QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation) |
(I.R.S. Employer Identification No.) |
Title of each class: |
Trading Symbol(s) |
Name of each exchange on which registered: | ||
one share of Common Stock for $11.50 per share |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Smaller reporting company | |||||
Emerging growth company |
Item 1. |
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1 |
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2 |
||||||
3 |
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5 |
||||||
6 |
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Item 2. |
26 |
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Item 3. |
35 |
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Item 4. |
36 |
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Item 1. |
37 |
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Item 1A. |
37 |
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Item 2. |
37 |
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Item 3. |
37 |
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Item 4. |
37 |
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Item 5. |
37 |
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Item 6. |
38 |
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38 |
September 30, 2021 |
December 31, 2020 |
|||||||
(Unaudited) |
||||||||
Assets |
||||||||
Current assets |
||||||||
Cash and cash equivalents |
$ | $ | ||||||
Restricted cash |
||||||||
Accounts receivable |
||||||||
Inventory |
||||||||
Promissory note due from related party |
||||||||
Prepaid expenses and other current assets |
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|
|
|
|
|||||
Total current assets |
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Property and equipment, net |
||||||||
Right-of-use |
||||||||
Goodwill |
||||||||
Security deposits |
||||||||
|
|
|
|
|||||
Total assets |
$ | $ | ||||||
|
|
|
|
|||||
Liabilities and Stockholders’ Equity (Deficit) |
||||||||
Current liabilities |
||||||||
Accounts payable |
$ | $ | ||||||
Accrued expenses and other liabilities |
||||||||
Current portion of long-term debt |
||||||||
Operating lease liabilities, current |
||||||||
Deferred revenue |
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|
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Total current liabilities |
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Operating lease liabilities, net of current portion |
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Warrant liabilities |
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Long-term debt |
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|
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Total liabilities |
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|
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Commitments and contingencies |
||||||||
Stockholders’ equity (deficit) (1) |
||||||||
Preferred stock ($ |
||||||||
Common stock ($ |
||||||||
Additional paid-in capital |
||||||||
Accumulated deficit |
( |
) | ( |
) | ||||
Accumulated other comprehensive loss |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Total stockholders’ equity (deficit) |
( |
) | ||||||
|
|
|
|
|||||
Total liabilities and stockholders’ equity (deficit) |
$ | $ | ||||||
|
|
|
|
(1) | Retroactively restated for the reverse recapitalization as described in Notes 1 and 3. |
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Revenue, net |
$ | $ | $ | $ | ||||||||||||
Cost of revenue |
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|
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Gross profit |
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Operating expenses |
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Selling, general and administrative |
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Research and development |
||||||||||||||||
Amortization and depreciation |
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|
|||||||||
Total operating expenses |
