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.) |
Title of Each Class | Trading symbol | Name of Exchange on which registered | ||||||||||||
Large accelerated filer | o | Accelerated filer | o | ||||||||||||||
x | Smaller reporting company | Emerging growth company |
June 30, 2023 | December 31, 2022 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
Accounts receivable, net * | |||||||||||
Inventory | |||||||||||
Current portion of contract assets | |||||||||||
Current portion of commission asset | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total current assets | |||||||||||
Restricted cash, noncurrent | |||||||||||
Contract assets, noncurrent | |||||||||||
Commission asset, noncurrent | |||||||||||
Property and equipment, net | |||||||||||
Operating lease right-of-use assets | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued expenses and other current liabilities | |||||||||||
Current portion of deferred revenue | |||||||||||
Current portion of long-term debt | |||||||||||
Current portion of operating lease liabilities | |||||||||||
Total current liabilities | |||||||||||
Deferred revenue, noncurrent | |||||||||||
Long-term debt, noncurrent | |||||||||||
Operating lease liabilities, noncurrent | |||||||||||
Contingent earn-out liability | |||||||||||
Contingently issuable common stock liability | |||||||||||
Public warrant liability | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (Note 13) | |||||||||||
Stockholders’ equity: | |||||||||||
Preferred stock, $ | |||||||||||
Common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Accumulated deficit | ( | ( | |||||||||
Stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Product revenue | $ | $ | $ | $ | |||||||||||||||||||
Subscription revenue | |||||||||||||||||||||||
Service revenue | |||||||||||||||||||||||
Total revenue * | |||||||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||
Cost of product revenue | |||||||||||||||||||||||
Cost of subscription revenue | |||||||||||||||||||||||
Cost of service revenue | |||||||||||||||||||||||
Total cost of revenue | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development | |||||||||||||||||||||||
Sales and marketing | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Loss from impairment of property and equipment | |||||||||||||||||||||||
Total operating expenses | |||||||||||||||||||||||
Loss from operations | ( | ( | ( | ( | |||||||||||||||||||
Other income (expense), net: | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ||||||||||||||||||||
Interest income | |||||||||||||||||||||||
Other expense, net | ( | ( | |||||||||||||||||||||
Loss on extinguishment of debt | ( | ||||||||||||||||||||||
Change in fair value of contingent earn-out liability | ( | ( | ( | ||||||||||||||||||||
Change in fair value of contingently issuable common stock liability | ( | ( | ( | ||||||||||||||||||||
Change in fair value of public warrant liability | ( | ( | ( | ||||||||||||||||||||
Total other income (expense), net | ( | ( | ( | ||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Weighted average common shares outstanding – basic and diluted | |||||||||||||||||||||||
Net loss per share - basic and diluted | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Other comprehensive loss | |||||||||||||||||||||||
Cumulative translation adjustment | ( | ( | ( | ( | |||||||||||||||||||
Total other comprehensive loss | ( | ( | ( | ( | |||||||||||||||||||
Total comprehensive loss | $ | ( | $ | ( | $ | ( | $ | ( |
Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||
Balances at December 31, 2022 | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||
Issuance of common stock upon net exercise of stock options | — | — | — | ||||||||||||||||||||||||||||||||
Issuance of common stock upon vesting of restricted stock units | — | — | — | — | — | ||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of warrants | — | — | — | ||||||||||||||||||||||||||||||||
Stock-based compensation cost | — | — | — | — | |||||||||||||||||||||||||||||||
Cumulative translation adjustment | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Balances at March 31, 2023 | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||
Issuance of common stock upon net exercise of stock options | — | — | — | ||||||||||||||||||||||||||||||||
Issuance of common stock upon vesting of restricted stock units | — | — | — | — | — | ||||||||||||||||||||||||||||||
Issuance of common stock upon exercise of warrants | — | — | — | ||||||||||||||||||||||||||||||||
Stock-based compensation cost | — | — | — | — | |||||||||||||||||||||||||||||||
Cumulative translation adjustment | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Balances at Balances at June 30, 2023 | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||
Balances at December 31, 2021 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Issuance of common stock upon exercise of stock options | — | — | — | ||||||||||||||||||||||||||||||||
Issuance of common stock upon vesting of restricted stock units | — | — | — | — | — | ||||||||||||||||||||||||||||||
Stock-based compensation cost | — | — | — | — | |||||||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Balances at March 31, 2022 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Issuance of common stock upon net exercise of stock options | — | — | — | ||||||||||||||||||||||||||||||||
Issuance of common stock upon vesting of restricted stock units | — | — | — | — | — | ||||||||||||||||||||||||||||||
Stock-based compensation cost | — | — | — | — | |||||||||||||||||||||||||||||||
Cumulative translation adjustment | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Balances at June 30, 2022 | $ | $ | $ | ( | $ | ( | $ |
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Write-off of inventory and change in inventory reserve | |||||||||||
Adjustment to property and equipment for sales type leases | ( | ||||||||||
Loss from impairment of property and equipment | |||||||||||
Stock-based compensation | |||||||||||
Non-cash interest expense | |||||||||||
Non-cash lease expense | |||||||||||
Change in allowance for expected credit losses | |||||||||||
Loss on extinguishment of debt | |||||||||||
Change in fair value of earn-out liability | ( | ||||||||||
Change in fair value of contingently issuable common stock | ( | ||||||||||
Change in fair value of public warrant liability | ( | ||||||||||
Changes in operating assets and liabilities | |||||||||||
Accounts receivable | ( | ( | |||||||||
Inventory | ( | ||||||||||
Commission assets | ( | ( | |||||||||
Contract assets | ( | ( | |||||||||
Other assets | ( | ( | |||||||||
Prepaid expenses and other current assets | ( | ||||||||||
Accounts payable | ( | ||||||||||
Deferred revenue | |||||||||||
Accrued expenses and other current liabilities | ( | ( | |||||||||
Operating lease liability | ( | ( | |||||||||
Net cash used in operating activities | ( | ( | |||||||||
Cash flows from investing activities: | |||||||||||
Development of internal-use software | ( | ( | |||||||||
Purchases of property and equipment | ( | ( | |||||||||
Proceeds from sale of property and equipment | |||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from exercise of stock options and warrants | |||||||||||
Proceeds from long-term debt | |||||||||||
Repayment of principal on long-term debt | ( | ||||||||||
Payment of debt issuance costs and prepayment penalty | ( | ||||||||||
Net cash provided by (used in) financing activities | ( | ||||||||||
Effect of exchange rate changes on cash and cash equivalents | ( | ( | |||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | ( | ( | |||||||||
Cash, cash equivalents and restricted cash | |||||||||||
Cash, cash equivalents and restricted cash at beginning of period | |||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | $ | |||||||||
Supplemental disclosure of cash flow information | |||||||||||
Cash paid for interest | $ | $ | |||||||||
Supplemental disclosure of non-cash activities | |||||||||||
Transfer of property and equipment to inventory | $ | $ | |||||||||
Capital expenditures incurred but not yet paid | |||||||||||
Capitalization of stock compensation | |||||||||||
Reconciliation of cash, cash equivalents and restricted cash: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
Restricted cash, noncurrent | |||||||||||
Total cash, cash equivalents and restricted cash shown in the statements of cash flows | $ | $ |
Fair Value Measurements at June 30, 2023 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Money market funds | $ | $ | — | $ | — | $ | |||||||||||||||||
$ | $ | — | $ | — | $ | ||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Contingent earn-out liability | $ | $ | $ | $ | |||||||||||||||||||
Contingently issuable common stock liability | |||||||||||||||||||||||
Public Warrant liability | |||||||||||||||||||||||
$ | $ | $ | $ |
Fair Value Measurements as of December 31, 2022 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Money market funds | $ | $ | — | $ | — | $ | |||||||||||||||||
$ | $ | — | $ | — | $ | ||||||||||||||||||
Liabilities: | |||||||||||||||||||||||
Contingent earn-out liability | $ | $ | $ | $ | |||||||||||||||||||
Contingently issuable common stock liability | |||||||||||||||||||||||
Public Warrant liability | |||||||||||||||||||||||
$ | $ | $ | $ |
Balance at December 31, 2022 | $ | ||||
Change in fair value | |||||
Balance at June 30, 2023 | $ |
Balance at December 31, 2022 | $ | ||||
Change in fair value | |||||
Balance at June 30, 2023 | $ |
Balance at December 31, 2022 | $ | ||||
Change in fair value | |||||
Balance at June 30, 2023 | $ |
Less than 1 year | Greater than 1 year | Total | |||||||||||||||
Product revenue | $ | $ | $ | ||||||||||||||
Subscription revenue | |||||||||||||||||
Service revenue | |||||||||||||||||
Total revenue | $ | $ | $ |
Year Ending December 31: | |||||
2023 (six months remaining) | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter | |||||
$ |
Balance at December 31, 2022 | $ | ||||
Revenue recognized in relation to the beginning of the year contract liability balance | ( | ||||
Revenue deferred | |||||
Balance at June 30, 2023 | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenue from sales-type leases | $ | $ | $ | $ | |||||||||||||||||||
Interest income on lease receivables | |||||||||||||||||||||||
Lease income - operating leases | |||||||||||||||||||||||
Total lease revenue | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Product revenue | $ | $ | $ | $ | |||||||||||||||||||
Leased equipment | |||||||||||||||||||||||
SaaS, maintenance, and other revenue | |||||||||||||||||||||||
Professional services | |||||||||||||||||||||||
Total revenue | $ | $ | $ | $ |
Allowance for Doubtful Accounts | |||||
Balance at December 31, 2022 | $ | ( | |||
Provisions | ( | ||||
Write-offs, net of recoveries | |||||
Balance at June 30, 2023 | $ | ( |
June 30, 2023 | December 31, 2022 | ||||||||||
Raw materials | $ | $ | |||||||||
Finished goods | |||||||||||
Total | $ | $ |
June 30, 2023 | December 31, 2022 | ||||||||||
Computers and telecom equipment | $ | $ | |||||||||
Lab equipment | |||||||||||
Furniture and fixtures | |||||||||||
