Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 10, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
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 | 16,141,286 |
Condensed Statement of Consolid
Condensed Statement of Consolidated Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Statement [Abstract] | ||
Revenue | $ 10,869 | $ 8,414 |
Cost of sales | 9,266 | 6,538 |
Gross profit | 1,603 | 1,876 |
Operating expenses | ||
Research and development | 1,999 | 1,893 |
Selling, general and administrative | 6,263 | 5,325 |
Total operating expenses | 8,262 | 7,218 |
Loss from operations | (6,659) | (5,342) |
Other expense (income) | ||
Interest expense | 22 | 232 |
Other expense (income) ̶ net | 110 | (93) |
Total other (income) expense | 132 | 139 |
Loss before income taxes | (6,791) | (5,481) |
Provision (benefit) for income taxes | 0 | (4) |
Net loss | $ (6,791) | $ (5,477) |
Net loss per common share: | ||
Basic | $ (0.42) | $ (0.35) |
Diluted | $ (0.42) | $ (0.35) |
Comprehensive loss: | ||
Net loss | $ (6,791) | $ (5,477) |
Other comprehensive income: | ||
Foreign currency translation adjustments | 1,026 | 2,048 |
Comprehensive loss | $ (5,765) | $ (3,429) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheet - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 25,671 | $ 27,825 |
Restricted cash | 2,663 | 330 |
Accounts receivable ̶ net of allowance of $1,703 (2017) and $1,566 (2016) | 5,473 | 6,447 |
Inventories ̶ net | 16,137 | 15,838 |
Prepaid expenses and other current assets | 2,071 | 1,159 |
Assets held for sale | 3,420 | |
Total current assets | 55,435 | 51,599 |
Property and equipment ̶ net | 46,384 | 51,134 |
Intangible assets ̶ net | 303 | 668 |
Other noncurrent assets | 337 | 777 |
Total assets | 102,459 | 104,178 |
Current liabilities: | ||
Current portion of long-term debt | 132 | 132 |
Current portion of capital leases | 60 | 72 |
Accounts payable | 2,753 | 2,036 |
Accrued expenses and other current liabilities | 4,989 | 5,124 |
Deferred revenue and customer prepayments | 10,689 | 7,371 |
Total current liabilities | 18,623 | 14,735 |
Long-term debt ̶ net of current portion | 1,611 | 1,644 |
Capital leases ̶ net of current portion | 48 | 10 |
Other noncurrent liabilities | 9 | 9 |
Total liabilities | 20,291 | 16,398 |
Contingencies and commitments | ||
Stockholders' equity | ||
Common stock, $0.01 par value, 200,000,000 shares authorized, 16,045,949 (2017) and 16,017,115 (2016) shares issued and outstanding | 160 | 160 |
Additional paid-in capital | 171,677 | 171,116 |
Accumulated deficit | (75,960) | (68,761) |
Accumulated other comprehensive loss | (13,709) | (14,735) |
Total stockholders' equity | 82,168 | 87,780 |
Total liabilities and stockholders' equity | $ 102,459 | $ 104,178 |
Condensed Consolidated Balance4
Condensed Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Allowance for accounts receivable | $ 1,703 | $ 1,566 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 16,045,949 | 16,017,115 |
Common stock, shares outstanding | 16,045,949 | 16,017,115 |
Condensed Statement of Consoli5
Condensed Statement of Consolidated Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Operating activities | ||
Net loss | $ (6,791) | $ (5,477) |
Adjustments to reconcile net loss to net cash provided by (used for) operations: | ||
Depreciation and amortization | 2,307 | 1,413 |
Equity-based compensation | 561 | 312 |
Provision for bad debts | 123 | 5 |
Amortization of debt issuance costs | 2 | 206 |
Gain from disposal of property and equipment | (8) | |
Deferred income taxes | (27) | |
Changes in assets and liabilities, excluding effects of foreign currency translation adjustments: | ||
Decrease in accounts receivable | 944 | 4,494 |
Decrease (increase) in inventories | 132 | (312) |
(Increase) decrease in prepaid expenses and other assets | (902) | 467 |
Increase (decrease) in accounts payable | 787 | (1,091) |
Decrease in accrued expenses and other liabilities | (195) | (1,005) |
Increase in deferred revenue and customer prepayments | 3,203 | 23 |
Net cash provided by (used for) operating activities | 163 | (992) |
Investing activities | ||
Capital expenditures | (249) | (180) |
Proceeds from sale of property and equipment | 37 | |
Net cash used for investing activities | (212) | (180) |
Financing activities | ||
Net proceeds from issuance of common stock ̶ Registered direct offering to a related party | 12,461 | |
Net proceeds from issuance of common stock ̶ At the market offerings | 168,361 | 596 |
Payments on long-term debt | (35) | (34) |
Payments on capital leases | (22) | (20) |
Net cash (used for) provided by financing activities | (57) | 13,003 |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 285 | 92 |
Net change in cash, cash equivalents, and restricted cash | 179 | 11,923 |
Cash, cash equivalents, and restricted cash at beginning of period | 28,155 | 19,672 |
Cash, cash equivalents, and restricted cash at end of period | 28,334 | 31,595 |
Supplemental disclosure of noncash investing and financing activities | ||
Transfer of internally developed 3D printing machines from inventories to property and equipment for internal use or leasing activities | 131 | 1,459 |
Transfer of internally developed 3D printing machines from property and equipment to inventories for sale | 395 | |
Property and equipment acquired through financing arrangements | 48 | |
Property and equipment included in accounts payable | 25 | |
Property and equipment included in assets held for sale | $ 3,351 | |
Property and equipment included in accrued expenses and other current liabilities | 50 | |
Common stock offering costs included in accrued expenses and other current liabilities | $ 15 |
Condensed Statement of Changes
Condensed Statement of Changes in Consolidated Stockholders' Equity (Unaudited) - 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, 2015 | $ 89,073 | $ 144 | $ 156,627 | $ (54,163) | $ (13,535) |
Beginning Balance, Shares at Dec. 31, 2015 | 14,447,000 | ||||
Registered direct offering of common stock to a related party, net of issuance costs | 12,447 | $ 15 | 12,432 | ||
Registered direct offering of common stock to a related party, net of issuance costs, Shares | 1,424,000 | ||||
At the market offerings of common stock, net of issuance costs | 595 | $ 1 | 594 | ||
At the market offerings of common stock, net of issuance costs, Shares | 92,000 | ||||
Net loss | (5,477) | (5,477) | |||
Other comprehensive income | 2,048 | 2,048 | |||
Equity-based compensation | 312 | 312 | |||
Common stock issued from equity incentive plan, shares | 30,000 | ||||
Ending Balance at Mar. 31, 2016 | 98,998 | $ 160 | 169,965 | (59,640) | (11,487) |
Ending Balance, Shares at Mar. 31, 2016 | 15,993,000 | ||||
Beginning Balance at Dec. 31, 2016 | $ 87,780 | $ 160 | 171,116 | (68,761) | (14,735) |
Beginning Balance, Shares at Dec. 31, 2016 | 16,017,115 | 16,017,000 | |||
Cumulative-effect adjustment due to the adoption of Financial Accounting Standards Board Accounting Standards Update 2016-16 | $ (408) | (408) | |||
Net loss | (6,791) | (6,791) | |||
Other comprehensive income | 1,026 | 1,026 | |||
Equity-based compensation | 561 | 561 | |||
Common stock issued from equity incentive plan, shares | 29,000 | ||||
Ending Balance at Mar. 31, 2017 | $ 82,168 | $ 160 | $ 171,677 | $ (75,960) | $ (13,709) |
Ending Balance, Shares at Mar. 31, 2017 | 16,045,949 | 16,046,000 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Note 1. Basis of Presentation 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); ExOne Italy S.r.l (Italy); ExOne Sweden AB (Sweden); and through September 2016, MWT—Gesellschaft für Industrielle Mikrowellentechnik mbH (Germany). Collectively, the consolidated group is referred to as the “Company”. On September 15, 2016, the Company completed a transaction merging its MWT—Gesellschaft für Industrielle Mikrowellentechnik mbH (Germany) subsidiary with and into its ExOne GmbH (Germany) subsidiary. The purpose of this transaction was to further simplify the Company’s legal structure. There were no significant accounting or tax related impacts associated with the merger of these wholly owned subsidiaries. The Company filed a registration statement on Form S-3 (No. 333-203353) Basis of Presentation The condensed consolidated financial statements of the Company are unaudited. The condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, considered necessary by management to fairly state the results of operations, financial position and cash flows of the Company. All material intercompany transactions and balances have been eliminated in consolidation. The results reported in these condensed consolidated financial statements are not necessarily indicative of the results that may be expected for the entire year. The December 31, 2016 condensed consolidated balance sheet data was derived from the audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). This Quarterly Report on Form 10-Q should be read in connection with the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, which includes all disclosures required by GAAP. The preparation of these condensed consolidated financial statements requires the Company to make certain judgments, estimates and assumptions regarding uncertainties that affect the reported amounts of assets, liabilities, revenue and expenses and related disclosure of contingent assets and liabilities. Areas that require significant judgments, estimates and assumptions include accounting for accounts receivable (including the allowance for doubtful accounts); inventories (including the allowance for slow-moving and obsolete inventories); product warranty reserves; contingencies; income taxes (including the valuation allowance on certain deferred tax assets and liabilities for uncertain tax positions); equity-based compensation (including the valuation of certain equity-based compensation awards issued by the Company); and testing for impairment of long-lived assets (including the identification of asset groups by management, estimates of future cash flows of identified asset groups and fair value estimates used in connection with assessing the valuation of identified asset groups). The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. Certain amounts relating to restricted cash ($330) and intangible assets – net ($668) in the accompanying condensed consolidated balance sheet at December 31, 2016 have been reclassified from prepaid expenses and other current assets and other noncurrent assets, respectively, to conform to current period presentation. Recently Adopted Accounting Guidance On January 1, 2017, the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2016-16, “Income Taxes: Intra-Entity Transfers of Assets Other Than Inventory.” This ASU modifies existing guidance and is intended to reduce diversity in practice with respect to the accounting for the income tax consequences of intra-entity transfers of assets. The ASU indicates that the former exception to income tax accounting that requires companies to defer the income tax effects of certain intercompany transactions would apply only to intercompany inventory transactions. That is, the exception no longer applies to intercompany sales and transfers of other assets ( e.g. e.g. On January 1, 2017, the Company adopted FASB ASU 2016-17, “Consolidation: Interests Held through Related Parties That Are under Common Control.” This ASU modifies former guidance with respect to how a decision maker that holds an indirect interest in a variable interest entity (“VIE”) through a common control party determines whether it is the primary beneficiary of the VIE as part of the analysis of whether the VIE would need to be consolidated. Under the ASU, a decision maker needs to consider only its proportionate indirect interest in the VIE held through a common control party. Previous guidance had required the decision maker to treat the common control party’s interest in the VIE as if the decision maker held the interest itself. The Company does not have significant involvement with entities subject to consolidation considerations impacted by VIE model factors addressed by this ASU. Management has determined that the adoption of this ASU did not have an impact on the condensed consolidated financial statements of the Company. On January 1, 2017, the Company adopted FASB ASU 2015-11, “Inventory: Simplifying the Measurement of Inventory.” This ASU requires inventories to be measured at the lower of cost and net realizable value, with net realizable value defined as the estimated selling price in the normal course of business, less reasonably predictable costs of completion, disposal and transportation. Management has determined that the adoption of this ASU did not have an impact on the condensed consolidated financial statements of the Company. Recently Issued Accounting Guidance The Company considers the applicability and impact of all ASUs issued by the FASB. Recently issued ASUs not listed below were assessed and determined to be either not applicable or are currently expected to have no impact on the consolidated financial statements of the Company. