Velo3D (VLDX) 10-Q16 May 222022 Q1 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2022	May 10, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-39757
Entity Registrant Name	Velo3D, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	98-1556965
Entity Address, Address Line One	511 Division Street
Entity Address, City or Town	Campbell
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95008
City Area Code	408
Local Phone Number	610-3915
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		183,859,249
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001825079
Current Fiscal Year End Date	--12-31
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common stock, par value $0.00001 per share
Trading Symbol	VLD
Security Exchange Name	NYSE
Warrants
Document Information [Line Items]
Title of 12(b) Security	Warrants to purchase one share of common stock, each at an exercise price of $11.50 per share
Trading Symbol	VLD WS
Security Exchange Name	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 104,426	$ 207,602
Short-term investments	81,725	15,483
Accounts receivable, net	10,196	12,778
Inventories	42,820	22,479
Contract assets	1,430	274
Prepaid expenses and other current assets	9,449	9,458
Total current assets	250,046	268,074
Property and equipment, net	12,438	10,046
Equipment on lease, net	9,601	8,366
Other assets	15,389	16,231
Total assets	287,474	302,717
Current liabilities:
Accounts payable	19,609	9,882
Accrued expenses and other current liabilities	12,121	9,414
Debt – current portion	5,116	5,114
Contract liabilities	19,386	22,252
Total current liabilities	56,232	46,662
Long-term debt – less current portion	2,422	2,956
Contingent earnout liabilities (Note 10)	142,719	111,487
Warrant liabilities (Note 10)	27,719	21,705
Other noncurrent liabilities	8,778	9,492
Total liabilities	237,870	192,302
Commitments and contingencies (Note 13)
Stockholders’ equity:
Common stock, $0.00001 par value - 500,000,000 shares authorized at March 31, 2022 and December 31, 2021, 183,557,946 and 183,232,494 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively	2	2
Additional paid-in capital	345,418	340,294
Accumulated other comprehensive loss	(608)	(14)
Accumulated deficit	(295,208)	(229,867)
Total stockholders’ equity	49,604	110,415
Total liabilities and stockholders’ equity	$ 287,474	$ 302,717

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, shares authorized		500,000,000
Common stock, shares issued	183,557,946	183,232,494
Common stock, shares outstanding	183,557,946	183,232,494

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Recurring Payment	$ 925	$ 263
Total Revenue	12,218	1,172
Cost of revenue	12,203	1,562
Gross profit/(loss)	15	(390)
Operating expenses
Research and development	12,915	4,695
Selling and marketing	5,983	2,023
General and administrative	9,290	4,786
Total operating expenses	28,188	11,504
Loss from operations	(28,173)	(11,894)
Interest expense	(141)	(120)
Loss on fair value of warrants	(6,014)	(1,514)
Loss on fair value of contingent earnout liabilities	(31,232)	0
Other income/(expense), net	219	(20)
Loss before provision for income taxes	(65,341)	(13,548)
Provision for income taxes	0	0
Net loss	$ (65,341)	$ (13,548)
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.36)	$ (0.85)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.36)	$ (0.85)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	183,498,082	16,019,559
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	183,498,082	16,019,559
Net loss	$ (65,341)	$ (13,548)
Net unrealized holding loss on available-for-sale investments	(594)	0
Total comprehensive loss	(65,935)	(13,548)
3D Printer
Revenue from contract with customer	10,184	234
Cost of revenue	10,479	583
Recurring payment
Cost of revenue	718	187
Support services
Revenue from contract with customer	1,109	675
Cost of revenue	$ 1,006	$ 792

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Balance as of beginning of period (in shares) at Dec. 31, 2020	117,734,383
Balance as of beginning of period at Dec. 31, 2020	$ 123,704
Balance as of end of period (in shares) at Mar. 31, 2021	117,734,383
Balance as of end of period at Mar. 31, 2021	$ 123,704
Balance as of beginning of period (in shares) at Dec. 31, 2020		16,003,558
Balance as of beginning of period at Dec. 31, 2020	$ (107,821)	$ 1	$ 14,954	$ 0	$ (122,776)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)	39,000	39,387
Issuance of common stock upon exercise of stock options	$ 39		39
Issuance of common stock warrants in connection with financing	68		68
Stock-based compensation	315		315
Net loss	(13,548)				(13,548)
Balance as of end of period (in shares) at Mar. 31, 2021		16,042,945
Balance as of end of period at Mar. 31, 2021	$ (120,947)	$ 1	15,376	0	(136,324)
Balance as of beginning of period (in shares) at Dec. 31, 2021	0
Balance as of beginning of period at Dec. 31, 2021	$ 0
Balance as of end of period (in shares) at Mar. 31, 2022	0
Balance as of end of period at Mar. 31, 2022	$ 0
Balance as of beginning of period (in shares) at Dec. 31, 2021		183,232,494
Balance as of beginning of period at Dec. 31, 2021	$ 110,415	$ 2	340,294	(14)	(229,867)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)	325,000	325,452
Issuance of common stock upon exercise of stock options	$ 167		167
Stock-based compensation	4,957		4,957
Net loss	(65,341)				(65,341)
Other comprehensive loss	(594)			(594)
Balance as of end of period (in shares) at Mar. 31, 2022		183,557,946
Balance as of end of period at Mar. 31, 2022	$ 49,604	$ 2	$ 345,418	$ (608)	$ (295,208)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities
Net loss	$ (65,341)	$ (13,548)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	1,019	363
Amortization of deferred loan costs	2	0
Stock-based compensation	4,957	315
Loss on fair value of warrants	6,014	1,514
Loss on fair value of contingent earnout liabilities	31,232	0
Changes in assets and liabilities
Accounts receivable	2,582	(4,814)
Inventories	(16,302)	374
Contract assets	(1,156)	2,549
Prepaid expenses and other current assets	5,036	324
Other assets	842	20
Accounts payable	1,880	2,894
Accrued expenses and other liabilities	2,707	979
Contract liabilities	(2,866)	6,155
Other noncurrent liabilities	(713)	233
Net cash used in operating activities	(30,107)	(2,642)
Cash flows from investing activities
Purchase of property and equipment	(4,060)	(120)
Production of equipment for lease to customers	(1,707)	(3,326)
Purchases of available-for-sale investments	(66,942)	0
Net cash used in investing activities	(72,709)	(3,446)
Cash flows from financing activities
Proceeds from loan issuance	0	2,400
Repayment of property and equipment loan	0	(992)
Proceeds from convertible notes	0	5,000
Repayment of equipment loans	(534)	0
Issuance of common stock upon exercise of stock options	167	39
Net cash (used in) provided by financing activities	(367)	6,447
Effect of exchange rate changes on cash and cash equivalents	7	0
Net change in cash and cash equivalents	(103,176)	359
Cash and cash equivalents and restricted cash at beginning of period	208,402	15,517
Cash and cash equivalents and restricted cash at end of period	105,226	15,876
Supplemental disclosure of cash flow information
Cash paid for interest	86	120
Supplemental disclosure of non-cash information
Issuance of common stock warrants in connection with financing	0	68
Transfers between inventories and property and equipment	(636)	0
Transfers between inventories and property and equipment	150	0
Cash and Cash Equivalents and Restricted Cash
Cash and cash equivalents	104,426	15,876
Restricted cash (Other assets)	800	0
Total cash and cash equivalents and restricted cash	$ 105,226	$ 15,876

Description of Business and Bas

Description of Business and Basis of Presentation	3 Months Ended
Description of Business and Basis of Presentation	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation Velo3D, Inc., a Delaware corporation (“Velo3D” ), formerly known as JAWS Spitfire Acquisition Corporation (“JAWS Spitfire”), produces metal additive three dimensional printers (“3D Printers”) which enable the production of components for space rockets, jet engines, fuel delivery systems and other high value metal parts, which it sells or leases to customers for use in their businesses. The Company also provides support services (“Support Services”) for an incremental fee. Velo3D’s subsidiary, Velo3D US, Inc., formerly known as Velo3D, Inc. (“Legacy Velo3D”), was founded in June 2014 as a Delaware corporation headquartered in Campbell, California. The first commercially developed 3D Printer was delivered in the fourth quarter of 2018. Unless otherwise stated herein or unless the context otherwise requires, references in these notes to the “Company” refer to (i) Legacy Velo3D prior to the consummation of the Merger (as defined below); and (ii) Velo3D and its consolidated subsidiary following the consummation of the Merger. On September 29, 2021 (the “Closing Date” or the “Reverse Recapitalization Date”), JAWS Spitfire completed the previously announced merger with Legacy Velo3D, with Legacy Velo3D surviving as a wholly-owned subsidiary of JAWS Spitfire (the “Merger” or the “Reverse Recapitalization”). In connection with the Merger, JAWS Spitfire was renamed “Velo3D, Inc.”, and Legacy Velo3D was renamed “Velo3D US, Inc.” Accordingly, all historical financial information prior to the Closing Date presented in the unaudited condensed consolidated financial statements of Velo3D represents the accounts of Legacy Velo3D. The shares and Net loss per share attributable to common stockholders, basic and diluted, prior to the Merger, have been retroactively restated as shares reflecting the exchange ratio (the “Exchange Ratio”) established in the Merger (0.8149 shares of Velo3D common stock, par value $0.00001 (the “common stock”) for 1 share of Legacy Velo3D common stock). All fractional shares were rounded. Basis of Presentation The unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the requirements of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial reporting. Intercompany balances and transactions have been eliminated in consolidation. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. Accordingly, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Form 10-K”) and the related notes, which provide a more complete discussion of the Company’s accounting policies and certain other information. The condensed consolidated balance sheet as of December 31, 2021 has been derived from the audited financial statements of the Company. These condensed consolidated financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the Company’s financial information. These interim results are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2022, or for any other interim period or for any other future year. Financial Condition and Liquidity and Capital Resources The condensed consolidated financial statements are unaudited and have been prepared on the basis of continuity of operations, the realization of assets and satisfaction of liabilities in the ordinary course of business. On September 29, 2021, the Company consummated the Merger, which resulted in the Company receiving approximately $278.3 million in total net proceeds, including $155.0 million from the private placement of 15,500,000 shares of common stock at $10.00 per share (the “PIPE Financing”). Since inception, the Company has not achieved profitable operations or generated positive cash flows from operations. The Company’s operating plan may change as a result of many factors currently unknown and there can be no assurance that the current operating plan will be achieved in the time frame anticipated by the Company, and it may need to seek additional funds sooner than planned. If adequate funds are not available to the Company on a timely basis, it may be required to delay, limit, reduce, or terminate certain commercial efforts, or pursue merger or acquisition strategies, all of which could adversely affect the holdings or the rights of the Company’s stockholders. The Company has incurred net operating losses and negative cash flows from operations in every year since inception and expects this to continue for the foreseeable future. As of March 31, 2022, the Company had an accumulated deficit of $295.2 million. As of May 16, 2022, the issuance date of the unaudited condensed consolidated financial statements, the Company believes that the cash and cash equivalents on hand and cash the Company obtained from the Merger and the PIPE Financing, together with cash the Company expects to generate from future operations, will be sufficient to meet the Company’s working capital and capital expenditure requirements for a period of at least twelve months.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies For a detailed discussion about the Company’s significant accounting policies and for further information on accounting updates adopted in the prior year, see Note 2, Summary of Significant Accounting Policies , to the audited consolidated financial statements in the 2021 Form 10-K. During the three months ended March 31, 2022, there were no significant updates to the Company’s significant accounting policies other than as described below. Revenue - Variable Consideration The sales of 3D Printer systems under certain contracts may include variable consideration such that the Company is entitled to a rate per print hour used on the 3D Printer systems. The Company makes certain estimates in calculating the variable consideration, including amount of hours, the estimated life of the equipment and the discount rate. Although estimates may be made on a contract-by-contract basis, whenever possible, the Company uses all available information including historical customer usage and collection patterns to estimate variable consideration. The Company intends to update its estimates of variable consideration on a quarterly basis based on the latest data available, and adjust the transaction price accordingly by recording an adjustment to net revenue and contract assets. The Company has recognized the estimate of variable consideration to the extent that it is probable that a significant reversal will not occur as a result from a change in estimation. Recently Issued Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, “Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“Topic 326”)”, and has since released various amendments including ASU No. 2019-04. The guidance modifies the measurement of expected credit losses on certain financial instruments. This guidance is effective for the Company for the fiscal year beginning after December 15, 2022. Early adoption is permitted. The Company is currently assessing the impact of the guidance on its consolidated financial statements and disclosures. In July 2021, the FASB issued ASU 2021-05, “Leases (“Topic 842”) Lessors — Certain Leases with Variable Lease Payments”, that amends the lessor’s lease classification for leases that include any amount of variable lease payments that are not variable lease payments that do not depend on an index or a rate as an operating lease at lease commencement if classifying the lease as a sales-type lease or a direct financing lease would result in the recognition of a selling loss. This guidance is effective for the Company for the fiscal year beginning after December 15, 2021, and interim periods within those fiscal years. Early adoption is permitted. The Company adopted the new guidance in the first quarter of 2022. The effect on the consolidated financial statements and related disclosures is not material.

