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XMTR Xometry

Document and Entity Information

Document and Entity Information - shares6 Months Ended
Jun. 30, 2021Aug. 06, 2021
Cover [Abstract]
Document Type10-Q
Amendment Flagfalse
Document Period End DateJun. 30,
2021
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ2
Entity Registrant NameXOMETRY, INC.
Entity Central Index Key0001657573
Current Fiscal Year End Date--12-31
Entity Filer CategoryNon-accelerated Filer
Entity File Number001-40546
Entity Incorporation, State or Country CodeDE
Entity Tax Identification Number32-0415449
Entity Address, Address Line One7529 Standish Place
Entity Address, Address Line TwoSuite 200
Entity Address, City or TownDerwood
Entity Address, State or ProvinceMD
Entity Address, Postal Zip Code20855
City Area Code240
Local Phone Number335-7914
Entity Current Reporting StatusNo
Entity Interactive Data CurrentYes
Entity Small Businessfalse
Entity Emerging Growth Companytrue
Entity Ex Transition Periodfalse
Entity Shell Companyfalse
Entity Common Stock, Shares Outstanding41,667,285
Document Quarterly Reporttrue
Document Transition Reportfalse
Title of 12(b) SecurityClass A common stock, par value $0.000001 per share
Trading SymbolXMTR
Security Exchange NameNASDAQ
Entity Bankruptcy Proceedings, Reporting Currenttrue

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in ThousandsJun. 30, 2021Dec. 31, 2020
Current assets:
Cash and cash equivalents $ 37,351 $ 59,874
Accounts receivable, less allowance for doubtful accounts of $0.6 million as of June 30, 2021 and December 31, 202021,432 14,574
Inventory1,503 2,294
Prepaid expenses6,183 913
Other current assets26,462
Total current assets92,931 77,655
Property and equipment, net7,638 6,113
Operating lease right-of-use assets2,275 1,922
Other assets285 788
Intangible assets, net1,521 1,652
Goodwill833 833
Total assets105,483 88,963
Current liabilities:
Accounts payable13,138 5,640
Accrued expenses39,200 13,606
Contract liabilities4,252 2,355
Operating lease liabilities, current portion920 1,013
Finance lease liabilities, current portion8 14
Short-term debt15,864 15,753
Total current liabilities73,382 38,381
Operating lease liabilities, net of current portion1,573 1,118
Total liabilities74,955 39,499
Commitments and contingencies (Note 13)
Convertible preferred stock
Convertible preferred stock160,713 160,713
Stockholders’ deficit
Common stock, $0.000001 par value. Authorized 42,000,000, 8,665,797 and 7,755,782 shares issued and outstanding as of June 30, 2021 and December 31, 2020
Additional paid-in capital4,315 503
Accumulated other comprehensive income227 210
Accumulated deficit(134,727)(111,962)
Total stockholders’ deficit(130,185)(111,249)
Total liabilities, convertible preferred stock and stockholders’ equity105,483 88,963
Convertible Preferred Stock- Seed-1
Convertible preferred stock
Convertible preferred stock4,200 4,200
Convertible Preferred Stock- Seed-2
Convertible preferred stock
Convertible preferred stock2,998 2,998
Convertible Preferred Stock- Series A-1
Convertible preferred stock
Convertible preferred stock8,704 8,704
Convertible Preferred Stock- Series A-2
Convertible preferred stock
Convertible preferred stock12,839 12,839
Convertible Preferred Stock- Series B
Convertible preferred stock
Convertible preferred stock20,347 20,347
Convertible Preferred Stock- Series C
Convertible preferred stock
Convertible preferred stock26,004 26,004
Convertible Preferred Stock- Series D
Convertible preferred stock
Convertible preferred stock54,864 54,864
Convertible Preferred Stock- Series E
Convertible preferred stock
Convertible preferred stock $ 30,757 $ 30,757

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in MillionsJun. 30, 2021Dec. 31, 2020
Allowance for doubtful accounts receivable current $ 0.6 $ 0.6
Shares authorized27,970,966 27,970,966
Shares outstanding27,758,941 27,758,941
Common stock, par or stated value per share $ 0.000001 $ 0.000001
Common stock shares authorized42,000,000 42,000,000
Common stock share issued8,665,797 7,755,782
Common stock share outstanding8,665,797 7,755,782
Convertible Preferred Stock- Seed-1
Temporary equity, par value $ 0.000001 $ 0.000001
Shares authorized4,200,000 4,200,000
Shares issued4,200,000 4,200,000
Shares outstanding4,200,000 4,200,000
Convertible Preferred Stock- Seed-2
Temporary equity, par value $ 0.000001 $ 0.000001
Shares authorized2,188,322 2,188,322
Shares issued2,188,322 2,188,322
Shares outstanding2,188,322 2,188,322
Convertible Preferred Stock- Series A-1
Temporary equity, par value $ 0.000001 $ 0.000001
Shares authorized4,211,094 4,211,094
Shares issued4,211,094 4,211,094
Shares outstanding4,211,094 4,211,094
Convertible Preferred Stock- Series A-2
Temporary equity, par value $ 0.000001 $ 0.000001
Shares authorized1,591,230 1,591,230
Shares issued1,591,230 1,591,230
Shares outstanding1,591,230 1,591,230
Convertible Preferred Stock- Series B
Temporary equity, par value $ 0.000001 $ 0.000001
Shares authorized4,132,055 4,132,055
Shares issued4,044,271 4,044,271
Shares outstanding4,044,271 4,044,271
Convertible Preferred Stock- Series C
Temporary equity, par value $ 0.000001 $ 0.000001
Shares authorized3,754,201 3,754,201
Shares issued3,754,201 3,754,201
Shares outstanding3,754,201 3,754,201
Convertible Preferred Stock- Series D
Temporary equity, par value $ 0.000001 $ 0.000001
Shares authorized5,494,064 5,494,064
Shares issued5,494,064 5,494,064
Shares outstanding5,494,064 5,494,064
Convertible Preferred Stock- Series E
Temporary equity, par value $ 0.000001 $ 0.000001
Shares authorized2,400,000 2,400,000
Shares issued2,275,759 2,275,759
Shares outstanding2,275,759 2,275,759

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Revenue $ 50,589 $ 34,783 $ 94,510 $ 61,472
Cost of revenue38,714 26,518 72,800 47,841
Gross profit11,875 8,265 21,710 13,631
Sales and marketing8,858 5,126 16,422 9,856
Operations and support5,489 3,173 9,820 6,466
Product development4,091 2,919 7,755 5,877
General and administrative5,238 2,773 9,562 5,510
Total operating expenses23,676 13,991 43,559 27,709
Loss from operations(11,801)(5,726)(21,849)(14,078)
Other expenses
Interest expense, net(350)(264)(681)(417)
Other expenses(113)(129)(235)(231)
Total other expenses(463)(393)(916)(648)
Net loss $ (12,264) $ (6,119) $ (22,765) $ (14,726)
Net loss per share, basic and diluted $ (1.46) $ (0.82) $ (2.79) $ (1.99)
Weighted-average number of shares outstanding used to compute net loss per share, basic and diluted8,390,088 7,473,918 8,158,753 7,414,295
Comprehensive (loss) income:
Foreign currency translation $ (13) $ 22 $ 17 $ (27)
Total other comprehensive (loss) income(13)22 17 (27)
Net loss(12,264)(6,119)(22,765)(14,726)
Total comprehensive loss $ (12,277) $ (6,097) $ (22,748) $ (14,753)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Convertible Preferred Stock and Stockholders' Deficit (Unaudited) - USD ($) $ in ThousandsTotalCommon StockAdditional Paid-In CapitalAccumulated Other Comprehensive Income (Loss)Accumulated DeficitConvertible Preferred Stock- Seed-1Convertible Preferred Stock- Seed-2Convertible Preferred Stock- Series A-1Convertible Preferred Stock- Series A-2Convertible Preferred Stock- Series BConvertible Preferred Stock- Series CConvertible Preferred Stock- Series DConvertible Preferred Stock- Series E
Temporary equity, Balance at Dec. 31, 2019 $ 4,200 $ 2,998 $ 8,704 $ 6,957 $ 18,612 $ 24,756 $ 54,929
Temporary equity, Balance, Shares at Dec. 31, 20194,200,000 2,188,322 4,211,094 1,591,230 4,044,271 3,754,201 5,494,064
Balance at Dec. 31, 2019 $ (73,097) $ 4,512 $ (77,609)
Balance, Shares at Dec. 31, 20197,289,571
Exercise of common stock options163 163
Exercise of common stock options, Shares201,627
Stock based compensation386 386
Comprehensive (loss) income:
Foreign currency translation(27) $ (27)
Net loss(14,726)(14,726)
Total comprehensive loss(14,753)
Temporary equity, Balance at Jun. 30, 2020 $ 4,200 $ 2,998 $ 8,704 $ 6,957 $ 18,612 $ 24,756 $ 54,929
Temporary equity, Balance, Shares at Jun. 30, 20204,200,000 2,188,322 4,211,094 1,591,230 4,044,271 3,754,201 5,494,064
Balance at Jun. 30, 2020(87,301)5,061 (27)(92,335)
Balance, Shares at Jun. 30, 20207,491,198
Temporary equity, Balance at Mar. 31, 2020 $ 4,200 $ 2,998 $ 8,704 $ 6,957 $ 18,612 $ 24,756 $ 54,929
Temporary equity, Balance, Shares at Mar. 31, 20204,200,000 2,188,322 4,211,094 1,591,230 4,044,271 3,754,201 5,494,064
Balance at Mar. 31, 2020(81,510)4,755 (49)(86,216)
Balance, Shares at Mar. 31, 20207,458,783
Exercise of common stock options68 68
Exercise of common stock options, Shares32,415
Stock based compensation238 238
Comprehensive (loss) income:
Foreign currency translation22 22
Net loss(6,119)(6,119)
Total comprehensive loss(6,097)
Temporary equity, Balance at Jun. 30, 2020 $ 4,200 $ 2,998 $ 8,704 $ 6,957 $ 18,612 $ 24,756 $ 54,929
Temporary equity, Balance, Shares at Jun. 30, 20204,200,000 2,188,322 4,211,094 1,591,230 4,044,271 3,754,201 5,494,064
Balance at Jun. 30, 2020(87,301)5,061 (27)(92,335)
Balance, Shares at Jun. 30, 20207,491,198
Temporary equity, Balance at Dec. 31, 2020 $ 160,713 $ 4,200 $ 2,998 $ 8,704 $ 12,839 $ 20,347 $ 26,004 $ 54,864 $ 30,757
Temporary equity, Balance, Shares at Dec. 31, 202027,758,941 4,200,000 2,188,322 4,211,094 1,591,230 4,044,271 3,754,201 5,494,064 2,275,759
Balance at Dec. 31, 2020 $ (111,249)503 210 (111,962)
Balance, Shares at Dec. 31, 20207,755,782 7,755,782
Exercise of common stock options $ 1,332 1,332
Exercise of common stock options, Shares910,015 910,015
Stock based compensation $ 2,480 2,480
Comprehensive (loss) income:
Foreign currency translation17 17
Net loss(22,765)(22,765)
Total comprehensive loss(22,748)
Temporary equity, Balance at Jun. 30, 2021 $ 160,713 $ 4,200 $ 2,998 $ 8,704 $ 12,839 $ 20,347 $ 26,004 $ 54,864 $ 30,757
Temporary equity, Balance, Shares at Jun. 30, 202127,758,941 4,200,000 2,188,322 4,211,094 1,591,230 4,044,271 3,754,201 5,494,064 2,275,759
Balance at Jun. 30, 2021 $ (130,185)4,315 227 (134,727)
Balance, Shares at Jun. 30, 20218,665,797 8,665,797
Temporary equity, Balance at Mar. 31, 2021 $ 4,200 $ 2,998 $ 8,704 $ 12,839 $ 20,347 $ 26,004 $ 54,864 $ 30,757
Temporary equity, Balance, Shares at Mar. 31, 20214,200,000 2,188,322 4,211,094 1,591,230 4,044,271 3,754,201 5,494,064 2,275,759
Balance at Mar. 31, 2021 $ (120,369)1,854 240 (122,463)
Balance, Shares at Mar. 31, 20218,239,494
Exercise of common stock options486 486
Exercise of common stock options, Shares426,303
Stock based compensation1,975 1,975
Comprehensive (loss) income:
Foreign currency translation(13)(13)
Net loss(12,264)(12,264)
Total comprehensive loss(12,277)
Temporary equity, Balance at Jun. 30, 2021 $ 160,713 $ 4,200 $ 2,998 $ 8,704 $ 12,839 $ 20,347 $ 26,004 $ 54,864 $ 30,757
Temporary equity, Balance, Shares at Jun. 30, 202127,758,941 4,200,000 2,188,322 4,211,094 1,591,230 4,044,271 3,754,201 5,494,064 2,275,759
Balance at Jun. 30, 2021 $ (130,185) $ 4,315 $ 227 $ (134,727)
Balance, Shares at Jun. 30, 20218,665,797 8,665,797

