Romeo Power (RMO) 10-Q 16 Aug 21 2021 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2021	Aug. 09, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-38795
Entity Registrant Name	ROMEO POWER, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-2289787
Entity Address, Address Line One	4380 Ayers Avenue
Entity Address, City or Town	Vernon,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90058
City Area Code	833
Local Phone Number	467-2237
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	RMO
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 Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		134,056,620
Entity Central Index Key	0001757932
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 44,046	$ 292,442
Investments	223,636	0
Accounts receivable, net of allowance for expected credit loss of $213 and $238 at June 30, 2021 and December 31, 2020, respectively	1,992	841
Inventories, net	7,615	4,937
Insurance receivable	6,000	6,000
Deferred costs	2,217	0
Prepaid expenses and other current assets	10,158	1,269
Total current assets	295,664	305,489
Restricted cash	1,500	1,500
Property, plant and equipment, net	6,430	5,484
Equity method investments	37,794	35,000
Operating lease right-of-use assets	5,350	5,469
Deferred assets	5,018	0
Other noncurrent assets	2,716	3,100
Total assets	354,472	356,042
Current liabilities
Accounts payable	8,200	2,900
Accrued expenses	4,620	2,844
Contract liabilities	3,123	815
Current maturities of long-term debt	3,307	2,260
Operating lease liabilities, current	855	853
Legal settlement payable	6,000	6,000
Other current liabilities	153	384
Total current liabilities	26,258	16,056
Commitments and contingencies
Long-term debt, net of current portion	34	1,082
Public and private placement warrants	9,852	138,466
Operating lease liabilities, net of current portion	4,597	4,723
Other noncurrent liabilities	32	17
Total liabilities	40,773	160,344
Stockholders’ equity
Preferred stock ($0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding at June 30, 2021 and December 31, 2020)	0	0
Common stock ($0.0001 par value, 250,000,000 shares authorized, 132,995,060 and 126,911,861 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively)	13	12
Additional paid-in capital	429,946	373,129
Accumulated other comprehensive loss	(155)	0
Accumulated deficit	(116,105)	(177,443)
Total stockholders’ equity	313,699	195,698
Total liabilities and stockholders’ equity	$ 354,472	$ 356,042

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Accounts receivable-allowance for doubtful accounts	$ 213	$ 238
Preferred stock, par value (USD per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (USD per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	250,000,000	250,000,000
Common stock, shares issued (in shares)	132,995,060	126,911,861
Common stock, shares outstanding (in shares)	132,995,060	126,911,861

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues:
Revenue	[1]	$ 926	$ 1,129	$ 1,980	$ 3,651
Cost of revenues:
Cost of revenues		5,945	2,423	10,772	6,055
Gross loss		(5,019)	(1,294)	(8,792)	(2,404)
Operating expenses:
Research and development		1,792	1,594	5,563	3,396
Selling, general and administrative		22,911	2,451	40,910	5,358
Total operating expenses		24,703	4,045	46,473	8,754
Operating loss		(29,722)	(5,339)	(55,265)	(11,158)
Interest expense		(5)	(264)	(12)	(518)
Change in fair value of public and private placement warrants		1,995	0	118,120	0
Investment loss, net		(379)	0	(289)	0
Other expense		0	(1,386)	0	(1,386)
(Loss) income before income taxes and loss in equity method investments		(28,111)	(6,989)	62,554	(13,062)
Loss in equity method investments		(563)	(36)	(1,206)	(732)
Provision for income taxes		0	0	(10)	0
Net (loss) income		(28,674)	(7,025)	61,338	(13,794)
Other comprehensive income (loss)
Change in net unrealized losses, net of income taxes		34	0	(308)	0
Net losses reclassified to earnings, net of income taxes		115	0	153	0
Total other comprehensive income (loss), net of income taxes		149	0	(155)	0
Comprehensive (loss) income		$ (28,525)	$ (7,025)	$ 61,183	$ (13,794)
Net (loss) income per share
Basic (USD per share)		$ (0.22)	$ (0.09)	$ 0.47	$ (0.18)
Diluted (USD per share)		$ (0.22)	$ (0.09)	$ 0.45	$ (0.18)
Weighted average number of shares outstanding
Basic (in shares)		131,059,149	77,396,263	129,930,204	76,021,298
Diluted (in shares)		131,059,149	77,396,263	135,021,296	76,021,298
Product revenues
Revenues:
Revenue		$ 466	$ 458	$ 1,078	$ 2,046
Cost of revenues:
Cost of revenues		5,542	1,737	9,980	4,466
Service revenues
Revenues:
Revenue		460	671	902	1,605
Cost of revenues:
Cost of revenues		$ 403	$ 686	$ 792	$ 1,589
[1]	Total revenues included related party revenues of $573 and $587 for the three months ended June 30, 2021 and 2020, respectively, and $1,286 and $1,469 for the six months ended June 30, 2021 and 2020, respectively. See Note 14.

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Total related party revenues	$ 573	$ 587	$ 1,286	$ 1,469

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	Common Stock	APIC	Notes Receivable from Stockholders	Accumulated Other Comprehensive Loss	Accumulated Deficit
Common stock beginning balance (in shares) at Dec. 31, 2019		74,449,847
Stockholders' equity beginning balance at Dec. 31, 2019	$ 2,573	$ 7	$ 181,567	$ (9,175)	$ 0	$ (169,826)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		4,189,025
Issuance of common stock	5,034	$ 1	5,033
Stock based compensation	652		652
Net (loss) income	(13,794)					(13,794)
Common stock ending balance (in shares) at Jun. 30, 2020		78,638,872
Stockholders' equity ending balance at Jun. 30, 2020	(5,535)	$ 8	187,252	(9,175)	0	(183,620)
Common stock beginning balance (in shares) at Mar. 31, 2020		74,981,611
Stockholders' equity beginning balance at Mar. 31, 2020	(2,642)	$ 7	183,121	(9,175)	0	(176,595)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		3,657,261
Issuance of common stock	3,757	$ 1	3,756
Stock based compensation	375		375
Net (loss) income	(7,025)					(7,025)
Common stock ending balance (in shares) at Jun. 30, 2020		78,638,872
Stockholders' equity ending balance at Jun. 30, 2020	(5,535)	$ 8	187,252	(9,175)	0	(183,620)
Common stock beginning balance (in shares) at Dec. 31, 2020		126,911,861
Stockholders' equity beginning balance at Dec. 31, 2020	195,698	$ 12	373,129	0	0	(177,443)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		5,433,199
Issuance of common stock	44,202	$ 1	44,201
Proceeds receivable from common stock issuance	(7,144)		(7,144)
Issuance of common stock as contract consideration (in shares)		650,000
Issuance of common stock as contract consideration	5,018		5,018
Stock based compensation	14,742		14,742
Other comprehensive income (loss)	(155)				(155)
Net (loss) income	61,338					61,338
Common stock ending balance (in shares) at Jun. 30, 2021		132,995,060
Stockholders' equity ending balance at Jun. 30, 2021	313,699	$ 13	429,946	0	(155)	(116,105)
Common stock beginning balance (in shares) at Mar. 31, 2021		130,529,147
Stockholders' equity beginning balance at Mar. 31, 2021	328,586	$ 13	416,308	0	(304)	(87,431)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)		1,815,913
Issuance of common stock	7,575	$ 0	7,575
Proceeds receivable from common stock issuance	(7,144)		(7,144)
Issuance of common stock as contract consideration (in shares)		650,000
Issuance of common stock as contract consideration	5,018		5,018
Stock based compensation	8,189		8,189
Other comprehensive income (loss)	149				149
Net (loss) income	(28,674)					(28,674)
Common stock ending balance (in shares) at Jun. 30, 2021		132,995,060
Stockholders' equity ending balance at Jun. 30, 2021	$ 313,699	$ 13	$ 429,946	$ 0	$ (155)	$ (116,105)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net income (loss)	$ 61,338	$ (13,794)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	999	950
Amortization of investment premium paid	990	0
Stock-based compensation	14,742	652
Inventory provision	1,242	0
Change in fair value of public and private placement warrants	(118,120)	0
Loss in equity method investment	1,206	732
Non-cash lease expense—operating leases	119	115
Non-cash lease expense—finance leases	142	140
Derivative expense	0	1,386
Other	20	0
Changes in operating assets and liabilities:
Accounts receivable	(1,151)	(65)
Inventories	(3,920)	(1,245)
Prepaid expenses and other current assets	(8,377)	344
Accounts payable	5,369	535
Accrued expenses	1,776	907
Interest accrued on notes payable	0	489
Deferred costs	(2,217)	0
Contract liabilities	2,308	629
Operating lease liabilities	(124)	(108)
Other, net	(102)	0
Net cash used in operating activities	(43,760)	(8,333)
Cash flows from investing activities:
Purchase of investments	(304,868)	0
Proceeds from maturities of investments	78,633	0
Proceeds from sales of investments	1,300	0
Equity method investment	(4,000)	0
Capital expenditures	(2,113)	(603)
Net cash used in investing activities	(231,048)	(603)
Cash flows from financing activities:
Issuance of convertible notes	0	1,924
Issuance of term notes	0	3,750
Proceeds from PPP loan	0	3,300
Issuance of common stock	0	5,027
Exercise of stock options	5,058	7
Exercise of stock warrants	21,580	0
Warrant redemption payments	(72)	0
Principal portion of finance lease liabilities	(154)	(138)
Net cash provided by financing activities	26,412	13,870
Net change in cash, cash equivalents and restricted cash	(248,396)	4,934
Cash, cash equivalents and restricted cash, beginning of period	293,942	1,929
Cash, cash equivalents and restricted cash, end of period	45,546	6,863
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	44,046	5,363
Restricted cash	1,500	1,500
Total cash, cash equivalents and restricted cash	45,546	6,863
Supplemental Cash Flow Elements [Abstract]
Cash paid for interest	0	0
Cash paid for income taxes	10	0
Supplemental disclosure of non-cash investing and financing activities:
Purchases of property, plant and equipment in accounts payable at the end of period	514	702
Issuance of common stock as contract consideration	$ 5,108	$ 0

