Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 13, 2021 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2021 | |
Entity File Number | 001-38835 | |
Entity Registrant Name | DESKTOP METAL, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 83-2044042 | |
Entity Address, Address Line One | 63 3rd Avenue | |
Entity Address, City or Town | Burlington | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 01803 | |
City Area Code | 978 | |
Local Phone Number | 224-1244 | |
Title of 12(b) Security | Common Stock, $0.0001 Par Value per Share | |
Trading Symbol | DM | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 255,775,107 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001754820 | |
Amendment Flag | false | |
Entity Ex Transition Period | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 416,379,000 | $ 483,525,000 |
Short-term investments | 155,847,000 | 111,867,000 |
Restricted cash | 1,021,000 | |
Accounts receivable | 9,234,000 | 6,516,000 |
Inventory | 20,837,000 | 9,708,000 |
Prepaid expenses and other current assets | 18,657,000 | 976,000 |
Total current assets | 621,975,000 | 612,592,000 |
Restricted cash | 776,000 | 612,000 |
Property and equipment, net | 12,331,000 | 12,160,000 |
Capitalized software, net | 268,000 | 312,000 |
Goodwill | 201,308,000 | 2,252,000 |
Intangible assets, net | 144,103,000 | 9,102,000 |
Other noncurrent assets | 6,826,000 | 4,879,000 |
Total Assets | 987,587,000 | 641,909,000 |
Current liabilities: | ||
Accounts payable | 5,227,000 | 7,591,000 |
Customer deposits | 2,792,000 | 1,480,000 |
Current portion of lease liability | 1,639,000 | 868,000 |
Accrued expenses and other current liabilities | 15,324,000 | 7,565,000 |
Deferred revenue | 3,405,000 | 3,004,000 |
Current portion of long-term debt, net of deferred financing costs | 11,019,000 | 9,991,000 |
Total current liabilities | 39,406,000 | 30,499,000 |
Warrant liability | 0 | 93,328,000 |
Long-term debt, net of deferred financing costs | 163,000 | |
Lease liability, net of current portion | 3,248,000 | 2,157,000 |
Deferred tax liability | 5,206,000 | |
Total liabilities | 48,023,000 | 125,984,000 |
Commitments and Contingences (Note 15) | ||
Stockholders' Equity | ||
Preferred Stock, $0.0001 par value-authorized, 50,000,000 shares; no shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively | ||
Common Stock, $0.0001 par value-500,000,000 shares authorized; 252,660,102 and 226,756,733 shares issued at March 31, 2021 and December 31, 2020, respectively, 252,436,919 and 224,626,597 shares outstanding at March 31, 2021 and December 31, 2020, respectively | 25,000 | 23,000 |
Additional paid-in capital | 1,326,945,000 | 844,188,000 |
Accumulated deficit | (387,385,000) | (328,277,000) |
Accumulated other comprehensive income (loss) | (21,000) | (9,000) |
Total Stockholders' Equity | 939,564,000 | 515,925,000 |
Total Liabilities and Stockholders' Equity | $ 987,587,000 | $ 641,909,000 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
CONDENSED CONSOLIDATED BALANCE SHEETS | ||
Preferred stock par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares, issued | 0 | 0 |
Preferred Stock, shares, outstanding | 0 | 0 |
Common stock par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares, issued | 252,660,102 | 226,756,733 |
Common stock, shares, outstanding | 252,436,919 | 224,626,597 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues | ||
Total revenues | $ 11,313 | $ 3,385 |
Cost of sales | ||
Total cost of sales | 11,900 | 6,204 |
Gross margin | (587) | (2,819) |
Operating expenses | ||
Research and development | 10,858 | 12,340 |
Sales and marketing | 5,449 | 4,494 |
General and administrative | 13,846 | 2,625 |
Total operating expenses | 30,153 | 19,459 |
Loss from operations | (30,740) | (22,278) |
Change in fair value of warrant liability | (56,576) | |
Interest expense | (73) | (104) |
Interest and other income, net | 361 | 578 |
Loss before income taxes | (87,028) | (21,804) |
Income tax benefit | 27,920 | 0 |
Net loss | $ (59,108) | $ (21,804) |
Net loss per share-basic and diluted | $ (0.25) | $ (0.14) |
Products | ||
Revenues | ||
Total revenues | $ 10,311 | $ 2,694 |
Cost of sales | ||
Total cost of sales | 10,487 | 5,041 |
Services | ||
Revenues | ||
Total revenues | 1,002 | 691 |
Cost of sales | ||
Total cost of sales | $ 1,413 | $ 1,163 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ||
Net loss | $ (59,108) | $ (21,804) |
Other comprehensive (loss) income, net of taxes: | ||
Unrealized gain (loss) on available-for-sale marketable securities, net | 1 | (159) |
Foreign currency translation adjustment | (13) | |
Total comprehensive loss, net of taxes of $0 | $ (59,120) | $ (21,963) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ||
Comprehensive loss, net of taxes | $ 0 | $ 0 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, AdjustmentLegacy Convertible Preferred Stock | Cumulative Effect, Period of Adoption, AdjustmentCommon Stock | Cumulative Effect, Period of Adoption, AdjustmentAdditional Paid-In Capital | Cumulative Effect, Period of Adoption, Adjustment | Cumulative Effect, Period of Adoption, Adjusted BalanceCommon Stock | Cumulative Effect, Period of Adoption, Adjusted BalanceAdditional Paid-In Capital | Cumulative Effect, Period of Adoption, Adjusted BalanceAccumulated Deficit | Cumulative Effect, Period of Adoption, Adjusted BalanceAccumulated Other Comprehensive (Loss) Income | Cumulative Effect, Period of Adoption, Adjusted Balance | Legacy Convertible Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive (Loss) Income | Total |
BALANCE at Dec. 31, 2019 | $ (436,533) | $ 436,533 | |||||||||||||
BALANCE (in shares) at Dec. 31, 2019 | (100,038,109) | 100,038,109 | |||||||||||||
BALANCE at Dec. 31, 2019 | $ 13 | $ 436,520 | $ 436,533 | $ 16 | $ 453,242 | $ (294,262) | $ 75 | $ 159,071 | $ 3 | $ 16,722 | $ (294,262) | $ 75 | $ (277,462) | ||
BALANCE (in shares) at Dec. 31, 2019 | 128,100,821 | 154,913,934 | 26,813,113 | ||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Exercise of Common Stock options | 132 | 132 | |||||||||||||
Exercise of Common Stock options (in shares) | 286,636 | ||||||||||||||
Vesting of restricted Common Stock | 2 | 2 | |||||||||||||
Vesting of restricted Common Stock (in shares) | 1,750,555 | ||||||||||||||
Stock-based compensation expense | 1,259 | 1,259 | |||||||||||||
Common Stock warrants issued | 124 | 124 | |||||||||||||
Net loss | (21,804) | (21,804) | |||||||||||||
Other comprehensive income (loss) | (159) | (159) | |||||||||||||
BALANCE at Mar. 31, 2020 | $ 16 | 454,759 | (316,066) | (84) | 138,625 | ||||||||||
BALANCE (in shares) at Mar. 31, 2020 | 156,951,125 | ||||||||||||||
BALANCE at Dec. 31, 2020 | $ 23 | 844,188 | (328,277) | (9) | 515,925 | ||||||||||
BALANCE (in shares) at Dec. 31, 2020 | 224,626,597 | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Exercise of Common Stock options | 180 | 180 | |||||||||||||
Exercise of Common Stock options (in shares) | 163,228 | ||||||||||||||
Vesting of restricted Common Stock (in shares) | 56,015 | ||||||||||||||
Vesting of restricted stock units (in shares) | 15,265 | ||||||||||||||
Repurchase of shares for employee tax withholdings | (54) | (54) | |||||||||||||
Repurchase of shares for employee tax withholdings (in shares) | (2,241) | ||||||||||||||
Issuance of Common Stock for acquisitions | 159,847 | 159,847 | |||||||||||||
Issuance of Common Stock for acquisitions (in shares) | 5,036,142 | ||||||||||||||
Stock-based compensation expense | 2,217 | 2,217 | |||||||||||||
Vesting of Trine Founder shares (in shares) | 1,850,938 | ||||||||||||||
Exercise of warrants | $ 2 | 320,567 | 320,569 | ||||||||||||
Exercise of warrants (in shares) | 20,690,975 | ||||||||||||||
Net loss | (59,108) | (59,108) | |||||||||||||
Other comprehensive income (loss) | (12) | (12) | |||||||||||||
BALANCE at Mar. 31, 2021 | $ 25 | $ 1,326,945 | $ (387,385) | $ (21) | $ 939,564 | ||||||||||
BALANCE (in shares) at Mar. 31, 2021 | 252,436,919 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (59,108) | $ (21,804) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 3,892 | 2,321 |
Stock-based compensation | 2,217 | 1,259 |
Change in fair value of warrant liability | 56,576 | |
Expense related to Common Stock warrants issued | 124 | |
Amortization (accretion) of discount on investments | 406 | (22) |
Amortization of debt financing cost | 4 | 4 |
Provision for bad debt | 72 | |
Net increase in accrued interest related to marketable securities | (240) | (124) |
Net unrealized (gain) loss on marketable securities | (25) | |
Deferred tax benefit | (27,921) | |
Gain on investment, related to Make Composites, Inc. | (1) | 159 |
Change in fair value of warrant liabilities | (56,576) | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (61) | 752 |
Inventory | (2,381) | (3,238) |
Prepaid expenses and other current assets | (4,276) | 393 |
Other assets | (30) | |
Accounts payable | (3,856) | (989) |
Accrued expenses and other current liabilities | (5,247) | (976) |
Customer deposits | (1,234) | 285 |
Deferred revenue | 105 | (339) |
Change in right of use assets and lease liabilities, net | (22) | (80) |
Net cash used in operating activities | (41,129) | (22,434) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (262) | (1,004) |
Purchase of marketable securities | (92,386) | (17,616) |
Proceeds from sales and maturities of marketable securities | 48,241 | 49,300 |
Cash paid for acquisition, net of cash acquired | (137,646) | |
Net cash (used in) provided by investing activities | (182,053) | 30,680 |
Cash flows from financing activities: | ||
Payment of issuance costs related to reverse recapitalization | (1,239) | |
Proceeds from the exercise of stock warrants | 158,308 | |
Payment of taxes related to net share settlement of upon vesting of restricted stock units | (54) | |
Proceeds from exercise of stock options | 180 | 132 |
Net cash provided by financing activities | 157,195 | 132 |
Net (decrease) increase in cash, cash equivalents, and restricted cash | (65,987) | 8,378 |
Effect of exchange rate changes | 26 | |
Cash and cash equivalents at beginning of period | 483,525 | 66,161 |
Restricted cash | 612 | 612 |
Cash, cash equivalents, and restricted cash at end of period | 418,176 | 75,151 |
Supplemental cash flow information: | ||
Interest paid | 73 | 107 |
Non-cash investing and financing activities: | ||
Net unrealized (gain) loss on investments | (1) | $ 159 |
Exercise of private placement warrants | 149,904 | |
Common Stock issued for acquisitions | 159,847 | |
Additions to right of use assets and lease liabilities | 364 | |
Purchase of property and equipment included in accounts payable | 50 | |
Receivable for warrants exercised | $ 12,357 |
ORGANIZATION, NATURE OF BUSINES
ORGANIZATION, NATURE OF BUSINESS, AND RISK AND UNCERTAINTIES | 3 Months Ended |
Mar. 31, 2021 | |
ORGANIZATION, NATURE OF BUSINESS, AND RISK AND UNCERTAINTIES | |
ORGANIZATION, NATURE OF BUSINESS, AND RISK AND UNCERTAINTIES | 1. ORGANIZATION, NATURE OF BUSINESS, AND RISK AND UNCERTAINTIES Organization and Nature of Business Desktop Metal, Inc. is a Delaware corporation headquartered in Burlington, Massachusetts. The company was founded in 2015 with the mission of accelerating the transformation of manufacturing with an expansive portfolio of 3D printing solutions focused on the production of end-use parts. The Company designs, produces and distributes additive manufacturing solutions comprising hardware, software, materials, and services to businesses across a variety of end markets. On December 9, 2020 (the “Closing Date”), Trine Acquisition Corp. (“Trine”) consummated the previously announced merger pursuant to the Agreement and Plan of Merger, dated August 26, 2020, by and among Trine, Desktop Metal, Inc. and Sparrow Merger Sub, Inc., pursuant to which Sparrow Merger Sub, Inc. merged with and into Desktop Metal, Inc., with Desktop Metal, Inc. becoming our wholly owned subsidiary (the “Business Combination”). Upon the closing of the Business Combination, Trine changed its name to Desktop Metal, Inc. and Desktop Metal, Inc. changed its name to Desktop Metal Operating, Inc. Unless otherwise indicated or the context otherwise requires, references in this Quarterly Report on Form 10-Q to the “Company” and “Desktop Metal” refer to the consolidated operations of Desktop Metal, Inc. and its subsidiaries. References to “Trine” refer to the company prior to the consummation of the Business Combination and references to “Legacy Desktop Metal” refer to Desktop Metal Operating, Inc. prior to the consummation of the Business Combination. Legacy Desktop Metal was deemed the accounting acquirer in the Business Combination based on an analysis of the criteria outlined in Accounting Standards Codification (“ASC”) 805. This determination was primarily based on Legacy Desktop Metal’s stockholders prior to the Business Combination having a majority of the voting power in the combined company, Legacy Desktop Metal having the ability to appoint a majority of the Board of Directors of the combined company, Legacy Desktop Metal’s existing management comprising the senior management of the combined company, Legacy Desktop Metal comprising the ongoing operations of the combined company, Legacy Desktop Metal being the larger entity based on historical revenues and business operations, and the combined company assuming Legacy Desktop Metal’s name. Accordingly, for accounting purposes, the Business Combination was treated as the equivalent of Legacy Desktop Metal issuing stock for the net assets of Trine, accompanied by a recapitalization. The net assets of Trine are stated at historical cost, with no goodwill or other intangible assets recorded. While Trine was the legal acquirer in the Business Combination, because Legacy Desktop Metal was deemed the accounting acquirer, the historical financial statements of Legacy Desktop Metal became the historical financial statements of the combined company upon the consummation of the Business Combination. As a result, the financial statements included in this report reflect (i) the historical operating results of Legacy Desktop Metal prior to the Business Combination; (ii) the combined results of Trine and Legacy Desktop Metal following the close of the Business Combination; (iii) the assets and liabilities of Legacy Desktop Metal at their historical cost; and (iv) the Company’s equity structure for all periods presented. In accordance with guidance applicable to these circumstances, the equity structure has been restated in all comparative periods up to the Closing Date to reflect the number of shares of the Company’s common stock, $0.0001 par value per share, issued to Legacy Desktop Metal’s stockholders in connection with the Business Combination. As such, the shares and corresponding capital amounts and earnings per share related to Legacy Desktop Metal convertible preferred stock and Legacy Desktop Metal common stock prior to the Business Combination have been retroactively restated as shares reflecting the exchange ratio of 1.22122 established in the Business Combination. Legacy Desktop Metal’s convertible preferred stock previously classified as mezzanine was retroactively adjusted, converted into Common Stock, and reclassified to permanent as a result of the reverse recapitalization. Risks and Uncertainties The Company is subject to a number of risks similar to those of other companies of similar size in its industry, including, but not limited to, the need for successful development of products, the need for additional funding, competition from substitute products and services from larger companies, protection of proprietary technology, patent litigation, dependence on key individuals, and risks associated with changes in information technology. The Company has financed its operations to date primarily with proceeds from the sale of preferred stock and the Business Combination. The Company’s long-term success is dependent upon its ability to successfully market its products and services; generate revenue; maintain or reduce its operating costs and expenses; meet its obligations; obtain additional capital when needed; and, ultimately, achieve profitable operations. Management believes that existing cash and investments as of March 31, 2021 will be sufficient to fund operating and capital expenditure requirements through at least twelve months from the date of issuance of these consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company are prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the regulations of the U.S Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. The condensed consolidated financial statements include the Company’s accounts and those of its subsidiaries. In the opinion of the Company’s management, the financial information for the interim periods presented reflects all adjustments, which are of a normal and recurring nature, necessary for a fair presentation of the Company’s financial position, results of operations, and cash flows. The results reported in these condensed consolidated financial statements are not necessarily indicative of results that may be expected for the entire year. Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. COVID-19 Pandemic In March 2020, the World Health Organization declared the outbreak of a disease caused by a novel strain of the coronavirus (“COVID-19”) to be a pandemic. As of March 31, 2021, the impact of the COVID-19 pandemic continues to unfold and there has been uncertainty and disruption in the global economy and financial markets. The Company has considered the COVID-19 pandemic related impacts on its estimates, as appropriate, within its consolidated financial statements and there may be changes to those estimates in future periods. The COVID-19 pandemic, as well as the response to mitigate the spread and effects of COVID-19, may impact the Company and its customers, as well as the demand for its products and services. The impact of COVID-19 on the Company’s operational results in subsequent periods will largely depend on future developments, and cannot be accurately predicted. These developments may include, but are not limited to, new information concerning the severity of COVID-19, the degree of success of actions taken to contain or treat COVID-19 and the reactions by consumers, companies, governmental entities, and capital markets to such actions. Significant Accounting Policies The Company’s significant accounting policies are described in Note 2 to the financial statements in Part II, Item 8 of the Company’s Annual Report on Form 10-K/A for the year ended December 31, 2020. See the discussion of changes to certain of the Company’s accounting policies due to the acquisition of EnvisionTEC below. There have been no other changes to the Company’s significant accounting policies during the first three months of fiscal year 2021. Foreign Currency Translation The Company translates assets and liabilities of its foreign subsidiaries from their respective functional currencies to U.S. Dollars at the appropriate spot rates as of the balance sheet date. The functional currency of all wholly owned subsidiaries is U.S. Dollars, except for EnvisionTEC GmbH, for which it is Euros. The functional currency of the Company's operations outside the United States is generally the local currency of the country where the operations are located or U.S. Dollars. The results of operations are translated into U.S. Dollars at a monthly average rate, calculated using daily exchange rates. Differences arising from the translation of opening balance sheets of these entities to the rate at the end of the fiscal period are recognized in Accumulated other comprehensive (loss) income. The differences arising from the translation of foreign results at the average rate are also recognized in Accumulated other comprehensive (loss) income. Such translation differences are recognized as income or expense in the period in which the Company disposes of the operations. Transactions in foreign currencies are recorded at the approximate rate of exchange at the transaction date. Assets and liabilities resulting from these transactions are translated at the rate of exchange in effect at the balance sheet date. All such differences are recorded in Interest and other income, net in the Consolidated Statements of Operations. Product Revenue and Service Revenue Product revenue include sales of the Company’s additive manufacturing systems as well as sale of related accessories and consumables. These consumables are primarily comprised of materials, which are used by the 3D printers during the printing process to produce parts, as well as replacement parts for items consumed during system operations. Certain on-device software is embedded with the hardware and sold with the product bundle and is included within product revenue. Revenue from products is recognized upon transfer of control, which is generally at the point of shipment. Services revenue consists of installation, training, and post-installation hardware and software support, as well as various software solutions the Company offers to facilitate the operation of the Company’s products. The Company offers multiple software products, which are licensed through either a cloud-based solution and/or an on-device software subscription, depending on the product. For the cloud-based solution, the Company typically provides an annual subscription that the customer does not have the right to take possession of and is renewable at expiration. The revenue from the cloud-based solution is recognized ratably over the annual term as the Company considers the services provided under the cloud-based solution to be a series of distinct performance obligations, as the Company provides continuous daily access to the cloud solution. For on-device software subscriptions, the Company typically recognizes revenue once the customer has been given access to the software. When the Company enters into development contracts, control of the development service is transferred over time, and the related revenue is recognized as services are performed. For certain products, the Company offers customers an optional extended warranty beyond the initial warranty period. The optional extended warranty is accounted for as a service-type warranty. Extended warranty revenue is deferred and recognized on a straight-line basis over the service-type warranty period of the contract and the associated costs are recognized as incurred. Revenue Recognition Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods or providing services. The amount of consideration is typically a fixed price at the contract inception. Consideration from shipping and handling is recorded on a gross basis within product revenue. The Company determines revenue recognition through the following steps: • • • • • Nature of Products and Services The Company sells its products primarily through authorized resellers, independent sales agents, and its own sales force. Revenue from hardware and consumables is recognized upon transfer of control, which is generally at the point of shipment. The Company’s post-installation support is primarily sold through one-year annual contracts and such revenue is recognized ratably over the term of the agreement. Service revenue from installation and training is recognized as performed. The Company’s terms of sale generally provide payment terms that are customary in the countries where the Company transacts business. To reduce credit risk in connection with certain sales, the Company may, depending upon the circumstances, require significant deposits or payment in full prior to shipment. Due to the short-term nature of the Company’s contracts, substantially all of the outstanding performance obligations are recognized within one year. Shipping and handling activities that occur after control over a product has transferred to a customer are accounted for as fulfillment activities rather than performance obligations, as allowed under a practical expedient provided by ASC 606. The shipping and handling fees charged to customers are recognized as revenue and the related costs are included in cost of revenue at the point in time when ownership of the product is transferred to the customer. Sales taxes and value added taxes collected concurrently with revenue generating activities are excluded from revenue. Significant Judgements The Company enters into contracts with customers that can include various combinations of hardware products, software licenses, and services, which are distinct and accounted for as separate performance obligations. Products or services that are promised to a customer can be considered distinct if both of the following criteria are met: (i) the customer can benefit from the products or services either on its own or together with other readily available resources and (ii) the Company’s promise to transfer the products, software, or services to the customer is separately identifiable from other promises in the contract. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. Judgement is required to determine the standalone selling price (“SSP”). The transaction price is allocated to each distinct performance obligation on a relative standalone selling price basis and revenue is recognized for each performance obligation when control has passed. In most cases, the Company is able to establish SSP based on historical transaction data of the observable prices of hardware products sold separately in comparable circumstances to similar customers, observable renewal rates for software and post-installation support, and the Company’s best estimate of the selling price at which the Company would have sold the product regularly on a stand-alone basis for training and installation. The Company reassesses the SSP on a periodic basis or when facts and circumstances change. Warranty Reserve Substantially all of the Company’s hardware and software products are covered by a standard assurance warranty of one year within the United States and 13 months internationally, and estimated warranty obligations are recorded as an expense at the time or revenue recognition. In the event of a failure of hardware product or software covered by this warranty, the Company will repair or replace the software or hardware product. For certain products, the Company offers customers an optional extended warranty after the initial warranty period. The optional extended warranty is accounted for as a service-type warranty; therefore, costs are recognized as incurred and revenue is recognized over the service-type warranty period. The Company’s warranty reserve reflects estimated material and labor costs for potential or actual product issues in its installed base for which the Company expects to incur an obligation. The Company periodically assesses the adequacy of the warranty reserve and adjusts the amount as necessary. If the data used to calculate the adequacy of the warranty reserve is not indicative of future requirements, additional or reduced warranty reserves may be required. Property and Equipment Property and equipment is stated at cost. Expenditures for repairs and maintenance are expensed as incurred. When assets are retired or disposed of, the assets and related accumulated depreciation are eliminated from the accounts and any resulting gain or loss is included in the determination of net income or loss. Depreciation is expensed using the straight-line method over the estimated useful lives of the assets as follows: Asset Classification Useful Life Equipment 2 Furniture and fixtures 3 Computer equipment 3 years Tooling 3 years Software 2 Leasehold improvements Shorter of asset’s useful life or remaining life of the lease Intangible Assets Intangible assets consist of identifiable intangible assets, including developed technology, trade names, and customer relationships, resulting from the Company’s acquisitions. The Company evaluates definite-lived intangible assets for impairment when events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. If indicators of impairment are present, the Company then compares the estimated undiscounted cash flows that the specific asset is expected to generate to its carrying value. If such assets are impaired, the impairment recognized is measured as the amount by which the carrying amount of the asset exceeds its fair value. To date, there have been no impairments of intangible assets. Intangible assets are amortized over their useful life. Recently Issued Accounting Standards Recently Adopted Accounting Guidance In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740)—Simplifying the Accounting for Income Taxes, Income Taxes Recent Accounting Guidance Not Yet Adopted In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses. amended, these changes become effective for the Company on January 1, 2023. The Company is currently evaluating the potential impact of these changes on the condensed consolidated financial statements. |
ACQUISITIONS
ACQUISITIONS | 3 Months Ended |
Mar. 31, 2021 | |
ACQUISITIONS | |
ACQUISITIONS | 3. ACQUISITIONS Acquisition of EnvisionTEC On February 16, 2021, the Company acquired EnvisionTEC US, LLC and its subsidiaries (“EnvisionTEC”) pursuant to a Purchase Agreement and Plan of Merger dated January 15, 2021. The Company expects this acquisition to create a comprehensive portfolio in additive manufacturing across metals, polymers and composites and grow distribution channels both in quantity and through the addition of a vertically-focused channel. The Company paid consideration of $143.8 million in cash and issued 5,036,142 shares of the Company’s Common Stock with a fair value of $159.8 million as of the close of business on the transaction date. The total purchase price was allocated to the identifiable assets acquired and liabilities assumed based on the Company’s preliminary estimates of their fair values on the acquisition date. The fair values assigned to EnvisionTEC’s tangible and intangible assets and liabilities assumed, and the related deferred tax assets and liabilities, are considered preliminary and are based on the information available at the date of the acquisition. The Company is in the process of finalizing its purchase price allocation, and the tax basis of the assets and liabilities acquired. This may result in potential adjustments to the carrying value of the respective recorded assets and liabilities, establishment of certain intangible assets, revisions of useful lives of intangible assets, establishment of potential acquisition contingencies, and the determination of any residual amount that will be allocated to goodwill. Adjustments that impact the deferred tax liability recorded in the business combination, could result in an increase or decrease in the Company’s recorded valuation allowance, that will be recognized in the accompanying statement of operations. The following table summarizes the preliminary allocation of the purchase price to the estimated fair values of assets acquired and liabilities assumed (in thousands): At February 16, 2021 Assets acquired: Cash and cash equivalents $ 859 Restricted cash 5,004 Accounts receivable 2,740 Inventory 8,852 Prepaid expenses and other current assets 1,081 Restricted cash - noncurrent 285 Property and equipment 1,440 Intangible assets 137,300 Other noncurrent assets 1,801 Total assets acquired $ 159,362 Liabilities assumed: Accounts payable $ 1,443 Customer deposits 2,590 Current portion of lease liability 600 Accrued expenses and other current liabilities 13,645 Liability for income taxes 480 Deferred revenue 300 Current portion of long-term debt 898 Long-term debt 285 Deferred tax liability 33,348 Lease liability, net of current portion 1,189 Total liabilities assumed $ 54,778 Net assets acquired $ 104,584 Goodwill $ 199,056 The estimated useful lives of the identifiable intangible assets acquired is as follows: Gross Value Estimated Life Acquired technology $ 77,800 7 – 12 years Trade name 8,600 13 years Customer relationships 50,900 10 years Total intangible assets $ 137,300 The Company believes the amount of goodwill resulting from the purchase price allocation is attributable to the workforce of the acquired business (which is not eligible for separate recognition as an identifiable intangible asset) and the expected synergistic benefits of expanding the combined companies’ target markets both geographically and across industries. $36.6 million of the goodwill recognized is deductible for income tax purposes. The Company incurred $3.9 million of transaction costs related to this acquisition, which are included in general and administrative expenses on the unaudited condensed consolidated statements of operations. EnvisionTEC’s results are included in the Company’s consolidated results for the period from February 16, 2021 to March 31, 2021. For this period, EnvisionTEC’s net revenues were approximately $5.4 million and net loss was approximately $1.8 million. The following pro forma financial information is based on the historical financial statements of the Company and presents the Company’s results as if the acquisition had occurred on January 1, 2020 (in thousands): Three Months Ended March 31, 2021 2020 Net revenues $ 14,825 $ 10,697 Net income $ (28,676) $ (30,943) The pro forma financial information was computed by combining the historical financial information of the Company and EnvisionTEC along with the effects of the acquisition method of accounting for business combinations as though the companies were combined on January 1, 2020. The pro forma information does not reflect the potential benefits of cost and funding synergies, opportunities to earn additional revenues, or other factors, and therefore does not represent what the actual net revenues and net income (loss) would have been had the companies been combined as of this date. Business Combination On December 9, 2020, the Company and Trine consummated the Business Combination, with Legacy Desktop Metal surviving the merger as a wholly-owned subsidiary of Trine. Upon the consummation of the Business Combination, each share of Legacy Desktop Metal capital stock issued and outstanding was converted into the right to receive 1.22122 shares (the “Exchange Ratio”) of the Company’s common stock (the “Per Share Merger Consideration”). Upon the closing of the Business Combination, Trine’s certificate of incorporation was amended and restated to, among other things, increase the total number of authorized shares of all classes of capital stock to 550,000,000 shares, of which 500,000,000 shares were designated common stock; $0.0001 par value per share, and of which 50,000,000 shares were designated preferred stock, $0.0001 par value per share. In connection with the execution of the definitive agreement for the Business Combination, Trine entered into separate subscription agreements (each, a “Subscription Agreement”) with a number of investors (each, a “Subscriber”), pursuant to which the Subscribers agreed to purchase, and Trine agreed to sell to the Subscribers, an aggregate of 27,497,500 shares of the Company’s Common Stock, for a purchase price of $10.00 per share and an aggregate purchase price of $275 million, in a private placement pursuant to the subscription agreements (the “PIPE financing”). The PIPE financing closed simultaneously with the consummation of the Business Combination. The Business Combination is accounted for as a reverse recapitalization in accordance with GAAP. Under this method of accounting, Trine was treated as the “acquired” company for financial reporting purposes. See Note 1 “Organization and Nature of Business” for further details. Accordingly, for accounting purposes, the Business Combination was treated as the equivalent of Desktop Metal issuing stock for the net assets of Trine, accompanied by a recapitalization. The net assets of Trine are stated at historical cost, with no goodwill or other intangible assets recorded. Prior to the Business Combination, Legacy Desktop Metal and Trine filed separate standalone federal, state and local income tax returns. As a result of the Business Combination, structured as a reverse recapitalization for tax purposes, Desktop Metal, Inc. (f/k/a Trine Acquisition Corp.), became the parent of the consolidated filing group, with Desktop Metal Operating, Inc. (f/k/a Desktop Metal, Inc.) as a subsidiary. The following table reconciles the elements of the Business Combination to the consolidated statement of cash flows and the consolidated statement of changes in equity for the year ended December 31, 2020: Recapitalization Cash – Trine's trust and cash (net of redemptions) $ 305,084,695 Cash – PIPE financing 274,975,000 Less: transaction costs and advisory fees paid (45,463,074) Net proceeds from reverse recapitalization 534,596,621 Plus: non-cash net liabilities assumed 1 (152,394,714) Less: accrued transaction costs and advisory fees (1,900,793) Net contributions from reverse recapitalization $ 380,301,114 (1) The number of shares of common stock issued immediately following the consummation of the Business Combination: Number of Shares Common stock, outstanding prior to Business Combination 30,015,000 Less: redemption of Trine shares (26,049) Common stock of Trine 29,988,951 Trine Founder Shares 5,552,812 Trine Director Shares 100,000 Shares issued in PIPE financing 27,497,500 Business Combination and PIPE financing shares 63,139,263 Legacy Desktop Metal shares (1) 161,487,334 Total shares of common stock immediately after Business Combination 224,626,597 (1) In connection with the Business Combination, 7,403,750 Trine Founder Shares were issued. Pursuant to the Business Combination agreement, 75% of the Founder shares, or 5,552,812 shares, vested at the close of the Business Combination, with the remaining 25%, or 1,850,938 shares, vesting if the Company trades at $12.50 per share or higher for any 20 trading days within a 30-day window by the fifth anniversary of the Business Combination. The vesting criteria was met on January 8, 2021. |
