Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2022 | May 02, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
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 $0.0001 per share | |
Trading Symbol | LASR | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Smaller Reporting Company | false | |
Emerging Growth | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 44,551,190 | |
Entity Central Index Key | 0001124796 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 134,949 | $ 146,534 |
Accounts receivable, net of allowances of $303 and $303 | 36,912 | 41,574 |
Inventory | 77,240 | 73,746 |
Prepaid expenses and other current assets | 20,398 | 15,350 |
Total current assets | 269,499 | 277,204 |
Restricted cash | 250 | 250 |
Lease right-of-use assets | 17,646 | 17,048 |
Property, plant and equipment, net | 58,309 | 56,101 |
Intangible assets, net | 5,996 | 6,698 |
Goodwill | 12,405 | 12,420 |
Other assets, net | 3,808 | 3,897 |
Total assets | 367,913 | 373,618 |
Current liabilities: | ||
Accounts payable | 23,124 | 26,347 |
Accrued liabilities | 13,384 | 14,730 |
Deferred revenues | 983 | 1,629 |
Current portion of lease liabilities | 3,141 | 3,066 |
Total current liabilities | 40,632 | 45,772 |
Non-current income taxes payable | 7,320 | 7,149 |
Long-term lease liabilities | 15,190 | 14,612 |
Other long-term liabilities | 4,193 | 3,952 |
Total liabilities | 67,335 | 71,485 |
Stockholders' equity: | ||
Common stock - $0.0001 par value; 190,000 shares authorized, 44,538 and 44,248 shares issued and outstanding at March 31, 2022, and December 31, 2021, respectively | 15 | 15 |
Additional paid-in capital | 477,924 | 470,760 |
Accumulated other comprehensive loss | (683) | (587) |
Accumulated deficit | (176,678) | (168,055) |
Total stockholders’ equity | 300,578 | 302,133 |
Total liabilities and stockholders’ equity | $ 367,913 | $ 373,618 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowances | $ 303 | $ 303 |
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) | 44,538 | 44,248 |
Common stock, shares outstanding (in shares) | 44,538 | 44,248 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Total revenue | $ 64,459 | $ 61,345 |
Total cost of revenue | 48,282 | 43,700 |
Gross profit | 16,177 | 17,645 |
Operating expenses: | ||
Research and development | 13,711 | 11,710 |
Sales, general, and administrative | 10,775 | 11,714 |
Total operating expenses | 24,486 | 23,424 |
Loss from operations | (8,309) | (5,779) |
Other income (expense): | ||
Interest expense, net | 0 | (74) |
Other income, net | 29 | 26 |
Loss before income taxes | (8,280) | (5,827) |
Income tax expense | 343 | 322 |
Net loss | $ (8,623) | $ (6,149) |
Net loss per share, basic (in dollars per share) | $ (0.20) | $ (0.15) |
Net loss per share, diluted (in dollars per share) | $ (0.20) | $ (0.15) |
Shares used in per share calculations, basic (in shares) | 43,655 | 40,048 |
Shares used in per share calculations, diluted (in shares) | 43,655 | 40,048 |
Products | ||
Total revenue | $ 51,061 | $ 47,335 |
Total cost of revenue | 35,768 | 30,395 |
Development | ||
Total revenue | 13,398 | 14,010 |
Total cost of revenue | $ 12,514 | $ 13,305 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (8,623) | $ (6,149) |
Other comprehensive loss: | ||
Foreign currency translation adjustments, net of tax | (96) | (662) |
Comprehensive loss | $ (8,719) | $ (6,811) |
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, 2020 | 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 | (6,149) | (6,149) | |||
Proceeds from follow-on offering, net of offering costs (in shares) | 2,537 | ||||
Proceeds from follow-on offering, net of offering costs | 82,355 | 82,355 | |||
Issuance of common stock pursuant to exercise of stock options (in shares) | 452 | ||||
Issuance of common stock pursuant to exercise of stock options | 574 | 574 | |||
Issuance of common stock pursuant to vesting of restricted stock awards and units, net of stock withheld for tax (in shares) | 1 | ||||
Issuance of common stock pursuant to vesting of restricted stock awards and units, net of stock withheld for tax | (31) | (31) | |||
Stock-based compensation | 8,054 | 8,054 | |||
Cumulative translation adjustment, net of tax | (662) | (662) | |||
Ending balance (in shares) at Mar. 31, 2021 | 42,783 | ||||
Ending balance at Mar. 31, 2021 | $ 304,055 | $ 15 | 449,496 | (921) | (144,535) |
Beginning balance (in shares) at Dec. 31, 2021 | 44,248 | 44,248 | |||
Beginning balance at Dec. 31, 2021 | $ 302,133 | $ 15 | 470,760 | (587) | (168,055) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | $ (8,623) | (8,623) | |||
Issuance of common stock pursuant to exercise of stock options (in shares) | 423 | 423 | |||
Issuance of common stock pursuant to exercise of stock options | $ 689 | 689 | |||
