Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 15, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | XONE | ||
Entity Registrant Name | ExOne Co | ||
Entity Central Index Key | 1,561,627 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 16,202,119 | ||
Entity Public Float | $ 125.7 |
Statement of Consolidated Opera
Statement of Consolidated Operations and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue | |||
Revenue ̶ third parties | $ 57,711 | $ 47,713 | $ 38,918 |
Revenue ̶ related parties | 33 | 75 | 1,435 |
Revenue | 57,744 | 47,788 | 40,353 |
Cost of sales | 43,362 | 33,626 | 32,010 |
Gross profit | 14,382 | 14,162 | 8,343 |
Operating expenses | |||
Research and development | 9,909 | 7,814 | 7,279 |
Selling, general and administrative | 24,155 | 20,722 | 22,576 |
Goodwill impairment | 0 | 4,419 | |
Total operating expenses | 34,064 | 28,536 | 34,274 |
Loss from operations | (19,682) | (14,374) | (25,931) |
Other expense | |||
Interest expense | 94 | 298 | 152 |
Other expense (income) ̶ net | 203 | (141) | (45) |
Total other (income) expense | 297 | 157 | 107 |
Loss before income taxes | (19,979) | (14,531) | (26,038) |
Provision (benefit) for income taxes | 38 | 67 | (173) |
Net loss | $ (20,017) | $ (14,598) | $ (25,865) |
Net loss per common share: | |||
Basic | $ (1.25) | $ (0.92) | $ (1.79) |
Diluted | $ (1.25) | $ (0.92) | $ (1.79) |
Comprehensive loss: | |||
Net loss | $ (20,017) | $ (14,598) | $ (25,865) |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | 5,251 | (1,200) | (5,332) |
Comprehensive loss | $ (14,766) | $ (15,798) | $ (31,197) |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 21,848 | $ 27,825 |
Restricted cash | 330 | 330 |
Accounts receivable ̶ net | 8,647 | 6,447 |
Inventories ̶ net | 15,430 | 15,838 |
Prepaid expenses and other current assets | 1,710 | 1,159 |
Total current assets | 47,965 | 51,599 |
Property and equipment ̶ net | 46,797 | 51,134 |
Intangible assets ̶ net | 62 | 668 |
Other noncurrent assets | 736 | 777 |
Total assets | 95,560 | 104,178 |
Current liabilities: | ||
Current portion of long-term debt | 137 | 132 |
Current portion of capital leases | 15 | 72 |
Accounts payable | 4,291 | 2,036 |
Accrued expenses and other current liabilities | 6,081 | 5,124 |
Deferred revenue and customer prepayments | 8,282 | 7,371 |
Total current liabilities | 18,806 | 14,735 |
Long-term debt ̶ net of current portion | 1,508 | 1,644 |
Capital leases ̶ net of current portion | 36 | 10 |
Other noncurrent liabilities | 1 | 9 |
Total liabilities | 20,351 | 16,398 |
Contingencies and commitments | ||
Stockholders' equity | ||
Common stock, $0.01 par value, 200,000,000 shares authorized, 16,124,617 (2017) and 16,017,115 (2016) shares issued and outstanding | 161 | 160 |
Additional paid-in capital | 173,718 | 171,116 |
Accumulated deficit | (89,186) | (68,761) |
Accumulated other comprehensive loss | (9,484) | (14,735) |
Total stockholders' equity | 75,209 | 87,780 |
Total liabilities and stockholders' equity | $ 95,560 | $ 104,178 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 16,124,617 | 16,017,115 |
Common stock, shares outstanding | 16,124,617 | 16,017,115 |
Statement of Consolidated Cash
Statement of Consolidated Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating activities | |||
Net loss | $ (20,017) | $ (14,598) | $ (25,865) |
Adjustments to reconcile net loss to net cash used for operations: | |||
Depreciation and amortization | 6,278 | 5,659 | 5,227 |
Equity-based compensation | 2,456 | 1,463 | 1,725 |
Amortization of debt issuance costs | 6 | 210 | 18 |
Deferred income taxes | 1 | (29) | (268) |
Recoveries for bad debts ̶ net | (64) | (327) | (254) |
Provision (recoveries) for slow-moving, obsolete and lower of cost or net realizable value inventories ̶ net | 2,056 | (5) | 553 |
(Gain) loss from disposal of property and equipment ̶ net | (325) | 186 | 87 |
Changes in fair value of contingent consideration | (193) | ||
Goodwill impairment | 0 | 4,419 | |
Changes in assets and liabilities, excluding effects of foreign currency translation adjustments: | |||
(Increase) decrease in accounts receivable | (1,733) | 3,316 | 4,567 |
Decrease (increase) in inventories | 357 | 2,502 | (8,574) |
(Increase) decrease in prepaid expenses and other assets | (856) | 1,024 | 685 |
Increase (decrease) in accounts payable | 2,017 | (1,281) | 1,654 |
Increase (decrease) in accrued expenses and other liabilities | 445 | (1,211) | (823) |
(Decrease) increase in deferred revenue and customer prepayments | (294) | 439 | 6,320 |
Net cash used for operating activities | (9,673) | (2,652) | (10,722) |
Investing activities | |||
Capital expenditures | (987) | (1,347) | (4,938) |
Proceeds from sale of property and equipment | 3,706 | 75 | 190 |
Net cash provided by (used for) investing activities | 2,719 | (1,272) | (4,748) |
Financing activities | |||
Net proceeds from issuance of common stock ̶ registered direct offering to a related party | 12,447 | 0 | |
Net proceeds from issuance of common stock ̶ at the market offerings | 595 | 0 | |
Payments on long-term debt | (137) | (138) | (132) |
Payments on capital and financing leases | (78) | (82) | (323) |
Proceeds from exercise of employee stock options | 147 | 0 | |
Deferred financing costs | (215) | ||
Net cash (used for) provided by financing activities | (68) | 12,822 | (670) |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 1,045 | (415) | (390) |
Net change in cash, cash equivalents, and restricted cash | (5,977) | 8,483 | (16,530) |
Cash, cash equivalents, and restricted cash at beginning of period | 28,155 | 19,672 | 36,202 |
Cash, cash equivalents, and restricted cash at end of period | 22,178 | 28,155 | 19,672 |
Supplemental disclosure of cash flow information | |||
Cash paid for interest | 87 | 88 | 122 |
Cash paid for income taxes | 5 | 0 | |
Supplemental disclosure of noncash investing and financing activities | |||
Transfer of internally developed 3D printing machines from inventories to property and equipment for internal use or leasing activities | 2,868 | 2,829 | 4,749 |
Transfer of internally developed 3D printing machines from property and equipment to inventories for sale | 3,042 | 1,737 | 956 |
Property and equipment included in accounts payable | 64 | $ 117 | 0 |
Property and equipment included in accrued expenses and other current liabilities | 108 | 0 | |
Property and equipment acquired through financing arrangements | $ 48 | $ 0 |
Statement of Changes in Consoli
Statement of Changes in Consolidated Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] |
Beginning Balance at Dec. 31, 2014 | $ 118,545 | $ 144 | $ 154,902 | $ (28,298) | $ (8,203) |
Beginning Balance, Shares at Dec. 31, 2014 | 14,417,000 | ||||
Net loss | (25,865) | (25,865) | |||
Other comprehensive loss | (5,332) | (5,332) | |||
Equity-based compensation | 1,725 | 1,725 | |||
Common stock issued from equity incentive plan, shares | 30,000 | ||||
Ending Balance at Dec. 31, 2015 | 89,073 | $ 144 | 156,627 | (54,163) | (13,535) |
Ending Balance, Shares at Dec. 31, 2015 | 14,447,000 | ||||
Registered direct offering of common stock to a related party, net of issuance costs | 12,447 | $ 15 | 12,432 | ||
Registered direct offering of common stock to a related party, net of issuance costs, Shares | 1,424,000 | ||||
At the market offerings of common stock, net of issuance costs | 595 | $ 1 | 594 | ||
At the market offerings of common stock, net of issuance costs, Shares | 92,000 | ||||
Net loss | (14,598) | (14,598) | |||
Other comprehensive loss | (1,200) | (1,200) | |||
Equity-based compensation | 1,463 | 1,463 | |||
Common stock issued from equity incentive plan, shares | 54,000 | ||||
Ending Balance at Dec. 31, 2016 | $ 87,780 | $ 160 | 171,116 | (68,761) | (14,735) |
Ending Balance, Shares at Dec. 31, 2016 | 16,017,115 | 16,017,000 | |||
Cumulative-effect adjustment due to the adoption of Financial Accounting Standards Board Accounting Standards Update 2016-16 | $ (408) | (408) | |||
Net loss | (20,017) | (20,017) | |||
Other comprehensive loss | 5,251 | 5,251 | |||
Equity-based compensation | 2,456 | $ 1 | 2,455 | ||
Common stock issued from equity incentive plan | 147 | 147 | |||
Common stock issued from equity incentive plan, shares | 108,000 | ||||
Ending Balance at Dec. 31, 2017 | $ 75,209 | $ 161 | $ 173,718 | $ (89,186) | $ (9,484) |
Ending Balance, Shares at Dec. 31, 2017 | 16,124,617 | 16,125,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1. Summary of Significant Accounting Policies Organization The ExOne Company (“ExOne”) is a corporation organized under the laws of the state of Delaware. ExOne was formed on January 1, 2013, when The Ex One Company, LLC, a Delaware limited liability company, merged with and into a Delaware corporation, which survived and changed its name to The ExOne Company (the “Reorganization”). As a result of the Reorganization, The Ex One Company, LLC became ExOne, the common and preferred interest holders of The Ex One Company, LLC became holders of common stock and preferred stock, respectively, of ExOne and the subsidiaries of The Ex One Company, LLC became the subsidiaries of ExOne. The consolidated financial statements include the accounts of ExOne, its wholly-owned subsidiaries, ExOne Americas LLC (United States); ExOne GmbH (Germany); ExOne Property GmbH (Germany); ExOne KK (Japan); ExOne Italy S.r.l (Italy); effective in March 2014 and through September 2016, MWT — Gesellschaft für Industrielle Mikrowellentechnik mbH (Germany); and effective in July 2015 and through December 2017, ExOne Sweden AB (Sweden). Collectively, the consolidated group is referred to as the “Company”. On September 15, 2016, the Company completed a transaction merging its MWT—Gesellschaft für Industrielle Mikrowellentechnik mbH (Germany) subsidiary with and into its ExOne GmbH (Germany) subsidiary. The purpose of this transaction was to further simplify the Company’s legal structure. There were no significant accounting or tax related impacts associated with the merger of these wholly-owned subsidiaries. On December 31, 2017, the Company completed a dissolution of its ExOne Sweden AB (Sweden) subsidiary. The purpose of this dissolution was to further simplify the Company’s legal structure. There were no significant accounting or tax related impacts associated with the dissolution of this subsidiary. The Company filed a registration statement on Form S-3 (No. 333-203353) Basis of Presentation The consolidated financial statements of the Company are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). All material intercompany transactions and balances have been eliminated in consolidation. Certain amounts relating to restricted cash ($330) and intangible assets – net ($668) in the accompanying consolidated balance sheet at December 31, 2016, have been reclassified from prepaid expenses and other current assets and other noncurrent assets, respectively, to conform to current period presentation. Certain amounts relating to provision (recoveries) for slow-moving, obsolete and lower of cost or net realizable value inventories – net, for 2016 ($5) and 2015 ($553) in the accompanying statement of consolidated cash flows have been reclassified from decrease (increase) in inventories, to conform to current period presentation. Use of Estimates The preparation of these consolidated financial statements requires the Company to make certain judgments, estimates and assumptions regarding uncertainties that affect the reported amounts of assets, liabilities, revenue and expenses and related disclosure of contingent assets and liabilities. Areas that require significant judgments, estimates and assumptions include accounting for accounts receivable (including the allowance for doubtful accounts); inventories (including the allowance for slow-moving and obsolete inventories); product warranty reserves; contingencies; income taxes (including the valuation allowance on certain deferred tax assets and liabilities for uncertain tax positions); equity-based compensation (including the valuation of certain equity-based compensation awards issued by the Company); and business combinations (including fair value estimates of contingent consideration) and testing for impairment of goodwill and long-lived assets (including the identification of reporting units and/or asset groups by management, estimates of future cash flows of identified reporting units and/or asset groups and fair value estimates used in connection with assessing the valuation of identified reporting units and/or asset groups). The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which forms the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. Foreign Currency The local currency is the functional currency for significant operations outside of the United States. The determination of the functional currency of an operation is made based upon the appropriate economic and management indicators. Foreign currency assets and liabilities are translated into their United States dollar equivalents based upon year end exchange rates, and are included in stockholders’ equity as a component of other comprehensive income (loss). Revenues and expenses are translated at average exchange rates. Transaction gains and losses that arise from exchange rate fluctuations are charged to operations as incurred, except for gains and losses associated with certain long-term intercompany transactions between subsidiaries for which settlement is not planned or anticipated in the foreseeable future, which are included in other comprehensive income (loss) in the accompanying statement of consolidated operations and comprehensive loss. The Company transacts business globally and is subject to risks associated with fluctuating foreign exchange rates. Approximately 56.7%, 54.0% and 50.9% of the consolidated revenue of the Company was derived from transactions outside the United States for 2017, 2016 and 2015, respectively. This revenue is generated primarily from wholly-owned subsidiaries operating in their respective countries and surrounding geographic areas. This revenue is primarily denominated in each subsidiary’s local functional currency, including the euro and Japanese yen. Revenue Recognition The Company derives revenue from the sale of 3D printing machines and 3D printed and other products, materials and services. Revenue is recognized by the Company when persuasive evidence of an arrangement exists, delivery has occurred (generally when title and risk and rewards of ownership have transferred to the customer) or services have been rendered, selling price is fixed or determinable and collectability is reasonably assured. The Company enters into arrangements that may provide for multiple deliverables to a customer. Sales of 3D printing machines may also include optional equipment, materials, replacement components and services (installation, training and other services, including maintenance services and/or an extended warranty). The Company identifies all products and services that are to be delivered separately under an arrangement and allocates revenue to each based on their relative fair value. Fair values are generally established based on the prices charged when sold separately by the Company (vendor specific objective evidence). The allocated revenue for each deliverable is then recognized ratably based on relative fair values of the components of the sale. In the absence of vendor specific objective evidence or third party evidence in leading to a relative fair value for a sale component, the Company’s best estimate of selling price is used. The Company also evaluates the impact of undelivered items on the functionality of delivered items for each sales transaction and, where appropriate, defers revenue on delivered items when that functionality has been affected. Functionality is determined to be met if the delivered products or services represent a separate earnings process. Certain of the Company’s arrangements for 3D printing machines contain acceptance provisions for which the Company must determine whether it can objectively demonstrate that either company-specific or customer-specific criteria identified in such provisions have been met prior to recognizing revenue on the transaction. To the extent that the Company is able to effectively demonstrate that specific criteria are met, revenue is recognized at the time of delivery, otherwise revenue is deferred until formal acceptance is provided from the customer. The Company generally provides customers with a standard twelve month warranty on its 3D printing machines. The standard warranty is not treated as a separate service because the standard warranty is an integral part of the sale of the 3D printing machine. At the time of sale, a liability is recorded (with an offset to cost of sales) based upon the expected cost of replacement parts and labor to be incurred over the life of the standard warranty. Following the standard warranty period, the Company offers its customers optional maintenance service contracts or extended warranties. Deferred maintenance service revenues are generally recognized on a straight-line basis over the related contract period, except where sufficient historical evidence indicates that the costs of performing maintenance services under the contract are not incurred on a straight-line basis, with such revenues recognized in proportion to the costs expected to be incurred. The Company sells equipment with embedded software to its customers. The embedded software is not sold separately and it is not a significant focus of the Company’s marketing effort. The Company does not provide post-contract customer support specific to the software or incur significant costs that are within the scope of Financial Accounting Standards Board (“FASB”) guidance on accounting for software to be leased or sold. Additionally, the functionality that the software provides is marketed as part of the overall product. The software embedded in the equipment is incidental to the equipment as a whole such that the FASB guidance referenced above is not applicable. Sales of these products are recognized in accordance with FASB guidance on accounting for multiple-element arrangements. Shipping and handling costs billed to customers are included in revenue in the accompanying statement of consolidated operations and comprehensive loss. Costs incurred by the Company associated with shipping and handling are included in cost of sales in the accompanying statement of consolidated operations and comprehensive loss. In assessing collectability as part of the revenue recognition process, the Company considers a number of factors in its evaluation of the creditworthiness of the customer, including past due amounts, past payment history, and current economic conditions. If it is determined that collectability cannot be reasonably assured, the Company will defer recognition of revenue until collectability is assured. For 3D printing machines, the Company’s terms of sale vary by transaction. To reduce credit risk in connection with 3D printing machine sales, the Company may, depending upon the circumstances, require customers to furnish letters of credit or bank guarantees or to provide advanced payment (either partial or in full). Prepayments received from customers are reported as deferred revenue and customer prepayments in the accompanying consolidated balance sheet. For 3D printed and other products and materials, the Company’s terms of sale generally require payment within 30 to 60 days after delivery, although the Company also recognizes that longer payment periods are customary in certain countries where it transacts business. Service arrangements are generally billed in accordance with specific contract terms and are typically billed in advance or in proportion to performance of the related services. The Company has entered into certain contracts for the sale of its products and services with the federal government under fixed-fee, cost reimbursable and time and materials arrangements. With respect to cost reimbursable arrangements with the federal government, the Company generally bills for products and services in accordance with provisional rates as determined by the Company. To the extent that provisional rates billed under these contracts differ from actual experience, a billing adjustment (through revenue) is made in the period in which the difference is identified (generally upon completion of its annual Incurred Cost Submission filing as required by the federal government). For 2017, 2016 and 2015, revenues and any adjustments related to these contracts were not significant. Cash and Cash Equivalents The Company considers all highly liquid instruments with maturities when purchased of three months or less to be cash equivalents. The Company’s policy is to invest cash in excess of short-term operating and debt-service requirements in such cash equivalents. These instruments are stated at cost, which approximates fair value because of the short maturity of the instruments. The Company maintains cash balances with financial institutions located in the United States, Germany, Italy, Sweden and Japan. The Company places its cash with high quality financial institutions and believes its risk of loss is limited; however, at times, account balances may exceed international and federally insured limits. The Company has not experienced any losses associated with these cash balances. Accounts Receivable Accounts receivable are reported at their net realizable value. The Company’s estimate of the allowance for doubtful accounts related to trade receivables is based on the Company’s evaluation of customer accounts with past-due outstanding balances or specific accounts for which it has information that the customer may be unable to meet its financial obligations. Based upon review of these accounts, and management’s analysis and judgment, the Company records a specific allowance for that customer’s accounts receivable balance to reduce the outstanding receivable balance to the amount expected to be collected. The allowance is re-evaluated and adjusted periodically as additional information is received that impacts the allowance amount reserved. At December 31, 2017 and 2016, the allowance for doubtful accounts was approximately $1,193 Inventories The Company values all of its inventories at the lower of cost, as determined on the first-in, first-out method or net realizable value. Overhead is allocated to work in process and finished goods based upon normal capacity of the Company’s production facilities. Fixed overhead associated with production facilities that are being operated below normal capacity are recognized as a period expense rather than being capitalized as a product cost. An allowance for slow-moving and obsolete inventories is provided based on historical consumption experience, anticipated product demand and product design changes. These provisions reduce the cost basis of the respective inventories and are recorded as a charge to cost of sales. Property and Equipment Property and equipment are recorded at cost and depreciated on a straight-line basis over the estimated useful lives of the related assets, generally three to forty years. Leasehold improvements are amortized on a straight-line basis over the shorter of their estimated useful lives or the estimated or contractual lives of the related leases. Gains or losses from the sale of assets are recognized upon disposal or retirement of the related assets. Repairs and maintenance are charged to expense as incurred. The Company evaluates long-lived assets held and used for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets (asset group) may not be recoverable. Recoverability of assets is determined by comparing the estimated undiscounted net cash flows of the operations related to the assets (asset group) to their carrying amount. An impairment loss would be recognized when the carrying amount of the assets (asset group) exceeds the estimated undiscounted net cash flows. The amount of the impairment loss to be recorded is calculated as the excess of carrying value of assets (asset group) over their fair value. The determination of what constitutes an asset group, the associated undiscounted net cash flows, the fair value of assets (asset group) and the estimated useful lives of assets require significant judgments and estimates by management. No impairment loss related to held and used assets was recorded by the Company during 2017, 2016 or 2015. Goodwill Goodwill represents the excess of purchase price over the fair value of identifiable net assets of acquired entities. Goodwill is not amortized; instead, it is reviewed for impairment annually or more frequently if indicators of impairment exist (a triggering event) or if a decision is made to sell or exit a business. