| Delaware (State or other jurisdiction of incorporation or organization) | | | 3559 (Primary Standard Industrial Classification Code Number) | | | 83-2044042 (I.R.S. Employer Identification No.) | |
| Large accelerated filer ☐ | | | Accelerated filer ☐ | |
| Non-accelerated filer ☒ | | | Smaller reporting company ☒ | |
| | | | Emerging growth company ☒ | |
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Title of Each Class of Securities to Be Registered | | | | Amount to be Registered(1)(2) | | | | Proposed Maximum Offering Price Per Share(3) | | | | Proposed Maximum Aggregate Offering Price(3) | | | | Amount of Registration Fee(3) | | | | | Amount to be Registered(1)(2) | | | | Proposed Maximum Offering Price Per Share(3) | | | | Proposed Maximum Aggregate Offering Price(3) | | | | Amount of Registration Fee(3) | | |||||||||||||||||||||
Class A common stock, par value $0.0001 per share | | | | 213,564,927 | | | | | $ | 20.37 | | | | | | $ | 4,349,249,739 | | | | | | $ | 474,504 | | | | | | | | 2,492,249 | | | | | | $ | 12.50 | | | | | | $ | 31,153,113 | | | | | | $ | 3,399 | | |
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| | | | F-1 | | |
| | | Year Ended December 31, | | | Nine Months Ended September 30, | | ||||||||||||||||||
(in thousands, except per share amounts) | | | 2019 | | | 2018 | | | 2020 | | | 2019 | | ||||||||||||
Statement of Operations Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Total revenues | | | | $ | 26,439 | | | | | $ | 1,034 | | | | | $ | 8,101 | | | | | $ | 20,876 | | |
Total costs | | | | | 135,484 | | | | | | 124,647 | | | | | | 73,870 | | | | | | 101,358 | | |
Loss from operations | | | | | (109,045) | | | | | | (123,613) | | | | | | (65,769) | | | | | | (80,482) | | |
Other expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | | | (503) | | | | | | (261) | | | | | | (253) | | | | | | (389) | | |
Interest and other income, net | | | | | 5,952 | | | | | | 2,535 | | | | | | 995 | | | | | | 5,102 | | |
Loss before income taxes | | | | | (103,596) | | | | | | (121,339) | | | | | | (65,027) | | | | | | (75,769) | | |
Provision for income taxes | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net loss | | | | $ | (103,596) | | | | | $ | (121,339) | | | | | $ | (65,027) | | | | | $ | (75,769) | | |
Net loss per share – basic and diluted | | | | $ | (4.43) | | | | | $ | (7.36) | | | | | $ | (2.21) | | | | | $ | (3.38) | | |
|
| | | Year Ended December 31, | | | As of September 30, 2020 | | ||||||||||||
(in thousands) | | | 2019 | | | 2018 | | ||||||||||||
Balance Sheet Data: | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 66,161 | | | | | $ | 29,043 | | | | | $ | 37,356 | | |
Working capital, net | | | | | 145,089 | | | | | | 82,638 | | | | | | 76,930 | | |
Adjusted working capital (excluding cash) | | | | | 78,928 | | | | | | 53,595 | | | | | | 39,574 | | |
Total assets | | | | | 192,711 | | | | | | 128,938 | | | | | | 127,298 | | |
Total debt | | | | | 9,972 | | | | | | 9,953 | | | | | | 9,986 | | |
Convertible preferred stock | | | | | 436,533 | | | | | | 276,889 | | | | | | 436,533 | | |
Total stockholders’ deficit | | | | | (277,462) | | | | | | (184,569) | | | | | | (338,027) | | |
| | | Year Ended December 31, | | | Nine Months Ended September 30, | | ||||||||||||||||||
(in thousands) | | | 2019 | | | 2018 | | | 2020 | | | 2019 | | ||||||||||||
Statement of Cash Flow Data: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash used in operating activities | | | | $ | (97,202) | | | | | $ | (111,002) | | | | | $ | (58,927) | | | | | $ | (74,540) | | |
Net cash (used in) provided by investing activities | | | | | (26,032) | | | | | | 39,007 | | | | | | 30,267 | | | | | | (48,685) | | |
Net cash provided by (used in) financing activities | | | | | 160,352 | | | | | | 45,426 | | | | | | (145) | | | | | | 160,250 | | |
(in thousands, except for value per share) | | | | | | | |
Total shares transferred at Closing(a) | | | | | 183,000 | | |
Value per share(b) | | | | $ | 10.00 | | |
Total Share Consideration | | | | $ | 1,830,000 | | |
in thousands | | | Shares Outstanding | | | % | | ||||||
Trine Public Shareholders | | | | | 29,989 | | | | | | 13.3% | | |
Trine Founders(A) | | | | | 5,553 | | | | | | 2.5% | | |
Trine Independent Directors | | | | | 100 | | | | | | 0.0% | | |
Total Trine | | | | | 35,642 | | | | | | 15.8% | | |
Legacy Desktop Metal(B) | | | | | 161,715 | | | | | | 72.0% | | |
PIPE Shares | | | | | 27,498 | | | | | | 12.2% | | |
Total Shares at Closing (excluding unvested Legacy Desktop Metal and earn out shares) | | | | | 224,855 | | | | | | 100% | | |
Legacy Desktop Metal – Remaining Consideration Shares(B) | | | | | 21,285 | | | | | | | | |
Other – Earn Out Shares(A) | | | | | 1,851 | | | | | | | | |
Total Shares at Closing (including unvested Legacy Desktop Metal and earn out shares) | | | | | 247,991 | | | | | | | | |
| | | As of September 30, 2020 | | | Transaction Accounting Adjustments | | | | | | | | | As of September 30, 2020 | | |||||||||||||||
| | | Trine (Historical) (US GAAP) | | | Legacy Desktop Metal (Historical) (US GAAP) | | | Pro Forma Combined | | |||||||||||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 88 | | | | | $ | 37,356 | | | | | $ | 305,350 | | | | | | (A) | | | | | $ | 566,731 | | |
| | | | | | | | | | | | | | | | | (10,130) | | | | | | (B) | | | | | | | | |
| | | | | | | | | | | | | | | | | (40,681) | | | | | | (B) | | | | | | | | |
| | | | | | | | | | | | | | | | | 274,975 | | | | | | (C) | | | | | | | | |
| | | | | | | | | | | | | | | | | 215 | | | | | | (D) | | | | | | | | |
| | | | | | | | | | | | | | | | | (140) | | | | | | (M) | | | | | | | | |
| | | | | | | | | | | | | | | | | (265) | | | | | | (N) | | | | | | | | |
| | | | | | | | | | | | | | | | | (37) | | | | | | (E) | | | | | | | | |
Short-term investments | | | | | — | | | | | | 53,180 | | | | | | | | | | | | | | | | | | 53,180 | | |
Accounts receivable, net | | | | | — | | | | | | 1,642 | | | | | | | | | | | | | | | | | | 1,642 | | |
Inventory | | | | | — | | | | | | 10,363 | | | | | | | | | | | | | | | | | | 10,363 | | |
Prepaid expenses and other current assets | | | | | 81 | | | | | | 806 | | | | | | 243 | | | | | | (F) | | | | | | 1,130 | | |
Prepaid income taxes | | | | | 243 | | | | | | — | | | | | | (243) | | | | | | (F) | | | | | | — | | |
Total current assets | | | | | 412 | | | | | | 103,347 | | | | | | 529,287 | | | | | | | | | | | | 633,046 | | |
Restricted cash | | | | | — | | | | | | 612 | | | | | | | | | | | | | | | | | | 612 | | |
Property and equipment – net | | | | | — | | | | | | 13,601 | | | | | | | | | | | | | | | | | | 13,601 | | |
Capitalized software, net | | | | | — | | | | | | 357 | | | | | | | | | | | | | | | | | | 357 | | |
Right-of-use assets | | | | | — | | | | | | 1,935 | | | | | | | | | | | | | | | | | | 1,935 | | |
Security deposit | | | | | 24 | | | | | | — | | | | | | | | | | | | | | | | | | 24 | | |
Goodwill | | | | | — | | | | | | 2,252 | | | | | | | | | | | | | | | | | | 2,252 | | |
Acquired technology, net | | | | | — | | | | | | 2,453 | | | | | | | | | | | | | | | | | | 2,453 | | |
Deferred transaction costs | | | | | — | | | | | | 2,741 | | | | | | (2,741) | | | | | | (B) | | | | | | — | | |
Marketable securities held in Trust Account | | | | | 305,410 | | | | | | — | | | | | | (305,350) | | | | | | (A) | | | | | | — | | |
| | | | | | | | | | | | | | | | | (60) | | | | | | (E) | | | | | | | | |
Total assets | | | | $ | 305,846 | | | | | $ | 127,298 | | | | | $ | 221,136 | | | | | | | | | | | $ | 654,280 | | |
|
| | | As of September 30, 2020 | | | Transaction Accounting Adjustments | | | | | | | | | As of September 30, 2020 | | |||||||||||||||
| | | Trine (Historical) (US GAAP) | | | Legacy Desktop Metal (Historical) (US GAAP) | | | Pro Forma Combined | | |||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | | | | — | | | | | | 6,604 | | | | | | 3 | | | | | | (F) | | | | | | 3,360 | | |
| | | | | | | | | | | | | | | | | (1) | | | | | | (E) | | | | | | | | |
| | | | | | | | | | | | | | | | | (3,246) | | | | | | (B) | | | | | | | | |
Accounts payable and accrued expenses | | | | | 2,676 | | | | | | — | | | | | | (2,676) | | | | | | (F) | | | | | | — | | |
Customer deposits | | | | | — | | | | | | 1,778 | | | | | | | | | | | | | | | | | | 1,778 | | |
Convertible promissory note – related party | | | | | 1,285 | | | | | | — | | | | | | 215 | | | | | | (D) | | | | | | — | | |
| | | | | | | | | | | | | | | | | (1,500) | | | | | | (D) | | | | | | | | |
Current portion of operating lease liability | | | | | — | | | | | | 858 | | | | | | | | | | | | | | | | | | 858 | | |
Accrued expenses and other current liabilities | | | | | — | | | | | | 6,055 | | | | | | 2,673 | | | | | | (F) | | | | | | 5,563 | | |
| | | | | | | | | | | | | | | | | (2,788) | | | | | | (B) | | | | | | | | |
| | | | | | | | | | | | | | | | | (96) | | | | | | (E) | | | | | | | | |
| | | | | | | | | | | | | | | | | (281) | | | | | | (G) | | | | | | | | |
Deferred revenue | | | | | | | | | | | 1,136 | | | | | | | | | | | | | | | | | | 1,136 | | |
Current portion of long-term debt, net of deferred financing costs | | | | | — | | | | | | 9,986 | | | | | | | | | | | | | | | | | | 9,986 | | |
Total current liabilities | | | | | 3,961 | | | | | | 26,417 | | | | | | (7,697) | | | | | | | | | | | | 22,681 | | |
Lease liability, net of current portion | | | | | — | | | | | | 2,375 | | | | | | | | | | | | | | | | | | 2,375 | | |
Deferred underwriting fee payable | | | | | 10,505 | | | | | | — | | | | | | (10,505) | | | | | | (B) | | | | | | — | | |
Total liabilities | | | | | 14,466 | | | | | | 28,792 | | | | | | (18,202) | | | | | | | | | | | | 25,056 | | |
Commitments and Contingences | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common stock subject to possible redemption | | | | | 286,380 | | | | | | — | | | | | | (286,380) | | | | | | (H) | | | | | | — | | |
Convertible Preferred Stock | | | | | — | | | | | | 436,533 | | | | | | (436,533) | | | | | | (I) | | | | | | — | | |
Stockholders’ Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock | | | | | — | | | | | | 3 | | | | | | (3) | | | | | | (I) | | | | | | — | | |
Class A Common Stock (includes unvested 328,910 shares of restricted stock) | | | | | — | | | | | | — | | | | | | 3 | | | | | | (H) | | | | | | 22 | | |
| | | | | | | | | | | | | | | | | 16 | | | | | | (I) | | | | | | | | |
| | | | | | | | | | | | | | | | | 3 | | | | | | (C) | | | | | | | | |
| | | | | | | | | | | | | | | | | 1 | | | | | | (J) | | | | | | | | |
| | | | | | | | | | | | | | | | | (1) | | | | | | (J) | | | | | | | | |
| | | | | | | | | | | | | | | | | — | | | | | | (N) | | | | | | | | |
Class B Common Stock | | | | | 1 | | | | | | — | | | | | | (1) | | | | | | (J) | | | | | | — | | |
Additional paid in capital | | | | | 5,215 | | | | | | 21,254 | | | | | | 286,377 | | | | | | (H) | | | | | | 995,751 | | |
| | | | | | | | | | | | | | | | | 274,972 | | | | | | (C) | | | | | | | | |
| | | | | | | | | | | | | | | | | (29,828) | | | | | | (B) | | | | | | | | |
| | | As of September 30, 2020 | | | Transaction Accounting Adjustments | | | | | | | | | As of September 30, 2020 | | |||||||||||||||
| | | Trine (Historical) (US GAAP) | | | Legacy Desktop Metal (Historical) (US GAAP) | | | Pro Forma Combined | | |||||||||||||||||||||
| | | | | | | | | | | | | | | | | 436,520 | | | | | | (I) | | | | | | | | |
| | | | | | | | | | | | | | | | | (216) | | | | | | (K) | | | | | | | | |
| | | | | | | | | | | | | | | | | 1 | | | | | | (J) | | | | | | | | |
| | | | | | | | | | | | | | | | | 221 | | | | | | (L) | | | | | | | | |
| | | | | | | | | | | | | | | | | 1,500 | | | | | | (D) | | | | | | | | |
| | | | | | | | | | | | | | | | | (265) | | | | | | (N) | | | | | | | | |
Retained earnings (deficit) | | | | | (216) | | | | | | (359,289) | | | | | | (7,185) | | | | | | (B) | | | | | | (366,554) | | |
| | | | | | | | | | | | | | | | | 281 | | | | | | (G) | | | | | | | | |
| | | | | | | | | | | | | | | | | 216 | | | | | | (K) | | | | | | | | |
| | | | | | | | | | | | | | | | | (221) | | | | | | (L) | | | | | | | | |
| | | | | | | | | | | | | | | | | (140) | | | | | | (M) | | | | | | | | |
Accumulated other comprehensive gain | | | | | — | | | | | | 5 | | | | | | | | | | | | | | | | | | 5 | | |
Total Stockholders’ Equity | | | | | 5,000 | | | | | | (338,027) | | | | | | 962,251 | | | | | | | | | | | | 629,224 | | |
Total Liabilities, Convertible Preferred Stock and Stockholders’ Equity | | | | $ | 305,846 | | | | | $ | 127,298 | | | | | $ | 221,136 | | | | | | | | | | | $ | 654,280 | | |
|
| | | For the Nine Months Ended September 30, 2020 | | | Transaction Accounting Adjustments | | | | | | | | | For the Nine Months Ended September 30, 2020 | | |||||||||||||||
| | | Trine (Historical) (US GAAP) | | | Legacy Desktop Metal (Historical) (US GAAP) | | | Pro Forma Combined | | |||||||||||||||||||||
Revenue | | | | $ | — | | | | | $ | 8,101 | | | | | | | | | | | | | | | | | $ | 8,101 | | |
Cost of sales | | | | | — | | | | | | 21,510 | | | | | | | | | | | | | | | | | | 21,510 | | |
Gross Margin | | | | | — | | | | | | (13,409) | | | | | | — | | | | | | | | | | | | (13,409) | | |
Operating costs | | | | | 4,048 | | | | | | — | | | | | | (315) | | | | | | (AA) | | | | | | 3,733 | | |
Research and development | | | | | — | | | | | | 31,362 | | | | | | | | | | | | | | | | | | 31,362 | | |
Sales and marketing | | | | | — | | | | | | 9,994 | | | | | | | | | | | | | | | | | | 9,994 | | |
General and administration | | | | | — | | | | | | 11,004 | | | | | | | | | | | | | | | | | | 11,004 | | |
Total operating expenses | | | | | 4,048 | | | | | | 52,360 | | | | | | (315) | | | | | | | | | | | | 56,093 | | |
Loss from operations | | | | | (4,048) | | | | | | (65,769) | | | | | | 315 | | | | | | | | | | | | (69,502) | | |
Interest expense | | | | | — | | | | | | (253) | | | | | | | | | | | | | | | | | | (253) | | |
Interest and other income, net | | | | | — | | | | | | 995 | | | | | | | | | | | | | | | | | | 995 | | |
Interest income | | | | | 1,110 | | | | | | — | | | | | | (1,110) | | | | | | (BB) | | | | | | — | | |
Income (loss) before income taxes | | | | | (2,938) | | | | | | (65,027) | | | | | | (795) | | | | | | | | | | | | (68,760) | | |
Provision for income taxes | | | | | 36 | | | | | | — | | | | | | (36) | | | | | | (CC) | | | | | | — | | |
Net Income (loss) | | | | $ | (2,902) | | | | | $ | (65,027) | | | | | $ | (831) | | | | | | | | | | | $ | (68,760) | | |
Basic and diluted net loss per common share | | | | $ | (0.42) | | | | | | | | | | | | | | | | | | | | | | | $ | (0.31) | | |
Weighted average shares outstanding, basic and diluted | | | | | 9,054,242 | | | | | | | | | | | | | | | | | | | | | | | | 224,525,194 | | |
| | | For the Year Ended December 31, 2019 | | | Transaction Accounting Adjustments | | | | | | | | | For the Year Ended December 31, 2019 | | |||||||||||||||
| | | Trine (Historical) (US GAAP) | | | Legacy Desktop Metal (Historical) (US GAAP) | | | Pro Forma Combined | | |||||||||||||||||||||
Revenue | | | | $ | — | | | | | $ | 26,439 | | | | | | | | | | | | | | | | | $ | 26,439 | | |
Cost of sales | | | | | — | | | | | | 50,796 | | | | | | | | | | | | | | | | | | 50,796 | | |
Gross Margin | | | | | — | | | | | | (24,357) | | | | | | — | | | | | | | | | | | | (24,357) | | |
Operating costs | | | | | 1,857 | | | | | | — | | | | | | (333) | | | | | | (AA) | | | | | | 1,524 | | |
Research and development | | | | | — | | | | | | 54,656 | | | | | | | | | | | | | | | | | | 54,656 | | |
Sales and marketing | | | | | — | | | | | | 18,749 | | | | | | | | | | | | | | | | | | 18,749 | | |
General and administration | | | | | — | | | | | | 11,283 | | | | | | | | | | | | | | | | | | 11,283 | | |
Total operating expenses | | | | | 1,857 | | | | | | 84,688 | | | | | | (333) | | | | | | | | | | | | 86,212 | | |
Loss from operations | | | | | (1,857) | | | | | | (109,045) | | | | | | 333 | | | | | | | | | | | | (110,569) | | |
Interest expense | | | | | — | | | | | | (503) | | | | | | | | | | | | | | | | | | (503) | | |
Interest and other income, net | | | | | — | | | | | | 5,952 | | | | | | — | | | | | | | | | | | | 5,952 | | |
Interest income | | | | | 5,142 | | | | | | — | | | | | | (5,142) | | | | | | (BB) | | | | | | — | | |
Unrealized gain on marketable securities held in Trust Account | | | | | 170 | | | | | | — | | | | | | (170) | | | | | | (BB) | | | | | | — | | |
Income (loss) before income taxes | | | | | 3,455 | | | | | | (103,596) | | | | | | (4,979) | | | | | | | | | | | | (105,120) | | |
Provision for income taxes | | | | | (726) | | | | | | — | | | | | | 726 | | | | | | (CC) | | | | | | — | | |
Net Income (loss) | | | | $ | 2,729 | | | | | $ | (103,596) | | | | | $ | (4,253) | | | | | | | | | | | $ | (105,120) | | |
Basic and diluted net loss per common share | | | | $ | (0.18) | | | | | | | | | | | | | | | | | | | | | | | $ | (0.47) | | |
Weighted average shares outstanding, basic and diluted | | | | | 8,348,930 | | | | | | | | | | | | | | | | | | | | | | | | 224,525,194 | | |
(in thousands, except share and per share data) | | | Nine Months Ended September 30, 2020 | | | Year Ended December 31, 2019 | | ||||||
Pro forma net loss | | | | $ | (68,760) | | | | | $ | (105,120) | | |
Pro forma weighted average shares outstanding – basic and diluted | | | | | 224,525,194 | | | | | | 224,525,194 | | |
Pro forma net loss per share – basic and diluted | | | | $ | (0.31) | | | | | $ | (0.47) | | |
Pro forma weighted average shares outstanding – basic and diluted | | | | | | | | | | | | | |
Trine Public Shareholders | | | | | 29,988,951 | | | | | | 29,988,951 | | |
Trine Founders | | | | | 5,552,813 | | | | | | 5,552,813 | | |
Trine Independent Directors | | | | | 100,000 | | | | | | 100,000 | | |
Total Trine | | | | | 35,641,764 | | | | | | 35,641,764 | | |
Legacy Desktop Metal(1) | | | | | 161,385,931 | | | | | | 161,385,931 | | |
PIPE share holders | | | | | 27,497,500 | | | | | | 27,497,500 | | |
Pro forma weighted average shares outstanding – basic and diluted(2) | | | | | 224,525,194 | | | | | | 224,525,194 | | |
| | | As of September 30, 2020 | | | | | | | | | | | | As of September 30, 2020 | | ||||||||||||
| | | Desktop Metal, Trine Pro Forma Combined (Historical) (US GAAP) | | | EnvisionTEC (Historical) (US GAAP | | | Transaction Accounting Adjustments | | | (Note 4 References) | | | Pro Forma Combined | | ||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 566,731 | | | | | $ | 24,987 | | | | | $ | (150,000) | | | | A | | | | $ | 441,718 | | |
Short-term investments | | | | | 53,180 | | | | | | — | | | | | | — | | | | | | | | | 53,180 | | |
Accounts receivable, net of allowance for doubtful accounts $1.3 million | | | | | 1,642 | | | | | | 5,480 | | | | | | — | | | | | | | | | 7,122 | | |
Inventory | | | | | 10,363 | | | | | | 8,973 | | | | | | — | | | | | | | | | 19,336 | | |
Prepaid expenses and other current assets | | | | | 1,130 | | | | | | 1,083 | | | | | | — | | | | | | | | | 2,213 | | |
Total current assets | | | | | 633,046 | | | | | | 40,523 | | | | | | (150,000) | | | | | | | | | 523,569 | | |
Restricted cash | | | | | 612 | | | | | | — | | | | | | — | | | | | | | | | 612 | | |
Property, plant and equipment, net | | | | | 13,601 | | | | | | 1,676 | | | | | | — | | | | | | | | | 15,277 | | |
Related party loan receivable | | | | | — | | | | | | 1,980 | | | | | | — | | | | | | | | | 1,980 | | |
Capitalized software, net | | | | | 357 | | | | | | — | | | | | | — | | | | | | | | | 357 | | |
Right-of-use assets | | | | | 1,935 | | | | | | — | | | | | | 911 | | | | G | | | | | 2,846 | | |
Security deposit | | | | | 24 | | | | | | | | | | | | | | | | | | | | | 24 | | |
Goodwill | | | | | 2,252 | | | | | | — | | | | | | 145,898 | | | | A | | | | | 148,150 | | |
Intangible assets, net | | | | | 2,453 | | | | | | 557 | | | | | | 123,043 | | | | C | | | | | 126,053 | | |
Deferred transaction costs | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | |
Total Assets | | | | $ | 654,280 | | | | | $ | 44,736 | | | | | $ | 119,852 | | | | | | | | $ | 818,868 | | |
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts Payable | | | | $ | 3,360 | | | | | $ | 1,580 | | | | | $ | — | | | | | | | | $ | 4,940 | | |
Customer deposits | | | | | 1,778 | | | | | | — | | | | | | — | | | | | | | | | 1,778 | | |
Current portion of operating lease liability | | | | | 858 | | | | | | — | | | | | | 505 | | | | G | | | | | 1,363 | | |
Accrued expenses and other current liabilities | | | | | 5,563 | | | | | | 2,943 | | | | | | 10,287 | | | | F | | | | | 18,793 | | |
Deferred revenue | | | | | 1,136 | | | | | | 2,042 | | | | | | (379) | | | | H, I | | | | | 2,799 | | |
Current portion of long-term debt, net of deferred financing costs | | | | | 9,986 | | | | | | 200 | | | | | | (200) | | | | D | | | | | 9,986 | | |
Total current liabilities | | | | | 22,681 | | | | | | 6,765 | | | | | | 10,213 | | | | | | | | | 39,659 | | |
| | | Desktop Metal (Historical) | | | EnvisionTEC (Historical) | | | Transaction Accounting Adjustments | | | Note References | | | Pro Forma Combined | | ||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Products | | | | $ | 13,718 | | | | | $ | 40,874 | | | | | $ | — | | | | | | | | $ | 54,592 | | |
Services | | | | | 2,752 | | | | | | 1,258 | | | | | | (192) | | | | 4(e) | | | | | 3,818 | | |
Total revenues | | | | | 16,470 | | | | | | 42,132 | | | | | | (192) | | | | | | | | | 58,410 | | |
Cost of sales | | | | | | | | | | | | | | | | | — | | | | | | | | | — | | |
Products | | | | | 26,945 | | | | | | 18,378 | | | | | | 9,806 | | | | 4(a). 4(c) 4(d) | | | | | 55,129 | | |
Services | | | | | 4,574 | | | | | | 151 | | | | | | — | | | | | | | | | 4,725 | | |
Total cost of sales | | | | | 31,519 | | | | | | 18,529 | | | | | | 9,806 | | | | | | | | | 59,854 | | |
Gross margin | | | | | (15,049) | | | | | | 23,603 | | | | | | (9,998) | | | | | | | | | (1,444) | | |
Operating expenses: | | | | | | | | | | | | | | | | | — | | | | | | | | | — | | |
Research and development | | | | | 43,136 | | | | | | 4,270 | | | | | | 9 | | | | 4(c) | | | | | 47,415 | | |
Sales and marketing | | | | | 13,136 | | | | | | 3,087 | | | | | | 5,111 | | | | 4(a). 4(c) | | | | | 21,334 | | |
General and administrative | | | | | 20,734 | | | | | | 5,755 | | | | | | 671 | | | | 4(a), 4(c) | | | | | 27,160 | | |
Total Operating Expenses | | | | | 77,006 | | | | | | 13,112 | | | | | | 5,791 | | | | | | | | | 95,909 | | |
Profit/(Loss) from Operations | | | | | (92,055) | | | | | | 10,491 | | | | | | (15,789) | | | | | | | | | (97,353) | | |
Change in fair value of warrant liability | | | | | 56,417 | | | | | | — | | | | | | — | | | | | | | | | 56,417 | | |
Interest expense | | | | | (328) | | | | | | — | | | | | | — | | | | | | | | | (328) | | |
Interest and other income, net | | | | | 1,011 | | | | | | 755 | | | | | | — | | | | | | | | | 1,766 | | |
Profit/(Loss) before income taxes | | | | | (34,955) | | | | | | 11,246 | | | | | | (15,789) | | | | | | | | | (39,498) | | |
Income tax benefit | | | | | 940 | | | | | | (380) | | | | | | 27,920 | | | | 4(b) | | | | | 28,480 | | |
Net Profit/(Loss) | | | | $ | (34,015) | | | | | $ | 10,866 | | | | | $ | 12,131 | | | | | | | | $ | (11,018) | | |
Shares used to compute earnings per share – basic and diluated | | | | | 157,906 | | | | | | — | | | | | | 5,036 | | | | | | | | | 162,942 | | |
Net Profit/Loss per share – basic and diluted | | | | $ | (0.22) | | | | | $ | — | | | | | $ | — | | | | | | | | $ | (0.07) | | |
| | | As of September 30, 2020 | | | | | | | | | | | | As of September 30, 2020 | | ||||||||||||
| | | Desktop Metal, Trine Pro Forma Combined (Historical) (US GAAP) | | | EnvisionTEC (Historical) (US GAAP | | | Transaction Accounting Adjustments | | | (Note 4 References) | | | Pro Forma Combined | | ||||||||||||
Long-term debt, net of deferred financing costs | | | | | — | | | | | | 1,176 | | | | | | — | | | | | | | | | 1,176 | | |
Deferred tax liability | | | | | — | | | | | | — | | | | | | 5,936 | | | | E | | | | | 5,936 | | |
Lease liability, net of current portion | | | | | 2,375 | | | | | | — | | | | | | 406 | | | | G | | | | | 2,781 | | |
Total liabilities | | | | | 25,056 | | | | | | 7,941 | | | | | | 16,555 | | | | | | | | | 49,552 | | |
Commitments and contingencies | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | |
Convertible Preferred Stock | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | |
Shareholders’ Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Stock | | | | | — | | | | | | 443 | | | | | | (443) | | | | B | | | | | — | | |
Class A Common Stock (includes unvested 328,910 shares of restricted stock) | | | | | 22 | | | | | | — | | | | | | — | | | | | | | | | 22 | | |
Additional paid-in capital | | | | | 995,751 | | | | | | — | | | | | | 150,000 | | | | A | | | | | 1,145,751 | | |
Accumulated deficit | | | | | (366,554) | | | | | | 38,588 | | | | | | (48,496) | | | | B, F, H, I | | | | | (376,462) | | |
Accumulated other comprehensive income | | | | | 5 | | | | | | (2,236) | | | | | | 2,236 | | | | B | | | | | 5 | | |
Total Stockholders’ Equity | | | | | 629,224 | | | | | | 36,795 | | | | | | 103,297 | | | | | | | | | 769,316 | | |
Total Liabilities, Convertible Preferred Stock and Stockholders’ Equity | | | | $ | 654,280 | | | | | $ | 44,736 | | | | | $ | 119,852 | | | | | | | | $ | 818,868 | | |
|
| | For the Year Ended December 31, 2019 | | | | | | | | | For the Year Ended December 31, 2019 | | ||||||||||||||||||||||||||||||||||||||||||||
| | Desktop Metal, Trine Pro Forma Combined (Historical) (US GAAP) | | EnvisionTEC (Historical) (US GAAP | | Transaction Accounting Adjustments | | (Note References) | | Pro Forma Combined | | | Desktop Metal(A) | | EnvisionTEC (Historical) January 1, 2021 to February 15, 2021(B) | | Transaction Accounting Adjustments | | Note References | | Pro Forma Combined | | ||||||||||||||||||||||||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Products | | | $ | 22,758 | | | | $ | 34,582 | | | | $ | (330) | | | 4(a) | | | $ | 57,010 | | | | | $ | 10,311 | | | | $ | 3,239 | | | | $ | — | | | | | | $ | 13,550 | | | ||||||||||
Services | | | | 3,681 | | | | | — | | | | | — | | | | | | | 3,681 | | | | | | 1,002 | | | | | 57 | | | | | (1) | | | 4(e) | | | | 1,058 | | | ||||||||||
Total revenues | | | $ | 26,439 | | | | $ | 34,582 | | | | $ | (330) | | | | | | $ | 60,691 | | | | | | 11,313 | | | | | 3,296 | | | | | (1) | | | | | | | 14,608 | | | ||||||||||
Cost of sales | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Products | | | | 45,268 | | | | | 20,825 | | | | | 4,569 | | | 4(b) | | | | 70,662 | | | | | | 10,487 | | | | | 4,246 | | | | | 288 | | | 4(a). 4(c) 4(d) | | | | 15,021 | | | ||||||||||
Services | | | | 5,528 | | | | | — | | | | | — | | | | | | | 5,528 | | | | | | 1,413 | | | | | 32 | | | | | — | | | | | | | 1,445 | | | ||||||||||
Total cost of sales | | | | 50,796 | | | | | 20,825 | | | | | 4,569 | | | | | | | 76,190 | | | | | | 11,900 | | | | | 4,278 | | | | | 288 | | | | | | | 16,466 | | | ||||||||||
Gross margin | | | | (24,357) | | | | | 13,757 | | | | | (4,899) | | | | | | | (15,499) | | | | | | (587) | | | | | (982) | | | | | (289) | | | | | | | (1,858) | | | ||||||||||
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Research and development | | | | 54,656 | | | | | 4,755 | | | | | 4,520 | | | 4(b) | | | | 63,931 | | | | | | 10,858 | | | | | 515 | | | | | 6 | | | 4(c) | | | | 11,379 | | | ||||||||||
Sales and marketing | | | | 18,749 | | | | | 5,005 | | | | | 4,296 | | | 4(b),4(c) | | | | 28,050 | | | | | | 5,449 | | | | | 513 | | | | | 665 | | | 4(a). 4(c) | | | | 6,627 | | | ||||||||||
General and administrative | | | | 12,807 | | | | | 4,834 | | | | | 10,903 | | | 4(b),4(d) | | | | 28,544 | | | | | | 13,846 | | | | | 1,571 | | | | | 105 | | | 4(a), 4(c) | | | | 15,522 | | | ||||||||||
Total Operating Expenses | | | | 86,212 | | | | | 14,594 | | | | | 19,719 | | | | | | | 120,525 | | | | | | 30,153 | | | | | 2,599 | | | | | 776 | | | | | | | 33,528 | | | ||||||||||
Profit/(Loss) from Operations | | | | (110,569) | | | | | (837) | | | | | (24,618) | | | | | | | (136,024) | | | |||||||||||||||||||||||||||||||||
Loss from Operations | | | | (30,740) | | | | | (3,581) | | | | | (1,065) | | | | | | | (35,386) | | | |||||||||||||||||||||||||||||||||
Change in fair value of warrant liability | | | | (56,576) | | | | | — | | | | | — | | | | | | | (56,576) | | | |||||||||||||||||||||||||||||||||
Interest expense | | | | (503) | | | | | — | | | | | — | | | | | | | (503) | | | | | | (73) | | | | | — | | | | | — | | | | | | | (73) | | | ||||||||||
Interest and other income, net | | | | 5,952 | | | | | 302 | | | | | — | | | | | | | 6,254 | | | | | | 361 | | | | | 152 | | | | | — | | | | | | | 513 | | | ||||||||||
Profit/(Loss) before income taxes | | | $ | (105,120) | | | | $ | (535) | | | | $ | (24,618) | | | | | | $ | (130,273) | | | |||||||||||||||||||||||||||||||||
Provision for income taxes | | | | — | | | | | (22) | | | | | 1,191 | | | 4(e) | | | | 1,169 | | | |||||||||||||||||||||||||||||||||
Net Profit/(Loss) | | | $ | (105,120) | | | | $ | (557) | | | | $ | (23,427) | | | | | | $ | (129,104) | | | |||||||||||||||||||||||||||||||||
Loss before income taxes | | | | (87,028) | | | | | (3,429) | | | | | (1,065) | | | | | | | (91,522) | | | |||||||||||||||||||||||||||||||||
Income tax benefit | | | | 27,920 | | | | | (58) | | | | | (27,920) | | | 4(b) | | | | (58) | | | |||||||||||||||||||||||||||||||||
Net Loss | | | $ | (59,108) | | | | $ | (3,487) | | | | $ | (28,985) | | | | | | $ | (91,580) | | | |||||||||||||||||||||||||||||||||
Shares used to compute earnings per share – basic and diluted | | | | 23,379 | | | | $ | — | | | | | 8,038 | | | 5 | | | | 31,417 | | | | | | 238,244 | | | | | — | | | | | 2,490 | | | | | | | 240,734 | | | ||||||||||
Net Loss per share – basic and diluted | | | $ | (4.50) | | | | $ | — | | | | $ | — | | | | | | $ | (4.11) | | | |||||||||||||||||||||||||||||||||
Other Comprehensive Profit/Loss | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||
Unrealized gain on available-for-sale marketable securities | | | | 171 | | | | | — | | | | | — | | | | | | | 171 | | | |||||||||||||||||||||||||||||||||
Foreign currency translation | | | | — | | | | | (879) | | | | | — | | | | | | | (879) | | | |||||||||||||||||||||||||||||||||
Total Comprehensive Profit/Loss, net of taxes | | | $ | (104,949) | | | | $ | (1,436) | | | | $ | (23,427) | | | | | | $ | (129,812) | | | |||||||||||||||||||||||||||||||||
Net Profit/Loss per share – basic and diluted | | | $ | (0.25) | | | | $ | — | | | | $ | — | | | | | | $ | (0.38) | | |
| | | For the Nine Months Ended September 30, 2020 | | | | | | | | | | | | For the Nine Months Ended September 30, 2020 | | ||||||||||||
| | | Desktop Metal, Trine Pro Forma Combined (Historical) (US GAAP) | | | EnvisionTEC (Historical) (US GAAP | | | Transaction Accounting Adjustments | | | (Note References) | | | Pro Forma Combined | | ||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Products | | | | $ | 6,113 | | | | | $ | 32,611 | | | | | $ | (202) | | | | 4(a) | | | | $ | 38,522 | | |
Services | | | | | 1,988 | | | | | | — | | | | | | — | | | | | | | | | 1,988 | | |
Total revenues | | | | $ | 8,101 | | | | | $ | 32,611 | | | | | $ | (202) | | | | | | | | $ | 40,510 | | |
Cost of sales | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Products | | | | | 18,145 | | | | | | 13,557 | | | | | | 3,427 | | | | 4(b) | | | | | 35,129 | | |
Services | | | | | 3,365 | | | | | | — | | | | | | — | | | | | | | | | 3,365 | | |
Total cost of sales | | | | | 21,510 | | | | | | 13,557 | | | | | | 3,427 | | | | | | | | | 38,494 | | |
Gross margin | | | | | (13,409) | | | | | | 19,054 | | | | | | (3,629) | | | | | | | | | 2,016 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development | | | | | 31,362 | | | | | | 3,186 | | | | | | 3,390 | | | | 4(b) | | | | | 37,938 | | |
Sales and marketing | | | | | 9,994 | | | | | | 1,253 | | | | | | 3,240 | | | | 4(b),4(c) | | | | | 14,487 | | |
General and administrative | | | | | 14,737 | | | | | | 4,636 | | | | | | 461 | | | | 4(b) | | | | | 19,834 | | |
Total Operating Expenses | | | | | 56,093 | | | | | | 9,075 | | | | | | 7,091 | | | | | | | | | 72,259 | | |
Profit/(Loss) from Operations | | | | | (69,502) | | | | | | 9,979 | | | | | | (10,720) | | | | | | | | | (70,243) | | |
Interest expense | | | | | (253) | | | | | | — | | | | | | — | | | | | | | | | (253) | | |
Interest and other income, net | | | | | 995 | | | | | | 511 | | | | | | — | | | | | | | | | 1,506 | | |
Profit/(Loss) before income taxes | | | | $ | (68,760) | | | | | $ | 10,490 | | | | | $ | (10,720) | | | | | | | | $ | (68,990) | | |
Provision for income taxes | | | | | — | | | | | | (420) | | | | | | 519 | | | | 4(e) | | | | | 99 | | |
Net Profit/(Loss) | | | | $ | (68,760) | | | | | $ | 10,070 | | | | | $ | (10,201) | | | | | | | | $ | (68,891) | | |
Shares used to compute earnings per share – basic and diluted | | | | | 29,457 | | | | | | — | | | | | | 8,038 | | | | 5 | | | | | 37,495 | | |
Net Loss per share – basic and diluted | | | | $ | (2.33) | | | | | $ | — | | | | | $ | — | | | | | | | | $ | (1.84) | | |
Other Comprehensive Profit/Loss, net of taxes | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Unrealized gain on available-for-sale marketable securities | | | | | (70) | | | | | | — | | | | | | — | | | | | | | | | (70) | | |
Foreign currency translation | | | | | — | | | | | | 1,348 | | | | | | — | | | | | | | | | 1,348 | | |
Total Comprehensive Profit/Loss, net of taxes | | | | $ | (68,830) | | | | | $ | 11,418 | | | | | $ | (10,201) | | | | | | | | $ | (67,613) | | |
| Amount (In thousands) | | | Presentation in EnvisionTEC’s Financial Statements | | | Presentation in Unaudited Pro Forma Condensed Combined Financial Information | |
| $40,874 | | | Net revenue | | | Revenues – Products | |
