Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 10, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | XONE | |
Entity Registrant Name | ExOne Co | |
Entity Central Index Key | 1,561,627 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 14,521,137 |
Condensed Statement of Consolid
Condensed Statement of Consolidated Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenue | ||||
Revenue - third parties | $ 7,358 | $ 11,200 | $ 14,149 | $ 18,463 |
Revenue - related parties | 1,140 | 1 | 1,142 | 23 |
Revenue | 8,498 | 11,201 | 15,291 | 18,486 |
Cost of sales | 7,393 | 8,705 | 14,186 | 14,371 |
Gross profit | 1,105 | 2,496 | 1,105 | 4,115 |
Operating expenses | ||||
Research and development | 1,659 | 1,909 | 3,393 | 3,753 |
Selling, general and administrative | 6,343 | 5,267 | 12,461 | 10,468 |
Total operating expenses | 8,002 | 7,176 | 15,854 | 14,221 |
Loss from operations | (6,897) | (4,680) | (14,749) | (10,106) |
Other expense (income) | ||||
Interest expense | 30 | 45 | 58 | 74 |
Other expense (income) - net | 71 | (63) | (79) | (155) |
Total other (income) expense | 101 | (18) | (21) | (81) |
Loss before income taxes | (6,998) | (4,662) | (14,728) | (10,025) |
(Benefit) provision for income taxes | (100) | 3 | (159) | 167 |
Net loss | $ (6,898) | $ (4,665) | $ (14,569) | $ (10,192) |
Net loss per common share: | ||||
Basic | $ (0.48) | $ (0.32) | $ (1.01) | $ (0.71) |
Diluted | $ (0.48) | $ (0.32) | $ (1.01) | $ (0.71) |
Comprehensive loss: | ||||
Net loss | $ (6,898) | $ (4,665) | $ (14,569) | $ (10,192) |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 685 | (294) | (4,663) | (182) |
Comprehensive loss | $ (6,213) | $ (4,959) | $ (19,232) | $ (10,374) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheet - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 24,780 | $ 36,202 |
Accounts receivable - net of allowance of $2,617 (2015) and $2,431 (2014) | 7,240 | 14,238 |
Inventories - net | 21,858 | 17,014 |
Prepaid expenses and other current assets | 2,966 | 3,138 |
Total current assets | 56,844 | 70,592 |
Property and equipment - net | 54,727 | 55,298 |
Goodwill | 4,381 | 4,665 |
Other noncurrent assets | 2,218 | 2,875 |
Total assets | 118,170 | 133,430 |
Current liabilities: | ||
Current portion of long-term debt | 135 | 132 |
Current portion of capital and financing leases | 171 | 346 |
Accounts payable | 3,748 | 2,553 |
Accrued expenses and other current liabilities | 7,063 | 8,424 |
Deferred revenue and customer prepayments | 4,826 | 902 |
Total current liabilities | 15,943 | 12,357 |
Long-term debt - net of current portion | 1,882 | 1,950 |
Capital and financing leases - net of current portion | 123 | 164 |
Other noncurrent liabilities | 87 | 414 |
Total liabilities | $ 18,035 | $ 14,885 |
Contingencies and commitments | ||
Stockholders' equity | ||
Common stock, $0.01 par value, 200,000,000 shares authorized, 14,428,634 (2015) and 14,417,803 (2014) shares issued and outstanding | $ 144 | $ 144 |
Additional paid-in capital | 155,724 | 154,902 |
Accumulated deficit | (42,867) | (28,298) |
Accumulated other comprehensive loss | (12,866) | (8,203) |
Total stockholders' equity | 100,135 | 118,545 |
Total liabilities and stockholders' equity | $ 118,170 | $ 133,430 |
Condensed Consolidated Balance4
Condensed Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Allowance for accounts receivable | $ 2,617 | $ 2,431 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 14,428,634 | 14,417,803 |
Common stock, shares outstanding | 14,428,634 | 14,417,803 |
Condensed Statement of Consoli5
Condensed Statement of Consolidated Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Operating activities | ||
Net loss | $ (14,569) | $ (10,192) |
Adjustments to reconcile net loss to cash used for operations: | ||
Depreciation and amortization | 2,489 | 1,602 |
Deferred income taxes | (206) | 0 |
Equity-based compensation | 822 | 693 |
Provision for bad debts | 324 | 44 |
Changes in fair value of contingent consideration | (193) | (197) |
Changes in assets and liabilities, excluding effects of acquisitions and foreign currency translation adjustments: | ||
Decrease (increase) in accounts receivable | 6,134 | (4,436) |
Increase in inventories | (8,357) | (7,103) |
Decrease (increase) in prepaid expenses and other assets | 89 | (3) |
Increase in accounts payable | 1,914 | 1,422 |
Decrease in accrued expenses and other liabilities | (527) | (255) |
Increase in deferred revenue and customer prepayments | 3,974 | 42 |
Cash used for operating activities | (8,106) | (18,383) |
Investing activities | ||
Capital expenditures | (2,831) | (14,501) |
Acquisitions, net of cash acquired of $201 | 0 | (9,230) |
Cash used for investing activities | (2,831) | (23,731) |
Financing activities | ||
Proceeds from exercise of employee stock options | 0 | 318 |
Payments on long-term debt | (65) | (400) |
Payments on capital and financing leases | (194) | (272) |
Cash used for financing activities | (259) | (354) |
Effect of exchange rate changes on cash and cash equivalents | (226) | 35 |
Net change in cash and cash equivalents | (11,422) | (42,433) |
Cash and cash equivalents at beginning of period | 36,202 | 98,445 |
Cash and cash equivalents at end of period | 24,780 | 56,012 |
Supplemental disclosure of noncash investing and financing activities | ||
Property and equipment included in accounts payable | 234 | 992 |
Transfer of inventories to property and equipment for internal use | 2,506 | 3,368 |
Transfer of property and equipment to inventories for sale | 149 | 332 |
Property and equipment acquired through financing arrangements | 0 | 89 |
Net assets acquired through acquisitions, net of cash acquired of $201 | 0 | 9,685 |
Noncash consideration for acquisitions | $ 0 | $ 455 |
Condensed Statement of Consoli6
Condensed Statement of Consolidated Cash Flows (Parenthetical) $ in Thousands | 6 Months Ended |
Jun. 30, 2014USD ($) | |
Statement of Cash Flows [Abstract] | |
Cash acquired from acquisitions | $ 201 |
Condensed Statement of Changes
Condensed Statement of Changes in Consolidated Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] |
Beginning Balance at Dec. 31, 2013 | $ 146,700 | $ 144 | $ 153,363 | $ (6,455) | $ (352) |
Beginning Balance, Shares at Dec. 31, 2013 | 14,387,000 | ||||
Net loss | (10,192) | (10,192) | |||
Other comprehensive loss | (182) | (182) | |||
Equity-based compensation | 693 | 693 | |||
Common stock issued from equity incentive plan | 318 | 318 | |||
Common stock issued from equity incentive plan, shares | 30,000 | ||||
Ending Balance at Jun. 30, 2014 | 137,337 | $ 144 | 154,374 | (16,647) | (534) |
Ending Balance, Shares at Jun. 30, 2014 | 14,417,000 | ||||
Beginning Balance at Dec. 31, 2014 | $ 118,545 | $ 144 | 154,902 | (28,298) | (8,203) |
Beginning Balance, Shares at Dec. 31, 2014 | 14,417,803 | 14,417,803 | |||
Net loss | $ (14,569) | (14,569) | |||
Other comprehensive loss | (4,663) | (4,663) | |||
Equity-based compensation | 822 | 822 | |||
Common stock issued from equity incentive plan, shares | 11,000 | ||||
Ending Balance at Jun. 30, 2015 | $ 100,135 | $ 144 | $ 155,724 | $ (42,867) | $ (12,866) |
Ending Balance, Shares at Jun. 30, 2015 | 14,428,634 | 14,428,634 |
Basis of Presentation and Princ
Basis of Presentation and Principles of Consolidation | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Note 1. Basis of Presentation and Principles of Consolidation Organization The ExOne Company (“ExOne”) is a corporation organized under the laws of the state of Delaware. ExOne was formed on January 1, 2013, when The Ex One Company, LLC, a Delaware limited liability company, merged with and into a Delaware corporation, which survived and changed its name to The ExOne Company (the “Reorganization”). As a result of the Reorganization, The Ex One Company, LLC became ExOne, the common and preferred interest holders of The Ex One Company, LLC became holders of common stock and preferred stock, respectively, of ExOne, and the subsidiaries of The Ex One Company, LLC became the subsidiaries of ExOne. The condensed consolidated financial statements include the accounts of ExOne, its wholly-owned subsidiaries, ExOne Americas LLC (United States), ExOne GmbH (Germany), ExOne Property GmbH (Germany), ExOne KK (Japan); effective in March 2014, MWT—Gesellschaft für Industrielle Mikrowellentechnik mbH (Germany); and effective in May 2014, ExOne Italy S.r.l (Italy). Collectively, the consolidated group is referred to as the “Company”. On February 6, 2013, the Company commenced an initial public offering of 6,095,000 shares of its common stock at a price to the