Butterfly Network (BFLY) 10-Q 3 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Oct. 28, 2022
Entity Listings [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2022
Entity File Number	001-39292
Entity Registrant Name	Butterfly Network, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-4618156
Entity Address, Address Line One	1600 District Avenue
Entity Address, City or Town	Burlington
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01803
City Area Code	781
Local Phone Number	557-4800
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001804176
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class A Common Stock
Entity Listings [Line Items]
Title of 12(b) Security	Class A common stock, par value $0.0001 per share
Trading Symbol	BFLY
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		174,139,488
Warrants to purchase one share of Class A common stock, each at an exercise price of $11.50 per share
Entity Listings [Line Items]
Title of 12(b) Security	Warrants to purchase one share of Class A common stock, each at an exercise price of $11.50 per share
Trading Symbol	BFLY WS
Security Exchange Name	NYSE
Class B Common Stock
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding		26,426,937

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 193,313	$ 422,841
Marketable securities	74,546
Accounts receivable, net	11,807	11,936
Inventories	57,664	36,243
Current portion of vendor advances	20,844	27,500
Prepaid expenses and other current assets	14,291	13,384
Total current assets	372,465	511,904
Property and equipment, net	31,377	14,703
Non-current portion of vendor advances	9,883	12,782
Operating lease assets	22,146	24,083
Other non-current assets	7,387	8,493
Total assets	443,258	571,965
Current liabilities:
Accounts payable	2,675	5,798
Deferred revenue, current	13,927	13,071
Accrued purchase commitments, current	3,951	5,329
Accrued expenses and other current liabilities	25,327	25,631
Total current liabilities	45,880	49,829
Deferred revenue, non-current	5,591	5,476
Warrant liabilities	17,348	26,229
Accrued purchase commitments, non-current		14,200
Operating lease liabilities	30,176	27,690
Other non-current liabilities	626	850
Total liabilities	99,621	124,274
Commitments and contingencies (Note 15)
Stockholders' equity:
Additional paid-in capital	905,852	874,886
Accumulated deficit	(562,235)	(427,215)
Total stockholders' equity	343,637	447,691
Total liabilities and stockholders' equity	443,258	571,965
Class A Common Stock
Stockholders' equity:
Common stock	17	17
Class B Common Stock
Stockholders' equity:
Common stock	$ 3	$ 3

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Class A Common Stock
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	600,000,000	600,000,000
Common stock shares issued	174,074,602	171,613,049
Common stock, shares outstanding (in shares)	174,074,602	171,613,049
Class B Common Stock
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	27,000,000	27,000,000
Common stock shares issued	26,426,937	26,426,937
Common stock, shares outstanding (in shares)	26,426,937	26,426,937

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue:
Total revenue	$ 19,618	$ 14,621	$ 54,407	$ 43,578
Cost of revenue:
Total cost of revenue	8,629	19,743	24,503	34,064
Gross profit (loss)	10,989	(5,122)	29,904	9,514
Operating expenses:
Research and development	23,154	21,654	69,997	54,459
Sales and marketing	15,811	14,203	47,451	34,550
General and administrative	18,056	16,008	56,474	67,928
Total operating expenses	57,021	51,865	173,922	156,937
Loss from operations	(46,032)	(56,987)	(144,018)	(147,423)
Interest income	1,304	893	1,574	1,739
Interest expense	(2)		(2)	(645)
Change in fair value of warrant liabilities	(9,087)	42,958	8,881	130,528
Other income (expense), net	(898)	(428)	(1,387)	(1,320)
Loss before provision for income taxes	(54,715)	(13,564)	(134,952)	(17,121)
Provision for income taxes	27	(3)	68	72
Net loss and comprehensive loss	$ (54,742)	$ (13,561)	$ (135,020)	$ (17,193)
Net loss per common share - basic	$ (0.27)	$ (0.07)	$ (0.68)	$ (0.10)
Net loss per common share - diluted	$ (0.27)	$ (0.07)	$ (0.68)	$ (0.10)
Weighted-average common shares outstanding - basic	200,172,683	196,095,192	199,528,394	165,656,408
Weighted-average common shares outstanding - diluted	200,172,683	196,095,192	199,528,394	165,656,408
Product
Revenue:
Total revenue	$ 13,164	$ 10,848	$ 37,607	$ 33,455
Cost of revenue:
Total cost of revenue	6,534	7,584	19,481	21,090
Software and other services
Revenue:
Total revenue	6,454	3,773	16,800	10,123
Cost of revenue:
Total cost of revenue	$ 2,095	536	$ 5,022	1,351
Loss on product purchase commitments
Cost of revenue:
Total cost of revenue		$ 11,623		$ 11,623

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Convertible Preferred Stock	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Additional Paid-In Capital	Accumulated Deficit	Class A Common Stock	Class B Common Stock	Total
Convertible Preferred Stock, Balance at beginning of the period at Dec. 31, 2020	$ 360,937
Convertible Preferred Stock, Balance at beginning of the period (in shares) at Dec. 31, 2020	107,197,118
Increase (Decrease) in Convertible Preferred Stock
Conversion of convertible preferred stock	$ (360,937)
Conversion of convertible preferred stock (in shares)	(107,197,118)
Balance at beginning of the period at Dec. 31, 2020		$ 1		$ 32,874	$ (394,806)			$ (361,931)
Balance at beginning of the period (in shares) at Dec. 31, 2020		6,593,291
Increase (Decrease) in Stockholders' Equity
Net loss					(17,193)			(17,193)
Common stock issued upon exercise of stock options and warrants		$ 1		19,322				19,323
Common stock issued upon exercise of stock options and warrants (in shares)		8,268,869
Common stock issued upon vesting of restricted stock units (in shares)		597,021
Conversion of convertible preferred stock		$ 8	$ 3	360,926				360,937
Conversion of convertible preferred stock (in shares)		80,770,178	26,426,937
Conversion of convertible debt		$ 1		49,916				49,917
Conversion of convertible debt (in shares)		5,115,140
Net equity infusion from the Business Combination		$ 6		361,281				361,287
Net equity infusion from the Business Combination (in shares)		69,228,811
Stock-based compensation expense				38,921				38,921
Balance at end of the period at Sep. 30, 2021		$ 17	$ 3	863,240	(411,999)			451,261
Balance at end of the period (in shares) at Sep. 30, 2021		170,573,310	26,426,937
Balance at beginning of the period at Jun. 30, 2021		$ 17	$ 3	844,770	(398,438)			446,352
Balance at beginning of the period (in shares) at Jun. 30, 2021		167,477,126	26,426,937
Increase (Decrease) in Stockholders' Equity
Net loss					(13,561)			(13,561)
Common stock issued upon exercise of stock options and warrants				7,634				7,634
Common stock issued upon exercise of stock options and warrants (in shares)		2,966,397
Common stock issued upon vesting of restricted stock units (in shares)		129,787
Stock-based compensation expense				10,836				10,836
Balance at end of the period at Sep. 30, 2021		$ 17	$ 3	863,240	(411,999)			451,261
Balance at end of the period (in shares) at Sep. 30, 2021		170,573,310	26,426,937
Balance at beginning of the period at Dec. 31, 2021		$ 17	$ 3	874,886	(427,215)			447,691
Balance at beginning of the period (in shares) at Dec. 31, 2021		171,613,049	26,426,937			171,613,049	26,426,937
Increase (Decrease) in Stockholders' Equity
Net loss					(135,020)			(135,020)
Common stock issued upon exercise of stock options and warrants				2,844				2,844
Common stock issued upon exercise of stock options and warrants (in shares)		1,035,574
Common stock issued upon vesting of restricted stock units				(106)				(106)
Common stock issued upon vesting of restricted stock units (in shares)		1,425,979
Stock-based compensation expense				28,228				28,228
Balance at end of the period at Sep. 30, 2022		$ 17	$ 3	905,852	(562,235)			343,637
Balance at end of the period (in shares) at Sep. 30, 2022		174,074,602	26,426,937			174,074,602	26,426,937
Balance at beginning of the period at Jun. 30, 2022		$ 17	$ 3	894,162	(507,493)			386,689
Balance at beginning of the period (in shares) at Jun. 30, 2022		172,816,532	26,426,937
Increase (Decrease) in Stockholders' Equity
Net loss					(54,742)			(54,742)
Common stock issued upon exercise of stock options and warrants				2,034				2,034
Common stock issued upon exercise of stock options and warrants (in shares)		691,907
Common stock issued upon vesting of restricted stock units (in shares)		566,163
Stock-based compensation expense				9,656				9,656
Balance at end of the period at Sep. 30, 2022		$ 17	$ 3	$ 905,852	$ (562,235)			$ 343,637
Balance at end of the period (in shares) at Sep. 30, 2022		174,074,602	26,426,937			174,074,602	26,426,937