DESCRIPTION OF BUSINESS AND BAS

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Romeo Power, Inc. (f/k/a RMG Acquisition Corp.) was originally incorporated under the name RMG Acquisition Corp. (“RMG”) as a blank check company incorporated in Delaware on October 22, 2018 for the purpose of effecting a merger, capital stock-exchange, asset acquisition, share purchase, reorganization, or similar business combination. On October 5, 2020, RMG and RMG Merger Sub, Inc. a Delaware corporation and a wholly owned subsidiary of RMG (“Merger Sub”), entered into an Agreement and Plan of Merger (as amended, the “Merger Agreement”) with Romeo Systems, Inc., a Delaware corporation (“Legacy Romeo”). On December 29, 2020, pursuant to the terms of the Merger Agreement, the business combination with Legacy Romeo was effected through the merger of Merger Sub with and into Legacy Romeo, with Legacy Romeo continuing as the surviving company and as our wholly owned subsidiary (the “Merger” and, collectively with the other transactions described in the Merger Agreement, the “Business Combination”). Upon the closing of the Business Combination, we changed our name to Romeo Power, Inc. Romeo Power, Inc. designs, engineers, and manufactures lithium ion cylindrical battery packs for electric vehicles and energy storage solutions, with a focus on battery innovation, functionality, energy density, safety, and performance. We are headquartered in Vernon, California. Unless the context otherwise requires, “Romeo,” the “Company,” “we,” “us,” or “our” refers to the combined company and its subsidiaries following the Business Combination and “Legacy Romeo” refers to Romeo Systems, Inc. In 2019, Legacy Romeo and BorgWarner, Inc. (“BorgWarner”) formed BorgWarner Romeo Power LLC (the “Joint Venture” or “JV”) of which we own 40%. The Joint Venture is intended to accelerate our reach into international regions in a capital efficient way. As a result, we manage our operations to focus on both the Joint Venture’s activities and our core operations. Basis of Presentation —The Business Combination was accounted for as a reverse recapitalization (the “Recapitalization Transaction”) in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805, Business Combinations . For accounting and financial reporting purposes, Legacy Romeo was considered the acquirer based on facts and circumstances, including the following: • Legacy Romeo’s former stockholders hold a majority ownership interest in the combined company; • Legacy Romeo’s senior management team became the senior management of the combined company; • Legacy Romeo was the larger of the companies based on historical operating activity and employee base; and • Legacy Romeo’s operations comprise the ongoing operations of the combined company. Accordingly, all historical financial information presented in these condensed consolidated financial statements represents the accounts of Legacy Romeo and its wholly owned subsidiaries “as if” Legacy Romeo is the predecessor and legal successor. The historical operations of Legacy Romeo are deemed to be those of the Company. Thus, the financial statements included in this report reflect (i) the historical operating results of Legacy Romeo prior to the Business Combination; (ii) the combined results of RMG and Legacy Romeo following the Business Combination on December 29, 2020; and (iii) RMG’s equity structure for all periods presented. No step-up basis of RMG’s assets and liabilities and no intangible assets or goodwill were recorded in connection with the Business Combination transaction consistent with the treatment of the transaction as a reverse recapitalization. In connection with the Business Combination each share of Legacy Romeo common stock and preferred stock issued and outstanding immediately prior to the Business Combination (with each share of Legacy Romeo preferred stock being treated as if it were converted into Legacy Romeo common stock immediately prior to the Business Combination) converted into the right to receive 0.121730 shares (the “Exchange Ratio”) of common stock, par value $0.0001 (the “Common Stock”). The recapitalization of the number of shares of Common Stock attributable to Legacy Romeo is reflected retroactively to the earliest period presented based upon the Exchange Ratio and is utilized for calculating earnings per share in all prior periods presented. The accompanying condensed consolidated financial statements include the results of Romeo Power, Inc. and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated and the effect of variable interest entities have been considered in the consolidation. Unaudited Interim Financial Information —The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information, the instructions to Form 10-Q, and the rules and regulations of the Securities and Exchange Commission (“SEC”). The condensed consolidated financial statements presented herein have not been audited by an independent registered public accounting firm, but include all material adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of our financial position, results of operations and cash flows for the period. These results are not necessarily indicative of results for any other interim period or for the full fiscal year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to the rules of the SEC. The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC on April 15, 2021 (the “2020 Form 10-K”). Use of Estimates —The preparation of financial statements in conformity with GAAP requires us to make certain estimates and assumptions for the reporting periods covered by the financial statements. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent liabilities. Actual amounts could differ from these estimates. The condensed consolidated financial statements have been prepared under the assumption that Romeo will continue as a going concern. Reclassification of Presentation in Our Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income —Revenues of comparative prior periods in our condensed consolidated statements of operations and comprehensive (loss) income are reclassified to conform with our current revenue presentation. In the condensed consolidated statements of operations, we’ve combined related party revenues with product revenues and service revenues and disclosed the amount of related party revenues in a captioned note.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Except as described below, no material changes have been made to our significant accounting policies disclosed in Note 2 of the notes to consolidated financial statements in Part II, Item 8 of the 2020 Form 10-K. Available-for-Sale Debt Investments — We classify our investments in fixed income debt securities as available-for-sale debt investments. Our available-for-sale debt investments primarily consist of U.S. government securities, municipal securities, corporate debt, commercial paper, and U.S. agency mortgage-backed securities. These available-for-sale debt investments are primarily held in the custody of a major financial institution. These investments are reported on the condensed consolidated balance sheets at fair value. Unrealized gains and losses on these investments, to the extent the investments are unhedged, are included as a separate component of accumulated other comprehensive loss, net of tax. A specific identification method is used to determine the cost basis of available-for-sale debt investments and any realized gains or losses when sold. We classify our investments as current based on the nature of the investments and their availability for use in current operations. Deferred Assets — Deferred assets represent upfront payments of the Company’s common stock issued to a customer and will be amortized as a reduction of revenue as the related products or services are provided to the customer . Recently Adopted Accounting Pronouncements In January 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-01, ASC subtopic 825-10, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities , which revised an entity’s accounting related to (1) the classification and measurement of investments in equity securities and (2) the presentation of certain fair value changes for financial liabilities measured at fair value. This accounting guidance also amended certain disclosure requirements associated with the fair value of financial instruments. Under ASU No. 2016-01, entities must measure certain equity investments at fair value and recognize any changes in fair value in net income, unless the investments qualify for a new practicality exception. ASU 2016-01 is effective for financial statements issued for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. We adopted the standard on January 1, 2021, when we began making significant investments in available-for-sale debt securities and formulating a company investment policy to support the use and management of the proceeds from the Business Combination. In December 2019, the FASB issued ASU No. 2019-12, ASC 740, Income Taxes (ASC 740): Simplifying the Accounting for Income Taxes , which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in ASC 740 and also clarifies and amends existing guidance to improve consistent application. The guidance is effective for all public business entities for fiscal years beginning after December 15, 2020, including interim periods therein. Early adoption is also permitted. We adopted the standard on January 1, 2021 and the adoption of the new guidance does not have a material impact on our financial position, operating results or cash flows. Other recently issued accounting updates are either not expected to have a material impact or are not relevant to our condensed consolidated financial statements.

REVENUES

REVENUES	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
REVENUES	REVENUES Contract Liabilities —Contract liabilities in the accompanying condensed consolidated balance sheets relate to payments received in advance of satisfying performance obligations under our contracts and are realized when the associated revenue is recognized under the contracts. During the three and six months ended June 30, 2021, changes in contract liabilities were as follows (in thousands): Three Months Ended Six Months Ended Beginning balance $ 1,672 $ 815 Revenues recognized (702) (819) Increase due to billings 2,153 3,127 Ending balance $ 3,123 $ 3,123 Contract liabilities are earned as services and prototypes are transferred to the customer. The remaining contract liability balance as of June 30, 2021 is expected to be earned and recognized as revenue within the next twelve months. As of June 30, 2021, we had executed certain contracts with customers to deliver specific battery packs, modules, and battery management system and software services. These contracts contain minimum quantity purchase requirements that are non-cancellable (other than for a breach by Romeo), and we have enforceable rights to pursue payments due under these contracts under make-whole provisions, or through customary remedies for breach of contract if the minimum quantities are not ordered. The following table presents the non-cancellable minimum purchase commitments under such contracts as of June 30, 2021 (in thousands). Contractual Minimum Purchase Commitments Purchase contracts with make-whole provisions (1) $ 310,865 Purchase contracts with provisions of customary remedies for breach of contract (2) 243,171 Total $ 554,036 (1) For the $310.9 million of unsatisfied performance obligations related to minimum quantity purchase commitments, if the customers do not follow through on their minimum purchase commitments, we would receive a maximum of $291.4 million under certain make-whole provisions included in these contracts. (2) For the remaining $243.2 million of unsatisfied performance obligations related to minimum quantity purchase commitments included in these contracts, if the customers do not follow through on their minimum purchase commitments, we would seek damages through customary remedies for breach of contract. The following table presents the estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of June 30, 2021 (in thousands): Revenues Expected July 1, 2021 through December 31, 2021 $ 18,907 January 1, 2022 through December 2023 445,851 Thereafter 89,278 Total $ 554,036 This backlog includes the total value of our existing customer contracts and includes products that are within the scope of the license granted to the JV, based on the types of customer vehicles in which the products will be used. To the extent that those product deliveries are fulfilled by the JV, or pursuant to an agreement with the JV, we may not recognize the full amount of such contracted backlog as revenue. The realization and timing of the recognition of our backlog is dependent, among other things, on our ability to obtain and secure a sufficient supply of battery cells from our suppliers as well as our ability to meet the acceptance requirements in contracts, such as design and quality tests. In addition, these amounts exclude any potential adjustments for variable consideration which could arise from provisions in our contracts where the price for a product or service can change based on future events. Based on practical expedient elections permitted by ASC 606, Revenue from Contracts with Customers , the Company does not disclose the value of unsatisfied performance obligations for variable consideration that is allocated entirely to a wholly unsatisfied performance obligation. Disaggregation of Revenues —We earn revenue through the sale of products and services. Product and service lines are the disaggregation of revenues primarily used by management, as this disaggregation allows for the evaluation of market trends, and certain product lines and services vary in recurring versus non-recurring nature. We do not have any material sales outside of North America. The following tables disaggregate revenues by type of revenues and segment for the three and six months ended June 30, 2021 and 2020 (in thousands): Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 North JV Total North JV Total Product revenues Total product revenues $ 466 $ — $ 466 $ 1,078 $ — $ 1,078 Service revenues Joint Venture support — 460 460 — 902 902 Total revenues $ 466 $ 460 $ 926 $ 1,078 $ 902 $ 1,980 Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 North JV Total North JV Total Product revenues Total product revenues $ 458 $ — $ 458 $ 2,046 $ — $ 2,046 Service revenues Non-recurring engineering and prototype 84 — 84 136 — 136 Joint Venture support — 587 587 — 1,469 1,469 Total service revenues 84 587 671 136 1,469 1,605 Total revenues $ 542 $ 587 $ 1,129 $ 2,182 $ 1,469 $ 3,651 The following table disaggregates revenues by when control is transferred for the three and six months ended June 30, 2021 and 2020 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Point in time $ 466 $ 542 $ 1,078 $ 2,182 Over time 460 587 902 1,469 Total $ 926 $ 1,129 $ 1,980 $ 3,651

INVENTORY

INVENTORY	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
INVENTORY	INVENTORY As of June 30, 2021 and December 31, 2020, inventory consisted of the following (in thousands): June 30, 2021 December 31, 2020 Raw materials $ 6,798 $ 4,064 Work-in-process 356 531 Finished goods 461 342 Total inventories $ 7,615 $ 4,937 We write down inventory for obsolete inventory items and when the net realizable value of inventory items is less than their carrying value. During the three months ended June 30, 2021 and 2020 , we recorded $0.8 million and no write-down of inventory, respectively, in cost of revenues. During the six months ended June 30, 2021 and 2020, we recorded $1.2 million and no write-down of inventory, respectively, in cost of revenues.

EQUITY METHOD INVESTMENTS

EQUITY METHOD INVESTMENTS	6 Months Ended
	Jun. 30, 2021
Equity Method Investments and Joint Ventures [Abstract]
EQUITY METHOD INVESTMENTS	EQUITY METHOD INVESTMENTS BorgWarner Romeo Power LLC Legacy Romeo and BorgWarner formed BorgWarner Romeo Power LLC on June 28, 2019. Legacy Romeo and BorgWarner received a 40% interest and 60% interest in the Joint Venture, respectively. Subsequently, Legacy Romeo and BorgWarner agreed to contribute an additional $10.0 million to the Joint Venture which represented funding for 2021 capital needs. In January 2021, we invested $4.0 million in the Joint Venture, which represented our pro rata share of the agreed upon funding. Heritage Battery Recycling, LLC On October 2, 2020, we entered into a Battery Recycling Agreement (the “Battery Recycling Arrangement”) with Heritage Battery Recycling, LLC (“HBR”), an affiliate of Heritage Environmental Services, Inc. (“HES”). Under the Battery Recycling Arrangement, HBR has agreed to design, build and operate a system for redeploying, recycling or disposing of lithium-ion batteries (the “System”) to be located at HES’s facility in Arizona. Immediately following the Business Combination on December 29, 2020, we contributed $35.0 million to HBR, a related party to an investor in Legacy Romeo and an investor of $25.0 million in the private placement of shares of Common Stock (the “PIPE Shares”) that were sold in connection with the Business Combination. While the arrangement is in effect, it establishes a strategic arrangement with HES for the collection of our battery packs for recycling, and it gives our customers priority at the recycling facility. We also have agreed to fund, in principal, up to $10.0 million for a pilot program that, if successful, could lead to the purchase of commercial vehicles containing Romeo batteries by HBR’s affiliate. The terms of the pilot program have not yet been finalized and reflected in an executed agreement.

