Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 25, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | ASPN | ||
Entity Registrant Name | ASPEN AEROGELS, INC. | ||
Entity Central Index Key | 0001145986 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity File Number | 001-36481 | ||
Entity Tax Identification Number | 04-3559972 | ||
Entity Address, Address Line One | 30 Forbes Road | ||
Entity Address, Address Line Two | Building B | ||
Entity Address, City or Town | Northborough | ||
Entity Address, State or Province | MA | ||
Entity Address, Postal Zip Code | 01532 | ||
City Area Code | 508 | ||
Local Phone Number | 691-1111 | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Interactive Data Current | Yes | ||
Title of 12(b) Security | Common Stock, par value $0.00001 per share | ||
Security Exchange Name | NYSE | ||
Entity Incorporation, State or Country Code | DE | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Common Stock, Shares Outstanding | 33,234,316 | ||
Entity Public Float | $ 936.7 | ||
Auditor Name | KPMG LLP | ||
Auditor Firm ID | 185 | ||
Auditor Location | Hartford, CT, United States of America | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive Proxy Statement for its Annual Meeting of Stockholders to be held on June 2, 2022 are incorporated by reference into Part III of this Annual Report on Form 10-K to the extent stated herein. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 76,564 | $ 16,496 |
Accounts receivable, net of allowances of $150 and $442 | 20,426 | 15,698 |
Inventories | 11,987 | 13,099 |
Prepaid expenses and other current assets | 3,173 | 1,830 |
Total current assets | 112,150 | 47,123 |
Property, plant and equipment, net | 55,778 | 46,739 |
Operating lease right-of-use assets | 13,531 | 3,478 |
Other long-term assets | 1,495 | 84 |
Total assets | 182,954 | 97,424 |
Current liabilities: | ||
Accounts payable | 17,440 | 5,351 |
Accrued expenses | 10,819 | 3,884 |
Current portion of long-term debt | 1,609 | |
Deferred revenue | 1,321 | 2,037 |
Operating lease liabilities | 2,247 | 1,046 |
Current portion of prepayment liability | 4,728 | |
Total current liabilities | 36,555 | 13,927 |
Prepayment liability, long-term | 5,000 | 9,555 |
Long-term debt | 2,059 | |
Operating lease liabilities long-term | 12,991 | 3,597 |
Other long-term liabilities | 434 | |
Total liabilities | 54,546 | 29,572 |
Commitments and contingencies (Note 11) | ||
Stockholders' equity: | ||
Preferred stock, $0.00001 par value; 5,000,000 shares authorized, no shares issued or outstanding at December 31, 2021 and 2020 | ||
Common stock, $0.00001 par value; 125,000,000 shares authorized, 33,218,115 and 27,821,685 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively | 0 | 0 |
Additional paid-in capital | 673,461 | 575,811 |
Accumulated deficit | (545,053) | (507,959) |
Total stockholders' equity | 128,408 | 67,852 |
Total liabilities and stockholders' equity | $ 182,954 | $ 97,424 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Allowance for accounts receivables | $ 150 | $ 442 |
Preferred stock, par value | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, shares issued | 33,218,115 | 27,821,685 |
Common stock, shares outstanding | 33,218,115 | 27,821,685 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue: | |||
Total revenue | $ 121,622 | $ 100,273 | $ 139,375 |
Cost of revenue: | |||
Gross profit | 9,937 | 14,594 | 26,284 |
Operating expenses: | |||
Research and development | 11,441 | 8,729 | 8,407 |
Sales and marketing | 16,581 | 11,753 | 15,557 |
General and administrative | 22,514 | 15,681 | 16,479 |
Total operating expenses | 50,536 | 36,163 | 40,443 |
Loss from operations | (40,599) | (21,569) | (14,159) |
Interest expense, net | (229) | (240) | (406) |
Gain on extinguishment of debt | 3,734 | ||
Total other income (expense) | 3,505 | (240) | (406) |
Net loss | $ (37,094) | $ (21,809) | $ (14,565) |
Net loss per share: | |||
Basic and diluted | $ (1.22) | $ (0.83) | $ (0.60) |
Weighted-average common shares outstanding: | |||
Basic and diluted | 30,433,154 | 26,377,652 | 24,099,438 |
Product [Member] | |||
Revenue: | |||
Total revenue | $ 121,112 | $ 99,834 | $ 136,934 |
Cost of revenue: | |||
Cost of revenue | 111,552 | 85,545 | 111,759 |
Research Services [Member] | |||
Revenue: | |||
Total revenue | 510 | 439 | 2,441 |
Cost of revenue: | |||
Cost of revenue | $ 133 | $ 134 | $ 1,332 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Underwritten Public Offering [Member] | At The Market Offering [Member] | Private Placement [Member] | Common Stock 0.00001 Par Value [Member] | Common Stock 0.00001 Par Value [Member]Underwritten Public Offering [Member] | Common Stock 0.00001 Par Value [Member]At The Market Offering [Member] | Common Stock 0.00001 Par Value [Member]Private Placement [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]Underwritten Public Offering [Member] | Additional Paid-in Capital [Member]At The Market Offering [Member] | Additional Paid-in Capital [Member]Private Placement [Member] | Accumulated Deficit [Member] |
Beginning balance at Dec. 31, 2018 | $ 70,254 | $ 541,839 | $ (471,585) | ||||||||||
Beginning balance, shares at Dec. 31, 2018 | 23,973,517 | ||||||||||||
Net loss | (14,565) | (14,565) | |||||||||||
Stock compensation expense | 3,771 | 3,771 | |||||||||||
Issuance of restricted stock, shares | 50,328 | ||||||||||||
Vesting of restricted stock units | (470) | (470) | |||||||||||
Vesting of restricted stock units, shares | 278,659 | ||||||||||||
Ending balance at Dec. 31, 2019 | 58,990 | 545,140 | (486,150) | ||||||||||
Ending balance, shares at Dec. 31, 2019 | 24,302,504 | ||||||||||||
Net loss | (21,809) | (21,809) | |||||||||||
Stock compensation expense | 5,004 | 5,004 | |||||||||||
Issuance of restricted stock, shares | 45,066 | ||||||||||||
Vesting of restricted stock units | (1,219) | (1,219) | |||||||||||
Vesting of restricted stock units, shares | 344,158 | ||||||||||||
Proceeds from employee stock option exercises | 2,661 | 2,661 | |||||||||||
Proceeds from employee stock option exercises, shares | 460,600 | ||||||||||||
Proceeds from offering, net | $ 14,751 | $ 9,474 | $ 14,751 | $ 9,474 | |||||||||
Proceeds from offering, net, shares | 1,955,000 | 714,357 | |||||||||||
Ending balance at Dec. 31, 2020 | 67,852 | 575,811 | (507,959) | ||||||||||
Ending balance, shares at Dec. 31, 2020 | 27,821,685 | ||||||||||||
Net loss | (37,094) | (37,094) | |||||||||||
Stock compensation expense | 5,176 | 5,176 | |||||||||||
Issuance of restricted stock, shares | 476,550 | ||||||||||||
Vesting of restricted stock units | (2,713) | (2,713) | |||||||||||
Vesting of restricted stock units, shares | 254,513 | ||||||||||||
Proceeds from employee stock option exercises | $ 2,301 | 2,301 | |||||||||||
Proceeds from employee stock option exercises, shares | 351,387 | 351,387 | |||||||||||
Proceeds from offering, net | $ 19,377 | $ 73,509 | $ 19,377 | $ 73,509 | |||||||||
Proceeds from offering, net, shares | 929,981 | 3,462,124 | |||||||||||
Forfeiture of performance-based restricted stock, shares | (78,125) | ||||||||||||
Ending balance at Dec. 31, 2021 | $ 128,408 | $ 673,461 | $ (545,053) | ||||||||||
Ending balance, shares at Dec. 31, 2021 | 33,218,115 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Underwritten Public Offering [Member] | ||
Underwriting discounts and commissions | $ 1,093 | |
Issuance costs | 285 | |
At The Market Offering [Member] | ||
Issuance costs | $ 43 | 199 |
Commissions and fees | 601 | $ 299 |
Private Placement [Member] | ||
Issuance costs | 1,491 | |
Fees and issuance costs | $ 1,491 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net loss | $ (37,094,000) | $ (21,809,000) | $ (14,565,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation | 9,440,000 | 10,198,000 | 10,213,000 |
Gain on extinguishment of debt | (3,734,000) | ||
Amortization of debt issuance costs | 18,000 | 9,000 | |
Provision for bad debt | (85,000) | 325,000 | 0 |
Stock compensation expense | 5,176,000 | 5,004,000 | 3,771,000 |
Reduction in the carrying amount of operating lease right-of-use assets | 1,618,000 | 971,000 | 947,000 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (4,643,000) | 16,231,000 | (6,689,000) |
Inventories | 1,112,000 | (4,331,000) | (1,450,000) |
Prepaid expenses and other assets | (2,324,000) | (716,000) | (84,000) |
Accounts payable | 7,379,000 | (7,149,000) | 141,000 |
Accrued expenses | 6,983,000 | (4,173,000) | 4,344,000 |
Deferred revenue | (543,000) | (3,814,000) | 3,392,000 |
Operating lease liabilities | (1,497,000) | (1,104,000) | (1,018,000) |
Other liabilities | (434,000) | 434,000 | (56,000) |
Net cash used in operating activities | (18,628,000) | (9,924,000) | (1,054,000) |
Cash flows from investing activities: | |||
Capital expenditures | (13,778,000) | (3,416,000) | (2,112,000) |
Net cash used in investing activities | (13,778,000) | (3,416,000) | (2,112,000) |
Cash flows from financing activities: | |||
Proceeds from issuance of long-term debt | 3,686,000 | ||
Issuance costs from long-term debt | (27,000) | ||
Prepayment proceeds under customer supply agreement | 5,000,000 | ||
Proceeds from employee stock option exercises | 2,301,000 | 2,661,000 | |
Payments made for employee restricted stock tax withholdings | (2,713,000) | (1,219,000) | (470,000) |
Repayments of borrowings under line of credit, net | (3,123,000) | (1,058,000) | |
Proceeds from private placement of common stock | 75,000,000 | ||
Fees and issuance costs from private placement of common stock | (1,491,000) | ||
Net cash provided by financing activities | 92,474,000 | 26,203,000 | 3,472,000 |
Net increase in cash | 60,068,000 | 12,863,000 | 306,000 |
Cash and cash equivalents at beginning of period | 16,496,000 | 3,633,000 | 3,327,000 |
Cash and cash equivalents at end of period | 76,564,000 | 16,496,000 | 3,633,000 |
Supplemental disclosures of cash flow information: | |||
Interest paid | 236,000 | 216,000 | 440,000 |
Income taxes paid | 0 | 0 | 0 |
Supplemental disclosures of non-cash activities: | |||
Initial recognition of operating lease liabilities related to right-of-use assets | 5,995,000 | ||
Right-of-use assets obtained in exchange for new operating lease liabilities | 12,092,000 | 417,000 | 353,000 |
Changes in accrued capital expenditures | 4,701,000 | (96,000) | $ 63,000 |
Underwritten Public Offering [Member] | |||
Cash flows from financing activities: | |||
Proceeds from offering, net | 15,036,000 | ||
Issuance costs | (285,000) | ||
At The Market Offering [Member] | |||
Cash flows from financing activities: | |||
Proceeds from offering, net | 19,420,000 | 9,673,000 | |
Issuance costs | $ (43,000) | $ (199,000) |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Underwritten Public Offering [Member] | ||
Underwriting discounts and commissions, net | $ 1,093 | |
At The Market Offering [Member] | ||
Commissions and fees net | $ 601 | $ 299 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Description of Business | (1) Description of Business Nature of Business Aspen Aerogels, Inc. (the Company) is an aerogel technology company that designs, develops and manufactures innovative, high-performance aerogel insulation used primarily in the energy infrastructure and sustainable building materials markets. In addition, the Company has introduced a line of aerogel thermal barriers for use in battery packs in the electric vehicle market. The Company is also developing applications for its aerogel technology in the battery materials and a number of other high-potential markets. The Company has also conducted research related to aerogel technology supported by funding from several agencies of the U.S. government and other institutions in the form of research contracts. The Company has decided to cease efforts to secure additional funded research contracts and to wind down existing contract research activities. The Company maintains its corporate offices in Northborough, Massachusetts. The Company has three wholly owned subsidiaries: Aspen Aerogels Rhode Island, LLC, Aspen Aerogels Germany, GmbH and Aspen Aerogels Georgia, LLC. On June 18, 2014, the Company completed the initial public offering (IPO) of its common stock. Liquidity During the year ended December 31, 2021, the Company incurred a net loss of $37.1 million and used $18.6 million of cash in operations, used $13.8 million of cash for capital expenditures, received net proceeds of $19.4 million through an at-the-market (ATM) offering of the Company’s common stock and received net proceeds of $73.5 million through a private placement of the Company’s common stock. The Company had cash and cash equivalents of $76.6 million, a $4.7 million current prepayment liability (see note 11), and no outstanding borrowings under its revolving line of credit as of December 31, 2021 (see note 7). After giving effect to the $1.3 million of outstanding letters of credit, the amount available to the Company at December 31, 2021, under the revolving line of credit was $12.6 million. The revolving line of credit matures on April 28, 2022. On May 1, 2020, Aspen Aerogels Rhode Island, LLC received a loan in the amount of $3.7 million pursuant to the Paycheck Protection Program established by the CARES Act and administered by the Small Business Administration (SBA). On August 24, 2021, the SBA remitted $3.7 million in principal and less than $0.1 million in accrued interest to the noteholder after approving the Borrower’s application for forgiveness of the loan under the provisions of the CARES Act. Accordingly, the Company recorded a total gain on the extinguishment of debt of $3.7 million during the year ended December 31, 2021. The Company is increasing investment in the research and development of next-generation aerogel products and manufacturing process technologies. In addition, the Company has developed a number of promising aerogel products and technologies for the electric vehicle market. The Company believes that the commercial potential for the Company’s products and technology in the electric vehicle market is significant. Accordingly, the Company is hiring additional personnel, incurring additional operating expenses, and incurring significant capital expenditures to expand silica aerogel manufacturing capacity, build an automated thermal barrier fabrication operation, enhance research and development laboratory facilities and equipment, and construct a battery materials facility, among other efforts. The Company expects its existing cash balance and the amount anticipated to be available under the existing revolving line of credit will be sufficient to support current operating requirements, current research and development activities and the initial capital expenditures required to support the evolving commercial opportunity in the electric vehicle market and other strategic business initiatives. |
Summary of Basis of Presentatio
Summary of Basis of Presentation and Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Basis of Presentation and Significant Accounting Policies | (2) Summary of Basis of Presentation and Significant Accounting Policies Principles of Consolidation The accompanying consolidated financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP), include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of the consolidated financial statements requires the Company to make a number of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include allowances for doubtful accounts, sales returns and allowances, product warranty costs, inventory valuation, the carrying amount of property and equipment, right-of-use assets, lease liabilities, stock-based compensation, and deferred income taxes. The Company evaluates its estimates and assumptions on an on-going basis using historical experience and other factors, including current economic conditions, which are believed to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances warrant. Illiquid credit markets, volatile equity markets, and declines in business investment can increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in these estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. Cash and Cash Equivalents Cash equivalents include short-term, highly liquid instruments, which consist of money market accounts and high-quality debt securities issued by the U.S. government via cash sweep accounts. All cash and cash equivalents are maintained with major financial institutions in North America. Deposits with these financial institutions may exceed the amount of insurance provided on such deposits; however, these deposits typically may be redeemed upon demand and, therefore, bear minimal risk. Concentration of Credit Risk Financial instruments, which potentially expose the Company to concentrations of credit risk, consist principally of accounts receivable. The Company’s customers are primarily insulation distributors, insulation contractors, insulation fabricators and select energy and automotive end-users located throughout the world. The Company performs ongoing credit evaluations of its customers’ financial condition and generally requires no collateral to secure accounts receivable. The Company maintains an allowance for doubtful accounts based on its assessment of the collectability of accounts receivable. The Company reviews the allowance for doubtful accounts quarterly. During the year ended December 31, 2021, the Company did not record any charges for uncollectible accounts receivable. During the year ended December 31, 2020, the Company recorded a charge for estimated customer uncollectible accounts receivable of $0.3 million. During the year ended December 31, 2019, the Company did not record any charges for uncollectible accounts receivable. For the year ended December 31, 2021, one customer represented 28% of total revenue. For the year ended December 31, 2020, two customers represented 21% and 15% of total revenue, respectively. For the year ended December 31, 2019, two customers represented 20% and 13% of total revenue, respectively. At December 31, 2021, the Company had two customers which accounted for 27% and 17% of accounts receivable, respectively. At December 31, 2020, the Company had one customer which accounted for 26% of accounts receivable. Inventories Inventory consists of finished products and raw materials. Inventories are carried at lower of cost, determined using the first-in, first-out (FIFO) method, and net realizable value. Cost includes materials, labor and manufacturing overhead. Manufacturing overhead is allocated to the costs of conversion based on normal capacity of the Company’s production facility. Abnormal freight, handling costs and material waste is expensed in the period it occurs. The Company periodically reviews its inventories and makes provisions as necessary for estimated excess, obsolete or damaged goods to ensure values approximate the lower of cost and net realizable value. The amount of any such provision is equal to the difference between the cost of inventory and the estimated net realizable value based upon assumptions about future demand, selling prices and market conditions. Property, Plant and Equipment, Net Property, plant and equipment are stated at cost. Expenditures for maintenance and repairs are charged to expense as incurred. Expenditures for major betterments are capitalized as additions to property, plant and equipment. Depreciation on plant and equipment is calculated on the straight-line method over the estimated useful lives of the assets. Assets related to leasehold improvements are amortized on a straight-line basis over the shorter of the lease term or estimated useful life of the asset. Assets utilized in the Company’s operations that are taken out of service with no future use are charged to cost of revenue or operating expenses, depending on the department in which the asset was utilized. Impairments of construction in progress are charged to operating expenses upon the determination of no future use. Other Assets Other assets primarily include long-term deposits. Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recognition and measurement of a potential impairment is performed on assets grouped with other assets and liabilities at the lowest level where identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset or asset group to future undiscounted net cash flows expected to be generated by the asset or asset group. If the carrying amount of an asset or asset group exceeds its estimated undiscounted future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset or asset group exceeds the fair value of the asset or asset group. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. Leases On January 1, 2019, the Company adopted Accounting Standards Update (ASU) 2016-02, Leases (Topic 842). Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification 606, Revenue from Contracts with Customers (ASC 606). See note 3 for further details. Warranty The Company provides warranties for its products and records the estimated cost within cost of revenue in the period that the related revenue is recorded. The Company’s standard warranty period extends to one year from the date of shipment. This standard warranty provides that the Company’s products will be free from defects in material and workmanship, and will, under normal use, conform to the specifications for the product. The Company’s products may be utilized in systems that involve new technical demands and new configurations. Accordingly, the Company regularly reviews and assesses whether warranty reserves should be recorded in the period the related revenue is recorded. For an initial shipment of product for use in a system with new technical demands or new configurations and where the Company is unsure of meeting the customer’s specifications, the Company will defer the recognition of product revenue and related costs until written customer acceptance is obtained. The Company recorded warranty expense of less than $0.1 million during the year ended December 31, 2021. The Company did not record any warranty expense during the years ended December 31, 2020 and 2019, respectively. Shipping and Handling Costs Shipping and handling costs are classified as a component of cost of revenue. Customer payments of shipping and handling costs are recorded as product revenue. Stock-based Compensation The Company grants share-based awards to its employees and non-employee directors. All share-based awards granted, including grants of stock options, restricted stock and restricted stock units (RSUs), are recognized in the statement of operations based on their fair value as of the date of grant. Expense is recognized on a straight-line basis over the requisite service period for all awards with service conditions. For performance-based awards, the grant date fair value is recognized as expense when the condition is probable of being achieved, and then on a graded basis over the requisite service period. The Company uses the Black-Scholes option-pricing model to determine the fair value of service-based option awards. The Black-Scholes model requires the use of a number of complex and subjective assumptions including fair value of the underlying security, the expected volatility of the underlying security, a risk-free interest rate and the expected term of the option. The fair value of restricted stock and RSUs is determined using the closing price of the Company’s common stock on the date of grant. All shares of restricted stock are not transferable until vested. Restricted stock is typically issued to non-employee directors and typically vests over a one-year three-year For stock options that contain a market condition, the Company uses the Monte-Carlo simulation option-pricing model to determine the fair value of the awards. In addition to the input assumptions used in the Black-Scholes model, the Monte-Carlo simulation option-pricing model factors the probability that the specific market condition may or may not be satisfied into the valuation. Stock-based compensation expense for awards with a market condition is recognized on a straight-line basis over the requisite service period for each such award. For the restricted stock awards issued to the Company’s chief executive officer during the year ended December 31, 2021 that will vest subject to achievement of certain volume weighted average common stock price targets over a three-to-five year period, the Company used a Monte-Carlo simulation model to estimate the grant date fair value with respect to 461,616 shares of restricted common stock. The award had an aggregate date fair value of $6.5 million. Pursuant to the “evergreen” provisions of the 2014 Employee, Director and Consultant Equity Incentive Plan, the number of shares of common stock authorized for issuance under the plan automatically increased by 556,433 shares to 8,531,413 shares effective January 1, 2021. Research and Development Costs incurred in the Company’s research and development activities include compensation and related costs, services provided by third-party contractors, materials and supplies and are classified as research and development expenses as incurred. Research and development costs directly associated with research services revenue are classified as research services in cost of revenue. Earnings per Share The Company calculates net loss per common share based on the weighted-average number of common shares outstanding during each period. Potential common stock equivalents are determined using the treasury stock method. The weighted-average number of common shares included in the computation of diluted net income (loss) gives effect to all potentially dilutive common equivalent shares, including outstanding stock options and RSUs. Common equivalent shares are excluded from the computation of diluted net loss per share if their effect is antidilutive. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. The Company accounts for uncertain tax positions using a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Differences between tax positions taken in a tax return and amounts recognized in the financial statements are recorded as adjustments to income taxes payable or receivable, or adjustments to deferred taxes, or both. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company recognizes penalties and interest related to uncertain tax positions, if any, as a component of income tax expense. Segments Operating segments are identified as components of an enterprise about which separate, discrete financial information is available for evaluation by the chief operating decision maker in making decisions on how to allocate resources and assess performance. The Company’s chief operating decision maker is the Chief Executive Officer. The Company’s chief operating decision maker reviews consolidated operating results to make decisions about allocating resources and assessing performance for the entire Company. The Company presently views its operations and manages its business as one operating segment. Information about the Company’s total revenues, based on shipment destination or services location, is presented in the following table: Year Ended December 31, 2021 2020 2019 (In thousands) Revenue: U.S. $ 66,837 $ 44,842 $ 58,328 International 54,785 55,431 81,047 Total revenue $ 121,622 $ 100,273 $ 139,375 Recently Issued Accounting Standards From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies. Recently issued standards typically do not require adoption until a future effective date. Prior to their effective date, the Company evaluates the pronouncements to determine the potential effects of adoption to its consolidated financial statements. Standards Implemented Since December 31, 2020 The Company has not implemented any accounting standards that had a material impact on its consolidated financial statements during the year ended December 31, 2021. Standards to be Implemented After December 31, 2021 The Company believes that the impact of recently issued accounting standards that are not yet effective will not have a material impact on its consolidated financial statements |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Revenue from Contracts with Customers | (3) Revenue from Contracts with Customers Revenue Recognition Revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements within the scope of ASC 606, the Company performs the following five steps: (i) identification of the contract with a customer; (ii) identification of the performance obligations in the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price to the separate performance obligations in the contract; and (v) recognition of the revenue associated with performance obligations as they are satisfied. The Company applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. If the contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price based on the estimated relative standalone-selling prices of the promised products or services underlying each performance obligation. The Company determines standalone-selling prices based on the price at which the performance obligation is sold separately. If the standalone-selling price is not observable through past transactions, the Company estimates the standalone-selling price considering available information such as market conditions and internally approved pricing guidelines related to the performance obligations. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. When determining the transaction price of a contract, an adjustment is made if payment from a customer occurs either significantly before or significantly after performance, resulting in a significant financing component. Applying the practical expedient in paragraph ASC 606-10-32-18, the Company does not assess whether a significant financing component exists if the period between when the Company performs its obligations under the contract and when the customer pays is one year or less. The Company did not have any contracts outstanding at both December 31, 2020 and December 31, 2019 and did not enter into any contracts during each of the years ended The Company records deferred revenue for product sales when (i) the Company has delivered products but other revenue recognition criteria have not been satisfied or (ii) payments have been received in advance of the completion of required performance obligations. Shipping and Handling Costs Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as fulfillment costs and are included in the cost of product revenue. The associated amount of revenue recognized includes the consideration to which the Company expects to be entitled to receive in exchange for incurring these shipping and handling costs. Product Revenue The Company generally enters into contracts containing one type of performance obligation. The Company recognizes product revenue when the The Company also enters into rebate agreements with certain customers. These agreements may be considered an additional performance obligation of the Company or variable consideration within a contract. Rebates are recorded as a reduction of revenue in the period the related product revenue is recognized. A corresponding liability is recorded as a component of deferred revenue on the consolidated balance sheets. These arrangements are primarily based on the customer attaining contractually specified sales volumes . The Company estimates the amount of its product sales that may be returned by its customers and records this estimate as a reduction of revenue in the period the related product revenue is recognized. The Company currently estimates product return liabilities using historical rates of return, current quarter credit sales, and specific items of exposure on a contract-by-contract basis. Sales return reserves were approximately $0.1 million at both December 31, 2021 and December 31, 2020. The Company recognized less than $0.1 in warranty expense related to the sale of EV thermal barriers during the year ended December 31, 2021. Subsea Projects The Company manufactures and sells subsea products that are designed for pipe-in-pipe applications in offshore oil production and are typically at a point in time when transfer of control of the products is passed to the customer, or During the December 31, 2021 Thermal Barriers The Company supplies fabricated, multi-part thermal barriers for use in battery packs in the electric vehicle market. These thermal barriers are customized to meet customer specifications. Thermal barrier products typically have no alternative use and may contain an enforceable right to payment. Under the provisions of ASC 606, the Company may recognize revenue at a point in time when transfer of the control of the products is passed to the customer, or over time utilizing the input method. The timing of revenue recognition is assessed on a contract-by-contract basis. During the year ended December 31, 2021, the Company recognized revenue of $6.7 million in connection with thermal barrier contracts. Research Services The Company performs research services under contracts with various government agencies and other institutions. These contracts generally have one type of performance obligation associated with the provision of research services including certain licenses to any resulting intellectual property. The Company records revenue using the percentage-of-completion method in two ways: (1) for firm-fixed-price contracts, the Company accrues that portion of the total contract price that is allocable on the basis of the Company’s estimates of costs incurred to date to total contract costs; and (2) for cost-plus-fixed-fee contracts, the Company records revenue that is equal to total payroll cost incurred times a stated factor plus reimbursable expenses, to a stated upper limit. The primary cost under the Company’s service contracts is the labor expended in completing the research. Typically, the only deliverable, other than the labor hours expended, is reporting research results to the customer or delivery of research grade aerogel products. Because the input measure of labor hours expended is also reflective of the output measure, it is a reliable means to measure the extent of progress toward completion. Revisions in cost estimates and fees during the course of the contract are reflected in the accounting period in which the facts that require the revisions become known. Contract costs and rates used to allocate overhead to contracts are subject to audit by the respective contracting government agency. Adjustments to revenue as a result of audit are recorded within the period they become known. To date, adjustments to revenue as a result of contracting agency audits have been insignificant Disaggregation of Revenue In the following tables, revenue is disaggregated by primary geographical region and source of revenue: December 31, 2021 U.S. International Total (In thousands) Geographical region Asia $ — $ 19,383 $ 19,383 Canada — 2,985 2,985 Europe — 27,924 27,924 Latin America — 4,493 4,493 U.S. 66,837 — 66,837 Total revenue $ 66,837 $ 54,785 $ 121,622 Source of revenue Product revenue $ 59,789 $ 49,960 $ 109,749 Subsea projects — 4,699 4,699 EV thermal barrier 6,538 126 6,664 Research services 510 — 510 Total revenue $ 66,837 $ 54,785 $ 121,622 December 31, 2020 U.S. International Total (In thousands) Geographical region Asia $ — $ 38,403 $ 38,403 Canada — 986 986 Europe — 13,881 13,881 Latin America — 2,161 2,161 U.S. 44,842 — 44,842 Total revenue $ 44,842 $ 55,431 $ 100,273 Source of revenue Product revenue $ 42,416 $ 47,678 $ 90,094 Subsea projects 1,987 7,753 9,740 Research services 439 — 439 Total revenue $ 44,842 $ 55,431 $ 100,273 December 31, 2019 U.S. International Total (In thousands) Geographical region Asia $ — $ 44,485 $ 44,485 Canada — 9,064 9,064 Europe — 24,081 24,081 Latin America — 3,417 3,417 U.S. 58,328 — 58,328 Total revenue $ 58,328 $ 81,047 $ 139,375 Source of revenue Product revenue $ 52,050 $ 67,856 $ 119,906 Subsea projects 3,837 13,191 17,028 Research services 2,441 — 2,441 Total revenue $ 58,328 $ 81,047 $ 139,375 Contract Balances The following table presents changes in the Company’s contract assets and contract liabilities during the year ended December 31, 2021: Balance at December 31, 2020 Additions Deductions Balance at December 31, 2021 (In thousands) Contract assets Subsea projects $ 1,370 $ 4,521 $ (4,443 ) $ 1,448 Product revenue — 362 (127 ) 235 Research services 67 510 (429 ) 148 Total contract assets $ 1,437 $ 5,393 $ (4,999 ) $ 1,831 Contract liabilities Deferred revenue Product revenue $ 1,859 $ 3,686 $ (4,224 ) $ 1,321 Subsea projects 178 2,168 (2,346 ) — Prepayment liability 9,555 173 — 9,728 Total contract liabilities $ 11,592 $ 6,027 $ (6,570 ) $ 11,049 During the year ended A contract asset is recorded when the Company satisfies a performance obligation by transferring a promised good or service and has earned the right to consideration from its customer. These assets may represent a conditional or unconditional right to consideration and are included within accounts receivable on the consolidated balance sheets. A contract liability is recorded when consideration is received, or such consideration is unconditionally due, from a customer prior to transferring goods or services under the terms of the contract. Contract liabilities are recognized as revenue after control of the products or services is transferred to the customer and all revenue recognition criteria have been met. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | (4) Inventories Inventories consist of the following: December 31, 2021 2020 (In thousands) Raw material $ 7,312 $ 4,068 Finished goods 4,675 9,031 Total $ 11,987 $ 13,099 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment, Net | (5) Property, Plant and Equipment, Net Property, plant and equipment consist of the following: December 31, 2021 2020 Useful life (In thousands) Construction in progress $ 13,456 $ 1,906 — Buildings 24,016 24,016 30 years Machinery and equipment 130,529 124,807 3 — 10 years Computer equipment and software 9,457 8,850 3 years Total 177,458 159,579 Accumulated depreciation and amortization (121,680 ) (112,840 ) Property, plant and equipment, net $ 55,778 $ 46,739 Depreciation expense was $9.4 million, $10.2 million and $10.2 million for the years ended December 31, 2021, 2020 and 2019, respectively. Construction in progress totaled $13.5 million and $1.9 million at December 31, 2021 and 2020, respectively. The balance at December 31, 2021 included engineering designs and other pre-construction costs totaling $6.1 million for a planned aerogel manufacturing facility in , Georgia. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | (6) Accrued Expenses Accrued expenses consist of the following: December 31, 2021 2020 (In thousands) Employee compensation $ 8,991 $ 2,587 Other accrued expenses 1,828 1,297 Total $ 10,819 $ 3,884 |
Revolving Line of Credit
Revolving Line of Credit | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Revolving Line of Credit | (7) Revolving Line of Credit The Company is party to an Amended and Restated Loan and Security Agreement with Silicon Valley Bank (Loan Agreement). On March 12, 2021, the Loan Agreement was amended and restated to extend the maturity date of the revolving credit facility to April 28, 2022 and to establish certain minimum Adjusted EBITDA levels and minimum Adjusted Quick Ratio covenants, each as defined in the Loan Agreement. On September 29, 2021, and subsequently on December 27, 2021, the Company entered into amendments to the Loan Agreement to revise certain financial covenants, among other items. On December 27, 2021, the Company entered into an amendment to the Loan Agreement to revise certain financial covenants, among other items. Under the revolving credit facility, the Company is permitted to borrow a maximum of $20.0 million, subject to continued covenant compliance and borrowing base requirements. The interest rate applicable to borrowings under the revolving credit facility is based on the prime rate, subject to a minimum rate of 4.00% per annum, plus a margin. The rates applicable to borrowings vary from prime rate plus 0.75% per annum to prime rate plus 2.00% per annum. In addition, the Company is required to pay a monthly unused revolving line facility fee of 0.50% per annum of the average unused portion of the revolving credit facility. Under the Loan Agreement, the Company is required to comply with both non-financial and financial covenants, including a minimum Adjusted EBITDA covenant and a minimum Adjusted Quick Ratio covenant. As of December 31, 2021, the Company was in compliance with all such covenants. Obligations under the Loan Agreement are secured by a security interest in all assets of the Company, including those at the East Providence facility, except for certain exclusions. The Company intends to extend or replace the facility prior to its maturity. As of December 31, 2021 and 2020, the Company had no amounts drawn from the revolving credit facility. The Company has provided letters of credit to secure obligations under certain commercial contracts and other obligations. The Company had outstanding letters of credit backed by the revolving credit facility of $1.3 million at December 31, 2021, and $1.4 million at December 31, 2020, which reduce the funds otherwise available to the Company under the facility. At December 31, 2021, the amount available to the Company under the revolving credit facility was $12.6 million after giving effect to the $1.3 million of outstanding letters of credit. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | (8) Debt On May 1, 2020, Aspen Aerogels Rhode Island, LLC (the Borrower) executed a promissory note in favor of Northeast Bank to receive an unsecured loan in the principal amount of $3.7 million (the PPP Loan) pursuant to the Paycheck Protection Program established by the CARES Act, as amended by the Paycheck Protection Program Flexibility Act, and administered by the Small Business Administration (SBA). The PPP Loan was subsequently sold by Northeast Bank to The Loan Source, Inc. (PPP Investor), a secondary market investor. On August 24, 2021, the SBA remitted $3.7 million in principal and less than $0.1 million in accrued interest to the PPP Investor after approving the Borrower’s application for forgiveness of the PPP Loan under the provisions of the CARES Act. Accordingly, the Company recorded a total gain on the extinguishment of debt of $3.7 million. As of December 31, 2021, the Company had no required principal or interest payments remaining related to the PPP Loan. As of December 31, 2020, long-term debt consisted of the following: December 31, 2020 (In thousands) Long-term debt, principal $ 3,686 Current portion of long-term debt (1,609 ) Debt issuance costs, net of accumulated amortization (18 ) Long-term debt $ 2,059 |
Interest Expense, Net
Interest Expense, Net | 12 Months Ended |
Dec. 31, 2021 | |
Interest Income Expense Net [Abstract] | |
Interest Expense, net | (9) Interest Expense, net For the years ended December 31, 2021, 2020, and 2019, interest expense, net was $0.2 million, $0.2 million, and $0.4 million, respectively, and consisted primarily of fees and interest expense related to the Company’s revolving credit facility with Silicon Valley Bank. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | (10) Leases The Company leases office, laboratory, warehouse and fabrication space in Massachusetts and Rhode Island under operating leases. Under these agreements, the Company is obligated to pay annual rent, real estate taxes, and certain other operating expenses. The Company also leases equipment under operating leases. The Company’s operating leases expire at various dates through 2031. The Company determines if an arrangement is a lease at inception. Right-of-use (ROU) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s payment obligations under the lease. Operating lease ROU assets and liabilities are recognized based on the present value of lease payments over the lease term. To measure its lease liabilities, the Company uses its incremental borrowing rate or the rate implicit in the lease, if available. The Company calculates its incremental borrowing rate using a synthetic credit rating analysis based on Moody’s Building Materials Industry Rating Methodology. ROU assets also include any direct costs and prepaid lease payments but exclude any lease incentives received. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company elected the short-term lease recognition exemption for all leases that qualify. For leases that qualify for this exemption, the Company does not recognize ROU assets or lease liabilities. For lease agreements with lease and non-lease components, the Company accounts for each component separately. However, in the case of equipment leases, the Company accounts for lease and non-lease components as a single component. Maturities of operating lease liabilities at December 31, 2021 are as follows: Year Operating Leases (In thousands) 2022 $ 3,076 2023 2,630 2024 2,038 2025 1,803 2026 1,634 Thereafter 8,333 Total lease payments 19,514 Less imputed interest (4,276 ) Total lease liabilities $ 15,238 The Company incurred operating lease costs of $2.2 million and $1.4 million during the years ended December 31, 2021 and 2020, respectively. Cash payments related to operating lease liabilities were $2.1 million and $1.5 million during the years ended December 31, 2021 and 2020, respectively. At December 31, 2021, the weighted average remaining lease term for operating leases was 8.4 years. At December 31, 2021, the weighted average discount rate for operating leases was 5.9%. As of December 31, 2021, the Company has additional operating equipment leases that will commence during 2022 with total lease payments of $0.1 million and a weighted average lease term of 4.0 years. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | (11) Commitments and Contingencies Cloud Computing Agreement The Company is party to a cloud computing agreement that is a service contract for enterprise resource planning software. The agreement has a three-year December 31, 2021 (In thousands) Cloud computing costs included in other current assets $ 389 Cloud computing costs included in other assets 637 Total capitalized cloud computing costs $ 1,027 Thermal Barrier Contract The Company is party to production contracts with a major U.S. automotive original equipment manufacturer (OEM) to supply fabricated, multi-part thermal barriers (Barriers) for use in the battery system of its next-generation electric vehicles (Contracts). Pursuant to the Contracts, the Company is obligated to supply Barriers at fixed annual prices and at volumes to be specified by the OEM up to a daily maximum quantity through the respective terms of the agreements, which expire at various times from 2026 through 2034. While the OEM has agreed to purchase its requirement for Barriers from the Company for locations to be designated from time to time by the OEM, it has no obligation to purchase any minimum quantity of Barriers under the Contracts. In addition, the OEM may terminate the Contracts any time and for any or no reason. All other terms of the Contracts are generally consistent with the OEM’s standard purchase terms, including quality and warranty provisions that are customary in the automotive industry. BASF Supply Agreement The Company is party to a supply agreement, as amended, with BASF Polyurethanes GmbH (BASF) (the Supply Agreement) and a joint development agreement with BASF SE (the JDA). Pursuant to the Supply Agreement, the Company agreed to sell exclusively to BASF certain of the Company’s products at annual volumes specified by BASF, subject to certain volume limits, through December 31, 2027. Through the year ended December 31, 2019, BASF made two prepayments each in the amount of $5.0 million to the Company. BASF had the right to request that 25.3% of any amounts invoiced by the Company to BASF for Spaceloft A2 were to be credited against the outstanding balance of the prepayments. BASF also had the right to request that the Company repay any uncredited amount of the first prepayment to BASF following a six-week notice period on or after January 1, 2022 and the second prepayment on or after January 1, 2023. As of December 31, 2021, the Company had received $10.0 million in prepayments from BASF and applied approximately $0.3 million of credits against amounts invoiced to BASF for Spaceloft A2. During 2021, the Company and BASF jointly announced that BASF would discontinue further marketing and sale of Spaceloft A2 as of November 15, 2021. After that date, BASF customers have had the right to purchase Spaceloft A2 directly from the Company. On December 15, 2021, the Company terminated the supply arrangement and JDA with BASF and BASF SE, respectively. As part of the termination, t he Company and BASF agreed that any uncredited prepayment balances would remain outstanding and subject to repayment upon BASF’s request following the requisite six-week notice periods after January 1, 2022 and January 1, 2023, respectively. Prepayment liabilities as of December 31, 2021 and December 31, 2020 were as follows: December 31, December 31, 2021 2020 (In thousands) Prepayment liability $ 9,728 $ 9,845 Current portion of prepayment liability (4,728 ) — Prepayment liability included within deferred revenue — (290 ) Prepayment liability, long-term $ 5,000 $ 9,555 Letters of Credit The Company has provided certain customers with letters of credit securing obligations under commercial contracts. The Company had letters of credit outstanding of $1.3 million and $1.4 million at December 31, 2021 and 2020, respectively. These letters of credit are secured by the Company’s revolving credit facility (see note 7). Operating Leases During 2016, the Company entered into an agreement to extend its lease of approximately 51,650 square feet of office space in Northborough, Massachusetts. The lease commenced on January 1, 2017 and will expire on December 31, 2031. The annual base rent associated with the lease was $459,000 during 2021 and is increasing by approximately 3% annually for the term of the lease. The lease also requires the payment by the Company of its pro rata share of real estate taxes and certain other expenses. Prior to the expiration of the lease, the Company will have the right to extend the lease for an additional term of five years. Under the terms of the lease extension, the landlord provided the Company with an allowance of $1.2 million to be utilized for improvements to the leased premises. These amounts were considered a lease incentive and were excluded from the Company’s ROU assets upon its adoption of ASU 2016-02 on January 1, 2019 (see note 10). At December 31, 2021 and 2020, the Company had capitalized $1.2 million in associated leasehold improvement costs. The Company also leases facilities and equipment under operating leases expiring at various dates through 2031. Under these agreements, the Company is obligated to pay annual rent, real estate taxes, and certain operating expenses. See note 10 for further information on future minimum lease payments under operating leases at December 31, 2021. The Company incurred rent expense under all operating leases of approximately $2.2 million, $1.4 million and $1.5 million in the years ended December 31, 2021, 2020 and 2019, respectively. Federal, State and Local Environmental Regulations The Company is subject to federal, state and local laws and regulations relating to the environment. These laws generally provide for control of pollutants released into the environment and require responsible parties to undertake remediation. Penalties may be imposed for noncompliance. During the year ended 2020, the Company was in technical discussions with the U.S. Environmental Protection Agency (EPA) in connection with the EPA’s notice of potential violation and opportunity to confer that the Company received regarding the applicability of certain Resource Conservation and Recovery Act (RCRA) provisions to certain aspects of its manufacturing unit operations. The EPA notice was in connection with the EPA’s RCRA Compliance Evaluation Inspection of the Company’s East Providence, Rhode Island manufacturing facility in May 2019. Subsequent to these initial discussions, the Company received notice from the EPA that there were no violations with respect to its manufacturing unit operations. Litigation The Company is, from time to time, a party to litigation that arises in the normal course of its business operations. See Part I, Item 3 (“Legal Proceedings”) of this Annual Report on Form 10-K for a description of certain of the Company’s current legal proceedings. The Company is not presently a party to any litigation for which it believes a loss is probable requiring an amount to be accrued or a possible loss contingency requiring disclosure. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | (12) Stockholders’ Equity At December 31, 2021 and 2020, the Company was authorized to issue 130,000,000 shares of stock, of which 125,000,000 shares were designated as common stock and 5,000,000 shares were designated as preferred stock. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2021 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plan | (13) Employee Benefit Plan The Company sponsors the Aspen Aerogels, Inc. 401(k) Plan. Under the terms of the plan, the Company’s employees may contribute a percentage of their pretax earnings. During the year ended December 31, 2021, the Company provided matching contributions of $0.3 million. During the years ended December 31, 2020 and December 31, 2019, the Company provided matching contributions of $0.2 million. |
