Cover
Cover - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 22, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 214.3 | ||
Entity Common Stock, Shares Outstanding | 261,704,586 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive proxy statement for its 2024 Annual Meeting of Stockholders, or Proxy Statement, to be filed within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K, are incorporated by reference in Part III. Except with respect to information specifically incorporated by reference in this Annual Report, the Proxy Statement shall not be deemed to be filed as part hereof. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001825079 | ||
Document Information [Line Items] | |||
Current Fiscal Year End Date | --12-31 | ||
Common stock, par value $0.00001 per share | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common stock, par value $0.00001 per share | ||
Trading Symbol | VLD | ||
Security Exchange Name | NYSE | ||
Warrants to purchase one share of common stock, each at an exercise price of $11.50 per share | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Warrants to purchase one share of common stock, each at an exercise price of $11.50 per share | ||
Trading Symbol | VLD WS | ||
Security Exchange Name | NYSE |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | San Jose, California |
Auditor Firm ID | 238 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 24,494,000 | $ 31,983,000 |
Short-term investments | 6,621,000 | 48,214,000 |
Accounts receivable, net | 9,583,000 | 9,185,000 |
Inventories | 60,816,000 | 71,202,000 |
Contract assets | 12,627,000 | 5,403,000 |
Prepaid expenses and other current assets | 4,000,000 | 5,533,000 |
Total current assets | 118,141,000 | 171,520,000 |
Property and equipment, net | 16,326,000 | 19,812,000 |
Equipment on lease, net | 6,667,000 | 9,070,000 |
Other assets | 12,665,000 | 22,661,000 |
Total assets | 153,799,000 | 223,063,000 |
Current liabilities: | ||
Accounts payable | 15,854,000 | 12,207,000 |
Accrued expenses and other current liabilities | 6,491,000 | 15,877,000 |
Debt – current portion | 21,191,000 | 2,775,000 |
Contract liabilities | 5,135,000 | 15,194,000 |
Total current liabilities | 48,671,000 | 46,053,000 |
Long-term debt – less current portion | 11,941,000 | 5,422,000 |
Contingent earnout liabilities (Note 10) | 1,456,000 | 17,414,000 |
Warrant liabilities (Note 10) | 11,835,000 | 2,745,000 |
Other noncurrent liabilities | 11,556,000 | 12,634,000 |
Total liabilities | 85,459,000 | 84,268,000 |
Commitments and contingencies (Note 13) | ||
Stockholders' equity (deficit): | ||
Common Stock, Value, Issued | 2,000 | 2,000 |
Additional paid-in capital | 425,471,000 | 361,528,000 |
Accumulated other comprehensive loss | (96,000) | (837,000) |
Accumulated deficit | (357,037,000) | (221,898,000) |
Total stockholders’ equity | 68,340,000 | 138,795,000 |
Total liabilities and stockholders’ equity | $ 153,799,000 | $ 223,063,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in usd per share) | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 500,000,000 | |
Common stock, shares issued | 258,418,695 | 187,561,368 |
Common stock, shares outstanding | 258,418,695 | 187,561,368 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Total Revenue | $ 77,443 | $ 78,706 |
Total cost of revenue | 103,710 | 77,863 |
Gross profit | (26,267) | 843 |
Operating expenses | ||
Research and development | 42,031 | 46,266 |
Selling and marketing | 23,229 | 23,907 |
General and administrative | 41,727 | 36,982 |
Total operating expenses | 106,987 | 107,155 |
Loss from operations | (133,254) | (106,312) |
Interest expense | (9,722) | (372) |
Gain on fair value of warrants | 2,338 | 19,129 |
Gain on fair value of contingent earnout liabilities | 15,958 | 94,073 |
Gain on fair value of debt derivatives | 8,485 | 0 |
Loss on debt extinguishment | (19,450) | 0 |
Other income, net | 506 | 1,451 |
Gain (loss) before provision for income taxes | (135,139) | 7,969 |
Provision for income taxes | 0 | 0 |
Net income (loss) | $ (135,139) | $ 7,969 |
Net income (loss) per share: | ||
Basic (in dollars per share) | $ (0.68) | $ 0.04 |
Diluted (in dollars per share) | $ (0.68) | $ 0.04 |
Denominator: | ||
Basic weighted average shares outstanding | 197,358,751 | 185,079,101 |
Diluted weighted average shares outstanding | 197,358,751 | 202,174,903 |
Net income (loss) | $ (135,139) | $ 7,969 |
Net unrealized holding gain (loss) on available-for-sale investments | 741 | (823) |
Total comprehensive income (loss) | (134,398) | 7,146 |
3D Printer | ||
Revenue from contract with customer | 68,938 | 69,295 |
Total cost of revenue | 94,448 | 68,253 |
Recurring payment | ||
Recurring payment | 1,676 | 4,161 |
Total cost of revenue | 1,291 | 2,612 |
Support services | ||
Revenue from contract with customer | 6,829 | 5,250 |
Total cost of revenue | $ 7,971 | $ 6,998 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flows from operating activities | ||
Net income (loss) | $ (135,139) | $ 7,969 |
Adjustments to reconcile net income (loss) to net cash used in operating activities | ||
Depreciation and amortization | 9,310 | 5,290 |
Stock-based compensation | 24,931 | 20,148 |
Gain on fair value of warrants | (2,338) | (19,129) |
Gain on fair value of contingent earnout liabilities | (15,958) | (94,073) |
Gain on fair value of debt derivatives | (8,485) | 0 |
Loss on debt extinguishment | 19,450 | 0 |
Cost of issuance of common stock warrants | 1,357 | 0 |
Realized loss on available for sale securities | 14 | 0 |
Changes in assets and liabilities | ||
Accounts receivable | (398) | 3,593 |
Inventories | 13,728 | (47,017) |
Contract assets | (7,224) | (5,129) |
Prepaid expenses and other current assets | 2,795 | 6,142 |
Other assets | 10,153 | (592) |
Accounts payable | 2,211 | 2,341 |
Accrued expenses and other liabilities | (9,038) | 6,362 |
Contract liabilities | (10,059) | (7,058) |
Other noncurrent liabilities | (946) | (2,809) |
Net cash used in operating activities | (105,636) | (123,962) |
Cash flows from investing activities | ||
Purchase of property and equipment | (1,046) | (13,822) |
Production of equipment for lease to customers | (2,164) | (5,595) |
Purchases of available-for-sale investments | (3,655) | (87,655) |
Sales of available for sale securities | 10,664 | 0 |
Proceeds from maturity of available for sale investments | 35,092 | 54,050 |
Net cash provided by (used in) investing activities | 38,891 | (53,022) |
Cash flows from financing activities | ||
Proceeds from loan refinance, net of issuance costs | 0 | 6,664 |
Repayment of loans in connection with loan refinance | 0 | (8,089) |
Proceeds from ATM offering, net of issuance costs | 22,805 | 0 |
Proceeds from revolving credit line | 14,000 | 0 |
Repayment of revolving credit line | (17,000) | 0 |
Proceeds from equipment loans | 1,600 | 2,400 |
Repayment of equipment loans | (6,956) | (889) |
Proceeds from secured convertible notes, net of issuance costs | 65,736 | 0 |
Repayment of secured convertible notes | 69,886 | 0 |
Proceeds from secured notes, net of issuance costs | 57,114 | 0 |
Repayment of secured notes | (25,000) | 0 |
Proceeds from capital raise, net of issuance costs | 16,287 | 0 |
Issuance of common stock upon exercise of stock options | 561 | 1,256 |
Net cash provided by financing activities | 59,261 | 1,342 |
Effect of exchange rate on cash and cash equivalents | (5) | 23 |
Net change in cash and cash equivalents | (7,489) | (175,619) |
Cash and cash equivalents and restricted cash at beginning of period | 32,783 | 208,402 |
Cash and cash equivalents and restricted cash at end of period | 25,294 | 32,783 |
Supplemental disclosure of cash flow information | ||
Cash paid for interest | 9,722 | 372 |
Supplemental disclosure of non-cash information | ||
Unpaid liabilities related to property and equipment | 92 | 0 |
Equipment for lease to customers returned to inventory | 3,375 | 2,619 |
Issuance of common stock warrants in connection with capital raise | 11,428 | 0 |
Issuance of common stock warrants in connection with financing | 0 | 170 |
Cash and Cash Equivalents and Restricted Cash | ||
Cash and cash equivalents | 24,494 | 31,983 |
Restricted cash | 800 | 800 |
Total cash and cash equivalents, and restricted cash | $ 25,294 | $ 32,783 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders’ Equity (Deficit) - USD ($) | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive (Loss) | Accumulated Deficit |
Balance as of beginning of period (in shares) at Dec. 31, 2021 | 183,232,494 | ||||
Balance as of beginning of period at Dec. 31, 2021 | $ 110,415,000 | $ 2,000 | $ 340,294,000 | $ (14,000) | $ (229,867,000) |
Balance as of end of period at Mar. 31, 2022 | 49,321,000 | ||||
Balance as of beginning of period (in shares) at Dec. 31, 2021 | 183,232,494 | ||||
Balance as of beginning of period at Dec. 31, 2021 | $ 110,415,000 | $ 2,000 | 340,294,000 | (14,000) | (229,867,000) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock upon exercise of stock options (in shares) | 2,981,000 | 2,980,626 | |||
Issuance of common stock upon exercise of stock options | $ 1,256,000 | 1,256,000 | |||
Stock-based compensation | 20,148,000 | $ 1,348,248 | 20,148,000 | ||
Adjustments to Additional Paid in Capital, Warrant Issued | (170,000) | (170,000) | |||
Net income (loss) | 7,969,000 | 7,969,000 | |||
Other comprehensive loss | (823,000) | (823,000) | |||
Balance as of end of period (in shares) at Dec. 31, 2022 | 187,561,368 | ||||
Balance as of end of period at Dec. 31, 2022 | 138,795,000 | $ 2,000 | 361,528,000 | (837,000) | (221,898,000) |
Balance as of beginning of period at Mar. 31, 2022 | 49,321,000 | ||||
Balance as of end of period at Jun. 30, 2022 | 181,688,000 | ||||
Balance as of end of period at Sep. 30, 2022 | 110,797,000 | ||||
Balance as of end of period (in shares) at Dec. 31, 2022 | 187,561,368 | ||||
Balance as of end of period at Dec. 31, 2022 | 138,795,000 | $ 2,000 | 361,528,000 | (837,000) | (221,898,000) |
Balance as of end of period at Mar. 31, 2023 | 119,762,000 | ||||
Balance as of beginning of period (in shares) at Dec. 31, 2022 | 187,561,368 | ||||
Balance as of beginning of period at Dec. 31, 2022 | $ 138,795,000 | $ 2,000 | 361,528,000 | (837,000) | (221,898,000) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock upon exercise of stock options (in shares) | 2,204,000 | 2,190,061 | |||
Issuance of common stock upon exercise of stock options | $ 561,000 | 561,000 | |||
Stock-based compensation | 24,931,000 | $ 5,493,207 | 24,931,000 | ||
Shares Issued, Shares, Share-Based Payment Arrangement, At-the-Market Offering, Net of Issuance Costs | 17,174,059 | ||||
Adjustments to Additional Paid in Capital, At-the-Market offering, net of issuance costs | 22,805,000 | 22,805,000 | |||
Shares Issued, Shares, Share-Based Payment Arrangement, Capital Raise, Net of Issuance Costs | 36,000,000 | ||||
Issuance of common stock in connection with capital raise, net of issuance costs | 6,216,000 | 6,216,000 | |||
Shares Issued, Shares, Share-Based Payment Arrangement, Debt Exinguishment | 10,000,000 | ||||
Issuance of common stock in connection with debt extinguishment | 9,430,000 | 9,430,000 | |||
Net income (loss) | (135,139,000) | (135,139,000) | |||
Other comprehensive loss | 741,000 | 741,000 | |||
Balance as of end of period (in shares) at Dec. 31, 2023 | 258,418,695 | ||||
Balance as of end of period at Dec. 31, 2023 | 68,340,000 | $ 2,000 | 425,471,000 | (96,000) | (357,037,000) |
Balance as of beginning of period at Mar. 31, 2023 | 119,762,000 | ||||
Balance as of end of period at Jun. 30, 2023 | 108,417,000 | ||||
Balance as of end of period at Sep. 30, 2023 | 98,709,000 | ||||
Balance as of end of period (in shares) at Dec. 31, 2023 | 258,418,695 | ||||
Balance as of end of period at Dec. 31, 2023 | $ 68,340,000 | $ 2,000 | $ 425,471,000 | $ (96,000) | $ (357,037,000) |
Consolidated Statements of Op_2
Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
Previously Reported [Member] | ||||||||
Total Revenue | $ 23,808 | $ 25,134 | $ 26,814 | $ 29,780 | $ 19,115 | $ 19,644 | $ 12,218 | |
Total cost of revenue | 22,320 | 22,154 | 23,889 | 28,012 | 19,236 | 18,412 | 12,203 | |
Gross profit | 1,488 | 2,980 | 2,925 | 1,768 | (121) | 1,232 | 15 | |
Research and development | 9,819 | 12,454 | 10,547 | 7,828 | 12,558 | 12,965 | 12,915 | |
Selling and marketing | 5,772 | 6,108 | 6,174 | 6,043 | 5,632 | 6,249 | 5,983 | |
General and administrative | 11,118 | 10,124 | 10,327 | 9,791 | 9,642 | 8,259 | 9,290 | |
Operating Expenses | 26,709 | 28,686 | 27,048 | 23,662 | 27,832 | 27,473 | 28,188 | |
Operating Income (Loss) | (25,221) | (25,706) | (24,123) | (21,894) | (27,953) | (26,241) | (28,173) | |
Interest expense | (1,107) | (344) | (220) | (10) | (129) | (92) | (141) | |
Gain (Loss) On Fair Value Of Warrants | 1,587 | 828 | (2,553) | 8,090 | (6,612) | 23,665 | (6,014) | |
Gain on fair value of contingent earnout liabilities | 10,810 | 1,843 | (9,653) | 35,963 | (40,885) | 130,227 | (31,232) | |
Gain on fair value of debt derivatives | (3,648) | 0 | 0 | 0 | 0 | 0 | 0 | |
Loss on debt extinguishment | (253) | 0 | 0 | 0 | 0 | 0 | 0 | |
Other income, net | 436 | 178 | 351 | 458 | 384 | 391 | 219 | |
Gain (loss) before provision for income taxes | (17,396) | (23,201) | (36,198) | 22,607 | (75,195) | 127,950 | (65,341) | |
Provision for income taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Net income (loss) | $ (17,396) | $ (23,201) | $ (36,198) | $ 22,607 | $ (75,195) | $ 127,950 | $ (65,341) | |
Basic (in dollars per share) | $ (0.09) | $ (0.12) | $ (0.19) | $ 0.12 | $ (0.41) | $ 0.69 | $ (0.36) | |
Diluted (in dollars per share) | $ (0.09) | $ (0.12) | $ (0.19) | $ 0.11 | $ (0.41) | $ 0.63 | $ (0.36) | |
Basic weighted average shares outstanding | 197,833,109 | 193,917,908 | 189,609,021 | 186,491,083 | 185,560,177 | 184,282,194 | 183,498,082 | |
Diluted weighted average shares outstanding | 197,833,109 | 193,917,908 | 189,609,021 | 202,704,021 | 185,560,177 | 202,326,053 | 183,498,082 | |
Net unrealized holding gain (loss) on available-for-sale investments | $ 149 | $ 148 | $ 288 | $ 283 | $ (178) | $ (335) | $ (594) | |
Total comprehensive income (loss) | (17,247) | (23,053) | (35,910) | 22,890 | (75,373) | 127,615 | (65,935) | |
Revision of Prior Period, Adjustment [Member] | ||||||||
Total Revenue | (641) | 0 | (127) | (1,036) | (883) | 0 | (132) | |
Total cost of revenue | 684 | 444 | 266 | (3,246) | 1,464 | 1,134 | 648 | |
Gross profit | (1,325) | (444) | (393) | 2,210 | (2,347) | (1,134) | (780) | |
Research and development | (329) | (216) | (130) | 2,188 | (1,169) | (522) | (497) | |
Selling and marketing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
General and administrative | (355) | (228) | (136) | 0 | 0 | 0 | 0 | |
Operating Expenses | (684) | (444) | (266) | 2,188 | (1,169) | (522) | (497) | |
Operating Income (Loss) | (641) | 0 | (127) | 22 | (1,178) | (612) | (283) | |
Interest expense | (1,911) | 0 | 0 | 0 | 0 | 0 | 0 | |
Gain (Loss) On Fair Value Of Warrants | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Gain on fair value of contingent earnout liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Gain on fair value of debt derivatives | 484 | 0 | 0 | 0 | 0 | 0 | 0 | |
Loss on debt extinguishment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Other income, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Gain (loss) before provision for income taxes | (2,068) | 0 | (127) | 22 | (1,178) | (612) | (283) | |
Provision for income taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Net income (loss) | $ (2,068) | $ 0 | $ (127) | $ 22 | $ (1,178) | $ (612) | $ (283) | |
Basic (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |
Diluted (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |
Basic weighted average shares outstanding | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Diluted weighted average shares outstanding | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Net unrealized holding gain (loss) on available-for-sale investments | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |
Total comprehensive income (loss) | (2,068) | 0 | (127) | 22 | (1,178) | (612) | (283) | |
As Revised | ||||||||
Total Revenue | $ 2,455 | 23,167 | 25,134 | 26,687 | 28,744 | 18,232 | 19,644 | 12,086 |
Total cost of revenue | 33,953 | 23,004 | 22,598 | 24,155 | 24,766 | 20,700 | 19,546 | 12,851 |
Gross profit | (31,498) | 163 | 2,536 | 2,532 | 3,978 | (2,468) | 98 | (765) |
Research and development | 9,886 | 9,490 | 12,238 | 10,417 | 10,016 | 11,389 | 12,443 | 12,418 |
Selling and marketing | 5,175 | 5,772 | 6,108 | 6,174 | 6,043 | 5,632 | 6,249 | 5,983 |
General and administrative | 10,877 | 10,763 | 9,896 | 10,191 | 9,791 | 9,642 | 8,259 | 9,290 |
Operating Expenses | 25,938 | 26,025 | 28,242 | 26,782 | 25,850 | 26,663 | 26,951 | 27,691 |
Operating Income (Loss) | (57,436) | (25,862) | (25,706) | (24,250) | (21,872) | (29,131) | (26,853) | (28,456) |
Interest expense | (6,140) | (3,018) | (344) | (220) | (10) | (129) | (92) | (141) |
Gain (Loss) On Fair Value Of Warrants | 2,476 | 1,587 | 828 | (2,553) | 8,090 | (6,612) | 23,665 | (6,014) |
Gain on fair value of contingent earnout liabilities | 12,958 | 10,810 | 1,843 | (9,653) | 35,963 | (40,885) | 130,227 | (31,232) |
Gain on fair value of debt derivatives | 11,649 | (3,164) | 0 | 0 | 0 | 0 | 0 | 0 |
Loss on debt extinguishment | (19,197) | (253) | 0 | 0 | 0 | 0 | 0 | 0 |
Other income, net | (459) | 436 | 178 | 351 | 458 | 384 | 391 | 219 |
Gain (loss) before provision for income taxes | (56,149) | (19,464) | (23,201) | (36,325) | 22,629 | (76,373) | 127,338 | (65,624) |
Provision for income taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Net income (loss) | $ (56,149) | $ (19,464) | $ (23,201) | $ (36,325) | $ 22,629 | $ (76,373) | $ 127,338 | $ (65,624) |
Basic (in dollars per share) | $ (0.27) | $ (0.10) | $ (0.12) | $ (0.19) | $ 0.12 | $ (0.41) | $ 0.69 | $ (0.36) |
Diluted (in dollars per share) | $ (0.27) | $ (0.10) | $ (0.12) | $ (0.19) | $ 0.11 | $ (0.41) | $ 0.63 | $ (0.36) |
Basic weighted average shares outstanding | 207,869,092 | 197,833,109 | 193,917,908 | 189,609,021 | 186,491,083 | 185,560,177 | 184,282,194 | 183,498,082 |
Diluted weighted average shares outstanding | 207,869,092 | 197,833,109 | 193,917,908 | 189,609,021 | 202,704,021 | 185,560,177 | 202,326,053 | 183,498,082 |
Net unrealized holding gain (loss) on available-for-sale investments | $ 156 | $ 149 | $ 148 | $ 288 | $ 283 | $ (178) | $ (335) | $ (594) |
Total comprehensive income (loss) | (55,993) | (19,315) | (23,053) | (36,037) | 22,912 | (76,551) | 127,003 | (66,218) |
3D Printers | Previously Reported [Member] | ||||||||
Revenue | 21,428 | 23,190 | 24,575 | 27,010 | 16,537 | 17,615 | 10,184 | |
Total cost of revenue | 20,273 | 19,728 | 21,974 | 25,567 | 16,574 | 15,633 | 10,479 | |
3D Printers | Revision of Prior Period, Adjustment [Member] | ||||||||
Revenue | (641) | 0 | (127) | (1,036) | (883) | 0 | (132) | |
Total cost of revenue | 499 | 324 | 194 | (3,246) | 1,464 | 1,134 | 648 | |
3D Printers | As Revised | ||||||||
Revenue | 513 | 20,787 | 23,190 | 24,448 | 25,974 | 15,654 | 17,615 | 10,052 |
Total cost of revenue | 31,455 | 20,772 | 20,052 | 22,168 | 22,321 | 18,038 | 16,767 | 11,127 |
Recurring payment | Previously Reported [Member] | ||||||||
Operating Lease, Lease Income | 531 | 35 | 575 | 1,119 | 1,183 | 934 | 925 | |
Total cost of revenue | 111 | 335 | 447 | 553 | 656 | 685 | 718 | |
Recurring payment | Revision of Prior Period, Adjustment [Member] | ||||||||
Operating Lease, Lease Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Total cost of revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Recurring payment | As Revised | ||||||||
Operating Lease, Lease Income | 535 | 531 | 35 | 575 | 1,119 | 1,183 | 934 | 925 |
Total cost of revenue | 398 | 111 | 335 | 447 | 553 | 656 | 685 | 718 |
Support services | Previously Reported [Member] | ||||||||
Revenue | 1,849 | 1,909 | 1,664 | 1,651 | 1,395 | 1,095 | 1,109 | |
Total cost of revenue | 1,936 | 2,091 | 1,468 | 1,892 | 2,006 | 2,094 | 1,006 | |
Support services | Revision of Prior Period, Adjustment [Member] | ||||||||
Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Total cost of revenue | 185 | 120 | 72 | 0 | 0 | 0 | 0 | |
Support services | As Revised | ||||||||
Revenue | 1,407 | 1,849 | 1,909 | 1,664 | 1,651 | 1,395 | 1,095 | 1,109 |
Total cost of revenue | $ 2,100 | $ 2,121 | $ 2,211 | $ 1,540 | $ 1,892 | $ 2,006 | $ 2,094 | $ 1,006 |
Consolidated Balance Sheets_2
Consolidated Balance Sheets - USD ($) | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 |
Cash and cash equivalents | $ 58,131,000 | $ 28,868,000 | $ 37,139,000 | $ 40,347,000 | $ 43,509,000 | $ 104,426,000 |
Short-term investments | 13,468,000 | 18,475,000 | 26,870,000 | 72,478,000 | 98,287,000 | 81,725,000 |
Accounts receivable, net | 12,597,000 | 14,284,000 | 14,347,000 | 20,922,000 | 11,817,000 | 10,196,000 |
Inventories | 81,159,000 | 78,015,000 | 73,937,000 | 68,255,000 | 61,146,000 | 42,669,000 |
Contract assets | 13,731,000 | 13,726,000 | 6,527,000 | 1,355,000 | 273,000 | 1,298,000 |
Prepaid expenses and other current assets | 2,515,000 | 2,860,000 | 4,575,000 | 4,623,000 | 6,695,000 | 9,449,000 |
Assets, Current | 181,601,000 | 156,228,000 | 163,395,000 | 207,980,000 | 221,727,000 | 249,763,000 |
Property and equipment, net | 17,430,000 | 18,376,000 | 19,075,000 | 19,208,000 | 17,717,000 | 12,438,000 |
Equipment on lease, net | 7,020,000 | 7,668,000 | 6,672,000 | 8,084,000 | 8,128,000 | 9,601,000 |
Other assets | 21,133,000 | 22,352,000 | 22,406,000 | 20,132,000 | 14,948,000 | 15,389,000 |
Assets | 227,184,000 | 204,624,000 | 211,548,000 | 255,404,000 | 262,520,000 | 287,191,000 |
Accounts payable | 13,135,000 | 17,579,000 | 10,584,000 | 14,134,000 | 15,744,000 | 19,609,000 |
Accrued expenses and other current liabilities | 11,215,000 | 9,369,000 | 13,805,000 | 19,682,000 | 16,485,000 | 12,121,000 |
Debt – current portion | 54,122,000 | 2,973,000 | 2,729,000 | 1,954,000 | 5,119,000 | 5,116,000 |
Gain on fair value of debt derivatives | 17,054,000 | 0 | 0 | 0 | 0 | 0 |
Contract liabilities | 4,847,000 | 5,772,000 | 10,611,000 | 26,041,000 | 16,175,000 | 18,686,000 |
Liabilities, Current | 100,373,000 | 35,693,000 | 37,729,000 | 61,811,000 | 53,523,000 | 55,532,000 |
Long-term debt – less current portion | 0 | 19,400,000 | 9,756,000 | 4,356,000 | 1,889,000 | 2,422,000 |
Contingent earnout liabilities (Note 10) | 14,414,000 | 25,224,000 | 27,067,000 | 53,377,000 | 12,493,000 | 142,719,000 |
Warrant liabilities (Note 10) | 2,883,000 | 4,470,000 | 5,298,000 | 10,836,000 | 4,053,000 | 27,719,000 |
Other noncurrent liabilities | 10,805,000 | 11,420,000 | 11,936,000 | 14,227,000 | 8,874,000 | 9,478,000 |
Liabilities | 128,475,000 | 96,207,000 | 91,786,000 | 144,607,000 | 80,832,000 | 237,870,000 |
Common Stock, Value, Issued | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 |
Additional paid-in capital | 399,847,000 | 390,240,000 | 378,532,000 | 356,457,000 | 350,797,000 | 345,418,000 |
Accumulated other comprehensive loss | (252,000) | (401,000) | (549,000) | (1,135,000) | (957,000) | (608,000) |
Accumulated deficit | (300,888,000) | (281,424,000) | (258,223,000) | (244,527,000) | (168,154,000) | (295,491,000) |
Equity, Attributable to Parent | 98,709,000 | 108,417,000 | 119,762,000 | 110,797,000 | 181,688,000 | 49,321,000 |
Liabilities and Equity | 227,184,000 | 204,624,000 | 211,548,000 | 255,404,000 | 262,520,000 | 287,191,000 |
Previously Reported [Member] | ||||||
Cash and cash equivalents | 58,131,000 | 28,868,000 | 37,139,000 | 40,347,000 | 43,509,000 | 104,426,000 |
Short-term investments | 13,468,000 | 18,475,000 | 26,870,000 | 72,478,000 | 98,287,000 | 81,725,000 |
Accounts receivable, net | 12,597,000 | 14,284,000 | 14,347,000 | 20,922,000 | 11,817,000 | 10,196,000 |
Inventories | 81,159,000 | 78,015,000 | 73,937,000 | 69,313,000 | 61,909,000 | 42,820,000 |
Contract assets | 15,901,000 | 15,255,000 | 8,056,000 | 2,370,000 | 405,000 | 1,430,000 |
Prepaid expenses and other current assets | 2,515,000 | 2,860,000 | 4,575,000 | 4,623,000 | 6,695,000 | 9,449,000 |
Assets, Current | 183,771,000 | 157,757,000 | 164,924,000 | 210,053,000 | 222,622,000 | 250,046,000 |
Property and equipment, net | 17,430,000 | 18,376,000 | 19,075,000 | 19,208,000 | 17,717,000 | 12,438,000 |
Equipment on lease, net | 7,020,000 | 7,668,000 | 6,672,000 | 8,084,000 | 8,128,000 | 9,601,000 |
Other assets | 21,782,000 | 23,001,000 | 23,055,000 | 20,132,000 | 14,948,000 | 15,389,000 |
Assets | 230,003,000 | 206,802,000 | 213,726,000 | 257,477,000 | 263,415,000 | 287,474,000 |
Accounts payable | 13,135,000 | 17,579,000 | 10,584,000 | 14,134,000 | 15,744,000 | 19,609,000 |
Accrued expenses and other current liabilities | 11,215,000 | 9,369,000 | 13,805,000 | 19,682,000 | 16,485,000 | 12,121,000 |
Debt – current portion | 52,211,000 | 2,973,000 | 2,729,000 | 1,954,000 | 5,119,000 | 5,116,000 |
Gain on fair value of debt derivatives | 17,538,000 | 0 | 0 | |||
Contract liabilities | 4,847,000 | 5,772,000 | 10,611,000 | 26,041,000 | 16,175,000 | 19,386,000 |
Liabilities, Current | 98,946,000 | 35,693,000 | 37,729,000 | 61,811,000 | 53,523,000 | 56,232,000 |
Long-term debt – less current portion | 0 | 19,400,000 | 9,756,000 | 4,356,000 | 1,889,000 | 2,422,000 |
Contingent earnout liabilities (Note 10) | 14,414,000 | 25,224,000 | 27,067,000 | 53,377,000 | 12,493,000 | 142,719,000 |
Warrant liabilities (Note 10) | 2,883,000 | 4,470,000 | 5,298,000 | 10,836,000 | 4,053,000 | 27,719,000 |
Other noncurrent liabilities | 10,805,000 | 11,420,000 | 11,936,000 | 14,227,000 | 8,874,000 | 8,778,000 |
Liabilities | 127,048,000 | 96,207,000 | 91,786,000 | 144,607,000 | 80,832,000 | 237,870,000 |
Common Stock, Value, Issued | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 | 2,000 |
Additional paid-in capital | 399,847,000 | 390,240,000 | 378,532,000 | 356,457,000 | 350,797,000 | 345,418,000 |
Accumulated other comprehensive loss | (252,000) | (401,000) | (549,000) | (1,135,000) | (957,000) | (608,000) |
Accumulated deficit | (296,642,000) | (279,246,000) | (256,045,000) | (242,454,000) | (167,259,000) | (295,208,000) |
Equity, Attributable to Parent | 102,955,000 | 110,595,000 | 121,940,000 | 112,870,000 | 182,583,000 | 49,604,000 |
Liabilities and Equity | 230,003,000 | 206,802,000 | 213,726,000 | 257,477,000 | 263,415,000 | 287,474,000 |
Revision of Prior Period, Adjustment [Member] | ||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | 0 |
Short-term investments | 0 | 0 | 0 | 0 | 0 | 0 |
Accounts receivable, net | 0 | 0 | 0 | 0 | 0 | 0 |
Inventories | 0 | 0 | 0 | (1,058,000) | (763,000) | (151,000) |
Contract assets | (2,170,000) | (1,529,000) | (1,529,000) | (1,015,000) | (132,000) | (132,000) |
Prepaid expenses and other current assets | 0 | 0 | 0 | 0 | 0 | 0 |
Assets, Current | (2,170,000) | (1,529,000) | (1,529,000) | (2,073,000) | (895,000) | (283,000) |
Property and equipment, net | 0 | 0 | 0 | 0 | 0 | 0 |
Equipment on lease, net | 0 | 0 | 0 | 0 | 0 | 0 |
Other assets | (649,000) | (649,000) | (649,000) | 0 | 0 | 0 |
Assets | (2,819,000) | (2,178,000) | (2,178,000) | (2,073,000) | (895,000) | (283,000) |
Accounts payable | 0 | 0 | 0 | 0 | 0 | 0 |
Accrued expenses and other current liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
Debt – current portion | 1,911,000 | 0 | 0 | 0 | 0 | 0 |
Gain on fair value of debt derivatives | (484,000) | 0 | 0 | 0 | 0 | 0 |
Contract liabilities | 0 | 0 | 0 | 0 | 0 | (700,000) |
Liabilities, Current | 1,427,000 | 0 | 0 | 0 | 0 | (700,000) |
Long-term debt – less current portion | 0 | 0 | 0 | 0 | 0 | 0 |
Contingent earnout liabilities (Note 10) | 0 | 0 | 0 | 0 | 0 | 0 |
Warrant liabilities (Note 10) | 0 | 0 | 0 | 0 | 0 | 0 |
Other noncurrent liabilities | 0 | 0 | 0 | 0 | 0 | 700,000 |
Liabilities | 1,427,000 | 0 | 0 | 0 | 0 | 0 |
Common Stock, Value, Issued | 0 | 0 | 0 | 0 | 0 | 0 |
Additional paid-in capital | 0 | 0 | 0 | 0 | 0 | 0 |
Accumulated other comprehensive loss | 0 | 0 | 0 | 0 | 0 | 0 |
Accumulated deficit | (4,246,000) | (2,178,000) | (2,178,000) | (2,073,000) | (895,000) | (283,000) |
Equity, Attributable to Parent | (4,246,000) | (2,178,000) | (2,178,000) | (2,073,000) | (895,000) | (283,000) |
Liabilities and Equity | $ (2,819,000) | $ (2,178,000) | $ (2,178,000) | $ (2,073,000) | $ (895,000) | $ (283,000) |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in usd per share) | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 500,000,000 | |
Common stock, shares issued | 258,418,695 | 187,561,368 |
Common stock, shares outstanding | 258,418,695 | 187,561,368 |
Description of Business and Bas