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands6 Months Ended
Jun. 30, 2021Jun. 30, 2020
Cash flows from operating activities:
Net loss $ (22,765) $ (14,726)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization1,487 1,389
Reduction in carrying amount of right-of-use asset543 509
Stock based compensation2,480 386
Non-cash interest expense111 156
Changes in other assets and liabilities:
Accounts receivable, net(6,874)(768)
Inventory778 (772)
Prepaid expenses(5,270)(3)
Other assets500 13
Accounts payable7,522 (260)
Accrued expenses(453)2,080
Contract liabilities1,915 790
Lease liabilities(534)(444)
Net cash used in operating activities(20,560)(11,650)
Cash flows from investing activities:
Purchase of short-term investments(17,711)
Proceeds from short-term investments28,571
Purchases of property and equipment(2,748)(1,966)
Net cash (used in) provided by investing activities(2,748)8,894
Cash flows from financing activities:
Proceeds from stock options exercised1,332 163
Proceeds from term loan4,000
Proceeds from other borrowings4,783
Payments on finance lease obligations(6)(6)
Payments in connection with initial public offering(524)
Net cash provided by financing activities802 8,940
Effect of foreign currency translation on cash and cash equivalents(17)(2)
Net (decrease) increase in cash and cash equivalents(22,523)6,182
Cash and cash equivalents at beginning of period59,874 40,122
Cash and cash equivalents at end of period37,351 46,304
Supplemental cash flow information:
Cash paid for interest659 $ 605
Non-cash investing activity:
Non-cash purchase of property and equipment(150)
Non-cash financing activity:
Non-cash amounts incurred in connection with initial public offering $ (25,938)

Organization and Description of

Organization and Description of Business6 Months Ended
Jun. 30, 2021
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Description of Business(1) Organization and Description of Business Xometry Inc. (“Xometry”, or the “Company”) was incorporated in the State of Delaware in May 2013 . Xometry uses proprietary technology to enable product designers, engineers, buyers, and supply chain professionals to instantly access the capacity of a global network of manufacturing facilities. The Company’s platform makes it possible for customers to quickly receive pricing, expected lead times, manufacturability feedback and place orders on the Company’s platform. The network allows the Company to provide high volumes of on-demand, unique parts, including custom components and aftermarket parts for its customers. Xometry operates from its domestic facilities in Maryland, Kentucky, and Tennessee, with its corporate headquarters in Derwood, Maryland. One facility is operated in Munich, Germany. Xometry’s seller capabilities include computer numerical control manufacturing, sheet metal manufacturing, 3D printing (including fused deposition modeling, direct metal laser sintering, PolyJet, stereolithography, selective laser sintering, binder jetting, carbon digital light synthesis and multi jet fusion), die casting, injection molding, urethane casting, as well as finishing services, rapid prototyping and high-volume production. Initial Public Offering On July 2, 2021, the Company closed its planned initial public offering ("IPO"), in which it issued and sold 7,906,250 shares of its Class A common stock. The initial offering price was $ 44.00 per share. The Company received net proceeds of approximately $ 325.3 million from the IPO after deducting underwriting discounts and commissions of $ 22.6 million. Upon the closing of the IPO on July 2, 2021, 8,665,797 shares of outstanding common stock were reclassified into Class A common stock, 27,758,941 shares of outstanding convertible preferred stock were converted into Class A common stock, and 2,676,154 shares of Class A common stock were exchanged by our co-founders for an equivalent number of shares of Class B common stock pursuant to the terms of the exchange agreement. Also on July 2, 2021, the Company reserved 402,658 shares of its Class A common stock, representing 1 % of the Company's fully diluted capitalization as of the date of approval of our board of directors, for charitable contributions to non-profit organizations. These shares will be issued over the next five years, in an amount not to exceed 20 % of the initial reserve amount per calendar year.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies6 Months Ended
Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies(2) Basis of Presentation and Summary of Significant Accounting Policies (a) Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company's final Prospectus on Form 424(b)(4) filed with the SEC on July 1, 2021 (“Final Prospectus”). The condensed consolidated balance sheet as of December 31, 2020, included herein, was derived from the audited financial statements as of that date, but may not include all disclosures including certain notes required by U.S. GAAP on an annual reporting basis. In the opinion of management, the accompanying condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive loss, stockholders' deficit and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full year 2021 or any future period. The Company has two reporting segments which are referred to as: (1) the United States (“U.S.”) and (2) Europe. Foreign Operations and Comprehensive Loss The U.S. dollar (“USD”) is the functional currency for Xometry’s consolidated subsidiary operating in the U.S. The functional currency for the Company’s consolidated subsidiary operating in Germany is the Euro (“EUR”). For the Company’s consolidated subsidiary whose functional currency is not the USD, the Company translates their financial statements into USD. The Company translates assets and liabilities at the exchange rate in effect as of the financial statement date. Revenue and expense accounts are translated using an average exchange rate for the period. Gains and losses resulting from translation are included in accumulated other comprehensive income (“AOCI”), as a separate component of equity. (b) Use of Estimates The preparation of the Company’s unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions, which affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates. (c) Fair Value Measurements and Financial Instruments The carrying amounts of certain of the Company’s financial instruments, which include cash equivalents, accounts receivable, prepaid expenses and other assets, accounts payable, accrued expenses and contract liabilities approximate their fair values due to their short maturities. The carrying value of the Company’s short-term debt, which is recorded at cost, approximates its fair value due to its repayment in July 2021 (see Note 13). (d) Accounts Receivable Accounts receivable are stated at the amount the Company expects to collect from outstanding balances. For customers for which Xometry provides credit, the Company performs credit inquiries, including references checks, and query credit ratings services and other publicly available information. Amounts collected on accounts receivable are included in net cash provided by operating activities in the statements of cash flows. Management provides for probable uncollectible amounts through a provision for bad debt expense and an adjustment to a valuation allowance based on its experience and judgment. Balances that are still outstanding after management has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable. (e) Property and Equipment and Long-Lived Assets Property and equipment are stated at cost. Equipment under finance leases is stated at the present value of minimum lease payments. Depreciation is calculated on the straight-line method over the estimated useful life of the assets, which range from three to seven years , or in the case of leasehold improvements, over the shorter of the remaining lease term or the useful life of the asset. Property and equipment and intangibles assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. Property and equipment includes capitalized internal-use software development costs. Eligible internal-use software development costs are capitalized subsequent to the completion of the preliminary project stage. Such costs include internal and external direct development costs totaling $ 2.5 million for the six months ended June 30, 2021 and $ 3.6 million for the year ended December 31, 2020. After all substantial testing and deployment is completed and the software is ready for its intended use, capitalization is discontinued and the internal-use software costs are placed in service and amortized using the straight-line method over the estimated useful life of the software, generally three years. (f) Revenue The Company derives substantially all of its revenue in the U.S. and Europe from the sale of parts and assemblies fulfilled using a vast network of sellers. The Company recognizes revenue from the sales to our buyers pursuant to Financial Accounting Standard Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). The Company determines that a contract exists between the Company and the customer when the customer accepts the quote and places the order, all of which are governed by the Company’s standard terms and conditions or other agreed terms with Xometry’s customers. Upon completion of an order through Xometry’s platform, the Company identifies the performance obligation(s) within that order to complete the sale of the manufactured part(s) or assembly. Using Xometry’s in-house technology, the Company determines the price for the manufactured part(s) or assembly on a stand-alone basis at order initiation. The Company recognizes revenue from sales to Xometry customers upon shipment, at which point control over the part(s) or assembly have transferred. We have concluded that the Company is principal in the sale of part(s) and assemblies that use the Company’s network of third-party manufacturers because the Company controls the manufacturing by obtaining a right to direct a third-party manufacturer to fulfill the performance obligation Xometry has with the buyer on Xometry’s behalf. The Company has considered the following conditions of the sale: (i) the Company has the obligation of providing the specified product to the customer, (ii) the Company has discretion with respect to establishing the price of the product and the price the Company pays the sellers and the Company has margin risk on all of Xometry’s sales, (iii) the Company has discretion in determining how to fulfill each order, including selecting the seller and (iv) Xometry bears certain risk for product quality to the extent the buyer is not satisfied with the final product. Revenue is shown net of estimated returns, refunds, and allowances. As of June 30, 2021 and December 31, 2020, the Company has a $ 0.1 million provision for estimated returns, refunds or allowances. Sales tax collected from customers and remitted to governmental authorities is excluded from revenue. Contract Liabilities Contract liabilities are primarily derived from customer credit card payments received at the time an order is placed, for which the associated performance obligations have not been satisfied and revenue has not been recognized based on the Company’s revenue recognition criteria described above. The following table is a summary of the contract liabilities as of December 31, 2020 and June 30, 2021 (in thousands):
Rollforward of contract liabilities:
Contract liabilities at December 31, 2020 $ 2,355
Revenue recognized ( 2,355 )
Payments received in advance 4,252
Contract liabilities at June 30, 2021 $ 4,252 Sales Contract Acquisition Costs The Company’s incremental costs to obtain a contract may include a sales commission which is generally determined on a per order basis. The Company expenses sales commissions when earned, given the short period until the fulfillment of customer orders. The Company elected the practical expedient, allowed under Topic 606, to expense costs to obtain a contract as incurred when the amortization period would have been one year or less. Sales commissions Xometry pays are included in Xometry’s sales and marketing expenses in the Condensed Consolidated Statements of Operations and Comprehensive Loss. (g) Cost of Revenue Cost of revenue primarily consists of the cost of the products that are manufactured by the Company’s sellers for delivery to buyers on Xometry’s platform, internal production costs, shipping costs and certain internal depreciation. (h) Leases On January 1, 2019, the Company adopted ASC Topic 842, Leases. This standard provided several optional practical expedients for use in transition. The Company elected to use what the FASB deemed the “package of practical expedients,” which allowed the Company not to reassess the Company’s previous conclusions about lease identification, lease classification and the accounting treatment for initial direct costs. The standard also provided several optional practical expedients for the ongoing accounting for leases. The Company elected the short-term lease recognition exemption for all leases that qualify, meaning that for leases with terms of twelve months or less, the Company will not recognize right-of-use ("ROU") assets or lease liabilities on the Condensed Consolidated Balance Sheets. Additionally, the Company elected to use the practical expedient to not separate lease and non-lease components for leases of real estate, meaning that for these leases, the non-lease components are included in the associated ROU asset and lease liability balances on the Company’s Condensed Consolidated Balance Sheets. The Company determines if an arrangement contains a lease and the classification of that lease, if applicable, at inception. Operating leases are included in operating lease ROU assets, operating lease liabilities and operating lease liabilities (net of current portion) in the Condensed Consolidated Balance Sheets. The Company has finance leases as detailed in the Long-Lived Assets section above. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments under the lease. Operating lease ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The implicit rate within the Company’s operating leases is generally not determinable, as such the Company uses its incremental borrowing rate at lease commencement to determine the present value of lease payments. The operating lease ROU asset also includes any lease prepayments, offset by lease incentives. Certain of the Company’s leases include options to extend or terminate the lease. The expected lease term includes options to extend or terminate the lease when it is reasonably certain the Company will exercise such option. Lease expense for lease payments is recognized on a straight-line basis over the term of the lease. (i) Sales and Marketing Sales and marketing expenses are expensed as incurred and include the costs of digital marketing strategies, branding costs and other advertising costs, certain depreciation and amortization expense, and compensation expenses, including stock-based compensation, to the Company’s sales and marketing employees. For the three and six months ended June 30, 2021 and 2020, the Company’s advertising costs were $ 4.7 million and $ 2.7 million, respectively and $ 8.9 million and $ 5.1 million, respectively. (j) Operations and Support Operations and support expenses are the costs the Company incurs in support of the customers and sellers on Xometry’s platform which are provided by phone, email and chat for purposes of resolving customer and seller related matters. These costs primarily consist of compensation expenses of the support staff, including stock-based compensation, certain depreciation and amortization expense and software costs used in delivering customer and seller service. (k) Product Development Product development costs which are not eligible for capitalization are expensed as incurred. This account also includes compensation expenses, including stock-based compensation to the Company’s employees performing these functions and certain depreciation and amortization expense. (l) General and Administrative General and administrative expenses primarily consist of professional service fees and certain depreciation and amortization expense. It also includes compensation expenses, including stock-based compensation expenses, for executive, finance, legal and other administrative personnel. (m) Stock Based Compensation Stock option awards are measured at the grant date fair value of the award. The Company estimates grant date fair value using the Black-Scholes option-pricing model. The fair value of stock options is recognized as compensation expense on a straight-line basis over the requisite service period, which is typically four years . The Black-Scholes model considers several variables and assumptions in estimating the fair value of stock-based awards. These variables include:  expected annual dividend yield;  expected volatility over the expected term;  expected term;  risk free interest rate;  per share value of the underlying common stock; and  exercise price. For all stock options granted, the Company calculated the expected term using the simplified method for “plain vanilla” stock option awards. The risk-free interest rate is based on the yield available on U.S. Treasury issues similar in duration to the expected term of the stock-based award. The Company’s common stock is not publicly traded, and therefore, the Company used the historical volatility of the stock price of similar publicly traded peer companies. The Company utilized a dividend yield of zero, as it had no history or plan of declaring dividends on its common stock. (n) Net Loss Per Share Basic net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. The diluted net loss per share is computed by giving effect to all potentially dilutive securities outstanding for the period. For periods in which the Company reports net losses, diluted net loss per common share is the same as basic net loss per common share, because all potentially dilutive securities are anti-dilutive. (o) Recently Issued Accounting Standards New Accounting Pronouncements Effective in Future Periods In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (“Topic 326”), Measurement of Credit Losses on Financial Instruments . Topic 326 changes the impairment model for most financial assets and certain other instruments. Under the new standard, entities holding financial assets and net investment in leases that are not accounted for at fair value through net income are to be presented at the net amount expected to be collected. An allowance for credit losses will be a valuation account that will be deducted from the amortized cost basis of the financial asset to present the net carrying value at the amount expected to be collected on the financial asset. Topic 326 is effective as of January 1, 2023. Early adoption is permitted. The Company is currently evaluating the impact of Topic 326 on its consolidated financial statements and related disclosures. There are currently no other accounting standards that have been issued, but not yet adopted, that are expected to have a significant impact on the Company’s consolidated financial position, results of operations or cash flows upon adoption.