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include deterioration in general economic conditions, negative developments in equity and credit markets, including a significant decline in an entity’s market capitalization, adverse changes in the markets in which an entity operates, increases in input costs that have a negative effect on earnings and cash flows or a trend of negative or declining cash flows, among others. Goodwill is allocated among and evaluated for impairment at the reporting unit level, which is defined as an operating segment or one level below an operating segment (an operating segment component). Based on an evaluation of its operational management and reporting structure, the Company has determined that it operates as a single operating segment, operating segment component and reporting unit. In reviewing goodwill for impairment, an entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (greater than 50%) that the estimated fair value of a reporting unit is less than its carrying amount. If an entity elects to perform a qualitative assessment and determines that an impairment is more likely than not, the entity is then required to perform a two-step quantitative impairment test (described below), otherwise no further analysis is required however, it will continue to be evaluated at least annually as described above. An entity also may elect not to perform the qualitative assessment and, instead, proceed directly to the two-step quantitative impairment test. The ultimate outcome of the goodwill impairment review for a reporting unit should be the same whether an entity chooses to perform the qualitative assessment or proceeds directly to the two-step quantitative impairment test. Under the qualitative assessment, various events and circumstances (or factors) that would affect the estimated fair value of a reporting unit are identified (similar to impairment indicators above). These factors are then classified by the type of impact they would have on the estimated fair value using positive, neutral and adverse categories based on current business conditions. Additionally, an assessment of the level of impact that a particular factor would have on the estimated fair value is determined using high, medium and low weighting. Under the two-step quantitative impairment test, the evaluation of impairment involves comparing the current fair value of a reporting unit to its carrying value, including goodwill (step 1). The Company determines fair value through a combination of the market approach and income approach. The market approach includes consideration of the Company’s market capitalization (as a single reporting unit entity) along with consideration of other factors that could influence the use of market capitalization as a fair value estimate, including premiums or discounts to be applied based on both market and entity-specific data. The income approach includes consideration of present value techniques, principally the use of a discounted cash flow model. The development of fair value under both approaches requires the use of significant assumptions and estimates by management. In the event the estimated fair value of a reporting unit is less than the carrying value (step 1), additional analysis would be required (step 2). The additional analysis (step 2) would compare the carrying amount of the reporting unit’s goodwill with the implied fair value of that goodwill, which may involve the use of valuation experts. The implied fair value of goodwill is the excess of the fair value of the reporting unit over the fair value amounts assigned to all of the assets and liabilities of that unit as if the reporting unit was acquired in a business combination and the fair value of the reporting unit represented the purchase price. If the carrying value of goodwill exceeds its implied fair value, an impairment loss equal to such excess would be recognized, which could significantly and adversely impact reported results of operations. During the quarter ended September 30, 2015, as a result of the significant decline in market capitalization of the Company and continued operating losses and cash flow deficiencies, the Company identified a triggering event requiring an interim test for impairment of goodwill at the reporting unit level. In performing the impairment test for goodwill, the Company determined the carrying amount of goodwill to be in excess of the implied fair value of goodwill. As a result, the Company recognized an impairment loss of approximately $4,419. Contingent Consideration The Company records contingent consideration resulting from a business combination at its fair value on the date of acquisition. Each reporting period thereafter, the Company revalues these obligations and records increases or decreases in their fair value as a charge (credit) to selling, general and administrative costs. Changes in the fair value of contingent consideration obligations can result from adjustments to forecast revenues, profitability or a combination thereto or discount rates. These fair value measurements represent Level 3 measurements, as they are based on significant unobservable inputs. Product Warranty Reserves Substantially all of the Company’s 3D printing machines are covered by a standard twelve month warranty. Generally, at the time of sale, a liability is recorded (with an offset to cost of sales) based upon the expected cost of replacement parts and labor to be incurred over the life of the standard warranty. Expected cost is estimated using historical experience for similar products. The Company periodically assesses the adequacy of the product warranty reserves based on changes in these factors and records any necessary adjustments if actual experience indicates that adjustments are necessary. Future claims experience could be materially different from prior results because of the introduction of new, more complex products, a change in the Company’s warranty policy in response to industry trends, competition or other external forces, or manufacturing changes that could impact product quality. In the event that the Company determines that its current or future product repair and replacement costs exceed estimates, an adjustment to these reserves would be charged to cost of sales in the period such a determination is made. Income Taxes The provision (benefit) for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, the provision (benefit) for income taxes represents income taxes paid or payable (or received or receivable) for the current year plus the change in deferred taxes during the year. Deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid, and result from differences between the financial and tax bases of assets and liabilities and are adjusted for changes in tax rates and tax laws when enacted. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. The Company’s foreign subsidiaries are taxed as corporations under the taxing regulations of those respective countries. As a result, the accompanying statement of consolidated operations and comprehensive loss includes a provision (benefit) for income taxes related to these foreign jurisdictions. Any undistributed earnings are intended to be permanently reinvested in the respective subsidiaries. The Company recognizes the income tax benefit from an uncertain tax position only if it is more likely than not that the income tax position will be sustained on examination by the taxing authorities based upon the technical merits of the position. The income tax benefits recognized in the consolidated financial statements from such positions are then measured based upon the largest amount that has a greater than 50% likelihood of being realized upon settlement. Income tax benefits that do not meet the more likely than not criteria are recognized when effectively settled, which generally means that the statute of limitations has expired or that the appropriate taxing authority has completed its examination even though the statute of limitations remains open. Interest and penalties related to uncertain tax positions are recognized as part of the provision (benefit) for income taxes and are accrued beginning in the period that such interest and penalties would be applicable under relevant tax law until such time that the related income tax benefits are recognized. In December 2017, the Tax Cuts and Jobs Act (the “Tax Act”) was enacted into law. The Tax Act reduces the corporate income tax rate from 34% to 21% and generally modifies certain United States income tax deductions and the United States taxation of certain foreign earnings, among other changes. The Company is required to recognize the effect of tax law changes in the period of enactment. As a result of the Tax Act, the Company has re-measured its United States deferred tax assets and liabilities as well as its valuation allowance against its net United States deferred tax assets. In December 2017, the SEC staff issued Staff Accounting Bulletin No. 118: Income Tax Accounting Implications of the 2017 Tax Cuts and Jobs Act (“SAB 118”), which allows the Company to record provisional amounts during a measurement period not to extend beyond one year of the enactment date. Since the Tax Act was passed late in the quarter ended December 31, 2017, and ongoing guidance and accounting interpretation are expected over the next 12 months, the Company considers the accounting of the deferred tax re-measurements and other items to be incomplete due to the forthcoming guidance and its ongoing analysis of final December 31, 2017 data and tax positions. At December 31, 2017, no provisional amounts have been recorded by the Company. The Company expects to comp Taxes on Revenue Producing Transactions Taxes assessed by governmental authorities on revenue producing transactions, including sales, excise, value added and use taxes, are recorded on a net basis (excluded from revenue) in the accompanying statement of consolidated operations and comprehensive loss. Research and Development The Company is involved in research and development of new methods and technologies relating to its products. Research and development expenses are charged to operations as they are incurred. The Company capitalizes the cost of certain materials, equipment and facilities that have alternative future uses in research and development projects or otherwise. Advertising Advertising costs are charged to expense as incurred, and were not significant for 2017, 2016 or 2015. Defined Contribution Plan The Company sponsors a defined contribution savings plan under section 401(k) of the Internal Revenue Code. Under the plan, participating employees in the United States may elect to defer a portion of their pre-tax earnings, up to the Internal Revenue Service’s annual contribution limit. During 2017, 2016 and 2015 the Company made discretionary matching contributions of 50% of the first 8% of employee contributions, subject to certain Internal Revenue Service limitations. Discretionary matching contributions made by the Company during 2017, 2016 and 2015 were approximately $303, $264 and $365, respectively. Equity-Based Compensation The Company recognizes compensation expense for equity-based grants using the straight-line attribution method in which the expense is recognized ratably over the requisite service period based on the grant date fair value of the related award. Forfeitures of pre-vesting equity-based grants are recognized as they are incurred and result in an offset to equity-based compensation expense in the period of recognition. Fair value of equity-based awards is estimated on the date of grant using the Black-Scholes option pricing model. Recently Adopted Accounting Guidance On January 1, 2017, the Company adopted FASB Accounting Standards Update (“ASU”) 2016-16, “Income Taxes: Intra-Entity Transfers of Assets Other Than Inventory.” This ASU modifies existing guidance and is intended to reduce diversity in practice with respect to the accounting for the income tax consequences of intra-entity transfers of assets. The ASU indicates that the former exception to income tax accounting that requires companies to defer the income tax effects of certain intercompany transactions would apply only to intercompany inventory transactions. That is, the exception no longer applies to intercompany sales and transfers of other assets ( e.g. e.g. On January 1, 2017, the Company adopted FASB ASU 2016-17, “Consolidation: Interests Held through Related Parties That Are under Common Control.” This ASU modifies former guidance with respect to how a decision maker that holds an indirect interest in a variable interest entity (“VIE”) through a common control party determines whether it is the primary beneficiary of the VIE as part of the analysis of whether the VIE would need to be consolidated. Under the ASU, a decision maker needs to consider only its proportionate indirect interest in the VIE held through a common control party. Previous guidance had required the decision maker to treat the common control party’s interest in the VIE as if the decision maker held the interest itself. The Company does not have significant involvement with entities subject to consolidation considerations impacted by VIE model factors addressed by this ASU. Management has determined that the adoption of this ASU did not have an impact on the consolidated financial statements of the Company. On January 1, 2017, the Company adopted FASB ASU 2015-11, “Inventory: Simplifying the Measurement of Inventory.” This ASU requires inventories to be measured at the lower of cost and net realizable value, with net realizable value defined as the estimated selling price in the normal course of business, less reasonably predictable costs of completion, disposal and transportation. Management has determined that the adoption of this ASU did not have an impact on the consolidated financial statements of the Company. On December 31, 2016, the Company adopted FASB ASU 2016-09, “Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting.” This ASU simplifies certain aspects of accounting for equity-based compensation, including accounting for income taxes, accounting for pre-vesting forfeitures and certain classification and disclosure elements. In connection with the adoption of this ASU, the Company modified its policy for accounting for pre-vesting forfeitures from estimating an amount of equity-based grants expected to vest to recording the effect of pre-vesting forfeitures in the period in which they occur. The application of this policy change did not impact equity-based compensation expense recognized by the Company during 2016. Management has determined that the adoption of other elements of this ASU did not have an impact on the consolidated financial statements of the Company. On December 31, 2016, the Company adopted FASB ASU 2016-18, “Statement of Cash Flows: Restricted Cash.” This ASU requires r estricted cash and restricted cash equivalents to be included within the cash and cash equivalents line on the statement of cash flows with a corresponding reconciliation prepared to the statement of financial position for cash and cash equivalents and restricted cash balances. Transfers between restricted cash and restricted cash equivalents and cash and cash equivalents will no longer be presented as cash flow activities in the statement of cash flow |
Liquidity
Liquidity | 12 Months Ended |
Dec. 31, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Liquidity | Note 2. Liquidity On February 6, 2013, the Company commenced an initial public offering of 6,095,000 shares of its common stock at a price to the public of $18.00 per share, of which 5,483,333 shares of common stock were sold by the Company and 611,667 shares of common stock were sold by a selling stockholder (including consideration of the exercise of the underwriters’ over-allotment option). The Company received approximately $90,371 in unrestricted net proceeds in connection with this offering (net of underwriting commissions and offering costs). On September 9, 2013, the Company commenced a secondary public offering of 3,054,400 shares of its common stock at a price to the public of $62.00 per share, of which 1,106,000 shares of common stock were sold by the Company and 1,948,400 shares of common stock were sold by selling stockholders (including consideration of the exercise of the underwriters’ over-allotment option). The Company received approximately $64,948 in unrestricted net proceeds in connection with this offering (net of underwriting commissions and offering costs). On January 8, 2016, the Company announced that it had entered into an At Market Issuance Sales Agreement (“ATM”) with FBR Capital Markets & Co. (“FBR”) and MLV & Co. LLC (“MLV”) pursuant to which FBR and MLV agreed to act as distribution agents in the sale of up to $50,000 in the aggregate of ExOne common stock in “at the market offerings” as defined in Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”). On January 11, 2016, the Company announced that it had entered into a subscription agreement with Rockwell Forest Products, Inc. and S. Kent Rockwell for the registered direct offering and sale of 1,423,877 shares of ExOne common stock at a per share price of $9.13 (a $0.50 premium from the closing price on the close of business on January 8, 2016). Both Rockwell Forest Products, Inc. and S. Kent Rockwell were identified as related parties to the Company as S. Kent Rockwell served as Chairman and CEO of the Company and was the controlling stockholder of Rockwell Forest Products, Inc. at the time of the transaction. The terms of this transaction were reviewed and approved by a sub-committee of independent members of the Board of Directors of the Company (which included each of the members of the Audit Committee of the Board of Directors). The sub-committee of independent members of the Board of Directors of the Company were advised on the transaction by an independent financial advisor and independent legal counsel. Concurrent with the approval of this sale of common stock under the terms identified, a separate sub-committee of independent members of the Board of Directors of the Company approved the termination of the Company’s revolving credit facility with RHI Investments, LLC. Following completion of the registered direct offering on January 13, 2016, the Company received gross proceeds of approximately $13,000. Unrestricted net proceeds to the Company from the sale of common stock in the registered direct offering were approximately $12,447 (after deducting offering costs of approximately $553). The Company has incurred a net loss in each of its annual periods since its inception. As shown in the accompanying statement of consolidated operations and comprehensive loss, the Company has incurred net losses of approximately $20,017, $14,598 and $25,865 for 2017, 2016 and 2015, respectively. As noted above, the Company has received cumulative unrestricted net proceeds from the sale of its common stock of approximately $168,361 to fund its operations. At December 31, 2017, the Company had approximately $21,848 in unrestricted cash and cash equivalents. In addition, on March 12, 2018, the Company entered into a three-year, $15,000 revolving credit facility with a related party (Note 22). Management believes that the Company’s existing capital resources will be sufficient to support the Company’s operating plan. If management anticipates that the Company’s actual results will differ from its operating plan, management believes it has sufficient capabilities to enact cost savings measures to preserve capital. Further, the Company may seek to raise additional capital to support its growth through additional debt, equity or other alternatives (including asset sales) or a combination thereof. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Note 3. Accumulated Other Comprehensive Loss The following table summarizes changes in the components of accumulated other comprehensive loss: For the years ended December 31, 2017 2016 2015 Foreign currency translation adjustments Balance at beginning of period $ (14,735 ) $ (13,535 ) $ (8,203 ) Other comprehensive income (loss) 5,251 (1,200 ) (5,332 ) Balance at end of period $ (9,484 ) $ (14,735 ) $ (13,535 ) Foreign currency translation adjustments consist of the effect of translation of functional currency financial statements (denominated in the euro and Japanese yen) to the reporting currency of the Company (United States dollar) and certain long-term intercompany transactions between subsidiaries for which settlement is not planned or anticipated in the foreseeable future. There were no tax impacts related to income tax rate changes and no amounts were reclassified to earnings for any of the periods presented. |
Loss Per Share
Loss Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Loss Per Share | Note 4. Loss Per Share The Company presents basic and diluted loss per common share amounts. Basic loss per common share is calculated by dividing net loss available to common stockholders by the weighted average number of common shares outstanding during the applicable period. Diluted loss per share is calculated by dividing net loss available to common stockholders by the weighted average number of common shares and common equivalent shares outstanding during the applicable period. As the Company incurred a net loss during 2017, 2016 and 2015, basic average common shares outstanding and diluted average common shares outstanding were the same because the effect of potential shares of common stock, including stock options (674,470 — 2017, 314,303 — 2016 and 210,970 — 2015) and unvested restricted stock issued (52,502 — 2017, 94,171 — 2016 and 77,670 — 2015), was anti-dilutive. The information used to compute basic and diluted net loss per common share was as follows: For the years ended December 31, 2017 2016 2015 Net loss $ (20,017 ) $ (14,598 ) $ (25,865 ) Weighted average shares outstanding (basic and diluted) 16,062,424 15,934,935 14,427,956 Net loss per common share: Basic $ (1.25 ) $ (0.92 ) $ (1.79 ) Diluted $ (1.25 ) $ (0.92 ) $ (1.79 ) |
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 2017 | |
Restructuring And Related Activities [Abstract] | |
Restructuring | Note 5. Restructuring 2017 In December 2017, the Company committed to a plan to consolidate certain of its three-dimensional (“3D”) printing operations from its Desenzano del Garda, Italy facility into its Gersthofen, Germany facility. These actions were taken as part of the Company’s efforts to optimize its business model and maximize its facility utilization. As a result of these actions, during 2017, the Company recorded a charge of approximately $72 associated with involuntary employee terminations. This charge was split between cost of sales ($19) and selling, general and administrative expense ($53) in the accompany statement of consolidated operations and comprehensive loss. The Company currently estimates additional charges associated with involuntary terminations (approximately less than $100), other exit costs (approximately less than $50) and asset impairments (approximately $200 to $300) in 2018 associated with this plan. At December 31, 2017, amounts associated with involuntary employee terminations had not been settled by the Company. Such amounts are expected to be settled by the Company during 2018. In January 2017, the Company committed to a plan to consolidate certain of its 3D printing operations from its North Las Vegas, Nevada facility into its Troy, Michigan and Houston, Texas facilities and exit its non-core specialty machining operations in its Chesterfield, Michigan facility. These actions were taken as a result of t he accelerating adoption rate of the Company’s sand printing technology in North America which has resulted in a refocus of the Company’s operational strategy. As a result of these actions, during 2017, the Company recorded charges of approximately $1,016, including approximately $142 associated with involuntary employee terminations, approximately $7 associated with other exit costs and approximately $867 associated with asset impairments. Charges associated with involuntary employee terminations and other exit costs were recorded to cost of sales in the accompanying statement of consolidated operations and comprehensive loss. Charges associated with asset impairments were split between cost of sales ($598), as a component of depreciation expense, and selling, general and administrative expenses ($269), as a component of amortization expense, in the accompanying statement of consolidated operations and comprehensive loss. There are no additional charges expected to be incurred associated with this plan in future periods. Charges associated with asset impairments relate principally to the Company’s plan to exit its non-core specialty machining operations in its Chesterfield, Michigan facility. On April 21, 2017, the Company sold to a third party certain assets associated with these operations including inventories (approximately $79), property and equipment (approximately $2,475) and other contractual rights (approximately $269). Total gross proceeds from the sale of these assets were approximately $2,050. After deducting costs directly attributable to the sale of these assets (approximately $128), the Company recorded an impairment loss during the quarter ended March 31, 2017, of approximately $859 split between property and equipment ($590) and intangible assets ($269) based on the excess of the carrying value over the estimated fair value of the related assets at March 31, 2017 (recorded to cost of sales in the accompanying statement of consolidated operations and comprehensive loss), and a loss on disposal during the quarter ended June 30, 2017, of approximately $42 (recorded to cost of sales in the accompanying statement of consolidated operations and comprehensive loss). Separate from the transaction described above, on May 9, 2017, the Company sold to a third party certain property and equipment (principally land and building) associated with its North Las Vegas, Nevada facility. Total gross proceeds from the sale of these assets were approximately $1,950. After deducting costs directly attributable to the sale of these assets (approximately $137), the Company recorded a gain on disposal (recorded to cost of sales in the accompanying statement of consolidated operations and comprehensive loss), of approximately $347. Additionally, the Company recorded an impairment loss during 2017 of approximately $8 associated with certain property and equipment which was abandoned in connection with the Company’s exit of its North Las Vegas, Nevada facility. 2016 In April 2016, the Company committed to a plan to consolidate certain of its 3D printing operations in its Auburn, Washington facility into its North Las Vegas, Nevada facility and reorganize certain of its corporate departments as part of its 2016 operating plan. As a result of these actions, during 2016, the Company incurred a net charge of approximately $170 including, $57 associated with involuntary employee terminations and $113 associated with the disposal of certain property and equipment related to the Auburn, Washington facility which was either sold or abandoned. This net charge was split between cost of sales ($129), research and development ($2) and selling, general and administrative expenses ($39) in the accompanying statement of consolidated operations and comprehensive loss. In addition to the net charge incurred by the Company in connection with this plan, the Company also has an operating lease commitment for the Auburn, Washington facility with a lease term through December 2018. At the time of closure of this facility, the Company was able to secure a firmly committed sublease arrangement with a third party which fully offsets its remaining contractual operating lease liability. There have been no additional charges recorded associated with this plan in subsequent periods. |
Impairment
Impairment | 12 Months Ended |
Dec. 31, 2017 | |
Asset Impairment Charges [Abstract] | |