| 1,258 | | | Net revenue | | | Revenues – Services | |
| 18,378 | | | Cost of goods sold | | | Cost of sales – Products | |
| 151 | | | Cost of goods sold | | | Cost of sales – Services | |
| 3,087 | | | Selling, general and administrative | | | Sales and marketing | |
| 5,755 | | | Selling, general and administrative | | | General and administrative | |
| 755 | | | Other income | | | Interest and other income, net | |
| | | September 30, 2020 | | |||
Cash consideration | | | | $ | 150,000 | | |
Issuance of Desktop Metal shares | | | | | 150,000 | | |
Total purchase price | | | | $ | 300,000 | | |
| | | | | | | | | September 30, 2020 | | | | | |||
Net book value of net assets acquired | | | | | | | | | | $ | 36,795 | | | | ||
Adjustments to: | | | | | | | | | | | | | | | ||
Intangible assets | | | | | C | | | | | | 123,043 | | | | ||
Deferred tax | | | | | E | | | | | | (5,936) | | | | ||
Extinguishment of related party loan | | | | | D | | | | | | 200 | | | | ||
Goodwill | | | | | | | | | | | 145,898 | | | | ||
Total estimated consideration | | | | | | | | | | $ | 300,000 | | | |
Description | | | Estimated Useful Life | | | Estimated Fair Value | | | Balance Sheet Classification | | ||||||
Customer relationships | | | | | 10 | | | | | $ | 42,500 | | | | Intangible assets, net | |
Acquired technology | | | | | 8 | | | | | | 73,100 | | | | Intangible assets, net | |
Trade name | | | | | 13 | | | | | | 8,000 | | | | Intangible assets, net | |
Total identifiable intangible assets | | | | | | | | | | | 123,600 | | | | | |
Historical EnvisionTEC acquired technology | | | | | | | | | | | 557 | | | | | |
Pro forma adjustment | | | | | | | | | | $ | 123,043 | | | | | |
| | | December 31, 2020 | | |||
Cash consideration | | | | $ | 143,795 | | |
Issuance of Desktop Metal shares | | | | | 159,847 | | |
Total purchase price | | | | $ | 303,642 | | |
| | | December 31, 2020 | | |||
Net book value of net assets acquired | | | | $ | 38,737 | | |
Adjustments to: | | | | | | | |
Intangible assets | | | | | 136,755 | | |
Step-up of inventory value | | | | | 871 | | |
Deferred revenue haircut | | | | | 192 | | |
Deferred tax | | | | | (33,348) | | |
Extinguishment of related party loan payable | | | | | 207 | | |
Write-off historical capitalized software | | | | | (31) | | |
Goodwill | | | | | 160,259 | | |
Total consideration | | | | $ | 303,642 | | |
Description | | | Useful Life | | | Fair Value | | | Balance Sheet Classification | | ||||||
Customer relationships | | | | | 10 | | | | | $ | 50,900 | | | | Intangible assets, net | |
Acquired technology | | | 7 – 12 | | | | | 77,800 | | | | Intangible assets, net | | |||
Trade name | | | | | 13 | | | | | | 8,600 | | | | Intangible assets, net | |
Total identifiable intangible assets | | | | | | | | | | $ | 137,300 | | | | | |
| | | Nine Months Ended | | | Year Ended | | ||||||
(in thousands, except share and per share data) | | | September 30, 2020 | | | December 31, 2019 | | ||||||
Pro forma net loss | | | | $ | (68,891) | | | | | $ | (129,104) | | |
Pro forma weighted average shares outstanding – basic and diluted | | | | | 37,495 | | | | | | 31,417 | | |
Pro forma EPS – basic and diluted | | | | $ | (1.84) | | | | | $ | (4.11) | | |
| | | September 30, 2020 | | | Flux ±25% | | | Flux -25% | | |||||||||
Common shares outstanding at September 30, 2020 | | | | | 29,457 | | | | | | 29,457 | | | | | | 29,457 | | |
Average share price for conversion of Desktop Metal shares for consideration | | | | | 18.66 | | | | | | 23.33 | | | | | | 29.16 | | |
Estimated shares issued for purchase consideration | | | | | 8,038 | | | | | | 6,431 | | | | | | 5,145 | | |
Common Shares Outstanding | | | | | 37,495 | | | | | | 35,888 | | | | | | 34,602 | | |
(in thousands, except share and per share data) | | | Year Ended December 31, 2020 | | | Three Months Ended March 31, 2021 | | ||||||
Pro forma net loss | | | | $ | (11,018) | | | | | $ | (91,580) | | |
Pro forma weighted average shares outstanding – basic and diluted | | | | | 162,942,142 | | | | | | 240,733,775 | | |
Pro forma EPS – basic and diluted | | | | $ | (0.07) | | | | | $ | (0.38) | | |
Pro forma weighted average shares outstanding – basic and diluted | | | | | | | | | |||||
Desktop Metal Weighted Average Shares Outstanding | | | | | 157,906,000 | | | | | | 238,244,000 | | |
EnvisionTEC Shares Issued Pro Forma Adjustment | | | | | 5,036,142 | | | | | | 2,489,778 | | |
Pro Forma Combined Shares | | | | | 162,942,142 | | | | | | 240,733,778 | | |
| | | For the Nine Months Ended September 30, | | | | | | | | | | | | | | |||||||||||||||||||||
| | | 2020 | | | 2019 | | | Change in Revenues | | |||||||||||||||||||||||||||
(Dollars in thousands) | | | Revenue | | | % of Total | | | Revenue | | | % of Total | | | $ | | | % | | ||||||||||||||||||
Product Revenue | | | | $ | 6,113 | | | | | | 75% | | | | | $ | 18,655 | | | | | | 89% | | | | | $ | (12,542) | | | | | | (67)% | | |
Service Revenue | | | | | 1,988 | | | | | | 25% | | | | | | 2,221 | | | | | | 11% | | | | | | (233) | | | | | | (10)% | | |
Total Revenue | | | | $ | 8,101 | | | | | | 100% | | | | | $ | 20,876 | | | | | | 100% | | | | | $ | (12,775) | | | | | | (61)% | | |
| | | For the Nine Months Ended September 30, | | | | | | | | | | | | | | |||||||||||||||||||||
| | | 2020 | | | 2019 | | | Change in Revenues | | |||||||||||||||||||||||||||
(Dollars in thousands) | | | Revenue | | | % of Total | | | Revenue | | | % of Total | | | $ | | | % | | ||||||||||||||||||
Americas | | | | $ | 3,334 | | | | | | 41% | | | | | $ | 13,412 | | | | | | 64% | | | | | $ | (10,078) | | | | | | (74)% | | |
EMEA (Europe, the Middle East and Africa) | | | | | 3,299 | | | | | | 41% | | | | | | 6,250 | | | | | | 30% | | | | | | (2,951) | | | | | | (47)% | | |
APAC (Asia-Pacific) | | | | | 1,468 | | | | | | 18% | | | | | | 1,214 | | | | | | 6% | | | | | | 254 | | | | | | 21% | | |
Total Revenue | | | | $ | 8,101 | | | | | | 100% | | | | | $ | 20,876 | | | | | | 100% | | | | | $ | (12,775) | | | | | | (61)% | | |
| | | For the Nine Months Ended September 30, | | | Change in Gross Profit | | ||||||||||||||||||
| | ||||||||||||||||||||||||
| | | 2020 | | | 2019 | | ||||||||||||||||||
(Dollars in thousands) | | | Gross Profit (Loss) | | | $ | | | % | | |||||||||||||||
Products | | | | $ | (12,032) | | | | | $ | (16,563) | | | | | $ | 4,531 | | | | | | 27% | | |
Services | | | | | (1,377) | | | | | | (1,079) | | | | | | (298) | | | | | | (28)% | | |
Total | | | | $ | (13,409) | | | | | $ | (17,642) | | | | | $ | 4,233 | | | | | | 24% | | |
| | | For the Nine Months Ended September 30, | | | Change in Gross Margin | | ||||||||||||||||||
| | ||||||||||||||||||||||||
| | | 2020 | | | 2019 | | | | | | | | | | | | | | ||||||
| | | Gross Margin | | | Percentage Points | | | % | | |||||||||||||||
Products | | | | | (197)% | | | | | | (89)% | | | | | | (1.08) | | | | | | (121.69)% | | |
Services | | | | | (69)% | | | | | | (49)% | | | | | | (0.21) | | | | | | (42.58)% | | |
Total | | | | | (166)% | | | | | | (85)% | | | | | | (0.81) | | | | | | (95.87)% | | |
| | | For the Years Ended December 31, | | | | | | | | | | | | | | |||||||||||||||||||||
| | | 2019 | | | 2018 | | | Change in Revenues | | |||||||||||||||||||||||||||
(Dollars in thousands) | | | Revenue | | | % of Total | | | Revenue | | | % of Total | | | $ | | | % | | ||||||||||||||||||
Product Revenue | | | | $ | 22,758 | | | | | | 86% | | | | | $ | 751 | | | | | | 73% | | | | | $ | 22,007 | | | | | | 2,931% | | |
Service Revenue | | | | | 3,681 | | | | | | 14% | | | | | | 283 | | | | | | 27% | | | | | | 3,398 | | | | | | 1,201% | | |
Total Revenue | | | | $ | 26,439 | | | | | | 100% | | | | | $ | 1,034 | | | | | | 100% | | | | | $ | 25,405 | | | | | | 2,457% | | |
| | | For the Years Ended December 31, | | | | | | | | | | | | | | |||||||||||||||||||||
| | | 2019 | | | 2018 | | | Change in Revenues | | |||||||||||||||||||||||||||
(Dollars in thousands) | | | Revenue | | | % of Total | | | Revenue | | | % of Total | | | $ | | | % | | ||||||||||||||||||
Americas | | | | $ | 15,801 | | | | | | 60% | | | | | $ | 1,034 | | | | | | 100% | | | | | $ | 14,767 | | | | | | 1,428% | | |
EMEA | | | | | 8,993 | | | | | | 34% | | | | | | — | | | | | | 0% | | | | | | 8,993 | | | | | | — | | |
APAC | | | | | 1,645 | | | | | | 6% | | | | | | — | | | | | | 0% | | | | | | 1,645 | | | | | | — | | |
Total Revenue | | | | $ | 26,439 | | | | | | 100% | | | | | $ | 1,034 | | | | | | | | | | | $ | 25,405 | | | | | | 2,457% | | |
| | | For the Years Ended December 31, | | | Change in Gross Profit | | ||||||||||||||||||
| | | 2019 | | | 2018 | | ||||||||||||||||||
(Dollars in thousands) | | | Gross Profit (Loss) | | | $ | | | % | | |||||||||||||||
Products | | | | $ | (22,510) | | | | | $ | (3,821) | | | | | $ | (18,689) | | | | | | (489)% | | |
Services | | | | | (1,847) | | | | | | (613) | | | | | | (1,234) | | | | | | (201) | | |
Total | | | | $ | (24,357) | | | | | $ | (4,434) | | | | | $ | (19,923) | | | | | | (449)% | | |
| | | For the Years Ended December 31, | | | Change in Gross Margin | | ||||||||||||||||||
| | | 2019 | | | 2018 | | ||||||||||||||||||
| | | Gross Margin | | | Percentage Points | | | % | | |||||||||||||||
Products | | | | | (99)% | | | | | | (509)% | | | | | | 4.10 | | | | | | 81% | | |
Services | | | | | (50)% | | | | | | (217)% | | | | | | 1.67 | | | | | | 77% | | |
Total | | | | | (92)% | | | | | | (429)% | | | | | | 3.37 | | | | | | 79% | | |
| | | For the Three Months Ended March 31, | | | Change in Revenues | | ||||||||||||||||||||||||||||||
| | | 2021 | | | 2020 | | ||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Revenue | | | % of Total | | | Revenue | | | % of Total | | | $ | | | % | | ||||||||||||||||||
Products Revenue | | | | $ | 10,311 | | | | | | 91% | | | | | $ | 2,694 | | | | | | 80% | | | | | $ | 7,617 | | | | | | 283% | | |
Services Revenue | | | | | 1,002 | | | | | | 9% | | | | | | 691 | | | | | | 20% | | | | | | 311 | | | | | | 45% | | |
Total Revenue | | | | $ | 11,313 | | | | | | 100% | | | | | $ | 3,385 | | | | | | 100% | | | | | $ | 7,928 | | | | | | 234% | | |
| | | For the Three Months Ended March 31, | | | Change in Revenue | | ||||||||||||||||||||||||||||||
| | | 2021 | | | 2020 | | ||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Revenue | | | % of Total | | | Revenue | | | % of Total | | | $ | | | % | | ||||||||||||||||||
Americas | | | | $ | 6,559 | | | | | | 58% | | | | | $ | 1,229 | | | | | | 36% | | | | | $ | 5,330 | | | | | | 434% | | |
EMEA (Europe, the Middle East and Africa) | | | | | 2,741 | | | | | | 24% | | | | | | 1,851 | | | | | | 55% | | | | | | 890 | | | | | | 48% | | |
APAC (Asia-Pacific) | | | | | 2,013 | | | | | | 18% | | | | | | 305 | | | | | | 9% | | | | | | 1,708 | | | | | | 560% | | |
Total Revenue | | | | $ | 11,313 | | | | | | 100% | | | | | $ | 3,385 | | | | | | 100% | | | | | $ | 7,928 | | | | | | 234% | | |
| | | For the Three Months Ended March 31, | | | Change in Gross Profit | | ||||||||||||||||||
| | | 2021 | | | 2020 | | ||||||||||||||||||
(Dollars in thousands) | | | Gross Profit (Loss) | | | $ | | | % | | |||||||||||||||
Products | | | | $ | (176) | | | | | $ | (2,347) | | | | | $ | 2,171 | | | | | | 93% | | |
Services | | | | | (411) | | | | | | (472) | | | | | | 61 | | | | | | 13% | | |
Total | | | | $ | (587) | | | | | $ | (2,819) | | | | | $ | 2,232 | | | | | | 79% | | |
| | | For the Three Months Ended March 31, | | | Change in Gross Margin | | ||||||||||||||||||
| | | 2021 | | | 2020 | | ||||||||||||||||||
(Dollars in thousands) | | | Gross Margin | | | Percentage Points | | | % | | |||||||||||||||
Products | | | | | (2)% | | | | | | (87)% | | | | | | 0.85 | | | | | | 98% | | |
Services | | | | | (41)% | | | | | | (68)% | | | | | | 0.27 | | | | | | 40% | | |
Total | | | | | (5)% | | | | | | (83)% | | | | | | 0.78 | | | | | | 94% | | |
| | | For the Years Ended December 31, | | | Change in Revenues | | ||||||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | ||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Revenue | | | % of Total | | | Revenue | | | % of Total | | | $ | | | % | | ||||||||||||||||||
Product Revenue | | | | $ | 13,718 | | | | | | 83% | | | | | $ | 22,758 | | | | | | 86% | | | | | $ | (9,040) | | | | | | (40)% | | |
Service Revenue | | | | | 2,752 | | | | | | 17% | | | | | | 3,681 | | | | | | 14% | | | | | | (929) | | | | | | (25)% | | |
Total Revenue | | | | $ | 16,470 | | | | | | 100% | | | | | $ | 26,439 | | | | | | 100% | | | | | $ | (9,969) | | | | | | (38)% | | |
| | | For the Years Ended December 31, | | | Change in Revenues | | ||||||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | ||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Revenue | | | % of Total | | | Revenue | | | % of Total | | | $ | | | % | | ||||||||||||||||||
Americas | | | | $ | 6,665 | | | | | | 40% | | | | | $ | 15,801 | | | | | | 60% | | | | | $ | (9,136) | | | | | | (58)% | | |
EMEA (Europe, the Middle East and Africa) | | | | | 7,788 | | | | | | 47% | | | | | | 8,993 | | | | | | 34% | | | | | | (1,205) | | | | | | (13)% | | |
APAC (Asia-Pacific) | | | | | 2,017 | | | | | | 12% | | | | | | 1,645 | | | | | | 6% | | | | | | 372 | | | | | | 23% | | |
Total Revenue | | | | $ | 16,470 | | | | | | 100% | | | | | $ | 26,439 | | | | | | 100% | | | | | $ | (9,969) | | | | | | (38)% | | |
| | | For the Years Ended December 31, | | | Change in Gross Loss | | ||||||||||||||||||
| | | 2020 | | | 2019 | | ||||||||||||||||||
(Dollars in thousands) | | | Gross Loss | | | $ | | | % | | |||||||||||||||
Products | | | | $ | (13,227) | | | | | $ | (22,510) | | | | | $ | 9,283 | | | | | | 41% | | |
Services | | | | | (1,822) | | | | | | (1,847) | | | | | | 25 | | | | | | 1% | | |
Total | | | | $ | (15,049) | | | | | $ | (24,357) | | | | | $ | 9,308 | | | | | | 38% | | |
| | | For the Years Ended December 31, | | | Change in Gross Margin | | ||||||||||||||||||
| | | 2020 | | | 2019 | | ||||||||||||||||||
(Dollars in thousands) | | | Gross Margin | | | Percentage Points | | | % | | |||||||||||||||
Products | | | | | (96)% | | | | | | (99)% | | | | | | 0.03 | | | | | | 3% | | |
Services | | | | | (66)% | | | | | | (50)% | | | | | | (0.16) | | | | | | (32)% | | |
Total | | | | | (91)% | | | | | | (92)% | | | | | | 0.01 | | | | | | 1% | | |
| | | For the Three Months Ended March 31, | | |||||||||
(Dollars in thousands) | | | 2021 | | | 2020 | | ||||||
GAAP gross margin | | | | $ | (587) | | | | | $ | (2,819) | | |
Stock-based compensation included in cost of sales | | | | | 117 | | | | | | 100 | | |
Amortization of acquired intangible assets included in cost of sales | | | | | 1,091 | | | | | | — | | |
Non-GAAP gross margin | | | | $ | 621 | | | | | $ | (2,719) | | |
GAAP operating loss | | | | $ | (30,740) | | | | | $ | (22,278) | | |
Stock-based compensation | | | | | 2,217 | | | | | | 1,259 | | |
Amortization of acquired intangible assets included in cost of sales | | | | | 1,091 | | | | | | — | | |
Amortization of acquired intangibles assets | | | | | 1,208 | | | | | | 164 | | |
Acquisition-related and other transactional charges included in general and administrative expenses | | | | | 4,984 | | | | | | — | | |
Non-GAAP operating loss | | | | $ | (21,240) | | | | | $ | (20,855) | | |
GAAP net loss | | | | $ | (59,108) | | | | | $ | (21,804) | | |
Stock-based compensation | | | | | 2,217 | | | | | | 1,259 | | |
Amortization of acquired intangible assets included in cost of sales | | | | | 1,091 | | | | | | — | | |
Amortization of acquired intangibles assets | | | | | 1,208 | | | | | | 164 | | |
Acquisition-related and other transactional charges included in general and administrative expenses | | | | | 4,984 | | | | | | — | | |
Change in fair value of warrant liability | | | | | 56,576 | | | | | | — | | |
Non-GAAP net loss . | | | | $ | 6,968 | | | | | $ | (20,381) | | |
| | | For the Three Months Ended March 31, | | |||||||||
(Dollars in thousands) | | | 2021 | | | 2020 | | ||||||
Net loss attributable to common stockholders | | | | $ | (59,108) | | | | | $ | (21,804) | | |
Interest (income) expense, net | | | | | (42) | | | | | | (478) | | |
Income tax benefit | | | | | (27,920) | | | | | | — | | |
Depreciation and amortization | | | | | 3,892 | | | | | | 2,321 | | |
EBITDA | | | | | (83,178) | | | | | | (19,961) | | |
Change in fair value of warrant liability | | | | | 56,576 | | | | | | — | | |
Stock compensation expense | | | | | 2,217 | | | | | | 1,259 | | |
Warrant expense | | | | | — | | | | | | 139 | | |
Transaction costs associated with acquisitions | | | | | 4,984 | | | | | | — | | |
Adjusted EBITDA | | | | $ | (19,401) | | | | | $ | (18,563) | | |
| | For the Nine Months Ended September 30, | | For the Years Ended December 31, | | | For the Years Ended December 31, | | ||||||||||||||||||||||||||||||
(Dollars in thousands) | | 2020 | | 2019 | | 2019 | | 2018 | | | 2020 | | 2019 | | ||||||||||||||||||||||||
Net loss attributable to common stockholders | | | $ | (65,027) | | | | $ | (75,769) | | | | $ | (103,596) | | | | $ | (121,339) | | | | | $ | (34,015) | | | | $ | (103,596) | | | ||||||
Interest (income) expense, net | | | | (651) | | | | | (3,284) | | | | | (3,993) | | | | | (2,340) | | | | | | (610) | | | | | (3,993) | | | ||||||
Income tax expense (benefit) | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||
Income tax benefit | | | | (940) | | | | | — | | | |||||||||||||||||||||||||||
Depreciation and amortization | | | | 6,525 | | | | | 5,754 | | | | | 8,087 | | | | | 4,204 | | | | | | 8,589 | | | | | 8,087 | | | ||||||
EBITDA | | | | (59,153) | | | | | (73,299) | | | | | (99,502) | | | | | (119,475) | | | | | | (26,976) | | | | | (99,502) | | | ||||||
Change in fair value of warrant liability | | | | (56,417) | | | | | — | | | |||||||||||||||||||||||||||
Stock compensation expense | | | | 4,228 | | | | | 3,430 | | | | | 5,215 | | | | | 2,965 | | | | | | 8,006 | | | | | 5,215 | | | ||||||
Warrant expense | | | | 1,915 | | | | | 1,038 | | | |||||||||||||||||||||||||||
Adjusted EBITDA | | | $ | (54,925) | | | | $ | (69,869) | | | | $ | (94,287) | | | | $ | (116,510) | | | | | $ | (73,472) | | | | $ | (93,249) | | |
| | | For the Nine Months Ended September 30, | | | For the Years Ended December 31, | | ||||||||||||||||||
(Dollars in thousands) | | | 2020 | | | 2019 | | | 2019 | | | 2018 | | ||||||||||||
Net cash used in operating activities | | | | $ | (58,927) | | | | | $ | (74,540) | | | | | $ | (97,202) | | | | | $ | (111,002) | | |
Net cash provided by (used in) investing activities | | | | | 30,267 | | | | | | (48,685) | | | | | | (26,032) | | | | | | 39,007 | | |
Net cash provided by (used in) financing activities | | | | | (145) | | | | | | 160,250 | | | | | | 160,352 | | | | | | 45,426 | | |
Net change in cash, cash equivalents, and restricted cash | | | | $ | (28,805) | | | | | $ | 37,025 | | | | | $ | 37,118 | | | | | $ | (26,569) | | |
| | | For the Three Months Ended March 31, | | |||||||||
(Dollars in thousands) | | | 2021 | | | 2020 | | ||||||
Net cash used in operating activities | | | | $ | (41,129) | | | | | $ | (22,434) | | |
Net cash used in investing activities | | | | | (182,053) | | | | | | 30,680 | | |
Net cash provided by financing activities | | | | | 157,195 | | | | | | 132 | | |
Net change in cash, cash equivalents, and restricted cash | | | | $ | (65,987) | | | | | $ | 8,378 | | |
| | | For the Years Ended December 31, | | |||||||||
(Dollars in thousands) | | | 2020 | | | 2019 | | ||||||
Net cash used in operating activities | | | | $ | (80,575) | | | | | $ | (97,202) | | |
Net cash used in investing activities | | | | | (36,983) | | | | | | (26,032) | | |
Net cash provided by financing activities | | | | | 534,922 | | | | | | 160,352 | | |
Net change in cash, cash equivalents, and restricted cash | | | | $ | 417,364 | | | | | $ | 37,118 | | |
Grant Date | | Number of Share Options Granted | | Weighted- Average Exercise Price per Share | | Weighted- Average Estimated Fair Value per Share of Common Stock | | Weighted- Average Estimated Fair Value per Share of Options | | | Number of Share Options Granted | | Exercise Price per Share | | Estimated Fair Value per Share of Common Stock | | Weighted-Average Estimated Fair Value per Share of Options | | ||||||||||||||||||||||||||||||||
February 27, 2018 | | | | 976,200 | | | | $ | 3.00 | | | | $ | 3.00 | | | | $ | 1.59 | | | |||||||||||||||||||||||||||||
May 11, 2018 | | | | 589,925 | | | | $ | 3.00 | | | | $ | 3.00 | | | | $ | 1.59 | | | |||||||||||||||||||||||||||||
September 7, 2018 | | | | 221,600 | | | | $ | 3.39 | | | | $ | 3.39 | | | | $ | 1.79 | | | |||||||||||||||||||||||||||||
November 13, 2018 | | | | 227,000 | | | | $ | 3.39 | | | | $ | 3.39 | | | | $ | 1.82 | | | |||||||||||||||||||||||||||||
March 1, 2019 | | | | 1,273,495 | | | | $ | 4.08 | | | | $ | 4.08 | | | | $ | 2.15 | | | | | | 1,555,218 | | | | $ | 3.34 | | | | $ | 3.34 | | | | $ | 1.76 | | | ||||||||
May 8, 2019 | | | | 931,415 | | | | $ | 4.08 | | | | $ | 4.08 | | | | $ | 2.14 | | | | | | 1,137,463 | | | | $ | 3.34 | | | | $ | 3.34 | | | | $ | 1.75 | | | ||||||||
September 18, 2019 | | | | 592,115 | | | | $ | 4.08 | | | | $ | 4.08 | | | | $ | 2.08 | | | | | | 723,103 | | | | $ | 3.34 | | | | $ | 3.34 | | | | $ | 1.70 | | | ||||||||
November 13, 2019 | | | | 574,800 | | | | $ | 4.08 | | | | $ | 4.08 | | | | $ | 2.08 | | | | | | 701,957 | | | | $ | 3.34 | | | | $ | 3.34 | | | | $ | 1.71 | | | ||||||||
March 12, 2020 | | | | 387,829 | | | | $ | 4.08 | | | | $ | 4.08 | | | | $ | 2.01 | | | | | | 473,625 | | | | $ | 3.34 | | | | $ | 3.34 | | | | $ | 1.65 | | | ||||||||
June 11, 2020 | | | | 3,419,763 | | | | $ | 1.71 | | | | $ | 1.71 | | | | $ | 0.86 | | | | | | 4,176,283 | | | | $ | 1.40 | | | | $ | 1.40 | | | | $ | 0.70 | | | ||||||||
July 14, 2020 | | | | 2,528,052 | | | | $ | 1.71 | | | | $ | 9.75 | | | | $ | 8.39 | | | | | | 3,087,308 | | | | $ | 1.40 | | | | $ | 7.98 | | | | $ | 6.87 | | | ||||||||
August 5, 2020 | | | | 584,500 | | | | $ | 1.71 | | | | $ | 9.75 | | | | $ | 8.27 | | | | | | 713,803 | | | | $ | 1.40 | | | | $ | 7.98 | | | | $ | 6.78 | | |
| | | For the Three Months Ended March 31, | | | Change in Revenues | | ||||||||||||||||||||||||||||||
| | | 2021 | | | 2020 | | ||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Revenue | | | % of Total | | | Revenue | | | % of Total | | | $ | | | % | | ||||||||||||||||||
Products Revenue | | | | $ | 10,311 | | | | | | 91% | | | | | $ | 2,694 | | | | | | 80% | | | | | $ | 7,617 | | | | | | 283% | | |
Services Revenue | | | | | 1,002 | | | | | | 9% | | | | | | 691 | | | | | | 20% | | | | | | 311 | | | | | | 45% | | |
Total Revenue | | | | $ | 11,313 | | | | | | 100% | | | | | $ | 3,385 | | | | | | 100% | | | | | $ | 7,928 | | | | | | 234% | | |
| | | For the Three Months Ended March 31, | | | Change in Revenue | | ||||||||||||||||||||||||||||||
| | | 2021 | | | 2020 | | ||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Revenue | | | % of Total | | | Revenue | | | % of Total | | | $ | | | % | | ||||||||||||||||||
Americas | | | | $ | 6,559 | | | | | | 58% | | | | | $ | 1,229 | | | | | | 36% | | | | | $ | 5,330 | | | | | | 434% | | |
EMEA (Europe, the Middle East and Africa) | | | | | 2,741 | | | | | | 24% | | | | | | 1,851 | | | | | | 55% | | | | | | 890 | | | | | | 48% | | |
APAC (Asia-Pacific) | | | | | 2,013 | | | | | | 18% | | | | | | 305 | | | | | | 9% | | | | | | 1,708 | | | | | | 560% | | |
Total Revenue | | | | $ | 11,313 | | | | | | 100% | | | | | $ | 3,385 | | | | | | 100% | | | | | $ | 7,928 | | | | | | 234% | | |
| | | For the Three Months Ended March 31, | | | Change in Gross Profit | | ||||||||||||||||||
| | | 2021 | | | 2020 | | ||||||||||||||||||
(Dollars in thousands) | | | Gross Profit (Loss) | | | $ | | | % | | |||||||||||||||
Products | | | | $ | (176) | | | | | $ | (2,347) | | | | | $ | 2,171 | | | | | | 93% | | |
Services | | | | | (411) | | | | | | (472) | | | | | | 61 | | | | | | 13% | | |
Total | | | | $ | (587) | | | | | $ | (2,819) | | | | | $ | 2,232 | | | | | | 79% | | |
| | | For the Three Months Ended March 31, | | | Change in Gross Margin | | ||||||||||||||||||
| | | 2021 | | | 2020 | | ||||||||||||||||||
(Dollars in thousands) | | | Gross Margin | | | Percentage Points | | | % | | |||||||||||||||
Products | | | | | (2)% | | | | | | (87)% | | | | | | 0.85 | | | | | | 98% | | |
Services | | | | | (41)% | | | | | | (68)% | | | | | | 0.27 | | | | | | 40% | | |
Total | | | | | (5)% | | | | | | (83)% | | | | | | 0.78 | | | | | | 94% | | |
| | | For the Years Ended December 31, | | | Change in Revenues | | ||||||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | ||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Revenue | | | % of Total | | | Revenue | | | % of Total | | | $ | | | % | | ||||||||||||||||||
Product Revenue | | | | $ | 13,718 | | | | | | 83% | | | | | $ | 22,758 | | | | | | 86% | | | | | $ | (9,040) | | | | | | (40)% | | |
Service Revenue | | | | | 2,752 | | | | | | 17% | | | | | | 3,681 | | | | | | 14% | | | | | | (929) | | | | | | (25)% | | |
Total Revenue | | | | $ | 16,470 | | | | | | 100% | | | | | $ | 26,439 | | | | | | 100% | | | | | $ | (9,969) | | | | | | (38)% | | |
| | | For the Years Ended December 31, | | | Change in Revenues | | ||||||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | ||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Revenue | | | % of Total | | | Revenue | | | % of Total | | | $ | | | % | | ||||||||||||||||||
Americas | | | | $ | 6,665 | | | | | | 40% | | | | | $ | 15,801 | | | | | | 60% | | | | | $ | (9,136) | | | | | | (58)% | | |
EMEA (Europe, the Middle East and Africa) | | | | | 7,788 | | | | | | 47% | | | | | | 8,993 | | | | | | 34% | | | | | | (1,205) | | | | | | (13)% | | |
APAC (Asia-Pacific) | | | | | 2,017 | | | | | | 12% | | | | | | 1,645 | | | | | | 6% | | | | | | 372 | | | | | | 23% | | |
Total Revenue | | | | $ | 16,470 | | | | | | 100% | | | | | $ | 26,439 | | | | | | 100% | | | | | $ | (9,969) | | | | | | (38)% | | |
| | | For the Years Ended December 31, | | | Change in Gross Loss | | ||||||||||||||||||
| | | 2020 | | | 2019 | | ||||||||||||||||||
(Dollars in thousands) | | | Gross Loss | | | $ | | | % | | |||||||||||||||
Products | | | | $ | (13,227) | | | | | $ | (22,510) | | | | | $ | 9,283 | | | | | | 41% | | |
Services | | | | | (1,822) | | | | | | (1,847) | | | | | | 25 | | | | | | 1% | | |
Total | | | | $ | (15,049) | | | | | $ | (24,357) | | | | | $ | 9,308 | | | | | | 38% | | |
| | | For the Years Ended December 31, | | | Change in Gross Margin | | ||||||||||||||||||
| | | 2020 | | | 2019 | | ||||||||||||||||||
(Dollars in thousands) | | | Gross Margin | | | Percentage Points | | | % | | |||||||||||||||
Products | | | | | (96)% | | | | | | (99)% | | | | | | 0.03 | | | | | | 3% | | |
Services | | | | | (66)% | | | | | | (50)% | | | | | | (0.16) | | | | | | (32)% | | |
Total | | | | | (91)% | | | | | | (92)% | | | | | | 0.01 | | | | | | 1% | | |
| | | For the Three Months Ended March 31, | | |||||||||
(Dollars in thousands) | | | 2021 | | | 2020 | | ||||||
GAAP gross margin | | | | $ | (587) | | | | | $ | (2,819) | | |
Stock-based compensation included in cost of sales | | | | | 117 | | | | | | 100 | | |
Amortization of acquired intangible assets included in cost of sales | | | | | 1,091 | | | | | | — | | |
Non-GAAP gross margin | | | | $ | 621 | | | | | $ | (2,719) | | |
GAAP operating loss | | | | $ | (30,740) | | | | | $ | (22,278) | | |
Stock-based compensation | | | | | 2,217 | | | | | | 1,259 | | |
Amortization of acquired intangible assets included in cost of sales | | | | | 1,091 | | | | | | — | | |
Amortization of acquired intangibles assets | | | | | 1,208 | | | | | | 164 | | |
Acquisition-related and other transactional charges included in general and administrative expenses | | | | | 4,984 | | | | | | — | | |
Non-GAAP operating loss | | | | $ | (21,240) | | | | | $ | (20,855) | | |
GAAP net loss | | | | $ | (59,108) | | | | | $ | (21,804) | | |
Stock-based compensation | | | | | 2,217 | | | | | | 1,259 | | |
Amortization of acquired intangible assets included in cost of sales | | | | | 1,091 | | | | | | — | | |
Amortization of acquired intangibles assets | | | | | 1,208 | | | | | | 164 | | |
Acquisition-related and other transactional charges included in general and administrative expenses | | | | | 4,984 | | | | | | — | | |
Change in fair value of warrant liability | | | | | 56,576 | | | | | | — | | |
Non-GAAP net loss . | | | | $ | 6,968 | | | | | $ | (20,381) | | |
| | | For the Three Months Ended March 31, | | |||||||||
(Dollars in thousands) | | | 2021 | | | 2020 | | ||||||
Net loss attributable to common stockholders | | | | $ | (59,108) | | | | | $ | (21,804) | | |
Interest (income) expense, net | | | | | (42) | | | | | | (478) | | |
Income tax benefit | | | | | (27,920) | | | | | | — | | |
Depreciation and amortization | | | | | 3,892 | | | | | | 2,321 | | |
EBITDA | | | | | (83,178) | | | | | | (19,961) | | |
Change in fair value of warrant liability | | | | | 56,576 | | | | | | — | | |
Stock compensation expense | | | | | 2,217 | | | | | | 1,259 | | |
Warrant expense | | | | | — | | | | | | 139 | | |
Transaction costs associated with acquisitions | | | | | 4,984 | | | | | | — | | |
Adjusted EBITDA | | | | $ | (19,401) | | | | | $ | (18,563) | | |
| | | For the Years Ended December 31, | | |||||||||
(Dollars in thousands) | | | 2020 | | | 2019 | | ||||||
Net loss attributable to common stockholders | | | | $ | (34,015) | | | | | $ | (103,596) | | |
Interest (income) expense, net | | | | | (610) | | | | | | (3,993) | | |
Income tax benefit | | | | | (940) | | | | | | — | | |
Depreciation and amortization | | | | | 8,589 | | | | | | 8,087 | | |
EBITDA | | | | | (26,976) | | | | | | (99,502) | | |
Change in fair value of warrant liability | | | | | (56,417) | | | | | | — | | |
Stock compensation expense | | | | | 8,006 | | | | | | 5,215 | | |
Warrant expense | | | | | 1,915 | | | | | | 1,038 | | |
Adjusted EBITDA | | | | $ | (73,472) | | | | | $ | (93,249) | | |
| | | For the Three Months Ended March 31, | | |||||||||
(Dollars in thousands) | | | 2021 | | | 2020 | | ||||||
Net cash used in operating activities | | | | $ | (41,129) | | | | | $ | (22,434) | | |
Net cash used in investing activities | | | | | (182,053) | | | | | | 30,680 | | |
Net cash provided by financing activities | | | | | 157,195 | | | | | | 132 | | |
Net change in cash, cash equivalents, and restricted cash | | | | $ | (65,987) | | | | | $ | 8,378 | | |
| | | For the Years Ended December 31, | | |||||||||
(Dollars in thousands) | | | 2020 | | | 2019 | | ||||||
Net cash used in operating activities | | | | $ | (80,575) | | | | | $ | (97,202) | | |
Net cash used in investing activities | | | | | (36,983) | | | | | | (26,032) | | |
Net cash provided by financing activities | | | | | 534,922 | | | | | | 160,352 | | |
Net change in cash, cash equivalents, and restricted cash | | | | $ | 417,364 | | | | | $ | 37,118 | | |
Grant Date | | | Number of Share Options Granted | | | Exercise Price per Share | | | Estimated Fair Value per Share of Common Stock | | | Weighted-Average Estimated Fair Value per Share of Options | | ||||||||||||
March 1, 2019 | | | | | 1,555,218 | | | | | $ | 3.34 | | | | | $ | 3.34 | | | | | $ | 1.76 | | |
May 8, 2019 | | | | | 1,137,463 | | | | | $ | 3.34 | | | | | $ | 3.34 | | | | | $ | 1.75 | | |
September 18, 2019 | | | | | 723,103 | | | | | $ | 3.34 | | | | | $ | 3.34 | | | | | $ | 1.70 | | |
November 13, 2019 | | | | | 701,957 | | | | | $ | 3.34 | | | | | $ | 3.34 | | | | | $ | 1.71 | | |
March 12, 2020 | | | | | 473,625 | | | | | $ | 3.34 | | | | | $ | 3.34 | | | | | $ | 1.65 | | |
June 11, 2020 | | | | | 4,176,283 | | | | | $ | 1.40 | | | | | $ | 1.40 | | | | | $ | 0.70 | | |
July 14, 2020 | | | | | 3,087,308 | | | | | $ | 1.40 | | | | | $ | 7.98 | | | | | $ | 6.87 | | |
August 5, 2020 | | | | | 713,803 | | | | | $ | 1.40 | | | | | $ | 7.98 | | | | | $ | 6.78 | | |
| | | For the Three Months Ended March 31, | | | Change in Revenues | | ||||||||||||||||||||||||||||||
| | | 2021 | | | 2020 | | ||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Revenue | | | % of Total | | | Revenue | | | % of Total | | | $ | | | % | | ||||||||||||||||||
Products Revenue | | | | $ | 10,311 | | | | | | 91% | | | | | $ | 2,694 | | | | | | 80% | | | | | $ | 7,617 | | | | | | 283% | | |
Services Revenue | | | | | 1,002 | | | | | | 9% | | | | | | 691 | | | | | | 20% | | | | | | 311 | | | | | | 45% | | |
Total Revenue | | | | $ | 11,313 | | | | | | 100% | | | | | $ | 3,385 | | | | | | 100% | | | | | $ | 7,928 | | | | | | 234% | | |
| | | For the Three Months Ended March 31, | | | Change in Revenue | | ||||||||||||||||||||||||||||||
| | | 2021 | | | 2020 | | ||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Revenue | | | % of Total | | | Revenue | | | % of Total | | | $ | | | % | | ||||||||||||||||||
Americas | | | | $ | 6,559 | | | | | | 58% | | | | | $ | 1,229 | | | | | | 36% | | | | | $ | 5,330 | | | | | | 434% | | |
EMEA (Europe, the Middle East and Africa) | | | | | 2,741 | | | | | | 24% | | | | | | 1,851 | | | | | | 55% | | | | | | 890 | | | | | | 48% | | |
APAC (Asia-Pacific) | | | | | 2,013 | | | | | | 18% | | | | | | 305 | | | | | | 9% | | | | | | 1,708 | | | | | | 560% | | |
Total Revenue | | | | $ | 11,313 | | | | | | 100% | | | | | $ | 3,385 | | | | | | 100% | | | | | $ | 7,928 | | | | | | 234% | | |
| | | For the Three Months Ended March 31, | | | Change in Gross Profit | | ||||||||||||||||||
| | | 2021 | | | 2020 | | ||||||||||||||||||
(Dollars in thousands) | | | Gross Profit (Loss) | | | $ | | | % | | |||||||||||||||
Products | | | | $ | (176) | | | | | $ | (2,347) | | | | | $ | 2,171 | | | | | | 93% | | |
Services | | | | | (411) | | | | | | (472) | | | | | | 61 | | | | | | 13% | | |
Total | | | | $ | (587) | | | | | $ | (2,819) | | | | | $ | 2,232 | | | | | | 79% | | |
| | | For the Three Months Ended March 31, | | | Change in Gross Margin | | ||||||||||||||||||