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments.” This ASU is intended to reduce diversity in practice in how certain cash receipts and payments are presented and classified in the statement of cash flows. The standard provides guidance in a number of situations including, among others, settlement of zero-coupon bonds, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, and distributions received from equity method investees. The ASU also provides guidance for classifying cash receipts and payments that have aspects of more than one class of cash flows. This ASU becomes effective for the Company on January 1, 2019. Early adoption is permitted. Management is currently evaluating the potential impact of this ASU on the consolidated financial statements of the Company. In February 2016, the FASB issued ASU 2016-02, “Leases.” As a result of this ASU, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. As a result of this ASU, lessor accounting is largely unchanged and lessees will no longer be provided with a source of off-balance sheet financing. This ASU becomes effective for the Company on January 1, 2019. Early adoption is permitted. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the consolidated financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. Management is currently evaluating the potential impact of this ASU on the consolidated financial statements of the Company. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers.” This ASU created a comprehensive framework for all entities in all industries to apply in the determination of when to recognize revenue, and, therefore, supersedes virtually all existing revenue recognition requirements and guidance. This framework is expected to provide a consistent and comparable methodology for revenue recognition. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this principle, an entity should apply the following steps: identify the contract(s) with a customer, identify the performance obligations in the contract(s), determine the transaction price, allocate the transaction price to the performance obligations in the contract(s), and recognize revenue when, or as, the entity satisfies a performance obligation. In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers: Deferral of the Effective Date,” which deferred the effective date of this guidance for the Company until January 1, 2019, or January 1, 2018, in the event that the Company no longer qualifies as an EGC. Early adoption is permitted, but the Company may adopt the changes no earlier than January 1, 2017 (regardless of EGC status). In March 2016, the FASB issued ASU 2016-08, “Revenue from Contracts with Customers: Principal versus Agent Considerations”, which serves to clarify the implementation guidance issued in ASU 2014-09 with respect to principal versus agent considerations in an arrangement. In April 2016, the FASB issued ASU 2016-10, “Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing”, which serves to clarify the implementation guidance issued in ASU 2014-09 with respect to identifying performance obligations in an arrangement and accounting for licensing arrangements. In May 2016, the FASB issued ASU 2016-11, “Revenue Recognition and Derivatives and Hedging: Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting”, which serves to rescind certain previously issued SEC Staff Observer comments upon adoption of ASU 2014-09. In May 2016, the FASB issued ASU 2016-12, “Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients”, which serves to clarify certain technical aspects and transition guidance associated with ASU 2014-09. Management is currently evaluating the potential impact of these collective changes on the consolidated financial statements of the Company. |
Liquidity
Liquidity | 3 Months Ended |
Mar. 31, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Liquidity | Note 2. Liquidity 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 of common stock were sold by the Company and 611,667 shares of common stock were sold by a selling stockholder (including consideration of the exercise of the underwriters’ over-allotment option). The Company received approximately $90,371 in unrestricted net proceeds in connection with this offering (net of underwriting commissions and offering costs). On September 9, 2013, the Company commenced a secondary public offering of 3,054,400 shares of its common stock at a price to the public of $62.00 per share, of which 1,106,000 shares of common stock were sold by the Company and 1,948,400 shares of common stock were sold by selling stockholders (including consideration of the exercise of the underwriters’ over-allotment option). The Company received approximately $64,948 in unrestricted net proceeds in connection with this offering (net of underwriting commissions and offering costs). On January 8, 2016, the Company announced that it had entered into an At Market Issuance Sales Agreement (“ATM”) with FBR Capital Markets & Co. (“FBR”) and MLV & Co. LLC (“MLV”) pursuant to which FBR and MLV agreed to act as distribution agents in the sale of up to $50,000 in the aggregate of ExOne common stock in “at the market offerings” as defined in Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”). On January 11, 2016, the Company announced that it had entered into a subscription agreement with Rockwell Forest Products, Inc. and S. Kent Rockwell for the registered direct offering and sale of 1,423,877 shares of ExOne common stock at a per share price of $9.13 (a $0.50 premium from the closing price on the close of business on January 8, 2016). The terms of this transaction were reviewed and approved by a sub-committee of independent members of the Board of Directors of the Company (which included each of the members of the Audit Committee of the Board of Directors). The sub-committee of independent members of the Board of Directors of the Company were advised on the transaction by an independent financial advisor and independent legal counsel. Concurrent with the approval of this sale of common stock under the terms identified, a separate sub-committee of independent members of the Board of Directors of the Company approved the termination of the Company’s revolving credit facility with RHI Investments, LLC. Following completion of the registered direct offering on January 13, 2016, the Company received gross proceeds of approximately $13,000. Unrestricted net proceeds to the Company from the sale of common stock in the registered direct offering were approximately $12,447 (after deducting offering costs of approximately $553). The Company has incurred a net loss in each of its annual periods since its inception. As shown in the accompanying condensed statement of consolidated operations and comprehensive loss, the Company incurred a net loss of approximately $6,791 for the quarter ended March 31, 2017. As noted above, the Company has received unrestricted net proceeds from the sale of its common stock of approximately $168,361 to fund its operations. At March 31, 2017, the Company had approximately $25,671 in unrestricted cash and cash equivalents. Management believes that the Company’s existing capital resources will be sufficient to support the Company’s operating plan. If management anticipates that the Company’s actual results will differ from its operating plan, management believes it has sufficient capabilities to enact cost savings measures to preserve capital. Further, the Company may seek to raise additional capital to support its growth through additional debt, equity or other alternatives (including asset sales) or a combination thereof. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Note 3. Accumulated Other Comprehensive Loss The following table summarizes changes in the components of accumulated other comprehensive loss: Quarter Ended March 31, Foreign currency translation adjustments 2017 2016 Balance at beginning of period $ (14,735 ) $ (13,535 ) Other comprehensive income 1,026 2,048 Balance at end of period $ (13,709 ) $ (11,487 ) Foreign currency translation adjustments consist of the effect of translation of functional currency financial statements (denominated in the Euro and Japanese Yen) to the reporting currency of the Company (United States dollar) and certain long-term intercompany transactions between subsidiaries for which settlement is not planned or anticipated in the foreseeable future. There were no tax impacts related to income tax rate changes and no amounts were reclassified to earnings for either of the periods presented. |
Loss Per Share
Loss Per Share | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Loss Per Share | Note 4. Loss Per Share The Company presents basic and diluted loss per common share amounts. Basic loss per share is calculated by dividing net loss available to common stockholders by the weighted average number of common shares outstanding during the applicable period. Diluted loss per share is calculated by dividing net loss available to common stockholders 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 ended March 31, 2017 and 2016, 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 (357,137 – 2017 and 205,803 – 2016) and unvested restricted stock issued (95,337 – 2017 and 74,835 – 2016), was anti-dilutive. The information used to compute basic and diluted loss per common share was as follows: Quarter Ended March 31, 2017 2016 Net loss $ (6,791 ) $ (5,477 ) Weighted average shares outstanding (basic and diluted) 16,028,906 15,745,351 Net loss per common share: Basic $ (0.42 ) $ (0.35 ) Diluted $ (0.42 ) $ (0.35 ) |
Restructuring
Restructuring | 3 Months Ended |
Mar. 31, 2017 | |
Restructuring And Related Activities [Abstract] | |
