Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 02, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-38462 | |
Entity Registrant Name | NLIGHT, INC. | |
Entity Incorporation, Date of Incorporation | DE | |
Entity Tax Identification Number | 91-2066376 | |
Entity Address, Address Line One | 4637 NW 18th Avenue | |
Entity Address, City or Town | Camas | |
Entity Address, State or Province | WA | |
Entity Address, Postal Zip Code | 98607 | |
City Area Code | 360 | |
Local Phone Number | 566-4460 | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | LASR | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Smaller Reporting Company | false | |
Emerging Growth | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 43,920,633 | |
Entity Central Index Key | 0001124796 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 165,584 | $ 102,282 |
Accounts receivable, net of allowances of $299 and $367 | 36,490 | 31,820 |
Inventory | 70,683 | 54,706 |
Prepaid expenses and other current assets | 17,267 | 11,767 |
Total current assets | 290,024 | 200,575 |
Restricted cash | 250 | 291 |
Lease right-of-use assets | 17,187 | 12,302 |
Property, plant and equipment, net | 52,303 | 44,480 |
Intangible assets, net | 5,580 | 8,345 |
Goodwill | 12,437 | 12,484 |
Other assets, net | 4,190 | 5,167 |
Total assets | 381,971 | 283,644 |
Current liabilities: | ||
Accounts payable | 31,868 | 21,057 |
Accrued liabilities | 15,742 | 15,321 |
Deferred revenues | 1,607 | 2,528 |
Current portion of lease liabilities | 2,858 | 2,273 |
Current portion of long-term debt | 0 | 184 |
Total current liabilities | 52,075 | 41,363 |
Non-current income taxes payable | 6,988 | 7,556 |
Long-term lease liabilities | 14,921 | 10,375 |
Long-term debt | 0 | 215 |
Other long-term liabilities | 3,989 | 4,221 |
Total liabilities | 77,973 | 63,730 |
Stockholders' equity: | ||
Common stock - $0.0001 par value; 190,000 shares authorized, 43,876 and 39,793 shares issued and outstanding at September 30, 2021, and December 31, 2020, respectively. | 15 | 15 |
Additional paid-in capital | 464,090 | 358,544 |
Accumulated other comprehensive loss | (802) | (259) |
Accumulated deficit | (159,305) | (138,386) |
Total stockholders’ equity | 303,998 | 219,914 |
Total liabilities and stockholders’ equity | $ 381,971 | $ 283,644 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowances | $ 299 | $ 367 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 190,000 | 190,000 |
Common stock, shares issued (in shares) | 43,876 | 39,793 |
Common stock, shares outstanding (in shares) | 43,876 | 39,793 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Total revenue | $ 72,235 | $ 61,732 | $ 202,693 | $ 157,085 |
Total cost of revenue | 50,840 | 44,572 | 143,328 | 117,368 |
Gross profit | 21,395 | 17,160 | 59,365 | 39,717 |
Operating expenses: | ||||
Research and development | 14,838 | 11,126 | 40,830 | 29,136 |
Sales, general, and administrative | 13,316 | 10,010 | 40,087 | 27,343 |
Total operating expenses | 28,154 | 21,136 | 80,917 | 56,479 |
Loss from operations | (6,759) | (3,976) | (21,552) | (16,762) |
Other income (expense): | ||||
Interest income (expense), net | (20) | (96) | (126) | 122 |
Other income, net | 102 | 477 | 246 | 63 |
Loss before income taxes | (6,677) | (3,595) | (21,432) | (16,577) |
Income tax expense (benefit) | 203 | (1,485) | (513) | (162) |
Net loss | $ (6,880) | $ (2,110) | $ (20,919) | $ (16,415) |
Net income (loss) per share, basic (in dollars per share) | $ (0.16) | $ (0.05) | $ (0.50) | $ (0.43) |
Net income (loss) per share, diluted (in dollars per share) | $ (0.16) | $ (0.05) | $ (0.50) | $ (0.43) |
Shares used in per share calculations, basic (in shares) | 42,884 | 38,558 | 41,759 | 38,195 |
Shares used in per share calculations, diluted (in shares) | 42,884 | 38,558 | 41,759 | 38,195 |
Products | ||||
Total revenue | $ 54,393 | $ 51,117 | $ 155,289 | $ 133,151 |
Total cost of revenue | 34,193 | 34,645 | 98,828 | 95,142 |
Development | ||||
Total revenue | 17,842 | 10,615 | 47,404 | 23,934 |
Total cost of revenue | $ 16,647 | $ 9,927 | $ 44,500 | $ 22,226 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (6,880) | $ (2,110) | $ (20,919) | $ (16,415) |
Other comprehensive loss: | ||||
Foreign currency translation adjustments, net of tax | (378) | 1,091 | (543) | 928 |
Comprehensive loss | $ (7,258) | $ (1,019) | $ (21,462) | $ (15,487) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common stock | Additional paid-in capital | Accumulated other comprehensive loss | Accumulated deficit |
Beginning balance (in shares) at Dec. 31, 2019 | 38,084 | ||||
Beginning balance at Dec. 31, 2019 | $ 216,608 | $ 15 | $ 336,732 | $ (2,685) | $ (117,454) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (16,415) | (16,415) | |||
Issuance of common stock pursuant to exercise of stock options (in shares) | 633 | ||||
Issuance of common stock pursuant to exercise of stock options | 1,117 | 1,117 | |||
Issuance of common stock pursuant to vesting of restricted stock awards and units, net of stock withheld for tax (in shares) | 579 | ||||
Issuance of common stock pursuant to vesting of restricted stock awards and units, net of stock withheld for tax | (3,314) | (3,314) | |||
Issuance of common stock under the employee stock purchase plan (in shares) | 39 | ||||
Issuance of common stock under the Employee Stock Purchase Plan | 685 | 685 | |||
Stock-based compensation | 16,483 | 16,483 | |||
Cumulative translation adjustment, net of tax | 928 | 928 | |||
Ending balance (in shares) at Sep. 30, 2020 | 39,335 | ||||
Ending balance at Sep. 30, 2020 | 216,092 | $ 15 | 351,703 | (1,757) | (133,869) |
Beginning balance (in shares) at Jun. 30, 2020 | 38,850 | ||||
Beginning balance at Jun. 30, 2020 | 211,325 | $ 15 | 345,917 | (2,848) | (131,759) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (2,110) | (2,110) | |||
Issuance of common stock pursuant to exercise of stock options (in shares) | 115 | ||||
Issuance of common stock pursuant to exercise of stock options | 260 | 260 | |||
Issuance of common stock pursuant to vesting of restricted stock awards and units, net of stock withheld for tax (in shares) | 370 | ||||
Issuance of common stock pursuant to vesting of restricted stock awards and units, net of stock withheld for tax | (1,157) | (1,157) | |||
Stock-based compensation | 6,683 | 6,683 | |||
Cumulative translation adjustment, net of tax | 1,091 | 1,091 | |||
Ending balance (in shares) at Sep. 30, 2020 | 39,335 | ||||
Ending balance at Sep. 30, 2020 | $ 216,092 | $ 15 | 351,703 | (1,757) | (133,869) |
Beginning balance (in shares) at Dec. 31, 2020 | 39,793 | 39,793 | |||
Beginning balance at Dec. 31, 2020 | $ 219,914 | $ 15 | 358,544 | (259) | (138,386) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (20,919) | (20,919) | |||
Proceeds from follow-on offering, net of offering costs (in shares) | 2,537 | ||||
Proceeds from follow-on offering, net of offering costs | $ 82,354 | 82,354 | |||
Issuance of common stock pursuant to exercise of stock options (in shares) | 746 | 746 | |||
Issuance of common stock pursuant to exercise of stock options | $ 975 | 975 | |||
Issuance of common stock pursuant to vesting of restricted stock awards and units, net of stock withheld for tax (in shares) | 767 | ||||
Issuance of common stock pursuant to vesting of restricted stock awards and units, net of stock withheld for tax | $ (8,265) | (8,265) | |||
Issuance of common stock under the employee stock purchase plan (in shares) | 33 | 33 | |||
Issuance of common stock under the Employee Stock Purchase Plan | $ 750 | 750 | |||