Description of Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business and Basis of Presentation | 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 (the “ Closing Date ” or the “ Reverse Recapitalization Date ”), JAWS Spitfire completed the previously announced merger with Legacy Velo3D, with Legacy Velo3D surviving as a wholly-owned subsidiary of JAWS Spitfire (the “ Merger ” or the “ Reverse Recapitalization ”). 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 (the “ Common Stock ”). 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 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 ”). Intercompany balances and transactions have been eliminated in consolidation. These consolidated financial statements, 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. Revision of Previously Issued 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 determined that $2.1 million of revenue was incorrectly recognized in the consolidated statement of operations for the year ended December 31, 2022 and as a contract asset balance and net investment in sales type lease within other assets on the consolidated balance sheet as of 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. To correct the immaterial errors, the Company has revised its previously issued consolidated financial statements as of and for the year ended December 31, 2022. Additionally, the Company will revise its previously issued 2023 interim condensed consolidated financial statements in connection with the future filings of its 2024 interim reporting on Quarterly Reports on Form 10-Q for the periods ended March 31, 2024, June 30, 2024, and September 30, 2024. Refer to Note 17 for further discussion on the unaudited quarterly financial information. The following table reflects the revisions to the previously issued Consolidated Balance Sheet as of December 31, 2022: As of December 31, 2022 As Previously Reported Adjustment As Revised Contract assets $ 6,805 $ (1,402) $ 5,403 Total current assets 172,922 (1,402) 171,520 Other assets 23,310 (649) 22,661 Total assets 225,114 (2,051) 223,063 Accumulated deficit (219,847) (2,051) (221,898) Total stockholders’ equity 140,846 (2,051) 138,795 Total liabilities and stockholders’ equity $ 225,114 $ (2,051) $ 223,063 The following table reflects the revisions to the previously issued Consolidated Statement of Operations and Comprehensive Income (Loss) for the fiscal year ended December 31, 2022: Fiscal Year 2022 As Previously Reported Adjustment As Revised 3D Printer $ 71,346 $ (2,051) $ 69,295 Total Revenue 80,757 (2,051) 78,706 Gross profit 2,894 (2,051) 843 Loss from operations (104,261) (2,051) (106,312) Loss before provision for income taxes 10,020 (2,051) 7,969 Net income (loss) 10,020 (2,051) 7,969 Net income (loss) per share: Basic $ 0.05 $ (0.01) $ 0.04 Diluted $ 0.05 $ (0.01) $ 0.04 Net income (loss) $ 10,020 $ (2,051) $ 7,969 Total comprehensive income (loss) $ 9,197 $ (2,051) $ 7,146 The following table reflects the revisions to the previously issued Consolidated Statements of Cash Flows for the fiscal years ended December 31, 2022: Fiscal Year 2022 As Previously Reported Adjustment As Revised Net income (loss) $ 10,020 $ (2,051) $ 7,969 Contract assets (6,531) 1,402 (5,129) Other assets (1,241) 649 (592) Notice of Delisting On December 26, 2023, the Company received informal notice from the New York Stock Exchange (“ NYSE ”) that NYSE would be sending the Company a written notice (the “ Notice ”) that the Company is below compliance criteria pursuant to the continued listing standards set forth in Section 802.01C of the NYSE Listed Company Manual as the average closing price of the Common Stock is less than $1.00 per share over a consecutive 30 trading-day period. On December 28, 2023, the Company received the Notice from the NYSE. In accordance with applicable NYSE procedures, the Company plans to notify the NYSE of its intent to cure the deficiency. Pursuant to Section 802.01C of the NYSE Listed Company Manual, the Company will have until June 28, 2024 to regain compliance with the Minimum Share Price Requirement. The Notice has no immediate impact on the listing of the Common Stock, which will continue to be listed and traded on the NYSE during the applicable cure period, subject to the Company’s compliance with the other continued listing requirements of the NYSE and will not affect the ongoing business operations of the Company or its reporting requirements with the Securities and Exchange Commission. However, failure to satisfy the conditions of the cure period or to maintain other NYSE listing requirements could lead to a delisting. Going Concern, Financial Condition and Liquidity and Capital Resources The 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 December 31, 2023, the Company had an accumulated deficit of $357.0 million and cash and investments on hand of approximately $31.1 million. Management believes that 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 consolidated financial statements. As of March 31, 2024, the Company had approximately $11.2 million in accounts receivable and $14.3 million in cash and investments. On April 1, 2024, the Company entered into a second note amendment (the “Second Note Amendment”) to its Secured Notes (as defined below) held with the Investors (as defined below). Pursuant to the Second Note Amendment, the Company agreed to make a cash payment of $5.5 million on April 1, 2024 to redeem approximately $4.2 million of aggregate principal amount of the 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 Notes, together with accrued and unpaid interest. See Note 18 for further information. Further, the Company expects that it will need to engage in additional financings to fund its operations and satisfy its obligations in the near-term. 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 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 may be required to 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, which a significant portion 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 | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The principal accounting policies applied in the preparation of the consolidated financial statements are set forth below. These policies have been consistently applied to all the periods presented, unless otherwise stated. Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenue and expenses. Actual results and outcomes could differ significantly from the Company’s estimates, judgments, and assumptions. Significant estimates include determining useful lives of long-lived assets, the determination of the incremental borrowing rate used for operating lease liabilities, standalone selling price for performance obligations in contracts with customers, variable consideration for sale and utilization fee contracts with customers, the valuation of common stock warrants, the fair value of stock-based compensation and other assumptions used to measure stock-based compensation, the fair value of contingent earnout liabilities, inventory reserves, allowance for doubtful accounts, and the valuation of deferred income tax assets and uncertain tax positions. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. The Company adjusts such estimates and assumptions when facts and circumstances dictate. Changes in these estimates resulting from continuing changes in the economic environment will be reflected in the consolidated financial statements in future periods. As future events and their effects cannot be determined with precision, actual results could materially differ from these estimates and assumptions. Concentration of Credit Risk and Other Risks and Uncertainties The Company’s financial instruments that potentially expose the Company to concentration of credit risk consist mainly of cash and cash equivalents, short-term investments, and accounts receivable, net. The Company maintains its cash and cash equivalents in domestic cash accounts with large, creditworthy financial institutions and maintains its short-term investments with fixed income instruments denominated in U.S. dollars and at minimum A- credit rating. The Company has not experienced any losses on its deposits of cash and cash equivalents through deposits with federally insured commercial banks and at times cash balances may be in excess of federal insurance limits. See Note 15, Revenue, for customer concentration of revenue and accounts receivable. The Company relies on several key suppliers for products and services. While alternative providers have and could be identified, the Company is subject to supply and pricing risks. Impact of COVID-19 During 2021 and 2022, the Company experienced various supply chain constraints due to the pandemic, which led to delays in installation of its products at customers' facilities, and postponed customer acceptance of the transactions. Furthermore, the impact of COVID-19 on the Company’s operating results added uncertainty in timing of customer orders creating longer lead times for sales and marketing. The Company continues to operate its business through the lingering effects of the COVID-19 pandemic, however, as of 2023 all operations have returned to normal. The Company continues to take additional precautions to ensure the safety of its employees, customers, and vendors with which it operates. Fair Value Measurements T he Company has applied the framework for measuring fair value which requires a fair value hierarchy to be applied to all fair value measurements. Assets and liabilities measured at fair value are classified into one of three levels in the fair value hierarchy based on the inputs used to measure fair value as follows: Level 1 — Quoted prices observed in active markets for identical assets or liabilities; Level 2 — Inputs other than quoted prices in active markets that are observable for the asset or liability, either directly or indirectly; and Level 3 — Significant unobservable market inputs for the asset or liability. The carrying amounts of cash equivalents, accounts receivable, accounts payable, and accrued expenses approximate fair value due to their short-term maturities. The debt with variable interest at market rates and debt with fixed rates are carried at amortized cost, which approximates its fair value and was classified as Level 2. See Note 9, Long-Term Debt for further information. Cash and Cash Equivalents and Restricted Cash All highly liquid investments with an original maturity of three months or less, when purchased, are classified as cash equivalents. Cash equivalents may be invested in money market funds and are carried at cost, which approximates their fair value. In June 2021, in conjunction with the new 80,000+ square foot manufacturing facility, the Company issued a one-year letter of credit for $0.8 million to the landlord to secure the agreement, which automatically renews for another annual period. The Company has restricted cash to secure the letter of credit and the agreement will allow for reductions to the letter of credit limit based on the Company’s revenue achievements. Revenue Recognition Revenue subject to ASC 606 consists of 3D Printer sales and Support Services (recognition of Recurring Payment consisting of payments from lessees of the Company’s equipment discussed below). The Company determines revenue recognition through the following five- step model for recognizing revenue: (1) identification of the contract with a customer; (2) identification of the performance obligations in the contract; (3) determination of the transaction price; (4) allocation of the transaction price to the performance obligations in the contract; and (5) recognition of revenue when, or as, the Company satisfies its performance obligation. A typical contract with customers for the 3D Printer and bundled software includes the Support Services. The Company provides one price for all deliverables including the 3D Printer and bundled software, and for the Support Services. Typically, the Company has one distinct obligation to transfer the 3D Printers and bundled software, and another distinct obligation to provide the Support Services. The transaction price is allocated to the separate performance obligations on a relative standalone selling price (“ SSP ”) basis. The Company determines SSP based on observable standalone selling price when it is available, as well as other factors, including the price charged to its customers, its discounting practices, and its overall pricing objectives including risk adjusted gross profit margin for products and services, while maximizing observable inputs. In situations where pricing is highly variable, or a product is never sold on a stand-alone basis, the Company estimates the SSP using the residual approach. Significant judgment is used to identify and account for each of the two performance obligations. 3D Printer Sales The Company bills its customers beginning at the time of acceptance of the purchase order (which represents a deposit), with the second billing at the time of shipment and final billing upon site acceptance test completion. The timeframe from order to completion of the site acceptance test occurs typically over three Revenue - Variable Consideration - The sales of 3D Printer systems under certain contracts may include variable consideration such that the Company is entitled to a rate per print hour used on the 3D Printer systems. The Company makes certain estimates in calculating the variable consideration, including amount of hours, the estimated life of the equipment and the discount rate. Although estimates may be made on a contract-by-contract basis, whenever possible, the Company uses all available information including historical customer usage and collection patterns to estimate variable consideration. Management reassesses the estimated variable consideration quarterly. The Company estimates its variable consideration on a quarterly basis based on the latest data available, and adjust 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 from a change in estimation. Sales with variable consideration represented 3% of revenue during the year ended December 31, 2023 and 6% of our revenue during year ended December 31, 2022. The Company has elected not to recognize shipping to customers as a separate performance obligation. Revenue from shipping billed to customers for the years ended December 31, 2023 and 2022 was not material. Recurring Payment (operating lease revenue from customers) The Company enters into operating leases (“ Recurring Payment ”) for customers who do not purchase the 3D Printers (“ equipment ”). The contracts explicitly specify the equipment which is a production system with defined components and services including the printer itself, services, and accessories. The asset is physically distinct, the supplier does not have substitution rights, and the customer holds the right to direct the use of and obtain substantially all of the economic benefits from the use of the identified asset. The initial lease terms are for 12 months and the Company has considered the possibility of renewals when determining the length of the contract and the expectation is that customers will not exercise any renewal or purchase options at the end of the lease. The Company has evaluated our customer history on renewals, returns and purchase options and have determined the operating lease period of 12 months is appropriate and will continue to monitor our customer expectations. The arrangements provide for a base rent and usually provide for variable payments based on usage in excess of a defined threshold. Support Services are included during the lease term. Equipment under lease contracts is reclassified from inventory at its basis and depreciated over five years to a salvage value. Income from the lessee is recorded as revenue using the straight-line method over the term of the lease. Support services are a non-lease component. The practical expedient has been elected to include rents and this non-lease component as one revenue stream recognized over the lease term on a straight-line basis. Costs associated with this component are classified as cost of revenue and recognized as incurred. Costs for warranties for parts and services for equipment under lease are accrued separately at lease commencement and amortized to cost of revenue over the lease term to the extent the costs are probable and can be reasonably estimated since the related revenue is being recognized over the lease term. Warranty accruals were not material as of December 31, 2023 or December 31, 2022. Equipment leased to customers are considered long-lived assets and are tested for impairment as described below under the heading “ Impairment of Long-lived Assets . ” Support Services Support Services are field service engineering, phone and email support, preventative maintenance, and limited on and off-site consulting support. A subsequent Extended Support Agreement (" ESA ") is available for renewal after the initial period based on the then fair value of the service. Support Services revenue are recognized evenly over the contract period beginning with customer performance test acceptance. Other Revenue Revenue is recognized for maintenance parts, printed parts, and powder sold to customers independent of the 3D Printer sales or Support Services contract and is included with 3D Printer sales. Such revenue is recognized upon transfer of control to the customer. Revenue from maintenance parts, printed parts, and powder was $5.9 million and $2.3 million for the years ended December 31, 2023 and 2022, respectively. Contracts Assets and Contract Liabilities Contract assets consist of unbilled receivables and are recorded when revenue is recognized in advance of scheduled billings to the Company’s customers. A contract asset is recognized when products or services are transferred to a customer and the right to consideration is conditional on something other than the passage of time. Contract liabilities include amounts billed or collected which is related to remaining performance obligations. Revenue allocated to remaining performance obligations represents the transaction price allocated to the performance obligations that are unsatisfied, or partially unsatisfied. It includes unearned revenue and amounts that will be invoiced and recognized as revenue in future periods Cost of Revenue Cost of 3D Printers includes the manufacturing cost of the components and subassemblies purchased from vendors for the assembly, as well as raw materials, powder, and assemblies, shipping costs, printed parts costs, and other directly associated costs. Cost of 3D Printers also includes allocated overhead costs from headcount related costs, such as salaries and stock-based compensation, depreciation of manufacturing related equipment and facilities, and information technology costs. Cost of Recurring Payment includes depreciation of the equipment on lease over the useful life of three to five years less the residual value, and an allocated portion of Cost of Support Services. Cost of Support Services includes the cost of spare or replacement parts for preventive maintenance, installation costs, allocated headcount related costs, such as salaries, stock-based compensation, depreciation of manufacturing related equipment and facilities, and information technology costs. The headcount related costs are directly associated with the engineers dedicated to remote and on-site support, training, travel costs, and other services costs. Accounts Receivable, Net Accounts receivable are recorded at the invoiced amount, net of allowance for doubtful accounts and are non-interest bearing. The Company performs ongoing credit evaluations of its customers and maintains an allowance for doubtful accounts to ensure trade receivables are not overstated due to uncollectability. Allowances are provided for individual accounts receivable when the Company becomes aware of a customer’s inability to meet its financial obligations, such as in the case of bankruptcy, deterioration in the customer’s operating results, or change in financial position. Inventories Inventories are stated at the lower of cost or net realizable value. Cost is computed using the weighted-average cost method. Inventory levels are analyzed periodically and written down to their net realizable value if they have become obsolete, have a cost basis in excess of expected net realizable value or are in excess of expected demand. The Company analyzes current and future product demand relative to the remaining product life to identify potential excess inventories. The write-down is measured as the difference between the cost of the inventories and net realizable value and charged to inventory reserves, which is a component of cost of revenue. At the point of the loss recognition, a new, lower cost basis for those inventories is established, and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis. Property and Equipment, Net and Equipment on Lease, Net Property and equipment and equipment on lease are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets, as follows: Estimated useful life Equipment on lease 3 - 5 years Computers and software 1 - 3 years Lab equipment and other equipment 3 - 7 years Furniture and fixtures 3 - 5 years Leasehold improvements Shorter of the remaining lease term or useful life of 10 years Expenditures for major renewals and improvements that increase functionality of the asset are capitalized and depreciated ratably over the identified useful life. Expenditures for non-major repairs and maintenance are charged to expense as incurred. The Company capitalizes qualifying internal-use software development costs incurred during the application development stage for internal tools and cloud-based applications used to deliver its services, provided that management with the relevant authority authorizes and commits to the funding of the project, it is probable the project will be completed, and the software will be used to perform the function intended. Costs related to preliminary project activities and post implementation activities are expensed as incurred. Costs incurred for enhancements that are expected to result in additional material functionality are capitalized. As of December 31, 2023 and 2022 , capitalized costs were not material. Investments The Company's available-for-sale (" AFS ") investments primarily consist of U.S. Treasury securities and corporate debt and are reported at fair value on the balance sheet. Unrealized gains and losses on these investments are included as a separate component of accumulated other comprehensive income (" AOCI "), net of tax. These available-for-sale investments are primarily held in the custody of a major financial institution. A specific identification method is used to determine the adjusted cost basis of AFS investments sold. The Company's AFS investments are classified as current based on the intent of management, the nature of the investments and their availability for use in current operations. Impairment of Long-Lived Assets The Company reviews its long-lived assets, consisting of property and equipment, equipment on lease, net, and right-of use assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Factors considered important that could trigger an impairment review include a significant underperformance relative to expected historical or projected future operating results, or a significant change in the manner of the use of the assets. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset (or asset group) to estimated undiscounted future cash flows expected to be generated by the asset (or asset group). If the estimated undiscounted future cash flows generated by these assets were less than the carrying amounts, an impairment charge is recognized. Management evaluates its long-lived assets, on an annual basis or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable in accordance with Accounting Standards Codification (“ ASC ”), ASC Topic 360, Property, Plant and Equipment. Deferred Transaction Costs The Company capitalizes certain legal, accounting, and other third-party fees that are directly related to a planned equity financing that is probable of successful completion until such financing is consummated. After consummation of an equity financing, these costs are recorded as a reduction of the proceeds received as a result of the financing. Should a planned equity financing be abandoned, terminated or significantly delayed, the deferred transaction costs are immediately written off to operating expenses. Information by Segment and Geography The Company manages its operations and allocates resources as a single operating segment. Further, the Company manages, monitors, and reports its financial results as a single reportable segment. The Company’s chief operating decision-maker (“ CODM ”) is its Chief Executive Officer, who reviews financial information presented on an entity-wide basis for purposes of making operating decisions, assessing financial performance, and allocating resources. The Company has no segment managers who are held accountable by the CODM for operations, operating results, and planning for levels of components below the entity- wide level. Assets Under Lease Agreements (as Lessee) The carrying value of right of use (“ ROU ”) assets and lease liabilities are based on the present value of future minimum lease payments for leases with original terms in excess of one year. The sum of future minimum lease payments, as adjusted for any initial direct costs, are recognized over the lease term on the straight-line method. The rate implicit in the lease is not readily determinable in most of the Company’s leases, and therefore the Company uses its incremental borrowing rate as the discount rate when measuring operating lease liabilities. The incremental borrowing rate represents an estimate of the interest rate the Company would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of the lease. The Company has operating leases for office space, warehouse, research and development facilities, and manufacturing facilities. The carrying value of right of use (“ ROU ”) assets and lease liabilities are based on the present value of future minimum lease payments, as adjusted for any initial direct costs, and are recognized over the lease term on the straight-line method. The Company has elected the short-term lease exemption for all leases with a term of 12 months or less. The Company elected the practical expedient to capitalize the total lease payment rather than separate lease and non-lease components and only capitalize the lease component. Common Stock Warrants The Company classifies the Common Stock Warrants as liabilities in accordance with ASC Topic 815 “Derivatives and Hedging–Contracts in Entity’s Own Equity”. As the Common Stock Warrants meet the definition of a derivative, the Company recorded these warrants within Warrant liabilities on the consolidated balance sheet at fair value, with subsequent changes in their respective fair values recognized in the consolidated statements of operations and comprehensive loss at each reporting date. Contingent Earnout Liability In connection with the Reverse Recapitalization and pursuant to the Business Combination Agreement, eligible former Legacy Velo3D equity holders are entitled to receive additional shares of Common Stock upon the Company achieving certain Earnout Triggering Events (as described in the Business Combination Agreement) (the “ Earnout Shares ”). The Earnout Shares are not indexed to the Common Stock and therefore are accounted for as a liability at the Reverse Recapitalization Date and subsequently remeasured at each reporting date with changes in fair value recorded as a component of gain on fair value of contingent earnout liabilities in the consolidated statements of operations and comprehensive loss. The estimated fair value of the contingent earnout liability was determined using a Monte Carlo simulation using a distribution of potential outcomes on a monthly basis over the Earnout Period (as defined in Note 10, Equity Instruments ) prioritizing the most reliable information available. The assumptions utilized in the calculation are based on the achievement of certain stock price milestones, including the current Company Common Stock price, expected volatility, risk free rate, expected term and dividend rate. The contingent earnout liability is categorized as a Level 3 fair value measurement (see “Fair Value Measurements” as described above) because the Company estimates projections during the Earnout Period utilizing unobservable inputs. Contingent earnout liabilities involve certain assumptions requiring significant judgment and actual results may differ from assumed and estimated amounts. Stock-based Compensation Stock-based compensation cost for awards is measured as of the grant date based on its fair value, and the amount is expensed ratably over the service period which is typically the vesting period. We have elected to account for forfeitures when they occur, and any compensation expense previously recognized on unvested shares will be reversed. We estimate the fair value of stock option awards subject to only a service condition on the date of grant using the Black-Scholes valuation model. The Black-Scholes model requires the use of highly subjective and complex assumptions, including the option’s expected term, price volatility of the underlying stock, risk-free interest rate, and the expected dividend yield of the underlying common stock, as well as an estimate of the fair value of the common stock underlying the award. We estimate the fair value of restricted share unit awards using the value of Common Stock on the date of grant. We estimate the fair value of Earnout Shares awards underlying stock options to employees, which is considered a compensatory award and accounted for under ASC 718, Share-Based Compensation , using the Monte-Carlo simulation model . The Monte-Carlo simulation model was selected as the valuation methodology for the Earnout Shares due to the path-dependent nature of triggering events. Under ASC 718, the award is measured at fair value at the grant date and expense is recognized over the time-based vesting period (the triggering event is a market condition and does not impact expense recognition). The Monte-Carlo model requires the use of highly subjective and complex assumptions, including the current stock price, volatility of the underlying stock, expected term, and the risk-free interest rate. Application of these approaches involves the use of estimates, judgment, and assumptions that are highly complex and subjective, such as those regarding our risk-free interest rates, the selection of comparable companies, and the probability of possible future events. Changes in any or all of these estimates and assumptions or the relationships between those assumptions impact our valuations as of each valuation date and may have a material impact on the valuation of Common Stock. An increase of 100-basis points in interest rates would not have a material impact on the Company's stock-based compensation. Operating Expenses Research and development expenses consist primarily of development materials and supplies, software licenses, depreciation, and salary and related expenses, including stock- based compensation, for personnel related to the development of improvements and expanded features for the Company’s products and services, as well as quality assurance, testing, product management, and allocated overhead. Research and development costs are expensed as incurred. Selling and marketing expenses consist primarily of travel and entertainment expenses, and salary and related expenses, including stock-based compensation, for personnel related to the sales and marketing efforts to expand the Company’s brand and market share. Also, selling and marketing expenses includes third-party consulting fees, advertising, and allocated overhead. The Company expenses the cost of advertising, including promotional expenses, as incurred. Advertising expenses for the years ended December 31, 2023 and 2022 were $0.8 million and $0.7 million, respectively. General and administrative expenses consist primarily of salaries, occupancy costs including rent and utilities, and depreciation; information technology used in the business; professional services costs including legal, accounting, and consulting; and other. Income Taxes The Company uses the asset and liability method in accounting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income taxes of a change in tax rates is recognized in the period that includes the enactment date. Deferred tax expense or benefit is the result of changes in the deferred tax asset and liability. Valuation allowances are established when necessary, to reduce deferred tax assets where it is more-likely-than-not that the deferred tax assets will not be realized. In evaluating the Company’s ability to recover deferred tax assets, the Company considers all available positive and negative evidence, including historical operating results, ongoing tax planning, and forecasts of future taxable income on a jurisdiction-by-jurisdiction basis. Based on the level of historical losses, the Company has established a valuation allowance to reduce its net deferred tax assets to the amount that is more-likely-than-not to be realized. The Company has recorded a full valuation allowance against its net deferred tax assets as of December 31, 2023 and 2022 . A tax benefit from an uncertain tax position may be recognized when it is more-likely-than-not that the position will be sustained upon examination by the taxing authorities, including resolutions of any related appeals or litigation processes, based on the technical merits of the position. Net Income (Loss) per Share Basic and diluted net income (loss) per share is presented in conformity with the two-class method required for participating securities. Under the two-class method, basic net income (loss) per share is computed by dividing the net income or loss by the weighted-average number of shares of common stock outstanding during the period. Diluted net income (loss) per share adjusts basic net income (loss) per share for the effect of potentially dilutive securities. Comprehensive Income (Loss) Comprehensive income (loss) includes net income (loss) plus all changes in stockholders’ equity except those resulting from distributions to stockholders. The Company’s unrealized gains and losses on short-term available-for-sale investment securities represent the components of other comprehensive income (loss) that are excluded from the reported net income (loss) and are presented in the consolidated statements of operations and comprehensive income (loss). JOBS Act Accounting Election The Company is provided the option to adopt new or revised accounting guidance as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 (the “ JOBS Act ”) either (1) within the same periods as those otherwise applicable to public business entities, or (2) within the same time periods as non-public business entities, including early adoption when permissible. With the exception of standards the Company elected to early adopt, when permissible, the Company has elected to adopt new or revised accounting guidance within the same time period as non-public business entities, as indicated below. Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, “Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“Topic 326”)”, and has since released various amendments including ASU No. 2019-04. The guidance modifies the measurement of expected credit losses on certain financial instruments. This guidance is effective for the Company for the fiscal year beginning after December 15, 2022. Early adoption is permitted. The Company adopted the new guidance in the first quarter of fiscal year 2023. The effect on the consolidated financial statements and related disclosures was not material. Recently Issued Accounting Pronouncements In December 2023, the FASB issued 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 consolidated financial statements and related disclosures. |