Restructuring | Note 5. Restructuring On January 26, 2017, the Company committed to a plan to consolidate certain of its three-dimensional (“3D”) printing operations from its North Las Vegas, Nevada facility into its Troy, Michigan and Houston, Texas facilities and exit its non-core specialty machining operations in its Chesterfield, Michigan facility. These actions were taken as a result of t he accelerating adoption rate of the Company’s sand printing technology in North America which has resulted in a refocus of the Company’s operational strategy. As a result of these actions, during the quarter ended March 31, 2017, the Company recorded charges of approximately $984, including approximately $110 associated with involuntary employee terminations, approximately $7 associated with other exit costs and approximately $867 associated with asset impairments. Charges associated with involuntary employee terminations and other exit costs were recorded to cost of sales in the accompanying condensed statement of operations and comprehensive loss. Charges associated with asset impairments were split between cost of sales ($598), as a component of depreciation expense, and selling, general and administrative expenses ($269), as a component of amortization expense, in the accompanying condensed statement of operations and comprehensive loss. Of the amounts associated with involuntary employee terminations and other exit costs, approximately $73 remained unsettled by the Company at March 31, 2017. The Company expects to record approximately $32 of additional charges during the quarter ended June 30, 2017, in connection with certain remaining involuntary employee terminations. All amounts associated with involuntary employee terminations and other exit costs in connection with this plan are expected to be settled by the Company by June 30, 2017. Charges associated with asset impairments relate principally to the Company’s plan to exit its non-core specialty machining operations in its Chesterfield, Michigan facility. On April 21, 2017, the Company sold to a third party certain assets associated with these operations including inventories, property and equipment and other contractual rights. Total proceeds from the sale of these assets were approximately $2,050. After deducting costs directly attributable to the sale of these assets (approximately $97), the Company has recorded an impairment loss of approximately $859 split between property and equipment ($590) and intangible assets ($269) based on the excess of the carrying value over the estimated fair value of the related assets at March 31, 2017. Additionally, the Company recorded an impairment loss of approximately $8 associated with certain property and equipment which was abandoned in connection with the Company’s exit of its North Las Vegas, Nevada facility. Separate from the transaction described above, on May 9, 2017, the Company sold to a third party certain property and equipment (principally land and building) associated with its North Las Vegas, Nevada facility. Total proceeds from the sale of these assets were approximately $1,950. After deducting costs directly attributable to the sale of these assets (approximately $134), the Company expects to record a gain on disposal of approximately $350 during the quarter ended June 30, 2017. At March 31, 2017, the Company reclassified the following amounts in its condensed consolidated balance sheet associated with assets meeting required criteria as held for sale: Inventories $ 69 Property and equipment 3,351 Assets held for sale $ 3,420 |
Impairment
Impairment | 3 Months Ended |
Mar. 31, 2017 | |
Asset Impairment Charges [Abstract] | |
Impairment | Note 6. Impairment During the quarter ended March 31, 2017, as a result of continued operating losses and cash flow deficiencies, the Company identified a triggering event requiring a test for the recoverability of long-lived assets held for use at the asset group level. Assessing the recoverability of long-lived assets held for use requires significant judgments and estimates by management. For purposes of testing long-lived assets for recoverability, the Company operates as three separate asset groups: United States, Europe and Japan. In assessing the recoverability of long-lived assets held for use, the Company determined the carrying amount of long-lived assets held for use to be in excess of the estimated future undiscounted net cash flows of the related assets. The Company proceeded to determine the fair value of its long-lived assets held for use, principally through use of the market approach. The Company’s use of the market approach included consideration of market transactions for comparable assets. Management concluded that the fair value of long-lived assets held for use exceeded their carrying value and as such no impairment loss was recorded . A significant decrease in the market price of a long-lived asset, adverse change in the use or condition of a long-lived asset, adverse change in the business climate or legal or regulatory factors impacting a long-lived asset and continued operating losses and cash flow deficiencies associated with a long-lived asset, among other indicators, could cause a future assessment to be performed which may result in an impairment of long-lived assets held for use, resulting in a material adverse effect on the financial position and results of operations of the Company. |
Cash, Cash Equivalents, and Res
Cash, Cash Equivalents, and Restricted Cash | 3 Months Ended |
Mar. 31, 2017 | |
Cash And Cash Equivalents [Abstract] | |
Cash, Cash Equivalents, and Restricted Cash | Note 7. Cash, Cash Equivalents, and Restricted Cash The following provides a reconciliation of cash, cash equivalents, and restricted cash as reported in the accompanying condensed consolidated balance sheet to the same such amounts shown in the accompanying condensed statement of consolidated cash flows: March 31, December 31, 2017 2016 Cash and cash equivalents $ 25,671 $ 27,825 Restricted cash 2,663 330 Cash, cash equivalents, and restricted cash shown in the condensed statement of consolidated cash flows $ 28,334 $ 28,155 Restricted cash at March 31, 2017 includes approximately $2,333 associated with cash collateral required by a German bank for financial guarantees issued by ExOne GmbH in connection with certain commercial transactions requiring security. Restricted cash at both March 31, 2017 and December 31, 2016 includes approximately $330 associated with cash collateral required by a United States bank to offset certain short-term, unsecured lending commitments associated with the Company’s corporate credit card program. Each of the balances described are considered legally restricted by the Company. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 8. Inventories Inventories consist of the following: March 31, December 31, 2017 2016 Raw materials and components $ 6,521 $ 7,429 Work in process 4,626 5,166 Finished goods 4,990 3,243 $ 16,137 $ 15,838 Raw materials and components consist of consumable materials and component parts and subassemblies associated with 3D printing machine manufacturing and support activities. Work in process consists of 3D printing machines and other products in varying stages of completion. Finished goods consist of 3D printing machines and other products prepared for sale in accordance with customer specifications. At March 31, 2017 and December 31, 2016, the allowance for slow-moving and obsolete inventories was approximately $1,479 and $1,517, respectively, and has been reflected as a reduction to inventories (principally raw materials and components). During the quarter ended March 31, 2017, the Company recorded a charge of approximately $206 to cost of sales in the accompanying statement of consolidated operations and comprehensive loss associated with certain work in process inventories for which cost was determined to exceed net realizable value. There were no such charges recorded by the Company during the quarter ended March 31, 2016. |
Product Warranty Reserves
Product Warranty Reserves | 3 Months Ended |
Mar. 31, 2017 | |
Product Warranties Disclosures [Abstract] | |
Product Warranty Reserves | Note 9. Product Warranty Reserves Substantially all of the Company’s 3D printing machines are covered by a standard twelve month warranty. Generally, at the time of sale, a liability is recorded (with an offset to cost of sales) based upon the expected cost of replacement parts and labor to be incurred over the life of the standard warranty. Expected cost is estimated using historical experience for similar products. The Company periodically assesses the adequacy of the product warranty reserves based on changes in these factors and records any necessary adjustments if actual experience indicates that adjustments are necessary. Future claims experience could be materially different from prior results because of the introduction of new, more complex products, a change in the Company’s warranty policy in response to industry trends, competition or other external forces, or manufacturing changes that could impact product quality. In the event that the Company determines that its current or future product repair and replacement costs exceed estimates, an adjustment to these reserves would be charged to cost of sales in the period such a determination is made. The following table summarizes changes in product warranty reserves (such amounts reflected in accrued expenses and other current liabilities in the accompanying condensed consolidated balance sheet for each respective period): Quarter Ended March 31, 2017 2016 Balance at beginning of period $ 1,115 $ 1,308 Provisions for new issuances 236 63 Payments (169 ) (274 ) Reserve adjustments (150 ) (34 ) Foreign currency translation adjustments 12 32 Balance at end of period $ 1,044 $ 1,095 |
Contingencies and Commitments
Contingencies and Commitments | 3 Months Ended |
Mar. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingencies and Commitments | Note 10. Contingencies and Commitments Contingencies On January 25, 2017, the Company (through its ExOne GmbH subsidiary) filed a Notice of Arbitration with the Swiss Chambers’ Arbitration Institution to commence arbitration proceedings against Kocel Group (Hong Kong) Limited (People’s Republic of China), and Sichuan Kocel Casting Company, Limited (formerly Sichuan Kocel CSR Casting Company, Limited) (People’s Republic of China) (collectively, the “Respondents”). With the arbitration, ExOne GmbH is seeking confirmation that the Respondents are not entitled to claim any damages, losses or return of payment from ExOne GmbH under a sales agreement between the parties relating to certain 3D printing machines and related equipment (the “Sales Agreement”) citing, among other things, that ExOne GmbH fulfilled its obligations under the Sales Agreement and that the Respondents denied ExOne GmbH access to service and install the 3D printing machines and related equipment. On March 25, 2017, the Respondents responded to the Notice of Arbitration, objecting to the jurisdiction of the Arbitral Tribunal with respect to Kocel Group (Hong Kong) Limited, asserting various objections and defenses to ExOne GmbH’s claims and Sichuan Kocel Casting Company, Limited also asserting various counterclaims as a result of alleged non-performance by ExOne GmbH. Sichuan Kocel Casting Company, Limited responded that it is seeking damages of approximately $166 (€156), for the late delivery of the 3D printing machines and related equipment and for ExOne GmbH to pay all costs and its legal fees in connection with the arbitration. Respondents also reserved the right to add or change their prayers for relief and to add or change any of their claims or counterclaims. The total value of the Sales Agreement is approximately $3,329 (€3,116) with all associated proceeds having been previously received by ExOne GmbH from Kocel, such amounts reflected in deferred revenue and customer prepayments at March 31, 2017, in the accompanying condensed consolidated balance sheet. The Company intends to vigorously pursue its rights in this matter and to defend itself against any and all claims made by Kocel related to this matter. At this time, the Company cannot reasonably estimate an outcome for this matter. 