Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically ~~and posted on its corporate Web site, if any,~~ every Interactive Data File required to be submitted ~~and posted~~ pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit ~~and post~~ such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of November ~~9, 2017, 16,158,619~~12, 2021, 22,401,254 shares of common stock, par value $0.01, were outstanding.

Since our initial public offering, we have continued to qualify as an “emerging growth company” (“EGC”) as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). An EGC may take advantage of specified reduced reporting requirements and is relieved of certain other significant requirements that are otherwise generally applicable to public companies.

We may choose to take advantage of some, but not all, of these reduced burdens. We will continue to operate under these provisions until December 31, 2018, or such earlier time that we are no longer an EGC. We would cease to be an EGC if we have more than $1.07 billion in annual revenues, qualify as a “large accelerated filer” under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which requires us to have more than $700 million in market value of our common stock held by non-affiliates, or issue more than $1.0 billion of non-convertible debt over a three-year period.

Condensed Statement of Consolidated Operations and Comprehensive Loss (Unaudited)

	Quarter Ended						Nine Months Ended						Three Months Ended						Nine Months Ended
	September 30,						September 30,						September 30,						September 30,
	2017			2016			2017			2016			2021			2020			2021			2020
Revenue	$	15,887		$	12,988		$	37,555		$	33,157		$	19,043		$	17,399		$	50,846		$	41,881
Cost of sales		11,790			9,428			29,829			24,215			13,721			13,500			38,648			31,263
Gross profit		4,097			3,560			7,726			8,942			5,322			3,899			12,198			10,618
Operating expenses
Research and development		2,871			1,898			7,219			5,737			2,909			2,013			8,541			6,858
Selling, general and administrative		6,062			5,234			18,338			15,222			9,585			4,825			22,676			15,476
Gain from sale-leaseback of property and equipment														—			—			—			(1,462	)
		8,933			7,132			25,557			20,959			12,494			6,838			31,217			20,872
Loss from operations		(4,836	)		(3,572	)		(17,831	)		(12,017	)		(7,172	)		(2,939	)		(19,019	)		(10,254	)
Other expense (income)
Other (income) expense
Interest expense		24			22			69			276			2			54			169			171
Other (income) expense ̶ net		(11	)		(8	)		134			(306	)		(48	)		314			63			319
Gain on extinguishment of the Paycheck Protection Program loan														(2,220	)		—			(2,220	)		—
		13			14			203			(30	)		(2,266	)		368			(1,988	)		490
Loss before income taxes		(4,849	)		(3,586	)		(18,034	)		(11,987	)		(4,906	)		(3,307	)		(17,031	)		(10,744	)
Provision for income taxes		14			25			23			43
Provision (benefit) for income taxes														1			(34	)		(410	)		200
Net loss	$	(4,863	)	$	(3,611	)	$	(18,057	)	$	(12,030	)	$	(4,907	)	$	(3,273	)	$	(16,621	)	$	(10,944	)
Net loss per common share:
Basic	$	(0.30	)	$	(0.23	)	$	(1.13	)	$	(0.76	)	$	(0.22	)	$	(0.19	)	$	(0.76	)	$	(0.65	)
Diluted	$	(0.30	)	$	(0.23	)	$	(1.13	)	$	(0.76	)	$	(0.22	)	$	(0.19	)	$	(0.76	)	$	(0.65	)
Comprehensive loss:
Net loss	$	(4,863	)	$	(3,611	)	$	(18,057	)	$	(12,030	)	$	(4,907	)	$	(3,273	)	$	(16,621	)	$	(10,944	)
Other comprehensive income:
Other comprehensive (loss) income:
Foreign currency translation adjustments		1,194			489			4,713			2,288			(465	)		856			(1,362	)		388
Comprehensive loss	$	(3,669	)	$	(3,122	)	$	(13,344	)	$	(9,742	)	$	(5,372	)	$	(2,417	)	$	(17,983	)	$	(10,556	)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

	September 30,			December 31,			September 30,			December 31,
	2017			2016			2021			2020
Assets
Current assets:
Cash and cash equivalents	$	17,706		$	27,825		$	122,809		$	49,668
Restricted cash		1,098			330			1,870			508
Accounts receivable ̶ net of allowance of $1,494 (2017) and $1,566 (2016)		6,539			6,447
Accounts receivable ̶ net								8,712			5,225
Current portion of net investment in sales-type leases ̶ net								241			229
Inventories ̶ net		16,643			15,838			25,078			20,562
Prepaid expenses and other current assets		2,293			1,159			6,313			4,451
Total current assets		44,279			51,599			165,023			80,643
Property and equipment ̶ net		49,489			51,134
Intangible assets ̶ net		152			668
Property and equipment, net of accumulated depreciation of $20,041 (2021) and $20,823 (2020)								22,815			21,300
Operating lease right-of-use assets								2,489			4,043
Net investment in sales-type leases ̶ net of current portion ̶ net								326			509
Other noncurrent assets		781			777			687			794
Total assets	$	94,701		$	104,178		$	191,340		$	107,289
Liabilities
Current liabilities:
Current portion of long-term debt	$	135		$	132		$	—		$	1,622
Current portion of capital leases		25			72
Current portion of operating lease liabilities								1,926			1,958
Accounts payable		4,311			2,036			7,657			4,501
Accrued expenses and other current liabilities		5,033			5,124			6,766			4,978
Deferred revenue and customer prepayments		7,533			7,371
Current portion of contract liabilities								16,729			13,586
Total current liabilities		17,037			14,735			33,078			26,645
Long-term debt ̶ net of current portion		1,543			1,644			—			1,783
Capital leases ̶ net of current portion		41			10
Operating lease liabilities ̶ net of current portion								563			2,085
Contract liabilities ̶ net of current portion								31			159
Other noncurrent liabilities		9			9			328			314
Total liabilities		18,630			16,398			34,000			30,986
Contingencies and commitments
Stockholders' equity
Common stock, $0.01 par value, 200,000,000 shares authorized, 16,092,114 (2017) and 16,017,115 (2016) shares issued and outstanding		161			160
Common stock, $0.01 par value, 200,000,000 shares authorized, 22,179,243 (2021) and 20,009,157 (2020) shares issued and outstanding								222			200
Additional paid-in capital		173,158			171,116			317,111			218,113
Accumulated deficit		(87,226	)		(68,761	)		(148,493	)		(131,872	)
Accumulated other comprehensive loss		(10,022	)		(14,735	)		(11,500	)		(10,138	)
Total stockholders' equity		76,071			87,780			157,340			76,303
Total liabilities and stockholders' equity	$	94,701		$	104,178		$	191,340		$	107,289

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

	Nine Months Ended						Nine Months Ended
	September 30,						September 30,
	2017			2016			2021			2020
Operating activities
Net loss	$	(18,057	)	$	(12,030	)	$	(16,621	)	$	(10,944	)
Adjustments to reconcile net loss to net cash used for operations:
Depreciation and amortization		4,966			4,280			2,746			2,925
Equity-based compensation		2,043			1,104			1,108			828
Amortization of debt issuance costs		4			209			7			39
Recoveries for bad debts ̶ net								(38	)		(4	)
Provision for slow-moving, obsolete and lower of cost or net realizable value inventories ̶ net								378			335
Foreign exchange losses on intercompany transactions ̶ net								73			250
Gain from sale-leaseback of property and equipment								—			(1,462	)
Deferred income taxes		—			(29	)		—			195
Recoveries for bad debts ̶ net		(51	)		(256	)
Provision (recoveries) for slow-moving, obsolete and lower of cost or market inventories ̶ net		1,872			(356	)
(Gain) loss from disposal of property and equipment ̶ net		(322	)		163
Gain on extinguishment of debt - net								(2,101	)		—
Changes in assets and liabilities, excluding effects of foreign currency translation adjustments:
Decrease in accounts receivable		288			4,681
(Increase) decrease in inventories		(2,772	)		399
(Increase) decrease in prepaid expenses and other assets		(1,438	)		795
(Increase) decrease in accounts receivable								(3,666	)		1,092
Decrease in net investment in sales-type leases								170			158
Increase in inventories								(7,226	)		(3,310	)
Increase in prepaid expenses and other assets								(173	)		(1,682	)
Increase (decrease) in accounts payable		2,032			(1,296	)		3,303			(1,679	)
Decrease in accrued expenses and other liabilities		(522	)		(1,259	)
(Decrease) increase in deferred revenue and customer prepayments		(938	)		1,687
Increase in accrued expenses and other liabilities								624			396
Increase in contract liabilities								3,370			248
Net cash used for operating activities		(12,895	)		(1,908	)		(18,046	)		(12,615	)
Investing activities
Capital expenditures		(874	)		(690	)		(3,451	)		(772	)
Proceeds from sale of property and equipment		3,702			52			—			16,229
Net cash provided by (used for) investing activities		2,828			(638	)
Net cash (used for) provided by investing activities								(3,451	)		15,457
Financing activities
Net proceeds from issuance of common stock ̶ registered direct offering to a related party		—			12,447
Net proceeds from issuance of common stock ̶ at the market offerings		—			595
Proceeds from borrowings on long-term debt								—			2,194
Payments on long-term debt		(102	)		(102	)		(1,226	)		(117	)
Payments on capital leases		(64	)		(61	)
Net cash (used for) provided by financing activities		(166	)		12,879
Proceeds from exercise of employee stock options								2,429			858
Proceeds from common stock offerings, net of issuance costs								95,288			27,699
Taxes related to the net share settlement of equity-based awards								(7	)		(15	)
Other								(24	)		(63	)
Net cash provided by financing activities								96,460			30,556
Effect of exchange rate changes on cash, cash equivalents, and restricted cash		882			138			(460	)		295
Net change in cash, cash equivalents, and restricted cash		(9,351	)		10,471			74,503			33,693
Cash, cash equivalents, and restricted cash at beginning of period		28,155			19,672			50,176			6,243
Cash, cash equivalents, and restricted cash at end of period	$	18,804		$	30,143		$	124,679		$	39,936

Supplemental disclosure of noncash investing and financing activities
Transfer of internally developed 3D printing machines from inventories to property and equipment for internal use or leasing activities	$	2,363		$	2,666		$	2,943		$	1,434
Transfer of internally developed 3D printing machines from property and equipment to inventories for sale	$	597		$	1,276		$	1,333		$	2,771
Property and equipment acquired through financing arrangements	$	48		$	—
Property and equipment included in accounts payable	$	94		$	15		$	246		$	113
Property and equipment included in accrued expenses and other current liabilities	$	84		$	—
Advance deposits on property and equipment	$	12		$	203
Unsettled proceeds from exercise of employee stock options included in prepaid expenses and other current assets							$	31		$	—
At-the-market offering issuance costs included in accounts payable							$	—		$	147
At-the-market offering issuance costs included in accrued expense and other current liabilities							$	—		$	66

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

Condensed Statement of Changes in Consolidated Stockholders’ Equity (Unaudited)

Accumulated

other

Total

Common stock

Additional

Accumulated

comprehensive

stockholders'

Shares

$

paid-in capital

deficit

loss

equity

Balance at December 31, 2015

14,447

$
144

$
156,627

$
(54,163
)

$
(13,535
)

$
89,073

Registered direct offering of common stock to a
   related party, net of issuance costs

1,424

15

12,432

—

—

12,447

At the market offerings of common stock, net
   of issuance costs

92

1

��

594

—

—

595

Net loss

—

—

—

(12,030
)

—

(12,030
)
Other comprehensive income

—

—

—

—

2,288

2,288

Equity-based compensation

32

—

1,104

—

—

1,104

Balance at September 30, 2016

15,995

$
160

$
170,757

$
(66,193
)

$
(11,247
)

$
93,477

Balance at December 31, 2016

16,017

$
160

$
171,116

$
(68,761
)

$
(14,735
)

$
87,780

Cumulative-effect adjustment due to the adoption of
   Financial Accounting Standards Board
   Accounting Standards Update 2016-16

—

—

—

(408
)

—

(408
)
Net loss

—

—

—

(18,057
)

—

(18,057
)
Other comprehensive income

—

—

—

—

4,713

4,713

Equity-based compensation

75

1

2,042

—

—

2,043

Balance at September 30, 2017

16,092

$
161

$
173,158

$
(87,226
)

$
(10,022
)

$
76,071

													Accumulated
							Additional						other			Total
	Common stock						paid-in			Accumulated			comprehensive			stockholders'
	Shares			$			capital			deficit			loss			equity
Balance at December 31, 2019		16,347		$	163		$	176,850		$	(116,948	)	$	(11,483	)	$	48,582
Net loss		—			—			—			(3,648	)		—			(3,648	)
Other comprehensive loss		—			—			—			—			(838	)		(838	)
Equity-based compensation		—			1			291			—			—			292
Common stock issued from equity incentive plan		39			—			—			—			—			—
Balance at March 31, 2020		16,386		$	164		$	177,141		$	(120,596	)	$	(12,321	)	$	44,388
Net loss		—			—			—			(4,023	)		—			(4,023	)
Other comprehensive income		—			—			—			—			370			370
Equity-based compensation		—			—			157			—			—			157
Exercise of employee stock options		73			1			540			—			—			541
Common stock issued from equity incentive plan		22			—			—			—			—			—
At-the-market offerings of common stock, net of issuance costs		383			4			3,094			—			—			3,098
Balance at June 30, 2020		16,864		$	169		$	180,932		$	(124,619	)	$	(11,951	)	$	44,531
Net loss		—			—			—			(3,273	)		—			(3,273	)
Other comprehensive income		—			—			—			—			856			856
Equity-based compensation		—			—			379			—			—			379
Exercise of employee stock options		44			—			317			—			—			317
Common stock issued from equity incentive plan		20			—			—			—			—			—
Tax withholding related to the net share settlement of equity-based awards		(1	)		—			(15	)		—			—			(15	)
At-the-market offerings of common stock, net of issuance costs		2,061			21			24,367			—			—			24,388
Balance at September 30, 2020		18,988		$	190		$	205,980		$	(127,892	)	$	(11,095	)	$	67,183

Balance at December 31, 2020		20,009		$	200		$	218,113		$	(131,872	)	$	(10,138	)	$	76,303
Net loss		—			—			—			(6,140	)		—			(6,140	)
Other comprehensive loss		—			—			—			—			(1,120	)		(1,120	)
Equity-based compensation		—			—			282			—			—			282
Exercise of employee stock options		111			1			1,439									1,440
Common stock issued from equity incentive plan		37			—			—			—			—			—
Common stock offering, net of issuance costs		1,873			19			95,440			—			—			95,459
Balance at March 31, 2021		22,030		$	220		$	315,274		$	(138,012	)	$	(11,258	)	$	166,224
Net loss		—			—	��		—			(5,574	)		—			(5,574	)
Other comprehensive income		—			—			—			—			223			223
Equity-based compensation		—			—			376			—			—			376
Exercise of employee stock options		2			—			9			—			—			9
Common stock issued from equity incentive plan		1			—			—			—			—			—
Balance at June 30, 2021		22,033		$	220		$	315,659		$	(143,586	)	$	(11,035	)	$	161,258
Net loss		—			—			—			(4,907	)		—			(4,907	)
Other comprehensive loss		—			—			—			—			(465	)		(465	)
Equity-based compensation		—			1			449			—			—			450
Exercise of employee stock options		96			1			1,010			—			—			1,011
Common stock issued from equity incentive plan		50			—			—			—			—			—
Tax withholding related to the net share settlement of equity-based awards		—			—			(7	)		—			—			(7	)
Balance at September 30, 2021		22,179		$	222		$	317,111		$	(148,493	)	$	(11,500	)	$	157,340

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

The ExOne Company (“ExOne”) is a corporation organized under the laws of the state of Delaware. ExOne was formed on January 1, 2013, when The Ex One Company, LLC, a Delaware limited liability company, merged with and into a Delaware corporation, which survived and changed its name to The ExOne Company (the “Reorganization”). As a result of the Reorganization, The Ex One Company, LLC became ExOne, the common and preferred interest holders of The Ex One Company, LLC became holders of common stock and preferred stock, respectively, of ExOne, and the subsidiaries of The Ex One Company, LLC became the subsidiaries of ExOne. The condensed consolidated financial statements include the accounts of ExOne, and its wholly-owned subsidiaries, ExOne Americas LLC (United States); ExOne GmbH (Germany); ExOne Property GmbH (Germany); and ExOne KK (Japan)~~; ExOne Italy S.r.l (Italy); ExOne Sweden AB (Sweden); and through September 2016, MWT—Gesellschaft für Industrielle Mikrowellentechnik mbH (Germany)~~. Collectively, the consolidated group is referred to as the “Company”.

On September 15, 2016, the Company completed a transaction merging its MWT—Gesellschaft für Industrielle Mikrowellentechnik mbH (Germany) subsidiary with and into its ExOne GmbH (Germany) subsidiary. The purpose of this transaction was to further simplify the Company’s legal structure. There were no significant accounting or tax related impacts associated with the merger of these wholly owned subsidiaries.

~~The Company filed a registration statement on Form S-3~~ ~~(No. 333-203353)~~ with the Securities and Exchange Commission (“SEC”) on April 10, 2015. The purpose of the Form S-3 was to register, among other securities, debt securities. Certain subsidiaries of the Company (other than any minor subsidiary) are co-registrants with the Company (“Subsidiary Guarantors”), and the registration statement registered guarantees of debt securities by one or more of the Subsidiary Guarantors. The Subsidiary Guarantors are 100% owned by the Company and any guarantees by the Subsidiary Guarantors will be full and unconditional.

The condensed consolidated financial statements of the Company are unaudited. The condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, considered necessary by management to fairly state the results of operations, financial position and cash flows of the Company. All material intercompany transactions and balances have been eliminated in consolidation. The results reported in these condensed consolidated financial statements are not necessarily indicative of the results that may be expected for the entire year. The December 31, ~~2016~~2020 condensed consolidated balance sheet data was derived from the audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). This Quarterly Report on Form 10-Q should be read in connection with the Company’s Annual Report on Form 10-K for the year ended December 31, ~~2016,~~2020, which includes all disclosures required by GAAP.

