QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||||||||
Large accelerated filer | ☐ | Accelerated filer | ☐ | ||||||||||||||
☒ | Smaller reporting company | ||||||||||||||||
Emerging growth company |
Page | ||||||||
March 31, 2021 | December 31, 2020 | ||||||||||
(Unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
Marketable securities | |||||||||||
Accounts receivable | |||||||||||
Inventories, net | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total current assets | |||||||||||
Property and equipment, net | |||||||||||
Operating lease right-of-use assets | — | ||||||||||
Goodwill | |||||||||||
Other non-current assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued and other current liabilities | |||||||||||
Operating lease liabilities | — | ||||||||||
Debt, current | |||||||||||
Total current liabilities | |||||||||||
Warrant liabilities | |||||||||||
Debt, non-current | |||||||||||
Operating lease liabilities, non-current | — | ||||||||||
Other non-current liabilities | |||||||||||
Total liabilities | |||||||||||
Stockholders’ equity: | |||||||||||
Class A common stock | |||||||||||
Class B common stock | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated other comprehensive income (loss) | ( | ||||||||||
Accumulated deficit | ( | ( | |||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Revenue | $ | $ | |||||||||
Cost of sales | |||||||||||
Gross profit (loss) | ( | ||||||||||
Operating expenses: | |||||||||||
Research and development | |||||||||||
Sales and marketing | |||||||||||
General and administrative | |||||||||||
Total operating expenses | |||||||||||
Loss from operations | ( | ( | |||||||||
Other income (expense), net: | |||||||||||
Change in fair value of warrant liabilities | ( | ( | |||||||||
Interest expense and other | ( | ( | |||||||||
Interest income and other | |||||||||||
Total other income (expense), net | ( | ( | |||||||||
Net loss | $ | ( | $ | ( | |||||||
Net loss attributable to common stockholders | $ | ( | $ | ( | |||||||
Net loss per share attributable to common stockholders: | |||||||||||
Basic and diluted | $ | ( | $ | ( | |||||||
Shares used in computing net loss per share attributable to common stockholders: | |||||||||||
Basic and diluted | |||||||||||
Comprehensive Loss: | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Net unrealized gains (losses) on available-for-sale debt securities | ( | ( | |||||||||
Comprehensive loss | $ | ( | $ | ( |
Series A Convertible Preferred Stock | Founders Convertible Preferred Stock | Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income Loss | Accumulated Deficit | Total Stockholders’ Equity (Deficit) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2019 | $ | $ | $ | $ | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive Income | — | — | — | — | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2020 | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | $ | $ | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of Class A common stock upon exercise of warrants and stock options | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive Income | — | — | — | — | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2021 | $ | $ | $ | $ | $ | $ | ( | $ | ( | $ |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Noncash lease expense related to operating right-of-use assets | — | ||||||||||
Amortization of premium (discount) on marketable securities | ( | ||||||||||
Unrealized loss on marketable securities | |||||||||||
Change in fair value of warrants | |||||||||||
Impairment of inventories | |||||||||||
Share-based compensation | |||||||||||
Other | |||||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | ( | ||||||||||
Inventories | ( | ( | |||||||||
Prepaid expenses and other current assets | ( | ( | |||||||||
Other non-current assets | ( | ||||||||||
Accounts payable | ( | ||||||||||
Accrued and other current liabilities | ( | ||||||||||
Other non-current liabilities | ( | ( | |||||||||
Net cash used in operating activities | ( | ( | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of marketable securities | ( | ||||||||||
Proceeds from maturities of marketable securities | |||||||||||
Proceeds from sales of marketable securities | |||||||||||
Purchases of property and equipment | ( | ( | |||||||||
Net cash provided by (used in) investing activities | ( | ||||||||||
Cash flows from financing activities: | |||||||||||
Repayment of debt | ( | ( | |||||||||
Principal payments on finance leases (capital lease prior to adoption of ASC 842) | ( | ( | |||||||||
Proceeds from exercise of warrants | |||||||||||
Proceeds from exercise of stock options | |||||||||||
Repurchase of common stock and redemption of warrants | ( | ( | |||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||
Net decrease in cash and cash equivalents, and restricted cash and cash equivalents | ( | ( | |||||||||
Beginning cash and cash equivalents, and restricted cash and cash equivalents | |||||||||||
Ending cash and cash equivalents, and restricted cash and cash equivalents | $ | $ | |||||||||
Supplemental disclosures of cash flow information: | |||||||||||
Cash paid for interest | $ | $ | |||||||||
Supplemental disclosures of noncash investing and financing activities: | |||||||||||
Issuance of Class A common stock upon exercise of warrants | $ | $ | |||||||||
— | |||||||||||
Operating lease right-of-use assets obtained in exchange for lease obligations | — | ||||||||||
Deferred financing costs recorded in accrued liabilities | |||||||||||
Assets acquired under finance leases (capital lease prior to adoption of ASC 842) | — | ||||||||||
Purchases of property and equipment recorded in accounts payable and accrued liabilities |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
Revenue | % of Revenue | Revenue | % of Revenue | ||||||||||||||||||||
Revenue by primary geographical market: | |||||||||||||||||||||||
North America | $ | % | $ | % | |||||||||||||||||||
Asia Pacific | % | % | |||||||||||||||||||||
Europe and Middle East | % | % | |||||||||||||||||||||
Total | $ | % | $ | % | |||||||||||||||||||
Revenue by timing of recognition: | |||||||||||||||||||||||
Recognized at a point in time | $ | % | $ | % | |||||||||||||||||||
Recognized over time | % | % | |||||||||||||||||||||
Total | $ | % | $ | % | |||||||||||||||||||
Revenue by segment: | |||||||||||||||||||||||
Autonomy Solutions | $ | % | $ | % | |||||||||||||||||||
Component Sales | % | % | |||||||||||||||||||||
Total | $ | % | $ | % |
March 31, 2021 | December 31, 2020 | ||||||||||
Beginning balance | $ | $ | |||||||||
Revenue recognized that was included in the contract liabilities beginning balance | ( | ( | |||||||||
Increase due to cash received and not recognized as revenue and billings in excess of revenue recognized during the period | |||||||||||
Ending balance | $ | $ |
March 31, 2021 | ||||||||||||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||
U.S. Treasury | $ | $ | $ | ( | $ | |||||||||||||||||||||
Commercial paper | ( | |||||||||||||||||||||||||
Corporate bonds | ( | |||||||||||||||||||||||||
Asset-backed securities | ||||||||||||||||||||||||||
Total debt securities | $ | $ | $ | ( | $ | |||||||||||||||||||||
Included in cash and cash equivalents | $ | $ | $ | $ | ||||||||||||||||||||||
Included in marketable securities | $ | $ | $ | ( | $ |
December 31, 2020 | ||||||||||||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||
U.S. Treasury | $ | $ | $ | ( | $ | |||||||||||||||||||||
U.S. agency and government sponsored securities | ||||||||||||||||||||||||||
Commercial paper | ( | |||||||||||||||||||||||||
Corporate bonds | ( | |||||||||||||||||||||||||
Asset-backed securities | ||||||||||||||||||||||||||
Total debt securities | $ | $ | $ | ( | $ | |||||||||||||||||||||
Included in cash and cash equivalents | $ | $ | $ | ( | $ | |||||||||||||||||||||
Included in marketable securities | $ | $ | $ | ( | $ |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||
Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||
U.S. Treasury | $ | ( | $ | $ | ( | $ | ||||||||||||||||||||
Commercial paper | ( | ( | ||||||||||||||||||||||||
Corporate bonds | ( | ( | ||||||||||||||||||||||||
Total | $ | ( | $ | $ | ( | $ |
March 31, 2021 | December 31, 2020 | |||||||||||||
