Company: LIDRW
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001437749-25-004906
Chunk: 1249

Company: AEye, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 1B
Chunk 1249
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 balance   —   (987)
 Ending balance  $—  $— 

   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.

       93

       18. 
       RESTRUCTURING 

   In 2023, the Company implemented a revised strategic plan, which focused on key products and critical customer engagements in the Automotive market, and aligned the Company's operations with evolving business needs by focusing on a transition from research and development to the commercialization of the Company's automotive products, while winding down the legacy Non-Automotive product, and reducing fixed operating costs. In  August 2024, the Company further reduced fixed operating costs and terminated its headquarters lease. See discussion in Note 6, Leases.
    
   The winding down of the Company's legacy non-Automotive product in 2023, 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 the revised strategic plan and the impairment review of long-lived assets, the Company recorded restructuring charges of $19,153 for the year 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 recorded a net gain of $368, primarily relating to the net gain on termination of lease, losses on purchase commitments and one-time termination benefits.  Restructuring-related liabilities are included in accrued expenses and other current