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net loss	$ (135,020)	$ (17,193)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	4,066	1,420
Non-cash interest expense on convertible debt	0	389
Write-down of inventories	0	582
Stock-based compensation expense	27,428	38,769
Change in fair value of warrant liabilities	(8,881)	(130,528)
Other	750	665
Changes in operating assets and liabilities:
Accounts receivable	(39)	(3,674)
Inventories	(21,421)	1,432
Prepaid expenses and other assets	(498)	(8,896)
Vendor advances	9,555	(5,615)
Accounts payable	(3,121)	(11,276)
Deferred revenue	971	5,660
Accrued purchase commitments	(15,578)	(23,021)
Change in operating lease assets and liabilities	1,772	(872)
Accrued expenses and other liabilities	(240)	5,748
Net cash used in operating activities	(140,256)	(146,410)
Cash flows from investing activities:
Purchases of marketable securities	(75,118)	(1,018,095)
Sales of marketable securities	0	702,152
Purchases of property and equipment, including capitalized software	(16,180)	(3,826)
Net cash used in investing activities	(91,298)	(319,769)
Cash flows from financing activities:
Proceeds from exercise of stock options and warrants	2,844	19,314
Net proceeds from equity infusion from the Business Combination	0	548,403
Payment of loan payable	0	(4,366)
Other financing activities	(100)	(52)
Net cash provided by financing activities	2,744	563,299
Net (decrease) increase in cash, cash equivalents and restricted cash	(228,810)	97,120
Cash, cash equivalents and restricted cash, beginning of period	426,841	60,206
Cash, cash equivalents and restricted cash, end of period	$ 198,031	$ 157,326

Organization and Description of

Organization and Description of Business	9 Months Ended
	Sep. 30, 2022
Organization and Description of Business
Organization and Description of Business	Note 1. Organization and Description of Business Butterfly Network, Inc., formerly known as Longview Acquisition Corp. (the “Company” or “Butterfly”), was incorporated in Delaware on February 4, 2020. The Company’s legal name became Butterfly Network, Inc. following the closing of the business combination discussed in Note 3 “Business Combination”. The prior period financial information represents the financial results and condition of BFLY Operations, Inc. (formerly Butterfly Network, Inc.). ​ The Company is an innovative digital health business transforming care with hand-held, whole-body ultrasound. Powered by its proprietary Ultrasound-on-Chip™ technology, the solution enables the acquisition of imaging information from an affordable, powerful device that fits in a healthcare professional’s pocket with a combination of cloud-connected software and hardware technology. ​ The Company operates wholly-owned subsidiaries in Australia, Germany, Netherlands, the United Kingdom and Taiwan. ​ Although the Company has incurred recurring losses in each year since inception, the Company expects its cash and cash equivalents and marketable securities will be sufficient to fund operations for at least the next twelve months.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Butterfly Network, Inc. and its wholly-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the accounting disclosure rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s audited consolidated financial statements as of and for the years ended December 31, 2021 and 2020. All intercompany balances and transactions are eliminated upon consolidation. The condensed consolidated balance sheet as of December 31, 2021, included herein, was derived from the audited consolidated financial statements as of that date, but does not include all disclosures, including certain notes required by U.S. GAAP, required on an annual reporting basis. In the opinion of management, the accompanying condensed consolidated financial statements reflect all normal and recurring adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods. The results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for any subsequent quarter, the year ending December 31, 2022, or any other period. COVID-19 Outbreak The COVID-19 pandemic that began in 2020 has created significant global economic uncertainty and has impacted the Company’s operating results, financial condition and cash flows. The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company’s business, results of operations and financial condition will depend on ​ The Company has not incurred any significant impairment losses in the carrying values of its assets as a result of the COVID-19 pandemic and is not aware of any specific related event or circumstance that would require the Company to revise the estimates reflected in its financial statements. ​ Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash and cash equivalents, marketable securities and accounts receivable. As of September 30, 2022, substantially all of the Company’s cash and cash equivalents and marketable securities were invested in money market accounts and mutual funds, respectively, with one financial institution. The Company also maintains balances in various operating accounts above federally insured limits. The Company has not experienced any significant losses on such accounts and does not believe it is exposed to any significant credit risk on cash and cash equivalents and marketable securities. One customer accounted for 12% and 15% of the Company’s accounts receivable as of September 30, 2022 and December 31, 2021, respectively. One customer accounted for 12% of the Company’s total revenue for the three months ended September 30, 2022. No customer accounted for more than 10% of the Company’s total revenue for the three months ended September 30, 2021 and the nine months ended September 30, 2022 and 2021. Segment Information The Company’s Chief Operating Decision Maker, its Chief Executive Officer (“CEO”), reviews the financial information presented on a consolidated basis for purposes of allocating resources and evaluating its financial performance. Accordingly, the Company has determined that it operates in a single reportable segment. Substantially all of the Company’s long-lived assets are located in the United States. Since the Company operates in one operating segment, all required financial segment information can be found in the condensed consolidated financial statements. Use of Estimates The Company makes estimates and assumptions about future events that affect the amounts reported in its condensed consolidated financial statements and accompanying notes. Future events and their effects cannot be determined with certainty. On an ongoing basis, management evaluates these estimates, judgments and assumptions. The Company bases its estimates on historical and anticipated results and trends and on various other assumptions that the Company believes are reasonable under the circumstances, including assumptions as to future events. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates, and any such differences may be material to the Company’s condensed consolidated financial statements. There have been no material changes to the Company’s use of estimates as described in the audited consolidated financial statements as of December 31, 2021. ​

Business Combination

Business Combination	9 Months Ended
	Sep. 30, 2022
Business Combination
Business Combination	Note 3. Business Combination ​ On February 12, 2021 (the “Closing” or the “Closing Date”), the Company consummated the business combination (the “Business Combination”) with Butterfly Network, Inc. (“Legacy Butterfly”). In connection with the Business Combination and the transactions related to the Business Combination (the “Transactions”), Legacy Butterfly merged with and into a wholly owned subsidiary of the Company, with Legacy Butterfly surviving the Business Combination as a wholly owned subsidiary of the Company (the “Merger”). The Merger was accounted for as a reverse recapitalization in accordance with U.S. GAAP primarily due to the fact that Legacy Butterfly stockholders continue to control the Company following the Closing of the Business Combination. The most significant change in the post-combination Company’s reported financial position and results was an increase in cash of $