The preparation of these condensed consolidated financial statements requires the Company to make certain judgments, estimates and assumptions regarding uncertainties that affect the reported amounts of assets, liabilities, revenue and expenses and related disclosure of contingent assets and liabilities. Areas that require significant judgments, estimates and assumptions include accounting for accounts receivable (including the allowance for doubtful accounts); inventories (including the allowance for slow-moving and obsolete inventories); product warranty reserves; contingencies; ~~income taxes~~revenue (including the ~~valuation allowance on certain deferred tax assets~~allocation of a sales contract’s total transaction price to each performance obligation for contracts with multiple performance obligations); and ~~liabilities for uncertain tax positions);~~ equity-based compensation (including the valuation of certain equity-based compensation awards issued by the Company); and testing for impairment of long-lived assets (including the identification of asset groups by management, estimates of future cash flows of identified asset groups and fair value estimates used in connection with assessing the valuation of identified asset groups). The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

On August 11, 2021, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Desktop Metal, Inc., a Delaware corporation (“DM”), Texas Merger Sub I, Inc., a Delaware corporation and wholly-owned subsidiary of DM (“Merger Sub I”) and Texas Merger Sub II, LLC, a Delaware limited liability company and wholly-owned subsidiary of DM (“Merger Sub II”).

Upon the terms and subject to ~~restricted cash ($330) and intangible assets – net ($668)~~the conditions set forth in the ~~accompanying condensed consolidated balance sheet~~Merger Agreement, Merger Sub I will merge with and into the Company, with the Company surviving the merger as a wholly owned subsidiary of DM (the “First Merger”) and immediately thereafter, the Company will merge with and into Merger Sub II, with Merger Sub II surviving the subsequent merger (the “Second Merger”, and, together with the First Merger, the “Mergers”).

Subject to the terms and conditions of the Merger Agreement, stockholders of the Company will receive, in exchange for each share of our common stock held immediately prior to the Mergers, (i) $8.50 in cash and (ii) a number of shares of DM common stock, equal to the Exchange Ratio (defined below).

The “Exchange Ratio” shall be determined based on DM’s 20-day average closing stock price three trading days prior to closing: (i) if the average closing DM stock price is greater than or equal to $9.70, then the Exchange Ratio shall be set at ~~December 31, 2016,~~1.7522; (ii) if the average closing DM stock price is less than or equal to $7.94, then the Exchange Ratio shall be set at 2.1416; (iii) if the average closing DM stock price is less than $9.70 but greater than $7.94, then the Exchange Ratio shall be equal to 1.9274 multiplied by the quotient of (x) $8.82 divided by (y) the average closing DM stock price.

On October 20, 2021, the Company and DM received clearance from the German Federal Ministry for Economic Affairs and Energy, a foreign investment regulatory authority, that the transactions contemplated by the Merger Agreement have been ~~reclassified from prepaid~~cleared pursuant to section 58a paragraph 1 of the German Foreign Trade and Payments Ordinance. Additionally, the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, expired on October 28, 2021 at 11:59 p.m. Eastern Time. Accordingly, the Company and DM have now received all regulatory approvals required as a condition to consummate the Mergers.

On November 9, 2021, the Company held a special meeting of stockholders. At that special meeting, the ExOne stockholders voted to approve the Merger Agreement. Pursuant to the Merger Agreement, the proposed transaction may close as soon as three business days following the date of the special meeting of ExOne stockholders, subject to customary closing conditions.

During the three months and nine months ended September 30, 2021, the Company incurred expenses associated with the planned merger transaction of $3,376 and ~~other current assets~~$3,477, respectively, all of which are included in selling, general and other noncurrent assets, respectively, to conform to current period presentation. Certain amounts relating to provision (recoveries) for slow-moving, obsolete and lower of cost or market inventories – net ($356) and amortization of debt issuance costs ($5)administrative expenses in the accompanying condensed statement of consolidated ~~cash flows for~~operations and comprehensive loss.

In March 2020, the ~~nine months ended September 30, 2016, have been reclassified from decrease in inventories~~World Health Organization declared the novel strain of coronavirus a global pandemic (“COVID-19”) and ~~decrease in prepaid expenses~~recommended containment and ~~other assets, respectively,~~mitigation measures worldwide. The impact of COVID-19 and the related economic, business and market disruptions were wide-ranging and continue to ~~conform to current period presentation.~~

On January 1, 2017, the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2016-16, “Income Taxes: Intra-Entity Transfers of Assets Other Than Inventory.” This ASU modifies existing guidance and is intended to reduce diversity in practice with respect to the accounting for the income tax consequences of intra-entity transfers of assets. The ASU indicates that the former exception to income tax accounting that requires companies to defer the income tax effects of certain intercompany transactions would apply only to intercompany inventory transactions. That is, the exception no longer applies

~~to intercompany sales and transfers of other assets (e.g.~~, property and equipment or intangible assets). Under the former exception, income tax expense associated with intra-entity profits in an intercompany sale or transfer of assets was eliminated from earnings. Instead, that cost was deferred and recorded on the balance sheet (~~e.g.~~, as a prepaid asset) until the assets left the consolidated group. Similarly, the entity was prohibited from recognizing deferred tax assets for the increases in tax bases due to the intercompany sale or transfer. A modified retrospective basis of adoption was required for this ASU.be significant. As a result ~~a cumulative-effect adjustment~~ of ~~approximately $408~~COVID-19, the Company was required to temporarily close its operations at its North Huntingdon, Pennsylvania facility for the period from March 23 through March 30, 2020. In response to COVID-19, the Company has ~~been recorded to accumulated deficit~~incurred incremental costs associated with protecting the health and safety of the Company’s global workforce, enhanced sanitization of the Company’s global operating facilities, and information technology capabilities for employees operating remotely. Beginning in March 2020, restrictions imposed by various governmental authorities on ~~January 1, 2017, in connection with this adoption. This cumulative-effect adjustment relates~~both domestic and international shipping and travel have caused disruptions to the ~~prepaid expense associated with intra-entity transfers~~timing of ~~property~~delivery and ~~equipment included in prepaid expenses and other current assets in the accompanying condensed consolidated balance sheet at December 31, 2016.~~

On January 1, 2017, the Company adopted FASB ASU 2016-17, “Consolidation: Interests Held through Related Parties That Are under Common Control.” This ASU modifies former guidance with respect to how a decision maker that holds an indirect interest in a variable interest entity (“VIE”) through a common control party determines whether it is the primary beneficiaryinstallation of the ~~VIE as part~~Company’s three-dimensional (“3D”) printing machines, resulting in negative impacts to the Company’s financial position, results of operations and cash flows. The duration and severity of the ~~analysis of whether the VIE would need to be consolidated. Under the ASU, a decision maker needs to consider only~~outbreak and its proportionate indirect interest in the VIE held through a common control party. Previous guidance had required the decision maker to treat the common control party’s interest in the VIE as if the decision maker held the interest itself. The Company does not have significant involvement with entities subject to consolidation considerations impacted by VIE model factors addressed by this ASU. Management has determined that the adoption of this ASU did not have anlong-term impact on the ~~condensed consolidated~~Company’s business remain uncertain. The Company is unable to predict the impact that COVID-19 will have on its future financial ~~statements~~position, results of ~~the Company.~~

~~On January 1, 2017, the Company adopted FASB ASU 2015-11, “Inventory: Simplifying the Measurement of Inventory.” This ASU requires inventories to be measured at the lower of cost~~operations and ~~net realizable value, with net realizable value defined as the estimated selling price in the normal course of business, less reasonably predictable costs of completion, disposal and transportation.~~ ~~Management has determined that the adoption of this ASU did not have an impact on the condensed consolidated financial statements of the Company.~~cash flows.

The Company considers the applicability and impact of all ~~ASUs~~Accounting Standards Updates (“ASUs”) issued by the ~~FASB.~~Financial Accounting Standards Board (the “FASB”). Recently issued ASUs not listed below either were assessed and determined to be ~~either~~ not applicable or are currently expected to have no impact on the consolidated financial statements of the Company.

In May ~~2017,~~2021, the FASB issued ASU ~~2017-09, “Compensation – Stock Compensation: Scope~~2021-04, “Issuer’s Accounting for Certain Modifications or Exchanges of ~~Modification Accounting.”~~Freestanding Equity-Classified Written Call Options”. This ASU ~~requires registrants~~clarifies the accounting treatment for freestanding equity-classified written call options that are modified or exchanged as part of or directly related to ~~apply~~a modification ~~accounting unless three specific criteria are met. The three criteria are: the fair value~~or an exchange of the award is the same before and after the modification, the vesting conditions are the same before and after the modification and the classification as a debt or equity award is the same before and after the modification.existing debt. This ASU becomes effective for the Company on January 1, ~~2018, and is to be applied prospectively to new awards granted after adoption.~~ 2022. Early adoption is permitted. ~~Management is currently evaluating the potential impact of this ASU on~~This guidance would only be applicable to the consolidated financial statements of the ~~Company.~~

In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments.” This ASU is intended to reduce diversity in practice in how certain cash receipts and payments are presented and classifiedCompany in the ~~statement~~event that freestanding equity-classified written call options were modified or exchanged as a part of ~~cash flows. The standard provides guidance in a number~~or directly related to the modification or exchange of ~~situations including, among others, settlement of zero-coupon bonds, contingent consideration payments made after a business combination, proceeds from~~existing debt. As no such transactions have occurred during the ~~settlement of insurance claims,~~current year and ~~distributions received from equity method investees. The ASU also provides guidance for classifying cash receipts and payments~~no such transactions are anticipated, management determined that ~~have aspects of more than one class of cash flows. This ASU becomes effective for~~ the ~~Company on January 1, 2019. Early~~ adoption ~~is permitted. Management is currently evaluating the potential impact~~ of this ASU will not have an impact on the consolidated financial statements of the Company.

In ~~February~~June 2016, the FASB issued ASU ~~2016-02, “Leases.~~2016-13, “Financial Instruments – Credit Losses.” This ASU added a new impairment model (known as the current expected credit loss (“CECL”) model) that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses. The CECL model applies to most debt instruments, trade receivables, lease receivables, financial guarantee contracts, and other loan commitments. The CECL model does not have a minimum threshold for recognition of impairment losses and entities will need to measure expected credit losses on assets that have a low risk of loss. As a ~~result~~smaller reporting company pursuant to Rule 12b-2 of ~~this ASU, lessees will be required to recognize~~ the ~~following for all leases (with the exception~~Securities Exchange Act of short-term leases) at the commencement date: a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. As a result of this ASU, lessor accounting is largely unchanged and lessees will no longer be provided with a source of off-balance sheet financing. This ASU becomes1934, as amended, these changes become effective for the Company on January 1, 2019. Early adoption is permitted. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the consolidated financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach.2023. Management is currently evaluating the potential impact of ~~this ASU on the consolidated financial statements of the Company.~~

In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers.” This ASU created a comprehensive framework for all entities in all industries to apply in the determination of when to recognize revenue, and, therefore, supersedes virtually all existing revenue recognition requirements and guidance. This framework is expected to provide a consistent and comparable methodology for revenue recognition. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this principle, an entity should apply the following steps: identify the

contract(s) with a customer, identify the performance obligations in the contract(s), determine the transaction price, allocate the transaction price to the performance obligations in the contract(s), and recognize revenue when, or as, the entity satisfies a performance obligation. In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers: Deferral of the Effective Date,” which deferred the effective date of this guidance for the Company until January 1, 2019, or January 1, 2018, in the event that the Company no longer qualifies as an EGC. Early adoption is permitted, but the Company may adopt the changes no earlier than January 1, 2017 (regardless of EGC status). Management is currently evaluating the potential impact of these ~~collective~~ changes on the consolidated financial statements of the Company.

~~On February 6, 2013,~~In September 2020, the Company commenced an initial public offering of 6,095,000 shares of its common stock at a price to the public of $18.00 per share, of which 5,483,333 shares of common stock were sold by the Company and 611,667 shares of common stock were sold by a selling stockholder (including consideration of the exercise of the underwriters’ over-allotment option). The Company received approximately $90,371 in unrestricted net proceeds in connection with this offering (net of underwriting commissions and offering costs).

On September 9, 2013, the Company commenced a secondary public offering of 3,054,400 shares of its common stock at a price to the public of $62.00 per share, of which 1,106,000 shares of common stock were sold by the Company and 1,948,400 shares of common stock were sold by selling stockholders (including consideration of the exercise of the underwriters’ over-allotment option). The Company received approximately $64,948 in unrestricted net proceeds in connection with this offering (net of underwriting commissions and offering costs).

~~On January 8, 2016, the Company announced that it had~~ entered into an ~~At Market Issuance Sales~~Equity Distribution Agreement ~~(“ATM”)~~ with ~~FBR Capital Markets & Co. (“FBR”) and MLV & Co.~~Canaccord Genuity LLC (“~~MLV”~~Canaccord”) pursuant to which ~~FBR and MLV~~Canaccord agreed to act as ~~distribution agents~~sales agent in the sale of up to ~~$50,000~~$25,000 in the aggregate of ExOne common stock in ~~“at the market~~“at-the-market offerings” as defined in Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”). ~~Both FBR and MLV were identified as related parties to~~ In February 2021, the Company onterminated the ~~basis of significant influence in that a member~~Equity Distribution Agreement. At the time of the ~~Board of Directors~~termination of the Equity Distribution Agreement, the remaining maximum offering capacity was $9,269. The Company ~~also served as a member~~did not sell any shares of the Board of Directors of FBR (which controlled MLV). The terms of the ATM were reviewed and approved by a sub-committee of the Board of Directors of the Company (which included each of the members of the Audit Committee of the Board of Directors except for the identified director who also held a position on the Board of Directors of FBR). This related party determination ended on June 1, 2017, when the identified director ceased serving as a member of the Board of Directors of FBR. Terms of the ATM require a 3.0% commission on the sale ofits common stock under the ~~ATM and an initial reimbursement of certain legal expenses of $25. During the quarter ended March 31, 2016,~~Equity Distribution Agreement during 2021 prior to its termination. There were no fees or penalties incurred by the Company ~~sold 91,940~~in connection with the termination of the Equity Distribution Agreement.

In February 2021, following the termination of the Equity Distribution Agreement, the Company entered into an underwriting agreement with Stifel, Nicolaus & Company, Incorporated, Canaccord and certain other underwriters pursuant to which the Company agreed to issue and sell up to 1,666,667 shares of common stock under the ATM at a weighted average selling price of approximately $9.17 per share resulting in gross proceeds to the Company of approximately $843. Unrestricted net proceeds to the Company from the sale of common stock under the ATM during the quarter ended March 31, 2016 were approximately $595 (after deducting offering costs of approximately $248, including certain legal, accounting and administrative costs associated with the ATM, of which approximately $50 was paid to FBR or MLV relating to the aforementioned initial reimbursement of certain legal expenses and commissions on the sale of common stock under the ATM). There have been no sales of shares of common stock under the ATM during any periods subsequent to the quarter ended March 31, 2016.

On January 11, 2016, the Company announced that it had entered into a subscription agreement with Rockwell Forest Products, Inc. and S. Kent Rockwell for the registered direct offering and sale of 1,423,877 shares of ExOneits common stock at a public offering price of $54.00 per share. Under the agreement, the Company agreed to pay underwriting discounts and commissions of $2.835 per share, ~~price of $9.13 (a $0.50 premium from~~as well as reimburse the ~~closing price on the close of business on January 8, 2016). Both Rockwell Forest Products, Inc. and S. Kent Rockwell were identified as related parties to~~underwriters for certain expenses. In addition, the Company ~~as S. Kent Rockwell served as Chairman and CEO~~granted the underwriters a 30-day option to purchase up to an additional 205,907 shares of ~~the Company and was the controlling shareholder of Rockwell Forest Products, Inc.~~its common stock at the ~~time of the transaction.~~public offering price, less underwriting discounts and commissions. The terms of this transaction were reviewed and approved by a sub-committee of independent members of the Board of Directors of the Company (which included each of the members of the Audit Committee of the Board of Directors). The sub-committee of independent members of the Board of Directors of the Company were advised on the transaction by an independent financial advisor and independent legal counsel. Concurrent with the approval of this sale of common stock under the terms identified, a separate sub-committee of independent members of the Board of Directors of the Company approved the terminationunderwriters exercised their option to purchase 205,907 shares of the Company’s ~~revolving credit facility with RHI Investments, LLC. Following completion~~stock in-full.

As a result of ~~the registered direct~~this common stock offering, ~~on January 13, 2016,~~during February 2021, the Company ~~received gross proceeds~~sold 1,872,574 shares of ~~approximately $13,000. Unrestricted~~its common stock and received net proceeds to(after deducting underwriting discounts and commissions) of $95,725. The Company incurred expenses (other

than underwriting discounts and commissions) associated with the ~~Company from the sale of~~ common stock inoffering of $266, all of which was recognized during the ~~registered direct offering were approximately $12,447 (after deducting offering costs of approximately $553).~~three months ended March 31, 2021.

The Company has incurred a net loss in each of its annual periods since its inception. As shown in the accompanying condensed statement of consolidated operations and comprehensive loss, the Company incurred a net loss of approximately $4,863 and $18,057 for the quarter and nine months ended September 30, 2017, respectively. As noted above, the Company has received cumulative unrestricted net proceeds from the salenot sold any shares of its common stock ~~of approximately $168,361~~through common stock offerings subsequent to ~~fund its operations. At September 30, 2017,~~ the ~~Company had approximately $17,706 in unrestricted cash and cash equivalents.~~February 2021 common stock offering.

Management believes that the Company’s existing capital resources will be sufficient to support the Company’s operating plan. If management anticipates that the Company’s actual results will differ from its operating plan, management believes it has sufficient capabilities to enact cost savings measures to preserve capital. Further, the Company may seek to raise additional capital to support its growth through additional debt, equity or other alternatives (including asset sales) or a combination thereof.

The following table summarizes changes in the components of accumulated other comprehensive ~~loss:~~loss for the periods indicated:

Foreign currency translation adjustments consist of the effect of translation of functional currency financial statements (denominated in the euro and Japanese yen) to the reporting currency of the Company (United States dollar) and certain long-term intercompany transactions between subsidiaries for which settlement is not planned or anticipated in the foreseeable future.

There were no0 tax impacts related to income tax rate changes and no0 amounts were reclassified to earnings for ~~either~~any of the periods presented.

