0000950170-21-004153 | 10-Q | XBRL Viewer

Print Document View Excel Document

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2021	Nov. 02, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Registrant Name	XOMETRY, INC.
Entity Central Index Key	0001657573
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity File Number	001-40546
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	32-0415449
Entity Address, Address Line One	7529 Standish Place
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Derwood
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20855
City Area Code	240
Local Phone Number	335-7914
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		41,744,740
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Class A common stock, par value $0.000001 per share
Trading Symbol	XMTR
Security Exchange Name	NASDAQ
Entity Bankruptcy Proceedings, Reporting Current	true

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 57,778	$ 59,874
Marketable securities	266,739	0
Accounts receivable, less allowance for doubtful accounts of $0.7 million as of September 30, 2021 and $0.6 million as of December 31, 2020, respectively	25,157	14,574
Inventory	1,427	2,294
Prepaid expenses	4,988	913
Total current assets	356,089	77,655
Property and equipment, net	8,615	6,113
Operating lease right-of-use assets	3,101	1,922
Other assets	204	788
Intangible assets, net	1,455	1,652
Goodwill	833	833
Total assets	370,297	88,963
Current liabilities:
Accounts payable	5,198	5,640
Accrued expenses	17,487	13,606
Contract liabilities	3,379	2,355
Operating lease liabilities, current portion	1,108	1,013
Finance lease liabilities, current portion	5	14
Short-term debt		15,753
Total current liabilities	27,177	38,381
Operating lease liabilities, net of current portion	2,197	1,118
Total liabilities	29,374	39,499
Commitments and contingencies (Note 12)
Convertible preferred stock
Convertible preferred stock, $0.000001 par value, Seed-1, Seed-2, Series A-1, Series A-2, Series B, Series C, Series D and Series E. Authorized; zero shares and 27,970,966 shares, zero shares and 27,758,941 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively		160,713
Stockholders’ deficit
Preferred stock, $0.000001 par value. Authorized; 50,000,000 shares and zero shares; zero shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively
Common stock
Additional paid-in capital	490,175	503
Accumulated other comprehensive income	186	210
Accumulated deficit	(149,438)	(111,962)
Total stockholders’ deficit	340,923	(111,249)
Total liabilities, convertible preferred stock and stockholders’ equity	370,297	88,963
Class A Common Stock
Stockholders’ deficit
Common stock
Class B Common Stock
Stockholders’ deficit
Common stock

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Allowance for doubtful accounts receivable current	$ 0.7	$ 0.6
Shares authorized	0	27,970,966
Shares issued	0	27,758,941
Shares outstanding	0	27,758,941
Preferred stock, par or stated value per share	$ 0.000001
Preferred stock, shares authorized	50,000,000	0
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par or stated value per share		$ 0.000001
Common stock shares authorized	0	42,000,000
Common stock share issued	0	7,755,782
Common stock share outstanding	0	7,755,782
Convertible Preferred Stock- Seed-1
Temporary equity, par value		$ 0.000001
Shares authorized		4,200,000
Shares outstanding		4,200,000
Convertible Preferred Stock- Seed-2
Temporary equity, par value		$ 0.000001
Shares authorized		2,188,322
Shares outstanding		2,188,322
Convertible Preferred Stock- Series A-1
Temporary equity, par value		$ 0.000001
Shares authorized		4,211,094
Shares outstanding		4,211,094
Convertible Preferred Stock- Series A-2
Temporary equity, par value		$ 0.000001
Shares authorized		1,591,230
Shares outstanding		1,591,230
Convertible Preferred Stock- Series B
Temporary equity, par value		$ 0.000001
Shares authorized		4,132,055
Shares outstanding		4,044,271
Convertible Preferred Stock- Series C
Temporary equity, par value		$ 0.000001
Shares authorized		3,754,201
Shares outstanding		3,754,201
Convertible Preferred Stock- Series D
Temporary equity, par value		$ 0.000001
Shares authorized		5,494,064
Shares outstanding		5,494,064
Convertible Preferred Stock- Series E
Temporary equity, par value		$ 0.000001
Shares authorized		2,400,000
Shares outstanding		2,275,759
Class A Common Stock
Common stock, par or stated value per share	$ 0.000001
Common stock shares authorized	750,000,000	0
Common stock share issued	41,714,711	0
Common stock share outstanding	41,714,711	0
Class B Common Stock
Common stock, par or stated value per share	$ 0.000001
Common stock shares authorized	5,000,000	0
Common stock share issued	2,676,154	0
Common stock share outstanding	2,676,154	0

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Revenue	$ 56,727	$ 41,953	$ 151,238	$ 103,425
Cost of revenue	42,233	31,778	115,033	79,619
Gross profit	14,494	10,175	36,205	23,806
Sales and marketing	9,828	5,986	26,250	15,842
Operations and support	5,775	3,671	15,594	10,138
Product development	4,376	3,003	12,131	8,879
General and administrative	8,778	3,282	18,343	8,792
Total operating expenses	28,757	15,942	72,318	43,651
Loss from operations	(14,263)	(5,767)	(36,113)	(19,845)
Other (expenses) income
Interest expense	(79)	(309)	(799)	(939)
Interest and dividend income	417	2	457	215
Other expenses	(786)	(109)	(1,021)	(340)
Total other expenses	(448)	(416)	(1,363)	(1,064)
Net loss	(14,711)	(6,183)	(37,476)	(20,909)
Deemed dividend to preferred stockholders		(8,801)		(8,801)
Net loss attributable to common stockholders	$ (14,711)	$ (14,984)	$ (37,476)	$ (29,710)
Net loss per share, basic and diluted	$ (0.33)	$ (1.99)	$ (1.87)	$ (3.98)
Weighted-average number of shares outstanding used to compute net loss per share, basic and diluted	43,962,863	7,546,458	20,092,600	7,458,671
Comprehensive loss:
Foreign currency translation	$ (41)	$ (65)	$ (24)	$ (92)
Total other comprehensive loss	(41)	(65)	(24)	(92)
Net loss	(14,711)	(6,183)	(37,476)	(20,909)
Total comprehensive loss	$ (14,752)	$ (6,248)	$ (37,500)	$ (21,001)

Condensed Consolidated Statements of Changes in Convertible Preferred Stock and Stockholders' Deficit (Unaudited) - USD ($) $ in Thousands	Total	Initial Public Offering	Common Stock	Common Stock Initial Public Offering	Additional Paid-In Capital	Additional Paid-In Capital Initial Public Offering	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Convertible Preferred Stock Seed-1, Seed-2, Series A-1, Series A-2, Series B, Series C, Series D, Series E	Convertible Preferred Stock Seed-1, Seed-2, Series A-1, Series A-2, Series B, Series C, Series D, Series E Initial Public Offering	Class A - Common Stock	Class A - Common Stock Initial Public Offering	Class B - Common Stock	Class B - Common Stock Initial Public Offering
Temporary equity, Balance at Dec. 31, 2019									$ 121,156
Temporary equity, Balance, Shares at Dec. 31, 2019									25,483,182
Balance at Dec. 31, 2019	$ (73,097)				$ 4,512			$ (77,609)
Balance, Shares at Dec. 31, 2019			7,289,571
Repurchase of convertible preferred stock									$ (12,852)
Repurchase of convertible preferred stock, Shares									(2,246,886)
Repurchase of convertible preferred stock	(8,801)				(5,429)			(3,372)
Issuance of convertible preferred stock									$ 52,409
Issuance of convertible preferred stock, Shares									4,522,645
Exercise of common stock options	405				405
Exercise of common stock options, Shares			276,759
Stock based compensation	679				679
Comprehensive loss:
Foreign currency translation	(92)						$ (92)
Net loss	(20,909)							(20,909)
Total comprehensive loss	(21,001)
Temporary equity, Balance at Sep. 30, 2020									$ 160,713
Temporary equity, Balance, Shares at Sep. 30, 2020									27,758,941
Balance at Sep. 30, 2020	(101,815)				167		(92)	(101,890)
Balance, Shares at Sep. 30, 2020			7,566,330
Temporary equity, Balance at Jun. 30, 2020									$ 121,156
Temporary equity, Balance, Shares at Jun. 30, 2020									25,483,182
Balance at Jun. 30, 2020	(87,301)				5,061		(27)	(92,335)
Balance, Shares at Jun. 30, 2020			7,491,198
Repurchase of convertible preferred stock									$ (12,852)
Repurchase of convertible preferred stock, Shares									(2,246,886)
Repurchase of convertible preferred stock	(8,801)				(5,429)			(3,372)
Issuance of convertible preferred stock									$ 52,409
Issuance of convertible preferred stock, Shares									4,522,645
Exercise of common stock options	242				242
Exercise of common stock options, Shares			75,132
Stock based compensation	293				293
Comprehensive loss:
Foreign currency translation	(65)						(65)
Net loss	(6,183)							(6,183)
Total comprehensive loss	(6,248)
Temporary equity, Balance at Sep. 30, 2020									$ 160,713
Temporary equity, Balance, Shares at Sep. 30, 2020									27,758,941
Balance at Sep. 30, 2020	(101,815)				167		(92)	(101,890)
Balance, Shares at Sep. 30, 2020			7,566,330
Temporary equity, Balance at Dec. 31, 2020	$ 160,713								$ 160,713
Temporary equity, Balance, Shares at Dec. 31, 2020	27,758,941								27,758,941
Balance at Dec. 31, 2020	$ (111,249)				503		210	(111,962)
Balance, Shares at Dec. 31, 2020	7,755,782		7,755,782								0		0
Conversion of convertible preferred stock in connection with the initial public offering		$ 160,713				$ 160,713				$ (160,713)
Conversion of convertible preferred stock in connection with the initial public offering, Shares										(27,758,941)		27,351,633		407,308
Exercise of common stock options	$ 1,787				1,787
Exercise of common stock options, Shares	949,759		910,015								39,744
Conversion of common stock in connection with the initial public offering, Shares				(8,665,797)
Conversion of common stock in connection with the initial public offering, Shares												6,396,951		2,268,846
Issuance of common stock in connection with the initial public offering, net of underwriters' discount		325,263				325,263
Issuance of common stock in connection with the initial public offering, net of underwriters' discount, Shares												7,906,250
Donated common stock	$ 1,157				1,157
Donated common stock, Shares											20,133
Costs of initial public offering	(3,995)				(3,995)
Stock based compensation	4,747				4,747
Comprehensive loss:
Foreign currency translation	(24)						(24)
Net loss	(37,476)							(37,476)
Total comprehensive loss	(37,500)
Temporary equity, Balance at Sep. 30, 2021
Temporary equity, Balance, Shares at Sep. 30, 2021	0
Balance at Sep. 30, 2021	$ 340,923				490,175		186	(149,438)
Balance, Shares at Sep. 30, 2021	0										41,714,711		2,676,154
Temporary equity, Balance at Jun. 30, 2021									$ 160,713
Temporary equity, Balance, Shares at Jun. 30, 2021									27,758,941
Balance at Jun. 30, 2021	$ (130,185)				4,315		227	(134,727)
Balance, Shares at Jun. 30, 2021			8,665,797
Conversion of convertible preferred stock in connection with the initial public offering		160,713				160,713				$ (160,713)
Conversion of convertible preferred stock in connection with the initial public offering, Shares										(27,758,941)		27,351,633		407,308
Exercise of common stock options	456				456
Exercise of common stock options, Shares											39,744
Conversion of common stock in connection with the initial public offering, Shares				(8,665,797)
Conversion of common stock in connection with the initial public offering, Shares												6,396,951		2,268,846
Issuance of common stock in connection with the initial public offering, net of underwriters' discount		$ 325,263				$ 325,263
Issuance of common stock in connection with the initial public offering, net of underwriters' discount, Shares												7,906,250
Donated common stock	1,157				1,157
Donated common stock, Shares											20,133
Costs of initial public offering	(3,995)				(3,995)
Stock based compensation	2,266				2,266
Comprehensive loss:
Foreign currency translation	(41)						(41)
Net loss	(14,711)							(14,711)
Total comprehensive loss	(14,752)
Temporary equity, Balance at Sep. 30, 2021
Temporary equity, Balance, Shares at Sep. 30, 2021	0
Balance at Sep. 30, 2021	$ 340,923				$ 490,175		$ 186	$ (149,438)
Balance, Shares at Sep. 30, 2021	0										41,714,711		2,676,154