Issuance of common stock pursuant to vesting of restricted stock awards and units, net of stock withheld for tax (in shares) | 7 | ||||
Issuance of common stock pursuant to vesting of restricted stock awards and units, net of stock withheld for tax | (78) | (78) | |||
Restricted stock forfeited in connection with transition agreement (in shares) | (140) | ||||
Stock-based compensation | 6,553 | 6,553 | |||
Cumulative translation adjustment, net of tax | $ (96) | (96) | |||
Ending balance (in shares) at Mar. 31, 2022 | 44,538 | 44,538 | |||
Ending balance at Mar. 31, 2022 | $ 300,578 | $ 15 | $ 477,924 | $ (683) | $ (176,678) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (8,623) | $ (6,149) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation | 2,556 | 2,157 |
Amortization | 1,182 | 1,560 |
Reduction in carrying amount of right-of-use assets | 867 | 808 |
Recoveries of losses on accounts receivable | 0 | (71) |
Stock-based compensation | 6,553 | 8,054 |
Deferred income taxes | (4) | (11) |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 4,690 | 121 |
Inventory | (3,433) | (4,405) |
Prepaid expenses and other current assets | (5,061) | 2,183 |
Other assets, net | (317) | (428) |
Accounts payable | (3,019) | 1,437 |
Accrued and other long-term liabilities | (1,088) | (736) |
Deferred revenues | (647) | 64 |
Lease liabilities | (813) | (690) |
Non-current income taxes payable | 153 | 221 |
Net cash provided by (used in) operating activities | (7,004) | 4,115 |
Cash flows from investing activities: | ||
Acquisition of business, net of cash acquired | 0 | (291) |
Purchases of property, plant and equipment | (5,019) | (3,134) |
Acquisition of intangible assets and capitalization of patents | (114) | (80) |
Net cash used in investing activities | (5,133) | (3,505) |
Cash flows from financing activities: | ||
Proceeds from public offerings, net of offering costs | 0 | 82,761 |
Principal payments on term loan, debt and financing leases | 0 | (372) |
Proceeds from stock option exercises | 689 | 574 |
Tax payments related to stock award issuances | (78) | (31) |
Net cash provided by financing activities | 611 | 82,932 |
Effect of exchange rate changes on cash | (59) | (227) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | (11,585) | 83,315 |
Cash, cash equivalents, and restricted cash, beginning of period | 146,784 | 102,573 |
Cash, cash equivalents, and restricted cash, end of period | 135,199 | 185,888 |
Supplemental disclosures: | ||
Cash paid for interest, net | 0 | 66 |
Cash paid for income taxes | 79 | 241 |
Operating cash outflows from operating leases | 1,097 | 702 |
Right-of-use assets obtained in exchange for lease liabilities | 1,470 | 6,699 |
Accrued purchases of property, equipment and patents | $ 2,268 | $ 1,698 |
Basis of Presentation and New A
Basis of Presentation and New Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2022 | |
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 Annual Report on Form 10-K for the year ended December 31, 2021. Critical Accounting Policies Our critical accounting policies have not materially changed during the three months ended March 31, 2022 from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2021. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisition | Acquisition 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 $1.6 million, $0.2 million of which was paid at closing with the remaining $1.4 million to be paid over the next 24 months. As of March 31, 2022, we owed OPI $0.8 million, which was included on our Consolidated Balance Sheets as a component of accrued liabilities. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue We recognize revenue upon transferring control of products and services, and the amounts recognized reflect the consideration we expect to be entitled to receive in exchange for these products and services. We consider customer purchase orders, which in some cases are governed by master sales agreements, to be the contracts with a customer. As part of our consideration of the contract, we evaluate certain factors, including the customer's ability to pay (or credit risk). For each contract, we consider the promise to transfer products, each of which is distinct, as the identified performance obligations. We allocate the transaction price to each distinct product based on its relative standalone selling price. Master sales agreements or purchase orders from customers could include a single product or multiple products. Regardless, the contracted price with the customer is agreed to at the individual product level outlined in the customer contract or purchase order. We do not bundle prices; however, we do negotiate with customers on pricing for the same products based on a variety of factors (e.g., level of contractual volume). We have concluded that the prices negotiated with each individual customer are representative of the