The Company presents basic and diluted loss per common share amounts. Basic loss per common share is calculated by dividing net loss available to common stockholders by the weighted average number of common shares outstanding during the applicable period. Diluted loss per common share is calculated by dividing net loss available to common stockholders by the weighted average number of common shares and common ~~equivalent shares~~share equivalents outstanding during the applicable period.

As the Company incurred a net loss during each of the ~~quarters~~three months and nine months ended September 30, ~~2017~~2021 and ~~2016,~~2020, basic average common shares outstanding and diluted average common shares outstanding were the same because the effect of potential shares of common stock, including stock options ~~(696,137~~(436,973 – ~~2017~~2021 and ~~317,637~~654,617 – ~~2016)~~2020) and unvested restricted stock issued ~~(67,505~~(182,011 – ~~2017~~2021 and ~~112,504~~199,391 – ~~2016)~~2020), was anti-dilutive.

The information used to compute basic and diluted net loss per common share was as ~~follows:~~follows for the periods indicated:

~~On January 26, 2017,~~The Company derives revenue from the sale of 3D printing machines and 3D printed and other products, materials and services. Revenue is recognized when the Company ~~committed~~satisfies its performance obligation(s) under a contract (either implicit or explicit) by transferring the promised product or service to a ~~plan~~customer, which is when (or as) the customer obtains control of the product or service. A performance obligation is a promise in a contract to ~~consolidate certain~~transfer a distinct product or service to a customer. A contract’s transaction price is allocated to each distinct performance obligation.

Revenue is measured as the amount of ~~its three-dimensional (“3D”) printing operations~~consideration the Company expects to receive in exchange for transferring products or providing services. As such, revenue is recorded net of returns, allowances, customer discounts, and incentives. Sales, value add, and other taxes collected from ~~its North Las Vegas, Nevada facility into its Troy, Michigan~~customers and ~~Houston, Texas facilities~~remitted to governmental authorities are accounted for on a net (excluded from revenue) basis. Shipping and ~~exit its non-core specialty machining operations~~handling costs are included in ~~its Chesterfield, Michigan facility. These actions were taken as a result~~cost of t~~he accelerating adoption rate~~sales.

Certain of the Company’s ~~sand~~contracts with customers contain multiple performance obligations. Sales of 3D printing ~~technology~~machines may also include optional equipment, materials, replacement components and services (installation, training and other services, including maintenance services and/or an extended warranty). Certain other contracts have a single performance obligation, as the promise to transfer products or services is not separately identifiable from other promises in ~~North America~~the contract and, therefore, not distinct. For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation using

A portion of the Company’s ~~operational strategy.~~service revenue is generated through contracts with the federal government under fixed-fee, cost reimbursable and time and materials arrangements (certain of which may have periods of performance greater than one year). Revenue under these contracts is generally recognized over time using an input measure based upon direct costs incurred.

~~As a result~~The following table summarizes the Company’s revenue by product group for the periods indicated:

The timing of these actions, during the quarter ended March 31, 2017, the Company recorded charges of approximately $984, including approximately $110 associated with involuntary employee terminations, approximately $7 associated with other exit costsrevenue recognition, billings and ~~approximately $867 associated with asset impairments. Charges associated with involuntary employee terminations~~cash collections results in billed receivables, unbilled receivables (contract assets) and ~~other exit costs were recorded to cost of sales~~deferred revenue and customer prepayments (contract liabilities) in the accompanying condensed ~~statement~~consolidated balance sheet. The Company considers a number of ~~operations~~factors in its evaluation of the creditworthiness of its customers, including past due amounts, past payment history, and ~~comprehensive loss. Charges~~current economic conditions. For 3D printing machines, the Company’s terms of sale vary by transaction. To reduce credit risk in connection with 3D printing machine sales, the Company may, depending upon the circumstances, require customers to furnish letters of credit or bank guarantees or to provide advanced payment (either partial or in full). For 3D printed and other products and materials, the Company’s terms of sale generally require payment within 30 to 60 days after delivery, although the Company also recognizes that longer payment periods are customary in certain countries where it transacts business. Service arrangements are generally billed in accordance with specific contract terms and are typically billed in advance or in proportion to performance of the related services.

For the nine months ended September 30, 2021, the Company recognized revenue of $9,361 related to contract liabilities at January 1, 2021. There were no other significant changes in contract liabilities during the nine months ended September 30, 2021. Contract assets were not significant during the nine months ended September 30, 2021.

As of September 30, 2021, the Company had approximately $57,300 of remaining performance obligations (including contract liabilities), which is also referred to as backlog, of which approximately $50,700 is expected to be fulfilled during the next twelve months notwithstanding uncertainty related to the impact of COVID-19 (Note 1) including, but not limited to, international shipping and travel restrictions brought about by COVID-19, which could have an adverse effect on the timing of delivery and installation of products and/or services to customers.

The Company has elected to apply the practical expedient associated with ~~asset impairments were split between cost~~incremental costs of obtaining a contract, and as such, sales ~~($598), as a component of depreciation~~commission expense ~~and~~is generally expensed when incurred because the amortization period would be one year or less. These costs are recorded within selling, general and administrative ~~expenses ($269), as a component of amortization expense,~~expenses.

Accounts receivable and net investment in sales-type leases are reported at their net realizable value. The Company carries its investment in sales-type leases based on discounting the minimum lease payments by the interest rate implicit in the ~~accompanying condensed statement~~lease, less an allowance for doubtful accounts. The Company’s estimate of ~~operations~~the allowance for doubtful accounts related to accounts receivable and ~~comprehensive loss.~~net investment in sales-type leases is based on the Company’s evaluation of customer accounts with past-due outstanding balances or

specific accounts for which it has information that the customer may be unable to meet its financial obligations. Based upon review of these accounts, and management’s analysis and judgment, the Company records a specific allowance for that customer’s accounts receivable or net investment in sales-type lease balance to reduce the outstanding balance to the amount expected to be collected. The allowance is re-evaluated and adjusted periodically as additional information is received that impacts the allowance amount reserved. At September 30, 2021 and December 31, 2020, the allowance for doubtful accounts was $529and $576, respectively. During the ~~quarter~~three months ended ~~June~~September 30, ~~2017,~~2021 and 2020, the Company recorded ~~a charge~~net provision for bad debts of ~~approximately $32 associated with an additional involuntary employee termination which required a service commitment through April 2017. This charge was recorded to cost of sales in~~$15 and $15, respectively. During the ~~accompanying condensed statement of operations~~nine months ended September 30, 2021 and ~~comprehensive loss. There have been no additional charges recorded associated with this plan in subsequent periods.~~ ~~There are no additional charges expected to be incurred associated with this plan in future periods.~~ ~~The Company has settled all amounts associated with involuntary employee terminations and other exit costs.~~

Charges associated with asset impairments relate principally to the Company’s plan to exit its non-core specialty machining operations in its Chesterfield, Michigan facility. On April 21, 2017, the Company sold to a third party certain assets associated with these operations including inventories (approximately $79), property and equipment (approximately $2,475) and other contractual

~~rights (approximately $269). Total gross proceeds from the sale of these assets were approximately $2,050. After deducting costs directly attributable to the sale of these assets (approximately $128),~~2020, the Company recorded ~~an impairment loss during the quarter ended March 31, 2017,~~net recoveries for bad debts of ~~approximately $859 split between property~~$38 and equipment ($590) and intangible assets ($269) based on the excess of the carrying value over the estimated fair value of the related assets at March 31, 2017, and a loss on disposal (recorded to cost of sales in the accompanying condensed statement of operations and comprehensive loss) during the quarter ended June 30, 2017, of approximately $42. Additionally, the Company recorded an impairment loss during the quarter ended March 31, 2017, of approximately $8 associated with certain property and equipment which was abandoned in connection with the Company’s exit of its North Las Vegas, Nevada facility.$4, respectively.

Separate from the transaction described above, on May 9, 2017, the Company sold to a third party certain property and equipment (principally land and building) associated with its North Las Vegas, Nevada facility. Total gross proceeds from the sale of these assets were approximately $1,950. After deducting costs directly attributable to the sale of these assets (approximately $137), the Company recorded a gain on disposal (recorded to cost of sales in the accompanying condensed statement of operations and comprehensive loss) during the quarter ended June 30, 2017, of approximately $347.

In April 2016, the Company committed to a plan to consolidate certain of its 3D printing operations in its Auburn, Washington facility into its North Las Vegas, Nevada facility and reorganize certain of its corporate departments as part of its 2016 operating plan. As a result of these actions, during the quarter ended June 30, 2016, the Company incurred a net charge of approximately $170 including, $57 associated with involuntary employee terminations and $113 associated with the disposal of certain property and equipment related to the Auburn, Washington facility which was either sold or abandoned. This net charge was split between cost of sales ($129), research and development ($2) and selling, general and administrative expenses ($39) in the accompanying statement of consolidated operations and comprehensive loss. In addition to the net charge incurred by the Company in connection with this plan, the Company also has an operating lease commitment for the Auburn, Washington facility with a lease term through December 2018. At the time of closure of this facility, the Company was able to secure a firmly committed sublease arrangement with a third party which fully offsets its remaining contractual operating lease liability. ~~There have been no additional charges recorded associated with this plan in subsequent periods.~~ ~~There are no additional charges expected to be incurred associated with this plan in future periods. The Company has settled all amounts associated with involuntary employee terminations.~~

During the quarter ended September 30, 2017, as a result of continued operating losses and cash flow deficiencies, the Company identified a triggering event requiring a test for the recoverability of long-lived assets held for use at the asset group level. Assessing the recoverability of long-lived assets held for use requires significant judgments and estimates by management.

For purposes of testing long-lived assets for recoverability, the Company operates as three separate asset groups: United States, Europe and Japan. In assessing the recoverability of long-lived assets held for use, the Company determined the carrying amount of long-lived assets held for use to be in excess of the estimated future undiscounted net cash flows of the related assets. The Company proceeded to determine the fair value of its long-lived assets held for use, principally through use of the market approach. The Company’s use of the market approach included consideration of market transactions for comparable assets. Management concluded that the fair value of long-lived assets held for use exceeded their carrying value and as such no impairment loss was recorded.

A significant decrease in the market price of a long-lived asset, adverse change in the use or condition of a long-lived asset, adverse change in the business climate or legal or regulatory factors impacting a long-lived asset and continued operating losses and cash flow deficiencies associated with a long-lived asset, among other indicators, could cause a future assessment to be performed which may result in an impairment of long-lived assets held for use, resulting in a material adverse effect on the financial position and results of operations of the Company.

The following provides a reconciliation of cash, cash equivalents, and restricted cash as reported in the accompanying condensed consolidated balance sheet to the same such amounts shown in the accompanying condensed statement of consolidated cash ~~flows:~~flows as of the dates indicated:

Restricted cash at September 30, ~~2017 includes approximately $768~~ ~~associated with~~2021 included $1,270 of cash collateral required by a German bank for ashort-term financial ~~guarantee~~guarantees and letters of credit issued by ExOne GmbH in connection with certain commercial transactions requiring security (Note 9) and $600 of cash collateral required by a ~~commercial transaction requiring security.~~ United States bank to offset certain short-term, unsecured lending commitments associated with the Company’s corporate credit card program

Restricted cash at ~~both September 30, 2017 and~~ December 31, ~~2016 includes approximately $330 associated with~~2020 included $508 of cash collateral required by a United States bank to offset certain short-term, unsecured lending commitments associated with the Company’s corporate credit card program.

Each of the balances described above are considered legally restricted by the Company.

Inventories ~~consist~~consisted of the ~~following:~~following as of the dates indicated:

Raw materials and components consist of consumable materials and component parts and subassemblies associated with 3D printing machine manufacturing and support activities. Work in process consists of 3D printing machines and other products in varying stages of completion. Finished goods consist of 3D printing machines and other products prepared for sale in accordance with customer specifications.

At September 30, ~~2017~~2021 and December 31, ~~2016,~~2020, the allowance for slow-moving and obsolete inventories was ~~approximately $3,364~~$2,870 and ~~$1,517,~~$2,678, respectively, and has been reflected as a reduction to inventories (principally raw materials and components). ~~Included~~The following table summarizes changes in the allowance for slow-moving and obsolete inventories atfor the periods indicated:

Reductions for sale, consumption or scrap of previously reserved amounts for the nine months ended September 30, ~~2017, is approximately $1,631 related to~~2020 consisted principally of certain raw material and component inventories associated with the Company’s former Exerial 3D printing ~~machine~~ platform, ~~(see further discussion below).~~

which were disposed of during the period. There was no significant benefit or charge recorded during the nine months ended September 30, 2020 in connection with the related disposals.

During the ~~quarter~~nine months ended ~~June~~September 30, ~~2017,~~2020, the Company recorded a charge of approximately $1,460 to cost of sales in the accompanying condensed statement of consolidated operations and comprehensive loss attributable to certain raw material and component inventories (principally machine frames and other fabricated components) associated with the Company’s Exerial 3D printing machine platform based on decisions made by the Company during the period related to certain design changes and improvements to the underlying platform (rendering certain elements of the previous design obsolete).

During the quarter ended June 30, 2016, the Company recorded a credit of approximately $507 to cost of sales in the accompanying condensed statement of consolidated operations and comprehensive loss attributable to the reversal of a previously recorded reserve for certain inventories associated with the Company’s laser micromachining product line which was discontinued at the end of 2014, based on the sale of such laser micromachining inventories during the period.

~~During the quarter and nine months ended September 30, 2017, the Company recorded a (credit) charge of approximately ($11) and $116, respectively,~~$205 to cost of sales in the accompanying condensed statement of consolidated operations and comprehensive loss associated with certain ~~work in process~~ inventories for which cost was determined to exceed net realizable value. ~~There were no such credits or charges recorded by the Company during the quarter or nine months ended September 30, 2016.~~

Substantially all of the Company’s 3D printing machines are covered by a standard ~~twelve month~~one-year warranty. Generally, at the time of sale, a liability is recorded (with an offset to cost of sales) based upon the expected cost of replacement parts and labor to be incurred over the life of the standard warranty. Expected cost is estimated using historical experience for similar products. The Company periodically assesses the adequacy of the product warranty reserves based on changes in these factors and records any necessary adjustments if actual experience indicates that adjustments are necessary. Future claims experience could be materially different from prior results because of the introduction of new, more complex products, a change in the Company’s warranty policy in response to industry trends, competition or other external forces, or manufacturing changes that could impact product quality. In the event that the Company determines that its current or future product repair and replacement costs exceed estimates, an adjustment to ~~these~~the associated product warranty reserves ~~would be charged~~is recorded to cost of sales in the period that such a determination is made.

~~The following table summarizes changes in~~At September 30, 2021 and December 31, 2020, the product warranty reserves ~~(such amounts~~balance was $1,011 and $1,335, respectively, and has been reflected in accrued ~~expenses~~expense and other current liabilities in the accompanying condensed consolidated balance ~~sheet~~sheet. The following table summarizes changes in the product warranty reserves balance for ~~each respective period):~~the periods indicated:

On ~~July~~March 1, ~~2017,~~2018, the Company’s ExOne GmbH subsidiary notified Voxeljet AG that it had materially breached a 2003 Patent and Know-How Transfer Agreement and asserted its rights to set-off damages as a result of the breaches against the annual license fee due from the Company (through its ExOne GmbH subsidiary) entered into a Settlement Agreement with Kocel Foundry Limited (also known as Kocel CSR Casting Company, Limited) and Kocel Group (Hong Kong) Limited (collectively, “Kocel”) relating to settlement ofunder the ~~arbitration case (no. 100019-2017) administered by the Swiss Chambers’ Arbitration Institution Notice of Arbitration, as filed by~~agreement. At this time, the Company ~~on January 25, 2017. Among other things, the Settlement Agreement provided for~~cannot reasonably estimate a ~~cash payment from ExOne GmbH to Kocel of approximately $811 and a settlement and release of claims~~contingency, if any, related to ~~a sales agreement between the parties for certain 3D printing machines and related equipment (the “Sales Agreement”).~~ Based on the terms of the Settlement Agreement, including the final acceptance by Kocel of the 3D printing machines and related equipment, and relief from further obligation, liability or warranty for both parties (excluding certain intellectual property considerations), the Company recorded revenue of approximately $2,762 associated with the Sales Agreement (net of the cash payment made by ExOne GmbH to Kocel, such payment made on July 5, 2017) and the related cost of sales, during the quarter ending September 30, 2017.this matter.

The Company ~~and its subsidiaries are~~is subject to various litigation, claims, and proceedings which have been or may be instituted or asserted from time to time in the ordinary course of business. ~~Other than the matter further described above, management~~Management does not believe that the outcome of any pending or threatened matters will have a material adverse effect, individually or in the aggregate, on the financial position, results of operations or cash flows of the Company.

In the normal course of its operations, ExOne GmbH issues short-term financial guarantees and letters of credit to third parties in connection with certain commercial transactions requiring ~~security. ExOne GmbH maintains~~security through a credit facility ~~agreement~~ with a German ~~bank which~~bank. The credit facility provides a capacity amount of $4,057 (€3,500) for ~~various short-term financings in~~ the ~~form~~issuance of ~~overdraft credit,~~ financial guarantees and letters of credit ~~and collateral security~~ for commercial transactions ~~for approximately $1,500 (€1,300). In addition, ExOne GmbH may use the~~requiring security. The credit facility ~~agreement~~does not require cash collateral for ~~short-term, fixed-rate loans in minimum increments~~the issuance of ~~approximately $100 (€100) with minimum terms~~financial guarantees and letters of ~~at least thirty days. The overdraft~~ credit ~~interest rate is fixed at 10.2% while the interest rate associated with~~for commercial transactions requiring security ~~(financial guarantees, letters~~for amounts up to $1,159 (€1,000). Amounts in excess of ~~credit or~~$1,159 (€1,000) require cash collateral security) is fixed at 1.75%. The credit facility agreement has an indefinite term and is subject to cancellation by either party at any time upon repayment of amounts outstanding or expiration of commercial transactions requiring security. There is no commitment fee associated withunder the credit ~~facility agreement. There are no negative covenants associated with the credit facility agreement. The credit facility agreement has been guaranteed by the Company.~~ facility.