Stock-based compensation | 29,732 | 29,732 | |||
Cumulative translation adjustment, net of tax | $ (543) | (543) | |||
Ending balance (in shares) at Sep. 30, 2021 | 43,876 | 43,876 | |||
Ending balance at Sep. 30, 2021 | $ 303,998 | $ 15 | 464,090 | (802) | (159,305) |
Beginning balance (in shares) at Jun. 30, 2021 | 43,181 | ||||
Beginning balance at Jun. 30, 2021 | 304,646 | $ 15 | 457,480 | (424) | (152,425) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (6,880) | (6,880) | |||
Issuance of common stock pursuant to exercise of stock options (in shares) | 193 | ||||
Issuance of common stock pursuant to exercise of stock options | 205 | 205 | |||
Issuance of common stock pursuant to vesting of restricted stock awards and units, net of stock withheld for tax (in shares) | 502 | ||||
Issuance of common stock pursuant to vesting of restricted stock awards and units, net of stock withheld for tax | (3,667) | (3,667) | |||
Stock-based compensation | 10,072 | 10,072 | |||
Cumulative translation adjustment, net of tax | $ (378) | (378) | |||
Ending balance (in shares) at Sep. 30, 2021 | 43,876 | 43,876 | |||
Ending balance at Sep. 30, 2021 | $ 303,998 | $ 15 | $ 464,090 | $ (802) | $ (159,305) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (20,919) | $ (16,415) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation | 6,670 | 5,614 |
Amortization | 4,641 | 4,319 |
Reduction in carrying amount of right-of-use assets | 2,435 | 2,162 |
Provision for (recoveries of) losses on accounts receivable | (70) | 84 |
Stock-based compensation | 29,732 | 16,483 |
Deferred income taxes | (11) | 0 |
Loss on disposal of assets | 3 | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (4,580) | 4,094 |
Inventory | (16,169) | (6,411) |
Prepaid expenses and other current assets | (5,542) | (4,753) |
Other assets | (437) | (2,418) |
Accounts payable | 9,699 | 10,565 |
Accrued and other long-term liabilities | 907 | 1,494 |
Deferred revenues | (925) | 1,405 |
Lease liabilities | (2,156) | (2,120) |
Non-current income taxes payable | (591) | 591 |
Net cash provided by operating activities | 2,687 | 14,694 |
Cash flows from investing activities: | ||
Acquisition of business, net of cash acquired | (291) | (168) |
Purchases of property, plant and equipment | (13,636) | (19,395) |
Capitalization of patents | (303) | (717) |
Net cash used in investing activities | (14,230) | (20,280) |
Cash flows from financing activities: | ||
Proceeds from public offerings, net of offering costs | 82,354 | 0 |
Proceeds from term loan | 0 | 15,000 |
Principal payments on debt and financing leases | (428) | (15,126) |
Payment of contingent consideration related to acquisition | (326) | 0 |
Proceeds from employee stock plan purchases | 750 | 685 |
Proceeds from stock option exercises | 975 | 1,117 |
Tax payments related to stock award issuances | (8,265) | (3,314) |
Net cash provided by (used in) financing activities | 75,060 | (1,638) |
Effect of exchange rate changes on cash | (256) | 373 |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 63,261 | (6,851) |
Cash, cash equivalents, and restricted cash, beginning of period | 102,573 | 117,294 |
Cash, cash equivalents, and restricted cash, end of period | 165,834 | 110,443 |
Supplemental disclosures: | ||
Cash paid (received) for interest, net | 116 | (312) |
Cash paid for income taxes | 434 | 1,015 |
Right-of-use assets obtained in exchange for lease liabilities | 7,348 | 13,470 |
Accrued purchases of property, equipment and patents | $ 2,287 | $ 1,294 |
Basis of Presentation and New A
Basis of Presentation and New Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and New Accounting Pronouncements | Basis of Presentation and New Accounting Pronouncements Basis of Presentation The accompanying unaudited consolidated financial statements of nLIGHT, Inc. and our wholly owned subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). The unaudited financial information reflects, in the opinion of management, all adjustments necessary for a fair presentation of financial position, results of operations, stockholders’ equity, and cash flows for the interim periods presented. The results reported for the interim period presented are not necessarily indicative of results that may be expected for the full year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2020 Annual Report on Form 10-K. Critical Accounting Policies Our critical accounting policies have not materially changed during the nine months ended September 30, 2021 from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2020. New Accounting Pronouncements ASU 2016-13, ASU 2018-19, ASU 2019-04, ASU 2019-05 and ASU 2020-03 The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , in June 2016. ASU 2016-13 replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. For assets measured at amortized cost, the new standard requires that the income statement reflects the measurement of credit losses for newly recognized financial assets, as well as the expected increases or decreases of expected credit losses that have taken place during the period. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU 2016-13 was amended in November 2018, April 2019 and March 2020. We adopted ASU 2016-13, as amended, on January 1, 2021 on a prospective basis. The adoption did not have a material impact on our financial position, results of operations or cash flows. ASU 2019-12 The FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , in December 2019. ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. We adopted ASU 2019-12 on January 1, 2021 on a prospective basis. The adoption did not have a material impact on our financial position, results of operations or cash flows. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | Acquisitions nLIGHT Europe Srl (formerly known as OPI Photonics Srl) On July 30, 2020, we acquired the outstanding shares of OPI Photonics S.r.l. (OPI), an Italian limited liability company, for cash consideration of approximately $1.6 million, of which $0.2 million was paid at closing with the remaining $1.4 million to be paid over the next 24 months. The acquisition price was allocated to the tangible and identified intangible assets acquired and liabilities assumed as of the closing date of the acquisition based upon their respective fair values, and the excess of purchase price over the fair value amounts representing goodwill. The fair values assigned to assets acquired and liabilities assumed were based on management’s best estimates and assumptions as of the reporting date and are considered preliminary. Changes to amounts recorded as assets or liabilities may result in corresponding adjustments to goodwill. Pro forma financial information has not been provided for the purchase as it was not material to our overall financial position. During the nine months ended September 30, 2021, accrued acquisition consideration of $0.6 million, including contingent consideration of $0.3 million, was paid to the sellers of OPI. |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The following tables represent a disaggregation of revenue from contracts with customers for the periods presented (in thousands): Sales by End Market Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Industrial $ 26,737 $ 21,880 $ 73,044 $ 60,500 Microfabrication 17,695 14,052 53,184 38,771 Aerospace and Defense 27,803 25,800 76,465 57,814 $ 72,235 $ 61,732 $ 202,693 $ 157,085 Sales by Geography Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 North America $ 37,430 $ 31,384 $ 101,659 $ 72,924 China 13,709 19,186 48,045 52,723 Rest of World 21,096 11,162 52,989 31,438 $ 72,235 $ 61,732 $ 202,693 $ 157,085 Sales by Timing of Revenue Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Point in time $ 53,070 $ 51,101 $ 150,187 $ 133,304 Over time 19,165 10,631 52,506 23,781 $ 72,235 $ 61,732 $ 202,693 $ 157,085 Our contract assets and liabilities are as follows (in thousands): Balance Sheet Classification As of September 30, 2021 December 31, 2020 Contract assets Prepaid expenses and $ 11,771 $ 5,680 Contract liabilities Deferred revenues and other long-term liabilities 2,420 2,985 During the three and nine months ended September 30, 2021, we recognized revenue of $0.3 million and $2.1 million, respectively, that was included in the deferred revenue balances at the beginning of the period as the performance obligations under the associated agreements were satisfied. |