stand-alone selling price of the product. We often receive orders with multiple delivery dates that may extend across several reporting periods. We allocate the transaction price of the contract to each delivery based on the product standalone selling price and invoice for each scheduled delivery upon shipment or delivery and recognize revenues for such delivery at that point, assuming transfer of control has occurred. Rights of return generally are not included in customer contracts. Accordingly, product revenue is recognized upon shipment or delivery, as applicable, and transfer of control. Rights of return are evaluated as they occur. Revenues recognized at a point in time consist of sales of semiconductor lasers, fiber lasers and other related products. Revenues recognized over time generally consist of development arrangements that are structured based on our costs incurred. Because control transfers over time, revenue is recognized based on the extent of progress towards completion of the performance obligation. We generally use the cost-to-cost measure of progress for our contracts because it best depicts the transfer of control to the customer. Billing under these arrangements generally occurs within one month after the work is completed. 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 March 31, 2022 2021 Industrial $ 23,996 $ 21,400 Microfabrication 17,319 15,215 Aerospace and Defense 23,144 24,730 $ 64,459 $ 61,345 Sales by Geography Three Months Ended March 31, 2022 2021 North America $ 35,144 $ 31,134 China 7,139 15,577 Rest of World 22,176 14,634 $ 64,459 $ 61,345 Sales by Timing of Revenue Three Months Ended March 31, 2022 2021 Point in time $ 48,215 $ 46,994 Over time 16,244 14,351 $ 64,459 $ 61,345 Our contract assets and liabilities are as follows (in thousands): Balance Sheet Classification As of March 31, 2022 December 31, 2021 Contract assets Prepaid expenses and $ 14,122 $ 9,657 Contract liabilities Deferred revenues and other long-term liabilities 1,732 2,358 During the three months ended March 31, 2022 and 2021, we recognized revenue of $1.4 million and $1.3 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 | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 2021 Raytheon Technologies 10% (1) U.S. Government 17% 20% (1) Represents less than 10% of total revenues |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2022 | |
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): March 31, 2022 Level 1 Level 2 Level 3 Total Money market securities $ 116,903 $ — $ — $ 116,903 Commercial paper 643 — — 643 Total $ 117,546 $ — $ — $ 117,546 December 31, 2021 Level 1 Level 2 Level 3 Total Money market securities $ 126,900 $ — $ — $ 126,900 Commercial paper 236 — — 236 Total $ 127,136 $ — $ — $ 127,136 |
Inventory
Inventory | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 December 31, 2021 Raw materials $ 32,493 $ 32,185 Work in process and semi-finished goods 26,645 24,642 Finished goods 18,102 16,919 $ 77,240 $ 73,746 |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2022 | |
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) March 31, 2022 December 31, 2021 Automobile 3 $ 114 $ 114 Computer hardware and software 3 - 5 7,081 6,594 Manufacturing and lab equipment 2 - 7 84,554 81,130 Office equipment and furniture 5 - 7 2,415 2,361 Leasehold and building improvements 2 - 12 28,823 28,125 Buildings 30 9,392 9,392 Land N/A 3,399 3,399 135,778 131,115 Accumulated depreciation (77,469) (75,014) $ 58,309 $ 56,101 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 December 31, 2021 Patents 3 - 5 $ 6,092 $ 5,986 Development programs 2 - 4 7,200 7,200 Developed technology 5 3,000 3,038 16,292 16,224 Accumulated amortization (10,296) (9,526) $ 5,996 $ 6,698 Amortization related to intangible assets was as follows (in thousands): Three Months Ended March 31, 2022 2021 Amortization expense $ 776 $ 1,016 Estimated amortization expense for future years is as follows (in thousands): Remainder of 2022 $ 2,131 2023 2,171 2024 863 2025 519 2026 312 $ 5,996 Goodwill The carrying amount of goodwill by segment is as follows (in thousands): Laser Products Advanced Development Totals Balance, December 31, 2021 2,172 10,248 12,420 Currency exchange rate adjustment (15) — (15) Balance, March 31, 2022 $ 2,157 $ 10,248 $ 12,405 |
Accrued Liabilities
Accrued Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Accrued Liabilities Accrued liabilities consist of the following (in thousands): As of March 31, 2022 December 31, 2021 Accrued payroll and benefits $ 9,549 $ 10,915 Product warranty, current 2,339 2,286 Other accrued expenses 1,496 1,529 $ 13,384 $ 14,730 |
Product Warranties
Product Warranties | 3 Months Ended |
Mar. 31, 2022 | |
