2021 Q1 Form 10-Q Financial Statement

#000162828021010327 Filed on May 14, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $5.313M $3.872M
YoY Change 37.22%
Cost Of Revenue $7.639M $3.843M
YoY Change 98.78%
Gross Profit -$2.326M $29.00K
YoY Change -8120.69%
Gross Profit Margin -43.78% 0.75%
Selling, General & Admin $12.91M $6.456M
YoY Change 99.94%
% of Gross Profit 22262.07%
Research & Development $14.01M $8.408M
YoY Change 66.63%
% of Gross Profit 28993.1%
Depreciation & Amortization $657.0K $628.0K
YoY Change 4.62%
% of Gross Profit 2165.52%
Operating Expenses $26.92M $14.86M
YoY Change 81.1%
Operating Profit -$29.24M -$14.84M
YoY Change 97.13% 6672.15%
Interest Expense $200.0K $532.0K
YoY Change -62.41%
% of Operating Profit
Other Income/Expense, Net -$46.68M -$746.0K
YoY Change 6157.24%
Pretax Income -$75.92M $1.019M
YoY Change -7548.0% -13.06%
Income Tax $0.00 $250.5K
% Of Pretax Income 24.57%
Net Earnings -$75.92M -$15.58M
YoY Change 387.28% -1842.47%
Net Earnings / Revenue -1429.0% -402.4%
Basic Earnings Per Share -$0.23
Diluted Earnings Per Share -$0.23 -$121.1K
COMMON SHARES
Basic Shares Outstanding 333.0M shares 128.7M shares
Diluted Shares Outstanding 333.0M shares 128.7M shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $610.3M
YoY Change
Cash & Equivalents $206.7M $8.465M
Short-Term Investments $403.6M
Other Short-Term Assets $8.700M
YoY Change
Inventory $3.283M $6.168M
Prepaid Expenses $155.2K
Receivables $2.143M
Other Receivables $942.0K
Total Short-Term Assets $626.8M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $21.20M
YoY Change
Goodwill $701.0K
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.469M
YoY Change
Total Long-Term Assets $24.37M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $626.8M
Total Long-Term Assets $24.37M
Total Assets $651.2M $35.50M
YoY Change 1734.51% -91.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.845M
YoY Change
Accrued Expenses $8.919M $78.19K
YoY Change 11307.56% -87.55%
Deferred Revenue $654.0K
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $104.0K
YoY Change
Total Short-Term Liabilities $21.18M $1.482M
YoY Change 1329.54% 54.91%
LONG-TERM LIABILITIES
Long-Term Debt $223.0K
YoY Change
Other Long-Term Liabilities $1.236M
YoY Change
Total Long-Term Liabilities $1.459M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $21.18M $1.482M
Total Long-Term Liabilities $1.459M
Total Liabilities $84.05M $15.48M
YoY Change 442.93% 3.51%
SHAREHOLDERS EQUITY
Retained Earnings -$660.4M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $567.2M -$226.2M
YoY Change
Total Liabilities & Shareholders Equity $651.2M
YoY Change

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$75.92M -$15.58M
YoY Change 387.28% -1842.47%
Depreciation, Depletion And Amortization $657.0K $628.0K
YoY Change 4.62%
Cash From Operating Activities -$28.01M -$17.53M
YoY Change 59.78% -1166.97%
INVESTING ACTIVITIES
Capital Expenditures $889.0K $898.0K
YoY Change -1.0%
Acquisitions
YoY Change
Other Investing Activities -$127.5M $2.320M
YoY Change -5594.4%
Cash From Investing Activities -$128.4M $1.421M
YoY Change -9132.65% -100.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $75.00K $2.678M
YoY Change -97.2%
Cash From Financing Activities $154.1M -$2.728M
YoY Change -5748.97% -100.68%
NET CHANGE
Cash From Operating Activities -$28.01M -$17.53M
Cash From Investing Activities -$128.4M $1.421M
Cash From Financing Activities $154.1M -$2.728M
Net Change In Cash -$2.264M -$18.84M
YoY Change -87.98% -1622.53%
FREE CASH FLOW
Cash From Operating Activities -$28.01M -$17.53M
Capital Expenditures $889.0K $898.0K
Free Cash Flow -$28.90M -$18.43M
YoY Change 56.82%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
8465000 USD
CY2021Q1 us-gaap Interest Paid Net
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19000 USD
CY2020Q1 us-gaap Interest Paid Net
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329000 USD
CY2021Q1 lazr Conversion Of Warrants Amount Issued
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338293000 USD
CY2020Q1 lazr Conversion Of Warrants Amount Issued
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0 USD
CY2020Q4 us-gaap Intercompany Foreign Currency Balance Amount
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600000 USD
CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2021Q1 us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
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223000 USD
CY2020Q1 us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
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0 USD
CY2020Q1 lazr Assets Acquired On Capital Leases
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133000 USD
CY2021Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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504000 USD
CY2020Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
35000 USD
CY2021Q1 us-gaap Nature Of Operations