Concentrations of Credit and Ot
Concentrations of Credit and Other Risks | 9 Months Ended |
Sep. 30, 2021 | |
Risks and Uncertainties [Abstract] | |
Concentrations of Credit and Other Risks | Concentrations of Credit and Other Risks The following customers accounted for 10% or more of our revenues for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 U.S. Government 23% 16% 21% 13% Quick Laser Technology Co., Ltd. (1) 13% (1) 13% Raytheon Technologies (1) 12% (1) 13% (1) Represents less than 10% of total revenues |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amounts of certain of our financial instruments, including cash equivalents, accounts receivable, prepaid expenses and other current assets, accounts payable and accrued liabilities are shown at cost which approximates fair value due to the short-term nature of these instruments. The fair value of our term and revolving loans approximates the carrying value due to the variable market rate used to calculate interest payments. We do not have any other significant financial assets or liabilities that are measured at fair value. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value which are the following: • Level 1 Inputs: Observable inputs, such as quoted prices (unadjusted) in active markets for identical assets or liabilities at the measurement date. • Level 2 Inputs: Observable inputs, other than Level 1 prices, such as quoted prices in active markets for similar assets and liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 Inputs: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Our financial instruments that are carried at fair value consist of Level 1 assets which include highly liquid investments and bank drafts classified as cash equivalents. Our fair value hierarchy for our financial instruments consists of cash equivalents as follows (in thousands): September 30, 2021 Level 1 Level 2 Level 3 Total Money market securities $ 136,894 $ — $ — $ 136,894 Commercial paper 3,885 — — 3,885 Total $ 140,779 $ — $ — $ 140,779 December 31, 2020 Level 1 Level 2 Level 3 Total Money market securities $ 74,084 $ — $ — $ 74,084 Commercial paper 1,584 — — 1,584 Total $ 75,668 $ — $ — $ 75,668 |
Inventory
Inventory | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventory | Inventory Inventory is stated at the lower of average cost (principally standard cost, which approximates actual cost on a first-in, first-out basis) and net realizable value. Inventory includes raw materials and components that may be specialized in nature and subject to obsolescence. On a quarterly basis, we review inventory quantities on hand in comparison to our past consumption, recent purchases, and other factors to determine what inventory quantities, if any, may not be sellable. Based on this analysis, we write down the affected inventory value for estimated excess and obsolescence charges. At the point of loss recognition, a new, lower-cost basis for that inventory is established, and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis. Inventory consisted of the following (in thousands): As of September 30, 2021 December 31, 2020 Raw materials $ 29,725 $ 21,410 Work in process and semi-finished goods 24,085 21,320 Finished goods 16,873 11,976 $ 70,683 $ 54,706 |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment consist of the following (in thousands): As of Useful life (years) September 30, 2021 December 31, 2020 Automobile 3 $ 113 $ 34 Computer hardware and software 3 - 5 6,046 4,840 Manufacturing and lab equipment 2 - 7 76,652 69,849 Office equipment and furniture 5 - 7 2,168 1,605 Leasehold and building improvements 2 - 12 26,956 21,934 Buildings 30 9,392 9,081 Land N/A 3,399 3,399 124,726 110,742 Accumulated depreciation (72,423) (66,262) $ 52,303 $ 44,480 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Goodwill | Intangible Assets and Goodwill Intangibles The details of amortizing intangible assets are as follows (in thousands): Estimated useful life As of September 30, 2021 December 31, 2020 Patents 3 - 5 $ 5,965 $ 6,199 Development programs 2 - 4 7,200 7,200 Developed technology 5 1,125 1,226 14,290 14,625 Accumulated amortization (8,710) (6,280) $ 5,580 $ 8,345 Estimated amortization expense for future years is as follows (in thousands): Remainder of 2021 $ 868 2022 2,431 2023 1,749 2024 396 2025 136 $ 5,580 Goodwill The carrying amount of goodwill by segment is as follows (in thousands): Laser Products Advanced Development Totals Balance, December 31, 2020 $ 2,236 $ 10,248 $ 12,484 Currency exchange rate adjustment (47) — (47) Balance, September 30, 2021 $ 2,189 $ 10,248 $ 12,437 |
Accrued Liabilities
Accrued Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Accrued Liabilities Accrued liabilities consist of the following (in thousands): As of September 30, 2021 December 31, 2020 Accrued payroll and benefits $ 11,568 $ 10,770 Product warranty, current 2,251 2,122 Other accrued expenses 1,923 2,429 $ 15,742 $ 15,321 |
Product Warranties
Product Warranties | 9 Months Ended |
Sep. 30, 2021 | |
Guarantees and Product Warranties [Abstract] | |
Product Warranties | Product Warranties We provide warranties on certain products and record a liability for the estimated future costs associated with warranty claims at the time revenue is recognized. The warranty liability is based on historical experience, any specifically identified failures, and our estimate of future costs. The current portion of our product warranty liability is included in the Accrued liabilities and the long-term portion is included in Other long-term liabilities on our Consolidated Balance Sheets. Product warranty liability activity was as follows for the periods presented (in thousands): Nine Months Ended September 30, 2021 2020 Product warranty liability, beginning $ 4,711 $ 2,984 Warranty charges incurred, net (1,699) (2,259) Provision for warranty charges, net of adjustments 2,431 3,425 Acquired warranty — 100 Product warranty liability, ending 5,443 4,250 Less: current portion of product warranty liability (2,251) (1,982) Non-current portion of product warranty liability $ 3,192 $ 2,268 |
Line of Credit Facility