CASH EQUIVALENTS AND SHORT-TERM
CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS | 3 Months Ended |
Mar. 31, 2021 | |
CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS | |
CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS | 4. CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS The Company’s cash equivalents and short-term investments are invested in the following (in thousands): March 31, 2021 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Money market funds $ 413,089 $ — $ — $ 413,089 Total cash equivalents 413,089 — — 413,089 U.S Treasury securities 5,000 — — 5,000 Commercial paper 89,835 — — 89,835 Corporate bonds 61,020 13 (21) 61,012 Total short-term investments 155,855 13 (21) 155,847 Total cash equivalents and short-term investments $ 568,944 $ 13 $ (21) $ 568,936 December 31, 2020 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper $ 75,374 $ — $ — $ 75,374 Money market funds 407,512 — — 407,512 Total cash equivalents 482,886 — — 482,886 U.S. Treasury securities 19,995 2 — 19,997 Commercial paper 43,911 — — 43,911 Corporate bonds 47,970 — (11) 47,959 Total short-term investments 111,876 2 (11) 111,867 Total cash equivalents and short-term investments $ 594,762 $ 2 $ (11) $ 594,753 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended |
Mar. 31, 2021 | |
FAIR VALUE MEASUREMENTS | |
FAIR VALUE MEASUREMENTS | 5. FAIR VALUE MEASUREMENTS The Company uses the following three-tier fair value hierarchy, which prioritizes the inputs used in measuring the fair values for certain of its assets and liabilities: Level 1 is based on observable inputs, such as quoted prices in active markets; Level 2 is based on inputs other than the quoted prices in active markets that are observable either directly or indirectly; and Level 3 is based on unobservable inputs in which there is little or no market data, which requires the Company to develop its own assumptions. This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. Items measured at fair value on a recurring basis include money market funds. The following fair value hierarchy table presents information about the Company’s financial assets measured at fair value on a recurring basis and indicates the fair value hierarchy of the inputs the Company utilized to determine such fair value (in thousands): March 31, 2021 Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Items Inputs Inputs (Level 1) (Level 2) (Level 3) Total Assets: Money market funds $ 413,089 $ — $ — $ 413,089 Commercial paper — 89,835 — 89,835 Corporate bonds — 61,012 — 61,012 U.S. Treasury securities 5,000 — — 5,000 Other investments — — 3,025 3,025 Total assets $ 418,089 $ 150,847 $ 3,025 $ 571,961 December 31, 2020 Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Items Inputs Inputs (Level 1) (Level 2) (Level 3) Total Assets: Money market funds $ 407,512 $ — $ — $ 407,512 Commercial paper — 119,285 — 119,285 Corporate bonds — 47,959 — 47,959 U.S. Treasury securities 19,997 — — 19,997 Other investments — — 3,000 3,000 Total assets $ 427,509 $ 167,244 $ 3,000 $ 597,753 Liabilities: Private placement warrants $ — $ — $ 93,328 $ 93,328 Total liabilities $ — $ — $ 93,328 $ 93,328 The Company has determined that the estimated fair value of its corporate bonds and commercial paper are reported as Level 2 financial assets as they are based on model-driven valuations in which all significant inputs are observable, or can be derived from or corroborated by observable market data for substantially the full term of the asset. The other investment is reported as a Level 3 financial asset because the methodology used to develop the estimated fair value includes significant unobservable inputs reflecting management’s own assumptions, including the rights and obligations of the securities the Company holds as well as the probability of a qualified financing event, acquisition, or change in control. The fair value of the Private Placement Warrants is estimated using the Black-Scholes option pricing model and is classified as a Level 3 financial instrument. The significant assumptions used in the model were the Company’s stock price, exercise price, expected term, volatility, interest rate, and dividend yield. There were no transfers between fair value measure levels during the three months ended March 31, 2021 and 2020. The following table presents information about the Company’s movement in Level 3 assets measured at fair value (in thousands): Three Months Ended March 31, 2021 2020 Balance at beginning of period $ 3,000 $ — Changes in fair value 25 — Balance at end of period $ 3,025 $ — The following table presents information about the Company’s movement in Level 3 liabilities measured at fair value (in thousands): Three Months Ended March 31, 2021 2020 Balance at beginning of period $ 93,328 $ — Changes in fair value 56,576 — Exercise of private placement warrants (149,904) — Balance at end of period $ — $ — |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 3 Months Ended |
Mar. 31, 2021 | |
ACCOUNTS RECEIVABLE | |
ACCOUNTS RECEIVABLE | 6. ACCOUNTS RECEIVABLE The components of accounts receivable are as follows (in thousands): March 31, December 31, 2021 2020 Trade receivables $ 9,598 $ 7,016 Allowance for doubtful accounts (364) (500) Total accounts receivable $ 9,234 $ 6,516 The following table summarizes activity in the allowance for doubtful accounts (in thousands): March 31, December 31, 2021 2020 Balance at beginning of period $ 500 $ 199 Provision for uncollectible accounts 72 377 Uncollectible accounts written off (208) (76) Balance at end of period $ 364 $ 500 |
INVENTORY
INVENTORY | 3 Months Ended |
Mar. 31, 2021 | |
INVENTORY | |
INVENTORY | 7. INVENTORY Inventory consists of the following (in thousands): March 31, December 31, 2021 2020 Raw materials $ 4,927 $ — Finished goods 12,854 6,812 Work in process 3,056 2,896 Total inventory $ 20,837 $ 9,708 |
PREPAID EXPENSES AND OTHER CURR
PREPAID EXPENSES AND OTHER CURRENT ASSETS | 3 Months Ended |
Mar. 31, 2021 | |
PREPAID EXPENSES AND OTHER CURRENT ASSETS | |
PREPAID EXPENSES AND OTHER CURRENT ASSETS | 8. PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consists of the following (in thousands): March 31, December 31, 2021 2020 Receivable for warrants exercised $ 12,357 $ — Prepaid insurance 2,948 121 Prepaid operating expenses 1,015 68 Prepaid dues and subscriptions 883 189 Prepaid taxes 474 — Vendor prepayments 473 — Prepaid rent 155 118 Deferred cost of goods sold — 454 Other 352 26 Total prepaid expenses and other current assets $ 18,657 $ 976 The Company received the outstanding proceeds from warrants exercised in April 2021. |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 3 Months Ended |
Mar. 31, 2021 | |
PROPERTY AND EQUIPMENT | |
PROPERTY AND EQUIPMENT | 9. PROPERTY AND EQUIPMENT Property and equipment, net consists of the following (in thousands): March 31, December 31, 2021 2020 Equipment $ 14,532 $ 13,708 Furniture and fixtures 924 895 Computer equipment 1,124 1,089 Tooling 1,805 1,805 Software 1,340 1,249 Leasehold improvements 14,274 13,870 Construction in process 1,063 879 Property and equipment, gross 35,062 33,495 Less: accumulated depreciation (22,731) (21,335) Total property and equipment, net $ 12,331 $ 12,160 Depreciation and amortization expense was $1.5 million and $2.1 million for the three months ended March 31, 2021 and 2020, respectively. |
GOODWILL & INTANGIBLE ASSETS
GOODWILL & INTANGIBLE ASSETS | 3 Months Ended |
Mar. 31, 2021 | |
GOODWILL & INTANGIBLE ASSETS | |
GOODWILL & INTANGIBLE ASSETS | 10. GOODWILL & INTANGIBLE ASSETS The carrying amount of goodwill at March 31, 2021 and 2020 was $201.3 million and $2.3 million, respectively, and has been recorded in connection with the Company’s acquisitions. The goodwill activity is as follows: (in thousands) Balance at December 31, 2019 $ 2,252 Balance at December 31, 2020 $ 2,252 Acquisition of EnvisionTEC 199,056 Balance at March 31, 2021 $ 201,308 The Company has no accumulated impairment losses on goodwill. Intangible assets consisted of the following (in thousands): Accumulated Balance Gross Value Estimated Life Amortization March 31, 2021 Acquired technology $ 87,993 5 – 12 years $ 2,688 $ 85,305 Trade name 8,600 13 years 81 8,519 Customer relationships 50,900 10 years 621 50,279 Total intangible assets $ 147,493 $ 3,390 $ 144,103 The Company recognized $2.3 million and $0.2 million of amortization expense during the three months ended March 31, 2021 and 2020, respectively. The Company expects to recognize $12.5 million of amortization expense for the remainder of 2021, and $16.7 million, $16.7 million, $16.5 million, and $16.0 million of amortization expense annually in the years ended December 31, 2022 through 2025. The weighted-average remaining amortization period is 9.3 years. |
OTHER NONCURRENT ASSETS
OTHER NONCURRENT ASSETS | 3 Months Ended |
Mar. 31, 2021 | |
OTHER NONCURRENT ASSETS | |
OTHER NONCURRENT ASSETS | 11. OTHER NONCURRENT ASSETS The following table summarizes the Company’s components of other noncurrent assets (in thousands): March 31, December 31, 2021 2020 Other investments $ 3,025 $ 3,000 Right of use asset 3,702 1,810 Long-term deposits 99 69 Total other noncurrent assets $ 6,826 $ 4,879 During the year ended December 31, 2020, the Company made an investment in a privately held company in the form of convertible debt for $3.0 million. Under the terms of this agreement, the debt will be converted to common stock of the investee upon the closing of a qualified financing, acquisition or change in control. The full principal balance plus 3% annual interest is due in two years and does not allow voluntary prepayment. |
ACCRUED EXPENSES AND OTHER CURR
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 3 Months Ended |
Mar. 31, 2021 | |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | 12. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES The following table summarizes the Company’s components of accrued expenses and other current liabilities (in thousands): March 31, December 31, 2021 2020 Professional services $ 3,519 $ 2,508 Compensation and benefits related 3,516 2,068 Warranty reserve 1,813 1,553 Inventory purchases 1,716 86 Income tax payable 1,405 — Customer payable 605 — Sales and use and franchise taxes 506 586 Franchise and royalty fees 188 159 Other 2,056 605 Total accrued expenses and other current liabilities $ 15,324 $ 7,565 As of March 31, 2021, and December 31, 2020, the Company has recorded $1.8 million and $1.6 million, respectively, of warranty reserve within accrued expenses and other current liabilities on the condensed consolidated balance sheets. Warranty reserve consisted of the following (in thousands): 2021 2020 Warranty reserve, at the beginning of the period $ 1,553 $ 1,491 Warranty reserve assumed in acquisition 326 — Additions to warranty reserve 86 346 Claims fulfilled (152) (284) Warranty reserve, at the end of the period $ 1,813 $ 1,553 |
DEBT
DEBT | 3 Months Ended |
Mar. 31, 2021 | |
DEBT | |
DEBT | 13. DEBT Term Loan The outstanding amount as of March 31, 2021 and December 31, 2020 was $10.0 million in both periods. The $10.0 million is due in June 2021. PPP Loan Deferred Financing Costs |
LEASES
LEASES | 3 Months Ended |
Mar. 31, 2021 | |
LEASES | |
LEASES | 14. LEASES At March 31, 2021, the Company recorded $3.7 million as a right of use asset and $4.9 million as an operating lease liability. At December 31, 2020, the Company recorded $1.8 million as a right of use asset and $3.0 million as an operating lease liability. The Company assesses its right of use asset and other lease-related assets for impairment. There were no impairments recorded related to these assets during the three months ended March 31, 2021 and the year ended December 31, 2020. As a result of the acquisition of EnvisionTEC, the Company acquired operating, short-term, and finance leases for corporate offices, manufacturing and warehouse facilities, and machineries, increasing the Company’s right of use asset by $1.8 million. The operating leases consist of five real estate leases and six equipment leases with current terms extending from 2021 to 2024. The Company’s finance leases are immaterial as of March 31, 2021. The Company reviews all supplier, vendor, and service provider contracts to determine whether any service arrangements contain a lease component. The Company identified two service agreements that contained an embedded lease. The agreements do not contain fixed or minimum payments, and the Company has concluded that the variable lease expense was immaterial during the three months ended March 31, 2021 and 2020, respectively. Information about other lease-related balances is as follows (in thousands): March 31, 2021 2020 Lease cost Operating lease cost $ 323 $ 188 Short‑term lease cost 22 — Variable lease cost 39 10 Total lease cost $ 384 $ 198 Other Information Operating cash flows used in operating leases $ 244 $ 268 Weighted‑average remaining lease term—operating leases (years) 2.9 4.0 Weighted‑average discount rate—operating leases 5.5 % 7.6 % The rate implicit in the lease is not readily determinable in most of the Company’s leases, and therefore the Company uses its incremental borrowing rate as the discount rate when measuring operating lease liabilities. The incremental borrowing rate represents an estimate of the interest rate the Company would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of the lease. Future minimum lease payments under noncancelable operating leases, including immaterial future minimum lease payments under finance leases, at March 31, 2021, are as follows (in thousands): Operating Leases 2021 (remaining 9 months) $ 1,399 2022 1,862 2023 1,671 2024 370 2025 — Total lease payments 5,302 Less amount representing interest (415) Total lease liability 4,887 Less current portion of lease liability (1,639) Lease liability, net of current portion $ 3,248 As of March 31, 2021, the Company does not have material operating or finance leases that have not commenced. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2021 | |
COMMITMENTS AND CONTINGENCIES. | |
COMMITMENTS AND CONTINGENCIES | 15. COMMITMENTS AND CONTINGENCIES Legal Proceedings From time to time, the Company may face legal claims or actions in the normal course of business. At each reporting date, the Company evaluates whether a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses as incurred the costs related to its legal proceedings. While the outcome of these claims cannot be predicted with certainty, management does not believe the outcome of any current legal proceedings will have a material adverse impact on the Company’s condensed consolidated financial statements. Commitments The Company has entered into legally binding agreements with certain suppliers to purchase materials used in the manufacturing of the Company’s products. As of March 31, 2021, the Company had outstanding purchase orders with contract manufacturers in the amount of $14.2 million. The Company has also entered into licensing and royalty agreements with certain manufacturing and software companies related to the use of patented technology. Under the terms of each agreement, the Company made initial, one-time payments of up to $0.3 million and is obligated to pay a set percentage, ranging from 2.75% - 13%, of all consideration received by the Company for sales of related products and services, until the agreements are terminated. The Company’s minimum annual commitment under this contract is $0.5 million. |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2021 | |