At September 30, ~~2017 and December 31, 2016, there were no outstanding borrowings in the form of overdraft credit or short-term loans under the credit facility agreement. At September 30, 2017,~~2021, total outstanding financial guarantees and letters of credit issued by ExOne GmbH under the credit facility ~~agreement~~ were ~~approximately $865 (€732)~~$2,429 (€2,096), with expiration dates ranging from November 2021 through March 2023. ~~Included in the total outstanding~~At September 30, 2021, cash collateral of $1,270 (€1,096) was required for financial guarantees and letters of credit issued ~~by ExOne GmbH are approximately $584 (€494) with expiration dates ranging from~~ ~~October~~ ~~2017 through July 2018 and approximately $281 (€238) which have no expiration date. At December 31, 2016, total outstanding guarantees and letters of credit issued by ExOne GmbH~~ under the credit facility ~~agreement were approximately $400 (€380).~~

~~In addition to amounts issued by ExOne GmbH under~~(included in restricted cash in the ~~credit facility agreement, during the quarter ended March~~accompanying condensed consolidated balance sheet). At December 31, 2017, ExOne GmbH entered into separate agreements with the same German bank for additional capacity for financial guarantees and letters of credit associated with certain commercial transactions requiring security. Terms of the separate agreements are substantially similar to those of the existing credit security agreement except that the German bank required cash collateral to be posted by ExOne GmbH in connection with any related issuance. At September 30, 2017,2020, total outstanding financial guarantees and letters of credit issued by ExOne GmbH under ~~these separate~~the amended credit facility were $928 (€756). At December 31, 2020, 0 cash collateral was required for financial guarantees and letters of credit issued under the credit facility.

On March 12, 2018, the Company and its ExOne Americas LLC and ExOne GmbH subsidiaries, as guarantors (collectively, the “Loan Parties”), entered into a Credit Agreement and related ancillary agreements with LBM Holdings, LLC (“LBM”), a company controlled by S. Kent Rockwell, who was the Executive Chairman of the Company (a related party) at such date and is currently Chairman of the Company, relating to a $15,000 revolving credit facility (the “Credit Agreement”) to provide additional funding to the Company for working capital and general corporate purposes. The Credit Agreement provided a credit facility for a term of three years (through March 12, 2021), bearing interest at a rate of one-month LIBOR plus an applicable margin of 500 basis points. The Credit Agreement required a commitment fee of 75 basis points, or 0.75%, on the unused portion of the facility, payable monthly in arrears. In addition, an up-front commitment fee of 125 basis points, or 1.25% ($188), was required at closing. Borrowings under the Credit Agreement were ~~approximately $768 (€650)~~collateralized by the accounts receivable, inventories and machinery and equipment of the Loan Parties.

On February 18, 2020, the Loan Parties and LBM entered into a First Amendment to the Credit Agreement (the “Amendment”) which ~~expired~~(i) reduced the available capacity under the revolving credit facility to $10,000, (ii) extended the term of the credit facility until March 31, 2024, (iii) increased the commitment fee to 100 basis points, or 1.00%, on the unused portion of the revolving credit facility, and (iv) provided a process for the replacement of the LIBOR index after 2021. In addition, the accounts receivable of ExOne GmbH no longer served as collateral for borrowings under the amended revolving credit facility.

Under the terms of the amended credit facility, the Company could make prepayments against outstanding borrowings, reduce the credit commitment or terminate the credit commitment at any time without penalty.

The Company incurred $265 in ~~October 2017.~~debt issuance costs associated with the inception of the credit facility (including the aforementioned up-front commitment fee paid at closing to LBM) and $49 in debt issuance costs associated with the Amendment.

On March 5, 2021, the Company terminated the related party revolving credit facility. There were no penalties associated with the Company’s termination of the credit facility. Due to the termination, the Company accelerated the amortization of the remaining debt issuance costs associated with the credit facility, resulting in recognition of a $105 loss on the extinguishment of debt during the three months ended March 31, 2021.

During the three months ended March 31, 2021, the Company recorded interest expense related to the credit facility of $129, comprised of the aforementioned $105 loss on extinguishment of debt, $18 associated with the commitment fee on the unused portion of the revolving credit facility and $6 associated with the amortization of debt issuance costs.

As the credit facility was terminated in March 2021, there was no interest expense related to the credit facility recognized subsequent to the three months ended March 31, 2021. There were no borrowings under the credit facility during 2021 prior to its termination.

During the three months and nine months ended September 30, 2020, the Company recorded interest expense related to the credit facility of $34 and $113, respectively. Included in interest expense for the three months and nine months ended September 30, 2020 was $8 and $35, respectively, associated with amortization of debt issuance costs, and $26 and $78, respectively, associated with the commitment fee on the unused portion of the revolving credit facility.

There were 0 borrowings under the credit facility during the three or nine months ended September 30, 2020.

On April 18, 2020, the Company entered into an unsecured promissory note (the “Note”) with an unrelated United States bank (the “Lender”) reflecting a loan in the principal amount of $2,194 (the “Loan”). The Loan was granted pursuant to the Paycheck Protection Program (the “PPP”) administered by the United States Small Business Administration (the “SBA”) as part of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”).

the PPP, the Loan, or a portion thereof, could be forgiven if Loan proceeds were used for qualifying expenses as described in the CARES Act, such as payroll costs, costs used to continue group health care benefits, mortgage interest payments, rent and utilities. The Company used all of the Loan proceeds for qualifying expenses.

During June 2021, the Company submitted an application to the SBA requesting full forgiveness of the Loan. On July 8, 2021, the Company received notice from the SBA that the Loan had been forgiven in full, including forgiveness of all interest accrued to date. This formal notice from the SBA legally released the Company of any obligations under the Loan. As a result, the Company recognized a gain on extinguishment of the PPP loan of $2,220 during the three months ended September 30, 2021. The total gain on extinguishment of debt of $2,220 was comprised of $2,194 related to the forgiveness of principal and $26 related to the forgiveness of accrued interest.

On May 21, 2012, the Company entered into a building note payable with an unrelated United States bank. Terms of the building note payable included monthly payments of $18, including interest at 4.00% through May 2017, and subsequently, monthly payments of $19 including interest at the monthly average yield on United States Treasury Securities plus 3.25% for the remainder of the term through May 2027.

On February 26, 2021, the Company extinguished its building note payable in-full through cash payment of $1,199. The Company did not incur any prepayment penalties related to the extinguishment of the building note payable in advance of the maturity date (May 2027). At the extinguishment date, the net carrying amount of the building note payable was $1,185. As a result, during the three months ended March 31, 2021, the Company recognized a loss on the extinguishment of debt of $14 (included in interest expense in the accompanying condensed statement of consolidated operations and comprehensive loss), which represents the write-off of unamortized debt issuance costs.

As the building note payable was terminated in February 2021, there was 0 interest expense related to the building note payable recognized subsequent to the three months ended March 31, 2021.

The provision (benefit) for income taxes for the ~~quarters~~three months ended September 30, ~~2017~~2021 and ~~2016~~2020 was ~~$14~~$1 and ~~$25,~~($34), respectively. The (benefit) provision for income taxes for the nine months ended September 30, ~~2017~~2021 and ~~2016~~2020 was ~~$23~~($410) and ~~$43,~~$200, respectively. The Company has completed a discrete period computation of its provision (benefit) for income taxes for each of the periods presented. ~~Discrete~~The discrete period computation iswas required as a result of jurisdictions with losses before income taxes for which no tax benefit can be recognized and an inability to generate reliable estimates for results in certain jurisdictions as a result of inconsistencies in generating net operating profits (losses) in those jurisdictions.

The effective tax rate for the ~~quarters~~three months ended September 30, ~~2017~~2021 and ~~2016~~2020 was ~~0.3%~~0.0% (provision on a loss) and ~~0.7% (provision~~1.0% (benefit on a loss), respectively. The effective tax rate for the nine months ended September 30, ~~2017~~2021 and ~~2016~~2020 was ~~0.1% (provision~~2.4% (benefit on a loss) and ~~0.4%~~1.9% (provision on a loss), respectively. ~~The~~

For the three months ended September 30, 2021 and the three months and nine months ended September 30, 2020, the effective tax rate ~~differs~~differed from the United States federal statutory tax rate of ~~34.0% for each of the periods presented~~21.0% primarily due to net changes in valuation allowances for the ~~periods.~~period.

For the nine months ended September 30, 2021, the effective tax rate differed from the United States federal statutory rate of 21.0% primarily due to net changes in valuation allowances for the period and recognition of a discrete income tax benefit of $412 related to the carryback of net operating losses in Japan. During the three months ended March 31, 2021, the Company received confirmation from Japanese tax authorities that ExOne KK met the definition of a small or medium-sized enterprise (SME) under Japanese tax regulations, eliminating certain restrictions on the use of net operating losses to offset taxable income. ExOne KK filed amended tax returns related to tax years 2016 through 2019 to carryback net operating losses, resulting in total tax refunds of $412.

The Company has provided a valuation allowance for certain of its net deferred tax assets as a result of the Company not generating consistent net operating profits in certain jurisdictions in which it operates. As such, ~~any benefit~~certain benefits from deferred taxes in ~~any of~~ the periods presented ~~has~~have been fully offset by changes in the valuation allowance for the related net deferred tax assets. The Company continues to assess its future taxable income by jurisdiction based on recent historical operating results, the expected timing of reversal of temporary differences, various tax planning strategies that the Company may be able to enact in future periods, the impact of potential operating changes on the business and forecast results from operations in future periods based on available information at the end of each reporting period. To the extent that the Company is able to reach the conclusion that ~~its~~ net deferred tax assets are realizable based on any combination of the above factors in a single, or in multiple, taxing jurisdictions, a reversal of the related portion of the Company’s existing valuation allowances may occur.

The Company has a liability for uncertain tax positions related to certain capitalized expenses and intercompany transactions. At September 30, 2017 and December 31, 2016, the liability for uncertain tax positions was approximately $846 and $754, respectively, and is included in accrued expenses and other current liabilities in the accompanying condensed consolidated balance sheet. At September 30, 2017 and December 31, 2016, the Company had an additional liability for uncertain tax positions related to its ExOne GmbH (Germany) subsidiary of approximately $304 and $232, respectively, which were fully offset against net operating loss carryforwards. At September 30, 2017 and December 31, 2016, the Company had an additional liability for uncertain tax positions related to its ExOne KK (Japan) subsidiary of approximately $554 and $416, respectively, which were fully offset against net operating loss carryforwards.13

In July 2017, local taxing authorities in Japan completed their examination of the Company’s ExOne KK (2014-2016) subsidiary, resulting in an income tax obligation of approximately $5, which was reflected in the provision for income taxes in the accompanying condensed statement of consolidated operations during the quarter ended June 30, 2017. At September 30, 2017, the Company’s ExOne GmbH (2010-2013) and ExOne Property GmbH (2013) subsidiaries were under examination by local taxing authorities. The Company is unable to reasonably predict an outcome related to this examination, the result of which may be material in a future period to the financial position, results from operations and cash flows of the Company.

On January 24, 2013, the Board ~~of Directors of the Company~~ adopted the 2013 Equity Incentive Plan (the “Plan”). In connection with the adoption of the Plan, 500,000 shares of common stock were reserved for issuance pursuant to the Plan, with automatic increases in such reserve available each year annually on January 1 from 2014 through 2023 equal to the lesser of 3.0% of the total outstanding shares of common stock as of December 31 of the immediately preceding year, or a number of shares of common stock determined by the Board, ~~of Directors,~~ provided that the maximum number of shares authorized under the Plan ~~will~~could not exceed 1,992,241 shares, subject to certain adjustments.The maximum number of shares authorized under the Plan was reached on January 1, 2017. At September 30, 2021, 412,404 shares remained available for future issuance under the Plan.

Stock options and restricted stock issued by the Company under the Plan are generally subject to service conditions resulting in annual vesting on the anniversary of the date of grant over a period typically ranging between one and three years. Certain ~~stock options and restricted stock~~equity-based compensation awards issued by the Company under the Plan vest immediately upon issuance. Stock options issued by the Company under the Plan have a contractual ~~life~~lives which ~~expires~~expire over a period typically ranging between five and ten years from the date of grant, subject to continued service to the Company by the participant.

On February 5, 2020, the Compensation Committee of the Board adopted the 2020 Annual Incentive Program (the “2020 Program”) as a subplan under the Plan. The 2020 Program provided an opportunity for performance-based compensation to senior executive officers of the Company, among others. The target annual incentive for each 2020 Program participant was expressed as a percentage of base salary and was conditioned on the achievement of certain financial goals (as approved by the Compensation Committee of the Board). The Compensation Committee of the Board retained negative discretion over amounts payable under the 2020 Program. During the three months and nine months ended September 30, 2020, the Company recorded 0 equity-based compensation expense based on the estimated outcome of the defined financial goals for 2020 under the 2020 Program.

On February 2, 2021, the Compensation Committee of the Board adopted the 2021 Annual Incentive Program (the “2021 Program”) as a subplan under the Plan. The 2021 Program provided an opportunity for performance-based compensation to senior executive officers of the Company, among others. The target annual incentive for each 2021 Program participant was expressed as a percentage of base salary and was conditioned on the achievement of certain financial and/or individual performance goals (as approved by the Compensation Committee of the Board). The Compensation Committee of the Board retained negative discretion over amounts payable under the 2021 Program. During the three months and nine months ended September 30, 2021, the Company recorded $24 and $69, respectively, in equity-based compensation expense based on the estimated outcome of the defined financial and individual goals for 2021 under the 2021 Program.

On February 2, 2021, the Compensation Committee of the Board adopted the 2021 Executive Stock Performance Program (the “ESPP”) as a subplan under the Plan. The ESPP provided an opportunity for senior executive officers of the Company to earn performance-based compensation based on the performance of the Company’s common stock over a one-year period ending December 31, 2021. During the three months and nine months ended September 30, 2021, the Company recorded $21 and $56, respectively, in equity-based compensation expense based on the estimated fair value of the equity-based compensation awards expected to be granted under the ESPP.

The following table summarizes the total equity-based compensation expense recognized by the Company for ~~awards issued under~~ the ~~Plan:~~periods indicated:

At September 30, ~~2017,~~2021, total future compensation expense related to unvested awards yet to be recognized by the Company was ~~approximately $1,145~~$137 for stock options and ~~$449~~$2,460 for restricted stock. Total future compensation expense related to unvested awards

yet to be recognized by the Company is expected to be recognized over a weighted-average remaining vesting period of ~~approximately 1.3~~0.9 years.

The fair value of stock options granted was estimated on the date of grant using the Black-Scholes option pricing model with the following ~~assumptions:~~assumptions for the periods indicated:

~~During the nine months ended September 30, 2016, the fair value of stock options granted was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:~~

~~For certain stock option awards, volatility~~Volatility is estimated based on the historical volatility of the ~~Company when~~Company’s stock price consistent with the expected term of the award is less than the period for which the Company has been publicly traded. For certain stock option awards, volatility is estimated based on the historical volatilities of certain peer group companies when the expected term of the award exceeds the period for which the Company has been publicly traded.awards. The average risk-free rate is based on a weighted average yield curve of risk-free interest rates consistent with the expected term of the awards. Expected dividend yield is based on historical dividend data as well as future expectations. Expected term is calculated using the simplified method as the Company does not have sufficient historical exercise experience upon which to base an estimate.

The activity for stock options was as ~~follows:~~follows for the periods indicated:

	Nine Months Ended														Nine Months Ended September 30,
	2017							2016							2021							2020
	Number of Options			Weighted Average Exercise Price		Weighted Average Grant Date Fair Value		Number of Options			Weighted Average Exercise Price		Weighted Average Grant Date Fair Value		Number of Options			Weighted Average Exercise Price		Weighted Average Grant Date Fair Value		Number of Options			Weighted Average Exercise Price		Weighted Average Grant Date Fair Value
Outstanding at beginning of period		314,303		$	15.62	$	9.38		210,970		$	17.43	$	10.67		641,232		$	9.80	$	4.74		854,259		$	9.34	$	4.49
Stock options granted		389,000		$	8.16	$	3.89		139,000		$	13.72	$	8.00		4,500		$	38.22	$	19.04		25,022		$	14.40	$	5.99
Stock options exercised		—		$	—	$	—		—		$	—	$	—		(208,259	)	$	11.81	$	6.45		(117,854	)	$	7.28	$	3.12
Stock options forfeited		(500	)	$	15.74	$	9.60		(6,001	)	$	15.74	$	9.60		(500	)	$	7.11	$	2.77		(79,936	)	$	7.85	$	3.41
Stock options expired		(6,666	)	$	17.43	$	10.67		(26,332	)	$	17.74	$	10.87		—		$	—	$	—		(26,874	)	$	12.02	$	6.78
Outstanding at end of period		696,137		$	11.51	$	6.35		317,637		$	15.77	$	9.48		436,973		$	9.14	$	4.07		654,617		$	9.81	$	4.75
Stock options exercisable at end of period		427,953		$	12.67	$	7.16		178,304		$	17.01	$	10.32
Stock options expected to vest at end of period		268,184		$	9.66	$	5.06		132,908		$	14.18	$	8.38
Exercisable at end of period																409,591		$	8.81	$	3.92		506,295		$	10.46	$	5.27
Expected to vest at end of period																27,382		$	14.05	$	6.29		148,322		$	7.62	$	3.01

At September 30, ~~2017,~~2021, intrinsic value associated with stock options exercisable ~~was approximately $586. At September 30, 2017, intrinsic value associated with stock options~~and expected to vest was ~~approximately $659.~~$5,966 and $322, respectively. The weighted average remaining contractual term of stock options exercisable and expected to vest at September 30, ~~2017,~~2021, was ~~approximately 6.7~~2.3 years and ~~7.2~~3.6 years, respectively. ~~There~~Stock options with an aggregate intrinsic value of $5,906 were ~~no stock option exercises~~exercised by employees during the nine months ended September 30, ~~2017 or 2016.~~2021, resulting in proceeds to the Company from the exercise of stock options of $2,460. Stock options with an aggregate intrinsic value of $1,096 were exercised by employees during the nine months ended September 30, 2020, resulting in proceeds to the Company from the exercise of stock options of $858. The Company recorded 0 income tax benefit related to these exercises.