Basic and Diluted Net Loss per

Basic and Diluted Net Loss per Share	3 Months Ended
Basic and Diluted Net Loss per Share	Mar. 31, 2022
Earnings Per Share [Abstract]
Basic and Diluted Net Loss per Share	Basic and Diluted Net Loss per Share The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to common stockholders: Three months ended March 31, 2022 2021 (In thousands, except share and per share data) Numerator: Net loss $ (65,341) $ (13,548) Denominator: Weighted average shares used in computing net loss per share – basic and diluted 183,498,082 16,019,559 Net loss per share – basic and diluted. $ (0.36) $ (0.85) The following potentially dilutive shares of common stock equivalents “on an as-converted basis” were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have had an antidilutive effect: Three months ended March 31, 2022 2021 (share data) Redeemable convertible preferred stock — 147,876,672 Convertible promissory note — 6,756,757 Redeemable convertible preferred stock warrants — 408,729 Common stock warrants 13,075,000 229,297 Restricted stock units issued and outstanding 4,549,179 — Common stock options issued and outstanding 20,786,579 21,183,188 Total potentially dilutive common share equivalents 38,410,758 176,454,643 Total potentially dilutive common share equivalents for the three months ended March 31, 2022, excludes 21,758,148 shares related to the earnout liability as these shares are contingently issuable upon meeting certain triggering events.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company’s assets and liabilities that were measured at fair value on a recurring basis were as follows: Fair Value Measured as of March 31, 2022 Level 1 Level 2 Level 3 Total (In thousands) Assets Money market funds (i) $ 104,352 $ — $ — $ 104,352 U.S. Treasury securities (ii) 43,471 — — 43,471 Corporate bonds (ii) — 38,254 — 38,254 Total financial assets $ 147,823 $ 38,254 $ — $ 186,077 Liabilities Common stock warrant liabilities (Public) (iii) $ 18,285 $ — $ — $ 18,285 Common stock warrant liabilities (Private Placement) (iii) — — 9,434 9,434 Contingent earnout liabilities — — 142,719 142,719 Total financial liabilities $ 18,285 $ — $ 152,153 $ 170,438 Fair Value Measured as of December 31, 2021 Level 1 Level 2 Level 3 Total (In thousands) Assets Money market funds (i) $ 207,471 $ — $ — $ 207,471 U.S. Treasury securities (ii) 8,141 — — 8,141 Corporate bonds (ii) — 7,342 — 7,342 Total financial assets $ 215,612 $ 7,342 $ — $ 222,954 Liabilities Common stock warrant liabilities (Public) (iii) $ 14,318 $ — $ — $ 14,318 Common stock warrant liabilities (Private Placement) (iii) — — 7,387 7,387 Contingent earnout liabilities — — 111,487 111,487 Total financial liabilities $ 14,318 $ — $ 118,874 $ 133,192 (i) Included in cash and cash equivalents on the condensed consolidated balance sheets. (ii) Included in short-term investments on the condensed consolidated balance sheets. (iii) Included in warrant liabilities on the condensed consolidated balance sheets. The money market funds were classified as cash and cash equivalents on the condensed consolidated balance sheets. The aggregate fair value of the Company’s money market funds approximated amortized cost and, as such, there were no unrealized gains or losses on money market funds as of March 31, 2022 and December 31, 2021. Realized gains and losses, net of tax, were not material for any of the periods presented. As of March 31, 2022 and December 31, 2021, the Company had no investments with a contractual maturity of greater than one year. The following table presents a rollforward of the Level 3 assets and liabilities measured fair value on a recurring basis: Redeemable convertible preferred stock warrant liabilities Private placement warrant liabilities Contingent earnout liabilities (In thousands) Fair value as of January 1, 2022 $ — $ 7,387 $ 111,487 Change in fair value 2,047 31,232 Fair value as of March 31, 2022 $ — $ 9,434 $ 142,719 Redeemable convertible preferred stock warrant liabilities Private placement warrant liabilities Contingent earnout liabilities (In thousands) Fair value as of January 1, 2021 $ 181 $ — $ — Change in fair value 1,514 — — Fair value as of March 31, 2021 $ 1,695 $ — $ — The fair value of the private placement warrant liability, redeemable convertible preferred stock warrant liability and contingent earnout liability are based on significant unobservable inputs, which represent Level 3 measurements within the fair value hierarchy. In determining the fair value of the private placement warrant liability, the Company used the Binomial-Lattice Model that assumes optimal exercise of the Company’s redemption option at the earliest possible date. In determining the fair value of the redeemable convertible preferred stock warrant liability, the Company used the Black-Scholes option pricing model to estimate the fair value using unobservable inputs including the expected term, expected volatility, risk-free interest rate and dividend yield (see Note 10, Equity Instruments ). In determining the fair value of the contingent earnout liability, the Company used the Monte Carlo simulation valuation model using a distribution of potential outcomes on a monthly basis over the applicable earnout period using the most reliable information available (see Note 10, Equity Instruments ).

Investments

Investments	3 Months Ended
Investments	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Investments	Investments Available-for-sale Investments The Company began investing in available-for-sale (“AFS”) investments in the fourth quarter of 2021. The following table summarizes our AFS investments. These are classified as "Short-term investments" on the condensed consolidated balance sheets. March 31, 2022 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value (In thousands) U.S. Treasury securities $ 43,790 $ — $ (319) $ 43,471 Corporate bonds 38,529 1 (276) 38,254 Total available-for-sale investments $ 82,319 $ 1 $ (595) $ 81,725 December 31, 2021 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value (In thousands) U.S. Treasury securities $ 8,154 $ — $ (13) $ 8,141 Corporate bonds 7,343 1 (2) 7,342 Total available-for-sale investments $ 15,497 $ 1 $ (15) $ 15,483 The following table presents the breakdown of the available-for-sale investments in an unrealized loss position as of March 31, 2022 and December 31, 2021, respectively. March 31, 2022 December 31, 2021 Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss (In thousands) U.S. Treasury securities Less than 12 months $ 43,471 $ 319 $ 8,141 $ 13 Total $ 43,471 $ 319 $ 8,141 $ 13 Corporate bonds Less than 12 months $ 36,753 $ 276 $ 5,640 $ 2 Total $ 36,753 $ 276 $ 5,640 $ 2 The Company does not believe these AFS investments to be other-than-temporarily impaired as of March 31, 2022 and December 31, 2021. There were no realized gains or losses on AFS investments during the three months ended March 31, 2022 and March 31, 2021. All remaining contractual maturities of AFS investments held at March 31, 2022 are as follows: March 31, 2022 Amortized Cost Fair Value (In thousands) Due in 1 year or less $ 48,223 $ 48,134 Due in 1-2 years 34,096 33,591 Total $ 82,319 $ 81,725 Actual maturities may differ from the contractual maturities because the Company may sell these investments prematurely.

Balance Sheet Components

Balance Sheet Components	3 Months Ended
Balance Sheet Components	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet Components	Balance Sheet Components Accounts Receivable, Net Accounts receivable, net consisted of the following: March 31, December 31, 2022 2021 (In thousands) Trade Receivables $ 10,263 $ 12,845 Less: Allowances for Doubtful Accounts (67) (67) Total $ 10,196 $ 12,778 Inventories Inventories consisted of the following: March 31, December 31, 2022 2021 (In thousands) Raw materials $ 32,089 $ 16,594 Work-in-progress 10,731 5,885 Total $ 42,820 $ 22,479 Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following: March 31, December 31, 2022 2021 (In thousands) Prepaid insurance and other $ 3,780 $ 5,326 Vendor prepayments 5,669 4,132 Total $ 9,449 $ 9,458 Property and Equipment, Net Property and equipment, net consisted of the following: March 31, December 31, 2022 2021 (In thousands) Computers and software $ 1,677 $ 1,397 R&D lab equipment 2,609 2,283 Equipment and other 114 — Furniture and fixtures 88 88 Leasehold improvements 10,948 2,771 Construction in progress 210 6,273 Total property, plant and equipment 15,646 12,812 Less accumulated depreciation and amortization (3,208) (2,766) Property, plant and equipment, net $ 12,438 $ 10,046 Depreciation expense for the three months ended March 31, 2022 and 2021 was $0.5 million and $0.2 million, respectively. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: March 31, December 31, 2022 2021 (In thousands) Accrued expenses $ 5,344 $ 3,015 Accrued salaries and benefits 4,142 4,143 Lease liability – current portion 2,635 2,256 Total Accrued expenses and other current liabilities $ 12,121 $ 9,414 Other noncurrent liabilities consisted of the following: March 31, December 31, 2022 2021 (In thousands) Lease liabilities - noncurrent portion $ 8,531 $ 9,184 Other noncurrent liabilities 247 308 Total other noncurrent liabilities $ 8,778 $ 9,492 Please refer to Note 10, Equity Instruments,

Equipment on Lease, Net

Equipment on Lease, Net	3 Months Ended
Equipment on Lease, Net	Mar. 31, 2022
Leases [Abstract]
Equipment on Lease, Net	Equipment on Lease, NetThe equipment leased to customers had a cost basis of $10.9 million and accumulated depreciation of $1.4 million as of March 31, 2022. The equipment leased to customers had a cost basis of $9.3 million and accumulated depreciation of $0.9 million as of December 31, 2021. Total lease revenue earned for the three months ended March 31, 2022 and 2021 was $0.9 million and $0.4 million, respectively. The total depreciation expense was $0.5 million and $0.2 million included in cost of revenue for the three months ended March 31, 2022 and 2021, respectively. The Company entered into debt secured by certain leased equipment to customers. See Note 9, Long-term Debt, for a description of these financing arrangements.

