Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Aug. 06, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | XONE | |
Entity Registrant Name | ExOne Co | |
Entity Central Index Key | 0001561627 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 16,910,852 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Title of 12(b) Security | Common stock | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-35806 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 46-1684608 | |
Entity Address, Address Line One | 127 Industry Boulevard | |
Entity Address, City or Town | North Huntingdon | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 15642 | |
City Area Code | 724 | |
Local Phone Number | 863-9663 |
Condensed Statement of Consolid
Condensed Statement of Consolidated Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Statement [Abstract] | ||||
Revenue | $ 11,099 | $ 15,279 | $ 24,482 | $ 24,858 |
Cost of sales | 8,009 | 10,137 | 17,763 | 17,074 |
Gross profit | 3,090 | 5,142 | 6,719 | 7,784 |
Operating expenses | ||||
Research and development | 2,369 | 2,537 | 4,845 | 4,969 |
Selling, general and administrative | 4,488 | 6,167 | 10,651 | 11,590 |
Gain from sale-leaseback of property and equipment | (1,462) | |||
Total operating expenses | 6,857 | 8,704 | 14,034 | 16,559 |
Loss from operations | (3,767) | (3,562) | (7,315) | (8,775) |
Other expense | ||||
Interest expense | 53 | 71 | 117 | 142 |
Other expense ̶ net | 195 | 57 | 5 | 69 |
Total other (income) expense | 248 | 128 | 122 | 211 |
Loss before income taxes | (4,015) | (3,690) | (7,437) | (8,986) |
Provision (benefit) for income taxes | 8 | 99 | 234 | (701) |
Net loss | $ (4,023) | $ (3,789) | $ (7,671) | $ (8,285) |
Net loss per common share: | ||||
Basic | $ (0.24) | $ (0.23) | $ (0.47) | $ (0.51) |
Diluted | $ (0.24) | $ (0.23) | $ (0.47) | $ (0.51) |
Comprehensive loss: | ||||
Net loss | $ (4,023) | $ (3,789) | $ (7,671) | $ (8,285) |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 370 | 583 | (468) | (193) |
Comprehensive loss | $ (3,653) | $ (3,206) | $ (8,139) | $ (8,478) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheet - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 19,658 | $ 5,265 |
Restricted cash | 508 | 978 |
Accounts receivable ̶ net | 4,531 | 6,522 |
Current portion of net investment in sales-type leases | 292 | 213 |
Inventories ̶ net | 24,208 | 19,770 |
Prepaid expenses and other current assets | 3,510 | 2,182 |
Total current assets | 52,707 | 34,930 |
Property and equipment ̶ net | 20,609 | 38,895 |
Operating lease right-of-use assets | 4,533 | 432 |
Net investment in sales-type leases ̶ net of current portion | 639 | 738 |
Other noncurrent assets | 242 | 371 |
Total assets | 78,730 | 75,366 |
Current liabilities: | ||
Current portion of long-term debt | 1,128 | 153 |
Current portion of operating lease liabilities | 1,754 | 158 |
Accounts payable | 5,127 | 5,818 |
Accrued expenses and other current liabilities | 4,183 | 6,942 |
Current portion of contract liabilities | 16,438 | 11,846 |
Total current liabilities | 28,630 | 24,917 |
Long-term debt ̶ net of current portion | 2,354 | 1,211 |
Operating lease liabilities ̶ net of current portion | 2,779 | 274 |
Contract liabilities ̶ net of current portion | 213 | 286 |
Other noncurrent liabilities | 223 | 96 |
Total liabilities | 34,199 | 26,784 |
Contingencies and commitments | ||
Stockholders' equity | ||
Common stock, $0.01 par value, 200,000,000 shares authorized, 16,863,602 (2020) and 16,346,960 (2019) shares issued and outstanding | 169 | 163 |
Additional paid-in capital | 180,932 | 176,850 |
Accumulated deficit | (124,619) | (116,948) |
Accumulated other comprehensive loss | (11,951) | (11,483) |
Total stockholders' equity | 44,531 | 48,582 |
Total liabilities and stockholders' equity | $ 78,730 | $ 75,366 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheet (Parenthetical) - $ / shares | Jun. 30, 2020 | Dec. 31, 2019 |
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 | 16,863,602 | 16,346,960 |
Common stock, shares outstanding | 16,863,602 | 16,346,960 |
Condensed Statement of Consol_2
Condensed Statement of Consolidated Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Operating activities | ||
Net loss | $ (7,671) | $ (8,285) |
Adjustments to reconcile net loss to net cash used for operations: | ||
Depreciation | 2,107 | 2,349 |
Equity-based compensation | 449 | 1,081 |
Amortization of debt issuance costs | 29 | 47 |
Recoveries for bad debts ̶ net | (19) | (150) |
Provision for slow-moving, obsolete and lower of cost or net realizable value inventories ̶ net | 305 | 131 |
Foreign exchange (gains) losses on intercompany transactions ̶ net | (51) | 19 |
Gain from sale-leaseback of property and equipment | (1,462) | |
Gain from disposal of property and equipment ̶ net | (1) | (2) |
Deferred income taxes | 195 | |
Changes in assets and liabilities, excluding effects of foreign currency translation adjustments: | ||
Decrease in accounts receivable | 2,016 | 1,879 |
Decrease in net investment in sales-type leases | 20 | 153 |
Increase in inventories | (5,369) | (1,325) |
Increase in prepaid expenses and other assets | (1,034) | (221) |
(Decrease) increase in accounts payable | (821) | 927 |
Decrease in accrued expenses and other liabilities | (458) | (1,689) |
Increase in contract liabilities | 4,428 | 3,608 |
Net cash used for operating activities | (7,337) | (1,478) |
Investing activities | ||
Capital expenditures | (591) | (423) |
Proceeds from sale of property and equipment | 16,229 | 3 |
Net cash provided by (used for) investing activities | 15,638 | (420) |
Financing activities | ||
Proceeds from borrowings on long-term debt | 2,194 | |
Payments on long-term debt | (78) | (74) |
Proceeds from at-the-market offerings of common stock, net of issuance costs | 2,894 | |
Proceeds from exercise of employee stock options | 541 | 171 |
Other | (29) | (75) |
Net cash provided by financing activities | 5,522 | 22 |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 100 | (12) |
Net change in cash, cash equivalents, and restricted cash | 13,923 | (1,888) |
Cash, cash equivalents, and restricted cash at beginning of period | 6,243 | 9,140 |
Cash, cash equivalents, and restricted cash at end of period | 20,166 | 7,252 |
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 | 1,834 | 1,066 |
Transfer of internally developed 3D printing machines from property and equipment to inventories for sale | 1,107 | 182 |
Property and equipment included in accounts payable | 41 | 110 |
Property and equipment included in accrued expenses and other current liabilities | 48 | |
Unsettled proceeds from at-the-market offerings of common stock, net of issuance costs | $ 204 | |
Unsettled proceeds from exercise of employee stock options | $ 91 |
Condensed Statement of Changes
Condensed Statement of Changes in Consolidated Stockholders' Equity (Unaudited) - 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, 2018 | $ 62,775 | $ 162 | $ 175,214 | $ (101,853) | $ (10,748) |
Beginning Balance, Shares at Dec. 31, 2018 | 16,234,000 | ||||
Net loss | (4,496) | (4,496) | |||
Other comprehensive income (loss) | (776) | (776) | |||
Equity-based compensation | 439 | 439 | |||
Exercise of employee stock options | 165 | $ 1 | 164 | ||
Exercise of employee stock options, shares | 23,000 | ||||
Taxes related to the net share settlement of equity-based awards | (68) | (68) | |||
Common stock issued from equity incentive plan, shares | 38,000 | ||||
Ending Balance at Mar. 31, 2019 | 58,039 | $ 163 | 175,749 | (106,349) | (11,524) |
Ending Balance, Shares at Mar. 31, 2019 | 16,295,000 | ||||
Beginning Balance at Dec. 31, 2018 | 62,775 | $ 162 | 175,214 | (101,853) | (10,748) |
Beginning Balance, Shares at Dec. 31, 2018 | 16,234,000 | ||||
Net loss | $ (8,285) | ||||
Exercise of employee stock options, shares | 36,370 | ||||
Ending Balance at Jun. 30, 2019 | $ 55,572 | $ 163 | 176,488 | (110,138) | (10,941) |
Ending Balance, Shares at Jun. 30, 2019 | 16,318,000 | ||||
Beginning Balance at Mar. 31, 2019 | 58,039 | $ 163 | 175,749 | (106,349) | (11,524) |
Beginning Balance, Shares at Mar. 31, 2019 | 16,295,000 | ||||
Net loss | (3,789) | (3,789) | |||
Other comprehensive income (loss) | 583 | 583 | |||
Equity-based compensation | 642 | 642 | |||
Exercise of employee stock options | 97 | 97 | |||
Exercise of employee stock options, shares | 13,000 | ||||
Common stock issued from equity incentive plan, shares | 10,000 | ||||
Ending Balance at Jun. 30, 2019 | 55,572 | $ 163 | 176,488 | (110,138) | (10,941) |
Ending Balance, Shares at Jun. 30, 2019 | 16,318,000 | ||||
Beginning Balance at Dec. 31, 2019 | $ 48,582 | $ 163 | 176,850 | (116,948) | (11,483) |
Beginning Balance, Shares at Dec. 31, 2019 | 16,346,960 | 16,347,000 | |||
Net loss | $ (3,648) | (3,648) | |||
Other comprehensive income (loss) | (838) | (838) | |||
Equity-based compensation | 292 | $ 1 | 291 | ||
Common stock issued from equity incentive plan, shares | 39,000 | ||||
Ending Balance at Mar. 31, 2020 | 44,388 | $ 164 | 177,141 | (120,596) | (12,321) |
Ending Balance, Shares at Mar. 31, 2020 | 16,386,000 | ||||
Beginning Balance at Dec. 31, 2019 | $ 48,582 | $ 163 | 176,850 | (116,948) | (11,483) |
Beginning Balance, Shares at Dec. 31, 2019 | 16,346,960 | 16,347,000 | |||
Net loss | $ (7,671) | ||||
Exercise of employee stock options, shares | 73,251 | ||||
Ending Balance at Jun. 30, 2020 | $ 44,531 | $ 169 | 180,932 | (124,619) | (11,951) |
Ending Balance, Shares at Jun. 30, 2020 | 16,863,602 | 16,864,000 | |||
Beginning Balance at Mar. 31, 2020 | $ 44,388 | $ 164 | 177,141 | (120,596) | (12,321) |
Beginning Balance, Shares at Mar. 31, 2020 | 16,386,000 | ||||
Net loss | (4,023) | (4,023) | |||
Other comprehensive income (loss) | 370 | 370 | |||
Equity-based compensation | 157 | 157 | |||
Exercise of employee stock options | 541 | $ 1 | 540 | ||
Exercise of employee stock options, shares | 73,000 | ||||
Common stock issued from equity incentive plan, shares | 22,000 | ||||
At the market offerings of common stock,net of issuance costs | 3,098 | $ 4 | 3,094 | ||
At the market offerings of common stock,net of issuance costs, shares | 383,000 | ||||
Ending Balance at Jun. 30, 2020 | $ 44,531 | $ 169 | $ 180,932 | $ (124,619) | $ (11,951) |
Ending Balance, Shares at Jun. 30, 2020 | 16,863,602 | 16,864,000 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Note 1. Basis of Presentation 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 condensed consolidated financial statements include the accounts of ExOne, its wholly-owned subsidiaries, ExOne Americas LLC (United States); ExOne GmbH (Germany); ExOne Property GmbH (Germany); and ExOne KK (Japan). Collectively, the consolidated group is referred to as the “Company”. The Company filed a registration statement on Form S-3 (No. 333-223690) with the Securities and Exchange Commission on March 15, 2018. The purpose of the Form S-3 was to register various equity and debt securities. Subsidiaries of the Company are co-registrants with the Company (“Subsidiary Guarantors”), and the registration statement registered guarantees of debt securities by one or more of the Subsidiary Guarantors. The Subsidiary Guarantors are 100% owned by the Company and any guarantees by the Subsidiary Guarantors will be full and unconditional. Basis of Presentation The condensed consolidated financial statements of the Company are unaudited. The condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, considered necessary by management to fairly state the results of operations, financial position and cash flows of the Company. All material intercompany transactions and balances have been eliminated in consolidation. The results reported in these condensed consolidated financial statements are not necessarily indicative of the results that may be expected for the entire year. The December 31, 2019 condensed consolidated balance sheet data was derived from the audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). This Quarterly Report on Form 10-Q should be read in connection with the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, which includes all disclosures required by GAAP. The preparation of these condensed 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 testing for impairment of long-lived assets (including the identification of asset groups by management, estimates of future cash flows of identified asset groups and fair value estimates used in connection with assessing the valuation of identified 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 form 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. Certain amounts relating to operating lease right-of-use assets ($432), current portion of operating lease liabilities ($158) and operating lease liabilities – net of current portion ($274) in the accompanying condensed consolidated balance sheet at December 31, 2019, have been reclassified from other noncurrent assets, accrued expenses and other current liabilities and other noncurrent liabilities, respectively, to conform to current period presentation. Certain amounts in the accompanying condensed statement of consolidated cash flows have been reclassified to conform to current period presentation. COVID-19 In March 2020, the World Health Organization declared the novel strain of coronavirus a global pandemic (“COVID-19”) and recommended containment and mitigation measures worldwide. The impact of COVID-19 and the related economic, business and market disruptions are evolving rapidly, and their effects are uncertain. As a result of COVID-19, the Company was required to temporarily close its operations at its North Huntingdon, Pennsylvania facility for the period from March 23 through March 30, 2020. In response to COVID-19, the Company has incurred incremental costs associated with protecting the health and safety of the Company’s global workforce, enhanced sanitization of the Company’s global operating facilities, and information technology capabilities for employees operating remotely. Beginning in March 2020, restrictions imposed by various governmental authorities on both domestic and international shipping and travel have caused a disruption to the timing of delivery and installation of the Company’s 3D printing machines, resulting in negative impacts to the Company’s financial position, results of operations and cash flows. The duration and severity of the outbreak and its long-term impact on the Company’s business are uncertain at this time. The Company is unable to predict the impact that COVID-19 will have on its future financial position, results of operations and cash flows. Recently Issued Accounting Guidance The Company considers the applicability and impact of all Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board (the “FASB”). Recently issued ASUs not listed below either were assessed and determined to be not applicable or are currently expected to have no impact on the consolidated financial statements of the Company. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses.” This ASU added a new impairment model (known as the current expected credit loss (“CECL”) model) that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses. The CECL model applies to most debt instruments, trade receivables, lease receivables, financial guarantee contracts, and other loan commitments. The CECL model does not have a minimum threshold for recognition of impairment losses and entities will need to measure expected credit losses on assets that have a low risk of loss. As a smaller reporting company pursuant to Rule 12b-2 of the Securities Exchange Act of 1934, as amended, these changes become effective for the Company on January 1, 2023. Management is currently evaluating the potential impact of these changes on the consolidated financial statements of the Company. |