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2022
Revenue Recognition
Revenue Recognition	Note 4. Revenue Recognition Disaggregation of Revenue The Company disaggregates revenue from contracts with customers by product type and by geographical market. The Company believes that these categories aggregate the payor types by nature, amount, timing and uncertainty of their revenue streams. The following table summarizes the Company’s disaggregated revenue (in thousands) for the three and nine months ended September 30, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pattern of ​ Three months ended September 30, ​ Nine months ended September 30, ​ ​ ​ Recognition ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ By Product Type: ​ ​ ​ ​ ​ Devices and accessories ​ Point-in-time ​ $ 13,164 ​ $ 10,848 ​ $ 37,607 ​ $ 33,455 ​ Software and other services ​ Over time ​ ​ 6,454 ​ ​ 3,773 ​ ​ 16,800 ​ ​ 10,123 ​ Total revenue ​ ​ ​ $ 19,618 ​ $ 14,621 ​ $ 54,407 ​ $ 43,578 ​ By Geographical Market: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ ​ ​ $ 13,582 ​ $ 10,220 ​ $ 37,881 ​ $ 30,320 ​ International ​ ​ ​ ​ 6,036 ​ ​ 4,401 ​ ​ 16,526 ​ ​ 13,258 ​ Total revenue ​ ​ ​ $ 19,618 ​ $ 14,621 ​ $ 54,407 ​ $ 43,578 ​ ​ Contract Balances Contract balances represent amounts presented in the condensed consolidated balance sheets when either the Company has transferred goods or services to the customer, or the customer has paid consideration to the Company under the contract. These contract balances include trade accounts receivable and deferred revenue. Deferred revenue represents cash consideration received from customers for software and other services that are transferred to the customer over the respective subscription period. The accounts receivable balances represent amounts billed to customers for goods and services where the Company has an unconditional right to payment of the amount billed. The Company recognizes a receivable when it has an unconditional right to payment, and payment terms are typically 30 days for all product and service sales. The allowance for doubtful accounts was $0.4 million as of September 30, 2022 and December 31, 2021. The amount of revenue recognized during the three months ended September 30, 2022 and 2021 that was included in the deferred revenue balance at the beginning of the period was $5.1 million and $4.3 million, respectively. The amount of revenue recognized during the nine months ended September 30, 2022 and 2021 that was included in the deferred revenue balance at the beginning of the period was $11.2 million and $7.2 million, respectively. The Company incurs incremental costs of obtaining contracts and costs of fulfilling contracts with customers. The amount of costs capitalized for the periods presented herein was not significant. Transaction Price Allocated to Remaining Performance Obligations On September 30, 2022, the Company had $23.2 million of remaining performance obligations. The Company expects to recognize 70% of its remaining performance obligations as revenue in the next ​

Fair Value of Financial Instrum

Fair Value of Financial Instruments	9 Months Ended
	Sep. 30, 2022
Fair Value of Financial Instruments
Fair Value of Financial Instruments	Note 5. Fair Value of Financial Instruments Fair value estimates of financial instruments are made at a specific point in time, based on relevant information about financial markets and specific financial instruments. As these estimates are subjective in nature, involving uncertainties and matters of significant judgment, they cannot be determined with precision. Changes in assumptions can significantly affect estimated fair value. The Company measures fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The Company utilizes a three-tier hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: ● Level 1 — Valuations based on quoted prices in active markets for identical assets or liabilities that an entity has the ability to access. ● Level 2 — Valuations based on quoted prices for similar assets or liabilities, quoted prices for identical assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities. ● Level 3 — Valuations based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company has no assets or liabilities valued with Level 3 inputs. The carrying value of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximates their fair values due to the short-term or on-demand nature of these instruments. There were no transfers between fair value measurement levels during the periods ended September 30, 2022 and December 31, 2021. The Company’s investments in marketable securities are ownership interests in mutual funds. The equity securities are stated at fair value, as determined by quoted market prices. As the securities have readily determinable fair value, unrealized gains and losses are reported as other income (expense), net on the condensed consolidated statements of operations and comprehensive loss. Subsequent gains or losses realized upon redemption or sale of these securities are also recorded as other income (expense), net on the condensed consolidated statements of operations and comprehensive loss. The Company considers all of its investments in marketable securities as available for use in current operations and therefore classifies these securities within current assets on the condensed consolidated balance sheets. For the three and nine months ended September 30, 2022, the Company recognized $0.6 million of unrealized losses that relate to equity securities still held as of September 30, 2022. For the three and nine months ended September 30, 2021, the Company did not recognize any unrealized losses that relate to equity securities still held as of September 30, 2022. The Company’s outstanding warrants include publicly traded warrants (the “Public Warrants”) which were issued as one ​ The Company determined the fair value of its Public Warrants as Level 1 financial instruments, as they are traded in active markets. Because any transfer of Private Warrants from the initial holder of the Private Warrants would result in the Private Warrants having substantially the same terms as the Public Warrants, management determined that the fair value of each Private Warrant is the same as that of a Public Warrant. Accordingly, the Private Warrants are classified as Level 2 financial instruments. ​ The following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis, by level, within the fair value hierarchy (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement Level ​ ​ Total ​ Level 1 ​ Level 2 ​ Level 3 September 30, 2022: ​ ​ ​ ​ Marketable securities: ​ ​ ​ ​ ​ Mutual funds ​ $ 74,546 ​ $ 74,546 ​ $ — ​ $ — Total assets at fair value on a recurring basis ​ $ 74,546 ​ $ 74,546 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Public Warrants ​ $ 11,591 ​ $ 11,591 ​ $ — ​ $ — Private Warrants ​ ​ 5,757 ​ ​ — ​ ​ 5,757 ​ ​ — Total liabilities at fair value on a recurring basis ​ $ 17,348 ​ $ 11,591 ​ $ 5,757 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Public Warrants ​ $ 17,525 ​ $ 17,525 ​ $ — ​ $ — Private Warrants ​ ​ 8,704 ​ ​ — ​ ​ 8,704 ​ ​ — Total liabilities at fair value on a recurring basis ​ $ 26,229 ​ $ 17,525 ​ $ 8,704 ​ $ — ​ ​

Inventories

Inventories	9 Months Ended
	Sep. 30, 2022
Inventories
Inventories	Note 6. Inventories A summary of inventories is as follows as of September 30, 2022 and December 31, 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ 2022 2021 Raw materials ​ $ 38,846 ​ 19,853 Work-in-progress ​ 2,355 ​ 1,122 Finished goods ​ 16,463 ​ 15,268 Total inventories ​ $ 57,664 ​ $ 36,243 ​ Work-in-progress represents inventory items in intermediate stages of production by third-party manufacturers. For the three and nine months ended September 30, 2022, net realizable value inventory adjustments and excess and obsolete inventory charges were not significant and were recognized in product cost of revenue. See Note 15 “Commitments and Contingencies” for additional information regarding the Company’s inventory supply arrangements. ​

Property and Equipment, Net

Property and Equipment, Net	9 Months Ended
	Sep. 30, 2022
Property and Equipment, Net
Property and Equipment, Net	Note 7. Property and Equipment, Net The Company’s property and equipment, net consists of the following as of September 30, 2022 and December 31, 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2022 2021 Property and equipment, gross ​ $ 40,744 ​ $ 20,079 Less: accumulated depreciation and amortization ​ (9,367) ​ (5,376) Property and equipment, net ​ $ 31,377 ​ $ 14,703 ​ The Company excluded $0.8 million of accrued property and equipment as of September 30, 2022 from the cash used in investing activities on the condensed consolidated statements of cash flows. The amount excluded as of September 30, 2021 was not significant.

Restricted Cash

Restricted Cash	9 Months Ended
	Sep. 30, 2022
Restricted Cash
Restricted Cash	Note 8. Restricted Cash A reconciliation of cash, cash equivalents and restricted cash as of September 30, 2022 and 2021, from the condensed consolidated balance sheets to the condensed consolidated statements of cash flows is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ 2022 2021 Reconciliation of cash, cash equivalents and restricted cash: ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 193,313 ​ $ 153,326 Restricted cash included within prepaid expenses and other current assets ​ 704 ​ — Restricted cash included within other non-current assets ​ ​ 4,014 ​ ​ 4,000 Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows ​ $ 198,031 ​ $ 157,326 ​ In the second quarter of 2021, the Company delivered a $4.0 million letter of credit for the Company’s Burlington, MA lease, secured by a deposit of the same amount with a financial institution that issued the letter of credit. The deposit is classified as restricted cash and included in other non-current assets on the condensed consolidated balance sheets. In the first quarter of 2022, the Company received $4.8 million from the Bill & Melinda Gates Foundation (“BMGF”). Due to a legal restriction in the agreement with the BMGF, these funds are classified as restricted cash and included in prepaid expenses and other current assets on the condensed consolidated balance sheets. As of September 30, 2022, the Company has released $4.0 million of the BMGF funds from restricted cash as the Company partially fulfilled its obligations under the agreement.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	9 Months Ended
	Sep. 30, 2022
Accrued Expenses and Other Current Liabilities
Accrued Expenses and Other Current Liabilities	Note 9. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following at September 30, 2022 and December 31, 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ 2022 2021 Employee compensation ​ $ 11,459 ​ $ 12,746 Customer deposits ​ 1,080 ​ 1,850 Accrued warranty liability ​ 289 ​ 266 Non-income tax ​ 1,314 ​ 2,477 Professional fees ​ 4,582 ​ 2,797 Current portion of operating lease liabilities ​ ​ 1,810 ​ ​ 1,391 Other ​ 4,793 ​ 4,104 Total accrued expenses and other current liabilities ​ $ 25,327 ​ $ 25,631 ​ Warranty expense activity for the three and nine months ended September 30, 2022 and 2021 is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ ​ 2022 2021 2022 2021 Balance, beginning of period ​ $ 975 ​ $ 1,161 ​ $ 1,116 ​ $ 1,826 ​ Warranty provision charged to operations ​ 76 ​ 123 ​ 241 ​ (103) ​ Warranty claims ​ (135) ​ (168) ​ (441) ​ (607) ​ Balance, end of period ​ $ 916 ​ $ 1,116 ​ $ 916 ​ $ 1,116 ​ ​ The Company classifies its accrued warranty liability based on the timing of expected warranty activity. The future costs of expected activity greater than one year is recorded within other non-current liabilities on the condensed consolidated balance sheet.