PUBLIC AND PRIVATE PLACEMENT WA

PUBLIC AND PRIVATE PLACEMENT WARRANTS	6 Months Ended
	Jun. 30, 2021
PUBLIC AND PRIVATE PLACEMENT WARRANTS
PUBLIC AND PRIVATE PLACEMENT WARRANTS	PUBLIC AND PRIVATE PLACEMENT WARRANTS In February 2019, in connection with the RMG initial public offering (the “RMG IPO”), RMG issued 7,666,648 warrants (the “Public Warrants”) to purchase shares of Common Stock at $11.50 per share. Simultaneously with the consummation of the RMG IPO, RMG issued 4,600,000 warrants (the “Private Placement Warrants” and, together with the Public Warrants, the “Public and Private Placement Warrants”) to purchase shares of Common Stock at $11.50 per share, to RMG Sponsor, LLC (the “Sponsor”), certain funds and accounts managed by subsidiaries of BlackRock, Inc., and certain funds and accounts managed by Alta Fundamental Advisers LLC (together, the “Anchor Investors”). On February 16, 2021, we announced the redemption of all of the outstanding Public Warrants to purchase shares of our Common Stock, that were issued under the Warrant Agreement. All Public Warrants could be exercised until April 5, 2021 to purchase shares of our Common Stock, at the exercise price of $11.50 per share, and any Public Warrants that remained unexercised were voided and no longer exercisable. On April 5, 2021, 7,223,683 Public Warrants were redeemed at the redemption price of $0.01 per Public Warrant. The Company paid Public Warrant holders a total of $72,237 in connection with the redemption. The Public and Private Placement warrants are recorded as liabilities in our condensed consolidated balance sheets. As of June 30, 2021, we had 3,178,202 Private Warrants and no Public Warrants outstanding. As of December 31, 2020, we had 4,600,000 Private Warrants and 7,666,648 Public Warrants outstanding.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	STOCK-BASED COMPENSATION We estimate the grant date fair value of stock options containing only a service condition using the Black-Scholes option-pricing model. The Black-Scholes option-pricing model requires inputs such as the fair value of our Common Stock, the risk-free interest rate, expected term, expected dividend yield and expected volatility. Prior to the Business Combination, when there was no public market for Legacy Romeo’s common stock, the fair value of our common stock was estimated with the assistance of an independent third-party valuation firm using a combination of a market and income approach. The risk-free interest rate assumption is determined by using the U.S. Treasury rates of the same period as the expected option term of each stock option. We use the simplified method to calculate the expected term. The dividend yield assumption is based on the dividends expected to be paid over the expected life of the stock option. Our volatility is derived from several publicly traded peer companies, due to our limited history as a publicly traded company. The grant date fair value of awards with market conditions is estimated using a Monte Carlo simulation or other appropriate fair value method with the assistance of an independent third-party valuation firm. The fair value of our restricted stock units (“RSUs”) and performance-related restricted stock units (“PSUs”) is based on the closing price of our common stock on the date of grant. 2016 Stock Plan Following the Business Combination, the outstanding stock options issued under the Romeo Systems, Inc. 2016 Stock Plan may be exercised (subject to their original vesting, exercise and other terms and conditions) to purchase a number of shares of Common Stock equal to the number of shares of Legacy Romeo common stock subject to such Legacy Romeo options multiplied by the Exchange Ratio (rounded down to the nearest whole share) at an exercise price per share divided by the Exchange Ratio (rounded up to the nearest whole cent). The information presented herein is as if the exchange of stock options and Common Stock occurred as of the earliest period presented. Time-based awards During the six months ended June 30, 2021 we did not grant any stock options to employees. During the three months ended June 30, 2021, our employees exercised stock options totaling 1,811,557 shares for total proceeds of $7.5 million. During the six months ended June 30, 2021, our employees exercised stock options totaling 2,648,306 shares for total proceeds of $12.2 million, $7.1 million of which was received in July 2021. The fair value of the time-based stock options granted during the six months ended June 30, 2020 was determined using the following assumptions: Fair Value Assumptions: Six Months Ended Risk-free interest rate 0.92% Expected term (in years) 6.5 Expected volatility 60% Dividend yield 0% Grant date fair value per share $1.48 Performance and market-based option award In August 2020, we awarded 4,633,978 stock options to our then Chairman and CEO at an exercise price of $6.69 per share. All of the shares covered by such award are subject to time-based, performance and market condition vesting requirements. As of December 29, 2020, the date of the Business Combination, the performance condition was satisfied, and we began recognizing stock-based compensation expense based upon the grant date fair value of the award. We recognized the stock-based compensation expense over the requisite service period, which was from December 29, 2020 through June 27, 2021. We estimated the grant date fair value of the award to be $9.6 million, which was determined using a Monte Carlo simulation with the assistance of an independent third-party valuation firm. According to the table of exercisable shares below and the average of the closing price per share of our Common Stock on each of the five Average Closing Share Price: Cumulative Number Of Shares $6.6869 - $8.9452 926,795 $8.9453 - $11.9272 1,853,591 $11.9273 - $14.9092 3,243,781 $14.9093 4,633,978 2020 Stock Plan On December 29, 2020, our stockholders approved the Romeo Power, Inc. 2020 Long-Term Incentive Plan (the “2020 Plan”). The purpose of the 2020 Plan is to attract, retain, incentivize and reward top talent through stock ownership, to improve operating and financial performance and strengthen the mutuality of interest between eligible service providers and stockholders. As of June 30, 2021, we have granted RSUs and PSUs under the 2020 Plan. RSUs and PSUs On June 11, 2021, we granted 1,411,961 RSUs to employees, 133,492 RSUs to our directors, and 1,354,313 PSUs to certain executives. The RSUs granted to our employees are eligible to vest over three years from the commencement date, subject to continued employment on each vesting date. One third of these shares vest on the one-year anniversary of the vesting commencement date the remaining shares vest equally over eight quarters thereafter. The RSUs granted to our directors vested in full on July 1, 2021. The PSUs vest after three years from the commencement date based on the achievement of certain predetermined performance and market goals and are payable in shares of our Common Stock. The market based goal will be measured by reference to the highest 100-consecutive-trading-day average closing price for our common stock through December 31, 2023. The performance based goal will be measured by the achievement of certain backlog targets and percentage reductions in bill-of-material costs per Kilowatt-Hour by December 31, 2021. The actual number of shares to be issued for the PSUs will be the higher of the market based vesting percentage or the performance based vesting percentage, subject to a market-based limitation, and can range from 0% to 200% of the target number of shares set at the time of grant. Stock-based compensation expense for the PSUs is recognized on a straight-line basis over the service period based upon the value determined using the Monte Carlo valuation method for the market goal plus an incremental value, if any, determined by expected achievement of the performance-based goals. The Monte Carlo valuation method incorporates stock price correlation and other variables over the time horizons matching the performance periods. Management will review and assess the achievement of the performance-based goals quarterly through the performance assessment period ending December 31, 2021. The grant date fair value of the PSUs granted on June 11, 2021, derived from the Monte Carlo simulation, was based, in part, on the following assumptions: Fair Value Assumptions: Grant date stock price $9.23 Risk-free interest rate 0.24% Simulation term (in years) 2.6 Expected volatility 64% Dividend yield 0% Grant date fair value per share $7.93 We recorded $1.6 million and $0.2 million of stock-based compensation expense related to RSUs and PSUs, respectively, during the three and six months ended June 30, 2021. At June 30, 2021, the unrecognized stock-based compensation related to RSUs and PSUs was $12.6 million and $10.5 million, respectively, which is expected to be recognized over a weighted-average period of 1.26 years and 2.50 years, respectively. RSU and PSU activity during the six months ended June 30, 2021 was as follows: Shares Weighted Average Fair Value Outstanding at December 31, 2020 — $ — Granted 2,899,766 $ 8.62 Forfeited (9,650) $ 9.23 Outstanding at June 30, 2021 2,890,116 $ 8.62 The fair value of all RSUs and PSUs granted during the six months ended June 30, 2021 was $25.0 million. During the six months ended June 30, 2021, no shares were vested. Stock-based compensation expense During the three months ended June 30, 2021 and 2020, we recognized a total of $8.2 million and $0.4 million, respectively, of stock-based compensation expense related to the vesting of stock options, RSUs and PSUs. During the six months ended June 30, 2021 and 2020, we recognized a total of $14.7 million and $0.7 million, respectively, of stock-based compensation expense related to the vesting of stock options, RSUs and PSUs. The following table summarizes our stock-based compensation expense by line item in the condensed consolidated statements of operations and comprehensive income (loss) (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Cost of revenues $ 41 $ 107 $ 162 $ 140 Research and development 506 — 567 — Selling, general, and administrative 7,642 268 14,013 512 Total $ 8,189 $ 375 $ 14,742 $ 652

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXESOur income tax provision consists of federal and state income taxes. The tax provision for the three and six months ended June 30, 2021 and 2020 was based on the estimated effective tax rates applicable for the three and six months ended June 30, 2021 and 2020. The Company’s overall effective tax rate of zero percent is different than the federal statutory tax rate because the Company has established a full valuation allowance against its net deferred income tax assets. As of June 30, 2021, the Company continues to record a full valuation allowance against the deferred tax asset balance as realization was uncertain.

INVESTMENTS

INVESTMENTS	6 Months Ended
	Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS	INVESTMENTS Available-for-sale debt investments The following table summarizes our available-for-sale debt investment holdings at June 30, 2021 (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized and Credit Losses Fair Value U.S. government securities $ 44,013 $ 4 $ (11) $ 44,006 Municipal securities 57,162 69 (61) 57,170 Corporate debt securities 71,918 17 (141) 71,794 Asset-backed securities 13,437 2 (8) 13,431 U.S. agency mortgage-backed securities 11,042 — (49) 10,993 Commercial paper 21,219 24 — 21,243 Certificates of deposit 5,000 — (1) 4,999 Total (1) $ 223,791 $ 116 $ (271) $ 223,636 (1) There were no unsettled sales of available-for-sale debt investments at June 30, 2021. The following table presents the gross realized gains and gross realized losses related to available-for-sale debt investments for the three and six months ended June 30, 2021(in thousands): Three Months Ended Six Months Ended Gross realized gains $ 3 $ 37 Gross realized losses (118) (190) Gross realized loss, net $ (115) $ (153) The following tables present the breakdown of the available-for-sale debt investments with gross unrealized losses and the duration that those losses had been unrealized at June 30, 2021 (in thousands): Unrealized Losses Unrealized Losses Total Fair Value Gross Fair Value Gross Fair Value Gross U.S. government securities $ 28,009 $ (11) $ — $ — $ 28,009 $ (11) Municipal securities 35,784 (61) — — 35,784 (61) Corporate debt securities 51,887 (141) — — 51,887 (141) Asset-backed securities 5,381 (8) — — 5,381 (8) U.S. agency mortgage-backed securities 10,993 (49) — — 10,993 (49) Certificates of deposit 4,999 (1) — — 4,999 (1) Total $ 137,053 $ (271) $ — $ — $ 137,053 $ (271) The following table summarizes the maturities of our available-for-sale debt investments at June 30, 2021 (in thousands): Amortized Cost Fair Value Less than 1 year $ 101,501 $ 101,501 1 year through 5 years 106,314 106,235 Mortgage-backed securities with no single maturity 15,976 15,900 Total $ 223,791 $ 223,636

FAIR VALUE

FAIR VALUE	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE	FAIR VALUE Fair Value of Financial Instruments — The accounting guidance for fair value provides a framework for measuring fair value, clarifies the definition of fair value, and establishes the disclosure requirements regarding fair value measurements. Fair value is defined as the price that would be received in the sale of an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as follows: Level 1 Inputs —Unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access at the measurement date. Level 2 Inputs —Inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). Level 3 Inputs —Unobservable inputs reflecting our assessment of assumptions that market participants would use in pricing the asset or liability. We develop these inputs based on the best information available. Our available-for-sale debt investments are measured at fair value on a recurring basis, consisting of investment grade high quality fixed income assets, which are priced using quoted market prices for similar instruments or unbinding market prices that are corroborated by observable market data. The Public and Private Placement Warrants are measured at fair value on a recurring basis. We will continue to adjust these liabilities for changes in the fair value of the Public and Private Placement Warrants until the warrants are exercised, redeemed or cancelled. Prior to the redemption of the Public Warrants on April 5, 2021, the Public Warrants were traded on the NYSE and were recorded at fair value using the closing stock price as of the measurement date, which represents a Level 1 fair value measurement. The fair value of the Private Placement Warrants is established using both Level 1 and Level 2 inputs and determined using the Black-Scholes option-pricing model. The Black-Scholes option-pricing model requires inputs such as the fair value of our Common Stock, the risk-free interest rate, expected term, expected dividend yield and expected volatility. The fair value of our Common Stock is considered a Level 1 input as our Common Stock is freely traded on the NYSE. The risk-free interest rate assumption is determined by using the U.S. Treasury rates of the same period as the expected term of the Private Placement Warrants, which is 4.5 years. The dividend yield assumption is based on the dividends expected to be paid over the expected life of the warrant. Our volatility is derived from several publicly traded peer companies. As of June 30, 2021 and December 31, 2020, assets and liabilities measured at fair value on a recurring basis were as follows (in thousands): June 30, 2021 Total (Level 1) (Level 2) (Level 3) Assets: Cash equivalents: Money market funds $ 8,001 $ 8,001 $ — $ — Corporate debt securities 3,504 — 3,504 — Commercial paper 15,998 — 15,998 — U.S. government securities 8,000 — 8,000 — Subtotal 35,503 8,001 27,502 — Available-for-sale debt investments: U.S. government securities 44,006 — 44,006 — Municipal securities 57,170 — 57,170 — Corporate debt securities 71,794 — 71,794 — Asset-backed securities 13,431 — 13,431 — U.S. agency mortgage-backed securities 10,993 — 10,993 — Commercial paper 21,243 — 21,243 — Certificates of deposit 4,999 — 4,999 — Subtotal 223,636 — 223,636 — Total $ 259,139 $ 8,001 $ 251,138 $ — Financial Liabilities: Private Placement Warrants 9,852 — 9,852 — Total $ 9,852 $ — $ 9,852 $ — December 31, 2020 Total (Level 1) (Level 2) (Level 3) Assets: Cash equivalents: U.S. Treasury Bills $ 16,000 $ 16,000 $ — $ — Total $ 16,000 $ 16,000 $ — $ — Financial liabilities: Public Warrants $ 71,453 $ 71,453 $ — $ — Private Placement Warrants 67,013 — 67,013 — Total $ 138,466 $ 71,453 $ 67,013 $ — The key assumptions used to determine the fair value of the Private Placement Warrants as of June 30, 2021 and December 31, 2020 using the Black-Scholes model were as follows: Fair Value Assumptions June 30, 2021 December 31, 2020 Risk-free interest rate 0.77% 0.17% Expected term (in years) 4.5 5 Expected volatility 58% 57% Dividend yield — — Fair value of common stock $8.14 $22.49