INCOME TAXES | |
INCOME TAXES | 16. INCOME TAXES The Company’s provision for interim periods is determined using an estimate of the annual effective tax rate, adjusted for discrete items arising in that quarter. The Company’s effective tax rate differs from the U.S. statutory tax rate primarily due to valuation allowances on its deferred tax assets as it is more likely than not that some or all of the Company’s deferred tax assets will not be realized as well as the partial release of the valuation allowance as part of the EnvisionTEC acquisition. During the three months ended March 31, 2021, the company recorded an income tax benefit was The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the Company’s consolidated financial statements and tax returns. Deferred tax assets and liabilities are determined based upon the differences between the consolidated financial statements carrying amounts and the tax bases of existing assets and liabilities and for loss and credit carryforwards, using enacted tax rates expected to be in effect in the years in which the differences are expected to reverse. The Company has provided a full valuation allowance against the net deferred tax assets as the Company has determined that it was more likely than not that the Company would not realize the benefits of federal and state net deferred tax assets. As a result of the recent acquisition of EnvisionTEC, the Company recorded a U.S. deferred tax liability related to non-tax-deductible intangible assets recognized in the financial statements. The acquired deferred tax liability is a source of income to support recognition of the Company’s existing deferred tax assets. Accordingly, the Company recorded a $28.1 million income tax benefit for the release in the valuation allowance related to the acquired intangibles. The Company provides reserves for potential payments of taxes to various tax authorities related to uncertain tax positions. Amounts recognized are based on a determination of whether a tax benefit taken by the Company in its tax filings or positions is “more likely than not” to be sustained on audit. The amount associated with uncertain tax positions are recorded as a component of income tax expense. As of March 31, 2021, the Company has accrued uncertain tax positions of approximately $1.2 million related to the EnvisionTEC acquisition. The amounts relate to U.S. state and foreign tax positions. Included in the balance of unrecognized tax benefits as of March 31, 2021 are amounts that, if recognized, would impact the effective tax rate. As of December 31, 2020, the Company has not identified any uncertain tax positions for which reserves would be required. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 3 Months Ended |
Mar. 31, 2021 | |
STOCKHOLDERS EQUITY | |
STOCKHOLDERS' EQUITY | 17. STOCKHOLDERS’ EQUITY As of March 31, 2021, the Company’s authorized shares consisted of 500,000,000 shares of Class A Common Stock, $0.0001 par value (the “Common Stock”) and 50,000,000 shares of Preferred Stock, $0.0001 par value (the “Preferred Stock”). Common Stock Restricted Stock Agreements In connection with acquisitions, the Company has issued shares of restricted stock that are considered post-combination expense and accounted for as stock-based compensation as the shares vest. The activity for stock subject to vesting as of March 31, 2021 is as follows (shares in thousands): Shares Subject Weighted-Average to Vesting Purchase Price Balance of unvested shares as of January 1, 2021 280 $0.0001 Issuance of additional shares — — Vested (56) $0.0001 Balance of unvested shares as of March 31, 2021 224 $0.0001 At March 31, 2021, the remaining weighted-average vesting period for the stock subject to vesting was 1.0 year. Common Stock Warrants In May 2017, the Company entered into a strategic collaboration agreement with an investor allowing the investor’s resellers to sell and distribute the Company’s products. In consideration for this agreement, the Company agreed to issue warrants to purchase up to 2,442,440 shares of Common Stock. The investor was eligible to receive a warrant to purchase one share of Common Stock for every $35.00 in revenue generated by the Company from the investor’s resellers. Each warrant was issued at an exercise price equal to $3.34 per share (subject to appropriate adjustment in the event of a stock dividend, stock split, combination, or other similar recapitalization) and was set to expire on December 31, 2027. The Company issued no warrants during the three months ended March 31, 2021. During the three months ended March 31, 2020, the Company issued 58,761 warrants and recorded $0.1 million related to the fair value of the warrants, calculated using the Black-Scholes warrant-pricing model with the following assumptions: Three Months Ended March 31, 2020 Risk‑free interest rate 2 % Expected volatility 52.5 % Expected life (in years) 7.8 Expected dividend yield — Fair value of Common Stock $ 3.34 756,498 warrants were converted to 447,938 shares of Common Stock through a cashless exercise in connection with the Business Combination. Trine Warrants In Trine’s initial public offering, it sold units at a price of $10.00 per unit, which consisted of one share of Common Stock, $0.0001 par value, and one The Warrant Agreement, dated as of March 14, 2019, by and between the Company and Continental Stock Transfer & Trust Company also obligated the Company to use its best efforts to file with the SEC a registration statement for the registration, under the Securities Act of 1933, as amended (the “Securities Act”), of the issuance of the shares of Common Stock issuable upon exercise of the Public Warrants, and to cause the same to become effective and remain effective while the Public Warrants remain outstanding. On February 4, 2021, the Company’s registration statement covering such shares became effective. Simultaneously with the consummation of Trine’s initial public offering, Trine Sponsor IH, LLC (the “Sponsor”) purchased an aggregate of 8,503,000 warrants to purchase one share of Common Stock at an exercise price of $11.50 (the “Private Placement Warrants”) at a price of $1.00 per warrant ($8,503,000) in the aggregate in a private placement. The Private Placement Warrants are identical to the Public Warrants except that the Private Placement Warrants are not redeemable by Desktop Metal, and may be exercised for cash or on a cashless basis so long as they are held by the Sponsor or any of its permitted transferees. Additionally, pursuant to the terms of the amended and restated registration rights agreement entered in connection with the Business Combination, the Sponsor had the right to have the resale of the shares of Common Stock acquired upon exercise of the Private Placement Warrants registered under the Securities Act. On February 4, 2021, the Company’s registration statement covering such shares became effective. On February 24, 2020, Trine issued an unsecured promissory note (the “2020 Note”) to the Sponsor. The 2020 Note bore no interest and was repayable in full upon consummation of the Business Combination. The Sponsor had the option to convert any unpaid balance of the 2020 Note into warrants equal to the principal amount of the 2020 Note so converted divided by $1.00. Upon closing of the Business Combination, the 2020 Note was converted into a Private Placement Warrant for 1,500,000 shares of Common Stock, with an exercise price of $11.50. The terms of these warrants are identical to the terms of the Private Placement Warrants. Pursuant to the terms of the amended and restated registration rights agreement entered in connection with the Business Combination, the Sponsor had the right to have the resale of the shares of Common Stock acquired upon exercise of such warrant registered under the Securities Act. On February 4, 2021, the Company’s registration statement covering such shares became effective. The Company’s Private Placement Warrants are classified as liabilities, and are measured at fair value through earnings. During the three months ended March 31, 2021, the Company recorded a $56.6 million loss related to the change in fair value of the Private Placement Warrants, which were remeasured through the date of each exercise, calculated using the Black-Scholes warrant pricing model with the following assumptions: Three Months Ended March 31, 2021 Risk‑free interest rate 0.4% – 0.6 % Expected volatility 55.0 % Expected life (in years) 4.8 Expected dividend yield — Fair value of Common Stock $ 19.82 – 30.49 Exercise price $ 11.50 During the three months ended March 31, 2021, all of the Private Placement Warrants were exercised on a cashless basis, and an aggregate of 5,850,346 shares of the Company’s Common Stock were issued in connection with these exercises. As of March 31, 2021, none of the Private Placement Warrants remain outstanding. |
STOCK BASED COMPENSATION
STOCK BASED COMPENSATION | 3 Months Ended |
Mar. 31, 2021 | |
STOCK BASED COMPENSATION | |
STOCK BASED COMPENSATION | 18. STOCK BASED COMPENSATION Stock Incentive Plan As part of the acquisition of Make Composites, Inc. (“Make”) in 2019, the Company assumed the 2018 equity incentive plan of Make (the “Make Plan”). The Make Plan allows for the award of incentive and nonqualified stock options and warrants for those employees and contractors that were hired as part of the acquisition. The Make Plan allowed for 232,304 options and warrants to be issued, which were issued in 2019, with no additional options to be issued in the future. Option awards expire 10 years from the grant date and generally vest over four years; however, vesting conditions can vary at the discretion of our Board of Directors. In December 2020, the Board of Directors and stockholders of the Company approved the adoption of the 2020 Incentive Award Plan (the “2020 Plan” and together with the 2015 Plan and the Make Plan, the “Plans”), which became effective on the date of the Business Combination. Upon effectiveness of the 2020 Plan, the Company ceased granting new awards under the 2015 Plan. The 2020 Plan allows for the award of incentive and nonqualified stock options, restricted stock, and other stock-based awards to employees, officers, directors, consultants, and advisers of the Company. The number of shares of common stock initially available for issuance under the 2020 Plan was 12,400,813 shares of common stock plus the number of shares subject to awards outstanding under the 2015 Plan that expire, lapse, terminate, or are exchanged for cash, surrendered, repurchased, or canceled without having been fully exercised or forfeited. In addition, the number of shares of common stock available for issuance under the 2020 Plan is subject to an annual increase on the first day of each calendar year beginning on January 1, 2021 and ending on and including January 1, 2030 equal to the lesser of (i) 5% of the aggregate number of shares of common stock outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares as is determined by the Board. The Company grants stock options at exercise prices deemed by the Board of Directors to be equal to the fair value of the Common Stock at the time of grant. The fair value of Common Stock has been determined by the Board of Directors of the Company at each stock option measurement date based on a variety of different factors, including the results obtained from independent third-party appraisals, the Company’s consolidated financial position and historical financial performance, the status of technological development within the Company, the composition and ability of the current engineering and management team, an evaluation and benchmark of the Company’s competition, the current climate in the marketplace, the illiquid nature of the Common Stock, arm’s-length sales of the Company’s capital stock, and the prospects of a liquidity event, among others. During the three months ended March 31, 2021, the Company did not grant any options to purchase shares of Common Stock to employees. During the three months ended March 31, 2020, the Company granted options to purchase 473,624 shares of Common Stock to employees with a fair value of $0.8 million, calculated using the Black-Scholes option-pricing model with the following assumptions: Three Months Ended March 31, 2020 Risk‑free interest rate 0.7 % – 0.9 % Expected volatility 52.7 % – 52.9 % Expected life (in years) 5.9 – 6.1 Expected dividend yield — Fair value of Common Stock $ 3.34 During the three months ended March 31, 2021, the Company did not grant any options to purchase shares of Common Stock to non-employees. During the three months ended March 31, 2020, the Company granted options to purchase 12,212 shares of Common Stock to consultants with a fair value of $0.1 million, calculated using the Black-Scholes option-pricing model with the following assumptions: Three Months Ended March 31, 2020 Risk‑free interest rate 0.8 % Expected volatility 54.3 % Expected life (in years) 10.0 Expected dividend yield — Fair value of Common Stock $ 3.34 The risk-free interest rate assumption is based upon observed interest rates appropriate for the term of the related stock options. The expected life of stock options was calculated using the average of the contractual term of the option and the weighted-average vesting period of the option, as the Company does not have sufficient history to use an alternative method to the simplified method to calculate an expected life for employees. The Company has not paid a dividend and is not expected to pay a dividend in the foreseeable future. Expected volatility for the Common Stock was determined based on an average of the historical volatility of a peer group of similar public companies. At March 31, 2021, the total unrecognized stock-based compensation expense related to unvested stock options aggregated $12.5 million. The costs are expected to be recognized over a weighted-average period of 3.1 years. Total stock-based compensation expense related to all of the Company’s stock-based awards granted is reported in the condensed consolidated statements of operations as follows (in thousands): Three Months Ended March 31, 2021 2020 Research and development $ 916 $ 713 General and administrative expense 839 237 Sales and marketing expense 345 209 Cost of sales 117 100 Total stock-based compensation expenses $ 2,217 $ 1,259 There were 14,140,956 shares available for award under the 2020 Plan at March 31, 2021. The option activity of the Plans for the three months ended March 31, 2021, is as follows (shares in thousands): Weighted-Average Weighted-Average Remaining Aggregate Number of Exercise Price Contractual Term Intrinsic Value Shares per Share (in years) (in thousands) Outstanding at January 1, 2021 19,553 $ 1.53 7.75 $ 306,408 Granted — $ — Exercised (163) $ 1.10 Forfeited/expired (12) $ 1.40 Outstanding at March 31, 2021 19,378 $ 1.53 7.51 $ 259,023 Options vested at March 31, 2021 11,044 $ 1.55 6.29 $ 147,481 Options vested or expected to vest at March 31, 2021 18,673 $ 1.54 7.45 $ 249,529 The weighted-average grant-date fair value for options granted during the three months ended March 31, 2020 was approximately $1.65. The aggregate intrinsic value of options exercised during the three months ended March 31, 2021 and 2020, was $0.1 million and $0.3 million, respectively. Restricted Stock Units 1-year RSU activity under the 2020 Plan for the three months ended March 31, 2021 is as follows (shares in thousands): Shares Subject Weighted-Average to Vesting Grant Date Fair Value Balance of unvested shares as of January 1, 2021 683 $ 8.02 Granted 250 $ 30.49 Vested (15) $ 8.19 Balance of unvested shares as of March 31, 2021 918 $ 14.14 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2021 | |
RELATED PARTY TRANSACTIONS | |
RELATED PARTY TRANSACTIONS | 19. RELATED PARTY TRANSACTIONS As a result of the acquisition of EnvisionTEC, the Company entered into certain agreements with entities affiliated with Mr. El Siblani, a director and executive officer of the Company. The Company is the lessee in a lease agreement with ATMRE, LLC, a leasing company, in which Mr. El Siblani is the sole member, for the Dearborn, Michigan facility utilized by EnvisionTEC. This lease extends through December 31, 2023. As of March 31, 2021, the Company recorded $0.5 million of right of use asset and lease liability The Company is the lessee in a lease agreement JES Besitzgesellschaft GmbH, a leasing company that is controlled by members of the immediate family of Mr. El Siblani, for facilities located in Gladbeck, Germany utilized by EnvisionTEC. As of March 31, 2021, the Company recorded $0.2 million of right of use asset and lease liability . During the three months ended March 31, 2021, the Company paid immaterial lease expense to JES Besitzgesellschaft GmbH. The Company’s annual commitment to JES Besitzgesellschaft GmbH is $0.1 million. The Company is the lessee in a lease agreement with Sitraco (UK) Limited, a leasing company that is controlled by Mr. El Siblani, for an additional facility located in Gladbeck, Germany utilized by EnvisionTEC. As of March 31, 2021, the Company recorded $0.2 million of right of use asset and lease liability . During the three months ended March 31, 2021, the Company paid immaterial lease expense to Sitraco (UK) Limited. The Company’s annual commitment to Sitraco (UK) Limited is $0.1 million. The Company has a distribution agreement with Sibco Europe Ltd., a distributor based out of the United Kingdom. Mr. El Siblani is Managing Director of and sole shareholder of Sibco Europe Ltd. The Company did not have any sales to Sibco Europe Ltd. for the period ended March 31, 2021. In addition, Sibco Europe Ltd. provides sales and marketing support for EnvisionTEC GmbH. At March 31, 2021, the Company did not have accounts receivable or accounts payable due to or from Sibco Europe Ltd. The Company also has an agreement with E3D Technology, a wholly-owned subsidiary of Sibco Europe Ltd., for services including research and development, maintenance, and marketing services. As part of the agreement, the Company also pays a fee for overhead at the facilities where these contracted services are being performed. During the three months ended March 31, 2021, the Company paid immaterial service expense to E3D Technology. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 3 Months Ended |