Basic and Diluted Net Loss per
Basic and Diluted Net Loss per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Loss per Share | Basic and Diluted Net Income (Loss) per Share The following table sets forth the computation of the Company’s basic and diluted net income (loss) per share to common stockholders: December 31, 2023 2022 (In thousands, except share per share data) Numerator: Net income (loss) $ (135,139) $ 7,969 Denominator: Basic weighted average shares outstanding 197,358,751 185,079,101 Effect of dilutive securities: Common stock warrants — 7,999 Restricted stock units — 345,714 Common stock options — 16,742,089 Diluted weighted average shares outstanding 197,358,751 202,174,903 Net income (loss) per share Basic $ (0.68) $ 0.04 Diluted $ (0.68) $ 0.04 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: December 31, 2023 2022 (per share data) Common stock warrants 50,945,000 13,075,000 Restricted stock units 20,066,204 3,819,727 Common stock options 13,152,359 725,711 Total potentially dilutive common share equivalents 84,163,563 17,620,438 Total potentially dilutive common share equivalents for the years ended December 31, 2023 and 2022, excludes 21,265,936 and 21,758,149, respectively, shares related to the earnout liability as these shares are contingently issuable upon meeting certain triggering events. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 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 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) (iii) $ 258 $ — $ — $ 258 Common stock warrant liabilities (Private Placement) (iii) — — 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 Warrants) (iii) — — 536 536 Contingent earnout liabilities — — 1,456 1,456 Total financial liabilities $ 258 $ — $ 13,033 $ 13,291 Fair Value Measured as of December 31, 2022 Level 1 Level 2 Level 3 Total (In thousands) Assets Money market funds (i) $ 31,728 $ — $ — $ 31,728 U.S. Treasury securities (ii) 24,701 — — 24,701 Corporate bonds (ii) — 23,513 — 23,513 Total financial assets $ 56,429 $ 23,513 $ — $ 79,942 Liabilities Common stock warrant liabilities (Public) (iii) $ 1,748 $ — $ — $ 1,748 Common stock warrant liabilities (Private Placement) (iii) — — 888 888 Common stock warrant liabilities (2022 Private Warrant) (iii) — — 109 109 Contingent earnout liabilities — — 17,414 17,414 Total financial liabilities $ 1,748 $ — $ 18,411 $ 20,159 (i) Included in cash and cash equivalents on the consolidated balance sheets. (ii) Included in short-term investments on the consolidated balance sheets. (iii) Included in warrant liabilities on the consolidated balance sheets. For more information regarding the Public Warrants, Private Placement Warrants, the 2022 Private Warrant, the RDO Warrants, the Placement 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 December 31, 2023 and 2022. 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 placement warrant liabilities 2022 Private Warrant Contingent earnout liabilities Debt derivatives RDO Warrants Placement Agent Warrants (In Thousands) Fair value as of January 1, 2023 $ 888 $ 109 $ 17,414 $ — $ — $ — Issuance of instruments — — — 13,890 10,891 536 Change in fair value (761) (86) (15,958) (8,485) — — Extinguishment of debt derivatives in connection with debt extinguishment — — — (5,405) — — Fair value as of December 31, 2023 $ 127 $ 23 $ 1,456 $ — $ 10,891 $ 536 Fair value as of January 1, 2022 $ 7,387 $ — $ 111,487 $ — $ — $ — Issuance of warrants — 170 — — — — Change in fair value (6,499) (61) (94,073) — — — Fair value as of December 31, 2022 $ 888 $ 109 $ 17,414 $ — $ — $ — The fair value of the private placement warrant liability, the 2022 Private Warrant, Contingent earnout liability, Debt derivative, RDO Warrants, and Placement 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 liability, Contingent earnout liability, and Debt derivatives, 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, and Placement 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 | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | 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 consolidated balance sheets. December 31, 2023 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value (In thousands) Corporate bonds 6,717 — (96) 6,621 Total available-for-sale investments $ 6,717 $ — $ (96) $ 6,621 December 31, 2022 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value (In thousands) U.S. Treasury securities $ 25,124 $ — $ (423) $ 24,701 Corporate bonds 23,927 — (414) 23,513 Total available-for-sale investments $ 49,051 $ — $ (837) $ 48,214 The following table presents the breakdown of the AFS investments in an unrealized loss position as of December 31, 2023 and December 31, 2022, respectively. December 31, 2023 December 31, 2022 Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss (In thousands) U.S. Treasury securities Less than 12 months $ — $ — $ 16,702 $ (365) 12 months or longer $ — $ — $ 7,999 $ (58) Total $ — $ — $ 24,701 $ (423) Corporate bonds Less than 12 months $ — $ — $ 18,951 $ (387) 12 months or longer $ 6,621 $ (96) $ 1,478 $ (27) Total $ 6,621 $ (96) $ 20,429 $ (414) The Company does not believe these AFS investments to be other-than-temporarily impaired as of December 31, 2023 and December 31, 2022. There were no material realized gains or losses on AFS investments for the years ended December 31, 2023 and December 31, 2022. All remaining contractual maturities of AFS investments held at December 31, 2023 are as follows: Less than 12 months Greater than 12 months Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss (In thousands) Corporate bonds $ 6,621 $ (96) $ — $ — Total $ 6,621 $ (96) $ — $ — |
Balance Sheet Components
Balance Sheet Components | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Balance Sheet Components | Balance Sheet Components Accounts Receivable, Net Accounts receivable, net consisted of the following: December 31, 2023 2022 (In thousands) Trade Receivables $ 10,203 $ 9,639 Less: Allowances for Doubtful Accounts (620) (454) Total $ 9,583 $ 9,185 Inventories Inventories consisted of the following: December 31, 2023 2022 (In thousands) Raw materials $ 48,488 $ 58,585 Work-in-progress 9,922 12,617 Finished goods 2,406 — Total $ 60,816 $ 71,202 The Company recorded $27.1 million in inventory reserves related to the valuation of inventory for the year ended December 31, 2023 Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following: December 31, 2023 2022 (In thousands) Prepaid insurance and other $ 2,738 $ 3,316 Vendor prepayments 1,262 2,217 Total $ 4,000 $ 5,533 Property and Equipment, Net Property and equipment, net consisted of the following: December 31, 2023 2022 (In thousands) Computers and software $ 2,549 $ 2,222 Lab equipment and other equipment 8,075 7,379 Furniture and fixtures 206 181 Leasehold improvements 14,406 16,273 Total property, plant and equipment 25,236 26,055 Less accumulated depreciation and amortization (8,910) (6,243) Property, plant and equipment, net $ 16,326 $ 19,812 Depreciation expense for the years ended December 31, 2023 and 2022 was $5.2 million and $3.6 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. The Company accelerated depreciation of $0.4 million in leasehold improvements, which are included in depreciation expense, related to the Company's exit from its two facilities at Campbell (Division) on December 31, 2023, which are no longer in use. The Company disposed of $2.1 million in fully-depreciated leasehold improvements during the year ended December 31, 2023. Other Assets Other assets consisted of the following: December 31, 2023 2022 (In thousands) Right of use assets $ 10,672 $ 13,545 Net investment in sales-type lease — $ 5,905 Non-current prepaid expenses and other assets 1,993 $ 3,211 Total Other assets $ 12,665 $ 22,661 The Company negotiated the early buy-out of all outstanding sales-type leases. The excess of the carrying value of the net investment in sales-type lease, associated contract assets and the consideration received of $5.0 million resulted in a reduction in revenue of $2.2 million for the year ended December 31, 2023. Accrued Expenses & Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: December 31, 2023 2022 (In thousands) Accrued expenses $ 1,948 $ 8,602 Accrued salaries and benefits 2,277 4,830 Lease liability – current portion 2,266 2,445 Total accrued expenses and other current liabilities $ 6,491 $ 15,877 Other Noncurrent Liabilities Other noncurrent liabilities consisted of the following: December 31, 2023 2022 (In thousands) Lease liabilities - noncurrent portion $ 10,176 $ 12,206 Other noncurrent liabilities 1,380 428 Total other noncurrent liabilities $ 11,556 $ 12,634 |
Equipment on Lease, Net
Equipment on Lease, Net | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Equipment on Lease, Net | Equipment on Lease, Net 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 $1.0 million and included in cost of revenue for the year ended December 31, 2023 . The equipment leased to customers had a cost basis of $10.6 million and accumulated depreciation of $1.5 million as of December 31, 2022. The total depreciation expense was $1.7 million and included in cost of revenue for the year ended December 31, 2022. The equipment on lease initial lease terms are generally for 12 months and the Company has considered the possibility of renewals when determining the length of the contract and the expectation is that customers will not exercise any renewal or purchase options at the end of the lease. The Company has evaluated our customer history on renewals, returns and purchase options and have determined the operating lease period of 12 months is appropriate. For the year ended December 31, 2023, two new leases were entered into and eight equipment on leases with an aggregate carrying value of $6.7 million were reclassified from equipment on lease, net to finished goods inventory to be resold as the purchase options were not exercised. As noted above, we are unsure of when the customer will return or renew leased equipment. Additionally, lessees do not provide residual value guarantees on equipment on lease. The future lease payments expected in 2024 are $1.2 million. Lease payments consisted of the following: December 31, 2023 2022 (In thousands) Equipment on lease payments 1,676 3,483 Equipment on lease variable payments — 678 Total lease payments $ 1,676 $ 4,161 The Company entered into debt secured by certain leased equipment to customers. See Note 9, Long-term Debt, for a description of these financing arrangements. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Leases The Company leases its office and manufacturing facilities under four non-cancellable operating leases, including options to extend, which expire in 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 on 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, t he 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. Total ROU assets and lease liabilities are as follows: December 31, 2023 2022 (In thousands) Right-of-use assets: Net book value (Other assets) $ 10,672 $ 13,545 Operating lease liabilities: Current (Accrued expense and other current liabilities) $ 2,153 $ 2,411 Noncurrent (Other noncurrent liabilities) 9,973 12,201 12,126 14,612 Financing lease liabilities: Current (Accrued expense and other current liabilities) $ 113 $ 35 Noncurrent (Other noncurrent liabilities) 203 5 $ 316 $ 40 Total lease liabilities $ 12,442 $ 14,652 There were no impairments recorded related to these assets as of December 31, 2023 and 2022. Information about lease-related balances were as follows: December 31, 2023 2022 (In thousands, except years and percentages) Operating lease expense $ 3,002 $ 2,956 Financing lease expense 80 36 Short-term lease expense 314 351 Total lease expense $ 3,396 $ 3,343 Cash paid for leases $ 2,827 $ 2,360 Weighted – average remaining lease term – operating leases (years) 7.8 4.1 Weighted – average discount rate – operating leases 8.8% 8.7% Maturity of operating lease liabilities as of December 31, 2023 are as follows: (In thousands) 2024 $ 2,806 2025 2,360 2026 2,402 2027 2,400 2028 2,490 Thereafter 8,779 Total operating lease payments $ 21,237 Less portion representing imputed interest (9,111) Total operating lease liabilities $ 12,126 Less current portion 2,153 Long-term portion $ 9,973 |
Leases | Leases The Company leases its office and manufacturing facilities under four non-cancellable operating leases, including options to extend, which expire in 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 on 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, t he 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. Total ROU assets and lease liabilities are as follows: December 31, 2023 2022 (In thousands) Right-of-use assets: Net book value (Other assets) $ 10,672 $ 13,545 Operating lease liabilities: Current (Accrued expense and other current liabilities) $ 2,153 $ 2,411 Noncurrent (Other noncurrent liabilities) 9,973 12,201 12,126 14,612 Financing lease liabilities: Current (Accrued expense and other current liabilities) $ 113 $ 35 Noncurrent (Other noncurrent liabilities) 203 5 $ 316 $ 40 Total lease liabilities $ 12,442 $ 14,652 There were no impairments recorded related to these assets as of December 31, 2023 and 2022. Information about lease-related balances were as follows: December 31, 2023 2022 (In thousands, except years and percentages) Operating lease expense $ 3,002 $ 2,956 Financing lease expense 80 36 Short-term lease expense 314 351 Total lease expense $ 3,396 $ 3,343 Cash paid for leases $ 2,827 $ 2,360 Weighted – average remaining lease term – operating leases (years) 7.8 4.1 Weighted – average discount rate – operating leases 8.8% 8.7% Maturity of operating lease liabilities as of December 31, 2023 are as follows: (In thousands) 2024 $ 2,806 2025 2,360 2026 2,402 2027 2,400 2028 2,490 Thereafter 8,779 Total operating lease payments $ 21,237 Less portion representing imputed interest (9,111) Total operating lease liabilities $ 12,126 Less current portion 2,153 Long-term portion $ 9,973 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Debt Debt consisted of the following: December 31, 2023 2022 (In thousands) Revolving credit line $ — $ 3,000 Equipment loan — 5,356 Secured notes 33,516 — Deferred financing costs (384) (159) Total $ 33,132 $ 8,197 Debt – current portion 21,191 2,775 Long-term debt – less current portion $ 11,941 $ 5,422 Secured Convertible Notes — On August 10, 2023, the Company entered into the Securities Purchase Agreement with High Trail Investments ON LLC and an affiliated institutional investor (together, the "Investors") pursuant to which the Company agreed to issue and sell in an offering up to $105 million aggregate principal amount of senior secured convertible notes (the "Secured Convertible Notes"). On August 14, 2023, the Company issued $70 million aggregate principal amount of Secured Convertible Notes to the Investors. In addition, the Company granted the Investors the right to purchase up to an additional $35 million aggregate principal amount of the Secured Convertible Notes so long as the notice to exercise such option was provided no later than August 14, 2024. The Secured Convertible Notes bore interest at 6.00% per annum, payable quarterly in cash on January 1, April 1, July 1 and October 1 of each year, commencing on October 1, 2023, and would mature on August 1, 2026. The Secured Convertible Notes included covenants requiring the Company to, among others things, maintain minimum levels of quarterly revenue through the quarter ended June 30, 2026. The Company was not in compliance with the minimum revenue covenant for the quarter ended September 30, 2023. Beginning on January 1, 2024, the Investors had the option to require the Company to repay principal on the Secured Convertible Notes quarterly pursuant to the terms of the Secured Convertible Notes at a repayment price equal to 115% of the Secured Convertible Notes principal balance repaid plus accrued interest. The repayments were calculated at a rate of 12.5% of 115% of the principal balance and would reduce the principal balance of the Secured Convertible Notes by the amount repaid divided by a rate of 1.15. The end of term maturity balance was the principal balance of the Secured Convertible Notes multiplied by 115% (the "Secured Convertible Notes Maturity Balance"). The Secured Convertible Notes were convertible based on a conversion rate of 644.7453 shares of Common Stock per $1,000 principal amount of Secured Convertible Notes (equivalent to a conversion price of approximately $1.55 per share of the Common Stock). The Company used approximately $22.4 million of the net proceeds from the offering of the Secured Convertible Notes to repay all $21.9 million of outstanding principal and $0.3 million of accrued interest under the Company’s Revolving Credit Line and Equipment Loan which resulted in a loss of $0.2 million expensed within “Loss on debt extinguishment”. The Company incurred deferred financing costs of $4.1 million related to the Secured Convertible Notes, which were capitalized upon issuance and were being accreted over the term of the Secured Convertible Notes using the effective interest rate method with $0.6 million included in “Interest expense” in the accompanying Consolidated Statements of Operations and Comprehensive Income (Loss) for the year ended December 31, 2023. The unamortized deferred financing costs of $3.5 million, were expensed within "Loss on debt extinguishment" upon the cancellation and exchange of the Secured Convertible Notes for the Secured Notes. Additionally, the Company was capitalizing discounts of $24.4 million against the carrying value of the Secured Convertible Notes and amortizing the discounts over the term of the Secured Convertible Notes using the effective interest rate method. The $24.4 million discount included $13.9 million related to debt derivatives, $10.5 million related to the Secured Convertible Notes Maturity Balance, with $4.7 million amortized interest expense for the year ended December 31, 2023. The unamortized discount was $19.7 million, was expensed within "Loss on debt extinguishment" upon the extinguishment and termination of the Secured Convertible Notes. As of December 31, 2023, the Company had no outstanding balance, no unamortized discount, or unamortized deferred loan fees due to the cancellation of the Secured Convertible Notes in connection with the issuance of the Secured Notes. During the year ended December 31, 2023, the Company had paid $1.9 million in interest and incurred a total of $7.2 million in interest expense related to the Secured Convertible Notes. The effective interest rate was 41.1% for the year ended December 31, 2023. Secured Notes — On November 27, 2023, the Company entered into the Securities Exchange Agreement (the "Exchange Agreement") with the Investors, pursuant to which the Company made a cash payment to the Investors of $16.3 million to repay $12.5 million of aggregate principal amount of the Secured Convertible Notes, together with $1.3 million of accrued and unpaid interest. The remaining Secured Convertible Notes were exchanged for $57.5 million aggregate principal amount of new senior secured notes due 2026 (the "Secured Notes") and 10,000,000 shares of Common Stock with a fair market value of $9.4 million at issuance. The remaining Secured Convertible Notes Maturity Balance of $8.0 million was recognized as a gain within “Loss on debt extinguishment” and was partially offset by $0.2 million of financing costs paid to the Investors. The Secured Notes included covenants requiring the Company to maintain a minimum of $35 million of unrestricted cash and cash equivalents and to maintain minimum levels of available cash, calculated monthly based on a rolling three-month lookback period beginning with the three-month period ending on December 31, 2023. On December 27, 2023, the Company entered into a note amendment to its Secured Notes with the Investors, pursuant to which the Company made a cash payment to the note holders of $25.0 million to repay approximately $20.8 million of aggregate principal amount of the Secured Notes, together with accrued and unpaid interest. The amendment was determined to be a modification of the Secured Notes. The amended Secured Notes eliminated the requirement to pay a principal amount of Secured Notes on January 1, 2024, eliminated the requirement to maintain a minimum of $35.0 million of unrestricted cash and cash equivalents, and deferred the requirement to, on or before December 31, 2023, establish a new “at-the-market” offering program (or increase the Company’s existing “at-the-market” offering program) with aggregate available, accessible and unused capacity to generate gross proceeds to the Company of at least $75.0 million as of December 31, 2023 to January 31, 2024. 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). Additionally, as noted above, the Secured Notes require the Company maintain available cash on a quarterly basis, adjusted for certain financing activity as defined in the Secured Notes, in excess of required minimum balances as defined in the Secured Notes. Furthermore, if an event of default occurs, the holders of the Secured Notes may declare the Secured Notes due and payable for cash in an amount equal to the Event of Default Acceleration Amount as defined in the Secured Notes. If an event of default occurs and the Company fails to pay the Event of Default Acceleration Amount when due in accordance with the Secured Notes, then the holders may elect to receive such unpaid portion of the Event of Default Acceleration Amount, entirely or partially, in shares of Common Stock calculated based on dividing Event of Default Acceleration Amount by the lowest of the 10 daily volume weighted average prices of the Common Stock immediately prior to the applicable event of default stock payment date. The Secured Notes bear interest at 6.00% per annum, payable quarterly in cash on January 1, April 1, July 1 and October 1 of each year, commencing on January 1, 2024, and will mature on August 1, 2026. When the Company repays principal on the Secured Notes pursuant to the terms of the Secured Notes, it will be required to pay 120% of the principal amount repaid (the “Repayment Price”) plus accrued and unpaid interest. On the first day of each three-month period beginning on April 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 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. 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 December 31, 2023, 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, as the Company believes the likelihood of these occurring to be remote. The Company will continue to monitor the likelihood of these events in future reporting periods. The Company incurred deferred financing costs of $0.4 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 and are included in “Interest expense” in the accompanying Consolidated Statements of Operations and Comprehensive Income (Loss). As of December 31, 2023, the remaining unamortized balance of deferred financing costs was $0.4 million and were included in Debt — current portion on the balance sheets. Additionally, the Company is accreting discounts of $11.5 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 $1.2 million amortized to interest expense for the year ended December 31, 2023. As of December 31, 2023, the unamortized discount was $10.3 million, which includes the difference between the principal and the Repayment Price, and capitalized deferred financing costs. For the year ended December 31, 2023, the Company paid $0.4 million in interest and incurred a total of $1.6 million in interest expense related to the Secured Notes. The effective interest rate was 45.0% for the year ended December 31, 2023. The future minimum aggregate payments for the above borrowings are equal to the quarterly payments made using the Repayment Price, beginning are as follows as of December 31, 2023: (In thousands) 2024 $ 31,500 2025 12,500 $ 44,000 As of December 31, 2023 and the issuance date of the audited consolidated financial statements, the Company was in compliance with all covenants. Revolving Credit Line — During the year ended December 31, 2022, the Company entered into modification agreements that made certain modifications to the third amended and restated loan and security agreement. The modification agreements, among other things, extended the maturity date of the revolving line of credit, and increased the amount of the revolving credit line to $30.0 million. As of December 31, 2022, the Company had $27.0 million of the revolving credit line undrawn and deferred loan fees of less than $0.2 million. In 2023, the Company’s drew $14.0 million on the revolving credit facility with a variable interest rate of the greater of 5.50% or Prime Rate plus 0.75% and due on December 31, 2024. The outstanding principal of $17.0 million was repaid upon the issuance of the Secured Convertible Notes. As of December 31, 2023, the Company had no outstanding balance, remaining revolving credit line availability, or deferred loan fees. The effective interest rate was 15.8% and 5.7% for the year ended December 31, 2023 and 2022, respectively. Interest expense for the year ended December 31, 2023 was $0.6 million which included an additional $0.1 million for final payments made during the extinguishment of the Revolving Credit Line. Equipment Loan — On July 25, 2022, the Company entered into a joinder and fourth loan modification agreement that made certain modifications to its third amended and restated loan and security agreement, including establishing a secured equipment loan facility of up to $15.0 million, secured by equipment leased to customers, available through December 31, 2023 with a variable interest rate of the greater of Prime rate or 3.25% and terms of three As of December 31, 2022, the Company had executed a total of $8.0 million in equipment loan advances. For the year ended December 31, 2022, $2.1 million in principal payments were made on the equipment loan advances for an outstanding balance of $5.4 million as of December 31, 2022. For the year ended December 31, 2023, the Company executed a total of $1.6 million in equipment loan advances and made $2.0 million in principal payments. The outstanding principal of $4.9 million was repaid upon the issuance of the Secured Convertible Notes. As of December 31, 2023, the Company had no outstanding balance, remaining equipment loan availability, or deferred loan fees. |
Equity Instruments