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. Other than the matter further described above, 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. Commitments In the normal course of its operations, ExOne GmbH issues financial guarantees and letters of credit to third parties in connection with certain commercial transactions requiring security. ExOne GmbH maintains a credit facility agreement with a German bank which provides for various short-term financings in the form of overdraft credit, financial guarantees, letters of credit and collateral security for commercial transactions for approximately $1,400 (€1,300). In addition, ExOne GmbH may use the credit facility agreement for short-term, fixed-rate loans in minimum increments of approximately $100 (€100) with minimum terms of at least thirty days. The overdraft credit interest rate is fixed at 10.2% while the interest rate associated with commercial transactions requiring security (financial guarantees, letters of credit or collateral security) is fixed at 1.75%. The credit facility agreement has an indefinite term and is subject to cancellation by either party at any time upon repayment of amounts outstanding or expiration of commercial transactions requiring security. There is no commitment fee associated with the credit facility agreement. There are no negative covenants associated with the credit facility agreement. The credit facility agreement has been guaranteed by the Company. At March 31, 2017 and December 31, 2016, there were no outstanding borrowings in the form of overdraft credit or short-term loans under the credit facility agreement. At March 31, 2017, total outstanding financial guarantees and letters of credit issued by ExOne GmbH under the credit facility agreement were approximately $707 (€661) with expiration dates ranging from April 2017 through July 2018. At December 31, 2016, total outstanding guarantees and letters of credit issued by ExOne GmbH under the credit facility agreement were approximately $400 (€380). In addition to amounts issued by ExOne GmbH under the credit facility agreement, during the quarter ended March 31, 2017, ExOne GmbH entered into separate agreements with the same German bank for additional capacity for financial guarantees and letters of credit associated with certain commercial transactions requiring security. Terms of the separate agreements are substantially similar to those of the existing credit security agreement except that the German bank required cash collateral to be posted by ExOne GmbH in connection with any related issuance. At March 31, 2017, total outstanding financial guarantees and letters of credit issued by ExOne GmbH under these separate agreements were approximately $2,333 (€2,184) with expiration dates ranging from May 2017 through October 2017. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 11. Income Taxes The provision (benefit) for income taxes for the quarters ended March 31, 2017 and 2016 was $0 and ($4), respectively. The Company has completed a discrete period computation of its provision (benefit) for income taxes for each of the periods presented. Discrete period computation is as a result of jurisdictions with losses before income taxes for which no tax benefit can be recognized and an inability to generate reliable estimates for results in certain jurisdictions as a result of inconsistencies in generating net operating profits (losses) in those jurisdictions. The effective tax rate for the quarters ended March 31, 2017 and 2016 was 0.0% and 0.1% (benefit on a loss), respectively. The effective tax rate differs from the United States 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 in which it operates. As such, any benefit from deferred taxes in any of the periods presented 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 recent historical operating results, the expected timing of reversal of temporary differences, various tax planning strategies that the Company may be able to enact in future periods, the impact of potential operating changes on the business and forecast results from operations in future periods based on available information at the end of each reporting period. To the extent that the Company is able to reach the conclusion that its net deferred tax assets are realizable based on any combination of the above factors in a single, or in multiple, taxing jurisdictions, a reversal of the related portion of the Company’s existing valuation allowances may occur. The Company has a liability for uncertain tax positions related to certain capitalized expenses and intercompany transactions. At March 31, 2017 and December 31, 2016, the liability for uncertain tax positions was approximately $765 and $754, respectively, and is included in accrued expenses and other current liabilities in the accompanying condensed consolidated balance sheet. At March 31, 2017 and December 31, 2016, the Company had an additional liability for uncertain tax positions related to its ExOne GmbH (Germany) subsidiary of approximately $248 and $232, respectively, which were fully offset against net operating loss carryforwards. At March 31, 2017 and December 31, 2016, the Company had an additional liability for uncertain tax positions related to its ExOne KK (Japan) subsidiary of approximately $476 and $416, respectively, which were fully offset against net operating loss carryforwards. At March 31, 2017, the Company’s ExOne GmbH (2010-2013), ExOne Property GmbH (2013) and ExOne KK (2014-2016) subsidiaries were under examination by local taxing authorities. |
Equity-Based Compensation
Equity-Based Compensation | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity-Based Compensation | Note 12. 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 3.0% of the total outstanding shares of common stock as of December 31 of the immediately preceding year or, a number of shares of common stock determined by the Board of Directors, provided that the maximum number of shares authorized under the Plan will not exceed 1,992,241 shares, subject to certain adjustments. Incentive stock options (“ISOs”) and restricted stock issued by the Company are generally subject to service conditions resulting in annual vesting on the anniversary of the date of grant over a period typically ranging between one and three years. Certain ISOs and stock bonus awards issued by the Company vest immediately upon issuance. ISOs issued by the Company have a contractual life which expires ten years from the date of grant subject to continued service to the Company by the participant . The following table summarizes the total equity-based compensation expense recognized for awards issued under the Plan: Quarter Ended March 31, 2017 2016 Equity-based compensation expense recognized: ISOs $ 343 $ 103 Restricted stock 218 209 Total equity-based compensation expense before income taxes 561 312 Benefit for income taxes* — — Total equity-based compensation expense net of income taxes $ 561 $ 312 * 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 March 31, 2017, total future compensation expense related to unvested awards yet to be recognized by the Company was approximately $742 for ISOs and $958 for restricted stock. Total future compensation expense related to unvested awards yet to be recognized by the Company is expected to be recognized over a weighted-average remaining vesting period of approximately 1.6 years. During the quarter ended March 31, 2017, the fair value of ISOs was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: February 10, 2017 Weighted average fair value per ISO $5.46 - $5.75 Volatility 62.89% - 63.75% Average risk-free interest rate 1.89% - 1.94% Dividend yield 0.00% Expected term (years) 5.0 - 5.5 During the quarter ended March 31, 2016, there were no ISOs issued by the Company. Volatility has been estimated based on historical volatilities of certain peer group companies over the expected term of the awards, due to a lack of historical stock prices for a period at least equal to the expected term of issued awards. The average risk-free rate is based on a weighted average yield curve of risk-free interest rates consistent with the expected term of the awards. Expected dividend yield is based on historical dividend data as well as future expectations. Expected term has been calculated using the simplified method as the Company does not have sufficient historical exercise experience upon which to base an estimate. The activity for ISOs for the quarters ended March 31, 2017 and 2016, was as follows: Quarter Ended March 31, 2017 2016 Number ISOs Weighted Weighted Average Grant Date Fair Value Number ISOs Weighted Weighted Average Grant Date Fair Value Outstanding at beginning of period 314,303 $ 15.62 $ 9.38 210,970 $ 17.43 $ 10.67 ISOs granted 44,000 $ 10.10 $ 5.51 — $ — $ — ISOs exercised — $ — $ — — $ — $ — ISOs forfeited (500 ) $ 15.74 $ 9.60 (4,334 ) $ 15.74 $ 9.60 ISOs expired (666 ) $ 15.74 $ 9.60 (833 ) $ 18.00 $ 11.03 Outstanding at end of period 357,137 $ 15.08 $ 8.99 205,803 $ 17.39 $ 10.65 ISOs exercisable at end of period 232,471 $ 15.77 $ 9.47 170,470 $ 17.74 $ 10.86 ISOs expected to vest at end of period 124,666 $ 13.80 $ 8.11 31,358 $ 15.74 $ 9.60 At March 31, 2017, intrinsic value associated with ISOs exercisable was approximately $3. At March 31, 2017, intrinsic value associated with ISOs expected to vest was approximately less than $1. The weighted average remaining contractual term of ISOs exercisable and expected to vest at March 31, 2017, was approximately 7.4 years and 9.4 years, respectively. There were no ISO exercises during the quarter ended March 31, 2017 or the quarter ended March 31, 2016. The activity for restricted stock for the quarters ended March 31, 2017 and 2016, was as follows: Quarter Ended March 31, 2017 2016 Shares of Restricted Stock Weighted Average Grant Date Fair Value Shares of Restricted Stock Weighted Average Grant Date Fair Value Outstanding at beginning of period 94,171 $ 14.29 77,670 $ 19.57 Restricted stock granted 30,000 $ 10.10 27,500 $ 8.90 Restricted stock vested (28,834 ) $ 14.69 (30,001 ) $ 21.51 Restricted stock forfeited — $ — (334 ) $ 62.53 Outstanding at end of period 95,337 $ 12.85 74,835 $ 14.68 Restricted stock expected to vest at end of period 95,337 $ 12.85 74,835 $ 14.68 Restricted stock vesting during the quarters ended March 31, 2017 and 2016, had a fair value of approximately $299 and $271, respectively. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 13. 