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Organization and Description of Business<div style="margin-bottom:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Luminar Technologies, Inc. and its wholly-owned subsidiaries (the “Company” or “Luminar”) was originally incorporated in Delaware on August 28, 2018 under the name Gores Metropoulos, Inc (“Gores”). The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. On December 2, 2020 (the “Closing Date”), the Company (at such time named Gores Metropoulos, Inc.)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">consummated the business combination (the “Business Combination”) pursuant to the Agreement and Plan of Merger, dated August 24, 2020 with the pre-Business Combination Luminar Technologies, Inc. (“Legacy Luminar”). In connection with the consummation of the Business Combination, the Company changed its name from Gores Metropoulos, Inc. to Luminar Technologies, Inc. The Company’s common stock is listed on the NASDAQ under the symbol “LAZR.” The Company’s public warrants to purchase shares of Class A common stock were listed on the NASDAQ under the symbol “LAZRW,” until they were delisted on March 5, 2021 upon exercise and redemption.</span></div><div style="margin-bottom:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Unless the context otherwise requires, the “Company” refers to the combined company and its subsidiary following the Business Combination, “Gores” refers to the Company prior to the Business Combination and “Legacy Luminar” refers to Luminar Technologies Inc., prior to the Business Combination. Refer to Note 3 to the financial statements of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 for additional information relating to the Business Combination.</span></div><div style="margin-bottom:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is a developer of advanced sensor technologies for the autonomous vehicle industry, encompassing the latest in Laser Imaging, Detection and Ranging (lidar) technology. The Company manufactures and distributes commercial lidar sensors. In addition, the Company develops ultra-sensitive pixel-based sensors and designs, tests and provides consulting services for non-standard integrated circuits that are essential for systems to meet the requirement of customers. </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Legacy Luminar was incorporated in Delaware on March 31, 2015. The Company has research and manufacturing facilities located in Palo Alto, California and Orlando, Florida, which is also the Company’s headquarters.</span></div>
CY2021Q1 us-gaap Use Of Estimates
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<div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, equity, revenues and expenses, and related disclosures. The significant estimates made by management include inventory reserves, valuation allowance for deferred tax assets, valuation of warrants, revenue, stock-based compensation expense and other loss contingencies. Management periodically evaluates such estimates and they are adjusted prospectively based upon such periodic evaluation. Actual results could differ from those estimates.</span></div>
CY2021Q1 us-gaap Concentration Risk Credit Risk
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<div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Concentration of Credit Risk</span></div><div style="margin-bottom:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially subject the Company to significant concentrations of credit risk, consist primarily of cash and cash equivalents, marketable investments and accounts receivable. A significant portion of the Company’s cash and cash equivalents is held at high-quality domestic financial institutions. </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Deposits held with the financial institutions may, at times, exceed the amount of insurance provided on such deposits</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. The Company held cash in foreign entities of $0.5 million and $0.6 million as of March 31, 2021 and December 31, 2020, respectively. </span></div><div style="margin-bottom:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s revenue is derived from customers located in the United States and international markets. The Company mitigates its credit risks by performing ongoing credit evaluations of its customers’ financial conditions and requires advance payment from customers in certain circumstances. The Company generally does not require collateral.</span></div>
CY2021Q1 us-gaap Intercompany Foreign Currency Balance Amount
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500000 USD
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5313000 USD
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3872000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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5313000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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3872000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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5313000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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225000 USD
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37000 USD
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2284000 USD
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2284000 USD
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77000 USD
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86000 USD
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47000 USD
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CY2020Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
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CY2021Q1 us-gaap Equity Securities Fv Ni Unrealized Gain Loss
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CY2020Q1 us-gaap Equity Securities Fv Ni Unrealized Gain Loss
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CY2021Q1 us-gaap Equity Securities Fv Ni Gain Loss
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CY2020Q1 us-gaap Equity Securities Fv Ni Gain Loss
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CY2021Q1 us-gaap Us Government Securities At Carrying Value
