| Delaware (State or other jurisdiction of incorporation or organization) | | | 3559 (Primary Standard Industrial Classification Code Number) | | | 83-2044042 (I.R.S. Employer Identification No.) | |
| Large accelerated filer ☐ | | | Accelerated filer ☐ | |
| Non-accelerated filer ☒ | | | Smaller reporting company ☒ | |
| | | | Emerging growth company ☒ | |
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Title of Each Class of Securities to Be Registered | | | | Amount to be Registered(1)(2) | | | | Proposed Maximum Offering Price Per Share(3) | | | | Proposed Maximum Aggregate Offering Price(3) | | | | Amount of Registration Fee(3) | | | | | Amount to be Registered(1)(2) | | | | Proposed Maximum Offering Price Per Share(3) | | | | Proposed Maximum Aggregate Offering Price(3) | | | | Amount of Registration Fee(3) | | ||||||||||||||||||||||||
Class A common stock, par value $0.0001 per share | | | | | | 2,492,249 | | | | | | $ | 12.50 | | | | | | $ | 31,153,113 | | | | | | $ | 3,399 | | | | | | | | 3,376,696 | | | | | | $ | 10.85 | | | | | | $ | 36,620,269.00 | | | | | | $ | 3,996.00 | | |
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| | | | F-1 | | |
| | | Desktop Metal (Historical) | | | EnvisionTEC (Historical) | | | Transaction Accounting Adjustments | | | Note References | | | Pro Forma Combined | | ||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Products | | | | $ | 13,718 | | | | | $ | 40,874 | | | | | $ | — | | | | | | | | $ | 54,592 | | |
Services | | | | | 2,752 | | | | | | 1,258 | | | | | | (192) | | | | 4(e) | | | | | 3,818 | | |
Total revenues | | | | | 16,470 | | | | | | 42,132 | | | | | | (192) | | | | | | | | | 58,410 | | |
Cost of sales | | | | | | | | | | | | | | | | | — | | | | | | | | | — | | |
Products | | | | | 26,945 | | | | | | 18,378 | | | | | | 9,806 | | | | 4(a). 4(c) 4(d) | | | | | 55,129 | | |
Services | | | | | 4,574 | | | | | | 151 | | | | | | — | | | | | | | | | 4,725 | | |
Total cost of sales | | | | | 31,519 | | | | | | 18,529 | | | | | | 9,806 | | | | | | | | | 59,854 | | |
Gross margin | | | | | (15,049) | | | | | | 23,603 | | | | | | (9,998) | | | | | | | | | (1,444) | | |
Operating expenses: | | | | | | | | | | | | | | | | | — | | | | | | | | | — | | |
Research and development | | | | | 43,136 | | | | | | 4,270 | | | | | | 9 | | | | 4(c) | | | | | 47,415 | | |
Sales and marketing | | | | | 13,136 | | | | | | 3,087 | | | | | | 5,111 | | | | 4(a). 4(c) | | | | | 21,334 | | |
General and administrative | | | | | 20,734 | | | | | | 5,755 | | | | | | 671 | | | | 4(a), 4(c) | | | | | 27,160 | | |
Total Operating Expenses | | | | | 77,006 | | | | | | 13,112 | | | | | | 5,791 | | | | | | | | | 95,909 | | |
Profit/(Loss) from Operations | | | | | (92,055) | | | | | | 10,491 | | | | | | (15,789) | | | | | | | | | (97,353) | | |
Change in fair value of warrant liability | | | | | 56,417 | | | | | | — | | | | | | — | | | | | | | | | 56,417 | | |
Interest expense | | | | | (328) | | | | | | — | | | | | | — | | | | | | | | | (328) | | |
Interest and other income, net | | | | | 1,011 | | | | | | 755 | | | | | | — | | | | | | | | | 1,766 | | |
Profit/(Loss) before income taxes | | | | | (34,955) | | | | | | 11,246 | | | | | | (15,789) | | | | | | | | | (39,498) | | |
Income tax benefit | | | | | 940 | | | | | | (380) | | | | | | 27,920 | | | | 4(b) | | | | | 28,480 | | |
Net Profit/(Loss) | | | | $ | (34,015) | | | | | $ | 10,866 | | | | | $ | 12,131 | | | | | | | | $ | (11,018) | | |
Shares used to compute earnings per share – basic and diluated | | | | | 157,906 | | | | | | — | | | | | | 5,036 | | | | | | | | | 162,942 | | |
Net Profit/Loss per share – basic and diluted | | | | $ | (0.22) | | | | | $ | — | | | | | $ | — | | | | | | | | $ | (0.07) | | |
| | | Desktop Metal(A) | | | EnvisionTEC (Historical) January 1, 2021 to February 15, 2021(B) | | | Transaction Accounting Adjustments | | | Note References | | | Pro Forma Combined | | ||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Products | | | | $ | 10,311 | | | | | $ | 3,239 | | | | | $ | — | | | | | | | | $ | 13,550 | | |
Services | | | | | 1,002 | | | | | | 57 | | | | | | (1) | | | | 4(e) | | | | | 1,058 | | |
Total revenues | | | | | 11,313 | | | | | | 3,296 | | | | | | (1) | | | | | | | | | 14,608 | | |
Cost of sales | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Products | | | | | 10,487 | | | | | | 4,246 | | | | | | 288 | | | | 4(a). 4(c) 4(d) | | | | | 15,021 | | |
Services | | | | | 1,413 | | | | | | 32 | | | | | | — | | | | | | | | | 1,445 | | |
Total cost of sales | | | | | 11,900 | | | | | | 4,278 | | | | | | 288 | | | | | | | | | 16,466 | | |
Gross margin | | | | | (587) | | | | | | (982) | | | | | | (289) | | | | | | | | | (1,858) | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development | | | | | 10,858 | | | | | | 515 | | | | | | 6 | | | | 4(c) | | | | | 11,379 | | |
Sales and marketing | | | | | 5,449 | | | | | | 513 | | | | | | 665 | | | | 4(a). 4(c) | | | | | 6,627 | | |
General and administrative | | | | | 13,846 | | | | | | 1,571 | | | | | | 105 | | | | 4(a), 4(c) | | | | | 15,522 | | |
Total Operating Expenses | | | | | 30,153 | | | | | | 2,599 | | | | | | 776 | | | | | | | | | 33,528 | | |
Loss from Operations | | | | | (30,740) | | | | | | (3,581) | | | | | | (1,065) | | | | | | | | | (35,386) | | |
Change in fair value of warrant liability | | | | | (56,576) | | | | | | — | | | | | | — | | | | | | | | | (56,576) | | |
Interest expense | | | | | (73) | | | | | | — | | | | | | — | | | | | | | | | (73) | | |
Interest and other income, net | | | | | 361 | | | | | | 152 | | | | | | — | | | | | | | | | 513 | | |
Loss before income taxes | | | | | (87,028) | | | | | | (3,429) | | | | | | (1,065) | | | | | | | | | (91,522) | | |
Income tax benefit | | | | | 27,920 | | | | | | (58) | | | | | | (27,920) | | | | 4(b) | | | | | (58) | | |
Net Loss | | | | $ | (59,108) | | | | | $ | (3,487) | | | | | $ | (28,985) | | | | | | | | $ | (91,580) | | |
Shares used to compute earnings per share – basic and diluted | | | | | 238,244 | | | | | | — | | | | | | 2,490 | | | | | | | | | 240,734 | | |
Net Profit/Loss per share – basic and diluted | | | | $ | (0.25) | | | | | $ | — | | | | | $ | — | | | | | | | | $ | (0.38) | | |
| Amount (In thousands) | | | Presentation in EnvisionTEC’s Financial Statements | | | Presentation in Unaudited Pro Forma Condensed Combined Financial Information | |
| $40,874 | | | Net revenue | | | Revenues – Products | |
| 1,258 | | | Net revenue | | | Revenues – Services | |
| 18,378 | | | Cost of goods sold | | | Cost of sales – Products | |
| 151 | | | Cost of goods sold | | | Cost of sales – Services | |
| 3,087 | | | Selling, general and administrative | | | Sales and marketing | |
| 5,755 | | | Selling, general and administrative | | | General and administrative | |
| 755 | | | Other income | | | Interest and other income, net | |
| | | December 31, 2020 | | |||
Cash consideration | | | | $ | 143,795 | | |
Issuance of Desktop Metal shares | | | | | 159,847 | | |
Total purchase price | | | | $ | 303,642 | | |
| | | December 31, 2020 | | |||
Net book value of net assets acquired | | | | $ | 38,737 | | |
Adjustments to: | | | | | | | |
Intangible assets | | | | | 136,755 | | |
Step-up of inventory value | | | | | 871 | | |
Deferred revenue haircut | | | | | 192 | | |
Deferred tax | | | | | (33,348) | | |
Extinguishment of related party loan payable | | | | | 207 | | |
Write-off historical capitalized software | | | | | (31) | | |
Goodwill | | | | | 160,259 | | |
Total consideration | | | | $ | 303,642 | | |
Description | | | Useful Life | | | Fair Value | | | Balance Sheet Classification | | ||||||
Customer relationships | | | | | 10 | | | | | $ | 50,900 | | | | Intangible assets, net | |
Acquired technology | | | 7 – 12 | | | | | 77,800 | | | | Intangible assets, net | | |||
Trade name | | | | | 13 | | | | | | 8,600 | | | | Intangible assets, net | |
Total identifiable intangible assets | | | | | | | | | | $ | 137,300 | | | | | |
(in thousands, except share and per share data) | | | Year Ended December 31, 2020 | | | Three Months Ended March 31, 2021 | | ||||||
Pro forma net loss | | | | $ | (11,018) | | | | | $ | (91,580) | | |
Pro forma weighted average shares outstanding – basic and diluted | | | | | 162,942,142 | | | | | | 240,733,775 | | |
Pro forma EPS – basic and diluted | | | | $ | (0.07) | | | | | $ | (0.38) | | |
Pro forma weighted average shares outstanding – basic and diluted | | | | | | | | | |||||
Desktop Metal Weighted Average Shares Outstanding | | | | | 157,906,000 | | | | | | 238,244,000 | | |
EnvisionTEC Shares Issued Pro Forma Adjustment | | | | | 5,036,142 | | | | | | 2,489,778 | | |
Pro Forma Combined Shares | | | | | 162,942,142 | | | | | | 240,733,778 | | |
| | | For the Three Months Ended March 31, | | | Change in Revenues | | ||||||||||||||||||||||||||||||
| | | 2021 | | | 2020 | | ||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Revenue | | | % of Total | | | Revenue | | | % of Total | | | $ | | | % | | ||||||||||||||||||
Products Revenue | | | | $ | 10,311 | | | | | | 91% | | | | | $ | 2,694 | | | | | | 80% | | | | | $ | 7,617 | | | | | | 283% | | |
Services Revenue | | | | | 1,002 | | | | | | 9% | | | | | | 691 | | | | | | 20% | | | | | | 311 | | | | | | 45% | | |
Total Revenue | | | | $ | 11,313 | | | | | | 100% | | | | | $ | 3,385 | | | | | | 100% | | | | | $ | 7,928 | | | | | | 234% | | |
| | | For the Three Months Ended March 31, | | | Change in Revenue | | ||||||||||||||||||||||||||||||
| | | 2021 | | | 2020 | | ||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Revenue | | | % of Total | | | Revenue | | | % of Total | | | $ | | | % | | ||||||||||||||||||
Americas | | | | $ | 6,559 | | | | | | 58% | | | | | $ | 1,229 | | | | | | 36% | | | | | $ | 5,330 | | | | | | 434% | | |
EMEA (Europe, the Middle East and Africa) | | | | | 2,741 | | | | | | 24% | | | | | | 1,851 | | | | | | 55% | | | | | | 890 | | | | | | 48% | | |
APAC (Asia-Pacific) | | | | | 2,013 | | | | | | 18% | | | | | | 305 | | | | | | 9% | | | | | | 1,708 | | | | | | 560% | | |
Total Revenue | | | | $ | 11,313 | | | | | | 100% | | | | | $ | 3,385 | | | | | | 100% | | | | | $ | 7,928 | | | | | | 234% | | |
| | | For the Three Months Ended March 31, | | | Change in Gross Profit | | ||||||||||||||||||
| | | 2021 | | | 2020 | | ||||||||||||||||||
(Dollars in thousands) | | | Gross Profit (Loss) | | | $ | | | % | | |||||||||||||||
Products | | | | $ | (176) | | | | | $ | (2,347) | | | | | $ | 2,171 | | | | | | 93% | | |
Services | | | | | (411) | | | | | | (472) | | | | | | 61 | | | | | | 13% | | |
Total | | | | $ | (587) | | | | | $ | (2,819) | | | | | $ | 2,232 | | | | | | 79% | | |
| | | For the Three Months Ended March 31, | | | Change in Gross Margin | | ||||||||||||||||||
| | | 2021 | | | 2020 | | ||||||||||||||||||
(Dollars in thousands) | | | Gross Margin | | | Percentage Points | | | % | | |||||||||||||||
Products | | | | | (2)% | | | | | | (87)% | | | | | | 0.85 | | | | | | 98% | | |
Services | | | | | (41)% | | | | | | (68)% | | | | | | 0.27 | | | | | | 40% | | |
Total | | | | | (5)% | | | | | | (83)% | | | | | | 0.78 | | | | | | 94% | | |
| | | For the Years Ended December 31, | | | Change in Revenues | | ||||||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | ||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Revenue | | | % of Total | | | Revenue | | | % of Total | | | $ | | | % | | ||||||||||||||||||
Product Revenue | | | | $ | 13,718 | | | | | | 83% | | | | | $ | 22,758 | | | | | | 86% | | | | | $ | (9,040) | | | | | | (40)% | | |
Service Revenue | | | | | 2,752 | | | | | | 17% | | | | | | 3,681 | | | | | | 14% | | | | | | (929) | | | | | | (25)% | | |
Total Revenue | | | | $ | 16,470 | | | | | | 100% | | | | | $ | 26,439 | | | | | | 100% | | | | | $ | (9,969) | | | | | | (38)% | | |
| | | For the Years Ended December 31, | | | Change in Revenues | | ||||||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | ||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Revenue | | | % of Total | | | Revenue | | | % of Total | | | $ | | | % | | ||||||||||||||||||
Americas | | | | $ | 6,665 | | | | | | 40% | | | | | $ | 15,801 | | | | | | 60% | | | | | $ | (9,136) | | | | | | (58)% | | |
EMEA (Europe, the Middle East and Africa) | | | | | 7,788 | | | | | | 47% | | | | | | 8,993 | | | | | | 34% | | | | | | (1,205) | | | | | | (13)% | | |
APAC (Asia-Pacific) | | | | | 2,017 | | | | | | 12% | | | | | | 1,645 | | | | | | 6% | | | | | | 372 | | | | | | 23% | | |
Total Revenue | | | | $ | 16,470 | | | | | | 100% | | | | | $ | 26,439 | | | | | | 100% | | | | | $ | (9,969) | | | | | | (38)% | | |
| | | For the Years Ended December 31, | | | Change in Gross Loss | | ||||||||||||||||||
| | | 2020 | | | 2019 | | ||||||||||||||||||
(Dollars in thousands) | | | Gross Loss | | | $ | | | % | | |||||||||||||||
Products | | | | $ | (13,227) | | | | | $ | (22,510) | | | | | $ | 9,283 | | | | | | 41% | | |
Services | | | | | (1,822) | | | | | | (1,847) | | | | | | 25 | | | | | | 1% | | |
Total | | | | $ | (15,049) | | | | | $ | (24,357) | | | | | $ | 9,308 | | | | | | 38% | | |
| | | For the Years Ended December 31, | | | Change in Gross Margin | | ||||||||||||||||||
| | | 2020 | | | 2019 | | ||||||||||||||||||
(Dollars in thousands) | | | Gross Margin | | | Percentage Points | | | % | | |||||||||||||||
Products | | | | | (96)% | | | | | | (99)% | | | | | | 0.03 | | | | | | 3% | | |
Services | | | | | (66)% | | | | | | (50)% | | | | | | (0.16) | | | | | | (32)% | | |
Total | | | | | (91)% | | | | | | (92)% | | | | | | 0.01 | | | | | | 1% | | |
| | | For the Three Months Ended March 31, | | |||||||||
(Dollars in thousands) | | | 2021 | | | 2020 | | ||||||
GAAP gross margin | | | | $ | (587) | | | | | $ | (2,819) | | |
Stock-based compensation included in cost of sales | | | | | 117 | | | | | | 100 | | |
Amortization of acquired intangible assets included in cost of sales | | | | | 1,091 | | | | | | — | | |
Non-GAAP gross margin | | | | $ | 621 | | | | | $ | (2,719) | | |
GAAP operating loss | | | | $ | (30,740) | | | | | $ | (22,278) | | |
Stock-based compensation | | | | | 2,217 | | | | | | 1,259 | | |
Amortization of acquired intangible assets included in cost of sales | | | | | 1,091 | | | | | | — | | |
Amortization of acquired intangibles assets | | | | | 1,208 | | | | | | 164 | | |
Acquisition-related and other transactional charges included in general and administrative expenses | | | | | 4,984 | | | | | | — | | |
Non-GAAP operating loss | | | | $ | (21,240) | | | | | $ | (20,855) | | |
GAAP net loss | | | | $ | (59,108) | | | | | $ | (21,804) | | |
Stock-based compensation | | | | | 2,217 | | | | | | 1,259 | | |
Amortization of acquired intangible assets included in cost of sales | | | | | 1,091 | | | | | | — | | |
Amortization of acquired intangibles assets | | | | | 1,208 | | | | | | 164 | | |
Acquisition-related and other transactional charges included in general and administrative expenses | | | | | 4,984 | | | | | | — | | |
Change in fair value of warrant liability | | | | | 56,576 | | | | | | — | | |
Non-GAAP net loss . | | | | $ | 6,968 | | | | | $ | (20,381) | | |
| | | For the Three Months Ended March 31, | | |||||||||
(Dollars in thousands) | | | 2021 | | | 2020 | | ||||||
Net loss attributable to common stockholders | | | | $ | (59,108) | | | | | $ | (21,804) | | |
Interest (income) expense, net | | | | | (42) | | | | | | (478) | | |
Income tax benefit | | | | | (27,920) | | | | | | — | | |
Depreciation and amortization | | | | | 3,892 | | | | | | 2,321 | | |
EBITDA | | | | | (83,178) | | | | | | (19,961) | | |
Change in fair value of warrant liability | | | | | 56,576 | | | | | | — | | |
Stock compensation expense | | | | | 2,217 | | | | | | 1,259 | | |
Warrant expense | | | | | — | | | | | | 139 | | |
Transaction costs associated with acquisitions | | | | | 4,984 | | | | | | — | | |
Adjusted EBITDA | | | | $ | (19,401) | | | | | $ | (18,563) | | |
| | | For the Years Ended December 31, | | |||||||||
(Dollars in thousands) | | | 2020 | | | 2019 | | ||||||
Net loss attributable to common stockholders | | | | $ | (34,015) | | | | | $ | (103,596) | | |
Interest (income) expense, net | | | | | (610) | | | | | | (3,993) | | |
Income tax benefit | | | | | (940) | | | | | | — | | |
Depreciation and amortization | | | | | 8,589 | | | | | | 8,087 | | |
EBITDA | | | | | (26,976) | | | | | | (99,502) | | |
Change in fair value of warrant liability | | | | | (56,417) | | | | | | — | | |
Stock compensation expense | | | | | 8,006 | | | | | | 5,215 | | |
Warrant expense | | | | | 1,915 | | | | | | 1,038 | | |
Adjusted EBITDA | | | | $ | (73,472) | | | | | $ | (93,249) | | |
| | | For the Three Months Ended March 31, | | |||||||||