Mar. 31, 2021 | |
SEGMENT INFORMATION | |
SEGMENT INFORMATION | 20. SEGMENT INFORMATION In its operation of the business, management, including the Company’s chief operating decision maker, who is also Chief Executive Officer, reviews the business as one segment. The Company currently ships its product to markets in the Americas, Europe Middle East and Africa (“EMEA”), and Asia Pacific (“APAC”). Disaggregated revenue data for those markets is as follows (in thousands): Revenue during the three months ended March 31, 2021 Americas EMEA APAC Total Products $ 5,854 $ 2,526 $ 1,931 $ 10,311 Services 705 215 82 1,002 Total $ 6,559 $ 2,741 $ 2,013 $ 11,313 Revenue during the three months ended March 31, 2020 Americas EMEA APAC Total Products $ 902 $ 1,528 $ 264 $ 2,694 Services 327 323 41 691 Total $ 1,229 $ 1,851 $ 305 $ 3,385 During the three months ended March 31, 2021 and 2020, the Company recognized the following revenue from service contracts and cloud-based software licenses over time, and hardware and consumable product shipments and subscription software at a point in time (in thousands): Three Months Ended March 31, 2021 2020 Revenue recognized at a point in time $ 10,311 $ 2,694 Revenue recognized over time 1,002 691 Total $ 11,313 $ 3,385 The Company’s long-lived assets are substantially all located in the United States where the Company’s primary operations are located. |
NET LOSS PER SHARE
NET LOSS PER SHARE | 3 Months Ended |
Mar. 31, 2021 | |
NET LOSS PER SHARE | |
NET LOSS PER SHARE | 21. NET LOSS PER SHARE The Company computes basic loss per share using net loss attributable to Common Stockholders and the weighted-average number of Common Stock shares outstanding during each period. Diluted earnings per share include shares issuable upon exercise of outstanding stock options and stock-based awards where the conversion of such instruments would be dilutive. Three Months Ended March 31, (in thousands, except per share amounts) 2021 2020 Numerator for basic and diluted net loss per share: Net loss attributable to Common Stockholders $ (59,108) $ (21,804) Denominator for basic and diluted net loss per share: Weighted-average shares 238,244 156,250 Net loss per share—Basic and Diluted $ (0.25) $ (0.14) The Company’s potential dilutive securities, which include outstanding Common Stock options, unvested restricted stock units, unvested restricted stock awards and outstanding Common Stock warrants, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following potential common shares, presented based on amounts outstanding as of March 31, 2021 and 2020, from the computation of diluted net loss per share attributable to common stockholders because including them would have an anti-dilutive effect (in thousands): Three Months Ended March 31, 2021 2020 Common Stock options outstanding 19,378 12,964 Unvested restricted stock units outstanding 918 — Unvested restricted stock awards outstanding 224 3,142 Common Stock warrants outstanding — 578 Total shares 20,520 16,684 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2021 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | 22. SUBSEQUENT EVENTS Subsequent to March 31, 2021, the Company entered into financing arrangements with three companies in the additive manufacturing industry. In two of the transactions, the Company received a convertible promissory note. In the other transaction, the Company received a simple agreement for future equity. The aggregate amount invested by the Company was $4.6 million. On April 28, 2021 the Company entered into a stock subscription agreement with Galileo Acquisition Corp. (“Galileo”). Pursuant to the agreement, the Company will purchase $20.0 million of Galileo common stock upon the closing of Galileo’s announced merger transaction. The Company expects this investment to facilitate the development of a strategic partnership with Galileo’s merger target, Shapeways, Inc., to accelerate access to, and adoption of, its additive manufacturing solutions by businesses across a range of applications. On May 7, 2021, the Company acquired Adaptive 3D Technologies, LLC and its affiliates (“Adaptive”) pursuant to a Purchase Agreement and Plan of Merger dated as of May 7, 2021. The Company paid consideration of $24.1 million in cash and issued 3,076,838 shares of the Company’s Common Stock with a fair value of $37.0 million as of the close of business on the transaction date. The acquisition will be accounted for as a business combination using the acquisition method of accounting. The Company is currently finalizing the allocation of the purchase price and expects the purchase price to be allocated primarily to goodwill and intangible assets. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company are prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the regulations of the U.S Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. The condensed consolidated financial statements include the Company’s accounts and those of its subsidiaries. In the opinion of the Company’s management, the financial information for the interim periods presented reflects all adjustments, which are of a normal and recurring nature, necessary for a fair presentation of the Company’s financial position, results of operations, and cash flows. The results reported in these condensed consolidated financial statements are not necessarily indicative of results that may be expected for the entire year. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. |
COVID-19 Pandemic | COVID-19 Pandemic In March 2020, the World Health Organization declared the outbreak of a disease caused by a novel strain of the coronavirus (“COVID-19”) to be a pandemic. As of March 31, 2021, the impact of the COVID-19 pandemic continues to unfold and there has been uncertainty and disruption in the global economy and financial markets. The Company has considered the COVID-19 pandemic related impacts on its estimates, as appropriate, within its consolidated financial statements and there may be changes to those estimates in future periods. The COVID-19 pandemic, as well as the response to mitigate the spread and effects of COVID-19, may impact the Company and its customers, as well as the demand for its products and services. The impact of COVID-19 on the Company’s operational results in subsequent periods will largely depend on future developments, and cannot be accurately predicted. These developments may include, but are not limited to, new information concerning the severity of COVID-19, the degree of success of actions taken to contain or treat COVID-19 and the reactions by consumers, companies, governmental entities, and capital markets to such actions. |
Significant Accounting Policies | Significant Accounting Policies The Company’s significant accounting policies are described in Note 2 to the financial statements in Part II, Item 8 of the Company’s Annual Report on Form 10-K/A for the year ended December 31, 2020. See the discussion of changes to certain of the Company’s accounting policies due to the acquisition of EnvisionTEC below. There have been no other changes to the Company’s significant accounting policies during the first three months of fiscal year 2021. |
Foreign Currency Translation | Foreign Currency Translation The Company translates assets and liabilities of its foreign subsidiaries from their respective functional currencies to U.S. Dollars at the appropriate spot rates as of the balance sheet date. The functional currency of all wholly owned subsidiaries is U.S. Dollars, except for EnvisionTEC GmbH, for which it is Euros. The functional currency of the Company's operations outside the United States is generally the local currency of the country where the operations are located or U.S. Dollars. The results of operations are translated into U.S. Dollars at a monthly average rate, calculated using daily exchange rates. Differences arising from the translation of opening balance sheets of these entities to the rate at the end of the fiscal period are recognized in Accumulated other comprehensive (loss) income. The differences arising from the translation of foreign results at the average rate are also recognized in Accumulated other comprehensive (loss) income. Such translation differences are recognized as income or expense in the period in which the Company disposes of the operations. Transactions in foreign currencies are recorded at the approximate rate of exchange at the transaction date. Assets and liabilities resulting from these transactions are translated at the rate of exchange in effect at the balance sheet date. All such differences are recorded in Interest and other income, net in the Consolidated Statements of Operations. |
Product Revenue and Service Revenue | Product Revenue and Service Revenue Product revenue include sales of the Company’s additive manufacturing systems as well as sale of related accessories and consumables. These consumables are primarily comprised of materials, which are used by the 3D printers during the printing process to produce parts, as well as replacement parts for items consumed during system operations. Certain on-device software is embedded with the hardware and sold with the product bundle and is included within product revenue. Revenue from products is recognized upon transfer of control, which is generally at the point of shipment. Services revenue consists of installation, training, and post-installation hardware and software support, as well as various software solutions the Company offers to facilitate the operation of the Company’s products. The Company offers multiple software products, which are licensed through either a cloud-based solution and/or an on-device software subscription, depending on the product. For the cloud-based solution, the Company typically provides an annual subscription that the customer does not have the right to take possession of and is renewable at expiration. The revenue from the cloud-based solution is recognized ratably over the annual term as the Company considers the services provided under the cloud-based solution to be a series of distinct performance obligations, as the Company provides continuous daily access to the cloud solution. For on-device software subscriptions, the Company typically recognizes revenue once the customer has been given access to the software. When the Company enters into development contracts, control of the development service is transferred over time, and the related revenue is recognized as services are performed. For certain products, the Company offers customers an optional extended warranty beyond the initial warranty period. The optional extended warranty is accounted for as a service-type warranty. Extended warranty revenue is deferred and recognized on a straight-line basis over the service-type warranty period of the contract and the associated costs are recognized as incurred. Revenue Recognition Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods or providing services. The amount of consideration is typically a fixed price at the contract inception. Consideration from shipping and handling is recorded on a gross basis within product revenue. The Company determines revenue recognition through the following steps: • • • • • Nature of Products and Services The Company sells its products primarily through authorized resellers, independent sales agents, and its own sales force. Revenue from hardware and consumables is recognized upon transfer of control, which is generally at the point of shipment. The Company’s post-installation support is primarily sold through one-year annual contracts and such revenue is recognized ratably over the term of the agreement. Service revenue from installation and training is recognized as performed. The Company’s terms of sale generally provide payment terms that are customary in the countries where the Company transacts business. To reduce credit risk in connection with certain sales, the Company may, depending upon the circumstances, require significant deposits or payment in full prior to shipment. Due to the short-term nature of the Company’s contracts, substantially all of the outstanding performance obligations are recognized within one year. Shipping and handling activities that occur after control over a product has transferred to a customer are accounted for as fulfillment activities rather than performance obligations, as allowed under a practical expedient provided by ASC 606. The shipping and handling fees charged to customers are recognized as revenue and the related costs are included in cost of revenue at the point in time when ownership of the product is transferred to the customer. Sales taxes and value added taxes collected concurrently with revenue generating activities are excluded from revenue. Significant Judgements The Company enters into contracts with customers that can include various combinations of hardware products, software licenses, and services, which are distinct and accounted for as separate performance obligations. Products or services that are promised to a customer can be considered distinct if both of the following criteria are met: (i) the customer can benefit from the products or services either on its own or together with other readily available resources and (ii) the Company’s promise to transfer the products, software, or services to the customer is separately identifiable from other promises in the contract. Determining whether products and services are considered distinct performance obligations that should be accounted for separately versus together may require significant judgment. Judgement is required to determine the standalone selling price (“SSP”). The transaction price is allocated to each distinct performance obligation on a relative standalone selling price basis and revenue is recognized for each performance obligation when control has passed. In most cases, the Company is able to establish SSP based on historical transaction data of the observable prices of hardware products sold separately in comparable circumstances to similar customers, observable renewal rates for software and post-installation support, and the Company’s best estimate of the selling price at which the Company would have sold the product regularly on a stand-alone basis for training and installation. The Company reassesses the SSP on a periodic basis or when facts and circumstances change. |
Warranty Reserve | Warranty Reserve Substantially all of the Company’s hardware and software products are covered by a standard assurance warranty of one year within the United States and 13 months internationally, and estimated warranty obligations are recorded as an expense at the time or revenue recognition. In the event of a failure of hardware product or software covered by this warranty, the Company will repair or replace the software or hardware product. For certain products, the Company offers customers an optional extended warranty after the initial warranty period. The optional extended warranty is accounted for as a service-type warranty; therefore, costs are recognized as incurred and revenue is recognized over the service-type warranty period. The Company’s warranty reserve reflects estimated material and labor costs for potential or actual product issues in its installed base for which the Company expects to incur an obligation. The Company periodically assesses the adequacy of the warranty reserve and adjusts the amount as necessary. If the data used to calculate the adequacy of the warranty reserve is not indicative of future requirements, additional or reduced warranty reserves may be required. |
Property and Equipment | Property and Equipment Property and equipment is stated at cost. Expenditures for repairs and maintenance are expensed as incurred. When assets are retired or disposed of, the assets and related accumulated depreciation are eliminated from the accounts and any resulting gain or loss is included in the determination of net income or loss. Depreciation is expensed using the straight-line method over the estimated useful lives of the assets as follows: Asset Classification Useful Life Equipment 2 Furniture and fixtures 3 Computer equipment 3 years Tooling 3 years Software 2 Leasehold improvements Shorter of asset’s useful life or remaining life of the lease |
Intangible Assets | Intangible Assets Intangible assets consist of identifiable intangible assets, including developed technology, trade names, and customer relationships, resulting from the Company’s acquisitions. The Company evaluates definite-lived intangible assets for impairment when events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. If indicators of impairment are present, the Company then compares the estimated undiscounted cash flows that the specific asset is expected to generate to its carrying value. If such assets are impaired, the impairment recognized is measured as the amount by which the carrying amount of the asset exceeds its fair value. To date, there have been no impairments of intangible assets. Intangible assets are amortized over their useful life. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards Recently Adopted Accounting Guidance In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740)—Simplifying the Accounting for Income Taxes, Income Taxes Recent Accounting Guidance Not Yet Adopted In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses. amended, these changes become effective for the Company on January 1, 2023. The Company is currently evaluating the potential impact of these changes on the condensed consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Schedule of estimated useful lives of the assets | Asset Classification Useful Life Equipment 2 Furniture and fixtures 3 Computer equipment 3 years Tooling 3 years Software 2 Leasehold improvements Shorter of asset’s useful life or remaining life of the lease |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