Impairment | Note 6. Impairment During the quarter ended December 31, 2017, as a result of continued operating losses and cash flow deficiencies, the Company identified a triggering event requiring a test for the recoverability of long-lived assets held and used at the asset group level. Assessing the recoverability of long-lived assets held and used requires significant judgments and estimates by management. For purposes of testing long-lived assets for recoverability, the Company operates as three separate asset groups: United States, Europe and Japan. In assessing the recoverability of long-lived assets held and used, the Company determined the carrying amount of long-lived assets held and used to be in excess of the estimated future undiscounted net cash flows of the related assets. The Company proceeded to determine the fair value of its long-lived assets held and used, principally through use of the market approach. The Company’s use of the market approach included consideration of market transactions for comparable assets. Management concluded that the fair value of long-lived assets held and used exceeded their carrying value and, as such, no impairment loss was recorded . A significant decrease in the market price of a long-lived asset, adverse change in the use or condition of a long-lived asset, adverse change in the business climate or legal or regulatory factors impacting a long-lived asset and continued operating losses and cash flow deficiencies associated with a long-lived asset, among other indicators, could cause a future assessment to be performed which may result in an impairment of long-lived assets held and used, resulting in a material adverse effect on the financial position and results of operations of the Company. During the quarter ended September 30, 2015, as a result of the significant decline in the market capitalization of the Company and continued operating losses and cash flow deficiencies, the Company identified a triggering event requiring both a test for the recoverability of long-lived assets held and used at the asset group level and a test for impairment of goodwill at the reporting unit level. Assessing the recoverability of long-lived assets held and used and goodwill requires significant judgments and estimates by management. In assessing the recoverability of long-lived assets held and used, the Company determined the carrying amount of long-lived assets held and used to be in excess of the estimated future undiscounted net cash flows of the related assets. The Company proceeded to determine the fair value of its long-lived assets held and used, principally through use of the market approach. The Company’s use of the market approach included consideration of market transactions for comparable assets. Management concluded that the fair value of long-lived assets held and used exceeded their carrying value and as such no impairment loss was recorded . The Company subsequently performed an impairment test for goodwill. For purposes of testing goodwill for impairment, the Company operates as a singular reporting unit. In assessing goodwill for impairment, the Company compared the fair value of its reporting unit to its carrying value. The Company determined the fair value of its reporting unit through a combination of the market approach and income approach. The Company’s use of the market approach included consideration of the Company’s market capitalization along with consideration of other factors that could influence the use of market capitalization as a fair value estimate, including premiums or discounts to be applied based on both market and entity-specific data. The Company’s use of the income approach included consideration of present value techniques, principally the use of a discounted cash flow model. In performing the impairment test for goodwill, the Company determined the carrying amount of goodwill to be in excess of the implied fair value of goodwill . As a result, the Company recognized an impairment loss of approximately $4,419 associated with goodwill during the quarter ended September 30, 2015. The following table details the changes in the carrying amount of goodwill: For the years ended December 31, 2017 2016 2015 Balance at beginning of period $ — $ — $ 4,665 Foreign currency translation adjustments — — (246 ) Impairment — — (4,419 ) Balance at end of period $ — $ — $ — |
Cash, Cash Equivalents, and Res
Cash, Cash Equivalents, and Restricted Cash | 12 Months Ended |
Dec. 31, 2017 | |
Cash And Cash Equivalents [Abstract] | |
Cash, Cash Equivalents, and Restricted Cash | Note 7. Cash, Cash Equivalents, and Restricted Cash The following provides a reconciliation of cash, cash equivalents, and restricted cash as reported in the accompanying consolidated balance sheet to the same such amounts shown in the accompanying statement of consolidated cash flows at December 31: 2017 2016 Cash and cash equivalents $ 21,848 $ 27,825 Restricted cash included in prepaid expenses and other current assets 330 330 Total cash, cash equivalents, and restricted cash shown in the statement of consolidated cash flows $ 22,178 $ 28,155 The Company is required to maintain a cash collateral balance to offset certain short-term, unsecured lending commitments from a financial institution associated with the Company’s corporate credit card program. This balance is considered legally restricted by the Company. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 8. Inventories Inventories consist of the following at December 31: 2017 2016 Raw materials and components $ 7,171 $ 7,429 Work in process 4,630 5,166 Finished goods 3,629 3,243 $ 15,430 $ 15,838 Raw materials and components consist of consumable materials and component parts and subassemblies associated with 3D printing machine manufacturing and support activities. Work in process consists of 3D printing machines and other products in varying stages of completion. Finished goods consist of 3D printing machines and other products prepared for sale in accordance with customer specifications. At December 31, 2017 and 2016, the allowance for slow-moving and obsolete inventories was approximately $3,437 During the quarter ended June 30, 2017, the Company recorded a charge of approximately $1,460 to cost of sales in the accompanying statement of consolidated operations and comprehensive loss attributable to certain raw material and component inventories (principally machine frames and other fabricated components) associated with the Company’s Exerial 3D printing machine platform based on decisions made by the Company during the period related to certain design changes to the underlying platform (rendering certain elements of the previous design obsolete). During the quarter ended June 30, 2016, the Company recorded a credit of approximately $507 to cost of sales in the accompanying statement of consolidated operations and comprehensive loss attributable to the reversal of a previously recorded reserve for certain inventories associated with the Company’s laser micromachining 3D printing machine platform which was discontinued at the end of 2014, based on the sale of such laser micromachining inventories during the period. During 2017 and 2016, the Company recorded charges of approximately $271 and $280, respectively, to cost of sales in the accompanying statement of consolidated operations and comprehensive loss associated with certain raw materials and components and work in process inventories for which cost was determined to exceed net realizable value. There were no such charges recorded by the Company during 2015. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | Note 9. Property and Equipment Property and equipment consist of the following at December 31: 2017 2016 Economic Life (in years) Land $ 7,205 $ 6,902 N/A Buildings and related improvements 27,785 27,913 5 - 40 Machinery and equipment 22,034 23,419 3 - 20 Other 6,772 5,876 3 - 20 63,796 64,110 Less: Accumulated depreciation (17,739 ) (13,908 ) 46,057 50,202 Construction-in-progress 740 932 Property and equipment - net $ 46,797 $ 51,134 Machinery and equipment includes assets leased by the Company of approximately $85 Machinery and equipment includes assets leased to customers (principally 3D printing machines and related equipment) under operating lease arrangements of approximately $2,254 and $2,610 at December 31, 2017 and 2016, respectively. The carrying value of these assets was approximately $1,620 Minimum future rentals of machinery and equipment under non-cancellable arrangements at December 31, 2017, are as follows: 2018 $ 768 2019 291 2020 79 2021 — 2022 — Thereafter — $ 1,138 Depreciation expense was approximately $5,637, $5,241 and $4,809 for 2017, 2016 and 2015, respectively. Depreciation expense for 2017 includes approximately $598 in accelerated depreciation (impairment) associated with the Company’s consolidation of its 3D printing operations from its North Las Vegas, Nevada facility into its Troy, Michigan and Houston, Texas facilities and exit of its specialty machining operations in Chesterfield, Michigan (Note 5). |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Note 10. Intangible Assets Intangible assets, which are included in other noncurrent assets on the accompanying consolidated balance sheet, were as follows: December 31, 2017 Gross Amount Accumulated Amortization Net Unpatented technology $ 1,453 $ (1,392 ) $ 61 Trade names 31 (30 ) 1 $ 1,484 $ (1,422 ) $ 62 December 31, 2016 Gross Amount Accumulated Amortization Net Unpatented technology $ 1,276 $ (904 ) $ 372 Customer relationships 464 (188 ) 276 Trade names 52 (33 ) 19 Noncompetition agreement 15 (14 ) 1 $ 1,807 $ (1,139 ) $ 668 Amortization expense related to the intangible assets was approximately $641, $418 and $418 for 2017, 2016 and 2015, respectively. Amortization expense related to the intangible assets for 2017 includes approximately $269 in accelerated amortization (impairment) associated with the Company’s exit of its specialty machining operations in Chesterfield, Michigan (Note 5). This exit (and subsequent sale of assets) also resulted in the disposition of customer relationship and trade name intangible assets associated with these operations. The noncompetition agreement associated with these operations expired prior to the exit in March 2017. Future estimated amortization expense related to the intangible assets at December 31, 2017, is approximately as follows: 2018 $ 62 2019 — 2020 — 2021 — 2022 — Thereafter — $ 62 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 11. Long-Term Debt Long-term debt consists of the following at December 31: 2017 2016 Principal Unamortized Debt Issuance Costs Net Principal Unamortized Debt Issuance Costs Net Building note payable $ 1,675 $ (30 ) $ 1,645 $ 1,812 $ (36 ) $ 1,776 Less: amount due within one year (142 ) 5 (137 ) (138 ) 6 (132 ) $ 1,533 $ (25 ) $ 1,508 $ 1,674 $ (30 ) $ 1,644 Terms of the building note payable include monthly payments of approximately $18 including interest at 4.00% through May 2017, and subsequently, monthly payments of approximately $19 including interest at the monthly average yield on United States Treasury Securities plus 3.25% for the remainder of the term through May 2027. The building note payable is collateralized by the Company’s facility located in North Huntingdon, Pennsylvania which had a carrying value of approximately $5,347 at December 31, 2017. At December 31, 2017, the Company identified that it was not in compliance with the annual cash flow-to-debt service ratio covenant associated with the building note payable. The Company requested and was granted a waiver related to compliance with this annual covenant at December 31, 2017 and through December 31, 2018. Related to the 2017 non-compliance, there were no cross default provisions or related impacts on other lending or financing agreements. Future maturities of long-term debt at December 31, 2017, are approximately as follows: 2018 $ 142 2019 149 2020 157 2021 166 2022 174 Thereafter 887 $ 1,675 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Leases | Note 12. Leases Capital The Company leases certain equipment and vehicles under capital lease arrangements, expiring in various years through 2023. Future maturities of capital leases at December 31, 2017, are approximately as follows: 2018 $ 15 2019 10 2020 8 2021 8 2022 9 Thereafter 1 $ 51 Operating The Company leases various manufacturing and office facilities, machinery and other equipment and vehicles under operating lease arrangements (with initial terms greater than twelve months), expiring in various years through 2026. Future minimum lease payments of operating lease arrangements (with initial terms greater than twelve months) at December 31, 2017, are approximately as follows: 2018 $ 303 2019 142 2020 38 2021 10 2022 2 Thereafter 7 $ 502 Rent expense under operating lease arrangements was approximately $358, $335 and $421 for 2017, 2016 and 2015, respectively. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Payables And Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | Note 13. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following at December 31: 2017 2016 Accrued payroll and related costs $ 2,044 $ 1,661 Product warranty reserves 1,300 1,115 Liability for uncertain tax positions 858 754 Accrued license fees 397 409 Accrued sales commissions 307 223 Accrued professional fees 223 119 Value-added taxes payable 28 224 Other 924 619 $ 6,081 $ 5,124 |
Product Warranty Reserves
Product Warranty Reserves | 12 Months Ended |
Dec. 31, 2017 | |
Product Warranties Disclosures [Abstract] | |
Product Warranty Reserves | Note 14. Product Warranty Reserves The following table summarizes changes in product warranty reserves (such amounts reflected in accrued expenses and other current liabilities in the accompanying consolidated balance sheet): For the years ended December 31, 2017 2016 2015 Balance at beginning of period $ 1,115 $ 1,308 $ 1,543 Provisions for new issuances 1,288 1,064 947 Payments (701 ) (867 ) (546 ) Reserve adjustments (500 ) (374 ) (562 ) Foreign currency translation adjustments 98 (16 ) (74 ) Balance at end of period $ 1,300 $ 1,115 $ 1,308 |
Contingencies and Commitments
Contingencies and Commitments | 12 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingencies and Commitments | Note 15. Contingencies and Commitments Contingencies On July 1, 2017, the Company (through its ExOne GmbH subsidiary) entered into a Settlement Agreement with Kocel Foundry Limited (also known as Kocel CSR Casting Company, Limited) and Kocel Group (Hong Kong) Limited (collectively, “Kocel”) relating to settlement of the arbitration case (no. 100019-2017) administered by the Swiss Chambers’ Arbitration Institution Notice of Arbitration, as filed by the Company on January 25, 2017. Among other things, the Settlement Agreement provided for a cash payment from ExOne GmbH to Kocel of approximately $811 and a settlement and release of claims related to a sales agreement between the parties for certain 3D printing machines and related equipment (the “Sales Agreement”). Based on the terms of the Settlement Agreement, including the final acceptance by Kocel of the 3D printing machines and related equipment, and relief from further obligation, liability or warranty for both parties (excluding certain intellectual property considerations), the Company recorded revenue of approximately $2,762 associated with the Sales Agreement (net of the cash payment made by ExOne GmbH to Kocel, such payment made on July 5, 2017) and the related cost of sales, during the quarter ending September 30, 2017. On March 1, 2018, the Company’s ExOne GmbH subsidiary notified Voxeljet AG that it has materially breached a 2003 Patent and Know-How Transfer Agreement and asserted its rights to set-off damages as a result of the breaches against the annual license fee due by the Company under the agreement. At this time, the Company cannot reasonably estimate a contingency, if any, related to this matter. The Company and its subsidiaries are subject to various litigation, claims, and proceedings which have been or may be instituted or asserted from time to time in the ordinary course of business. Management does not believe that the outcome of any pending or threatened matters will have a material adverse effect, individually or in the aggregate, on the financial position, results of operations or cash flows of the Company . Commitments In the normal course of its operations, ExOne GmbH issues financial guarantees and letters of credit to third parties in connection with certain commercial transactions requiring security. ExOne GmbH maintains a credit facility agreement with a German bank which provides for various short-term financings in the form of overdraft credit, financial guarantees, letters of credit and collateral security for commercial transactions for approximately $1,500 (€1,300). In addition, ExOne GmbH may use the credit facility agreement for short-term, fixed-rate loans in minimum increments of approximately $100 (€100) with minimum terms of at least thirty days. The overdraft credit interest rate is fixed at 10.2% while the interest rate associated with commercial transactions requiring security (financial guarantees, letters of credit or collateral security) is fixed at 1.75%. The credit facility agreement has an indefinite term and is subject to cancellation by either party at any time upon repayment of amounts outstanding or expiration of commercial transactions requiring security. There is no commitment fee associated with the credit facility agreement. There are no negative covenants associated with the credit facility agreement. The credit facility agreement has been guaranteed by the Company. At December 31, 2017 and 2016, there were no outstanding borrowings in the form of overdraft credit or short-term loans under the credit facility agreement. At December 31, 2017, total outstanding financial guarantees and letters of credit issued by ExOne GmbH under the credit facility agreement were approximately $1,128 (€941). Included in the total outstanding financial guarantees and letters of credit issued by ExOne GmbH are approximately $843 (€703) with expiration dates ranging from January 2018 through July 2018 and approximately $285 (€238) which have no expiration date. At December 31, 2016, total outstanding guarantees and letters of credit issued by ExOne GmbH under the credit facility agreement were approximately $400 (€380). In addition to amounts issued by ExOne GmbH under the credit facility agreement, during 2017, ExOne GmbH entered into separate agreements with the same German bank for additional capacity for financial guarantees and letters of credit associated with certain commercial transactions requiring security. Terms of the separate agreements are substantially similar to those of the existing credit security agreement except that the German bank required cash collateral to be posted by ExOne GmbH in connection with any related issuance. At December 31, 2017, total outstanding financial guarantees and letters of credit issued by ExOne GmbH under these separate agreements were approximately $96 (€80) with an expiration date of June 2022. Related to this specific financial guarantee, the requirement for cash collateral was waived by the German bank as it also represents the counterparty in the related transaction. |
Equity-Based Compensation
Equity-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity-Based Compensation | Note 16. Equity-Based Compensation On January 24, 2013, the Board of Directors of the Company adopted the 2013 Equity Incentive Plan (the “Plan”). In connection with the adoption of the Plan, 500,000 shares of common stock were reserved for issuance pursuant to the Plan, with automatic increases in such reserve available each year annually on January 1 from 2014 through 2023 equal to the lesser of (i) 3.0% of the total outstanding shares of common stock as of December 31 of the immediately preceding year or (ii) a number of shares of common stock determined by the Board of Directors, provided that the maximum number of shares authorized under the Plan will not exceed 1,992,241 shares, subject to certain adjustments. Stock options and restricted stock issued by the Company are generally subject to service conditions resulting in annual vesting on the anniversary of the date of grant over a period typically ranging between one and three years. Certain stock options and restricted stock issued by the Company vest immediately upon issuance. Stock options issued by the Company have a contractual life which expires over a period typically ranging between five and ten years from the date of grant subject to continued service to the Company by the participant. The following table summarizes the total equity-based compensation expense recognized for awards issued under the Plan: 2017 2016 2015 Equity-based compensation expense recognized: Stock options $ 1,503 $ 614 $ 807 Restricted stock 953 849 918 Total equity-based compensation expense before income taxes 2,456 1,463 1,725 Benefit for income taxes * — — — Total equity-based compensation expense net of income taxes $ 2,456 $ 1,463 $ 1,725 * The benefit for income taxes from equity-based compensation for each of the periods presented has been determined to be $0 based on valuation allowances against net deferred tax assets. At December 31, 2017, total future compensation expense related to unvested awards yet to be recognized by the Company was approximately $848 During 2017, the fair value of stock options was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: August 14, 2017 February 10, 2017 Weighted average fair value per stock option $3.28 - $4.38 $5.46 - $5.75 Volatility 61.68% - 67.92% 62.89% - 63.75% Average risk-free interest rate 1.40% - 1.82% 1.89% - 1.94% Dividend yield 0.00% 0.00% Expected term (years) 2.5 - 5.5 5.0 - 5.5 During 2016, the fair value of stock options was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: August 19, 2016 August 12, 2016 Weighted average fair value per stock option $ 7.97 $ 8.07 Volatility 66.24% 66.43% Average risk-free interest rate 1.20% 1.18% Dividend yield 0.00% 0.00% Expected term (years) 5.5 6.0 During 2015, there were no stock options issued by the Company. For certain stock option awards, volatility is estimated based on the historical volatility of the Company when the expected term of the award is less than the period for which the Company has been publicly traded. For certain stock option awards, volatility is estimated based on the historical volatilities of certain peer group companies when the expected term of the award exceeds the period for which the Company has been publicly traded. The average risk-free rate is based on a weighted average yield curve of risk-free interest rates consistent with the expected term of the awards. Expected dividend yield is based on historical dividend data as well as future expectations. Expected term is calculated using the simplified method as the Company does not have sufficient historical exercise experience upon which to base an estimate. The activity for stock options was as follows: For the year ended December 31, 2015 Number of Stock Options Weighted Average Exercise Price Weighted Average Grant Date Fair Value Outstanding at beginning of period 215,137 $ 17.35 $ 10.62 Stock options granted — $ — $ — Stock options exercised — $ — $ — Stock options forfeited (3,334 ) $ 16.31 $ 9.96 Stock options expired (833 ) $ 18.00 $ 11.03 Outstanding at end of period 210,970 $ 17.43 $ 10.67 Stock options exercisable at end of period 115,472 $ 17.61 $ 10.78 Stock options expected to vest at end of period 90,898 $ 17.09 $ 10.45 For the year ended December 31, 2016 Number of Stock Options Weighted Average Exercise Price Weighted Average Grant Date Fair Value Outstanding at beginning of period 210,970 $ 17.43 $ 10.67 Stock options granted 139,000 $ 13.72 $ 8.00 Stock options exercised — $ — $ — Stock options forfeited (9,335 ) $ 15.25 $ 9.27 Stock options expired (26,332 ) $ 17.74 $ 10.87 Outstanding at end of period 314,303 $ 15.62 $ 9.38 Stock options exercisable at end of period 194,471 $ 16.90 $ 10.26 Stock options expected to vest at end of period 119,832 $ 13.97 $ 8.22 For the year ended December 31, 2017 Number of Stock Options Weighted Average Exercise Price Weighted Average Grant Date Fair Value Outstanding at beginning of period 314,303 $ 15.62 $ 9.38 Stock options granted 389,000 $ 8.16 $ 3.89 Stock options exercised (18,500 ) $ 7.91 $ 3.40 Stock options forfeited (1,167 ) $ 15.74 $ 9.60 Stock options expired (9,166 ) $ 17.59 $ 10.77 Outstanding at end of period 674,470 $ 11.58 $ 6.41 Stock options exercisable at end of period 421,960 $ 12.95 $ 7.39 Stock options expected to vest at end of period 252,510 $ 9.28 $ 4.78 At December 31, 2017, intrinsic value associated with stock options exercisable was approximately $67. At December 31, 2017, intrinsic value associated with stock options expected to vest was approximately $93. The activity for restricted stock was as follows: For the year ended December 31, 2015 Shares of Restricted Stock Weighted Average Grant Date Fair Value Outstanding at beginning of period 80,834 $ 22.78 Restricted stock granted 26,000 $ 13.23 Restricted stock vested (29,164 ) $ 22.82 Restricted stock forfeited — $ — Outstanding at end of period 77,670 $ 19.57 Restricted stock expected to vest at end of period 77,670 $ 19.57 For the year ended December 31, 2016 Shares of Restricted Stock Weighted Average Grant Date Fair Value Outstanding at beginning of period 77,670 $ 19.57 Restricted stock granted 74,500 $ 11.78 Restricted stock vested (54,331 ) $ 18.06 Restricted stock forfeited (3,668 ) $ 19.46 Outstanding at end of period 94,171 $ 14.29 Restricted stock expected to vest at end of period 94,171 $ 14.29 For the year ended December 31, 2017 Shares of Restricted Stock Weighted Average Grant Date Fair Value Outstanding at beginning of period 94,171 $ 14.29 Restricted stock granted 60,000 $ 9.01 Restricted stock vested (89,002 ) $ 12.67 Restricted stock forfeited (12,667 ) $ 13.95 Outstanding at end of period 52,502 $ 11.07 Restricted stock expected to vest at end of period 52,502 $ 11.07 Restricted stock vesting during 2017, 2016 and 2015 had a fair value of approximately $801, $536 and $356, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 17. Income Taxes The components of loss before taxes were as follows: 2017 2016 2015 United States $ (18,064 ) $ (15,585 ) $ (13,138 ) Foreign (1,915 ) 1,054 (12,900 ) Loss before income taxes $ (19,979 ) $ (14,531 ) $ (26,038 ) The provision (benefit) for income taxes consisted of the following: 2017 2016 2015 Current Deferred Total Current Deferred Total Current Deferred Total United States $ — $ — $ — $ — $ — $ — $ — $ (20 ) $ (20 ) Foreign 37 1 38 96 (29 ) 67 95 (248 ) (153 ) Provision (benefit) for income taxes $ 37 $ 1 $ 38 $ 96 $ (29 ) $ 67 $ 95 $ (268 ) $ (173 ) The net benefit for deferred income taxes for 2016 and 2015 includes approximately $3 and $116, respectively, A reconciliation of the provision (benefit) for income taxes at the United States statutory rate of 34.0% to the effective rate of the Company for the years ended December 31 is as follows: 2017 2016 2015 United States statutory rate (34.0%) $ (6,793 ) $ (4,941 ) $ (8,853 ) Effect of foreign disregarded entity (199 ) 269 (2,599 ) Effect of intercompany asset transfers (182 ) (756 ) (53 ) Taxes on foreign operations 35 (97 ) 648 Net change in valuation allowances 8,017 5,300 9,173 Indebtedness income not subject to