Liquidity
Liquidity | 6 Months Ended |
Jun. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Liquidity | Note 2. Liquidity The Company has incurred a net loss in each of its annual periods since its inception. As shown in the accompanying condensed statement of consolidated operations and comprehensive loss, the Company incurred a net loss of $4,023 and $7,671 for the three months and six months ended June 30, 2020, respectively. At June 30, 2020, the Company had $19,658 in unrestricted cash and cash equivalents. In addition to its unrestricted cash and cash equivalents, the Company also has access to additional capital through its $10,000 related party revolving credit facility (Note 12). Since its inception, the Company has received cumulative unrestricted net proceeds from the sale of its common stock (through its initial public offering and subsequent public offerings) of $168,361 to fund its operations. The Company maintains additional access to capital through its active shelf registration statement (Note 1) which allows for the sale of various equity or debt instruments up to an aggregate amount of $125,000. In June 2020, the Company entered into an Equity Distribution Agreement with Oppenheimer & Company, Inc. (“Oppenheimer”) pursuant to which Oppenheimer agreed to act as sales agent in the sale of up to $25,000 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. Terms of the Equity Distribution Agreement require a 3.0% commission on the sale of ExOne common stock as well as reimbursement of certain expenses incurred by Oppenheimer. During the three months ended June 30, 2020, the Company sold 382,601 shares of common stock in at-the-market offerings at an average selling price of $8.86 per share resulting in net proceeds to the Company (after deducting commissions) of $3,288 (of which, at June 30, 2020, $362 remained unsettled and was included in prepaid expenses and other current assets in the accompanying condensed consolidated balance sheet, such net proceeds received by the Company in July 2020). During the three months ended June 30, 2020, the Company incurred expenses (other than commissions) associated with the at-the-market offerings of $190 (of which, at June 30, 2020, $158 were unpaid and included in accounts payable in the accompanying condensed consolidated balance sheet). There have been no sales of shares of common stock in at-the-market offerings subsequent to June 30, 2020. Future sales of securities in at-the-market offerings and the Company’s active shelf registration, if any, are dependent on market conditions, which may restrict the timing and extent of any future offering of securities by the Company. In addition to net proceeds from the sale of its common stock, on April 18, 2020, the Company received additional unrestricted cash proceeds of $2,194 in connection with a Paycheck Protection Program loan (Note 13). The Company has previously exhibited its ability to modify its operating structure and support its liquidity position through various restructuring and other actions, including its 2018 global cost realignment program. In response to adverse market conditions associated with COVID-19, beginning in March 2020 and through April 2020, the Company initiated various cost savings actions including a mix of employee terminations, furloughs and pay rate reductions, as well as reductions in consulting and other expenses, all in an effort to conserve cash and maintain adequate liquidity. 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 (in addition to those further discussed above). The Company may also 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 | 6 Months Ended |
Jun. 30, 2020 | |
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 periods indicated: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Foreign currency translation adjustments Balance at beginning of period $ (12,321 ) $ (11,524 ) $ (11,483 ) $ (10,748 ) Other comprehensive income (loss) 370 583 (468 ) (193 ) Balance at end of period $ (11,951 ) $ (10,941 ) $ (11,951 ) $ (10,941 ) 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 either of the periods presented. |
Loss Per Share
Loss Per Share | 6 Months Ended |
Jun. 30, 2020 | |
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 common 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 each of the three months and six months ended June 30, 2020 and 2019, 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 (679,198 – 2020 and 608,787 – 2019) and unvested restricted stock issued (47,250 – 2020 and 96,264 – 2019), was anti-dilutive. The information used to compute basic and diluted net loss per common share was as follows for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Net loss $ (4,023 ) $ (3,789 ) $ (7,671 ) $ (8,285 ) Weighted average shares outstanding (basic and diluted) 16,464,345 16,301,157 16,416,867 16,278,043 Net loss per common share: Basic $ (0.24 ) $ (0.23 ) $ (0.47 ) $ (0.51 ) Diluted $ (0.24 ) $ (0.23 ) $ (0.47 ) $ (0.51 ) |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | Note 5. Revenue The Company derives revenue from the sale of 3D printing machines and 3D printed and other products, materials and services. Revenue is recognized when the Company satisfies its performance obligation(s) under a contract (either implicit or explicit) by transferring the promised product or service to a customer either when (or as) the customer obtains control of the product or service. A performance obligation is a promise in a contract to transfer a distinct product or service to a customer. A contract’s transaction price is allocated to each distinct performance obligation. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products or providing services. As such, revenue is recorded net of returns, allowances, customer discounts, and incentives. Sales, value add, and other taxes collected from customers and remitted to governmental authorities are accounted for on a net (excluded from revenue) basis. Shipping and handling costs are included in cost of sales. Certain of the Company’s contracts with customers provide for multiple performance obligations. 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). Certain other contracts have a single performance obligation, as the promise to transfer products or services is not separately identifiable from other promises in the contract and, therefore, not distinct. For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation using the Company’s best estimate of stand-alone selling price for each distinct product or service in the contract, which is generally based on an observable price. The Company’s revenue from products is transferred to customers at a point in time. The Company’s contracts for 3D printing machines generally include substantive customer acceptance provisions. Revenue under these contracts is recognized when customer acceptance provisions have been satisfied. For all other product sales, the Company recognizes revenue at the point in time in which the customer obtains control of the product, which is generally when product title passes to the customer upon delivery. In limited cases, title does not transfer and revenue is not recognized until the customer has received the products at its physical location. The Company’s revenue from service arrangements includes deferred maintenance contracts and extended warranties that can be purchased at the customer’s option. The Company generally provides a standard one-year warranty on the Company’s 3D printing machines, which is considered an assurance type warranty, and not considered a separate performance obligation (Note 9). Revenue associated with deferred maintenance contracts is generally recognized at a point in time when the related services are performed where sufficient historical evidence indicates that the costs of performing the related services under the contract are not incurred on a straight-line basis, with such revenue recognized in proportion to the costs expected to be incurred. Revenue associated with extended warranties is generally recognized over time on a straight-line basis over the related contract period. The Company’s revenue from service arrangements includes contracts with the Federal government under fixed-fee, cost reimbursable and time and materials arrangements (certain of which may have periods of performance greater than one year). Revenue under these contracts is generally recognized over time using an input measure based upon labor hours incurred and provisional rates provided under the contracts. As such, the nature of these contracts may give rise to variable consideration, primarily based upon completion of the Company’s annual Incurred Cost Submission filing as required by the Federal government. Historically, amounts associated with variable consideration have not been significant. The Company’s revenue from service arrangements includes certain research and development services. Revenue under research and development service contracts is generally recognized over time using an output measure, specifically units or parts delivered, based upon certain customer acceptance and delivery requirements. Revenue recognized over time using an output measure is not significant. The following table summarizes the Company’s revenue by product group for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 3D printing machines $ 4,898 $ 9,231 $ 11,215 $ 12,560 3D printed and other products, materials and services 6,201 6,048 13,267 12,298 $ 11,099 $ 15,279 $ 24,482 $ 24,858 Revenue from 3D printing machines includes leasing revenue whereby the Company is the lessor of 3D printing machines to its customers. Leasing revenue is accounted for under ASU 2016-02, “Leases” (Note 10). The timing of revenue recognition, billings and cash collections results in billed receivables, unbilled receivables (contract assets) and deferred revenue and customer prepayments (contract liabilities) in the accompanying condensed consolidated balance sheet. The Company considers a number of factors in its evaluation of the creditworthiness of its customers, including past due amounts, past payment history, and current 30 to 60 days recognizes For the six months ended June 30, 2020, the Company recognized revenue of $4,978 related to contract liabilities at January 1, 2020. There As of June 30, 2020, the notwithstanding uncertainty related to the impact of COVID-19 (Note 1) including, but not limited to, international shipping and travel restrictions brought about by COVID-19 which could have an adverse effect on the timing of delivery and installation of products and/or services to customers The Company has elected to apply the practical expedient associated with incremental costs of obtaining a contract, and as such, sales commission expense is generally Accounts receivable and net investment in sales-type leases (Note 10) are reported at their net realizable value. The Company carries its investment in sales-type leases based on discounting the minimum lease payments by the interest rate implicit in the lease, less an allowance for doubtful accounts. The Company’s estimate of the allowance for doubtful accounts related to accounts receivable and net investment in sales-type leases 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 or net investment in sales-type lease balance to reduce the outstanding 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 June 30, 2020 and December 31, 2019, the allowance for doubtful accounts was $488 and $508, respectively. During the three months ended June 30, 2020 and 2019, the Company recorded net recoveries for bad debts of $70 and $77, respectively. During the six months ended June 30, 2020 and 2019, the Company recorded net recoveries for bad debts of $19 and $150, respectively. |
Cash, Cash Equivalents, and Res
Cash, Cash Equivalents, and Restricted Cash | 6 Months Ended |
Jun. 30, 2020 | |
Cash And Cash Equivalents [Abstract] | |
Cash, Cash Equivalents, and Restricted Cash | Note 6. Cash, Cash Equivalents, and Restricted Cash The following provides a reconciliation of cash, cash equivalents, and restricted cash as reported in the accompanying condensed consolidated balance sheet to the same such amounts shown in the accompanying condensed statement of consolidated cash flows as of the dates indicated: June 30, December 31, 2020 2019 Cash and cash equivalents $ 19,658 $ 5,265 Restricted cash 508 978 Cash, cash equivalents, and restricted cash $ 20,166 $ 6,243 Restricted cash at both June 30, 2020 and December 31, 2019 included $508 associated with cash collateral required by a United States bank to offset certain short-term, unsecured lending commitments associated with the Company’s corporate credit card program. Restricted cash at December 31, 2019 included $470 associated with cash collateral required by a German bank for short-term financial guarantees issued by ExOne GmbH in connection with certain commercial transactions requiring security. Refer to Note 11 for further discussion related to an amendment to this cash collateral requirement effective in February 2020. Each of the balances discussed above are considered legally restricted by the Company. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 7. Inventories Inventories consisted of the following as of the dates indicated: June 30, December 31, 2020 2019 Raw materials and components $ 11,149 $ 8,841 Work in process 5,890 4,922 Finished goods 7,169 6,007 $ 24,208 $ 19,770 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 June 30, 2020 and December 31, 2019, the allowance for slow-moving and obsolete inventories was $2,493 and $3,443, respectively, and has been reflected as a reduction to inventories (principally raw materials and components). The following table summarizes changes in the allowance for slow-moving and obsolete inventories for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Balance at beginning of period $ 3,370 $ 4,177 $ 3,443 $ 4,143 Provision for slow-moving and obsolete inventories ̶ net 78 24 100 131 Reductions for sale, consumption or scrap of previously reserved amounts (1,019 ) (106 ) (1,055 ) (106 ) Foreign currency translation adjustments 64 54 5 (19 ) Balance at end of period $ 2,493 $ 4,149 $ 2,493 $ 4,149 Reductions for sale, consumption or scrap of previously reserved amounts for both the three and six months ended June 30, 2020 consist principally of certain raw material and component inventories associated with the Company’s former Exerial 3D printing platform, which were disposed of during the period. There was no significant benefit or charge recorded during the period in connection with the related disposals. During the three months ended June 30, 2020, the Company recorded a charge of $205 to cost of sales in the accompanying condensed statement of consolidated operations and comprehensive loss associated with certain inventories for which cost was determined to exceed net realizable value. |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 2020 | |
