Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Nov. 07, 2019 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | XONE | |
Entity Registrant Name | ExOne Co | |
Entity Central Index Key | 0001561627 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 16,413,473 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Title of 12(b) Security | Common stock | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-35806 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 46-1684608 | |
Entity Address, Address Line One | 127 Industry Boulevard | |
Entity Address, City or Town | North Huntingdon | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 15642 | |
City Area Code | 724 | |
Local Phone Number | 863-9663 |
Condensed Statement of Consolid
Condensed Statement of Consolidated Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Statement [Abstract] | ||||
Revenue | $ 10,884 | $ 16,589 | $ 35,742 | $ 39,339 |
Cost of sales | 8,006 | 10,016 | 25,080 | 28,560 |
Gross profit | 2,878 | 6,573 | 10,662 | 10,779 |
Operating expenses | ||||
Research and development | 2,430 | 2,444 | 7,399 | 8,474 |
Selling, general and administrative | 5,326 | 5,200 | 16,916 | 17,755 |
Total operating expenses | 7,756 | 7,644 | 24,315 | 26,229 |
Loss from operations | (4,878) | (1,071) | (13,653) | (15,450) |
Other expense (income) | ||||
Interest expense | 85 | 73 | 227 | 179 |
Other income ̶ net | (134) | (838) | (65) | (936) |
Total other expense (income) | (49) | (765) | 162 | (757) |
Loss before income taxes | (4,829) | (306) | (13,815) | (14,693) |
Provision (benefit) for income taxes | 15 | 17 | (686) | 52 |
Net loss | $ (4,844) | $ (323) | $ (13,129) | $ (14,745) |
Net loss per common share: | ||||
Basic | $ (0.30) | $ (0.02) | $ (0.81) | $ (0.91) |
Diluted | $ (0.30) | $ (0.02) | $ (0.81) | $ (0.91) |
Comprehensive loss: | ||||
Net loss | $ (4,844) | $ (323) | $ (13,129) | $ (14,745) |
Other comprehensive loss: | ||||
Foreign currency translation adjustments | (1,387) | (429) | (1,580) | (1,267) |
Comprehensive loss | $ (6,231) | $ (752) | $ (14,709) | $ (16,012) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheet - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 4,756 | $ 7,592 |
Restricted cash | 1,364 | 1,548 |
Accounts receivable ̶ net | 3,711 | 6,393 |
Current portion of net investment in sales-type leases | 210 | 302 |
Inventories ̶ net | 18,610 | 15,930 |
Prepaid expenses and other current assets | 3,219 | 2,438 |
Total current assets | 31,870 | 34,203 |
Property and equipment ̶ net | 39,146 | 41,906 |
Net investment in sales-type leases ̶ net of current portion | 792 | 1,351 |
Other noncurrent assets | 408 | 222 |
Total assets | 72,216 | 77,682 |
Current liabilities: | ||
Current portion of long-term debt | 151 | 144 |
Accounts payable | 6,035 | 4,376 |
Accrued expenses and other current liabilities | 4,116 | 6,049 |
Current portion of contract liabilities | 8,824 | 2,343 |
Total current liabilities | 19,126 | 12,912 |
Related party revolving credit facility | 2,000 | |
Long-term debt ̶ net of current portion | 1,250 | 1,364 |
Contract liabilities ̶ net of current portion | 227 | 527 |
Other noncurrent liabilities | 250 | 104 |
Total liabilities | 22,853 | 14,907 |
Contingencies and commitments | ||
Stockholders' equity | ||
Common stock, $0.01 par value, 200,000,000 shares authorized, 16,346,960 (2019) and 16,234,201 (2018) shares issued and outstanding | 163 | 162 |
Additional paid-in capital | 176,510 | 175,214 |
Accumulated deficit | (114,982) | (101,853) |
Accumulated other comprehensive loss | (12,328) | (10,748) |
Total stockholders' equity | 49,363 | 62,775 |
Total liabilities and stockholders' equity | $ 72,216 | $ 77,682 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheet (Parenthetical) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 16,346,960 | 16,234,201 |
Common stock, shares outstanding | 16,346,960 | 16,234,201 |
Condensed Statement of Consol_2
Condensed Statement of Consolidated Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Operating activities | ||
Net loss | $ (13,129) | $ (14,745) |
Adjustments to reconcile net loss to net cash used for operations: | ||
Depreciation and amortization | 3,491 | 4,039 |
Equity-based compensation | 1,076 | 656 |
Amortization of debt issuance costs | 70 | 52 |
Provision (recoveries) for bad debts ̶ net | 264 | (40) |
Provision for slow-moving, obsolete and lower of cost or net realizable value inventories ̶ net | 37 | 910 |
Gain from disposal of property and equipment ̶ net | (2) | (33) |
Changes in assets and liabilities, excluding effects of foreign currency translation adjustments: | ||
Decrease in accounts receivable | 2,790 | 3,014 |
Decrease in net investment in sales-type leases | 218 | 152 |
Increase in inventories | (4,373) | (7,458) |
Increase in prepaid expenses and other assets | (827) | (761) |
Increase (decrease) in accounts payable | 1,822 | (637) |
Decrease in accrued expenses and other liabilities | (1,934) | (206) |
Increase in contract liabilities | 6,301 | 6,168 |
Net cash used for operating activities | (4,196) | (8,889) |
Investing activities | ||
Capital expenditures | (613) | (1,192) |
Proceeds from sale of property and equipment | 3 | 77 |
Net cash used for investing activities | (610) | (1,115) |
Financing activities | ||
Proceeds from related party revolving credit facility | 2,000 | |
Proceeds from exercise of employee stock options | 289 | 521 |
Payments on long-term debt | (111) | (106) |
Taxes related to the net share settlement of equity-based awards | (68) | 0 |
Debt issuance costs | (265) | |
Other | (10) | (13) |
Net cash provided by financing activities | 2,100 | 137 |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (314) | (294) |
Net change in cash, cash equivalents, and restricted cash | (3,020) | (10,161) |
Cash, cash equivalents, and restricted cash at beginning of period | 9,140 | 22,178 |
Cash, cash equivalents, and restricted cash at end of period | 6,120 | 12,017 |
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 | 1,635 | 1,521 |
Transfer of internally developed 3D printing machines from property and equipment to inventories for sale | 485 | 847 |
Property and equipment reclassified as assets held for sale | 822 | |
Property and equipment included in accounts payable | $ 48 | 48 |
Property and equipment included in accrued expenses and other current liabilities | 4 | |
Property and equipment acquired through financing arrangements | $ 14 |
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, 2017 | $ 75,209 | $ 161 | $ 173,718 | $ (89,186) | $ (9,484) |
Beginning Balance, Shares at Dec. 31, 2017 | 16,125,000 | ||||
Net loss | (6,385) | (6,385) | |||
Other comprehensive income (loss) | 1,402 | 1,402 | |||
Equity-based compensation | 379 | 379 | |||
Common stock issued from equity incentive plan, shares | 25,000 | ||||
Ending Balance at Mar. 31, 2018 | 70,605 | $ 161 | 174,097 | (95,571) | (8,082) |
Ending Balance, Shares at Mar. 31, 2018 | 16,150,000 | ||||
Beginning Balance at Dec. 31, 2017 | 75,209 | $ 161 | 173,718 | (89,186) | (9,484) |
Beginning Balance, Shares at Dec. 31, 2017 | 16,125,000 | ||||
Net loss | $ (14,745) | ||||
Exercise of employee stock options, shares | 65,833 | ||||
Ending Balance at Sep. 30, 2018 | $ 60,374 | $ 162 | 174,894 | (103,931) | (10,751) |
Ending Balance, Shares at Sep. 30, 2018 | 16,233,000 | ||||
Beginning Balance at Mar. 31, 2018 | 70,605 | $ 161 | 174,097 | (95,571) | (8,082) |
Beginning Balance, Shares at Mar. 31, 2018 | 16,150,000 | ||||
Net loss | (8,037) | (8,037) | |||
Other comprehensive income (loss) | (2,240) | (2,240) | |||
Equity-based compensation | (5) | (5) | |||
Ending Balance at Jun. 30, 2018 | 60,323 | $ 161 | 174,092 | (103,608) | (10,322) |
Ending Balance, Shares at Jun. 30, 2018 | 16,150,000 | ||||
Net loss | (323) | (323) | |||
Other comprehensive income (loss) | (429) | (429) | |||
Equity-based compensation | 282 | 282 | |||
Exercise of employee stock options | 521 | $ 1 | 520 | ||
Exercise of employee stock options, shares | 66,000 | ||||
Common stock issued from equity incentive plan, shares | 17,000 | ||||
Ending Balance at Sep. 30, 2018 | 60,374 | $ 162 | 174,894 | (103,931) | (10,751) |
Ending Balance, Shares at Sep. 30, 2018 | 16,233,000 | ||||
Beginning Balance at Dec. 31, 2018 | $ 62,775 | $ 162 | 175,214 | (101,853) | (10,748) |
Beginning Balance, Shares at Dec. 31, 2018 | 16,234,201 | 16,234,000 | |||
Net loss | $ (4,496) | (4,496) | |||
Other comprehensive income (loss) | (776) | (776) | |||
Equity-based compensation | 439 | 439 | |||
Exercise of employee stock options | 165 | $ 1 | 164 | ||
Exercise of employee stock options, shares | 23,000 | ||||
Taxes related to the net share settlement of equity-based awards | (68) | (68) | |||
Common stock issued from equity incentive plan, shares | 38,000 | ||||
Ending Balance at Mar. 31, 2019 | 58,039 | $ 163 | 175,749 | (106,349) | (11,524) |
Ending Balance, Shares at Mar. 31, 2019 | 16,295,000 | ||||
Beginning Balance at Dec. 31, 2018 | $ 62,775 | $ 162 | 175,214 | (101,853) | (10,748) |
Beginning Balance, Shares at Dec. 31, 2018 | 16,234,201 | 16,234,000 | |||
Net loss | $ (13,129) | ||||
Exercise of employee stock options, shares | 40,432 | ||||
Ending Balance at Sep. 30, 2019 | $ 49,363 | $ 163 | 176,510 | (114,982) | (12,328) |
Ending Balance, Shares at Sep. 30, 2019 | 16,346,960 | 16,347,000 | |||
Beginning Balance at Mar. 31, 2019 | $ 58,039 | $ 163 | 175,749 | (106,349) | (11,524) |
Beginning Balance, Shares at Mar. 31, 2019 | 16,295,000 | ||||
Net loss | (3,789) | (3,789) | |||
Other comprehensive income (loss) | 583 | 583 | |||
Equity-based compensation | 642 | 642 | |||
Exercise of employee stock options | 97 | 97 | |||
Exercise of employee stock options, shares | 13,000 | ||||
Common stock issued from equity incentive plan, shares | 10,000 | ||||
Ending Balance at Jun. 30, 2019 | 55,572 | $ 163 | 176,488 | (110,138) | (10,941) |
Ending Balance, Shares at Jun. 30, 2019 | 16,318,000 | ||||
Net loss | (4,844) | (4,844) | |||
Other comprehensive income (loss) | (1,387) | (1,387) | |||
Equity-based compensation | (5) | (5) | |||
Exercise of employee stock options | 27 | 27 | |||
Exercise of employee stock options, shares | 4,000 | ||||
Common stock issued from equity incentive plan, shares | 25,000 | ||||
Ending Balance at Sep. 30, 2019 | $ 49,363 | $ 163 | $ 176,510 | $ (114,982) | $ (12,328) |
Ending Balance, Shares at Sep. 30, 2019 | 16,346,960 | 16,347,000 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
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); and through December 2018, ExOne Italy S.r.l (Italy). Collectively, the consolidated group is referred to as the “Company”. The Company filed a registration statement on Form S-3 (No. 333-223690) with the Securities and Exchange Commission (“SEC”) on March 15, 2018. The purpose of the Form S-3 was to register, among other securities, debt securities. Subsidiaries of the Company are co-registrants with the Company (“Subsidiary Guarantors”), and the registration statement registered guarantees of debt securities by one or more of the Subsidiary Guarantors. The Subsidiary Guarantors are 100% owned by the Company and any guarantees by the Subsidiary Guarantors will be full and unconditional. There have been no transactions undertaken subject to the Form S-3 since its initial filing. 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, 2018 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, 2018, 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 contract liabilities – net of current portion ($527) in the accompanying condensed consolidated balance sheet at December 31, 2018, have been reclassified from other noncurrent liabilities to conform to current period presentation, following the adoption of Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2014-09 (further described below). Certain amounts relating to the lessor current portion of net investment in sales-type leases ($302) and lessor net investment in sales-type leases – net of current portion ($1,351) in the accompanying condensed consolidated balance sheet at December 31, 2018, have been reclassified from accounts receivable and other noncurrent assets, respectively, to conform to current period presentation following the adoption of FASB ASU 2016-02 (further described below). Related to the reclassifications further described above, amounts within the condensed statement of consolidated cash flows for the nine months ended September 30, 2018 associated with these changes have also been reclassified to conform to current period presentation. Recently Adopted Accounting Guidance On January 1, 2019, the Company adopted FASB 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 On January 1, 2019, the Company adopted FASB ASU 2016-02, “Leases.” This ASU requires lessees to recognize a right-of-use asset and lease liability on the consolidated balance sheet for leases classified as operating leases. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize a right-of-use asset and lease liability. Additionally, when measuring assets and liabilities arising from a lease, optional payments should be included only if the lessee is reasonably certain to exercise an option to extend the lease, exercise a purchase option, or not exercise an option to terminate the lease. A right-of-use asset represents an entity’s right to use the underlying asset for the lease term, and a lease liability represents an entity’s obligation to make lease payments. Previously, an asset and liability only were recorded for leases classified as capital leases (financing leases). The measurement, recognition, and presentation of expenses and cash flows arising from leases by a lessee remains the same. In connection with the adoption of this guidance, the Company has completed an assessment resulting in an accumulation of all of its leasing arrangements and has validated the information for accuracy and completeness. Upon adoption of the new lease guidance, management recorded a right-of-use asset and lease liability, each in the amount of approximately $400, on the Company’s consolidated balance sheet for various types of operating leases, including certain machinery and other equipment and vehicles. This amount is equivalent to the aggregate future minimum lease payments on a discounted basis. The Company has also elected to apply the package of transitional practical expedients of the new lease guidance by allowing the Company to not: (1) reassess if expired or existing contracts are, or contain, leases; (2) reassess lease classification for any expired or existing leases; and (3) reassess initial direct costs for any existing leases. Additionally, in July 2018, the FASB issued guidance to provide for an alternative transition method to the new lease guidance, whereby an entity can choose to not reflect the impact of the new lease guidance in the prior periods included in its consolidated financial statements. The Company has utilized this alternative transition method in connection with its adoption on January 1, 2019. The Company has included the enhanced disclosures required by this guidance in its condensed consolidated financial statements (Note 11). On January 1, 2019, the Company adopted FASB 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 consolidated 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. The adoption of this ASU did not have an effect on the 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 either were assessed and determined to be not applicable or are currently expected to have no impact on the consolidated financial statements of the Company. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses.” This ASU added a new impairment model (known as the current expected credit loss (“CECL”) model) that is based on expected losses rather than incurred losses. Under this ASU, an entity recognizes as an allowance its estimate of expected credit losses. The CECL model applies to most debt instruments, trade receivables, lease receivables, financial guarantee contracts, and other loan commitments. The CECL model does not have a minimum threshold for recognition of impairment losses and entities will need to measure expected credit losses on assets that have a low risk of loss. These changes become effective for the Company on January 1, 2020. Management is currently evaluating the potential impact of these changes on the consolidated financial statements of the Company. |
Liquidity
Liquidity | 9 Months Ended |
Sep. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Liquidity | Note 2. Liquidity 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 $4,844 and $13,129 for the three months and nine months ended September 30, 2019, respectively. At September 30, 2019, the Company had $4,756 in unrestricted cash and cash equivalents. Since its inception the Company has received cumulative unrestricted net proceeds from the sale of its common stock (through its initial public offering and subsequent secondary offerings) of $168,361 to fund its operations. In March 2018, the Company entered into a three-year, $15,000 revolving credit facility with a related party (Note 13) to provide additional funding for working capital and general corporate purposes. At September 30, 2019, $13,000 remained available under the related party revolving credit facility. 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 (in addition to the costs savings measures associated with the Company’s 2018 global cost realignment program further described above). The Company may also 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 | 9 Months Ended |
Sep. 30, 2019 | |
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 for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Foreign currency translation adjustments Balance at beginning of period $ (10,941 ) $ (10,322 ) $ (10,748 ) $ (9,484 ) Other comprehensive loss (1,387 ) (429 ) (1,580 ) (1,267 ) Balance at end of period $ (12,328 ) $ (10,751 ) $ (12,328 ) $ (10,751 ) 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 | 9 Months Ended |
Sep. 30, 2019 | |
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 common 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 common 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 three months and nine months ended September 30, 2019 and 2018, basic average common shares outstanding and diluted average common shares outstanding were the same because the effect of potential shares of common stock, including stock options (828,059 – 2019 and 513,970 – 2018) and unvested restricted stock issued (66,513 – 2019 and 67,001 – 2018), was anti-dilutive. The information used to compute basic and diluted net loss per common share was as follows for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Net loss $ (4,844 ) $ (323 ) $ (13,129 ) $ (14,745 ) Weighted average shares outstanding (basic and diluted) 16,332,974 16,182,818 16,296,554 16,157,143 Net loss per common share: Basic $ (0.30 ) $ (0.02 ) $ (0.81 ) $ (0.91 ) Diluted $ (0.30 ) $ (0.02 ) $ (0.81 ) $ (0.91 ) |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | Note 5. Revenue The Company derives revenue from the sale of 3D printing machines and 3D printed and other products, materials and services. Revenue is recognized when the Company satisfies its performance obligation(s) under a contract (either implicit or explicit) by transferring the promised product or service to a customer either when (or as) the customer obtains control of the product or service. A performance obligation is a promise in a contract to transfer a distinct product or service to a customer. A contract’s transaction price is allocated to each distinct performance obligation. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products or providing services. As such, revenue is recorded net of returns, allowances, customer discounts, and incentives. Sales, value add, and other taxes collected from customers and remitted to governmental authorities are accounted for on a net (excluded from revenue) basis. Shipping and handling costs are included in cost of sales. Certain of the Company’s contracts with customers provide for multiple performance obligations. Sales of 3D printing machines may also include optional equipment, materials, replacement components and services (installation, training and other services, including maintenance services and/or an extended warranty). Certain other contracts have a single performance obligation, as the promise to transfer products or services is not separately identifiable from other promises in the contract and, therefore, not distinct. For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation using the Company’s best estimate of stand-alone selling price for each distinct product or service in the contract, which is generally based on an observable price. The Company’s revenue from products is transferred to customers at a point in time. The Company’s contracts for 3D printing machines generally include substantive customer acceptance provisions. Revenue under these contracts is recognized when customer acceptance provisions have been satisfied. For all other product sales, the Company recognizes revenue at the point in time in which the customer obtains control of the product, which is generally when product title passes to the customer upon delivery. In limited cases, title does not transfer and revenue is not recognized until the customer has received the products at its physical location. The Company’s revenue from service arrangements includes deferred maintenance contracts and extended warranties that can be purchased at the customer’s option. The Company generally provides a standard one-year warranty on the Company’s 3D printing machines, which is considered an assurance type warranty, and not considered a separate performance obligation (Note 10). Revenue associated with deferred maintenance contracts is generally recognized at a point in time when the related services are performed where sufficient historical evidence indicates that the costs of performing the related services under the contract are not incurred on a straight-line basis, with such revenue recognized in proportion to the costs expected to be incurred. Revenue associated with extended warranties is generally recognized over time on a straight-line basis over the related contract period. The Company’s revenue from service arrangements includes contracts with the federal government under fixed-fee, cost reimbursable and time and materials arrangements (certain of which may have periods of performance greater than one year). Revenue under these contracts is generally recognized over time using an input measure based upon labor hours incurred and provisional rates provided under the contracts. As such, the nature of these contracts may give rise to variable consideration, primarily based upon completion of the Company’s annual Incurred Cost Submission filing as required by the federal government. Historically, amounts associated with variable consideration have not been significant. The Company’s revenue from service arrangements includes certain research and development services. Revenue under research and development service contracts is generally recognized over time using an output measure, specifically units or parts delivered, based upon certain customer acceptance and delivery requirements. Revenue recognized over time using an output measure is not significant. The following table summarizes the Company’s revenue by product group for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 3D printing machines $ 3,972 $ 9,700 $ 16,532 $ 17,434 3D printed and other products, materials and services 6,912 6,889 19,210 21,905 $ 10,884 $ 16,589 $ 35,742 $ 39,339 Revenue from 3D printing machines includes leasing revenue whereby the Company is the lessor of 3D printing machines to its customers. Leasing revenue is accounted for under ASU 2016-02 (Note 11). The timing of revenue recognition, billings and cash collections results in billed receivables, unbilled receivables (contract assets) and deferred revenue and customer prepayments (contract liabilities) in the accompanying condensed consolidated balance sheet. The Company considers a number of factors in its evaluation of the creditworthiness of its customers, including past due amounts, past payment history, and current economic conditions. For 3D printing machines, the Company’s terms of sale vary by transaction. To reduce credit risk in connection with 3D printing machine sales, the Company may, depending upon the circumstances, require customers to furnish letters of credit or bank guarantees or to provide advanced payment (either partial or in full). For 3D printed and other products and materials, the Company’s terms of sale generally require payment within 30 to 60 days after delivery, although the Company also recognizes that longer payment periods are customary in certain countries where it transacts business. Service arrangements are generally billed in accordance with specific contract terms and are typically billed in advance or in proportion to performance of the related services. There were no other significant changes in contract liabilities during the three months or nine months ended September 30, 2019. Contract assets are not significant. For the nine months ended September 30, 2019, the Company recognized revenue of $1,714 related to contract liabilities at January 1, 2019. At September 30, 2019, the Company had approximately $25,800 of remaining performance obligations (including contract liabilities), which is also referred to as backlog, of which approximately $21,700 was expected to be fulfilled during the twelve months following such date. The Company has elected to apply the practical expedient associated with incremental costs of obtaining a contract, and as such, sales commission expense is generally expensed when incurred because the amortization period would be one year or less. These costs are recorded within selling, general and administrative expenses. Accounts receivable and net investment in sales-type leases (Note 11) are reported at their net realizable value. The Company carries its investment in sales-type leases based on discounting the minimum lease payments by the interest rate implicit in the lease and less an allowance for doubtful accounts. The Company’s estimate of the allowance for doubtful accounts related to accounts receivable and net investment in sales-type leases is based on the Company’s evaluation of customer accounts with past-due outstanding balances or specific accounts for which it has information that the customer may be unable to meet its financial obligations. Based upon review of these accounts, and management’s analysis and judgment, the Company records a specific allowance for that customer’s accounts receivable or net investment in sales-type lease balance to reduce the outstanding balance to the amount expected to be collected. The allowance is re-evaluated and adjusted periodically as additional information is received that impacts the allowance amount reserved. At September 30, 2019 and December 31, 2018, the allowance for doubtful accounts was $481 |
Restructuring
Restructuring | 9 Months Ended |
Sep. 30, 2019 | |
Restructuring And Related Activities [Abstract] | |