| | | 2021 | | | 2020 | | ||||||||||||||||||
(Dollars in thousands) | | | Gross Margin | | | Percentage Points | | | % | | |||||||||||||||
Products | | | | | (2)% | | | | | | (87)% | | | | | | 0.85 | | | | | | 98% | | |
Services | | | | | (41)% | | | | | | (68)% | | | | | | 0.27 | | | | | | 40% | | |
Total | | | | | (5)% | | | | | | (83)% | | | | | | 0.78 | | | | | | 94% | | |
| | | For the Years Ended December 31, | | | Change in Revenues | | ||||||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | ||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Revenue | | | % of Total | | | Revenue | | | % of Total | | | $ | | | % | | ||||||||||||||||||
Product Revenue | | | | $ | 13,718 | | | | | | 83% | | | | | $ | 22,758 | | | | | | 86% | | | | | $ | (9,040) | | | | | | (40)% | | |
Service Revenue | | | | | 2,752 | | | | | | 17% | | | | | | 3,681 | | | | | | 14% | | | | | | (929) | | | | | | (25)% | | |
Total Revenue | | | | $ | 16,470 | | | | | | 100% | | | | | $ | 26,439 | | | | | | 100% | | | | | $ | (9,969) | | | | | | (38)% | | |
| | | For the Years Ended December 31, | | | Change in Revenues | | ||||||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | ||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Revenue | | | % of Total | | | Revenue | | | % of Total | | | $ | | | % | | ||||||||||||||||||
Americas | | | | $ | 6,665 | | | | | | 40% | | | | | $ | 15,801 | | | | | | 60% | | | | | $ | (9,136) | | | | | | (58)% | | |
EMEA (Europe, the Middle East and Africa) | | | | | 7,788 | | | | | | 47% | | | | | | 8,993 | | | | | | 34% | | | | | | (1,205) | | | | | | (13)% | | |
APAC (Asia-Pacific) | | | | | 2,017 | | | | | | 12% | | | | | | 1,645 | | | | | | 6% | | | | | | 372 | | | | | | 23% | | |
Total Revenue | | | | $ | 16,470 | | | | | | 100% | | | | | $ | 26,439 | | | | | | 100% | | | | | $ | (9,969) | | | | | | (38)% | | |
| | | For the Years Ended December 31, | | | Change in Gross Loss | | ||||||||||||||||||
| | | 2020 | | | 2019 | | ||||||||||||||||||
(Dollars in thousands) | | | Gross Loss | | | $ | | | % | | |||||||||||||||
Products | | | | $ | (13,227) | | | | | $ | (22,510) | | | | | $ | 9,283 | | | | | | 41% | | |
Services | | | | | (1,822) | | | | | | (1,847) | | | | | | 25 | | | | | | 1% | | |
Total | | | | $ | (15,049) | | | | | $ | (24,357) | | | | | $ | 9,308 | | | | | | 38% | | |
| | | For the Years Ended December 31, | | | Change in Gross Margin | | ||||||||||||||||||
| | | 2020 | | | 2019 | | ||||||||||||||||||
(Dollars in thousands) | | | Gross Margin | | | Percentage Points | | | % | | |||||||||||||||
Products | | | | | (96)% | | | | | | (99)% | | | | | | 0.03 | | | | | | 3% | | |
Services | | | | | (66)% | | | | | | (50)% | | | | | | (0.16) | | | | | | (32)% | | |
Total | | | | | (91)% | | | | | | (92)% | | | | | | 0.01 | | | | | | 1% | | |
| | | For the Three Months Ended March 31, | | |||||||||
(Dollars in thousands) | | | 2021 | | | 2020 | | ||||||
GAAP gross margin | | | | $ | (587) | | | | | $ | (2,819) | | |
Stock-based compensation included in cost of sales | | | | | 117 | | | | | | 100 | | |
Amortization of acquired intangible assets included in cost of sales | | | | | 1,091 | | | | | | — | | |
Non-GAAP gross margin | | | | $ | 621 | | | | | $ | (2,719) | | |
GAAP operating loss | | | | $ | (30,740) | | | | | $ | (22,278) | | |
Stock-based compensation | | | | | 2,217 | | | | | | 1,259 | | |
Amortization of acquired intangible assets included in cost of sales | | | | | 1,091 | | | | | | — | | |
Amortization of acquired intangibles assets | | | | | 1,208 | | | | | | 164 | | |
Acquisition-related and other transactional charges included in general and administrative expenses | | | | | 4,984 | | | | | | — | | |
Non-GAAP operating loss | | | | $ | (21,240) | | | | | $ | (20,855) | | |
GAAP net loss | | | | $ | (59,108) | | | | | $ | (21,804) | | |
Stock-based compensation | | | | | 2,217 | | | | | | 1,259 | | |
Amortization of acquired intangible assets included in cost of sales | | | | | 1,091 | | | | | | — | | |
Amortization of acquired intangibles assets | | | | | 1,208 | | | | | | 164 | | |
Acquisition-related and other transactional charges included in general and administrative expenses | | | | | 4,984 | | | | | | — | | |
Change in fair value of warrant liability | | | | | 56,576 | | | | | | — | | |
Non-GAAP net loss . | | | | $ | 6,968 | | | | | $ | (20,381) | | |
| | | For the Three Months Ended March 31, | | |||||||||
(Dollars in thousands) | | | 2021 | | | 2020 | | ||||||
Net loss attributable to common stockholders | | | | $ | (59,108) | | | | | $ | (21,804) | | |
Interest (income) expense, net | | | | | (42) | | | | | | (478) | | |
Income tax benefit | | | | | (27,920) | | | | | | — | | |
Depreciation and amortization | | | | | 3,892 | | | | | | 2,321 | | |
EBITDA | | | | | (83,178) | | | | | | (19,961) | | |
Change in fair value of warrant liability | | | | | 56,576 | | | | | | — | | |
Stock compensation expense | | | | | 2,217 | | | | | | 1,259 | | |
Warrant expense | | | | | — | | | | | | 139 | | |
Transaction costs associated with acquisitions | | | | | 4,984 | | | | | | — | | |
Adjusted EBITDA | | | | $ | (19,401) | | | | | $ | (18,563) | | |
| | | For the Years Ended December 31, | | |||||||||
(Dollars in thousands) | | | 2020 | | | 2019 | | ||||||
Net loss attributable to common stockholders | | | | $ | (34,015) | | | | | $ | (103,596) | | |
Interest (income) expense, net | | | | | (610) | | | | | | (3,993) | | |
Income tax benefit | | | | | (940) | | | | | | — | | |
Depreciation and amortization | | | | | 8,589 | | | | | | 8,087 | | |
EBITDA | | | | | (26,976) | | | | | | (99,502) | | |
Change in fair value of warrant liability | | | | | (56,417) | | | | | | — | | |
Stock compensation expense | | | | | 8,006 | | | | | | 5,215 | | |
Warrant expense | | | | | 1,915 | | | | | | 1,038 | | |
Adjusted EBITDA | | | | $ | (73,472) | | | | | $ | (93,249) | | |
| | | For the Three Months Ended March 31, | | |||||||||
(Dollars in thousands) | | | 2021 | | | 2020 | | ||||||
Net cash used in operating activities | | | | $ | (41,129) | | | | | $ | (22,434) | | |
Net cash used in investing activities | | | | | (182,053) | | | | | | 30,680 | | |
Net cash provided by financing activities | | | | | 157,195 | | | | | | 132 | | |
Net change in cash, cash equivalents, and restricted cash | | | | $ | (65,987) | | | | | $ | 8,378 | | |
| | | For the Years Ended December 31, | | |||||||||
(Dollars in thousands) | | | 2020 | | | 2019 | | ||||||
Net cash used in operating activities | | | | $ | (80,575) | | | | | $ | (97,202) | | |
Net cash used in investing activities | | | | | (36,983) | | | | | | (26,032) | | |
Net cash provided by financing activities | | | | | 534,922 | | | | | | 160,352 | | |
Net change in cash, cash equivalents, and restricted cash | | | | $ | 417,364 | | | | | $ | 37,118 | | |
Grant Date | | | Number of Share Options Granted | | | Exercise Price per Share | | | Estimated Fair Value per Share of Common Stock | | | Weighted-Average Estimated Fair Value per Share of Options | | ||||||||||||
March 1, 2019 | | | | | 1,555,218 | | | | | $ | 3.34 | | | | | $ | 3.34 | | | | | $ | 1.76 | | |
May 8, 2019 | | | | | 1,137,463 | | | | | $ | 3.34 | | | | | $ | 3.34 | | | | | $ | 1.75 | | |
September 18, 2019 | | | | | 723,103 | | | | | $ | 3.34 | | | | | $ | 3.34 | | | | | $ | 1.70 | | |
November 13, 2019 | | | | | 701,957 | | | | | $ | 3.34 | | | | | $ | 3.34 | | | | | $ | 1.71 | | |
March 12, 2020 | | | | | 473,625 | | | | | $ | 3.34 | | | | | $ | 3.34 | | | | | $ | 1.65 | | |
June 11, 2020 | | | | | 4,176,283 | | | | | $ | 1.40 | | | | | $ | 1.40 | | | | | $ | 0.70 | | |
July 14, 2020 | | | | | 3,087,308 | | | | | $ | 1.40 | | | | | $ | 7.98 | | | | | $ | 6.87 | | |
August 5, 2020 | | | | | 713,803 | | | | | $ | 1.40 | | | | | $ | 7.98 | | | | | $ | 6.78 | | |
Name | | | Age | | | Position | |
Executive Officers: | | | | | | | |
Ric Fulop | | | 46 | | | Chief Executive Officer, Chairman and Director | |
Steve Billow | | | 53 | | | President | |
| | 29 | | | Chief Product Officer | | |
Ali El Siblani | | | 54 | | | Chief Executive Officer of EnvisionTEC US LLC and Director | |
James Haley | | | 48 | | | Chief Financial Officer and Treasurer | |
Meg Broderick | | | | | General Counsel and Secretary | | |
Ilya Mirman | | | | | Chief Marketing Officer | | |
Jonah Myerberg | | | | | Chief Technology Officer | | |
Non-Employee Directors: | | | | | | | |
Scott Dussault | | | | | Director | | |
Dayna Grayson | | | | | Director | | |
Leo Hindery, Jr. | | | 73 | | | Director | |
Wen Hsieh | | | | | Director | | |
Jeff Immelt | | | | | Director | | |
Byron Knight | | | | | Director | | |
Stephen Nigro | | | 61 | | | Director | |
Steve Papa | | | 48 | | | Director | |
Andy Wheeler | | | 42 | | | Director | |
Bilal Zuberi | | | | | Director | |
Name and Principal Position | | Year | | Salary ($) | | Option Awards ($)(1) | | Non-Equity Incentive Plan Compensation ($)(2) | | All Other Compensation ($)(3) | | Total ($) | | | Year | | Salary ($) | | Option Awards ($)(1) | | Non- Equity Incentive Plan Compensation ($)(2) | | All Other Compensation ($)(3) | | Total ($) | | ||||||||||||||||||||||||||||||||||||||||||||||||
Ric Fulop | | | | 2020 | | | | | 332,500 | | | | | — | | | | | 150,000 | | | | | 508 | | | | | 483,008 | | | | | | 2020 | | | | | 332,500 | | | | | — | | | | | 150,000 | | | | | 508 | | | | | 483,008 | | | ||||||||||||
Chief Executive Officer | | | | 2019 | | | | | 350,000 | | | | | — | | | | | — | | | | | 540 | | | | | 350,540 | | | | | | 2019 | | | | | 350,000 | | | | | — | | | | | — | | | | | 540 | | | | | 350,540 | | | ||||||||||||
Elizabeth Linardos | | | | 2020 | | | | | 247,841 | | | | | 3,635,366 | | | | | 40,000 | | | | | 355 | | | | | 3,923,562 | | | | | | 2020 | | | | | 247,841 | | | | | 3,635,366 | | | | | 40,000 | | | | | 355 | | | | | 3,923,562 | | | ||||||||||||
Chief Financial Officer | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||
Former Chief Financial Officer | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||
Steve Billow | | | | 2020 | | | | | 308,750 | | | | | 2,596,476 | | | | | 150,000 | | | | | 714 | | | | | 3,055,941 | | | | | | 2020 | | | | | 308,750 | | | | | 2,596,476 | | | | | 150,000 | | | | | 714 | | | | | 3,055,941 | | | ||||||||||||
President | | | | 2019 | | | | | 263,541 | | | | | 2,163,700 | | | | | — | | | | | 600 | | | | | 2,427,841 | | | | | | 2019 | | | | | 263,541 | | | | | 2,163,700 | | | | | — | | | | | 600 | | | | | 2,427,841 | | |
| | | | | | | | | Option Awards | | |||||||||||||||||||||||||||
Name and Principal Position | | | Vesting Commencement Date | | | Number of Securities Underlying Unexercised Options (#) Exercisable | | | Number Of Securities Underlying Unexercised Options (#) Unexercisable | | | Equity Incentive Plan Awards: Number Of Securities Underlying Unexercised Unearned Options (#) | | | Option Exercise Price ($) | | | Option Expiration Date | | ||||||||||||||||||
Elizabeth Linardos | | | | | 12/01/2017 | | | | | | 121,740 | | | | | | — | | | | | | — | | | | | | 2.46 | | | | | | 11/30/2027 | | |
Chief Financial Officer | | | | | 05/08/2019 | | | | | | 4,324 | | | | | | — | | | | | | — | | | | | | 3.34 | | | | | | 05/07/2029 | | |
| | | | | 06/11/2020 | | | | | | 15,265 | | | | | | 15,265(1) | | | | | | — | | | | | | 1.40 | | | | | | 06/10/2030 | | |
| | | | | 07/17/2020 | | | | | | 256,456 | | | | | | 256,456(1) | | | | | | — | | | | | | 1.40 | | | | | | 07/16/2030 | | |
| | | | | 09/01/2020(4) | | | | | | 27,668 | | | | | | 27,668(1) | | | | | | — | | | | | | 1.40 | | | | | | 11/30/2027 | | |
| | | | | 09/01/2020(4) | | | | | | 3,944 | | | | | | 3,944(1) | | | | | | — | | | | | | 1.40 | | | | | | 05/07/2029 | | |
Steve Billow | | | | | 03/01/2019 | | | | | | 457,957 | | | | | | — | | | | | | — | | | | | | 3.34 | | | | | | 02/28/2029 | | |
President | | | | | 06/11/2020 | | | | | | — | | | | | | 457,956(2) | | | | | | 152,652(3) | | | | | | 1.40 | | | | | | 06/10/2030 | | |
| | | | | 09/01/2020(4) | | | | | | — | | | | | | 763,261(2) | | | | | | — | | | | | | 1.40 | | | | | | 02/28/2029 | | |
| | | | | | | | | Option Awards | | | | | | | | |||||||||||||||||||||
Name and Principal Position | | | Vesting Commencement Date | | | Number of Securities Underlying Unexercised Options (#) Exercisable | | | Number Of Securities Underlying Unexercised Options (#) Unexercisable | | | Equity Incentive Plan Awards: Number Of Securities Underlying Unexercised Unearned Options (#) | | | Option Exercise Price ($) | | | Option Expiration Date | | ||||||||||||||||||
Elizabeth Linardos Former Chief Financial Officer | | | | | 12/01/2017 | | | | | | 121,740 | | | | | | — | | | | | | — | | | | | | 2.46 | | | | | | 11/30/2027 | | |
| | | 05/08/2019 | | | | | | 4,324 | | | | | | — | | | | | | — | | | | | | 3.34 | | | | | | 05/07/2029 | | | ||
| | | 06/11/2020 | | | | | | 15,265 | | | | | | 15,265(1) | | | | | | — | | | | | | 1.40 | | | | | | 06/10/2030 | | | ||
| | | 07/17/2020 | | | | | | 256,456 | | | | | | 256,456(1) | | | | | | — | | | | | | 1.40 | | | | | | 07/16/2030 | | | ||
| | | 09/01/2020(4) | | | | | | 27,668 | | | | | | 27,668(1) | | | | | | — | | | | | | 1.40 | | | | | | 11/30/2027 | | | ||
| | | 09/01/2020(4) | | | | | | 3,944 | | | | | | 3,944(1) | | | | | | — | | | | | | 1.40 | | | | | | 05/07/2029 | | | ||
| | | 03/01/2019 | | | | | | 457,957 | | | | | | — | | | | | | — | | | | | | 3.34 | | | | | | 02/28/2029 | | | ||
Steve Billow President | | | | | 06/11/2020 | | | | | | — | | | | | | 457,956(2) | | | | | | 152,652(3) | | | | | | 1.40 | | | | | | 06/10/2030 | | |
| | | 09/01/2020(4) | | | | | | — | | | | | | 763,261(2) | | | | | | — | | | | | | 1.40 | | | | | | 02/28/2029 | | |
Name | | Fees Earned or Paid in Cash ($) | | Stock Awards ($)(1) | | Option Awards ($)(1) | | All Other Compensation ($)(2) | | Total ($) | | | Stock Awards ($)(1) | | Option Awards ($)(1) | | All Other Compensation ($)(2) | | Total ($) | | ||||||||||||||||||||||||||||||||||||
Scott Dussault | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||
Dayna Grayson | | | | — | | | | | — | | | | | 413,590 | | | | | — | | | | | 413,590 | | | | | | — | | | | | 413,590 | | | | | — | | | | | 413,590 | | | |||||||||
Leo Hindrey, Jr. | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||
Leo Hindery, Jr. | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||||||||
Wen Hsieh | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||
Jeff Immelt | | | | — | | | | | — | | | | | 348,345 | | | | | — | | | | | 348,345 | | | | | | — | | | | | 348,345 | | | | | — | | | | | 348,345 | | | |||||||||
Byron Knight | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||
Stephen Nigro | | | | — | | | | | 487,259 | | | | | — | | | | | 40,935 | | | | | 528,194 | | | | | | 487,259 | | | | | — | | | | | 40,935 | | | | | 528,194 | | | |||||||||
Steve Papa | | | | — | | | | | — | | | | | 413,590 | | | | | — | | | | | 413,590 | | | | | | — | | | | | 413,590 | | | | | — | | | | | 413,590 | | | |||||||||
Andy Wheeler | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||
Bilal Zuberi | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | |
Name | | | Options Outstanding at Fiscal | | | Unvested Restricted Shares Outstanding at Fiscal Year End | |||||||
| |||||||||||||
Dayna Grayson | | | | | 61,060 | | | | | | — | | |
Leo | | | | | — | | | | | | — | | |
Wen Hsieh | | | | | — | | | | | | — | | |
Jeff Immelt | | | | | 390,789 | | | | | | — | | |
Byron Knight | | | | | — | | | | | | — | | |
Stephen Nigro | | | | | — | | | | | | 61,060 | | |
Steve Papa | | | | | 61,060 | | | | | | — | | |
Andy Wheeler | | | | | — | | | | | | — | | |
Bilal Zuberi | | | | | — | | | | | | — | | |
Name | | | Shares of Series D Preferred Stock | | | Total Purchase Price | | ||||||
GV 2017, L.P.(1) | | | | | 1,751,190 | | | | | $ | 14,999,993 | | |
Jeffrey Immelt(2) | | | | | 11,674 | | | | | $ | 99,995 | | |
KPCB Holdings, Inc., as nominee(3) | | | | | 233,492 | | | | | $ | 1,999,999 | | |
Lux Ventures IV, L.P.(4) | | | | | 1,167,460 | | | | | $ | 9,999,995 | | |
New Enterprise Associates 15, L.P.(5) | | | | | 2,336,291 | | | | | $ | 20,011,734 | | |
The Northern Trust Company(6) | | | | | 8,172,222 | | | | | $ | 69,999,985 | | |
Total | | | | | 13,672,329 | | | | | $ | 117,111,701 | | |
Name | | | Shares of Series D Preferred Stock | | | Total Purchase Price | | ||||||
GV 2017, L.P.(1) | | | | | 1,751,190 | | | | | $ | 14,999,993 | | |
Jeffrey Immelt(2) | | | | | 11,674 | | | | | $ | 99,995 | | |
KPCB Holdings, Inc., as nominee(3) | | | | | 233,492 | | | | | $ | 1,999,999 | | |
Lux Ventures IV, L.P.(4) | | | | | 1,167,460 | | | | | $ | 9,999,995 | | |
New Enterprise Associates 15, L.P.(5) | | | | | 2,336,291 | | | | | $ | 20,011,734 | | |
The Northern Trust Company(6) | | | | | 8,172,222 | | | | | $ | 69,999,985 | | |
Total | | | | | 13,672,329 | | | | | $ | 117,111,701 | | |
Name | | Shares of Series E Preferred Stock | | Total Purchase Price | | | Shares of Series E Preferred Stock | | Total Purchase Price | | ||||||||||||||||
KDT Desktop Metal Holdings, LLC(1) | | | | 7,484,209 | | | | $ | 75,000,007 | | | | | | 7,484,209 | | | | $ | 75,000,007 | | | ||||
KPCB Holdings, Inc., as nominee(2) | | | | 99,790 | | | | $ | 1,000,006 | | | | | | 99,790 | | | | $ | 1,000,006 | | | ||||
Lux Co-Invest Opportunities, L.P.(3) | | | | 1,496,842 | | | | $ | 15,000,003 | | | | | | 1,496,842 | | | | $ | 15,000,003 | | | ||||
New Enterprise Associates 15, L.P.(4) | | | | 1,496,842 | | | | $ | 15,000,003 | | | | | | 1,496,842 | | | | $ | 15,000,003 | | | ||||
The Northern Trust Company(5) | | | | 997,894 | | | | $ | 9,999,996 | | | | | | 997,894 | | | | $ | 9,999,996 | | | ||||
Total | | | | 11,575,577 | | | | $ | 116,000,015 | | | | | | 11,575,577 | | | | $ | 116,000,015 | | |
Name | | Shares of Series E-1 Preferred Stock | | Total Purchase Price | | | Shares of Series E-1 Preferred Stock | | Total Purchase Price | | ||||||||||||||||
GV 2019, L.P.(1) | | | | 2,494,737 | | | | $ | 25,000,008.95 | | | | | | 2,494,737 | | | | $ | 25,000,008.95 | | |
| | | Shares Beneficially Owned | | |||||||||
Name of Beneficial Owner | | | Number of Shares of Class A Common Stock Beneficially Owned | | | Percentage Ownership of Outstanding Class A Common Stock | | ||||||
5% or Greater Stockholders | | | | | | | | | | | | | |
Entities affiliated with New Enterprise Associates(1) | | | | | 28,416,088 | | | | | | 12.53% | | |
Entities affiliated with Lux Ventures(2) | | | | | 18,651,974 | | | | | | 8.23% | | |
KPCB Holdings, Inc., as nominee(3) | | | | | 17,856,665 | | | | | | 7.88% | | |
Entities affiliated with Google Ventures(4) | | | | | 14,302,438 | | | | | | 6.31% | | |
Named Executive Officers and Directors | | | | | | | | | | | | | |
Ric Fulop(5) | | | | | 21,981,930 | | | | | | 9.70% | | |
Steve Billow(6) | | | | | 457,956 | | | | | | * | | |
Elizabeth Linardos(7) | | | | | 429,397 | | | | | | * | | |
Scott Dussault | | | | | — | | | | | | — | | |
Dayna Grayson | | | | | — | | | | | | — | | |
Leo Hindery, Jr.(8) | | | | | 17,406,750 | | | | | | 7.35% | | |
Wen Hsieh(3) | | | | | 17,856,665 | | | | | | 7.88% | | |
Jeff Immelt(9) | | | | | 259,075 | | | | | | * | | |
Byron Knight | | | | | — | | | | | | — | | |
Stephen Nigro | | | | | — | | | | | | — | | |
Steve Papa | | | | | — | | | | | | — | | |
Andy Wheeler | | | | | — | | | | | | — | | |
Bilal Zuberi | | | | | — | | | | | | — | | |
All executive officers and directors as a group (16 persons)(10) | | | | | 61,386,251 | | | | | | 25.74% | | |
| | | Shares Beneficially Owned | | |||||||||
Name of Beneficial Owner | | | Number of Shares of Class A Common Stock Beneficially Owned | | | Percentage Ownership of Outstanding Class A Common Stock | | ||||||
5% or Greater Stockholders | | | | | | | | | | | | | |
Entities affiliated with New Enterprise Associates(1) | | | | | 28,416,088 | | | | | | 11.25% | | |
Entities affiliated with Lux Ventures(2) | | | | | 18,651,974 | | | | | | 7.38% | | |
KPCB Holdings, Inc., as nominee(3) | | | | | 17,856,665 | | | | | | 7.07% | | |
Entities affiliated with Google Ventures(4) | | | | | 14,302,438 | | | | | | 5.66% | | |
Named Executive Officers and Directors | | | | | | | | | | | | | |
Ric Fulop(5) | | | | | 21,981,930 | | | | | | 8.70% | | |
Steve Billow(6) | | | | | 457,956 | | | | | | * | | |
Elizabeth Linardos(7) | | | | | 429,397 | | | | | | * | | |
Scott Dussault | | | | | — | | | | | | — | | |
Ali El-Siblani | | | | | 5,036,142 | | | | | | 1.99% | | |
Dayna Grayson | | | | | — | | | | | | — | | |
Leo Hindery, Jr.(8) | | | | | 2,897,317 | | | | | | 1.15% | | |
Wen Hsieh(3) | | | | | 17,856,665 | | | | | | 7.07% | | |
Jeff Immelt(9) | | | | | 259,075 | | | | | | * | | |
Byron Knight | | | | | — | | | | | | — | | |
Stephen Nigro | | | | | — | | | | | | — | | |
Steve Papa | | | | | — | | | | | | — | | |
Andy Wheeler | | | | | — | | | | | | — | | |
Bilal Zuberi | | | | | — | | | | | | — | | |
All executive officers and directors as a group (17 persons)(10) | | | | | 49,263,865 | | | | | | 19.39% | | |
| | | Shares Beneficially Owned Prior to Offering | | | Number of Shares Being Offered | | | Shares Beneficially Owned After the Offering | | |||||||||||||||||||||
Name of Selling Stockholder | | | Number | | | Percentage | | | | | | | | | Number | | | Percentage | | ||||||||||||
40 North Ventures LP(1) | | | | | 2,483,140 | | | | | | 1.10% | | | | | | 2,483,140 | | | | | | — | | | | | | —% | | |
Abbas F. Zuaiter | | | | | 25,000 | | | | | | * | | | | | | 25,000 | | | | | | — | | | | | | — | | |
Ali El-Siblani(2) | | | | | 12,500,000 | | | | | | 5.23% | | | | | | 12,500,000 | | | | | | — | | | | | | — | | |
Alyeska Master Fund 3, LP(3) | | | | | 7,175 | | | | | | * | | | | | | 4,000 | | | | | | 3,175 | | | | | | * | | |
Alyeska Master Fund, LP(3) | | | | | 892,825 | | | | | | * | | | | | | 496,000 | | | | | | 396,825 | | | | | | * | | |
Andrew H. Palmer | | | | | 57,204 | | | | | | * | | | | | | 57,204 | | | | | | — | | | | | | — | | |
Banque Pictet & Cie S.A. acting as nominee on behalf of clients(4) | | | | | 300,000 | | | | | | * | | | | | | 300,000 | | | | | | — | | | | | | — | | |
BAR Holdings, LLC(5) | | | | | 200,000 | | | | | | * | | | | | | 200,000 | | | | | | — | | | | | | — | | |
Baron Growth Fund(6) | | | | | 1,275,000 | | | | | | * | | | | | | 1,275,000 | | | | | | — | | | | | | — | | |
Baron Opportunity Fund(6) | | | | | 500,000 | | | | | | * | | | | | | 500,000 | | | | | | — | | | | | | — | | |
Best View Enterprises Limited(7) | | | | | 200,000 | | | | | | * | | | | | | 200,000 | | | | | | — | | | | | | — | | |
Blue Ridge Private Holdings, LLC(8) | | | | | 1,000,000 | | | | | | * | | | | | | 1,000,000 | | | | | | — | | | | | | — | | |
Bluebird Trust(9) | | | | | 628,927 | | | | | | * | | | | | | 628,927 | | | | | | — | | | | | | — | | |
BMW i Ventures SCS SICAV-RAIF(10) | | | | | 356,946 | | | | | | * | | | | | | 356,946 | | | | | | — | | | | | | — | | |
Brian L. Spector 2004 Revocable Trust | | | | | 25,000 | | | | | | * | | | | | | 25,000 | | | | | | — | | | | | | — | | |
Brian White | | | | | 100,000 | | | | | | * | | | | | | 100,000 | | | | | | — | | | | | | — | | |
ChaChaCha 2019 Trust DTD 9/20/2019 | | | | | 1,000,000 | | | | | | * | | | | | | 1,000,000 | | | | | | — | | | | | | — | | |
| | | Shares Beneficially Owned Prior to Offering | | | Number of Shares Being Offered | | | Shares Beneficially Owned After the Offering | | |||||||||||||||||||||
Name of Selling Stockholder | | | Number | | | Percentage | | | | | | | | | Number | | | Percentage | | ||||||||||||
Charles Clarvit | | | | | 100,000 | | | | | | * | | | | | | 100,000 | | | | | | — | | | | | | — | | |
CRA Fund II LLC(11) | | | | | 175,000 | | | | | | * | | | | | | 175,000 | | | | | | — | | | | | | — | | |
Crashfund, LLC(12) | | | | | 57,204 | | | | | | * | | | | | | 57,204 | | | | | | — | | | | | | — | | |
Crocker Mountain LLC(13) | | | | | 50,000 | | | | | | * | | | | | | 50,000 | | | | | | — | | | | | | — | | |
D.E. Shaw Oculus Portfolios, L.L.C.(14) | | | | | 268,750 | | | | | | * | | | | | | 268,750 | | | | | | — | | | | | | — | | |
D.E. Shaw Valence Portfolios, L.L.C.(14) | | | | | 806,250 | | | | | | * | | | | | | 806,250 | | | | | | — | | | | | | — | | |
Daniel Wagner | | | | | 27,399 | | | | | | * | | | | | | 11,094 | | | | | | 16,305 | | | | | | * | | |
Data Collective III, L.P.(15) | | | | | 811,114 | | | | | | * | | | | | | 811,114 | | | | | | — | | | | | | — | | |
DCVC Opportunity Fund II, L.P.(16) | | | | | 777,623 | | | | | | * | | | | | | 777,623 | | | | | | — | | | | | | — | | |
Devery Doleman | | | | | 207,054 | | | | | | * | | | | | | 94,398 | | | | | | 112,656 | | | | | | * | | |
Dowe Ventures LLC(17) | | | | | 100,000 | | | | | | * | | | | | | 100,000 | | | | | | — | | | | | | — | | |
Dyal Capital Partners IV (B) LP(18) | | | | | 750,000 | | | | | | * | | | | | | 750,000 | | | | | | — | | | | | | — | | |
Elizabeth Hitchcock | | | | | 57,204 | | | | | | * | | | | | | 57,204 | | | | | | — | | | | | | — | | |
Emes PE, LLC(19) | | | | | 500,000 | | | | | | * | | | | | | 500,000 | | | | | | — | | | | | | — | | |
Entrepreneur America Mentors, LLC(20) | | | | | 1,436,657 | | | | | | * | | | | | | 1,436,657 | | | | | | — | | | | | | — | | |
Ford Motor Company(21) | | | | | 4,277,172 | | | | | | 1.89% | | | | | | 4,277,172 | | | | | | — | | | | | | — | | |
Founder Collective Entrepreneurs’ Fund II, L.P.(22) | | | | | 57,204 | | | | | | * | | | | | | 57,204 | | | | | | — | | | | | | — | | |
Founder Collective II, L.P.(22) | | | | | 514,829 | | | | | | * | | | | | | 514,829 | | | | | | — | | | | | | — | | |
Founding Pillar Fund, LLC(23) | | | | | 3,050 | | | | | | * | | | | | | 3,050 | | | | | | — | | | | | | — | | |
FTF Diversified Holdings, LP(24) | | | | | 200,000 | | | | | | * | | | | | | 200,000 | | | | | | — | | | | | | — | | |
Gabriel Wagner | | | | | 27,399 | | | | | | * | | | | | | 11,094 | | | | | | 16,305 | | | | | | * | | |
GAFLP II, Ltd.(25) | | | | | 50,000 | | | | | | * | | | | | | 50,000 | | | | | | — | | | | | | — | | |
Greek Associates(26) | | | | | 300,000 | | | | | | * | | | | | | 300,000 | | | | | | — | | | | | | — | | |
GRIDS Ventures Fund II LTD(27) | | | | | 100,000 | | | | | | * | | | | | | 100,000 | | | | | | — | | | | | | — | | |
GV 2016, L.P.(28) | | | | | 8,923,643 | | | | | | 3.94% | | | | | | 8,923,643 | | | | | | — | | | | | | — | | |
GV 2017, L.P.(28) | | | | | 2,332,177 | | | | | | 1.03% | | | | | | 2,332,177 | | | | | | — | | | | | | — | | |
GV 2019, L.P.(28) | | | | | 3,046,618 | | | | | | 1.34% | | | | | | 3,046,618 | | | | | | — | | | | | | — | | |
Helen Frances Liang | | | | | 50,000 | | | | | | * | | | | | | 50,000 | | | | | | — | | | | | | — | | |
Highbridge Capital Management, LLC as the trading Manager for Highbridge Tactical Credit Master Fund, LP(29) | | | | | 2,178,076 | | | | | | * | | | | | | 850,000 | | | | | | 1,328,076 | | | | | | * | | |
Hindery Seed Capital, LLC(30) | | | | | 4,254,097 | | | | | | 1.88% | | | | | | 1,723,999 | | | | | | 2,530,098 | | | | | | 1.12% | | |
Home Technology Ventures I, LLC(31) | | | | | 642,091 | | | | | | * | | | | | | 642,091 | | | | | | — | | | | | | — | | |
HPS Investment Partners, LLC(32) | | | | | 8,529,308 | | | | | | 3.76% | | | | | | 3,627,838 | | | | | | 4,901,470 | | | | | | 2.16% | | |
HPS Partners Holdings II, LLC(32) | | | | | 200,000 | | | | | | * | | | | | | 200,000 | | | | | | — | | | | | | — | | |
Hubbard Street Ventures LLC(33) | | | | | 50,000 | | | | | | * | | | | | | 50,000 | | | | | | — | | | | | | — | | |
InvestCo 777, LLC (34) | | | | | 400,000 | | | | | | * | | | | | | 400,000 | | | | | | — | | | | | | — | | |
James Goldstein | | | | | 10,000 | | | | | | * | | | | | | 10,000 | | | | | | — | | | | | | — | | |
James P. Rosenfield 1995 Trust | | | | | 50,000 | | | | | | * | | | | | | 50,000 | | | | | | — | | | | | | — | | |
Jeff Fagnan | | | | | 28,602 | | | | | | * | | | | | | 28,602 | | | | | | — | | | | | | — | | |
Jeffrey Brian Straubel | | | | | 1,000,000 | | | | | | * | | | | | | 1,000,000 | | | | | | — | | | | | | — | | |
Jeffrey R. Immelt(35) | | | | | 307,923 | | | | | | * | | | | | | 39,256 | | | | | | 268,667 | | | | | | * | | |
Jitendra Saxena | | | | | 25,000 | | | | | | * | | | | | | 25,000 | | | | | | — | | | | | | — | | |
John H. Chory | | | | | 4,000 | | | | | | * | | | | | | 4,000 | | | | | | — | | | | | | — | | |
| | | Shares Beneficially Owned Prior to Offering | | | Number of Shares Being Offered | | | Shares Beneficially Owned After the Offering | | |||||||||||||||||||||
Name of Selling Stockholder | | | Number | | | Percentage | | | | | | | | | Number | | | Percentage | | ||||||||||||
Josephine Linden | | | | | 25,000 | | | | | | * | | | | | | 25,000 | | | | | | — | | | | | | — | | |
KDT Desktop Metal Holdings, LLC(36) | | | | | 9,384,282 | | | | | | 4.14% | | | | | | 9,384,282 | | | | | | — | | | | | | — | | |
Kenneth A. Bronfin and Sarina M. Bronfin | | | | | 7,500 | | | | | | * | | | | | | 7,500 | | | | | | — | | | | | | — | | |
Kenneth W. Lang Revocable Trust | | | | | 30,000 | | | | | | * | | | | | | 30,000 | | | | | | — | | | | | | — | | |
Kent R. Sandler | | | | | 25,000 | | | | | | * | | | | | | 25,000 | | | | | | — | | | | | | — | | |
Khaki Campbell Trust(9) | | | | | 628,927 | | | | | | * | | | | | | 628,927 | | | | | | — | | | | | | — | | |
KPCB Holdings, Inc., as nominee(37) | | | | | 17,856,665 | | | | | | 7.88% | | | | | | 17,856,665 | | | | | | — | | | | | | — | | |
LAUNCH Fund I, LP(38) | | | | | 57,204 | | | | | | * | | | | | | 57,204 | | | | | | — | | | | | | — | | |
Lawrence D. Kingsley | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | — | | | | | | — | | |
Lawry Family 2012 Trust | | | | | 25,000 | | | | | | * | | | | | | 25,000 | | | | | | — | | | | | | — | | |
Leon Wagner | | | | | 493,185 | | | | | | * | | | | | | 199,688 | | | | | | 293,497 | | | | | | * | | |
Lux Co-Invest Opportunities, LP(39) | | | | | 1,827,917 | | | | | | * | | | | | | 1,827,917 | | | | | | — | | | | | | — | | |
Lux Ventures IV, LP(39) | | | | | 16,630,411 | | | | | | 7.34% | | | | | | 16,630,411 | | | | | | — | | | | | | — | | |
LVIP Baron Growth Opportunities Fund(6) | | | | | 135,000 | | | | | | * | | | | | | 135,000 | | | | | | — | | | | | | — | | |
Magmanor, LLC(40) | | | | | 57,204 | | | | | | * | | | | | | 57,204 | | | | | | — | | | | | | — | | |
Malcolm Ian Grant Gilchrist | | | | | 682,451 | | | | | | * | | | | | | 311,135 | | | | | | 371,316 | | | | | | * | | |
Marc Nathanson | | | | | 25,000 | | | | | | * | | | | | | 25,000 | | | | | | — | | | | | | — | | |
Mark J. Coleman | | | | | 1,573,613 | | | | | | * | | | | | | 717,423 | | | | | | 856,190 | | | | | | * | | |
Media Backwards, LLC(41) | | | | | 165,643 | | | | | | * | | | | | | 75,518 | | | | | | 90,125 | | | | | | * | | |
Meyer Malka | | | | | 25,000 | | | | | | * | | | | | | 25,000 | | | | | | — | | | | | | — | | |
Michael L. Volpe | | | | | 57,204 | | | | | | * | | | | | | 57,204 | | | | | | — | | | | | | — | | |
Miller Opportunity Trust, a Series of Trust for Advised Portfolios(42) | | | | | 7,902,073 | | | | | | 3.49% | | | | | | 6,000,000 | | | | | | 1,902,073 | | | | | | * | | |
Moonrise Venture Partners I LP(43) | | | | | 285,144 | | | | | | * | | | | | | 285,144 | | | | | | — | | | | | | — | | |
Museum Associates dba Los Angeles County Museum of Art(44) | | | | | 100,000 | | | | | | * | | | | | | 100,000 | | | | | | — | | | | | | — | | |
NEA Ventures 2015, L.P.(45) | | | | | 17,161 | | | | | | * | | | | | | 17,161 | | | | | | — | | | | | | — | | |
New Enterprise Associates 15, L.P.(45) | | | | | 28,263,413 | | | | | | 12.47% | | | | | | 28,263,413 | | | | | | — | | | | | | — | | |
OM Venture Partners, LLC(46) | | | | | 150,000 | | | | | | * | | | | | | 150,000 | | | | | | — | | | | | | — | | |
Panasonic Ventures, LLC(47) | | | | | 622,098 | | | | | | * | | | | | | 622,098 | | | | | | — | | | | | | — | | |
Pardeep Kohli | | | | | 7,500 | | | | | | * | | | | | | 7,500 | | | | | | — | | | | | | — | | |
Paresh Patel | | | | | 100,000 | | | | | | * | | | | | | 100,000 | | | | | | — | | | | | | — | | |
Patient Partners, LP(48) | | | | | 120,000 | | | | | | * | | | | | | 120,000 | | | | | | — | | | | | | — | | |
Patni Holdings, LLC(49) | | | | | 25,000 | | | | | | * | | | | | | 25,000 | | | | | | — | | | | | | — | | |
Philip Liang | | | | | 16,000 | | | | | | * | | | | | | 16,000 | | | | | | — | | | | | | — | | |
Pierre Michel Henry | | | | | 496,931 | | | | | | * | | | | | | 226,555 | | | | | | 270,376 | | | | | | * | | |
Pillar I, L.P. (23) | | | | | 100,560 | | | | | | * | | | | | | 100,560 | | | | | | — | | | | | | — | | |
Pitrizza, LLC(50) | | | | | 547,983 | | | | | | * | | | | | | 221,876 | | | | | | 326,107 | | | | | | * | | |
Plum Bush Private LLC(51) | | | | | 100,000 | | | | | | * | | | | | | 100,000 | | | | | | | | | | | | | | |
Red Tailed Hawk Trust(9) | | | | | 628,927 | | | | | | * | | | | | | 628,927 | | | | | | — | | | | | | — | | |
Ric Fulop(9) | | | | | 20,095,149 | | | | | | 8.86% | | | | | | 20,095,149 | | | | | | — | | | | | | — | | |
Ryan Maierson | | | | | 4,000 | | | | | | * | | | | | | 4,000 | | | | | | — | | | | | | — | | |
Rich D’Amore | | | | | 57,204 | | | | | | * | | | | | | 57,204 | | | | | | — | | | | | | — | | |
| | | Shares Beneficially Owned Prior to Offering | | | Number of Shares Being Offered | | | Shares Beneficially Owned After the Offering | | |||||||||||||||||||||
Name of Selling Stockholder | | | Number | | | Percentage | | | | | | | | | Number | | | Percentage | | ||||||||||||
Riot Ventures Opportunity II-A, L.P.(52) | | | | | 1,096,782 | | | | | | * | | | | | | 1,096,782 | | | | | | — | | | | | | — | | |
Riot Ventures Opportunity II-B, LLC(52) | | | | | 73,119 | | | | | | * | | | | | | 73,119 | | | | | | — | | | | | | — | | |
Riot Ventures Opportunity P, LLC(52) | | | | | 48,746 | | | | | | * | | | | | | 48,746 | | | | | | — | | | | | | — | | |