public of $18.00 per share, of which 5,483,333 shares were sold by the Company and 611,667 were sold by a selling stockholder (including consideration of the exercise of the underwriters’ over-allotment option). Following completion of the offering on February 12, 2013, the Company received net proceeds of approximately $91,996 (net of underwriting commissions). On September 9, 2013, the Company commenced a secondary public offering of 3,054,400 shares of its common stock at a price to the public of $62.00 per share, of which 1,106,000 shares were sold by the Company and 1,948,400 were sold by selling stockholders (including consideration of the exercise of the underwriters’ over-allotment option). Following completion of the offering on September 13, 2013, the Company received net proceeds of approximately $65,315 (net of underwriting commissions). The condensed consolidated financial statements of the Company are unaudited. The condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, considered necessary by management to fairly state the results of operations, financial position and cash flows of the Company. All material intercompany transactions and balances have been eliminated in consolidation. The results reported in these condensed consolidated financial statements are not necessarily indicative of the results that may be expected for the entire year. The December 31, 2014 condensed consolidated balance sheet data was derived from the audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). This Quarterly Report on Form 10-Q should be read in connection with the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, which includes all disclosures required by GAAP. Liquidity The Company has incurred net losses in each of its annual periods since its inception. As shown in the accompanying condensed consolidated financial statements, the Company incurred a net loss of approximately $6,898 and $14,569 for the quarter and six months ended June 30, 2015, respectively. Prior to Reorganization the Company operated as a limited liability company and was substantially supported by the continued financial support provided by its majority member. As noted above, in connection with the completion of its initial public offering and secondary public offering in 2013, the Company received unrestricted net proceeds from the sale of its common stock of approximately $157,311. Management believes that the Company’s existing capital resources will be sufficient to support the Company’s operations through July 1, 2016. The Company has additionally considered the impact of continued operating losses and cash flow deficiencies on the carrying value of goodwill and long-lived assets held for use by the Company. Based on the assessment completed by management, no impairment loss has been recorded by the Company during the quarter or six months ended June 30, 2015. Assessing the recoverability of goodwill and long-lived assets held for use requires significant judgments and estimates by management. A deterioration in general economic conditions, negative developments in equity and credit markets, a significant decline in the Company’s market capitalization, adverse changes in the markets in which the Company operates, increases in input costs that have a negative effect on earnings and cash flows, or a trend of negative or declining cash flows, among other indicators, could cause a future assessment to be performed which may result in an impairment of goodwill, long-lived assets held for use, or both, resulting in a material adverse effect on the financial position and results of operations of the Company. Recently Adopted Accounting Guidance On January 1, 2015, the Company adopted Financial Accounting Standards Board (“FASB”) guidance clarifying the presentation of unrecognized tax benefits when a net operating loss carryforward, or similar tax loss or a tax credit carryforward exists. The amendment requires that unrecognized tax benefits be presented in the consolidated financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, unless certain exceptions exist. Previously, there was diversity in practice as no explicit guidance existed. As the Company had previously followed the now required presentation, the adoption of this guidance did not have a material impact on the consolidated financial statements of the Company. Recently Issued Accounting Guidance In May 2014, the FASB issued changes to the recognition of revenue from contracts with customers. These changes created a comprehensive framework for all entities in all industries to apply in the determination of when to recognize revenue, and, therefore, supersede virtually all existing revenue recognition requirements and guidance. This framework is expected to provide a consistent and comparable methodology for revenue recognition. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this principle, an entity should apply the following steps: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract(s), (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract(s), and (v) recognize revenue when, or as, the entity satisfies a performance obligation. These changes become effective for the Company on January 1, 2018, or January 1, 2017, in the event that the Company no longer qualifies as an emerging growth company in accordance with the JOBS Act and the Company elects to early adopt the changes. Management is currently evaluating the potential impact of these changes on the consolidated financial statements of the Company. In August 2014, the FASB issued changes to the disclosure of uncertainties about an entity’s ability to continue as a going concern. Under GAAP, continuation of a reporting entity as a going concern is presumed as the basis for preparing financial statements unless and until the entity’s liquidation becomes imminent. Even if an entity’s liquidation is not imminent, there may be conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern. Because there is no guidance in GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern or to provide related note disclosures, there is diversity in practice whether, when, and how an entity discloses the relevant conditions and events in its financial statements. As a result, these changes require an entity’s management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that financial statements are issued. Substantial doubt is defined as an indication that it is probable that an entity will be unable to meet its obligations as they become due within one year after the date that financial statements are issued. If management has concluded that substantial doubt exists, then the following disclosures should be made in the financial statements: (i) principal conditions or events that raised the substantial doubt, (ii) management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations, (iii) management’s plans that alleviated the initial substantial doubt or, if substantial doubt was not alleviated, management’s plans that are intended to at least mitigate the conditions or events that raise substantial doubt, and (iv) if the latter in (iii) is disclosed, an explicit statement that there is substantial doubt about the entity’s ability to continue as a going concern. These changes become effective for the Company on December 31, 2016. Subsequent to adoption, this guidance will need to be applied by management at the end of each annual period and interim period therein to determine what, if any, impact there will be on the consolidated financial statements of the Company in a given reporting period. In April 2015, the FASB issued changes to the presentation of debt issuance costs in financial statements. These changes require an entity to present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense. These changes become effective for the Company on December 31, 2016, or March 31, 2016, in the event that the Company no longer qualifies as an emerging growth company in accordance with the JOBS Act. Early adoption is permitted. The new guidance will be applied retrospectively to each prior period presented. Management is currently evaluating the potential impact of these changes on the consolidated financial statements of the Company. In July 2015, the FASB issued changes to the measurement of inventories accounted for under any method other than last in, first out or the retail method. These changes require such inventories to be measured at the lower of cost and net realizable value, with net realizable value defined as the estimated selling price in the normal course of business, less reasonably predictable costs of completion, disposal and transportation. These changes become effective for the Company on January 1, 2017. Early adoption is permitted. The new guidance will be applied prospectively in the interim or annual period adopted. Management is currently evaluating the potential impact of these changes on the consolidated financial statements of the Company. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Note 2. Accumulated Other Comprehensive Loss The following table summarizes changes in the components of accumulated other comprehensive loss: Quarter Ended Six Months Ended Foreign currency translation adjustments 2015 2014 2015 2014 Balance at beginning of period $ (13,551 ) $ (240 ) $ (8,203 ) $ (352 ) Other comprehensive income (loss) 685 (294 ) (4,663 ) (182 ) Balance at end of period $ (12,866 ) $ (534 ) $ (12,866 ) $ (534 ) Foreign currency translation adjustments consist of (i) the effect of translation of functional currency financial statements (denominated in the Euro and Japanese Yen) to the reporting currency of the Company (U.S. dollar) and (ii) certain long-term intercompany transactions between subsidiaries for which settlement is not planned or anticipated. There were no tax impacts related to income tax rate changes and no amounts were reclassified to earnings for either of the periods presented. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 3. Earnings Per Share The Company presents basic and diluted net loss per common share amounts. Basic net loss per share is calculated by dividing net loss available to common shareholders by the weighted average number of common shares outstanding during the applicable period. Diluted net loss per share is calculated by dividing net loss available to common shareholders by the weighted average number of common shares and common equivalent shares outstanding during the applicable period. As the Company incurred a net loss during each of the quarters and six months ended June 30, 2015 and 2014, basic average shares outstanding and diluted average shares outstanding were the same because the effect of potential shares of common stock, including incentive stock options (206,303 – 2015 and 155,637 – 2014) and unvested restricted stock issued (92,503 – 2015 and 25,834 – 2014), was anti-dilutive. The information used to compute basic and diluted net loss per common share was as follows: Quarter Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net loss $ (6,898 ) $ (4,665 ) $ (14,569 ) $ (10,192 ) Weighted average shares outstanding (basic and diluted) 14,428,634 14,416,970 14,425,950 14,404,755 Net loss attributable to ExOne per common share: Basic $ (0.48 ) $ (0.32 ) $ (1.01 ) $ (0.71 ) Diluted $ (0.48 ) $ (0.32 ) $ (1.01 ) $ (0.71 ) |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 4. Inventories Inventories consist of the following: June 30, December 31, 2014 Raw materials and components $ 13,533 $ 10,838 Work in process 3,881 4,221 Finished goods 4,444 1,955 $ 21,858 $ 17,014 Raw materials and components consist of (i) consumable materials and (ii) component parts and subassemblies associated with 3D printing machine manufacturing and support activities. Work in process consists of 3D printing machines and other products in varying stages of completion. Finished goods consist of 3D printing machines and other products prepared for delivery in accordance with customer specifications. At June 30, 2015 and December 31, 2014, the allowance for slow-moving and obsolete inventories was approximately $1,207 and $1,241, respectively, and has been reflected as a reduction to inventories (principally raw materials and components). Included in the allowance for slow-moving and obsolete inventories at June 30, 2015 and December 31, 2014, is approximately $445 and $419, respectively, associated with the Company’s laser micromachining product line which was discontinued at the end of 2014. |
Contingencies and Commitments
Contingencies and Commitments | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies and Commitments | Note 5. Contingencies and Commitments The Company and its subsidiaries are subject to various litigation, claims, and proceedings which have been or may be instituted or asserted from time to time in the ordinary course of business. Management does not believe that the outcome of any pending or threatened matters will have a material adverse effect, individually or in the aggregate, on the financial position, results of operations or cash flows of the Company. |
Equity-Based Compensation
Equity-Based Compensation | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity-Based Compensation | Note 6. Equity-Based Compensation On January 24, 2013, the Board of Directors of the Company adopted the 2013 Equity Incentive Plan (the “Plan”). In connection with the adoption of the Plan, 500,000 shares of common stock were reserved for issuance pursuant to the Plan, with automatic increases in such reserve available each year annually on January 1 from 2014 through 2023 equal to the lesser of (i) 3.0% of the total outstanding shares of common stock as of December 31 of the immediately preceding year or (ii) a number of shares of common stock determined by the Board of Directors, provided that the maximum number of shares authorized under the Plan will not exceed 1,992,242 shares, subject to certain adjustments. The following table summarizes the total equity-based compensation expense recognized for awards issued under the Plan: Quarter Ended, Six Months Ended, 2015 2014 2015 2014 Equity-based compensation expense recognized: Incentive stock options $ 186 $ 159 $ 381 $ 319 Restricted stock 233 94 441 177 Stock bonus awards — — — 197 Total equity-based compensation expense before income taxes 419 253 822 693 Benefit for income taxes* — — — — Total equity-based compensation expense net of income taxes $ 419 $ 253 $ 822 $ 693 * The benefit for income taxes from equity-based compensation for each of the periods presented has been determined to be $0 based on valuation allowances against net deferred tax assets. At June 30, 2015, total future compensation expense related to unvested awards yet to be recognized by the Company was approximately $802 for incentive stock options (“ISOs”) and $1,368 for restricted stock awards. Total future compensation expense related to unvested awards yet to be recognized by the Company is expected to be recognized over a weighted-average remaining vesting period of approximately 1.7 years. The activity for ISOs for the six months ended June 30, 2015, was as follows: Number of Weighted Weighted Outstanding at December 31, 2014 215,137 $ 17.35 $ 10.62 ISOs granted — $ — $ — ISOs exercised — $ — $ — ISOs forfeited (8,834 ) $ 17.23 $ 10.54 Outstanding at June 30, 2015 206,303 $ 17.35 $ 10.62 ISOs exercisable at June 30, 2015 96,472 $ 18.00 $ 11.03 ISOs expected to vest at June 30, 2015 104,836 $ 16.80 $ 10.27 At June 30, 2015, there was no intrinsic value associated with ISOs exercisable or ISOs expected to vest. The weighted average remaining contractual term of ISOs exercisable and expected to vest at June 30, 2015, was approximately 7.6 years and 8.6 years, respectively. ISOs with an aggregate intrinsic value of approximately $306 were exercised by employees during the quarter ended March 31, 2014, resulting in proceeds to the Company from the exercise of stock options of approximately $318. The Company received no income tax benefit related to these exercises. There were no exercises during the quarter or six months ended June 30, 2015 or the quarter ended June 30, 2014. The activity for restricted stock awards for the six months ended June 30, 2015, was as follows: Shares of Weighted Outstanding at December 31, 2014 80,834 $ 22.78 Restricted shares granted 22,500 $ 14.17 Restricted shares vested (10,831 ) $ 34.80 Restricted shares forfeited — $ — Outstanding at June 30, 2015 92,503 $ 19.28 Restricted shares expected to vest at June 30, 2015 92,503 $ 19.28 * Restricted shares vesting during the six months ended June 30, 2015, had a fair value of approximately $158. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 7. Income Taxes The (benefit) provision for income taxes for the quarters ended June 30, 2015 and 2014 was ($100) and $3, respectively. The (benefit) provision for income taxes for the six months ended June 30, 2015 and 2014 was ($159) and $167, respectively. The Company has completed a discrete period computation of its (benefit) provision for income taxes for each of the periods presented. Discrete period computation is as a result of (i) jurisdictions with losses before income taxes for which no tax benefit can be recognized and (ii) an inability to generate reliable estimates for results in certain jurisdictions as a result of inconsistencies in generating net operating profits (losses) in those jurisdictions. The effective tax rate for the quarters ended June 30, 2015 and 2014 was 1.4% (benefit on a loss) and 0.1% (provision on a loss), respectively. The effective tax rate for the six months ended June 30, 2015 and 2014 was 1.1% (benefit on a loss) and 1.7% (provision on a loss), respectively. The effective tax rate differs from the U.S. federal statutory rate of 34.0% for each of the periods presented primarily due to net changes in valuation allowances for the periods. The Company has provided a valuation allowance for its net deferred tax assets as a result of the Company not generating consistent net operating profits in jurisdictions with which it operates. As such, any benefit from deferred taxes in either quarterly period has been fully offset by changes in the valuation allowance for net deferred tax assets. The Company continues to assess its future taxable income by jurisdiction based on (i) recent historical operating results, (ii) the expected timing of reversal of temporary differences, (iii) various tax planning strategies that the Company may be able to enact in future periods, (iv) the impact of potential operating changes on the business and (v) forecast results from operations in future periods based on available information at the end of each reporting period. To the extent that the Company is able to reach the conclusion that deferred tax assets are realizable based on any combination of the above factors, a reversal of existing valuation allowances may occur. The Company has a liability for uncertain tax positions related to certain capitalized expenses and intercompany transactions. At June 30, 2015 and December 31, 2014, the liability for uncertain tax positions was approximately $795 and $871, respectively, and is included in accrued expenses and other current liabilities in the condensed consolidated balance sheet. In addition, at June 30, 2015 and December 31, 2014, the Company had a liability for uncertain tax positions related to its ExOne GmbH (Germany) and ExOne KK (Japan) subsidiaries of approximately $552 and $354, respectively, which were fully offset against net operating loss carryforwards of the respective subsidiaries. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 8. Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions and credit risk. The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1 Observable inputs such as quoted prices in active markets for identical investments that the Company has the ability to access. Level 2 Inputs include: Quoted prices for similar assets or liabilities in active markets; Quoted prices for identical or similar assets or liabilities in inactive markets; Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and Inputs that are derived principally from, or corroborated by, observable market data by correlation or other means. Level 3 Inputs that are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The Company is required to disclose its estimate of the fair value of material financial instruments, including those recorded as assets or liabilities in its consolidated financial statements, in accordance with GAAP. The following table sets forth the fair value of the Company’s liabilities measured on a recurring basis by level: Level June 30, December 31, 2014 Accrued expenses and other current liabilities: Contingent consideration 3 $ — $ 190 The fair value of contingent consideration associated with the 2014 acquisition of Machin-A-Mation Corporation (“MAM”) is determined by using certain forecasts of future profitability of MAM (an unobservable input). The valuation technique utilized by the Company with respect to this instrument is a discounted cash flow model, principally based on the assumption of achievement of the profitability targets stipulated in the earn-out provision. Future expected payments have been discounted using a market interest rate assumption. Terms of the earn-out provision require minimum achievement of revenues ($3,500) and gross profit ($875) for the year ending December 31, 2015. During the quarter and six months ended June 30, 2015, the Company recorded changes in the fair value of contingent consideration issued in connection with the acquisition of MAM of approximately ($193) and ($190), respectively, with a corresponding amount recorded to selling, general and administrative expenses. Changes in contingent consideration recorded by the Company during the quarter and six months ended June 30, 2015 are based on (i) revisions of estimates of revenues and gross profit for MAM for the year ending December 31, 2015 and (ii) the impact of discounting future cash payments on the associated liabilities. The following table sets forth a summary of changes in the fair value of the Company’s Level 3 financial instruments: Quarter Ended Six Months 2015 2014 2015 2014 Beginning balance $ 193 $ 377 $ 190 $ — Purchases — — — — Sales — — — — Issuances — — — 377 Settlements — — — — Realized (gains) losses (193 ) (200 ) (193 ) (200 ) Unrealized (gains) losses — 3 3 3 Transfers into Level 3 — — — — Transfers out of Level 3 — — — — Ending balance $ — $ 180 $ — $ 180 The carrying values and fair values of other financial instruments (assets and liabilities) not required to be recorded at fair value were as follows: June 30, 2015 December 31, 2014 Carrying Fair Carrying Fair Value Cash and cash equivalents $ 24,780 $ 24,780 $ 36,202 $ 36,202 Current portion of long-term debt $ 135 $ 135 $ 132 $ 132 Current portion of capital and financing leases $ 171 $ 171 $ 346 $ 346 Long-term debt - net of current portion $ 1,882 $ 1,859 $ 1,950 $ 2,022 Capital and financing leases - net of current portion $ 123 $ 123 $ 164 $ 164 The carrying amounts of cash and cash equivalents, current portion of long-term debt and current portion of capital and financing leases approximate fair value due to their short-term maturities. Cash and cash equivalents are classified in Level 1; current portion of long-term debt, current portion of capital and financing leases, long-term debt – net of current portion and capital and financing leases – net of current portion are classified in Level 2. |
Customer Concentrations
Customer Concentrations | 6 Months Ended |
Jun. 30, 2015 | |
Risks and Uncertainties [Abstract] | |
Customer Concentrations | Note 9. Customer Concentrations During the quarters and six months ended June 30, 2015 and 2014, the Company conducted a significant portion of its business with a limited number of customers. For the quarters ended June 30, 2015 and 2014, the Company’s five most significant customers represented approximately 25.5% and 49.3% of total revenue, respectively. For the six months ended June 30, 2015 and 2014, the Company’s five most significant customers represented approximately 18.9% and 34.3% of total revenue, respectively. At June 30, 2015 and December 31, 2014, accounts receivable from the Company’s five most significant customers were approximately $2,634 and $6,326, respectively. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 10. Related Party Transactions In December 2014, the Company entered into a sale agreement for a 3D printing machine with a powdered metal company with proprietary powders determined to be a related entity based on common control by the Chairman and CEO of the Company. Total consideration for the 3D printing machine (approximately $1,000) was determined to represent a fair market value selling price (based on comparable 3D printing machine sales to third parties) and was approved prior to execution by the Audit Committee of the Board of Directors of the Company. The Company recorded revenue of approximately $815 on this transaction during 2014 based on the delivery of products and/or services. During the quarter and six months ended June 30, 2015, the Company recorded approximately $115 of the remaining consideration covered under this transaction based on the delivery of additional products and/or services. At June 30, 2015, the Company continued to defer the remaining consideration covered under this transaction (approximately $70) as certain additional products and/or services remained undelivered by the Company. All of the proceeds associated with this transaction have been received by the Company at June 30, 2015. In March 2015, the Company entered into a separate