0000950170-21-004252 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2021	Oct. 31, 2021
Cover [Abstract]
Entity Registrant Name	FTC SOLAR, INC.
Entity Central Index Key	0001828161
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
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
Document Type	10-Q
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Trading Symbol	FTCI
Amendment Flag	false
Title of 12(b) Security	Common Stock, $0.0001 par value
Security Exchange Name	NASDAQ
Entity File Number	001-40350
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-4816270
Entity Address, Address Line One	9020 N Capital of Texas Hwy
Entity Address, Address Line Two	Suite I-260
Entity Address, City or Town	Austin
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78759
City Area Code	737
Local Phone Number	787-7906
Entity Common Stock, Shares Outstanding		84,984,645
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Current assets
Cash	$ 140,662,000		$ 32,359,000
Restricted cash	0		1,014,000
Accounts receivable, net	53,668,000		23,734,000
Inventories	11,276,000		1,686,000
Prepaid and other current assets	23,558,000		6,924,000
Total current assets	229,164,000		65,717,000
Investments in unconsolidated subsidiary	0		1,857,000
Other assets	6,265,000		3,819,000
Total assets	235,429,000		71,393,000
Current liabilities
Accounts payable	16,556,000		17,127,000
Line of credit	0		1,000,000
Accrued expenses and other liabilities	40,246,000		18,495,000
Accrued interest – related party	0		207,000
Deferred revenue	9,606,000		22,980,000
Total current liabilities	66,408,000		59,809,000
Long-term debt and other borrowings	0		784,000
Other non-current liabilities	5,662,000		3,349,000
Total liabilities	72,070,000		63,942,000
Commitments and contingencies (Note 8)
Stockholders' equity
Preferred stock par value of $0.0001 per share, 10,000,000 shares authorized; none issued as of December 31, 2020 and September 30, 2021	0		0
Common stock par value of $0.0001 per share, 850,000,000 shares authorized; 66,155,340 and 84,944,145 shares issued and outstanding as of December 31, 2020 and September 30, 2021	8,000		1,000
Treasury stock, at cost; 9,896,666 and 10,762,566 shares as of December 31, 2020 and September 30, 2021	0		0
Additional paid-in capital	288,696,000		50,096,000
Accumulated other comprehensive income (loss)	6,000		(3,000)
Accumulated deficit	(125,351,000)		(42,643,000)
Total stockholders' equity	163,359,000	$ 180,772,000	7,451,000
Total liabilities and stockholders' equity	$ 235,429,000		$ 71,393,000

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	850,000,000	850,000,000
Common stock, shares issued	84,944,145	66,155,340
Common stock, shares outstanding	84,944,145	66,155,340
Treasury stock, shares	10,762,566	9,896,666

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue:
Total revenue	$ 52,989,000	$ 59,640,000	$ 168,804,000	$ 143,173,000
Cost of revenue:
Total cost of revenue	61,028,000	56,774,000	192,774,000	134,709,000
Gross profit (loss)	(8,039,000)	2,866,000	(23,970,000)	8,464,000
Operating expenses
Research and development	2,116,000	1,438,000	9,653,000	4,047,000
Selling and marketing	2,224,000	1,041,000	6,421,000	2,374,000
General and administrative	10,392,000	2,912,000	63,217,000	7,630,000
Total Operating expenses	14,732,000	5,391,000	79,291,000	14,051,000
Loss from operations	(22,771,000)	(2,525,000)	(103,261,000)	(5,587,000)
Interest expense	(301,000)	(70,000)	(515,000)	(303,000)
Gain from disposal in equity investment	210,000	0	20,829,000	0
Gain (loss) on extinguishment of debt	0	(34,000)	790,000	(75,000)
Other Expense	(13,000)	(1,000)	(59,000)	(1,000)
Loss before income taxes	(22,875,000)	(2,630,000)	(82,216,000)	(5,966,000)
(Expense) Benefit from income taxes	(41,000)	(24,000)	(137,000)	115,000
Loss from unconsolidated subsidiary	(400)	(186,000)	(354,000)	(345,000)
Net loss	(22,916,000)	(2,840,000)	(82,707,000)	(6,196,000)
Other comprehensive income (loss):
Foreign currency translation adjustments	3,000	(12,000)	9,000	(20,000)
Comprehensive loss	$ (22,913,000)	$ (2,852,000)	$ (82,698,000)	$ (6,216,000)
Net loss per share
Basic	$ (0.24)	$ (0.04)	$ (1.00)	$ (0.09)
Diluted	$ (0.24)	$ (0.04)	$ (1.00)	$ (0.09)
Weighted-average common shares outstanding:
Basic	94,596,519	67,567,724	82,677,824	69,857,468
Diluted	94,596,519	67,567,724	82,677,824	69,857,468
Product
Revenue:
Total revenue	$ 45,582,000	$ 48,879,000	$ 137,799,000	$ 122,197,000
Cost of revenue:
Total cost of revenue	48,090,000	46,513,000	146,964,000	114,883,000
Service
Revenue:
Total revenue	7,407,000	10,761,000	31,005,000	20,976,000
Cost of revenue:
Total cost of revenue	$ 12,938,000	$ 10,261,000	$ 45,810,000	$ 19,826,000

Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Total	IPO [Member]	Common Stock	Common Stock IPO [Member]	Preferred Stock	Treasury Stock	Additional Paid-in Capital	Additional Paid-in Capital IPO [Member]	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance at Dec. 31, 2019	$ (8,445)		$ 1		$ 0	$ 0	$ 18,273		$ 0	$ (26,719)
Beginning balance (in shares) at Dec. 31, 2019			63,633,981		0	0
Restricted stock awards vested during the period (in shares)			2,014,091
Issuance of common stock	30,000						30,000
Issuance of common stock (in shares)			9,162,976
Stock-based compensation	933						933
Net Income (loss)	(3,356)									(3,356)
Other comprehensive income (loss)	(8)								(8)
Ending balance at Jun. 30, 2020	19,124		$ 1		$ 0	$ 0	49,206		(8)	(30,075)
Ending balance (in shares) at Jun. 30, 2020			74,811,048		0	0
Beginning balance at Dec. 31, 2019	(8,445)		$ 1		$ 0	$ 0	18,273		0	(26,719)
Beginning balance (in shares) at Dec. 31, 2019			63,633,981		0	0
Net Income (loss)	(6,196)
Ending balance at Sep. 30, 2020	16,720		$ 1		$ 0	$ 0	49,654		(20)	(32,915)
Ending balance (in shares) at Sep. 30, 2020			65,509,094		0	9,896,666
Beginning balance at Jun. 30, 2020	19,124		$ 1		$ 0	$ 0	49,206		(8)	(30,075)
Beginning balance (in shares) at Jun. 30, 2020			74,811,048		0	0
Restricted stock awards vested during the period (in shares)			594,712
Repurchase of treasury stock			(9,896,666)			9,896,666
Stock-based compensation	448						448
Net Income (loss)	(2,840)									(2,840)
Other comprehensive income (loss)	(12)								(12)
Ending balance at Sep. 30, 2020	16,720		$ 1		$ 0	$ 0	49,654		(20)	(32,915)
Ending balance (in shares) at Sep. 30, 2020			65,509,094		0	9,896,666
Beginning balance at Dec. 31, 2020	7,451		$ 1		$ 0	$ 0	50,096		(3)	(42,643)
Beginning balance (in shares) at Dec. 31, 2020			66,155,340		0	9,896,666
Restricted stock awards vested during the period (in shares)			3,413,849
Repurchase of treasury stock			(865,900)			865,900
Issuance of common stock upon exercise of stock options	50						50
Issuance of common stock upon exercise of stock options (in shares)			213,690
Repurchase and retirement of common stock	(54,155)		$ (1)				(54,154)
Repurchase and retirement of common stock (shares)			(4,455,384)
Impact of Stock Split			$ 6				(6)
Deferred offering costs	(7,093)						(7,093)
Issuance of common stock		$ 241,155		$ 2				$ 241,153
Issuance of common stock (in shares)				19,840,000
Stock-based compensation	53,150						53,150
Net Income (loss)	(59,792)									(59,792)
Other comprehensive income (loss)	6								6
Ending balance at Jun. 30, 2021	180,772		$ 8		$ 0		283,196		3	(102,435)
Ending balance (in shares) at Jun. 30, 2021			84,301,595		0	10,762,566
Beginning balance at Dec. 31, 2020	7,451		$ 1		$ 0	$ 0	50,096		(3)	(42,643)
Beginning balance (in shares) at Dec. 31, 2020			66,155,340		0	9,896,666
Issuance of common stock (in shares)		4,455,384
Net Income (loss)	(82,707)
Ending balance at Sep. 30, 2021	163,359		$ 8		$ 0		288,696		6	(125,351)
Ending balance (in shares) at Sep. 30, 2021			84,944,145		0	10,762,566
Beginning balance at Jun. 30, 2021	180,772		$ 8		$ 0		283,196		3	(102,435)
Beginning balance (in shares) at Jun. 30, 2021			84,301,595		0	10,762,566
Issuance of common stock upon exercise of stock options	107						107
Issuance of common stock upon exercise of stock options (in shares)			642,550
Deferred offering costs	12						12
Stock-based compensation	5,381						5,381
Net Income (loss)	(22,916)									(22,916)
Other comprehensive income (loss)	3								3
Ending balance at Sep. 30, 2021	$ 163,359		$ 8		$ 0		$ 288,696		$ 6	$ (125,351)
Ending balance (in shares) at Sep. 30, 2021			84,944,145		0	10,762,566

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	$ (82,707)	$ (6,196)
Adjustments to reconcile net income (loss) to cash used in operating activities:
Stock-based compensation	58,531	1,381
Depreciation and amortization	383	43
(Gain) loss from unconsolidated subsidiary	354	345
Gain from disposal of equity investment	(20,829)	0
(Gain) loss on extinguishment of debt	(790)	75
Warranty provision	2,118	5,195
Warranty asset	(484)	(726)
Bad debt expense	83	0
Deferred income taxes	0	(2)
Other non-cash items	0	43
Changes in operating assets and liabilities:
Accounts receivable, net	(30,017)	(12,219)
Inventories	(9,590)	(1,523)
Prepaid and other current assets	(16,609)	(4,351)
Other assets	180	(365)
Accounts payable	(535)	4,009
Accruals and other current liabilities	21,243	13,825
Accrued interest – related party debt	(207)	(112)
Deferred revenue	(13,374)	(14,108)
Other non-current liabilities	904	386
Other, net	(1,068)	(338)
Net cash used in operating activities	(92,414)	(14,638)
Cash flows from investing activities:
Purchases of property and equipment	(778)	0
Proceeds from disposal of equity method investment	22,332	0
Net cash used in investing activities:	21,554	0
Cash flows from financing activities:
Proceeds from borrowings	0	784
Repayments of borrowings	(1,000)	(4,000)
Repurchase and retirement of common stock	(54,155)	0
Offering cost paid	(5,942)	0
Deferred financing costs for revolving credit facility	(2,077)	0
Proceeds from stock issuance	241,314	30,000
Net cash provided by (used in) financing activities	178,140	26,784
Effect of exchange rate changes on cash and restricted cash	9	(20)
Net increase in cash and restricted cash	107,289	12,126
Cash and restricted cash at beginning of period	33,373	8,235
Cash and restricted cash at end of period	140,662	20,361
Supplemental disclosures of cash flow information:
Purchase of property and equipment included in account payable	40	0
Non-cash gain on extinguishment of debt from PPP loan forgiveness	(790)	0
Gain (loss) on extinguishment of debt	790	(75)
Cash paid during the period for interest	332	350
Reconciliation of cash and restricted cash at period end
Cash	140,662	32,359
Restricted cash	0	1,014
Total cash and restricted cash	$ 140,662	$ 33,373