Credit Concentrations

Credit Concentrations6 Months Ended
Jun. 30, 2021
Risks And Uncertainties [Abstract]
Credit Concentrations(3) Credit Concentrations Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash and accounts receivable. The Company maintains its cash, which at times may exceed federally insured limits, in deposit accounts at major financial institutions. Most of the Company’s customers are located in the United States. For the three and six months ended June 30, 2021 and 2020, no one customer accounted for more than 10% of the Company’s revenue. As of June 30, 2021 and December 31, 2020, no single customer accounted for more than 10% of the Company’s accounts receivable.

Inventory

Inventory6 Months Ended
Jun. 30, 2021
Inventory Disclosure [Abstract]
Inventory(4) Inventory Inventory consists of raw materials, work-in-process, tools inventory and finished goods. Raw materials (plastics and metals) become manufactured products in the additive and subtractive manufacturing processes. Work in progress represents manufacturing costs associated with customer orders that are not yet complete. The tools inventory primarily consists of small consumable machine tools, cutting devices, etc. Finished goods represents product awaiting shipment. Inventory consists of the following as of June 30, 2021 and December 31, 2020 (in thousands):
June 30, December 31,
2021 2020
Raw materials $ 313 $ 634
Work-in-progress 779 1,247
Tools inventory 309 312
Finished goods 102 101
Total $ 1,503 $ 2,294

Property and Equipment and Long

Property and Equipment and Long-Lived Assets6 Months Ended
Jun. 30, 2021
Property Plant And Equipment [Abstract]
Property and Equipment and Long-Lived Assets(5) Property and Equipment and Long-Lived Assets Property and equipment consist of the following as of June 30, 2021 and December 31, 2020 (in thousands):
June 30, December 31,
Useful Life 2021 2020
Technology hardware 3 years $ 1,706 $ 1,452
Manufacturing equipment 5 years 2,715 2,603
Capitalized software development 3 years 10,615 8,123
Patent 17 years 161 157
Leasehold improvements Shorter of useful 717 717
Furniture and fixtures 7 years 690 675
Total 16,604 13,727
Less accumulated depreciation ( 8,966 ) ( 7,614 )
Property and Equipment, net $ 7,638 $ 6,113 Depreciation expense for the three and six months ended June 30, 2021 and 2020 was as follows (in thousands):
Three Months Ended June 30, Six Months Ended June 30,
2021 2020 2021 2020
Cost of revenue $ 12 $ 58 $ 49 $ 118
Sales and marketing 6 6 11 11
Operations and support 56 47 88 98
Product development 591 282 1,161 569
General and administrative 22 65 43 112
Total $ 687 $ 458 $ 1,352 $ 908

Leases

Leases6 Months Ended
Jun. 30, 2021
Leases [Abstract]
Leases(6) Leases Operating lease expense for the three and six months ended June 30, 2021 and 2020 was as follows (in thousands):
Three Months Ended June 30, Six Months Ended June 30,
2021 2020 2021 2020
Cost of revenue $ 18 $ 45 $ 54 $ 90
Operations and support 18 - 18 -
General and administrative 299 270 581 533
Total operating lease expense $ 335 $ 315 $ 653 $ 623 During the second quarter of 2021, the Company extended by three years an existing operating lease and entered into a new three year facility operating lease. In connection with these leases, the Company recorded non-cash ROU assets and liabilities of $ 0.9 million.

Common Stock

Common Stock6 Months Ended
Jun. 30, 2021
Equity [Abstract]
Common Stock(7) Common Stock As of June 30, 2021, holders of common stock are entitled to one vote per share , and to receive dividends and, upon liquidation or dissolution, are entitled to receive all assets available for distribution to stockholders. The holders have no preemptive or other subscription rights and there are no redemption or sinking fund provisions with respect to such shares. Common stock is subordinate to the preferred stock with respect to dividend rights, rights upon liquidation, and dissolution of the Company. In connection with the Company's IPO on July 2, 2021, the 8,665,797 shares of common stock outstanding on June 30, 2021 were reclassified to Class A common stock. On July 2, 2021, the Company amended and restated its certificate of incorporation to provide for two classes of common stock: Class A common stock and Class B common stock. The Company's authorized capital stock consists of 805 million shares, all with a par value of $ 0.000001 per share, of which:  750,000,000 are designated Class A common stock;  5,000,000 are designated Class B common stock; and  50,000,000 are designated preferred stock. Shares of Class A common stock and Class B common stock have the same rights and privileges and rank equally, share ratably and are identical in all respects, including but not limited to dividends and distributions, liquidation rights, change of control transactions, subdivisions and combinations, no preemptive or similar rights, and conversion. Holders of our Class A common stock are entitled to one vote per share on any matter that is submitted to a vote of our stockholders. Holders of our Class B common stock are entitled to 20 votes per share on any matter submitted to a vote of our stockholders.

Convertible Preferred Stock

Convertible Preferred Stock6 Months Ended
Jun. 30, 2021
Temporary Equity Disclosure [Abstract]
Convertible Preferred Stock(8) Convertible Preferred Stock The Company has issued the following series of its preferred stock–Series Seed-1 Convertible Preferred Stock in September 2013, Series Seed-2 Convertible Preferred Stock in July 2014, Series A-1 Convertible Preferred Stock in October 2015, Series A-2 Convertible Preferred Stock in December 2016 and July 2020, Series B Convertible Preferred Stock in June 2017 and July 2020, Series C Convertible Preferred Stock in June 2018 and July 2020, Series D Convertible Preferred Stock in May 2019 and July 2020, Series E Convertible Preferred Stock in July 2020 (collectively referred to as the “Convertible Preferred Stock”). As of June 30, 2021 and December 31, 2020, the numbers of authorized and outstanding shares in the Convertible Preferred Stock, with their total respective liquidation preferences, were as follows (in thousands, except share and per share data):
Shares Liquidation Carrying
Authorized Outstanding preference Value
Series:
Series Seed-1 Convertible Preferred Stock 4,200,000 4,200,000 $ 4,200 $ 4,200
Series Seed-2 Convertible Preferred Stock 2,188,322 2,188,322 2,998 2,998
Series A-1 Convertible Preferred Stock 4,211,094 4,211,094 8,800 8,704
Series A-2 Convertible Preferred Stock 1,591,230 1,591,230 12,884 12,839
Series B Convertible Preferred Stock 4,132,055 4,044,271 20,764 20,347
Series C Convertible Preferred Stock 3,754,201 3,754,201 26,248 26,004
Series D Convertible Preferred Stock 5,494,064 5,494,064 54,933 54,864
Series E Convertible Preferred Stock 2,400,000 2,275,759 32,693 30,757
Totals 27,970,966 27,758,941 $ 163,520 $ 160,713 In connection with the Company's IPO on July 2, 2021, 27,758,941 shares of Convertible Preferred Stock were converted to Class A common stock.

