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This statistic highlights Velodyne Lidar’s Revenue by segment, split across Products, and License & Services segments.
Velodyne lidar’s total revenue is bifurcated into the following two segments:
|Segments||2020 Q3||2021 Q2||2021 Q3||Contribution in Q3 2021|
|License and services||$6.00||$1.63||$1.28||9.79%|
(All figures are in millions, except percentages)
There are two reportable segments of the company: The product and the License & Services. The company’s Revenue for Q3 2021 was $13.06 million, a decrease of almost 60% year-over-year. On a quarterly basis, it decreased by 4% as compared to $13.60 million in Q2 2021.
Only when the control of products is transferred to the customer the product revenue is recognized, which is generally upon shipment. Revenue is recognized over time for custom products that require engineering and development based on customer requirements. Some of the categories in which the products are divided are: Surround lidar, Solid state sensors and software solutions.
The revenue from this segment has decreased from $26.10 million in Q3 2020 to $11.78 million in Q3 2021, decreasing by 54.8% year-over-year. It decreased by 1.5% compared to $11.27 million earned in Q2 2021.
License and Services
They also generate a portion of their revenue from intellectual property licensing, royalties and the sale of services related to product development, validation, extended warranty and product repair services. License revenue is acknowledged upon delivery of the intellectual property if there are no future obligations to perform under the arrangement.
Royalties are recognized once the sales occur or upon the satisfaction of the performance obligation while service revenue is recognized as the services are performed. As their manufacturing partners to whom they have licensed their technology start selling to customers, they expect royalty revenue to increase as a percentage of total revenue.
Velodyne Lidar’s revenue from this segment decreased by 78% in Q3 2021 on a YOY basis, from $6 million in Q3 2020. It decreased by 21.6% compared to $1.63 million earned in Q2 2021.
The reason for the decline in revenue is that the company reduced production capabilities at its manufacturing sites late in the fourth quarter of 2020 due to COVID-19, which impaired the company’s ability to fulfill certain customers’ orders in December and the ongoing evolution of product mix is also one of the reasons.
About the company
Velodyne Lidar, Inc. provides smart vision solutions related to safe automated systems throughout the world. The Company’s technology is used in various automotive and non-automotive applications and is also empowering the autonomous revolution by allowing machines to see their surroundings in real-time and in 3D.
Lidar stands “light detection and ranging”. It determines ranges by targeting an object with a laser and measuring the time for the reflected light to return to the receiver. Lidar technology has a wide variety of applications.
Headquartered in San Jose, California, Velodyne Lidar is a Silicon Valley-based lidar technology company. It ships sensors to mobility industry customers for testing and commercial use in autonomous vehicles, advanced driver assistance systems, mapping, robotics, infrastructure and smart city applications. Its revenue is divided into 3 regions: Asia Pacific, Europe, the Middle East, Africa and North America. Velodyne’s top competitors include LeddarTech, Quanergy Systems, MicroVision and Innoviz Technologies.
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