Leases

Leases	3 Months Ended
Leases	Mar. 31, 2022
Leases [Abstract]
Leases	Leases The Company leases its office and manufacturing facilities under four non-cancellable operating leases which expire in 2023 to 2027 and one month to-month operating lease. The agreements include a provision for renewal at the then market rate for terms specified in each lease. Total right-of-use (“ROU”) assets and lease liabilities are as follows: March 31, December 31, 2022 2021 (In thousands) Right-of-use assets: Net book value (Other assets) $ 10,400 $ 11,073 Operating lease liabilities: Current (Accrued expense and other current liabilities) $ 2,601 $ 2,222 Noncurrent (Other noncurrent liabilities) 8,499 9,143 11,100 11,365 Financing lease liabilities: Current (Accrued expense and other current liabilities) $ 34 $ 33 Noncurrent (Other noncurrent liabilities) 32 41 $ 66 $ 74 Total lease liabilities $ 11,166 $ 11,439 There were no impairments recorded related to these assets as of March 31, 2022 and December 31, 2021. Information about lease-related balances were as follows: Three months ended March 31, 2022 2021 (In thousands) Operating lease expense $ 717 $ 143 Financing lease expense 9 3 Short-term lease expense 99 15 Total lease expense $ 825 $ 161 Cash paid for leases $ 281 $ 163 Weighted – average remaining lease term – operating leases (years) 4.6 1.63 Weighted – average discount rate – operating leases 4.4% 4.5% Maturity of operating lease liabilities as of March 31, 2022 are as follows: (In thousands) Remainder of 2022 $ 2,342 2023 2,732 2024 2,676 2025 2,232 2026 2,315 Thereafter 598 Total operating lease payments $ 12,895 Less portion representing imputed interest (1,729) Total operating lease liabilities $ 11,166 Less current portion 2,635 Long-term portion $ 8,531
Leases	Leases The Company leases its office and manufacturing facilities under four non-cancellable operating leases which expire in 2023 to 2027 and one month to-month operating lease. The agreements include a provision for renewal at the then market rate for terms specified in each lease. Total right-of-use (“ROU”) assets and lease liabilities are as follows: March 31, December 31, 2022 2021 (In thousands) Right-of-use assets: Net book value (Other assets) $ 10,400 $ 11,073 Operating lease liabilities: Current (Accrued expense and other current liabilities) $ 2,601 $ 2,222 Noncurrent (Other noncurrent liabilities) 8,499 9,143 11,100 11,365 Financing lease liabilities: Current (Accrued expense and other current liabilities) $ 34 $ 33 Noncurrent (Other noncurrent liabilities) 32 41 $ 66 $ 74 Total lease liabilities $ 11,166 $ 11,439 There were no impairments recorded related to these assets as of March 31, 2022 and December 31, 2021. Information about lease-related balances were as follows: Three months ended March 31, 2022 2021 (In thousands) Operating lease expense $ 717 $ 143 Financing lease expense 9 3 Short-term lease expense 99 15 Total lease expense $ 825 $ 161 Cash paid for leases $ 281 $ 163 Weighted – average remaining lease term – operating leases (years) 4.6 1.63 Weighted – average discount rate – operating leases 4.4% 4.5% Maturity of operating lease liabilities as of March 31, 2022 are as follows: (In thousands) Remainder of 2022 $ 2,342 2023 2,732 2024 2,676 2025 2,232 2026 2,315 Thereafter 598 Total operating lease payments $ 12,895 Less portion representing imputed interest (1,729) Total operating lease liabilities $ 11,166 Less current portion 2,635 Long-term portion $ 8,531

Long-Term Debt

Long-Term Debt	3 Months Ended
Long-Term Debt	Mar. 31, 2022
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt consisted of the following: March 31, December 31, 2022 2021 (In thousands) Revolving credit line $ 3,000 $ 3,000 Equipment loan 4,555 5,089 Deferred financing costs (17) (19) Total $ 7,538 $ 8,070 Debt – current portion 5,116 5,114 Long-term debt – less current portion $ 2,422 $ 2,956 The Company’s banking arrangements include three facilities and a revolving credit line with its primary bank. For a full description of these banking arrangements, see Note 15, Long-Term Debt , in the audited consolidated financial statements included in the 2021 Form 10-K. These loans contain customary representations and warranties, reporting covenants, events of default and termination provisions. The affirmative covenants include, among other things, that the Company furnish monthly financial statements, a yearly budget, timely files taxes, maintains good standing and government compliance, maintains liability and other insurance and furnishes audited financial statements no later than the date of delivery to the Board of Directors. The Company amortizes deferred financing costs over the life of the borrowing. As of March 31, 2022 and December 31, 2021, the remaining unamortized balance of deferred financing costs was less than $0.1 million for both periods and was included in Debt — current portion on the balance sheets. Revolving Credit Line — In May 2021, the Company executed the third amended and restated loan and security agreement and a mezzanine loan and security agreement, which included a $10.0 million revolving credit line and an $8.5 million secured equipment loan facility (see below). In August 2021, the Company drew $3.0 million on the $10.0 million revolving credit facility, with a variable interest rate of the greater of 5.75% or Prime plus 2.50% and a term of 10 months. The Company has $7.0 million of the revolving credit line undrawn as of March 31, 2022. The effective interest rate was 4.6% for the three months ended March 31, 2022. The deferred loan fees were less than $0.1 million as of March 31, 2022. Equipment Loan — On December 17, 2020, the Company executed the second amended and restated loan and security agreement, which included an equipment loan facility for up to $8.5 million secured by the equipment leased to customers. The facility has a variable interest rate of the greater of Prime rate or 3.25%. During the year ended December 31, 2021, the Company executed seven additional advances on the facility for $5.6 million secured by equipment leased to customers. For the three months ended March 31, 2022, $0.5 million in principal payments were paid. As of March 31, 2022, the outstanding balance was $4.6 million. As of March 31, 2022, the deferred loans fees associated with the debt issuance was less than $0.1 million. The effective interest rate was 3.24% and 2.7% for the three months ended March 31, 2022 and 2021, respectively. The future minimum aggregate payments for the above borrowings are as follows as of March 31, 2022: (In thousands) Less than 1 year $ 5,116 1-3 years 2,422 $ 7,538

Equity Instruments

Equity Instruments	3 Months Ended
Equity Instruments	Mar. 31, 2022
Equity [Abstract]
Equity Instruments	Equity Instruments Common stock The holders of common stock are entitled to one vote for each share held of record on all matters submitted to a vote of the stockholders but are not entitled to cumulative voting rights, have the right to appoint two directors to the Company’s Board of Directors, are entitled to receive ratably such dividends as may be declared by the Company’s Board of Directors out of funds legally available therefor subject to preferences that may be applicable to any shares of redeemable convertible preferred stock currently outstanding or issued in the future, are entitled to share ratably in all assets remaining after payment of liabilities and the liquidation preference of any then outstanding redeemable convertible preferred stock in the event of the Company’s liquidation, dissolution, or winding up, have no preemptive rights and no right to convert their common stock into any other securities, and have no redemption or sinking fund provisions applicable to the common stock. Common Stock Reserved for Future Issuance Shares of common stock reserved for issuance on an “as if converted” basis were as follows: March 31, December 31, 2022 2021 (share data) Common stock warrants 13,075,000 13,075,000 Restricted stock units issued and outstanding 4,549,179 4,041,346 Stock options issued and outstanding 20,786,579 21,191,226 Shares available for future grant under 2021 Equity Incentive Plan 26,207,150 17,533,471 Reserved for employee stock purchase plan 5,495,601 3,663,277 Total shares of common stock reserved 70,113,509 59,504,320 The shares available for future grant under the Company’s 2021 Equity Incentive Plan include un-exercised stock options (vested and unvested) and unvested restricted stock units (RSUs) as of March 31, 2022 and December 31, 2021. Warrant liabilities Warrants for common stock of 13,075,000 were exercisable 1-to-1 as of March 31, 2022 and December 31, 2021, respectively. Warrants - Common Stock are equity classified and recorded at fair value on the issue date without further remeasurement. Private Placement Warrants and Public Warrants on common stock (as defined below) are liability classified and recorded at fair value on the issue date with periodic remeasurement. Warrants for shares of common stock consisted of the following: March 31, 2022 Issue Date Expiration Date Number of Warrants Exercise Price per warrant Fair Value on Issue Date per warrant Fair Value on March 31, 2022 (In thousands) Private placement warrants - Common Stock 12/02/2020 09/29/2026 4,450,000 $11.50 $2.00 9,434 Public warrants - Common Stock 12/02/2020 09/29/2026 8,625,000 $11.50 $3.30 18,285 13,075,000 $ 27,719 December 31, 2021 Issue Date Expiration Number of Exercise Fair Value on Issue Date per warrant Fair Value on December 31, 2021 (In thousands) Private placement warrants - Common Stock 12/02/2020 09/29/2026 4,450,000 $11.50 $2.00 7,387 Public warrants - Common Stock 12/02/2020 09/29/2026 8,625,000 $11.50 $3.30 14,318 13,075,000 $ 21,705 Private Placement Warrants - Common Stock Concurrently with JAWS Spitfire’s initial public offering (“IPO”), 4,450,000 warrants (the “Private Placement Warrants”) were issued to Spitfire Sponsor LLC (the “Sponsor”) at $2.00 per warrant. Each Private Placement Warrant is exercisable to purchase one share of common stock at a price of $11.50 per share. Subject to certain exceptions, the Private Placement Warrants have terms and provisions that are identical to those of the Public Warrants. As of March 31, 2022, the number of Private Placement Warrants issued was 4,450,000. Public Warrants - Common Stock In conjunction with the JAWS Spitfire IPO, 34,500,000 units were issued to public investors at $10.00 per unit. Each unit consisted of one JAWS Spitfire Class A ordinary share and one-fourth of one warrant (the “Public Warrants”). Each Public Warrant is exercisable to purchase shares of common stock at $11.50 per share. As of March 31, 2022, the number of Public Warrants issued was 8,625,000. Public Warrants may only be exercised for a whole number of shares. The Public Warrants became exercisable on December 7, 2021. The Public Warrants will expire 5 years after the completion of the Merger or earlier upon redemption or liquidation. Private Placement Warrant and Public Warrant Liabilities - Common Stock The issuance of the Private Placement Warrant and Public Warrant liabilities were accounted for upon the reverse recapitalization. See Note 3, Reverse Recapitalization , in the audited consolidated financial statements included in the 2021 Form 10-K for further discussion. The liability for private placement and public warrants on common stock carried at fair value was as follows for the three months ended March 31, 2022: March 31, 2022 (In thousands) Beginning Balance $ 21,705 Loss on fair value of warrants $ 6,014 Ending Balance $ 27,719 The liability associated with the Private Placement Warrants was subject to remeasurement at each balance sheet date using the Level 3 fair value inputs and the Public Warrants was subject to remeasured at each balance sheet date using Level 1 fair value inputs for the three months ended March 31, 2022. As of March 31, 2022, the fair value of the common stock warrant liabilities were estimated using the Monte-Carlo simulation. The fair value of the common stock warrants takes into account the traded stock price as the valuation date used as the underlying stock input, the contract terms, as well as multiple unobservable inputs such as risk-free interest rates, and expected volatility. The fair value assumptions used in the Monte Carlo simulation model for the recurring valuation of the private placement common stock warrants and public common stock warrant liability were as follows: As of March 31, 2022 As of December 31, 2021 Current stock price $ 9.31 $ 7.81 Expected volatility 34.8 % 40.5 % Risk-free interest rate 2.4 % 1.2 % Dividend rate — % — % Expected Term (years) 4.5 4.75 Expected volatility: The volatility is determined iteratively, such that the concluded value of the Public Warrant is equal to the traded price. Risk-free interest rate: The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for zero-coupon U.S. Treasury notes with maturities corresponding to the expected term of the common stock warrants. Expected dividend yield: The expected dividend rate is zero as the Company currently has no history or expectation of declaring dividends on its common stock. Expected term: The expected term represents the period that the Company’s common stock warrants are expected to be outstanding and is determined using the simplified method, which deems the term to be the average of the time to vesting and the contractual life of the common stock warrants. Redeemable Convertible Preferred Stock Warrants Warrants on redeemable convertible preferred stock of Legacy Velo3D were issued to lenders in connection with borrowings. The fair value on the date of issue is recorded as a debt issue cost (contra-liability) and a liability because the warrant was liability classified. The fair value of the warrants are remeasured each reporting period using Level 3 inputs with the increase or decrease recorded in other income (expense), net in the statements of operations. The liability for warrants on redeemable convertible preferred stock (carried at fair value) was as follows for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 (in thousands) Beginning Balance $ — $ 181 Issuance of new warrant — — Change in fair value (Other income (expense), net) — 1,514 Exercise of warrants (Redeemable preferred convertible stock) — — Ending Balance $ — $ 1,695 Contingent Earnout Liabilities In connection with the Reverse Recapitalization and pursuant to the Business Combination Agreement, eligible former Legacy Velo3D equity holders are entitled to receive additional shares of common stock upon the Company achieving certain Earnout Triggering Events (as described in the Business Combination Agreement) (the “Earnout Shares”).See Note 18, Equity Incentive Plans & Stock-Based Compensation , in the audited consolidated financial statements included in the 2021 Form 10-K for further discussion on the contingent earnout liability. The change in fair value of contingent earnout liabilities are recognized in the condensed consolidated statement of operations. The rollforward for the contingent earnout liabilities was as follows for the three months ended March 31, 2022: March 31, 2022 (In thousands) Beginning Balance $ 111,487 Gain on fair value of contingent earnout liabilities 31,232 Ending Balance $ 142,719 Assumptions used in the fair value of the contingent earnout liabilities are described below. As of March 31, 2022 As of December 31, 2021 Current stock price $9.31 $7.81 Expected volatility 50.8% 52.5% Risk-free interest rate 2.4% 1.2% Dividend yield —% —% Expected Term (years) 4.50 4.75 Expected volatility: The expected volatility was derived from the implied volatility of Velo3D’s Public Warrants. The implied volatility is determined iteratively, such that the concluded value of the Public Warrant is equal to the traded price using a Monte Carlo Simulation. Additionally, the historical traded prices of the Guideline Public Comparables (“GPC”) are relied upon to calculate an estimate of volatility for the Company. Volatility for each comparable is calculated as the annualized standard deviation of continuously compounded returns. The selected GPC have been identified as comparables as they operate in a similar industry to that of Velo3D. An average of the two different volatility conclusions is utilized to arrive at the conclusion. Additionally, the Company’s trading volatility was considered, but ultimately not given any weight as there is limited trading data available as of the valuation date. This assumption will be reevaluated in subsequent quarters. Risk-free interest rate: The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for zero-coupon U.S. Treasury notes with maturities corresponding to the expected term of the Earnout Shares. Expected dividend yield: The expected dividend rate is zero as the Company currently has no history or expectation of declaring dividends on its common stock. Expected term: The expected term represents the period that the Company’s stock-based awards are expected to be outstanding and is determined using the simplified method, which deems the term to be the average of the time to vesting and the contractual life of the Earnout Shares.

