Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 07, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-39757 | |
Entity Registrant Name | Velo3D, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 98-1556965 | |
Entity Address, Address Line One | 2710 Lakeview Court | |
Entity Address, City or Town | Fremont | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94538 | |
City Area Code | 408 | |
Local Phone Number | 610-3915 | |
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 | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 8,622,216 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001825079 | |
Current Fiscal Year End Date | --12-31 | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common stock, par value $0.00001 per share | |
Trading Symbol | VLD | |
Security Exchange Name | NYSE | |
Warrant [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Warrants to purchase one share of common stock, each at an exercise price of $402.50 per share | |
Trading Symbol | VLD WS | |
Security Exchange Name | NYSE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 2,462 | $ 24,494 |
Short-term investments | 699 | 6,621 |
Accounts receivable, net | 8,338 | 9,583 |
Inventories | 59,521 | 60,816 |
Contract assets | 8,861 | 7,510 |
Prepaid expenses and other current assets | 2,289 | 4,000 |
Total current assets | 82,170 | 113,024 |
Property and equipment, net | 14,186 | 16,326 |
Equipment on lease, net | 3,958 | 6,667 |
Other assets | 16,338 | 17,782 |
Total assets | 116,652 | 153,799 |
Current liabilities: | ||
Accounts payable | 14,008 | 15,854 |
Accrued expenses and other current liabilities | 5,864 | 6,491 |
Debt – current portion | 24,592 | 21,191 |
Contract liabilities | 4,090 | 5,135 |
Total current liabilities | 48,554 | 48,671 |
Long-term debt – less current portion | 0 | 11,941 |
Contingent earnout liabilities | 69 | 1,456 |
Warrant liabilities | 4,933 | 11,835 |
Other noncurrent liabilities | 10,977 | 11,556 |
Total liabilities | 64,533 | 85,459 |
Commitments and contingencies (Note 13) | ||
Stockholders’ equity: | ||
Common stock, $0.00001 par value - 500,000,000 shares authorized at June 30, 2024 and December 31, 2023, 8,611,219 and 7,502,478 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively | 2 | 2 |
Additional paid-in capital | 437,642 | 425,471 |
Accumulated other comprehensive loss | (2) | (96) |
Accumulated deficit | (385,523) | (357,037) |
Total stockholders’ equity | 52,119 | 68,340 |
Total liabilities and stockholders’ equity | $ 116,652 | $ 153,799 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2024 | Jun. 10, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | |||
Common stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 | |
Common stock, shares issued | 8,611,219 | 7,502,478 | |
Common stock, shares outstanding | 8,611,219 | 7,502,478 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Total Revenue | $ 10,344 | $ 25,134 | $ 20,130 | $ 51,821 |
Cost of revenue | 13,241 | 22,598 | 25,842 | 46,753 |
Gross profit (loss) | (2,897) | 2,536 | (5,712) | 5,068 |
Operating expenses | ||||
Research and development | 4,545 | 12,238 | 9,588 | 22,655 |
Selling and marketing | 4,273 | 6,108 | 9,082 | 12,282 |
General and administrative | 8,805 | 9,896 | 17,588 | 20,087 |
Total operating expenses | 17,623 | 28,242 | 36,258 | 55,024 |
Loss from operations | (20,520) | (25,706) | (41,970) | (49,956) |
Interest expense | (5,463) | (344) | (9,360) | (564) |
Gain (loss) on fair value of warrants | 25,310 | 828 | 22,690 | (1,725) |
Gain (loss) on fair value of contingent earnout liabilities | 1,824 | 1,843 | 1,387 | (7,810) |
Other income (expense), net | (1,327) | 178 | (1,233) | 529 |
Income (loss) before provision for income taxes | (176) | (23,201) | (28,486) | (59,526) |
Provision for income taxes | 4 | 0 | 0 | 0 |
Net income (loss) | $ (172) | $ (23,201) | $ (28,486) | $ (59,526) |
Net income (loss) per share basic | $ (0.02) | $ (4.1) | $ (3.55) | $ (10.63) |
Net income (loss) per share Diluted | $ (0.02) | $ (4.1) | $ (3.55) | $ (10.63) |
Shares used in computing net income (loss) per share basic | 8,475,386 | 5,659,601 | 8,015,722 | 5,598,386 |
Shares used in computing net income (loss) per share diluted | 8,475,386 | 5,659,601 | 8,015,722 | 5,598,386 |
Net income (loss) | $ (172) | $ (23,201) | $ (28,486) | $ (59,526) |
Net unrealized holding gain on available-for-sale investments | 42 | 148 | 94 | 436 |
Total comprehensive income (loss) | (130) | (23,053) | (28,392) | (59,090) |
3D Printer | ||||
Revenue from contract with customer | 8,679 | 23,190 | 16,339 | 47,638 |
Cost of revenue | 10,744 | 20,052 | 20,138 | 42,220 |
Recurring payment | ||||
Recurring Payment | 292 | 35 | 762 | 610 |
Cost of revenue | 232 | 335 | 547 | 782 |
Support services | ||||
Revenue from contract with customer | 1,373 | 1,909 | 3,029 | 3,573 |
Cost of revenue | $ 2,265 | $ 2,211 | $ 5,157 | $ 3,751 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from operating activities | ||
Net Income (Loss) | $ (28,486) | $ (59,526) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation and amortization | 2,707 | 2,983 |
Amortization of debt discount and deferred financing costs | 8,281 | 43 |
Stock-based compensation | 9,334 | 12,771 |
(Gain) loss on fair value of warrants | (22,690) | 1,725 |
(Gain) loss on fair value of contingent earnout liabilities. | (1,387) | 7,810 |
Non-cash cost of issuance of common stock warrants on BEPO Offering | 1,313 | 0 |
Realized loss on available for sale securities | 21 | 0 |
Changes in assets and liabilities | ||
Accounts receivable | 1,245 | (5,099) |
Inventories | 3,891 | 3,538 |
Contract assets | (1,351) | (8,323) |
Prepaid expenses and other current assets | 1,871 | 3,609 |
Other assets | 1,369 | 292 |
Accounts payable | (2,391) | (1,716) |
Accrued expenses and other liabilities | (595) | (6,249) |
Contract liabilities | (345) | (9,422) |
Other noncurrent liabilities | (1,279) | (1,214) |
Net cash used in operating activities | (28,492) | (58,778) |
Cash flows from investing activities | ||
Purchase of property and equipment | (8) | (690) |
Production of equipment for lease to customers | 0 | (3,694) |
Sales of available for sale securities | 2,474 | 0 |
Proceeds from maturity of available-for-sale investments | 3,500 | 29,984 |
Net cash provided by investing activities | 5,966 | 25,600 |
Cash flows from financing activities | ||
Proceeds from ATM offering, net of issuance costs | 0 | 15,591 |
Proceeds from revolver facility | 0 | 14,000 |
Proceeds from equipment loans | 0 | 1,600 |
Repayment of equipment loans | 0 | (1,467) |
Proceeds from BEPO Offering, net of issuance costs | 10,675 | 0 |
Repayment of secured notes | (10,500) | 0 |
Issuance of common stock upon exercise of stock options | 315 | 350 |
Net cash provided by financing activities | 490 | 30,074 |
Effect of exchange rate changes on cash and cash equivalents | 4 | (11) |
Net change in cash and cash equivalents | (22,032) | (3,115) |
Cash and cash equivalents and restricted cash at beginning of period | 25,294 | 32,783 |
Cash and cash equivalents and restricted cash at end of period | 3,262 | 29,668 |
Supplemental disclosure of cash flow information | ||
Cash paid for interest | 762 | 564 |
Supplemental disclosure of non-cash information | ||
Unpaid liabilities related to property and equipment | 20 | 177 |
Equipment for lease to customers returned to inventory | 2,235 | 4,364 |
Cash and Cash Equivalents and Restricted Cash | ||
Cash and cash equivalents | 2,462 | 28,868 |
Restricted cash (Other assets) | 800 | 800 |
Total cash and cash equivalents and restricted cash | $ 3,262 | $ 29,668 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] |
Balance as of beginning of period (in shares) at Dec. 31, 2022 | 5,477,984 | ||||
Balance as of beginning of period at Dec. 31, 2022 | $ 138,795 | $ 2 | $ 361,528 | $ (837) | $ (221,898) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock upon exercise of stock options (in shares) | 37,000 | 83,862 | |||
Stock Issued During Period, Value, Stock Options Exercised | $ 350 | 350 | |||
Stock-based compensation | 12,771 | 12,771 | |||
Shares Issued, Shares, Share-Based Payment Arrangement, At-the-Market Offering, Net of Issuance Costs | 178,308 | ||||
Adjustments to Additional Paid in Capital, At-the-Market offering, net of issuance costs | 15,591 | 15,591 | |||
Net Income (Loss) | (59,526) | (59,526) | |||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 436 | 436 | |||
Balance as of end of period (in shares) at Jun. 30, 2023 | 5,740,154 | ||||
Balance as of end of period at Jun. 30, 2023 | 108,417 | $ 2 | 390,240 | (401) | (281,424) |
Balance as of beginning of period (in shares) at Mar. 31, 2023 | 5,618,511 | ||||
Balance as of beginning of period at Mar. 31, 2023 | 119,762 | $ 2 | 378,532 | (549) | (258,223) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock upon exercise of stock options (in shares) | 38,549 | ||||
Stock Issued During Period, Value, Stock Options Exercised | 40 | 40 | |||
Stock-based compensation | 6,535 | 6,535 | |||
Shares Issued, Shares, Share-Based Payment Arrangement, At-the-Market Offering, Net of Issuance Costs | 83,094 | ||||
Adjustments to Additional Paid in Capital, At-the-Market offering, net of issuance costs | 5,133 | 5,133 | |||
Net Income (Loss) | (23,201) | (23,201) | |||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 148 | 148 | |||
Balance as of end of period (in shares) at Jun. 30, 2023 | 5,740,154 | ||||
Balance as of end of period at Jun. 30, 2023 | 108,417 | $ 2 | 390,240 | (401) | (281,424) |
Balance as of beginning of period (in shares) at Dec. 31, 2023 | 7,502,478 | ||||
Balance as of beginning of period at Dec. 31, 2023 | $ 68,340 | $ 2 | 425,471 | (96) | (357,037) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock upon exercise of stock options (in shares) | 51,000 | 129,149 | |||
Stock Issued During Period, Value, Stock Options Exercised | $ 315 | 315 | |||
Stock-based compensation | 9,334 | 9,334 | |||
Issuance of common stock in connection with BEPO Offering, net | 2,522 | 2,522 | |||
Issuance of common stock in connection with BEPO Offering, net (in shares) | 979,592 | ||||
Net Income (Loss) | (28,486) | (28,486) | |||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 94 | 94 | |||
Balance as of end of period (in shares) at Jun. 30, 2024 | 8,611,219 | ||||
Balance as of end of period at Jun. 30, 2024 | 52,119 | $ 2 | 437,642 | (2) | (385,523) |
Balance as of beginning of period (in shares) at Mar. 31, 2024 | 7,596,352 | ||||
Balance as of beginning of period at Mar. 31, 2024 | 45,450 | $ 2 | 430,843 | (44) | (385,351) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock upon exercise of stock options (in shares) | 35,275 | ||||
Stock Issued During Period, Value, Stock Options Exercised | 30 | 30 | |||
Stock-based compensation | 4,247 | 4,247 | |||
Issuance of common stock in connection with BEPO Offering, net | 2,522 | 2,522 | |||
Issuance of common stock in connection with BEPO Offering, net (in shares) | 979,592 | ||||
Net Income (Loss) | (172) | (172) | |||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 42 | 42 | |||
Balance as of end of period (in shares) at Jun. 30, 2024 | 8,611,219 | ||||
Balance as of end of period at Jun. 30, 2024 | $ 52,119 | $ 2 | $ 437,642 | $ (2) | $ (385,523) |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ (172) | $ (23,201) | $ (28,486) | $ (59,526) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | Item 5. Other Informa tion During the three months ended June 30, 2024, no director or Section 16 officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K. |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Description of Business and Bas
Description of Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | Note 1. Description of Business and Basis of Presentation Velo3D, Inc., a Delaware corporation (“ Velo3D ” ), formerly known as JAWS Spitfire Acquisition Corporation (“ JAWS Spitfire ”), produces metal additive three dimensional printers (“ 3D Printers ”) which enable the production of components for space rockets, jet engines, fuel delivery systems and other high value metal parts, which it sells or leases to customers for use in their businesses. The Company also provides support services (“ Support Services ”) for an incremental fee. Velo3D’s subsidiaries are Velo3D US, Inc., (formerly known as Velo3D, Inc. (“ Legacy Velo3D ”), founded in June 2014 as a Delaware corporation headquartered in Campbell, California), Velo3D, B.V., (a sales and marketing office located in the Netherlands) and Velo3D, GmbH, (a sales and marketing office located in Germany). The first commercially developed 3D Printer was delivered in the fourth quarter of 2018. On September 29, 2021, JAWS Spitfire completed the previously announced merger with Legacy Velo3D, with Legacy Velo3D surviving as a wholly-owned subsidiary of JAWS Spitfire (the “ Merger ”). In connection with the Merger, JAWS Spitfire was renamed “Velo3D, Inc.”, and Legacy Velo3D was renamed “Velo3D US, Inc.” The shares and Net loss per share attributable to common stockholders, basic and diluted, prior to the Merger, have been retroactively restated as shares reflecting the exchange ratio (the “ Exchange Ratio ”) established in the Merger ( 0.8149 shares of Velo3D common stock for 1 share of Legacy Velo3D common stock, par value $ 0.00001 before the 1-to-35 reverse stock split ). All fractional shares were rounded. Unless otherwise stated herein or unless the context otherwise requires, references in these notes to the “Company” refer to (i) Legacy Velo3D prior to the consummation of the Merger; and (ii) Velo3D and its consolidated subsidiaries following the consummation of the Merger. Basis of Presentation The unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the requirements of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial reporting. Intercompany balances and transactions have been eliminated in consolidation. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”) and the related notes, which provide a more complete discussion of the Company’s accounting policies and certain other information. The condensed consolidated balance sheet as of December 31, 2023 has been derived from the audited financial statements of the Company. These unaudited condensed consolidated financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the Company’s financial information. These interim results are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2024, or for any other interim period or for any other future year. On June 10, 2024, the stockholders of the Company approved an amendment to the Company’s Certificate of Incorporation to effect a reverse stock split of the issued and outstanding shares of the Company’s common stock, par value $ 0.00001 per share, at a ratio ranging from 1-for-5 and 1-for-50, with the exact ratio to be set within that range by the Company’s board of directors (the “Board”). On June 10, 2024, the Board approved the reverse stock split at a ratio of 1-for-35 (the “Reverse Stock Split”). On June 12, 2024, the Company filed a Certificate of Amendment (the “Certificate of Amendment”) to the Company's Certificate of Incorporation with the Secretary of State of the State of Delaware to effect the Reverse Stock Split, effective as of June 13, 2024. As a result of the Reverse Stock Split, every 35 shares of the Company's common stock were automatically reclassified and converted into one issued and outstanding share of common stock. No fractional shares were issued in connection with the Reverse Stock Split. Any fractional shares resulting from the Reverse Stock Split were rounded up to the nearest whole share. The par value of the Company’s common stock was not adjusted as a result of the Reverse Stock Split. All of the Company’s share numbers, per share amounts, and related stockholders’ equity (deficit) balances presented herein have been retroactively adjusted to reflect the Reverse Stock Split. In addition, the exercise prices, conversion rates and other terms of the Company’s securities that adjusted pursuant to their terms as a result of the Reverse Stock Split have been presented after giving effect to such adjustments. Revision of Previously Issued Condensed Consolidated Financial Statements During the fourth quarter of 2023, the Company identified a formula error and an incorrect hourly rate used in its calculation of variable consideration and the calculation of sales type leases related to revenue for the year ended December 31, 2022. The Company concluded that the errors were not material, either individually or in the aggregate, to its previously issued consolidated financial statements. Additionally, the Company has revised its previously issued interim condensed consolidated financial statements for the period ended June 30, 2023. Refer to Note 16 for further discussion on the revision of the previously issued condensed consolidated financial statements. Notice of Delisting On December 28, 2023, the Company received written notice from the NYSE that the Company was below compliance criteria pursuant to the continued listing standards set forth in Section 802.01C of the NYSE's Listed Company Manual because the average closing price of the Company's common stock was less than $1.00 per share over a consecutive 30 trading-day period. In a letter dated June 28, 2024, the NYSE confirmed that a calculation of the Company’s average stock price for the 30 trading days ended June 28, 2024, indicated that the Company’s stock price was above the NYSE’s minimum requirement of $ 1.00 based on a 30 trading-day average. Accordingly, as of June 28, 2024, the Company was no longer considered below the $ 1.00 continued listing criterion. On July 8, 2024, the Company received written notice (the “Notice ”) from the NYSE that the Company is not in compliance with the continued listing standards set forth in Section 802.01B of the NYSE's Listed Company Manual because its average total market capitalization over a consecutive 30 trading-day period was less than $ 50 million and, at the same time, its stockholders' equity was less than $ 50 million. As of July 5, 2024, the Company’s 30 trading-day average market capitalization was approximately $ 36.6 million and its last reported stockholders’ deficit, as of March 31, 2024, was approximately $ 45.5 million. In accordance with applicable NYSE procedures, within 45 days from receipt of the Notice, the Company intends to submit a plan to the NYSE advising it of the definitive action(s) the Company has taken, is taking, or plans to take that would bring it into compliance with the continued listing standards within 18 months of receipt of the Notice (the “Cure Period”). The NYSE will review the Company’s plan and, within 45 days, make a determination as to whether the Company has made a reasonable demonstration of its ability to come into conformity with the listing standards within the Cure Period. If the NYSE accepts the Company’s plan, the Company’s common stock will continue to be listed and traded on the NYSE during the Cure Period, subject to the Company’s compliance with the other continued listing standards and continued periodic review by the NYSE of the Company’s progress with respect to its plan. The Notice has no immediate impact on the listing of the Company’s common stock, which will continue to be listed and traded on the NYSE during the Cure Period under the common stock trading symbol “VLD”, subject to the Company’s continued compliance with the plan and other listing requirements of the NYSE. The Notice does not affect the Company’s reporting obligations with the SEC. However, failure to satisfy the conditions of the Cure Period or to maintain compliance with other NYSE listing requirements could lead to delisting. Going Concern, Financial Condition and Liquidity and Capital Resources The unaudited condensed consolidated financial statements have been prepared on the basis of continuity of operations, the realization of assets and satisfaction of liabilities in the ordinary course of business. The Company has incurred losses from operations and negative cash flows from operations in every year since inception and expects this to continue for the foreseeable future. As of June 30, 2024, the Company had an accumulated deficit of $ 385.5 million and cash and short-term investments on hand of approximately $ 3.2 million . Management believes