|
Delaware
(State or other jurisdiction of incorporation or organization) |
| |
3559
(Primary Standard Industrial Classification Code Number) |
| |
83-2044042
(I.R.S. Employer Identification No.) |
|
|
Large accelerated filer
☐
|
| |
Accelerated filer
☐
|
|
|
Non-accelerated filer
☒
|
| |
Smaller reporting company
☒
|
|
| | | |
Emerging growth company
☒
|
|
| | ||||||||||||||||||||||||||||
Title of Each Class of
Securities to Be Registered |
| | |
Amount
to be Registered(1)(2) |
| | |
Proposed Maximum
Offering Price Per Share(3) |
| | |
Proposed Maximum
Aggregate Offering Price(3) |
| | |
Amount of
Registration Fee(3) |
| ||||||||||||
Class A common stock, par value $0.0001 per share
|
| | | | | 3,376,696 | | | | | | $ | 10.85 | | | | | | $ | 36,620,269.00 | | | | | | $ | 3,996.00 | | |
| | |
Page
|
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| | | | ii | | | |
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| | | | 83 | | | |
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| | | | 105 | | | |
| | | | 109 | | | |
| | | | 111 | | | |
| | | | 112 | | | |
| | | | 113 | | | |
| | | | F-1 | | |
| | |
Desktop Metal
(Historical) |
| |
EnvisionTEC
(Historical) |
| |
Transaction
Accounting Adjustments |
| |
Note
References |
| |
Pro Forma
Combined |
| ||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Products
|
| | | $ | 13,718 | | | | | $ | 40,874 | | | | | $ | — | | | | | | | | $ | 54,592 | | |
Services
|
| | | | 2,752 | | | | | | 1,258 | | | | | | (192) | | | |
4(e)
|
| | | | 3,818 | | |
Total revenues
|
| | | | 16,470 | | | | | | 42,132 | | | | | | (192) | | | | | | | | | 58,410 | | |
Cost of sales
|
| | | | | | | | | | | | | | | | — | | | | | | | | | — | | |
Products
|
| | | | 26,945 | | | | | | 18,378 | | | | | | 9,806 | | | |
4(a). 4(c) 4(d)
|
| | | | 55,129 | | |
Services
|
| | | | 4,574 | | | | | | 151 | | | | | | — | | | | | | | | | 4,725 | | |
Total cost of sales
|
| | | | 31,519 | | | | | | 18,529 | | | | | | 9,806 | | | | | | | | | 59,854 | | |
Gross margin
|
| | | | (15,049) | | | | | | 23,603 | | | | | | (9,998) | | | | | | | | | (1,444) | | |
Operating expenses:
|
| | | | | | | | | | | | | | | | — | | | | | | | | | — | | |
Research and development
|
| | | | 43,136 | | | | | | 4,270 | | | | | | 9 | | | |
4(c)
|
| | | | 47,415 | | |
Sales and marketing
|
| | | | 13,136 | | | | | | 3,087 | | | | | | 5,111 | | | |
4(a). 4(c)
|
| | | | 21,334 | | |
General and administrative
|
| | | | 20,734 | | | | | | 5,755 | | | | | | 671 | | | |
4(a), 4(c)
|
| | | | 27,160 | | |
Total Operating Expenses
|
| | | | 77,006 | | | | | | 13,112 | | | | | | 5,791 | | | | | | | | | 95,909 | | |
Profit/(Loss) from Operations
|
| | | | (92,055) | | | | | | 10,491 | | | | | | (15,789) | | | | | | | | | (97,353) | | |
Change in fair value of warrant liability
|
| | | | 56,417 | | | | | | — | | | | | | — | | | | | | | | | 56,417 | | |
Interest expense
|
| | | | (328) | | | | | | — | | | | | | — | | | | | | | | | (328) | | |
Interest and other income, net
|
| | | | 1,011 | | | | | | 755 | | | | | | — | | | | | | | | | 1,766 | | |
Profit/(Loss) before income taxes
|
| | | | (34,955) | | | | | | 11,246 | | | | | | (15,789) | | | | | | | | | (39,498) | | |
Income tax benefit
|
| | | | 940 | | | | | | (380) | | | | | | 27,920 | | | |
4(b)
|
| | | | 28,480 | | |
Net Profit/(Loss)
|
| | | $ | (34,015) | | | | | $ | 10,866 | | | | | $ | 12,131 | | | | | | | | $ | (11,018) | | |
Shares used to compute earnings per share – basic and diluated
|
| | | | 157,906 | | | | | | — | | | | | | 5,036 | | | | | | | | | 162,942 | | |
Net Profit/Loss per share – basic and diluted
|
| | | $ | (0.22) | | | | | $ | — | | | | | $ | — | | | | | | | | $ | (0.07) | | |
| | |
Desktop Metal(A)
|
| |
EnvisionTEC
(Historical) January 1, 2021 to February 15, 2021(B) |
| |
Transaction
Accounting Adjustments |
| |
Note
References |
| |
Pro Forma
Combined |
| ||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Products
|
| | | $ | 10,311 | | | | | $ | 3,239 | | | | | $ | — | | | | | | | | $ | 13,550 | | |
Services
|
| | | | 1,002 | | | | | | 57 | | | | | | (1) | | | |
4(e)
|
| | | | 1,058 | | |
Total revenues
|
| | | | 11,313 | | | | | | 3,296 | | | | | | (1) | | | | | | | | | 14,608 | | |
Cost of sales | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Products
|
| | | | 10,487 | | | | | | 4,246 | | | | | | 288 | | | |
4(a). 4(c) 4(d)
|
| | | | 15,021 | | |
Services
|
| | | | 1,413 | | | | | | 32 | | | | | | — | | | | | | | | | 1,445 | | |
Total cost of sales
|
| | | | 11,900 | | | | | | 4,278 | | | | | | 288 | | | | | | | | | 16,466 | | |
Gross margin
|
| | | | (587) | | | | | | (982) | | | | | | (289) | | | | | | | | | (1,858) | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | | 10,858 | | | | | | 515 | | | | | | 6 | | | |
4(c)
|
| | | | 11,379 | | |
Sales and marketing
|
| | | | 5,449 | | | | | | 513 | | | | | | 665 | | | |
4(a). 4(c)
|
| | | | 6,627 | | |
General and administrative
|
| | | | 13,846 | | | | | | 1,571 | | | | | | 105 | | | |
4(a), 4(c)
|
| | | | 15,522 | | |
Total Operating Expenses
|
| | | | 30,153 | | | | | | 2,599 | | | | | | 776 | | | | | | | | | 33,528 | | |
Loss from Operations
|
| | | | (30,740) | | | | | | (3,581) | | | | | | (1,065) | | | | | | | | | (35,386) | | |
Change in fair value of warrant liability
|
| | | | (56,576) | | | | | | — | | | | | | — | | | | | | | | | (56,576) | | |
Interest expense
|
| | | | (73) | | | | | | — | | | | | | — | | | | | | | | | (73) | | |
Interest and other income, net
|
| | | | 361 | | | | | | 152 | | | | | | — | | | | | | | | | 513 | | |
Loss before income taxes
|
| | | | (87,028) | | | | | | (3,429) | | | | | | (1,065) | | | | | | | | | (91,522) | | |
Income tax benefit
|
| | | | 27,920 | | | | | | (58) | | | | | | (27,920) | | | |
4(b)
|
| | | | (58) | | |
Net Loss
|
| | | $ | (59,108) | | | | | $ | (3,487) | | | | | $ | (28,985) | | | | | | | | $ | (91,580) | | |
Shares used to compute earnings per share – basic and diluted
|
| | | | 238,244 | | | | | | — | | | | | | 2,490 | | | | | | | | | 240,734 | | |
Net Profit/Loss per share – basic and diluted
|
| | | $ | (0.25) | | | | | $ | — | | | | | $ | — | | | | | | | | $ | (0.38) | | |
|
Amount
(In thousands) |
| |
Presentation in EnvisionTEC’s
Financial Statements |
| |
Presentation in Unaudited Pro Forma Condensed Combined
Financial Information |
|
|
$40,874
|
| | Net revenue | | | Revenues – Products | |
|
1,258
|
| | Net revenue | | | Revenues – Services | |
|
18,378
|
| | Cost of goods sold | | | Cost of sales – Products | |
|
151
|
| | Cost of goods sold | | | Cost of sales – Services | |
|
3,087
|
| | Selling, general and administrative | | | Sales and marketing | |
|
5,755
|
| | Selling, general and administrative | | | General and administrative | |
|
755
|
| | Other income | | | Interest and other income, net | |
| | |
December 31, 2020
|
| |||
Cash consideration
|
| | | $ | 143,795 | | |
Issuance of Desktop Metal shares
|
| | | | 159,847 | | |
Total purchase price
|
| | | $ | 303,642 | | |
| | |
December 31, 2020
|
| |||
Net book value of net assets acquired
|
| | | $ | 38,737 | | |
Adjustments to:
|
| | | | | | |
Intangible assets
|
| | | | 136,755 | | |
Step-up of inventory value
|
| | | | 871 | | |
Deferred revenue haircut
|
| | | | 192 | | |
Deferred tax
|
| | | | (33,348) | | |
Extinguishment of related party loan payable
|
| | | | 207 | | |
Write-off historical capitalized software
|
| | | | (31) | | |
Goodwill
|
| | | | 160,259 | | |
Total consideration
|
| | | $ | 303,642 | | |
Description
|
| |
Useful Life
|
| |
Fair Value
|
| |
Balance Sheet
Classification |
| ||||||
Customer relationships
|
| | | | 10 | | | | | $ | 50,900 | | | |
Intangible assets, net
|
|
Acquired technology
|
| |
7 – 12
|
| | | | 77,800 | | | |
Intangible assets, net
|
| |||
Trade name
|
| | | | 13 | | | | | | 8,600 | | | |
Intangible assets, net
|
|
Total identifiable intangible assets
|
| | | | | | | | | $ | 137,300 | | | | | |
(in thousands, except share and per share data)
|
| |
Year Ended
December 31, 2020 |
| |
Three Months Ended
March 31, 2021 |
| ||||||
Pro forma net loss
|
| | | $ | (11,018) | | | | | $ | (91,580) | | |
Pro forma weighted average shares outstanding – basic and diluted
|
| | | | 162,942,142 | | | | | | 240,733,775 | | |
Pro forma EPS – basic and diluted
|
| | | $ | (0.07) | | | | | $ | (0.38) | | |
Pro forma weighted average shares outstanding – basic and diluted
|
| | | | | | | | |||||
Desktop Metal Weighted Average Shares Outstanding
|
| | | | 157,906,000 | | | | | | 238,244,000 | | |
EnvisionTEC Shares Issued Pro Forma Adjustment
|
| | | | 5,036,142 | | | | | | 2,489,778 | | |
Pro Forma Combined Shares
|
| | | | 162,942,142 | | | | | | 240,733,778 | | |
| | |
For the Three Months Ended March 31,
|
| |
Change in
Revenues |
| ||||||||||||||||||||||||||||||
| | |
2021
|
| |
2020
|
| ||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Revenue
|
| |
% of Total
|
| |
Revenue
|
| |
% of Total
|
| |
$
|
| |
%
|
| ||||||||||||||||||
Products Revenue
|
| | | $ | 10,311 | | | | | | 91% | | | | | $ | 2,694 | | | | | | 80% | | | | | $ | 7,617 | | | | | | 283% | | |
Services Revenue
|
| | | | 1,002 | | | | | | 9% | | | | | | 691 | | | | | | 20% | | | | | | 311 | | | | | | 45% | | |
Total Revenue
|
| | | $ | 11,313 | | | | | | 100% | | | | | $ | 3,385 | | | | | | 100% | | | | | $ | 7,928 | | | | | | 234% | | |
| | |
For the Three Months Ended March 31,
|
| |
Change in
Revenue |
| ||||||||||||||||||||||||||||||
| | |
2021
|
| |
2020
|
| ||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Revenue
|
| |
% of Total
|
| |
Revenue
|
| |
% of Total
|
| |
$
|
| |
%
|
| ||||||||||||||||||
Americas | | | | $ | 6,559 | | | | | | 58% | | | | | $ | 1,229 | | | | | | 36% | | | | | $ | 5,330 | | | | | | 434% | | |
EMEA (Europe, the Middle East and Africa)
|
| | | | 2,741 | | | | | | 24% | | | | | | 1,851 | | | | | | 55% | | | | | | 890 | | | | | | 48% | | |
APAC (Asia-Pacific)
|
| | | | 2,013 | | | | | | 18% | | | | | | 305 | | | | | | 9% | | | | | | 1,708 | | | | | | 560% | | |
Total Revenue
|
| | | $ | 11,313 | | | | | | 100% | | | | | $ | 3,385 | | | | | | 100% | | | | | $ | 7,928 | | | | | | 234% | | |
| | |
For the Three Months Ended March 31,
|
| |
Change in
Gross Profit |
| ||||||||||||||||||
| | |
2021
|
| |
2020
|
| ||||||||||||||||||
(Dollars in thousands)
|
| |
Gross Profit (Loss)
|
| |
$
|
| |
%
|
| |||||||||||||||
Products
|
| | | $ | (176) | | | | | $ | (2,347) | | | | | $ | 2,171 | | | | | | 93% | | |
Services
|
| | | | (411) | | | | | | (472) | | | | | | 61 | | | | | | 13% | | |
Total | | | | $ | (587) | | | | | $ | (2,819) | | | | | $ | 2,232 | | | | | | 79% | | |
| | |
For the Three Months Ended March 31,
|
| |
Change in Gross
Margin |
| ||||||||||||||||||
| | |
2021
|
| |
2020
|
| ||||||||||||||||||
(Dollars in thousands)
|
| |
Gross Margin
|
| |
Percentage Points
|
| |
%
|
| |||||||||||||||
Products
|
| | | | (2)% | | | | | | (87)% | | | | | | 0.85 | | | | | | 98% | | |
Services
|
| | | | (41)% | | | | | | (68)% | | | | | | 0.27 | | | | | | 40% | | |
Total | | | | | (5)% | | | | | | (83)% | | | | | | 0.78 | | | | | | 94% | | |
| | |
For the Years Ended December 31,
|
| |
Change in Revenues
|
| ||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| ||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Revenue
|
| |
% of Total
|
| |
Revenue
|
| |
% of Total
|
| |
$
|
| |
%
|
| ||||||||||||||||||
Product Revenue
|
| | | $ | 13,718 | | | | | | 83% | | | | | $ | 22,758 | | | | | | 86% | | | | | $ | (9,040) | | | | | | (40)% | | |
Service Revenue
|
| | | | 2,752 | | | | | | 17% | | | | | | 3,681 | | | | | | 14% | | | | | | (929) | | | | | | (25)% | | |
Total Revenue
|
| | | $ | 16,470 | | | | | | 100% | | | | | $ | 26,439 | | | | | | 100% | | | | | $ | (9,969) | | | | | | (38)% | | |
| | |
For the Years Ended December 31,
|
| |
Change in Revenues
|
| ||||||||||||||||||||||||||||||
| | |
2020
|
| |
2019
|
| ||||||||||||||||||||||||||||||
(Dollars in thousands)
|
| |
Revenue
|
| |
% of Total
|
| |
Revenue
|
| |
% of Total
|
| |
$
|
| |
%
|
| ||||||||||||||||||
Americas
|
| | | $ | 6,665 | | | | | | 40% | | | | | $ | 15,801 | | | | | | 60% | | | | | $ | (9,136) | | | | | | (58)% | | |
EMEA (Europe, the Middle East and Africa)
|
| | | | 7,788 | | | | | | 47% | | | | | | 8,993 | | | | | | 34% | | | | | | (1,205) | | | | | | (13)% | | |
APAC (Asia-Pacific)
|
| | | | 2,017 | | | | | | 12% | | | | | | 1,645 | | | | | | 6% | | | | | | 372 | | | | | | 23% | | |
Total Revenue
|
| | | $ | 16,470 | | | | | | 100% | | | | | $ | 26,439 | | | | | | 100% | | | | | $ | (9,969) | | | | | | (38)% | | |
| | |
For the Years Ended December 31,
|
| |
Change in
Gross Loss |
| ||||||||||||||||||
| | |
2020
|
| |
2019
|
| ||||||||||||||||||
(Dollars in thousands)
|
| |
Gross Loss
|
| |
$
|
| |
%
|
| |||||||||||||||
Products
|
| | | $ | (13,227) | | | | | $ | (22,510) | | | | | $ | 9,283 | | | | | | 41% | | |
Services
|
| | | | (1,822) | | | | | | (1,847) | | | | | | 25 | | | | | | 1% | | |
Total | | | | $ | (15,049) | | | | | $ | (24,357) | | | | | $ | 9,308 | | | | | | 38% | | |
| | |
For the Years Ended December 31,
|
| |
Change in
Gross Margin |
| ||||||||||||||||||
| | |
2020
|
| |
2019
|
| ||||||||||||||||||
(Dollars in thousands)
|
| |
Gross Margin
|
| |
Percentage Points
|
| |
%
|
| |||||||||||||||
Products
|
| | | | (96)% | | | | | | (99)% | | | | | | 0.03 | | | | | | 3% | | |
Services
|
| | | | (66)% | | | | | | (50)% | | | | | | (0.16) | | | | | | (32)% | | |
Total | | | | | (91)% | | | | | | (92)% | | | | | | 0.01 | | | | | | 1% | | |
| | |
For the Three Months Ended
March 31, |
| |||||||||
(Dollars in thousands)
|
| |
2021
|
| |
2020
|
| ||||||
GAAP gross margin
|
| | | $ | (587) | | | | | $ | (2,819) | | |
Stock-based compensation included in cost of sales
|
| | | | 117 | | | | | | 100 | | |
Amortization of acquired intangible assets included in cost of sales
|
| | | | 1,091 | | | | | | — | | |
Non-GAAP gross margin
|
| | | $ | 621 | | | | | $ | (2,719) | | |
GAAP operating loss
|
| | | $ | (30,740) | | | | | $ | (22,278) | | |
Stock-based compensation
|
| | | | 2,217 | | | | | | 1,259 | | |
Amortization of acquired intangible assets included in cost of sales
|
| | | | 1,091 | | | | | | — | | |
Amortization of acquired intangibles assets
|
| | | | 1,208 | | | | | | 164 | | |
Acquisition-related and other transactional charges included in general and administrative expenses
|
| | | | 4,984 | | | | | | — | | |
Non-GAAP operating loss
|
| | | $ | (21,240) | | | | | $ | (20,855) | | |
GAAP net loss
|
| | | $ | (59,108) | | | | | $ | (21,804) | | |
Stock-based compensation
|
| | | | 2,217 | | | | | | 1,259 | | |
Amortization of acquired intangible assets included in cost of sales
|
| | | | 1,091 | | | | | | — | | |
Amortization of acquired intangibles assets
|
| | | | 1,208 | | | | | | 164 | | |
Acquisition-related and other transactional charges included in general and administrative expenses
|
| | | | 4,984 | | | | | | — | | |
Change in fair value of warrant liability
|
| | | | 56,576 | | | | | | — | | |
Non-GAAP net loss .