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. During the quarter ended March 31, 2017, the Company entered into two separate foreign exchange forward contracts with a German bank in an effort to hedge the variability of certain foreign exchange risks between the Euro (the functional currency of the Company’s ExOne GmbH subsidiary) and British Pound Sterling (the currency basis for cash flows resulting from a commercial sales contract with a customer). The first of the two foreign exchange forward contracts was both entered into and settled (in connection with cash received from the customer) during the quarter ended March 31, 2017, resulting in a gain on settlement of approximately $16 (€15). The second of the two foreign exchange forward contracts remained outstanding at March 31, 2017, and during the quarter ended March 31, 2017, generated an unrealized loss of less than $1 (€1). Neither of the contracts has been designated as a hedging instrument and accordingly, realized and unrealized gains (losses) for the quarter ended March 31, 2017, have been recorded to other expense (income) – net in the accompanying condensed statement of consolidated operations and comprehensive loss. The Company classified both contracts as Level 2 fair value measurements. The carrying values and fair values of other financial instruments (assets and liabilities) not required to be recorded at fair value were as follows: March 31, December 31, 2017 2016 Carrying Value Fair Value Carrying Value Fair Value Cash and cash equivalents $ 25,671 $ 25,671 $ 27,825 $ 27,825 Restricted cash $ 2,663 $ 2,663 $ 330 $ 330 Current portion of long-term debt* $ 132 $ 138 $ 132 $ 138 Current portion of capital leases $ 60 $ 60 $ 72 $ 72 Long-term debt ̶ $ 1,611 $ 1,639 $ 1,644 $ 1,674 Capital leases ̶ $ 48 $ 48 $ 10 $ 10 * Carrying values at March 31, 2017 and December 31, 2016 are net of unamortized debt issuance costs of approximately $ 34 and $36, respectively. The carrying amounts of cash and cash equivalents, restricted cash, current portion of long-term debt and current portion of capital leases approximate fair value due to their short-term maturities. The fair value of long-term debt – net of current portion and capital leases – net of current portion have been estimated by management based on the consideration of applicable interest rates (including certain instruments at variable or floating rates) and other available information (including quoted prices of similar instruments available to the Company). Cash and cash equivalents and restricted cash are classified in Level 1; current portion of long-term debt, current portion of capital leases, long-term debt – net of current portion and capital leases – net of current portion are classified in Level 2 . |
Concentration of Credit Risk
Concentration of Credit Risk | 3 Months Ended |
Mar. 31, 2017 | |
Risks And Uncertainties [Abstract] | |
Concentration of Credit Risk | Note 14. Concentration of Credit Risk During the quarters ended March 31, 2017 and 2016, the Company conducted a significant portion of its business with a limited number of customers. For the quarters ended March 31, 2017 and 2016, the Company’s five most significant customers represented approximately 40.0% and 38.2% of total revenue, respectively. At March 31, 2017 and December 31, 2016, accounts receivable from the Company’s five most significant customers were approximately $1,457 and $1,867, respectively. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 15. Related Party Transactions Revenues Sales of products and/or services to related parties for the quarters ended March 31, 2017 and 2016 were approximately $8 and $35, respectively. None of the transactions met a threshold requiring review and approval by the Audit Committee of the Board of Directors of the Company. Amounts due from related parties at March 31, 2017 and December 31, 2016, were approximately $9 and $1, respectively and are reflected in accounts receivable – net, in the accompanying condensed consolidated balance sheet. Expenses During the quarters ended March 31, 2017 and 2016, purchases of products and/or services from related parties were approximately $3 and $4, respectively. Products and/or services purchased by the Company during the quarters ended March 31, 2017 and 2016 included website design services and leased office space from related parties under common control by the Executive Chairman of the Company (formerly the Chairman and CEO of the Company through August 19, 2016). None of the transactions met a threshold requiring review and approval by the Audit Committee of the Board of Directors of the Company. The Company also receives the benefit of the corporate use of an airplane from a related party under common control by the Executive Chairman of the Company (formerly the Chairman and CEO of the Company through August 19, 2016) for no consideration. The Company estimates the fair market value of the benefits received during the quarter ended March 31, 2016 were approximately $2. There were no such benefits received during the quarter ended March 31, 2017. Amounts due to related parties at March 31, 2017 and December 31, 2016, were approximately $1 and $1, respectively. Amounts due to related parties at March 31, 2017, are reflected in accrued expenses and other current liabilities in the accompanying condensed consolidated balance sheet. Amounts due to related parties at December 31, 2016, are reflected in accounts payable in the accompanying condensed consolidated balance sheet. Revolving Credit Facility with a Related Party On October 23, 2015, ExOne and its ExOne Americas LLC and ExOne GmbH subsidiaries, as guarantors, entered into a Credit Agreement (the “Credit Agreement”) with RHI Investments, LLC (“RHI”), a related party, on a $15,000 revolving credit facility to (i) assist the Company in its efforts to finance customer acquisition of its 3D printing machines and 3D printed and other products and services and (ii) provide additional funding for working capital and general corporate purposes. RHI was determined to be a related party based on common control by the former Chairman and CEO of the Company (the Executive Chairman of the Company effective August 19, 2016). Prior to execution, the Credit Agreement was subject to review and approval by a sub-committee of independent members of the Board of Directors of the Company (which included each of the members of the Audit Committee of the Board of Directors). The Company incurred approximately $215 in debt issuance costs associated with the Credit Agreement. On January 10, 2016, the Company delivered notice to RHI of its intent to terminate the Credit Agreement in connection with the closing of a registered direct offering of common stock to an entity under common control by the former Chairman and CEO of the Company . There were no borrowings under the Credit Agreement from January 1, 2016 through the effective date of its termination, January 13, 2016. In connection with the termination, the Company settled its remaining accrued interest under the Credit Agreement of approximately $5 relating to the commitment fee on the unused portion of the revolving credit facility . In addition, during the quarter ended March 31, 2016, the Company recorded approximately $204 to interest expense related to the accelerated amortization of debt issuance costs. Upon termination of the Credit Agreement, all liens and guaranties in respect thereof were released. Other Refer to Note 2 for further discussion relating to two separate equity offerings during the quarter ended March 31, 2016, certain elements of which qualify as related party transactions. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 16. 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, other than those matters further discussed in Note 5 relating to the sale of certain assets by the Company in April 2017 and May 2017. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
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); ExOne Italy S.r.l (Italy); ExOne Sweden AB (Sweden); and through September 2016, MWT—Gesellschaft für Industrielle Mikrowellentechnik mbH (Germany). Collectively, the consolidated group is referred to as the “Company”. On September 15, 2016, the Company completed a transaction merging its MWT—Gesellschaft für Industrielle Mikrowellentechnik mbH (Germany) subsidiary with and into its ExOne GmbH (Germany) subsidiary. The purpose of this transaction was to further simplify the Company’s legal structure. There were no significant accounting or tax related impacts associated with the merger of these wholly owned subsidiaries. The Company filed a registration statement on Form S-3 (No. 333-203353) Basis of Presentation The condensed consolidated financial statements of the Company are unaudited. The condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, considered necessary by management to fairly state the results of operations, financial position and cash flows of the Company. All material intercompany transactions and balances have been eliminated in consolidation. The results reported in these condensed consolidated financial statements are not necessarily indicative of the results that may be expected for the entire year. The December 31, 2016 condensed consolidated balance sheet data was derived from the audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). This Quarterly Report on Form 10-Q should be read in connection with the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, which includes all disclosures required by GAAP. The preparation of these condensed consolidated financial statements requires the Company to make certain judgments, estimates and assumptions regarding uncertainties that affect the reported amounts of assets, liabilities, revenue and expenses and related disclosure of contingent assets and liabilities. Areas that require significant judgments, estimates and assumptions include accounting for accounts receivable (including the allowance for doubtful accounts); inventories (including the allowance for slow-moving and obsolete inventories); product warranty reserves; contingencies; income taxes (including the valuation allowance on certain deferred tax assets and liabilities for uncertain tax positions); equity-based compensation (including the valuation of certain equity-based compensation awards issued by the Company); and testing for impairment of long-lived assets (including the identification of asset groups by management, estimates of future cash flows of identified asset groups and fair value estimates used in connection with assessing the valuation of identified asset groups). The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. Certain amounts relating to restricted cash ($330) and intangible assets – net ($668) in the accompanying condensed consolidated balance sheet at December 31, 2016 have been reclassified from prepaid expenses and other current assets and other noncurrent assets, respectively, to conform to current period presentation. |