Employee Stock Ownership Plans
Employee Stock Ownership Plans | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Employee Stock Ownership Plans | (14) Employee Stock Ownership Plans Effective June 12, 2014, the Company adopted the 2014 Employee, Director and Consultant Equity Incentive Plan (the 2014 Equity Plan). Under the 2014 Equity Plan, the Company may grant incentive stock options (ISOs), non-qualified stock options (NSOs), restricted stock, restricted stock units (RSUs) and other stock-based awards. Stock options under the plan are to be granted with an exercise price not less than the fair market value of the Company’s common stock at the date of grant. Equity awards granted to employees generally vest over a service period of three to four years. Restricted stock and stock options granted to nonemployee directors generally vest over a one-year During 2021, the Company granted 72,531 RSUs with a grant date fair value of $2.0 million and NSOs to purchase 220,177 shares of common stock with a grant date fair value of $3.2 million to employees under the 2014 Equity Plan. The RSUs and NSOs granted to employees will generally vest over a three-year During the year ended December 31, 2021, the Company also granted 14,934 shares of restricted common stock with a grant date fair value of $0.3 million and NSOs to purchase 18,528 shares of common stock with a grant date fair value of $0.2 million to its non-employee directors under the 2014 Equity Plan. The restricted common stock and NSOs granted to non-employee directors will vest upon the earlier of the date that is the one-year On June 29, 2021, the Company also awarded 461,616 shares of restricted common stock to its chief executive officer. The shares will vest subject to the achievement of certain volume weighted average common stock price targets, over a three-to-five year period. The award had an aggregate grant date fair value of $6.5 million. On December 10, 2020, the Company modified the vesting conditions of NSOs to purchase 116,279 of common stock held by its chief executive officer (the CEO Options) to extend the time period to achieve the common stock price target. The Company accounted for the extension of the time period for the achievement of the common stock price target vesting condition of the NSOs as a modification and recognized $1.1 million of incremental stock compensation expense during the year ended December 31, 2020. Stock-based compensation is included in cost of sales or operating expenses, as applicable, and consists of the following: Year Ended December 31, 2021 2020 2019 (In thousands) Cost of product revenue $ 510 $ 598 $ 573 Research and development expenses 750 652 506 Sales and marketing expenses 822 704 629 General and administrative expenses 3,094 3,050 2,063 Total stock-based compensation $ 5,176 $ 5,004 $ 3,771 At December 31, 2021, 3,917,401 shares of common stock were reserved for issuance upon the exercise or vesting of outstanding stock-based awards granted under the 2014 Equity Plan and 2001 Equity Incentive Plan, as amended (the 2001 Equity Plan). Any cancellations or forfeitures of the options outstanding under the 2001 Equity Plan will result in the shares reserved for issuance upon exercise or such options becoming available for grant under the 2014 Equity Plan. At December 31, 2021, the Company has either reserved in connection with statutory tax withholdings or issued a total of 3,914,596 shares under the 2014 Equity Plan. At December 31, 2021, there were 699,416 shares available for future grant under the 2014 Equity Plan. Stock Options Valuation and Amortization Method The fair value of each stock option is estimated as of the date of grant using the Black-Scholes option-pricing model. Key inputs into this formula included expected term, expected volatility, expected dividend yield and the risk-free rate. Each assumption is set forth and discussed below. The Company used a Monte-Carlo Simulation model to estimate the original grant date fair value of the CEO Options as well as the subsequent modifications. The simulation model was based on the Black-Scholes option-pricing model and a number of complex assumptions including (i) whether the vesting condition is satisfied within the time-vesting periods, and (ii) the date the common stock price target is met per the terms of the agreement. For stock options with a service condition, the fair value is amortized on a straight-line basis over the requisite service period of the options, which is generally a three-year Expected Term The expected term represents the period that the Company’s stock-based awards are expected to be outstanding. The Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term. Accordingly, the Company uses the simplified method to calculate the expected term for options granted. Expected Volatility In 2021, the Company used its historical volatility as a basis to estimate expected volatility in the valuation of stock options. In 2020 and 2019, due to the Company’s limited historical data, the Company used an estimated volatility based on the historical volatility of comparable companies with publicly available share prices. The 2020 and 2019 expected volatility was primarily based on the weighted average volatility of up to 17 companies with business, financial and market attributes that the Company believes are similar to its own. Expected Dividend The Company uses an expected dividend yield of zero. The Company does not intend to pay cash dividends on its common stock in the foreseeable future, nor has it paid dividends on its common stock in the past. Risk-free Interest Rate The Company uses a risk-free interest rate based on U.S. Treasury zero-coupon issues with a remaining term equal to the expected life assumed at the date of grant. Estimated Forfeitures The Company records the impact of forfeitures of service-based awards under the provisions of ASU 2016-09 at the time an award is forfeited. Assumptions Utilized The following information relates to the fair value of the option awards estimated by use of the Black-Scholes option-pricing model: Year Ended December 31, 2021 2020 2019 Weighted average assumptions: Expected term (in years) 5.96 5.96 5.81 Expected volatility 59.80 % 52.27 % 49.90 % Risk free rate 0.86 % 1.08 % 2.44 % Expected dividend yield 0.00 % 0.00 % 0.00 % Weighted average fair value: Grant-date fair value of options granted $ 14.28 $ 4.15 $ 1.90 Grant-date fair value of options vested $ 2.91 $ 2.44 $ 2.24 Aggregate intrinsic value of options exercised $ 12,675,489 $ 1,987,654 $ — Outstanding Options The following table summarizes information about stock options outstanding: Number of Shares Weighted Average Grant Date Fair Value Per Share Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value ($ in thousands, except share and per share data) Options outstanding at December 31, 2020 3,704,444 $ 5.33 $ 8.28 6.48 $ 36,830,172 Granted 238,705 $ 14.28 $ 26.04 Forfeited (24,379 ) $ 14.22 $ 18.84 Expired (176 ) $ 7,336.64 $ 14,768.41 Exercised (351,387 ) $ 3.25 $ 6.55 $ 12,675,489 Options outstanding at December 31, 2021 3,567,207 $ 6.07 $ 9.45 5.78 $ 146,520,052 Exercisable at December 31, 2021 2,726,409 $ 5.94 $ 8.56 5.78 $ 114,897,811 Expected to vest at December 31, 2021 840,798 $ 6.47 $ 12.29 1.92 $ 31,622,241 As of December 31, 2021, total unrecognized compensation cost related to non-vested service-based options granted under the 2014 Equity Plan was $3.6 million. The unrecognized compensation cost for the service-based options is expected to be recognized over a weighted average period of 1.92 years. Restricted Stock Awards and Restricted Stock Units The Company values restricted stock awards and RSUs based on the closing price of our shares on the date of grant. RSUs have time-based vesting conditions and typically vest over three or four years. During the year ended December 31, 2021, the Company granted RSUs to one executive which will vest over one year. Restricted stock awards issued to nonemployee directors generally vest in full one year from the date of grant. During the year ended December 31, 2021, the Company also awarded 461,616 shares of restricted common stock to its chief executive officer. The shares will vest subject to the achievement of certain volume weighted average common stock price targets, over a three-to-five year period. During the year ended December 31, 2021, the Company also awarded 461,616 shares of restricted common stock to its chief executive officer. The shares will vest subject to the achievement of certain volume weighted average common stock price targets, over a three-to-five year period. The Company valued the shares using a Monte-Carlo simulation model to estimate the grant date fair value utilizing an expected volatility of 59.3% and a risk free rate of 0.89%. The following table provides detail of grants, vesting, and forfeitures of RSUs during 2021: Restricted Stock Units Weighted Average Grant Date Fair Value Balance at December 31, 2020 675,572 $ 4.88 Granted 72,531 27.91 Vested (375,306 ) 4.62 Forfeited (22,602 ) 7.45 Balance at December 31, 2021 350,195 $ 9.75 Restricted stock awards granted during 2021 are considered issued and outstanding common stock and are excluded from the table above. As of December 31, 2021, there were 14,934 shares of restricted stock outstanding granted to nonemployee directors and 461,616 shares of restricted stock outstanding granted to the Company’s chief executive officer. The total intrinsic value of restricted stock and RSUs that vested in 2021 and 2020 was $8.4 million and $4.0 million, respectively. As of December 31, 2021, 287,004 of the total shares of restricted stock and RSUs outstanding will vest upon the fulfillment of service conditions. As of December 31, 2021, total unrecognized compensation cost related to restricted stock awards issued to nonemployee directors of $0.1 million, and RSUs of $2.1 million is expected to be recognized over a weighted average period of 0.42 years and 1.89 years respectively. As of December 31, 2021, total unrecognized compensation cost related to restricted stock awards issued to the Company’s chief executive officer of $5.5 million is expected to be recognized over a weighted average period of 2.89 years. |
CARES Act Payroll Tax Deferral
CARES Act Payroll Tax Deferral | 12 Months Ended |
Dec. 31, 2021 | |
Other Liabilities Disclosure [Abstract] | |
CARES Act Payroll Tax Deferral | (15) CARES Act Payroll Tax Deferral The Company elected to defer approximately $0.9 million of its employer payroll tax obligation for the period from March 27, 2020 to December 31, 2020 pursuant to the provisions of the CARES Act. The Company was required to remit 50 percent of the deferred tax balance on or before December 31, 2021 and is required to remit the remaining 50 percent on or before December 31, 2022. As of December 31, 2021, the Company had remitted its initial repayment obligation. Other long-term liabilities consist of the following: December 31, December 31, 2021 2020 (In thousands) Deferred employer payroll tax obligation $ 434 $ 870 Current portion of deferred payroll tax obligation (434 ) (436 ) Other long-term liabilities $ — $ 434 |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | (16) Net Loss Per Share The computation of basic and diluted net loss per share consists of the following: Year ended December 31, 2021 2020 2019 (In thousands, except share and per share data) Numerator: Net loss $ (37,094 ) $ (21,809 ) $ (14,565 ) Denominator: Weighted average shares outstanding, basic and diluted 30,433,154 26,377,652 24,099,438 Net loss per share, basic and diluted $ (1.22 ) $ (0.83 ) $ (0.60 ) On June 29, 2021, the Company sold 3,462,124 shares to an affiliate of Koch Strategic Platforms, LLC in a private placement of its common stock and received net proceeds of $73.5 million after deducting fees and offering expenses of $1.5 million. During the year ended December 31, 2021, the Company also completed the sale of 929,981 shares at an average price of $21.53 per share through its ATM offering. Potentially dilutive common shares that were excluded from the computation of diluted net loss per share because they were anti-dilutive consist of the following: Year ended December 31, 2021 2020 2019 Common stock options 3,567,207 3,704,444 3,547,434 Restricted common stock units 350,195 675,572 1,083,000 Restricted common stock awards 14,934 123,191 128,453 Total 3,932,336 4,503,207 4,758,887 In the table above, anti-dilutive shares consist of those common stock equivalents that have (i) an exercise price above the average stock price for the period or (ii) related average unrecognized stock compensation expense sufficient to buy back the entire amount of shares. The Company excludes the shares issued in connection with restricted stock awards from the calculation of basic weighted average common shares outstanding until the restrictions lapse. For each of the years ended December 31, 2021, 2020 and 2019 , there was no dilutive impact of the common stock options, RSUs, and restricted stock awards. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (17) Income Taxes The Company incurred net operating losses and recorded a full valuation allowance against net deferred assets for all periods presented. Accordingly, the Company has not recorded a provision for federal or state income taxes. The reconciliation between the U.S. statutory income tax rate and the Company’s effective rate consists of the following: Year Ended December 31, 2021 2020 2019 U.S. federal income tax statutory rate 21 % 21 % 21 % Permanent differences 10 % 2 % (2 )% State tax, net of federal benefit 5 % 4 % — % Changes in valuation allowance for deferred tax assets (35 )% (26 )% (18 )% Stock-based compensation — % (1 )% (1 )% Expiring net operating losses (1 )% (1 )% — % Other — % 1 % — % Effective tax rate — — — The tax effects of temporary differences between financial statement and tax accounting that gave rise to significant portions of the Company’s deferred tax assets and deferred tax liabilities at December 31, 2021 and 2020 are presented below: December 31, 2021 2020 (In thousands) Deferred tax assets: Net operating loss carryforwards $ 68,867 $ 58,120 Stock-based compensation 5,539 5,345 Operating lease liabilities 3,869 1,179 Tax credit carryforwards 315 289 Reserves and accruals 1,904 687 Interest expense limitation 356 297 Total gross deferred tax assets 80,850 65,917 Deferred tax liabilities: Depreciation (2,257 ) (2,948 ) Operating lease right-of-use assets (3,436 ) (883 ) Total deferred tax liabilities (5,693 ) (3,831 ) Total deferred tax assets and liabilities 75,157 62,086 Valuation allowance (75,157 ) (62,086 ) Net deferred tax asset $ — $ — The CARES Act made several changes to the Internal Revenue Code. The changes include, but are not limited to, increasing the limitation on the amount of deductible interest expense, allowing companies to carryback certain net operating losses and increasing the amount of net operating loss carryforwards that corporations can use to offset taxable income. The tax law changes in the CARES Act did not have a material impact on the Company’s income tax provision. The net change in the valuation allowance for the year ended December 31, 2021, was an increase of $13.1 million. The Company has recorded a full valuation allowance against its deferred tax assets due to the uncertainty associated with the utilization of the net operating loss carryforwards and other future deductible items. In assessing the realizability of deferred tax assets, the Company considers all available evidence, historical and prospective, with greater weight given to historical evidence, in determining whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of the Company’s deferred tax assets generally is dependent upon generation of future taxable income. At December 31, 2021, the Company had $296.1 million of net operating losses available to offset future federal income, if any, of which $194.6 million expire on various dates through December 31, 2037. Net operating losses of $101.5 million generated from 2018 through 2021 have an unlimited carryforward . At December 31, 2021, the Company had $115.2 million of apportioned net operating losses available to offset future state taxable income, if any, and which begin to expire at various dates between 2022 and 2041. For each of the years ended December 31, 2021, 2020, and 2019, the Company did not have any material unrecognized tax benefits and thus no interest and penalties related to unrecognized tax benefits were recorded. In addition, the Company does not expect that the amount of unrecognized tax benefits will change significantly within the next twelve months. The Company files a federal income tax return in the United States and income tax returns in various state and foreign jurisdictions. All tax years are open for examination by the taxing authorities for both federal and state purposes. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | (18) Subsequent Events The Company has evaluated subsequent events through February 28, 2022, the date of issuance of the consolidated financial statements for the year ended December 31, 2021. On February 15, 2022, the Company entered into a note purchase agreement (Notes) with an affiliate of Koch Strategic Platforms (KSP), relating to the issuance and sale of $100.0 million of the Company’s convertible debt. The Notes will bear interest at the Secured Overnight Financing Rate (SOFR) plus 5.50% per annum if interest is paid in cash, or, if interest is paid in kind (through an increase in the principal amount of the outstanding Notes or through the issuance of additional Notes), at SOFR plus 6.50% per annum (PIK Interest). The Company can elect to make any interest payment through cash, PIK Interest or any combination thereof. Interest on the Notes is payable semi-annually in arrears on June 30 and December 30, commencing on June 30, 2022. It is expected that the Notes will mature on February 18, 2027, subject to earlier conversion, redemption or repurchase. In addition, KSP has agreed to purchase 1,791,986 shares of the Company’s common stock at a price of $27.902 per share, resulting in gross proceeds to the Company of $50 million. The private placement of shares is subject to the satisfaction of customary closing conditions, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 review. |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2021 | |