Equity Incentive Plans and Stoc

Equity Incentive Plans and Stock-Based Compensation	3 Months Ended
Equity Incentive Plans and Stock-Based Compensation	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Equity Incentive Plans and Stock-Based Compensation	Equity Incentive Plans and Stock-Based Compensation In 2014, the Company adopted its 2014 equity incentive plan (the “2014 Plan”), which provided for the granting of stock options, restricted stock awards and stock appreciation rights to employees, directors, and consultants of the Company. Awards granted under the 2014 Plan generally expire 10 years from the date of grant, or earlier if services are terminated. The exercise price of stock options grants shall not be less than 110% of the estimated fair value of the shares on the date of grant, respectively, as determined by Legacy Velo3D’s Board of directors. Awards generally vest based on continuous service over four years. Awards forfeited, cancelled, or repurchased generally are returned to the pool of shares of common stock available for issuance under the 2021 Plan (as defined below). In 2021, the Company adopted its 2021 Equity Incentive Plan (the “2021 EIP”), which provides for the granting of stock options, restricted stock units (“RSUs”) and stock appreciation rights to employees, directors, and consultants of the Company. As of March 31, 2022, the Company has reserved 51,542,908 shares of its common stock for issuance under the 2021 EIP. In addition, in 2021, the Company adopted its 2021 Employee Stock Purchase Plan (“2021 ESPP”). As of March 31, 2022, the Company has reserved 5,495,601 shares of its common stock for issuance under the 2021 ESPP. As of March 31, 2022, the Company had not begun any offering periods for the 2021 ESPP. Awards granted under both the 2021 EIP generally expire 10 years from the date of grant, or earlier if services are terminated. The exercise price of stock options grants shall not be less than 110% of the estimated fair value of the shares on the date of grant, respectively, as determined by the Company’s Board of Directors. Awards generally vest based on continuous service over 4 years. Awards forfeited, cancelled, or repurchased generally are returned to the pool of shares of common stock available for issuance under the 2021 Plan. Stock options Activity under the Company’s stock option plans is set forth below: Options Weighted-Average Exercise Price Weighted-Average Remaining (In thousands) (Per share data) (Years) Outstanding as of December 31, 2020 21,471 $ 0.33 9.3 Granted — $ — Exercised (39) $ 0.98 Forfeited or expired (249) $ 0.67 Outstanding as of March 31, 2021 21,183 $ 0.33 8.9 Options vested and expected to vest as of March 31, 2021 21,183 $ 0.33 Vested and exercisable as of March 31, 2021 2,904 $ 0.93 Outstanding as of December 31, 2021 21,191 $ 0.58 8.2 Granted — $ — Exercised (325) $ 0.47 Forfeited or expired (79) $ 5.50 Outstanding as of March 31, 2022 20,787 $ 0.56 8.0 Options vested and expected to vest as of March 31, 2022 20,787 $ 0.56 Vested and exercisable as of March 31, 2022 10,306 $ 0.62 The aggregate intrinsic value of options outstanding was $181.7 million and $153.2 million, respectively, as of March 31, 2022 and December 31, 2021. Intrinsic value of options exercised for the three months ended March 31, 2022 and 2021 was $1.7 million and less than $0.1 million, respectively. The weighted-average grant date fair value of options granted in the three months ended March 31, 2022 and 2021 was $— per share and $— per share, respectively. The total grant date fair value of options vested was $0.7 million and $0.1 million for the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022, total unrecognized compensation cost related to options was $2.7 million related to 10.5 million unvested options and is expected to be recognized over a weighted-average period of 2.0 years. For the three months ended March 31, 2021, the Company used the Black-Scholes option pricing model to determine the fair value of stock options. The fair value of each stock option grant is estimated on the date of the grant. The fair value of the Legacy Velo3D common stock underlying the stock options had historically been determined by the Legacy Velo3D board of directors, as there was no public market for Legacy Velo3D’s common stock prior to Merger closing. Therefore, the Legacy Velo3D board of directors had determined the fair value of the common stock at the time of the stock option grant by considering a number of objective and subjective factors including independent third-party valuation reports, valuations of comparable companies, sales of convertible preferred stock and common stock to unrelated third parties, operating and financial performance, lack of liquidity of capital stock and general and industry-specific economic outlook, among other factors. For the three months ended March 31, 2022, there were no options granted. The weighted-average assumptions in the Black-Scholes option-pricing model used to determine the fair value of stock options granted were as follows: Three months ended March 31, 2022 2021 Expected volatility — % 60 % Risk-free interest rate —% – —% 0.4% – 0.5% Dividend yield — % — % Expected term (in years) 0 6.04 Discount for Lack of Marketability — % 23.5 % Expected volatility: As Legacy Velo3D was not publicly traded at the time the awards were granted, the expected volatility for the Company’s stock options was determined by using a review of historical volatilities of selected industry peers deemed to be comparable to the Company’s business corresponding to the expected term of the awards. Risk-free interest rate: The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for zero-coupon U.S. Treasury notes with maturities corresponding to the expected term of the awards. Expected dividend yield: The expected dividend rate is zero as the Company currently has no history or expectation of declaring dividends on its common stock. Expected term: The Company uses the simplified method available under U.S. GAAP to determine the expected term due to having insufficient history upon which to base an assumption about the term. Discount for Lack of Marketability ("DLOM"): The DLOM is meant to account for the lack of marketability of stock that was not publicly traded and therefore does not apply for the three months ended March 31, 2022. Restricted Stock Units The fair value of RSUs under the Company’s 2021 EIP is estimated using the value of the Company’s common stock on the date of grant. The following table summarizes outstanding and expected to vest RSUs as of March 31, 2022 and their activity during the three months ended March 31, 2022: Number of Shares Weighted-Average Grant Date Fair Value Aggregate Intrinsic Value (In thousands) (Per share data) (In thousands) Balance as of December 31, 2021 4,041 $ 7.26 $ 31,563 Granted 567 6.98 4,110 Released (59) 7.15 583 Cancelled — — — Balance as of March 31, 2022 4,549 $ 7.23 $ 42,353 Expected to vest as of March 31, 2022 4,549 $ 7.23 $ 42,353 The aggregate intrinsic value of outstanding RSUs is calculated based on the closing price of the Company’s common stock as of the date outstanding. As of March 31, 2022, there was $30.5 million of unrecognized compensation cost related to 4.5 million unvested RSUs, which is expected to be recognized over a weighted average period of approximately 3.5 years. Earnout Shares - Employees The Earnout Shares issuable to holders of employee stock options are accounted as stock-based compensation expense as they are subject to forfeiture based on the satisfaction of certain employment conditions. The estimated fair values of the Earnout Shares associated with vested stock options are recognized as an expense and determined by the Monte Carlo simulation valuation model using a distribution of potential outcomes on a monthly basis over the five-year earnout period. The portion of the Earnout Shares associated with unvested stock options are recognized as an expense and considers the vesting continuing employment requirements. Stock-based Compensation Expense The following sets forth the total stock-based compensation expense by type of award included in the statements of operations: Three Months Ended 2022 2021 (In thousands) Restricted stock units $ 2,440 $ — Stock options 575 315 Earnout shares - employees 1,942 — $ 4,957 $ 315 The following sets forth the total stock-based compensation expense for the stock options included in the statements of operations: Three Months Ended March 31, 2022 2021 (In thousands) Research and development $ 2,591 $ 165 Selling and marketing 1,113 65 General and administrative 1,253 85 $ 4,957 $ 315

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe income tax provision is calculated for an interim period by distinguishing between elements recognized in the income tax provision through applying an estimated annual effective tax rate (the “ETR”) to a measure of year-to-date operating results referred to as “ordinary income (or loss),” and discretely recognizing specific events referred to as “discrete items” as they occur. The income tax provision or benefit for each interim period is the difference between the year-to-date amount for the current period and the year-to date amount for the period prior. Under ASC 740-270-30-36, entities subject to income taxes in multiple jurisdictions should apply one overall ETR instead of separate ETRs for each jurisdiction when calculating the interim-period income tax or benefit related to ordinary income (or loss) for the year-to-date interim period, except in certain circumstances. The Company’s effective tax rates for the three months ended March 31, 2022 and 2021 differ from the federal statutory rate of 21% principally as a result of valuation allowances expected to be applied to net operating loss carry-forwards which will not meet the threshold for recognition as deferred tax assets.