income tax (1,208 ) — — Goodwill impairment — — 1,031 Permanent differences and other 368 292 480 Provision (benefit) for income taxes $ 38 $ 67 $ (173 ) Effective tax rate (0.2 )% (0.5 )% 0.7 % The components of deferred income tax assets and liabilities consist of the following at December 31: 2017 2016 Deferred tax assets Accounts receivable $ 311 $ 554 Inventories 1,024 705 Accrued expenses and other current liabilities 549 234 Net operating loss carryforwards 22,864 23,516 Tax credit carryforwards 676 676 Other 1,495 1,305 Valuation allowance (25,690 ) (25,177 ) Total deferred tax assets 1,229 1,813 Deferred tax liabilities Property and equipment 689 1,243 Other 541 570 Total deferred tax liabilities 1,230 1,813 Net deferred tax liabilities * $ 1 $ — * At December 31, 2017, net deferred tax liabilities were reflected in other noncurrent liabilities in the consolidated balance sheet. The Tax Act reduces the federal statutory corporate tax rate from 34.0% to 21.0% for the Company’s tax years beginning in 2018, which resulted in the re-measurement of the federal portion of its deferred tax assets and liabilities, and its related valuation allowance against net deferred tax assets, at December 31, 2017, from 34.0% to the new 21.0% tax rate. Refer to Note 1 for further discussion related to the impact of the Tax Act on the Company’s accounting for income taxes at December 31, 2017. On a gross basis, the Tax Act resulted in a reduction to the Company’s deferred tax assets, deferred tax liabilities and valuation allowance of approximately $8,130, $460 and $7,670, respectively. The Company has provided a valuation allowance for its net deferred tax assets as a result of the Company not generating consistent net operating profits in jurisdictions in which it operates. As such, any benefit from deferred taxes in any of the periods presented has been fully offset by changes in the valuation allowance for net deferred tax assets. The Company continues to assess its future taxable income by jurisdiction based on recent historical operating results, the expected timing of reversal of temporary differences, various tax planning strategies that the Company may be able to enact in future periods, the impact of potential operating changes on the business and forecast results from operations in future periods based on available information at the end of each reporting period. To the extent that the Company is able to reach the conclusion that its net deferred tax assets are realizable based on any combination of the above factors in a single, or in multiple, taxing jurisdictions, a reversal of the related portion of the Company’s existing valuation allowances may occur. The following table summarizes changes to the Company’s valuation allowances for the years ended December 31: 2017 2016 Balance at beginning of period $ 25,177 $ 20,089 Net increases in allowances 8,017 5,300 Tax Act rate change adjustment (7,670 ) — Foreign currency translation and other adjustments 166 (212 ) Balance at end of period $ 25,690 $ 25,177 As a result of the Tax Act, the Company’s accumulated foreign earnings are subject to a one-time deemed repatriation tax in the United States at a rate of either 8.0% or 15.5%. Due to the history of losses associated with the Company’s foreign subsidiaries, the Company does not expect to be liable for any tax associated with the deemed repatriation provisions of the Tax Act, nor has any such tax has been recorded at December 31, 2017. At December 31, 2017, the Company had approximately $73,644 in net operating loss carryforwards, subject to certain limitations, which expire from 2033 to 2037, and $676 The Company has a liability for uncertain tax positions related to certain capitalized expenses and intercompany transactions. At December 31, 2017 and 2016, the liability for uncertain tax positions was approximately $858 and $754, respectively, and is included in accrued expenses and other current liabilities in the accompanying consolidated balance sheet. At December 31, 2017 and 2016, the Company had an additional liability for uncertain tax positions related to its ExOne GmbH (Germany) subsidiary of approximately $323 and $232, respectively, which was fully offset against net operating loss carryforwards. At December 31, 2017 and 2016, the Company had an additional liability for uncertain tax positions related to its ExOne KK (Japan) subsidiary of approximately $594 and $416, respectively, which were fully offset against net operating loss carryforwards. A reconciliation of the beginning and ending amount of unrecognized tax benefits at December 31 was as follows: 2017 2016 2015 Balance at beginning of period $ 754 $ 781 $ 871 Increases related to current year tax positions — — — Foreign currency translation adjustments 104 (27 ) (90 ) Balance at end of period $ 858 $ 754 $ 781 The Company includes interest and penalties related to income taxes as a component of the provision (benefit) for income taxes in the accompanying statement of consolidated operations and comprehensive loss. The Company files income tax returns in the United States, Germany, Italy, Sweden and Japan. The following table summarizes tax years remaining subject to examination for each of the Company’s subsidiaries at December 31, 2017: Jurisdiction Tax Years Remaining Subject to Examination United States 2013-2017 Germany 2010-2017 Italy 2014-2017 Sweden 2015-2017 Japan 2017 In July 2017, local taxing authorities in Japan completed their examination of the Company’s ExOne KK subsidiary for the years ended December 31, 2014 through December 31, 2016, resulting in an income tax obligation of approximately $5, which was reflected in the provision (benefit) for income taxes in the accompanying statement of consolidated operations and comprehensive loss. This amount has been settled by the Company with local taxing authorities in Japan. At December 31, 2017, the Company’s ExOne GmbH (2010-2013) and ExOne Property GmbH (2013) subsidiaries were under examination by local taxing authorities. The Company is unable to reasonably predict an outcome related to this examination, the result of which may be material in a future period to the financial position, results from operations and cash flows of the Company. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 18. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions and credit risk. The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1 Observable inputs such as quoted prices in active markets for identical investments that the Company has the ability to access. Level 2 Inputs include: Quoted prices for similar assets or liabilities in active markets; Quoted prices for identical or similar assets or liabilities in inactive markets; Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; Inputs that are derived principally from, or corroborated by, observable market data by correlation or other means. Level 3 Inputs that are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The Company is required to disclose its estimate of the fair value of material financial instruments, including those recorded as assets or liabilities in its consolidated financial statements, in accordance with GAAP. During the quarter ended March 31, 2017, the Company entered into two separate foreign exchange forward contracts with a German bank in an effort to hedge the variability of certain foreign exchange risks between the euro (the functional currency of the Company’s ExOne GmbH subsidiary) and British pound sterling (the currency basis for cash flows resulting from a commercial sales arrangement with a customer). The first of the two foreign exchange forward contracts was entered into and settled (in connection with cash received from the customer) during the quarter ended March 31, 2017, resulting in a realized gain on settlement of approximately $16 (€15). The second of the two foreign exchange forward contracts was settled on August 31, 2017, resulting in a realized gain on settlement of approximately $14 (€12). Neither of the contracts was designated as a hedging instrument and accordingly, realized and unrealized gains (losses) for all periods have been recorded to other (income) expense – net in the accompanying statement of consolidated operations and comprehensive loss. The Company has classified both contracts as Level 2 fair value measurements. In connection with the Company’s acquisition of certain assets associated with its former specialty machining operations in Chesterfield, Michigan, during the quarter ended March 31, 2014, the Company issued contingent consideration subject to certain forecasts of future profitability (revenues and adjusted gross profit) of the associated operations for the years ended December 31, 2015 and 2014 (an unobservable input). The carrying values and fair values of other financial instruments (assets and liabilities) not required to be recorded at fair value were as follows: December 31, December 31, 2017 2016 Carrying Value Fair Value Carrying Value Fair Value Cash and cash equivalents $ 21,848 $ 21,848 $ 27,825 $ 27,825 Restricted cash $ 330 $ 330 $ 330 $ 330 Current portion of long-term debt * $ 137 $ 142 $ 132 $ 138 Current portion of capital leases $ 15 $ 15 $ 72 $ 72 Long-term debt - net of current portion * $ 1,508 $ 1,533 $ 1,644 $ 1,674 Capital leases - net of current portion $ 36 $ 36 $ 10 $ 10 * Carrying values at December 31, 2017 and 2016 are net of unamortized debt issuance costs of approximately $30 and $36, respectively. The carrying amounts of cash and cash equivalents, restricted cash, current portion of long-term debt and current portion of capital leases approximate fair value due to their short-term maturities. The fair value of long-term debt – net of current portion and capital leases – net of current portion have been estimated by management based on the consideration of applicable interest rates (including certain instruments at variable or floating rates) and other available information (including quoted prices of similar instruments available to the Company). Cash and cash equivalents and restricted cash are classified in Level 1; current portion of long-term debt, current portion of capital leases, long-term debt – net of current portion and capital leases – net of current portion are classified in Level 2. |
Customer Concentrations
Customer Concentrations | 12 Months Ended |
Dec. 31, 2017 | |
Risks And Uncertainties [Abstract] | |
Customer Concentrations | Note 19. Customer Concentrations During 2017, 2016 and 2015, the Company conducted a significant portion of its business with a limited number of customers, though not necessarily the same customers for each respective period. During 2017, 2016 and 2015 the Company’s five most significant customers represented approximately 20.5%, 17.1% and 19.0% of total revenue, respectively. At December 31, 2017 and 2016, accounts receivable from the Company’s five most significant customers were approximately $4,199 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 20. Related Party Transactions Revenues During 2017, 2016, and 2015 sales of products and/or services to related parties were approximately $33, $75 and $1,435, respectively. Included in sales of products and/or services to related parties during the respective years are the following transactions which required approval by the Audit Committee of the Board of Directors in accordance with Company policy: In December 2015, the Company entered into a sale agreement for a 3D printing machine with a multi-national, diversified metals company determined to be a related party on the basis that a member of the Board of Directors of the Company also receives his principal compensation from the related party. Total consideration for the 3D printing machine (approximately $120) was determined to represent a fair market value selling price (based on comparable 3D printing machine sales to third parties) and was approved prior to execution by the Audit Committee of the Board of Directors of the Company. During 2015, the Company recorded revenue of approximately $120 based on the delivery of products and/or services. All of the proceeds associated with this transaction were received by the Company at December 31, 2016. In June 2015, the Company entered into a separate sale agreement for a 3D printing machine with the same multi-national, diversified metals company described above. Total consideration for the 3D printing machine (approximately $146) was determined to represent a fair market value selling price (based on comparable 3D printing machine sales to third parties) and was approved prior to execution by the Audit Committee of the Board of Directors of the Company. During 2015, the Company recorded revenue of approximately $146 based on the delivery of products and/or services. All of the proceeds associated with this transaction were received by the Company at December 31, 2015. In March 2015, the Company entered into a sale agreement for a 3D printing machine with a powdered metal company with proprietary powders determined to be a related party based on common control by the former Chairman and CEO of the Company (the Executive Chairman of the Company effective August 19, 2016). Total consideration for the 3D printing machine (approximately $950) was determined to represent a fair market value selling price (based on comparable 3D printing machine sales to third parties) and was approved prior to execution by the Audit Committee of the Board of Directors of the Company. During 2016 and 2015, the Company recorded revenue of approximately $37 and $913, respectively, based on the delivery of products and/or services. All of the proceeds associated with this transaction were received by the Company at December 31, 2015. In December 2014, the Company entered into a separate sale agreement for a 3D printing machine with the same powdered metal company with proprietary powders described above. Total consideration for the 3D printing machine (approximately $1,000) was determined to represent a fair market value selling price (based on comparable 3D printing machine sales to third parties) and was approved prior to execution by the Audit Committee of the Board of Directors of the Company. During 2015, the Company recorded revenue of approximately $185 (the remaining $815 having been recognized by the Company during 2014), based on the delivery of products and/or services. All of the proceeds associated with this transaction were received by the Company at December 31, 2015. There were no amounts due from related parties at December 31, 2017. Amounts due from related parties at December 31, 2016 were approximately $1, and are reflected in accounts receivable – net, in the accompanying consolidated balance sheet. Expenses During 2017, 2016, and 2015, purchases of products and/or services from related parties were approximately $14, $28 and $77, respectively. Products and/or services purchased by the Company during 2017, 2016, and 2015 principally include certain website design services and leased office space from certain related parties under common control by the Executive Chairman of the Company (formerly the Chairman and CEO of the Company through August 19, 2016). Included in purchases of products and/or services from related parties during the respective years is the following transaction which required approval by the Audit Committee of the Board of Directors in accordance with Company policy: In December 2014, the Company entered into a consulting arrangement with Hans J. Sack who was subsequently appointed to the Board of Directors of the Company on December 17, 2014. Total consideration under the consulting arrangement was approximately $75, of which approximately $50 was included in selling, general and administrative expenses in the accompanying statement of consolidated operations and comprehensive loss during The Company also receives the benefit of the corporate use of an airplane from a related party under common control by the Executive Chairman of the Company (formerly the Chairman and CEO of the Company through August 19, 2016) for no consideration. The Company estimates the fair market value of the benefits received during 2016 and 2015 were approximately $22 Amounts due to related parties at December 31, 2017 and 2016 were approximately $1 and $4, respectively, and are reflected in accounts payable in the accompanying consolidated balance sheet. RHI Investments, LLC Revolving Credit Agreement On October 23, 2015, ExOne and its ExOne Americas LLC and ExOne GmbH subsidiaries, as guarantors, entered into a Credit Agreement with RHI Investments, LLC (“RHI”), a related party, on a $15,000 revolving credit facility (the “RHI Credit Agreement”) to assist the Company in its efforts to finance customer acquisition of its 3D printing machines and 3D printed and other products and services and provide additional funding for working capital and general corporate purposes. RHI was determined to be a related party based on common control by the former Chairman and CEO of the Company (the Executive Chairman of the Company effective August 19, 2016) On January 10, 2016, the Company delivered notice to RHI of its intent to terminate the RHI Credit Agreement in connection with the closing of a registered direct offering of common stock to an entity under common control by the former (the Executive Chairman of the Company effective August 19, 2016) . There were no borrowings under the RHI Credit Agreement from its inception through the effective date of its termination, January 13, 2016. In connection with the termination, the Company settled its remaining accrued interest under the RHI Credit Agreement of approximately $5 relating to the commitment fee on the unused portion of the revolving credit facility . In addition, during the quarter ended March 31, 2016, the Company recorded approximately $204 to interest expense related to the accelerated amortization of debt issuance costs. During Upon termination of the RHI Credit Agreement, all liens and guaranties in respect thereof were released. Other Refer to Note 2 for further discussion relating to two separate common equity offerings during the quarter ended March 31, 2016, certain elements of which qualify as related Refer to Note 22 for further discussion relating to a revolving credit facility with a related party entered into in March 2018. |
Segment, Product and Geographic
Segment, Product and Geographic Information | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment, Product and Geographic Information | Note 21. Segment, Product and Geographic Information The Company manages its business globally in a singular operating segment in which it develops, manufactures and markets 3D printing machines, 3D printed and other products, materials and services. Geographically, the Company conducts its business through wholly-owned subsidiaries in the United States, Germany, Italy, Sweden (effective in July 2015 through December 2017) and Japan. Revenue by product group for the year ended December 31 was as follows: 2017 2016 2015 3D printing machines $ 29,980 $ 20,977 $ 15,464 3D printed and other products, materials and services 27,764 26,811 24,889 $ 57,744 $ 47,788 $ 40,353 Geographic information for revenue for the year ended December 31 was as follows (based on the country where the sale originated): 2017 2016 2015 United States $ 25,008 $ 21,992 $ 19,817 Germany 27,497 15,990 14,174 Japan 4,115 8,647 5,613 Italy 917 729 684 Sweden (a) 207 430 65 $ 57,744 $ 47,788 $ 40,353 (a) In March 2017, the Company terminated its Cooperation Agreement with Swerea SWECAST AB (“Swerea”), resulting in an exit of its PSC operations in Jönköping, Sweden, effective April 1, 2017. Also in March 2017, the Company agreed to an operating lease agreement with Beijer Industri AB, effective April 1, 2017, related to the 3D printing machine and related equipment located on the Swerea premises, previously covered under the Cooperation Agreement with Swerea Geographic information for long-lived assets at December 31 was as follows (based on the physical location of assets): 2017 2016 United States $ 14,873 $ 19,691 Germany 25,748 25,068 Japan 4,996 4,996 Italy 796 939 Sweden (a) 273 303 United Kingdom (b) 111 137 $ 46,797 $ 51,134 (a) In . At December 31, 2017, long-lived assets represent the 3D printing machine and related equipment held by the Company under the operating lease agreement with Beijer Industri AB. At December 31, 2016, long-lived assets represent the 3D printing machine and related equipment associated with the former PSC operations. (b) Represents a 3D printing machine and related equipment held by the Company under an operating lease agreement with a customer. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 22. Subsequent Events LBM Holdings LLC Revolving Credit Agreement On March 12, 2018, ExOne and its ExOne Americas LLC and ExOne GmbH subsidiaries, as guarantors (collectively, the “Loan Parties”), entered into a Credit Agreement with LBM Holdings LLC (“LBM”), a related party, on a $15,000 revolving credit facility (the “LBM Credit Agreement”) to provide additional funding for working capital and general corporate purposes. The LBM Credit Agreement includes a term of three years (through March 12, 2021) and bears interest at a rate of one month LIBOR plus an applicable margin of 500 basis points (approximately 6.7% at inception). The LBM Credit Agreement requires a commitment fee of 75 basis points, or 0.75%, on the unused portion of the facility, payable monthly in arrears. In addition, an up-front commitment fee of 125 basis points, or 1.25% (approximately $188), was required at closing. Borrowings under the LBM Credit Agreement are required to be in minimum increments of $1,000. ExOne may terminate or reduce the credit commitment at any time during the term of the LBM Credit Agreement without penalty. ExOne may also make prepayments against the LBM Credit Agreement at any time without penalty. Borrowings under the LBM Credit Agreement have been collateralized by the accounts receivable, inventories and machinery and equipment of the Loan Parties. The total estimated value of collateral was in significant excess of the maximum capacity of the LBM Credit Agreement at inception. The LBM Credit Agreement contains several affirmative covenants including prompt payment of liabilities and taxes; maintenance of insurance, properties, and licenses; and compliance with laws. The LBM Credit Agreement also contains several negative covenants including restricting the incurrence of certain additional debt; prohibiting future liens (other than permitted liens); prohibiting investment in third parties; limiting the ability to pay dividends; limiting mergers, acquisitions, and dispositions; and limiting the sale of certain property and equipment of the Loan Parties. The LBM Credit Agreement does not contain any financial covenants. The LBM Credit Agreement also contains events of default, including, but not limited to, cross-default to certain other debt, breaches of representations and warranties, change of control events and breaches of covenants. LBM was determined to be a related party based on common control by the Executive Chairman of the Company. Accordingly, the Company does not consider the LBM Credit Agreement indicative of a fair market value lending. Prior to execution, the LBM Credit Agreement was subject to review and approval by a sub-committee of independent members of the Board of Directors of the Company (which included each of the members of the Audit Committee of the Board of Directors). At the time of execution of the LBM Credit Agreement, the $15,000 in available loan proceeds were deposited into an escrow account with an unrelated, third party financial institution pursuant to a separate Escrow Agreement by and among the parties. Loan proceeds held in escrow will be available to the Company upon its submission to the escrow agent of a loan request. Such proceeds will not be available to LBM until payment in-full of the obligations under the LBM Credit Agreement and termination of the LBM Credit Agreement. Payments of principal and other obligations will be made to the escrow agent, while interest payments will be made directly to LBM. Provided there exists no potential default or event of default, the LBM Credit Agreement and Escrow Agreement prohibit any acceleration of repayment of any amount outstanding under the LBM Credit Agreement and prohibit termination of the LBM Credit Agreement or withdrawal from escrow of any unused portion of the LBM Credit Agreement. Other Refer to Note 15 for further discussion relating to a contingency matter, which qualifies as a reportable subsequent event. The Company has evaluated all of its activities and concluded that no other subsequent events have occurred that would require recognition in the consolidated financial statements or disclosure in the notes to the consolidated financial statements, except as described above. |
Supplemental Quarterly Financia
Supplemental Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Supplemental Quarterly Financial Information | The ExOne Company and Subsidiaries Supplemental Quarterly Financial Information (Unaudited) (in thousands, except per-share amounts) For the Quarter Ended December 31, 2017 September 30, 2017 June 30, 2017 March 31, 2017 Revenue ̶ $ 20,181 $ 15,879 $ 10,790 $ 10,861 Revenue ̶̶ 8 8 9 8 $ 20,189 $ 15,887 $ 10,799 $ 10,869 Gross profit $ 6,656 $ 4,097 $ 2,026 $ 1,603 Net loss $ (1,960 ) $ (4,863 ) $ (6,403 ) $ (6,791 ) Net loss per common share * Basic $ (0.12 ) $ (0.30 ) $ (0.40 ) $ (0.42 ) Diluted $ (0.12 ) $ (0.30 ) $ (0.40 ) $ (0.42 ) For the Quarter Ended December 31, 2016 September 30, 2016 June 30, 2016 March 31, 2016 Revenue ̶ third parties $ 14,629 $ 12,987 $ 11,718 $ 8,379 Revenue ̶̶ related parties 2 1 37 35 $ 14,631 $ 12,988 $ 11,755 $ 8,414 Gross profit $ 5,220 $ 3,560 $ 3,506 $ 1,876 Net loss $ (2,568 ) $ (3,611 ) $ (2,942 ) $ (5,477 ) Net loss per common share * Basic $ (0.16 ) $ (0.23 ) $ (0.18 ) $ (0.35 ) Diluted $ (0.16 ) $ (0.23 ) $ (0.18 ) $ (0.35 ) * Per-share amounts are calculated independently for each quarter presented; therefore the sum of the quarterly per-share amounts may not equal the per-share amounts for the year. |
Summary of Significant Accoun30