Valuation And Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | Schedule II VALUATION AND QUALIFYING ACCOUNTS (in thousands) Description Balance at Beginning of Year Charges to Costs and Expenses (a) Recoveries of Costs and Expenses (b) Deductions to Allowances for Uncollectible Accounts (c) Charges to (Deductions from) Other Accounts (d) Balance at End of Year Year Ended December 31, 2021: Allowances for uncollectible accounts and sales returns and allowances $ 442 (85 ) (208 ) — — $ 150 Year Ended December 31, 2020: Allowances for uncollectible accounts and sales returns and allowances $ 144 325 — — (27 ) $ 442 Year Ended December 31, 2019: Allowances for uncollectible accounts and sales returns and allowances $ 2,877 — (228 ) (2,552 ) 47 $ 144 (a) Represents allowances for uncollectible accounts established through general and administrative expenses. (b) Represents recoveries of allowances for uncollectible accounts established through general and administrative expenses. (c) Represents actual write-offs of uncollectible accounts. (d) Represents net change in allowances for sales returns, recorded as contra-revenue. |
Description of Business (Polici
Description of Business (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Nature of Business | Nature of Business Aspen Aerogels, Inc. (the Company) is an aerogel technology company that designs, develops and manufactures innovative, high-performance aerogel insulation used primarily in the energy infrastructure and sustainable building materials markets. In addition, the Company has introduced a line of aerogel thermal barriers for use in battery packs in the electric vehicle market. The Company is also developing applications for its aerogel technology in the battery materials and a number of other high-potential markets. The Company has also conducted research related to aerogel technology supported by funding from several agencies of the U.S. government and other institutions in the form of research contracts. The Company has decided to cease efforts to secure additional funded research contracts and to wind down existing contract research activities. The Company maintains its corporate offices in Northborough, Massachusetts. The Company has three wholly owned subsidiaries: Aspen Aerogels Rhode Island, LLC, Aspen Aerogels Germany, GmbH and Aspen Aerogels Georgia, LLC. On June 18, 2014, the Company completed the initial public offering (IPO) of its common stock. |
Liquidity | Liquidity During the year ended December 31, 2021, the Company incurred a net loss of $37.1 million and used $18.6 million of cash in operations, used $13.8 million of cash for capital expenditures, received net proceeds of $19.4 million through an at-the-market (ATM) offering of the Company’s common stock and received net proceeds of $73.5 million through a private placement of the Company’s common stock. The Company had cash and cash equivalents of $76.6 million, a $4.7 million current prepayment liability (see note 11), and no outstanding borrowings under its revolving line of credit as of December 31, 2021 (see note 7). After giving effect to the $1.3 million of outstanding letters of credit, the amount available to the Company at December 31, 2021, under the revolving line of credit was $12.6 million. The revolving line of credit matures on April 28, 2022. On May 1, 2020, Aspen Aerogels Rhode Island, LLC received a loan in the amount of $3.7 million pursuant to the Paycheck Protection Program established by the CARES Act and administered by the Small Business Administration (SBA). On August 24, 2021, the SBA remitted $3.7 million in principal and less than $0.1 million in accrued interest to the noteholder after approving the Borrower’s application for forgiveness of the loan under the provisions of the CARES Act. Accordingly, the Company recorded a total gain on the extinguishment of debt of $3.7 million during the year ended December 31, 2021. The Company is increasing investment in the research and development of next-generation aerogel products and manufacturing process technologies. In addition, the Company has developed a number of promising aerogel products and technologies for the electric vehicle market. The Company believes that the commercial potential for the Company’s products and technology in the electric vehicle market is significant. Accordingly, the Company is hiring additional personnel, incurring additional operating expenses, and incurring significant capital expenditures to expand silica aerogel manufacturing capacity, build an automated thermal barrier fabrication operation, enhance research and development laboratory facilities and equipment, and construct a battery materials facility, among other efforts. The Company expects its existing cash balance and the amount anticipated to be available under the existing revolving line of credit will be sufficient to support current operating requirements, current research and development activities and the initial capital expenditures required to support the evolving commercial opportunity in the electric vehicle market and other strategic business initiatives. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP), include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements requires the Company to make a number of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include allowances for doubtful accounts, sales returns and allowances, product warranty costs, inventory valuation, the carrying amount of property and equipment, right-of-use assets, lease liabilities, stock-based compensation, and deferred income taxes. The Company evaluates its estimates and assumptions on an on-going basis using historical experience and other factors, including current economic conditions, which are believed to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances warrant. Illiquid credit markets, volatile equity markets, and declines in business investment can increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in these estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash equivalents include short-term, highly liquid instruments, which consist of money market accounts and high-quality debt securities issued by the U.S. government via cash sweep accounts. All cash and cash equivalents are maintained with major financial institutions in North America. Deposits with these financial institutions may exceed the amount of insurance provided on such deposits; however, these deposits typically may be redeemed upon demand and, therefore, bear minimal risk. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments, which potentially expose the Company to concentrations of credit risk, consist principally of accounts receivable. The Company’s customers are primarily insulation distributors, insulation contractors, insulation fabricators and select energy and automotive end-users located throughout the world. The Company performs ongoing credit evaluations of its customers’ financial condition and generally requires no collateral to secure accounts receivable. The Company maintains an allowance for doubtful accounts based on its assessment of the collectability of accounts receivable. The Company reviews the allowance for doubtful accounts quarterly. During the year ended December 31, 2021, the Company did not record any charges for uncollectible accounts receivable. During the year ended December 31, 2020, the Company recorded a charge for estimated customer uncollectible accounts receivable of $0.3 million. During the year ended December 31, 2019, the Company did not record any charges for uncollectible accounts receivable. For the year ended December 31, 2021, one customer represented 28% of total revenue. For the year ended December 31, 2020, two customers represented 21% and 15% of total revenue, respectively. For the year ended December 31, 2019, two customers represented 20% and 13% of total revenue, respectively. At December 31, 2021, the Company had two customers which accounted for 27% and 17% of accounts receivable, respectively. At December 31, 2020, the Company had one customer which accounted for 26% of accounts receivable. |
Inventories | Inventories Inventory consists of finished products and raw materials. Inventories are carried at lower of cost, determined using the first-in, first-out (FIFO) method, and net realizable value. Cost includes materials, labor and manufacturing overhead. Manufacturing overhead is allocated to the costs of conversion based on normal capacity of the Company’s production facility. Abnormal freight, handling costs and material waste is expensed in the period it occurs. The Company periodically reviews its inventories and makes provisions as necessary for estimated excess, obsolete or damaged goods to ensure values approximate the lower of cost and net realizable value. The amount of any such provision is equal to the difference between the cost of inventory and the estimated net realizable value based upon assumptions about future demand, selling prices and market conditions. |
Property, Plant and Equipment, Net | Property, Plant and Equipment, Net Property, plant and equipment are stated at cost. Expenditures for maintenance and repairs are charged to expense as incurred. Expenditures for major betterments are capitalized as additions to property, plant and equipment. Depreciation on plant and equipment is calculated on the straight-line method over the estimated useful lives of the assets. Assets related to leasehold improvements are amortized on a straight-line basis over the shorter of the lease term or estimated useful life of the asset. Assets utilized in the Company’s operations that are taken out of service with no future use are charged to cost of revenue or operating expenses, depending on the department in which the asset was utilized. Impairments of construction in progress are charged to operating expenses upon the determination of no future use. |
Other Assets | Other Assets Other assets primarily include long-term deposits. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment when events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. Recognition and measurement of a potential impairment is performed on assets grouped with other assets and liabilities at the lowest level where identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset or asset group to future undiscounted net cash flows expected to be generated by the asset or asset group. If the carrying amount of an asset or asset group exceeds its estimated undiscounted future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset or asset group exceeds the fair value of the asset or asset group. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. |
Leases | Leases On January 1, 2019, the Company adopted Accounting Standards Update (ASU) 2016-02, Leases (Topic 842). |
Revenue Recognition | Revenue Recognition The Company recognizes revenue in accordance with Accounting Standards Codification 606, Revenue from Contracts with Customers (ASC 606). See note 3 for further details. |
Warranty | Warranty The Company provides warranties for its products and records the estimated cost within cost of revenue in the period that the related revenue is recorded. The Company’s standard warranty period extends to one year from the date of shipment. This standard warranty provides that the Company’s products will be free from defects in material and workmanship, and will, under normal use, conform to the specifications for the product. The Company’s products may be utilized in systems that involve new technical demands and new configurations. Accordingly, the Company regularly reviews and assesses whether warranty reserves should be recorded in the period the related revenue is recorded. For an initial shipment of product for use in a system with new technical demands or new configurations and where the Company is unsure of meeting the customer’s specifications, the Company will defer the recognition of product revenue and related costs until written customer acceptance is obtained. The Company recorded warranty expense of less than $0.1 million during the year ended December 31, 2021. The Company did not record any warranty expense during the years ended December 31, 2020 and 2019, respectively. |
Shipping and Handling Costs | Shipping and Handling Costs Shipping and handling costs are classified as a component of cost of revenue. Customer payments of shipping and handling costs are recorded as product revenue. |
Stock-based Compensation | Stock-based Compensation The Company grants share-based awards to its employees and non-employee directors. All share-based awards granted, including grants of stock options, restricted stock and restricted stock units (RSUs), are recognized in the statement of operations based on their fair value as of the date of grant. Expense is recognized on a straight-line basis over the requisite service period for all awards with service conditions. For performance-based awards, the grant date fair value is recognized as expense when the condition is probable of being achieved, and then on a graded basis over the requisite service period. The Company uses the Black-Scholes option-pricing model to determine the fair value of service-based option awards. The Black-Scholes model requires the use of a number of complex and subjective assumptions including fair value of the underlying security, the expected volatility of the underlying security, a risk-free interest rate and the expected term of the option. The fair value of restricted stock and RSUs is determined using the closing price of the Company’s common stock on the date of grant. All shares of restricted stock are not transferable until vested. Restricted stock is typically issued to non-employee directors and typically vests over a one-year three-year For stock options that contain a market condition, the Company uses the Monte-Carlo simulation option-pricing model to determine the fair value of the awards. In addition to the input assumptions used in the Black-Scholes model, the Monte-Carlo simulation option-pricing model factors the probability that the specific market condition may or may not be satisfied into the valuation. Stock-based compensation expense for awards with a market condition is recognized on a straight-line basis over the requisite service period for each such award. For the restricted stock awards issued to the Company’s chief executive officer during the year ended December 31, 2021 that will vest subject to achievement of certain volume weighted average common stock price targets over a three-to-five year period, the Company used a Monte-Carlo simulation model to estimate the grant date fair value with respect to 461,616 shares of restricted common stock. The award had an aggregate date fair value of $6.5 million. Pursuant to the “evergreen” provisions of the 2014 Employee, Director and Consultant Equity Incentive Plan, the number of shares of common stock authorized for issuance under the plan automatically increased by 556,433 shares to 8,531,413 shares effective January 1, 2021. |
Research and Development | Research and Development Costs incurred in the Company’s research and development activities include compensation and related costs, services provided by third-party contractors, materials and supplies and are classified as research and development expenses as incurred. Research and development costs directly associated with research services revenue are classified as research services in cost of revenue. |
Earnings per Share | Earnings per Share The Company calculates net loss per common share based on the weighted-average number of common shares outstanding during each period. Potential common stock equivalents are determined using the treasury stock method. The weighted-average number of common shares included in the computation of diluted net income (loss) gives effect to all potentially dilutive common equivalent shares, including outstanding stock options and RSUs. Common equivalent shares are excluded from the computation of diluted net loss per share if their effect is antidilutive. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. The Company accounts for uncertain tax positions using a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Differences between tax positions taken in a tax return and amounts recognized in the financial statements are recorded as adjustments to income taxes payable or receivable, or adjustments to deferred taxes, or both. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company recognizes penalties and interest related to uncertain tax positions, if any, as a component of income tax expense. |