Stock Based Compensation

Stock Based Compensation6 Months Ended
Jun. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock Based Compensation(9) Stock Based Compensation In 2014, the Company adopted a stock compensation plan (the "2014 Equity Incentive Plan") pursuant to which the Company may grant stock options, stock purchase rights, restricted stock awards, or stock awards to employees, directors and consultants (including prospective employees, directors, and consultants). This plan was terminated in February 2016 . No additional awards may be granted under the 2014 Equity Incentive Plan, however, outstanding awards continue in full effect in accordance with their existing terms. In 2016, the Company adopted a new stock compensation plan (the “2016 Equity Incentive Plan”) pursuant to which the Company may grant stock options, stock purchase rights, restricted stock awards, or stock awards to employees, directors and consultants (including prospective employees, directors, and consultants). The fair value of the Company’s common stock has been estimated by management as there is no public market for the Company’s common stock. Xometry’s market-based methodology considers a number of objective and subjective factors including third-party valuations of its common stock, the valuation of comparable companies, sales of the Company’s convertible preferred stock to outside investors in arms-length transactions, the Company’s operating and financial performance, the lack of marketability, and general and industry specific economic outlook, amongst others. As of June 30, 2021 and December 31, 2020, there were 177,183 shares and 203,535 shares, respectively available for the Company to grant under the 2016 Equity Incentive Plan. The weighted average assumptions for the six months ended June 30, 2021 and June 30, 2020 are provided in the following table. The Company recognizes forfeitures as incurred.
June 30, June 30,
2021 2020
Valuation assumptions:
Expected dividend yield — —
Expected volatility 53 % 46 %
Expected term (years) 6.0 6.0
Risk-free interest rate 1.1 % 0.8 %
Fair value of share $ 26.96 $ 3.65 A summary of the status of the Company’s stock option activity and the changes during the period ended are as follows (in millions, except share and per share amounts):
Number of Weighted Average Aggregate
Exercisable at December 31, 2020 1,193,301 2.14 7.2 $ 2.8
Balance at December 31, 2020 3,152,774 2.97 8.3 $ 4.7
Granted 1,393,431 12.24 10.0
Exercised ( 910,015 ) 1.90 6.6
Forfeited ( 75,332 ) 5.42 —
Expired ( 7,668 ) 2.16 —
Balance at June 30, 2021 3,553,190 6.83 8.8 $ 75.2
Exercisable at June 30, 2021 797,902 3.19 7.9 $ 19.8 The weighted average grant date fair value of options granted during the six months ended June 30, 2021 was $ 18.73 . The total intrinsic value of options exercised during the six months ended June 30, 2021 was $ 23.7 million. At June 30, 2021, there was approximately $ 26.3 million of total unrecognized compensation cost related to unvested stock options granted under the 2016 Equity Incentive Plan. That cost is expected to be recognized over a weighted average period of 3.7 years at June 30, 2021. The Company currently uses authorized and unissued shares to satisfy share award exercises. In April 2021, the Company granted stock options to purchase up to 1.3 million shares of our common stock at an exercise price of $ 12.32 per share which generally vest over a requisite service period of four years . In the second quarter of 2021, the Company assessed the fair value of the Company's April 2021 stock option grant, giving consideration to the Company's initial public offering price of $ 44.00 per share. The Company assumed a $ 28.00 per share fair value, which was based on a 30 % discount from the midpoint of our initial price range, in order to determine the appropriate stock-based compensation expense for financial reporting purposes. The Company estimated that the fair value of the April 2021 grants approximated $ 25.6 million which is being recognized over 4 years from the grant date. Total stock-based compensation cost for the three and six months ended June 30, 2021 and 2020 were as follows (in thousands):
Three Months Ended June 30, Six Months Ended June 30,
2021 2020 2021 2020
Sales and marketing $ 302 $ 37 $ 355 $ 60
Operations and support 590 61 694 99
Product development 417 88 491 143
General and administrative 666 52 940 84
Total stock compensation expense $ 1,975 $ 238 $ 2,480 $ 386 In connection with the IPO on July 2, 2021, the Company's board of directors adopted the 2021 Equity Incentive Plan (the "2021 Equity Plan"). The 2021 Equity Plan provides for the grant of incentive stock options ("ISOs"), nonstatutory stock options ("NSOs"), stock appreciation rights, restricted stock awards, restricted stock unit awards, performance-based awards and other awards, or collectively, awards. ISOs may be granted only to Xometry employees, including Xometry officers, and the employees of Xometry affiliates. All other awards may be granted to Xometry employees, including our officers, Xometry non-employee directors and consultants and the employees and consultants of Xometry affiliates. The maximum number of shares of common stock that may be issued under the Company's 2021 Plan is 4,026,588 shares.

Income Taxes

Income Taxes6 Months Ended
Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes(10) Income Taxes A full valuation allowance has been established against our net U.S. federal and state deferred tax assets and foreign deferred tax assets, including net operating loss carryforwards. The Company had no current or deferred income tax benefit or expense in the U.S. or Germany for the three and six months ended June 30, 2021 and 2020. This effective tax rate of 0 % differs from the U.S. federal statutory rate primarily due to the effects of certain permanent items, foreign tax rate differences, and increases in the valuation allowance against deferred tax assets. Net Operating Loss and Credit Carryforwards As of December 31, 2020, the Company has net operating loss (“NOL”) carryforwards for U.S. federal income tax purposes, and similar state amounts, of approximately $ 90.1 million available to reduce future income subject to income taxes before limitations. As of December 31, 2020, the Company had a net operating loss carryforward for tax purposes related to its foreign subsidiary of $ 10.2 million. U.S. federal net operating carryforwards generated prior to 2018 in the approximate amount of $ 26.6 million will begin to expire, if no t utilized, in 2033. German net operating loss and U.S. federal net operating losses post 2017 have an indefinite life. The Company expects the $ 90.1 million of U.S. federal net operating losses to be available to offset future taxable income.

Net Loss Per Share Attributable

Net Loss Per Share Attributable to Common Stockholders6 Months Ended
Jun. 30, 2021
Earnings Per Share [Abstract]
Net Loss Per Share Attributable to Common Stockholders(11) Net Loss Per Share Attributable to Common Stockholders The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share data):
Three Months Ended June 30, Six Months Ended June 30,
2021 2020 2021 2020
Net loss $ ( 12,264 ) $ ( 6,119 ) $ ( 22,765 ) $ ( 14,726 )
Weighted-average number of shares outstanding used to compute net loss 8,390,088 7,473,918 8,158,753 7,414,295
Net loss per share, basic and diluted $ ( 1.46 ) $ ( 0.82 ) $ ( 2.79 ) $ ( 1.99 ) For the three months ended June 30, 2021 and 2020, the Company had approximately 30.5 million shares and approximately 26.4 million shares, respectively, that are potentially dilutive securities that were excluded from the computation of diluted net loss per share because including them would have had an anti-dilutive effect. Of these potentially dilutive shares as of June 30, 2021 and 2020, approximately 27.8 million shares and approximately 25.5 million shares, respectively are in the form of convertible preferred stock, approximately 2.7 million shares and approximately 0.9 million shares, respectively are in the form of outstanding stock options and approximately 0.1 million shares and approximately 13,000 shares, respectively are in the form of outstanding warrants. For the six months ended June 30, 2021 and 2020, the Company had approximately 30.4 million shares and approximately 26.4 million shares, respectively, that are potentially dilutive securities that were excluded from the computation of diluted net loss per share because including them would have had an anti-dilutive effect. Of these potentially dilutive shares as of June 30, 2021 and 2020, approximately 27.8 million shares and approximately 25.5 million shares, respectively are in the form of convertible preferred stock, approximately 2.6 million shares and approximately 0.9 million shares, respectively are in the form of outstanding stock options and approximately 0.1 million shares and approximately 13,000 shares, respectively are in the form of outstanding warrants.

Other Current Assets

Other Current Assets6 Months Ended
Jun. 30, 2021
Other Supplemental Disclosures [Abstract]
Other Current Assets12) Other Current Assets As of June 30, 2021, the Company has $ 26.5 million of other current assets on its unaudited condensed consolidated balance sheet. These are costs incurred in connection with the Company's IPO which closed on July 2, 2021. This includes underwriters' fees of $ 22.6 million, legal and accounting fees of $ 2.9 million, roadshow costs of $ 0.3 million, printing costs of $ 0.2 million and listing fees of $ 0.3 million. IPO costs that have been incurred but not yet paid in the amount of $ 25.9 million are included in accrued expenses on our unaudited condensed consolidated balance sheet as of June 30, 2021.

Debt Commitments and Contingenc

Debt Commitments and Contingencies6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]
Debt Commitments and Contingencies(13) Debt Commitments and Contingencies The Company is party to an Amended and Restated Loan and Security Agreement with Hercules Capital, Inc. (“Hercules”), or the Amended Loan and Security Agreement, for a term loan, or the term loan facility. Under the Amended Loan and Security Agreement, effective January 30, 2020, the Company could borrow up to $ 15 million under a term loan, all of which became available to the Company immediately on the agreement date. The Company had borrowings under the term loan of $ 15 million as of June 30, 2021 and December 31, 2020. As of June 30, 2021 and December 31, 2020, the loan accrued interest at the greater of (i) 8.7 % per annum or (ii) 8.7 % per annum plus the prime rate minus 4.75 % per annum. The term loan agreement required a maximum $ 1.2 million end of term fee due and payable on the maturity date of May 1, 2022 , however, if the term loan was repaid prior to November 1, 2021, the amount owed would be $ 0.9 million. As of June 30, 2021 and December 31, 2020, the Company owed $ 15.9 million and $ 15.8 million, respectively, on this term loan, including principal borrowings and accrued end of term fee. On July 9, 2021, the Company repaid the full amount of its term loan with Hercules with proceeds from the IPO (see Note 1). In connection with the debt extinguishment, the Company paid Hercules $ 16.2 million. We will record a loss on debt extinguishment of approximately $ 0.3 million. As part of the initial term loan agreement with Hercules, the Company issued a warrant to purchase 87,784 shares of the Company’s Series B Convertible Preferred Stock with a strike price of $ 5.13 per share that expires in May 2025 . Upon closing of the IPO on July 2, 2021, the warrant held by Hercules may only be exercised for shares of Class A common stock. The term loan facility contained customary affirmative and negative covenants, including covenants that required Hercules consent to, among other things, merge or consolidate or acquire assets outside the ordinary course of business, make investments, incur additional indebtedness or guarantee indebtedness of others, pay dividends and redeem and repurchase the Company’s capital stock, enter into transactions with affiliates outside the ordinary course of business, and create liens on Company assets. Xometry was in compliance with covenants at the time the term loan was repaid and was in compliance with these covenants as of June 30, 2021 and December 31, 2020. Contingencies The Company from time to time may be subject to various claims and legal proceedings covering a range of matters that arise in the ordinary course of its business activities. In the opinion of the Company, although the outcome of any legal proceedings cannot be predicted with certainty, the ultimate liability of the Company in connection with its legal proceedings is not expected to have a material adverse effect on the Company’s financial position or operations.