ACQUISITIONS | |
Schedule of estimated fair values of assets acquired and liabilities assumed | The total purchase price was allocated to the identifiable assets acquired and liabilities assumed based on the Company’s preliminary estimates of their fair values on the acquisition date. The fair values assigned to EnvisionTEC’s tangible and intangible assets and liabilities assumed, and the related deferred tax assets and liabilities, are considered preliminary and are based on the information available at the date of the acquisition. The Company is in the process of finalizing its purchase price allocation, and the tax basis of the assets and liabilities acquired. This may result in potential adjustments to the carrying value of the respective recorded assets and liabilities, establishment of certain intangible assets, revisions of useful lives of intangible assets, establishment of potential acquisition contingencies, and the determination of any residual amount that will be allocated to goodwill. Adjustments that impact the deferred tax liability recorded in the business combination, could result in an increase or decrease in the Company’s recorded valuation allowance, that will be recognized in the accompanying statement of operations. The following table summarizes the preliminary allocation of the purchase price to the estimated fair values of assets acquired and liabilities assumed (in thousands): At February 16, 2021 Assets acquired: Cash and cash equivalents $ 859 Restricted cash 5,004 Accounts receivable 2,740 Inventory 8,852 Prepaid expenses and other current assets 1,081 Restricted cash - noncurrent 285 Property and equipment 1,440 Intangible assets 137,300 Other noncurrent assets 1,801 Total assets acquired $ 159,362 Liabilities assumed: Accounts payable $ 1,443 Customer deposits 2,590 Current portion of lease liability 600 Accrued expenses and other current liabilities 13,645 Liability for income taxes 480 Deferred revenue 300 Current portion of long-term debt 898 Long-term debt 285 Deferred tax liability 33,348 Lease liability, net of current portion 1,189 Total liabilities assumed $ 54,778 Net assets acquired $ 104,584 Goodwill $ 199,056 |
Schedule of estimated useful life of identifiable intangible assets acquired | Gross Value Estimated Life Acquired technology $ 77,800 7 – 12 years Trade name 8,600 13 years Customer relationships 50,900 10 years Total intangible assets $ 137,300 |
Schedule of proforma financial information is based on the historical financial statements | The following pro forma financial information is based on the historical financial statements of the Company and presents the Company’s results as if the acquisition had occurred on January 1, 2020 (in thousands): Three Months Ended March 31, 2021 2020 Net revenues $ 14,825 $ 10,697 Net income $ (28,676) $ (30,943) |
Schedule of reconciliation of business combination to Statement of Cash Flows and Statement of Changes in Equity | Recapitalization Cash – Trine's trust and cash (net of redemptions) $ 305,084,695 Cash – PIPE financing 274,975,000 Less: transaction costs and advisory fees paid (45,463,074) Net proceeds from reverse recapitalization 534,596,621 Plus: non-cash net liabilities assumed 1 (152,394,714) Less: accrued transaction costs and advisory fees (1,900,793) Net contributions from reverse recapitalization $ 380,301,114 |
Schedule of number of shares issued on consummation of business combination | Number of Shares Common stock, outstanding prior to Business Combination 30,015,000 Less: redemption of Trine shares (26,049) Common stock of Trine 29,988,951 Trine Founder Shares 5,552,812 Trine Director Shares 100,000 Shares issued in PIPE financing 27,497,500 Business Combination and PIPE financing shares 63,139,263 Legacy Desktop Metal shares (1) 161,487,334 Total shares of common stock immediately after Business Combination 224,626,597 (1) |
CASH EQUIVALENTS AND SHORT-TE_2
CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS | |
Schedule of cash equivalents and short-term investments | The Company’s cash equivalents and short-term investments are invested in the following (in thousands): March 31, 2021 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Money market funds $ 413,089 $ — $ — $ 413,089 Total cash equivalents 413,089 — — 413,089 U.S Treasury securities 5,000 — — 5,000 Commercial paper 89,835 — — 89,835 Corporate bonds 61,020 13 (21) 61,012 Total short-term investments 155,855 13 (21) 155,847 Total cash equivalents and short-term investments $ 568,944 $ 13 $ (21) $ 568,936 December 31, 2020 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Commercial paper $ 75,374 $ — $ — $ 75,374 Money market funds 407,512 — — 407,512 Total cash equivalents 482,886 — — 482,886 U.S. Treasury securities 19,995 2 — 19,997 Commercial paper 43,911 — — 43,911 Corporate bonds 47,970 — (11) 47,959 Total short-term investments 111,876 2 (11) 111,867 Total cash equivalents and short-term investments $ 594,762 $ 2 $ (11) $ 594,753 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
FAIR VALUE MEASUREMENTS | |
Schedule of financial assets measured at fair value on a recurring basis | The following fair value hierarchy table presents information about the Company’s financial assets measured at fair value on a recurring basis and indicates the fair value hierarchy of the inputs the Company utilized to determine such fair value (in thousands): March 31, 2021 Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Items Inputs Inputs (Level 1) (Level 2) (Level 3) Total Assets: Money market funds $ 413,089 $ — $ — $ 413,089 Commercial paper — 89,835 — 89,835 Corporate bonds — 61,012 — 61,012 U.S. Treasury securities 5,000 — — 5,000 Other investments — — 3,025 3,025 Total assets $ 418,089 $ 150,847 $ 3,025 $ 571,961 December 31, 2020 Quoted Prices in Significant Active Markets Other Significant for Identical Observable Unobservable Items Inputs Inputs (Level 1) (Level 2) (Level 3) Total Assets: Money market funds $ 407,512 $ — $ — $ 407,512 Commercial paper — 119,285 — 119,285 Corporate bonds — 47,959 — 47,959 U.S. Treasury securities 19,997 — — 19,997 Other investments — — 3,000 3,000 Total assets $ 427,509 $ 167,244 $ 3,000 $ 597,753 Liabilities: Private placement warrants $ — $ — $ 93,328 $ 93,328 Total liabilities $ — $ — $ 93,328 $ 93,328 |
Schedule of Level 3 assets measured at fair value | The following table presents information about the Company’s movement in Level 3 assets measured at fair value (in thousands): Three Months Ended March 31, 2021 2020 Balance at beginning of period $ 3,000 $ — Changes in fair value 25 — Balance at end of period $ 3,025 $ — |
Schedule of Level 3 liabilities measured at fair value | The following table presents information about the Company’s movement in Level 3 liabilities measured at fair value (in thousands): Three Months Ended March 31, 2021 2020 Balance at beginning of period $ 93,328 $ — Changes in fair value 56,576 — Exercise of private placement warrants (149,904) — Balance at end of period $ — $ — |
ACCOUNTS RECEIVABLE (Tables)
ACCOUNTS RECEIVABLE (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
ACCOUNTS RECEIVABLE | |
Schedule of accounts receivable | The components of accounts receivable are as follows (in thousands): March 31, December 31, 2021 2020 Trade receivables $ 9,598 $ 7,016 Allowance for doubtful accounts (364) (500) Total accounts receivable $ 9,234 $ 6,516 |
Schedule of allowance for doubtful accounts | The following table summarizes activity in the allowance for doubtful accounts (in thousands): March 31, December 31, 2021 2020 Balance at beginning of period $ 500 $ 199 Provision for uncollectible accounts 72 377 Uncollectible accounts written off (208) (76) Balance at end of period $ 364 $ 500 |
INVENTORY (Tables)
INVENTORY (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
INVENTORY | |
Schedule of Inventory | Inventory consists of the following (in thousands): March 31, December 31, 2021 2020 Raw materials $ 4,927 $ — Finished goods 12,854 6,812 Work in process 3,056 2,896 Total inventory $ 20,837 $ 9,708 |
PREPAID EXPENSES AND OTHER CU_2
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
PREPAID EXPENSES AND OTHER CURRENT ASSETS | |
Schedule of Prepaid expenses and other current assets | Prepaid expenses and other current assets consists of the following (in thousands): March 31, December 31, 2021 2020 Receivable for warrants exercised $ 12,357 $ — Prepaid insurance 2,948 121 Prepaid operating expenses 1,015 68 Prepaid dues and subscriptions 883 189 Prepaid taxes 474 — Vendor prepayments 473 — Prepaid rent 155 118 Deferred cost of goods sold — 454 Other 352 26 Total prepaid expenses and other current assets $ 18,657 $ 976 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
PROPERTY AND EQUIPMENT | |
Schedule of property and equipment-net | Property and equipment, net consists of the following (in thousands): March 31, December 31, 2021 2020 Equipment $ 14,532 $ 13,708 Furniture and fixtures 924 895 Computer equipment 1,124 1,089 Tooling 1,805 1,805 Software 1,340 1,249 Leasehold improvements 14,274 13,870 Construction in process 1,063 879 Property and equipment, gross 35,062 33,495 Less: accumulated depreciation (22,731) (21,335) Total property and equipment, net $ 12,331 $ 12,160 |
GOODWILL & INTANGIBLE ASSETS (T
GOODWILL & INTANGIBLE ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
GOODWILL & INTANGIBLE ASSETS | |
Schedule of goodwill activity | (in thousands) Balance at December 31, 2019 $ 2,252 Balance at December 31, 2020 $ 2,252 Acquisition of EnvisionTEC 199,056 Balance at March 31, 2021 $ 201,308 |
Schedule of intangible assets | Intangible assets consisted of the following (in thousands): Accumulated Balance Gross Value Estimated Life Amortization March 31, 2021 Acquired technology $ 87,993 5 – 12 years $ 2,688 $ 85,305 Trade name 8,600 13 years 81 8,519 Customer relationships 50,900 10 years 621 50,279 Total intangible assets $ 147,493 $ 3,390 $ 144,103 |
OTHER NONCURRENT ASSETS (Tables
OTHER NONCURRENT ASSETS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
OTHER NONCURRENT ASSETS | |
Schedule of components of other noncurrent assets | The following table summarizes the Company’s components of other noncurrent assets (in thousands): March 31, December 31, 2021 2020 Other investments $ 3,025 $ 3,000 Right of use asset 3,702 1,810 Long-term deposits 99 69 Total other noncurrent assets $ 6,826 $ 4,879 |
ACCRUED EXPENSES AND OTHER CU_2
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | |
Schedule of Accrued Expenses and Other Current Liabilities | The following table summarizes the Company’s components of accrued expenses and other current liabilities (in thousands): March 31, December 31, 2021 2020 Professional services $ 3,519 $ 2,508 Compensation and benefits related 3,516 2,068 Warranty reserve 1,813 1,553 Inventory purchases 1,716 86 Income tax payable 1,405 — Customer payable 605 — Sales and use and franchise taxes 506 586 Franchise and royalty fees 188 159 Other 2,056 605 Total accrued expenses and other current liabilities $ 15,324 $ 7,565 |
Warranty Reserve Rollforward | 2021 2020 Warranty reserve, at the beginning of the period $ 1,553 $ 1,491 Warranty reserve assumed in acquisition 326 — Additions to warranty reserve 86 346 Claims fulfilled (152) (284) Warranty reserve, at the end of the period $ 1,813 $ 1,553 |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
LEASES | |
Schedule of other lease related balances | Information about other lease-related balances is as follows (in thousands): March 31, 2021 2020 Lease cost Operating lease cost $ 323 $ 188 Short‑term lease cost 22 — Variable lease cost 39 10 Total lease cost $ 384 $ 198 Other Information Operating cash flows used in operating leases $ 244 $ 268 Weighted‑average remaining lease term—operating leases (years) 2.9 4.0 Weighted‑average discount rate—operating leases 5.5 % 7.6 % |
Schedule of future minimum lease payments | Future minimum lease payments under noncancelable operating leases, including immaterial future minimum lease payments under finance leases, at March 31, 2021, are as follows (in thousands): Operating Leases 2021 (remaining 9 months) $ 1,399 2022 1,862 2023 1,671 2024 370 2025 — Total lease payments 5,302 Less amount representing interest (415) Total lease liability 4,887 Less current portion of lease liability (1,639) Lease liability, net of current portion $ 3,248 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
RSU activity under the Plan | The activity for stock subject to vesting as of March 31, 2021 is as follows (shares in thousands): Shares Subject Weighted-Average to Vesting Purchase Price Balance of unvested shares as of January 1, 2021 280 $0.0001 Issuance of additional shares — — Vested (56) $0.0001 Balance of unvested shares as of March 31, 2021 224 $0.0001 |
Schedule of warrants-pricing model | Three Months Ended March 31, 2020 Risk‑free interest rate 2 % Expected volatility 52.5 % Expected life (in years) 7.8 Expected dividend yield — Fair value of Common Stock $ 3.34 |
Private Placement Warrants | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of warrants-pricing model | Three Months Ended March 31, 2021 Risk‑free interest rate 0.4% – 0.6 % Expected volatility 55.0 % Expected life (in years) 4.8 Expected dividend yield — Fair value of Common Stock $ 19.82 – 30.49 Exercise price $ 11.50 |
STOCK BASED COMPENSATION (Table
STOCK BASED COMPENSATION (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of stock-based compensation expense | Total stock-based compensation expense related to all of the Company’s stock-based awards granted is reported in the condensed consolidated statements of operations as follows (in thousands): Three Months Ended March 31, 2021 2020 Research and development $ 916 $ 713 General and administrative expense 839 237 Sales and marketing expense 345 209 Cost of sales 117 100 Total stock-based compensation expenses $ 2,217 $ 1,259 |
Schedule of option activity | There were 14,140,956 shares available for award under the 2020 Plan at March 31, 2021. The option activity of the Plans for the three months ended March 31, 2021, is as follows (shares in thousands): Weighted-Average Weighted-Average Remaining Aggregate Number of Exercise Price Contractual Term Intrinsic Value Shares per Share (in years) (in thousands) Outstanding at January 1, 2021 19,553 $ 1.53 7.75 $ 306,408 Granted — $ — Exercised (163) $ 1.10 Forfeited/expired (12) $ 1.40 Outstanding at March 31, 2021 19,378 $ 1.53 7.51 $ 259,023 Options vested at March 31, 2021 11,044 $ 1.55 6.29 $ 147,481 Options vested or expected to vest at March 31, 2021 18,673 $ 1.54 7.45 $ 249,529 |
Schedule of RSU activity | Shares Subject Weighted-Average to Vesting Grant Date Fair Value Balance of unvested shares as of January 1, 2021 683 $ 8.02 Granted 250 $ 30.49 Vested (15) $ 8.19 Balance of unvested shares as of March 31, 2021 918 $ 14.14 |
Consultant | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of assumptions using Black-Scholes option-pricing model | Three Months Ended March 31, 2020 Risk‑free interest rate 0.8 % Expected volatility 54.3 % Expected life (in years) 10.0 Expected dividend yield — Fair value of Common Stock $ 3.34 |
Employee | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of assumptions using Black-Scholes option-pricing model | Three Months Ended March 31, 2020 Risk‑free interest rate 0.7 % – 0.9 % Expected volatility 52.7 % – 52.9 % Expected life (in years) 5.9 – 6.1 Expected dividend yield — Fair value of Common Stock $ 3.34 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
SEGMENT INFORMATION | |
Schedule of disaggregation of revenue by geographic areas | Revenue during the three months ended March 31, 2021 Americas EMEA APAC Total Products $ 5,854 $ 2,526 $ 1,931 $ 10,311 Services 705 215 82 1,002 Total $ 6,559 $ 2,741 $ 2,013 $ 11,313 Revenue during the three months ended March 31, 2020 Americas EMEA APAC Total Products $ 902 $ 1,528 $ 264 $ 2,694 Services 327 323 41 691 Total $ 1,229 $ 1,851 $ 305 $ 3,385 |
Schedule of disaggregation of revenue | Three Months Ended March 31, 2021 2020 Revenue recognized at a point in time $ 10,311 $ 2,694 Revenue recognized over time 1,002 691 Total $ 11,313 $ 3,385 |
NET LOSS PER SHARE (Tables)
NET LOSS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
NET LOSS PER SHARE | |
Schedule of Net Loss Per Share, Basic and Diluted | Three Months Ended March 31, (in thousands, except per share amounts) 2021 2020 Numerator for basic and diluted net loss per share: Net loss attributable to Common Stockholders $ (59,108) $ (21,804) Denominator for basic and diluted net loss per share: Weighted-average shares 238,244 156,250 Net loss per share—Basic and Diluted $ (0.25) $ (0.14) |
Schedule of antidilutive securities excluded from computation of earnings per share | Three Months Ended March 31, 2021 2020 Common Stock options outstanding 19,378 12,964 Unvested restricted stock units outstanding 918 — Unvested restricted stock awards outstanding 224 3,142 Common Stock warrants outstanding — 578 Total shares 20,520 16,684 |