Description of Business

9 Months Ended

Sep. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business

1. Description of Business

FTC Solar, Inc. (the “Company”, “we”, “our”, or “us”) was founded in 2017 and is incorporated in the state of Delaware. We are a global provider of advanced solar tracker systems, supported by proprietary software and value-added engineering services. Our mission is to provide differentiated products, software and services that maximize energy generation and cost savings for our customers, and to help facilitate the continued growth and adoption of solar power globally. Trackers significantly increase the amount of solar energy produced at a solar installation by moving solar panels throughout the day to maintain an optimal orientation relative to the sun. Our tracker systems are currently marketed under the Voyager brand name (“Voyager Tracker” or “Voyager”). Voyager is a next-generation two-panel in-portrait single-axis tracker solution that we believe offers industry-leading performance and ease of installation. We are a team of dedicated renewable energy professionals focused on delivering cost reductions to our clients across the solar project development and construction cycle. With significant US and worldwide project installation experience, our differentiated offerings drive value for solar solutions spanning a range of applications including ground mount, tracker, canopy, and rooftop. The Company is headquartered in Austin, Texas and has subsidiaries in Australia, India, Singapore, and South Africa.

Initial Public Offering and Related Transaction

The Company’s common stock began trading on the Nasdaq Stock Exchange on April 28, 2021, under the symbol “FTCI” and on April 30, 2021, the Company completed its Initial Public Offering (“IPO”). In connection with the IPO, the Company issued and sold 19,840,000 shares of its common stock at a public offering price of $13.00 per share.

Prior to the completion of the IPO, the Board of Directors and Stockholders approved an approximately 8.25-for-1 forward stock split (the “Forward Stock Split”) of the Company’s shares of common stock which became effective on April 28, 2021.

The Company received aggregate proceeds of $241.2 million from the IPO, net of the underwriting discount and commissions and before offering costs and used $54.2 million to purchase and retire an aggregate of 4,455,384 shares of our common stock, some of which resulted from the settlement of certain vested Restricted Stock Units ("RSUs") and the exercise of certain options in connection with the IPO at the IPO price less underwriting discounts and commissions.

Offering costs, including legal, accounting, printing and other IPO-related costs, were reclassified to Additional paid-in capital and recorded against the proceeds from the offering during the quarter ended June 30, 2021.

JOBS Act Accounting Election

We are an emerging growth company, as defined in the Jumpstart Our Business Startups (JOBS) Act. Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards until such time as those standards apply to private companies. Accordingly, we have elected to use the extended transition period to adopt new or revised accounting standards.

Revision of Previously Issued Financial Statements

9 Months Ended

Sep. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Revision of Previously Issued Financial Statements

2. Revision of Previously Issued Financial Statements

Background of the Revision

In connection with the preparation of the Company's financial statements as of and for the three months ended September 30, 2021, the Company identified an error in the basic and diluted earnings per share (“EPS”) calculation for the three and six months ended June 30, 2021. Specifically, the Company incorrectly omitted from the basic and diluted weighted-average shares outstanding calculation shares of common stock underlying RSUs that became fully vested during the period but had not yet been settled through the legal issuance of common stock. Additionally, the Company identified that it overstated stock-based compensation expense by $3.5 million for the three and six months ended June 30, 2021 due to an error in the calculation of expense related to grantees’ RSU awards. Although the Company has concluded that these errors are immaterial to the previously issued interim financial statements, the Company is correcting these errors by revising the previously issued unaudited condensed consolidated financial statements as of June 30, 2021 and for the three and six months ended June 30, 2021.

Effect of the Revision

The following table summarizes the effect of the revision on the affected financial statement line items within the previously reported unaudited condensed consolidated financial statements as of the date, and for the periods indicated. The errors had no impact on total cash flows for operating, investing, or financing activities, but did impact line items in the indirect method of operating cash flow presentation as shown below:


	As of and for Three Months Ended June 30, 2021 (As Previously Reported)			Adjustments			As of and for Three Months Ended June 30, 2021 (As Revised)
	(in thousands, except share and per share data)
Condensed Consolidated Balance Sheet
Additional paid-in capital	$	286,687		$	(3,491	)	$	283,196
Accumulated deficit		(105,926	)		3,491			(102,435	)
Condensed Consolidated Statement of Comprehensive Loss
Cost of Revenue - Product	$	43,885		$	(7	)	$	43,878
Research and development		5,585			(2	)		5,583
Selling and Marketing		3,258			(161	)		3,097
General and administrative		51,063			(3,321	)		47,742
Total operating expenses		59,906			(3,484	)		56,422
Loss from operations		(75,963	)		3,491			(72,472	)
Loss before income taxes		(55,590	)		3,491			(52,099	)
Net loss		(55,841	)		3,491			(52,350	)
Comprehensive loss		(55,834	)		3,491			(52,343	)
Net loss per share - basic		(0.70	)		0.09			(0.61	)
Net loss per share - diluted		(0.70	)		0.09			(0.61	)
Weighted-average common shares outstanding - basic		79,229,174			6,927,135			86,156,309
Weighted-average common shares outstanding - diluted		79,229,174			6,927,135			86,156,309
Condensed Consolidated Statement of Stockholders' Equity
Additional paid-in capital	$	286,687		$	(3,491	)	$	283,196
Accumulated deficit		(105,926	)		3,491			(102,435	)
Net loss		(55,841	)		3,491			(52,350	)
Stock-based compensation		56,192			(3,491	)		52,701
Note 11. Net loss per share
Net loss	$	(55,841	)	$	3,491		$	(52,350	)
Basic weighted-average number of common shares outstanding		79,229,174			6,927,135			86,156,309
Diluted weighted-average number of common shares outstanding		79,229,174			6,927,135			86,156,309
Basic loss per share		(0.70	)		0.09			(0.61	)
Diluted loss per share		(0.70	)		0.09			(0.61	)


	As of and for the Six Months Ended June 30, 2021 (As Previously Reported)			Adjustments			As of and for the Six Months Ended June 30, 2021 (As Revised)
	(in thousands, except share and per share data)
Condensed Consolidated Balance Sheet
Additional paid-in capital	$	286,687		$	(3,491	)	$	283,196
Accumulated deficit		(105,926	)	$	3,491			(102,435	)
Condensed Consolidated Statement of Comprehensive Loss
Cost of Revenue - Product	$	98,881		$	(7	)	$	98,874
Research and development		7,539			(2	)		7,537
Selling and Marketing		4,358			(161	)		4,197
General and administrative		56,147			(3,321	)		52,826
Total operating expenses		68,044			(3,484	)		64,560
Loss from operations		(83,982	)		3,491			(80,491	)
Loss before income taxes		(62,833	)		3,491			(59,342	)
Net loss		(63,283	)		3,491			(59,792	)
Comprehensive loss		(63,277	)		3,491			(59,786	)
Net loss per share - basic		(0.87	)		0.09			(0.78	)
Net loss per share - diluted		(0.87	)		0.09			(0.78	)
Weighted-average common shares outstanding - basic		73,106,935			3,474,582			76,581,517
Weighted-average common shares outstanding - diluted		73,106,935			3,474,582			76,581,517
Condensed Consolidated Statement of Cash Flows
Net loss	$	(63,283	)	$	3,491		$	(59,792	)
Stock-based compensation		56,641			(3,491	)		53,150
Note 11. Net loss per share
Net loss	$	(63,283	)	$	3,491		$	(59,792	)
Basic weighted-average number of common shares outstanding		73,106,935			3,474,582			76,581,517
Diluted weighted-average number of common shares outstanding		73,106,935			3,474,582			76,581,517
Basic loss per share		(0.87	)		0.09			(0.78	)
Diluted loss per share		(0.87	)		0.09			(0.78	)
Shares of common stock issuable upon vesting of restricted stock awards		15,079			(9,885	)		5,194
Potential common shares excluded from diluted net loss per share		23,231			(9,885	)		13,346

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

3. Summary of Significant Accounting Policies

Basis of Presentation and Principles of Consolidation

These unaudited condensed consolidated financial statements include the results of the Company and its wholly owned subsidiaries and have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). Intercompany accounts and transactions have been eliminated upon consolidation.

Forward Stock Split

On April 28, 2021, we effected an approximately 8.25-for-1 forward split of our issued and outstanding shares of common stock, par value $0.0001 per share. As a result of the Forward Stock Split, one (1) share of common stock issued and outstanding was automatically increased to approximately 8.25 shares of issued and outstanding common stock, without any change in the par value per share. All information related to common stock, stock options, restricted stock awards and earnings per share have been retroactively adjusted to give effect to the Forward Stock Split for all periods presented.

Use of Estimates

The preparation of the Company’s financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities, expenses, and the disclosure of contingent assets and liabilities in the Company’s financial statements and accompanying notes. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis.

COVID-19 Pandemic

In March 2020, the World Health Organization declared the novel coronavirus 2019 (“COVID-19”) a global pandemic. The COVID-19 pandemic has had and may continue to have an unfavorable impact on certain parts of our business. The broader implications of the COVID-19 pandemic on our business, financial condition and results of operations remain uncertain and will depend on certain developments, including the duration and severity of the COVID-19 pandemic, the impact of virus variants, the rate of vaccinations, the COVID-19 pandemic’s impact on our customers and suppliers and the range of governmental and community reactions to the pandemic. We have experienced delays in production and shipments in the current quarter due to an outbreak of COVID at a supplier site and a quarantine imposed on one of our shipping vessels. Due to the nature of the pandemic, we may continue to experience reduced customer demand in certain parts of our business or constrained supply that could materially and adversely impact our business, financial condition, results of operations, liquidity and cash flows in future periods.

Unaudited Interim Financial Information

The accompanying unaudited condensed consolidated financial statements as of September 30, 2021 and for the three and nine months ended September 30, 2020 and 2021, have been prepared in accordance with GAAP for interim financial statements and pursuant to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments have been made that are considered necessary for a fair statement of our financial position as of December 31, 2020 and September 30, 2021, our results of operations for the three and nine months ended September 30, 2020 and 2021 and our cash flows for the nine months ended September 30, 2020 and 2021. The condensed consolidated balance sheets as of December 31, 2020 have been derived from the Company’s audited consolidated financial statements. Operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021.

Certain information and disclosures normally included in the notes to annual financial statements prepared in accordance with GAAP have been omitted from these interim financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s final prospectus (the “IPO Prospectus”) dated as of April 29, 2021, and filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended (the “Securities Act”).