Long Lived Assets [Abstract] | |
Property and Equipment | Note 8. Property and Equipment Property and equipment consisted of the following as of the dates indicated June 30, December 31, Economic Life 2020 2019 (in years) Land $ 3,385 $ 6,980 N/A Buildings and related improvements 10,036 25,675 5 - 40 Machinery and equipment 19,119 19,531 3 - 20 Other 6,027 7,086 3 - 20 38,567 59,272 Less: Accumulated depreciation (19,417 ) (21,478 ) 19,150 37,794 Construction-in-progress 1,459 1,101 Property and equipment ̶ net $ 20,609 $ 38,895 For both the three months ended June 30, 2020 and 2019, depreciation expense was $1,184. For the six months ended June 30, 2020 and 2019, depreciation expense was $2,107 and $2,349, respectively. On February 18, 2020, the Company completed a sale-leaseback transaction associated with its European headquarters and operating facility in Gersthofen, Germany (Note 10). As a result of the completion of this transaction, the Company derecognized $17,282 in net property and equipment during the three months ended March 31, 2020. Sale of the facility resulted in a gain of $1,462 during the three months ended March 31, 2020. During the three months ended June 30, 2020, 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, which could result in a material adverse effect on the financial position and results of operations of the Company. |
Product Warranty Reserves
Product Warranty Reserves | 6 Months Ended |
Jun. 30, 2020 | |
Product Warranties Disclosures [Abstract] | |
Product Warranty Reserves | Note 9. Product Warranty Reserves Substantially all of the Company’s 3D printing machines are covered by a standard one-year 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. The following table summarizes changes in product warranty reserves, which amounts were reflected in accrued expenses and other current liabilities in the accompanying condensed consolidated balance sheet for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Balance at beginning of period $ 810 $ 1,251 $ 866 $ 1,670 Provisions for new issuances 187 383 463 529 Payments (501 ) (457 ) (845 ) (848 ) Reserve adjustments 101 36 121 (123 ) Foreign currency translation adjustments 6 10 (2 ) (5 ) Balance at end of period $ 603 $ 1,223 $ 603 $ 1,223 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Leases | Note 10. Leases Lessee The Company leases facilities, machinery and other equipment and vehicles under operating lease arrangements (with initial terms greater than twelve months), expiring in various years through 2026. In addition, the Company leases certain equipment and vehicles under finance lease arrangements, which are not significant. For all operating lease arrangements (with the exception of short-term lease arrangements), the Company presents 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. The Company has elected, as a practical expedient, not to separate non-lease components from lease components, and instead account for each separate component as a single lease component for all lease arrangements, as lessee. In addition, the Company has elected, as a practical expedient, not to apply lease recognition requirements to short-term lease arrangements, generally those with a lease term of less than twelve months, for all classes of underlying assets. In determination of the lease term, the Company considers the likelihood of lease renewal options and lease termination provisions. As a result, lease payments under these short-term lease arrangements are recognized in the accompanying condensed statement of consolidated operations and comprehensive loss on a straight-line basis over the lease term. The Company uses its incremental borrowing rate in determining the present value of lease payments, as the implicit rate of the lease arrangements is generally not readily determinable. Through July 2019, c ertain of the Company’s operating lease arrangements were with related parties under common control (Note 18). Lease cost under operating lease agreements with related parties, included within short-term lease cost below, was $12 and $24 for the three months and six months ended June 30, 2019, respectively. Future minimum lease payments of operating lease arrangements (with initial terms greater than twelve months) : 2020 $ 978 2021 1,925 2022 1,891 2023 32 2024 11 Thereafter 2 Total minimum lease payments 4,839 Less: Present value discount (306 ) Total operating lease liabilities $ 4,533 For the three months and six months ended June 30, 2020, l ease cost under operating lease arrangements was $529 and $1,033, including $41 and $72 relating to short-term lease arrangements, respectively. For the three months and six months ended June 30, 2019, lease cost under operating lease arrangements was $98 and $211, including $47 and $112 relating to short-term lease arrangements, respectively. Supplemental information related to operating lease arrangements was as follows as of and for the six months ended June 30, 2020: Operating lease right-of-use assets $ 4,533 Current portion of operating lease liabilities $ 1,754 Operating lease liabilities ̶ net of current portion $ 2,779 Right-of-use assets obtained in exchange for new operating lease liabilities $ 4,876 Cash paid for amounts included in the measurement of operating lease liabilities $ 961 Weighted average remaining lease term (in years) 2.5 Weighted average discount rate 5.1 % On December 10, 2019, ExOne Property GmbH and ExOne GmbH, the German subsidiaries of the Company (the “German Subsidiaries”), entered into a purchase agreement (the “Purchase Agreement”) with Solidas Immobilien und Grundbesitz GmbH, a private, unaffiliated German real estate investor (the “Buyer”), for the sale of the Company’s European headquarters and operating facility in Gersthofen, Germany (the “Facility”) for a purchase price of approximately $18,500 (€17,000), of which approximately $2,200 (€2,000) was received prior to December 31, 2019. Concurrent with the execution of the Purchase Agreement, ExOne GmbH and the Buyer entered into a rental contract (the “Lease”) for the leaseback of the Facility for an initial aggregate annual rent totaling approximately $1,700 (€1,500), plus applicable taxes, which is fixed during the initial three-year five-year Lessor The Company leases machinery and equipment to customers (principally 3D printing machines and related equipment) under lease arrangements classified as either operating leases or sales-type leases. The Company’s operating lease arrangements have initial terms generally ranging from one to five years, certain of which may contain extension or termination clauses, or both. Such operating lease arrangements also generally include a purchase option to acquire the related machinery and equipment at the end of the lease term for either a fixed amount as determined at inception, or a subsequently negotiated fair market value. At June 30, 2020, the Company estimated that the total fair market value significantly exceeded the related net book value of the machinery and equipment held under the Company’s operating lease arrangements. The Company’s sales-type lease arrangements generally include transfer of ownership at the end of the lease term, and as such, the Company’s net investment in sale-type lease arrangements presented in the Company’s accompanying condensed consolidated balance sheet generally does not include an amount of unguaranteed residual value. For certain of its arrangements, the Company separates and allocates (Note 5) certain non-lease components (principally maintenance services) from lease components. Sales, value add, and other taxes collected from customers and remitted to governmental authorities are accounted for on a net (excluded from lease income) basis. In determination of the lease term, the Company considers the likelihood of lease renewal options and lease termination provisions. Additionally, certain of the Company’s lease arrangements do not qualify as sale-type leases, as collectability is not reasonably assured. The Company recognized the following components under operating and sales-type lease arrangements in the accompanying condensed statement of consolidated operations and comprehensive loss for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Operating Sales-type Operating Sales-type Operating Sales-type Operating Sales-type Revenue $ 154 $ — $ 706 $ — $ 362 $ — $ 1,026 $ — Interest income (a) $ — $ 17 $ — $ 27 $ — $ 35 $ — $ 55 (a) Interest income relating to sales-type leases is recorded as a component of revenue in the accompanying condensed statement of consolidated operations and comprehensive loss for each of the periods presented. The Company’s net investment in sales-type leases consisted of the following as of the dates indicated: June 30, December 31, 2020 2019 Future minimum lease payments receivable $ 1,547 $ 1,595 Less: Allowance for doubtful accounts (424 ) (424 ) Net future minimum lease payments receivable 1,123 1,171 Less: Unearned interest income (192 ) (220 ) Net investment in sales-type leases $ 931 $ 951 Future minimum lease payments of non-cancellable operating and sales-type lease arrangements as of June 30, 2020 were as follows: Operating Sales-type 2020 $ 384 $ 327 2021 48 429 2022 — 380 2023 — 411 2024 — — Thereafter — — Total minimum lease payments $ 432 $ 1,547 Less: Allowance for doubtful accounts (424 ) Less: Present value discount (192 ) Future minimum lease payments receivable $ 931 |
Contingencies and Commitments
Contingencies and Commitments | 6 Months Ended |
Jun. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingencies and Commitments | Note 11. Contingencies and Commitments Contingencies On March 1, 2018, the Company’s ExOne GmbH subsidiary notified Voxeljet AG that it had 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 from the Company under the agreement. At this time, the Company cannot reasonably estimate a contingency, if any, related to this matter. The Company is 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 short-term financial guarantees and letters of credit to third parties in connection with certain commercial transactions requiring security through a credit facility with a German bank. On February 24, 2020, ExOne GmbH entered into an amendment and replacement of its credit facility with the German bank. The credit facility amendments included the elimination of the overdraft credit and short-term loan features of the prior agreement and replaced them with an increased capacity amount of approximately $3,900 (€3,500) for the issuance of financial guarantees and letters of credit for commercial transactions requiring security. The cash collateral requirement for the issuance of financial guarantees and letters of credit for commercial transactions requiring security was eliminated for amounts up to approximately $1,100 (€1,000) as the amendment provided the German bank with a collateral interest in the accounts receivable of ExOne GmbH. Amounts in excess of approximately $1,100 (€1,000) continue to require cash collateral under the amended credit facility. At June 30, 2020, total outstanding financial guarantees and letters of credit issued by ExOne GmbH under the amended credit facility were $906 (€807) including $265 (€236) with expiration dates ranging from October 2020 February |
Related Party Revolving Credit
Related Party Revolving Credit Facility | 6 Months Ended |