Equity investments included in marketable securities | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Net realized gains (losses) recognized on equity investments sold | $ | $ | ||||||||||||
Net unrealized gains (losses) recognized on equity investments held | ( | |||||||||||||
Total net gains (losses) recognized in other income (expense), net | $ | ( | $ |
March 31, 2021 | December 31, 2020 | ||||||||||
Cash | $ | $ | |||||||||
Money market funds | |||||||||||
U.S. Treasury | |||||||||||
Commercial paper | |||||||||||
Total cash and cash equivalents | $ | $ |
March 31, 2021 | December 31, 2020 | ||||||||||
Raw materials | $ | $ | |||||||||
Work-in-process | |||||||||||
Finished goods | |||||||||||
Total inventories, net | $ | $ |
March 31, 2021 | December 31, 2020 | ||||||||||
Prepaid expenses | $ | $ | |||||||||
Contract assets | |||||||||||
Advance payments to vendors | |||||||||||
Prepaid rent and other | |||||||||||
Other receivables | |||||||||||
Total prepaid expenses and other current assets | $ | $ |
March 31, 2021 | December 31, 2020 | ||||||||||
Computer hardware and software | $ | $ | |||||||||
Demonstration fleet and demonstration units | |||||||||||
Machinery and equipment | |||||||||||
Furniture and fixtures | |||||||||||
Vehicles | |||||||||||
Leasehold improvements | |||||||||||
Construction in progress | |||||||||||
Total property and equipment | |||||||||||
Accumulated depreciation and amortization | ( | ( | |||||||||
Total property and equipment, net | $ | $ |
March 31, 2021 | December 31, 2020 | ||||||||||
Computer hardware and software | $ | $ | |||||||||
Machinery and equipment | |||||||||||
Total property and equipment, gross | |||||||||||
Less: accumulated depreciation | ( | ( | |||||||||
Total property and equipment, net | $ | $ |
March 31, 2021 | December 31, 2020 | ||||||||||
Security deposits | $ | $ | |||||||||
Other non-current assets | |||||||||||
Total other non-current assets | $ | $ |
March 31, 2021 | December 31, 2020 | ||||||||||
Accrued expenses | $ | $ | |||||||||
Warranty liabilities | |||||||||||
Contract liabilities | |||||||||||
Accrued compensation and benefits | |||||||||||
Contract losses | |||||||||||
Finance lease (capital lease prior to adoption of ASC 842) liabilities, current | |||||||||||
$ | $ |
March 31, 2021 | December 31, 2020 | ||||||||||
Deferred rent | $ | $ | |||||||||
Finance lease (capital lease prior to adoption of ASC 842) liabilities, non-current | |||||||||||
Other non-current liabilities | |||||||||||
$ | $ |
Private Warrants | ||||||||
Balance as of December 31, 2020 | $ | |||||||
Additions | ||||||||
Exercise | ||||||||
Measurement adjustments | ||||||||
Balance as of March 31, 2021 | $ |
Fair Value (in thousands) Measured as of March 31, 2021 Using: | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | |||||||||||||||||||
U.S. Treasury | |||||||||||||||||||||||
Commercial paper | |||||||||||||||||||||||
Total cash equivalents | $ | $ | $ | $ | |||||||||||||||||||
Marketable investments: | |||||||||||||||||||||||
U.S. Treasury | $ | $ | $ | $ | |||||||||||||||||||
U.S. agency and government sponsored securities | |||||||||||||||||||||||
Commercial paper | |||||||||||||||||||||||
Corporate bonds | |||||||||||||||||||||||
Asset-backed securities | |||||||||||||||||||||||
Equity investments | $ | $ | $ | $ | |||||||||||||||||||
Total marketable investments | $ | $ | $ | $ | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Public Warrants | $ | $ | $ | $ | |||||||||||||||||||
Private Warrants | |||||||||||||||||||||||
Total warrant liabilities | $ | $ | $ | $ |
Fair Value (in thousands) Measured as of December 31, 2020 Using: | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Cash equivalents: | |||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | |||||||||||||||||||
U.S. Treasury | |||||||||||||||||||||||
Commercial paper | |||||||||||||||||||||||
Total cash equivalents | $ | $ | $ | $ | |||||||||||||||||||
Marketable investments: | |||||||||||||||||||||||
U.S. Treasury | $ | $ | $ | $ | |||||||||||||||||||
U.S. agency and government sponsored securities | |||||||||||||||||||||||
Commercial paper | |||||||||||||||||||||||
Corporate bonds | |||||||||||||||||||||||
Asset-backed securities | |||||||||||||||||||||||
Total marketable investments | $ | $ | $ | $ | |||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Public Warrants | $ | $ | $ | $ | |||||||||||||||||||
Private Warrants | |||||||||||||||||||||||
Total warrant liabilities | $ | $ | $ | $ |
March 31, | |||||||||||
2021 | 2020 | ||||||||||
Numerator: | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Deemed dividend attributable to BCF accretion | |||||||||||
Net loss attributable to common shareholders | $ | ( | $ | ( | |||||||
Denominator: | |||||||||||
Weighted average common shares outstanding- Basic | |||||||||||
Dilutive effect of potential common shares | |||||||||||
Weighted average common shares outstanding- Diluted | |||||||||||
Net loss per shares attributable to common shareholders- Basic and Diluted | $ | ( | $ | ( |
March 31, | |||||||||||
2021 | 2020 | ||||||||||
Warrants | |||||||||||
Stock options | |||||||||||
Restricted stock awards and restricted stock units | |||||||||||
Series A Convertible Preferred Stock | |||||||||||
Founders Preferred Stock | |||||||||||
Earn-out shares | |||||||||||
Total |
Number of Common Stock Options | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value (In Thousands) | ||||||||||||||||||||
Outstanding as of December 31, 2020 | $ | ||||||||||||||||||||||
Granted | |||||||||||||||||||||||
Exercised | ( | ||||||||||||||||||||||
Forfeited | ( | ||||||||||||||||||||||
Outstanding as of March 31, 2021 | $ | ||||||||||||||||||||||
Shares | Weighted Average Grant Date Fair Value per Share | ||||||||||
Outstanding as of December 31, 2020 | $ | ||||||||||
Granted | |||||||||||
Forfeited | ( | ||||||||||
Vested | ( | ||||||||||
Outstanding as of March 31, 2021 |
Shares | Weighted Average Grant Date Fair Value per Share | ||||||||||
Outstanding as of December 31, 2020 | $ | ||||||||||
Granted | |||||||||||
Forfeited | |||||||||||
Vested | |||||||||||
Outstanding as of March 31, 2021 |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Cost of sales | $ | $ | |||||||||
Research and development | |||||||||||
Sales and marketing | |||||||||||
General and administrative | |||||||||||
Total | $ | $ |
Amount | |||||
Operating lease cost | $ | ||||
Variable lease cost | |||||
Total operating lease cost | $ | ||||
Finance lease cost: | |||||
Amortization of right-of-use assets | $ | ||||
Interest on finance lease liabilities | |||||
Total finance lease cost | $ |
Amount | |||||
Cash paid for amounts included in the measurement of lease liabilities: | |||||
Cash paid for operating leases included in operating activities | $ | ( | |||
Cash paid for finance leases included in financing activities | ( | ||||
Right of use assets obtained in exchange for lease obligations: | |||||
Operating leases | |||||
Finance leases |
March 31, 2021 | |||||
Operating leases: | |||||
Operating lease right-of-use assets | $ | ||||
Operating lease liabilities: | |||||
Operating lease liabilities, current | $ | ||||
Operating lease liabilities, non-current | |||||
Total operating lease liabilities | $ | ||||
Finance leases: | |||||
Property and equipment, gross | $ | ||||
Less: accumulated depreciation | ( | ||||
Property and equipment, net | $ | ||||
Finance lease liabilities, current | $ | ||||
Finance lease liabilities, non-current | |||||
Total finance lease liabilities | $ |
March 31, 2021 | |||||
Weighted average remaining lease term | |||||
Operating leases | |||||
Finance leases |
March 31, 2021 | |||||
Weighted average discount rate | |||||
Operating leases | % | ||||
Finance leases | % |
Operating Leases | Finance Leases | ||||||||||
Year Ending December 31, | |||||||||||
2021 (remaining nine months) | $ | $ | |||||||||
2022 | |||||||||||
2023 | |||||||||||
2024 | |||||||||||
2025 | |||||||||||
2026 | |||||||||||
Total lease payments | |||||||||||
Less: imputed interest | ( | ( | |||||||||
Total leases liabilities | $ | $ |
Capital Leases | Operating Leases | ||||||||||
2021 | $ | $ | |||||||||
2022 | |||||||||||
2023 | |||||||||||
2024 | |||||||||||
2025 | |||||||||||
Thereafter | |||||||||||