Leasehold improvements | |||||||||||
Leased equipment | |||||||||||
Capitalized software | |||||||||||
Sales demo equipment | |||||||||||
Equipment held for lease1 | |||||||||||
Construction in progress | |||||||||||
Less: Accumulated depreciation and amortization | ( | ( | |||||||||
$ | $ |
June 30, 2023 | December 31, 2022 | ||||||||||
Leased equipment | $ | $ | |||||||||
Accumulated depreciation | ( | ( | |||||||||
Leased equipment, net | $ | $ |
June 30, 2023 | December 31, 2022 | ||||||||||
Term loans payable | $ | $ | |||||||||
Less: Unamortized discount | ( | ||||||||||
Less: Current portion of long-term debt | |||||||||||
Long-term debt, net of discount | $ | $ |
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Risk-free interest rate | % | % | |||||||||
Expected term (in years) | |||||||||||
Expected volatility | % | % | |||||||||
Expected dividend yield | % | % |
Number of Shares | Weighted Average Exercise Price | ||||||||||
Outstanding as of December 31, 2022 | $ | ||||||||||
Granted | |||||||||||
Exercised | ( | ||||||||||
Forfeited | ( | ||||||||||
Outstanding as of June 30, 2023 |
Number of Shares | Grant Date Fair Value | ||||||||||
Outstanding as of December 31, 2022 | $ | ||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Forfeited | ( | ||||||||||
Outstanding as of June 30, 2023 | $ |
Number of Shares | Grant Date Fair Value | ||||||||||
Outstanding as of December 31, 2022 | $ | ||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Forfeited | ( | ||||||||||
Outstanding as of June 30, 2023 | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Cost of revenue | $ | $ | $ | $ | |||||||||||||||||||
Research and development | |||||||||||||||||||||||
Sales and marketing | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Total stock-based compensation expense | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income (loss) attributable to common stockholders – basic and diluted | $ | ( | $ | ( | $ | — | $ | ( | $ | ( | |||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted average common shares outstanding - basic and diluted | |||||||||||||||||||||||
Net loss per share attributable to common stockholders – basic and diluted | $ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Options issued and outstanding | |||||||||||||||||||||||
Public Warrants to purchase common stock | |||||||||||||||||||||||
Warrants to purchase common stock (Finback)** | |||||||||||||||||||||||
Unvested restricted stock units | |||||||||||||||||||||||
Unvested performance stock units | |||||||||||||||||||||||
Earn-out shares* | |||||||||||||||||||||||
Contingently issuable common stock* | |||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||
2023 | 2022 | $ Change | % Change | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Product revenue | $ | 7,243 | $ | 4,146 | $ | 3,097 | 75 | % | |||||||||||||||
Subscription revenue | 7,964 | 4,006 | 3,958 | 99 | |||||||||||||||||||
Service revenue | 4,618 | 918 | 3,700 | 403 | |||||||||||||||||||
Total revenue | 19,825 | 9,070 | 10,755 | 119 | |||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||
Cost of product revenue | 7,722 | 5,347 | 2,375 | 44 | |||||||||||||||||||
Cost of subscription revenue | 3,406 | 1,981 | 1,425 | 72 | |||||||||||||||||||
Cost of service revenue | 1,284 | 1,189 | 95 | 8 | |||||||||||||||||||
Total cost of revenue | 12,412 | 8,517 | 3,895 | 46 | |||||||||||||||||||
Gross profit | 7,413 | 553 | 6,860 | 1,241 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development | 6,395 | 4,156 | 2,239 | 54 | |||||||||||||||||||
Sales and marketing | 13,613 | 11,751 | 1,862 | 16 | |||||||||||||||||||
General and administrative | 10,874 | 9,612 | 1,262 | 13 | |||||||||||||||||||
Loss from impairment of property and equipment | 157 | 316 | (159) | (50) | |||||||||||||||||||
Total operating expenses | 31,039 | 25,835 | 5,204 | 20 | |||||||||||||||||||
Loss from operations | (23,626) | (25,282) | 1,656 | 7 | |||||||||||||||||||
Other income (expense), net: | |||||||||||||||||||||||
Interest expense | — | (159) | 159 | 100 | |||||||||||||||||||
Interest income | 1,853 | 491 | 1,362 | 277 | |||||||||||||||||||
Other expense, net | (22) | — | (22) | * | |||||||||||||||||||
Loss on extinguishment of debt | — | — | — | * | |||||||||||||||||||
Change in fair value of contingent earn-out liability | (28,113) | (569) | (27,544) | (4,841) | |||||||||||||||||||
Change in fair value of contingently issuable common stock liability | (5,095) | (24) | (5,071) | (21,129) | |||||||||||||||||||
Change in fair value of public warrant liability | (11,751) | (143) | (11,608) | (8,117) | |||||||||||||||||||
Total other income (expense), net | (43,128) | (404) | (42,724) | (10,575) | |||||||||||||||||||
Net loss attributable to common stockholders – basic and diluted | $ | (66,754) | $ | (25,686) | $ | (41,068) | (160) | % |
Three Months Ended June 30, | |||||||||||||||||||||||
2023 | 2022 | $ Change | % Change | ||||||||||||||||||||
Product revenue | $ | 7,243 | $ | 4,146 | $ | 3,097 | 75 | % | |||||||||||||||
Cost of product revenue | $ | 7,722 | $ | 5,347 | $ | 2,375 | 44 | % | |||||||||||||||
Gross profit - Product revenue | $ | (479) | $ | (1,201) | $ | 722 | 60 | % | |||||||||||||||
Gross profit margin - Product revenue | (7) | % | (29) | % | N/A | 22 | % |
Three Months Ended June 30, | |||||||||||||||||||||||
2023 | 2022 | $ Change | % Change | ||||||||||||||||||||
Subscription revenue | $ | 7,964 | $ | 4,006 | $ | 3,958 | 99 | % | |||||||||||||||
Cost of subscription revenue | $ | 3,406 | $ | 1,981 | $ | 1,425 | 72 | % | |||||||||||||||
Gross profit - Subscription revenue | $ | 4,558 | $ | 2,025 | $ | 2,533 | 125 | % | |||||||||||||||
Gross profit margin - Subscription revenue | 57 | % | 51 | % | N/A | 7 | % |
Three Months Ended June 30, | |||||||||||||||||||||||
2023 | 2022 | $ Change | % Change | ||||||||||||||||||||
Service revenue | $ | 4,618 | $ | 918 | $ | 3,700 | 403 | % | |||||||||||||||
Cost of service revenue | $ | 1,284 | $ | 1,189 | $ | 95 | 8 | % | |||||||||||||||
Gross profit - Service revenue | $ | 3,334 | $ | (271) | $ | 3,605 | 1,330 | % | |||||||||||||||
Gross profit margin - Service revenue | 72 | % | (30) | % | N/A | 102 | % |
Three Months Ended June 30, | |||||||||||||||||||||||
2023 | 2022 | $ Change | % Change | ||||||||||||||||||||
Personnel related (including stock-based compensation) | $ | 4,313 | $ | 3,596 | $ | 717 | 20 | % | |||||||||||||||
Materials and prototypes | 839 | (109) | 948 | 870 | % | ||||||||||||||||||
Professional fees | 926 | 423 | 503 | 119 | % | ||||||||||||||||||
Other | 317 | 246 | 71 | 29 | % | ||||||||||||||||||
$ | 6,395 | $ | 4,156 | $ | 2,239 | 54 | % |
Three Months Ended June 30, | |||||||||||||||||||||||
2023 | 2022 | $ Change | % Change | ||||||||||||||||||||
Personnel related (including stock-based compensation) | $ | 10,258 | $ | 7,583 | $ | 2,675 | 35 | % | |||||||||||||||
Advertising and direct marketing | 612 | 1,045 | (433) | (41) | % | ||||||||||||||||||
Travel and entertainment | 1,252 | 852 | 400 | 47 | % | ||||||||||||||||||
Professional fees | 569 | 280 | 289 | 103 | % | ||||||||||||||||||
Other | 922 | 1,991 | (1,069) | (54) | % | ||||||||||||||||||
$ | 13,613 | $ | 11,751 | $ | 1,862 | 16 | % |
Three Months Ended June 30, | |||||||||||||||||||||||
2023 | 2022 | $ Change | % Change | ||||||||||||||||||||
Personnel related (including stock-based compensation) | $ | 6,113 | $ | 4,019 | $ | 2,094 | 52 | % | |||||||||||||||
Professional fees | 1,504 | 2,042 | (538) | (26) | % | ||||||||||||||||||
Director and officer insurance | 1,093 | 1,380 | (287) | (21) | % | ||||||||||||||||||
Other | 2,164 | 2,171 | (7) | — | % | ||||||||||||||||||
$ | 10,874 | $ | 9,612 | $ | 1,262 | 13 | % |
Six Months Ended June 30, | |||||||||||||||||||||||
2023 | 2022 | $ Change | % Change | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Product revenue | $ | 15,997 | $ | 9,340 | $ | 6,657 | 71 | % | |||||||||||||||
Subscription revenue | 14,430 | 7,010 | 7,420 | 106 | |||||||||||||||||||
Service revenue | 7,979 | 1,430 | 6,549 | 458 | |||||||||||||||||||
Total revenue | 38,406 | 17,780 | 20,626 | 116 | |||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||
Cost of product revenue | 18,300 | 10,553 | 7,747 | 73 | |||||||||||||||||||
Cost of subscription revenue | 5,757 | 3,523 | 2,234 | 63 | |||||||||||||||||||
Cost of service revenue | 2,171 | 2,254 | (83) | (4) | |||||||||||||||||||
Total cost of revenue | 26,228 | 16,330 | 9,898 | 61 | |||||||||||||||||||
Gross profit | 12,178 | 1,450 | 10,728 | 740 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development | 11,784 | 8,331 | 3,453 | 41 | |||||||||||||||||||
Sales and marketing | 26,417 | 21,423 | 4,994 | 23 | |||||||||||||||||||
General and administrative | 19,800 | 20,429 | (629) | (3) | |||||||||||||||||||
Loss from impairment of property and equipment | 294 | 412 | (118) | (29) | |||||||||||||||||||
Total operating expenses | 58,295 | 50,595 | 7,700 | 15 | |||||||||||||||||||
Loss from operations | (46,117) | (49,145) | 3,028 | 6 | |||||||||||||||||||
Other income (expense), net: | |||||||||||||||||||||||
Interest expense | (654) | (301) | (353) | (117) | |||||||||||||||||||
Interest income | 2,806 | 559 | 2,247 | 402 | |||||||||||||||||||
Other expense, net | (3) | — | (3) | * | |||||||||||||||||||
Loss on extinguishment of debt | (626) | — | (626) | * | |||||||||||||||||||
Change in fair value of contingent earn-out liability | (31,431) | 2,509 | (33,940) | (1,353) | |||||||||||||||||||
Change in fair value of contingently issuable common stock liability | (5,837) | 1,448 | (7,285) | (503) | |||||||||||||||||||
Change in fair value of public warrant liability | (13,501) | 5,443 | (18,944) | (348) | |||||||||||||||||||
Total other income (expense), net | (49,246) | 9,658 | (58,904) | (610) | |||||||||||||||||||
Net loss | $ | (95,363) | $ | (39,487) | $ | (55,876) | (142) | % |
Six Months Ended June 30, | |||||||||||||||||||||||
2023 | 2022 | $ Change | % Change | ||||||||||||||||||||
Product revenue | $ | 15,997 | $ | 9,340 | $ | 6,657 | 71 | % | |||||||||||||||
Cost of product revenue | $ | 18,300 | $ | 10,553 | $ | 7,747 | 73 | % | |||||||||||||||
Gross profit - Product revenue | $ | (2,303) | $ | (1,213) | $ | (1,090) | (90) | % | |||||||||||||||
Gross profit margin - Product revenue | (14) | % | (13) | % | N/A | (1) | % |
Six Months Ended June 30, | |||||||||||||||||||||||
2023 | 2022 | $ Change | % Change | ||||||||||||||||||||
Subscription revenue | $ | 14,430 | $ | 7,010 | $ | 7,420 | 106 | % | |||||||||||||||
Cost of subscription revenue | $ | 5,757 | $ | 3,523 | $ | 2,234 | 63 | % | |||||||||||||||
Gross profit - Subscription revenue | $ | 8,673 | $ | 3,487 | $ | 5,186 | 149 | % | |||||||||||||||
Gross profit margin - Subscription revenue | 60 | % | 50 | % | N/A | 10 | % |
Six Months Ended June 30, | |||||||||||||||||||||||
2023 | 2022 | $ Change | % Change | ||||||||||||||||||||
Service revenue | $ | 7,979 | $ | 1,430 | $ | 6,549 | 458 | % | |||||||||||||||
Cost of service revenue | $ | 2,171 | $ | 2,254 | $ | (83) | (4) | % | |||||||||||||||
Gross profit - Service revenue | $ | 5,808 | $ | (824) | $ | 6,632 | 805 | % | |||||||||||||||
