Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2021 | |
Cover [Abstract] | |
Document Type | S-1/A |
Amendment Flag | false |
Entity Registrant Name | FTC SOLAR, INC. |
Entity Central Index Key | 0001828161 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 102,185 | $ 32,359 |
Restricted cash | 0 | 1,014 |
Accounts receivable, net | 107,548 | 23,734 |
Inventories | 8,860 | 1,686 |
Prepaid and other current assets | 17,186 | 6,924 |
Total current assets | 235,779 | 65,717 |
Operating lease right-of-use assets | 1,733 | 571 |
Property and equipment, net | 1,582 | 311 |
Investments in unconsolidated subsidiary | 0 | 1,857 |
Other assets | 3,926 | 2,937 |
Total assets | 243,020 | 71,393 |
Current liabilities | ||
Accounts payable | 39,264 | 17,127 |
Short-term debt | 0 | 1,000 |
Accrued expenses | 47,860 | 13,555 |
Accrued interest - related party | 0 | 207 |
Income taxes payable | 47 | 79 |
Deferred revenue | 1,421 | 22,980 |
Other current liabilities | 4,656 | 4,861 |
Total current liabilities | 93,248 | 59,809 |
Long-term debt | 0 | 784 |
Operating lease liability, net of current portion | 1,340 | 355 |
Other non-current liabilities | 5,566 | 2,994 |
Total liabilities | 100,154 | 63,942 |
Commitments and contingencies (Note 12) | ||
Stockholders' equity | ||
Preferred stock par value of $0.0001 per share, 10,000,000 shares authorized; none issued as of December 31, 2021 and December 31, 2020 | 0 | 0 |
Common stock par value of $0.0001 per share, 850,000,000 shares authorized; 92,619,641 and 66,155,340 shares issued and outstanding as of December 31, 2021 and December 30, 2020 | 9 | 1 |
Treasury stock, at cost; 10,762,566 and 9,896,666 shares as of December 31, 2021 and December 31, 2020 | 0 | 0 |
Additional paid-in capital | 292,082 | 50,096 |
Accumulated other comprehensive income (loss) | 7 | (3) |
Accumulated deficit | (149,232) | (42,643) |
Total stockholders' equity | 142,866 | 7,451 |
Total liabilities and stockholders' equity | $ 243,020 | $ 71,393 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 850,000,000 | 850,000,000 |
Common stock, shares issued | 92,619,641 | 66,155,340 |
Common stock, shares outstanding | 92,619,641 | 66,155,340 |
Treasury stock, shares | 10,762,566 | 9,896,666 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue: | |||
Total revenue | $ 270,525 | $ 187,352 | $ 53,124 |
Cost of revenue: | |||
Total cost of revenue | 303,070 | 183,713 | 55,075 |
Gross profit (loss) | (32,545) | 3,639 | (1,951) |
Operating expenses | |||
Research and development | 11,540 | 5,222 | 3,960 |
Selling and marketing | 6,823 | 3,545 | 1,897 |
General and administrative | 75,896 | 11,798 | 4,563 |
Total Operating expenses | 94,259 | 20,565 | 10,420 |
Loss from operations | (126,804) | (16,926) | (12,371) |
Interest expense, net | (814) | (364) | (454) |
Gain from disposal of investment in unconsolidated subsidiary | 20,829 | 0 | 0 |
Gain (loss) on extinguishment of debt | 790 | (116) | 0 |
Other Expense | (67) | 0 | 0 |
Income (loss) from unconsolidated subsidiary | (354) | 1,399 | (709) |
Loss before income taxes | (106,420) | (16,007) | (13,534) |
(Provision) benefit for income taxes | (169) | 83 | 39 |
Net loss | (106,589) | (15,924) | (13,495) |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | 10 | (3) | 0 |
Comprehensive loss | $ (106,579) | $ (15,927) | $ (13,495) |
Net loss per share | |||
Basic | $ (1.24) | $ (0.23) | $ (0.22) |
Diluted | $ (1.24) | $ (0.23) | $ (0.22) |
Weighted-average common shares outstanding: | |||
Basic | 86,043,051 | 68,810,533 | 62,043,383 |
Diluted | 86,043,051 | 68,810,533 | 62,043,383 |
Product | |||
Revenue: | |||
Total revenue | $ 227,397 | $ 158,925 | $ 43,085 |
Cost of revenue: | |||
Total cost of revenue | 239,149 | 155,967 | 44,212 |
Service | |||
Revenue: | |||
Total revenue | 43,128 | 28,427 | 10,039 |
Cost of revenue: | |||
Total cost of revenue | $ 63,921 | $ 27,746 | $ 10,863 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands | Total | IPO [Member] | Preferred Stock | Common Stock | Common StockIPO [Member] | Treasury Stock | Additional Paid-in Capital | Additional Paid-in CapitalIPO [Member] | Accumulated Other Comprehensive income (loss) | Accumulated Deficit |
Beginning balance at Dec. 31, 2018 | $ (1,856) | $ 0 | $ 1 | $ 0 | $ 11,367 | $ 0 | $ (13,224) | |||
Beginning balance (in shares) at Dec. 31, 2018 | 0 | 56,146,407 | 0 | |||||||
Restricted stock awards vested during the period (in shares) | 3,822,019 | |||||||||
Issuance of common stock | 6,000 | 6,000 | ||||||||
Issuance of common stock (in shares) | 3,665,555 | |||||||||
Stock-based compensation | 906 | 906 | ||||||||
Net Income (loss) | (13,495) | (13,495) | ||||||||
Other comprehensive income (loss) | 0 | 0 | ||||||||
Ending balance at Dec. 31, 2019 | (8,445) | $ 0 | $ 1 | $ 0 | 18,273 | 0 | (26,719) | |||
Ending balance (in shares) at Dec. 31, 2019 | 0 | 63,633,981 | 0 | |||||||
Restricted stock awards vested during the period (in shares) | 3,255,049 | |||||||||
Repurchase of treasury stock, held in treasury | (9,896,666) | 9,896,666 | ||||||||
Issuance of common stock | 30,000 | 30,000 | ||||||||
Issuance of common stock (in shares) | 9,162,976 | |||||||||
Stock-based compensation | 1,823 | 1,823 | ||||||||
Net Income (loss) | (15,924) | (15,924) | ||||||||
Other comprehensive income (loss) | (3) | (3) | ||||||||
Ending balance at Dec. 31, 2020 | 7,451 | $ 0 | $ 1 | $ 0 | 50,096 | (3) | (42,643) | |||
Ending balance (in shares) at Dec. 31, 2020 | 0 | 66,155,340 | 9,896,666 | |||||||
Restricted stock awards vested during the period (in shares) | 9,107,121 | |||||||||
Repurchase of treasury stock, held in treasury | (865,900) | 865,900 | ||||||||
Issuance of common stock upon exercise of stock options | $ 317 | $ 1 | 316 | |||||||
Issuance of common stock upon exercise of stock options (in shares) | 2,838,464 | 2,838,464 | ||||||||
Repurchase and retirement of common stock held by related parties | $ (54,155) | $ (1) | (54,154) | |||||||
Repurchase and retirement of common stock held by related parties (shares) | (4,455,384) | |||||||||
Impact of Stock Split | $ 6 | (6) | ||||||||
Deferred offering costs | (7,088) | (7,088) | ||||||||
Issuance of common stock | $ 241,155 | $ 2 | $ 241,153 | |||||||
Issuance of common stock (in shares) | 4,455,384 | 19,840,000 | ||||||||
Stock-based compensation | 61,765 | 61,765 | ||||||||
Net Income (loss) | (106,589) | (106,589) | ||||||||
Other comprehensive income (loss) | 10 | 10 | ||||||||
Ending balance at Dec. 31, 2021 | $ 142,866 | $ 0 | $ 9 | $ 0 | $ 292,082 | $ 7 | $ (149,232) | |||
Ending balance (in shares) at Dec. 31, 2021 | 0 | 92,619,641 | 10,762,566 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Cash flows from operating activities | |||
Net loss | $ (106,589) | $ (15,924) | $ (13,495) |
Adjustments to reconcile net income (loss) to cash used in operating activities: | |||
Stock-based compensation | 61,765 | 1,818 | 906 |
Depreciation and amortization | 232 | 47 | 412 |
Amortization of debt issuance cost | 461 | 0 | 0 |
Reserve for obsolete and slow-moving inventory | 90 | 0 | 0 |
(Gain) loss from unconsolidated subsidiary | 354 | (1,399) | 709 |
Gain from disposal of investment in unconsolidated subsidiary | (20,829) | 0 | 0 |
(Gain) loss on extinguishment of debt | (790) | 116 | 0 |
Warranty provision | 8,588 | 7,866 | 2,057 |
Warranty recoverable from manufacturer | (928) | (1,021) | (284) |
Bad debt expense | (91) | 24 | 444 |
Deferred income taxes | 0 | (3) | (3) |
Other non-cash items | 458 | 50 | 89 |
Changes in operating assets and liabilities: | |||
Accounts receivable, net | (83,723) | (9,710) | (13,838) |
Inventories | (7,264) | 2,819 | (4,505) |
Prepaid and other current assets | (10,237) | (2,847) | (3,154) |
Other assets | (2,137) | (1,672) | (156) |
Accounts payable | 21,659 | 10,076 | 7,781 |
Accruals and other current liabilities | 34,095 | 7,162 | 3,389 |
Accrued interest - related party debt | 0 | (78) | (289) |
Deferred revenue | (21,559) | 3,107 | 19,683 |
Other non-current liabilities | (6,016) | 496 | 1 |
Other, net | (393) | (298) | (1) |
Net cash provided by (used in) operating activities | (132,854) | 629 | (254) |
Cash flows from investing activities: | |||
Purchases of property and equipment | (1,025) | (256) | (18) |
Proceeds from disposal of equity method investment | 22,332 | 2,124 | 0 |
Net cash used in investing activities: | 21,307 | 1,868 | (18) |
Cash flows from financing activities: | |||
Proceeds from borrowings | 0 | 784 | 1,000 |
Repayments of borrowings (related party borrowings in 2020) | (1,000) | (7,000) | 0 |
Repurchase and retirement of common stock held by related parties | (54,155) | 0 | 0 |
Offering costs paid | (5,948) | (1,140) | 0 |
Proceeds from stock issuance | 241,155 | 30,000 | 6,000 |
Proceeds from stock option exercises | 317 | 0 | 0 |
Net cash provided by (used in) financing activities | 180,369 | 22,644 | 7,000 |
Effect of exchange rate changes on cash and restricted cash | (10) | (3) | 0 |
Net increase in cash and restricted cash | 68,812 | 25,138 | 6,728 |
Cash and restricted cash at beginning of period | 33,373 | 8,235 | 1,507 |
Cash and restricted cash at end of period | 102,185 | 33,373 | 8,235 |
Supplemental disclosures of cash flow information: | |||
Purchase of property and equipment included in account payable | 478 | 0 | 0 |
Offering costs included in period end accruals | 0 | 449 | 0 |
Commencement of new operating leases | 1,540 | 688 | 78 |
Cash paid during the period for third party interest | 254 | 0 | 8 |
Cash paid during the period for related party interest | 207 | 350 | 700 |
Cash paid during the period for taxes | 76 | 0 | 0 |
Reconciliation of cash and restricted cash at period end | |||
Cash | 102,185 | 32,359 | 7,221 |
Restricted cash | 0 | 1,014 | 1,014 |
Total cash and restricted cash | $ 102,185 | $ 33,373 | $ 8,235 |
Description of business
Description of business | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of business | Note 1. Description of business FTC Solar, Inc. (the “Company”, “we”, “our”, or “us”) was founded in 2017 and is incorporated in the state of Delaware. We are a global provider of advanced solar tracker systems, supported by proprietary software and value-added engineering services. Our mission is to provide differentiated products, software, and services that maximize energy generation and cost savings for our customers, and to help facilitate the continued growth and adoption of solar power globally. Trackers significantly increase the amount of solar energy produced at a solar installation by moving solar panels throughout the day to maintain an optimal orientation relative to the sun. Our tracker systems are currently marketed under the Voyager brand name (“Voyager Tracker” or “Voyager”). Voyager is a next-generation two-panel in-portrait single-axis tracker solution that we believe offers industry-leading performance and ease of installation. We have a team of dedicated renewable energy professionals with significant project installation experience focused on delivering cost reductions to our US and worldwide clients across the solar project development and construction cycle. Our solar solutions span a range of applications, including ground mount, tracker, canopy, and rooftop. The Company is headquartered in Austin, Texas, and has international subsidiaries in Australia, India, Singapore, and South Africa. On January 13, 2017, the Company entered into an asset purchase agreement with SunEdison Utility Holdings, Inc. (“Seller”) to purchase all assets of the Seller, in addition to assuming any liabilities, for a total transaction price of $6 million. Seller discontinued its operations and filed for bankruptcy prior to the acquisition date. The assets purchased as part of this acquisition included intangible assets in the form of developed technology (AP90 tracker), software, and inventory. In connection with the acquisition, the Company was formed by the management team behind the AP90 tracker, a first-generation tracker based on a one-panel in-portrait, linked-row design. The management team utilized their design and construction experience, and their experience with installing and operating other competitive tracking solutions, to create the next-generation Voyager Tracker, which achieved product certification in 2019. In April 2021, we completed an initial public offering (IPO) of 19,840,000 shares of our common stock receiving proceeds of $241.2 million, net of underwriting discounts and commissions, but before offering costs, and began trading on the Nasdaq Global Market under the symbol “FTCI”. Prior to the completion of the IPO, the board of directors and stockholders approved an approximately 8.25-for-1 forward stock split (the “Forward Stock Split”) of the Company’s shares of common stock which became effective on April 28, 2021. Proceeds from the IPO were used for general corporate purposes, with $54.2 million used to purchase an aggregate of 4,455,384 shares of our common stock, including shares resulting from the settlement of certain vested restricted stock units (“RSUs”) and exercise of certain options in connection with the IPO at the IPO price, less underwriting discounts and commissions. We are an emerging growth company, as defined in the Jumpstart Our Business Startups (JOBS) Act. Under the JOBS Act, we elected to use the allowed extended transition period to delay adopting new or revised accounting standards until such time as those standards apply to private companies. |
Revision of previously issued f
Revision of previously issued financial statements | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Revision of Previously Issued Financial Statements | Note 2. Revision of previously issued financial statements Background of the revision In connection with the preparation of the Company's financial statements as of and for the year ended December 31, 2021, we identified an error in the classification of offering costs in the statement of cash flows for the year ended December 31, 2020. Specifically, we incorrectly classified offering costs paid as an operating cash outflow instead of a financing cash outflow. Although we have concluded that this error is immaterial to the previously issued financial statements, we are correcting these errors by revising the previously issued financial statements as of December 31, 2020 and for the year then ended. Effect of the revision The following table summarizes the effect of the revision on the affected financial statement line items within the previously reported financial statements as of that date, and for the periods indicated. The errors impacted line items in the indirect method of reporting of operating cash flow and financing cash flow presentation as shown below: (in thousands) ​ ​ Year ended December 31, 2020 (As Previously Reported) ​ ​ Adjustments ​ ​ Year ended December 31, 2020 (As Revised) Cash flows from operating activities ​ ​ ​ ​ ​ ​ Impact on cash from changes in operating assets and liabilities ​ ​ ​ ​ ​ ​ Accounts payable ​ ​ $ 8,936 ​ ​ $ 1,140 ​ ​ $10,076 Net cash provided by (used in) operating activities ​ ​ $ (511) ​ ​ $ 1,140 ​ ​ $ 629 Cash flows from financing activities ​ ​ ​ ​ ​ ​ Offering costs paid ​ ​ $ — ​ ​ $(1,140) ​ ​ $ (1,140) Net cash provided by financing activities ​ ​ $23,784 ​ ​ $(1,140) ​ ​ $22,644 Supplemental disclosure of cash flow information ​ ​ ​ ​ ​ ​ Offering costs included in period end accruals ​ ​ $ — ​ ​ $ 449 ​ ​ $ 449 |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | Note 3. Summary of significant accounting policies Basis of presentation and principles of consolidation These consolidated financial statements include the results of the Company and its wholly owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Intercompany balances and transactions have been eliminated in consolidation. On April 28, 2021, we effected an approximately 8.25-for-1 forward split of our issued and outstanding shares of common stock, par value $0.0001 per share. As a result of the forward stock split, one (1) share of common stock issued and outstanding was automatically increased to approximately 8.25 shares of issued and outstanding common stock, without any change in the par value per share. All information related to common stock, stock options, restricted stock awards and earnings per share have been retroactively adjusted to give effect to the forward stock split for all periods presented, unless otherwise indicated. We currently operate in one business segment, the manufacturing and servicing of Voyager Tracker. Liquidity We have incurred cumulative losses since inception and have a history of cash outflows from operations. At December 31, 2021, we had $102.2 million of cash on hand and $100 million of unused borrowing capacity under our existing revolving credit facility described in Note 9 below. The revolving credit facility includes a financial condition covenant stating we are required to maintain a minimum liquidity limit of $125 million for each quarter. After considering this financial condition covenant, we have $77.2 million of available liquidity as of December 31, 2021. We have no material long-term obligations requiring the use of cash and have positive working capital as of December 31, 2021 . Our costs are affected by certain component costs including steel, motors and micro-chips, as well as transportations costs. Current market conditions that constrain supply of materials and disrupt the flow of materials from international vendors impact the cost of our products and services. These cost increases impact our operating margins. We are taking steps to expand and diversify our manufacturing partnerships and we are implementing alternative modes of transportation to mitigate the impact of the current headwinds in the global supply chain and logistics markets. Management believes that our existing capital, which includes our cash on hand, as well as our unused borrowing capacity under our revolving credit facility is sufficient for us to fund our operations for at least one year from the date of issuance of these consolidated financial statements. While management believes that the Company’s existing sources of liquidity are adequate to fund operations through at least twelve months from the date the financials are issued, we may need to issue additional debt or obtain new equity financing to fund operations in the future beyond the next twelve months should our use of cash to fund operations continue at levels experienced during 2021. Use of estimates Preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported revenue and expenses during the period. Estimates are used for calculating the measure of progress of Voyager tracker projects and deriving the standalone selling prices of the individual performance obligations when determining amounts to recognize for revenue, estimating allowances for doubtful accounts and slow-moving and obsolete inventory, determining useful lives of noncurrent assets and the estimated fair value of those assets for impairment assessments, and estimating the fair value of investments, stock compensation awards, warranty liabilities and federal and state taxes and contingencies. We base our estimates on historical experience and anticipated results, trends, and various other assumptions that we believe are reasonable under the circumstances, including assumptions as to future events. Actual results could differ from those estimates. Cash and cash equivalents We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. We regularly maintain cash balances that exceed federally insured amounts, but we have experienced no losses associated with these amounts to date. Restricted cash Cash balances that are legally, contractually or otherwise restricted as to withdrawal or usage are considered restricted cash. At December 31, 2020, our restricted cash represented cash collateral posted with providers of letters of credit. Accounts receivable, net Trade receivables are recorded at invoiced amounts, net of allowances for doubtful accounts if applicable, and do not bear interest. We generally do not require collateral from our customers; however, in certain circumstances, we may require letters of credit, other collateral, additional guarantees or advance payments. The allowance for doubtful accounts is based on our assessment of the collectability of our customer accounts. We regularly review our accounts receivable that remain outstanding past their applicable payment terms and establish allowances or make potential write-offs by considering certain factors such as historical experience, industry data, credit quality, age of balances and current economic conditions that may affect a customers’ ability to pay. Receivables arising from revenue recognized in excess of billings represents our unconditional right to consideration before customers are invoiced due to the level of progress obtained as of period end on our contracts to install Voyager tracker systems and related equipment. Further information may be found below in our revenue recognition policy. Inventories, net Inventories are stated at the lower of cost or net realizable value, with costs computed on a first-in, first-out basis. The Company periodically reviews its inventories for excess and obsolete items and adjusts carrying costs to estimated net realizable values when they are determined to be less than cost. Leases We adopted Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842), as amended (“ASC 842”), effective January 1, 2019. Under ASC 842, we make a determination whether a contract is a lease or contains a lease at the inception of the contract and will reassess that conclusion if the contract is modified. All leases are assessed for classification as an operating lease or a finance lease. Operating lease right-of-use (“ROU”) assets are reflected on the Company's Consolidated Balance Sheets. Operating lease liabilities are separated into a current portion, which is included in other current liabilities, and a noncurrent portion which is reflected separately on the Company's Consolidated Balance Sheets. The Company does not have any finance lease ROU assets or liabilities. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. The Company does not obtain and control its right to use the identified asset until the lease commencement date. Our lease liabilities are recognized at the applicable lease commencement date based on the present value of the lease payments required to be paid over the lease term. Because the rate implicit in the lease is not readily determinable, we generally use our incremental borrowing rate to discount the lease payments to present value. The estimated incremental borrowing rate is derived from information available at the lease commencement date. We factor in publicly available data for instruments with similar characteristics when calculating our incremental borrowing rates. The Company's ROU assets are also recognized at the applicable lease commencement date. The ROU asset equals the carrying amount of the related lease liability, adjusted for any lease payments made prior to lease commencement and lease incentives provided by the lessor. Variable lease payments are expensed as incurred and do not factor into the measurement of the applicable ROU asset or lease liability. The term of our leases equals the non-cancellable period of the lease, including any rent-free periods provided by the lessor, and also include options to renew or extend the lease (including by not terminating the lease) that we are reasonably certain to exercise. We establish the term of each lease at lease commencement and reassess that term in subsequent periods when one of the triggering events outlined in ASC 842 occurs. Our operating lease cost for the lease payments is recognized on a straight-line basis over the lease term. Our lease contracts often include lease and non-lease components. For facility leases, we elected the practical expedient offered by the standard to not separate lease from non-lease components and, therefore, account for them as a single lease component. For our other contracts that include leases, the Company accounts for the lease and non-lease components separately. We have elected, for all classes of underlying assets, not to recognize ROU assets and lease liabilities for leases with a term of twelve months or less. Lease cost for short-term leases is recognized on a straight-line basis over the lease term. Property and equipment, net Cost Property and equipment are stated at cost, net of accumulated depreciation. When assets are retired or otherwise disposed of, the cost and accumulated depreciation and amortization are removed from the accounts and any resulting gain or loss is recorded in the Consolidated Statements of Operations and Comprehensive Loss. Maintenance and repair costs that do not extend the useful life or improve an asset, are expensed as incurred. Third-party and internal personnel costs during the application development stage of software developed or obtained for internal use are capitalized. Costs incurred during the preliminary planning stage and post-implementation of new software systems projects, including data conversion and training costs, are expensed as incurred. Depreciation We depreciate our property and equipment using the straight-line method over their estimated useful lives, which generally are as follows: Category ​ ​ Depreciation period (in years) Leasehold improvements ​ ​ 3 Field equipment ​ ​ 5 Information technology equipment ​ ​ 3 Tooling ​ ​ 3 Capitalized software ​ ​ 3 Impairment We review our long-lived assets that are held for use for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable or that its useful life may be shorter than previously expected. If such impairment indicators are present or other factors exist that indicate the carrying amount of the asset may not be recoverable, the Company determines whether an impairment has occurred through the use of an undiscounted cash flow analysis of the asset at the lowest level for which identifiable cash flows exist. If an impairment has occurred, the Company recognizes a loss for the difference between the carrying amount and the fair value of the asset, which in most cases is estimated based upon Level 3 unobservable inputs. If the asset is determined to have a remaining useful life shorter than previously expected, an adjustment for the shorter remaining life will be made for purposes of recognizing future depreciation expense. Assets are classified as held for sale when the Company has a plan, approved by the appropriate levels of management, for disposal of such assets and those assets are stated at the lower of carrying value or estimated fair value less estimated costs to sell. Intangible assets, net Intangible assets consist of developed technology in the form of software tools, licenses, and intellectual property, which are amortized over the period of their estimated useful lives, generally 3 years, using the straight-line method. At December 31, 2021, and 2020, our intangible assets were fully amortized. We evaluate intangible assets for impairment using the method described above under “Impairment”. Equity method investments We use the equity method of accounting for investment in which we have the ability to exercise significant influence, but not control, over operating and financial policies of the investee. Our proportionate share of the net income or loss of these investees is included in our Consolidated Statements of Operations and Comprehensive Loss. Judgment regarding the level of influence over each equity method investment includes considering key factors such as our ownership interest, legal form of the investee, representation on the board of directors, participation in policy-making decisions and material intra-entity transactions. We evaluate equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable. Factors considered by the Company when reviewing an equity method investment for impairment include the length of time and the extent to which the fair value of the equity method investment has been less than its cost, the investee’s financial condition and near-term prospects and the intent and ability to hold the investment for a period of time sufficient to allow for anticipated recovery. An impairment that is other-than temporary is recognized in the period identified. We account for distributions received from equity method investees under the “nature of the distribution” approach. Under this approach, distributions received from equity method investees are classified on the basis of the nature of the activity or activities of the investee that generated the distribution as either a return on investment (classified as cash inflows from operating activities) or a return of investment (classified as cash inflows from investing activities). Deferred costs Debt issue costs Legal, consulting, banking, accounting and other fees that are incremental and directly related to establishment of our revolving line of credit agreement have been capitalized and included as a component of other assets. These costs are being amortized to interest expense over the term of the revolving line of credit agreement on a straight-line basis. Debt discount and issue costs paid to lenders and third parties relating to outstanding debt, if any, are deferred and included as a reduction in the carrying amount of the debt. These deferred costs will be amortized as additional interest expense over the life of the debt using the interest method or on a straight-line basis, if not materially different. Offering costs Legal, consulting, banking, accounting and other fees that are incremental and directly related to anticipated equity offerings are capitalized as incurred and offset against proceeds received upon consummation of the offering as a component of additional paid-in capital. In the event an anticipated offering is terminated, such costs will be expensed. Warranty Typically, the sale of Voyager Tracker projects includes parts warranties to customers as part of the overall price of the product. We provide standard assurance type warranties for our products for periods generally ranging five While we periodically monitor our warranty activities and claims, if actual costs incurred were to be different from our estimates, we would recognize adjustments to our warranty reserves in the period in which those differences arise or are identified. Stock-based compensation We recognize compensation expense for all share-based payment awards made, including stock options and restricted stock, based on the estimated fair value of the award on the grant date, in the accompanying consolidated statement of operations and comprehensive loss. We calculate the fair value of stock options using the Black-Scholes Option-Pricing model, while the fair value of restricted stock grants is based on the estimated fair value of the Company's common stock on the date of grant. Since completion of our IPO, we consider the closing price of our stock, as reported on the Nasdaq Global Market, to be the fair value of our stock on the grant date. The Black-Scholes model relies on various assumptions, in addition to the exercise price of the option and the value of our common stock on the date of grant. These assumptions include: Expected Term: The expected term represents the period that the Company’s stock-based awards are expected to be outstanding and is calculated as the average of the option vesting and contractual terms, based on the simplified method. The simplified method deems the term to be the average of the time-to-vesting and the contractual life of the options. Expected Volatility: Since the Company did not have a trading history of its common stock prior to our IPO and since such trading history subsequent to our IPO is limited, the expected volatility is derived from the average historical stock volatilities of several public companies within the Company’s industry that it considers to be comparable to its business over a period equivalent to the expected term of the stock option grants. Risk-Free-Interest-Rate: The Company bases the risk-free interest rate on the implied yield available on US Treasury zero-coupon issues with a remaining term equivalent to the expected term. Expected Dividend: The Company has not issued any dividends in its history and does not expect to issue dividends over the life of the options and, therefore, has estimated the dividend yield to be zero. Forfeitures are accounted for as they occur. For service-based awards, stock-based compensation is recognized using the straight-line attribution approach over the requisite service period. For performance-based awards, stock-based compensation is recognized based on graded vesting over the requisite service period when the performance condition is probable of being achieved. Income taxes Pursuant to ASC 740, Accounting for Income Taxes, we use the asset and liability method for accounting for income taxes. Under this method, we recognize deferred tax liabilities and assets for the expected future tax consequences of temporary differences between the respective carrying amounts and tax basis of our assets and liabilities. Deferred tax balances are adjusted to reflect tax rates based on currently enacted tax laws, which will be in effect in the years in which the temporary differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period of the enactment date. We establish valuation allowances when necessary to reduce deferred tax assets to the amounts expected to be realized. On a quarterly basis, we evaluate the need for, and the adequacy of, valuation allowances based on the expected realization of our deferred tax assets. The factors used to assess the likelihood of realization include our latest forecast of future taxable income, available tax planning strategies that could be implemented, reversal of taxable temporary differences and carryback potential to realize the net deferred tax assets. We account for uncertain tax positions in accordance with authoritative guidance which prescribes a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. Our evaluations of tax positions consider various factors including, but not limited to, changes in tax law, the measurement of tax positions taken or expected to be taken in tax returns, the effective settlement of matters subject to audit, information obtained during in-process audit activities and changes in facts or circumstances related to a tax position. We accrue interest and penalties related to unrecognized tax benefits as a component of income tax expense. Functional currency The reporting currency of the Company is the U.S. dollar. We determine the functional currency of each subsidiary in accordance with ASC 830, Foreign Currency Matters, based on the currency of the primary economic environment in which each subsidiary operates. We translate the assets and liabilities of our non-U.S. dollar functional currency subsidiaries into U.S. dollars using exchange rates in effect at the end of each period. Revenues and expenses for these subsidiaries are translated using rates that approximate those in effect during the period. Gains and losses from these translations are recognized as a cumulative translation adjustment in “Accumulated other comprehensive loss” in stockholders’ equity (deficit) in the Consolidated Balance Sheets. The Company remeasures monetary assets and liabilities that are not denominated in the functional currency at exchange rates in effect at the end of each period. Revenue recognition Product revenue includes revenue from the sale of Voyager Tracker and customized components of Voyager Tracker, individual part sales for certain specific transactions, and sale of term-based software licenses. Term-based software licenses are deployed on the customers’ own servers and have significant standalone functionality. Service revenue includes revenue from shipping and handling services, subscription fees from licensing subscription services, and maintenance and support services in connection with the term-based software licenses. Our subscription-based enterprise licensing model typically has contract terms ranging from one We recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which we expect to be entitled to in exchange for those goods or services by following a five-step process, (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when or as the Company satisfies a performance obligation, as further described below. Identify the contract with a customer: A contract with a customer exists when (i) the Company enters into an enforceable contract with a customer that defines each party’s rights regarding the products and services to be transferred and identifies the payment terms related to these products and services, (ii) the contract has commercial substance and, (iii) the Company determines that collection of substantially all consideration for products and services that are transferred is probable based on the customer’s intent and ability to pay the promised consideration. In assessing the recognition of revenue, we also evaluate whether two or more contracts should be combined and accounted for as one contract and if the combined or single contract should be accounted for as multiple performance obligations which could change the amount of revenue and profit (loss) recorded in a period. Change orders may include changes in specifications or design, manner of performance, equipment, materials, scope of work, and/or the period of completion of the project. We analyze change orders to determine if they should be accounted for as a modification to an existing contract or a new stand-alone contract. Contracts we enter into with our customers for sale of Voyager Trackers are generally under two different types of arrangements: (1) purchase agreements and equipment supply contracts (“Purchase Agreements”) and (2) sale of individual parts of the Voyager Tracker. Change orders from our customers are generally modifications to existing contracts and are included in the total estimated contract revenue when it is probable that the change order will result in additional value that can be reliably estimated and realized. Identify the performance obligations in the contract: We enter into contracts that can include various combinations of products and services, which are either capable of being distinct and accounted for as separate performance obligations or as one performance obligation since the majority of tasks and services are part of a single project or capability. However, determining whether products or services are considered distinct performance obligations that should be accounted for separately versus together may sometimes require significant judgment. Our Purchase Agreements typically include two performance obligations- 1) Voyager Tracker or customized components of Voyager Tracker, and 2) shipping and handling services. The deliverables included as part of the Voyager Tracker are predominantly accounted for as one performance obligation, as these deliverables are part of a combined promise to deliver a project. The revenue for shipping and handling services will be recognized over time based on progress in meeting shipping terms of the arrangements, as this faithfully depicts the Company’s performance in transferring control. Sale of individual parts of Voyager Tracker for certain specific transactions includes multiple performance obligations consisting of individual parts of the Voyager Tracker. Revenue is recognized for parts sales at a point in time when the obligations under the terms of the contract with our customer are satisfied. Generally, this occurs with the transfer of control of the asset, which is in line with shipping terms. Determine the transaction price: The transaction price is determined based on the consideration to which we will be entitled in exchange for transferring services to the customer. Such amounts are typically stated in the customer contract, and to the extent that we identify variable consideration, we will estimate the variable consideration at the onset of the arrangement as long as it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The majority of our contracts do not contain variable consideration provisions as a continuation of the original contract. None of our contracts contain a significant financing component. Taxes collected from customers and remitted to governmental authorities are not included in revenue. Allocate the transaction price to performance obligations in the contract: Once we have determined the transaction price, we allocate the total transaction price to each performance obligation in a manner depicting the amount of consideration to which we expect to be entitled in exchange for transferring the good(s) or service(s) to the customer. We allocate the transaction price to each performance obligation identified in the contract on a relative standalone selling price basis. We use the expected cost-plus margin approach based on hardware, labor, and related overhead cost to estimate the standalone selling price of the Voyager Tracker, customized components of Voyager Tracker, and individual parts of Voyager Tracker for certain specific transactions. We use the adjusted market assessment approach for all other performance obligations except shipping, handling, and logistics. For shipping, handling, and logistics performance obligations, we use a residual approach to calculate the standalone selling price, because of the nature of the highly variable and broad range of prices we charge to various customers for this performance obligation in the contracts. Recognize revenue when or as the Company satisfies a performance obligation : For each performance obligation identified, we determine at contract inception whether we satisfy the performance obligation over time or at a point in time. Voyager Tracker and customized components of Voyager Tracker performance obligations in the contract are satisfied over-time as work progresses for its custom assembled Voyager Tracker, utilizing an input measure of progress determined by cost-to-cost measures on these projects as this faithfully depicts our performance in transferring control. Additionally, our performance does not create an asset with an alternative use, due to the highly customized nature of the product, and we have an enforceable right to