Total minimum lease payments | $ | ||||||||||
Less: amount representing interest | |||||||||||
Capital lease obligations | $ |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||
Autonomy Solutions | Component Sales | Total reportable segments | Eliminations (1) | Total Consolidated | |||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||
Revenues from external customers | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Revenues from internal customer | ( | — | |||||||||||||||||||||||||||
Total Revenue | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Depreciation and amortization | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Operating loss | ( | ( | ( | ( | ( | ||||||||||||||||||||||||
Other significant items: | |||||||||||||||||||||||||||||
Segment assets | ( | ||||||||||||||||||||||||||||
Inventories, net |
Three Months Ended March 31, 2020 | |||||||||||||||||||||||||||||
Autonomy Solutions | Component Sales | Total reportable segments | Eliminations (1) | Total Consolidated | |||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||
Revenues from external customers | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||
Revenues from internal customer | ( | — | |||||||||||||||||||||||||||
Total Revenue | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Depreciation and amortization | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Operating income (loss) | ( | ( | ( | ||||||||||||||||||||||||||
Other significant items: | |||||||||||||||||||||||||||||
Segment assets | ( | ||||||||||||||||||||||||||||
Inventories, net |
Three Months Ended March 31, | Change | Change | |||||||||||||||||||||
2021 | 2020 | $ | % | ||||||||||||||||||||
Revenue | $ | 5,313 | $ | 3,872 | $ | 1,441 | 37 | % | |||||||||||||||
Cost of sales | 7,639 | 3,843 | 3,796 | 99 | % | ||||||||||||||||||
Gross profit (loss) | (2,326) | 29 | (2,355) | (8121) | % | ||||||||||||||||||
Operating Expenses: | |||||||||||||||||||||||
Research and development | 14,010 | 8,408 | 5,602 | 67 | % | ||||||||||||||||||
Sales and marketing | 2,635 | 1,843 | 792 | 43 | % | ||||||||||||||||||
General and administrative | 10,273 | 4,613 | 5,660 | 123 | % | ||||||||||||||||||
Total operating expenses | 26,918 | 14,864 | 12,054 | 81 | % | ||||||||||||||||||
Loss from operations | (29,244) | (14,835) | (14,409) | 97 | % | ||||||||||||||||||
Other income (expense), net: | |||||||||||||||||||||||
Change in fair value of warrants | (46,649) | (309) | (46,340) | 14997 | % | ||||||||||||||||||
Interest expense | (200) | (532) | 332 | (62) | % | ||||||||||||||||||
Interest income and other | 170 | 95 | 75 | 79 | % | ||||||||||||||||||
Total other income (expense), net | (46,679) | (746) | (45,933) | 6157 | % | ||||||||||||||||||
Net loss | $ | (75,923) | $ | (15,581) | $ | (60,342) | 387 | % |
Three Months Ended March 31, | Change | Change | |||||||||||||||||||||
2021 | 2020 | $ | % | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Autonomy Solutions | $ | 4,336 | $ | 3,297 | $ | 1,039 | 32 | % | |||||||||||||||
Component Sales | 977 | 575 | 402 | 70 | % | ||||||||||||||||||
Total | $ | 5,313 | $ | 3,872 | $ | 1,441 | 37 | % |
Three Months Ended March 31, | Change | Change | |||||||||||||||||||||
2021 | 2020 | $ | % | ||||||||||||||||||||
Segment operating income (loss) | |||||||||||||||||||||||
Autonomy Solutions | $ | (28,868) | $ | (14,946) | $ | (13,922) | 93 | % | |||||||||||||||
Component Sales | (237) | 111 | (348) | (314 | %) |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Net cash provided by (used in): | |||||||||||
Operating activities | $ | (28,014) | $ | (17,533) | |||||||
Investing activities | $ | (128,354) | $ | 1,421 | |||||||
Financing activities | $ | 154,104 | $ | (2,728) |
Incorporation by Reference | |||||||||||||||||||||||||||||||||||
Exhibit Number | Description | Form | File Number | Exhibit/Appendix Reference | Filing Date | Filed Herewith | |||||||||||||||||||||||||||||
12/8/20 | |||||||||||||||||||||||||||||||||||
3.1 | 8-K/A | 001-38791 | 3.1 | 12/8/20 | |||||||||||||||||||||||||||||||
3.2 | 8-K/A | 001-38791 | 3.2 | 12/8/20 | |||||||||||||||||||||||||||||||
10.1† | 10-K | 001-38791 | 10.14 | 04/14/21 | |||||||||||||||||||||||||||||||
12/8/20 | |||||||||||||||||||||||||||||||||||
31.1 | X | ||||||||||||||||||||||||||||||||||
31.2 | X | ||||||||||||||||||||||||||||||||||
32.1 | X | ||||||||||||||||||||||||||||||||||
101.INS | XBRL Instance Document | X | |||||||||||||||||||||||||||||||||
101.SCH | XBRL Taxonomy Extension Schema Document | X | |||||||||||||||||||||||||||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | X | |||||||||||||||||||||||||||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | X | |||||||||||||||||||||||||||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | X | |||||||||||||||||||||||||||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | X | |||||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL). | X | |||||||||||||||||||||||||||||||||
Luminar Technologies, Inc. | ||||||||
Date: May 14, 2021 | By: | /s/ Austin Russell | ||||||
Austin Russell | ||||||||
President, Chief Executive Officer and Chairman of the Board of Directors | ||||||||
(Principal Executive Officer) | ||||||||
/s/ Thomas J. Fennimore | ||||||||
Thomas J. Fennimore | ||||||||
Chief Financial Officer and Secretary | ||||||||
(Principal Financial Officer) | ||||||||
Date: May 14, 2021 | By: | /s/ Austin Russell | ||||||
Austin Russell | ||||||||
Chief Executive Officer | ||||||||
(Principal Executive Officer) |
Date: May 14, 2021 | By: | /s/ Thomas J. Fennimore | ||||||
Thomas J. Fennimore | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial and Accounting Officer) |
Date: May 14, 2021 | By: | /s/ Austin Russell | ||||||
Austin Russell | ||||||||
Chief Executive Officer | ||||||||
(Principal Executive Officer) |
Date: May 14, 2021 | By: | /s/ Thomas J. Fennimore | ||||||
Thomas J. Fennimore | ||||||||
Chief Financial Officer | ||||||||
(Principal Financial and Accounting Officer) |
Organization and Description of Business |
3 Months Ended |
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Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of Business Luminar Technologies, Inc. and its wholly-owned subsidiaries (the “Company” or “Luminar”) was originally incorporated in Delaware on August 28, 2018 under the name Gores Metropoulos, Inc (“Gores”). The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. On December 2, 2020 (the “Closing Date”), the Company (at such time named Gores Metropoulos, Inc.) consummated the business combination (the “Business Combination”) pursuant to the Agreement and Plan of Merger, dated August 24, 2020 with the pre-Business Combination Luminar Technologies, Inc. (“Legacy Luminar”). In connection with the consummation of the Business Combination, the Company changed its name from Gores Metropoulos, Inc. to Luminar Technologies, Inc. The Company’s common stock is listed on the NASDAQ under the symbol “LAZR.” The Company’s public warrants to purchase shares of Class A common stock were listed on the NASDAQ under the symbol “LAZRW,” until they were delisted on March 5, 2021 upon exercise and redemption. Unless the context otherwise requires, the “Company” refers to the combined company and its subsidiary following the Business Combination, “Gores” refers to the Company prior to the Business Combination and “Legacy Luminar” refers to Luminar Technologies Inc., prior to the Business Combination. Refer to Note 3 to the financial statements of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 for additional information relating to the Business Combination. The Company is a developer of advanced sensor technologies for the autonomous vehicle industry, encompassing the latest in Laser Imaging, Detection and Ranging (lidar) technology. The Company manufactures and distributes commercial lidar sensors. In addition, the Company develops ultra-sensitive pixel-based sensors and designs, tests and provides consulting services for non-standard integrated circuits that are essential for systems to meet the requirement of customers. Legacy Luminar was incorporated in Delaware on March 31, 2015. The Company has research and manufacturing facilities located in Palo Alto, California and Orlando, Florida, which is also the Company’s headquarters.