The activity for restricted stock was as ~~follows:~~follows for the periods indicated:

Restricted stock that vested during the nine months ended September 30, ~~2017~~2021 and ~~2016,~~2020, had a fair value of ~~approximately $670~~$2,424 and ~~$351,~~$635, respectively.

~~Fair value is defined as~~Participants have the ~~price~~option to elect net settlement for restricted stock awards. Under net settlement, the Company withholds shares of stock that would otherwise be ~~received~~delivered to ~~sell an asset or paid to transfer a liability in an orderly transaction between market participants at~~ the ~~measurement date. When determining the fair value measurements for assets~~employee and liabilities which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions and credit risk.

The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significantremits cash equal to the fair value ~~measurement:~~

~~The~~ Company ~~is required to disclose its estimate of the~~withheld shares with a fair value of ~~material financial instruments, including those recorded as assets or liabilities in its consolidated financial statements, in accordance with GAAP.~~

~~During~~$7 and $15, respectively, related to the ~~quarter ended March 31, 2017, the Company entered into two separate foreign exchange forward contracts with a German bank in an effort to hedge the variability of certain foreign exchange risks~~ between the Euro (the functional currency of the Company’s ExOne GmbH subsidiary) and British Pound Sterling (the currency basis for cash flows resulting from a commercial sales arrangement with a customer). The first of the two foreign exchange forward contracts was both entered into and settled (in connection with cash received from the customer) during the quarter ended March 31, 2017, resulting in a realized gain onnet settlement of approximately $16 (€15). The second of the two foreign exchange forward contracts was settled on August 31, 2017, resulting in a realized gain on settlement of approximately $14 (€12). Neither of the contracts was designated as a hedging instrument and accordingly, realized and unrealized gains (losses) for all periods have been recorded to other (income) expense – net in the accompanying condensed statement of consolidated operations and comprehensive loss. The Company has classified both contracts as Level 2 fair value measurements.

~~The carrying values and fair values of other financial instruments (assets and liabilities) not required to be recorded at fair value were as follows:~~

* ~~Carrying values at September 30, 2017 and December 31, 2016 are net of unamortized debt issuance costs of approximately $32 and $36, respectively.~~

~~The carrying amounts of cash and cash equivalents,~~ restricted cash, current portion of long-term debt and current portion of capital leases approximate fair value due to their short-term maturities. The fair value of long-term debt – net of current portion and capital leases – net of current portion have been estimated by management based on the consideration of applicable interest rates (including certain instruments at variable or floating rates) and other available information (including quoted prices of similar instruments available to the Company). Cash and cash equivalents and restricted cash are classified in Level 1; current portion of long-term debt, current portion of capital leases, long-term debt – net of current portion and capital leases – net of current portion are classified in Level 2.stock awards.

During the ~~quarters~~three months and nine months ended September 30, ~~2017~~2021 and ~~2016,~~2020, the Company conducted a significant portion of its business with a limited number of customers, though not necessarily the same customers for each respective period. For the ~~quarters~~three months ended September 30, ~~2017~~2021 and ~~2016,~~2020, the Company’s five most significant customers represented ~~approximately 46.0%~~33.3% and ~~36.0%~~39.5% of total revenue, respectively. For the nine months ended September 30, ~~2017~~2021 and ~~2016,~~2020, the Company’s five most significant customers represented ~~approximately 22.2%~~18.7% and ~~21.4%~~20.0% of total revenue, respectively. At September 30, ~~2017~~2021 and December 31, ~~2016,~~2020, accounts receivable from the Company’s five most significant customers were ~~approximately $2,293~~$3,175 and ~~$1,867,~~$1,633, respectively.

~~Sales~~Other (income) expense – net consisted of ~~products and/or services to related parties~~the following for the quarters ended September 30, 2017 and 2016 were approximately $8 and $1, respectively. Sales of products and/or services to related parties for the nine months ended September 30, 2017 and 2016 were approximately $25 and $73, respectively. None of the transactions met a threshold requiring review and approval by the Audit Committee of the Board of Directors of the Company. periods indicated:

There were no amounts due from related parties at September 30, 2017.Amounts due from related parties at December 31, 2016, were approximately $1 and are reflected in accounts receivable – net in the accompanying condensed consolidated balance sheet. In addition, the Company has received prepayments for certain undelivered services to a related party of approximately $8 at September 30, 2017, which are reflected in deferred revenue and customer prepayments in the accompanying condensed consolidated balance sheet. There were no prepayments received from related parties at December 31, 2016.

During the quarters ended September 30, 2017 and 2016, purchases from related parties were approximately $4 and $3, respectively. During the nine months ended September 30, 2017 and 2016, purchases from related parties were approximately $12 and $13, respectively. Purchases by the Company during the quarters and nine months ended September 30, 2017 and 2016 included website design services and leased office space from related parties under common control by the Executive Chairman of the Company (formerly the Chairman and CEO of the Company through August 19, 2016). None of the transactions met a threshold requiring review and approval by the Audit Committee of the Board of Directors of the Company.

The Company also receives the benefit of the corporate use of an airplane from a related party under common control by the Executive Chairman of the Company (formerly the Chairman and CEO of the Company through August 19, 2016) for no consi~~deration.~~ The Company estimates the fair market value of the benefits received during the quarter and nine months ended September 30, 2016 were approximately $17 and $21, respectively. There were no such benefits received during the quarter or nine months ended September 30, 2017.

Amounts due to related parties at September 30, 2017 and December 31, 2016, were approximately $1 and $1, respectively. Amounts due to related parties for both periods are reflected in accounts payable in the accompanying condensed consolidated balance sheet.

On October 23, 2015, ExOne and its ExOne Americas LLC and ExOne GmbH subsidiaries, as guarantors, entered into a Credit Agreement (the “Credit Agreement”) with RHI Investments, LLC (“RHI”), a related party, on a $15,000 revolving credit facility to (i) assist the Company in its efforts to finance customer acquisition of its 3D printing machines and 3D printed and other products and services and (ii) provide additional funding for working capital and general corporate purposes. RHI was determined to be a related party based on common control by the former Chairman and CEO of the Company (the Executive Chairman of the Company effective August 19, 2016). Prior to execution, the Credit Agreement was subject to review and approval by a sub-committee of independent members of the Board of Directors of the Company (which included each of the members of the Audit Committee of the Board of Directors). The Company incurred approximately $215 in debt issuance costs associated with the Credit Agreement.

On January 10, 2016, the Company delivered notice to RHI of its intent to terminate the Credit Agreement in connection with the closing of a registered direct offering of common stock to an entity under common control by the former Chairman and CEO of the Company ~~(the Executive Chairman of the Company effective August 19, 2016)~~. There were no borrowings under the Credit Agreement from January 1, 2016 through the effective date of its termination, January 13, 2016. In connection with the termination, the Company settled its remaining accrued interest under the Credit Agreement of approximately $5 relating to the commitment fee on the unused portion of the revolving credit facility ~~(100 basis points, or 1.0% on the unused portion of the revolving credit facility)~~. In addition, during the quarter ended March 31, 2016, the Company recorded approximately $204 to interest expense related to the accelerated amortization of debt issuance costs. Upon termination of the Credit Agreement, all liens and guaranties in respect thereof were released.

~~Refer to Note 2 for further discussion relating to two separate equity offerings during the quarter ended March 31, 2016, certain elements of which qualified as related party transactions.~~

The Company has evaluated all of its activities and concluded that no other subsequent events have occurred that would require recognition in the condensed consolidated financial statements or disclosure in the notes to the condensed consolidated financial statements.

The following discussion and analysis should be read together with our unaudited condensed consolidated financial statements and related notes thereto set forth in this Quarterly Report on Form 10-Q as well as our Annual Report on Form 10-K for the year ended December 31, ~~2016.~~2020.

This Quarterly Report on Form 10-Q may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect to our future financial or business performance, strategies, or expectations. Forward-looking statements typically are identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” as well as similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could” and “may.”

We caution that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made and we assume no duty, to and do not undertake, to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.

In addition to the risk factors previously disclosed in our filings with the Securities and Exchange Commission (the “SEC”), including the items described under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, ~~2016,~~ 2020, the following factors, among others, could cause results to differ materially from forward-looking statements or historical performance: the severity and duration of world health events, including the COVID-19 outbreak and the related economic repercussions and operational challenges; the ability of Desktop Metal, Inc., a Delaware corporate (“DM”) and us to consummate the proposed transaction (the planned merger transaction with DM further described in the “Merger Transaction” section below) in a timely manner or at all, including the ability to secure regulatory approvals; impact to our business if the transaction is not consummated; successful integration of DM’s and our businesses and realization of synergies and benefits; the ability of DM to implement business plans, forecasts and other expectations following the completion of the transaction; risk that actual performance and financial results following completion of the transaction differ from projected performance and results; business disruption following the transaction; our ability to consistently generate operating profits; fluctuations in our revenues and operating results; our competitive environment and its competitive position; our ability to enhance our current 3D printing machinesand technology and to develop and introduce new 3D printing machines; our ability to qualify more industrial materials in which weit can print; ~~timing and length of sales of3D printing machines;~~ demand for our products; ~~our ability to achieve cost savings through consolidation~~ ~~or exiting of certain North American operations; the impact of increases in operating expenses and expenses relating to proposed investments and alliances;~~ the availability of skilled personnel; the impact of ~~market conditions and other factors on the carrying value~~loss of ~~long-lived assets;~~ ~~our competitive environment and our competitive position;~~ ~~our ability to continue as a going concern; individual customer contractual requirements;~~key management; the impact of customer specific terms in machine sale agreements onin determining the ~~period~~period in which we recognize revenue; ~~the impact of loss of key management;~~ risks related to global operations including effects of foreign currency and ~~risks related to the situation in the Ukraineand the United Kingdom’s referendum to withdraw from the European Union;~~demand for aerospace, automotive, heavy equipment, energy/oil/gas and other industrial products; our plans regarding increased international operations in additional international locations; the scope,COVID-19; dependency on certain critical suppliers; nature or impact of alliances and ~~strategic investments and our ability to integrate~~ strategic investments; ~~sufficiency of funds for required capital expenditures, working capital, and debt service; the adequacy of sources of liquidity;~~reliance on critical information technology systems; the effect of litigation, contingencies and warranty claims;liabilities under laws and regulations protecting the environment; the impact of governmental laws and regulations; operating hazards, cyberattacks, war, terrorism and cancellation or unavailability of insurance coverage; the impact of disruption of our manufacturing facilities ~~production service centers (“PSCs”)~~ or ExOne ~~adoption centers (“EACs”);~~Adoption Centers; the adequacy of our protection of our intellectual property; expectations regarding demand for our industrial products, ~~operating revenues, operating and maintenance expenses, insurance expenses and deductibles, interest expenses, debt levels,~~ and other matters with regard to outlook; and~~material weaknesses~~ other factors beyond our control, including the impact of COVID-19. For additional information about other risks and uncertainties that could cause actual results of the proposed transaction to differ materially from those described in ~~our internal control over~~the forward-looking statements in this communication of ExOne’s business, financial ~~reporting~~.condition, results of operations and prospects generally, please refer to the Company’s reports filed with the SEC, including without limitation the “Risk Factors” and/or other information included in the Company’s proxy statement on Schedule 14A relating to the proposed transaction filed with the SEC on October 8, 2021, definitive additional materials and other filings by the Company in connection with the proposed transaction and such other reports as ExOne has filed or may file with the SEC from time to time. For additional information about risks and uncertainties that may cause actual results of the proposed transaction to differ materially from those described, please refer to DM’s reports filed with the SEC, including without limitation the “Risk Factors” and/or other information included in such reports. While the list of factors presented here is, and the list of factors presented in the proxy statement/prospectus will be considered representative, no such list should be considered to be a complete statement of all risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Except as required by applicable law, neither DM nor ExOne will update any forward-looking statements to reflect new information, future events, changed circumstances or otherwise.

We are a global provider of 3D printing machines and 3D printed and other products, materials and services to industrial customers. Our business primarily consists of manufacturing and selling 3D printing machines and printing products to specification for our customers using our global installed base of 3D printing machines. Our machines serve direct (metal) and indirect (sand) applications. Direct printing produces a component; indirect printing makes a tool to produce a component. We offer pre-production collaboration and print products for customers through our network of ~~PSCs and~~ EACs. We also supply the associated materials, including consumables and replacement parts, and other services, including training and technical support, that isare necessary for purchasers of our 3D printing machines to print products. We believe that our ability to print in a variety of industrial materials, as well as our

industry-leading volumetric output (as measured by build box size and printing speed), uniquely position us to serve the needs of industrial customers.

We are the global leader in industrial 3D printers utilizing binder jetting technology. Our ~~2017 priorities include the following:~~continued focus is to achieve profitable growth via three strategic initiatives:

~~On January 26, 2017, we committed to a plan to consolidate certain~~installation of our 3D printing machines, resulting in negative impacts to our financial position, results of operations ~~from~~and cash flows. The duration and severity of the outbreak and its long-term impact on our ~~North Las Vegas, Nevada facility into~~business remain uncertain. We are unable to predict the impact that COVID-19 will have on our ~~Troy, Michigan~~future financial position, results of operations and ~~Houston, Texas facilities and exit our non-core specialty machining operations~~cash flows.

Our operating results continue to be impacted by a prolonged downturn in ~~our Chesterfield, Michigan facility. These actions were taken~~global manufacturing trends as a result of t~~he accelerating adoption rate~~COVID-19 which has influenced the capital expenditure investments of our ~~sand printing technology in North America which has resulted in~~customers. Despite these headwinds, we ended the third quarter of 2021 with a ~~refocus~~backlog balance of approximately $57,300. We expect the combination of our ~~operational strategy.~~backlog at September 30, 2021 and an acceleration in market adoption of our binder jetting technology, including our latest printer platforms (our X1 25Pro, X1 160Pro and InnoventPro^® for metal applications, our S-Max Pro for sand applications, and the office-friendly ExOne Metal Designlab^TM printer for metal or ceramic parts), to provide the basis for our operating stability and growth for the remainder of 2021 and into 2022 despite continuing negative macroeconomic trends for global manufacturing, including the impact of COVID-19.

On August 11, 2021, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Desktop Metal, Inc., a ~~result~~Delaware corporation (“DM”), Texas Merger Sub I, Inc., a Delaware corporation and wholly-owned subsidiary of ~~these actions, during~~DM (“Merger Sub I”) and Texas Merger Sub II, LLC, a Delaware limited liability company and wholly-owned subsidiary of DM (“Merger Sub II”).

Upon the quarter ended March 31, 2017, we recorded charges of approximately $984, including approximately $110 associated with involuntary employee terminations, approximately $7 associated with other exit coststerms and ~~approximately $867 associated with asset impairments. Charges associated with involuntary employee terminations and other exit costs were recorded~~subject to ~~cost of sales~~the conditions set forth in the ~~accompanying condensed statement of operations~~Merger Agreement, Merger Sub I will merge with and ~~comprehensive loss. Charges associated~~into us, with ~~asset impairments were split between cost of sales ($598),~~ExOne surviving the merger as a ~~component~~wholly owned subsidiary of ~~depreciation expense,~~DM (the “First Merger”) and ~~selling, general~~immediately thereafter, we will merge with and ~~administrative expenses ($269)~~into Merger Sub II, with Merger Sub II surviving the subsequent merger (the “Second Merger”, and, together with the First Merger, the “Mergers”).

Subject to the terms and conditions of the Merger Agreement, our stockholders will receive, in exchange for each share of our common stock held immediately prior to the Mergers, (i) $8.50 in cash and (ii) a number of shares of DM common stock, equal to the Exchange Ratio (defined below).

The “Exchange Ratio” shall be determined based on DM’s 20-day average closing stock price three trading days prior to closing: (i) if the average closing DM stock price is greater than or equal to $9.70, then the Exchange Ratio shall be set at 1.7522; (ii) if the average closing DM stock price is less than or equal to $7.94, then the Exchange Ratio shall be set at 2.1416; (iii) if the average closing DM stock price is less than $9.70 but greater than $7.94, then the Exchange Ratio shall be equal to 1.9274 multiplied by the quotient of (x) $8.82 divided by (y) the average closing DM stock price.

On October 20, 2021, we and DM received clearance from the German Federal Ministry for Economic Affairs and Energy, a foreign investment regulatory authority, that the transactions contemplated by the Merger Agreement have been cleared pursuant to section 58a paragraph 1 of the German Foreign Trade and Payments Ordinance. Additionally, the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, expired on October 28, 2021 at 11:59 p.m. Eastern Time. Accordingly, we and DM have now received all regulatory approvals required as a ~~component~~condition to consummate the Mergers.

On November 9, 2021, we held a special meeting of ~~amortization expense, in~~stockholders. At that special meeting, our stockholders voted to approve the ~~accompanying condensed statement~~Merger Agreement. Pursuant to the Merger Agreement, the proposed transaction may close as soon as three business days following the date of ~~operations and comprehensive loss.~~ the special meeting of our stockholders, subject to customary closing conditions.

During the quarter ended June 30, 2017, we recorded a charge of approximately $32 associated with an additional involuntary employee termination which required a service commitment through April 2017. This charge was recorded to cost of sales in the accompanying condensed statement of operations and comprehensive loss. There have been no additional charges recorded associated with this plan in subsequent periods. There are no additional charges expected to be incurred associated with this plan in future periods. We have settled all amounts associated with involuntary employee terminations and other exit costs.

Charges associated with asset impairments relate principally to our plan to exit our non-core specialty machining operations in our Chesterfield, Michigan facility. On April 21, 2017, we sold to a third party certain assets associated with these operations including inventories (approximately $79), property and equipment (approximately $2,475) and other contractual rights (approximately $269). Total gross proceeds from the sale of these assets were approximately $2,050. After deducting costs directly attributable to the sale of these assets (approximately $128), we recorded an impairment loss during the quarter ended March 31, 2017, of approximately $859 split between property and equipment ($590) and intangible assets ($269) based on the excess of the carrying value over the estimated fair value of the related assets at March 31, 2017, and a loss on disposal (recorded to cost of sales in the accompanying condensed statement of operations and comprehensive loss) during the quarter ended June 30, 2017, of approximately $42. Additionally, we recorded an impairment loss during the quarter ended March 31, 2017, of approximately $8 associated with certain property and equipment which was abandoned in connection with our plan to exit our North Las Vegas, Nevada facility.