Gross profit margin - Service revenue | 73 | % | (58) | % | N/A | 130 | % |
Six Months Ended June 30, | |||||||||||||||||||||||
2023 | 2022 | $ Change | % Change | ||||||||||||||||||||
Personnel related (including stock-based compensation) | $ | 8,160 | $ | 6,962 | $ | 1,198 | 17 | % | |||||||||||||||
Materials and prototypes | 1,197 | 236 | 961 | 407 | % | ||||||||||||||||||
Professional fees | 1,925 | 732 | 1,193 | 163 | % | ||||||||||||||||||
Other | 502 | 401 | 101 | 25 | % | ||||||||||||||||||
$ | 11,784 | $ | 8,331 | $ | 3,453 | 41 | % |
Six Months Ended June 30, | |||||||||||||||||||||||
2023 | 2022 | $ Change | % Change | ||||||||||||||||||||
Personnel related (including stock-based compensation) | $ | 19,707 | $ | 13,613 | $ | 6,094 | 45 | % | |||||||||||||||
Advertising and direct marketing | 1,827 | 2,889 | (1,062) | (37) | % | ||||||||||||||||||
Travel and entertainment | 2,142 | 1,538 | 604 | 39 | % | ||||||||||||||||||
Professional fees | 1,094 | 552 | 542 | 98 | % | ||||||||||||||||||
Other | 1,647 | 2,831 | (1,184) | (42) | % | ||||||||||||||||||
$ | 26,417 | $ | 21,423 | $ | 4,994 | 23 | % |
Six Months Ended June 30, | |||||||||||||||||||||||
2023 | 2022 | $ Change | % Change | ||||||||||||||||||||
Personnel related (including stock-based compensation) | $ | 11,173 | $ | 7,965 | $ | 3,208 | 40 | % | |||||||||||||||
Professional fees | 2,909 | 5,339 | (2,430) | (46) | % | ||||||||||||||||||
Insurance costs | 2,066 | 2,630 | (564) | (21) | % | ||||||||||||||||||
Other | 3,652 | 4,495 | (843) | (19) | % | ||||||||||||||||||
$ | 19,800 | $ | 20,429 | $ | (629) | (3) | % |
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Net cash used in operating activities | $ | (8,513) | $ | (52,495) | |||||||
Net cash used in investing activities | (34,712) | (12,680) | |||||||||
Net cash provided by (used in) financing activities | (29,988) | 384 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (33) | (10) | |||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | $ | (73,246) | $ | (64,801) |
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Net loss | $ | (95,363) | $ | (39,487) | |||||||
Non-cash (income) expense | 68,472 | 2,632 | |||||||||
Changes in operating assets and liabilities | 18,378 | (15,640) | |||||||||
Net cash used in operating activities | $ | (8,513) | $ | (52,495) |
Incorporated by Reference | ||||||||||||||||||||||||||||||||||||||
Exhibit No. | Description | Form | File No. | Exhibit | Filing Date | Filed/Furnished Herewith | ||||||||||||||||||||||||||||||||
3.1 | 10-Q | 001-39417 | 3.1 | November 15, 2021 | ||||||||||||||||||||||||||||||||||
3.2 | 8-K | 001-39417 | 3.2 | July 22, 2021 | ||||||||||||||||||||||||||||||||||
31.1 | * | |||||||||||||||||||||||||||||||||||||
31.2 | * | |||||||||||||||||||||||||||||||||||||
32.1 | ** | |||||||||||||||||||||||||||||||||||||
32.2 | ** | |||||||||||||||||||||||||||||||||||||
101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | * | ||||||||||||||||||||||||||||||||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | * | ||||||||||||||||||||||||||||||||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | * | ||||||||||||||||||||||||||||||||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | * | ||||||||||||||||||||||||||||||||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | * | ||||||||||||||||||||||||||||||||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | * | ||||||||||||||||||||||||||||||||||||
104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) | * |
EVOLV TECHNOLOGIES HOLDINGS, INC. | ||||||||
By: | /s/ Mark Donohue | |||||||
Name: | Mark Donohue | |||||||
Title: | Chief Financial Officer | |||||||
(Principal Financial Officer and Principal Accounting Officer) |
By: | /s/ Peter George | |||||||
Name: | Peter George | |||||||
Title: | Chief Executive Officer (principal executive officer) |
By: | /s/ Mark Donohue | |||||||
Name: | Mark Donohue | |||||||
Title: | Chief Financial Officer (principal financial officer) |
By: | /s/ Peter George | |||||||
Name: | Peter George | |||||||
Title: | Chief Executive Officer (principal executive officer) |
By: | /s/ Mark Donohue | |||||||
Name: | Mark Donohue | |||||||
Title: | Chief Financial Officer | |||||||
(principal financial officer) |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
||
---|---|---|---|---|
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | ||
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | ||
Preferred stock, shares issued (in shares) | 0 | 0 | ||
Preferred stock, shares outstanding (in shares) | 0 | 0 | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | ||
Common stock, shares authorized (in shares) | 1,100,000,000 | 1,100,000,000 | ||
Common stock, shares issued (in shares) | 149,790,742 | 145,204,974 | ||
Common stock, shares outstanding (in shares) | 149,790,742 | 145,204,974 | ||
Accounts receivable, net | [1] | $ 32,393 | $ 31,920 | |
Related Party | ||||
Accounts receivable, net | $ 3,800 | $ 14,600 | ||
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|||
Revenue: | ||||||
Total revenue | [1] | $ 19,825 | $ 9,070 | $ 38,406 | $ 17,780 | |
Cost of revenue: | ||||||
Total cost of revenue | 12,412 | 8,517 | 26,228 | 16,330 | ||
Gross profit | 7,413 | 553 | 12,178 | 1,450 | ||
Operating expenses: | ||||||
Research and development | 6,395 | 4,156 | 11,784 | 8,331 | ||
Sales and marketing | 13,613 | 11,751 | 26,417 | 21,423 | ||
General and administrative | 10,874 | 9,612 | 19,800 | 20,429 | ||
Loss from impairment of property and equipment | 157 | 316 | 294 | 412 | ||
Total operating expenses | 31,039 | 25,835 | 58,295 | 50,595 | ||
Loss from operations | (23,626) | (25,282) | (46,117) | (49,145) | ||
Other income (expense), net: | ||||||
Interest expense | 0 | (159) | (654) | (301) | ||
Interest income | 1,853 | 491 | 2,806 | 559 | ||
Other expense, net | (22) | 0 | (3) | 0 | ||
Loss on extinguishment of debt | 0 | 0 | (626) | 0 | ||
Change in fair value of contingent earn-out liability | (28,113) | (569) | (31,431) | 2,509 | ||
Change in fair value of contingently issuable common stock liability | (5,095) | (24) | (5,837) | 1,448 | ||
Change in fair value of public warrant liability | (11,751) | (143) | (13,501) | 5,443 | ||
Total other income (expense), net | (43,128) | (404) | (49,246) | 9,658 | ||
Net loss | $ (66,754) | $ (25,686) | $ (95,363) | $ (39,487) | ||
Weighted average common shares outstanding - basic (in shares) | 148,882,160 | 143,552,032 | 147,664,534 | 143,220,268 | ||
Weighted average common shares outstanding - diluted (in shares) | 148,882,160 | 143,552,032 | 147,664,534 | 143,220,268 | ||
Net loss per share - basic (in dollars per share) | $ (0.45) | $ (0.18) | $ (0.65) | $ (0.28) | ||
Net loss per share - diluted (in dollars per share) | $ (0.45) | $ (0.18) | $ (0.65) | $ (0.28) | ||
Net loss | $ (66,754) | $ (25,686) | $ (95,363) | $ (39,487) | ||
Other comprehensive loss | ||||||
Cumulative translation adjustment | (17) | (10) | (33) | (10) | ||
Total other comprehensive loss | (17) | (10) | (33) | (10) | ||
Total comprehensive loss | (66,771) | (25,696) | (95,396) | (39,497) | ||
Product revenue | ||||||
Revenue: | ||||||
Total revenue | 7,243 | 4,146 | 15,997 | 9,340 | ||
Cost of revenue: | ||||||
Total cost of revenue | 7,722 | 5,347 | 18,300 | 10,553 | ||
Subscription revenue | ||||||
Revenue: | ||||||
Total revenue | 7,964 | 4,006 | 14,430 | 7,010 | ||
Cost of revenue: | ||||||
Total cost of revenue | 3,406 | 1,981 | 5,757 | 3,523 | ||
Service revenue | ||||||
Revenue: | ||||||
Total revenue | 4,618 | 918 | 7,979 | 1,430 | ||
Cost of revenue: | ||||||
Total cost of revenue | $ 1,284 | $ 1,189 | $ 2,171 | $ 2,254 | ||
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|||
Total revenue | [1] | $ 19,825 | $ 9,070 | $ 38,406 | $ 17,780 | |
Related Party | ||||||
Total revenue | $ 3,400 | $ 2,200 | $ 7,000 | $ 3,100 | ||
|
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands |
Total |
Common Stock |
Additional Paid-in Capital |
Accumulated Other Comprehensive Income (Loss) |
Accumulated Deficit |
---|---|---|---|---|---|
Balance at the beginning (in shares) at Dec. 31, 2021 | 142,745,021 | ||||
Balance at the beginning at Dec. 31, 2021 | $ 290,274 | $ 14 | $ 396,064 | $ 0 | $ (105,804) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock upon exercise of stock options (in shares) | 496,971 | ||||
Issuance of common stock upon net exercise of stock options | 226 | 226 | |||
Issuance of common stock upon vesting of restricted stock units (in shares) | 80,044 | ||||
Stock-based compensation cost | 3,953 | 3,953 | |||
Net loss | (13,801) | (13,801) | |||
Balance at the end (in shares) at Mar. 31, 2022 | 143,322,036 | ||||
Balance at the end at Mar. 31, 2022 | 280,652 | $ 14 | 400,243 | 0 | (119,605) |
Balance at the beginning (in shares) at Dec. 31, 2021 | 142,745,021 | ||||
Balance at the beginning at Dec. 31, 2021 | 290,274 | $ 14 | 396,064 | 0 | (105,804) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Cumulative translation adjustment | (10) | ||||
Net loss | (39,487) | ||||
Balance at the end (in shares) at Jun. 30, 2022 | 143,829,995 | ||||
Balance at the end at Jun. 30, 2022 | 260,206 | $ 14 | 405,493 | (10) | (145,291) |
Balance at the beginning (in shares) at Mar. 31, 2022 | 143,322,036 | ||||
Balance at the beginning at Mar. 31, 2022 | 280,652 | $ 14 | 400,243 | 0 | (119,605) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock upon exercise of stock options (in shares) | 350,092 | ||||
Issuance of common stock upon net exercise of stock options | 157 | 157 | |||
Issuance of common stock upon vesting of restricted stock units (in shares) | 157,867 | ||||
Stock-based compensation cost | 5,093 | 5,093 | |||
Cumulative translation adjustment | (10) | (10) | |||
Net loss | (25,686) | (25,686) | |||
Balance at the end (in shares) at Jun. 30, 2022 | 143,829,995 | ||||
Balance at the end at Jun. 30, 2022 | 260,206 | $ 14 | 405,493 | (10) | (145,291) |
Balance at the beginning (in shares) at Dec. 31, 2022 | 145,204,974 | ||||
Balance at the beginning at Dec. 31, 2022 | 226,985 | $ 15 | 419,190 | (10) | (192,210) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock upon exercise of stock options (in shares) | 100,587 | ||||
Issuance of common stock upon net exercise of stock options | 33 | 33 | |||
Issuance of common stock upon vesting of restricted stock units (in shares) | 1,841,257 | ||||
Issuance of common stock upon exercise of warrants (in shares) | 830,216 | ||||
Issuance of common stock upon exercise of warrants | 348 | 348 | |||
Stock-based compensation cost | 5,101 | 5,101 | |||
Cumulative translation adjustment | (16) | (16) | |||
Net loss | (28,609) | (28,609) | |||
Balance at the end (in shares) at Mar. 31, 2023 | 147,977,034 | ||||
Balance at the end at Mar. 31, 2023 | 203,842 | $ 15 | 424,672 | (26) | (220,819) |
Balance at the beginning (in shares) at Dec. 31, 2022 | 145,204,974 | ||||
Balance at the beginning at Dec. 31, 2022 | $ 226,985 | $ 15 | 419,190 | (10) | (192,210) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock upon exercise of stock options (in shares) | 875,780 | ||||
Cumulative translation adjustment | $ (33) | ||||