th at there is a substantial doubt concerning the Company’s ability to continue as a going concern. As of the date of the issuance of these financial statements, the Company does not have sufficient liquidity to meet its operating needs and satisfy its obligations for at least 12 months from the date of issuance of the unaudited condensed consolidated financial statements. As of August 2, 2024, the Company had approximately $ 8.7 million in accounts receivable, $ 1.1 million in cash and short-term investments, $ 17.5 million of accounts payable, and $ 24.6 million in Secured Notes. On April 1, 2024, the Company entered into a second note amendment (the “Second Note Amendment”) to its Secured Notes (as defined below) with the Investors (as defined below). Pursuant to the Second Note Amendment, the Company agreed to make and made a cash payment of $ 5.0 million on April 1, 2024 to redeem approximately $ 4.2 million of aggregate principal amount of the Secured Notes, together with accrued and unpaid interest, and a cash payment of $ 5.5 million on April 15, 2024 to repay approximately $ 4.6 million of principal of the Secured Notes, together with accrued and unpaid interest. In connection with the Second Note Amendment, the Company issued to the Investors warrants to purchase 627,117 shares of the Company’s common stock that became exercisable 45 days after the original issuance date at an exercise price of $ 15.946 per share . The Investors may exercise the Warrants by paying the exercise in cash or by reducing the outstanding principal amount under the Secured Notes by an amount equal to the quotient of (A) the amount of the exercise price divided by (B) 1.20. On April 10, 2024, the Company sold (such sale and issuance, the “BEPO Offering”) an aggregate of: (i) 979,592 shares of common stock and (ii) immediately exercisable warrants to purchase up to 979,592 shares of common stock at $ 12.25 per share . The offering price per share of common stock and accompanying warrant was $ 12.25 and resulted in gross proceeds to the Company of approximately $ 12 million. The Company used the net proceeds from the BEPO Offering primarily for funding working capital and capital expenditures and other general corporate purposes, including repayment of portions of the Company’s Secured Notes. On July 1, 2024, we entered into a third note amendment to the Secured Notes with the Investors (the “Third Note Amendment”). Pursuant to the Third Note Amendment, the Company and the Investors agreed to defer the July 1, 2024 partial redemption payment of $ 10.5 million (the “July Redemption Payment”) over a period of ten equal monthly payments commencing August 1, 2024 . During August 2024 we received extensions from the Investors for the July Redemption Payment through August 16, 2024 . Further, the Company will need to engage in additional financings to fund its operations and satisfy its obligations in the near-term, through at-the-market sales under the ATM Agreement or other financings. The Company is in discussions with multiple financing sources to attempt to secure additional financing. There are no assurances that the Company will be able to obtain financing on acceptable terms, or at all, to provide the necessary interim funding to continue its operations and satisfy its obligations for at least 12 months from the date of issuance of the unaudited condensed consolidated financial statements. In December 2023, the Board of Directors commenced a strategic business review process to explore alternatives in order to maximize stockholder value. Potential strategic alternatives actively being explored or evaluated currently include a potential merger, business combination or sale. There can be no assurance that the Company’s strategic review process will result in any transaction or other strategic outcome on acceptable terms, or at all, to provide the necessary funding to continue its operations and satisfy its obligations and if not, the Company will be required to sell assets, liquidate and/or file for bankruptcy. The Company's strategic review remains ongoing, with the Board of Directors in discussions with multiple parties. The Company’s operational priorities include reliability improvements and system uptime for the products previously sold to its key customers. If the Company is unable to maintain system reliability and uptime consistent with the expectations of key customers the Company will not be able to collect outstanding receivables, a significant portion of which are currently past due with customers, or variable consideration contingent on the future usage of 3D Printer systems and it will not be able to collect on contractual amounts owed which are contingent upon successful completion of site acceptance tests. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies For a detailed discussion about the Company’s significant accounting policies and for further information on significant accounting updates adopted in the prior year, see Note 2, Summary of Significant Accounting Policies , to the audited consolidated financial statements in the 2023 Form 10-K. During the six months ended June 30, 2024, there were no significant updates to the Company’s significant accounting policies other than as described below. Recently Issued Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“ FASB") issued Accounting Standards Update ("ASU") No. 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740): Improvement to Income Tax Disclosures to enhance the transparency and decision usefulness of income tax disclosures. Two primary enhancements related to this ASU include disaggregating existing income tax disclosures relating to the effective tax rate reconciliation and income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. The Company is currently evaluating the impact of this accounting standard update on the Company's condensed consolidated financial statements and related disclosures. |
Basic and Diluted Net Loss per
Basic and Diluted Net Loss per Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Loss per Share | Note 3. Basic and Diluted Net Loss per Share The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to common stockholders: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands, except share and per share data) (In thousands, except share and per share data) Numerator: Net income (loss) $ ( 172 ) $ ( 23,201 ) $ ( 28,486 ) $ ( 59,526 ) Denominator: Basic weighted average shares outstanding 8,475,386 5,659,601 8,015,722 5,598,386 Diluted weighted average shares outstanding 8,475,386 5,659,601 8,015,722 5,598,386 Net income (loss) per share Basic $ ( 0.02 ) $ ( 4.10 ) $ ( 3.55 ) $ ( 10.63 ) Diluted $ ( 0.02 ) $ ( 4.10 ) $ ( 3.55 ) $ ( 10.63 ) The following potentially dilutive shares of common stock equivalents “on an as-converted basis” were excluded from the computation of diluted net loss per share for the periods presented because including them would have had an antidilutive effect: For the Three and Six Months Ended 2024 2023 Common stock warrants 3,111,261 375,571 Common stock options 312,125 435,928 Restricted stock units 545,759 349,348 Total potentially dilutive common share equivalents 3,969,145 1,160,847 Total potentially dilutive common share equivalents for the three and six months ended June 30, 2024 and 2023 excludes 585,488 shares related to the earnout liability as these shares are contingently issuable upon meeting certain triggering events. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 4. Fair Value Measurements The Company’s assets and liabilities that were measured at fair value on a recurring basis were as follows: Fair Value Measured as of June 30, 2024 Level 1 Level 2 Level 3 Total (In thousands) Assets Money market funds (i) $ 2,067 $ — $ — $ 2,067 Corporate bonds (ii) — 699 — 699 Total financial assets $ 2,067 $ 699 $ — $ 2,766 Liabilities Common stock warrant liabilities (Public Warrants) (iii) $ 48 $ — $ — $ 48 Common stock warrant liabilities (Private Placement — — 24 24 Common stock warrant liabilities (2022 Private Warrant) (iii) — — 5 5 Common stock warrant liabilities (RDO Warrants) (iii) — — 2,037 2,037 Common stock warrant liabilities (Placement Agent — — 100 100 Common stock warrant liabilities (2024 Private — — 373 373 Common stock warrant liabilities (BEPO — — 2,236 2,236 Common stock warrant liabilities (BEPO Agent — — 110 110 Contingent earnout liabilities — — 69 69 Total financial liabilities $ 48 $ — $ 4,954 $ 5,002 Fair Value Measured as of December 31, 2023 Level 1 Level 2 Level 3 Total (In thousands) Assets Money market funds (i) $ 3,422 $ — $ — $ 3,422 Corporate bonds (ii) — 6,621 — 6,621 Total financial assets $ 3,422 $ 6,621 $ — $ 10,043 Liabilities Common stock warrant liabilities (Public Warrants) (iii) $ 258 $ — $ — $ 258 Common stock warrant liabilities (Private Placement — — 127 127 Common stock warrant liabilities (2022 Private Warrant) (iii) — — 23 23 Common stock warrant liabilities (RDO Warrants) (iii) — — 10,891 10,891 Common stock warrant liabilities (Placement Agent — — 536 536 Contingent earnout liabilities — — 1,456 1,456 Total financial liabilities $ 258 $ — $ 13,033 $ 13,291 (i) Included in cash and cash equivalents on the condensed consolidated balance sheets. (ii) Included in short-term investments on the condensed consolidated balance sheets. (iii) Included in warrant liabilities on the condensed consolidated balance sheets. For more information regarding the Public Warrants, the Private Placement Warrants, the 2022 Private Warrant, the RDO Warrants, the Placement Agent Warrants, the 2024 Private Warrants, the BEPO Warrants, and the BEPO Agent Warrants, and the Contingent earnout liabilities, see Note 10, Equity Instruments . The aggregate fair value of the Company’s money market funds approximated amortized cost and, as such, there were no unrealized gains or losses on money market funds as of June 30, 2024 and December 31, 2023. Realized gains and losses, net of tax, were not material for any of the periods presented. The following table presents a summary of the changes in the fair value of the Company’s Level 3 financial instruments: Private 2022 Contingent RDO Placement 2024 Private Warrants BEPO Warrants BEPO Agent Warrants (In thousands) Fair value as of January 1, 2024 $ 127 $ 23 $ 1,456 $ 10,891 $ 536 $ — $ — $ — Change in fair value 114 5 437 2,162 108 — — — Fair value as of March 31, 2024 $ 241 $ 28 $ 1,893 $ 13,053 $ 644 $ — $ — $ — Issuance of instruments — — — — — 6,321 9,020 446 Change in fair value ( 217 ) ( 23 ) ( 1,824 ) ( 11,016 ) ( 544 ) ( 5,948 ) ( 6,784 ) ( 336 ) Fair value as of June 30, 2024 $ 24 $ 5 $ 69 $ 2,037 $ 100 $ 373 $ 2,236 $ 110 Private 2022 Contingent RDO Placement 2024 Private Warrants BEPO Warrants BEPO Agent Warrants (In thousands) Fair value as of January 1, 2023 $ 888 $ 109 $ 17,414 $ — $ — $ — $ — $ — Change in fair value 869 37 9,653 — — — — — Fair value as of March 31, 2023 $ 1,757 $ 146 $ 27,067 $ — $ — $ — $ — $ — Change in fair value ( 269 ) ( 6 ) ( 1,843 ) — — — — — Fair value as of June 30, 2023 $ 1,488 $ 140 $ 25,224 $ — $ — $ — $ — $ — The fair value of the private placement warrant liabilities, the 2022 Private Warrant, the contingent earnout liabilities, the RDO Warrants, the Placement Agent Warrants, the 2024 Private Warrants, the BEPO Warrants, and the BEPO Agent Warrants are based on significant unobservable inputs, which represent Level 3 measurements within the fair value hierarchy. In determining the fair value of the Private Placement Warrant liabilities, contingent earnout liabilities, and 2024 Private Warrants, the Company used the Monte Carlo simulation model using a distribution of potential outcomes on a weekly basis over the applicable periods that assumes optimal exercise of the Company’s redemption option at the earliest possible date (see Note 10, Equity Instruments). In determining the fair value of the 2022 Private Warrant, RDO Warrants, Placement Agent Warrants, BEPO Warrants, and BEPO Agent Warrants, the Company used the Black-Scholes option pricing model to estimate the fair value using unobservable inputs including the expected term, expected volatility, risk-free interest rate and dividend yield (see Note 10, Equity Instruments ). |
Investments
Investments | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Note 5. Investments Available-for-sale Investments The following table summarizes the Company’s available-for-sale (“AFS”) investments. These are classified as “Short-term investments” on the condensed consolidated balance sheets. June 30, 2024 Amortized Cost Gross Gross Fair Value (In thousands) Corporate bonds $ 701 $ — $ ( 2 ) $ 699 Total available-for-sale investments $ 701 $ — $ ( 2 ) $ 699 December 31, 2023 Amortized Cost Gross Gross Fair Value (In thousands) Corporate bonds $ 6,717 $ — $ ( 96 ) $ 6,621 Total available-for-sale investments $ 6,717 $ — $ ( 96 ) $ 6,621 The following table presents the breakdown of the AFS investments in an unrealized loss position as of June 30, 2024 and December 31, 2023, respectively. June 30, 2024 December 31, 2023 Fair Value Gross Fair Value Gross (In thousands) Corporate bonds Less than 12 months $ — $ — $ — $ — 12 months or longer 699 ( 2 ) 6,621 ( 96 ) Total $ 699 $ ( 2 ) $ 6,621 $ ( 96 ) There were no material realized gains or losses on AFS investments during the three and six months ended June 30, 2024 and June 30, 2023. All remaining contractual maturities of AFS investments held at June 30, 2024 are as follows: Less than 12 months Greater than 12 months Fair value Gross Fair value Gross (In thousands) Corporate bonds $ 699 $ ( 2 ) $ — $ — Total $ 699 $ ( 2 ) $ — $ — Actual maturities may differ from the contractual maturities because the Company may sell these investments prior to their contractual maturities. |
Balance Sheet Components
Balance Sheet Components | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Balance Sheet Components | Note 6. Balance Sheet Components Accounts Receivable, Net Accounts receivable, net consisted of the following: June 30, December 31, 2024 2023 (In thousands) Trade receivables $ 9,061 $ 10,203 Less: Allowances for credit losses ( 723 ) ( 620 ) Total $ 8,338 $ 9,583 Inventories Inventories consisted of the following: June 30, December 31, 2024 2023 (In thousands) Raw materials $ 42,453 $ 48,488 Work-in-progress 13,712 9,922 Finished goods 3,356 2,406 Total $ 59,521 $ 60,816 Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following: June 30, December 31, 2024 2023 (In thousands) Prepaid insurance and other $ 2,129 $ 2,738 Vendor prepayments 160 1,262 Total $ 2,289 $ 4,000 Property and Equipment, Net Property and equipment, net consisted of the following: June 30, December 31, 2024 2023 (In thousands) Computers and software $ 2,525 $ 2,549 Lab equipment and other equipment 8,018 8,075 Furniture and fixtures 206 206 Leasehold improvements 14,484 14,406 Total property, plant and equipment 25,233 25,236 Less accumulated depreciation and amortization ( 11,047 ) ( 8,910 ) Property, plant and equipment, net $ 14,186 $ 16,326 Depreciation expense for the three months ended June 30, 2024 and 2023 was $ 1.1 million and $ 1.2 million, respectively. Depreciation expense for the six months ended June 30, 2024 and 2023 was $ 2.2 million and $ 2.3 million, respectively. The manufacturing facility operating lease at Campbell (McGlincy) was terminated on March 31, 2023, and is no longer in use. There were no significant asset retirement obligations for McGlincy. The Company’s right-of-use assets and lease liabilities related to McGlincy were amortized in full over the life of the lease. Additionally, the Company exited from its two facilities at Campbell (Division) on December 31, 2023, which are no longer in use, however the lease agreement was not terminated. Other Assets Other assets consisted of the following: June 30, December 31, 2024 2023 (In thousands) Right of use assets $ 9,792 $ 10,672 Non-current contract assets 4,862 5,117 Non-current prepaid expenses and other assets 1,684 1,993 Total Other assets $ 16,338 $ 17,782 Certain balances included in contract assets for prior periods have been reclassified to conform to the current period presentation. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: June 30, December 31, 2024 2023 (In thousands) Accrued expenses $ 2,121 $ 1,948 Accrued salaries and benefits 1,742 2,277 Lease liability – current portion 2,001 2,266 Total Accrued expenses and other current liabilities $ 5,864 $ 6,491 Other Noncurrent Liabilities Other noncurrent liabilities consisted of the following: June 30, December 31, 2024 2023 (In thousands) Lease liabilities – noncurrent portion $ 9,345 $ 10,176 Other noncurrent liabilities 1,632 1,380 Total other noncurrent liabilities $ 10,977 $ 11,556 |
Equipment on Lease, Net
Equipment on Lease, Net | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Equipment on Lease, Net | Note 7. Equipment on Lease, Net The equipment leased to customers had a cost basis of $ 4.6 million and accumulated depreciation of $ 0.7 million as of June 30, 2024. The equipment leased to customers had a cost basis of $ 7.4 million and accumulated depreciation of $ 0.8 million as of December 31, 2023. The total depreciation expense was $ 0.2 million and $ 0.3 million included in cost of revenue for the three months ended June 30, 2024 and 2023, respectively. The total depreciation expense was $ 0.5 million and $ 0.6 million included in cost of revenue for the six months ended June 30, 2024 and 2023, respectively. Lease payments from customers consisted of the following: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) Equipment on lease payments $ 292 $ 35 $ 762 $ 610 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Leases | Note 8. Leases The Company leases its office and manufacturing facilities under four non-cancellable operating leases, including options to extend, which expire between 2024 to 2032. The agreements include a provision for renewal at the then prevailing market rate for terms specified in each lease. As noted above in Note 6, Balance Sheet Components , the manufacturing facility operating lease at Campbell (McGlincy) was terminated during the quarter ended March 31, 2023, and is no longer in use. The Company’s right-of-use assets and lease liabilities related to McGlincy were amortized in full over the life of the lease. Additionally, the Company exited from its two facilities at Campbell (Division) during the quarter ended December 31, 2023, which are no longer in use, however the lease agreements have not been terminated as of June 30, 2024. Total right-of-use (“ROU”) assets and lease liabilities are as follows: June 30, December 31, 2024 2023 (In thousands) Right-of-use assets: Net book value (Other assets) $ 9,792 $ 10,672 Operating lease liabilities: Current (Accrued expense and other current liabilities) $ 1,865 $ 2,153 Noncurrent (Other noncurrent liabilities) 9,159 9,973 11,024 12,126 Financing lease liabilities: Current (Accrued expense and other current liabilities) $ 136 $ 113 Noncurrent (Other noncurrent liabilities) 186 203 $ 322 $ 316 Total lease liabilities $ 11,346 $ 12,442 There were no impairments recorded related to these assets as of June 30, 2024 and December 31, 2023. Information about lease-related balances were as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands, except years and percentages) Operating lease expense $ 746 $ 746 $ 1,492 $ 1,510 Financing lease expense 43 9 92 18 Short-term lease expense 40 66 108 160 Total lease expense $ 829 $ 821 $ 1,692 $ 1,688 Cash paid for leases $ 752 $ 700 $ 1,498 $ 1,406 Weighted – average remaining lease term – operating 7.5 3.6 7.5 3.6 Weighted – average discount rate – operating leases 8.9 % 8.7 % 8.9 % 8.7 % Maturity of operating lease liabilities as of June 30, 2024 are as follows: (In thousands) Remainder of 2024 $ 1,353 2025 2,390 2026 2,430 2027 2,400 2028 2,490 Thereafter 8,779 Total operating lease payments $ 19,842 Less portion representing imputed interest ( 8,818 ) Total operating lease liabilities $ 11,024 Less current portion 1,865 Long-term portion $ 9,159 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 9. Debt Debt consisted of the following: June 30, December 31, 2024 2023 (In thousands) Secured notes $ 24,907 $ 33,516 Deferred financing costs ( 315 ) ( 384 ) Total $ 24,592 $ 33,132 Debt – current portion 24,592 21,191 Long-term debt – less current