Separate from the transaction described above, on May 9, 2017, we sold to a third party certain property and equipment (principally land and building) associated with our North Las Vegas, Nevada facility. Total gross proceeds from the sale of these assets were approximately $1,950. After deducting costs directly attributable to the sale of these assets (approximately $137), we recorded a gain on disposal (recorded to cost of sales in the accompanying condensed statement of operations and comprehensive loss) during the quarter ended June 30, 2017, of approximately $347.

The consolidation of our 3D printing operations from our North Las Vegas, Nevada facility into our Troy, Michigan and Houston, Texas facilities is not expected to have a significant impact on our revenues in future periods. We expect annualized cost savings related to this consolidation of approximately $600, with approximately $570 in the form of cash cost savings (principally employee and facility maintenance costs) and approximately $30 in the form of reduced depreciation expense. All cost savings associated with this consolidation are expected to benefit cost of sales. We expect to invest these cost savings into technological or process advancements that support either long-term cost benefits or revenue growth.

~~We expect annualized reductions in revenue related to our exit of our non-core specialty machining operations in our Chesterfield, Michigan facility of approximately $1,400.~~ ~~Revenues associated with our non-core specialty machining operations in our Chesterfield, Michigan facility were approximately $346 for the nine~~three months ~~ended September 30, 2017 and approximately $427 and $1,075 for the quarter~~ and nine months ended September 30, 2016, respectively. We expect annualized cost savings related to this exit of approximately $500, with approximately $200 in the form of cash cost savings (principally employee-related and other operating costs), approximately $200 in the form of reduced depreciation expense and approximately $100 in the form of reduced amortization expense. Cost savings2021, we incurred expenses associated with the ~~exit~~planned merger transaction of ~~this facility~~$3,376 and $3,477, respectively, all of which are ~~expected to benefit cost of sales by approximately $400 and~~included in selling, general and administrative expenses ~~by approximately $100. We expect to invest these cost savings into technological or process advancements that support either long-term cost benefits or revenue growth.~~

~~On March 22, 2017, we terminated our Cooperation Agreement with Swerea SWECAST AB (“Swerea”), resulting~~ in ~~an exit~~the accompany condensed statement of our PSC operations in Jönköping, Sweden, effective April 1, 2017. Also on March 22, 2017, we agreed to a leasing agreement with Beijer Industri AB, effective April 1, 2017, related to our 3D printing machine and related equipment located on the Swerea premises, previously covered under our Cooperation Agreement with Swerea. Both of these actions were taken in connection with our continuing evaluation of our business model in an effort to both streamline our existing Europeanconsolidated operations and to take strategic advantage of our existing relationship with Beijer Industri AB in promoting indirect binder jet technologies in Scandinavia. There were no penalties or other adverse effects associated with our termination of our Cooperation Agreement with Swerea. There were no significant effects on our results of operations or financial position associated with these actions.

During the quarter ended September 30, 2017, as a result of continued operating losses and cash flow deficiencies, we identified a triggering event requiring a test for the recoverability of long-lived assets held for use at the asset group level. Assessing the recoverability of long-lived assets held for use requires significant judgments and estimates by management.

For purposes of testing long-lived assets for recoverability, we operate as three separate asset groups: United States, Europe and Japan. In assessing the recoverability of long-lived assets held for use, we determined the carrying amount of long-lived assets held for use to be in excess of the estimated future undiscounted net cash flows of the related assets. We proceeded to determine the fair value of our long-lived assets held for use, principally through use of the market approach. Our use of the market approach included consideration of market transactions for comparable assets. Management concluded that the fair value of long-lived assets held for use exceeded their carrying value and as such no impairment loss was recorded.

A significant decrease in the market price of a long-lived asset, adverse change in the use or condition of a long-lived asset, adverse change in the business climate or legal or regulatory factors impacting a long-lived asset and continued operating losses and cash flow deficiencies associated with a long-lived asset, among other indicators, could cause a future assessment to be performed which may result in an impairment of long-lived assets held for use, resulting in a material adverse effect on our financial position and results of operations.comprehensive loss.

At September 30, ~~2017,~~2021, our backlog was approximately ~~$20,900~~$57,300 of which approximately ~~$17,900~~$50,700 is expected to be fulfilled during the next twelve ~~months.~~months notwithstanding uncertainty related to the impact of COVID-19 (further discussed above) including, but not limited to, domestic and international shipping and travel restrictions brought about by COVID-19, which could have an adverse effect on the timing of delivery and installation of products and/or services to customers. At December 31, ~~2016,~~2020, our backlog was approximately ~~$19,700.~~$39,400 and at September 30, 2020 our backlog was approximately $42,600.

Purchases of our 3D printing machines are often subject to the capital expenditure cycles of our customers. Generally, 3D printing machine sales are higher in our third and fourth quarters than in our first and second quarters; however, as acceptance of our 3D printing machines as a credible alternative to traditional methods of production grows, we expect to limit the seasonality we experience.

We believe that COVID-19 may have an adverse effect on the future capital expenditure decisions of our customers outside of their normal spending cycles, which may impact the timing and extent of such decisions.

Net loss for the ~~quarter~~three months ended September 30, ~~2017,~~2021 was ~~$4,863,~~$4,907, or ~~$0.30~~$0.22 per basic and diluted share, compared with a net loss of ~~$3,611~~$3,273, or ~~$0.23~~$0.19 per basic and diluted share, for the ~~quarter~~three months ended September 30, ~~2016.~~ 2020. The increase in our net loss was primarily due to increases in both selling, general and administrative expenses and research and development expenses (further described below), partially offset by a $2,220 gain on the extinguishment of the Paycheck Protection Program (the “PPP”) loan and increases in gross margin (further described below).

Net loss for the nine months ended September 30, ~~2017,~~2021 was ~~$18,057,~~$16,621, or ~~$1.13~~$0.76 per basic and diluted share, compared with a net loss of ~~$12,030~~$10,944, or ~~$0.76~~$0.65 per basic and diluted share, for the nine months ended September 30, ~~2016.~~2020. The increase in our net loss ~~for both periods~~ was ~~principally~~primarily due to ~~a net decrease in our gross profit (as a percentage of sales) along with~~ increases in ~~research and development and~~both selling, general and administrative expenses ~~(all changes further~~and research and development expenses (further described below) and the absence of a gain of $1,462 recognized during the three months ended March 31, 2020 associated with the sale-leaseback of our European headquarters and operating facility in Gersthofen, Germany. Partially offsetting these increases in net loss was a $2,220 gain on the extinguishment of the PPP loan and increases in gross margin (further described below).

The following table summarizes revenue by product ~~line:~~group for the periods indicated:

Revenue for the ~~quarter~~three months ended September 30, ~~2017,~~2021 was ~~$15,887~~$19,043, compared with revenue of ~~$12,988~~$17,399 for the ~~quarter~~three months ended September 30, ~~2016,~~2020, an increase of ~~$2,899,~~$1,644, or ~~22.3%~~9.4%. The increase in revenue ~~was as a result of increases~~resulted from an increase in revenue attributable to both of our product ~~lines (3D printing machines and 3D printed and other products, materials and services).~~ groups.

The increase in ~~revenues~~revenue from 3D printing machines of $304 for the three months ended September 30, 2021, or 2.9%, as compared to the same period in the prior year, resulted primarily from ~~a slightly~~ higher ~~volume of~~volumes (21 units ~~sold (12 3D printing machines~~ sold during the ~~quarter~~three months ended September 30, ~~2017, as compared to 11 3D printing machines~~2021 versus 13 units sold during the ~~quarter~~three months ended September 30, ~~2016) and a favorable~~2020), partially offset by an unfavorable mix of ~~3D printing~~ machines sold (as we sold eight indirect printers during the quarter ended September 30, 2017, as compared to six indirect printers during the quarter ended September 30, 2016, indirect printers generally bearing a higher average selling price than direct printers). sold.

The increase in ~~revenues~~revenue from 3D printed and other products, materials and services ~~principally~~for the three months ended September 30, 2021 of $1,340, or 19.4%, resulted primarily from an increase of $680 associated with funded research and development arrangements primarily related to work performed in ~~revenues from our direct PSC printing operations as a result of increased customer acceptance of our binder jet technologies~~connection with two larger government projects and an automotive project, an increase of $463

The increase in revenue from 3D printed and other products, materials and services ~~were offset by a decrease in product sales associated with our former specialty machining operation located in our Chesterfield, Michigan facility (approximately $427) following the sale~~ of ~~certain assets associated with this operation in April 2017.~~

~~Revenue~~$4,468 for the nine months ended September 30, ~~2017, was $37,555 compared with revenue of $33,157 for the nine months ended September 30, 2016,~~2021, or 22.1%, resulted primarily from an increase of ~~$4,398, or 13.3%. The increase~~$2,734 in ~~revenue was as a result of increases in revenue attributable to both of our product lines (3D printing machines and 3D printed and other products,~~consumable materials and ~~services). The increase in~~aftermarket revenues from 3D printing machines resulted primarily from an increase in volume of 3D printing machines sold (25 3D printing machines sold during the nine months ended September 30, 2017, as compared to 21 3D printing machines sold during the nine months ended September 30, 2016) and a favorable mix of 3D printing machines sold (as we sold 14 indirect printers during the quarter ended September 30, 2017, as compared to 11 indirect printers during the quarter ended September 30, 2016, indirect printers generally bearing a higher average selling price than direct printers). The increase in revenues from 3D printed and other products, materials and services principally resulted from an increase in revenues from our direct PSC printing operations as a result of increased customer acceptance of our binder jet technologies and an increase in service revenues (maintenance services and replacement components for 3D printing machines) based on ~~an increased~~growth in our global installed base of 3D printing ~~machines. These increases in revenues from 3D printed~~machines and ~~other products, materials and services were offset by a decrease in product sales~~an increase of $2,005 associated with funded research and development arrangements (related to work performed on multiple government and commercial projects). Offsetting these increases were reductions in revenue of $490 from our ~~former specialty machining operation located~~global EACs (primarily driven by reductions in ~~our Chesterfield, Michigan facility (approximately $729) following~~revenue at the ~~sale~~metal EACs) based on lower customer demand for printed products.

Revenue for both product groups was negatively impacted by COVID-19, including disruptions to domestic and international shipping and travel (which caused delays in the timing of ~~certain assets associated with this operation in April 2017~~delivery and ~~the absence of the sale of remaining inventories associated with our former laser micromachining product line (approximately $475) during the quarter ended June 30, 2016.~~

The following table summarizes 3D printing machines sold by type (refer to the “Our Machines and Machine Platforms” section of Part I, Item 1 of our Annual Report on Form 10-K for the year ended December 31, 2016, for a descriptioninstallation of 3D printing machines, ~~by type):~~driving corresponding delays in revenue recognition) in addition to negative macroeconomic effects on global manufacturing.

Cost of sales for the ~~quarter~~three months ended September 30, ~~2017,~~2021 was ~~$11,790~~$13,721, compared with cost of sales of ~~$9,428~~$13,500 for the ~~quarter~~three months ended September 30, ~~2016,~~2020, an increase of ~~$2,362,~~$221, or ~~25.1%~~1.6%. ~~The increase in cost of sales was primarily due to an increase in our variable cost of sales associated with our increase in revenues.~~

Gross profit for the ~~quarter~~three months ended September 30, ~~2017,~~2021 was ~~$4,097~~$5,322, compared with gross profit of ~~$3,560~~$3,899 for the ~~quarter~~three months ended September 30, ~~2016.~~2020, an increase of $1,423. Gross profit percentage was ~~25.8%~~27.9% for the ~~quarter~~three months ended September 30, ~~2017,~~2021, compared with ~~27.4%~~22.4% for the ~~quarter~~three months ended September 30, ~~2016.~~ 2020.

The ~~change~~increase in gross profit was the result of the increase in revenues net of the increase in cost of sales as further described above. This includes our recognition of four Exerial 3D printing machines during the quarter ended September 30, 2017 (approximately $2,762), which yielded a break-even result on aprimarily due to higher revenue volumes, favorable product warranty experience and higher contribution margin ~~basis. Excluding these unit sales, we benefitted~~ from ~~overall higher realized pricing on~~ 3D printing machine sales ~~and better leverage~~based on the mix of ~~our fixed cost base~~machines sold, partially offset by higher overhead costs, including higher productive workforce costs due to increased headcount, and the continued impact of operating inefficiencies and challenges driven by the COVID-19 operating environment, resulting in higher ~~sales of 3D printed and other products, materials and services.~~input costs.

Cost of sales for the nine months ended September 30, ~~2017,~~2021 was ~~$29,829~~$38,648, compared with cost of sales of ~~$24,215~~$31,263 for the nine months ended September 30, ~~2016,~~2020, an increase of ~~$5,614,~~$7,385, or ~~23.2%~~23.6%. ~~The increase in cost of sales was primarily due to an i~~ncrease in our variable cost of sales associated with our increase in revenues. In addition, we recognized a net charge associated with slow-moving, obsolete and lower of cost or market inventories of approximately $1,872 during the nine months ended September 30, 2017, compared to a net recovery of approximately $356 during the nine months ended September 30, 2016. The net charge recorded during the nine months ended September 30, 2017, was primarily attributable to certain raw material and component inventories (principally machine frames and other fabricated components) of approximately $1,460 recorded during the quarter ended June 30, 2017, associated with our Exerial 3D printing machine platform based on decisions made by us during the period related to certain design changes and improvements to the underlying platform (rendering certain elements of the previous design obsolete). The net recovery recorded during the nine months ended September 30, 2016, principally relates to the sale of certain inventories associated with our former laser micromachining product line (approximately $507) during the quarter ended June 30, 2016. Also, during the nine months ended September 30, 2017, we incurred costs of approximately $747 (approximately $142 in employee termination costs, $7 in other exit costs and $598 in asset impairments) associated with our consolidation of our 3D printing operations from our facility in North Las Vegas, Nevada into our Troy, Michigan and Houston, Texas facilities and our plan to exit our non-core specialty machining operations in Chesterfield, Michigan. These increases were offset by net gains on disposal of property and equipment recorded during the nine months ended September 30, 2017 (approximately $286), compared to net losses on disposal of property and equipment recorded during the nine months ended September 30, 2016 (approximately $169). Net gains on disposal of property and equipment recorded during the nine months ended September 30, 2017, primarily related to our sale of certain property and equipment (principally land and building) associated with our consolidation and exit of our North Las Vegas, Nevada PSC. Net losses on disposal of property and equipment recorded during the nine months ended September 30, 2016, primarily related to our sale and abandonment of certain property and equipment associated with our consolidation and exit of our Auburn, Washington PSC and the sale of certain machinery and equipment associated with our former specialty machining operations in Chesterfield, Michigan.

Gross profit for the nine months ended September 30, ~~2017,~~2021 was ~~$7,726~~$12,198, compared with gross profit of ~~$8,942~~$10,618 for the nine months ended September 30, ~~2016.~~2020, an increase of $1,580. Gross profit percentage was ~~20.6%~~24.0% for the nine months ended September 30, ~~2017,~~2021, compared with ~~27.0%~~25.4% for the nine months ended September 30, ~~2016.~~ 2020.

The ~~decrease~~increase in gross profit ~~was the result of the increase in revenues net of the increase in cost of sales as further described above. This includes the aforementioned recognition of Exerial units~~ during the ~~quarter~~nine months ended September 30, ~~2017. Excluding these unit sales, we benefitted from overall higher realized pricing on 3D printing machine sales and better leverage of our fixed cost base (net of the items further described above)~~2021 was primarily due to higher ~~sales~~revenue volumes and favorable product warranty experience, partially offset by higher overhead costs, including higher productive workforce costs due to increased headcount, and the continued impact of ~~3D printed~~operating inefficiencies and ~~other products, materials and services.~~challenges driven by the COVID-19 operating environment, resulting in higher input costs.

Research and development expenses for the ~~quarter~~three months ended September 30, ~~2017,~~2021 were ~~$2,871~~$2,909, compared with research and development expenses of ~~$1,898~~$2,013 for the ~~quarter~~three months ended September 30, ~~2016,~~2020, an increase of ~~$973,~~$896, or ~~51.3%~~44.5%. The increase in research and development expenses was primarily due to ~~increases~~an increase of $376 in material-related costs incurred associated with systems and materials development of binder jetting technology and an increase of $369 in employee-related costs, (salaries, benefits and equity-based compensation) of approximately $295 and consulting and professional fees associated with certain machine development and other organizational development activities of approximately $521.principally due to headcount increases.

Research and development expenses for the nine months ended September 30, ~~2017,~~2021 were ~~$7,219~~$8,541, compared with research and development expenses of ~~$5,737~~$6,858 for the nine months ended September 30, ~~2016,~~2020, an increase of ~~$1,482,~~$1,683, or ~~25.8%~~24.5%. The increase in research and development expenses was primarily due to ~~increases~~an increase of $952 in material-related costs incurred associated with systems and materials development of binder jetting technology and an increase of $819 in employee-related costs, (salaries, benefits and equity-based compensation) of approximately $362, consulting and professional fees associated with certain machine development and other organizational development activities of approximately $852 and material costs of approximately $193 (primarily associated with fine powder direct printing development activities).principally due to headcount increases.

Selling, general and administrative expenses for the ~~quarter~~three months ended September 30, ~~2017,~~2021 were ~~$6,062~~$9,585, compared with selling, general and administrative expenses of ~~$5,234~~$4,825 for the ~~quarter~~three months ended September 30, ~~2016,~~2020, an increase of ~~$828,~~$4,760, or ~~15.8%~~98.7%. The increase in selling, general and administrative expenses was ~~principally~~primarily due ~~to increases~~an increase of $3,431 in employee-related costs (principally salaries, benefits and equity-based compensation) of approximately $933 associated with our investment in our commercial leadership team and executive severance costs, and consulting and professional fees (principally due to $3,376 in expenses related to the planned merger transaction), an increase in employee-related costs of ~~approximately $324 (principally executive consulting, legal~~$949 due to investments in our commercial infrastructure, an increase of $148 in sales promotion and ~~other administrative arrangements). These increases were offset by decreases in~~ trade show expenses, and an increase of ~~approximately $148 and a decrease~~$107 in our provision for bad debts from customers (net recoveries of approximately $183 during the quarter ended September 30, 2017, compared to a net provision of approximately $15 during the quarter ended September 30, 2016).travel-related expenses.