Segments

Segments6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]
Segments(14) Segments Xometry is organized in two segments referred to as: (1) the U.S. and (2) Europe. Xometry’s operating segments are also the Company’s reportable segments. Xometry’s reportable segments, whose products and offerings are generally the same, are managed separately based on geography. Xometry’s two segments are defined based on the reporting and review process used by the chief operating decision maker (“CODM”), the Chief Executive Officer. The Company evaluates the performance of the operating segments primarily based on revenue and segment “profits/loss” which is largely the results of the segment before income taxes. The Company has not allocated corporate overhead to the Europe segment. The Company’s CODM monitors assets of the consolidated Company, but does not use assets, by operating segment when assessing performance or making operating segment resource decisions. The following tables reflect certain segment information for the three and six months ended June 30, 2021 and 2020 (in thousands):
Three Months Ended June 30, Six Months Ended June 30,
2021 2020 2021 2020
Revenue
U.S. $ 47,228 $ 34,135 $ 88,526 $ 60,393
Europe 3,361 648 5,984 1,079
Total $ 50,589 $ 34,783 $ 94,510 $ 61,472
Three Months Ended June 30, Six Months Ended June 30,
2021 2020 2021 2020
Segment Losses
U.S. $ ( 9,440 ) $ ( 4,548 ) $ ( 17,602 ) $ ( 11,991 )
Europe ( 2,824 ) ( 1,571 ) ( 5,163 ) ( 2,735 )
Total $ ( 12,264 ) $ ( 6,119 ) $ ( 22,765 ) $ ( 14,726 )

Related Party Transactions

Related Party Transactions6 Months Ended
Jun. 30, 2021
Related Party Transactions [Abstract]
Related Party Transactions(15) Related Party Transactions Certain companies and/or affiliates of companies that are holders of the Company’s Convertible Preferred Stock acquire products and assemblies through the Xometry platform. As such, Xometry’s revenue, accounts receivable, and accounts payable include amounts from these companies and/or affiliates of these companies. For the three months ended June 30, 2021 and 2020, Xometry recognized revenue of approximately $ 0.5 million and $ 0.5 million, respectively from companies/and or affiliates of companies that are holders of the Company’s Convertible Preferred Stock. As of June 30, 2021 and December 31, 2020, the Company had approximately $ 0.5 million and $ 0.4 million of accounts receivable from companies and/or affiliates of companies that are holders of the Company’s Convertible Preferred Stock. For the six months ended June 30, 2021 and 2020, Xometry recognized revenue of approximately $ 0.7 million and $ 0.8 million, respectively from companies/and or affiliates of companies that are holders of the Company’s Convertible Preferred Stock. In February 2018, the Company entered into a consulting agreement with Business Improvement Systems, Inc., which is owned by Peter Goguen. Peter Goguen is Xometry’s Chief Operating Officer. Pursuant to the terms of this agreement, the Company paid Business Improvement Systems, Inc. a monthly consulting fee in the amount of $ 11,667 . Business Improvement Systems, Inc. ("BIS") provided the Company with consulting services related to operating services. This agreement was terminated as of January 31, 2021. For the three months ended June 30, 2021, no amounts were paid to BIS. For the three months ended June 30, 2020, the Company paid BIS, approximately $ 50,000 . As of June 30, 2021, the Company had no amounts payable to BIS. As of December 31, 2020, the Company had $ 0.1 million payable to BIS. For the six months ended June 30, 2021 and 2020, the Company paid BIS, approximately $ 0.1 million and $ 0.1 million, respectively.

Goodwill and Intangible Assets

Goodwill and Intangible Assets6 Months Ended
Jun. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets(16) Goodwill and Intangible Assets The following tables summarize the Company’s intangible assets (dollars in thousands):
June 30, 2021
Weighted Gross Accumulated Net
Intangible Assets
Amortizing intangible assets:
Non Compete 2 $ 106 $ 106 $ —
Customer Relationships 1 539 517 22
Trade Names 6 173 141 32
Developed Technology 3 762 518 244
Vendor Relationships 15 1,404 181 1,223
Total intangible assets $ 2,984 $ 1,463 $ 1,521
December 31, 2020
Weighted Gross Accumulated Net
Intangible Assets
Amortizing intangible assets:
Non Compete 2 $ 106 $ 106 $ —
Customer Relationships 1 539 512 27
Trade Names 6 173 141 32
Developed Technology 3 762 438 324
Vendor Relationships 15 1,404 135 1,269
Total intangible assets $ 2,984 $ 1,332 $ 1,652 As of June 30, 2021 and December 31, 2020, Xometry’s goodwill of $ 0.8 million is part of the Company's U.S. operating segment. As of June 30, 2021, estimated amortization expense for the remainder of 2021 and next five years is: $ 0.1 million in 2021, $ 0.3 million in 2022, $ 0.1 million in 2023, $ 0.1 million in 2024, $ 0.1 million in 2025 and $ 0.1 million in 2026. Amortization expense for the three and six months ended June 30, 2021 and 2020 was as follows (in thousands):
Three Months Ended June 30, Six Months Ended June 30,
2021 2020 2021 2020
Sales and marketing $ 24 $ 168 $ 50 $ 336
Product development 40 68 79 137
General and administrative 2 6 6 8
Total $ 66 $ 242 $ 135 $ 481

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)6 Months Ended
Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation(a) Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company's final Prospectus on Form 424(b)(4) filed with the SEC on July 1, 2021 (“Final Prospectus”). The condensed consolidated balance sheet as of December 31, 2020, included herein, was derived from the audited financial statements as of that date, but may not include all disclosures including certain notes required by U.S. GAAP on an annual reporting basis. In the opinion of management, the accompanying condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive loss, stockholders' deficit and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full year 2021 or any future period. The Company has two reporting segments which are referred to as: (1) the United States (“U.S.”) and (2) Europe. Foreign Operations and Comprehensive Loss The U.S. dollar (“USD”) is the functional currency for Xometry’s consolidated subsidiary operating in the U.S. The functional currency for the Company’s consolidated subsidiary operating in Germany is the Euro (“EUR”). For the Company’s consolidated subsidiary whose functional currency is not the USD, the Company translates their financial statements into USD. The Company translates assets and liabilities at the exchange rate in effect as of the financial statement date. Revenue and expense accounts are translated using an average exchange rate for the period. Gains and losses resulting from translation are included in accumulated other comprehensive income (“AOCI”), as a separate component of equity.
Use of Estimates(b) Use of Estimates The preparation of the Company’s unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions, which affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates.
Fair Value Measurements and Financial Instruments(c) Fair Value Measurements and Financial Instruments The carrying amounts of certain of the Company’s financial instruments, which include cash equivalents, accounts receivable, prepaid expenses and other assets, accounts payable, accrued expenses and contract liabilities approximate their fair values due to their short maturities. The carrying value of the Company’s short-term debt, which is recorded at cost, approximates its fair value due to its repayment in July 2021 (see Note 13).
Accounts Receivable(d) Accounts Receivable Accounts receivable are stated at the amount the Company expects to collect from outstanding balances. For customers for which Xometry provides credit, the Company performs credit inquiries, including references checks, and query credit ratings services and other publicly available information. Amounts collected on accounts receivable are included in net cash provided by operating activities in the statements of cash flows. Management provides for probable uncollectible amounts through a provision for bad debt expense and an adjustment to a valuation allowance based on its experience and judgment. Balances that are still outstanding after management has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable.
Property and Equipment and Long-Lived Assets(e) Property and Equipment and Long-Lived Assets Property and equipment are stated at cost. Equipment under finance leases is stated at the present value of minimum lease payments. Depreciation is calculated on the straight-line method over the estimated useful life of the assets, which range from three to seven years , or in the case of leasehold improvements, over the shorter of the remaining lease term or the useful life of the asset. Property and equipment and intangibles assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. Property and equipment includes capitalized internal-use software development costs. Eligible internal-use software development costs are capitalized subsequent to the completion of the preliminary project stage. Such costs include internal and external direct development costs totaling $ 2.5 million for the six months ended June 30, 2021 and $ 3.6 million for the year ended December 31, 2020. After all substantial testing and deployment is completed and the software is ready for its intended use, capitalization is discontinued and the internal-use software costs are placed in service and amortized using the straight-line method over the estimated useful life of the software, generally three years.
Revenue(f) Revenue The Company derives substantially all of its revenue in the U.S. and Europe from the sale of parts and assemblies fulfilled using a vast network of sellers. The Company recognizes revenue from the sales to our buyers pursuant to Financial Accounting Standard Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”). The Company determines that a contract exists between the Company and the customer when the customer accepts the quote and places the order, all of which are governed by the Company’s standard terms and conditions or other agreed terms with Xometry’s customers. Upon completion of an order through Xometry’s platform, the Company identifies the performance obligation(s) within that order to complete the sale of the manufactured part(s) or assembly. Using Xometry’s in-house technology, the Company determines the price for the manufactured part(s) or assembly on a stand-alone basis at order initiation. The Company recognizes revenue from sales to Xometry customers upon shipment, at which point control over the part(s) or assembly have transferred. We have concluded that the Company is principal in the sale of part(s) and assemblies that use the Company’s network of third-party manufacturers because the Company controls the manufacturing by obtaining a right to direct a third-party manufacturer to fulfill the performance obligation Xometry has with the buyer on Xometry’s behalf. The Company has considered the following conditions of the sale: (i) the Company has the obligation of providing the specified product to the customer, (ii) the Company has discretion with respect to establishing the price of the product and the price the Company pays the sellers and the Company has margin risk on all of Xometry’s sales, (iii) the Company has discretion in determining how to fulfill each order, including selecting the seller and (iv) Xometry bears certain risk for product quality to the extent the buyer is not satisfied with the final product. Revenue is shown net of estimated returns, refunds, and allowances. As of June 30, 2021 and December 31, 2020, the Company has a $ 0.1 million provision for estimated returns, refunds or allowances. Sales tax collected from customers and remitted to governmental authorities is excluded from revenue. Contract Liabilities Contract liabilities are primarily derived from customer credit card payments received at the time an order is placed, for which the associated performance obligations have not been satisfied and revenue has not been recognized based on the Company’s revenue recognition criteria described above. The following table is a summary of the contract liabilities as of December 31, 2020 and June 30, 2021 (in thousands):
Rollforward of contract liabilities:
Contract liabilities at December 31, 2020 $ 2,355
Revenue recognized ( 2,355 )
Payments received in advance 4,252
Contract liabilities at June 30, 2021 $ 4,252 Sales Contract Acquisition Costs The Company’s incremental costs to obtain a contract may include a sales commission which is generally determined on a per order basis. The Company expenses sales commissions when earned, given the short period until the fulfillment of customer orders. The Company elected the practical expedient, allowed under Topic 606, to expense costs to obtain a contract as incurred when the amortization period would have been one year or less. Sales commissions Xometry pays are included in Xometry’s sales and marketing expenses in the Condensed Consolidated Statements of Operations and Comprehensive Loss.
Cost of Revenue(g) Cost of Revenue Cost of revenue primarily consists of the cost of the products that are manufactured by the Company’s sellers for delivery to buyers on Xometry’s platform, internal production costs, shipping costs and certain internal depreciation.
Leases(h) Leases On January 1, 2019, the Company adopted ASC Topic 842, Leases. This standard provided several optional practical expedients for use in transition. The Company elected to use what the FASB deemed the “package of practical expedients,” which allowed the Company not to reassess the Company’s previous conclusions about lease identification, lease classification and the accounting treatment for initial direct costs. The standard also provided several optional practical expedients for the ongoing accounting for leases. The Company elected the short-term lease recognition exemption for all leases that qualify, meaning that for leases with terms of twelve months or less, the Company will not recognize right-of-use ("ROU") assets or lease liabilities on the Condensed Consolidated Balance Sheets. Additionally, the Company elected to use the practical expedient to not separate lease and non-lease components for leases of real estate, meaning that for these leases, the non-lease components are included in the associated ROU asset and lease liability balances on the Company’s Condensed Consolidated Balance Sheets. The Company determines if an arrangement contains a lease and the classification of that lease, if applicable, at inception. Operating leases are included in operating lease ROU assets, operating lease liabilities and operating lease liabilities (net of current portion) in the Condensed Consolidated Balance Sheets. The Company has finance leases as detailed in the Long-Lived Assets section above. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments under the lease. Operating lease ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The implicit rate within the Company’s operating leases is generally not determinable, as such the Company uses its incremental borrowing rate at lease commencement to determine the present value of lease payments. The operating lease ROU asset also includes any lease prepayments, offset by lease incentives. Certain of the Company’s leases include options to extend or terminate the lease. The expected lease term includes options to extend or terminate the lease when it is reasonably certain the Company will exercise such option. Lease expense for lease payments is recognized on a straight-line basis over the term of the lease.
Sales and Marketing(i) Sales and Marketing Sales and marketing expenses are expensed as incurred and include the costs of digital marketing strategies, branding costs and other advertising costs, certain depreciation and amortization expense, and compensation expenses, including stock-based compensation, to the Company’s sales and marketing employees. For the three and six months ended June 30, 2021 and 2020, the Company’s advertising costs were $ 4.7 million and $ 2.7 million, respectively and $ 8.9 million and $ 5.1 million, respectively.
Operations and Support(j) Operations and Support Operations and support expenses are the costs the Company incurs in support of the customers and sellers on Xometry’s platform which are provided by phone, email and chat for purposes of resolving customer and seller related matters. These costs primarily consist of compensation expenses of the support staff, including stock-based compensation, certain depreciation and amortization expense and software costs used in delivering customer and seller service.
Product Development(k) Product Development Product development costs which are not eligible for capitalization are expensed as incurred. This account also includes compensation expenses, including stock-based compensation to the Company’s employees performing these functions and certain depreciation and amortization expense.
General and Administrative(l) General and Administrative General and administrative expenses primarily consist of professional service fees and certain depreciation and amortization expense. It also includes compensation expenses, including stock-based compensation expenses, for executive, finance, legal and other administrative personnel.
Stock Based Compensation(m) Stock Based Compensation Stock option awards are measured at the grant date fair value of the award. The Company estimates grant date fair value using the Black-Scholes option-pricing model. The fair value of stock options is recognized as compensation expense on a straight-line basis over the requisite service period, which is typically four years . The Black-Scholes model considers several variables and assumptions in estimating the fair value of stock-based awards. These variables include:  expected annual dividend yield;  expected volatility over the expected term;  expected term;  risk free interest rate;  per share value of the underlying common stock; and  exercise price. For all stock options granted, the Company calculated the expected term using the simplified method for “plain vanilla” stock option awards. The risk-free interest rate is based on the yield available on U.S. Treasury issues similar in duration to the expected term of the stock-based award. The Company’s common stock is not publicly traded, and therefore, the Company used the historical volatility of the stock price of similar publicly traded peer companies. The Company utilized a dividend yield of zero, as it had no history or plan of declaring dividends on its common stock.
Net Loss Per Share(n) Net Loss Per Share Basic net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. The diluted net loss per share is computed by giving effect to all potentially dilutive securities outstanding for the period. For periods in which the Company reports net losses, diluted net loss per common share is the same as basic net loss per common share, because all potentially dilutive securities are anti-dilutive.
Recently Issued Accounting Standards(o) Recently Issued Accounting Standards New Accounting Pronouncements Effective in Future Periods In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (“Topic 326”), Measurement of Credit Losses on Financial Instruments . Topic 326 changes the impairment model for most financial assets and certain other instruments. Under the new standard, entities holding financial assets and net investment in leases that are not accounted for at fair value through net income are to be presented at the net amount expected to be collected. An allowance for credit losses will be a valuation account that will be deducted from the amortized cost basis of the financial asset to present the net carrying value at the amount expected to be collected on the financial asset. Topic 326 is effective as of January 1, 2023. Early adoption is permitted. The Company is currently evaluating the impact of Topic 326 on its consolidated financial statements and related disclosures. There are currently no other accounting standards that have been issued, but not yet adopted, that are expected to have a significant impact on the Company’s consolidated financial position, results of operations or cash flows upon adoption.