Recently Adopted Accounting Guidance | Recently Adopted Accounting Guidance On January 1, 2017, the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2016-16, “Income Taxes: Intra-Entity Transfers of Assets Other Than Inventory.” This ASU modifies existing guidance and is intended to reduce diversity in practice with respect to the accounting for the income tax consequences of intra-entity transfers of assets. The ASU indicates that the former exception to income tax accounting that requires companies to defer the income tax effects of certain intercompany transactions would apply only to intercompany inventory transactions. That is, the exception no longer applies to intercompany sales and transfers of other assets ( e.g. e.g. On January 1, 2017, the Company adopted FASB ASU 2016-17, “Consolidation: Interests Held through Related Parties That Are under Common Control.” This ASU modifies former guidance with respect to how a decision maker that holds an indirect interest in a variable interest entity (“VIE”) through a common control party determines whether it is the primary beneficiary of the VIE as part of the analysis of whether the VIE would need to be consolidated. Under the ASU, a decision maker needs to consider only its proportionate indirect interest in the VIE held through a common control party. Previous guidance had required the decision maker to treat the common control party’s interest in the VIE as if the decision maker held the interest itself. The Company does not have significant involvement with entities subject to consolidation considerations impacted by VIE model factors addressed by this ASU. Management has determined that the adoption of this ASU did not have an impact on the condensed consolidated financial statements of the Company. On January 1, 2017, the Company adopted FASB ASU 2015-11, “Inventory: Simplifying the Measurement of Inventory.” This ASU requires inventories to be measured at the lower of cost and net realizable value, with net realizable value defined as the estimated selling price in the normal course of business, less reasonably predictable costs of completion, disposal and transportation. Management has determined that the adoption of this ASU did not have an impact on the condensed consolidated financial statements of the Company. |
Recently Issued Accounting Guidance | Recently Issued Accounting Guidance The Company considers the applicability and impact of all ASUs issued by the FASB. Recently issued ASUs not listed below were assessed and determined to be either not applicable or are currently expected to have no impact on the consolidated financial statements of the Company. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments.” This ASU is intended to reduce diversity in practice in how certain cash receipts and payments are presented and classified in the statement of cash flows. The standard provides guidance in a number of situations including, among others, settlement of zero-coupon bonds, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, and distributions received from equity method investees. The ASU also provides guidance for classifying cash receipts and payments that have aspects of more than one class of cash flows. This ASU becomes effective for the Company on January 1, 2019. Early adoption is permitted. Management is currently evaluating the potential impact of this ASU on the consolidated financial statements of the Company. In February 2016, the FASB issued ASU 2016-02, “Leases.” As a result of this ASU, lessees will be required to recognize the following for all leases (with the exception of short-term leases) at the commencement date: a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. As a result of this ASU, lessor accounting is largely unchanged and lessees will no longer be provided with a source of off-balance sheet financing. This ASU becomes effective for the Company on January 1, 2019. Early adoption is permitted. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the consolidated financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. Management is currently evaluating the potential impact of this ASU on the consolidated financial statements of the Company. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers.” This ASU created a comprehensive framework for all entities in all industries to apply in the determination of when to recognize revenue, and, therefore, supersedes virtually all existing revenue recognition requirements and guidance. This framework is expected to provide a consistent and comparable methodology for revenue recognition. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve this principle, an entity should apply the following steps: identify the contract(s) with a customer, identify the performance obligations in the contract(s), determine the transaction price, allocate the transaction price to the performance obligations in the contract(s), and recognize revenue when, or as, the entity satisfies a performance obligation. In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers: Deferral of the Effective Date,” which deferred the effective date of this guidance for the Company until January 1, 2019, or January 1, 2018, in the event that the Company no longer qualifies as an EGC. Early adoption is permitted, but the Company may adopt the changes no earlier than January 1, 2017 (regardless of EGC status). In March 2016, the FASB issued ASU 2016-08, “Revenue from Contracts with Customers: Principal versus Agent Considerations”, which serves to clarify the implementation guidance issued in ASU 2014-09 with respect to principal versus agent considerations in an arrangement. In April 2016, the FASB issued ASU 2016-10, “Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing”, which serves to clarify the implementation guidance issued in ASU 2014-09 with respect to identifying performance obligations in an arrangement and accounting for licensing arrangements. In May 2016, the FASB issued ASU 2016-11, “Revenue Recognition and Derivatives and Hedging: Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting”, which serves to rescind certain previously issued SEC Staff Observer comments upon adoption of ASU 2014-09. In May 2016, the FASB issued ASU 2016-12, “Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients”, which serves to clarify certain technical aspects and transition guidance associated with ASU 2014-09. Management is currently evaluating the potential impact of these collective changes on the consolidated financial statements of the Company. |
Loss Per Share | The Company presents basic and diluted loss per common share amounts. Basic loss per share is calculated by dividing net loss available to common stockholders by the weighted average number of common shares outstanding during the applicable period. Diluted loss per share is calculated by dividing net loss available to common stockholders by the weighted average number of common shares and common equivalent shares outstanding during the applicable period. |
Accumulated Other Comprehensi24
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, Foreign currency translation adjustments 2017 2016 Balance at beginning of period $ (14,735 ) $ (13,535 ) Other comprehensive income 1,026 2,048 Balance at end of period $ (13,709 ) $ (11,487 ) |
Loss Per Share (Tables)
Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Loss Per Common Share | The information used to compute basic and diluted loss per common share was as follows: Quarter Ended March 31, 2017 2016 Net loss $ (6,791 ) $ (5,477 ) Weighted average shares outstanding (basic and diluted) 16,028,906 15,745,351 Net loss per common share: Basic $ (0.42 ) $ (0.35 ) Diluted $ (0.42 ) $ (0.35 ) |
Restructuring (Tables)
Restructuring (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Restructuring And Related Activities [Abstract] | |
Summary of Reclassified Condensed Consolidated Balance Sheet Associated with Assets Meeting Required Criteria as Held for Sale | At March 31, 2017, the Company reclassified the following amounts in its condensed consolidated balance sheet associated with assets meeting required criteria as held for sale: Inventories $ 69 Property and equipment 3,351 Assets held for sale $ 3,420 |
Cash, Cash Equivalents, and R27
Cash, Cash Equivalents, and Restricted Cash (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Cash And Cash Equivalents [Abstract] | |
Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following provides a reconciliation of cash, cash equivalents, and restricted cash as reported in the accompanying condensed consolidated balance sheet to the same such amounts shown in the accompanying condensed statement of consolidated cash flows: March 31, December 31, 2017 2016 Cash and cash equivalents $ 25,671 $ 27,825 Restricted cash 2,663 330 Cash, cash equivalents, and restricted cash shown in the condensed statement of consolidated cash flows $ 28,334 $ 28,155 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consist of the following: March 31, December 31, 2017 2016 Raw materials and components $ 6,521 $ 7,429 Work in process 4,626 5,166 Finished goods 4,990 3,243 $ 16,137 $ 15,838 |
Product Warranty Reserves (Tabl
Product Warranty Reserves (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Product Warranties Disclosures [Abstract] | |
Summary of Changes in Product Warranty Reserves | The following table summarizes changes in product warranty reserves (such amounts reflected in accrued expenses and other current liabilities in the accompanying condensed consolidated balance sheet for each respective period): Quarter Ended March 31, 2017 2016 Balance at beginning of period $ 1,115 $ 1,308 Provisions for new issuances 236 63 Payments (169 ) (274 ) Reserve adjustments (150 ) (34 ) Foreign currency translation adjustments 12 32 Balance at end of period $ 1,044 $ 1,095 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased 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 March 31, 2017 2016 Equity-based compensation expense recognized: ISOs $ 343 $ 103 Restricted stock 218 209 Total equity-based compensation expense before income taxes 561 312 Benefit for income taxes* — — Total equity-based compensation expense net of income taxes $ 561 $ 312 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. |
Assumptions for Fair Value of ISOs Estimated on the Date of Grant Using the Black-Scholes Option | During the quarter ended March 31, 2017, the fair value of ISOs was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: February 10, 2017 Weighted average fair value per ISO $5.46 - $5.75 Volatility 62.89% - 63.75% Average risk-free interest rate 1.89% - 1.94% Dividend yield 0.00% Expected term (years) 5.0 - 5.5 |
Summary of Activity for ISOs | The activity for ISOs for the quarters ended March 31, 2017 and 2016, was as follows: Quarter Ended March 31, 2017 2016 Number ISOs Weighted Weighted Average Grant Date Fair Value Number ISOs Weighted Weighted Average Grant Date Fair Value Outstanding at beginning of period 314,303 $ 15.62 $ 9.38 210,970 $ 17.43 $ 10.67 ISOs granted 44,000 $ 10.10 $ 5.51 — $ — $ — ISOs exercised — $ — $ — — $ — $ — ISOs forfeited (500 ) $ 15.74 $ 9.60 (4,334 ) $ 15.74 $ 9.60 ISOs expired (666 ) $ 15.74 $ 9.60 (833 ) $ 18.00 $ 11.03 Outstanding at end of period 357,137 $ 15.08 $ 8.99 205,803 $ 17.39 $ 10.65 ISOs exercisable at end of period 232,471 $ 15.77 $ 9.47 170,470 $ 17.74 $ 10.86 ISOs expected to vest at end of period 124,666 $ 13.80 $ 8.11 31,358 $ 15.74 $ 9.60 |
Summary of Activity for Restricted Stock Awards | The activity for restricted stock for the quarters ended March 31, 2017 and 2016, was as follows: Quarter Ended March 31, 2017 2016 Shares of Restricted Stock Weighted Average Grant Date Fair Value Shares of Restricted Stock Weighted Average Grant Date Fair Value Outstanding at beginning of period 94,171 $ 14.29 77,670 $ 19.57 Restricted stock granted 30,000 $ 10.10 27,500 $ 8.90 Restricted stock vested (28,834 ) $ 14.69 (30,001 ) $ 21.51 Restricted stock forfeited — $ — (334 ) $ 62.53 Outstanding at end of period 95,337 $ 12.85 74,835 $ 14.68 Restricted stock expected to vest at end of period 95,337 $ 12.85 74,835 $ 14.68 Restricted stock vesting during the quarters ended March 31, 2017 and 2016, had a fair value of approximately $299 and $271, respectively |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