Restructuring | Note 6. Restructuring Houston, Texas In August 2018, the Company committed to a plan to consolidate certain of its 3D printing operations from its Houston, Texas facility into its Troy, Michigan facility. These actions were taken as part of the Company’s efforts to optimize its business model and maximize its facility utilization. During the three months ended September 30, 2018, the Company recorded a charge of $28 split between cost of sales ($15) and selling, general and administrative expense ($13) associated with involuntary employee terminations related to this plan. During the three months ended September 30, 2018, the Company recorded an additional charge of $1 (to cost of sales) associated with asset impairments related to this plan. There are no additional charges expected to be incurred associated with this plan in future periods. The Company settled all amounts associated with involuntary employee terminations during the three months ended September 30, 2018. In September 2019, the Company reached agreement with a third party for the sale of certain property and equipment ($822 included in prepaid expenses and other current assets in the accompanying condensed consolidated balance sheet for each of the periods presented) associated with the former Houston, Texas facility. The Company expects to receive net proceeds from the sale of the property and equipment of approximately $1,000 during the three months ended December 31, 2019 and to record a corresponding gain on the sale of approximately $200 from the disposal. Desenzano del Garda, Italy In December 2017, the Company committed to a plan to consolidate certain of its 3D printing operations from its Desenzano del Garda, Italy facility into its Gersthofen, Germany facility. These actions were taken as part of the Company’s efforts to optimize its business model and maximize its facility utilization. During the three months ended December 31, 2017, the Company recorded a charge of $72 split between cost of sales ($19) and selling, general and administrative expense ($53) associated with involuntary employee terminations related to this plan. During the three months ended March 31, 2018, the Company recorded an additional charge of $245 associated with other exit costs ($17) and asset impairments ($228) related to this plan. During the three months ended June 30, 2018, the Company recorded an additional charge of $13 associated with asset impairments related to this plan. In addition, during the three months ended June 30, 2018, the Company recorded a gain from disposal of certain property and equipment of $51 (recorded to cost of sales in the accompanying condensed statement of consolidated operations and comprehensive loss). Charges associated with other exit costs recorded during the six months ended June 30, 2018 were recorded to cost of sales in the accompanying condensed statement of consolidated operations and comprehensive loss. Charges associated with asset impairments recorded during the three and six months ended June 30, 2018 were recorded to cost of sales as a component of depreciation expense in the accompanying condensed statement of consolidated operations and comprehensive loss. Other exit costs relate to the remaining facility rent due under a non-cancellable operating lease following the cessation of operations at the facility in January 2018. Asset impairment charges relate to certain leasehold improvements associated with the exited facility and other equipment which was abandoned by the Company. There are no additional charges expected to be incurred associated with this plan in future periods. The Company settled all amounts associated with involuntary employee terminations and other exit costs (remaining facility rent payments) during 2018. |
Impairment
Impairment | 9 Months Ended |
Sep. 30, 2019 | |
Asset Impairment Charges [Abstract] | |
Impairment | Note 7. Impairment During the three months ended September 30, 2019, 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 and used at the asset group level. Assessing the recoverability of long-lived assets held and used 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 and used, the Company determined the carrying amount of long-lived assets held and used 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 and used, 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 and used 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 and used, 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 | 9 Months Ended |
Sep. 30, 2019 | |
Cash And Cash Equivalents [Abstract] | |
Cash, Cash Equivalents, and Restricted Cash | Note 8. 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 as of the dates indicated: September 30, December 31, 2019 2018 Cash and cash equivalents $ 4,756 $ 7,592 Restricted cash 1,364 1,548 Cash, cash equivalents, and restricted cash $ 6,120 $ 9,140 Restricted cash at September 30, 2019 and December 31, 2018 includes $857 and $1,044, respectively, associated with cash collateral required by a German bank for short-term financial guarantees issued by ExOne GmbH in connection with certain commercial transactions requiring security (Note 12). Restricted cash at September 30, 2019 and December 31, 2018 includes $507 and $504, respectively, 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 | 9 Months Ended |
Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 9. Inventories Inventories consisted of the following as of the dates indicated: September 30, December 31, 2019 2018 Raw materials and components $ 8,734 $ 7,747 Work in process 6,099 5,147 Finished goods 3,777 3,036 $ 18,610 $ 15,930 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 September 30, 2019 and December 31, 2018, the allowance for slow-moving and obsolete inventories was $3,684 and $4,143, respectively, and has been reflected as a reduction to inventories (principally raw materials and components). During the three months ended June 30, 2018, the Company recorded a charge of $561 to cost of sales in the accompanying condensed statement of consolidated operations and comprehensive loss attributable to certain industrial microwave inventories based on a sustained absence of demand for such curing solutions and a decision by the Company to discontinue future manufacturing of such industrial microwaves. |
Product Warranty Reserves
Product Warranty Reserves | 9 Months Ended |
Sep. 30, 2019 | |
Product Warranties Disclosures [Abstract] | |
Product Warranty Reserves | Note 10. 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, which amounts were reflected in accrued expenses and other current liabilities in the accompanying condensed consolidated balance sheet for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Balance at beginning of period $ 1,223 $ 909 $ 1,670 $ 1,300 Provisions for new issuances 182 445 711 831 Payments (409 ) (236 ) (1,257 ) (564 ) Reserve adjustments (65 ) (103 ) (188 ) (542 ) Foreign currency translation adjustments (20 ) (11 ) (25 ) (21 ) Balance at end of period $ 911 $ 1,004 $ 911 $ 1,004 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Leases | Note 11. Leases Lessee The Company leases machinery and other equipment and vehicles under operating lease arrangements (with initial terms greater than twelve months), expiring in various years through 2026. In addition, the Company leases certain equipment and vehicles under finance (previously capital) lease arrangements, which are not significant. For all operating lease arrangements (with the exception of short-term lease arrangements), the Company presents 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. The Company has elected, as a practical expedient, not to separate non-lease components from lease components, and instead account for each separate component as a single lease component for all lease arrangements, as lessee. In addition, the Company has elected, as a practical expedient, not to apply lease recognition requirements to short-term lease arrangements, generally those with a lease term of less than twelve months, for all classes of underlying assets. In determination of the lease term, the Company considers the likelihood of lease renewal options and lease termination provisions. As a result, lease payments under these short-term lease arrangements are recognized in the accompanying condensed statement of consolidated operations and comprehensive loss on a straight-line basis over the lease term. The Company uses its incremental borrowing rate in determining the present value of lease payments, as the implicit rate of the lease arrangements is generally not readily determinable. Through July 2019, c ertain of the Company’s operating lease arrangements were with related parties under common control (Note 18). Lease cost under operating lease agreements with related parties, included within short-term lease cost below, was $4 and $28 for the three months and nine months ended September 30, 2019. Future minimum lease payments of operating lease arrangements (with initial terms greater than twelve months) at September 30, 2019, were as follows: 2019 $ 39 2020 107 2021 71 2022 58 2023 9 Thereafter 3 Total minimum lease payments 287 Less: Present value discount (26 ) Total operating lease liabilities $ 261 For the three months and nine months ended September 30, 2019, lease cost under operating lease arrangements was $94 (including $44 relating to short-term lease arrangements) and $305 (including $156 relating to short-term lease arrangements), respectively. Supplemental information related to operating lease arrangements (with initial terms greater than twelve months) was as follows at and for the nine months ended September 30, 2019: Operating lease right-of-use assets included in other noncurrent assets $ 261 Operating lease liabilities included in accrued expenses and other current liabilities $ 108 Operating lease liabilities included in other noncurrent liabilities $ 153 Right-of-use assets obtained in exchange for new operating lease liabilities $ 10 Cash paid for amounts included in the measurement of operating lease liabilities $ 147 Weighted average remaining lease term (in years) 2.9 Weighted average discount rate 6.6 % As previously disclosed under the prior lease accounting standard, future minimum lease payments of operating lease arrangements (with initial terms greater than twelve months) at December 31, 2018, were as follows: 2019 $ 170 2020 111 2021 76 2022 67 2023 12 Thereafter 5 $ 441 Lessor The Company leases machinery and equipment to customers (principally 3D printing machines and related equipment) under lease arrangements classified as either operating leases or sales-type leases. The Company’s operating lease arrangements have initial terms generally ranging from one to five years, certain of which may contain extension or termination clauses, or both. Such operating lease arrangements also generally include a purchase option to acquire the related machinery and equipment at the end of the lease term for either a fixed amount as determined at inception, or a subsequently negotiated fair market value. At September 30, 2019, the Company estimated that the total fair market value significantly exceeded the related net book value of the machinery and equipment held under the Company’s operating lease arrangements. The Company’s sales-type lease arrangements generally include transfer of ownership at the end of the lease term, and as such, the Company’s net investment in sale-type lease arrangements presented in the Company’s accompanying condensed consolidated balance sheet generally does not include an amount of unguaranteed residual value. The Company has elected, as a practical expedient, not to separate non-lease components from lease components, and instead account for each separate component as a single lease component for all lease arrangements, as lessor. Sales, value add, and other taxes collected from customers and remitted to governmental authorities are accounted for on a net (excluded from lease income) basis. In determination of the lease term, the Company considers the likelihood of lease renewal options and lease termination provisions. Additionally, certain of the Company’s lease arrangements do not qualify as sale-type leases as collectability is not reasonably assured. The Company recognized the following components under operating and sales-type lease arrangements in the accompanying condensed statement of consolidated operations and comprehensive loss for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Operating Sales-type Operating Sales-type Operating Sales-type Operating Sales-type Revenue $ 261 $ — $ 336 $ — $ 1,287 $ — $ 788 $ — Interest income (a) $ — $ 21 $ — $ 12 $ — $ 76 $ — $ 38 (a) Interest income relating to sales-type leases is recorded as a component of revenue in the accompanying condensed statement of consolidated operations and comprehensive loss for each of the periods presented. The Company’s net investment in sales-type leases consisted of the following as of the dates indicated: September 30, December 31, 2019 2018 Future minimum lease payments receivable $ 1,650 $ 1,969 Less: Allowance for doubtful accounts (412 ) — Net future minimum lease payments receivable 1,238 1,969 Less: Unearned interest income (236 ) (316 ) Net investment in sales-type leases $ 1,002 $ 1,653 During the three months and nine months ended September 30, 2019, the Company recorded a provision for bad debt of $416 based on a deterioration in credit quality of a lessee. There were no such provisions recorded during the three months or nine months ended September 30, 2018. Future minimum lease payments of non-cancellable operating and sales-type lease arrangements at September 30, 2019, were as follows: Operating Sales-type 2019 $ 278 $ 112 2020 259 377 2021 48 377 2022 — 377 2023 — 407 Thereafter — — Total minimum lease payments $ 585 $ 1,650 Less: Allowance for doubtful accounts (412 ) Less: Present value discount (236 ) Future minimum lease payments receivable $ 1,002 As previously disclosed under the prior lease accounting standard, minimum future rentals under non-cancellable operating and sales-type lease arrangements at December 31, 2018, were as follows: Operating Sales-type 2019 $ 687 $ 409 2020 148 382 2021 48 382 2022 — 382 2023 — 414 Thereafter — — $ 883 $ 1,969 |
Contingencies and Commitments
Contingencies and Commitments | 9 Months Ended |