Equity Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Equity Instruments | Equity Instruments Common stock 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. On November 28, 2023, the Company issued 10,000,000 shares of Common Stock in connection with the exchange of the Secured Convertible Notes for the Secured Notes. For more information, see Note 9, Long-Term Debt . On December 29, 2023, the Company issued 36,000,000 shares of Common Stock and warrants to purchase 36,000,000 shares of Common Stock for gross proceeds of $18.0 million in a registered direct offering (the "Registered Direct Offering"). Common Stock Reserved for Future Issuance Shares of common stock reserved for issuance on an “as if converted” basis were as follows: December 31, 2023 2022 (share data) Common stock warrants 50,945,000 13,145,000 Shares available for future grant under 2021 Equity Incentive Plan 16,041,013 20,861,294 Reserved for At-the-Market offering 2,825,941 — Reserved for employee stock purchase plan 7,371,214 5,495,601 Total shares of common stock reserved 77,183,168 39,501,895 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 20,000,000 shares of common stock for issuance under the ATM Sales Agreement. In March 2023, pursuant to the evergreen provisions of the Company’s 2021 Equity Incentive Plan (the “2021 EIP”), the Company registered an additional 9,378,068 shares of common stock for issuance under the 2021 EIP and 1,875,613 shares of common stock for issuance under the 2021 ESPP. 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 December 31, 2023 and 2022. Common Stock Warrant liabilities Following the Merger, 8,625,000 publicly-traded warrants (the “Public Warrants”) and 4,450,000 private placement warrants (the “Private Placement Warrants”), issued to Spitfire Sponsor, LLC (the “Sponsor”), all of which were issued in connection with JAWS Spitfire’s initial public offering (“IPO”), became exercisable for one share of the Company’s Common Stock at an exercise price of $11.50 per share. During the year ended December 31, 2023, there were no Public Warrants or Private Placement Warrants exercised. The Public Warrants are publicly traded and are exercisable for cash, unless certain conditions occur, such as redemption by the Company under certain circumstances, at which time the Public Warrants may be exercised on a cashless basis. The Private Placement Warrants are non-redeemable for cash so long as they are held by the initial purchasers or their permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants are redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. In conjunction with the joinder and fourth loan modification agreement on July 25, 2022, we issued to Silicon Valley Bank warrants to purchase up to 70,000 shares of the Company’s common stock at an exercise price of $2.56 per warrant share (the “2022 Private Warrant”). The 2022 Private Warrant is exercisable until July 24, 2034 and allow cashless exercise in whole or part. On December 29, 2023, the Company issued warrants to purchase 36,000,000 shares of Common Stock at an exercise price of $0.57 per warrant share (the "RDO Warrants") in the Registered Direct Offering. Additionally, the Company issued warrants to purchase 1,800,000 shares of Common Stock at an exercise price of $0.62 per warrant share (the "Placement Agent Warrants" and, together with the Public Warrants, the Private Placement Warrants, the 2022 Private Warrant, and the RDO Warrants the “Common Stock Warrants”). The RDO Warrants and Placement Agent Warrants are exercisable until December 29, 2028. The Company evaluated the Common Stock Warrants, and concluded that they all do not meet the criteria to be classified within stockholders’ equity. The reason of the warrants being classified as a liability is because of "Provision (ii) in the event of a Fundamental Transaction it is not an acceptable measure for the Company’s stock price in a fixed-for-fixed option pricing model." The warrant agreement governing the Public Warrants and Private Placement Warrants includes a provision, the application of which could result in a different settlement value for the Common Stock Warrants depending on their holder. The Private Placement Warrants are not considered to be “indexed to the Company’s own stock.” In addition, the warrant agreement includes a provision that provides that in the event of a tender or exchange offer accepted by holders of more than 50.0% of the outstanding shares of the common stock, all holders of the Public Warrants and the Private Placement Warrants would be entitled to receive cash for all of their Public Warrants and Private Placement Warrants. Specifically, in the event of a qualifying cash tender offer (which could be outside of the Company’s control), all Public Warrant and Private Placement Warrant holders would be entitled to cash, while only certain of the holders of the common stock may be entitled to cash. These provisions preclude us from classifying the Public Warrants and Private Placement Warrants in stockholders’ equity. The 2022 Private Warrant, the RDO Warrants, and the Placement Agent Warrants also contain similar provisions on the treatment in the event of a qualifying cash tender offer that preclude us from classifying the 2022 Private Warrants, the RDO Warrants, and the Placement Agent Warrants in stockholders' equity. Warrants for common stock of 50,945,000 and 13,145,000 were exercisable 1-to-1 as of December 31, 2023 and 2022, respectively. The Private Placement Warrants, the 2022 Private Warrant, the RDO Warrants, the Placement Agent Warrants, and the Public Warrants on common stock (as defined below) 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: December 31, 2023 Issue Date Expiration Date Number of Warrants Exercise Price per warrant Fair Value on Issue Date per warrant Fair Value on December 31, 2023 Private Placement Warrants - Common Stock 12/02/2020 09/29/2026 4,450,000 $11.50 $2.00 $ 127 2022 Private Warrant - Common Stock 07/25/2022 07/24/2034 70,000 $2.56 $2.43 $ 23 Public Warrants - Common Stock 12/02/2020 09/29/2026 8,625,000 $11.50 $3.30 $ 258 RDO Warrants - Common Stock 12/29/2023 12/29/2028 36,000,000 $0.57 $0.30 $ 10,891 Placement Agent Warrants - Common Stock 12/29/2023 12/29/2028 1,800,000 $0.62 $0.30 $ 536 50,945,000 $ 11,835 December 31, 2022 Issue Date Expiration Date Number of Warrants Exercise Price per warrant Fair Value on Issue Date per warrant Fair Value on December 31, 2022 Private Placement Warrants - Common Stock 12/02/2020 09/29/2026 4,450,000 $11.50 $2.00 $ 888 2022 Private Warrant - Common Stock 07/25/2022 07/24/2034 70,000 $2.56 $2.43 $ 109 Public Warrants - Common Stock 12/02/2020 09/29/2026 8,625,000 $11.50 $3.30 $ 1,748 13,145,000 $ 2,745 Private Placement Warrants - Common Stock Concurrently with JAWS Spitfire’s IPO, 4,450,000 Private Placement Warrants were issued to the Sponsor at $2.00 per warrant. Each Private Placement Warrant is exercisable to purchase one share of common stock at a price of $11.50 per share. Subject to certain exceptions, the Private Placement Warrants have terms and provisions that are identical to those of the Public Warrants. As of December 31, 2023, the number of Private Placement Warrants issued was 4,450,000. 2022 Private Warrant - Common Stock In conjunction with the joinder and fourth loan modification agreement on July 25, 2022, the Company issued to Silicon Valley Bank, warrants to purchase up to 70,000 shares of the Company’s common stock at an exercise price of $2.56 per warrant share . The 2022 Private Warrant is exercisable until July 24, 2034 and allows cashless exercise in whole or part. RDO Warrants - Common Stock In conjunction with the capital raise on December 29, 2023, the Company issued to multiple institutional investors, warrants to purchase up to 36,000,000 shares of the Company’s common stock at an exercise price of $0.57 per warrant share . The RDO Warrants are exercisable until December 29, 2028 and allows cashless exercise in whole or part. Placement Agent Warrants - Common Stock In conjunction with the capital raise on December 29, 2023, the Company issued to the placement agent, warrants to purchase up to 1,800,000 shares of the Company’s common stock at an exercise price of $0.62 per warrant share . The Placement Agent Warrants are exercisable until December 29, 2028 and allows cashless exercise in whole or part. Public Warrants - Common Stock In conjunction with the JAWS Spitfire IPO, 34,500,000 units were issued to public investors at $10.00 per unit. Each unit consisted of one JAWS Spitfire Class A ordinary share and one-fourth of one warrant . Each Public Warrant is exercisable to purchase shares of common stock at $11.50 per share. As of December 31, 2023, the number of Public Warrants issued was 8,625,000. The Public Warrants may only be exercised for a whole number of shares. The Public Warrants became exercisable on December 7, 2021. The Public Warrants will expire 5 years after the completion of the Merger or earlier upon redemption or liquidation. Common Stock Warrant Liabilities The liability for warrants on common stock carried at fair value was as follows: December 31, 2023 2022 (In thousands) Beginning Balance $ 2,745 $ 21,705 Issuance of common stock warrant in connection with financing 11,428 170 Loss on fair value of warrants (2,338) (19,130) Ending Balance $ 11,835 $ 2,745 The liabilities associated with the Private Placement Warrants, 2022 Private Warrant, RDO Warrants, and Placement 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 the latest trading price of the warrants for the years ended December 31, 2023 and 2022. Private Placement Warrant - Fair Value Assumption 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 December 31, 2023 As of December 31, 2022 Current stock price $0.40 $1.79 Expected volatility 105.0% 68.0% Risk-free interest rate 4.1% 4.1% Dividend yield —% —% Expected term (in years) 2.75 3.75 Expected volatility: The volatility is determined iteratively, such that the concluded value of the Public Warrant is 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 Warrant, 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 December 31, 2023 As of December 31, 2022 Current stock price $0.40 $1.79 Expected volatility 108.3% 86.9% Risk-free interest rate 3.8% - 3.9% 3.9% Dividend rate —% —% Expected Term (years) 5 - 10.57 11.57 Expected volatility: The expected volatility was derived from the implied volatility of the Company’s publicly traded common stock as of December 31, 2023. As of December 31, 2022, the expected volatility was determined iteratively, such that a blended weighting of a 50% implied public warrant volatility and 50% Company common stock trading volatility weighting was used. 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 for pre-closing Legacy Velo3D equity holders (as defined in the Business Combination Agreement as holders of Legacy Velo3D shares, Legacy Velo3D warrants, Legacy Velo3D convertible notes and Legacy Velo3D options immediately prior to the closing date) (“ Eligible Legacy Velo3D Equityholders ”). The Eligible Legacy Velo3D Equityholders will be entitled to Earnout Shares, pursuant to which they will receive (i) 5.0% of the total number of shares of Common Stock outstanding at the Closing if the shares of Common Stock trade at or above $12.50 for 20 or more trading days in any 30 trading-day period, and (ii) an additional 5.0% of the total number of shares of Common Stock outstanding at the Closing if the shares of Common Stock trade at or above $15.00 for 20 or more trading days in any 30 trading-day period (the “ Triggering Events ”). The earnout is subject to a five-year earnout period and early trigger upon certain change of control events. During the time period between Closing and the five-year anniversary of the Closing Date, Eligible Legacy Velo3D Equityholders may receive up to 21,758,148 shares of additional Common Stock, which is based on two tranches or 10,879,074 per tranche as noted above. 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. The estimated fair value of the contingent earnout liabilities at the Closing Date was $120.8 million based on a Monte Carlo simulation valuation model using a distribution of potential outcomes on a monthly basis over the Earnout Period using the most reliable information available. The change in fair value of contingent earnout liabilities are recognized in the consolidated statement of operations and comprehensive income (loss). The rollforward for the contingent earnout liabilities was as follows: December 31, 2023 2022 (In thousands) Beginning Balance $ 17,414 $ 111,487 Change in fair value of contingent earnout liabilities (15,958) (94,073) Ending Balance $ 1,456 $ 17,414 Assumptions used in the fair value of the contingent earnout liabilities are described below. As of December 31, 2023 As of December 31, 2022 Current stock price $0.40 $1.79 Expected volatility 105.0% 89.9% Risk-free interest rate 4.1% 4.1% Dividend yield —% —% Expected Term (years) 2.75 3.75 Expected volatility: As of December 31, 2023, the expected volatility was derived from the implied volatility of the Company’s publicly traded common stock. As of December 31, 2022, the expected volatility was determined iteratively, such that a blended weighting of a 50% implied public warrant volatility and 50% Company common stock trading volatility weighting was used. 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 & Stock-
Equity Incentive Plans & Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Equity Incentive Plans & Stock-Based Compensation | Plans & Stock-Based Compensation In 2014, the Company adopted its 2014 equity incentive plan (the “ 2014 Plan ”) which provides for the granting of stock options, restricted stock awards and stock appreciation rights to employees, directors, and consultants of the Company. Awards granted under the 2014 Plan generally expire 10 years from the date of grant, or earlier if services are terminated. The exercise price of stock options grants shall not be less than 110% of the estimated fair value of the shares on the date of grant, respectively, as determined by the Company’s Board of Directors. Awards generally vest based on continuous service over four years. Awards forfeited, cancelled, or repurchased generally are returned to the pool of shares of common stock available for issuance under the 2021 Plan (as defined below). In 2021, the Company adopted 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. The Company initially reserved 42,766,043 shares of its common stock for issuance under the 2021 EIP. In March 2022, pursuant to the evergreen provisions of the 2021 EIP, the Company registered an additional 9,161,624 shares of common stock for issuance under the 2021 EIP. As of December 31, 2023, the Company has an allocated reserve of 49,224,879 shares of its common stock for issuance under the 2021 EIP. In addition, the Company adopted its 2021 Employee Stock Purchase Plan (“ 2021 ESPP ”). The Company initially reserved 3,663,277 shares of its common stock for issuance under the 2021 ESPP. In March 2022, pursuant to the evergreen provisions of the 2021 ESPP, the Company registered an additional 1,832,324 shares of common stock for issuance under the 2021 ESPP. As of December 31, 2023, the Company has an allocated reserve of 7,371,214 shares of its common stock for issuance under the 2021 ESPP. As of December 31, 2023, the Company had not begun any offering periods for the 2021 ESPP. Awards granted under the 2021 EIP generally expire 10 years from the date of grant, or earlier if services are terminated. The exercise price of stock options grants shall not be less than 110% of the estimated fair value of the shares on the date of grant, respectively, as determined by the Company’s Board of Directors. Awards generally vest based on continuous service over 4 years. Awards forfeited, cancelled, or repurchased generally are returned to the pool of shares of common stock available for issuance under the 2021 Plan. Stock options Activity under the Company’s stock option plans is set forth below: Options Weighted-Average Weighted-Average (In thousands) (Per Share Data) (Years) Outstanding as of December 31, 2021 21,191 $0.58 8.2 Granted — $— Exercised (2,981) $0.41 Forfeited or expired (1,250) $1.60 Outstanding as of December 31, 2022 16,960 $0.54 7.3 Options vested and expected to vest as of December 31, 2022 16,960 $0.54 Vested and exercisable as of December 31, 2022 11,000 $0.65 Outstanding as of December 31, 2022 16,960 $0.54 7.3 Granted — $— Exercised (2,204) $0.26 Forfeited or expired (1,604) $0.29 Outstanding as of December 31, 2023 13,152 $0.61 6.2 Options vested and expected to vest as of December 31, 2023 13,152 $0.61 Vested and exercisable as of December 31, 2023 12,267 $0.62 The aggregate intrinsic value of options outstanding was $2.3 million and $24.4 million, respectively, as of December 31, 2023 and 2022. Intrinsic value of options exercised for the years ended December 31, 2023 and 2022 was $4.6 million and $10.9 million, respectively. The total grant date fair value of options vested was $0.7 million and $1.9 million for the years ended December 31, 2023 and 2022, respectively. As of December 31, 2023, total unrecognized compensation cost related to options was $0.2 million related to 0.9 million unvested options and is expected to be recognized over a weighted-average period of 1.0 year. 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 December 31, 2023 and 2022 and their activity during the year ended December 31, 2023 and 2022: Number of Shares Weighted-Average Grant Date Fair Value Aggregate Intrinsic Value (In thousands) (Per Share Data) (In thousands) Balance as of December 31, 2021 4,041 $ 7.26 $ 29,476 Granted 7,996 3.57 28,338 Released (1,348) 6.26 4,472 Cancelled (971) 6.07 3,521 Balance as of December 31, 2022 9,718 $ 4.48 $ 17,396 Expected to vest as of December 31, 2022 9,718 $ 4.48 $ 17,396 Balance as of December 31, 2022 9,718 $ 4.48 $ 17,396 Granted 21,324 1.54 32,819 Released (5,527) 3.22 9,154 Cancelled (5,449) 3.56 7,734 Balance as of December 31, 2023 20,066 $ 1.94 $ 7,978 Expected to vest as of December 31, 2023 20,066 $ 1.94 $ 7,978 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 December 31, 2023, there was $35.8 million of unrecognized compensation cost related to 20.1 million unvested RSUs, which is expected to be recognized over a weighted average period of approximately 3.0 years. As of December 31, 2022, there was $41.3 million of unrecognized compensation cost related to 9.7 million unvested RSUs, which is expected to be recognized over a weighted average period of approximately 3.3 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: December 31, 2023 2022 (In thousands) Restricted stock units $ 16,575 $ 10,723 Stock options 515 1,690 Earnout shares - employees 5,783 7,737 $ 22,873 $ 20,150 The following sets forth the total stock-based compensation expense for the stock options, RSUs, and earnout shares - employees included in operating expenses on the statements of operations: December 31, 2023 2022 (In thousands) Research and development $ 11,415 $ 9,849 Selling and marketing 5,689 4,554 General and administrative 5,769 5,747 $ 22,873 $ 20,150 The following sets forth the total stock-based compensation expense by type of award included in cost of revenue in the statements of operations: December 31, 2023 2022 (In thousands) Restricted stock units $ 1,995 $ — Stock options 63 — $ 2,058 $ — The following sets forth the total stock-based compensation expense for the stock options, and RSUs included in cost of revenue on the statements of operations: December 31, 2023 2022 (In thousands) Cost of 3D Printer $ 1,622 $ — Cost of support services 436 — $ 2,058 $ — |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision for income taxes differs from the amount which would result by applying the federal statutory income tax rate to “Gain (loss) before provision for income taxes” for the years ended December 31, 2023 and 2022. The reconciliation of the provision computed at the federal statutory rate to the Company's provision (benefit) for income taxes as follows: December 31, 2023 2022 (In thousands, except percentages) Tax at federal statutory rate $ (28,354) (21.0) % $ 2,104 (21.0) % State, net of federal benefit (6,507) (4.8) % (5,083) 50.7 % Stock based compensation 967 0.7 % 766 (7.6) % Fair value adjustments (3,555) (2.4) % (23,773) 237.3 % Research and development credits (1,121) (0.8) % (1,358) 13.6 % Other 675 0.2 % 170 (1.8) % Change in valuation allowance 37,895 28.1 % 27,174 (271.2) % Total provision for income taxes $ — — % $ — — % The Company did not incur income tax expense or benefit for the years ending December 31, 2023 or December 31, 2022. Deferred income taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The components of deferred tax assets and liabilities are as follows: December 31, 2023 2022 (In thousands) Deferred tax assets Net operating loss carryforwards $ 91,668 $ 64,731 Research and development tax credits 12,087 9,269 Stock based compensation 6,162 3,764 Lease liability 3,098 3,694 Section 174 research and development capitalization 11,641 7,345 Interest expense 3,063 — Other timing differences 1,408 3,093 Total deferred tax assets $ 129,127 $ 91,896 Valuation allowance $ (125,722) $ (87,827) Net deferred tax assets $ 3,405 $ 4,069 Deferred tax liabilities Fixed assets and intangibles $ (364) $ (410) Right of use assets $ (3,041) $ (3,659) Total deferred tax liabilities $ (3,405) $ (4,069) Net deferred tax assets $ — $ — Realization of deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain. The Company concluded that it was not more-likely-than-not that tax benefits from operating losses would be realized and, accordingly, has provided a full valuation allowance against its deferred tax assets. Accordingly, the net deferred tax assets have been fully offset by a valuation allowance. The valuation allowance increased by $37.9 million and $27.2 million for the years ended December 31, 2023 and 2022, respectively, due to stock based compensation, current and previous year losses and research credits claimed. As of December 31, 2023 and 2022, the net operating loss carryforwards were, $91.7 million and $64.7 million , respectively . As of December 31, 2023, the Company had $346.3 million and $293.7 million federal and state net operating losses (“ NOLs ”), respectively, available to reduce future taxable income, which will begin to expire in 2034 and 2030 respectively for federal and for state tax purposes. The Company had $300.4 million of federal net operating loss included above and can be carried forward indefinitely. As of December 31, 2022, the Company had $243.4 million and $209.4 million of federal and state net operating losses available to reduce future taxable income. The Company also has federal research and developmental tax credit carryforwards of approximately $10.6 million which begin to expire in 2034, and state research and developmental tax credit carryforwards of $8.9 million as of December 31, 2023. The state credits have no expiration date. Federal and California tax laws impose substantial restrictions on the utilization of NOLs and credit carryforwards in the event of an "ownership change" for tax purposes, as defined in Section 382 of the Internal Revenue Code. Accordingly, the Company's ability to utilize these carryforwards may be limited as the result of such ownership change. Such a limitation could result in limitation in the use of the NOLs in future years and possibly a reduction of the NOLs available. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows: December 31, 2023 2022 (In thousands) Balance at beginning of year $ 4,750 $ 3,684 Additions based on tax positions related to the current year 1,310 1,066 Balance at end of year $ 6,060 $ 4,750 For the years ended December 31, 2023 and 2022, the amount of unrecognized tax benefits increased $1.3 million and $1.1 million, respectively, due to additional research and development credits generated during the year. As of December 31, 2023 and 2022 the total amount of unrecognized tax benefits was $6.1 million and $4.8 million, respectively. The reversal of the uncertain tax benefits would not affect the Company's effective tax rate to the extent that it continues to maintain a full valuation allowance against its deferred tax assets. The Company is subject to U.S. federal income taxes and to income taxes in various states in the United States. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations, and require significant judgment to apply. The Company is subject to U.S federal, state and local examinations by tax authorities for all prior years since incorporation. The Company does not anticipate significant changes to its current uncertain tax positions within the next twelve months. The Company recognizes any interest and/or penalties related to income tax matters as a component of income tax expense. As of December 31, 2023, there were no accrued interest and penalties related to uncertain tax positions. As of December 31, 2023 and 2022, foreign income taxes or liabilities were immaterial. |
Commitment and Contingencies
Commitment and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 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 consolidated financial statements indicates it is probable a loss has been incurred as of the date of the 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 December 31, 2023 and 2022, 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 $13.0 million for parts and assemblies are due upon receipts and will primarily be delivered throughout 2024. If inventory is shipped, the Company will accrue a liability under accrued expenses. The Company has no other commitment and contingencies, except for the operating leases. See Note 8, Leases |
Employee Defined - Contribution
Employee Defined - Contribution Plans | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Employee Defined - Contribution Plans | 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 $1.3 million and $1.1 million for the years ended December 31, 2023 and 2022, respectively. The Company has paid all matching contributions as of December 31, 2023. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 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 Year ended December 31, December 31, 2023 2022 2023 2022 (as a percentage) Customer 1 <10 % 11.7 % 11.2 % <10 % Customer 2 <10 % 29.2 % <10 % <10 % Revenue by Geographic Area The Company currently sells its products in the geographic regions as follows: December 31, 2023 2022 (In thousands) Americas $ 67,883 $ 78,070 Europe 9,219 263 Other 341 373 Total $ 77,443 $ 78,706 Contract Assets and Liabilities There was $2.7 million of revenue recognized during the year ended December 31, 2023 included in contract liabilities as of December 31, 2022. There was $1.7 million of revenue recognized during the year ended December 31, 2022 included in contract liabilities as of December 31, 2021. The change in contract assets reflects the difference in timing between our satisfaction of remaining performance obligations and our contractual right to bill our 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 adjust 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 |
Investments, Debt and Equity Se
Investments, Debt and Equity Securities | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
At-the-Market Offering | At-the-Market Offering On February 6, 2023, the Company entered into the ATM Sales Agreement with Needham, as agent, pursuant to which the Company may offer and sell, from time to time through Needham, shares of Common Stock. As of December 31, 2023, the Company has sold $22.8 million of shares, net of issuance costs of $1.8 million. The offer and sale of the shares of Common Stock will be made pursuant to the Shelf Registration Statement, prospectus, amended prospectus supplement, and the ATM Sales Agreement. Sales of shares, if any, under the amended prospectus supplement and the accompanying prospectus may be made by any method permitted that is deemed to be an “at the market offering” as defined in Rule 415(a)(4) promulgated under the Securities Act. 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. The Company will pay Needham commissions for its services in acting as agent in the sale of the shares pursuant to the ATM Sales Agreement. Needham will be entitled to compensation at a fixed commission rate equal to 3.0% of the aggregate gross proceeds from each sale of the shares pursuant to the ATM Sales Agreement. The Company has agreed to provide Needham with customary indemnification and contribution rights, including for liabilities under the Securities Act. The Company also will reimburse Needham for certain specified expenses in connection with entering into the ATM Sales Agreement. The Sales Agreement contains customary representations and warranties and conditions to the placements of the shares pursuant thereto. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The 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 ”). Intercompany balances and transactions have been eliminated in consolidation. These consolidated financial statements, 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. Revision of Previously Issued 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 determined that $2.1 million of revenue was incorrectly recognized in the consolidated statement of operations for the year ended December 31, 2022 and as a contract asset balance and net investment in sales type lease within other assets on the consolidated balance sheet as of 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. To correct the immaterial errors, the Company has revised its previously issued consolidated financial statements as of and for the year ended December 31, 2022. Additionally, the Company will revise its previously issued 2023 interim condensed consolidated financial statements in connection with the future filings of its 2024 interim reporting on Quarterly Reports on Form 10-Q for the periods ended March 31, 2024, June 30, 2024, and September 30, 2024. Refer to Note 17 for further discussion on the unaudited quarterly financial information. The following table reflects the revisions to the previously issued Consolidated Balance Sheet as of December 31, 2022: As of December 31, 2022 As Previously Reported Adjustment As Revised Contract assets $ 6,805 $ (1,402) $ 5,403 Total current assets 172,922 (1,402) 171,520 Other assets 23,310 (649) 22,661 Total assets 225,114 (2,051) 223,063 Accumulated deficit (219,847) (2,051) (221,898) Total stockholders’ equity 140,846 (2,051) 138,795 Total liabilities and stockholders’ equity $ 225,114 $ (2,051) $ 223,063 The following table reflects the revisions to the previously issued Consolidated Statement of Operations and Comprehensive Income (Loss) for the fiscal year ended December 31, 2022: Fiscal Year 2022 As Previously Reported Adjustment As Revised 3D Printer $ 71,346 $ (2,051) $ 69,295 Total Revenue 80,757 (2,051) 78,706 Gross profit 2,894 (2,051) 843 Loss from operations (104,261) (2,051) (106,312) Loss before provision for income taxes 10,020 (2,051) 7,969 Net income (loss) 10,020 (2,051) 7,969 Net income (loss) per share: Basic $ 0.05 $ (0.01) $ 0.04 Diluted $ 0.05 $ (0.01) $ 0.04 Net income (loss) $ 10,020 $ (2,051) $ 7,969 Total comprehensive income (loss) $ 9,197 $ (2,051) $ 7,146 The following table reflects the revisions to the previously issued Consolidated Statements of Cash Flows for the fiscal years ended December 31, 2022: Fiscal Year 2022 As Previously Reported Adjustment As Revised Net income (loss) $ 10,020 $ (2,051) $ 7,969 Contract assets (6,531) 1,402 (5,129) Other assets (1,241) 649 (592) |