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Organization | Organization The ExOne Company (“ExOne”) is a corporation organized under the laws of the state of Delaware. ExOne was formed on January 1, 2013, when The Ex One Company, LLC, a Delaware limited liability company, merged with and into a Delaware corporation, which survived and changed its name to The ExOne Company (the “Reorganization”). As a result of the Reorganization, The Ex One Company, LLC became ExOne, the common and preferred interest holders of The Ex One Company, LLC became holders of common stock and preferred stock, respectively, of ExOne and the subsidiaries of The Ex One Company, LLC became the subsidiaries of ExOne. The consolidated financial statements include the accounts of ExOne, its wholly-owned subsidiaries, ExOne Americas LLC (United States); ExOne GmbH (Germany); ExOne Property GmbH (Germany); ExOne KK (Japan); ExOne Italy S.r.l (Italy); effective in March 2014 and through September 2016, MWT — Gesellschaft für Industrielle Mikrowellentechnik mbH (Germany); and effective in July 2015 and through December 2017, ExOne Sweden AB (Sweden). Collectively, the consolidated group is referred to as the “Company”. On September 15, 2016, the Company completed a transaction merging its MWT—Gesellschaft für Industrielle Mikrowellentechnik mbH (Germany) subsidiary with and into its ExOne GmbH (Germany) subsidiary. The purpose of this transaction was to further simplify the Company’s legal structure. There were no significant accounting or tax related impacts associated with the merger of these wholly-owned subsidiaries. On December 31, 2017, the Company completed a dissolution of its ExOne Sweden AB (Sweden) subsidiary. The purpose of this dissolution was to further simplify the Company’s legal structure. There were no significant accounting or tax related impacts associated with the dissolution of this subsidiary. The Company filed a registration statement on Form S-3 (No. 333-203353) Basis of Presentation The consolidated financial statements of the Company are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). All material intercompany transactions and balances have been eliminated in consolidation. Certain amounts relating to restricted cash ($330) and intangible assets – net ($668) in the accompanying consolidated balance sheet at December 31, 2016, have been reclassified from prepaid expenses and other current assets and other noncurrent assets, respectively, to conform to current period presentation. Certain amounts relating to provision (recoveries) for slow-moving, obsolete and lower of cost or net realizable value inventories – net, for 2016 ($5) and 2015 ($553) in the accompanying statement of consolidated cash flows have been reclassified from decrease (increase) in inventories, to conform to current period presentation. |
Use of Estimates | Use of Estimates The preparation of these consolidated financial statements requires the Company to make certain judgments, estimates and assumptions regarding uncertainties that affect the reported amounts of assets, liabilities, revenue and expenses and related disclosure of contingent assets and liabilities. Areas that require significant judgments, estimates and assumptions include accounting for accounts receivable (including the allowance for doubtful accounts); inventories (including the allowance for slow-moving and obsolete inventories); product warranty reserves; contingencies; income taxes (including the valuation allowance on certain deferred tax assets and liabilities for uncertain tax positions); equity-based compensation (including the valuation of certain equity-based compensation awards issued by the Company); and business combinations (including fair value estimates of contingent consideration) and testing for impairment of goodwill and long-lived assets (including the identification of reporting units and/or asset groups by management, estimates of future cash flows of identified reporting units and/or asset groups and fair value estimates used in connection with assessing the valuation of identified reporting units and/or asset groups). The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which forms the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. |
Foreign Currency | Foreign Currency The local currency is the functional currency for significant operations outside of the United States. The determination of the functional currency of an operation is made based upon the appropriate economic and management indicators. Foreign currency assets and liabilities are translated into their United States dollar equivalents based upon year end exchange rates, and are included in stockholders’ equity as a component of other comprehensive income (loss). Revenues and expenses are translated at average exchange rates. Transaction gains and losses that arise from exchange rate fluctuations are charged to operations as incurred, except for gains and losses associated with certain long-term intercompany transactions between subsidiaries for which settlement is not planned or anticipated in the foreseeable future, which are included in other comprehensive income (loss) in the accompanying statement of consolidated operations and comprehensive loss. The Company transacts business globally and is subject to risks associated with fluctuating foreign exchange rates. Approximately 56.7%, 54.0% and 50.9% of the consolidated revenue of the Company was derived from transactions outside the United States for 2017, 2016 and 2015, respectively. This revenue is generated primarily from wholly-owned subsidiaries operating in their respective countries and surrounding geographic areas. This revenue is primarily denominated in each subsidiary’s local functional currency, including the euro and Japanese yen. |
Revenue Recognition | Revenue Recognition The Company derives revenue from the sale of 3D printing machines and 3D printed and other products, materials and services. Revenue is recognized by the Company when persuasive evidence of an arrangement exists, delivery has occurred (generally when title and risk and rewards of ownership have transferred to the customer) or services have been rendered, selling price is fixed or determinable and collectability is reasonably assured. The Company enters into arrangements that may provide for multiple deliverables to a customer. Sales of 3D printing machines may also include optional equipment, materials, replacement components and services (installation, training and other services, including maintenance services and/or an extended warranty). The Company identifies all products and services that are to be delivered separately under an arrangement and allocates revenue to each based on their relative fair value. Fair values are generally established based on the prices charged when sold separately by the Company (vendor specific objective evidence). The allocated revenue for each deliverable is then recognized ratably based on relative fair values of the components of the sale. In the absence of vendor specific objective evidence or third party evidence in leading to a relative fair value for a sale component, the Company’s best estimate of selling price is used. The Company also evaluates the impact of undelivered items on the functionality of delivered items for each sales transaction and, where appropriate, defers revenue on delivered items when that functionality has been affected. Functionality is determined to be met if the delivered products or services represent a separate earnings process. Certain of the Company’s arrangements for 3D printing machines contain acceptance provisions for which the Company must determine whether it can objectively demonstrate that either company-specific or customer-specific criteria identified in such provisions have been met prior to recognizing revenue on the transaction. To the extent that the Company is able to effectively demonstrate that specific criteria are met, revenue is recognized at the time of delivery, otherwise revenue is deferred until formal acceptance is provided from the customer. The Company generally provides customers with a standard twelve month warranty on its 3D printing machines. The standard warranty is not treated as a separate service because the standard warranty is an integral part of the sale of the 3D printing machine. At the time of sale, a liability is recorded (with an offset to cost of sales) based upon the expected cost of replacement parts and labor to be incurred over the life of the standard warranty. Following the standard warranty period, the Company offers its customers optional maintenance service contracts or extended warranties. Deferred maintenance service revenues are generally recognized on a straight-line basis over the related contract period, except where sufficient historical evidence indicates that the costs of performing maintenance services under the contract are not incurred on a straight-line basis, with such revenues recognized in proportion to the costs expected to be incurred. The Company sells equipment with embedded software to its customers. The embedded software is not sold separately and it is not a significant focus of the Company’s marketing effort. The Company does not provide post-contract customer support specific to the software or incur significant costs that are within the scope of Financial Accounting Standards Board (“FASB”) guidance on accounting for software to be leased or sold. Additionally, the functionality that the software provides is marketed as part of the overall product. The software embedded in the equipment is incidental to the equipment as a whole such that the FASB guidance referenced above is not applicable. Sales of these products are recognized in accordance with FASB guidance on accounting for multiple-element arrangements. Shipping and handling costs billed to customers are included in revenue in the accompanying statement of consolidated operations and comprehensive loss. Costs incurred by the Company associated with shipping and handling are included in cost of sales in the accompanying statement of consolidated operations and comprehensive loss. In assessing collectability as part of the revenue recognition process, the Company considers a number of factors in its evaluation of the creditworthiness of the customer, including past due amounts, past payment history, and current economic conditions. If it is determined that collectability cannot be reasonably assured, the Company will defer recognition of revenue until collectability is assured. For 3D printing machines, the Company’s terms of sale vary by transaction. To reduce credit risk in connection with 3D printing machine sales, the Company may, depending upon the circumstances, require customers to furnish letters of credit or bank guarantees or to provide advanced payment (either partial or in full). Prepayments received from customers are reported as deferred revenue and customer prepayments in the accompanying consolidated balance sheet. For 3D printed and other products and materials, the Company’s terms of sale generally require payment within 30 to 60 days after delivery, although the Company also recognizes that longer payment periods are customary in certain countries where it transacts business. Service arrangements are generally billed in accordance with specific contract terms and are typically billed in advance or in proportion to performance of the related services. The Company has entered into certain contracts for the sale of its products and services with the federal government under fixed-fee, cost reimbursable and time and materials arrangements. With respect to cost reimbursable arrangements with the federal government, the Company generally bills for products and services in accordance with provisional rates as determined by the Company. To the extent that provisional rates billed under these contracts differ from actual experience, a billing adjustment (through revenue) is made in the period in which the difference is identified (generally upon completion of its annual Incurred Cost Submission filing as required by the federal government). For 2017, 2016 and 2015, revenues and any adjustments related to these contracts were not significant. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid instruments with maturities when purchased of three months or less to be cash equivalents. The Company’s policy is to invest cash in excess of short-term operating and debt-service requirements in such cash equivalents. These instruments are stated at cost, which approximates fair value because of the short maturity of the instruments. The Company maintains cash balances with financial institutions located in the United States, Germany, Italy, Sweden and Japan. The Company places its cash with high quality financial institutions and believes its risk of loss is limited; however, at times, account balances may exceed international and federally insured limits. The Company has not experienced any losses associated with these cash balances. |
Accounts Receivable | Accounts Receivable Accounts receivable are reported at their net realizable value. The Company’s estimate of the allowance for doubtful accounts related to trade receivables is based on the Company’s evaluation of customer accounts with past-due outstanding balances or specific accounts for which it has information that the customer may be unable to meet its financial obligations. Based upon review of these accounts, and management’s analysis and judgment, the Company records a specific allowance for that customer’s accounts receivable balance to reduce the outstanding receivable balance to the amount expected to be collected. The allowance is re-evaluated and adjusted periodically as additional information is received that impacts the allowance amount reserved. At December 31, 2017 and 2016, the allowance for doubtful accounts was approximately $1,193 |
Inventories | Inventories The Company values all of its inventories at the lower of cost, as determined on the first-in, first-out method or net realizable value. Overhead is allocated to work in process and finished goods based upon normal capacity of the Company’s production facilities. Fixed overhead associated with production facilities that are being operated below normal capacity are recognized as a period expense rather than being capitalized as a product cost. An allowance for slow-moving and obsolete inventories is provided based on historical consumption experience, anticipated product demand and product design changes. These provisions reduce the cost basis of the respective inventories and are recorded as a charge to cost of sales. |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost and depreciated on a straight-line basis over the estimated useful lives of the related assets, generally three to forty years. Leasehold improvements are amortized on a straight-line basis over the shorter of their estimated useful lives or the estimated or contractual lives of the related leases. Gains or losses from the sale of assets are recognized upon disposal or retirement of the related assets. Repairs and maintenance are charged to expense as incurred. The Company evaluates long-lived assets held and used for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets (asset group) may not be recoverable. Recoverability of assets is determined by comparing the estimated undiscounted net cash flows of the operations related to the assets (asset group) to their carrying amount. An impairment loss would be recognized when the carrying amount of the assets (asset group) exceeds the estimated undiscounted net cash flows. The amount of the impairment loss to be recorded is calculated as the excess of carrying value of assets (asset group) over their fair value. The determination of what constitutes an asset group, the associated undiscounted net cash flows, the fair value of assets (asset group) and the estimated useful lives of assets require significant judgments and estimates by management. No impairment loss related to held and used assets was recorded by the Company during 2017, 2016 or 2015. |
Goodwill | Goodwill Goodwill represents the excess of purchase price over the fair value of identifiable net assets of acquired entities. Goodwill is not amortized; instead, it is reviewed for impairment annually or more frequently if indicators of impairment exist (a triggering event) or if a decision is made to sell or exit a business. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include deterioration in general economic conditions, negative developments in equity and credit markets, including a significant decline in an entity’s market capitalization, adverse changes in the markets in which an entity operates, increases in input costs that have a negative effect on earnings and cash flows or a trend of negative or declining cash flows, among others. Goodwill is allocated among and evaluated for impairment at the reporting unit level, which is defined as an operating segment or one level below an operating segment (an operating segment component). Based on an evaluation of its operational management and reporting structure, the Company has determined that it operates as a single operating segment, operating segment component and reporting unit. In reviewing goodwill for impairment, an entity has the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not (greater than 50%) that the estimated fair value of a reporting unit is less than its carrying amount. If an entity elects to perform a qualitative assessment and determines that an impairment is more likely than not, the entity is then required to perform a two-step quantitative impairment test (described below), otherwise no further analysis is required however, it will continue to be evaluated at least annually as described above. An entity also may elect not to perform the qualitative assessment and, instead, proceed directly to the two-step quantitative impairment test. The ultimate outcome of the goodwill impairment review for a reporting unit should be the same whether an entity chooses to perform the qualitative assessment or proceeds directly to the two-step quantitative impairment test. Under the qualitative assessment, various events and circumstances (or factors) that would affect the estimated fair value of a reporting unit are identified (similar to impairment indicators above). These factors are then classified by the type of impact they would have on the estimated fair value using positive, neutral and adverse categories based on current business conditions. Additionally, an assessment of the level of impact that a particular factor would have on the estimated fair value is determined using high, medium and low weighting. Under the two-step quantitative impairment test, the evaluation of impairment involves comparing the current fair value of a reporting unit to its carrying value, including goodwill (step 1). The Company determines fair value through a combination of the market approach and income approach. The market approach includes consideration of the Company’s market capitalization (as a single reporting unit entity) along with consideration of other factors that could influence the use of market capitalization as a fair value estimate, including premiums or discounts to be applied based on both market and entity-specific data. The income approach includes consideration of present value techniques, principally the use of a discounted cash flow model. The development of fair value under both approaches requires the use of significant assumptions and estimates by management. In the event the estimated fair value of a reporting unit is less than the carrying value (step 1), additional analysis would be required (step 2). The additional analysis (step 2) would compare the carrying amount of the reporting unit’s goodwill with the implied fair value of that goodwill, which may involve the use of valuation experts. The implied fair value of goodwill is the excess of the fair value of the reporting unit over the fair value amounts assigned to all of the assets and liabilities of that unit as if the reporting unit was acquired in a business combination and the fair value of the reporting unit represented the purchase price. If the carrying value of goodwill exceeds its implied fair value, an impairment loss equal to such excess would be recognized, which could significantly and adversely impact reported results of operations. During the quarter ended September 30, 2015, as a result of the significant decline in market capitalization of the Company and continued operating losses and cash flow deficiencies, the Company identified a triggering event requiring an interim test for impairment of goodwill at the reporting unit level. In performing the impairment test for goodwill, the Company determined the carrying amount of goodwill to be in excess of the implied fair value of goodwill. As a result, the Company recognized an impairment loss of approximately $4,419. |
Contingent Consideration | Contingent Consideration The Company records contingent consideration resulting from a business combination at its fair value on the date of acquisition. Each reporting period thereafter, the Company revalues these obligations and records increases or decreases in their fair value as a charge (credit) to selling, general and administrative costs. Changes in the fair value of contingent consideration obligations can result from adjustments to forecast revenues, profitability or a combination thereto or discount rates. These fair value measurements represent Level 3 measurements, as they are based on significant unobservable inputs. |
Product Warranty Reserves | Product Warranty Reserves Substantially all of the Company’s 3D printing machines are covered by a standard twelve month warranty. Generally, at the time of sale, a liability is recorded (with an offset to cost of sales) based upon the expected cost of replacement parts and labor to be incurred over the life of the standard warranty. Expected cost is estimated using historical experience for similar products. The Company periodically assesses the adequacy of the product warranty reserves based on changes in these factors and records any necessary adjustments if actual experience indicates that adjustments are necessary. Future claims experience could be materially different from prior results because of the introduction of new, more complex products, a change in the Company’s warranty policy in response to industry trends, competition or other external forces, or manufacturing changes that could impact product quality. In the event that the Company determines that its current or future product repair and replacement costs exceed estimates, an adjustment to these reserves would be charged to cost of sales in the period such a determination is made. |
Income Taxes | Income Taxes The provision (benefit) for income taxes is determined using the asset and liability approach of accounting for income taxes. Under this approach, the provision (benefit) for income taxes represents income taxes paid or payable (or received or receivable) for the current year plus the change in deferred taxes during the year. Deferred taxes represent the future tax consequences expected to occur when the reported amounts of assets and liabilities are recovered or paid, and result from differences between the financial and tax bases of assets and liabilities and are adjusted for changes in tax rates and tax laws when enacted. Valuation allowances are established when necessary to reduce deferred tax assets to the amount expected to be realized. The Company’s foreign subsidiaries are taxed as corporations under the taxing regulations of those respective countries. As a result, the accompanying statement of consolidated operations and comprehensive loss includes a provision (benefit) for income taxes related to these foreign jurisdictions. Any undistributed earnings are intended to be permanently reinvested in the respective subsidiaries. The Company recognizes the income tax benefit from an uncertain tax position only if it is more likely than not that the income tax position will be sustained on examination by the taxing authorities based upon the technical merits of the position. The income tax benefits recognized in the consolidated financial statements from such positions are then measured based upon the largest amount that has a greater than 50% likelihood of being realized upon settlement. Income tax benefits that do not meet the more likely than not criteria are recognized when effectively settled, which generally means that the statute of limitations has expired or that the appropriate taxing authority has completed its examination even though the statute of limitations remains open. Interest and penalties related to uncertain tax positions are recognized as part of the provision (benefit) for income taxes and are accrued beginning in the period that such interest and penalties would be applicable under relevant tax law until such time that the related income tax benefits are recognized. In December 2017, the Tax Cuts and Jobs Act (the “Tax Act”) was enacted into law. The Tax Act reduces the corporate income tax rate from 34% to 21% and generally modifies certain United States income tax deductions and the United States taxation of certain foreign earnings, among other changes. The Company is required to recognize the effect of tax law changes in the period of enactment. As a result of the Tax Act, the Company has re-measured its United States deferred tax assets and liabilities as well as its valuation allowance against its net United States deferred tax assets. In December 2017, the SEC staff issued Staff Accounting Bulletin No. 118: Income Tax Accounting Implications of the 2017 Tax Cuts and Jobs Act (“SAB 118”), which allows the Company to record provisional amounts during a measurement period not to extend beyond one year of the enactment date. Since the Tax Act was passed late in the quarter ended December 31, 2017, and ongoing guidance and accounting interpretation are expected over the next 12 months, the Company considers the accounting of the deferred tax re-measurements and other items to be incomplete due to the forthcoming guidance and its ongoing analysis of final December 31, 2017 data and tax positions. At December 31, 2017, no provisional amounts have been recorded by the Company. The Company expects to comp |
Taxes on Revenue Producing Transactions | Taxes on Revenue Producing Transactions Taxes assessed by governmental authorities on revenue producing transactions, including sales, excise, value added and use taxes, are recorded on a net basis (excluded from revenue) in the accompanying statement of consolidated operations and comprehensive loss. |
Research and Development | Research and Development The Company is involved in research and development of new methods and technologies relating to its products. Research and development expenses are charged to operations as they are incurred. The Company capitalizes the cost of certain materials, equipment and facilities that have alternative future uses in research and development projects or otherwise. |
Advertising | Advertising Advertising costs are charged to expense as incurred, and were not significant for 2017, 2016 or 2015. |