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|
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|
|||||||||
Loss from operations |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Other income (expense) |
||||||||||||||||
Long-term debt forgiveness |
||||||||||||||||
Interest expense |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Change in fair value of warrant liabilities |
||||||||||||||||
Interest income |
||||||||||||||||
Other income |
||||||||||||||||
Loss on disposal of assets |
( |
) | ||||||||||||||
|
|
|
|
|
|
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|
|||||||||
Total other income (expense), net |
( |
) | ( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Income (loss) before income tax benefit |
( |
) | ( |
) | ||||||||||||
Income tax benefit |
( |
) | — | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income (loss) |
( |
) | ( |
) | ||||||||||||
Deemed dividend - Earnout Shares |
( |
) | ( |
) | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net loss attributable to common stockholders |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income ( per share:loss) |
||||||||||||||||
Basic |
$ | $ | ( |
) | $ | $ | ( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Diluted |
$ | $ | ( |
) | $ | $ | ( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net loss per share attributable to common stockholders: |
||||||||||||||||
Basic |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
|
|
|
|
|
|
|
|
|||||||||
Diluted |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
|
|
|
|
|
|
|
|
|||||||||
Weighted average common shares outstanding: (1) |
||||||||||||||||
Basic |
||||||||||||||||
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|
|||||||||
Diluted |
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|
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|
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|
|
|||||||||
Other comprehensive ( loss) income |
||||||||||||||||
Foreign currency translation adjustment |
( |
) | ( |
) | ||||||||||||
Comprehensive loss |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
|
|
|
|
|
|
|
|
(1) |
Retroactively restated for the reverse recapitalization as described in Notes 1 and 3. |
Preferred Stock |
Common Stock |
|||||||||||||||||||||||||||||||
Three and Nine Months Ended September 30, 2021 |
Shares |
Amount |
Shares |
Amount |
Additional Paid-In Capital |
Accumulated Deficit |
Accumulated Other Comprehensive Loss |
Total Stockholders’ Equity (Deficit) |
||||||||||||||||||||||||
Balance at January 1, 2021 (as previously reported) |
$ | $ | $ | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||||||||||||||||||
Retroactive application of reverse recapitalization |
( |
) | ( |
) | — | — | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balance at January 1, 2021 (after effect of reverse recapitalization) |
$ | $ | $ | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||||||||||||||||||
Issuance of Legacy Shapeways common stock upon exercise of stock options |
— | — | — | — | — | |||||||||||||||||||||||||||
Stock-based compensation expense |
— | — | — | — | — | — | ||||||||||||||||||||||||||
Net income |
— | — | — | — | — | — | ||||||||||||||||||||||||||
Foreign currency translation |
— | — | — | — | — | ( |
) | ( |
) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balance at March 31, 2021 |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Issuance of Legacy Shapeways common stock upon exercise of stock options |
— | — | — | — | — | |||||||||||||||||||||||||||
Issuance of Legacy Shapeways convertible Series B-1 preferred stock resulting from exercise of warrants |
— | — | — | — | — | |||||||||||||||||||||||||||
Stock-based compensation expense |
— | — | — | — | — | — | ||||||||||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | — | ( |
) | ||||||||||||||||||||||
Foreign currency translation |
— | — | — | — | — | — | ( |
) | ( |
) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balance at June 30, 2021 |
( |
) | ( |
) | ||||||||||||||||||||||||||||