(Dollars in thousands) | | | 2021 | | | 2020 | | ||||||
Net cash used in operating activities | | | | $ | (41,129) | | | | | $ | (22,434) | | |
Net cash used in investing activities | | | | | (182,053) | | | | | | 30,680 | | |
Net cash provided by financing activities | | | | | 157,195 | | | | | | 132 | | |
Net change in cash, cash equivalents, and restricted cash | | | | $ | (65,987) | | | | | $ | 8,378 | | |
| | | For the Years Ended December 31, | | |||||||||
(Dollars in thousands) | | | 2020 | | | 2019 | | ||||||
Net cash used in operating activities | | | | $ | (80,575) | | | | | $ | (97,202) | | |
Net cash used in investing activities | | | | | (36,983) | | | | | | (26,032) | | |
Net cash provided by financing activities | | | | | 534,922 | | | | | | 160,352 | | |
Net change in cash, cash equivalents, and restricted cash | | | | $ | 417,364 | | | | | $ | 37,118 | | |
Grant Date | | | Number of Share Options Granted | | | Exercise Price per Share | | | Estimated Fair Value per Share of Common Stock | | | Weighted-Average Estimated Fair Value per Share of Options | | ||||||||||||
March 1, 2019 | | | | | 1,555,218 | | | | | $ | 3.34 | | | | | $ | 3.34 | | | | | $ | 1.76 | | |
May 8, 2019 | | | | | 1,137,463 | | | | | $ | 3.34 | | | | | $ | 3.34 | | | | | $ | 1.75 | | |
September 18, 2019 | | | | | 723,103 | | | | | $ | 3.34 | | | | | $ | 3.34 | | | | | $ | 1.70 | | |
November 13, 2019 | | | | | 701,957 | | | | | $ | 3.34 | | | | | $ | 3.34 | | | | | $ | 1.71 | | |
March 12, 2020 | | | | | 473,625 | | | | | $ | 3.34 | | | | | $ | 3.34 | | | | | $ | 1.65 | | |
June 11, 2020 | | | | | 4,176,283 | | | | | $ | 1.40 | | | | | $ | 1.40 | | | | | $ | 0.70 | | |
July 14, 2020 | | | | | 3,087,308 | | | | | $ | 1.40 | | | | | $ | 7.98 | | | | | $ | 6.87 | | |
August 5, 2020 | | | | | 713,803 | | | | | $ | 1.40 | | | | | $ | 7.98 | | | | | $ | 6.78 | | |
| | | For the Three Months Ended March 31, | | | Change in Revenues | | ||||||||||||||||||||||||||||||
| | | 2021 | | | 2020 | | ||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Revenue | | | % of Total | | | Revenue | | | % of Total | | | $ | | | % | | ||||||||||||||||||
Products Revenue | | | | $ | 10,311 | | | | | | 91% | | | | | $ | 2,694 | | | | | | 80% | | | | | $ | 7,617 | | | | | | 283% | | |
Services Revenue | | | | | 1,002 | | | | | | 9% | | | | | | 691 | | | | | | 20% | | | | | | 311 | | | | | | 45% | | |
Total Revenue | | | | $ | 11,313 | | | | | | 100% | | | | | $ | 3,385 | | | | | | 100% | | | | | $ | 7,928 | | | | | | 234% | | |
| | | For the Three Months Ended March 31, | | | Change in Revenue | | ||||||||||||||||||||||||||||||
| | | 2021 | | | 2020 | | ||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Revenue | | | % of Total | | | Revenue | | | % of Total | | | $ | | | % | | ||||||||||||||||||
Americas | | | | $ | 6,559 | | | | | | 58% | | | | | $ | 1,229 | | | | | | 36% | | | | | $ | 5,330 | | | | | | 434% | | |
EMEA (Europe, the Middle East and Africa) | | | | | 2,741 | | | | | | 24% | | | | | | 1,851 | | | | | | 55% | | | | | | 890 | | | | | | 48% | | |
APAC (Asia-Pacific) | | | | | 2,013 | | | | | | 18% | | | | | | 305 | | | | | | 9% | | | | | | 1,708 | | | | | | 560% | | |
Total Revenue | | | | $ | 11,313 | | | | | | 100% | | | | | $ | 3,385 | | | | | | 100% | | | | | $ | 7,928 | | | | | | 234% | | |
| | | For the Three Months Ended March 31, | | | Change in Gross Profit | | ||||||||||||||||||
| | | 2021 | | | 2020 | | ||||||||||||||||||
(Dollars in thousands) | | | Gross Profit (Loss) | | | $ | | | % | | |||||||||||||||
Products | | | | $ | (176) | | | | | $ | (2,347) | | | | | $ | 2,171 | | | | | | 93% | | |
Services | | | | | (411) | | | | | | (472) | | | | | | 61 | | | | | | 13% | | |
Total | | | | $ | (587) | | | | | $ | (2,819) | | | | | $ | 2,232 | | | | | | 79% | | |
| | | For the Three Months Ended March 31, | | | Change in Gross Margin | | ||||||||||||||||||
| | | 2021 | | | 2020 | | ||||||||||||||||||
(Dollars in thousands) | | | Gross Margin | | | Percentage Points | | | % | | |||||||||||||||
Products | | | | | (2)% | | | | | | (87)% | | | | | | 0.85 | | | | | | 98% | | |
Services | | | | | (41)% | | | | | | (68)% | | | | | | 0.27 | | | | | | 40% | | |
Total | | | | | (5)% | | | | | | (83)% | | | | | | 0.78 | | | | | | 94% | | |
| | | For the Years Ended December 31, | | | Change in Revenues | | ||||||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | ||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Revenue | | | % of Total | | | Revenue | | | % of Total | | | $ | | | % | | ||||||||||||||||||
Product Revenue | | | | $ | 13,718 | | | | | | 83% | | | | | $ | 22,758 | | | | | | 86% | | | | | $ | (9,040) | | | | | | (40)% | | |
Service Revenue | | | | | 2,752 | | | | | | 17% | | | | | | 3,681 | | | | | | 14% | | | | | | (929) | | | | | | (25)% | | |
Total Revenue | | | | $ | 16,470 | | | | | | 100% | | | | | $ | 26,439 | | | | | | 100% | | | | | $ | (9,969) | | | | | | (38)% | | |
| | | For the Years Ended December 31, | | | Change in Revenues | | ||||||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | ||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Revenue | | | % of Total | | | Revenue | | | % of Total | | | $ | | | % | | ||||||||||||||||||
Americas | | | | $ | 6,665 | | | | | | 40% | | | | | $ | 15,801 | | | | | | 60% | | | | | $ | (9,136) | | | | | | (58)% | | |
EMEA (Europe, the Middle East and Africa) | | | | | 7,788 | | | | | | 47% | | | | | | 8,993 | | | | | | 34% | | | | | | (1,205) | | | | | | (13)% | | |
APAC (Asia-Pacific) | | | | | 2,017 | | | | | | 12% | | | | | | 1,645 | | | | | | 6% | | | | | | 372 | | | | | | 23% | | |
Total Revenue | | | | $ | 16,470 | | | | | | 100% | | | | | $ | 26,439 | | | | | | 100% | | | | | $ | (9,969) | | | | | | (38)% | | |
| | | For the Years Ended December 31, | | | Change in Gross Loss | | ||||||||||||||||||
| | | 2020 | | | 2019 | | ||||||||||||||||||
(Dollars in thousands) | | | Gross Loss | | | $ | | | % | | |||||||||||||||
Products | | | | $ | (13,227) | | | | | $ | (22,510) | | | | | $ | 9,283 | | | | | | 41% | | |
Services | | | | | (1,822) | | | | | | (1,847) | | | | | | 25 | | | | | | 1% | | |
Total | | | | $ | (15,049) | | | | | $ | (24,357) | | | | | $ | 9,308 | | | | | | 38% | | |
| | | For the Years Ended December 31, | | | Change in Gross Margin | | ||||||||||||||||||
| | | 2020 | | | 2019 | | ||||||||||||||||||
(Dollars in thousands) | | | Gross Margin | | | Percentage Points | | | % | | |||||||||||||||
Products | | | | | (96)% | | | | | | (99)% | | | | | | 0.03 | | | | | | 3% | | |
Services | | | | | (66)% | | | | | | (50)% | | | | | | (0.16) | | | | | | (32)% | | |
Total | | | | | (91)% | | | | | | (92)% | | | | | | 0.01 | | | | | | 1% | | |
| | | For the Three Months Ended March 31, | | |||||||||
(Dollars in thousands) | | | 2021 | | | 2020 | | ||||||
GAAP gross margin | | | | $ | (587) | | | | | $ | (2,819) | | |
Stock-based compensation included in cost of sales | | | | | 117 | | | | | | 100 | | |
Amortization of acquired intangible assets included in cost of sales | | | | | 1,091 | | | | | | — | | |
Non-GAAP gross margin | | | | $ | 621 | | | | | $ | (2,719) | | |
GAAP operating loss | | | | $ | (30,740) | | | | | $ | (22,278) | | |
Stock-based compensation | | | | | 2,217 | | | | | | 1,259 | | |
Amortization of acquired intangible assets included in cost of sales | | | | | 1,091 | | | | | | — | | |
Amortization of acquired intangibles assets | | | | | 1,208 | | | | | | 164 | | |
Acquisition-related and other transactional charges included in general and administrative expenses | | | | | 4,984 | | | | | | — | | |
Non-GAAP operating loss | | | | $ | (21,240) | | | | | $ | (20,855) | | |
GAAP net loss | | | | $ | (59,108) | | | | | $ | (21,804) | | |
Stock-based compensation | | | | | 2,217 | | | | | | 1,259 | | |
Amortization of acquired intangible assets included in cost of sales | | | | | 1,091 | | | | | | — | | |
Amortization of acquired intangibles assets | | | | | 1,208 | | | | | | 164 | | |
Acquisition-related and other transactional charges included in general and administrative expenses | | | | | 4,984 | | | | | | — | | |
Change in fair value of warrant liability | | | | | 56,576 | | | | | | — | | |
Non-GAAP net loss . | | | | $ | 6,968 | | | | | $ | (20,381) | | |
| | | For the Three Months Ended March 31, | | |||||||||
(Dollars in thousands) | | | 2021 | | | 2020 | | ||||||
Net loss attributable to common stockholders | | | | $ | (59,108) | | | | | $ | (21,804) | | |
Interest (income) expense, net | | | | | (42) | | | | | | (478) | | |
Income tax benefit | | | | | (27,920) | | | | | | — | | |
Depreciation and amortization | | | | | 3,892 | | | | | | 2,321 | | |
EBITDA | | | | | (83,178) | | | | | | (19,961) | | |
Change in fair value of warrant liability | | | | | 56,576 | | | | | | — | | |
Stock compensation expense | | | | | 2,217 | | | | | | 1,259 | | |
Warrant expense | | | | | — | | | | | | 139 | | |
Transaction costs associated with acquisitions | | | | | 4,984 | | | | | | — | | |
Adjusted EBITDA | | | | $ | (19,401) | | | | | $ | (18,563) | | |
| | | For the Years Ended December 31, | | |||||||||
(Dollars in thousands) | | | 2020 | | | 2019 | | ||||||
Net loss attributable to common stockholders | | | | $ | (34,015) | | | | | $ | (103,596) | | |
Interest (income) expense, net | | | | | (610) | | | | | | (3,993) | | |
Income tax benefit | | | | | (940) | | | | | | — | | |
Depreciation and amortization | | | | | 8,589 | | | | | | 8,087 | | |
EBITDA | | | | | (26,976) | | | | | | (99,502) | | |
Change in fair value of warrant liability | | | | | (56,417) | | | | | | — | | |
Stock compensation expense | | | | | 8,006 | | | | | | 5,215 | | |
Warrant expense | | | | | 1,915 | | | | | | 1,038 | | |
Adjusted EBITDA | | | | $ | (73,472) | | | | | $ | (93,249) | | |
| | | For the Three Months Ended March 31, | | |||||||||
(Dollars in thousands) | | | 2021 | | | 2020 | | ||||||
Net cash used in operating activities | | | | $ | (41,129) | | | | | $ | (22,434) | | |
Net cash used in investing activities | | | | | (182,053) | | | | | | 30,680 | | |
Net cash provided by financing activities | | | | | 157,195 | | | | | | 132 | | |
Net change in cash, cash equivalents, and restricted cash | | | | $ | (65,987) | | | | | $ | 8,378 | | |
| | | For the Years Ended December 31, | | |||||||||
(Dollars in thousands) | | | 2020 | | | 2019 | | ||||||
Net cash used in operating activities | | | | $ | (80,575) | | | | | $ | (97,202) | | |
Net cash used in investing activities | | | | | (36,983) | | | | | | (26,032) | | |
Net cash provided by financing activities | | | | | 534,922 | | | | | | 160,352 | | |
Net change in cash, cash equivalents, and restricted cash | | | | $ | 417,364 | | | | | $ | 37,118 | | |
Grant Date | | | Number of Share Options Granted | | | Exercise Price per Share | | | Estimated Fair Value per Share of Common Stock | | | Weighted-Average Estimated Fair Value per Share of Options | | ||||||||||||
March 1, 2019 | | | | | 1,555,218 | | | | | $ | 3.34 | | | | | $ | 3.34 | | | | | $ | 1.76 | | |
May 8, 2019 | | | | | 1,137,463 | | | | | $ | 3.34 | | | | | $ | 3.34 | | | | | $ | 1.75 | | |
September 18, 2019 | | | | | 723,103 | | | | | $ | 3.34 | | | | | $ | 3.34 | | | | | $ | 1.70 | | |
November 13, 2019 | | | | | 701,957 | | | | | $ | 3.34 | | | | | $ | 3.34 | | | | | $ | 1.71 | | |
March 12, 2020 | | | | | 473,625 | | | | | $ | 3.34 | | | | | $ | 3.34 | | | | | $ | 1.65 | | |
June 11, 2020 | | | | | 4,176,283 | | | | | $ | 1.40 | | | | | $ | 1.40 | | | | | $ | 0.70 | | |
July 14, 2020 | | | | | 3,087,308 | | | | | $ | 1.40 | | | | | $ | 7.98 | | | | | $ | 6.87 | | |
August 5, 2020 | | | | | 713,803 | | | | | $ | 1.40 | | | | | $ | 7.98 | | | | | $ | 6.78 | | |
| | | For the Three Months Ended March 31, | | | Change in Revenues | | ||||||||||||||||||||||||||||||
| | | 2021 | | | 2020 | | ||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Revenue | | | % of Total | | | Revenue | | | % of Total | | | $ | | | % | | ||||||||||||||||||
Products Revenue | | | | $ | 10,311 | | | | | | 91% | | | | | $ | 2,694 | | | | | | 80% | | | | | $ | 7,617 | | | | | | 283% | | |
Services Revenue | | | | | 1,002 | | | | | | 9% | | | | | | 691 | | | | | | 20% | | | | | | 311 | | | | | | 45% | | |
Total Revenue | | | | $ | 11,313 | | | | | | 100% | | | | | $ | 3,385 | | | | | | 100% | | | | | $ | 7,928 | | | | | | 234% | | |
| | | For the Three Months Ended March 31, | | | Change in Revenue | | ||||||||||||||||||||||||||||||
| | | 2021 | | | 2020 | | ||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Revenue | | | % of Total | | | Revenue | | | % of Total | | | $ | | | % | | ||||||||||||||||||
Americas | | | | $ | 6,559 | | | | | | 58% | | | | | $ | 1,229 | | | | | | 36% | | | | | $ | 5,330 | | | | | | 434% | | |
EMEA (Europe, the Middle East and Africa) | | | | | 2,741 | | | | | | 24% | | | | | | 1,851 | | | | | | 55% | | | | | | 890 | | | | | | 48% | | |
APAC (Asia-Pacific) | | | | | 2,013 | | | | | | 18% | | | | | | 305 | | | | | | 9% | | | | | | 1,708 | | | | | | 560% | | |
Total Revenue | | | | $ | 11,313 | | | | | | 100% | | | | | $ | 3,385 | | | | | | 100% | | | | | $ | 7,928 | | | | | | 234% | | |
| | | For the Three Months Ended March 31, | | | Change in Gross Profit | | ||||||||||||||||||
| | | 2021 | | | 2020 | | ||||||||||||||||||
(Dollars in thousands) | | | Gross Profit (Loss) | | | $ | | | % | | |||||||||||||||
Products | | | | $ | (176) | | | | | $ | (2,347) | | | | | $ | 2,171 | | | | | | 93% | | |
Services | | | | | (411) | | | | | | (472) | | | | | | 61 | | | | | | 13% | | |
Total | | | | $ | (587) | | | | | $ | (2,819) | | | | | $ | 2,232 | | | | | | 79% | | |
| | | For the Three Months Ended March 31, | | | Change in Gross Margin | | ||||||||||||||||||
| | | 2021 | | | 2020 | | ||||||||||||||||||
(Dollars in thousands) | | | Gross Margin | | | Percentage Points | | | % | | |||||||||||||||
Products | | | | | (2)% | | | | | | (87)% | | | | | | 0.85 | | | | | | 98% | | |
Services | | | | | (41)% | | | | | | (68)% | | | | | | 0.27 | | | | | | 40% | | |
Total | | | | | (5)% | | | | | | (83)% | | | | | | 0.78 | | | | | | 94% | | |
| | | For the Years Ended December 31, | | | Change in Revenues | | ||||||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | ||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Revenue | | | % of Total | | | Revenue | | | % of Total | | | $ | | | % | | ||||||||||||||||||
Product Revenue | | | | $ | 13,718 | | | | | | 83% | | | | | $ | 22,758 | | | | | | 86% | | | | | $ | (9,040) | | | | | | (40)% | | |
Service Revenue | | | | | 2,752 | | | | | | 17% | | | | | | 3,681 | | | | | | 14% | | | | | | (929) | | | | | | (25)% | | |
Total Revenue | | | | $ | 16,470 | | | | | | 100% | | | | | $ | 26,439 | | | | | | 100% | | | | | $ | (9,969) | | | | | | (38)% | | |
| | | For the Years Ended December 31, | | | Change in Revenues | | ||||||||||||||||||||||||||||||
| | | 2020 | | | 2019 | | ||||||||||||||||||||||||||||||
(Dollars in thousands) | | | Revenue | | | % of Total | | | Revenue | | | % of Total | | | $ | | | % | | ||||||||||||||||||
Americas | | | | $ | 6,665 | | | | | | 40% | | | | | $ | 15,801 | | | | | | 60% | | | | | $ | (9,136) | | | | | | (58)% | | |
EMEA (Europe, the Middle East and Africa) | | | | | 7,788 | | | | | | 47% | | | | | | 8,993 | | | | | | 34% | | | | | | (1,205) | | | | | | (13)% | | |
APAC (Asia-Pacific) | | | | | 2,017 | | | | | | 12% | | | | | | 1,645 | | | | | | 6% | | | | | | 372 | | | | | | 23% | | |
Total Revenue | | | | $ | 16,470 | | | | | | 100% | | | | | $ | 26,439 | | | | | | 100% | | | | | $ | (9,969) | | | | | | (38)% | | |
| | | For the Years Ended December 31, | | | Change in Gross Loss | | ||||||||||||||||||
| | | 2020 | | | 2019 | | ||||||||||||||||||
(Dollars in thousands) | | | Gross Loss | | | $ | | | % | | |||||||||||||||
Products | | | | $ | (13,227) | | | | | $ | (22,510) | | | | | $ | 9,283 | | | | | | 41% | | |
Services | | | | | (1,822) | | | | | | (1,847) | | | | | | 25 | | | | | | 1% | | |
Total | | | | $ | (15,049) | | | | | $ | (24,357) | | | | | $ | 9,308 | | | | | | 38% | | |
| | | For the Years Ended December 31, | | | Change in Gross Margin | | ||||||||||||||||||
| | | 2020 | | | 2019 | | ||||||||||||||||||
(Dollars in thousands) | | | Gross Margin | | | Percentage Points | | | % | | |||||||||||||||
Products | | | | | (96)% | | | | | | (99)% | | | | | | 0.03 | | | | | | 3% | | |
Services | | | | | (66)% | | | | | | (50)% | | | | | | (0.16) | | | | | | (32)% | | |
Total | | | | | (91)% | | | | | | (92)% | | | | | | 0.01 | | | | | | 1% | | |
| | | For the Three Months Ended March 31, | | |||||||||
(Dollars in thousands) | | | 2021 | | | 2020 | | ||||||
GAAP gross margin | | | | $ | (587) | | | | | $ | (2,819) | | |