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)6 Months Ended
Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Contract LiabilitiesThe following table is a summary of the contract liabilities as of December 31, 2020 and June 30, 2021 (in thousands):
Rollforward of contract liabilities:
Contract liabilities at December 31, 2020 $ 2,355
Revenue recognized ( 2,355 )
Payments received in advance 4,252
Contract liabilities at June 30, 2021 $ 4,252

Inventory (Tables)

Inventory (Tables)6 Months Ended
Jun. 30, 2021
Inventory Disclosure [Abstract]
Schedule of Components of InventoryInventory consists of the following as of June 30, 2021 and December 31, 2020 (in thousands):
June 30, December 31,
2021 2020
Raw materials $ 313 $ 634
Work-in-progress 779 1,247
Tools inventory 309 312
Finished goods 102 101
Total $ 1,503 $ 2,294

Property and Equipment and Lo_2

Property and Equipment and Long-Lived Assets (Tables)6 Months Ended
Jun. 30, 2021
Property Plant And Equipment [Abstract]
Summary of Components of Property and EquipmentProperty and equipment consist of the following as of June 30, 2021 and December 31, 2020 (in thousands):
June 30, December 31,
Useful Life 2021 2020
Technology hardware 3 years $ 1,706 $ 1,452
Manufacturing equipment 5 years 2,715 2,603
Capitalized software development 3 years 10,615 8,123
Patent 17 years 161 157
Leasehold improvements Shorter of useful 717 717
Furniture and fixtures 7 years 690 675
Total 16,604 13,727
Less accumulated depreciation ( 8,966 ) ( 7,614 )
Property and Equipment, net $ 7,638 $ 6,113
Summary of Depreciation ExpenseDepreciation expense for the three and six months ended June 30, 2021 and 2020 was as follows (in thousands):
Three Months Ended June 30, Six Months Ended June 30,
2021 2020 2021 2020
Cost of revenue $ 12 $ 58 $ 49 $ 118
Sales and marketing 6 6 11 11
Operations and support 56 47 88 98
Product development 591 282 1,161 569
General and administrative 22 65 43 112
Total $ 687 $ 458 $ 1,352 $ 908

Leases (Tables)

Leases (Tables)6 Months Ended
Jun. 30, 2021
Leases [Abstract]
Schedule of Operating Lease ExpenseOperating lease expense for the three and six months ended June 30, 2021 and 2020 was as follows (in thousands):
Three Months Ended June 30, Six Months Ended June 30,
2021 2020 2021 2020
Cost of revenue $ 18 $ 45 $ 54 $ 90
Operations and support 18 - 18 -
General and administrative 299 270 581 533
Total operating lease expense $ 335 $ 315 $ 653 $ 623

Convertible Preferred Stock (Ta

Convertible Preferred Stock (Tables)6 Months Ended
Jun. 30, 2021
Temporary Equity Disclosure [Abstract]
Schedule of Numbers of Authorized and Outstanding Shares of Convertible Preferred StockAs of June 30, 2021 and December 31, 2020, the numbers of authorized and outstanding shares in the Convertible Preferred Stock, with their total respective liquidation preferences, were as follows (in thousands, except share and per share data):
Shares Liquidation Carrying
Authorized Outstanding preference Value
Series:
Series Seed-1 Convertible Preferred Stock 4,200,000 4,200,000 $ 4,200 $ 4,200
Series Seed-2 Convertible Preferred Stock 2,188,322 2,188,322 2,998 2,998
Series A-1 Convertible Preferred Stock 4,211,094 4,211,094 8,800 8,704
Series A-2 Convertible Preferred Stock 1,591,230 1,591,230 12,884 12,839
Series B Convertible Preferred Stock 4,132,055 4,044,271 20,764 20,347
Series C Convertible Preferred Stock 3,754,201 3,754,201 26,248 26,004
Series D Convertible Preferred Stock 5,494,064 5,494,064 54,933 54,864
Series E Convertible Preferred Stock 2,400,000 2,275,759 32,693 30,757
Totals 27,970,966 27,758,941 $ 163,520 $ 160,713

Stock Based Compensation (Table

Stock Based Compensation (Tables)6 Months Ended
Jun. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Weighted Average AssumptionsThe weighted average assumptions for the six months ended June 30, 2021 and June 30, 2020 are provided in the following table. The Company recognizes forfeitures as incurred.
June 30, June 30,
2021 2020
Valuation assumptions:
Expected dividend yield — —
Expected volatility 53 % 46 %
Expected term (years) 6.0 6.0
Risk-free interest rate 1.1 % 0.8 %
Fair value of share $ 26.96 $ 3.65
Summary of Stock Option ActivityA summary of the status of the Company’s stock option activity and the changes during the period ended are as follows (in millions, except share and per share amounts):
Number of Weighted Average Aggregate
Exercisable at December 31, 2020 1,193,301 2.14 7.2 $ 2.8
Balance at December 31, 2020 3,152,774 2.97 8.3 $ 4.7
Granted 1,393,431 12.24 10.0
Exercised ( 910,015 ) 1.90 6.6
Forfeited ( 75,332 ) 5.42 —
Expired ( 7,668 ) 2.16 —
Balance at June 30, 2021 3,553,190 6.83 8.8 $ 75.2
Exercisable at June 30, 2021 797,902 3.19 7.9 $ 19.8
Schedule of Total Stock-based Compensation CostsTotal stock-based compensation cost for the three and six months ended June 30, 2021 and 2020 were as follows (in thousands):
Three Months Ended June 30, Six Months Ended June 30,
2021 2020 2021 2020
Sales and marketing $ 302 $ 37 $ 355 $ 60
Operations and support 590 61 694 99
Product development 417 88 491 143
General and administrative 666 52 940 84
Total stock compensation expense $ 1,975 $ 238 $ 2,480 $ 386

Net Loss Per Share Attributab_2

Net Loss Per Share Attributable to Common Stockholders (Tables)6 Months Ended
Jun. 30, 2021
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Loss Per Share Attributable to Common StockholdersThe following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share data):
Three Months Ended June 30, Six Months Ended June 30,
2021 2020 2021 2020
Net loss $ ( 12,264 ) $ ( 6,119 ) $ ( 22,765 ) $ ( 14,726 )
Weighted-average number of shares outstanding used to compute net loss 8,390,088 7,473,918 8,158,753 7,414,295
Net loss per share, basic and diluted $ ( 1.46 ) $ ( 0.82 ) $ ( 2.79 ) $ ( 1.99 )

Segments (Tables)

Segments (Tables)6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]
Summary of Segment InformationThe following tables reflect certain segment information for the three and six months ended June 30, 2021 and 2020 (in thousands):
Three Months Ended June 30, Six Months Ended June 30,
2021 2020 2021 2020
Revenue
U.S. $ 47,228 $ 34,135 $ 88,526 $ 60,393
Europe 3,361 648 5,984 1,079
Total $ 50,589 $ 34,783 $ 94,510 $ 61,472
Three Months Ended June 30, Six Months Ended June 30,
2021 2020 2021 2020
Segment Losses
U.S. $ ( 9,440 ) $ ( 4,548 ) $ ( 17,602 ) $ ( 11,991 )
Europe ( 2,824 ) ( 1,571 ) ( 5,163 ) ( 2,735 )
Total $ ( 12,264 ) $ ( 6,119 ) $ ( 22,765 ) $ ( 14,726 )