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net loss	$ (37,476)	$ (20,909)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,304	2,256
Reduction in carrying amount of right-of-use asset	912	770
Stock based compensation	4,747	679
Non-cash interest expense	111	238
Loss on debt extinguishment	272
Donation of common stock	1,157
Unrealized loss on marketable securities	239
Changes in other assets and liabilities:
Accounts receivable, net	(10,645)	(4,381)
Inventory	842	(618)
Prepaid expenses	(4,080)	88
Other assets	580	(544)
Accounts payable	(400)	(3,142)
Accrued expenses	3,931	8,100
Contract liabilities	1,053	1,038
Lease liabilities	(917)	(720)
Net cash used in operating activities	(37,370)	(17,145)
Cash flows from investing activities:
Purchase of marketable securities	(266,978)
Purchase of short-term investments		(17,711)
Proceeds from short-term investments		28,571
Purchases of property and equipment	(4,625)	(2,888)
Net cash (used in) provided by investing activities	(271,603)	7,972
Cash flows from financing activities:
Proceeds from issuance of Series A-2, Series B, Series C, Series D and Series E convertible preferred stock, net of issuance costs		52,409
Repurchase of Series A-2, Series B, Series C and Series D convertible preferred stock		(12,852)
Deemed dividend to preferred stockholders		(8,801)
Proceeds from initial public offering, net of underwriters' discount	325,263
Payments in connection with initial public offering	(3,995)
Proceeds from stock options exercised	1,787	405
Proceeds from term loan		4,000
Repayment of term loan	(16,136)
Proceeds from other borrowings		4,783
Repayment of other borrowings		(4,783)
Payments on finance lease obligations	(9)	(9)
Net cash provided by financing activities	306,910	35,152
Effect of foreign currency translation on cash and cash equivalents	(33)	(9)
Net (decrease) increase in cash and cash equivalents	(2,096)	25,970
Cash and cash equivalents at beginning of period	59,874	40,122
Cash and cash equivalents at end of period	57,778	66,092
Supplemental cash flow information:
Cash paid for interest	907	$ 970
Non-cash investing activity:
Non-cash purchase of property and equipment	$ (19)

Organization and Description of Business

9 Months Ended

Sep. 30, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization and Description of Business

(1) Organization and Description of Business

Xometry Inc. (“Xometry”, the “Company”, "we", or "our") was incorporated in the State of Delaware in May 2013. Xometry uses proprietary technology to enable product designers, engineers, buyers, and supply chain professionals to instantly access the capacity of a global network of manufacturing facilities. The Company’s platform makes it possible for customers to quickly receive pricing, expected lead times, manufacturability feedback and place orders on the Company’s platform. The network allows the Company to provide high volumes of on-demand, unique parts, including custom components and aftermarket parts for its customers. Xometry operates from its domestic facilities in Maryland, Kentucky, and Tennessee, with its corporate headquarters in Derwood, Maryland. One facility is operated in Munich, Germany.

Xometry’s seller capabilities include computer numerical control manufacturing, sheet metal manufacturing, 3D printing (including fused deposition modeling, direct metal laser sintering, PolyJet, stereolithography, selective laser sintering, binder jetting, carbon digital light synthesis and multi jet fusion), die casting, injection molding, urethane casting, as well as finishing services, rapid prototyping and high-volume production.

Initial Public Offering

On July 2, 2021, the Company closed its planned initial public offering ("IPO"), in which it issued and sold 7,906,250 shares of its Class A common stock. The initial offering price was $44.00 per share. The Company received net proceeds of approximately $325.3 million from the IPO after deducting underwriting discounts and commissions of $22.6 million. The Company also incurred approximately $4.0 million of other offering costs in connection with its IPO.

Upon the closing of the IPO on July 2, 2021, 8,665,797 shares of outstanding common stock were reclassified into Class A common stock, 27,758,941 shares of outstanding convertible preferred stock were converted into Class A common stock, and 2,676,154 shares of Class A common stock were exchanged by our co-founders for an equivalent number of shares of Class B common stock pursuant to the terms of the exchange agreement.

Also on July 2, 2021, the Company reserved 402,658 shares of its Class A common stock, representing 1% of the Company's fully diluted capitalization as of the date of approval of our board of directors, for charitable contributions to non-profit organizations. These shares will be issued over the next five years, in an amount not to exceed 20% of the initial reserve amount per calendar year. During the third quarter of 2021, the Company donated 20,133 shares of Class A common stock to a donor advised fund and recognized an expense associated with the charitable contribution of approximately $1.2 million which is recorded in general and administrative expense in the Condensed Consolidated Statements of Operations and Comprehensive Loss.

Basis of Presentation and Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

(2) Basis of Presentation and Summary of Significant Accounting Policies

(a)

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company's final Prospectus on Form 424(b)(4) filed with the SEC on July 1, 2021 (“Final Prospectus”).

The condensed consolidated balance sheet as of December 31, 2020, included herein, was derived from the audited financial statements as of that date, but may not include all disclosures including certain notes required by U.S. GAAP on an annual reporting basis. In the opinion of management, the accompanying condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, comprehensive loss, stockholders' equity (deficit) and cash flows for the interim periods, but are not necessarily indicative of the results of operations to be anticipated for the full year 2021 or any future period.

The Company has two reporting segments which are referred to as: (1) the United States (“U.S.”) and (2) Europe.

Foreign Operations and Comprehensive Loss

The U.S. dollar (“USD”) is the functional currency for Xometry’s consolidated subsidiary operating in the U.S. The functional currency for the Company’s consolidated subsidiary operating in Germany is the Euro (“EUR”). For the Company’s consolidated subsidiary whose functional currency is not the USD, the Company translates their financial statements into USD. The Company translates assets and liabilities at the exchange rate in effect as of the financial statement date. Revenue and expense accounts are translated using an average exchange rate for the period. Gains and losses resulting from translation are included in accumulated other comprehensive income (loss) (“AOCI”), as a separate component of equity.

(b)

Use of Estimates

The preparation of the Company’s unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions, which affect the reported amounts in the financial statements and accompanying notes. Actual results could differ from those estimates.

(c)

Fair Value Measurements and Financial Instruments

The carrying amounts of certain of the Company’s financial instruments, which include cash equivalents, accounts receivable, prepaid expenses and other assets, accounts payable, accrued expenses and contract liabilities approximate their fair values due to their short maturities. The Company's marketable securities are recorded at fair value.

(d)

Marketable Securities

The Company measures its marketable securities at fair value and recognizes any changes in fair value in net loss. In August 2021, we invested approximately $266.6 million of proceeds from our IPO in marketable securities. We consider our marketable securities as available for use in current operations, and therefore classify these securities as current assets on the Condensed Consolidated Balance Sheets. As of September 30, 2021, the Company's marketable securities of $266.7 million were recorded at fair value, within Level 1 of the fair value hierarchy. The fair value of the Company’s Level 1 financial instruments is based on quoted prices in active markets, total fair value is the published market price per unit multiplied by the number of units held without consideration of transaction costs, discounts or blockage factors. During the third quarter of 2021, the Company recorded an unrealized loss of $0.2 million related to these securities.

(e)

Accounts Receivable

Accounts receivable are stated at the amount the Company expects to collect from outstanding balances. For customers for which Xometry provides credit, the Company performs credit inquiries, including references checks, and query credit ratings services and other publicly available information. Amounts collected on accounts receivable are included in net cash provided by operating activities in the statements of cash flows. Management provides for probable uncollectible amounts through a provision for bad debt expense and an adjustment to a valuation allowance based on its experience and judgment. Balances that are still outstanding after management has used reasonable collection efforts are written off through a charge to the valuation allowance and a credit to accounts receivable.

(f)

Property and Equipment and Long-Lived Assets

Property and equipment are stated at cost. Equipment under finance leases is stated at the present value of minimum lease payments. Depreciation is calculated on the straight-line method over the estimated useful life of the assets, which range from three to seven years, or in the case of leasehold improvements, over the shorter of the remaining lease term or the useful life of the asset.

Property and equipment and intangibles assets subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary.

Property and equipment includes capitalized internal-use software development costs. Eligible internal-use software development costs are capitalized subsequent to the completion of the preliminary project stage. Such costs include internal and external direct development costs totaling $3.9 million for the nine months ended September 30, 2021 and $3.6 million for the year ended December 31, 2020. After all substantial testing and deployment is completed and the software is ready for its intended use, capitalization is discontinued and the internal-use software costs are placed in service and amortized using the straight-line method over the estimated useful life of the software, generally three years.

(g)

Revenue

The Company derives substantially all of its revenue in the U.S. and Europe from the sale of parts and assemblies fulfilled using a vast network of sellers. The Company recognizes revenue from the sales to our buyers pursuant to Financial Accounting Standard Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”).

The Company determines that a contract exists between the Company and the customer when the customer accepts the quote and places the order, all of which are governed by the Company’s standard terms and conditions or other agreed terms with Xometry’s customers. Upon completion of an order through Xometry’s platform, the Company identifies the performance obligation(s) within that order to complete the sale of the manufactured part(s) or assembly. Using Xometry’s in-house technology, the Company determines the price for the manufactured part(s) or assembly on a stand-alone basis at order initiation. The Company recognizes revenue from sales to Xometry customers upon shipment, at which point control over the part(s) or assembly have transferred.

