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Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Schedule of stock-based compensation costs

The following table shows the stock-based compensation cost by award type for the periods indicated:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2021						2020						2021						2020
(in thousands)
Equity classified awards			$	9,970					$	1,052					$	24,620					$	3,258
Liability classified awards			(684)						1,316						6,361						2,141
Total stock-based compensation			$	9,286					$	2,368					$	30,981					$	5,399

The following table sets forth the total stock-based compensation cost included in the Company’s condensed consolidated statements of operations and comprehensive income or capitalized to assets for the periods indicated:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2021						2020						2021						2020
(in thousands)
Cost of revenue
Connected machines			$	10					$	2					$	26					$	5
Subscriptions			66						7						154						22
Accessories and materials			—						—						—						—
Total cost of revenue			76						9						180						27
Research and development			3,590						716						10,999						1,984
Sales and marketing			2,777						1,166						10,809						2,278
General and administrative			1,703						297						5,953						672
Total stock-based compensation expense			$	8,146					$	2,188					$	27,941					$	4,961
Capitalized for software development costs			$	476					$	56					$	1,149					$	181
Capitalized to inventory			$	664					$	124					$	1,891					$	257
Total stock-based compensation			$	9,286					$	2,368					$	30,981					$	5,399

Schedule of restricted stock unit activity

A summary of the Company’s RSU activity under the 2021 Equity Incentive Plan is as follows:

			Number of RSUs						Weighted- Average Grant Date Fair Value (per share)
Outstanding at December 31, 2020			—						$	—
Granted			4,696,833						$	23.38
Vested			(105,901)						$	20.00
Forfeited/cancelled			(47,500)						$	23.61
Outstanding at September 30, 2021			4,543,432						$	23.46

A summary of the RSU equivalent activity under the 2021 Equity Incentive Plan is as follows:

			Number of RSU Equivalents						Weighted- Average Base Price						Aggregate Intrinsic Value
															(in thousands)
Outstanding at December 31, 2020			—
Granted			94,304						20.00
Vested			(11,305)						$	20.00					$	391
Outstanding at September 30, 2021			82,999						$	20.00					$	1,729

Schedule of stock option activity

A summary of the Company’s stock option activity under the 2021 Equity Incentive Plan is as follows:

			Number of Options						Weighted- Average Exercise Price						Weighted- Average Remaining Term (Years)						Aggregate Intrinsic Value
																					(in thousands)
Outstanding at December 31, 2020			—						$	—
Granted			3,419,359						20.00
Exercised			(5,417)						20.00
Forfeited/cancelled			(80,241)						20.00
Outstanding at September 30, 2021			3,333,701						$	20.00					6.1						$	25,269
Vested and exercisable at September 30, 2021			1,030,288						$	20.00					5.4						$	7,810

The Company’s options to purchase Class B common stock resulted from the Corporate Reorganization and are not part of the 2021 Equity Incentive Plan. A summary of the Company stock option activity for the options to purchase shares of Class B common stock is as follows:

			Number of Options						Weighted- Average Exercise Price						Weighted- Average Remaining Term (Years)						Aggregate Intrinsic Value
																					(in thousands)
Outstanding at December 31, 2020			—
Granted			522,000						$	9.04
Forfeited / Cancelled			(72,000)						$	9.04
Outstanding at September 30, 2021			450,000						$	9.04					4.1						$	8,343
Vested at September 30, 2021			2,000						$	9.04					0.2						$	37

A summary of option activity for the nine months ended September 30, 2021 is as follows:

			Number of Options						Weighted- Average Exercise Price						Aggregate Intrinsic Value
															(in thousands)
Outstanding at December 31, 2020			1,140,000						$	4.52					$	3,283
Granted			27,027						$	7.40
Exercised			(27,027)						$	7.40					$	52
Forfeited			(84,000)						$	4.52
Cancelled upon Corporate Reorganization			(1,056,000)						$	4.52
Outstanding at September 30, 2021			—						$	—					$	—
Vested at September 30, 2021			—						$	—					$	—