Equity Incentive Plans

Equity Incentive Plans	9 Months Ended
	Sep. 30, 2022
Equity Incentive Plans
Equity Incentive Plans	Note 10. Equity Incentive Plans During the three and nine months ended September 30, 2022, there were no significant changes to the Company’s 2012 Employee, Director and Consultant Equity Incentive Plan, as amended, (the “2012 Plan”) and the Company’s Amended and Restated 2020 Equity Incentive Plan (the “2020 Plan”). In 2022, pursuant to the terms of the 2020 Plan, the number of shares that may be issued was increased automatically by 4% of the number of outstanding shares of common stock on January 1, 2022. Stock option activity The following table summarizes the changes in the Company’s outstanding stock options for the nine months ended September 30, 2022: ​ ​ ​ ​ ​ ​ Number of ​ ​ Options Outstanding at December 31, 2021 16,243,532 Granted 869,778 Exercised (1,035,474) Forfeited (2,337,108) Outstanding at September 30, 2022 13,740,728 ​ Each award will vest based on continued service per the award agreement. The grant date fair value of the award will be recognized as stock-based compensation expense over the requisite service period. The grant date fair value was determined using similar methods and assumptions as those previously disclosed by the Company. ​ Restricted stock unit (“RSU”) activity The following table summarizes the changes in the Company’s outstanding restricted stock units for the nine months ended September 30, 2022: ​ ​ ​ ​ ​ ​ Number of ​ ​ RSUs Outstanding at December 31, 2021 3,958,825 Granted 10,911,247 Vested (1,445,678) Forfeited (1,853,959) Outstanding at September 30, 2022 11,570,435 ​ Generally, each award will vest based on continued service per the award agreement. The grant date fair value of the award will be recognized as stock-based compensation expense over the requisite service period. The fair value of restricted stock units was estimated on the date of grant based on the fair value of the Company’s Class A common stock. The Company’s total stock-based compensation expense for all equity awards for the periods presented is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ ​ 2022 2021 2022 2021 Cost of revenue – software and other services ​ $ 20 ​ $ 6 ​ $ 63 ​ $ 9 ​ Research and development ​ 3,160 ​ 3,552 ​ 9,533 ​ 6,502 ​ Sales and marketing ​ ​ 2,021 ​ ​ 2,484 ​ ​ 5,920 ​ ​ 6,243 ​ General and administrative ​ ​ 4,212 ​ ​ 4,692 ​ ​ 11,912 ​ ​ 26,015 ​ Total stock-based compensation expense ​ $ 9,413 ​ $ 10,734 ​ $ 27,428 ​ $ 38,769 ​ ​

Net Loss Per Share

Net Loss Per Share	9 Months Ended
	Sep. 30, 2022
Net Loss Per Share
Net Loss Per Share	Note 11. Net Loss Per Share We compute net loss per share of Class A and Class B common stock using the two-class method. Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of each class of the Company’s common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potential shares of the Company’s common stock, including those presented in the table below, to the extent dilutive. Basic and diluted net loss per share was the same for each period presented as the inclusion of all potential shares of the Company’s common stock outstanding would have been anti-dilutive. ​ As the Company uses the two-class method required for companies with multiple classes of common stock, the following table presents the calculation of basic and diluted net loss per share for each class of the Company’s common stock outstanding (in thousands, except share and per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ Class A Class B Common Stock ​ Numerator: ​ ​ ​ ​ ​ ​ Allocation of undistributed earnings ​ $ (47,515) ​ $ (7,227) ​ $ (54,742) ​ Numerator for basic and diluted net loss per share – loss available to common stockholders ​ $ (47,515) ​ $ (7,227) ​ $ (54,742) ​ Denominator: ​ ​ ​ ​ Weighted-average common shares outstanding ​ 173,745,746 ​ 26,426,937 ​ 200,172,683 ​ Denominator for basic and diluted net loss per share – weighted-average common stock ​ 173,745,746 ​ 26,426,937 ​ 200,172,683 ​ Basic and diluted net loss per share ​ $ (0.27) ​ $ (0.27) ​ $ (0.27) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ Class A Class B Common Stock ​ Numerator: ​ ​ ​ ​ ​ ​ Allocation of undistributed earnings ​ $ (11,733) ​ $ (1,828) ​ $ (13,561) ​ Numerator for basic and diluted net loss per share – loss available to common stockholders ​ $ (11,733) ​ $ (1,828) ​ $ (13,561) ​ Denominator: ​ ​ ​ ​ Weighted-average common shares outstanding ​ 169,668,255 ​ 26,426,937 ​ 196,095,192 ​ Denominator for basic and diluted net loss per share – weighted-average common stock ​ 169,668,255 ​ 26,426,937 ​ 196,095,192 ​ Basic and diluted net loss per share ​ $ (0.07) ​ $ (0.07) ​ $ (0.07) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ Class A Class B Common Stock ​ Numerator: ​ ​ ​ ​ ​ ​ Allocation of undistributed earnings ​ $ (117,137) ​ $ (17,883) ​ $ (135,020) ​ Numerator for basic and diluted net loss per share – loss available to common stockholders ​ $ (117,137) ​ $ (17,883) ​ $ (135,020) ​ Denominator: ​ ​ ​ ​ Weighted-average common shares outstanding ​ 173,101,457 ​ 26,426,937 ​ 199,528,394 ​ Denominator for basic and diluted net loss per share – weighted-average common stock ​ 173,101,457 ​ 26,426,937 ​ 199,528,394 ​ Basic and diluted net loss per share ​ $ (0.68) ​ $ (0.68) ​ $ (0.68) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ Class A Class B Common Stock ​ Numerator: ​ ​ ​ ​ ​ ​ Allocation of undistributed earnings ​ $ (14,872) ​ $ (2,321) ​ $ (17,193) ​ Numerator for basic and diluted net loss per share – loss available to common stockholders ​ $ (14,872) ​ $ (2,321) ​ $ (17,193) ​ Denominator: ​ ​ ​ ​ Weighted-average common shares outstanding ​ 143,295,154 ​ 22,361,254 ​ 165,656,408 ​ Denominator for basic and diluted net loss per share – weighted-average common stock ​ 143,295,154 ​ 22,361,254 ​ 165,656,408 ​ Basic and diluted net loss per share ​ $ (0.10) ​ $ (0.10) ​ $ (0.10) ​ ​ For the periods presented above, the net loss per share amounts are the same for Class A and Class B common stock because the holders of each class are entitled to equal per share dividends or distributions in liquidation in accordance with the Certificate of Incorporation. The undistributed earnings for each year are allocated based on the contractual participation rights of the Class A and Class B common stock as if the earnings for the year had been distributed. As the liquidation and dividend rights are identical, the undistributed earnings are allocated on a proportionate basis. For the periods presented, anti-dilutive common equivalent shares were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ ​ 2022 2021 Outstanding options to purchase common stock ​ 13,740,728 ​ 17,170,640 ​ Outstanding restricted stock units ​ 11,578,865 ​ 3,932,587 ​ Outstanding warrants ​ 20,652,690 ​ 20,652,937 ​ Total anti-dilutive common equivalent shares ​ 45,972,283 ​ 41,756,164 ​ ​