We have concluded that the Company is principal in the sale of part(s) and assemblies that use the Company’s network of third-party manufacturers because the Company controls the manufacturing by obtaining a right to direct a third-party manufacturer to fulfill the performance obligation Xometry has with the buyer on Xometry’s behalf. The Company has considered the following conditions of the sale: (i) the Company has the obligation of providing the specified product to the customer, (ii) the Company has discretion with respect to establishing the price of the product and the price the Company pays the sellers and the Company has margin risk on all of Xometry’s sales, (iii) the Company has discretion in determining how to fulfill each order, including selecting the seller and (iv) Xometry bears certain risk for product quality to the extent the buyer is not satisfied with the final product.

Revenue is shown net of estimated returns, refunds, and allowances. As of September 30, 2021 and December 31, 2020, the Company has a $0.1 million provision for estimated returns, refunds or allowances.

Sales tax collected from customers and remitted to governmental authorities is excluded from revenue.

Contract Liabilities

Contract liabilities are primarily derived from customer credit card payments received at the time an order is placed, for which the associated performance obligations have not been satisfied and revenue has not been recognized based on the Company’s revenue recognition criteria described above.

The following table is a summary of the contract liabilities as of December 31, 2020 and September 30, 2021 (in thousands):


Rollforward of contract liabilities:
Contract liabilities at December 31, 2020	$	2,355
Revenue recognized		(59,033	)
Payments received in advance		60,057
Contract liabilities at September 30, 2021	$	3,379

During the period ended September 30, 2021, the Company recognized $2.4 million of revenue related to its contract liabilities at December 31, 2020.

Sales Contract Acquisition Costs

The Company’s incremental costs to obtain a contract may include a sales commission which is generally determined on a per order basis. The Company expenses sales commissions when earned, given the short period until the fulfillment of customer orders. The Company elected the practical expedient, allowed under Topic 606, to expense costs to obtain a contract as incurred when the amortization period would have been one year or less. Sales commissions Xometry pays are included in Xometry’s sales and marketing expenses in the Condensed Consolidated Statements of Operations and Comprehensive Loss.

(h)

Cost of Revenue

Cost of revenue primarily consists of the cost of the products that are manufactured by the Company’s sellers for delivery to buyers on Xometry’s platform, internal production costs, shipping costs and certain internal depreciation.

(i)

Leases

On January 1, 2019, the Company adopted ASC Topic 842, Leases. This standard provided several optional practical expedients for use in transition. The Company elected to use what the FASB deemed the “package of practical expedients,” which allowed the Company not to reassess the Company’s previous conclusions about lease identification, lease classification and the accounting treatment for initial direct costs. The standard also provided several optional practical expedients for the ongoing accounting for leases. The Company elected the short-term lease recognition exemption for all leases that qualify, meaning that for leases with terms of twelve months or less, the Company will not recognize right-of-use ("ROU") assets or lease liabilities on the Condensed Consolidated Balance Sheets. Additionally, the Company elected to use the practical expedient to not separate lease and

non-lease components for leases of real estate, meaning that for these leases, the non-lease components are included in the associated ROU asset and lease liability balances on the Company’s Condensed Consolidated Balance Sheets.

The Company determines if an arrangement contains a lease and the classification of that lease, if applicable, at inception. Operating leases are included in operating lease ROU assets, operating lease liabilities and operating lease liabilities (net of current portion) in the Condensed Consolidated Balance Sheets. The Company has finance leases as detailed in the Long-Lived Assets section above.

ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments under the lease. Operating lease ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The implicit rate within the Company’s operating leases is generally not determinable, as such the Company uses its incremental borrowing rate at lease commencement to determine the present value of lease payments. The operating lease ROU asset also includes any lease prepayments, offset by lease incentives. Certain of the Company’s leases include options to extend or terminate the lease. The expected lease term includes options to extend or terminate the lease when it is reasonably certain the Company will exercise such option.

Lease expense for lease payments is recognized on a straight-line basis over the term of the lease.

(j)

Sales and Marketing

Sales and marketing expenses are expensed as incurred and include the costs of digital marketing strategies, branding costs and other advertising costs, certain depreciation and amortization expense, and compensation expenses, including stock-based compensation, to the Company’s sales and marketing employees. For the three and nine months ended September 30, 2021 and 2020, the Company’s advertising costs were $5.5 million and $3.3 million, respectively and $14.4 million and $8.4 million, respectively.

(k)

Operations and Support

Operations and support expenses are the costs the Company incurs in support of the customers and sellers on Xometry’s platform which are provided by phone, email and chat for purposes of resolving customer and seller related matters. These costs primarily consist of compensation expenses of the support staff, including stock-based compensation, certain depreciation and amortization expense and software costs used in delivering customer and seller service.

(l)

Product Development

Product development costs which are not eligible for capitalization are expensed as incurred. This account also includes compensation expenses, including stock-based compensation to the Company’s employees performing these functions and certain depreciation and amortization expense.

(m)

General and Administrative

General and administrative expenses primarily consist of professional service fees, public company costs, charitable contributions and certain depreciation and amortization expense. It also includes compensation expenses, including stock-based compensation expenses, for executive, finance, legal and other administrative personnel.

(n)

Stock Based Compensation

All stock based compensation, including stock options and restricted stock units are measured at the grant date fair value of the award. The Company estimates grant date fair value of stock options using the Black-Scholes option-pricing model. The fair value of stock options and restricted stock units is recognized as compensation expense on a straight-line basis over the requisite service period, which is typically four years. The fair value of the restricted stock units is determined using the fair value of the Company's Class A common stock on the date of grant. Forfeitures are recorded in the period in which they occur.

The Black-Scholes model considers several variables and assumptions in estimating the fair value of stock-based awards. These variables include:



expected annual dividend yield;



expected volatility over the expected term;



expected term;



risk free interest rate;



per share value of the underlying common stock; and



exercise price.

For all stock options granted, the Company calculated the expected term using the simplified method for “plain vanilla” stock option awards. The risk-free interest rate is based on the yield available on U.S. Treasury issues similar in duration to the expected

term of the stock-based award. As there was no public market for the Company's common stock prior to the IPO, the Company estimates its expected share price volatility based on the historical volatility of publicly traded peer companies and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded share price. The Company utilized a dividend yield of zero, as it had no history or plan of declaring dividends on its common stock.

(k)

Net Loss Per Share

Basic net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. The diluted net loss per share is computed by giving effect to all potentially dilutive securities outstanding for the period. For periods in which the Company reports net losses, diluted net loss per common share is the same as basic net loss per common share, because all potentially dilutive securities are anti-dilutive. Vested RSUs that have not been settled have been included in the appropriate common share class used to calculate basic net loss per share.

Subsequent to the Company's IPO on July 2, 2021, the Company computes net loss per share using the two-class method required for multiple classes of common stock and participating securities. The two-class method requires income available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. Certain unvested share-based payment awards that contain nonforfeitable rights to dividends are treated as participating securities and therefore included in computing net income per share using the two-class method. The rights, including the liquidation and dividend rights, of the Class A common stock and Class B common stock are substantially identical, other than voting rights. Accordingly, the Class A common stock and Class B common stock shared proportionately in the Company’s net losses.

(p)

Reclassifications

The Company has reclassified certain amounts on its financial statements related to its prior periods to conform to its current period presentation. These reclassifications have not changed the results of operations of prior periods.

(q)

Recently Issued Accounting Standards

New Accounting Pronouncements Effective in Future Periods

In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (“Topic 326”), Measurement of Credit Losses on Financial Instruments. Topic 326 changes the impairment model for most financial assets and certain other instruments. Under the new standard, entities holding financial assets and net investment in leases that are not accounted for at fair value through net income are to be presented at the net amount expected to be collected. An allowance for credit losses will be a valuation account that will be deducted from the amortized cost basis of the financial asset to present the net carrying value at the amount expected to be collected on the financial asset. Topic 326 is effective as of January 1, 2023. Early adoption is permitted. The Company is currently evaluating the impact of Topic 326 on its consolidated financial statements and related disclosures.

There are currently no other accounting standards that have been issued, but not yet adopted, that are expected to have a significant impact on the Company’s consolidated financial position, results of operations or cash flows upon adoption.

Credit Concentrations

9 Months Ended

Sep. 30, 2021

Risks And Uncertainties [Abstract]

Credit Concentrations

(3) Credit Concentrations

Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash and accounts receivable. The Company maintains its cash, which at times may exceed federally insured limits, in deposit accounts at major financial institutions. Most of the Company’s customers are located in the United States.

For the three and nine months ended September 30, 2021, no one customer accounted for more than 10% of the Company's revenue. For the three and nine months ended September 30, 2020, one customer accounted for more than 10% of the Company's revenue. As of September 30, 2021 and December 31, 2020, no single customer accounted for more than 10% of the Company’s accounts receivable.

Inventory

9 Months Ended

Sep. 30, 2021

Inventory Disclosure [Abstract]

Inventory

(4) Inventory

Inventory consists of raw materials, work-in-process, tools inventory and finished goods. Raw materials (plastics and metals) become manufactured products in the additive and subtractive manufacturing processes. Work in progress represents manufacturing costs associated with customer orders that are not yet complete. The tools inventory primarily consists of small consumable machine tools, cutting devices, etc. Finished goods represents product awaiting shipment. Inventory consists of the following as of September 30, 2021 and December 31, 2020 (in thousands):


	September 30,		December 31,
	2021		2020

Raw materials	$	136	$	634
Work-in-progress		891		1,247
Tools inventory		330		312
Finished goods		70		101
Total	$	1,427	$	2,294

Property and Equipment and Long-Lived Assets

9 Months Ended

Sep. 30, 2021

Property Plant And Equipment [Abstract]

Property and Equipment and Long-Lived Assets

(5) Property and Equipment and Long-Lived Assets

Property and equipment consist of the following as of September 30, 2021 and December 31, 2020 (in thousands):


		September 30,			December 31,
	Useful Life	2021			2020

Technology hardware	3 years	$	1,899		$	1,452
Manufacturing equipment	5 years		2,750			2,603
Capitalized software development	3 years		11,972			8,123
Patent	17 years		165			157
Leasehold improvements	Shorter of useful life or lease term		717			717
Furniture and fixtures	7 years		826			675
Total			18,329			13,727
Less accumulated depreciation			(9,714	)		(7,614	)
Property and Equipment, net		$	8,615		$	6,113

Depreciation expense for the three and nine months ended September 30, 2021 and 2020 was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020

Cost of revenue	$	21	$	60	$	70	$	178
Sales and marketing		-		6		11		17
Operations and support		31		46		118		144
Product development		632		474		1,793		1,043
General and administrative		64		86		108		198
Total	$	748	$	672	$	2,100	$	1,580

Leases

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Leases

(6) Leases

Operating lease expense for the three and nine months ended September 30, 2021 and 2020 was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020

Cost of revenue	$	18	$	45	$	72	$	135
Operations and support		27		-		45		1
General and administrative	278		268		859		801
Total operating lease expense	$	323	$	313	$	976	$	937

During the second quarter of 2021, the Company extended by three years an existing operating lease and entered into a new three year facility operating lease. In connection with these leases, the Company recorded non-cash ROU assets and liabilities of $0.9 million.