|
| | | $ | 6,968 | | | | | $ | (20,381) | | |
| | |
For the Three Months Ended
March 31, |
| |||||||||
(Dollars in thousands)
|
| |
2021
|
| |
2020
|
| ||||||
Net loss attributable to common stockholders
|
| | | $ | (59,108) | | | | | $ | (21,804) | | |
Interest (income) expense, net
|
| | | | (42) | | | | | | (478) | | |
Income tax benefit
|
| | | | (27,920) | | | | | | — | | |
Depreciation and amortization
|
| | | | 3,892 | | | | | | 2,321 | | |
EBITDA | | | | | (83,178) | | | | | | (19,961) | | |
Change in fair value of warrant liability
|
| | | | 56,576 | | | | | | — | | |
Stock compensation expense
|
| | | | 2,217 | | | | | | 1,259 | | |
Warrant expense
|
| | | | — | | | | | | 139 | | |
Transaction costs associated with acquisitions
|
| | | | 4,984 | | | | | | — | | |
Adjusted EBITDA
|
| | | $ | (19,401) | | | | | $ | (18,563) | | |
| | |
For the Years Ended
December 31, |
| |||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2019
|
| ||||||
Net loss attributable to common stockholders
|
| | | $ | (34,015) | | | | | $ | (103,596) | | |
Interest (income) expense, net
|
| | | | (610) | | | | | | (3,993) | | |
Income tax benefit
|
| | | | (940) | | | | | | — | | |
Depreciation and amortization
|
| | | | 8,589 | | | | | | 8,087 | | |
EBITDA | | | | | (26,976) | | | | | | (99,502) | | |
Change in fair value of warrant liability
|
| | | | (56,417) | | | | | | — | | |
Stock compensation expense
|
| | | | 8,006 | | | | | | 5,215 | | |
Warrant expense
|
| | | | 1,915 | | | | | | 1,038 | | |
Adjusted EBITDA
|
| | | $ | (73,472) | | | | | $ | (93,249) | | |
| | |
For the Three Months Ended
March 31, |
| |||||||||
(Dollars in thousands)
|
| |
2021
|
| |
2020
|
| ||||||
Net cash used in operating activities
|
| | | $ | (41,129) | | | | | $ | (22,434) | | |
Net cash used in investing activities
|
| | | | (182,053) | | | | | | 30,680 | | |
Net cash provided by financing activities
|
| | | | 157,195 | | | | | | 132 | | |
Net change in cash, cash equivalents, and restricted cash
|
| | | $ | (65,987) | | | | | $ | 8,378 | | |
| | |
For the Years Ended
December 31, |
| |||||||||
(Dollars in thousands)
|
| |
2020
|
| |
2019
|
| ||||||
Net cash used in operating activities
|
| | | $ | (80,575) | | | | | $ | (97,202) | | |
Net cash used in investing activities
|
| | | | (36,983) | | | | | | (26,032) | | |
Net cash provided by financing activities
|
| | | | 534,922 | | | | | | 160,352 | | |
Net change in cash, cash equivalents, and restricted cash
|
| | | $ | 417,364 | | | | | $ | 37,118 | | |
Grant Date
|
| |
Number of
Share Options Granted |
| |
Exercise Price
per Share |
| |
Estimated Fair
Value per Share of Common Stock |
| |
Weighted-Average
Estimated Fair Value per Share of Options |
| ||||||||||||
March 1, 2019
|
| | | | 1,555,218 | | | | | $ | 3.34 | | | | | $ | 3.34 | | | | | $ | 1.76 | | |
May 8, 2019
|
| | | | 1,137,463 | | | | | $ | 3.34 | | | | | $ | 3.34 | | | | | $ | 1.75 | | |
September 18, 2019
|
| | | | 723,103 | | | | | $ | 3.34 | | | | | $ | 3.34 | | | | | $ | 1.70 | | |
November 13, 2019
|
| | | | 701,957 | | | | | $ | 3.34 | | | | | $ | 3.34 | | | | | $ | 1.71 | | |
March 12, 2020
|
| | | | 473,625 | | | | | $ | 3.34 | | | | | $ | 3.34 | | | | | $ | 1.65 | | |
June 11, 2020
|
| | | | 4,176,283 | | | | | $ | 1.40 | | | | | $ | 1.40 | | | | | $ | 0.70 | | |
July 14, 2020
|
| | | | 3,087,308 | | | | | $ | 1.40 | | | | | $ | 7.98 | | | | | $ | 6.87 | | |
August 5, 2020
|
| | | | 713,803 | | | | | $ | 1.40 | | | | | $ | 7.98 | | | | | $ | 6.78 | | |
Name
|
| |
Age
|
| |
Position
|
|
Executive Officers: | | | | | | | |
Ric Fulop | | | 46 | | | Chief Executive Officer, Chairman and Director | |
Steve Billow | | | 53 | | | President | |
Arjun Aggarwal | | | 29 | | | Chief Product Officer | |
Ali El Siblani | | | 54 | | |
Chief Executive Officer of EnvisionTEC US LLC and Director
|
|
James Haley | | | 48 | | | Chief Financial Officer and Treasurer | |
Meg Broderick | | | 53 | | | General Counsel and Secretary | |
Ilya Mirman | | | 52 | | | Chief Marketing Officer | |
Jonah Myerberg | | | 45 | | | Chief Technology Officer | |
Non-Employee Directors: | | | | | | | |
Scott Dussault | | | 50 | | | Director | |
Dayna Grayson | | | 44 | | | Director | |
Leo Hindery, Jr. | | | 73 | | | Director | |
Wen Hsieh | | | 48 | | | Director | |
Jeff Immelt | | | 65 | | | Director | |
Byron Knight | | | 44 | | | Director | |
Stephen Nigro | | | 61 | | | Director | |
Steve Papa | | | 48 | | | Director | |
Andy Wheeler | | | 42 | | | Director | |
Bilal Zuberi | | | 45 | | | Director | |
Name and Principal Position
|
| |
Year
|
| |
Salary
($) |
| |
Option
Awards ($)(1) |
| |
Non-
Equity Incentive Plan Compensation ($)(2) |
| |
All Other
Compensation ($)(3) |
| |
Total
($) |
| ||||||||||||||||||
Ric Fulop
|
| | | | 2020 | | | | | | 332,500 | | | | | | — | | | | | | 150,000 | | | | | | 508 | | | | | | 483,008 | | |
Chief Executive Officer
|
| | | | 2019 | | | | | | 350,000 | | | | | | — | | | | | | — | | | | | | 540 | | | | | | 350,540 | | |
Elizabeth Linardos
|
| | | | 2020 | | | | | | 247,841 | | | | | | 3,635,366 | | | | | | 40,000 | | | | | | 355 | | | | | | 3,923,562 | | |
Former Chief Financial Officer
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Steve Billow
|
| | | | 2020 | | | | | | 308,750 | | | | | | 2,596,476 | | | | | | 150,000 | | | | | | 714 | | | | | | 3,055,941 | | |
President
|
| | | | 2019 | | | | | | 263,541 | | | | | | 2,163,700 | | | | | | — | | | | | | 600 | | | | | | 2,427,841 | | |
| | | | | | | | |
Option Awards
|
| | | | | | | |||||||||||||||||||||
Name and Principal Position
|
| |
Vesting
Commencement Date |
| |
Number of
Securities Underlying Unexercised Options (#) Exercisable |
| |
Number Of
Securities Underlying Unexercised Options (#) Unexercisable |
| |
Equity
Incentive Plan Awards: Number Of Securities Underlying Unexercised Unearned Options (#) |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
| ||||||||||||||||||
Elizabeth Linardos
Former Chief Financial Officer |
| | | | 12/01/2017 | | | | | | 121,740 | | | | | | — | | | | | | — | | | | | | 2.46 | | | | | | 11/30/2027 | | |
| | | 05/08/2019 | | | | | | 4,324 | | | | | | — | | | | | | — | | | | | | 3.34 | | | | | | 05/07/2029 | | | ||
| | | 06/11/2020 | | | | | | 15,265 | | | | | | 15,265(1) | | | | | | — | | | | | | 1.40 | | | | | | 06/10/2030 | | | ||
| | | 07/17/2020 | | | | | | 256,456 | | | | | | 256,456(1) | | | | | | — | | | | | | 1.40 | | | | | | 07/16/2030 | | | ||
| | | 09/01/2020(4) | | | | | | 27,668 | | | | | | 27,668(1) | | | | | | — | | | | | | 1.40 | | | | | | 11/30/2027 | | | ||
| | | 09/01/2020(4) | | | | | | 3,944 | | | | | | 3,944(1) | | | | | | — | | | | | | 1.40 | | | | | | 05/07/2029 | | | ||
| | | 03/01/2019 | | | | | | 457,957 | | | | | | — | | | | | | — | | | | | | 3.34 | | | | | | 02/28/2029 | | | ||
Steve Billow
President |
| | | | 06/11/2020 | | | | | | — | | | | | | 457,956(2) | | | | | | 152,652(3) | | | | | | 1.40 | | | | | | 06/10/2030 | | |
| | | 09/01/2020(4) | | | | | | — | | | | | | 763,261(2) | | | | | | — | | | | | | 1.40 | | | | | | 02/28/2029 | | |
Name
|
| |
Stock
Awards ($)(1) |
| |
Option
Awards ($)(1) |
| |
All Other
Compensation ($)(2) |
| |
Total ($)
|
| ||||||||||||
Dayna Grayson
|
| | | | — | | | | | | 413,590 | | | | | | — | | | | | | 413,590 | | |
Leo Hindery, Jr.
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Wen Hsieh
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Jeff Immelt
|
| | | | — | | | | | | 348,345 | | | | | | — | | | | | | 348,345 | | |
Byron Knight
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Stephen Nigro
|
| | | | 487,259 | | | | | | — | | | | | | 40,935 | | | | | | 528,194 | | |
Steve Papa
|
| | | | — | | | | | | 413,590 | | | | | | — | | | | | | 413,590 | | |
Andy Wheeler
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Bilal Zuberi
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Name
|
| |
Options Outstanding at Fiscal
Year End |
| |
Unvested Restricted Shares
Outstanding at Fiscal Year End |
| ||||||
Dayna Grayson
|
| | | | 61,060 | | | | | | — | | |
Leo Hindery, Jr.
|
| | | | — | | | | | | — | | |
Wen Hsieh
|
| | | | — | | | | | | — | | |
Jeff Immelt
|
| | | | 390,789 | | | | | | — | | |
Byron Knight
|
| | | | — | | | | | | — | | |
Stephen Nigro
|
| | | | — | | | | | | 61,060 | | |
Steve Papa
|
| | | | 61,060 | | | | | | — | | |
Andy Wheeler
|
| | | | — | | | | | | — | | |
Bilal Zuberi
|
| | | | — | | | | | | — | | |
Name
|
| |
Shares of
Series D Preferred Stock |
| |
Total Purchase
Price |
| ||||||
GV 2017, L.P.(1)
|
| | | | 1,751,190 | | | | | $ | 14,999,993 | | |
Jeffrey Immelt(2)
|
| | | | 11,674 | | | | | $ | 99,995 | | |
KPCB Holdings, Inc., as nominee(3)
|
| | | | 233,492 | | | | | $ | 1,999,999 | | |
Lux Ventures IV, L.P.(4)
|
| | | | 1,167,460 | | | | | $ | 9,999,995 | | |
New Enterprise Associates 15, L.P.(5)
|
| | | | 2,336,291 | | | | | $ | 20,011,734 | | |
The Northern Trust Company(6)
|
| | | | 8,172,222 | | | | | $ | 69,999,985 | | |
Total | | | | | 13,672,329 | | | | | $ | 117,111,701 | | |
Name
|
| |
Shares of Series E
Preferred Stock |
| |
Total Purchase
Price |
| ||||||
KDT Desktop Metal Holdings, LLC(1)
|
| | | | 7,484,209 | | | | | $ | 75,000,007 | | |
KPCB Holdings, Inc., as nominee(2)
|
| | | | 99,790 | | | | | $ | 1,000,006 | | |
Lux Co-Invest Opportunities, L.P.(3)
|
| | | | 1,496,842 | | | | | $ | 15,000,003 | | |
New Enterprise Associates 15, L.P.(4)
|
| | | | 1,496,842 | | | | | $ | 15,000,003 | | |
The Northern Trust Company(5)
|
| | | | 997,894 | | | | | $ | 9,999,996 | | |
Total | | | | | 11,575,577 | | | | | $ | 116,000,015 | | |
Name
|
| |
Shares of Series E-1
Preferred Stock |
| |
Total Purchase
Price |
| ||||||
GV 2019, L.P.(1)
|
| | | | 2,494,737 | | | | | $ | 25,000,008.95 | | |
| | |
Shares Beneficially Owned
|
| |||||||||
Name of Beneficial Owner
|
| |
Number of Shares of
Class A Common Stock Beneficially Owned |
| |
Percentage Ownership
of Outstanding Class A Common Stock |
| ||||||
5% or Greater Stockholders | | | | | | | | | | | | | |
Entities affiliated with New Enterprise Associates(1)
|
| | | | 28,416,088 | | | | | | 11.25% | | |
Entities affiliated with Lux Ventures(2)
|
| | | | 18,651,974 | | | | | | 7.38% | | |
KPCB Holdings, Inc., as nominee(3)
|
| | | | 17,856,665 | | | | | | 7.07% | | |
Entities affiliated with Google Ventures(4)
|
| | | | 14,302,438 | | | | | | 5.66% | | |
Named Executive Officers and Directors | | | | | | | | | | | | | |
Ric Fulop(5)
|
| | | | 21,981,930 | | | | | | 8.70% | | |
Steve Billow(6)
|
| | | | 457,956 | | | | | | * | | |
Elizabeth Linardos(7)
|
| | | | 429,397 | | | | | | * | | |
Scott Dussault
|
| | | | — | | | | | | — | | |
Ali El-Siblani
|
| | | | 5,036,142 | | | | | | 1.99% | | |
Dayna Grayson
|
| | | | — | | | | | | — | | |
Leo Hindery, Jr.(8)
|
| | | | 2,897,317 | | | | | | 1.15% | | |
Wen Hsieh(3)
|
| | | | 17,856,665 | | | | | | 7.07% | | |
Jeff Immelt(9)
|
| | | | 259,075 | | | | | | * | | |
Byron Knight
|
| | | | — | | | | | | — | | |
Stephen Nigro
|
| | | | — | | | | | | — | | |
Steve Papa
|
| | | | — | | | | | | — | | |
Andy Wheeler
|
| | | | — | | | | | | — | | |
Bilal Zuberi
|
| | | | — | | | | | | — | | |
All executive officers and directors as a group
(17 persons)(10) |
| | | | 49,263,865 | | | | | | 19.39% | | |
| | |
Shares Beneficially Owned
Prior to the Offering |
| | | | | | | |
Shares Beneficially Owned
After the Offering |
| ||||||||||||||||||
Name of Selling Stockholder
|
| |
Number
|
| |
Percentage
|
| |
Number of Shares
Being Offered |
| |
Number
|
| |
Percentage
|
| |||||||||||||||
Ann and Eberhad Voit ..