portion $ — $ 11,941 The Company’s debt consists of Secured Notes entered into with High Trail Investments ON LLC and an affiliated institutional investor (together, the "Investors"). The Secured Notes contain customary affirmative and negative covenants (including covenants that limit the Company’s ability to incur debt, make investments, transfer assets, engage in certain transactions with affiliates and merge with other companies). For a full description of the debt arrangement, see Note 9, Debt , in the audited consolidated financial statements included in the 2023 Form 10-K. Pursuant to the Second Note Amendment, the Company made a cash payment of $ 5.0 million on April 1, 2024 to redeem approximately $ 4.2 million of aggregate principal amount of the Secured Notes, together with accrued and unpaid interest, and made a cash payment of $ 5.5 million on April 15, 2024 to repay approximately $ 4.6 million of principal of the Secured Notes, together with accrued and unpaid interest . On July 1, 2024, we entered into a third note amendment to the Secured Notes with the Investors (the “Third Note Amendment”). Pursuant to the Third Note Amendment, the Company and the Investors agreed to defer the July 1, 2024 partial redemption payment of $ 10.5 million (the “July Redemption Payment”) over a period of ten equal monthly payments commencing August 1, 2024. The July Redemption Payment will be paid monthly at a Repayment Price of $ 1,050,000 with $ 875,000 in aggregate principal amount of the Secured Notes redeemed. In addition to the July Redemption Payment, o n the first day of each three-month period beginning on October 1, 2024 (a “Partial Redemption Date”), the Company will redeem a portion of the principal amount of the Secured Notes at the Repayment Price plus accrued and unpaid interest, unless the Investors cancel or waive such redemption. The aggregate principal amount of the Secured Notes that will be redeemable on a Partial Redemption Date will be $ 8,750,000 for a Repayment Price of $ 10,500,000 . During August 2024 we received extensions from the Investors for the July Redemption Payment through August 16, 2024. The Secured Notes include terms that provide the Investors seniority over other unsecured obligations in any settlement negotiations in the event of liquidation. Additionally, the Secured Notes contain redemption features in the event of default or a fundamental change in control that would make the Secured Notes immediately callable at a predetermined rate as described in the Secured Notes. The redemption features are settled in cash. As of June 30, 2024, the Company has not included the effect of an event of default or the effect of a fundamental change in control in the valuation of the Secured Notes. The Company will continue to monitor the likelihood of these events and associated impact on the valuation of the Secured Notes in future reporting periods. On July 2, 2024, we received a notice of default from the trustee of the Secured Notes, U.S. Bank Trust Company, National Association (the "Trustee") stating that the Company was in violation of Section 4.4 of the the indenture dated as of August 14, 2023 (the “Indenture”) between the Company and the Trustee as of April 29, 2024, due to the Company's failure to timely provide an Officer's Certificate indicating the Company was in compliance with the covenants in the Indenture. On July 3, 2024, we submitted to the Trustee the required documents to cure the covenant non-compliance. On July 9, 2024, we obtained a waiver from the Investors waiving this default, related defaults, and the payment of any accrued default interest in connection with these defaults. The Company incurred deferred financing costs of $ 0.5 million related to the Secured Notes, which were capitalized upon issuance and are being accreted over the term of the Secured Notes using the effective interest rate method with $ 0.1 million and $ 0.2 million amortized to interest expense for the three and six months ended June 30, 2024, respectively. As of June 30, 2024, the remaining unamortized balance of deferred financing costs was $ 0.3 million and were included in Debt — current portion on the balance sheets. Additionally, the Company is accreting discounts of $ 17.8 million and capitalizing to the carrying value of the Secured Notes over the term of the Secured Notes using the effective interest rate method with $ 4.9 million and $ 8.0 million amortized to interest expense for the three and six months ended June 30, 2024, respectively. As of June 30, 2024, the unamortized discount was $ 8.6 million, which includes the difference between the principal and the Repayment Price. For the three months ended June 30, 2024, the Company incurred and paid $ 0.4 million and $ 0.6 million in interest expense, respectively, related to the Secured Notes. For the six months ended June 30, 2024, the Company incurred and paid $ 1.0 million and $ 0.6 million in interest expense, respectively, related to the Secured Notes. The effective interest rate was 98.5 % for the three and six months ended June 30, 2024. The future minimum aggregate payments for the above borrowings are equal to the quarterly payments made using the Repayment Price, are as follows as of June 30, 2024: (In thousands) 2024 $ 21,000 2025 $ 12,500 $ 33,500 |
Equity Instruments
Equity Instruments | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Equity Instruments | Note 10. Equity Instruments Common stock Our authorized share capital consists of 500,000,000 shares of common stock, par value $ 0.00001 per share, and 10,000,000 shares of preferred stock, par value $ 0.00001 per share. As of June 30, 2024 , we had 8,611,219 shares of common stock outstanding.The holders of common stock are entitled to one vote for each share held of record on all matters submitted to a vote of the stockholders but are not entitled to cumulative voting rights, are entitled to receive ratably such dividends as may be declared by the Company’s Board of Directors out of funds legally available therefor subject to preferences that may be applicable to any shares of redeemable convertible preferred stock currently outstanding or issued in the future, are entitled to share ratably in all assets remaining after payment of liabilities and the liquidation preference of any then outstanding redeemable convertible preferred stock in the event of the Company’s liquidation, dissolution, or winding up, have no preemptive rights and no right to convert their common stock into any other securities, and have no redemption or sinking fund provisions applicable to the common stock. April 2024 Securities Purchase Agreement On April 10, 2024, the Company entered into securities purchase agreements (the “BEPO Purchase Agreements”) with certain investors (collectively, the “Purchasers”). The BEPO Purchase Agreements relate to the sale and issuance, on a reasonable best efforts basis (collectively, the “BEPO Offering”), by the Company of an aggregate of: (i) 979,592 shares of the Company’s common stock and (ii) warrants to purchase up to 979,592 shares of common stock (the “BEPO Warrants”). The offering price per share of common stock and the exercise price of the accompanying BEPO Warrants is $ 12.25 . On April 12, 2024, the Company completed the BEPO Offering, resulting in gross proceeds to the Company of approximately $ 12 million. The Company used the net proceeds from the BEPO Offering primarily for funding working capital and capital expenditures and other general corporate purposes, including repayment of a portion of the Company’s Secured Notes. In connection with the BEPO Offering, on April 10, 2024, the Company also entered into a placement agency agreement (the “BEPO Placement Agency Agreement”) with A.G.P./Alliance Global Partners (the “BEPO Placement Agent”). Pursuant to the terms of the BEPO Placement Agency Agreement, the BEPO Placement Agent agreed to arrange for the sale of the shares of common stock and the warrants. The Company paid the BEPO Placement Agent a cash fee equal to 7.0 % of the aggregate purchase price paid by the Purchasers in connection with sales and reimbursed the BEPO Placement Agent for certain of its expenses in an aggregate amount of $ 150,000 . In addition, the Company issued Placement Agent warrants (the “BEPO Agent Warrants”) to purchase such number of shares of common stock equal to 5.0 % of the aggregate number of shares of common stock sold in the BEPO Offering, or an aggregate of 48,980 shares of common stock. The BEPO Agent warrants are exercisable immediately upon issuance and have substantially the same terms as the BEPO Warrants, except that the BEPO Agent Warrants have an exercise price of $ 13.475 per share (representing 110 % of the offering price per share of common stock and accompanying warrant) and will expire five years from the commencement of the sales pursuant to the BEPO Offering. Common Stock Reserved for Future Issuance Shares of common stock reserved for future issuance on an “as if converted” basis were as follows: June 30, December 31, 2024 2023 (share data) Common stock warrants 3,111,261 1,455,574 Shares available for future grant under 2021 Equity Incentive Plan 789,655 844,496 Reserved for At-the-Market offering 80,742 80,742 Reserved for employee stock purchase plan 284,440 210,606 Total shares of common stock reserved 4,266,098 2,591,418 In February 2023, the Company entered into a sales agreement (the "ATM Sales Agreement") with Needham & Company, LLC ("Needham"), as agent, pursuant to which the Company may offer and sell, from time to time through Needham, up to $ 40.0 million shares of its common stock pursuant to a shelf registration statement on Form S-3 (the "Shelf Registration Statement") and the related prospectus supplement and accompanying base prospectus, and in connection therewith, the Company reserved 571,429 shares of common stock for issuance under the ATM Sales Agreement. On January 31, 2024, the Company filed an amendment to the prospectus supplement increasing the aggregate dollar amount of shares available to be sold from time to time pursuant to the ATM Sales Agreement to $ 75 million. During six months ended June 30, 2024 , the Company sold no shares pursuant to the ATM sales agreement. Effective January 1, 2024, pursuant to the evergreen provisions of the Company’s 2021 Equity Incentive Plan (the “2021 EIP”), the Company added an additional 369,170 shares of common stock for issuance under the 2021 EIP and 73,748 shares of common stock for issuance under the 2021 ESPP (as defined below). The shares available for future grant under the 2021 EIP are net of any un-exercised stock options (vested and unvested) and unvested restricted stock units (“RSUs”) outstanding that may convert to common stock in the future upon exercise or vesting as of June 30, 2024 and December 31, 2023. Common Stock Warrant Liabilities In connection with the BEPO Offering, the Company issued BEPO Warrants to purchase up to an aggregate of 979,592 shares of common stock. The BEPO Warrants are immediately exercisable at an exercise price of $ 12.25 per share and will expire on the five year anniversary of the date of issuance. In connection with the BEPO Placement Agency Agreement, we also issued BEPO Agent Warrants to purchase up to 48,980 shares of common stock. The BEPO Agent Warrants are exercisable at an exercise price of $ 13.475 per share and will expire on the five year anniversary of the date of issuance. In connection with the Second Note Amendment, on April 1, 2024, the Company also entered into a letter agreement (the “Letter Agreement”) with the Investors pursuant to which the Company issued to the Investors warrants (the “2024 Private Warrants”) to purchase up to an aggregate of 627,117 shares of Common Stock. The 2024 Private Warrants became exercisable 45 days after the original issuance date (the “Initial Exercise Date”), are exercisable at an exercise price of $ 15.946 per share and will expire on the one year anniversary of the later of (i) the Initial Exercise Date and (ii) the date on which the Resale Registration Statement (as defined in the Letter Agreement) is declared effective by the SEC. The Investors may exercise the 2024 Private Warrants by paying the exercise in cash or by reducing the outstanding principal amount under the Secured Notes by an amount equal to the quotient of (A) the amount of the exercise price divided by (B) 1.20. The 2024 Private Warrants may also be exercised on a cashless basis under certain circumstances. Warrants to purchase an equal number of shares of common stock of 3,111,261 and 1,455,574 were exercisable as of June 30, 2024 and December 31, 2023, respectively. The Private Placement Warrants, the Public Warrants, the 2022 Private Warrant, the RDO Warrants, the Placement Agent Warrants, 2024 Private Warrants, BEPO Warrants, and BEPO Agent Warrants to purchase shares of common stock are liability classified and recorded at fair value on the issue date with periodic remeasurement. Warrants for shares of common stock consisted of the following: June 30, 2024 Issue Date Expiration Number of Exercise Private Placement Warrants - Common Stock 12/02/2020 09/29/2026 127,143 $ 402.50 Public Warrants – Common Stock 12/02/2020 09/29/2026 246,429 $ 402.50 2022 Private Warrant – Common Stock 07/25/2022 07/24/2034 2,000 $ 89.60 RDO Warrants - Common Stock 12/29/2023 12/29/2028 1,028,571 $ 19.78 Placement Agent Warrants - Common Stock 12/29/2023 12/29/2028 51,429 $ 21.75 2024 Private Warrants - Common Stock 4/1/2024 5/16/2025 627,117 $ 15.95 BEPO Warrants - Common Stock 4/12/2024 4/12/2029 979,592 $ 12.25 BEPO Agent Warrants - Common Stock 4/12/2024 4/12/2029 48,980 $ 13.48 3,111,261 December 31, 2023 Issue Date Expiration Number of Exercise Private placement warrants - Common Stock 12/02/2020 09/29/2026 127,143 $ 402.50 Public warrants – Common Stock 12/02/2020 09/29/2026 246,428 $ 402.50 2022 Private Warrant – Common Stock 07/25/2022 07/24/2034 2,000 $ 89.60 RDO Warrants - Common Stock 12/29/2023 12/29/2028 1,028,574 $ 19.78 2023 Placement Agent Warrants - Common Stock 12/29/2023 12/29/2028 51,429 $ 21.75 1,455,574 Warrant Liabilities – Fair Value The issuance of the Private Placement Warrant and Public Warrant liabilities were accounted for as a reverse recapitalization. The 2022 Private Warrant was issued in connection with the Company’s entry into the joinder and fourth loan modification with Silicon Valley Bank. See Note 9, Debt, in the consolidated financial statements included in the 2023 Form 10-K. The liabilities associated with the Private Placement Warrants, 2022 Private Warrants, RDO Warrants, Placement Agent Warrants, 2024 Private Warrants, BEPO Warrants, and BEPO Agent Warrants were subject to remeasurement at each balance sheet date using the Level 3 fair value inputs and the Public Warrants were subject to remeasurement at each balance sheet date using Level 1 fair value inputs for the three and six months ended June 30, 2024 and June 30, 2023. See Note 4, Fair Value Measurements, in this Report for liability classified warrants recorded at fair value. Each Private Placement Warrant is exercisable to purchase one share of common stock at a price of $ 402.50 per share. Subject to certain exceptions, the Private Placement Warrants have terms and provisions that are identical to those of the Public Warrants. The 2022 Private Warrant is exercisable to purchase one share of common stock at a price of $ 89.60 per share and allows cashless exercise in whole or part. The Public Warrants may only be exercised for a whole number of shares. The Public Warrants became exercisable on December 7, 2021. The RDO Warrants are exercisable to purchase one share of common stock at a price of $ 19.78 per warrant share. The Placement Agent Warrants are exercisable to purchase one share of common stock at a price of $ 21.75 per warrant share . The RDO Warrants and Placement Agent Warrants are exercisable until December 29, 2028 and allows cashless exercise in whole or part. Private Placement Warrants – Fair Value Assumptions The fair value assumptions used in the Monte Carlo simulation model for the recurring valuation of the private placement common stock warrant liability were as follows: As of June 30, 2024 As of December 31, 2023 Current stock price $ 3.32 $ 13.92 Expected volatility 100.0 % 105.0 % Risk-free interest rate 4.7 % 4.1 % Dividend rate — % — % Expected Term (years) 2.25 2.75 Expected volatility: The volatility is determined iteratively, such that the concluded value of the Private Placement Warrants are equal to the traded price. Risk-free interest rate: The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for zero-coupon U.S. Treasury notes with maturities corresponding to the expected term of the common stock warrants. Expected dividend yield: The expected dividend rate is zero as the Company currently has no history or expectation of declaring dividends on its common stock. Expected term: The expected term represents the period that the warrants are expected to be outstanding and is determined using the simplified method, which deems the term to be the average of the time to vesting and the contractual life of the common stock warrants. 2022 Private Warrants, RDO Warrants, Placement Agent Warrants - Fair Value Assumptions The fair value assumptions used in the Black-Scholes simulation model for the recurring valuation of the 2022 Private Warrant, the RDO Warrants, and the Placement Agent Warrants liabilities were as follows: As of June 30, 2024 As of December 31, 2023 Current stock price $ 3.32 $ 14.00 Expected volatility 118.6 % 108.3 % Risk-free interest rate 4.4 % - 5.2 % 3.8 % - 3.9 % Dividend rate — % — % Expected Term (years) 4.5 - 10.07 5 - 10.57 Expected volatility: The expected volatility was derived from the implied volatility of the Company’s publicly traded common stock. Risk-free interest rate: The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for zero-coupon U.S. Treasury notes with maturities corresponding to the expected term of the common stock warrants. Expected dividend yield: The expected dividend rate is zero as the Company currently has no history or expectation of declaring dividends on its common stock. Expected term: The expected term represents the period that the warrant is expected to be outstanding and is determined using the simplified method, which deems the term to be the average of the time to vesting and the contractual life of the warrant. 2024 Private Warrants, - Fair Value Assumptions The fair value assumptions used in the Monte Carlo simulation model for the valuation of the 2024 Private Warrants liability was as follows: As of June 30, 2024 Current stock price $ 3.32 Expected volatility 140.8 % Risk-free interest rate 5.4 % Dividend yield — % Expected Term (years) 0.88 Expected volatility: The expected volatility was derived from the implied volatility of the Company’s publicly traded common stock. Risk-free interest rate: The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for zero-coupon U.S. Treasury notes with maturities corresponding to the expected term of the common stock warrants. Expected dividend yield: The expected dividend rate is zero as the Company currently has no history or expectation of declaring dividends on its common stock. Expected term: The expected term represents the period that the warrant is expected to be outstanding and is determined using the simplified method, which deems the term to be the average of the time to vesting and the contractual life of the warrant. BEPO Warrants, BEPO Agent Warrant - Fair Value Assumptions The fair value assumptions used in the Black-Scholes simulation model for the valuation of the BEPO Warrant and the BEPO Agent Warrant liabilities were as follows: As of June 30, 2024 Current stock price $ 3.32 Expected volatility 118.6 % Risk-free interest rate 5.4 % Dividend yield — % Expected Term (years) 4.79 Expected volatility: The expected volatility was derived from the implied volatility of the Company’s publicly traded common stock. Risk-free interest rate: The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for zero-coupon U.S. Treasury notes with maturities corresponding to the expected term of the common stock warrants. Expected dividend yield: The expected dividend rate is zero as the Company currently has no history or expectation of declaring dividends on its common stock. Expected term: The expected term represents the period that the warrant is expected to be outstanding and is determined using the simplified method, which deems the term to be the average of the time to vesting and the contractual life of the warrant. Contingent Earnout Liabilities The contingent earnout liability is for Earnout Shares (as defined below) for pre-closing Legacy Velo3D equity holders (“Eligible Legacy Velo3D Equityholders”). During the time period between September 29, 2021 (the “Closing Date”) and the five -year anniversary of the Closing Date, Eligible Legacy Velo3D Equityholders may receive up to 585,488 shares of common stock (the “Earnout Shares”), which is based on two tranches of 292,744 per tranche. The Earnout Shares issuable to holders of employee stock options are accounted as stock-based compensation expense as they are subject to forfeiture based on the satisfaction of certain employment conditions. See Note 11, Equity Incentive Plans & Stock Based Compensation , for further discussion. See Note 4, Fair Value Measurements, in this Report for the liability for contingent earnout liabilities carried at fair value for the three months ended June 30, 2024 and 2023. Fair Value Assumptions – Contingent Earnout Liabilities Assumptions used in the fair value of the contingent earnout liabilities are described below. As of June 30, 2024 As of December 31, 2023 Current stock price $ 3.32 $ 14.00 Expected volatility 118.7 % 105.0 % Risk-free interest rate 4.7 % 4.1 % Dividend yield — % — % Expected Term (years) 2.25 2.75 Expected volatility: The expected volatility was derived from the implied volatility of the Company’s publicly traded common stock. Risk-free interest rate: The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for zero-coupon U.S. Treasury notes with maturities corresponding to the expected term of the Earnout Shares. Expected dividend yield: The expected dividend rate is zero as the Company currently has no history or expectation of declaring dividends on its common stock. Expected term: The expected term represents the period that the Company’s stock-based awards are expected to be outstanding and is determined using the simplified method, which deems the term to be the average of the time to vesting and the contractual life of the Earnout Shares. |