Sep. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingencies and Commitments | Note 12. Contingencies and Commitments Contingencies On March 1, 2018, the Company’s ExOne GmbH subsidiary notified Voxeljet AG that it had materially breached a 2003 Patent and Know-How Transfer Agreement and asserted its rights to set-off damages as a result of the breaches against the annual license fee due from the Company under the agreement. At this time, the Company cannot reasonably estimate a contingency, if any, related to 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. 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 short-term financial guarantees and letters of credit to third parties in connection with certain commercial transactions requiring security. ExOne GmbH maintains a credit facility 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 an aggregate of approximately $1,400 (€1,300). In addition, ExOne GmbH may use the credit facility for short-term, fixed-rate loans in minimum increments of approximately $100 (€100) with minimum terms of at least 30 October 2019 In addition to amounts issued by ExOne GmbH under the credit facility, from time to time, ExOne GmbH enters 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 facility. At September 30, 2019 and December 31, 2018, ExOne GmbH had a singular financial guarantee outstanding under a separate agreement for $87 (€80) and $96 (€80), respectively, with an expiration date of February 2023. Related to this separate agreement, the requirement for cash collateral was waived by the German bank as it also represents the counterparty in the related transaction. |
Related Party Revolving Credit
Related Party Revolving Credit Facility | 9 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Revolving Credit Facility | Note 13. Related Party Revolving Credit Facility On March 12, 2018, ExOne and its ExOne Americas LLC and ExOne GmbH subsidiaries, as guarantors (collectively, the “Loan Parties”), entered into a Credit Agreement and related ancillary agreements with LBM Holdings, LLC (“LBM”), a company controlled by S. Kent Rockwell, who was the Executive Chairman of the Company (a related party) at such date and is currently Chairman of the Board of Directors (the “Board”) of the Company, relating to a $15,000 revolving credit facility (the “LBM Credit The LBM Credit Agreement contains several affirmative covenants including prompt payment of liabilities and taxes; maintenance of insurance, properties, and licenses; and compliance with laws. The LBM Credit Agreement also contains several negative covenants including restricting the incurrence of certain additional debt; prohibiting future liens (other than permitted liens); prohibiting investment in third parties; limiting the ability to pay dividends; limiting mergers, acquisitions, and dispositions; and limiting the sale of certain property and equipment of the Loan Parties. The LBM Credit Agreement does not contain any financial covenants. The LBM Credit Agreement also contains events of default, including, but not limited to, cross-default to certain other debt, breaches of representations and warranties, change of control events and breaches of covenants. LBM was determined to be a related party based on common control by S. Kent Rockwell. Accordingly, the Company does not consider the LBM Credit Agreement indicative of a fair market value lending. Prior to execution, the LBM Credit Agreement was reviewed and approved by the Audit Committee of the Board and subsequently by a sub-committee of independent members of the Board. At the time of execution of the LBM Credit Agreement, the $15,000 in available loan proceeds was deposited into an escrow account with an unrelated, third party financial institution acting as escrow agent pursuant to a separate Escrow Agreement by and among the parties. Loan proceeds held in escrow are available to the Company upon its submission to the escrow agent of a loan request. Such proceeds will not be available to LBM until payment in-full of the obligations under the LBM Credit Agreement and termination of the LBM Credit Agreement. Payments of principal and other obligations will be made to the escrow agent, while interest payments will be made directly to LBM. Provided there exists no potential default or event of default, the LBM Credit Agreement and Escrow Agreement prohibit any acceleration of repayment of any amount outstanding under the LBM Credit Agreement and prohibit termination of the LBM Credit Agreement or withdrawal from escrow of any unused portion of the available loan proceeds under the credit facility, by LBM. During the three months ended September 30, 2019, the Company borrowed $2,000 under the LBM Credit Agreement which remained outstanding at September 30, 2019. There were no borrowings by the Company under the LBM Credit Agreement during any period prior to the three months ended September 30, 2019 from its inception (March 12, 2018). The Company incurred $265 in debt issuance costs associated with the LBM Credit Agreement (including the aforementioned up front commitment fee paid at closing to LBM). During the three months and nine months ended September 30, 2019, the Company recorded interest expense relating to the LBM Credit Agreement of $65 and $165, respectively. Included in interest expense for the three months and nine months ended September 30, 2019 was $22 and $66, respectively, associated with amortization of debt issuance costs. At September 30, 2019 and December 31, 2018, remaining debt issuance costs were $129 and $195, respectively (of which $88 was included in prepaid expenses and other current assets for both periods and $41 and $107, respectively, was included in other noncurrent assets in the accompanying condensed consolidated balance sheet). Also included in interest expense for the three months and nine months ended September 30, 2019 was $43 and $99, respectively, associated with interest on borrowings and the commitment fee on the unused portion of the revolving credit facility. At September 30, 2019 and December 31, 2018, $20 and $10, respectively, was included in accounts payable in the accompanying condensed consolidated balance sheet. Amounts payable to LBM at September 30, 2019 and December 2018 were settled by the Company in October 2019 and January 2019, respectively. During the three months and nine months ended September 30, 2018, the Company recorded interest expense relating to the LBM Credit Agreement of $51 and $110, respectively. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 14. Income Taxes The provision (benefit) for income taxes for the three months ended September 30, 2019 and 2018 was $15 and $17, respectively. The provision (benefit) for income taxes for the nine months ended September 30, 2019 and 2018 was ($686) and $52, respectively. The Company has completed a discrete period computation of its provision (benefit) for income taxes for each of the periods presented. The discrete period computation was required 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 three months ended September 30, 2019 and 2018 was 0.3% (provision on a loss) and 5.6% (provision on a loss), respectively. The effective tax rate for the nine months ended September 30, 2019 and 2018 was 5.0% (benefit on a loss) and 0.4% (provision on a loss), respectively. For the three months ended September 30, 2019 and 2018, the effective tax rate differs from the United States federal statutory rate of 21.0% primarily due to net changes in valuation allowances for the periods. For the nine months ended September 30, 2019, the effective tax rate differs from the United States federal statutory rate of 21.0% primarily due to the reversal of previously recorded liabilities for uncertain tax positions (further described below) and net changes in valuation allowances for the period. 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 intercompany transactions. A reconciliation of the beginning and ending amount of unrecognized tax benefits (including accrued interest and penalties) was as follows for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Balance at beginning of period $ 105 $ 1,871 $ 1,186 $ 1,775 Additions based on tax positions related to the current year — — — — Additions for tax positions of prior years 2 38 4 156 Reductions for tax positions of prior years — (487 ) (1,075 ) (487 ) Settlements — — — — Foreign currency translation adjustments (5 ) (16 ) (13 ) (38 ) Balance at end of period $ 102 $ 1,406 $ 102 $ 1,406 The Company includes interest and penalties related to income taxes as a component of the provision (benefit) for income taxes in the accompanying condensed statement of consolidated operations and comprehensive loss. There were no such interest or penalties included in the provision (benefit) for income taxes for any of the periods presented. At December 31, 2018, there was $820 in unrecognized tax benefits (including accrued interest and penalties) that if recognized would affect the annual effective tax rate. Such amounts were included in accrued expenses and other current liabilities in the accompanying condensed consolidated balance sheet at December 31, 2018. There were no such unrecognized tax benefits at September 30, 2019. At December 31, 2018, the Company’s ExOne GmbH (2010-2013) and ExOne Property GmbH (2013) subsidiaries were under examination by local taxing authorities in Germany. In January 2019, this examination was concluded by the local taxing authorities in Germany without significant adjustment to previously established tax positions. As a result, during the three months ended March 31, 2019, the Company recorded a reversal of certain of its previously recorded liabilities for uncertain tax positions of $1,075, of which $257 was offset against net operating loss carryforwards. |
Equity-Based Compensation
Equity-Based Compensation | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity-Based Compensation | Note 15. Equity-Based Compensation On January 24, 2013, the Board 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, provided that the maximum number of shares authorized under the Plan could not exceed 1,992,241 shares, subject to certain adjustments. The maximum number of shares authorized under the Plan was reached on January 1, 2017. At September 30, 2019, 654,134 shares remained available for future issuance under the Plan. Stock options and restricted stock issued by the Company under the Plan 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 stock options and restricted stock issued by the Company under the Plan vest immediately upon issuance. Stock options issued by the Company under the Plan have contractual lives which expire over a period typically ranging between five and ten years from the date of grant subject to continued service to the Company by the participant. On February 7, 2018, the Compensation Committee of the Board adopted the 2018 Annual Incentive Program (the “2018 Program”) as a subplan under the Plan. The 2018 Program provided an opportunity for performance-based compensation to senior executive officers of the Company, among others. The target annual incentive for each 2018 Program participant was expressed as a percentage of base salary and was conditioned on the achievement of certain financial goals (as approved by the Compensation Committee of the Board) or a combination of financial and non-financial goals. The Compensation Committee of the Board retained negative discretion over amounts payable under the 2018 Program. On February 6, 2019, the Compensation Committee of the Board adopted the 2019 Annual Incentive Program (the “2019 Program”) as a subplan under the Plan. The 2019 Program provided an opportunity for performance-based compensation to senior executive officers of the Company, among others. The target annual incentive for each 2019 Program participant was expressed as a percentage of base salary and was conditioned on the achievement of certain financial goals (as approved by the Compensation Committee of the Board) or a combination of financial and non-financial goals. The Compensation Committee of the Board retained negative discretion over amounts payable under the 2019 Program. During the three months ended September 30, 2019, the Company recorded a net reversal of $376 to equity-based compensation expense based on a change in the estimated outcome of the defined financial goals for 2019 under the 2019 Program. The following table summarizes the total equity-based compensation expense recognized by the Company for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Equity-based compensation expense recognized: Stock options $ 195 $ 103 $ 511 $ 131 Restricted stock 171 108 545 314 Other (a) (371 ) 71 20 211 Total equity-based compensation expense before income taxes (5 ) 282 1,076 656 Benefit for income taxes (b) — — — — Total equity-based compensation expense net of income taxes $ (5 ) $ 282 $ 1,076 $ 656 (a) For the three months and nine months ended September 30, 2019, Other represents activity associated with the 2019 Program and other employee contractual amounts to be settled in equity. For the three months and nine months ended September 30, 2018, Other represents activity associated with the 2018 Program and other employee contractual amounts to be settled in equity. (b) 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 September 30, 2019, total future compensation expense related to unvested awards yet to be recognized by the Company was $992 for stock options and $293 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 1.5 years. The fair value of stock options granted was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions for the periods indicated: Nine Months Ended September 30, 2019 2018 Weighted average fair value per stock option $2.77 - $3.68 $3.01 - $3.77 Volatility 54.0% - 60.1% 62.6% - 63.7% Average risk-free interest rate 1.5% - 2.5% 2.5% - 2.7% Dividend yield 0.0% 0.0% Expected term (years) 2.5 - 3.5 3.1 - 3.3 For certain stock option awards in which the expected term of the award is less than the period for which the Company has been publicly traded, volatility is estimated based on the historical volatility of the Company. For certain stock option awards in which the expected term of the award exceeds the period for which the Company has been publicly traded, volatility is estimated based on the historical volatilities of certain peer group companies. 