|
| | | | 103,975 | | | | | | * | | | | | | 103,975 | | | | | | — | | | | | | — | | |
Antoine Deblire
|
| | | | 7,310 | | | | | | * | | | | | | 7,310 | | | | | | — | | | | | | — | | |
Arkema Inc.(1)
|
| | | | 193,442 | | | | | | * | | | | | | 193,442 | | | | | | — | | | | | | — | | |
Barbara D. Boyan
|
| | | | 1,044 | | | | | | * | | | | | | 1,044 | | | | | | — | | | | | | — | | |
Bram Neirinck
|
| | | | 4,386 | | | | | | * | | | | | | 4,386 | | | | | | — | | | | | | — | | |
Charles-Edouard Moens de Hase
|
| | | | 100,844 | | | | | | * | | | | | | 100,844 | | | | | | — | | | | | | — | | |
Chemence, Inc.(2)
|
| | | | 73,916 | | | | | | * | | | | | | 73,916 | | | | | | — | | | | | | — | | |
Clear Fir Partners, LP(3)
|
| | | | 13,166 | | | | | | * | | | | | | 9,666 | | | | | | 3,500 | | | | | | * | | |
Curtis Collar
|
| | | | 1,044 | | | | | | * | | | | | | 1,044 | | | | | | — | | | | | | — | | |
Dodd Grande
|
| | | | 1,044 | | | | | | * | | | | | | 1,044 | | | | | | — | | | | | | — | | |
DSM Venturing B.V.(4)
|
| | | | 443,507 | | | | | | * | | | | | | 443,507 | | | | | | — | | | | | | — | | |
Ellery Buchanan
|
| | | | 79,311 | | | | | | * | | | | | | 79,311 | | | | | | — | | | | | | — | | |
Eric Parker
|
| | | | 14,089 | | | | | | * | | | | | | 14,089 | | | | | | — | | | | | | — | | |
Innovation Fund SA/NV(5)
|
| | | | 160,902 | | | | | | * | | | | | | 160,902 | | | | | | — | | | | | | — | | |
James McAndrew
|
| | | | 3,459 | | | | | | * | | | | | | 3,459 | | | | | | — | | | | | | — | | |
Jonathan Soler Lillo
|
| | | | 4,386 | | | | | | * | | | | | | 4,386 | | | | | | — | | | | | | — | | |
Johnathan King
|
| | | | 1,386 | | | | | | * | | | | | | 1,386 | | | | | | — | | | | | | — | | |
Lionel Bolkaerts
|
| | | | 2,485 | | | | | | * | | | | | | 2,485 | | | | | | — | | | | | | — | | |
M4KE.IT SRL(6)
|
| | | | 186,613 | | | | | | * | | | | | | 186,613 | | | | | | — | | | | | | — | | |
Martin Marchal
|
| | | | 2,485 | | | | | | * | | | | | | 2,485 | | | | | | — | | | | | | — | | |
Matthias Hick
|
| | | | 121,579 | | | | | | * | | | | | | 121,579 | | | | | | — | | | | | | — | | |
McCarley Family LLC(7)
|
| | | | 11,253 | | | | | | * | | | | | | 11,253 | | | | | | — | | | | | | — | | |
McDermott Staff, LLC(8)
|
| | | | 589,016 | | | | | | * | | | | | | 589,016 | | | | | | — | | | | | | — | | |
Michael Seeligson
|
| | | | 12,317 | | | | | | * | | | | | | 12,317 | | | | | | — | | | | | | — | | |
Michael Moussa
|
| | | | 4,846 | | | | | | * | | | | | | 4,846 | | | | | | — | | | | | | — | | |
Molly Seeligson
|
| | | | 2,306 | | | | | | * | | | | | | 2,306 | | | | | | — | | | | | | — | | |
Noshaq Spin-Offs S.A.(9)
|
| | | | 160,902 | | | | | | * | | | | | | 160,902 | | | | | | — | | | | | | — | | |
Peter A. Smith
|
| | | | 5,469 | | | | | | * | | | | | | 5,469 | | | | | | — | | | | | | — | | |
Peter Mercelis
|
| | | | 120,186 | | | | | | * | | | | | | 120,186 | | | | | | — | | | | | | — | | |
Philip Brent Duncan
|
| | | | 198,840 | | | | | | * | | | | | | 198,840 | | | | | | — | | | | | | — | | |
Rigoberto Advincula
|
| | | | 1,044 | | | | | | * | | | | | | 1,044 | | | | | | — | | | | | | — | | |
Sara Janssens
|
| | | | 7,844 | | | | | | * | | | | | | 7,844 | | | | | | — | | | | | | — | | |
Stephen Kay
|
| | | | 41,552 | | | | | | * | | | | | | 41,552 | | | | | | — | | | | | | — | | |
Walter Voit
|
| | | | 287,202 | | | | | | * | | | | | | 287,202 | | | | | | — | | | | | | — | | |
Wendover Investments, LP(10)
|
| | | | 219,079 | | | | | | * | | | | | | 219,079 | | | | | | — | | | | | | — | | |
West Pharmaceutical Services, Inc.(11)
|
| | | | 193,442 | | | | | | * | | | | | | 193,442 | | | | | | — | | | | | | — | | |
William R. Krenik
|
| | | | 4,525 | | | | | | * | | | | | | 4,525 | | | | | | — | | | | | | — | | |
| Audited consolidated financial statements of Desktop Metal, Inc. and subsidiaries | | | | | | | |
| | | | | F-2 | | | |
| | | | | F-3 | | | |
| | | | | F-4 | | | |
| | | | | F-5 | | | |
| | | | | F-6 | | | |
| | | | | F-7 | | | |
| | | | | F-8 | | | |
| Unaudited consolidated financial statements of Desktop Metal, Inc. and subsidiaries | | | | | | | |
| | | | | F-41 | | | |
| | | | | F-42 | | | |
| | | | | F-43 | | | |
| | | | | F-44 | | | |
| | | | | F-45 | | | |
| | | | | F-46 | | | |
| Audited combined financial statements of EnvisionTEC Group | | | | | | | |
| | | | | F-70 | | | |
| | | | | F-72 | | | |
| | | | | F-73 | | | |
| | | | | F-74 | | | |
| | | | | F-75 | | | |
| | | | | F-76 | | |
| | |
December 31,
|
| |||||||||
| | |
2020
(as restated) |
| |
2019
|
| ||||||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 483,525 | | | | | $ | 66,161 | | |
Short-term investments
|
| | | | 111,867 | | | | | | 84,754 | | |
Accounts receivable
|
| | | | 6,516 | | | | | | 4,523 | | |
Inventory
|
| | | | 9,708 | | | | | | 8,405 | | |
Prepaid expenses and other current assets
|
| | | | 976 | | | | | | 1,888 | | |
Total current assets
|
| | | | 612,592 | | | | | | 165,731 | | |
Restricted cash
|
| | | | 612 | | | | | | 612 | | |
Property and equipment, net
|
| | | | 12,160 | | | | | | 18,387 | | |
Capitalized software, net
|
| | | | 312 | | | | | | 446 | | |
Goodwill
|
| | | | 2,252 | | | | | | 2,252 | | |
Acquired technology, net
|
| | | | 9,102 | | | | | | 2,994 | | |
Other noncurrent assets
|
| | | | 4,879 | | | | | | 2,289 | | |
Total Assets
|
| | | $ | 641,909 | | | | | $ | 192,711 | | |
Liabilities and Stockholders’ Equity | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 7,591 | | | | | $ | 10,228 | | |
Customer deposits
|
| | | | 1,480 | | | | | | 2,325 | | |
Current portion of operating lease liability
|
| | | | 868 | | | | | | 806 | | |
Accrued expenses and other current liabilities
|
| | | | 7,565 | | | | | | 5,053 | | |
Deferred revenue
|
| | | | 3,004 | | | | | | 2,230 | | |
Current portion of long-term debt, net of deferred financing costs
|
| | | | 9,991 | | | | | | — | | |
Total current liabilities
|
| | | | 30,499 | | | | | | 20,642 | | |
Warrant liability
|
| | | | 93,328 | | | | | | — | | |
Long-term debt, net of deferred financing costs
|
| | | | — | | | | | | 9,972 | | |
Lease liability, net of current portion
|
| | | | 2,157 | | | | | | 3,026 | | |
Total liabilities
|
| | | | 125,984 | | | | | | 33,640 | | |
Commitments and Contingences (Note 15) | | | | | | | | | | | | | |
Legacy Convertible Preferred Stock (Note 17)
|
| | | | — | | | | | | — | | |
Stockholders’ Equity | | | | | | | | | | | | | |
Preferred Stock, $0.0001 par value – authorized, 50,000,000 shares; no shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively
|
| | | | — | | | | | | — | | |
Common Stock, $0.0001 par value – 500,000,000 shares authorized; 226,756,733 and 160,500,702 shares issued at December 31, 2020 and December 31, 2019, respectively, 224,626,597 and 154,913,934 shares outstanding at December 31, 2020 and December 31, 2019, respectively
|
| | | | 23 | | | | | | 16 | | |
Additional paid-in capital
|
| | | | 844,188 | | | | | | 453,242 | | |
Accumulated deficit
|
| | | | (328,277) | | | | | | (294,262) | | |
Accumulated other comprehensive (loss) income
|
| | | | (9) | | | | | | 75 | | |
Total Stockholders’ Equity
|
| | | | 515,925 | | | | | | 159,071 | | |
Total Liabilities and Stockholders’ Equity
|
| | | $ | 641,909 | | | | | $ | 192,711 | | |
| | |
Years Ended December 31,
|
| |||||||||
| | |
2020
(as restated) |
| |
2019
|
| ||||||
Revenues | | | | | | | | | | | | | |
Products
|
| | | $ | 13,718 | | | | | $ | 22,758 | | |
Services
|
| | | | 2,752 | | | | | | 3,681 | | |
Total revenues
|
| | | | 16,470 | | | | | | 26,439 | | |
Cost of sales | | | | | | | | | | | | | |
Products
|
| | | | 26,945 | | | | | | 45,268 | | |
Services
|
| | | | 4,574 | | | | | | 5,528 | | |
Total cost of sales
|
| | | | 31,519 | | | | | | 50,796 | | |
Gross margin
|
| | | | (15,049) | | | | | | (24,357) | | |
Operating expenses | | | | | | | | | | | | | |
Research and development
|
| | | | 43,136 | | | | | | 54,656 | | |
Sales and marketing
|
| | | | 13,136 | | | | | | 18,749 | | |
General and administrative
|
| | | | 20,734 | | | | | | 11,283 | | |
Total operating expenses
|
| | | | 77,006 | | | | | | 84,688 | | |
Loss from operations
|
| | | | (92,055) | | | | | | (109,045) | | |
Change in fair value of warrant liability
|
| | | | 56,417 | | | | | | — | | |
Interest expense
|
| | | | (328) | | | | | | (503) | | |
Interest and other income, net
|
| | | | 1,011 | | | | | | 5,952 | | |
Loss before income taxes
|
| | | | (34,955) | | | | | | (103,596) | | |
Income tax benefit
|
| | | | 940 | | | | | | — | | |
Net loss
|
| | | $ | (34,015) | | | | | $ | (103,596) | | |
Net loss per share – basic and diluted
|
| | | $ | (0.22) | | | | | $ | (0.69) | | |
| | |
Years Ended December 31,
|
| |||||||||
| | |
2020
(as restated) |
| |
2019
|
| ||||||
Net loss
|
| | | $ | (34,015) | | | | | $ | (103,596) | | |
Other comprehensive (loss) income, net of taxes: | | | | | | | | | | | | | |
Unrealized (loss) gain on available-for-sale marketable securities, net
|
| | | | (84) | | | | | | 171 | | |
Total comprehensive loss, net of taxes of $0
|
| | | $ | (34,099) | | | | | $ | (103,425) | | |
| | |
Convertible
Preferred Stock |
| | |
Common Stock
|
| |
Additional
Paid-in Capital |
| |
Notes
Receivable |
| |
Accumulated
Deficit |
| |
Accumulated
Other Comprehensive (Loss) Income |
| |
Total
Stockholders’ Equity |
| |||||||||||||||||||||||||||||||||
|
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||||||||||
BALANCE – January 1, 2019
|
| | | | 84,092,669 | | | | | $ | 276,889 | | | | | | | 19,352,255 | | | | | $ | 2 | | | | | $ | 6,440 | | | | | $ | (249) | | | | | $ | (190,666) | | | | | $ | (96) | | | | | $ | (184,569) | | |
Retroactive application of recapitalization (Note 1)
|
| | | | (84,092,669) | | | | | | (276,889) | | | | | | | 106,977,440 | | | | | | 11 | | | | | | 276,878 | | | | | | — | | | | | | — | | | | | | — | | | | | | 276,889 | | |
Adjusted balance, beginning of period
|
| | | | — | | | | | | — | | | | | | | 126,329,695 | | | | | | 13 | | | | | | 283,318 | | | | | | (249) | | | | | | (190,666) | | | | | | (96) | | | | | | 92,320 | | |
Issuance of Series E Convertible
Preferred Stock – net of issuance costs ($124)(1) |
| | | | — | | | | | | — | | | | | | | 16,426,267 | | | | | | 2 | | | | | | 134,665 | | | | | | — | | | | | | — | | | | | | — | | | | | | 134,667 | | |
Issuance of Series E-1 Convertible
Preferred Stock – net of issuance costs ($22)(1) |
| | | | — | | | | | | — | | | | | | | 3,046,623 | | | | | | — | | | | | | 24,977 | | | | | | — | | | | | | — | | | | | | — | | | | | | 24,977 | | |
Exercise of Common Stock options
|
| | | | — | | | | | | — | | | | | | | 1,217,255 | | | | | | — | | | | | | 708 | | | | | | — | | | | | | — | | | | | | — | | | | | | 708 | | |
Vesting of restricted Common Stock
|
| | | | — | | | | | | — | | | | | | | 6,904,182 | | | | | | 1 | | | | | | 7 | | | | | | — | | | | | | — | | | | | | — | | | | | | 8 | | |
Stock-based compensation expense
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 5,215 | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,215 | | |
Common Stock warrants issued
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 1,038 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,038 | | |
Issuance of Common Stock for acquisitions
|
| | | | — | | | | | | — | | | | | | | 1,066,373 | | | | | | — | | | | | | 3,563 | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,563 | | |
Repayment of notes
receivable |
| | | | — | | | | | | — | | | | | | | (76,461) | | | | | | — | | | | | | (249) | | | | | | 249 | | | | | | — | | | | | | — | | | | | | — | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (103,596) | | | | | | — | | | | | | (103,596) | | |
Other comprehensive income
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 171 | | | | | | 171 | | |
BALANCE – December 31, 2019
|
| | | | — | | | | | | — | | | | | | | 154,913,934 | | | | | | 16 | | | | | | 453,242 | | | | | | — | | | | | | (294,262) | | | | | | 75 | | | | | | 159,071 | | |
Exercise of Common Stock options
|
| | | | — | | | | | | — | | | | | | | 521,925 | | | | | | — | | | | | | 325 | | | | | | — | | | | | | — | | | | | | — | | | | | | 325 | | |
Vesting of restricted Common Stock
|
| | | | — | | | | | | — | | | | | | | 5,307,357 | | | | | | 1 | | | | | | 6 | | | | | | — | | | | | | — | | | | | | — | | | | | | 7 | | |
Issuance of Common Stock in connection with acquisitions
|
| | | | — | | | | | | — | | | | | | | 61,060 | | | | | | — | | | | | | 500 | | | | | | — | | | | | | — | | | | | | — | | | | | | 500 | | |
Repurchase of shares for employee
tax withholdings |
| | | | — | | | | | | — | | | | | | | (9,308) | | | | | | — | | | | | | (101) | | | | | | — | | | | | | — | | | | | | — | | | | | | (101) | | |
Stock-based compensation expense
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 8,006 | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,006 | | |
Common Stock warrants issued and exercised
|
| | | | — | | | | | | — | | | | | | | 692,366 | | | | | | — | | | | | | 1,915 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,915 | | |
Reverse recapitalization, net of transaction costs
|
| | | | — | | | | | | — | | | | | | | 63,139,263 | | | | | | 6 | | | | | | 380,295 | | | | | | — | | | | | | — | | | | | | — | | | | | | 380,301 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (34,015) | | | | | | — | | | | | | (34,015) | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (84) | | | | | | (84) | | |
BALANCE – December 31, 2020 (as
restated) |
| | | | — | | | | | $ | — | | | | | | | 224,626,597 | | | | | $ | 23 | | | | | $ | 844,188 | | | | | $ | — | | | | | $ | (328,277) | | | | | $ | (9) | | | | | $ | 515,925 | | |
| | |
Years Ended December 31,
|
| |||||||||
| | |
2020
(as restated) |
| |
2019
|
| ||||||
Cash flows from operating activities:
|
| | | | | | | | | | | | |
Net loss
|
| | | $ | (34,015) | | | | | $ | (103,596) | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 8,589 | | | | | | 8,087 | | |
Stock-based compensation
|
| | | | 8,006 | | | | | | 5,215 | | |
Change in fair value of warrant liability
|
| | | | (56,417) | | | | | | — | | |
Expense related to Common Stock warrants issued
|
| | | | 1,915 | | | | | | 1,038 | | |
Loss (gain) on disposal of property and equipment
|
| | | | 18 | | | | | | (7) | | |
Gain on investment, related to Make Composites, Inc.