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 in our Consolidated Balance Sheets. Product warranty liability activity was as follows for the periods presented (in thousands): Three Months Ended March 31, 2022 2021 Product warranty liability, beginning $ 5,371 $ 4,711 Warranty charges incurred, net (298) (701) Provision for warranty charges, net of adjustments 216 1,285 Product warranty liability, ending 5,289 5,295 Less: current portion of product warranty liability (2,339) (2,441) Non-current portion of product warranty liability $ 2,950 $ 2,854 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Leases See Note 12. Legal Matters On March 25, 2022, Lumentum Operations LLC filed a complaint against nLIGHT, Inc. and certain of its employees in the U.S. District Court for the Western District of Washington. The complaint alleges that Lumentum is the partial or full owner of certain of our patents and requests corresponding relief from the court. We intend to vigorously defend against Lumentum’s allegations. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2022 | |
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 0.1 to 13.2 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 0.3 to 4.2 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 8 years at March 31, 2022, and the weighted-average discount rate was 3.5%. The components of lease expense related to operating leases were as follows (in thousands): Three Months Ended March 31, 2022 2021 Lease expense: Operating lease expense $ 1,031 $ 874 Short-term lease expense 121 73 Variable and other lease expense 194 122 $ 1,346 $ 1,069 Future minimum payments under our non-cancelable lease obligations were as follows as of March 31, 2022 (in thousands): Remainder of 2022 $ 2,895 2023 3,129 2024 2,754 2025 2,135 2026 1,802 Thereafter 8,739 Total minimum lease payments 21,454 Less: interest (3,123) Present value of net minimum lease payments 18,331 Less: current portion of lease liabilities (3,141) Total long-term lease liabilities $ 15,190 |
Stockholders' Equity and Stock-
Stockholders' Equity and Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Stockholders' Equity and Stock-Based Compensation | Stockholders' Equity and Stock-Based Compensation 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, 2021 753 $ 25.63 Awards forfeited (140) 25.21 RSAs at March 31, 2022 613 $ 25.72 RSAs forfeited were in connection with our former chief financial officer's transition agreement dated January 18, 2022. Number of Restricted Stock Units Weighted-Average Grant Date Fair Value RSUs at December 31, 2021 2,799 $ 24.41 Awards granted 31 18.82 Awards vested (10) 30.78 Awards forfeited (22) 28.56 RSUs at March 31, 2022 2,798 $ 24.29 The total fair value of RSAs and RSUs vested during the three months ended March 31, 2022 was $0.3 million. Awards outstanding as of March 31, 2022 include 0.7 million performance-based awards that will vest upon meeting certain performance criteria. Stock Options The following table summarizes our stock option activity during the three months ended March 31, 2022 (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, 2021 2,454 $1.61 4.4 $54,815 Options exercised (423) $1.63 Options canceled (39) $9.67 Outstanding, March 31, 2022 1,992 $1.45 4.2 $31,651 Options exercisable at March 31, 2022 1,892 $1.34 4.1 $30,283 Options vested as of March 31, 2022 and expected to vest after March 31, 2022 1,992 $1.45 4.2 $31,651 Total intrinsic value of options exercised for the three months ended March 31, 2022 and 2021 was $6.4 million and $15.0 million, respectively. We received proceeds of $0.7 million and $0.6 million from the exercise of options for the three months ended March 31, 2022 and 2021, respectively. Stock-Based Compensation Total stock-based compensation expense was included in our consolidated statements of operations as follows (in thousands): Three Months Ended March 31, 2022 2021 Cost of revenues $ 709 $ 491 Research and development 3,122 2,918 Sales, general and administrative 2,722 4,645 $ 6,553 $ 8,054 Unrecognized Compensation Costs As of March 31, 2022, total unrecognized stock-based compensation was $55.8 million, which will be recognized over an average expected recognition period of 2.5 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 March 31, 2022, no repurchases had been executed under the program. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 Laser Products Advanced Development Corporate and Other Totals Revenue $ 51,061 $ 13,398 $ — $ 64,459 Gross profit $ 16,002 $ 884 $ (709) $ 16,177 Gross margin 31.3 % 6.6 % NM 25.1 % Three Months Ended March 31, 2021 Laser Products Advanced Development Corporate and Other Totals Revenue $ 47,335 $ 14,010 $ — $ 61,345 Gross profit $ 17,431 $ 705 $ (491) $ 17,645 Gross margin 36.8 % 5.0 % NM 28.8 % 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, 2021. |
Net Loss per Share
Net Loss per Share | 3 Months Ended |
Mar. 31, 2022 | |