sale agreement for a 3D printing machine with the same related entity described above. Total consideration for the 3D printing machine (approximately $950) was determined to represent a fair market value selling price (based on comparable 3D printing machine sales to third parties) and was approved prior to execution by the Audit Committee of the Board of Directors of the Company. The Company recorded revenue of approximately $866 on this transaction during the quarter ended June 30, 2015, based on the delivery of products and/or services. At June 30, 2015, the Company continued to defer the remaining consideration covered under this transaction (approximately $84) as certain additional products and/or services remained undelivered by the Company. All of the proceeds associated with this transaction have been received by the Company at June 30, 2015. In June 2015, the Company entered into a sale agreement for a 3D printing machine with a multi-national, diversified metals company determined to be a related entity on the basis that a member of the Board of Directors of the Company also receives his principal compensation from the entity. Total consideration for the 3D printing machine (approximately $146) was determined to represent a fair market value selling price (based on comparable 3D printing machine sales to third parties) and was approved prior to execution by the Audit Committee of the Board of Directors of the Company. The Company recorded revenue of approximately $141 on this transaction during the quarter ended June 30, 2015 based on the delivery of products and/or services. At June 30, 2015, the Company continued to defer the remaining consideration covered under this transaction (approximately $5) as certain additional products and/or services remained undelivered by the Company. At June 30, 2015, amounts due from this related party were not significant. Additional sales of products and/or services to related entities, both individually and in the aggregate, during the quarters and six months ended June 30, 2015 and 2014 were not significant. Amounts due from related entities (both individually and in the aggregate) at June 30, 2015 and December 31, 2014, were not significant. In December 2014, the Company entered into a consulting arrangement with Hans J. Sack who was subsequently appointed to the Board of Directors of the Company on December 17, 2014. Total consideration under the consulting arrangement was approximately $75, of which approximately $50 was included in selling, general and administrative expenses in the condensed statement of consolidated operations and comprehensive loss for the quarter ended March 31, 2015, based on the services rendered (the remaining amount having been recorded by the Company during the quarter ended December 31, 2014). In connection with his appointment to the Board of Directors of the Company, the Audit Committee of the Board of Directors of the Company approved this arrangement under company policy for related party transactions. In March 2015, Hans J. Sack resigned from the Board of Directors to accept a position as President of the Company. Separate from the consulting agreement described above, the Company has purchased certain raw materials and components, website design services and the corporate use of an airplane and leased office space from related entities under common control by the Chairman and CEO of the Company. The cost of these products and/or services were not significant to the Company during the quarters or six months ended June 30, 2015 and 2014. None of the transactions met a threshold requiring review and approval by the Board of Directors of the Company. The Company also receives the benefit of the corporate use of an airplane from a related party under common control by the Chairman and CEO of the Company for no consideration. The value of this benefit during the quarters and six months ended June 30, 2015 and 2014 was not significant to the Company. Amounts due to related entities (both individually and in the aggregate) at June 30, 2015 and December 31, 2014, were not significant. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 11. Subsequent Events The Company has evaluated all of its activities and concluded that no subsequent events have occurred that would require recognition in the condensed consolidated financial statements or disclosure in the notes to the condensed consolidated financial statements. |
Basis of Presentation and Pri19
Basis of Presentation and Principles of Consolidation (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Organization | Organization The ExOne Company (“ExOne”) is a corporation organized under the laws of the state of Delaware. ExOne was formed on January 1, 2013, when The Ex One Company, LLC, a Delaware limited liability company, merged with and into a Delaware corporation, which survived and changed its name to The ExOne Company (the “Reorganization”). As a result of the Reorganization, The Ex One Company, LLC became ExOne, the common and preferred interest holders of The Ex One Company, LLC became holders of common stock and preferred stock, respectively, of ExOne, and the subsidiaries of The Ex One Company, LLC became the subsidiaries of ExOne. The condensed consolidated financial statements include the accounts of ExOne, its wholly-owned subsidiaries, ExOne Americas LLC (United States), ExOne GmbH (Germany), ExOne Property GmbH (Germany), ExOne KK (Japan); effective in March 2014, MWT—Gesellschaft für Industrielle Mikrowellentechnik mbH (Germany); and effective in May 2014, ExOne Italy S.r.l (Italy). Collectively, the consolidated group is referred to as the “Company”. On February 6, 2013, the Company commenced an initial public offering of 6,095,000 shares of its common stock at a price to the public of $18.00 per share, of which 5,483,333 shares were sold by the Company and 611,667 were sold by a selling stockholder (including consideration of the exercise of the underwriters’ over-allotment option). Following completion of the offering on February 12, 2013, the Company received net proceeds of approximately $91,996 (net of underwriting commissions). On September 9, 2013, the Company commenced a secondary public offering of 3,054,400 shares of its common stock at a price to the public of $62.00 per share, of which 1,106,000 shares were sold by the Company and 1,948,400 were sold by selling stockholders (including consideration of the exercise of the underwriters’ over-allotment option). Following completion of the offering on September 13, 2013, the Company received net proceeds of approximately $65,315 (net of underwriting commissions). The condensed consolidated financial statements of the Company are unaudited. The condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, considered necessary by management to fairly state the results of operations, financial position and cash flows of the Company. All material intercompany transactions and balances have been eliminated in consolidation. The results reported in these condensed consolidated financial statements are not necessarily indicative of the results that may be expected for the entire year. The December 31, 2014 condensed consolidated balance sheet data was derived from the audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). This Quarterly Report on Form 10-Q should be read in connection with the Company’s Annual Report on Form 10-K for the year ended December 31, 2014, which includes all disclosures required by GAAP. |
Recently Adopted Accounting Guidance | Recently Adopted Accounting Guidance On January 1, 2015, the Company adopted Financial Accounting Standards Board (“FASB”) guidance clarifying the presentation of unrecognized tax benefits when a net operating loss carryforward, or similar tax loss or a tax credit carryforward exists. The amendment requires that unrecognized tax benefits be presented in the consolidated financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, unless certain exceptions exist. Previously, there was diversity in practice as no explicit guidance existed. As the Company had previously followed the now required presentation, the adoption of this guidance did not have a material impact on the consolidated financial statements of the Company. |