Stock-based compensation included in cost of sales | | | | | 117 | | | | | | 100 | | |
Amortization of acquired intangible assets included in cost of sales | | | | | 1,091 | | | | | | — | | |
Non-GAAP gross margin | | | | $ | 621 | | | | | $ | (2,719) | | |
GAAP operating loss | | | | $ | (30,740) | | | | | $ | (22,278) | | |
Stock-based compensation | | | | | 2,217 | | | | | | 1,259 | | |
Amortization of acquired intangible assets included in cost of sales | | | | | 1,091 | | | | | | — | | |
Amortization of acquired intangibles assets | | | | | 1,208 | | | | | | 164 | | |
Acquisition-related and other transactional charges included in general and administrative expenses | | | | | 4,984 | | | | | | — | | |
Non-GAAP operating loss | | | | $ | (21,240) | | | | | $ | (20,855) | | |
GAAP net loss | | | | $ | (59,108) | | | | | $ | (21,804) | | |
Stock-based compensation | | | | | 2,217 | | | | | | 1,259 | | |
Amortization of acquired intangible assets included in cost of sales | | | | | 1,091 | | | | | | — | | |
Amortization of acquired intangibles assets | | | | | 1,208 | | | | | | 164 | | |
Acquisition-related and other transactional charges included in general and administrative expenses | | | | | 4,984 | | | | | | — | | |
Change in fair value of warrant liability | | | | | 56,576 | | | | | | — | | |
Non-GAAP net loss . | | | | $ | 6,968 | | | | | $ | (20,381) | | |
| | | For the Three Months Ended March 31, | | |||||||||
(Dollars in thousands) | | | 2021 | | | 2020 | | ||||||
Net loss attributable to common stockholders | | | | $ | (59,108) | | | | | $ | (21,804) | | |
Interest (income) expense, net | | | | | (42) | | | | | | (478) | | |
Income tax benefit | | | | | (27,920) | | | | | | — | | |
Depreciation and amortization | | | | | 3,892 | | | | | | 2,321 | | |
EBITDA | | | | | (83,178) | | | | | | (19,961) | | |
Change in fair value of warrant liability | | | | | 56,576 | | | | | | — | | |
Stock compensation expense | | | | | 2,217 | | | | | | 1,259 | | |
Warrant expense | | | | | — | | | | | | 139 | | |
Transaction costs associated with acquisitions | | | | | 4,984 | | | | | | — | | |
Adjusted EBITDA | | | | $ | (19,401) | | | | | $ | (18,563) | | |
| | | For the Years Ended December 31, | | |||||||||
(Dollars in thousands) | | | 2020 | | | 2019 | | ||||||
Net loss attributable to common stockholders | | | | $ | (34,015) | | | | | $ | (103,596) | | |
Interest (income) expense, net | | | | | (610) | | | | | | (3,993) | | |
Income tax benefit | | | | | (940) | | | | | | — | | |
Depreciation and amortization | | | | | 8,589 | | | | | | 8,087 | | |
EBITDA | | | | | (26,976) | | | | | | (99,502) | | |
Change in fair value of warrant liability | | | | | (56,417) | | | | | | — | | |
Stock compensation expense | | | | | 8,006 | | | | | | 5,215 | | |
Warrant expense | | | | | 1,915 | | | | | | 1,038 | | |
Adjusted EBITDA | | | | $ | (73,472) | | | | | $ | (93,249) | | |
| | | For the Three Months Ended March 31, | | |||||||||
(Dollars in thousands) | | | 2021 | | | 2020 | | ||||||
Net cash used in operating activities | | | | $ | (41,129) | | | | | $ | (22,434) | | |
Net cash used in investing activities | | | | | (182,053) | | | | | | 30,680 | | |
Net cash provided by financing activities | | | | | 157,195 | | | | | | 132 | | |
Net change in cash, cash equivalents, and restricted cash | | | | $ | (65,987) | | | | | $ | 8,378 | | |
| | | For the Years Ended December 31, | | |||||||||
(Dollars in thousands) | | | 2020 | | | 2019 | | ||||||
Net cash used in operating activities | | | | $ | (80,575) | | | | | $ | (97,202) | | |
Net cash used in investing activities | | | | | (36,983) | | | | | | (26,032) | | |
Net cash provided by financing activities | | | | | 534,922 | | | | | | 160,352 | | |
Net change in cash, cash equivalents, and restricted cash | | | | $ | 417,364 | | | | | $ | 37,118 | | |
Grant Date | | | Number of Share Options Granted | | | Exercise Price per Share | | | Estimated Fair Value per Share of Common Stock | | | Weighted-Average Estimated Fair Value per Share of Options | | ||||||||||||
March 1, 2019 | | | | | 1,555,218 | | | | | $ | 3.34 | | | | | $ | 3.34 | | | | | $ | 1.76 | | |
May 8, 2019 | | | | | 1,137,463 | | | | | $ | 3.34 | | | | | $ | 3.34 | | | | | $ | 1.75 | | |
September 18, 2019 | | | | | 723,103 | | | | | $ | 3.34 | | | | | $ | 3.34 | | | | | $ | 1.70 | | |
November 13, 2019 | | | | | 701,957 | | | | | $ | 3.34 | | | | | $ | 3.34 | | | | | $ | 1.71 | | |
March 12, 2020 | | | | | 473,625 | | | | | $ | 3.34 | | | | | $ | 3.34 | | | | | $ | 1.65 | | |
June 11, 2020 | | | | | 4,176,283 | | | | | $ | 1.40 | | | | | $ | 1.40 | | | | | $ | 0.70 | | |
July 14, 2020 | | | | | 3,087,308 | | | | | $ | 1.40 | | | | | $ | 7.98 | | | | | $ | 6.87 | | |
August 5, 2020 | | | | | 713,803 | | | | | $ | 1.40 | | | | | $ | 7.98 | | | | | $ | 6.78 | | |
Name | | | Age | | | Position | |
Executive Officers: | | | | | | | |
Ric Fulop | | | 46 | | | Chief Executive Officer, Chairman and Director | |
Steve Billow | | | 53 | | | President | |
Arjun Aggarwal | | | 29 | | | Chief Product Officer | |
Ali El Siblani | | | 54 | | | Chief Executive Officer of EnvisionTEC US LLC and Director | |
James Haley | | | 48 | | | Chief Financial Officer and Treasurer | |
Meg Broderick | | | 53 | | | General Counsel and Secretary | |
Ilya Mirman | | | 52 | | | Chief Marketing Officer | |
Jonah Myerberg | | | 45 | | | Chief Technology Officer | |
Non-Employee Directors: | | | | | | | |
Scott Dussault | | | 50 | | | Director | |
Dayna Grayson | | | 44 | | | Director | |
Leo Hindery, Jr. | | | 73 | | | Director | |
Wen Hsieh | | | 48 | | | Director | |
Jeff Immelt | | | 65 | | | Director | |
Byron Knight | | | 44 | | | Director | |
Stephen Nigro | | | 61 | | | Director | |
Steve Papa | | | 48 | | | Director | |
Andy Wheeler | | | 42 | | | Director | |
Bilal Zuberi | | | 45 | | | Director | |
Name and Principal Position | | | Year | | | Salary ($) | | | Option Awards ($)(1) | | | Non- Equity Incentive Plan Compensation ($)(2) | | | All Other Compensation ($)(3) | | | Total ($) | | ||||||||||||||||||
Ric Fulop | | | | | 2020 | | | | | | 332,500 | | | | | | — | | | | | | 150,000 | | | | | | 508 | | | | | | 483,008 | | |
Chief Executive Officer | | | | | 2019 | | | | | | 350,000 | | | | | | — | | | | | | — | | | | | | 540 | | | | | | 350,540 | | |
Elizabeth Linardos | | | | | 2020 | | | | | | 247,841 | | | | | | 3,635,366 | | | | | | 40,000 | | | | | | 355 | | | | | | 3,923,562 | | |
Former Chief Financial Officer | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Steve Billow | | | | | 2020 | | | | | | 308,750 | | | | | | 2,596,476 | | | | | | 150,000 | | | | | | 714 | | | | | | 3,055,941 | | |
President | | | | | 2019 | | | | | | 263,541 | | | | | | 2,163,700 | | | | | | — | | | | | | 600 | | | | | | 2,427,841 | | |
| | | | | | | | | Option Awards | | | | | | | | |||||||||||||||||||||
Name and Principal Position | | | Vesting Commencement Date | | | Number of Securities Underlying Unexercised Options (#) Exercisable | | | Number Of Securities Underlying Unexercised Options (#) Unexercisable | | | Equity Incentive Plan Awards: Number Of Securities Underlying Unexercised Unearned Options (#) | | | Option Exercise Price ($) | | | Option Expiration Date | | ||||||||||||||||||
Elizabeth Linardos Former Chief Financial Officer | | | | | 12/01/2017 | | | | | | 121,740 | | | | | | — | | | | | | — | | | | | | 2.46 | | | | | | 11/30/2027 | | |
| | | 05/08/2019 | | | | | | 4,324 | | | | | | — | | | | | | — | | | | | | 3.34 | | | | | | 05/07/2029 | | | ||
| | | 06/11/2020 | | | | | | 15,265 | | | | | | 15,265(1) | | | | | | — | | | | | | 1.40 | | | | | | 06/10/2030 | | | ||
| | | 07/17/2020 | | | | | | 256,456 | | | | | | 256,456(1) | | | | | | — | | | | | | 1.40 | | | | | | 07/16/2030 | | | ||
| | | 09/01/2020(4) | | | | | | 27,668 | | | | | | 27,668(1) | | | | | | — | | | | | | 1.40 | | | | | | 11/30/2027 | | | ||
| | | 09/01/2020(4) | | | | | | 3,944 | | | | | | 3,944(1) | | | | | | — | | | | | | 1.40 | | | | | | 05/07/2029 | | | ||
| | | 03/01/2019 | | | | | | 457,957 | | | | | | — | | | | | | — | | | | | | 3.34 | | | | | | 02/28/2029 | | | ||
Steve Billow President | | | | | 06/11/2020 | | | | | | — | | | | | | 457,956(2) | | | | | | 152,652(3) | | | | | | 1.40 | | | | | | 06/10/2030 | | |
| | | 09/01/2020(4) | | | | | | — | | | | | | 763,261(2) | | | | | | — | | | | | | 1.40 | | | | | | 02/28/2029 | | |
Name | | | Stock Awards ($)(1) | | | Option Awards ($)(1) | | | All Other Compensation ($)(2) | | | Total ($) | | ||||||||||||
Dayna Grayson | | | | | — | | | | | | 413,590 | | | | | | — | | | | | | 413,590 | | |
Leo Hindery, Jr. | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Wen Hsieh | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Jeff Immelt | | | | | — | | | | | | 348,345 | | | | | | — | | | | | | 348,345 | | |
Byron Knight | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Stephen Nigro | | | | | 487,259 | | | | | | — | | | | | | 40,935 | | | | | | 528,194 | | |
Steve Papa | | | | | — | | | | | | 413,590 | | | | | | — | | | | | | 413,590 | | |
Andy Wheeler | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Bilal Zuberi | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Name | | | Options Outstanding at Fiscal Year End | | | Unvested Restricted Shares Outstanding at Fiscal Year End | | ||||||
Dayna Grayson | | | | | 61,060 | | | | | | — | | |
Leo Hindery, Jr. | | | | | — | | | | | | — | | |
Wen Hsieh | | | | | — | | | | | | — | | |
Jeff Immelt | | | | | 390,789 | | | | | | — | | |
Byron Knight | | | | | — | | | | | | — | | |
Stephen Nigro | | | | | — | | | | | | 61,060 | | |
Steve Papa | | | | | 61,060 | | | | | | — | | |
Andy Wheeler | | | | | — | | | | | | — | | |
Bilal Zuberi | | | | | — | | | | | | — | | |
Name | | | Shares of Series D Preferred Stock | | | Total Purchase Price | | ||||||
GV 2017, L.P.(1) | | | | | 1,751,190 | | | | | $ | 14,999,993 | | |
Jeffrey Immelt(2) | | | | | 11,674 | | | | | $ | 99,995 | | |
KPCB Holdings, Inc., as nominee(3) | | | | | 233,492 | | | | | $ | 1,999,999 | | |
Lux Ventures IV, L.P.(4) | | | | | 1,167,460 | | | | | $ | 9,999,995 | | |
New Enterprise Associates 15, L.P.(5) | | | | | 2,336,291 | | | | | $ | 20,011,734 | | |
The Northern Trust Company(6) | | | | | 8,172,222 | | | | | $ | 69,999,985 | | |
Total | | | | | 13,672,329 | | | | | $ | 117,111,701 | | |
Name | | | Shares of Series E Preferred Stock | | | Total Purchase Price | | ||||||
KDT Desktop Metal Holdings, LLC(1) | | | | | 7,484,209 | | | | | $ | 75,000,007 | | |
KPCB Holdings, Inc., as nominee(2) | | | | | 99,790 | | | | | $ | 1,000,006 | | |
Lux Co-Invest Opportunities, L.P.(3) | | | | | 1,496,842 | | | | | $ | 15,000,003 | | |
New Enterprise Associates 15, L.P.(4) | | | | | 1,496,842 | | | | | $ | 15,000,003 | | |
The Northern Trust Company(5) | | | | | 997,894 | | | | | $ | 9,999,996 | | |
Total | | | | | 11,575,577 | | | | | $ | 116,000,015 | | |
Name | | | Shares of Series E-1 Preferred Stock | | | Total Purchase Price | | ||||||
GV 2019, L.P.(1) | | | | | 2,494,737 | | | | | $ | 25,000,008.95 | | |
| | | Shares Beneficially Owned | | |||||||||
Name of Beneficial Owner | | | Number of Shares of Class A Common Stock Beneficially Owned | | | Percentage Ownership of Outstanding Class A Common Stock | | ||||||
5% or Greater Stockholders | | | | | | | | | | | | | |
Entities affiliated with New Enterprise Associates(1) | | | | | 28,416,088 | | | | | | 11.25% | | |
Entities affiliated with Lux Ventures(2) | | | | | 18,651,974 | | | | | | 7.38% | | |
KPCB Holdings, Inc., as nominee(3) | | | | | 17,856,665 | | | | | | 7.07% | | |
Entities affiliated with Google Ventures(4) | | | | | 14,302,438 | | | | | | 5.66% | | |
Named Executive Officers and Directors | | | | | | | | | | | | | |
Ric Fulop(5) | | | | | 21,981,930 | | | | | | 8.70% | | |
Steve Billow(6) | | | | | 457,956 | | | | | | * | | |
Elizabeth Linardos(7) | | | | | 429,397 | | | | | | * | | |
Scott Dussault | | | | | — | | | | | | — | | |
Ali El-Siblani | | | | | 5,036,142 | | | | | | 1.99% | | |
Dayna Grayson | | | | | — | | | | | | — | | |
Leo Hindery, Jr.(8) | | | | | 2,897,317 | | | | | | 1.15% | | |
Wen Hsieh(3) | | | | | 17,856,665 | | | | | | 7.07% | | |
Jeff Immelt(9) | | | | | 259,075 | | | | | | * | | |
Byron Knight | | | | | — | | | | | | — | | |
Stephen Nigro | | | | | — | | | | | | — | | |
Steve Papa | | | | | — | | | | | | — | | |
Andy Wheeler | | | | | — | | | | | | — | | |
Bilal Zuberi | | | | | — | | | | | | — | | |
All executive officers and directors as a group (17 persons)(10) | | | | | 49,263,865 | | | | | | 19.39% | | |
| | Shares Beneficially Owned Prior to the Offering | | | | | | | Shares Beneficially Owned After the Offering | | | Shares Beneficially Owned Prior to the Offering | | | | | | | Shares Beneficially Owned After the Offering | | ||||||||||||||||||||||||||||||||||||||||||
Name of Selling Stockholder | | Number | | Percentage | | Number of Shares Being Offered | | Number | | Percentage | | | Number | | Percentage | | Number of Shares Being Offered | | Number | | Percentage | | ||||||||||||||||||||||||||||||||||||||||
Ann and Eberhad Voit | | | | 103,975 | | | | | * | | | | | 103,975 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Ann and Eberhad Voit .. | | | | 103,975 | | | | | * | | | | | 103,975 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Antoine Deblire | | | | 7,310 | | | | | * | | | | | 7,310 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Arkema Inc.(1) | | | | 193,442 | | | | | * | | | | | 193,442 | | | | | — | | | | | — | | | | | | 193,442 | | | | | * | | | | | 193,442 | | | | | — | | | | | — | | | ||||||||||
Barbara D. Boyan | | | | 1,044 | | | | | * | | | | | 1,044 | | | | | — | | | | | — | | | | | | 1,044 | | | | | * | | | | | 1,044 | | | | | — | | | | | — | | | ||||||||||
Bram Neirinck | | | | 4,386 | | | | | * | | | | | 4,386 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Charles-Edouard Moens de Hase | | | | 100,844 | | | | | * | | | | | 100,844 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Chemence, Inc.(2) | | | | 73,916 | | | | | * | | | | | 73,916 | | | | | — | | | | | — | | | | | | 73,916 | | | | | * | | | | | 73,916 | | | | | — | | | | | — | | | ||||||||||
Clear Fir Partners, LP(3) | | | | 13,166 | | | | | * | | | | | 9,666 | | | | | 3,500 | | | | | * | | | | | | 13,166 | | | | | * | | | | | 9,666 | | | | | 3,500 | | | | | * | | | ||||||||||
Curtis Collar | | | | 1,044 | | | | | * | | | | | 1,044 | | | | | — | | | | | — | | | | | | 1,044 | | | | | * | | | | | 1,044 | | | | | — | | | | | — | | | ||||||||||
Dodd Grande | | | | 1,044 | | | | | * | | | | | 1,044 | | | | | — | | | | | — | | | | | | 1,044 | | | | | * | | | | | 1,044 | | | | | — | | | | | — | | | ||||||||||
DSM Venturing B.V.(4) | | | | 443,507 | | | | | * | | | | | 443,507 | | | | | — | | | | | — | | | | | | 443,507 | | | | | * | | | | | 443,507 | | | | | — | | | | | — | | | ||||||||||
Ellery Buchanan | | | | 79,311 | | | | | * | | | | | 79,311 | | | | | — | | | | | — | | | | | | 79,311 | | | | | * | | | | | 79,311 | | | | | — | | | | | — | | | ||||||||||
Eric Parker | | | | 14,089 | | | | | * | | | | | 14,089 | | | | | — | | | | | — | | | | | | 14,089 | | | | | * | | | | | 14,089 | | | | | — | | | | | — | | | ||||||||||
Innovation Fund SA/NV(5) | | | | 160,902 | | | | | * | | | | | 160,902 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
James McAndrew | | | | 3,459 | | | | | * | | | | | 3,459 | | | | | — | | | | | — | | | | | | 3,459 | | | | | * | | | | | 3,459 | | | | | — | | | | | — | | | ||||||||||
Jonathan King | | | | 1,386 | | | | | * | | | | | 1,386 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
McCarley Family LLC(5) | | | | 11,253 | | | | | * | | | | | 11,253 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
McDermott Staff, LLC(6) | | | | 589,016 | | | | | * | | | | | 589,016 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Jonathan Soler Lillo | | | | 4,386 | | | | | * | | | | | 4,386 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Johnathan King | | | | 1,386 | | | | | * | | | | | 1,386 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Lionel Bolkaerts | | | | 2,485 | | | | | * | | | | | 2,485 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
M4KE.IT SRL(6) | | | | 186,613 | | | | | * | | | | | 186,613 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Martin Marchal | | | | 2,485 | | | | | * | | | | | 2,485 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Matthias Hick | | | | 121,579 | | | | | * | | | | | 121,579 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
McCarley Family LLC(7) | | | | 11,253 | | | | | * | | | | | 11,253 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