payment for performance completed to date. Our performance obligations for individual part sales for certain specific transactions are recognized point-in-time as and when control transfers based on the Incoterms for the contract. Our performance obligations for term-based software licenses are recognized point-in-time as and when control transfers, either upon delivery to the customer or the software license start date, whichever is later. Our performance obligation for shipping and handling services is satisfied over-time as the services are delivered over the term of the contract. We recognize subscription services sales/other services on a straight-line basis over the contract period. With regard to support revenue, a time-elapsed method is used to measure progress because we transfer control evenly over the contractual period. Accordingly, the fixed consideration related to support revenue is generally recognized on a straight-line basis over the contract term. Contract assets and liabilities: The timing of revenue recognition, billing, and cash collection results in the recognition of accounts receivable, unbilled receivables for revenue recognized in excess of billing, and deferred revenue in the Consolidated Balance Sheets. We may receive advances or deposits from our customers before revenue is recognized, resulting in contract liabilities, which are reflected as “deferred revenue” on our Consolidated Balance Sheets. Cost of revenue consists primarily of costs related to raw materials, freight and delivery, product warranty, and personnel costs (salaries, bonuses, benefits, and stock-based compensation). Personnel costs in cost of revenue include both direct labor costs as well as costs attributable to any individuals whose activities relate to the procurement, installment, and delivery of the finished product and services. Deferred cost of revenue results from the timing differences between the costs incurred in advance of the satisfaction of all revenue recognition criteria consistent with our revenue recognition policy. Research and development Research and development costs are expensed as incurred and consist primarily of personnel costs, including salaries, bonuses, benefits, and stock-based compensation, along with other costs related to development of new products and services, as well as enhancing system performance, improving product reliability, reducing product cost, and simplifying installation. Research and development costs also include depreciation and allocated overhead. Advertising costs Advertising costs are expensed as incurred and are included in selling and marketing expenses in the accompanying consolidated statements of operations and comprehensive loss. Concentrations of credit risk Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash and accounts receivable. We regularly maintain cash balances with various financial institutions that exceed federally insured amounts, but we have experienced no losses associated with these amounts to date. The Company extends credit to customers in the normal course of business, often without requiring collateral. The Company performs credit analyses and monitors the financial health of its customers to reduce credit risk. The Company’s accounts receivables are derived from revenue earned from customers primarily located in the U.S. and in the Asia Pacific region. No country other than the U.S. accounts for 10% or more of our revenue. Most of our customers are project developers, solar asset owners and engineering, procurement and construction (“EPC”) contractors that design and build solar energy projects. Often times, as discussed further in “Note 4. Accounts receivable, net”, a small number of customers account for a significant portion of our outstanding receivables period end and our total revenue for the year. Fair value of financial instruments Our financial instruments consist of cash, cash equivalents, restricted cash, accounts receivable, accounts payable, and debt obligations. Cash, cash equivalents, accounts receivable and accounts payable are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date. The carrying values of debt obligations bearing v |
Accounts receivable, net
Accounts receivable, net | 12 Months Ended |
Dec. 31, 2021 | |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | |
Accounts receivable, net | Note 4. Accounts receivable, net Accounts receivable consisted of the following: (in thousands) ​ ​ December 31, 2021 ​ ​ December 31, 2020 Trade receivables ​ ​ $ 38,597 ​ ​ $23,691 Revenue recognized in excess of billings ​ ​ 72,676 ​ ​ 1,224 Other receivables ​ ​ 147 ​ ​ 47 Total ​ ​ 111,420 ​ ​ 24,962 Allowance for doubtful accounts ​ ​ (3,872) ​ ​ (1,228) Accounts receivable, net ​ ​ $107,548 ​ ​ $23,734 Included in total receivables above are amounts billed under retainage provisions totaling $11.6 million and $4.5 million as of December 31, 2021, and 2020, respectively, which are due within the upcoming year. Activity in the allowance for doubtful accounts for each period was as follows: ​ ​ Year ended December 31, (in thousands) ​ ​ 2021 ​ ​ 2020 ​ ​ 2019 Balance at beginning of period ​ ​ $ 1,228 ​ ​ $ 441 ​ ​ $ — Additions charged to earnings ​ ​ 4,045 ​ ​ 787 ​ ​ 441 Write-offs of uncollectible accounts ​ ​ (1,401) ​ ​ — ​ ​ — Balance at end of period ​ ​ $3,872 ​ ​ $1,228 ​ ​ $441 At December 31, 2021, four customers accounted for 29%, 23%, 19% and 18%, respectively, of total accounts receivable. At December 31, 2020, three customers accounted for 32%, 25% and 14%, respectively, of total accounts receivable. During the year ended December 31, 2021, three customers accounted for 37%, 20% and 15%, respectively of total revenue. During the year ended December 31, 2020, four customers accounted for 21%, 19%, 10% and 10%, respectively, of total revenue. During the year ended December 31, 2019, three customers accounted for 59%, 21% and 13%, respectively, of total revenue. |
Inventories, net
Inventories, net | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories, net | Note 5. Inventories, net Inventories consisted of the following: (in thousands) ​ ​ December 31, 2021 ​ ​ December 31, 2020 Finished goods ​ ​ $8,950 ​ ​ $1,686 Allowance for slow-moving and obsolete inventory ​ ​ (90) ​ ​ — Total ​ ​ $8,860 ​ ​ $1,686 Activity in the allowance for slow-moving and obsolete inventory for each period was as follows: ​ ​ Year ended December 31, (in thousands) ​ ​ 2021 ​ ​ 2020 ​ ​ 2019 Balance at beginning of period ​ ​ $— ​ ​ $— ​ ​ $— Additions charged to earnings ​ ​ 90 ​ ​ — ​ ​ — Write-offs of obsolete inventory ​ ​ — ​ ​ — ​ ​ — Balance at end of period ​ ​ $90 ​ ​ $— ​ ​ $— |
Prepaid and other current asset
Prepaid and other current assets | 12 Months Ended |
Dec. 31, 2021 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Prepaid and other current assets | Note 6. Prepaid and other current assets Prepaid and other current assets consisted of the following: (in thousands) ​ ​ December 31, 2021 ​ ​ December 31, 2020 Vendor deposits ​ ​ $13,098 ​ ​ $4,205 Prepaid expenses ​ ​ 2,301 ​ ​ 821 Prepaid taxes ​ ​ 269 ​ ​ 222 Deferred cost of revenue ​ ​ — ​ ​ 992 Surety collateral ​ ​ 460 ​ ​ 113 Other current assets ​ ​ 1,058 ​ ​ 571 Total ​ ​ $17,186 ​ ​ $6,924 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | Note 7. Leases We lease office and warehouse space in various locations, including our corporate headquarters in Austin, Texas. Additionally, we lease space for an applications laboratory and have a membership in a collaborative research facility in Colorado. All of our manufacturing is outsourced to contract manufacturing partners, and we currently do not own or lease any manufacturing facilities. We utilized a weighted average discount rate of 5.0% in establishing our operating lease right-of-use assets and liabilities at lease inception. At December 31, 2021, our weighted average remaining lease term for our operating leases was 3.9 years. Our lease expense consisted of the following: ​ ​ Year ended December 31, (in thousands) ​ ​ 2021 ​ ​ 2020 ​ ​ 2019 Operating lease cost ​ ​ $458 ​ ​ $288 ​ ​ $286 Variable lease cost ​ ​ — ​ ​ — ​ ​ — Short-term lease cost ​ ​ 100 ​ ​ 31 ​ ​ 4 Total lease cost ​ ​ $558 ​ ​ $319 ​ ​ $290 ​ ​ ​ ​ ​ ​ Reported in: ​ ​ ​ ​ ​ ​ Cost of revenue ​ ​ $239 ​ ​ $ 38 ​ ​ $ — Research and development ​ ​ 39 ​ ​ — ​ ​ — Selling and marketing ​ ​ 1 ​ ​ 3 ​ ​ — General and administrative ​ ​ 279 ​ ​ 278 ​ ​ 290 Total lease cost ​ ​ $558 ​ ​ $319 ​ ​ $290 Future remaining operating lease payment obligations were as follows: (in thousands) ​ ​ December 31, 2021 2022 ​ ​ $ 567 2023 ​ ​ 520 2024 ​ ​ 511 2025 ​ ​ 446 2026 ​ ​ 54 Thereafter ​ ​ — Total lease payments ​ ​ 2,098 Less: imputed interest ​ ​ (306) Present value of operating lease liabilities ​ ​ $1,792 ​ ​ Current portion of operating lease liability ​ ​ $ 452 Operating lease liability, net of current portion ​ ​ 1,340 Present value of operating lease liabilities ​ ​ $1,792 |
Property and equipment, net
Property and equipment, net | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment, net | Note 8. Property and equipment, net Property and equipment consisted of the following: (in thousands) ​ ​ December 31, 2021 ​ ​ December 31, 2020 Leasehold improvements ​ ​ $ 22 ​ ​ $ 11 Field equipment ​ ​ 833 ​ ​ 66 Information technology equipment ​ ​ 182 ​ ​ — Tooling ​ ​ 543 ​ ​ — Capitalized software ​ ​ 250 ​ ​ 250 Total ​ ​ 1,830 ​ ​ 327 Accumulated depreciation ​ ​ (248) ​ ​ (16) Property and equipment, net ​ ​ $1,582 ​ ​ $311 We recognized depreciation expense associated with our property and equipment each period as follows: ​ ​ Year ended December 31, (in thousands) ​ ​ 2021 ​ ​ 2020 ​ ​ 2019 Tangible asset depreciation ​ ​ $170 ​ ​ $14 ​ ​ $12 Capitalized software depreciation ​ ​ 62 ​ ​ — ​ ​ — Total depreciation expense ​ ​ $232 ​ ​ $14 ​ ​ $12 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Note 9. Debt Debt consisted of the following: (in thousands) ​ ​ December 31, 2021 ​ ​ December 31, 2020 Revolving line of credit ​ ​ $— ​ ​ $ 1,000 Paycheck Protection Program loan ​ ​ — ​ ​ 784 Total debt ​ ​ — ​ ​ 1,784 Less: short-term debt ​ ​ — ​ ​ (1,000) Long-term debt ​ ​ $— ​ ​ $ 784 On April 30, 2021, we entered into a senior secured revolving credit facility with various lenders, including Barclays Bank PLC, as an issuing lender, the swingline lender and as administrative agent (the “Credit Agreement”). The Credit Agreement has an initial three-year term and will be used for working capital and for other general corporate purposes. The Credit Agreement includes the following terms: (i) aggregate commitments of up to $100 million, with letter of credit and swingline sub-limits; (ii) a base rate of LIBOR, plus 3.25% per annum, (iii) initial commitment fees of 0.50% per annum; (iv) initial letter of credit fees of 3.25% per annum; and (v) other customary terms for a corporate revolving credit facility. We have not made any draws on the revolving credit facility as of December 31, 2021. Should LIBOR rates become unavailable during the term of the Credit Agreement, the rate per annum on loans will be based on the secured overnight financing rate (SOFR) published by the Federal Reserve Bank of New York, or a successor SOFR administrator. The facility is secured by a first priority lien on substantially all of our assets, subject to certain exclusions, and customary guarantees. The Credit Agreement includes the following financial condition covenants that we are required to satisfy We incurred $2.1 million of debt issuance costs relating to establishment of the Credit Agreement, which are included in “Other assets” in our Consolidated Balance Sheet. At December 31, 2021, the remaining unamortized balance was $1.6 million. On April 30, 2020, we received a Paycheck Protection Program (“PPP”) loan pursuant to the Coronavirus Aid, Relief, and Economic Security Act (the “CARES” Act) in the amount of $0.8 million. The PPP loan had a two-year term and a fixed interest rate of 1%. Under the terms of the CARES act, the PPP loan was eligible for forgiveness, in part or whole, if the proceeds were used to retain and pay employees and for other qualifying expenditures. On January 20, 2021, the Company received notification from the Small Business Administration that they approved the forgiveness of the full $0.8 million PPP loan. The Company recorded the forgiveness of the PPP loan as a gain on extinguishment of debt in the Consolidated Statements of Operations and Comprehensive Loss during the year ended December 31, 2021. On June 17, 2019, the Company entered into a revolving line of credit agreement with Western Alliance Bank for a total principal amount of $1.0 million, which was to mature two years from the date of borrowing. The line of credit had a variable rate of interest, based on the prime rate as published in the Wall Street Journal, and required monthly interest payments. The prime rate at the time of borrowing was at 5.50% per annum. The outstanding balance of $1.0 million was paid in full, and the revolving credit line was closed in 2021. |
Accrued expenses and other curr
Accrued expenses and other current liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Accrued Expenses and Other Current Liabilities Abstract | |
Accrued expenses and other current liabilities | Note 10. Accrued expenses and other current liabilities Accrued expenses and other current liabilities consisted of the following: (in thousands) ​ ​ December 31, 2021 ​ ​ December 31, 2020 Accrued cost of revenue ​ ​ $43,185 ​ ​ $ 7,812 Accrued compensation ​ ​ 981 ​ ​ 2,869 Other accrued expenses ​ ​ 3,694 ​ ​ 2,874 Total accrued expenses ​ ​ $47,860 ​ ​ $13,555 ​ ​ ​ ​ Warranty reserves ​ ​ $ 4,032 ​ ​ $ 3,985 Current portion of operating lease liability ​ ​ 452 ​ ​ 230 Non-federal tax obligations ​ ​ 172 ​ ​ 635 Other ​ ​ — ​ ​ 11 Total other current liabilities ​ ​ $ 4,656 ​ ​ $ 4,861 We provide standard warranties on our hardware products to customers. The liability amount is based on actual historical warranty spending activity by type of product, customer and geographic region, modified by any known differences such as the impact of reliability improvements. Activity by period in the Company's warranty accruals was as follows: ​ ​ Year ended December 31, (in thousands) ​ ​ 2021 ​ ​ 2020 ​ ​ 2019 Balance at beginning of period ​ ​ $ 6,811 ​ ​ $ 2,057 ​ ​ $ — Warranties issued during the period ​ ​ 8,588 ​ ​ 7,866 ​ ​ 2,057 Settlements made during the period ​ ​ (5,270) ​ ​ (3,111) ​ ​ — Changes in liability for pre-existing warranties ​ ​ (783) ​ ​ (1) ​ ​ — Balance at end of period ​ ​ $ 9,346 ​ ​ $ 6,811 ​ ​ $ 2,057 ​ ​ ​ ​ ​ ​ Accrued warranty balance reported in: ​ ​ ​ ​ ​ ​ Other current liabilities ​ ​ $ 4,032 ​ ​ $ 3,985 ​ ​ $ 1,368 Other non-current liabilities ​ ​ 5,314 ​ ​ 2,826 ​ ​ 689 Balance at end of period ​ ​ $ 9,346 ​ ​ $ 6,811 ​ ​ $ 2,057 |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income taxes | Note 11. Income taxes The components of income before income taxes were as follows: ​ ​ Year ended December 31, (in thousands) ​ ​ 2021 ​ ​ 2020 ​ ​ 2019 United States ​ ​ $(106,467) ​ ​ $(16,269) ​ ​ $(13,534) Foreign ​ ​ 47 ​ ​ 262 ​ ​ — Total loss before income taxes ​ ​ $(106,420) ​ ​ $(16,007) ​ ​ $(13,534) The provisions (benefits) for income taxes and the reasons for the differences between the provisions (benefits) for income taxes and income tax provisions (benefits) using the U.S. federal income tax rate were as follows: ​ ​ Year ended December 31, (in thousands) ​ ​ 2021 ​ ​ 2020 ​ ​ 2019 Current - ​ ​ ​ ​ ​ ​ Federal ​ ​ $ — ​ ​ $ ( 159 ​ ​ $ — State ​ ​ 196 ​ ​ 1 ​ ​ (36) Foreign ​ ​ (27) ​ ​ 78 ​ ​ — ​ ​ 169 ​ ​ (80) ​ ​ (36) Deferred - ​ ​ ​ ​ ​ ​ Federal ​ ​ — ​ ​ (3) ​ ​ (3) State ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (3) ​ ​ (3) Provision (benefit) for income taxes ​ ​ $ 169 ​ ​ $ ( 83 ​ ​ $ ( 39 ​ ​ ​ ​ ​ ​ Federal income tax provision (benefit) at statutory rate ​ ​ $(22,348) ​ ​ $(3,362) ​ ​ $(2,842) State taxes, net of federal ​ ​ (1,744) ​ ​ (215) ​ ​ (551) Research and experimentation tax credit ​ ​ (342) ​ ​ (179) ​ ​ (118) Change in valuation allowance ​ ​ 28,361 ​ ​ 3,523 ​ ​ 3,184 Stock compensation ​ ​ (6,863) ​ ​ 406 ​ ​ 225 Dividends received deduction ​ ​ — ​ ​ (308) ​ ​ — Section 162m limitation on executive compensation ​ ​ 2,467 ​ ​ — ​ ​ — Permanent differences and other ​ ​ 638 ​ ​ 52 ​ ​ 63 Provision (benefit) for income taxes ​ ​ $ 169 ​ ​ $ ( 83 ​ ​ $ ( 39 The components of deferred tax assets and liabilities were as follows: (in thousands) ​ ​ December 31, 2021 ​ ​ December 31, 2020 Deferred tax assets: ​ ​ ​ ​ Fixed assets and intangibles ​ ​ $ 17 ​ ​ $ 135 Leases ​ ​ 378 ​ ​ 106 Accrued expenses ​ ​ 2,741 ​ ​ 2,066 Net operating loss carryforward ​ ​ 31,868 ​ ​ 6,679 Stock options ​ ​ 5,508 ​ ​ — Investment difference ​ ​ — ​ ​ 148 R&D credit carryforward ​ ​ 616 ​ ​ 325 Other ​ ​ 402 ​ ​ — Subtotal ​ ​ 41,530 ​ ​ 9,459 Less: valuation allowance ​ ​ (40,760) ​ ​ (9,297) Total deferred tax assets ​ ​ 770 ​ ​ 162 ​ ​ ​ ​ Deferred tax liabilities: ​ ​ ​ ​ Leases ​ ​ (370) ​ ​ (101) Prepaid expenses ​ ​ (400) ​ ​ (61) Total deferred tax liability ​ ​ (770) ​ ​ (162) Net deferred tax asset (liability) ​ ​ $ — ​ ​ $ — The net change in the total valuation allowance for the year ended December 31, 2021, was an increase of $31.5 million, comprised of $28.4 million recorded through continuing operations and $3.1 million recorded to paid in capital due to IPO costs. The net change in the total valuation allowance for the year ended December 31, 2020, was an increase of $3.5 million recorded through continuing operations. In assessing the realizability of deferred tax assets, we considered whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. We considered the scheduled reversal of deferred tax liabilities, carryback potential, projected future taxable income and tax planning strategies in making this assessment. After consideration of these factors and based upon the level of historical taxable income, we believe it is more likely than not that the Company will not realize the benefits of these deductible differences at December 31, 2021. We have federal net operating loss carryforwards of approximately $141.7 million at December 31, 2021. These loss carryforwards have an indefinite carryforward period. We also have state net operating loss carryforwards of approximately $67.5 million which begin to expire in 2034 We have federal R&D credit carryforwards of approximately $0.8 million at December 31, 2021, which begin to expire in 2038 We are subject to U.S. federal income tax, as well as income tax in multiple state and foreign jurisdictions. The tax returns for years 2018 and beyond remain open for examination. As of December 31, 2021, the Company is not currently under audit by any taxing authority. We account for uncertainty in taxes in accordance with authoritative guidance. Changes in our accruals for unrecognized tax benefits were as follows: ​ ​ Year ended December 31, (in thousands) ​ ​ 2021 ​ ​ 2020 Balance at beginning of period ​ ​ $81 ​ ​ $45 Increase for tax positions related to the current year ​ ​ 636 ​ ​ 36 Decrease for tax positions related to prior years ​ ​ — ​ ​ — Balance at end of period ​ ​ $717 ​ ​ $81 The unrecognized tax benefits in the table above includes $0.2 million, and $0.1 million as of December 31, 2021, and December 31, 2020, respectively, that, if recognized, would affect our effective tax rate. We do not expect or anticipate a significant increase or decrease over the next twelve months in the unrecognized tax benefits reported above. As of December 31, 2021, and 2020, we have not accrued any interest or penalties related to unrecognized tax benefits. |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | Note 12. Commitments and contingencies The Company may be involved in various claims, lawsuits, investigations, and other proceedings, arising in the normal course of business. The Company accrues a liability when management believes information available prior to the issuance of financial statements indicates it is probable a loss has been incurred as of the date of the financial statements and the amount of loss can be reasonably estimated. The Company adjusts its accruals to reflect the impact of negotiation, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular case. Legal costs are expensed as incurred. On April 21, 2021, FCX Solar, LLC (“FCX”), filed a lawsuit against us in the United States District Court for the Southern District of New York. The complaint alleged breach of contract, fraud and unjust enrichment claims related to a patent license agreement and consulting relationship between FCX and us. FCX sought damages of approximately $134 million in the lawsuit. On July 2, 2021, we filed a motion to dismiss the fraud and unjust enrichment claims. On July 16, 2021, FCX filed an amended complaint asserting the same claims as the original complaint. On July 22, 2021, we advised the court that FTC would stand on its motion to dismiss, and at the request of the court, we filed a revised motion citing the amended complaint. FCX filed its response on August 19, 2021, and we filed a reply on September 7, 2021. Oral argument on our motion to dismiss was held on February 3, 2022, and the Court granted our motion on February 7, 2022, dismissing FCX's fraud and unjust enrichment claims and leaving only a claim for breach of a license agreement. On May 29, 2021, FCX filed a separate lawsuit against us in the United States District Court for the Western District of Texas, alleging a claim for patent infringement related to U.S. Patent No. 10,903,782. FCX seeks an unspecified amount of damages, including past and future royalties, and injunctive relief. Our answer to that complaint was filed on June 22, 2021, along with our motion to transfer the patent suit to the Southern District of New York to be consolidated with the New York litigation. FCX filed an amended complaint asserting claims for direct patent infringement, indirect infringement by active inducement, and contributory infringement on July 27, 2021, and we filed our answer to that complaint on August 10, 2021. On October 25, 2021, our motion to transfer the case to the Southern District of New York was granted, and the patent case was consolidated with FCX's contract case on November 19, 2021. Discovery in this consolidated matter is ongoing. We believe the claims asserted in both lawsuits are without merit, and we plan to vigorously defend against them. We and our management considered (a) the facts described above, (b) the preliminary stages of the proceedings and (c) the advice of outside legal counsel on the claims and determined that it is not probable that FCX will prevail on the merits. At this time, we believe that the likelihood of any material loss related to these matters is remote given the strength of our defenses. The Company has not recorded any material loss contingency in the Consolidated Balance Sheets as of December 31, 2021, and December 31, 2020. |