ACCRUED EXPENSES

ACCRUED EXPENSES	6 Months Ended
	Jun. 30, 2021
Payables and Accruals [Abstract]
ACCRUED EXPENSES	ACCRUED EXPENSES As of June 30, 2021 and December 31, 2020, accrued expenses consisted of the following (in thousands): June 30, 2021 December 31, 2020 Accrued professional service fees $ 3,375 $ 1,130 Accrued payroll expenses 412 617 Accrued warranty expenses 222 103 Other accrued expenses 611 994 Total accrued expenses $ 4,620 $ 2,844

NET (LOSS) INCOME PER SHARE

NET (LOSS) INCOME PER SHARE	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
NET (LOSS) INCOME PER SHARE	NET (LOSS) INCOME PER SHARE The basic and diluted net (loss) income per share is computed by dividing our net loss or net income by the weighted average shares outstanding during the period. The calculation of basic and diluted net (loss) income per share for the three and six months ended June 30, 2021 and 2020 is presented below (in thousands, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net (loss) income $ (28,674) $ (7,025) $ 61,338 $ (13,794) Weighted average common shares outstanding – basic 131,059,149 77,396,263 129,930,204 76,021,298 Dilutive effect of potentially issuable shares — — 5,091,092 — Weighted average common shares outstanding – diluted 131,059,149 77,396,263 135,021,296 76,021,298 Basic net (loss) income per share $ (0.22) $ (0.09) $ 0.47 $ (0.18) Diluted net (loss) income per share $ (0.22) $ (0.09) $ 0.45 $ (0.18) Potentially dilutive shares that were considered in the determination of diluted net (loss) income per share include stock options and warrants to purchase our Common Stock as well as RSUs and PSUs. Antidilutive shares excluded from the calculation of diluted net (loss) income per share were 12,888,560 and 22,173,533, respectively, for the three months ended June 30, 2021 and 2020, and 7,974,160 and 22,104,262, respectively, for the six months ended June 30, 2021 and 2020. As the inclusion of common stock share equivalents in the calculation of diluted loss per share would be anti-dilutive for the three months ended June 30, 2021 and the three and six months ended June 30, 2020, diluted net loss per share was the same as basic net loss per share.

SEGMENTS

SEGMENTS	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
SEGMENTS	SEGMENTS We have two operating segments, which are also reportable segments. Our reportable segments are determined and presented based on how information is used by our Chief Operating Decision Maker (“CODM”), which is collectively a senior leadership team consisting of two individuals, to measure performance and allocate resources. These reportable segments are Romeo Power North America and Joint Venture Support. The activities of our Romeo Power North America reportable segment include the research, design, development, and manufacture of electrical power systems for commercial vehicles (Class 6-8: trucks and buses) in the North American market. Our Joint Venture Support reportable segment provides design, research and development, and other engineering related services exclusively to the Joint Venture. The CODM evaluates and monitors segment performance primarily based upon segment sales and gross profit. Asset information has not been separately disclosed for the segments, as this information is not regularly reported to CODM for purposes of the allocation of resources to our segments or assessing segment performance. Net revenues and gross profit (loss) from each of our reportable segments are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net revenues: Romeo Power North America $ 466 $ 542 $ 1,078 $ 2,182 Joint Venture Support 460 587 902 1,469 Total net revenues $ 926 $ 1,129 $ 1,980 $ 3,651 Gross (loss) profit: Romeo Power North America $ (5,076) $ (1,386) $ (8,902) $ (2,628) Joint Venture Support 57 92 110 224 Total gross loss $ (5,019) $ (1,294) $ (8,792) $ (2,404) All of our revenues (based on location of customer) and long-lived assets were within North America for the three and six months ended June 30, 2021 and 2020.

TRANSACTIONS WITH RELATED PARTI

TRANSACTIONS WITH RELATED PARTIES	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
TRANSACTIONS WITH RELATED PARTIES	TRANSACTIONS WITH RELATED PARTIES In the ordinary course of business, the Company enters into transactions with related parties to sell products and services. The following table presents the net revenues and cost of revenues associated with our related parties, which are included in our condensed consolidated statement of operations and comprehensive (loss) income (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Related party revenues - product revenues $ 113 $ — $ 384 $ — Related party revenues - service revenues 460 587 902 1,469 Total related party revenues 573 587 1,286 1,469 Costs associated with related party revenues - product revenues 71 — 271 Costs associated with related party revenues - service revenues 403 495 792 1,245 Total costs associated with related party revenues 474 495 1,063 1,245 Gross profit associated with related party revenues $ 99 $ 92 $ 223 $ 224 Transactions with BorgWarner and the Joint Venture — In connection with Legacy Romeo’s investment in the Joint Venture formed on June 28, 2019 (Note 5), Legacy Romeo entered into a services agreement to provide various professional services to the Joint Venture. We have also sold certain products directly to a subsidiary of BorgWarner. Revenues earned for services rendered to the Joint Venture and products sold to BorgWarner were presented in the table above. Accounts receivable from BorgWarner was $0.1 million and zero at June 30, 2021 and December 31, 2020, respectively. Transactions with Heritage Environmental Services and its related parties — On October 2, 2020, we entered into the Battery Recycling Arrangement with HBR, an affiliate of HES, a related party to an investor in Legacy Romeo and an investor of $25.0 million in the PIPE Shares. Immediately following the Business Combination on December 29, 2020, we contributed $35.0 million to HBR. See Note 5, Equity Method Investments for additional information relating to our contribution to HBR. In connection with the Battery Recycling Arrangement, we also agreed to fund up to $10.0 million to purchase ten battery electric vehicle (“BEV”) trucks and the charging infrastructure for a one-year pilot program to determine the feasibility of transitioning HES’s or its affiliates’ fleet of trucks from diesel powered vehicles to BEVs. If such pilot program is successful, the parties would enter into an agreement for the procurement through us of at least 500 BEVs on terms acceptable to HBR, HES and us. The participants in the pilot program have been selected, and the parties are beginning to work towards an agreement to fund and support the pilot program. Transactions with Michael Patterson and related parties — On April 15, 2021, Michael Patterson ended his employment with Romeo, resigned from all positions he used to hold in the Company, the Board of Directors and the BorgWarner JV board of directors, and we entered into a consulting agreement with him for services to be provided through the end of 2021. On May 5, 2021, we signed a non-binding Memorandum of Understanding with Crane Carrier Company (“CCC”) to explore the terms of a potential commercial relationship in which we would supply batteries to CCC for its electric refuse trucks. CCC was recently acquired by Battle Motors, a company founded by Michael Patterson, and Mr. Patterson is the Chief Executive Officer of both CCC and Battle Motors.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Litigation — We are subject to certain claims and legal matters that arise in the normal course of business. Management does not expect any such claims and legal actions to have a material adverse effect on our financial position, results of operations or liquidity, except the following: A police officer was injured as a result of an automobile accident resulting from an allegedly intoxicated Legacy Romeo employee driving following his departure from a 2017 company holiday party that occurred after hours and not on our premises. We terminated the employee’s employment shortly after the incident occurred. This matter resulted in a personal injury lawsuit ( Chelico et al. v. Romeo Systems, Inc., et al. , Case # 18STCV04589, Los Angeles County), for which we are a named defendant. In July 2020, we settled this matter in principle and agreed to pay a settlement of $6.0 million. Correspondence that we believe constituted a legally enforceable agreement was exchanged on July 22, 2020. Our business and umbrella insurance carriers agreed to cover the cost of damages owed. As a result, we accrued $6.0 million as a legal settlement payable with a corresponding insurance receivable for $6.0 million as of June 30, 2021 and December 31, 2020. Because the plaintiff had not proceeded to finalize the settlement transaction due to a dispute with the City of Los Angeles related to the allocation of the global settlement payment between the plaintiff and the LAPD (unrelated to Romeo), we filed a motion for summary judgment in Case # 18STCV04589 and filed a claim for breach of contract against the plaintiff in Romeo Systems et al. v. Chelico, Case # 21STCV20701. The summary judgment motion was argued on July 1, 2021, and on July 27, 2021, the court ruled that issues of fact precluded summary judgment. On the breach of contract claim, the police officer’s response to the complaint is due August 12, 2021. A mediation on the allocation issue is scheduled to occur on September 17, 2021. In October 2020, a wage-and-hour class action was filed in Los Angeles Superior Court on behalf of all current and former non-exempt employees in California from October 2016 to present. The allegations include meal and rest period violations and various related claims. The case is currently stayed pending mediation, which was continued to October 2021. We intend to defend ourselves against these claims and the possible range of loss, if any, cannot currently be estimated. On February 26, 2021, plaintiff Lady Benjamin PD Cannon f/k/a Ben Cannon filed a complaint (the “Cannon Complaint”) against Romeo and Michael Patterson (“Patterson”) in the Court of Chancery for the State of Delaware. The Cannon Complaint includes claims for declaratory relief (against Romeo and Patterson), non-compliance with Article 9 of the Delaware UCC (against Patterson), conversion (against Romeo and Patterson), and breach of contract (against Romeo). Generally, plaintiff alleges that the transfer to Patterson of a warrant for 1,000,000 shares of Romeo’s Common Stock, which plaintiff pledged as security for a loan, is invalid, that Patterson improperly accepted that warrant in satisfaction of the loan, and that she, not Patterson, holds the right to exercise that warrant and to purchase the equivalent of 1% of Romeo’s Common Stock. The relief sought by plaintiff includes declaratory relief, return of the warrant, specific performance on the warrant, money damages, cost of suit, and attorney fees. On May 4, 2021, Romeo filed a motion to dismiss all claims against it under Delaware Chancery Rule 12(b)(6); on May 17, 2021, plaintiff filed a motion for partial summary judgment; and on June 16, 2021, Romeo and Patterson filed a joint Rule 56(f) motion for discovery. Those motions are pending, and we intend to defend ourselves vigorously against plaintiff’s claims. The outcome of any complex legal proceeding is inherently unpredictable and subject to significant uncertainties. Given the early stage of the litigation and based upon information presently known to management, we are not currently able to estimate the outcome of this proceeding or a possible range of loss, if any. On April 16, 2021, plaintiff Travis Nichols filed a class action complaint (the “Nichols Complaint”) against Romeo, in the U.S. District Court for the Southern District of New York. The Nichols Complaint alleges that defendants made false and misleading statements regarding the supply of battery cells, which are components of Romeo’s products, and the Company’s ability to meet customer demand and achieve its revenue forecast for 2021. On May 6, 2021, plaintiff Victor J. Toner filed a second class action complaint (the “Toner Complaint”) against Romeo, in the U.S. District Court for the Southern District of New York. The allegations in the Toner Complaint are substantially similar to the allegations in the Nichols Complaint. The relief sought by both plaintiffs includes money damages, reimbursement of expenses, and equitable relief. On July 15, 2021, the Court consolidated the two pending cases and appointed a lead plaintiff. The lead plaintiff must file a consolidated amended complaint on or before September 15, 2021. We have not yet responded to the lawsuit, but we intend to defend ourselves vigorously against these claims. This litigation is at preliminary stages and the outcome of any complex legal proceeding is inherently unpredictable and subject to significant uncertainties. Based upon information presently known to management, we are not currently able to estimate the outcome of this proceeding or a possible range of loss, if any. On May 19, 2021, plaintiff Tiffany Westbrooks filed a complaint (the “Westbrooks Complaint”) against Romeo, in the Superior Court of the State of California for the County of Los Angeles. The Westbrooks Complaint alleges claims for discrimination based on race, color, national origin, and/or ancestry; harassment based on race, color, national origin, and/or ancestry; disability discrimination; failure to prevent discrimination and/or retaliation; retaliation; violation of California Government Code section 12940(h); violation of the California Family Rights Act; retaliation for taking leave under the California Family Rights Act; wrongful termination in violation of public policy; intentional infliction of emotional distress; failure to provide employment records upon request; and failure to produce personnel records upon request. The relief sought by plaintiff includes past and future lost income and benefits, emotional distress damages, pre-judgment interest, cost of suit and attorneys’ fees, punitive damages, and statutory penalties. We intend to defend ourselves against these claims and the possible range of loss, if any, cannot currently be estimated.