Defined Contribution Plan | Defined Contribution Plan The Company sponsors a defined contribution savings plan under section 401(k) of the Internal Revenue Code. Under the plan, participating employees in the United States may elect to defer a portion of their pre-tax earnings, up to the Internal Revenue Service’s annual contribution limit. During 2017, 2016 and 2015 the Company made discretionary matching contributions of 50% of the first 8% of employee contributions, subject to certain Internal Revenue Service limitations. Discretionary matching contributions made by the Company during 2017, 2016 and 2015 were approximately $303, $264 and $365, respectively. |
Equity-Based Compensation | Equity-Based Compensation The Company recognizes compensation expense for equity-based grants using the straight-line attribution method in which the expense is recognized ratably over the requisite service period based on the grant date fair value of the related award. Forfeitures of pre-vesting equity-based grants are recognized as they are incurred and result in an offset to equity-based compensation expense in the period of recognition. Fair value of equity-based awards is estimated on the date of grant using the Black-Scholes option pricing model. |
Recently Adopted Accounting Guidance | Recently Adopted Accounting Guidance On January 1, 2017, the Company adopted FASB Accounting Standards Update (“ASU”) 2016-16, “Income Taxes: Intra-Entity Transfers of Assets Other Than Inventory.” This ASU modifies existing guidance and is intended to reduce diversity in practice with respect to the accounting for the income tax consequences of intra-entity transfers of assets. The ASU indicates that the former exception to income tax accounting that requires companies to defer the income tax effects of certain intercompany transactions would apply only to intercompany inventory transactions. That is, the exception no longer applies to intercompany sales and transfers of other assets ( e.g. e.g. On January 1, 2017, the Company adopted FASB ASU 2016-17, “Consolidation: Interests Held through Related Parties That Are under Common Control.” This ASU modifies former guidance with respect to how a decision maker that holds an indirect interest in a variable interest entity (“VIE”) through a common control party determines whether it is the primary beneficiary of the VIE as part of the analysis of whether the VIE would need to be consolidated. Under the ASU, a decision maker needs to consider only its proportionate indirect interest in the VIE held through a common control party. Previous guidance had required the decision maker to treat the common control party’s interest in the VIE as if the decision maker held the interest itself. The Company does not have significant involvement with entities subject to consolidation considerations impacted by VIE model factors addressed by this ASU. Management has determined that the adoption of this ASU did not have an impact on the consolidated financial statements of the Company. On January 1, 2017, the Company adopted FASB ASU 2015-11, “Inventory: Simplifying the Measurement of Inventory.” This ASU requires inventories to be measured at the lower of cost and net realizable value, with net realizable value defined as the estimated selling price in the normal course of business, less reasonably predictable costs of completion, disposal and transportation. Management has determined that the adoption of this ASU did not have an impact on the consolidated financial statements of the Company. On December 31, 2016, the Company adopted FASB ASU 2016-09, “Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting.” This ASU simplifies certain aspects of accounting for equity-based compensation, including accounting for income taxes, accounting for pre-vesting forfeitures and certain classification and disclosure elements. In connection with the adoption of this ASU, the Company modified its policy for accounting for pre-vesting forfeitures from estimating an amount of equity-based grants expected to vest to recording the effect of pre-vesting forfeitures in the period in which they occur. The application of this policy change did not impact equity-based compensation expense recognized by the Company during 2016. Management has determined that the adoption of other elements of this ASU did not have an impact on the consolidated financial statements of the Company. On December 31, 2016, the Company adopted FASB ASU 2016-18, “Statement of Cash Flows: Restricted Cash.” This ASU requires r estricted cash and restricted cash equivalents to be included within the cash and cash equivalents line on the statement of cash flows with a corresponding reconciliation prepared to the statement of financial position for cash and cash equivalents and restricted cash balances. Transfers between restricted cash and restricted cash equivalents and cash and cash equivalents will no longer be presented as cash flow activities in the statement of cash flows and material balances of restricted cash and restricted cash equivalents must disclose information regarding the nature of the restrictions. This ASU has been applied retrospectively to each of the periods presented in the accompanying statement of consolidated cash flows with a corresponding reconciliation prepared to amounts reflected in the accompanying consolidated balance sheet at December 31, 2016, for cash and cash equivalents and restricted cash balances . The retrospective adoption of this ASU has resulted in a decrease to cash used for investing activities in the accompanying statement of consolidated cash flows of approximately $330 for 2015 as compared to amounts previously reported by the Company in addition to the other presentation changes associated with this ASU. |
Recently Issued Accounting Guidance | Recently Issued Accounting Guidance The Company considers the applicability and impact of all ASUs issued by the FASB. Recently issued ASUs not listed below were assessed and determined to be either not applicable or are currently expected to have no impact on the consolidated financial statements of the Company. In May 2017, the FASB issued ASU 2017-09, “Compensation – Stock Compensation: Scope of Modification Accounting.” This ASU requires registrants to apply modification accounting unless three specific criteria are met. The three criteria are: the fair value of the award is the same before and after the modification, the vesting conditions are the same before and after the modification and the classification as a debt or equity award is the same before and after the modification. This ASU becomes effective for the Company on January 1, 2018, and is to be applied prospectively to new awards granted after adoption. . In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments.” This ASU is intended to reduce diversity in practice in how certain cash receipts and payments are presented and classified in the statement of cash flows. The standard provides guidance in a number of situations including, among others, settlement of zero-coupon bonds, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims and distributions received from equity method investees. The ASU also provides guidance for classifying cash receipts and payments that have aspects of more than one class of cash flows. This ASU becomes effective for the Company on January 1, 2019. Early adoption is permitted. Management is currently evaluating the potential impact of this ASU on the consolidated financial statements of the Company. In February 2016, the FASB issued ASU 2016-02, “Leases.” As a result of this ASU, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. As a result of this ASU, lessor accounting is largely unchanged and lessees will no longer be provided with a source of off-balance sheet financing. This ASU becomes effective for the Company on January 1, 2019. Early adoption is permitted. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the consolidated financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. Management is currently evaluating the potential impact of this ASU on the consolidated financial statements of the Company. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers.” This ASU created a comprehensive framework for all entities in all industries to apply in the determination of when to recognize revenue, and, therefore, supersedes virtually all existing revenue recognition requirements and guidance. This framework is expected to provide a consistent and comparable methodology for revenue recognition. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this principle, an entity should apply the following steps: identify the contract(s) with a customer, identify the performance obligations in the contract(s), determine the transaction price, allocate the transaction price to the performance obligations in the contract(s), and recognize revenue when, or as, the entity satisfies a performance obligation. In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers: Deferral of the Effective Date,” which deferred the effective date of this guidance for the Company until January 1, 2019. Management is currently evaluating the potential impact of these collective changes on the consolidated financial statements of the Company . The Company plans to utilize the modified retrospective method in connection with its future adoption of this ASU, as amended. |
Loss Per Share | The Company presents basic and diluted loss per common share amounts. Basic loss per common share is calculated by dividing net loss available to common stockholders by the weighted average number of common shares outstanding during the applicable period. Diluted loss per share is calculated by dividing net loss available to common stockholders by the weighted average number of common shares and common equivalent shares outstanding during the applicable period. |
Accumulated Other Comprehensi31
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Summary of Changes in the Components of Accumulated Other Comprehensive Loss | The following table summarizes changes in the components of accumulated other comprehensive loss: For the years ended December 31, 2017 2016 2015 Foreign currency translation adjustments Balance at beginning of period $ (14,735 ) $ (13,535 ) $ (8,203 ) Other comprehensive income (loss) 5,251 (1,200 ) (5,332 ) Balance at end of period $ (9,484 ) $ (14,735 ) $ (13,535 ) |
Loss Per Share (Tables)
Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Loss Per Common Share | The information used to compute basic and diluted net loss per common share was as follows: For the years ended December 31, 2017 2016 2015 Net loss $ (20,017 ) $ (14,598 ) $ (25,865 ) Weighted average shares outstanding (basic and diluted) 16,062,424 15,934,935 14,427,956 Net loss per common share: Basic $ (1.25 ) $ (0.92 ) $ (1.79 ) Diluted $ (1.25 ) $ (0.92 ) $ (1.79 ) |
Impairment (Tables)
Impairment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Asset Impairment Charges [Abstract] | |
Schedule of Changes in Carrying Amount of Goodwill | The following table details the changes in the carrying amount of goodwill: For the years ended December 31, 2017 2016 2015 Balance at beginning of period $ — $ — $ 4,665 Foreign currency translation adjustments — — (246 ) Impairment — — (4,419 ) Balance at end of period $ — $ — $ — |
Cash, Cash Equivalents, and R34
Cash, Cash Equivalents, and Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Cash And Cash Equivalents [Abstract] | |
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following provides a reconciliation of cash, cash equivalents, and restricted cash as reported in the accompanying consolidated balance sheet to the same such amounts shown in the accompanying statement of consolidated cash flows at December 31: 2017 2016 Cash and cash equivalents $ 21,848 $ 27,825 Restricted cash included in prepaid expenses and other current assets 330 330 Total cash, cash equivalents, and restricted cash shown in the statement of consolidated cash flows $ 22,178 $ 28,155 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consist of the following at December 31: 2017 2016 Raw materials and components $ 7,171 $ 7,429 Work in process 4,630 5,166 Finished goods 3,629 3,243 $ 15,430 $ 15,838 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |
Summary of Property and Equipment | Property and equipment consist of the following at December 31: 2017 2016 Economic Life (in years) Land $ 7,205 $ 6,902 N/A Buildings and related improvements 27,785 27,913 5 - 40 Machinery and equipment 22,034 23,419 3 - 20 Other 6,772 5,876 3 - 20 63,796 64,110 Less: Accumulated depreciation (17,739 ) (13,908 ) 46,057 50,202 Construction-in-progress 740 932 Property and equipment - net $ 46,797 $ 51,134 |
Future Minimum Lease Payments of Operating Lease Arrangements | Future minimum lease payments of operating lease arrangements (with initial terms greater than twelve months) at December 31, 2017, are approximately as follows: 2018 $ 303 2019 142 2020 38 2021 10 2022 2 Thereafter 7 $ 502 |
Machinery and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Future Minimum Lease Payments of Operating Lease Arrangements | Minimum future rentals of machinery and equipment under non-cancellable arrangements at December 31, 2017, are as follows: 2018 $ 768 2019 291 2020 79 2021 — 2022 — Thereafter — $ 1,138 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets, which are included in other noncurrent assets on the accompanying consolidated balance sheet, were as follows: December 31, 2017 Gross Amount Accumulated Amortization Net Unpatented technology $ 1,453 $ (1,392 ) $ 61 Trade names 31 (30 ) 1 $ 1,484 $ (1,422 ) $ 62 December 31, 2016 Gross Amount Accumulated Amortization Net Unpatented technology $ 1,276 $ (904 ) $ 372 Customer relationships 464 (188 ) 276 Trade names 52 (33 ) 19 Noncompetition agreement 15 (14 ) 1 $ 1,807 $ (1,139 ) $ 668 |
Future Estimated Amortization Expense Related to the Intangible assets | Future estimated amortization expense related to the intangible assets at December 31, 2017, is approximately as follows: 2018 $ 62 2019 — 2020 — 2021 — 2022 — Thereafter — $ 62 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Components of Long-Term Debt | Long-term debt consists of the following at December 31: 2017 2016 Principal Unamortized Debt Issuance Costs Net Principal Unamortized Debt Issuance Costs Net Building note payable $ 1,675 $ (30 ) $ 1,645 $ 1,812 $ (36 ) $ 1,776 Less: amount due within one year (142 ) 5 (137 ) (138 ) 6 (132 ) $ 1,533 $ (25 ) $ 1,508 $ 1,674 $ (30 ) $ 1,644 |
Future Maturities of Long-Term Debt | Future maturities of long-term debt at December 31, 2017, are approximately as follows: 2018 $ 142 2019 149 2020 157 2021 166 2022 174 Thereafter 887 $ 1,675 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Future Maturities of Capital Leases | Future maturities of capital leases at December 31, 2017, are approximately as follows: 2018 $ 15 2019 10 2020 8 2021 8 2022 9 Thereafter 1 $ 51 |
Future Minimum Lease Payments of Operating Lease Arrangements | Future minimum lease payments of operating lease arrangements (with initial terms greater than twelve months) at December 31, 2017, are approximately as follows: 2018 $ 303 2019 142 2020 38 2021 10 2022 2 Thereafter 7 $ 502 |
Accrued Expenses and Other Cu40
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following at December 31: 2017 2016 Accrued payroll and related costs $ 2,044 $ 1,661 Product warranty reserves 1,300 1,115 Liability for uncertain tax positions 858 754 Accrued license fees 397 409 Accrued sales commissions 307 223 Accrued professional fees 223 119 Value-added taxes payable 28 224 Other 924 619 $ 6,081 $ 5,124 |
Product Warranty Reserves (Tabl
Product Warranty Reserves (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Product Warranties Disclosures [Abstract] | |
Summary of Changes in Product Warranty Reserves | The following table summarizes changes in product warranty reserves (such amounts reflected in accrued expenses and other current liabilities in the accompanying consolidated balance sheet): For the years ended December 31, 2017 2016 2015 Balance at beginning of period $ 1,115 $ 1,308 $ 1,543 Provisions for new issuances 1,288 1,064 947 Payments (701 ) (867 ) (546 ) Reserve adjustments (500 ) (374 ) (562 ) Foreign currency translation adjustments 98 (16 ) (74 ) Balance at end of period $ 1,300 $ 1,115 $ 1,308 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Equity-Based Compensation Expense | The following table summarizes the total equity-based compensation expense recognized for awards issued under the Plan: 2017 2016 2015 Equity-based compensation expense recognized: Stock options $ 1,503 $ 614 $ 807 Restricted stock 953 849 918 Total equity-based compensation expense before income taxes 2,456 1,463 1,725 Benefit for income taxes * — — — Total equity-based compensation expense net of income taxes $ 2,456 $ 1,463 $ 1,725 * The benefit for income taxes from equity-based compensation for each of the periods presented has been determined to be $0 based on valuation allowances against net deferred tax assets. |
Assumptions for Fair Value of Stock Options Granted Estimated on the Date of Grant Using the Black-Scholes Option | During 2017, the fair value of stock options was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: August 14, 2017 February 10, 2017 Weighted average fair value per stock option $3.28 - $4.38 $5.46 - $5.75 Volatility 61.68% - 67.92% 62.89% - 63.75% Average risk-free interest rate 1.40% - 1.82% 1.89% - 1.94% Dividend yield 0.00% 0.00% Expected term (years) 2.5 - 5.5 5.0 - 5.5 During 2016, the fair value of stock options was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: August 19, 2016 August 12, 2016 Weighted average fair value per stock option $ 7.97 $ 8.07 Volatility 66.24% 66.43% Average risk-free interest rate 1.20% 1.18% Dividend yield 0.00% 0.00% Expected term (years) 5.5 6.0 |
Summary of Activity for Stock Options | The activity for stock options was as follows: For the year ended December 31, 2015 Number of Stock Options Weighted Average Exercise Price Weighted Average Grant Date Fair Value Outstanding at beginning of period 215,137 $ 17.35 $ 10.62 Stock options granted — $ — $ — Stock options exercised — $ — $ — Stock options forfeited (3,334 ) $ 16.31 $ 9.96 Stock options expired (833 ) $ 18.00 $ 11.03 Outstanding at end of period 210,970 $ 17.43 $ 10.67 Stock options exercisable at end of period 115,472 $ 17.61 $ 10.78 Stock options expected to vest at end of period 90,898 $ 17.09 $ 10.45 For the year ended December 31, 2016 Number of Stock Options Weighted Average Exercise Price Weighted Average Grant Date Fair Value Outstanding at beginning of period 210,970 $ 17.43 $ 10.67 Stock options granted 139,000 $ 13.72 $ 8.00 Stock options exercised — $ — $ — Stock options forfeited (9,335 ) $ 15.25 $ 9.27 Stock options expired (26,332 ) $ 17.74 $ 10.87 Outstanding at end of period 314,303 $ 15.62 $ 9.38 Stock options exercisable at end of period 194,471 $ 16.90 $ 10.26 Stock options expected to vest at end of period 119,832 $ 13.97 $ 8.22 For the year ended December 31, 2017 Number of Stock Options Weighted Average Exercise Price Weighted Average Grant Date Fair Value Outstanding at beginning of period 314,303 $ 15.62 $ 9.38 Stock options granted 389,000 $ 8.16 $ 3.89 Stock options exercised (18,500 ) $ 7.91 $ 3.40 Stock options forfeited (1,167 ) $ 15.74 $ 9.60 Stock options expired (9,166 ) $ 17.59 $ 10.77 Outstanding at end of period 674,470 $ 11.58 $ 6.41 Stock options exercisable at end of period 421,960 $ 12.95 $ 7.39 Stock options expected to vest at end of period 252,510 $ 9.28 $ 4.78 |
Summary of Activity for Restricted Stock Awards | The activity for restricted stock was as follows: For the year ended December 31, 2015 Shares of Restricted Stock Weighted Average Grant Date Fair Value Outstanding at beginning of period 80,834 $ 22.78 Restricted stock granted 26,000 $ 13.23 Restricted stock vested (29,164 ) $ 22.82 Restricted stock forfeited — $ — Outstanding at end of period 77,670 $ 19.57 Restricted stock expected to vest at end of period 77,670 $ 19.57 For the year ended December 31, 2016 Shares of Restricted Stock Weighted Average Grant Date Fair Value Outstanding at beginning of period 77,670 $ 19.57 Restricted stock granted 74,500 $ 11.78 Restricted stock vested (54,331 ) $ 18.06 Restricted stock forfeited (3,668 ) $ 19.46 Outstanding at end of period 94,171 $ 14.29 Restricted stock expected to vest at end of period 94,171 $ 14.29 For the year ended December 31, 2017 Shares of Restricted Stock Weighted Average Grant Date Fair Value Outstanding at beginning of period 94,171 $ 14.29 Restricted stock granted 60,000 $ 9.01 Restricted stock vested (89,002 ) $ 12.67 Restricted stock forfeited (12,667 ) $ 13.95 Outstanding at end of period 52,502 $ 11.07 Restricted stock expected to vest at end of period 52,502 $ 11.07 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Loss Before Tax | The components of loss before taxes were as follows: 2017 2016 2015 United States $ (18,064 ) $ (15,585 ) $ (13,138 ) Foreign (1,915 ) 1,054 (12,900 ) Loss before income taxes $ (19,979 ) $ (14,531 ) $ (26,038 ) |
Summary of Income Tax Provision (Benefit) | The provision (benefit) for income taxes consisted of the following: 2017 2016 2015 Current Deferred Total Current Deferred Total Current Deferred Total United States $ — $ — $ — $ — $ — $ — $ — $ (20 ) $ (20 ) Foreign 37 1 38 96 (29 ) 67 95 (248 ) (153 ) Provision (benefit) for income taxes $ 37 $ 1 $ 38 $ 96 $ (29 ) $ 67 $ 95 $ (268 ) $ (173 ) |
Reconciliation of the Provision (Benefit) for Income Taxes | A reconciliation of the provision (benefit) for income taxes at the United States statutory rate of 34.0% to the effective rate of the Company for the years ended December 31 is as follows: 2017 2016 2015 United States statutory rate (34.0%) $ (6,793 ) $ (4,941 ) $ (8,853 ) Effect of foreign disregarded entity (199 ) 269 (2,599 ) Effect of intercompany asset transfers (182 ) (756 ) (53 ) Taxes on foreign operations 35 (97 ) 648 Net change in valuation allowances 8,017 5,300 9,173 Indebtedness income not subject to income tax (1,208 ) — — Goodwill impairment — — 1,031 Permanent differences and other 368 292 480 Provision (benefit) for income taxes $ 38 $ 67 $ (173 ) Effective tax rate (0.2 )% (0.5 )% 0.7 % |
Components of Deferred Income Tax Assets and Liabilities | The components of deferred income tax assets and liabilities consist of the following at December 31: 2017 2016 Deferred tax assets Accounts receivable $ 311 $ 554 Inventories 1,024 705 Accrued expenses and other current liabilities 549 234 Net operating loss carryforwards 22,864 23,516 Tax credit carryforwards 676 676 Other 1,495 1,305 Valuation allowance (25,690 ) (25,177 ) Total deferred tax assets 1,229 1,813 Deferred tax liabilities Property and equipment 689 1,243 Other 541 570 Total deferred tax liabilities 1,230 1,813 Net deferred tax liabilities * $ 1 $ — * At December 31, 2017, net deferred tax liabilities were reflected in other noncurrent liabilities in the consolidated balance sheet. |
Summary of Changes to Valuation Allowances | The following table summarizes changes to the Company’s valuation allowances for the years ended December 31: 2017 2016 Balance at beginning of period $ 25,177 $ 20,089 Net increases in allowances 8,017 5,300 Tax Act rate change adjustment (7,670 ) — Foreign currency translation and other adjustments 166 (212 ) Balance at end of period $ 25,690 $ 25,177 |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits at December 31 was as follows: 2017 2016 2015 Balance at beginning of period $ 754 $ 781 $ 871 Increases related to current year tax positions — — — Foreign currency translation adjustments 104 (27 ) (90 ) Balance at end of period $ 858 $ 754 $ 781 |
Summary of Tax Years Subject to Examinations | The following table summarizes tax years remaining subject to examination for each of the Company’s subsidiaries at December 31, 2017: Jurisdiction Tax Years Remaining Subject to Examination United States 2013-2017 Germany 2010-2017 Italy 2014-2017 Sweden 2015-2017 Japan 2017 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Carrying Values and Fair Values of Other Financial Instruments | The carrying values and fair values of other financial instruments (assets and liabilities) not required to be recorded at fair value were as follows: December 31, December 31, 2017 2016 Carrying Value Fair Value Carrying Value Fair Value Cash and cash equivalents $ 21,848 $ 21,848 $ 27,825 $ 27,825 Restricted cash $ 330 $ 330 $ 330 $ 330 Current portion of long-term debt * $ 137 $ 142 $ 132 $ 138 Current portion of capital leases $ 15 $ 15 $ 72 $ 72 Long-term debt - net of current portion * $ 1,508 $ 1,533 $ 1,644 $ 1,674 Capital leases - net of current portion $ 36 $ 36 $ 10 $ 10 * Carrying values at December 31, 2017 and 2016 are net of unamortized debt issuance costs of approximately $30 and $36, respectively. |
Segment, Product and Geograph45
Segment, Product and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Revenue by Product | Revenue by product group for the year ended December 31 was as follows: 2017 2016 2015 3D printing machines $ 29,980 $ 20,977 $ 15,464 3D printed and other products, materials and services 27,764 26,811 24,889 $ 57,744 $ 47,788 $ 40,353 |
Geographic Information for Revenue | Geographic information for revenue for the year ended December 31 was as follows (based on the country where the sale originated): 2017 2016 2015 United States $ 25,008 $ 21,992 $ 19,817 Germany 27,497 15,990 14,174 Japan 4,115 8,647 5,613 Italy 917 729 684 Sweden (a) 207 430 65 $ 57,744 $ 47,788 $ 40,353 (a) In March 2017, the Company terminated its Cooperation Agreement with Swerea SWECAST AB (“Swerea”), resulting in an exit of its PSC operations in Jönköping, Sweden, effective April 1, 2017. Also in March 2017, the Company agreed to an operating lease agreement with Beijer Industri AB, effective April 1, 2017, related to the 3D printing machine and related equipment located on the Swerea premises, previously covered under the Cooperation Agreement with Swerea |
Geographic Information for Long-Lived Assets | Geographic information for long-lived assets at December 31 was as follows (based on the physical location of assets): 2017 2016 United States $ 14,873 $ 19,691 Germany 25,748 25,068 Japan 4,996 4,996 Italy 796 939 Sweden (a) 273 303 United Kingdom (b) 111 137 $ 46,797 $ 51,134 (a) In . At December 31, 2017, long-lived assets represent the 3D printing machine and related equipment held by the Company under the operating lease agreement with Beijer Industri AB. At December 31, 2016, long-lived assets represent the 3D printing machine and related equipment associated with the former PSC operations. (a) Represents a 3D printing machine and related equipment held by the Company under an operating lease agreement with a customer. |