Stockholders' equity
Stockholders' equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Stockholders' equity | Note 13. Stockholders' equity Preferred stock The Certificate of Incorporation, as amended as of April 28, 2021, and amended as of June 7, 2021, (the “Certificate of Incorporation”), authorizes the Company to issue up to 10 million shares of Preferred Stock with a par value of $0.0001 with such designation, rights and preferences as may be determined from time to time by the Company’s board of directors. As of December 31, 2021, there were no shares of preferred stock issued or outstanding. Common stock The Certificate of Incorporation authorizes the Company to issue 850 million shares of $0.0001 par value of Common Stock. Holders of Common Stock are entitled to dividends, as and when, declared by the board of directors, subject to the rights of the holders of all classes of stock outstanding having priority rights as to dividends. There have been no dividends declared to date. The holders of the Common Stock are entitled to one vote for each share of Common Stock; provided that, except as otherwise required by law, holders of Common Stock (in such capacity) shall not be entitled to vote on any amendment to the Certificate of Incorporation that relates solely to the terms of one or more outstanding series of Preferred Stock if the holders of such affected series are entitled, either separately or together with the holders of one or more other such series, to vote thereon pursuant to the Certificate of Incorporation. In March 2020, the Company sold 9,162,976 shares of common stock at $3.27 per share for an aggregate purchase price of $30.0 million. The proceeds were available for working capital and other corporate purposes. On April 30, 2021, the Company closed on its IPO in which we issued and sold 19,840,000 shares of our common stock at a public offering price of $13.00 per share. We received aggregate proceeds of $241.2 million from the IPO, net of approximately $16.8 million in underwriting discount and commissions and before offering costs. The Company used $54.2 million of net proceeds from the IPO to purchase and retire an aggregate of 4,455,384 shares of our common stock, of which 2,191,557 was a repurchase of common shares and 2,263,827 shares were from the settlement of certain vested RSUs and common shares exercised from options in connection with the IPO. The Company is using the remaining proceeds from the IPO for general corporate purposes, including working capital and operating expenses. We may also use a portion of such proceeds to acquire or invest in businesses, products, services or technologies and may use a portion of such proceeds to provide funding to third parties for future development capital in connection with projects using our tracker systems. Treasury stock On July 21, 2020, the Company’s board of directors approved a share repurchase of 9,896,666 shares of common stock for an aggregate price of $0 from founders of the Company. The repurchase of these shares was recorded as treasury stock on the Company’s Consolidated Balance Sheets as of December 31, 2020 and the shares have been added to the overall pool of stock available to be utilized for future option/stock award issuances to other employees of the organization. On January 8, 2021, the Company’s board of directors approved a share repurchase of 148,440 shares of common stock for an aggregate price of $0 from founders of the Company. The repurchase of these shares was recorded as treasury stock on the Company’s Consolidated Balance Sheets as of December 31, 2021 and the shares have been added to the overall pool of stock available to be utilized for future option/stock award issuances to other employees of the organization. On April 5, 2021, the Company’s board of directors approved a share repurchase of 717,460 shares of common stock for an aggregate price of $0 from founders of the Company. The repurchase of these shares was recorded as treasury stock on the Company’s Consolidated Balance Sheets as of December 31, 2021, and the shares have been added to the overall pool of stock available to be utilized for future option/stock award issuances to other employees of the organization. |
Stock compensation and other em
Stock compensation and other employee benefit plans | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock compensation and other employee benefit plans | Note 14. Stock compensation and other employee benefit plans Stock compensation plans On January 9, 2017, the Company’s board of directors adopted the 2017 Stock Incentive Plan (the “2017 Plan”). The Plan offers employees, directors and selected service providers the opportunity to acquire equity in the Company through grants of options, restricted stock awards (“RSA”), stock appreciation rights, restricted stock units (“RSU”), and other stock awards, at exercise prices not less than the fair market value of the Company's common stock on the date of grant. Following our IPO in April 2021, we adopted the 2021 Stock Incentive Plan (the “2021 Plan”) which provides for the grant of awards similar to the 2017 Plan, as well as stock bonuses and cash awards. The number of shares initially reserved for issuance under the 2021 Plan was 12,645,239, which will automatically increase on January 1 of each calendar year prior to the tenth anniversary of the Plan's effective date in an amount equal to the lesser of (i) 4% of the total number of shares of common stock outstanding on the day prior (December 31st) and (ii) a number of shares of common stock determined by the compensation committee of the Company's board of directors. Concurrent with the adoption of the 2021 Plan, we also adopted the 2021 Employee Stock Purchase Plan (the 2021 ESPP Plan”) in order to provide employees of the Company and its designated subsidiaries with an opportunity to purchase the Company's common stock through accumulated payroll deductions at 85% of the stock's fair market value. As of December 31, 2021, this plan has not yet been implemented internally within the Company and no purchases of common stock have been made pursuant to the 2021 ESPP Plan. Stock options generally vest over four years from the date of grant, and, except as noted below, are based only on service vesting conditions. During 2021, stock options were issued to our newly appointed Chief Executive Officer which contained market conditions relating to the price of our common stock that must be met in order to start the vesting period. RSU grants may contain either service vesting conditions or a combination of performance and service vesting conditions, both of which must be met in order to vest. Awards with service conditions generally vest over a period of four years from the date of grant. Our IPO in April 2021 was deemed to meet the liquidity event provisions in our 2017 Plan, which resulted in the vesting of all awards that had previously satisfied the time-based vesting conditions of such awards as of that date. The Company had issued RSAs to its founders, all of which are vested as of December 31, 2021. These awards contained restrictions related to transferability, along with the standard service condition of four years required for vesting. Generally, new shares of authorized common stock are issued to satisfy vesting or exercise of awards under both the 2017 and 2021 Stock Incentive Plans although treasury shares are also available for issuance at the discretion of the Company. Stock compensation expense for each period was as follows: (in thousands) ​ ​ 2021 ​ ​ 2020 ​ ​ 2019 Cost of revenue ​ ​ $ 8,094 ​ ​ $ 322 ​ ​ $176 Research and development ​ ​ 3,657 ​ ​ 57 ​ ​ 51 Selling and marketing ​ ​ 2,056 ​ ​ 38 ​ ​ 26 General and administrative ​ ​ 47,958 ​ ​ 1,401 ​ ​ 653 Total stock compensation expense ​ ​ $61,765 ​ ​ $1,818 ​ ​ $906 Information relating to our outstanding option awards was as follows: Options ​ ​ Shares ​ ​ Weighted- average exercise price ​ ​ Weighted- average remaining contractual term (in years) ​ ​ Average intrinsic value (in thousands) Outstanding as of December 31, 2020 ​ ​ 8,524,997 ​ ​ $0.23 ​ ​ ​ ​ Granted ​ ​ 2,107,500 ​ ​ 8.14 ​ ​ ​ ​ Exercised ​ ​ (2,838,464) ​ ​ 0.11 ​ ​ ​ ​ Forfeited and expired ​ ​ (255,768) ​ ​ 0.48 ​ ​ ​ ​ Outstanding as of December 31, 2021 ​ ​ 7,538,265 ​ ​ $2.48 ​ ​ 7.41 ​ ​ $39,500 ​ ​ ​ ​ ​ ​ ​ ​ Vested at December 31, 2021 or expected to vest in the future ​ ​ 7,538,265 ​ ​ $2.48 ​ ​ 7.41 ​ ​ $39,500 Exercisable at December 31, 2021 ​ ​ 4,253,458 ​ ​ $0.24 ​ ​ 6.23 ​ ​ $31,139 ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ Stock-based compensation cost not yet recognized (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ $10,301 Weighted-average remaining expense recognition period (in years) ​ ​ ​ ​ ​ ​ ​ ​ 5.03 Assumptions used to value option awards were as follows: ​ ​ Year ended December 31, ​ ​ 2021 ​ ​ 2020 ​ ​ 2019 Black-Scholes-Merton pricing formula weighted-average assumptions: ​ ​ ​ ​ ​ ​ Expected life (in years) ​ ​ 7.72 ​ ​ 6.07 ​ ​ 5.92 Risk-free interest rate ​ ​ 1.32% ​ ​ 1.60% ​ ​ 1.94% Volatility ​ ​ 56.47% ​ ​ 51.57% ​ ​ 52.90% Dividend yield ​ ​ 0.00% ​ ​ 0.00% ​ ​ 0.00% ​ ​ ​ ​ ​ ​ Valuations: ​ ​ ​ ​ ​ ​ Grant-date fair value per option (post-split) ​ ​ $ 4.79 ​ ​ $ 2.86 ​ ​ $ 1.29 Intrinsic value of options exercised (in thousands) ​ ​ $22,852 ​ ​ $ ​ ​ $ Average intrinsic value per share of options exercised ​ ​ $ 8.05 ​ ​ $ ​ ​ $ Information relating to our outstanding restricted stock unit and restricted stock awards was as follows: ​ ​ Shares ​ ​ Weighted- average grant date fair value Restricted stock units: ​ ​ ​ ​ Nonvested as of December 31, 2020 ​ ​ 12,943,811 ​ ​ $3.15 Granted ​ ​ 5,470,137 ​ ​ 7.72 Vested ​ ​ (12,883,918) ​ ​ 3.87 Forfeited ​ ​ (388,561) ​ ​ 4.68 Nonvested as of December 31, 2021 ​ ​ 5,141,469 ​ ​ $6.08 ​ ​ ​ ​ Restricted stock awards: ​ ​ ​ ​ Nonvested as of December 31, 2020 ​ ​ 1,169,601 ​ ​ $0.07 Granted ​ ​ — ​ ​ — Vested ​ ​ (1,169,601) ​ ​ 0.07 Forfeited ​ ​ — ​ ​ — Nonvested as of December 31, 2021 ​ ​ — ​ ​ $ — ​ ​ ​ ​ ​ ​ Shares ​ ​ Weighted- average grant date fair value At December 31, 2021: ​ ​ ​ ​ Stock-based compensation cost not yet recognized (in thousands) ​ ​ ​ ​ $21,396 Weighted-average remaining expense recognition period (in years) ​ ​ ​ ​ 2.95 Other employee benefit plans We sponsor a 401(k) savings plan for our U.S. employees, whereby the employees can elect to make pre- or post-tax contributions, subject to certain limitations. We make matching contributions equal to 100% of the first 3% and 50% of the next 2% of an employee's contribution. Employee and company contributions are both immediately vested. Company matching contributions were approximately $0.6 million, $0.3 million, and $0.0 million for the years 2021, 2020, and 2019, respectively. Employees are also eligible to participate in various employee welfare benefit plans, including medical, dental, prescription and life insurance, in which the Company pays a portion of the cost. All such plans are unfunded. |
Sale of investment in unconsoli
Sale of investment in unconsolidated subsidiary | 12 Months Ended |
Dec. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Sale of investment in unconsolidated subsidiary | Note 15. Sale of investment in unconsolidated subsidiary On June 24, 2021, the Company disposed of its 4,791,566 Class A common unit interest in Dimension Energy LLC, (“Dimension”), representing approximately 23% of the total outstanding common shares, for approximately $22.3 million, net of a success-based fee described below, resulting in a gain of $20.8 million. Prior to the third-party sale, we had recognized a net loss from our investment in this unconsolidated subsidiary of $0.4 million compared to a gain of $1.4 million recognized in 2020. On June 29, 2021, the Company made a success-based fee payment in the amount of $1.9 million to two Executive Members of Dimension for entering into voting and support letter agreements and for recommending to all Executive Members of Dimension that they support the purchase agreement and the consummation of the transaction on June 24, 2021. The sales agreement with Dimension includes an earnout provision which provides the potential to receive an additional contingent consideration The sales agreement also includes a projects escrow release which is an additional contingent consideration to receive $7 million based on Dimension’s completion of certain construction projects currently in progress. The Company has made an accounting policy election to account for the contingent gains from the earnout provision and projects escrow release only when those amounts become realizable in the periods subsequent to the disposal date. During 2021, the Company received a $0.2 million escrow release payment, which is included in the gain referred to above. |
Earnings (loss) per share
Earnings (loss) per share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings (loss) per share | Note 16. Earnings (loss) per share ​ ​ Year ended December 31, ​ ​ 2021 ​ ​ 2020 ​ ​ 2019 Net loss (in thousands) ​ ​ $ ( 106,589 ​ ​ $ ( 15,924 ​ ​ $ ( 13,495 Weighted average shares outstanding for calculating basic and diluted loss per share ​ ​ 86,043,051 ​ ​ 68,810,533 ​ ​ 62,043,383 Basic and diluted loss per share ​ ​ $ (1.24) ​ ​ $ (0.23) ​ ​ $ (0.22) For purposes of computing diluted loss per share, weighted average common shares outstanding do not include potentially dilutive securities that are anti-dilutive, as shown below. ​ ​ As of December 31, ​ ​ 2021 ​ ​ 2020 ​ ​ 2019 Anti-dilutive securities excluded from calculating dilutive loss per share: ​ ​ ​ ​ ​ ​ Shares of common stock issuable under stock option plans outstanding ​ ​ 7,538,265 ​ ​ 8,524,997 ​ ​ 8,081,738 Shares of common stock issuable upon vesting of restricted stock units ​ ​ 5,141,469 ​ ​ 14,121,666 ​ ​ 5,249,324 Potential common shares excluded from diluted net loss per share calculation ​ ​ 12,679,734 ​ ​ 22,646,663 ​ ​ 13,331,062 All share and per share amounts in the table above have been adjusted for an approximately 8.25-for-1 forward stock split which took effect on April 28, 2021. |
Fair value measurements
Fair value measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | Note 17. Fair value measurements Recurring measurements Our financial instruments consist of cash, cash equivalents, restricted cash, accounts receivable, accounts payable, and debt obligations. Cash, cash equivalents, accounts receivable and accounts payable are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date. We did not hold any financial instruments measured at fair value on a recurring basis as categorized within the fair value hierarchy at December 31, 2021, and 2020. Non-recurring measurements We had no debt outstanding at December 31, 2021. At December 31, 2020, we had outstanding borrowings of (i) $1.0 million under our revolving line of credit agreement with Western Alliance Bank, which was deemed to approximate fair value as the borrowings bore interest at variable rates, and (ii) $0.8 million under a fixed rate PPP loan, which was deemed to have no fair value at that date based on receipt of notification from the Small Business Administration on January 20, 2021, that forgiveness of the full amount of the loan had been approved. There were no indications of impairment of any of our long-lived assets during 2021 that required us to evaluate recoverability or estimate fair value of those assets. |
Related parties
Related parties | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related parties | Note 18. Related parties Information relating to repurchases of shares from founders of the Company at no cost for inclusion in treasury stock may be found in Note 13 above. On January 30th, 2017, the Company issued promissory notes worth $7 million, out of which $6.0 million was issued to two Board Members. The notes carried an interest rate of 5% and were to expire five years from date of issuance. The Company repaid the principal during the year ended December 31, 2020. For the years ended December 31, 2020, and 2019, we incurred interest expense of $0.2 million and $0.3 million, respectively, related to the notes issued to the related parties. In combination with the note, the Company also issued 25,000 shares (on a pre-split basis) of common stocks for every $250,000 of notes purchased by such investors. |
Quarterly information (unaudite
Quarterly information (unaudited) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly information (unaudited) | Note 19. Quarterly information (unaudited) In April 2021, the board of directors and stockholders approved a Forward Stock Split of the Company's shares of common stock which became effective on April 28, 2021. Additionally, in connection with the preparation of the Company's financial statements as of and for the three months ended September 30, 2021, we identified an error in the basic and diluted earnings per share calculations for the three months ended June 30, 2021. Specifically, we incorrectly omitted from the basic and diluted weighted-average shares outstanding calculation shares of common stock underlying RSUs that became fully vested during the period but had not been settled through the legal issuance of common stock. Additionally, we identified that we had overstated stock-based compensation expense by $3.5 million for three months ended June 30, 2021 due to an error in the calculation of expense related to grantees' RSU awards. The table below shows the revised information for the three months ended June 30, 2021, as well as the reported information for the other periods. ​ ​ Three months ended (in thousands, except loss per share) ​ ​ March 31, 2021 ​ ​ June 30, 2021 ​ ​ September 30, 2021 ​ ​ December 31, 2021 Revenue ​ ​ $65,707 ​ ​ $ 50,108 ​ ​ $ 52,989 ​ ​ $101,721 Gross profit (loss) ​ ​ $ 119 ​ ​ $(16,050) ​ ​ $ ( 8,039 ​ ​ $ ( 8,575 Net loss ​ ​ $(7,442) ​ ​ $(52,350) ​ ​ $(22,915) ​ ​ $(23,882) Loss per share: ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ $ (0.11) ​ ​ $ (0.61) ​ ​ $ (0.24) ​ ​ $ (0.25) Diluted ​ ​ $ (0.11) ​ ​ $ (0.61) ​ ​ $ (0.24) ​ ​ $ (0.25) Earnings (loss) per share in the table below reflects the retroactive impact of the Forward Stock Split described above on the weighted average shares outstanding each period used to determine basic and diluted earnings (loss) per share. ​ ​ Three months ended (in thousands, except loss per share) ​ ​ March 31, 2020 ​ ​ June 30, 2020 ​ ​ September 30, 2020 ​ ​ December 31, 2020 Revenue ​ ​ $32,376 ​ ​ $51,157 ​ ​ $59,640 ​ ​ $44,179 Gross profit (loss) ​ ​ $ 6,980 ​ ​ $ ( 1,382 ​ ​ $ 2,866 ​ ​ $ (4,825) Net income (loss) ​ ​ $ 3,420 ​ ​ $ (6,776) ​ ​ $ (2,840) ​ ​ $ (9,728) Earnings (loss) per share: ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ $ 0.05 ​ ​ $ (0.09) ​ ​ $ (0.04) ​ ​ $ (0.15) Diluted ​ ​ $ 0.04 ​ ​ $ (0.09) ​ ​ $ (0.04) ​ ​ $ (0.15) |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent events | Note 20. Subsequent events On March 15, 2022, we announced that we had entered into an agreement to acquire an emerging tracker supplier, HX Tracker, to accelerate our international expansion. This transaction is expected to close in the second quarter of 2022, subject to satisfaction of customary closing conditions. The purchase price for HX Tracker will consist of $4.3 million in cash and issuance of approximately 1.4 million shares of our common stock. The sellers will also be eligible for an earn-out of an additional 1.6 million shares based on meeting certain performance metrics. HX Tracker, formed in 2019, is an emerging China-based supplier of 1P tracker systems designed with a low-steel content which are ideally suited for today's prevalent large-format modules. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of presentation and principles of consolidation These consolidated financial statements include the results of the Company and its wholly owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Intercompany balances and transactions have been eliminated in consolidation. On April 28, 2021, we effected an approximately 8.25-for-1 forward split of our issued and outstanding shares of common stock, par value $0.0001 per share. As a result of the forward stock split, one (1) share of common stock issued and outstanding was automatically increased to approximately 8.25 shares of issued and outstanding common stock, without any change in the par value per share. All information related to common stock, stock options, restricted stock awards and earnings per share have been retroactively adjusted to give effect to the forward stock split for all periods presented, unless otherwise indicated. We currently operate in one business segment, the manufacturing and servicing of Voyager Tracker. |