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 periods 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 March 31, 2022 2021 Restricted stock units and awards 1,313 2,433 Employee stock purchase plan — 7 Common stock options 2,090 2,904 3,403 5,344 |
Basis of Presentation and New_2
Basis of Presentation and New Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
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 Annual Report on Form 10-K for the year ended December 31, 2021. |
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 in our Consolidated Balance Sheets. |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 2021 Industrial $ 23,996 $ 21,400 Microfabrication 17,319 15,215 Aerospace and Defense 23,144 24,730 $ 64,459 $ 61,345 |
Schedule of Sales by Geography | Sales by Geography Three Months Ended March 31, 2022 2021 North America $ 35,144 $ 31,134 China 7,139 15,577 Rest of World 22,176 14,634 $ 64,459 $ 61,345 |
Schedule of Sales by Timing of Revenue | Sales by Timing of Revenue Three Months Ended March 31, 2022 2021 Point in time $ 48,215 $ 46,994 Over time 16,244 14,351 $ 64,459 $ 61,345 |
Schedule of Contract Assets and Liabilities | Our contract assets and liabilities are as follows (in thousands): Balance Sheet Classification As of March 31, 2022 December 31, 2021 Contract assets Prepaid expenses and $ 14,122 $ 9,657 Contract liabilities Deferred revenues and other long-term liabilities 1,732 2,358 |
Concentrations of Credit and _2
Concentrations of Credit and Other Risks (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 2021 Raytheon Technologies 10% (1) U.S. Government 17% 20% |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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): March 31, 2022 Level 1 Level 2 Level 3 Total Money market securities $ 116,903 $ — $ — $ 116,903 Commercial paper 643 — — 643 Total $ 117,546 $ — $ — $ 117,546 December 31, 2021 Level 1 Level 2 Level 3 Total Money market securities $ 126,900 $ — $ — $ 126,900 Commercial paper 236 — — 236 Total $ 127,136 $ — $ — $ 127,136 |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Components of Inventory | Inventory consisted of the following (in thousands): As of March 31, 2022 December 31, 2021 Raw materials $ 32,493 $ 32,185 Work in process and semi-finished goods 26,645 24,642 Finished goods 18,102 16,919 $ 77,240 $ 73,746 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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) March 31, 2022 December 31, 2021 Automobile 3 $ 114 $ 114 Computer hardware and software 3 - 5 7,081 6,594 Manufacturing and lab equipment 2 - 7 84,554 81,130 Office equipment and furniture 5 - 7 2,415 2,361 Leasehold and building improvements 2 - 12 28,823 28,125 Buildings 30 9,392 9,392 Land N/A 3,399 3,399 135,778 131,115 Accumulated depreciation (77,469) (75,014) $ 58,309 $ 56,101 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 December 31, 2021 Patents 3 - 5 $ 6,092 $ 5,986 Development programs 2 - 4 7,200 7,200 Developed technology 5 3,000 3,038 16,292 16,224 Accumulated amortization (10,296) (9,526) $ 5,996 $ 6,698 |
Finite-lived Intangible Assets Amortization Expense | Amortization related to intangible assets was as follows (in thousands): Three Months Ended March 31, 2022 2021 Amortization expense $ 776 $ 1,016 |
Schedule of Estimated Future Amortization Expense | Estimated amortization expense for future years is as follows (in thousands): Remainder of 2022 $ 2,131 2023 2,171 2024 863 2025 519 2026 312 $ 5,996 |
Schedule of Goodwill | The carrying amount of goodwill by segment is as follows (in thousands): Laser Products Advanced Development Totals Balance, December 31, 2021 2,172 10,248 12,420 Currency exchange rate adjustment (15) — (15) Balance, March 31, 2022 $ 2,157 $ 10,248 $ 12,405 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consist of the following (in thousands): As of March 31, 2022 December 31, 2021 Accrued payroll and benefits $ 9,549 $ 10,915 Product warranty, current 2,339 2,286 Other accrued expenses 1,496 1,529 $ 13,384 $ 14,730 |
Product Warranties (Tables)
Product Warranties (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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): Three Months Ended March 31, 2022 2021 Product warranty liability, beginning $ 5,371 $ 4,711 Warranty charges incurred, net (298) (701) Provision for warranty charges, net of adjustments 216 1,285 Product warranty liability, ending 5,289 5,295 Less: current portion of product warranty liability (2,339) (2,441) Non-current portion of product warranty liability $ 2,950 $ 2,854 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 2021 Lease expense: Operating lease expense $ 1,031 $ 874 Short-term lease expense 121 73 Variable and other lease expense 194 122 $ 1,346 $ 1,069 |