CONCENTRATION OF RISK

CONCENTRATION OF RISK	6 Months Ended
	Jun. 30, 2021
CONCENTRATION OF RISK
CONCENTRATION OF RISK	CONCENTRATION OF RISK Customer Concentration and Accounts Receivable We had certain customers whose revenue individually represented 10% or more of our total revenue, or whose accounts receivable balances individually represented 10% or more of our total accounts receivable, as follows: For the three months ended June 30, 2021, total revenue recognized included 17% from one major customer, 12% from a second major customer, 11% from a third major customer and 50% from the Joint Venture engineering services, together representing 90% of our total revenue. For the three months ended June 30, 2020, total revenue recognized included 39% from one major customer, and 52% from the Joint Venture engineering services, together representing 91% of our total revenue. For the six months ended June 30, 2021, total revenue recognized included 19% from one major customer, 12% from a second major customer, 12% from a third major customer and 46% from the Joint Venture engineering services, together representing 89% of our total revenue. For the six months ended June 30, 2020, total revenue recognized included 55% from one major customer, and 42% from the Joint Venture engineering services, together representing 97% of our total revenue. As of June 30, 2021, our total reported accounts receivable balance included 62% from one major customer, 11% from a second major customer and 5% from the Joint Venture engineering services account, together representing 78% of our total accounts receivable. As of December 31, 2020, our total reported accounts receivable balance included 13% from one major customer, 13% from another major customer and 44% from the Joint Venture engineering services account, together representing 70% of our total accounts receivable. The Joint Venture engineering services account is included in the Joint Venture Support operating segment. The remaining major customers referenced are customers of the Romeo Power North America operating segment. Supplier Concentration We rely on third-party suppliers for the provision and development of many of the key components and materials used in our battery modules and packs, such as battery cells, electrical components, electromechanical components, mechanical components and enclosure materials. Some of the components used in our battery modules and packs are purchased by us from single sources. While we believe that we may be able to establish alternative supply relationships and can obtain or engineer replacement components for our single-sourced components, we may be unable to do so in the short term (or at all) at prices or quality levels that are favorable to us, which could have a material adverse effect on our business, financial condition, operating results, and future prospects. Furthermore, in certain cases, the establishment of an alternative supply relationship could require us to visit a new supplier’s facilities in order to qualify the supplier and perform supplier quality audits, and, over the past twelve months, our ability to travel and qualify new suppliers has been directly impacted by COVID-19. During the three and

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Effective August 10, 2021, we entered into a long-term supply agreement for the purchase of lithium-ion battery cells with a Tier 1 battery cell and materials manufacturer (“Supplier”). Under the long-term supply agreement, the Supplier is committed to supplying cells to us, at escalating annual minimums, through June 30, 2028. Supplier's minimum total supply commitment to us, and our minimum purchase obligation, is for 445.5 million cells, and Supplier has agreed to use its best effort to allocate additional cells to us through 2023. To facilitate Supplier’s supply of cells, we agreed to pay Supplier by December 31, 2021 a deposit of $1.5 million, which will be applied as an advance for cells purchased in 2021 and 2022, and a prepayment of approximately $64.7 million by September 10, 2021, which will be applied as an advance for the cells to be purchased from July 1, 2023 through June 30, 2028. Pursuant to the terms of the long-term supply agreement, the unit price of the cells will be adjusted semiannually based on a raw materials index as prices change. If the Company breaches its minimum volume commitment during any applicable year or portion thereof, Supplier is entitled to retain, as liquidated damages, the remaining balance of the Deposit or Prepayment (i.e., amounts that have not yet been applied as a credit against purchased cells), as applicable. If Supplier materially breaches its minimum volume commitment during any applicable year or portion thereof, or in the event of a force majeure, Supplier will be required to return the remaining balance of the Deposit or Prepayment (i.e., amounts that have not yet been applied as a credit against purchased cells), as applicable.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation —The Business Combination was accounted for as a reverse recapitalization (the “Recapitalization Transaction”) in accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 805, Business Combinations . For accounting and financial reporting purposes, Legacy Romeo was considered the acquirer based on facts and circumstances, including the following: • Legacy Romeo’s former stockholders hold a majority ownership interest in the combined company; • Legacy Romeo’s senior management team became the senior management of the combined company; • Legacy Romeo was the larger of the companies based on historical operating activity and employee base; and • Legacy Romeo’s operations comprise the ongoing operations of the combined company. Accordingly, all historical financial information presented in these condensed consolidated financial statements represents the accounts of Legacy Romeo and its wholly owned subsidiaries “as if” Legacy Romeo is the predecessor and legal successor. The historical operations of Legacy Romeo are deemed to be those of the Company. Thus, the financial statements included in this report reflect (i) the historical operating results of Legacy Romeo prior to the Business Combination; (ii) the combined results of RMG and Legacy Romeo following the Business Combination on December 29, 2020; and (iii) RMG’s equity structure for all periods presented. No step-up basis of RMG’s assets and liabilities and no intangible assets or goodwill were recorded in connection with the Business Combination transaction consistent with the treatment of the transaction as a reverse recapitalization. In connection with the Business Combination each share of Legacy Romeo common stock and preferred stock issued and outstanding immediately prior to the Business Combination (with each share of Legacy Romeo preferred stock being treated as if it were converted into Legacy Romeo common stock immediately prior to the Business Combination) converted into the right to receive 0.121730 shares (the “Exchange Ratio”) of common stock, par value $0.0001 (the “Common Stock”). The recapitalization of the number of shares of Common Stock attributable to Legacy Romeo is reflected retroactively to the earliest period presented based upon the Exchange Ratio and is utilized for calculating earnings per share in all prior periods presented. The accompanying condensed consolidated financial statements include the results of Romeo Power, Inc. and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated and the effect of variable interest entities have been considered in the consolidation. Unaudited Interim Financial Information —The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information, the instructions to Form 10-Q, and the rules and regulations of the Securities and Exchange Commission (“SEC”). The condensed consolidated financial statements presented herein have not been audited by an independent registered public accounting firm, but include all material adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair presentation of our financial position, results of operations and cash flows for the period. These results are not necessarily indicative of results for any other interim period or for the full fiscal year. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted pursuant to the rules of the SEC. The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC on April 15, 2021 (the “2020 Form 10-K”).
Use of Estimates	Use of Estimates —The preparation of financial statements in conformity with GAAP requires us to make certain estimates and assumptions for the reporting periods covered by the financial statements. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent liabilities. Actual amounts could differ from these estimates. The condensed consolidated financial statements have been prepared under the assumption that Romeo will continue as a going concern.
Reclassification of Presentation in Our Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income	Reclassification of Presentation in Our Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income —Revenues of comparative prior periods in our condensed consolidated statements of operations and comprehensive (loss) income are reclassified to conform with our current revenue presentation. In the condensed consolidated statements of operations, we’ve combined related party revenues with product revenues and service revenues and disclosed the amount of related party revenues in a captioned note.
Available-for-Sale Debt Investments	Available-for-Sale Debt Investments — We classify our investments in fixed income debt securities as available-for-sale debt investments. Our available-for-sale debt investments primarily consist of U.S. government securities, municipal securities, corporate debt, commercial paper, and U.S. agency mortgage-backed securities. These available-for-sale debt investments are primarily held in the custody of a major financial institution. These investments are reported on the condensed consolidated balance sheets at fair value. Unrealized gains and losses on these investments, to the extent the investments are unhedged, are included as a separate component of accumulated other comprehensive loss, net of tax. A specific identification method is used to determine the cost basis of available-for-sale debt investments and any realized gains or losses when sold. We classify our investments as current based on the nature of the investments and their availability for use in current operations.
Deferred Assets	Deferred Assets — Deferred assets represent upfront payments of the Company’s common stock issued to a customer and will be amortized as a reduction of revenue as the related products or services are provided to the customer .
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In January 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-01, ASC subtopic 825-10, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities , which revised an entity’s accounting related to (1) the classification and measurement of investments in equity securities and (2) the presentation of certain fair value changes for financial liabilities measured at fair value. This accounting guidance also amended certain disclosure requirements associated with the fair value of financial instruments. Under ASU No. 2016-01, entities must measure certain equity investments at fair value and recognize any changes in fair value in net income, unless the investments qualify for a new practicality exception. ASU 2016-01 is effective for financial statements issued for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. We adopted the standard on January 1, 2021, when we began making significant investments in available-for-sale debt securities and formulating a company investment policy to support the use and management of the proceeds from the Business Combination. In December 2019, the FASB issued ASU No. 2019-12, ASC 740, Income Taxes (ASC 740): Simplifying the Accounting for Income Taxes , which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in ASC 740 and also clarifies and amends existing guidance to improve consistent application. The guidance is effective for all public business entities for fiscal years beginning after December 15, 2020, including interim periods therein. Early adoption is also permitted. We adopted the standard on January 1, 2021 and the adoption of the new guidance does not have a material impact on our financial position, operating results or cash flows. Other recently issued accounting updates are either not expected to have a material impact or are not relevant to our condensed consolidated financial statements.

REVENUES (Tables)

REVENUES (Tables)	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Summary of Changes in Contract Liabilities	During the three and six months ended June 30, 2021, changes in contract liabilities were as follows (in thousands): Three Months Ended Six Months Ended Beginning balance $ 1,672 $ 815 Revenues recognized (702) (819) Increase due to billings 2,153 3,127 Ending balance $ 3,123 $ 3,123
Schedule of Non-cancellable Minimum Purchase Commitments and Performance Obligations	The following table presents the non-cancellable minimum purchase commitments under such contracts as of June 30, 2021 (in thousands). Contractual Minimum Purchase Commitments Purchase contracts with make-whole provisions (1) $ 310,865 Purchase contracts with provisions of customary remedies for breach of contract (2) 243,171 Total $ 554,036 (1) For the $310.9 million of unsatisfied performance obligations related to minimum quantity purchase commitments, if the customers do not follow through on their minimum purchase commitments, we would receive a maximum of $291.4 million under certain make-whole provisions included in these contracts. (2) For the remaining $243.2 million of unsatisfied performance obligations related to minimum quantity purchase commitments included in these contracts, if the customers do not follow through on their minimum purchase commitments, we would seek damages through customary remedies for breach of contract. The following table presents the estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of June 30, 2021 (in thousands): Revenues Expected July 1, 2021 through December 31, 2021 $ 18,907 January 1, 2022 through December 2023 445,851 Thereafter 89,278 Total $ 554,036
Schedule of Disaggregation of Revenue	The following tables disaggregate revenues by type of revenues and segment for the three and six months ended June 30, 2021 and 2020 (in thousands): Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 North JV Total North JV Total Product revenues Total product revenues $ 466 $ — $ 466 $ 1,078 $ — $ 1,078 Service revenues Joint Venture support — 460 460 — 902 902 Total revenues $ 466 $ 460 $ 926 $ 1,078 $ 902 $ 1,980 Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 North JV Total North JV Total Product revenues Total product revenues $ 458 $ — $ 458 $ 2,046 $ — $ 2,046 Service revenues Non-recurring engineering and prototype 84 — 84 136 — 136 Joint Venture support — 587 587 — 1,469 1,469 Total service revenues 84 587 671 136 1,469 1,605 Total revenues $ 542 $ 587 $ 1,129 $ 2,182 $ 1,469 $ 3,651 The following table disaggregates revenues by when control is transferred for the three and six months ended June 30, 2021 and 2020 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Point in time $ 466 $ 542 $ 1,078 $ 2,182 Over time 460 587 902 1,469 Total $ 926 $ 1,129 $ 1,980 $ 3,651

INVENTORY (Tables)

INVENTORY (Tables)	6 Months Ended
	Jun. 30, 2021
Inventory Disclosure [Abstract]
Schedule of Inventory	As of June 30, 2021 and December 31, 2020, inventory consisted of the following (in thousands): June 30, 2021 December 31, 2020 Raw materials $ 6,798 $ 4,064 Work-in-process 356 531 Finished goods 461 342 Total inventories $ 7,615 $ 4,937