Net loss | (95,363) | ||||
Balance at the end (in shares) at Jun. 30, 2023 | 149,790,742 | ||||
Balance at the end at Jun. 30, 2023 | 144,158 | $ 15 | 431,759 | (43) | (287,573) |
Balance at the beginning (in shares) at Mar. 31, 2023 | 147,977,034 | ||||
Balance at the beginning at Mar. 31, 2023 | 203,842 | $ 15 | 424,672 | (26) | (220,819) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock upon exercise of stock options (in shares) | 775,193 | ||||
Issuance of common stock upon net exercise of stock options | 310 | 310 | |||
Issuance of common stock upon vesting of restricted stock units (in shares) | 1,038,415 | ||||
Issuance of common stock upon exercise of warrants (in shares) | 100 | ||||
Issuance of common stock upon exercise of warrants | 1 | 1 | |||
Stock-based compensation cost | 6,776 | 6,776 | |||
Cumulative translation adjustment | (17) | (17) | |||
Net loss | (66,754) | (66,754) | |||
Balance at the end (in shares) at Jun. 30, 2023 | 149,790,742 | ||||
Balance at the end at Jun. 30, 2023 | $ 144,158 | $ 15 | $ 431,759 | $ (43) | $ (287,573) |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Cash flows from operating activities: | ||||
Net loss | $ (66,754) | $ (25,686) | $ (95,363) | $ (39,487) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation and amortization | 2,300 | 1,300 | 4,087 | 2,350 |
Write-off of inventory and change in inventory reserve | 337 | 425 | ||
Adjustment to property and equipment for sales type leases | 0 | (625) | ||
Loss from impairment of property and equipment | 157 | 316 | 294 | 412 |
Stock-based compensation | 11,732 | 8,988 | ||
Non-cash interest expense | 22 | 10 | ||
Non-cash lease expense | 432 | 392 | ||
Change in allowance for expected credit losses | 173 | 80 | ||
Loss on extinguishment of debt | 0 | 0 | 626 | 0 |
Change in fair value of contingent earn-out liability | 28,113 | 569 | 31,431 | (2,509) |
Change in fair value of contingently issuable common stock liability | 5,095 | 24 | 5,837 | (1,448) |
Change in fair value of public warrant liability | 11,751 | 143 | 13,501 | (5,443) |
Changes in operating assets and liabilities | ||||
Accounts receivable | (646) | (5,786) | ||
Inventory | 5,080 | (3,545) | ||
Commission assets | (1,258) | (339) | ||
Contract assets | (1,184) | (1,352) | ||
Other assets | (43) | (756) | ||
Prepaid expenses and other current assets | 580 | (9,707) | ||
Accounts payable | (7,409) | 2,147 | ||
Deferred revenue | 24,113 | 6,031 | ||
Accrued expenses and other current liabilities | (342) | (1,876) | ||
Operating lease liability | (513) | (457) | ||
Net cash used in operating activities | (8,513) | (52,495) | ||
Cash flows from investing activities: | ||||
Development of internal-use software | (1,599) | (1,301) | ||
Purchases of property and equipment | (33,173) | (11,379) | ||
Proceeds from sale of property and equipment | 60 | 0 | ||
Net cash used in investing activities | (34,712) | (12,680) | ||
Cash flows from financing activities: | ||||
Proceeds from exercise of stock options and warrants | 344 | 384 | ||
Proceeds from long-term debt | 1,876 | 0 | ||
Repayment of principal on long-term debt | (31,876) | 0 | ||
Payment of debt issuance costs and prepayment penalty | (332) | 0 | ||
Net cash provided by (used in) financing activities | (29,988) | 384 | ||
Effect of exchange rate changes on cash and cash equivalents | (33) | (10) | ||
Net increase (decrease) in cash, cash equivalents and restricted cash | (73,246) | (64,801) | ||
Cash, cash equivalents and restricted cash | ||||
Cash, cash equivalents and restricted cash at beginning of period | 230,058 | 308,167 | ||
Cash, cash equivalents and restricted cash at end of period | 156,812 | 243,366 | 156,812 | 243,366 |
Supplemental disclosure of cash flow information | ||||
Cash paid for interest | 710 | 277 | ||
Supplemental disclosure of non-cash activities | ||||
Transfer of property and equipment to inventory | 191 | 0 | ||
Capital expenditures incurred but not yet paid | 13,572 | 4,256 | ||
Capitalization of stock compensation | 218 | 57 | ||
Reconciliation of cash, cash equivalents and restricted cash: | ||||
Cash and cash equivalents | 155,537 | 242,691 | 155,537 | 242,691 |
Restricted cash | 1,000 | 400 | 1,000 | 400 |
Restricted cash, noncurrent | 275 | 275 | 275 | 275 |
Total cash, cash equivalents and restricted cash shown in the statements of cash flows | $ 156,812 | $ 243,366 | $ 156,812 | $ 243,366 |
Nature of the Business and Basis of Presentation |
6 Months Ended |
---|---|
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of the Business and Basis of Presentation | Nature of the Business and Basis of Presentation Evolv Technologies Holdings, Inc. (the “Company”), a Delaware corporation, is a leader in AI-based weapons detection for security screening. The Company’s mission is to make the world a safer and more enjoyable place to live, work, learn, and play. The Company is democratizing security by making it seamless for gathering spaces to better address the chronic epidemic of escalating gun violence, mass shootings and terrorist attacks in a cost-effective manner while improving safety and the visitor experience. The Company is headquartered in Waltham, Massachusetts. As used in this Quarterly Report on Form 10-Q, unless otherwise indicated or the context otherwise requires, references to “we,” “us,” “our,” the “Company” and “Evolv” refer to the consolidated operations of Evolv Technologies Holdings, Inc. and its wholly-owned subsidiaries, which include Evolv Technologies, Inc., Evolv Technologies UK Ltd. and Give Evolv LLC. Basis of presentation The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). Unaudited Interim Financial Information The accompanying unaudited condensed consolidated financial statements as of June 30, 2023, and for the three and six months ended June 30, 2023 and 2022 have been prepared on the same basis as the audited annual consolidated financial statements as of December 31, 2022 and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of June 30, 2023 and the results of its operations for the three and six months ended June 30, 2023 and 2022 and cash flows for the six months ended June 30, 2023 and 2022. The results for the three and six months ended June 30, 2023 are not necessarily indicative of results to be expected for the year ending December 31, 2023, any other interim periods, or any future year or period. Merger On July 16, 2021, we consummated the business combination (the “Merger”), contemplated by the Agreement and Plan of Merger, dated March 5, 2021, with NHIC Sub Inc. (“Merger Sub”), a wholly-owned subsidiary of NewHold Investment Corp. (“NHIC”), a special purpose acquisition company, which is our legal predecessor, and Evolv Technologies, Inc. dba Evolv Technology, Inc. (“Legacy Evolv”), as amended by that certain First Amendment to Agreement and Plan of Merger dated June 5, 2021 by and among NHIC, Merger Sub and Legacy Evolv (the “Amendment” and as amended, the “Merger Agreement”). Pursuant to the Merger Agreement, Merger Sub was merged with and into Legacy Evolv, with Legacy Evolv surviving the Merger as a wholly-owned subsidiary of NHIC. Upon the closing of the Merger, NHIC changed its name to Evolv Technologies Holdings, Inc. Evolv Technologies Holdings, Inc. became the successor entity to NHIC pursuant to Rule 12g-3(a) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
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Summary of Significant Accounting Policies |
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Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Significant Accounting Policies The significant accounting policies and estimates used in preparation of the unaudited condensed consolidated financial statements are described in the Company’s audited consolidated financial statements as of and for the year ended December 31, 2022, and the notes thereto, which are included in our Annual Report on Form 10-K for the year ended December 31, 2022. There have been no material changes to the Company’s significant accounting policies during the six months ended June 30, 2023. Recently Adopted Accounting Pronouncements The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and has elected not to “opt out” to the extended transition related to complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company will adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and will do so until such time that the Company either (1) irrevocably elects to “opt out” of such extended transition period or (2) no longer qualifies as an emerging growth company. The Company may choose to early adopt any new or revised accounting standards whenever such early adoption is permitted for nonpublic companies. Based on our public float as of June 30, 2023, we expect to become a large accelerated filer and lose emerging growth company status as of December 31, 2023. As of December 31, 2023, we will be required to adopt new or revised accounting standards when they are applicable to public companies that are not emerging growth companies. Based on our public float as of June 30, 2023, we also expect to transition out of smaller reporting company status as of December 31, 2023 and will no longer be able to rely on the scaled disclosure requirements allowed for smaller reporting companies. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326) (“ASU 2016-13”). The new standard adjusts the accounting for assets held at amortized cost basis, including marketable securities accounted for as available for sale, and trade receivables. The standard eliminates the probable initial recognition threshold and requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For public entities except smaller reporting companies, the guidance is effective for annual reporting periods beginning after December 15, 2019 and for interim periods within those fiscal years. In November 2019, the FASB issued ASU No. 2019-10, which deferred the effective date for non-public entities and smaller reporting companies to annual reporting periods beginning after December 15, 2022, including interim periods within those fiscal years. Early application is allowed. The Company adopted this guidance effective January 1, 2023, and the adoption of this guidance did not have a material impact on its consolidated financial statements and related disclosures. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which amends ASC 805 to add contract assets and contract liabilities to the list of exceptions to the recognition and measurement principles that apply to business combinations and to require that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. The amendments in ASU 2021-08 are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, and should be applied prospectively to business combinations occurring on or after the effective date of the amendments. Early adoption of the amendments is permitted, including adoption in an interim period. The Company adopted this guidance effective January 1, 2023, and the adoption of this guidance did not have an impact on its consolidated financial statements and related disclosures.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values (in thousands):