During the third quarter of 2021, the Company extended two existing leases, entered into two new leases and terminated one lease. The new or extended leases has terms ranging between 3-months and 3 years. In connection with these leases, the Company recorded non-cash ROU assets and liabilities of $1.3 million. For the one lease that was terminated, the Company derecognized a ROU asset and liability of $0.1 million.

Common Stock

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Common Stock

(7) Common Stock

Prior to the Company's IPO on July 2, 2021, holders of common stock were entitled to one vote per share, and receive dividends and, upon liquidation or dissolution, were entitled to receive all assets available for distribution to stockholders. The holders had no preemptive or other subscription rights and there were no redemption or sinking fund provisions with respect to such shares. Common stock was subordinate to the preferred stock with respect to dividend rights, rights upon liquidation, and dissolution of the Company.

In connection with the Company's IPO on July 2, 2021, the 8,665,797 shares of common stock outstanding on June 30, 2021 were reclassified to Class A common stock. Of those 8,665,797 shares of common stock, 2,268,846 were exchanged for Class B common stock.

On July 2, 2021, the Company amended and restated its certificate of incorporation to provide for two classes of common stock: Class A common stock and Class B common stock. The Company's authorized capital stock consists of 805 million shares, all with a par value of $0.000001 per share, of which:



750,000,000 are designated Class A common stock;



5,000,000 are designated Class B common stock; and



50,000,000 are designated preferred stock.

Shares of Class A common stock and Class B common stock have the same rights and privileges and rank equally, share ratably and are identical in all respects, including but not limited to dividends and distributions, liquidation rights, change of control transactions, subdivisions and combinations, no preemptive or similar rights, and conversion.

Holders of our Class A common stock are entitled to one vote per share on any matter that is submitted to a vote of our stockholders. Holders of our Class B common stock are entitled to 20 votes per share on any matter submitted to a vote of our stockholders.

Convertible Preferred Stock

9 Months Ended

Sep. 30, 2021

Temporary Equity Disclosure [Abstract]

Convertible Preferred Stock

(8) Convertible Preferred Stock

The Company issued the following series of its preferred stock–Series Seed-1 Convertible Preferred Stock in September 2013, Series Seed-2 Convertible Preferred Stock in July 2014, Series A-1 Convertible Preferred Stock in October 2015, Series A-2 Convertible Preferred Stock in December 2016 and July 2020, Series B Convertible Preferred Stock in June 2017 and July 2020, Series C Convertible Preferred Stock in June 2018 and July 2020, Series D Convertible Preferred Stock in May 2019 and July 2020, Series E Convertible Preferred Stock in July 2020 (collectively referred to as the “Convertible Preferred Stock”).

As of December 31, 2020, the numbers of authorized and outstanding shares in the Convertible Preferred Stock, with their total respective liquidation preferences, were as follows (in thousands, except share and per share data):



		Shares				Liquidation		Carrying
	Par Value	Authorized		Outstanding		preference		Value
Series:
Series Seed-1 Convertible Preferred Stock	$0.000001		4,200,000		4,200,000	$	4,200	$	4,200
Series Seed-2 Convertible Preferred Stock	$0.000001		2,188,322		2,188,322		2,998		2,998
Series A-1 Convertible Preferred Stock	$0.000001		4,211,094		4,211,094		8,800		8,704
Series A-2 Convertible Preferred Stock	$0.000001		1,591,230		1,591,230		12,884		12,839
Series B Convertible Preferred Stock	$0.000001		4,132,055		4,044,271		20,764		20,347
Series C Convertible Preferred Stock	$0.000001		3,754,201		3,754,201		26,248		26,004
Series D Convertible Preferred Stock	$0.000001		5,494,064		5,494,064		54,933		54,864
Series E Convertible Preferred Stock	$0.000001		2,400,000		2,275,759		32,693		30,757
Totals			27,970,966		27,758,941	$	163,520	$	160,713

In connection with the Company's IPO on July 2, 2021, 27,758,941 shares of Convertible Preferred Stock were converted to Class A common stock. Of those 27,758,941 shares of Convertible Preferred Stock, 407,308 were exchanged for Class B common stock.

Stock Based Compensation

9 Months Ended

Sep. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock Based Compensation

(9) Stock Based Compensation

In 2014, the Company adopted a stock compensation plan (the "2014 Equity Incentive Plan") pursuant to which the Company may grant stock options, stock purchase rights, restricted stock awards, or stock awards to employees, directors and consultants (including prospective employees, directors, and consultants). This plan was terminated in February 2016. No additional awards may be granted under the 2014 Equity Incentive Plan, however, outstanding awards continue in full effect in accordance with their existing terms.

In 2016, the Company adopted a stock compensation plan (the “2016 Equity Incentive Plan”) pursuant to which the Company may grant stock options, stock purchase rights, restricted stock awards, or stock awards to employees, directors and consultants (including prospective employees, directors, and consultants). No additional awards may be granted under the 2016 Equity Incentive Plan, however, outstanding awards continue in full effect in accordance with their existing terms.

In connection with the IPO on July 2, 2021, the Company's board of directors adopted the 2021 Equity Incentive Plan (the "2021 Equity Incentive Plan"). The 2021 Equity Incentive Plan provides for the grant of incentive stock options ("ISOs"), nonstatutory stock options ("NSOs"), stock appreciation rights, restricted stock awards, restricted stock unit awards, performance-based awards and other awards, or collectively, awards. ISOs may be granted only to Xometry employees, including Xometry officers, and the employees of Xometry affiliates. All other awards may be granted to Xometry employees, including our officers, Xometry non-employee directors and consultants and the employees and consultants of Xometry affiliates. The maximum number of shares of common stock that may be issued under the Company's 2021 Plan is 4,026,588 shares.

As of September 30, 2021, there were 3,919,219 shares available for the Company to grant under the 2021 Equity Incentive Plan. As of December 31, 2020, there were 203,535 shares available for the Company to grant under the 2016 Equity Incentive Plan.

Stock Options

Prior to the Company's IPO on July 2, 2021, the fair value of the Company’s common stock was estimated by management as there was no public market for the Company’s common stock. Xometry’s market-based methodology considered a number of objective and subjective factors including third-party valuations of its common stock, the valuation of comparable companies, sales of the Company’s convertible preferred stock to outside investors in arms-length transactions, the Company’s operating and financial performance, the lack of marketability, and general and industry specific economic outlook, amongst others.

The weighted average assumptions for the nine months ended September 30, 2021 and September 30, 2020 are provided in the following table.


	September 30,			September 30,
	2021			2020
Valuation assumptions:
Expected dividend yield	—			—
Expected volatility		53	%		47	%
Expected term (years)		6.0			6.0
Risk-free interest rate		1.1	%		0.7	%
Fair value of share	$	26.96		$	3.83

A summary of the status of the Company’s stock option activity and the changes during the nine months ended September 30, 2021 are as follows (in millions, except share and per share amounts):


	Number of Shares			Weighted Average Exercise Price Per Share		Average Remaining Contractual Term		Aggregate Intrinsic Value
Exercisable at December 31, 2020		1,193,301		$	2.14		7.2	$	2.8

Balance at December 31, 2020		3,152,774		$	2.97		8.3	$	4.7
Granted		1,393,431		$	12.24		10.0
Exercised		(949,759	)	$	1.94		6.5
Forfeited		(109,506	)	$	6.62		—
Expired		(8,825	)	$	2.61		—
Balance at September 30, 2021		3,478,115		$	6.85		8.6	$	176.8

Exercisable at September 30, 2021		947,409		$	3.23		7.6	$	51.6

In April 2021, the Company granted stock options to purchase up to 1.3 million shares of our common stock at an exercise price of $12.32 per share which generally vest over a requisite service period of four years. In the second quarter of 2021, the Company assessed the fair value of the Company's April 2021 stock option grant, giving consideration to the Company's initial public offering price of $44.00 per share. The Company assumed a $28.00 per share fair value, which was based on a 30% discount from the midpoint of our initial price range, in order to determine the appropriate stock-based compensation expense for financial reporting purposes. The Company estimated that the fair value of the April 2021 grants approximated $25.6 million which is being recognized over 4 years from the grant date.

The weighted average grant date fair value of options granted during the nine months ended September 30, 2021 was $18.73. The total intrinsic value of options exercised during the nine months ended September 30, 2021 was $26.4 million.

At September 30, 2021, there was approximately $23.9 million of total unrecognized compensation cost related to unvested stock options granted under the 2016 Equity Incentive Plan. That cost is expected to be recognized over a weighted average period of 3.4 years at September 30, 2021.

The Company currently uses authorized and unissued shares to satisfy share award exercises.

Restricted Stock Units

A summary of the status of the Company’s restricted stock unit activity and the changes during the nine months ended September 30, 2021 are as follows (in millions, except share and per share amounts):


	Number of Shares			Weighted Average Grant Date fair value (per share)		Aggregate Intrinsic Value

Unvested RSUs as of December 31, 2020		-		$	-	$	-
Granted		107,648		$	75.32
Vested		(615	)	$	76.10
Forfeited and cancelled		(279	)	$	76.10
Unvested RSUs as of September 30, 2021		106,754		$	75.31	$	6.2

At September 30, 2021, there was approximately $7.8 million of total unrecognized compensation cost related to unvested restricted stock units granted under the 2021 Equity Incentive Plan. That cost is expected to be recognized over a weighted average period of 3.8 years at September 30, 2021.

Total stock-based compensation cost for the three and nine months ended September 30, 2021 and 2020 were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020

Sales and marketing	$	335	$	46	$	690	$	106
Operations and support		670		75		1,364		175
Product development		488		109		979		253
General and administrative		773		63		1,714		145
Total stock compensation expense	$	2,266	$	293	$	4,747	$	679

Income Taxes

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

(10) Income Taxes

A full valuation allowance has been established against our net U.S. federal and state deferred tax assets and foreign deferred tax assets, including net operating loss carryforwards.

The Company had no current or deferred income tax benefit or expense in the U.S. or Germany for the three and nine months ended September 30, 2021 and 2020. This effective tax rate of 0% differs from the U.S. federal statutory rate primarily due to the effects of certain permanent items, foreign tax rate differences, and increases in the valuation allowance against deferred tax assets.