Schedule of weighted-average valuation assumptions

The weighted-average grant date fair value of options granted under the 2021 Equity Incentive Plan during the nine months ended September 30, 2021 was $8.79 per share based on the following weighted-average assumptions:

			Nine Months Ended September 30, 2021
Expected volatility			51.6		%
Risk-free interest rate			0.8		%
Expected term (in years)			4.9
Expected dividend			—		%

The weighted-average grant date fair value of options to purchase Class B common stock during the nine months ended September 30, 2021 was $13.42 per share based on the following weighted-average assumptions:

			Nine Months Ended September 30, 2021
Expected volatility			51.4		%
Risk-free interest rate			0.8		%
Expected term (in years)			5.5
Expected dividend			—		%

Schedule of nonvested share activity

The Company’s unvested Class B common stock resulted from the Corporate Reorganization and is not part of the 2021 Equity Incentive Plan. Activity related to Class B common stock subject to future vesting for the nine months ended September 30, 2021 is as follows:

			Number of Unvested Shares						Weighted- Average Grant Date Fair Value (per share)
Outstanding at December 31, 2020			—
Granted			14,037,505						$	20.00
Vested			(1,031,920)						$	20.00
Forfeited / Cancelled			(249,679)						$	20.00
Outstanding at September 30, 2021			12,755,906						$	20.00

The following table summarizes the unvested equity classified incentive units activity for the nine months ended September 30, 2021:

			Number of Awards						Weighted- Average Grant Date Fair Value Per Unit
Unvested at December 31, 2020			37,116,025						$	0.74
Granted			1,548,223						$	9.06
Vested			(7,123,673)						$	0.40
Forfeited			(82,500)						$	0.79
Cancelled upon Corporate Reorganization			(31,458,075)						$	1.23
Unvested at September 30, 2021			—						$	—

Schedule of equity classified incentive units

A summary of the equity classified incentive units activity for the nine months ended September 30, 2021 is as follows:

			Equity Incentive Units						Weighted- Average Participation Threshold						Aggregate Intrinsic Value
															(in thousands)
Outstanding at December 31, 2020			93,371,324						$	0.97					$	600,316
Granted			1,548,223						$	—
Exercised			—						$	—
Forfeited			(82,500)						$	1.29
Cancelled upon Corporate Reorganization			(94,837,047)						$	0.95
Outstanding at September 30, 2021			—						$	—					$	—
Vested at September 30, 2021			—						$	—					$	—

Schedule of liability classified incentive unit equivalents activity

A summary of the liability classified incentive unit equivalents activity for the nine months ended September 30, 2021 is as follows:

			Liability Incentive Equivalents						Weighted- Average Participation Threshold						Aggregate Intrinsic Value
															(in thousands)
Outstanding at December 31, 2020			2,851,516						$	2.13					$	15,017
Granted			320,000
Forfeited			(4,000)
Cancelled upon Corporate Reorganization			(3,167,516)						$	1.92
Outstanding at September 30, 2021			—						$	—					$	—
Exercisable at September 30, 2021			—						$	—					$	—
Vested and expected to vest at September 30, 2021			—						$	—					$	—

Schedule of unvested liability classified incentive unit equivalents activity

The following table summarizes the unvested liability classified incentive unit equivalents activity for the nine months ended September 30, 2021:

			Number of Awards						Weighted- Average Grant Date Fair Value Per Unit
Unvested at December 31, 2020			2,851,516						$	1.74
Granted			320,000						$	8.19
Forfeited			(4,000)						$	6.58
Cancelled upon Corporate Reorganization			(3,167,516)						$	2.39
Unvested at September 30, 2021			—						$	—

Summary of liability classified incentive unit equivalents rollforward

Liability classified incentive unit equivalents were included in accrued expenses per the Company’s consolidated balance sheets and the rollforward of this liability is as follows (in thousands):

			Nine Months Ended September 30, 2021
Balance at December 31, 2020			$	5,702
Stock-based compensation during period			$	6,041
Settlement or modification of awards			$	(11,743)
Balance at September 30, 2021			$	—

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