Money market funds are included in cash and cash equivalents on the condensed consolidated balance sheets. The Company may also value its non-financial assets and liabilities, including items such as inventories and property and equipment, at fair value on a non-recurring basis if it is determined that impairment has occurred. Such fair value measurements use significant unobservable inputs and are classified as Level 3. During each of the three and six months ended June 30, 2023 and 2022, there were no transfers between Level 1, Level 2 and Level 3. Valuation of Contingent Earn-out Pursuant to the Merger Agreement, the Legacy Evolv stockholders, immediately prior to the Merger, were entitled to receive additional shares of the Company’s common stock upon the Company achieving certain milestones as described in Note 2 of our consolidated financial statements of our Annual Report on Form 10-K for the year ended December 31, 2022. The Company’s contingent earn-out shares were recorded at fair value as contingent earn-out liability upon the closing of the Merger and are remeasured each reporting period. As of June 30, 2023, no milestones have been achieved. The fair value of the contingent earn-out is calculated using a Monte Carlo analysis in order to simulate the future path of the Company’s stock price over the earn-out period. The carrying amount of the liability may fluctuate significantly and actual amounts paid may be materially different from the liability’s estimated value. The significant assumptions used in the Monte Carlo model as of June 30, 2023 were as follows: 85% expected stock price volatility, a risk-free rate of return of 4.6%, a 25% likelihood of change in control and a remaining term of 2.7 years. The following table provides a rollforward of the contingent earn-out liability (in thousands):
Valuation of Contingently Issuable Common Stock Prior to the Merger, certain NHIC stockholders owned 4,312,500 shares of NHIC Class B common stock (the "Founder Shares"). Upon the closing of the Merger, NHIC Class A and Class B common stock became the Company's common stock. 1,897,500 Founder Shares vested at the closing of the Merger, 517,500 Founder Shares were transferred back to NHIC and then contributed to Give Evolv LLC, and the remaining 1,897,500 outstanding Founder Shares are contingently issuable and shall vest upon the Company achieving certain milestones as described in Note 2 of our consolidated financial statements of our Annual Report on Form 10-K for the year ended December 31, 2022. The Company’s contingently issuable common shares were recorded at fair value on the closing of the Merger and are remeasured each reporting period. As of June 30, 2023, no milestones have been achieved. The fair value of the contingently issued common shares is determined using a Monte Carlo analysis in order to simulate the future path of the Company’s stock price over the vesting period. The carrying amount of the liability may fluctuate significantly and actual amounts paid may be materially different from the liability’s estimated value. The significant assumptions used in the Monte Carlo model as of June 30, 2023 were as follows: 85% expected stock price volatility, a risk-free rate of return of 4.5%, a 25% likelihood of change in control and a remaining term of 3.1 years. The following table provides a rollforward of the contingently issuable common shares (in thousands):
Valuation of Public Warrant Liability In connection with the closing of the Merger, the Company assumed warrants (the "Public Warrants") to purchase 14,325,000 shares of common stock at an exercise price of $11.50. The Public Warrants are immediately exercisable and expire in July 2026. The Public Warrants are classified as a liability and are subsequently remeasured to fair value at each reporting date based on the closing price as reported by Nasdaq on the last date of the reporting period. As of June 30, 2023, 14,324,893 Public Warrants are outstanding. The following table provides a rollforward of the public warrant liability (in thousands):
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Revenue Recognition |
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Revenue Recognition and Deferred Revenue [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Revenue RecognitionThe Company recognizes revenue in accordance with Accounting Standards Codification 606 – Revenue from Contracts with Customers (“ASC 606”). Under ASC 606, revenue is recognized when a customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. In order to achieve this core principle, the Company applies the following five steps when recording revenue: (1) identify the contract, or contracts, with the customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when, or as, performance obligations are satisfied. The Company derives revenue from (1) subscription arrangements generally accounted for as operating leases under ASC 842 and (2) from the sale of products, inclusive of SaaS and maintenance, (3) professional services, and (4) license fees related to a distribution and license agreement with the Company's primary contract manufacturer. The Company’s arrangements are generally noncancelable and nonrefundable after shipment to the customer. Revenue is recognized net of sales tax. Remaining Performance Obligations The following table includes estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially satisfied) as of June 30, 2023.
The amount of minimum future leases is based on expected income recognition. As of June 30, 2023, future minimum payments on noncancelable leases are as follows (in thousands):
Contract Balances from Contracts with Customers Contract assets arise from unbilled amounts in customer arrangements when revenue recognized exceeds the amount billed to the customer and the Company’s right to payment is conditional and not only subject to the passage of time. As of June 30, 2023 and December 31, 2022, the Company had $4.7 million and $2.9 million in current portion of contract assets and $0.7 million and $1.4 million in contract assets, noncurrent on the condensed consolidated balance sheets, respectively. Contract liabilities represent the Company’s obligation to transfer goods or services to a customer for which it has received consideration (or the amount is due) from the customer. The Company has a contract liability related to service revenue, which consists of amounts that have been invoiced but that have not been recognized as revenue. Amounts expected to be recognized as revenue within 12 months of the balance sheet date are classified as current deferred revenue and amounts expected to be recognized as revenue beyond 12 months of the balance sheet date are classified as deferred revenue, noncurrent. The Company recognized revenue of $5.3 million and $12.1 million during the three and six months ended June 30, 2023 that was included in the December 31, 2022 deferred revenue balance. The Company recognized revenue of $2.2 million and $4.7 million during the three and six months ended June 30, 2022 that was included in the December 31, 2021 deferred revenue balance. The following table provides a rollforward of deferred revenue (in thousands):
The following table presents the Company’s components of lease revenue (in thousands):
The revenue from sales-type leases is related to the Evolv Express units where the lease term is for the major part of the economic life of the underlying equipment and is classified as product revenue in the condensed consolidated statements of operations and comprehensive loss. The interest income on lease receivables is classified under interest income in the condensed consolidated statements of operations and comprehensive loss. The lease income from operating leases is related to the leased equipment under subscription arrangements and is classified as subscription revenue in the condensed consolidated statements of operations and comprehensive loss. Revenue related to leases entered into with related parties were less than $0.1 million and $0.2 million during the three and six months ended June 30, 2023, respectively. Revenue related to leases entered into with related parties were $0.2 million and $0.3 million during the three and six months ended June 30, 2022, respectively. Disaggregated Revenue The following table presents the Company’s revenue by revenue stream (in thousands):
Commissions The Company incurs and pays commissions on product sales. The Company applies the practical expedient for contracts less than one year to expense the commission costs in the period in which they were incurred. Commissions on product sales and services are expensed in the period in which the related revenue is recognized. Commissions on subscription arrangements and maintenance are expensed ratably over the life of the contract. The Company had a deferred asset related to commissions of $10.3 million and $9.0 million as of June 30, 2023 and December 31, 2022, respectively. During the three months ended June 30, 2023 and 2022, the Company recognized commission expense of $1.5 million and $0.9 million, respectively. During the six months ended June 30, 2023 and 2022, the Company recognized commission expense of $3.1 million and $1.2 million, respectively.
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Accounts Receivable |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||
Accounts Receivable | Accounts Receivable Allowance for Expected Credit Losses Changes in the allowance for expected credit losses were as follows (in thousands):
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Inventory |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory | Inventory Inventory consisted of the following (in thousands):
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Property and Equipment, Net |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment, Net | Property and Equipment, Net Property and equipment, net consisted of the following (in thousands):
1Represents equipment that has not yet been deployed to a customer and, accordingly, is not being depreciated. As of June 30, 2023 and December 31, 2022, the net book value of capitalized software was $4.9 million and $3.5 million, respectively. These amounts include $0.4 million and $0.2 million of capitalized stock compensation costs, respectively. Depreciation and amortization expense related to property and equipment was $2.3 million and $1.3 million for the three months ended June 30, 2023 and 2022, and $4.1 million and $2.4 million for the six months ended June 30, 2023 and 2022, respectively. Leased equipment and the related accumulated depreciation were as follows:
Depreciation expense related to leased units was $1.8 million and $1.0 million during the three months ended June 30, 2023 and 2022, and $3.2 million and $1.9 million for the six months ended June 30, 2023 and 2022, respectively. Depreciable lives are generally 7 years, consistent with the Company’s planned and historical usage of the equipment subject to operating leases.