|
| | | | — | | | | | | (1,426) | | |
Impairment of capitalized software
|
| | | | — | | | | | | 444 | | |
Amortization (accretion) of discount on investments
|
| | | | 75 | | | | | | (1,570) | | |
Amortization of debt financing cost
|
| | | | 19 | | | | | | 19 | | |
Provision for bad debt
|
| | | | 377 | | | | | | 199 | | |
Net increase in accrued interest related to marketable securities
|
| | | | (3) | | | | | | (36) | | |
Deferred tax benefit
|
| | | | (940) | | | | | | — | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Accounts receivable
|
| | | | (2,370) | | | | | | (1,664) | | |
Inventory
|
| | | | (1,303) | | | | | | (1,694) | | |
Prepaid expenses and other current assets
|
| | | | 901 | | | | | | 809 | | |
Accounts payable
|
| | | | (2,637) | | | | | | (4,455) | | |
Accrued expenses and other current liabilities
|
| | | | (2,391) | | | | | | 3,272 | | |
Customer deposits
|
| | | | (845) | | | | | | 152 | | |
Deferred revenue
|
| | | | 774 | | | | | | (1,693) | | |
Change in right of use assets and lease liabilities, net
|
| | | | (328) | | | | | | (296) | | |
Net cash used in operating activities
|
| | | | (80,575) | | | | | | (97,202) | | |
Cash flows from investing activities: | | | | | | | | | | | | | |
Purchases of property and equipment
|
| | | | (1,429) | | | | | | (6,867) | | |
Purchase of other investments
|
| | | | (3,000) | | | | | | — | | |
Capitalized software
|
| | | | — | | | | | | (321) | | |
Purchase of marketable securities
|
| | | | (136,286) | | | | | | (215,584) | | |
Proceeds from sales and maturities of marketable securities
|
| | | | 109,016 | | | | | | 196,836 | | |
Cash paid for asset acquisition, net of cash acquired
|
| | | | (5,284) | | | | | | (96) | | |
Net cash used in investing activities
|
| | | | (36,983) | | | | | | (26,032) | | |
Cash flows from financing activities: | | | | | | | | | | | | | |
Proceeds from Preferred Stock issuances, net of issuance cost
|
| | | | — | | | | | | 159,644 | | |
Proceeds from reverse recapitalization, net of issuance costs
|
| | | | 534,597 | | | | | | — | | |
Proceeds from exercise of stock options
|
| | | | 325 | | | | | | 708 | | |
Proceeds from PPP loan
|
| | | | 5,379 | | | | | | — | | |
Repayment of PPP loan
|
| | | | (5,379) | | | | | | — | | |
Net cash provided by financing activities
|
| | | | 534,922 | | | | | | 160,352 | | |
Net increase in cash, cash equivalents, and restricted cash
|
| | | | 417,364 | | | | | | 37,118 | | |
Cash and cash equivalents at beginning of year
|
| | | | 66,161 | | | | | | 29,043 | | |
Restricted cash
|
| | | | 612 | | | | | | 612 | | |
Cash, cash equivalents, and restricted cash at year-end
|
| | | $ | 484,137 | | | | | $ | 66,773 | | |
Supplemental cash flow information: | | | | | | | | | | | | | |
Interest paid
|
| | | $ | 322 | | | | | $ | 485 | | |
Non-cash investing and financing activities: | | | | | | | | | | | | | |
Net liabilities assumed from Trine in Business Combination
|
| | | $ | 152,395 | | | | | $ | — | | |
Accrued reverse recapitalization transaction costs
|
| | | $ | 1,901 | | | | | $ | — | | |
Common Stock issued for acquisitions
|
| | | $ | 500 | | | | | $ | 3,563 | | |
Accrued purchase price for asset acquisition
|
| | | $ | 200 | | | | | $ | — | | |
Tax liabilities related to withholdings on Common Stock issued in connection with acquisitions
|
| | | $ | 102 | | | | | $ | — | | |
Additions to right of use assets and lease liabilities
|
| | | $ | — | | | | | $ | 296 | | |
Purchase of property and equipment included in accrued expenses and other current liabilities
|
| | | $ | — | | | | | $ | 109 | | |
Common Stock forfeited in satisfaction of note receivable
|
| | | $ | — | | | | | $ | 249 | | |
| | |
Year Ended
December 31, 2020 |
| |||||||||||||||
| | |
As Reported
|
| |
Restatement Impact
|
| |
As Restated
|
| |||||||||
Consolidated Statements of Operations and Comprehensive Loss:
|
| | | | | | | | | | | | | | | | | | |
Change in fair value of warrant liability
|
| | | $ | — | | | | | $ | 56,417 | | | | | $ | 56,417 | | |
Loss before income taxes
|
| | | $ | (91,372) | | | | | $ | 56,417 | | | | | $ | (34,955) | | |
Net loss
|
| | | $ | (90,432) | | | | | $ | 56,417 | | | | | $ | (34,015) | | |
Total comprehensive loss, net of taxes of $0
|
| | | $ | (90,516) | | | | | $ | 56,417 | | | | | $ | (34,099) | | |
Earnings (loss) per share: | | | | | | | | | | | | | | | | | | | |
Net loss per share – basic and diluted
|
| | | $ | (0.57) | | | | | $ | 0.35 | | | | | $ | (0.22) | | |
| | |
December 31, 2020
|
| |||||||||||||||
| | |
As Reported
|
| |
Restatement Impact
|
| |
As Restated
|
| |||||||||
Consolidated Balance Sheets: | | | | | | | | | | | | | | | | | | | |
Warrant liability
|
| | | $ | — | | | | | $ | 93,328 | | | | | $ | 93,328 | | |
Total liabilities
|
| | | $ | 32,656 | | | | | $ | 93,328 | | | | | $ | 125,984 | | |
Additional paid-in-capital
|
| | | $ | 993,933 | | | | | $ | (149,745) | | | | | $ | 844,188 | | |
Accumulated deficit
|
| | | $ | (384,694) | | | | | $ | 56,417 | | | | | $ | (328,277) | | |
Total Stockholders’ Equity
|
| | | $ | 609,253 | | | | | $ | (93,328) | | | | | $ | 515,925 | | |
| | |
2020
|
| |
2019
|
| ||||||
Warranty reserve, at the beginning of the year
|
| | | $ | 1,491 | | | | | $ | 116 | | |
Additions to warranty reserve
|
| | | | 346 | | | | | | 2,352 | | |
Claims fulfilled
|
| | | | (284) | | | | | | (977) | | |
Warranty reserve, at the end of the year
|
| | | $ | 1,553 | | | | | $ | 1,491 | | |
| | |
December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Work in process
|
| | | $ | 2,896 | | | | | $ | 1,081 | | |
Finished goods
|
| | | | 6,812 | | | | | | 7,324 | | |
Total inventory
|
| | | $ | 9,708 | | | | | $ | 8,405 | | |
Asset Classification
|
| |
Useful Life
|
|
Equipment | | |
3 – 5 years
|
|
Furniture and fixtures
|
| |
3 years
|
|
Computer equipment
|
| |
3 years
|
|
Tooling
|
| |
3 years
|
|
Software
|
| |
3 years
|
|
Leasehold improvements
|
| |
Shorter of asset’s useful life or
remaining life of the lease |
|
| | |
Recapitalization
(as restated) |
| |||
Cash – Trine’s trust and cash (net of redemptions)
|
| | | $ | 305,084,695 | | |
Cash – PIPE financing
|
| | | | 274,975,000 | | |
Less: transaction costs and advisory fees paid
|
| | | | (45,463,074) | | |
Net proceeds from reverse recapitalization
|
| | | | 534,596,621 | | |
Plus: non-cash net liabilities assumed(1)
|
| | | | (152,394,714) | | |
Less: accrued transaction costs and advisory fees
|
| | | | (1,900,793) | | |
Net contributions from reverse recapitalization
|
| | | $ | 380,301,114 | | |
| | |
Number of Shares
|
| |||
Common stock, outstanding prior to Business Combination
|
| | | | 30,015,000 | | |
Less: redemption of Trine shares
|
| | | | (26,049) | | |
Common stock of Trine
|
| | | | 29,988,951 | | |
Trine Founder Shares
|
| | | | 5,552,812 | | |
Trine Director Shares
|
| | | | 100,000 | | |
Shares issued in PIPE financing
|
| | | | 27,497,500 | | |
Business Combination and PIPE financing shares
|
| | | | 63,139,263 | | |
Legacy Desktop Metal shares(1)
|
| | | | 161,487,334 | | |
Total shares of common stock immediately after Business Combination
|
| | | | 224,626,597 | | |
December 31, 2020
|
| |
Amortized Cost
|
| |
Unrealized Gains
|
| |
Unrealized Losses
|
| |
Fair Value
|
| ||||||||||||
Commercial paper
|
| | | $ | 75,374 | | | | | $ | — | | | | | $ | — | | | | | $ | 75,374 | | |
Money market funds
|
| | | | 407,512 | | | | | | — | | | | | | — | | | | | | 407,512 | | |
Total cash equivalents
|
| | | | 482,886 | | | | | | — | | | | | | — | | | | | | 482,886 | | |
U.S Treasury securities
|
| | | | 19,995 | | | | | | 2 | | | | | | — | | | | | | 19,997 | | |
Commercial paper
|
| | | | 43,911 | | | | | | — | | | | | | — | | | | | | 43,911 | | |
Corporate bonds
|
| | | | 47,970 | | | | | | — | | | | | | (11) | | | | | | 47,959 | | |
Total short-term investments
|
| | | | 111,876 | | | | | | 2 | | | | | | (11) | | | | | | 111,867 | | |
Total cash equivalents and short-term investments
|
| | | $ | 594,762 | | | | | $ | 2 | | | | | $ | (11) | | | | | $ | 594,753 | | |
December 31, 2019
|
| |
Amortized Cost
|
| |
Unrealized Gains
|
| |
Unrealized Losses
|
| |
Fair Value
|
| ||||||||||||
Repurchase agreements
|
| | | $ | 25,001 | | | | | $ | — | | | | | $ | — | | | | | $ | 25,001 | | |
Money market funds
|
| | | | 40,454 | | | | | | — | | | | | | — | | | | | | 40,454 | | |
Total cash equivalents
|
| | | | 65,455 | | | | | | — | | | | | | — | | | | | | 65,455 | | |
Asset-backed securities
|
| | | | 16,786 | | | | | | 20 | | | | | | — | | | | | | 16,806 | | |
Commercial paper
|
| | | | 19,938 | | | | | | — | | | | | | — | | | | | | 19,938 | | |
Corporate bonds
|
| | | | 47,955 | | | | | | 55 | | | | | | — | | | | | | 48,010 | | |
Total short-term investments
|
| | | | 84,679 | | | | | | 75 | | | | | | — | | | | | | 84,754 | | |
Total cash equivalents and short-term investments
|
| | | $ | 150,134 | | | | | $ | 75 | | | | | $ | — | | | | | $ | 150,209 | | |
| | |
December 31, 2020
(as restated) |
| |||||||||||||||||||||
|
Quoted Prices in
Active Markets for Identical Items (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| |
Total
|
| ||||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money market funds
|
| | | $ | 407,512 | | | | | $ | — | | | | | $ | — | | | | | $ | 407,512 | | |
Commercial paper
|
| | | | — | | | | | | 119,285 | | | | | | — | | | | | | 119,285 | | |
Corporate bonds
|
| | | | — | | | | | | 47,959 | | | | | | — | | | | | | 47,959 | | |
U.S. Treasury securities
|
| | | | 19,997 | | | | | | — | | | | | | — | | | | | | 19,997 | | |
Other investments
|
| | | | — | | | | | | — | | | | | | 3,000 | | | | | | 3,000 | | |
Total assets
|
| | | $ | 427,509 | | | | | $ | 167,244 | | | | | $ | 3,000 | | | | | $ | 597,753 | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Private placement warrants
|
| | | $ | — | | | | | $ | — | | | | | $ | 93,328 | | | | | $ | 93,328 | | |
Total liabilities
|
| | | $ | — | | | | | $ | — | | | | | $ | 93,328 | | | | | $ | 93,328 | | |
| | |
December 31, 2019
|
| |||||||||||||||||||||
|
Quoted Prices in
Active Markets for Identical Items (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| |
Total
|
| ||||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money market funds
|
| | | $ | 40,454 | | | | | $ | — | | | | | $ | — | | | | | $ | 40,454 | | |
Commercial paper
|
| | | | — | | | | | | 19,938 | | | | | | — | | | | | | 19,938 | | |
Corporate bonds
|
| | | | — | | | | | | 48,010 | | | | | | — | | | | | | 48,010 | | |
Asset-backed securities
|
| | | | — | | | | | | 16,806 | | | | | | — | | | | | | 16,806 | | |
Repurchase agreements
|
| | | | — | | | | | | 25,001 | | | | | | — | | | | | | 25,001 | | |
Total assets
|
| | | $ | 40,454 | | | | | $ | 109,755 | | | | | $ | — | | | | | $ | 150,209 | | |
| | |
2020
|
| |
2019
|
| ||||||
Balance at beginning of year
|
| | | $ | — | | | | | $ | — | | |
Additions
|
| | | | 3,000 | | | | | | — | | |
Balance at end of year
|
| | | $ | 3,000 | | | | | $ | — | | |
| | |
2020
(as restated) |
| |
2019
|
| ||||||
Balance at beginning of year
|
| | | $ | — | | | | | $ | — | | |
Warrant liability assumed
|
| | | | 149,745 | | | | | | | | |
Change in fair value of warrant liability
|
| | | | (56,417) | | | | | | | | |
Balance at end of year
|
| | | $ | 93,328 | | | | | $ | — | | |
| | |
December 31,
|
| |||||||||
|
2020
|
| |
2019
|
| ||||||||
Trade receivables
|
| | | $ | 7,016 | | | | | $ | 4,722 | | |
Allowance for doubtful accounts
|
| | | | (500) | | | | | | (199) | | |
Total accounts receivable
|
| | | $ | 6,516 | | | | | $ | 4,523 | | |
| | |
Years Ended December 31,
|
| |||||||||
|
2020
|
| |
2019
|
| ||||||||
Balance at beginning of year
|
| | | $ | 199 | | | | | $ | — | | |
Provision for uncollectible accounts
|
| | | | 377 | | | | | | 199 | | |
Uncollectible accounts written off
|
| | | | (76) | | | | | | — | | |
Balance at end of year
|
| | | $ | 500 | | | | | $ | 199 | | |
| | |
December 31,
|
| |||||||||
|
2020
|
| |
2019
|
| ||||||||
Deferred cost of goods sold
|
| | | $ | 454 | | | | | $ | 262 | | |
Prepaid operating expenses
|
| | | | 68 | | | | | | 585 | | |
Prepaid dues and subscriptions
|
| | | | 189 | | | | | | 503 | | |
Prepaid insurance
|
| | | | 121 | | | | | | 45 | | |
Prepaid rent
|
| | | | 118 | | | | | | 11 | | |
Other
|
| | | | 26 | | | | | | 482 | | |
Total prepaid expenses and other current assets
|
| | | $ | 976 | | | | | $ | 1,888 | | |
| | |
December 31,
|
| |||||||||
|
2020
|
| |
2019
|
| ||||||||
Equipment
|
| | | $ | 13,708 | | | | | $ | 13,358 | | |
Furniture and fixtures
|
| | | | 895 | | | | | | 895 | | |
Computer equipment
|
| | | | 1,089 | | | | | | 1,089 | | |
Tooling
|
| | | | 1,805 | | | | | | 1,823 | | |
Software
|
| | | | 1,249 | | | | | | 954 | | |
Leasehold improvements
|
| | | | 13,870 | | | | | | 13,880 | | |
Construction in process
|
| | | | 879 | | | | | | 170 | | |
Property and equipment, gross
|
| | | | 33,495 | | | | | | 32,169 | | |
Less: accumulated depreciation
|
| | | | (21,335) | | | | | | (13,782) | | |
Total property and equipment, net
|
| | | $ | 12,160 | | | | | $ | 18,387 | | |
| | | | | | | | | | | | | | |
Accumulated
|
| |
Balance
|
| ||||||
| | |
Gross Value
|
| |
Estimated Life
|
| |
Amortization
|
| |
December 31, 2020
|
| ||||||||||||
Acquired technology
|
| | | $ | 10,193 | | | | | | 5 years | | | | | $ | 1,091 | | | | | $ | 9,102 | | |
| | |
Years Ended December 31,
|
| |||||||||
|
2020
|
| |
2019
|
| ||||||||
Capitalized software development costs
|
| | | $ | 1,127 | | | | | $ | 1,127 | | |
Accumulated amortization
|
| | | | (815) | | | | | | (237) | | |
Impairment
|
| | | | — | | | | | | (444) | | |
Total capitalized software, net
|
| | | $ | 312 | | | | | $ | 446 | | |
| | |
December 31,
|
| |||||||||
|
2020
|
| |
2019
|
| ||||||||
Other investments
|
| | | $ | 3,000 | | | | | $ | — | | |
Right of use asset
|
| | | | 1,810 | | | | | | 2,289 | | |
Long-term deposits
|
| | | | 69 | | | | | | — | | |
Total other noncurrent assets
|
| | | $ | 4,879 | | | | | $ | 2,289 | | |
| | |
December 31,
|
| |||||||||
|
2020
|
| |
2019
|
| ||||||||
Professional services
|
| | | $ | 2,508 | | | | | $ | 780 | | |
Compensation and benefits related
|
| | | | 2,068 | | | | | | 897 | | |
Warranty reserve
|
| | | | 1,553 | | | | | | 1,491 | | |
Sales and use and franchise taxes
|
| | | | 586 | | | | | | 578 | | |
Franchise and royalty fees
|
| | | | 159 | | | | | | — | | |
Inventory purchases
|
| | | | 86 | | | | | | 620 | | |
Other
|
| | | | 605 | | | | | | 687 | | |
Total accrued expenses and other current liabilities
|
| | | $ | 7,565 | | | | | $ | 5,053 | | |
| | |
Years Ended December 31,
|
| |||||||||
|
2020
|
| |
2019
|
| ||||||||
Lease cost | | | | | | | | | | | | | |
Operating lease cost
|
| | | $ | 746 | | | | | $ | 655 | | |
Short-term lease cost
|
| | | | — | | | | | | 32 | | |
Variable lease cost
|
| | | | 40 | | | | | | 40 | | |
Total lease cost
|
| | | $ | 786 | | | | | $ | 727 | | |
Other Information | | | | | | | | | | | | | |
Operating cash flows from operating leases
|
| | | $ | 1,073 | | | | | $ | 951 | | |
Weighted-average remaining lease term – operating leases (years)
|
| | | | 3.2 | | | | | | 4.2 | | |
Weighted-average discount rate – operating leases
|
| | | | 7.6% | | | | | | 7.6% | | |
|
2021
|
| | | $ | 1,071 | | |
|
2022
|
| | | | 1,069 | | |
|
2023
|
| | | | 1,028 | | |
|
2024
|
| | | | 258 | | |
|
2025
|
| | | | — | | |
|
Total lease payments
|