Line of Credit Facility | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Line of Credit Facility | Line of Credit Facility We have a $40.0 million revolving line of credit (LOC) with Pacific Western Bank dated September 24, 2018, which is secured by our assets. On September 24, 2021, we amended the LOC to extend the maturity date to September 24, 2024, remove LIBOR references and update the financial covenants. The LOC agreement contains restrictive and financial covenants and bears an unused credit fee of 0.20% on an annualized basis. The interest rate on the LOC is based on the Prime rate minus a margin based on our liquidity levels. No amounts were outstanding under the LOC at September 30, 2021 and we were in compliance with all covenants. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Leases See Note 13. Legal Matters From time to time, we may be subject to legal proceedings and claims in the ordinary course of business. As of September 30, 2021, and as of the filing of this Quarterly Report on Form 10-Q, we were not involved in any material legal proceedings. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Leases | Leases We lease real estate space under non-cancelable operating lease agreements for commercial and industrial space. Facilities-related operating leases have remaining terms of 0.2 to 13.7 years, and some leases include options to extend up to 15 years. Other leases for automobiles, manufacturing and office and computer equipment have remaining lease terms of 0.8 to 4.7 years. These leases are primarily operating leases; financing leases are not material. We did not include any renewal options in our lease terms for calculating the lease liabilities as we are not reasonably certain we will exercise the options at this time. The weighted-average remaining lease term for the lease obligations was 9 years at September 30, 2021, and the weighted-average discount rate was 3.6%. The components of lease expense related to operating leases were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Lease expense: Operating lease expense $ 968 $ 758 $ 2,933 $ 2,178 Short-term lease expense 172 35 456 153 Variable and other lease expense 192 128 549 381 $ 1,332 $ 921 $ 3,938 $ 2,712 Future minimum payments under our non-cancelable lease obligations were as follows as of September 30, 2021 (in thousands): Remainder of 2021 $ 914 2022 3,333 2023 2,508 2024 2,361 2025 1,913 Thereafter 10,041 Total minimum lease payments 21,070 Less: interest (3,291) Present value of net minimum lease payments 17,779 Less: current portion of lease liabilities (2,858) Total long-term lease liabilities $ 14,921 |
Stockholders' Equity and Stock-
Stockholders' Equity and Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Stockholders' Equity and Stock-Based Compensation | Stockholders' Equity and Stock-Based Compensation Public Offering In March 2021, we closed a follow-on public offering in which we issued and sold approximately 2.5 million shares of common stock (including approximately 0.3 million shares sold pursuant to the full exercise of the underwriters option to purchase additional shares) at an offering price of $34.00 per share, resulting in aggregate net proceeds to us of approximately $82.4 million after deducting underwriting discounts, commissions and offering costs. Restricted Stock Awards and Units Restricted stock award (RSA) and restricted stock unit (RSU) activity under our equity incentive plan was as follows (in thousands, except weighted-average grant date fair values): Number of Restricted Stock Awards Weighted-Average Grant Date Fair Value RSAs at December 31, 2020 653 $ 21.30 Awards granted 358 33.12 Awards vested (258) 25.08 RSAs at September 30, 2021 753 $ 25.63 Number of Restricted Stock Units Weighted-Average Grant Date Fair Value RSUs at December 31, 2020 2,800 $ 20.54 Awards granted 1,143 33.39 Awards vested (707) 24.74 Awards forfeited (94) 33.94 RSUs at September 30, 2021 3,142 $ 23.86 The total fair value of RSAs and RSUs vested during the nine months ended September 30, 2021 was $6.5 million and $17.5 million, respectively. Awards outstanding as of September 30, 2021 include 0.8 million performance-based awards that will vest upon meeting certain performance criteria. Stock Options The following table summarizes our stock option activity during the nine months ended September 30, 2021 (in thousands, except weighted-average exercise prices): Number of Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding, December 31, 2020 3,358 $1.53 5.3 $104,510 Options exercised (746) $1.31 Options canceled (3) $3.74 Outstanding, September 30, 2021 2,609 $1.59 4.6 $69,408 Options exercisable at September 30, 2021 2,319 $1.26 4.5 $62,450 Options vested as of September 30, 2021 and expected to vest after September 30, 2021 2,609 $1.59 4.6 $69,408 Total intrinsic value of options exercised for the nine months ended September 30, 2021 and 2020 was $23.3 million and $11.2 million, respectively. We received proceeds of $1.0 million and $1.1 million from the exercise of options for each of the nine months ended September 30, 2021 and 2020, respectively. Employee Stock Purchase Plan Information related to activity under our Employee Stock Purchase Plan was as follows (in thousands, except weighted average per share prices): Nine Months Ended September 30, 2021 Shares issued 33 Weighted-average per share purchase price $ 22.41 Weighted-average per share discount from the fair value of our common stock on date of issuance $ 3.95 Stock-Based Compensation Total stock-based compensation expense was included in our consolidated statements of operations as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Cost of revenues $ 740 $ 505 $ 1,780 $ 1,189 Research and development 3,782 2,545 10,408 6,602 Sales, general and administrative 5,550 3,633 17,544 8,692 $ 10,072 $ 6,683 $ 29,732 $ 16,483 Unrecognized Compensation Costs As of September 30, 2021, total unrecognized stock-based compensation was $79.2 million, which will be recognized over an average expected recognition period of 2.8 years. Common Stock Repurchase Plan On November 14, 2019, our Board of Directors authorized the repurchase of up to $10.0 million of our outstanding shares of common stock. As of September 30, 2021, no repurchases had been executed under the program. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We operate in two reportable segments consisting of the Laser Products segment and the Advanced Development segment. The following table summarizes the operating results by reportable segment for the periods presented (dollars in thousands): Three Months Ended September 30, 2021 Laser Products Advanced Development Corporate and Other Totals Revenue $ 54,393 $ 17,842 $ — $ 72,235 Gross profit $ 20,940 $ 1,195 $ (740) $ 21,395 Gross margin 38.5 % 6.7 % NM 29.6 % Nine Months Ended September 30, 2021 Laser Products Advanced Development Corporate and Other Totals Revenue $ 155,289 $ 47,404 $ — $ 202,693 Gross profit $ 58,241 $ 2,904 $ (1,780) $ 59,365 Gross margin 37.5 % 6.1 % NM 29.3 % Three Months Ended September 30, 2020 Laser Products Advanced Development Corporate and Other Totals Revenue $ 51,117 $ 10,615 $ — $ 61,732 Gross profit $ 16,977 $ 688 $ (505) $ 17,160 Gross margin 33.2 % 6.5 % NM 27.8 % Nine Months Ended September 30, 2020 Laser Products Advanced Development Corporate and Other Totals Revenue $ 133,151 $ 23,934 $ — $ 157,085 Gross profit $ 39,198 $ 1,708 $ (1,189) $ 39,717 Gross margin 29.4 % 7.1 % NM 25.3 % Corporate and Other is unallocated expenses related to stock-based compensation. There have been no material changes to the geographic locations of our long‑lived assets, net, based on the location of the assets, as disclosed in our Annual Report on Form 10-K for the year ended December 31, 2020. |
Net Loss per Share
Net Loss per Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | Net Loss per Share Basic and diluted net loss and the number of shares used for basic and diluted net loss calculations were the same for all period presented because we were in a loss position. The following potentially dilutive securities were not included in the calculation of diluted shares as the effect would have been anti‑dilutive (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Restricted stock units and awards 2,195 3,498 2,547 2,129 Employee stock purchase plan — 39 — — Common stock options 2,544 3,593 2,717 3,593 4,739 7,130 5,264 5,722 |