Schedule of Future Minimum Payments Under Non-cancelable Lease Obligations | Future minimum payments under our non-cancelable lease obligations were as follows as of March 31, 2022 (in thousands): Remainder of 2022 $ 2,895 2023 3,129 2024 2,754 2025 2,135 2026 1,802 Thereafter 8,739 Total minimum lease payments 21,454 Less: interest (3,123) Present value of net minimum lease payments 18,331 Less: current portion of lease liabilities (3,141) Total long-term lease liabilities $ 15,190 |
Stockholders' Equity and Stoc_2
Stockholders' Equity and Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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, 2021 753 $ 25.63 Awards forfeited (140) 25.21 RSAs at March 31, 2022 613 $ 25.72 RSAs forfeited were in connection with our former chief financial officer's transition agreement dated January 18, 2022. Number of Restricted Stock Units Weighted-Average Grant Date Fair Value RSUs at December 31, 2021 2,799 $ 24.41 Awards granted 31 18.82 Awards vested (10) 30.78 Awards forfeited (22) 28.56 RSUs at March 31, 2022 2,798 $ 24.29 |
Schedule of Stock Option Activity | The following table summarizes our stock option activity during the three months ended March 31, 2022 (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, 2021 2,454 $1.61 4.4 $54,815 Options exercised (423) $1.63 Options canceled (39) $9.67 Outstanding, March 31, 2022 1,992 $1.45 4.2 $31,651 Options exercisable at March 31, 2022 1,892 $1.34 4.1 $30,283 Options vested as of March 31, 2022 and expected to vest after March 31, 2022 1,992 $1.45 4.2 $31,651 |
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 March 31, 2022 2021 Cost of revenues $ 709 $ 491 Research and development 3,122 2,918 Sales, general and administrative 2,722 4,645 $ 6,553 $ 8,054 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 Laser Products Advanced Development Corporate and Other Totals Revenue $ 51,061 $ 13,398 $ — $ 64,459 Gross profit $ 16,002 $ 884 $ (709) $ 16,177 Gross margin 31.3 % 6.6 % NM 25.1 % Three Months Ended March 31, 2021 Laser Products Advanced Development Corporate and Other Totals Revenue $ 47,335 $ 14,010 $ — $ 61,345 Gross profit $ 17,431 $ 705 $ (491) $ 17,645 Gross margin 36.8 % 5.0 % NM 28.8 % |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 2021 Restricted stock units and awards 1,313 2,433 Employee stock purchase plan — 7 Common stock options 2,090 2,904 3,403 5,344 |
Acquisition (Details)
Acquisition (Details) - OPI Photonics - USD ($) $ in Millions | Jul. 30, 2020 | Mar. 31, 2022 |
Business Acquisition [Line Items] | ||
Cash paid | $ 1.6 | |
Acquisition paid | 0.2 | |
Remaining amount to be paid | $ 1.4 | |
Payment period | 24 months | |
Accrued acquisition costs | $ 0.8 |
Revenue - Disaggregation of Rev
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 64,459 | $ 61,345 |
Point in time | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 48,215 | 46,994 |
Over time | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 16,244 | 14,351 |
North America | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 35,144 | 31,134 |
China | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 7,139 | 15,577 |
Rest of World | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 22,176 | 14,634 |
Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 23,996 | 21,400 |
Microfabrication | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | 17,319 | 15,215 |
Aerospace and Defense | ||
Disaggregation of Revenue [Line Items] | ||
Total revenue | $ 23,144 | $ 24,730 |
Revenue - Contract Assets and L
Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Revenue from Contract with Customer [Abstract] | ||
Contract assets | $ 14,122 | $ 9,657 |
Contract liabilities | $ 1,732 | $ 2,358 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | ||
Revenue recognized, previously included in customer advances and deferred revenue | $ 1.4 | $ 1.3 |
Concentrations of Credit and _3
Concentrations of Credit and Other Risks (Details) - Customer Concentration Risk | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Sales Revenue | Raytheon Technologies | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 10.00% | ||
Sales Revenue | U.S. Government | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 17.00% | 20.00% | |
Accounts Receivable | One customer | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 21.00% | ||
Accounts Receivable | Two customers | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 33.00% |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents, fair value | $ 117,546 | $ 127,136 |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents, fair value | 117,546 | 127,136 |
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 | 116,903 | 126,900 |
Money market securities | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents, fair value | 116,903 | 126,900 |
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 | 643 | 236 |
