Section
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Page
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| |||
| | | | ii | | | |
| | | | iii | | | |
| | | | 1 | | | |
| | | | 3 | | | |
| | | | 32 | | | |
| | | | 33 | | | |
| | | | 34 | | | |
| | | | 35 | | | |
| | | | 36 | | | |
| | | | 57 | | | |
BUSINESS | | | | | 65 | | |
| | | | 78 | | | |
| | | | 90 | | | |
PRINCIPAL STOCKHOLDERS
|
| | | | | | |
| | | | 96 | | | |
| | | | 108 | | | |
| | | | 116 | | | |
| | | | 118 | | | |
| | | | 118 | | | |
| | | | 118 | | | |
| | | | F-1 | | |
| | |
Year Ended December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
| | |
(in thousands, except per share data)
|
| |||||||||
Consolidated Statement of Operations Data: | | | | | | | | | | | | | |
Revenue: | | | | | | | | | | | | | |
Product revenue
|
| | |
$
|
13,917
|
| | | |
$
|
1,279
|
| |
Subscription revenue
|
| | | | 7,855 | | | | | | 2,637 | | |
Service revenue
|
| | | | 1,920 | | | | | | 869 | | |
Total revenue
|
| | | | 23,692 | | | | | | 4,785 | | |
Cost of revenue: | | | | | | | | | | | | | |
Cost of product revenue
|
| | | | 12,471 | | | | | | 1,177 | | |
Cost of subscription revenue
|
| | | | 3,644 | | | | | | 1,824 | | |
Cost of service revenue
|
| | | | 936 | | | | | | 495 | | |
Total cost of revenue
|
| | | | 17,051 | | | | | | 3,496 | | |
Gross profit
|
| | | | 6,641 | | | | | | 1,289 | | |
Operating expenses: | | | | | | | | | | | | | |
Research and development
|
| | | | 11,416 | | | | | | 15,710 | | |
Sales and marketing
|
| | | | 27,404 | | | | | | 7,365 | | |
General and administrative
|
| | | | 20,013 | | | | | | 5,110 | | |
Loss from impairment of property and equipment
|
| | | | 1,869 | | | | | | — | | |
Total operating expenses
|
| | | | 60,702 | | | | | | 28,185 | | |
Loss from operations
|
| | | | (54,061) | | | | | | (26,896) | | |
Other income (expense), net: | | | | | | | | | | | | | |
Interest expense, net
|
| | | | (6,095) | | | | | | (430) | | |
Loss on disposal of property and equipment
|
| | | | (617) | | | | | | — | | |
Loss on extinguishment of debt
|
| | | | (12,685) | | | | | | (66) | | |
Change in fair value of derivative liability
|
| | | | (1,745) | | | | | | — | | |
Change in fair value of contingent earn-out liability
|
| | | | 46,212 | | | | | | — | | |
Change in fair value of contingently issuable common stock liability
|
| | | | 6,406 | | | | | | — | | |
Change in fair value of public warrant liability
|
| | | | 12,606 | | | | | | — | | |
Change in fair value of common stock warrant liability
|
| | | | (879) | | | | | | — | | |
Total other income (expense), net
|
| | | | 43,203 | | | | | | (496) | | |
Net loss and comprehensive loss attributable to common stockholders – basic
and diluted |
| | | $ | (10,858) | | | | | $ | (27,392) | | |
Net loss per share attributable to common stockholders – basic and diluted
|
| | | $ | (0.15) | | | | | $ | (3.07) | | |
Weighted average common shares outstanding – basic and diluted
|
| | | | 71,662,694 | | | | | | 8,932,404 | | |
| | |
December 31,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
| | |
(in thousands)
|
| |||||||||
Total assets
|
| | | $ | 363,065 | | | | | $ | 21,355 | | |
Total liabilities
|
| | | $ | 72,227 | | | | | $ | 30,164 | | |
Total liabilities, convertible preferred stock and stockholders’ equity (deficit)
|