| | | | 3,426 | | |
|
Less amount representing interest
|
| | | | (401) | | |
|
Total lease liability
|
| | | | 3,025 | | |
|
Less current portion of lease liability
|
| | | | (868) | | |
|
Lease liability, net of current portion
|
| | | $ | 2,157 | | |
| | |
Years Ended December 31,
|
| |||||||||
|
2020
(as restated) |
| |
2019
|
| ||||||||
United States
|
| | | $ | (34,285) | | | | | $ | (103,596) | | |
Foreign
|
| | | | (670) | | | | | | — | | |
Loss before income taxes
|
| | | $ | (34,955) | | | | | $ | (103,596) | | |
| | |
Years Ended December 31,
|
| |||||||||
|
2020
|
| |
2019
|
| ||||||||
Current
|
| | | $ | — | | | | | $ | — | | |
Deferred
|
| | | | (940) | | | | | | — | | |
Provision (benefit) for income taxes
|
| | | $ | (940) | | | | | $ | — | | |
| | |
Years Ended December 31,
|
| |||||||||
|
2020
(as restated) |
| |
2019
|
| ||||||||
Effective income tax rate: | | | | | | | | | | | | | |
Expected income tax benefit at the federal statutory rate
|
| | | | 21% | | | | | | 21% | | |
State taxes
|
| | | | 6% | | | | | | 6% | | |
Change in valuation allowance
|
| | | | (68)% | | | | | | (30)% | | |
Research and development credit carryover
|
| | | | 2% | | | | | | 2% | | |
Permanent differences
|
| | | | 42% | | | | | | 1% | | |
Effective income tax rate
|
| | | | 3% | | | | | | —% | | |
| | |
Years Ended December 31,
|
| |||||||||
|
2020
|
| |
2019
|
| ||||||||
Deferred tax assets: | | | | | | | | | | | | | |
Federal and state net operating carryforwards
|
| | | $ | 77,463 | | | | | $ | 56,333 | | |
Research and development and other credits
|
| | | | 13,555 | | | | | | 11,072 | | |
Capitalized start-up costs
|
| | | | 15,717 | | | | | | 17,032 | | |
Compensation-related items
|
| | | | 2,257 | | | | | | 1,286 | | |
Deferred lease liability
|
| | | | 872 | | | | | | 1,111 | | |
Depreciation
|
| | | | 1,503 | | | | | | — | | |
Other deferred tax assets
|
| | | | 2,272 | | | | | | 2,068 | | |
Total gross deferred tax asset
|
| | | | 113,639 | | | | | | 88,902 | | |
| | |
Years Ended December 31,
|
| |||||||||
|
2020
|
| |
2019
|
| ||||||||
Valuation allowance
|
| | | | (111,494) | | | | | | (87,370) | | |
Net deferred tax asset
|
| | | | 2,145 | | | | | | 1,532 | | |
Deferred tax liabilities: | | | | | | | | | | | | | |
Right-of-use asset
|
| | | | (522) | | | | | | (664) | | |
Acquired technology
|
| | | | (1,623) | | | | | | (868) | | |
Total deferred tax liabilities
|
| | | | (2,145) | | | | | | (1,532) | | |
Net deferred tax asset
|
| | | $ | — | | | | | $ | — | | |
|
| | |
Years Ended December 31,
|
| |||||||||
|
2020
|
| |
2019
|
| ||||||||
Valuation allowance at beginning of the year
|
| | | $ | 87,370 | | | | | $ | 56,405 | | |
Increases recorded to income tax provision
|
| | | | 25,058 | | | | | | 30,965 | | |
Decreases recorded as a benefit to income tax provision
|
| | | | (934) | | | | | | — | | |
Valuation allowance at end of year
|
| | | $ | 111,494 | | | | | $ | 87,370 | | |
| | |
Shares subject
to Vesting |
| |
Weighted Average
Purchase Price |
| ||||||
Balance of unvested shares as of January 1, 2020
|
| | | | 5,587 | | | | | $ | 0.0001 | | |
Issuance of additional shares
|
| | | | — | | | | | | — | | |
Vested
|
| | | | (5,307) | | | | | $ | 0.001 | | |
Balance of unvested shares as of December 31, 2020
|
| | | | 280 | | | | | $ | 0.001 | | |
| | |
Years Ended December 31,
|
| ||||||
|
2020
|
| |
2019
|
| |||||
Risk-free interest rate
|
| | | | 2.0% | | | |
2.0%
|
|
Expected volatility
|
| | | | 52.5% | | | |
52.5%
|
|
Expected life (in years)
|
| | | | 8.0 | | | |
8.0 – 8.8
|
|
Expected dividend yield
|
| | | | — | | | |
—
|
|
Fair value of Common Stock
|
| | | $ | 3.34 | | | |
$3.34
|
|
| | |
Year Ended December 31,
2020 |
| |||
Risk-free interest rate
|
| | | | 0.5% | | |
Expected volatility
|
| | | | 52.5% | | |
Expected life (in years)
|
| | | | 0.3 | | |
Expected dividend yield
|
| | | | — | | |
Fair value of Common Stock
|
| | | $ | 7.98 | | |
| | |
As of December 31,
2020 |
| |
As of December 9,
2020 |
| ||||||
Risk-free interest rate
|
| | | | 0.4% | | | | | | 0.4% | | |
Expected volatility
|
| | | | 50.0% | | | | | | 40.0% | | |
Expected life (in years)
|
| | | | 4.9 | | | | | | 5 | | |
Expected dividend yield
|
| | | | — | | | | | | — | | |
Fair value of Common Stock
|
| | | $ | 17.20 | | | | | $ | 24.77 | | |
| | |
Prior to Business Combination
|
| |||||||||
Legacy Convertible Preferred Stock Classes
|
| |
Shares Authorized,
Issued and Outstanding |
| |
Preferred Stock
|
| ||||||
Series A Legacy Convertible Preferred Stock, $0.0001 par value
|
| | | | 26,189,545 | | | | | $ | 13,878 | | |
Series B Legacy Convertible Preferred Stock, $0.0001 par value
|
| | | | 23,675,035 | | | | | | 37,806 | | |
Series C Legacy Convertible Preferred Stock, $0.0001 par value
|
| | | | 13,152,896 | | | | | | 44,852 | | |
Series D Legacy Convertible Preferred Stock, $0.0001 par value
|
| | | | 21,075,193 | | | | | | 180,353 | | |
Series E Legacy Convertible Preferred Stock, $0.0001 par value
|
| | | | 13,450,703 | | | | | | 134,667 | | |
Series E-1 Legacy Convertible Preferred Stock, $0.0001 par value
|
| | | | 2,494,737 | | | | | | 24,977 | | |
Total
|
| | | | 100,038,109 | | | | | $ | 436,533 | | |
| | |
Years Ended December 31,
|
| |||
| | |
2020
|
| |
2019
|
|
Risk-free interest rate
|
| |
0.3% – 1.7%%
|
| |
1.7% – 2.6%
|
|
Expected volatility
|
| |
52.7% – 54.2%
|
| |
52.7% – 53.6%
|
|
Expected life (in years)
|
| |
5.9 – 6.3
|
| |
5.6 – 6.1
|
|
Expected dividend yield
|
| |
—
|
| |
—
|
|
Fair value of Common Stock
|
| |
$1.40 – 7.98
|
| |
$3.34
|
|
| | |
Years Ended December 31,
|
| |||
|
2020
|
| |
2019
|
| ||
Risk-free interest rate
|
| |
0.6% – 0.8%
|
| |
1.4% – 3.1%
|
|
Expected volatility
|
| |
54.3% – 54.8%
|
| |
52.4% – 61.5%
|
|
Expected life (in years)
|
| |
9.4 – 10.0
|
| |
6.2 – 10.0
|
|
Expected dividend yield
|
| |
—
|
| |
—
|
|
Fair value of Common Stock
|
| |
$1.40 – 7.98
|
| |
$3.34
|
|
| | |
Years Ended December 31,
|
| |||||||||
|
2020
|
| |
2019
|
| ||||||||
Research and development
|
| | | $ | 3,276 | | | | | $ | 2,713 | | |
General and administrative expense
|
| | | | 3,464 | | | | | | 941 | | |
Sales and marketing expense
|
| | | | 894 | | | | | | 1,373 | | |
Cost of sales
|
| | | | 372 | | | | | | 188 | | |
Total stock-based compensation expenses
|
| | | $ | 8,006 | | | | | $ | 5,215 | | |
| | |
Number of
Shares |
| |
Weighted-Average
Exercise Price per Share |
| |
Weighted-Average
Remaining Contractual Term (in years) |
| |
Aggregate
Intrinsic Value (in thousands) |
| ||||||||||||
Outstanding at January 1, 2020
|
| | | | 18,072 | | | | | $ | 2.01 | | | | | | 7.84 | | | | | $ | 24,045 | | |
Granted
|
| | | | 8,463 | | | | | $ | 1.51 | | | | | | | | | | | | | | |
Exercised
|
| | | | (522) | | | | | $ | 0.62 | | | | | | | | | | | | | | |
Forfeited/expired
|
| | | | (6,460) | | | | | $ | 2.92 | | | | | | | | | | | | | | |
Outstanding at December 31, 2020
|
| | | | 19,553 | | | | | $ | 1.53 | | | | | | 7.75 | | | | | $ | 306,408 | | |
Options vested at December 31, 2020
|
| | | | 10,905 | | | | | $ | 1.53 | | | | | | 6.52 | | | | | $ | 170,868 | | |
Options vested or expected to vest at December 31, 2020
|
| | | | 18,818 | | | | | $ | 1.53 | | | | | | 7.69 | | | | | $ | 294,824 | | |
| | |
Shares subject
to Vesting |
| |
Weighted Average
Grant Date Fair Value |
| ||||||
Balance of unvested shares as of January 1, 2020
|
| | | | — | | | | | | — | | |
Granted
|
| | | | 683 | | | | | $ | 8.02 | | |
Vested
|
| | | | — | | | | | | — | | |
Balance of unvested shares as of December 31, 2020
|
| | | | 683 | | | | | $ | 8.02 | | |
| | |
Americas
|
| |
EMEA
|
| |
APAC
|
| |
Total
|
| ||||||||||||
Product
|
| | | $ | 5,250 | | | | | $ | 6,629 | | | | | $ | 1,839 | | | | | $ | 13,718 | | |
Services
|
| | | | 1,415 | | | | | | 1,159 | | | | | | 178 | | | | | | 2,752 | | |
Total
|
| | | $ | 6,665 | | | | | $ | 7,788 | | | | | $ | 2,017 | | | | | $ | 16,470 | | |
| | |
Americas
|
| |
EMEA
|
| |
APAC
|
| |
Total
|
| ||||||||||||
Product
|
| | | $ | 12,746 | | | | | $ | 8,430 | | | | | $ | 1,582 | | | | | $ | 22,758 | | |
Services
|
| | | | 3,055 | | | | | | 563 | | | | | | 63 | | | | | | 3,681 | | |
Total
|
| | | $ | 15,801 | | | | | $ | 8,993 | | | | | $ | 1,645 | | | | | $ | 26,439 | | |
| | |
Years Ended
December 31, |
| |||||||||
|
2020
|
| |
2019
|
| ||||||||
Revenue recognized at a point in time
|
| | | $ | 13,718 | | | | | $ | 22,758 | | |
Revenue recognized over time
|
| | | | 2,752 | | | | | | 3,681 | | |
Total
|
| | | $ | 16,470 | | | | | $ | 26,439 | | |
| | |
Years Ended December 31,
|
| |||||||||
(in thousands, except per share amounts)
|
| |
2020
(as restated) |
| |
2019
|
| ||||||
Numerator for basic and diluted net loss per share: | | | | | | | | | | | | | |
Net loss attributable to Common Stockholders
|
| | | $ | (34,015) | | | | | $ | (103,596) | | |
Denominator for basic and diluted net loss per share:
|
| | | | | | | | | | | | |
Weighted average shares
|
| | | | 157,906 | | | | | | 150,002 | | |
Net loss per share – Basic and Diluted
|
| | | $ | (0.22) | | | | | $ | (0.69) | | |
| | |
Years Ended December 31,
|
| |||||||||
|
2020
|
| |
2019
|
| ||||||||
Common Stock options outstanding
|
| | | | 19,553 | | | | | | 18,072 | | |
Unvested restricted stock units outstanding
|
| | | | 683 | | | | | | — | | |
Unvested restricted stock awards outstanding
|
| | | | 279 | | | | | | 5,587 | | |
Common Stock warrants outstanding
|
| | | | 25,010 | | | | | | 634 | | |
Unvested Trine Founder Shares, held in escrow
|
| | | | 1,851 | | | | | | — | | |
Total shares
|
| | | | 47,376 | | | | | | 24,293 | | |
| | |
March 31,
2021 |
| |
December 31,
2020 |
| ||||||
Assets | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 416,379 | | | | | $ | 483,525 | | |
Short-term investments
|
| | | | 155,847 | | | | | | 111,867 | | |
Restricted cash
|
| | | | 1,021 | | | | | | — | | |
Accounts receivable
|
| | | | 9,234 | | | | | | 6,516 | | |
Inventory
|
| | | | 20,837 | | | | | | 9,708 | | |
Prepaid expenses and other current assets
|
| | | | 18,657 | | | | | | 976 | | |
Total current assets
|
| | | | 621,975 | | | | | | 612,592 | | |
Restricted cash
|
| | | | 776 | | | | | | 612 | | |
Property and equipment, net
|
| | | | 12,331 | | | | | | 12,160 | | |
Capitalized software, net
|
| | | | 268 | | | | | | 312 | | |
Goodwill
|
| | | | 201,308 | | | | | | 2,252 | | |
Intangible assets, net
|
| | | | 144,103 | | | | | | 9,102 | | |
Other noncurrent assets
|
| | | | 6,826 | | | | | | 4,879 | | |
Total Assets
|
| | | $ | 987,587 | | | | | $ | 641,909 | | |
Liabilities and Stockholders’ Equity | | | | | | | | | | | | | |
Current liabilities:
|
| | | | | | | | | | | | |
Accounts payable
|
| | | $ | 5,227 | | | | | $ | 7,591 | | |
Customer deposits
|
| | | | 2,792 | | | | | | 1,480 | | |
Current portion of lease liability
|
| | | | 1,639 | | | | | | 868 | | |
Accrued expenses and other current liabilities
|
| | | | 15,324 | | | | | | 7,565 | | |
Deferred revenue
|
| | | | 3,405 | | | | | | 3,004 | | |
Current portion of long-term debt, net of deferred financing costs
|
| | | | 11,019 | | | | | | 9,991 | | |
Total current liabilities
|
| | | | 39,406 | | | | | | 30,499 | | |
Warrant liability
|
| | | | — | | | | | | 93,328 | | |
Long-term debt, net of deferred financing costs
|
| | | | 163 | | | | | | — | | |
Lease liability, net of current portion
|
| | | | 3,248 | | | | | | 2,157 | | |
Deferred tax liability
|
| | | | 5,206 | | | | | | — | | |
Total liabilities
|
| | | | 48,023 | | | | | | 125,984 | | |
Commitments and Contingences (Note 15) | | | | | | | | | | | | | |
Stockholders’ Equity | | | | | | | | | | | | | |
Preferred Stock, $0.0001 par value – authorized, 50,000,000 shares; no shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively
|
| | | | — | | | | | | — | | |
Common Stock, $0.0001 par value – 500,000,000 shares authorized; 252,660,102 and
226,756,733 shares issued at March 31, 2021 and December 31, 2020, respectively, 252,436,919 and 224,626,597 shares outstanding at March 31, 2021 and December 31, 2020, respectively |
| | | | 25 | | | | | | 23 | | |
Additional paid-in capital
|
| | | | 1,326,945 | | | | | | 844,188 | | |
Accumulated deficit
|
| | | | (387,385) | | | | | | (328,277) | | |
Accumulated other comprehensive income (loss)
|
| | | | (21) | | | | | | (9) | | |
Total Stockholders’ Equity
|
| | | | 939,564 | | | | | | 515,925 | | |
Total Liabilities and Stockholders’ Equity
|
| | | $ | 987,587 | | | | | $ | 641,909 | | |
| | |
Three Months Ended
March 31, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Revenues | | | | | | | | | | | | | |
Products
|
| | | $ | 10,311 | | | | | $ | 2,694 | | |
Services
|
| | | | 1,002 | | | | | | 691 | | |
Total revenues
|
| | | | 11,313 | | | | | | 3,385 | | |
Cost of sales | | | | | | | | | | | | | |
Products
|
| | | | 10,487 | | | | | | 5,041 | | |
Services
|
| | | | 1,413 | | | | | | 1,163 | | |
Total cost of sales
|
| | | | 11,900 | | | | | | 6,204 | | |
Gross margin
|
| | | | (587) | | | | | | (2,819) | | |
Operating expenses | | | | | | | | | | | | | |
Research and development
|
| | | | 10,858 | | | | | | 12,340 | | |
Sales and marketing
|
| | | | 5,449 | | | | | | 4,494 | | |
General and administrative
|
| | | | 13,846 | | | | | | 2,625 | | |
Total operating expenses
|
| | | | 30,153 | | | | | | 19,459 | | |
Loss from operations
|
| | | | (30,740) | | | | | | (22,278) | | |
Change in fair value of warrant liability
|
| | | | (56,576) | | | | | | — | | |
Interest expense
|
| | | | (73) | | | | | | (104) | | |
Interest and other income, net
|
| | | | 361 | | | | | | 578 | | |
Loss before income taxes
|
| | | | (87,028) | | | | | | (21,804) | | |
Income tax benefit
|
| | | | 27,920 | | | | | | — | | |
Net loss
|
| | | $ | (59,108) | | | | | $ | (21,804) | | |
Net loss per share – basic and diluted
|
| | | $ | (0.25) | | | | | $ | (0.14) | | |
| | |
Three Months Ended
March 31, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Net loss
|
| | | $ | (59,108) | | | | | $ | (21,804) | | |
Other comprehensive (loss) income, net of taxes: | | | | | | | | | | | | | |
Unrealized gain (loss) on available-for-sale marketable securities, net
|
| | | | 1 | | | | | | (159) | | |
Foreign currency translation adjustment
|
| | | | (13) | | | | | | — | | |
Total comprehensive loss, net of taxes of $0
|
| | | $ | (59,120) | | | | | $ | (21,963) | | |
| | |
Common Stock
Voting |
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Accumulated
Other Comprehensive (Loss) Income |
| |
Total
Stockholders’ Equity |
| |||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
BALANCE – January 1, 2021
|
| | | | 224,626,597 | | | | | $ | 23 | | | | | $ | 844,188 | | | | | $ | (328,277) | | | | | $ | (9) | | | | | $ | 515,925 | | |
Exercise of Common Stock options
|
| | | | 163,228 | | | | | | — | | | | | | 180 | | | | | | — | | | | | | — | | | | | | 180 | | |
Vesting of restricted Common Stock
|
| | | | 56,015 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Vesting of restricted stock units
|
| | | | 15,265 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Repurchase of shares for employee tax withholdings
|
| | | | (2,241) | | | | | | — | | | | | | (54) | | | | | | — | | | | | | — | | | | | | (54) | | |
Issuance of Common Stock for acquisitions
|
| | | | 5,036,142 | | | | | | — | | | | | | 159,847 | | | | | | — | | | | | | — | | | | | | 159,847 | | |
Stock-based compensation
expense |