Jun. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Revolving Credit Facility | Note 12. Related Party Revolving Credit Facility On March 12, 2018, the Company and its ExOne Americas LLC and ExOne GmbH subsidiaries, as guarantors (collectively, the “Loan Parties”), entered into a Credit Agreement and related ancillary agreements with LBM Holdings, LLC (“LBM”), a company controlled by S. Kent Rockwell, who was the Executive Chairman of the Company (a related party) at such date and is currently Chairman of the Company, relating to a $15,000 revolving credit facility (the “Credit Agreement”) to provide additional funding to the Company for working capital and general corporate purposes. The Credit Agreement provided a credit facility for a term of three years (through March 12, 2021), bearing interest at a rate of one-month LIBOR plus an applicable margin of 500 basis points (6.8% at December 31, 2019 and 5.2% at June 30, 2020). The Credit Agreement required 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% ($188), was required at closing. Borrowings under the Credit Agreement were collateralized by the accounts receivable, inventories and machinery and equipment of the Loan Parties. On February 18, 2020, the Loan Parties and LBM entered into a First Amendment to the Credit Agreement (the “Amendment”) which (i) reduced the available capacity under the revolving credit facility to $10,000, (ii) extended the term of the credit facility until March 31, 2024, (iii) increased the commitment fee to 100 basis points, or 1.00%, on the unused portion of the revolving credit facility, and (iv) provided a process for the replacement of the LIBOR index after 2021. In addition, the accounts receivable of ExOne GmbH no longer serve as collateral for borrowings under the amended revolving credit facility. Borrowings under the credit facility are required to be made in minimum increments of $1,000. The Company may terminate or reduce the credit commitment at any time during the term of the amended Credit Agreement without penalty. The Company may also make prepayments against outstanding borrowings under the amended Credit Agreement at any time without penalty. At December 31, 2019 and June 30, 2020, the total estimated value of collateral was in significant excess of the maximum borrowing capacity under the credit facility. The amended Credit Agreement contains several affirmative covenants including prompt payment of liabilities and taxes; maintenance of insurance, properties, and licenses; and compliance with laws. The amended 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 amended Credit Agreement does not contain any financial covenants. The amended 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. The Company has obtained waivers related to its event of default on its building note payable (Note 13) and for the incurrence of additional debt associated with its PPP Loan (Note 13). The Company does not consider the Credit Agreement, as amended, indicative of a fair market value lending, as LBM was determined to be a related party based on common control by S. Kent Rockwell. S. Kent Rockwell is the indirect sole owner of LBM. Prior to execution, each of the Credit Agreement and the Amendment was reviewed and approved by the Audit Committee of the Company’s Board of Directors (the “Board”), in accordance with The ExOne Company Policy and Procedures with Respect to Related Person Transactions, and subsequently by a sub-committee of independent members of the Board. At the time of execution of the Credit Agreement, the available loan proceeds were deposited into an escrow account with an unrelated, third party financial institution acting as escrow agent pursuant to a separate Escrow Agreement by and among the parties. Loan proceeds held in escrow are 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 amended Credit Agreement and termination of the amended 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 amended Credit Agreement and Escrow Agreement prohibit any acceleration of repayment of any amount outstanding under the amended Credit Agreement and prohibit termination of the amended Credit Agreement or withdrawal from escrow of any unused portion of the available loan proceeds. There were no borrowings under the credit facility during the three or six months ended June 30, 2020 or 2019. There were no borrowings outstanding under the credit facility at either June 30, 2020 or December 31, 2019. The Company incurred $265 in debt issuance costs associated with the inception of the credit facility (including the aforementioned up-front commitment fee paid at closing to LBM) and $49 in debt issuance costs associated with the Amendment. During the three and six months ended June 30, 2020, the Company recorded interest expense relating to the credit facility of $34 and $79, respectively. Included in interest expense for the three months and six months ended June 30, 2020 was $9 and $27, respectively, associated with amortization of debt issuance costs (resulting in $129 in remaining debt issuance costs at June 30, 2020, of which $35 was included in prepaid expenses and other current assets and $94 was included in other noncurrent assets in the accompanying condensed consolidated balance sheet). Included in interest expense for the three months and six months ended June 30, 2020 was $25 and $52, respectively, associated with the commitment fee on the unused portion of the revolving credit facility. In connection with the Company’s efforts to conserve cash as a result of COVID-19, LBM agreed in April 2020 to temporarily defer (through July 2020) cash payments associated with the commitment fee on the unused portion of the revolving credit facility. There were no incremental interest or other fees incurred by the Company as a result of this deferral. At June 30, 2020 and December 31, 2019, $ 52 and $ 28 , respectively, associated with the commitment fee on the unused portion of the revolving credit facility were included in accounts payable in the accompanying condensed consolidated balance sheet. Amounts payable to LBM at June 30, 2020 and December 31, 2019 were settled by the Company in July 2020 and January 2020, respectively. During the three and six months ended June 30, 2019, the Company recorded interest expense related to the credit facility of $50 and $100, respectively. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 13. Long-Term Debt Long-term debt consisted of the following as of the dates indicated: June 30, 2020 December 31, 2019 Principal Unamortized Debt Issuance Costs Net Principal Unamortized Debt Issuance Costs Net Paycheck Protection Program loan $ 2,194 $ — $ 2,194 $ — $ — $ — Building note payable 1,306 (18 ) 1,288 1,384 (20 ) 1,364 Less: Amount due within one year (1,132 ) 4 (1,128 ) (157 ) 4 (153 ) $ 2,368 $ (14 ) $ 2,354 $ 1,227 $ (16 ) $ 1,211 On April 18, 2020, the Company entered into an unsecured promissory note (the “Note”) with an unrelated United States bank (the “Lender”) reflecting a loan in the principal amount of $2,194 (the “Loan”). The Loan was granted pursuant to the Paycheck Protection Program (the “PPP”) administered by the United States Small Business Administration (the “SBA”) as part of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). Pursuant to the terms of the Note, the Loan bears interest at a rate of 1.00% per annum and matures on April 18, 2022 (the “Maturity Date”). Principal and interest payments on the Loan are deferred until November 18, 2020, at which time equal installments of principal and interest will be due and payable monthly through the Maturity Date. The Note may be prepaid by the Company at any time prior to maturity without penalty. If the Company defaults on the Note, the Lender may, at its option, accelerate the maturity of the Company’s obligations under the Note. Pursuant to the terms of the PPP, the Loan, or a portion thereof, may be forgiven if Loan proceeds are used for qualifying expenses as described in the CARES Act, such as payroll costs, costs used to continue group health care benefits, mortgage interest payments, rent and utilities. The Company intends to use all or a significant majority of the Loan proceeds for qualifying expenses. The terms of the Loan, including eligibility and forgiveness, may be subject to further requirements in regulations and guidance adopted by the SBA. On May 21, 2012, the Company entered into a building note payable with an unrelated United States bank. Terms of the building note payable include monthly payments of $18 including interest at 4.00% through May 2017, and subsequently, monthly payments of $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 $4,854 at June 30, 2020. At December 31, 2019, 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, 2019 and through December 31, 2020. Related to the 2019 non-compliance, there were no cross-default provisions or related impacts on other lending or financing agreements (Note 12). Future maturities of long-term debt at June 30, 2020, were as follows: 2020 $ 322 2021 1,627 2022 668 2023 188 2024 195 Thereafter 500 $ 3,500 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 14. Income Taxes The provision for income taxes for the three months ended June 30, 2020 and 2019 was $8 and $99, respectively. The provision (benefit) for income taxes for the six months ended June 30, 2020 and 2019 was $234 and ($701), respectively. The Company has completed a discrete period computation of its provision (benefit) for income taxes for each of the periods presented. The discrete period computation was required as a result of jurisdictions with losses before income taxes for which no tax benefit can be recognized and an inability to generate reliable estimates for results in certain jurisdictions as a result of inconsistencies in generating net operating profits (losses) in those jurisdictions. The effective tax rate for the three months ended June 30, 2020 and 2019 was 0.2% (provision on a loss) and 2.7% (provision on a loss), respectively. The effective tax rate for the six months ended June 30, 2020 and 2019 was 3.1% (provision on a loss) and 7.8% (benefit on a loss), respectively. For the three and six months ended June 30, 2020 and the three months ended June 30, 2019, the effective tax rate differed from the United States federal statutory rate of 21.0% primarily due to net changes in valuation allowances for the period. For the six months ended June 30, 2019, the effective tax rate differed from the United States federal statutory rate of 21.0% primarily due to the reversal of previously recorded liabilities for uncertain tax positions (further discussed below) and net changes in valuation allowances for the period. The Company has provided a valuation allowance for certain of its net deferred tax assets as a result of the Company not generating consistent net operating profits in certain jurisdictions in which it operates. As such, certain benefits from deferred taxes in the periods presented have been fully offset by changes in the valuation allowance for the related 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 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. A reconciliation of the beginning and ending amount of unrecognized tax benefits (including accrued interest and penalties) was as follows for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Balance at beginning of period $ — $ 102 $ — $ 1,186 Additions based on tax positions related to the current year — — — — Additions for tax positions of prior years — 1 — 2 Reductions for tax positions of prior years — — — (1,075 ) Settlements — — — — Foreign currency translation adjustments — 2 — (8 ) Balance at end of period $ — $ 105 $ — $ 105 The Company includes interest and penalties related to income taxes as a component of the provision (benefit) for income taxes in the accompanying condensed statement of consolidated operations and comprehensive loss. There were no such interest or penalties included in the provision (benefit) for income taxes for any of the periods presented. At December 31, 2018, the Company’s ExOne GmbH (2010-2013) and ExOne Property GmbH (2013) subsidiaries were under examination by local taxing authorities in Germany. In January 2019, this examination was concluded without significant adjustment to previously established tax positions. As a result, during the three months ended March 31, 2019, the Company recorded a reversal of certain of its previously recorded liabilities for uncertain tax positions of $1,075, of which $257 was offset against net operating loss carryforwards. |
Equity-Based Compensation
Equity-Based Compensation | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity-Based Compensation | Note 15. Equity-Based Compensation On January 24, 2013, the Board 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 3.0% of the total outstanding shares of common stock as of December 31 of the immediately preceding year, or a number of shares of common stock determined by the Board, provided that the maximum number of shares authorized under the Plan could not exceed 1,992,241 shares, subject to certain adjustments. The maximum number of shares authorized under the Plan was reached on January 1, 2017. At June 30, 2020, 688,217 shares remained available for future issuance under the Plan Stock options and restricted stock issued by the Company under the Plan 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 under the Plan vest immediately upon issuance. Stock options issued by the Company under the Plan have contractual lives which expire 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 . On February 6, 2019, the Compensation Committee of the Board adopted the 2019 Annual Incentive Program (the “2019 Program”) as a subplan under the Plan. The 2019 Program provided an opportunity for performance-based compensation to senior executive officers of the Company, among others. The target annual incentive for each 2019 Program participant was expressed as a percentage of base salary and was conditioned on the achievement of certain financial goals (as approved by the Compensation Committee of the Board). The Compensation Committee of the Board retained negative discretion over amounts payable under the 2019 Program. During the three and six months ended June 30, 2019, the Company recorded $234 and $376, respectively, in equity-based compensation expense based on the estimated outcome of the defined financial goals for 2019 under the 2019 Program. On February 5, 2020, the Compensation Committee of the Board adopted the 2020 Annual Incentive Program (the “2020 Program”) as a subplan under the Plan. The 2020 Program provided an opportunity for performance-based compensation to senior executive officers of the Company, among others. The target annual incentive for each 2020 Program participant was expressed as a percentage of base salary and was conditioned on the achievement of certain financial goals (as approved by the Compensation Committee of the Board). The Compensation Committee of the Board retained negative discretion over amounts payable under the 2020 Program. During the three and six months ended June 30, 2020, the Company recorded no equity-based compensation expense based on the estimated outcome of the defined financial goals for 2020 under the 2020 Program. The following table summarizes the total equity-based compensation expense recognized by the Company for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Equity-based compensation expense recognized: Stock options $ 44 $ 150 $ 189 $ 316 Restricted stock 105 245 246 374 Other (a) 8 247 14 391 Total equity-based compensation expense before income taxes 157 642 449 1,081 Benefit for income taxes (b) — — — — Total equity-based compensation expense net of income taxes $ 157 $ 642 $ 449 $ 1,081 (a) For each of the 2020 periods, Other represents expense associated with certain employee contractual amounts to be settled in equity. For each of the 2019 periods, Other represents expense associated with the 2019 Program and certain employee contractual amounts to be settled in equity. (b) The Benefit for income taxes from equity-based compensation for each of the periods presented has been determined to be $0 based on recorded valuation allowances against net deferred tax assets. At June 30, 2020, total future compensation expense related to unvested awards yet to be recognized by the Company was $412 for stock options and $164 for restricted stock. Total future compensation expense related to unvested awards yet to be recognized by the Company is expected to be recognized over a weighted-average remaining