Notice of Delisting | Notice of Delisting On December 26, 2023, the Company received informal notice from the New York Stock Exchange (“ NYSE ”) that NYSE would be sending the Company a written notice (the “ Notice ”) that the Company is below compliance criteria pursuant to the continued listing standards set forth in Section 802.01C of the NYSE Listed Company Manual as the average closing price of the Common Stock is less than $1.00 per share over a consecutive 30 trading-day period. On December 28, 2023, the Company received the Notice from the NYSE. In accordance with applicable NYSE procedures, the Company plans to notify the NYSE of its intent to cure the deficiency. Pursuant to Section 802.01C of the NYSE Listed Company Manual, the Company will have until June 28, 2024 to regain compliance with the Minimum Share Price Requirement. The Notice has no immediate impact on the listing of the Common Stock, which will continue to be listed and traded on the NYSE during the applicable cure period, subject to the Company’s compliance with the other continued listing requirements of the NYSE and will not affect the ongoing business operations of the Company or its reporting requirements with the Securities and Exchange Commission. However, failure to satisfy the conditions of the cure period or to maintain other NYSE listing requirements could lead to a delisting. |
Going Concern | Going Concern, Financial Condition and Liquidity and Capital Resources The 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 December 31, 2023, the Company had an accumulated deficit of $357.0 million and cash and investments on hand of approximately $31.1 million. Management believes that 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 consolidated financial statements. As of March 31, 2024, the Company had approximately $11.2 million in accounts receivable and $14.3 million in cash and investments. On April 1, 2024, the Company entered into a second note amendment (the “Second Note Amendment”) to its Secured Notes (as defined below) held with the Investors (as defined below). Pursuant to the Second Note Amendment, the Company agreed to make a cash payment of $5.5 million on April 1, 2024 to redeem approximately $4.2 million of aggregate principal amount of the 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 Notes, together with accrued and unpaid interest. See Note 18 for further information. Further, the Company expects that it will need to engage in additional financings to fund its operations and satisfy its obligations in the near-term. 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 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 may be required to 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, which a significant portion 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. |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenue and expenses. Actual results and outcomes could differ significantly from the Company’s estimates, judgments, and assumptions. Significant estimates include determining useful lives of long-lived assets, the determination of the incremental borrowing rate used for operating lease liabilities, standalone selling price for performance obligations in contracts with customers, variable consideration for sale and utilization fee contracts with customers, the valuation of common stock warrants, the fair value of stock-based compensation and other assumptions used to measure stock-based compensation, the fair value of contingent earnout liabilities, inventory reserves, allowance for doubtful accounts, and the valuation of deferred income tax assets and uncertain tax positions. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. The Company adjusts such estimates and assumptions when facts and circumstances dictate. Changes in these estimates resulting from continuing changes in the economic environment will be reflected in the consolidated financial statements in future periods. As future events and their effects cannot be determined with precision, actual results could materially differ from these estimates and assumptions. |
Concentration of Credit Risk and Other Risks and Uncertainties | Concentration of Credit Risk and Other Risks and Uncertainties The Company’s financial instruments that potentially expose the Company to concentration of credit risk consist mainly of cash and cash equivalents, short-term investments, and accounts receivable, net. The Company maintains its cash and cash equivalents in domestic cash accounts with large, creditworthy financial institutions and maintains its short-term investments with fixed income instruments denominated in U.S. dollars and at minimum A- credit rating. The Company has not experienced any losses on its deposits of cash and cash equivalents through deposits with federally insured commercial banks and at times cash balances may be in excess of federal insurance limits. See Note 15, Revenue, for customer concentration of revenue and accounts receivable. The Company relies on several key suppliers for products and services. While alternative providers have and could be identified, the Company is subject to supply and pricing risks. |
Impact of COVID-19 | Impact of COVID-19 During 2021 and 2022, the Company experienced various supply chain constraints due to the pandemic, which led to delays in installation of its products at customers' facilities, and postponed customer acceptance of the transactions. Furthermore, the impact of COVID-19 on the Company’s operating results added uncertainty in timing |
Fair Value Measurements | Fair Value Measurements T he Company has applied the framework for measuring fair value which requires a fair value hierarchy to be applied to all fair value measurements. Assets and liabilities measured at fair value are classified into one of three levels in the fair value hierarchy based on the inputs used to measure fair value as follows: Level 1 — Quoted prices observed in active markets for identical assets or liabilities; Level 2 — Inputs other than quoted prices in active markets that are observable for the asset or liability, either directly or indirectly; and Level 3 — Significant unobservable market inputs for the asset or liability. The carrying amounts of cash equivalents, accounts receivable, accounts payable, and accrued expenses approximate fair value due to their short-term maturities. The debt with variable interest at market rates and debt with fixed rates are carried at amortized cost, which approximates its fair value and was classified as Level 2. See Note 9, Long-Term Debt |
Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents and Restricted Cash All highly liquid investments with an original maturity of three months or less, when purchased, are classified as cash equivalents. Cash equivalents may be invested in money market funds and are carried at cost, which approximates their fair value. |
Revenue Recognition | Revenue Recognition Revenue subject to ASC 606 consists of 3D Printer sales and Support Services (recognition of Recurring Payment consisting of payments from lessees of the Company’s equipment discussed below). The Company determines revenue recognition through the following five- step model for recognizing revenue: (1) identification of the contract with a customer; (2) identification of the performance obligations in the contract; (3) determination of the transaction price; (4) allocation of the transaction price to the performance obligations in the contract; and (5) recognition of revenue when, or as, the Company satisfies its performance obligation. A typical contract with customers for the 3D Printer and bundled software includes the Support Services. The Company provides one price for all deliverables including the 3D Printer and bundled software, and for the Support Services. Typically, the Company has one distinct obligation to transfer the 3D Printers and bundled software, and another distinct obligation to provide the Support Services. The transaction price is allocated to the separate performance obligations on a relative standalone selling price (“ SSP ”) basis. The Company determines SSP based on observable standalone selling price when it is available, as well as other factors, including the price charged to its customers, its discounting practices, and its overall pricing objectives including risk adjusted gross profit margin for products and services, while maximizing observable inputs. In situations where pricing is highly variable, or a product is never sold on a stand-alone basis, the Company estimates the SSP using the residual approach. Significant judgment is used to identify and account for each of the two performance obligations. 3D Printer Sales The Company bills its customers beginning at the time of acceptance of the purchase order (which represents a deposit), with the second billing at the time of shipment and final billing upon site acceptance test completion. The timeframe from order to completion of the site acceptance test occurs typically over three Revenue - Variable Consideration - The sales of 3D Printer systems under certain contracts may include variable consideration such that the Company is entitled to a rate per print hour used on the 3D Printer systems. The Company makes certain estimates in calculating the variable consideration, including amount of hours, the estimated life of the equipment and the discount rate. Although estimates may be made on a contract-by-contract basis, whenever possible, the Company uses all available information including historical customer usage and collection patterns to estimate variable consideration. Management reassesses the estimated variable consideration quarterly. The Company estimates its variable consideration on a quarterly basis based on the latest data available, and adjust 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 from a change in estimation. Sales with variable consideration represented 3% of revenue during the year ended December 31, 2023 and 6% of our revenue during year ended December 31, 2022. The Company has elected not to recognize shipping to customers as a separate performance obligation. Revenue from shipping billed to customers for the years ended December 31, 2023 and 2022 was not material. Recurring Payment (operating lease revenue from customers) The Company enters into operating leases (“ Recurring Payment ”) for customers who do not purchase the 3D Printers (“ equipment ”). The contracts explicitly specify the equipment which is a production system with defined components and services including the printer itself, services, and accessories. The asset is physically distinct, the supplier does not have substitution rights, and the customer holds the right to direct the use of and obtain substantially all of the economic benefits from the use of the identified asset. The initial lease terms are for 12 months and the Company has considered the possibility of renewals when determining the length of the contract and the expectation is that customers will not exercise any renewal or purchase options at the end of the lease. The Company has evaluated our customer history on renewals, returns and purchase options and have determined the operating lease period of 12 months is appropriate and will continue to monitor our customer expectations. The arrangements provide for a base rent and usually provide for variable payments based on usage in excess of a defined threshold. Support Services are included during the lease term. Equipment under lease contracts is reclassified from inventory at its basis and depreciated over five years to a salvage value. Income from the lessee is recorded as revenue using the straight-line method over the term of the lease. Support services are a non-lease component. The practical expedient has been elected to include rents and this non-lease component as one revenue stream recognized over the lease term on a straight-line basis. Costs associated with this component are classified as cost of revenue and recognized as incurred. Costs for warranties for parts and services for equipment under lease are accrued separately at lease commencement and amortized to cost of revenue over the lease term to the extent the costs are probable and can be reasonably estimated since the related revenue is being recognized over the lease term. Warranty accruals were not material as of December 31, 2023 or December 31, 2022. Equipment leased to customers are considered long-lived assets and are tested for impairment as described below under the heading “ Impairment of Long-lived Assets . ” Support Services Support Services are field service engineering, phone and email support, preventative maintenance, and limited on and off-site consulting support. A subsequent Extended Support Agreement (" ESA ") is available for renewal after the initial period based on the then fair value of the service. Support Services revenue are recognized evenly over the contract period beginning with customer performance test acceptance. Other Revenue Revenue is recognized for maintenance parts, printed parts, and powder sold to customers independent of the 3D Printer sales or Support Services contract and is included with 3D Printer sales. Such revenue is recognized upon transfer of control to the customer. Revenue from maintenance parts, printed parts, and powder was $5.9 million and $2.3 million for the years ended December 31, 2023 and 2022, respectively. |
Contract Assets and Contract Liabilities | Contracts Assets and Contract Liabilities Contract assets consist of unbilled receivables and are recorded when revenue is recognized in advance of scheduled billings to the Company’s customers. A contract asset is recognized when products or services are transferred to a customer and the right to consideration is conditional on something other than the passage of time. Contract liabilities include amounts billed or collected which is related to remaining performance obligations. Revenue allocated to remaining performance obligations represents the transaction price allocated to the performance obligations that are unsatisfied, or partially unsatisfied. It includes unearned revenue and amounts that will be invoiced and recognized as revenue in future periods |
Cost of Revenue | Cost of Revenue Cost of 3D Printers includes the manufacturing cost of the components and subassemblies purchased from vendors for the assembly, as well as raw materials, powder, and assemblies, shipping costs, printed parts costs, and other directly associated costs. Cost of 3D Printers also includes allocated overhead costs from headcount related costs, such as salaries and stock-based compensation, depreciation of manufacturing related equipment and facilities, and information technology costs. Cost of Recurring Payment includes depreciation of the equipment on lease over the useful life of three to five years less the residual value, and an allocated portion of Cost of Support Services. Cost of Support Services includes the cost of spare or replacement parts for preventive maintenance, installation costs, allocated headcount related costs, such as salaries, stock-based compensation, depreciation of manufacturing related equipment and facilities, and information technology costs. The headcount related costs are directly associated with the engineers dedicated to remote and on-site support, training, travel costs, and other services costs. |
Accounts Receivable, Net | Accounts Receivable, Net Accounts receivable are recorded at the invoiced amount, net of allowance for doubtful accounts and are non-interest bearing. The Company performs ongoing credit evaluations of its customers and maintains an allowance for doubtful accounts to ensure trade receivables are not overstated due to uncollectability. Allowances are provided for individual accounts receivable when the Company becomes aware of a customer’s inability to meet its financial |
Inventories | Inventories Inventories are stated at the lower of cost or net realizable value. Cost is computed using the weighted-average cost method. Inventory levels are analyzed periodically and written down to their net realizable value if they have become obsolete, have a cost basis in excess of expected net realizable value or are in excess of expected demand. The Company analyzes current and future product demand relative to the remaining product life to identify potential excess inventories. The write-down is measured as the difference between the cost of the inventories and net realizable value and charged to inventory reserves, which is a component of cost of revenue. At the point of the loss recognition, a new, lower cost basis for those inventories is established, and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis. |
Property and Equipment, Net and Equipment on Lease, Net | Property and Equipment, Net and Equipment on Lease, Net Property and equipment and equipment on lease are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets, as follows: Estimated useful life Equipment on lease 3 - 5 years Computers and software 1 - 3 years Lab equipment and other equipment 3 - 7 years Furniture and fixtures 3 - 5 years Leasehold improvements Shorter of the remaining lease term or useful life of 10 years Expenditures for major renewals and improvements that increase functionality of the asset are capitalized and depreciated ratably over the identified useful life. Expenditures for non-major repairs and maintenance are charged to expense as incurred. The Company capitalizes qualifying internal-use software development costs incurred during the application development stage for internal tools and cloud-based applications used to deliver its services, provided that management with the relevant authority authorizes and commits to the funding of the project, it is probable the project will be completed, and the software will be used to perform the function intended. Costs related to preliminary project activities and post implementation activities are expensed as incurred. Costs incurred for enhancements that are expected to result in additional material functionality are capitalized. As of December 31, 2023 and 2022 , capitalized costs were not material. |
Investments | Investments The Company's available-for-sale (" AFS ") investments primarily consist of U.S. Treasury securities and corporate debt and are reported at fair value on the balance sheet. Unrealized gains and losses on these investments are included as a separate component of accumulated other comprehensive income (" AOCI "), net of tax. These available-for-sale investments are primarily held in the custody of a major financial institution. A specific identification method is used to determine the adjusted cost basis of AFS investments sold. The Company's AFS investments are classified as current based on the intent of management, the nature of the investments and their availability for use in current operations. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company reviews its long-lived assets, consisting of property and equipment, equipment on lease, net, and right-of use assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Factors considered important that could trigger an impairment review include a significant underperformance relative to expected historical or projected future operating results, or a significant change in the manner of the use of the assets. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset (or asset group) to estimated undiscounted future cash flows expected to be generated by the asset (or asset group). If the estimated undiscounted future cash flows generated by these assets were less than the carrying amounts, an impairment charge is recognized. Management evaluates its long-lived assets, on an annual basis or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable in accordance with Accounting Standards Codification (“ ASC ”), ASC Topic 360, Property, Plant and Equipment. |
Deferred Transaction Costs | Deferred Transaction Costs The Company capitalizes certain legal, accounting, and other third-party fees that are directly related to a planned equity financing that is probable of successful completion until such financing is consummated. After consummation of an equity financing, these costs are recorded as a reduction of the proceeds received as a result of the financing. Should a planned equity financing be abandoned, terminated or significantly delayed, the deferred transaction costs are immediately written off to operating expenses. |
Information by Segment and Geography | Information by Segment and Geography The Company manages its operations and allocates resources as a single operating segment. Further, the Company manages, monitors, and reports its financial results as a single reportable segment. The Company’s chief operating decision-maker (“ CODM ”) is its Chief Executive Officer, who reviews financial information presented on an entity-wide basis for purposes of making operating decisions, assessing financial performance, and allocating resources. The Company has no segment managers who are held accountable by the CODM for operations, operating results, and planning for levels of components below the entity- wide level. |
Assets Under Lease Agreements (as Lessee) | Assets Under Lease Agreements (as Lessee) The carrying value of right of use (“ ROU ”) assets and lease liabilities are based on the present value of future minimum lease payments for leases with original terms in excess of one year. The sum of future minimum lease payments, as adjusted for any initial direct costs, are recognized over the lease term on the straight-line method. The rate implicit in the lease is not readily determinable in most of the Company’s leases, and therefore the Company uses its incremental borrowing rate as the discount rate when measuring operating lease liabilities. The incremental borrowing rate represents an estimate of the interest rate the Company would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of the lease. The Company has operating leases for office space, warehouse, research and development facilities, and manufacturing facilities. The carrying value of right of use (“ ROU |
Warrants for Redeemable Convertible Preferred Stock and Common Stock Warrants | Common Stock Warrants The Company classifies the Common Stock Warrants as liabilities in accordance with ASC Topic 815 “Derivatives and Hedging–Contracts in Entity’s Own Equity”. As the Common Stock Warrants meet the definition of a derivative, the Company recorded these warrants within Warrant liabilities on the consolidated balance sheet at fair value, with subsequent changes in their respective fair values recognized in the consolidated statements of operations and comprehensive loss at each reporting date. |
Contingent Earnout Liability | Contingent Earnout Liability In connection with the Reverse Recapitalization and pursuant to the Business Combination Agreement, eligible former Legacy Velo3D equity holders are entitled to receive additional shares of Common Stock upon the Company achieving certain Earnout Triggering Events (as described in the Business Combination Agreement) (the “ Earnout Shares ”). The Earnout Shares are not indexed to the Common Stock and therefore are accounted for as a liability at the Reverse Recapitalization Date and subsequently remeasured at each reporting date with changes in fair value recorded as a component of gain on fair value of contingent earnout liabilities in the consolidated statements of operations and comprehensive loss. The estimated fair value of the contingent earnout liability was determined using a Monte Carlo simulation using a distribution of potential outcomes on a monthly basis over the Earnout Period (as defined in Note 10, Equity Instruments ) prioritizing the most reliable information available. The assumptions utilized in the calculation are based on the achievement of certain stock price milestones, including the current Company Common Stock price, expected volatility, risk free rate, expected term and dividend rate. The contingent earnout liability is categorized as a Level 3 fair value measurement (see “Fair Value Measurements” as described above) because the Company estimates projections during the Earnout Period utilizing unobservable inputs. Contingent earnout liabilities involve certain assumptions requiring significant judgment and actual results may differ from assumed and estimated amounts. |
Stock-based Compensation | Stock-based Compensation Stock-based compensation cost for awards is measured as of the grant date based on its fair value, and the amount is expensed ratably over the service period which is typically the vesting period. We have elected to account for forfeitures when they occur, and any compensation expense previously recognized on unvested shares will be reversed. We estimate the fair value of stock option awards subject to only a service condition on the date of grant using the Black-Scholes valuation model. The Black-Scholes model requires the use of highly subjective and complex assumptions, including the option’s expected term, price volatility of the underlying stock, risk-free interest rate, and the expected dividend yield of the underlying common stock, as well as an estimate of the fair value of the common stock underlying the award. We estimate the fair value of restricted share unit awards using the value of Common Stock on the date of grant. We estimate the fair value of Earnout Shares awards underlying stock options to employees, which is considered a compensatory award and accounted for under ASC 718, Share-Based Compensation , using the Monte-Carlo simulation model . The Monte-Carlo simulation model was selected as the valuation methodology for the Earnout Shares due to the path-dependent nature of triggering events. Under ASC 718, the award is measured at fair value at the grant date and expense is recognized over the time-based vesting period (the triggering event is a market condition and does not impact expense recognition). The Monte-Carlo model requires the use of highly subjective and complex assumptions, including the current stock price, volatility of the underlying stock, expected term, and the risk-free interest rate. |
Operating Expenses | Operating Expenses Research and development expenses consist primarily of development materials and supplies, software licenses, depreciation, and salary and related expenses, including stock- based compensation, for personnel related to the development of improvements and expanded features for the Company’s products and services, as well as quality assurance, testing, product management, and allocated overhead. Research and development costs are expensed as incurred. Selling and marketing expenses consist primarily of travel and entertainment expenses, and salary and related expenses, including stock-based compensation, for personnel related to the sales and marketing efforts to expand the Company’s brand and market share. Also, selling and marketing expenses includes third-party consulting fees, advertising, and allocated overhead. The Company expenses the cost of advertising, including promotional expenses, as incurred. Advertising expenses for the years ended December 31, 2023 and 2022 were $0.8 million and $0.7 million, respectively. General and administrative expenses consist primarily of salaries, occupancy costs including rent and utilities, and depreciation; information technology used in the business; professional services costs including legal, accounting, and consulting; and other. |
Income Taxes | Income Taxes The Company uses the asset and liability method in accounting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred income taxes of a change in tax rates is recognized in the period that includes the enactment date. Deferred tax expense or benefit is the result of changes in the deferred tax asset and liability. Valuation allowances are established when necessary, to reduce deferred tax assets where it is more-likely-than-not that the deferred tax assets will not be realized. In evaluating the Company’s ability to recover deferred tax assets, the Company considers all available positive and negative evidence, including historical operating results, ongoing tax planning, and forecasts of future taxable income on a jurisdiction-by-jurisdiction basis. Based on the level of historical losses, the Company has established a valuation allowance to reduce its net deferred tax assets to the amount that is more-likely-than-not to be realized. The Company has recorded a full valuation allowance against its net deferred tax assets as of December 31, 2023 and 2022 . A tax benefit from an uncertain tax position may be recognized when it is more-likely-than-not that the position will be sustained upon examination by the taxing authorities, including resolutions of any related appeals or litigation processes, based on the technical merits of the position. |
Net Loss per Share Attributable to Common Stockholders | Net Income (Loss) per Share Basic and diluted net income (loss) per share is presented in conformity with the two-class method required for participating securities. |
Other Comprehensive Loss | Comprehensive Income (Loss) Comprehensive income (loss) includes net income (loss) plus all changes in stockholders’ equity except those resulting from distributions to stockholders. The Company’s unrealized gains and losses on short-term available-for-sale investment securities represent the components of other comprehensive income (loss) that are excluded from the reported net income (loss) and are presented in the consolidated statements of operations and comprehensive income (loss). |