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Long-term Debt |
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Debt | Long-term Debt The components of the Company’s long-term debt consisted of the following (in thousands):
Silicon Valley Bank Term Loan Agreement In December 2022, the Company entered into a loan and security agreement (the "2022 SVB Credit Agreement") with Silicon Valley Bank ("SVB") in order to finance purchases of hardware to be leased to customers. The 2022 SVB Credit Agreement provided for an initial term loan advance of $30.0 million, which was approximately equivalent to the value of all hardware purchases made to support leasing transactions with the Company's customers through December 21, 2022 (the "SVB Closing Date"), with the opportunity to obtain, within 18 months after the SVB Closing Date, additional term loan advances, subject to the satisfaction of certain conditions, in an aggregate principal amount equal to $20.0 million (subject to an increase of an additional $25.0 million upon the satisfaction of certain conditions and approval from SVB). The interest rate applicable to the SVB Term Loans was the greater of (a) the Wall Street Journal Prime Rate plus 1.0% or (b) 7.25% per annum. Interest and principal under the SVB Credit Agreement was payable monthly. On March 10, 2023, SVB was closed by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Corporation ("FDIC") as receiver. The FDIC created a successor bridge bank, Silicon Valley Bridge Bank, N.A. ("SVBB"), and all deposits of SVB were transferred to SVBB under a systemic risk exception approved by the Federal Reserve, the U.S. Treasury Department, and the FDIC. On March 12, 2023, the Federal Reserve, the U.S. Treasury Department, and the FDIC announced in a joint statement that all SVB deposits, including both insured and uninsured amounts, would be available in full to account holders. SVB was acquired by First Citizens Bank on March 27, 2023. In light of the foregoing, on March 28, 2023, upon the recommendation of the Company’s newly-formed Investment Committee of the Board of Directors, the Company (i) gave notice of its desire and intent to terminate the commitments under the 2022 SVB Credit Agreement and (ii) transferred its excess cash out of First Citizens Bank (the “Transfer”). The Transfer resulted in an event of default under the 2022 SVB Credit Agreement. Upon the occurrence of such event of default, First Citizens Bank could have, but was not required to, declare all obligations under the 2022 SVB Credit Agreement immediately due and payable. First Citizens Bank did not make such declaration following such event of default. On March 31, 2023, the Company fully repaid all borrowings and accrued interest under the 2022 SVB Credit Agreement and terminated the 2022 SVB Credit Agreement. In accordance with the terms of the 2022 SVB Credit Agreement, the Company was required to pay a prepayment premium equal to 1.0% of the principal balance on the date of repayment. The Company incurred a loss on debt extinguishment of $0.6 million, consisting of the prepayment penalty of $0.3 million and the write-off of $0.3 million of unamortized debt issuance costs.
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Stock-Based Compensation |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation Stock Options The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted during the six months ended June 30, 2023 and 2022:
The following table summarizes the Company’s stock option activity since December 31, 2022 (in thousands, except for share and per share data):
Restricted Stock Units The following table summarizes the Company's restricted stock units activity since December 31, 2022:
Performance Stock Units The following table summarizes the Company's performance stock units activity since December 31, 2022:
Finback Common Stock Warrants In January 2021, the Company granted warrants (the "Finback Common Stock Warrants") to purchase 2,552,913 shares of the Company's Class A common stock at an exercise price of $0.42 per share to Finback Evolv OBH, LLC ("Finback"), a consulting group affiliated with one of the Company's stockholders. The Finback Common Stock Warrants vest upon meeting certain sales criteria as defined in a business development agreement (the "Finback BDA"), which has a term of 3 years. The Finback BDA expired on January 1, 2023 but includes a 1-year "tail period" expiring on January 1, 2024. During the tail period, Finback Common Stock Warrants will continue to vest related to any sale consummated by the Company for which it is determined Finback provided services prior to January 1, 2023 in furtherance of the sale. The Finback Common Stock Warrants expire in January 2031. The Finback Common Stock Warrants are accounted for under ASC 718 Compensation – Stock Compensation as the warrants vest upon certain performance conditions being met. During the six months ended June 30, 2023, 830,216 Finback Common Stock Warrants were exercised. As of June 30, 2023, 175,599 Finback Common Stock Warrants were exercisable at a total aggregate intrinsic value of $1.0 million, and 1,415,385 Finback Common Stock Warrants are unvested and have a total unrecognized grant date fair value of $10.8 million. During the three months ended June 30, 2023 and 2022, the Company recorded $0.8 million and $0.6 million, respectively, of stock-based compensation expense within sales and marketing expense related to the Finback Common Stock Warrants. During the six months ended June 30, 2023 and 2022, the Company recorded $1.4 million and $0.8 million, respectively, of stock-based compensation expense within sales and marketing expense related to the Finback Common Stock Warrants. Stock-Based Compensation Stock-based compensation expense was classified in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):
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Income Taxes |
6 Months Ended |
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Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes There is no provision for income taxes for the three and six months ended June 30, 2023 and 2022 because the Company has historically incurred net operating losses and maintains a full valuation allowance against its deferred tax assets. The Company’s tax provision and the resulting effective tax rate for interim periods is determined based upon its estimated annual effective tax rate (“AETR”), adjusted for the effect of discrete items arising in that quarter. The impact of such inclusions could result in a higher or lower effective tax rate during a particular quarter, based upon the mix and timing of actual earnings or losses versus annual projections. In each quarter, the Company updates its estimate of the annual effective tax rate, and if the estimated annual tax rate changes, a cumulative adjustment is made in that quarter.
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Net Loss per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Loss per Share | Net Loss per Share Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share amounts):
The following potentially dilutive outstanding securities were excluded from the computation of diluted net loss per share attributable to common stockholders because their effect would have been anti-dilutive or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period:
*Issuance of Earn-out shares and Contingently issuable common stock is contingent upon the satisfaction of certain conditions, which were not satisfied by the end of the period **Includes 175,599 vested warrants and 1,415,385 unvested warrants as of June 30, 2023
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Related Party Transactions |
6 Months Ended |
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Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Business Development Agreement with Finback In January 2021, the Company granted the Finback Common Stock Warrants subject to the terms of the Finback BDA, as discussed in Note 9. In connection with the Merger and pursuant to the Merger Agreement, in addition to earn-out shares allocated to Finback based on its common stock ownership percentage as of the Merger date, Finback is entitled to receive a proportional share of earn-out shares based upon its remaining unvested warrants as of the Merger Date. Original Equipment Manufacturer Partnership Agreement with Motorola In December 2020, the Company entered into an original equipment manufacturer partnership agreement with Motorola Solutions, Inc. ("Motorola"), an investor in the Company. The partnership agreement has since been amended and restated. Motorola sells Motorola-branded premium products based on the Evolv Express platform through their worldwide network of over 2,000 resellers and integration partners, and has integrated the Evolv Express platform with Motorola products. During the three months ended June 30, 2023 and 2022, revenue from Motorola's distributor services was $2.9 million and $1.9 million, respectively. During the six months ended June 30, 2023 and 2022, revenue from Motorola's distributor services was $6.2 million and $2.8 million, respectively. As of June 30, 2023 and December 31, 2022, accounts receivable related to Motorola’s distributor services was $3.0 million and $12.5 million, respectively. Reseller Agreement with Stanley Black & Decker In June 2020, the Company entered into a reseller agreement with Stanley Black & Decker, an investor in the Company. Stanley Black & Decker's electronic security business was acquired by Securitas AB ("Securitas") in 2023. Securitas, directly or through its affiliates, resells the Company's products. During the three months ended June 30, 2023 and 2022, revenue from Securitas' reseller services was $0.5 million and $0.3 million, respectively. During the six months ended June 30, 2023 and 2022, revenue from Securitas' reseller services was $0.9 million and $0.3 million, respectively. As of June 30, 2023 and December 31, 2022, accounts receivable related to Securitas' reseller services was $0.9 million and $2.2 million, respectively.
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Commitments and Contingencies |
6 Months Ended |
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Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Indemnification Agreements In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its Board of Directors and certain of its executive officers and employees that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their role, status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company is not currently aware of any indemnification claims and has not accrued any liabilities related to such obligations in its condensed consolidated financial statements as of June 30, 2023 or December 31, 2022. Legal Proceedings and Other Matters The Company is not a party to any litigation of a material nature and does not have contingency reserves established for any litigation liabilities. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses the costs related to such legal proceedings as incurred. In the ordinary course of business, the Company is subject to regulatory and governmental examinations, information gathering requests, inquiries and investigations. We do not expect such examinations, requests, inquiries or investigations to have a material effect on our results of operations, financial condition or liquidity, either individually or in the aggregate.
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Summary of Significant Accounting Policies (Policies) |
6 Months Ended |
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Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”).
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Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and has elected not to “opt out” to the extended transition related to complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company will adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and will do so until such time that the Company either (1) irrevocably elects to “opt out” of such extended transition period or (2) no longer qualifies as an emerging growth company. The Company may choose to early adopt any new or revised accounting standards whenever such early adoption is permitted for nonpublic companies. Based on our public float as of June 30, 2023, we expect to become a large accelerated filer and lose emerging growth company status as of December 31, 2023. As of December 31, 2023, we will be required to adopt new or revised accounting standards when they are applicable to public companies that are not emerging growth companies. Based on our public float as of June 30, 2023, we also expect to transition out of smaller reporting company status as of December 31, 2023 and will no longer be able to rely on the scaled disclosure requirements allowed for smaller reporting companies. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments — Credit Losses (Topic 326) (“ASU 2016-13”). The new standard adjusts the accounting for assets held at amortized cost basis, including marketable securities accounted for as available for sale, and trade receivables. The standard eliminates the probable initial recognition threshold and requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For public entities except smaller reporting companies, the guidance is effective for annual reporting periods beginning after December 15, 2019 and for interim periods within those fiscal years. In November 2019, the FASB issued ASU No. 2019-10, which deferred the effective date for non-public entities and smaller reporting companies to annual reporting periods beginning after December 15, 2022, including interim periods within those fiscal years. Early application is allowed. The Company adopted this guidance effective January 1, 2023, and the adoption of this guidance did not have a material impact on its consolidated financial statements and related disclosures. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which amends ASC 805 to add contract assets and contract liabilities to the list of exceptions to the recognition and measurement principles that apply to business combinations and to require that an entity (acquirer) recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. The amendments in ASU 2021-08 are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, and should be applied prospectively to business combinations occurring on or after the effective date of the amendments. Early adoption of the amendments is permitted, including adoption in an interim period. The Company adopted this guidance effective January 1, 2023, and the adoption of this guidance did not have an impact on its consolidated financial statements and related disclosures.
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Fair Value Measurements (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of financial assets and liabilities measured at fair value on a recurring basis | The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values (in thousands):
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Schedule of common stock warrant liability | The following table provides a rollforward of the contingent earn-out liability (in thousands):
The following table provides a rollforward of the contingently issuable common shares (in thousands):
The following table provides a rollforward of the public warrant liability (in thousands):
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Revenue Recognition (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition and Deferred Revenue [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of performance obligations | The following table includes estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially satisfied) as of June 30, 2023.
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Schedule of minimum future payments on noncancelable leases | As of June 30, 2023, future minimum payments on noncancelable leases are as follows (in thousands):
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Summary of rollforward of deferred revenue | The following table provides a rollforward of deferred revenue (in thousands):
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Schedule of components of lease revenue | The following table presents the Company’s components of lease revenue (in thousands):
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Summary of company's revenue by revenue stream | The following table presents the Company’s revenue by revenue stream (in thousands):
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Accounts Receivable (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||
Schedule of changes in allowance for doubtful accounts | Changes in the allowance for expected credit losses were as follows (in thousands):
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Inventory (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of inventory | Inventory consisted of the following (in thousands):
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Property and Equipment, Net (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of property and equipment, net | Property and equipment, net consisted of the following (in thousands):
1Represents equipment that has not yet been deployed to a customer and, accordingly, is not being depreciated.