McDermott Staff, LLC(8) | | | | 589,016 | | | | | * | | | | | 589,016 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Michael Seeligson | | | | 12,317 | | | | | * | | | | | 12,317 | | | | | — | | | | | — | | | | | | 12,317 | | | | | * | | | | | 12,317 | | | | | — | | | | | — | | | ||||||||||
Michael Moussa | | | | 4,846 | | | | | * | | | | | 4,846 | | | | | — | | | | | — | | | | | | 4,846 | | | | | * | | | | | 4,846 | | | | | — | | | | | — | | | ||||||||||
Molly Seeligson | | | | 2,306 | | | | | * | | | | | 2,306 | | | | | — | | | | | — | | | | | | 2,306 | | | | | * | | | | | 2,306 | | | | | — | | | | | — | | | ||||||||||
Noshaq Spin-Offs S.A.(9) | | | | 160,902 | | | | | * | | | | | 160,902 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Peter A. Smith | | | | 5,469 | | | | | * | | | | | 5,469 | | | | | — | | | | | — | | | | | | 5,469 | | | | | * | | | | | 5,469 | | | | | — | | | | | — | | | ||||||||||
Peter Mercelis | | | | 120,186 | | | | | * | | | | | 120,186 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Philip Brent Duncan | | | | 198,840 | | | | | * | | | | | 198,840 | | | | | — | | | | | — | | | | | | 198,840 | | | | | * | | | | | 198,840 | | | | | — | | | | | — | | | ||||||||||
Rigoberto Advincula | | | | 1,044 | | | | | * | | | | | 1,044 | | | | | — | | | | | — | | | | | | 1,044 | | | | | * | | | | | 1,044 | | | | | — | | | | | — | | | ||||||||||
Sara Janssens | | | | 7,844 | | | | | * | | | | | 7,844 | | �� | | | | — | | | | | — | | | |||||||||||||||||||||||||||||||||||
Stephen Kay | | | | 41,552 | | | | | * | | | | | 41,552 | | | | | — | | | | | — | | | | | | 41,552 | | | | | * | | | | | 41,552 | | | | | — | | | | | — | | | ||||||||||
Walter Voit | | | | 287,202 | | | | | * | | | | | 287,202 | | | | | — | | | | | — | | | | | | 287,202 | | | | | * | | | | | 287,202 | | | | | — | | | | | — | | | ||||||||||
Wendover Investments, LP(7) | | | | 219,079 | | | | | * | | | | | 219,079 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
West Pharmaceutical Services, Inc.(8) | | | | 193,442 | | | | | * | | | | | 193,442 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
Wendover Investments, LP(10) | | | | 219,079 | | | | | * | | | | | 219,079 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
West Pharmaceutical Services, Inc.(11) | | | | 193,442 | | | | | * | | | | | 193,442 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||
William R. Krenik | | | | 4,525 | | | | | * | | | | | 4,525 | | | | | — | | | | | — | | |
| Audited consolidated financial statements of Desktop Metal, Inc. and subsidiaries | | | | | | | |
| | | | | F-2 | | | |
| | | | | F-3 | | | |
| | | | | F-4 | | | |
| | | | | F-5 | | | |
| | | | | F-6 | | | |
| | | | | F-7 | | | |
| | | | | F-8 | | | |
| Unaudited consolidated financial statements of Desktop Metal, Inc. and subsidiaries | | | | | | | |
| | | | | F-41 | | | |
| | | | | F-42 | | | |
| | | | | F-43 | | | |
| | | | | F-44 | | | |
| | | | | F-45 | | | |
| | | | | F-46 | | | |
| Audited combined financial statements of EnvisionTEC Group | | | | | | | |
| | | | | F-70 | | | |
| | | | | F-72 | | | |
| | | | | F-73 | | | |
| | | | | F-74 | | | |
| | | | | F-75 | | | |
| | | | | F-76 | | |
| | | December 31, | | |||||||||
| | | 2020 (as restated) | | | 2019 | | ||||||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 483,525 | | | | | $ | 66,161 | | |
Short-term investments | | | | | 111,867 | | | | | | 84,754 | | |
Accounts receivable | | | | | 6,516 | | | | | | 4,523 | | |
Inventory | | | | | 9,708 | | | | | | 8,405 | | |
Prepaid expenses and other current assets | | | | | 976 | | | | | | 1,888 | | |
Total current assets | | | | | 612,592 | | | | | | 165,731 | | |
Restricted cash | | | | | 612 | | | | | | 612 | | |
Property and equipment, net | | | | | 12,160 | | | | | | 18,387 | | |
Capitalized software, net | | | | | 312 | | | | | | 446 | | |
Goodwill | | | | | 2,252 | | | | | | 2,252 | | |
Acquired technology, net | | | | | 9,102 | | | | | | 2,994 | | |
Other noncurrent assets | | | | | 4,879 | | | | | | 2,289 | | |
Total Assets | | | | $ | 641,909 | | | | | $ | 192,711 | | |
Liabilities and Stockholders’ Equity | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable | | | | $ | 7,591 | | | | | $ | 10,228 | | |
Customer deposits | | | | | 1,480 | | | | | | 2,325 | | |
Current portion of operating lease liability | | | | | 868 | | | | | | 806 | | |
Accrued expenses and other current liabilities | | | | | 7,565 | | | | | | 5,053 | | |
Deferred revenue | | | | | 3,004 | | | | | | 2,230 | | |
Current portion of long-term debt, net of deferred financing costs | | | | | 9,991 | | | | | | — | | |
Total current liabilities | | | | | 30,499 | | | | | | 20,642 | | |
Warrant liability | | | | | 93,328 | | | | | | — | | |
Long-term debt, net of deferred financing costs | | | | | — | | | | | | 9,972 | | |
Lease liability, net of current portion | | | | | 2,157 | | | | | | 3,026 | | |
Total liabilities | | | | | 125,984 | | | | | | 33,640 | | |
Commitments and Contingences (Note 15) | | | | | | | | | | | | | |
Legacy Convertible Preferred Stock (Note 17) | | | | | — | | | | | | — | | |
Stockholders’ Equity | | | | | | | | | | | | | |
Preferred Stock, $0.0001 par value – authorized, 50,000,000 shares; no shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively | | | | | — | | | | | | — | | |
Common Stock, $0.0001 par value – 500,000,000 shares authorized; 226,756,733 and 160,500,702 shares issued at December 31, 2020 and December 31, 2019, respectively, 224,626,597 and 154,913,934 shares outstanding at December 31, 2020 and December 31, 2019, respectively | | | | | 23 | | | | | | 16 | | |
Additional paid-in capital | | | | | 844,188 | | | | | | 453,242 | | |
Accumulated deficit | | | | | (328,277) | | | | | | (294,262) | | |
Accumulated other comprehensive (loss) income | | | | | (9) | | | | | | 75 | | |
Total Stockholders’ Equity | | | | | 515,925 | | | | | | 159,071 | | |
Total Liabilities and Stockholders’ Equity | | | | $ | 641,909 | | | | | $ | 192,711 | | |
| | | Years Ended December 31, | | |||||||||
| | | 2020 (as restated) | | | 2019 | | ||||||
Revenues | | | | | | | | | | | | | |
Products | | | | $ | 13,718 | | | | | $ | 22,758 | | |
Services | | | | | 2,752 | | | | | | 3,681 | | |
Total revenues | | | | | 16,470 | | | | | | 26,439 | | |
Cost of sales | | | | | | | | | | | | | |
Products | | | | | 26,945 | | | | | | 45,268 | | |
Services | | | | | 4,574 | | | | | | 5,528 | | |
Total cost of sales | | | | | 31,519 | | | | | | 50,796 | | |
Gross margin | | | | | (15,049) | | | | | | (24,357) | | |
Operating expenses | | | | | | | | | | | | | |
Research and development | | | | | 43,136 | | | | | | 54,656 | | |
Sales and marketing | | | | | 13,136 | | | | | | 18,749 | | |
General and administrative | | | | | 20,734 | | | | | | 11,283 | | |
Total operating expenses | | | | | 77,006 | | | | | | 84,688 | | |
Loss from operations | | | | | (92,055) | | | | | | (109,045) | | |
Change in fair value of warrant liability | | | | | 56,417 | | | | | | — | | |
Interest expense | | | | | (328) | | | | | | (503) | | |
Interest and other income, net | | | | | 1,011 | | | | | | 5,952 | | |
Loss before income taxes | | | | | (34,955) | | | | | | (103,596) | | |
Income tax benefit | | | | | 940 | | | | | | — | | |
Net loss | | | | $ | (34,015) | | | | | $ | (103,596) | | |
Net loss per share – basic and diluted | | | | $ | (0.22) | | | | | $ | (0.69) | | |
| | | Years Ended December 31, | | |||||||||
| | | 2020 (as restated) | | | 2019 | | ||||||
Net loss | | | | $ | (34,015) | | | | | $ | (103,596) | | |
Other comprehensive (loss) income, net of taxes: | | | | | | | | | | | | | |
Unrealized (loss) gain on available-for-sale marketable securities, net | | | | | (84) | | | | | | 171 | | |
Total comprehensive loss, net of taxes of $0 | | | | $ | (34,099) | | | | | $ | (103,425) | | |
| | | Convertible Preferred Stock | | | | Common Stock | | | Additional Paid-in Capital | | | Notes Receivable | | | Accumulated Deficit | | | Accumulated Other Comprehensive (Loss) Income | | | Total Stockholders’ Equity | | |||||||||||||||||||||||||||||||||
| Shares | | | Amount | | | | Shares | | | Amount | | ||||||||||||||||||||||||||||||||||||||||||||
BALANCE – January 1, 2019 | | | | | 84,092,669 | | | | | $ | 276,889 | | | | | | | 19,352,255 | | | | | $ | 2 | | | | | $ | 6,440 | | | | | $ | (249) | | | | | $ | (190,666) | | | | | $ | (96) | | | | | $ | (184,569) | | |
Retroactive application of recapitalization (Note 1) | | | | | (84,092,669) | | | | | | (276,889) | | | | | | | 106,977,440 | | | | | | 11 | | | | | | 276,878 | | | | | | — | | | | | | — | | | | | | — | | | | | | 276,889 | | |
Adjusted balance, beginning of period | | | | | — | | | | | | — | | | | | | | 126,329,695 | | | | | | 13 | | | | | | 283,318 | | | | | | (249) | | | | | | (190,666) | | | | | | (96) | | | | | | 92,320 | | |
Issuance of Series E Convertible Preferred Stock – net of issuance costs ($124)(1) | | | | | — | | | | | | — | | | | | | | 16,426,267 | | | | | | 2 | | | | | | 134,665 | | | | | | — | | | | | | — | | | | | | — | | | | | | 134,667 | | |
Issuance of Series E-1 Convertible Preferred Stock – net of issuance costs ($22)(1) | | | | | — | | | | | | — | | | | | | | 3,046,623 | | | | | | — | | | | | | 24,977 | | | | | | — | | | | | | — | | | | | | — | | | | | | 24,977 | | |
Exercise of Common Stock options | | | | | — | | | | | | — | | | | | | | 1,217,255 | | | | | | — | | | | | | 708 | | | | | | — | | | | | | — | | | | | | — | | | | | | 708 | | |
Vesting of restricted Common Stock | | | | | — | | | | | | — | | | | | | | 6,904,182 | | | | | | 1 | | | | | | 7 | | | | | | — | | | | | | — | | | | | | — | | | | | | 8 | | |
Stock-based compensation expense | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 5,215 | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,215 | | |
Common Stock warrants issued | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 1,038 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,038 | | |
Issuance of Common Stock for acquisitions | | | | | — | | | | | | — | | | | | | | 1,066,373 | | | | | | — | | | | | | 3,563 | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,563 | | |
Repayment of notes receivable | | | | | — | | | | | | — | | | | | | | (76,461) | | | | | | — | | | | | | (249) | | | | | | 249 | | | | | | — | | | | | | — | | | | | | — | | |
Net loss | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (103,596) | | | | | | — | | | | | | (103,596) | | |
Other comprehensive income | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 171 | | | | | | 171 | | |
BALANCE – December 31, 2019 | | | | | — | | | | | | — | | | | | | | 154,913,934 | | | | | | 16 | | | | | | 453,242 | | | | | | — | | | | | | (294,262) | | | | | | 75 | | | | | | 159,071 | | |
Exercise of Common Stock options | | | | | — | | | | | | — | | | | | | | 521,925 | | | | | | — | | | | | | 325 | | | | | | — | | | | | | — | | | | | | — | | | | | | 325 | | |
Vesting of restricted Common Stock | | | | | — | | | | | | — | | | | | | | 5,307,357 | | | | | | 1 | | | | | | 6 | | | | | | — | | | | | | — | | | | | | — | | | | | | 7 | | |
Issuance of Common Stock in connection with acquisitions | | | | | — | | | | | | — | | | | | | | 61,060 | | | | | | — | | | | | | 500 | | | | | | — | | | | | | — | | | | | | — | | | | | | 500 | | |
Repurchase of shares for employee tax withholdings | | | | | — | | | | | | — | | | | | | | (9,308) | | | | | | — | | | | | | (101) | | | | | | — | | | | | | — | | | | | | — | | | | | | (101) | | |
Stock-based compensation expense | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 8,006 | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,006 | | |
Common Stock warrants issued and exercised | | | | | — | | | | | | — | | | | | | | 692,366 | | | | | | — | | | | | | 1,915 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,915 | | |
Reverse recapitalization, net of transaction costs | | | | | — | | | | | | — | | | | | | | 63,139,263 | | | | | | 6 | | | | | | 380,295 | | | | | | — | | | | | | — | | | | | | — | | | | | | 380,301 | | |
Net loss | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (34,015) | | | | | | — | | | | | | (34,015) | | |
Other comprehensive loss | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (84) | | | | | | (84) | | |
BALANCE – December 31, 2020 (as restated) | | | | | — | | | | | $ | — | | | | | | | 224,626,597 | | | | | $ | 23 | | | | | $ | 844,188 | | | | | $ | — | | | | | $ | (328,277) | | | | | $ | (9) | | | | | $ | 515,925 | | |
| | | Years Ended December 31, | | |||||||||
| | | 2020 (as restated) | | | 2019 | | ||||||
Cash flows from operating activities: | | | | | | | | | | | | | |
Net loss | | | | $ | (34,015) | | | | | $ | (103,596) | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | | | |
Depreciation and amortization | | | | | 8,589 | | | | | | 8,087 | | |
Stock-based compensation | | | | | 8,006 | | | | | | 5,215 | | |
Change in fair value of warrant liability | | | | | (56,417) | | | | | | — | | |
Expense related to Common Stock warrants issued | | | | | 1,915 | | | | | | 1,038 | | |
Loss (gain) on disposal of property and equipment | | | | | 18 | | | | | | (7) | | |
Gain on investment, related to Make Composites, Inc. | | | | | — | | | | | | (1,426) | | |
Impairment of capitalized software | | | | | — | | | | | | 444 | | |
Amortization (accretion) of discount on investments | | | | | 75 | | | | | | (1,570) | | |
Amortization of debt financing cost | | | | | 19 | | | | | | 19 | | |
Provision for bad debt | | | | | 377 | | | | | | 199 | | |
Net increase in accrued interest related to marketable securities | | | | | (3) | | | | | | (36) | | |
Deferred tax benefit | | | | | (940) | | | | | | — | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Accounts receivable | | | | | (2,370) | | | | | | (1,664) | | |
Inventory | | | | | (1,303) | | | | | | (1,694) | | |
Prepaid expenses and other current assets | | | | | 901 | | | | | | 809 | | |
Accounts payable | | | | | (2,637) | | | | | | (4,455) | | |
Accrued expenses and other current liabilities | | | | | (2,391) | | | | | | 3,272 | | |
Customer deposits | | | | | (845) | | | | | | 152 | | |
Deferred revenue | | | | | 774 | | | | | | (1,693) | | |
Change in right of use assets and lease liabilities, net | | | | | (328) | | | | | | (296) | | |
Net cash used in operating activities | | | | | (80,575) | | | | | | (97,202) | | |
Cash flows from investing activities: | | | | | | | | | | | | | |
Purchases of property and equipment | | | | | (1,429) | | | | | | (6,867) | | |
Purchase of other investments | | | | | (3,000) | | | | | | — | | |
Capitalized software | | | | | — | | | | | | (321) | | |
Purchase of marketable securities | | | | | (136,286) | | | | | | (215,584) | | |
Proceeds from sales and maturities of marketable securities | | | | | 109,016 | | | | | | 196,836 | | |
Cash paid for asset acquisition, net of cash acquired | | | | | (5,284) | | | | | | (96) | | |
Net cash used in investing activities | | | | | (36,983) | | | | | | (26,032) | | |
Cash flows from financing activities: | | | | | | | | | | | | | |
Proceeds from Preferred Stock issuances, net of issuance cost | | | | | — | | | | | | 159,644 | | |
Proceeds from reverse recapitalization, net of issuance costs | | | | | 534,597 | | | | | | — | | |
Proceeds from exercise of stock options | | | | | 325 | | | | | | 708 | | |
Proceeds from PPP loan | | | | | 5,379 | | | | | | — | | |
Repayment of PPP loan | | | | | (5,379) | | | | | | — | | |
Net cash provided by financing activities | | | | | 534,922 | | | | | | 160,352 | | |
Net increase in cash, cash equivalents, and restricted cash | | | | | 417,364 | | | | | | 37,118 | | |
Cash and cash equivalents at beginning of year | | | | | 66,161 | | | | | | 29,043 | | |
Restricted cash | | | | | 612 | | | | | | 612 | | |
Cash, cash equivalents, and restricted cash at year-end | | | | $ | 484,137 | | | | | $ | 66,773 | | |
Supplemental cash flow information: | | | | | | | | | | | | | |
Interest paid | | | | $ | 322 | | | | | $ | 485 | | |
Non-cash investing and financing activities: | | | | | | | | | | | | | |
Net liabilities assumed from Trine in Business Combination | | | | $ | 152,395 | | | | | $ | — | | |
Accrued reverse recapitalization transaction costs | | | | $ | 1,901 | | | | | $ | — | | |
Common Stock issued for acquisitions | | | | $ | 500 | | | | | $ | 3,563 | | |
Accrued purchase price for asset acquisition | | | | $ | 200 | | | | | $ | — | | |
Tax liabilities related to withholdings on Common Stock issued in connection with acquisitions | | | | $ | 102 | | | | | $ | — | | |
Additions to right of use assets and lease liabilities | | | | $ | — | | | | | $ | 296 | | |