Equity Incentive Plans and Stoc
Equity Incentive Plans and Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Equity Incentive Plans and Stock-Based Compensation | Note 11. Equity Incentive Plans and Stock-Based Compensation As of June 30, 2024, the Company had a remaining allocated reserve of 789,655 shares of its common stock for issuance under its 2021 Equity Incentive Plan (the “2021 EIP”), which provides for the granting of stock options, restricted stock units (“RSUs”) and stock appreciation rights to employees, directors, and consultants of the Company. As of June 30, 2024, the Company had an allocated reserve of 284,440 shares of its common stock for issuance under its 2021 Employee Stock Purchase Plan (“2021 ESPP”). As of June 30, 2024, the Company had not begun any offering periods for the 2021 ESPP. Stock options Activity under the 2021 EIP is set forth below: Options Weighted- Weighted- (In thousands) (Per share data) (Years) Outstanding as of December 31, 2022 485 $ 18.90 7.3 Granted — $ — Exercised ( 37 ) $ 10.15 Forfeited or expired ( 12 ) $ 21.70 Outstanding as of June 30, 2023 436 $ 19.95 7.4 Options vested and expected to vest as of June 30, 2023 436 $ 19.95 Vested and exercisable as of June 30, 2023 330 $ 23.10 Outstanding as of December 31, 2023 376 $ 21.47 6.2 Granted — $ — Exercised ( 51 ) $ 6.30 Forfeited or expired ( 13 ) $ 28.43 Outstanding as of June 30, 2024 312 $ 23.53 5.9 Options vested and expected to vest as of June 30, 2024 312 $ 23.53 Vested and exercisable as of June 30, 2024 311 $ 23.76 The aggregate intrinsic value of options outstanding was $ 2.0 million and $ 2.3 million, respectively, as of June 30, 2024 and December 31, 2023. As of June 30, 2024, total unrecognized compensation cost related to options was immaterial and is expected to be recognized over a weighted-average period of 0.7 years. For the six months ended June 30, 2024, there were no options granted. Restricted Stock Units The fair value of RSUs under the Company’s 2021 EIP is estimated using the value of the Company’s common stock on the date of grant. The following table summarizes outstanding and expected to vest RSUs as of June 30, 2024 and 2023 and their activity during the six months ended June 30, 2024 and 2023: Number Weighted- Aggregate (In thousands) (Per share data) (In thousands) Balance as of December 31, 2022 275 $ 156.45 Granted 163 73.85 Released ( 47 ) 134.05 Cancelled ( 41 ) 149.45 Balance as of June 30, 2023 350 $ 121.80 $ 26,411 Expected to vest as of June 30, 2023 350 $ 121.80 $ 26,411 Balance as of December 31, 2023 570 $ 68.00 Granted 137 $ 8.30 Released ( 83 ) $ 81.54 Cancelled ( 78 ) $ 66.88 Balance as of June 30, 2024 546 $ 51.13 $ 1,812 Expected to vest as of June 30, 2024 546 $ 51.13 $ 1,812 The aggregate intrinsic value of outstanding RSUs is calculated based on the closing price of the Company’s common stock as of the date outstanding. As of June 30, 2024, there was $ 24.6 million of unrecognized compensation cost, which is expected to be recognized over a weighted average period of approximately 2 . 7 years . As of June 30, 2023, there was $ 37.3 million of unrecognized compensation cost, which is expected to be recognized over a weighted average period of approximately 2.7 years. Earnout Shares– – Employees The Earnout Shares issuable to holders of employee stock options are accounted as stock-based compensation expense as they are subject to forfeiture based on the satisfaction of certain employment conditions. The estimated fair values of the Earnout Shares associated with vested stock options are recognized as an expense and determined by the Monte Carlo simulation valuation model using a distribution of potential outcomes on a monthly basis over the five-year earnout period. The portion of the Earnout Shares associated with unvested stock options are recognized as an expense and considers the vesting continuing employment requirements. Stock-based Compensation Expense The following sets forth the total stock-based compensation expense by type of award included in operating expenses on the statements of operations: Three Months Ended Six Months Ended 2024 2023 2024 2023 (In thousands) Restricted stock units $ 3,101 $ 4,745 $ 6,930 $ 8,803 Stock options 39 119 99 354 Earnout shares–employees 1,107 1,671 2,305 3,614 $ 4,247 $ 6,535 $ 9,334 $ 12,771 The following sets forth the total stock-based compensation expense for the stock options, RSUs, and earnout shares - employees included in cost of revenue and operating expenses on the statements of operations: Three Months Ended Six Months Ended 2024 2023 2024 2023 (In thousands) Cost of 3D Printer $ 269 $ 324 $ 658 $ 518 Cost of Support services 138 120 333 192 Research and development 1,130 2,835 2,680 5,638 Selling and marketing 862 1,585 1,916 3,081 General and administrative 1,848 1,671 3,747 3,342 $ 4,247 $ 6,535 $ 9,334 $ 12,771 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 12. Income Taxes The income tax provision is calculated for an interim period by distinguishing between elements recognized in the income tax provision through applying an estimated annual effective tax rate (the “ETR”) to a measure of year-to-date operating results referred to as “ordinary income (or loss),” and discretely recognizing specific events referred to as “discrete items” as they occur. The income tax provision or benefit for each interim period is the difference between the year-to-date amount for the current period and the year-to date amount for the period prior. Under ASC 740-270-30-36, entities subject to income taxes in multiple jurisdictions should apply one overall ETR instead of separate ETRs for each jurisdiction when calculating the interim-period income tax or benefit related to ordinary income (or loss) for the year-to-date interim period, except in certain circumstances. The Company’s effective tax rates for the three and six months ended June 30, 2024 and 2023 differ from the federal statutory rate principally as a result of valuation allowances expected to be applied to net operating loss carry-forwards which will not meet the threshold for recognition as deferred tax assets. |
Commitment and Contingencies
Commitment and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 13. Commitments and Contingencies The Company may be involved in various lawsuits, claims, and proceedings, including intellectual property, commercial, securities, and employment matters that arise in the normal course of business. The Company accrues a liability when management believes information available prior to the issuance of the condensed consolidated financial statements indicates it is probable a loss has been incurred as of the date of the condensed consolidated financial statements and the amount of loss can be reasonably estimated. The Company adjusts its accruals to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and other information and events pertaining to a particular case. Legal costs are expensed as incurred. As of June 30, 2024 , the Company is not aware of any litigation, claim or assessment in which the outcome, individually or in the aggregate, would have a material adverse effect on its financial positions, results of operations, cash flows or future earnings. The Company’s purchase obligations per terms and conditions with suppliers and vendors are cancellable in whole or in part prior to shipment. Non-cancellable purchase commitments (purchase orders) of $ 12.0 million for parts and assemblies are due upon receipt and are expected to be delivered throughout the remainder of 2024. If inventory is shipped, the Company will accrue a liability under accrued expenses. The Company has no other commitments and contingencies, except for the operating leases. See Note 8, Leases , for further discussion. |
Employee Defined-Contribution P
Employee Defined-Contribution Plans | 6 Months Ended |
Jun. 30, 2024 | |
Retirement Benefits [Abstract] | |
Employee Defined-Contribution Plans | Note 14. Employee Defined-Contribution Plans The Company has a defined-contribution plan intended to qualify under Section 401 of the Internal Revenue Code (the “401(k) Plan”). The Company contracted with a third-party provider to act as a custodian and trustee, and to process and maintain the records of participant data. Substantially all of the expenses incurred for administering the 401(k) Plan are paid by the Company. Accrued salaries and benefits included accruals related to the 401(k) plans the Company offers to its employees. In order to qualify for these plans, employees must meet the minimum age requirement (21 years) and begin participating on their entry date which is the first paycheck date in the month following the month of eligibility described above. Employee and employer contributions are immediately 100 % fully vested. The plans offer employer contributions of 3.0 % of an employee’s eligible compensation following safe-harbor rules. The Company’s contribution to the 401(k) Plan was $ 0.3 million and $ 0.3 million for the three months ended June 30, 2024 and 2023, respectively, and $ 0.5 million and $ 0.7 million for the six months ended June 30, 2024 and 2023, respectively. The Company has paid all matching contributions as of June 30, 2024. |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Note 15. Revenue Customer Concentration The customer concentration for balances greater than 10% of revenues and 10% of accounts receivables, net, respectively, are presented below: Total Revenue Accounts Receivable, Net Three Months Ended June 30, Six Months Ended June 30, June 30, December 31, 2024 2023 2024 2023 2024 2023 (as a percentage) Customer 1 24.0 % —% 25.4 % —% —% —% Customer 2 26.5 % —% 20.1 % <10% <10% <10% Customer 3 16.0 % —% <10% —% 16.9 % —% Customer 4 11.4 % <10% <10% <10% <10% —% Customer 5 <10% 11.5 % <10% 10.4 % <10% <10% Customer 6 <10% <10% <10% <10% 14.0 % 11.2 % Customer 7 <10% <10% <10% 11.3 % <10% <10% Customer 8 <10% 23.4 % <10% 11.3 % <10% <10% Customer 9 <10% 12.1 % <10% <10% <10% <10% Customer 10 <10% 11.3 % <10% <10% —% <10% Revenue by Geographic Area The Company currently sells its products in the geographic regions as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) Americas $ 10,103 $ 20,923 $ 19,476 $ 43,086 Europe 176 4,173 501 8,598 Other 65 38 153 137 Total $ 10,344 $ 25,134 $ 20,130 $ 51,821 Contract Assets and Liabilities There was $ 0.8 million and $ 1.6 million of revenue recognized during the three and six months ended June 30, 2024, respectively, included in contract liabilities as of December 31, 2023. The amount of revenue recognized during the three and six months ended June 30, 2023 included in contract liabilities as of December 31, 2022 was $ 0.9 million and $ 1.8 million, respectively. The change in contract assets reflects the difference in timing between the Company’s satisfaction of remaining performance obligations and the Company’s contractual right to bill its customers. The Company had no material asset impairment charges related to contract assets in the periods presented. Variable Consideration The Company estimates its variable consideration on a quarterly basis based on the latest data available, and adjusts the transaction price accordingly by recording an adjustment to net revenue and contract assets. The Company has recognized the estimate of variable consideration to the extent that it is probable that a significant reversal will not occur as a result of a change in estimation. There was no revenue related to variable consideration during the three ended June 30, 2024 and 2023. There was no revenue related to variable consideration and $ 1.3 million in revenue related to variable consideration for the six months ended June 30, 2024 and 2023, respectively. |
Revision of Previously Issued C
Revision of Previously Issued Condensed Consolidated Financial Statements | 6 Months Ended |
Jun. 30, 2024 | |
Income Statement [Abstract] | |
Revision of Previously Issued Condensed Consolidated Financial Statements | Note 16. Revision of Previously Issued Condensed Consolidated Financial Statements As discussed in Note 1, during the fourth quarter of 2023, the Company identified errors related to revenue, other assets and contract assets which also impacted the interim periods in 2023 as originally presented in the Company’s quarterly reports on Form 10-Q. Additionally, the Company has made adjustments to correct for other previously identified immaterial errors including the classification of stock-based compensation as cost of revenue for the three and six months ended June 30, 2023. The Company concluded that these errors were not material, either individually or in the aggregate, to its previously issued interim condensed consolidated financial statements. There were no changes to previously issued total cash flows generated from (used by) operating, investing, or financing activities for any of the impacted periods. The Company revised the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and six months ended June 30, 2023 to reflect the corrections of these immaterial errors in this Quarterly Report. The impact of the revision is as follows: For the Three Months Ended For the Six Months Ended June 30, 2023 June 30, 2023 As Previously Adjustment As Revised As Previously Adjustment As Revised Revenue 3D Printer $ 23,190 $ — $ 23,190 $ 47,765 $ ( 127 ) $ 47,638 Recurring payment 35 — 35 610 — 610 Support services 1,909 — 1,909 3,573 — 3,573 Total Revenue 25,134 — 25,134 51,948 ( 127 ) 51,821 Cost of revenue 3D Printer 19,728 324 20,052 41,702 518 42,220 Recurring payment 335 — 335 782 — 782 Support services 2,091 120 2,211 3,559 192 3,751 Total cost of revenue 22,154 444 22,598 46,043 710 46,753 Gross profit 2,980 ( 444 ) 2,536 5,905 ( 837 ) 5,068 Operating expenses Research and development 12,454 ( 216 ) 12,238 23,001 ( 346 ) 22,655 Selling and marketing 6,108 — 6,108 12,282 — 12,282 General and administrative 10,124 ( 228 ) 9,896 20,451 ( 364 ) 20,087 Total operating expenses 28,686 ( 444 ) 28,242 55,734 ( 710 ) 55,024 Loss from operations ( 25,706 ) — ( 25,706 ) ( 49,829 ) ( 127 ) ( 49,956 ) Interest expense ( 344 ) — ( 344 ) ( 564 ) — ( 564 ) Gain (loss) on fair value of 828 — 828 ( 1,725 ) — ( 1,725 ) Gain (loss) on fair value of 1,843 — 1,843 ( 7,810 ) — ( 7,810 ) Other income, net 178 — 178 529 — 529 Loss before provision ( 23,201 ) — ( 23,201 ) ( 59,399 ) ( 127 ) ( 59,526 ) Provision for income taxes — — — — — — Net loss ( 23,201 ) — ( 23,201 ) ( 59,399 ) ( 127 ) ( 59,526 ) Net loss per share–basic and diluted $ ( 4.10 ) $ — $ ( 4.10 ) $ ( 10.61 ) $ — $ ( 10.63 ) Shares used in computing net loss per share–basic and diluted 5,659,601 — 5,659,601 5,598,386 — 5,598,386 Net loss $ ( 23,201 ) $ — $ ( 23,201 ) $ ( 59,399 ) $ ( 127 ) $ ( 59,526 ) Net unrealized holding gain 148 — 148 436 — 436 Total comprehensive loss $ ( 23,053 ) $ — $ ( 23,053 ) $ ( 58,963 ) $ ( 127 ) $ ( 59,090 ) |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 17. Subsequent Events Third Note Amendment On July 1, 2024, the Company entered into the Third Note Amendment to the Secured Notes with the Investors. Pursuant to the Third Note Amendment, the Company and the Investors agreed to defer the July Redemption Payment of $ 10.5 million over a period of ten equal monthly payments commencing August 1, 2024 . July Letter Agreement and Warrants In connection with the Third Note Amendment and as consideration for the deferral of the July Redemption Payment, on July 1, 2024, the Company also entered into a letter agreement (the “July Letter Agreement”) with the Investors pursuant to which the Company issued to the Investors warrants to purchase 1,650,000 shares of the Company’s common stock that are exercisable on the issuance date at an exercise price of $ 3.00 per share and expire on the five year anniversary of the date on which the resale registration statement required to be filed by the Company pursurant to the July Letter Agreement is declared effective by the SEC. The Investors may exercise these warrants by paying the exercise in cash or by reducing the outstanding principal amount under the Secured Notes. These warrants may also be exercised on a cashless basis under certain circumstances. The warrants were issued to the Investors, and any shares of common stock issuable upon exercise of the warrants will be issued to the Investors, pursuant to the exemption from securities registration afforded by Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Rule 506(b) of Regulation D as promulgated by the SEC under the Securities Act. Pursuant to the July Letter Agreement, the Company has agreed to file with the SEC a resale registration statement as soon as practicable but in no event later than thirty days after the issuance date of the warrants to register the resale of the shares of common stock underlying the warrants. The July Letter Agreement contains customary representations, warranties and agreements by the Company, indemnification obligations of the Company, and other obligations of the parties. Reduction in Force On August 9, 2024, the Company commenced a reduction in force plan to streamline its business operations, reduce costs and create further operating efficiencies, which affected 63 employees, representing approximately 30 % of the Company’s workforce. In connection with the reduction in force, the Company currently estimates it will incur approximately $ 1.1 million to $ 1.7 million of costs, consisting primarily of personnel expenses such as salaries and wages, one-time severance payments, and other benefits. The majority of the cash payments related to these expenses will be paid out during the fourth quarter of 2024. Warrant Inducement Exercise On August 12, 2024, the Company entered into a warrant inducement (the “Inducement Agreement”) with certain warrant holders (the “Warrant Holders”) which references the warrants (the “Existing Warrants”) registered for sale under the registration statement on Form S-3 (file No. 333-268346) in the amount of 742,857 warrants to purchase shares of the Company’s common stock, par value $ 0.00001 per share. Pursuant to the Inducement Agreement, the holders of the Existing Warrants agreed to reduce the exercise price of their Existing Warrants totaling 742,857 , from $ 19.78 per share to $ 2.28 per share. Additionally, the Company agreed to issue registered warrants with an exercise price of $ 2.28 per share to purchase 1,485,714 shares of Common Stock (the “New Warrants”), pursuant to a warrant agreement (the “New Warrant Agreement”). If exercised in full, the Company will receive aggregate gross proceeds up to approximately $ 1.6 million, before deducting expenses payable by the Company. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the requirements of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial reporting. Intercompany balances and transactions have been eliminated in consolidation. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”) and the related notes, which provide a more complete discussion of the Company’s accounting policies and certain other information. The condensed consolidated balance sheet as of December 31, 2023 has been derived from the audited financial statements of the Company. These unaudited condensed consolidated financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the Company’s financial information. These interim results are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2024, or for any other interim period or for any other future year. On June 10, 2024, the stockholders of the Company approved an amendment to the Company’s Certificate of Incorporation to effect a reverse stock split of the issued and outstanding shares of the Company’s common stock, par value $ 0.00001 per share, at a ratio ranging from 1-for-5 and 1-for-50, with the exact ratio to be set within that range by the Company’s board of directors (the “Board”). On June 10, 2024, the Board approved the reverse stock split at a ratio of 1-for-35 (the “Reverse Stock Split”). On June 12, 2024, the Company filed a Certificate of Amendment (the “Certificate of Amendment”) to the Company's Certificate of Incorporation with the Secretary of State of the State of Delaware to effect the Reverse Stock Split, effective as of June 13, 2024. As a result of the Reverse Stock Split, every 35 shares of the Company's common stock were automatically reclassified and converted into one issued and outstanding share of common stock. No fractional shares were issued in connection with the Reverse Stock Split. Any fractional shares resulting from the Reverse Stock Split were rounded up to the nearest whole share. The par value of the Company’s common stock was not adjusted as a result of the Reverse Stock Split. All of the Company’s share numbers, per share amounts, and related stockholders’ equity (deficit) balances presented herein have been retroactively adjusted to reflect the Reverse Stock Split. In addition, the exercise prices, conversion rates and other terms of the Company’s securities that adjusted pursuant to their terms as a result of the Reverse Stock Split have been presented after giving effect to such adjustments. |
Revision of Previously Issued Consolidated Financial Statements | Revision of Previously Issued Condensed Consolidated Financial Statements During the fourth quarter of 2023, the Company identified a formula error and an incorrect hourly rate used in its calculation of variable consideration and the calculation of sales type leases related to revenue for the year ended December 31, 2022. The Company concluded that the errors were not material, either individually or in the aggregate, to its previously issued consolidated financial statements. Additionally, the Company has revised its previously issued interim condensed consolidated financial statements for the period ended June 30, 2023. Refer to Note 16 for further discussion on the revision of the previously issued condensed consolidated financial statements. |
Notice of Delisting | Notice of Delisting On December 28, 2023, the Company received written notice from the NYSE that the Company was below compliance criteria pursuant to the continued listing standards set forth in Section 802.01C of the NYSE's Listed Company Manual because the average closing price of the Company's common stock was less than $1.00 per share over a consecutive 30 trading-day period. In a letter dated June 28, 2024, the NYSE confirmed that a calculation of the Company’s average stock price for the 30 trading days ended June 28, 2024, indicated that the Company’s stock price was above the NYSE’s minimum requirement of $ 1.00 based on a 30 trading-day average. Accordingly, as of June 28, 2024, the Company was no longer considered below the $ 1.00 continued listing criterion. On July 8, 2024, the Company received written notice (the “Notice ”) from the NYSE that the Company is not in compliance with the continued listing standards set forth in Section 802.01B of the NYSE's Listed Company Manual because its average total market capitalization over a consecutive 30 trading-day period was less than $ 50 million and, at the same time, its stockholders' equity was less than $ 50 million. As of July 5, 2024, the Company’s 30 trading-day average market capitalization was approximately $ 36.6 million and its last reported stockholders’ deficit, as of March 31, 2024, was approximately $ 45.5 million. In accordance with applicable NYSE procedures, within 45 days from receipt of the Notice, the Company intends to submit a plan to the NYSE advising it of the definitive action(s) the Company has taken, is taking, or plans to take that would bring it into compliance with the continued listing standards within 18 months of receipt of the Notice (the “Cure Period”). The NYSE will review the Company’s plan and, within 45 days, make a determination as to whether the Company has made a reasonable demonstration of its ability to come into conformity with the listing standards within the Cure Period. If the NYSE accepts the Company’s plan, the Company’s common stock will continue to be listed and traded on the NYSE during the Cure Period, subject to the Company’s compliance with the other continued listing standards and continued periodic review by the NYSE of the Company’s progress with respect to its plan. The Notice has no immediate impact on the listing of the Company’s common stock, which will continue to be listed and traded on the NYSE during the Cure Period under the common stock trading symbol “VLD”, subject to the Company’s continued compliance with the plan and other listing requirements of the NYSE. The Notice does not affect the Company’s reporting obligations with the SEC. However, failure to satisfy the conditions of the Cure Period or to maintain compliance with other NYSE listing requirements could lead to delisting. |
Going Concern | Going Concern, Financial Condition and Liquidity and Capital Resources The unaudited condensed consolidated financial statements have been prepared on the basis of continuity of operations, the realization of assets and satisfaction of liabilities in the ordinary course of business. The Company has incurred losses from operations and negative cash flows from operations in every year since inception and expects this to continue for the foreseeable future. As of June 30, 2024, the Company had an accumulated deficit of $ 385.5 million and cash and short-term investments on hand of approximately $ 3.2 million . Management believes th at there is a substantial doubt concerning the Company’s ability to continue as a going concern. As of the date of the issuance of these financial statements, the Company does not have sufficient liquidity to meet its operating needs and satisfy its obligations for at least 12 months from the date of issuance of the unaudited condensed consolidated financial statements. As of August 2, 2024, the Company had approximately $ 8.7 million in accounts receivable, $ 1.1 million in cash and short-term investments, $ 17.5 million of accounts payable, and $ 24.6 million in Secured Notes. On April 1, 2024, the Company entered into a second note amendment (the “Second Note Amendment”) to its Secured Notes (as defined below) with the Investors (as defined below). Pursuant to the Second Note Amendment, the Company agreed to make and made a cash payment of $ 5.0 million on April 1, 2024 to redeem approximately $ 4.2 million of aggregate principal amount of the Secured Notes, together with accrued and unpaid interest, and a cash payment of $ 5.5 million on April 15, 2024 to repay approximately $ 4.6 million of principal of the Secured Notes, together with accrued and unpaid interest. In connection with the Second Note Amendment, the Company issued to the Investors warrants to purchase 627,117 shares of the Company’s common stock that became exercisable 45 days after the original issuance date at an exercise price of $ 15.946 per share . The Investors may exercise the Warrants by paying the exercise in cash or by reducing the outstanding principal amount under the Secured Notes by an amount equal to the quotient of (A) the amount of the exercise price divided by (B) 1.20. On April 10, 2024, the Company sold (such sale and issuance, the “BEPO Offering”) an aggregate of: (i) 979,592 shares of common stock and (ii) immediately exercisable warrants to purchase up to 979,592 shares of common stock at $ 12.25 per share . The offering price per share of common stock and accompanying warrant was $ 12.25 and resulted in gross proceeds to the Company of approximately $ 12 million. The Company used the net proceeds from the BEPO Offering primarily for funding working capital and capital expenditures and other general corporate purposes, including repayment of portions of the Company’s Secured Notes. On July 1, 2024, we entered into a third note amendment to the Secured Notes with the Investors (the “Third Note Amendment”). Pursuant to the Third Note Amendment, the Company and the Investors agreed to defer the July 1, 2024 partial redemption payment of $ 10.5 million (the “July Redemption Payment”) over a period of ten equal monthly payments commencing August 1, 2024 . During August 2024 we received extensions from the Investors for the July Redemption Payment through August 16, 2024 . Further, the Company will need to engage in additional financings to fund its operations and satisfy its obligations in the near-term, through at-the-market sales under the ATM Agreement or other financings. The Company is in discussions with multiple financing sources to attempt to secure additional financing. There are no assurances that the Company will be able to obtain financing on acceptable terms, or at all, to provide the necessary interim funding to continue its operations and satisfy its obligations for at least 12 months from the date of issuance of the unaudited condensed consolidated financial statements. In December 2023, the Board of Directors commenced a strategic business review process to explore alternatives in order to maximize stockholder value. Potential strategic alternatives actively being explored or evaluated currently include a potential merger, business combination or sale. There can be no assurance that the Company’s strategic review process will result in any transaction or other strategic outcome on acceptable terms, or at all, to provide the necessary funding to continue its operations and satisfy its obligations and if not, the Company will be required to sell assets, liquidate and/or file for bankruptcy. The Company's strategic review remains ongoing, with the Board of Directors in discussions with multiple parties. The Company’s operational priorities include reliability improvements and system uptime for the products previously sold to its key customers. If the Company is unable to maintain system reliability and uptime consistent with the expectations of key customers the Company will not be able to collect outstanding receivables, a significant portion of which are currently past due with customers, or variable consideration contingent on the future usage of 3D Printer systems and it will not be able to collect on contractual amounts owed which are contingent upon successful completion of site acceptance tests. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“ FASB") issued Accounting Standards Update ("ASU") No. 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740): Improvement to Income Tax Disclosures to enhance the transparency and decision usefulness of income tax disclosures. Two primary enhancements related to this ASU include disaggregating existing income tax disclosures relating to the effective tax rate reconciliation and income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is permitted. The Company is currently evaluating the impact of this accounting standard update on the Company's condensed consolidated financial statements and related disclosures. |
Basic and Diluted Net Loss pe_2
Basic and Diluted Net Loss per Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Loss Per Share | The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to common stockholders: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands, except share and per share data) (In thousands, except share and per share data) Numerator: Net income (loss) $ ( 172 ) $ ( 23,201 ) $ ( 28,486 ) $ ( 59,526 ) Denominator: Basic weighted average shares outstanding 8,475,386 5,659,601 8,015,722 5,598,386 Diluted weighted average shares outstanding 8,475,386 5,659,601 8,015,722 5,598,386 Net income (loss) per share Basic $ ( 0.02 ) $ ( 4.10 ) $ ( 3.55 ) $ ( 10.63 ) Diluted $ ( 0.02 ) $ ( 4.10 ) $ ( 3.55 ) $ ( 10.63 ) |
Schedule of Potentially Dilutive Shares Excluded from Computation of Net Loss Per Share | The following potentially dilutive shares of common stock equivalents “on an as-converted basis” were excluded from the computation of diluted net loss per share for the periods presented because including them would have had an antidilutive effect: For the Three and Six Months Ended 2024 2023 Common stock warrants 3,111,261 375,571 Common stock options 312,125 435,928 Restricted stock units 545,759 349,348 Total potentially dilutive common share equivalents 3,969,145 1,160,847 |
Fair Value Measures and Disclos
Fair Value Measures and Disclosures (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The Company’s assets and liabilities that were measured at fair value on a recurring basis were as follows: Fair Value Measured as of June 30, 2024 Level 1 Level 2 Level 3 Total (In thousands) Assets Money market funds (i) $ 2,067 $ — $ — $ 2,067 Corporate bonds (ii) — 699 — 699 Total financial assets $ 2,067 $ 699 $ — $ 2,766 Liabilities Common stock warrant liabilities (Public Warrants) (iii) $ 48 $ — $ — $ 48 Common stock warrant liabilities (Private Placement — — 24 24 Common stock warrant liabilities (2022 Private Warrant) (iii) — — 5 5 Common stock warrant liabilities (RDO Warrants) (iii) — — 2,037 2,037 Common stock warrant liabilities (Placement Agent — — 100 100 Common stock warrant liabilities (2024 Private — — 373 373 Common stock warrant liabilities (BEPO — — 2,236 2,236 Common stock warrant liabilities (BEPO Agent — — 110 110 Contingent earnout liabilities — — 69 69 Total financial liabilities $ 48 $ — $ 4,954 $ 5,002 Fair Value Measured as of December 31, 2023 Level 1 Level 2 Level 3 Total (In thousands) Assets Money market funds (i) $ 3,422 $ — $ — $ 3,422 Corporate bonds (ii) — 6,621 — 6,621 Total financial assets $ 3,422 $ 6,621 $ — $ 10,043 Liabilities Common stock warrant liabilities (Public Warrants) (iii) $ 258 $ — $ — $ 258 Common stock warrant liabilities (Private Placement — — 127 127 Common stock warrant liabilities (2022 Private Warrant) (iii) — — 23 23 Common stock warrant liabilities (RDO Warrants) (iii) — — 10,891 10,891 Common stock warrant liabilities (Placement Agent — — 536 536 Contingent earnout liabilities — — 1,456 1,456 Total financial liabilities $ 258 $ — $ 13,033 $ 13,291 (i) Included in cash and cash equivalents on the condensed consolidated balance sheets. (ii) Included in short-term investments on the condensed consolidated balance sheets. (iii) Included in warrant liabilities on the condensed consolidated balance sheets. |
Summary of Changes in Fair Value of Level 3 Financial Instruments | The following table presents a summary of the changes in the fair value of the Company’s Level 3 financial instruments: Private 2022 Contingent RDO Placement 2024 Private Warrants BEPO Warrants BEPO Agent Warrants (In thousands) Fair value as of January 1, 2024 $ 127 $ 23 $ 1,456 $ 10,891 $ 536 $ — $ — $ — Change in fair value 114 5 437 2,162 108 — — — Fair value as of March 31, 2024 $ 241 $ 28 $ 1,893 $ 13,053 $ 644 $ — $ — $ — Issuance of instruments — — — — — 6,321 9,020 446 Change in fair value ( 217 ) ( 23 ) ( 1,824 ) ( 11,016 ) ( 544 ) ( 5,948 ) ( 6,784 ) ( 336 ) Fair value as of June 30, 2024 $ 24 $ 5 $ 69 $ 2,037 $ 100 $ 373 $ 2,236 $ 110 Private 2022 Contingent RDO Placement 2024 Private Warrants BEPO Warrants BEPO Agent Warrants (In thousands) Fair value as of January 1, 2023 $ 888 $ 109 $ 17,414 $ — $ — $ — $ — $ — Change in fair value 869 37 9,653 — — — — — Fair value as of March 31, 2023 $ 1,757 $ 146 $ 27,067 $ — $ — $ — $ — $ — Change in fair value ( 269 ) ( 6 ) ( 1,843 ) — — — — — Fair value as of June 30, 2023 $ 1,488 $ 140 $ 25,224 $ — $ — $ — $ — $ — |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Available-for-Sale Investments | The following table summarizes the Company’s available-for-sale (“AFS”) investments. These are classified as “Short-term investments” on the condensed consolidated balance sheets. June 30, 2024 Amortized Cost Gross Gross Fair Value (In thousands) Corporate bonds $ 701 $ — $ ( 2 ) $ 699 Total available-for-sale investments $ 701 $ — $ ( 2 ) $ 699 December 31, 2023 Amortized Cost Gross Gross Fair Value (In thousands) Corporate bonds $ 6,717 $ — $ ( 96 ) $ 6,621 Total available-for-sale investments $ 6,717 $ — $ ( 96 ) $ 6,621 |
Breakdown of Available-for-sale, Unrealized Loss Position, Fair Value | The following table presents the breakdown of the AFS investments in an unrealized loss position as of June 30, 2024 and December 31, 2023, respectively. June 30, 2024 December 31, 2023 Fair Value Gross Fair Value Gross (In thousands) Corporate bonds Less than 12 months $ — $ — $ — $ — 12 months or longer 699 ( 2 ) 6,621 ( 96 ) Total $ 699 $ ( 2 ) $ 6,621 $ ( 96 ) |
Remaining contractual maturities of AFS investments | All remaining contractual maturities of AFS investments held at June 30, 2024 are as follows: Less than 12 months Greater than 12 months Fair value Gross Fair value Gross (In thousands) Corporate bonds $ 699 $ ( 2 ) $ — $ — Total $ 699 $ ( 2 ) $ — $ — |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Accounts Receivable, Net | Accounts receivable, net consisted of the following: June 30, December 31, 2024 2023 (In thousands) Trade receivables $ 9,061 $ 10,203 Less: Allowances for credit losses ( 723 ) ( 620 ) Total $ 8,338 $ 9,583 |
Schedule of Inventories | Inventories consisted of the following: June 30, December 31, 2024 2023 (In thousands) Raw materials $ 42,453 $ 48,488 Work-in-progress 13,712 9,922 Finished goods 3,356 2,406 Total $ 59,521 $ 60,816 |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following: June 30, December 31, 2024 2023 (In thousands) Prepaid insurance and other $ 2,129 $ 2,738 Vendor prepayments 160 1,262 Total $ 2,289 $ 4,000 |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following: June 30, December 31, 2024 2023 (In thousands) Computers and software $ 2,525 $ 2,549 Lab equipment and other equipment 8,018 8,075 Furniture and fixtures 206 206 Leasehold improvements 14,484 14,406 Total property, plant and equipment 25,233 25,236 Less accumulated depreciation and amortization ( 11,047 ) ( 8,910 ) Property, plant and equipment, net $ 14,186 $ 16,326 |
Schedule of Other Assets | Other assets consisted of the following: June 30, December 31, 2024 2023 (In thousands) Right of use assets $ 9,792 $ 10,672 Non-current contract assets 4,862 5,117 Non-current prepaid expenses and other assets 1,684 1,993 Total Other assets $ 16,338 $ 17,782 |
Schedule Of Accrued And Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following: June 30, December 31, 2024 2023 (In thousands) Accrued expenses $ 2,121 $ 1,948 Accrued salaries and benefits 1,742 2,277 Lease liability – current portion 2,001 2,266 Total Accrued expenses and other current liabilities $ 5,864 $ 6,491 |