vesting period of 1.1 years. The fair value of stock options granted during the six months ended June 30, 2019 was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: Weighted average fair value per stock option $3.48 - $3.68 Volatility 54.0% - 60.1% Average risk-free interest rate 2.2% - 2.5% Dividend yield 0.0% Expected term (years) 2.5 - 3.5 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 periods indicated: Six Months Ended June 30, 2020 2019 Number Options Weighted Exercise Price Weighted Average Grant Date Fair Value Number Options Weighted Exercise Price Weighted Average Grant Date Fair Value Outstanding at beginning of period 854,259 $ 9.34 $ 4.49 621,986 $ 10.66 $ 5.52 Stock options granted — $ — $ — 57,610 $ 8.33 $ 3.67 Stock options exercised (73,251 ) $ 7.38 $ 3.22 (36,370 ) $ 7.22 $ 3.03 Stock options forfeited (79,936 ) $ 7.85 $ 3.41 (9,773 ) $ 7.67 $ 3.70 Stock options expired (21,874 ) $ 11.18 $ 6.14 (24,666 ) $ 17.10 $ 10.45 Outstanding at end of period 679,198 $ 9.67 $ 4.70 608,787 $ 10.43 $ 5.33 Exercisable at end of period 423,456 $ 11.20 $ 5.83 385,709 $ 11.56 $ 6.20 Expected to vest at end of period 255,742 $ 7.14 $ 2.82 223,078 $ 8.48 $ 3.82 At June 30, 2020, intrinsic value associated with stock options exercisable and expected to vest was $147 and $360, respectively. The weighted average remaining contractual term of stock options exercisable and expected to vest at June 30, 2020, was 3.4 years and 4.1 years, respectively. Stock options with an aggregate intrinsic value of $624 were exercised by employees during the six months ended June 30, 2020, resulting in proceeds to the Company from the exercise of stock options of $541. Stock options with an aggregate intrinsic value of $326 were exercised by employees during the six months ended June 30, 2019, resulting in proceeds to the Company from the exercise of stock options of $262 (of which, at June 30, 2019, $91 remained unsettled). The activity for restricted stock was as follows for the periods indicated: Six Months Ended June 30, 2020 2019 Shares of Restricted Stock Weighted Average Grant Date Fair Value Shares of Restricted Stock Weighted Average Grant Date Fair Value Outstanding at beginning of period 66,513 $ 8.76 67,001 $ 8.30 Restricted stock granted 37,500 $ 7.12 66,763 $ 8.98 Restricted stock vested (56,763 ) $ 9.11 (37,500 ) $ 8.12 Restricted stock forfeited — $ — — $ — Outstanding at end of period 47,250 $ 7.04 96,264 $ 8.84 Restricted stock expected to vest at end of period 47,250 $ 7.04 96,264 $ 8.84 Restricted stock that vested during the six months ended June 30, 2020 and 2019, had a fair value of $408 and $356, respectively. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 16. 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; and 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. At June 30, 2020 and December 31, 2019, the Company had no financial instruments (assets or liabilities) measured at fair value on a recurring basis. The carrying values and fair values of other financial instruments (assets and liabilities) not required to be recorded at fair value were as follows as of the dates indicated: June 30, December 31, 2020 2019 Carrying Value Fair Value Carrying Value Fair Value Cash and cash equivalents $ 19,658 $ 19,658 $ 5,265 $ 5,265 Restricted cash $ 508 $ 508 $ 978 $ 978 Debt issuance costs (a) $ 129 $ — $ 107 $ — Current portion of long-term debt (b) $ 1,128 $ 990 $ 153 $ 157 Long-term debt ̶ (b) $ 2,354 $ 2,309 $ 1,211 $ 1,227 (a) Represents debt issuance costs associated with the Company’s related party revolving credit facility (Note 12) of which $35 and (b) Carrying values at June 30, 2020 and December 31, 2019 are net of unamortized debt issuance costs of $18 and $20, respectively The carrying amounts of cash and cash equivalents and restricted cash approximate fair value due to their short-term maturities. The fair value of current portion of long term debt and long-term debt – net of current portion has been estimated by management based on the consideration of applicable interest rates, including certain instruments at variable or floating rates and the nominal fixed interest rate (1.0%) associated with the Company’s PPP Loan (Note 13) and other available information (including quoted prices of similar instruments available to the Company). Cash and cash equivalents and restricted cash were classified as Level 1; Current portion of long-term debt and long-term debt – net of current portion were classified as Level 2 . |
Concentration of Credit Risk
Concentration of Credit Risk | 6 Months Ended |
Jun. 30, 2020 | |
Risks And Uncertainties [Abstract] | |
Concentration of Credit Risk | Note 17. Concentration of Credit Risk During the three months and six months ended June 30, 2020 and 2019, 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. For the three months ended June 30, 2020 and 2019, the Company’s five most significant customers represented 40.7% and 46.4% of total revenue, respectively. For the six months ended June 30, 2020 and 2019, the Company’s five most significant customers represented 24.3% and 33.0% of total revenue, respectively. At June 30, 2020 and December 31, 2019, accounts receivable from the Company’s five most significant customers were $1,480 and $3,230, respectively. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 18. Related Party Transactions Purchases of products and/or services from related parties during the three months and six months ended June 30, 2019 were $43 and $58, respectively. Purchases of products and/or services by the Company during the three and six months ended June 30, 2019 included leased office space and website design services from related parties under common control by S. Kent Rockwell, (currently Chairman of the Board of the Company and previously the Executive Chairman and Chief Executive Officer of the Company) and the purchase of a 3D printing machine and certain ancillary equipment for $30 from an educational institution determined to be a related party on the basis that S. Kent Rockwell serves as a trustee of the educational institution. The Company also receives the benefit of the corporate use of an airplane from a related party under common control by S. Kent Rockwell for no consideration. The Company estimated the fair market value of the benefits received during each of the three months and six months ended June 30, 2019 was $3. There were no such benefits received during the three months and six months ended June 30, 2020. Refer to Note 12 for further discussion relating to the Company’s revolving credit facility with a related party. |
Other Expense - Net
Other Expense - Net | 6 Months Ended |
Jun. 30, 2020 | |
Other Income And Expenses [Abstract] | |
Other Expense - Net | Note 19. Other Expense – Net Other expense – net consisted of the following for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Interest income $ (3 ) $ (2 ) $ (15 ) $ (8 ) Foreign currency losses (gains) – net 128 29 (37 ) 51 Other – net 70 30 57 26 $ 195 $ 57 $ 5 $ 69 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 20. Subsequent Events The Company has evaluated all of its activities and concluded that no other subsequent events have occurred that would require recognition in the condensed consolidated financial statements or disclosure in the notes to the condensed consolidated financial statements . |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
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 condensed consolidated financial statements include the accounts of ExOne, its wholly-owned subsidiaries, ExOne Americas LLC (United States); ExOne GmbH (Germany); ExOne Property GmbH (Germany); and ExOne KK (Japan). Collectively, the consolidated group is referred to as the “Company”. The Company filed a registration statement on Form S-3 (No. 333-223690) with the Securities and Exchange Commission on March 15, 2018. The purpose of the Form S-3 was to register various equity and debt securities. Subsidiaries of the Company are co-registrants with the Company (“Subsidiary Guarantors”), and the registration statement registered guarantees of debt securities by one or more of the Subsidiary Guarantors. The Subsidiary Guarantors are 100% owned by the Company and any guarantees by the Subsidiary Guarantors will be full and unconditional. Basis of Presentation The condensed consolidated financial statements of the Company are unaudited. The condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, considered necessary by management to fairly state the results of operations, financial position and cash flows of the Company. All material intercompany transactions and balances have been eliminated in consolidation. The results reported in these condensed consolidated financial statements are not necessarily indicative of the results that may be expected for the entire year. The December 31, 2019 condensed consolidated balance sheet data was derived from the audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). This Quarterly Report on Form 10-Q should be read in connection with the Company’s Annual Report on Form 10-K for the year ended December 31, 2019, which includes all disclosures required by GAAP. The preparation of these condensed 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 testing for impairment of long-lived assets (including the identification of asset groups by management, estimates of future cash flows of identified asset groups and fair value estimates used in connection with assessing the valuation of identified 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 form 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. Certain amounts relating to operating lease right-of-use assets ($432), current portion of operating lease liabilities ($158) and operating lease liabilities – net of current portion ($274) in the accompanying condensed consolidated balance sheet at December 31, 2019, have been reclassified from other noncurrent assets, accrued expenses and other current liabilities and other noncurrent liabilities, respectively, to conform to current period presentation. Certain amounts in the accompanying condensed statement of consolidated cash flows have been reclassified to conform to current period presentation. |
COVID-19 | COVID-19 In March 2020, the World Health Organization declared the novel strain of coronavirus a global pandemic (“COVID-19”) and recommended containment and mitigation measures worldwide. The impact of COVID-19 and the related economic, business and market disruptions are evolving rapidly, and their effects are uncertain. As a result of COVID-19, the Company was required to temporarily close its operations at its North Huntingdon, Pennsylvania facility for the period from March 23 through March 30, 2020. In response to COVID-19, the Company has incurred incremental costs associated with protecting the health and safety of the Company’s global workforce, enhanced sanitization of the Company’s global operating facilities, and information technology capabilities for employees operating remotely. Beginning in March 2020, restrictions imposed by various governmental authorities on both domestic and international shipping and travel have caused a disruption to the timing of delivery and installation of the Company’s 3D printing machines, resulting in negative impacts to the Company’s financial position, results of operations and cash flows. The duration and severity of the outbreak and its long-term impact on the Company’s business are uncertain at this time. The Company is unable to predict the impact that COVID-19 will have on its future financial position, results of operations and cash flows. |
Recently Accounting Pronouncements | Recently Issued Accounting Guidance The Company considers the applicability and impact of all Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board (the “FASB”). Recently issued ASUs not listed below either were assessed and determined to be not applicable or are currently expected to have no impact on the consolidated financial statements of the Company. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses.” This ASU added a new impairment model (known as the current expected credit loss (“CECL”) model) that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses. The CECL model applies to most debt instruments, trade receivables, lease receivables, financial guarantee contracts, and other loan commitments. The CECL model does not have a minimum threshold for recognition of impairment losses and entities will need to measure expected credit losses on assets that have a low risk of loss. As a smaller reporting company pursuant to Rule 12b-2 of the Securities Exchange Act of 1934, as amended, these changes become effective for the Company on January 1, 2023. Management is currently evaluating the potential impact of these changes on the consolidated financial statements of the Company. |
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 common 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. |
Revenue | The Company derives revenue from the sale of 3D printing machines and 3D printed and other products, materials and services. Revenue is recognized when the Company satisfies its performance obligation(s) under a contract (either implicit or explicit) by transferring the promised product or service to a customer either when (or as) the customer obtains control of the product or service. A performance obligation is a promise in a contract to transfer a distinct product or service to a customer. A contract’s transaction price is allocated to each distinct performance obligation. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products or providing services. As such, revenue is recorded net of returns, allowances, customer discounts, and incentives. Sales, value add, and other taxes collected from customers and remitted to governmental authorities are accounted for on a net (excluded from revenue) basis. Shipping and handling costs are included in cost of sales. Certain of the Company’s contracts with customers provide for multiple performance obligations. 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). Certain other contracts have a single performance obligation, as the promise to transfer products or services is not separately identifiable from other promises in the contract and, therefore, not distinct. For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation using the Company’s best estimate of stand-alone selling price for each distinct product or service in the contract, which is generally based on an observable price. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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 periods indicated: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Foreign currency translation adjustments Balance at beginning of period $ (12,321 ) $ (11,524 ) $ (11,483 ) $ (10,748 ) Other comprehensive income (loss) 370 583 (468 ) (193 ) Balance at end of period $ (11,951 ) $ (10,941 ) $ (11,951 ) $ (10,941 ) |