Purchase of property and equipment included in accrued expenses and other current liabilities | | | | $ | — | | | | | $ | 109 | | |
Common Stock forfeited in satisfaction of note receivable | | | | $ | — | | | | | $ | 249 | | |
| | | Year Ended December 31, 2020 | | |||||||||||||||
| | | As Reported | | | Restatement Impact | | | As Restated | | |||||||||
Consolidated Statements of Operations and Comprehensive Loss: | | | | | | | | | | | | | | | | | | | |
Change in fair value of warrant liability | | | | $ | — | | | | | $ | 56,417 | | | | | $ | 56,417 | | |
Loss before income taxes | | | | $ | (91,372) | | | | | $ | 56,417 | | | | | $ | (34,955) | | |
Net loss | | | | $ | (90,432) | | | | | $ | 56,417 | | | | | $ | (34,015) | | |
Total comprehensive loss, net of taxes of $0 | | | | $ | (90,516) | | | | | $ | 56,417 | | | | | $ | (34,099) | | |
Earnings (loss) per share: | | | | | | | | | | | | | | �� | | | | | |
Net loss per share – basic and diluted | | | | $ | (0.57) | | | | | $ | 0.35 | | | | | $ | (0.22) | | |
| | | December 31, 2020 | | |||||||||||||||
| | | As Reported | | | Restatement Impact | | | As Restated | | |||||||||
Consolidated Balance Sheets: | | | | | | | | | | | | | | | | | | | |
Warrant liability | | | | $ | — | | | | | $ | 93,328 | | | | | $ | 93,328 | | |
Total liabilities | | | | $ | 32,656 | | | | | $ | 93,328 | | | | | $ | 125,984 | | |
Additional paid-in-capital | | | | $ | 993,933 | | | | | $ | (149,745) | | | | | $ | 844,188 | | |
Accumulated deficit | | | | $ | (384,694) | | | | | $ | 56,417 | | | | | $ | (328,277) | | |
Total Stockholders’ Equity | | | | $ | 609,253 | | | | | $ | (93,328) | | | | | $ | 515,925 | | |
| | | 2020 | | | 2019 | | ||||||
Warranty reserve, at the beginning of the year | | | | $ | 1,491 | | | | | $ | 116 | | |
Additions to warranty reserve | | | | | 346 | | | | | | 2,352 | | |
Claims fulfilled | | | | | (284) | | | | | | (977) | | |
Warranty reserve, at the end of the year | | | | $ | 1,553 | | | | | $ | 1,491 | | |
| | | December 31, | | |||||||||
| | | 2020 | | | 2019 | | ||||||
Work in process | | | | $ | 2,896 | | | | | $ | 1,081 | | |
Finished goods | | | | | 6,812 | | | | | | 7,324 | | |
Total inventory | | | | $ | 9,708 | | | | | $ | 8,405 | | |
Asset Classification | | | Useful Life | |
Equipment | | | 3 – 5 years | |
Furniture and fixtures | | | 3 years | |
Computer equipment | | | 3 years | |
Tooling | | | 3 years | |
Software | | | 3 years | |
Leasehold improvements | | | Shorter of asset’s useful life or remaining life of the lease | |
| | | Recapitalization (as restated) | | |||
Cash – Trine’s trust and cash (net of redemptions) | | | | $ | 305,084,695 | | |
Cash – PIPE financing | | | | | 274,975,000 | | |
Less: transaction costs and advisory fees paid | | | | | (45,463,074) | | |
Net proceeds from reverse recapitalization | | | | | 534,596,621 | | |
Plus: non-cash net liabilities assumed(1) | | | | | (152,394,714) | | |
Less: accrued transaction costs and advisory fees | | | | | (1,900,793) | | |
Net contributions from reverse recapitalization | | | | $ | 380,301,114 | | |
| | | Number of Shares | | |||
Common stock, outstanding prior to Business Combination | | | | | 30,015,000 | | |
Less: redemption of Trine shares | | | | | (26,049) | | |
Common stock of Trine | | | | | 29,988,951 | | |
Trine Founder Shares | | | | | 5,552,812 | | |
Trine Director Shares | | | | | 100,000 | | |
Shares issued in PIPE financing | | | | | 27,497,500 | | |
Business Combination and PIPE financing shares | | | | | 63,139,263 | | |
Legacy Desktop Metal shares(1) | | | | | 161,487,334 | | |
Total shares of common stock immediately after Business Combination | | | | | 224,626,597 | | |
December 31, 2020 | | | Amortized Cost | | | Unrealized Gains | | | Unrealized Losses | | | Fair Value | | ||||||||||||
Commercial paper | | | | $ | 75,374 | | | | | $ | — | | | | | $ | — | | | | | $ | 75,374 | | |
Money market funds | | | | | 407,512 | | | | | | — | | | | | | — | | | | | | 407,512 | | |
Total cash equivalents | | | | | 482,886 | | | | | | — | | | | | | — | | | | | | 482,886 | | |
U.S Treasury securities | | | | | 19,995 | | | | | | 2 | | | | | | — | | | | | | 19,997 | | |
Commercial paper | | | | | 43,911 | | | | | | — | | | | | | — | | | | | | 43,911 | | |
Corporate bonds | | | | | 47,970 | | | | | | — | | | | | | (11) | | | | | | 47,959 | | |
Total short-term investments | | | | | 111,876 | | | | | | 2 | | | | | | (11) | | | | | | 111,867 | | |
Total cash equivalents and short-term investments | | | | $ | 594,762 | | | | | $ | 2 | | | | | $ | (11) | | | | | $ | 594,753 | | |
December 31, 2019 | | | Amortized Cost | | | Unrealized Gains | | | Unrealized Losses | | | Fair Value | | ||||||||||||
Repurchase agreements | | | | $ | 25,001 | | | | | $ | — | | | | | $ | — | | | | | $ | 25,001 | | |
Money market funds | | | | | 40,454 | | | | | | — | | | | | | — | | | | | | 40,454 | | |
Total cash equivalents | | | | | 65,455 | | | | | | — | | | | | | — | | | | | | 65,455 | | |
Asset-backed securities | | | | | 16,786 | | | | | | 20 | | | | | | — | | | | | | 16,806 | | |
Commercial paper | | | | | 19,938 | | | | | | — | | | | | | — | | | | | | 19,938 | | |
Corporate bonds | | | | | 47,955 | | | | | | 55 | | | | | | — | | | | | | 48,010 | | |
Total short-term investments | | | | | 84,679 | | | | | | 75 | | | | | | — | | | | | | 84,754 | | |
Total cash equivalents and short-term investments | | | | $ | 150,134 | | | | | $ | 75 | | | | | $ | — | | | | | $ | 150,209 | | |
| | | December 31, 2020 (as restated) | | |||||||||||||||||||||
| Quoted Prices in Active Markets for Identical Items (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | | Total | | ||||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money market funds | | | | $ | 407,512 | | | | | $ | — | | | | | $ | — | | | | | $ | 407,512 | | |
Commercial paper | | | | | — | | | | | | 119,285 | | | | | | — | | | | | | 119,285 | | |
Corporate bonds | | | | | — | | | | | | 47,959 | | | | | | — | | | | | | 47,959 | | |
U.S. Treasury securities | | | | | 19,997 | | | | | | — | | | | | | — | | | | | | 19,997 | | |
Other investments | | | | | — | | | | | | — | | | | | | 3,000 | | | | | | 3,000 | | |
Total assets | | | | $ | 427,509 | | | | | $ | 167,244 | | | | | $ | 3,000 | | | | | $ | 597,753 | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Private placement warrants | | | | $ | — | | | | | $ | — | | | | | $ | 93,328 | | | | | $ | 93,328 | | |
Total liabilities | | | | $ | — | | | | | $ | — | | | | | $ | 93,328 | | | | | $ | 93,328 | | |
| | | December 31, 2019 | | |||||||||||||||||||||
| Quoted Prices in Active Markets for Identical Items (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | | Total | | ||||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money market funds | | | | $ | 40,454 | | | | | $ | — | | | | | $ | — | | | | | $ | 40,454 | | |
Commercial paper | | | | | — | | | | | | 19,938 | | | | | | — | | | | | | 19,938 | | |
Corporate bonds | | | | | — | | | | | | 48,010 | | | | | | — | | | | | | 48,010 | | |
Asset-backed securities | | | | | — | | | | | | 16,806 | | | | | | — | | | | | | 16,806 | | |
Repurchase agreements | | | | | — | | | | | | 25,001 | | | | | | — | | | | | | 25,001 | | |
Total assets | | | | $ | 40,454 | | | | | $ | 109,755 | | | | | $ | — | | | | | $ | 150,209 | | |
| | | 2020 | | | 2019 | | ||||||
Balance at beginning of year | | | | $ | — | | | | | $ | — | | |
Additions | | | | | 3,000 | | | | | | — | | |
Balance at end of year | | | | $ | 3,000 | | | | | $ | — | | |
| | | 2020 (as restated) | | | 2019 | | ||||||
Balance at beginning of year | | | | $ | — | | | | | $ | — | | |
Warrant liability assumed | | | | | 149,745 | | | | | | | | |
Change in fair value of warrant liability | | | | | (56,417) | | | | | | | | |
Balance at end of year | | | | $ | 93,328 | | | | | $ | — | | |
| | | December 31, | | |||||||||
| 2020 | | | 2019 | | ||||||||
Trade receivables | | | | $ | 7,016 | | | | | $ | 4,722 | | |
Allowance for doubtful accounts | | | | | (500) | | | | | | (199) | | |
Total accounts receivable | | | | $ | 6,516 | | | | | $ | 4,523 | | |
| | | Years Ended December 31, | | |||||||||
| 2020 | | | 2019 | | ||||||||
Balance at beginning of year | | | | $ | 199 | | | | | $ | — | | |
Provision for uncollectible accounts | | | | | 377 | | | | | | 199 | | |
Uncollectible accounts written off | | | | | (76) | | | | | | — | | |
Balance at end of year | | | | $ | 500 | | | | | $ | 199 | | |
| | | December 31, | | |||||||||
| 2020 | | | 2019 | | ||||||||
Deferred cost of goods sold | | | | $ | 454 | | | | | $ | 262 | | |
Prepaid operating expenses | | | | | 68 | | | | | | 585 | | |
Prepaid dues and subscriptions | | | | | 189 | | | | | | 503 | | |
Prepaid insurance | | | | | 121 | | | | | | 45 | | |
Prepaid rent | | | | | 118 | | | | | | 11 | | |
Other | | | | | 26 | | | | | | 482 | | |
Total prepaid expenses and other current assets | | | | $ | 976 | | | | | $ | 1,888 | | |
| | | December 31, | | |||||||||
| 2020 | | | 2019 | | ||||||||
Equipment | | | | $ | 13,708 | | | | | $ | 13,358 | | |
Furniture and fixtures | | | | | 895 | | | | | | 895 | | |
Computer equipment | | | | | 1,089 | | | | | | 1,089 | | |
Tooling | | | | | 1,805 | | | | | | 1,823 | | |
Software | | | | | 1,249 | | | | | | 954 | | |
Leasehold improvements | | | | | 13,870 | | | | | | 13,880 | | |
Construction in process | | | | | 879 | | | | | | 170 | | |
Property and equipment, gross | | | | | 33,495 | | | | | | 32,169 | | |
Less: accumulated depreciation | | | | | (21,335) | | | | | | (13,782) | | |
Total property and equipment, net | | | | $ | 12,160 | | | | | $ | 18,387 | | |
| | | | | | | | | | | | | | | Accumulated | | | Balance | | ||||||
| | | Gross Value | | | Estimated Life | | | Amortization | | | December 31, 2020 | | ||||||||||||
Acquired technology | | | | $ | 10,193 | | | | | | 5 years | | | | | $ | 1,091 | | | | | $ | 9,102 | | |
| | | Years Ended December 31, | | |||||||||
| 2020 | | | 2019 | | ||||||||
Capitalized software development costs | | | | $ | 1,127 | | | | | $ | 1,127 | | |
Accumulated amortization | | | | | (815) | | | | | | (237) | | |
Impairment | | | | | — | | | | | | (444) | | |
Total capitalized software, net | | | | $ | 312 | | | | | $ | 446 | | |
| | | December 31, | | |||||||||
| 2020 | | | 2019 | | ||||||||
Other investments | | | | $ | 3,000 | | | | | $ | — | | |
Right of use asset | | | | | 1,810 | | | | | | 2,289 | | |
Long-term deposits | | | | | 69 | | | | | | — | | |
Total other noncurrent assets | | | | $ | 4,879 | | | | | $ | 2,289 | | |
| | | December 31, | | |||||||||
| 2020 | | | 2019 | | ||||||||
Professional services | | | | $ | 2,508 | | | | | $ | 780 | | |
Compensation and benefits related | | | | | 2,068 | | | | | | 897 | | |
Warranty reserve | | | | | 1,553 | | | | | | 1,491 | | |
Sales and use and franchise taxes | | | | | 586 | | | | | | 578 | | |
Franchise and royalty fees | | | | | 159 | | | | | | — | | |
Inventory purchases | | | | | 86 | | | | | | 620 | | |
Other | | | | | 605 | | | | | | 687 | | |
Total accrued expenses and other current liabilities | | | | $ | 7,565 | | | | | $ | 5,053 | | |
| | | Years Ended December 31, | | |||||||||
| 2020 | | | 2019 | | ||||||||
Lease cost | | | | | | | | | | | | | |
Operating lease cost | | | | $ | 746 | | | | | $ | 655 | | |
Short-term lease cost | | | | | — | | | | | | 32 | | |
Variable lease cost | | | | | 40 | | | | | | 40 | | |
Total lease cost | | | | $ | 786 | | | | | $ | 727 | | |
Other Information | | | | | | | | | | | | | |
Operating cash flows from operating leases | | | | $ | 1,073 | | | | | $ | 951 | | |
Weighted-average remaining lease term – operating leases (years) | | | | | 3.2 | | | | | | 4.2 | | |
Weighted-average discount rate – operating leases | | | | | 7.6% | | | | | | 7.6% | | |
| 2021 | | | | $ | 1,071 | | |
| 2022 | | | | | 1,069 | | |
| 2023 | | | | | 1,028 | | |
| 2024 | | | | | 258 | | |
| 2025 | | | | | — | | |
| Total lease payments | | | | | 3,426 | | |
| Less amount representing interest | | | | | (401) | | |
| Total lease liability | | | | | 3,025 | | |
| Less current portion of lease liability | | | | | (868) | | |
| Lease liability, net of current portion | | | | $ | 2,157 | | |
| | | Years Ended December 31, | | |||||||||
| 2020 (as restated) | | | 2019 | | ||||||||
United States | | | | $ | (34,285) | | | | | $ | (103,596) | | |
Foreign | | | | | (670) | | | | | | — | | |
Loss before income taxes | | | | $ | (34,955) | | | | | $ | (103,596) | | |
| | | Years Ended December 31, | | |||||||||
| 2020 | | | 2019 | | ||||||||
Current | | | | $ | — | | | | | $ | — | | |
Deferred | | | | | (940) | | | | | | — | | |
Provision (benefit) for income taxes | | | | $ | (940) | | | | | $ | — | | |
| | | Years Ended December 31, | | |||||||||
| 2020 (as restated) | | | 2019 | | ||||||||
Effective income tax rate: | | | | | | | | | | | | | |
Expected income tax benefit at the federal statutory rate | | | | | 21% | | | | | | 21% | | |
State taxes | | | | | 6% | | | | | | 6% | | |
Change in valuation allowance | | | | | (68)% | | | | | | (30)% | | |
Research and development credit carryover | | | | | 2% | | | | | | 2% | | |
Permanent differences | | | | | 42% | | | | | | 1% | | |
Effective income tax rate | | | | | 3% | | | | | | —% | | |
| | | Years Ended December 31, | | |||||||||
| 2020 | | | 2019 | | ||||||||
Deferred tax assets: | | | | | | | | | | | | | |
Federal and state net operating carryforwards | | | | $ | 77,463 | | | | | $ | 56,333 | | |
Research and development and other credits | | | | | 13,555 | | | | | | 11,072 | | |
Capitalized start-up costs | | | | | 15,717 | | | | | | 17,032 | | |
Compensation-related items | | | | | 2,257 | | | | | | 1,286 | | |
Deferred lease liability | | | | | 872 | | | | | | 1,111 | | |
Depreciation | | | | | 1,503 | | | | | | — | | |
Other deferred tax assets | | | | | 2,272 | | | | | | 2,068 | | |
Total gross deferred tax asset | | | | | 113,639 | | | | | | 88,902 | | |
| | | Years Ended December 31, | | |||||||||
| 2020 | | | 2019 | | ||||||||
Valuation allowance | | | | | (111,494) | | | | | | (87,370) | | |
Net deferred tax asset | | | | | 2,145 | | | | | | 1,532 | | |
Deferred tax liabilities: | | | | | | | | | | | | | |
Right-of-use asset | | | | | (522) | | | | | | (664) | | |
Acquired technology | | | | | (1,623) | | | | | | (868) | | |
Total deferred tax liabilities | | | | | (2,145) | | | | | | (1,532) | | |
Net deferred tax asset | | | | $ | — | | | | | $ | — | | |
|
| | | Years Ended December 31, | | |||||||||
| 2020 | | | 2019 | | ||||||||
Valuation allowance at beginning of the year | | | | $ | 87,370 | | | | | $ | 56,405 | | |
Increases recorded to income tax provision | | | | | 25,058 | | | | | | 30,965 | | |
Decreases recorded as a benefit to income tax provision | | | | | (934) | | | | | | — | | |
Valuation allowance at end of year | | | | $ | 111,494 | | | | | $ | 87,370 | | |
| | | Shares subject to Vesting | | | Weighted Average Purchase Price | | ||||||
Balance of unvested shares as of January 1, 2020 | | | | | 5,587 | | | | | $ | 0.0001 | | |
Issuance of additional shares | | | | | — | | | | | | — | | |
Vested | | | | | (5,307) | | | | | $ | 0.001 | | |
Balance of unvested shares as of December 31, 2020 | | | | | 280 | | | | | $ | 0.001 | | |
| | | Years Ended December 31, | | ||||||
| 2020 | | | 2019 | | |||||
Risk-free interest rate | | | | | 2.0% | | | | 2.0% | |
Expected volatility | | | | | 52.5% | | | | 52.5% | |
Expected life (in years) | | | | | 8.0 | | | | 8.0 – 8.8 | |
Expected dividend yield | | | | | — | | | | — | |
Fair value of Common Stock | | | | $ | 3.34 | | | | $3.34 | |
| | | Year Ended December 31, 2020 | | |||
Risk-free interest rate | | | | | 0.5% | | |
Expected volatility | | | | | 52.5% | | |
Expected life (in years) | | | | | 0.3 | | |
Expected dividend yield | | | | | — | | |
Fair value of Common Stock | | | | $ | 7.98 | | |
| | | As of December 31, 2020 | | | As of December 9, 2020 | | ||||||
Risk-free interest rate | | | | | 0.4% | | | | | | 0.4% | | |
Expected volatility | | | | | 50.0% | | | | | | 40.0% | | |
Expected life (in years) | | | | | 4.9 | | | | | | 5 | | |
Expected dividend yield | | | | | — | | | | | | — | | |
Fair value of Common Stock | | | | $ | 17.20 | | | | | $ | 24.77 | | |
| | | Prior to Business Combination | | |||||||||
Legacy Convertible Preferred Stock Classes | | | Shares Authorized, Issued and Outstanding | | | Preferred Stock | | ||||||
Series A Legacy Convertible Preferred Stock, $0.0001 par value | | | | | 26,189,545 | | | | | $ | 13,878 | | |
Series B Legacy Convertible Preferred Stock, $0.0001 par value | | | | | 23,675,035 | | | | | | 37,806 | | |
Series C Legacy Convertible Preferred Stock, $0.0001 par value | | | | | 13,152,896 | | | | | | 44,852 | | |