| | | $ | 363,065 | | | | | $ | 21,355 | | |
| | |
Year Ended December 31,
|
| | | | | | | | | | | | | |||||||||
| | |
2021
|
| |
2020
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Revenue: | | | | | | | | | | | | | | | | | | | | | | | | | |
Product revenue
|
| | | $ | 13,917 | | | | | $ | 1,279 | | | | | $ | 12,638 | | | | | | 988% | | |
Subscription revenue
|
| | | | 7,855 | | | | | | 2,637 | | | | | | 5,218 | | | | | | 198 | | |
Service revenue
|
| | | | 1,920 | | | | | | 869 | | | | | | 1,051 | | | | | | 121 | | |
Total revenue
|
| | | | 23,692 | | | | | | 4,785 | | | | | | 18,907 | | | | | | 395 | | |
Cost of revenue: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of product revenue
|
| | | | 12,471 | | | | | | 1,177 | | | | | | 11,294 | | | | | | 960 | | |
Cost of subscription revenue
|
| | | | 3,644 | | | | | | 1,824 | | | | | | 1,820 | | | | | | 100 | | |
Cost of service revenue
|
| | | | 936 | | | | | | 495 | | | | | | 441 | | | | | | 89 | | |
Total cost of revenue
|
| | | | 17,051 | | | | | | 3,496 | | | | | | 13,555 | | | | | | 388 | | |
Gross profit
|
| | | | 6,641 | | | | | | 1,289 | | | | | | 5,352 | | | | | | 415 | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | | 11,416 | | | | | | 15,710 | | | | | | (4,294) | | | | | | (27) | | |
Sales and marketing
|
| | | | 27,404 | | | | | | 7,365 | | | | | | 20,039 | | | | | | 272 | | |
General and administrative
|
| | | | 20,013 | | | | | | 5,110 | | | | | | 14,903 | | | | | | 292 | | |
Loss from impairment of property and equipment
|
| | | | 1,869 | | | | | | — | | | | | | 1,869 | | | | | | * | | |
Total operating expenses
|
| | | | 60,702 | | | | | | 28,185 | | | | | | 32,517 | | | | | | 115 | | |
Loss from operations
|
| | | | (54,061) | | | | | | (26,896) | | | | | | (27,165) | | | | | | 101 | | |
Other income (expense), net: | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense, net
|
| | | | (6,095) | | | | | | (430) | | | | | | (5,665) | | | | | | 1,317 | | |
Loss on disposal of property and equipment
|
| | | | (617) | | | | | | — | | | | | | (617) | | | | | | * | | |
Loss on extinguishment of debt
|
| | | | (12,685) | | | | | | (66) | | | | | | (12,619) | | | | | | 19,120 | | |
Change in fair value of derivative liability
|
| | | | (1,745) | | | | | | — | | | | | | (1,745) | | | | | | * | | |
Change in fair value of contingent earn-out liability
|
| | | | 46,212 | | | | | | — | | | | | | 46,212 | | | | | | * | | |
Change in fair value of contingently issuable common stock
liability |
| | | | 6,406 | | | | | | — | | | | | | 6,406 | | | | | | * | | |
Change in fair value of public warrant liability
|
| | | | 12,606 | | | | | | — | | | | | | 12,606 | | | | | | * | | |
Change in fair value of common stock warrant liability
|
| | | | (879) | | | | | | — | | | | | | (879) | | | | | | * | | |
Total other income (expense), net
|
| | | | 43,203 | | | | | | (496) | | | | | | 43,699 | | | | | | (8,810) | | |
Net loss
|
| | | $ | (10,858) | | | | | $ | (27,392) | | | | | $ | 16,534 | | | | | | (60)% | | |
| | |
Year Ended December 31,
|
| | | | | | | | | | | | | |||||||||
| | |
2021
|
| |
2020
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Product revenue
|
| | | $ | 13,917 | | | | | $ | 1,279 | | | | | $ | 12,638 | | | | | | 988% | | |
Cost of product revenue
|
| | | $ | 12,471 | | | | | $ | 1,177 | | | | | $ | 11,294 | | | | | | 960% | | |