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: March 31, December 31, 2017 2016 Carrying Value Fair Value Carrying Value Fair Value Cash and cash equivalents $ 25,671 $ 25,671 $ 27,825 $ 27,825 Restricted cash $ 2,663 $ 2,663 $ 330 $ 330 Current portion of long-term debt* $ 132 $ 138 $ 132 $ 138 Current portion of capital leases $ 60 $ 60 $ 72 $ 72 Long-term debt ̶ $ 1,611 $ 1,639 $ 1,644 $ 1,674 Capital leases ̶ $ 48 $ 48 $ 10 $ 10 * Carrying values at March 31, 2017 and December 31, 2016 are net of unamortized debt issuance costs of approximately $ |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Jan. 01, 2017 | Dec. 31, 2016 | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||
State of incorporation | Delaware | ||
Date of incorporation | Jan. 1, 2013 | ||
Restricted cash | $ 2,663 | $ 330 | |
Intangible assets ̶ net | $ 303 | $ 668 | |
ASU 2016-16 [Member] | Retrospective Adjustment [Member] | Accumulated Deficit [Member] | |||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||
Cumulative-effect adjustment to accumulated deficit | $ (408) | ||
Subsidiary Guarantor [Member] | |||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||
Percentage of ownership in subsidiary guarantors | 100.00% |
Liquidity - Additional Informat
Liquidity - Additional Information (Detail) - USD ($) | Jan. 13, 2016 | Jan. 11, 2016 | Jan. 08, 2016 | Sep. 09, 2013 | Feb. 06, 2013 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||
Unrestricted net proceeds of secondary public offering | $ 168,361,000 | $ 596,000 | ||||||
Sale of common stock, value | $ 595,000 | |||||||
Net income (loss) | (6,791,000) | |||||||
Cash and cash equivalents | $ 25,671,000 | $ 27,825,000 | ||||||
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 | |||||||
Unrestricted net proceeds of initial public offering | $ 90,371,000 | |||||||
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 | |||||||
Unrestricted net proceeds of secondary public offering | $ 64,948,000 | |||||||
At Market Issuance Offering [Member] | FBR Capital Markets & Co. and MLV & Co. LLC [Member] | ||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||
Common stock, new shares sold by Company | 0 | 91,940 | ||||||
Unrestricted net proceeds of secondary public offering | $ 595,000 | |||||||
Percentage of commission on sale of common stock | 3.00% | |||||||
Reimbursement of certain legal expenses | $ 25,000 | |||||||
Gross proceeds from the sale of shares | 843,000 | |||||||
Offering costs | 248,000 | |||||||
Payments related to reimbursement of certain legal expenses and commissions | $ 50,000 | |||||||
At Market Issuance Offering [Member] | FBR Capital Markets & Co. and MLV & Co. LLC [Member] | Maximum [Member] | ||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||
Sale of common stock, value | $ 50,000,000 | |||||||
At Market Issuance Offering [Member] | FBR Capital Markets & Co. and MLV & Co. LLC [Member] | Weighted Average [Member] | ||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||
Common stock price per share | $ 9.17 | |||||||
Registered Direct Offering [Member] | Rockwell Forest Products, Inc. and S. Kent Rockwell [Member] | ||||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||||
Common stock price per share | $ 9.13 | |||||||
Common stock, new shares sold by Company | 1,423,877 | |||||||
Unrestricted net proceeds of secondary public offering | $ 12,447,000 | |||||||
Gross proceeds from the sale of shares | 13,000,000 | |||||||
Offering costs | $ 553,000 | |||||||
Premium per share on closing price | $ 0.50 |
Accumulated Other Comprehensi34
Accumulated Other Comprehensive Loss - Summary of Changes in the Components of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Balance at beginning of period | $ (14,735) | $ (13,535) |
Other comprehensive income | 1,026 | 2,048 |
Balance at end of period | $ (13,709) | $ (11,487) |
Accumulated Other Comprehensi35
Accumulated Other Comprehensive Loss - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Accumulated other comprehensive loss, tax | $ 0 | $ 0 |
Amounts reclassified to earnings from accumulated other comprehensive loss | $ 0 | $ 0 |
Loss Per Share - Additional Inf
Loss Per Share - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Incentive Stock Option [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potential shares of anti-dilutive common stock | 357,137 | 205,803 |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potential shares of anti-dilutive common stock | 95,337 | 74,835 |
Loss Per Share - Computation of
Loss Per Share - Computation of Basic and Diluted Loss Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Share [Abstract] | ||
Net loss | $ (6,791) | $ (5,477) |
Weighted average shares outstanding (basic and diluted) | 16,028,906 | 15,745,351 |
Net loss per common share: | ||
Basic | $ (0.42) | $ (0.35) |
Diluted | $ (0.42) | $ (0.35) |
Restructuring - Additional Info
Restructuring - Additional Information (Detail) - USD ($) $ in Thousands | May 09, 2017 | Apr. 21, 2017 | Jun. 30, 2017 | Mar. 31, 2017 |
Restructuring Cost And Reserve [Line Items] | ||||
Proceeds from sale of property and equipment | $ 37 | |||
Gain on disposal of assets | 8 | |||
North Las Vegas, Nevada 3D Printing Operations [Member] | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Total restructuring charges | 984 | |||
Involuntary employee terminations charges | 110 | |||
Other exit costs | 7 | |||
Asset impairment charges | 867 | |||
Involuntary employee terminations charges, unsettled | 73 | |||
North Las Vegas, Nevada 3D Printing Operations [Member] | Scenario Forecast [Member] | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Additional charges expects to record | $ 32 | |||
North Las Vegas, Nevada 3D Printing Operations [Member] | Cost of Sales [Member] | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Asset impairment charges | 598 | |||
North Las Vegas, Nevada 3D Printing Operations [Member] | Selling, General and Administrative Expenses [Member] | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Asset impairment charges | 269 | |||
Chesterfield Michigan Non Core Specialty Machining Operations [Member] | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Impairment loss | 859 | |||
Chesterfield Michigan Non Core Specialty Machining Operations [Member] | Subsequent Event [Member] | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Proceeds from sale of property and equipment | $ 2,050 | |||
Direct cost of assets | $ 97 | |||
Chesterfield Michigan Non Core Specialty Machining Operations [Member] | Property Plant and Equipment [Member] | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Impairment loss | 590 | |||
Chesterfield Michigan Non Core Specialty Machining Operations [Member] | Intangible Assets [Member] | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Impairment loss | 269 | |||
North Las Vegas, Nevada [Member] | Subsequent Event [Member] | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Proceeds from sale of property and equipment | $ 1,950 | |||
Gain on disposal of assets | $ 134 | |||
North Las Vegas, Nevada [Member] | Property Plant and Equipment [Member] | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Gain on disposal of assets | $ 8 | |||
North Las Vegas, Nevada [Member] | Scenario Forecast [Member] | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Direct cost of assets | $ 350 |
Restructuring - Summary of Recl
Restructuring - Summary of Reclassified Condensed Consolidated Balance Sheet Associated with Assets Meeting Required Criteria as Held for Sale (Detail) $ in Thousands | Mar. 31, 2017USD ($) |
Long Lived Assets Held For Sale [Line Items] | |
Assets held for sale | $ 3,420 |
Inventories [Member] | |
Long Lived Assets Held For Sale [Line Items] | |
Assets held for sale | 69 |
Property Plant and Equipment [Member] | |
Long Lived Assets Held For Sale [Line Items] | |
Assets held for sale | $ 3,351 |
Impairment - Additional Informa
Impairment - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2017USD ($)Asset_Group | |
Asset Impairment Charges [Abstract] | |
Number of operating asset groups | Asset_Group | 3 |
Long-lived assets held for use impairment loss | $ | $ 0 |
Cash, Cash Equivalents, and R41
Cash, Cash Equivalents, and Restricted Cash - Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Cash And Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 25,671 | $ 27,825 | ||
Restricted cash | 2,663 | 330 | ||
Cash, cash equivalents, and restricted cash shown in the condensed statement of consolidated cash flows | $ 28,334 | $ 28,155 | $ 31,595 | $ 19,672 |
Cash, Cash Equivalents, and R42
Cash, Cash Equivalents, and Restricted Cash - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Cash Cash Equivalents And Restricted Cash [Line Items] | ||
Restricted cash associated with cash collateral | $ 2,663 | $ 330 |
German Bank [Member] | ||
Cash Cash Equivalents And Restricted Cash [Line Items] | ||
Restricted cash associated with cash collateral | 2,333 | |
United States Bank [Member] | ||
Cash Cash Equivalents And Restricted Cash [Line Items] | ||
Restricted cash associated with cash collateral | $ 330 | $ 330 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Raw materials and components | $ 6,521 | $ 7,429 |
Work in process | 4,626 | 5,166 |
Finished goods | 4,990 | 3,243 |
Inventories | $ 16,137 | $ 15,838 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |||
Allowance for slow-moving and obsolete inventories | $ 1,479,000 | $ 1,517,000 | |
Inventory work in process charge | $ 206,000 | $ 0 |
Product Warranty Reserves - Add
Product Warranty Reserves - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2017 | |
Product Warranties Disclosures [Abstract] | |
Standard product warranty period | Substantially all of the Company’s 3D printing machines are covered by a standard twelve month warranty. Generally, at the time of sale, a liability is recorded (with an offset to cost of sales) based upon the expected cost of replacement parts and labor to be incurred over the life of the standard warranty. |
Product Warranty Reserves - Sum
Product Warranty Reserves - Summary of Changes in Product Warranty Reserves (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Guarantees [Abstract] | ||
Balance at beginning of period | $ 1,115 | $ 1,308 |
Provisions for new issuances | 236 | 63 |
Payments | (169) | (274) |
Reserve adjustments | (150) | (34) |
Foreign currency translation adjustments | 12 | 32 |
Balance at end of period | $ 1,044 | $ 1,095 |
Contingencies and Commitments -
Contingencies and Commitments - Additional Information (Detail) | Jan. 25, 2017USD ($) | Jan. 25, 2017EUR (€) | Mar. 31, 2017USD ($) | Mar. 31, 2017EUR (€) | Dec. 31, 2016USD ($) | Dec. 31, 2016EUR (€) |
Line Of Credit Facility [Line Items] | ||||||
Sales agreement value | $ 37,000 | |||||
Germany [Member] | German Bank [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Credit facility, maximum borrowing capacity | 1,400,000 | € 1,300,000 | ||||
Credit facility, minimum increments | 100,000 | 100,000 | ||||
Credit facility, commitment fee | $ 0 | |||||
Germany [Member] | German Bank [Member] | Minimum [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Debt Instrument, term | 30 days | |||||
Germany [Member] | German Bank [Member] | Commercial Transactions Requiring Security [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Credit facility, interest rate | 1.75% | |||||
Credit facility, outstanding amount | $ 707,000 | 661,000 | $ 400,000 | € 380,000 | ||
Expiration date, description | April 2017 through July 2018 | |||||