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)6 Months Ended
Jun. 30, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Intangible AssetsThe following tables summarize the Company’s intangible assets (dollars in thousands):
June 30, 2021
Weighted Gross Accumulated Net
Intangible Assets
Amortizing intangible assets:
Non Compete 2 $ 106 $ 106 $ —
Customer Relationships 1 539 517 22
Trade Names 6 173 141 32
Developed Technology 3 762 518 244
Vendor Relationships 15 1,404 181 1,223
Total intangible assets $ 2,984 $ 1,463 $ 1,521
December 31, 2020
Weighted Gross Accumulated Net
Intangible Assets
Amortizing intangible assets:
Non Compete 2 $ 106 $ 106 $ —
Customer Relationships 1 539 512 27
Trade Names 6 173 141 32
Developed Technology 3 762 438 324
Vendor Relationships 15 1,404 135 1,269
Total intangible assets $ 2,984 $ 1,332 $ 1,652
Schedule of Amortization ExpenseAmortization expense for the three and six months ended June 30, 2021 and 2020 was as follows (in thousands):
Three Months Ended June 30, Six Months Ended June 30,
2021 2020 2021 2020
Sales and marketing $ 24 $ 168 $ 50 $ 336
Product development 40 68 79 137
General and administrative 2 6 6 8
Total $ 66 $ 242 $ 135 $ 481

Organization and Description _2

Organization and Description of Business - Additional Information (Details) - USD ($) $ / shares in Units, $ in MillionsJul. 02, 2021Jun. 30, 2021Dec. 31, 2020
Subsidiary, Sale of Stock [Line Items]
Entity month and year of incorporation2013-05
Common stock share outstanding8,665,797 7,755,782
Subsequent Event | Class A Common Stock
Subsidiary, Sale of Stock [Line Items]
Common stock shares reserved of fully diluted capitalization402,658
Percentage of fully diluted capitalization for charitable contributions to non-profit organization1.00%
Maximum percentage of shares issued over next five years of initial reserve amount per year20.00%
IPO | Subsequent Event
Subsidiary, Sale of Stock [Line Items]
Stock issued and sold7,906,250
Offering price per share $ 44
Net proceeds after deducting underwriting discounts and commissions $ 325.3
Underwriting discounts and commissions $ 22.6
IPO | Subsequent Event | Class A Common Stock
Subsidiary, Sale of Stock [Line Items]
Common stock share outstanding8,665,797
Outstanding convertible preferred stock were converted into Class A common stock27,758,941
IPO | Subsequent Event | Class B Common Stock
Subsidiary, Sale of Stock [Line Items]
Class A Common stock shares exchanged into class B common stock2,676,154

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) $ in Millions1 Months Ended3 Months Ended6 Months Ended12 Months Ended
Apr. 30, 2021Jun. 30, 2021USD ($)Jun. 30, 2020USD ($)Jun. 30, 2021USD ($)SegmentJun. 30, 2020USD ($)Dec. 31, 2020USD ($)
Basis of Presentation and Summary of Significant Accounting Policies [Abstract]
Number of reportable segments | Segment2
Property and equipment includes capitalized internal-use software development costs $ 2.5 $ 3.6
Revenue, net of estimated returns, refunds and allowances $ 0.1 0.1 $ 0.1
Advertising costs $ 4.7 $ 2.7 $ 8.9 $ 5.1
Requisite service period4 years4 years
Maximum
Property Plant And Equipment [Line Items]
Property, plant and equipment, useful life7 years
Minimum
Property Plant And Equipment [Line Items]
Property, plant and equipment, useful life3 years

Basis of Presentation and Sum_5

Basis of Presentation and Summary of Significant accounting Policies - Summary of Contract Liabilities (Details) $ in Thousands6 Months Ended
Jun. 30, 2021USD ($)
Accounting Policies [Abstract]
Contract Liabilities, Beginning balance $ 2,355
Revenue recognized(2,355)
Payments received in advance4,252
Contract Liabilities, Ending balance $ 4,252

Credit Concentrations - Additio

Credit Concentrations - Additional Information (Details) - Customer3 Months Ended6 Months Ended12 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020Dec. 31, 2020
Revenue | Customer Concentration Risk
Concentration Risk [Line Items]
Number of customer accounted for more than 10%0 0 0 0
Accounts Receivable | Credit Concentration Risk
Concentration Risk [Line Items]
Number of customer accounted for more than 10%0 0

Inventory - Schedule of Compone

Inventory - Schedule of Components of Inventory (Details) - USD ($) $ in ThousandsJun. 30, 2021Dec. 31, 2020
Inventory [Line Items]
Raw materials $ 313 $ 634
Work-in-progress779 1,247
Finished goods102 101
Total1,503 2,294
Tools
Inventory [Line Items]
Total $ 309 $ 312

Property and Equipment and Lo_3

Property and Equipment and Long-Lived Assets - Summary of Components of Property and Equipment (Details) - USD ($) $ in Thousands6 Months Ended
Jun. 30, 2021Dec. 31, 2020
Property Plant And Equipment [Line Items]
Total $ 16,604 $ 13,727
Less accumulated depreciation(8,966)(7,614)
Property and Equipment, net7,638 6,113
Patent
Property Plant And Equipment [Line Items]
Total $ 161 157
Property and equipment, Useful life17 years
Technology Hardware
Property Plant And Equipment [Line Items]
Total $ 1,706 1,452
Property and equipment, Useful life3 years
Manufacturing Equipment
Property Plant And Equipment [Line Items]
Total $ 2,715 2,603
Property and equipment, Useful life5 years
Capitalized Software Development
Property Plant And Equipment [Line Items]
Total $ 10,615 8,123
Property and equipment, Useful life3 years
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total $ 717 717
Property and equipment, Useful LifeShorter of usefullife or lease term
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total $ 690 $ 675
Property and equipment, Useful life7 years

Property and Equipment and Lo_4

Property and Equipment and Long-Lived Assets - Summary of Depreciation Expense (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Property Plant And Equipment [Line Items]
Depreciation expense $ 687 $ 458 $ 1,352 $ 908
Cost of Revenue
Property Plant And Equipment [Line Items]
Depreciation expense12 58 49 118
Sales and Marketing
Property Plant And Equipment [Line Items]
Depreciation expense6 6 11 11
Operations and Support
Property Plant And Equipment [Line Items]
Depreciation expense56 47 88 98
Product Development
Property Plant And Equipment [Line Items]
Depreciation expense591 282 1,161 569
General and Administrative
Property Plant And Equipment [Line Items]
Depreciation expense $ 22 $ 65 $ 43 $ 112

Leases - Schedule of Operating

Leases - Schedule of Operating Lease Expense (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Lessee, Lease, Description [Line Items]
Operating lease expense $ 335 $ 315 $ 653 $ 623
Cost of Revenue
Lessee, Lease, Description [Line Items]
Operating lease expense18 45 54 90
Operations and Support
Lessee, Lease, Description [Line Items]
Operating lease expense18 18
General and Administrative
Lessee, Lease, Description [Line Items]
Operating lease expense $ 299 $ 270 $ 581 $ 533

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in ThousandsJun. 30, 2021Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Extended term of operating lease3 years
Operating lease right-of-use lease assets $ 2,275 $ 1,922
3-Year Lease Facility
Lessee, Lease, Description [Line Items]
New lease term of contract3 years
Operating lease right-of-use lease assets $ 900
Operating lease, liability $ 900

Common Stock - Additional Infor

Common Stock - Additional Information (Details) - $ / sharesJul. 02, 2021Jun. 30, 2021Dec. 31, 2020
Class Of Stock [Line Items]
Common stock, voting rightsone vote per share
Common stock share outstanding8,665,797 7,755,782
Authorized capital stock42,000,000 42,000,000
Common stock, par value per share $ 0.000001 $ 0.000001
Subsequent Event
Class Of Stock [Line Items]
Authorized capital stock805,000,000
Common stock, par value per share $ 0.000001
Subsequent Event | Preferred Stock
Class Of Stock [Line Items]
Authorized capital stock50,000,000
Subsequent Event | Class A Common Stock
Class Of Stock [Line Items]
Common stock, voting rightsone vote per share
Authorized capital stock750,000,000
Subsequent Event | Class B Common Stock
Class Of Stock [Line Items]
Common stock, voting rights20 votes per share
Authorized capital stock5,000,000
IPO | Subsequent Event | Class A Common Stock
Class Of Stock [Line Items]
Common stock share outstanding8,665,797

Convertible Preferred Stock - S

Convertible Preferred Stock - Schedule of Numbers of Authorized and Outstanding Shares of Convertible Preferred Stock (Details) - USD ($) $ in ThousandsJun. 30, 2021Mar. 31, 2021Dec. 31, 2020Jun. 30, 2020Mar. 31, 2020Dec. 31, 2019
Temporary Equity [Line Items]
Shares authorized27,970,966 27,970,966
Shares outstanding27,758,941 27,758,941
Liquidation preference $ 163,520 $ 163,520
Carrying value $ 160,713 $ 160,713
Convertible Preferred Stock- Seed-1
Temporary Equity [Line Items]
Shares authorized4,200,000 4,200,000
Shares outstanding4,200,000 4,200,000 4,200,000 4,200,000 4,200,000 4,200,000
Liquidation preference $ 4,200 $ 4,200
Carrying value $ 4,200 $ 4,200 $ 4,200 $ 4,200 $ 4,200 $ 4,200
Convertible Preferred Stock- Seed-2
Temporary Equity [Line Items]
Shares authorized2,188,322 2,188,322
Shares outstanding2,188,322 2,188,322 2,188,322 2,188,322 2,188,322 2,188,322
Liquidation preference $ 2,998 $ 2,998
Carrying value $ 2,998 $ 2,998 $ 2,998 $ 2,998 $ 2,998 $ 2,998
Convertible Preferred Stock- Series A-1
Temporary Equity [Line Items]
Shares authorized4,211,094 4,211,094
Shares outstanding4,211,094 4,211,094 4,211,094 4,211,094 4,211,094 4,211,094
Liquidation preference $ 8,800 $ 8,800
Carrying value $ 8,704 $ 8,704 $ 8,704 $ 8,704 $ 8,704 $ 8,704
Convertible Preferred Stock- Series A-2
Temporary Equity [Line Items]
Shares authorized1,591,230 1,591,230
Shares outstanding1,591,230 1,591,230 1,591,230 1,591,230 1,591,230 1,591,230
Liquidation preference $ 12,884 $ 12,884
Carrying value $ 12,839 $ 12,839 $ 12,839 $ 6,957 $ 6,957 $ 6,957
Convertible Preferred Stock- Series B
Temporary Equity [Line Items]
Shares authorized4,132,055 4,132,055
Shares outstanding4,044,271 4,044,271 4,044,271 4,044,271 4,044,271 4,044,271
Liquidation preference $ 20,764 $ 20,764
Carrying value $ 20,347 $ 20,347 $ 20,347 $ 18,612 $ 18,612 $ 18,612
Convertible Preferred Stock- Series C
Temporary Equity [Line Items]
Shares authorized3,754,201 3,754,201
Shares outstanding3,754,201 3,754,201 3,754,201 3,754,201 3,754,201 3,754,201
Liquidation preference $ 26,248 $ 26,248
Carrying value $ 26,004 $ 26,004 $ 26,004 $ 24,756 $ 24,756 $ 24,756
Convertible Preferred Stock- Series D
Temporary Equity [Line Items]
Shares authorized5,494,064 5,494,064
Shares outstanding5,494,064 5,494,064 5,494,064 5,494,064 5,494,064 5,494,064
Liquidation preference $ 54,933 $ 54,933
Carrying value $ 54,864 $ 54,864 $ 54,864 $ 54,929 $ 54,929 $ 54,929
Convertible Preferred Stock- Series E
Temporary Equity [Line Items]
Shares authorized2,400,000 2,400,000
Shares outstanding2,275,759 2,275,759 2,275,759
Liquidation preference $ 32,693 $ 32,693
Carrying value $ 30,757 $ 30,757 $ 30,757