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Assumptions Used in Estimating the Fair Value of Stock Options	The fair value of the time-based stock options granted during the six months ended June 30, 2020 was determined using the following assumptions: Fair Value Assumptions: Six Months Ended Risk-free interest rate 0.92% Expected term (in years) 6.5 Expected volatility 60% Dividend yield 0% Grant date fair value per share $1.48 The grant date fair value of the PSUs granted on June 11, 2021, derived from the Monte Carlo simulation, was based, in part, on the following assumptions: Fair Value Assumptions: Grant date stock price $9.23 Risk-free interest rate 0.24% Simulation term (in years) 2.6 Expected volatility 64% Dividend yield 0% Grant date fair value per share $7.93
Schedule of Number of Shares that may Become Exercisable Based on Share Price	According to the table of exercisable shares below and the average of the closing price per share of our Common Stock on each of the five Average Closing Share Price: Cumulative Number Of Shares $6.6869 - $8.9452 926,795 $8.9453 - $11.9272 1,853,591 $11.9273 - $14.9092 3,243,781 $14.9093 4,633,978
Schedule of RSU and PSU Activity	RSU and PSU activity during the six months ended June 30, 2021 was as follows: Shares Weighted Average Fair Value Outstanding at December 31, 2020 — $ — Granted 2,899,766 $ 8.62 Forfeited (9,650) $ 9.23 Outstanding at June 30, 2021 2,890,116 $ 8.62
Schedule of Company's Stock-based Compensation Expense by Line Item	The following table summarizes our stock-based compensation expense by line item in the condensed consolidated statements of operations and comprehensive income (loss) (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Cost of revenues $ 41 $ 107 $ 162 $ 140 Research and development 506 — 567 — Selling, general, and administrative 7,642 268 14,013 512 Total $ 8,189 $ 375 $ 14,742 $ 652

INVESTMENTS (Tables)

INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Summary of Available-for-Sale Debt Investments and Maturities	The following table summarizes our available-for-sale debt investment holdings at June 30, 2021 (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized and Credit Losses Fair Value U.S. government securities $ 44,013 $ 4 $ (11) $ 44,006 Municipal securities 57,162 69 (61) 57,170 Corporate debt securities 71,918 17 (141) 71,794 Asset-backed securities 13,437 2 (8) 13,431 U.S. agency mortgage-backed securities 11,042 — (49) 10,993 Commercial paper 21,219 24 — 21,243 Certificates of deposit 5,000 — (1) 4,999 Total (1) $ 223,791 $ 116 $ (271) $ 223,636 (1) There were no unsettled sales of available-for-sale debt investments at June 30, 2021. The following table summarizes the maturities of our available-for-sale debt investments at June 30, 2021 (in thousands): Amortized Cost Fair Value Less than 1 year $ 101,501 $ 101,501 1 year through 5 years 106,314 106,235 Mortgage-backed securities with no single maturity 15,976 15,900 Total $ 223,791 $ 223,636
Schedule of Realized Gain (Loss) on Available-for-Sale Debt Investments	The following table presents the gross realized gains and gross realized losses related to available-for-sale debt investments for the three and six months ended June 30, 2021(in thousands): Three Months Ended Six Months Ended Gross realized gains $ 3 $ 37 Gross realized losses (118) (190) Gross realized loss, net $ (115) $ (153)
Schedule of Unrealized Loss on Investments	The following tables present the breakdown of the available-for-sale debt investments with gross unrealized losses and the duration that those losses had been unrealized at June 30, 2021 (in thousands): Unrealized Losses Unrealized Losses Total Fair Value Gross Fair Value Gross Fair Value Gross U.S. government securities $ 28,009 $ (11) $ — $ — $ 28,009 $ (11) Municipal securities 35,784 (61) — — 35,784 (61) Corporate debt securities 51,887 (141) — — 51,887 (141) Asset-backed securities 5,381 (8) — — 5,381 (8) U.S. agency mortgage-backed securities 10,993 (49) — — 10,993 (49) Certificates of deposit 4,999 (1) — — 4,999 (1) Total $ 137,053 $ (271) $ — $ — $ 137,053 $ (271)

FAIR VALUE (Tables)

FAIR VALUE (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	As of June 30, 2021 and December 31, 2020, assets and liabilities measured at fair value on a recurring basis were as follows (in thousands): June 30, 2021 Total (Level 1) (Level 2) (Level 3) Assets: Cash equivalents: Money market funds $ 8,001 $ 8,001 $ — $ — Corporate debt securities 3,504 — 3,504 — Commercial paper 15,998 — 15,998 — U.S. government securities 8,000 — 8,000 — Subtotal 35,503 8,001 27,502 — Available-for-sale debt investments: U.S. government securities 44,006 — 44,006 — Municipal securities 57,170 — 57,170 — Corporate debt securities 71,794 — 71,794 — Asset-backed securities 13,431 — 13,431 — U.S. agency mortgage-backed securities 10,993 — 10,993 — Commercial paper 21,243 — 21,243 — Certificates of deposit 4,999 — 4,999 — Subtotal 223,636 — 223,636 — Total $ 259,139 $ 8,001 $ 251,138 $ — Financial Liabilities: Private Placement Warrants 9,852 — 9,852 — Total $ 9,852 $ — $ 9,852 $ — December 31, 2020 Total (Level 1) (Level 2) (Level 3) Assets: Cash equivalents: U.S. Treasury Bills $ 16,000 $ 16,000 $ — $ — Total $ 16,000 $ 16,000 $ — $ — Financial liabilities: Public Warrants $ 71,453 $ 71,453 $ — $ — Private Placement Warrants 67,013 — 67,013 — Total $ 138,466 $ 71,453 $ 67,013 $ —
Fair Value Measurement Inputs and Valuation Techniques	The key assumptions used to determine the fair value of the Private Placement Warrants as of June 30, 2021 and December 31, 2020 using the Black-Scholes model were as follows: Fair Value Assumptions June 30, 2021 December 31, 2020 Risk-free interest rate 0.77% 0.17% Expected term (in years) 4.5 5 Expected volatility 58% 57% Dividend yield — — Fair value of common stock $8.14 $22.49

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	6 Months Ended
	Jun. 30, 2021
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	As of June 30, 2021 and December 31, 2020, accrued expenses consisted of the following (in thousands): June 30, 2021 December 31, 2020 Accrued professional service fees $ 3,375 $ 1,130 Accrued payroll expenses 412 617 Accrued warranty expenses 222 103 Other accrued expenses 611 994 Total accrued expenses $ 4,620 $ 2,844

NET (LOSS) INCOME PER SHARE (Ta

NET (LOSS) INCOME PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of Calculation of Basic and Diluted Net Income (Loss) per Share	The calculation of basic and diluted net (loss) income per share for the three and six months ended June 30, 2021 and 2020 is presented below (in thousands, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net (loss) income $ (28,674) $ (7,025) $ 61,338 $ (13,794) Weighted average common shares outstanding – basic 131,059,149 77,396,263 129,930,204 76,021,298 Dilutive effect of potentially issuable shares — — 5,091,092 — Weighted average common shares outstanding – diluted 131,059,149 77,396,263 135,021,296 76,021,298 Basic net (loss) income per share $ (0.22) $ (0.09) $ 0.47 $ (0.18) Diluted net (loss) income per share $ (0.22) $ (0.09) $ 0.45 $ (0.18)

SEGMENTS (Tables)

SEGMENTS (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Net revenues and gross profit (loss) from each of our reportable segments are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net revenues: Romeo Power North America $ 466 $ 542 $ 1,078 $ 2,182 Joint Venture Support 460 587 902 1,469 Total net revenues $ 926 $ 1,129 $ 1,980 $ 3,651 Gross (loss) profit: Romeo Power North America $ (5,076) $ (1,386) $ (8,902) $ (2,628) Joint Venture Support 57 92 110 224 Total gross loss $ (5,019) $ (1,294) $ (8,792) $ (2,404)

Related Party Disclosures (Tabl

Related Party Disclosures (Tables)	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Schedule of Related Party Net Revenues and Cost of Revenues	The following table presents the net revenues and cost of revenues associated with our related parties, which are included in our condensed consolidated statement of operations and comprehensive (loss) income (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Related party revenues - product revenues $ 113 $ — $ 384 $ — Related party revenues - service revenues 460 587 902 1,469 Total related party revenues 573 587 1,286 1,469 Costs associated with related party revenues - product revenues 71 — 271 Costs associated with related party revenues - service revenues 403 495 792 1,245 Total costs associated with related party revenues 474 495 1,063 1,245 Gross profit associated with related party revenues $ 99 $ 92 $ 223 $ 224

DESCRIPTION OF BUSINESS AND B_2

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION - Narrative (Details)	Dec. 29, 2020$ / shares	Jun. 30, 2021$ / shares	Dec. 31, 2020$ / shares
Exchange ratio	0.121730
Common stock, par value	$ 0.0001	$ 0.0001	$ 0.0001
BorgWarner Romeo Power LLC
Percentage of right to receive the profit		40.00%

REVENUES - Changes in Contract

REVENUES - Changes in Contract Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Changes in contract liabilities
Beginning balance	$ 1,672	$ 815
Revenues recognized	(702)	(819)
Increase due to billings	2,153	3,127
Ending balance	$ 3,123	$ 3,123

REVENUES - Contract Liabilities

REVENUES - Contract Liabilities Performance Obligations (Details) $ in Thousands	Jun. 30, 2021USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Unsatisfied performance obligations, expected to be earned	$ 554,036
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Unsatisfied performance obligations, expected to be earned	$ 18,907
Unsatisfied performance obligations, expected to be earned, satisfaction period	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Unsatisfied performance obligations, expected to be earned	$ 445,851
Unsatisfied performance obligations, expected to be earned, satisfaction period	24 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Unsatisfied performance obligations, expected to be earned	$ 89,278
Unsatisfied performance obligations, expected to be earned, satisfaction period
Unsatisfied Performance Obligations with Make-Whole Provisions
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Unsatisfied performance obligations, expected to be earned	$ 310,865
Maximum amount receivable if customers do not follow minimum purchase commitments	291,400
Unsatisfied Performance Obligations with Customary Remedies
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction
Unsatisfied performance obligations, expected to be earned	$ 243,171

REVENUES - Disaggregation of Re

REVENUES - Disaggregation of Revenue (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue	[1]	$ 926	$ 1,129	$ 1,980	$ 3,651
Point in time
Disaggregation of Revenue [Line Items]
Revenue		466	542	1,078	2,182
Over time
Disaggregation of Revenue [Line Items]
Revenue		460	587	902	1,469
Romeo Power North America
Disaggregation of Revenue [Line Items]
Revenue		466	542	1,078	2,182
Joint Venture Support Segment
Disaggregation of Revenue [Line Items]
Revenue		460	587	902	1,469
Product revenues
Disaggregation of Revenue [Line Items]
Revenue		466	458	1,078	2,046
Product revenues | Romeo Power North America
Disaggregation of Revenue [Line Items]
Revenue		466	458	1,078	2,046
Product revenues | Joint Venture Support Segment
Disaggregation of Revenue [Line Items]
Revenue		0	0	0	0
Service revenues
Disaggregation of Revenue [Line Items]
Revenue			671		1,605
Service revenues | Romeo Power North America
Disaggregation of Revenue [Line Items]
Revenue			84		136
Service revenues | Joint Venture Support Segment
Disaggregation of Revenue [Line Items]
Revenue			587		1,469
Non-recurring engineering and prototype
Disaggregation of Revenue [Line Items]
Revenue			84		136
Non-recurring engineering and prototype | Romeo Power North America
Disaggregation of Revenue [Line Items]
Revenue			84		136
Non-recurring engineering and prototype | Joint Venture Support Segment
Disaggregation of Revenue [Line Items]
Revenue			0		0
Joint Venture support
Disaggregation of Revenue [Line Items]
Revenue		460	587	902	1,469
Joint Venture support | Romeo Power North America
Disaggregation of Revenue [Line Items]
Revenue		0	0	0	0
Joint Venture support | Joint Venture Support Segment
Disaggregation of Revenue [Line Items]
Revenue		$ 460	$ 587	$ 902	$ 1,469
[1]	Total revenues included related party revenues of $573 and $587 for the three months ended June 30, 2021 and 2020, respectively, and $1,286 and $1,469 for the six months ended June 30, 2021 and 2020, respectively. See Note 14.