Segments | Segments Operating segments are identified as components of an enterprise about which separate, discrete financial information is available for evaluation by the chief operating decision maker in making decisions on how to allocate resources and assess performance. The Company’s chief operating decision maker is the Chief Executive Officer. The Company’s chief operating decision maker reviews consolidated operating results to make decisions about allocating resources and assessing performance for the entire Company. The Company presently views its operations and manages its business as one operating segment. Information about the Company’s total revenues, based on shipment destination or services location, is presented in the following table: Year Ended December 31, 2021 2020 2019 (In thousands) Revenue: U.S. $ 66,837 $ 44,842 $ 58,328 International 54,785 55,431 81,047 Total revenue $ 121,622 $ 100,273 $ 139,375 |
Recently Issued Accounting Standards | Recently Issued Accounting Standards From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies. Recently issued standards typically do not require adoption until a future effective date. Prior to their effective date, the Company evaluates the pronouncements to determine the potential effects of adoption to its consolidated financial statements. Standards Implemented Since December 31, 2020 The Company has not implemented any accounting standards that had a material impact on its consolidated financial statements during the year ended December 31, 2021. Standards to be Implemented After December 31, 2021 The Company believes that the impact of recently issued accounting standards that are not yet effective will not have a material impact on its consolidated financial statements |
Summary of Basis of Presentat_2
Summary of Basis of Presentation and Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Revenues, Based on Shipment Destination or Research Services Location | Information about the Company’s total revenues, based on shipment destination or services location, is presented in the following table: Year Ended December 31, 2021 2020 2019 (In thousands) Revenue: U.S. $ 66,837 $ 44,842 $ 58,328 International 54,785 55,431 81,047 Total revenue $ 121,622 $ 100,273 $ 139,375 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Revenue Disaggregated by Geographical Region and Source of Revenue | In the following tables, revenue is disaggregated by primary geographical region and source of revenue: December 31, 2021 U.S. International Total (In thousands) Geographical region Asia $ — $ 19,383 $ 19,383 Canada — 2,985 2,985 Europe — 27,924 27,924 Latin America — 4,493 4,493 U.S. 66,837 — 66,837 Total revenue $ 66,837 $ 54,785 $ 121,622 Source of revenue Product revenue $ 59,789 $ 49,960 $ 109,749 Subsea projects — 4,699 4,699 EV thermal barrier 6,538 126 6,664 Research services 510 — 510 Total revenue $ 66,837 $ 54,785 $ 121,622 December 31, 2020 U.S. International Total (In thousands) Geographical region Asia $ — $ 38,403 $ 38,403 Canada — 986 986 Europe — 13,881 13,881 Latin America — 2,161 2,161 U.S. 44,842 — 44,842 Total revenue $ 44,842 $ 55,431 $ 100,273 Source of revenue Product revenue $ 42,416 $ 47,678 $ 90,094 Subsea projects 1,987 7,753 9,740 Research services 439 — 439 Total revenue $ 44,842 $ 55,431 $ 100,273 December 31, 2019 U.S. International Total (In thousands) Geographical region Asia $ — $ 44,485 $ 44,485 Canada — 9,064 9,064 Europe — 24,081 24,081 Latin America — 3,417 3,417 U.S. 58,328 — 58,328 Total revenue $ 58,328 $ 81,047 $ 139,375 Source of revenue Product revenue $ 52,050 $ 67,856 $ 119,906 Subsea projects 3,837 13,191 17,028 Research services 2,441 — 2,441 Total revenue $ 58,328 $ 81,047 $ 139,375 |
Summary of Changes in Contract Assets and Contract Liabilities | The following table presents changes in the Company’s contract assets and contract liabilities during the year ended December 31, 2021: Balance at December 31, 2020 Additions Deductions Balance at December 31, 2021 (In thousands) Contract assets Subsea projects $ 1,370 $ 4,521 $ (4,443 ) $ 1,448 Product revenue — 362 (127 ) 235 Research services 67 510 (429 ) 148 Total contract assets $ 1,437 $ 5,393 $ (4,999 ) $ 1,831 Contract liabilities Deferred revenue Product revenue $ 1,859 $ 3,686 $ (4,224 ) $ 1,321 Subsea projects 178 2,168 (2,346 ) — Prepayment liability 9,555 173 — 9,728 Total contract liabilities $ 11,592 $ 6,027 $ (6,570 ) $ 11,049 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consist of the following: December 31, 2021 2020 (In thousands) Raw material $ 7,312 $ 4,068 Finished goods 4,675 9,031 Total $ 11,987 $ 13,099 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Summary of Property, Plant and Equipment | Property, plant and equipment consist of the following: December 31, 2021 2020 Useful life (In thousands) Construction in progress $ 13,456 $ 1,906 — Buildings 24,016 24,016 30 years Machinery and equipment 130,529 124,807 3 — 10 years Computer equipment and software 9,457 8,850 3 years Total 177,458 159,579 Accumulated depreciation and amortization (121,680 ) (112,840 ) Property, plant and equipment, net $ 55,778 $ 46,739 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consist of the following: December 31, 2021 2020 (In thousands) Employee compensation $ 8,991 $ 2,587 Other accrued expenses 1,828 1,297 Total $ 10,819 $ 3,884 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | As of December 31, 2020, long-term debt consisted of the following: December 31, 2020 (In thousands) Long-term debt, principal $ 3,686 Current portion of long-term debt (1,609 ) Debt issuance costs, net of accumulated amortization (18 ) Long-term debt $ 2,059 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Summary of Maturities of Operating Lease Liabilities | Maturities of operating lease liabilities at December 31, 2021 are as follows: Year Operating Leases (In thousands) 2022 $ 3,076 2023 2,630 2024 2,038 2025 1,803 2026 1,634 Thereafter 8,333 Total lease payments 19,514 Less imputed interest (4,276 ) Total lease liabilities $ 15,238 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Capitalized Implementation Costs are Classified on the Consolidated Balance Sheets | The Company is party to a cloud computing agreement that is a service contract for enterprise resource planning software. The agreement has a three-year December 31, 2021 (In thousands) Cloud computing costs included in other current assets $ 389 Cloud computing costs included in other assets 637 Total capitalized cloud computing costs $ 1,027 |
Schedule of Prepayment Liability | Prepayment liabilities as of December 31, 2021 and December 31, 2020 were as follows: December 31, December 31, 2021 2020 (In thousands) Prepayment liability $ 9,728 $ 9,845 Current portion of prepayment liability (4,728 ) — Prepayment liability included within deferred revenue — (290 ) Prepayment liability, long-term $ 5,000 $ 9,555 |
Employee Stock Ownership Plans
Employee Stock Ownership Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Based Compensation Included in Cost of Sales or Operating Expenses | Stock-based compensation is included in cost of sales or operating expenses, as applicable, and consists of the following: Year Ended December 31, 2021 2020 2019 (In thousands) Cost of product revenue $ 510 $ 598 $ 573 Research and development expenses 750 652 506 Sales and marketing expenses 822 704 629 General and administrative expenses 3,094 3,050 2,063 Total stock-based compensation $ 5,176 $ 5,004 $ 3,771 |
Summary of Fair Value of Option Awards Estimated by Use of Black-Scholes Option Pricing Model | The following information relates to the fair value of the option awards estimated by use of the Black-Scholes option-pricing model: Year Ended December 31, 2021 2020 2019 Weighted average assumptions: Expected term (in years) 5.96 5.96 5.81 Expected volatility 59.80 % 52.27 % 49.90 % Risk free rate 0.86 % 1.08 % 2.44 % Expected dividend yield 0.00 % 0.00 % 0.00 % Weighted average fair value: Grant-date fair value of options granted $ 14.28 $ 4.15 $ 1.90 Grant-date fair value of options vested $ 2.91 $ 2.44 $ 2.24 Aggregate intrinsic value of options exercised $ 12,675,489 $ 1,987,654 $ — |
Summary of Stock Option Outstanding | The following table summarizes information about stock options outstanding: Number of Shares Weighted Average Grant Date Fair Value Per Share Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value ($ in thousands, except share and per share data) Options outstanding at December 31, 2020 3,704,444 $ 5.33 $ 8.28 6.48 $ 36,830,172 Granted 238,705 $ 14.28 $ 26.04 Forfeited (24,379 ) $ 14.22 $ 18.84 Expired (176 ) $ 7,336.64 $ 14,768.41 Exercised (351,387 ) $ 3.25 $ 6.55 $ 12,675,489 Options outstanding at December 31, 2021 3,567,207 $ 6.07 $ 9.45 5.78 $ 146,520,052 Exercisable at December 31, 2021 2,726,409 $ 5.94 $ 8.56 5.78 $ 114,897,811 Expected to vest at December 31, 2021 840,798 $ 6.47 $ 12.29 1.92 $ 31,622,241 |
Summary of Grants, Vesting, and Forfeitures of RSUs | The following table provides detail of grants, vesting, and forfeitures of RSUs during 2021: Restricted Stock Units Weighted Average Grant Date Fair Value Balance at December 31, 2020 675,572 $ 4.88 Granted 72,531 27.91 Vested (375,306 ) 4.62 Forfeited (22,602 ) 7.45 Balance at December 31, 2021 350,195 $ 9.75 |
CARES Act Payroll Tax Deferral
CARES Act Payroll Tax Deferral (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Summary of Other Long-term Liabilities | Other long-term liabilities consist of the following: December 31, December 31, 2021 2020 (In thousands) Deferred employer payroll tax obligation $ 434 $ 870 Current portion of deferred payroll tax obligation (434 ) (436 ) Other long-term liabilities $ — $ 434 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Loss Per Share | The computation of basic and diluted net loss per share consists of the following: Year ended December 31, 2021 2020 2019 (In thousands, except share and per share data) Numerator: Net loss $ (37,094 ) $ (21,809 ) $ (14,565 ) Denominator: Weighted average shares outstanding, basic and diluted 30,433,154 26,377,652 24,099,438 Net loss per share, basic and diluted $ (1.22 ) $ (0.83 ) $ (0.60 ) |
Summary of Potentially Dilutive Common Shares Excluded from Computation of Diluted Net Loss Per Share | Potentially dilutive common shares that were excluded from the computation of diluted net loss per share because they were anti-dilutive consist of the following: Year ended December 31, 2021 2020 2019 Common stock options 3,567,207 3,704,444 3,547,434 Restricted common stock units 350,195 675,572 1,083,000 Restricted common stock awards 14,934 123,191 128,453 Total 3,932,336 4,503,207 4,758,887 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Reconciliation Between U.S. Statutory Income Tax Rate and Company's Effective Rate | The reconciliation between the U.S. statutory income tax rate and the Company’s effective rate consists of the following: Year Ended December 31, 2021 2020 2019 U.S. federal income tax statutory rate 21 % 21 % 21 % Permanent differences 10 % 2 % (2 )% State tax, net of federal benefit 5 % 4 % — % Changes in valuation allowance for deferred tax assets (35 )% (26 )% (18 )% Stock-based compensation — % (1 )% (1 )% Expiring net operating losses (1 )% (1 )% — % Other — % 1 % — % Effective tax rate — — — |
Schedule of Deferred Tax Assets and Deferred Tax Liabilities | The tax effects of temporary differences between financial statement and tax accounting that gave rise to significant portions of the Company’s deferred tax assets and deferred tax liabilities at December 31, 2021 and 2020 are presented below: December 31, 2021 2020 (In thousands) Deferred tax assets: Net operating loss carryforwards $ 68,867 $ 58,120 Stock-based compensation 5,539 5,345 Operating lease liabilities 3,869 1,179 Tax credit carryforwards 315 289 Reserves and accruals 1,904 687 Interest expense limitation 356 297 Total gross deferred tax assets 80,850 65,917 Deferred tax liabilities: Depreciation (2,257 ) (2,948 ) Operating lease right-of-use assets (3,436 ) (883 ) Total deferred tax liabilities (5,693 ) (3,831 ) Total deferred tax assets and liabilities 75,157 62,086 Valuation allowance (75,157 ) (62,086 ) Net deferred tax asset $ — $ — |
Description of Business - Addit
Description of Business - Additional Information (Detail) | Aug. 24, 2021USD ($) | Dec. 31, 2021USD ($)Subsidiary | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | May 01, 2020USD ($) |
Basis Of Presentation [Line Items] | |||||
Number of Subsidiaries | Subsidiary | 3 | ||||
Net loss incurred | $ 37,094,000 | $ 21,809,000 | $ 14,565,000 | ||
Cash used in operations | 18,628,000 | 9,924,000 | $ 1,054,000 | ||
Cash for capital expenditures | 13,800,000 | ||||
Proceeds from issuance of private placement, net | 73,500,000 | ||||
Cash and cash equivalents | 76,564,000 | 16,496,000 | |||
Current portion of prepayment liability | 4,728,000 | ||||
Gain on extinguishment of debt | 3,734,000 | ||||
Aspen Aerogels Rhode Island, LLC [Member] | Paycheck Protection Program Loan | |||||
Basis Of Presentation [Line Items] | |||||
Debt instrument, principal amount | $ 3,700,000 | ||||
Principal Forgiveness [Member] | Paycheck Protection Program Loan | |||||
Basis Of Presentation [Line Items] | |||||
Debt instrument, principal amount | $ 3,700,000 | ||||
Gain on extinguishment of debt | $ 3,700,000 | ||||
Loan forgiveness description | On August 24, 2021, the SBA remitted $3.7 million in principal and less than $0.1 million in accrued interest to the noteholder after approving the Borrower’s application for forgiveness of the loan under the provisions of the CARES Act. Accordingly, the Company recorded a total gain on the extinguishment of debt of $3.7 million during the year ended December 31, 2021 | ||||
Principal Forgiveness [Member] | Paycheck Protection Program Loan | Maximum [Member] | |||||
Basis Of Presentation [Line Items] | |||||
Debt instrument, accrued interest | 100,000 | ||||
Principal Forgiveness [Member] | Aspen Aerogels Rhode Island, LLC [Member] | Paycheck Protection Program Loan | |||||
Basis Of Presentation [Line Items] | |||||
Debt instrument, principal amount | 3,700,000 | ||||
Gain on extinguishment of debt | 3,700,000 | ||||
Loan forgiveness description | On August 24, 2021, the SBA remitted $3.7 million in principal and less than $0.1 million in accrued interest to the PPP Investor after approving the Borrower’s application for forgiveness of the PPP Loan under the provisions of the CARES Act. Accordingly, the Company recorded a total gain on the extinguishment of debt of $3.7 million. | ||||
Principal Forgiveness [Member] | Aspen Aerogels Rhode Island, LLC [Member] | Paycheck Protection Program Loan | Maximum [Member] | |||||
Basis Of Presentation [Line Items] | |||||
Debt instrument, accrued interest | $ 100,000 | ||||
At The Market Offering [Member] | |||||
Basis Of Presentation [Line Items] | |||||
Proceeds from offering, net | $ 19,420,000 | $ 9,673,000 | |||
Revolving Credit Facility [Member] | |||||
Basis Of Presentation [Line Items] | |||||
Outstanding borrowings under revolving line of credit | 0 | ||||
Letters of credit outstanding | 1,300,000 | ||||
Amount available under revolving line of credit | $ 12,600,000 | ||||
Existing maturity date | Apr. 28, 2022 |
Summary of Basis of Presentat_3
Summary of Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) | Jan. 29, 2021USD ($)shares | Jan. 01, 2021shares | Dec. 31, 2021USD ($)CustomerSegmentshares | Dec. 31, 2020USD ($)Customer | Dec. 31, 2019USD ($)Customer |
Summary Of Significant Accounting Policies [Line Items] | |||||
Charge for uncollectible accounts receivable | $ (85,000) | $ 325,000 | $ 0 | ||
Allowance for doubtful accounts | $ 100,000 | 300,000 | |||
Standard product warranty period | 1 year | ||||
Warranty expense | $ 100,000 | $ 0 | $ 0 | ||
Number of segment | Segment | 1 | ||||
Restricted Stock Units [Member] | Minimum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Stock-based award vesting period | 3 years | ||||
Restricted Stock Units [Member] | Maximum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Stock-based award vesting period | 4 years | ||||
2014 Equity Plan [Member] | Restricted Common Stock [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Stock-based award vesting period | 3 years | ||||
Stock-based awards granted to purchase common stock, grant date fair value | $ 2,000,000 | ||||
2014 Equity Plan [Member] | Restricted Stock Units [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Stock-based award vesting period | 3 years | ||||
2014 Equity Plan [Member] | Restricted Stock Units [Member] | Minimum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Stock-based award vesting period | 3 years | ||||
2014 Equity Plan [Member] | Restricted Stock Units [Member] | Maximum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Stock-based award vesting period | 4 years | ||||
2014 Equity Plan [Member] | Non-Employee Directors [Member] | Restricted Common Stock [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Stock-based award vesting period | 1 year | ||||
2014 Equity Plan [Member] | Chief Executive Officer [Member] | Restricted Stock Units [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Stock-based awards shares awarded | shares | 461,616 | 461,616 | |||
