Annual report pursuant to Section 13 and 15(d)

Property and Equipment, net

v3.24.1
Property and Equipment, net
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Property and Equipment, net Property and Equipment, Net
Property and equipment, net consisted of the following:
December 31,
2023 2022
Machinery and equipment $ 10,867  $ 10,450 
Computers and IT equipment 1,149  1,138 
Leasehold improvements 2,810  2,429 
Furniture and fixtures 133  81 
Vehicles 42  42 
Assets to be placed in service 52  11,749 
Property and equipment 15,053  25,889 
Less: Accumulated depreciation (9,344) (10,262)
Property and equipment, net $ 5,709  $ 15,627 
For the years ended December 31, 2023 and 2022, depreciation expense totaled $1,185 and $1,009, respectively. Of these amounts, depreciation charged to cost of revenue was $983 and $866 for the years ended December 31, 2023 and 2022, respectively.
On March 26, 2021, the Company entered into a MOU with Desktop Metal, pursuant to which Desktop Metal agreed to invest $20.0 million in the PIPE Investment. Upon consummation of this investment, the Company became obligated to purchase $20.0 million of equipment, materials and services from Desktop Metal. In conjunction with these obligations, the Company and Desktop Metal agreed to develop a strategic partnership. The Company has no further obligations under the MOU. The Company recognized $11.6 million of impairment charges on these assets during the twelve months ended December 31, 2023. No impairment charges were recorded for the twelve months ended December 31, 2022. The Company also wrote off $4.0 million of prepaid services related to such equipment for the twelve months ended December 31, 2023, which was included in selling, general and administrative expense on the consolidated statements of operations and comprehensive loss.