Net Operating Loss and Credit Carryforwards

As of December 31, 2020, the Company has net operating loss (“NOL”) carryforwards for U.S. federal income tax purposes, and similar state amounts, of approximately $90.1 million available to reduce future income subject to income taxes before limitations. As of December 31, 2020, the Company had a net operating loss carryforward for tax purposes related to its foreign subsidiary of $10.2 million. U.S. federal net operating carryforwards generated prior to 2018 in the approximate amount of $26.6 million will begin to expire, if not utilized, in 2033. German net operating loss and U.S. federal net operating losses post 2017 have an indefinite life. The Company expects the $90.1 million of U.S. federal net operating losses to be available to offset future taxable income. The Company has not completed an updated Section 382 study to assess whether an ownership change occurred subsequent to our IPO on July 2, 2021. Pursuant to Sections 382 and 383 of the Internal Revenue Code, annual use of our net operating loss carryforwards may be limited in the event a cumulative change in ownership of more than 50% occurs within a three-year period.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Net Loss Per Share Attributable to Common Stockholders

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

(11) Net Loss Per Share Attributable to Common Stockholders

The Company computes net loss per share of Class A common stock, Class B common stock and participating securities using the two-class method. Basic and diluted EPS are the same for each class of common stock and participating securities because they are entitled to the same liquidation and dividend rights. The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share data):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020

Net loss	$	(14,711	)	$	(6,183	)	$	(37,476	)	$	(20,909	)
Deemed dividend to preferred stockholders		—			(8,801	)		—			(8,801	)
Net loss attributable to common stockholders	$	(14,711	)	$	(14,984	)	$	(37,476	)	$	(29,710	)

Weighted-average number of shares outstanding used to compute net loss per share, basic and diluted		43,962,863			7,546,458			20,092,600			7,458,671
Net loss per share, basic and diluted	$	(0.33	)	$	(1.99	)	$	(1.87	)	$	(3.98	)

The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share because including them would have had an anti-dilutive effect, or issuance of such shares is contingent upon the occurrence of an event:


	As of September 30,		As of September 30,
	2021		2020
Stock options outstanding		3,478,115		3,122,261
Unvested restricted stock units		106,754		—
Warrants outstanding		112,026		112,026
Shares reserved for charitable contribution		382,525		—
Total shares		4,079,420		3,234,287

Debt Commitments and Contingencies

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Debt Commitments and Contingencies

(12) Debt Commitments and Contingencies

The Company was party to an amended and restated loan and security agreement ("Amended Loan and Security Agreement") with Hercules Capital, Inc. (“Hercules”) for a term loan ("the Term Loan Facility"). Under the Amended Loan and Security Agreement, effective January 30, 2020, the Company could borrow up to $15 million under the Term Loan Facility, all of which became available to the Company immediately on the agreement date. On July 9, 2021, the Company repaid the full amount of its term loan with Hercules with proceeds from the IPO (see Note 1). In connection with the debt extinguishment, the Company paid Hercules $16.2 million and recorded a loss on debt extinguishment of approximately $0.3 million.

Prior to its repayment, the term loan accrued interest at the greater of (i) 8.7% per annum or (ii) 8.7% per annum plus the prime rate minus 4.75% per annum. The term loan agreement required a maximum $1.2 million end of term fee due and payable on the maturity date of May 1, 2022, however, if the term loan was repaid prior to November 1, 2021, the amount owed would be $0.9 million. As of December 31, 2020, the Company owed $15.8 million on this term loan, including principal borrowings and accrued end of term fee.

As part of the initial term loan agreement with Hercules, the Company issued a warrant to purchase 87,784 shares of the Company’s Series B Convertible Preferred Stock with a strike price of $5.13 per share that expires in May 2025. Upon closing of the IPO on July 2, 2021, the warrant held by Hercules may only be exercised for shares of Class A common stock.

The Term Loan Facility contained customary affirmative and negative covenants, including covenants that required Hercules consent to, among other things, merge or consolidate or acquire assets outside the ordinary course of business, make investments, incur additional indebtedness or guarantee indebtedness of others, pay dividends and redeem and repurchase the Company’s capital stock, enter into transactions with affiliates outside the ordinary course of business, and create liens on Company assets. Xometry was in compliance with covenants at the time the term loan was repaid and as of December 31, 2020.

Contingencies

The Company from time to time may be subject to various claims and legal proceedings covering a range of matters that arise in the ordinary course of its business activities. In the opinion of the Company, although the outcome of any legal proceedings cannot be predicted with certainty, the ultimate liability of the Company in connection with its legal proceedings is not expected to have a material adverse effect on the Company’s financial position or operations.

Segments

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Segments

(13) Segments

Xometry is organized in two segments referred to as: (1) the U.S. and (2) Europe. Xometry’s operating segments are also the Company’s reportable segments. Xometry’s reportable segments, whose products and offerings are generally the same, are managed separately based on geography. Xometry’s two segments are defined based on the reporting and review process used by the chief operating decision maker (“CODM”), the Chief Executive Officer. The Company evaluates the performance of the operating segments primarily based on revenue and segment “profits/loss” which is largely the results of the segment before income taxes. The Company has not allocated certain general and administrative expenses to the Europe segment. The Company’s CODM monitors assets of the consolidated Company, but does not use assets, by operating segment when assessing performance or making operating segment resource decisions.

The following tables reflect certain segment information for the three and nine months ended September 30, 2021 and 2020 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Revenue
U.S.	$	51,739	$	41,145	$	140,266	$	101,537
Europe		4,988		808		10,972		1,888
Total	$	56,727	$	41,953	$	151,238	$	103,425


	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Segment Losses
U.S.	$	(12,550	)	$	(4,101	)	$	(30,152	)	$	(16,092	)
Europe		(2,161	)		(2,082	)		(7,324	)		(4,817	)
Total	$	(14,711	)	$	(6,183	)	$	(37,476	)	$	(20,909	)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Related Party Transactions

9 Months Ended

Sep. 30, 2021

Related Party Transactions

(14) Related Party Transactions

Prior the Company's IPO on July 2, 2021, certain companies and/or affiliates of companies that were holders of the Company’s Convertible Preferred Stock acquired products and assemblies through the Xometry platform. These Convertible Preferred Stock converted to Class A common stock on July 2, 2021. As such, Xometry’s revenue, accounts receivable, and accounts payable include amounts from these companies and/or affiliates of these companies.

For the nine months ended September 30, 2021, Xometry recognized $0.7 million from companies/and or affiliates of these companies. For the three months and nine months ended September 30, 2020, Xometry recognized revenue of approximately $0.2 million and $1.1 million, respectively from companies/and or affiliates of these companies. As December 31, 2020, the Company had approximately $0.4 million of accounts receivable from companies and/or affiliates of these companies.

Certain companies and/or affiliates of companies that were holders of the Company’s Convertible Preferred Stock were no longer considered related parties after the IPO.

In February 2018, the Company entered into a consulting agreement with Business Improvement Systems, Inc., which is owned by Peter Goguen. Peter Goguen is Xometry’s Chief Operating Officer. Pursuant to the terms of this agreement, the Company paid Business Improvement Systems, Inc. a monthly consulting fee in the amount of $11,667. Business Improvement Systems, Inc. ("BIS") provided the Company with consulting services related to operating services. This agreement was terminated as of January 31, 2021.

For the three months ended September 30, 2021, no amounts were paid to BIS. For the three months ended September 30, 2020, the Company paid BIS, approximately $0.1 million. As of September 30, 2021, the Company had no amounts payable to BIS. As of December 31, 2020, the Company had $0.1 million payable to BIS.

For the nine months ended September 30, 2021 and 2020, the Company paid BIS, approximately $0.2 million and $0.2 million, respectively.

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

(15) Goodwill and Intangible Assets

The following tables summarize the Company’s intangible assets (dollars in thousands):


	September 30, 2021
	Weighted average amortization period in years		Gross carrying amount		Accumulated amortization		Net carrying amount

Intangible Assets
Amortizing intangible assets:
Non Compete		2	$	106	$	106	$	—
Customer Relationships		1		539		520		19
Trade Names		6		173		141		32
Developed Technology		3		762		558		204
Vendor Relationships		15		1,404		204		1,200
Total intangible assets			$	2,984	$	1,529	$	1,455


	December 31, 2020
	Weighted average amortization period in years		Gross carrying amount		Accumulated amortization		Net carrying amount
Intangible Assets
Amortizing intangible assets:
Non Compete		2	$	106	$	106	$	—
Customer Relationships		1		539		512		27
Trade Names		6		173		141		32
Developed Technology		3		762		438		324
Vendor Relationships		15		1,404		135		1,269
Total intangible assets			$	2,984	$	1,332	$	1,652

As of September 30, 2021 and December 31, 2020, Xometry’s goodwill of $0.8 million is part of the Company's U.S. operating segment.

As of September 30, 2021, estimated amortization expense for the remainder of 2021 and next five years is: $0.1 million in 2021, $0.3 million in 2022, $0.1 million in 2023, $0.1 million in 2024, $0.1 million in 2025 and $0.1 million in 2026.

Amortization expense for the three and nine months ended September 30, 2021 and 2020 was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Sales and marketing	$	26	$	155	$	77	$	491
Product development		40		40		120		177
General and administrative		2		2		7		8
Total	$	68	$	197	$	204	$	676

Subsequent Events

9 Months Ended

Sep. 30, 2021

Subsequent Events [Abstract]

Subsequent Events

(16) Subsequent Events

On November 1, 2021, the Company acquired certain assets and liabilities from Big Blue Saw LLC ("Big Blue Saw"), subject to an Asset Purchase Agreement for total consideration of $2.5 million. The total consideration includes cash consideration at closing of $1.25 million, $250,000 of Class A common stock at closing and contingent consideration of $1.0 million. Big Blue Saw extends our marketplace capabilities in water jet and laser cutting.

On November 5, 2021, the Company acquired certain assets and liabilities from Fusiform, Inc. (dba FactoryFour), subject to an Asset Purchase Agreement for total consideration of $6.3 million. The total consideration includes cash consideration at closing of $1.9 million, $1.9 million of Class A common stock at closing and contingent consideration of $2.5 million. FactoryFour will provide a SaaS based solution to help manufacturers in the Xometry marketplace improve lead times and make strong, data-driven decisions through real-time production tracking.

Basis of Presentation and Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Basis of Presentation

(a)

Basis of Presentation

The Company has two reporting segments which are referred to as: (1) the United States (“U.S.”) and (2) Europe.

Foreign Operations and Comprehensive Loss

Use of Estimates

(b)

Use of Estimates

Fair Value Measurements and Financial Instruments

(c)

Fair Value Measurements and Financial Instruments

Marketable Securities

(d)

Marketable Securities

Accounts Receivable

(e)

Accounts Receivable

Property and Equipment and Long-Lived Assets

(f)

Property and Equipment and Long-Lived Assets

Revenue

(g)

Revenue

Sales tax collected from customers and remitted to governmental authorities is excluded from revenue.

Contract Liabilities

The following table is a summary of the contract liabilities as of December 31, 2020 and September 30, 2021 (in thousands):


Rollforward of contract liabilities:
Contract liabilities at December 31, 2020	$	2,355
Revenue recognized		(59,033	)
Payments received in advance		60,057
Contract liabilities at September 30, 2021	$	3,379

During the period ended September 30, 2021, the Company recognized $2.4 million of revenue related to its contract liabilities at December 31, 2020.