Selling, general and administrative expenses for the nine months ended September 30, ~~2017,~~2021 were ~~$18,338~~$22,676, compared with selling, general and administrative expenses of ~~$15,222~~$15,476 for the nine months ended September 30, ~~2016,~~2020, an increase of ~~$3,116,~~$7,200, or ~~20.5%~~46.5%. The increase in selling, general and administrative expenses was ~~principally~~primarily due to ~~increases~~an increase of $4,197 in ~~employee-related costs (salaries, benefits and equity-based compensation) of approximately $1,522 associated with our investment in our commercial leadership team and executive severance costs,~~ consulting and professional fees (principally due to $3,477 in expenses related to the planned merger transaction), an increase in employee-related costs of ~~approximately $819 (principally executive consulting, legal~~$1,239 due to investments in our commercial infrastructure, and ~~other administrative arrangements), lower net recoveries~~an increase in commissions of $468 based on higher revenues. There was also an increase of $434 in sales promotion and trade show expenses, a $267 increase in equity-based compensation expense, and a $251 increase in insurance expense due to increased coverage and higher premiums for ~~bad debts from customers (net recoveries of approximately $51 during~~ the nine months ended September 30, ~~2017, compared to net recoveries of approximately $256 during the nine months ended September 30,~~

2016), an impairment of intangible assets of approximately $269 during the quarter ended March 31, 2017, in connection with our plan to exit our non-core specialty machining operations at our Chesterfield, Michigan facility, and an increase in selling costs of approximately $175 (promotional expenses, trade show activities and sales commissions on 3D printing machine sales). 2021.

Interest expense for the ~~quarter~~three months ended September 30, ~~2017,~~2021 was ~~$24~~$2, compared with interest expense of ~~$22~~$54 for the ~~quarter~~three months ended September 30, ~~2016, an increase~~2020, a decrease of ~~$2,~~$52, or ~~9.1%~~96.3%. ~~Amounts for both periods consisted principally~~The decrease in interest expense was primarily due to the absence of ~~periodic~~$34 in interest expense associated with ~~long-term debt~~the related party revolving credit facility recognized during the three months ended September 30, 2020 and ~~capital lease obligations.~~the absence of $18 in interest expense associated with the building note payable recognized during the three months ended September 30, 2020. The related party revolving credit facility was terminated (Note 10) and the building note payable was extinguished (Note 11) during the three months ended March 31, 2021.

Interest expense for the nine months ended September 30, ~~2017,~~2021 was ~~$69~~$169, compared with interest expense of ~~$276~~$171 for the nine months ended September 30, ~~2016,~~2020, a decrease of ~~$207,~~$2, or ~~75.0%~~1.2%. The decrease in interest expense was ~~principally~~primarily due to the ~~effect~~absence of interest expense associated with the related party revolving credit facility following its termination during the three months ended March 31, 2021 (Note 10) and the absence of interest expense associated with the building note payable following its extinguishment during the three months ended March 31, 2021 (Note 11). We recognized interest expense of $113 associated with the related party revolving credit facility and $55 of interest expense associated with the building note payable during the nine months ended September 30, 2020. These decreases in interest expense were mostly offset by a $105 loss on the extinguishment of debt recognized during the nine months ended September 30, 2021 due to the termination of the related party revolving credit facility ~~with~~and a ~~related party~~$14 loss on extinguishment of debt recognized during the ~~quarter~~nine months ended ~~March 31, 2016, which resulted in an acceleration~~September 30, 2021 due to the extinguishment of ~~amortization~~the building note payable.

Additionally, during the three months ended September 30, 2021, the Company received notice of full forgiveness of the PPP loan. As a result, the Company recognized a gain on extinguishment of the PPP loan of $2,220 during the three months ended September 30, 2021 (Note 11). The total gain on extinguishment of debt ~~issuance costs~~ of ~~approximately $204.~~$2,220 was comprised of $2,194 related to the forgiveness of principal and $26 related to the forgiveness of accrued interest.

Other (income) expense – net for the ~~quarter~~three months ended September 30, ~~2017,~~2021 was ($~~11)~~48), compared with other expense (income) ~~expense~~ – net of ~~($8)~~$314 for the ~~quarter~~three months ended September 30, ~~2016. Amounts for both periods consisted~~2020. The change of $362 was principally ~~of interest income on cash and cash equivalents balances offset by net~~due to favorable foreign exchange ~~losses~~rate changes and the related impact on ~~commercial transactions and~~ certain intercompany transactions between subsidiaries ~~either settled~~for which settlement has occurred or ~~planned for settlement in the foreseeable future.~~is planned.

Other expense (income) ~~expense~~ – net for the nine months ended September 30, ~~2017,~~2021 was ~~$134~~$63, compared with other expense (income) ~~expense~~ – net of ~~($306)~~$319 for the nine months ended September 30, ~~2016.~~2020. The ~~change~~decrease of ~~$440~~$256 was principally due to ~~net currency~~favorable foreign exchange ~~losses~~rate changes and the related impact on certain intercompany transactions between subsidiaries ~~either settled~~for which settlement has occurred or ~~planned for settlement in the foreseeable future, for the nine months ended September 30, 2017, as compared to net currency exchange gains during the nine months ended September 30, 2016.~~is planned.

The provision (benefit) for income taxes for the ~~quarters~~three months ended September 30, ~~2017~~2021 and ~~2016,~~2020 was ~~$14~~$1 and ~~$25,~~($34), respectively. The ~~effective tax rate for the quarters ended September 30, 2017 and 2016, was 0.3% (provision on a loss) and 0.7% (provision on a loss), respectively. The~~(benefit) provision for income taxes for the nine months ended September 30, ~~2017~~2021 and ~~2016,~~2020 was ~~$23~~($410) and ~~$43,~~$200, respectively. We have completed a discrete period computation of our provision (benefit) for income taxes for each of the periods presented. The discrete period computation was required as a result of jurisdictions with losses before income taxes for which no tax benefit can be recognized and an inability to generate reliable estimates for results in certain jurisdictions as a result of inconsistencies in generating net operating profits (losses) in those jurisdictions.

The effective tax rate for the three months ended September 30, 2021 and 2020 was 0.0% (provision on a loss) and 1.0% (benefit on a loss), respectively. The effective tax rate for the nine months ended September 30, ~~2017~~2021 and ~~2016,~~2020 was ~~0.1% (provision~~2.4% (benefit on a loss) and ~~0.4%~~1.9% (provision on a loss), respectively.

For ~~each of~~ the ~~quarters~~three months ended September 30, 2021 and the three months and nine months ended September 30, ~~2017 and 2016,~~2020, the effective tax rate ~~differs~~differed from the ~~U.S.~~United States federal statutory tax rate of ~~34.0%~~21.0% primarily due to net changes in valuation allowances for the period.

For the nine months ended September 30, 2021, the effective tax rate differed from the United States federal statutory rate of 21.0% primarily due to net changes in valuation allowances for the period and recognition of a discrete income tax benefit of $412 related to the carryback of net operating losses in Japan. During the three months ended March 31, 2021, we received confirmation from Japanese tax authorities that ExOne KK met the definition of a small or medium-sized enterprise (SME) under Japanese tax regulations, eliminating certain restrictions on the use of net operating losses to offset taxable income. ExOne KK filed amended tax returns related to tax years 2016 through 2019 to carryback net operating losses, resulting in total tax refunds of $412.

We have provided a valuation allowance for certain of our net deferred tax assets as a result of our inability to generate consistent net operating profits in certain jurisdictions in which we operate. As such, ~~any benefit~~certain benefits from deferred taxes in ~~any of~~ the periods presented ~~in our condensed consolidated financial statements has~~have been fully offset by changes in the valuation allowance for the related net deferred tax assets. We continue to assess our future taxable income by jurisdiction based on our recent historical operating results, the expected timing of reversal of temporary differences, various tax planning strategies that we may be able to enact in future periods, the impact of potential operating changes on our business and our forecast results from operations in future periods based on available information at the end of each reporting period. To the extent that we are able to reach the conclusion that net deferred tax assets are realizable based on any combination of the above factors in a single, or multiple, taxing jurisdictions, a reversal of the related portion of our existing valuation allowances may occur.

Our results of operations and financial condition are presented based on historical cost. While it is difficult to accurately measure the impact of inflation due to the imprecise nature of the estimates required, we believe the effects of inflation, if any, on our results of operations and financial condition are not significant.

We have incurred a net loss in each of our annual periods since our inception. ~~In addition, we~~We incurred a net loss of ~~approximately $4,863~~$4,907 and ~~$18,057~~$16,621 for the ~~quarter~~three months and nine months ended September 30, ~~2017,~~2021, respectively. ~~In connection with the completion of~~At September 30, 2021, we had $122,809 in unrestricted cash and cash equivalents.

Since our ~~initial public offering and subsequent secondary offerings (including our ATM),~~inception we have received cumulative unrestricted net proceeds from the sale of our common stock (through our initial public offering and subsequent public offerings, including at-the-market offerings) of ~~approximately $168,361~~$303,255 to fund our operations.

In September 2020, we entered into an Equity Distribution Agreement with Canaccord Genuity LLC (“Canaccord”) pursuant to which Canaccord agreed to act as sales agent in the sale of up to $25,000 in the aggregate of our common stock in “at-the-market offerings” as defined in Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”). In February 2021, we terminated the Equity Distribution Agreement. At the time of the termination of the Equity Distribution Agreement, the remaining maximum offering capacity was $9,269. We did not sell any shares of our common stock under the Equity Distribution Agreement during 2021 prior to its termination. There were no fees or penalties incurred by us in connection with the termination of the Equity Distribution Agreement.

In February 2021, following the termination of the Equity Distribution Agreement, we entered into an underwriting agreement with Stifel, Nicolaus & Company, Incorporated, Canaccord and certain other underwriters pursuant to which we agreed to issue and sell up to 1,666,667 shares of our common stock at a public offering price of $54.00 per share. Under the agreement, we agreed to pay underwriting discounts and commissions of $2.835 per share, as well as reimburse the underwriters for certain expenses. In addition, we granted the underwriters a 30-day option to purchase up to an additional 205,907 shares of our common stock at the public offering price, less underwriting discounts and commissions. The underwriters exercised their option to purchase 205,907 shares of our stock in-full.

As a result of this common stock offering, during February 2021, we sold 1,872,574 shares of our common stock and received net proceeds (after deducting underwriting discounts and commissions) of $95,725. We incurred expenses (other than underwriting discounts and commissions) associated with the common stock offering of $266, all of which was recognized during the three months ended March 31, 2021.

We have not sold any shares of our common stock through common stock offerings subsequent to the February 2021 common stock offering.

On March 12, 2018, we and our ExOne Americas LLC and ExOne GmbH subsidiaries, as guarantors (collectively, the “Loan Parties”), entered into a Credit Agreement and related ancillary agreements with LBM Holdings, LLC (“LBM”), a company controlled by S. Kent Rockwell, who was our Executive Chairman (a related party) at such date and is currently our Chairman, relating to a $15,000 revolving credit facility (the “Credit Agreement”) to provide additional funding to us for working capital and general corporate purposes. The Credit Agreement provided a credit facility for a term of three years (through March 12, 2021), bearing interest at a rate of one-month LIBOR plus an applicable margin of 500 basis points. The Credit Agreement required a commitment fee of 75 basis points, or 0.75%, on the unused portion of the facility, payable monthly in arrears. In addition, an up-front commitment fee of 125 basis points, or 1.25% ($188), was required at closing. Borrowings under the Credit Agreement were collateralized by the accounts receivable, inventories and machinery and equipment of the Loan Parties.

On February 18, 2020, the Loan Parties and LBM entered into a First Amendment to the Credit Agreement (the “Amendment”) which (i) reduced the available capacity under the revolving credit facility to $10,000, (ii) extended the term of the credit facility until March 31, 2024, (iii) increased the commitment fee to 100 basis points, or 1.00%, on the unused portion of the revolving credit facility, and (iv) provided a process for the replacement of the LIBOR index after 2021. In addition, the accounts receivable of ExOne GmbH no longer served as collateral for borrowings under the amended revolving credit facility.

Under the terms of the amended credit facility, we could make prepayments against outstanding borrowings, reduce the credit commitment or terminate the credit commitment at any time without penalty.

On March 5, 2021, we terminated the related party revolving credit facility. There were no penalties associated with our termination of the related party revolving credit facility. Due to the termination, we accelerated the amortization of the remaining debt issuance costs associated with the related party revolving credit facility, resulting in recognition of a $105 loss on the extinguishment of debt during the three months ended March 31, 2021.

As the credit facility was terminated in March 2021, we did not recognize any interest expense related to the credit facility recognized subsequent to the three months ended March 31, 2021. There were no borrowings under the credit facility during 2021 prior to its termination.

On April 18, 2020, we entered into an unsecured promissory note (the “Note”) with an unrelated United States bank (the “Lender”) reflecting a loan in the principal amount of $2,194 (the “Loan”). The Loan was granted pursuant to the Paycheck Protection Program (the “PPP”) administered by the United States Small Business Administration (the “SBA”) as part of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”).

Pursuant to the terms of the Note, the Loan bore interest at a rate of 1.00% per annum and matured on April 18, 2022 (the “Maturity Date”). Under the terms of the Note, principal and interest payments on the Loan were deferred until November 18, 2020, at which time equal installments of principal and interest would have been due and payable monthly through the Maturity Date. Subsequent to us entering into the Note, in June 2020, the Paycheck Protection Program Flexibility Act of 2020 was enacted, which extended the deferral of principal and interest payments on the Loan from November 2020 to August 2021. Pursuant to the terms of the PPP, the Loan, or a portion thereof, could be forgiven if Loan proceeds are used for qualifying expenses as described in the CARES Act, such as payroll costs, costs used to continue group health care benefits, mortgage interest payments, rent and utilities. We used all of the Loan proceeds for qualifying expenses.

During June 2021, we submitted an application to the SBA requesting full forgiveness of the Loan. On July 8, 2021, we received notice from the SBA that the Loan had been forgiven in full, including forgiveness of all interest accrued to date. This formal notice from the SBA legally released us of any obligations under the Loan. As a result, we recognized a gain on extinguishment of the PPP loan of $2,220 during the three months ended September 30, 2021. The total gain on extinguishment of debt of $2,220 was comprised of $2,194 related to the forgiveness of principal and $26 related to the forgiveness of accrued interest.

On May 21, 2012, we entered into a building note payable with an unrelated United States bank. Terms of the building note payable included monthly payments of $18, including interest at 4.00% through May 2017, ~~we had approximately $17,706 in unrestricted cash~~ and ~~cash equivalents.~~

We believe that our existing capital resources will be sufficient to support our operating plan. If we anticipate that our actual results will differ from our operating plan, we believe we have sufficient capabilities to enact cost savings measures to preservesubsequently, monthly payments of $19

~~capital. Further,~~including interest at the monthly average yield on United States Treasury Securities plus 3.25% for the remainder of the term through May 2027.

On February 26, 2021, we ~~may seek~~extinguished our building note payable in-full through cash payment of $1,199. We did not incur any prepayment penalties related to ~~raise additional capital~~the extinguishment of the building note payable in advance of the maturity date (May 2027). At the extinguishment date, the net carrying amount of the building note payable was $1,185. As a result, during the three months ended March 31, 2021, we recognized a loss on the extinguishment of debt of $14 (included in interest expense in the accompanying condensed statement of consolidated operations and comprehensive loss), which represented the write-off of unamortized debt issuance costs.

As the building note payable was terminated in February 2021, we did not recognize any interest expense related to ~~support our growth through additional debt, equity or other alternatives (including asset sales) or a combination thereof.~~the building note payable subsequent to the three months ended March 31, 2021.

The following table summarizes the significant components of cash flows for ~~each of~~ the ~~nine month~~ periods ~~ended September 30~~indicated, and our cash, cash equivalents, and restricted cash balances at ~~September 30, 2017 and December 31, 2016:~~the end of each of the periods indicated:

Net cash used for operating activities for the nine months ended September 30, ~~2017,~~2021 was ~~$12,895~~$18,046, compared with net cash used for operating activities of ~~$1,908~~$12,615 for the nine months ended September 30, ~~2016.~~2020. The ~~change~~increase in net cash outflows of ~~$10,987~~$5,431 was due principally to an increase in our net loss, ~~combined with~~net of noncash items, a decrease in net ~~cash inflows from changes in assets and liabilities, including a decrease in~~ cash inflows from customers (principally due to the ~~implementation~~timing of ~~more favorable liquidity terms with customers during the nine months ended September 30, 2016)~~cash collections on 3D printing machine sales) and an increase in net cash outflows related to ~~inventories (based on our operating plans for delivery of 3D printing machines to customers). These changes were partially offset by a reduction~~inventories. Partially offsetting these increases in net cash outflows was an increase in net cash inflows related to ~~vendors (based on~~ the timing of ~~payment).~~payments to our suppliers and vendors for our production and operating expenses.

Net cash ~~provided by~~used for investing activities for the nine months ended September 30, ~~2017,~~2021 was ~~$2,828~~$3,451, compared with net cash ~~used for~~provided by investing activities of ~~$638~~$15,457 for the nine months ended September 30, ~~2016.~~2020.

~~Net~~Activity for both periods included cash ~~provided by investing activities~~outflows for capital expenditures (consistent with our operating plans).

For the nine months ended September 30, ~~2017,~~2020, net cash provided by investing activities included ~~cash inflows of approximately $3,702~~$16,229 in proceeds from the sale of property and equipment, ~~mostly attributable to~~including the sale-leaseback of our ~~sale of assets associated with our non-core specialty machining operation~~European headquarters and operating facility in Chesterfield, Michigan and our PSC in North Las Vegas, Nevada during the quarter ended June 30, 2017. Remaining activity for both periods included cash outflows for capital expenditures consistent with our operating plans.