INVENTORY - Schedule of Invento

INVENTORY - Schedule of Inventory (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 6,798,000		$ 6,798,000		$ 4,064,000
Work-in-process	356,000		356,000		531,000
Finished goods	461,000		461,000		342,000
Total inventories	7,615,000		7,615,000		$ 4,937,000
Write-down in cost of sales	$ 800,000	$ 0	$ 1,200,000	$ 0

EQUITY METHOD INVESTMENTS - Bor

EQUITY METHOD INVESTMENTS - Borg Warner Romeo Power LLC (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended		12 Months Ended
	Jan. 31, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2021	Jun. 28, 2019
Schedule of Equity Method Investments [Line Items]
Payments to to fund joint venture		$ 4,000	$ 0
BorgWarner Romeo Power LLC
Schedule of Equity Method Investments [Line Items]
Payments to to fund joint venture	$ 4,000
BorgWarner Romeo Power LLC | Forecast
Schedule of Equity Method Investments [Line Items]
Payments to to fund joint venture				$ 10,000
BorgWarner Romeo Power LLC | BorgWarner
Schedule of Equity Method Investments [Line Items]
Percentage of interest in the joint venture					60.00%
BorgWarner Romeo Power LLC | Legacy Romeo
Schedule of Equity Method Investments [Line Items]
Percentage of interest in the joint venture					40.00%

EQUITY METHOD INVESTMENTS - Her

EQUITY METHOD INVESTMENTS - Heritage Battery Recycling LLC (Details) - HBR $ in Millions	Dec. 29, 2020USD ($)
Schedule of Equity Method Investments [Line Items]
Amount agreed to fund a pilot	$ 10
PIPE Investors
Schedule of Equity Method Investments [Line Items]
Equity method investments	25
Legacy Romeo
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 35

PUBLIC AND PRIVATE PLACEMENT _2

PUBLIC AND PRIVATE PLACEMENT WARRANTS - Narrative (Details) - USD ($)	Apr. 05, 2021	Feb. 28, 2019	Jun. 30, 2021	Dec. 31, 2020
Class of Warrant or Right [Line Items]
Number of warrants redeemed (in shares)	7,223,683
Cash outflow for redemption of warrants	$ 72,237
Public Warrants
Class of Warrant or Right [Line Items]
Number of warrants issued (in shares)		7,666,648
Price per share (USD per share)	$ 11.50	$ 11.50
Redemption price per public warrant (USD per share)	$ 0.01
Warrants outstanding (in shares)			0	7,666,648
Private Placement Warrants
Class of Warrant or Right [Line Items]
Number of warrants issued (in shares)		4,600,000
Price per share (USD per share)		$ 11.50
Warrants outstanding (in shares)			3,178,202	4,600,000

STOCK-BASED COMPENSATION - Time

STOCK-BASED COMPENSATION - Time-based Awards Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended		7 Months Ended
	Jul. 31, 2021	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Jul. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise of stock options			$ 5,058	$ 7
Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options awarded (in shares)			0
Exercises in period (in shares)		1,811,557	2,648,306
Exercise of stock options		$ 7,500
Class A common stock | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise of stock options	$ 7,100				$ 12,200

STOCK-BASED COMPENSATION- Assum

STOCK-BASED COMPENSATION- Assumptions Used in Estimating the Fair Value of Stock Options (Details) - Class A common stock - Stock options	6 Months Ended
	Jun. 30, 2021$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	92.00%
Expected term (in years)	6 years 6 months
Expected volatility	60.00%
Dividend yield	0.00%
Grant date fair value per share( USD per share)	$ 1.48

STOCK-BASED COMPENSATION - Perf

STOCK-BASED COMPENSATION - Performance and Market-based Award Narrative and Schedule of Average Closing Share Price (Details) - USD ($) $ / shares in Units, $ in Millions	Jul. 06, 2021	Aug. 31, 2020	Jun. 30, 2021	Jun. 27, 2021
Performance and market-based award
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Grant date fair value		$ 9.6
Number of trading days for calculation of average closing price per share			5 days
Exercisable lock-out period			6 months
Performance and market-based award | Subsequent Event
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercises in period (in shares)	926,795
$6.6869 - $8.9452
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower range limit (USD per share)			$ 6.6869
Exercise price range, upper range limit (USD per share)			$ 8.9452
$6.6869 - $8.9452 | Performance and market-based award
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Cumulative number of shares (in shares)			926,795
$8.9453 - $11.9272
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower range limit (USD per share)			$ 8.9453
Exercise price range, upper range limit (USD per share)			$ 11.9272
$8.9453 - $11.9272 | Performance and market-based award
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Cumulative number of shares (in shares)			1,853,591
$11.9273 - $14.9092
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower range limit (USD per share)			$ 11.9273
Exercise price range, upper range limit (USD per share)			$ 14.9092
$11.9273 - $14.9092 | Performance and market-based award
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Cumulative number of shares (in shares)			3,243,781
$14.9093
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercise price range, lower range limit (USD per share)			$ 14.9093
Exercise price range, upper range limit (USD per share)			$ 14.9093
$14.9093 | Performance and market-based award
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Cumulative number of shares (in shares)			4,633,978
Chairman and CEO | Performance and market-based award
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Stock options awarded (in shares)		4,633,978
Exercise price (USD per share)		$ 6.69
Stock options, outstanding (in shares)				926,795

STOCK-BASED COMPENSATION - 2020

STOCK-BASED COMPENSATION - 2020 Stock Plan Narrative (Details) - USD ($) $ in Thousands	Jun. 11, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 8,189	$ 375	$ 14,742	$ 652
RSU's and PSU's
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		8,200	400	14,700	700
Fair value of RSUs and PSUs granted				$ 25,000
Vested in period (in shares)				0
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period				3 years
Stock-based compensation expense		1,600		$ 1,600
Unrecognized stock-based compensation expense		12,600		$ 12,600
Unrecognized stock-based compensation expense, recognition period				1 year 3 months 3 days
RSUs | Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				33.33%
RSUs | Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				33.33%
RSUs | Share-based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage				33.33%
RSUs | Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	1,411,961
RSUs | Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	133,492
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grants in period (in shares)	1,354,313
Vesting period	3 years
Number of consecutive trading day average of closing price, market based goal	100 days
Stock-based compensation expense			$ 200		$ 200
Unrecognized stock-based compensation expense		$ 10,500		$ 10,500
Unrecognized stock-based compensation expense, recognition period				2 years 6 months
PSUs | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	0.00%
PSUs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	200.00%

STOCK-BASED COMPENSATION - Sche

STOCK-BASED COMPENSATION - Schedule of RSU and PSU Activity (Details) - RSU's and PSU's	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Shares
Outstanding, beginning balance (in shares) | shares	0
Granted (in shares) | shares	2,899,766
Forfeited (in shares) | shares	(9,650)
Outstanding, ending balance (in shares) | shares	2,890,116
Weighted Average Fair Value
Weighted average fair value, beginning balance (USD per share) | $ / shares	$ 0
Granted (USD per share) | $ / shares	8.62
Forfeited (USD per share) | $ / shares	9.23
Weighted average fair value, ending balance (USD per share) | $ / shares	$ 8.62

STOCK-BASED COMPENSATION - Assu

STOCK-BASED COMPENSATION - Assumptions Used in Estimating the Fair Value of PSUs (Details) - PSUs	6 Months Ended
	Jun. 30, 2021$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Grant date stock price (USD per share)	$ 9.23
Risk-free interest rate	24.00%
Simulation term (in years)	2 years 7 months 6 days
Expected volatility	64.00%
Dividend yield	0.00%
Grant date fair value per share (USD per share)	$ 7.93

STOCK-BASED COMPENSATION - Stoc

STOCK-BASED COMPENSATION - Stock- based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 8,189	$ 375	$ 14,742	$ 652
RSU's and PSU's
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	8,200	400	14,700	700
Cost of revenues
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	41	107	162	140
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	506	0	567	0
Selling, general, and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 7,642	$ 268	$ 14,013	$ 512

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Effective income tax rate, percent	0.00%	0.00%	0.00%	0.00%

INVESTMENTS - Schedule of Avail

INVESTMENTS - Schedule of Available-for-Sale Debt Securities Amortized Cost, Unrealized Gains (Losses) and Fair Value (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 223,791,000
Gross Unrealized Gains	116,000
Gross Unrealized and Credit Losses	(271,000)
Available-for-sale debt investments:	223,636,000	$ 0
Debt securities, available-for-sale, unsettled sales	0
U.S. government securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	44,013,000
Gross Unrealized Gains	4,000
Gross Unrealized and Credit Losses	(11,000)
Available-for-sale debt investments:	44,006,000
Municipal securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	57,162,000
Gross Unrealized Gains	69,000
Gross Unrealized and Credit Losses	(61,000)
Available-for-sale debt investments:	57,170,000
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	71,918,000
Gross Unrealized Gains	17,000
Gross Unrealized and Credit Losses	(141,000)
Available-for-sale debt investments:	71,794,000
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	13,437,000
Gross Unrealized Gains	2,000
Gross Unrealized and Credit Losses	(8,000)
Available-for-sale debt investments:	13,431,000
U.S. agency mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	11,042,000
Gross Unrealized Gains	0
Gross Unrealized and Credit Losses	(49,000)
Available-for-sale debt investments:	10,993,000
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	21,219,000
Gross Unrealized Gains	24,000
Gross Unrealized and Credit Losses	0
Available-for-sale debt investments:	21,243,000
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,000,000
Gross Unrealized Gains	0
Gross Unrealized and Credit Losses	(1,000)
Available-for-sale debt investments:	$ 4,999,000

INVESTMENTS - Realized Gains (L

INVESTMENTS - Realized Gains (Losses) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Gross realized gains	$ 3	$ 37
Gross realized losses	(118)	(190)
Gross realized loss, net	$ (115)	$ (153)

INVESTMENTS - Schedule of Accum

INVESTMENTS - Schedule of Accumulated Unrealized Losses (Details) $ in Thousands	Jun. 30, 2021USD ($)
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months	$ 137,053
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss	(271)
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer	0
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss	0
Debt securities, available-for-sale, unrealized loss position	137,053
Debt securities, available-for-sale, unrealized loss position, accumulated loss	(271)
U.S. government securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months	28,009
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss	(11)
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer	0
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss	0
Debt securities, available-for-sale, unrealized loss position	28,009
Debt securities, available-for-sale, unrealized loss position, accumulated loss	(11)
Municipal securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months	35,784
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss	(61)
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer	0
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss	0
Debt securities, available-for-sale, unrealized loss position	35,784
Debt securities, available-for-sale, unrealized loss position, accumulated loss	(61)
Corporate debt securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months	51,887
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss	(141)
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer	0
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss	0
Debt securities, available-for-sale, unrealized loss position	51,887
Debt securities, available-for-sale, unrealized loss position, accumulated loss	(141)
Asset-backed securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months	5,381
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss	(8)
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer	0
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss	0
Debt securities, available-for-sale, unrealized loss position	5,381
Debt securities, available-for-sale, unrealized loss position, accumulated loss	(8)
U.S. agency mortgage-backed securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months	10,993
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss	(49)
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer	0
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss	0
Debt securities, available-for-sale, unrealized loss position	10,993
Debt securities, available-for-sale, unrealized loss position, accumulated loss	(49)
Certificates of deposit
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months	4,999
Debt securities, available-for-sale, continuous unrealized loss position, less than 12 months, accumulated loss	(1)
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer	0
Debt securities, available-for-sale, continuous unrealized loss position, 12 months or longer, accumulated loss	0
Debt securities, available-for-sale, unrealized loss position	4,999
Debt securities, available-for-sale, unrealized loss position, accumulated loss	$ (1)

INVESTMENTS - Schedule of Ava_2

INVESTMENTS - Schedule of Available-for-sale Debt Securities Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost [Abstract]
Less than 1 year	$ 101,501
1 year through 5 years	106,314
Mortgage-backed securities with no single maturity	15,976
Amortized Cost	223,791
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value [Abstract]
Less than 1 year	101,501
1 year through 5 years	106,235
Mortgage-backed securities with no single maturity	15,900
Fair Value	$ 223,636	$ 0

FAIR VALUE - Narrative (Details

FAIR VALUE - Narrative (Details)	Jun. 30, 2021	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Expected term (in years)	4 years 6 months	5 years