Sales Contract Acquisition Costs

Cost of Revenue

(h)

Cost of Revenue

Leases

(i)

Leases

Lease expense for lease payments is recognized on a straight-line basis over the term of the lease.

Sales and Marketing

(j)

Sales and Marketing

Operations and Support

(k)

Operations and Support

Product Development

(l)

Product Development

General and Administrative

(m)

General and Administrative

Stock Based Compensation

(n)

Stock Based Compensation

The Black-Scholes model considers several variables and assumptions in estimating the fair value of stock-based awards. These variables include:



expected annual dividend yield;



expected volatility over the expected term;



expected term;



risk free interest rate;



per share value of the underlying common stock; and



exercise price.

Net Loss Per Share

(k)

Net Loss Per Share

Reclassifications

(p)

Reclassifications

Recently Issued Accounting Standards

(q)

Recently Issued Accounting Standards

New Accounting Pronouncements Effective in Future Periods

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Summary of Contract Liabilities

The following table is a summary of the contract liabilities as of December 31, 2020 and September 30, 2021 (in thousands):


Rollforward of contract liabilities:
Contract liabilities at December 31, 2020	$	2,355
Revenue recognized		(59,033	)
Payments received in advance		60,057
Contract liabilities at September 30, 2021	$	3,379

During the period ended September 30, 2021, the Company recognized $2.4 million of revenue related to its contract liabilities at December 31, 2020.

Inventory (Tables)

9 Months Ended

Sep. 30, 2021

Inventory Disclosure [Abstract]

Schedule of Components of Inventory

Inventory consists of the following as of September 30, 2021 and December 31, 2020 (in thousands):


	September 30,		December 31,
	2021		2020

Raw materials	$	136	$	634
Work-in-progress		891		1,247
Tools inventory		330		312
Finished goods		70		101
Total	$	1,427	$	2,294

Property and Equipment and Long-Lived Assets (Tables)

9 Months Ended

Sep. 30, 2021

Property Plant And Equipment [Abstract]

Summary of Components of Property and Equipment

Property and equipment consist of the following as of September 30, 2021 and December 31, 2020 (in thousands):


		September 30,			December 31,
	Useful Life	2021			2020

Technology hardware	3 years	$	1,899		$	1,452
Manufacturing equipment	5 years		2,750			2,603
Capitalized software development	3 years		11,972			8,123
Patent	17 years		165			157
Leasehold improvements	Shorter of useful life or lease term		717			717
Furniture and fixtures	7 years		826			675
Total			18,329			13,727
Less accumulated depreciation			(9,714	)		(7,614	)
Property and Equipment, net		$	8,615		$	6,113

Summary of Depreciation Expense

Depreciation expense for the three and nine months ended September 30, 2021 and 2020 was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020

Cost of revenue	$	21	$	60	$	70	$	178
Sales and marketing		-		6		11		17
Operations and support		31		46		118		144
Product development		632		474		1,793		1,043
General and administrative		64		86		108		198
Total	$	748	$	672	$	2,100	$	1,580

Leases (Tables)

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Schedule of Operating Lease Expense

Operating lease expense for the three and nine months ended September 30, 2021 and 2020 was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020

Cost of revenue	$	18	$	45	$	72	$	135
Operations and support		27		-		45		1
General and administrative	278		268		859		801
Total operating lease expense	$	323	$	313	$	976	$	937

Convertible Preferred Stock (Tables)

9 Months Ended

Sep. 30, 2021

Temporary Equity Disclosure [Abstract]

Schedule of Numbers of Authorized and Outstanding Shares of Convertible Preferred Stock



		Shares				Liquidation		Carrying
	Par Value	Authorized		Outstanding		preference		Value
Series:
Series Seed-1 Convertible Preferred Stock	$0.000001		4,200,000		4,200,000	$	4,200	$	4,200
Series Seed-2 Convertible Preferred Stock	$0.000001		2,188,322		2,188,322		2,998		2,998
Series A-1 Convertible Preferred Stock	$0.000001		4,211,094		4,211,094		8,800		8,704
Series A-2 Convertible Preferred Stock	$0.000001		1,591,230		1,591,230		12,884		12,839
Series B Convertible Preferred Stock	$0.000001		4,132,055		4,044,271		20,764		20,347
Series C Convertible Preferred Stock	$0.000001		3,754,201		3,754,201		26,248		26,004
Series D Convertible Preferred Stock	$0.000001		5,494,064		5,494,064		54,933		54,864
Series E Convertible Preferred Stock	$0.000001		2,400,000		2,275,759		32,693		30,757
Totals			27,970,966		27,758,941	$	163,520	$	160,713

Stock Based Compensation (Tables)

9 Months Ended

Sep. 30, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Schedule of Weighted Average Assumptions

The weighted average assumptions for the nine months ended September 30, 2021 and September 30, 2020 are provided in the following table.


	September 30,			September 30,
	2021			2020
Valuation assumptions:
Expected dividend yield	—			—
Expected volatility		53	%		47	%
Expected term (years)		6.0			6.0
Risk-free interest rate		1.1	%		0.7	%
Fair value of share	$	26.96		$	3.83

Summary of Stock Option Activity

A summary of the status of the Company’s stock option activity and the changes during the nine months ended September 30, 2021 are as follows (in millions, except share and per share amounts):


	Number of Shares			Weighted Average Exercise Price Per Share		Average Remaining Contractual Term		Aggregate Intrinsic Value
Exercisable at December 31, 2020		1,193,301		$	2.14		7.2	$	2.8

Balance at December 31, 2020		3,152,774		$	2.97		8.3	$	4.7
Granted		1,393,431		$	12.24		10.0
Exercised		(949,759	)	$	1.94		6.5
Forfeited		(109,506	)	$	6.62		—
Expired		(8,825	)	$	2.61		—
Balance at September 30, 2021		3,478,115		$	6.85		8.6	$	176.8

Exercisable at September 30, 2021		947,409		$	3.23		7.6	$	51.6

Summary of Restricted Stock Unit Activity


	Number of Shares			Weighted Average Grant Date fair value (per share)		Aggregate Intrinsic Value

Unvested RSUs as of December 31, 2020		-		$	-	$	-
Granted		107,648		$	75.32
Vested		(615	)	$	76.10
Forfeited and cancelled		(279	)	$	76.10
Unvested RSUs as of September 30, 2021		106,754		$	75.31	$	6.2

Schedule of Total Stock-based Compensation Costs

Total stock-based compensation cost for the three and nine months ended September 30, 2021 and 2020 were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020

Sales and marketing	$	335	$	46	$	690	$	106
Operations and support		670		75		1,364		175
Product development		488		109		979		253
General and administrative		773		63		1,714		145
Total stock compensation expense	$	2,266	$	293	$	4,747	$	679

Net Loss Per Share Attributable to Common Stockholders (Tables)

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Computation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share data):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020

Net loss	$	(14,711	)	$	(6,183	)	$	(37,476	)	$	(20,909	)
Deemed dividend to preferred stockholders		—			(8,801	)		—			(8,801	)
Net loss attributable to common stockholders	$	(14,711	)	$	(14,984	)	$	(37,476	)	$	(29,710	)

Weighted-average number of shares outstanding used to compute net loss per share, basic and diluted		43,962,863			7,546,458			20,092,600			7,458,671
Net loss per share, basic and diluted	$	(0.33	)	$	(1.99	)	$	(1.87	)	$	(3.98	)

Schedule of Outstanding Shares of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share


	As of September 30,		As of September 30,
	2021		2020
Stock options outstanding		3,478,115		3,122,261
Unvested restricted stock units		106,754		—
Warrants outstanding		112,026		112,026
Shares reserved for charitable contribution		382,525		—
Total shares		4,079,420		3,234,287

Segments (Tables)

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Summary of Segment Information

The following tables reflect certain segment information for the three and nine months ended September 30, 2021 and 2020 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Revenue
U.S.	$	51,739	$	41,145	$	140,266	$	101,537
Europe		4,988		808		10,972		1,888
Total	$	56,727	$	41,953	$	151,238	$	103,425


	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Segment Losses
U.S.	$	(12,550	)	$	(4,101	)	$	(30,152	)	$	(16,092	)
Europe		(2,161	)		(2,082	)		(7,324	)		(4,817	)
Total	$	(14,711	)	$	(6,183	)	$	(37,476	)	$	(20,909	)

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2021

Goodwill And Intangible Assets Disclosure [Abstract]

Summary of Intangible Assets

The following tables summarize the Company’s intangible assets (dollars in thousands):


	September 30, 2021
	Weighted average amortization period in years		Gross carrying amount		Accumulated amortization		Net carrying amount

Intangible Assets
Amortizing intangible assets:
Non Compete		2	$	106	$	106	$	—
Customer Relationships		1		539		520		19
Trade Names		6		173		141		32
Developed Technology		3		762		558		204
Vendor Relationships		15		1,404		204		1,200
Total intangible assets			$	2,984	$	1,529	$	1,455


	December 31, 2020
	Weighted average amortization period in years		Gross carrying amount		Accumulated amortization		Net carrying amount
Intangible Assets
Amortizing intangible assets:
Non Compete		2	$	106	$	106	$	—
Customer Relationships		1		539		512		27
Trade Names		6		173		141		32
Developed Technology		3		762		438		324
Vendor Relationships		15		1,404		135		1,269
Total intangible assets			$	2,984	$	1,332	$	1,652

Schedule of Amortization Expense

Amortization expense for the three and nine months ended September 30, 2021 and 2020 was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Sales and marketing	$	26	$	155	$	77	$	491
Product development		40		40		120		177
General and administrative		2		2		7		8
Total	$	68	$	197	$	204	$	676

Organization and Description of Business - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended	9 Months Ended
	Jul. 02, 2021	Sep. 30, 2021	Sep. 30, 2021	Dec. 31, 2020
Subsidiary, Sale of Stock [Line Items]
Entity month and year of incorporation			2013-05
Other offering costs		$ 3,995	$ 3,995
Common stock share outstanding		0	0	7,755,782
Class A Common Stock
Subsidiary, Sale of Stock [Line Items]
Donated common stock, shares		20,133	20,133
Donated common stock		$ 1,200
Common stock share outstanding		41,714,711	41,714,711	0
Common stock shares reserved of fully diluted capitalization	402,658
Percentage of fully diluted capitalization for charitable contributions to non-profit organization	1.00%
Maximum percentage of shares issued over next five years of initial reserve amount per year	20.00%
Class B Common Stock
Subsidiary, Sale of Stock [Line Items]
Common stock share outstanding		2,676,154	2,676,154	0
IPO
Subsidiary, Sale of Stock [Line Items]
Stock issued and sold	7,906,250
Offering price per share	$ 44.00
Net proceeds after deducting underwriting discounts and commissions	$ 325,300
Underwriting discounts and commissions	22,600
Other offering costs	$ 4,000
IPO \| Class A Common Stock
Subsidiary, Sale of Stock [Line Items]
Stock issued and sold		7,906,250	7,906,250
Common stock share outstanding	8,665,797
Outstanding convertible preferred stock were converted into Class A common stock	27,758,941
IPO \| Class B Common Stock
Subsidiary, Sale of Stock [Line Items]
Class A Common stock shares exchanged into class B common stock	2,676,154