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Basis of Presentation and Summary of Significant Accounting Policies |
3 Months Ended |
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Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation and Consolidation The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. All intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, equity, revenues and expenses, and related disclosures. The significant estimates made by management include inventory reserves, valuation allowance for deferred tax assets, valuation of warrants, revenue, stock-based compensation expense and other loss contingencies. Management periodically evaluates such estimates and they are adjusted prospectively based upon such periodic evaluation. Actual results could differ from those estimates. Segment Information The Company has determined its operating segments on the same basis that it uses to evaluate its performance internally. The Company has two business activities: (i) manufacturing and distribution of lidar sensors that measure distance using laser light to generate a highly accurate 3D map for automotive mobility applications and (ii) development of ultra-sensitive pixel-based sensors and designing, testing and providing consulting services for non-standard integrated circuits that are essential for systems to meet the requirement of customers. The Company’s operating segments are (i) Autonomy Solutions and (ii) Component Sales. The Company’s chief operating decision maker (“CODM”), its Chief Executive Officer, reviews the operating results of these segments for the purpose of allocating resources and evaluating financial performance. Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk, consist primarily of cash and cash equivalents, marketable investments and accounts receivable. A significant portion of the Company’s cash and cash equivalents is held at high-quality domestic financial institutions. Deposits held with the financial institutions may, at times, exceed the amount of insurance provided on such deposits. The Company held cash in foreign entities of $0.5 million and $0.6 million as of March 31, 2021 and December 31, 2020, respectively. The Company’s revenue is derived from customers located in the United States and international markets. The Company mitigates its credit risks by performing ongoing credit evaluations of its customers’ financial conditions and requires advance payment from customers in certain circumstances. The Company generally does not require collateral. Three customers accounted for 28%, 19%, and 18%, respectively, of the Company’s accounts receivable at March 31, 2021 and one customer accounted for 86% of the Company’s accounts receivable at December 31, 2020. Significant Accounting Policies The Company’s significant accounting policies are disclosed in its Annual Report on Form 10-K for the year ended December 31, 2020. Other than the accounting policies discussed below related to equity investments, accounting for Earn-Out shares and in Note 11 related to the adoption of Accounting Standards Codification (“ASC”) 842, Leases, there has been no material change to the Company’s significant accounting policies during the three months ended March 31, 2021. See Note 11 related to the adoption of ASC 842. Equity Investments The Company’s holds marketable equity investments, over which the Company does not have a controlling interest or significant influence. Marketable equity investments are measured using the quoted prices in active markets with changes recorded in other income (expense), net on the condensed consolidated statement of operations. Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2016-02, Leases (Topic 842) and issued subsequent amendments to the initial guidance in 2017, 2018 and 2019 (collectively “ASC 842”). Under the new guidance, a lessee is required to recognize assets and liabilities for both finance, previously known as capital, and operating leases with lease terms of more than 12 months. The ASU also requires disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. In transition, the Company recognized and measured leases at the beginning of the period of adoption, January 1, 2021, using a modified retrospective approach that included a number of optional practical expedients that the Company elected to apply. See Note 11 for disclosure on the impact of adopting this standard. Recent Accounting Pronouncements Not Yet Effective In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (ASC 326): Measurement of Credit Losses of Financial Instruments, which, together with subsequent amendments, amends the requirement on the measurement and recognition of expected credit losses for financial assets held. ASU 2016-13 will be effective for the Company beginning January 1, 2023, with early adoption permitted. The Company is currently in the process of evaluating the effects of this pronouncement on the Company’s financial statements and does not expect it to have a material impact on the consolidated financial statements.
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Revenue |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Revenue Disaggregation of Revenues The Company disaggregates its revenue from contracts with customers by geographic region based on the primary locations where the customer is situated, type of good or service and timing of transfer of goods or services to customers (point-in-time or over time), as it believes it best depicts how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors. Total revenue based on the disaggregation criteria described above are as follows (in thousands):
Volvo Stock Purchase Warrant In March 2020, the Company issued a stock purchase warrant to Volvo Car Technology Fund AB (“VCTF”) in connection with an engineering services contract. VCTF is entitled to purchase from the Company up to 4,089,280 shares of Class A common stock, at a price of $3.1769 per share. The warrants vest and become exercisable in two tranches based on satisfaction of certain commercial milestones. The fair value of warrants aggregating $2.9 million represent consideration payable to a customer and would be recognized as reduction in revenue consistent with the revenue recognition pattern when these warrants become probable of vesting. The Company’s management determined that the vesting of these warrants was not probable as of March 31, 2021. Contract assets and liabilities Contract assets primarily represent revenues recognized for performance obligations that have been satisfied but for which amounts have not been billed. The Company’s contract assets as of March 31, 2021 and December 31, 2020 were $1.2 million and $0, respectively. Contract liabilities consist of deferred revenue and customer advanced payments. Deferred revenue includes billings in excess of revenue recognized related to product sales and other services revenue and is recognized as revenue when the Company performs under the contract. Customer advanced payments represent required customer payments in advance of product shipments according to customer’s payment term. Customer advance payments are recognized as revenue when control of the performance obligation is transferred to the customer. The Company’s contract liabilities were $0.7 million and $2.3 million as of March 31, 2021 and December 31, 2020, respectively, and were included in accrued and other current liabilities in the condensed consolidated balance sheets. The significant changes in contract liabilities balances consisted of the following (in thousands):
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Investments |
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Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments Debt Securities The Company’s investments in debt securities consisted of the following as of March 31, 2021 and December 31, 2020 (in thousands):
The following table presents the gross unrealized losses and the fair value for those debt securities that were in an unrealized loss position for less than 12 months as of March 31, 2021 and December 31, 2020 (in thousands):
Equity Investments The Company’s equity investments included in marketable securities as of March 31, 2021 and December 31, 2020 were as follows (in thousands):
Total realized and unrealized gains and losses associated with the Company’s equity investments consisted of the following (in thousands):
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Financial Statement Components |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Statement Components | Financial Statement Components Cash and Cash Equivalents Cash and cash equivalents consisted of the following (in thousands):
Inventories, net Inventories consisted of the following (in thousands):
The Company’s inventory write-down for the three months ended March 31, 2021 and 2020 were $0.3 million and $0.2 million, respectively. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands):
Property and Equipment Property and equipment consisted of the following (in thousands):
Depreciation and amortization associated with property and equipment was $0.7 million and $0.6 million for the three months ended March 31, 2021 and 2020, respectively. Property and equipment capitalized under finance lease (capital lease prior to adoption of ASC 842) consisted of the following (in thousands):
Other Non-Current Assets Other non-current assets consisted of the following (in thousands):
Accrued and Other Current Liabilities Accrued and other current liabilities consisted of the following (in thousands):
Other Non-Current Liabilities Other non-current liabilities consisted of the following (in thousands):
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The Company carries cash equivalents, marketable investments, and Public and Private Warrants. Fair value is based on the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1 — Observable inputs, which include unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than Level 1 inputs, such as quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 — Unobservable inputs that are supported by little or no market activity and that are based on management’s assumptions, including fair value measurements determined by using pricing models, discounted cash flow methodologies or similar techniques. The Company determined the fair value of its Level 1 financial instruments, which are traded in active markets, using quoted market prices for identical instruments. Marketable investments classified within Level 2 of the fair value hierarchy are valued based on other observable inputs, including broker or dealer quotations, alternative pricing sources or U.S. Government Treasury yield of appropriate term. When quoted prices in active markets for identical assets or liabilities are not available, the Company relies on non-binding quotes from its investment managers, which are based on proprietary valuation models of independent pricing services. These models generally use inputs such as observable market data, quoted market prices for similar instruments, historical pricing trends of a security as relative to its peers. To validate the fair value determination provided by its investment managers, the Company reviews the pricing movement in the context of overall market trends and trading information from its investment managers. The Company performs routine procedures such as comparing prices obtained from independent source to ensure that appropriate fair values are recorded. Because the transfer of Private Warrants to anyone outside of a small group of individuals constituting the sponsors of Gores Metropoulos, Inc. would result in the Private Warrants having substantially the same terms as the Public Warrants, management determined that the fair value of each Private Warrant is the same as that of a Public Warrant, with an insignificant adjustment for short-term marketability restrictions, as of December 31, 2020. As of March 31, 2021, management determined the fair value of the Private Warrants using observable inputs in the Black-Scholes valuation model, which used the remaining term of warrants of 4.68 years, volatility of 64.2% and a risk-free rate of 0.83%. Accordingly, the Private Warrants are classified as Level 3 financial instruments. The following table presents changes in Level 3 liabilities relating to Private Warrants measured at fair value as of March 31, 2021 (in thousands):
The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (in thousands):
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Stockholders' Equity |
3 Months Ended |
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Mar. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Class A and Class B Common Stock The Company’s Board of Directors has authorized two classes of common stock, Class A and Class B. As of March 31, 2021, the Company had authorized 715,000,000 and 121,000,000 shares of Class A and Class B common stock. As of March 31, 2021, the Company had 234,575,992 and 105,118,203 shares of Class A and Class B common stock issued and outstanding, respectively. Public and Private Warrants As of December 31, 2020, the Company had 13,333,309 Public Warrants and 6,666,666 Private Warrants outstanding. On February 3, 2021, the Company announced that holders of its 13,333,309 outstanding public warrants to purchase shares of its Class A common stock (the “Public Warrants”), will have until March 5, 2021 to exercise their Public Warrants. The Public Warrants were exercisable for an aggregate of 13,333,309 shares of Class A common stock at a price of $11.50 per share. On March 10, 2021, the Company changed the previously announced redemption date of March 5, 2021 to a new redemption date of March 16, 2021 for the redemption of its outstanding Public Warrants. As of March 16, 2021, 3,589,645 Private Warrants and 13,128,671 Public Warrants were exercised, and the Company received $153.9 million in cash proceeds from the exercise of these warrants. Pursuant to the terms of the agreements governing the rights of the holders of the Public Warrants, the Company redeemed the remaining unexercised and outstanding 204,638 Public Warrants after March 16, 2021 for a redemption price of $0.01 per Public Warrant. The Company had 3,077,021 Private Warrants and no Public Warrants, outstanding as of March 31, 2021.