Basis of Presentation and New_2
Basis of Presentation and New Accounting Pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements of nLIGHT, Inc. and our wholly owned subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). The unaudited financial information reflects, in the opinion of management, all adjustments necessary for a fair presentation of financial position, results of operations, stockholders’ equity, and cash flows for the interim periods presented. The results reported for the interim period presented are not necessarily indicative of results that may be expected for the full year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2020 Annual Report on Form 10-K. |
New Accounting Pronouncements | New Accounting Pronouncements ASU 2016-13, ASU 2018-19, ASU 2019-04, ASU 2019-05 and ASU 2020-03 The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , in June 2016. ASU 2016-13 replaces the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. For assets measured at amortized cost, the new standard requires that the income statement reflects the measurement of credit losses for newly recognized financial assets, as well as the expected increases or decreases of expected credit losses that have taken place during the period. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU 2016-13 was amended in November 2018, April 2019 and March 2020. We adopted ASU 2016-13, as amended, on January 1, 2021 on a prospective basis. The adoption did not have a material impact on our financial position, results of operations or cash flows. ASU 2019-12 The FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes , in December 2019. ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. We adopted ASU 2019-12 on January 1, 2021 on a prospective basis. The adoption did not have a material impact on our financial position, results of operations or cash flows. |
Inventory | Inventory is stated at the lower of average cost (principally standard cost, which approximates actual cost on a first-in, first-out basis) and net realizable value. Inventory includes raw materials and components that may be specialized in nature and subject to obsolescence. On a quarterly basis, we review inventory quantities on hand in comparison to our past consumption, recent purchases, and other factors to determine what inventory quantities, if any, may not be sellable. Based on this analysis, we write down the affected inventory value for estimated excess and obsolescence charges. At the point of loss recognition, a new, lower-cost basis for that inventory is established, and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis. |
Product Warranties | We provide warranties on certain products and record a liability for the estimated future costs associated with warranty claims at the time revenue is recognized. The warranty liability is based on historical experience, any specifically identified failures, and our estimate of future costs. The current portion of our product warranty liability is included in the Accrued liabilities and the long-term portion is included in Other long-term liabilities on our Consolidated Balance Sheets. |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Sales by End Market | The following tables represent a disaggregation of revenue from contracts with customers for the periods presented (in thousands): Sales by End Market Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Industrial $ 26,737 $ 21,880 $ 73,044 $ 60,500 Microfabrication 17,695 14,052 53,184 38,771 Aerospace and Defense 27,803 25,800 76,465 57,814 $ 72,235 $ 61,732 $ 202,693 $ 157,085 |
Schedule of Sales by Geography | Sales by Geography Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 North America $ 37,430 $ 31,384 $ 101,659 $ 72,924 China 13,709 19,186 48,045 52,723 Rest of World 21,096 11,162 52,989 31,438 $ 72,235 $ 61,732 $ 202,693 $ 157,085 |
Schedule of Sales by Timing of Revenue | Sales by Timing of Revenue Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Point in time $ 53,070 $ 51,101 $ 150,187 $ 133,304 Over time 19,165 10,631 52,506 23,781 $ 72,235 $ 61,732 $ 202,693 $ 157,085 |
Schedule of Contract Assets and Liabilities | Our contract assets and liabilities are as follows (in thousands): Balance Sheet Classification As of September 30, 2021 December 31, 2020 Contract assets Prepaid expenses and $ 11,771 $ 5,680 Contract liabilities Deferred revenues and other long-term liabilities 2,420 2,985 |
Concentrations of Credit and _2
Concentrations of Credit and Other Risks (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Risks and Uncertainties [Abstract] | |
Schedule of Concentration of Credit | The following customers accounted for 10% or more of our revenues for the periods presented: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 U.S. Government 23% 16% 21% 13% Quick Laser Technology Co., Ltd. (1) 13% (1) 13% Raytheon Technologies (1) 12% (1) 13% |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Hierarchy for Its Cash Equivalents | Our fair value hierarchy for our financial instruments consists of cash equivalents as follows (in thousands): September 30, 2021 Level 1 Level 2 Level 3 Total Money market securities $ 136,894 $ — $ — $ 136,894 Commercial paper 3,885 — — 3,885 Total $ 140,779 $ — $ — $ 140,779 December 31, 2020 Level 1 Level 2 Level 3 Total Money market securities $ 74,084 $ — $ — $ 74,084 Commercial paper 1,584 — — 1,584 Total $ 75,668 $ — $ — $ 75,668 |
Inventory (Tables)
Inventory (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Components of Inventory | Inventory consisted of the following (in thousands): As of September 30, 2021 December 31, 2020 Raw materials $ 29,725 $ 21,410 Work in process and semi-finished goods 24,085 21,320 Finished goods 16,873 11,976 $ 70,683 $ 54,706 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and Equipment | Property, plant and equipment consist of the following (in thousands): As of Useful life (years) September 30, 2021 December 31, 2020 Automobile 3 $ 113 $ 34 Computer hardware and software 3 - 5 6,046 4,840 Manufacturing and lab equipment 2 - 7 76,652 69,849 Office equipment and furniture 5 - 7 2,168 1,605 Leasehold and building improvements 2 - 12 26,956 21,934 Buildings 30 9,392 9,081 Land N/A 3,399 3,399 124,726 110,742 Accumulated depreciation (72,423) (66,262) $ 52,303 $ 44,480 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | The details of amortizing intangible assets are as follows (in thousands): Estimated useful life As of September 30, 2021 December 31, 2020 Patents 3 - 5 $ 5,965 $ 6,199 Development programs 2 - 4 7,200 7,200 Developed technology 5 1,125 1,226 14,290 14,625 Accumulated amortization (8,710) (6,280) $ 5,580 $ 8,345 |
Schedule of Estimated Future Amortization Expense | Estimated amortization expense for future years is as follows (in thousands): Remainder of 2021 $ 868 2022 2,431 2023 1,749 2024 396 2025 136 $ 5,580 |
Schedule of Goodwill | The carrying amount of goodwill by segment is as follows (in thousands): Laser Products Advanced Development Totals Balance, December 31, 2020 $ 2,236 $ 10,248 $ 12,484 Currency exchange rate adjustment (47) — (47) Balance, September 30, 2021 $ 2,189 $ 10,248 $ 12,437 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consist of the following (in thousands): As of September 30, 2021 December 31, 2020 Accrued payroll and benefits $ 11,568 $ 10,770 Product warranty, current 2,251 2,122 Other accrued expenses 1,923 2,429 $ 15,742 $ 15,321 |