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended
	Aug. 31, 2021 USD ($)	Apr. 30, 2021	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($) Segment	Sep. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)
Basis of Presentation and Summary of Significant Accounting Policies [Abstract]
Number of reportable segments \| Segment					2
Proceeds from IPO in marketable securities	$ 266,600				$ 325,263
Marketable securities			$ 266,739		266,739		$ 0
Unrealized loss related to marketable securities			200		239
Property and equipment includes capitalized internal-use software development costs					3,900		3,600
Revenue, net of estimated returns, refunds and allowances			100		100		100
Contract liabilities			3,379		3,379		$ 2,355
Revenue recognized related to contract liabilities					2,400
Advertising costs			5,500	$ 3,300	$ 14,400	$ 8,400
Requisite service period		4 years			4 years
Level 1
Basis of Presentation and Summary of Significant Accounting Policies [Abstract]
Marketable securities			$ 266,700		$ 266,700
Maximum
Property Plant And Equipment [Line Items]
Property, plant and equipment, useful life					7 years
Minimum
Property Plant And Equipment [Line Items]
Property, plant and equipment, useful life					3 years

Basis of Presentation and Summary of Significant accounting Policies - Summary of Contract Liabilities (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($)
Accounting Policies [Abstract]
Contract Liabilities, Beginning balance	$ 2,355
Revenue recognized	(59,033)
Payments received in advance	60,057
Contract Liabilities, Ending balance	$ 3,379

Credit Concentrations - Additional Information (Details) - Customer	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Revenue \| Customer Concentration Risk
Concentration Risk [Line Items]
Number of customer accounted for more than 10%	0	1	0	1
Accounts Receivable \| Credit Concentration Risk
Concentration Risk [Line Items]
Number of customer accounted for more than 10%			0		0

Inventory - Schedule of Components of Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Inventory [Line Items]
Raw materials	$ 136	$ 634
Work-in-progress	891	1,247
Finished goods	70	101
Total	1,427	2,294
Tools
Inventory [Line Items]
Total	$ 330	$ 312

Property and Equipment and Long-Lived Assets - Summary of Components of Property and Equipment (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Total	$ 18,329	$ 13,727
Less accumulated depreciation	(9,714)	(7,614)
Property and Equipment, net	8,615	6,113
Patent
Property Plant And Equipment [Line Items]
Total	$ 165	157
Property and equipment, Useful life	17 years
Technology Hardware
Property Plant And Equipment [Line Items]
Total	$ 1,899	1,452
Property and equipment, Useful life	3 years
Manufacturing Equipment
Property Plant And Equipment [Line Items]
Total	$ 2,750	2,603
Property and equipment, Useful life	5 years
Capitalized Software Development
Property Plant And Equipment [Line Items]
Total	$ 11,972	8,123
Property and equipment, Useful life	3 years
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total	$ 717	717
Property and equipment, Useful Life	Shorter of usefullife or lease term
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total	$ 826	$ 675
Property and equipment, Useful life	7 years

Property and Equipment and Long-Lived Assets - Summary of Depreciation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Property Plant And Equipment [Line Items]
Depreciation expense	$ 748	$ 672	$ 2,100	$ 1,580
Cost of Revenue
Property Plant And Equipment [Line Items]
Depreciation expense	21	60	70	178
Sales and Marketing
Property Plant And Equipment [Line Items]
Depreciation expense		6	11	17
Operations and Support
Property Plant And Equipment [Line Items]
Depreciation expense	31	46	118	144
Product Development
Property Plant And Equipment [Line Items]
Depreciation expense	632	474	1,793	1,043
General and Administrative
Property Plant And Equipment [Line Items]
Depreciation expense	$ 64	$ 86	$ 108	$ 198

Leases - Schedule of Operating Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 323	$ 313	$ 976	$ 937
Cost of Revenue
Lessee, Lease, Description [Line Items]
Operating lease expense	18	45	72	135
Operations and Support
Lessee, Lease, Description [Line Items]
Operating lease expense	27		45	1
General and Administrative
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 278	$ 268	$ 859	$ 801

Leases - Additional Information (Details) $ in Thousands	3 Months Ended
Leases - Additional Information (Details) $ in Thousands	Sep. 30, 2021 USD ($) Lease	Jun. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Lessee, Lease, Description [Line Items]
Extended term of operating lease		3 years
Operating lease right-of-use lease assets	$ 3,101		$ 1,922
Operating lease non-cash right-of-use lease assets	1,300
Operating lease, liability	$ 1,300
Number of existing leases extended \| Lease	2
Number of new leases \| Lease	2
Number of leases terminated \| Lease	1
Maximum
Lessee, Lease, Description [Line Items]
New lease term of contract	3 years
Minimum
Lessee, Lease, Description [Line Items]
New lease term of contract	3 months
3-Year Lease Facility
Lessee, Lease, Description [Line Items]
New lease term of contract		3 years
Operating lease right-of-use lease assets		$ 900
Operating lease, liability		$ 900
Terminated Lease
Lessee, Lease, Description [Line Items]
Operating lease right-of-use lease assets	$ 100
Operating lease, liability	$ 100

Common Stock - Additional Information (Details) - $ / shares		9 Months Ended
	Jul. 02, 2021	Sep. 30, 2021	Dec. 31, 2020
Class Of Stock [Line Items]
Common stock, voting rights		one vote per share
Common stock share outstanding		0	7,755,782
Class A common stock exchanged for Class B common stock	2,268,846
Authorized capital stock	805,000,000	0	42,000,000
Common stock, par value per share	$ 0.000001		$ 0.000001
Preferred Stock
Class Of Stock [Line Items]
Authorized capital stock	50,000,000
Class A Common Stock
Class Of Stock [Line Items]
Common stock, voting rights	one vote per share
Common stock share outstanding		41,714,711	0
Authorized capital stock	750,000,000	750,000,000	0
Common stock, par value per share		$ 0.000001
Class B Common Stock
Class Of Stock [Line Items]
Common stock, voting rights	20 votes per share
Common stock share outstanding		2,676,154	0
Authorized capital stock	5,000,000	5,000,000	0
Common stock, par value per share		$ 0.000001
IPO \| Class A Common Stock
Class Of Stock [Line Items]
Common stock share outstanding	8,665,797

Convertible Preferred Stock - Schedule of Numbers of Authorized and Outstanding Shares of Convertible Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Temporary Equity [Line Items]
Shares authorized	0	27,970,966
Shares outstanding	0	27,758,941
Liquidation preference		$ 163,520
Carrying value		$ 160,713
Convertible Preferred Stock- Seed-1
Temporary Equity [Line Items]
Par Value		$ 0.000001
Shares authorized		4,200,000
Shares outstanding		4,200,000
Liquidation preference		$ 4,200
Carrying value		$ 4,200
Convertible Preferred Stock- Seed-2
Temporary Equity [Line Items]
Par Value		$ 0.000001
Shares authorized		2,188,322
Shares outstanding		2,188,322
Liquidation preference		$ 2,998
Carrying value		$ 2,998
Convertible Preferred Stock- Series A-1
Temporary Equity [Line Items]
Par Value		$ 0.000001
Shares authorized		4,211,094
Shares outstanding		4,211,094
Liquidation preference		$ 8,800
Carrying value		$ 8,704
Convertible Preferred Stock- Series A-2
Temporary Equity [Line Items]
Par Value		$ 0.000001
Shares authorized		1,591,230
Shares outstanding		1,591,230
Liquidation preference		$ 12,884
Carrying value		$ 12,839
Convertible Preferred Stock- Series B
Temporary Equity [Line Items]
Par Value		$ 0.000001
Shares authorized		4,132,055
Shares outstanding		4,044,271
Liquidation preference		$ 20,764
Carrying value		$ 20,347
Convertible Preferred Stock- Series C
Temporary Equity [Line Items]
Par Value		$ 0.000001
Shares authorized		3,754,201
Shares outstanding		3,754,201
Liquidation preference		$ 26,248
Carrying value		$ 26,004
Convertible Preferred Stock- Series D
Temporary Equity [Line Items]
Par Value		$ 0.000001
Shares authorized		5,494,064
Shares outstanding		5,494,064
Liquidation preference		$ 54,933
Carrying value		$ 54,864
Convertible Preferred Stock- Series E
Temporary Equity [Line Items]
Par Value		$ 0.000001
Shares authorized		2,400,000
Shares outstanding		2,275,759
Liquidation preference		$ 32,693
Carrying value		$ 30,757

Convertible Preferred Stock - Additional Information (Details) - IPO - shares		3 Months Ended	9 Months Ended
	Jul. 02, 2021	Sep. 30, 2021	Sep. 30, 2021
Class A Common Stock
Temporary Equity [Line Items]
Outstanding convertible preferred stock were converted into Class A common stock	27,758,941
Conversion of convertible preferred stock, shares exchanged		27,351,633	27,351,633
Class B Common Stock
Temporary Equity [Line Items]
Conversion of convertible preferred stock, shares exchanged	407,308	407,308	407,308

Stock Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	9 Months Ended
	Apr. 30, 2021	Sep. 30, 2021	Jul. 02, 2021	Dec. 31, 2020	Sep. 30, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value of options granted		$ 18.73
Intrinsic value of options exercised		$ 26.4
Stock options granted to purchase shares of common stock		1,393,431
Stock options granted exercise price	$ 12.32	$ 12.24
Requisite service period	4 years	4 years
Initial public offering price per share	$ 44.00
Fair value of share	$ 28.00	$ 26.96			$ 3.83
Discount from midpoint of initial price range	30.00%
Estimated fair value of options granted	$ 25.6
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options granted to purchase shares of common stock	1,300,000
2016 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for grant				203,535
Unrecognized compensation cost related to unvested stock options granted		$ 23.9
Cost is expected to be recognized over weighted average period		3 years 4 months 24 days
2021 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for grant		3,919,219
Maximum number of shares of common stock that may issued			4,026,588
2021 Equity Incentive Plan \| Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Cost is expected to be recognized over weighted average period		3 years 9 months 18 days
Total unrecognized compensation cost related to unvested restricted stock units		$ 7.8
2014 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Plan termination, month and year		2016-02
Stock options granted to purchase shares of common stock		0

Stock Based Compensation - Schedule of Weighted Average Assumptions (Details) - $ / shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Apr. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Expected volatility	53.00%	47.00%
Expected term (years)	6 years	6 years
Risk-free interest rate	1.10%	0.70%
Fair value of share	$ 26.96	$ 3.83	$ 28.00