Schedule of Other Noncurrent Liabilities | Other noncurrent liabilities consisted of the following: June 30, December 31, 2024 2023 (In thousands) Lease liabilities – noncurrent portion $ 9,345 $ 10,176 Other noncurrent liabilities 1,632 1,380 Total other noncurrent liabilities $ 10,977 $ 11,556 |
Equipment on Lease, Net (Tables
Equipment on Lease, Net (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Equipment on Lease, Total Payments | Lease payments from customers consisted of the following: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) Equipment on lease payments $ 292 $ 35 $ 762 $ 610 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Assets and Liabilities | Total right-of-use (“ROU”) assets and lease liabilities are as follows: June 30, December 31, 2024 2023 (In thousands) Right-of-use assets: Net book value (Other assets) $ 9,792 $ 10,672 Operating lease liabilities: Current (Accrued expense and other current liabilities) $ 1,865 $ 2,153 Noncurrent (Other noncurrent liabilities) 9,159 9,973 11,024 12,126 Financing lease liabilities: Current (Accrued expense and other current liabilities) $ 136 $ 113 Noncurrent (Other noncurrent liabilities) 186 203 $ 322 $ 316 Total lease liabilities $ 11,346 $ 12,442 |
Lease-Related Balances | Information about lease-related balances were as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands, except years and percentages) Operating lease expense $ 746 $ 746 $ 1,492 $ 1,510 Financing lease expense 43 9 92 18 Short-term lease expense 40 66 108 160 Total lease expense $ 829 $ 821 $ 1,692 $ 1,688 Cash paid for leases $ 752 $ 700 $ 1,498 $ 1,406 Weighted – average remaining lease term – operating 7.5 3.6 7.5 3.6 Weighted – average discount rate – operating leases 8.9 % 8.7 % 8.9 % 8.7 % |
Future Minimum Operating Lease Payments | Maturity of operating lease liabilities as of June 30, 2024 are as follows: (In thousands) Remainder of 2024 $ 1,353 2025 2,390 2026 2,430 2027 2,400 2028 2,490 Thereafter 8,779 Total operating lease payments $ 19,842 Less portion representing imputed interest ( 8,818 ) Total operating lease liabilities $ 11,024 Less current portion 1,865 Long-term portion $ 9,159 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Debt consisted of the following: June 30, December 31, 2024 2023 (In thousands) Secured notes $ 24,907 $ 33,516 Deferred financing costs ( 315 ) ( 384 ) Total $ 24,592 $ 33,132 Debt – current portion 24,592 21,191 Long-term debt – less current portion $ — $ 11,941 |
Future Minimum Aggregate Payments | The future minimum aggregate payments for the above borrowings are equal to the quarterly payments made using the Repayment Price, are as follows as of June 30, 2024: (In thousands) 2024 $ 21,000 2025 $ 12,500 $ 33,500 |
Equity Instruments (Tables)
Equity Instruments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Schedule of Shares of Common Stock Reserved for Issuance | Shares of common stock reserved for future issuance on an “as if converted” basis were as follows: June 30, December 31, 2024 2023 (share data) Common stock warrants 3,111,261 1,455,574 Shares available for future grant under 2021 Equity Incentive Plan 789,655 844,496 Reserved for At-the-Market offering 80,742 80,742 Reserved for employee stock purchase plan 284,440 210,606 Total shares of common stock reserved 4,266,098 2,591,418 |
Schedule of Warrants for Shares of Stock | Warrants for shares of common stock consisted of the following: June 30, 2024 Issue Date Expiration Number of Exercise Private Placement Warrants - Common Stock 12/02/2020 09/29/2026 127,143 $ 402.50 Public Warrants – Common Stock 12/02/2020 09/29/2026 246,429 $ 402.50 2022 Private Warrant – Common Stock 07/25/2022 07/24/2034 2,000 $ 89.60 RDO Warrants - Common Stock 12/29/2023 12/29/2028 1,028,571 $ 19.78 Placement Agent Warrants - Common Stock 12/29/2023 12/29/2028 51,429 $ 21.75 2024 Private Warrants - Common Stock 4/1/2024 5/16/2025 627,117 $ 15.95 BEPO Warrants - Common Stock 4/12/2024 4/12/2029 979,592 $ 12.25 BEPO Agent Warrants - Common Stock 4/12/2024 4/12/2029 48,980 $ 13.48 3,111,261 December 31, 2023 Issue Date Expiration Number of Exercise Private placement warrants - Common Stock 12/02/2020 09/29/2026 127,143 $ 402.50 Public warrants – Common Stock 12/02/2020 09/29/2026 246,428 $ 402.50 2022 Private Warrant – Common Stock 07/25/2022 07/24/2034 2,000 $ 89.60 RDO Warrants - Common Stock 12/29/2023 12/29/2028 1,028,574 $ 19.78 2023 Placement Agent Warrants - Common Stock 12/29/2023 12/29/2028 51,429 $ 21.75 1,455,574 |
Fair Value Assumptions | The fair value assumptions used in the Monte Carlo simulation model for the recurring valuation of the private placement common stock warrant liability were as follows: As of June 30, 2024 As of December 31, 2023 Current stock price $ 3.32 $ 13.92 Expected volatility 100.0 % 105.0 % Risk-free interest rate 4.7 % 4.1 % Dividend rate — % — % Expected Term (years) 2.25 2.75 As of June 30, 2024 As of December 31, 2023 Current stock price $ 3.32 $ 14.00 Expected volatility 118.6 % 108.3 % Risk-free interest rate 4.4 % - 5.2 % 3.8 % - 3.9 % Dividend rate — % — % Expected Term (years) 4.5 - 10.07 5 - 10.57 As of June 30, 2024 Current stock price $ 3.32 Expected volatility 140.8 % Risk-free interest rate 5.4 % Dividend yield — % Expected Term (years) 0.88 As of June 30, 2024 Current stock price $ 3.32 Expected volatility 118.6 % Risk-free interest rate 5.4 % Dividend yield — % Expected Term (years) 4.79 As of June 30, 2024 As of December 31, 2023 Current stock price $ 3.32 $ 14.00 Expected volatility 118.7 % 105.0 % Risk-free interest rate 4.7 % 4.1 % Dividend yield — % — % Expected Term (years) 2.25 2.75 |
Equity Incentive Plans and St_2
Equity Incentive Plans and Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Option Plan Activity | Activity under the 2021 EIP is set forth below: Options Weighted- Weighted- (In thousands) (Per share data) (Years) Outstanding as of December 31, 2022 485 $ 18.90 7.3 Granted — $ — Exercised ( 37 ) $ 10.15 Forfeited or expired ( 12 ) $ 21.70 Outstanding as of June 30, 2023 436 $ 19.95 7.4 Options vested and expected to vest as of June 30, 2023 436 $ 19.95 Vested and exercisable as of June 30, 2023 330 $ 23.10 Outstanding as of December 31, 2023 376 $ 21.47 6.2 Granted — $ — Exercised ( 51 ) $ 6.30 Forfeited or expired ( 13 ) $ 28.43 Outstanding as of June 30, 2024 312 $ 23.53 5.9 Options vested and expected to vest as of June 30, 2024 312 $ 23.53 Vested and exercisable as of June 30, 2024 311 $ 23.76 |
Schedule of Nonvested Restricted Stock Units Activity | The following table summarizes outstanding and expected to vest RSUs as of June 30, 2024 and 2023 and their activity during the six months ended June 30, 2024 and 2023: Number Weighted- Aggregate (In thousands) (Per share data) (In thousands) Balance as of December 31, 2022 275 $ 156.45 Granted 163 73.85 Released ( 47 ) 134.05 Cancelled ( 41 ) 149.45 Balance as of June 30, 2023 350 $ 121.80 $ 26,411 Expected to vest as of June 30, 2023 350 $ 121.80 $ 26,411 Balance as of December 31, 2023 570 $ 68.00 Granted 137 $ 8.30 Released ( 83 ) $ 81.54 Cancelled ( 78 ) $ 66.88 Balance as of June 30, 2024 546 $ 51.13 $ 1,812 Expected to vest as of June 30, 2024 546 $ 51.13 $ 1,812 |
Schedule of Stock-Based Compensation Expense | The following sets forth the total stock-based compensation expense by type of award included in operating expenses on the statements of operations: Three Months Ended Six Months Ended 2024 2023 2024 2023 (In thousands) Restricted stock units $ 3,101 $ 4,745 $ 6,930 $ 8,803 Stock options 39 119 99 354 Earnout shares–employees 1,107 1,671 2,305 3,614 $ 4,247 $ 6,535 $ 9,334 $ 12,771 The following sets forth the total stock-based compensation expense for the stock options, RSUs, and earnout shares - employees included in cost of revenue and operating expenses on the statements of operations: Three Months Ended Six Months Ended 2024 2023 2024 2023 (In thousands) Cost of 3D Printer $ 269 $ 324 $ 658 $ 518 Cost of Support services 138 120 333 192 Research and development 1,130 2,835 2,680 5,638 Selling and marketing 862 1,585 1,916 3,081 General and administrative 1,848 1,671 3,747 3,342 $ 4,247 $ 6,535 $ 9,334 $ 12,771 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedules of Concentration of Risk | The customer concentration for balances greater than 10% of revenues and 10% of accounts receivables, net, respectively, are presented below: Total Revenue Accounts Receivable, Net Three Months Ended June 30, Six Months Ended June 30, June 30, December 31, 2024 2023 2024 2023 2024 2023 (as a percentage) Customer 1 24.0 % —% 25.4 % —% —% —% Customer 2 26.5 % —% 20.1 % <10% <10% <10% Customer 3 16.0 % —% <10% —% 16.9 % —% Customer 4 11.4 % <10% <10% <10% <10% —% Customer 5 <10% 11.5 % <10% 10.4 % <10% <10% Customer 6 <10% <10% <10% <10% 14.0 % 11.2 % Customer 7 <10% <10% <10% 11.3 % <10% <10% Customer 8 <10% 23.4 % <10% 11.3 % <10% <10% Customer 9 <10% 12.1 % <10% <10% <10% <10% Customer 10 <10% 11.3 % <10% <10% —% <10% |
Revenue by Geographic Area | The Company currently sells its products in the geographic regions as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (In thousands) Americas $ 10,103 $ 20,923 $ 19,476 $ 43,086 Europe 176 4,173 501 8,598 Other 65 38 153 137 Total $ 10,344 $ 25,134 $ 20,130 $ 51,821 |
Revision of Previously Issued_2
Revision of Previously Issued Condensed Consolidated Financial Statements (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Income Statement [Abstract] | |
Schedule of Impact of the Revision | The impact of the revision is as follows: For the Three Months Ended For the Six Months Ended June 30, 2023 June 30, 2023 As Previously Adjustment As Revised As Previously Adjustment As Revised Revenue 3D Printer $ 23,190 $ — $ 23,190 $ 47,765 $ ( 127 ) $ 47,638 Recurring payment 35 — 35 610 — 610 Support services 1,909 — 1,909 3,573 — 3,573 Total Revenue 25,134 — 25,134 51,948 ( 127 ) 51,821 Cost of revenue 3D Printer 19,728 324 20,052 41,702 518 42,220 Recurring payment 335 — 335 782 — 782 Support services 2,091 120 2,211 3,559 192 3,751 Total cost of revenue 22,154 444 22,598 46,043 710 46,753 Gross profit 2,980 ( 444 ) 2,536 5,905 ( 837 ) 5,068 Operating expenses Research and development 12,454 ( 216 ) 12,238 23,001 ( 346 ) 22,655 Selling and marketing 6,108 — 6,108 12,282 — 12,282 General and administrative 10,124 ( 228 ) 9,896 20,451 ( 364 ) 20,087 Total operating expenses 28,686 ( 444 ) 28,242 55,734 ( 710 ) 55,024 Loss from operations ( 25,706 ) — ( 25,706 ) ( 49,829 ) ( 127 ) ( 49,956 ) Interest expense ( 344 ) — ( 344 ) ( 564 ) — ( 564 ) Gain (loss) on fair value of 828 — 828 ( 1,725 ) — ( 1,725 ) Gain (loss) on fair value of 1,843 — 1,843 ( 7,810 ) — ( 7,810 ) Other income, net 178 — 178 529 — 529 Loss before provision ( 23,201 ) — ( 23,201 ) ( 59,399 ) ( 127 ) ( 59,526 ) Provision for income taxes — — — — — — Net loss ( 23,201 ) — ( 23,201 ) ( 59,399 ) ( 127 ) ( 59,526 ) Net loss per share–basic and diluted $ ( 4.10 ) $ — $ ( 4.10 ) $ ( 10.61 ) $ — $ ( 10.63 ) Shares used in computing net loss per share–basic and diluted 5,659,601 — 5,659,601 5,598,386 — 5,598,386 Net loss $ ( 23,201 ) $ — $ ( 23,201 ) $ ( 59,399 ) $ ( 127 ) $ ( 59,526 ) Net unrealized holding gain 148 — 148 436 — 436 Total comprehensive loss $ ( 23,053 ) $ — $ ( 23,053 ) $ ( 58,963 ) $ ( 127 ) $ ( 59,090 ) |
Description of Business and B_2
Description of Business and Basis of Presentation - Narrative (Details) | 1 Months Ended | 6 Months Ended | |||||||||
Jul. 08, 2024 USD ($) | Jul. 05, 2024 USD ($) | Jun. 10, 2024 $ / shares | Jun. 28, 2024 USD ($) | Jun. 30, 2024 USD ($) $ / shares | Aug. 02, 2024 USD ($) | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) $ / shares | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Accumulated deficit | $ 385,523,000 | $ 357,037,000 | |||||||||
Cash and short-term investments | 3,200,000 | ||||||||||
Accounts payable | 14,008,000 | 15,854,000 | |||||||||
Accounts receivable, net | $ 8,338,000 | $ 9,583,000 | |||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.00001 | $ 0.00001 | $ 0.00001 | ||||||||
Reverse Stock Split | 1-for-5 and 1-for-50, with the exact ratio to be set within that range by the Company’s board of directors (the “Board”). On June 10, 2024, the Board approved the reverse stock split at a ratio of 1-for-35 (the “Reverse Stock Split”). On June 12, 2024, the Company filed a Certificate of Amendment (the “Certificate of Amendment”) to the Company's Certificate of Incorporation with the Secretary of State of the State of Delaware to effect the Reverse Stock Split, effective as of June 13, 2024.As a result of the Reverse Stock Split, every 35 shares of the Company's common stock were automatically reclassified and converted into one issued and outstanding share of common stock. | ||||||||||
Reverse stock split ratio | 0.0285 | ||||||||||
Minimum closing bid price of consecutive trading days | $ 1 | ||||||||||
Stockholders' equity | $ 52,119,000 | $ 45,450,000 | $ 68,340,000 | $ 108,417,000 | $ 119,762,000 | $ 138,795,000 | |||||
Subsequent Event | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Cash and short-term investments | $ 1,100,000 | ||||||||||
Accounts payable | 17,500,000 | ||||||||||
Accounts receivable, net | $ 8,700,000 | ||||||||||
Stockholders' equity | $ 50,000,000 | ||||||||||
Average market capitalization | $ 50,000,000 | $ 36,600,000 | |||||||||
Number of consecutive trading days | 30 days | 30 days | |||||||||
Velo3D | |||||||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||||||
Exchange ratio | 0.8149% |
Description of Business and B_3
Description of Business and Basis of Presentation - Going Concern, and Liquidity and Capital Resources (Details) - USD ($) | Aug. 01, 2024 | Jul. 01, 2024 | Apr. 10, 2024 | Aug. 02, 2024 | Jun. 30, 2024 | Apr. 15, 2024 | Apr. 01, 2024 | Dec. 31, 2023 |
Subsequent Event [Line Items] | ||||||||
Accumulated deficit | $ 385,523,000 | $ 357,037,000 | ||||||
Exercise Price per Warrant (in dollars per share) | $ 12.25 | |||||||
Accounts receivable, net | 8,338,000 | 9,583,000 | ||||||
Cash and short-term investments | 3,200,000 | |||||||
Accounts payable | $ 14,008,000 | $ 15,854,000 | ||||||
Second Secured Notes | ||||||||
Subsequent Event [Line Items] | ||||||||
Secured Notes, Cash Payments to Note Holders | $ 5,500,000 | $ 5,000,000 | ||||||
Secured Notes, Aggregate Principal Amount, Repaid | $ 4,600,000 | $ 4,200,000 | ||||||
Class of Warrant or Right, Unissued | 627,117 | |||||||
Exercise Price per Warrant (in dollars per share) | $ 15.946 | |||||||
Securities Purchase Agreement | ||||||||
Subsequent Event [Line Items] | ||||||||
Class of Warrant or Right, Unissued | 979,592 | |||||||
Exercise Price per Warrant (in dollars per share) | $ 12.25 | |||||||
Proceeds from Issuance of Common Stock | $ 12,000,000 | |||||||
Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Accounts receivable, net | $ 8,700,000 | |||||||
Cash and short-term investments | 1,100,000 | |||||||
Accounts payable | 17,500,000 | |||||||
Secured Debt | $ 24,600,000 | |||||||
Subsequent Event | Third Secured Notes | ||||||||
Subsequent Event [Line Items] | ||||||||
Securities purchase agreement, partial redemption payment | $ 10,500,000 | |||||||
Redemption payment, start date | Aug. 01, 2024 | |||||||
Redemption extended payment period, start date | Aug. 16, 2024 |
Basic and Diluted Net Loss pe_3
Basic and Diluted Net Loss per Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Numerator: | ||||
Net income (loss) | $ (172) | $ (23,201) | $ (28,486) | $ (59,526) |
Denominator: | ||||
Basic weighted average shares outstanding | 8,475,386 | 5,659,601 | 8,015,722 | 5,598,386 |
Diluted weighted average shares outstanding | 8,475,386 | 5,659,601 | 8,015,722 | 5,598,386 |
Net income (loss) per share | ||||
Net income (loss) per share basic | $ (0.02) | $ (4.1) | $ (3.55) | $ (10.63) |
Net income (loss) per share Diluted | $ (0.02) | $ (4.1) | $ (3.55) | $ (10.63) |
Basic and Diluted Net Loss pe_4
Basic and Diluted Net Loss per Share - Potentially Dilutive Securities Excluded from Computation (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total potentially dilutive common share equivalents (in shares) | 3,969,145 | 1,160,847 | 3,969,145 | 1,160,847 |
Eligible Velo3D Equityholders | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total potentially dilutive common share equivalents (in shares) | 585,488 | 585,488 | 585,488 | 585,488 |
Common stock warrants | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total potentially dilutive common share equivalents (in shares) | 3,111,261 | 375,571 | 3,111,261 | 375,571 |
Common stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total potentially dilutive common share equivalents (in shares) | 312,125 | 435,928 | 312,125 | 435,928 |
Restricted stock units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total potentially dilutive common share equivalents (in shares) | 545,759 | 349,348 | 545,759 | 349,348 |
Fair Value Measures and Discl_2
Fair Value Measures and Disclosures - Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Assets | ||
Money market funds | $ 2,067 | $ 3,422 |
Fair Value | 699 | 6,621 |
Assets, Fair Value Disclosure | 2,766 | 10,043 |
Liabilities | ||
Contingent earnout liabilities | 69 | 1,456 |
Total financial liabilities | 5,002 | 13,291 |
Corporate bonds | ||
Assets | ||
Fair Value | 699 | 6,621 |
Public | ||
Liabilities | ||
Warrant liabilities | 48 | 258 |
Private Placement | ||
Liabilities | ||
Warrant liabilities | 24 | 127 |
2022 Private Placement Warrants [Member] | ||
Liabilities | ||
Warrant liabilities | 5 | 23 |
2023 Private Placement Warrants A | ||
Liabilities | ||
Warrant liabilities | 2,037 | 10,891 |
2023 Private Placement Warrants B | ||
Liabilities | ||
Warrant liabilities | 100 | 536 |
2024 Private Warrants | ||
Liabilities | ||
Warrant liabilities | 373 | |
BEPO Warrants | ||
Liabilities | ||
Warrant liabilities | 2,236 | |
BEPO Agent Warrants | ||
Liabilities | ||
Warrant liabilities | 110 | |
Level 1 | ||
Assets | ||
Money market funds | 2,067 | 3,422 |
Assets, Fair Value Disclosure | 2,067 | 3,422 |
Liabilities | ||
Contingent earnout liabilities | 0 | 0 |
Total financial liabilities | 48 | 258 |
Level 1 | Corporate bonds | ||
Assets | ||
Fair Value | 0 | 0 |
Level 1 | Public | ||
Liabilities | ||
Warrant liabilities | 48 | 258 |
Level 1 | Private Placement | ||
Liabilities | ||
Warrant liabilities | 0 | 0 |
Level 1 | 2022 Private Placement Warrants [Member] | ||
Liabilities | ||
Warrant liabilities | 0 | 0 |
Level 1 | 2023 Private Placement Warrants A | ||
Liabilities | ||
Warrant liabilities | 0 | 0 |
Level 1 | 2023 Private Placement Warrants B | ||
Liabilities | ||
Warrant liabilities | 0 | 0 |
Level 1 | 2024 Private Warrants | ||
Liabilities | ||
Warrant liabilities | 0 | |
Level 1 | BEPO Warrants | ||
Liabilities | ||
Warrant liabilities | 0 | |
Level 1 | BEPO Agent Warrants | ||
Liabilities | ||
Warrant liabilities | 0 | |
Level 2 | ||
Assets | ||
Money market funds | 0 | 0 |
Assets, Fair Value Disclosure | 699 | 6,621 |
Liabilities | ||
Contingent earnout liabilities | 0 | 0 |
Total financial liabilities | 0 | 0 |
Level 2 | Corporate bonds | ||
Assets | ||
Fair Value | 699 | 6,621 |
Level 2 | Public | ||
Liabilities | ||
Warrant liabilities | 0 | 0 |
Level 2 | Private Placement | ||
Liabilities | ||
Warrant liabilities | 0 | 0 |
Level 2 | 2022 Private Placement Warrants [Member] | ||
Liabilities | ||
Warrant liabilities | 0 | 0 |
Level 2 | 2023 Private Placement Warrants A | ||
Liabilities | ||
Warrant liabilities | 0 | 0 |
Level 2 | 2023 Private Placement Warrants B | ||
Liabilities | ||
Warrant liabilities | 0 | 0 |
Level 2 | 2024 Private Warrants | ||
Liabilities | ||
Warrant liabilities | 0 | |
Level 2 | BEPO Warrants | ||
Liabilities | ||
Warrant liabilities | 0 | |
Level 2 | BEPO Agent Warrants | ||
Liabilities | ||
Warrant liabilities | 0 | |
Level 3 | ||
Assets | ||
Money market funds | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Liabilities | ||
Contingent earnout liabilities | 69 | 1,456 |
Total financial liabilities | 4,954 | 13,033 |
Level 3 | Corporate bonds | ||
Assets | ||
Fair Value | 0 | 0 |
Level 3 | Public | ||
Liabilities | ||
Warrant liabilities | 0 | 0 |
Level 3 | Private Placement | ||
Liabilities | ||
Warrant liabilities | 24 | 127 |
Level 3 | 2022 Private Placement Warrants [Member] | ||
Liabilities | ||
Warrant liabilities | 5 | 23 |