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 is calculated using the simplified method as the Company does not have sufficient historical exercise experience upon which to base an estimate. The activity for stock options was as follows for the periods indicated: Nine Months Ended September 30, 2019 2018 Number Options Weighted Weighted Average Grant Date Fair Value Number Options Weighted Weighted Average Grant Date Fair Value Outstanding at beginning of period 621,986 $ 10.66 $ 5.52 674,470 $ 11.58 $ 6.41 Stock options granted 290,610 $ 7.35 $ 2.95 147,500 $ 7.01 $ 3.13 Stock options exercised (40,432 ) $ 7.17 $ 3.03 (65,833 ) $ 7.91 $ 3.87 Stock options forfeited (9,773 ) $ 7.67 $ 3.70 (133,835 ) $ 9.44 $ 5.15 Stock options expired (34,332 ) $ 16.87 $ 10.30 (108,332 ) $ 13.28 $ 7.58 Outstanding at end of period 828,059 $ 9.44 $ 4.56 513,970 $ 10.94 $ 5.89 Stock options exercisable at end of period 403,479 $ 11.30 $ 6.02 360,132 $ 12.41 $ 6.90 Stock options expected to vest at end of period 424,580 $ 7.68 $ 3.18 153,838 $ 7.49 $ 3.52 At September 30, 2019, intrinsic value associated with stock options exercisable and expected to vest was $232 and $557, respectively. The weighted average remaining contractual term of stock options exercisable and stock options expected to vest at September 30, 2019, was 4.0 years and 4.5 years, respectively. Stock options with an aggregate intrinsic value of $358 were The activity for restricted stock was as follows for the periods indicated: Nine Months Ended September 30, 2019 2018 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 67,001 $ 8.30 52,502 $ 11.07 Restricted stock granted 66,763 $ 8.98 57,000 $ 7.39 Restricted stock vested (62,251 ) $ 8.65 (42,501 ) $ 10.51 Restricted stock forfeited (5,000 ) $ 6.75 — $ — Outstanding at end of period 66,513 $ 8.76 67,001 $ 8.30 Restricted stock expected to vest at end of period 66,513 $ 8.76 67,001 $ 8.30 Restricted stock that vested during the nine months ended September 30, 2019 and 2018, had a fair value of $535 and $326, respectively. During the nine months ended September 30, 2019, the Company made cash payments for taxes of $68 relating to the net settlement of certain equity-based awards. There were no cash payments for taxes or net settlement of equity-based awards during the nine months ended September 30, 2018. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 16. 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. At September 30, 2019 and December 31, 2018, the Company had no financial instruments (assets or liabilities) measured at fair value on a recurring basis. The carrying values and fair values of other financial instruments (assets and liabilities) not required to be recorded at fair value were as follows as of the dates indicated: September 30, December 31, 2019 2018 Carrying Value Fair Value Carrying Value Fair Value Cash and cash equivalents $ 4,756 $ 4,756 $ 7,592 $ 7,592 Restricted cash $ 1,364 $ 1,364 $ 1,548 $ 1,548 Debt issuance costs (a) $ 129 $ — $ 195 $ — Current portion of long-term debt (b) $ 151 $ 155 $ 144 $ 149 Long-term debt ̶ (b) $ 1,250 $ 1,267 $ 1,364 $ 1,384 (a) Represents debt issuance costs associated with the Company’s related party revolving credit facility (Note 13) of which 41 (b) Carrying values at September 30, 2019 and December 31, 2018 are net of unamortized debt issuance costs of $21 and $25, respectively The carrying amounts of cash and cash equivalents, restricted cash and current portion of long-term debt approximate fair value due to their short-term maturities. The fair value of long-term debt – net of current portion has 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 were classified as Level 1; Current portion of long-term debt and long-term debt – net of current portion were classified as Level 2. |
Concentration of Credit Risk
Concentration of Credit Risk | 9 Months Ended |
Sep. 30, 2019 | |
Risks And Uncertainties [Abstract] | |
Concentration of Credit Risk | Note 17. Concentration of Credit Risk During the three months and nine months ended September 30, 2019 and 2018, the Company conducted a significant portion of its business with a limited number of customers, though not necessarily the same customers for each respective period. For the three months ended September 30, 2019 and 2018, the Company’s five most significant customers represented 30.2% and 34.6% of total revenue, respectively. For the nine months ended September 30, 2019 and 2018, the Company’s five most significant customers represented 23.8% and 17.9% of total revenue, respectively. At September 30, 2019 and December 31, 2018, accounts receivable from the Company’s five most significant customers were $638 and $2,344, respectively. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 18. Related Party Transactions Purchases of products and/or services from related parties during the three months ended September 30, 2019 and 2018, were $5 and $4, respectively. Purchases of products and/or services from related parties during the nine months ended September 30, 2019 and 2018, were $63 and $16, respectively. Purchases of products and/or services by the Company during each of the respective periods primarily included website design services and leased office space (through July 2019) from related parties under common control by S. Kent Rockwell (currently the Chairman of the Board of the Company and previously the Executive Chairman and Chief Executive Officer of the Company). Also included in purchases of products and/or services by the Company during the nine months ended September 30, 2019, was the purchase of a 3D printing machine and certain ancillary equipment for $30 from an educational institution determined to be a related party on the basis that S. Kent Rockwell serves as a trustee of the educational institution. None of the transactions met a threshold requiring review and approval by the Audit Committee of the Board. Amounts due to related parties associated with the purchase of products and/or services at December 31, 2018 were $1 and are reflected in accounts payable in the accompanying condensed consolidated balance sheet. There were no amounts due to related parties associated with the purchase of products and/or services at September 30, 2019. The Company also receives the benefit of the corporate use of an airplane from a related party under common control by S. Kent Rockwell for no consideration. There were no such benefits received during the three months ended September 30, 2019. The Company estimates the fair market value of the benefits received during the nine months ended September 30, 2019 was $3. The Company estimates the fair market value of the benefits received during the three and nine months ended September 30, 2018 was $5. Refer to Note 13 for further discussion relating to a revolving credit facility with a related party entered into in March 2018. |
Other Expense (Income) _ Net
Other Expense (Income) – Net | 9 Months Ended |
Sep. 30, 2019 | |
Other Income And Expenses [Abstract] | |
Other Expense (Income) – Net | Note 19. Other Expense (Income) – Net Other expense (income) – net consisted of the following for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Gain on settlement of insurance claim $ (16 ) $ (819 ) $ (17 ) $ (819 ) Interest income (2 ) (6 ) (10 ) (28 ) Foreign currency gains – net (136 ) (39 ) (85 ) (138 ) Bank fees 25 32 73 75 Other – net (5 ) (6 ) (26 ) (26 ) $ (134 ) $ (838 ) $ (65 ) $ (936 ) For the three and nine months ended September 30, 2018, gain on settlement of insurance claim represented $819 of a realized gain associated with an insurance recovery for a 3D printing machine damaged by a third-party freight company while in transit |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 20. Subsequent Events The Company has evaluated all of its activities and concluded that no subsequent events have occurred that would require recognition in the condensed consolidated financial statements or disclosure in the notes to the condensed consolidated financial statements. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
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); and through December 2018, ExOne Italy S.r.l (Italy). Collectively, the consolidated group is referred to as the “Company”. The Company filed a registration statement on Form S-3 (No. 333-223690) with the Securities and Exchange Commission (“SEC”) on March 15, 2018. The purpose of the Form S-3 was to register, among other securities, debt securities. Subsidiaries of the Company are co-registrants with the Company (“Subsidiary Guarantors”), and the registration statement registered guarantees of debt securities by one or more of the Subsidiary Guarantors. The Subsidiary Guarantors are 100% owned by the Company and any guarantees by the Subsidiary Guarantors will be full and unconditional. There have been no transactions undertaken subject to the Form S-3 since its initial filing. 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, 2018 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, 2018, 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 contract liabilities – net of current portion ($527) in the accompanying condensed consolidated balance sheet at December 31, 2018, have been reclassified from other noncurrent liabilities to conform to current period presentation, following the adoption of Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2014-09 (further described below). Certain amounts relating to the lessor current portion of net investment in sales-type leases ($302) and lessor net investment in sales-type leases – net of current portion ($1,351) in the accompanying condensed consolidated balance sheet at December 31, 2018, have been reclassified from accounts receivable and other noncurrent assets, respectively, to conform to current period presentation following the adoption of FASB ASU 2016-02 (further described below). Related to the reclassifications further described above, amounts within the condensed statement of consolidated cash flows for the nine months ended September 30, 2018 associated with these changes have also been reclassified to conform to current period presentation. |
Recently Adopted and Issued Accounting Guidance | Recently Adopted Accounting Guidance On January 1, 2019, the Company adopted FASB 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 On January 1, 2019, the Company adopted FASB ASU 2016-02, “Leases.” This ASU requires lessees to recognize a right-of-use asset and lease liability on the consolidated balance sheet for leases classified as operating leases. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize a right-of-use asset and lease liability. Additionally, when measuring assets and liabilities arising from a lease, optional payments should be included only if the lessee is reasonably certain to exercise an option to extend the lease, exercise a purchase option, or not exercise an option to terminate the lease. A right-of-use asset represents an entity’s right to use the underlying asset for the lease term, and a lease liability represents an entity’s obligation to make lease payments. Previously, an asset and liability only were recorded for leases classified as capital leases (financing leases). The measurement, recognition, and presentation of expenses and cash flows arising from leases by a lessee remains the same. In connection with the adoption of this guidance, the Company has completed an assessment resulting in an accumulation of all of its leasing arrangements and has validated the information for accuracy and completeness. Upon adoption of the new lease guidance, management recorded a right-of-use asset and lease liability, each in the amount of approximately $400, on the Company’s consolidated balance sheet for various types of operating leases, including certain machinery and other equipment and vehicles. This amount is equivalent to the aggregate future minimum lease payments on a discounted basis. The Company has also elected to apply the package of transitional practical expedients of the new lease guidance by allowing the Company to not: (1) reassess if expired or existing contracts are, or contain, leases; (2) reassess lease classification for any expired or existing leases; and (3) reassess initial direct costs for any existing leases. Additionally, in July 2018, the FASB issued guidance to provide for an alternative transition method to the new lease guidance, whereby an entity can choose to not reflect the impact of the new lease guidance in the prior periods included in its consolidated financial statements. The Company has utilized this alternative transition method in connection with its adoption on January 1, 2019. The Company has included the enhanced disclosures required by this guidance in its condensed consolidated financial statements (Note 11). On January 1, 2019, the Company adopted FASB 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 consolidated 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. The adoption of this ASU did not have an effect on the 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 either were assessed and determined to be not applicable or are currently expected to have no impact on the consolidated financial statements of the Company. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses.” This ASU added a new impairment model (known as the current expected credit loss (“CECL”) model) that is based on expected losses rather than incurred losses. Under this ASU, an entity recognizes as an allowance its estimate of expected credit losses. The CECL model applies to most debt instruments, trade receivables, lease receivables, financial guarantee contracts, and other loan commitments. The CECL model does not have a minimum threshold for recognition of impairment losses and entities will need to measure expected credit losses on assets that have a low risk of loss. These changes become effective for the Company on January 1, 2020. Management is currently evaluating the potential impact of these 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 common 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 common 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. |