Germany [Member] | German Bank [Member] | Commercial Transactions Requiring Security [Member] | Separate Agreements for Additional Capacity for Financial Guarantees and Letters of Credit [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Credit facility, outstanding amount | $ 2,333,000 | € 2,184,000 | ||||
Expiration date, description | May 2017 through October 2017 | |||||
Germany [Member] | German Bank [Member] | Overdraft Credit [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Credit facility, interest rate | 10.20% | |||||
Outstanding borrowings in form of overdraft credit or short-term loans | $ 0 | 0 | ||||
Germany [Member] | German Bank [Member] | Short-Term Loans [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Outstanding borrowings in form of overdraft credit or short-term loans | $ 0 | $ 0 | ||||
Kocel [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Losses and damages incurred | $ 166,000 | € 156,000 | ||||
Sales agreement value | $ 3,329,000 | € 3,116,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Schedule Of Income Taxes [Line Items] | |||
Provision (benefit) for income taxes | $ 0 | $ (4) | |
Effective tax rate | 0.00% | (0.10%) | |
United States federal statutory rate | 34.00% | 34.00% | |
Liability for uncertain tax positions | $ 765 | $ 754 | |
Subsidiaries [Member] | Germany [Member] | |||
Schedule Of Income Taxes [Line Items] | |||
Liability for uncertain tax positions | 248 | 232 | |
Subsidiaries [Member] | Japan [Member] | |||
Schedule Of Income Taxes [Line Items] | |||
Liability for uncertain tax positions | $ 476 | $ 416 |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional Information (Detail) - USD ($) | Jan. 24, 2013 | Mar. 31, 2017 | Mar. 31, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average remaining vesting period | 1 year 7 months 6 days | ||
Stock options issued | 44,000 | 0 | |
Incentive stock options exercised | 0 | 0 | |
Incentive Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Incentive stock options contractual expiration period | 10 years | ||
Total future compensation expense | $ 742,000 | ||
Intrinsic value, ISOs exercisable | $ 3,000 | ||
Weighted average remaining contractual term, exercisable | 7 years 4 months 24 days | ||
Weighted average remaining contractual term, expected to vest | 9 years 4 months 24 days | ||
Incentive stock options exercised | 0 | 0 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total future compensation expense | $ 958,000 | ||
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value, ISOs expected to vest | $ 1,000 | ||
Maximum [Member] | Incentive Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Maximum [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Minimum [Member] | Incentive Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 1 year | ||
Minimum [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 1 year | ||
2013 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock reserved for issuance | 500,000 | ||
Common Stock [Member] | 2013 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
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 | 1,992,241 |
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 | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Equity-based compensation expense recognized: | |||
Total equity-based compensation expense before income taxes | $ 561 | $ 312 | |
Benefit for income taxes | [1] | 0 | 0 |
Total equity-based compensation expense net of income taxes | 561 | 312 | |
Incentive Stock Option [Member] | |||
Equity-based compensation expense recognized: | |||
Total equity-based compensation expense before income taxes | 343 | 103 | |
Restricted Stock [Member] | |||
Equity-based compensation expense recognized: | |||
Total equity-based compensation expense before income taxes | $ 218 | $ 209 | |
[1] | The benefit for income taxes from equity-based compensation for each of the periods presented has been determined to be $0 based on valuation allowances against net deferred tax assets. |
Equity-Based Compensation - S51
Equity-Based Compensation - Summary of Total Equity-Based Compensation Expense Recognized for All ISOs, Restricted Stock and Stock Bonus Awards (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Benefit for income taxes from equity-based compensation | [1] | $ 0 | $ 0 |
[1] | The benefit for income taxes from equity-based compensation for each of the periods presented has been determined to be $0 based on valuation allowances against net deferred tax assets. |
Equity-Based Compensation - Ass
Equity-Based Compensation - Assumptions for Fair Value of ISOs Estimated on the Date of Grant Using the Black-Scholes Option (Detail) - Incentive Stock Option [Member] | Feb. 10, 2017$ / shares |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted average fair value per ISO | $ 5.46 |
Volatility | 62.89% |
Average risk-free interest rate | 1.89% |
Dividend yield | 0.00% |
Expected term (years) | 5 years |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted average fair value per ISO | $ 5.75 |
Volatility | 63.75% |
Average risk-free interest rate | 1.94% |
Expected term (years) | 5 years 6 months |
Equity-Based Compensation - S53
Equity-Based Compensation - Summary of Activity for ISOs (Detail) - $ / shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Number of ISOs, outstanding, Beginning Balance | 314,303 | 210,970 |
Number of ISOs, granted | 44,000 | 0 |
Number of ISOs, exercised | 0 | 0 |
Number of ISOs, forfeited | (500) | (4,334) |
Number of ISOs, expired | (666) | (833) |
Number of ISOs, outstanding, Ending Balance | 357,137 | 205,803 |
Number of ISOs, exercisable | 232,471 | 170,470 |
Number of ISOs, expected to vest, net of forfeitures | 124,666 | 31,358 |
Weighted Average Exercise Price, Beginning Balance | $ 15.62 | $ 17.43 |
Weighted Average Exercise Price, ISOs granted | 10.10 | |
Weighted Average Exercise Price, ISOs forfeited | 15.74 | 15.74 |
Weighted Average Exercise Price, ISOs expired | 15.74 | 18 |
Weighted Average Exercise Price, Ending Balance | 15.08 | 17.39 |
Weighted Average Exercise Price, ISOs exercisable | 15.77 | 17.74 |
Weighted Average Exercise Price, ISOs expected to vest, net of forfeitures | 13.80 | 15.74 |
Weighted Average Grant Date Fair Value, Beginning Balance | 9.38 | 10.67 |
Weighted Average Grant Date Fair Value, ISOs granted | 5.51 | |
Weighted Average Grant Date Fair Value, ISOs forfeited | 9.60 | 9.60 |
Weighted Average Grant Date Fair Value, ISOs expired | 9.60 | 11.03 |
Weighted Average Grant Date Fair Value, Ending Balance | 8.99 | 10.65 |
Weighted Average Grant Date Fair Value, ISOs exercisable | 9.47 | 10.86 |
Weighted Average Grant Date Fair Value, ISOs expected to vest, net of forfeitures | $ 8.11 | $ 9.60 |
Equity-Based Compensation - S54
Equity-Based Compensation - Summary of Activity for Restricted Stock Awards (Detail) - Restricted Stock [Member] - $ / shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Restricted Shares, outstanding, Beginning Balance | 94,171 | 77,670 |
Number of Restricted Shares, granted | 30,000 | 27,500 |
Number of Restricted Shares, vested | (28,834) | (30,001) |
Number of Restricted Shares, forfeited | (334) | |
Number of Restricted Shares, outstanding, Ending Balance | 95,337 | 74,835 |
Number of Restricted Shares, expected to vest | 95,337 | 74,835 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ 14.29 | $ 19.57 |
Weighted Average Grant Date Fair Value, granted | 10.10 | 8.90 |
Weighted Average Grant Date Fair Value, vested | 14.69 | 21.51 |
Weighted Average Grant Date Fair Value, forfeited | 62.53 | |
Weighted Average Grant Date Fair Value, Ending Balance | 12.85 | 14.68 |
Weighted Average Grant Date Fair Value, expected to vest | $ 12.85 | $ 14.68 |
Equity-Based Compensation - S55
Equity-Based Compensation - Summary of Activity for Restricted Stock Awards (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Fair value of restricted shares vesting | $ 299 | $ 271 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - Level 2 Fair Value Measurements [Member] - German Bank [Member] | 3 Months Ended | |
Mar. 31, 2017USD ($)Contract | Mar. 31, 2017EUR (€)Contract | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Number of foreign exchange forward contracts | 2 | 2 |
Gain on settlement of foreign exchange forward contracts | $ 16,000 | € 15,000 |
Maximum [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Unrealized loss on foreign exchange forward contracts | $ 1,000 | € 1,000 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Values and Fair Values of Other Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 25,671 | $ 27,825 |
Restricted cash | 2,663 | 330 |
Current portion of long-term debt | 132 | 132 |
Current portion of capital leases | 60 | 72 |
Long-term debt ̶ net of current portion | 1,611 | 1,644 |
Capital leases ̶ net of current portion | 48 | 10 |
Carrying Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 25,671 | 27,825 |
Restricted cash | 2,663 | 330 |
Current portion of long-term debt | 132 | 132 |
Current portion of capital leases | 60 | 72 |
Long-term debt ̶ net of current portion | 1,611 | 1,644 |
Capital leases ̶ net of current portion | 48 | 10 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 25,671 | 27,825 |
Restricted cash | 2,663 | 330 |
Current portion of long-term debt | 138 | 138 |
Current portion of capital leases | 60 | 72 |
Long-term debt ̶ net of current portion | 1,639 | 1,674 |
Capital leases ̶ net of current portion | $ 48 | $ 10 |
Fair Value Measurements - Car58
Fair Value Measurements - Carrying Values and Fair Values of Other Financial Instruments (Parenthetical) (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value Disclosures [Abstract] | ||
Unamortized debt issuance costs | $ 34 | $ 36 |
Concentration of Credit Risk -
Concentration of Credit Risk - Additional Information (Detail) - Five Most Significant Customers [Member] - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Revenue, Major Customer [Line Items] | |||
Accounts receivable from significant customers | $ 1,457 | $ 1,867 | |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |||
Revenue, Major Customer [Line Items] | |||
Revenue concentration, by most significant customers | 40.00% | 38.20% |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) | Jan. 13, 2016USD ($) | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($)Offering | Dec. 31, 2016USD ($) | Oct. 23, 2015USD ($) |
Related Party Transaction [Line Items] | |||||
Revenue - related party | $ 8,000 | $ 35,000 | |||
Amounts due from related parties reflected in accounts receivable | 9,000 | $ 1,000 | |||
Amortization of debt issuance costs | 2,000 | $ 206,000 | |||
Number of separate equity offerings | Offering | 2 | ||||
Revolving Credit Facility [Member] | RHI Investments, LLC [Member] | |||||
Related Party Transaction [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 15,000,000 | ||||
Debt issuance costs | $ 215,000 | ||||
Credit facility, outstanding amount | $ 0 | ||||
Interest expense relating to the commitment fee | $ 5,000 | ||||
Commitment fee | 1.00% | ||||
Amortization of debt issuance costs | $ 204,000 | ||||
Accounts Payable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Amounts due to related party | $ 1,000 | ||||
Accrued Expenses and Other Current Liabilities [Member] | |||||
Related Party Transaction [Line Items] | |||||
Amounts due to related party | 1,000 | ||||
Former Chairman and Chief Executive Officer [Member] | |||||
Related Party Transaction [Line Items] | |||||
Payments for services received from related parties | 3,000 | 4,000 | |||
Fair market value of benefits received from related party | $ 0 | $ 2,000 |