Commitment and Contingencies

Commitment and Contingencies	3 Months Ended
Commitment and Contingencies	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company may be involved in various lawsuits, claims, and proceedings, including intellectual property, commercial, securities, and employment matters that arise in the normal course of business. The Company accrues a liability when management believes information available prior to the issuance of the condensed consolidated financial statements indicates it is probable a loss has been incurred as of the date of the condensed consolidated financial statements and the amount of loss can be reasonably estimated. The Company adjusts its accruals to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and other information and events pertaining to a particular case. Legal costs are expensed as incurred. As of March 31, 2022 and December 31, 2021, the Company is not aware of any litigation, claim or assessment in which the outcome, individually or in the aggregate, would have a material adverse effect on its financial positions, results of operations, cash flows or future earnings. The Company’s purchase obligations per terms and conditions with suppliers and vendors are cancellable in whole or in part prior to shipment. If inventory is shipped, the Company will accrue a liability under accrued expenses. The Company has no other commitment and contingencies, except for the operating leases. See Note 8, Leases , for further discussion.

Employee Defined-Contribution P

Employee Defined-Contribution Plans	3 Months Ended
Employee Defined-Contribution Plans	Mar. 31, 2022
Retirement Benefits [Abstract]
Employee Defined-Contribution Plans	Employee Defined-Contribution Plans The Company has a defined-contribution plan intended to qualify under Section 401 of the Internal Revenue Code (the “401(k) Plan”). The Company contracted with a third-party provider to act as a custodian and trustee, and to process and maintain the records of participant data. Substantially all of the expenses incurred for administering the 401(k) Plan are paid by the Company. Accrued salaries and benefits included accruals related to the 401(k) plans the Company offers to its employees. In order to qualify for these plans, employees must meet the minimum age requirement (21 years) and begin participating on their entry date which is the first paycheck date in the month following the month of eligibility described above. Employee and employer contributions are immediately 100% fully vested. The plans offer employer contributions of 3.0% of an employee’s eligible compensation following safe-harbor rules. The Company’s contribution to the 401(k) plan was $0.3 million and $0.1 million for the three months ended March 31, 2022 and 2021, respectively. The Company has a defined-contribution plan intended to qualify under Section 401 of the Internal Revenue Code (the “401(k) Plan”). The Company contracted with a third-party provider to act as a custodian and trustee, and to process and maintain the records of participant data. Substantially all of the expenses incurred for administering the 401(k) Plan are paid by the Company. The Company has paid all matching contributions as of March 31, 2022.

Revenue

Revenue	3 Months Ended
Revenue	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Customer Concentration The customer concentration for balances greater than 10% of revenues and 10% of accounts receivables, net, respectively, are presented below: Total Revenue Accounts Receivable, Net Three Months Ended March 31, March 31, December 31, 2022 2021 2022 2021 (as a percentage) Customer 1 65.4 % 56.0 % 34.3 % 71.2 % Customer 2 13.5 % — % <10 % — % Customer 3 <10 % 23.8 % <10 % <10 % Customer 4 <10 % — % 20.9 % <10 % Revenue by Geographic Area The Company currently sells its products in the Americas and other locations as follows: March 31, 2022 2021 (In thousands) Americas $ 12,104 $ 1,141 Other 114 31 Total $ 12,218 $ 1,172 Contract Assets and Liabilities The amount of revenue recognized during the three months ended March 31, 2022 included in contract liabilities as of December 31, 2021 was $0.8 million. The amount of revenue recognized during the three months ended March 31, 2021 included in contract liabilities as of December 31, 2020 was $0.3 million. The change in contract assets reflects the difference in timing between our satisfaction of remaining performance obligations and our contractual right to bill our customers. The Company had no material asset impairment charges related to contract assets in the periods presented.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of PresentationThe unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the requirements of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial reporting. Intercompany balances and transactions have been eliminated in consolidation. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. Accordingly, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Form 10-K”) and the related notes, which provide a more complete discussion of the Company’s accounting policies and certain other information. The condensed consolidated balance sheet as of December 31, 2021 has been derived from the audited financial statements of the Company. These condensed consolidated financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the Company’s financial information. These interim results are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2022, or for any other interim period or for any other future year.
Revenue	The sales of 3D Printer systems under certain contracts may include variable consideration such that the Company is entitled to a rate per print hour used on the 3D Printer systems. The Company makes certain estimates in calculating the variable consideration, including amount of hours, the estimated life of the equipment and the discount rate. Although estimates may be made on a contract-by-contract basis, whenever possible, the Company uses all available information including historical customer usage and collection patterns to estimate variable consideration. The Company intends to update its estimates of variable consideration on a quarterly basis based on the latest data available, and adjust the transaction price accordingly by recording an adjustment to net revenue and contract assets. The Company has recognized the estimate of variable consideration to the extent that it is probable that a significant reversal will not occur as a result from a change in estimation.
Recently Issued Accounting Pronouncements	In June 2016, the FASB issued ASU 2016-13, “Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“Topic 326”)”, and has since released various amendments including ASU No. 2019-04. The guidance modifies the measurement of expected credit losses on certain financial instruments. This guidance is effective for the Company for the fiscal year beginning after December 15, 2022. Early adoption is permitted. The Company is currently assessing the impact of the guidance on its consolidated financial statements and disclosures. In July 2021, the FASB issued ASU 2021-05, “Leases (“Topic 842”) Lessors — Certain Leases with Variable Lease Payments”, that amends the lessor’s lease classification for leases that include any amount of variable lease payments that are not variable lease payments that do not depend on an index or a rate as an operating lease at lease commencement if classifying the lease as a sales-type lease or a direct financing lease would result in the recognition of a selling loss. This guidance is effective for the Company for the fiscal year beginning after December 15, 2021, and interim periods within those fiscal years. Early adoption is permitted. The Company adopted the new guidance in the first quarter of 2022. The effect on the consolidated financial statements and related disclosures is not material.

Basic and Diluted Net Loss pe_2

Basic and Diluted Net Loss per Share (Tables)	3 Months Ended
Basic and Diluted Net Loss per Share (Tables)	Mar. 31, 2022
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Loss Per Share	The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to common stockholders: Three months ended March 31, 2022 2021 (In thousands, except share and per share data) Numerator: Net loss $ (65,341) $ (13,548) Denominator: Weighted average shares used in computing net loss per share – basic and diluted 183,498,082 16,019,559 Net loss per share – basic and diluted. $ (0.36) $ (0.85)
Schedule of Potentially Dilutive Shares Excluded from Computation of Net Loss Per Share	The following potentially dilutive shares of common stock equivalents “on an as-converted basis” were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have had an antidilutive effect: Three months ended March 31, 2022 2021 (share data) Redeemable convertible preferred stock — 147,876,672 Convertible promissory note — 6,756,757 Redeemable convertible preferred stock warrants — 408,729 Common stock warrants 13,075,000 229,297 Restricted stock units issued and outstanding 4,549,179 — Common stock options issued and outstanding 20,786,579 21,183,188 Total potentially dilutive common share equivalents 38,410,758 176,454,643

Fair Value Measures and Disclos

Fair Value Measures and Disclosures (Tables)	3 Months Ended
Fair Value Measures and Disclosures (Tables)	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The Company’s assets and liabilities that were measured at fair value on a recurring basis were as follows: Fair Value Measured as of March 31, 2022 Level 1 Level 2 Level 3 Total (In thousands) Assets Money market funds (i) $ 104,352 $ — $ — $ 104,352 U.S. Treasury securities (ii) 43,471 — — 43,471 Corporate bonds (ii) — 38,254 — 38,254 Total financial assets $ 147,823 $ 38,254 $ — $ 186,077 Liabilities Common stock warrant liabilities (Public) (iii) $ 18,285 $ — $ — $ 18,285 Common stock warrant liabilities (Private Placement) (iii) — — 9,434 9,434 Contingent earnout liabilities — — 142,719 142,719 Total financial liabilities $ 18,285 $ — $ 152,153 $ 170,438 Fair Value Measured as of December 31, 2021 Level 1 Level 2 Level 3 Total (In thousands) Assets Money market funds (i) $ 207,471 $ — $ — $ 207,471 U.S. Treasury securities (ii) 8,141 — — 8,141 Corporate bonds (ii) — 7,342 — 7,342 Total financial assets $ 215,612 $ 7,342 $ — $ 222,954 Liabilities Common stock warrant liabilities (Public) (iii) $ 14,318 $ — $ — $ 14,318 Common stock warrant liabilities (Private Placement) (iii) — — 7,387 7,387 Contingent earnout liabilities — — 111,487 111,487 Total financial liabilities $ 14,318 $ — $ 118,874 $ 133,192 (i) Included in cash and cash equivalents on the condensed consolidated balance sheets. (ii) Included in short-term investments on the condensed consolidated balance sheets. (iii) Included in warrant liabilities on the condensed consolidated balance sheets.
Summary of Changes in Fair Value of Level 3 Financial Instruments	The following table presents a rollforward of the Level 3 assets and liabilities measured fair value on a recurring basis: Redeemable convertible preferred stock warrant liabilities Private placement warrant liabilities Contingent earnout liabilities (In thousands) Fair value as of January 1, 2022 $ — $ 7,387 $ 111,487 Change in fair value 2,047 31,232 Fair value as of March 31, 2022 $ — $ 9,434 $ 142,719 Redeemable convertible preferred stock warrant liabilities Private placement warrant liabilities Contingent earnout liabilities (In thousands) Fair value as of January 1, 2021 $ 181 $ — $ — Change in fair value 1,514 — — Fair value as of March 31, 2021 $ 1,695 $ — $ —

Investments (Tables)

Investments (Tables)	3 Months Ended
Investments (Tables)	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Summary of Available-for-Sale Investments	The Company began investing in available-for-sale (“AFS”) investments in the fourth quarter of 2021. The following table summarizes our AFS investments. These are classified as "Short-term investments" on the condensed consolidated balance sheets. March 31, 2022 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value (In thousands) U.S. Treasury securities $ 43,790 $ — $ (319) $ 43,471 Corporate bonds 38,529 1 (276) 38,254 Total available-for-sale investments $ 82,319 $ 1 $ (595) $ 81,725 December 31, 2021 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value (In thousands) U.S. Treasury securities $ 8,154 $ — $ (13) $ 8,141 Corporate bonds 7,343 1 (2) 7,342 Total available-for-sale investments $ 15,497 $ 1 $ (15) $ 15,483 All remaining contractual maturities of AFS investments held at March 31, 2022 are as follows: March 31, 2022 Amortized Cost Fair Value (In thousands) Due in 1 year or less $ 48,223 $ 48,134 Due in 1-2 years 34,096 33,591 Total $ 82,319 $ 81,725
Breakdown of Available-for-sale, Unrealized Loss Position, Fair Value	The following table presents the breakdown of the available-for-sale investments in an unrealized loss position as of March 31, 2022 and December 31, 2021, respectively. March 31, 2022 December 31, 2021 Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss (In thousands) U.S. Treasury securities Less than 12 months $ 43,471 $ 319 $ 8,141 $ 13 Total $ 43,471 $ 319 $ 8,141 $ 13 Corporate bonds Less than 12 months $ 36,753 $ 276 $ 5,640 $ 2 Total $ 36,753 $ 276 $ 5,640 $ 2