Revenue | The Company derives revenue from the sale of 3D printing machines and 3D printed and other products, materials and services. Revenue is recognized when the Company satisfies its performance obligation(s) under a contract (either implicit or explicit) by transferring the promised product or service to a customer either when (or as) the customer obtains control of the product or service. A performance obligation is a promise in a contract to transfer a distinct product or service to a customer. A contract’s transaction price is allocated to each distinct performance obligation. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products or providing services. As such, revenue is recorded net of returns, allowances, customer discounts, and incentives. Sales, value add, and other taxes collected from customers and remitted to governmental authorities are accounted for on a net (excluded from revenue) basis. Shipping and handling costs are included in cost of sales. Certain of the Company’s contracts with customers provide for multiple performance obligations. Sales of 3D printing machines may also include optional equipment, materials, replacement components and services (installation, training and other services, including maintenance services and/or an extended warranty). Certain other contracts have a single performance obligation, as the promise to transfer products or services is not separately identifiable from other promises in the contract and, therefore, not distinct. For contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation using the Company’s best estimate of stand-alone selling price for each distinct product or service in the contract, which is generally based on an observable price. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Foreign currency translation adjustments Balance at beginning of period $ (10,941 ) $ (10,322 ) $ (10,748 ) $ (9,484 ) Other comprehensive loss (1,387 ) (429 ) (1,580 ) (1,267 ) Balance at end of period $ (12,328 ) $ (10,751 ) $ (12,328 ) $ (10,751 ) |
Loss Per Share (Tables)
Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Loss Per Common Share | The information used to compute basic and diluted net loss per common share was as follows for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Net loss $ (4,844 ) $ (323 ) $ (13,129 ) $ (14,745 ) Weighted average shares outstanding (basic and diluted) 16,332,974 16,182,818 16,296,554 16,157,143 Net loss per common share: Basic $ (0.30 ) $ (0.02 ) $ (0.81 ) $ (0.91 ) Diluted $ (0.30 ) $ (0.02 ) $ (0.81 ) $ (0.91 ) |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Revenue by Product Group | The following table summarizes the Company’s revenue by product group for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 3D printing machines $ 3,972 $ 9,700 $ 16,532 $ 17,434 3D printed and other products, materials and services 6,912 6,889 19,210 21,905 $ 10,884 $ 16,589 $ 35,742 $ 39,339 |
Cash, Cash Equivalents, and R_2
Cash, Cash Equivalents, and Restricted Cash (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 as of the dates indicated: September 30, December 31, 2019 2018 Cash and cash equivalents $ 4,756 $ 7,592 Restricted cash 1,364 1,548 Cash, cash equivalents, and restricted cash $ 6,120 $ 9,140 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consisted of the following as of the dates indicated: September 30, December 31, 2019 2018 Raw materials and components $ 8,734 $ 7,747 Work in process 6,099 5,147 Finished goods 3,777 3,036 $ 18,610 $ 15,930 |
Product Warranty Reserves (Tabl
Product Warranty Reserves (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Product Warranties Disclosures [Abstract] | |
Summary of Changes in Product Warranty Reserves | The following table summarizes changes in product warranty reserves, which amounts were reflected in accrued expenses and other current liabilities in the accompanying condensed consolidated balance sheet for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Balance at beginning of period $ 1,223 $ 909 $ 1,670 $ 1,300 Provisions for new issuances 182 445 711 831 Payments (409 ) (236 ) (1,257 ) (564 ) Reserve adjustments (65 ) (103 ) (188 ) (542 ) Foreign currency translation adjustments (20 ) (11 ) (25 ) (21 ) Balance at end of period $ 911 $ 1,004 $ 911 $ 1,004 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Payments of Operating Leases Arrangements | Future minimum lease payments of operating lease arrangements (with initial terms greater than twelve months) at September 30, 2019, were as follows: 2019 $ 39 2020 107 2021 71 2022 58 2023 9 Thereafter 3 Total minimum lease payments 287 Less: Present value discount (26 ) Total operating lease liabilities $ 261 |
Schedule of Supplemental Information Related to Operating Lease Arrangements | Supplemental information related to operating lease arrangements (with initial terms greater than twelve months) was as follows at and for the nine months ended September 30, 2019: Operating lease right-of-use assets included in other noncurrent assets $ 261 Operating lease liabilities included in accrued expenses and other current liabilities $ 108 Operating lease liabilities included in other noncurrent liabilities $ 153 Right-of-use assets obtained in exchange for new operating lease liabilities $ 10 Cash paid for amounts included in the measurement of operating lease liabilities $ 147 Weighted average remaining lease term (in years) 2.9 Weighted average discount rate 6.6 % |
Future Minimum Lease Payments of Operating Lease Arrangements | As previously disclosed under the prior lease accounting standard, future minimum lease payments of operating lease arrangements (with initial terms greater than twelve months) at December 31, 2018, were as follows: 2019 $ 170 2020 111 2021 76 2022 67 2023 12 Thereafter 5 $ 441 |
Schedule of Operating and Sales-type Lease Arrangements | The Company recognized the following components under operating and sales-type lease arrangements in the accompanying condensed statement of consolidated operations and comprehensive loss for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Operating Sales-type Operating Sales-type Operating Sales-type Operating Sales-type Revenue $ 261 $ — $ 336 $ — $ 1,287 $ — $ 788 $ — Interest income (a) $ — $ 21 $ — $ 12 $ — $ 76 $ — $ 38 (a) Interest income relating to sales-type leases is recorded as a component of revenue in the accompanying condensed statement of consolidated operations and comprehensive loss for each of the periods presented. |
Schedule of Net Investment in Sales-type Leases | The Company’s net investment in sales-type leases consisted of the following as of the dates indicated: September 30, December 31, 2019 2018 Future minimum lease payments receivable $ 1,650 $ 1,969 Less: Allowance for doubtful accounts (412 ) — Net future minimum lease payments receivable 1,238 1,969 Less: Unearned interest income (236 ) (316 ) Net investment in sales-type leases $ 1,002 $ 1,653 |
Schedule of Future Minimum Lease Payment Receivable of Non-Cancellable Operating and Sales-type Lease | Future minimum lease payments of non-cancellable operating and sales-type lease arrangements at September 30, 2019, were as follows: Operating Sales-type 2019 $ 278 $ 112 2020 259 377 2021 48 377 2022 — 377 2023 — 407 Thereafter — — Total minimum lease payments $ 585 $ 1,650 Less: Allowance for doubtful accounts (412 ) Less: Present value discount (236 ) Future minimum lease payments receivable $ 1,002 |
Schedule of Future Minimum Lease or Rental Payments of Non-Cancellable Operating and Sales-type Lease | As previously disclosed under the prior lease accounting standard, minimum future rentals under non-cancellable operating and sales-type lease arrangements at December 31, 2018, were as follows: Operating Sales-type 2019 $ 687 $ 409 2020 148 382 2021 48 382 2022 — 382 2023 — 414 Thereafter — — $ 883 $ 1,969 |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of Unrecognized Tax Benefits (Including Accrued Interest and Penalties) | A reconciliation of the beginning and ending amount of unrecognized tax benefits (including accrued interest and penalties) was as follows for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Balance at beginning of period $ 105 $ 1,871 $ 1,186 $ 1,775 Additions based on tax positions related to the current year — — — — Additions for tax positions of prior years 2 38 4 156 Reductions for tax positions of prior years — (487 ) (1,075 ) (487 ) Settlements — — — — Foreign currency translation adjustments (5 ) (16 ) (13 ) (38 ) Balance at end of period $ 102 $ 1,406 $ 102 $ 1,406 |
Equity-Based Compensation (Tabl
Equity-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 by the Company for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Equity-based compensation expense recognized: Stock options $ 195 $ 103 $ 511 $ 131 Restricted stock 171 108 545 314 Other (a) (371 ) 71 20 211 Total equity-based compensation expense before income taxes (5 ) 282 1,076 656 Benefit for income taxes (b) — — — — Total equity-based compensation expense net of income taxes $ (5 ) $ 282 $ 1,076 $ 656 (a) For the three months and nine months ended September 30, 2019, Other represents activity associated with the 2019 Program and other employee contractual amounts to be settled in equity. For the three months and nine months ended September 30, 2018, Other represents activity associated with the 2018 Program and other employee contractual amounts to be settled in equity. (b) 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 Stock Options Granted Estimated on the Date of Grant Using the Black-Scholes Option | The fair value of stock options granted was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions for the periods indicated: Nine Months Ended September 30, 2019 2018 Weighted average fair value per stock option $2.77 - $3.68 $3.01 - $3.77 Volatility 54.0% - 60.1% 62.6% - 63.7% Average risk-free interest rate 1.5% - 2.5% 2.5% - 2.7% Dividend yield 0.0% 0.0% Expected term (years) 2.5 - 3.5 3.1 - 3.3 |
Summary of Activity for Stock Options | The activity for stock options was as follows for the periods indicated: Nine Months Ended September 30, 2019 2018 Number Options Weighted Weighted Average Grant Date Fair Value Number Options Weighted Weighted Average Grant Date Fair Value Outstanding at beginning of period 621,986 $ 10.66 $ 5.52 674,470 $ 11.58 $ 6.41 Stock options granted 290,610 $ 7.35 $ 2.95 147,500 $ 7.01 $ 3.13 Stock options exercised (40,432 ) $ 7.17 $ 3.03 (65,833 ) $ 7.91 $ 3.87 Stock options forfeited (9,773 ) $ 7.67 $ 3.70 (133,835 ) $ 9.44 $ 5.15 Stock options expired (34,332 ) $ 16.87 $ 10.30 (108,332 ) $ 13.28 $ 7.58 Outstanding at end of period 828,059 $ 9.44 $ 4.56 513,970 $ 10.94 $ 5.89 Stock options exercisable at end of period 403,479 $ 11.30 $ 6.02 360,132 $ 12.41 $ 6.90 Stock options expected to vest at end of period 424,580 $ 7.68 $ 3.18 153,838 $ 7.49 $ 3.52 |
Summary of Activity for Restricted Stock Awards | The activity for restricted stock was as follows for the periods indicated: Nine Months Ended September 30, 2019 2018 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 67,001 $ 8.30 52,502 $ 11.07 Restricted stock granted 66,763 $ 8.98 57,000 $ 7.39 Restricted stock vested (62,251 ) $ 8.65 (42,501 ) $ 10.51 Restricted stock forfeited (5,000 ) $ 6.75 — $ — Outstanding at end of period 66,513 $ 8.76 67,001 $ 8.30 Restricted stock expected to vest at end of period 66,513 $ 8.76 67,001 $ 8.30 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 as of the dates indicated: September 30, December 31, 2019 2018 Carrying Value Fair Value Carrying Value Fair Value Cash and cash equivalents $ 4,756 $ 4,756 $ 7,592 $ 7,592 Restricted cash $ 1,364 $ 1,364 $ 1,548 $ 1,548 Debt issuance costs (a) $ 129 $ — $ 195 $ — Current portion of long-term debt (b) $ 151 $ 155 $ 144 $ 149 Long-term debt ̶ (b) $ 1,250 $ 1,267 $ 1,364 $ 1,384 (a) Represents debt issuance costs associated with the Company’s related party revolving credit facility (Note 13) of which 41 (b) Carrying values at September 30, 2019 and December 31, 2018 are net of unamortized debt issuance costs of $21 and $25, respectively |
Other Expense (Income) _ Net (T
Other Expense (Income) – Net (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Other Income And Expenses [Abstract] | |
Schedule of Other Expense (Income) - Net | Other expense (income) – net consisted of the following for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Gain on settlement of insurance claim $ (16 ) $ (819 ) $ (17 ) $ (819 ) Interest income (2 ) (6 ) (10 ) (28 ) Foreign currency gains – net (136 ) (39 ) (85 ) (138 ) Bank fees 25 32 73 75 Other – net (5 ) (6 ) (26 ) (26 ) $ (134 ) $ (838 ) $ (65 ) $ (936 ) |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
State of incorporation | DE | |
Date of incorporation | Jan. 1, 2013 | |
Contract liabilities ̶ net of current portion | $ 227 | $ 527 |
Current portion of net investment in sales-type leases | 210 | 302 |
Net investment in sales-type leases ̶ net of current portion | 792 | $ 1,351 |
Right-of-use assets | 261 | |
Lease liability | 261 | |
ASU 2016-02 [Member] | ||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||
Right-of-use assets | 400 | |
Lease liability | $ 400 | |
Subsidiary Guarantors [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 ($) | Mar. 12, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Dec. 31, 2018 |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||||
Net loss | $ (4,844,000) | $ (13,129,000) | $ (14,745,000) | ||||
Cash and cash equivalents | 4,756,000 | 4,756,000 | $ 4,756,000 | $ 7,592,000 | |||
Initial And Secondary Public Offerings [Member] | |||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||||
Cumulative unrestricted net proceeds from common stock | 168,361,000 | ||||||
Revolving Credit Facility [Member] | LBM Holdings, LLC [Member] | |||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||||
Credit facility, expiration period | 3 years | 3 years | |||||
Line of credit facility, maximum borrowing capacity | $ 15,000,000 | $ 15,000,000 | |||||
Line of credit facility, remaining borrowing capacity | $ 13,000,000 | $ 13,000,000 | $ 13,000,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Summary of Changes in the Components of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Balance at beginning of period | $ (10,941) | $ (10,322) | $ (10,748) | $ (9,484) |
Other comprehensive loss | (1,387) | (429) | (1,580) | (1,267) |
Balance at end of period | $ (12,328) | $ (10,751) | $ (12,328) | $ (10,751) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Accumulated other comprehensive loss, tax | $ 0 | $ 0 | $ 0 | $ 0 |