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Schedule of leased equipment | Leased equipment and the related accumulated depreciation were as follows:
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Long-term Debt (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of components of long-term debt | The components of the Company’s long-term debt consisted of the following (in thousands):
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Stock-Based Compensation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of fair value weighted-average assumptions | The following table presents, on a weighted average basis, the assumptions used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted during the six months ended June 30, 2023 and 2022:
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Summary of stock option activity | The following table summarizes the Company’s stock option activity since December 31, 2022 (in thousands, except for share and per share data):
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Summary of restricted stock unit activity | The following table summarizes the Company's restricted stock units activity since December 31, 2022:
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Summary of performance stock unit activity | The following table summarizes the Company's performance stock units activity since December 31, 2022:
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Schedule of allocation of share based compensation expense | Stock-based compensation expense was classified in the condensed consolidated statements of operations and comprehensive loss as follows (in thousands):
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Net Loss per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of basic and diluted net income (loss) per share | Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share amounts):
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Schedule of potential common shares excluded from the computation of diluted net loss per share | The following potentially dilutive outstanding securities were excluded from the computation of diluted net loss per share attributable to common stockholders because their effect would have been anti-dilutive or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied by the end of the period:
*Issuance of Earn-out shares and Contingently issuable common stock is contingent upon the satisfaction of certain conditions, which were not satisfied by the end of the period **Includes 175,599 vested warrants and 1,415,385 unvested warrants as of June 30, 2023
|
Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value On Recurring Basis (Details) - Recurring Basis - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Assets: | ||
Total assets measured at fair value | $ 141,612 | $ 149,971 |
Liabilities: | ||
Liabilities of fair value | 74,503 | 23,734 |
Money market funds | ||
Assets: | ||
Total assets measured at fair value | 141,612 | 149,971 |
Contingent earn-out liability | ||
Liabilities: | ||
Liabilities of fair value | 45,649 | 14,218 |
Contingently issuable common stock liability | ||
Liabilities: | ||
Liabilities of fair value | 9,229 | 3,392 |
Public Warrant liability | ||
Liabilities: | ||
Liabilities of fair value | 19,625 | 6,124 |
Level 1 | ||
Assets: | ||
Total assets measured at fair value | 141,612 | 149,971 |
Liabilities: | ||
Liabilities of fair value | 19,625 | 6,124 |
Level 1 | Money market funds | ||
Assets: | ||
Total assets measured at fair value | 141,612 | 149,971 |
Level 1 | Contingent earn-out liability | ||
Liabilities: | ||
Liabilities of fair value | 0 | 0 |
Level 1 | Contingently issuable common stock liability | ||
Liabilities: | ||
Liabilities of fair value | 0 | 0 |
Level 1 | Public Warrant liability | ||
Liabilities: | ||
Liabilities of fair value | 19,625 | 6,124 |
Level 2 | ||
Liabilities: | ||
Liabilities of fair value | 0 | 0 |
Level 2 | Contingent earn-out liability | ||
Liabilities: | ||
Liabilities of fair value | 0 | 0 |
Level 2 | Contingently issuable common stock liability | ||
Liabilities: | ||
Liabilities of fair value | 0 | 0 |
Level 2 | Public Warrant liability | ||
Liabilities: | ||
Liabilities of fair value | 0 | 0 |
Level 3 | ||
Liabilities: | ||
Liabilities of fair value | 54,878 | 17,610 |
Level 3 | Contingent earn-out liability | ||
Liabilities: | ||
Liabilities of fair value | 45,649 | 14,218 |
Level 3 | Contingently issuable common stock liability | ||
Liabilities: | ||
Liabilities of fair value | 9,229 | 3,392 |
Level 3 | Public Warrant liability | ||
Liabilities: | ||
Liabilities of fair value | $ 0 | $ 0 |
Fair Value Measurements - Contingent Earn-Out and Contingently Issuable Common Shares (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2023
USD ($)
| |
Contingent earn-out liability | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance at beginning | $ 14,218 |
Change in fair value | 31,431 |
Balance at ending | 45,649 |
Contingently issuable common stock liability | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance at beginning | 3,392 |
Change in fair value | 5,837 |
Balance at ending | $ 9,229 |
Fair Value Measurements - Warrant Liability (Details) - Public Warrant $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2023
USD ($)
| |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Balance at beginning | $ 6,124 |
Change in fair value | 13,501 |
Balance at ending | $ 19,625 |
Fair Value Measurements - Additional Information (Details) - $ / shares |
6 Months Ended | ||
---|---|---|---|
Jul. 16, 2021 |
Jul. 15, 2021 |
Jun. 30, 2023 |
|
Public Warrant | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Warrant exercisable (in shares) | 14,325,000 | ||
Warrants exercise price (in dollars per share) | $ 11.50 | ||
Warrants outstanding (in shares) | 14,324,893 | ||
Contingent earn-out liability | Measurement Input, Price Volatility | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent consideration, measurement input | 85.00% | ||
Contingent earn-out liability | Measurement Input, Risk Free Interest Rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent consideration, measurement input | 4.60% | ||
Contingent earn-out liability | Change in control | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent consideration, measurement input | 25.00% | ||
Contingent earn-out liability | Measurement Input, Expected Term | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent consideration term | 2 years 8 months 12 days | ||
Contingently issuable common stock liability | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Issuance of common stock in connection with the consummation of the PIPE Investment (in shares) | 517,500 | 4,312,500 | |
Shares vested (in shares) | 1,897,500 | ||
Outstanding shares expected to vest (in shares) | 1,897,500 | ||
Contingently issuable common stock liability | Measurement Input, Price Volatility | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent consideration, measurement input | 85.00% | ||
Contingently issuable common stock liability | Measurement Input, Risk Free Interest Rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent consideration, measurement input | 4.50% | ||
Contingently issuable common stock liability | Change in control | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent consideration, measurement input | 25.00% | ||
Contingently issuable common stock liability | Measurement Input, Expected Term | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Contingent consideration term | 3 years 1 month 6 days |
Revenue Recognition - Schedule of performance obligations (Details) $ in Thousands |
Jun. 30, 2023
USD ($)
|
---|---|
Disaggregation of Revenue [Line Items] | |
Total revenue | $ 198,296 |
Less than 1 year | |
Disaggregation of Revenue [Line Items] | |
Total revenue | 63,073 |
Greater than 1 year | |
Disaggregation of Revenue [Line Items] | |
Total revenue | 135,223 |
Product revenue | |
Disaggregation of Revenue [Line Items] | |
Total revenue | 3,050 |
Product revenue | Less than 1 year | |
Disaggregation of Revenue [Line Items] | |
Total revenue | 3,050 |
Product revenue | Greater than 1 year | |
Disaggregation of Revenue [Line Items] | |
Total revenue | 0 |
Subscription revenue | |
Disaggregation of Revenue [Line Items] | |
Total revenue | 134,239 |
Subscription revenue | Less than 1 year | |
Disaggregation of Revenue [Line Items] | |
Total revenue | 42,140 |
Subscription revenue | Greater than 1 year | |
Disaggregation of Revenue [Line Items] | |
Total revenue | 92,099 |
Service revenue | |
Disaggregation of Revenue [Line Items] | |
Total revenue | 61,007 |
Service revenue | Less than 1 year | |
Disaggregation of Revenue [Line Items] | |
Total revenue | 17,883 |
Service revenue | Greater than 1 year | |
Disaggregation of Revenue [Line Items] | |
Total revenue | $ 43,124 |
Revenue Recognition - Schedule of minimum future payments on noncancelable leases (Details) $ in Thousands |
Jun. 30, 2023
USD ($)
|
---|---|
Revenue Recognition and Deferred Revenue [Abstract] | |
2023 (six months remaining) | $ 21,253 |
2024 | 41,340 |
2025 | 37,364 |
2026 | 26,748 |
2027 | 7,511 |
Thereafter | 23 |
Lessor, operating lease, payments to be received | $ 134,239 |
Revenue Recognition - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Disaggregation of Revenue [Line Items] | |||||
Current portion of contract assets | $ 4,732 | $ 4,732 | $ 2,852 | ||
Contract assets, noncurrent | 690 | 690 | 1,386 | ||
Revenue recognized from prior year deferred revenue balance | 5,300 | $ 2,200 | 12,140 | $ 4,700 | |
Lease revenue (less than) | 8,015 | 4,067 | 14,534 | 8,226 | |
Deferred asset related to commissions | 10,300 | 10,300 | $ 9,000 | ||
Amortized commissions | 1,500 | 900 | 3,100 | 1,200 | |
Related Party | |||||
Disaggregation of Revenue [Line Items] | |||||
Lease revenue (less than) | $ 100 | $ 200 | $ 200 | $ 300 |
Revenue Recognition - Summary of rollforward of deferred revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Movement in Deferred Revenue [Roll Forward] | ||||
Balance at beginning of period | $ 35,968 | |||
Revenue recognized in relation to the beginning of the year contract liability balance | $ (5,300) | $ (2,200) | (12,140) | $ (4,700) |
Revenue deferred | 36,253 | |||
Balance at end of period | $ 60,081 | $ 60,081 |
Revenue Recognition - Schedule of components of lease revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Revenue Recognition and Deferred Revenue [Abstract] | ||||
Revenue from sales-type leases | $ 0 | $ 0 | $ 0 | $ 1,106 |
Interest income on lease receivables | 51 | 61 | 104 | 110 |
Lease income - operating leases | 7,964 | 4,006 | 14,430 | 7,010 |
Total lease revenue | $ 8,015 | $ 4,067 | $ 14,534 | $ 8,226 |
Revenue Recognition - Summary of company's revenue by revenue stream (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|||
Disaggregation of Revenue [Line Items] | ||||||
Total revenue | [1] | $ 19,825 | $ 9,070 | $ 38,406 | $ 17,780 | |
Product revenue | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total revenue | 7,243 | 4,146 | 15,997 | 9,340 | ||
Leased equipment | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total revenue | 7,964 | 4,006 | 14,430 | 7,010 | ||
SaaS, maintenance, and other revenue | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total revenue | 4,121 | 729 | 6,899 | 1,097 | ||
Professional services | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Total revenue | $ 497 | $ 189 | $ 1,080 | $ 333 | ||
|
Accounts Receivable (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2023
USD ($)
| |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
Beginning balance | $ (200) |
Provisions | (182) |
Write-offs, net of recoveries | 9 |
Ending balance | $ (373) |
Inventory (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials | $ 3,250 | $ 2,334 |
Finished goods | 1,782 | 7,923 |
Total | $ 5,032 | $ 10,257 |