Stock-based awards granted to purchase common stock, grant date fair value | $ 6,500,000 | $ 6,500,000 | |||
2014 Equity Plan [Member] | Chief Executive Officer [Member] | Restricted Stock Units [Member] | Minimum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Stock-based award vesting period | 3 years | 3 years | |||
2014 Equity Plan [Member] | Chief Executive Officer [Member] | Restricted Stock Units [Member] | Maximum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Stock-based award vesting period | 5 years | 5 years | |||
2014 Employee Director and Consultant Equity Incentive Plan [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Authorized for issuance, number of shares increased by | shares | 556,433 | ||||
Increased number of shares authorized for grant | shares | 8,531,413 | ||||
Total Revenue [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Number of customers | Customer | 1 | 2 | 2 | ||
Accounts Receivable [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Number of customers | Customer | 2 | 1 | |||
Customer One [Member] | Total Revenue [Member] | Customer Concentration Risk [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Concentration risk, percentage | 28.00% | 21.00% | 20.00% | ||
Customer One [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Concentration risk, percentage | 27.00% | 26.00% | |||
Customer Two [Member] | Total Revenue [Member] | Customer Concentration Risk [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Concentration risk, percentage | 15.00% | 13.00% | |||
Customer Two [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Concentration risk, percentage | 17.00% |
Summary of Basis of Presentat_4
Summary of Basis of Presentation and Significant Accounting Policies - Schedule of Revenues, Based on Shipment Destination or Research Services Location (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||
Total revenue | $ 121,622 | $ 100,273 | $ 139,375 |
U.S. [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 66,837 | 44,842 | 58,328 |
International [Member] | |||
Segment Reporting Information [Line Items] | |||
Total revenue | $ 54,785 | $ 55,431 | $ 81,047 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2021USD ($)Agreement | Dec. 31, 2020USD ($)Agreement | Dec. 31, 2019USD ($) | |
Revenue Recognition [Line Items] | |||
Warranty expense | $ 100,000 | $ 0 | $ 0 |
Revenue | 121,622,000 | 100,273,000 | 139,375,000 |
Deferred revenue, revenue recognized | 1,700,000 | ||
Maximum [Member] | |||
Revenue Recognition [Line Items] | |||
Sales return reserves | 100,000 | $ 100,000 | |
Product Revenue [Member] | |||
Revenue Recognition [Line Items] | |||
Number of performance obligations | Agreement | 1 | ||
Revenue | 109,749,000 | $ 90,094,000 | 119,906,000 |
EV Thermal Barrier [Member] | |||
Revenue Recognition [Line Items] | |||
Revenue | 6,664,000 | ||
EV Thermal Barrier [Member] | Maximum [Member] | |||
Revenue Recognition [Line Items] | |||
Warranty expense | 100,000 | ||
Subsea Projects [Member] | |||
Revenue Recognition [Line Items] | |||
Revenue | $ 4,699,000 | 9,740,000 | 17,028,000 |
Research Services [Member] | |||
Revenue Recognition [Line Items] | |||
Number of performance obligations | Agreement | 1 | ||
Revenue | $ 510,000 | $ 439,000 | $ 2,441,000 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Summary of Revenue Disaggregated by Geographical Region and Source of Revenue (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation Of Revenue [Line Items] | |||
Total revenue | $ 121,622 | $ 100,273 | $ 139,375 |
Product Revenue [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 109,749 | 90,094 | 119,906 |
EV Thermal Barrier [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 6,664 | ||
Research Services [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 510 | 439 | 2,441 |
Subsea Projects [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 4,699 | 9,740 | 17,028 |
Asia [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 19,383 | 38,403 | 44,485 |
Canada [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 2,985 | 986 | 9,064 |
Europe [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 27,924 | 13,881 | 24,081 |
U.S. [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 66,837 | 44,842 | 58,328 |
U.S. [Member] | Product Revenue [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 59,789 | 42,416 | 52,050 |
U.S. [Member] | EV Thermal Barrier [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 6,538 | ||
U.S. [Member] | Research Services [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 510 | 439 | 2,441 |
U.S. [Member] | Subsea Projects [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 1,987 | 3,837 | |
International [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 54,785 | 55,431 | 81,047 |
International [Member] | Product Revenue [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 49,960 | 47,678 | 67,856 |
International [Member] | EV Thermal Barrier [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 126 | ||
International [Member] | Subsea Projects [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | 4,699 | 7,753 | 13,191 |
Latin America [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Total revenue | $ 4,493 | $ 2,161 | $ 3,417 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Summary of Changes in Contract Assets and Contract Liabilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Contract assets | ||
Beginning Balance | $ 1,831 | $ 1,437 |
Additions | 5,393 | |
Deductions | (4,999) | |
Ending Balance | 1,831 | |
Contract liabilities | ||
Beginning Balance | 11,592 | |
Additions | 6,027 | |
Deductions | (6,570) | |
Ending Balance | 11,049 | 11,592 |
Subsea Projects [Member] | ||
Contract assets | ||
Beginning Balance | 1,448 | 1,370 |
Additions | 4,521 | |
Deductions | (4,443) | |
Ending Balance | 1,448 | |
Contract liabilities | ||
Beginning Balance | 178 | |
Additions | 2,168 | |
Deductions | (2,346) | |
Ending Balance | 178 | |
Research Services [Member] | ||
Contract assets | ||
Beginning Balance | 148 | 67 |
Additions | 510 | |
Deductions | (429) | |
Ending Balance | 148 | |
Product Revenue [Member] | ||
Contract assets | ||
Beginning Balance | 235 | |
Additions | 362 | |
Deductions | (127) | |
Ending Balance | 235 | |
Contract liabilities | ||
Beginning Balance | 1,859 | |
Additions | 3,686 | |
Deductions | (4,224) | |
Ending Balance | 1,321 | 1,859 |
Prepayment Liability [Member] | ||
Contract liabilities | ||
Beginning Balance | 9,555 | |
Additions | 173 | |
Ending Balance | $ 9,728 | $ 9,555 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw material | $ 7,312 | $ 4,068 |
Finished goods | 4,675 | 9,031 |
Total | $ 11,987 | $ 13,099 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 177,458 | $ 159,579 |
Accumulated depreciation and amortization | (121,680) | (112,840) |
Property, plant and equipment, net | 55,778 | 46,739 |
Construction in Progress [Member] | ||
Property Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 13,456 | 1,906 |
Buildings [Member] | ||
Property Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 24,016 | 24,016 |
Property, plant and equipment, Useful life | 30 years | |
Machinery and Equipment [Member] | ||
Property Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 130,529 | 124,807 |
Machinery and Equipment [Member] | Minimum [Member] | ||
Property Plant and Equipment [Line Items] | ||
Property, plant and equipment, Useful life | 3 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Property Plant and Equipment [Line Items] | ||
Property, plant and equipment, Useful life | 10 years | |
Computer Equipment and Software [Member] | ||
Property Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 9,457 | $ 8,850 |
Property, plant and equipment, Useful life | 3 years |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property Plant and Equipment [Line Items] | |||
Depreciation | $ 9,440 | $ 10,198 | $ 10,213 |
Property, plant and equipment, gross | 177,458 | 159,579 | |
Construction in Progress [Member] | |||
Property Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 13,456 | 1,906 | |
Rhode Island [Member] | Construction in Progress [Member] | |||
Property Plant and Equipment [Line Items] | |||
Property, plant and equipment, gross | 13,500 | $ 1,900 | |
Georgia [Member] | |||
Property Plant and Equipment [Line Items] | |||
Pre-construction costs | $ 6,100 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accrued Liabilities Current [Abstract] | ||
Employee compensation | $ 8,991 | $ 2,587 |
Other accrued expenses | 1,828 | 1,297 |
Total | $ 10,819 | $ 3,884 |
Revolving Line of Credit - Addi
Revolving Line of Credit - Additional Information (Detail) - USD ($) | Mar. 12, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Extended maturity date | Apr. 28, 2022 | ||
Line of credit facility amount withdrawn | $ 0 | ||
Letters of credit outstanding | 1,300,000 | ||
Available borrowing capacity | 12,600,000 | ||
Silicon Valley Bank Credit Facility [Member] | Loan Agreement [Member] | |||
Line of Credit Facility [Line Items] | |||
Maximum increased borrowing amount | $ 20,000,000 | ||
Interest rate description | The interest rate applicable to borrowings under the revolving credit facility is based on the prime rate, subject to a minimum rate of 4.00% per annum, plus a margin. The rates applicable to borrowings vary from prime rate plus 0.75% per annum to prime rate plus 2.00% per annum. | ||
Percentage of unused portion of facility, monthly fee | 0.50% | ||
Silicon Valley Bank Credit Facility [Member] | Loan Agreement [Member] | Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Revolving credit facility, interest rate | 4.00% | ||
Silicon Valley Bank Credit Facility [Member] | Loan Agreement [Member] | Prime Rate [Member] | Minimum [Member] | |||
Line of Credit Facility [Line Items] | |||
Additional interest rate per annum | 0.75% | ||
Silicon Valley Bank Credit Facility [Member] | Loan Agreement [Member] | Prime Rate [Member] | Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Additional interest rate per annum | 2.00% | ||
Silicon Valley Bank Credit Facility [Member] | Loan Agreement [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Extended maturity date | Apr. 28, 2022 | ||
Line of credit facility amount withdrawn | $ 0 | $ 0 | |
Letters of credit outstanding | 1,300,000 | $ 1,400,000 | |
Available borrowing capacity | $ 12,600,000 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | Aug. 24, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | May 01, 2020 |
Debt Disclosure [Line Items] | ||||
Gain on extinguishment of debt | $ 3,734,000 | |||
Long term debt principal payments | $ 3,686,000 | |||
Paycheck Protection Program Loan | Principal Forgiveness [Member] | ||||
Debt Disclosure [Line Items] | ||||
Debt instrument, principal amount | $ 3,700,000 | |||
Gain on extinguishment of debt | $ 3,700,000 | |||
Loan forgiveness description | On August 24, 2021, the SBA remitted $3.7 million in principal and less than $0.1 million in accrued interest to the noteholder after approving the Borrower’s application for forgiveness of the loan under the provisions of the CARES Act. Accordingly, the Company recorded a total gain on the extinguishment of debt of $3.7 million during the year ended December 31, 2021 | |||
Paycheck Protection Program Loan | Principal Forgiveness [Member] | Maximum [Member] | ||||
Debt Disclosure [Line Items] | ||||
Debt instrument, accrued interest | 100,000 | |||
Aspen Aerogels Rhode Island, LLC [Member] | Paycheck Protection Program Loan | ||||
Debt Disclosure [Line Items] | ||||
Debt instrument, principal amount | $ 3,700,000 | |||
Long term debt principal payments | $ 0 | |||
Aspen Aerogels Rhode Island, LLC [Member] | Paycheck Protection Program Loan | Principal Forgiveness [Member] | ||||
Debt Disclosure [Line Items] | ||||
Debt instrument, principal amount | 3,700,000 | |||
Gain on extinguishment of debt | 3,700,000 | |||
Loan forgiveness description | On August 24, 2021, the SBA remitted $3.7 million in principal and less than $0.1 million in accrued interest to the PPP Investor after approving the Borrower’s application for forgiveness of the PPP Loan under the provisions of the CARES Act. Accordingly, the Company recorded a total gain on the extinguishment of debt of $3.7 million. | |||
Aspen Aerogels Rhode Island, LLC [Member] | Paycheck Protection Program Loan | Principal Forgiveness [Member] | Maximum [Member] | ||||
Debt Disclosure [Line Items] | ||||
Debt instrument, accrued interest | $ 100,000 |
Debt - Schedule of Long-term De
Debt - Schedule of Long-term Debt (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Debt Disclosure [Abstract] | |
Long-term debt, principal | $ 3,686 |
Current portion of long-term debt | (1,609) |
Debt issuance costs, net of accumulated amortization | (18) |
Long-term debt | $ 2,059 |
Interest Expense, Net - Additio
Interest Expense, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest Income Expense Net [Abstract] | |||
Interest expense, net | $ (0.2) | $ (0.2) | $ (0.4) |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Operating lease expiry year | 2031 | ||
Operating lease cost | $ 2.2 | $ 1.4 | $ 1.5 |
Cash payments related to operating lease liabilities | $ 2.1 | $ 1.5 | |
Operating lease, weighted average remaining lease term | 8 years 4 months 24 days | ||
Operating lease, weighted average discount rate, percent | 5.90% | ||
Operating lease liability payments not yet commenced | $ 0.1 | ||
Operating lease, weighted average lease not yet commenced, term | 4 years |
Leases - Summary of Maturities
Leases - Summary of Maturities of Operating Lease Liabilities (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Leases [Abstract] | |
2022 | $ 3,076 |
2023 | 2,630 |
2024 | 2,038 |
2025 | 1,803 |
2026 | 1,634 |
Thereafter | 8,333 |
Total lease payments | 19,514 |
Less imputed interest | (4,276) |
Total lease liabilities | $ 15,238 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2016USD ($)ft² | |
Commitments And Contingencies [Line Items] | ||||
Prepayment proceeds under customer supply agreement, net | $ 5,000,000 | |||
Leasehold improvement costs capitalized | $ 1,200,000 | 1,200,000 | ||
Rent expense incurred under operating leases | $ 2,200,000 | 1,400,000 | 1,500,000 | |
Revolving Credit Facility [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Letters of credit outstanding | 1,300,000 | |||
Silicon Valley Bank Credit Facility [Member] | Revolving Credit Facility [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Letters of credit outstanding | 1,300,000 | $ 1,400,000 | ||
Landlord [Member] | Lease Agreement [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Number of square feet for lease | ft² | 51,650 | |||
Lease end date | Dec. 31, 2031 | |||
Lease commence date | Jan. 1, 2017 | |||
Lease annual base rent | $ 459,000 | |||
Lease increased percentage | 3.00% | |||
Lease extended term | 5 years | |||
Amount receivables as an aid to construction of improvements of the leased premise | $ 1,200,000 | |||
Cloud Computing Agreement [Member] | Enterprise Resource Planning Software [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Debt instrument, maturity term | 3 years | |||
Capitalized costs related to implementation of agreement | $ 1,000,000 | |||
Thermal Barrier Contracts [Member] | OEM [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Purchase commitment, description | While the OEM has agreed to purchase its requirement for Barriers from the Company for locations to be designated from time to time by the OEM, it has no obligation to purchase any minimum quantity of Barriers under the Contracts. | |||
Supply and Joint Development Agreement Amended [Member] | BASF [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Supply agreement termination date | Dec. 31, 2027 | |||
Prepayment liability | $ 5,000,000 | |||
Credit limit percentage on prepayment balance | 25.30% | |||
Prepayment proceeds under customer supply agreement, net | $ 10,000,000 | |||
Credits against amounts invoiced | $ 300,000,000,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Capitalized Implementation Costs are Classified on the Consolidated Balance Sheets (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Commitments And Contingencies Disclosure [Abstract] | |
Cloud computing costs included in other current assets | $ 389 |
Cloud computing costs included in other assets | 637 |
Total capitalized cloud computing costs | $ 1,027 |
Commitments and Contingencies_3
Commitments and Contingencies - Summary of Prepayment Liability (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Prepayment Liability [Abstract] | ||
Prepayment liability | $ 9,728 | $ 9,845 |
Current portion of prepayment liability | (4,728) | |
Prepayment liability included within deferred revenue | (290) | |
Prepayment liability, long-term | $ 5,000 | $ 9,555 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - shares | Dec. 31, 2021 | Dec. 31, 2020 |
Equity [Abstract] | ||
Total number of shares authorized | 130,000,000 | 130,000,000 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Employee Benefit Plan - Additio
Employee Benefit Plan - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Exercise Price And Additional Disclosures [Abstract] | |||
Matching contribution during the period | $ 0.3 | $ 0.2 | $ 0.2 |
Employee Stock Ownership Plan_2
Employee Stock Ownership Plans - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 29, 2021 | Dec. 10, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based awards granted to purchase common stock | 238,705 | ||||
Stock compensation expense | $ 5,176 | $ 5,004 | $ 3,771 | ||