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Earnings (Loss) Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (Loss) Per Share | Earnings (Loss) Per Share The Company computes earnings per share of Common Stock using the two-class method required for participating securities and does not apply the two-class method in periods of net loss. Earnings per share calculations for all periods prior to the Business Combination have been retrospectively restated to the equivalent number of shares reflecting the exchange ratio established in the reverse capitalization. Subsequent to the Business Combination, earnings per share was calculated based on weighted average number of shares of common stock then outstanding. The following table sets forth the computation of basic and diluted loss per share for the three months ended March 31, 2021 and 2020: (in thousands, except for share and per share amounts):
The following table presents the potential shares of Common Stock outstanding that were excluded from the computation of diluted net loss per share of common stock as of the periods presented because including them would have been antidilutive:
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Stock-based Compensation |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based Compensation | Stock-based Compensation The Company maintained the 2015 Stock Plan (the “2015 Plan”) under which incentive stock options, non-qualified stock options, and restricted stock were granted to employees and non-employee consultants. In connection with the Business Combination, the Company assumed the 2015 Plan upon the Closing. The Company terminated the 2015 Plan, provided that the outstanding awards previously granted under the 2015 Plan continue to remain outstanding under the 2015 Plan. In December 2020, the Company’s Board adopted and the Company’s stockholders approved the 2020 Equity Incentive Plan (the “2020 Plan”). The 2020 Plan became effective upon the closing of the Business Combination. Under the 2020 Plan, as of March 31, 2021, the Company was authorized to issue a maximum number of 36,588,278 shares of Class A common stock. The Company granted 798,203 restricted stock units in the three months ended March 31, 2021. Stock Options Under the terms of the 2015 Plan, incentive stock options must have an exercise price at or above the fair market value of the stock on the date of the grant, while non-qualified stock options are permitted to be granted below fair market value of the stock on the date of grant. Stock options granted have service-based vesting conditions only. The service-based vesting conditions vary, though typically, stock options vest over four years with 25% of stock options vesting on the first anniversary of the grant and the remaining 75% vesting monthly over the remaining 36 months. Option holders have a 10-year period to exercise the options before they expire. Forfeitures are recognized in the period they occur. A summary of the Company’s stock option activity for the three months ended March 31, 2021 was as follows:
The aggregate intrinsic value of stock options exercised during the three months ended March 31, 2021 and 2020 was $4.5 million and $0, respectively. The intrinsic value is calculated as the difference between the exercise price and the fair value of the common stock on the exercise date. The total grant-date fair value of the options vested was $1.9 million and $0.2 million, respectively, during the three months ended March 31, 2021 and 2020, respectively. Restricted Stock Awards Prior to June 30, 2019, the Company granted restricted stock awards to employees. Recipients purchased the restricted stock on the grant date and the Company has the right to repurchase the restricted shares at the same price recipients paid to obtain those shares. The restrictions lapse solely based on continued service, and generally lapse over 4 years —25% on the first anniversary of the date of issuance, and the remaining 75% monthly over the remaining 36 months. At the grant date of the award, recipients of restricted stock are granted voting rights and receive dividends on unvested shares. No restricted stock awards have been granted after June 30, 2019. Restricted stock awards activity for the three months ended March 31, 2021 was as follows:
Restricted Stock units A summary of the Company’s restricted stock units activity for the three months ended March 31, 2021 was as follows:
Compensation expense Stock-based compensation expense by function was as follows (in thousands):
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Income Taxes |
3 Months Ended |
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Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective tax rate was 0% and 0% for the three months ended March 31, 2021 and 2020, respectively. The three months effective tax rates differ significantly from our statutory tax rate of 21%, primarily due to the Company’s valuation allowance movement in each period. The realization of tax benefits of deferred tax assets is dependent upon future levels of taxable income, of an appropriate character, in the periods the items are expected to be deductible or taxable. Based on the available objective evidence, the Company does not believe it is more likely than not that the net deferred tax assets will be realizable. Accordingly, the Company has provided a full valuation allowance against the domestic net deferred tax assets as of March 31, 2021 and December 31, 2020. The Company intends to maintain the remaining valuation allowance until sufficient positive evidence exists to support a reversal of, or decrease in, the valuation allowance. The Company reports income tax related interest and penalties within its provision for income tax in its condensed consolidated statements of operations. Similarly, the Company reports the reversal of income tax-related interest and penalties within its provision for income tax line item to the extent the Company resolves its liabilities for uncertain tax positions in a manner favorable to its accruals therefor. During the three months ended March 31, 2021, there were no material changes to the total amount of unrecognized tax benefits.
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases The Company leases manufacturing equipment under non-cancelable finance leases expiring at various dates through December 2025. The Company also leases office and manufacturing facilities under non-cancelable operating leases expiring at various dates through June 2026. Some of the Company’s leases include one or more options to renew, with renewal terms that if exercised by the Company, extend the lease term from to six years. The exercise of these renewal options is at the Company’s discretion. The Company’s lease agreements do not contain any material terms and conditions of residual value guarantees or material restrictive covenants. The Company’s short-term leases and sublease income was not material. The Company adopted ASC 842 using the modified retrospective method on January 1, 2021. The Company elected the available package of practical expedients and implemented internal controls to enable the preparation of financial information upon adoption. The most significant impact of the adoption of ASC 842 was the recognition of right-of-use, or ROU, assets and lease liabilities for operating leases of $10.8 million and $12.0 million, respectively, and a reversal of deferred rent of $1.2 million on January 1, 2021. The Company’s accounting for finance leases remained substantially unchanged. The adoption of ASC 842 did not have any impact on the Company’s operating results or cash flows. The Company determines if an arrangement is or contains a lease at inception. Operating leases are included in operating lease right-of use assets and operating lease liabilities in the Company’s condensed consolidated balance sheets. Finance leases are included in property and equipment, and finance lease liabilities in the Company’s condensed consolidated balance sheets. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the commencement date based on an amount equal to the present value of lease payments over the lease term. The Company’s leases do not provide an implicit rate, therefore the Company uses an incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The Company uses the implicit rate when it is readily determinable. The Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed it to carry forward existing lease classification and to exclude leases with original terms of one year or less. Further, the Company elected to combine lease and non-lease components for all asset classes. Any variable lease components are expensed as incurred. The operating lease right-of-use asset also include adjustments related to prepaid or deferred lease payments and lease incentives. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Operating lease expense for lease payments is recognized on a straight-line basis over the lease term. The components of lease expenses for the three months ended March 31, 2021 were as follows (in thousands):
Supplemental cash flow information for the three months ended March 31, 2021 related to leases was as follows (in thousands):
Supplemental balance sheet information related to leases was as follows (in thousands):
Weighted average remaining terms were as follows (in years):
Weighted average discount rates were as follows:
Maturities of lease liabilities were as follows (in thousands):
Disclosures under ASC 840, Leases Rent expense for the three months ended March 31, 2020 was $1.4 million. As of December 31, 2020, future minimum lease payments under all noncancelable capital and operating leases with an initial lease term in excess of one year were as follows (in thousands):
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Leases | Leases The Company leases manufacturing equipment under non-cancelable finance leases expiring at various dates through December 2025. The Company also leases office and manufacturing facilities under non-cancelable operating leases expiring at various dates through June 2026. Some of the Company’s leases include one or more options to renew, with renewal terms that if exercised by the Company, extend the lease term from to six years. The exercise of these renewal options is at the Company’s discretion. The Company’s lease agreements do not contain any material terms and conditions of residual value guarantees or material restrictive covenants. The Company’s short-term leases and sublease income was not material. The Company adopted ASC 842 using the modified retrospective method on January 1, 2021. The Company elected the available package of practical expedients and implemented internal controls to enable the preparation of financial information upon adoption. The most significant impact of the adoption of ASC 842 was the recognition of right-of-use, or ROU, assets and lease liabilities for operating leases of $10.8 million and $12.0 million, respectively, and a reversal of deferred rent of $1.2 million on January 1, 2021. The Company’s accounting for finance leases remained substantially unchanged. The adoption of ASC 842 did not have any impact on the Company’s operating results or cash flows. The Company determines if an arrangement is or contains a lease at inception. Operating leases are included in operating lease right-of use assets and operating lease liabilities in the Company’s condensed consolidated balance sheets. Finance leases are included in property and equipment, and finance lease liabilities in the Company’s condensed consolidated balance sheets. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the commencement date based on an amount equal to the present value of lease payments over the lease term. The Company’s leases do not provide an implicit rate, therefore the Company uses an incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The Company uses the implicit rate when it is readily determinable. The Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed it to carry forward existing lease classification and to exclude leases with original terms of one year or less. Further, the Company elected to combine lease and non-lease components for all asset classes. Any variable lease components are expensed as incurred. The operating lease right-of-use asset also include adjustments related to prepaid or deferred lease payments and lease incentives. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Operating lease expense for lease payments is recognized on a straight-line basis over the lease term. The components of lease expenses for the three months ended March 31, 2021 were as follows (in thousands):
Supplemental cash flow information for the three months ended March 31, 2021 related to leases was as follows (in thousands):
Supplemental balance sheet information related to leases was as follows (in thousands):
Weighted average remaining terms were as follows (in years):
Weighted average discount rates were as follows:
Maturities of lease liabilities were as follows (in thousands):
Disclosures under ASC 840, Leases Rent expense for the three months ended March 31, 2020 was $1.4 million. As of December 31, 2020, future minimum lease payments under all noncancelable capital and operating leases with an initial lease term in excess of one year were as follows (in thousands):
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Commitment and Contingencies |
3 Months Ended |
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Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Purchase Obligations The Company purchases goods and services from a variety of suppliers in the ordinary course of business. Purchase obligations are defined as agreements that are enforceable and legally binding and that specify all significant terms, including fixed or minimum quantities to be purchased, fixed, minimum, or variable price provisions, and the approximate timing of the transaction. The Company had purchase obligations primarily for purchases of inventory, R&D, and general and administrative activities totaling $10.7 million as of March 31, 2021, which are expected to be received within a year. Legal Matters From time to time, the Company is involved in actions, claims, suits and other proceedings in the ordinary course of business, including assertions by third parties relating to intellectual property infringement, breaches of contract or warranties or employment-related matters. When it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated, the Company records a liability for such loss contingencies. The Company’s estimates regarding potential losses and materiality are based on the Company’s judgment and assessment of the claims utilizing currently available information. Although the Company will continue to reassess its reserves and estimates based on future developments, the Company’s objective assessment of the legal merits of such claims may not always be predictive of the outcome and actual results may vary from the Company’s current estimates.