Balance Sheet Components (Table

Balance Sheet Components (Tables)	3 Months Ended
Balance Sheet Components (Tables)	Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Accounts Receivable, Net	Accounts receivable, net consisted of the following: March 31, December 31, 2022 2021 (In thousands) Trade Receivables $ 10,263 $ 12,845 Less: Allowances for Doubtful Accounts (67) (67) Total $ 10,196 $ 12,778
Schedule of Inventories	Inventories consisted of the following: March 31, December 31, 2022 2021 (In thousands) Raw materials $ 32,089 $ 16,594 Work-in-progress 10,731 5,885 Total $ 42,820 $ 22,479
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following: March 31, December 31, 2022 2021 (In thousands) Prepaid insurance and other $ 3,780 $ 5,326 Vendor prepayments 5,669 4,132 Total $ 9,449 $ 9,458
Schedule of Property and Equipment, Net	Property and equipment, net consisted of the following: March 31, December 31, 2022 2021 (In thousands) Computers and software $ 1,677 $ 1,397 R&D lab equipment 2,609 2,283 Equipment and other 114 — Furniture and fixtures 88 88 Leasehold improvements 10,948 2,771 Construction in progress 210 6,273 Total property, plant and equipment 15,646 12,812 Less accumulated depreciation and amortization (3,208) (2,766) Property, plant and equipment, net $ 12,438 $ 10,046
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following: March 31, December 31, 2022 2021 (In thousands) Accrued expenses $ 5,344 $ 3,015 Accrued salaries and benefits 4,142 4,143 Lease liability – current portion 2,635 2,256 Total Accrued expenses and other current liabilities $ 12,121 $ 9,414
Schedule of Other Noncurrent Liabilities	Other noncurrent liabilities consisted of the following: March 31, December 31, 2022 2021 (In thousands) Lease liabilities - noncurrent portion $ 8,531 $ 9,184 Other noncurrent liabilities 247 308 Total other noncurrent liabilities $ 8,778 $ 9,492

Leases (Tables)

Leases (Tables)	3 Months Ended
Leases (Tables)	Mar. 31, 2022
Leases [Abstract]
Assets and Liabilities	Total right-of-use (“ROU”) assets and lease liabilities are as follows: March 31, December 31, 2022 2021 (In thousands) Right-of-use assets: Net book value (Other assets) $ 10,400 $ 11,073 Operating lease liabilities: Current (Accrued expense and other current liabilities) $ 2,601 $ 2,222 Noncurrent (Other noncurrent liabilities) 8,499 9,143 11,100 11,365 Financing lease liabilities: Current (Accrued expense and other current liabilities) $ 34 $ 33 Noncurrent (Other noncurrent liabilities) 32 41 $ 66 $ 74 Total lease liabilities $ 11,166 $ 11,439
Lease-Related Balances	Information about lease-related balances were as follows: Three months ended March 31, 2022 2021 (In thousands) Operating lease expense $ 717 $ 143 Financing lease expense 9 3 Short-term lease expense 99 15 Total lease expense $ 825 $ 161 Cash paid for leases $ 281 $ 163 Weighted – average remaining lease term – operating leases (years) 4.6 1.63 Weighted – average discount rate – operating leases 4.4% 4.5%
Future Minimum Lease Payments	Maturity of operating lease liabilities as of March 31, 2022 are as follows: (In thousands) Remainder of 2022 $ 2,342 2023 2,732 2024 2,676 2025 2,232 2026 2,315 Thereafter 598 Total operating lease payments $ 12,895 Less portion representing imputed interest (1,729) Total operating lease liabilities $ 11,166 Less current portion 2,635 Long-term portion $ 8,531

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
Long-Term Debt (Tables)	Mar. 31, 2022
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt consisted of the following: March 31, December 31, 2022 2021 (In thousands) Revolving credit line $ 3,000 $ 3,000 Equipment loan 4,555 5,089 Deferred financing costs (17) (19) Total $ 7,538 $ 8,070 Debt – current portion 5,116 5,114 Long-term debt – less current portion $ 2,422 $ 2,956
Future Minimum Aggregate Payments	The future minimum aggregate payments for the above borrowings are as follows as of March 31, 2022: (In thousands) Less than 1 year $ 5,116 1-3 years 2,422 $ 7,538

Equity Instruments (Tables)

Equity Instruments (Tables)	3 Months Ended
Equity Instruments (Tables)	Mar. 31, 2022
Equity [Abstract]
Schedule of Shares of Common Stock Reserved for Issuance	Shares of common stock reserved for issuance on an “as if converted” basis were as follows: March 31, December 31, 2022 2021 (share data) Common stock warrants 13,075,000 13,075,000 Restricted stock units issued and outstanding 4,549,179 4,041,346 Stock options issued and outstanding 20,786,579 21,191,226 Shares available for future grant under 2021 Equity Incentive Plan 26,207,150 17,533,471 Reserved for employee stock purchase plan 5,495,601 3,663,277 Total shares of common stock reserved 70,113,509 59,504,320
Schedule of Warrants for Shares of Stock	Warrants for shares of common stock consisted of the following: March 31, 2022 Issue Date Expiration Date Number of Warrants Exercise Price per warrant Fair Value on Issue Date per warrant Fair Value on March 31, 2022 (In thousands) Private placement warrants - Common Stock 12/02/2020 09/29/2026 4,450,000 $11.50 $2.00 9,434 Public warrants - Common Stock 12/02/2020 09/29/2026 8,625,000 $11.50 $3.30 18,285 13,075,000 $ 27,719 December 31, 2021 Issue Date Expiration Number of Exercise Fair Value on Issue Date per warrant Fair Value on December 31, 2021 (In thousands) Private placement warrants - Common Stock 12/02/2020 09/29/2026 4,450,000 $11.50 $2.00 7,387 Public warrants - Common Stock 12/02/2020 09/29/2026 8,625,000 $11.50 $3.30 14,318 13,075,000 $ 21,705
Warrant Liability Rollforward	The liability for private placement and public warrants on common stock carried at fair value was as follows for the three months ended March 31, 2022: March 31, 2022 (In thousands) Beginning Balance $ 21,705 Loss on fair value of warrants $ 6,014 Ending Balance $ 27,719 The liability for warrants on redeemable convertible preferred stock (carried at fair value) was as follows for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 (in thousands) Beginning Balance $ — $ 181 Issuance of new warrant — — Change in fair value (Other income (expense), net) — 1,514 Exercise of warrants (Redeemable preferred convertible stock) — — Ending Balance $ — $ 1,695
Fair Value Assumptions	The fair value assumptions used in the Monte Carlo simulation model for the recurring valuation of the private placement common stock warrants and public common stock warrant liability were as follows: As of March 31, 2022 As of December 31, 2021 Current stock price $ 9.31 $ 7.81 Expected volatility 34.8 % 40.5 % Risk-free interest rate 2.4 % 1.2 % Dividend rate — % — % Expected Term (years) 4.5 4.75 Assumptions used in the fair value of the contingent earnout liabilities are described below. As of March 31, 2022 As of December 31, 2021 Current stock price $9.31 $7.81 Expected volatility 50.8% 52.5% Risk-free interest rate 2.4% 1.2% Dividend yield —% —% Expected Term (years) 4.50 4.75
Schedule Of Contingent Earnout Liabilities	The rollforward for the contingent earnout liabilities was as follows for the three months ended March 31, 2022: March 31, 2022 (In thousands) Beginning Balance $ 111,487 Gain on fair value of contingent earnout liabilities 31,232 Ending Balance $ 142,719

Equity Incentive Plans and St_2

Equity Incentive Plans and Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement [Abstract]
Stock Option Plan Activity	Activity under the Company’s stock option plans is set forth below: Options Weighted-Average Exercise Price Weighted-Average Remaining (In thousands) (Per share data) (Years) Outstanding as of December 31, 2020 21,471 $ 0.33 9.3 Granted — $ — Exercised (39) $ 0.98 Forfeited or expired (249) $ 0.67 Outstanding as of March 31, 2021 21,183 $ 0.33 8.9 Options vested and expected to vest as of March 31, 2021 21,183 $ 0.33 Vested and exercisable as of March 31, 2021 2,904 $ 0.93 Outstanding as of December 31, 2021 21,191 $ 0.58 8.2 Granted — $ — Exercised (325) $ 0.47 Forfeited or expired (79) $ 5.50 Outstanding as of March 31, 2022 20,787 $ 0.56 8.0 Options vested and expected to vest as of March 31, 2022 20,787 $ 0.56 Vested and exercisable as of March 31, 2022 10,306 $ 0.62
Weighted-Average Assumptions Used in Stock Options	The weighted-average assumptions in the Black-Scholes option-pricing model used to determine the fair value of stock options granted were as follows: Three months ended March 31, 2022 2021 Expected volatility — % 60 % Risk-free interest rate —% – —% 0.4% – 0.5% Dividend yield — % — % Expected term (in years) 0 6.04 Discount for Lack of Marketability — % 23.5 %
Schedule of Nonvested Restricted Stock Units Activity	The following table summarizes outstanding and expected to vest RSUs as of March 31, 2022 and their activity during the three months ended March 31, 2022: Number of Shares Weighted-Average Grant Date Fair Value Aggregate Intrinsic Value (In thousands) (Per share data) (In thousands) Balance as of December 31, 2021 4,041 $ 7.26 $ 31,563 Granted 567 6.98 4,110 Released (59) 7.15 583 Cancelled — — — Balance as of March 31, 2022 4,549 $ 7.23 $ 42,353 Expected to vest as of March 31, 2022 4,549 $ 7.23 $ 42,353
Schedule of Stock-Based Compensation Expense	The following sets forth the total stock-based compensation expense by type of award included in the statements of operations: Three Months Ended 2022 2021 (In thousands) Restricted stock units $ 2,440 $ — Stock options 575 315 Earnout shares - employees 1,942 — $ 4,957 $ 315 The following sets forth the total stock-based compensation expense for the stock options included in the statements of operations: Three Months Ended March 31, 2022 2021 (In thousands) Research and development $ 2,591 $ 165 Selling and marketing 1,113 65 General and administrative 1,253 85 $ 4,957 $ 315

Revenue (Tables)

Revenue (Tables)	3 Months Ended
Revenue (Tables)	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Schedules of Concentration of Risk	The customer concentration for balances greater than 10% of revenues and 10% of accounts receivables, net, respectively, are presented below: Total Revenue Accounts Receivable, Net Three Months Ended March 31, March 31, December 31, 2022 2021 2022 2021 (as a percentage) Customer 1 65.4 % 56.0 % 34.3 % 71.2 % Customer 2 13.5 % — % <10 % — % Customer 3 <10 % 23.8 % <10 % <10 % Customer 4 <10 % — % 20.9 % <10 %
Revenue by Geographic Area	The Company currently sells its products in the Americas and other locations as follows: March 31, 2022 2021 (In thousands) Americas $ 12,104 $ 1,141 Other 114 31 Total $ 12,218 $ 1,172

Description of Business and B_2

Description of Business and Basis of Presentation - Narrative (Details) $ / shares in Units, $ in Thousands	Sep. 29, 2021USD ($)$ / sharesshares	Mar. 31, 2022USD ($)$ / shares	Dec. 31, 2021USD ($)$ / shares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Exchange ratio	0.8149
Common stock, par value (in dollars per share) \| $ / shares	$ 0.00001	$ 0.00001	$ 0.00001
Net poceeds from transactions	$ 278,300
Sale of stock, purchase price	$ 155,000
Sale of stock (in shares) \| shares	15,500,000
Sale of stock, share price (in dollars per share) \| $ / shares	$ 10
Accumulated deficit		$ 295,208	$ 229,867