Series D Legacy Convertible Preferred Stock, $0.0001 par value | | | | | 21,075,193 | | | | | | 180,353 | | |
Series E Legacy Convertible Preferred Stock, $0.0001 par value | | | | | 13,450,703 | | | | | | 134,667 | | |
Series E-1 Legacy Convertible Preferred Stock, $0.0001 par value | | | | | 2,494,737 | | | | | | 24,977 | | |
Total | | | | | 100,038,109 | | | | | $ | 436,533 | | |
| | | Years Ended December 31, | | |||
| | | 2020 | | | 2019 | |
Risk-free interest rate | | | 0.3% – 1.7%% | | | 1.7% – 2.6% | |
Expected volatility | | | 52.7% – 54.2% | | | 52.7% – 53.6% | |
Expected life (in years) | | | 5.9 – 6.3 | | | 5.6 – 6.1 | |
Expected dividend yield | | | — | | | — | |
Fair value of Common Stock | | | $1.40 – 7.98 | | | $3.34 | |
| | | Years Ended December 31, | | |||
| 2020 | | | 2019 | | ||
Risk-free interest rate | | | 0.6% – 0.8% | | | 1.4% – 3.1% | |
Expected volatility | | | 54.3% – 54.8% | | | 52.4% – 61.5% | |
Expected life (in years) | | | 9.4 – 10.0 | | | 6.2 – 10.0 | |
Expected dividend yield | | | — | | | — | |
Fair value of Common Stock | | | $1.40 – 7.98 | | | $3.34 | |
| | | Years Ended December 31, | | |||||||||
| 2020 | | | 2019 | | ||||||||
Research and development | | | | $ | 3,276 | | | | | $ | 2,713 | | |
General and administrative expense | | | | | 3,464 | | | | | | 941 | | |
Sales and marketing expense | | | | | 894 | | | | | | 1,373 | | |
Cost of sales | | | | | 372 | | | | | | 188 | | |
Total stock-based compensation expenses | | | | $ | 8,006 | | | | | $ | 5,215 | | |
| | | Number of Shares | | | Weighted-Average Exercise Price per Share | | | Weighted-Average Remaining Contractual Term (in years) | | | Aggregate Intrinsic Value (in thousands) | | ||||||||||||
Outstanding at January 1, 2020 | | | | | 18,072 | | | | | $ | 2.01 | | | | | | 7.84 | | | | | $ | 24,045 | | |
Granted | | | | | 8,463 | | | | | $ | 1.51 | | | | | | | | | | | | | | |
Exercised | | | | | (522) | | | | | $ | 0.62 | | | | | | | | | | | | | | |
Forfeited/expired | | | | | (6,460) | | | | | $ | 2.92 | | | | | | | | | | | | | | |
Outstanding at December 31, 2020 | | | | | 19,553 | | | | | $ | 1.53 | | | | | | 7.75 | | | | | $ | 306,408 | | |
Options vested at December 31, 2020 | | | | | 10,905 | | | | | $ | 1.53 | | | | | | 6.52 | | | | | $ | 170,868 | | |
Options vested or expected to vest at December 31, 2020 | | | | | 18,818 | | | | | $ | 1.53 | | | | | | 7.69 | | | | | $ | 294,824 | | |
| | | Shares subject to Vesting | | | Weighted Average Grant Date Fair Value | | ||||||
Balance of unvested shares as of January 1, 2020 | | | | | — | | | | | | — | | |
Granted | | | | | 683 | | | | | $ | 8.02 | | |
Vested | | | | | — | | | | | | — | | |
Balance of unvested shares as of December 31, 2020 | | | | | 683 | | | | | $ | 8.02 | | |
| | | Americas | | | EMEA | | | APAC | | | Total | | ||||||||||||
Product | | | | $ | 5,250 | | | | | $ | 6,629 | | | | | $ | 1,839 | | | | | $ | 13,718 | | |
Services | | | | | 1,415 | | | | | | 1,159 | | | | | | 178 | | | | | | 2,752 | | |
Total | | | | $ | 6,665 | | | | | $ | 7,788 | | | | | $ | 2,017 | | | | | $ | 16,470 | | |
| | | Americas | | | EMEA | | | APAC | | | Total | | ||||||||||||
Product | | | | $ | 12,746 | | | | | $ | 8,430 | | | | | $ | 1,582 | | | | | $ | 22,758 | | |
Services | | | | | 3,055 | | | | | | 563 | | | | | | 63 | | | | | | 3,681 | | |
Total | | | | $ | 15,801 | | | | | $ | 8,993 | | | | | $ | 1,645 | | | | | $ | 26,439 | | |
| | | Years Ended December 31, | | |||||||||
| 2020 | | | 2019 | | ||||||||
Revenue recognized at a point in time | | | | $ | 13,718 | | | | | $ | 22,758 | | |
Revenue recognized over time | | | | | 2,752 | | | | | | 3,681 | | |
Total | | | | $ | 16,470 | | | | | $ | 26,439 | | |
| | | Years Ended December 31, | | |||||||||
(in thousands, except per share amounts) | | | 2020 (as restated) | | | 2019 | | ||||||
Numerator for basic and diluted net loss per share: | | | | | | | | | | | | | |
Net loss attributable to Common Stockholders | | | | $ | (34,015) | | | | | $ | (103,596) | | |
Denominator for basic and diluted net loss per share: | | | | | | | | | | | | | |
Weighted average shares | | | | | 157,906 | | | | | | 150,002 | | |
Net loss per share – Basic and Diluted | | | | $ | (0.22) | | | | | $ | (0.69) | | |
| | | Years Ended December 31, | | |||||||||
| 2020 | | | 2019 | | ||||||||
Common Stock options outstanding | | | | | 19,553 | | | | | | 18,072 | | |
Unvested restricted stock units outstanding | | | | | 683 | | | | | | — | | |
Unvested restricted stock awards outstanding | | | | | 279 | | | | | | 5,587 | | |
Common Stock warrants outstanding | | | | | 25,010 | | | | | | 634 | | |
Unvested Trine Founder Shares, held in escrow | | | | | 1,851 | | | | | | — | | |
Total shares | | | | | 47,376 | | | | | | 24,293 | | |
| | | March 31, 2021 | | | December 31, 2020 | | ||||||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 416,379 | | | | | $ | 483,525 | | |
Short-term investments | | | | | 155,847 | | | | | | 111,867 | | |
Restricted cash | | | | | 1,021 | | | | | | — | | |
Accounts receivable | | | | | 9,234 | | | | | | 6,516 | | |
Inventory | | | | | 20,837 | | | | | | 9,708 | | |
Prepaid expenses and other current assets | | | | | 18,657 | | | | | | 976 | | |
Total current assets | | | | | 621,975 | | | | | | 612,592 | | |
Restricted cash | | | | | 776 | | | | | | 612 | | |
Property and equipment, net | | | | | 12,331 | | | | | | 12,160 | | |
Capitalized software, net | | | | | 268 | | | | | | 312 | | |
Goodwill | | | | | 201,308 | | | | | | 2,252 | | |
Intangible assets, net | | | | | 144,103 | | | | | | 9,102 | | |
Other noncurrent assets | | | | | 6,826 | | | | | | 4,879 | | |
Total Assets | | | | $ | 987,587 | | | | | $ | 641,909 | | |
Liabilities and Stockholders’ Equity | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable | | | | $ | 5,227 | | | | | $ | 7,591 | | |
Customer deposits | | | | | 2,792 | | | | | | 1,480 | | |
Current portion of lease liability | | | | | 1,639 | | | | | | 868 | | |
Accrued expenses and other current liabilities | | | | | 15,324 | | | | | | 7,565 | | |
Deferred revenue | | | | | 3,405 | | | | | | 3,004 | | |
Current portion of long-term debt, net of deferred financing costs | | | | | 11,019 | | | | | | 9,991 | | |
Total current liabilities | | | | | 39,406 | | | | | | 30,499 | | |
Warrant liability | | | | | — | | | | | | 93,328 | | |
Long-term debt, net of deferred financing costs | | | | | 163 | | | | | | — | | |
Lease liability, net of current portion | | | | | 3,248 | | | | | | 2,157 | | |
Deferred tax liability | | | | | 5,206 | | | | | | — | | |
Total liabilities | | | | | 48,023 | | | | | | 125,984 | | |
Commitments and Contingences (Note 15) | | | | | | | | | | | | | |
Stockholders’ Equity | | | | | | | | | | | | | |
Preferred Stock, $0.0001 par value – authorized, 50,000,000 shares; no shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively | | | | | — | | | | | | — | | |
Common Stock, $0.0001 par value – 500,000,000 shares authorized; 252,660,102 and 226,756,733 shares issued at March 31, 2021 and December 31, 2020, respectively, 252,436,919 and 224,626,597 shares outstanding at March 31, 2021 and December 31, 2020, respectively | | | | | 25 | | | | | | 23 | | |
Additional paid-in capital | | | | | 1,326,945 | | | | | | 844,188 | | |
Accumulated deficit | | | | | (387,385) | | | | | | (328,277) | | |
Accumulated other comprehensive income (loss) | | | | | (21) | | | | | | (9) | | |
Total Stockholders’ Equity | | | | | 939,564 | | | | | | 515,925 | | |
Total Liabilities and Stockholders’ Equity | | | | $ | 987,587 | | | | | $ | 641,909 | | |
| | | Three Months Ended March 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Revenues | | | | | | | | | | | | | |
Products | | | | $ | 10,311 | | | | | $ | 2,694 | | |
Services | | | | | 1,002 | | | | | | 691 | | |
Total revenues | | | | | 11,313 | | | | | | 3,385 | | |
Cost of sales | | | | | | | | | | | | | |
Products | | | | | 10,487 | | | | | | 5,041 | | |
Services | | | | | 1,413 | | | | | | 1,163 | | |
Total cost of sales | | | | | 11,900 | | | | | | 6,204 | | |
Gross margin | | | | | (587) | | | | | | (2,819) | | |
Operating expenses | | | | | | | | | | | | | |
Research and development | | | | | 10,858 | | | | | | 12,340 | | |
Sales and marketing | | | | | 5,449 | | | | | | 4,494 | | |
General and administrative | | | | | 13,846 | | | | | | 2,625 | | |
Total operating expenses | | | | | 30,153 | | | | | | 19,459 | | |
Loss from operations | | | | | (30,740) | | | | | | (22,278) | | |
Change in fair value of warrant liability | | | | | (56,576) | | | | | | — | | |
Interest expense | | | | | (73) | | | | | | (104) | | |
Interest and other income, net | | | | | 361 | | | | | | 578 | | |
Loss before income taxes | | | | | (87,028) | | | | | | (21,804) | | |
Income tax benefit | | | | | 27,920 | | | | | | — | | |
Net loss | | | | $ | (59,108) | | | | | $ | (21,804) | | |
Net loss per share – basic and diluted | | | | $ | (0.25) | | | | | $ | (0.14) | | |
| | | Three Months Ended March 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Net loss | | | | $ | (59,108) | | | | | $ | (21,804) | | |
Other comprehensive (loss) income, net of taxes: | | | | | | | | | | | | | |
Unrealized gain (loss) on available-for-sale marketable securities, net | | | | | 1 | | | | | | (159) | | |
Foreign currency translation adjustment | | | | | (13) | | | | | | — | | |
Total comprehensive loss, net of taxes of $0 | | | | $ | (59,120) | | | | | $ | (21,963) | | |
| | | Common Stock Voting | | | Additional Paid-in Capital | | | Accumulated Deficit | | | Accumulated Other Comprehensive (Loss) Income | | | Total Stockholders’ Equity | | |||||||||||||||||||||
| | | Shares | | | Amount | | ||||||||||||||||||||||||||||||
BALANCE – January 1, 2021 | | | | | 224,626,597 | | | | | $ | 23 | | | | | $ | 844,188 | | | | | $ | (328,277) | | | | | $ | (9) | | | | | $ | 515,925 | | |
Exercise of Common Stock options | | | | | 163,228 | | | | | | — | | | | | | 180 | | | | | | — | | | | | | — | | | | | | 180 | | |
Vesting of restricted Common Stock | | | | | 56,015 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Vesting of restricted stock units | | | | | 15,265 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Repurchase of shares for employee tax withholdings | | | | | (2,241) | | | | | | — | | | | | | (54) | | | | | | — | | | | | | — | | | | | | (54) | | |
Issuance of Common Stock for acquisitions | | | | | 5,036,142 | | | | | | — | | | | | | 159,847 | | | | | | — | | | | | | — | | | | | | 159,847 | | |
Stock-based compensation expense | | | | | — | | | | | | — | | | | | | 2,217 | | | | | | — | | | | | | — | | | | | | 2,217 | | |
Vesting of Trine Founder shares | | | | | 1,850,938 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Exercise of warrants | | | | | 20,690,975 | | | | | | 2 | | | | | | 320,567 | | | | | | — | | | | | | — | | | | | | 320,569 | | |
Net loss | | | | | — | | | | | | — | | | | | | — | | | | | | (59,108) | | | | | | — | | | | | | (59,108) | | |
Other comprehensive income (loss) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (12) | | | | | | (12) | | |
BALANCE – March 31, 2021 | | | | | 252,436,919 | | | | | $ | 25 | | | | | $ | 1,326,945 | | | | | $ | (387,385) | | | | | $ | (21) | | | | | $ | 939,564 | | |
| | | Legacy Convertible Preferred Stock | | | | Common Stock Voting | | | Additional Paid-in Capital | | | Accumulated Deficit | | | Accumulated Other Comprehensive (Loss) Income | | | Total Stockholders’ Equity | | ||||||||||||||||||||||||||||||
| | | Shares | | | Amount | | | | Shares | | | Amount | | ||||||||||||||||||||||||||||||||||||
BALANCE – January 1, 2020 | | | | | 100,038,109 | | | | | $ | 436,533 | | | | | | | 26,813,113 | | | | | $ | 3 | | | | | $ | 16,722 | | | | | $ | (294,262) | | | | | $ | 75 | | | | | $ | (277,462) | | |
Retroactive application of recapitalization (Note 1) | | | | | (100,038,109) | | | | | | (436,533) | | | | | | | 128,100,821 | | | | | | 13 | | | | | | 436,520 | | | | | | — | | | | | | — | | | | | | 436,533 | | |
Adjusted balance, beginning of period | | | | | — | | | | | | — | | | | | | | 154,913,934 | | | | | | 16 | | | | | | 453,242 | | | | | | (294,262) | | | | | | 75 | | | | | | 159,071 | | |
Exercise of Common Stock options | | | | | — | | | | | | — | | | | | | | 286,636 | | | | | | — | | | | | | 132 | | | | | | — | | | | | | — | | | | | | 132 | | |
Vesting of restricted Common Stock | | | | | — | | | | | | — | | | | | | | 1,750,555 | | | | | | — | | | | | | 2 | | | | | | — | | | | | | — | | | | | | 2 | | |
Stock-based compensation expense | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 1,259 | | | | | | — | | | | | | — | | | | | | 1,259 | | |
Common Stock warrants issued | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 124 | | | | | | — | | | | | | — | | | | | | 124 | | |
Net loss | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (21,804) | | | | | | — | | | | | | (21,804) | | |
Other comprehensive income (loss) | | | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (159) | | | | | | (159) | | |
BALANCE – March 31, 2020 | | | | | — | | | | | $ | — | | | | | | | 156,951,125 | | | | | $ | 16 | | | | | $ | 454,759 | | | | | $ | (316,066) | | | | | $ | (84) | | | | | $ | 138,625 | | |
| | | Three Months Ended March 31, | | |||||||||
| 2021 | | | 2020 | | ||||||||
Cash flows from operating activities: | | | | | | | | | | | | | |
Net loss | | | | $ | (59,108) | | | | | $ | (21,804) | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | | | |
Depreciation and amortization | | | | | 3,892 | | | | | | 2,321 | | |
Stock-based compensation | | | | | 2,217 | | | | | | 1,259 | | |
Change in fair value of warrant liability | | | | | 56,576 | | | | | | — | | |
Expense related to Common Stock warrants issued | | | | | — | | | | | | 124 | | |
Amortization (accretion) of discount on investments | | | | | 406 | | | | | | (22) | | |
Amortization of debt financing cost | | | | | 4 | | | | | | 4 | | |
Provision for bad debt | | | | | 72 | | | | | | — | | |
Net increase in accrued interest related to marketable securities | | | | | (240) | | | | | | (124) | | |
Net unrealized (gain) loss on marketable securities | | | | | (25) | | | | | | — | | |
Deferred tax benefit | | | | | (27,921) | | | | | | — | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Accounts receivable | | | | | (61) | | | | | | 752 | | |
Inventory | | | | | (2,381) | | | | | | (3,238) | | |
Prepaid expenses and other current assets | | | | | (4,276) | | | | | | 393 | | |
Other assets | | | | | (30) | | | | | | — | | |
Accounts payable | | | | | (3,856) | | | | | | (989) | | |
Accrued expenses and other current liabilities | | | | | (5,247) | | | | | | (976) | | |
Customer deposits | | | | | (1,234) | | | | | | 285 | | |
Deferred revenue | | | | | 105 | | | | | | (339) | | |
Change in right of use assets and lease liabilities, net | | | | | (22) | | | | | | (80) | | |
Net cash used in operating activities | | | | | (41,129) | | | | | | (22,434) | | |
Cash flows from investing activities: | | | | | | | | | | | | | |
Purchases of property and equipment | | | | | (262) | | | | | | (1,004) | | |
Purchase of marketable securities | | | | | (92,386) | | | | | | (17,616) | | |
Proceeds from sales and maturities of marketable securities | | | | | 48,241 | | | | | | 49,300 | | |
Cash paid for acquisition, net of cash acquired | | | | | (137,646) | | | | | | — | | |
Net cash (used in) provided by investing activities | | | | | (182,053) | | | | | | 30,680 | | |
Cash flows from financing activities: | | | | | | | | | | | | | |
Payment of issuance costs related to reverse recapitalization | | | | | (1,239) | | | | | | — | | |
Proceeds from the exercise of stock warrants | | | | | 158,308 | | | | | | — | | |
Payment of taxes related to net share settlement of upon vesting of restricted stock units | | | | | (54) | | | | | | — | | |
Proceeds from exercise of stock options | | | | | 180 | | | | | | 132 | | |
Net cash provided by financing activities | | | | | 157,195 | | | | | | 132 | | |
Net (decrease) increase in cash, cash equivalents, and restricted cash | | | | | (65,987) | | | | | | 8,378 | | |
Effect of exchange rate changes | | | | | 26 | | | | | | — | | |
Cash and cash equivalents at beginning of period | | | | | 483,525 | | | | | | 66,161 | | |
Restricted cash | | | | | 612 | | | | | | 612 | | |
Cash, cash equivalents, and restricted cash at end of period | | | | $ | 418,176 | | | | | $ | 75,151 | | |
Supplemental cash flow information: | | | | | | | | | | | | | |
Interest paid | | | | $ | 73 | | | | | $ | 107 | | |
Non-cash investing and financing activities: | | | | | | | | | | | | | |
Net unrealized (gain) loss on investments | | | | $ | (1) | | | | | $ | 159 | | |