Commercial paper | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents, fair value | 643 | 236 |
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 | Mar. 31, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 32,493 | $ 32,185 |
Work in process and semi-finished goods | 26,645 | 24,642 |
Finished goods | 18,102 | 16,919 |
Inventory | $ 77,240 | $ 73,746 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment, Net [Abstract] | ||
Property and equipment, gross | $ 135,778 | $ 131,115 |
Accumulated depreciation | (77,469) | (75,014) |
Property and equipment, net | $ 58,309 | 56,101 |
Automobile | ||
Property, Plant and Equipment [Line Items] | ||
Useful life (years) | 3 years | |
Property, Plant and Equipment, Net [Abstract] | ||
Property and equipment, gross | $ 114 | 114 |
Computer hardware and software | ||
Property, Plant and Equipment, Net [Abstract] | ||
Property and equipment, gross | $ 7,081 | 6,594 |
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 | $ 84,554 | 81,130 |
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 | $ 2,415 | 2,361 |
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 | $ 28,823 | 28,125 |
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 | 9,392 |
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 | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | $ 16,292 | $ 16,224 | |
Accumulated amortization | (10,296) | (9,526) | |
Net value | 5,996 | 6,698 | |
Amortization expense | 776 | $ 1,016 | |
Patents | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 6,092 | 5,986 | |
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 | $ 3,000 | $ 3,038 | |
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 | Mar. 31, 2022 | Dec. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2022 | $ 2,131 | |
2023 | 2,171 | |
2024 | 863 | |
2025 | 519 | |
2026 | 312 | |
Net value | $ 5,996 | $ 6,698 |
Intangible Assets and Goodwil_4
Intangible Assets and Goodwill - Goodwill (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 12,420 |
Currency exchange rate adjustment | (15) |
Ending balance | 12,405 |
Laser Products | |
Goodwill [Roll Forward] | |
Beginning balance | 2,172 |
Currency exchange rate adjustment | (15) |
Ending balance | 2,157 |
Advanced Development | |
Goodwill [Roll Forward] | |
Beginning balance | 10,248 |
Currency exchange rate adjustment | 0 |
Ending balance | $ 10,248 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Accrued payroll and benefits | $ 9,549 | $ 10,915 |
Product warranty, current | 2,339 | 2,286 |
Other accrued expenses | 1,496 | 1,529 |
Total accrued liabilities | $ 13,384 | $ 14,730 |
Product Warranties (Details)
Product Warranties (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Product warranty liability, beginning | $ 5,371 | $ 4,711 |
Warranty charges incurred, net | (298) | (701) |
Provision for warranty charges, net of adjustments | 216 | 1,285 |
Product warranty liability, ending | 5,289 | 5,295 |
Less: current portion of product warranty liability | (2,339) | (2,441) |
Non-current portion of product warranty liability | $ 2,950 | $ 2,854 |
Leases - Narrative (Details)
Leases - Narrative (Details) | Mar. 31, 2022 |
Lessee, Lease, Description [Line Items] | |
Weighted-average remaining lease term for operating leases | 8 years |
Weighted-average discount rate for operating leases | 3.50% |
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 | 1 month 6 days |
Operating Leases, Facilities | Maximum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 13 years 2 months 12 days |
Operating Leases, Automobiles and Equipment | Minimum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 3 months 18 days |
Operating Leases, Automobiles and Equipment | Maximum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 4 years 2 months 12 days |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases [Abstract] | ||
Operating lease expense | $ 1,031 | $ 874 |
Short-term lease expense | 121 | 73 |
Variable and other lease expense | 194 | 122 |
Lease expense | $ 1,346 | $ 1,069 |
Leases - Future Minimum Payment
Leases - Future Minimum Payments Under Non-Cancelable Operating Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Remainder of 2022 | $ 2,895 | |
2023 | 3,129 | |
2024 | 2,754 | |
2025 | 2,135 | |
2026 | 1,802 | |
Thereafter | 8,739 | |
Total minimum lease payments | 21,454 | |
Less: interest | (3,123) | |
Present value of net minimum lease payments | 18,331 | |
Less: current portion of lease liabilities | (3,141) | $ (3,066) |
Long-term lease liabilities | $ 15,190 | $ 14,612 |
Stockholders' Equity and Stoc_3
Stockholders' Equity and Stock-Based Compensation - Summary of Restricted Stock Award and Restricted Stock Unit Activity (Details) shares in Thousands | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Restricted Stock Awards | |
Number of Restricted Stock Awards | |