Issuance of Legacy Shapeways common stock upon exercise of stock options |
— | — | — | — | — | |||||||||||||||||||||||||||
Issuance of Legacy Shapeways common stock upon conversion of convertible notes |
— | — | — | — | — | |||||||||||||||||||||||||||
Issuance of Legacy Shapeways common stock upon exercise of warrants |
— | — | — | — | — | — | — | |||||||||||||||||||||||||
Issuance of Legacy Shapeways convertible Series D preferred stock upon exercise of warrants |
— | — | — | — | — | — | — | |||||||||||||||||||||||||
Repurchase of Legacy Shapeways common stock |
— | — | ( |
) | — | ( |
) | — | — | ( |
) | |||||||||||||||||||||
Effect of Merger and recapitalization, net of redemptions and issuance costs |
— | — | — | — | ||||||||||||||||||||||||||||
Issuance of common stock pursuant to PIPE financing, net of issuance costs |
— | — | — | — | ||||||||||||||||||||||||||||
Stock-based compensation expense |
— | — | — | — | — | — | ||||||||||||||||||||||||||
Net income |
— | — | — | — | — | — | ||||||||||||||||||||||||||
Foreign currency translation |
— | — | — | — | — | — | ( |
) | ( |
) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balance at September 30, 2021 |
$ | $ | $ | $ | ( |
) | $ | ( |
) | $ | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock |
Common Stock |
|||||||||||||||||||||||||||||||
Three and Nine Months Ended September 30, 2020 |
Shares |
Amount |
Shares |
Amount |
Additional Paid-In Capital |
Accumulated Deficit |
Accumulated Other Comprehensive Loss |
Total Stockholders’ Equity (Deficit) |
||||||||||||||||||||||||
Balance at January 1, 2020 (as previously reported) |
$ | $ | $ | $ | ( |
) | $ | ( |
) | $ | ||||||||||||||||||||||
Retroactive application of reverse recapitalization |
( |
) | ( |
) | — | — | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balance at January 1, 2020 (after effect of reverse recapitalization) |
$ | — | $ | $ | $ | ( |
) | $ | ( |
) | $ | |||||||||||||||||||||
Issuance of Legacy Shapeways common stock upon exercise of stock options |
— | — | — | — | — | — | — | |||||||||||||||||||||||||
Stock-based compensation expense |
— | — | — | — | — | — | ||||||||||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | — | ( |
) | ||||||||||||||||||||||
Foreign currency translation |
— | — | — | — | — | — | ( |
) | ( |
) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balance at March 31, 2020 |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Issuance of Legacy Shapeways common stock upon exercise of stock options |
— | — | — | — | — | |||||||||||||||||||||||||||
Stock-based compensation expense |
— | — | — | — | — | — | ||||||||||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | — | ( |
) | ||||||||||||||||||||||
Foreign currency translation |
— | — | — | — | — | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balance at June 30, 2020 |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Issuance of Legacy Shapeways common stock upon exercise of stock options |
— | — | — | — | — | |||||||||||||||||||||||||||
Stock-based compensation expense |
— | — | — | — | — | — | ||||||||||||||||||||||||||
Net loss |
— | — | — | — | — | ( |
) | — | ( |
) | ||||||||||||||||||||||
Foreign currency translation |
— | — | — | — | — | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Balance at September 30, 2020 |
$ | $ | $ | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) | Retroactively restated for the reverse recapitalization as described in Notes 1 and 3. |
Nine Months Ended September 30, |
||||||||
2021 |
2020 |
|||||||
Cash flows from operating activities: |
||||||||
Net income ( loss) |
$ | $ | ( |
) | ||||
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
||||||||
Depreciation and amortization |
||||||||
Loss on disposal of assets |
||||||||
Stock-based compensation expense |
||||||||
Non-cash lease expense |
||||||||
Non-cash debt forgiveness |
( |
) | ||||||
Change in fair value of warrant liabilities |
( |
) | ||||||
Change in operating assets and liabilities: |
||||||||
Accounts receivable |
( |
) | ( |
) | ||||