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Segment and Customer Concentration Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment and Customer Concentration Information | Segment and Customer Concentration Information Reportable segments are (i) Autonomy Solutions and (ii) Component Sales. These segments reflect the way the CODM evaluates the Company’s business performance and manages its operations. Each segment has distinct product offerings, customers, and market penetration. The Chief Executive Officer is the CODM of the Company. Autonomy Solutions This segment manufactures and distributes commercial lidar sensors that measures distance using laser light to generate a highly accurate 3D map for automotive mobility applications. This segment is impacted by trends in and the strength of the autonomous vehicles and associated infrastructure/technology sector. Component Sales This segment is in the business of development of ultra-sensitive pixel-based sensors. This segment also designs, tests and provides consulting services for non-standard integrated circuits that are essential for systems to meet the requirement of customers. This segment is impacted by trends in and the strength of automobile and aeronautics sector as well as government spending in military and defense activities. The accounting policies of the operating segments are the same as those described in Note 2. Segment operating results and reconciliations to the Company’s consolidated balances are as follows (in thousands):
(1) Represent the eliminations of all intercompany balances and transactions during the period presented. One customer accounted for 45% of the Company’s revenue for the three months ended March 31, 2021. One customer accounted for 66% of the Company’s revenue for the three months ended March 31, 2020.
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Basis of Presentation and Summary of Significant Accounting Policies (Policies) |
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation and Consolidation | Basis of Presentation and Consolidation The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. All intercompany transactions and balances have been eliminated in consolidation.
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Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, equity, revenues and expenses, and related disclosures. The significant estimates made by management include inventory reserves, valuation allowance for deferred tax assets, valuation of warrants, revenue, stock-based compensation expense and other loss contingencies. Management periodically evaluates such estimates and they are adjusted prospectively based upon such periodic evaluation. Actual results could differ from those estimates.
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Segment Information | Segment InformationThe Company has determined its operating segments on the same basis that it uses to evaluate its performance internally. The Company has two business activities: (i) manufacturing and distribution of lidar sensors that measure distance using laser light to generate a highly accurate 3D map for automotive mobility applications and (ii) development of ultra-sensitive pixel-based sensors and designing, testing and providing consulting services for non-standard integrated circuits that are essential for systems to meet the requirement of customers. The Company’s operating segments are (i) Autonomy Solutions and (ii) Component Sales. The Company’s chief operating decision maker (“CODM”), its Chief Executive Officer, reviews the operating results of these segments for the purpose of allocating resources and evaluating financial performance. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk, consist primarily of cash and cash equivalents, marketable investments and accounts receivable. A significant portion of the Company’s cash and cash equivalents is held at high-quality domestic financial institutions. Deposits held with the financial institutions may, at times, exceed the amount of insurance provided on such deposits. The Company held cash in foreign entities of $0.5 million and $0.6 million as of March 31, 2021 and December 31, 2020, respectively. The Company’s revenue is derived from customers located in the United States and international markets. The Company mitigates its credit risks by performing ongoing credit evaluations of its customers’ financial conditions and requires advance payment from customers in certain circumstances. The Company generally does not require collateral.
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Equity Investments | Equity Investments The Company’s holds marketable equity investments, over which the Company does not have a controlling interest or significant influence. Marketable equity investments are measured using the quoted prices in active markets with changes recorded in other income (expense), net on the condensed consolidated statement of operations.
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Recently Adopted Accounting Pronouncements and Recent Accounting Pronouncements Not Yet Effective | Recently Adopted Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2016-02, Leases (Topic 842) and issued subsequent amendments to the initial guidance in 2017, 2018 and 2019 (collectively “ASC 842”). Under the new guidance, a lessee is required to recognize assets and liabilities for both finance, previously known as capital, and operating leases with lease terms of more than 12 months. The ASU also requires disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. In transition, the Company recognized and measured leases at the beginning of the period of adoption, January 1, 2021, using a modified retrospective approach that included a number of optional practical expedients that the Company elected to apply. See Note 11 for disclosure on the impact of adopting this standard. Recent Accounting Pronouncements Not Yet Effective In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (ASC 326): Measurement of Credit Losses of Financial Instruments, which, together with subsequent amendments, amends the requirement on the measurement and recognition of expected credit losses for financial assets held. ASU 2016-13 will be effective for the Company beginning January 1, 2023, with early adoption permitted. The Company is currently in the process of evaluating the effects of this pronouncement on the Company’s financial statements and does not expect it to have a material impact on the consolidated financial statements.
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Fair Value Measurements | Fair Value Measurements The Company carries cash equivalents, marketable investments, and Public and Private Warrants. Fair value is based on the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: Level 1 — Observable inputs, which include unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than Level 1 inputs, such as quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 — Unobservable inputs that are supported by little or no market activity and that are based on management’s assumptions, including fair value measurements determined by using pricing models, discounted cash flow methodologies or similar techniques. The Company determined the fair value of its Level 1 financial instruments, which are traded in active markets, using quoted market prices for identical instruments. Marketable investments classified within Level 2 of the fair value hierarchy are valued based on other observable inputs, including broker or dealer quotations, alternative pricing sources or U.S. Government Treasury yield of appropriate term. When quoted prices in active markets for identical assets or liabilities are not available, the Company relies on non-binding quotes from its investment managers, which are based on proprietary valuation models of independent pricing services. These models generally use inputs such as observable market data, quoted market prices for similar instruments, historical pricing trends of a security as relative to its peers. To validate the fair value determination provided by its investment managers, the Company reviews the pricing movement in the context of overall market trends and trading information from its investment managers. The Company performs routine procedures such as comparing prices obtained from independent source to ensure that appropriate fair values are recorded. Because the transfer of Private Warrants to anyone outside of a small group of individuals constituting the sponsors of Gores Metropoulos, Inc. would result in the Private Warrants having substantially the same terms as the Public Warrants, management determined that the fair value of each Private Warrant is the same as that of a Public Warrant, with an insignificant adjustment for short-term marketability restrictions, as of December 31, 2020. As of March 31, 2021, management determined the fair value of the Private Warrants using observable inputs in the Black-Scholes valuation model, which used the remaining term of warrants of 4.68 years, volatility of 64.2% and a risk-free rate of 0.83%. Accordingly, the Private Warrants are classified as Level 3 financial instruments. The following table presents changes in Level 3 liabilities relating to Private Warrants measured at fair value as of March 31, 2021 (in thousands):
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Leases | The Company determines if an arrangement is or contains a lease at inception. Operating leases are included in operating lease right-of use assets and operating lease liabilities in the Company’s condensed consolidated balance sheets. Finance leases are included in property and equipment, and finance lease liabilities in the Company’s condensed consolidated balance sheets.Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at the commencement date based on an amount equal to the present value of lease payments over the lease term. The Company’s leases do not provide an implicit rate, therefore the Company uses an incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The Company uses the implicit rate when it is readily determinable. The Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed it to carry forward existing lease classification and to exclude leases with original terms of one year or less. Further, the Company elected to combine lease and non-lease components for all asset classes. Any variable lease components are expensed as incurred. The operating lease right-of-use asset also include adjustments related to prepaid or deferred lease payments and lease incentives. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Operating lease expense for lease payments is recognized on a straight-line basis over the lease term. |