We expect our remaining 2017 capital expenditures to be limited to spending associated with sustaining our existing operations and strategic asset acquisition and deployment (additional estimated spending of less than $1,000).Gersthofen, Germany.

Net cash ~~used for~~provided by financing activities for the nine months ended September 30, ~~2017,~~2021 was ~~$166~~$96,460, compared with net cash provided by financing activities of ~~$12,879~~$30,556 for the nine months ended September 30, ~~2016.~~2020.

~~Uses of cash for~~For the nine months ended September 30, ~~2017,~~2021, net cash provided by financing activities primarily included ~~principal payments on outstanding debt~~cash inflows of $95,288 in proceeds from our common stock offerings, net of issuance costs (further discussed above) and ~~capital leases.~~$2,429 in proceeds from the exercise of stock options by employees, partially offset by $1,226 in cash outflows associated with the extinguishment of the building note payable (further discussed above).

~~Sources of cash for~~For the nine months ended September 30, ~~2016,~~2020, net cash provided by financing activities included cash inflows of $27,699 in proceeds from at-the-market offerings of common stock, net of issuance costs (further discussed above), $2,194 in proceeds from

borrowings on long-term debt associated with our PPP Loan (further discussed above) and $858 in proceeds from the ~~issuance~~exercise of ~~common~~ stock options by employees.

The following summarizes the material changes in our financial condition from December 31, 2020 to September 30, 2021:

Restricted cash increased by $1,362 due to an increase in financial guarantees and letters of ~~approximately $12,447~~credit issued through our credit facility with a German bank, resulting in an increase of $1,270 in required cash collateral associated with those financial guarantees and letters of credit, and due to $92 in additional cash collateral required by a United States bank related to our corporate credit card program.

Accounts receivable increased by $3,487 based on the timing of cash payments by customers (principally the timing of cash collections on 3D printing machine sales).

Inventories increased by $4,516 due to increases in raw material inventories and work in process inventories consistent with our growth in backlog.

Prepaid expenses and other current assets increased by $1,862, primarily due to increases in prepayments to suppliers for 3D printing machine components and subassemblies and increases in prepaid insurance (primarily due to increased coverage and higher premiums).

Property and equipment – net increased by $1,515, mostly due to capital expenditures of $3,201 and net transfers of 3D printing machines from inventory to property and equipment of $1,610, partially offset by a decrease due to depreciation expense of $2,720 recognized during the period. The remaining decrease was primarily due to the effect of changes in foreign exchange rates on property and equipment balances recorded in Germany and Japan.

Operating lease right-of-use assets decreased by $1,554, principally due to the amortization of the right-of-use asset associated with the lease for our European headquarters and operating facility in Gersthofen, Germany during the period.

Accounts payable increased by $3,156 due to the timing of payments to our suppliers and vendors for our production and operating expenses.

Accrued expenses and other current liabilities increased by $1,788, principally due to an increase of $1,668 in accrued professional services fees (primarily the accrual of expenses incurred in connection with the planned merger transaction).

Operating lease liabilities decreased by $1,554, principally due to payments made under the lease agreement for our ~~registered direct offering to a related party~~European headquarters and ~~approximately $595~~operating facility in ~~connection with our ATM. Uses~~Gersthofen, Germany during the period.

Contract liabilities increased $3,015 based on the timing of cash ~~for~~payments by customers (principally the ~~nine months ended September 30, 2016, included principal payments~~timing of cash collections on ~~outstanding debt~~3D printing machine sales consistent with growth in our backlog). Contract liabilities have also been impacted as a result of disruptions in delivery and ~~capital leases.~~installation of our 3D printing machines as a result of COVID-19.

In the normal course of ~~our~~its operations, ~~our~~ ExOne GmbH ~~subsidiary~~ issues short-term financial guarantees and letters of credit to third parties in connection with certain commercial transactions requiring ~~security.~~ security through a credit facility with a German bank.

At September 30, ~~2017,~~2021, total outstanding financial guarantees and letters of credit issued by us were ~~approximately~~ ~~$1,633~~$2,522 (€~~1,382).~~ ~~Included in~~2,176), of which $2,429 (€2,096) were issued through the ~~total~~credit facility with a German bank. Cash collateral of $1,270 (€1,096) was required for financial guarantees and letters of credit issued under the credit facility. The outstanding financial guarantees and letters of credit ~~issued by us are approximately $1,352 (€1,144) with~~include expiration dates ranging from ~~October 2017~~November 2021 through ~~July 2018 and approximately $281 (€238) which have no expiration date.~~March 2023.

At December 31, ~~2016,~~2020, total outstanding financial guarantees and letters of credit issued by us were ~~approximately $400~~$1,026 (€~~380).~~ 836), of which $928 (€756) were issued through the credit facility with a German bank. At December 31, 2020, no cash collateral was required for financial guarantees and letters of credits issued under the credit facility.

and letters of credit issued by ~~us,~~ExOne GmbH, refer to Note 109 to the condensed consolidated financial statements in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Refer to Note 1 to the condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.

Refer to Note 1 ofto the consolidated financial statements included in Part I,II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, ~~2016.~~2020.

We are exposed to market risk from fluctuations in foreign currency exchange rates which may adversely affect our results of operations and financial condition. We seek to minimize these risks through regular operating and financing activities and, when we consider it to be appropriate, through the use of derivative financial instruments. We do not purchase, hold or sell derivative financial instruments for trading or speculative purposes.

~~The local currency is the functional currency for significant operations outside~~a smaller reporting company as defined by Rule 12b-2 of the ~~United States. The determination~~Securities Exchange Act of ~~the functional currency of an operation is made based on the appropriate economic and management indicators.~~

~~Foreign currency assets and liabilities are translated into their United States dollar equivalents based on period end spot exchange rates,~~1934 (the “Exchange Act”), as amended, and are included in stockholders’ equity as a component of other comprehensive income (loss). Revenues and expenses are translated at average exchange rates. Transaction gains and losses that arise from exchange rate fluctuations are chargednot required to ~~operations as incurred, except for gains and losses associated with certain long-term intercompany transactions for which settlement is not planned or anticipated in~~provide the ~~foreseeable future, which are included in accumulated other comprehensive loss in the condensed consolidated balance sheet.~~information under this item.

We transact business globally and are subject to risks associated with fluctuating foreign exchange rates. Approximately 68.2% and 59.3% of our consolidated revenue was derived from transactions outside the United States for the quarters ended September 30, 2017 and 2016, respectively. Approximately 61.2% and 54.0% of our consolidated revenue was derived from transactions outside the United States for the nine months ended September 30, 2017 and 2016, respectively. This revenue is generated primarily from wholly-owned subsidiaries operating in their respective countries and surrounding geographic areas. This revenue is primarily denominated in each subsidiary’s local functional currency, including the euro and Japanese yen. A hypothetical change in foreign exchange rates of +/- 10.0% for the quarter and nine months ended September 30, 2017, would result in an increase (decrease) in revenue of approximately $1,100 and $2,300, respectively. These subsidiaries incur most of their expenses (other than intercompany expenses) in their local functional currencies.

~~At September 30, 2017, we held approximately $18,804 in cash, cash equivalents, and restricted cash, of which approximately $15,366 was held by certain of our subsidiaries in United States dollars.~~

Our management, ~~with the participation of~~including our Chief Executive Officer and ~~our~~ Chief Financial Officer, ~~evaluated~~performed an evaluation of the effectiveness of our disclosure controls and procedures ~~as of September 30, 2017. The term “disclosure controls and procedures,” as~~(as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange ~~Act, means~~Act) as of September 30, 2021. These controls and ~~other~~ procedures ~~of a company that~~ are designed to ~~ensure~~provide reasonable assurance that the information required to be disclosed ~~by a company~~ in the reports that ~~it files~~we file or ~~submits~~submit under the Exchange Act isare recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and ~~forms. Disclosure controls~~forms and ~~procedures include, without limitation, controls and procedures designed to ensure~~ that such information ~~required to be disclosed by a company in the reports that it files or submits under the Exchange Act~~ is accumulated and communicated to ~~the company’s~~our management, including ~~its principal executive~~our Chief Executive Officer and ~~principal financial officers, as appropriate~~Chief Financial Officer, in a manner to allow timely decisions regarding required disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost benefit relationship of possible controls and procedures.disclosures. Based on ~~this~~that evaluation, ~~management~~our Chief Executive Officer and Chief Financial Officer concluded ~~as of September 30, 2017,~~ that our disclosure controls and procedures were ~~not~~ effective ~~at the reasonable assurance level due to a material weakness~~as of September 30, 2021.

There were no changes in our internal control over financial reporting ~~as discussed in~~during the ~~Company’s Annual Report on Form 10-K filed on March 16, 2017.~~

~~As a result of the material weakness described in our Annual Report on Form 10-K, we performed additional analysis and other post-closing procedures~~three months ended September 30, 2021, that have materially affected, or are reasonably likely to ensure our condensed consolidated financial statements were prepared in accordance with GAAP. Accordingly, management believes that the financial statements and related notes thereto included in this report fairly present, in all material respects, our financial condition, results of operations and cash flows for the periods presented.

With oversight from our executive management and Audit Committee of our Board of Directors, we continue to address the identified material weakness in our information technology system platform specific to our ExOne GmbH subsidiary, in particular, how this information technology system platform impacts our accounting for inventories specific to ExOne GmbH. Our approach includes the identification and remediation of known errors in the original implementation of, and subsequent changes to, this information technology system platform in an effort to reduce certain manual processes and controls necessary to ensure accurate and timely reporting of operating results associated with this subsidiary. We expect this process to be completed by December 31, 2017.

~~We can provide no assurance at this time that management will be able to report that~~materially affect, our internal control over financial reporting will be effective as of December 31, 2017. As an EGC, we are exempt from the requirement to obtain an attestation report from our independent registered public accounting firm on the assessment of our internal controls pursuant to the Sarbanes-Oxley Act of 2002 until such time that we no longer qualify as an EGC.reporting.

On July 1, 2017, the Company (through its ExOne GmbH subsidiary) entered into a Settlement Agreement with Kocel Foundry Limited (also known as Kocel CSR Casting Company, Limited) and Kocel Group (Hong Kong) Limited (collectively, “Kocel”) relating to settlement of the arbitration case (no. 100019-2017) administered by the Swiss Chambers’ Arbitration Institution Notice of Arbitration, as filed by the Company on January 25, 2017. Among other things, the Settlement Agreement provided for a cash payment from ExOne GmbH to Kocel of approximately $811,335 and a settlement and release of claims related to a sales agreement between the parties for certain 3D printing machines and related equipment.

We are subject to various litigation, claims, and proceedings which have been or may be instituted or asserted from time to time in the ordinary course of business. ~~Other than the matter further described above, management~~Management does not believe that the outcome of any pending or threatened matters will have a material adverse effect, individually or in the aggregate, on our financial position, results of operations or cash flows.

There have been no material changes from the risk factors ~~as previously disclosed~~described in Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, ~~2016.~~2020, other than as follows:

On August 11, 2021, we entered into a Merger Agreement with DM. See Part I, Item 1. Notes to Condensed Consolidated Financial Statements - Note 1. Basis of Presentation of this report. There have been no material changes from the risk factors described in the proxy statement on Schedule 14A relating to the Mergers filed with the SEC on October 8, 2021 other than receiving clearance from the German Federal Ministry for Economic Affairs and Energy on October 20, 2021, the expiration of the HSR waiting period on October 28, 2021 and the approval of the Mergers by our stockholders on November 9, 2021.

Under the 2013 Equity Incentive Plan (the “Plan”), the Compensation Committee of the Board may require or permit participants under the Plan to elect net settlement upon the vesting of restricted stock awards under the Plan in order to satisfy the related tax withholding obligations. Under net settlement, we withhold from the shares that would otherwise be delivered to the participant such number of shares of our common stock having an aggregate fair market value equal to the tax withholding obligation. When we withhold these shares, we are required to remit to the appropriate taxing authorities the aggregate fair market value of the shares withheld, which could be deemed a purchase of the common shares by us on the date of withholding.

A summary of our deemed repurchases of shares of our common stock to satisfy tax withholding obligations related to the vesting of restricted stock, as described above, during the three months ended September 30, 2021 is as follows:

The Exhibits listed on the accompanying Index to Exhibits are filed as part of this Quarterly Report on Form 10-Q.

The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.

* Certain exhibits and schedules to this Agreement and Plan of Merger have been omitted pursuant to Item 601(b)(2) of Regulation S-K. The Company hereby undertakes to provide to the Securities and Exchange Commission copies of such documents upon request; provided, however, that the Company reserves the right to request confidential treatment for portions of any such documents.

28Each management contract and compensatory arrangement in which any director or any named executive officer participates has been marked withtwo asterisks (**).

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


Title of class	Trading symbol	Name of exchange on which registered
Common stock	XONE	The Nasdaq Stock Market

Large accelerated filer		☐		Accelerated filer	☐
Non-accelerated filer	☒		Smaller reporting company	☒

~~Non-accelerated filer~~		☐ ~~(Do not check if a small reporting company)~~		~~Small reporting company~~		☐

Emerging growth company		☒				☐

	Quarter Ended						Nine Months Ended
	September 30,						September 30,
	2017			2016			2017			2016
Balance at beginning of period	$	1,075		$	992		$	1,115		$	1,308
Provisions for new issuances		243			403			763			699
Payments		(174	)		(146	)		(427	)		(648	)
Reserve adjustments		(100	)		(89	)		(466	)		(235	)
Foreign currency translation adjustments		14			4			73			40
Balance at end of period	$	1,058		$	1,164		$	1,058		$	1,164

			Nine Months Ended
			September 30,
	February 10, 2017	August 14, 2017	2021	2020
Weighted average fair value per stock option	$5.46 - $5.75	$3.40 - $4.38	$19.04	$5.11 - $6.20
Volatility	62.89% - 63.75%	61.68% - 67.92%	71.1%	58.0% - 58.6%
Average risk-free interest rate	1.89% - 1.94%	1.40% - 1.82%	0.5%	0.2%
Dividend yield	0.00%	0.00%	0.0%	0.0%
Expected term (years)	5.0 - 5.5	2.5 - 5.5	3.5	3.5

	August 12, 2016		August 19, 2016
Weighted average fair value per stock option	$8.07		$7.97
Volatility		66.43%		66.24%
Average risk-free interest rate		1.18%		1.20%
Dividend yield		0.00%		0.00%
Expected term (years)		6.0		5.5


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐	TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

	September 30, 2021						December 31, 2020
	Principal		Unamortized Debt Issuance Costs		Net		Principal			Unamortized Debt Issuance Costs			Net
Paycheck Protection Program loan	$	—	$	—	$	—	$	2,194		$	—		$	2,194
Building note payable		—		—		—		1,226			(15	)		1,211
Less: Amount due within one year		—		—		—		(1,626	)		4			(1,622	)
	$	—	$	—	$	—	$	1,794		$	(11	)	$	1,783

~~Level 1~~		~~Observable inputs such as quoted prices in active markets for identical investments that~~of shares withheld to the taxing authority to satisfy tax withholding obligations. During the nine months ended September 30, 2021 and 2020, the ~~Company has the ability to access.~~

~~Level 2~~		~~Inputs include:~~

		~~Quoted prices for similar assets or liabilities in active markets;~~

		~~Quoted prices for identical or similar assets or liabilities in inactive markets;~~

		~~Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and~~

		~~Inputs that are derived principally from, or corroborated by, observable market data by correlation or other means.~~

~~Level 3~~		~~Inputs that are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability.~~

Period	Total number of shares purchased (a)		Average price paid per share		Total number of shares purchased as part of publicly announced plans or programs (a)		Maximum number (or approximate dollar value) of shares that may be purchased under the plans or programs (a)
July 1, 2021 - July 31, 2021		—	$	—		—	$	—
August 1, 2021 - August 31, 2021		412		18.15		—		—
September 1, 2021 - September 30, 2021		—		—		—		—
		412	$	18.15		—	$	—

Exhibit Number	Description	Method of Filing

2.1*	Agreement and Plan of Merger, dated as of August 11, 2021, by and among DM, Merger Sub I, Merger Sub II and the Company.	Incorporated by reference to Exhibit 2.1 of Form 8-K (#001-35806) filed on August 12, 2021.

3.1	Amended and Restated Bylaws.	Incorporated by reference to Exhibit 3.1 of Form 8-K (#001-35806) filed on August 12, 2021.

10.1	Change of Control Severance Plan, as amended August 8, 2018 and September 13, 2021.**	Filed herewith.

10.2	Form of Retention Bonus Award.**	Filed herewith.

31.1	Rule 13(a)-14(a) Certification of Principal Executive ~~At-Will Employment Agreement dated August 4, 2017, by and between The ExOne Company and JoEllen Lyons Dillon.~~Officer.	Filed herewith.
~~10.2~~	~~The ExOne Company Change of Control Severance Plan dated August 8, 2017.~~	~~Filed herewith.~~
~~31.1~~	~~Rule 13(a)-14(a) Certification of Principal Executive Officer.~~	~~Filed herewith.~~
31.2	Rule 13(a)-14(a) Certification of Principal Financial Officer.	Filed herewith.

32	Section 1350 Certification of Principal Executive Officer and Principal Financial Officer.	Filed herewith.

101.INS	Inline XBRL Instance ~~Document.~~Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.	Filed herewith.

101.SCH	Inline XBRL Taxonomy Extension Schema Document.	Filed herewith.

101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document.	Filed herewith.

101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.	Filed herewith.

101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document.	Filed herewith.

101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.	Filed herewith.

104	Inline XBRL for the cover page of this Quarterly Report on Form 10-Q, included in the Exhibit 101 Inline XBRL Document Set.	Filed herewith.

The ExOne Company

By:		/s/ ~~James L. McCarley~~John F. Hartner
	~~James L. McCarley~~	John F. Hartner
		Chief Executive Officer
		(Principal Executive Officer)

Date:		November ~~9, 2017~~12, 2021

By:		/s/ ~~Brian W. Smith~~Douglas D. Zemba
	~~Brian W. Smith~~	Douglas D. Zemba
		Chief Financial Officer
		(Principal Financial Officer and Principal Accounting Officer)

Date:		November ~~9, 2017~~12, 2021