ORGANIZATION, NATURE OF BUSIN_2
ORGANIZATION, NATURE OF BUSINESS, AND RISK AND UNCERTAINTIES (Details) | Dec. 09, 2020$ / shares | Mar. 31, 2021$ / shares | Dec. 31, 2020$ / shares |
Common stock par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Number of months cash and Investments sufficient to fund operating and capital expenditure | 12 months | ||
Trine | |||
Exchange ratio | 1.22122 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 3 Months Ended |
Mar. 31, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Term of annual contract | 1 year |
Time period within substantially all outstanding performance obligations are recognized | true |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Warranty Reserve (Details) | 3 Months Ended |
Mar. 31, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Standard assurance warranty period | 1 year |
Internationally warranty period | 13 months |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Property and Equipment (Details) | 3 Months Ended |
Mar. 31, 2021 | |
Computer equipment | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Tooling | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Minimum | Equipment | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 2 years |
Minimum | Furniture and fixtures | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Minimum | Software | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 2 years |
Maximum | Equipment | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 12 years |
Maximum | Software | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Intangible Assets (Details) | 3 Months Ended |
Mar. 31, 2021USD ($) | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Impairment of intangible assets | $ 0 |
ACQUISITIONS - Acquisition of E
ACQUISITIONS - Acquisition of EnvisionTEC (Details) - USD ($) $ in Thousands | Feb. 16, 2021 | Mar. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Liabilities assumed: | ||||||
Goodwill | $ 201,308 | $ 201,308 | $ 2,252 | $ 2,252 | ||
Business Combination, Consideration Transferred [Abstract] | ||||||
Gross Value | 147,493 | 147,493 | ||||
Pro forma financial information | ||||||
Net revenues | 14,825 | $ 10,697 | ||||
Net income | (28,676) | $ (30,943) | ||||
Acquired technology | ||||||
Business Combination, Consideration Transferred [Abstract] | ||||||
Gross Value | 87,993 | 87,993 | ||||
Trade name | ||||||
Business Combination, Consideration Transferred [Abstract] | ||||||
Gross Value | 8,600 | 8,600 | ||||
Customer relationships | ||||||
Business Combination, Consideration Transferred [Abstract] | ||||||
Gross Value | 50,900 | 50,900 | ||||
Acquisition of EnvisionTEC | ||||||
Assets acquired: | ||||||
Cash and cash equivalents | $ 859 | |||||
Restricted cash | 5,004 | |||||
Accounts receivable | 2,740 | |||||
Inventory | 8,852 | |||||
Prepaid expenses and other current assets | 1,081 | |||||
Restricted cash - noncurrent | 285 | |||||
Property and equipment | 1,440 | |||||
Intangible assets | 137,300 | |||||
Other noncurrent assets | 1,801 | |||||
Total assets acquired | 159,362 | |||||
Liabilities assumed: | ||||||
Accounts payable | 1,443 | |||||
Customer deposits | 2,590 | |||||
Current portion of lease liability | 600 | |||||
Accrued expenses and other current liabilities | 13,645 | |||||
Liability for income taxes | 480 | |||||
Deferred revenue | 300 | |||||
Current portion of long-term debt | 898 | |||||
Long-term debt | 285 | |||||
Deferred tax liability | 33,348 | |||||
Lease liability, net of current portion | 1,189 | |||||
Total liabilities assumed | 54,778 | |||||
Net assets acquired | 104,584 | |||||
Goodwill | 199,056 | 36,600 | $ 36,600 | |||
Business Combination, Consideration Transferred [Abstract] | ||||||
Gross Value | 137,300 | |||||
Payment to acquire business | $ 143,800 | |||||
Common stock issued for acquisition | 5,036,142 | |||||
Common stock fair value issued for acquisition | $ 159,800 | |||||
Transaction costs | 3,900 | |||||
Net revenues from Envision TEC included in consolidated result | 5,400 | |||||
Net income (loss) from Envision TEC included in consolidated result | $ (1,800) | |||||
Acquisition of EnvisionTEC | Acquired technology | ||||||
Business Combination, Consideration Transferred [Abstract] | ||||||
Gross Value | 77,800 | |||||
Acquisition of EnvisionTEC | Trade name | ||||||
Business Combination, Consideration Transferred [Abstract] | ||||||
Gross Value | $ 8,600 | |||||
Estimated Life | 13 years | |||||
Acquisition of EnvisionTEC | Customer relationships | ||||||
Business Combination, Consideration Transferred [Abstract] | ||||||
Gross Value | $ 50,900 | |||||
Estimated Life | 10 years | |||||
Minimum | Acquisition of EnvisionTEC | Acquired technology | ||||||
Business Combination, Consideration Transferred [Abstract] | ||||||
Estimated Life | 7 years | |||||
Maximum | Acquisition of EnvisionTEC | Acquired technology | ||||||
Business Combination, Consideration Transferred [Abstract] | ||||||
Estimated Life | 12 years |
ACQUISITIONS - Business Combina
ACQUISITIONS - Business Combination to the consolidated statement of cash flows and the consolidated statement of changes in equity (Details) - Trine | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Business Acquisition [Line Items] | |
Cash - Trine's trust and cash (net of redemptions) | $ 305,084,695 |
Cash - PIPE financing | 274,975,000 |
Less: transaction costs and advisory fees paid | (45,463,074) |
Net proceeds from reverse recapitalization | 534,596,621 |
Plus: non-cash net liabilities assumed | (152,394,714) |
Less: accrued transaction costs and advisory fees | (1,900,793) |
Net contributions from reverse recapitalization | 380,301,114 |
Non cash warrant liabilities assumed | $ 149,700,000 |
ACQUISITIONS - Business Combi_2
ACQUISITIONS - Business Combination common shares issued (Details) | Dec. 09, 2020D$ / sharesshares | Dec. 31, 2020shares |
Business Acquisition [Line Items] | ||
Number of trading days | D | 20 | |
Number of days window by fifth anniversary of business combination | D | 30 | |
Tranche One | ||
Business Acquisition [Line Items] | ||
Trine Founder Shares | 5,552,812 | |
Vesting percentage | 75.00% | |
Tranche Two | ||
Business Acquisition [Line Items] | ||
Trine Founder Shares | 1,850,938 | |
Vesting percentage | 25.00% | |
Trine | ||
Business Acquisition [Line Items] | ||
BALANCE (in shares) | 30,015,000 | |
Less: redemption of Trine shares | (26,049) | |
Common stock of Trine | 29,988,951 | |
Trine Founder Shares | 5,552,812 | 7,403,750 |
Trine Director Shares | 100,000 | |
Share price | $ / shares | $ 12.50 | |
Shares issued in PIPE | 27,497,500 | |
Business Combination and PIPE financing shares | 63,139,263 | |
Legacy Desktop Metal shares (1) | 161,487,334 | |
BALANCE (in shares) | 224,626,597 |
ACQUISITIONS (Details)
ACQUISITIONS (Details) | Dec. 09, 2020USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Mar. 31, 2021$ / sharesshares |
Business Acquisition [Line Items] | |||
Shares authorized | 550,000,000 | ||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | 500,000,000 |
Common stock par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 |
Preferred stock par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Trine | |||
Business Acquisition [Line Items] | |||
Exchange ratio | 1.22122 | ||
Shares issued in PIPE | 27,497,500 | ||
Business Acquisition, Share Price | $ / shares | $ 12.50 | ||
Cash - PIPE financing | $ | $ 274,975,000 | ||
Trine | Business Combination Subscription Agreement | |||
Business Acquisition [Line Items] | |||
Shares issued in PIPE | 27,497,500 | ||
Business Acquisition, Share Price | $ / shares | $ 10 | ||
Cash - PIPE financing | $ | $ 275,000,000 |
CASH EQUIVALENTS AND SHORT-TE_3
CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Cash equivalents | $ 413,089 | $ 482,886 |
Amortized Cost | 155,855 | 111,876 |
Unrealized Gains | 13 | 2 |
Unrealized losses | (21) | (11) |
Fair Value | 155,847 | 111,867 |
Total cash equivalents and short-term investments, Amortized Cost | 568,944 | 594,762 |
Total cash equivalents and short-term investments, Fair Value | 568,936 | 594,753 |
U.S Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 5,000 | 19,995 |
Unrealized Gains | 2 | |
Fair Value | 5,000 | 19,997 |
Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 89,835 | 43,911 |
Fair Value | 89,835 | 43,911 |
Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 61,020 | 47,970 |
Unrealized Gains | 13 | |
Unrealized losses | (21) | (11) |
Fair Value | 61,012 | 47,959 |
Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cash equivalents | 75,374 | |
Money market funds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Cash equivalents | $ 413,089 | $ 407,512 |
FAIR VALUE MEASUREMENTS - Asset
FAIR VALUE MEASUREMENTS - Assets measured on recurring basis (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Assets | |||
Level 1 to Level 2 transfer | $ 0 | $ 0 | |
Level 2 to Level 1 transfer | 0 | 0 | |
Transfer into Level 3 | 0 | 0 | |
Transfer out of Level 3 | 0 | $ 0 | |
Movement in Level 3 liabilities measured at fair value | |||
Balance at beginning of period | 93,328,000 | ||
Changes in fair value | 56,576,000 | ||
Exercise of private placement warrants | (149,904,000) | ||
Level 3 | |||
Movement in Level 3 assets measured at fair value | |||
Balance at beginning of year | 3,000,000 | ||
Changes in fair value | 25,000 | ||
Balance at end of year | 3,025,000 | ||
Recurring | |||
Assets | |||
Total assets | 571,961,000 | $ 597,753,000 | |
Total liabilities | 93,328,000 | ||
Recurring | Private Placement Warrants | |||
Assets | |||
Total liabilities | 93,328,000 | ||
Recurring | Money market funds | |||
Assets | |||
Total assets | 413,089,000 | 407,512,000 | |
Recurring | Commercial paper | |||
Assets | |||
Total assets | 89,835,000 | 119,285,000 | |
Recurring | Corporate bonds | |||
Assets | |||
Total assets | 61,012,000 | 47,959,000 | |
Recurring | U.S Treasury securities | |||
Assets | |||
Total assets | 5,000,000 | 19,997,000 | |
Recurring | Other investments | |||
Assets | |||
Total assets | 3,025,000 | 3,000,000 | |
Recurring | Level 1 | |||
Assets | |||
Total assets | 418,089,000 | 427,509,000 | |
Recurring | Level 1 | Money market funds | |||
Assets | |||
Total assets | 413,089,000 | 407,512,000 | |
Recurring | Level 1 | U.S Treasury securities | |||
Assets | |||
Total assets | 5,000,000 | 19,997,000 | |
Recurring | Level 2 | |||
Assets | |||
Total assets | 150,847,000 | 167,244,000 | |
Recurring | Level 2 | Commercial paper | |||
Assets | |||
Total assets | 89,835,000 | 119,285,000 | |
Recurring | Level 2 | Corporate bonds | |||
Assets | |||
Total assets | 61,012,000 | 47,959,000 | |
Recurring | Level 3 | |||
Assets | |||
Total assets | 3,025,000 | 3,000,000 | |
Total liabilities | 93,328,000 | ||
Recurring | Level 3 | Private Placement Warrants | |||
Assets | |||
Total liabilities | 93,328,000 | ||
Recurring | Level 3 | Other investments | |||
Assets | |||
Total assets | $ 3,025,000 | $ 3,000,000 |
ACCOUNTS RECEIVABLE (Details)
ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
ACCOUNTS RECEIVABLE | |||
Trade receivables | $ 9,598 | $ 7,016 | |
Allowance for doubtful accounts | (364) | (500) | $ (199) |
Total accounts receivable | $ 9,234 | $ 6,516 |
ACCOUNTS RECEIVABLE - Allowance
ACCOUNTS RECEIVABLE - Allowance for doubtful accounts (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
ACCOUNTS RECEIVABLE | ||
Balance at beginning of period | $ 500 | $ 199 |
Provision for uncollectible accounts | 72 | 377 |
Uncollectible accounts written off | (208) | (76) |
Balance at end of period | $ 364 | $ 500 |
INVENTORY (Details)
INVENTORY (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
INVENTORY | ||
Raw materials | $ 4,927 | |
Finished goods | 12,854 | $ 6,812 |
Work in process | 3,056 | 2,896 |
Total inventory | $ 20,837 | $ 9,708 |
PREPAID EXPENSES AND OTHER CU_3
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
PREPAID EXPENSES AND OTHER CURRENT ASSETS | ||
Receivable for warrants exercised | $ 12,357 | |
Prepaid insurance | 2,948 | $ 121 |
Prepaid operating expenses | 1,015 | 68 |
Prepaid dues and subscriptions | 883 | 189 |
Prepaid taxes | 474 | |
Vendor prepayments | 473 | |
Prepaid rent | 155 | 118 |
Deferred cost of goods sold | 454 | |
Other | 352 | 26 |
Total prepaid expenses and other current assets | $ 18,657 | $ 976 |
PROPERTY AND EQUIPMENT - Proper
PROPERTY AND EQUIPMENT - Property and Equipment - Net (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||
Property and equipment-gross | $ 35,062 | $ 33,495 | |
Less: accumulated depreciation | (22,731) | (21,335) | |
Total property and equipment, net | 12,331 | 12,160 | |
Depreciation and amortization expense | 3,892 | $ 2,321 | |
Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment-gross | 14,532 | 13,708 | |
Furniture and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment-gross | 924 | 895 | |
Computer equipment | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment-gross | 1,124 | 1,089 | |
Tooling | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment-gross | 1,805 | 1,805 | |
Software | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment-gross | 1,340 | 1,249 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment-gross | 14,274 | 13,870 | |
Construction in process | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment-gross | 1,063 | $ 879 | |
PPE not including acquired technology or capitalized software | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization expense | $ 1,500 | $ 2,100 |
GOODWILL & INTANGIBLE ASSETS -
GOODWILL & INTANGIBLE ASSETS - Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
GOODWILL & INTANGIBLE ASSETS | ||
Goodwill, Beginning Balance | $ 2,252 | |
Acquisition of EnvisionTEC | 199,056 | |
Goodwill, Ending Balance | 201,308 | |
Accumulated impairment losses | $ 0 | $ 0 |
GOODWILL & INTANGIBLE ASSETS (D
GOODWILL & INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Gross Value | $ 147,493 | ||
Accumulated Amortization | 3,390 | ||
Total intangible assets | 144,103 | $ 9,102 | |
Amortization expense | 2,300 | $ 200 | |
Expected amortization expense | |||
Reminder of 2021 | 12,500 | ||
2022 | 16,700 | ||
2023 | 16,700 | ||
2024 | 16,500 | ||
2025 | $ 16,000 | ||
Weighted-average remaining amortization period | 9 years 3 months 18 days | ||
Acquired technology | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Gross Value | $ 87,993 | ||
Accumulated Amortization | 2,688 | ||
Total intangible assets | 85,305 | ||
Trade name | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Gross Value | $ 8,600 | ||
Estimated Life | 13 years | ||
Accumulated Amortization | $ 81 | ||
Total intangible assets | 8,519 | ||
Customer relationships | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Gross Value | $ 50,900 | ||
Estimated Life | 10 years | ||
Accumulated Amortization | $ 621 | ||
Total intangible assets | $ 50,279 | ||
Minimum | Acquired technology | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Estimated Life | 5 years | ||
Maximum | Acquired technology | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Estimated Life | 12 years |
OTHER NONCURRENT ASSETS - Compo
OTHER NONCURRENT ASSETS - Components of other noncurrent assets (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
OTHER NONCURRENT ASSETS | ||
Other investments | $ 3,025 | $ 3,000 |
Right-of-use asset | 3,702 | 1,810 |
Long-term deposits | 99 | 69 |
Total other noncurrent assets | $ 6,826 | $ 4,879 |
OTHER NONCURRENT ASSETS - Chang
OTHER NONCURRENT ASSETS - Change in the balance of other investments (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
OTHER NONCURRENT ASSETS | |
Ending balance | $ 3,000 |
Percentage of annual interest rate due in two years | 3.00% |
ACCRUED EXPENSES AND OTHER CU_3
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | ||||
Professional services | $ 3,519 | $ 2,508 | ||
Compensation and benefits related | 3,516 | 2,068 | ||
Warranty reserve | $ 1,813 | $ 1,491 | 1,813 | 1,553 |
Inventory purchases | 1,716 | 86 | ||
Income tax payable | 1,405 | |||
Customer payable | 605 | |||
Sales and use and franchise taxes | 506 | 586 | ||
Franchise and royalty fees | 188 | 159 | ||
Other | 2,056 | 605 | ||
Total accrued expenses and other current liabilities | $ 15,324 | $ 7,565 | ||
Warranty reserve, at the beginning of the period | 1,553 | 1,491 | ||
Warranty reserve assumed in acquisition | 326 | |||
Additions to warranty reserve | 86 | 346 | ||
Claims fulfilled | (152) | (284) | ||
Warranty reserve, at the end of the period | $ 1,813 | $ 1,553 |
DEBT (Details)
DEBT (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended |
Jun. 30, 2018USD ($)item | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Debt Instrument [Line Items] | |||
Cash and Investments | $ 30 | ||
Outstanding amount | 10 | $ 10 | |
Debt, current | 10 | ||
Deferred financing costs | $ 0.1 | ||
Term loan | |||
Debt Instrument [Line Items] | |||
Nominal amount | $ 20 | ||
Term of loan | 36 months | ||
Proceeds from PPP loan | $ 10 | ||
Remaining borrowing capacity | $ 10 | ||
Threshold Number of times additional amount drawn | item | 3 | ||
Minimum amount to be drawn | $ 2 | ||
Term loan | Prime Rate | |||
Debt Instrument [Line Items] | |||
Interest rate | 3.25% | 3.25% | |
Spread percentage | 0.50% | 0.50% | |
Interest rate | 2.75% | 2.75% | |
Paycheck Protection Program | |||
Debt Instrument [Line Items] | |||
Interest rate | 1.00% | ||
Outstanding amount | $ 0.2 | ||
Loan acquired | 1.2 | ||
Prepayment penalties | 0 | ||
Short-term loan balance | $ 1 |
LEASES (Details)
LEASES (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021USD ($)agreementlease | Dec. 31, 2020USD ($) | |
Leases | ||
Right of use assets | $ 3,702,000 | $ 1,810,000 |
Total lease liability | 4,887,000 | 3,000,000 |
Impairments | $ 0 | $ 0 |
Number of real estate properties leased. | lease | 5 | |