Supplemental Quarterly Financ46
Supplemental Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Supplemental Quarterly Financial Information | For the Quarter Ended December 31, 2017 September 30, 2017 June 30, 2017 March 31, 2017 Revenue ̶ $ 20,181 $ 15,879 $ 10,790 $ 10,861 Revenue ̶̶ 8 8 9 8 $ 20,189 $ 15,887 $ 10,799 $ 10,869 Gross profit $ 6,656 $ 4,097 $ 2,026 $ 1,603 Net loss $ (1,960 ) $ (4,863 ) $ (6,403 ) $ (6,791 ) Net loss per common share * Basic $ (0.12 ) $ (0.30 ) $ (0.40 ) $ (0.42 ) Diluted $ (0.12 ) $ (0.30 ) $ (0.40 ) $ (0.42 ) For the Quarter Ended December 31, 2016 September 30, 2016 June 30, 2016 March 31, 2016 Revenue ̶ third parties $ 14,629 $ 12,987 $ 11,718 $ 8,379 Revenue ̶̶ related parties 2 1 37 35 $ 14,631 $ 12,988 $ 11,755 $ 8,414 Gross profit $ 5,220 $ 3,560 $ 3,506 $ 1,876 Net loss $ (2,568 ) $ (3,611 ) $ (2,942 ) $ (5,477 ) Net loss per common share * Basic $ (0.16 ) $ (0.23 ) $ (0.18 ) $ (0.35 ) Diluted $ (0.16 ) $ (0.23 ) $ (0.18 ) $ (0.35 ) * Per-share amounts are calculated independently for each quarter presented; therefore the sum of the quarterly per-share amounts may not equal the per-share amounts for the year. |
Summary of Significant Accoun47
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2015 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jan. 01, 2017 | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||
State of incorporation | Delaware | |||||
Date of incorporation | Jan. 1, 2013 | |||||
Restricted cash | $ 330,000 | $ 330,000 | ||||
Intangible assets ̶ net | 62,000 | 668,000 | ||||
Provision (recoveries) for slow-moving, obsolete and lower of cost or net realizable value inventories ̶ net | $ 2,056,000 | (5,000) | $ 553,000 | |||
Maturity of liquid instruments when purchased | three months or less | |||||
Allowance for doubtful accounts | $ 1,193,000 | 1,566,000 | ||||
(Recoveries) provision for bad debts | (64,000) | (327,000) | (254,000) | |||
Impairment loss related to held and used assets | $ 0 | 0 | 0 | |||
Goodwill impairment | $ 4,419,000 | $ 0 | $ 4,419,000 | |||
Standard product warranty period | Substantially all of the Company’s 3D printing machines are covered by a standard twelve month warranty. Generally, at the time of sale, a liability is recorded (with an offset to cost of sales) based upon the expected cost of replacement parts and labor to be incurred over the life of the standard warranty. | |||||
Tax benefits recognized upon settlement | 50.00% | |||||
Corporate income tax rate | 34.00% | 34.00% | 34.00% | |||
Provisional income tax expense (benefit) | $ 0 | |||||
Advertising costs | $ 0 | $ 0 | $ 0 | |||
Percentage of contributions matched | 50.00% | |||||
Percentage of matching contributions | 8.00% | |||||
Contributions made to defined contribution savings plan | $ 303,000 | 264,000 | 365,000 | |||
Decrease to cash used for investing activities due to retrospective adoption of ASU 2016-18 | $ 2,719,000 | $ (1,272,000) | (4,748,000) | |||
Scenario, Forecast [Member] | ||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||
Corporate income tax rate | 21.00% | |||||
Retrospective Adjustment [Member] | ASU 2016-16 [Member] | Accumulated Deficit [Member] | ||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||
Cumulative-effect adjustment to accumulated deficit | $ (408,000) | |||||
Retrospective Adjustment [Member] | ASU 2016-18 [Member] | ||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||
Decrease to cash used for investing activities due to retrospective adoption of ASU 2016-18 | $ 330,000 | |||||
Minimum [Member] | ||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||
Term till payment is required from date of shipment | 30 days | |||||
Estimated useful lives | 3 years | |||||
Maximum [Member] | ||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||
Term till payment is required from date of shipment | 60 days | |||||
Estimated useful lives | 40 years | |||||
Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | Outside of United States [Member] | ||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||
Percentage of revenue derived outside the United States | 56.70% | 54.00% | 50.90% | |||
Subsidiary Guarantor [Member] | ||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||
Percentage of ownership in subsidiary guarantors | 100.00% |
Liquidity - Additional Informat
Liquidity - Additional Information (Detail) - USD ($) | Mar. 12, 2018 | Jan. 13, 2016 | Jan. 11, 2016 | Jan. 08, 2016 | Sep. 09, 2013 | Feb. 06, 2013 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||||
Unrestricted net proceeds of secondary public offering | $ 595,000 | $ 0 | ||||||||
Sale of common stock, value | 595,000 | |||||||||
Offering costs | 215,000 | |||||||||
Net income (loss) | $ (20,017,000) | (14,598,000) | $ (25,865,000) | |||||||
Cumulative unrestricted net proceeds of secondary public offering | 168,361,000 | |||||||||
Cash and cash equivalents | $ 21,848,000 | $ 27,825,000 | ||||||||
LBM Holdings, LLC [Member] | Revolving Credit Facility [Member] | Subsequent Event [Member] | ||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||||
Credit facility, expiration period | 3 years | |||||||||
Line of credit facility, maximum borrowing capacity | $ 15,000,000 | |||||||||
IPO [Member] | ||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||||
Common stock, new issuances | 6,095,000 | |||||||||
Common stock price per share | $ 18 | |||||||||
Common stock, new shares sold by Company | 5,483,333 | |||||||||
Common stock, new shares sold by stockholder | 611,667 | |||||||||
Unrestricted net proceeds of initial public offering | $ 90,371,000 | |||||||||
Secondary Public Offering [Member] | ||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||||
Common stock, new issuances | 3,054,400 | |||||||||
Common stock price per share | $ 62 | |||||||||
Common stock, new shares sold by Company | 1,106,000 | |||||||||
Common stock, new shares sold by stockholder | 1,948,400 | |||||||||
Unrestricted net proceeds of secondary public offering | $ 64,948,000 | |||||||||
At Market Issuance Offering [Member] | FBR Capital Markets & Co. and MLV & Co. LLC [Member] | ||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||||
Common stock, new shares sold by Company | 91,940 | 0 | ||||||||
Unrestricted net proceeds of secondary public offering | $ 595,000 | |||||||||
Percentage of commission on sale of common stock | 3.00% | |||||||||
Initial reimbursement of certain legal expenses | $ 25,000 | |||||||||
Gross proceeds from the sale of shares | 843,000 | |||||||||
Offering costs | 248,000 | |||||||||
Payments related to initial reimbursement of certain legal expenses and commissions | $ 50,000 | |||||||||
At Market Issuance Offering [Member] | FBR Capital Markets & Co. and MLV & Co. LLC [Member] | Maximum [Member] | ||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||||
Sale of common stock, value | $ 50,000,000 | |||||||||
At Market Issuance Offering [Member] | FBR Capital Markets & Co. and MLV & Co. LLC [Member] | Weighted Average [Member] | ||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||||
Common stock price per share | $ 9.17 | |||||||||
Registered Direct Offering [Member] | Rockwell Forest Products, Inc. and S. Kent Rockwell [Member] | ||||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||||
Common stock price per share | $ 9.13 | |||||||||
Common stock, new shares sold by Company | 1,423,877 | |||||||||
Unrestricted net proceeds of secondary public offering | $ 12,447,000 | |||||||||
Gross proceeds from the sale of shares | 13,000,000 | |||||||||
Offering costs | $ 553,000 | |||||||||
Premium per share on closing price | $ 0.50 |
Accumulated Other Comprehensi49
Accumulated Other Comprehensive Loss - Summary of Changes in the Components of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Balance at beginning of period | $ (14,735) | $ (13,535) | $ (8,203) |
Other comprehensive income (loss) | 5,251 | (1,200) | (5,332) |
Balance at end of period | $ (9,484) | $ (14,735) | $ (13,535) |
Accumulated Other Comprehensi50
Accumulated Other Comprehensive Loss - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Accumulated other comprehensive loss, tax | $ 0 | $ 0 | $ 0 |
Amounts reclassified to earnings from accumulated other comprehensive loss | $ 0 | $ 0 | $ 0 |
Loss Per Share - Additional Inf
Loss Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stock Option [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Potential shares of anti-dilutive common stock | 674,470 | 314,303 | 210,970 |
Restricted Stock [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Potential shares of anti-dilutive common stock | 52,502 | 94,171 | 77,670 |
Loss Per Share - Computation of
Loss Per Share - Computation of Basic and Diluted Net Loss Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||
Net loss | $ (1,960) | $ (4,863) | $ (6,403) | $ (6,791) | $ (2,568) | $ (3,611) | $ (2,942) | $ (5,477) | $ (20,017) | $ (14,598) | $ (25,865) | ||||||||
Weighted average shares outstanding (basic and diluted) | 16,062,424 | 15,934,935 | 14,427,956 | ||||||||||||||||
Net loss per common share: | |||||||||||||||||||
Basic | $ (0.12) | [1] | $ (0.30) | [1] | $ (0.40) | [1] | $ (0.42) | [1] | $ (0.16) | [1] | $ (0.23) | [1] | $ (0.18) | [1] | $ (0.35) | [1] | $ (1.25) | $ (0.92) | $ (1.79) |
Diluted | $ (0.12) | [1] | $ (0.30) | [1] | $ (0.40) | [1] | $ (0.42) | [1] | $ (0.16) | [1] | $ (0.23) | [1] | $ (0.18) | [1] | $ (0.35) | [1] | $ (1.25) | $ (0.92) | $ (1.79) |
[1] | Per-share amounts are calculated independently for each quarter presented; therefore the sum of the quarterly per-share amounts may not equal the per-share amounts for the year. |
Restructuring - Additional Info
Restructuring - Additional Information (Detail) - USD ($) | May 09, 2017 | Apr. 21, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2018 |
Restructuring Cost And Reserve [Line Items] | ||||||||
Proceeds from sale of property and equipment | $ 3,706,000 | $ 75,000 | $ 190,000 | |||||
Gain on disposal of assets | 325,000 | (186,000) | $ (87,000) | |||||
Desenzano Del Garada, Italy 3D Printing Operations [Member] | ||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||
Involuntary employee terminations charges | 72,000 | |||||||
Desenzano Del Garada, Italy 3D Printing Operations [Member] | Involuntary Employee Terminations [Member] | Maximum [Member] | Scenario, Forecast [Member] | ||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||
Additional charges expected to be incurred | $ 100,000 | |||||||
Desenzano Del Garada, Italy 3D Printing Operations [Member] | Other Exit Costs [Member] | Maximum [Member] | Scenario, Forecast [Member] | ||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||
Additional charges expected to be incurred | 50,000 | |||||||
Desenzano Del Garada, Italy 3D Printing Operations [Member] | Asset Impairments [Member] | Maximum [Member] | Scenario, Forecast [Member] | ||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||
Additional charges expected to be incurred | 300,000 | |||||||
Desenzano Del Garada, Italy 3D Printing Operations [Member] | Asset Impairments [Member] | Minimum [Member] | Scenario, Forecast [Member] | ||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||
Additional charges expected to be incurred | $ 200,000 | |||||||
Desenzano Del Garada, Italy 3D Printing Operations [Member] | Cost of Sales [Member] | ||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||
Involuntary employee terminations charges | 19,000 | |||||||
Desenzano Del Garada, Italy 3D Printing Operations [Member] | Selling, General and Administrative Expenses [Member] | ||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||
Involuntary employee terminations charges | 53,000 | |||||||
North Las Vegas, Nevada 3D Printing Operations [Member] | ||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||
Involuntary employee terminations charges | 142,000 | |||||||
Additional charges expected to be incurred | 0 | |||||||
Total restructuring charges | 1,016,000 | |||||||
Other exit costs | 7,000 | |||||||
Asset impairment charges | 867,000 | |||||||
North Las Vegas, Nevada 3D Printing Operations [Member] | Cost of Sales [Member] | ||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||
Asset impairment charges | 598,000 | |||||||
North Las Vegas, Nevada 3D Printing Operations [Member] | Selling, General and Administrative Expenses [Member] | ||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||
Asset impairment charges | 269,000 | |||||||
Chesterfield Michigan Non Core Specialty Machining Operations [Member] | ||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||
Proceeds from sale of inventories | $ 79,000 | |||||||
Proceeds from sale of property and equipment | 2,475,000 | |||||||
Proceeds from sale of other contractual rights | 269,000 | |||||||
Gross proceeds from the sale assets | 2,050,000 | |||||||
Direct cost of assets | $ 128,000 | |||||||
Impairment loss | $ 42,000 | $ 859,000 | 269,000 | |||||
Chesterfield Michigan Non Core Specialty Machining Operations [Member] | Property Plant and Equipment [Member] | ||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||
Impairment loss | 590,000 | |||||||
Chesterfield Michigan Non Core Specialty Machining Operations [Member] | Intangible Assets [Member] | ||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||
Impairment loss | $ 269,000 | |||||||
North Las Vegas, Nevada [Member] | ||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||
Proceeds from sale of property and equipment | $ 1,950,000 | |||||||
Direct cost of assets | 347,000 | |||||||
Gain on disposal of assets | $ 137,000 | |||||||
North Las Vegas, Nevada [Member] | Property Plant and Equipment [Member] | ||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||
Gain on disposal of assets | $ 8,000 | |||||||
Auburn, Washington 3D Printing Operations [Member] | ||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||
Involuntary employee terminations charges | 57,000 | |||||||
Additional charges expected to be incurred | 0 | |||||||
Total restructuring charges | 170,000 | |||||||
Disposal charges of certain property and equipment | 113,000 | |||||||
Auburn, Washington 3D Printing Operations [Member] | Cost of Sales [Member] | ||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||
Disposal charges of certain property and equipment | 129,000 | |||||||
Auburn, Washington 3D Printing Operations [Member] | Selling, General and Administrative Expenses [Member] | ||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||
Disposal charges of certain property and equipment | 39,000 | |||||||
Auburn, Washington 3D Printing Operations [Member] | Research and Development [Member] | ||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||
Disposal charges of certain property and equipment | $ 2,000 |
Impairment - Additional Informa
Impairment - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017USD ($)Asset_Group | Sep. 30, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Asset Impairment Charges [Abstract] | ||||
Number of operating asset groups | Asset_Group | 3 | |||
Long-lived assets held for use impairment loss | $ 0 | $ 0 | ||
Goodwill impairment | $ 4,419,000 | $ 0 | $ 4,419,000 |
Impairment - Schedule of Change
Impairment - Schedule of Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Balance at beginning of period | $ 0 | $ 4,665 | |
Foreign currency translation adjustments | (246) | ||
Impairment | $ (4,419) | $ 0 | (4,419) |
Balance at end of period | $ 0 |
Cash, Cash Equivalents, and R56
Cash, Cash Equivalents, and Restricted Cash - Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Cash, Cash Equivalents And Restricted Cash [Line Items] | ||||
Cash and cash equivalents | $ 21,848 | $ 27,825 | ||
Restricted cash included in prepaid expenses and other current assets | 330 | 330 | ||
Total cash, cash equivalents, and restricted cash shown in the statement of consolidated cash flows | 22,178 | 28,155 | $ 19,672 | $ 36,202 |
Prepaid Expenses and Other Current Assets [Member] | ||||
Cash, Cash Equivalents And Restricted Cash [Line Items] | ||||
Restricted cash included in prepaid expenses and other current assets | $ 330 | $ 330 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Raw materials and components | $ 7,171 | $ 7,429 |
Work in process | 4,630 | 5,166 |
Finished goods | 3,629 | 3,243 |
Inventories | $ 15,430 | $ 15,838 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Inventory [Line Items] | |||||
Allowance for slow-moving and obsolete inventories | $ 3,437,000 | $ 1,517,000 | |||
Inventory (credit) charge | 271,000 | $ 280,000 | $ 0 | ||
Auburn, Washington 3D Printing Operations [Member] | |||||
Inventory [Line Items] | |||||
Allowance for slow-moving and obsolete inventories | $ 1,650,000 | ||||
Inventory (credit) charge | $ 1,460,000 | ||||
Laser Micromachining Product [Member] | |||||
Inventory [Line Items] | |||||
Inventory (credit) charge | $ (507,000) |
Property and Equipment - Summar
Property and Equipment - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | ||
Total gross property and equipment before accumulated depreciation | $ 63,796 | $ 64,110 |
Less: Accumulated depreciation | (17,739) | (13,908) |
Property and equipment, excluding construction-in-progress | 46,057 | 50,202 |
Construction-in-progress | 740 | 932 |
Property and equipment - net | $ 46,797 | 51,134 |
Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Economic Life | 3 years | |
Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Economic Life | 40 years | |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total gross property and equipment before accumulated depreciation | $ 7,205 | 6,902 |
Building and Related Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total gross property and equipment before accumulated depreciation | $ 27,785 | 27,913 |
Building and Related Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Economic Life | 5 years | |
Building and Related Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Economic Life | 40 years | |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total gross property and equipment before accumulated depreciation | $ 22,034 | 23,419 |
Machinery and Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Economic Life | 3 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Economic Life | 20 years | |
Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total gross property and equipment before accumulated depreciation | $ 6,772 | $ 5,876 |
Other [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Economic Life | 3 years | |
Other [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Economic Life | 20 years |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 5,637 | $ 5,241 | $ 4,809 |
North Las Vegas, Nevada 3D Printing Operations [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Asset impairment charges | 598 | ||
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Machinery and equipment | 85 | 365 | |
Machinery and equipment | 2,254 | 2,610 | |
Carrying value of assets | $ 1,620 | $ 2,100 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Minimum Future Rentals of Machinery and Equipment Under Non-cancellable Arrangements (Detail) - Machinery and Equipment [Member] $ in Thousands | Dec. 31, 2017USD ($) |
Property, Plant and Equipment [Line Items] | |
2,018 | $ 768 |
2,019 | 291 |
2,020 | 79 |
2,021 | 0 |
2,022 | 0 |
Thereafter | 0 |
Minimum future rentals of machinery and equipment, total | $ 1,138 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,484 | $ 1,807 |
Accumulated Amortization | (1,422) | (1,139) |
Finite lived intangible asset net | 62 | 668 |
Unpatented Technology [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,453 | 1,276 |
Accumulated Amortization | (1,392) | (904) |
Finite lived intangible asset net | 61 | 372 |
Trade Names [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 31 | 52 |
Accumulated Amortization | (30) | (33) |
Finite lived intangible asset net | $ 1 | 19 |
Customer Relationships [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 464 | |
Accumulated Amortization | (188) | |
Finite lived intangible asset net | 276 | |
Noncompete Agreements [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 15 | |
Accumulated Amortization | (14) | |
Finite lived intangible asset net | $ 1 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Indefinite Lived Intangible Assets By Major Class [Line Items] | |||||
Amortization of intangible assets | $ 641 | $ 418 | $ 418 | ||
Chesterfield Michigan Non Core Specialty Machining Operations [Member] | |||||
Indefinite Lived Intangible Assets By Major Class [Line Items] | |||||
Impairment loss | $ 42 | $ 859 | $ 269 |
Intangible Assets - Future Esti
Intangible Assets - Future Estimated Amortization Expense Related to the Intangible assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Finite Lived Intangible Assets Net [Abstract] | ||
2,018 | $ 62 | |
Finite lived intangible asset net | $ 62 | $ 668 |
Long-Term Debt - Components of
Long-Term Debt - Components of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | ||
Building note payable, Principal | $ 1,675 | $ 1,812 |
Less: amount due within one year, Principal | (142) | (138) |
Long-term debt - net of current portion, Principal | 1,533 | 1,674 |
Building note payable, Unamortized Debt Issuance Costs | (30) | (36) |
Less: amount due within one year, Unamortized Debt Issuance Costs | 5 | 6 |
Long-term debt - net of current portion, Unamortized Debt Issuance Costs | (25) | (30) |
Building note payable, Net | 1,645 | 1,776 |
Less: amount due within one year, Net | (137) | (132) |
Long-term debt - net of current portion | $ 1,508 | $ 1,644 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - Building Note Payable [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Debt Instrument [Line Items] | |
Notes payable monthly payments | $ 18 |
Building note payable, with monthly payments interest rate | 4.00% |
Building note payable, with monthly payments basis spread | 3.25% |
Date of interest rate adjustment | 2017-05 |
Notes payable maturity | 2027-05 |
Building [Member] | North Huntington, Pennsylvania [Member] | |
Debt Instrument [Line Items] | |
Carrying value of collateralized facility | $ 5,347 |
United States Treasury Securities [Member] | |
Debt Instrument [Line Items] | |
Notes payable monthly payments | $ 19 |
Long-Term Debt - Future Maturit
Long-Term Debt - Future Maturities of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | ||
2,018 | $ 142 | |
2,019 | 149 | |
2,020 | 157 | |
2,021 | 166 | |
2,022 | 174 | |
Thereafter | 887 | |
Building note payable, Principal | $ 1,675 | $ 1,812 |
Leases - Future Maturities of C
Leases - Future Maturities of Capital Leases (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Leases [Abstract] | |
2,018 | $ 15 |
2,019 | 10 |
2,020 | 8 |
2,021 | 8 |
2,022 | 9 |
Thereafter | 1 |
Future maturities of capital leases, total | $ 51 |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments of Operating Lease Arrangements (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Leases [Abstract] | |
2,018 | $ 303 |
2,019 | 142 |
2,020 | 38 |
2,021 | 10 |
2,022 | 2 |
Thereafter | 7 |
Future minimum lease payments of operating lease, Total | $ 502 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Leases [Abstract] | |||
Rent expense under operating lease | $ 358 | $ 335 | $ 421 |
Accrued Expenses and Other Cu71
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Payables And Accruals [Abstract] | ||||
Accrued payroll and related costs | $ 2,044 | $ 1,661 | ||
Product warranty reserves | 1,300 | 1,115 | ||
Liability for uncertain tax positions | 858 | 754 | $ 781 | $ 871 |
Accrued license fees | 397 | 409 | ||
Accrued sales commissions | 307 | 223 | ||
Accrued professional fees | 223 | 119 | ||
Value-added taxes payable | 28 | 224 | ||
Other | 924 | 619 | ||
Accrued expenses and other current liabilities | $ 6,081 | $ 5,124 |
Product Warranty Reserves - Sum
Product Warranty Reserves - Summary of Changes in Product Warranty Reserves (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Guarantees [Abstract] | |||
Balance at beginning of period | $ 1,115 | $ 1,308 | $ 1,543 |
Provisions for new issuances | 1,288 | 1,064 | 947 |
Payments | (701) | (867) | (546) |
Reserve adjustments | (500) | (374) | (562) |
Foreign currency translation adjustments | 98 | (16) | (74) |
Balance at end of period | $ 1,300 | $ 1,115 | $ 1,308 |
Contingencies and Commitments -
Contingencies and Commitments - Additional Information (Detail) € in Thousands | Jul. 01, 2017USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2017EUR (€) | Dec. 31, 2016USD ($) | Dec. 31, 2016EUR (€) |
Germany [Member] | German Bank [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Credit facility, maximum borrowing capacity | $ 1,500,000 | € 1,300 | ||||
Credit facility, minimum increments | 100,000 | 100 | ||||
Credit facility, commitment fee | $ 0 | |||||
Germany [Member] | German Bank [Member] | Minimum [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Debt Instrument, term | 30 days | |||||
Germany [Member] | German Bank [Member] | Commercial Transactions Requiring Security [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Credit facility, interest rate | 1.75% | |||||
Credit facility, outstanding amount | $ 1,128,000 | 941 | $ 400,000 | € 380 | ||
Germany [Member] | German Bank [Member] | Commercial Transactions Requiring Security [Member] | Separate Agreements for Additional Capacity for Financial Guarantees and Letters of Credit [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Credit facility, outstanding amount | $ 96,000 | 80 | ||||
Expiration date, description | June 2,022 | |||||
Germany [Member] | German Bank [Member] | Overdraft Credit [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Credit facility, interest rate | 10.20% | |||||
Outstanding borrowings in form of overdraft credit or short-term loans | $ 0 | 0 | ||||
Germany [Member] | German Bank [Member] | Short-Term Loans [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Outstanding borrowings in form of overdraft credit or short-term loans | 0 | $ 0 | ||||
Germany [Member] | German Bank [Member] | Commercial Transactions Requiring Security Expiring From January Twenty Eighteen Through July Twenty Eighteen [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Credit facility, outstanding amount | $ 843,000 | 703 | ||||
Expiration date, description | January 2018 through July 2018 | |||||
Germany [Member] | German Bank [Member] | Commercial Transactions Requiring Security Without Expiration [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Credit facility, outstanding amount | $ 285,000 | € 238 | ||||
Kocel [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Settlement Agreement date | July 1, 2017 | |||||