JOBS Act Accounting Election | JOBS Act Accounting Election The Company is provided the option to adopt new or revised accounting guidance as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 (the “ JOBS Act ”) either (1) within the same periods as those otherwise applicable to public business entities, or (2) within the same time periods as non-public business entities, including early adoption when permissible. With the exception of standards the Company elected to early adopt, when permissible, the Company has elected to adopt new or revised accounting guidance within the same time period as non-public business entities, as indicated below. |
Recently Adopted Accounting Pronouncements and Recently Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, “Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“Topic 326”)”, and has since released various amendments including ASU No. 2019-04. The guidance modifies the measurement of expected credit losses on certain financial instruments. This guidance is effective for the Company for the fiscal year beginning after December 15, 2022. Early adoption is permitted. The Company adopted the new guidance in the first quarter of fiscal year 2023. The effect on the consolidated financial statements and related disclosures was not material. Recently Issued Accounting Pronouncements In December 2023, the FASB issued 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 consolidated financial statements and related disclosures. |
Organization, Consolidation and
Organization, Consolidation and Presentation of Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Revisions to previously issued Consolidated Balance Sheet | The following table reflects the revisions to the previously issued Consolidated Balance Sheet as of December 31, 2022: As of December 31, 2022 As Previously Reported Adjustment As Revised Contract assets $ 6,805 $ (1,402) $ 5,403 Total current assets 172,922 (1,402) 171,520 Other assets 23,310 (649) 22,661 Total assets 225,114 (2,051) 223,063 Accumulated deficit (219,847) (2,051) (221,898) Total stockholders’ equity 140,846 (2,051) 138,795 Total liabilities and stockholders’ equity $ 225,114 $ (2,051) $ 223,063 |
Revision to previously issued Consolidated Statement op Operations and Comprehensive Income (Loss) | The following table reflects the revisions to the previously issued Consolidated Statement of Operations and Comprehensive Income (Loss) for the fiscal year ended December 31, 2022: Fiscal Year 2022 As Previously Reported Adjustment As Revised 3D Printer $ 71,346 $ (2,051) $ 69,295 Total Revenue 80,757 (2,051) 78,706 Gross profit 2,894 (2,051) 843 Loss from operations (104,261) (2,051) (106,312) Loss before provision for income taxes 10,020 (2,051) 7,969 Net income (loss) 10,020 (2,051) 7,969 Net income (loss) per share: Basic $ 0.05 $ (0.01) $ 0.04 Diluted $ 0.05 $ (0.01) $ 0.04 Net income (loss) $ 10,020 $ (2,051) $ 7,969 Total comprehensive income (loss) $ 9,197 $ (2,051) $ 7,146 |
Revisions to previously issued Consolidated Statements of Cash Flows | The following table reflects the revisions to the previously issued Consolidated Statements of Cash Flows for the fiscal years ended December 31, 2022: Fiscal Year 2022 As Previously Reported Adjustment As Revised Net income (loss) $ 10,020 $ (2,051) $ 7,969 Contract assets (6,531) 1,402 (5,129) Other assets (1,241) 649 (592) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment and equipment on lease are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets, as follows: Estimated useful life Equipment on lease 3 - 5 years Computers and software 1 - 3 years Lab equipment and other equipment 3 - 7 years Furniture and fixtures 3 - 5 years Leasehold improvements Shorter of the remaining lease term or useful life of 10 years Property and equipment, net consisted of the following: December 31, 2023 2022 (In thousands) Computers and software $ 2,549 $ 2,222 Lab equipment and other equipment 8,075 7,379 Furniture and fixtures 206 181 Leasehold improvements 14,406 16,273 Total property, plant and equipment 25,236 26,055 Less accumulated depreciation and amortization (8,910) (6,243) Property, plant and equipment, net $ 16,326 $ 19,812 |
Basic and Diluted Net Loss pe_2
Basic and Diluted Net Loss per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 income (loss) per share to common stockholders: December 31, 2023 2022 (In thousands, except share per share data) Numerator: Net income (loss) $ (135,139) $ 7,969 Denominator: Basic weighted average shares outstanding 197,358,751 185,079,101 Effect of dilutive securities: Common stock warrants — 7,999 Restricted stock units — 345,714 Common stock options — 16,742,089 Diluted weighted average shares outstanding 197,358,751 202,174,903 Net income (loss) per share Basic $ (0.68) $ 0.04 Diluted $ (0.68) $ 0.04 |
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: December 31, 2023 2022 (per share data) Common stock warrants 50,945,000 13,075,000 Restricted stock units 20,066,204 3,819,727 Common stock options 13,152,359 725,711 Total potentially dilutive common share equivalents 84,163,563 17,620,438 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 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) (iii) $ 258 $ — $ — $ 258 Common stock warrant liabilities (Private Placement) (iii) — — 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 Warrants) (iii) — — 536 536 Contingent earnout liabilities — — 1,456 1,456 Total financial liabilities $ 258 $ — $ 13,033 $ 13,291 Fair Value Measured as of December 31, 2022 Level 1 Level 2 Level 3 Total (In thousands) Assets Money market funds (i) $ 31,728 $ — $ — $ 31,728 U.S. Treasury securities (ii) 24,701 — — 24,701 Corporate bonds (ii) — 23,513 — 23,513 Total financial assets $ 56,429 $ 23,513 $ — $ 79,942 Liabilities Common stock warrant liabilities (Public) (iii) $ 1,748 $ — $ — $ 1,748 Common stock warrant liabilities (Private Placement) (iii) — — 888 888 Common stock warrant liabilities (2022 Private Warrant) (iii) — — 109 109 Contingent earnout liabilities — — 17,414 17,414 Total financial liabilities $ 1,748 $ — $ 18,411 $ 20,159 (i) Included in cash and cash equivalents on the consolidated balance sheets. (ii) Included in short-term investments on the consolidated balance sheets. (iii) Included in warrant liabilities on the 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 placement warrant liabilities 2022 Private Warrant Contingent earnout liabilities Debt derivatives RDO Warrants Placement Agent Warrants (In Thousands) Fair value as of January 1, 2023 $ 888 $ 109 $ 17,414 $ — $ — $ — Issuance of instruments — — — 13,890 10,891 536 Change in fair value (761) (86) (15,958) (8,485) — — Extinguishment of debt derivatives in connection with debt extinguishment — — — (5,405) — — Fair value as of December 31, 2023 $ 127 $ 23 $ 1,456 $ — $ 10,891 $ 536 Fair value as of January 1, 2022 $ 7,387 $ — $ 111,487 $ — $ — $ — Issuance of warrants — 170 — — — — Change in fair value (6,499) (61) (94,073) — — — Fair value as of December 31, 2022 $ 888 $ 109 $ 17,414 $ — $ — $ — |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 consolidated balance sheets. December 31, 2023 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value (In thousands) Corporate bonds 6,717 — (96) 6,621 Total available-for-sale investments $ 6,717 $ — $ (96) $ 6,621 December 31, 2022 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value (In thousands) U.S. Treasury securities $ 25,124 $ — $ (423) $ 24,701 Corporate bonds 23,927 — (414) 23,513 Total available-for-sale investments $ 49,051 $ — $ (837) $ 48,214 |
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 December 31, 2023 and December 31, 2022, respectively. December 31, 2023 December 31, 2022 Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss (In thousands) U.S. Treasury securities Less than 12 months $ — $ — $ 16,702 $ (365) 12 months or longer $ — $ — $ 7,999 $ (58) Total $ — $ — $ 24,701 $ (423) Corporate bonds Less than 12 months $ — $ — $ 18,951 $ (387) 12 months or longer $ 6,621 $ (96) $ 1,478 $ (27) Total $ 6,621 $ (96) $ 20,429 $ (414) |
Remaining contractual maturities of AFS investments [Table] | All remaining contractual maturities of AFS investments held at December 31, 2023 are as follows: Less than 12 months Greater than 12 months Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss (In thousands) Corporate bonds $ 6,621 $ (96) $ — $ — Total $ 6,621 $ (96) $ — $ — |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Accounts Receivable, Net | Accounts receivable, net consisted of the following: December 31, 2023 2022 (In thousands) Trade Receivables $ 10,203 $ 9,639 Less: Allowances for Doubtful Accounts (620) (454) Total $ 9,583 $ 9,185 |
Schedule of Inventories | Inventories consisted of the following: December 31, 2023 2022 (In thousands) Raw materials $ 48,488 $ 58,585 Work-in-progress 9,922 12,617 Finished goods 2,406 — Total $ 60,816 $ 71,202 The Company recorded $27.1 million in inventory reserves related to the valuation of inventory for the year ended December 31, 2023 |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following: December 31, 2023 2022 (In thousands) Prepaid insurance and other $ 2,738 $ 3,316 Vendor prepayments 1,262 2,217 Total $ 4,000 $ 5,533 |
Schedule of Property and Equipment, Net | Property and equipment and equipment on lease are stated at cost, less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets, as follows: Estimated useful life Equipment on lease 3 - 5 years Computers and software 1 - 3 years Lab equipment and other equipment 3 - 7 years Furniture and fixtures 3 - 5 years Leasehold improvements Shorter of the remaining lease term or useful life of 10 years Property and equipment, net consisted of the following: December 31, 2023 2022 (In thousands) Computers and software $ 2,549 $ 2,222 Lab equipment and other equipment 8,075 7,379 Furniture and fixtures 206 181 Leasehold improvements 14,406 16,273 Total property, plant and equipment 25,236 26,055 Less accumulated depreciation and amortization (8,910) (6,243) Property, plant and equipment, net $ 16,326 $ 19,812 |
Schedule of Other Assets | Other assets consisted of the following: December 31, 2023 2022 (In thousands) Right of use assets $ 10,672 $ 13,545 Net investment in sales-type lease — $ 5,905 Non-current prepaid expenses and other assets 1,993 $ 3,211 Total Other assets $ 12,665 $ 22,661 |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following: December 31, 2023 2022 (In thousands) Accrued expenses $ 1,948 $ 8,602 Accrued salaries and benefits 2,277 4,830 Lease liability – current portion 2,266 2,445 Total accrued expenses and other current liabilities $ 6,491 $ 15,877 |
Schedule of Other Noncurrent Liabilities | Other noncurrent liabilities consisted of the following: December 31, 2023 2022 (In thousands) Lease liabilities - noncurrent portion $ 10,176 $ 12,206 Other noncurrent liabilities 1,380 428 Total other noncurrent liabilities $ 11,556 $ 12,634 |
Equipment on Lease, (Tables)
Equipment on Lease, (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Equipment on Lease, Total Payments | Lease payments consisted of the following: December 31, 2023 2022 (In thousands) Equipment on lease payments 1,676 3,483 Equipment on lease variable payments — 678 Total lease payments $ 1,676 $ 4,161 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Assets and Liabilities | Total ROU assets and lease liabilities are as follows: December 31, 2023 2022 (In thousands) Right-of-use assets: Net book value (Other assets) $ 10,672 $ 13,545 Operating lease liabilities: Current (Accrued expense and other current liabilities) $ 2,153 $ 2,411 Noncurrent (Other noncurrent liabilities) 9,973 12,201 12,126 14,612 Financing lease liabilities: Current (Accrued expense and other current liabilities) $ 113 $ 35 Noncurrent (Other noncurrent liabilities) 203 5 $ 316 $ 40 Total lease liabilities $ 12,442 $ 14,652 |
Lease-Related Balances | Information about lease-related balances were as follows: December 31, 2023 2022 (In thousands, except years and percentages) Operating lease expense $ 3,002 $ 2,956 Financing lease expense 80 36 Short-term lease expense 314 351 Total lease expense $ 3,396 $ 3,343 Cash paid for leases $ 2,827 $ 2,360 Weighted – average remaining lease term – operating leases (years) 7.8 4.1 Weighted – average discount rate – operating leases 8.8% 8.7% |
Future Minimum Lease Payments | Maturity of operating lease liabilities as of December 31, 2023 are as follows: (In thousands) 2024 $ 2,806 2025 2,360 2026 2,402 2027 2,400 2028 2,490 Thereafter 8,779 Total operating lease payments $ 21,237 Less portion representing imputed interest (9,111) Total operating lease liabilities $ 12,126 Less current portion 2,153 Long-term portion $ 9,973 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | Debt consisted of the following: December 31, 2023 2022 (In thousands) Revolving credit line $ — $ 3,000 Equipment loan — 5,356 Secured notes 33,516 — Deferred financing costs (384) (159) Total $ 33,132 $ 8,197 Debt – current portion 21,191 2,775 Long-term debt – less current portion $ 11,941 $ 5,422 |
Future Minimum Aggregate Payments | The future minimum aggregate payments for the above borrowings are equal to the quarterly payments made using the Repayment Price, beginning are as follows as of December 31, 2023: (In thousands) 2024 $ 31,500 2025 12,500 $ 44,000 |
Equity Instruments (Tables)
Equity Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Shares of Common Stock Reserved for Issuance | Shares of common stock reserved for issuance on an “as if converted” basis were as follows: December 31, 2023 2022 (share data) Common stock warrants 50,945,000 13,145,000 Shares available for future grant under 2021 Equity Incentive Plan 16,041,013 20,861,294 Reserved for At-the-Market offering 2,825,941 — Reserved for employee stock purchase plan 7,371,214 5,495,601 Total shares of common stock reserved 77,183,168 39,501,895 |
Schedule of Warrants for Shares of Stock | Warrants for shares of common stock consisted of the following: December 31, 2023 Issue Date Expiration Date Number of Warrants Exercise Price per warrant Fair Value on Issue Date per warrant Fair Value on December 31, 2023 Private Placement Warrants - Common Stock 12/02/2020 09/29/2026 4,450,000 $11.50 $2.00 $ 127 2022 Private Warrant - Common Stock 07/25/2022 07/24/2034 70,000 $2.56 $2.43 $ 23 Public Warrants - Common Stock 12/02/2020 09/29/2026 8,625,000 $11.50 $3.30 $ 258 RDO Warrants - Common Stock 12/29/2023 12/29/2028 36,000,000 $0.57 $0.30 $ 10,891 Placement Agent Warrants - Common Stock 12/29/2023 12/29/2028 1,800,000 $0.62 $0.30 $ 536 50,945,000 $ 11,835 December 31, 2022 Issue Date Expiration Date Number of Warrants Exercise Price per warrant Fair Value on Issue Date per warrant Fair Value on December 31, 2022 Private Placement Warrants - Common Stock 12/02/2020 09/29/2026 4,450,000 $11.50 $2.00 $ 888 2022 Private Warrant - Common Stock 07/25/2022 07/24/2034 70,000 $2.56 $2.43 $ 109 Public Warrants - Common Stock 12/02/2020 09/29/2026 8,625,000 $11.50 $3.30 $ 1,748 13,145,000 $ 2,745 |
Warrant Liability Rollforward | The liability for warrants on common stock carried at fair value was as follows: December 31, 2023 2022 (In thousands) Beginning Balance $ 2,745 $ 21,705 Issuance of common stock warrant in connection with financing 11,428 170 Loss on fair value of warrants (2,338) (19,130) Ending Balance $ 11,835 $ 2,745 |
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 December 31, 2023 As of December 31, 2022 Current stock price $0.40 $1.79 Expected volatility 105.0% 68.0% Risk-free interest rate 4.1% 4.1% Dividend yield —% —% Expected term (in years) 2.75 3.75 As of December 31, 2023 As of December 31, 2022 Current stock price $0.40 $1.79 Expected volatility 108.3% 86.9% Risk-free interest rate 3.8% - 3.9% 3.9% Dividend rate —% —% Expected Term (years) 5 - 10.57 11.57 Assumptions used in the fair value of the contingent earnout liabilities are described below. As of December 31, 2023 As of December 31, 2022 Current stock price $0.40 $1.79 Expected volatility 105.0% 89.9% Risk-free interest rate 4.1% 4.1% Dividend yield —% —% Expected Term (years) 2.75 3.75 |
Rollforward of Contingent Earnout Liabilities | The rollforward for the contingent earnout liabilities was as follows: December 31, 2023 2022 (In thousands) Beginning Balance $ 17,414 $ 111,487 Change in fair value of contingent earnout liabilities (15,958) (94,073) Ending Balance $ 1,456 $ 17,414 |
Equity Incentive Plans & Stoc_2
Equity Incentive Plans & Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Option Plan Activity | Activity under the Company’s stock option plans is set forth below: Options Weighted-Average Weighted-Average (In thousands) (Per Share Data) (Years) Outstanding as of December 31, 2021 21,191 $0.58 8.2 Granted — $— Exercised (2,981) $0.41 Forfeited or expired (1,250) $1.60 Outstanding as of December 31, 2022 16,960 $0.54 7.3 Options vested and expected to vest as of December 31, 2022 16,960 $0.54 Vested and exercisable as of December 31, 2022 11,000 $0.65 Outstanding as of December 31, 2022 16,960 $0.54 7.3 Granted — $— Exercised (2,204) $0.26 Forfeited or expired (1,604) $0.29 Outstanding as of December 31, 2023 13,152 $0.61 6.2 Options vested and expected to vest as of December 31, 2023 13,152 $0.61 Vested and exercisable as of December 31, 2023 12,267 $0.62 |
Schedule of Outstanding and Expected to Vest RSUs | The following table summarizes outstanding and expected to vest RSUs as of December 31, 2023 and 2022 and their activity during the year ended December 31, 2023 and 2022: Number of Shares Weighted-Average Grant Date Fair Value Aggregate Intrinsic Value (In thousands) (Per Share Data) (In thousands) Balance as of December 31, 2021 4,041 $ 7.26 $ 29,476 Granted 7,996 3.57 28,338 Released (1,348) 6.26 4,472 Cancelled (971) 6.07 3,521 Balance as of December 31, 2022 9,718 $ 4.48 $ 17,396 Expected to vest as of December 31, 2022 9,718 $ 4.48 $ 17,396 Balance as of December 31, 2022 9,718 $ 4.48 $ 17,396 Granted 21,324 1.54 32,819 Released (5,527) 3.22 9,154 Cancelled (5,449) 3.56 7,734 Balance as of December 31, 2023 20,066 $ 1.94 $ 7,978 Expected to vest as of December 31, 2023 20,066 $ 1.94 $ 7,978 |
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: December 31, 2023 2022 (In thousands) Restricted stock units $ 16,575 $ 10,723 Stock options 515 1,690 Earnout shares - employees 5,783 7,737 $ 22,873 $ 20,150 The following sets forth the total stock-based compensation expense for the stock options, RSUs, and earnout shares - employees included in operating expenses on the statements of operations: December 31, 2023 2022 (In thousands) Research and development $ 11,415 $ 9,849 Selling and marketing 5,689 4,554 General and administrative 5,769 5,747 $ 22,873 $ 20,150 |
Share-Based Payment Arrangement, Expensed and Capitalized, Included in Cost of Revenue, Amount | The following sets forth the total stock-based compensation expense by type of award included in cost of revenue in the statements of operations: December 31, 2023 2022 (In thousands) Restricted stock units $ 1,995 $ — Stock options 63 — $ 2,058 $ — The following sets forth the total stock-based compensation expense for the stock options, and RSUs included in cost of revenue on the statements of operations: December 31, 2023 2022 (In thousands) Cost of 3D Printer $ 1,622 $ — Cost of support services 436 — $ 2,058 $ — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | The reconciliation of the provision computed at the federal statutory rate to the Company's provision (benefit) for income taxes as follows: December 31, 2023 2022 (In thousands, except percentages) Tax at federal statutory rate $ (28,354) (21.0) % $ 2,104 (21.0) % State, net of federal benefit (6,507) (4.8) % (5,083) 50.7 % Stock based compensation 967 0.7 % 766 (7.6) % Fair value adjustments (3,555) (2.4) % (23,773) 237.3 % Research and development credits (1,121) (0.8) % (1,358) 13.6 % Other 675 0.2 % 170 (1.8) % Change in valuation allowance 37,895 28.1 % 27,174 (271.2) % Total provision for income taxes $ — — % $ — — % |
Components of Deferred Tax Assets and Liabilities | The components of deferred tax assets and liabilities are as follows: December 31, 2023 2022 (In thousands) Deferred tax assets Net operating loss carryforwards $ 91,668 $ 64,731 Research and development tax credits 12,087 9,269 Stock based compensation 6,162 3,764 Lease liability 3,098 3,694 Section 174 research and development capitalization 11,641 7,345 Interest expense 3,063 — Other timing differences 1,408 3,093 Total deferred tax assets $ 129,127 $ 91,896 Valuation allowance $ (125,722) $ (87,827) Net deferred tax assets $ 3,405 $ 4,069 Deferred tax liabilities Fixed assets and intangibles $ (364) $ (410) Right of use assets $ (3,041) $ (3,659) Total deferred tax liabilities $ (3,405) $ (4,069) Net deferred tax assets $ — $ — |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows: December 31, 2023 2022 (In thousands) Balance at beginning of year $ 4,750 $ 3,684 Additions based on tax positions related to the current year 1,310 1,066 Balance at end of year $ 6,060 $ 4,750 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 Year ended December 31, December 31, 2023 2022 2023 2022 (as a percentage) Customer 1 <10 % 11.7 % 11.2 % <10 % Customer 2 <10 % 29.2 % <10 % <10 % |
Revenue by Geographic Area | December 31, 2023 2022 (In thousands) Americas $ 67,883 $ 78,070 Europe 9,219 263 Other 341 373 Total $ 77,443 $ 78,706 |
Organization, Consolidation a_2
Organization, Consolidation and Presentation of Financial Statements - Revision to the previously issued Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Contract assets | $ 12,627 | $ 13,731 | $ 13,726 | $ 6,527 | $ 5,403 | $ 1,355 | $ 273 | $ 1,298 | |
Assets, Current | 118,141 | 181,601 | 156,228 | 163,395 | 171,520 | 207,980 | 221,727 | 249,763 | |
Other assets | 12,665 | 21,133 | 22,352 | 22,406 | 22,661 | 20,132 | 14,948 | 15,389 | |
Assets | 153,799 | 227,184 | 204,624 | 211,548 | 223,063 | 255,404 | 262,520 | 287,191 | |
Accumulated deficit | (357,037) | (300,888) | (281,424) | (258,223) | (221,898) | (244,527) | (168,154) | (295,491) | |
Equity, Attributable to Parent | 68,340 | 98,709 | 108,417 | 119,762 | 138,795 | 110,797 | 181,688 | 49,321 | $ 110,415 |
Liabilities and Equity | $ 153,799 | 227,184 | 204,624 | 211,548 | 223,063 | 255,404 | 262,520 | 287,191 | |
Previously Reported [Member] | |||||||||
Contract assets | 15,901 | 15,255 | 8,056 | 6,805 | 2,370 | 405 | 1,430 | ||
Assets, Current | 183,771 | 157,757 | 164,924 | 172,922 | 210,053 | 222,622 | 250,046 | ||
Other assets | 21,782 | 23,001 | 23,055 | 23,310 | 20,132 | 14,948 | 15,389 | ||
Assets | 230,003 | 206,802 | 213,726 | 225,114 | 257,477 | 263,415 | 287,474 | ||
Accumulated deficit | (296,642) | (279,246) | (256,045) | (219,847) | (242,454) | (167,259) | (295,208) | ||
Equity, Attributable to Parent | 102,955 | 110,595 | 121,940 | 140,846 | 112,870 | 182,583 | 49,604 | ||
Liabilities and Equity | 230,003 | 206,802 | 213,726 | 225,114 | 257,477 | 263,415 | 287,474 | ||
Revision of Prior Period, Adjustment [Member] | |||||||||
Contract assets | (2,170) | (1,529) | (1,529) | (1,402) | (1,015) | (132) | (132) | ||
Assets, Current | (2,170) | (1,529) | (1,529) | (1,402) | (2,073) | (895) | (283) | ||
Other assets | (649) | (649) | (649) | (649) | 0 | 0 | 0 | ||
Assets | (2,819) | (2,178) | (2,178) | (2,051) | (2,073) | (895) | (283) | ||
Accumulated deficit | (4,246) | (2,178) | (2,178) | (2,051) | (2,073) | (895) | (283) | ||
Equity, Attributable to Parent | (4,246) | (2,178) | (2,178) | (2,051) | (2,073) | (895) | (283) | ||
Liabilities and Equity | $ (2,819) | $ (2,178) | $ (2,178) | $ (2,051) | $ (2,073) | $ (895) | $ (283) |
Organization, Consolidation a_3
Organization, Consolidation and Presentation of Financial Statements - Revisions to the previously issued Consolidated Statement of Operations and Comprehensive Income (Loss) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Total Revenue | $ 77,443 | $ 78,706 | |||||||
Gross profit | (26,267) | 843 | |||||||
Operating Income (Loss) | (133,254) | (106,312) | |||||||
Gain (loss) before provision for income taxes | (135,139) | 7,969 | |||||||
Net income (loss) | $ (135,139) | $ 7,969 | |||||||
Basic (in dollars per share) | $ (0.68) | $ 0.04 | |||||||
Diluted (in dollars per share) | $ (0.68) | $ 0.04 | |||||||
Total comprehensive income (loss) | $ (134,398) | $ 7,146 | |||||||
Revision of Prior Period, Adjustment [Member] | |||||||||
Total Revenue | $ (641) | $ 0 | $ (127) | $ (1,036) | $ (883) | $ 0 | $ (132) | (2,051) | |
Gross profit | (1,325) | (444) | (393) | 2,210 | (2,347) | (1,134) | (780) | (2,051) | |
Operating Income (Loss) | (641) | 0 | (127) | 22 | (1,178) | (612) | (283) | (2,051) | |
Gain (loss) before provision for income taxes | (2,068) | 0 | (127) | 22 | (1,178) | (612) | (283) | (2,051) | |
Net income (loss) | $ (2,068) | $ 0 | $ (127) | $ 22 | $ (1,178) | $ (612) | $ (283) | $ (2,051) | |
Basic (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (0.01) | |
Diluted (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (0.01) | |
Total comprehensive income (loss) | $ (2,068) | $ 0 | $ (127) | $ 22 | $ (1,178) | $ (612) | $ (283) | $ (2,051) | |
Previously Reported [Member] | |||||||||
Total Revenue | 23,808 | 25,134 | 26,814 | 29,780 | 19,115 | 19,644 | 12,218 | 80,757 | |
Gross profit | 1,488 | 2,980 | 2,925 | 1,768 | (121) | 1,232 | 15 | 2,894 | |
Operating Income (Loss) | (25,221) | (25,706) | (24,123) | (21,894) | (27,953) | (26,241) | (28,173) | (104,261) | |
Gain (loss) before provision for income taxes | (17,396) | (23,201) | (36,198) | 22,607 | (75,195) | 127,950 | (65,341) | 10,020 | |
Net income (loss) | $ (17,396) | $ (23,201) | $ (36,198) | $ 22,607 | $ (75,195) | $ 127,950 | $ (65,341) | $ 10,020 | |
Basic (in dollars per share) | $ (0.09) | $ (0.12) | $ (0.19) | $ 0.12 | $ (0.41) | $ 0.69 | $ (0.36) | $ 0.05 | |
Diluted (in dollars per share) | $ (0.09) | $ (0.12) | $ (0.19) | $ 0.11 | $ (0.41) | $ 0.63 | $ (0.36) | $ 0.05 | |
Total comprehensive income (loss) | $ (17,247) | $ (23,053) | $ (35,910) | $ 22,890 | $ (75,373) | $ 127,615 | $ (65,935) | $ 9,197 | |
3D Printers | |||||||||
Revenue | $ 68,938 | 69,295 | |||||||
3D Printers | Revision of Prior Period, Adjustment [Member] | |||||||||
Revenue | (641) | 0 | (127) | (1,036) | (883) | 0 | (132) | (2,051) | |
3D Printers | Previously Reported [Member] | |||||||||
Revenue | $ 21,428 | $ 23,190 | $ 24,575 | $ 27,010 | $ 16,537 | $ 17,615 | $ 10,184 | $ 71,346 |
Organization, Consolidation a_4
Organization, Consolidation and Presentation of Financial Statements - Revisions to the previously issued Consolidated Statement of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Net income (loss) | $ (135,139) | $ 7,969 | |||||||
Contract assets | (7,224) | (5,129) | |||||||
Other assets | $ 10,153 | (592) | |||||||
Revision of Prior Period, Adjustment [Member] | |||||||||
Net income (loss) | $ (2,068) | $ 0 | $ (127) | $ 22 | $ (1,178) | $ (612) | $ (283) | (2,051) | |
Contract assets | 1,402 | ||||||||
Other assets | 649 | ||||||||
Previously Reported [Member] | |||||||||
Net income (loss) | $ (17,396) | $ (23,201) | $ (36,198) | $ 22,607 | $ (75,195) | $ 127,950 | $ (65,341) | 10,020 | |
Contract assets | (6,531) | ||||||||
Other assets | $ (1,241) |
Description of Business and B_2
Description of Business and Basis of Presentation (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||
Common stock, par value (in usd per share) | $ 0.00001 | $ 0.00001 | ||||||
Accumulated deficit | $ 357,037 | $ 221,898 | $ 300,888 | $ 281,424 | $ 258,223 | $ 244,527 | $ 168,154 | $ 295,491 |
Investments and Cash | $ 31,100 | |||||||
Total potentially dilutive common share equivalents | 84,163,563 | 17,620,438 |
Description of Business and B_3
Description of Business and Basis of Presentation - Going Concern, and Liquidity and Capital Resources (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Aug. 14, 2023 | Aug. 10, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||
Accumulated deficit | $ 357,037 | $ 300,888 | $ 281,424 | $ 258,223 | $ 221,898 | $ 244,527 | $ 168,154 | $ 295,491 | ||
Senior Secured Convertible Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Securities Purchase Agreement, Issue and Sell in Offering, Aggregate Principal Amount of Notes | $ 105,000 | |||||||||
Securities Purchase Agreement, Aggregate Principal Amount of Notes | $ 70,000 | |||||||||
Debt Instrument, Repaid, Principal | $ 22,400 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Cash and Cash Equivalents and Restricted Cash (Details) $ in Thousands | 1 Months Ended | |||
Jun. 30, 2021 | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) ft² | |
Accounting Policies [Abstract] | ||||
Restricted cash | $ | $ 800 | $ 800 | $ 800 | |
Letter of Credit | ||||
Property, Plant and Equipment [Line Items] | ||||
Debt term | 1 year | |||
Facility | ||||
Property, Plant and Equipment [Line Items] | ||||
Area of property intended to be leased | ft² | 80,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Revenue - Maintenance Parts, Printed Parts, Power | $ 5,900 | $ 2,300 |
Equipment on lease | ||
Disaggregation of Revenue [Line Items] | ||
Useful life | 5 years | |
Minimum | Equipment on lease | ||
Disaggregation of Revenue [Line Items] | ||
Useful life | 3 years | |
Minimum | 3D Printers | ||
Disaggregation of Revenue [Line Items] | ||
Time acceptance test, period | 3 months | |
Maximum [Member] | Equipment on lease | ||
Disaggregation of Revenue [Line Items] | ||
Useful life | 5 years | |
Maximum [Member] | 3D Printers | ||
Disaggregation of Revenue [Line Items] | ||
Time acceptance test, period | 6 months |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Cost of Revenue (Details) | Dec. 31, 2023 |
Equipment on lease | |
Property, Plant and Equipment [Line Items] | |
Useful life | 5 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Property and Equipment, Net and Equipment on Lease, Net (Details) | Dec. 31, 2023 |
Equipment on lease | |
Property, Plant and Equipment [Line Items] | |
Estimated Useful Life | 5 years |
Leasehold improvements | |
Property, Plant and Equipment [Line Items] | |
Estimated Useful Life | 10 years |
Minimum | Equipment on lease | |
Property, Plant and Equipment [Line Items] | |
Estimated Useful Life | 3 years |
Minimum | Computers and software | |
Property, Plant and Equipment [Line Items] | |
Estimated Useful Life | 1 year |
Minimum | Lab equipment and other equipment | |
Property, Plant and Equipment [Line Items] | |
Estimated Useful Life | 3 years |
Minimum | Furniture and fixtures | |
Property, Plant and Equipment [Line Items] | |
Estimated Useful Life | 3 years |
Maximum [Member] | Equipment on lease | |
Property, Plant and Equipment [Line Items] | |
Estimated Useful Life | 5 years |
Maximum [Member] | Computers and software | |
Property, Plant and Equipment [Line Items] | |