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2022
Related Party Transactions
Related Party Transactions	Note 12. Related Party Transactions There were no significant changes in the nature of the Company’s related party transactions since December 31, 2021. Pursuant to a First Addendum dated November 19, 2020 to the Amended and Restated Technology Services Agreement dated November 11, 2020 by and between the Company, 4Catalyzer Corporation (“4Catalyzer”), and other participant companies controlled by Dr. Rothberg (the “ARTSA”), Butterfly terminated its participation under the ARTSA immediately prior to the effective time of the Business Combination. The related-party transactions with 4Catalyzer were not significant for the three and nine months ended September 30, 2022 and 2021. The related-party balances with 4Catalyzer were not significant as of September 30, 2022 and December 31, 2021. ​ On February 2, 2022, an Executive Officer of the Company and an irrevocable trust previously established by a member of our board of directors formed a limited liability company (“LLC”) to purchase real estate and entered into an operating agreement setting forth the terms and conditions of the LLC. There was no impact as a result of this transaction to our condensed consolidated financial statements for the three and nine months ended September 30, 2022. ​

401(k) Retirement Plan

401(k) Retirement Plan	9 Months Ended
	Sep. 30, 2022
401(k) Retirement Plan
401(k) Retirement Plan	Note 13. 401(k) Retirement Plan The Company sponsors a 401(k) defined contribution plan covering all eligible U.S. employees. Contributions to the 401(k) plan are discretionary. Effective January 1, 2022, the Company began making matching contributions to the 401(k) plan. The expense related to the matching contributions was $0.3 million and $1.1 million for the three and nine months ended September 30, 2022, respectively. The Company did not make any matching contributions to the 401(k) plan for the three and nine months ended September 30, 2021.

Reduction in Force

Reduction in Force	9 Months Ended
	Sep. 30, 2022
Reduction in Force
Reduction in Force	Note 14. Reduction in Force On July 28, 2022, the board of directors approved a plan designed to improve the Company’s efficiency by reducing operating expenses and extending liquidity. In addition to decreasing other operating expenses, the plan included a reduction in force representing approximately 10% of the Company’s workforce. Employee severance and benefits costs related to the reduction in force that were incurred during the three and nine months ended September 30, 2022 are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ Three and nine months ended ​ ​ September 30, 2022 Research and development ​ $ 1,095 Sales and marketing ​ ​ 318 General and administrative ​ ​ 417 Total employee severance and benefits costs ​ $ 1,830 ​ The Company incurred substantially all of the cash payments related to employee severance and benefits costs in the third quarter of 2022. As of September 30, 2022 the remaining accrual for cash payments related to employee severance and benefits costs is $0.2 million. The Company expects to incur the remaining cash payments in the fourth quarter of 2022. The remaining accrual is included in accrued expenses and other current liabilities on the condensed consolidated balance sheets.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies.
Commitments and Contingencies	Note 15. Commitments and Contingencies Commitments Leases: The Company primarily enters into leases for office space that are classified as operating leases. Purchase commitments: The Company enters into inventory purchase commitments with third-party manufacturers in the ordinary course of business, including a non-cancellable inventory supply agreement with a certain third-party manufacturing vendor. The provisions of the agreement allowed the Company, once it reached a certain cumulative purchase threshold in the fourth quarter of 2021, to pay for a portion of the subsequent inventory purchases using an advance previously paid to the vendor. As of September 30, 2022, the aggregate amount of minimum inventory purchase commitments is $71.2 million and the Company has a vendor advance asset of $17.1 million, net of write-downs, and an accrued purchase commitment liability of $4.0 million related to the agreement. The portion of the balances that is expected to be utilized in the next 12 months is included in current assets and current liabilities in the accompanying condensed consolidated balance sheets. The Company applied the guidance in Topic 330, Inventory The Company reviews its inventory on hand, including inventory acquired under the purchase commitments, for excess and obsolescence (“E&O”) on a quarterly basis. Any E&O inventory acquired that was previously accounted for as a purchase commitment liability accrual or vendor advance write down is recorded at zero value. During the three and nine months ended September 30, 2022, the Company utilized $15.6 million of the accrued purchase commitment liability and $7.6 million of the vendor advance that was previously written down to acquire such E&O inventory. During the three and nine months ended September 30, 2021, the Company utilized $35.0 million of the accrued purchase commitment liability to acquire such E&O inventory. Contingencies The Company is involved in litigation and legal matters from time to time, which have arisen in the normal course of business. Although the ultimate results of these matters are not currently determinable, management does not expect that they will have a material effect on the Company’s condensed consolidated balance sheets, statements of operations and comprehensive loss, or statements of cash flows. On February 16, 2022, a putative class action lawsuit, styled Rose v. Butterfly Network, Inc., et al. (Case No. 2:22-cv-00854) was filed in the United States District Court for the District of New Jersey against the Company, its President and Chief Executive Officer, its then Chief Financial Officer, the Chairman of its board of directors, as well as Longview’s Chairman (who is a director of the Company), Chief Executive Officer, Chief Financial Officer and members of Longview’s board of directors prior to the Business Combination, alleging violations of Sections 10(b), 14(a) and 20(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Rules 10b-5 and 14a-9 promulgated thereunder. On August 8, 2022, the Court appointed KNS Holdings LLC DBPP UA Jan. 1, 2016 as lead plaintiff and Levy & Korsinsky as lead counsel. On November 1, 2022, lead plaintiff, along with plaintiff Carl Metzgar, filed an Amended Class Action Complaint. In addition to alleging violations of Sections 10(b), 14(a) and 20(a) of the Exchange Act, plaintiff also alleges violations of Sections 11 and 15 of the Securities Act of 1933, as amended. The alleged class consists of all persons or entities who purchased or otherwise acquired the Company’s stock between January 12, 2021 and November 15, 2021, persons who exchanged Longview shares for the Company’s common stock and persons who purchased Longview stock pursuant, or traceable to, the Proxy/Registration Statement filed with the SEC on November 27, 2020 or any amendment thereto. The lawsuit is premised upon allegations that the defendants made false and misleading statements and/or omissions about its post-Business Combination business and financial prospects. The Company intends to vigorously defend against this action. The lawsuit seeks unspecified damages, together with interest thereon, as well as the costs and expenses of litigation. There is no assurance that the Company will be successful in the defense of the litigation or that insurance will be available or adequate to fund any potential settlement or judgment or the litigation costs of the action. The Company is unable to predict the outcome or reasonably estimate a range of possible loss at this time. On March 9, 2022, Fujifilm Sonosite, Inc. (“Fujifilm”) filed a complaint against the Company, styled Fujifilm Sonosite, Inc. v. Butterfly Network, Inc. On June 21, 2022, a stockholder derivative action, styled Koenig v. Todd M. Fruchterman, et al. ​ The Company enters into agreements that contain indemnification provisions with other parties in the ordinary course of business, including business partners, investors, contractors, customers and the Company’s officers, directors and certain employees. The Company has agreed to indemnify and defend the indemnified party claims and related losses suffered or incurred by the indemnified party from actual or threatened third-party claims because of the Company’s activities or non-compliance with certain representations and warranties made by the Company. It is not possible to determine the maximum potential loss under these indemnification provisions due to the Company’s limited history of prior indemnification claims and the unique facts and circumstances involved in any particular case. To date, losses recorded in the Company’s condensed consolidated statements of operations and comprehensive loss in connection with the indemnification provisions have not been material. ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Summary of Significant Accounting Policies
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of Butterfly Network, Inc. and its wholly-owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and pursuant to the accounting disclosure rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s audited consolidated financial statements as of and for the years ended December 31, 2021 and 2020. All intercompany balances and transactions are eliminated upon consolidation. The condensed consolidated balance sheet as of December 31, 2021, included herein, was derived from the audited consolidated financial statements as of that date, but does not include all disclosures, including certain notes required by U.S. GAAP, required on an annual reporting basis. In the opinion of management, the accompanying condensed consolidated financial statements reflect all normal and recurring adjustments necessary to present fairly the financial position, results of operations, and cash flows for the interim periods. The results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for any subsequent quarter, the year ending December 31, 2022, or any other period.
COVID-19 Outbreak	COVID-19 Outbreak The COVID-19 pandemic that began in 2020 has created significant global economic uncertainty and has impacted the Company’s operating results, financial condition and cash flows. The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company’s business, results of operations and financial condition will depend on ​ The Company has not incurred any significant impairment losses in the carrying values of its assets as a result of the COVID-19 pandemic and is not aware of any specific related event or circumstance that would require the Company to revise the estimates reflected in its financial statements.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash and cash equivalents, marketable securities and accounts receivable. As of September 30, 2022, substantially all of the Company’s cash and cash equivalents and marketable securities were invested in money market accounts and mutual funds, respectively, with one financial institution. The Company also maintains balances in various operating accounts above federally insured limits. The Company has not experienced any significant losses on such accounts and does not believe it is exposed to any significant credit risk on cash and cash equivalents and marketable securities. One customer accounted for 12% and 15% of the Company’s accounts receivable as of September 30, 2022 and December 31, 2021, respectively. One customer accounted for 12% of the Company’s total revenue for the three months ended September 30, 2022. No customer accounted for more than 10% of the Company’s total revenue for the three months ended September 30, 2021 and the nine months ended September 30, 2022 and 2021.
Segment Information	Segment Information The Company’s Chief Operating Decision Maker, its Chief Executive Officer (“CEO”), reviews the financial information presented on a consolidated basis for purposes of allocating resources and evaluating its financial performance. Accordingly, the Company has determined that it operates in a single reportable segment. Substantially all of the Company’s long-lived assets are located in the United States. Since the Company operates in one operating segment, all required financial segment information can be found in the condensed consolidated financial statements.
Use of Estimates	Use of Estimates The Company makes estimates and assumptions about future events that affect the amounts reported in its condensed consolidated financial statements and accompanying notes. Future events and their effects cannot be determined with certainty. On an ongoing basis, management evaluates these estimates, judgments and assumptions. The Company bases its estimates on historical and anticipated results and trends and on various other assumptions that the Company believes are reasonable under the circumstances, including assumptions as to future events. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates, and any such differences may be material to the Company’s condensed consolidated financial statements. There have been no material changes to the Company’s use of estimates as described in the audited consolidated financial statements as of December 31, 2021.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2022
Revenue Recognition
Schedule of disaggregated revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pattern of ​ Three months ended September 30, ​ Nine months ended September 30, ​ ​ ​ Recognition ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ By Product Type: ​ ​ ​ ​ ​ Devices and accessories ​ Point-in-time ​ $ 13,164 ​ $ 10,848 ​ $ 37,607 ​ $ 33,455 ​ Software and other services ​ Over time ​ ​ 6,454 ​ ​ 3,773 ​ ​ 16,800 ​ ​ 10,123 ​ Total revenue ​ ​ ​ $ 19,618 ​ $ 14,621 ​ $ 54,407 ​ $ 43,578 ​ By Geographical Market: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ United States ​ ​ ​ $ 13,582 ​ $ 10,220 ​ $ 37,881 ​ $ 30,320 ​ International ​ ​ ​ ​ 6,036 ​ ​ 4,401 ​ ​ 16,526 ​ ​ 13,258 ​ Total revenue ​ ​ ​ $ 19,618 ​ $ 14,621 ​ $ 54,407 ​ $ 43,578 ​ ​