Recently Issued Accounting Guidance | Recently Issued Accounting Guidance In May 2014, the FASB issued changes to the recognition of revenue from contracts with customers. These changes created a comprehensive framework for all entities in all industries to apply in the determination of when to recognize revenue, and, therefore, supersede virtually all existing revenue recognition requirements and guidance. This framework is expected to provide a consistent and comparable methodology for revenue recognition. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this principle, an entity should apply the following steps: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract(s), (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract(s), and (v) recognize revenue when, or as, the entity satisfies a performance obligation. These changes become effective for the Company on January 1, 2018, or January 1, 2017, in the event that the Company no longer qualifies as an emerging growth company in accordance with the JOBS Act and the Company elects to early adopt the changes. Management is currently evaluating the potential impact of these changes on the consolidated financial statements of the Company. In August 2014, the FASB issued changes to the disclosure of uncertainties about an entity’s ability to continue as a going concern. Under GAAP, continuation of a reporting entity as a going concern is presumed as the basis for preparing financial statements unless and until the entity’s liquidation becomes imminent. Even if an entity’s liquidation is not imminent, there may be conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern. Because there is no guidance in GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern or to provide related note disclosures, there is diversity in practice whether, when, and how an entity discloses the relevant conditions and events in its financial statements. As a result, these changes require an entity’s management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that financial statements are issued. Substantial doubt is defined as an indication that it is probable that an entity will be unable to meet its obligations as they become due within one year after the date that financial statements are issued. If management has concluded that substantial doubt exists, then the following disclosures should be made in the financial statements: (i) principal conditions or events that raised the substantial doubt, (ii) management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations, (iii) management’s plans that alleviated the initial substantial doubt or, if substantial doubt was not alleviated, management’s plans that are intended to at least mitigate the conditions or events that raise substantial doubt, and (iv) if the latter in (iii) is disclosed, an explicit statement that there is substantial doubt about the entity’s ability to continue as a going concern. These changes become effective for the Company on December 31, 2016. Subsequent to adoption, this guidance will need to be applied by management at the end of each annual period and interim period therein to determine what, if any, impact there will be on the consolidated financial statements of the Company in a given reporting period. In April 2015, the FASB issued changes to the presentation of debt issuance costs in financial statements. These changes require an entity to present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the costs will continue to be reported as interest expense. These changes become effective for the Company on December 31, 2016, or March 31, 2016, in the event that the Company no longer qualifies as an emerging growth company in accordance with the JOBS Act. Early adoption is permitted. The new guidance will be applied retrospectively to each prior period presented. Management is currently evaluating the potential impact of these changes on the consolidated financial statements of the Company. In July 2015, the FASB issued changes to the measurement of inventories accounted for under any method other than last in, first out or the retail method. These changes require such inventories to be measured at the lower of cost and net realizable value, with net realizable value defined as the estimated selling price in the normal course of business, less reasonably predictable costs of completion, disposal and transportation. These changes become effective for the Company on January 1, 2017. Early adoption is permitted. The new guidance will be applied prospectively in the interim or annual period adopted. Management is currently evaluating the potential impact of these changes on the consolidated financial statements of the Company. |
Earnings Per Share | The Company presents basic and diluted net loss per common share amounts. Basic net loss per share is calculated by dividing net loss available to common shareholders by the weighted average number of common shares outstanding during the applicable period. Diluted net loss per share is calculated by dividing net loss available to common shareholders by the weighted average number of common shares and common equivalent shares outstanding during the applicable period. |
Accumulated Other Comprehensi20
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Summary of Changes in the Components of Accumulated Other Comprehensive Loss | The following table summarizes changes in the components of accumulated other comprehensive loss: Quarter Ended Six Months Ended Foreign currency translation adjustments 2015 2014 2015 2014 Balance at beginning of period $ (13,551 ) $ (240 ) $ (8,203 ) $ (352 ) Other comprehensive income (loss) 685 (294 ) (4,663 ) (182 ) Balance at end of period $ (12,866 ) $ (534 ) $ (12,866 ) $ (534 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Loss Per Common Share | The information used to compute basic and diluted net loss per common share was as follows: Quarter Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net loss $ (6,898 ) $ (4,665 ) $ (14,569 ) $ (10,192 ) Weighted average shares outstanding (basic and diluted) 14,428,634 14,416,970 14,425,950 14,404,755 Net loss attributable to ExOne per common share: Basic $ (0.48 ) $ (0.32 ) $ (1.01 ) $ (0.71 ) Diluted $ (0.48 ) $ (0.32 ) $ (1.01 ) $ (0.71 ) |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consist of the following: June 30, December 31, 2014 Raw materials and components $ 13,533 $ 10,838 Work in process 3,881 4,221 Finished goods 4,444 1,955 $ 21,858 $ 17,014 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Equity-Based Compensation Expense | The following table summarizes the total equity-based compensation expense recognized for awards issued under the Plan: Quarter Ended, Six Months Ended, 2015 2014 2015 2014 Equity-based compensation expense recognized: Incentive stock options $ 186 $ 159 $ 381 $ 319 Restricted stock 233 94 441 177 Stock bonus awards — — — 197 Total equity-based compensation expense before income taxes 419 253 822 693 Benefit for income taxes* — — — — Total equity-based compensation expense net of income taxes $ 419 $ 253 $ 822 $ 693 * The benefit for income taxes from equity-based compensation for each of the periods presented has been determined to be $0 based on valuation allowances against net deferred tax assets. |
Summary of Activity for ISOs | The activity for ISOs for the six months ended June 30, 2015, was as follows: Number of Weighted Weighted Outstanding at December 31, 2014 215,137 $ 17.35 $ 10.62 ISOs granted — $ — $ — ISOs exercised — $ — $ — ISOs forfeited (8,834 ) $ 17.23 $ 10.54 Outstanding at June 30, 2015 206,303 $ 17.35 $ 10.62 ISOs exercisable at June 30, 2015 96,472 $ 18.00 $ 11.03 ISOs expected to vest at June 30, 2015 104,836 $ 16.80 $ 10.27 |
Summary of Activity for Restricted Stock Awards | The activity for restricted stock awards for the six months ended June 30, 2015, was as follows: Shares of Weighted Outstanding at December 31, 2014 80,834 $ 22.78 Restricted shares granted 22,500 $ 14.17 Restricted shares vested (10,831 ) $ 34.80 Restricted shares forfeited — $ — Outstanding at June 30, 2015 92,503 $ 19.28 Restricted shares expected to vest at June 30, 2015 92,503 $ 19.28 * Restricted shares vesting during the six months ended June 30, 2015, had a fair value of approximately $158. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Liabilities Measured on Recurring Basis | The following table sets forth the fair value of the Company’s liabilities measured on a recurring basis by level: Level June 30, December 31, 2014 Accrued expenses and other current liabilities: Contingent consideration 3 $ — $ 190 |