Amounts reclassified to earnings from accumulated other comprehensive loss | $ 0 | $ 0 | $ 0 | $ 0 |
Loss Per Share - Additional Inf
Loss Per Share - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Stock Option [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Potential shares of anti-dilutive common stock | 828,059 | 513,970 | 828,059 | 513,970 |
Restricted Stock [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Potential shares of anti-dilutive common stock | 66,513 | 67,001 | 66,513 | 67,001 |
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 | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share [Abstract] | ||||||||
Net loss | $ (4,844) | $ (3,789) | $ (4,496) | $ (323) | $ (8,037) | $ (6,385) | $ (13,129) | $ (14,745) |
Weighted average shares outstanding (basic and diluted) | 16,332,974 | 16,182,818 | 16,296,554 | 16,157,143 | ||||
Net loss per common share: | ||||||||
Basic | $ (0.30) | $ (0.02) | $ (0.81) | $ (0.91) | ||||
Diluted | $ (0.30) | $ (0.02) | $ (0.81) | $ (0.91) |
Revenue - Summary of Revenue by
Revenue - Summary of Revenue by Product Group (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenue from External Customer [Line Items] | ||||
Revenue | $ 10,884 | $ 16,589 | $ 35,742 | $ 39,339 |
3D Printing Machines [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenue | 3,972 | 9,700 | 16,532 | 17,434 |
3D Printed and Other Products, Materials and Services [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenue | $ 6,912 | $ 6,889 | $ 19,210 | $ 21,905 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Disaggregation Of Revenue [Line Items] | |||||
Revenue, description of payment terms | the Company’s terms of sale generally require payment within 30 to 60 days after delivery, although the Company also recognizes that longer payment periods are customary in certain countries where it transacts business. | ||||
Revenue recognized related to contract liabilities | $ 1,714 | ||||
Revenue, remaining performance obligation | $ 25,800 | 25,800 | |||
Allowance for doubtful accounts | 481 | 481 | $ 225 | ||
Provision (recoveries) for bad debts ̶ net | $ 414 | $ (3) | $ 264 | $ (40) | |
Maximum [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Term till payment is required from date of shipment | 60 days | ||||
Minimum [Member] | |||||
Disaggregation Of Revenue [Line Items] | |||||
Term till payment is required from date of shipment | 30 days |
Revenue - Additional Informat_2
Revenue - Additional Information (Detail 1) $ in Thousands | Sep. 30, 2019USD ($) |
Disaggregation Of Revenue [Line Items] | |
Revenue, remaining performance obligation | $ 25,800 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2019-10-01 | |
Disaggregation Of Revenue [Line Items] | |
Revenue, remaining performance obligation | $ 21,700 |
Revenue, remaining performance obligation, Expected timing of satisfaction, period | 12 months |
Restructuring - Additional Info
Restructuring - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Dec. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | Sep. 30, 2018 | |
Restructuring Cost And Reserve [Line Items] | |||||||
Gain (loss) on disposal of assets | $ 2,000 | $ 33,000 | |||||
Proceeds from sale of property and equipment | 3,000 | 77,000 | |||||
Houston, Texas 3D Printing Operations [Member] | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Involuntary employee terminations charges | $ 28,000 | ||||||
Asset impairment charges | 1,000 | ||||||
Additional charges expected to be incurred | 0 | $ 0 | |||||
Houston, Texas 3D Printing Operations [Member] | Prepaid Expenses and Other Current Assets [Member] | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Expected sale of certain property and equipment | $ 822,000 | ||||||
Houston, Texas 3D Printing Operations [Member] | Scenario Forecast [Member] | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Gain (loss) on disposal of assets | $ 200,000 | ||||||
Proceeds from sale of property and equipment | $ 1,000,000 | ||||||
Houston, Texas 3D Printing Operations [Member] | Cost of Sales [Member] | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Involuntary employee terminations charges | 15,000 | ||||||
Houston, Texas 3D Printing Operations [Member] | Selling, General and Administrative Expenses [Member] | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Involuntary employee terminations charges | $ 13,000 | ||||||
Desenzano Del Garada, Italy 3D Printing Operations [Member] | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Involuntary employee terminations charges | $ 72,000 | ||||||
Asset impairment charges | $ 13,000 | $ 228,000 | |||||
Additional charges expected to be incurred | 0 | ||||||
Gain (loss) on disposal of assets | $ 51,000 | ||||||
Total restructuring charges | 245,000 | ||||||
Other exit costs | $ 17,000 | ||||||
Desenzano Del Garada, Italy 3D Printing Operations [Member] | Cost of Sales [Member] | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Involuntary employee terminations charges | 19,000 | ||||||
Desenzano Del Garada, Italy 3D Printing Operations [Member] | Selling, General and Administrative Expenses [Member] | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Involuntary employee terminations charges | $ 53,000 |
Impairment - Additional Informa
Impairment - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2019USD ($)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 R_3
Cash, Cash Equivalents, and Restricted Cash - Schedule of Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Cash And Cash Equivalents [Abstract] | ||
Cash and cash equivalents | $ 4,756 | $ 7,592 |
Restricted cash | 1,364 | 1,548 |
Cash, cash equivalents, and restricted cash | $ 6,120 | $ 9,140 |
Cash, Cash Equivalents, and R_4
Cash, Cash Equivalents, and Restricted Cash - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Cash Cash Equivalents And Restricted Cash [Line Items] | ||
Restricted cash associated with cash collateral | $ 1,364 | $ 1,548 |
German Bank [Member] | ||
Cash Cash Equivalents And Restricted Cash [Line Items] | ||
Restricted cash associated with cash collateral | 857 | 1,044 |
United States Bank [Member] | ||
Cash Cash Equivalents And Restricted Cash [Line Items] | ||
Restricted cash associated with cash collateral | $ 507 | $ 504 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Raw materials and components | $ 8,734 | $ 7,747 |
Work in process | 6,099 | 5,147 |
Finished goods | 3,777 | 3,036 |
Inventories | $ 18,610 | $ 15,930 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2018 | Sep. 30, 2019 | Dec. 31, 2018 | |
Inventory [Line Items] | |||
Allowance for slow-moving and obsolete inventories | $ 3,684 | $ 4,143 | |
Industrial Microwave [Member] | |||
Inventory [Line Items] | |||
Inventory (credit) charge | $ 561 |
Product Warranty Reserves - Add
Product Warranty Reserves - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2019 | |
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 | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Guarantees [Abstract] | ||||
Balance at beginning of period | $ 1,223 | $ 909 | $ 1,670 | $ 1,300 |
Provisions for new issuances | 182 | 445 | 711 | 831 |
Payments | (409) | (236) | (1,257) | (564) |
Reserve adjustments | (65) | (103) | (188) | (542) |
Foreign currency translation adjustments | (20) | (11) | (25) | (21) |
Balance at end of period | $ 911 | $ 1,004 | $ 911 | $ 1,004 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Leases [Line Items] | ||||
Lease expiration year | 2026 | |||
Short term lease cost | $ 44,000 | $ 156,000 | ||
Lease cost | 94,000 | 305,000 | ||
Provision for bad debt lease | $ 416,000 | $ 0 | $ 416,000 | $ 0 |
Minimum [Member] | ||||
Leases [Line Items] | ||||
Operating lease arrangement terms | 1 year | 1 year | ||
Maximum [Member] | ||||
Leases [Line Items] | ||||
Operating lease arrangement terms | 5 years | 5 years | ||
Related Parties Under Common Control [Member] | ||||
Leases [Line Items] | ||||
Short term lease cost | $ 4,000 | $ 28,000 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments of Operating Leases Arrangements (Detail) $ in Thousands | Sep. 30, 2019USD ($) |
Leases [Abstract] | |
2019 | $ 39 |
2020 | 107 |
2021 | 71 |
2022 | 58 |
2023 | 9 |
Thereafter | 3 |
Total minimum lease payments | 287 |
Less: Present value discount | (26) |
Total operating lease liabilities | $ 261 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Information Related to Operating Lease Arrangements (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Leases [Abstract] | |
Operating lease right-of-use assets included in other noncurrent assets | $ 261 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssetsNoncurrent |
Operating lease liabilities included in accrued expenses and other current liabilities | $ 108 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | xone:AccruedExpensesAndOtherCurrentLiabilitiesMember |
Operating lease liabilities included in other noncurrent liabilities | $ 153 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherNoncurrentLiabilitiesMember |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 10 |
Cash paid for amounts included in the measurement of operating lease liabilities | $ 147 |
Weighted average remaining lease term (in years) | 2 years 10 months 24 days |
Weighted average discount rate | 6.60% |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments of Operating Lease Arrangements (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 170 |
2020 | 111 |
2021 | 76 |
2022 | 67 |
2023 | 12 |
Thereafter | 5 |
Future minimum lease payments of operating lease, Total | $ 441 |
Leases - Schedule of Operating
Leases - Schedule of Operating and Sales-type Lease Arrangements (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Leases [Abstract] | |||||
Operating lease revenue | $ 261 | $ 336 | $ 1,287 | $ 788 | |
Sales-type lease interest income | [1] | $ 21 | $ 12 | $ 76 | $ 38 |
[1] | Interest income relating to sales-type leases is recorded as a component of revenue in the accompanying condensed statement of consolidated operations and comprehensive loss for each of the periods presented. |
Leases - Schedule of Net Invest
Leases - Schedule of Net Investment in Sales-type Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
Future minimum lease payments receivable | $ 1,650 | |
Less: Allowance for doubtful accounts | (412) | |
Net future minimum lease payments receivable | 1,238 | |
Less: Unearned interest income | (236) | |
Net investment in sales-type leases | $ 1,002 | |
Future minimum lease payments receivable | $ 1,969 | |
Net future minimum lease payments receivable | 1,969 | |
Less: Unearned interest income | (316) | |
Net investment in sales-type leases | $ 1,653 |
Leases - Schedule of Future M_2
Leases - Schedule of Future Minimum Lease Payment Receivable of Non-Cancellable Operating and Sales-type Lease (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Operating lease arrangements | |
2019 | $ 278 |
2020 | 259 |
2021 | 48 |
Total minimum lease payments | 585 |
Sales-type lease arrangements | |
2019 | 112 |
2020 | 377 |
2021 | 377 |
2022 | 377 |
2023 | 407 |
Total minimum lease payments | 1,650 |
Less: Allowance for doubtful accounts | (412) |
Less: Present value discount | (236) |
Future minimum sales-type lease payments receivable | $ 1,002 |
Leases - Schedule of Future M_3
Leases - Schedule of Future Minimum Lease or Rental Payments of Non-Cancellable Operating and Sales-type Lease (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Operating lease arrangements | |
2019 | $ 687 |
2020 | 148 |
2021 | 48 |
Operating leases, future minimum payments receivable | 883 |
Sales-lease type arrangements | |
2019 | 409 |
2020 | 382 |
2021 | 382 |
2022 | 382 |
2023 | 414 |
Sales-type leases, future minimum payments receivable | $ 1,969 |
Contingencies and Commitments -
Contingencies and Commitments - Additional Information (Detail) - Germany [Member] - German Bank [Member] € in Thousands | 9 Months Ended | |||
Sep. 30, 2019USD ($) | Sep. 30, 2019EUR (€) | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) | |
Line Of Credit Facility [Line Items] | ||||
Credit facility, maximum borrowing capacity | $ 1,400,000 | € 1,300 | ||
Credit facility, minimum increments | 100,000 | 100 | ||
Credit facility, commitment fee | $ 0 | |||
Minimum [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Debt Instrument, term | 30 days | |||
Commercial Transactions Requiring Security [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Credit facility, interest rate | 1.75% | |||
Credit facility, outstanding amount | $ 1,044,000 | € 912 | ||
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 | $ 87,000 | 80 | 96,000 | € 80 |
Expiration date, description | February 2023 | |||
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 | ||
Short-Term Loans [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Outstanding borrowings in form of overdraft credit or short-term loans | 0 | $ 0 | ||
Commercial Transactions Requiring Security Expiring From July Twenty Nineteen Through November Twenty Nineteen [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Credit facility, outstanding amount | $ 857,000 | € 785 | ||
Expiration date, description | October 2019 through March 2020 |
Related Party Revolving Credi_2
Related Party Revolving Credit Facility - Additional Information (Detail) - USD ($) | Mar. 12, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2019 | Dec. 31, 2018 |
Related Party Transaction [Line Items] | ||||||||
Amortization of debt issuance costs | $ 70,000 | $ 52,000 | ||||||
Accounts payable | $ 6,035,000 | 6,035,000 | $ 4,376,000 | |||||
Revolving Credit Facility [Member] | Prepaid Expenses and Other Current Assets [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Debt issuance costs, net | 88,000 | 88,000 | 88,000 | |||||
Revolving Credit Facility [Member] | Other Noncurrent Assets [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Debt issuance costs, net | $ 41,000 | $ 41,000 | $ 107,000 | |||||
Revolving Credit Facility [Member] | LBM Holdings, LLC [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | $ 15,000,000 | $ 15,000,000 | ||||||