Robert M. Blanck, Jr. | | | | | 16,000 | | | | | | * | | | | | | 16,000 | | | | | | — | | | | | | — | | |
SAEV Guernsey Holdings Limited(53) | | | | | 2,150,388 | | | | | | * | | | | | | 2,150,388 | | | | | | — | | | | | | — | | |
SCGC Capital Holding Company Limited(54) | | | | | 1,556,367 | | | | | | * | | | | | | 1,556,367 | | | | | | — | | | | | | — | | |
Scopus Fund Ltd(55) | | | | | 30,400 | | | | | | * | | | | | | 30,400 | | | | | | — | | | | | | — | | |
Scopus Partners II, L.P.(55) | | | | | 85,580 | | | | | | * | | | | | | 85,580 | | | | | | — | | | | | | — | | |
Scopus Partners, L.P.(55) | | | | | 55,880 | | | | | | * | | | | | | 55,880 | | | | | | — | | | | | | — | | |
Scopus Vista Fund Ltd(55) | | | | | 47,740 | | | | | | * | | | | | | 47,740 | | | | | | — | | | | | | — | | |
Scopus Vista Partners, L.P.(55) | | | | | 780,400 | | | | | | * | | | | | | 780,400 | | | | | | — | | | | | | — | | |
Seth W. Lawry 1999 Trust | | | | | 25,000 | | | | | | * | | | | | | 25,000 | | | | | | — | | | | | | — | | |
Staggs Trust | | | | | 100,000 | | | | | | * | | | | | | 100,000 | | | | | | — | | | | | | — | | |
Stanley N. Lapidus | | | | | 1,000 | | | | | | * | | | | | | 1,000 | | | | | | — | | | | | | — | | |
Sun Hung Kai Strategic Capital Limited(56) | | | | | 500,000 | | | | | | * | | | | | | 500,000 | | | | | | — | | | | | | — | | |
Susan L. Mazur | | | | | 4,000 | | | | | | * | | | | | | 4,000 | | | | | | — | | | | | | — | | |
Tech Opportunities LLC(57) | | | | | 1,068,845 | | | | | | * | | | | | | 900,000 | | | | | | 168,845 | | | | | | * | | |
The Assaf Family Trust dtd 3/24/05 | | �� | | | 100,000 | | | | | | * | | | | | | 100,000 | | | | | | — | | | | | | — | | |
The Northern Trust Company (ABN 62 126 279 918) in its capacity as custodian for the Future Fund Investment Company No.4 Pty Ltd(58) | | | | | 11,198,714 | | | | | | 4.94% | | | | | | 11,198,714 | | | | | | — | | | | | | — | | |
The Scott B. Kapnick 2016 Revocable Trust | | | | | 550,000 | | | | | | * | | | | | | 550,000 | | | | | | — | | | | | | — | | |
Theo Lubke and Anne-Marie Kim | | | | | 2,500 | | | | | | * | | | | | | 2,500 | | | | | | — | | | | | | — | | |
Trently Holdings, LLC(59) | | | | | 400,000 | | | | | | * | | | | | | 400,000 | | | | | | — | | | | | | — | | |
Tyche Partners II, L.P.(58) | | | | | 365,594 | | | | | | * | | | | | | 365,594 | | | | | | — | | | | | | — | | |
Tyche Partners, L.P.(58) | | | | | 2,456,175 | | | | | | 1.08% | | | | | | 2,456,175 | | | | | | — | | | | | | — | | |
V.F. & A.L. Goldstein 2012 Family Trust | | | | | 10,000 | | | | | | * | | | | | | 10,000 | | | | | | — | | | | | | — | | |
Vertex Ventures US Fund I, L.P.(59) | | | | | 427,717 | | | | | | * | | | | | | 427,717 | | | | | | — | | | | | | — | | |
Vipul Shah | | | | | 10,000 | | | | | | * | | | | | | 10,000 | | | | | | — | | | | | | — | | |
VY Baron Growth Portfolio(6) | | | | | 90,000 | | | | | | * | | | | | | 90,000 | | | | | | — | | | | | | — | | |
William H. Miller III Living Trust Dated April 17, 2017, as amended | | | | | 2,003,500 | | | | | | * | | | | | | 1,000,000 | | | | | | 1,003,500 | | | | | | * | | |
WO Select Investments, LLC(62) | | | | | 250,000 | | | | | | * | | | | | | 250,000 | | | | | | — | | | | | | — | | |
XN Exponent Master Fund LP(63) | | | | | 3,000,000 | | | | | | 1.32% | | | | | | 3,000,000 | | | | | | — | | | | | | — | | |
Yves A. Behar | | | | | 114,395 | | | | | | * | | | | | | 114,395 | | | | | | — | | | | | | — | | |
Zuaiter Capital Holdings, LLC(64) | | | | | 401,686 | | | | | | * | | | | | | 183,132 | | | | | | 218,554 | | | | | | * | | |
| | | Shares Beneficially Owned Prior to the Offering | | | | | | | | | Shares Beneficially Owned After the Offering | | ||||||||||||||||||
Name of Selling Stockholder | | | Number | | | Percentage | | | Number of Shares Being Offered | | | Number | | | Percentage | | |||||||||||||||
Ann and Eberhad Voit | | | | | 103,975 | | | | | | * | | | | | | 103,975 | | | | | | — | | | | | | — | | |
Arkema Inc.(1) | | | | | 193,442 | | | | | | * | | | | | | 193,442 | | | | | | — | | | | | | — | | |
Barbara D. Boyan | | | | | 1,044 | | | | | | * | | | | | | 1,044 | | | | | | — | | | | | | — | | |
Chemence, Inc.(2) | | | | | 73,916 | | | | | | * | | | | | | 73,916 | | | | | | — | | | | | | — | | |
Clear Fir Partners, LP(3) | | | | | 13,166 | | | | | | * | | | | | | 9,666 | | | | | | 3,500 | | | | | | * | | |
Curtis Collar | | | | | 1,044 | | | | | | * | | | | | | 1,044 | | | | | | — | | | | | | — | | |
Dodd Grande | | | | | 1,044 | | | | | | * | | | | | | 1,044 | | | | | | — | | | | | | — | | |
DSM Venturing B.V.(4) | | | | | 443,507 | | | | | | * | | | | | | 443,507 | | | | | | — | | | | | | — | | |
Ellery Buchanan | | | | | 79,311 | | | | | | * | | | | | | 79,311 | | | | | | — | | | | | | — | | |
Eric Parker | | | | | 14,089 | | | | | | * | | | | | | 14,089 | | | | | | — | | | | | | — | | |
James McAndrew | | | | | 3,459 | | | | | | * | | | | | | 3,459 | | | | | | — | | | | | | — | | |
Jonathan King | | | | | 1,386 | | | | | | * | | | | | | 1,386 | | | | | | — | | | | | | — | | |
McCarley Family LLC(5) | | | | | 11,253 | | | | | | * | | | | | | 11,253 | | | | | | — | | | | | | — | | |
McDermott Staff, LLC(6) | | | | | 589,016 | | | | | | * | | | | | | 589,016 | | | | | | — | | | | | | — | | |
Michael Seeligson | | | | | 12,317 | | | | | | * | | | | | | 12,317 | | | | | | — | | | | | | — | | |
Michael Moussa | | | | | 4,846 | | | | | | * | | | | | | 4,846 | | | | | | — | | | | | | — | | |
Molly Seeligson | | | | | 2,306 | | | | | | * | | | | | | 2,306 | | | | | | — | | | | | | — | | |
Peter A. Smith | | | | | 5,469 | | | | | | * | | | | | | 5,469 | | | | | | — | | | | | | — | | |
Philip Brent Duncan | | | | | 198,840 | | | | | | * | | | | | | 198,840 | | | | | | — | | | | | | — | | |
Rigoberto Advincula | | | | | 1,044 | | | | | | * | | | | | | 1,044 | | | | | | — | | | | | | — | | |
Stephen Kay | | | | | 41,552 | | | | | | * | | | | | | 41,552 | | | | | | — | | | | | | — | | |
Walter Voit | | | | | 287,202 | | | | | | * | | | | | | 287,202 | | | | | | — | | | | | | — | | |
Wendover Investments, LP(7) | | | | | 219,079 | | | | | | * | | | | | | 219,079 | | | | | | — | | | | | | — | | |
West Pharmaceutical Services, Inc.(8) | | | | | 193,442 | | | | | | * | | | | | | 193,442 | | | | | | — | | | | | | — | | |
| Audited consolidated financial statements of Desktop Metal, Inc. and subsidiaries | | | | | | | |
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| | | | | | | ||
| Unaudited | | | | | | | |
| | | | | | | ||
| | | | | F-42 | | | |
| | | | | F-43 | | | |
| | | | | F-44 | | | |
| | | | | F-45 | | | |
| | | | | F-46 | | | |
| Audited combined financial statements of EnvisionTEC Group | | | | | | | |
| | | | | F-70 | | | |
| | | | | | | ||
| ||||||||
| | | | F-73 | | | ||
| | | | | F-74 | | | |
| | | | | F-75 | | | |
| | | | | F-76 | | |
| | | December 31, | | |||||||||
| | | 2020 (as restated) | | | 2019 | | ||||||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 483,525 | | | | | $ | 66,161 | | |
Short-term investments | | | | | 111,867 | | | | | | 84,754 | | |
Accounts receivable | | | | | 6,516 | | | | | | 4,523 | | |
Inventory | | | | | 9,708 | | | | | | 8,405 | | |
Prepaid expenses and other current assets | | | | | 976 | | | | | | 1,888 | | |
Total current assets | | | | | 612,592 | | | | | | 165,731 | | |
Restricted cash | | | | | 612 | | | | | | 612 | | |
Property and equipment, net | | | | | 12,160 | | | | | | 18,387 | | |
Capitalized software, net | | | | | 312 | | | | | | 446 | | |
Goodwill | | | | | 2,252 | | | | | | 2,252 | | |
Acquired technology, net | | | | | 9,102 | | | | | | 2,994 | | |
Other noncurrent assets | | | | | 4,879 | | | | | | 2,289 | | |
Total Assets | | | | $ | 641,909 | | | | | $ | 192,711 | | |
Liabilities and Stockholders’ Equity | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable | | | | $ | 7,591 | | | | | $ | 10,228 | | |
Customer deposits | | | | | 1,480 | | | | | | 2,325 | | |
Current portion of operating lease liability | | | | | 868 | | | | | | 806 | | |
Accrued expenses and other current liabilities | | | | | 7,565 | | | | | | 5,053 | | |
Deferred revenue | | | | | 3,004 | | | | | | 2,230 | | |
Current portion of long-term debt, net of deferred financing costs | | | | | 9,991 | | | | | | — | | |
Total current liabilities | | | | | 30,499 | | | | | | 20,642 | | |
Warrant liability | | | | | 93,328 | | | | | | — | | |
Long-term debt, net of deferred financing costs | | | | | — | | | | | | 9,972 | | |
Lease liability, net of current portion | | | | | 2,157 | | | | | | 3,026 | | |
Total liabilities | | | | | 125,984 | | | | | | 33,640 | | |
Commitments and Contingences (Note 15) | | | | | | | | | | | | | |
Legacy Convertible Preferred Stock (Note 17) | | | | | — | | | | | | — | | |
Stockholders’ Equity | | | | | | | | | | | | | |
Preferred Stock, $0.0001 par value – authorized, 50,000,000 shares; no shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively | | | | | — | | | | | | — | | |
Common Stock, $0.0001 par value – 500,000,000 shares authorized; 226,756,733 and 160,500,702 shares issued at December 31, 2020 and December 31, 2019, respectively, 224,626,597 and 154,913,934 shares outstanding at December 31, 2020 and December 31, 2019, respectively | | | | | 23 | | | | | | 16 | | |
Additional paid-in capital | | | | | 844,188 | | | | | | 453,242 | | |
Accumulated deficit | | | | | (328,277) | | | | | | (294,262) | | |
Accumulated other comprehensive (loss) income | | | | | (9) | | | | | | 75 | | |
Total Stockholders’ Equity | | | | | 515,925 | | | | | | 159,071 | | |
Total Liabilities and Stockholders’ Equity | | | | $ | 641,909 | | | | | $ | 192,711 | | |
| | | December 31, 2019 | | | December 31, 2018 | | ||||||
ASSETS | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | |
Cash | | | | $ | 138,533 | | | | | $ | 119,136 | | |
Prepaid income taxes | | | | | 242,620 | | | | | | — | | |
Prepaid expenses | | | | | 190,917 | | | | | | — | | |
Total Current Assets | | | | | 572,070 | | | | | | 119,136 | | |
Security deposit | | | | | 23,800 | | | | | | 23,800 | | |
Deferred offering costs | | | | | — | | | | | | 182,742 | | |
Marketable securities held in Trust Account | | | | | 304,528,924 | | | | | | — | | |
Total Assets | | | | $ | 305,124,794 | | | | | $ | 325,678 | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | |
Accounts payable and accrued expenses | | | | $ | 303,190 | | | | | $ | 20,222 | | |
Accrued offering costs | | | | | — | | | | | | 25,149 | | |
Promissory note – related party | | | | | — | | | | | | 299,000 | | |
Total Current Liabilities | | | | | 303,190 | | | | | | 344,371 | | |
Deferred tax liability | | | | | 35,655 | | | | | | — | | |
Deferred underwriting fee payable | | | | | 10,505,250 | | | | | | — | | |
Total Liabilities | | | | | 10,844,095 | | | | | | 344,371 | | |
Commitments and Contingencies (Note 6) | | | | | | | | | | | | | |
Common stock subject to possible redemption, 28,504,462 shares at redemption value as of December 31, 2019 | | | | | 289,280,690 | | | | | | — | | |
Stockholders’ Equity (Deficit) | | | | | | | | | | | | | |
Preferred stock, $0.0001 par value; 1,000,000 shares authorized, none issued and outstanding | | | | | — | | | | | | — | | |
Class A common stock, $0.0001 par value; 100,000,000 shares authorized; 1,510,538 and -0- shares issued and outstanding (excluding 28,504,462 and -0- shares subject to possible redemption) as of December 31, 2019 and 2018, respectively | | | | | 151 | | | | | | — | | |
Class B convertible common stock, $0.0001 par value; 10,000,000 shares authorized; 7,503,750 shares issued and outstanding | | | | | 750 | | | | | | 750 | | |
Additional paid in capital | | | | | 2,313,769 | | | | | | 24,250 | | |
Retained earnings/(Accumulated deficit) | | | | | 2,685,339 | | | | | | (43,693) | | |
Total Stockholders’ Equity (Deficit) | | | | | 5,000,009 | | | | | | (18,693) | | |
Total Liabilities and Stockholders’ Equity (Deficit) | | | | $ | 305,124,794 | | | | | $ | 325,678 | | |
|
| | | Years Ended December 31, | | |||||||||
| | | 2020 (as restated) | | | 2019 | | ||||||
Revenues | | | | | | | | | | | | | |
Products | | | | $ | 13,718 | | | | | $ | 22,758 | | |
Services | | | | | 2,752 | | | | | | 3,681 | | |
Total revenues | | | | | 16,470 | | | | | | 26,439 | | |
Cost of sales | | | | | | | | | | | | | |
Products | | | | | 26,945 | | | | | | 45,268 | | |
Services | | | | | 4,574 | | | | | | 5,528 | | |
Total cost of sales | | | | | 31,519 | | | | | | 50,796 | | |
Gross margin | | | | | (15,049) | | | | | | (24,357) | | |
Operating expenses | | | | | | | | | | | | | |
Research and development | | | | | 43,136 | | | | | | 54,656 | | |
Sales and marketing | | | | | 13,136 | | | | | | 18,749 | | |
General and administrative | | | | | 20,734 | | | | | | 11,283 | | |
Total operating expenses | | | | | 77,006 | | | | | | 84,688 | | |
Loss from operations | | | | | (92,055) | | | | | | (109,045) | | |
Change in fair value of warrant liability | | | | | 56,417 | | | | | | — | | |
Interest expense | | | | | (328) | | | | | | (503) | | |
Interest and other income, net | | | | | 1,011 | | | | | | 5,952 | | |
Loss before income taxes | | | | | (34,955) | | | | | | (103,596) | | |
Income tax benefit | | | | | 940 | | | | | | — | | |
Net loss | | | | $ | (34,015) | | | | | $ | (103,596) | | |
Net loss per share – basic and diluted | | | | $ | (0.22) | | | | | $ | (0.69) | | |
| | | Year Ended December 31, 2019 | | | For the Period from September 26, 2018 (inception) Through December 31, 2018 | | ||||||
Operating costs | | | | $ | 1,856,857 | | | | | $ | 43,693 | | |
Loss from operations | | | | | (1,856,857) | | | | | | (43,693) | | |
Other income: | | | | | | | | | | | | | |
Interest income | | | | | 5,142,140 | | | | | | — | | |
Unrealized gain on marketable securities held in Trust Account | | | | | 169,784 | | | | | | — | | |
Other income | | | | | 5,311,924 | | | | | | — | | |
Income (loss) before provision for income taxes | | | | | 3,455,067 | | | | | | (43,693) | | |
Provision for income taxes | | | | | (726,035) | | | | | | — | | |
Net income (loss) | | | | $ | 2,729,032 | | | | | $ | (43,693) | | |
Weighted average shares outstanding, basic and diluted(1) | | | | | 8,348,930 | | | | | | 6,525,000 | | |
Basic and diluted net loss per common share(2) | | | | $ | (0.18) | | | | | $ | (0.01) | | |
| | | Years Ended December 31, | | |||||||||
| | | 2020 (as restated) | | | 2019 | | ||||||
Net loss | | | | $ | (34,015) | | | | | $ | (103,596) | | |
Other comprehensive (loss) income, net of taxes: | | | | | | | | | | | | | |
Unrealized (loss) gain on available-for-sale marketable securities, net | | | | | (84) | | | | | | 171 | | |
Total comprehensive loss, net of taxes of $0 | | | | $ | (34,099) | | | | | $ | (103,425) | | |
| | | Class A Common Stock | | | Class B Common Stock | | | Additional Paid in Capital | | | Retained Earnings (Accumulated Deficit) | | | Total Stockholders’ Equity (Deficit) | | |||||||||||||||||||||||||||
| | | Shares | | | Amount | | | Shares | | | Amount | | ||||||||||||||||||||||||||||||
Balance – September 26, 2018 (inception) | | | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Sale of common stock to Sponsor | | | | | — | | | | | | — | | | | | | 7,503,750 | | | | | | 750 | | | | | | 24,250 | | | | | | — | | | | | | 25,000 | | |
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (43,693) | | | | | | (43,693) | | |
Balance – December 31, 2018 | | | | | — | | | | | | — | | | | | | 7,503,750 | | | | | | 750 | | | | | | 24,250 | | | | | | (43,693) | | | | | | (18,693) | | |
Sale of 30,015,000 Units, net of underwriting fees and offering expenses | | | | | 30,015,000 | | | | | | 3,002 | | | | | | — | | | | | | — | | | | | | 283,064,358 | | | | | | — | | | | | | 283,067,360 | | |
Sale of 8,503,000 Private Placement Warrants | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,503,000 | | | | | | — | | | | | | 8,503,000 | | |
Common stock subject to possible redemption | | | | | (28,504,462) | | | | | | (2,851) | | | | | | — | | | | | | — | | | | | | (289,277,839) | | | | | | — | | | | | | (289,280,690) | | |
Net income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,729,032 | | | | | | 2,729,032 | | |
Balance – December 31, 2019 | | | | | 1,510,538 | | | | | $ | 151 | | | | | | 7,503,750 | | | | | $ | 750 | | | | | $ | 2,313,769 | | | | | $ | 2,685,339 | | | | | $ | 5,000,009 | | |
|
| | | Convertible Preferred Stock | | | | Common Stock | | | Additional Paid-in Capital | | | Notes Receivable | | | Accumulated Deficit | | | Accumulated Other Comprehensive (Loss) Income | | | Total Stockholders’ Equity | | |||||||||||||||||||||||||||||||||
| Shares | | | Amount | | | | Shares | | | Amount | | ||||||||||||||||||||||||||||||||||||||||||||
BALANCE – January 1, 2019 | | | | | 84,092,669 | | | | | $ | 276,889 | | | | | | | 19,352,255 | | | | | $ | 2 | | | | | $ | 6,440 | | | | | $ | (249) | | | | | $ | (190,666) | | | | | $ | (96) | | | | | $ | (184,569) | | |
Retroactive application of recapitalization (Note 1) | | | | | (84,092,669) | | | | | | (276,889) | | | | | | | 106,977,440 | | | | | | 11 | | | | | | 276,878 | | | | | | — | | | | | | — | | | | | | — | | | | | | 276,889 | | |
Adjusted balance, beginning of period | | | | | — | | | | | | — | | | | | | | 126,329,695 | | | | | | 13 | | | | | | 283,318 | | | | | | (249) | | | | | | (190,666) | | | | | | (96) | | | | | | 92,320 | | |
Issuance of Series E Convertible Preferred Stock – net of issuance costs ($124)(1) | | | | | — | | | | | | — | | | | | | | 16,426,267 | | | | | | 2 | | | | | | 134,665 | | | | | | — | | | | | | — | | | | | | — | | | | | | 134,667 | | |
Issuance of Series E-1 Convertible Preferred Stock – net of issuance costs ($22)(1) | | | | | — | | | | | | — | | | | | | | 3,046,623 | | | | | | — | | | | | | 24,977 | | | | | | — | | | | | | — | | | | | | — | | | | | | 24,977 | | |
Exercise of Common Stock options | | | | | — | | | | | | — | | | | | | | 1,217,255 | | | | | | — | | | | | | 708 | | | | | | — | | | | | | — | | | | | | — | | | | | | 708 | | |
Vesting of restricted Common Stock | | | | | — | | | | | | — | | | | | | | 6,904,182 | | | | | | 1 | | | | | | 7 | | | | | | — | | | | | | — | | | | | | — | | | | | | 8 | | |
Stock-based compensation expense | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 5,215 | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,215 | | |
Common Stock warrants issued | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 1,038 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,038 | | |
Issuance of Common Stock for acquisitions | | | | | — | | | | | | — | | | | | | | 1,066,373 | | | | | | — | | | | | | 3,563 | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,563 | | |
Repayment of notes receivable | | | | | — | | | | | | — | | | | | | | (76,461) | | | | | | — | | | | | | (249) | | | | | | 249 | | | | | | — | | | | | | — | | | | | | — | | |
Net loss | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (103,596) | | | | | | — | | | | | | (103,596) | | |
Other comprehensive income | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 171 | | | | | | 171 | | |
BALANCE – December 31, 2019 | | | | | — | | | | | | — | | | | | | | 154,913,934 | | | | | | 16 | | | | | | 453,242 | | | | | | — | | | | | | (294,262) | | | | | | 75 | | | | | | 159,071 | | |
Exercise of Common Stock options | | | | | — | | | | | | — | | | | | | | 521,925 | | | | | | — | | | | | | 325 | | | | | | — | | | | | | — | | | | | | — | | | | | | 325 | | |
Vesting of restricted Common Stock | | | | | — | | | | | | — | | | | | | | 5,307,357 | | | | | | 1 | | | | | | 6 | | | | | | — | | | | | | — | | | | | | — | | | | | | 7 | | |
Issuance of Common Stock in connection with acquisitions | | | | | — | | | | | | — | | | | | | | 61,060 | | | | | | — | | | | | | 500 | | | | | | — | | | | | | — | | | | | | — | | | | | | 500 | | |
Repurchase of shares for employee tax withholdings | | | | | — | | | | | | — | | | | | | | (9,308) | | | | | | — | | | | | | (101) | | | | | | — | | | | | | — | | | | | | — | | | | | | (101) | | |
Stock-based compensation expense | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 8,006 | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,006 | | |
Common Stock warrants issued and exercised | | | | | — | | | | | | — | | | | | | | 692,366 | | | | | | — | | | | | | 1,915 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,915 | | |
Reverse recapitalization, net of transaction costs | | | | | — | | | | | | — | | | | | | | 63,139,263 | | | | | | 6 | | | | | | 380,295 | | | | | | — | | | | | | — | | | | | | — | | | | | | 380,301 | | |
Net loss | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (34,015) | | | | | | — | | | | | | (34,015) | | |
Other comprehensive loss | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (84) | | | | | | (84) | | |
BALANCE – December 31, 2020 (as restated) | | | | | — | | | | | $ | — | | | | | | | 224,626,597 | | | | | $ | 23 | | | | | $ | 844,188 | | | | | $ | — | | | | | $ | (328,277) | | | | | $ | (9) | | | | | $ | 515,925 | | |
| | | Year Ended December 31, 2019 | | | For the Period from September 26, 2018 (inception) Through December 31, 2018 | | ||||||
Cash Flows from Operating Activities: | | | | | | | | | | | | | |
Net income (loss) | | | | $ | 2,729,032 | | | | | $ | (43,693) | | |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | | | | | | | | | | | | | |
Interest earned on marketable securities held in Trust Account | | | | | (5,142,140) | | | | | | — | | |
Unrealized gain on marketable securities held in Trust Account | | | | | (169,784) | | | | | | — | | |
Deferred tax provision | | | | | 35,655 | | | | | | — | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Prepaid income taxes | | | | | (242,620) | | | | | | — | | |
Prepaid expenses | | | | | (190,917) | | | | | | — | | |
Security deposit | | | | | — | | | | | | (23,800) | | |
Accounts payable and accrued expenses | | | | | 282,968 | | | | | | 20,222 | | |
Net cash used in operating activities | | | | | (2,697,806) | | | | | | (47,271) | | |
Cash Flows from Investing Activities: | | | | | | | | | | | | | |
Investment of cash in Trust Account | | | | | (300,150,000) | | | | | | — | | |
Cash withdrawn from Trust Account to pay income taxes | | | | | 933,000 | | | | | | — | | |
Net cash used in investing activities | | | | | (299,217,000) | | | | | | — | | |
Cash Flows from Financing Activities: | | | | | | | | | | | | | |
Proceeds from sale of Class B convertible common stock to Sponsor | | | | | — | | | | | | 25,000 | | |
Proceeds from sale of Units, net of underwriting fees paid | | | | | 294,147,000 | | | | | | — | | |
Proceeds from sale of Private Placement Warrants | | | | | 8,503,000 | | | | | | — | | |
Advances from related party | | | | | 150,000 | | | | | | — | | |
Repayment of advances from related party | | | | | (150,000) | | | | | | — | | |
Proceeds from promissory note – related party | | | | | — | | | | | | 300,000 | | |
Repayment of promissory note – related party | | | | | (299,000) | | | | | | (1,000) | | |
Payment of offering costs | | | | | (416,797) | | | | | | (157,593) | | |
Net cash provided by financing activities | | | | | 301,934,203 | | | | | | 166,407 | | |
Net Change in Cash | | | | | 19,397 | | | | | | 119,136 | | |
Cash – Beginning | | | | | 119,136 | | | | | | — | | |
Cash – Ending | | | | $ | 138,533 | | | | | $ | 119,136 | | |
Supplemental cash flow information: | | | | | | | | | | | | | |
Cash paid for income taxes | | | | $ | 933,000 | | | | | $ | — | | |
Non-cash investing and financing activities: | | | | | | | | | | | | | |
Initial classification of common stock subject to possible redemption | | | | $ | 286,423,829 | | | | | $ | — | | |
Change in value of common stock subject to possible redemption | | | | $ | 2,856,861 | | | | | $ | — | | |
Deferred underwriting fee payable | | | | $ | 10,505,250 | | | | | $ | — | | |
Offering costs included in accrued offering costs | | | | $ | — | | | | | $ | 25,149 | | |
| | | Years Ended December 31, | | |||||||||
| | | 2020 (as restated) | | | 2019 | | ||||||
Cash flows from operating activities: | | | | | | | | | | | | | |
Net loss | | | | $ | (34,015) | | | | | $ | (103,596) | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | | | |
Depreciation and amortization | | | | | 8,589 | | | | | | 8,087 | | |
Stock-based compensation | | | | | 8,006 | | | | | | 5,215 | | |
Change in fair value of warrant liability | | | | | (56,417) | | | | | | — | | |
Expense related to Common Stock warrants issued | | | | | 1,915 | | | | | | 1,038 | | |
Loss (gain) on disposal of property and equipment | | | | | 18 | | | | | | (7) | | |
Gain on investment, related to Make Composites, Inc. | | | | | — | | | | | | (1,426) | | |
Impairment of capitalized software | | | | | — | | | | | | 444 | | |
Amortization (accretion) of discount on investments | | | | | 75 | | | | | | (1,570) | | |
Amortization of debt financing cost | | | | | 19 | | | | | | 19 | | |
Provision for bad debt | | | | | 377 | | | | | | 199 | | |
Net increase in accrued interest related to marketable securities | | | | | (3) | | | | | | (36) | | |
Deferred tax benefit | | | | | (940) | | | | | | — | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Accounts receivable | | | | | (2,370) | | | | | | (1,664) | | |
Inventory | | | | | (1,303) | | | | | | (1,694) | | |
Prepaid expenses and other current assets | | | | | 901 | | | | | | 809 | | |
Accounts payable | | | | | (2,637) | | | | | | (4,455) | | |
Accrued expenses and other current liabilities | | | | | (2,391) | | | | | | 3,272 | | |
Customer deposits | | | | | (845) | | | | | | 152 | | |
Deferred revenue | | | | | 774 | | | | | | (1,693) | | |
Change in right of use assets and lease liabilities, net | | | | | (328) | | | | | | (296) | | |
Net cash used in operating activities | | | | | (80,575) | | | | | | (97,202) | | |
Cash flows from investing activities: | | | | | | | | | | | | | |
Purchases of property and equipment | | | | | (1,429) | | | | | | (6,867) | | |
Purchase of other investments | | | | | (3,000) | | | | | | — | | |
Capitalized software | | | | | — | | | | | | (321) | | |
Purchase of marketable securities | | | | | (136,286) | | | | | | (215,584) | | |
Proceeds from sales and maturities of marketable securities | | | | | 109,016 | | | | | | 196,836 | | |
Cash paid for asset acquisition, net of cash acquired | | | | | (5,284) | | | | | | (96) | | |
Net cash used in investing activities | | | | | (36,983) | | | | | | (26,032) | | |
Cash flows from financing activities: | | | | | | | | | | | | | |
Proceeds from Preferred Stock issuances, net of issuance cost | | | | | — | | | | | | 159,644 | | |
Proceeds from reverse recapitalization, net of issuance costs | | | | | 534,597 | | | | | | — | | |
Proceeds from exercise of stock options | | | | | 325 | | | | | | 708 | | |
Proceeds from PPP loan | | | | | 5,379 | | | | | | — | | |
Repayment of PPP loan | | | | | (5,379) | | | | | | — | | |
Net cash provided by financing activities | | | | | 534,922 | | | | | | 160,352 | | |
Net increase in cash, cash equivalents, and restricted cash | | | | | 417,364 | | | | | | 37,118 | | |
Cash and cash equivalents at beginning of year | | | | | 66,161 | | | | | | 29,043 | | |
Restricted cash | | | | | 612 | | | | | | 612 | | |
Cash, cash equivalents, and restricted cash at year-end | | | | $ | 484,137 | | | | | $ | 66,773 | | |
Supplemental cash flow information: | | | | | | | | | | | | | |
Interest paid | | | | $ | 322 | | | | | $ | 485 | | |
Non-cash investing and financing activities: | | | | | | | | | | | | | |
Net liabilities assumed from Trine in Business Combination | | | | $ | 152,395 | | | | | $ | — | | |
Accrued reverse recapitalization transaction costs | | | | $ | 1,901 | | | | | $ | — | | |
Common Stock issued for acquisitions | | | | $ | 500 | | | | | $ | 3,563 | | |
Accrued purchase price for asset acquisition | | | | $ | 200 | | | | | $ | — | | |
Tax liabilities related to withholdings on Common Stock issued in connection with acquisitions | | | | $ | 102 | | | | | $ | — | | |
Additions to right of use assets and lease liabilities | | | | $ | — | | | | | $ | 296 | | |
Purchase of property and equipment included in accrued expenses and other current liabilities | | | | $ | — | | | | | $ | 109 | | |
Common Stock forfeited in satisfaction of note receivable | | | | $ | — | | | | | $ | 249 | | |
| | | Year Ended December 31, 2020 | | |||||||||||||||
| | | As Reported | | | Restatement Impact | | | As Restated | | |||||||||
Consolidated Statements of Operations and Comprehensive Loss: | | | | | | | | | | | | | | | | | | | |
Change in fair value of warrant liability | | | | $ | — | | | | | $ | 56,417 | | | | | $ | 56,417 | | |
Loss before income taxes | | | | $ | (91,372) | | | | | $ | 56,417 | | | | | $ | (34,955) | | |
Net loss | | | | $ | (90,432) | | | | | $ | 56,417 | | | | | $ | (34,015) | | |
Total comprehensive loss, net of taxes of $0 | | | | $ | (90,516) | | | | | $ | 56,417 | | | | | $ | (34,099) | | |
Earnings (loss) per share: | | | | | | | | | | | | | | | | | | | |
Net loss per share – basic and diluted | | | | $ | (0.57) | | | | | $ | 0.35 | | | | | $ | (0.22) | | |
| | | December 31, 2020 | | |||||||||||||||
| | | As Reported | | | Restatement Impact | | | As Restated | | |||||||||
Consolidated Balance Sheets: | | | | | | | | | | | | | | | | | | | |
Warrant liability | | | | $ | — | | | | | $ | 93,328 | | | | | $ | 93,328 | | |
Total liabilities | | | | $ | 32,656 | | | | | $ | 93,328 | | | | | $ | 125,984 | | |
Additional paid-in-capital | | | | $ | 993,933 | | | | | $ | (149,745) | | | | | $ | 844,188 | | |
Accumulated deficit | | | | $ | (384,694) | | | | | $ | 56,417 | | | | | $ | (328,277) | | |
Total Stockholders’ Equity | | | | $ | 609,253 | | | | | $ | (93,328) | | | | | $ | 515,925 | | |
| | | Year Ended December 31, 2019 | | | For the Period from September 26, 2018 (Inception) Through December 31, 2018 | | ||||||
Net income (loss) | | | | $ | 2,729,032 | | | | | $ | (43,693) | | |
Less: Income attributable to common stock subject to possible redemption | | | | | (4,202,325) | | | | | | — | | |
Adjusted net loss | | | | $ | (1,473,293) | | | | | $ | (43,693) | | |
Weighted average shares outstanding, basic and diluted | | | | | 8,348,930 | | | | | | 6,525,000 | | |
Basic and diluted net loss per common share | | | | $ | (0.18) | | | | | $ | (0.01) | | |
| Federal | | | | | | | |
| Current | | | | $ | 690,380 | | |
| Deferred | | | | | 35,655 | | |
| State | | | | | | | |
| Current | | | | $ | — | | |
| Deferred | | | | | — | | |
| Income tax provision | | | | $ | 726,035 | | |
Description | | | Level | | | December 31, 2019 | | ||||||
Assets: | | | | | | | | | | | | | |
Marketable securities held in Trust Account | | | | | 1 | | | | | $ | 304,528,924 | | |
| | | September 30, 2020 | | | December 31, 2019 | | ||||||
| | | (Unaudited) | | | | | | | | |||
ASSETS | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | |
Cash | | | | $ | 87,616 | | | | | $ | 138,533 | | |
Prepaid income taxes | | | | | 242,620 | | | | | | 242,620 | | |
Prepaid expenses | | | | | 81,792 | | | | | | 190,917 | | |
Total Current Assets | | | | | 412,028 | | | | | | 572,070 | | |
Security deposit | | | | | 23,800 | | | | | | 23,800 | | |
Marketable securities held in Trust Account | | | | | 305,409,720 | | | | | | 304,528,924 | | |
Total Assets | | | | $ | 305,845,548 | | | | | $ | 305,124,794 | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | |
Current liabilities – Accounts payable and accrued expenses | | | | $ | 2,675,310 | | | | | $ | 303,190 | | |
Convertible promissory note – related party | | | | | 1,285,415 | | | | | | — | | |
Deferred tax liability | | | | | — | | | | | | 35,655 | | |
Deferred underwriting fee payable | | | | | 10,505,250 | | | | | | 10,505,250 | | |
Total Liabilities | | | | | 14,465,975 | | | | | | 10,844,095 | | |
Commitments and Contingencies (Note 7) | | | | | | | | | | | | | |
Common stock subject to possible redemption, 28,129,612 and 28,504,462 shares at redemption value as of September 30, 2020 and December 31, 2019, respectively | | | | | 286,379,569 | | | | | | 289,280,690 | | |
Stockholders’ Equity | | | | | | | | | | | | | |
Preferred stock, $0.0001 par value; 1,000,000 shares authorized, none issued and outstanding | | | | | — | | | | | | — | | |
Class A common stock, $0.0001 par value; 100,000,000 shares authorized; 1,885,388 and 1,510,538 shares issued and outstanding (excluding 28,129,612 and 28,504,462 shares subject to possible redemption) as of September 30, 2020 and December 31, 2019, respectively | | | | | 189 | | | | | | 151 | | |
Class B convertible common stock, $0.0001 par value; 10,000,000 shares authorized; 7,503,750 shares issued and outstanding at September 30, 2020 and December 31, 2019 | | | | | 750 | | | | | | 750 | | |
Additional paid in capital | | | | | 5,214,852 | | | | | | 2,313,769 | | |
(Accumulated deficit)/Retained earnings | | | | | (215,787) | | | | | | 2,685,339 | | |
Total Stockholders’ Equity | | | | | 5,000,004 | | | | | | 5,000,009 | | |
Total Liabilities and Stockholders’ Equity | | | | $ | 305,845,548 | | | | | $ | 305,124,794 | | |
|
| | | Three Months Ended September 30, | | | Nine Months Ended September 30, | | ||||||||||||||||||
| | | 2020 | | | 2019 | | | 2020 | | | 2019 | | ||||||||||||
Operating costs | | | | $ | 3,040,133 | | | | | $ | 510,526 | | | | | $ | 4,047,981 | | | | | $ | 1,181,659 | | |
Loss from operations | | | | | (3,040,133) | | | | | | (510,526) | | | | | | (4,047,981) | | | | | | (1,181,659) | | |
Other income: | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income | | | | | 27,625 | | | | | | 1,754,117 | | | | | | 1,111,200 | | | | | | 3,756,180 | | |
Unrealized (loss) gain on marketable securities held in Trust Account | | | | | — | | | | | | (178,078) | | | | | | — | | | | | | 24,710 | | |
Other income | | | | | 27,625 | | | | | | 1,576,039 | | | | | | 1,111,200 | | | | | | 3,780,890 | | |