| | | | — | | | | | | — | | | | | | 2,217 | | | | | | — | | | | | | — | | | | | | 2,217 | | |
Vesting of Trine Founder shares
|
| | | | 1,850,938 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Exercise of warrants
|
| | | | 20,690,975 | | | | | | 2 | | | | | | 320,567 | | | | | | — | | | | | | — | | | | | | 320,569 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (59,108) | | | | | | — | | | | | | (59,108) | | |
Other comprehensive income (loss)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (12) | | | | | | (12) | | |
BALANCE – March 31, 2021
|
| | | | 252,436,919 | | | | | $ | 25 | | | | | $ | 1,326,945 | | | | | $ | (387,385) | | | | | $ | (21) | | | | | $ | 939,564 | | |
| | |
Legacy Convertible
Preferred Stock |
| | |
Common Stock
Voting |
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Accumulated
Other Comprehensive (Loss) Income |
| |
Total
Stockholders’ Equity |
| ||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| | |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||
BALANCE – January 1, 2020
|
| | | | 100,038,109 | | | | | $ | 436,533 | | | | | | | 26,813,113 | | | | | $ | 3 | | | | | $ | 16,722 | | | | | $ | (294,262) | | | | | $ | 75 | | | | | $ | (277,462) | | |
Retroactive application of recapitalization (Note 1)
|
| | | | (100,038,109) | | | | | | (436,533) | | | | | | | 128,100,821 | | | | | | 13 | | | | | | 436,520 | | | | | | — | | | | | | — | | | | | | 436,533 | | |
Adjusted balance, beginning of period
|
| | | | — | | | | | | — | | | | | | | 154,913,934 | | | | | | 16 | | | | | | 453,242 | | | | | | (294,262) | | | | | | 75 | | | | | | 159,071 | | |
Exercise of Common Stock options
|
| | | | — | | | | | | — | | | | | | | 286,636 | | | | | | — | | | | | | 132 | | | | | | — | | | | | | — | | | | | | 132 | | |
Vesting of restricted Common Stock
|
| | | | — | | | | | | — | | | | | | | 1,750,555 | | | | | | — | | | | | | 2 | | | | | | — | | | | | | — | | | | | | 2 | | |
Stock-based compensation
expense |
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 1,259 | | | | | | — | | | | | | — | | | | | | 1,259 | | |
Common Stock warrants issued
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | 124 | | | | | | — | | | | | | — | | | | | | 124 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (21,804) | | | | | | — | | | | | | (21,804) | | |
Other comprehensive income
(loss) |
| | | | — | | | | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (159) | | | | | | (159) | | |
BALANCE – March 31, 2020
|
| | | | — | | | | | $ | — | | | | | | | 156,951,125 | | | | | $ | 16 | | | | | $ | 454,759 | | | | | $ | (316,066) | | | | | $ | (84) | | | | | $ | 138,625 | | |
| | |
Three Months Ended March 31,
|
| |||||||||
|
2021
|
| |
2020
|
| ||||||||
Cash flows from operating activities: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (59,108) | | | | | $ | (21,804) | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 3,892 | | | | | | 2,321 | | |
Stock-based compensation
|
| | | | 2,217 | | | | | | 1,259 | | |
Change in fair value of warrant liability
|
| | | | 56,576 | | | | | | — | | |
Expense related to Common Stock warrants issued
|
| | | | — | | | | | | 124 | | |
Amortization (accretion) of discount on investments
|
| | | | 406 | | | | | | (22) | | |
Amortization of debt financing cost
|
| | | | 4 | | | | | | 4 | | |
Provision for bad debt
|
| | | | 72 | | | | | | — | | |
Net increase in accrued interest related to marketable securities
|
| | | | (240) | | | | | | (124) | | |
Net unrealized (gain) loss on marketable securities
|
| | | | (25) | | | | | | — | | |
Deferred tax benefit
|
| | | | (27,921) | | | | | | — | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Accounts receivable
|
| | | | (61) | | | | | | 752 | | |
Inventory
|
| | | | (2,381) | | | | | | (3,238) | | |
Prepaid expenses and other current assets
|
| | | | (4,276) | | | | | | 393 | | |
Other assets
|
| | | | (30) | | | | | | — | | |
Accounts payable
|
| | | | (3,856) | | | | | | (989) | | |
Accrued expenses and other current liabilities
|
| | | | (5,247) | | | | | | (976) | | |
Customer deposits
|
| | | | (1,234) | | | | | | 285 | | |
Deferred revenue
|
| | | | 105 | | | | | | (339) | | |
Change in right of use assets and lease liabilities, net
|
| | | | (22) | | | | | | (80) | | |
Net cash used in operating activities
|
| | | | (41,129) | | | | | | (22,434) | | |
Cash flows from investing activities: | | | | | | | | | | | | | |
Purchases of property and equipment
|
| | | | (262) | | | | | | (1,004) | | |
Purchase of marketable securities
|
| | | | (92,386) | | | | | | (17,616) | | |
Proceeds from sales and maturities of marketable securities
|
| | | | 48,241 | | | | | | 49,300 | | |
Cash paid for acquisition, net of cash acquired
|
| | | | (137,646) | | | | | | — | | |
Net cash (used in) provided by investing activities
|
| | | | (182,053) | | | | | | 30,680 | | |
Cash flows from financing activities: | | | | | | | | | | | | | |
Payment of issuance costs related to reverse recapitalization
|
| | | | (1,239) | | | | | | — | | |
Proceeds from the exercise of stock warrants
|
| | | | 158,308 | | | | | | — | | |
Payment of taxes related to net share settlement of upon vesting of restricted stock units
|
| | | | (54) | | | | | | — | | |
Proceeds from exercise of stock options
|
| | | | 180 | | | | | | 132 | | |
Net cash provided by financing activities
|
| | | | 157,195 | | | | | | 132 | | |
Net (decrease) increase in cash, cash equivalents, and restricted cash
|
| | | | (65,987) | | | | | | 8,378 | | |
Effect of exchange rate changes
|
| | | | 26 | | | | | | — | | |
Cash and cash equivalents at beginning of period
|
| | | | 483,525 | | | | | | 66,161 | | |
Restricted cash
|
| | | | 612 | | | | | | 612 | | |
Cash, cash equivalents, and restricted cash at end of period
|
| | | $ | 418,176 | | | | | $ | 75,151 | | |
Supplemental cash flow information: | | | | | | | | | | | | | |
Interest paid
|
| | | $ | 73 | | | | | $ | 107 | | |
Non-cash investing and financing activities: | | | | | | | | | | | | | |
Net unrealized (gain) loss on investments
|
| | | $ | (1) | | | | | $ | 159 | | |
Exercise of private placement warrants
|
| | | $ | 149,904 | | | | | $ | — | | |
Common Stock issued for acquisitions
|
| | | $ | 159,847 | | | | | $ | — | | |
Additions to right of use assets and lease liabilities
|
| | | $ | 364 | | | | | $ | — | | |
Purchase of property and equipment included in accounts payable
|
| | | $ | 50 | | | | | $ | — | | |
Receivable for warrants exercised
|
| | | $ | 12,357 | | | | | $ | — | | |
Asset Classification
|
| |
Useful Life
|
|
Equipment | | |
2 – 12 years
|
|
Furniture and fixtures
|
| |
3 – 5 years
|
|
Computer equipment
|
| |
3 years
|
|
Tooling | | |
3 years
|
|
Software | | |
2 – 3 years
|
|
Leasehold improvements
|
| |
Shorter of asset’s useful life or remaining life of the lease
|
|
| | |
At February 16, 2021
|
| |||
Assets acquired: | | | | | | | |
Cash and cash equivalents
|
| | | $ | 859 | | |
Restricted cash
|
| | | | 5,004 | | |
Accounts receivable
|
| | | | 2,740 | | |
Inventory
|
| | | | 8,852 | | |
Prepaid expenses and other current assets
|
| | | | 1,081 | | |
Restricted cash – noncurrent
|
| | | | 285 | | |
Property and equipment
|
| | | | 1,440 | | |
Intangible assets
|
| | | | 137,300 | | |
Other noncurrent assets
|
| | | | 1,801 | | |
Total assets acquired
|
| | | $ | 159,362 | | |
Liabilities assumed: | | | | | | | |
Accounts payable
|
| | | $ | 1,443 | | |
Customer deposits
|
| | | | 2,590 | | |
Current portion of lease liability
|
| | | | 600 | | |
Accrued expenses and other current liabilities
|
| | | | 13,645 | | |
Liability for income taxes
|
| | | | 480 | | |
Deferred revenue
|
| | | | 300 | | |
Current portion of long-term debt
|
| | | | 898 | | |
Long-term debt
|
| | | | 285 | | |
Deferred tax liability
|
| | | | 33,348 | | |
Lease liability, net of current portion
|
| | | | 1,189 | | |
Total liabilities assumed
|
| | | $ | 54,778 | | |
Net assets acquired
|
| | | $ | 104,584 | | |
Goodwill
|
| | | $ | 199,056 | | |
| | |
Gross Value
|
| |
Estimated Life
|
| |||
Acquired technology
|
| | | $ | 77,800 | | | |
7 – 12 years
|
|
Trade name
|
| | | | 8,600 | | | |
13 years
|
|
Customer relationships
|
| | | | 50,900 | | | |
10 years
|
|
Total intangible assets
|
| | | $ | 137,300 | | | | | |
| | |
Three Months Ended March 31,
|
| |||||||||
|
2021
|
| |
2020
|
| ||||||||
Net revenues
|
| | | $ | 14,825 | | | | | $ | 10,697 | | |
Net income
|
| | | $ | (28,676) | | | | | $ | (30,943) | | |
| | |
Recapitalization
|
| |||
Cash – Trine’s trust and cash (net of redemptions)
|
| | | $ | 305,084,695 | | |
Cash – PIPE financing
|
| | | | 274,975,000 | | |
Less: transaction costs and advisory fees paid
|
| | | | (45,463,074) | | |
Net proceeds from reverse recapitalization
|
| | | | 534,596,621 | | |
Plus: non-cash net liabilities assumed(1)
|
| | | | (152,394,714) | | |
Less: accrued transaction costs and advisory fees
|
| | | | (1,900,793) | | |
Net contributions from reverse recapitalization
|
| | | $ | 380,301,114 | | |
| | |
Number of Shares
|
| |||
Common stock, outstanding prior to Business Combination
|
| | | | 30,015,000 | | |
Less: redemption of Trine shares
|
| | | | (26,049) | | |
Common stock of Trine
|
| | | | 29,988,951 | | |
Trine Founder Shares
|
| | | | 5,552,812 | | |
Trine Director Shares
|
| | | | 100,000 | | |
Shares issued in PIPE financing
|
| | | | 27,497,500 | | |
Business Combination and PIPE financing shares
|
| | | | 63,139,263 | | |
Legacy Desktop Metal shares(1)
|
| | | | 161,487,334 | | |
Total shares of common stock immediately after Business Combination
|
| | | | 224,626,597 | | |
March 31, 2021
|
| |
Amortized Cost
|
| |
Unrealized Gains
|
| |
Unrealized Losses
|
| |
Fair Value
|
| ||||||||||||
Money market funds
|
| | | $ | 413,089 | | | | | $ | — | | | | | $ | — | | | | | $ | 413,089 | | |
Total cash equivalents
|
| | | | 413,089 | | | | | | — | | | | | | — | | | | | | 413,089 | | |
U.S Treasury securities
|
| | | | 5,000 | | | | | | — | | | | | | — | | | | | | 5,000 | | |
Commercial paper
|
| | | | 89,835 | | | | | | — | | | | | | — | | | | | | 89,835 | | |
Corporate bonds
|
| | | | 61,020 | | | | | | 13 | | | | | | (21) | | | | | | 61,012 | | |
Total short-term investments
|
| | | | 155,855 | | | | | | 13 | | | | | | (21) | | | | | | 155,847 | | |
Total cash equivalents and short-term investments
|
| | | $ | 568,944 | | | | | $ | 13 | | | | | $ | (21) | | | | | $ | 568,936 | | |
December 31, 2020
|
| |
Amortized Cost
|
| |
Unrealized Gains
|
| |
Unrealized Losses
|
| |
Fair Value
|
| ||||||||||||
Commercial paper
|
| | | $ | 75,374 | | | | | $ | — | | | | | $ | — | | | | | $ | 75,374 | | |
Money market funds
|
| | | | 407,512 | | | | | | — | | | | | | — | | | | | | 407,512 | | |
Total cash equivalents
|
| | | | 482,886 | | | | | | — | | | | | | — | | | | | | 482,886 | | |
U.S. Treasury securities
|
| | | | 19,995 | | | | | | 2 | | | | | | — | | | | | | 19,997 | | |
Commercial paper
|
| | | | 43,911 | | | | | | — | | | | | | — | | | | | | 43,911 | | |
Corporate bonds
|
| | | | 47,970 | | | | | | — | | | | | | (11) | | | | | | 47,959 | | |
Total short-term investments
|
| | | | 111,876 | | | | | | 2 | | | | | | (11) | | | | | | 111,867 | | |
Total cash equivalents and short-term investments
|
| | | $ | 594,762 | | | | | $ | 2 | | | | | $ | (11) | | | | | $ | 594,753 | | |
| | |
March 31, 2021
|
| |||||||||||||||||||||
| | |
Quoted Prices in
Active Markets for Identical Items (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| |
Total
|
| ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money market funds
|
| | | $ | 413,089 | | | | | $ | — | | | | | $ | — | | | | | $ | 413,089 | | |
Commercial paper
|
| | | | — | | | | | | 89,835 | | | | | | — | | | | | | 89,835 | | |
Corporate bonds
|
| | | | — | | | | | | 61,012 | | | | | | — | | | | | | 61,012 | | |
U.S. Treasury securities
|
| | | | 5,000 | | | | | | — | | | | | | — | | | | | | 5,000 | | |
Other investments
|
| | | | — | | | | | | — | | | | | | 3,025 | | | | | | 3,025 | | |
Total assets
|
| | | $ | 418,089 | | | | | $ | 150,847 | | | | | $ | 3,025 | | | | | $ | 571,961 | | |
| | |
December 31, 2020
|
| |||||||||||||||||||||
| | |
Quoted Prices in
Active Markets for Identical Items (Level 1) |
| |
Significant
Other Observable Inputs (Level 2) |
| |
Significant
Unobservable Inputs (Level 3) |
| |
Total
|
| ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Money market funds
|
| | | $ | 407,512 | | | | | $ | — | | | | | $ | — | | | | | $ | 407,512 | | |
Commercial paper
|
| | | | — | | | | | | 119,285 | | | | | | — | | | | | | 119,285 | | |
Corporate bonds
|
| | | | — | | | | | | 47,959 | | | | | | — | | | | | | 47,959 | | |
U.S. Treasury securities
|
| | | | 19,997 | | | | | | — | | | | | | — | | | | | | 19,997 | | |
Other investments
|
| | | | — | | | | | | — | | | | | | 3,000 | | | | | | 3,000 | | |
Total assets
|
| | | $ | 427,509 | | | | | $ | 167,244 | | | | | $ | 3,000 | | | | | $ | 597,753 | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Private placement warrants
|
| | | $ | — | | | | | $ | — | | | | | $ | 93,328 | | | | | $ | 93,328 | | |
Total liabilities
|
| | | $ | — | | | | | $ | — | | | | | $ | 93,328 | | | | | $ | 93,328 | | |
| | |
Three Months Ended March 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Balance at beginning of period
|
| | | $ | 3,000 | | | | | $ | — | | |
Changes in fair value
|
| | | | 25 | | | | | | — | | |
Balance at end of period
|
| | | $ | 3,025 | | | | | $ | — | | |
| | |
Three Months Ended March 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Balance at beginning of period
|
| | | $ | 93,328 | | | | | $ | — | | |
Changes in fair value
|
| | | | 56,576 | | | | | | — | | |
Exercise of private placement warrants
|
| | | | (149,904) | | | | | | — | | |
Balance at end of period
|
| | | $ | — | | | | | $ | — | | |
| | |
March 31,
2021 |
| |
December 31,
2020 |
| ||||||
Trade receivables
|
| | | $ | 9,598 | | | | | $ | 7,016 | | |
Allowance for doubtful accounts
|
| | | | (364) | | | | | | (500) | | |
Total accounts receivable
|
| | | $ | 9,234 | | | | | $ | 6,516 | | |
| | |
March 31,
2021 |
| |
December 31,
2020 |
| ||||||
Balance at beginning of period
|
| | | $ | 500 | | | | | $ | 199 | | |
Provision for uncollectible accounts
|
| | | | 72 | | | | | | 377 | | |
Uncollectible accounts written off
|
| | | | (208) | | | | | | (76) | | |
Balance at end of period
|
| | | $ | 364 | | | | | $ | 500 | | |
| | |
March 31,
2021 |
| |
December 31,
2020 |
| ||||||
Raw materials
|
| | | $ | 4,927 | | | | | $ | — | | |
Finished goods
|
| | | | 12,854 | | | | | | 6,812 | | |
Work in process
|
| | | | 3,056 | | | | | | 2,896 | | |
Total inventory
|
| | | $ | 20,837 | | | | | $ | 9,708 | | |
| | |
March 31,
2021 |
| |
December 31,
2020 |
| ||||||
Receivable for warrants exercised
|
| | | $ | 12,357 | | | | | $ | — | | |
Prepaid insurance
|
| | | | 2,948 | | | | | | 121 | | |
Prepaid operating expenses
|
| | | | 1,015 | | | | | | 68 | | |
Prepaid dues and subscriptions
|
| | | | 883 | | | | | | 189 | | |
Prepaid taxes
|
| | | | 474 | | | | | | — | | |
Vendor prepayments
|
| | | | 473 | | | | | | — | | |
Prepaid rent
|
| | | | 155 | | | | | | 118 | | |
Deferred cost of goods sold
|
| | | | — | | | | | | 454 | | |
Other
|
| | | | 352 | | | | | | 26 | | |
Total prepaid expenses and other current assets
|
| | | $ | 18,657 | | | | | $ | 976 | | |
| | |
March 31,
2021 |
| |
December 31,
2020 |
| ||||||
Equipment
|
| | | $ | 14,532 | | | | | $ | 13,708 | | |