Credit facility, expiration period | 3 years | 3 years | ||||||
Credit facility, expiration date | Mar. 12, 2021 | |||||||
Credit facility, description of variable rate basis | one-month LIBOR | |||||||
Credit facility, interest rate | 7.00% | 7.00% | 7.50% | |||||
Credit facility, commitment fee on unused portion, percentage | 0.75% | |||||||
Credit facility, commitment fee on unused portion, payable term | The LBM Credit Agreement requires a commitment fee of 75 basis points, or 0.75%, on the unused portion of the facility, payable monthly in arrears. | |||||||
Credit facility, up-front commitment fee percentage | 1.25% | |||||||
Credit facility, up-front commitment fee amount | $ 188,000 | |||||||
Credit facility, minimum increments | 1,000,000 | |||||||
Available loan proceeds deposited into escrow account | $ 15,000,000 | |||||||
Credit facility, outstanding amount | $ 2,000,000 | $ 2,000,000 | $ 0 | |||||
Debt issuance costs | 265,000 | 265,000 | ||||||
Interest expense relating to the Credit Agreement | 65,000 | $ 51,000 | 165,000 | $ 110,000 | ||||
Amortization of debt issuance costs | 22,000 | 66,000 | ||||||
Debt issuance costs, net | 129,000 | 129,000 | $ 195,000 | |||||
Interest expense relating to the commitment fee | 43,000 | 99,000 | ||||||
Accounts payable | 20,000 | 20,000 | 10,000 | |||||
Revolving Credit Facility [Member] | LBM Holdings, LLC [Member] | Prepaid Expenses and Other Current Assets [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Debt issuance costs, net | 88,000 | 88,000 | 88,000 | |||||
Revolving Credit Facility [Member] | LBM Holdings, LLC [Member] | Other Noncurrent Assets [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Debt issuance costs, net | $ 41,000 | $ 41,000 | $ 107,000 | |||||
Revolving Credit Facility [Member] | LBM Holdings, LLC [Member] | One Month LIBOR [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Credit facility, basis spread on variable rate | 5.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Mar. 31, 2019 | Dec. 31, 2018 | |
Schedule Of Income Taxes [Line Items] | ||||||
Provision (benefit) for income taxes | $ 15,000 | $ 17,000 | $ (686,000) | $ 52,000 | ||
Effective tax rate | 0.30% | 5.60% | 5.00% | 0.40% | ||
United States statutory rate | 21.00% | 21.00% | 21.00% | 21.00% | ||
Penalties and interest expense | $ 0 | $ 0 | $ 0 | $ 0 | ||
Unrecognized tax benefits including accrued interest and penalties | $ 0 | $ 0 | $ 820,000 | |||
Subsidiaries [Member] | Local Taxing Authorities [Member] | Germany [Member] | ||||||
Schedule Of Income Taxes [Line Items] | ||||||
Reversal of previously recorded liabilities for uncertain tax positions | $ 1,075,000 | |||||
Uncertain tax positions expected amount to be offset against net operating loss carryforwards | $ 257,000 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Including Accrued Interest and Penalties) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Balance at beginning of period | $ 105 | $ 1,871 | $ 1,186 | $ 1,775 |
Additions for tax positions of prior years | 2 | 38 | 4 | 156 |
Reductions for tax positions of prior years | (487) | (1,075) | (487) | |
Foreign currency translation adjustments | (5) | (16) | (13) | (38) |
Balance at end of period | $ 102 | $ 1,406 | $ 102 | $ 1,406 |
Equity-Based Compensation - Add
Equity-Based Compensation - Additional Information (Detail) - USD ($) | Jan. 24, 2013 | Sep. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-average remaining vesting period | 1 year 6 months | |||
Proceeds from exercise of employee stock options | $ 289,000 | $ 521,000 | ||
Cash payment for taxes relating to net settlement of equity based awards | 68,000 | 0 | ||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total future compensation expense | $ 992,000 | 992,000 | ||
Intrinsic value, stock options expected to vest | 557,000 | 557,000 | ||
Intrinsic value, stock options exercisable | 232,000 | $ 232,000 | ||
Weighted average remaining contractual term of stock options exercisable | 4 years | |||
Weighted average remaining contractual term of stock options expected to vest | 4 years 6 months | |||
Intrinsic value of stock options exercised | $ 358,000 | 574,000 | ||
Proceeds from exercise of employee stock options | 289,000 | 521,000 | ||
Income tax benefit | 0 | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total future compensation expense | $ 293,000 | 293,000 | ||
Fair value of restricted shares vested | $ 535,000 | $ 326,000 | ||
Maximum [Member] | Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Stock options contractual expiration period | 10 years | |||
Maximum [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Minimum [Member] | Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 1 year | |||
Stock options contractual expiration period | 5 years | |||
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 | |||
Remaining shares available for future issuance | 654,134 | 654,134 | ||
2013 Equity Incentive Plan [Member] | Common Stock [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of outstanding shares of common stock | 3.00% | |||
Number of Shares authorized | 1,992,241 | |||
2019 Annual Incentive Program [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based compensation expense, net reversal | $ 376,000 |
Equity-Based Compensation - Sum
Equity-Based Compensation - Summary of Equity-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Equity-based compensation expense recognized: | |||||
Total equity-based compensation expense before income taxes | $ (5) | $ 282 | $ 1,076 | $ 656 | |
Benefit for income taxes | [1] | 0 | 0 | 0 | 0 |
Total equity-based compensation expense net of income taxes | (5) | 282 | 1,076 | 656 | |
Stock Options [Member] | |||||
Equity-based compensation expense recognized: | |||||
Total equity-based compensation expense before income taxes | 195 | 103 | 511 | 131 | |
Restricted Stock [Member] | |||||
Equity-based compensation expense recognized: | |||||
Total equity-based compensation expense before income taxes | 171 | 108 | 545 | 314 | |
Other [Member] | |||||
Equity-based compensation expense recognized: | |||||
Total equity-based compensation expense before income taxes | [2] | $ (371) | $ 71 | $ 20 | $ 211 |
[1] | The benefit for income taxes from equity-based compensation for each of the periods presented has been determined to be $0 based on valuation allowances against net deferred tax assets. | ||||
[2] | For the three months and nine months ended September 30, 2019, Other represents activity associated with the 2019 Program and other employee contractual amounts to be settled in equity. For the three months and nine months ended September 30, 2018, Other represents activity associated with the 2018 Program and other employee contractual amounts to be settled in equity. |
Equity-Based Compensation - S_2
Equity-Based Compensation - Summary of Equity-Based Compensation Expense (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||
Benefit for income taxes from equity-based compensation | [1] | $ 0 | $ 0 | $ 0 | $ 0 |
[1] | The benefit for income taxes from equity-based compensation for each of the periods presented has been determined to be $0 based on valuation allowances against net deferred tax assets. |
Equity-Based Compensation - Ass
Equity-Based Compensation - Assumptions for Fair Value of Stock Options Granted Estimated on the Date of Grant Using the Black-Scholes Option (Detail) - Stock Options [Member] - $ / shares | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 0.00% | 0.00% |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average fair value per stock option | $ 2.77 | $ 3.01 |
Volatility | 54.00% | 62.60% |
Average risk-free interest rate | 1.50% | 2.50% |
Expected term (years) | 2 years 6 months | 3 years 1 month 6 days |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average fair value per stock option | $ 3.68 | $ 3.77 |
Volatility | 60.10% | 63.70% |
Average risk-free interest rate | 2.50% | 2.70% |
Expected term (years) | 3 years 6 months | 3 years 3 months 18 days |
Equity-Based Compensation - S_3
Equity-Based Compensation - Summary of Activity for Stock Options (Detail) - $ / shares | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Stock options outstanding, Beginning balance | 621,986 | 674,470 |
Stock options granted | 290,610 | 147,500 |
Stock options exercised | (40,432) | (65,833) |
Stock options forfeited | (9,773) | (133,835) |
Stock options expired | (34,332) | (108,332) |
Stock options outstanding, Ending balance | 828,059 | 513,970 |
Stock options exercisable at end of period | 403,479 | 360,132 |
Stock options expected to vest at end of period | 424,580 | 153,838 |
Weighted average exercise price, Beginning balance | $ 10.66 | $ 11.58 |
Weighted average exercise price, Stock options granted | 7.35 | 7.01 |
Weighted average exercise price, Stock options exercised | 7.17 | 7.91 |
Weighted average exercise price, Stock options forfeited | 7.67 | 9.44 |
Weighted average exercise price, Stock options expired | 16.87 | 13.28 |
Weighted average exercise price, Ending balance | 9.44 | 10.94 |
Weighted average exercise price, Stock options exercisable | 11.30 | 12.41 |
Weighted average exercise price, Stock options expected to vest, net of forfeitures | 7.68 | 7.49 |
Weighted average grant date fair value, Beginning balance | 5.52 | 6.41 |
Weighted average grant date fair value, Stock options granted | 2.95 | 3.13 |
Weighted average grant date fair value, Stock options exercised | 3.03 | 3.87 |
Weighted average grant date fair value, Stock options forfeited | 3.70 | 5.15 |
Weighted average grant date fair value, Stock options expired | 10.30 | 7.58 |
Weighted average grant date fair value, Ending balance | 4.56 | 5.89 |
Weighted average grant date fair value, Stock options exercisable | 6.02 | 6.90 |
Weighted average grant date fair value, Stock options expected to vest, net of forfeitures | $ 3.18 | $ 3.52 |
Equity-Based Compensation - S_4
Equity-Based Compensation - Summary of Activity for Restricted Stock Awards (Detail) - Restricted Stock [Member] - $ / shares | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Restricted Shares, outstanding, Beginning Balance | 67,001 | 52,502 |
Number of Restricted Shares, granted | 66,763 | 57,000 |
Number of Restricted Shares, vested | (62,251) | (42,501) |
Number of Restricted Shares, forfeited | (5,000) | 0 |
Number of Restricted Shares, outstanding, Ending Balance | 66,513 | 67,001 |
Number of Restricted Shares, expected to vest | 66,513 | 67,001 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ 8.30 | $ 11.07 |
Weighted Average Grant Date Fair Value, granted | 8.98 | 7.39 |
Weighted Average Grant Date Fair Value, vested | 8.65 | 10.51 |
Weighted Average Grant Date Fair Value, forfeited | 6.75 | 0 |
Weighted Average Grant Date Fair Value, Ending Balance | 8.76 | 8.30 |
Weighted Average Grant Date Fair Value, expected to vest | $ 8.76 | $ 8.30 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value Disclosures [Abstract] | ||
Financial instruments (assets or liabilities) measured at fair value | $ 0 | $ 0 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Values and Fair Values of Other Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Carrying Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 4,756 | $ 7,592 |
Restricted cash | 1,364 | 1,548 |
Debt issuance costs | 129 | 195 |
Current portion of long-term debt | 151 | 144 |
Long-term debt ̶ net of current portion | 1,250 | 1,364 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 4,756 | 7,592 |
Restricted cash | 1,364 | 1,548 |
Current portion of long-term debt | 155 | 149 |
Long-term debt ̶ net of current portion | $ 1,267 | $ 1,384 |
Fair Value Measurements - Car_2
Fair Value Measurements - Carrying Values and Fair Values of Other Financial Instruments (Parenthetical) (Detail) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unamortized debt issuance costs | $ 21 | $ 25 |
Revolving Credit Facility [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt issuance costs | 88 | 88 |
Revolving Credit Facility [Member] | Other Noncurrent Assets [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt issuance costs | $ 41 | $ 107 |
Concentration of Credit Risk -
Concentration of Credit Risk - Additional Information (Detail) - Five Most Significant Customers [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Revenue, Major Customer [Line Items] | |||||
Accounts receivable from significant customers | $ 638 | $ 638 | $ 2,344 | ||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |||||
Revenue, Major Customer [Line Items] | |||||
Revenue concentration, by most significant customers | 30.20% | 34.60% | 23.80% | 17.90% |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Accounts Payable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Amounts due to related party | $ 0 | $ 0 | $ 1 | ||
Chairman of the Board of Directors [Member] | |||||
Related Party Transaction [Line Items] | |||||
Purchases from related parties | 5 | $ 4 | 63 | $ 16 | |
Fair market value of benefits received | $ 0 | $ 5 | 3 | $ 5 | |
Chairman of the Board of Directors [Member] | 3D Printing Machine and Ancillary Equipment [Member] | |||||
Related Party Transaction [Line Items] | |||||
Purchases from related parties | $ 30 |
Other Expense (Income) - Net -
Other Expense (Income) - Net - Schedule of Other Expense (Income) - Net (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Other Income And Expenses [Abstract] | ||||
Gain on settlement of insurance claim | $ (16) | $ (819) | $ (17) | $ (819) |
Interest income | (2) | (6) | (10) | (28) |
Foreign currency gains – net | (136) | (39) | (85) | (138) |
Bank fees | 25 | 32 | 73 | 75 |
Other – net | (5) | (6) | (26) | (26) |
Other expense (income) - net | $ (134) | $ (838) | $ (65) | $ (936) |
Other Expense (Income) - Net _2
Other Expense (Income) - Net - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Other Income Expense Net [Line Items] | ||||
Realized gain associated with insurance recovery | $ 16 | $ 819 | $ 17 | $ 819 |
3D Printing Machines [Member] | ||||
Other Income Expense Net [Line Items] | ||||
Realized gain associated with insurance recovery | $ 819 | $ 819 |