Concentration of Credit Risk

Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash and cash equivalents. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company is exposed to credit risk in the event of default by the financial institutions holding our cash and cash equivalents that are recorded on our balance sheets. The Company mitigates its risk by investing in high-grade instruments and limiting the concentration in any one issuer, which limits its exposure. The Company has not experienced any losses since inception.

The carrying amounts of cash and cash equivalents, prepaid expenses, accounts payable and accrued other liabilities are reasonable estimates of their fair value because of the short maturity of these items.

Equity Method Investments

The Company uses the equity method of accounting for equity investments if the investment provides the ability to exercise significant influence, but not control, over operating and financial policies of the investee. The Company’s proportionate share of the net income or loss of these investees is included in our Condensed Consolidated Statements of Comprehensive Loss. Judgment regarding the level of influence over each equity method investment includes considering key factors such as the Company’s ownership interest, legal form of the investee, representation on the board of directors, participation in policy-making decisions and material intra-entity transactions.

The Company evaluates equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable. Factors considered by the Company when reviewing an equity method investment for impairment include the length of time and the extent to which the fair value of the equity method investment has been less than cost, the investee’s financial condition and near-term prospects and the intent and ability to hold the investment for a period of time sufficient to allow for anticipated recovery. An impairment that is other-than temporary is recognized in the period identified.

The Company accounts for distributions received from equity method investees under the “nature of the distribution” approach. Under this approach, distributions received from equity method investees are classified on the basis of the nature of the activity or activities of the investee that generated the distribution as either a return on investment (classified as cash inflows from operating activities) or a return of investment (classified as cash inflows from investing activities).

The Company has made an accounting policy election, as a result of disposing of its equity method investment on June 24, 2021, to account for the contingent gains from the earnout provision and projects escrow release only when those amounts become realizable in the periods subsequent to the disposal date. (See Note 7)

Stock -Based Compensation

The Company recognizes compensation expense for all share-based payment awards made, including stock options and restricted stock, based on the estimated fair value of the award on the grant date, in the accompanying consolidated statements of operations over the requisite service period of the awards. The Company calculates the fair value of stock options using the Black-Scholes Option-Pricing model. The fair value of restricted stock grants represents the estimated fair value of the Company's common stock on the date of grant. The Company accounts for forfeitures as they occur. For service-based awards, stock-based compensation is recognized using the straight-line attribution approach over the requisite service period. For performance-based awards, stock-based compensation is recognized based on graded vesting over the requisite service period when the performance condition is probable of being achieved.

Revenue Recognition

The Company derives its revenue primarily from sale of: (1) Voyager Tracker and customized components of Voyager Tracker, (2) individual parts of Voyager Tracker for certain specific transactions, (3) shipping and handling services, (4) term-based software licenses, (5) maintenance and support services for the term-based software licenses, and (6) subscription services. Product revenue includes revenue from Voyager Tracker and customized components of Voyager Tracker, individual part sales for certain specific transactions, and sale of term-based software licenses. Service revenue includes revenue from shipping and handling services, subscription-based enterprise licensing model, and maintenance and support services in connection with the term-based software licenses.

Voyager Tracker and individual parts of Voyager Tracker (including shipping and handling)

The Company contracts with customers for sale of Voyager Trackers under two different types of arrangements: (1) Purchase Agreements and Equipment Supply Contracts (“Purchase Agreements”) and (2) sale of individual parts of the Voyager Tracker.

The Company’s Purchase Agreements typically include two performance obligations- (1) Voyager Tracker or customized components of Voyager Tracker and (2) shipping and handling services. The deliverables included as part of the Voyager Tracker are predominantly accounted for as one performance obligation, as these deliverables are part of a combined promise to deliver a project. Voyager Tracker and customized components of Voyager Tracker performance obligations in the contract are satisfied over-time as work progresses for its custom assembled Voyager Tracker, utilizing an input measure of progress determined by cost-to-cost measures on these projects as this faithfully depicts the Company’s performance in transferring control.

The revenue for shipping and handling services is recognized over-time based on shipping terms of the arrangements, as this faithfully depicts the Company’s performance in transferring control.

The Company’s sale of individual parts of Voyager Tracker for certain specific transactions include multiple performance obligations consisting of individual parts of the Voyager Tracker. Revenue recognized for the Company’s part sales are recorded at a point in time and recognized when obligations under the terms of the contract with our customer are satisfied. Generally, this occurs with the transfer of control of the asset, which is in line with shipping terms.

Term-based software license revenue

Term-based software license revenue included under product revenue is primarily derived from sale of term-based software licenses that are deployed on the customers’ own servers and have significant standalone functionality. The revenue is recognized upon transfer of control to the customer. The control for term-based software licenses is transferred at the later of delivery to the customer or the software license start date. Term-based software license revenue is immaterial for the three and nine month periods ended September 30, 2020 and September 30, 2021.

Subscription and Maintenance and support services revenue

Subscription revenue is derived from a subscription-based enterprise licensing model with contract terms typically ranging from one to two years and consists of subscription fees from the licensing of Subscription services. Subscription services revenue is immaterial for the three and nine month periods ended September 30, 2020 and September 30, 2021. The hosted on-demand service arrangements do not provide customers with the right to take possession of the software supporting the hosted services. Services revenue includes maintenance and support activities related to term-based software licenses. Support revenue is derived from ongoing security updates, upgrades, bug fixes, and maintenance. A time-elapsed method is used to measure progress because the Company transfers control evenly over the contractual period. Accordingly, the fixed consideration related to these revenues is generally recognized on a straight-line basis over the contract term beginning on the date access is provided.

Cost of Revenue

Cost of revenue consists primarily of costs related to raw materials, freight and delivery, product warranty, and personnel costs (salaries, bonuses, benefits, and stock-based compensation). Personnel costs in cost of revenue include both direct labor costs as well as costs attributable to any individuals whose activities relate to the procurement, installment and delivery of the finished product and services. Deferred cost of revenue results from the timing differences between the costs incurred in advance of the satisfaction of all revenue recognition criteria consistent with our revenue recognition policy.

Warranty

We provide standard assurance type warranties with our Voyager Trackers for periods generally ranging from five to ten years. We record a provision for estimated warranty expenses, net of amounts recoverable from manufacturers, to cost of sales when we recognize revenue. These estimates are based on our historical experience and forward-looking factors including the expected nature and frequency of product failure rates and costs to address future claims. These estimates are inherently uncertain given our relatively short history of sales and changes to our historical or projected warranty experience may result in material changes to our warranty reserve in the future. We do not maintain general or unspecified reserves; all warranty reserves are related to specific projects. All actual or estimated costs incurred in subsequent periods are charged to those established reserves.

Remaining Performance Obligations

Remaining performance obligations relate to contracts that have original expected durations of one year or less. Therefore, the transaction price allocated to performance obligations that are unsatisfied or partially satisfied as of the end of the reporting period are not required to be disclosed under ASC 606.

Recent Accounting Pronouncements

Recently Adopted Accounting Standards

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). ASU 2019-12 removes certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 also amends other aspects of the guidance to help simplify and promote consistent application of GAAP. The Company adopted ASU 2019-12 in the first quarter of 2021, and the adoption had no material impact to the Company's consolidated financial statements.

New Accounting Pronouncements Not Yet Adopted

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 changes the impairment model for most financial assets and requires the use of an expected loss model in place of the currently used incurred loss method. Under this model, entities will be required to estimate the lifetime expected credit loss on such instruments and record an allowance to offset the amortized cost basis of the financial asset, resulting in a net presentation of the amount expected to be collected on the financial asset. The Company is currently evaluating the impact that the adoption of ASU 2016-13 will have on its condensed consolidated financial statements and the Company plans to adopt effective January 1, 2023.

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This standard provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. Entities may apply this ASU upon issuance through December 31, 2022 on a prospective basis. The Company is currently evaluating the impact this adoption will have on the Company’s condensed consolidated financial statements and will apply this guidance to transactions and modifications of these arrangements as appropriate.

Revenue

9 Months Ended

Sep. 30, 2021

Revenue from Contract with Customer [Abstract]

Revenue

4. Revenue

The Company’s product revenue and service revenue is presented in the Condensed Consolidated Statement of Comprehensive Loss. Revenue by geographic region is based on the customer’s location and presented under Note 14.

Unbilled revenue and contract liabilities

The timing of revenue recognition, billing, and cash collection results in the recognition of accounts receivable, unbilled receivables, and deferred revenue in the Condensed Consolidated Balance Sheets. Unbilled receivables represent an unconditional right to consideration before customers are invoiced. Unbilled receivables are recorded within accounts receivable on the Condensed Consolidated Balance Sheets at the end of the reporting period and consist of $1.2 million and $15.7 million as of December 31, 2020 and September 30, 2021, respectively.

The Company’s contracts have a varied range of terms based on the type of products and services sold. Deferred revenue amounts to $23.0 million and $9.6 million as of December 31, 2020 and September 30, 2021, respectively, consisting of customer deposits related to products and services which were billed in advance. The Company expects to recognize 100% of the revenue related to deferred revenue within the next 12 months. During the nine months ended September 30, 2020 and 2021, the Company recognized $19.9 million and $23.0 million, respectively from deferred revenue recorded at December 31, 2019 and 2020.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Prepaid Expenses and Other Current Assets

9 Months Ended

Sep. 30, 2021

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid Expenses and Other Current Assets

5. Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following (in thousands):


	December 31, 2020		September 30, 2021
Vendor deposits	$	4,205	$	18,125
Prepaid expenses		1,043		4,060
Deferred cost of revenue		992		—
Surety collateral		113		246
Other current assets		571		1,127
	$	6,924	$	23,558

Accrued Expenses and Other Current Liabilities

9 Months Ended

Sep. 30, 2021

Accrued Expenses and Other Current Liabilities Abstract

Accrued Expenses and Other Current Liabilities

6. Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	December 31, 2020		September 30, 2021
Accrued cost of revenue	$	7,812	$	33,279
Accrued expenses		2,856		3,205
Warranty reserves		3,985		1,183
Accrued compensation		2,869		1,766
Accrued interest expense		28		128
Other		945		685
Total	$	18,495	$	40,246

Sales of Equity Method Investments

9 Months Ended

Sep. 30, 2021

Equity Method Investments and Joint Ventures [Abstract]

Sale of Equity Method Investments

7. Sale of Equity Method Investments

On June 24, 2021, the Company disposed of its 4,791,566 Class A common unit interest in Dimension Energy LLC, (“Dimension”) representing approximately 23% of the total outstanding common shares, for approximately $22.0 million, net of a success-based fee of $1.9 million. The Company recognized a gain of $20.8 million due to its disposal of approximately 23% non-controlling interest in Dimension during the nine months ended September 30, 2021. The Company has recognized a net loss from the unconsolidated subsidiary of $0.4 million that is included in the nine months ended September 30, 2021 and recognized net loss of $0.2 million and $0.3 million for the three months and nine months ended September 30, 2020, respectively.