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value of Financial Instruments
Schedule of assets and liabilities measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value Measurement Level ​ ​ Total ​ Level 1 ​ Level 2 ​ Level 3 September 30, 2022: ​ ​ ​ ​ Marketable securities: ​ ​ ​ ​ ​ Mutual funds ​ $ 74,546 ​ $ 74,546 ​ $ — ​ $ — Total assets at fair value on a recurring basis ​ $ 74,546 ​ $ 74,546 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Public Warrants ​ $ 11,591 ​ $ 11,591 ​ $ — ​ $ — Private Warrants ​ ​ 5,757 ​ ​ — ​ ​ 5,757 ​ ​ — Total liabilities at fair value on a recurring basis ​ $ 17,348 ​ $ 11,591 ​ $ 5,757 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Warrants: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Public Warrants ​ $ 17,525 ​ $ 17,525 ​ $ — ​ $ — Private Warrants ​ ​ 8,704 ​ ​ — ​ ​ 8,704 ​ ​ — Total liabilities at fair value on a recurring basis ​ $ 26,229 ​ $ 17,525 ​ $ 8,704 ​ $ —

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2022
Inventories
Summary of inventories	A summary of inventories is as follows as of September 30, 2022 and December 31, 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ 2022 2021 Raw materials ​ $ 38,846 ​ 19,853 Work-in-progress ​ 2,355 ​ 1,122 Finished goods ​ 16,463 ​ 15,268 Total inventories ​ $ 57,664 ​ $ 36,243

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	9 Months Ended
	Sep. 30, 2022
Property and Equipment, Net
Schedule of property and equipment, net	The Company’s property and equipment, net consists of the following as of September 30, 2022 and December 31, 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2022 2021 Property and equipment, gross ​ $ 40,744 ​ $ 20,079 Less: accumulated depreciation and amortization ​ (9,367) ​ (5,376) Property and equipment, net ​ $ 31,377 ​ $ 14,703

Restricted Cash (Tables)

Restricted Cash (Tables)	9 Months Ended
	Sep. 30, 2022
Restricted Cash
Summary of reconciliation of cash, cash equivalents and restricted cash	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ 2022 2021 Reconciliation of cash, cash equivalents and restricted cash: ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 193,313 ​ $ 153,326 Restricted cash included within prepaid expenses and other current assets ​ 704 ​ — Restricted cash included within other non-current assets ​ ​ 4,014 ​ ​ 4,000 Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows ​ $ 198,031 ​ $ 157,326

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	9 Months Ended
	Sep. 30, 2022
Accrued Expenses and Other Current Liabilities
Schedule of accrued expenses and other current liabilities	Accrued expenses and other current liabilities consist of the following at September 30, 2022 and December 31, 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ September 30, December 31, ​ 2022 2021 Employee compensation ​ $ 11,459 ​ $ 12,746 Customer deposits ​ 1,080 ​ 1,850 Accrued warranty liability ​ 289 ​ 266 Non-income tax ​ 1,314 ​ 2,477 Professional fees ​ 4,582 ​ 2,797 Current portion of operating lease liabilities ​ ​ 1,810 ​ ​ 1,391 Other ​ 4,793 ​ 4,104 Total accrued expenses and other current liabilities ​ $ 25,327 ​ $ 25,631
Schedule of warranty expense activity	Warranty expense activity for the three and nine months ended September 30, 2022 and 2021 is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ ​ 2022 2021 2022 2021 Balance, beginning of period ​ $ 975 ​ $ 1,161 ​ $ 1,116 ​ $ 1,826 ​ Warranty provision charged to operations ​ 76 ​ 123 ​ 241 ​ (103) ​ Warranty claims ​ (135) ​ (168) ​ (441) ​ (607) ​ Balance, end of period ​ $ 916 ​ $ 1,116 ​ $ 916 ​ $ 1,116 ​

Equity Incentive Plans (Tables)