(Loss) income before benefit from (provision for) income taxes | | | | | (3,012,508) | | | | | | 1,065,513 | | | | | | (2,936,781) | | | | | | 2,599,231 | | |
Benefit from (provision for) income taxes | | | | | 51,898 | | | | | | (223,758) | | | | | | 35,655 | | | | | | (545,838) | | |
Net (loss) income | | | | $ | (2,960,610) | | | | | $ | 841,755 | | | | | $ | (2,901,126) | | | | | $ | 2,053,393 | | |
Weighted average shares outstanding, basic and diluted(1) | | | | | 9,095,586 | | | | | | 8,854,332 | | | | | | 9,054,242 | | | | | | 8,158,050 | | |
Basic and diluted net loss per common share(2) | | | | $ | (0.33) | | | | | $ | (0.05) | | | | | $ | (0.42) | | | | | $ | (0.11) | | |
| | | Class A Common Stock | | | Class B Common Stock | | | Additional Paid in Capital | | | (Accumulated Deficit)/ Retained Earnings | | | Total Stockholders’ Equity | | |||||||||||||||||||||||||||
| | | Shares | | | Amount | | | Shares | | | Amount | | ||||||||||||||||||||||||||||||
Balance – January 1, 2020 | | | | | 1,510,538 | | | | | $ | 151 | | | | | | 7,503,750 | | | | | $ | 750 | | | | | $ | 2,313,769 | | | | | $ | 2,685,339 | | | | | $ | 5,000,009 | | |
Change in value of common stock subject to possible redemption | | | | | 38,111 | | | | | | 4 | | | | | | — | | | | | | — | | | | | | (239,724) | | | | | | — | | | | | | (239,720) | | |
Net income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 239,716 | | | | | | 239,716 | | |
Balance – March 31, 2020 | | | | | 1,548,649 | | | | | | 155 | | | | | | 7,503,750 | | | | | | 750 | | | | | | 2,074,045 | | | | | | 2,925,055 | | | | | | 5,000,005 | | |
Change in value of common stock subject to possible redemption | | | | | 43,187 | | | | | | 5 | | | | | | — | | | | | | — | | | | | | 180,223 | | | | | | — | | | | | | 180,228 | | |
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (180,232) | | | | | | (180,232) | | |
Balance – June 30, 2020 | | | | | 1,591,836 | | | | | $ | 160 | | | | | | 7,503,750 | | | | | $ | 750 | | | | | $ | 2,254,268 | | | | | $ | 2,744,823 | | | | | $ | 5,000,001 | | |
Change in value of common stock subject to possible redemption | | | | | 293,552 | | | | | | 29 | | | | | | — | | | | | | — | | | | | | 2,960,584 | | | | | | — | | | | | | 2,960,613 | | |
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,960,610) | | | | | | (2,960,610) | | |
Balance – September 30, 2020 | | | | | 1,885,388 | | | | | $ | 189 | | | | | | 7,503,750 | | | | | $ | 750 | | | | | $ | 5,214,852 | | | | | $ | (215,787) | | | | | $ | 5,000,004 | | |
| | | Class A Common Stock | | | Class B Common Stock | | | Additional Paid in Capital | | | (Accumulated Deficit)/ Retained Earnings | | | Total Stockholders’ Equity | | |||||||||||||||||||||||||||
| | | Shares | | | Amount | | | Shares | | | Amount | | ||||||||||||||||||||||||||||||
Balance – January 1, 2019 | | | | | — | | | | | $ | — | | | | | | 7,503,750 | | | | | $ | 750 | | | | | $ | 24,250 | | | | | $ | (43,693) | | | | | $ | (18,693) | | |
Sale of 30,015,000 Units, net of underwriting discount and offering expenses | | | | | 30,015,000 | | | | | | 3,002 | | | | | | — | | | | | | — | | | | | | 283,064,358 | | | | | | — | | | | | | 283,067,360 | | |
Sale of 8,503,000 Private Placement Warrants | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,503,000 | | | | | | — | | | | | | 8,503,000 | | |
Common stock subject to possible redemption | | | | | (28,636,988) | | | | | | (2,864) | | | | | | — | | | | | | — | | | | | | (286,507,378) | | | | | | — | | | | | | (286,510,242) | | |
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (41,421) | | | | | | (41,421) | | |
Balance – March 31, 2019 | | | | | 1,378,012 | | | | | | 138 | | | | | | 7,503,750 | | | | | | 750 | | | | | | 5,084,230 | | | | | | (85,114) | | | | | | 5,000,004 | | |
Change in value of common stock subject to possible redemption | | | | | (27,430) | | | | | | (3) | | | | | | — | | | | | | — | | | | | | (1,253,056) | | | | | | — | | | | | | (1,253,059) | | |
Net income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,253,059 | | | | | | 1,253,059 | | |
Balance – June 30, 2019 | | | | | 1,350,582 | | | | | $ | 135 | | | | | | 7,503,750 | | | | | $ | 750 | | | | | $ | 3,831,174 | | | | | $ | 1,167,945 | | | | | $ | 5,000,004 | | |
Change in value of common stock subject to possible redemption | | | | | 61,013 | | | | | | 6 | | | | | | — | | | | | | — | | | | | | (841,764) | | | | | | — | | | | | | (841,758) | | |
Net income | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 841,755 | | | | | | 841,755 | | |
Balance – September 30, 2019 | | | | | 1,411,595 | | | | | $ | 141 | | | | | | 7,503,750 | | | | | $ | 750 | | | | | $ | 2,989,410 | | | | | $ | 2,009,700 | | | | | $ | 5,000,001 | | |
| | | Nine Months Ended September 30, | | |||||||||
| | | 2020 | | | 2019 | | ||||||
Cash Flows from Operating Activities: | | | | | | | | | | | | | |
Net (loss) income | | | | $ | (2,901,126) | | | | | $ | 2,053,393 | | |
Adjustments to reconcile net (loss) income to net cash used in operating activities: | | | | | | | | | | | | | |
Interest earned on marketable securities held in Trust Account | | | | | (1,111,200) | | | | | | (3,756,180) | | |
Unrealized gain on marketable securities held in Trust Account | | | | | — | | | | | | (24,710) | | |
Deferred income taxes | | | | | (35,655) | | | | | | 5,189 | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Prepaid income taxes | | | | | — | | | | | | (392,351) | | |
Prepaid expenses | | | | | 109,125 | | | | | | (309,314) | | |
Accounts payable and accrued expenses | | | | | 2,372,120 | | | | | | 175,916 | | |
Net cash used in operating activities | | | | | (1,566,736) | | | | | | (2,248,057) | | |
Cash Flows from Investing Activities: | | | | | | | | | | | | | |
Investment of cash in Trust Account | | | | | — | | | | | | (300,150,000) | | |
Cash withdrawn from Trust Account to pay franchise and income taxes | | | | | 230,404 | | | | | | 933,000 | | |
Net cash provided by (used in) investing activities | | | | | 230,404 | | | | | | (299,217,000) | | |
Cash Flows from Financing Activities: | | | | | | | | | | | | | |
Proceeds from sale of Units, net of underwriting fees paid | | | | | — | | | | | | 294,147,000 | | |
Proceeds from sale of Private Placement Warrants | | | | | — | | | | | | 8,503,000 | | |
Advances from related party | | | | | — | | | | | | 150,000 | | |
Repayment of advances from related party | | | | | — | | | | | | (150,000) | | |
Proceeds from convertible promissory note – related party | | | | | 1,285,415 | | | | | | — | | |
Repayment of promissory note – related party | | | | | — | | | | | | (299,000) | | |
Payment of offering costs | | | | | — | | | | | | (416,797) | | |
Net cash provided by financing activities | | | | | 1,285,415 | | | | | | 301,934,203 | | |
Net Change in Cash | | | | | (50,917) | | | | | | 469,146 | | |
Cash – Beginning | | | | | 138,533 | | | | | | 119,136 | | |
Cash – Ending | | | | $ | 87,616 | | | | | $ | 588,282 | | |
Supplemental cash flow information: | | | | | | | | | | | | | |
Cash paid for income taxes | | | | $ | — | | | | | $ | 933,000 | | |
Non-cash investing and financing activities: | | | | | | | | | | | | | |
Initial classification of common stock subject to possible redemption | | | | $ | — | | | | | $ | 248,644,071 | | |
Change in value of common stock subject to possible redemption | | | | $ | (2,901,121) | | | | | $ | 39,960,988 | | |
Deferred underwriting fee payable | | | | $ | — | | | | | $ | 10,505,250 | | |
| | | Three Months Ended September 30, | | | Nine Months Ended September 30, | | ||||||||||||||||||
| | | 2020 | | | 2019 | | | 2020 | | | 2019 | | ||||||||||||
Net (loss) income | | | | $ | (2,960,610) | | | | | $ | 841,755 | | | | | $ | (2,901,126) | | | | | $ | 2,053,393 | | |
Less: Income attributable to common stock subject to possible redemption | | | | | — | | | | | | (1,241,074) | | | | | | (924,253) | | | | | | (2,940,055) | | |
Adjusted net loss | | | | $ | (2,960,610) | | | | | $ | (399,319) | | | | | $ | (3,835,379) | | | | | $ | (886,662) | | |
Weighted average shares outstanding, basic and diluted | | | | | 9,095,586 | | | | | | 8,854,332 | | | | | | 9,054,242 | | | | | | 8,158,050 | | |
Basic and diluted net loss per common share | | | | $ | (0.33) | | | | | $ | (0.05) | | | | | $ | (0.42) | | | | | $ | (0.11) | | |
| | | Year Ended December 31, 2020 | | |||||||||||||||
| | | As Reported | | | Restatement Impact | | | As Restated | | |||||||||
Consolidated Statements of Operations and Comprehensive Loss: | | | | | | | | | | | | | | | | | | | |
Change in fair value of warrant liability | | | | $ | — | | | | | $ | 56,417 | | | | | $ | 56,417 | | |
Loss before income taxes | | | | $ | (91,372) | | | | | $ | 56,417 | | | | | $ | (34,955) | | |
Net loss | | | | $ | (90,432) | | | | | $ | 56,417 | | | | | $ | (34,015) | | |
Total comprehensive loss, net of taxes of $0 | | | | $ | (90,516) | | | | | $ | 56,417 | | | | | $ | (34,099) | | |
Earnings (loss) per share: | | | | | | | | | | | | | | | | | | | |
Net loss per share – basic and diluted | | | | $ | (0.57) | | | | | $ | 0.35 | | | | | $ | (0.22) | | |
| | | December 31, 2020 | | |||||||||||||||
| | | As Reported | | | Restatement Impact | | | As Restated | | |||||||||
Consolidated Balance Sheets: | | | | | | | | | | | | | | | | | | | |
Warrant liability | | | | $ | — | | | | | $ | 93,328 | | | | | $ | 93,328 | | |
Total liabilities | | | | $ | 32,656 | | | | | $ | 93,328 | | | | | $ | 125,984 | | |
Additional paid-in-capital | | | | $ | 993,933 | | | | | $ | (149,745) | | | | | $ | 844,188 | | |
Accumulated deficit | | | | $ | (384,694) | | | | | $ | 56,417 | | | | | $ | (328,277) | | |
Total Stockholders’ Equity | | | | $ | 609,253 | | | | | $ | (93,328) | | | | | $ | 515,925 | | |
Description | | | Level | | | September 30, 2020 | | | December 31, 2019 | | |||||||||
Assets: | | | | | | | | | | | | | | | | | | | |
Marketable securities held in Trust Account | | | | | 1 | | | | | $ | 305,409,720 | | | | | $ | 304,528,924 | | |
| | | December 31, | | |||||||||
| | | 2019 | | | 2018 | | ||||||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 66,161 | | | | | $ | 29,043 | | |
Short-term investments | | | | | 84,754 | | | | | | 64,229 | | |
Accounts receivable, net of allowance for doubtful accounts $0.2 million and $0.0 million | | | | | 4,523 | | | | | | 3,058 | | |
Inventory | | | | | 8,405 | | | | | | 3,982 | | |
Deferred cost of goods sold | | | | | 262 | | | | | | 2,991 | | |
Prepaid expenses and other current assets | | | | | 1,626 | | | | | | 2,435 | | |
Total current assets | | | | | 165,731 | | | | | | 105,738 | | |
Restricted cash | | | | | 612 | | | | | | 612 | | |
Property and equipment, net | | | | | 18,387 | | | | | | 18,997 | | |
Non-current investments | | | | | — | | | | | | 450 | | |
Capitalized software, net | | | | | 446 | | | | | | 788 | | |
Right-of-use assets | | | | | 2,289 | | | | | | 2,353 | | |
Goodwill | | | | | 2,252 | | | | | | — | | |
Acquired technology, net | | | | | 2,994 | | | | | | — | | |
Total Assets | | | | $ | 192,711 | | | | | $ | 128,938 | | |
Liabilities, Convertible Preferred Stock and Stockholders’ Equity | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable | | | | $ | 10,228 | | | | | $ | 14,573 | | |
Customer deposits | | | | | 2,325 | | | | | | 2,173 | | |
Current portion of operating lease liability | | | | | 806 | | | | | | 626 | | |
Accrued expenses and other current liabilities | | | | | 5,053 | | | | | | 1,806 | | |
Deferred revenue | | | | | 2,230 | | | | | | 3,922 | | |
Total current liabilities | | | | | 20,642 | | | | | | 23,100 | | |
Long-term debt, net of deferred financing costs | | | | | 9,972 | | | | | | 9,953 | | |
Lease liability, net of current portion | | | | | 3,026 | | | | | | 3,565 | | |
Total liabilities | | | | | 33,640 | | | | | | 36,618 | | |
Commitments and Contingences (Note 11) | | | | | | | | | | | | | |
Convertible Preferred Stock (Note 13) | | | | | 436,533 | | | | | | 276,889 | | |
Stockholders’ Equity: | | | | | | | | | | | | | |
Common Stock, $0.0001 par value – authorized, 156,000,000 shares; issued and outstanding, 31,388,426 and 29,083,805 shares at December 31, 2019 and 2018, respectively (includes unvested 4,575,313 and 9,731,550 shares of restricted stock) | | | | | 3 | | | | | | 2 | | |
Additional paid-in capital | | | | | 16,722 | | | | | | 6,440 | | |
Notes receivable | | | | | — | | | | | | (249) | | |
Accumulated deficit | | | | | (294,262) | | | | | | (190,666) | | |
Accumulated other comprehensive income (loss) | | | | | 75 | | | | | | (96) | | |
Total Stockholders’ Equity | | | | | (277,462) | | | | | | (184,569) | | |
Total Liabilities, Convertible Preferred Stock and Stockholders’ Equity | | | | $ | 192,711 | | | | | $ | 128,938 | | |
| | | Years Ended December 31, | | |||||||||
| | | 2019 | | | 2018 | | ||||||
Revenues | | | | | | | | | | | | | |
Products | | | | $ | 22,758 | | | | | $ | 751 | | |
Services | | | | | 3,681 | | | | | | 283 | | |
Total revenues | | | | | 26,439 | | | | | | 1,034 | | |
Cost of sales | | | | | | | | | | | | | |
Products | | | | | 45,268 | | | | | | 4,572 | | |
Services | | | | | 5,528 | | | | | | 896 | | |
Total cost of sales | | | | | 50,796 | | | | | | 5,468 | | |
Gross margin | | | | | (24,357) | | | | | | (4,434) | | |
Operating expenses: | | | | | | | | | | | | | |
Research and development | | | | | 54,656 | | | | | | 59,607 | | |
Sales and marketing | | | | | 18,749 | | | | | | 14,674 | | |
General and administrative | | | | | 11,283 | | | | | | 44,898 | | |
Total operating expenses | | | | | 84,688 | | | | | | 119,179 | | |
Loss from operations | | | | | (109,045) | | | | | | (123,613) | | |
Interest expense | | | | | (503) | | | | | | (261) | | |
Interest and other income, net | | | | | 5,952 | | | | | | 2,535 | | |
Loss before income taxes | | | | | (103,596) | | | | | | (121,339) | | |
Provision for income taxes | | | | | — | | | | | | — | | |
Net loss | | | | $ | (103,596) | | | | | $ | (121,339) | | |
Net loss per share – basic and diluted | | | | $ | (4.43) | | | | | $ | (7.36) | | |
| | | Years Ended December 31, | | |||||||||
| | | 2019 | | | 2018 | | ||||||
Net loss | | | | $ | (103,596) | | | | | $ | (121,339) | | |
Other comprehensive gain, net of taxes: | | | | | | | | | | | | | |
Unrealized gain on available-for-sale marketable securities | | | | | 171 | | | | | | 114 | | |
Total comprehensive loss, net of taxes of $0 | | | | $ | (103,425) | | | | | $ | (121,225) | | |
| | | Convertible Preferred Stock | | | | Common Stock | | | Additional Paid-in Capital | | | Notes Receivable | | | Accumulated Deficit | | | Accumulated Other Comprehensive (Loss) Income | | | Total Stockholders’ Equity | | |||||||||||||||||||||||||||||||||
| | | Shares | | | Amount | | | | Shares | | | Amount | | ||||||||||||||||||||||||||||||||||||||||||
BALANCE – January 1, 2018 | | | | | 79,994,884 | | | | | $ | 241,789 | | | | | | | 12,971,191 | | | | | $ | 2 | | | | | $ | 2,810 | | | | | $ | — | | | | | $ | (69,327) | | | | | $ | (210) | | | | | $ | (66,725) | | |
Issuance of Series D Convertible Preferred Stock – net of issuance costs ($169) | | | | | 4,097,785 | | | | | | 35,100 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Exercise of common stock options | | | | | — | | | | | | — | | | | | | | 526,898 | | | | | | — | | | | | | 373 | | | | | | — | | | | | | — | | | | | | — | | | | | | 373 | | |
Vesting of restricted Common Stock | | | | | — | | | | | | — | | | | | | | 5,575,000 | | | | | | — | | | | | | 8 | | | | | | | | | | | | — | | | | | | — | | | | | | 8 | | |
Stock-based compensation expense | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 2,965 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,965 | | |
Common Stock warrants issued | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 35 | | | | | | — | | | | | | — | | | | | | — | | | | | | 35 | | |
Issuance of notes receivable to stockholder | | | | | — | | | | | | — | | | | | | | 279,166 | | | | | | — | | | | | | 249 | | | | | | (249) | | | | | | — | | | | | | — | | | | | | — | | |
Net loss | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (121,339) | | | | | | — | | | | | | (121,339) | | |
Other comprehensive income | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 114 | | | | | | 114 | | |
BALANCE – December 31, 2018 | | | | | 84,092,669 | | | | | | 276,889 | | | | | | | 19,352,255 | | | | | | 2 | | | | | | 6,440 | | | | | | (249) | | | | | | (190,666) | | | | | | (96) | | | | | | (184,569) | | |
Issuance of Series E Convertible Preferred Stock – net of issuance costs ($124) | | | | | 13,450,703 | | | | | | 134,667 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Issuance of Series E-1 Convertible Preferred Stock–net of issuance costs ($22) | | | | | 2,494,737 | | | | | | 24,977 | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Exercise of common stock options | | | | | — | | | | | | — | | | | | | | 996,753 | | | | | | — | | | | | | 708 | | | | | | — | | | | | | — | | | | | | — | | | | | | 708 | | |
Vesting of restricted Common Stock | | | | | — | | | | | | — | | | | | | | 5,653,512 | | | | | | 1 | | | | | | 7 | | | | | | — | | | | | | — | | | | | | — | | | | | | 8 | | |
Stock-based compensation expense | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 5,215 | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,215 | | |
Common Stock warrants issued | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 1,038 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,038 | | |
Issuance of common stock for acquisitions | | | | | — | | | | | | — | | | | | | | 873,203 | | | | | | — | | | | | | 3,563 | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,563 | | |
Repayment of notes receivable | | | | | — | | | | | | — | | | | | | | (62,610) | | | | | | — | | | | | | (249) | | | | | | 249 | | | | | | — | | | | | | — | | | | | | — | | |
Net loss | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (103,596) | | | | | | — | | | | | | (103,596) | | |
Other comprehensive income | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 171 | | | | | | 171 | | |
BALANCE – December 31, 2019 | | | | | 100,038,109 | | | | | $ | 436,533 | | | | | | | 26,813,113 | | | | | $ | 3 | | | | | $ | 16,722 | | | | | $ | (0) | | | | | $ | (294,262) | | | | | $ | 75 | | | | | $ | (277,462) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Years Ended December 31, | | |||||||||
| | | 2019 | | | 2018 | | ||||||
Cash Flows from Operating Activities: | | | | | | | | | | | | | |
Net loss | | | | $ | (103,596) | | | | | $ | (121,339) | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | | | |
Depreciation and amortization | | | | | 8,087 | | | | | | 4,204 | | |
Stock-based compensation | | | | | 5,215 | | | | | | 2,965 | | |
Expense related to Common Stock warrants issued | | | | | 1,038 | | | | | | 35 | | |
(Gain) loss on disposal of property and equipment | | | | | (7) | | | | | | 63 | | |
Gain on investment, related to Make Composites, Inc. | | | | | (1,426) | | | | | | — | | |
Impairment of capitalized software | | | | | 444 | | | | | | — | | |
Accretion of discount on investments | | | | | (1,570) | | | | | | (540) | | |
Amortization of debt financing cost | | | | | 19 | | | | | | — | | |
Net (increase) decrease in accrued interest related to marketable securities | | | | | (36) | | | | | | 135 | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Accounts receivable | | | | | (1,465) | | | | | | (3,058) | | |
Inventory and deferred cost of goods sold | | | | | (1,694) | | | | | | (6,973) | | |
Prepaid expenses and other current assets | | | | | 809 | | | | | | 651 | | |
Accounts payable | | | | | (4,455) | | | | | | 9,066 | | |
Accrued expenses and other current liabilities | | | | | 3,272 | | | | | | (501) | | |
Customer deposits | | | | | 152 | | | | | | 609 | | |
Deferred revenue | | | | | (1,693) | | | | | | 3,922 | | |
Change in right of use assets and lease liabilities, net | | | | | (296) | | | | | | (241) | | |
Net cash used in operating activities | | | | | (97,202) | | | | | | (111,002) | | |
Cash Flows from Investing Activities: | | | | | | | | | | | | | |
Purchases of property and equipment | | | | | (6,867) | | | | | | (13,970) | | |
Proceeds from sale of property and equipment | | | | | — | | | | | | 14 | | |
Capitalized software, net | | | | | (321) | | | | | | (806) | | |
Purchase of marketable securities | | | | | (215,584) | | | | | | (96,828) | | |
Proceeds from sales and maturities of marketable securities | | | | | 196,836 | | | | | | 151,047 | | |
Cash paid for acquisition, net of cash acquired | | | | | (96) | | | | | | — | | |
Other investments | | | | | — | | | | | | (450) | | |
Net cash (used in) provided by investing activities | | | | | (26,032) | | | | | | 39,007 | | |
Cash Flows from Financing Activities | | | | | | | | | | | | | |
Proceeds from Preferred Stock issuances, net of issuance cost | | | | | 159,644 | | | | | | 35,100 | | |
Proceeds from exercise of stock options | | | | | 708 | | | | | | 373 | | |
Proceeds from term loan | | | | | — | | | | | | 9,953 | | |
Net cash provided by financing activities | | | | | 160,352 | | | | | | 45,426 | | |
Net increase (decrease) in cash, cash equivalents, and restricted cash | | | | | 37,118 | | | | | | (26,569) | | |
Cash and cash equivalents at beginning of year | | | | | 29,043 | | | | | | 55,612 | | |
Restricted cash | | | | | 612 | | | | | | 612 | | |
Cash, cash equivalents, and restricted cash at end of year | | | | $ | 66,773 | | | | | $ | 29,655 | | |
Supplemental cash flow information: | | | | | | | | | | | | | |
Interest paid | | | | $ | 485 | | | | | $ | 251 | | |
Non-cash investing and financing activities: | | | | | | | | | | | | | |
Common Stock issued for acquisitions | | | | $ | 3,563 | | | | | $ | — | | |
Additions to right of use assets and lease liabilities | | | | $ | 296 | | | | | $ | — | | |
Purchase of property and equipment included in accrued expense | | | | $ | 109 | | | | | $ | 307 | | |
Common Stock forfeited in satisfaction of note receivable | | | | $ | 249 | | | | | $ | — | | |
| | | Year Ended December 31, 2020 | | |||||||||||||||
| | | As Reported | | | Restatement Impact | | | As Restated | | |||||||||
Consolidated Statements of Operations and Comprehensive Loss: | | | | | | | | | | | | | | | | | | | |
Change in fair value of warrant liability | | | | $ | — | | | | | $ | 56,417 | | | | | $ | 56,417 | | |
Loss before income taxes | | | | $ | (91,372) | | | | | $ | 56,417 | | | | | $ | (34,955) | | |
Net loss | | | | $ | (90,432) | | | | | $ | 56,417 | | | | | $ | (34,015) | | |
Total comprehensive loss, net of taxes of $0 | | | | $ | (90,516) | | | | | $ | 56,417 | | | | | $ | (34,099) | | |
Earnings (loss) per share: | | | | | | | | | | | | | | | | | | | |
Net loss per share – basic and diluted | | | | $ | (0.57) | | | | | $ | 0.35 | | | | | $ | (0.22) | | |
| | | December 31, 2020 | | |||||||||||||||
| | | As Reported | | | Restatement Impact | | | As Restated | | |||||||||
Consolidated Balance Sheets: | | | | | | | | | | | | | | | | | | | |
Warrant liability | | | | $ | — | | | | | $ | 93,328 | | | | | $ | 93,328 | | |
Total liabilities | | | | $ | 32,656 | | | | | $ | 93,328 | | | | | $ | 125,984 | | |
Additional paid-in-capital | | | | $ | 993,933 | | | | | $ | (149,745) | | | | | $ | 844,188 | | |
Accumulated deficit | | | | $ | (384,694) | | | | | $ | 56,417 | | | | | $ | (328,277) | | |
Total Stockholders’ Equity | | | | $ | 609,253 | | | | | $ | (93,328) | | | | | $ | 515,925 | | |
| | | Years Ended December 31, | | |||||||||
| | | 2019 | | | 2018 | | ||||||
Warranty reserve, at the beginning of the year | | | | $ | 116 | | | | | $ | — | | |
Additions to warranty reserve | | | | | 2,352 | | | | | | 116 | | |
Claims fulfilled | | | | | (977) | | | | | | — | | |
Warranty reserve, at the end of the year | | | | $ | 1,491 | | | | | $ | 116 | | |
|
| | | 2020 | | | 2019 | | ||||||
Warranty reserve, at the beginning of the year | | | | $ | 1,491 | | | | | $ | 116 | | �� |
Additions to warranty reserve | | | | | 346 | | | | | | 2,352 | | |
Claims fulfilled | | | | | (284) | | | | | | (977) | | |
Warranty reserve, at the end of the year | | | | $ | 1,553 | | | | | $ | 1,491 | | |
| | Years Ended December 31, | | | December 31, | | ||||||||||||||||||||
| | 2019 | | 2018 | | | 2020 | | 2019 | | ||||||||||||||||
Work in process | | | $ | 1,081 | | | | $ | 2,741 | | | | | $ | 2,896 | | | | $ | 1,081 | | | ||||
Finished goods | | | | 7,324 | | | | | 1,241 | | | | | | 6,812 | | | | | 7,324 | | | ||||
| | | $ | 8,405 | | | | $ | 3,982 | | | |||||||||||||||
Total inventory | | | $ | 9,708 | | | | $ | 8,405 | | |
Asset Classification | | | Useful Life | |
Equipment | | | 3 – 5 years | |
Furniture and fixtures | | | 3 years | |
Computer equipment | | | 3 years | |
Tooling | | | 3 years | |
Software | | | 3 years | |
Leasehold improvements | | | Shorter of asset’s useful life or remaining life of the lease | |
| | | Recapitalization (as restated) | | |||
Cash – Trine’s trust and cash (net of redemptions) | | | | $ | 305,084,695 | | |
Cash – PIPE financing | | | | | 274,975,000 | | |
Less: transaction costs and advisory fees paid | | | | | (45,463,074) | | |
Net proceeds from reverse recapitalization | | | | | 534,596,621 | | |
Plus: non-cash net liabilities assumed(1) | | | | | (152,394,714) | | |
Less: accrued transaction costs and advisory fees | | | | | (1,900,793) | | |
Net contributions from reverse recapitalization | | | | $ | 380,301,114 | | |
| | | |||||
| | | 30,015,000 | | | ||
| | | (26,049) | | | ||
| | | 29,988,951 | | | ||
| | | 5,552,812 | | | ||
| | | 100,000 | | | ||
| | | 27,497,500 | | | ||
Business Combination and PIPE financing shares | | | | | 63,139,263 | | |
Legacy Desktop Metal shares(1) | | | | | 161,487,334 | | |
Total shares of | | | | | 224,626,597 | | |
| | | Years Ended December 31, | | |||||||||
| | | 2019 | | | 2018 | | ||||||
Equipment | | | | $ | 13,358 | | | | | $ | 8,306 | | |
Furniture and fixtures | | | | | 895 | | | | | | 875 | | |
Computer equipment | | | | | 1,089 | | | | | | 1,045 | | |
Tooling | | | | | 1,823 | | | | | | 1,303 | | |
Software | | | | | 954 | | | | | | 302 | | |
Leasehold improvements | | | | | 13,880 | | | | | | 13,357 | | |
Construction in process | | | | | 170 | | | | | | — | | |
Property and equipment – gross | | | | | 32,169 | | | | | | 25,188 | | |
Less: accumulated depreciation | | | | | (13,782) | | | | | | (6,191) | | |
Property and equipment – net | | | | $ | 18,387 | | | | | $ | 18,997 | | |
| | | Gross Value | | | Estimated Life | | | Accumulated Amortization | | | Balance December 31, 2019 | | |||||||||
Total acquired technology | | | | $ | 3,270 | | | | 5 years | | | | $ | 276 | | | | | $ | 2,994 | | |
December 31, 2020 | | | Amortized Cost | | | Unrealized Gains | | | Unrealized Losses | | | Fair Value | | ||||||||||||
Commercial paper | | | | $ | 75,374 | | | | | $ | — | | | | | $ | — | | | | | $ | 75,374 | | |
Money market funds | | | | | 407,512 | | | | | | — | | | | | | — | | | | | | 407,512 | | |
Total cash equivalents | | | | | 482,886 | | | | | | — | | | | | | — | | | | | | 482,886 | | |
U.S Treasury securities | | | | | 19,995 | | | | | | 2 | | | | | | — | | | | | | 19,997 | | |
Commercial paper | | | | | 43,911 | | | | | | — | | | | | | — | | | | | | 43,911 | | |
Corporate bonds | | | | | 47,970 | | | | | | — | | | | | | (11) | | | | | | 47,959 | | |
Total short-term investments | | | | | 111,876 | | | | | | 2 | | | | | | (11) | | | | | | 111,867 | | |
Total cash equivalents and short-term investments | | | | $ | 594,762 | | | | | $ | 2 | | | | | $ | (11) | | | | | $ | 594,753 | | |
December 31, 2019 | | | Amortized Cost | | | Unrealized Gains | | | Unrealized Losses | | | Fair Value | | ||||||||||||
Repurchase agreements | | | | $ | 25,001 | | | | | $ | — | | | | | $ | — | | | | | $ | 25,001 | | |
Money market funds | | | | | 40,454 | | | | | | — | | | | | | — | | | | | | 40,454 | | |
Total cash equivalents | | | | | 65,455 | | | | | | — | | | | | | — | | | | | | 65,455 | | |
Asset-backed securities | | | | | 16,786 | | | | | | 20 | | | | | | — | | | | | | 16,806 | | |
Commercial paper | | | | | 19,938 | | | | | | — | | | | | | — | | | | | | 19,938 | | |
Corporate bonds | | | | | 47,955 | | | | | | 55 | | | | | | — | | | | | | 48,010 | | |
Total short-term investments | | | | | 84,679 | | | | | | 75 | | | | | | — | | | | | | 84,754 | | |
Total cash equivalents and short-term investments | | | | $ | 150,134 | | | | | $ | 75 | | | | | $ | — | | | | | $ | 150,209 | | |
| | | Years Ended December 31, | | |||||||||
| | | 2019 | | | 2018 | | ||||||
Capitalized software development costs | | | | $ | 1,127 | | | | | $ | 806 | | |
Accumulated amortization | | | | | (237) | | | | | | (18) | | |
Impairment | | | | | (444) | | | | | | — | | |
Total capitalized software costs | | | | $ | 446 | | | | | $ | 788 | | |
| | | December 31, 2019 | | |||||||||||||||||||||
| | | Quoted Prices in Active Markets for Identical Items (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | | Total | | ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money market funds | | | | $ | 40,454 | | | | | $ | — | | | | | $ | — | | | | | $ | 40,454 | | |
Asset-backed securities | | | | | — | | | | | | 16,806 | | | | | | — | | | | | | 16,806 | | |
Corporate bonds | | | | | — | | | | | | 67,948 | | | | | | — | | | | | | 67,948 | | |
Other investments | | | | | — | | | | | | 25,001 | | | | | | — | | | | | | 25,001 | | |
Total assets | | | | $ | 40,454 | | | | | $ | 109,755 | | | | | $ | — | | | | | $ | 150,209 | | |
|
| | | December 31, 2018 | | |||||||||||||||||||||
| | | Quoted Prices in Active Markets for Identical Items (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | | Total | | ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money market funds | | | | $ | 24,380 | | | | | $ | — | | | | | $ | — | | | | | $ | 24,380 | | |
Asset-backed securities | | | | | — | | | | | | 13,285 | | | | | | — | | | | | | 13,285 | | |
Corporate bonds | | | | | — | | | | | | 50,944 | | | | | | — | | | | | | 50,944 | | |
Other investments | | | | | — | | | | | | — | | | | | | 450 | | | | | | 450 | | |
Total assets | | | | $ | 24,380 | | | | | $ | 64,229 | | | | | $ | 450 | | | | | $ | 89,059 | | |
| | | December 31, 2020 (as restated) | | |||||||||||||||||||||
| Quoted Prices in Active Markets for Identical Items (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | | Total | | ||||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money market funds | | | | $ | 407,512 | | | | | $ | — | | | | | $ | — | | | | | $ | 407,512 | | |
Commercial paper | | | | | — | | | | | | 119,285 | | | | | | — | | | | | | 119,285 | | |
Corporate bonds | | | | | — | | | | | | 47,959 | | | | | | — | | | | | | 47,959 | | |
U.S. Treasury securities | | | | | 19,997 | | | | | | — | | | | | | — | | | | | | 19,997 | | |
Other investments | | | | | — | | | | | | — | | | | | | 3,000 | | | | | | 3,000 | | |
Total assets | | | | $ | 427,509 | | | | | $ | 167,244 | | | | | $ | 3,000 | | | | | $ | 597,753 | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Private placement warrants | | | | $ | — | | | | | $ | — | | | | | $ | 93,328 | | | | | $ | 93,328 | | |
Total liabilities | | | | $ | — | | | | | $ | — | | | | | $ | 93,328 | | | | | $ | 93,328 | | |
| | | December 31, 2019 | | |||||||||||||||||||||
| Quoted Prices in Active Markets for Identical Items (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | | Total | | ||||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money market funds | | | | $ | 40,454 | | | | | $ | — | | | | | $ | — | | | | | $ | 40,454 | | |
Commercial paper | | | | | — | | | | | | 19,938 | | | | | | — | | | | | | 19,938 | | |
Corporate bonds | | | | | — | | | | | | 48,010 | | | | | | — | | | | | | 48,010 | | |
Asset-backed securities | | | | | — | | | | | | 16,806 | | | | | | — | | | | | | 16,806 | | |
Repurchase agreements | | | | | — | | | | | | 25,001 | | | | | | — | | | | | | 25,001 | | |
Total assets | | | | $ | 40,454 | | | | | $ | 109,755 | | | | | $ | — | | | | | $ | 150,209 | | |
| | | 2020 | | | 2019 | | ||||||
Balance at beginning of year | | | | $ | — | | | | | $ | — | | |
Additions | | | | | 3,000 | | | | | | — | | |
Balance at end of year | | | | $ | 3,000 | | | | | $ | — | | |
| | | 2020 (as restated) | | | 2019 | | ||||||
Balance at beginning of year | | | | $ | — | | | | | $ | — | | |
Warrant liability assumed | | | | | 149,745 | | | | | | | | |
Change in fair value of warrant liability | | | | | (56,417) | | | | | | | | |
Balance at end of year | | | | $ | 93,328 | | | | | $ | — | | |
| | | December 31, | | |||||||||
| 2020 | | | 2019 | | ||||||||
Trade receivables | | | | $ | 7,016 | | | | | $ | 4,722 | | |
Allowance for doubtful accounts | | | | | (500) | | | | | | (199) | | |
Total accounts receivable | | | | $ | 6,516 | | | | | $ | 4,523 | | |
| | | Years Ended December 31, | | |||||||||
| 2020 | | | 2019 | | ||||||||
Balance at beginning of year | | | | $ | 199 | | | | | $ | — | | |
Provision for uncollectible accounts | | | | | 377 | | | | | | 199 | | |
Uncollectible accounts written off | | | | | (76) | | | | | | — | | |
Balance at end of year | | | | $ | 500 | | | | | $ | 199 | | |
| | | December 31, | | |||||||||
| 2020 | | | 2019 | | ||||||||
Deferred cost of goods sold | | | | $ | 454 | | | | | $ | 262 | | |
Prepaid operating expenses | | | | | 68 | | | | | | 585 | | |
Prepaid dues and subscriptions | | | | | 189 | | | | | | 503 | | |
Prepaid insurance | | | | | 121 | | | | | | 45 | | |
Prepaid rent | | | | | 118 | | | | | | 11 | | |
Other | | | | | 26 | | | | | | 482 | | |
Total prepaid expenses and other current assets | | | | $ | 976 | | | | | $ | 1,888 | | |
| | | December 31, | | |||||||||
| 2020 | | | 2019 | | ||||||||
Equipment | | | | $ | 13,708 | | | | | $ | 13,358 | | |
Furniture and fixtures | | | | | 895 | | | | | | 895 | | |
Computer equipment | | | | | 1,089 | | | | | | 1,089 | | |