Revenue (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disaggregation of Revenue | Total revenue based on the disaggregation criteria described above are as follows (in thousands):
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Schedule of Opening and Closing Balances of Contract Liabilities and Significant Changes in Contract Liabilities | The significant changes in contract liabilities balances consisted of the following (in thousands):
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Investments (Tables) |
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Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Securities, Available-for-sale | The Company’s investments in debt securities consisted of the following as of March 31, 2021 and December 31, 2020 (in thousands):
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Schedule of Gross Unrealized Losses and the Fair Value for Marketable Investments | The following table presents the gross unrealized losses and the fair value for those debt securities that were in an unrealized loss position for less than 12 months as of March 31, 2021 and December 31, 2020 (in thousands):
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Schedule of Equity Investments Included in Marketable Securities | The Company’s equity investments included in marketable securities as of March 31, 2021 and December 31, 2020 were as follows (in thousands):
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Schedule of Total Realized and Unrealized Gains and Losses Associated with Equity Investments | Total realized and unrealized gains and losses associated with the Company’s equity investments consisted of the following (in thousands):
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Financial Statement Components (Tables) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash and Cash Equivalents | Cash and cash equivalents consisted of the following (in thousands):
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Schedule of Inventories, net | Inventories consisted of the following (in thousands):
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Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following (in thousands):
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Schedule of Property and Equipment and Property and Equipment Capitalized Under Finance Lease (Capital Lease Prior to Adoption of ASC 842) | Property and equipment consisted of the following (in thousands):
Property and equipment capitalized under finance lease (capital lease prior to adoption of ASC 842) consisted of the following (in thousands):
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Schedule of Other Noncurrent Assets | Other non-current assets consisted of the following (in thousands):
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Schedule of Accrued and Other Current Liabilities | Accrued and other current liabilities consisted of the following (in thousands):
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Schedule of Other Non-Current Liabilities | Other non-current liabilities consisted of the following (in thousands):
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Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Level 3 Liabilities Measured at Fair Value | The following table presents changes in Level 3 liabilities relating to Private Warrants measured at fair value as of March 31, 2021 (in thousands):
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Schedule of Financial Assets and Liabilities Subject to Fair Value Measurements on a Recurring Basis and the Level of Inputs Used | The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows (in thousands):
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Earnings (Loss) Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted loss per share for the three months ended March 31, 2021 and 2020: (in thousands, except for share and per share amounts):
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Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table presents the potential shares of Common Stock outstanding that were excluded from the computation of diluted net loss per share of common stock as of the periods presented because including them would have been antidilutive:
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Stock-based Compensation (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stock Option Activity | A summary of the Company’s stock option activity for the three months ended March 31, 2021 was as follows:
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Schedule of Restricted Stock Awards Activity | Restricted stock awards activity for the three months ended March 31, 2021 was as follows:
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Schedule of Restricted Stock Units Activity | A summary of the Company’s restricted stock units activity for the three months ended March 31, 2021 was as follows:
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Schedule of Stock-based Compensation Expense by Function | Stock-based compensation expense by function was as follows (in thousands):
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Leases (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Lease Expenses, Supplemental Cash Flow Information, Weighted Average Remaining Terms, and Weighted Average Discount Rates | The components of lease expenses for the three months ended March 31, 2021 were as follows (in thousands):
Supplemental cash flow information for the three months ended March 31, 2021 related to leases was as follows (in thousands):
Weighted average remaining terms were as follows (in years):
Weighted average discount rates were as follows:
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Schedule of Supplemental Balance Sheet Information | Supplemental balance sheet information related to leases was as follows (in thousands):
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Schedule of Maturities of Lease Liabilities | Maturities of lease liabilities were as follows (in thousands):
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Schedule of Maturities of Lease Liabilities | Maturities of lease liabilities were as follows (in thousands):
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Schedule of Future Minimum Lease Payments Under All Noncancelable Capital and Operating Leases Under ASC 840 | As of December 31, 2020, future minimum lease payments under all noncancelable capital and operating leases with an initial lease term in excess of one year were as follows (in thousands):
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Schedule of Future Minimum Lease Payments Under All Noncancelable Capital and Operating Leases Under ASC 840 | As of December 31, 2020, future minimum lease payments under all noncancelable capital and operating leases with an initial lease term in excess of one year were as follows (in thousands):
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Segment and Customer Concentration Information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Operating Results and Reconciliations to the Consolidated Balances | The accounting policies of the operating segments are the same as those described in Note 2. Segment operating results and reconciliations to the Company’s consolidated balances are as follows (in thousands):
(1) Represent the eliminations of all intercompany balances and transactions during the period presented.
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Basis of Presentation and Summary of Significant Accounting Policies - Concentration of Credit Risk (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Accounting Policies [Abstract] | ||
Cash held in foreign entities | $ 0.5 | $ 0.6 |
Customer One | Accounts Receivable | Customer Concentration Risk | ||
Concentration Risk [Line Items] | ||
Percentage of accounts receivable (as percent) | 28.00% | |
Customer Two | Accounts Receivable | Customer Concentration Risk | ||
Concentration Risk [Line Items] | ||
Percentage of accounts receivable (as percent) | 19.00% | |
Customer Three | Accounts Receivable | Customer Concentration Risk | ||
Concentration Risk [Line Items] | ||
Percentage of accounts receivable (as percent) | 18.00% | |
Largest Customer | Accounts Receivable | Customer Concentration Risk | ||
Concentration Risk [Line Items] | ||
Percentage of accounts receivable (as percent) | 86.00% |
Revenue - Narrative (Details) $ / shares in Units, $ in Thousands |
Mar. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
Mar. 31, 2020
USD ($)
tranche
$ / shares
shares
|
---|---|---|---|
Class of Warrant or Right [Line Items] | |||
Fair value of warrants outstanding | $ 51,753 | $ 343,400 | |
Contract assets | 1,200 | 0 | |
Contract liabilities | $ 654 | $ 2,284 | |
VCTF warrant | |||
Class of Warrant or Right [Line Items] | |||
Number of tranches | tranche | 2 | ||
Fair value of warrants outstanding | $ 2,900 | ||
Class A Common Stock | VCTF warrant | |||
Class of Warrant or Right [Line Items] | |||
Conversion of warrants into securities (in shares) | shares | 4,089,280 | ||
Stock price of warrants (in dollars per share) | $ / shares | $ 3.1769 |
Revenue - Schedule of Significant Changes in Contract Liabilities (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Contract with Customer, Liability [Roll Forward] | ||
Beginning balance | $ 2,284 | $ 225 |
Revenue recognized that was included in the contract liabilities beginning balance | (1,667) | (225) |
Increase due to cash received and not recognized as revenue and billings in excess of revenue recognized during the period | 37 | 2,284 |
Ending balance | $ 654 | $ 2,284 |
Investments - Continuous Loss Position (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Gross Unrealized Losses | $ (86) | $ (12) |
Fair Value | 131,010 | 128,502 |
U.S. Treasury | ||
Debt Securities, Available-for-sale [Line Items] | ||
Gross Unrealized Losses | (59) | (6) |
Fair Value | 54,992 | 65,298 |
Commercial paper | ||
Debt Securities, Available-for-sale [Line Items] | ||
Gross Unrealized Losses | (8) | (4) |
Fair Value | 46,305 | 47,629 |
Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Gross Unrealized Losses | (19) | (2) |
Fair Value | $ 29,713 | $ 15,575 |
Investments - Equity Investments Included in Marketable Securities (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Equity investments included in marketable securities | $ 16,950 | $ 0 |