Estimated Useful Life | 3 years |
Maximum [Member] | Lab equipment and other equipment | |
Property, Plant and Equipment [Line Items] | |
Estimated Useful Life | 7 years |
Maximum [Member] | Furniture and fixtures | |
Property, Plant and Equipment [Line Items] | |
Estimated Useful Life | 5 years |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Operating Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accounting Policies [Abstract] | ||
Advertising Expense | $ 800 | $ 700 |
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 | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Numerator: | ||
Net income (loss) | $ (135,139) | $ 7,969 |
Denominator: | ||
Basic weighted average shares outstanding | 197,358,751 | 185,079,101 |
Common stock warrants | 0 | 7,999 |
Restricted stock units | 0 | 345,714 |
Common stock options | 0 | 16,742,089 |
Diluted weighted average shares outstanding | 197,358,751 | 202,174,903 |
Net income (loss) per share | ||
Basic (in dollars per share) | $ (0.68) | $ 0.04 |
Diluted (in dollars per share) | $ (0.68) | $ 0.04 |
Basic and Diluted Net Loss pe_4
Basic and Diluted Net Loss per Share - Potentially Dilutive Securities Excluded from Computation (Details) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potentially dilutive common share equivalents | 84,163,563 | 17,620,438 |
Eligible Velo3D Equityholders | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potentially dilutive common share equivalents | 21,265,936 | 21,758,149 |
Common stock warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potentially dilutive common share equivalents | 50,945,000 | 13,075,000 |
Restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potentially dilutive common share equivalents | 20,066,204 | 3,819,727 |
Common stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total potentially dilutive common share equivalents | 13,152,359 | 725,711 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | |||
Money market funds | $ 3,422 | $ 31,728 | |
Debt securities | 6,621 | 48,214 | |
Total financial assets | 10,043 | 79,942 | |
Liabilities | |||
Contingent earnout liabilities | 1,456 | 17,414 | $ 111,487 |
Total financial liabilities | 13,291 | 20,159 | |
U.S. Treasury securities (ii) | |||
Assets | |||
Debt securities | 24,701 | ||
Corporate bonds (ii) | |||
Assets | |||
Debt securities | 6,621 | 23,513 | |
Public | |||
Liabilities | |||
Warrant liabilities | 258 | 1,748 | |
Private Placement | |||
Liabilities | |||
Warrant liabilities | 127 | 888 | |
2022 Private Warrant | |||
Liabilities | |||
Warrant liabilities | 23 | 109 | |
2023 Private Placement Warrants A | |||
Liabilities | |||
Warrant liabilities | 10,891 | ||
2023 Private Placement Warrants B | |||
Liabilities | |||
Warrant liabilities | 536 | ||
Level 1 | |||
Assets | |||
Money market funds | 3,422 | 31,728 | |
Total financial assets | 3,422 | 56,429 | |
Liabilities | |||
Contingent earnout liabilities | 0 | 0 | |
Total financial liabilities | 258 | 1,748 | |
Level 1 | U.S. Treasury securities (ii) | |||
Assets | |||
Debt securities | 24,701 | ||
Level 1 | Corporate bonds (ii) | |||
Assets | |||
Debt securities | 0 | 0 | |
Level 1 | Public | |||
Liabilities | |||
Warrant liabilities | 258 | 1,748 | |
Level 1 | Private Placement | |||
Liabilities | |||
Warrant liabilities | 0 | 0 | |
Level 1 | 2022 Private Warrant | |||
Liabilities | |||
Warrant liabilities | 0 | 0 | |
Level 1 | 2023 Private Placement Warrants A | |||
Liabilities | |||
Warrant liabilities | 0 | ||
Level 1 | 2023 Private Placement Warrants B | |||
Liabilities | |||
Warrant liabilities | 0 | ||
Level 2 | |||
Assets | |||
Money market funds | 0 | 0 | |
Total financial assets | 6,621 | 23,513 | |
Liabilities | |||
Contingent earnout liabilities | 0 | 0 | |
Total financial liabilities | 0 | 0 | |
Level 2 | U.S. Treasury securities (ii) | |||
Assets | |||
Debt securities | 0 | ||
Level 2 | Corporate bonds (ii) | |||
Assets | |||
Debt securities | 6,621 | 23,513 | |
Level 2 | Public | |||
Liabilities | |||
Warrant liabilities | 0 | 0 | |
Level 2 | Private Placement | |||
Liabilities | |||
Warrant liabilities | 0 | 0 | |
Level 2 | 2022 Private Warrant | |||
Liabilities | |||
Warrant liabilities | 0 | 0 | |
Level 2 | 2023 Private Placement Warrants A | |||
Liabilities | |||
Warrant liabilities | 0 | ||
Level 2 | 2023 Private Placement Warrants B | |||
Liabilities | |||
Warrant liabilities | 0 | ||
Level 3 | |||
Assets | |||
Money market funds | 0 | 0 | |
Total financial assets | 0 | 0 | |
Liabilities | |||
Contingent earnout liabilities | 1,456 | 17,414 | |
Total financial liabilities | 13,033 | 18,411 | |
Level 3 | U.S. Treasury securities (ii) | |||
Assets | |||
Debt securities | 0 | ||
Level 3 | Corporate bonds (ii) | |||
Assets | |||
Debt securities | 0 | 0 | |
Level 3 | Public | |||
Liabilities | |||
Warrant liabilities | 0 | 0 | |
Level 3 | Private Placement | |||
Liabilities | |||
Warrant liabilities | 127 | 888 | |
Level 3 | 2022 Private Warrant | |||
Liabilities | |||
Warrant liabilities | $ 23 | $ 109 |
Fair Value Measurements - Chang
Fair Value Measurements - Changes in Fair Value of Level 3 Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Derivative | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair value as of beginning of period | $ 0 | $ 0 | $ 0 |
Change in fair value | 0 | ||
Exercise of warrants | 0 | ||
Fair value as of end of period | 0 | 0 | |
Warrant liabilities | Private placement warrant liabilities | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair value as of beginning of period | 127 | 888 | 7,387 |
Acquired/recognized | 0 | ||
Change in fair value | (761) | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Extinguishment of Debt Derivatives in Connection with Debt Extinguishment | 0 | ||
Exercise of warrants | (6,499) | ||
Fair value as of end of period | 127 | 888 | |
Warrant liabilities | 2022 Private Warrant | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair value as of beginning of period | 23 | 109 | 0 |
Issuance of warrants | 0 | ||
Change in fair value | (86) | 170 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Extinguishment of Debt Derivatives in Connection with Debt Extinguishment | 0 | ||
Exercise of warrants | 61 | ||
Fair value as of end of period | 23 | 109 | |
Warrant liabilities | 2023 Private Warrant A | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair value as of beginning of period | 10,891 | 0 | 0 |
Issuance of warrants | 10,891 | ||
Change in fair value | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Extinguishment of Debt Derivatives in Connection with Debt Extinguishment | 0 | ||
Exercise of warrants | 0 | ||
Fair value as of end of period | 10,891 | 0 | |
Warrant liabilities | 2023 Private Warrant B | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair value as of beginning of period | 536 | 0 | 0 |
Issuance of warrants | 536 | ||
Change in fair value | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Extinguishment of Debt Derivatives in Connection with Debt Extinguishment | 0 | ||
Exercise of warrants | 0 | ||
Fair value as of end of period | 536 | 0 | |
Contingent earnout liabilities | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair value as of beginning of period | 1,456 | 17,414 | $ 111,487 |
Issuance of warrants | 0 | ||
Change in fair value | (15,958) | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Extinguishment of Debt Derivatives in Connection with Debt Extinguishment | 0 | ||
Exercise of warrants | 94,073 | ||
Fair value as of end of period | 1,456 | 17,414 | |
Debt Derivative | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Fair value as of beginning of period | 0 | ||
Issuance of warrants | 13,890 | ||
Change in fair value | (8,485) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Extinguishment of Debt Derivatives in Connection with Debt Extinguishment | $ (5,405) | ||
Fair value as of end of period | $ 0 |
Investments - Summary (Details)
Investments - Summary (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 6,717 | $ 49,051 |
Gross Unrealized Gain | 0 | 0 |
Gross Unrealized Loss | (96) | (837) |
Fair Value | 6,621 | 48,214 |
U.S. Treasury securities (ii) | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 25,124 | |
Gross Unrealized Gain | 0 | |
Gross Unrealized Loss | (423) | |
Fair Value | 24,701 | |
Corporate bonds (ii) | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 6,717 | 23,927 |
Gross Unrealized Gain | 0 | 0 |
Gross Unrealized Loss | (96) | (414) |
Fair Value | $ 6,621 | $ 23,513 |
Investments - Breakdown of Inve
Investments - Breakdown of Investments in Unrealized Loss Position (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
U.S. Treasury securities (ii) | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Less than 12 months | $ 0 | $ 16,702 |
12 months or longer | 0 | 7,999 |
Total | 0 | 24,701 |
Gross Unrealized Loss | ||
Less than 12 months | 0 | (365) |
12 months or longer | 0 | (58) |
Total | 0 | (423) |
Corporate bonds (ii) | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Less than 12 months | 0 | 18,951 |
12 months or longer | 6,621 | 1,478 |
Total | 6,621 | 20,429 |
Gross Unrealized Loss | ||
Less than 12 months | 0 | (387) |
12 months or longer | (96) | (27) |
Total | $ (96) | $ (414) |
Investments, Remaining Contract
Investments, Remaining Contractual Maturities of AFS Investments (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Less than 12 months | $ (96) |
12 months or longer | 0 |
12 months or longer | 0 |
Debt Securities, Available For Sale, Remaining Contractual Maturities, Less Than 12 Months | 6,621 |
Corporate bonds (ii) | |
Debt Securities, Available-for-sale [Line Items] | |
Less than 12 months | (96) |
12 months or longer | 0 |
12 months or longer | 0 |
Debt Securities, Available For Sale, Remaining Contractual Maturities, Less Than 12 Months | $ 6,621 |
Balance Sheet Components - Acco
Balance Sheet Components - Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 |
Receivables [Abstract] | ||||||||
Trade Receivables | $ 10,203 | $ 9,639 | ||||||
Less: Allowances for Doubtful Accounts | (620) | (454) | ||||||
Total | $ 9,583 | $ 12,597 | $ 14,284 | $ 14,347 | $ 9,185 | $ 20,922 | $ 11,817 | $ 10,196 |
Balance Sheet Components - Inve
Balance Sheet Components - Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||
Raw materials | $ 48,488 | $ 58,585 | ||||||
Work-in-progress | 9,922 | 12,617 | ||||||
Inventory, Finished Goods, Gross | 2,406 | 0 | ||||||
Total | 60,816 | $ 81,159 | $ 78,015 | $ 73,937 | $ 71,202 | $ 68,255 | $ 61,146 | $ 42,669 |
Inventory Valuation Reserves | $ 27,100 |
Balance Sheet Components - Prep
Balance Sheet Components - Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||
Prepaid insurance and other | $ 2,738 | $ 3,316 | ||||||
Vendor prepayments | 1,262 | 2,217 | ||||||
Total | $ 4,000 | $ 2,515 | $ 2,860 | $ 4,575 | $ 5,533 | $ 4,623 | $ 6,695 | $ 9,449 |
Balance Sheet Components - Prop
Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
Property, Plant and Equipment [Line Items] | ||||||||
Property, Plant and Equipment, Gross | $ 25,236 | $ 26,055 | ||||||
Less accumulated depreciation and amortization | (8,910) | (6,243) | ||||||
Property, plant and equipment, net | 16,326 | 19,812 | $ 17,430 | $ 18,376 | $ 19,075 | $ 19,208 | $ 17,717 | $ 12,438 |
Depreciation | 5,200 | 3,600 | ||||||
Write-off of fully-depreciated leasehold improvements | 2,100 | |||||||
Computers and software | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Property, Plant and Equipment, Gross | 2,549 | 2,222 | ||||||
Lab equipment and other equipment | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Property, Plant and Equipment, Gross | 8,075 | 7,379 | ||||||
Furniture and fixtures | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Property, Plant and Equipment, Gross | 206 | 181 | ||||||
Leasehold improvements | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Property, Plant and Equipment, Gross | $ 14,406 | $ 16,273 |
Balance Sheet Components - Othe
Balance Sheet Components - Other Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||
Right of use assets | $ 10,672 | $ 13,545 | ||||||
Net investment in sales-type lease | 0 | 5,905 | ||||||
Non-current prepaid expenses and other assets | 1,993 | 3,211 | ||||||
Other assets | 12,665 | $ 21,133 | $ 22,352 | $ 22,406 | $ 22,661 | $ 20,132 | $ 14,948 | $ 15,389 |
Excess carrying value, net investment, sales-type lease | $ 2,200 |
Balance Sheet Components - Accr
Balance Sheet Components - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||
Accrued expenses | $ 1,948 | $ 8,602 | ||||||
Accrued salaries and benefits | 2,277 | 4,830 | ||||||
Lease liability – current portion | 2,266 | 2,445 | ||||||
Total accrued expenses and other current liabilities | $ 6,491 | $ 11,215 | $ 9,369 | $ 13,805 | $ 15,877 | $ 19,682 | $ 16,485 | $ 12,121 |
Balance Sheet Components - Ot_2
Balance Sheet Components - Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||
Lease liabilities - noncurrent portion | $ 10,176 | $ 12,206 | ||||||
Other noncurrent liabilities | 1,380 | 428 | ||||||
Total other noncurrent liabilities | $ 11,556 | $ 10,805 | $ 11,420 | $ 11,936 | $ 12,634 | $ 14,227 | $ 8,874 | $ 9,478 |
Equipment on Lease, Net - Narra
Equipment on Lease, Net - Narrative (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) lease | Dec. 31, 2022 USD ($) | |
Leases [Abstract] | ||
Equipment leased to customers, cost basis | $ 7,400 | $ 10,600 |
Equipment leased to customers, accumulated depreciation | 800 | 1,500 |
Deprecation expense | 1,000 | $ 1,700 |
future lease payments expected | $ 1,200 | |
New Leases | lease | 2 | |
Equipment on Lease | lease | 8 | |
Equipment on Lease, Aggregate Carrying Value, Reclassified to Finished Goods Inventory | $ 6,700 |
Equipment on Lease, Net - Futur
Equipment on Lease, Net - Future Lease Payments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | ||
Equipment on lease payments | $ 1,676 | $ 3,483 |
Equipment on lease variable payments | 0 | 678 |
Total lease payments | $ 1,676 | $ 4,161 |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) lease | Dec. 31, 2022 USD ($) | |
Lessee, Lease, Description [Line Items] | ||
ROU assets impairment | $ | $ 400 | $ 0 |
Office and Manufacturing Facilities | Operating Leases Expiring in 2023 to 2032 | ||
Lessee, Lease, Description [Line Items] | ||
Number of operating leases | lease | 4 |
Leases - Assets and Liabilities
Leases - Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Right of use assets | $ 10,672 | $ 13,545 |
Less current portion | 2,153 | 2,411 |
Operating lease liabilities, noncurrent | 9,973 | 12,201 |
Total operating lease liabilities | 12,126 | 14,612 |
Finance lease liabilities, current | 113 | 35 |
Finance lease liabilities, noncurrent | 203 | 5 |
Total finance lease liabilities | 316 | 40 |
Total operating lease liabilities | $ 12,442 | $ 14,652 |
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 | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | ||
Operating lease expense | $ 3,002 | $ 2,956 |
Financing lease expense | 80 | 36 |
Short-term lease expense | 314 | 351 |
Total lease expense | 3,396 | 3,343 |
Cash paid for leases | $ 2,827 | $ 2,360 |
Weighted – average remaining lease term – operating leases (years) | 7 years 9 months 18 days | 4 years 1 month 6 days |
Weighted – average discount rate – operating leases (as a percent) | 8.80% | 8.70% |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
2024 | $ 2,806 | |
2025 | 2,360 | |
2026 | 2,402 | |
2027 | 2,400 | |
2028 | 2,490 | |
Thereafter | 8,779 | |
Total operating lease payments | 21,237 | |
Less portion representing imputed interest | (9,111) | |
Total operating lease liabilities | 12,126 | $ 14,612 |
Less current portion | 2,153 | 2,411 |
Long-term portion | $ 9,973 | $ 12,201 |
Long-Term Debt - Components (De
Long-Term Debt - Components (Details) - USD ($) | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 |
Debt Instrument [Line Items] | ||||||||
Debt Issuance Costs, Net | $ 384,000 | $ 159,000 | ||||||
Total | 33,132,000 | 8,197,000 | ||||||
Debt – current portion | 21,191,000 | $ 54,122,000 | $ 2,973,000 | $ 2,729,000 | 2,775,000 | $ 1,954,000 | $ 5,119,000 | $ 5,116,000 |
Long-term debt – less current portion | 11,941,000 | $ 0 | $ 19,400,000 | $ 9,756,000 | 5,422,000 | $ 4,356,000 | $ 1,889,000 | $ 2,422,000 |
Revolving credit line | ||||||||
Debt Instrument [Line Items] | ||||||||
Outstanding debt | 0 | 3,000,000 | ||||||
Equipment loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Outstanding debt | 0 | 5,356,000 | ||||||
Debt Issuance Costs, Net | 300,000 | |||||||
Senior Secured Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Outstanding debt | $ 33,516,000 | $ 0 |
Long-Term Debt - Senior Convert
Long-Term Debt - Senior Convertible Notes (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) | Aug. 14, 2023 USD ($) | Aug. 10, 2023 USD ($) | |
Debt Instrument [Line Items] | ||||
Interest Expense | $ 9,722 | $ 372 | ||
Loss on debt extinguishment | (19,450) | 0 | ||
Repayments of Secured Debt | 17,000 | 0 | ||
Equipment loan | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Unamortized Discount | 0 | |||
Outstanding debt | $ 0 | $ 5,356 | ||
Effective interest rate (as a percent) | 41.10% | |||
Line of credit | Equipment loan | ||||
Debt Instrument [Line Items] | ||||
Loss on debt extinguishment | $ 200 | |||
Repayments of Secured Debt | 21,900 | |||
debt instrument, repaid, accrued interest | $ 300 | |||
Senior Secured Convertible Notes | ||||
Debt Instrument [Line Items] | ||||
Securities Purchase Agreement, Issue and Sell in Offering, Aggregate Principal Amount of Notes | $ 105,000 | |||
Securities Purchase Agreement, Aggregate Principal Amount of Notes | $ 70,000 | |||
Securities Purchase Agreement, Right to purchase | $ 35,000 | |||
Securities Purchase Agreement, Note Interest Rate | 6% | |||
Conversion of debt, shares issued (in shares) | shares | 644.7453 | |||
Securities Purchase Agreement, Principal Amount Repaid | 115% | |||
Securities Purchase Agreement, Repayment Calculation Rate | 12.50% | |||
Senior secured convertible notes, principal balance reduction rate | 1.15 | |||
Debt Instrument, Convertible, Conversion Ratio | 1,000 | |||
Conversion price (in usd per share) | $ / shares | $ 1.55 | |||
Deferred financing costs | $ 4,100 | |||
Interest Expense | 600 | |||
Debt Instrument, Repaid, Principal | 22,400 | |||
Loss on debt extinguishment, unamortized deferred financing costs | 3,500 | |||
Loss on debt extinguishment, unamortized discount | 19,700 | |||
Outstanding debt | 0 | |||
Senior Convertible Notes, Interest Paid | 1,900 | |||
Senior Convertible Notes, Accrued Interest | 7,200 | |||
Senior Convertible Notes, Capitalized Discounts | 24,400 | |||
Senior Convertible Notes, Capitalized Discounts, Debt Derivatives | 13,900 | |||
Senior Convertible Notes, Capitalized Discounts, Maturity Balance | 10,500 | |||
Senior Convertible Notes, Capitalized Discounts, Amortized Expense | $ 4,700 |
Long-Term Debt - Secured Notes
Long-Term Debt - Secured Notes (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 27, 2023 | Nov. 27, 2023 | Sep. 30, 2023 | Aug. 14, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
Debt Instrument [Line Items] | ||||||||||||
Interest Expense | $ 9,722,000 | $ 372,000 | ||||||||||
Debt – current portion | $ 21,191,000 | 21,191,000 | $ 2,775,000 | $ 54,122,000 | $ 2,973,000 | $ 2,729,000 | $ 1,954,000 | $ 5,119,000 | $ 5,116,000 | |||
At-the-Market offering, Company may offer to sell, January 31, 2024 Amendment | $ 75,000,000 | $ 75,000,000 | ||||||||||
Common stock, shares issued | 258,418,695 | 258,418,695 | 187,561,368 | |||||||||
Senior Secured Notes | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Securities Purchase Agreement, Aggregate Principal Amount of Notes, Partial Redemption | $ 8,750,000 | |||||||||||
Securities Purchase Agreement, Repayment Price | $ 10,500,000 | |||||||||||
Securities Purchase Agreement, Note Interest Rate | 6% | |||||||||||
Securities Purchase Agreement, Principal Amount Repaid | 120% | |||||||||||
Interest Expense | $ 400,000 | |||||||||||
Debt – current portion | $ 400,000 | 400,000 | ||||||||||
Debt Instrument, Covenant, Minimum Liquidity Requirement | $ 35,000,000 | $ 35,000,000 | ||||||||||
Secured Notes, Accreting Discounts | 11,500,000 | 11,500,000 | ||||||||||
Secured Notes, Accreting Discounts, Amortized to Interest Expense | 1,200,000 | 1,200,000 | ||||||||||
Debt Instrument, Unamortized Discount | 10,300,000 | $ 10,300,000 | ||||||||||
Effective interest rate (as a percent) | 45% | |||||||||||
debt instrument, repaid, accrued interest | $ 400,000 | |||||||||||
Gain (Loss) on Extinguishment of Debt | 8,000,000 | |||||||||||
Payments of Financing Costs | $ 200,000 | |||||||||||
Secured Notes, Cash Payments to Note Holders | 25,000,000 | 16,300,000 | ||||||||||
Secured Notes, Aggregate Principal Amount, Repaid | $ 20,800,000 | 12,500,000 | ||||||||||
Secured Notes, Fair Market Value | $ 9,400,000 | |||||||||||
Common stock, shares issued | 10,000,000 | |||||||||||
Secured Notes, Aggregate Principal Amount | $ 57,500,000 | |||||||||||
Secured Notes, accrued and unpaid interest | $ 1,300,000 | |||||||||||
Interest Expense, Borrowings | $ 1,600,000 |
Long-Term Debt - Revolving Cred
Long-Term Debt - Revolving Credit Line (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 17, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Jul. 25, 2022 | |
Debt Instrument [Line Items] | ||||
Deferred financing costs | $ 384 | $ 159 | ||
Line of credit | ||||
Debt Instrument [Line Items] | ||||
Outstanding debt | 0 | 3,000 | ||
Equipment loan | ||||
Debt Instrument [Line Items] | ||||
Variable rate (as a percent) | 3.25% | |||
Debt term | 3 years | |||
Outstanding debt | 0 | $ 5,356 | ||
Borrowing capacity | $ 15,000 | |||
Deferred financing costs | $ 300 | |||
Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Effective interest rate (as a percent) | 15.80% | 5.70% | ||
Deferred financing costs | $ 100 | |||
Interest Expense, Borrowings | 600 | |||
Revolving Credit Facility | Line of credit | ||||
Debt Instrument [Line Items] | ||||
Proceeds from credit facility | $ 14,000 | |||
Variable rate (as a percent) | 5.50% | |||
Deferred financing costs (less than) | $ 200 | |||
Borrowing capacity | $ 27,000 | $ 30,000 | ||
Repayments of Lines of Credit | $ 17,000 | |||
Revolving Credit Facility | Line of credit | Prime | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (as a percent) | 0.75% |
Long-Term Debt - Equipment Loan
Long-Term Debt - Equipment Loan (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 17, 2020 | Dec. 31, 2023 USD ($) lease | Dec. 31, 2022 USD ($) lease | Aug. 10, 2023 USD ($) | Jul. 25, 2022 USD ($) | |
Debt Instrument [Line Items] | |||||
Deferred financing costs | $ 384 | $ 159 | |||
Convertible Notes Payable | Debt Debt consisted of the following: December 31, 2023 2022 (In thousands) Revolving credit line $ — $ 3,000 Equipment loan — 5,356 Secured notes 33,516 — Deferred financing costs (384) (159) Total $ 33,132 $ 8,197 Debt – current portion 21,191 2,775 Long-term debt – less current portion $ 11,941 $ 5,422 Secured Convertible Notes — On August 10, 2023, the Company entered into the Securities Purchase Agreement with High Trail Investments ON LLC and an affiliated institutional investor (together, the "Investors") pursuant to which the Company agreed to issue and sell in an offering up to $105 million aggregate principal amount of senior secured convertible notes (the "Secured Convertible Notes"). On August 14, 2023, the Company issued $70 million aggregate principal amount of Secured Convertible Notes to the Investors. In addition, the Company granted the Investors the right to purchase up to an additional $35 million aggregate principal amount of the Secured Convertible Notes so long as the notice to exercise such option was provided no later than August 14, 2024. The Secured Convertible Notes bore interest at 6.00% per annum, payable quarterly in cash on January 1, April 1, July 1 and October 1 of each year, commencing on October 1, 2023, and would mature on August 1, 2026. The Secured Convertible Notes included covenants requiring the Company to, among others things, maintain minimum levels of quarterly revenue through the quarter ended June 30, 2026. The Company was not in compliance with the minimum revenue covenant for the quarter ended September 30, 2023. Beginning on January 1, 2024, the Investors had the option to require the Company to repay principal on the Secured Convertible Notes quarterly pursuant to the terms of the Secured Convertible Notes at a repayment price equal to 115% of the Secured Convertible Notes principal balance repaid plus accrued interest. The repayments were calculated at a rate of 12.5% of 115% of the principal balance and would reduce the principal balance of the Secured Convertible Notes by the amount repaid divided by a rate of 1.15. The end of term maturity balance was the principal balance of the Secured Convertible Notes multiplied by 115% (the "Secured Convertible Notes Maturity Balance"). The Secured Convertible Notes were convertible based on a conversion rate of 644.7453 shares of Common Stock per $1,000 principal amount of Secured Convertible Notes (equivalent to a conversion price of approximately $1.55 per share of the Common Stock). The Company used approximately $22.4 million of the net proceeds from the offering of the Secured Convertible Notes to repay all $21.9 million of outstanding principal and $0.3 million of accrued interest under the Company’s Revolving Credit Line and Equipment Loan which resulted in a loss of $0.2 million expensed within “Loss on debt extinguishment”. The Company incurred deferred financing costs of $4.1 million related to the Secured Convertible Notes, which were capitalized upon issuance and were being accreted over the term of the Secured Convertible Notes using the effective interest rate method with $0.6 million included in “Interest expense” in the accompanying Consolidated Statements of Operations and Comprehensive Income (Loss) for the year ended December 31, 2023. The unamortized deferred financing costs of $3.5 million, were expensed within "Loss on debt extinguishment" upon the cancellation and exchange of the Secured Convertible Notes for the Secured Notes. Additionally, the Company was capitalizing discounts of $24.4 million against the carrying value of the Secured Convertible Notes and amortizing the discounts over the term of the Secured Convertible Notes using the effective interest rate method. The $24.4 million discount included $13.9 million related to debt derivatives, $10.5 million related to the Secured Convertible Notes Maturity Balance, with $4.7 million amortized interest expense for the year ended December 31, 2023. The unamortized discount was $19.7 million, was expensed within "Loss on debt extinguishment" upon the extinguishment and termination of the Secured Convertible Notes. As of December 31, 2023, the Company had no outstanding balance, no unamortized discount, or unamortized deferred loan fees due to the cancellation of the Secured Convertible Notes in connection with the issuance of the Secured Notes. During the year ended December 31, 2023, the Company had paid $1.9 million in interest and incurred a total of $7.2 million in interest expense related to the Secured Convertible Notes. The effective interest rate was 41.1% for the year ended December 31, 2023. Secured Notes — On November 27, 2023, the Company entered into the Securities Exchange Agreement (the "Exchange Agreement") with the Investors, pursuant to which the Company made a cash payment to the Investors of $16.3 million to repay $12.5 million of aggregate principal amount of the Secured Convertible Notes, together with $1.3 million of accrued and unpaid interest. The remaining Secured Convertible Notes were exchanged for $57.5 million aggregate principal amount of new senior secured notes due 2026 (the "Secured Notes") and 10,000,000 shares of Common Stock with a fair market value of $9.4 million at issuance. The remaining Secured Convertible Notes Maturity Balance of $8.0 million was recognized as a gain within “Loss on debt extinguishment” and was partially offset by $0.2 million of financing costs paid to the Investors. The Secured Notes included covenants requiring the Company to maintain a minimum of $35 million of unrestricted cash and cash equivalents and to maintain minimum levels of available cash, calculated monthly based on a rolling three-month lookback period beginning with the three-month period ending on December 31, 2023. On December 27, 2023, the Company entered into a note amendment to its Secured Notes with the Investors, pursuant to which the Company made a cash payment to the note holders of $25.0 million to repay approximately $20.8 million of aggregate principal amount of the Secured Notes, together with accrued and unpaid interest. The amendment was determined to be a modification of the Secured Notes. The amended Secured Notes eliminated the requirement to pay a principal amount of Secured Notes on January 1, 2024, eliminated the requirement to maintain a minimum of $35.0 million of unrestricted cash and cash equivalents, and deferred the requirement to, on or before December 31, 2023, establish a new “at-the-market” offering program (or increase the Company’s existing “at-the-market” offering program) with aggregate available, accessible and unused capacity to generate gross proceeds to the Company of at least $75.0 million as of December 31, 2023 to January 31, 2024. 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). Additionally, as noted above, the Secured Notes require the Company maintain available cash on a quarterly basis, adjusted for certain financing activity as defined in the Secured Notes, in excess of required minimum balances as defined in the Secured Notes. Furthermore, if an event of default occurs, the holders of the Secured Notes may declare the Secured Notes due and payable for cash in an amount equal to the Event of Default Acceleration Amount as defined in the Secured Notes. If an event of default occurs and the Company fails to pay the Event of Default Acceleration Amount when due in accordance with the Secured Notes, then the holders may elect to receive such unpaid portion of the Event of Default Acceleration Amount, entirely or partially, in shares of Common Stock calculated based on dividing Event of Default Acceleration Amount by the lowest of the 10 daily volume weighted average prices of the Common Stock immediately prior to the applicable event of default stock payment date. The Secured Notes bear interest at 6.00% per annum, payable quarterly in cash on January 1, April 1, July 1 and October 1 of each year, commencing on January 1, 2024, and will mature on August 1, 2026. When the Company repays principal on the Secured Notes pursuant to the terms of the Secured Notes, it will be required to pay 120% of the principal amount repaid (the “Repayment Price”) plus accrued and unpaid interest. On the first day of each three-month period beginning on April 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 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. 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 December 31, 2023, 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, as the Company believes the likelihood of these occurring to be remote. The Company will continue to monitor the likelihood of these events in future reporting periods. The Company incurred deferred financing costs of $0.4 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 and are included in “Interest expense” in the accompanying Consolidated Statements of Operations and Comprehensive Income (Loss). As of December 31, 2023, the remaining unamortized balance of deferred financing costs was $0.4 million and were included in Debt — current portion on the balance sheets. Additionally, the Company is accreting discounts of $11.5 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 $1.2 million amortized to interest expense for the year ended December 31, 2023. As of December 31, 2023, the unamortized discount was $10.3 million, which includes the difference between the principal and the Repayment Price, and capitalized deferred financing costs. For the year ended December 31, 2023, the Company paid $0.4 million in interest and incurred a total of $1.6 million in interest expense related to the Secured Notes. The effective interest rate was 45.0% for the year ended December 31, 2023. The future minimum aggregate payments for the above borrowings are equal to the quarterly payments made using the Repayment Price, beginning are as follows as of December 31, 2023: (In thousands) 2024 $ 31,500 2025 12,500 $ 44,000 As of December 31, 2023 and the issuance date of the audited consolidated financial statements, the Company was in compliance with all covenants. Revolving Credit Line — During the year ended December 31, 2022, the Company entered into modification agreements that made certain modifications to the third amended and restated loan and security agreement. The modification agreements, among other things, extended the maturity date of the revolving line of credit, and increased the amount of the revolving credit line to $30.0 million. As of December 31, 2022, the Company had $27.0 million of the revolving credit line undrawn and deferred loan fees of less than $0.2 million. In 2023, the Company’s drew $14.0 million on the revolving credit facility with a variable interest rate of the greater of 5.50% or Prime Rate plus 0.75% and due on December 31, 2024. The outstanding principal of $17.0 million was repaid upon the issuance of the Secured Convertible Notes. As of December 31, 2023, the Company had no outstanding balance, remaining revolving credit line availability, or deferred loan fees. The effective interest rate was 15.8% and 5.7% for the year ended December 31, 2023 and 2022, respectively. Interest expense for the year ended December 31, 2023 was $0.6 million which included an additional $0.1 million for final payments made during the extinguishment of the Revolving Credit Line. Equipment Loan — On July 25, 2022, the Company entered into a joinder and fourth loan modification agreement that made certain modifications to its third amended and restated loan and security agreement, including establishing a secured equipment loan facility of up to $15.0 million, secured by equipment leased to customers, available through December 31, 2023 with a variable interest rate of the greater of Prime rate or 3.25% and terms of three As of December 31, 2022, the Company had executed a total of $8.0 million in equipment loan advances. For the year ended December 31, 2022, $2.1 million in principal payments were made on the equipment loan advances for an outstanding balance of $5.4 million as of December 31, 2022. For the year ended December 31, 2023, the Company executed a total of $1.6 million in equipment loan advances and made $2.0 million in principal payments. The outstanding principal of $4.9 million was repaid upon the issuance of the Secured Convertible Notes. As of December 31, 2023, the Company had no outstanding balance, remaining equipment loan availability, or deferred loan fees. | ||||