Tooling | | | | | 1,805 | | | | | | 1,823 | | |
Software | | | | | 1,249 | | | | | | 954 | | |
Leasehold improvements | | | | | 13,870 | | | | | | 13,880 | | |
Construction in process | | | | | 879 | | | | | | 170 | | |
Property and equipment, gross | | | | | 33,495 | | | | | | 32,169 | | |
Less: accumulated depreciation | | | | | (21,335) | | | | | | (13,782) | | |
Total property and equipment, net | | | | $ | 12,160 | | | | | $ | 18,387 | | |
| | | | | | | | | | | | | | | Accumulated | | | Balance | | ||||||
| | | Gross Value | | | Estimated Life | | | Amortization | | | December 31, 2020 | | ||||||||||||
Acquired technology | | | | $ | 10,193 | | | | | | 5 years | | | | | $ | 1,091 | | | | | $ | 9,102 | | |
| | | Years Ended December 31, | | |||||||||
| 2020 | | | 2019 | | ||||||||
Capitalized software development costs | | | | $ | 1,127 | | | | | $ | 1,127 | | |
Accumulated amortization | | | | | (815) | | | | | | (237) | | |
Impairment | | | | | — | | | | | | (444) | | |
Total capitalized software, net | | | | $ | 312 | | | | | $ | 446 | | |
December 31, 2019 | | | Amortized Cost | | | Unrealized Gains | | | Unrealized Losses | | | Fair Value | | ||||||||||||
Asset-backed securities | | | | $ | 16,786 | | | | | $ | 20 | | | | | $ | — | | | | | $ | 16,806 | | |
Corporate bonds | | | | | 67,893 | | | | | | 55 | | | | | | — | | | | | | 67,948 | | |
| | | | $ | 84,679 | | | | | $ | 75 | | | | | $ | — | | | | | $ | 84,754 | | |
|
December 31, 2018 | | | Amortized Cost | | | Unrealized Gains | | | Unrealized Losses | | | Fair Value | | ||||||||||||
Asset-backed securities | | | | $ | 13,350 | | | | | $ | — | | | | | $ | (65) | | | | | $ | 13,285 | | |
Corporate bonds | | | | | 50,975 | | | | | | — | | | | | | (31) | | | | | | 50,944 | | |
| | | | $ | 64,325 | | | | | $ | — | | | | | $ | (96) | | | | | $ | 64,229 | | |
| | | December 31, | | |||||||||
| 2020 | | | 2019 | | ||||||||
Other investments | | | | $ | 3,000 | | | | | $ | — | | |
Right of use asset | | | | | 1,810 | | | | | | 2,289 | | |
Long-term deposits | | | | | 69 | | | | | | — | | |
Total other noncurrent assets | | | | $ | 4,879 | | | | | $ | 2,289 | | |
| | Years Ended December 31, | | | | December 31, | | |||||||||||||||||||
| | 2019 | | 2018 | | | 2020 | | 2019 | | ||||||||||||||||
Professional services | | | $ | 2,508 | | | | $ | 780 | | | |||||||||||||||
Compensation and benefits related | | | | 2,068 | | | | | 897 | | | |||||||||||||||
Warranty reserve | | | $ | 1,491 | | | | $ | 116 | | | | | | 1,553 | | | | | 1,491 | | | ||||
Compensation and benefits related | | | | 897 | | | | | 278 | | | |||||||||||||||
Professional services | | | | 780 | | | | | 517 | | | |||||||||||||||
Sales and use and franchise taxes | | | | 586 | | | | | 578 | | | |||||||||||||||
Franchise and royalty fees | | | | 159 | | | | | — | | | |||||||||||||||
Inventory purchases | | | | 620 | | | | | 381 | | | | | | 86 | | | | | 620 | | | ||||
Accrued sales and use tax | | | | 578 | | | | | 4 | | | |||||||||||||||
Other | | | | 687 | | | | | 510 | | | | | | 605 | | | | | 687 | | | ||||
| | | $ | 5,053 | | | | $ | 1,806 | | | |||||||||||||||
Total accrued expenses and other current liabilities | | | $ | 7,565 | | | | $ | 5,053 | | |
| | | Years Ended December 31, | | ||||||||||||||||||||||
| Years Ended December 31, | | | 2020 | | 2019 | | |||||||||||||||||||
Lease cost | | 2019 | | 2018 | | | | | | | | | | | | | ||||||||||
Operating lease cost | | | $ | 655 | | | | $ | 627 | | | | | $ | 746 | | | | $ | 655 | | | ||||
Short-term lease cost | | | | 32 | | | | | 62 | | | | | | — | | | | | 32 | | | ||||
Variable lease cost | | | | 40 | | | | | 38 | | | | | | 40 | | | | | 40 | | | ||||
Total lease cost | | | $ | 727 | | | | $ | 727 | | | | | $ | 786 | | | | $ | 727 | | | ||||
Other Information | | | | | | | | | | | | | | | | | | | | | | | ||||
Operating cash flows from operating leases | | | $ | 951 | | | | $ | 868 | | | | | $ | 1,073 | | | | $ | 951 | | | ||||
Weighted-average remaining lease term – operating leases (years) | | | | 4.2 | | | | | 5.3 | | | | | | 3.2 | | | | | 4.2 | | | ||||
Weighted-average discount rate – operating leases | | | | 7.6% | | | | | 7.6% | | | | | | 7.6% | | | | | 7.6% | | |
| 2020 | | | $ | 1,073 | | | 2021 | | | $ | 1,071 | | | ||
| 2021 | | | | 1,071 | | | 2022 | | | | 1,069 | | | ||
| 2022 | | | | 1,069 | | | 2023 | | | | 1,028 | | | ||
| 2023 | | | | 1,028 | | | 2024 | | | | 258 | | | ||
| 2024 | | | | 258 | | | 2025 | | | | — | | | ||
| Total lease payments | | | | 4,499 | | | Total lease payments | | | | 3,426 | | | ||
| Less amount representing interest | | | | (667) | | | Less amount representing interest | | | | (401) | | | ||
| Total lease liability | | | | 3,832 | | | Total lease liability | | | | 3,025 | | | ||
| Less current portion of lease liability | | | | (806) | | | Less current portion of lease liability | | | | (868) | | | ||
| Lease liability, net of current portion | | | $ | 3,026 | | | Lease liability, net of current portion | | | $ | 2,157 | | |
| | | Years Ended December 31, | | |||||||||
| 2020 (as restated) | | | 2019 | | ||||||||
United States | | | | $ | (34,285) | | | | | $ | (103,596) | | |
Foreign | | | | | (670) | | | | | | — | | |
Loss before income taxes | | | | $ | (34,955) | | | | | $ | (103,596) | | |
| | | Years Ended December 31, | | |||||||||
| | | 2019 | | | 2018 | | ||||||
United States | | | | $ | (103,596) | | | | | $ | (121,339) | | |
Foreign | | | | | — | | | | | | — | | |
Loss before income taxes | | | | $ | (103,596) | | | | | $ | (121,339) | | |
| | | Years Ended December 31, | | |||||||||
| 2020 | | | 2019 | | ||||||||
Current | | | | $ | — | | | | | $ | — | | |
Deferred | | | | | (940) | | | | | | — | | |
Provision (benefit) for income taxes | | | | $ | (940) | | | | | $ | — | | |
| | Years Ended December 31, | | | | Years Ended December 31, | | |||||||||||||||||||
| | 2019 | | 2018 | | | 2020 (as restated) | | 2019 | | ||||||||||||||||
Effective income tax rate: | | | | | | | | | | | | | | | | | | | | | | | ||||
Expected income tax benefit at the federal statutory rate | | | | 21% | | | | | 21% | | | | | | 21% | | | | | 21% | | | ||||
State taxes | | | | 6% | | | | | 6% | | | | | | 6% | | | | | 6% | | | ||||
Change in valuation allowance | | | | (30)% | | | | | (26)% | | | | | | (68)% | | | | | (30)% | | | ||||
Research and development credit carryover | | | | 2% | | | | | 3% | | | | | | 2% | | | | | 2% | | | ||||
Legal proceedings and settlement expense | | | | 0% | | | | | (4)% | | | |||||||||||||||
Permanent differences | | | | 1% | | | | | 0% | | | | | | 42% | | | | | 1% | | | ||||
Effective income tax rate | | | | 0% | | | | | 0% | | | | | | 3% | | | | | —% | | |
| | Years Ended December 31, | | | | Years Ended December 31, | | |||||||||||||||||||
| | 2019 | | 2018 | | | 2020 | | 2019 | | ||||||||||||||||
Deferred tax assets: | | | | | | | | | | | | | | | | | | | | | | | ||||
Federal and state net operating carryforwards | | | $ | 56,333 | | | | $ | 23,310 | | | | | $ | 77,463 | | | | $ | 56,333 | | | ||||
Research and development and other credits | | | | 11,072 | | | | | 7,567 | | | | | | 13,555 | | | | | 11,072 | | | ||||
Capitalized start-up costs | | | | 17,032 | | | | | 24,048 | | | | | | 15,717 | | | | | 17,032 | | | ||||
Compensation-related items | | | | 1,286 | | | | | 568 | | | | | | 2,257 | | | | | 1,286 | | | ||||
Deferred lease liability | | | | 1,111 | | | | | 1,212 | | | | | | 872 | | | | | 1,111 | | | ||||
Depreciation | | | | 1,503 | | | | | — | | | |||||||||||||||
Other deferred tax assets | | | | 2,068 | | | | | 379 | | | | | | 2,272 | | | | | 2,068 | | | ||||
Total gross deferred tax asset | | | | 88,902 | | | | | 57,084 | | | | | | 113,639 | | | | | 88,902 | | | ||||
Valuation allowance | | | | (87,370) | | | | | (56,405) | | | |||||||||||||||
Net deferred tax asset | | | | 1,532 | | | | | 679 | | | |||||||||||||||
Deferred tax liabilities: | | | | | | | | | | | | |||||||||||||||
Right-of-use asset | | | | (664) | | | | | (679) | | | |||||||||||||||
Acquired technology | | | | (868) | | | | | — | | | |||||||||||||||
Total deferred tax liabilities | | | | (1,532) | | | | | (679) | | | |||||||||||||||
Net deferred tax asset | | | $ | — | | | | $ | — | | |
| | | Years Ended December 31, | | |||||||||
| 2020 | | | 2019 | | ||||||||
Valuation allowance | | | | | (111,494) | | | | | | (87,370) | | |
Net deferred tax asset | | | | | 2,145 | | | | | | 1,532 | | |
Deferred tax liabilities: | | | | | | | | | | | | | |
Right-of-use asset | | | | | (522) | | | | | | (664) | | |
Acquired technology | | | | | (1,623) | | | | | | (868) | | |
Total deferred tax liabilities | | | | | (2,145) | | | | | | (1,532) | | |
Net deferred tax asset | | | | $ | — | | | | | $ | — | | |
|
| | Years Ended December 31, | | | | Years Ended December 31, | | |||||||||||||||||||
| | 2019 | | 2018 | | | 2020 | | 2019 | | ||||||||||||||||
Valuation allowance at beginning of the year | | | $ | 56,405 | | | | $ | 21,700 | | | | | $ | 87,370 | | | | $ | 56,405 | | | ||||
Increases recorded to income tax provision | | | | 30,965 | | | | | 34,705 | | | | | | 25,058 | | | | | 30,965 | | | ||||
Decreases recorded as a benefit to income tax provision | | | | — | | | | | — | | | | | | (934) | | | | | — | | | ||||
Increases recorded as an adjustment to equity | | | | — | | | | | — | | | |||||||||||||||
Valuation allowance at end of year | | | $ | 87,370 | | | | $ | 56,405 | | | | | $ | 111,494 | | | | $ | 87,370 | | |
| | | Years Ended December 31, | | |||||||||
Convertible Preferred Stock Classes | | | 2019 | | | 2018 | | ||||||
Series A Convertible Preferred Stock, $0.0001 par value – authorized, issued, and outstanding, 26,189,545 and 26,189,545 shares, (liquidation preference of $106,853 and $88,783 at December 31, 2019 and 2018, respectively) | | | | $ | 13,878 | | | | | $ | 13,878 | | |
Series B Convertible Preferred Stock, $0.0001 par value – authorized, issued, and outstanding, 23,675,035 and 23,675,035 shares (liquidation preference of $96,594 and $80,258 at December 31, 2019 and 2018, respectively) | | | | | 37,806 | | | | | | 37,806 | | |
Series C Convertible Preferred Stock, $0.0001 par value – authorized, issued, and outstanding, 13,152,896 and 13,152,896 shares (liquidation preference of $53,664 and $45,000 at December 31, 2019 and 2018, respectively) | | | | | 44,852 | | | | | | 44,852 | | |
Series D Convertible Preferred Stock, $0.0001 par value – authorized, issued and outstanding, 21,075,193 and 21,075,193 shares (liquidation preference of $180,522 and $180,522 at December 31, 2019 and 2018, respectively) | | | | | 180,353 | | | | | | 180,353 | | |
Series E Convertible Preferred Stock, $0.0001 par value – authorized, 13,450,703 shares; issued and outstanding, 13,450,703 and 0 shares (liquidation preference of $134,791 and $0 at December 31, 2019 and 2018, respectively) | | | | | 134,667 | | | | | | — | | |
Series E-1 Convertible Preferred Stock, $0.0001 par value – authorized, 2,494,737 shares; issued and outstanding, 2,494,737 and 0 shares (liquidation preference of $25,000 and $0 at December 31, 2019 and 2018, respectively) | | | | | 24,977 | | | | | | — | | |
Total | | | | $ | 436,533 | | | | | $ | 276,889 | | |
| | Shared subject to Vesting | | Weighted Average Purchase Price | | | Shares subject to Vesting | | Weighted Average Purchase Price | | ||||||||||||||||
Balance of unvested shares as of January 1, 2019 | | | | 9,731 | | | | | 0.0001 | | | |||||||||||||||
Balance of unvested shares as of January 1, 2020 | | | | 5,587 | | | | $ | 0.0001 | | | |||||||||||||||
Issuance of additional shares | | | | 497 | | | | | 0.0001 | | | | | | — | | | | | — | | | ||||
Vested | | | | (5,653) | | | | | 0.0001 | | | | | | (5,307) | | | | $ | 0.001 | | | ||||
Balance of unvested shares as of December 31, 2019 | | | | 4,575 | | | | | 0.0001 | | | |||||||||||||||
Balance of unvested shares as of December 31, 2020 | | | | 280 | | | | $ | 0.001 | | |
| | | Years Ended December 31, | | ||||||
| 2020 | | | 2019 | | |||||
Risk-free interest rate | | | | | 2.0% | | | | 2.0% | |
Expected volatility | | | | | 52.5% | | | | 52.5% | |
Expected life (in years) | | | | | 8.0 | | | | 8.0 – 8.8 | |
Expected dividend yield | | | | | — | | | | — | |
Fair value of Common Stock | | | | $ | 3.34 | | | | $3.34 | |
| | | Year Ended December 31, 2020 | | |||
Risk-free interest rate | | | | | 0.5% | | |
Expected volatility | | | | | 52.5% | | |
Expected life (in years) | | | | | 0.3 | | |
Expected dividend yield | | | | | — | | |
Fair value of Common Stock | | | | $ | 7.98 | | |
| | | As of December 31, 2020 | | | As of December 9, 2020 | | ||||||
Risk-free interest rate | | | | | 0.4% | | | | | | 0.4% | | |
Expected volatility | | | | | 50.0% | | | | | | 40.0% | | |
Expected life (in years) | | | | | 4.9 | | | | | | 5 | | |
Expected dividend yield | | | | | — | | | | | | — | | |
Fair value of Common Stock | | | | $ | 17.20 | | | | | $ | 24.77 | | |
| | | Prior to Business Combination | | |||||||||
Legacy Convertible Preferred Stock Classes | | | Shares Authorized, Issued and Outstanding | | | Preferred Stock | | ||||||
Series A Legacy Convertible Preferred Stock, $0.0001 par value | | | | | 26,189,545 | | | | | $ | 13,878 | | |
Series B Legacy Convertible Preferred Stock, $0.0001 par value | | | | | 23,675,035 | | | | | | 37,806 | | |
Series C Legacy Convertible Preferred Stock, $0.0001 par value | | | | | 13,152,896 | | | | | | 44,852 | | |
Series D Legacy Convertible Preferred Stock, $0.0001 par value | | | | | 21,075,193 | | | | | | 180,353 | | |
Series E Legacy Convertible Preferred Stock, $0.0001 par value | | | | | 13,450,703 | | | | | | 134,667 | | |
Series E-1 Legacy Convertible Preferred Stock, $0.0001 par value | | | | | 2,494,737 | | | | | | 24,977 | | |
Total | | | | | 100,038,109 | | | | | $ | 436,533 | | |
| | Years Ended December 31, | | | Years Ended December 31, | | ||||||||
| | 2019 | | 2018 | | | 2020 | | 2019 | | ||||
Risk-free interest rate | | 1.7% – 2.6% | | 2.7% – 3.0% | | | 0.3% – 1.7%% | | 1.7% – 2.6% | | ||||
Expected volatility | | 52.7% – 53.6% | | 52.9% – 53.8% | | | 52.7% – 54.2% | | 52.7% – 53.6% | | ||||
Expected life (in years) | | 5.6 – 6.1 | | 5.3 – 6.1 | | | 5.9 – 6.3 | | 5.6 – 6.1 | | ||||
Expected dividend yield | | — | | — | | | — | | — | | ||||
Fair value of Common Stock | | $4.08 | | $3.39 | | | $1.40 – 7.98 | | $3.34 | |
| | Years Ended December 31, | | | | Years Ended December 31, | | |||||||
| | 2019 | | 2018 | | | 2020 | | 2019 | | ||||
Risk-free interest rate | | 1.4% – 3.1% | | 2.1% – 3.1% | | | 0.6% – 0.8% | | 1.4% – 3.1% | | ||||
Expected volatility | | 52.4% – 61.5% | | 53.7% – 61.5% | | | 54.3% – 54.8% | | 52.4% – 61.5% | | ||||
Expected life (in years) | | 6.2 – 10.0 | | 7.2 – 10.0 | | | 9.4 – 10.0 | | 6.2 – 10.0 | | ||||
Expected dividend yield | | — | | — | | | — | | — | | ||||
Fair value of Common Stock | | $4.08 | | $3.39 | | | $1.40 – 7.98 | | $3.34 | |
| | | Years Ended December 31, | | |||||||||
| 2020 | | | 2019 | | ||||||||
Research and development | | | | $ | 3,276 | | | | | $ | 2,713 | | |
General and administrative expense | | | | | 3,464 | | | | | | 941 | | |
Sales and marketing expense | | | | | 894 | | | | | | 1,373 | | |
Cost of sales | | | | | 372 | | | | | | 188 | | |
Total stock-based compensation expenses | | | | $ | 8,006 | | | | | $ | 5,215 | | |
| | | Number of Shares | | | Weighted-Average Exercise Price per Share | | | Weighted-Average Remaining Contractual Term (in years) | | | Aggregate Intrinsic Value (in thousands) | | ||||||||||||
Outstanding at January 1, 2020 | | | | | 18,072 | | | | | $ | 2.01 | | | | | | 7.84 | | | | | $ | 24,045 | | |
Granted | | | | | 8,463 | | | | | $ | 1.51 | | | | | | | | | | | | | | |
Exercised | | | | | (522) | | | | | $ | 0.62 | | | | | | | | | | | | | | |
Forfeited/expired | | | | | (6,460) | | | | | $ | 2.92 | | | | | | | | | | | | | | |
Outstanding at December 31, 2020 | | | | | 19,553 | | | | | $ | 1.53 | | | | | | 7.75 | | | | | $ | 306,408 | | |
Options vested at December 31, 2020 | | | | | 10,905 | | | | | $ | 1.53 | | | | | | 6.52 | | | | | $ | 170,868 | | |
Options vested or expected to vest at December 31, 2020 | | | | | 18,818 | | | | | $ | 1.53 | | | | | | 7.69 | | | | | $ | 294,824 | | |
| | | Years Ended December 31, | | |||||||||
| | | 2019 | | | 2018 | | ||||||
Research and development | | | | $ | 2,713 | | | | | $ | 1,696 | | |
Sales and marketing expense | | | | | 1,373 | | | | | | 567 | | |
General and administrative expense | | | | | 941 | | | | | | 658 | | |
Cost of sales | | | | | 188 | | | | | | 44 | | |
Total stock based compensation expenses | | | | $ | 5,215 | | | | | $ | 2,965 | | |
| | | Number of Shares | | | Weighted-Average Exercise Price per Share | | | Weighted-Average Remaining Contractual Term (in years) | | |||||||||
Outstanding at January 1, 2019 | | | | | 12,007 | | | | | $ | 1.65 | | | | | | 8.21 | | |
Granted | | | | | 4,790 | | | | | | 3.98 | | | | | | 9.26 | | |
Exercised | | | | | (997) | | | | | | 0.71 | | | | | | 1.68 | | |
Forfeited/expired | | | | | (1,008) | | | | | | 1.88 | | | | | | — | | |
Outstanding at December 31, 2019 | | | | | 14,792 | | | | | | 2.45 | | | | | | 7.84 | | |
Options vested at December 31, 2019 | | | | | 7,195 | | | | | | 1.52 | | | | | | 6.92 | | |
Options vested or expected to vest at December 31, 2019 | | | | | 14,555 | | | | | | 2.44 | | | | | | 7.82 | | |
| | | Shares subject to Vesting | | | Weighted Average Grant Date Fair Value | | ||||||
Balance of unvested shares as of January 1, 2020 | | | | | — | | | | | | — | | |
Granted | | | | | 683 | | | | | $ | 8.02 | | |
Vested | | | | | — | | | | | | — | | |
Balance of unvested shares as of December 31, 2020 | | | | | 683 | | | | | $ | 8.02 | | |
| | | Years Ended December 31, | | |||||||||
| | | 2019 | | | 2018 | | ||||||
Common Stock options outstanding | | | | | 14,792 | | | | | | 12,007 | | |
Shares available for issuance under the Plan | | | | | 3,894 | | | | | | 565 | | |
Convertible Preferred Stock outstanding | | | | | 100,038 | | | | | | 84,093 | | |
Common Stock warrants outstanding | | | | | 2,032 | | | | | | 2,000 | | |
Total shares of authorized Common Stock reserved for future issuance | | | | | 120,756 | | | | | | 98,665 | | |
| | Americas | | EMEA | | APAC | | | Americas | | EMEA | | APAC | | Total | | ||||||||||||||||||||||||||||
Product | | | $ | 12,746 | | | | $ | 8,430 | | | | $ | 1,582 | | | | | $ | 5,250 | | | | $ | 6,629 | | | | $ | 1,839 | | | | $ | 13,718 | | | |||||||
Services | | | | 3,055 | | | | | 563 | | | | | 63 | | | | | | 1,415 | | | | | 1,159 | | | | | 178 | | | | | 2,752 | | | |||||||
Total | | | $ | 15,801 | | | | $ | 8,993 | | | | $ | 1,645 | | | | | $ | 6,665 | | | | $ | 7,788 | | | | $ | 2,017 | | | | $ | 16,470 | | |
| | Americas | | EMEA | | APAC | | | Americas | | EMEA | | APAC | | Total | | ||||||||||||||||||||||||||||
Product | | | $ | 751 | | | | $ | — | | | | $ | — | | | | | $ | 12,746 | | | | $ | 8,430 | | | | $ | 1,582 | | | | $ | 22,758 | | | |||||||
Services | | | | 283 | | | | | — | | | | | — | | | | | | 3,055 | | | | | 563 | | | | | 63 | | | | | 3,681 | | | |||||||
Total | | | $ | 1,034 | | | | $ | — | | | | $ | — | | | | | $ | 15,801 | | | | $ | 8,993 | | | | $ | 1,645 | | | | $ | 26,439 | | |
| | | Years Ended December 31, | | |||||||||
| | | 2019 | | | 2018 | | ||||||
Revenue recognized at a point in time | | | | $ | 22,758 | | | | | $ | 751 | | |
Revenue recognized over time | | | | | 3,681 | | | | | | 283 | | |
Total | | | | $ | 26,439 | | | | | $ | 1,034 | | |
| | | Years Ended December 31, | | |||||||||
| 2020 | | | 2019 | | ||||||||
Revenue recognized at a point in time | | | | $ | 13,718 | | | | | $ | 22,758 | | |
Revenue recognized over time | | | | | 2,752 | | | | | | 3,681 | | |
Total | | | | $ | 16,470 | | | | | $ | 26,439 | | |
| | | Years Ended December 31, | | |||||||||
(in thousands, except per share amounts) | | | 2019 | | | 2018 | | ||||||
Numerator for basic and diluted net loss per share: | | | | | | | | | | | | | |
Net loss attributable to Desktop Metal, Inc. Common Stockholders | | | | $ | (103,596) | | | | | $ | (121,339) | | |
Denominator for basic and diluted net loss per share: | | | | | | | | | | | | | |
Weighted average shares | | | | | 23,379 | | | | | | 16,495 | | |
Net loss per share – Basic and Diluted | | | | $ | (4.43) | | | | | $ | (7.36) | | |
| | | Years Ended December 31, | | |||||||||
(in thousands, except per share amounts) | | | 2020 (as restated) | | | 2019 | | ||||||
Numerator for basic and diluted net loss per share: | | | | | | | | | | | | | |
Net loss attributable to Common Stockholders | | | | $ | (34,015) | | | | | $ | (103,596) | | |
Denominator for basic and diluted net loss per share: | | | | | | | | | | | | | |
Weighted average shares | | | | | 157,906 | | | | | | 150,002 | | |
Net loss per share – Basic and Diluted | | | | $ | (0.22) | | | | | $ | (0.69) | | |
| | | Years Ended December 31, | | |||||||||
| 2020 | | | 2019 | | ||||||||
Common Stock options outstanding | | | | | 19,553 | | | | | | 18,072 | | |
Unvested restricted stock units outstanding | | | | | 683 | | | | | | — | | |
Unvested restricted stock awards outstanding | | | | | 279 | | | | | | 5,587 | | |
Common Stock warrants outstanding | | | | | 25,010 | | | | | | 634 | | |
Unvested Trine Founder Shares, held in escrow | | | | | 1,851 | | | | | | — | | |
Total shares | | | | | 47,376 | | | | | | 24,293 | | |
| | | March 31, 2021 | | | December 31, 2020 | | ||||||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 416,379 | | | | | $ | 483,525 | | |
Short-term investments | | | | | 155,847 | | | | | | 111,867 | | |
Restricted cash | | | | | 1,021 | | | | | | — | | |
Accounts receivable | | | | | 9,234 | | | | | | 6,516 | | |
Inventory | | | | | 20,837 | | | | | | 9,708 | | |
Prepaid expenses and other current assets | | | | | 18,657 | | | | | | 976 | | |
Total current assets | | | | | 621,975 | | | | | | 612,592 | | |
Restricted cash | | | | | 776 | | | | | | 612 | | |
Property and equipment, net | | | | | 12,331 | | | | | | 12,160 | | |
Capitalized software, net | | | | | 268 | | | | | | 312 | | |
Goodwill | | | | | 201,308 | | | | | | 2,252 | | |
Intangible assets, net | | | | | 144,103 | | | | | | 9,102 | | |
Other noncurrent assets | | | | | 6,826 | | | | | | 4,879 | | |
Total Assets | | | | $ | 987,587 | | | | | $ | 641,909 | | |
Liabilities and Stockholders’ Equity | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable | | | | $ | 5,227 | | | | | $ | 7,591 | | |
Customer deposits | | | | | 2,792 | | | | | | 1,480 | | |
Current portion of lease liability | | | | | 1,639 | | | | | | 868 | | |
Accrued expenses and other current liabilities | | | | | 15,324 | | | | | | 7,565 | | |
Deferred revenue | | | | | 3,405 | | | | | | 3,004 | | |
Current portion of long-term debt, net of deferred financing costs | | | | | 11,019 | | | | | | 9,991 | | |
Total current liabilities | | | | | 39,406 | | | | | | 30,499 | | |
Warrant liability | | | | | — | | | | | | 93,328 | | |
Long-term debt, net of deferred financing costs | | | | | 163 | | | | | | — | | |
Lease liability, net of current portion | | | | | 3,248 | | | | | | 2,157 | | |
Deferred tax liability | | | | | 5,206 | | | | | | — | | |
Total liabilities | | | | | 48,023 | | | | | | 125,984 | | |
Commitments and Contingences (Note 15) | | | | | | | | | | | | | |
Stockholders’ Equity | | | | | | | | | | | | | |
Preferred Stock, $0.0001 par value – authorized, 50,000,000 shares; no shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively | | | | | — | | | | | | — | | |
Common Stock, $0.0001 par value – 500,000,000 shares authorized; 252,660,102 and 226,756,733 shares issued at March 31, 2021 and December 31, 2020, respectively, 252,436,919 and 224,626,597 shares outstanding at March 31, 2021 and December 31, 2020, respectively | | | | | 25 | | | | | | 23 | | |
Additional paid-in capital | | | | | 1,326,945 | | | | | | 844,188 | | |
Accumulated deficit | | | | | (387,385) | | | | | | (328,277) | | |
Accumulated other comprehensive income (loss) | | | | | (21) | | | | | | (9) | | |
Total Stockholders’ Equity | | | | | 939,564 | | | | | | 515,925 | | |
Total Liabilities and Stockholders’ Equity | | | | $ | 987,587 | | | | | $ | 641,909 | | |
| | | Three Months Ended March 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Revenues | | | | | | | | | | | | | |
Products | | | | $ | 10,311 | | | | | $ | 2,694 | | |
Services | | | | | 1,002 | | | | | | 691 | | |
Total revenues | | | | | 11,313 | | | | | | 3,385 | | |
Cost of sales | | | | | | | | | | | | | |
Products | | | | | 10,487 | | | | | | 5,041 | | |
Services | | | | | 1,413 | | | | | | 1,163 | | |
Total cost of sales | | | | | 11,900 | | | | | | 6,204 | | |
Gross margin | | | | | (587) | | | | | | (2,819) | | |
Operating expenses | | | | | | | | | | | | | |
Research and development | | | | | 10,858 | | | | | | 12,340 | | |
Sales and marketing | | | | | 5,449 | | | | | | 4,494 | | |
General and administrative | | | | | 13,846 | | | | | | 2,625 | | |
Total operating expenses | | | | | 30,153 | | | | | | 19,459 | | |
Loss from operations | | | | | (30,740) | | | | | | (22,278) | | |
Change in fair value of warrant liability | | | | | (56,576) | | | | | | — | | |
Interest expense | | | | | (73) | | | | | | (104) | | |
Interest and other income, net | | | | | 361 | | | | | | 578 | | |
Loss before income taxes | | | | | (87,028) | | | | | | (21,804) | | |
Income tax benefit | | | | | 27,920 | | | | | | — | | |
Net loss | | | | $ | (59,108) | | | | | $ | (21,804) | | |
Net loss per share – basic and diluted | | | | $ | (0.25) | | | | | $ | (0.14) | | |
| | | Three Months Ended March 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Net loss | | | | $ | (59,108) | | | | | $ | (21,804) | | |
Other comprehensive (loss) income, net of taxes: | | | | | | | | | | | | | |
Unrealized gain (loss) on available-for-sale marketable securities, net | | | | | 1 | | | | | | (159) | | |
Foreign currency translation adjustment | | | | | (13) | | | | | | — | | |
Total comprehensive loss, net of taxes of $0 | | | | $ | (59,120) | | | | | $ | (21,963) | | |
| | | Common Stock Voting | | | Additional Paid-in Capital | | | Accumulated Deficit | | | Accumulated Other Comprehensive (Loss) Income | | | Total Stockholders’ Equity | | |||||||||||||||||||||
| | | Shares | | | Amount | | ||||||||||||||||||||||||||||||
BALANCE – January 1, 2021 | | | | | 224,626,597 | | | | | $ | 23 | | | | | $ | 844,188 | | | | | $ | (328,277) | | | | | $ | (9) | | | | | $ | 515,925 | | |
Exercise of Common Stock options | | | | | 163,228 | | | | | | — | | | | | | 180 | | | | | | — | | | | | | — | | | | | | 180 | | |
Vesting of restricted Common Stock | | | | | 56,015 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Vesting of restricted stock units | | | | | 15,265 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Repurchase of shares for employee tax withholdings | | | | | (2,241) | | | | | | — | | | | | | (54) | | | | | | — | | | | | | — | | | | | | (54) | | |
Issuance of Common Stock for acquisitions | | | | | 5,036,142 | | | | | | — | | | | | | 159,847 | | | | | | — | | | | | | — | | | | | | 159,847 | | |
Stock-based compensation expense | | | | | — | | | | | | — | | | | | | 2,217 | | | | | | — | | | | | | — | | | | | | 2,217 | | |
Vesting of Trine Founder shares | | | | | 1,850,938 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Exercise of warrants | | | | | 20,690,975 | | | | | | 2 | | | | | | 320,567 | | | | | | — | | | | | | — | | | | | | 320,569 | | |
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | (59,108) | | | | | | — | | | | | | (59,108) | | |
Other comprehensive income (loss) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (12) | | | | | | (12) | | |
BALANCE – March 31, 2021 | | | | | 252,436,919 | | | | | $ | 25 | | | | | $ | 1,326,945 | | | | | $ | (387,385) | | | | | $ | (21) | | | | | $ | 939,564 | | |
| | | Legacy Convertible Preferred Stock | | | | Common Stock Voting | | | Additional Paid-in Capital | | | Accumulated Deficit | | | Accumulated Other Comprehensive (Loss) Income | | | Total Stockholders’ Equity | | ||||||||||||||||||||||||||||||
| | | Shares | | | Amount | | | | Shares | | | Amount | | ||||||||||||||||||||||||||||||||||||
BALANCE – January 1, 2020 | | | | | 100,038,109 | | | | | $ | 436,533 | | | | | | | 26,813,113 | | | | | $ | 3 | | | | | $ | 16,722 | | | | | $ | (294,262) | | | | | $ | 75 | | | | | $ | (277,462) | | |
Retroactive application of recapitalization (Note 1) | | | | | (100,038,109) | | | | | | (436,533) | | | | | | | 128,100,821 | | | | | | 13 | | | | | | 436,520 | | | | | | — | | | | | | — | | | | | | 436,533 | | |
Adjusted balance, beginning of period | | | | | — | | | | | | — | | | | | | | 154,913,934 | | | | | | 16 | | | | | | 453,242 | | | | | | (294,262) | | | | | | 75 | | | | | | 159,071 | | |
Exercise of Common Stock options | | | | | — | | | | | | — | | | | | | | 286,636 | | | | | | — | | | | | | 132 | | | | | | — | | | | | | — | | | | | | 132 | | |
Vesting of restricted Common Stock | | | | | — | | | | | | — | | | | | | | 1,750,555 | | | | | | — | | | | | | 2 | | | | | | — | | | | | | — | | | | | | 2 | | |
Stock-based compensation expense | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 1,259 | | | | | | — | | | | | | — | | | | | | 1,259 | | |
Common Stock warrants issued | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 124 | | | | | | — | | | | | | — | | | | | | 124 | | |
Net loss | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (21,804) | | | | | | — | | | | | | (21,804) | | |
Other comprehensive income (loss) | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (159) | | | | | | (159) | | |
BALANCE – March 31, 2020 | | | | | — | | | | | $ | — | | | | | | | 156,951,125 | | | | | $ | 16 | | | | | $ | 454,759 | | | | | $ | (316,066) | | | | | $ | (84) | | | | | $ | 138,625 | | |
| | | Three Months Ended March 31, | | |||||||||
| 2021 | | | 2020 | | ||||||||
Cash flows from operating activities: | | | | | | | | | | | | | |
Net loss | | | | $ | (59,108) | | | | | $ | (21,804) | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | | | |
Depreciation and amortization | | | | | 3,892 | | | | | | 2,321 | | |
Stock-based compensation | | | | | 2,217 | | | | | | 1,259 | | |
Change in fair value of warrant liability | | | | | 56,576 | | | | | | — | | |
Expense related to Common Stock warrants issued | | | | | — | | | | | | 124 | | |
Amortization (accretion) of discount on investments | | | | | 406 | | | | | | (22) | | |
Amortization of debt financing cost | | | | | 4 | | | | | | 4 | | |
Provision for bad debt | | | | | 72 | | | | | | — | | |
Net increase in accrued interest related to marketable securities | | | | | (240) | | | | | | (124) | | |
Net unrealized (gain) loss on marketable securities | | | | | (25) | | | | | | — | | |
Deferred tax benefit | | | | | (27,921) | | | | | | — | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Accounts receivable | | | | | (61) | | | | | | 752 | | |
Inventory | | | | | (2,381) | | | | | | (3,238) | | |
Prepaid expenses and other current assets | | | | | (4,276) | | | | | | 393 | | |
Other assets | | | | | (30) | | | | | | — | | |
Accounts payable | | | | | (3,856) | | | | | | (989) | | |
Accrued expenses and other current liabilities | | | | | (5,247) | | | | | | (976) | | |
Customer deposits | | | | | (1,234) | | | | | | 285 | | |
Deferred revenue | | | | | 105 | | | | | | (339) | | |
Change in right of use assets and lease liabilities, net | | | | | (22) | | | | | | (80) | | |
Net cash used in operating activities | | | | | (41,129) | | | | | | (22,434) | | |
Cash flows from investing activities: | | | | | | | | | | | | | |
Purchases of property and equipment | | | | | (262) | | | | | | (1,004) | | |
Purchase of marketable securities | | | | | (92,386) | | | | | | (17,616) | | |
Proceeds from sales and maturities of marketable securities | | | | | 48,241 | | | | | | 49,300 | | |
Cash paid for acquisition, net of cash acquired | | | | | (137,646) | | | | | | — | | |
Net cash (used in) provided by investing activities | | | | | (182,053) | | | | | | 30,680 | | |
Cash flows from financing activities: | | | | | | | | | | | | | |
Payment of issuance costs related to reverse recapitalization | | | | | (1,239) | | | | | | — | | |
Proceeds from the exercise of stock warrants | | | | | 158,308 | | | | | | — | | |
Payment of taxes related to net share settlement of upon vesting of restricted stock units | | | | | (54) | | | | | | — | | |
Proceeds from exercise of stock options | | | | | 180 | | | | | | 132 | | |
Net cash provided by financing activities | | | | | 157,195 | | | | | | 132 | | |
Net (decrease) increase in cash, cash equivalents, and restricted cash | | | | | (65,987) | | | | | | 8,378 | | |
Effect of exchange rate changes | | | | | 26 | | | | | | — | | |
Cash and cash equivalents at beginning of period | | | | | 483,525 | | | | | | 66,161 | | |
Restricted cash | | | | | 612 | | | | | | 612 | | |
Cash, cash equivalents, and restricted cash at end of period | | | | $ | 418,176 | | | | | $ | 75,151 | | |
Supplemental cash flow information: | | | | | | | | | | | | | |
Interest paid | | | | $ | 73 | | | | | $ | 107 | | |
Non-cash investing and financing activities: | | | | | | | | | | | | | |
Net unrealized (gain) loss on investments | | | | $ | (1) | | | | | $ | 159 | | |
Exercise of private placement warrants | | | | $ | 149,904 | | | | | $ | — | | |
Common Stock issued for acquisitions | | | | $ | 159,847 | | | | | $ | — | | |
Additions to right of use assets and lease liabilities | | | | $ | 364 | | | | | $ | — | | |
Purchase of property and equipment included in accounts payable | | | | $ | 50 | | | | | $ | — | | |
Receivable for warrants exercised | | | | $ | 12,357 | | | | | $ | — | | |
| | | September 30, 2020 | | | December 31, 2019 | | ||||||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 37,356 | | | | | $ | 66,161 | | |