Liquidity | Liquidity We have incurred cumulative losses since inception and have a history of cash outflows from operations. At December 31, 2021, we had $102.2 million of cash on hand and $100 million of unused borrowing capacity under our existing revolving credit facility described in Note 9 below. The revolving credit facility includes a financial condition covenant stating we are required to maintain a minimum liquidity limit of $125 million for each quarter. After considering this financial condition covenant, we have $77.2 million of available liquidity as of December 31, 2021. We have no material long-term obligations requiring the use of cash and have positive working capital as of December 31, 2021 . Our costs are affected by certain component costs including steel, motors and micro-chips, as well as transportations costs. Current market conditions that constrain supply of materials and disrupt the flow of materials from international vendors impact the cost of our products and services. These cost increases impact our operating margins. We are taking steps to expand and diversify our manufacturing partnerships and we are implementing alternative modes of transportation to mitigate the impact of the current headwinds in the global supply chain and logistics markets. Management believes that our existing capital, which includes our cash on hand, as well as our unused borrowing capacity under our revolving credit facility is sufficient for us to fund our operations for at least one year from the date of issuance of these consolidated financial statements. While management believes that the Company’s existing sources of liquidity are adequate to fund operations through at least twelve months from the date the financials are issued, we may need to issue additional debt or obtain new equity financing to fund operations in the future beyond the next twelve months should our use of cash to fund operations continue at levels experienced during 2021. |
Use of Estimates | Use of estimates Preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported revenue and expenses during the period. Estimates are used for calculating the measure of progress of Voyager tracker projects and deriving the standalone selling prices of the individual performance obligations when determining amounts to recognize for revenue, estimating allowances for doubtful accounts and slow-moving and obsolete inventory, determining useful lives of noncurrent assets and the estimated fair value of those assets for impairment assessments, and estimating the fair value of investments, stock compensation awards, warranty liabilities and federal and state taxes and contingencies. We base our estimates on historical experience and anticipated results, trends, and various other assumptions that we believe are reasonable under the circumstances, including assumptions as to future events. Actual results could differ from those estimates. |
Cash and cash equivalents | Cash and cash equivalents We consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. We regularly maintain cash balances that exceed federally insured amounts, but we have experienced no losses associated with these amounts to date. |
Restricted Cash | Restricted cash Cash balances that are legally, contractually or otherwise restricted as to withdrawal or usage are considered restricted cash. At December 31, 2020, our restricted cash represented cash collateral posted with providers of letters of credit. |
Accounts receivable, net | Accounts receivable, net Trade receivables are recorded at invoiced amounts, net of allowances for doubtful accounts if applicable, and do not bear interest. We generally do not require collateral from our customers; however, in certain circumstances, we may require letters of credit, other collateral, additional guarantees or advance payments. The allowance for doubtful accounts is based on our assessment of the collectability of our customer accounts. We regularly review our accounts receivable that remain outstanding past their applicable payment terms and establish allowances or make potential write-offs by considering certain factors such as historical experience, industry data, credit quality, age of balances and current economic conditions that may affect a customers’ ability to pay. Receivables arising from revenue recognized in excess of billings represents our unconditional right to consideration before customers are invoiced due to the level of progress obtained as of period end on our contracts to install Voyager tracker systems and related equipment. Further information may be found below in our revenue recognition policy. |
Inventories, net | Inventories, net Inventories are stated at the lower of cost or net realizable value, with costs computed on a first-in, first-out basis. The Company periodically reviews its inventories for excess and obsolete items and adjusts carrying costs to estimated net realizable values when they are determined to be less than cost. |
Leases | Leases We adopted Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842), as amended (“ASC 842”), effective January 1, 2019. Under ASC 842, we make a determination whether a contract is a lease or contains a lease at the inception of the contract and will reassess that conclusion if the contract is modified. All leases are assessed for classification as an operating lease or a finance lease. Operating lease right-of-use (“ROU”) assets are reflected on the Company's Consolidated Balance Sheets. Operating lease liabilities are separated into a current portion, which is included in other current liabilities, and a noncurrent portion which is reflected separately on the Company's Consolidated Balance Sheets. The Company does not have any finance lease ROU assets or liabilities. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. The Company does not obtain and control its right to use the identified asset until the lease commencement date. Our lease liabilities are recognized at the applicable lease commencement date based on the present value of the lease payments required to be paid over the lease term. Because the rate implicit in the lease is not readily determinable, we generally use our incremental borrowing rate to discount the lease payments to present value. The estimated incremental borrowing rate is derived from information available at the lease commencement date. We factor in publicly available data for instruments with similar characteristics when calculating our incremental borrowing rates. The Company's ROU assets are also recognized at the applicable lease commencement date. The ROU asset equals the carrying amount of the related lease liability, adjusted for any lease payments made prior to lease commencement and lease incentives provided by the lessor. Variable lease payments are expensed as incurred and do not factor into the measurement of the applicable ROU asset or lease liability. The term of our leases equals the non-cancellable period of the lease, including any rent-free periods provided by the lessor, and also include options to renew or extend the lease (including by not terminating the lease) that we are reasonably certain to exercise. We establish the term of each lease at lease commencement and reassess that term in subsequent periods when one of the triggering events outlined in ASC 842 occurs. Our operating lease cost for the lease payments is recognized on a straight-line basis over the lease term. Our lease contracts often include lease and non-lease components. For facility leases, we elected the practical expedient offered by the standard to not separate lease from non-lease components and, therefore, account for them as a single lease component. For our other contracts that include leases, the Company accounts for the lease and non-lease components separately. We have elected, for all classes of underlying assets, not to recognize ROU assets and lease liabilities for leases with a term of twelve months or less. Lease cost for short-term leases is recognized on a straight-line basis over the lease term. |
Property and equipment, net | Property and equipment, net Cost Property and equipment are stated at cost, net of accumulated depreciation. When assets are retired or otherwise disposed of, the cost and accumulated depreciation and amortization are removed from the accounts and any resulting gain or loss is recorded in the Consolidated Statements of Operations and Comprehensive Loss. Maintenance and repair costs that do not extend the useful life or improve an asset, are expensed as incurred. Third-party and internal personnel costs during the application development stage of software developed or obtained for internal use are capitalized. Costs incurred during the preliminary planning stage and post-implementation of new software systems projects, including data conversion and training costs, are expensed as incurred. Depreciation We depreciate our property and equipment using the straight-line method over their estimated useful lives, which generally are as follows: Category ​ ​ Depreciation period (in years) Leasehold improvements ​ ​ 3 Field equipment ​ ​ 5 Information technology equipment ​ ​ 3 Tooling ​ ​ 3 Capitalized software ​ ​ 3 Impairment We review our long-lived assets that are held for use for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable or that its useful life may be shorter than previously expected. If such impairment indicators are present or other factors exist that indicate the carrying amount of the asset may not be recoverable, the Company determines whether an impairment has occurred through the use of an undiscounted cash flow analysis of the asset at the lowest level for which identifiable cash flows exist. If an impairment has occurred, the Company recognizes a loss for the difference between the carrying amount and the fair value of the asset, which in most cases is estimated based upon Level 3 unobservable inputs. If the asset is determined to have a remaining useful life shorter than previously expected, an adjustment for the shorter remaining life will be made for purposes of recognizing future depreciation expense. Assets are classified as held for sale when the Company has a plan, approved by the appropriate levels of management, for disposal of such assets and those assets are stated at the lower of carrying value or estimated fair value less estimated costs to sell. |
Intangible assets, net | Intangible assets, net Intangible assets consist of developed technology in the form of software tools, licenses, and intellectual property, which are amortized over the period of their estimated useful lives, generally 3 years, using the straight-line method. At December 31, 2021, and 2020, our intangible assets were fully amortized. We evaluate intangible assets for impairment using the method described above under “Impairment”. |
Equity Method Investments | Equity method investments We use the equity method of accounting for investment in which we have the ability to exercise significant influence, but not control, over operating and financial policies of the investee. Our proportionate share of the net income or loss of these investees is included in our Consolidated Statements of Operations and Comprehensive Loss. Judgment regarding the level of influence over each equity method investment includes considering key factors such as our ownership interest, legal form of the investee, representation on the board of directors, participation in policy-making decisions and material intra-entity transactions. We evaluate equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable. Factors considered by the Company when reviewing an equity method investment for impairment include the length of time and the extent to which the fair value of the equity method investment has been less than its cost, the investee’s financial condition and near-term prospects and the intent and ability to hold the investment for a period of time sufficient to allow for anticipated recovery. An impairment that is other-than temporary is recognized in the period identified. We account for distributions received from equity method investees under the “nature of the distribution” approach. Under this approach, distributions received from equity method investees are classified on the basis of the nature of the activity or activities of the investee that generated the distribution as either a return on investment (classified as cash inflows from operating activities) or a return of investment (classified as cash inflows from investing activities). |
Deferred costs | Deferred costs Debt issue costs Legal, consulting, banking, accounting and other fees that are incremental and directly related to establishment of our revolving line of credit agreement have been capitalized and included as a component of other assets. These costs are being amortized to interest expense over the term of the revolving line of credit agreement on a straight-line basis. Debt discount and issue costs paid to lenders and third parties relating to outstanding debt, if any, are deferred and included as a reduction in the carrying amount of the debt. These deferred costs will be amortized as additional interest expense over the life of the debt using the interest method or on a straight-line basis, if not materially different. Offering costs Legal, consulting, banking, accounting and other fees that are incremental and directly related to anticipated equity offerings are capitalized as incurred and offset against proceeds received upon consummation of the offering as a component of additional paid-in capital. In the event an anticipated offering is terminated, such costs will be expensed. |
Warranty | Warranty Typically, the sale of Voyager Tracker projects includes parts warranties to customers as part of the overall price of the product. We provide standard assurance type warranties for our products for periods generally ranging five While we periodically monitor our warranty activities and claims, if actual costs incurred were to be different from our estimates, we would recognize adjustments to our warranty reserves in the period in which those differences arise or are identified. |
Stock-Based Compensation | Stock-based compensation We recognize compensation expense for all share-based payment awards made, including stock options and restricted stock, based on the estimated fair value of the award on the grant date, in the accompanying consolidated statement of operations and comprehensive loss. We calculate the fair value of stock options using the Black-Scholes Option-Pricing model, while the fair value of restricted stock grants is based on the estimated fair value of the Company's common stock on the date of grant. Since completion of our IPO, we consider the closing price of our stock, as reported on the Nasdaq Global Market, to be the fair value of our stock on the grant date. The Black-Scholes model relies on various assumptions, in addition to the exercise price of the option and the value of our common stock on the date of grant. These assumptions include: Expected Term: The expected term represents the period that the Company’s stock-based awards are expected to be outstanding and is calculated as the average of the option vesting and contractual terms, based on the simplified method. The simplified method deems the term to be the average of the time-to-vesting and the contractual life of the options. Expected Volatility: Since the Company did not have a trading history of its common stock prior to our IPO and since such trading history subsequent to our IPO is limited, the expected volatility is derived from the average historical stock volatilities of several public companies within the Company’s industry that it considers to be comparable to its business over a period equivalent to the expected term of the stock option grants. Risk-Free-Interest-Rate: The Company bases the risk-free interest rate on the implied yield available on US Treasury zero-coupon issues with a remaining term equivalent to the expected term. Expected Dividend: The Company has not issued any dividends in its history and does not expect to issue dividends over the life of the options and, therefore, has estimated the dividend yield to be zero. Forfeitures are accounted for as they occur. For service-based awards, stock-based compensation is recognized using the straight-line attribution approach over the requisite service period. For performance-based awards, stock-based compensation is recognized based on graded vesting over the requisite service period when the performance condition is probable of being achieved. |
Income taxes | Income taxes Pursuant to ASC 740, Accounting for Income Taxes, we use the asset and liability method for accounting for income taxes. Under this method, we recognize deferred tax liabilities and assets for the expected future tax consequences of temporary differences between the respective carrying amounts and tax basis of our assets and liabilities. Deferred tax balances are adjusted to reflect tax rates based on currently enacted tax laws, which will be in effect in the years in which the temporary differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period of the enactment date. We establish valuation allowances when necessary to reduce deferred tax assets to the amounts expected to be realized. On a quarterly basis, we evaluate the need for, and the adequacy of, valuation allowances based on the expected realization of our deferred tax assets. The factors used to assess the likelihood of realization include our latest forecast of future taxable income, available tax planning strategies that could be implemented, reversal of taxable temporary differences and carryback potential to realize the net deferred tax assets. We account for uncertain tax positions in accordance with authoritative guidance which prescribes a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. Our evaluations of tax positions consider various factors including, but not limited to, changes in tax law, the measurement of tax positions taken or expected to be taken in tax returns, the effective settlement of matters subject to audit, information obtained during in-process audit activities and changes in facts or circumstances related to a tax position. We accrue interest and penalties related to unrecognized tax benefits as a component of income tax expense. |
Functional currency | Functional currency The reporting currency of the Company is the U.S. dollar. We determine the functional currency of each subsidiary in accordance with ASC 830, Foreign Currency Matters, based on the currency of the primary economic environment in which each subsidiary operates. We translate the assets and liabilities of our non-U.S. dollar functional currency subsidiaries into U.S. dollars using exchange rates in effect at the end of each period. Revenues and expenses for these subsidiaries are translated using rates that approximate those in effect during the period. Gains and losses from these translations are recognized as a cumulative translation adjustment in “Accumulated other comprehensive loss” in stockholders’ equity (deficit) in the Consolidated Balance Sheets. The Company remeasures monetary assets and liabilities that are not denominated in the functional currency at exchange rates in effect at the end of each period. |