Stock Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	9 Months Ended	12 Months Ended
	Apr. 30, 2021	Sep. 30, 2021	Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of Shares, Exercisable		947,409	1,193,301
Number of Shares, Beginning Balance		3,152,774
Number of Shares, Granted		1,393,431
Number of Shares, Exercised		(949,759)
Number of Shares, Forfeited		(109,506)
Number of Shares, Expired		(8,825)
Number of Shares, Ending Balance		3,478,115	3,152,774
Weighted Average Exercise Price Per Share, Exercisable		$ 3.23	$ 2.14
Weighted Average Exercise Price Per Share, Beginning Balance		2.97
Weighted Average Exercise Price Per Share, Granted	$ 12.32	12.24
Weighted Average Exercise Price Per Share, Exercised		1.94
Weighted Average Exercise Price Per Share, Forfeited		6.62
Weighted Average Exercise Price Per Share, Expired		2.61
Weighted Average Exercise Price Per Share, Ending Balance		$ 6.85	$ 2.97
Average Remaining Contractual Term, Exercisable		7 years 7 months 6 days	7 years 2 months 12 days
Average Remaining Contractual Term		8 years 7 months 6 days	8 years 3 months 18 days
Average Remaining Contractual Term, Granted		10 years
Average Remaining Contractual Term, Exercised		6 years 6 months
Aggregate Intrinsic Value, Exercisable		$ 51.6	$ 2.8
Aggregate Intrinsic Value		$ 176.8	$ 4.7

Stock Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2021 USD ($) $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Shares, Granted \| shares	107,648
Number of Shares, Vested \| shares	(615)
Number of Shares, Forfeited and cancelled \| shares	(279)
Number of Shares, Unvested RSUs as of September 30, 2021 \| shares	106,754
Weighted Average Grant Date fair value (per share), Granted \| $ / shares	$ 75.32
Weighted Average Grant Date fair value (per share), Vested \| $ / shares	76.10
Weighted Average Grant Date fair value (per share), Forfeited and cancelled \| $ / shares	76.10
Weighted Average Grant Date fair value (per share), Unvested RSUs as of September 30, 2021 \| $ / shares	$ 75.31
Aggregate Intrinsic Value, Unvested RSUs as of September 30, 2021 \| $	$ 6.2

Stock Based Compensation - Schedule of Total Stock-based Compensation Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock compensation expense	$ 2,266	$ 293	$ 4,747	$ 679
Sales and Marketing
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock compensation expense	335	46	690	106
Operations and Support
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock compensation expense	670	75	1,364	175
Product Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock compensation expense	488	109	979	253
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock compensation expense	$ 773	$ 63	$ 1,714	$ 145

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Income Taxes [Line Items]
Current income tax expense (benefit)	$ 0	$ 0	$ 0	$ 0
Deferred income tax expense (benefit)	$ 0	$ 0	$ 0	$ 0
Effective tax rate			0.00%
Operating loss carryforwards subject to expiration					$ 26,600,000
Operating loss carryforwards limitation on use description			Pursuant to Sections 382 and 383 of the Internal Revenue Code, annual use of our net operating loss carryforwards may be limited in the event a cumulative change in ownership of more than 50% occurs within a three-year period.
Federal
Income Taxes [Line Items]
Net operating loss carryforwards					90,100,000
Foreign
Income Taxes [Line Items]
Net operating loss carryforwards					$ 10,200,000

Net Loss Per Share Attributable to Common Stockholders - Computation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Net loss	$ (14,711)	$ (6,183)	$ (37,476)	$ (20,909)
Deemed dividend to preferred stockholders		(8,801)		(8,801)
Net loss attributable to common stockholders	$ (14,711)	$ (14,984)	$ (37,476)	$ (29,710)
Weighted-average number of shares outstanding used to compute net loss per share, basic and diluted	43,962,863	7,546,458	20,092,600	7,458,671
Net loss per share, basic and diluted	$ (0.33)	$ (1.99)	$ (1.87)	$ (3.98)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22595-107794

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669625-108580

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=121586364&loc=d3e3602-108585

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22663-107794

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121326447&loc=SL5780133-109256

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22595-107794

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1448-109256

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=121326447&loc=d3e1377-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121326447&loc=SL5780133-109256

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

+ Details

Net Loss Per Share Attributable to Common Stockholders - Schedule of Outstanding Shares of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total shares	4,079,420	3,234,287
Stock Options Outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total shares	3,478,115	3,122,261
Unvested Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total shares	106,754
Warrants Outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total shares	112,026	112,026
Shares Reserved for Charitable Contribution
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Total shares	382,525

Debt Commitments and Contingencies - Additional Information (Details) - USD ($)		1 Months Ended	9 Months Ended
	Jul. 09, 2021	Jan. 30, 2020	Sep. 30, 2021	Dec. 31, 2020
Line Of Credit Facility [Line Items]
Short-term debt				$ 15,753,000
Loss on debt extinguishment			$ (272,000)
Amended and Restated Loan and Security Agreement \| Hercules Capital, Inc \| Series B Convertible Preferred Stock
Line Of Credit Facility [Line Items]
Warrants to purchase shares of Series B Convertible Preferred Stock		87,784
Strike price		$ 5.13
Warrants agreement expiration date		2025-05
Amended and Restated Loan and Security Agreement \| Hercules Capital, Inc \| Term Loan
Line Of Credit Facility [Line Items]
Loan agreement maximum borrowing capacity		$ 15,000,000
Interest rate terms			Prior to its repayment, the term loan accrued interest at the greater of (i) 8.7% per annum or (ii) 8.7% per annum plus the prime rate minus 4.75% per annum.
Interest rate			8.70%
Maturity date			May 01, 2022
Short-term debt				$ 15,800,000
Debt extinguishment amount paid	$ 16,200,000
Loss on debt extinguishment	$ (300,000)
Amended and Restated Loan and Security Agreement \| Hercules Capital, Inc \| Term Loan \| Prime Rate
Line Of Credit Facility [Line Items]
Variable interest rate			4.75%
Amended and Restated Loan and Security Agreement \| Hercules Capital, Inc \| Term Loan \| Maximum
Line Of Credit Facility [Line Items]
Interest rate			8.70%
Debt instrument fee amount			$ 1,200,000
Amended and Restated Loan and Security Agreement \| Hercules Capital, Inc \| If Repaid Prior to November 1, 2021
Line Of Credit Facility [Line Items]
Debt instrument fee amount			$ 900,000

Segments - Additional Information (Details)	9 Months Ended
Segments - Additional Information (Details)	Sep. 30, 2021 Segment
Segment Reporting [Abstract]
Number of operating segments	2
Number of reportable segments	2

Segments - Summary of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting Information [Line Items]
Revenue	$ 56,727	$ 41,953	$ 151,238	$ 103,425
Segment Losses	(14,711)	(6,183)	(37,476)	(20,909)
U.S.
Segment Reporting Information [Line Items]
Revenue	51,739	41,145	140,266	101,537
Segment Losses	(12,550)	(4,101)	(30,152)	(16,092)
Europe
Segment Reporting Information [Line Items]
Revenue	4,988	808	10,972	1,888
Segment Losses	$ (2,161)	$ (2,082)	$ (7,324)	$ (4,817)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Related Party Transactions - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 28, 2018	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Affiliated Entity
Related Party Transaction [Line Items]
Revenue from related party			$ 200,000	$ 700,000	$ 1,100,000
Accounts receivable from related party						$ 400,000
BIS \| Consulting Agreement
Related Party Transaction [Line Items]
Monthly consulting fee	$ 11,667
Amounts paid to related party		$ 0	$ 100,000	200,000	$ 200,000
Amounts payable to related party		$ 0		$ 0		$ 100,000

Goodwill and Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Finite Lived Intangible Assets [Line Items]
Gross carrying amount	$ 2,984	$ 2,984
Accumulated amortization	1,529	1,332
Net carrying amount	$ 1,455	$ 1,652
Non Compete
Finite Lived Intangible Assets [Line Items]
Weighted average amortization period in years	2 years	2 years
Gross carrying amount	$ 106	$ 106
Accumulated amortization	$ 106	$ 106
Customer Relationships
Finite Lived Intangible Assets [Line Items]
Weighted average amortization period in years	1 year	1 year
Gross carrying amount	$ 539	$ 539
Accumulated amortization	520	512
Net carrying amount	$ 19	$ 27
Trade Names
Finite Lived Intangible Assets [Line Items]
Weighted average amortization period in years	6 years	6 years
Gross carrying amount	$ 173	$ 173
Accumulated amortization	141	141
Net carrying amount	$ 32	$ 32
Developed Technology
Finite Lived Intangible Assets [Line Items]
Weighted average amortization period in years	3 years	3 years
Gross carrying amount	$ 762	$ 762
Accumulated amortization	558	438
Net carrying amount	$ 204	$ 324
Vendor Relationships
Finite Lived Intangible Assets [Line Items]
Weighted average amortization period in years	15 years	15 years
Gross carrying amount	$ 1,404	$ 1,404
Accumulated amortization	204	135
Net carrying amount	$ 1,200	$ 1,269

Goodwill and Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Goodwill And Intangible Assets [Line Items]
Goodwill	$ 833	$ 833
Estimated amortization expense remainder of 2021	100
Estimated amortization expense 2022	300
Estimated amortization expense 2023	100
Estimated amortization expense 2024	100
Estimated amortization expense 2025	100
Estimated amortization expense 2026	100
U.S.
Goodwill And Intangible Assets [Line Items]
Goodwill	$ 800	$ 800

Goodwill and Intangible Assets - Schedule of Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Finite Lived Intangible Assets [Line Items]
Amortization Expense	$ 68	$ 197	$ 204	$ 676
Sales and Marketing
Finite Lived Intangible Assets [Line Items]
Amortization Expense	26	155	77	491
Product Development
Finite Lived Intangible Assets [Line Items]
Amortization Expense	40	40	120	177
General and Administrative
Finite Lived Intangible Assets [Line Items]
Amortization Expense	$ 2	$ 2	$ 7	$ 8

Subsequent Events - Additional Information (Details) - Subsequent Event - Asset Purchase Agreement - USD ($)	Nov. 05, 2021	Nov. 01, 2021
Big Blue Saw LLC
Subsequent Event [Line Items]
Total consideration		$ 2,500,000
Cash consideration		1,250,000
Contingent consideration		1,000,000.0
Big Blue Saw LLC \| Class A Common Stock
Subsequent Event [Line Items]
Stock at closing		$ 250,000
Fusiform, Inc.
Subsequent Event [Line Items]
Total consideration	$ 6,300,000
Cash consideration	1,900,000
Contingent consideration	2,500,000
Fusiform, Inc. \| Class A Common Stock
Subsequent Event [Line Items]
Stock at closing	$ 1,900,000