Convertible Preferred Stock - A

Convertible Preferred Stock - Additional Information (Details)Jul. 02, 2021shares
Subsequent Event | IPO | Class A Common Stock
Temporary Equity [Line Items]
Outstanding convertible preferred stock were converted into Class A common stock27,758,941

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions1 Months Ended6 Months Ended
Apr. 30, 2021Jun. 30, 2021Jul. 02, 2021Dec. 31, 2020Jun. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value of options granted $ 18.73
Intrinsic value of options exercised $ 23.7
Stock options granted to purchase shares of common stock1,393,431
Stock options granted exercise price $ 12.32 $ 12.24
Requisite service period4 years4 years
Initial public offering price per share $ 44
Fair value of share $ 28 $ 26.96 $ 3.65
Discount from midpoint of initial price range30.00%
Estimated fair value of options granted $ 25.6
Option recognized from grant date4 years
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options granted to purchase shares of common stock1,300,000
2016 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for grant177,183 203,535
Unrecognized compensation cost related to unvested stock options granted $ 26.3
Cost is expected to be recognized over weighted average period3 years 8 months 12 days
2021 Equity Incentive Plan | Subsequent Event
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum number of shares of common stock that may issued4,026,588
2014 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Plan termination, month and year2016-02
Stock options granted to purchase shares of common stock0

Stock Based Compensation - Sche

Stock Based Compensation - Schedule of Weighted Average Assumptions (Details) - $ / shares6 Months Ended
Jun. 30, 2021Jun. 30, 2020Apr. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Expected volatility53.00%46.00%
Expected term (years)6 years6 years
Risk-free interest rate1.10%0.80%
Fair value of share $ 26.96 $ 3.65 $ 28

Stock Based Compensation - Summ

Stock Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions1 Months Ended6 Months Ended12 Months Ended
Apr. 30, 2021Jun. 30, 2021Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of Shares, Exercisable797,902 1,193,301
Number of Shares, Beginning Balance3,152,774
Number of Shares, Granted1,393,431
Number of Shares, Exercised(910,015)
Number of Shares, Forfeited(75,332)
Number of Shares, Expired(7,668)
Number of Shares, Ending Balance3,553,190 3,152,774
Weighted Average Exercise Price Per Share, Exercisable $ 3.19 $ 2.14
Weighted Average Exercise Price Per Share, Beginning Balance2.97
Weighted Average Exercise Price Per Share, Granted $ 12.32 12.24
Weighted Average Exercise Price Per Share, Exercised1.90
Weighted Average Exercise Price Per Share, Forfeited5.42
Weighted Average Exercise Price Per Share, Expired2.16
Weighted Average Exercise Price Per Share, Ending Balance $ 6.83 $ 2.97
Average Remaining Contractual Term, Exercisable7 years 10 months 24 days7 years 2 months 12 days
Average Remaining Contractual Term8 years 9 months 18 days8 years 3 months 18 days
Average Remaining Contractual Term, Granted10 years
Average Remaining Contractual Term, Exercised6 years 7 months 6 days
Aggregate Intrinsic Value, Exercisable $ 19.8 $ 2.8
Aggregate Intrinsic Value $ 75.2 $ 4.7

Stock Based Compensation - Sc_2

Stock Based Compensation - Schedule of Total Stock-based Compensation Costs (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock compensation expense $ 1,975 $ 238 $ 2,480 $ 386
Sales and Marketing
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock compensation expense302 37 355 60
Operations and Support
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock compensation expense590 61 694 99
Product Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock compensation expense417 88 491 143
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock compensation expense $ 666 $ 52 $ 940 $ 84

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020Dec. 31, 2020
Income Taxes [Line Items]
Current income tax expense (benefit) $ 0 $ 0 $ 0 $ 0
Deferred income tax expense (benefit) $ 0 $ 0 $ 0 $ 0
Effective tax rate0.00%
Operating loss carryforwards subject to expiration $ 26,600,000
Federal
Income Taxes [Line Items]
Net operating loss carryforwards90,100,000
Foreign
Income Taxes [Line Items]
Net operating loss carryforwards $ 10,200,000

Net Loss Per Share Attributab_3

Net Loss Per Share Attributable to Common Stockholders - Computation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Earnings Per Share [Abstract]
Net loss $ (12,264) $ (6,119) $ (22,765) $ (14,726)
Weighted-average number of shares outstanding used to compute net loss per share, basic and diluted8,390,088 7,473,918 8,158,753 7,414,295
Net loss per share, basic and diluted $ (1.46) $ (0.82) $ (2.79) $ (1.99)

Net Loss Per Share Attributab_4

Net Loss Per Share Attributable to Common Stockholders - Additional Information (Details) - shares3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from computation of diluted net loss per share30,500,000 26,400,000 30,400,000 26,400,000
Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from computation of diluted net loss per share27,800,000 25,500,000 27,800,000 25,500,000
Outstanding Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from computation of diluted net loss per share2,700,000 900,000 2,600,000 900,000
Outstanding Warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from computation of diluted net loss per share100,000 13,000 100,000 13,000

Other Current Assets - Addition

Other Current Assets - Additional Information (Details) $ in ThousandsJun. 30, 2021USD ($)
Other Supplemental Disclosures [Line Items]
Other current assets $ 26,462
Underwriters fees22,600
Legal and accounting fees2,900
Roadshow costs300
Printing costs200
Listing fees300
Accrued Expenses
Other Supplemental Disclosures [Line Items]
IPO costs incurred but not yet paid $ 25,900

Debt Commitments and Continge_2

Debt Commitments and Contingencies - Additional Information (Details) - USD ($)Jul. 09, 2021Jan. 30, 2020Jun. 30, 2021Dec. 31, 2020
Line Of Credit Facility [Line Items]
Short-term debt $ 15,864,000 $ 15,753,000
Amended and Restated Loan and Security Agreement | Hercules Capital, Inc | Series B Convertible Preferred Stock
Line Of Credit Facility [Line Items]
Warrants to purchase shares of Series B Convertible Preferred Stock87,784
Strike price $ 5.13
Warrants agreement expiration date2025-05
Amended and Restated Loan and Security Agreement | Hercules Capital, Inc | Term Loan
Line Of Credit Facility [Line Items]
Loan agreement maximum borrowing capacity $ 15,000,000
Term loan outstanding $ 15,000,000 $ 15,000,000
Interest rate termsAs of June 30, 2021 and December 31, 2020, the loan accrued interest at the greater of (i) 8.7% per annum or (ii) 8.7% per annum plus the prime rate minus 4.75% per annum.
Interest rate8.70%8.70%
Maturity dateMay 1,
2022
Short-term debt $ 15,900,000 $ 15,800,000
Amended and Restated Loan and Security Agreement | Hercules Capital, Inc | Term Loan | Prime Rate
Line Of Credit Facility [Line Items]
Variable interest rate4.75%4.75%
Amended and Restated Loan and Security Agreement | Hercules Capital, Inc | Term Loan | Maximum
Line Of Credit Facility [Line Items]
Interest rate8.70%8.70%
Debt instrument fee amount $ 1,200,000
Amended and Restated Loan and Security Agreement | Hercules Capital, Inc | Term Loan | Subsequent Event
Line Of Credit Facility [Line Items]
Debt extinguishment amount paid $ 16,200,000
Loss on debt extinguishment $ (300,000)
Amended and Restated Loan and Security Agreement | Hercules Capital, Inc | If Repaid Prior to November 1, 2021
Line Of Credit Facility [Line Items]
Debt instrument fee amount $ 900,000

Segments - Additional Informati

Segments - Additional Information (Details)6 Months Ended
Jun. 30, 2021Segment
Segment Reporting [Abstract]
Number of operating segments2
Number of reportable segments2

Segments - Summary of Segment I

Segments - Summary of Segment Information (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Segment Reporting Information [Line Items]
Revenue $ 50,589 $ 34,783 $ 94,510 $ 61,472
Segment Losses(12,264)(6,119)(22,765)(14,726)
U.S.
Segment Reporting Information [Line Items]
Revenue47,228 34,135 88,526 60,393
Segment Losses(9,440)(4,548)(17,602)(11,991)
Europe
Segment Reporting Information [Line Items]
Revenue3,361 648 5,984 1,079
Segment Losses $ (2,824) $ (1,571) $ (5,163) $ (2,735)

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)1 Months Ended3 Months Ended6 Months Ended
Feb. 28, 2018Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020Dec. 31, 2020
Affiliated Entity
Related Party Transaction [Line Items]
Revenue from related party $ 500,000 $ 500,000 $ 700,000 $ 800,000
Accounts receivable from related party500,000 500,000 $ 400,000
BIS | Consulting Agreement
Related Party Transaction [Line Items]
Monthly consulting fee $ 11,667
Amounts paid to related party0 $ 50,000 100,000 $ 100,000
Amounts payable to related party $ 0 $ 0 $ 100,000

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands6 Months Ended12 Months Ended
Jun. 30, 2021Dec. 31, 2020
Finite Lived Intangible Assets [Line Items]
Gross carrying amount $ 2,984 $ 2,984
Accumulated amortization1,463 1,332
Net carrying amount $ 1,521 $ 1,652
Non Compete
Finite Lived Intangible Assets [Line Items]
Weighted average amortization period in years2 years2 years
Gross carrying amount $ 106 $ 106
Accumulated amortization $ 106 $ 106
Customer Relationships
Finite Lived Intangible Assets [Line Items]
Weighted average amortization period in years1 year1 year
Gross carrying amount $ 539 $ 539
Accumulated amortization517 512
Net carrying amount $ 22 $ 27
Trade Names
Finite Lived Intangible Assets [Line Items]
Weighted average amortization period in years6 years6 years
Gross carrying amount $ 173 $ 173
Accumulated amortization141 141
Net carrying amount $ 32 $ 32
Developed Technology
Finite Lived Intangible Assets [Line Items]
Weighted average amortization period in years3 years3 years
Gross carrying amount $ 762 $ 762
Accumulated amortization518 438
Net carrying amount $ 244 $ 324
Vendor Relationships
Finite Lived Intangible Assets [Line Items]
Weighted average amortization period in years15 years15 years
Gross carrying amount $ 1,404 $ 1,404
Accumulated amortization181 135
Net carrying amount $ 1,223 $ 1,269

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in ThousandsJun. 30, 2021Dec. 31, 2020
Goodwill And Intangible Assets [Line Items]
Goodwill $ 833 $ 833
Estimated amortization expense remainder of 2021100
Estimated amortization expense 2022300
Estimated amortization expense 2023100
Estimated amortization expense 2024100
Estimated amortization expense 2025100
Estimated amortization expense 2026100
U.S.
Goodwill And Intangible Assets [Line Items]
Goodwill $ 800 $ 800

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Schedule of Amortization Expense (Details) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Finite Lived Intangible Assets [Line Items]
Amortization Expense $ 66 $ 242 $ 135 $ 481
Sales and Marketing
Finite Lived Intangible Assets [Line Items]
Amortization Expense24 168 50 336
Product Development
Finite Lived Intangible Assets [Line Items]
Amortization Expense40 68 79 137
General and Administrative
Finite Lived Intangible Assets [Line Items]
Amortization Expense $ 2 $ 6 $ 6 $ 8