Loss Per Share (Tables)
Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Loss Per Common Share | The information used to compute basic and diluted net loss per common share was as follows for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Net loss $ (4,023 ) $ (3,789 ) $ (7,671 ) $ (8,285 ) Weighted average shares outstanding (basic and diluted) 16,464,345 16,301,157 16,416,867 16,278,043 Net loss per common share: Basic $ (0.24 ) $ (0.23 ) $ (0.47 ) $ (0.51 ) Diluted $ (0.24 ) $ (0.23 ) $ (0.47 ) $ (0.51 ) |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Revenue by Product Group | The following table summarizes the Company’s revenue by product group for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 3D printing machines $ 4,898 $ 9,231 $ 11,215 $ 12,560 3D printed and other products, materials and services 6,201 6,048 13,267 12,298 $ 11,099 $ 15,279 $ 24,482 $ 24,858 |
Cash, Cash Equivalents, and R_2
Cash, Cash Equivalents, and Restricted Cash (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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 condensed consolidated balance sheet to the same such amounts shown in the accompanying condensed statement of consolidated cash flows as of the dates indicated: June 30, December 31, 2020 2019 Cash and cash equivalents $ 19,658 $ 5,265 Restricted cash 508 978 Cash, cash equivalents, and restricted cash $ 20,166 $ 6,243 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consisted of the following as of the dates indicated: June 30, December 31, 2020 2019 Raw materials and components $ 11,149 $ 8,841 Work in process 5,890 4,922 Finished goods 7,169 6,007 $ 24,208 $ 19,770 |
Summary of Changes in Allowance for Slow-moving and Obsolete Inventories | The following table summarizes changes in the allowance for slow-moving and obsolete inventories for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Balance at beginning of period $ 3,370 $ 4,177 $ 3,443 $ 4,143 Provision for slow-moving and obsolete inventories ̶ net 78 24 100 131 Reductions for sale, consumption or scrap of previously reserved amounts (1,019 ) (106 ) (1,055 ) (106 ) Foreign currency translation adjustments 64 54 5 (19 ) Balance at end of period $ 2,493 $ 4,149 $ 2,493 $ 4,149 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Long Lived Assets [Abstract] | |
Summary of Property and Equipment | Property and equipment consisted of the following as of the dates indicated June 30, December 31, Economic Life 2020 2019 (in years) Land $ 3,385 $ 6,980 N/A Buildings and related improvements 10,036 25,675 5 - 40 Machinery and equipment 19,119 19,531 3 - 20 Other 6,027 7,086 3 - 20 38,567 59,272 Less: Accumulated depreciation (19,417 ) (21,478 ) 19,150 37,794 Construction-in-progress 1,459 1,101 Property and equipment ̶ net $ 20,609 $ 38,895 |
Product Warranty Reserves (Tabl
Product Warranty Reserves (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Product Warranties Disclosures [Abstract] | |
Summary of Changes in Product Warranty Reserves | The following table summarizes changes in product warranty reserves, which amounts were reflected in accrued expenses and other current liabilities in the accompanying condensed consolidated balance sheet for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Balance at beginning of period $ 810 $ 1,251 $ 866 $ 1,670 Provisions for new issuances 187 383 463 529 Payments (501 ) (457 ) (845 ) (848 ) Reserve adjustments 101 36 121 (123 ) Foreign currency translation adjustments 6 10 (2 ) (5 ) Balance at end of period $ 603 $ 1,223 $ 603 $ 1,223 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Payments of Operating Leases Arrangements | Future minimum lease payments of operating lease arrangements (with initial terms greater than twelve months) : 2020 $ 978 2021 1,925 2022 1,891 2023 32 2024 11 Thereafter 2 Total minimum lease payments 4,839 Less: Present value discount (306 ) Total operating lease liabilities $ 4,533 |
Schedule of Supplemental Information Related to Operating Lease Arrangements | Supplemental information related to operating lease arrangements was as follows as of and for the six months ended June 30, 2020: Operating lease right-of-use assets $ 4,533 Current portion of operating lease liabilities $ 1,754 Operating lease liabilities ̶ net of current portion $ 2,779 Right-of-use assets obtained in exchange for new operating lease liabilities $ 4,876 Cash paid for amounts included in the measurement of operating lease liabilities $ 961 Weighted average remaining lease term (in years) 2.5 Weighted average discount rate 5.1 % |
Schedule of Operating and Sales-type Lease Arrangements | The Company recognized the following components under operating and sales-type lease arrangements in the accompanying condensed statement of consolidated operations and comprehensive loss for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Operating Sales-type Operating Sales-type Operating Sales-type Operating Sales-type Revenue $ 154 $ — $ 706 $ — $ 362 $ — $ 1,026 $ — Interest income (a) $ — $ 17 $ — $ 27 $ — $ 35 $ — $ 55 (a) Interest income relating to sales-type leases is recorded as a component of revenue in the accompanying condensed statement of consolidated operations and comprehensive loss for each of the periods presented. |
Schedule of Net Investment in Sales-type Leases | The Company’s net investment in sales-type leases consisted of the following as of the dates indicated: June 30, December 31, 2020 2019 Future minimum lease payments receivable $ 1,547 $ 1,595 Less: Allowance for doubtful accounts (424 ) (424 ) Net future minimum lease payments receivable 1,123 1,171 Less: Unearned interest income (192 ) (220 ) Net investment in sales-type leases $ 931 $ 951 |
Schedule of Future Minimum Lease Payment Receivable of Non-Cancellable Operating and Sales-type Lease | Future minimum lease payments of non-cancellable operating and sales-type lease arrangements as of June 30, 2020 were as follows: Operating Sales-type 2020 $ 384 $ 327 2021 48 429 2022 — 380 2023 — 411 2024 — — Thereafter — — Total minimum lease payments $ 432 $ 1,547 Less: Allowance for doubtful accounts (424 ) Less: Present value discount (192 ) Future minimum lease payments receivable $ 931 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Components of Long-Term Debt | Long-term debt consisted of the following as of the dates indicated: June 30, 2020 December 31, 2019 Principal Unamortized Debt Issuance Costs Net Principal Unamortized Debt Issuance Costs Net Paycheck Protection Program loan $ 2,194 $ — $ 2,194 $ — $ — $ — Building note payable 1,306 (18 ) 1,288 1,384 (20 ) 1,364 Less: Amount due within one year (1,132 ) 4 (1,128 ) (157 ) 4 (153 ) $ 2,368 $ (14 ) $ 2,354 $ 1,227 $ (16 ) $ 1,211 |
Future Maturities of Long-Term Debt | Future maturities of long-term debt at June 30, 2020, were as follows: 2020 $ 322 2021 1,627 2022 668 2023 188 2024 195 Thereafter 500 $ 3,500 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of Unrecognized Tax Benefits (Including Accrued Interest and Penalties) | A reconciliation of the beginning and ending amount of unrecognized tax benefits (including accrued interest and penalties) was as follows for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Balance at beginning of period $ — $ 102 $ — $ 1,186 Additions based on tax positions related to the current year — — — — Additions for tax positions of prior years — 1 — 2 Reductions for tax positions of prior years — — — (1,075 ) Settlements — — — — Foreign currency translation adjustments — 2 — (8 ) Balance at end of period $ — $ 105 $ — $ 105 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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 by the Company for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Equity-based compensation expense recognized: Stock options $ 44 $ 150 $ 189 $ 316 Restricted stock 105 245 246 374 Other (a) 8 247 14 391 Total equity-based compensation expense before income taxes 157 642 449 1,081 Benefit for income taxes (b) — — — — Total equity-based compensation expense net of income taxes $ 157 $ 642 $ 449 $ 1,081 (a) For each of the 2020 periods, Other represents expense associated with certain employee contractual amounts to be settled in equity. For each of the 2019 periods, Other represents expense associated with the 2019 Program and certain employee contractual amounts to be settled in equity. (b) The Benefit for income taxes from equity-based compensation for each of the periods presented has been determined to be $0 based on recorded 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 | The fair value of stock options granted during the six months ended June 30, 2019 was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: Weighted average fair value per stock option $3.48 - $3.68 Volatility 54.0% - 60.1% Average risk-free interest rate 2.2% - 2.5% Dividend yield 0.0% Expected term (years) 2.5 - 3.5 |
Summary of Activity for Stock Options | The activity for stock options was as follows for the periods indicated: Six Months Ended June 30, 2020 2019 Number Options Weighted Exercise Price Weighted Average Grant Date Fair Value Number Options Weighted Exercise Price Weighted Average Grant Date Fair Value Outstanding at beginning of period 854,259 $ 9.34 $ 4.49 621,986 $ 10.66 $ 5.52 Stock options granted — $ — $ — 57,610 $ 8.33 $ 3.67 Stock options exercised (73,251 ) $ 7.38 $ 3.22 (36,370 ) $ 7.22 $ 3.03 Stock options forfeited (79,936 ) $ 7.85 $ 3.41 (9,773 ) $ 7.67 $ 3.70 Stock options expired (21,874 ) $ 11.18 $ 6.14 (24,666 ) $ 17.10 $ 10.45 Outstanding at end of period 679,198 $ 9.67 $ 4.70 608,787 $ 10.43 $ 5.33 Exercisable at end of period 423,456 $ 11.20 $ 5.83 385,709 $ 11.56 $ 6.20 Expected to vest at end of period 255,742 $ 7.14 $ 2.82 223,078 $ 8.48 $ 3.82 |
Summary of Activity for Restricted Stock Awards | The activity for restricted stock was as follows for the periods indicated: Six Months Ended June 30, 2020 2019 Shares of Restricted Stock Weighted Average Grant Date Fair Value Shares of Restricted Stock Weighted Average Grant Date Fair Value Outstanding at beginning of period 66,513 $ 8.76 67,001 $ 8.30 Restricted stock granted 37,500 $ 7.12 66,763 $ 8.98 Restricted stock vested (56,763 ) $ 9.11 (37,500 ) $ 8.12 Restricted stock forfeited — $ — — $ — Outstanding at end of period 47,250 $ 7.04 96,264 $ 8.84 Restricted stock expected to vest at end of period 47,250 $ 7.04 96,264 $ 8.84 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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 as of the dates indicated: June 30, December 31, 2020 2019 Carrying Value Fair Value Carrying Value Fair Value Cash and cash equivalents $ 19,658 $ 19,658 $ 5,265 $ 5,265 Restricted cash $ 508 $ 508 $ 978 $ 978 Debt issuance costs (a) $ 129 $ — $ 107 $ — Current portion of long-term debt (b) $ 1,128 $ 990 $ 153 $ 157 Long-term debt ̶ (b) $ 2,354 $ 2,309 $ 1,211 $ 1,227 (a) Represents debt issuance costs associated with the Company’s related party revolving credit facility (Note 12) of which $35 and (b) Carrying values at June 30, 2020 and December 31, 2019 are net of unamortized debt issuance costs of $18 and $20, respectively |
Other Expense - Net (Tables)
Other Expense - Net (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Other Income And Expenses [Abstract] | |
Schedule of Other Expense - Net | Other expense – net consisted of the following for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Interest income $ (3 ) $ (2 ) $ (15 ) $ (8 ) Foreign currency losses (gains) – net 128 29 (37 ) 51 Other – net 70 30 57 26 $ 195 $ 57 $ 5 $ 69 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
Entity Incorporation, State or Country Code | DE | |
Date of incorporation | Jan. 1, 2013 | |
Operating lease liabilities - net of current portion | $ 2,779 | $ 274 |
Operating lease right-of-use assets | 4,533 | 432 |
Current portion of operating lease liabilities | $ 1,754 | $ 158 |
Subsidiary Guarantors [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 ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 25 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||
Net loss | $ (4,023) | $ (7,671) | $ (8,285) | ||
Cash and cash equivalents | $ 19,658 | 19,658 | $ 5,265 | ||
Initial And Secondary Public Offerings [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||
Cumulative unrestricted net proceeds from common stock | $ 168,361 | ||||
Equity Distribution Agreement Oppenheimer and Company [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||
Sale of equity or debt instruments | 125,000 | ||||
Sale of Stock, Consideration Received on Transaction | $ 25,000 | ||||
Commision on sale of common stock | 3.00% | 3.00% | |||
Sale of stock, number of shares issued in transaction | 382,601 | ||||
Sale of stock, price per share | $ 8.86 | $ 8.86 | |||
Proceeds from Stock Plans | $ 3,288 | ||||
Unsettled net proceeds from sale of stock | $ 362 | 362 | |||
Incurred Expenses | 190 | ||||
Unpaid incurred expenses | 158 | 158 | |||
Revolving Credit Facility [Member] | |||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||
Related party revolving credit facility | $ 10,000 | $ 10,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Summary of Changes in the Components of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Balance at beginning of period | $ (12,321) | $ (11,524) | $ (11,483) | $ (10,748) |
Other comprehensive income (loss) | 370 | 583 | (468) | (193) |
Balance at end of period | $ (11,951) | $ (10,941) | $ (11,951) | $ (10,941) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Accumulated other comprehensive loss, tax | $ 0 | $ 0 |
Amounts reclassified to earnings from accumulated other comprehensive loss | $ 0 | $ 0 |
Loss Per Share - Additional Inf
Loss Per Share - Additional Information (Detail) - shares | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Stock Option [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potential shares of anti-dilutive common stock | 679,198 | 608,787 |
Restricted Stock [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potential shares of anti-dilutive common stock | 47,250 | 96,264 |
Loss Per Share - Computation of
Loss Per Share - Computation of Basic and Diluted Loss Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Earnings Per Share [Abstract] | ||||||
Net loss | $ (4,023) | $ (3,648) | $ (3,789) | $ (4,496) | $ (7,671) | $ (8,285) |