Balance, beginning (in shares) | shares | 753 |
Forfeited (in shares) | shares | (140) |
Balance, ending (in shares) | shares | 613 |
Weighted-Average Grant Date Fair Value | |
Balance, beginning (in dollars per share) | $ / shares | $ 25.63 |
Forfeited (in dollars per share) | $ / shares | 25.21 |
Balance, ending (in dollars per share) | $ / shares | $ 25.72 |
Restricted Stock Units | |
Number of Restricted Stock Awards | |
Balance, beginning (in shares) | shares | 2,799 |
Granted (in shares) | shares | 31 |
Vested (in shares) | shares | (10) |
Forfeited (in shares) | shares | (22) |
Balance, ending (in shares) | shares | 2,798 |
Weighted-Average Grant Date Fair Value | |
Balance, beginning (in dollars per share) | $ / shares | $ 24.41 |
Granted (in dollars per share) | $ / shares | 18.82 |
Vested (in dollars per share) | $ / shares | 30.78 |
Forfeited (in dollars per share) | $ / shares | 28.56 |
Balance, ending (in dollars per share) | $ / shares | $ 24.29 |
Stockholders' Equity and Stoc_4
Stockholders' Equity and Stock-Based Compensation - Narrative (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Nov. 14, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Intrinsic value of options exercised | $ 6,400 | $ 15,000 | ||
Proceeds from the exercise of options | 689 | $ 574 | ||
Unrecognized expense | $ 55,800 | |||
Period for recognition | 2 years 6 months | |||
Common stock repurchase plan, authorized | $ 10,000 | |||
Number of shares repurchased (in shares) | 0 | |||
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vested, fair value | $ 300 | |||
Awards outstanding (in shares) | 2,798 | 2,799 | ||
Performance-based Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Awards outstanding (in shares) | 700 |
Stockholders' Equity and Stoc_5
Stockholders' Equity and Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Number of Options | ||
Outstanding, beginning of period (in shares) | 2,454 | |
Options exercised (in shares) | (423) | |
Options canceled (in shares) | (39) | |
Outstanding, end of period (in shares) | 1,992 | 2,454 |
Weighted-Average Exercise Price | ||
Outstanding, beginning of period (in dollars per share) | $ 1.61 | |
Options exercised (in dollars per share) | 1.63 | |
Options canceled (in dollars per share) | 9.67 | |
Outstanding, end of period (in dollars per share) | $ 1.45 | $ 1.61 |
Outstanding, Weighted average remaining contractual term (years) | 4 years 2 months 12 days | 4 years 4 months 24 days |
Outstanding, Aggregate intrinsic value | $ 31,651 | $ 54,815 |
Options exercisable at end of period | ||
Options exercisable (in shares) | 1,892 | |
Weighted average exercise price (in dollars per share) | $ 1.34 | |
Weighted average remaining contractual term (years) | 4 years 1 month 6 days | |
Aggregate intrinsic value | $ 30,283 | |
Options vested as of end of period and expected to vest after end of period | ||
Options vested and expected to vest (in shares) | 1,992 | |
Weighted average exercise price (in dollars per share) | $ 1.45 | |
Weighted-Average Remaining Contractual Term (Years) | 4 years 2 months 12 days | |
Aggregate Intrinsic Value | $ 31,651 |
Stockholders' Equity and Stoc_6
Stockholders' Equity and Stock-Based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 6,553 | $ 8,054 |
Cost of revenues | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 709 | 491 |
Research and development | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 3,122 | 2,918 |
Sales, general and administrative | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 2,722 | $ 4,645 |
Segment Information - Narrative
Segment Information - Narrative (Details) | 3 Months Ended |
Mar. 31, 2022segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Information - Operating
Segment Information - Operating Results (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 64,459 | $ 61,345 |
Gross profit | $ 16,177 | $ 17,645 |
Gross margin | 25.10% | 28.80% |
Operating Segments | Laser Products | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 51,061 | $ 47,335 |
Gross profit | $ 16,002 | $ 17,431 |
Gross margin | 31.30% | 36.80% |
Operating Segments | Advanced Development | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 13,398 | $ 14,010 |
Gross profit | $ 884 | $ 705 |
Gross margin | 6.60% | 5.00% |
Corporate and Other | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 0 | $ 0 |
Gross profit | $ (709) | $ (491) |
Net Loss per Share - Antidiluti
Net Loss per Share - Antidilutive Securities Excluded From Dilutive Shares (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 3,403 | 5,344 |
Restricted stock units and awards | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 1,313 | 2,433 |
Employee stock purchase plan | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 0 | 7 |
Common stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 2,090 | 2,904 |