Inventory |
( |
) | ||||||
Prepaid expenses and other assets |
||||||||
Interest on promissory note due from related party |
||||||||
Accounts payable |
( |
) | ( |
) | ||||
Accrued expenses and other liabilities |
||||||||
Lease liabilities |
( |
) | ( |
) | ||||
Deferred revenue |
( |
) | ||||||
Deferred rent |
( |
) | ||||||
|
|
|
|
|||||
Net cash used in operating activities |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Cash flows from investing activities: |
||||||||
Purchases of property and equipment |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Net cash used in investing activities |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Cash flows from financing activities: |
||||||||
Principal payments on capital leases |
( |
) | ||||||
Proceeds from issuance of common stock |
||||||||
Proceeds received from exercise of preferred stock warrants |
||||||||
Effect of Merger, net of transaction costs |
— | |||||||
Repayments of loans payable |
( |
) | ( |
) | ||||
Proceeds from loans payable |
||||||||
|
|
|
|
|||||
Net cash provided by financing activities |
||||||||
|
|
|
|
|||||
Net change in cash and cash equivalents and restricted cash |
$ | $ | ( |
) | ||||
|
|
|
|
|||||
Effect of change in foreign currency exchange rates on cash and cash equivalents and restricted cash |
( |
) | ||||||
Cash and cash equivalents and restricted cash at beginning of period |
||||||||
|
|
|
|
|||||
Cash and cash equivalents and restricted cash at end of period |
$ | $ | ||||||
|
|
|
|
|||||
Supplemental disclosure of cash and non-cash transactions: |
||||||||
Cash paid for interest |
$ | $ | ||||||
|
|
|
|
|||||
Accrued acquisition of property and equipment |
$ | $ | ||||||
|
|
|
|
|||||
Issuance of Legacy Shapeways common stock upon conversion of convertible notes |
$ | $ | ||||||
|
|
|
|
|||||
Repurchase of Legacy Shapeways common stock |
$ | ( |
) | $ | ||||
|
|
|
|
• |
Legacy Shapeways’ directors represented the majority of the new board of directors of the Company; |
• |
The executive officers and senior management of Legacy Shapeways are the executive officers and senior management of the Company; |
• |
The assets of Legacy Shapeways represent a significant majority of the assets of the Company (excluding cash formerly held in the Galileo trust account); and |
• | The business of the Company will be the continued business of Legacy Shapeways. The business of the Company will continue to focus on Legacy Shapeways’ core offerings related to the facilitation of the sale, design and manufacturing of 3D printed items. |
September 30, 2021 |
December 31, 2020 |
|||||||
Cash and cash equivalents |
$ | $ | ||||||
Restricted cash |
||||||||
|
|
|
|
|||||
$ | $ | |||||||
|
|
|
|
Asset Category |
Depreciable Life | |
Machinery and equipment |
||
Computers and IT equipment |
||
Furniture and fixtures |
||
Leasehold improvements |
* |
** | Leasehold improvements are amortized using the straight-line method over the shorter of the lease term or estimated useful life of the asset. |
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Common stock warrants |
||||||||||||||||
Earnout Shares |
Recapitalization |
||||
Cash - Galileo trust and cash, net of redemption |
$ | |||
Cash - PIPE Investment, net of transaction costs |
||||
Less: transaction costs and advisory fees allocated to equity |
( |
) | ||
|
|
|||
Effect of Merger, net of redemption, transaction costs and advisory costs |
$ | |||
|
|
Recapitalization |
||||
Cash - Galileo trust and cash, net of redemption |
$ | |||
Non-cash net working capital assumed from Galileo |
||||
Less: fair value of Private and Sponsor Warrant liabilities |
( |
) | ||
Less: transaction costs and advisory fees allocated to equity |
( |
) | ||
Effect of Merger, net of redemption, transaction costs and advisory costs |
$ | |||
Number of Shares |
||||
Common stock, outstanding prior to Business Combination |
||||
Less: redemption of Galileo shares |
( |
) | ||
Common stock of Galileo |
||||
Galileo founder and representative shares, net of forfeited shares |