Summary of Changes in Fair Value of Company's Level 3 Financial Instruments | The following table sets forth a summary of changes in the fair value of the Company’s Level 3 financial instruments: Quarter Ended Six Months 2015 2014 2015 2014 Beginning balance $ 193 $ 377 $ 190 $ — Purchases — — — — Sales — — — — Issuances — — — 377 Settlements — — — — Realized (gains) losses (193 ) (200 ) (193 ) (200 ) Unrealized (gains) losses — 3 3 3 Transfers into Level 3 — — — — Transfers out of Level 3 — — — — Ending balance $ — $ 180 $ — $ 180 |
Carrying Values and Fair Values of Other Financial Instruments | The carrying values and fair values of other financial instruments (assets and liabilities) not required to be recorded at fair value were as follows: June 30, 2015 December 31, 2014 Carrying Fair Carrying Fair Value Cash and cash equivalents $ 24,780 $ 24,780 $ 36,202 $ 36,202 Current portion of long-term debt $ 135 $ 135 $ 132 $ 132 Current portion of capital and financing leases $ 171 $ 171 $ 346 $ 346 Long-term debt - net of current portion $ 1,882 $ 1,859 $ 1,950 $ 2,022 Capital and financing leases - net of current portion $ 123 $ 123 $ 164 $ 164 |
Basis of Presentation and Pri25
Basis of Presentation and Principles of Consolidation - Additional Information (Detail) - USD ($) | Sep. 13, 2013 | Sep. 09, 2013 | Feb. 12, 2013 | Feb. 06, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2013 |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||||||
Date of incorporation | Jan. 1, 2013 | ||||||||
State of incorporation | Delaware | ||||||||
Net proceeds of secondary public offering | $ 157,311,000 | ||||||||
Net loss | $ (6,898,000) | $ (4,665,000) | $ (14,569,000) | $ (10,192,000) | |||||
Substantial doubt about going concern, conditions or events | The Company has incurred net losses in each of its annual periods since its inception. As shown in the accompanying condensed consolidated financial statements, the Company incurred a net loss of approximately $6,898 and $14,569 for the quarter and six months ended June 30, 2015, respectively. Prior to Reorganization the Company operated as a limited liability company and was substantially supported by the continued financial support provided by its majority member. As noted above, in connection with the completion of its initial public offering and secondary public offering in 2013, the Company received unrestricted net proceeds from the sale of its common stock of approximately $157,311. Management believes that the Company’s existing capital resources will be sufficient to support the Company’s operations through July 1, 2016. | ||||||||
Substantial doubt about going concern, management's evaluation | The Company has additionally considered the impact of continued operating losses and cash flow deficiencies on the carrying value of goodwill and long-lived assets held for use by the Company. Based on the assessment completed by management, no impairment loss has been recorded by the Company during the quarter or six months ended June 30, 2015. Assessing the recoverability of goodwill and long-lived assets held for use requires significant judgments and estimates by management. A deterioration in general economic conditions, negative developments in equity and credit markets, a significant decline in the Company’s market capitalization, adverse changes in the markets in which the Company operates, increases in input costs that have a negative effect on earnings and cash flows, or a trend of negative or declining cash flows, among other indicators, could cause a future assessment to be performed which may result in an impairment of goodwill, long-lived assets held for use, or both, resulting in a material adverse effect on the financial position and results of operations of the Company. | ||||||||
Impairment losses | $ 0 | $ 0 | |||||||
Impact on the consolidated financial statements | $ 0 | ||||||||
Secondary Public Offering [Member] | |||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||||||
Common stock, new issuances | 3,054,400 | ||||||||
Common stock price per share | $ 62 | ||||||||
Common stock, new shares sold by Company | 1,106,000 | ||||||||
Common stock, new shares sold by stockholder | 1,948,400 | ||||||||
Net proceeds of secondary public offering | $ 65,315,000 | ||||||||
IPO [Member] | |||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||||||
Common stock, new issuances | 6,095,000 | ||||||||
Common stock price per share | $ 18 | ||||||||
Common stock, new shares sold by Company | 5,483,333 | ||||||||
Common stock, new shares sold by stockholder | 611,667 | ||||||||
Net proceeds of initial public offering | $ 91,996,000 |
Accumulated Other Comprehensi26
Accumulated Other Comprehensive Loss - Summary of Changes in the Components of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Balance at beginning of period | $ (13,551) | $ (240) | $ (8,203) | $ (352) |
Other comprehensive income (loss) | 685 | (294) | (4,663) | (182) |
Balance at end of period | $ (12,866) | $ (534) | $ (12,866) | $ (534) |
Accumulated Other Comprehensi27
Accumulated Other Comprehensive Loss - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||
Accumulated other comprehensive loss, tax | $ 0 | $ 0 |
Amounts reclassified to earnings from accumulated other comprehensive loss | $ 0 | $ 0 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Incentive Stock Option [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potential shares of anti-dilutive common stock | 206,303 | 155,637 | 206,303 | 155,637 |
Restricted Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potential shares of anti-dilutive common stock | 92,503 | 25,834 | 92,503 | 25,834 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Net Loss Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Net loss | $ (6,898) | $ (4,665) | $ (14,569) | $ (10,192) |
Weighted average shares outstanding (basic and diluted) | 14,428,634 | 14,416,970 | 14,425,950 | 14,404,755 |
Net loss attributable to ExOne per common share: | ||||
Basic | $ (0.48) | $ (0.32) | $ (1.01) | $ (0.71) |
Diluted | $ (0.48) | $ (0.32) | $ (1.01) | $ (0.71) |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Raw materials and components | $ 13,533 | $ 10,838 |
Work in process | 3,881 | 4,221 |
Finished goods | 4,444 | 1,955 |
Inventories | $ 21,858 | $ 17,014 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Inventory [Line Items] | ||
Allowance for slow-moving and obsolete inventories | $ 1,207 | $ 1,241 |
Laser Micromachining Product [Member] | ||
Inventory [Line Items] | ||
Allowance for slow-moving and obsolete inventories | $ 445 | $ 419 |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional Information (Detail) - USD ($) | Jan. 24, 2013 | Jun. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Weighted-average remaining vesting period | 1 year 8 months 12 days | |||||
Proceeds from exercise of employee stock options | $ 0 | $ 318,000 | ||||
Number of stock exercise | 0 | 0 | ||||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total future compensation expense | $ 1,368,000 | $ 1,368,000 | ||||
ISOs [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total future compensation expense | 802,000 | 802,000 | ||||
Intrinsic value, ISOs exercisable | 0 | 0 | ||||
Intrinsic value, ISOs expected to vest | $ 0 | $ 0 | ||||
Weighted average remaining contractual term, exercisable | 7 years 7 months 6 days | |||||
Weighted average remaining contractual term, expected to vest | 8 years 7 months 6 days | |||||
Intrinsic value of ISOs exercised by employee | $ 306,000 | |||||
Proceeds from exercise of employee stock options | 318,000 | |||||
Income tax benefit | $ 0 | |||||
Number of stock exercise | 0 | 0 | ||||
2013 Equity Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock reserved for issuance | 500,000 | |||||
Percentage of outstanding shares of common stock | 3.00% | |||||
Common Stock [Member] | 2013 Equity Incentive Plan [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of Shares authorized | 1,992,242 |
Equity-Based Compensation - Sum
Equity-Based Compensation - Summary of Total Equity-Based Compensation Expense Recognized for All ISOs, Restricted Stock and Stock Bonus Awards (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Equity-based compensation expense recognized: | |||||
Total equity-based compensation expense before income taxes | $ 419 | $ 253 | $ 822 | $ 693 | |
Benefit for income taxes | [1] | 0 | 0 | 0 | 0 |
Total equity-based compensation expense net of income taxes | 419 | 253 | 822 | 693 | |
ISOs [Member] | |||||
Equity-based compensation expense recognized: | |||||
Total equity-based compensation expense before income taxes | 186 | 159 | 381 | 319 | |
Restricted Stock [Member] | |||||
Equity-based compensation expense recognized: | |||||
Total equity-based compensation expense before income taxes | 233 | 94 | 441 | 177 | |