The sales agreement with Dimension includes an earnout provision which provides the potential to receive an additional contingent consideration of up to approximately $14.0 million through December 2024, based on Dimension achieving certain performance milestones. This potential earnout is calculated each quarter starting January 1, 2022. The potential payment is calculated as $200 per the number of kilowatts constituting each Notice To Proceed (NTP) megawatt (MW) achieved during such quarterly earnout period, provided that no earnout amount is payable in respect to the first 100 NTP MW achieved in any earnout year.

The sales agreement also includes a projects escrow release which is an additional contingent consideration to receive $7 million based on Dimension’s completion of certain construction projects currently in progress. The Company has made an accounting policy election to account for the contingent gains from the earnout provision and projects escrow release only when those amounts become realizable in the periods subsequent to the disposal date. On June 29, 2021, the Company made a success-based fee payment in the amount of $1.9 million to two Executive Members of Dimension for entering into voting and support letter agreements and for recommending to all Executive Members of Dimension to support the purchase agreement and the consummation of the transaction on June 24, 2021.

During the three months ended September 30, 2021, the Company received a $0.2 million escrow release payment and recognized the income in accordance with our policy election.

Debt and Other Borrowings

9 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Debt and Other Borrowings

8. Debt and Other Borrowings

On January 30, 2017, the Company sold $7.0 million in aggregate principal amount of secured five-year promissory notes (“the Notes”) through a private placement. Pursuant to the issuance of the Notes, the Company issued 25,000 shares of common stock for every $250,000 of Notes purchased. The fair value of common stock issued was accounted for as debt discount and was amortized over the term of the Notes. The Notes had a fixed rate of 5% per annum payable at maturity. The Company repaid the principal during the year ended December 31, 2020.

On June 17, 2019, the Company entered into a revolving line of credit agreement with the Western Alliance Bank for a total principal amount of $1.0 million and maturity in two years from the date of borrowing. The line of credit had a variable rate of interest, based on movement of prime rate as calculated and published by the Wall Street Journal and required the Company to pay regular monthly payments of all interest accrued as of each payment date. The prime rate at the time of borrowing was at 5.50% per annum. The outstanding balance for the revolving line of credit as of December 31, 2020 was $1 million. The outstanding balance was paid in full and the revolving credit line was closed as of March 31, 2021.

On April 30, 2020, the Company received a Paycheck Protection Program (“PPP”) loan pursuant to the Coronavirus Aid, Relief, and Economic Security Act (the “CARES” Act) in the amount of $0.8 million. The PPP loan had a two-year term and bore a fixed interest rate of 1%. Under the terms of the CARES act, the PPP loan was eligible to be forgiven, in part or whole, if the proceeds were used to retain and pay employees and for other qualifying expenditures. On January 20, 2021, the Company received notification from the Small Business Administration that they approved the forgiveness of the full $0.8 million PPP loan. The Company recorded the forgiveness of the PPP loan as a gain on debt extinguishment in other income.

On April 30, 2021, the Company entered into a $100 million senior secured revolving credit facility, by and among the Company, as borrower, the several financial institutions from time-to-time parties thereto, and Barclays Bank PLC, as an issuing lender, the swingline lender and as administrative agent (the “Credit Agreement”). The Credit Agreement has an initial three-year term, and it will be used for working capital and for other general corporate purposes. The Company has not made any draws on the revolving credit facility. The Credit Agreement includes the following terms: (i) aggregate commitments of up to $100 million, with letter of credit and swingline sub-limits; (ii) customary base rate of LIBOR plus 3.25% per annum, respectively; (iii) initial commitment fees of 0.50% per annum; (iv) initial letter of credit fees of 3.25% per annum; and (v) other customary terms for a corporate revolving credit facility.

The facility is secured by a first priority lien on substantially all of the Company’s assets, subject to certain exclusions, and customary guarantees. The Credit Agreement includes the following financial condition covenants that the Company is required to satisfy: (i) maintain a minimum liquidity of $125 million for each quarter; (ii) maintain a 3.75 times leverage ratio; and (iii) maintain a 1.5 times interest coverage ratio. The leverage and interest coverage ratios will be triggered when the Company achieves $50 million in adjusted EBITDA over a trailing twelve months. Once the leverage and interest coverage ratios are triggered the minimum liquidity will not have a minimum limit. Minimum liquidity includes unrestricted cash plus the undrawn balance of the revolving credit facility. The minimum liquidity covenant was the only financial condition covenant the Company had to satisfy as of the period ended September 30, 2021. As of September 30, 2021, the Company was in full compliance with its financial condition covenant.

The Company added $2.1 million in debt issuance costs related to the revolving credit facility which were included in other assets in the Condensed Consolidated Balance Sheets. The debt issuance costs are being amortized over a three-year initial term of the loan. As of September 30, 2021 the unamortized debt issuance costs amounted to $1.8 million.

Included in interest expense for the three and nine months periods ended September 30, 2021 are credit facility revolver fees and amortization of debt issuance costs. The Company had $0.1 million in revolver fees and $0.2 million in amortized debt issuance cost for the three months ended September 30, 2021 and $0.2 million in revolver fees and $0.3 million in amortized debt issuance cost for the nine months ended September 30, 2021, respectively.

The Company recognized $0.1 million and $0.3 million of interest expense on its debt and other borrowings for the three months ended September 30, 2020 and 2021 and $0.3 million and $0.5 million for the nine months ended September 30, 2020 and 2021, respectively.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Commitments and Contingencies

9 Months Ended

Sep. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

9. Commitments and Contingencies

Litigation

The Company may be involved in various claims, lawsuits, investigations, and other proceedings, arising from the normal course of its business. The Company accrues a liability when management believes information available prior to the issuance of financial statements indicates it is probable a loss has been incurred as of the date of the financial statements and the amount of loss can be reasonably estimated. The Company adjusts its accruals to reflect the impact of negotiation, settlements, rulings, advice of legal counsel and other information and events pertaining to a particular case. Legal costs are expensed as incurred.

On April 21, 2021, FCX Solar, LLC (“FCX”), filed a lawsuit against us in the United States District Court for the Southern District of New York. The complaint alleges breach of contract and tort claims related to a patent license agreement and consulting relationship between FCX and us. FCX seeks damages of approximately $134 million in the lawsuit. On July 2, 2021, we filed a motion to dismiss the tort claims. On July 16, 2021, rather than responding to that motion, FCX filed an amended complaint asserting the same claims as the original complaint. On July 22, 2021, we advised the court that FTC would stand on its motion to dismiss, and at the request of the court, we filed a revised motion citing the amended complaint. FCX filed its response on August 19, 2021, and we filed a reply and a request for oral argument on September 7, 2021. Discovery in the Southern District of New York matter is ongoing. On May 29, 2021, FCX filed a separate lawsuit against us in the United States District Court for the Western District of Texas, alleging a claim for patent infringement related to U.S. Patent No. 10,903,782. FCX seeks an unspecified amount of damages, including past and future royalties, and injunctive relief. Our answer to that complaint was filed on June 22, 2021, along with our motion to transfer the patent suit to the Southern District of New York to be consolidated with the New York litigation. FCX filed an amended complaint asserting claims for direct patent infringement, indirect infringement by active inducement, and contributory infringement on July 27, 2021, and we filed our answer to that complaint on August 10, 2021. On October 25, 2021, our motion to transfer the case to the Southern District of New York was granted. The Company believes the claims asserted in both lawsuits are without merit, and we plan to vigorously defend against them. The Company and its management considered (a) the facts described above, (b) the preliminary stages of the proceedings and (c) the advice of outside legal counsel on the claims and determined that it is not probable that FCX will prevail on the merits. At this time the Company believes that the likelihood of any material loss related to these matters is remote given the strength of the Company’s defenses

The Company has not recorded any material loss contingency in the Condensed Consolidated Balance Sheets as of December 31, 2020 and September 30, 2021.

Warranties

The Company provides standard warranties on its hardware products. The liability amount is based on actual historical warranty spending activity by type of product, customer, and geographic region, modified for any known differences such as the impact of reliability improvements. As of September 30, 2021, warranty reserves totaling $1.2 million were recorded in accrued expenses and other current liabilities and $4.2 million were recorded in other non-current liabilities, in the Company’s Condensed Consolidated Balance Sheets.

Changes in the Company’s product warranty reserves were as follows (in thousands):


	September 30, 2021
Balance at beginning of period, December 31, 2020	$	6,811
Warranties issued during the period		2,902
Settlements made during the period		(3,507	)
Changes in liability for pre-existing warranties		(783	)
Balance at end of period	$	5,423

Stock-Based Compensation

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

10. Stock-Based Compensation

On April 30, 2021, in connection with the IPO offering, the Company used $54.2 million of net proceeds from the IPO to purchase and retire an aggregate of 4,455,384 shares of our common stock, of which 2,191,557 was a repurchase of common shares and 2,263,827 shares were from the settlement of certain vested RSUs and common shares exercised from options in connection with the IPO offering, at the initial public offering price net of underwriters' fees and commissions.

The Company’s stock-based compensation expense for the three and nine months ended September 30, 2021 was $5.4 million and $58.5 million, an increase of $5.0 million and $57.1 million when compared to stock-based compensation expense for the three and nine months ended September 30, 2020, respectively. The increases have been primarily due to RSUs, for which the service-based vesting condition was satisfied and for which the liquidity event performance vesting condition was met in connection with our IPO. We utilized a graded vesting method which results in an accelerated recognition of compensation costs.

Stock-based compensation expense incurred was $0.4 million and $5.4 million for the three months ended September 30, 2020 and 2021 and $1.4 million and $58.5 million for the nine months ended September 30, 2020 and 2021, respectively.

Stockholders' Equity

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

Common Stock

11. Stockholders' Equity

Preferred Stock

The Certificate of Incorporation, as amended as of April 28, 2021, and amended as of June 7, 2021, (the "Certificate of Incorporation"), authorizes the Company to issue 10 million shares of Preferred Stock with a par value of $0.0001 with such designation, rights and preferences as may be determined from time to time by the Company’s board of directors. As of September 30, 2021 there were no shares of preferred stock issued or outstanding.

Common Stock

The Certificate of Incorporation authorizes the Company to issue 850 million shares of $0.0001 par value of Common Stock. Holders of Common Stock are entitled to dividends, as and when, declared by the Board of Directors, subject to the rights of the holders of all classes of stock outstanding having priority rights as to dividends. There have been no dividends declared to date. The holders of the Common Stock are entitled to one vote for each share of Common Stock; provided that, except as otherwise required by law, holders of Common Stock (in such capacity) shall not be entitled to vote on any amendment to the Certificate of Incorporation that relates solely to the terms of one or more outstanding series of Preferred Stock if the holders of such affected series are entitled, either separately or together with the holders of one or more other such series, to vote thereon pursuant to the Certificate of Incorporation.

In March 2020, the Company sold 9,162,976 shares of common stock at $3.27 per share for an aggregate purchase price of $30.0 million. The proceeds are available for working capital and other corporate purposes.