Product Warranties (Tables)
Product Warranties (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Guarantees and Product Warranties [Abstract] | |
Schedule of Reconciliation of the Changes in the Aggregate Product Warranty Liability | Product warranty liability activity was as follows for the periods presented (in thousands): Nine Months Ended September 30, 2021 2020 Product warranty liability, beginning $ 4,711 $ 2,984 Warranty charges incurred, net (1,699) (2,259) Provision for warranty charges, net of adjustments 2,431 3,425 Acquired warranty — 100 Product warranty liability, ending 5,443 4,250 Less: current portion of product warranty liability (2,251) (1,982) Non-current portion of product warranty liability $ 3,192 $ 2,268 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Schedule of Components of Lease Expense | The components of lease expense related to operating leases were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Lease expense: Operating lease expense $ 968 $ 758 $ 2,933 $ 2,178 Short-term lease expense 172 35 456 153 Variable and other lease expense 192 128 549 381 $ 1,332 $ 921 $ 3,938 $ 2,712 |
Schedule of Future Minimum Payments Under Non-cancelable Lease Obligations | Future minimum payments under our non-cancelable lease obligations were as follows as of September 30, 2021 (in thousands): Remainder of 2021 $ 914 2022 3,333 2023 2,508 2024 2,361 2025 1,913 Thereafter 10,041 Total minimum lease payments 21,070 Less: interest (3,291) Present value of net minimum lease payments 17,779 Less: current portion of lease liabilities (2,858) Total long-term lease liabilities $ 14,921 |
Stockholders' Equity and Stoc_2
Stockholders' Equity and Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Schedule of Restricted Stock Awards and Units | Restricted stock award (RSA) and restricted stock unit (RSU) activity under our equity incentive plan was as follows (in thousands, except weighted-average grant date fair values): Number of Restricted Stock Awards Weighted-Average Grant Date Fair Value RSAs at December 31, 2020 653 $ 21.30 Awards granted 358 33.12 Awards vested (258) 25.08 RSAs at September 30, 2021 753 $ 25.63 Number of Restricted Stock Units Weighted-Average Grant Date Fair Value RSUs at December 31, 2020 2,800 $ 20.54 Awards granted 1,143 33.39 Awards vested (707) 24.74 Awards forfeited (94) 33.94 RSUs at September 30, 2021 3,142 $ 23.86 |
Schedule of Stock Option Activity | The following table summarizes our stock option activity during the nine months ended September 30, 2021 (in thousands, except weighted-average exercise prices): Number of Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding, December 31, 2020 3,358 $1.53 5.3 $104,510 Options exercised (746) $1.31 Options canceled (3) $3.74 Outstanding, September 30, 2021 2,609 $1.59 4.6 $69,408 Options exercisable at September 30, 2021 2,319 $1.26 4.5 $62,450 Options vested as of September 30, 2021 and expected to vest after September 30, 2021 2,609 $1.59 4.6 $69,408 |
Schedule of Employee Stock Purchase Plan | Information related to activity under our Employee Stock Purchase Plan was as follows (in thousands, except weighted average per share prices): Nine Months Ended September 30, 2021 Shares issued 33 Weighted-average per share purchase price $ 22.41 Weighted-average per share discount from the fair value of our common stock on date of issuance $ 3.95 |
Schedule of Stock-based Compensation Expense | Total stock-based compensation expense was included in our consolidated statements of operations as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Cost of revenues $ 740 $ 505 $ 1,780 $ 1,189 Research and development 3,782 2,545 10,408 6,602 Sales, general and administrative 5,550 3,633 17,544 8,692 $ 10,072 $ 6,683 $ 29,732 $ 16,483 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Summary of Operating Results by Reportable Segment | The following table summarizes the operating results by reportable segment for the periods presented (dollars in thousands): Three Months Ended September 30, 2021 Laser Products Advanced Development Corporate and Other Totals Revenue $ 54,393 $ 17,842 $ — $ 72,235 Gross profit $ 20,940 $ 1,195 $ (740) $ 21,395 Gross margin 38.5 % 6.7 % NM 29.6 % Nine Months Ended September 30, 2021 Laser Products Advanced Development Corporate and Other Totals Revenue $ 155,289 $ 47,404 $ — $ 202,693 Gross profit $ 58,241 $ 2,904 $ (1,780) $ 59,365 Gross margin 37.5 % 6.1 % NM 29.3 % Three Months Ended September 30, 2020 Laser Products Advanced Development Corporate and Other Totals Revenue $ 51,117 $ 10,615 $ — $ 61,732 Gross profit $ 16,977 $ 688 $ (505) $ 17,160 Gross margin 33.2 % 6.5 % NM 27.8 % Nine Months Ended September 30, 2020 Laser Products Advanced Development Corporate and Other Totals Revenue $ 133,151 $ 23,934 $ — $ 157,085 Gross profit $ 39,198 $ 1,708 $ (1,189) $ 39,717 Gross margin 29.4 % 7.1 % NM 25.3 % |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Potentially Dilutive Shares Not Included in Calculation of Diluted Shares | The following potentially dilutive securities were not included in the calculation of diluted shares as the effect would have been anti‑dilutive (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Restricted stock units and awards 2,195 3,498 2,547 2,129 Employee stock purchase plan — 39 — — Common stock options 2,544 3,593 2,717 3,593 4,739 7,130 5,264 5,722 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Thousands | Jul. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 |
Business Acquisition [Line Items] | |||
Contingent consideration paid | $ 326 | $ 0 | |
OPI Photonics | |||
Business Acquisition [Line Items] | |||
Consideration transferred | $ 1,600 | ||
Cash paid | 200 | ||
Remaining amount to be paid | $ 1,400 | ||
Payment period | 24 months | ||
Accrued acquisition consideration paid | 600 | ||
Contingent consideration paid | $ 300 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 72,235 | $ 61,732 | $ 202,693 | $ 157,085 |
Point in time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 53,070 | 51,101 | 150,187 | 133,304 |
Over time | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 19,165 | 10,631 | 52,506 | 23,781 |
North America | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 37,430 | 31,384 | 101,659 | 72,924 |
China | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 13,709 | 19,186 | 48,045 | 52,723 |
Rest of World | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 21,096 | 11,162 | 52,989 | 31,438 |
Industrial | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 26,737 | 21,880 | 73,044 | 60,500 |
Microfabrication | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 17,695 | 14,052 | 53,184 | 38,771 |
Aerospace and Defense | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 27,803 | $ 25,800 | $ 76,465 | $ 57,814 |
Revenue - Contract Assets and L
Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Revenue from Contract with Customer [Abstract] | ||
Contract assets | $ 11,771 | $ 5,680 |
Contract liabilities | $ 2,420 | $ 2,985 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2021 | Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | ||
Revenue recognized, previously included in customer advances and deferred revenue | $ 0.3 | $ 2.1 |
Concentrations of Credit and _3
Concentrations of Credit and Other Risks (Details) - Customer Concentration Risk | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Sales Revenue | U.S. Government | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 23.00% | 16.00% | 21.00% | 13.00% | |