Equipment loan | |||||
Debt Instrument [Line Items] | |||||
Variable rate (as a percent) | 3.25% | ||||
Effective interest rate during period (as a percent) | 12.60% | 3.40% | |||
Principal payments | $ 2,000 | $ 2,100 | $ 4,900 | ||
Number of advances | lease | 1,600,000 | 8,000,000 | |||
Outstanding balance | $ 0 | $ 5,356 | |||
Debt term | 3 years | ||||
Borrowing capacity | $ 15,000 | ||||
Interest Expense, Debt | 600 | ||||
Deferred financing costs | $ 300 |
Long-Term Debt - Future Minimum
Long-Term Debt - Future Minimum Aggregate Payments (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Debt Disclosure [Abstract] | |
2024 | $ 31,500 |
2025 | 12,500 |
Long-Term Debt | $ 44,000 |
Equity Instruments - Common Sto
Equity Instruments - Common Stock Reserved for Issuance (Details) - USD ($) | 1 Months Ended | |||||
Feb. 28, 2023 | Dec. 31, 2023 | Mar. 10, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | ||||||
Total shares of common stock reserved | 77,183,168 | 39,501,895 | ||||
ATM Sales Agreement | ||||||
Class of Stock [Line Items] | ||||||
Total shares of common stock reserved | 20,000,000 | |||||
Value of Shares Sold, May Offer and Sell up to | $ 40,000,000 | |||||
2021 EIP | ||||||
Class of Stock [Line Items] | ||||||
Total shares of common stock reserved | 49,224,879 | 9,378,068 | 42,766,043 | 9,161,624 | ||
2021 Employee Stock Purchase Plan | ||||||
Class of Stock [Line Items] | ||||||
Total shares of common stock reserved | 1,875,613 | |||||
Common stock warrants | ||||||
Class of Stock [Line Items] | ||||||
Total shares of common stock reserved | 50,945,000 | 13,145,000 | ||||
Shares available for future grant under 2021 Equity Incentive Plan | 2021 Stock Option Plan | ||||||
Class of Stock [Line Items] | ||||||
Total shares of common stock reserved | 16,041,013 | 20,861,294 | ||||
Reserved for At-the-Market offering | ||||||
Class of Stock [Line Items] | ||||||
Total shares of common stock reserved | 2,825,941 | 0 | ||||
Reserved for employee stock purchase plan | ||||||
Class of Stock [Line Items] | ||||||
Total shares of common stock reserved | 7,371,214 | 5,495,601 | 1,832,324 | 3,663,277 |
Equity Instruments - Narrative
Equity Instruments - Narrative (Details) $ / shares in Units, $ in Thousands | Dec. 31, 2023 $ / shares $ / warrant shares | Dec. 29, 2023 $ / shares shares | Dec. 27, 2023 USD ($) | Nov. 27, 2023 shares | Dec. 31, 2022 $ / shares $ / warrant shares | Jul. 25, 2022 $ / shares shares | Dec. 02, 2020 $ / shares $ / warrant shares |
Class of Warrant or Right [Line Items] | |||||||
Common stock, shares issued | 258,418,695 | 187,561,368 | |||||
Registered Direct Offering, Gross Proceeds | $ | $ 18,000 | ||||||
Senior Secured Notes | |||||||
Class of Warrant or Right [Line Items] | |||||||
Common stock, shares issued | 10,000,000 | ||||||
Common stock warrants | |||||||
Class of Warrant or Right [Line Items] | |||||||
Number of warrants (in shares) | 50,945,000 | 13,145,000 | |||||
Warrants, exercise ratio | 1 | 1 | |||||
2022 Private Warrant | |||||||
Class of Warrant or Right [Line Items] | |||||||
Number of warrants (in shares) | 70,000 | 70,000 | |||||
Warrants term | 11 years 6 months 25 days | ||||||
Fair value on issue date per warrant (in usd per warrant) | $ / warrant | 2.43 | 2.43 | |||||
Exercise price of warrants (in usd per share) | $ / shares | $ 2.56 | $ 2.56 | $ 2.56 | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 70,000 | ||||||
Private placement warrant liabilities | |||||||
Class of Warrant or Right [Line Items] | |||||||
Number of warrants (in shares) | 4,450,000 | 4,450,000 | |||||
Fair value on issue date per warrant (in usd per warrant) | $ / warrant | 2 | ||||||
Exercise price of warrants (in usd per share) | $ / shares | $ 11.50 | ||||||
Public Warrants | |||||||
Class of Warrant or Right [Line Items] | |||||||
Number of warrants (in shares) | 8,625,000 | 8,625,000 | 34,500,000 | ||||
Warrants term | 5 years | ||||||
Fair value on issue date per warrant (in usd per warrant) | $ / warrant | 3.30 | 3.30 | 10 | ||||
Exercise price of warrants (in usd per share) | $ / shares | $ 11.50 | $ 11.50 | $ 11.50 | ||||
2023 Private Warrant A | |||||||
Class of Warrant or Right [Line Items] | |||||||
Number of warrants (in shares) | 36,000,000 | ||||||
Fair value on issue date per warrant (in usd per warrant) | $ / warrant | 0.30 | ||||||
Exercise price of warrants (in usd per share) | $ / shares | $ 0.57 | $ 0.57 | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 36,000,000 | ||||||
2023 Private Warrant B | |||||||
Class of Warrant or Right [Line Items] | |||||||
Number of warrants (in shares) | 1,800,000 | ||||||
Fair value on issue date per warrant (in usd per warrant) | $ / warrant | 0.30 | ||||||
Exercise price of warrants (in usd per share) | $ / shares | $ 0.62 | $ 0.62 | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,800,000 | ||||||
Expected volatility | |||||||
Class of Warrant or Right [Line Items] | |||||||
Business combination, measurement input | 1.050 | 0.899 | |||||
Expected volatility | 2022 Private Warrant | |||||||
Class of Warrant or Right [Line Items] | |||||||
Warrant, measurement input | 1.083 | 0.869 | |||||
Risk-free interest rate | |||||||
Class of Warrant or Right [Line Items] | |||||||
Business combination, measurement input | 0.041 | 0.041 | |||||
Risk-free interest rate | 2022 Private Warrant | |||||||
Class of Warrant or Right [Line Items] | |||||||
Warrant, measurement input | 0.039 |
Equity Instruments - Warrants f
Equity Instruments - Warrants for Shares of Stock (Details) $ / shares in Units, $ in Thousands | Dec. 31, 2023 USD ($) $ / shares $ / warrant shares | Dec. 29, 2023 $ / shares | Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) $ / shares $ / warrant shares | Sep. 30, 2022 USD ($) | Jul. 25, 2022 $ / shares | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 02, 2020 $ / shares $ / warrant shares |
Class of Warrant or Right [Line Items] | |||||||||||
Fair Value | $ 11,835 | $ 2,883 | $ 4,470 | $ 5,298 | $ 2,745 | $ 10,836 | $ 4,053 | $ 27,719 | |||
Common stock warrants | |||||||||||
Class of Warrant or Right [Line Items] | |||||||||||
Number of Warrants (in shares) | shares | 50,945,000 | 13,145,000 | |||||||||
Fair Value | $ 11,835 | $ 2,745 | |||||||||
Private Warrants | |||||||||||
Class of Warrant or Right [Line Items] | |||||||||||
Number of Warrants (in shares) | shares | 4,450,000 | 4,450,000 | |||||||||
Exercise Price per warrant (in usd per share) | $ / shares | $ 11.50 | $ 11.50 | |||||||||
Fair Value on Issue Date per warrant (in usd per warrant) | $ / warrant | 2 | 2 | |||||||||
2022 Private Warrant | |||||||||||
Class of Warrant or Right [Line Items] | |||||||||||
Number of Warrants (in shares) | shares | 70,000 | 70,000 | |||||||||
Exercise Price per warrant (in usd per share) | $ / shares | $ 2.56 | $ 2.56 | $ 2.56 | ||||||||
Fair Value on Issue Date per warrant (in usd per warrant) | $ / warrant | 2.43 | 2.43 | |||||||||
Warrant liabilities | $ 23 | $ 109 | |||||||||
2022 Private Warrant | Level 3 | |||||||||||
Class of Warrant or Right [Line Items] | |||||||||||
Warrant liabilities | 23 | 109 | |||||||||
2022 Private Warrant | Level 1 | |||||||||||
Class of Warrant or Right [Line Items] | |||||||||||
Warrant liabilities | $ 0 | $ 0 | |||||||||
Public Warrants | |||||||||||
Class of Warrant or Right [Line Items] | |||||||||||
Number of Warrants (in shares) | shares | 8,625,000 | 8,625,000 | 34,500,000 | ||||||||
Exercise Price per warrant (in usd per share) | $ / shares | $ 11.50 | $ 11.50 | $ 11.50 | ||||||||
Fair Value on Issue Date per warrant (in usd per warrant) | $ / warrant | 3.30 | 3.30 | 10 | ||||||||
Warrant liabilities | $ 258 | $ 1,748 | |||||||||
Public Warrants | Level 3 | |||||||||||
Class of Warrant or Right [Line Items] | |||||||||||
Warrant liabilities | 0 | 0 | |||||||||
Public Warrants | Level 1 | |||||||||||
Class of Warrant or Right [Line Items] | |||||||||||
Warrant liabilities | $ 258 | 1,748 | |||||||||
2023 Private Warrant A | |||||||||||
Class of Warrant or Right [Line Items] | |||||||||||
Number of Warrants (in shares) | shares | 36,000,000 | ||||||||||
Exercise Price per warrant (in usd per share) | $ / shares | $ 0.57 | $ 0.57 | |||||||||
Fair Value on Issue Date per warrant (in usd per warrant) | $ / warrant | 0.30 | ||||||||||
2023 Private Warrant A | Level 3 | |||||||||||
Class of Warrant or Right [Line Items] | |||||||||||
Warrant liabilities | $ 10,891 | ||||||||||
2023 Private Warrant B | |||||||||||
Class of Warrant or Right [Line Items] | |||||||||||
Number of Warrants (in shares) | shares | 1,800,000 | ||||||||||
Exercise Price per warrant (in usd per share) | $ / shares | $ 0.62 | $ 0.62 | |||||||||
Fair Value on Issue Date per warrant (in usd per warrant) | $ / warrant | 0.30 | ||||||||||
2023 Private Warrant B | Level 3 | |||||||||||
Class of Warrant or Right [Line Items] | |||||||||||
Warrant liabilities | $ 536 | ||||||||||
Private placement warrant liabilities | |||||||||||
Class of Warrant or Right [Line Items] | |||||||||||
Number of Warrants (in shares) | shares | 4,450,000 | 4,450,000 | |||||||||
Exercise Price per warrant (in usd per share) | $ / shares | $ 11.50 | ||||||||||
Fair Value on Issue Date per warrant (in usd per warrant) | $ / warrant | 2 | ||||||||||
Warrant liabilities | $ 127 | 888 | |||||||||
Private placement warrant liabilities | Level 3 | |||||||||||
Class of Warrant or Right [Line Items] | |||||||||||
Warrant liabilities | 127 | 888 | |||||||||
Private placement warrant liabilities | Level 1 | |||||||||||
Class of Warrant or Right [Line Items] | |||||||||||
Warrant liabilities | $ 0 | $ 0 |
Equity Instruments - Rollforwar
Equity Instruments - Rollforward of Warrant Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Warrant Liability [Roll Forward] | ||
Beginning Balance | $ 2,745 | |
Loss on fair value of warrants | (2,338) | $ (19,129) |
Ending Balance | 11,835 | 2,745 |
Common stock warrants | ||
Warrant Liability [Roll Forward] | ||
Beginning Balance | 2,745 | 21,705 |
Issuance of common stock warrant in connection with financing | 11,428 | 170 |
Loss on fair value of warrants | 2,338 | 19,130 |
Ending Balance | $ 11,835 | $ 2,745 |
Equity Instruments - Warrants,
Equity Instruments - Warrants, Fair Value Assumptions (Details) | Dec. 31, 2023 alternative_energy_credit $ / shares | Dec. 31, 2022 alternative_energy_credit $ / shares |
Common stock warrants | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants term | 2 years 9 months | 3 years 9 months |
Common stock warrants | Current stock price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrant, measurement input | 0.40 | 1.79 |
Common stock warrants | Expected volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrant, measurement input | 1.050 | 0.680 |
Common stock warrants | Risk-free interest rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrant, measurement input | 0.041 | 0.041 |
Common stock warrants | Dividend yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrant, measurement input | 0 | 0 |
2022 Private Warrant | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants term | 11 years 6 months 25 days | |
2022 Private Warrant | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants term | 10 years 6 months 25 days | |
2022 Private Warrant | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrants term | 5 years | |
2022 Private Warrant | Current stock price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrant, measurement input | $ / shares | 0.40 | 1.79 |
2022 Private Warrant | Expected volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrant, measurement input | 1.083 | 0.869 |
2022 Private Warrant | Risk-free interest rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrant, measurement input | 0.039 | |
2022 Private Warrant | Risk-free interest rate | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrant, measurement input | 0.039 | |
2022 Private Warrant | Risk-free interest rate | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrant, measurement input | 0.038 | |
2022 Private Warrant | Dividend yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Warrant, measurement input | 0 | 0 |
Equity Instruments - Contingent
Equity Instruments - Contingent Earnout Liabilities, Narrative (Details) $ / shares in Units, $ in Thousands | Sep. 29, 2021 USD ($) leased_asset tranche $ / shares shares | Dec. 31, 2023 | Dec. 31, 2022 |
Class of Stock [Line Items] | |||
Expected Term (years) | 2 years 9 months | 3 years 9 months | |
JAWS Spitfire | |||
Class of Stock [Line Items] | |||
Fair value of total earnout shares | $ | $ 120,800 | ||
Eligible Velo3D Equityholders | |||
Class of Stock [Line Items] | |||
Earnout period | 5 years | ||
Number of tranches | tranche | 2 | ||
Eligible Velo3D Equityholders | JAWS Spitfire | |||
Class of Stock [Line Items] | |||
Number of shares that the holders may receive (in shares) | shares | 10,879,074 | ||
Eligible Velo3D Equityholders | JAWS Spitfire | Maximum [Member] | |||
Class of Stock [Line Items] | |||
Number of shares that the holders may receive (in shares) | shares | 21,758,148 | ||
Eligible Velo3D Equityholders | Contingent Earnout Liability, Scenario One | |||
Class of Stock [Line Items] | |||
Percentage of common stock outstanding | 5% | ||
Share price trigger (in usd per share) | $ / shares | $ 12.50 | ||
Threshold trading days | leased_asset | 20 | ||
Threshold consecutive trading days | 30 days | ||
Eligible Velo3D Equityholders | Contingent Earnout Liability, Scenario Two | |||
Class of Stock [Line Items] | |||
Percentage of common stock outstanding | 5% | ||
Share price trigger (in usd per share) | $ / shares | $ 15 | ||
Threshold trading days | leased_asset | 20 | ||
Threshold consecutive trading days | 30 days |
Equity Instruments - Rollforw_2
Equity Instruments - Rollforward of Contingent Earnout Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Contingent Earnout Liability [Roll Forward] | ||
Beginning Balance | $ 17,414 | $ 111,487 |
Change in fair value of contingent earnout liabilities | (15,958) | (94,073) |
Ending Balance | $ 1,456 | $ 17,414 |
Equity Instruments - Continge_2
Equity Instruments - Contingent Earnout Liabilities, Fair Value Assumptions (Details) | Dec. 31, 2023 $ / shares | Dec. 31, 2022 $ / shares |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Expected Term (years) | 2 years 9 months | 3 years 9 months |
Current stock price | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Business combination, measurement input | 0.40 | 1.79 |
Expected volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Business combination, measurement input | 1.050 | 0.899 |
Risk-free interest rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Business combination, measurement input | 0.041 | 0.041 |
Dividend yield | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Business combination, measurement input | 0 | 0 |
Equity Incentive Plans & Stoc_3
Equity Incentive Plans & Stock-Based Compensation - Narrative (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Mar. 10, 2023 | Mar. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares of common stock reserved for issuance | 77,183,168 | 39,501,895 | |||
Award expiration period | 10 years | ||||
Award vesting period | 4 years | ||||
Unrecognized compensation cost | $ 35,800,000 | $ 41,300,000 | |||
Earnout period | 5 years | ||||
Restricted stock units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation cost | $ 20,100,000 | $ 9,700,000 | |||
Unrecognized compensation cost, period for recognition | 3 years | 3 years 3 months 18 days | |||
Balance as of beginning of period (in usd per share) | $ 1.94 | $ 4.48 | $ 7.26 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 7,978,000 | $ 17,396,000 | $ 29,476,000 | ||
Common stock options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation cost | $ 200,000 | ||||
Unrecognized compensation cost, period for recognition | 1 year | ||||
Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Exercise price of stock options as percentage of fair value | 110% | ||||
ESPP | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares of common stock reserved for issuance | 7,371,214 | 5,495,601 | 1,832,324 | 3,663,277 | |
2014 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award expiration period | 10 years | ||||
Exercise price of stock options as percentage of fair value | 110% | ||||
Award vesting period | 4 years | ||||
2021 EIP | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares of common stock reserved for issuance | 49,224,879 | 42,766,043 | 9,378,068 | 9,161,624 |
Equity Incentive Plans & Stoc_4
Equity Incentive Plans & Stock-Based Compensation - Stock Options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Options | |||
Outstanding as of beginning of period (in shares) | 13,152 | 16,960 | 21,191 |
Granted (in shares) | 0 | 0 | |
Exercised (in shares) | (2,204) | (2,981) | |
Forfeited or expired (in shares) | (1,604) | (1,250) | |
Outstanding as of end of period (in shares) | 13,152 | 16,960 | 21,191 |
Options vested and expected to vest as of end of period (in shares) | 13,152 | 16,960 | |
Vested and exercisable as of end of period (in shares) | 12,267 | 11,000 | |
Weighted-Average Exercise Price | |||
Outstanding as of beginning of period (in usd per share) | $ 0.54 | $ 0.58 | |
Granted (in usd per share) | 0 | 0 | |
Exercised (in usd per share) | 0.26 | 0.41 | |
Forfeited or expired (in usd per share) | 0.29 | 1.60 | |
Outstanding as of end of period (in usd per share) | 0.61 | 0.54 | $ 0.58 |
Options vested and expected to vest as of end of period (in usd per share) | 0.61 | 0.54 | |
Vested and exercisable as of end of period (in usd per share) | $ 0.62 | $ 0.65 | |
Weighted-Average Remaining Contractual Term in years | 6 years 2 months 12 days | 7 years 3 months 18 days | 8 years 2 months 12 days |
Additional Disclosures | |||
Aggregate intrinsic value of options outstanding | $ 2.3 | $ 24.4 | |
Aggregate intrinsic value of options exercised | 4.6 | 10.9 | |
Grant date fair value of options vested | $ 0.7 | $ 1.9 |
Equity Incentive Plans & Stoc_5
Equity Incentive Plans & Stock-Based Compensation - RSUs Activity (Details) - USD ($) $ / shares in Units, shares in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value [Abstract] | |||
Unrecognized compensation cost | $ 35,800,000 | $ 41,300,000 | |
Restricted stock units | |||
Number of Shares | |||
Balance as of beginning of period (in shares) | 9,718 | 4,041 | |
Granted (in shares) | 21,324 | 7,996 | |
Released (in shares) | (5,527) | (1,348) | |
Cancelled (in shares) | (5,449) | (971) | |
Balance as of end of period (in shares) | 20,066 | 9,718 | |
Expected to vest (in shares) | 20,066 | 9,718 | |
Weighted-Average Grant Date Fair Value | |||
Balance as of beginning of period (in usd per share) | $ 1.94 | $ 4.48 | $ 7.26 |
Granted (in usd per share) | 1.54 | 3.57 | |
Released (in usd per share) | 3.22 | 6.26 | |
Cancelled (in usd per share) | 3.56 | 6.07 | |
Balance as of end of period (in usd per share) | 1.94 | 4.48 | |
Expected to vest (in usd per share) | $ 1.94 | $ 4.48 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value [Abstract] | |||
Balance as of beginning of period | $ 17,396,000 | $ 29,476,000 | |
Granted | 32,819,000 | 28,338,000 | |
Released | (9,154,000) | (4,472,000) | |
Cancelled | 7,734,000 | 3,521,000 | |
Balance as of end of period | 7,978,000 | 17,396,000 | |
Expected to vest | 7,978,000 | 17,396,000 | |
Unrecognized compensation cost | $ 20,100,000 | $ 9,700,000 | |
Unrecognized compensation cost, period for recognition | 3 years | 3 years 3 months 18 days |
Equity Incentive Plans & Stoc_6
Equity Incentive Plans & Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 22,873 | $ 20,150 |
Research and development | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 11,415 | 9,849 |
Selling and marketing | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 5,689 | 4,554 |
General and administrative | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 5,769 | 5,747 |
Restricted stock units | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 16,575 | 10,723 |
Common stock options | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 515 | 1,690 |
Earnout shares - employees | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 5,783 | $ 7,737 |
Equity Incentive Plans & Stoc_7
Equity Incentive Plans & Stock-Based Compensation - Stock-Based Compensation Expense - Included in Cost of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share- based compensation expense, included in cost of revenue | $ 2,058 | $ 0 |
Cost of 3D Printer | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share- based compensation expense, included in cost of revenue | 1,622 | 0 |
Cost of support services | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share- based compensation expense, included in cost of revenue | 436 | 0 |
Restricted stock units | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share- based compensation expense, included in cost of revenue | 1,995 | 0 |
Common stock options | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share- based compensation expense, included in cost of revenue | $ 63 | $ 0 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Amount | ||
Tax at federal statutory rate | $ (28,354) | $ 2,104 |
State, net of federal benefit | (6,507) | (5,083) |
Stock based compensation | 967 | 766 |
Fair value adjustments | (3,555) | (23,773) |
Effective Income Tax Rate Reconciliation, Research and Development, Amount | (1,121) | (1,358) |
Other | 675 | 170 |
Change in valuation allowance | 37,895 | 27,174 |
Total provision for income taxes | $ 0 | $ 0 |
Percent | ||
Tax at federal statutory rate (as a percent) | (21.00%) | (21.00%) |
State, net of federal benefit (as a percent) | (4.80%) | 50.70% |
Stock-based compensation (as a percent) | 0.70% | (7.60%) |
Fair value adjustments (as a percent) | (2.40%) | 237.30% |
Effective Income Tax Rate Reconciliation, Research and Development, Percent | (0.008) | 0.136 |
Other (as a percent) | 0.20% | (1.80%) |
Change in valuation allowance (as a percent) | 28.10% | (271.20%) |
Total provision for income taxes (as a percent) | 0% | 0% |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets | ||
Net operating loss carryforwards | $ 91,668 | $ 64,731 |
Research and development tax credits | 12,087 | 9,269 |
Stock based compensation | 6,162 | 3,764 |
Lease liability | 3,098 | 3,694 |
Section 174 research and development capitalization | 11,641 | 7,345 |
Interest expense | 3,063 | 0 |
Other timing differences | 1,408 | 3,093 |
Total deferred tax assets | 129,127 | 91,896 |
Valuation allowance | (125,722) | (87,827) |
Net deferred tax assets | 3,405 | 4,069 |
Deferred Tax Liabilities, Property, Plant and Equipment | 364 | 410 |
Deferred tax liabilities | ||
Right of use assets | (3,041) | (3,659) |
Total deferred tax liabilities | (3,405) | (4,069) |
Net deferred tax assets | $ 0 | $ 0 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Increase in valuation allowance | $ 37,900 | $ 27,200 | |
Uncertain tax benefits | 6,060 | 4,750 | $ 3,684 |
Accrued interest and penalties related to uncertain tax positions | 0 | ||
Operating Loss Carryforwards [Line Items] | |||
Increase in valuation allowance | 37,900 | 27,200 | |
Increase in unrecognized tax benefits due to additional research and development credits | 1,310 | 1,066 | |
Federal | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating losses | 346,300 | 243,400 | |
Net operating loss that can be carried forward indefinitely | 300,400 | ||
Federal | Research and Developmental | |||
Operating Loss Carryforwards [Line Items] | |||
Tax credit carryforward | 10,600 | ||
State | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating losses | 293,700 | $ 209,400 | |
State | Research and Developmental | |||
Operating Loss Carryforwards [Line Items] | |||
Tax credit carryforward | $ 8,900 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Balance at beginning of year | $ 4,750 | $ 3,684 |
Additions based on tax positions related to the current year | 1,310 | 1,066 |
Balance at end of year | $ 6,060 | $ 4,750 |
Commitment and Contingencies (D
Commitment and Contingencies (Details) $ in Millions | Dec. 31, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Purchase obligation | $ 13 |
Employee Defined - Contributi_2
Employee Defined - Contribution Plans (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Retirement Benefits [Abstract] | ||
Percentage of contributions that fully vest | 100% | |
Employer contribution, percentage of employee's eligible compensation | 3% | |
Contributions | $ 1.3 | $ 1.1 |
Revenue - Concentration of Cred
Revenue - Concentration of Credit Risk and Other Risks and Uncertainties (Details) - Customer Concentration Risk | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Total Revenue | Customer 1 | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 11.70% | |
Total Revenue | Customer 2 | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 29.20% | |
Accounts Receivable, Net | Customer 1 | ||
Concentration Risk [Line Items] | ||
Concentration risk, percentage | 11.20% |
Revenue - Revenue by Geographic
Revenue - Revenue by Geographic Area (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Total Revenue | $ 77,443 | $ 78,706 |
Americas | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 67,883 | 78,070 |
Europe | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 9,219 | 263 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | $ 341 | $ 373 |
Revenue - Narrative (Details)
Revenue - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | ||
Revenue recognized included in contract liabilities | $ 2,700 | $ 1,700 |
Sales with Variable Considerations | $ 2,700 | $ 4,900 |
Investments, Debt and Equity _2
Investments, Debt and Equity Securities (Details) | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |
At-the-Market Offering, Value of Shares Sold | $ 22,800,000 |
At-the-Market offering, fixed commission rate | 0.030 |
At-the-Market Offering, Net Issuance Cost | 1,800,000 |
At-the-Market offering, Company may offer to sell, January 31, 2024 Amendment | $ 75,000,000 |