Equity Incentive Plans (Tables)	9 Months Ended
	Sep. 30, 2022
Equity Incentive Plans
Summary of the stock option activity	​ ​ ​ ​ ​ ​ Number of ​ ​ Options Outstanding at December 31, 2021 16,243,532 Granted 869,778 Exercised (1,035,474) Forfeited (2,337,108) Outstanding at September 30, 2022 13,740,728
Summary of the restricted stock unit activity	​ ​ ​ ​ ​ ​ Number of ​ ​ RSUs Outstanding at December 31, 2021 3,958,825 Granted 10,911,247 Vested (1,445,678) Forfeited (1,853,959) Outstanding at September 30, 2022 11,570,435
Schedule of stock-based compensation expense	The Company’s total stock-based compensation expense for all equity awards for the periods presented is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, ​ Nine months ended September 30, ​ ​ 2022 2021 2022 2021 Cost of revenue – software and other services ​ $ 20 ​ $ 6 ​ $ 63 ​ $ 9 ​ Research and development ​ 3,160 ​ 3,552 ​ 9,533 ​ 6,502 ​ Sales and marketing ​ ​ 2,021 ​ ​ 2,484 ​ ​ 5,920 ​ ​ 6,243 ​ General and administrative ​ ​ 4,212 ​ ​ 4,692 ​ ​ 11,912 ​ ​ 26,015 ​ Total stock-based compensation expense ​ $ 9,413 ​ $ 10,734 ​ $ 27,428 ​ $ 38,769 ​

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2022
Net Loss Per Share
Schedule of calculation of basic and diluted net loss per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ Class A Class B Common Stock ​ Numerator: ​ ​ ​ ​ ​ ​ Allocation of undistributed earnings ​ $ (47,515) ​ $ (7,227) ​ $ (54,742) ​ Numerator for basic and diluted net loss per share – loss available to common stockholders ​ $ (47,515) ​ $ (7,227) ​ $ (54,742) ​ Denominator: ​ ​ ​ ​ Weighted-average common shares outstanding ​ 173,745,746 ​ 26,426,937 ​ 200,172,683 ​ Denominator for basic and diluted net loss per share – weighted-average common stock ​ 173,745,746 ​ 26,426,937 ​ 200,172,683 ​ Basic and diluted net loss per share ​ $ (0.27) ​ $ (0.27) ​ $ (0.27) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ Class A Class B Common Stock ​ Numerator: ​ ​ ​ ​ ​ ​ Allocation of undistributed earnings ​ $ (11,733) ​ $ (1,828) ​ $ (13,561) ​ Numerator for basic and diluted net loss per share – loss available to common stockholders ​ $ (11,733) ​ $ (1,828) ​ $ (13,561) ​ Denominator: ​ ​ ​ ​ Weighted-average common shares outstanding ​ 169,668,255 ​ 26,426,937 ​ 196,095,192 ​ Denominator for basic and diluted net loss per share – weighted-average common stock ​ 169,668,255 ​ 26,426,937 ​ 196,095,192 ​ Basic and diluted net loss per share ​ $ (0.07) ​ $ (0.07) ​ $ (0.07) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ Class A Class B Common Stock ​ Numerator: ​ ​ ​ ​ ​ ​ Allocation of undistributed earnings ​ $ (117,137) ​ $ (17,883) ​ $ (135,020) ​ Numerator for basic and diluted net loss per share – loss available to common stockholders ​ $ (117,137) ​ $ (17,883) ​ $ (135,020) ​ Denominator: ​ ​ ​ ​ Weighted-average common shares outstanding ​ 173,101,457 ​ 26,426,937 ​ 199,528,394 ​ Denominator for basic and diluted net loss per share – weighted-average common stock ​ 173,101,457 ​ 26,426,937 ​ 199,528,394 ​ Basic and diluted net loss per share ​ $ (0.68) ​ $ (0.68) ​ $ (0.68) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total ​ ​ Class A Class B Common Stock ​ Numerator: ​ ​ ​ ​ ​ ​ Allocation of undistributed earnings ​ $ (14,872) ​ $ (2,321) ​ $ (17,193) ​ Numerator for basic and diluted net loss per share – loss available to common stockholders ​ $ (14,872) ​ $ (2,321) ​ $ (17,193) ​ Denominator: ​ ​ ​ ​ Weighted-average common shares outstanding ​ 143,295,154 ​ 22,361,254 ​ 165,656,408 ​ Denominator for basic and diluted net loss per share – weighted-average common stock ​ 143,295,154 ​ 22,361,254 ​ 165,656,408 ​ Basic and diluted net loss per share ​ $ (0.10) ​ $ (0.10) ​ $ (0.10) ​
Schedule of anti-dilutive common equivalent shares	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ ​ 2022 2021 Outstanding options to purchase common stock ​ 13,740,728 ​ 17,170,640 ​ Outstanding restricted stock units ​ 11,578,865 ​ 3,932,587 ​ Outstanding warrants ​ 20,652,690 ​ 20,652,937 ​ Total anti-dilutive common equivalent shares ​ 45,972,283 ​ 41,756,164 ​

Reduction in Force (Tables)

Reduction in Force (Tables)	9 Months Ended
	Sep. 30, 2022
Reduction in Force
Schedule of employee severance and benefits costs	​ ​ ​ ​ ​ ​ ​ Three and nine months ended ​ ​ September 30, 2022 Research and development ​ $ 1,095 Sales and marketing ​ ​ 318 General and administrative ​ ​ 417 Total employee severance and benefits costs ​ $ 1,830

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Concentration of Credit Risk (Details) - customer	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Customer Concentration Risk | Accounts receivable
Number of customers			1		1
Major Customer | Revenues
Number of customers	1	0	0	0
Major Customer | Customer Concentration Risk | Accounts receivable
Concentration risk (as a percentage)			12%		15%
Major Customer | Customer Concentration Risk | Revenues
Concentration risk (as a percentage)	12%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Segment information (Details)	9 Months Ended
	Sep. 30, 2022 segment
Summary of Significant Accounting Policies
Number of operating segments	1

Business Combination (Details)

Business Combination (Details) $ in Millions	Feb. 12, 2021 USD ($)
Business Combination
Increase in cash	$ 589.5
Transaction costs	11.4
Significant liabilities incurred and paid off, excluding warrant liabilities	30.9
Amount of liabilities assumed	186.5
Warrant liabilities	$ 187.3

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue Recognition
Total revenue	$ 19,618	$ 14,621	$ 54,407	$ 43,578
United States
Revenue Recognition
Total revenue	13,582	10,220	37,881	30,320
International
Revenue Recognition
Total revenue	6,036	4,401	16,526	13,258
Product
Revenue Recognition
Total revenue	13,164	10,848	37,607	33,455
Software and other services
Revenue Recognition
Total revenue	$ 6,454	$ 3,773	$ 16,800	$ 10,123

Revenue Recognition - Contract

Revenue Recognition - Contract Balances (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Revenue Recognition
Allowance for doubtful accounts	$ 0.4	$ 0.4
Payment terms	30 days

Revenue Recognition - Performan

Revenue Recognition - Performance Obligations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue Recognition
Amount of revenue recognized	$ 5.1	$ 4.3	$ 11.2	$ 7.2
Remaining performance obligations	$ 23.2		$ 23.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Revenue Recognition
Percentage of remaining performance obligations as revenue	70%		70%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	12 months		12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
Revenue Recognition
Percentage of remaining performance obligations as revenue	30%		30%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period	1 year		1 year

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Assets, Fair Value Disclosure [Abstract]
Total assets at fair value on a recurring basis	$ 74,546
Liabilities
Total liabilities at fair value on a recurring basis	17,348	$ 26,229
Public Warrants
Liabilities
Warrants	11,591	17,525
Private Warrants
Liabilities
Warrants	5,757	8,704
Mutual funds
Assets, Fair Value Disclosure [Abstract]
Mutual funds	74,546
Level 1
Assets, Fair Value Disclosure [Abstract]
Total assets at fair value on a recurring basis	74,546
Liabilities
Total liabilities at fair value on a recurring basis	11,591	17,525
Level 1 | Public Warrants
Liabilities
Warrants	11,591	17,525
Level 1 | Mutual funds
Assets, Fair Value Disclosure [Abstract]
Mutual funds	74,546
Level 2
Liabilities
Total liabilities at fair value on a recurring basis	5,757	8,704
Level 2 | Private Warrants
Liabilities
Warrants	$ 5,757	$ 8,704