Revenue Recognition | Revenue recognition Product revenue includes revenue from the sale of Voyager Tracker and customized components of Voyager Tracker, individual part sales for certain specific transactions, and sale of term-based software licenses. Term-based software licenses are deployed on the customers’ own servers and have significant standalone functionality. Service revenue includes revenue from shipping and handling services, subscription fees from licensing subscription services, and maintenance and support services in connection with the term-based software licenses. Our subscription-based enterprise licensing model typically has contract terms ranging from one We recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which we expect to be entitled to in exchange for those goods or services by following a five-step process, (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when or as the Company satisfies a performance obligation, as further described below. Identify the contract with a customer: A contract with a customer exists when (i) the Company enters into an enforceable contract with a customer that defines each party’s rights regarding the products and services to be transferred and identifies the payment terms related to these products and services, (ii) the contract has commercial substance and, (iii) the Company determines that collection of substantially all consideration for products and services that are transferred is probable based on the customer’s intent and ability to pay the promised consideration. In assessing the recognition of revenue, we also evaluate whether two or more contracts should be combined and accounted for as one contract and if the combined or single contract should be accounted for as multiple performance obligations which could change the amount of revenue and profit (loss) recorded in a period. Change orders may include changes in specifications or design, manner of performance, equipment, materials, scope of work, and/or the period of completion of the project. We analyze change orders to determine if they should be accounted for as a modification to an existing contract or a new stand-alone contract. Contracts we enter into with our customers for sale of Voyager Trackers are generally under two different types of arrangements: (1) purchase agreements and equipment supply contracts (“Purchase Agreements”) and (2) sale of individual parts of the Voyager Tracker. Change orders from our customers are generally modifications to existing contracts and are included in the total estimated contract revenue when it is probable that the change order will result in additional value that can be reliably estimated and realized. Identify the performance obligations in the contract: We enter into contracts that can include various combinations of products and services, which are either capable of being distinct and accounted for as separate performance obligations or as one performance obligation since the majority of tasks and services are part of a single project or capability. However, determining whether products or services are considered distinct performance obligations that should be accounted for separately versus together may sometimes require significant judgment. Our Purchase Agreements typically include two performance obligations- 1) Voyager Tracker or customized components of Voyager Tracker, and 2) shipping and handling services. The deliverables included as part of the Voyager Tracker are predominantly accounted for as one performance obligation, as these deliverables are part of a combined promise to deliver a project. The revenue for shipping and handling services will be recognized over time based on progress in meeting shipping terms of the arrangements, as this faithfully depicts the Company’s performance in transferring control. Sale of individual parts of Voyager Tracker for certain specific transactions includes multiple performance obligations consisting of individual parts of the Voyager Tracker. Revenue is recognized for parts sales at a point in time when the obligations under the terms of the contract with our customer are satisfied. Generally, this occurs with the transfer of control of the asset, which is in line with shipping terms. Determine the transaction price: The transaction price is determined based on the consideration to which we will be entitled in exchange for transferring services to the customer. Such amounts are typically stated in the customer contract, and to the extent that we identify variable consideration, we will estimate the variable consideration at the onset of the arrangement as long as it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The majority of our contracts do not contain variable consideration provisions as a continuation of the original contract. None of our contracts contain a significant financing component. Taxes collected from customers and remitted to governmental authorities are not included in revenue. Allocate the transaction price to performance obligations in the contract: Once we have determined the transaction price, we allocate the total transaction price to each performance obligation in a manner depicting the amount of consideration to which we expect to be entitled in exchange for transferring the good(s) or service(s) to the customer. We allocate the transaction price to each performance obligation identified in the contract on a relative standalone selling price basis. We use the expected cost-plus margin approach based on hardware, labor, and related overhead cost to estimate the standalone selling price of the Voyager Tracker, customized components of Voyager Tracker, and individual parts of Voyager Tracker for certain specific transactions. We use the adjusted market assessment approach for all other performance obligations except shipping, handling, and logistics. For shipping, handling, and logistics performance obligations, we use a residual approach to calculate the standalone selling price, because of the nature of the highly variable and broad range of prices we charge to various customers for this performance obligation in the contracts. Recognize revenue when or as the Company satisfies a performance obligation : For each performance obligation identified, we determine at contract inception whether we satisfy the performance obligation over time or at a point in time. Voyager Tracker and customized components of Voyager Tracker performance obligations in the contract are satisfied over-time as work progresses for its custom assembled Voyager Tracker, utilizing an input measure of progress determined by cost-to-cost measures on these projects as this faithfully depicts our performance in transferring control. Additionally, our performance does not create an asset with an alternative use, due to the highly customized nature of the product, and we have an enforceable right to payment for performance completed to date. Our performance obligations for individual part sales for certain specific transactions are recognized point-in-time as and when control transfers based on the Incoterms for the contract. Our performance obligations for term-based software licenses are recognized point-in-time as and when control transfers, either upon delivery to the customer or the software license start date, whichever is later. Our performance obligation for shipping and handling services is satisfied over-time as the services are delivered over the term of the contract. We recognize subscription services sales/other services on a straight-line basis over the contract period. With regard to support revenue, a time-elapsed method is used to measure progress because we transfer control evenly over the contractual period. Accordingly, the fixed consideration related to support revenue is generally recognized on a straight-line basis over the contract term. Contract assets and liabilities: The timing of revenue recognition, billing, and cash collection results in the recognition of accounts receivable, unbilled receivables for revenue recognized in excess of billing, and deferred revenue in the Consolidated Balance Sheets. We may receive advances or deposits from our customers before revenue is recognized, resulting in contract liabilities, which are reflected as “deferred revenue” on our Consolidated Balance Sheets. Cost of revenue consists primarily of costs related to raw materials, freight and delivery, product warranty, and personnel costs (salaries, bonuses, benefits, and stock-based compensation). Personnel costs in cost of revenue include both direct labor costs as well as costs attributable to any individuals whose activities relate to the procurement, installment, and delivery of the finished product and services. Deferred cost of revenue results from the timing differences between the costs incurred in advance of the satisfaction of all revenue recognition criteria consistent with our revenue recognition policy. |
Research and development | Research and development Research and development costs are expensed as incurred and consist primarily of personnel costs, including salaries, bonuses, benefits, and stock-based compensation, along with other costs related to development of new products and services, as well as enhancing system performance, improving product reliability, reducing product cost, and simplifying installation. Research and development costs also include depreciation and allocated overhead. |
Advertising costs | Advertising costs Advertising costs are expensed as incurred and are included in selling and marketing expenses in the accompanying consolidated statements of operations and comprehensive loss. |
Concentration of Credit Risk | Concentrations of credit risk Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash and accounts receivable. We regularly maintain cash balances with various financial institutions that exceed federally insured amounts, but we have experienced no losses associated with these amounts to date. The Company extends credit to customers in the normal course of business, often without requiring collateral. The Company performs credit analyses and monitors the financial health of its customers to reduce credit risk. The Company’s accounts receivables are derived from revenue earned from customers primarily located in the U.S. and in the Asia Pacific region. No country other than the U.S. accounts for 10% or more of our revenue. Most of our customers are project developers, solar asset owners and engineering, procurement and construction (“EPC”) contractors that design and build solar energy projects. Often times, as discussed further in “Note 4. Accounts receivable, net”, a small number of customers account for a significant portion of our outstanding receivables period end and our total revenue for the year. |
Fair Value of Financial Instruments | Fair value of financial instruments Our financial instruments consist of cash, cash equivalents, restricted cash, accounts receivable, accounts payable, and debt obligations. Cash, cash equivalents, accounts receivable and accounts payable are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date. The carrying values of debt obligations bearing variable rates of interest are also considered to approximate fair value due to applicable interest rates resetting to market rates periodically. The fair value of our fixed-rate debt obligations will be impacted by changes in market rates for similar debt subsequent to our initial borrowings. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. A hierarchy for inputs used in measuring fair value has been defined to minimize the use of unobservable inputs by requiring the use of observable market data when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on active market data. Unobservable inputs we select reflect our assumptions about what market participants would use in pricing the asset or liability based on the best information currently available. The fair value hierarchy prioritizes the inputs into three broad levels: • Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities. • Level 2: Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability. • Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. We account for long-term debt on an amortized cost basis. |
Reclassifications | Reclassifications Certain prior year amounts in our balance sheet and income statement, along with supporting notes, have been reclassified to conform to the current year presentation, which provides additional captions compared to the prior year. In addition, we have separately disclosed cash payments for offering costs in 2020 in our cash flow statement. |
Recent Accounting Pronouncements | Recent accounting pronouncements Recently adopted accounting standards In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). ASU 2019-12 removes certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 also amends other aspects of the guidance to help simplify and promote consistent application of GAAP. We adopted ASU 2019-12 in the first quarter of 2021, and the adoption had no material impact to our consolidated financial statements. New accounting pronouncements not yet adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 changes the impairment model for most financial assets and requires the use of an expected loss model in place of the currently used incurred loss method. Under this model, entities will be required to estimate the lifetime expected credit loss on such instruments and record an allowance to offset the amortized cost basis of the financial asset, resulting in a net presentation of the amount expected to be collected on the financial asset. The update to the standard is effective for the Company for its fiscal year beginning after December 15, 2022, to the extent the Company remains an emerging growth company, and early adoption is permitted. The Company does not expect the adoption of ASU 2016-13 to have a material impact on its consolidated financial statements. |
Revision of previously issued_2
Revision of previously issued financial statements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Revision of Previously Issued Financial Statement | The following table summarizes the effect of the revision on the affected financial statement line items within the previously reported financial statements as of that date, and for the periods indicated. The errors impacted line items in the indirect method of reporting of operating cash flow and financing cash flow presentation as shown below: (in thousands) ​ ​ Year ended December 31, 2020 (As Previously Reported) ​ ​ Adjustments ​ ​ Year ended December 31, 2020 (As Revised) Cash flows from operating activities ​ ​ ​ ​ ​ ​ Impact on cash from changes in operating assets and liabilities ​ ​ ​ ​ ​ ​ Accounts payable ​ ​ $ 8,936 ​ ​ $ 1,140 ​ ​ $10,076 Net cash provided by (used in) operating activities ​ ​ $ (511) ​ ​ $ 1,140 ​ ​ $ 629 Cash flows from financing activities ​ ​ ​ ​ ​ ​ Offering costs paid ​ ​ $ — ​ ​ $(1,140) ​ ​ $ (1,140) Net cash provided by financing activities ​ ​ $23,784 ​ ​ $(1,140) ​ ​ $22,644 Supplemental disclosure of cash flow information ​ ​ ​ ​ ​ ​ Offering costs included in period end accruals ​ ​ $ — ​ ​ $ 449 ​ ​ $ 449 |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Depreciation of property and equipment using the method over their estimated useful lives | We depreciate our property and equipment using the straight-line method over their estimated useful lives, which generally are as follows: Category ​ ​ Depreciation period (in years) Leasehold improvements ​ ​ 3 Field equipment ​ ​ 5 Information technology equipment ​ ​ 3 Tooling ​ ​ 3 Capitalized software ​ ​ 3 |
Accounts receivable, net (Table
Accounts receivable, net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | |
Schedule of Accounts Receivable, Net | Accounts receivable consisted of the following: (in thousands) ​ ​ December 31, 2021 ​ ​ December 31, 2020 Trade receivables ​ ​ $ 38,597 ​ ​ $23,691 Revenue recognized in excess of billings ​ ​ 72,676 ​ ​ 1,224 Other receivables ​ ​ 147 ​ ​ 47 Total ​ ​ 111,420 ​ ​ 24,962 Allowance for doubtful accounts ​ ​ (3,872) ​ ​ (1,228) Accounts receivable, net ​ ​ $107,548 ​ ​ $23,734 |
Summary of changes in the Allowance for Doubtful Trade Receivables | Activity in the allowance for doubtful accounts for each period was as follows: ​ ​ Year ended December 31, (in thousands) ​ ​ 2021 ​ ​ 2020 ​ ​ 2019 Balance at beginning of period ​ ​ $ 1,228 ​ ​ $ 441 ​ ​ $ — Additions charged to earnings ​ ​ 4,045 ​ ​ 787 ​ ​ 441 Write-offs of uncollectible accounts ​ ​ (1,401) ​ ​ — ​ ​ — Balance at end of period ​ ​ $3,872 ​ ​ $1,228 ​ ​ $441 |
Inventories, net (Tables)
Inventories, net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories consisted of the following: (in thousands) ​ ​ December 31, 2021 ​ ​ December 31, 2020 Finished goods ​ ​ $8,950 ​ ​ $1,686 Allowance for slow-moving and obsolete inventory ​ ​ (90) ​ ​ — Total ​ ​ $8,860 ​ ​ $1,686 |
Schedule of Activity in Slow-moving and Obsolete Inventory | Activity in the allowance for slow-moving and obsolete inventory for each period was as follows: ​ ​ Year ended December 31, (in thousands) ​ ​ 2021 ​ ​ 2020 ​ ​ 2019 Balance at beginning of period ​ ​ $— ​ ​ $— ​ ​ $— Additions charged to earnings ​ ​ 90 ​ ​ — ​ ​ — Write-offs of obsolete inventory ​ ​ — ​ ​ — ​ ​ — Balance at end of period ​ ​ $90 ​ ​ $— ​ ​ $— |
Prepaid and other current ass_2
Prepaid and other current assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Schedule of Prepaid and Other Current Assets | Prepaid and other current assets consisted of the following: (in thousands) ​ ​ December 31, 2021 ​ ​ December 31, 2020 Vendor deposits ​ ​ $13,098 ​ ​ $4,205 Prepaid expenses ​ ​ 2,301 ​ ​ 821 Prepaid taxes ​ ​ 269 ​ ​ 222 Deferred cost of revenue ​ ​ — ​ ​ 992 Surety collateral ​ ​ 460 ​ ​ 113 Other current assets ​ ​ 1,058 ​ ​ 571 Total ​ ​ $17,186 ​ ​ $6,924 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Summary of Lease Expense | Our lease expense consisted of the following: ​ ​ Year ended December 31, (in thousands) ​ ​ 2021 ​ ​ 2020 ​ ​ 2019 Operating lease cost ​ ​ $458 ​ ​ $288 ​ ​ $286 Variable lease cost ​ ​ — ​ ​ — ​ ​ — Short-term lease cost ​ ​ 100 ​ ​ 31 ​ ​ 4 Total lease cost ​ ​ $558 ​ ​ $319 ​ ​ $290 ​ ​ ​ ​ ​ ​ Reported in: ​ ​ ​ ​ ​ ​ Cost of revenue ​ ​ $239 ​ ​ $ 38 ​ ​ $ — Research and development ​ ​ 39 ​ ​ — ​ ​ — Selling and marketing ​ ​ 1 ​ ​ 3 ​ ​ — General and administrative ​ ​ 279 ​ ​ 278 ​ ​ 290 Total lease cost ​ ​ $558 ​ ​ $319 ​ ​ $290 |
Summary of Future Remaining Lease Payments Obligations | Future remaining operating lease payment obligations were as follows: (in thousands) ​ ​ December 31, 2021 2022 ​ ​ $ 567 2023 ​ ​ 520 2024 ​ ​ 511 2025 ​ ​ 446 2026 ​ ​ 54 Thereafter ​ ​ — Total lease payments ​ ​ 2,098 Less: imputed interest ​ ​ (306) Present value of operating lease liabilities ​ ​ $1,792 ​ ​ Current portion of operating lease liability ​ ​ $ 452 Operating lease liability, net of current portion ​ ​ 1,340 Present value of operating lease liabilities ​ ​ $1,792 |
Property and equipment, net (Ta
Property and equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consisted of the following: (in thousands) ​ ​ December 31, 2021 ​ ​ December 31, 2020 Leasehold improvements ​ ​ $ 22 ​ ​ $ 11 Field equipment ​ ​ 833 ​ ​ 66 Information technology equipment ​ ​ 182 ​ ​ — Tooling ​ ​ 543 ​ ​ — Capitalized software ​ ​ 250 ​ ​ 250 Total ​ ​ 1,830 ​ ​ 327 Accumulated depreciation ​ ​ (248) ​ ​ (16) Property and equipment, net ​ ​ $1,582 ​ ​ $311 |
Schedule of Depreciation Expense | We recognized depreciation expense associated with our property and equipment each period as follows: ​ ​ Year ended December 31, (in thousands) ​ ​ 2021 ​ ​ 2020 ​ ​ 2019 Tangible asset depreciation ​ ​ $170 ​ ​ $14 ​ ​ $12 Capitalized software depreciation ​ ​ 62 ​ ​ — ​ ​ — Total depreciation expense ​ ​ $232 ​ ​ $14 ​ ​ $12 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Debt consisted of the following: (in thousands) ​ ​ December 31, 2021 ​ ​ December 31, 2020 Revolving line of credit ​ ​ $— ​ ​ $ 1,000 Paycheck Protection Program loan ​ ​ — ​ ​ 784 Total debt ​ ​ — ​ ​ 1,784 Less: short-term debt ​ ​ — ​ ​ (1,000) Long-term debt ​ ​ $— ​ ​ $ 784 |
Accrued expenses and other cu_2
Accrued expenses and other current liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accrued Expenses and Other Current Liabilities Abstract | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following: (in thousands) ​ ​ December 31, 2021 ​ ​ December 31, 2020 Accrued cost of revenue ​ ​ $43,185 ​ ​ $ 7,812 Accrued compensation ​ ​ 981 ​ ​ 2,869 Other accrued expenses ​ ​ 3,694 ​ ​ 2,874 Total accrued expenses ​ ​ $47,860 ​ ​ $13,555 ​ ​ ​ ​ Warranty reserves ​ ​ $ 4,032 ​ ​ $ 3,985 Current portion of operating lease liability ​ ​ 452 ​ ​ 230 Non-federal tax obligations ​ ​ 172 ​ ​ 635 Other ​ ​ — ​ ​ 11 Total other current liabilities ​ ​ $ 4,656 ​ ​ $ 4,861 |
Schedule of warranty accruals | Activity by period in the Company's warranty accruals was as follows: ​ ​ Year ended December 31, (in thousands) ​ ​ 2021 ​ ​ 2020 ​ ​ 2019 Balance at beginning of period ​ ​ $ 6,811 ​ ​ $ 2,057 ​ ​ $ — Warranties issued during the period ​ ​ 8,588 ​ ​ 7,866 ​ ​ 2,057 Settlements made during the period ​ ​ (5,270) ​ ​ (3,111) ​ ​ — Changes in liability for pre-existing warranties ​ ​ (783) ​ ​ (1) ​ ​ — Balance at end of period ​ ​ $ 9,346 ​ ​ $ 6,811 ​ ​ $ 2,057 ​ ​ ​ ​ ​ ​ Accrued warranty balance reported in: ​ ​ ​ ​ ​ ​ Other current liabilities ​ ​ $ 4,032 ​ ​ $ 3,985 ​ ​ $ 1,368 Other non-current liabilities ​ ​ 5,314 ​ ​ 2,826 ​ ​ 689 Balance at end of period ​ ​ $ 9,346 ​ ​ $ 6,811 ​ ​ $ 2,057 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of components of income before income taxes | The components of income before income taxes were as follows: ​ ​ Year ended December 31, (in thousands) ​ ​ 2021 ​ ​ 2020 ​ ​ 2019 United States ​ ​ $(106,467) ​ ​ $(16,269) ​ ​ $(13,534) Foreign ​ ​ 47 ​ ​ 262 ​ ​ — Total loss before income taxes ​ ​ $(106,420) ​ ​ $(16,007) ​ ​ $(13,534) |