Level 3 | 2023 Private Placement Warrants A | ||
Liabilities | ||
Warrant liabilities | 2,037 | 10,891 |
Level 3 | 2023 Private Placement Warrants B | ||
Liabilities | ||
Warrant liabilities | 100 | $ 536 |
Level 3 | 2024 Private Warrants | ||
Liabilities | ||
Warrant liabilities | 373 | |
Level 3 | BEPO Warrants | ||
Liabilities | ||
Warrant liabilities | 2,236 | |
Level 3 | BEPO Agent Warrants | ||
Liabilities | ||
Warrant liabilities | $ 110 |
Fair Value Measurements - Chang
Fair Value Measurements - Changes in Fair Value of Level 3 Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | |||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Warrant liabilities | Private Placement Warrants [Member] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair value | $ 24 | $ 241 | $ 1,488 | $ 1,757 | $ 127 | $ 888 |
Change in fair value | (217) | 114 | (269) | 869 | ||
Issuance of instruments | 0 | |||||
Warrant liabilities | 2022 Private Placement Warrants [Member] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair value | 5 | 28 | 140 | 146 | 23 | 109 |
Change in fair value | (23) | 5 | (6) | 37 | ||
Issuance of instruments | 0 | |||||
Warrant liabilities | 2023 Private Warrant A [Member] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair value | 2,037 | 13,053 | 0 | 0 | 10,891 | 0 |
Change in fair value | (11,016) | 2,162 | 0 | 0 | ||
Issuance of instruments | 0 | |||||
Warrant liabilities | 2023 Private Warrant B [Member] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair value | 100 | 644 | 0 | 0 | 536 | 0 |
Change in fair value | (544) | 108 | 0 | 0 | ||
Issuance of instruments | 0 | |||||
Warrant liabilities | 2024 Private Warrants | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair value | 373 | 0 | 0 | 0 | 0 | 0 |
Change in fair value | (5,948) | 0 | 0 | 0 | ||
Issuance of instruments | 6,321 | |||||
Warrant liabilities | BEPO Warrants | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair value | 2,236 | 0 | 0 | 0 | 0 | 0 |
Change in fair value | (6,784) | 0 | 0 | 0 | ||
Issuance of instruments | 9,020 | |||||
Warrant liabilities | BEPO Agent Warrants | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair value | 110 | 0 | 0 | 0 | 0 | 0 |
Change in fair value | (336) | 0 | 0 | 0 | ||
Issuance of instruments | 446 | |||||
Contingent Earnout Liability [Member] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair value | 69 | 1,893 | 25,224 | 27,067 | $ 1,456 | $ 17,414 |
Change in fair value | (1,824) | $ 437 | $ (1,843) | $ 9,653 | ||
Issuance of instruments | $ 0 |
Investments - Summary of Availa
Investments - Summary of Available for Sale Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 701 | $ 6,717 |
Gross Unrealized Gain | 0 | 0 |
Gross Unrealized Loss | (2) | (96) |
Fair Value | 699 | 6,621 |
Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 701 | 6,717 |
Gross Unrealized Gain | 0 | 0 |
Gross Unrealized Loss | (2) | (96) |
Fair Value | $ 699 | $ 6,621 |
Investments - Breakdown of Inve
Investments - Breakdown of Investments in Unrealized Loss Position (Details) - Corporate bonds - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value | ||
Less than 12 months | $ 0 | $ 0 |
Total | 699 | 6,621 |
Gross Unrealized Loss | ||
Less than 12 months | 0 | 0 |
Total | (2) | (96) |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer | 699 | 6,621 |
Debt Securities, Available-for-Sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (2) | $ (96) |
Investments - Narrative (Detail
Investments - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Debt securities, available-for-sale, realized gain (loss) | $ 0 | $ 0 | $ 0 | $ 0 |
Investments - Contractual Matur
Investments - Contractual Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | $ 699 | $ 6,621 |
Gross Unrealized Loss | (2) | (96) |
12 months or longer [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 699 | |
Gross Unrealized Loss | (2) | |
Less than 12 months [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 0 | |
Gross Unrealized Loss | 0 | |
Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 699 | 6,621 |
Gross Unrealized Loss | (2) | $ (96) |
Corporate bonds | 12 months or longer [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 699 | |
Gross Unrealized Loss | (2) | |
Corporate bonds | Less than 12 months [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 0 | |
Gross Unrealized Loss | $ 0 |
Balance Sheet Components - Acco
Balance Sheet Components - Accounts Receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Trade receivables | $ 9,061 | $ 10,203 |
Less: Allowances for credit losses | (723) | (620) |
Total | $ 8,338 | $ 9,583 |
Balance Sheet Components - Inve
Balance Sheet Components - Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Raw materials | $ 42,453 | $ 48,488 |
Work-in-progress | 13,712 | 9,922 |
Finished goods | 3,356 | 2,406 |
Total | $ 59,521 | $ 60,816 |
Balance Sheet Components - Prep
Balance Sheet Components - Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Prepaid insurance and other | $ 2,129 | $ 2,738 |
Vendor prepayments | 160 | 1,262 |
Total | $ 2,289 | $ 4,000 |
Balance Sheet Components - Prop
Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Property, Plant and Equipment [Line Items] | |||||
Total property, plant and equipment | $ 25,233 | $ 25,233 | $ 25,236 | ||
Less accumulated depreciation and amortization | (11,047) | (11,047) | (8,910) | ||
Property, plant and equipment, net | 14,186 | 14,186 | 16,326 | ||
Depreciation | 1,100 | $ 1,200 | 2,200 | $ 2,300 | |
Computers and software | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property, plant and equipment | 2,525 | 2,525 | 2,549 | ||
Lab equipment and other equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property, plant and equipment | 8,018 | 8,018 | 8,075 | ||
Furniture and fixtures | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property, plant and equipment | 206 | 206 | 206 | ||
Leasehold improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Total property, plant and equipment | $ 14,484 | $ 14,484 | $ 14,406 |
Balance Sheet Components - Othe
Balance Sheet Components - Other Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Right of use assets | $ 9,792 | $ 10,672 |
Non-current contract assets | 4,862 | 5,117 |
Non-current prepaid expenses and other assets | 1,684 | 1,993 |
Other assets | $ 16,338 | $ 17,782 |
Balance Sheet Components - Accr
Balance Sheet Components - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accrued expenses | $ 2,121 | $ 1,948 |
Accrued salaries and benefits | 1,742 | 2,277 |
Lease liability – current portion | 2,001 | 2,266 |
Total Accrued expenses and other current liabilities | $ 5,864 | $ 6,491 |
Balance Sheet Components - Ot_2
Balance Sheet Components - Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Lease liabilities – noncurrent portion | $ 9,345 | $ 10,176 |
Other noncurrent liabilities | 1,632 | 1,380 |
Total other noncurrent liabilities | $ 10,977 | $ 11,556 |
Equipment on Lease, Net - Narra
Equipment on Lease, Net - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Leases [Abstract] | |||||
Equipment leased to customers, cost basis | $ 4.6 | $ 4.6 | $ 7.4 | ||
Equipment leased to customers, accumulated depreciation | 0.7 | 0.7 | $ 0.8 | ||
Deprecation expense | $ 0.2 | $ 0.3 | $ 0.5 | $ 0.6 |
Equipment on Lease, Net - Lease
Equipment on Lease, Net - Lease Payments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Leases [Abstract] | ||||
Equipment on lease payments | $ 292 | $ 35 | $ 762 | $ 610 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Leases [Abstract] | ||
ROU assets impairment | $ 0 | $ 0 |
Leases - Assets and Liabilities
Leases - Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
Right of use assets | $ 9,792 | $ 10,672 |
Current (Accrued expense and other current liabilities) | 1,865 | 2,153 |
Noncurrent (Other noncurrent liabilities) | 9,159 | 9,973 |
Total operating lease liabilities | 11,024 | 12,126 |
Current (Accrued expense and other current liabilities) | 136 | 113 |
Noncurrent (Other noncurrent liabilities) | 186 | 203 |
Total finance lease liabilities | 322 | 316 |
Total lease liabilities | $ 11,346 | $ 12,442 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued expenses and other current liabilities | Accrued expenses and other current liabilities |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other noncurrent liabilities | Other noncurrent liabilities |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued expenses and other current liabilities | Accrued expenses and other current liabilities |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other noncurrent liabilities | Other noncurrent liabilities |
Leases - Lease-Related Balances
Leases - Lease-Related Balances (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Leases [Abstract] | ||||
Operating lease expense | $ 746 | $ 746 | $ 1,492 | $ 1,510 |
Financing lease expense | 43 | 9 | 92 | 18 |
Short-term lease expense | 40 | 66 | 108 | 160 |
Total lease expense | 829 | 821 | 1,692 | 1,688 |
Cash paid for leases | $ 752 | $ 700 | $ 1,498 | $ 1,406 |
Weighted - average remaining lease term - operating leases (years) | 7 years 6 months | 3 years 7 months 6 days | 7 years 6 months | 3 years 7 months 6 days |
Weighted - average discount rate - operating leases | 8.90% | 8.70% | 8.90% | 8.70% |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Lease, Liability [Abstract] | ||
Remainder of 2024 | $ 1,353 | |
2025 | 2,390 | |
2026 | 2,430 | |
2027 | 2,400 | |
2028 | 2,490 | |
Thereafter | 8,779 | |
Total operating lease payments | 19,842 | |
Less portion representing imputed interest | (8,818) | |
Total operating lease liabilities | 11,024 | $ 12,126 |
Less current portion | 1,865 | 2,153 |
Long-term portion | $ 9,159 | $ 9,973 |
Debt - Components (Details)
Debt - Components (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Deferred financing costs | $ (315) | $ (384) |
Total | 24,592 | 33,132 |
Debt – current portion | 24,592 | 21,191 |
Long-term debt – less current portion | 0 | 11,941 |
Secured Notes | ||
Debt Instrument [Line Items] | ||
Outstanding debt | $ 24,907 | $ 33,516 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jul. 01, 2024 | Apr. 15, 2024 | Apr. 10, 2024 | Apr. 01, 2024 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | |||||||||
Interest Expense | $ 5,463,000 | $ 344,000 | $ 9,360,000 | $ 564,000 | |||||
Deferred finance costs | 315,000 | 315,000 | $ 384,000 | ||||||
Exercise Price per Warrant (in dollars per share) | $ 12.25 | ||||||||
Secured Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Secured Notes, Accreting Discounts | 17,800,000 | 17,800,000 | |||||||
Debt Instrument, Unamortized Discount | 8,600,000 | 8,600,000 | |||||||
Interest Expense, Borrowings | $ 400,000 | $ 1,000,000 | |||||||
Effective interest rate (as a percent) | 98.50% | 98.50% | |||||||
Secured Notes, Accreting Discounts, Amortized to Interest Expense | $ 4,900,000 | $ 8,000,000 | |||||||
Secured Notes, Amortized to Interest Expense | 100,000 | 200,000 | |||||||
Interest Expense | 600,000 | 600,000 | |||||||
Deferred finance costs | 500,000 | 500,000 | |||||||
Long-Term Debt, Current Maturities, Excluding Convertible Notes | $ 300,000 | $ 300,000 | |||||||
Secured Notes | Subsequent Event | |||||||||
Debt Instrument [Line Items] | |||||||||
Securities Purchase Agreement, Repayment Price | $ 1,050,000 | ||||||||
Securities Purchase Agreement, Aggregate Principal Amount of Notes, Partial Redemption | 8,750,000 | ||||||||
Securities purchase agreement, partial redemption payment | 875,000 | ||||||||
Second Secured Notes | |||||||||
Debt Instrument [Line Items] | |||||||||
Secured Notes, Cash Payments to Note Holders | $ 5,500,000 | $ 5,000,000 | |||||||
Secured Notes, Aggregate Principal Amount, Repaid | $ 4,600,000 | $ 4,200,000 | |||||||
Class of Warrant or Right, Unissued | 627,117 | ||||||||
Exercise Price per Warrant (in dollars per share) | $ 15.946 | ||||||||
Third Secured Notes | Subsequent Event | |||||||||
Debt Instrument [Line Items] | |||||||||
Securities purchase agreement, partial redemption payment | $ 10,500,000 |
Debt - Future Minimum Aggregate
Debt - Future Minimum Aggregate Payments (Details) $ in Thousands | Jun. 30, 2024 USD ($) |
Debt Disclosure [Abstract] | |
2024 | $ 21,000 |
2025 | 12,500 |
Long-Term Debt | $ 33,500 |
Equity Instruments - Additional
Equity Instruments - Additional Information (Details) - USD ($) | 1 Months Ended | 6 Months Ended | |||||||
Apr. 12, 2024 | Apr. 10, 2024 | Sep. 29, 2021 | Feb. 28, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 10, 2024 | Dec. 31, 2023 | Dec. 02, 2020 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||||||
Number of Warrants (in shares) | 3,111,261 | 1,455,574 | |||||||
Exercise Price per Warrant (in dollars per share) | $ 12.25 | ||||||||
Change in fair value | $ (22,690,000) | $ 1,725,000 | |||||||
At-the-market offering, company may offer to sell, january 31, 2024 amendment | $ 75,000,000 | ||||||||
Common stock, shares authorized | 500,000,000 | 500,000,000 | |||||||
Common stock, shares issued | 8,611,219 | 7,502,478 | |||||||
Common stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 | $ 0.00001 | ||||||
Preferred stock, shares issued | 10,000,000 | ||||||||
Preferred stock, par value | $ 0.00001 | ||||||||
Common stock, shares outstanding | 8,611,219 | 7,502,478 | |||||||
Number of shares of common stock reserved for issuance (in shares) | 4,266,098 | 2,591,418 | |||||||
ATM Sales Agreement | |||||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||||||
Value of shares sold, may offer and sell up to | $ 40,000,000 | ||||||||
Common stock, shares issued | 0 | ||||||||
Number of shares of common stock reserved for issuance (in shares) | 571,429 | ||||||||
2021 Equity Incentive Plan | |||||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||||||
Number of shares of common stock reserved for issuance (in shares) | 369,170 | ||||||||
2021 Employee Stock Purchase Plan | |||||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||||||
Number of shares of common stock reserved for issuance (in shares) | 73,748 | ||||||||
Securities Purchase Agreement | |||||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||||||
Exercise Price per Warrant (in dollars per share) | $ 12.25 | ||||||||
Class of Warrant or Right, Unissued | 979,592 | ||||||||
Proceeds from Issuance of Common Stock | $ 12,000,000 | ||||||||
April 2024 Securities Purchase Agreement | |||||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||||||
Exercise Price per Warrant (in dollars per share) | $ 12.25 | ||||||||
Number of shares of common stock reserved for issuance (in shares) | 979,592 | ||||||||
Class of Warrant or Right, Unissued | 979,592 | ||||||||
Proceeds from Issuance of Common Stock | $ 12,000,000 | ||||||||
Placement Agency Agreement | |||||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||||||
Placement Agency Agreement, Cash Fee of Aggregate Purchase Price | 7% | ||||||||
Placement agency agreement, certain expenses, reimbursed amount | $ 150,000 | ||||||||
Placement Agency Agreement, Percent, Purchase Number of Shares of Common Stock Sold in Offering | 5% | ||||||||
Placement Agency Agreement, Shares, Purchase Number of Shares of Common Stock Sold in Offering | 48,980 | ||||||||
Placement Agent Warrants, Exercise Price | $ 13.475 | ||||||||
Placement Agent Warrants, Percent, Offering Price Per Share | 110% | ||||||||
Eligible Velo3D Equityholders | |||||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||||||
Earnout period | 5 years | ||||||||
Eligible Velo3D Equityholders | JAWS Spitfire | |||||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||||||
Number of shares that the holders may receive (in shares) | 292,744 | ||||||||
Eligible Velo3D Equityholders | Maximum | JAWS Spitfire | |||||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||||||
Number of shares that the holders may receive (in shares) | 585,488 | ||||||||
Common stock warrants | |||||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||||||
Number of Warrants (in shares) | 3,111,261 | 1,455,574 | |||||||
Private Placement Warrants [Member] | |||||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||||||
Exercise Price per Warrant (in dollars per share) | $ 402.50 | ||||||||
Public Warrants [Member] | |||||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||||||
Number of Warrants (in shares) | 246,429 | 246,428 | |||||||
Exercise Price per Warrant (in dollars per share) | $ 402.50 | $ 402.50 | |||||||
2022 Private Placement Warrants [Member] | |||||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||||||
Number of Warrants (in shares) | 2,000 | 2,000 | |||||||
Exercise Price per Warrant (in dollars per share) | $ 89.6 | $ 89.6 | $ 89.6 | ||||||
2022 Private Placement Warrants [Member] | Maximum | |||||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||||||
Warrants term | 10 years 25 days | 10 years 6 months 25 days | |||||||
2023 Private Warrant A [Member] | |||||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||||||
Number of Warrants (in shares) | 1,028,571 | 1,028,574 | |||||||
Exercise Price per Warrant (in dollars per share) | $ 19.78 | $ 19.78 | |||||||
2023 Private Warrant B [Member] | |||||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||||||
Number of Warrants (in shares) | 51,429 | 51,429 | |||||||
Exercise Price per Warrant (in dollars per share) | $ 21.75 | $ 21.75 | |||||||
2024 Private Warrants [Member] | |||||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||||||
Number of Warrants (in shares) | 627,117 | ||||||||
Exercise Price per Warrant (in dollars per share) | $ 15.946 | ||||||||
Class of Warrant or Right, Unissued | 627,117 | ||||||||
BEPO Warrants | |||||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||||||
Number of Warrants (in shares) | 979,592 | ||||||||
Exercise Price per Warrant (in dollars per share) | $ 12.25 | ||||||||
Class of Warrant or Right, Unissued | 979,592 | ||||||||
BEPO Agent Warrants | |||||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||||||
Number of Warrants (in shares) | 48,980 | ||||||||
Exercise Price per Warrant (in dollars per share) | $ 13.475 | ||||||||
Class of Warrant or Right, Unissued | 48,980 | ||||||||
Common Stock Warrants | |||||||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||||||||
Warrants term | 2 years 3 months | 2 years 9 months |
Equity Instruments - Common Sto
Equity Instruments - Common Stock Reserved for Issuance (Details) - shares | Jun. 30, 2024 | Dec. 31, 2023 |
Class of Stock [Line Items] | ||
Shares of common stock reserved (in shares) | 4,266,098 | 2,591,418 |
2021 Stock Option Plan | ||
Class of Stock [Line Items] | ||
Shares of common stock reserved (in shares) | 789,655 | |
Common stock warrants | ||
Class of Stock [Line Items] | ||
Shares of common stock reserved (in shares) | 3,111,261 | 1,455,574 |
Shares available for future grant under 2021 Equity Incentive Plan | 2021 Stock Option Plan | ||
Class of Stock [Line Items] | ||
Shares of common stock reserved (in shares) | 789,655 | 844,496 |
Reserved for At-the-Market offering | ||
Class of Stock [Line Items] | ||
Shares of common stock reserved (in shares) | 80,742 | 80,742 |
Reserved for employee stock purchase plan | ||
Class of Stock [Line Items] | ||
Shares of common stock reserved (in shares) | 284,440 | 210,606 |
Equity Instruments - Warrants f
Equity Instruments - Warrants for Shares of Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Apr. 10, 2024 | Dec. 02, 2020 | |
Class of Warrant or Right [Line Items] | |||||
Number of Warrants (in shares) | 3,111,261 | 1,455,574 | |||
Exercise Price per Warrant (in dollars per share) | $ 12.25 | ||||
Warrant liabilities | $ 4,933 | $ 11,835 | |||
Change in fair value | $ (22,690) | $ 1,725 | |||
Common stock warrants | |||||
Class of Warrant or Right [Line Items] | |||||
Number of Warrants (in shares) | 3,111,261 | 1,455,574 | |||
Private Warrants [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Issue Date | Dec. 02, 2020 | Dec. 02, 2020 | |||
Expiration Date | Sep. 29, 2026 | Sep. 29, 2026 | |||
Number of Warrants (in shares) | 127,143 | 127,143 | |||
Exercise Price per Warrant (in dollars per share) | $ 402.50 | $ 402.50 | |||
Public Warrants [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Issue Date | Dec. 02, 2020 | Dec. 02, 2020 | |||
Expiration Date | Sep. 29, 2026 | Sep. 29, 2026 | |||
Number of Warrants (in shares) | 246,429 | 246,428 | |||