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Narratives (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		9 Months Ended
	May 26, 2020	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Warrants
Equity securities, unrealized losses		$ 0.6	$ 0	$ 0.6	$ 0
Public Warrants
Warrants
Warrants outstanding		13,799,357		13,799,357
Value of public warrants per warrant issued during IPO (as a percent)	33%
Private Warrants
Warrants
Warrants outstanding		6,853,333		6,853,333
Class A Common Stock
Warrants
Shares called by warrants		1		1
Exercise price		$ 11.50		$ 11.50

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Inventories
Raw materials	$ 38,846	$ 19,853
Work-in-progress	2,355	1,122
Finished goods	16,463	15,268
Total inventories	$ 57,664	$ 36,243

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property and Equipment, Net
Property and equipment, gross	$ 40,744	$ 20,079
Less: accumulated depreciation and amortization	(9,367)	(5,376)
Property and equipment, net	31,377	$ 14,703
Accrued property and equipment	$ 800

Restricted Cash (Details)

Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	$ 193,313	$ 422,841	$ 153,326
Restricted cash included within prepaid expenses and other current assets	704
Restricted cash included within other non-current assets	4,014		4,000
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows	$ 198,031	$ 426,841	$ 157,326	$ 60,206
Restricted Cash and Cash Equivalents, Current, Statement of Financial Position [Extensible Enumeration]	Prepaid Expense and Other Assets, Current
Restricted Cash and Cash Equivalents, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent

Restricted Cash - Narratives (D

Restricted Cash - Narratives (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Sep. 30, 2022	Jun. 30, 2021
Restricted Cash
Security given as collateral			$ 4
Proceeds received from Bill & Melinda Gates Foundation	$ 4.8
BMGF funds released from restricted cash		$ 4

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Accrued Expenses and Other Current Liabilities
Employee compensation	$ 11,459		$ 12,746
Customer deposits	1,080		1,850
Accrued warranty liability	289		266
Non-income tax	1,314		2,477
Professional fees	4,582		2,797
Current portion of operating lease liabilities	1,810		$ 1,391
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]		Total accrued expenses and other current liabilities	Total accrued expenses and other current liabilities
Other	4,793		$ 4,104
Total accrued expenses and other current liabilities	$ 25,327		$ 25,631

Accrued Expenses and Other Cu_4

Accrued Expenses and Other Current Liabilities - Warranty expense activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Accrued Expenses and Other Current Liabilities
Balance, beginning of period	$ 975	$ 1,161	$ 1,116	$ 1,826
Warranty provision charged to operations	76	123	241	(103)
Warranty claims	(135)	(168)	(441)	(607)
Balance, end of period	$ 916	$ 1,116	$ 916	$ 1,116

Equity Incentive Plans (Details

Equity Incentive Plans (Details)	Jan. 01, 2022
Equity Incentive Plans
Percentage increase in equity awards authorized to be issued	4%

Equity Incentive Plans - Stock

Equity Incentive Plans - Stock option activity (Details) - Stock options	9 Months Ended
	Sep. 30, 2022 shares
Number of Options
Outstanding at beginning of the period	16,243,532
Granted	869,778
Exercised	(1,035,474)
Forfeited	(2,337,108)
Outstanding at end of the period	13,740,728

Equity Incentive Plans - Restri

Equity Incentive Plans - Restricted stock unit activity (Details) - Restricted stock units	9 Months Ended
	Sep. 30, 2022 shares
Number of RSUs
Outstanding at beginning of the period	3,958,825
Granted	10,911,247
Vested	(1,445,678)
Forfeited	(1,853,959)
Outstanding at end of the period	11,570,435

Equity Incentive Plans - Stock-

Equity Incentive Plans - Stock-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Equity Incentive Plan
Total stock-based compensation expense	$ 9,413	$ 10,734	$ 27,428	$ 38,769
Cost of revenue - software and other services
Equity Incentive Plan
Total stock-based compensation expense	20	6	63	9
Research and development
Equity Incentive Plan
Total stock-based compensation expense	3,160	3,552	9,533	6,502
Sales and marketing
Equity Incentive Plan
Total stock-based compensation expense	2,021	2,484	5,920	6,243
General and administrative
Equity Incentive Plan
Total stock-based compensation expense	$ 4,212	$ 4,692	$ 11,912	$ 26,015

Net Loss Per Share (Details)

Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator:
Allocation of undistributed earnings	$ (54,742)	$ (13,561)	$ (135,020)	$ (17,193)
Numerator for basic and diluted EPS - loss available to common stockholders	$ (54,742)	$ (13,561)	$ (135,020)	$ (17,193)
Denominator:
Weighted-average common shares outstanding - basic	200,172,683	196,095,192	199,528,394	165,656,408
Weighted-average common shares outstanding - diluted	200,172,683	196,095,192	199,528,394	165,656,408
Basic loss per share	$ (0.27)	$ (0.07)	$ (0.68)	$ (0.10)
Diluted loss per share	$ (0.27)	$ (0.07)	$ (0.68)	$ (0.10)
Class A Common Stock
Numerator:
Allocation of undistributed earnings	$ (47,515)	$ (11,733)	$ (117,137)	$ (14,872)
Numerator for basic and diluted EPS - loss available to common stockholders	$ (47,515)	$ (11,733)	$ (117,137)	$ (14,872)
Denominator:
Weighted-average common shares outstanding - basic	173,745,746	169,668,255	173,101,457	143,295,154
Weighted-average common shares outstanding - diluted	173,745,746	169,668,255	173,101,457	143,295,154
Basic loss per share	$ (0.27)	$ (0.07)	$ (0.68)	$ (0.10)
Diluted loss per share	$ (0.27)	$ (0.07)	$ (0.68)	$ (0.10)
Class B Common Stock
Numerator:
Allocation of undistributed earnings	$ (7,227)	$ (1,828)	$ (17,883)	$ (2,321)
Numerator for basic and diluted EPS - loss available to common stockholders	$ (7,227)	$ (1,828)	$ (17,883)	$ (2,321)
Denominator:
Weighted-average common shares outstanding - basic	26,426,937	26,426,937	26,426,937	22,361,254
Weighted-average common shares outstanding - diluted	26,426,937	26,426,937	26,426,937	22,361,254
Basic loss per share	$ (0.27)	$ (0.07)	$ (0.68)	$ (0.10)
Diluted loss per share	$ (0.27)	$ (0.07)	$ (0.68)	$ (0.10)

Net Loss Per Share - Anti-dilut

Net Loss Per Share - Anti-dilutive common equivalent shares (Details) - shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Net Loss Per Share
Total anti-dilutive common equivalent shares	45,972,283	41,756,164
Stock options
Net Loss Per Share
Total anti-dilutive common equivalent shares	13,740,728	17,170,640
Restricted stock units
Net Loss Per Share
Total anti-dilutive common equivalent shares	11,578,865	3,932,587
Outstanding warrants
Net Loss Per Share
Total anti-dilutive common equivalent shares	20,652,690	20,652,937

401(k) Retirement Plan (Details

401(k) Retirement Plan (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
401(k) Retirement Plan
401(k) Employer match contribution	$ 0.3	$ 1.1

Reduction in Force (Details)

Reduction in Force (Details) - Employee Severance - USD ($) $ in Thousands		9 Months Ended
	Jul. 28, 2022	Sep. 30, 2022
Restructuring Cost and Reserve [Line Items]
Reduction in force (as a percent)	10%
Employee severance and benefits costs		$ 1,830
Employee severance and benefits accrual		200
Research and development
Restructuring Cost and Reserve [Line Items]
Employee severance and benefits costs		1,095
Sales and marketing
Restructuring Cost and Reserve [Line Items]
Employee severance and benefits costs		318
General and administrative
Restructuring Cost and Reserve [Line Items]
Employee severance and benefits costs		$ 417

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Commitments and Contingencies
Rent expense	$ 1.2	$ 0.9	$ 3.5	$ 2
Inventory purchase commitments
Commitments and Contingencies
Minimum inventory purchase commitments			71.2
Net loss on vendor purchase commitment			0	11.6
Write-down of vendor advance			7.6
Utilization of accrual of purchase commitment liability			15.6	$ 35
Prepaid vendor advance, net of write-downs	17.1		17.1
Accrued purchase commitments	$ 4		$ 4