Schedule of provisions (benefits) for income taxes | The provisions (benefits) for income taxes and the reasons for the differences between the provisions (benefits) for income taxes and income tax provisions (benefits) using the U.S. federal income tax rate were as follows: ​ ​ Year ended December 31, (in thousands) ​ ​ 2021 ​ ​ 2020 ​ ​ 2019 Current - ​ ​ ​ ​ ​ ​ Federal ​ ​ $ — ​ ​ $ ( 159 ​ ​ $ — State ​ ​ 196 ​ ​ 1 ​ ​ (36) Foreign ​ ​ (27) ​ ​ 78 ​ ​ — ​ ​ 169 ​ ​ (80) ​ ​ (36) Deferred - ​ ​ ​ ​ ​ ​ Federal ​ ​ — ​ ​ (3) ​ ​ (3) State ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (3) ​ ​ (3) Provision (benefit) for income taxes ​ ​ $ 169 ​ ​ $ ( 83 ​ ​ $ ( 39 ​ ​ ​ ​ ​ ​ Federal income tax provision (benefit) at statutory rate ​ ​ $(22,348) ​ ​ $(3,362) ​ ​ $(2,842) State taxes, net of federal ​ ​ (1,744) ​ ​ (215) ​ ​ (551) Research and experimentation tax credit ​ ​ (342) ​ ​ (179) ​ ​ (118) Change in valuation allowance ​ ​ 28,361 ​ ​ 3,523 ​ ​ 3,184 Stock compensation ​ ​ (6,863) ​ ​ 406 ​ ​ 225 Dividends received deduction ​ ​ — ​ ​ (308) ​ ​ — Section 162m limitation on executive compensation ​ ​ 2,467 ​ ​ — ​ ​ — Permanent differences and other ​ ​ 638 ​ ​ 52 ​ ​ 63 Provision (benefit) for income taxes ​ ​ $ 169 ​ ​ $ ( 83 ​ ​ $ ( 39 |
Schedule of components of deferred tax assets and liabilities | The components of deferred tax assets and liabilities were as follows: (in thousands) ​ ​ December 31, 2021 ​ ​ December 31, 2020 Deferred tax assets: ​ ​ ​ ​ Fixed assets and intangibles ​ ​ $ 17 ​ ​ $ 135 Leases ​ ​ 378 ​ ​ 106 Accrued expenses ​ ​ 2,741 ​ ​ 2,066 Net operating loss carryforward ​ ​ 31,868 ​ ​ 6,679 Stock options ​ ​ 5,508 ​ ​ — Investment difference ​ ​ — ​ ​ 148 R&D credit carryforward ​ ​ 616 ​ ​ 325 Other ​ ​ 402 ​ ​ — Subtotal ​ ​ 41,530 ​ ​ 9,459 Less: valuation allowance ​ ​ (40,760) ​ ​ (9,297) Total deferred tax assets ​ ​ 770 ​ ​ 162 ​ ​ ​ ​ Deferred tax liabilities: ​ ​ ​ ​ Leases ​ ​ (370) ​ ​ (101) Prepaid expenses ​ ​ (400) ​ ​ (61) Total deferred tax liability ​ ​ (770) ​ ​ (162) Net deferred tax asset (liability) ​ ​ $ — ​ ​ $ — |
Schedule of changes in our accruals for unrecognized tax benefits | We account for uncertainty in taxes in accordance with authoritative guidance. Changes in our accruals for unrecognized tax benefits were as follows: ​ ​ Year ended December 31, (in thousands) ​ ​ 2021 ​ ​ 2020 Balance at beginning of period ​ ​ $81 ​ ​ $45 Increase for tax positions related to the current year ​ ​ 636 ​ ​ 36 Decrease for tax positions related to prior years ​ ​ — ​ ​ — Balance at end of period ​ ​ $717 ​ ​ $81 |
Stock compensation and other _2
Stock compensation and other employee benefit plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock compensation expense | Stock compensation expense for each period was as follows: (in thousands) ​ ​ 2021 ​ ​ 2020 ​ ​ 2019 Cost of revenue ​ ​ $ 8,094 ​ ​ $ 322 ​ ​ $176 Research and development ​ ​ 3,657 ​ ​ 57 ​ ​ 51 Selling and marketing ​ ​ 2,056 ​ ​ 38 ​ ​ 26 General and administrative ​ ​ 47,958 ​ ​ 1,401 ​ ​ 653 Total stock compensation expense ​ ​ $61,765 ​ ​ $1,818 ​ ​ $906 |
Summary of outstanding option awards activity | Information relating to our outstanding option awards was as follows: Options ​ ​ Shares ​ ​ Weighted- average exercise price ​ ​ Weighted- average remaining contractual term (in years) ​ ​ Average intrinsic value (in thousands) Outstanding as of December 31, 2020 ​ ​ 8,524,997 ​ ​ $0.23 ​ ​ ​ ​ Granted ​ ​ 2,107,500 ​ ​ 8.14 ​ ​ ​ ​ Exercised ​ ​ (2,838,464) ​ ​ 0.11 ​ ​ ​ ​ Forfeited and expired ​ ​ (255,768) ​ ​ 0.48 ​ ​ ​ ​ Outstanding as of December 31, 2021 ​ ​ 7,538,265 ​ ​ $2.48 ​ ​ 7.41 ​ ​ $39,500 ​ ​ ​ ​ ​ ​ ​ ​ Vested at December 31, 2021 or expected to vest in the future ​ ​ 7,538,265 ​ ​ $2.48 ​ ​ 7.41 ​ ​ $39,500 Exercisable at December 31, 2021 ​ ​ 4,253,458 ​ ​ $0.24 ​ ​ 6.23 ​ ​ $31,139 ​ ​ ​ ​ ​ ​ ​ ​ At December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ Stock-based compensation cost not yet recognized (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ $10,301 Weighted-average remaining expense recognition period (in years) ​ ​ ​ ​ ​ ​ ​ ​ 5.03 |
Summary of option awards Activity | Assumptions used to value option awards were as follows: ​ ​ Year ended December 31, ​ ​ 2021 ​ ​ 2020 ​ ​ 2019 Black-Scholes-Merton pricing formula weighted-average assumptions: ​ ​ ​ ​ ​ ​ Expected life (in years) ​ ​ 7.72 ​ ​ 6.07 ​ ​ 5.92 Risk-free interest rate ​ ​ 1.32% ​ ​ 1.60% ​ ​ 1.94% Volatility ​ ​ 56.47% ​ ​ 51.57% ​ ​ 52.90% Dividend yield ​ ​ 0.00% ​ ​ 0.00% ​ ​ 0.00% ​ ​ ​ ​ ​ ​ Valuations: ​ ​ ​ ​ ​ ​ Grant-date fair value per option (post-split) ​ ​ $ 4.79 ​ ​ $ 2.86 ​ ​ $ 1.29 Intrinsic value of options exercised (in thousands) ​ ​ $22,852 ​ ​ $ ​ ​ $ Average intrinsic value per share of options exercised ​ ​ $ 8.05 ​ ​ $ ​ ​ $ |
Summary of outstanding restricted stock unit and restricted stock awards | Information relating to our outstanding restricted stock unit and restricted stock awards was as follows: ​ ​ Shares ​ ​ Weighted- average grant date fair value Restricted stock units: ​ ​ ​ ​ Nonvested as of December 31, 2020 ​ ​ 12,943,811 ​ ​ $3.15 Granted ​ ​ 5,470,137 ​ ​ 7.72 Vested ​ ​ (12,883,918) ​ ​ 3.87 Forfeited ​ ​ (388,561) ​ ​ 4.68 Nonvested as of December 31, 2021 ​ ​ 5,141,469 ​ ​ $6.08 ​ ​ ​ ​ Restricted stock awards: ​ ​ ​ ​ Nonvested as of December 31, 2020 ​ ​ 1,169,601 ​ ​ $0.07 Granted ​ ​ — ​ ​ — Vested ​ ​ (1,169,601) ​ ​ 0.07 Forfeited ​ ​ — ​ ​ — Nonvested as of December 31, 2021 ​ ​ — ​ ​ $ — ​ ​ ​ ​ ​ ​ Shares ​ ​ Weighted- average grant date fair value At December 31, 2021: ​ ​ ​ ​ Stock-based compensation cost not yet recognized (in thousands) ​ ​ ​ ​ $21,396 Weighted-average remaining expense recognition period (in years) ​ ​ ​ ​ 2.95 |
Earnings (loss) per share (Tabl
Earnings (loss) per share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Income (Loss) Per Share | ​ ​ Year ended December 31, ​ ​ 2021 ​ ​ 2020 ​ ​ 2019 Net loss (in thousands) ​ ​ $ ( 106,589 ​ ​ $ ( 15,924 ​ ​ $ ( 13,495 Weighted average shares outstanding for calculating basic and diluted loss per share ​ ​ 86,043,051 ​ ​ 68,810,533 ​ ​ 62,043,383 Basic and diluted loss per share ​ ​ $ (1.24) ​ ​ $ (0.23) ​ ​ $ (0.22) |
Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Income Per Share | For purposes of computing diluted loss per share, weighted average common shares outstanding do not include potentially dilutive securities that are anti-dilutive, as shown below. ​ ​ As of December 31, ​ ​ 2021 ​ ​ 2020 ​ ​ 2019 Anti-dilutive securities excluded from calculating dilutive loss per share: ​ ​ ​ ​ ​ ​ Shares of common stock issuable under stock option plans outstanding ​ ​ 7,538,265 ​ ​ 8,524,997 ​ ​ 8,081,738 Shares of common stock issuable upon vesting of restricted stock units ​ ​ 5,141,469 ​ ​ 14,121,666 ​ ​ 5,249,324 Potential common shares excluded from diluted net loss per share calculation ​ ​ 12,679,734 ​ ​ 22,646,663 ​ ​ 13,331,062 |
Quarterly information (unaudi_2
Quarterly information (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly information | The table below shows the revised information for the three months ended June 30, 2021, as well as the reported information for the other periods. ​ ​ Three months ended (in thousands, except loss per share) ​ ​ March 31, 2021 ​ ​ June 30, 2021 ​ ​ September 30, 2021 ​ ​ December 31, 2021 Revenue ​ ​ $65,707 ​ ​ $ 50,108 ​ ​ $ 52,989 ​ ​ $101,721 Gross profit (loss) ​ ​ $ 119 ​ ​ $(16,050) ​ ​ $ ( 8,039 ​ ​ $ ( 8,575 Net loss ​ ​ $(7,442) ​ ​ $(52,350) ​ ​ $(22,915) ​ ​ $(23,882) Loss per share: ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ $ (0.11) ​ ​ $ (0.61) ​ ​ $ (0.24) ​ ​ $ (0.25) Diluted ​ ​ $ (0.11) ​ ​ $ (0.61) ​ ​ $ (0.24) ​ ​ $ (0.25) Earnings (loss) per share in the table below reflects the retroactive impact of the Forward Stock Split described above on the weighted average shares outstanding each period used to determine basic and diluted earnings (loss) per share. ​ ​ Three months ended (in thousands, except loss per share) ​ ​ March 31, 2020 ​ ​ June 30, 2020 ​ ​ September 30, 2020 ​ ​ December 31, 2020 Revenue ​ ​ $32,376 ​ ​ $51,157 ​ ​ $59,640 ​ ​ $44,179 Gross profit (loss) ​ ​ $ 6,980 ​ ​ $ ( 1,382 ​ ​ $ 2,866 ​ ​ $ (4,825) Net income (loss) ​ ​ $ 3,420 ​ ​ $ (6,776) ​ ​ $ (2,840) ​ ​ $ (9,728) Earnings (loss) per share: ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ $ 0.05 ​ ​ $ (0.09) ​ ​ $ (0.04) ​ ​ $ (0.15) Diluted ​ ​ $ 0.04 ​ ​ $ (0.09) ​ ​ $ (0.04) ​ ​ $ (0.15) |
Description of business - Addit
Description of business - Additional Information (Details) - USD ($) $ in Thousands | Apr. 30, 2021 | Apr. 28, 2021 | Jan. 13, 2017 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Description Of Business [Line Items] | ||||||
Stock issuance costs | $ 5,948 | $ 1,140 | $ 0 | |||
Stock split | 8.25-for-1 | |||||
SunEdison Utility Holdings, Inc. [Member] | ||||||
Description Of Business [Line Items] | ||||||
Payments to acquire assets | $ 6,000 | |||||
IPO [Member] | ||||||
Description Of Business [Line Items] | ||||||
Issuance of common stock (in shares) | 19,840,000 | 4,455,384 | ||||
Proceeds from IPO | $ 241,200 | |||||
Purchase cost of shares | $ 54,200 | |||||
Stock split | 8.25-for-1 |
Revision of previously issued_3
Revision of previously issued financial statements - Schedule of Consolidated Statement of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Impact on cash from changes in operating assets and liabilities | |||
Accounts payable | $ 21,659 | $ 10,076 | $ 7,781 |
Net cash provided by (used in) operating activities | (132,854) | 629 | (254) |
Cash flows from financing activities | |||
Offering costs paid | (5,948) | (1,140) | 0 |
Net cash provided by financing activities | 180,369 | 22,644 | 7,000 |
Supplemental disclosures of cash flow information: | |||
Offering costs included in period end accruals | $ 0 | (449) | $ 0 |
As Previously Reported | |||
Impact on cash from changes in operating assets and liabilities | |||
Accounts payable | 8,936 | ||
Net cash provided by (used in) operating activities | (511) | ||
Cash flows from financing activities | |||
Offering costs paid | 0 | ||
Net cash provided by financing activities | 23,784 | ||
Supplemental disclosures of cash flow information: | |||
Offering costs included in period end accruals | 0 | ||
Adjustments | |||
Impact on cash from changes in operating assets and liabilities | |||
Accounts payable | 1,140 | ||
Net cash provided by (used in) operating activities | 1,140 | ||
Cash flows from financing activities | |||
Offering costs paid | (1,140) | ||
Net cash provided by financing activities | (1,140) | ||
Supplemental disclosures of cash flow information: | |||
Offering costs included in period end accruals | 449 | ||
As Revised | |||
Impact on cash from changes in operating assets and liabilities | |||
Accounts payable | 10,076 | ||
Net cash provided by (used in) operating activities | 629 | ||
Cash flows from financing activities | |||
Offering costs paid | (1,140) | ||
Net cash provided by financing activities | 22,644 | ||
Supplemental disclosures of cash flow information: | |||
Offering costs included in period end accruals | $ 449 |
Summary of significant accoun_4
Summary of significant accounting policies - Additional Information (Details) $ / shares in Units, $ in Millions | Apr. 28, 2021$ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020$ / sharesshares | Mar. 31, 2020shares |
Stock split | 8.25-for-1 | |||
Forward stock split | 8.25 | |||
Cash and cash equivalents | $ 102.2 | |||
Estimated Useful Life | 3 years | |||
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | |
Common stock, shares issued | shares | 92,619,641 | 66,155,340 | 9,162,976 | |
Borrowing Capacity | $ 100 | |||
Requirement to maintain minimum liquidity limit each quarter | 125 | |||
Available liquidity after considering financial condition | $ 77.2 | |||
Concentrations of credit risk, percentage | 10.00% | |||
Common stock, shares outstanding | shares | 92,619,641 | 66,155,340 | ||
Increase in common stock issued and outstanding | shares | 8.25 | |||
Warranty description | We provide standard assurance type warranties for our products for periods generally ranging from five to ten years. | |||
Minimum [Member] | ||||
Subscription revenue contract terms | 1 year | |||
Product warranty life | 5 years | |||
Maximum [Member] | ||||
Subscription revenue contract terms | 2 years | |||
Product warranty life | 10 years |
Summary of significant accoun_5
Summary of significant accounting policies - Summary of property and equipment (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property Plant And Equipment Useful Life | 3 years |
Field Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property Plant And Equipment Useful Life | 5 years |
Information Technology Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property Plant And Equipment Useful Life | 3 years |
Tooling [Member] | |
Property, Plant and Equipment [Line Items] | |
Property Plant And Equipment Useful Life | 3 years |
Capitalized Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Property Plant And Equipment Useful Life | 3 years |
Accounts receivable, net - Sche
Accounts receivable, net - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | ||
Trade receivables | $ 38,597 | $ 23,691 |
Revenue recognized in excess of billings | 72,676 | 1,224 |
Other receivables | 147 | 47 |
Total | 111,420 | 24,962 |
Allowance for doubtful accounts | (3,872) | (1,228) |
Accounts Receivable, net | $ 107,548 | $ 23,734 |
Accounts receivable, net - Summ
Accounts receivable, net - Summary of Changes in the Allowance for Doubtful Trade Receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | |||
Balance at beginning of period | $ 1,228 | $ 441 | $ 0 |
Additions charged to earnings | 4,045 | 787 | 441 |
Write-offs of uncollectible accounts | (1,401) | 0 | 0 |
Balance at end of period | $ 3,872 | $ 1,228 | $ 441 |
Accounts receivable, net (Addit
Accounts receivable, net (Additional Information) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)Number of customer | Dec. 31, 2020USD ($)Number of customer | Dec. 31, 2019Number of customer | |
Accounts Notes And Loans Receivable [Line Items] | |||
Retainage provisions included in receivables | $ | $ 11.6 | $ 4.5 | |
Accounts Receivable [Member] | Credit Concentration Risk [Member] | Major Customer [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Number of customer | 4 | 3 | |
Accounts Receivable [Member] | Credit Concentration Risk [Member] | Customer One [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Concentration Risk, Percentage | 29.00% | 32.00% | |
Accounts Receivable [Member] | Credit Concentration Risk [Member] | Customer Two [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Concentration Risk, Percentage | 23.00% | 25.00% | |
Accounts Receivable [Member] | Credit Concentration Risk [Member] | Customer Three [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Concentration Risk, Percentage | 19.00% | 14.00% | |
Accounts Receivable [Member] | Credit Concentration Risk [Member] | Customer Four [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Concentration Risk, Percentage | 18.00% | ||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Major Customer [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Number of customer | 3 | 4 | 3 |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer One [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Concentration Risk, Percentage | 37.00% | 21.00% | 59.00% |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer Two [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Concentration Risk, Percentage | 20.00% | 19.00% | 21.00% |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer Three [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Concentration Risk, Percentage | 15.00% | 10.00% | 13.00% |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | Customer Four [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Concentration Risk, Percentage | 10.00% |
Inventories, net - Schedule of
Inventories, net - Schedule of inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||||
Finished goods | $ 8,950 | $ 1,686 | ||
Allowance for slow-moving and obsolete inventory | (90) | 0 | $ 0 | $ 0 |
Inventory, Net, Total | $ 8,860 | $ 1,686 |
Inventories, net - Schedule o_2
Inventories, net - Schedule of Activity in Slow-moving and Obsolete Inventory (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |||
Balance at beginning of period | $ 0 | $ 0 | $ 0 |
Additions charged to earnings | 90 | 0 | 0 |
Write-offs of obsolete inventory | 0 | 0 | 0 |
Balance at end of period | $ 90 | $ 0 | $ 0 |
Prepaid and other current ass_3
Prepaid and other current assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Vendor deposits | $ 13,098 | $ 4,205 |
Prepaid expense | 2,301 | 821 |
Prepaid taxes | 269 | 222 |
Deferred cost of revenue | 0 | 992 |
Surety collateral | 460 | 113 |
Other current assets | 1,058 | 571 |
Prepaid expenses and other current assets, Total | $ 17,186 | $ 6,924 |
Leases - Summary of Lease Expen
Leases - Summary of Lease Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lessee, Lease, Description [Line Items] | |||
Operating lease cost | $ 458 | $ 288 | $ 286 |
Variable lease cost | 0 | 0 | 0 |
Short-term lease cost | 100 | 31 | 4 |
Total lease cost | 558 | 319 | 290 |
Cost of Revenue [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Total lease cost | 239 | 38 | 0 |
Research and Development [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Total lease cost | 39 | 0 | 0 |
Selling and Marketing [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Total lease cost | 1 | 3 | 0 |
General and Administrative [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Total lease cost | $ 279 | $ 278 | $ 290 |
Leases - Summary of Future Rema
Leases - Summary of Future Remaining Lease Payments Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2022 | $ 567 | |
2023 | 520 | |
2024 | 511 | |
2025 | 446 | |
2026 | 54 | |
Thereafter | 0 | |
Total lease payments | 2,098 | |
Less: imputed interest | (306) | |
Current portion of operating lease liability | 452 | $ 230 |
Operating lease liability, net of current portion | 1,340 | $ 355 |
Present value of operating lease liabilities | $ 1,792 |
Leases (Additional Information)
Leases (Additional Information) (Details) | Dec. 31, 2021 |
Leases [Abstract] | |
Weighted average discount rate | 5.00% |
Weighted average remaining lease term | 3 years 10 months 24 days |
Property and equipment, net - S
Property and equipment, net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 1,830 | $ 327 |
Accumulated depreciation | (248) | (16) |
Property and equipment, net | 1,582 | 311 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 22 | 11 |
Field Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 833 | 66 |
Information Technology Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 182 | 0 |
Tooling [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 543 | 0 |
Capitalized Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 250 | $ 250 |
Property and equipment, net -_2
Property and equipment, net - Schedule of Depreciation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Total depreciation expense | $ 232 | $ 14 | $ 12 |
Tangible Asset [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total depreciation expense | 170 | 14 | 12 |
Capitalized Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Total depreciation expense | $ 62 | $ 0 | $ 0 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Total debt | $ 0 | $ 1,784 |
Less: short-term debt | 0 | (1,000) |
Long-term debt | 0 | 784 |
Revolving Line of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 0 | 1,000 |
Paycheck Protection Program loan [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 0 | $ 784 |
Debt - Additional Information (
Debt - Additional Information (Details) $ in Thousands | Apr. 30, 2021USD ($) | Jan. 20, 2021USD ($) | Apr. 30, 2020USD ($) | Jun. 17, 2019 | Dec. 31, 2021USD ($)shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($) | Mar. 31, 2020shares | Jul. 17, 2019USD ($) |
Debt Instrument [Line Items] | |||||||||
Common stock issued for notes purchased | shares | 92,619,641 | 66,155,340 | 9,162,976 | ||||||
Amortization of debt issuance cost | $ 461 | $ 0 | $ 0 | ||||||
Gain (loss) on extinguishment of debt | 790 | $ (116) | $ 0 | ||||||
Barclays Bank PLC [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Initial margins | 3.25% | ||||||||
Barclays Bank PLC [Member] | Letter of Credit [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Liquidity ratio amount, minimum limit | $ 125,000 | ||||||||
Leverage ratio | 3.75 | ||||||||
Interest coverage ratio | 1.5 | ||||||||