Sales Revenue | Quick Laser Technology Co., Ltd. | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 13.00% | 13.00% | |||
Sales Revenue | Raytheon Technologies | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 12.00% | 13.00% | |||
Accounts Receivable | Two Customers | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 33.00% | 43.00% |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents, fair value | $ 140,779 | $ 75,668 |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents, fair value | 140,779 | 75,668 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents, fair value | 0 | 0 |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents, fair value | 0 | 0 |
Money market securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents, fair value | 136,894 | 74,084 |
Money market securities | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents, fair value | 136,894 | 74,084 |
Money market securities | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents, fair value | 0 | 0 |
Money market securities | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents, fair value | 0 | 0 |
Commercial paper | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents, fair value | 3,885 | 1,584 |
Commercial paper | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents, fair value | 3,885 | 1,584 |
Commercial paper | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents, fair value | 0 | 0 |
Commercial paper | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents, fair value | $ 0 | $ 0 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 29,725 | $ 21,410 |
Work in process and semi-finished goods | 24,085 | 21,320 |
Finished goods | 16,873 | 11,976 |
Inventory | $ 70,683 | $ 54,706 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment, Net [Abstract] | ||
Property and equipment, gross | $ 124,726 | $ 110,742 |
Accumulated depreciation | (72,423) | (66,262) |
Property and equipment, net | $ 52,303 | 44,480 |
Automobile | ||
Property, Plant and Equipment [Line Items] | ||
Useful life (years) | 3 years | |
Property, Plant and Equipment, Net [Abstract] | ||
Property and equipment, gross | $ 113 | 34 |
Computer hardware and software | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property and equipment, gross | $ 6,046 | 4,840 |
Computer hardware and software | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Useful life (years) | 3 years | |
Computer hardware and software | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Useful life (years) | 5 years | |
Manufacturing and lab equipment | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property and equipment, gross | $ 76,652 | 69,849 |
Manufacturing and lab equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Useful life (years) | 2 years | |
Manufacturing and lab equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Useful life (years) | 7 years | |
Office equipment and furniture | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property and equipment, gross | $ 2,168 | 1,605 |
Office equipment and furniture | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Useful life (years) | 5 years | |
Office equipment and furniture | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Useful life (years) | 7 years | |
Leasehold and building improvements | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property and equipment, gross | $ 26,956 | 21,934 |
Leasehold and building improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Useful life (years) | 2 years | |
Leasehold and building improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Useful life (years) | 12 years | |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Useful life (years) | 30 years | |
Property, Plant and Equipment, Net [Abstract] | ||
Property and equipment, gross | $ 9,392 | 9,081 |
Land | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property and equipment, gross | $ 3,399 | $ 3,399 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill - Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 14,290 | $ 14,625 |
Accumulated amortization | (8,710) | (6,280) |
Net value | 5,580 | 8,345 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 5,965 | 6,199 |
Development programs | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 7,200 | 7,200 |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Average amortization period | 5 years | |
Gross carrying amount | $ 1,125 | $ 1,226 |
Minimum | Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Average amortization period | 3 years | |
Minimum | Development programs | ||
Finite-Lived Intangible Assets [Line Items] | ||
Average amortization period | 2 years | |
Maximum | Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Average amortization period | 5 years | |
Maximum | Development programs | ||
Finite-Lived Intangible Assets [Line Items] | ||
Average amortization period | 4 years |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill - Amortization of Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2021 | $ 868 | |
2022 | 2,431 | |
2023 | 1,749 | |
2024 | 396 | |
2025 | 136 | |
Net value | $ 5,580 | $ 8,345 |
Intangible Assets and Goodwil_4
Intangible Assets and Goodwill - Goodwill (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Goodwill [Roll Forward] | |
Goodwill | $ 12,484 |
Currency exchange rate adjustment | (47) |
Goodwill | 12,437 |
Laser Products | |
Goodwill [Roll Forward] | |
Goodwill | 2,236 |
Currency exchange rate adjustment | (47) |
Goodwill | 2,189 |
Advanced Development | |
Goodwill [Roll Forward] | |
Goodwill | 10,248 |
Currency exchange rate adjustment | 0 |
Goodwill | $ 10,248 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Accrued payroll and benefits | $ 11,568 | $ 10,770 |
Product warranty, current | 2,251 | 2,122 |
Other accrued expenses | 1,923 | 2,429 |
Total accrued liabilities | $ 15,742 | $ 15,321 |
Product Warranties (Details)
Product Warranties (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Product warranty liability, beginning | $ 4,711 | $ 2,984 |
Warranty charges incurred, net | (1,699) | (2,259) |
Provision for warranty charges, net of adjustments | 2,431 | 3,425 |
Acquired warranty | 0 | 100 |
Product warranty liability, ending | 5,443 | 4,250 |
Less: current portion of product warranty liability | (2,251) | (1,982) |
Non-current portion of product warranty liability | $ 3,192 | $ 2,268 |
Line of Credit Facility (Detail
Line of Credit Facility (Details) - Line of Credit - Revolving Credit Facility - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 24, 2018 | |
Line of Credit Facility [Line Items] | ||
Revolving line of credit, borrowing capacity | $ 40 | |
Unused credit fee (percent) | 0.20% | |
Outstanding | $ 0 |
Leases - Narrative (Details)
Leases - Narrative (Details) | Sep. 30, 2021 |
Lessee, Lease, Description [Line Items] | |
Weighted-average remaining lease term for operating leases | 9 years |
Weighted-average discount rate for operating leases | 3.60% |
Operating Leases, Facilities | |
Lessee, Lease, Description [Line Items] | |
Renewal lease term | 15 years |
Operating Leases, Facilities | Minimum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 2 months 12 days |
Operating Leases, Facilities | Maximum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 13 years 8 months 12 days |
Operating Leases, Automobiles and Equipment | Minimum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 9 months 18 days |
Operating Leases, Automobiles and Equipment | Maximum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 4 years 8 months 12 days |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Leases [Abstract] | ||||