Basic and Diluted Net Loss pe_3

Basic and Diluted Net Loss per Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net loss	$ (65,341)	$ (13,548)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)	183,498,082	16,019,559
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)	183,498,082	16,019,559
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.36)	$ (0.85)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.36)	$ (0.85)

Basic and Diluted Net Loss pe_4

Basic and Diluted Net Loss per Share - Potentially Dilutive Securities Excluded from Computation (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive common share equivalents	38,410,758	176,454,643
Redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive common share equivalents	0	147,876,672
Convertible promissory note
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive common share equivalents	0	6,756,757
Redeemable convertible preferred stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive common share equivalents	0	408,729
Common stock warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive common share equivalents	13,075,000	229,297
Restricted stock units issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive common share equivalents	4,549,179	0
Common stock options issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive common share equivalents	20,786,579	21,183,188

Basic and Diluted Net Loss pe_5

Basic and Diluted Net Loss per Share - Narrative (Details)	3 Months Ended
Basic and Diluted Net Loss per Share - Narrative (Details)	Mar. 31, 2022shares
Maximum \| JAWS Spitfire \| Eligible Velo3D Equityholders
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of shares that the holders may receive (in shares)	21,758,148

Fair Value Measures and Discl_2

Fair Value Measures and Disclosures - Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Assets
Money market funds	$ 104,352	$ 207,471
Fair Value	81,725	15,483
Assets, Fair Value Disclosure	186,077	222,954
Liabilities
Contingent earnout liabilities	142,719	111,487
Total financial liabilities	170,438	133,192
U.S. Treasury securities
Assets
Fair Value	43,471	8,141
Corporate bonds
Assets
Fair Value	38,254	7,342
Public
Liabilities
Warrant liabilities	18,285	14,318
Private Placement
Liabilities
Warrant liabilities	9,434	7,387
Level 1
Assets
Money market funds	104,352	207,471
Assets, Fair Value Disclosure	147,823	215,612
Liabilities
Contingent earnout liabilities	0	0
Total financial liabilities	18,285	14,318
Level 1 \| U.S. Treasury securities
Assets
Fair Value	43,471	8,141
Level 1 \| Corporate bonds
Assets
Fair Value	0	0
Level 1 \| Public
Liabilities
Warrant liabilities	18,285	14,318
Level 1 \| Private Placement
Liabilities
Warrant liabilities	0	0
Level 2
Assets
Money market funds	0	0
Assets, Fair Value Disclosure	38,254	7,342
Liabilities
Contingent earnout liabilities	0	0
Total financial liabilities	0	0
Level 2 \| U.S. Treasury securities
Assets
Fair Value	0	0
Level 2 \| Corporate bonds
Assets
Fair Value	38,254	7,342
Level 2 \| Public
Liabilities
Warrant liabilities	0	0
Level 2 \| Private Placement
Liabilities
Warrant liabilities	0	0
Level 3
Assets
Money market funds	0	0
Assets, Fair Value Disclosure	0	0
Liabilities
Contingent earnout liabilities	142,719	111,487
Total financial liabilities	152,153	118,874
Level 3 \| U.S. Treasury securities
Assets
Fair Value	0	0
Level 3 \| Corporate bonds
Assets
Fair Value	0	0
Level 3 \| Public
Liabilities
Warrant liabilities	0	0
Level 3 \| Private Placement
Liabilities
Warrant liabilities	$ 9,434	$ 7,387

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Fair Value of Level 3 Financial Instruments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Warrant liabilities \| Redeemable convertible preferred stock warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value as of beginning of period	$ 0	$ 1,695	$ 0	$ 181
Change in fair value		1,514
Fair value as of end of period	0	1,695
Warrant liabilities \| Private placement warrants
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value as of beginning of period	9,434	0	7,387	0
Change in fair value	2,047	0
Fair value as of end of period	9,434	0
Contingent earnout liabilities
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value as of beginning of period	142,719	0	$ 111,487	$ 0
Change in fair value	31,232	0
Fair value as of end of period	$ 142,719	$ 0

Investments - Summary of Availa

Investments - Summary of Available for Sale Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 82,319	$ 15,497
Gross Unrealized Gain	1	1
Gross Unrealized Loss	(595)	(15)
Fair Value	81,725	15,483
U.S. Treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	43,790	8,154
Gross Unrealized Gain	0	0
Gross Unrealized Loss	(319)	(13)
Fair Value	43,471	8,141
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	38,529	7,343
Gross Unrealized Gain	1	1
Gross Unrealized Loss	(276)	(2)
Fair Value	$ 38,254	$ 7,342

Investments - Breakdown of Inve

Investments - Breakdown of Investments in Unrealized Loss Position (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
U.S. Treasury securities
Fair Value
Less than 12 months	$ 43,471	$ 8,141
Total	43,471	8,141
Gross Unrealized Loss
Less than 12 months	319	13
Total	319	13
Corporate bonds
Fair Value
Less than 12 months	36,753	5,640
Total	36,753	5,640
Gross Unrealized Loss
Less than 12 months	276	2
Total	$ 276	$ 2

Investments - Narrative (Detail

Investments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Investments - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Debt securities, available-for-sale, realized gain (loss)	$ 0	$ 0

Investments - Contractual Matur

Investments - Contractual Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Amortized Cost
Due in 1 year or less	$ 48,223
Due in 1-2 years	34,096
Amortized Cost	82,319	$ 15,497
Fair Value
Due in 1 year or less	48,134
Due in 1-2 years	33,591
Total	$ 81,725	$ 15,483

Balance Sheet Components - Acco

Balance Sheet Components - Accounts Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Trade Receivables	$ 10,263	$ 12,845
Less: Allowances for Doubtful Accounts	(67)	(67)
Total	$ 10,196	$ 12,778

Balance Sheet Components - Inve

Balance Sheet Components - Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Raw materials	$ 32,089	$ 16,594
Work-in-progress	10,731	5,885
Total	$ 42,820	$ 22,479

Balance Sheet Components - Prep

Balance Sheet Components - Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid insurance and other	$ 3,780	$ 5,326
Vendor prepayments	5,669	4,132
Total	$ 9,449	$ 9,458

Balance Sheet Components - Prop

Balance Sheet Components - Property and Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 15,646		$ 12,812
Less accumulated depreciation and amortization	(3,208)		(2,766)
Property, plant and equipment, net	12,438		10,046
Depreciation	500	$ 200
Computers and software
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	1,677		1,397
R&D lab equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	2,609		2,283
Equipment and other
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	114		0
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	88		88
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	10,948		2,771
Construction in progress
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 210		$ 6,273

Balance Sheet Components - Accr

Balance Sheet Components - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued expenses	$ 5,344	$ 3,015
Accrued salaries and benefits	4,142	4,143
Lease liability – current portion	2,635	2,256
Total Accrued expenses and other current liabilities	$ 12,121	$ 9,414

Balance Sheet Components - Othe

Balance Sheet Components - Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Lease liabilities - noncurrent portion	$ 8,531	$ 9,184
Other noncurrent liabilities	247	308
Total other noncurrent liabilities	$ 8,778	$ 9,492

Equipment on Lease, Net (Detail

Equipment on Lease, Net (Details) - USD ($) $ in Millions	3 Months Ended
Equipment on Lease, Net (Details) - USD ($) $ in Millions	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Leases [Abstract]
Equipment leased to customers, cost basis	$ 10.9		$ 9.3
Equipment leased to customers, accumulated depreciation	1.4		$ 0.9
Lease revenue	0.9	$ 0.4
Deprecation expense	$ 0.5	$ 0.2

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Millions	3 Months Ended	12 Months Ended
Leases - Narrative (Details) $ in Millions	Mar. 31, 2022USD ($)lease	Dec. 31, 2021USD ($)
Leases [Abstract]
ROU assets impairment \| $	$ 0	$ 0
Lessee, Lease, Description [Line Items]
ROU assets impairment \| $	$ 0	$ 0
Office And Manufacturing Facilities \| Operating Leases Expiring In 2023 To 2027
Lessee, Lease, Description [Line Items]
Number of operating leases \| lease	4
Office And Manufacturing Facilities \| Month-To-Month Operating Lease
Lessee, Lease, Description [Line Items]
Number of operating leases \| lease	1

Leases - Assets and Liabilities

Leases - Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Net book value (Other assets)	$ 10,400	$ 11,073
Current (Accrued expense and other current liabilities)	2,601	2,222
Noncurrent (Other noncurrent liabilities)	8,499	9,143
Total operating lease liabilities	11,100	11,365
Current (Accrued expense and other current liabilities)	34	33
Noncurrent (Other noncurrent liabilities)	32	41
Total finance lease liabilities	66	74
Total lease liabilities	$ 11,166	$ 11,439
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other noncurrent liabilities	Other noncurrent liabilities
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other current liabilities	Accrued expenses and other current liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other noncurrent liabilities	Other noncurrent liabilities

Leases - Lease-Related Balances

Leases - Lease-Related Balances (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Leases [Abstract]
Operating lease expense	$ 717	$ 143
Financing lease expense	9	3
Short-term lease expense	99	15
Total lease expense	825	161
Cash paid for leases	$ 281	$ 163
Weighted – average remaining lease term – operating leases (years)	4 years 7 months 6 days	1 year 7 months 17 days
Weighted – average discount rate – operating leases	4.40%	4.50%

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Lease, Liability [Abstract]
Remainder of 2022	$ 2,342
2023	2,732
2024	2,676
2025	2,232
2026	2,315
Thereafter	598
Total operating lease payments	12,895
Less portion representing imputed interest	(1,729)
Total lease liabilities	11,166	$ 11,439
Less current portion	2,635	2,256
Long-term portion	$ 8,531	$ 9,184

Long-Term Debt - Components (De

Long-Term Debt - Components (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Deferred financing costs	$ (17)	$ (19)
Total	7,538	8,070
Debt – current portion	5,116	5,114
Long-term debt – less current portion	2,422	2,956
Revolving credit line
Debt Instrument [Line Items]
Outstanding debt	3,000	3,000
Equipment loan
Debt Instrument [Line Items]
Outstanding debt	$ 4,555	$ 5,089

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
Long-Term Debt - Narrative (Details) $ in Thousands	Aug. 31, 2021USD ($)	Mar. 31, 2022USD ($)creditFacility	Mar. 31, 2021	Dec. 31, 2021USD ($)advance	May 31, 2021USD ($)	Dec. 17, 2020USD ($)
Debt Instrument [Line Items]
Number of credit facilities \| creditFacility		3
Deferred financing costs, current				$ 100
Revolving Credit Facility
Debt Instrument [Line Items]
Effective interest rate (as a percent)		4.60%
Line of credit
Debt Instrument [Line Items]
Outstanding debt		$ 3,000		3,000
Line of credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Proceeds from credit facility	$ 3,000
Principal amount	$ 10,000				$ 10,000
Variable rate (as a percent)	5.75%
Debt term	10 months
Outstanding debt		7,000
Deferred financing costs		100
Line of credit \| Revolving Credit Facility \| Prime
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.50%
Equipment loan
Debt Instrument [Line Items]
Principal amount					$ 8,500	$ 8,500
Outstanding debt		4,555		5,089
Equipment loan \| Facility One
Debt Instrument [Line Items]
Principal amount				$ 5,600
Variable rate (as a percent)						3.25%
Deferred financing costs		100
Number of advances \| advance				7
Principal payments		$ 500
Effective interest rate during period (as a percent)		3.24%	2.70%

Long-Term Debt - Future Minimum

Long-Term Debt - Future Minimum Aggregate Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Less than 1 year	$ 5,116
1-3 years	2,422
Total	$ 7,538	$ 8,070