On April 30, 2021, the Company closed on its IPO in which we issued and sold 19,840,000 shares of our common stock at a public offering price of $13.00 per share. We received aggregate proceeds of $241.2 million from the IPO, net of approximately $16.8 million in underwriting discount and commissions and before offering costs.

The Company used $54.2 million of net proceeds from the IPO to purchase and retire an aggregate of 4,455,384 shares of our common stock, of which 2,191,557 was a repurchase of common shares and 2,263,827 shares were from the settlement of certain vested RSUs and common shares exercised from options in connection with the IPO offering.

The Company is using the proceeds from the IPO for general corporate purposes, including working capital and operating expenses. We may also use a portion of such proceeds to acquire or invest in businesses, products, services or technologies; however, we do not have binding agreements for any material acquisitions or investments at this time though, we would expect to use a portion of such proceeds to provide funding for future development capital in connection with the multi project opportunity for 1.7 gigawatts ("GWs") of projects using our tracker systems.

Treasury Stock

On July 21, 2020, the Company’s Board of Directors approved a share repurchase of 9,896,666 shares of common stock for an aggregate price of $0 from founders of the Company. The repurchase of these shares are recorded as treasury stock on the Company’s Condensed Consolidated Balance Sheets as of December 31, 2020 and the shares will be added to the overall pool of stock available to be utilized for future option/stock award issuances to other employees of the organization.

On January 8, 2021, the Company’s Board of Directors approved a share repurchase of 148,440 shares of common stock for an aggregate price of $0 from founders of the Company. The repurchase of these shares are recorded as treasury stock on the Company’s Condensed Consolidated Balance Sheets as of the period ended September 30, 2021 and the shares will be added to the overall pool of stock available to be utilized for future option/stock award issuances to other employees of the organization.

On April 5, 2021, the Company’s Board of Directors approved a share repurchase of 717,460 shares of common stock for an aggregate price of $0 from founders of the Company. The repurchase of these shares are recorded as treasury stock on the Company’s Consolidated Balance Sheets as of the period ended September 30, 2021 and the shares will be added to the overall pool of stock available to be utilized for future option/stock award issuances to other employees of the organization.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Net Loss Per Share

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Net Loss Per Share

12. Net loss per share

The table below sets forth the computation of basic and diluted loss per share. All shares and per share amounts have been adjusted for an approximately 8.25-for-1 share forward stock split which took effect on April 28, 2021 (in thousands, except per share amounts):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2021			2020			2021
Basic and diluted:
Net loss	$	(2,840	)	$	(22,916	)	$	(6,196	)	$	(82,707	)

Basic weighted-average number of common shares outstanding		67,567,724			94,596,519			69,857,468			82,677,824
Diluted weighted-average number of common shares outstanding		67,567,724			94,596,519			69,857,468			82,677,824

Basic loss per share	$	(0.04	)	$	(0.24	)	$	(0.09	)	$	(1.00	)
Diluted loss per share	$	(0.04	)	$	(0.24	)	$	(0.09	)	$	(1.00	)

For purposes of computing diluted net income per share, weighted-average common shares do not include potentially dilutive securities that are anti-dilutive. The following potentially dilutive securities were excluded (in thousands):


	As of September 30,
	2020		2021
Shares of common stock issuable under stock option plans outstanding		8,566		9,610
Shares of common stock issuable upon vesting of restricted stock awards		13,622		5,598
Potential common shares excluded from diluted net loss per share		22,188		15,208

Income Taxes

9 Months Ended

Sep. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

13. Income Taxes

For the three months ended September 30, 2020 and 2021, the Company recorded an income tax expense of $0.02 million and $0.04 million respectively. For the nine months ended September 30, 2020 and 2021, the Company recorded an income tax benefit of $0.12 million and income tax expense of $0.14 million, respectively. Income tax expense recorded for three and nine months ended September 30, 2020 and 2021, was lower than the statutory tax rate of 21% primarily due to a valuation allowance established against the U.S. deferred tax assets.

As of September 30, 2021, the Company had total unrecognized tax benefits of approximately $0.1 million. All of our gross unrecognized tax benefits, if recognized, would affect our effective tax rate. We recognize accrued interest and penalties related to unrecognized tax benefits as a component of income tax expense. As of September 30, 2021, the Company had not accrued any interest or penalties related to unrecognized tax benefits.

- 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.

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+ Details

Segment Information

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Segment Information

14. Segment Information

The Company has one segment: manufacturing and servicing of Voyager Tracker. The Company's Chief Executive Officer (the chief operating decision maker) views and evaluates operations, manages resource allocations, and measures performance based on the results of the Company’s reportable operating segment under its management reporting system. The application of this structure permits us to align our strategic business initiatives and corporate goals in a manner that best focuses our businesses and support operations for success.

The following table summarizes the Company’s total revenue by geographic area based on the billing address of the customers (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2021		2020		2021
United States	$	59,591	$	52,984	$	143,034	$	168,540
Other		49		5		139		264
Total net revenue	$	59,640	$	52,989	$	143,173	$	168,804

- 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.

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+ Details

Related Parties

9 Months Ended

Sep. 30, 2021

Related Parties

15. Related Parties

On July 21, 2020, the Company’s Board of Directors approved a share repurchase of 9,896,666 shares of common stock for an aggregate price of $0 from founders of the Company.

On January 8, 2021, the Company’s Board of Directors approved a share repurchase of 148,440 shares of common stock for an aggregate price of $0 from founders of the Company.

On April 5, 2021, the Company’s Board of Directors approved a share repurchase of 717,460 shares of common stock for an aggregate price of $0 from founders of the Company.

On June 29, 2021, the Company made a success-based fee payment in the amount of $1.9 million to two Executive Members of Dimension Energy LLC. (See Note. 7)

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation These unaudited condensed consolidated financial statements include the results of the Company and its wholly owned subsidiaries and have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). Intercompany accounts and transactions have been eliminated upon consolidation.
Forward Stock Split	Forward Stock Split On April 28, 2021, we effected an approximately 8.25-for-1 forward split of our issued and outstanding shares of common stock, par value $0.0001 per share. As a result of the Forward Stock Split, one (1) share of common stock issued and outstanding was automatically increased to approximately 8.25 shares of issued and outstanding common stock, without any change in the par value per share. All information related to common stock, stock options, restricted stock awards and earnings per share have been retroactively adjusted to give effect to the Forward Stock Split for all periods presented.
Use of Estimates	Use of Estimates The preparation of the Company’s financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities, expenses, and the disclosure of contingent assets and liabilities in the Company’s financial statements and accompanying notes. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis.
Covid-19 Pandemic	COVID-19 Pandemic In March 2020, the World Health Organization declared the novel coronavirus 2019 (“COVID-19”) a global pandemic. The COVID-19 pandemic has had and may continue to have an unfavorable impact on certain parts of our business. The broader implications of the COVID-19 pandemic on our business, financial condition and results of operations remain uncertain and will depend on certain developments, including the duration and severity of the COVID-19 pandemic, the impact of virus variants, the rate of vaccinations, the COVID-19 pandemic’s impact on our customers and suppliers and the range of governmental and community reactions to the pandemic. We have experienced delays in production and shipments in the current quarter due to an outbreak of COVID at a supplier site and a quarantine imposed on one of our shipping vessels. Due to the nature of the pandemic, we may continue to experience reduced customer demand in certain parts of our business or constrained supply that could materially and adversely impact our business, financial condition, results of operations, liquidity and cash flows in future periods.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The accompanying unaudited condensed consolidated financial statements as of September 30, 2021 and for the three and nine months ended September 30, 2020 and 2021, have been prepared in accordance with GAAP for interim financial statements and pursuant to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments have been made that are considered necessary for a fair statement of our financial position as of December 31, 2020 and September 30, 2021, our results of operations for the three and nine months ended September 30, 2020 and 2021 and our cash flows for the nine months ended September 30, 2020 and 2021. The condensed consolidated balance sheets as of December 31, 2020 have been derived from the Company’s audited consolidated financial statements. Operating results for the three and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. Certain information and disclosures normally included in the notes to annual financial statements prepared in accordance with GAAP have been omitted from these interim financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Therefore, these unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company’s final prospectus (the “IPO Prospectus”) dated as of April 29, 2021, and filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended (the “Securities Act”).
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash and cash equivalents. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company is exposed to credit risk in the event of default by the financial institutions holding our cash and cash equivalents that are recorded on our balance sheets. The Company mitigates its risk by investing in high-grade instruments and limiting the concentration in any one issuer, which limits its exposure. The Company has not experienced any losses since inception. The carrying amounts of cash and cash equivalents, prepaid expenses, accounts payable and accrued other liabilities are reasonable estimates of their fair value because of the short maturity of these items.
Equity Method Investments	Equity Method Investments The Company uses the equity method of accounting for equity investments if the investment provides the ability to exercise significant influence, but not control, over operating and financial policies of the investee. The Company’s proportionate share of the net income or loss of these investees is included in our Condensed Consolidated Statements of Comprehensive Loss. Judgment regarding the level of influence over each equity method investment includes considering key factors such as the Company’s ownership interest, legal form of the investee, representation on the board of directors, participation in policy-making decisions and material intra-entity transactions. The Company evaluates equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable. Factors considered by the Company when reviewing an equity method investment for impairment include the length of time and the extent to which the fair value of the equity method investment has been less than cost, the investee’s financial condition and near-term prospects and the intent and ability to hold the investment for a period of time sufficient to allow for anticipated recovery. An impairment that is other-than temporary is recognized in the period identified. The Company accounts for distributions received from equity method investees under the “nature of the distribution” approach. Under this approach, distributions received from equity method investees are classified on the basis of the nature of the activity or activities of the investee that generated the distribution as either a return on investment (classified as cash inflows from operating activities) or a return of investment (classified as cash inflows from investing activities). The Company has made an accounting policy election, as a result of disposing of its equity method investment on June 24, 2021, to account for the contingent gains from the earnout provision and projects escrow release only when those amounts become realizable in the periods subsequent to the disposal date. (See Note 7)
Stock-Based Compensation	Stock -Based Compensation The Company recognizes compensation expense for all share-based payment awards made, including stock options and restricted stock, based on the estimated fair value of the award on the grant date, in the accompanying consolidated statements of operations over the requisite service period of the awards. The Company calculates the fair value of stock options using the Black-Scholes Option-Pricing model. The fair value of restricted stock grants represents the estimated fair value of the Company's common stock on the date of grant. The Company accounts for forfeitures as they occur. For service-based awards, stock-based compensation is recognized using the straight-line attribution approach over the requisite service period. For performance-based awards, stock-based compensation is recognized based on graded vesting over the requisite service period when the performance condition is probable of being achieved.
Revenue Recognition	Revenue Recognition The Company derives its revenue primarily from sale of: (1) Voyager Tracker and customized components of Voyager Tracker, (2) individual parts of Voyager Tracker for certain specific transactions, (3) shipping and handling services, (4) term-based software licenses, (5) maintenance and support services for the term-based software licenses, and (6) subscription services. Product revenue includes revenue from Voyager Tracker and customized components of Voyager Tracker, individual part sales for certain specific transactions, and sale of term-based software licenses. Service revenue includes revenue from shipping and handling services, subscription-based enterprise licensing model, and maintenance and support services in connection with the term-based software licenses. Voyager Tracker and individual parts of Voyager Tracker (including shipping and handling) The Company contracts with customers for sale of Voyager Trackers under two different types of arrangements: (1) Purchase Agreements and Equipment Supply Contracts (“Purchase Agreements”) and (2) sale of individual parts of the Voyager Tracker. The Company’s Purchase Agreements typically include two performance obligations- (1) Voyager Tracker or customized components of Voyager Tracker and (2) shipping and handling services. The deliverables included as part of the Voyager Tracker are predominantly accounted for as one performance obligation, as these deliverables are part of a combined promise to deliver a project. Voyager Tracker and customized components of Voyager Tracker performance obligations in the contract are satisfied over-time as work progresses for its custom assembled Voyager Tracker, utilizing an input measure of progress determined by cost-to-cost measures on these projects as this faithfully depicts the Company’s performance in transferring control. The revenue for shipping and handling services is recognized over-time based on shipping terms of the arrangements, as this faithfully depicts the Company’s performance in transferring control. The Company’s sale of individual parts of Voyager Tracker for certain specific transactions include multiple performance obligations consisting of individual parts of the Voyager Tracker. Revenue recognized for the Company’s part sales are recorded at a point in time and recognized when obligations under the terms of the contract with our customer are satisfied. Generally, this occurs with the transfer of control of the asset, which is in line with shipping terms. Term-based software license revenue Term-based software license revenue included under product revenue is primarily derived from sale of term-based software licenses that are deployed on the customers’ own servers and have significant standalone functionality. The revenue is recognized upon transfer of control to the customer. The control for term-based software licenses is transferred at the later of delivery to the customer or the software license start date. Term-based software license revenue is immaterial for the three and nine month periods ended September 30, 2020 and September 30, 2021. Subscription and Maintenance and support services revenue Subscription revenue is derived from a subscription-based enterprise licensing model with contract terms typically ranging from one to two years and consists of subscription fees from the licensing of Subscription services. Subscription services revenue is immaterial for the three and nine month periods ended September 30, 2020 and September 30, 2021. The hosted on-demand service arrangements do not provide customers with the right to take possession of the software supporting the hosted services. Services revenue includes maintenance and support activities related to term-based software licenses. Support revenue is derived from ongoing security updates, upgrades, bug fixes, and maintenance. A time-elapsed method is used to measure progress because the Company transfers control evenly over the contractual period. Accordingly, the fixed consideration related to these revenues is generally recognized on a straight-line basis over the contract term beginning on the date access is provided. Cost of Revenue Cost of revenue consists primarily of costs related to raw materials, freight and delivery, product warranty, and personnel costs (salaries, bonuses, benefits, and stock-based compensation). Personnel costs in cost of revenue include both direct labor costs as well as costs attributable to any individuals whose activities relate to the procurement, installment and delivery of the finished product and services. Deferred cost of revenue results from the timing differences between the costs incurred in advance of the satisfaction of all revenue recognition criteria consistent with our revenue recognition policy. Warranty We provide standard assurance type warranties with our Voyager Trackers for periods generally ranging from five to ten years. We record a provision for estimated warranty expenses, net of amounts recoverable from manufacturers, to cost of sales when we recognize revenue. These estimates are based on our historical experience and forward-looking factors including the expected nature and frequency of product failure rates and costs to address future claims. These estimates are inherently uncertain given our relatively short history of sales and changes to our historical or projected warranty experience may result in material changes to our warranty reserve in the future. We do not maintain general or unspecified reserves; all warranty reserves are related to specific projects. All actual or estimated costs incurred in subsequent periods are charged to those established reserves. Remaining Performance Obligations Remaining performance obligations relate to contracts that have original expected durations of one year or less. Therefore, the transaction price allocated to performance obligations that are unsatisfied or partially satisfied as of the end of the reporting period are not required to be disclosed under ASC 606.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Standards In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”). ASU 2019-12 removes certain exceptions related to the approach for intra-period tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 also amends other aspects of the guidance to help simplify and promote consistent application of GAAP. The Company adopted ASU 2019-12 in the first quarter of 2021, and the adoption had no material impact to the Company's consolidated financial statements. New Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 changes the impairment model for most financial assets and requires the use of an expected loss model in place of the currently used incurred loss method. Under this model, entities will be required to estimate the lifetime expected credit loss on such instruments and record an allowance to offset the amortized cost basis of the financial asset, resulting in a net presentation of the amount expected to be collected on the financial asset. The Company is currently evaluating the impact that the adoption of ASU 2016-13 will have on its condensed consolidated financial statements and the Company plans to adopt effective January 1, 2023. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This standard provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. Entities may apply this ASU upon issuance through December 31, 2022 on a prospective basis. The Company is currently evaluating the impact this adoption will have on the Company’s condensed consolidated financial statements and will apply this guidance to transactions and modifications of these arrangements as appropriate.