Settlement Agreement, counterparty's name | Kocel Foundry Limited (also known as Kocel CSR Casting Company, Limited) and Kocel Group (Hong Kong) Limited (collectively, “Kocel”) | |||||
Cash payment relates to Sales Agreement | $ 811,000 | |||||
Revenue associated with Sales Agreement net of the cash payment | $ 2,762,000 |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional Information (Detail) - USD ($) | Jan. 24, 2013 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-average remaining vesting period | 1 year 2 months 12 days | |||
Stock options issued | 389,000 | 139,000 | 0 | |
Intrinsic value, stock options expected to vest | $ 93,000 | |||
Proceeds from exercise of employee stock options | $ 147,000 | $ 0 | ||
Incentive stock options exercised | 18,500 | 0 | 0 | |
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total future compensation expense | $ 848,000 | |||
Intrinsic value, stock options exercisable | $ 67,000 | |||
Weighted average remaining contractual term of stock options exercisable | 6 years 7 months 6 days | |||
Weighted average remaining contractual term of stock options expected to vest | 7 years | |||
Intrinsic value of stock options exercised | $ 218,000 | |||
Proceeds from exercise of employee stock options | 147,000 | |||
Income tax benefit | 0 | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total future compensation expense | 285,000 | |||
Fair value of restricted shares vested | $ 801,000 | $ 536,000 | $ 356,000 | |
Maximum [Member] | Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Stock options contractual expiration period | 10 years | |||
Maximum [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Minimum [Member] | Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 1 year | |||
Stock options contractual expiration period | 5 years | |||
Minimum [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 1 year | |||
2013 Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock reserved for issuance | 500,000 | |||
Common Stock [Member] | 2013 Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of outstanding shares of common stock | 3.00% | |||
Common Stock [Member] | 2013 Equity Incentive Plan [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Shares authorized | 1,992,241 |
Equity-Based Compensation - Sum
Equity-Based Compensation - Summary of Total Equity-Based Compensation Expense Recognized for All ISOs, Restricted Stock and Stock Bonus Awards (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Equity-based compensation expense recognized: | ||||
Total equity-based compensation expense before income taxes | $ 2,456 | $ 1,463 | $ 1,725 | |
Benefit for income taxes | [1] | 0 | 0 | 0 |
Total equity-based compensation expense net of income taxes | 2,456 | 1,463 | 1,725 | |
Stock Options [Member] | ||||
Equity-based compensation expense recognized: | ||||
Total equity-based compensation expense before income taxes | 1,503 | 614 | 807 | |
Restricted Stock [Member] | ||||
Equity-based compensation expense recognized: | ||||
Total equity-based compensation expense before income taxes | $ 953 | $ 849 | $ 918 | |
[1] | The benefit for income taxes from equity-based compensation for each of the periods presented has been determined to be $0 based on valuation allowances against net deferred tax assets. |
Equity-Based Compensation - S76
Equity-Based Compensation - Summary of Total Equity-Based Compensation Expense Recognized for All ISOs, Restricted Stock and Stock Bonus Awards (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||
Benefit for income taxes from equity-based compensation | [1] | $ 0 | $ 0 | $ 0 |
[1] | The benefit for income taxes from equity-based compensation for each of the periods presented has been determined to be $0 based on valuation allowances against net deferred tax assets. |
Equity-Based Compensation - Ass
Equity-Based Compensation - Assumptions for Fair Value of Stock Options Granted Estimated on the Date of Grant Using the Black-Scholes Option (Detail) - Stock Options [Member] - $ / shares | Aug. 14, 2017 | Feb. 10, 2017 | Aug. 19, 2016 | Aug. 12, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average fair value per stock option | $ 7.97 | $ 8.07 | ||
Volatility | 66.24% | 66.43% | ||
Average risk-free interest rate | 1.20% | 1.18% | ||
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Expected term (years) | 5 years 6 months | 6 years | ||
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average fair value per stock option | $ 3.28 | $ 5.46 | ||
Volatility | 61.68% | 62.89% | ||
Average risk-free interest rate | 1.40% | 1.89% | ||
Expected term (years) | 2 years 6 months | 5 years | ||
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average fair value per stock option | $ 4.38 | $ 5.75 | ||
Volatility | 67.92% | 63.75% | ||
Average risk-free interest rate | 1.82% | 1.94% | ||
Expected term (years) | 5 years 6 months | 5 years 6 months |
Equity-Based Compensation - S78
Equity-Based Compensation - Summary of Activity for Stock Options (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Stock options outstanding, Beginning balance | 314,303 | 210,970 | 215,137 |
Stock options granted | 389,000 | 139,000 | 0 |
Stock options exercised | (18,500) | 0 | 0 |
Stock options forfeited | (1,167) | (9,335) | (3,334) |
Stock options expired | (9,166) | (26,332) | (833) |
Stock options outstanding, Ending balance | 674,470 | 314,303 | 210,970 |
Stock options exercisable at end of period | 421,960 | 194,471 | 115,472 |
Stock options expected to vest at end of period | 252,510 | 119,832 | 90,898 |
Weighted average exercise price, Beginning balance | $ 15.62 | $ 17.43 | $ 17.35 |
Weighted average exercise price, Stock options granted | 8.16 | 13.72 | 0 |
Weighted average exercise price, Stock options exercised | 7.91 | 0 | 0 |
Weighted average exercise price, Stock options forfeited | 15.74 | 15.25 | 16.31 |
Weighted average exercise price, Stock options expired | 17.59 | 17.74 | 18 |
Weighted average exercise price, Ending balance | 11.58 | 15.62 | 17.43 |
Weighted average exercise price, Stock options exercisable | 12.95 | 16.90 | 17.61 |
Weighted average exercise price, Stock options expected to vest, net of forfeitures | 9.28 | 13.97 | 17.09 |
Weighted average grant date fair value, Beginning balance | 9.38 | 10.67 | 10.62 |
Weighted average grant date fair value, Stock options granted | 3.89 | 8 | 0 |
Weighted average grant date fair value, Stock options exercised | 3.40 | 0 | 0 |
Weighted average grant date fair value, Stock options forfeited | 9.60 | 9.27 | 9.96 |
Weighted average grant date fair value, Stock options expired | 10.77 | 10.87 | 11.03 |
Weighted average grant date fair value, Ending balance | 6.41 | 9.38 | 10.67 |
Weighted average grant date fair value, Stock options exercisable | 7.39 | 10.26 | 10.78 |
Weighted average grant date fair value, Stock options expected to vest, net of forfeitures | $ 4.78 | $ 8.22 | $ 10.45 |
Equity-Based Compensation - S79
Equity-Based Compensation - Summary of Activity for Restricted Stock Awards (Detail) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Restricted Shares, outstanding, Beginning Balance | 94,171 | 77,670 | 80,834 |
Number of Restricted Shares, granted | 60,000 | 74,500 | 26,000 |
Number of Restricted Shares, vested | (89,002) | (54,331) | (29,164) |
Number of Restricted Shares, forfeited | (12,667) | (3,668) | 0 |
Number of Restricted Shares, outstanding, Ending Balance | 52,502 | 94,171 | 77,670 |
Number of Restricted Shares, expected to vest | 52,502 | 94,171 | 77,670 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ 14.29 | $ 19.57 | $ 22.78 |
Weighted Average Grant Date Fair Value, granted | 9.01 | 11.78 | 13.23 |
Weighted Average Grant Date Fair Value, vested | 12.67 | 18.06 | 22.82 |
Weighted Average Grant Date Fair Value, forfeited | 13.95 | 19.46 | 0 |
Weighted Average Grant Date Fair Value, Ending Balance | 11.07 | 14.29 | 19.57 |
Weighted Average Grant Date Fair Value, expected to vest | $ 11.07 | $ 14.29 | $ 19.57 |
Income Taxes - Schedule of Loss
Income Taxes - Schedule of Loss Before Tax (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
United States | $ (18,064) | $ (15,585) | $ (13,138) |
Foreign | (1,915) | 1,054 | (12,900) |
Loss before income taxes | $ (19,979) | $ (14,531) | $ (26,038) |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax Provision (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Foreign | $ 37 | $ 96 | $ 95 |
Provision (benefit) for income taxes | 37 | 96 | 95 |
United States | (20) | ||
Foreign | 1 | (29) | (248) |
Provision (benefit) for income taxes | 1 | (29) | (268) |
United States | (20) | ||
Foreign | 38 | 67 | (153) |
Provision (benefit) for income taxes | $ 38 | $ 67 | $ (173) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jul. 31, 2017 | Dec. 31, 2014 | |
Schedule Of Income Taxes [Line Items] | ||||||
Net operating loss carryforwards | $ 3 | $ 116 | ||||
United States statutory rate | 34.00% | 34.00% | 34.00% | |||
Tax cuts and jobs act of 2017 deferred tax liability | $ 460 | |||||
Tax cuts and jobs act of 2017 deferred tax assets | 8,130 | |||||
Tax cuts and jobs act of 2017 valuation allowance | 7,670 | |||||
Liability for uncertain tax positions | 858 | $ 754 | $ 781 | $ 871 | ||
Subsidiaries [Member] | United States [Member] | ||||||
Schedule Of Income Taxes [Line Items] | ||||||
Net operating loss carryforwards | 73,644 | |||||
Subsidiaries [Member] | Japan [Member] | ||||||
Schedule Of Income Taxes [Line Items] | ||||||
Net operating loss carryforwards | 3,832 | |||||
Liability for uncertain tax positions | 594 | 416 | ||||
Subsidiaries [Member] | German and Italian [Member] | ||||||
Schedule Of Income Taxes [Line Items] | ||||||
Net operating loss carryforwards | 21,487 | |||||
Subsidiaries [Member] | Germany [Member] | ||||||
Schedule Of Income Taxes [Line Items] | ||||||
Liability for uncertain tax positions | $ 323 | $ 232 | ||||
Subsidiaries [Member] | Earliest Tax Year [Member] | United States [Member] | ||||||
Schedule Of Income Taxes [Line Items] | ||||||
Expiration period of net operating loss carryforwards | 2,033 | |||||
Subsidiaries [Member] | Earliest Tax Year [Member] | Japan [Member] | ||||||
Schedule Of Income Taxes [Line Items] | ||||||
Expiration period of net operating loss carryforwards | 2,018 | |||||
Subsidiaries [Member] | Latest Tax Year [Member] | United States [Member] | ||||||
Schedule Of Income Taxes [Line Items] | ||||||
Expiration period of net operating loss carryforwards | 2,037 | |||||
Subsidiaries [Member] | Latest Tax Year [Member] | Japan [Member] | ||||||
Schedule Of Income Taxes [Line Items] | ||||||
Expiration period of net operating loss carryforwards | 2,026 | |||||
Subsidiaries [Member] | 2023 [Member] | United States [Member] | ||||||
Schedule Of Income Taxes [Line Items] | ||||||
Tax credit carryforwards | $ 676 | |||||
Expiration period of tax credit carryforwards | 2,023 | |||||
Subsidiaries [Member] | TaxYearEndedFromDecember2014ThroughDecember2016Member | Japan [Member] | ||||||
Schedule Of Income Taxes [Line Items] | ||||||
Income tax obligation | $ 5 | |||||
Minimum [Member] | ||||||
Schedule Of Income Taxes [Line Items] | ||||||
Accumulated foreign earnings repatriation tax rate | 8.00% | |||||
Maximum [Member] | ||||||
Schedule Of Income Taxes [Line Items] | ||||||
Accumulated foreign earnings repatriation tax rate | 15.50% | |||||
Scenario Plan [Member] | ||||||
Schedule Of Income Taxes [Line Items] | ||||||
United States statutory rate | 21.00% |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of the Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
United States statutory rate (34.0%) | $ (6,793) | $ (4,941) | $ (8,853) |
Effect of foreign disregarded entity | (199) | 269 | (2,599) |
Effect of intercompany asset transfers | (182) | (756) | (53) |
Taxes on foreign operations | 35 | (97) | 648 |
Net change in valuation allowances | 8,017 | 5,300 | 9,173 |
Indebtedness income not subject to income tax | (1,208) | ||
Goodwill impairment | 1,031 | ||
Permanent differences and other | 368 | 292 | 480 |
Provision (benefit) for income taxes | $ 38 | $ 67 | $ (173) |
Effective tax rate | (0.20%) | (0.50%) | 0.70% |
Income Taxes - Reconciliation84
Income Taxes - Reconciliation of the Provision (Benefit) for Income Taxes (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
United States statutory rate | 34.00% | 34.00% | 34.00% |
Income Taxes - Components of De
Income Taxes - Components of Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Deferred tax assets | ||||
Accounts receivable | $ 311 | $ 554 | ||
Inventories | 1,024 | 705 | ||
Accrued expenses and other current liabilities | 549 | 234 | ||
Net operating loss carryforwards | 22,864 | 23,516 | ||
Tax credit carryforwards | 676 | 676 | ||
Other | 1,495 | 1,305 | ||
Valuation allowance | (25,690) | (25,177) | $ (20,089) | |
Total deferred tax assets | 1,229 | 1,813 | ||
Deferred tax liabilities | ||||
Property and equipment | 689 | 1,243 | ||
Other | 541 | 570 | ||
Total deferred tax liabilities | 1,230 | $ 1,813 | ||
Net deferred tax liabilities | [1] | $ 1 | ||
[1] | At December 31, 2017, net deferred tax liabilities were reflected in other noncurrent liabilities in the consolidated balance sheet. |
Income Taxes - Summary of Chang
Income Taxes - Summary of Changes to Valuation Allowances (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
Balance at beginning of period | $ 25,177 | $ 20,089 |
Net increases in allowances | 8,017 | 5,300 |
Tax Act rate change adjustment | (7,670) | |
Foreign currency translation and other adjustments | 166 | (212) |
Balance at end of period | $ 25,690 | $ 25,177 |
Income Taxes - Reconciliation87
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Balance at beginning of period | $ 754 | $ 781 | $ 871 |
Foreign currency translation adjustments | 104 | (27) | (90) |
Balance at end of period | $ 858 | $ 754 | $ 781 |
Income Taxes - Summary of Tax Y
Income Taxes - Summary of Tax Year Subject to Examinations (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
United States [Member] | Earliest Tax Year [Member] | |
Income Tax Contingency [Line Items] | |
Tax year subject to examination | 2,013 |
United States [Member] | Latest Tax Year [Member] | |
Income Tax Contingency [Line Items] | |
Tax year subject to examination | 2,017 |
Germany [Member] | Earliest Tax Year [Member] | |
Income Tax Contingency [Line Items] | |
Tax year subject to examination | 2,010 |
Germany [Member] | Latest Tax Year [Member] | |
Income Tax Contingency [Line Items] | |
Tax year subject to examination | 2,017 |
Italy [Member] | Earliest Tax Year [Member] | |
Income Tax Contingency [Line Items] | |
Tax year subject to examination | 2,014 |
Italy [Member] | Latest Tax Year [Member] | |
Income Tax Contingency [Line Items] | |
Tax year subject to examination | 2,017 |
Sweden [Member] | Earliest Tax Year [Member] | |
Income Tax Contingency [Line Items] | |
Tax year subject to examination | 2,015 |
Sweden [Member] | Latest Tax Year [Member] | |
Income Tax Contingency [Line Items] | |
Tax year subject to examination | 2,017 |
Japan [Member] | |
Income Tax Contingency [Line Items] | |
Tax year subject to examination | 2,017 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) € in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Aug. 31, 2017USD ($) | Aug. 31, 2017EUR (€) | Mar. 31, 2017USD ($)Contract | Mar. 31, 2017EUR (€)Contract | Dec. 31, 2015USD ($) | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||
Changes in fair value of contingent consideration | $ | $ (193) | ||||
Level 2 Fair Value Measurements [Member] | German Bank [Member] | |||||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||||
Number of foreign exchange forward contracts | Contract | 2 | 2 | |||
Gain realized on settlement of foreign exchange forward contracts | $ 14 | € 12 | $ 16 | € 15 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Values and Fair Values of Other Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 21,848 | $ 27,825 |
Restricted cash | 330 | 330 |
Current portion of long-term debt | 137 | 132 |
Current portion of capital leases | 15 | 72 |
Long-term debt - net of current portion | 1,508 | 1,644 |
Capital leases - net of current portion | 36 | 10 |
Carrying Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 21,848 | 27,825 |
Restricted cash | 330 | 330 |
Current portion of long-term debt | 137 | 132 |
Current portion of capital leases | 15 | 72 |
Long-term debt - net of current portion | 1,508 | 1,644 |
Capital leases - net of current portion | 36 | 10 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 21,848 | 27,825 |
Restricted cash | 330 | 330 |
Current portion of long-term debt | 142 | 138 |
Current portion of capital leases | 15 | 72 |
Long-term debt - net of current portion | 1,533 | 1,674 |
Capital leases - net of current portion | $ 36 | $ 10 |
Fair Value Measurements - Car91
Fair Value Measurements - Carrying Values and Fair Values of Other Financial Instruments (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value Disclosures [Abstract] | ||
Unamortized debt issuance costs | $ 30 | $ 36 |
Customer Concentrations - Addit
Customer Concentrations - Additional Information (Detail) - Five Most Significant Customers [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue, Major Customer [Line Items] | |||
Accounts receivable from significant customers | $ 4,199 | $ 1,867 | |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |||
Revenue, Major Customer [Line Items] | |||
Revenue concentration, by most significant customers | 20.50% | 17.10% | 19.00% |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) | Jan. 13, 2016USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($)Offering | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Oct. 23, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) |
Related Party Transaction [Line Items] | ||||||||||||||||
Revenue - related parties | $ 8,000 | $ 8,000 | $ 9,000 | $ 8,000 | $ 2,000 | $ 1,000 | $ 37,000 | $ 35,000 | $ 33,000 | $ 75,000 | $ 1,435,000 | |||||
Amounts due from related parties reflected in accounts receivable | 0 | 1,000 | 0 | 1,000 | ||||||||||||
Amortization of debt issuance costs | 6,000 | 210,000 | 18,000 | |||||||||||||
Number of separate equity offerings | Offering | 2 | |||||||||||||||
Accounts Payable [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Amounts due to related party | $ 1,000 | $ 4,000 | 1,000 | 4,000 | ||||||||||||
Former Chairman and Chief Executive Officer [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Purchases from related parties | 14,000 | 28,000 | 77,000 | |||||||||||||
Fair market value of benefits received from related party | $ 0 | 22,000 | 38,000 | |||||||||||||
3D Printing Machines [Member] | December 2015 Sale Agreement [Member] | Board Of Director [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Revenue - related parties | 120,000 | |||||||||||||||
Consideration for printing machine | 120,000 | |||||||||||||||
3D Printing Machines [Member] | June 2015 Sale Agreement [Member] | Board Of Director [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Revenue - related parties | 146,000 | |||||||||||||||
Consideration for printing machine | $ 146,000 | |||||||||||||||
3D Printing Machines [Member] | March 2015 Sale Agreement [Member] | Former Chairman and Chief Executive Officer [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Revenue - related parties | $ 37,000 | 913,000 | ||||||||||||||
Consideration for printing machine | $ 950,000 | |||||||||||||||
3D Printing Machines [Member] | December 2014 Sale Agreement [Member] | Former Chairman and Chief Executive Officer [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Revenue - related parties | 185,000 | $ 815,000 | ||||||||||||||
Consideration for printing machine | 1,000,000 | |||||||||||||||
Consulting [Member] | Hans J. Sack [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Purchases from related parties | $ 75,000 | |||||||||||||||
Consulting arrangement consideration included in selling, general and administrative expenses | 50,000 | |||||||||||||||
RHI Investments, LLC [Member] | Revolving Credit Facility [Member] | ||||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 15,000,000 | |||||||||||||||
Debt issuance costs | $ 215,000 | |||||||||||||||
Credit facility, outstanding amount | $ 0 | |||||||||||||||
Interest expense relating to the commitment fee | $ 5,000 | 28,000 | ||||||||||||||
Commitment fee | 1.00% | |||||||||||||||
Amortization of debt issuance costs | $ 204,000 | 11,000 | ||||||||||||||
Interest expense relating to the Credit Agreement | $ 39,000 |
Segment, Product and Geograph94
Segment, Product and Geographic Information - Revenue by Product (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 20,189 | $ 15,887 | $ 10,799 | $ 10,869 | $ 14,631 | $ 12,988 | $ 11,755 | $ 8,414 | $ 57,744 | $ 47,788 | $ 40,353 |
3D Printing Machines [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 29,980 | 20,977 | 15,464 | ||||||||
3D Printed and Other Products, Materials and Services [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 27,764 | $ 26,811 | $ 24,889 |
Segment, Product and Geograph95
Segment, Product and Geographic Information - Geographic Information for Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenues | $ 20,189 | $ 15,887 | $ 10,799 | $ 10,869 | $ 14,631 | $ 12,988 | $ 11,755 | $ 8,414 | $ 57,744 | $ 47,788 | $ 40,353 | |
United States [Member] | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenues | 25,008 | 21,992 | 19,817 | |||||||||
Germany [Member] | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenues | 27,497 | 15,990 | 14,174 | |||||||||
Japan [Member] | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenues | 4,115 | 8,647 | 5,613 | |||||||||
Italy [Member] | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenues | 917 | 729 | 684 | |||||||||
Sweden [Member] | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenues | [1] | $ 207 | $ 430 | $ 65 | ||||||||
[1] | In March 2017, the Company terminated its Cooperation Agreement with Swerea SWECAST AB (“Swerea”), resulting in an exit of its PSC operations in Jönköping, Sweden, effective April 1, 2017. Also in March 2017, the Company agreed to an operating lease agreement with Beijer Industri AB, effective April 1, 2017, related to the 3D printing machine and related equipment located on the Swerea premises, previously covered under the Cooperation Agreement with Swerea. For 2017, revenues considered to be originated from Sweden are limited to the PSC operations which ceased on April 1, 2017. Revenues associated the operating lease agreement with Beijer Industri AB subsequent to April 1, 2017, are considered to be originated from Germany. |
Segment, Product and Geograph96
Segment, Product and Geographic Information - Geographic Information for Long-Lived Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | $ 46,797 | $ 51,134 | |
United States [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | 14,873 | 19,691 | |
Germany [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | 25,748 | 25,068 | |
Japan [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | 4,996 | 4,996 | |
Italy [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | 796 | 939 | |
Sweden [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | [1] | 273 | 303 |
United Kingdom | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Long-lived assets | [2] | $ 111 | $ 137 |
[1] | In March 2017, the Company terminated its Cooperation Agreement with Swerea SWECAST AB (“Swerea”), resulting in an exit of its PSC operations in Jönköping, Sweden, effective April 1, 2017. Also in March 2017, the Company agreed to an operating lease agreement with Beijer Industri AB, effective April 1, 2017, related to the 3D printing machine and related equipment located on the Swerea premises, previously covered under the Cooperation Agreement with Swerea. At December 31, 2017, long-lived assets represent the 3D printing machine and related equipment held by the Company under the operating lease agreement with Beijer Industri AB. At December 31, 2016, long-lived assets represent the 3D printing machine and related equipment associated with the former PSC operations. | ||
[2] | Represents a 3D printing machine and related equipment held by the Company under an operating lease agreement with a customer. |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Revolving Credit Facility [Member] - LBM Holdings, LLC [Member] - Subsequent Event [Member] | Mar. 12, 2018USD ($) |
Subsequent Event [Line Items] | |
Line of credit facility, maximum borrowing capacity | $ 15,000,000 |
Credit facility, expiration period | 3 years |
Credit facility, expiration date | Mar. 12, 2021 |
Credit facility, description of variable rate basis | one month LIBOR |
Credit facility, interest rate at inception | 6.70% |
Credit facility, commitment fee on unused portion, percentage | 0.75% |
Credit facility, commitment fee on unused portion, payable term | The LBM Credit Agreement requires a commitment fee of 75 basis points, or 0.75%, on the unused portion of the facility, payable monthly in arrears. |
Credit facility, up-front commitment fee percentage | 1.25% |
Credit facility, up-front commitment fee amount | $ 188,000 |
Credit facility, minimum increments | 1,000,000 |
Available loan proceeds deposited into escrow account | $ 15,000,000 |
One Month LIBOR [Member] | |
Subsequent Event [Line Items] | |
Credit facility, basis spread on variable rate | 5.00% |
Supplemental Quarterly Financ98
Supplemental Quarterly Financial Information - Summary of Supplemental Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||
Revenue ̶ third parties | $ 20,181 | $ 15,879 | $ 10,790 | $ 10,861 | $ 14,629 | $ 12,987 | $ 11,718 | $ 8,379 | $ 57,711 | $ 47,713 | $ 38,918 | ||||||||
Revenue - related parties | 8 | 8 | 9 | 8 | 2 | 1 | 37 | 35 | 33 | 75 | 1,435 | ||||||||
Revenue | 20,189 | 15,887 | 10,799 | 10,869 | 14,631 | 12,988 | 11,755 | 8,414 | 57,744 | 47,788 | 40,353 | ||||||||
Gross profit | 6,656 | 4,097 | 2,026 | 1,603 | 5,220 | 3,560 | 3,506 | 1,876 | 14,382 | 14,162 | 8,343 | ||||||||
Net loss | $ (1,960) | $ (4,863) | $ (6,403) | $ (6,791) | $ (2,568) | $ (3,611) | $ (2,942) | $ (5,477) | $ (20,017) | $ (14,598) | $ (25,865) | ||||||||
Net loss per common share: | |||||||||||||||||||
Basic | $ (0.12) | [1] | $ (0.30) | [1] | $ (0.40) | [1] | $ (0.42) | [1] | $ (0.16) | [1] | $ (0.23) | [1] | $ (0.18) | [1] | $ (0.35) | [1] | $ (1.25) | $ (0.92) | $ (1.79) |
Diluted | $ (0.12) | [1] | $ (0.30) | [1] | $ (0.40) | [1] | $ (0.42) | [1] | $ (0.16) | [1] | $ (0.23) | [1] | $ (0.18) | [1] | $ (0.35) | [1] | $ (1.25) | $ (0.92) | $ (1.79) |
[1] | Per-share amounts are calculated independently for each quarter presented; therefore the sum of the quarterly per-share amounts may not equal the per-share amounts for the year. |