||||
Shares issued in PIPE Investment |
||||
Merger and PIPE Investment - common stock |
||||
Legacy Shapeways shares - common stock (1) |
||||
Total shares of common stock immediately after Business Combination |
||||
(1) |
Includes |
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Major products/service lines: |
||||||||||||||||
Direct sales |
$ | $ | $ | $ | ||||||||||||
Marketplace sales |
||||||||||||||||
Software |
||||||||||||||||
Total revenue |
$ | $ | $ | $ | ||||||||||||
Timing of revenue recognition: |
||||||||||||||||
Products transferred at a point in time |
$ | $ | $ | $ | ||||||||||||
Products and services transferred over time |
||||||||||||||||
Total revenue |
$ | $ | $ | $ | ||||||||||||
Deferred Revenue |
||||
Balance at January 1, 2021 |
$ | |||
Deferred revenue recognized during period |
( |
) | ||
Additions to deferred revenue during period |
||||
|
|
|||
Balance at September 30, 2021 |
$ | |||
|
|
September 30, 2021 |
December 31, 2020 |
|||||||
Raw materials |
$ | $ | ||||||
Work-in-process |
||||||||
Finished goods |
||||||||
|
|
|
|
|||||
Total |
$ | $ | ||||||
|
|
|
|
September 30, 2021 |
December 31, 2020 |
|||||||
Prepaid expenses |
$ | $ | ||||||
Security deposits |
||||||||
VAT receivable |
||||||||
Other current assets |
||||||||
|
|
|
|
|||||
Total |
$ | $ | ||||||
|
|
|
|
September 30, 2021 |
December 31, 2020 |
|||||||
Machinery and equipment |
$ | $ | ||||||
Computers and IT equipment |
||||||||
Furniture and fixtures |
||||||||
Leasehold improvements |
||||||||
|
|
|
|
|||||
Less: Accumulated depreciation |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Property and equipment, net |
$ | $ | ||||||
|
|
|
|
September 30, 2021 |
December 31, 2020 |
|||||||
Accrued selling expenses |
$ | $ | ||||||
Accrued compensation |
||||||||
Interest payable |
— | |||||||
Taxes payable |
||||||||
Accrued transaction costs |
— |
|||||||
Accrued acquisition of property and equipment |
— | |||||||
Shapeways credits |
||||||||
Other |
||||||||
|
|
|
|
|||||
Total |
$ | $ | ||||||
|
|
|
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Operating lease expense |
$ | $ | $ | $ | ||||||||||||
Finance lease expense |
— | — | — | |||||||||||||
Interest expense on finance lease liabilities |
— | — | — | |||||||||||||
Short-term lease expense |
— | — | — | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total lease cost |
$ | $ | $ | $ | ||||||||||||
|
|
|
|
|
|
|
|
September 30, 2021 |
December 31, 2020 |
|||||||
Assets: |
||||||||
Right-of-use |
$ | $ | ||||||
|
|
|
|
|||||
Total lease assets |
$ | $ | ||||||
|
|
|
|
|||||
Liabilities: |
||||||||
Current liabilities: |
||||||||
Operating lease liabilities, current |
$ | $ | ||||||
Non-current liabilities: |
||||||||
Operating lease liabilities, net of current portion |
$ | |||||||
|
|
|
|
|||||
Total lease liability |
$ | $ | ||||||
|
|
|
|
Nine Months Ended September 30, |
||||||||
2021 |
2020 |
|||||||
Operating cash flows from operating leases |
$ | $ | ||||||
Operating cash flows from finance leases |
— | |||||||
Financing cash flows from finance leases |
— | |||||||
Lease liabilities arising from obtaining right-of-use |
— |
Rest of 2021 |
$ | |||
2022 |
||||
2023 |
||||
2024 |
||||
2025 |
||||
|
|
|||
Total minimum lease payments |
||||
Less effects of discounting |
( |
) | ||
|
|
|||
Present value of future minimum lease payments |
$ | |||
|
|
September 30, 2021 |
December 31, 2020 |
|||||||
Dutch Landlord Loan |
$ | $ | ||||||
Term Loan |
||||||||
Convertible Promissory Notes |
||||||||
PPP Loan |
||||||||
|
|
|
|
|||||
Less: current portion |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Long-term debt |
$ | $ | ||||||
|
|
|
|
Three and Nine Months Ended September 30, |
||||||||
2021 |
2020 |
|||||||
Strike price |
$ | $ | ||||||
Expected term (in years) |
||||||||
Expected volatility |
% |
% | ||||||
Risk-free interest rate |
% |
% | ||||||
Dividend yield |
Shares Underlying Options |
Weighted Average Exercise Price |
Weighted Average Remaining Contractual Term (in years) |