Revision of Previously Issued Financial Statements (Tables)

9 Months Ended

Sep. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Revision of Previously Issued Financial Statements

The errors had no impact on total cash flows for operating, investing, or financing activities, but did impact line items in the indirect method of operating cash flow presentation as shown below:


	As of and for Three Months Ended June 30, 2021 (As Previously Reported)			Adjustments			As of and for Three Months Ended June 30, 2021 (As Revised)
	(in thousands, except share and per share data)
Condensed Consolidated Balance Sheet
Additional paid-in capital	$	286,687		$	(3,491	)	$	283,196
Accumulated deficit		(105,926	)		3,491			(102,435	)
Condensed Consolidated Statement of Comprehensive Loss
Cost of Revenue - Product	$	43,885		$	(7	)	$	43,878
Research and development		5,585			(2	)		5,583
Selling and Marketing		3,258			(161	)		3,097
General and administrative		51,063			(3,321	)		47,742
Total operating expenses		59,906			(3,484	)		56,422
Loss from operations		(75,963	)		3,491			(72,472	)
Loss before income taxes		(55,590	)		3,491			(52,099	)
Net loss		(55,841	)		3,491			(52,350	)
Comprehensive loss		(55,834	)		3,491			(52,343	)
Net loss per share - basic		(0.70	)		0.09			(0.61	)
Net loss per share - diluted		(0.70	)		0.09			(0.61	)
Weighted-average common shares outstanding - basic		79,229,174			6,927,135			86,156,309
Weighted-average common shares outstanding - diluted		79,229,174			6,927,135			86,156,309
Condensed Consolidated Statement of Stockholders' Equity
Additional paid-in capital	$	286,687		$	(3,491	)	$	283,196
Accumulated deficit		(105,926	)		3,491			(102,435	)
Net loss		(55,841	)		3,491			(52,350	)
Stock-based compensation		56,192			(3,491	)		52,701
Note 11. Net loss per share
Net loss	$	(55,841	)	$	3,491		$	(52,350	)
Basic weighted-average number of common shares outstanding		79,229,174			6,927,135			86,156,309
Diluted weighted-average number of common shares outstanding		79,229,174			6,927,135			86,156,309
Basic loss per share		(0.70	)		0.09			(0.61	)
Diluted loss per share		(0.70	)		0.09			(0.61	)


	As of and for the Six Months Ended June 30, 2021 (As Previously Reported)			Adjustments			As of and for the Six Months Ended June 30, 2021 (As Revised)
	(in thousands, except share and per share data)
Condensed Consolidated Balance Sheet
Additional paid-in capital	$	286,687		$	(3,491	)	$	283,196
Accumulated deficit		(105,926	)	$	3,491			(102,435	)
Condensed Consolidated Statement of Comprehensive Loss
Cost of Revenue - Product	$	98,881		$	(7	)	$	98,874
Research and development		7,539			(2	)		7,537
Selling and Marketing		4,358			(161	)		4,197
General and administrative		56,147			(3,321	)		52,826
Total operating expenses		68,044			(3,484	)		64,560
Loss from operations		(83,982	)		3,491			(80,491	)
Loss before income taxes		(62,833	)		3,491			(59,342	)
Net loss		(63,283	)		3,491			(59,792	)
Comprehensive loss		(63,277	)		3,491			(59,786	)
Net loss per share - basic		(0.87	)		0.09			(0.78	)
Net loss per share - diluted		(0.87	)		0.09			(0.78	)
Weighted-average common shares outstanding - basic		73,106,935			3,474,582			76,581,517
Weighted-average common shares outstanding - diluted		73,106,935			3,474,582			76,581,517
Condensed Consolidated Statement of Cash Flows
Net loss	$	(63,283	)	$	3,491		$	(59,792	)
Stock-based compensation		56,641			(3,491	)		53,150
Note 11. Net loss per share
Net loss	$	(63,283	)	$	3,491		$	(59,792	)
Basic weighted-average number of common shares outstanding		73,106,935			3,474,582			76,581,517
Diluted weighted-average number of common shares outstanding		73,106,935			3,474,582			76,581,517
Basic loss per share		(0.87	)		0.09			(0.78	)
Diluted loss per share		(0.87	)		0.09			(0.78	)
Shares of common stock issuable upon vesting of restricted stock awards		15,079			(9,885	)		5,194
Potential common shares excluded from diluted net loss per share		23,231			(9,885	)		13,346

Prepaid Expenses and Other Current Assets (Tables)

9 Months Ended

Sep. 30, 2021

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following (in thousands):


	December 31, 2020		September 30, 2021
Vendor deposits	$	4,205	$	18,125
Prepaid expenses		1,043		4,060
Deferred cost of revenue		992		—
Surety collateral		113		246
Other current assets		571		1,127
	$	6,924	$	23,558

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2021

Accrued Expenses and Other Current Liabilities Abstract

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	December 31, 2020		September 30, 2021
Accrued cost of revenue	$	7,812	$	33,279
Accrued expenses		2,856		3,205
Warranty reserves		3,985		1,183
Accrued compensation		2,869		1,766
Accrued interest expense		28		128
Other		945		685
Total	$	18,495	$	40,246

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Summary of Changes in Product Warranty Reserves

Changes in the Company’s product warranty reserves were as follows (in thousands):


	September 30, 2021
Balance at beginning of period, December 31, 2020	$	6,811
Warranties issued during the period		2,902
Settlements made during the period		(3,507	)
Changes in liability for pre-existing warranties		(783	)
Balance at end of period	$	5,423

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Income (Loss) Per Share


	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2021			2020			2021
Basic and diluted:
Net loss	$	(2,840	)	$	(22,916	)	$	(6,196	)	$	(82,707	)

Basic weighted-average number of common shares outstanding		67,567,724			94,596,519			69,857,468			82,677,824
Diluted weighted-average number of common shares outstanding		67,567,724			94,596,519			69,857,468			82,677,824

Basic loss per share	$	(0.04	)	$	(0.24	)	$	(0.09	)	$	(1.00	)
Diluted loss per share	$	(0.04	)	$	(0.24	)	$	(0.09	)	$	(1.00	)

Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Income Per Share

The following potentially dilutive securities were excluded (in thousands):