Line of credit facility, covenant compliance | As of December 31, 2021, we were in full compliance with our financial condition covenant. | ||||||||
Revolving Line of Credit [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Unamortized debt issuance cost | $ 1,600 | ||||||||
Debt issuance costs | 2,100 | ||||||||
Revolving Line of Credit [Member] | Western Alliance Bank [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Principal amount | $ 1,000 | ||||||||
Maturity period | 2 years | ||||||||
Initial margins | 5.50% | ||||||||
Line of credit, outstanding balance | $ 1,000 | ||||||||
Revolving Line of Credit [Member] | Barclays Bank PLC [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity period | 3 years | ||||||||
Initial Commitment Fees | 0.50% | ||||||||
Revolving Line of Credit [Member] | Barclays Bank PLC [Member] | Letter of Credit [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Aggregate commitments | $ 100,000 | ||||||||
Initial Commitment Fees | 3.25% | ||||||||
Line of credit facility, covenant terms | The Credit Agreement includes the following financial condition covenants that we are required to satisfy: (i) maintain a minimum liquidity limit of $125 million for each quarter; (ii) maintain a 3.75 times leverage ratio; and (iii) maintain a 1.5 times interest coverage ratio. The leverage and interest coverage ratios will be triggered when we achieve $50 million in adjusted EBITDA over a trailing twelve months, or upon our election if we have achieved positive adjusted EBITDA over a trailing twelve months. Once the leverage and interest coverage ratios are triggered the minimum liquidity limit will not have a minimum limit. Minimum liquidity includes unrestricted cash plus the undrawn balance of the revolving credit facility. The minimum liquidity covenant was the only financial condition covenant we had to satisfy as of the period ended December 31, 2021 | ||||||||
Credit facility revolver fees | $ 50,000 | ||||||||
Paycheck Protection Program loan [Member] | CARES Act [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Maturity period | 2 years | ||||||||
Initial margins | 1.00% | ||||||||
Loans received | $ 800 | ||||||||
Gain (loss) on extinguishment of debt | $ 800 |
Accrued expenses and other cu_3
Accrued expenses and other current liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Accrued Expenses and Other Current Liabilities Abstract | |||
Accrued cost of revenue | $ 43,185 | $ 7,812 | |
Accrued compensation | 981 | 2,869 | |
Other accrued expenses | 3,694 | 2,874 | |
Total accrued expenses | 47,860 | 13,555 | |
Warranty reserves | 4,032 | 3,985 | $ 1,368 |
Current portion of operating lease liability | $ 452 | $ 230 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Total other current liabilities | Total other current liabilities | |
Non-federal tax obligations | $ 172 | $ 635 | |
Other | 0 | 11 | |
Total other current liabilities | $ 4,656 | $ 4,861 |
Accrued expenses and other cu_4
Accrued expenses and other current liabilities - Schedule of warranty accruals (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accrued Expenses and Other Current Liabilities Abstract | |||
Balance at beginning of period | $ 6,811 | $ 2,057 | $ 0 |
Warranties issued during the period | 8,588 | 7,866 | 2,057 |
Settlements made during the period | (5,270) | (3,111) | 0 |
Changes in liability for pre-existing warranties | (783) | (1) | 0 |
Balance at end of period | 9,346 | 6,811 | 2,057 |
Accrued warranty balance reported in: | |||
Other current liabilities | 4,032 | 3,985 | 1,368 |
Other non-current liabilities | 5,314 | 2,826 | 689 |
Balance at end of period | $ 9,346 | $ 6,811 | $ 2,057 |
Income taxes - Schedule of comp
Income taxes - Schedule of components of income before income taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Contingency [Line Items] | |||
Loss before income taxes | $ (106,420) | $ (16,007) | $ (13,534) |
United States [Member] | |||
Income Tax Contingency [Line Items] | |||
Loss before income taxes | (106,467) | (16,269) | (13,534) |
Foreign [Member] | |||
Income Tax Contingency [Line Items] | |||
Loss before income taxes | $ 47 | $ 262 | $ 0 |
Income taxes - Schedule of prov
Income taxes - Schedule of provisions (benefits) for income taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current - | |||
Federal | $ 0 | $ (159) | $ 0 |
State | 196 | 1 | (36) |
Foreign | (27) | 78 | 0 |
Total current expense | 169 | (80) | (36) |
Deferred - | |||
Federal | 0 | (3) | (3) |
State | 0 | 0 | 0 |
Total deferred taxes | 0 | (3) | (3) |
Provision (benefit) for income taxes | 169 | (83) | (39) |
Federal income tax provision (benefit) at statutory rate | (22,348) | (3,362) | (2,842) |
State taxes, net of federal | (1,744) | (215) | (551) |
Research and experimentation tax credit | (342) | (179) | (118) |
Change in valuation allowance | 28,361 | 3,523 | 3,184 |
Stock compensation | (6,863) | 406 | 225 |
Dividends received deduction | 0 | (308) | 0 |
Limitation On Executive Compensation Deduction | 2,467 | 0 | 0 |
Permanent differences and other | $ 638 | $ 52 | $ 63 |
Income taxes - Schedule of co_2
Income taxes - Schedule of components of deferred tax assets and liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Fixed assets and intangibles | $ 17 | $ 135 |
Leases | 378 | 106 |
Accrued expenses | 2,741 | 2,066 |
Net operating loss carryforward | 31,868 | 6,679 |
Stock options | 5,508 | 0 |
Investment difference | 0 | 148 |
R&D credit carryforward | 616 | 325 |
Other | 402 | 0 |
Subtotal | 41,530 | 9,459 |
Less: valuation allowance | (40,760) | (9,297) |
Total deferred tax assets | 770 | 162 |
Deferred tax liabilities: | ||
Leases | (370) | (101) |
Prepaid expenses | (400) | (61) |
Total deferred tax liability | (770) | (162) |
Net deferred tax asset (liability) | $ 0 | $ 0 |
Income taxes - Additional Infor
Income taxes - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Contingency [Line Items] | |||
Valuation Allowance, Deferred Tax Asset, Increase | $ 31,500 | $ 3,500 | |
Valuation Allowance Deferred Tax Assets Increase Continuing Operations | 28,400 | ||
Valuation Allowance Deferred Tax Assets Increase paid in capital | 3,100 | ||
Net change in total valuation allowance | 31,500 | 3,500 | |
Pre-tax income (loss) from company's operations | (106,420) | (16,007) | $ (13,534) |
Income tax expense (benefit) | 169 | (83) | (39) |
Unrecognized tax benefits | 717 | 81 | $ 45 |
Unrecognized Tax Benefits, Period Increase (Decrease) | 0 | 0 | |
Unrecognized tax benefits impact effective income tax rate | 200 | 100 | |
Income Tax Interest and Penalties Accrued | 0 | $ 0 | |
R&D [Member] | |||
Income Tax Contingency [Line Items] | |||
Tax Credit Carryforward, Amount | $ 800 | ||
Tax Credit Carryforward, Expiration Date | Jan. 1, 2038 | ||
State [Member] | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | $ 67,500 | ||
Operating Loss Carryforwards, Expiration Date | Jan. 1, 2034 | ||
NOL carryback refund | $ 67,500 | ||
Federal [Member] | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | 141,700 | ||
NOL carryback refund | $ 141,700 |
Income taxes - Schedule of chan
Income taxes - Schedule of changes in our accruals for unrecognized tax benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals [Abstract] | ||
Balance at beginning of period | $ 81 | $ 45 |
Increase for tax positions related to the current year | 636 | 36 |
Decrease for tax positions related to prior years | 0 | 0 |
Balance at end of period | $ 717 | $ 81 |
Commitments and contingencies -
Commitments and contingencies - Additional Information (Details) - USD ($) | Apr. 21, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Product Warranty Liability [Line Items] | |||
Loss contingency | $ 0 | $ 0 | |
Fcx Solar Llc [Member] | |||
Product Warranty Liability [Line Items] | |||
Damages sought value | $ 134,000,000 |
Stockholders' equity - Addition
Stockholders' equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Apr. 30, 2021 | Apr. 05, 2021 | Jan. 08, 2021 | Jul. 21, 2020 | Dec. 31, 2021 | Apr. 28, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Class of Stock [Line Items] | ||||||||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | ||||||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | ||||||
Common Stock, Shares Authorized | 850,000,000 | 850,000,000 | ||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||
Dividends | $ 0 | |||||||
Common stock issued for notes purchased | 92,619,641 | 66,155,340 | 9,162,976 | |||||
Sale of Stock, Price Per Share | $ 3.27 | |||||||
Common stock, value, issued | $ 9 | $ 1 | $ 30,000 | |||||
Treasury Stock, Shares, Acquired | 717,460 | 148,440 | 9,896,666 | |||||
Treasury Stock, Value | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||
IPO [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Issuance of common stock (in shares) | 19,840,000 | 4,455,384 | ||||||
Shares Issued, Price Per Share | $ 13 | |||||||
Proceeds of IPO | $ 241,200 | |||||||
Underwriting Discount and Commissions | $ 16,800 | |||||||
Purchase cost of shares | $ 54,200 | |||||||
IPO [Member] | Repurchase [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Issuance of common stock (in shares) | 2,191,557 | |||||||
IPO [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Issuance of common stock (in shares) | 2,263,827 |
Stock compensation and other _3
Stock compensation and other employee benefit plans - Additional Information (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Employee and company contributions, amount | $ 0.6 | $ 0.3 | $ 0 | |
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee contributions percentage | 100.00% | |||
Employee contributions percentage First | 3.00% | |||
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Employee contributions percentage Second | 50.00% | |||
Employee contributions percentage final | 2.00% | |||
2021 Stock Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of common stock outstanding | 4.00% | |||
Number of common shares reserved for issuance | 12,645,239 | |||
2021 Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of accumulated payroll deductions | 85.00% | |||
Common stock issued | 0 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Restricted Stock Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 4 years |
Stock compensation and other _4
Stock compensation and other employee benefit plans - Stock compensation expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total stock compensation expense | $ 61,765 | $ 1,818 | $ 906 |
Cost of Sales [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total stock compensation expense | 8,094 | 322 | 176 |
Research and Development Expense [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total stock compensation expense | 3,657 | 57 | 51 |
Selling and Marketing Expense [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total stock compensation expense | 2,056 | 38 | 26 |
General and Administrative Expense [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total stock compensation expense | $ 47,958 | $ 1,401 | $ 653 |
Stock compensation and other _5
Stock compensation and other employee benefit plans - Outstanding option awards (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($)$ / sharesshares | |
Share-based Payment Arrangement [Abstract] | |
Outstanding, beginning balance, Shares | shares | 8,524,997 |
Granted, Shares | shares | 2,107,500 |
Exercised, Shares | shares | (2,838,464) |
Forfeited and expired, Shares | shares | (255,768) |
Outstanding, ending balance, Shares | shares | 7,538,265 |
Vested or expected to vest in the future, Shares | shares | 7,538,265 |
Exercisable , Shares | shares | 4,253,458 |
Outstanding beginning balance, Weighted average exercise price | $ / shares | $ 0.23 |
Granted, Weighted average exercise price | $ / shares | 8.14 |
Exercised, Weighted average exercise price | $ / shares | 0.11 |
Forfeitures and expired, Weighted average exercise price | $ / shares | 0.48 |
Outstanding ending balance, Weighted average exercise price | $ / shares | 2.48 |
Vested or expected to vest in the future, Weighted average exercise price | $ / shares | 2.48 |
Exercisable , Weighted average exercise price | $ / shares | $ 0.24 |
Outstanding , Weighted average remaining contractual term (years) | 7 years 4 months 28 days |
Vested or expected to vest in the future, Weighted average remaining contractual term (in years) | 7 years 4 months 28 days |
Exercisable, Weighted average remaining contractual term ( in years) | 6 years 2 months 23 days |
Outstanding , Average intrinsic value | $ | $ 39,500 |
Vested or expected to vest in the future, Aggregate intrinsic value | $ | 39,500 |
Exercisable , Average intrinsic value | $ | 31,139 |
Stock-based compensation cost not yet recognized | $ | $ 10,301 |
Weighted-average remaining expense recognition period (in years) | 5 years 10 days |
Stock compensation and other _6
Stock compensation and other employee benefit plans - Assumptions used to value option awards (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Black-Scholes-Merton pricing formula weighted-average assumptions: | |||
Expected life (in years) | 7 years 8 months 19 days | 6 years 25 days | 5 years 11 months 1 day |
Risk Free Interest Rate | 1.32% | 1.60% | 1.94% |
Volatility | 56.47% | 51.57% | 52.90% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Valuations: | |||
Grant-date fair value per option (post-split) | $ 4.79 | $ 2.86 | $ 1.29 |
Intrinsic value of options exercised (in thousands) | $ 22,852 | ||
Average intrinsic value per share of options exercised | $ 8.05 |
Stock compensation and other _7
Stock compensation and other employee benefit plans - Summary of outstanding restricted stock unit and restricted stock awards (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, Shares | 2,107,500 |
Vested, Shares | (7,538,265) |
Stock-based compensation cost not yet recognized | $ | $ 10,301 |
Weighted-average remaining expense recognition period (in years) | 5 years 10 days |
Restricted stock units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested, beginning balance, Shares | 12,943,811 |
Granted, Shares | 5,470,137 |
Vested, Shares | (12,883,918) |
Forfeited, Shares | (388,561) |
Nonvested, ending balance, Shares | 5,141,469 |
Nonvested, beginning balance, Dollars per share | $ / shares | $ 3.15 |
Granted | $ / shares | 7.72 |
Vested | $ / shares | 3.87 |
Forfeited | $ / shares | 4.68 |
Nonvested, ending balance, Dollars per share | $ / shares | $ 6.08 |
Stock-based compensation cost not yet recognized | $ | $ 21,396 |
Weighted-average remaining expense recognition period (in years) | 2 years 11 months 12 days |
Restricted Stock Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested, beginning balance, Shares | 1,169,601 |
Granted, Shares | 0 |
Vested, Shares | (1,169,601) |
Forfeited, Shares | 0 |
Nonvested, ending balance, Shares | 0 |
Nonvested, beginning balance, Dollars per share | $ / shares | $ 0.07 |
Granted | $ / shares | 0 |
Vested | $ / shares | 0.07 |
Forfeited | $ / shares | 0 |
Nonvested, ending balance, Dollars per share | $ / shares | $ 0 |
Sale of investment in unconso_2
Sale of investment in unconsolidated subsidiary - Additional Information (Details) - USD ($) $ in Thousands | Jun. 24, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jun. 29, 2021 |
Schedule Of Equity Method Investments [Line Items] | |||||
Success-based fee payment | $ 1,900 | ||||
Gain (Loss) on Disposition of Stock in Subsidiary | $ 400 | $ 1,400 | |||
Gain from disposal of investment in unconsolidated subsidiary | 20,829 | $ 0 | $ 0 | ||
Business Combination Contingent Consideration Receivable | 14,000 | ||||
Escrow released payment received | $ 200 | ||||
Dimension [Member] | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Business Combination, Contingent Consideration Arrangements, Description | The sales agreement with Dimension includes an earnout provision which provides the potential to receive an additional contingent consideration of up to approximately $14.0 million through December 2024, based on Dimension achieving certain performance milestones. This potential earnout is calculated each quarter starting January 1, 2022, as $200 times the number of kilowatts constituting each Notice To Proceed (NTP) megawatt (MW) achieved during such quarterly earnout period, provided that no earnout amount is payable in respect to the first 100 NTP MW achieved in any earnout year.The sales agreement also includes a projects escrow release which is an additional contingent consideration to receive $7 million based on Dimension’s completion of certain construction projects currently in progress. | ||||
Dimension Energy LLC | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Gain from disposal of investment in unconsolidated subsidiary | $ 20,800 | ||||
Dimension Energy LLC | Common Class A | |||||
Schedule Of Equity Method Investments [Line Items] | |||||
Number of Share Disposed | 4,791,566 | ||||
Ownership percentage | 23.00% | ||||
Ownership value | $ 22,300 |
Earnings (loss) per share (Addi
Earnings (loss) per share (Additional Information) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Forward stock split | 8.25 |
Earnings (loss) per share - Sch
Earnings (loss) per share - Schedule of Computation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Basic and diluted: | |||
Net loss | $ (106,589) | $ (15,924) | $ (13,495) |
Weighted average shares outstanding for calculating basic and diluted loss per share | 86,043,051 | 68,810,533 | 62,043,383 |
Basic and diluted loss per share | $ (1.24) | $ (0.23) | $ (0.22) |
Earnings (loss) per share - S_2
Earnings (loss) per share - Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Income Per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potential common shares excluded from diluted net loss per share | 12,679,734 | 22,646,663 | 13,331,062 |
Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potential common shares excluded from diluted net loss per share | 7,538,265 | 8,524,997 | 8,081,738 |
Restricted Stock Awards [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potential common shares excluded from diluted net loss per share | 5,141,469 | 14,121,666 | 5,249,324 |
Fair value measurements (Additi
Fair value measurements (Additional Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Short-term Debt [Line Items] | ||
Short-term debt | $ 0 | $ 1,000 |
Impairment of long-lived assets | $ 0 | |
Paycheck Protection Program loan [Member] | ||
Short-term Debt [Line Items] | ||
Line of credit | 800 | |
Western Alliance Bank [Member] | ||
Short-term Debt [Line Items] | ||
Line of credit | $ 1,000 |
Related parties -Additional Inf
Related parties -Additional Information (Details) - USD ($) | Jan. 30, 2017 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | Mar. 31, 2020 |
Related Party Transaction [Line Items] | |||||
Common stock issued for notes purchased | 66,155,340 | 92,619,641 | 9,162,976 | ||
Related party [Member] | |||||
Related Party Transaction [Line Items] | |||||
Aggregate principal amount of notes | $ 7,000,000 | ||||
Interest rate of notes | 5.00% | ||||
Term of notes | 5 years | ||||
Interest expense | $ 200,000 | $ 300,000 | |||
Common stock issued for notes purchased | 25,000 | ||||
Promissory Notes Purchased | $ 250,000 | ||||
Related party [Member] | Two Board Members [Member] | |||||
Related Party Transaction [Line Items] | |||||
Aggregate principal amount of notes | $ 6,000,000 |
Quarterly information (unaudi_3
Quarterly information (unaudited) (Additional Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | ||||
Stock-based compensation | $ 3,500 | $ 61,765 | $ 1,823 | $ 906 |
Quarterly information (unaudi_4
Quarterly information (unaudited) - Schedule of quarterly information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Gross profit (loss) | $ (32,545) | $ 3,639 | $ (1,951) | ||||||||
Net loss | $ (106,589) | $ (15,924) | $ (13,495) | ||||||||
Net loss per share | |||||||||||
Basic | $ (1.24) | $ (0.23) | $ (0.22) | ||||||||
Diluted | $ (1.24) | $ (0.23) | $ (0.22) | ||||||||
As Revised | |||||||||||
Revenue | $ 50,108 | $ 51,157 | |||||||||
Gross profit (loss) | (16,050) | (1,382) | |||||||||
Net loss | $ (52,350) | $ (6,776) | |||||||||
Net loss per share | |||||||||||
Basic | $ (0.61) | $ (0.09) | |||||||||
Diluted | $ (0.61) | $ (0.09) | |||||||||
As Reported | |||||||||||
Revenue | $ 101,721 | $ 52,989 | $ 65,707 | $ 44,179 | $ 59,640 | $ 32,376 | |||||
Gross profit (loss) | (8,575) | (8,039) | 119 | (4,825) | 2,866 | 6,980 | |||||
Net loss | $ (23,882) | $ (22,915) | $ (7,442) | $ (9,728) | $ (2,840) | $ 3,420 | |||||
Net loss per share | |||||||||||
Basic | $ (0.25) | $ (0.24) | $ (0.11) | $ (0.15) | $ (0.04) | $ 0.05 | |||||
Diluted | $ (0.25) | $ (0.24) | $ (0.11) | $ (0.15) | $ (0.04) | $ 0.04 |
Subsequent Events (Additional I
Subsequent Events (Additional Information) (Details) - USD ($) $ in Millions | Mar. 15, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Subsequent Event [Line Items] | ||||
Common stock, shares issued | 92,619,641 | 66,155,340 | 9,162,976 | |
HX Trackers [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Cash paid as purchase price | $ 4.3 | |||
Common stock issued for business acquisition | 1,400,000 | |||
Earn-out of an additional share capital | 1,600,000 |