Furniture and fixtures
|
| | | | 924 | | | | | | 895 | | |
Computer equipment
|
| | | | 1,124 | | | | | | 1,089 | | |
Tooling
|
| | | | 1,805 | | | | | | 1,805 | | |
Software
|
| | | | 1,340 | | | | | | 1,249 | | |
Leasehold improvements
|
| | | | 14,274 | | | | | | 13,870 | | |
Construction in process
|
| | | | 1,063 | | | | | | 879 | | |
Property and equipment, gross
|
| | | | 35,062 | | | | | | 33,495 | | |
Less: accumulated depreciation
|
| | | | (22,731) | | | | | | (21,335) | | |
Total property and equipment, net
|
| | | $ | 12,331 | | | | | $ | 12,160 | | |
| | |
Gross Value
|
| |
Estimated Life
|
| |
Accumulated
Amortization |
| |
Balance
March 31, 2021 |
| |||||||||
Acquired technology
|
| | | $ | 87,993 | | | |
5 – 12 years
|
| | | $ | 2,688 | | | | | $ | 85,305 | | |
Trade name
|
| | | | 8,600 | | | |
13 years
|
| | | | 81 | | | | | | 8,519 | | |
Customer relationships
|
| | | | 50,900 | | | |
10 years
|
| | | | 621 | | | | | | 50,279 | | |
Total intangible assets
|
| | | $ | 147,493 | | | | | | | | $ | 3,390 | | | | | $ | 144,103 | | |
| | |
March 31,
2021 |
| |
December 31,
2020 |
| ||||||
Other investments
|
| | | $ | 3,025 | | | | | $ | 3,000 | | |
Right of use asset
|
| | | | 3,702 | | | | | | 1,810 | | |
Long-term deposits
|
| | | | 99 | | | | | | 69 | | |
Total other noncurrent assets
|
| | | $ | 6,826 | | | | | $ | 4,879 | | |
| | |
March 31,
2021 |
| |
December 31,
2020 |
| ||||||
Professional services
|
| | | $ | 3,519 | | | | | $ | 2,508 | | |
Compensation and benefits related
|
| | | | 3,516 | | | | | | 2,068 | | |
| | |
March 31,
2021 |
| |
December 31,
2020 |
| ||||||
Warranty reserve
|
| | | | 1,813 | | | | | | 1,553 | | |
Inventory purchases
|
| | | | 1,716 | | | | | | 86 | | |
Income tax payable
|
| | | | 1,405 | | | | | | — | | |
Customer payable
|
| | | | 605 | | | | | | — | | |
Sales and use and franchise taxes
|
| | | | 506 | | | | | | 586 | | |
Franchise and royalty fees
|
| | | | 188 | | | | | | 159 | | |
Other
|
| | | | 2,056 | | | | | | 605 | | |
Total accrued expenses and other current liabilities
|
| | | $ | 15,324 | | | | | $ | 7,565 | | |
|
| | |
2021
|
| |
2020
|
| ||||||
Warranty reserve, at the beginning of the period
|
| | | $ | 1,553 | | | | | $ | 1,491 | | |
Warranty reserve assumed in acquisition
|
| | | | 326 | | | | | | — | | |
Additions to warranty reserve
|
| | | | 86 | | | | | | 346 | | |
Claims fulfilled
|
| | | | (152) | | | | | | (284) | | |
Warranty reserve, at the end of the period
|
| | | $ | 1,813 | | | | | $ | 1,553 | | |
| | |
March 31,
|
| |||||||||
|
2021
|
| |
2020
|
| ||||||||
Lease cost | | | | | | | | | | | | | |
Operating lease cost
|
| | | $ | 323 | | | | | $ | 188 | | |
Short-term lease cost
|
| | | | 22 | | | | | | — | | |
Variable lease cost
|
| | | | 39 | | | | | | 10 | | |
Total lease cost
|
| | | $ | 384 | | | | | $ | 198 | | |
Other Information | | | | | | | | | | | | | |
Operating cash flows used in operating leases
|
| | | $ | 244 | | | | | $ | 268 | | |
Weighted-average remaining lease term – operating leases (years)
|
| | | | 2.9 | | | | | | 4.0 | | |
Weighted-average discount rate – operating leases
|
| | | | 5.5% | | | | | | 7.6% | | |
| | |
Operating Leases
|
| |||
2021 (remaining 9 months)
|
| | | $ | 1,399 | | |
2022
|
| | | | 1,862 | | |
2023
|
| | | | 1,671 | | |
2024
|
| | | | 370 | | |
2025
|
| | | | — | | |
Total lease payments
|
| | | | 5,302 | | |
Less amount representing interest
|
| | | | (415) | | |
Total lease liability
|
| | | | 4,887 | | |
Less current portion of lease liability
|
| | | | (1,639) | | |
Lease liability, net of current portion
|
| | | $ | 3,248 | | |
| | |
Shares Subject
to Vesting |
| |
Weighted-Average
Purchase Price |
| ||||||
Balance of unvested shares as of January 1, 2021
|
| | | | 280 | | | | | $ | 0.0001 | | |
Issuance of additional shares
|
| | | | — | | | | | | — | | |
Vested
|
| | | | (56) | | | | | $ | 0.0001 | | |
Balance of unvested shares as of March 31, 2021
|
| | | | 224 | | | | | $ | 0.0001 | | |
| | |
Three Months Ended
March 31, 2020 |
| |||
Risk-free interest rate
|
| | | | 2% | | |
Expected volatility
|
| | | | 52.5% | | |
Expected life (in years)
|
| | | | 7.8 | | |
Expected dividend yield
|
| | | | — | | |
Fair value of Common Stock
|
| | | $ | 3.34 | | |
| | |
Three Months Ended
March 31, 2021 |
|
Risk-free interest rate
|
| |
0.4% – 0.6%
|
|
Expected volatility
|
| |
55.0%
|
|
Expected life (in years)
|
| |
4.8
|
|
Expected dividend yield
|
| |
—
|
|
Fair value of Common Stock
|
| |
$19.82 – 30.49
|
|
Exercise price
|
| |
$11.50
|
|
| | |
Three Months Ended
March 31, 2020 |
|
Risk-free interest rate
|
| |
0.7% – 0.9%
|
|
Expected volatility
|
| |
52.7% – 52.9%
|
|
Expected life (in years)
|
| |
5.9 – 6.1
|
|
Expected dividend yield
|
| |
—
|
|
Fair value of Common Stock
|
| |
$3.34
|
|
| | |
Three Months Ended
March 31, 2020 |
| |||
Risk-free interest rate
|
| | | | 0.8% | | |
Expected volatility
|
| | | | 54.3% | | |
Expected life (in years)
|
| | | | 10.0 | | |
Expected dividend yield
|
| | | | — | | |
Fair value of Common Stock
|
| | | $ | 3.34 | | |
| | |
Three Months Ended March 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Research and development
|
| | | $ | 916 | | | | | $ | 713 | | |
General and administrative expense
|
| | | | 839 | | | | | | 237 | | |
Sales and marketing expense
|
| | | | 345 | | | | | | 209 | | |
Cost of sales
|
| | | | 117 | | | | | | 100 | | |
Total stock-based compensation expenses
|
| | | $ | 2,217 | | | | | $ | 1,259 | | |
| | |
Number of
Shares |
| |
Weighted-Average
Exercise Price per Share |
| |
Weighted-Average
Remaining Contractual Term (in years) |
| |
Aggregate
Intrinsic Value (in thousands) |
| ||||||||||||
Outstanding at January 1, 2021
|
| | | | 19,553 | | | | | $ | 1.53 | | | | | | 7.75 | | | | | $ | 306,408 | | |
Granted
|
| | | | — | | | | | $ | — | | | | | | | | | | | | | | |
Exercised
|
| | | | (163) | | | | | $ | 1.10 | | | | | | | | | | | | | | |
Forfeited/expired
|
| | | | (12) | | | | | $ | 1.40 | | | | | | | | | | | | | | |
Outstanding at March 31, 2021
|
| | | | 19,378 | | | | | $ | 1.53 | | | | | | 7.51 | | | | | $ | 259,023 | | |
Options vested at March 31, 2021
|
| | | | 11,044 | | | | | $ | 1.55 | | | | | | 6.29 | | | | | $ | 147,481 | | |
Options vested or expected to vest at March 31,
2021 |
| | | | 18,673 | | | | | $ | 1.54 | | | | | | 7.45 | | | | | $ | 249,529 | | |
| | |
Shares Subject
to Vesting |
| |
Weighted-Average
Grant Date Fair Value |
| ||||||
Balance of unvested shares as of January 1, 2021
|
| | | | 683 | | | | | $ | 8.02 | | |
Granted
|
| | | | 250 | | | | | $ | 30.49 | | |
Vested
|
| | | | (15) | | | | | $ | 8.19 | | |
Balance of unvested shares as of March 31, 2021
|
| | | | 918 | | | | | $ | 14.14 | | |
| | |
Americas
|
| |
EMEA
|
| |
APAC
|
| |
Total
|
| ||||||||||||
Products
|
| | | $ | 5,854 | | | | | $ | 2,526 | | | | | $ | 1,931 | | | | | $ | 10,311 | | |
Services
|
| | | | 705 | | | | | | 215 | | | | | | 82 | | | | | | 1,002 | | |
Total
|
| | | $ | 6,559 | | | | | $ | 2,741 | | | | | $ | 2,013 | | | | | $ | 11,313 | | |
| | |
Americas
|
| |
EMEA
|
| |
APAC
|
| |
Total
|
| ||||||||||||
Products
|
| | | $ | 902 | | | | | $ | 1,528 | | | | | $ | 264 | | | | | $ | 2,694 | | |
Services
|
| | | | 327 | | | | | | 323 | | | | | | 41 | | | | | | 691 | | |
Total
|
| | | $ | 1,229 | | | | | $ | 1,851 | | | | | $ | 305 | | | | | $ | 3,385 | | |
| | |
Three Months Ended
March 31, |
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Revenue recognized at a point in time
|
| | | $ | 10,311 | | | | | $ | 2,694 | | |
Revenue recognized over time
|
| | | | 1,002 | | | | | | 691 | | |
Total
|
| | | $ | 11,313 | | | | | $ | 3,385 | | |
| | |
Three Months Ended March 31,
|
| |||||||||
(in thousands, except per share amounts)
|
| |
2021
|
| |
2020
|
| ||||||
Numerator for basic and diluted net loss per share: | | | | | | | | | | | | | |
Net loss attributable to Common Stockholders
|
| | | $ | (59,108) | | | | | $ | (21,804) | | |
Denominator for basic and diluted net loss per share: | | | | | | | | | | | | | |
Weighted-average shares
|
| | | | 238,244 | | | | | | 156,250 | | |
Net loss per share – Basic and Diluted
|
| | | $ | (0.25) | | | | | $ | (0.14) | | |
| | |
Three Months Ended March 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Common Stock options outstanding
|
| | | | 19,378 | | | | | | 12,964 | | |
Unvested restricted stock units outstanding
|
| | | | 918 | | | | | | — | | |
Unvested restricted stock awards outstanding
|
| | | | 224 | | | | | | 3,142 | | |
Common Stock warrants outstanding
|
| | | | — | | | | | | 578 | | |
Total shares
|
| | | | 20,520 | | | | | | 16,684 | | |
December 31,
|
| |
2020
|
| |
2019
|
| ||||||
Assets | | | | | | | | | | | | | |
Current Assets | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 20,772 | | | | | $ | 14,865 | | |
Trade accounts receivable, less allowance for doubtful accounts of $1,284 and $755 in 2020 and 2019
|
| | | | 4,994 | | | | | | 3,310 | | |
Inventories
|
| | | | 9,479 | | | | | | 8,885 | | |
Prepaid expenses and other current assets
|
| | | | 1,267 | | | | | | 3,660 | | |
Total Current Assets
|
| | | | 36,512 | | | | | | 30,720 | | |
Related Party Loan Receivable
|
| | | | 7,880 | | | | | | — | | |
Property and Equipment, Net
|
| | | | 1,539 | | | | | | 1,719 | | |
Intangible Asset, Net
|
| | | | 545 | | | | | | 594 | | |
Total Assets
|
| | | $ | 46,476 | | | | | $ | 33,033 | | |
Liabilities and Equity | | | | | | | | | | | | | |
Current Liabilities | | | | | | | | | | | | | |
Trade accounts payable
|
| | | $ | 2,100 | | | | | $ | 2,461 | | |
Deferred revenue and customer deposits
|
| | | | 2,327 | | | | | | 2,175 | | |
Income taxes payable
|
| | | | 464 | | | | | | 427 | | |
Related party loan payable
|
| | | | 207 | | | | | | 600 | | |
Accrued expenses and other current liabilities
|
| | | | 1,457 | | | | | | 1,993 | | |
Current portion of long-term debt
|
| | | | 726 | | | | | | — | | |
Total Current Liabilities
|
| | | | 7,281 | | | | | | 7,656 | | |
Long-term debt
|
| | | | 458 | | | | | | — | | |
Total Liabilities
|
| | | | 7,739 | | | | | | 7,656 | | |
Stockholders’ Equity | | | | | | | | | | | | | |
Contributed capital
|
| | | | 443 | | | | | | 443 | | |
Retained earnings
|
| | | | 39,383 | | | | | | 28,517 | | |
Accumulated other comprehensive loss
|
| | | | (1,089) | | | | | | (3,583) | | |
Total Stockholders’ Equity
|
| | | | 38,737 | | | | | | 25,377 | | |
Total Liabilities and Stockholders’ Equity
|
| | | $ | 46,476 | | | | | $ | 33,033 | | |
Year ended December 31,
|
| |
2020
|
| |
2019
|
| ||||||
Net Revenue
|
| | | | 42,132 | | | | | $ | 34,582 | | |
Cost of Goods Sold
|
| | | | 18,529 | | | | | | 20,874 | | |
Gross Profit
|
| | | | 23,603 | | | | | | 13,708 | | |
Operating Expenses | | | | | | | | | | | | | |
Selling, general and administrative
|
| | | | 8,842 | | | | | | 9,839 | | |
Research and development
|
| | | | 4,270 | | | | | | 4,706 | | |
Total Operating Expenses
|
| | | | 13,112 | | | | | | 14,545 | | |
Operating Profit (Loss)
|
| | | | 10,491 | | | | | | (837) | | |
Other Income
|
| | | | 755 | | | | | | 302 | | |
Income (Loss) Before Taxes
|
| | | | 11,246 | | | | | | (535) | | |
Income Taxes
|
| | | | (380) | | | | | | (22) | | |
Net Income (Loss)
|
| | | | 10,866 | | | | | | (557) | | |
Other Comprehensive Gain (Loss) | | | | | | | | | | | | | |
Foreign currency translation
|
| | | | 2,494 | | | | | | (879) | | |
Comprehensive Income (Loss)
|
| | | $ | 13,360 | | | | | $ | (1,436) | | |
| | |
Contributed
Capital |
| |
Retained
Earnings |
| |
Accumulated
Other Comprehensive Loss |
| |
Total
Stockholders’ Equity |
| ||||||||||||
Balance, January 1, 2019
|
| | | $ | 443 | | | | | $ | 29,074 | | | | | $ | (2,704)$ | | | | | | 26,813 | | |
Net loss
|
| | | | — | | | | | | (557) | | | | | | — | | | | | | (557) | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | (879) | | | | | | (879) | | |
Balance, December 31, 2019
|
| | | | 443 | | | | | | 28,517 | | | | | | (3,583) | | | | | | 25,377 | | |
Net income
|
| | | | — | | | | | | 10,866 | | | | | | — | | | | | | 10,866 | | |
Other comprehensive gain
|
| | | | — | | | | | | — | | | | | | 2,494 | | | | | | 2,494 | | |
Balance, December 31, 2020
|
| | | $ | 443 | | | | | $ | 39,383 | | | | | $ | (1,089) | | | | | $ | 38,737 | | |
Year ended December 31,
|
| |
2020
|
| |
2019
|
| ||||||
Operating Activities | | | | | | | | | | | | | |
Net income (loss)
|
| | | $ | 10,866 | | | | | $ | (557) | | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
|
| | | | | | | | | | | | |
Depreciation
|
| | | | 447 | | | | | | 719 | | |
Amortization
|
| | | | 49 | | | | | | 49 | | |
Provision for bad debt
|
| | | | 578 | | | | | | (308) | | |
Loss on disposal of property and equipment
|
| | | | 6 | | | | | | 205 | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Trade accounts receivable
|
| | | | (2,262) | | | | | | 8 | | |
Inventories
|
| | | | (594) | | | | | | 144 | | |
Prepaid expenses and other current assets
|
| | | | 2,394 | | | | | | (170) | | |
Trade accounts payable
|
| | | | (361) | | | | | | 726 | | |
Deferred revenue and customer deposits
|
| | | | 152 | | | | | | (880) | | |
Income taxes payable
|
| | | | 37 | | | | | | 40 | | |
Accrued expenses and other current liabilities
|
| | | | (536) | | | | | | (982) | | |
Net cash provided by (used in) operating activities
|
| | | | 10,776 | | | | | | (1,006) | | |
Investing Activities | | | | | | | | | | | | | |
Property and equipment purchases
|
| | | | (259) | | | | | | (777) | | |
Advance to related party
|
| | | | (7,880) | | | | | | — | | |
Net cash used in investing activities
|
| | | | (8,139) | | | | | | (777) | | |
Financing Activities | | | | | | | | | | | | | |
Proceeds from long-term borrowings
|
| | | | 1,176 | | | | | | — | | |
Proceeds from related party loans
|
| | | | — | | | | | | 600 | | |
Payment of related party loans
|
| | | | (400) | | | | | | — | | |
Net cash provided by financing activities
|
| | | | 776 | | | | | | 600 | | |
Effect of Currency Translation on Cash and Cash Equivalents
|
| | | | 2,494 | | | | | | (879) | | |
Net Increase (Decrease) in Cash and Cash Equivalents
|
| | | | 5,907 | | | | | | (2,062) | | |
Cash and Cash Equivalents, beginning of year
|
| | | | 14,865 | | | | | | 16,927 | | |
Cash and Cash Equivalents, end of year
|
| | | $ | 20,772 | | | | | $ | 14,865 | | |
Supplemental Cash Flow Information: | | | | | | | | | | | | | |
Cash (received)/paid for income taxes, net of payments or refunds
|
| | | $ | (2,623) | | | | | $ | 149 | | |
Non-cash items | | | | | | | | | | | | | |
Interest accrued on borrowings and loans
|
| | | | 15 | | | | | | — | | |
December 31, 2020
(in thousands) |
| |
United States
|
| |
Germany
|
| |
Total
|
| |||||||||
Revenue recognized at a point in time
|
| | | $ | 25,756 | | | | | $ | 15,118 | | | | | $ | 40,874 | | |
Revenue recognized over time
|
| | | | 1,083 | | | | | | 175 | | | | | | 1,258 | | |
Total Revenue
|
| | | $ | 26,839 | | | | | $ | 15,293 | | | | | $ | 42,132 | | |
December 31,
(in thousands) |
| |
2020
|
| |
2019
|
| ||||||
Warranty reserve, at the beginning of the year
|
| | | $ | 482 | | | | | $ | 467 | | |
Additions to warranty reserve
|
| | | | 97 | | | | | | 525 | | |
Claims fulfilled
|
| | | | (251) | | | | | | (510) | | |
Warranty reserve, at the end of the year
|
| | | $ | 328 | | | | | $ | 482 | | |
| | |
Common
Stock Issued and Outstanding |
| |||
EnvisionTEC, Inc.