FAIR VALUE - Schedule of Assets

FAIR VALUE - Schedule of Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets:
Available-for-sale debt investments:	$ 223,636	$ 0
U.S. government securities
Assets:
Available-for-sale debt investments:	44,006
Municipal securities
Assets:
Available-for-sale debt investments:	57,170
Corporate debt securities
Assets:
Available-for-sale debt investments:	71,794
Asset-backed securities
Assets:
Available-for-sale debt investments:	13,431
U.S. agency mortgage-backed securities
Assets:
Available-for-sale debt investments:	10,993
Commercial paper
Assets:
Available-for-sale debt investments:	21,243
Certificates of deposit
Assets:
Available-for-sale debt investments:	4,999
Recurring
Assets:
Cash equivalents:	35,503
Available-for-sale debt investments:	223,636
Total	259,139	16,000
Financial Liabilities:
Total	9,852	138,466
Recurring | U.S. government securities
Assets:
Available-for-sale debt investments:	44,006
Recurring | Municipal securities
Assets:
Available-for-sale debt investments:	57,170
Recurring | Corporate debt securities
Assets:
Available-for-sale debt investments:	71,794
Recurring | Asset-backed securities
Assets:
Available-for-sale debt investments:	13,431
Recurring | U.S. agency mortgage-backed securities
Assets:
Available-for-sale debt investments:	10,993
Recurring | Commercial paper
Assets:
Available-for-sale debt investments:	21,243
Recurring | Certificates of deposit
Assets:
Available-for-sale debt investments:	4,999
Recurring | Public Warrants
Financial Liabilities:
Public Warrants and Private Placement Warrants		71,453
Recurring | Private Placement Warrants
Financial Liabilities:
Public Warrants and Private Placement Warrants	9,852	67,013
Recurring | Money Market Funds
Assets:
Cash equivalents:	8,001
Recurring | Commercial paper
Assets:
Cash equivalents:	15,998
Recurring | Corporate debt securities
Assets:
Cash equivalents:	3,504
Recurring | U.S. government securities
Assets:
Cash equivalents:	8,000	16,000
Level 1 | Recurring
Assets:
Cash equivalents:	8,001
Available-for-sale debt investments:	0
Total	8,001	16,000
Financial Liabilities:
Total	0	71,453
Level 1 | Recurring | U.S. government securities
Assets:
Available-for-sale debt investments:	0
Level 1 | Recurring | Municipal securities
Assets:
Available-for-sale debt investments:	0
Level 1 | Recurring | Corporate debt securities
Assets:
Available-for-sale debt investments:	0
Level 1 | Recurring | Asset-backed securities
Assets:
Available-for-sale debt investments:	0
Level 1 | Recurring | U.S. agency mortgage-backed securities
Assets:
Available-for-sale debt investments:	0
Level 1 | Recurring | Commercial paper
Assets:
Available-for-sale debt investments:	0
Level 1 | Recurring | Certificates of deposit
Assets:
Available-for-sale debt investments:	0
Level 1 | Recurring | Public Warrants
Financial Liabilities:
Public Warrants and Private Placement Warrants		71,453
Level 1 | Recurring | Private Placement Warrants
Financial Liabilities:
Public Warrants and Private Placement Warrants	0	0
Level 1 | Recurring | Money Market Funds
Assets:
Cash equivalents:	8,001
Level 1 | Recurring | Commercial paper
Assets:
Cash equivalents:	0
Level 1 | Recurring | Corporate debt securities
Assets:
Cash equivalents:	0
Level 1 | Recurring | U.S. government securities
Assets:
Cash equivalents:	0	16,000
Level 2 | Recurring
Assets:
Cash equivalents:	27,502
Available-for-sale debt investments:	223,636
Total	251,138	0
Financial Liabilities:
Total	9,852	67,013
Level 2 | Recurring | U.S. government securities
Assets:
Available-for-sale debt investments:	44,006
Level 2 | Recurring | Municipal securities
Assets:
Available-for-sale debt investments:	57,170
Level 2 | Recurring | Corporate debt securities
Assets:
Available-for-sale debt investments:	71,794
Level 2 | Recurring | Asset-backed securities
Assets:
Available-for-sale debt investments:	13,431
Level 2 | Recurring | U.S. agency mortgage-backed securities
Assets:
Available-for-sale debt investments:	10,993
Level 2 | Recurring | Commercial paper
Assets:
Available-for-sale debt investments:	21,243
Level 2 | Recurring | Certificates of deposit
Assets:
Available-for-sale debt investments:	4,999
Level 2 | Recurring | Public Warrants
Financial Liabilities:
Public Warrants and Private Placement Warrants		0
Level 2 | Recurring | Private Placement Warrants
Financial Liabilities:
Public Warrants and Private Placement Warrants	9,852	67,013
Level 2 | Recurring | Money Market Funds
Assets:
Cash equivalents:	0
Level 2 | Recurring | Commercial paper
Assets:
Cash equivalents:	15,998
Level 2 | Recurring | Corporate debt securities
Assets:
Cash equivalents:	3,504
Level 2 | Recurring | U.S. government securities
Assets:
Cash equivalents:	8,000	0
Level 3 | Recurring
Assets:
Cash equivalents:	0
Available-for-sale debt investments:	0
Total	0	0
Financial Liabilities:
Total	0	0
Level 3 | Recurring | U.S. government securities
Assets:
Available-for-sale debt investments:	0
Level 3 | Recurring | Municipal securities
Assets:
Available-for-sale debt investments:	0
Level 3 | Recurring | Corporate debt securities
Assets:
Available-for-sale debt investments:	0
Level 3 | Recurring | Asset-backed securities
Assets:
Available-for-sale debt investments:	0
Level 3 | Recurring | U.S. agency mortgage-backed securities
Assets:
Available-for-sale debt investments:	0
Level 3 | Recurring | Commercial paper
Assets:
Available-for-sale debt investments:	0
Level 3 | Recurring | Certificates of deposit
Assets:
Available-for-sale debt investments:	0
Level 3 | Recurring | Public Warrants
Financial Liabilities:
Public Warrants and Private Placement Warrants		0
Level 3 | Recurring | Private Placement Warrants
Financial Liabilities:
Public Warrants and Private Placement Warrants	0	0
Level 3 | Recurring | Money Market Funds
Assets:
Cash equivalents:	0
Level 3 | Recurring | Commercial paper
Assets:
Cash equivalents:	0
Level 3 | Recurring | Corporate debt securities
Assets:
Cash equivalents:	0
Level 3 | Recurring | U.S. government securities
Assets:
Cash equivalents:	$ 0	$ 0

FAIR VALUE - Private Placement

FAIR VALUE - Private Placement Warrants Valuation Assumptions (Details)	Jun. 30, 2021	Dec. 31, 2020
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected term (in years)	4 years 6 months	5 years
Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Private Placement Warrants, measurement input	0.0077	0.0017
Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Private Placement Warrants, measurement input	0.58	0.57
Dividend yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Private Placement Warrants, measurement input	0	0
Fair value of common stock
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Private Placement Warrants, measurement input	8.14	22.49

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued professional service fees	$ 3,375	$ 1,130
Accrued payroll expenses	412	617
Accrued warranty expenses	222	103
Other accrued expenses	611	994
Total accrued expenses	$ 4,620	$ 2,844

NET (LOSS) INCOME PER SHARE - (

NET (LOSS) INCOME PER SHARE - (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Net (loss) income	$ (28,674)	$ (7,025)	$ 61,338	$ (13,794)
Weighted average common shares outstanding - basic (in shares)	131,059,149	77,396,263	129,930,204	76,021,298
Dilutive effect of potentially issuable shares (in shares)	0	0	5,091,092	0
Weighted average common shares outstanding - diluted (in shares)	131,059,149	77,396,263	135,021,296	76,021,298
Basic net (loss) income per share (USD per share)	$ (0.22)	$ (0.09)	$ 0.47	$ (0.18)
Diluted net (loss) income per share (USD per share)	$ (0.22)	$ (0.09)	$ 0.45	$ (0.18)
Antidilutive shares (in shares)	12,888,560	22,173,533	7,974,160	22,104,262

SEGMENTS - Narrative (Details)

SEGMENTS - Narrative (Details)	6 Months Ended
	Jun. 30, 2021individualsegment
Segment Reporting [Abstract]
Number of operating segments | segment	2
Number of individuals on senior leadership team | individual	2

SEGMENTS - Net Revenues and Gro

SEGMENTS - Net Revenues and Gross Loss by Segment (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Total net revenues	[1]	$ 926	$ 1,129	$ 1,980	$ 3,651
Total gross loss		(5,019)	(1,294)	(8,792)	(2,404)
Romeo Power North America
Segment Reporting Information [Line Items]
Total net revenues		466	542	1,078	2,182
Total gross loss		(5,076)	(1,386)	(8,902)	(2,628)
Joint Venture support
Segment Reporting Information [Line Items]
Total net revenues		460	587	902	1,469
Total gross loss		$ 57	$ 92	$ 110	$ 224
[1]	Total revenues included related party revenues of $573 and $587 for the three months ended June 30, 2021 and 2020, respectively, and $1,286 and $1,469 for the six months ended June 30, 2021 and 2020, respectively. See Note 14.

TRANSACTIONS WITH RELATED PAR_2

TRANSACTIONS WITH RELATED PARTIES - Schedule of Related Party Net Revenues and Cost of Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Total related party revenues
Total related party revenues	$ 573	$ 587	$ 1,286	$ 1,469
Total costs associated with related party revenues	474	495	1,063	1,245
Gross profit associated with related party revenues	99	92	223	224
Product revenues
Total related party revenues
Total related party revenues	113	0	384	0
Total costs associated with related party revenues	71	0	271
Service revenues
Total related party revenues
Total related party revenues	460	587	902	1,469
Total costs associated with related party revenues	$ 403	$ 495	$ 792	$ 1,245

TRANSACTIONS WITH RELATED PAR_3

TRANSACTIONS WITH RELATED PARTIES - Narrative (Details)	Dec. 29, 2020USD ($)batteryElectricVehicle	Dec. 29, 2021batteryElectricVehicle	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)
BorgWarner | Corporate Joint Venture
Total related party revenues
Accounts receivable, related parties			$ 100,000	$ 0
HBR
Total related party revenues
Amount agreed to fund a pilot	$ 10,000,000
Number Of Battery Electric Vehicles (BEV) To Purchase | batteryElectricVehicle	10
Length Of Pilot Program	1 year
HBR | Forecast
Total related party revenues
Number Of Battery Electric Vehicles (BEV) To Purchase | batteryElectricVehicle		500
HBR | PIPE Investors
Total related party revenues
Equity method investments	$ 25,000,000
HBR | Legacy Romeo
Total related party revenues
Equity method investments	$ 35,000,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	1 Months Ended
	Jul. 31, 2020USD ($)	Jul. 15, 2021litigationCase	Jun. 30, 2021USD ($)	Feb. 26, 2021shares	Dec. 31, 2020USD ($)
Loss Contingencies [Line Items]
Settlement agreement amount	$ 6,000
Legal settlement payable			$ 6,000		$ 6,000
Insurance receivable			$ 6,000		$ 6,000
Cannon Complaint
Loss Contingencies [Line Items]
Number of securities called by warrants (in shares) | shares				1,000,000
Warrant, percent of common stock				1.00%
Subsequent Event
Loss Contingencies [Line Items]
Loss contingency, pending cases combined | litigationCase		2

CONCENTRATION OF RISK (Details)

CONCENTRATION OF RISK (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Customer Concentration Risk | Revenue from Contract with Customer Benchmark | Customer One
Concentration Risk [Line Items]
Concentration risk, percentage	17.00%	39.00%	19.00%	55.00%
Customer Concentration Risk | Revenue from Contract with Customer Benchmark | Customer Two
Concentration Risk [Line Items]
Concentration risk, percentage	12.00%
Customer Concentration Risk | Revenue from Contract with Customer Benchmark | Customer Three
Concentration Risk [Line Items]
Concentration risk, percentage	11.00%		12.00%
Customer Concentration Risk | Revenue from Contract with Customer Benchmark | Joint Venture Engineering Services
Concentration Risk [Line Items]
Concentration risk, percentage	50.00%	52.00%	46.00%	42.00%
Customer Concentration Risk | Revenue from Contract with Customer Benchmark | Major Customers And Joint Venture Engineering Services
Concentration Risk [Line Items]
Concentration risk, percentage	90.00%	91.00%	89.00%	97.00%
Customer Concentration Risk | Accounts receivable | Customer One
Concentration Risk [Line Items]
Concentration risk, percentage			62.00%		13.00%
Customer Concentration Risk | Accounts receivable | Customer Two
Concentration Risk [Line Items]
Concentration risk, percentage			11.00%		13.00%
Customer Concentration Risk | Accounts receivable | Joint Venture Engineering Services
Concentration Risk [Line Items]
Concentration risk, percentage			5.00%		44.00%
Customer Concentration Risk | Accounts receivable | Major Customers And Joint Venture Engineering Services
Concentration Risk [Line Items]
Concentration risk, percentage			78.00%		70.00%
Supplier Concentration Risk | Cost of Goods and Service Benchmark | Three Third-Party Suppliers
Concentration Risk [Line Items]
Concentration risk, percentage	26.00%		24.00%
Supplies Concentration Risk | Cost of Goods and Service Benchmark | Battery Cells
Concentration Risk [Line Items]
Concentration risk, percentage	46.00%		39.00%
Supplies Concentration Risk | Cost of Goods and Service Benchmark | Two Battery Cell Suppliers | Battery Cells
Concentration Risk [Line Items]
Concentration risk, percentage	99.00%		98.00%

SUBSEQUENT EVENTS - Narrative (

SUBSEQUENT EVENTS - Narrative (Details) lithium-ionBatteryCell in Millions, $ in Millions	Aug. 10, 2021lithium-ionBatteryCell	Sep. 10, 2021USD ($)	Dec. 31, 2021USD ($)
Forecast
Subsequent Event [Line Items]
Long-term purchase commitment, initial deposit			$ 1.5
Long-term purchase commitment, prepayment		$ 64.7
Subsequent Event
Subsequent Event [Line Items]
Long-term purchase commitment, minimum quantity required | lithium-ionBatteryCell	445.5