,
	2023		2022
Weighted average remaining lease term (in years)	7.89		9.26
Weighted average discount rate	5.32	%	5.35	%

Schedule of Maturities of Lease Liabilities

Maturities of lease liabilities were as follows (in thousands).


Years ending - December 31:
2024	$	2,474
2025	2,484
2026	2,559
2027	2,636
2028	2,716
Thereafter	8,400
Total lease payments	21,269
Less amount to discount to present value	(3,996)
Present value of lease liabilities	$	17,273

OTHER NONCURRENT ASSETS

12 Months Ended

Dec. 31, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

OTHER NONCURRENT ASSETS

Other noncurrent assets as of December 31, 2023 and 2022 were as follows (in thousands):


	As of December 31,
	2023		2022
Non-current inventory	$	208	$	1,491
Long-term prepaid expenses	626		901
Security deposits	72		81
Total other noncurrent assets	$	906	$	2,473