|
| | | | 10 | | |
EnvisionTEC GmbH
|
| | | | 22 | | |
Viridis3D
|
| | | | 60 | | |
Gulf Filtration Systems, Inc.
|
| | | | 1 | | |
December 31,
(in thousands) |
| |
2020
|
| |
2019
|
| ||||||
Raw materials and components
|
| | | $ | 6,152 | | | | | $ | 6,737 | | |
Work in progress
|
| | | | 72 | | | | | | 71 | | |
Finished goods
|
| | | | 3,255 | | | | | | 2,077 | | |
Total
|
| | | $ | 9,479 | | | | | $ | 8,885 | | |
December 31,
(in thousands) |
| |
2020
|
| |
2019
|
| ||||||
Prepaid import taxes
|
| | | $ | — | | | | | $ | 2,942 | | |
Other
|
| | | | 1,267 | | | | | | 718 | | |
Total
|
| | | $ | 1,267 | | | | | $ | 3,660 | | |
December 31
(in thousands) |
| |
2020
|
| |
2019
|
| |
Useful Life
(in years) |
| ||||||
Machinery and equipment
|
| | | $ | 3,665 | | | | | $ | 3,333 | | | |
3 – 7
|
|
Computer equipment and software
|
| | | | 1,074 | | | | | | 1,022 | | | |
3
|
|
Leasehold improvements
|
| | | | 673 | | | | | | 695 | | | |
1
|
|
Other
|
| | | | 312 | | | | | | 271 | | | |
1 – 25
|
|
Property and Equipment
|
| | | | 5,724 | | | | | | 5,321 | | | | | |
Less: accumulated depreciation
|
| | | | (4,185) | | | | | | (3,602) | | | | | |
Property and Equipment, Net
|
| | | $ | 1,539 | | | | | $ | 1,719 | | | | | |
December 31
(in thousands) |
| |
2020
|
| |
2019
|
| |
Weighted
Average Useful Life (in years) |
| | | | | | | | | | |||||||||
Acquired Technology
|
| | | $ | 781 | | | | | $ | 781 | | | | | | 12 | | | | | | ||||||
Less: accumulated amortization
|
| | | | (236) | | | | | | (187) | | | | | | | | | | | | ||||||
Intangible Assets, Net
|
| | | $ | 545 | | | | | $ | 594 | | | | | | | | | | | |
December 31,
(in thousands) |
| |
2020
|
| |
2019
|
| ||||||
Other tax withholdings
|
| | | $ | 637 | | | | | $ | 37 | | |
Warranty
|
| | | | 328 | | | | | | 482 | | |
Payroll related liabilities
|
| | | | 394 | | | | | | 528 | | |
Customer deposits and other
|
| | | | 98 | | | | | | 946 | | |
Total
|
| | | $ | 1,457 | | | | | $ | 1,993 | | |
December 31,
(in thousands) |
| |
2020
|
| |
2019
|
| ||||||
U.S. federal
|
| | | $ | — | | | | | $ | — | | |
State and local
|
| | | | 405 | | | | | | 22 | | |
Foreign
|
| | | | (25) | | | | | | — | | |
Total Income Taxes
|
| | | $ | 380 | | | | | $ | 22 | | |
| | |
Amount
|
| |||
Securities and Exchange Commission registration fee
|
| | | $ | 3,996 | | |
FINRA filing fee
|
| | | | * | | |
Accountants’ fees and expenses
|
| | | | * | | |
Legal fees and expenses
|
| | | | * | | |
Blue Sky fees and expenses
|
| | | | * | | |
Transfer Agent’s fees and expenses
|
| | | | * | | |
Printing and engraving expenses
|
| | | | * | | |
Miscellaneous
|
| | | | * | | |
Total expenses
|
| | | $ | * | | |
| | | | | | |
Incorporated by Reference
|
| ||||||
|
Exhibit
|
| | | | |
Form
|
| |
Exhibit
|
| |
Filing Date
|
|
|
2.1
|
| | | |
10-K
|
| |
2.1
|
| |
3/15/2021
|
| |
|
2.2
|
| | | |
10-K
|
| |
2.2
|
| |
3/15/2021
|
| |
|
2.3
|
| | | |
8-K
|
| |
2.1
|
| |
1/15/2021
|
| |
|
3.1
|
| | | |
8-K
|
| |
3.2
|
| |
12/14/2020
|
| |
|
3.2
|
| | | |
8-K
|
| |
3.3
|
| |
12/14/2020
|
|
| | | | | | |
Incorporated by Reference
|
| ||||||
|
Exhibit
|
| | | | |
Form
|
| |
Exhibit
|
| |
Filing Date
|
|
|
4.1
|
| | | |
S-1
|
| |
4.2
|
| |
3/8/2019
|
| |
|
4.2
|
| | | |
S-1
|
| |
4.3
|
| |
3/8/2019
|
| |
|
4.3
|
| | | |
8-K
|
| |
4.1
|
| |
3/20/2019
|
| |
|
5.1
|
| | | | | | | | | |
*
|
| |
|
10.1
|
| | | |
S-4
|
| |
10.7
|
| |
9/15/2020
|
| |
|
10.2
|
| | | |
S-1
|
| |
10.2
|
| |
6/30/2021
|
| |
|
10.3
|
| | | |
S-4
|
| |
10.9
|
| |
9/15/2020
|
| |
|
10.4
|
| | | |
S-4
|
| |
10.10
|
| |
9/15/2020
|
| |
|
10.5
|
| | | |
S-4
|
| |
10.12
|
| |
9/15/20
|
| |
|
10.6
|
| | | |
S-4
|
| |
10.13
|
| |
10/15/20
|
| |
|
10.7
|
| | | |
S-1
|
| |
10.13
|
| |
12/23/20
|
| |
|
10.8
|
| | | |
S-4
|
| |
10.14
|
| |
10/15/20
|
| |
|
10.9
|
| | | |
S-4
|
| |
10.15
|
| |
10/15/20
|
| |
|
10.10
|
| | | |
S-4
|
| |
10.17
|
| |
10/15/20
|
| |
|
10.11
|
| | | |
S-4
|
| |
10.19
|
| |
9/15/2020
|
| |
|
10.12
|
| | | |
S-4
|
| |
10.20
|
| |
9/15/2020
|
| |
|
10.13
|
| | | |
S-4
|
| |
10.21
|
| |
9/15/2020
|
| |
|
10.14
|
| | | |
S-4
|
| |
10.22
|
| |
9/15/2020
|
| |
|
10.15
|
| | | |
S-4
|
| |
10.18
|
| |
10/15/20
|
| |
|
10.16
|
| | | |
S-4
|
| |
10.26
|
| |
11/2/2020
|
| |
|
10.17
|
| | | |
S-4
|
| |
10.29
|
| |
11/2/2020
|
| |
|
10.18
|
| | | |
S-4
|
| |
10.31
|
| |
11/2/2020
|
|
| | | | | | |
Incorporated by Reference
|
| ||||||
|
Exhibit
|
| | | | |
Form
|
| |
Exhibit
|
| |
Filing Date
|
|
| | | | Linardos and Legacy Desktop Metal | | | | | | | | | | |
|
10.19
|
| | | |
10-K
|
| |
10.19
|
| |
3/15/2021
|
| |
|
10.20
|
| | | |
10-K
|
| |
10.20
|
| |
3/15/2021
|
| |
|
10.21
|
| | | |
10-K
|
| |
10.21
|
| |
3/15/2021
|
| |
|
10.22
|
| | | |
S-4
|
| |
10.27
|
| |
10/15/2020
|
| |
|
10.23
|
| | | |
S-4
|
| |
10.28
|
| |
10/15/2020
|
| |
|
21.1
|
| | | |
10-K/A
|
| |
21.1
|
| |
5/17/2021
|
| |
|
23.1
|
| | | | | | | | | |
*
|
| |
|
23.2
|
| | | | | | | | | |
*
|
| |
|
23.3
|
| | | | | | | | | |
*
|
| |
|
24.1
|
| | | |
S-1
|
| |
Signature Page
|
| |
12/23/2020
|
| |
|
101.INS
|
| | XBRL Instance Document | | | | | | | | |
**
|
|
|
101.SCH
|
| | XBRL Taxonomy Extension Schema Document | | | | | | | | |
**
|
|
|
101.CAL
|
| | XBRL Taxonomy Calculation Linkbase Document | | | | | | | | |
**
|
|
|
101.DEF
|
| |
XBRL Taxonomy Definition Linkbase Document
|
| | | | | | | |
**
|
|
|
101.LAB
|
| | XBRL Taxonomy Extension Label Linkbase Document | | | | | | | | |
**
|
|
|
101.PRE
|
| | XBRL Taxonomy Extension Presentation Linkbase Document | | | | | | | | |
**
|
|
|
Signature
|
| |
Title
|
| |
Date
|
|
|
/s/ Ric Fulop
Ric Fulop
|
| |
Chief Executive Officer and Chairman
(principal executive officer) |
| |
July 12, 2021
|
|
|
/s/ James Haley
James Haley
|
| | Chief Financial Officer (principal financial officer and principal accounting officer) | | |
July 12, 2021
|
|
|
*
Scott Dussault
|
| | Director | | |
July 12, 2021
|
|
|
*
Ali El-Siblani
|
| | Director | | |
July 12, 2021
|
|
|
*
Dayna Grayson
|
| | Director | | |
July 12, 2021
|
|
|
*
Leo Hindery, Jr
|
| | Director | | |
July 12, 2021
|
|
|
*
Wen Hsieh
|
| | Director | | |
July 12, 2021
|
|
|
*
Jeff Immelt
|
| | Director | | |
July 12, 2021
|
|
|
*
Byron Knight
|
| | Director | | |
July 12, 2021
|
|
|
*
Stephen Nigro
|
| | Director | | |
July 12, 2021
|
|
|
*
Steve Papa
|
| | Director | | |
July 12, 2021
|
|
|
*
Andy Wheeler
|
| | Director | | |
July 12, 2021
|
|
|
*
Bilal Zuberi
|
| | Director | | |
July 12, 2021
|
|
|
*By: /s/ Ric Fulop
Ric Fulop
Attorney-in-fact |
| | |
Exhibit 5.1
200 Clarendon Street | |
Boston, Massachusetts 02116 | |
Tel: +1.617.948.6000 Fax: +1.617.948.6001 | |
www.lw.com |
July 12, 2021
Desktop Metal, Inc. 63 3rd Avenue Burlington, Massachusetts 01803 |
FIRM / AFFILIATE OFFICES | |
Beijing | Moscow | |
Boston | Munich | |
Brussels | New York | |
Century City | Orange County | |
Chicago | Paris | |
Dubai | Riyadh | |
Düsseldorf | San Diego | |
Frankfurt | San Francisco | |
Hamburg | Seoul | |
Hong Kong | Shanghai | |
Houston | Silicon Valley | |
London | Singapore | |
Los Angeles | Tokyo | |
Madrid | Washington, D.C. | |
Milan |
Re: Registration Statement on Form S-1
Ladies and Gentlemen:
We have acted as special counsel to Desktop Metal, Inc., a Delaware corporation (the “Company”), in connection with the registration of the offer and sale by certain selling securityholders named in the Registration Statement (defined below) of up to 3,376,696 shares (the “Shares”) of Class A common stock, $0.0001 par value per share (the “Common Stock”). The Shares are included in the Registration Statement on Form S-1 under the Securities Act of 1933, as amended (the “Act”), filed with the Securities and Exchange Commission (the “Commission”) on July 12, 2021 (the “Registration Statement”). This opinion is being furnished in connection with the requirements of Item 601(b)(5) of Regulation S-K under the Act, and no opinion is expressed herein as to any matter pertaining to the contents of the Registration Statement or related prospectus (the “Prospectus”), other than as expressly stated herein with respect to the issue of the Shares.
As such counsel, we have examined such matters of fact and questions of law as we have considered appropriate for purposes of this letter. With your consent, we have relied upon certificates and other assurances of officers of the Company and others as to factual matters without having independently verified such factual matters. We are opining herein as to the General Corporation Law of the State of Delaware, and we express no opinion with respect to any other laws.
Subject to the foregoing and the other matters set forth herein, it is our opinion that, as of the date hereof the Shares have been duly authorized by all necessary corporate action of the Company and are validly issued, fully paid and nonassessable.
This opinion is for your benefit in connection with the Registration Statement and may be relied upon by you and by persons entitled to rely upon it pursuant to the applicable provisions of the Act. We consent to your filing this opinion as an exhibit to the Registration Statement and to the reference to our firm in the Prospectus under the heading “Legal Matters.” In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Act or the rules and regulations of the Commission thereunder.
Very truly yours, | |
/s/ Latham & Watkins LLP |
Exhibit 23.1
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the use in this Registration Statement 333-257581 on Form S-1 of our report dated March 15, 2021, (May 17, 2021, as to the effects of the restatement discussed in Note 2) relating to the financial statements of Desktop Metal, Inc. We also consent to the reference to us under the heading “Experts” in such Registration Statement.
/s/ Deloitte & Touche LLP
Boston, Massachusetts
July 12, 2021
Exhibit 23.2
Consent of Independent Auditor
Desktop Metal, Inc.
Burlington, MA
We hereby consent to the use in the Prospectus constituting a part of this Registration Statement of our report dated March 31, 2021, relating to the combined financial statements of EnvisionTEC Group, which is contained in that Prospectus.
We also consent to the reference to us under the caption “Experts” in the Prospectus.
/s/ BDO USA, LLP
Troy, Michigan
July 12, 2021