Property and Equipment, Net - Schedule of property and equipment, net (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 92,778 | $ 52,493 |
Less: Accumulated depreciation and amortization | (11,693) | (7,786) |
Total property, plant and equipment, net | 81,085 | 44,707 |
Computers and telecom equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 1,001 | 599 |
Lab equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 951 | 871 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 111 | 111 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 542 | 542 |
Leased equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 57,143 | 35,983 |
Less: Accumulated depreciation and amortization | (8,805) | (5,802) |
Total property, plant and equipment, net | 48,338 | 30,181 |
Capitalized software | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 6,002 | 4,150 |
Total property, plant and equipment, net | 4,900 | 3,500 |
Sales demo equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 2,689 | 2,340 |
Equipment held for lease | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 24,183 | 7,826 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 156 | $ 71 |
Property and Equipment, Net - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, net | $ 81,085 | $ 81,085 | $ 44,707 | ||
Total stock-based compensation expense | 6,689 | $ 5,061 | 11,732 | $ 8,988 | |
Depreciation and amortization | 2,300 | 1,300 | 4,087 | 2,350 | |
Capitalized software | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, net | 4,900 | 4,900 | 3,500 | ||
Total stock-based compensation expense | 400 | 200 | |||
Leased equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, net | 48,338 | 48,338 | $ 30,181 | ||
Depreciation | $ 1,800 | $ 1,000 | $ 3,200 | $ 1,900 | |
Depreciable lives | 7 years | 7 years |
Property and Equipment, Net - Schedule of leased equipment (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Leased equipment | $ 92,778 | $ 52,493 |
Accumulated depreciation | (11,693) | (7,786) |
Total property, plant and equipment, net | 81,085 | 44,707 |
Leased equipment | ||
Property, Plant and Equipment [Line Items] | ||
Leased equipment | 57,143 | 35,983 |
Accumulated depreciation | (8,805) | (5,802) |
Total property, plant and equipment, net | $ 48,338 | $ 30,181 |
Long-term Debt - Summary of components of long-term debt (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Debt Instrument [Line Items] | ||
Less: Unamortized discount | $ 0 | $ (317) |
Total debt | 0 | 29,683 |
Less: Current portion of long-term debt | 0 | 10,000 |
Long-term debt, noncurrent | 0 | 19,683 |
Term loans payable | ||
Debt Instrument [Line Items] | ||
Term loans payable | $ 0 | $ 30,000 |
Long-term Debt - Narrative (Details) - USD ($) $ in Thousands |
1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Debt Instrument [Line Items] | |||||||
Loss on extinguishment of debt | $ 0 | $ 0 | $ 626 | $ 0 | |||
2022 SVB Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Face amount of debt | $ 30,000 | ||||||
Debt instrument, term | 18 months | ||||||
Interest rate, prepayment premium | 0.010 | ||||||
Loss on extinguishment of debt | $ 600 | ||||||
Prepayment premium | $ 300 | $ 300 | |||||
Unamortized debt issuance cost | $ 300 | ||||||
2022 SVB Term Loan Two | |||||||
Debt Instrument [Line Items] | |||||||
Face amount of debt | $ 20,000 | ||||||
Debt instrument increase | $ 25,000 | ||||||
Maximum | 2022 SVB Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 7.25% | ||||||
Maximum | Wall Street Journal Prime Rate | 2022 SVB Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 1.00% |
Stock-Based Compensation - Grant date fair value of stock options (Details) |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Share-Based Payment Arrangement [Abstract] | ||
Risk-free interest rate | 4.20% | 1.60% |
Expected term (in years) | 6 years 1 month 6 days | 6 years 1 month 6 days |
Expected volatility | 87.50% | 75.00% |
Expected dividend yield | 0.00% | 0.00% |
Stock-Based Compensation - Stock options activity (Details) |
6 Months Ended |
---|---|
Jun. 30, 2023
$ / shares
shares
| |
Number of Shares | |
Beginning balance (in shares) | shares | 20,396,824 |
Granted (in shares) | shares | 2,840,421 |
Exercised (in shares) | shares | (875,780) |
Forfeited (in shares) | shares | (20,468) |
Ending balance (in shares) | shares | 22,340,997 |
Weighted Average Exercise Price | |
Beginning balance (in dollars per share) | $ / shares | $ 0.73 |
Granted (in dollars per share) | $ / shares | 3.12 |
Exercised (in dollars per share) | $ / shares | 0.39 |
Forfeited (in dollars per share) | $ / shares | 0.42 |
Ending balance (in dollars per share) | $ / shares | $ 1.05 |
Stock-Based Compensation - Restricted stock units activity (Details) - Unvested restricted stock units - $ / shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Dec. 31, 2022 |
|
Number of Shares | ||
Outstanding, beginning balance (in shares) | 7,501,945 | |
Granted (in shares) | 7,742,983 | |
Vested (in shares) | (2,447,672) | |
Cancelled (in shares) | (345,516) | |
Outstanding, ending balance (in shares) | 12,451,740 | |
Grant Date Fair Value | ||
Outstanding, beginning balance (in dollars per share) | $ 3.38 | $ 3.54 |
Granted (in dollars per share) | 3.25 | |
Vested (in dollars per share) | 3.40 | |
Cancelled (in dollars per share) | 3.75 | |
Outstanding, ending balance (in dollars per share) | $ 3.38 | $ 3.54 |
Stock-Based Compensation - Performance stock units activity (Details) - Unvested performance stock units - $ / shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Dec. 31, 2022 |
|
Number of Shares | ||
Outstanding, beginning balance (in shares) | 864,000 | |
Granted (in shares) | 0 | |
Vested (in shares) | (432,000) | |
Cancelled (in shares) | (25,000) | |
Outstanding, ending balance (in shares) | 407,000 | |
Grant Date Fair Value | ||
Outstanding, beginning balance (in dollars per share) | $ 2.65 | $ 2.65 |
Granted (in dollars per share) | 0 | |
Vested (in dollars per share) | 2.65 | |
Cancelled (in dollars per share) | 2.65 | |
Outstanding, ending balance (in dollars per share) | $ 2.65 | $ 2.65 |
Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2023
USD ($)
shares
|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2023
USD ($)
shares
|
Jun. 30, 2022
USD ($)
|
Jan. 31, 2021
Vote
$ / shares
shares
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total stock-based compensation expense | $ 6,689 | $ 5,061 | $ 11,732 | $ 8,988 | |
Sales and marketing | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total stock-based compensation expense | $ 2,508 | 2,344 | $ 4,506 | 3,828 | |
Finback BDA | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Warrant exercisable (in shares) | shares | 2,552,913 | ||||
Warrants exercise price (in dollars per share) | $ / shares | $ 0.42 | ||||
Warrants exercised (in shares) | shares | 830,216 | 830,216 | |||
Shares issuable upon exercise of warrant (in shares) | shares | 175,599 | 175,599 | |||
Aggregate intrinsic value of warrants exercisable | $ 1,000 | $ 1,000 | |||
Unvested warrants (in shares) | shares | 1,415,385 | 1,415,385 | |||
Intrinsic value of warrants unvested | $ 10,800 | $ 10,800 | |||
Finback BDA | Measurement Input, Expected Term | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Measurement input | Vote | 3 | ||||
Maximum | Finback BDA | Sales and marketing | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total stock-based compensation expense | $ 800 | $ 600 | $ 1,400 | $ 800 |
Stock-Based Compensation - Stock based compensation expenses (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | $ 6,689 | $ 5,061 | $ 11,732 | $ 8,988 |
Cost of revenue | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | 184 | 280 | 329 | 388 |
Research and development | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | 1,238 | 931 | 2,075 | 1,479 |
Sales and marketing | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | 2,508 | 2,344 | 4,506 | 3,828 |
General and administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | $ 2,759 | $ 1,506 | $ 4,822 | $ 3,293 |
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Components of the Company's loss before income tax expense | ||||
Provision for income taxes | $ 0 | $ 0 | $ 0 | $ 0 |
Net Loss per Share - Schedule of basic and diluted net income (loss) per share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Numerator: | ||||
Net loss attributable to common stockholders - basic | $ (66,754) | $ (25,686) | $ (95,363) | $ (39,487) |
Net loss attributable to common stockholders - diluted | $ (66,754) | $ (25,686) | $ (95,363) | $ (39,487) |
Denominator: | ||||
Weighted average common shares outstanding - basic (in shares) | 148,882,160 | 143,552,032 | 147,664,534 | 143,220,268 |
Weighted average common shares outstanding - diluted (in shares) | 148,882,160 | 143,552,032 | 147,664,534 | 143,220,268 |
Net loss per share - basic (in dollars per share) | $ (0.45) | $ (0.18) | $ (0.65) | $ (0.28) |
Net loss per share - diluted (in dollars per share) | $ (0.45) | $ (0.18) | $ (0.65) | $ (0.28) |
Net Loss per Share - Antidilutive effect (Details) - shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from the computation of diluted net loss per share (in shares) | 68,013,114 | 63,571,414 | 68,013,114 | 63,571,414 |
Finback BDA | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares issuable upon exercise of warrant (in shares) | 175,599 | 175,599 | ||
Unvested warrants (in shares) | 1,415,385 | 1,415,385 | ||
Options issued and outstanding | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from the computation of diluted net loss per share (in shares) | 22,340,997 | 21,567,577 | 22,340,997 | 21,567,577 |
Warrants | July 16, 2021 | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from the computation of diluted net loss per share (in shares) | 14,324,893 | 14,324,994 | 14,324,893 | 14,324,994 |
Warrants | January 13, 2021 | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from the computation of diluted net loss per share (in shares) | 1,590,984 | 2,421,200 | 1,590,984 | 2,421,200 |
Unvested restricted stock units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from the computation of diluted net loss per share (in shares) | 12,451,740 | 7,446,143 | 12,451,740 | 7,446,143 |
Unvested performance stock units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from the computation of diluted net loss per share (in shares) | 407,000 | 914,000 | 407,000 | 914,000 |
Earn Out Shares | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from the computation of diluted net loss per share (in shares) | 15,000,000 | 15,000,000 | 15,000,000 | 15,000,000 |
Contingently issuable common stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from the computation of diluted net loss per share (in shares) | 1,897,500 | 1,897,500 | 1,897,500 | 1,897,500 |
Related Party Transactions -Narrative (Details) $ in Thousands |
1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2020
partner
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
|
|||
Related Party Transaction [Line Items] | ||||||||
Accounts receivable, net | [1] | $ 32,393 | $ 32,393 | $ 31,920 | ||||
Related Party | ||||||||
Related Party Transaction [Line Items] | ||||||||
Accounts receivable, net | 3,800 | 3,800 | 14,600 | |||||
Distribution Agreement With Motorola Member | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of resellers and integration partners | partner | 2,000 | |||||||
Distribution Agreement With Motorola Member | Related Party | ||||||||
Related Party Transaction [Line Items] | ||||||||
Revenue | 2,900 | $ 1,900 | 6,200 | $ 2,800 | ||||
Accounts receivable, net | 3,000 | 3,000 | 12,500 | |||||
Reseller Agreement | Related Party | ||||||||
Related Party Transaction [Line Items] | ||||||||
Revenue | 500 | $ 300 | 900 | $ 300 | ||||
Accounts receivable, net | $ 900 | $ 900 | $ 2,200 | |||||
|
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