Short-term investments | | | | | 53,180 | | | | | | 84,754 | | |
Accounts receivable, net of allowance for doubtful accounts $0.5 million and $0.2 million | | | | | 1,642 | | | | | | 4,523 | | |
Inventory | | | | | 10,363 | | | | | | 8,405 | | |
Prepaid expenses and other current assets | | | | | 806 | | | | | | 1,888 | | |
Total current assets | | | | | 103,347 | | | | | | 165,731 | | |
Restricted cash | | | | | 612 | | | | | | 612 | | |
Property and equipment, net | | | | | 13,601 | | | | | | 18,387 | | |
Capitalized software, net | | | | | 357 | | | | | | 446 | | |
Right-of-use assets | | | | | 1,935 | | | | | | 2,289 | | |
Goodwill | | | | | 2,252 | | | | | | 2,252 | | |
Acquired technology, net | | | | | 2,453 | | | | | | 2,994 | | |
Deferred transaction costs | | | | | 2,741 | | | | | | — | | |
Total Assets | | | | $ | 127,298 | | | | | $ | 192,711 | | |
Liabilities, Convertible Preferred Stock and Stockholders’ Equity | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable | | | | $ | 6,604 | | | | | $ | 10,228 | | |
Customer deposits | | | | | 1,778 | | | | | | 2,325 | | |
Current portion of operating lease liability | | | | | 858 | | | | | | 806 | | |
Accrued expenses and other current liabilities | | | | | 6,055 | | | | | | 5,053 | | |
Deferred revenue | | | | | 1,136 | | | | | | 2,230 | | |
Current portion of long-term debt, net of deferred financing costs | | | | | 9,986 | | | | | | — | | |
Total current liabilities | | | | | 26,417 | | | | | | 20,642 | | |
Long-term debt, net of deferred financing costs | | | | | — | | | | | | 9,972 | | |
Lease liability, net of current portion | | | | | 2,375 | | | | | | 3,026 | | |
Total liabilities | | | | | 28,792 | | | | | | 33,640 | | |
Commitments and Contingences (Note 9) | | | | | | | | | | | | | |
Convertible Preferred Stock (Note 11) | | | | | 436,533 | | | | | | 436,533 | | |
Stockholders’ Equity: | | | | | | | | | | | | | |
Common Stock, $0.0001 par value—authorized, 156,000,000 shares; issued and outstanding, 31,797,295 and 31,388,426 shares at September 30, 2020 and December 31, 2019, respectively (includes unvested 274,467 and 4,575,313 shares of restricted stock) | | | | | 3 | | | | | | 3 | | |
Additional paid-in capital | | | | | 21,254 | | | | | | 16,722 | | |
Accumulated deficit | | | | | (359,289) | | | | | | (294,262) | | |
Accumulated other comprehensive income | | | | | 5 | | | | | | 75 | | |
Total Stockholders’ Equity | | | | | (338,027) | | | | | | (277,462) | | |
Total Liabilities, Convertible Preferred Stock and Stockholders’ Equity | | | | $ | 127,298 | | | | | $ | 192,711 | | |
| | | Nine Months Ended September 30, | | |||||||||
| | | 2020 | | | 2019 | | ||||||
Revenues | | | | | | | | | | | | | |
Products | | | | $ | 6,113 | | | | | $ | 18,655 | | |
Services | | | | | 1,988 | | | | | | 2,221 | | |
Total revenues | | | | | 8,101 | | | | | | 20,876 | | |
Cost of sales | | | | | | | | | | | | | |
Products | | | | | 18,145 | | | | | | 35,218 | | |
Services | | | | | 3,365 | | | | | | 3,300 | | |
Total cost of sales | | | | | 21,510 | | | | | | 38,518 | | |
Gross margin | | | | | (13,409) | | | | | | (17,642) | | |
Operating expenses: | | | | | | | | | | | | | |
Research and development | | | | | 31,362 | | | | | | 40,623 | | |
Sales and marketing | | | | | 9,994 | | | | | | 13,927 | | |
General and administrative | | | | | 11,004 | | | | | | 8,290 | | |
Total operating expenses | | | | | 52,360 | | | | | | 62,840 | | |
Loss from operations | | | | | (65,769) | | | | | | (80,482) | | |
Interest expense | | | | | (253) | | | | | | (389) | | |
Interest and other income, net | | | | | 995 | | | | | | 5,102 | | |
Loss before income taxes | | | | | (65,027) | | | | | | (75,769) | | |
Provision for income taxes | | | | | — | | | | | | — | | |
Net loss | | | | $ | (65,027) | | | | | $ | (75,769) | | |
Net loss per share – basic and diluted | | | | $ | (2.21) | | | | | $ | (3.38) | | |
| | | Nine Months Ended September 30, | | |||||||||
| | | 2020 | | | 2019 | | ||||||
Net loss | | | | $ | (65,027) | | | | | $ | (75,769) | | |
Other comprehensive income, net of taxes: | | | | | | | | | | | | | |
Unrealized (loss) gain on available-for-sale marketable securities, net | | | | | (70) | | | | | | 227 | | |
Total comprehensive loss, net of taxes of $0 | | | | $ | (65,097) | | | | | $ | (75,542) | | |
| | | Convertible Preferred Stock | | | Common Stock Voting | | | Additional Paid-in Capital | | | Notes Receivable | | | Accumulated Deficit | | | Accumulated Other Comprehensive (Loss) Income | | | Total Stockholders’ Equity | | |||||||||||||||||||||||||||||||||
| | | Shares | | | Amount | | | Shares | | | Amount | | ||||||||||||||||||||||||||||||||||||||||||
BALANCE – December 31, 2019 | | | | | 100,038,109 | | | | | $ | 436,533 | | | | | | 26,813,113 | | | | | $ | 3 | | | | | $ | 16,722 | | | | | $ | — | | | | | $ | (294,262) | | | | | $ | 75 | | | | | $ | (277,462) | | |
Exercise of Common Stock options | | | | | — | | | | | | — | | | | | | 408,869 | | | | | | — | | | | | | 255 | | | | | | — | | | | | | — | | | | | | — | | | | | | 255 | | |
Vesting of restricted Common Stock | | | | | — | | | | | | — | | | | | | 4,300,846 | | | | | | — | | | | | | 6 | | | | | | — | | | | | | — | | | | | | — | | | | | | 6 | | |
Stock-based compensation expense | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,228 | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,228 | | |
Common Stock warrants issued | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 43 | | | | | | — | | | | | | — | | | | | | — | | | | | | 43 | | |
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (65,027) | | | | | | — | | | | | | (65,027) | | |
Other comprehensive income (loss) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (70) | | | | | | (70) | | |
BALANCE – September 30, 2020 | | | | | 100,038,109 | | | | | $ | 436,533 | | | | | | 31,522,828 | | | | | $ | 3 | | | | | $ | 21,254 | | | | | $ | — | | | | | $ | (359,289) | | | | | $ | 5 | | | | | $ | (338,027) | | |
| | | Convertible Preferred Stock | | | Common Stock Voting | | | Additional Paid-in Capital | | | Notes Receivable | | | Accumulated Deficit | | | Accumulated Other Comprehensive (Loss) Income | | | Total Stockholders’ Equity | | |||||||||||||||||||||||||||||||||
| | | Shares | | | Amount | | | Shares | | | Amount | | ||||||||||||||||||||||||||||||||||||||||||
BALANCE – December 31, 2018 | | | | | 84,092,669 | | | | | $ | 276,889 | | | | | | 19,352,255 | | | | | $ | 2 | | | | | $ | 6,440 | | | | | $ | (249) | | | | | $ | (190,666) | | | | | $ | (96) | | | | | $ | (184,569) | | |
Issuance of Series E Preferred Stock – net of issuance costs ($124) | | | | | 13,450,703 | | | | | | 134,667 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Issuance of Series E-1 Preferred Stock – net of issuance costs ($22) | | | | | 2,494,737 | | | | | | 24,977 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Exercise of Common Stock options | | | | | — | | | | | | — | | | | | | 902,175 | | | | | | — | | | | | | 606 | | | | | | — | | | | | | — | | | | | | — | | | | | | 606 | | |
Vesting of restricted Common Stock | | | | | — | | | | | | — | | | | | | 4,221,144 | | | | | | — | | | | | | 6 | | | | | | — | | | | | | — | | | | | | — | | | | | | 6 | | |
Stock-based compensation expense | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,430 | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,430 | | |
Common Stock warrants issued | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 905 | | | | | | — | | | | | | — | | | | | | — | | | | | | 905 | | |
Issuance of Common Stock for acquisitions | | | | | — | | | | | | — | | | | | | 873,203 | | | | | | — | | | | | | 3,563 | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,563 | | |
Repayment of notes receivable | | | | | | | | | | | | | | | | | (62,610) | | | | | | — | | | | | | (249) | | | | | | 249 | | | | | | — | | | | | | — | | | | | | — | | |
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (75,769) | | | | | | — | | | | | | (75,769) | | |
Other comprehensive income (loss) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 227 | | | | | | 227 | | |
BALANCE – September 30, 2019 | | | | | 100,038,109 | | | | | $ | 436,533 | | | | | | 25,286,167 | | | | | $ | 2 | | | | | $ | 14,701 | | | | | $ | — | | | | | $ | (266,435) | | | | | $ | 131 | | | | | $ | (251,601) | | |
|
| | | Nine Months Ended September 30, | | |||||||||
| | | 2020 | | | 2019 | | ||||||
Cash Flows from Operating Activities: | | | | | | | | | | | | | |
Net loss | | | | $ | (65,027) | | | | | $ | (75,769) | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | | | |
Depreciation and amortization | | | | | 6,525 | | | | | | 5,754 | | |
Stock-based compensation | | | | | 4,228 | | | | | | 3,430 | | |
Expense related to Common Stock warrants issued | | | | | 43 | | | | | | 905 | | |
Loss (gain) on disposal of property and equipment | | | | | 10 | | | | | | (6) | | |
Gain on investment, related to Make Composites, Inc. | | | | | — | | | | | | (1,427) | | |
Accretion of discount on investments | | | | | 34 | | | | | | (1,443) | | |
Net decrease (increase) in accrued interest related to marketable securities | | | | | 162 | | | | | | (175) | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Accounts receivable | | | | | 2,881 | | | | | | (7,258) | | |
Inventory | | | | | (1,958) | | | | | | (962) | | |
Prepaid expenses and other current assets | | | | | 1,082 | | | | | | 1,418 | | |
Accounts payable | | | | | (5,467) | | | | | | (2,503) | | |
Accrued expenses and other current liabilities | | | | | 444 | | | | | | 2,588 | | |
Customer deposits | | | | | (547) | | | | | | 1,383 | | |
Deferred revenue | | | | | (1,094) | | | | | | (253) | | |
Change in right of use assets and lease liabilities, net | | | | | (243) | | | | | | (222) | | |
Net cash used in operating activities | | | | | (58,927) | | | | | | (74,540) | | |
Cash Flows from Investing Activities: | | | | | | | | | | | | | |
Purchases of property and equipment | | | | | (1,039) | | | | | | (7,030) | | |
Purchase of marketable securities | | | | | (62,810) | | | | | | (215,584) | | |
Proceeds from sales and maturities of marketable securities | | | | | 94,116 | | | | | | 174,025 | | |
Cash paid for acquisition, net of cash acquired | | | | | — | | | | | | (96) | | |
Net cash provided by (used in) investing activities | | | | | 30,267 | | | | | | (48,685) | | |
Cash Flows from Financing Activities | | | | | | | | | | | | | |
Proceeds from Preferred Stock issuances, net of issuance cost | | | | | — | | | | | | 159,644 | | |
Proceeds from exercise of stock options | | | | | 255 | | | | | | 606 | | |
Proceeds from PPP loan | | | | | 5,379 | | | | | | — | | |
Repayment of PPP loan | | | | | (5,379) | | | | | | — | | |
Deferred financing costs paid | | | | | (400) | | | | | | — | | |
Net cash (used in) provided by financing activities | | | | | (145) | | | | | | 160,250 | | |
Net (decrease) increase in cash, cash equivalents, and restricted cash | | | | | (28,805) | | | | | | 37,025 | | |
Cash and cash equivalents at beginning of year | | | | | 66,161 | | | | | | 29,043 | | |
Restricted cash | | | | | 612 | | | | | | 612 | | |
Cash, cash equivalents, and restricted cash at end of period | | | | $ | 37,968 | | | | | $ | 66,680 | | |
Supplemental cash flow information: | | | | | | | | | | | | | |
Interest paid | | | | $ | 253 | | | | | | 377 | | |
Non-cash investing and financing activities: | | | | | | | | | | | | | |
Common Stock issued for acquisitions | | | | $ | — | | | | | $ | 3,563 | | |
Additions to right of use assets and lease liabilities | | | | $ | — | | | | | $ | 86 | | |
Purchase of property and equipment included in accrued expenses and other current liabilities | | | | $ | 79 | | | | | $ | 867 | | |
Common Stock forfeited in satisfaction of note receivable | | | | $ | — | | | | | $ | 249 | | |
Deferred transaction costs not yet paid included in accounts payable and accrued expenses and other current liabilities | | | | $ | 2,341 | | | | | $ | — | | |
| | | September 30, 2020 | | | December 31, 2019 | | ||||||
Warranty reserve, at the beginning of the year | | | | $ | 1,491 | | | | | $ | 116 | | |
Additions to warranty reserve | | | | | 375 | | | | | | 2,352 | | |
Claims fulfilled | | | | | (132) | | | | | | (977) | | |
Warranty reserve, at the end of the period | | | | $ | 1,734 | | | | | $ | 1,491 | | |
| | | September 30, 2020 | | | December 31, 2019 | | ||||||
Work in process | | | | $ | 3,062 | | | | | $ | 1,081 | | |
Finished goods | | | | | 7,301 | | | | | | 7,324 | | |
| | | | $ | 10,363 | | | | | $ | 8,405 | | |
Asset Classification | | | Useful Life | |
Equipment | | | 2 – 12 years | |
Furniture and fixtures | | | 3 – 5 years | |
Computer equipment | | | 3 years | |
Tooling | | | 3 years | |
Software | | | 2 – 3 years | |
Leasehold improvements | | | Shorter of asset’s useful life or remaining life of the lease | |
| | | At February 16, 2021 | | |||
Assets acquired: | | | | | | | |
Cash and cash equivalents | | | | $ | 859 | | |
Restricted cash | | | | | 5,004 | | |
Accounts receivable | | | | | 2,740 | | |
Inventory | | | | | 8,852 | | |
Prepaid expenses and other current assets | | | | | 1,081 | | |
Restricted cash – noncurrent | | | | | 285 | | |
Property and equipment | | | | | 1,440 | | |
Intangible assets | | | | | 137,300 | | |
Other noncurrent assets | | | | | 1,801 | | |
Total assets acquired | | | | $ | 159,362 | | |
Liabilities assumed: | | | | | | | |
Accounts payable | | | | $ | 1,443 | | |
Customer deposits | | | | | 2,590 | | |
Current portion of lease liability | | | | | 600 | | |
Accrued expenses and other current liabilities | | | | | 13,645 | | |
Liability for income taxes | | | | | 480 | | |
Deferred revenue | | | | | 300 | | |
Current portion of long-term debt | | | | | 898 | | |
Long-term debt | | | | | 285 | | |
Deferred tax liability | | | | | 33,348 | | |
Lease liability, net of current portion | | | | | 1,189 | | |
Total liabilities assumed | | | | $ | 54,778 | | |
Net assets acquired | | | | $ | 104,584 | | |
Goodwill | | | | $ | 199,056 | | |
| | | Gross Value | | | Estimated Life | | |||
Acquired technology | | | | $ | 77,800 | | | | 7 – 12 years | |
Trade name | | | | | 8,600 | | | | 13 years | |
Customer relationships | | | | | 50,900 | | | | 10 years | |
Total intangible assets | | | | $ | 137,300 | | | | | |
| | | September 30, 2020 | | | December 31, 2019 | | ||||||
Equipment | | | | $ | 13,502 | | | | | $ | 13,358 | | |
Furniture and fixtures | | | | | 895 | | | | | | 895 | | |
Computer equipment | | | | | 1,089 | | | | | | 1,089 | | |
Tooling | | | | | 1,823 | | | | | | 1,823 | | |
Software | | | | | 1,235 | | | | | | 954 | | |
Leasehold improvements | | | | | 13,870 | | | | | | 13,880 | | |
Construction in process | | | | | 845 | | | | | | 170 | | |
Property and equipment – gross | | | | | 33,259 | | | | | | 32,169 | | |
Less: accumulated depreciation | | | | | (19,658) | | | | | | (13,782) | | |
Property and equipment – net | | | | $ | 13,601 | | | | | $ | 18,387 | | |
|
| | | Three Months Ended March 31, | | |||||||||
| 2021 | | | 2020 | | ||||||||
Net revenues | | | | $ | 14,825 | | | | | $ | 10,697 | | |
Net income | | | | $ | (28,676) | | | | | $ | (30,943) | | |
| | | Recapitalization | | |||
Cash – Trine’s trust and cash (net of redemptions) | | | | $ | 305,084,695 | | |
Cash – PIPE financing | | | | | 274,975,000 | | |
Less: transaction costs and advisory fees paid | | | | | (45,463,074) | | |
Net proceeds from reverse recapitalization | | | | | 534,596,621 | | |
Plus: non-cash net liabilities assumed(1) | | | | | (152,394,714) | | |
Less: accrued transaction costs and advisory fees | | | | | (1,900,793) | | |
Net contributions from reverse recapitalization | | | | $ | 380,301,114 | | |
| | | Number of Shares | | |||
Common stock, outstanding prior to Business Combination | | | | | 30,015,000 | | |
Less: redemption of Trine shares | | | | | (26,049) | | |
Common stock of Trine | | | | | 29,988,951 | | |
Trine Founder Shares | | | | | 5,552,812 | | |
Trine Director Shares | | | | | 100,000 | | |
Shares issued in PIPE financing | | | | | 27,497,500 | | |
Business Combination and PIPE financing shares | | | | | 63,139,263 | | |
Legacy Desktop Metal shares(1) | | | | | 161,487,334 | | |
Total shares of common stock immediately after Business Combination | | | | | 224,626,597 | | |
| | | Gross Value | | | Estimated Life | | | Accumulated Amortization | | | Balance September 30, 2020 | | |||||||||
Total acquired technology | | | | $ | 3,270 | | | | 5 years | | | | $ | 817 | | | | | $ | 2,453 | | |
March 31, 2021 | | | Amortized Cost | | | Unrealized Gains | | | Unrealized Losses | | | Fair Value | | ||||||||||||
Money market funds | | | | $ | 413,089 | | | | | $ | — | | | | | $ | — | | | | | $ | 413,089 | | |
Total cash equivalents | | | | | 413,089 | | | | | | — | | | | | | — | | | | | | 413,089 | | |
U.S Treasury securities | | | | | 5,000 | | | | | | — | | | | | | — | | | | | | 5,000 | | |
Commercial paper | | | | | 89,835 | | | | | | — | | | | | | — | | | | | | 89,835 | | |
Corporate bonds | | | | | 61,020 | | | | | | 13 | | | | | | (21) | | | | | | 61,012 | | |
Total short-term investments | | | | | 155,855 | | | | | | 13 | | | | | | (21) | | | | | | 155,847 | | |
Total cash equivalents and short-term investments | | | | $ | 568,944 | | | | | $ | 13 | | | | | $ | (21) | | | | | $ | 568,936 | | |
December 31, 2020 | | | Amortized Cost | | | Unrealized Gains | | | Unrealized Losses | | | Fair Value | | ||||||||||||
Commercial paper | | | | $ | 75,374 | | | | | $ | — | | | | | $ | — | | | | | $ | 75,374 | | |
Money market funds | | | | | 407,512 | | | | | | — | | | | | | — | | | | | | 407,512 | | |
Total cash equivalents | | | | | 482,886 | | | | | | — | | | | | | — | | | | | | 482,886 | | |
U.S. Treasury securities | | | | | 19,995 | | | | | | 2 | | | | | | — | | | | | | 19,997 | | |
Commercial paper | | | | | 43,911 | | | | | | — | | | | | | — | | | | | | 43,911 | | |
Corporate bonds | | | | | 47,970 | | | | | | — | | | | | | (11) | | | | | | 47,959 | | |
Total short-term investments | | | | | 111,876 | | | | | | 2 | | | | | | (11) | | | | | | 111,867 | | |
Total cash equivalents and short-term investments | | | | $ | 594,762 | | | | | $ | 2 | | | | | $ | (11) | | | | | $ | 594,753 | | |
| | | September 30, 2020 | | | December 31, 2019 | | ||||||
Capitalized software development costs | | | | $ | 1,127 | | | | | $ | 1,127 | | |
Accumulated amortization | | | | | (770) | | | | | | (237) | | |
Impairment | | | | | — | | | | | | (444) | | |
Total capitalized software costs | | | | $ | 357 | | | | | $ | 446 | | |
| | | September 30, 2020 | | |||||||||||||||||||||
| | | Quoted Prices in Active Markets for Identical Items (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | | Total | | ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money market funds | | | | $ | 33,858 | | | | | $ | — | | | | | $ | — | | | | | $ | 33,858 | | |
Asset-backed securities | | | | ��� | — | | | | | | 3,105 | | | | | | — | | | | | | 3,105 | | |
Corporate bonds | | | | | — | | | | | | 30,084 | | | | | | — | | | | | | 30,084 | | |
Government bonds | | | | | 19,991 | | | | | | — | | | | | | — | | | | | | 19,991 | | |
Total assets | | | | $ | 53,849 | | | | | $ | 33,189 | | | | | $ | — | | | | | $ | 87,038 | | |
|
| | | December 31, 2019 | | |||||||||||||||||||||
| | | Quoted Prices in Active Markets for Identical Items (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | | Total | | ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money market funds | | | | $ | 40,454 | | | | | $ | — | | | | | $ | — | | | | | $ | 40,454 | | |
Asset-backed securities | | | | | — | | | | | | 16,806 | | | | | | — | | | | | | 16,806 | | |
Corporate bonds | | | | | — | | | | | | 67,948 | | | | | | — | | | | | | 67,948 | | |
Repurchase agreements | | | | | — | | | | | | 25,001 | | | | | | — | | | | | | 25,001 | | |
Total assets | | | | $ | 40,454 | | | | | $ | 109,755 | | | | | $ | — | | | | | $ | 150,209 | | |
| | | March 31, 2021 | | |||||||||||||||||||||
| | | Quoted Prices in Active Markets for Identical Items (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | | Total | | ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money market funds | | | | $ | 413,089 | | | | | $ | — | | | | | $ | — | | | | | $ | 413,089 | | |
Commercial paper | | | | | — | | | | | | 89,835 | | | | | | — | | | | | | 89,835 | | |
Corporate bonds | | | | | — | | | | | | 61,012 | | | | | | — | | | | | | 61,012 | | |
U.S. Treasury securities | | | | | 5,000 | | | | | | — | | | | | | — | | | | | | 5,000 | | |
Other investments | | | | | — | | | | | | — | | | | | | 3,025 | | | | | | 3,025 | | |
Total assets | | | | $ | 418,089 | | | | | $ | 150,847 | | | | | $ | 3,025 | | | | | $ | 571,961 | | |
| | | December 31, 2020 | | |||||||||||||||||||||
| | | Quoted Prices in Active Markets for Identical Items (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | | Total | | ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money market funds | | | | $ | 407,512 | | | | | $ | — | | | | | $ | — | | | | | $ | 407,512 | | |
Commercial paper | | | | | — | | | | | | 119,285 | | | | | | — | | | | | | 119,285 | | |
Corporate bonds | | | | | — | | | | | | 47,959 | | | | | | — | | | | | | 47,959 | | |
U.S. Treasury securities | | | | | 19,997 | | | | | | — | | | | | | — | | | | | | 19,997 | | |
Other investments | | | | | — | | | | | | — | | | | | | 3,000 | | | | | | 3,000 | | |
Total assets | | | | $ | 427,509 | | | | | $ | 167,244 | | | | | $ | 3,000 | | | | | $ | 597,753 | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Private placement warrants | | | | $ | — | | | | | $ | — | | | | | $ | 93,328 | | | | | $ | 93,328 | | |
Total liabilities | | | | $ | — | | | | | $ | — | | | | | $ | 93,328 | | | | | $ | 93,328 | | |
| | | Three Months Ended March 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Balance at beginning of period | | | | $ | 3,000 | | | | | $ | — | | |
Changes in fair value | | | | | 25 | | | | | | — | | |
Balance at end of period | | | | $ | 3,025 | | | | | $ | — | | |
| | | Three Months Ended March 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Balance at beginning of period | | | | $ | 93,328 | | | | | $ | — | | |
Changes in fair value | | | | | 56,576 | | | | | | — | | |
Exercise of private placement warrants | | | | | (149,904) | | | | | | — | | |
Balance at end of period | | | | $ | — | | | | | $ | — | | |
| | | March 31, 2021 | | | December 31, 2020 | | ||||||
Trade receivables | | | | $ | 9,598 | | | | | $ | 7,016 | | |
Allowance for doubtful accounts | | | | | (364) | | | | | | (500) | | |
Total accounts receivable | | | | $ | 9,234 | | | | | $ | 6,516 | | |
| | | March 31, 2021 | | | December 31, 2020 | | ||||||
Balance at beginning of period | | | | $ | 500 | | | | | $ | 199 | | |
Provision for uncollectible accounts | | | | | 72 | | | | | | 377 | | |
Uncollectible accounts written off | | | | | (208) | | | | | | (76) | | |
Balance at end of period | | | | $ | 364 | | | | | $ | 500 | | |
| | | March 31, 2021 | | | December 31, 2020 | | ||||||
Raw materials | | | | $ | 4,927 | | | | | $ | — | | |
Finished goods | | | | | 12,854 | | | | | | 6,812 | | |
Work in process | | | | | 3,056 | | | | | | 2,896 | | |
Total inventory | | | | $ | 20,837 | | | | | $ | 9,708 | | |
| | | March 31, 2021 | | | December 31, 2020 | | ||||||
Receivable for warrants exercised | | | | $ | 12,357 | | | | | $ | — | | |
Prepaid insurance | | | | | 2,948 | | | | | | 121 | | |
Prepaid operating expenses | | | | | 1,015 | | | | | | 68 | | |
Prepaid dues and subscriptions | | | | | 883 | | | | | | 189 | | |
Prepaid taxes | | | | | 474 | | | | | | — | | |
Vendor prepayments | | | | | 473 | | | | | | — | | |
Prepaid rent | | | | | 155 | | | | | | 118 | | |
Deferred cost of goods sold | | | | | — | | | | | | 454 | | |
Other | | | | | 352 | | | | | | 26 | | |
Total prepaid expenses and other current assets | | | | $ | 18,657 | | | | | $ | 976 | | |
| | | March 31, 2021 | | | December 31, 2020 | | ||||||
Equipment | | | | $ | 14,532 | | | | | $ | 13,708 | | |
Furniture and fixtures | | | | | 924 | | | | | | 895 | | |
Computer equipment | | | | | 1,124 | | | | | | 1,089 | | |
Tooling | | | | | 1,805 | | | | | | 1,805 | | |
Software | | | | | 1,340 | | | | | | 1,249 | | |
Leasehold improvements | | | | | 14,274 | | | | | | 13,870 | | |
Construction in process | | | | | 1,063 | | | | | | 879 | | |
Property and equipment, gross | | | | | 35,062 | | | | | | 33,495 | | |
Less: accumulated depreciation | | | | | (22,731) | | | | | | (21,335) | | |
Total property and equipment, net | | | | $ | 12,331 | | | | | $ | 12,160 | | |
(in thousands) | | | | | | | |
Balance at December 31, 2019 | | | | $ | 2,252 | | |
Balance at December 31, 2020 | | | | $ | 2,252 | | |
Acquisition of EnvisionTEC | | | | | 199,056 | | |
Balance at March 31, 2021 | | | | $ | 201,308 | | |
| | | Gross Value | | | Estimated Life | | | Accumulated Amortization | | | Balance March 31, 2021 | | |||||||||
Acquired technology | | | | $ | 87,993 | | | | 5 – 12 years | | | | $ | 2,688 | | | | | $ | 85,305 | | |
Trade name | | | | | 8,600 | | | | 13 years | | | | | 81 | | | | | | 8,519 | | |
Customer relationships | | | | | 50,900 | | | | 10 years | | | | | 621 | | | | | | 50,279 | | |
Total intangible assets | | | | $ | 147,493 | | | | | | | | $ | 3,390 | | | | | $ | 144,103 | | |
| | | March 31, 2021 | | | December 31, 2020 | | ||||||
Other investments | | | | $ | 3,025 | | | | | $ | 3,000 | | |
Right of use asset | | | | | 3,702 | | | | | | 1,810 | | |
Long-term deposits | | | | | 99 | | | | | | 69 | | |
Total other noncurrent assets | | | | $ | 6,826 | | | | | $ | 4,879 | | |
| | | September 30, 2020 | | | December 31, 2019 | | ||||||
Warranty reserve | | | | $ | 1,734 | | | | | $ | 1,491 | | |
Compensation and benefits related | | | | | 657 | | | | | | 897 | | |
Professional services | | | | | 2,043 | | | | | | 780 | | |
Inventory purchases | | | | | 86 | | | | | | 620 | | |
Accrued sales and use tax | | | | | 470 | | | | | | 578 | | |
Transaction costs payable | | | | | 577 | | | | | | — | | |
Other | | | | | 488 | | | | | | 687 | | |
| | | | $ | 6,055 | | | | | $ | 5,053 | | |
| | | March 31, 2021 | | | December 31, 2020 | | ||||||
Professional services | | | | $ | 3,519 | | | | | $ | 2,508 | | |
Compensation and benefits related | | | | | 3,516 | | | | | | 2,068 | | |
| | | March 31, 2021 | | | December 31, 2020 | | ||||||
Warranty reserve | | | | | 1,813 | | | | | | 1,553 | | |
Inventory purchases | | | | | 1,716 | | | | | | 86 | | |
Income tax payable | | | | | 1,405 | | | | | | — | | |
Customer payable | | | | | 605 | | | | | | — | | |
Sales and use and franchise taxes | | | | | 506 | | | | | | 586 | | |
Franchise and royalty fees | | | | | 188 | | | | | | 159 | | |
Other | | | | | 2,056 | | | | | | 605 | | |
Total accrued expenses and other current liabilities | | | | $ | 15,324 | | | | | $ | 7,565 | | |
|
| | | 2021 | | | 2020 | | ||||||
Warranty reserve, at the beginning of the period | | | | $ | 1,553 | | | | | $ | 1,491 | | |
Warranty reserve assumed in acquisition | | | | | 326 | | | | | | — | | |
Additions to warranty reserve | | | | | 86 | | | | | | 346 | | |
Claims fulfilled | | | | | (152) | | | | | | (284) | | |
Warranty reserve, at the end of the period | | | | $ | 1,813 | | | | | $ | 1,553 | | |
| | September 30, | | | | March 31, | | |||||||||||||||||||
| | 2020 | | 2019 | | | 2021 | | 2020 | | ||||||||||||||||
Lease cost | | | | | | | | | | | | | | | | | | | | | | | ||||
Operating lease cost | | | $ | 561 | | | | $ | 479 | | | | | $ | 323 | | | | $ | 188 | | | ||||
Short-term lease cost | | | | — | | | | | 24 | | | | | | 22 | | | | | — | | | ||||
Variable lease cost | | | | 30 | | | | | 30 | | | | | | 39 | | | | | 10 | | | ||||
Total lease cost | | | $ | 591 | | | | $ | 533 | | | | | $ | 384 | | | | $ | 198 | | | ||||
Other Information | | | | | | | | | | | | | | | | | | | | | | | ||||
Operating cash flows from operating leases | | | $ | 805 | | | | $ | 701 | | | |||||||||||||||
Operating cash flows used in operating leases | | | $ | 244 | | | | $ | 268 | | | |||||||||||||||
Weighted-average remaining lease term – operating leases (years) | | | | 3.5 | | | | | 4.5 | | | | | | 2.9 | | | | | 4.0 | | | ||||
Weighted-average discount rate – operating leases | | | | 7.6% | | | | | 7.6% | | | | | | 5.5% | | | | | 7.6% | | |
| 2020 (remaining 3 months) | | | | $ | 268 | | |
| 2021 | | | | | 1,071 | | |
| 2022 | | | | | 1,070 | | |
| 2023 | | | | | 1,028 | | |
| 2024 | | | | | 258 | | |
| Total lease payments | | | | | 3,695 | | |
| Less amount representing interest | | | | | (462) | | |
| Total lease liability | | | | | 3,233 | | |
| Less current portion of lease liability | | | | | (858) | | |
| Lease liability, net of current portion | | | | $ | 2,375 | | |
| | | Operating Leases | | |||
2021 (remaining 9 months) | | | | $ | 1,399 | | |
2022 | | | | | 1,862 | | |
2023 | | | | | 1,671 | | |
2024 | | | | | 370 | | |
2025 | | | | | — | | |
Total lease payments | | | | | 5,302 | | |
Less amount representing interest | | | | | (415) | | |
Total lease liability | | | | | 4,887 | | |
Less current portion of lease liability | | | | | (1,639) | | |
Lease liability, net of current portion | | | | $ | 3,248 | | |
Convertible Preferred Stock Classes | | | September 30, 2020 | | | December 31, 2019 | | ||||||
Series A Convertible Preferred Stock, $0.0001 par value – authorized, issued, and outstanding, 26,189,545 and 26,189,545 shares, (liquidation preference of $255,348 and $106,853 at September 30, 2020 and December 31, 2019, respectively) | | | | $ | 13,878 | | | | | $ | 13,878 | | |
Series B Convertible Preferred Stock, $0.0001 par value – authorized, issued, and outstanding, 23,675,035 and 23,675,035 shares (liquidation preference of $230,832 and $96,594 at September 30, 2020 and December 31, 2019, respectively) | | | | | 37,806 | | | | | | 37,806 | | |
Series C Convertible Preferred Stock, $0.0001 par value – authorized, issued, and outstanding, 13,152,896 and 13,152,896 shares (liquidation preference of $128,241 and $53,664 at September 30, 2020 and December 31, 2019, respectively) | | | | | 44,852 | | | | | | 44,852 | | |
Series D Convertible Preferred Stock, $0.0001 par value – authorized, issued, and outstanding, 21,075,193 and 21,075,193 shares (liquidation preference of $205,483 and $180,522 at September 30, 2020 and December 31, 2019, respectively) | | | | | 180,353 | | | | | | 180,353 | | |
Series E Convertible Preferred Stock, $0.0001 par value – authorized, issued, and outstanding 13,450,703 and 13,450,703 shares (liquidation preference of $134,791 and $134,791 at September 30, 2020 and December 31, 2019, respectively) | | | | | 134,667 | | | | | | 134,667 | | |
Series E-1 Convertible Preferred Stock, $0.0001 par value – authorized, issued, and outstanding 2,494,737 and 2,494,737 shares (liquidation preference of $25,000 and $25,000 at September 30, 2020 and December 31, 2019, respectively) | | | | | 24,977 | | | | | | 24,977 | | |
Total | | | | $ | 436,533 | | | | | $ | 436,533 | | |
| | Shares subject to Vesting | | Weighted Average Purchase Price | | | Shares Subject to Vesting | | Weighted-Average Purchase Price | | ||||||||||||||||
Balance of unvested shares as of January 1, 2020 | | | | 4,575 | | | | $ | 0.001 | | | |||||||||||||||
Balance of unvested shares as of January 1, 2021 | | | | 280 | | | | $ | 0.0001 | | | |||||||||||||||
Issuance of additional shares | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
Vested | | | | (4,301) | | | | | 0.001 | | | | | | (56) | | | | $ | 0.0001 | | | ||||
Balance of unvested shares as of September 30, 2020 | | | | 274 | | | | $ | 0.001 | | | |||||||||||||||
Balance of unvested shares as of March 31, 2021 | | | | 224 | | | | $ | 0.0001 | | |
| | | Three Months Ended March 31, 2020 | | |||
Risk-free interest rate | | | | | 2% | | |
Expected volatility | | | | | 52.5% | | |
Expected life (in years) | | | | | 7.8 | | |
Expected dividend yield | | | | | — | | |
Fair value of Common Stock | | | | $ | 3.34 | | |
| | | Three Months Ended March 31, 2021 | |
Risk-free interest rate | | | 0.4% – 0.6% | |
Expected volatility | | | 55.0% | |
Expected life (in years) | | | 4.8 | |
Expected dividend yield | | | — | |
Fair value of Common Stock | | | $19.82 – 30.49 | |
Exercise price | | | $11.50 | |
| | | Three Months Ended March 31, 2020 | | |||
Risk-free interest rate | | | | ||||
Expected volatility | | | 52.7% – | | |||
Expected life (in years) | | | 5.9 – | | |||
Expected dividend yield | | | — | | |||
Fair value of Common Stock | | | $ | |
| | | Three Months Ended March 31, 2020 | | |||
Risk-free interest rate | | | | | 0.8% | | |
Expected volatility | | | | | 54.3% | | |
Expected life (in years) | | | | | 10.0 | | |
Expected dividend yield | | | | | — | | |
Fair value of Common Stock | | | | $ | 3.34 | | |
| | | September 30, | | |||||||||
| | | 2020 | | | 2019 | | ||||||
Research and development | | | | $ | 2,176 | | | | | $ | 1,501 | | |
Sales and marketing expense | | | | | 715 | | | | | | 1,020 | | |
General and administrative expense | | | | | 1,070 | | | | | | 668 | | |
Cost of sales | | | | | 267 | | | | | | 241 | | |
Total stock-based compensation expenses | | | | $ | 4,228 | | | | | $ | 3,430 | | |
|
| | | Three Months Ended March 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Research and development | | | | $ | 916 | | | | | $ | 713 | | |
General and administrative expense | | | | | 839 | | | | | | 237 | | |
Sales and marketing expense | | | | | 345 | | | | | | 209 | | |
Cost of sales | | | | | 117 | | | | | | 100 | | |
Total stock-based compensation expenses | | | | $ | 2,217 | | | | | $ | 1,259 | | |
| | Number of Shares | | Weighted-Average Exercise Price per Share | | Weighted-Average Remaining Contractual Term (in years) | | | Number of Shares | | Weighted-Average Exercise Price per Share | | Weighted-Average Remaining Contractual Term (in years) | | Aggregate Intrinsic Value (in thousands) | | ||||||||||||||||||||||||||||