Equity Instruments - Common Sto

Equity Instruments - Common Stock Reserved for Issuance (Details) - shares	Mar. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Shares of common stock reserved (in shares)	70,113,509	59,504,320
Common stock warrants
Class of Stock [Line Items]
Shares of common stock reserved (in shares)	13,075,000	13,075,000
Restricted stock units issued and outstanding
Class of Stock [Line Items]
Shares of common stock reserved (in shares)	4,549,179	4,041,346
Common stock options issued and outstanding
Class of Stock [Line Items]
Shares of common stock reserved (in shares)	20,786,579	21,191,226
Shares available for future grant under 2021 Equity Incentive Plan \| 2021 Stock Option Plan
Class of Stock [Line Items]
Shares of common stock reserved (in shares)	26,207,150	17,533,471
Reserved for employee stock purchase plan
Class of Stock [Line Items]
Shares of common stock reserved (in shares)	5,495,601	3,663,277

Equity Instruments - Narrative

Equity Instruments - Narrative (Details)	Mar. 31, 2022$ / shares$ / warrantshares	Dec. 31, 2021$ / shares$ / warrantshares	Dec. 02, 2020$ / shares$ / warrantshares
Common stock warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Number of Warrants (in shares)	13,075,000	13,075,000
Exercise ratio	1	1
Private placement warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Number of Warrants (in shares)	4,450,000		4,450,000
Fair Value on Issue Date per warrant (in dollars per warrant) \| $ / warrant			2
Exercise Price per Warrant (in dollars per share) \| $ / shares			$ 11.50
Public Warrants
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Number of Warrants (in shares)	8,625,000	8,625,000	34,500,000
Fair Value on Issue Date per warrant (in dollars per warrant) \| $ / warrant	3.30	3.30	10
Exercise Price per Warrant (in dollars per share) \| $ / shares	$ 11.50	$ 11.50	$ 11.50
Warrants term	5 years

Equity Instruments - Warrants f

Equity Instruments - Warrants for Shares of Stock (Details) $ / shares in Units, $ in Thousands	Mar. 31, 2022USD ($)$ / shares$ / warrantshares	Dec. 31, 2021USD ($)$ / shares$ / warrantshares	Dec. 02, 2020$ / shares$ / warrantshares
Class of Warrant or Right [Line Items]
Fair Value	$ 27,719	$ 21,705
Common stock warrants
Class of Warrant or Right [Line Items]
Number of Warrants (in shares) \| shares	13,075,000	13,075,000
Fair Value	$ 27,719	$ 21,705
Private Warrants
Class of Warrant or Right [Line Items]
Number of Warrants (in shares) \| shares	4,450,000	4,450,000
Exercise Price per Warrant (in dollars per share) \| $ / shares	$ 11.50	$ 11.50
Fair Value on Issue Date per warrant (in dollars per warrant) \| $ / warrant	2	2
Fair Value	$ 9,434	$ 7,387
Public Warrants
Class of Warrant or Right [Line Items]
Number of Warrants (in shares) \| shares	8,625,000	8,625,000	34,500,000
Exercise Price per Warrant (in dollars per share) \| $ / shares	$ 11.50	$ 11.50	$ 11.50
Fair Value on Issue Date per warrant (in dollars per warrant) \| $ / warrant	3.30	3.30	10
Fair Value	$ 18,285	$ 14,318

Equity Instruments - Rollforwar

Equity Instruments - Rollforward of Warrant Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Warrant Liability [Roll Forward]
Beginning Balance	$ 21,705
Change in fair value	6,014	$ 1,514
Ending Balance	27,719
Common Stock Warrants
Warrant Liability [Roll Forward]
Beginning Balance	21,705
Change in fair value	(6,014)
Ending Balance	27,719
Redeemable convertible preferred stock warrants
Warrant Liability [Roll Forward]
Beginning Balance	0	181
Issuance of new warrant	0	0
Change in fair value	0	1,514
Exercise of warrants (Redeemable preferred convertible stock)	0	0
Ending Balance	$ 0	$ 1,695

Equity Instruments - Fair Value

Equity Instruments - Fair Value Assumptions (Details) - Common Stock Warrants - alternative_energy_credit	Mar. 31, 2022	Dec. 31, 2021
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants term	4 years 6 months	4 years 9 months
Current stock price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant, measurement input	9.31	7.81
Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant, measurement input	0.348	0.405
Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant, measurement input	0.024	0.012
Dividend rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrant, measurement input	0	0

Equity Instruments - Rollforw_2

Equity Instruments - Rollforward of Contingent Earnout Liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Contingent Earnout Liability [Roll Forward]
Beginning Balance	$ 111,487
Gain on fair value of contingent earnout liabilities	31,232
Ending Balance	$ 142,719

Equity Instruments - Contingent

Equity Instruments - Contingent Earnout Liabilities, Fair Value Assumptions (Details)	Mar. 31, 2022$ / shares	Dec. 31, 2021$ / shares
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected Term (years)	4 years 6 months	4 years 9 months
Current stock price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business combination, measurement input	9.31	7.81
Expected volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business combination, measurement input	0.508	0.525
Risk-free interest rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business combination, measurement input	0.024	0.012
Dividend rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Business combination, measurement input	0	0

Equity Incentive Plans and St_3

Equity Incentive Plans and Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock reserved for issuance (in shares)	70,113,509		59,504,320
Award expiration period	10 years
Award vesting period	4 years
Aggregate intrinsic value of options outstanding	$ 181.7		$ 153.2
Aggregate intrinsic value of options exercised	$ 1.7	$ 0.1
Weighted-average grant date fair value of options granted (in dollars per share)	$ 0	$ 0
Grant date fair value of options vested	$ 0.7	$ 0.1
Granted (in shares)	0	0
Earnout period	5 years
Restricted stock units issued and outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 30.5
Unrecognized compensation cost, period for recognition	3 years 6 months
Unvested RSUs	4,549,000		4,041,000
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost	$ 2.7
Unvested options (in shares)	10,500,000
Unrecognized compensation cost, period for recognition	2 years
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock reserved for issuance (in shares)	5,495,601		3,663,277
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price of stock options as percentage of fair value	110.00%
2021 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock reserved for issuance (in shares)	51,542,908
2014 Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award expiration period	10 years
Exercise price of stock options as percentage of fair value	110.00%
Award vesting period	4 years

Equity Incentive Plans and St_4

Equity Incentive Plans and Stock-Based Compensation - Stock Options (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Options
Outstanding as of beginning of period (in shares)	20,787,000	21,183,000	21,191,000	21,471,000
Granted (in shares)	0	0
Exercised (in shares)	(325,000)	(39,000)
Forfeited or expired (in shares)	(79,000)	(249,000)
Outstanding as of end of period (in shares)	20,787,000	21,183,000	21,191,000	21,471,000
Options vested and expected to vest as of end of period (in shares)	20,787,000	21,183,000
Vested and exercisable as of end of period (in shares)	10,306,000	2,904,000
Weighted-Average Exercise Price
Outstanding as of beginning of period (in dollars per share)	$ 0.58	$ 0.33	$ 0.33
Granted (in dollars per share)	0	0
Exercised (in dollars per share)	0.47	0.98
Forfeited or expired (in dollars per share)	5.50	0.67
Outstanding as of end of period (in dollars per share)	0.56	0.33	$ 0.58	$ 0.33
Options vested and expected to vest as of end of period (in dollars per share)	0.56	0.33
Vested and exercisable as of end of period (in dollars per share)	$ 0.62	$ 0.93
Weighted-Average Remaining Contractual Term in years	8 years	8 years 10 months 24 days	8 years 2 months 12 days	9 years 3 months 18 days
Additional Disclosures
Aggregate intrinsic value of options outstanding	$ 181.7		$ 153.2
Aggregate intrinsic value of options exercised	$ 1.7	$ 0.1
Weighted-average grant date fair value of options granted (in dollars per share)	$ 0	$ 0
Grant date fair value of options vested	$ 0.7	$ 0.1

Equity Incentive Plans and St_5

Equity Incentive Plans and Stock-Based Compensation - Weighted-Average Assumptions (Details) - Stock options	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	0.00%	60.00%
Risk-free interest rate, minimum	0.00%	0.40%
Risk-free interest rate, maximum	0.00%	0.50%
Dividend yield	0.00%	0.00%
Expected term (in years)	0 years	6 years 14 days
Discount for Lack of Marketability	0.00%	23.50%

Equity Incentive Plans and St_6

Equity Incentive Plans and Stock-Based Compensation - RSUs Activity (Details) - Restricted stock units - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Number of Shares
Balance as of beginning of period (in shares)	4,041
Granted (in shares)	567
Released (in shares)	(59)
Cancelled (in shares)	0
Balance as of end of period (in shares)	4,549
Expected to vest (in shares)	4,549
Weighted-Average Grant Date Fair Value
Balance as of beginning of period (in dollars per share)	$ 7.23	$ 7.26
Granted (in dollars per share)	6.98
Released (in dollars per share)	7.15
Cancelled (in dollars per share)	0
Balance as of end of period (in dollars per share)	7.23
Expected to vest (in dollars per share)	$ 7.23
Aggregate Intrinsic Value
Balance as of beginning of period	$ 31,563
Granted	4,110
Released	583
Cancelled	0
Balance as of end of period	42,353
Expected to vest	$ 42,353

Equity Incentive Plans and St_7

Equity Incentive Plans and Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 4,957	$ 315
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	2,591	165
Selling and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,113	65
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,253	85
Restricted stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	2,440	0
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	575	315
Earnout shares - employees
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 1,942	$ 0

Commitment and Contingencies (D

Commitment and Contingencies (Details) $ in Millions	Mar. 31, 2022USD ($)
Commitments and Contingencies Disclosure [Abstract]
Purchase obligation	$ 67.9

Employee Defined-Contribution_2

Employee Defined-Contribution Plans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Retirement Benefits [Abstract]
Percentage of contributions that fully vest	100.00%
Employer contribution, percentage of employee's eligible compensation	3.00%
Contributions	$ 0.3	$ 0.1

Revenue - Concentration of Cred

Revenue - Concentration of Credit Risk and Other Risks and Uncertainties (Details) - Customer Concentration Risk	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Total Revenue \| Customer 1
Concentration Risk [Line Items]
Concentration risk, percentage	65.40%	56.00%
Total Revenue \| Customer 2
Concentration Risk [Line Items]
Concentration risk, percentage	13.50%	0.00%
Total Revenue \| Customer 3
Concentration Risk [Line Items]
Concentration risk, percentage		23.80%
Total Revenue \| Customer 4
Concentration Risk [Line Items]
Concentration risk, percentage		0.00%
Accounts Receivable, Net \| Customer 1
Concentration Risk [Line Items]
Concentration risk, percentage	34.30%	71.20%
Accounts Receivable, Net \| Customer 2
Concentration Risk [Line Items]
Concentration risk, percentage		0.00%
Accounts Receivable, Net \| Customer 4
Concentration Risk [Line Items]
Concentration risk, percentage	20.90%

Revenue - Revenue by Geographic

Revenue - Revenue by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Revenue	$ 12,218	$ 1,172
Equipment on lease
Disaggregation of Revenue [Line Items]
Revenue	12,218	1,172
Americas \| Equipment on lease
Disaggregation of Revenue [Line Items]
Revenue	12,104	1,141
Other \| Equipment on lease
Disaggregation of Revenue [Line Items]
Revenue	$ 114	$ 31

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2022	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue recognized included in contract liabilities	$ 0.8	$ 0.3