Stock Bonus Awards [Member] | |||||
Equity-based compensation expense recognized: | |||||
Total equity-based compensation expense before income taxes | $ 0 | $ 0 | $ 0 | $ 197 | |
[1] | The benefit for income taxes from equity-based compensation for each of the periods presented has been determined to be $0 based on valuation allowances against net deferred tax assets. |
Equity-Based Compensation - S34
Equity-Based Compensation - Summary of Total Equity-Based Compensation Expense Recognized for All ISOs, Restricted Stock and Stock Bonus Awards (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Benefit for income taxes from equity-based compensation | [1] | $ 0 | $ 0 | $ 0 | $ 0 |
Valuation Allowances [Member] | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Benefit for income taxes from equity-based compensation | $ 0 | $ 0 | $ 0 | $ 0 | |
[1] | The benefit for income taxes from equity-based compensation for each of the periods presented has been determined to be $0 based on valuation allowances against net deferred tax assets. |
Equity-Based Compensation - S35
Equity-Based Compensation - Summary of Activity for ISOs (Detail) - Jun. 30, 2015 - $ / shares | Total | Total |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Number of ISOs, outstanding, Beginning Balance | 215,137 | |
Number of ISOs, granted | 0 | |
Number of ISOs, exercised | 0 | 0 |
Number of ISOs, forfeited | (8,834) | |
Number of ISOs, outstanding, Ending Balance | 206,303 | 206,303 |
Number of ISOs, exercisable | 96,472 | 96,472 |
Number of ISOs, expected to vest, net of forfeitures | 104,836 | 104,836 |
Weighted Average Exercise Price, Beginning Balance | $ 17.35 | |
Weighted Average Exercise Price, ISOs granted | 0 | |
Weighted Average Exercise Price, ISOs exercised | 0 | |
Weighted Average Exercise Price, ISOs forfeited | 17.23 | |
Weighted Average Exercise Price, Ending Balance | $ 17.35 | 17.35 |
Weighted Average Exercise Price, ISOs exercisable | 18 | 18 |
Weighted Average Exercise Price, ISOs expected to vest, net of forfeitures | 16.80 | 16.80 |
Weighted Average Grant Date Fair Value, Beginning Balance | 10.62 | |
Weighted Average Grant Date Fair Value, ISOs granted | 0 | |
Weighted Average Grant Date Fair Value, ISOs exercised | 0 | |
Weighted Average Grant Date Fair Value, ISOs forfeited | 10.54 | |
Weighted Average Grant Date Fair Value, Ending Balance | 10.62 | 10.62 |
Weighted Average Grant Date Fair Value, ISOs exercisable | $ 11.03 | 11.03 |
Weighted Average Grant Date Fair Value, ISOs expected to vest, net of forfeitures | $ 10.27 |
Equity-Based Compensation - S36
Equity-Based Compensation - Summary of Activity for Restricted Stock Awards (Detail) - Jun. 30, 2015 - Restricted Stock [Member] - $ / shares | Total |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Restricted Shares, outstanding, Beginning Balance | 80,834 |
Number of Restricted Shares, granted | 22,500 |
Number of Restricted Shares, vested | (10,831) |
Number of Restricted Shares, forfeited | 0 |
Number of Restricted Shares, outstanding, Ending Balance | 92,503 |
Number of Restricted Shares, expected to vest | 92,503 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ 22.78 |
Weighted Average Grant Date Fair Value, granted | 14.17 |
Weighted Average Grant Date Fair Value, vested | 34.80 |
Weighted Average Grant Date Fair Value, forfeited | 0 |
Weighted Average Grant Date Fair Value, Ending Balance | 19.28 |
Weighted Average Grant Date Fair Value, expected to vest | $ 19.28 |
Equity-Based Compensation - S37
Equity-Based Compensation - Summary of Activity for Restricted Stock Awards (Parenthetical) (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Fair value of restricted shares vesting | $ 158 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Schedule Of Income Taxes [Line Items] | |||||
(Benefit) provision for income taxes | $ (100) | $ 3 | $ (159) | $ 167 | |
Effective tax rate | 1.40% | 0.10% | 1.10% | 1.70% | |
U.S. federal statutory rate | 34.00% | 34.00% | 34.00% | 34.00% | |
Liability for uncertain tax positions | $ 795 | $ 795 | $ 871 | ||
ExOne GmbH (Germany) and ExOne KK (Japan) [Member] | |||||
Schedule Of Income Taxes [Line Items] | |||||
Liability for uncertain tax positions | $ 552 | $ 552 | $ 354 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Accrued expenses and other current liabilities, Contingent consideration | $ 0 | $ 190 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Revenue | $ 8,498,000 | $ 11,201,000 | $ 15,291,000 | $ 18,486,000 |
Gross profit | 1,105,000 | $ 2,496,000 | 1,105,000 | 4,115,000 |
Changes in fair value of contingent consideration | (193,000) | $ (197,000) | ||
MAM Corporation [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Changes in fair value of contingent consideration | $ (193,000) | (190,000) | ||
Earn Out Provision 2015 [Member] | Minimum [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Revenue | 3,500,000 | |||
Gross profit | $ 875,000 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Changes in Fair Value of Company's Level 3 Financial Instruments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Fair Value Disclosures [Abstract] | ||||
Beginning balance | $ 193 | $ 377 | $ 190 | $ 0 |
Purchases | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Issuances | 0 | 0 | 0 | 377 |
Settlements | 0 | 0 | 0 | 0 |
Realized (gains) losses | (193) | (200) | (193) | (200) |
Unrealized (gains) losses | 0 | 3 | 3 | 3 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 | 0 | 0 |
Ending balance | $ 0 | $ 180 | $ 0 | $ 180 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Values and Fair Values of Other Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | $ 24,780 | $ 36,202 | $ 56,012 | $ 98,445 |
Current portion of long-term debt | 135 | 132 | ||
Current portion of capital and financing leases | 171 | 346 | ||
Long-term debt - net of current portion | 1,882 | 1,950 | ||
Capital and financing leases - net of current portion | 123 | 164 | ||
Carrying Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 24,780 | 36,202 | ||
Current portion of long-term debt | 135 | 132 | ||
Current portion of capital and financing leases | 171 | 346 | ||
Long-term debt - net of current portion | 1,882 | 1,950 | ||
Capital and financing leases - net of current portion | 123 | 164 | ||
Fair Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 24,780 | 36,202 | ||
Current portion of long-term debt | 135 | 132 | ||
Current portion of capital and financing leases | 171 | 346 | ||
Long-term debt - net of current portion | 1,859 | 2,022 | ||
Capital and financing leases - net of current portion | $ 123 | $ 164 |
Customer Concentrations - Addit
Customer Concentrations - Additional Information (Detail) - Five Most Significant Customers [Member] $ in Thousands | Jun. 30, 2015USD ($)Customer | Dec. 31, 2014USD ($)Customer | Jun. 30, 2015USD ($)Customer | Jun. 30, 2014Customer | Jun. 30, 2015USD ($)Customer | Jun. 30, 2014Customer |
Revenue, Major Customer [Line Items] | ||||||
Number of customers | Customer | 5 | 5 | 5 | 5 | 5 | 5 |
Accounts receivable from significant customers | $ 2,634 | $ 6,326 | $ 2,634 | $ 2,634 | ||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | ||||||
Revenue, Major Customer [Line Items] | ||||||
Revenue concentration, by most significant customers | 25.50% | 49.30% | 18.90% | 34.30% |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | ||||||
Revenue - related parties | $ 1,140 | $ 1 | $ 1,142 | $ 23 | ||
Consulting [Member] | Hans J. Sack [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Consulting arrangement consideration amount | $ 75 | |||||
Consulting arrangement consideration included in selling, general and administrative expenses | $ 50 | |||||
3D Printing Machines [Member] | December 2014 Sale Agreement [Member] | Chairman And Chief Executive Officer [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Consideration for printing machine | 1,000 | |||||
Revenue - related parties | 115 | 115 | $ 815 | |||
Remaining deferred consideration | 70 | 70 | ||||
3D Printing Machines [Member] | June 2015 Sale Agreement [Member] | Board Of Director [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Consideration for printing machine | 146 | 146 | ||||
Revenue - related parties | 141 | |||||
Remaining deferred consideration | 5 | 5 | ||||
3D Printing Machines [Member] | March 2015 Sale Agreement [Member] | Chairman And Chief Executive Officer [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Consideration for printing machine | $ 950 | |||||
Revenue - related parties | 866 | |||||
Remaining deferred consideration | $ 84 | $ 84 |