Exercise of private placement warrants | | | | $ | 149,904 | | | | | $ | — | | |
Common Stock issued for acquisitions | | | | $ | 159,847 | | | | | $ | — | | |
Additions to right of use assets and lease liabilities | | | | $ | 364 | | | | | $ | — | | |
Purchase of property and equipment included in accounts payable | | | | $ | 50 | | | | | $ | — | | |
Receivable for warrants exercised | | | | $ | 12,357 | | | | | $ | — | | |
Asset Classification | | | Useful Life | |
Equipment | | | 2 – 12 years | |
Furniture and fixtures | | | 3 – 5 years | |
Computer equipment | | | 3 years | |
Tooling | | | 3 years | |
Software | | | 2 – 3 years | |
Leasehold improvements | | | Shorter of asset’s useful life or remaining life of the lease | |
| | | At February 16, 2021 | | |||
Assets acquired: | | | | | | | |
Cash and cash equivalents | | | | $ | 859 | | |
Restricted cash | | | | | 5,004 | | |
Accounts receivable | | | | | 2,740 | | |
Inventory | | | | | 8,852 | | |
Prepaid expenses and other current assets | | | | | 1,081 | | |
Restricted cash – noncurrent | | | | | 285 | | |
Property and equipment | | | | | 1,440 | | |
Intangible assets | | | | | 137,300 | | |
Other noncurrent assets | | | | | 1,801 | | |
Total assets acquired | | | | $ | 159,362 | | |
Liabilities assumed: | | | | | | | |
Accounts payable | | | | $ | 1,443 | | |
Customer deposits | | | | | 2,590 | | |
Current portion of lease liability | | | | | 600 | | |
Accrued expenses and other current liabilities | | | | | 13,645 | | |
Liability for income taxes | | | | | 480 | | |
Deferred revenue | | | | | 300 | | |
Current portion of long-term debt | | | | | 898 | | |
Long-term debt | | | | | 285 | | |
Deferred tax liability | | | | | 33,348 | | |
Lease liability, net of current portion | | | | | 1,189 | | |
Total liabilities assumed | | | | $ | 54,778 | | |
Net assets acquired | | | | $ | 104,584 | | |
Goodwill | | | | $ | 199,056 | | |
| | | Gross Value | | | Estimated Life | | |||
Acquired technology | | | | $ | 77,800 | | | | 7 – 12 years | |
Trade name | | | | | 8,600 | | | | 13 years | |
Customer relationships | | | | | 50,900 | | | | 10 years | |
Total intangible assets | | | | $ | 137,300 | | | | | |
| | | Three Months Ended March 31, | | |||||||||
| 2021 | | | 2020 | | ||||||||
Net revenues | | | | $ | 14,825 | | | | | $ | 10,697 | | |
Net income | | | | $ | (28,676) | | | | | $ | (30,943) | | |
| | | Recapitalization | | |||
Cash – Trine’s trust and cash (net of redemptions) | | | | $ | 305,084,695 | | |
Cash – PIPE financing | | | | | 274,975,000 | | |
Less: transaction costs and advisory fees paid | | | | | (45,463,074) | | |
Net proceeds from reverse recapitalization | | | | | 534,596,621 | | |
Plus: non-cash net liabilities assumed(1) | | | | | (152,394,714) | | |
Less: accrued transaction costs and advisory fees | | | | | (1,900,793) | | |
Net contributions from reverse recapitalization | | | | $ | 380,301,114 | | |
| | | Number of Shares | | |||
Common stock, outstanding prior to Business Combination | | | | | 30,015,000 | | |
Less: redemption of Trine shares | | | | | (26,049) | | |
Common stock of Trine | | | | | 29,988,951 | | |
Trine Founder Shares | | | | | 5,552,812 | | |
Trine Director Shares | | | | | 100,000 | | |
Shares issued in PIPE financing | | | | | 27,497,500 | | |
Business Combination and PIPE financing shares | | | | | 63,139,263 | | |
Legacy Desktop Metal shares(1) | | | | | 161,487,334 | | |
Total shares of common stock immediately after Business Combination | | | | | 224,626,597 | | |
March 31, 2021 | | | Amortized Cost | | | Unrealized Gains | | | Unrealized Losses | | | Fair Value | | ||||||||||||
Money market funds | | | | $ | 413,089 | | | | | $ | — | | | | | $ | — | | | | | $ | 413,089 | | |
Total cash equivalents | | | | | 413,089 | | | | | | — | | | | | | — | | | | | | 413,089 | | |
U.S Treasury securities | | | | | 5,000 | | | | | | — | | | | | | — | | | | | | 5,000 | | |
Commercial paper | | | | | 89,835 | | | | | | — | | | | | | — | | | | | | 89,835 | | |
Corporate bonds | | | | | 61,020 | | | | | | 13 | | | | | | (21) | | | | | | 61,012 | | |
Total short-term investments | | | | | 155,855 | | | | | | 13 | | | | | | (21) | | | | | | 155,847 | | |
Total cash equivalents and short-term investments | | | | $ | 568,944 | | | | | $ | 13 | | | | | $ | (21) | | | | | $ | 568,936 | | |
December 31, 2020 | | | Amortized Cost | | | Unrealized Gains | | | Unrealized Losses | | | Fair Value | | ||||||||||||
Commercial paper | | | | $ | 75,374 | | | | | $ | — | | | | | $ | — | | | | | $ | 75,374 | | |
Money market funds | | | | | 407,512 | | | | | | — | | | | | | — | | | | | | 407,512 | | |
Total cash equivalents | | | | | 482,886 | | | | | | — | | | | | | — | | | | | | 482,886 | | |
U.S. Treasury securities | | | | | 19,995 | | | | | | 2 | | | | | | — | | | | | | 19,997 | | |
Commercial paper | | | | | 43,911 | | | | | | — | | | | | | — | | | | | | 43,911 | | |
Corporate bonds | | | | | 47,970 | | | | | | — | | | | | | (11) | | | | | | 47,959 | | |
Total short-term investments | | | | | 111,876 | | | | | | 2 | | | | | | (11) | | | | | | 111,867 | | |
Total cash equivalents and short-term investments | | | | $ | 594,762 | | | | | $ | 2 | | | | | $ | (11) | | | | | $ | 594,753 | | |
| | | March 31, 2021 | | |||||||||||||||||||||
| | | Quoted Prices in Active Markets for Identical Items (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | | Total | | ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money market funds | | | | $ | 413,089 | | | | | $ | — | | | | | $ | — | | | | | $ | 413,089 | | |
Commercial paper | | | | | — | | | | | | 89,835 | | | | | ��� | — | | | | | | 89,835 | | |
Corporate bonds | | | | | — | | | | | | 61,012 | | | | | | — | | | | | | 61,012 | | |
U.S. Treasury securities | | | | | 5,000 | | | | | | — | | | | | | — | | | | | | 5,000 | | |
Other investments | | | | | — | | | | | | — | | | | | | 3,025 | | | | | | 3,025 | | |
Total assets | | | | $ | 418,089 | | | | | $ | 150,847 | | | | | $ | 3,025 | | | | | $ | 571,961 | | |
| | | December 31, 2020 | | |||||||||||||||||||||
| | | Quoted Prices in Active Markets for Identical Items (Level 1) | | | Significant Other Observable Inputs (Level 2) | | | Significant Unobservable Inputs (Level 3) | | | Total | | ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money market funds | | | | $ | 407,512 | | | | | $ | — | | | | | $ | — | | | | | $ | 407,512 | | |
Commercial paper | | | | | — | | | | | | 119,285 | | | | | | — | | | | | | 119,285 | | |
Corporate bonds | | | | | — | | | | | | 47,959 | | | | | | — | | | | | | 47,959 | | |
U.S. Treasury securities | | | | | 19,997 | | | | | | — | | | | | | — | | | | | | 19,997 | | |
Other investments | | | | | — | | | | | | — | | | | | | 3,000 | | | | | | 3,000 | | |
Total assets | | | | $ | 427,509 | | | | | $ | 167,244 | | | | | $ | 3,000 | | | | | $ | 597,753 | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Private placement warrants | | | | $ | — | | | | | $ | — | | | | | $ | 93,328 | | | | | $ | 93,328 | | |
Total liabilities | | | | $ | — | | | | | $ | — | | | | | $ | 93,328 | | | | | $ | 93,328 | | |
| | | Three Months Ended March 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Balance at beginning of period | | | | $ | 3,000 | | | | | $ | — | | |
Changes in fair value | | | | | 25 | | | | | | — | | |
Balance at end of period | | | | $ | 3,025 | | | | | $ | — | | |
| | | Three Months Ended March 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Balance at beginning of period | | | | $ | 93,328 | | | | | $ | — | | |
Changes in fair value | | | | | 56,576 | | | | | | — | | |
Exercise of private placement warrants | | | | | (149,904) | | | | | | — | | |
Balance at end of period | | | | $ | — | | | | | $ | — | | |
| | | March 31, 2021 | | | December 31, 2020 | | ||||||
Trade receivables | | | | $ | 9,598 | | | | | $ | 7,016 | | |
Allowance for doubtful accounts | | | | | (364) | | | | | | (500) | | |
Total accounts receivable | | | | $ | 9,234 | | | | | $ | 6,516 | | |
| | | March 31, 2021 | | | December 31, 2020 | | ||||||
Balance at beginning of period | | | | $ | 500 | | | | | $ | 199 | | |
Provision for uncollectible accounts | | | | | 72 | | | | | | 377 | | |
Uncollectible accounts written off | | | | | (208) | | | | | | (76) | | |
Balance at end of period | | | | $ | 364 | | | | | $ | 500 | | |
| | | March 31, 2021 | | | December 31, 2020 | | ||||||
Raw materials | | | | $ | 4,927 | | | | | $ | — | | |
Finished goods | | | | | 12,854 | | | | | | 6,812 | | |
Work in process | | | | | 3,056 | | | | | | 2,896 | | |
Total inventory | | | | $ | 20,837 | | | | | $ | 9,708 | | |
| | | March 31, 2021 | | | December 31, 2020 | | ||||||
Receivable for warrants exercised | | | | $ | 12,357 | | | | | $ | — | | |
Prepaid insurance | | | | | 2,948 | | | | | | 121 | | |
Prepaid operating expenses | | | | | 1,015 | | | | | | 68 | | |
Prepaid dues and subscriptions | | | | | 883 | | | | | | 189 | | |
Prepaid taxes | | | | | 474 | | | | | | — | | |
Vendor prepayments | | | | | 473 | | | | | | — | | |
Prepaid rent | | | | | 155 | | | | | | 118 | | |
Deferred cost of goods sold | | | | | — | | | | | | 454 | | |
Other | | | | | 352 | | | | | | 26 | | |
Total prepaid expenses and other current assets | | | | $ | 18,657 | | | | | $ | 976 | | |
| | | March 31, 2021 | | | December 31, 2020 | | ||||||
Equipment | | | | $ | 14,532 | | | | | $ | 13,708 | | |
Furniture and fixtures | | | | | 924 | | | | | | 895 | | |
Computer equipment | | | | | 1,124 | | | | | | 1,089 | | |
Tooling | | | | | 1,805 | | | | | | 1,805 | | |
Software | | | | | 1,340 | | | | | | 1,249 | | |
Leasehold improvements | | | | | 14,274 | | | | | | 13,870 | | |
Construction in process | | | | | 1,063 | | | | | | 879 | | |
Property and equipment, gross | | | | | 35,062 | | | | | | 33,495 | | |
Less: accumulated depreciation | | | | | (22,731) | | | | | | (21,335) | | |
Total property and equipment, net | | | | $ | 12,331 | | | | | $ | 12,160 | | |
(in thousands) | | | | | | | |
Balance at December 31, 2019 | | | | $ | 2,252 | | |
Balance at December 31, 2020 | | | | $ | 2,252 | | |
Acquisition of EnvisionTEC | | | | | 199,056 | | |
Balance at March 31, 2021 | | | | $ | 201,308 | | |
| | | Gross Value | | | Estimated Life | | | Accumulated Amortization | | | Balance March 31, 2021 | | |||||||||
Acquired technology | | | | $ | 87,993 | | | | 5 – 12 years | | | | $ | 2,688 | | | | | $ | 85,305 | | |
Trade name | | | | | 8,600 | | | | 13 years | | | | | 81 | | | | | | 8,519 | | |
Customer relationships | | | | | 50,900 | | | | 10 years | | | | | 621 | | | | | | 50,279 | | |
Total intangible assets | | | | $ | 147,493 | | | | | | | | $ | 3,390 | | | | | $ | 144,103 | | |
| | | March 31, 2021 | | | December 31, 2020 | | ||||||
Other investments | | | | $ | 3,025 | | | | | $ | 3,000 | | |
Right of use asset | | | | | 3,702 | | | | | | 1,810 | | |
Long-term deposits | | | | | 99 | | | | | | 69 | | |
Total other noncurrent assets | | | | $ | 6,826 | | | | | $ | 4,879 | | |
| | | March 31, 2021 | | | December 31, 2020 | | ||||||
Professional services | | | | $ | 3,519 | | | | | $ | 2,508 | | |
Compensation and benefits related | | | | | 3,516 | | | | | | 2,068 | | |
| | | March 31, 2021 | | | December 31, 2020 | | ||||||
Warranty reserve | | | | | 1,813 | | | | | | 1,553 | | |
Inventory purchases | | | | | 1,716 | | | | | | 86 | | |
Income tax payable | | | | | 1,405 | | | | | | — | | |
Customer payable | | | | | 605 | | | | | | — | | |
Sales and use and franchise taxes | | | | | 506 | | | | | | 586 | | |
Franchise and royalty fees | | | | | 188 | | | | | | 159 | | |
Other | | | | | 2,056 | | | | | | 605 | | |
Total accrued expenses and other current liabilities | | | | $ | 15,324 | | | | | $ | 7,565 | | |
|
| | | 2021 | | | 2020 | | ||||||
Warranty reserve, at the beginning of the period | | | | $ | 1,553 | | | | | $ | 1,491 | | |
Warranty reserve assumed in acquisition | | | | | 326 | | | | | | — | | |
Additions to warranty reserve | | | | | 86 | | | | | | 346 | | |
Claims fulfilled | | | | | (152) | | | | | | (284) | | |
Warranty reserve, at the end of the period | | | | $ | 1,813 | | | | | $ | 1,553 | | |
| | | March 31, | | |||||||||
| 2021 | | | 2020 | | ||||||||
Lease cost | | | | | | | | | | | | | |
Operating lease cost | | | | $ | 323 | | | | | $ | 188 | | |
Short-term lease cost | | | | | 22 | | | | | | — | | |
Variable lease cost | | | | | 39 | | | | | | 10 | | |
Total lease cost | | | | $ | 384 | | | | | $ | 198 | | |
Other Information | | | | | | | | | | | | | |
Operating cash flows used in operating leases | | | | $ | 244 | | | | | $ | 268 | | |
Weighted-average remaining lease term – operating leases (years) | | | | | 2.9 | | | | | | 4.0 | | |
Weighted-average discount rate – operating leases | | | | | 5.5% | | | | | | 7.6% | | |
| | | Operating Leases | | |||
2021 (remaining 9 months) | | | | $ | 1,399 | | |
2022 | | | | | 1,862 | | |
2023 | | | | | 1,671 | | |
2024 | | | | | 370 | | |
2025 | | | | | — | | |
Total lease payments | | | | | 5,302 | | |
Less amount representing interest | | | | | (415) | | |
Total lease liability | | | | | 4,887 | | |
Less current portion of lease liability | | | | | (1,639) | | |
Lease liability, net of current portion | | | | $ | 3,248 | | |
| | | Shares Subject to Vesting | | | Weighted-Average Purchase Price | | ||||||
Balance of unvested shares as of January 1, 2021 | | | | | 280 | | | | | $ | 0.0001 | | |
Issuance of additional shares | | | | | — | | | | | | — | | |
Vested | | | | | (56) | | | | | $ | 0.0001 | | |
Balance of unvested shares as of March 31, 2021 | | | | | 224 | | | | | $ | 0.0001 | | |
| | | Three Months Ended March 31, 2020 | | |||
Risk-free interest rate | | | | | 2% | | |
Expected volatility | | | | | 52.5% | | |
Expected life (in years) | | | | | 7.8 | | |
Expected dividend yield | | | | | — | | |
Fair value of Common Stock | | | | $ | 3.34 | | |
| | | Three Months Ended March 31, 2021 | |
Risk-free interest rate | | | 0.4% – 0.6% | |
Expected volatility | | | 55.0% | |
Expected life (in years) | | | 4.8 | |
Expected dividend yield | | | — | |
Fair value of Common Stock | | | $19.82 – 30.49 | |
Exercise price | | | $11.50 | |
| | | Three Months Ended March 31, 2020 | |
Risk-free interest rate | | | 0.7% – 0.9% | |
Expected volatility | | | 52.7% – 52.9% | |
Expected life (in years) | | | 5.9 – 6.1 | |
Expected dividend yield | | | — | |
Fair value of Common Stock | | | $3.34 | |
| | | Three Months Ended March 31, 2020 | | |||
Risk-free interest rate | | | | | 0.8% | | |
Expected volatility | | | | | 54.3% | | |
Expected life (in years) | | | | | 10.0 | | |
Expected dividend yield | | | | | — | | |
Fair value of Common Stock | | | | $ | 3.34 | | |
| | | Three Months Ended March 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Research and development | | | | $ | 916 | | | | | $ | 713 | | |
General and administrative expense | | | | | 839 | | | | | | 237 | | |
Sales and marketing expense | | | | | 345 | | | | | | 209 | | |
Cost of sales | | | | | 117 | | | | | | 100 | | |
Total stock-based compensation expenses | | | | $ | 2,217 | | | | | $ | 1,259 | | |
| | | Number of Shares | | | Weighted-Average Exercise Price per Share | | | Weighted-Average Remaining Contractual Term (in years) | | | Aggregate Intrinsic Value (in thousands) | | ||||||||||||
Outstanding at January 1, 2021 | | | | | 19,553 | | | | | $ | 1.53 | | | | | | 7.75 | | | | | $ | 306,408 | | |
Granted | | | | | — | | | | | $ | — | | | | | | | | | | | | | | |
Exercised | | | | | (163) | | | | | $ | 1.10 | | | | | | | | | | | | | | |
Forfeited/expired | | | | | (12) | | | | | $ | 1.40 | | | | | | | | | | | | | | |
Outstanding at March 31, 2021 | | | | | 19,378 | | | | | $ | 1.53 | | | | | | 7.51 | | | | | $ | 259,023 | | |
Options vested at March 31, 2021 | | | | | 11,044 | | | | | $ | 1.55 | | | | | | 6.29 | | | | | $ | 147,481 | | |
Options vested or expected to vest at March 31, 2021 | | | | | 18,673 | | | | | $ | 1.54 | | | | | | 7.45 | | | | | $ | 249,529 | | |
| | | Shares Subject to Vesting | | | Weighted-Average Grant Date Fair Value | | ||||||
Balance of unvested shares as of January 1, 2021 | | | | | 683 | | | | | $ | 8.02 | | |
Granted | | | | | 250 | | | | | $ | 30.49 | | |
Vested | | | | | (15) | | | | | $ | 8.19 | | |
Balance of unvested shares as of March 31, 2021 | | | | | 918 | | | | | $ | 14.14 | | |
| | | Americas | | | EMEA | | | APAC | | | Total | | ||||||||||||
Products | | | | $ | 5,854 | | | | | $ | 2,526 | | | | | $ | 1,931 | | | | | $ | 10,311 | | |
Services | | | | | 705 | | | | | | 215 | | | | | | 82 | | | | | | 1,002 | | |
Total | | | | $ | 6,559 | | | | | $ | 2,741 | | | | | $ | 2,013 | | | | | $ | 11,313 | | |
| | | Americas | | | EMEA | | | APAC | | | Total | | ||||||||||||