Number of leases for which lease term is extended. | lease | 6 | |
Number of service agreements contained embedded lease | agreement | 2 | |
Acquisition of EnvisionTEC | ||
Leases | ||
Increase in company's right of use asset | $ 1,800,000 |
LEASES - Other lease related ba
LEASES - Other lease related balances (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Lease cost | ||
Operating lease cost | $ 323 | $ 188 |
Short-term lease cost | 22 | |
Variable lease cost | 39 | 10 |
Total lease cost | 384 | 198 |
Operating cash flows used in operating leases | $ 244 | $ 268 |
Weighted-average remaining lease term-operating leases (years) | 2 years 10 months 24 days | 4 years |
Weighted-average discount rate-operating leases | 5.50% | 7.60% |
LEASES - Future minimum lease p
LEASES - Future minimum lease payments (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Operating Leases | ||
2021 (remaining 9 months) | $ 1,399 | |
2022 | 1,862 | |
2023 | 1,671 | |
2024 | 370 | |
Total lease payments | 5,302 | |
Less amount representing interest | (415) | |
Total lease liability | 4,887 | $ 3,000 |
Less current portion of lease liability | (1,639) | (868) |
Lease liability, net of current portion | $ 3,248 | $ 2,157 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended |
Jan. 31, 2020 | Mar. 31, 2021 | |
Other Commitments [Line Items] | ||
Purchase orders with contract manufacturers | $ 14.2 | |
Minimum annual commitment | $ 0.5 | |
Minimum | ||
Other Commitments [Line Items] | ||
Obligation to pay (as percentage) | 2.75% | |
Maximum | ||
Other Commitments [Line Items] | ||
One time royalty payment | $ 0.3 | |
Obligation to pay (as percentage) | 13.00% |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
INCOME TAXES | ||
Income tax benefit | $ (27,920) | $ 0 |
Decreases recorded as a benefit to income tax provision | 28,100 | |
Unrecognized tax benefits | $ 1,200 |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 09, 2020 |
Convertible Preferred Stock and Stockholders' Equity | |||
Common stock, shares authorized | 500,000,000 | 500,000,000 | 500,000,000 |
Common stock par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 |
Common Class A | |||
Convertible Preferred Stock and Stockholders' Equity | |||
Common stock, shares authorized | 500,000,000 | ||
Common stock par value (in dollars per share) | $ 0.0001 | ||
Preferred Stock | |||
Convertible Preferred Stock and Stockholders' Equity | |||
Preferred stock, shares authorized | 50,000,000 | ||
Preferred stock par value (in dollars per share) | $ 0.0001 |
STOCKHOLDERS' EQUITY - Restrict
STOCKHOLDERS' EQUITY - Restricted Stock Agreements (Details) - $ / shares | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2015 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share price | $ 3.34 | |||
Weighted-average remaining contractual term (in years) | 7 years 6 months 3 days | 7 years 9 months | ||
Unvested restricted stock units outstanding | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares issued | 34,010,977 | |||
Share price | $ 0.0001 | |||
Weighted-average remaining contractual term (in years) | 1 year |
STOCKHOLDERS' EQUITY - The acti
STOCKHOLDERS' EQUITY - The activity for stock subject to vesting (Details) - Unvested restricted stock units outstanding shares in Thousands | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Shared subject to vesting | |
Balance at beginning of period, unvested shares (in shares) | shares | 280 |
Vested (in shares) | shares | (56) |
Balance at end of period, unvested shares (in shares) | shares | 224 |
Weighted-Average Purchase Price | |
Balance at beginning of Period, unvested shares (in dollars per share) | $ / shares | $ 0.0001 |
Vested (in dollars per share) | $ / shares | 0.0001 |
Balance at end of Period, unvested shares (in dollars per share) | $ / shares | $ 0.0001 |
STOCKHOLDERS' EQUITY - Warrants
STOCKHOLDERS' EQUITY - Warrants (Details) | Feb. 24, 2020$ / sharesshares | Mar. 31, 2021USD ($)D$ / sharesshares | Mar. 29, 2021$ / sharesshares | Dec. 31, 2020USD ($)$ / shares | Dec. 09, 2020$ / shares | Mar. 31, 2020USD ($)$ / shares | May 31, 2017$ / sharesshares |
Class of Warrant or Right [Line Items] | |||||||
Warrants to purchase shares | shares | 2,442,440 | ||||||
Number of common stock purchased by each warrant | shares | 1 | ||||||
Revenue generated per share | $ 35 | ||||||
Exercise price | $ 3.34 | ||||||
Warrants and Rights Outstanding | $ | $ 0 | $ 93,328,000 | $ 58,761 | ||||
Fair value of the warrants | $ | $ 100,000 | ||||||
Common stock par value (in dollars per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Share Price | $ 3.34 | ||||||
Divisional Factor for Conversion of Debt to Warrants | $ 1 | ||||||
Proceeds from Warrant Exercises | $ | $ 158,308,000 | ||||||
Common Class A | |||||||
Class of Warrant or Right [Line Items] | |||||||
Common stock par value (in dollars per share) | $ 0.0001 | ||||||
Trine Warrants | |||||||
Class of Warrant or Right [Line Items] | |||||||
Exercise price | $ 11.50 | $ 11.50 | |||||
Warrants and Rights Outstanding | $ | $ 0 | ||||||
Warrant redemption price | $ 0.01 | ||||||
Share Price | $ 10 | ||||||
Warrant exercisable term | 30 days | ||||||
Warrants and Rights Outstanding, Term | 5 years | ||||||
Debt Instrument, Convertible, Threshold Trading Days | D | 20 | ||||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | D | 30 | ||||||
Debt Conversion, Converted Instrument, Warrants or Options Issued | shares | 1,500,000 | ||||||
Proceeds from Warrant Exercises | $ | $ 170,700,000 | ||||||
Number of warrants exercised | shares | 14,840,589 | ||||||
Class of Warrant or Rights, Redeemed | shares | 166,905 | ||||||
Redemption Price Per Warrant | $ 0.01 | ||||||
Trine Warrants | Common Class A | |||||||
Class of Warrant or Right [Line Items] | |||||||
Number of common stock purchased by each warrant | shares | 1 | ||||||
Common stock par value (in dollars per share) | $ 0.0001 | ||||||
Trine Warrants | Common Stock warrants outstanding | |||||||
Class of Warrant or Right [Line Items] | |||||||
Number of common stock purchased by each warrant | shares | 0.5 | ||||||
Private Placement Warrants | |||||||
Class of Warrant or Right [Line Items] | |||||||
Warrants to purchase shares | shares | 8,503,000 | ||||||
Number of common stock purchased by each warrant | shares | 1 | ||||||
Exercise price | $ 11.50 | ||||||
Warrants and Rights Outstanding | $ | $ 8,503,000 | ||||||
Fair value of the warrants | $ | $ 56,600,000 | ||||||
Warrant redemption price | $ 1 | ||||||
Number of shares issued during the period up on exercise of warrants not settle-able in cash. | shares | 5,850,346 | ||||||
Maximum | Private Placement Warrants | |||||||
Class of Warrant or Right [Line Items] | |||||||
Share Price | $ 30.49 | ||||||
Minimum | Trine Warrants | Common Class A | |||||||
Class of Warrant or Right [Line Items] | |||||||
Share Price | 18 | ||||||
Minimum | Private Placement Warrants | |||||||
Class of Warrant or Right [Line Items] | |||||||
Share Price | $ 19.82 |
STOCKHOLDERS' EQUITY - Common S
STOCKHOLDERS' EQUITY - Common Stock Warrants (Details) | 3 Months Ended | ||
Mar. 31, 2021$ / sharesshares | Mar. 31, 2020Y$ / shares | May 31, 2017$ / shares | |
Class of Warrant or Right [Line Items] | |||
Share price | $ 3.34 | ||
Exercise price | $ 3.34 | ||
Common Stock Warrants Converted | shares | 756,498 | ||
Shares issued on exercise of warrants | shares | 447,938 | ||
Risk-free interest rate | |||
Class of Warrant or Right [Line Items] | |||
Warrants and Rights Outstanding, Measurement Input | 2 | ||
Expected volatility | |||
Class of Warrant or Right [Line Items] | |||
Warrants and Rights Outstanding, Measurement Input | 52.5 | ||
Expected life (in years) | |||
Class of Warrant or Right [Line Items] | |||
Warrants and Rights Outstanding, Measurement Input | Y | 7.8 | ||
Private Placement Warrants | |||
Class of Warrant or Right [Line Items] | |||
Exercise price | $ 11.50 | ||
Private Placement Warrants | Expected volatility | |||
Class of Warrant or Right [Line Items] | |||
Warrants and Rights Outstanding, Measurement Input | 0.550 | ||
Private Placement Warrants | Expected life (in years) | |||
Class of Warrant or Right [Line Items] | |||
Warrants and Rights Outstanding, Measurement Input | 0.048 | ||
Private Placement Warrants | Minimum | |||
Class of Warrant or Right [Line Items] | |||
Share price | $ 19.82 | ||
Private Placement Warrants | Minimum | Risk-free interest rate | |||
Class of Warrant or Right [Line Items] | |||
Warrants and Rights Outstanding, Measurement Input | 0.004 | ||
Private Placement Warrants | Maximum | |||
Class of Warrant or Right [Line Items] | |||
Share price | $ 30.49 | ||
Private Placement Warrants | Maximum | Risk-free interest rate | |||
Class of Warrant or Right [Line Items] | |||
Warrants and Rights Outstanding, Measurement Input | 0.006 |
STOCK BASED COMPENSATION - Stoc
STOCK BASED COMPENSATION - Stock Incentive Plan (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized stock-based compensation expense, stock options | $ 12.5 | ||||
Weighted-average period | 3 years 1 month 6 days | ||||
Shares available for grant | 14,140,956 | ||||
Consultant | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted (in shares) | 12,212 | ||||
Fair value of shares | $ 0.1 | ||||
Employee | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted (in shares) | 0 | 473,624 | |||
Fair value of shares | $ 0.8 | ||||
Non-employee | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted (in shares) | 0 | ||||
2015 stock incentive plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Awards made under the plan | 26,283,789 | ||||
Vesting period | 4 years | ||||
Expiration period | 10 years | ||||
Make Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 4 years | ||||
Expiration period | 10 years | ||||
Options and warrants to be issued | 232,304 | ||||
Granted (in shares) | 0 | ||||
2020 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock available for future issuance | 12,400,813 | ||||
Percentage of stock outstanding | 5.00% |
STOCK BASED COMPENSATION - Comm
STOCK BASED COMPENSATION - Common Stock to Employees (Details) - Employee | 3 Months Ended |
Mar. 31, 2020$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free interest rate, Minimum | 0.70% |
Risk-free interest rate, Maximum | 0.90% |
Expected volatility, Minimum | 52.70% |
Expected volatility, Maximum | 52.90% |
Expected life, Minimum (in years) | 5 years 10 months 24 days |
Expected life, Maximum (in years) | 6 years 1 month 6 days |
Fair value of Common Stock | $ 3.34 |
STOCK BASED COMPENSATION - Co_2
STOCK BASED COMPENSATION - Common Stock to Consultants (Details) - Consultant | 3 Months Ended |
Mar. 31, 2020$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Risk-free interest rate | 0.80% |
Expected volatility | 54.30% |
Expected life (in years) | 10 years |
Fair value of Common Stock | $ 3.34 |
STOCK BASED COMPENSATION - St_2
STOCK BASED COMPENSATION - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock based compensation expenses | $ 2,217 | $ 1,259 |
Research and development | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock based compensation expenses | 916 | 713 |
General and administrative expenses | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock based compensation expenses | 839 | 237 |
Sales and marketing expense | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock based compensation expenses | 345 | 209 |
Cost of sales | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock based compensation expenses | $ 117 | $ 100 |
STOCK BASED COMPENSATION - Opti
STOCK BASED COMPENSATION - Option Activity of the Plan (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Number of shares | |||
Outstanding at beginning of period (in shares) | 19,553 | ||
Exercised (in shares) | (163) | ||
Forfeited/expired (in shares) | (12) | ||
Outstanding at end of period (in shares) | 19,378 | 19,553 | |
Options vested at end of period (in shares) | 11,044 | ||
Options vested or expected to vest at end of period (in shares) | 18,673 | ||
Weighted-Average Exercise Price per share | |||
Outstanding at beginning of period (in dollars per share) | $ 1.53 | ||
Exercised (in dollars per share) | 1.10 | ||
Forfeited/expired (in dollars per share) | 1.40 | ||
Outstanding at end of period (in dollars per share) | 1.53 | $ 1.53 | |
Options vested at end of period (in dollars per share) | 1.55 | ||
Options vested or expected to vest at December 31, 2020 | $ 1.54 | ||
Weighted-average remaining contractual term (in years) | 7 years 6 months 3 days | 7 years 9 months | |
Options vested at December 31, 2020 | 6 years 3 months 14 days | ||
Options vested or expected to vest at December 31, 2020 | 7 years 5 months 12 days | ||
Aggregate intrinsic value of options outstanding | $ 259,023 | $ 306,408 | |
Options vested (in dollars) | 147,481 | ||
Options vested or expected to vest (in dollars) | 249,529 | ||
Weighted average grant date fair value for options granted | $ 1.65 | ||
Aggregate intrinsic value of options exercised | $ 100 | $ 300 |
STOCK BASED COMPENSATION - Rest
STOCK BASED COMPENSATION - Restricted Stock Units (Details) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended |
Mar. 31, 2021USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Weighted-average period | 3 years 1 month 6 days |
Unvested restricted stock awards outstanding | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 4 years |
Cliff Vesting Period | 1 year |
Unrecognized compensation costs, non-vested RSUs | $ | $ 11.6 |
Weighted-average period | 3 years 7 months 6 days |
Expenses recognized | $ | $ 0.8 |
Shares Subject to Vesting | |
Balance at beginning of period, unvested shares (in shares) | shares | 683 |
Granted (in shares) | shares | 250 |
Vested (in shares) | shares | (15) |
Balance at end of period, unvested shares (in shares) | shares | 918 |
Weighted Average Grant Date Fair Value | |
Balance at beginning of Period, unvested shares (in dollars per share) | $ / shares | $ 8.02 |
Granted (in dollars per share) | $ / shares | 30.49 |
Vested (in dollars per share) | $ / shares | 8.19 |
Balance at end of Period, unvested shares (in dollars per share) | $ / shares | $ 14.14 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | ||
Right of use assets | $ 3,702 | $ 1,810 |
Lease liability | 4,887 | $ 3,000 |
Operating Lease Agreement With A T M R E LLC | ||
Related Party Transaction [Line Items] | ||
Right of use assets | 500 | |
Lease liability | 500 | |
Annual commitment | 200 | |
Operating Lease Agreement With JES Besitzgesellschaft GmbH | ||
Related Party Transaction [Line Items] | ||
Right of use assets | 200 | |
Lease liability | 200 | |
Annual commitment | 100 | |
Operating Lease Agreement With Sitraco (UK) Limited | ||
Related Party Transaction [Line Items] | ||
Right of use assets | 200 | |
Lease liability | 200 | |
Annual commitment | $ 100 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Information | ||
Number of segments | 1 | |
Revenue | $ 11,313,000 | $ 3,385,000 |
Revenue recognized at a point in time | ||
Segment Information | ||
Revenue | 10,311,000 | 2,694,000 |
Revenue recognized over time | ||
Segment Information | ||
Revenue | 1,002,000 | 691,000 |
Products | ||
Segment Information | ||
Revenue | 10,311,000 | 2,694,000 |
Services | ||
Segment Information | ||
Revenue | 1,002,000 | 691,000 |
Americas | ||
Segment Information | ||
Revenue | 6,559,000 | 1,229,000 |
Americas | Products | ||
Segment Information | ||
Revenue | 5,854,000 | 902,000 |
Americas | Services | ||
Segment Information | ||
Revenue | 705,000 | 327,000 |
EMEA | ||
Segment Information | ||
Revenue | 2,741,000 | 1,851,000 |
EMEA | Products | ||
Segment Information | ||
Revenue | 2,526,000 | 1,528,000 |
EMEA | Services | ||
Segment Information | ||
Revenue | 215,000 | 323,000 |
APAC | ||
Segment Information | ||
Revenue | 2,013,000 | 305,000 |
APAC | Products | ||
Segment Information | ||
Revenue | 1,931,000 | 264,000 |
APAC | Services | ||
Segment Information | ||
Revenue | $ 82,000 | $ 41,000 |
NET LOSS PER SHARE (Details)
NET LOSS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Numerator for basic and diluted net loss per share: | ||
Net loss attributable to Common Stockholders | $ (59,108) | $ (21,804) |
Denominator for basic and diluted net loss per share: | ||
Weighted-average shares | 238,244 | 156,250 |
Net loss per share-Basic and Diluted | $ (0.25) | $ (0.14) |
NET LOSS PER SHARE - Antidiluti
NET LOSS PER SHARE - Antidilutive securities excluded from computation of earnings per share (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded | 20,520 | 16,684 |
Common Stock options outstanding | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded | 19,378 | 12,964 |
Unvested restricted stock units outstanding | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded | 918 | |
Unvested restricted stock awards outstanding | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded | 224 | 3,142 |
Common Stock warrants outstanding | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded | 578 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) $ in Thousands | May 07, 2021USD ($)shares | Apr. 28, 2021USD ($) | Apr. 01, 2021USD ($)company | Mar. 31, 2021USD ($) |
Subsequent Event [Line Items] | ||||
Common stock, fair value | $ 159,847 | |||
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Number of companies entered into financing arrangement | company | 3 | |||
Amount of investment | $ 4,600 | |||
Subsequent Event | Stock subscription agreement | Galileo Acquisition Corp. | ||||
Subsequent Event [Line Items] | ||||
Value of shares to be acquired | $ 20,000 | |||
Adaptive 3D Technologies Inc | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Payment to acquire business | $ 24,100 | |||
Issuance of shares of the Common Stock on acquisition | shares | 3,076,838 | |||
Common stock, fair value | $ 37,000 |