	As of September 30,
	2020		2021
Shares of common stock issuable under stock option plans outstanding		8,566		9,610
Shares of common stock issuable upon vesting of restricted stock awards		13,622		5,598
Potential common shares excluded from diluted net loss per share		22,188		15,208

Segment Information (Tables)

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Schedule of Company's Total Revenue by Geographic Area

The following table summarizes the Company’s total revenue by geographic area based on the billing address of the customers (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2021		2020		2021
United States	$	59,591	$	52,984	$	143,034	$	168,540
Other		49		5		139		264
Total net revenue	$	59,640	$	52,989	$	143,173	$	168,804

Description of Business - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			6 Months Ended	9 Months Ended
	Apr. 30, 2021	Apr. 28, 2021	Jun. 30, 2021	Sep. 30, 2021	Sep. 30, 2020
Description Of Business [Line Items]
Stock issuance costs				$ 5,942	$ 0
Stock split		8.25-for-1
IPO [Member]
Description Of Business [Line Items]
Issuance of common stock (in shares)	19,840,000			4,455,384
Price per share of common stock	$ 13.00
Proceeds from IPO				$ 241,200
Purchase cost of shares	$ 54,200		$ 54,200	$ 54,200
Stock split				8.25-for-1

Revision of Previously Issued Financial Statements - Schedule of condensed Consolidated Balance Sheet (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			6 Months Ended		9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Condensed Consolidated Balance Sheet
Additional paid-in capital	$ 288,696					$ 288,696		$ 50,096
Accumulated deficit	(125,351)					(125,351)		(42,643)
Condensed Consolidated Statement of Comprehensive Loss
Cost of Revenue	61,028		$ 56,774			192,774	$ 134,709
Research and development	2,116		1,438			9,653	4,047
Selling and marketing	2,224		1,041			6,421	2,374
General and administrative	10,392		2,912			63,217	7,630
Total operating expenses	14,732		5,391			79,291	14,051
Loss from operations	(22,771)		(2,525)			(103,261)	(5,587)
Loss before income taxes	(22,875)		(2,630)			(82,216)	(5,966)
Net loss	(22,916)		(2,840)	$ (59,792)	$ (3,356)	(82,707)	(6,196)
Comprehensive loss	$ (22,913)		$ (2,852)			$ (82,698)	$ (6,216)
Basic loss per share	$ (0.24)		$ (0.04)			$ (1.00)	$ (0.09)
Diluted loss per share	$ (0.24)		$ (0.04)			$ (1.00)	$ (0.09)
Basic weighted-average number of common shares outstanding	94,596,519		67,567,724			82,677,824	69,857,468
Diluted weighted-average number of common shares outstanding	94,596,519		67,567,724			82,677,824	69,857,468
Statement of Stockholders' Equity [Abstract]
Net Income (loss)	$ (22,916)		$ (2,840)	(59,792)	(3,356)	$ (82,707)	$ (6,196)
Stockholders equity	163,359	$ 180,772	16,720	180,772	19,124	163,359	16,720	7,451	$ (8,445)
Statement of Cash Flows [Abstract]
Net loss	(22,916)		(2,840)	(59,792)	(3,356)	$ (82,707)	$ (6,196)
Note 11. Net loss per share
Potential common shares excluded from diluted net loss per share						15,208	22,188
Product
Condensed Consolidated Statement of Comprehensive Loss
Cost of Revenue	48,090		46,513			$ 146,964	$ 114,883
Additional Paid-in Capital
Statement of Stockholders' Equity [Abstract]
Stockholders equity	288,696	283,196	49,654	283,196	49,206	288,696	49,654	50,096	18,273
Accumulated Deficit
Condensed Consolidated Statement of Comprehensive Loss
Net loss	(22,916)		(2,840)	(59,792)	(3,356)
Statement of Stockholders' Equity [Abstract]
Net Income (loss)	(22,916)		(2,840)	(59,792)	(3,356)
Stockholders equity	(125,351)	(102,435)	(32,915)	(102,435)	(30,075)	$ (125,351)	$ (32,915)	$ (42,643)	$ (26,719)
Statement of Cash Flows [Abstract]
Net loss	$ (22,916)		$ (2,840)	(59,792)	$ (3,356)
As Previously Reported
Condensed Consolidated Balance Sheet
Additional paid-in capital		286,687		286,687
Accumulated deficit		(105,926)		(105,926)
Condensed Consolidated Statement of Comprehensive Loss
Research and development		5,585		7,539
Selling and marketing		3,258		4,358
General and administrative		51,063		56,147
Total operating expenses		59,906		68,044
Loss from operations		(75,963)		(83,982)
Loss before income taxes		(55,590)		(62,833)
Net loss		(55,841)		(63,283)
Comprehensive loss		$ (55,834)		$ (63,277)
Basic loss per share		$ (0.70)		$ (0.87)
Diluted loss per share		$ (0.70)		$ (0.87)
Basic weighted-average number of common shares outstanding		79,229,174		73,106,935
Diluted weighted-average number of common shares outstanding		79,229,174		73,106,935
Statement of Stockholders' Equity [Abstract]
Net Income (loss)		$ (55,841)		$ (63,283)
Stock-based compensation		56,192		56,641
Statement of Cash Flows [Abstract]
Net loss		(55,841)		(63,283)
Stock-based compensation		56,192		$ 56,641
Note 11. Net loss per share
Shares of common stock issuable upon vesting of restricted stock awards				15,079
Potential common shares excluded from diluted net loss per share				23,231
As Previously Reported \| Product
Condensed Consolidated Statement of Comprehensive Loss
Cost of Revenue		43,885		$ 98,881
As Previously Reported \| Additional Paid-in Capital
Condensed Consolidated Balance Sheet
Additional paid-in capital		286,687		286,687
As Previously Reported \| Accumulated Deficit
Condensed Consolidated Balance Sheet
Accumulated deficit		(105,926)		(105,926)
Adjustments
Condensed Consolidated Balance Sheet
Additional paid-in capital		(3,491)		(3,491)
Accumulated deficit		3,491		3,491
Condensed Consolidated Statement of Comprehensive Loss
Research and development		(2)		2
Selling and marketing		(161)		161
General and administrative		(3,321)		3,321
Total operating expenses		(3,484)		(3,484)
Loss from operations		3,491		3,491
Loss before income taxes		3,491		3,491
Net loss		3,491		3,491
Comprehensive loss		$ 3,491		$ 3,491
Basic loss per share		$ 0.09		$ 0.09
Diluted loss per share		$ 0.09		$ 0.09
Basic weighted-average number of common shares outstanding		6,927,135		3,474,582
Diluted weighted-average number of common shares outstanding		6,927,135		3,474,582
Statement of Stockholders' Equity [Abstract]
Net Income (loss)		$ 3,491		$ 3,491
Stock-based compensation		(3,491)		(3,491)
Statement of Cash Flows [Abstract]
Net loss		3,491		3,491
Stock-based compensation		(3,491)		$ (3,491)
Note 11. Net loss per share
Shares of common stock issuable upon vesting of restricted stock awards				9,885
Potential common shares excluded from diluted net loss per share				9,885
Adjustments \| Product
Condensed Consolidated Statement of Comprehensive Loss
Cost of Revenue		7		$ 7
Adjustments \| Additional Paid-in Capital
Condensed Consolidated Balance Sheet
Additional paid-in capital		(3,491)		(3,491)
Adjustments \| Accumulated Deficit
Condensed Consolidated Balance Sheet
Accumulated deficit		3,491		3,491
As Revised
Condensed Consolidated Balance Sheet
Additional paid-in capital		283,196		283,196
Accumulated deficit		(102,435)		(102,435)
Condensed Consolidated Statement of Comprehensive Loss
Research and development		5,583		7,537
Selling and marketing		3,097		4,197
General and administrative		47,742		52,826
Total operating expenses		56,422		64,560
Loss from operations		(72,472)		(80,491)
Loss before income taxes		(52,099)		(59,342)
Net loss		(52,350)		(59,792)
Comprehensive loss		$ (52,343)		$ (59,786)
Basic loss per share		$ (0.61)		$ (0.78)
Diluted loss per share		$ (0.61)		$ (0.78)
Basic weighted-average number of common shares outstanding		86,156,309		76,581,517
Diluted weighted-average number of common shares outstanding		86,156,309		76,581,517
Statement of Stockholders' Equity [Abstract]
Net Income (loss)		$ (52,350)		$ (59,792)
Stock-based compensation		52,701		53,150
Statement of Cash Flows [Abstract]
Net loss		(52,350)		(59,792)
Stock-based compensation		52,701		$ 53,150
Note 11. Net loss per share
Shares of common stock issuable upon vesting of restricted stock awards				5,194
Potential common shares excluded from diluted net loss per share				13,346
As Revised \| Product
Condensed Consolidated Statement of Comprehensive Loss
Cost of Revenue		43,878		$ 98,874
As Revised \| Additional Paid-in Capital
Condensed Consolidated Balance Sheet
Additional paid-in capital		283,196		283,196
As Revised \| Accumulated Deficit
Condensed Consolidated Balance Sheet
Accumulated deficit		$ (102,435)		$ (102,435)

Summary of Significant Accounting Policies - Additional Information (Details)		3 Months Ended	9 Months Ended
	Apr. 28, 2021 $ / shares	Mar. 31, 2021	Sep. 30, 2021 $ / shares shares	Dec. 31, 2020 $ / shares shares	Mar. 31, 2020 shares
Stock split	8.25-for-1
Forward stock split			8.25
Common stock, par value \| $ / shares	$ 0.0001		$ 0.0001	$ 0.0001
Common stock, shares issued			84,944,145	66,155,340	9,162,976
Common stock, shares outstanding			84,944,145	66,155,340
Warranty description		We provide standard assurance type warranties with our Voyager Trackers for periods generally ranging from five to ten years.
Minimum [Member]
Subscription revenue contract terms		1 year
Product warranty life			5 years
Maximum [Member]
Subscription revenue contract terms		2 years
Product warranty life			10 years

Revenue - Additional Information (Details1) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-10-01 - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Revenue allocated to remaining performance obligations, amount of revenue expected to be recognized		$ 23.0	$ 19.9
Revenue allocated to remaining performance obligations, percentage of revenue expected to be recognized	100.00%
Revenue allocated to remaining performance obligations, expected timing of satisfaction	12 months

Revenue - Additional Information - (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 9,606	$ 22,980
Unbilled receivables	$ 15,700	$ 1,200

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Prepaid Expense and Other Assets, Current [Abstract]
Vendor deposits	$ 18,125	$ 4,205
Prepaid expense	4,060	1,043
Deferred cost of revenue	0	992
Surety collateral	246	113
Other current assets	1,127	571
Prepaid expenses and other current assets, Total	$ 23,558	$ 6,924

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Accrued Expenses and Other Current Liabilities Abstract
Accrued cost of revenue	$ 33,279	$ 7,812
Accrued expenses	3,205	2,856
Warranty reserves	1,183	3,985
Accrued compensation	1,766	2,869
Accrued interest expense	128	28
Other	685	945
Total	$ 40,246	$ 18,495