Operating lease expense | $ 968 | $ 758 | $ 2,933 | $ 2,178 |
Short-term lease expense | 172 | 35 | 456 | 153 |
Variable and other lease expense | 192 | 128 | 549 | 381 |
Lease expense | $ 1,332 | $ 921 | $ 3,938 | $ 2,712 |
Leases - Future Minimum Payment
Leases - Future Minimum Payments Under Non-Cancelable Operating Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Remainder of 2021 | $ 914 | |
2022 | 3,333 | |
2023 | 2,508 | |
2024 | 2,361 | |
2025 | 1,913 | |
Thereafter | 10,041 | |
Total minimum lease payments | 21,070 | |
Less: interest | (3,291) | |
Present value of net minimum lease payments | 17,779 | |
Less: current portion of lease liabilities | (2,858) | $ (2,273) |
Long-term lease liabilities | $ 14,921 | $ 10,375 |
Stockholders' Equity and Stoc_3
Stockholders' Equity and Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 1 Months Ended | 9 Months Ended | |||
Mar. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Nov. 14, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Intrinsic value of options exercised | $ 23,300 | $ 11,200 | |||
Proceeds from the exercise of options | 975 | $ 1,117 | |||
Unrecognized expense | $ 79,200 | ||||
Period for recognition | 2 years 9 months 18 days | ||||
Common stock repurchase plan, authorized | $ 10,000 | ||||
Number of shares repurchased (in shares) | 0 | ||||
Restricted Stock Awards (RSAs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vested, fair value | $ 6,500 | ||||
Awards outstanding (in shares) | 753 | 653 | |||
Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vested, fair value | $ 17,500 | ||||
Awards outstanding (in shares) | 3,142 | 2,800 | |||
Performance Restricted Stock Awards and Performance Restricted Stock Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Awards outstanding (in shares) | 800 | ||||
Follow-on Public Offering | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares issued (in shares) | 2,500 | ||||
Sale of stock, price per share (in dollars per share) | $ 34 | ||||
Net proceeds received | $ 82,400 | ||||
Underwriters Option to Purchase | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares issued (in shares) | 300 |
Stockholders' Equity and Stoc_4
Stockholders' Equity and Stock-Based Compensation - Summary of Restricted Stock Award and Restricted Stock Unit Activity (Details) shares in Thousands | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Restricted Stock Awards | |
Number of restricted shares | |
Balance, beginning (in shares) | shares | 653 |
Granted (in shares) | shares | 358 |
Vested (in shares) | shares | (258) |
Balance, ending (in shares) | shares | 753 |
Weighted-Average Grant Date Fair Value | |
Balance, beginning (in dollars per share) | $ / shares | $ 21.30 |
Granted (in dollars per share) | $ / shares | 33.12 |
Vested (in dollars per share) | $ / shares | 25.08 |
Balance, ending (in dollars per share) | $ / shares | $ 25.63 |
Restricted Stock Units | |
Number of restricted shares | |
Balance, beginning (in shares) | shares | 2,800 |
Granted (in shares) | shares | 1,143 |
Vested (in shares) | shares | (707) |
Forfeited (in shares) | shares | (94) |
Balance, ending (in shares) | shares | 3,142 |
Weighted-Average Grant Date Fair Value | |
Balance, beginning (in dollars per share) | $ / shares | $ 20.54 |
Granted (in dollars per share) | $ / shares | 33.39 |
Vested (in dollars per share) | $ / shares | 24.74 |
Forfeited (in dollars per share) | $ / shares | 33.94 |
Balance, ending (in dollars per share) | $ / shares | $ 23.86 |
Stockholders' Equity and Stoc_5
Stockholders' Equity and Stock-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | |
Number of Options | ||
Outstanding, beginning of period (in shares) | shares | 3,358 | |
Options exercised (in shares) | shares | (746) | |
Options canceled (in shares) | shares | (3) | |
Outstanding, end of period (in shares) | shares | 2,609 | 3,358 |
Weighted-Average Exercise Price | ||
Outstanding, beginning of period (in dollars per share) | $ / shares | $ 1.53 | |
Options exercised (in dollars per share) | $ / shares | 1.31 | |
Options canceled (in dollars per share) | $ / shares | 3.74 | |
Outstanding, end of period (in dollars per share) | $ / shares | $ 1.59 | $ 1.53 |
Outstanding, Weighted average remaining contractual term (years) | 4 years 7 months 6 days | 5 years 3 months 18 days |
Outstanding, Aggregate intrinsic value | $ | $ 69,408 | $ 104,510 |
Options exercisable at end of period | ||
Options exercisable (in shares) | shares | 2,319 | |
Weighted average exercise price (in dollars per share) | $ / shares | $ 1.26 | |
Weighted average remaining contractual term (years) | 4 years 6 months | |
Aggregate intrinsic value | $ | $ 62,450 | |
Options vested as of end of period and expected to vest after end of period | ||
Options vested and expected to vest (in shares) | shares | 2,609 | |
Weighted average exercise price (in dollars per share) | $ / shares | $ 1.59 | |
Weighted-Average Remaining Contractual Term (Years) | 4 years 7 months 6 days | |
Aggregate Intrinsic Value | $ | $ 69,408 |
Stockholders' Equity and Stoc_6
Stockholders' Equity and Stock-Based Compensation - Employee Stock Purchase Program (Details) shares in Thousands | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Equity [Abstract] | |
Shares issued (in shares) | shares | 33 |
Weighted average per share purchase price (in dollars per share) | $ 22.41 |
Weighted average per share discount from the fair value of our common stock on date of issuance (in dollars per share) | $ 3.95 |
Stockholders' Equity and Stoc_7
Stockholders' Equity and Stock-Based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 10,072 | $ 6,683 | $ 29,732 | $ 16,483 |
Cost of revenues | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 740 | 505 | 1,780 | 1,189 |
Research and development | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 3,782 | 2,545 | 10,408 | 6,602 |
Sales, general and administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 5,550 | $ 3,633 | $ 17,544 | $ 8,692 |
Segment Information - Narrative
Segment Information - Narrative (Details) | 9 Months Ended |
Sep. 30, 2021segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Information - Operating
Segment Information - Operating Results (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 72,235 | $ 61,732 | $ 202,693 | $ 157,085 |
Gross profit | $ 21,395 | $ 17,160 | $ 59,365 | $ 39,717 |
Gross margin | 29.60% | 27.80% | 29.30% | 25.30% |
Operating Segments | Laser Products | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 54,393 | $ 51,117 | $ 155,289 | $ 133,151 |
Gross profit | $ 20,940 | $ 16,977 | $ 58,241 | $ 39,198 |
Gross margin | 38.50% | 33.20% | 37.50% | 29.40% |
Operating Segments | Advanced Development | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 17,842 | $ 10,615 | $ 47,404 | $ 23,934 |
Gross profit | $ 1,195 | $ 688 | $ 2,904 | $ 1,708 |
Gross margin | 6.70% | 6.50% | 6.10% | 7.10% |
Corporate and Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Gross profit | $ (740) | $ (505) | $ (1,780) | $ (1,189) |
Net Loss per Share - Antidiluti
Net Loss per Share - Antidilutive Securities Excluded From Dilutive Shares (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 4,739 | 7,130 | 5,264 | 5,722 |
Restricted stock units and awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 2,195 | 3,498 | 2,547 | 2,129 |
Employee stock purchase plan | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 0 | 39 | 0 | 0 |
Common stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 2,544 | 3,593 | 2,717 | 3,593 |