Products | | | | $ | 902 | | | | | $ | 1,528 | | | | | $ | 264 | | | | | $ | 2,694 | | |
Services | | | | | 327 | | | | | | 323 | | | | | | 41 | | | | | | 691 | | |
Total | | | | $ | 1,229 | | | | | $ | 1,851 | | | | | $ | 305 | | | | | $ | 3,385 | | |
| | | Three Months Ended March 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Revenue recognized at a point in time | | | | $ | 10,311 | | | | | $ | 2,694 | | |
Revenue recognized over time | | | | | 1,002 | | | | | | 691 | | |
Total | | | | $ | 11,313 | | | | | $ | 3,385 | | |
| | | Three Months Ended March 31, | | |||||||||
(in thousands, except per share amounts) | | | 2021 | | | 2020 | | ||||||
Numerator for basic and diluted net loss per share: | | | | | | | | | | | | | |
Net loss attributable to Common Stockholders | | | | $ | (59,108) | | | | | $ | (21,804) | | |
Denominator for basic and diluted net loss per share: | | | | | | | | | | | | | |
Weighted-average shares | | | | | 238,244 | | | | | | 156,250 | | |
Net loss per share – Basic and Diluted | | | | $ | (0.25) | | | | | $ | (0.14) | | |
| | | Three Months Ended March 31, | | |||||||||
| | | 2021 | | | 2020 | | ||||||
Common Stock options outstanding | | | | | 19,378 | | | | | | 12,964 | | |
Unvested restricted stock units outstanding | | | | | 918 | | | | | | — | | |
Unvested restricted stock awards outstanding | | | | | 224 | | | | | | 3,142 | | |
Common Stock warrants outstanding | | | | | — | | | | | | 578 | | |
Total shares | | | | | 20,520 | | | | | | 16,684 | | |
December 31, | | | 2020 | | | 2019 | | ||||||
Assets | | | | | | | | | | | | | |
Current Assets | | | | | | | | | | | | | |
Cash and cash equivalents | | | | $ | 20,772 | | | | | $ | 14,865 | | |
Trade accounts receivable, less allowance for doubtful accounts of $1,284 and $755 in 2020 and 2019 | | | | | 4,994 | | | | | | 3,310 | | |
Inventories | | | | | 9,479 | | | | | | 8,885 | | |
Prepaid expenses and other current assets | | | | | 1,267 | | | | | | 3,660 | | |
Total Current Assets | | | | | 36,512 | | | | | | 30,720 | | |
Related Party Loan Receivable | | | | | 7,880 | | | | | | — | | |
Property and Equipment, Net | | | | | 1,539 | | | | | | 1,719 | | |
Intangible Asset, Net | | | | | 545 | | | | | | 594 | | |
Total Assets | | | | $ | 46,476 | | | | | $ | 33,033 | | |
Liabilities and Equity | | | | | | | | | | | | | |
Current Liabilities | | | | | | | | | | | | | |
Trade accounts payable | | | | $ | 2,100 | | | | | $ | 2,461 | | |
Deferred revenue and customer deposits | | | | | 2,327 | | | | | | 2,175 | | |
Income taxes payable | | | | | 464 | | | | | | 427 | | |
Related party loan payable | | | | | 207 | | | | | | 600 | | |
Accrued expenses and other current liabilities | | | | | 1,457 | | | | | | 1,993 | | |
Current portion of long-term debt | | | | | 726 | | | | | | — | | |
Total Current Liabilities | | | | | 7,281 | | | | | | 7,656 | | |
Long-term debt | | | | | 458 | | | | | | — | | |
Total Liabilities | | | | | 7,739 | | | | | | 7,656 | | |
Stockholders’ Equity | | | | | | | | | | | | | |
Contributed capital | | | | | 443 | | | | | | 443 | | |
Retained earnings | | | | | 39,383 | | | | | | 28,517 | | |
Accumulated other comprehensive loss | | | | | (1,089) | | | | | | (3,583) | | |
Total Stockholders’ Equity | | | | | 38,737 | | | | | | 25,377 | | |
Total Liabilities and Stockholders’ Equity | | | | $ | 46,476 | | | | | $ | 33,033 | | |
Year ended December 31, | | | 2020 | | | 2019 | | ||||||
Net Revenue | | | | | 42,132 | | | | | $ | 34,582 | | |
Cost of Goods Sold | | | | | 18,529 | | | | | | 20,874 | | |
Gross Profit | | | | | 23,603 | | | | | | 13,708 | | |
Operating Expenses | | | | | | | | | | | | | |
Selling, general and administrative | | | | | 8,842 | | | | | | 9,839 | | |
Research and development | | | | | 4,270 | | | | | | 4,706 | | |
Total Operating Expenses | | | | | 13,112 | | | | | | 14,545 | | |
Operating Profit (Loss) | | | | | 10,491 | | | | | | (837) | | |
Other Income | | | | | 755 | | | | | | 302 | | |
Income (Loss) Before Taxes | | | | | 11,246 | | | | | | (535) | | |
Income Taxes | | | | | (380) | | | | | | (22) | | |
Net Income (Loss) | | | | | 10,866 | | | | | | (557) | | |
Other Comprehensive Gain (Loss) | | | | | | | | | | | | | |
Foreign currency translation | | | | | 2,494 | | | | | | (879) | | |
Comprehensive Income (Loss) | | | | $ | 13,360 | | | | | $ | (1,436) | | |
| | | Contributed Capital | | | Retained Earnings | | | Accumulated Other Comprehensive Loss | | | Total Stockholders’ Equity | | ||||||||||||
Balance, January 1, 2019 | | | | $ | 443 | | | | | $ | 29,074 | | | | | $ | (2,704)$ | | | | | | 26,813 | | |
Net loss | | | | | — | | | | | | (557) | | | | | | — | | | | | | (557) | | |
Other comprehensive loss | | | | | — | | | | | | — | | | | | | (879) | | | | | | (879) | | |
Balance, December 31, 2019 | | | | | 443 | | | | | | 28,517 | | | | | | (3,583) | | | | | | 25,377 | | |
Net income | | | | | — | | | | | | 10,866 | | | | | | — | | | | | | 10,866 | | |
Other comprehensive gain | | | | | — | | | | | | — | | | | | | 2,494 | | | | | | 2,494 | | |
Balance, December 31, 2020 | | | | $ | 443 | | | | | $ | 39,383 | | | | | $ | (1,089) | | | | | $ | 38,737 | | |
Year ended December 31, | | | 2020 | | | 2019 | | ||||||
Operating Activities | | | | | | | | | | | | | |
Net income (loss) | | | | $ | 10,866 | | | | | $ | (557) | | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | | | | | | | | | | | | | |
Depreciation | | | | | 447 | | | | | | 719 | | |
Amortization | | | | | 49 | | | | | | 49 | | |
Provision for bad debt | | | | | 578 | | | | | | (308) | | |
Loss on disposal of property and equipment | | | | | 6 | | | | | | 205 | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Trade accounts receivable | | | | | (2,262) | | | | | | 8 | | |
Inventories | | | | | (594) | | | | | | 144 | | |
Prepaid expenses and other current assets | | | | | 2,394 | | | | | | (170) | | |
Trade accounts payable | | | | | (361) | | | | | | 726 | | |
Deferred revenue and customer deposits | | | | | 152 | | | | | | (880) | | |
Income taxes payable | | | | | 37 | | | | | | 40 | | |
Accrued expenses and other current liabilities | | | | | (536) | | | | | | (982) | | |
Net cash provided by (used in) operating activities | | | | | 10,776 | | | | | | (1,006) | | |
Investing Activities | | | | | | | | | | | | | |
Property and equipment purchases | | | | | (259) | | | | | | (777) | | |
Advance to related party | | | | | (7,880) | | | | | | — | | |
Net cash used in investing activities | | | | | (8,139) | | | | | | (777) | | |
Financing Activities | | | | | | | | | | | | | |
Proceeds from long-term borrowings | | | | | 1,176 | | | | | | — | | |
Proceeds from related party loans | | | | | — | | | | | | 600 | | |
Payment of related party loans | | | | | (400) | | | | | | — | | |
Net cash provided by financing activities | | | | | 776 | | | | | | 600 | | |
Effect of Currency Translation on Cash and Cash Equivalents | | | | | 2,494 | | | | | | (879) | | |
Net Increase (Decrease) in Cash and Cash Equivalents | | | | | 5,907 | | | | | | (2,062) | | |
Cash and Cash Equivalents, beginning of year | | | | | 14,865 | | | | | | 16,927 | | |
Cash and Cash Equivalents, end of year | | | | $ | 20,772 | | | | | $ | 14,865 | | |
Supplemental Cash Flow Information: | | | | | | | | | | | | | |
Cash (received)/paid for income taxes, net of payments or refunds | | | | $ | (2,623) | | | | | $ | 149 | | |
Non-cash items | | | | | | | | | | | | | |
Interest accrued on borrowings and loans | | | | | 15 | | | | | | — | | |
December 31, 2020 (in thousands) | | | United States | | | Germany | | | Total | | |||||||||
Revenue recognized at a point in time | | | | $ | 25,756 | | | | | $ | 15,118 | | | | | $ | 40,874 | | |
Revenue recognized over time | | | | | 1,083 | | | | | | 175 | | | | | | 1,258 | | |
Total Revenue | | | | $ | 26,839 | | | | | $ | 15,293 | | | | | $ | 42,132 | | |
December 31, (in thousands) | | | 2020 | | | 2019 | | ||||||
Warranty reserve, at the beginning of the year | | | | $ | 482 | | | | | $ | 467 | | |
Additions to warranty reserve | | | | | 97 | | | | | | 525 | | |
Claims fulfilled | | | | | (251) | | | | | | (510) | | |
Warranty reserve, at the end of the year | | | | $ | 328 | | | | | $ | 482 | | |
| | | Common Stock Issued and Outstanding | | |||
EnvisionTEC, Inc. | | | | | 10 | | |
EnvisionTEC GmbH | | | | | 22 | | |
Viridis3D | | | | | 60 | | |
Gulf Filtration Systems, Inc. | | | | | 1 | | |
December 31, (in thousands) | | | 2020 | | | 2019 | | ||||||
Raw materials and components | | | | $ | 6,152 | | | | | $ | 6,737 | | |
Work in progress | | | | | 72 | | | | | | 71 | | |
Finished goods | | | | | 3,255 | | | | | | 2,077 | | |
Total | | | | $ | 9,479 | | | | | $ | 8,885 | | |
December 31, (in thousands) | | | 2020 | | | 2019 | | ||||||
Prepaid import taxes | | | | $ | — | | | | | $ | 2,942 | | |
Other | | | | | 1,267 | | | | | | 718 | | |
Total | | | | $ | 1,267 | | | | | $ | 3,660 | | |
December 31 (in thousands) | | | 2020 | | | 2019 | | | Useful Life (in years) | | ||||||
Machinery and equipment | | | | $ | 3,665 | | | | | $ | 3,333 | | | | 3 – 7 | |
Computer equipment and software | | | | | 1,074 | | | | | | 1,022 | | | | 3 | |
Leasehold improvements | | | | | 673 | | | | | | 695 | | | | 1 | |
Other | | | | | 312 | | | | | | 271 | | | | 1 – 25 | |
Property and Equipment | | | | | 5,724 | | | | | | 5,321 | | | | | |
Less: accumulated depreciation | | | | | (4,185) | | | | | | (3,602) | | | | | |
Property and Equipment, Net | | | | $ | 1,539 | | | | | $ | 1,719 | | | | | |
December 31 (in thousands) | | | 2020 | | | 2019 | | | Weighted Average Useful Life (in years) | | | | | | | | | | | |||||||||
Acquired Technology | | | | $ | 781 | | | | | $ | 781 | | | | | | 12 | | | | | | ||||||
Less: accumulated amortization | | | | | (236) | | | | | | (187) | | | | | | | | | | | | ||||||
Intangible Assets, Net | | | | $ | 545 | | | | | $ | 594 | | | | | | | | | | | |
December 31, (in thousands) | | | 2020 | | | 2019 | | ||||||
Other tax withholdings | | | | $ | 637 | | | | | $ | 37 | | |
Warranty | | | | | 328 | | | | | | 482 | | |
Payroll related liabilities | | | | | 394 | | | | | | 528 | | |
Customer deposits and other | | | | | 98 | | | | | | 946 | | |
Total | | | | $ | 1,457 | | | | | $ | 1,993 | | |
December 31, (in thousands) | | | 2020 | | | 2019 | | ||||||
U.S. federal | | | | $ | — | | | | | $ | — | | |
State and local | | | | | 405 | | | | | | 22 | | |
Foreign | | | | | (25) | | | | | | — | | |
Total Income Taxes | | | | $ | 380 | | | | | $ | 22 | | |
| | Amount | | | Amount | | ||||||||
Securities and Exchange Commission registration fee | | | $ | 3,399 | | | | | $ | 3,996 | | | ||
FINRA filing fee | | | | * | | | | | | * | | | ||
Accountants’ fees and expenses | | | | * | | | | | | * | | | ||
Legal fees and expenses | | | | * | | | | | | * | | | ||
Blue Sky fees and expenses | | | | * | | | | | | * | | | ||
Transfer Agent’s fees and expenses | | | | * | | | | | | * | | | ||
Printing and engraving expenses | | | | * | | | | | | * | | | ||
Miscellaneous | | | | * | | | | | | * | | | ||
Total expenses | | | $ | * | | | | | $ | * | | |
| | | | | | | Incorporated by Reference | | ||||||
| Exhibit | | | | | | Form | | | Exhibit | | | Filing Date | |
| 2.1 | | | | | 10-K | | | 2.1 | | | 3/15/2021 | | |
| 2.2 | | | | | 10-K | | | 2.2 | | | 3/15/2021 | | |
| 2.3 | | | | | 8-K | | | 2.1 | | | 1/15/2021 | | |
| 3.1 | | | | | 8-K | | | 3.2 | | | 12/14/2020 | | |
| 3.2 | | | | | 8-K | | | 3.3 | | | 12/14/2020 | |
| | | | | Incorporated by Reference | | | | | | Incorporated by Reference | | ||||||||||||||||
| Exhibit | | | | Form | | Exhibit | | Filing Date | | Exhibit | | | | Form | | Exhibit | | Filing Date | | ||||||||
| 4.1 | | | S-1 | | 4.2 | | 3/8/2019 | | 4.1 | | | S-1 | | 4.2 | | 3/8/2019 | | ||||||||||
| 4.2 | | | S-1 | | 4.3 | | 3/8/2019 | | 4.2 | | | S-1 | | 4.3 | | 3/8/2019 | | ||||||||||
| 4.3 | | | 8-K | | 4.1 | | 3/20/2019 | | 4.3 | | | 8-K | | 4.1 | | 3/20/2019 | | ||||||||||
| 5.1 | | | | | | | * | | 5.1 | | | | | | | * | | ||||||||||
| 10.1 | | | S-4 | | 10.7 | | 9/15/2020 | | 10.1 | | | S-4 | | 10.7 | | 9/15/2020 | | ||||||||||
| 10.2 | | | | | | * | | 10.2 | | | S-1 | | 10.2 | | 6/30/2021 | | |||||||||||
| 10.3 | | | S-4 | | 10.9 | | 9/15/2020 | | 10.3 | | | S-4 | | 10.9 | | 9/15/2020 | | ||||||||||
| 10.4 | | | S-4 | | 10.10 | | 9/15/2020 | | 10.4 | | | S-4 | | 10.10 | | 9/15/2020 | | ||||||||||
| 10.5 | | | S-4 | | 10.12 | | 9/15/20 | | 10.5 | | | S-4 | | 10.12 | | 9/15/20 | | ||||||||||
| 10.6 | | | S-4 | | 10.13 | | 10/15/20 | | 10.6 | | | S-4 | | 10.13 | | 10/15/20 | | ||||||||||
| 10.7 | | | S-1 | | 10.13 | | 12/23/20 | | 10.7 | | | S-1 | | 10.13 | | 12/23/20 | | ||||||||||
| 10.8 | | | S-4 | | 10.14 | | 10/15/20 | | 10.8 | | | S-4 | | 10.14 | | 10/15/20 | | ||||||||||
| 10.9 | | | S-4 | | 10.15 | | 10/15/20 | | 10.9 | | | S-4 | | 10.15 | | 10/15/20 | | ||||||||||
| 10.10 | | | S-4 | | 10.17 | | 10/15/20 | | 10.10 | | | S-4 | | 10.17 | | 10/15/20 | | ||||||||||
| 10.11 | | | S-4 | | 10.19 | | 9/15/2020 | | 10.11 | | | S-4 | | 10.19 | | 9/15/2020 | | ||||||||||
| 10.12 | | | S-4 | | 10.20 | | 9/15/2020 | | 10.12 | | | S-4 | | 10.20 | | 9/15/2020 | | ||||||||||
| 10.13 | | �� | | S-4 | | 10.21 | | 9/15/2020 | | 10.13 | | | S-4 | | 10.21 | | 9/15/2020 | | |||||||||
| 10.14 | | | S-4 | | 10.22 | | 9/15/2020 | | 10.14 | | | S-4 | | 10.22 | | 9/15/2020 | | ||||||||||
| 10.15 | | | S-4 | | 10.18 | | 10/15/20 | | 10.15 | | | S-4 | | 10.18 | | 10/15/20 | | ||||||||||
| 10.16 | | | S-4 | | 10.26 | | 11/2/2020 | | 10.16 | | | S-4 | | 10.26 | | 11/2/2020 | | ||||||||||
| 10.17 | | | S-4 | | 10.29 | | 11/2/2020 | | 10.17 | | | S-4 | | 10.29 | | 11/2/2020 | | ||||||||||
| 10.18 | | | S-4 | | 10.31 | | 11/2/2020 | | 10.18 | | | S-4 | | 10.31 | | 11/2/2020 | |
| | | | | Incorporated by Reference | | | | | | Incorporated by Reference | | ||||||||||||||||
| Exhibit | | | | Form | | Exhibit | | Filing Date | | Exhibit | | | | Form | | Exhibit | | Filing Date | | ||||||||
| | | Linardos and Legacy Desktop Metal | | | | | | | | | | Linardos and Legacy Desktop Metal | | | | | | | | ||||||||
| 10.19 | | | 10-K | | 10.19 | | 3/15/2021 | | 10.19 | | | 10-K | | 10.19 | | 3/15/2021 | | ||||||||||
| 10.20 | | | 10-K | | 10.20 | | 3/15/2021 | | 10.20 | | | 10-K | | 10.20 | | 3/15/2021 | | ||||||||||
| 10.21 | | | 10-K | | 10.21 | | 3/15/2021 | | 10.21 | | | 10-K | | 10.21 | | 3/15/2021 | | ||||||||||
| 10.22 | | | S-4 | | 10.27 | | 10/15/2020 | | 10.22 | | | S-4 | | 10.27 | | 10/15/2020 | | ||||||||||
| 10.23 | | | S-4 | | 10.28 | | 10/15/2020 | | 10.23 | | | S-4 | | 10.28 | | 10/15/2020 | | ||||||||||
| 21.1 | | | 10-K/A | | 21.1 | | 5/17/2021 | | 21.1 | | | 10-K/A | | 21.1 | | 5/17/2021 | | ||||||||||
| 23.1 | | | | | | | * | | 23.1 | | | | | | | * | | ||||||||||
| 23.2 | | | | | | | * | | 23.2 | | | | | | | * | | ||||||||||
| 23.3 | | | | | | | * | | 23.3 | | | | | | | * | | ||||||||||
| 24.1 | | | S-1 | | Signature Page | | 12/23/2020 | | 24.1 | | | S-1 | | Signature Page | | 12/23/2020 | | ||||||||||
| 101.INS | | XBRL Instance Document | | | | | | * | | 101.INS | | XBRL Instance Document | | | | | | ** | | ||||||||
| 101.SCH | | XBRL Taxonomy Extension Schema Document | | | | | | * | | 101.SCH | | XBRL Taxonomy Extension Schema Document | | | | | | ** | | ||||||||
| 101.CAL | | XBRL Taxonomy Calculation Linkbase Document | | | | | | * | | 101.CAL | | XBRL Taxonomy Calculation Linkbase Document | | | | | | ** | | ||||||||
| 101.DEF | | XBRL Taxonomy Definition Linkbase Document | | | | | | * | | 101.DEF | | XBRL Taxonomy Definition Linkbase Document | | | | | | ** | | ||||||||
| 101.LAB | | XBRL Taxonomy Extension Label Linkbase Document | | | | | | * | | 101.LAB | | XBRL Taxonomy Extension Label Linkbase Document | | | | | | ** | | ||||||||
| 101.PRE | | XBRL Taxonomy Extension Presentation Linkbase Document | | | | | | * | | 101.PRE | | XBRL Taxonomy Extension Presentation Linkbase Document | | | | | | ** | |
| Signature | | | Title | | | Date | |
| /s/ Ric Fulop Ric Fulop | | | Chief Executive Officer and Chairman (principal executive officer) | | | | |
| /s/ James Haley James Haley | | | Chief Financial Officer (principal financial officer and principal accounting officer) | | | | |
| Scott Dussault | | | Director | | | | |
| Ali El-Siblani | | | Director | | | | |
| Dayna Grayson | | | Director | | | | |
| Leo Hindery, Jr | | | Director | | | | |
| Wen Hsieh | | | Director | | | | |
| Jeff Immelt | | | Director | | | | |
| Byron Knight | | | Director | | | | |
| Stephen Nigro | | | Director | | | | |
| Steve Papa | | | Director | | |
| ||||||||
| Andy Wheeler | | | Director | | | | |
| Bilal Zuberi | | | Director | | | | |
| *By: /s/ Ric Fulop Ric Fulop Attorney-in-fact | | | |