Sales of Equity Method Investments - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
	Jun. 24, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jun. 29, 2021
Schedule Of Equity Method Investments [Line Items]
Success Based Fee						$ 1.9
Gain (Loss) on Disposition of Stock in Subsidiary			$ 0.2	$ 0.4	$ 0.3
Business Combination Contingent Consideration Receivable				$ 14.0
Escrow released payment received		$ 0.2
Dimension [Member]
Schedule Of Equity Method Investments [Line Items]
Business Combination, Contingent Consideration Arrangements, Description				The sales agreement with Dimension includes an earnout provision which provides the potential to receive an additional contingent consideration of up to approximately $14.0 million through December 2024, based on Dimension achieving certain performance milestones. This potential earnout is calculated each quarter starting January 1, 2022. The potential payment is calculated as $200 per the number of kilowatts constituting each Notice To Proceed (NTP) megawatt (MW) achieved during such quarterly earnout period, provided that no earnout amount is payable in respect to the first 100 NTP MW achieved in any earnout year. The sales agreement also includes a projects escrow release which is an additional contingent consideration to receive $7 million based on Dimension’s completion of certain construction projects currently in progress
Dimension Energy LLC
Schedule Of Equity Method Investments [Line Items]
Gain (Loss) on Sale of Equity Investments				$ 20.8
Dimension Energy LLC \| Common Class A
Schedule Of Equity Method Investments [Line Items]
Number of Share Disposed	4,791,566
Ownership percentage	23.00%
Ownership value	$ 22.0
Success Based Fee	$ 1.9

Sales of Equity Method Investments - Summarized Financial Information For Equity Method Investments (Details) - USD ($)	3 Months Ended		6 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of operations
Gross loss	$ (8,039,000)	$ 2,866,000			$ (23,970,000)	$ 8,464,000
Net loss	(22,916,000)	(2,840,000)	$ (59,792,000)	$ (3,356,000)	(82,707,000)	(6,196,000)
Share of net loss from equity method investment	$ (400)	$ (186,000)			$ (354,000)	$ (345,000)

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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- Definition

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

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+ Details

Debt and Other Borrowings - Additional Information (Details)						3 Months Ended		9 Months Ended		12 Months Ended
	Apr. 30, 2021 USD ($)	Jan. 20, 2021 USD ($)	Apr. 30, 2020 USD ($)	Jun. 17, 2019 USD ($)	Jan. 30, 2017 USD ($) shares	Sep. 30, 2021 USD ($) shares	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($) shares	Sep. 30, 2020 USD ($)	Dec. 31, 2020 USD ($) shares	Mar. 31, 2020 shares
Debt Instrument [Line Items]
Common stock issued for notes purchased \| shares						84,944,145		84,944,145		66,155,340	9,162,976
Amortization of debt issuance cost						$ 200,000		$ 300,000
Gain (loss) on extinguishment of debt						0	$ (34,000)	790,000	$ (75,000)
Interest expense on debt and other borrowings						$ 300,000	$ 100,000	500,000	$ 300,000
Barclays Bank PLC [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument [Line Items]
Initial margins	3.25%
Barclays Bank PLC [Member] \| Letter of Credit [Member]
Debt Instrument [Line Items]
Liquidity ratio amount, minimum limit								$ 125,000,000
Leverage ratio						3.75		3.75
Interest coverage ratio						1.5		1.5
Line of credit facility, covenant compliance								As of September 30, 2021, the Company was in full compliance with its financial condition covenant.
Revolving Line of Credit
Debt Instrument [Line Items]
Term of notes								3 years
Unamortized debt issuance cost						$ 1,800,000		$ 1,800,000
Credit facility revolver fees						100,000		200,000
Debt issuance costs						$ 2,100,000		$ 2,100,000
Revolving Line of Credit \| Western Alliance Bank [Member]
Debt Instrument [Line Items]
Principal amount				$ 1,000,000.0
Maturity period				2 years
Initial margins				5.50%
Line of credit, outstanding balance										$ 1,000,000
Revolving Line of Credit \| Barclays Bank PLC [Member]
Debt Instrument [Line Items]
Principal amount	$ 100,000,000
Maturity period	3 years
Initial Commitment Fees	0.50%
Revolving Line of Credit \| Barclays Bank PLC [Member] \| Letter of Credit [Member]
Debt Instrument [Line Items]
Aggregate commitments	$ 100,000,000
Initial Commitment Fees	3.25%
Line of credit facility, covenant terms								The Credit Agreement includes the following financial condition covenants that the Company is required to satisfy: (i) maintain a minimum liquidity of $125 million for each quarter; (ii) maintain a 3.75 times leverage ratio; and (iii) maintain a 1.5 times interest coverage ratio. The leverage and interest coverage ratios will be triggered when the Company achieves $50 million in adjusted EBITDA over a trailing twelve months. Once the leverage and interest coverage ratios are triggered the minimum liquidity will not have a minimum limit. Minimum liquidity includes unrestricted cash plus the undrawn balance of the revolving credit facility. The minimum liquidity covenant was the only financial condition covenant the Company had to satisfy as of the period ended September 30, 2021.
The Notes [Member] \| Private Placement [Member]
Debt Instrument [Line Items]
Aggregate principal amount of notes					$ 7,000,000.0
Term of notes					5 years
Common stock issued for notes purchased \| shares					25,000
Promissory notes purchased					$ 250,000
Interest rate of notes					5.00%
Paycheck Protection Program ('PPP') Loan [Member] \| CARES Act [Member]
Debt Instrument [Line Items]
Maturity period			2 years
Initial margins			1.00%
Loans received			$ 800,000
Gain (loss) on extinguishment of debt		$ 800,000

Commitments and Contingencies - Additional Information (Details) $ in Millions	Sep. 30, 2021 USD ($)
Accrued Expenses and Other Current Liabilities [Member]
Product Warranty Liability [Line Items]
Warranty reserves	$ 1.2
Other Noncurrent Liabilities [Member]
Product Warranty Liability [Line Items]
Warranty reserves	$ 4.2

Commitments and Contingencies - Summary of Changes in Product Warranty Reserves (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021 USD ($)
Product Warranties Disclosures [Abstract]
Balance at beginning of period	$ 6,811
Warranties issued during the period	2,902
Settlements made during the period	(3,507)
Changes in liability for pre-existing warranties	(783)
Balance at end of period	$ 5,423

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended	9 Months Ended
	Apr. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021	Sep. 30, 2021	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 5,400			$ 58,531	$ 1,381
Stock purchased and retired	2,191,557
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock purchased and retired	2,263,827
IPO [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from IPO					241,200
Purchase cost of shares	$ 54,200			$ 54,200	54,200
Retire aggregate shares of common stock	4,455,384
Stock-based compensation expense		5,400	$ 400		58,500	$ 1,400
IPO [Member] \| Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increased stock-based compensation expenses		$ 5,000			$ 57,100

Stockholders' Equity - Additional Information (Details) - USD ($)					3 Months Ended		9 Months Ended
	Apr. 30, 2021	Apr. 05, 2021	Jan. 08, 2021	Jul. 21, 2020	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Apr. 28, 2021	Dec. 31, 2020	Mar. 31, 2020
Class of Stock [Line Items]
Preferred Stock, Shares Authorized					10,000,000		10,000,000			10,000,000
Preferred Stock, Par or Stated Value Per Share					$ 0.0001		$ 0.0001			$ 0.0001
Preferred Stock, Shares Issued					0		0			0
Common stock, shares authorized					850,000,000		850,000,000			850,000,000
Common stock, par value					$ 0.0001		$ 0.0001		$ 0.0001	$ 0.0001
Dividends							$ 0
Common stock, shares issued					84,944,145		84,944,145			66,155,340	9,162,976
Sale of stock, price per share											$ 3.27
Common stock, value, issued					$ 8,000		$ 8,000			$ 1,000	$ 30,000.0
Operating Expenses					14,732,000	$ 5,391,000	79,291,000	$ 14,051,000
Treasury stock, shares, acquired		717,460	148,440	9,896,666
Treasury stock, value		$ 0	$ 0	$ 0	$ 0		$ 0			$ 0
IPO [Member]
Class of Stock [Line Items]
Stock Issued During Period Shares New Issues	19,840,000						4,455,384
Shares Issued, Price Per Share	$ 13.00
Proceeds from Issuance Initial Public Offering	$ 241,200,000
Underwriting Discount and Commissions	$ 16,800,000
IPO [Member] \| Restricted Stock Units (RSUs) [Member]
Class of Stock [Line Items]
Stock Issued During Period Shares New Issues							2,263,827
IPO [Member] \| Repurchase [Member]
Class of Stock [Line Items]
Stock Issued During Period Shares New Issues							2,191,557

Net Loss Per Share (Additional Information) (Details)	9 Months Ended
Net Loss Per Share (Additional Information) (Details)	Sep. 30, 2021
Earnings Per Share [Abstract]
Forward stock split	8.25

Net Loss Per Share - Schedule of Computation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Basic and diluted:
Net loss	$ (22,916)	$ (2,840)	$ (59,792)	$ (3,356)	$ (82,707)	$ (6,196)
Basic weighted-average number of common shares outstanding	94,596,519	67,567,724			82,677,824	69,857,468
Effect of dilutive shares		67,567,724
Diluted weighted-average number of common shares outstanding	94,596,519	67,567,724			82,677,824	69,857,468
Basic loss per share	$ (0.24)	$ (0.04)			$ (1.00)	$ (0.09)
Diluted loss per share	$ (0.24)	$ (0.04)			$ (1.00)	$ (0.09)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

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

+ References

+ Details

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Income Per Share (Details) - shares	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares excluded from diluted net loss per share	15,208	22,188
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares excluded from diluted net loss per share	9,610	8,566
Restricted Stock Awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential common shares excluded from diluted net loss per share	5,598	13,622

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Tax Contingency [Line Items]
Pre-tax income (loss) from company's operations	$ (22,875)	$ (2,630)	$ (82,216)	$ (5,966)
Income tax expense (benefit)	41	$ 24	$ 137	$ (115)
Change in deferred tax assets valuation allowance, percentage			21.00%
Unrecognized tax benefits	100		$ 100
Income Tax Interest and Penalties Accrued	$ 0		$ 0

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Segment Information - Additional Information (Details)	9 Months Ended
Segment Information - Additional Information (Details)	Sep. 30, 2021 Segment
Number of operating segment	1

Segment Information - Schedule of Company's Total Revenue by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues	$ 52,989	$ 59,640	$ 168,804	$ 143,173
United States [Member]
Revenues	52,984	59,591	168,540	143,034
Other [Member]
Revenues	$ 5	$ 49	$ 264	$ 139

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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.

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Related Parties -Additional Information (Detail) - USD ($)	Jun. 29, 2021	Apr. 05, 2021	Jan. 08, 2021	Jul. 21, 2020	Sep. 30, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Treasury stock, shares, acquired		717,460	148,440	9,896,666
Treasury stock, value		$ 0	$ 0	$ 0	$ 0	$ 0
Two Executive Member [Member]
Related Party Transaction [Line Items]
Payment Of Success Based Fee	$ 1,900,000