Outstanding at January 1, 2020 | | | | 14,792 | | | | $ | 2.45 | | | | | 7.84 | | | ||||||||||||||||||||||||||||
Outstanding at January 1, 2021 | | | | 19,553 | | | | $ | 1.53 | | | | | 7.75 | | | | $ | 306,408 | | | |||||||||||||||||||||||
Granted | | | | 6,935 | | | | | 1.85 | | | | | | | | | | | — | | | | $ | — | | | | | | | | | | | | | |||||||
Exercised | | | | (409) | | | | | 0.65 | | | | | | | | | | | (163) | | | | $ | 1.10 | | | | | | | | | | | | | |||||||
Forfeited/expired | | | | (5,287) | | | | | 3.57 | | | | | | | | | | | (12) | | | | $ | 1.40 | | | | | | | | | | | | | |||||||
Outstanding at September 30, 2020 | | | | 16,031 | | | | | 1.87 | | | | | 7.85 | | | ||||||||||||||||||||||||||||
Options vested at September 30, 2020 | | | | 8,167 | | | | | 1.83 | | | | | 6.38 | | | ||||||||||||||||||||||||||||
Options vested or expected to vest at September 30, 2020 | | | | 15,384 | | | | $ | 1.87 | | | | | 7.78 | | | ||||||||||||||||||||||||||||
Outstanding at March 31, 2021 | | | | 19,378 | | | | $ | 1.53 | | | | | 7.51 | | | | $ | 259,023 | | | |||||||||||||||||||||||
Options vested at March 31, 2021 | | | | 11,044 | | | | $ | 1.55 | | | | | 6.29 | | | | $ | 147,481 | | | |||||||||||||||||||||||
Options vested or expected to vest at March 31, 2021 | | | | 18,673 | | | | $ | 1.54 | | | | | 7.45 | | | | $ | 249,529 | | |
| | Shares subject to Vesting | | Weighted Average Grant Date Fair Value | | | Shares Subject to Vesting | | Weighted-Average Grant Date Fair Value | | ||||||||||||||||
Balance of unvested shares as of January 1, 2020 | | | | — | | | | | — | | | |||||||||||||||
Issuance of additional shares | | | | 459 | | | | $ | 9.75 | | | |||||||||||||||
Balance of unvested shares as of January 1, 2021 | | | | 683 | | | | $ | 8.02 | | | |||||||||||||||
Granted | | | | 250 | | | | $ | 30.49 | | | |||||||||||||||
Vested | | | | — | | | | | — | | | | | | (15) | | | | $ | 8.19 | | | ||||
Balance of unvested shares as of September 30, 2020 | | | | 459 | | | | $ | 9.75 | | | |||||||||||||||
| ||||||||||||||||||||||||||
Balance of unvested shares as of March 31, 2021 | | | | 918 | | | | $ | 14.14 | | |
| | | September 30, 2020 | | | September 30, 2019 | | ||||||
Common Stock options outstanding | | | | | 16,031 | | | | | | 14,490 | | |
Restricted Stock units outstanding | | | | | 459 | | | | | | — | | |
Shares available for issuance under the Plan | | | | | 1,960 | | | | | | 4,463 | | |
Convertible Preferred Stock outstanding | | | | | 100,038 | | | | | | 100,038 | | |
Common Stock warrants outstanding | | | | | 919 | | | | | | 464 | | |
Total shares of authorized Common Stock reserved for future issuance | | | | | 119,407 | | | | | | 119,455 | | |
| | Americas | | EMEA | | APAC | | Total | | | Americas | | EMEA | | APAC | | Total | | ||||||||||||||||||||||||||||||||
Product | | | $ | 2,372 | | | | $ | 2,411 | | | | $ | 1,330 | | | | $ | 6,113 | | | |||||||||||||||||||||||||||||
Products | | | $ | 5,854 | | | | $ | 2,526 | | | | $ | 1,931 | | | | $ | 10,311 | | | |||||||||||||||||||||||||||||
Services | | | | 962 | | | | | 888 | | | | | 138 | | | | | 1,988 | | | | | | 705 | | | | | 215 | | | | | 82 | | | | | 1,002 | | | ||||||||
Total | | | $ | 3,334 | | | | $ | 3,299 | | | | $ | 1,468 | | | | $ | 8,101 | | | | | $ | 6,559 | | | | $ | 2,741 | | | | $ | 2,013 | | | | $ | 11,313 | | |
| | Americas | | EMEA | | APAC | | Total | | | Americas | | EMEA | | APAC | | Total | | ||||||||||||||||||||||||||||||||
Product | | | $ | 11,561 | | | | $ | 5,909 | | | | $ | 1,185 | | | | $ | 18,655 | | | |||||||||||||||||||||||||||||
Products | | | $ | 902 | | | | $ | 1,528 | | | | $ | 264 | | | | $ | 2,694 | | | |||||||||||||||||||||||||||||
Services | | | | 1,851 | | | | | 341 | | | | | 29 | | | | | 2,221 | | | | | | 327 | | | | | 323 | | | | | 41 | | | | | 691 | | | ||||||||
Total | | | $ | 13,412 | | | | $ | 6,250 | | | | $ | 1,214 | | | | $ | 20,876 | | | | | $ | 1,229 | | | | $ | 1,851 | | | | $ | 305 | | | | $ | 3,385 | | | ||||||||
|
| | | Nine Months Ended September 30, | | |||||||||
| | | 2020 | | | 2019 | | ||||||
Revenue recognized at a point in time | | | | $ | 6,113 | | | | | $ | 18,655 | | |
Revenue recognized over time | | | | | 1,988 | | | | | | 2,221 | | |
Total | | | | $ | 8,101 | | | | | $ | 20,876 | | |
| | | Three Months Ended March 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Revenue recognized at a point in time | | | | $ | 10,311 | | | | | $ | 2,694 | | |
Revenue recognized over time | | | | | 1,002 | | | | | | 691 | | |
Total | | | | $ | 11,313 | | | | | $ | 3,385 | | |
| | September 30, | | | Three Months Ended March 31, | | ||||||||||||||||||||
(in thousands, except per share amounts) | | 2020 | | 2019 | | | 2021 | | 2020 | | ||||||||||||||||
Numerator for basic and diluted net loss per share: | | | | | | | | | | | | | | | | | | | | | | | ||||
Net loss attributable to Desktop Metal, Inc Common Stockholders | | | $ | (65,027) | | | | $ | (75,769) | | | |||||||||||||||
Net loss attributable to Common Stockholders | | | $ | (59,108) | | | | $ | (21,804) | | | |||||||||||||||
Denominator for basic and diluted net loss per share: | | | | | | | | | | | | | | | | | | | | | | | ||||
Weighted average shares | | | | 29,457 | | | | | 22,395 | | | |||||||||||||||
Weighted-average shares | | | | 238,244 | | | | | 156,250 | | | |||||||||||||||
Net loss per share – Basic and Diluted | | | $ | (2.21) | | | | $ | (3.38) | | | | | $ | (0.25) | | | | $ | (0.14) | | |
| | | Three Months Ended March 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Common Stock options outstanding | | | | | 19,378 | | | | | | 12,964 | | |
Unvested restricted stock units outstanding | | | | | 918 | | | | | | — | | |
Unvested restricted stock awards outstanding | | | | | 224 | | | | | | 3,142 | | |
Common Stock warrants outstanding | | | | | — | | | | | | 578 | | |
Total shares | | | | | 20,520 | | | | | | 16,684 | | |
December 31, | | | 2019 | | | 2018 | | ||||||
Assets | | | | | | | | | | | | | |
Current Assets | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 14,865 | | | | | $ | 16,927 | | |
Trade accounts receivable, less allowance for doubtful accounts of $755 and $644 in 2019 and 2018 | | | | | 3,310 | | | | | | 3,010 | | |
Inventories | | | | | 8,885 | | | | | | 9,029 | | |
Prepaid expenses and other current assets | | | | | 3,660 | | | | | | 3,490 | | |
Total Current Assets | | | | | 30,720 | | | | | | 32,456 | | |
Property and Equipment, Net | | | | | 1,719 | | | | | | 1,867 | | |
Intangible Asset, Net | | | | | 594 | | | | | | 642 | | |
Total Assets | | | | $ | 33,033 | | | | | $ | 34,965 | | |
Liabilities and Equity | | | | | | | | | | | | | |
Current Liabilities | | | | | | | | | | | | | |
Trade accounts payable | | | | $ | 2,461 | | | | | $ | 1,735 | | |
Deferred revenue and customer deposits | | | | | 2,175 | | | | | | 3,055 | | |
Income taxes payable | | | | | 427 | | | | | | 387 | | |
Related party loan payable | | | | | 600 | | | | | | — | | |
Accrued expenses and other current liabilities | | | | | 1,993 | | | | | | 2,975 | | |
Total Current Liabilities | | | | | 7,656 | | | | | | 8,152 | | |
Stockholders’ Equity | | | | | | | | | | | | | |
Contributed capital | | | | | 443 | | | | | | 443 | | |
Retained earnings | | | | | 28,517 | | | | | | 29,074 | | |
Accumulated other comprehensive loss | | | | | (3,583) | | | | | | (2,704) | | |
Total Stockholders’ Equity | | | | | 25,377 | | | | | | 26,813 | | |
Total Liabilities and Stockholders’ Equity | | | | $ | 33,033 | | | | | $ | 34,965 | | |
December 31, | | | 2020 | | | 2019 | | ||||||
Assets | | | | | | | | | | | | | |
Current Assets | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 20,772 | | | | | $ | 14,865 | | |
Trade accounts receivable, less allowance for doubtful accounts of $1,284 and $755 in 2020 and 2019 | | | | | 4,994 | | | | | | 3,310 | | |
Inventories | | | | | 9,479 | | | | | | 8,885 | | |
Prepaid expenses and other current assets | | | | | 1,267 | | | | | | 3,660 | | |
Total Current Assets | | | | | 36,512 | | | | | | 30,720 | | |
Related Party Loan Receivable | | | | | 7,880 | | | | | | — | | |
Property and Equipment, Net | | | | | 1,539 | | | | | | 1,719 | | |
Intangible Asset, Net | | | | | 545 | | | | | | 594 | | |
Total Assets | | | | $ | 46,476 | | | | | $ | 33,033 | | |
Liabilities and Equity | | | | | | | | | | | | | |
Current Liabilities | | | | | | | | | | | | | |
Trade accounts payable | | | | $ | 2,100 | | | | | $ | 2,461 | | |
Deferred revenue and customer deposits | | | | | 2,327 | | | | | | 2,175 | | |
Income taxes payable | | | | | 464 | | | | | | 427 | | |
Related party loan payable | | | | | 207 | | | | | | 600 | | |
Accrued expenses and other current liabilities | | | | | 1,457 | | | | | | 1,993 | | |
Current portion of long-term debt | | | | | 726 | | | | | | — | | |
Total Current Liabilities | | | | | 7,281 | | | | | | 7,656 | | |
Long-term debt | | | | | 458 | | | | | | — | | |
Total Liabilities | | | | | 7,739 | | | | | | 7,656 | | |
Stockholders’ Equity | | | | | | | | | | | | | |
Contributed capital | | | | | 443 | | | | | | 443 | | |
Retained earnings | | | | | 39,383 | | | | | | 28,517 | | |
Accumulated other comprehensive loss | | | | | (1,089) | | | | | | (3,583) | | |
Total Stockholders’ Equity | | | | | 38,737 | | | | | | 25,377 | | |
Total Liabilities and Stockholders’ Equity | | | | $ | 46,476 | | | | | $ | 33,033 | | |
Year ended December 31, | | 2019 | | 2018 | | | 2020 | | 2019 | | ||||||||||||||||
Net Revenue | | | $ | 34,582 | | | | $ | 34,512 | | | | | | 42,132 | | | | $ | 34,582 | | | ||||
Cost of Goods Sold | | | | 20,874 | | | | | 18,777 | | | | | | 18,529 | | | | | 20,874 | | | ||||
Gross Profit | | | | 13,708 | | | | | 15,735 | | | | | | 23,603 | | | | | 13,708 | | | ||||
Operating Expenses | | | | | | | | | | | | | | | | | | | | | | | ||||
Selling, general and administrative | | | | 9,839 | | | | | 12,742 | | | | | | 8,842 | | | | | 9,839 | | | ||||
Research and development | | | | 4,706 | | | | | 5,579 | | | | | | 4,270 | | | | | 4,706 | | | ||||
Total Operating Expenses | | | | 14,545 | | | | | 18,321 | | | | | | 13,112 | | | | | 14,545 | | | ||||
Loss from Operations | | | | (837) | | | | | (2,586) | | | |||||||||||||||
Operating Profit (Loss) | | | | 10,491 | | | | | (837) | | | |||||||||||||||
Other Income | | | | 302 | | | | | 225 | | | | | | 755 | | | | | 302 | | | ||||
Loss Before Taxes | | | | (535) | | | | | (2,361) | | | |||||||||||||||
Income (Loss) Before Taxes | | | | 11,246 | | | | | (535) | | | |||||||||||||||
Income Taxes | | | | (22) | | | | | (134) | | | | | | (380) | | | | | (22) | | | ||||
Net Loss | | | | (557) | | | | | (2,495) | | | |||||||||||||||
Other Comprehensive Loss | | | | | | | | | | | | |||||||||||||||
Net Income (Loss) | | | | 10,866 | | | | | (557) | | | |||||||||||||||
Other Comprehensive Gain (Loss) | | | | | | | | | | | | |||||||||||||||
Foreign currency translation | | | | (879) | | | | | (878) | | | | | | 2,494 | | | | | (879) | | | ||||
Comprehensive Loss | | | $ | (1,436) | | | | $ | (3,373) | | | |||||||||||||||
Comprehensive Income (Loss) | | | $ | 13,360 | | | | $ | (1,436) | | |
| | | Contributed Capital | | | Retained Earnings | | | Accumulated Other Comprehensive Loss | | | Total Stockholders’ Equity | | ||||||||||||
Balance, January 1, 2018 | | | | $ | 43 | | | | | $ | 31,969 | | | | | $ | (1,826) | | | | | $ | 30,186 | | |
Contribution | | | | | 400 | | | | | | — | | | | | | — | | | | | | 400 | | |
Distribution to stockholder | | | | | — | | | | | | (400) | | | | | | — | | | | | | (400) | | |
Net loss | | | | | — | | | | | | (2,495) | | | | | | — | | | | | | (2,495) | | |
Other comprehensive loss | | | | | — | | | | | | — | | | | | | (878) | | | | | | (878) | | |
Balance, December 31, 2018 | | | | | 443 | | | | | | 29,074 | | | | | | (2,704) | | | | | | 26,813 | | |
Net loss | | | | | — | | | | | | (557) | | | | | | — | | | | | | (557) | | |
Other comprehensive loss | | | | | — | | | | | | — | | | | | | (879) | | | | | | (879) | | |
Balance, December 31, 2019 | | | | $ | 443 | | | | | $ | 28,517 | | | | | $ | (3,583) | | | | | $ | 25,377 | | |
| | | Contributed Capital | | | Retained Earnings | | | Accumulated Other Comprehensive Loss | | | Total Stockholders’ Equity | | ||||||||||||
Balance, January 1, 2019 | | | | $ | 443 | | | | | $ | 29,074 | | | | | $ | (2,704)$ | | | | | | 26,813 | | |
Net loss | | | | | — | | | | | | (557) | | | | | | — | | | | | | (557) | | |
Other comprehensive loss | | | | | — | | | | | | — | | | | | | (879) | | | | | | (879) | | |
Balance, December 31, 2019 | | | | | 443 | | | | | | 28,517 | | | | | | (3,583) | | | | | | 25,377 | | |
Net income | | | | | — | | | | | | 10,866 | | | | | | — | | | | | | 10,866 | | |
Other comprehensive gain | | | | | — | | | | | | — | | | | | | 2,494 | | | | | | 2,494 | | |
Balance, December 31, 2020 | | | | $ | 443 | | | | | $ | 39,383 | | | | | $ | (1,089) | | | | | $ | 38,737 | | |
Year ended December 31, | | 2019 | | 2018 | | | 2020 | | 2019 | | ||||||||||||||||
Operating Activities | | | | | | | | | | | | | | | | | | | | | | | ||||
Net loss | | | $ | (557) | | | | $ | (2,495) | | | |||||||||||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | | | | | | | | | | | | |||||||||||||||
Net income (loss) | | | $ | 10,866 | | | | $ | (557) | | | |||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | | | | | | | | | | | | |||||||||||||||
Depreciation | | | | 719 | | | | | 913 | | | | | | 447 | | | | | 719 | | | ||||
Amortization | | | | 49 | | | | | 48 | | | | | | 49 | | | | | 49 | | | ||||
Provision for bad debt | | | | (308) | | | | | 606 | | | | | | 578 | | | | | (308) | | | ||||
Loss (gain) on sale of property and equipment | | | | 205 | | | | | (67) | | | |||||||||||||||
Loss on disposal of property and equipment | | | | 6 | | | | | 205 | | | |||||||||||||||
Changes in operating assets and liabilities: | | | | | | | | | | | | | | | | | | | | | | | ||||
Trade accounts receivable | | | | 8 | | | | | (557) | | | | | | (2,262) | | | | | 8 | | | ||||
Inventories | | | | 144 | | | | | (1,861) | | | | | | (594) | | | | | 144 | | | ||||
Prepaid expenses and other current assets | | | | (170) | | | | | (1,170) | | | | | | 2,394 | | | | | (170) | | | ||||
Trade accounts payable | | | | 726 | | | | | 1,239 | | | | | | (361) | | | | | 726 | | | ||||
Deferred revenue and customer deposits | | | | (880) | | | | | 105 | | | | | | 152 | | | | | (880) | | | ||||
Income taxes payable | | | | 40 | | | | | 152 | | | | | | 37 | | | | | 40 | | | ||||
Accrued expenses and other current liabilities | | | | (982) | | | | | 235 | | | | | | (536) | | | | | (982) | | | ||||
Net cash used in operating activities | | | | (1,006) | | | | | (2,852) | | | |||||||||||||||
Net cash provided by (used in) operating activities | | | | 10,776 | | | | | (1,006) | | | |||||||||||||||
Investing Activities | | | | | | | | | | | | | | | | | | | | | | | ||||
Property and equipment purchases | | | | (777) | | | | | (381) | | | | | | (259) | | | | | (777) | | | ||||
Distribution to stockholder | | | | — | | | | | (400) | | | |||||||||||||||
Contribution | | | | — | | | | | 400 | | | |||||||||||||||
Advance to related party | | | | (7,880) | | | | | — | | | |||||||||||||||
Net cash used in investing activities | | | | (777) | | | | | (381) | | | | | | (8,139) | | | | | (777) | | | ||||
Financing Activities | | | | | | | | | | | | | | | | | | | | | | | ||||
Related party loans | | | | 600 | | | | | — | | | |||||||||||||||
Proceeds from long-term borrowings | | | | 1,176 | | | | | — | | | |||||||||||||||
Proceeds from related party loans | | | | — | | | | | 600 | | | |||||||||||||||
Payment of related party loans | | | | (400) | | | | | — | | | |||||||||||||||
Net cash provided by financing activities | | | | 776 | | | | | 600 | | | |||||||||||||||
Effect of Currency Translation on Cash and Cash Equivalents | | | | (879) | | | | | (765) | | | | | | 2,494 | | | | | (879) | | | ||||
Net Decrease in Cash and Cash Equivalents | | | | (2,062) | | | | | (3,998) | | | |||||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | | | | 5,907 | | | | | (2,062) | | | |||||||||||||||
Cash and Cash Equivalents, beginning of year | | | | 16,927 | | | | | 20,925 | | | | | | 14,865 | | | | | 16,927 | | | ||||
Cash and Cash Equivalents, end of year | | | $ | 14,865 | | | | $ | 16,927 | | | | | $ | 20,772 | | | | $ | 14,865 | | | ||||
Supplemental Cash Flow Information: | | | | | | | | | | | | | | | | | | | | | | | ||||
Cash paid for income taxes, net of refunds | | | $ | 149 | | | | $ | 1,285 | | | |||||||||||||||
Cash (received)/paid for income taxes, net of payments or refunds | | | $ | (2,623) | | | | $ | 149 | | | |||||||||||||||
Non-cash items | | | | | | | | | | | | |||||||||||||||
Interest accrued on borrowings and loans | | | | 15 | | | | | — | | |
December 31, | | | 2019 | | | 2018 | | ||||||
(in thousands) | | | | | | | | | | | | | |
Raw materials and components | | | | $ | 6,737 | | | | | $ | 6,423 | | |
Work in progress | | | | | 71 | | | | | | 173 | | |
Finished goods | | | | | 2,077 | | | | | | 2,433 | | |
Total | | | | $ | 8,885 | | | | | $ | 9,029 | | |
December 31, | | | 2019 | | | 2018 | | ||||||
(in thousands) | | | | | | | | | | | | | |
Prepaid import taxes | | | | $ | 2,942 | | | | | $ | 2,808 | | |
Other receivables | | | | | 2 | | | | | | 16 | | |
Other | | | | | 716 | | | | | | 666 | | |
Total | | | | $ | 3,660 | | | | | $ | 3,490 | | |
December 31 | | | 2019 | | | 2018 | | | Useful Life (in years) | | ||||||
(in thousands) | | | | | | | | | | | | | | | | |
Machinery and equipment | | | | $ | 3,333 | | | | | $ | 3,517 | | | | 3 – 7 | |
Computer equipment and software | | | | | 1,022 | | | | | | 1,032 | | | | 3 | |
Leasehold improvements | | | | | 695 | | | | | | 706 | | | | 1 | |
Other | | | | | 271 | | | | | | 264 | | | | 1 – 25 | |
Property and Equipment | | | | | 5,321 | | | | | | 5,519 | | | | | |
Less: accumulated depreciation | | | | | (3,602) | | | | | | (3,652) | | | | | |
Property and Equipment, Net | | | | $ | 1,719 | | | | | $ | 1,867 | | | | | |
December 31 | | | 2019 | | | 2018 | | | Weighted Average Useful Life (in years) | | ||||||
(in thousands) | | | | | | | | | | | | | | | | |
Acquired Technology | | | | $ | 781 | | | | | $ | 781 | | | | 12 | |
Less: accumulated amortization | | | | | (187) | | | | | | (138) | | | | | |
Intangible Assets, Net | | | | $ | 594 | | | | | $ | 643 | | | | | |
December 31, | | | 2019 | | | 2018 | | ||||||
(in thousands) | | | | | | | | | | | | | |
Other tax withholdings | | | | $ | 37 | | | | | $ | 77 | | |
Warranty | | | | | 482 | | | | | | 467 | | |
Payroll related liabilities | | | | | 528 | | | | | | 571 | | |
Customer deposits and other | | | | | 946 | | | | | | 1,860 | | |
Total | | | | $ | 1,993 | | | | | $ | 2,975 | | |
December 31, | | | 2019 | | | 2018 | | ||||||
(in thousands) | | | | | | | | | | | | | |
U.S. federal | | | | $ | — | | | | | $ | — | | |
State and local | | | | | 21 | | | | | | 148 | | |
Foreign | | | | | — | | | | | | (14) | | |
Total Income Taxes | | | | $ | 22 | | | | | $ | 134 | | |
| | | September 30, 2020 | | | December 31, 2019 | | ||||||
Assets | | | | | | | | | | | | | |
Current Assets | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 24,987 | | | | | $ | 14,865 | | |
Trade accounts receivable, less allowance for doubtful accounts of $836 and $755 in 2020 and 2019 | | | | | 5,480 | | | | | | 3,310 | | |
Inventories | | | | | 8,973 | | | | | | 8,885 | | |
Prepaid expenses and other current assets | | | | | 1,083 | | | | | | 3,660 | | |
Total Current Assets | | | | | 40,523 | | | | | | 30,720 | | |
Property, Plant and Equipment, Net | | | | | 1,676 | | | | | | 1,719 | | |
Related party loan receivable | | | | | 1,980 | | | | | | — | | |
Intangible Asset, Net | | | | | 557 | | | | | | 594 | | |
Total Assets | | | | $ | 44,736 | | | | | $ | 33,033 | | |
Liabilities and Equity | | | | | | | | | | | | | |
Current Liabilities | | | | | | | | | | | | | |
Trade accounts payable | | | | $ | 1,580 | | | | | $ | 2,461 | | |
Deferred revenue | | | | | 2,042 | | | | | | 2,175 | | |
Accrued expenses and other current liabilities | | | | | 2,943 | | | | | | 2,420 | | |
Related party loan payable | | | | | 200 | | | | | | 600 | | |
Total Current Liabilities | | | | | 6,765 | | | | | | 7,656 | | |
Long-term debt | | | | | 1,176 | | | | | | — | | |
Total Liabilities | | | | | 7,941 | | | | | | 7,656 | | |
Stockholders’ Equity | | | | | | | | | | | | | |
Contributed capital | | | | | 443 | | | | | | 443 | | |
Retained earnings | | | | | 38,588 | | | | | | 28,517 | | |
Accumulated other comprehensive loss | | | | | (2,236) | | | | | | (3,583) | | |
Total Stockholders’ Equity | | | | | 36,795 | | | | | | 25,377 | | |
Total Liabilities and Stockholders’ Equity | | | | $ | 44,736 | | | | | $ | 33,033 | | |
September 30, | | | 2020 | | | 2019 | | ||||||
Net Revenue | | | | $ | 32,611 | | | | | $ | 24,419 | | |
Cost of Goods Sold | | | | | 13,557 | | | | | | 14,678 | | |
Gross Profit | | | | | 19,054 | | | | | | 9,741 | | |
Operating Expenses | | | | | | | | | | | | | |
Research and development | | | | | 3,186 | | | | | | 3,425 | | |
Selling, general and administrative | | | | | 5,889 | | | | | | 7,623 | | |
Total Operating Expenses | | | | | 9,075 | | | | | | 11,048 | | |
Operating Profit (Loss) | | | | | 9,979 | | | | | | (1,307) | | |
Other Income | | | | | 511 | | | | | | 268 | | |
Income (Loss) Before Taxes | | | | | 10,490 | | | | | | (1,039) | | |
Income Taxes | | | | | (420) | | | | | | (45) | | |
Net Income (Loss) | | | | | 10,070 | | | | | | (1,084) | | |
Other Comprehensive Gain (Loss) | | | | | | | | | | | | | |
Foreign currency translation | | | | | 1,348 | | | | | | (616) | | |
Comprehensive Income (Loss) | | | | $ | 11,418 | | | | | $ | (1,700) | | |
| | | Contributed Capital | | | Retained Earnings | | | Accumulated Other Comprehensive Loss | | | Total Stockholders’ Equity | | ||||||||||||
Balance, January 1, 2019 | | | | $ | 443 | | | | | $ | 29,074 | | | | | $ | (2,704) | | | | | $ | 26,813 | | |
Net loss | | | | | — | | | | | | (1,084) | | | | | | — | | | | | | (1,084) | | |
Other comprehensive loss | | | | | — | | | | | | — | | | | | | (616) | | | | | | (616) | | |
Balance, September 30, 2019 | | | | $ | 443 | | | | | $ | 27,990 | | | | | $ | (3,320) | | | | | $ | 25,113 | | |
Balance, January 1, 2020 | | | | $ | 443 | | | | | $ | 28,518 | | | | | $ | (3,584) | | | | | $ | 25,377 | | |
Net income | | | | | — | | | | | | 10,070 | | | | | | — | | | | | | 10,070 | | |
Other comprehensive income | | | | | — | | | | | | — | | | | | | 1,348 | | | | | | 1,348 | | |
Balance, September 30, 2020 | | | | $ | 443 | | | | | $ | 38,588 | | | | | $ | (2,236) | | | | | $ | 36,795 | | |
Nine months ended September 30, | | | 2020 | | | 2019 | | ||||||
Operating Activities | | | | | | | | | | | | | |
Net income (loss) | | | | $ | 10,070 | | | | | $ | (1,084) | | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | | | | | | | | | | | | | |
Depreciation | | | | | 304 | | | | | | 497 | | |
Amortization | | | | | 37 | | | | | | 37 | | |
Provision for bad debt | | | | | 135 | | | | | | 69 | | |
Loss on sale of property and equipment | | | | | 6 | | | | | | 132 | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Trade accounts receivable | | | | | (2,550) | | | | | | (1,316) | | |
Inventories | | | | | (87) | | | | | | (2,002) | | |
Prepaid expenses and other current assets | | | | | 2,576 | | | | | | (112) | | |
Trade accounts payable | | | | | (881) | | | | | | 947 | | |
Deferred revenue and customer deposits | | | | | (133) | | | | | | (15) | | |
Income taxes payable | | | | | 28 | | | | | | 28 | | |
Accrued expenses and other current liabilities | | | | | 419 | | | | | | (149) | | |
Net cash provided by (used in) operating activities | | | | | 10,224 | | | | | | (2,968) | | |
Investing Activities | | | | | | | | | | | | | |
Property and equipment purchases | | | | | (246) | | | | | | (434) | | |
Advance to related party | | | | | (1,980) | | | | | | — | | |
Net cash used in investing activities | | | | | (2,226) | | | | | | (434) | | |
Financing Activities | | | | | | | | | | | | | |
Proceeds from long-term borrowings | | | | | 1,176 | | | | | | — | | |
Proceeds from related party loans | | | | | — | | | | | | 600 | | |
Payment of related party loans | | | | | (400) | | | | | | — | | |
Net cash provided by (used in) financing activities | | | | | 776 | | | | | | 600 | | |
Effect of Currency Translation on Cash and Cash Equivalents | | | | | 1,348 | | | | | | (616) | | |
Net Increase (Decrease) in Cash and Cash Equivalents | | | | | 10,122 | | | | | | (3,418) | | |
Cash and Cash Equivalents, beginning of period | | | | | 14,865 | | | | | | 16,927 | | |
Cash and Cash Equivalents, end of period | | | | $ | 24,987 | | | | | $ | 13,509 | | |
Supplemental Cash Flow Information: | | | | | | | | | | | | | |
Cash paid for income taxes, net of refunds | | | | $ | (2,584) | | | | | $ | 162 | | |
December 31, 2020 (in thousands) | | | United States | | | Germany | | | Total | | |||||||||
Revenue recognized at a point in time | | | | $ | 25,756 | | | | | $ | 15,118 | | | | | $ | 40,874 | | |
Revenue recognized over time | | | | | 1,083 | | | | | | 175 | | | | | | 1,258 | | |
Total Revenue | | | | $ | 26,839 | | | | | $ | 15,293 | | | | | $ | 42,132 | | |
December 31, (in thousands) | | | 2020 | | | 2019 | | ||||||
Warranty reserve, at the beginning of the year | | | | $ | 482 | | | | | $ | 467 | | |
Additions to warranty reserve | | | | | 97 | | | | | | 525 | | |
Claims fulfilled | | | | | (251) | | | | | | (510) | | |
Warranty reserve, at the end of the year | | | | $ | 328 | | | | | $ | 482 | | |
| | | Common Stock Issued and Outstanding | | |||
EnvisionTEC, Inc. | | | | | 10 | | |
EnvisionTEC GmbH | | | | | 22 | | |
Viridis3D | | | | | 60 | | |
Gulf Filtration Systems, Inc. | | | | | 1 | | |
(in thousands) | | September 30, 2020 | | December 31, 2019 | | |||||||||||||||||||||
December 31, (in thousands) | | 2020 | | 2019 | | |||||||||||||||||||||
Raw materials and components | | | $ | 5,678 | | | | $ | 6,737 | | | | | $ | 6,152 | | | | $ | 6,737 | | | ||||
Work in progress | | | | 122 | | | | | 71 | | | | | | 72 | | | | | 71 | | | ||||
Finished goods | | | | 3,173 | | | | | 2,077 | | | | | | 3,255 | | | | | 2,077 | | | ||||
Total | | | $ | 8,973 | | | | $ | 8,885 | | | | | $ | 9,479 | | | | $ | 8,885 | | |
(in thousands) | | September 30, 2020 | | December 31, 2019 | | |||||||||||||||||||||
December 31, (in thousands) | | 2020 | | 2019 | | |||||||||||||||||||||
Prepaid import taxes | | | $ | — | | | | $ | 2,942 | | | | | $ | — | | | | $ | 2,942 | | | ||||
Other receivables | | | | 372 | | | | | 2 | | | |||||||||||||||
Other | | | | 711 | | | | | 716 | | | | | | 1,267 | | | | | 718 | | | ||||
Total | | | $ | 1,083 | | | | $ | 3,660 | | | | | $ | 1,267 | | | | $ | 3,660 | | |
(in thousands) | | September 30, 2020 | | December 31, 2019 | | Useful Life (in years) | | | | ||||||||||||||||||||||||||
December 31 (in thousands) | | 2020 | | 2019 | | Useful Life (in years) | | ||||||||||||||||||||||||||||
Machinery and equipment | | | $ | 3,624 | | | | $ | 3,333 | | | 3 – 7 | | | | | | $ | 3,665 | | | | $ | 3,333 | | | 3 – 7 | | |||||||
Computer equipment and software | | | | 1,053 | | | | | 1,022 | | | 3 | | | | | | | 1,074 | | | | | 1,022 | | | 3 | | |||||||
Leasehold improvements | | | | 652 | | | | | 695 | | | 1 | | | | | | | 673 | | | | | 695 | | | 1 | | |||||||
Other | | | | 312 | | | | | 271 | | | 1 – 25 | | | | | | | 312 | | | | | 271 | | | 1 – 25 | | |||||||
Property and Equipment | | | | 5,641 | | | | | 5,321 | | | | | | | | | | 5,724 | | | | | 5,321 | | | | | |||||||
Less: accumulated depreciation | | | | (3,965) | | | | | (3,602) | | | | | | | | | | (4,185) | | | | | (3,602) | | | | | |||||||
Property and Equipment, Net | | | $ | 1,676 | | | | $ | 1,719 | | | | | | | | | $ | 1,539 | | | | $ | 1,719 | | | | |
(in thousands) | | September 30, 2020 | | December 31, 2019 | | Weighted Average Useful Life (in years) | | | |||||||||||||||||||||||||||||||||||||||
December 31 (in thousands) | | 2020 | | 2019 | | Weighted Average Useful Life (in years) | | | | | | | | ||||||||||||||||||||||||||||||||||
Acquired Technology | | | $ | 781 | | | | $ | 781 | | | 12 | | | | | | $ | 781 | | | | $ | 781 | | | | | 12 | | | | |||||||||||||||
Less: accumulated amortization | | | | (224) | | | | | (187) | | | | | | | | | | (236) | | | | | (187) | | | | | | | | | |||||||||||||||
Intangible Assets, Net | | | $ | 557 | | | | $ | 594 | | | | | | | | | $ | 545 | | | | $ | 594 | | | | | | | | |
(in thousands) | | September 30, 2020 | | December 31, 2019 | | |||||||||||||||||||||
December 31, (in thousands) | | 2020 | | 2019 | | |||||||||||||||||||||
Other tax withholdings | | | $ | 1,333 | | | | $ | 464 | | | | | $ | 637 | | | | $ | 37 | | | ||||
Warranty | | | | 284 | | | | | 482 | | | | | | 328 | | | | | 482 | | | ||||
Payroll related liabilities | | | | 217 | | | | | 528 | | | | | | 394 | | | | | 528 | | | ||||
Customer deposits and other | | | | 1,109 | | | | | 946 | | | | | | 98 | | | | | 946 | | | ||||
Total | | | $ | 2,943 | | | | $ | 2,420 | | | | | $ | 1,457 | | | | $ | 1,993 | | |
September 30, (in thousands) | | 2020 | | 2019 | | |||||||||||||||||||||
December 31, (in thousands) | | 2020 | | 2019 | | |||||||||||||||||||||
U.S. federal | | | $ | — | | | | $ | — | | | | | $ | — | | | | $ | — | | | ||||
State and local | | | | 415 | | | | | 45 | | | | | | 405 | | | | | 22 | | | ||||
Foreign | | | | 5 | | | | | 0 | | | | | | (25) | | | | | — | | | ||||
Total Income Taxes | | | $ | 420 | | | | $ | 45 | | | | | $ | 380 | | | | $ | 22 | | |
| | Amount | | | Amount | | ||||||||
Securities and Exchange Commission registration fee | | | $ | 474,504 | | | | | $ | 3,399 | | | ||
FINRA filing fee | | | | * | | | | | | * | | | ||
Accountants’ fees and expenses | | | | * | | | | | | * | | | ||
Legal fees and expenses | | | | * | | | | | | * | | | ||
Blue Sky fees and expenses | | | | * | | | | | | * | | | ||
Transfer Agent’s fees and expenses | | | | * | | | | | | * | | | ||
Printing and engraving expenses | | | | * | | | | | | * | | | ||
Miscellaneous | | | | * | | | | | | * | | | ||
Total expenses | | | $ | * | | | | | $ | * | | |
| | | | | | | Incorporated by Reference | | ||||||
| Exhibit | | | | | | Form | | | Exhibit | | | Filing Date | |
| 2.1 | | | | | 10-K | | | 2.1 | | | 3/15/2021 | | |
| 2.2 | | | | | 10-K | | | 2.2 | | | 3/15/2021 | | |
| 2.3 | | | | | 8-K | | | 2.1 | | | 1/15/2021 | | |
| 3.1 | | | | | 8-K | | | 3.2 | | | 12/14/2020 | | |
| 3.2 | | | | | 8-K | | | 3.3 | | | 12/14/2020 | |
| | | | | | | Incorporated by Reference | | ||||||
| Exhibit | | | | | | Form | | | Exhibit | | | Filing Date | |
| 4.1 | | | | | S-1 | | | 4.2 | | | 3/8/2019 | | |
| 4.2 | | | | | S-1 | | | 4.3 | | | 3/8/2019 | | |
| 4.3 | | | | | 8-K | | | 4.1 | | | 3/20/2019 | | |
| 5.1 | | | | | | | | | | | * | | |
| 10.1 | | | | | S-4 | | | 10.7 | | | 9/15/2020 | | |
| 10.2 | | | | | | | | | | * | | ||
| 10.3 | | | | | S-4 | | | 10.9 | | | 9/15/2020 | | |
| 10.4 | | | | | S-4 | | | 10.10 | | | 9/15/2020 | | |
| 10.5 | | | | | S-4 | | | 10.12 | | | 9/15/20 | | |
| 10.6 | | | | | S-4 | | | 10.13 | | | 10/15/20 | | |
| 10.7 | | | | | S-1 | | | 10.13 | | | 12/23/20 | | |
| 10.8 | | | | | S-4 | | | 10.14 | | | 10/15/20 | | |
| 10.9 | | | | | S-4 | | | 10.15 | | | 10/15/20 | | |
| 10.10 | | | | | S-4 | | | 10.17 | | | 10/15/20 | | |
| 10.11 | | | | | S-4 | | | 10.19 | | | 9/15/2020 | | |
| 10.12 | | | | | S-4 | | | 10.20 | | | 9/15/2020 | | |
| 10.13 | | �� | | | S-4 | | | 10.21 | | | 9/15/2020 | | |
| 10.14 | | | | | S-4 | | | 10.22 | | | 9/15/2020 | | |
| 10.15 | | | | | S-4 | | | 10.18 | | | 10/15/20 | | |
| 10.16 | | | | | S-4 | | | 10.26 | | | 11/2/2020 | | |
| 10.17 | | | | | S-4 | | | 10.29 | | | 11/2/2020 | | |
| 10.18 | | | | | S-4 | | | 10.31 | | | 11/2/2020 | |
| | | | | | | Incorporated by Reference | | ||||||
| Exhibit | | | | | | Form | | | Exhibit | | | Filing Date | |
| | | | Linardos and Legacy Desktop Metal | | | | | | | | | | |
| 10.19 | | | | | 10-K | | | 10.19 | | | 3/15/2021 | | |
| 10.20 | | | | | 10-K | | | 10.20 | | | 3/15/2021 | | |
| 10.21 | | | | | 10-K | | | 10.21 | | | 3/15/2021 | | |
| 10.22 | | | | | S-4 | | | 10.27 | | | 10/15/2020 | | |
| 10.23 | | | | | S-4 | | | 10.28 | | | 10/15/2020 | | |
| 21.1 | | | | | 10-K/A | | | 21.1 | | | 5/17/2021 | | |
| 23.1 | | | | | | | | | | | * | | |
| 23.2 | | | | | | | | | | | * | | |
| 23.3 | | | | | | | | | | | * | | |
| 24.1 | | | | | S-1 | | | Signature Page | | | 12/23/2020 | | |
| 101.INS | | | XBRL Instance Document | | | | | | | | | * | |
| 101.SCH | | | XBRL Taxonomy Extension Schema Document | | | | | | | | | * | |
| 101.CAL | | | XBRL Taxonomy Calculation Linkbase Document | | | | | | | | | * | |
| 101.DEF | | | XBRL Taxonomy Definition Linkbase Document | | | | | | | | | * | |
| 101.LAB | | | XBRL Taxonomy Extension Label Linkbase Document | | | | | | | | | * | |
| 101.PRE | | | XBRL Taxonomy Extension Presentation Linkbase Document | | | | | | | | | * | |
| Signature | | | Title | | | Date | |
| /s/ Ric Fulop Ric Fulop | | | Chief Executive Officer and Chairman (principal executive officer) | | | | |
| /s/ | | | Chief Financial Officer (principal financial officer and principal accounting officer) | | | | |
| Scott Dussault | | | Director | | | | |
| Ali El-Siblani | | | Director | | | June 30, 2021 | |
| /s/ Dayna Grayson Dayna Grayson | | | Director | | | | |
| Leo Hindery, | | | Director | | | | |
| Wen Hsieh | | | Director | | | | |
| Jeff Immelt | | | Director | | | | |
| Byron Knight | | | Director | | | | |
| Stephen Nigro | | | Director | | | | |
| Steve Papa | | | Director | | | |
| Signature | | | Title | | | Date | |
| Andy Wheeler | | | Director | | | | |
| | | | Director | | | June 30, 2021 | |