Investments - Total Realized and Unrealized Gains and Losses with Equity Investments (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Investments, Debt and Equity Securities [Abstract] | ||
Net realized gains (losses) recognized on equity investments sold | $ 114 | $ 0 |
Net unrealized gains (losses) recognized on equity investments held | (278) | 0 |
Total net gains (losses) recognized in other income (expense), net | $ (164) | $ 0 |
Financial Statement Components - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Cash | $ 21,440 | $ 10,652 |
Money market funds | 19,035 | 64,971 |
U.S. Treasury | 0 | 24,999 |
Commercial paper | 166,255 | 108,322 |
Total cash and cash equivalents | $ 206,730 | $ 208,944 |
Financial Statement Components - Inventories, net (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Raw materials | $ 1,805 | $ 625 | |
Work-in-process | 520 | 52 | |
Finished goods | 958 | 2,936 | |
Total inventories, net | 3,283 | $ 6,168 | $ 3,613 |
Inventory write-downs | $ 257 | $ 225 |
Financial Statement Components - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Prepaid expenses | $ 8,012 | $ 1,073 |
Contract assets | 1,221 | 0 |
Advance payments to vendors | 196 | 961 |
Prepaid rent and other | 0 | 503 |
Other receivables | 942 | 2,260 |
Total prepaid expenses and other current assets | $ 10,371 | $ 4,797 |
Financial Statement Components - Property and Equipment Under Finance Lease (Capital Lease Prior to Adoption of ASC 842) (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 926 | |
Less: accumulated depreciation | (261) | |
Property and equipment, net | 665 | |
Total property and equipment, gross | $ 926 | |
Less: accumulated depreciation | (219) | |
Total property and equipment, net | 707 | |
Computer hardware and software | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | 88 | |
Total property and equipment, gross | 88 | |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment, gross | $ 838 | |
Total property and equipment, gross | $ 838 |
Financial Statement Components - Other Noncurrent Assets (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Security deposits | $ 1,072 | $ 1,106 |
Other non-current assets | 1,397 | 45 |
Total other non-current assets | $ 2,469 | $ 1,151 |
Financial Statement Components - Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accrued expenses | $ 3,654 | $ 3,998 |
Warranty liabilities | 283 | 259 |
Contract liabilities | 654 | 2,284 |
Accrued compensation and benefits | 3,595 | 3,071 |
Contract losses | 452 | 558 |
Finance lease (capital lease prior to adoption of ASC 842) liabilities, current | 281 | |
Finance lease (capital lease prior to adoption of ASC 842) liabilities, current | 282 | |
Total accrued and other current liabilities | $ 8,919 | $ 10,452 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] | Total accrued and other current liabilities |
Financial Statement Components - Other Non-Current Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Deferred rent | $ 0 | $ 826 |
Finance lease (capital lease prior to adoption of ASC 842) liabilities, non-current | 263 | |
Finance lease (capital lease prior to adoption of ASC 842) liabilities, non-current | 331 | |
Other non-current liabilities | 973 | 161 |
Total other non-current liabilities | $ 1,236 | $ 1,318 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Total other non-current liabilities |
Fair Value Measurements - Narrative (Details) - Level 3 - Private Warrants |
Mar. 31, 2021 |
---|---|
Expected Term | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrants outstanding, measurement input | 4.68 |
Price Volatility | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrants outstanding, measurement input | 0.642 |
Risk-Free Interest Rate | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Warrants outstanding, measurement input | 0.0083 |
Fair Value Measurements - Schedule of Changes in Level 3 Liabilities Measured at Fair Value (Details) - Warrants - Private Warrants $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2021
USD ($)
| |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance at beginning of period | $ 0 |
Additions | 51,753 |
Exercise | 0 |
Measurement adjustments | 0 |
Balance at end of period | $ 51,753 |
Earnings (Loss) Per Share - Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Numerator: | ||
Net loss | $ (75,923) | $ (15,581) |
Deemed dividend attributable to BCF accretion | 0 | 0 |
Net loss attributable to common shareholders | $ (75,923) | $ (15,581) |
Denominator: | ||
Weighted average common shares outstanding- Basic (in shares) | 332,987,523 | 128,668,864 |
Dilutive effect of potential common shares (in shares) | 0 | 0 |
Weighted average common shares outstanding- Diluted (in shares) | 332,987,523 | 128,668,864 |
Net loss per shares attributable to common shareholders- Basic and Diluted (in dollars per share) | $ (0.23) | $ (0.12) |
Stock-based Compensation - Stock Option Activity (Details) $ / shares in Units, $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2021
USD ($)
$ / shares
shares
| |
Number of Common Stock Options | |
Outstanding at beginning of period (in shares) | shares | 16,188,071 |
Granted (in shares) | shares | 0 |
Exercised (in shares) | shares | (183,918) |
Forfeited (in shares) | shares | (227,782) |
Outstanding at end of period (in shares) | shares | 15,776,371 |
Weighted- Average Exercise Price | |
Outstanding at beginning of period (in dollars per share) | $ / shares | $ 1.67 |
Granted (in dollars per share) | $ / shares | 0 |
Exercised (in dollars per share) | $ / shares | 1.71 |
Forfeited (in dollars per share) | $ / shares | 1.71 |
Outstanding at end of period (in dollars per share) | $ / shares | $ 1.71 |
Weighted- Average Remaining Contractual Life (Years) | |
Outstanding balance | 8 years 9 months 29 days |
Aggregate Intrinsic Value (In Thousands) | |
Outstanding balance | $ | $ 356,546 |
Stock-based Compensation - Compensation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | $ 1,837 | $ 1,129 |
Cost of sales | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | 83 | 72 |
Research and development | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | 762 | 435 |
Sales and marketing | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | 186 | 82 |
General and administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | $ 806 | $ 540 |
Income Taxes - Narrative (Details) |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Income Tax Disclosure [Abstract] | ||
Effective tax rate | 0.00% | 0.00% |
Leases - Narrative (Details) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021
USD ($)
renewalOption
|
Mar. 31, 2020
USD ($)
|
Jan. 01, 2021
USD ($)
|
|
Lessee, Lease, Description [Line Items] | |||
Operating lease right-of-use assets | $ 12,835 | ||
Operating lease liabilities | $ 13,974 | ||
Rent expense under ASC 840 | $ 1,400 | ||
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Number of renewal options | renewalOption | 1 | ||
Renewal lease term (in years) | 1 year | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Renewal lease term (in years) | 6 years | ||
ASC 842 | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease right-of-use assets | $ 10,800 | ||
Operating lease liabilities | 12,000 | ||
Reversal of deferred rent | $ 1,200 |
Leases - Components of Lease Expenses (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2021
USD ($)
| |
Leases [Abstract] | |
Operating lease cost | $ 1,174 |
Variable lease cost | 459 |
Total operating lease cost | 1,633 |
Finance lease cost: | |
Amortization of right-of-use assets | 42 |
Interest on finance lease liabilities | 15 |
Total finance lease cost | $ 57 |
Leases - Supplemental Cash Flow Information (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2021
USD ($)
| |
Cash paid for amounts included in the measurement of lease liabilities: | |
Cash paid for operating leases included in operating activities | $ (1,219) |
Cash paid for finance leases included in financing activities | (82) |
Right of use assets obtained in exchange for lease obligations: | |
Operating leases | 2,876 |
Finance leases | $ 0 |
Leases - Supplemental Balance Sheet Information, Weighted Average Remaining Terms, and Weighted Average Discount Rates (Details) $ in Thousands |
Mar. 31, 2021
USD ($)
|
---|---|
Operating leases: | |
Operating lease right-of-use assets | $ 12,835 |
Operating lease liabilities, current | 4,312 |
Operating lease liabilities, non-current | 9,662 |
Total operating lease liabilities | 13,974 |
Finance leases: | |
Property and equipment, gross | 926 |
Less: accumulated depreciation | (261) |
Property and equipment, net | 665 |
Finance lease (capital lease prior to adoption of ASC 842) liabilities, current | 281 |
Finance lease (capital lease prior to adoption of ASC 842) liabilities, non-current | 263 |
Total finance lease liabilities | $ 544 |
Weighted average remaining lease term | |
Operating leases | 3 years 7 months 2 days |
Finance leases | 2 years 3 months 25 days |
Weighted average discount rate | |
Operating leases | 2.79% |
Finance leases | 10.11% |
Leases - Maturities of Lease Liabilities (Details) $ in Thousands |
Mar. 31, 2021
USD ($)
|
---|---|
Operating Leases | |
2021 (remaining nine months) | $ 3,297 |
2022 | 4,998 |
2023 | 4,095 |
2024 | 1,699 |
2025 | 1,187 |
2026 | 602 |
Total lease payments | 15,878 |
Less: imputed interest | (1,904) |
Total leases liabilities | 13,974 |
Finance Leases | |
2021 (remaining nine months) | 245 |
2022 | 240 |
2023 | 71 |
2024 | 28 |
2025 | 26 |
2026 | 0 |
Total lease payments | 610 |
Less: imputed interest | (66) |
Total leases liabilities | $ 544 |
Leases - Future Minimum Lease Payments Under All Noncancelable Capital and Operating Leases Under ASC 840 (Details) $ in Thousands |
Dec. 31, 2020
USD ($)
|
---|---|
Capital Leases | |
2021 | $ 331 |
2022 | 240 |
2023 | 70 |
2024 | 28 |
2025 | 25 |
Thereafter | 0 |
Total minimum lease payments | 694 |
Less: amount representing interest | 80 |
Capital lease obligations | 614 |
Operating Leases | |
2021 | 5,834 |
2022 | 6,172 |
2023 | 4,544 |
2024 | 746 |
2025 | 0 |
Thereafter | 0 |
Total minimum lease payments | $ 17,296 |
Commitment and Contingencies - Narrative (Details) $ in Millions |
Mar. 31, 2021
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Purchase obligations | $ 10.7 |
Segment and Customer Concentration Information - Narrative (Details) |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Revenue from contract with customer benchmark | Customer Concentration Risk | Largest Customer | ||
Concentration Risk [Line Items] | ||
Percentage of revenue (as percent) | 45.00% | 66.00% |
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