Number of comparable companies for expected volatility | Company used its historical volatility as a basis to estimate expected volatility in the valuation of stock options. In 2020 and 2019, due to the Company’s limited historical data, the Company used an estimated volatility based on the historical volatility of comparable companies with publicly available share prices. The 2020 and 2019 expected volatility was primarily based on the weighted average volatility of up to 17 companies with business, financial and market attributes that the Company believes are similar to its own. | ||||
Expected dividend yield | 0.00% | 0.00% | 0.00% | ||
Expected volatility | 59.80% | 52.27% | 49.90% | ||
Risk free rate | 0.86% | 1.08% | 2.44% | ||
2014 Equity Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares reserved for issuance | 3,917,401 | ||||
Increased number of shares available for future grant | 699,416 | ||||
Number of shares either issued or reserved in connection with statutory tax withholdings | 3,914,596 | ||||
Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares outstanding | 350,195 | 675,572 | |||
Restricted Stock Units [Member] | Non-Employee Directors [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based award vesting period | 1 year | ||||
Restricted Stock Units [Member] | Executive [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based award vesting period | 1 year | ||||
Restricted Stock Units [Member] | Non-Employee Directors [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation cost related to non-vested options grants | $ 2,100 | ||||
Unrecognized compensation cost period for recognition | 1 year 10 months 20 days | ||||
Restricted Stock Units [Member] | 2014 Equity Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based award vesting period | 3 years | ||||
Restricted Stock Units [Member] | 2014 Equity Plan [Member] | Non-Employee Directors [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based award vesting period | 1 year | ||||
Stock-based awards granted to purchase common stock | 14,934 | ||||
Stock-based awards granted to purchase common stock, grant date fair value | $ 300 | ||||
Restricted Stock Units [Member] | 2014 Equity Plan [Member] | Chief Executive Officer [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based awards granted to purchase common stock, grant date fair value | $ 6,500 | $ 6,500 | |||
Stock-based awards shares awarded | 461,616 | 461,616 | |||
Expected volatility | 59.30% | ||||
Risk free rate | 0.89% | ||||
Restricted Common Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares outstanding | 14,934 | ||||
Restricted Common Stock [Member] | 2014 Equity Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based award vesting period | 3 years | ||||
Stock-based awards granted to purchase common stock | 72,531 | ||||
Stock-based awards granted to purchase common stock, grant date fair value | $ 2,000 | ||||
Restricted Common Stock [Member] | 2014 Equity Plan [Member] | Non-Employee Directors [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based award vesting period | 1 year | ||||
Restricted Common Stock [Member] | 2014 Equity Plan [Member] | Non-Employee Directors [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based award vesting period | 1 year | ||||
Non-Qualified Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock compensation expense | $ 1,100 | ||||
Non-Qualified Stock Options [Member] | Chief Executive Officer [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of options with modified vesting term | 116,279 | ||||
Non-Qualified Stock Options [Member] | 2014 Equity Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based award vesting period | 3 years | ||||
Stock-based awards granted to purchase common stock | 220,177 | ||||
Stock-based awards granted to purchase common stock, grant date fair value | $ 3,200 | ||||
Non-Qualified Stock Options [Member] | 2014 Equity Plan [Member] | Non-Employee Directors [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based award vesting period | 1 year | ||||
Stock-based awards granted to purchase common stock | 18,528 | ||||
Stock-based awards granted to purchase common stock, grant date fair value | $ 200 | ||||
Service Based Awards [Member] | 2014 Equity Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based award vesting period | 3 years | ||||
Unrecognized compensation cost related to non-vested options grants | $ 3,600 | ||||
Unrecognized compensation cost period for recognition | 1 year 11 months 1 day | ||||
Restricted Stock and Restricted Stock Units RSU [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares outstanding | 287,004 | ||||
Total intrinsic value | $ 8,400 | $ 4,000 | |||
Restricted Stock Awards [Member] | Chief Executive Officer [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation cost related to non-vested options grants | $ 5,500 | ||||
Unrecognized compensation cost period for recognition | 2 years 11 months 12 days | ||||
Restricted Stock Awards [Member] | Non-Employee Directors [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation cost related to non-vested options grants | $ 100 | ||||
Unrecognized compensation cost period for recognition | 5 months 1 day | ||||
Minimum [Member] | Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based award vesting period | 3 years | ||||
Minimum [Member] | Restricted Stock Units [Member] | 2014 Equity Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based award vesting period | 3 years | ||||
Minimum [Member] | Restricted Stock Units [Member] | 2014 Equity Plan [Member] | Chief Executive Officer [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based award vesting period | 3 years | 3 years | |||
Maximum [Member] | Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based award vesting period | 4 years | ||||
Maximum [Member] | Restricted Stock Units [Member] | 2014 Equity Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based award vesting period | 4 years | ||||
Maximum [Member] | Restricted Stock Units [Member] | 2014 Equity Plan [Member] | Chief Executive Officer [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based award vesting period | 5 years | 5 years |
Employee Stock Ownership Plan_3
Employee Stock Ownership Plans - Summary of Stock Based Compensation Included in Cost of Sales or Operating Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation | $ 5,176 | $ 5,004 | $ 3,771 |
Cost of Product Revenue [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation | 510 | 598 | 573 |
Research and Development Expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation | 750 | 652 | 506 |
Sales and Marketing Expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation | 822 | 704 | 629 |
General and Administrative Expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation | $ 3,094 | $ 3,050 | $ 2,063 |
Employee Stock Ownership Plan_4
Employee Stock Ownership Plans - Summary of Fair Value of Option Awards Estimated by Use of Black-Scholes Option Pricing Model (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Weighted average assumptions: | |||
Expected term (in years) | 5 years 11 months 15 days | 5 years 11 months 15 days | 5 years 9 months 21 days |
Expected volatility | 59.80% | 52.27% | 49.90% |
Risk free rate | 0.86% | 1.08% | 2.44% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Weighted average fair value: | |||
Grant-date fair value of options granted | $ 14.28 | $ 4.15 | $ 1.90 |
Grant-date fair value of options vested | $ 2.91 | $ 2.44 | $ 2.24 |
Aggregate intrinsic value of options exercised | $ 12,675,489 | $ 1,987,654 |
Employee Stock Ownership Plan_5
Employee Stock Ownership Plans - Summary of Stock Option Outstanding (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Number of Shares, Beginning Balance | 3,704,444 | ||
Number of Shares, Granted | 238,705 | ||
Number of Shares, Forfeited | (24,379) | ||
Number of Shares, Expired | (176) | ||
Number of Shares, Exercised | (351,387) | ||
Number of Shares, Ending Balance | 3,567,207 | 3,704,444 | |
Number of Shares, Exercisable at December 31, 2021 | 2,726,409 | ||
Number of Shares, Expected to vest at December 31, 2021 | 840,798 | ||
Weighted Average Grant Date Fair Value Per Share, Beginning Balance | $ 5.33 | ||
Weighted Average Grant Date Fair Value Per Share, Granted | 14.28 | $ 4.15 | $ 1.90 |
Weighted Average Grant Date Fair Value Per Share, Forfeited | 14.22 | ||
Weighted Average Grant Date Fair Value Per Share, Expired | 7,336.64 | ||
Weighted Average Grant Date Fair Value Per Share, Exercised | 3.25 | ||
Weighted Average Grant Date Fair Value Per Share, Ending Balance | 6.07 | 5.33 | |
Weighted Average Grant Date Fair Value Per Share, Exercisable at December 31, 2021 | 5.94 | ||
Weighted Average Grant Date Fair Value Per Share, Expected to vest at December 31, 2021 | 6.47 | ||
Weighted Average Exercise Price Per Share, Beginning Balance | 8.28 | ||
Weighted Average Exercise Price Per Share, Granted | 26.04 | ||
Weighted Average Exercise Price Per Share, Forfeited | 18.84 | ||
Weighted Average Exercise Price Per Share, Expired | 14,768.41 | ||
Weighted Average Exercise Price Per Share, Exercised | 6.55 | ||
Weighted Average Exercise Price Per Share, Ending Balance | 9.45 | $ 8.28 | |
Weighted Average Exercise Price Per Share, Exercisable at December 31, 2021 | 8.56 | ||
Weighted Average Exercise Price Per Share, Expected to vest at December 31, 2021 | $ 12.29 | ||
Weighted Average Remaining Contractual Term, Outstanding | 5 years 9 months 10 days | 6 years 5 months 23 days | |
Weighted Average Remaining Contractual Term, Exercisable at December 31, 2021 | 5 years 9 months 10 days | ||
Weighted Average Remaining Contractual Term, Expected to vest at December 31, 2021 | 1 year 11 months 1 day | ||
Aggregate Intrinsic Value, Beginning Balance | $ 36,830,172 | ||
Aggregate Intrinsic Value, Exercised | 12,675,489 | $ 1,987,654 | |
Aggregate Intrinsic Value, Ending Balance | 146,520,052 | $ 36,830,172 | |
Aggregate Intrinsic Value, Exercisable at December 31, 2021 | 114,897,811 | ||
Aggregate Intrinsic Value, Expected to vest at December 31, 2021 | $ 31,622,241 |
Employee Stock Ownership Plan_6
Employee Stock Ownership Plans - Summary of Grants, Vesting, and Forfeitures of RSUs (Detail) - Restricted Stock Units [Member] | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted Stock Units, Beginning Balance | shares | 675,572 |
Restricted Stock Units, Granted | shares | 72,531 |
Restricted Stock Units, Vested | shares | (375,306) |
Restricted Stock Units, Forfeited | shares | (22,602) |
Restricted Stock Units, Ending Balance | shares | 350,195 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 4.88 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 27.91 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 4.62 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 7.45 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 9.75 |
CARES Act Payroll Tax Deferra_2
CARES Act Payroll Tax Deferral - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Other Liabilities Disclosure [Abstract] | ||
Deferred employer payroll tax obligation | $ 434 | $ 870 |
Employer payroll tax obligation period | March 27, 2020 to December 31, 2020 | |
Percentage of deferred tax balance | 50.00% | |
Remittance date of deferred tax balance | Dec. 31, 2021 | |
Remaining percentage of deferred tax balance | 50.00% | |
Remittance date of deferred tax balance, remaining percentage | Dec. 31, 2022 |
CARES Act Payroll Tax Deferra_3
CARES Act Payroll Tax Deferral - Summary of Other Long-term Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other Liabilities Disclosure [Abstract] | ||
Deferred employer payroll tax obligation | $ 434 | $ 870 |
Current portion of deferred payroll tax obligation | $ (434) | (436) |
Other long-term liabilities | $ 434 |
Net Loss Per Share - Computatio
Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Numerator: | |||
Net loss | $ (37,094) | $ (21,809) | $ (14,565) |
Denominator: | |||
Weighted average shares outstanding, basic and diluted | 30,433,154 | 26,377,652 | 24,099,438 |
Net loss per share, basic and diluted | $ (1.22) | $ (0.83) | $ (0.60) |
Net Loss Per Share - Additional
Net Loss Per Share - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Jun. 29, 2021 | Dec. 31, 2021 |
Koch Strategic Platforms LLC [Member] | ||
Earnings Per Share Basic [Line Items] | ||
Proceeds from offering, net, shares | 3,462,124 | |
Proceeds from offering, net | $ 73.5 | |
Common stock issuance fees and offering expenses | $ 1.5 | |
ATM Offering [Member] | ||
Earnings Per Share Basic [Line Items] | ||
Sale of shares through market offering | 929,981 | |
Average price per share of shares during market offering | $ 21.53 |
Net Loss Per Share - Summary of
Net Loss Per Share - Summary of Potentially Dilutive Common Shares Excluded from Computation of Diluted Net Loss Per Share (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive Securities | 3,932,336 | 4,503,207 | 4,758,887 |
Common Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive Securities | 3,567,207 | 3,704,444 | 3,547,434 |
Restricted Common Stock Units [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive Securities | 350,195 | 675,572 | 1,083,000 |
Restricted Common Stock Awards [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive Securities | 14,934 | 123,191 | 128,453 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation Between U.S. Statutory Income Tax Rate and Company's Effective Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal income tax statutory rate | 21.00% | 21.00% | 21.00% |
Permanent differences | 10.00% | 2.00% | (2.00%) |
State tax, net of federal benefit | 5.00% | 4.00% | |
Changes in valuation allowance for deferred tax assets | (35.00%) | (26.00%) | (18.00%) |
Stock-based compensation | (1.00%) | (1.00%) | |
Expiring net operating losses | (1.00%) | (1.00%) | |
Other | 1.00% | ||
Effective tax rate | 0.00% | 0.00% | 0.00% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Deferred Tax Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 68,867 | $ 58,120 |
Stock-based compensation | 5,539 | 5,345 |
Operating lease liabilities | 3,869 | 1,179 |
Tax credit carryforwards | 315 | 289 |
Reserves and accruals | 1,904 | 687 |
Interest expense limitation | 356 | 297 |
Total gross deferred tax assets | 80,850 | 65,917 |
Deferred tax liabilities: | ||
Depreciation | (2,257) | (2,948) |
Operating lease right-of-use assets | (3,436) | (883) |
Total deferred tax liabilities | (5,693) | (3,831) |
Total deferred tax assets and liabilities | 75,157 | 62,086 |
Valuation allowance | (75,157) | (62,086) |
Net deferred tax asset | $ 0 | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes [Line Items] | |||
Net change in valuation allowance | $ 13,100,000 | ||
Net operating losses available to offset future state taxable income expiration description | between 2022 and 2041 | ||
Unrecognized tax benefits | $ 0 | $ 0 | $ 0 |
Interest and penalties related to unrecognized tax benefits | 0 | 0 | 0 |
Expected amount of unrecognized tax benefits | 0 | 0 | $ 0 |
Federal [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | 296,100,000 | ||
Expiration of federal net operating loss carryforwards | $ 194,600,000 | ||
Net operating loss carryforwards expiration date | Dec. 31, 2037 | ||
Federal [Member] | Unlimited Carryforward [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | $ 101,500,000 | ||
State and Local Jurisdiction [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforwards | $ 115,200,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) | Feb. 15, 2022 | Jun. 29, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Subsequent Event [Line Items] | ||||
Common stock, par value | $ 0.00001 | $ 0.00001 | ||
Koch Strategic Platforms LLC [Member] | ||||
Subsequent Event [Line Items] | ||||
Proceeds from offering, net, shares | 3,462,124 | |||
Proceeds from offering, net | $ 73,500,000 | |||
Subsequent Event [Member] | Koch Strategic Platforms LLC [Member] | ||||
Subsequent Event [Line Items] | ||||
Issuance and sale of convertible debt | $ 100,000 | |||
Debt instrument, issuance date | Feb. 15, 2022 | |||
Debt instrument, interest rate terms | The Notes will bear interest at the Secured Overnight Financing Rate (SOFR) plus 5.50% per annum if interest is paid in cash, or, if interest is paid in kind (through an increase in the principal amount of the outstanding Notes or through the issuance of additional Notes), at SOFR plus 6.50% per annum (PIK Interest). The Company can elect to make any interest payment through cash, PIK Interest or any combination thereof. Interest on the Notes is payable semi-annually in arrears on June 30 and December 30, commencing on June 30, 2022 | |||
Existing maturity date | Feb. 18, 2027 | |||
Proceeds from offering, net, shares | 1,791,986 | |||
Common stock, par value | $ 27.902 | |||
Proceeds from offering, net | $ 50,000,000 | |||
Subsequent Event [Member] | Koch Strategic Platforms LLC [Member] | SOFR Plus [Member] | ||||
Subsequent Event [Line Items] | ||||
Debt instrument, interest rate | 5.50% | |||
Subsequent Event [Member] | Koch Strategic Platforms LLC [Member] | SOFR Plus [Member] | PIK Interest [Member] | ||||
Subsequent Event [Line Items] | ||||
Debt instrument, interest rate | 6.50% |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts (Detail) - Allowances for Uncollectible Accounts and Sales Returns and Allowances [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $ 442 | $ 144 | $ 2,877 |
Charges to Costs and Expenses | (85) | 325 | 0 |
Recoveries of Costs and Expenses | (208) | 0 | (228) |
Deductions to Allowances for Uncollectible Accounts | 0 | 0 | (2,552) |
Charges to (Deductions from) Other Accounts | 0 | (27) | 47 |
Balance at End of Year | $ 150 | $ 442 | $ 144 |