||||||||||
Outstanding at January 1, 2021 (as previously reported) |
$ | |||||||||||
Retroactive application of reverse recapitalization |
( |
) | — | |||||||||
|
|
|
|
|
|
|||||||
Outstanding as of January 1, 2021, effect of Merger |
$ | |||||||||||
Granted |
||||||||||||
Forfeited |
( |
) | — | |||||||||
Exercised |
( |
) | — | |||||||||
|
|
|
|
|
|
|||||||
Outstanding at March 31, 2021 |
$ | |||||||||||
Granted |
— | |||||||||||
Forfeited |
( |
) | — | |||||||||
Exercised |
( |
) | — | |||||||||
|
|
|
|
|
|
|||||||
Outstanding at June 30, 2021 |
$ | |||||||||||
Granted |
— | |||||||||||
Forfeited |
( |
) | — | |||||||||
Exercised |
( |
) | — | |||||||||
|
|
|
|
|
|
|||||||
Outstanding at September 30, 2021 |
$ | |||||||||||
|
|
|
|
|
|
|||||||
Exercisable at September 30, 2021 |
$ | |||||||||||
|
|
|
|
|
|
Description |
Level |
September 30, 2021 |
December 31, 2020 |
|||||||||
Liabilities: |
||||||||||||
Warrant liabilities |
3 | $ | $ |
September 30, 2021 |
At Closing (September 29, 2021) |
|||||||
Stock price on valuation date |
$ | $ | ||||||
Exercise price per share |
$ | $ | ||||||
Expected life |
||||||||
Volatility |
% |
% | ||||||
Risk-free rate |
% | % | ||||||
Dividend yield |
% | % | ||||||
|
|
|
|
|||||
Fair value per warrant |
$ | $ | ||||||
|
|
|
|
Warrant Liabilities |
||||
Balance at December 31, 2020 |
$ | |||
Additions pursuant to Merger |
||||
Change in fair value |
( |
) | ||
|
|
|||
Balance at September 30, 2021 |
$ | |||
|
|
• | Market conditions that may impact our pricing; |
• | Product mix changes between established manufacturing product offerings and new manufacturing product offerings; |
• | Product mix changes; |
• | Mix changes between products we manufacture in house and through outsourced manufacturers; |
• | Shapeways’ cost structure, including rent, materials costs, machine costs, labor rates, and other manufacturing operations costs; and |
• | Shapeways’ level of investment in new technologies. |
Three Months Ended September 30, |
Change |
|||||||||||||||||||
(Dollars in thousands) |
2021 |
2020 |
$ |
% |
||||||||||||||||
Revenue |
$ | 7,716 | $ | 8,107 | $ | (391 | ) | (5 | ) | % |
Three Months Ended September 30, |
Change |
|||||||||||||||||||
(Dollars in thousands) |
2021 |
2020 |
$ |
% |
||||||||||||||||
Cost of Revenue |
$ | 4,055 | $ | 4,406 | $ | (351 | ) | (8 | ) | % |
Nine Months Ended September 30, |
Change |
|||||||||||||||
(Dollars in thousands) |
2021 |
2020 |
$ |
% |
||||||||||||
Revenue |
$ | 25,354 | $ | 23,028 | $ | 2,326 | 10 | % |
Nine Months Ended September 30, |
Change |
|||||||||||||||
(Dollars in thousands) |
2021 |
2020 |
$ |
% |
||||||||||||
Cost of Revenue |
$ | 13,271 | $ | 13,030 | $ | 241 | 2 | % |
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
(Dollars in thousands) |
2021 |
2020 |
2021 |
2020 |
||||||||||||
Net income (loss) |
$ | 2,552 | $ | (450 | ) | $ | 4,125 | $ | (2,920 | ) | ||||||
Debt forgiveness |
— | — | (2,000 | ) | — | |||||||||||
Interest expense |
126 | 141 | 407 | 444 | ||||||||||||
Depreciation and amortization |
33 | 37 | 100 | 113 | ||||||||||||
Change in fair value of warrant liabilities |
(5,088 | ) | — | (5,088 | ) | — | ||||||||||
Income tax benefit |
— | — | (71 | ) | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Adjusted EBITDA |
$ | (2,377 | ) | $ | (272 | ) | $ | (2,527 | ) | $ | (2,363 | ) | ||||
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
||||||||
(Dollars in thousands) |
2021 |
2020 |
||||||
Net cash used in operating activities |
$ | (2,250 | ) | $ | (2,854 | ) | ||
Ned cash used in investing activities |
(125 | ) | (23 | ) | ||||
Net cash provided by financing activities |
83,945 | 1,182 | ||||||
|
|
|
|
|||||
Net change in cash and cash equivalents and restricted cash |
$ | 81,570 | $ | (1,695 | ) | |||
|
|
|
|
* | Filed herewith |
** | Furnished herewith |
Shapeways Holdings, Inc. | ||||
Dated: November 15, 2021 | By: /s/ Jennifer Walsh | |||
Jennifer Walsh | ||||
Chief Financial Officer | ||||
(Principal Financial and Accounting Officer) |