Gross profit – Product revenue
|
| | | $ | 1,446 | | | | | $ | 102 | | | | | $ | 1,344 | | | | | | 1,318% | | |
Gross profit margin – Product revenue
|
| | | | 10% | | | | | | 8% | | | | | | N/A | | | | | | 2% | | |
| | |
Year Ended December 31,
|
| | | | | | | | | | | | | |||||||||
| | |
2021
|
| |
2020
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Subscription revenue
|
| | | $ | 7,855 | | | | | $ | 2,637 | | | | | $ | 5,218 | | | | | | 198% | | |
Cost of subscription revenue
|
| | | $ | 3,644 | | | | | $ | 1,824 | | | | | $ | 1,820 | | | | | | 100% | | |
Gross profit – Subscription revenue
|
| | | $ | 4,211 | | | | | $ | 813 | | | | | $ | 3,398 | | | | | | 418% | | |
Gross profit margin – Subscription revenue
|
| | | | 54% | | | | | | 31% | | | | | | N/A | | | | | | 23% | | |
| | |
Year Ended December 31,
|
| | | | | | | | | | | | | |||||||||
| | |
2021
|
| |
2020
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Service revenue
|
| | | $ | 1,920 | | | | | $ | 869 | | | | | $ | 1,051 | | | | | | 121% | | |
Cost of service revenue
|
| | | $ | 936 | | | | | $ | 495 | | | | | $ | 441 | | | | | | 89% | | |
Gross profit – Service revenue
|
| | | $ | 984 | | | | | $ | 374 | | | | | $ | 610 | | | | | | 163% | | |
Gross profit margin – Service revenue
|
| | | | 51% | | | | | | 43% | | | | | | N/A | | | | | | 8% | | |
| | |
Year Ended December 31,
|
| | | | | | | | | | | | | | |||||||||||
| | |
2021
|
| |
2020
|
| |
$ Change
|
| |
% Change
|
| | ||||||||||||||
Personnel related (including stock-based compensation)
|
| | | $ | 8,091 | | | | | $ | 3,737 | | | | | $ | 4,354 | | | | | | 117% | | | | ||
Materials and prototypes
|
| | | | 2,153 | | | | | | 8,907 | | | | | | (6,754) | | | | | | (76) | | | | ||
Professional fees
|
| | | | 861 | | | | | | 2,642 | | | | | | (1,781) | | | | | | (67) | | | | ||
Facilities related and other
|
| | | | 311 | | | | | | 424 | | | | | | (113) | | | | | | (27) | | | | | |
Total research and development expenses
|
| | | $ | 11,416 | | | | | $ | 15,710 | | | | | $ | (4,294) | | | | | | (27)% | | | |
| | |
Year Ended December 31,
|
| | | | | | | | | | | | | |||||||||
| | |
2021
|
| |
2020
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Personnel related (including stock-based compensation)
|
| | | $ | 18,717 | | | | | $ | 5,347 | | | | | $ | 13,370 | | | | | | 250% | | |
Direct marketing and customer field services
|
| | | | 4,292 | | | | | | 590 | | | | | | 3,702 | | | | | | 627 | | |
Travel and entertainment
|
| | | | 1,652 | | | | | | 554 | | | | | | 1,098 | | | | | | 198 | | |
Professional fees
|
| | | | 874 | | | | | | 461 | | | | | | 413 | | | | | | 90 | | |
Facilities related and other
|
| | | | 1,869 | | | | | | 413 | | | | | | 1,456 | | | | | | 353 | | |
Total sales and marketing expenses
|
| | | $ | 27,404 | | | | | $ | 7,365 | | | | | $ | 20,039 | | | | | | 272% | | |
| | |
Year Ended December 31,
|
| | | | | | | | | | | | | |||||||||
| | |
2021
|
| |
2020
|
| |
$ Change
|
| |
% Change
|
| ||||||||||||
Personnel related (including stock-based compensation)
|
| | | $ | 7,731 | | | | | $ | 1,967 | | | | | $ | 5,764 | | | | | | 293% | | |
Professional fees
|
| | | | 6,241 | | | | | | 1,879 | | | | | | 4,362 | | | | | | 232 | | |
Director and officer insurance
|
| | | | 2,187 | | | | | | 566 | | | | | | 1,621 | | | | | | 286 | | |