Exercise Price per Warrant (in dollars per share) | $ 402.50 | $ 402.50 | |||
2022 Private Placement Warrants [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Issue Date | Jul. 25, 2022 | Jul. 25, 2022 | |||
Expiration Date | Jul. 24, 2034 | Jul. 24, 2034 | |||
Number of Warrants (in shares) | 2,000 | 2,000 | |||
Exercise Price per Warrant (in dollars per share) | $ 89.6 | $ 89.6 | $ 89.6 | ||
2023 Private Warrant A [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Issue Date | Dec. 29, 2023 | Dec. 29, 2023 | |||
Expiration Date | Dec. 29, 2028 | Dec. 29, 2028 | |||
Number of Warrants (in shares) | 1,028,571 | 1,028,574 | |||
Exercise Price per Warrant (in dollars per share) | $ 19.78 | $ 19.78 | |||
2023 Private Warrant B [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Issue Date | Dec. 29, 2023 | Dec. 29, 2023 | |||
Expiration Date | Dec. 29, 2028 | Dec. 29, 2028 | |||
Number of Warrants (in shares) | 51,429 | 51,429 | |||
Exercise Price per Warrant (in dollars per share) | $ 21.75 | $ 21.75 | |||
2024 Private Warrants [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Issue Date | Apr. 01, 2024 | ||||
Expiration Date | May 16, 2025 | ||||
Number of Warrants (in shares) | 627,117 | ||||
Exercise Price per Warrant (in dollars per share) | $ 15.946 | ||||
BEPO Warrants | |||||
Class of Warrant or Right [Line Items] | |||||
Issue Date | Apr. 12, 2024 | ||||
Expiration Date | Apr. 12, 2029 | ||||
Number of Warrants (in shares) | 979,592 | ||||
Exercise Price per Warrant (in dollars per share) | $ 12.25 | ||||
BEPO Agent Warrants | |||||
Class of Warrant or Right [Line Items] | |||||
Issue Date | Apr. 12, 2024 | ||||
Expiration Date | Apr. 12, 2029 | ||||
Number of Warrants (in shares) | 48,980 | ||||
Exercise Price per Warrant (in dollars per share) | $ 13.475 |
Equity Instruments - Fair Value
Equity Instruments - Fair Value Assumptions (Details) | Jun. 30, 2024 $ / shares | Dec. 31, 2023 $ / shares |
July 2020 Public Common Stock Warrants | Current stock price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrant, measurement input | 3.32 | 14 |
July 2020 Public Common Stock Warrants | Expected volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrant, measurement input | 1.186 | 1.083 |
July 2020 Public Common Stock Warrants | Dividend rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrant, measurement input | 0 | 0 |
Common Stock Warrants | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants term | 2 years 3 months | 2 years 9 months |
Common Stock Warrants | Current stock price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrant, measurement input | 3.32 | 13.92 |
Common Stock Warrants | Expected volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrant, measurement input | 1 | 1.050 |
Common Stock Warrants | Risk-free interest rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrant, measurement input | 0.047 | 0.041 |
Common Stock Warrants | Dividend rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrant, measurement input | 0 | 0 |
2022 Private Placement Warrants [Member] | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants term | 4 years 6 months | 5 years |
2022 Private Placement Warrants [Member] | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants term | 10 years 25 days | 10 years 6 months 25 days |
2022 Private Placement Warrants [Member] | Risk-free interest rate | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrant, measurement input | 0.044 | 0.038 |
2022 Private Placement Warrants [Member] | Risk-free interest rate | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrant, measurement input | 0.052 | 0.039 |
2024 Private Warrants liability [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants term | 10 months 17 days | |
2024 Private Warrants liability [Member] | Current stock price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrant, measurement input | 3.32 | |
2024 Private Warrants liability [Member] | Expected volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrant, measurement input | 1.408 | |
2024 Private Warrants liability [Member] | Risk-free interest rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrant, measurement input | 0.054 | |
2024 Private Warrants liability [Member] | Dividend rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrant, measurement input | 0 | |
BEPO Warrants and BEPO Agent Warrant liabilities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants term | 4 years 9 months 14 days | |
BEPO Warrants and BEPO Agent Warrant liabilities [Member] | Current stock price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrant, measurement input | 3.32 | |
BEPO Warrants and BEPO Agent Warrant liabilities [Member] | Expected volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrant, measurement input | 1.186 | |
BEPO Warrants and BEPO Agent Warrant liabilities [Member] | Risk-free interest rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrant, measurement input | 0.054 | |
BEPO Warrants and BEPO Agent Warrant liabilities [Member] | Dividend rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrant, measurement input | 0 |
Equity Instruments - Contingent
Equity Instruments - Contingent Earnout Liabilities, Fair Value Assumptions (Details) | Jun. 30, 2024 $ / shares | Dec. 31, 2023 $ / shares |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Expected Term (years) | 2 years 3 months | 2 years 9 months |
Current stock price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Business combination, measurement input | 3.32 | 14 |
Expected volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Business combination, measurement input | 1.187 | 1.050 |
Risk-free interest rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Business combination, measurement input | 0.047 | 0.041 |
Dividend rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Business combination, measurement input | 0 | 0 |
Equity Incentive Plans and St_3
Equity Incentive Plans and Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate intrinsic value of options outstanding | $ 2 | $ 2.3 | |
Granted (in shares) | 0 | 0 | |
Number of shares of common stock reserved for issuance (in shares) | 4,266,098 | 2,591,418 | |
Reserved for employee stock purchase plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares of common stock reserved for issuance (in shares) | 284,440 | 210,606 | |
2021 Stock Option Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares of common stock reserved for issuance (in shares) | 789,655 | ||
2021 Stock Option Plan | Shares available for future grant under 2021 Equity Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares of common stock reserved for issuance (in shares) | 789,655 | 844,496 | |
Restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation cost | $ 24.6 | $ 37.3 | |
Unrecognized compensation cost, period for recognition | 2 years 8 months 12 days | 2 years 8 months 12 days | |
Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation cost, period for recognition | 8 months 12 days |
Equity Incentive Plans and St_4
Equity Incentive Plans and Stock-Based Compensation - Stock Options (Details) - $ / shares | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Options | ||||
Outstanding as of beginning of period (in shares) | 312,000 | 436,000 | 376,000 | 485,000 |
Granted (in shares) | 0 | 0 | ||
Exercised (in shares) | (51,000) | (37,000) | ||
Forfeited or expired (in shares) | (13,000) | (12,000) | ||
Outstanding as of end of period (in shares) | 312,000 | 436,000 | 376,000 | 485,000 |
Options vested and expected to vest as of end of period (in shares) | 312,000 | 436,000 | ||
Vested and exercisable as of end of period (in shares) | 311,000 | 330,000 | ||
Weighted-Average Exercise Price | ||||
Outstanding as of beginning of period (in dollars per share) | $ 21.47 | $ 18.9 | $ 18.9 | |
Granted (in dollars per share) | 0 | 0 | ||
Exercised (in dollars per share) | 6.3 | 10.15 | ||
Forfeited or expired (in dollars per share) | 28.43 | 21.7 | ||
Outstanding as of end of period (in dollars per share) | 23.53 | 19.95 | $ 21.47 | $ 18.9 |
Options vested and expected to vest as of end of period (in dollars per share) | 23.53 | 19.95 | ||
Vested and exercisable as of end of period (in dollars per share) | $ 23.76 | $ 23.1 | ||
Weighted-Average Remaining Contractual Term in years | 5 years 10 months 24 days | 7 years 4 months 24 days | 6 years 2 months 12 days | 7 years 3 months 18 days |
Equity Incentive Plans and St_5
Equity Incentive Plans and Stock-Based Compensation - RSUs Activity (Details) - Restricted stock units - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Number of Shares | ||||
Balance as of beginning of period (in shares) | 570 | 275 | ||
Granted (in shares) | 137 | 163 | ||
Released (in shares) | (83) | (47) | ||
Cancelled (in shares) | (78) | (41) | ||
Balance as of end of period (in shares) | 546 | 350 | ||
Expected to vest (in shares) | 546 | 350 | ||
Weighted-Average Grant Date Fair Value | ||||
Balance as of beginning of period (in dollars per share) | $ 51.13 | $ 121.8 | $ 68 | $ 156.45 |
Granted (in dollars per share) | 8.3 | 73.85 | ||
Released (in dollars per share) | 81.54 | 134.05 | ||
Cancelled (in dollars per share) | 66.88 | 149.45 | ||
Balance as of end of period (in dollars per share) | 51.13 | 121.8 | ||
Expected to vest (in dollars per share) | $ 51.13 | $ 121.8 | ||
Aggregate Intrinsic Value | ||||
Balance as of end of period | $ 1,812 | $ 26,411 | ||
Expected to vest | $ 1,812 | $ 26,411 |
Equity Incentive Plans and St_6
Equity Incentive Plans and Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 4,247 | $ 6,535 | $ 9,334 | $ 12,771 |
Research and development | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 1,130 | 2,835 | 2,680 | 5,638 |
Selling and marketing | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 862 | 1,585 | 1,916 | 3,081 |
General and administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 1,848 | 1,671 | 3,747 | 3,342 |
Cost of 3D Printer | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 269 | 324 | 658 | 518 |
Cost of Support Services | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 138 | 120 | 333 | 192 |
Restricted stock units | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 3,101 | 4,745 | 6,930 | 8,803 |
Employee Stock Option | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 39 | 119 | 99 | 354 |
Earnout shares–employees | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 1,107 | $ 1,671 | $ 2,305 | $ 3,614 |
Commitment and Contingencies (D
Commitment and Contingencies (Details) $ in Millions | Jun. 30, 2024 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Purchase obligation | $ 12 |
Employee Defined-Contribution_2
Employee Defined-Contribution Plans (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Retirement Benefits [Abstract] | ||||
Percentage of contributions that fully vest | 100% | |||
Employer contribution, percentage of employee's eligible compensation | 3% | |||
Contributions | $ 0.3 | $ 0.3 | $ 0.5 | $ 0.7 |
Revenue - Concentration of Cred
Revenue - Concentration of Credit Risk and Other Risks and Uncertainties (Details) - Customer Concentration Risk | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Total Revenue | Customer 1 | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 24% | 25.40% | |||
Total Revenue | Customer 2 | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 26.50% | 20.10% | |||
Total Revenue | Customer 3 | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 16% | ||||
Total Revenue | Customer 4 | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 11.40% | ||||
Total Revenue | Customer 5 | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 11.50% | 10.40% | |||
Total Revenue | Customer 7 | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 11.30% | ||||
Total Revenue | Customer 8 | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 23.40% | 11.30% | |||
Total Revenue | Customer 9 | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 12.10% | ||||
Total Revenue | Customer 10 | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 11.30% | ||||
Accounts Receivable, Net | Customer 3 | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 16.90% | ||||
Accounts Receivable, Net | Customer 6 | |||||
Concentration Risk [Line Items] | |||||
Concentration risk, percentage | 14% | 11.20% |
Revenue - Revenue by Geographic
Revenue - Revenue by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 10,344 | $ 25,134 | $ 20,130 | $ 51,821 |
Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 10,103 | 20,923 | 19,476 | 43,086 |
Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 176 | 4,173 | 501 | 8,598 |
Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 65 | $ 38 | $ 153 | $ 137 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | ||||
Revenue recognized included in contract liabilities | $ 800,000 | $ 900,000 | $ 1,600,000 | $ 1,800,000 |
Sales with Variable Considerations | $ 0 | $ 0 | $ 0 | $ 1,300,000 |
Revision of Previously Issued_3
Revision of Previously Issued Condensed Consolidated Financial Statements - Schedule of Impact of the Revision (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Total Revenue | $ 10,344 | $ 25,134 | $ 20,130 | $ 51,821 |
Cost of revenue | 13,241 | 22,598 | 25,842 | 46,753 |
Gross profit (loss) | (2,897) | 2,536 | (5,712) | 5,068 |
Operating expenses | ||||
Research and development | 4,545 | 12,238 | 9,588 | 22,655 |
Selling and marketing | 4,273 | 6,108 | 9,082 | 12,282 |
General and administrative | 8,805 | 9,896 | 17,588 | 20,087 |
Total operating expenses | 17,623 | 28,242 | 36,258 | 55,024 |
Loss from operations | (20,520) | (25,706) | (41,970) | (49,956) |
Interest expense | (5,463) | (344) | (9,360) | (564) |
Gain (loss) on fair value of warrants | 25,310 | 828 | 22,690 | (1,725) |
Gain (loss) on fair value of contingent earnout liabilities | 1,824 | 1,843 | 1,387 | (7,810) |
Other income, net | (1,327) | 178 | (1,233) | 529 |
Income (loss) before provision for income taxes | (176) | (23,201) | (28,486) | (59,526) |
Provision for income taxes | 4 | 0 | 0 | 0 |
Net income (loss) | $ (172) | $ (23,201) | $ (28,486) | $ (59,526) |
Net loss per share basic | $ (0.02) | $ (4.1) | $ (3.55) | $ (10.63) |
Net loss per share Diluted | $ (0.02) | $ (4.1) | $ (3.55) | $ (10.63) |
Shares used in computing net loss per share basic | 8,475,386 | 5,659,601 | 8,015,722 | 5,598,386 |
Shares used in computing net loss per share diluted | 8,475,386 | 5,659,601 | 8,015,722 | 5,598,386 |
Net income (loss) | $ (172) | $ (23,201) | $ (28,486) | $ (59,526) |
Net unrealized holding gain on available-for-sale investments | 42 | 148 | 94 | 436 |
Total comprehensive income (loss) | (130) | (23,053) | (28,392) | (59,090) |
As Previously Reported | ||||
Total Revenue | 25,134 | 51,948 | ||
Cost of revenue | 22,154 | 46,043 | ||
Gross profit (loss) | 2,980 | 5,905 | ||
Operating expenses | ||||
Research and development | 12,454 | 23,001 | ||
Selling and marketing | 6,108 | 12,282 | ||
General and administrative | 10,124 | 20,451 | ||
Total operating expenses | 28,686 | 55,734 | ||
Loss from operations | (25,706) | (49,829) | ||
Interest expense | (344) | (564) | ||
Gain (loss) on fair value of warrants | 828 | (1,725) | ||
Gain (loss) on fair value of contingent earnout liabilities | 1,843 | (7,810) | ||
Other income, net | 178 | 529 | ||
Income (loss) before provision for income taxes | (23,201) | (59,399) | ||
Provision for income taxes | 0 | 0 | ||
Net income (loss) | $ (23,201) | $ (59,399) | ||
Net loss per share basic | $ (4.1) | $ (10.61) | ||
Net loss per share Diluted | $ (4.1) | $ (10.61) | ||
Shares used in computing net loss per share basic | 5,659,601 | 5,598,386 | ||
Shares used in computing net loss per share diluted | 5,659,601 | 5,598,386 | ||
Net income (loss) | $ (23,201) | $ (59,399) | ||
Net unrealized holding gain on available-for-sale investments | 148 | 436 | ||
Total comprehensive income (loss) | (23,053) | (58,963) | ||
Adjustment | ||||
Total Revenue | 0 | (127) | ||
Cost of revenue | 444 | 710 | ||
Gross profit (loss) | (444) | (837) | ||
Operating expenses | ||||
Research and development | (216) | (346) | ||
Selling and marketing | 0 | 0 | ||
General and administrative | (228) | (364) | ||
Total operating expenses | (444) | (710) | ||
Loss from operations | 0 | (127) | ||
Interest expense | 0 | 0 | ||
Gain (loss) on fair value of warrants | 0 | 0 | ||
Gain (loss) on fair value of contingent earnout liabilities | 0 | 0 | ||
Other income, net | 0 | 0 | ||
Income (loss) before provision for income taxes | 0 | (127) | ||
Provision for income taxes | 0 | 0 | ||
Net income (loss) | $ 0 | $ (127) | ||
Net loss per share basic | $ 0 | $ 0 | ||
Net loss per share Diluted | $ 0 | $ 0 | ||
Shares used in computing net loss per share basic | 0 | 0 | ||
Shares used in computing net loss per share diluted | 0 | 0 | ||
Net income (loss) | $ 0 | $ (127) | ||
Net unrealized holding gain on available-for-sale investments | 0 | 0 | ||
Total comprehensive income (loss) | 0 | (127) | ||
3D Printer | ||||
Revenue from contract with customer | 8,679 | 23,190 | 16,339 | 47,638 |
Cost of revenue | 10,744 | 20,052 | 20,138 | 42,220 |
3D Printer | As Previously Reported | ||||
Revenue from contract with customer | 23,190 | 47,765 | ||
Cost of revenue | 19,728 | 41,702 | ||
3D Printer | Adjustment | ||||
Revenue from contract with customer | 0 | (127) | ||
Cost of revenue | 324 | 518 | ||
Recurring payment | ||||
Recurring Payment | 292 | 35 | 762 | 610 |
Cost of revenue | 232 | 335 | 547 | 782 |
Recurring payment | As Previously Reported | ||||
Recurring Payment | 35 | 610 | ||
Cost of revenue | 335 | 782 | ||
Recurring payment | Adjustment | ||||
Recurring Payment | 0 | 0 | ||
Cost of revenue | 0 | 0 | ||
Support services | ||||
Revenue from contract with customer | 1,373 | 1,909 | 3,029 | 3,573 |
Cost of revenue | $ 2,265 | 2,211 | $ 5,157 | 3,751 |
Support services | As Previously Reported | ||||
Revenue from contract with customer | 1,909 | 3,573 | ||
Cost of revenue | 2,091 | 3,559 | ||
Support services | Adjustment | ||||
Revenue from contract with customer | 0 | 0 | ||
Cost of revenue | $ 120 | $ 192 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) $ / shares in Units, $ in Millions | Aug. 12, 2024 USD ($) $ / shares shares | Jul. 01, 2024 USD ($) $ / shares shares | Aug. 11, 2024 $ / shares | Aug. 09, 2024 USD ($) Employees | Jun. 30, 2024 $ / shares shares | Jun. 10, 2024 $ / shares | Apr. 10, 2024 $ / shares | Dec. 31, 2023 $ / shares shares |
Subsequent Event [Line Items] | ||||||||
Exercise price per warrant (in dollars per share) | $ 12.25 | |||||||
Number of warrants to purchase shares | shares | 3,111,261 | 1,455,574 | ||||||
Common stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 | $ 0.00001 | |||||
Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Reduction in force, employees affected | Employees | 63 | |||||||
Reduction in force, employees affected, percentage | 30% | |||||||
Aggregate gross proceeds from exercise of warrants, before deducting expenses payable | $ | $ 1.6 | |||||||
Subsequent Event [Member] | Existing Warrants [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Exercise price per warrant (in dollars per share) | $ 2.28 | $ 19.78 | ||||||
Number of warrants to purchase shares | shares | 742,857 | |||||||
Common stock, par value (in dollars per share) | $ 0.00001 | |||||||
Subsequent Event [Member] | New Warrants [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Exercise price per warrant (in dollars per share) | $ 2.28 | |||||||
Number of warrants to purchase shares | shares | 1,485,714 | |||||||
Subsequent Event [Member] | Minimum [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Reduction in force, estimated costs incurred | $ | $ 1.1 | |||||||
Subsequent Event [Member] | Maximum [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Reduction in force, estimated costs incurred | $ | $ 1.7 | |||||||
Subsequent Event [Member] | Third Note Amendment [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Redemption payment | $ | $ 10.5 | |||||||
Redemption period, start date | Aug. 01, 2024 | |||||||
Subsequent Event [Member] | July Letter Agreement And Warrants [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Class of Warrant or Right, Unissued | shares | 1,650,000 | |||||||
Exercise price per warrant (in dollars per share) | $ 3 | |||||||
Warrant expiration period | 5 years |