Weighted average shares outstanding (basic and diluted) | 16,464,345 | 16,301,157 | 16,416,867 | 16,278,043 | ||
Net loss per common share: | ||||||
Basic | $ (0.24) | $ (0.23) | $ (0.47) | $ (0.51) | ||
Diluted | $ (0.24) | $ (0.23) | $ (0.47) | $ (0.51) |
Revenue - Summary of Revenue by
Revenue - Summary of Revenue by Product Group (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenue from External Customer [Line Items] | ||||
Revenue | $ 11,099 | $ 15,279 | $ 24,482 | $ 24,858 |
3D Printing Machines [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenue | 4,898 | 9,231 | 11,215 | 12,560 |
3D Printed and Other Products, Materials and Services [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenue | $ 6,201 | $ 6,048 | $ 13,267 | $ 12,298 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Disaggregation Of Revenue [Line Items] | |||||
Revenue, description of payment terms | 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. | ||||
Revenue recognized related to contract liabilities | $ 4,978 | ||||
Revenue, remaining performance obligation | $ 38,200 | 38,200 | |||
Allowance for doubtful accounts | 488 | 488 | $ 508 | ||
Recoveries for bad debts ̶ net | $ (70) | $ (77) | $ (19) | $ (150) | |
Maximum [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Term till payment is required from date of shipment | 60 days | ||||
Minimum [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Term till payment is required from date of shipment | 30 days |
Revenue - Additional Informat_2
Revenue - Additional Information (Detail 1) $ in Thousands | Jun. 30, 2020USD ($) |
Disaggregation Of Revenue [Line Items] | |
Revenue, remaining performance obligation | $ 38,200 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-07-01 | |
Disaggregation Of Revenue [Line Items] | |
Revenue, remaining performance obligation | $ 33,200 |
Revenue, remaining performance obligation, Expected timing of satisfaction, period | 12 months |
Cash, Cash Equivalents, and R_3
Cash, Cash Equivalents, and Restricted Cash - Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Cash And Cash Equivalents [Abstract] | ||
Cash and cash equivalents | $ 19,658 | $ 5,265 |
Restricted cash | 508 | 978 |
Cash, cash equivalents, and restricted cash | $ 20,166 | $ 6,243 |
Cash, Cash Equivalents, and R_4
Cash, Cash Equivalents, and Restricted Cash - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Cash Cash Equivalents And Restricted Cash [Line Items] | ||
Restricted cash associated with cash collateral | $ 508 | $ 978 |
United States Bank [Member] | ||
Cash Cash Equivalents And Restricted Cash [Line Items] | ||
Restricted cash associated with cash collateral | $ 508 | 508 |
German Bank [Member] | ||
Cash Cash Equivalents And Restricted Cash [Line Items] | ||
Restricted cash associated with cash collateral | $ 470 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Raw materials and components | $ 11,149 | $ 8,841 |
Work in process | 5,890 | 4,922 |
Finished goods | 7,169 | 6,007 |
Inventories | $ 24,208 | $ 19,770 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||||
Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |
Inventory [Line Items] | ||||||
Allowance for slow-moving and obsolete inventories | $ 2,493 | $ 3,370 | $ 3,443 | $ 4,149 | $ 4,177 | $ 4,143 |
Inventories [Member] | ||||||
Inventory [Line Items] | ||||||
Inventory (credit) charge | $ 205 |
Inventories - Summary of Change
Inventories - Summary of Changes in Allowance for Slow-moving and Obsolete Inventories (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | ||||
Balance at beginning of period | $ 3,370 | $ 4,177 | $ 3,443 | $ 4,143 |
Provision for slow-moving and obsolete inventories ̶ net | 78 | 24 | 100 | 131 |
Reductions for sale, consumption or scrap of previously reserved amounts | (1,019) | (106) | (1,055) | (106) |
Foreign currency translation adjustments | 64 | 54 | 5 | (19) |
Balance at end of period | $ 2,493 | $ 4,149 | $ 2,493 | $ 4,149 |
Property and Equipment - Summar
Property and Equipment - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Property Plant And Equipment [Line Items] | ||
Total gross property and equipment before accumulated depreciation | $ 38,567 | $ 59,272 |
Less: Accumulated depreciation | (19,417) | (21,478) |
Property and equipment, excluding construction-in-progress | 19,150 | 37,794 |
Construction-in-progress | 1,459 | 1,101 |
Property and equipment ̶ net | 20,609 | 38,895 |
Land [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total gross property and equipment before accumulated depreciation | 3,385 | 6,980 |
Building and Related Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total gross property and equipment before accumulated depreciation | $ 10,036 | 25,675 |
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 | $ 19,119 | 19,531 |
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 | $ 6,027 | $ 7,086 |
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 (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020USD ($)Asset_Group | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)Asset_Group | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) | |
Long Lived Assets [Abstract] | |||||
Depreciation | $ 1,184,000 | $ 1,184,000 | $ 2,107,000 | $ 2,349,000 | |
Derecognized net property and equipment | 17,282,000 | ||||
Gain on sale of facility | $ 1,462,000 | ||||
Number of operating asset groups | Asset_Group | 3 | 3 | |||
Long-lived assets held for use impairment loss | $ 0 | $ 0 |
Product Warranty Reserves - Add
Product Warranty Reserves - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2020 | |
Product Warranties Disclosures [Abstract] | |
Standard product warranty period | Substantially all of the Company’s 3D printing machines are covered by a standard one-year 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. |
Product Warranty Reserves - Sum
Product Warranty Reserves - Summary of Changes in Product Warranty Reserves (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Guarantees [Abstract] | ||||
Balance at beginning of period | $ 810 | $ 1,251 | $ 866 | $ 1,670 |
Provisions for new issuances | 187 | 383 | 463 | 529 |
Payments | (501) | (457) | (845) | (848) |
Reserve adjustments | 101 | 36 | 121 | (123) |
Foreign currency translation adjustments | 6 | 10 | (2) | (5) |
Balance at end of period | $ 603 | $ 1,223 | $ 603 | $ 1,223 |
Leases - Additional Information
Leases - Additional Information (Detail) € in Thousands | Dec. 10, 2019USD ($)RenewalOption | Dec. 10, 2019EUR (€)RenewalOption | Dec. 30, 2019USD ($) | Dec. 30, 2019EUR (€) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 10, 2019EUR (€) |
Leases [Line Items] | ||||||||||
Lease expiration year | 2026 | |||||||||
Short term lease cost | $ 41,000 | $ 47,000 | $ 72,000 | $ 112,000 | ||||||
Lease cost | 529,000 | $ 98,000 | 1,033,000 | $ 211,000 | ||||||
Operating lease right-of-use asset | 4,533,000 | 4,533,000 | $ 432,000 | |||||||
Operating lease liability | $ 4,533,000 | $ 4,533,000 | ||||||||
Minimum [Member] | ||||||||||
Leases [Line Items] | ||||||||||
Operating lease arrangement terms | 1 year | 1 year | ||||||||
Maximum [Member] | ||||||||||
Leases [Line Items] | ||||||||||
Operating lease arrangement terms | 5 years | 5 years | ||||||||
Germany [Member] | Purchase Agreement [Member] | Sale-Leaseback of Gersthofen, Germany Facility [Member] | ||||||||||
Leases [Line Items] | ||||||||||
Purchase price from sale leaseback | $ 18,500,000 | € 17,000 | ||||||||
Proceeds from sale leaseback | $ 2,200,000 | € 2,000 | ||||||||
Sale leaseback annual rent | $ 1,700,000 | € 1,500 | ||||||||
Sale leaseback transaction, lease terms | Concurrent with the execution of the Purchase Agreement, ExOne GmbH and the Buyer entered into a rental contract (the “Lease”) for the leaseback of the Facility for an initial aggregate annual rent totaling approximately $1,700 (€1,500), plus applicable taxes, which is fixed during the initial three-year term and is subject to adjustment on an annual basis (in accordance with the consumer price index for Germany) during the two five-year option extension periods. | |||||||||
Sale leaseback, term of contract | 3 years | 3 years | ||||||||
Number of renewal option for sale leaseback | RenewalOption | 2 | 2 | ||||||||
Sale lease back renewal term | 5 years | 5 years | ||||||||
Sale-leaseback transaction closed date | February 18, 2020 | February 18, 2020 | ||||||||
Operating lease right-of-use asset | $ 4,605 | |||||||||
Operating lease liability | $ 4,605 | |||||||||
Related Parties Under Common Control [Member] | ||||||||||
Leases [Line Items] | ||||||||||
Short term lease cost | $ 12,000 | $ 24,000 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments of Operating Leases Arrangements (Detail) $ in Thousands | Jun. 30, 2020USD ($) |
Leases [Abstract] | |
2020 | $ 978 |
2021 | 1,925 |
2022 | 1,891 |
2023 | 32 |
2024 | 11 |
Thereafter | 2 |
Total minimum lease payments | 4,839 |
Less: Present value discount | (306) |
Total operating lease liabilities | $ 4,533 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Information Related to Operating Lease Arrangements (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 4,533 | $ 432 |
Current portion of operating lease liabilities | 1,754 | 158 |
Operating lease liabilities - net of current portion | 2,779 | $ 274 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 4,876 | |
Cash paid for amounts included in the measurement of operating lease liabilities | $ 961 | |
Weighted average remaining lease term (in years) | 2 years 6 months | |
Weighted average discount rate | 5.10% |
Leases - Schedule of Operating
Leases - Schedule of Operating and Sales-type Lease Arrangements (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Leases [Abstract] | |||||
Operating lease revenue | $ 154 | $ 706 | $ 362 | $ 1,026 | |
Sales-type lease interest income | [1] | $ 17 | $ 27 | $ 35 | $ 55 |
[1] | Interest income relating to sales-type leases is recorded as a component of revenue in the accompanying condensed statement of consolidated operations and comprehensive loss for each of the periods presented. |
Leases - Schedule of Net Invest
Leases - Schedule of Net Investment in Sales-type Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Future minimum lease payments receivable | $ 1,547 | |
Less: Allowance for doubtful accounts | (424) | |
Net future minimum lease payments receivable | 1,123 | |
Less: Unearned interest income | (192) | |
Net investment in sales-type leases | $ 931 | |
Future minimum lease payments receivable | $ 1,595 | |
Less: Allowance for doubtful accounts | (424) | |
Net future minimum lease payments receivable | 1,171 | |
Less: Unearned interest income | (220) | |
Net investment in sales-type leases | $ 951 |
Leases - Schedule of Future M_2
Leases - Schedule of Future Minimum Lease Payment Receivable of Non-Cancellable Operating and Sales-type Lease (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Operating lease arrangements | |
2020 | $ 384 |
2021 | 48 |
Total minimum lease payments | 432 |
Sales-type lease arrangements | |
2020 | 327 |
2021 | 429 |
2022 | 380 |
2023 | 411 |
Total minimum lease payments | 1,547 |
Less: Allowance for doubtful accounts | (424) |
Less: Present value discount | (192) |
Future minimum lease payments receivable | $ 931 |
Contingencies and Commitments -
Contingencies and Commitments - Additional Information (Detail) - Amended GmbH Credit Agreement [Member] - Financial Guarantees and Letters of Credit [Member] € in Thousands, $ in Thousands | Feb. 24, 2020USD ($) | Feb. 24, 2020EUR (€) | Jun. 30, 2020USD ($) | Jun. 30, 2020EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) |
Line Of Credit Facility [Line Items] | ||||||
Line of credit facility, increased capacity amount | $ 3,900 | € 3,500 | ||||
German Bank [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Credit facility, outstanding amount | $ 560 | € 499 | ||||
Debt expiration dates range start | Oct. 31, 2020 | |||||
Debt expiration dates range end | Feb. 28, 2023 | |||||
German Bank [Member] | Commercial Transactions Requiring Security [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Credit facility, outstanding amount | $ 906 | € 807 | ||||
German Bank [Member] | Commercial Transactions Requiring Security Expiring From October 2020 Through February 2023 [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Credit facility, outstanding amount | 265 | 236 | ||||
German Bank [Member] | Unused lines of credit [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Credit facility, outstanding amount | $ 641 | € 571 | ||||
Minimum [Member] | German Bank [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Issuance of financial guarantees and letters of credit | 1,100 | 1,000 | ||||
Maximum [Member] | Cash Collateral [Member] | German Bank [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Issuance of financial guarantees and letters of credit | $ 1,100 | € 1,000 |
Related Party Revolving Credi_2
Related Party Revolving Credit Facility - Additional Information (Detail) - USD ($) | Feb. 18, 2020 | Mar. 12, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 |
Related Party Transaction [Line Items] | |||||||
Amortization of debt issuance costs | $ 29,000 | $ 47,000 | |||||
Revolving Credit Facility [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | $ 10,000,000 | 10,000,000 | |||||
Interest expense relating to the Credit Agreement | $ 50,000 | 100,000 | |||||
Revolving Credit Facility [Member] | Prepaid Expenses and Other Current Assets [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Debt issuance costs, net | 35,000 | 35,000 | $ 88,000 | ||||
Revolving Credit Facility [Member] | Other Noncurrent Assets [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Debt issuance costs, net | $ 94,000 | $ 94,000 | $ 19,000 | ||||
Revolving Credit Facility [Member] | LBM Holdings, LLC [Member] | |||||||
Related Party Transaction [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 | 5.20% | 5.20% | 6.80% | ||||
Credit facility, commitment fee on unused portion, percentage | 0.75% | ||||||
Credit facility, commitment fee on unused portion, payable term | The Credit Agreement required 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 | ||||||
Credit facility, borrowings | $ 0 | $ 0 | $ 0 | $ 0 | |||
Credit facility, outstanding amount | 0 | 0 | $ 0 | ||||
Debt issuance costs, gross | 265,000 | 265,000 | |||||
Interest expense relating to the Credit Agreement | 34,000 | 79,000 | |||||
Amortization of debt issuance costs | 9,000 | 27,000 | |||||
Debt issuance costs, net | 129,000 | 129,000 | |||||
Interest expense related to commitment fee | 25,000 | 52,000 | |||||
Incremental interest or other fees on deferral of cash payments | 0 | 0 | |||||
Accounts payable | 52,000 | 52,000 | $ 28,000 | ||||