Sales tax contingencies
|
| | | | 1,091 | | | | | | — | | | | | | 1,091 | | | | | | * | | |
Facilities related and other
|
| | | | 2,763 | | | | | | 698 | | | | | | 2,065 | | | | | | 296 | | |
Total general and administrative expenses
|
| | | $ | 20,013 | | | | | $ | 5,110 | | | | | $ | 14,903 | | | | | | 292% | | |
| | |
Year Ended
December 31, |
| |||||||||
| | ||||||||||||
| | |
2021
|
| |
2020
|
| ||||||
Net cash used in operating activities
|
| | | $ | (69,628) | | | | | $ | (23,254) | | |
Net cash used in investing activities
|
| | | | (4,738) | | | | | | (6,609) | | |
Net cash provided by financing activities
|
| | | | 377,829 | | | | | | 17,226 | | |
Net increase (decrease) in cash, cash equivalents and restricted cash
|
| | | $ | 303,463 | | | | | $ | (12,637) | | |
Name
|
| |
Age
|
| |
Position
|
|
Executive Officers: | | | | | | | |
Peter George | | |
63
|
| | President, Chief Executive Officer | |
Mario Ramos | | |
50
|
| | Chief Financial Officer and Chief Risk Officer | |
Anthony John De Rosa | | |
49
|
| | Chief Revenue Officer | |
Anil Chitkara | | |
53
|
| | Head of Corporate Development and Founder | |
Michael Ellenbogen | | |
57
|
| | Head of Advanced Technology, Founder and Director | |
Non-Employee Directors: | | | | | | | |
Alan Cohen | | |
61
|
| | Chairman of the Board | |
Kevin Charlton | | |
56
|
| | Director | |
Neil Glat | | |
54
|
| | Director | |
David Orfao | | |
62
|
| | Director | |
Merline Saintil | | |
45
|
| | Director | |
John Kedzierski | | |
43
|
| | Director | |
Kimberly Sheehy | | |
57
|
| | Director | |
Mark Sullivan | | |
67
|
| | Director | |
Bilal Zuberi | | |
45
|
| | Director | |
Name and Principal
Position |
| |
Year
|
| |
Salary
($) |
| |
Bonus ($)
|
| |
Stock
Awards ($)(1) |
| |
Option
Awards ($)(1) |
| |
Non-Equity
Incentive Plan Compensation ($)(2) |
| |
All Other
Compensation ($) |
| |
Total
($) |
| ||||||||||||||||||||||||
Peter George
|
| | | | 2021 | | | | | | 372,204 | | | | | | 225,150 | | | | | | 3,505 | | | | | | — | | | | | | — | | | | | | — | | | | | | 600,859 | | |
President and Chief Executive Officer
|
| | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
Mario Ramos
|
| | | | 2021 | | | | | | 66,154 | | | | | | — | | | | | | 4,399,999 | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,466,153 | | |
Chief Financial Officer and Chief Risk Officer
|
| | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
Anil Chitkara
|
| | | | 2021 | | | | | | 245,505 | | | | | | — | | | | | | 3,505 | | | | | | 88,206 | | | | | | 272,055 | | | | | | — | | | | | | 609,271 | | |
Co-Founder, Head of
Corporate Development |
| | | | | | | | |
Named Executive Officer
|
| |
2021 Annual Base
Salary |
| |||
Peter George
|
| | | $ | 474,000 | | |
Mario Ramos
|
| | | $ | 430,000 | | |
Anil Chitkara
|
| | | $ | 263,000 | | |
Named Executive Officer
|
| |
Grant Date
|
| |
Number of Stock
Options Granted |
| |
Number of RSUs
Granted |
| ||||||
Peter George
|
| |
September 27, 2021
|
| | | | N/A | | | | | | 500 | | |
Mario Ramos
|
| |
November 1, 2021
|
| | | | N/A | | | | | | 677,966 | | |
Anil Chitkara
|
| |
January 11, 2021
|
| | | | 661,215 | | | | | | — | | |
| | |
September 27, 2021
|
| | | | — | | | | | | 500 | | |
| | |
Option Awards
|
| |
Stock Awards
|
| ||||||||||||||||||||||||||||||||||||||||||||||||
Name
|
|