Revolving Credit Facility [Member] | LBM Holdings, LLC [Member] | Prepaid Expenses and Other Current Assets [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Debt issuance costs, net | 35,000 | 35,000 | |||||
Revolving Credit Facility [Member] | LBM Holdings, LLC [Member] | Other Noncurrent Assets [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Debt issuance costs, net | 94,000 | 94,000 | |||||
Revolving Credit Facility [Member] | LBM Holdings, LLC [Member] | London Interbank Offered Rate (LIBOR) | |||||||
Related Party Transaction [Line Items] | |||||||
Credit facility, basis spread on variable rate | 5.00% | ||||||
Amended Revolving Credit Facility [Member] | LBM Holdings, LLC [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Line of credit facility, maximum borrowing capacity | $ 10,000,000 | ||||||
Credit facility, expiration date | Mar. 31, 2024 | ||||||
Credit facility, commitment fee on unused portion, percentage | 1.00% | ||||||
Debt issuance costs, gross | $ 49,000 | $ 49,000 |
Long-Term Debt - Components of
Long-Term Debt - Components of Long-Term Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
Paycheck Protection Program loan, Principal | $ 2,194 | |
Building note payable, Principal | 1,306 | $ 1,384 |
Less: amount due within one year, Principal | (1,132) | (157) |
Long-term debt - net of current portion, Principal | 2,368 | 1,227 |
Building note payable, Unamortized Debt Issuance Costs | (18) | (20) |
Less: amount due within one year, Unamortized Debt Issuance Costs | 4 | 4 |
Long-term debt - net of current portion, Unamortized Debt Issuance Costs | (14) | (16) |
Paycheck Protection Program loan, Net | 2,194 | |
Building note payable, Net | 1,288 | 1,364 |
Less: amount due within one year, Net | (1,128) | (153) |
Long-term debt ̶ net of current portion | $ 2,354 | $ 1,211 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) $ in Thousands | Apr. 18, 2020 | Jun. 30, 2020 |
Debt Instrument [Line Items] | ||
Loan principal amount | $ 2,194 | |
Building Note Payable [Member] | ||
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 Note Payable [Member] | Building [Member] | North Huntington, Pennsylvania [Member] | ||
Debt Instrument [Line Items] | ||
Carrying value of collateralized facility | $ 4,854 | |
United States Treasury Securities [Member] | Building Note Payable [Member] | ||
Debt Instrument [Line Items] | ||
Notes payable monthly payments | $ 19 | |
Paycheck Protection Program [Member] | ||
Debt Instrument [Line Items] | ||
Loan bears interest rate | 1.00% | |
Maturity date | Apr. 18, 2022 | |
Lender | Paycheck Protection Program [Member] | ||
Debt Instrument [Line Items] | ||
Loan principal amount | $ 2,194 |
Long-Term Debt - Future Maturit
Long-Term Debt - Future Maturities of Long-Term Debt (Detail) $ in Thousands | Jun. 30, 2020USD ($) |
Debt Disclosure [Abstract] | |
2020 | $ 322 |
2021 | 1,627 |
2022 | 668 |
2023 | 188 |
2024 | 195 |
Thereafter | 500 |
Long-term debt | $ 3,500 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | |
Schedule Of Income Taxes [Line Items] | |||||
Provision (benefit) for income taxes | $ 8,000 | $ 99,000 | $ 234,000 | $ (701,000) | |
Effective tax rate | 0.20% | 2.70% | 3.10% | 7.80% | |
United States statutory rate | 21.00% | 21.00% | 21.00% | 21.00% | |
Penalties and interest expense | $ 0 | $ 0 | $ 0 | $ 0 | |
Subsidiaries [Member] | Local Taxing Authorities [Member] | Germany [Member] | |||||
Schedule Of Income Taxes [Line Items] | |||||
Reversal of previously recorded liabilities for uncertain tax positions | $ 1,075,000 | ||||
Uncertain tax positions expected amount to be offset against net operating loss carryforwards | $ 257,000 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Including Accrued Interest and Penalties) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||
Balance at beginning of period | $ 102 | $ 1,186 |
Additions for tax positions of prior years | 1 | 2 |
Reductions for tax positions of prior years | (1,075) | |
Foreign currency translation adjustments | 2 | (8) |
Balance at end of period | $ 105 | $ 105 |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional Information (Detail) - USD ($) | Jan. 24, 2013 | Jun. 30, 2020 | Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Equity-based compensation expense | $ 157,000 | $ 642,000 | $ 449,000 | $ 1,081,000 | ||
Weighted-average remaining vesting period | 1 year 1 month 6 days | |||||
Proceeds from exercise of employee stock options | $ 541,000 | $ 171,000 | ||||
Incentive stock options exercised | 73,251 | 36,370 | ||||
Unsettled proceeds from exercise of employee stock options | $ 91,000 | |||||
Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Equity-based compensation expense | 44,000 | 150,000 | $ 189,000 | 316,000 | ||
Total future compensation expense | 412,000 | 412,000 | ||||
Intrinsic value, stock options exercisable | 147,000 | 147,000 | ||||
Intrinsic value, stock options expected to vest | 360,000 | $ 360,000 | ||||
Weighted average remaining contractual term of stock options exercisable | 3 years 4 months 24 days | |||||
Weighted average remaining contractual term of stock options expected to vest | 4 years 1 month 6 days | |||||
Intrinsic value of stock options exercised | $ 624,000 | 326,000 | ||||
Proceeds from exercise of employee stock options | 541,000 | 262,000 | ||||
Income tax benefit | 0 | |||||
Unsettled proceeds from exercise of employee stock options | 91,000 | |||||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Equity-based compensation expense | 105,000 | $ 245,000 | 246,000 | 374,000 | ||
Total future compensation expense | $ 164,000 | 164,000 | ||||
Fair value of restricted shares vested | $ 408,000 | 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 | |||||
Common Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Incentive stock options exercised | 73,000 | 13,000 | 23,000 | |||
2013 Equity Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock reserved for issuance | 500,000 | |||||
Remaining shares available for future issuance | 688,217 | 688,217 | ||||
2013 Equity Incentive Plan [Member] | Common Stock [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percentage of outstanding shares of common stock | 3.00% | |||||
Number of Shares authorized | 1,992,241 | |||||
2019 Annual Incentive Program [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Equity-based compensation expense | $ 234,000 | $ 376,000 | ||||
2020 Annual Incentive Program [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Equity-based compensation expense | $ 0 | $ 0 |
Equity-Based Compensation - Sum
Equity-Based Compensation - Summary of Equity-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Equity-based compensation expense recognized: | |||||
Total equity-based compensation expense before income taxes | $ 157 | $ 642 | $ 449 | $ 1,081 | |
Benefit for income taxes | [1] | 0 | 0 | 0 | 0 |
Total equity-based compensation expense net of income taxes | 157 | 642 | 449 | 1,081 | |
Stock Options [Member] | |||||
Equity-based compensation expense recognized: | |||||
Total equity-based compensation expense before income taxes | 44 | 150 | 189 | 316 | |
Restricted Stock [Member] | |||||
Equity-based compensation expense recognized: | |||||
Total equity-based compensation expense before income taxes | 105 | 245 | 246 | 374 | |
Other [Member] | |||||
Equity-based compensation expense recognized: | |||||
Total equity-based compensation expense before income taxes | [2] | $ 8 | $ 247 | $ 14 | $ 391 |
[1] | The Benefit for income taxes from equity-based compensation for each of the periods presented has been determined to be $0 based on recorded valuation allowances against net deferred tax assets. | ||||
[2] | For each of the 2020 periods, Other represents expense associated with certain employee contractual amounts to be settled in equity. For each of the 2019 periods, Other represents expense associated with the 2019 Program and certain employee contractual amounts to be settled in equity. |
Equity-Based Compensation - S_2
Equity-Based Compensation - Summary of Equity-Based Compensation Expense (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||
Benefit for income taxes from equity-based compensation | [1] | $ 0 | $ 0 | $ 0 | $ 0 |
[1] | The Benefit for income taxes from equity-based compensation for each of the periods presented has been determined to be $0 based on recorded valuation allowances against net deferred tax assets. |
Equity-Based Compensation - Ass
Equity-Based Compensation - Assumptions for Fair Value of Stock Options Granted Estimated on the Date of Grant Using the Black-Scholes Option (Detail) - Stock Options [Member] | 6 Months Ended |
Jun. 30, 2020$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Dividend yield | 0.00% |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted average fair value per stock option | $ 3.48 |
Volatility | 54.00% |
Average risk-free interest rate | 2.20% |
Expected term (years) | 2 years 6 months |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted average fair value per stock option | $ 3.68 |
Volatility | 60.10% |
Average risk-free interest rate | 2.50% |
Expected term (years) | 3 years 6 months |
Equity-Based Compensation - S_3
Equity-Based Compensation - Summary of Activity for Stock Options (Detail) - $ / shares | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Stock options outstanding, Beginning balance | 854,259 | 621,986 |
Stock options granted | 0 | 57,610 |
Stock options exercised | (73,251) | (36,370) |
Stock options forfeited | (79,936) | (9,773) |
Stock options expired | (21,874) | (24,666) |
Stock options outstanding, Ending balance | 679,198 | 608,787 |
Exercisable at end of period | 423,456 | 385,709 |
Expected to vest at end of period | 255,742 | 223,078 |
Weighted average exercise price, Beginning balance | $ 9.34 | $ 10.66 |
Weighted average exercise price, Stock options granted | 0 | 8.33 |
Weighted average exercise price, Stock options exercised | 7.38 | 7.22 |
Weighted average exercise price, Stock options forfeited | 7.85 | 7.67 |
Weighted average exercise price, Stock options expired | 11.18 | 17.10 |
Weighted average exercise price, Ending balance | 9.67 | 10.43 |
Weighted average exercise price, Exercisable | 11.20 | 11.56 |
Weighted average exercise price, Expected to vest, net of forfeitures | 7.14 | 8.48 |
Weighted average grant date fair value, Beginning balance | 4.49 | 5.52 |
Weighted average grant date fair value, Stock options granted | 0 | 3.67 |
Weighted average grant date fair value, Stock options exercised | 3.22 | 3.03 |
Weighted average grant date fair value, Stock options forfeited | 3.41 | 3.70 |
Weighted average grant date fair value, Stock options expired | 6.14 | 10.45 |
Weighted average grant date fair value, Ending balance | 4.70 | 5.33 |
Weighted average grant date fair value, Exercisable | 5.83 | 6.20 |
Weighted average grant date fair value, Expected to vest, net of forfeitures | $ 2.82 | $ 3.82 |
Equity-Based Compensation - S_4
Equity-Based Compensation - Summary of Activity for Restricted Stock Awards (Detail) - Restricted Stock [Member] - $ / shares | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Restricted Shares, outstanding, Beginning Balance | 66,513 | 67,001 |
Number of Restricted Shares, granted | 37,500 | 66,763 |
Number of Restricted Shares, vested | (56,763) | (37,500) |
Number of Restricted Shares, forfeited | 0 | 0 |
Number of Restricted Shares, outstanding, Ending Balance | 47,250 | 96,264 |
Number of Restricted Shares, expected to vest | 47,250 | 96,264 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ 8.76 | $ 8.30 |
Weighted Average Grant Date Fair Value, granted | 7.12 | 8.98 |
Weighted Average Grant Date Fair Value, vested | 9.11 | 8.12 |
Weighted Average Grant Date Fair Value, forfeited | 0 | 0 |
Weighted Average Grant Date Fair Value, Ending Balance | 7.04 | 8.84 |
Weighted Average Grant Date Fair Value, expected to vest | $ 7.04 | $ 8.84 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | Jun. 30, 2020 | Apr. 18, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Financial instruments (assets or liabilities) measured at fair value | $ 0 | $ 0 | |
Paycheck Protection Program [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loan bears interest rate | 1.00% |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Values and Fair Values of Other Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Carrying Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 19,658 | $ 5,265 |
Restricted cash | 508 | 978 |
Debt issuance costs | 129 | 107 |
Current portion of long-term debt | 1,128 | 153 |
Long-term debt ̶ net of current portion | 2,354 | 1,211 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 19,658 | 5,265 |
Restricted cash | 508 | 978 |
Current portion of long-term debt | 990 | 157 |
Long-term debt ̶ net of current portion | $ 2,309 | $ 1,227 |
Fair Value Measurements - Car_2
Fair Value Measurements - Carrying Values and Fair Values of Other Financial Instruments (Parenthetical) (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unamortized debt issuance costs | $ 18 | $ 20 |
Revolving Credit Facility [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt issuance costs | 35 | 88 |
Revolving Credit Facility [Member] | Other Noncurrent Assets [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt issuance costs | $ 94 | $ 19 |
Concentration of Credit Risk -
Concentration of Credit Risk - Additional Information (Detail) - Five Most Significant Customers [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Revenue, Major Customer [Line Items] | |||||
Accounts receivable from significant customers | $ 1,480 | $ 1,480 | $ 3,230 | ||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |||||
Revenue, Major Customer [Line Items] | |||||
Revenue concentration, by most significant customers | 40.70% | 46.40% | 24.30% | 33.00% |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | |||||
Purchases from related parties | $ 0 | $ 0 | |||
Amounts due to related party | 0 | 0 | $ 0 | ||
3D Printing Machines [Member] | |||||
Related Party Transaction [Line Items] | |||||
Purchases from related parties | 30,000 | ||||
Chairman of the Board of Directors [Member] | |||||
Related Party Transaction [Line Items] | |||||
Purchases from related parties | $ 43,000 | $ 58,000 | |||
Fair market value of benefits received | $ 3,000 | $ 0 | $ 3,000 | $ 0 |
Other Expense - Net - Schedule
Other Expense - Net - Schedule of Other Expense - Net (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Other Income And Expenses [Abstract] | ||||
Interest income | $ (3) | $ (2) | $ (15) | $ (8) |
Foreign currency losses (gains) – net | 128 | 29 | (37) | 51 |
Other – net | 70 | 30 | 57 | 26 |
Other expense - net | $ 195 | $ 57 | $ 5 | $ 69 |