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3613000 USD
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300000 USD
CY2020Q1 us-gaap Inventory Write Down
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200000 USD
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8012000 USD
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13540000 USD
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1073000 USD
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1221000 USD
CY2020Q4 us-gaap Contract With Customer Asset Net Current
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0 USD
CY2021Q1 us-gaap Supplies
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259000 USD
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CY2021Q1 us-gaap Contract With Customer Liability Noncurrent
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CY2020Q4 us-gaap Contract With Customer Liability Noncurrent
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826000 USD
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CY2020Q1 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
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CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2020Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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P8Y9M29D
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4500000 USD
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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1900000 USD
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
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200000 USD
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RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2876000 USD
CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
0 USD
CY2021Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.1011
CY2021Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
12835000 USD
CY2021Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
4312000 USD
CY2021Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
9662000 USD
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
13974000 USD
CY2021Q1 us-gaap Finance Lease Right Of Use Asset Before Accumulated Amortization
FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization
926000 USD
CY2021Q1 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
FinanceLeaseRightOfUseAssetAccumulatedAmortization
261000 USD
CY2021Q1 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
665000 USD
CY2021Q1 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
281000 USD
CY2021Q1 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
263000 USD
CY2021Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
544000 USD
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y7M2D
CY2021Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P2Y3M25D
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0279
CY2021Q1 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
26000 USD
CY2021Q1 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
71000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1699000 USD
CY2021Q1 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
28000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1187000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
3297000 USD
CY2021Q1 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
245000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
4998000 USD
CY2021Q1 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
240000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4095000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
602000 USD
CY2021Q1 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
0 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
15878000 USD
CY2021Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
610000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1904000 USD
CY2021Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
66000 USD
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
13974000 USD
CY2021Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
544000 USD
CY2020Q1 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1400000 USD
CY2020Q4 us-gaap Capital Leases Future Minimum Payments Due Current
CapitalLeasesFutureMinimumPaymentsDueCurrent
331000 USD
CY2020Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
5834000 USD
CY2020Q4 us-gaap Capital Leases Future Minimum Payments Due In Two Years
CapitalLeasesFutureMinimumPaymentsDueInTwoYears
240000 USD
CY2020Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
6172000 USD
CY2020Q4 us-gaap Capital Leases Future Minimum Payments Due In Three Years
CapitalLeasesFutureMinimumPaymentsDueInThreeYears
70000 USD
CY2020Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
4544000 USD
CY2020Q4 us-gaap Capital Leases Future Minimum Payments Due In Four Years
CapitalLeasesFutureMinimumPaymentsDueInFourYears
28000 USD
CY2020Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
746000 USD
CY2020Q4 us-gaap Capital Leases Future Minimum Payments Due In Five Years
CapitalLeasesFutureMinimumPaymentsDueInFiveYears
25000 USD
CY2020Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
0 USD
CY2020Q4 us-gaap Capital Leases Future Minimum Payments Due Thereafter
CapitalLeasesFutureMinimumPaymentsDueThereafter
0 USD
CY2020Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
0 USD
CY2020Q4 us-gaap Capital Leases Future Minimum Payments Due
CapitalLeasesFutureMinimumPaymentsDue
694000 USD
CY2020Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
17296000 USD
CY2020Q4 us-gaap Capital Leases Future Minimum Payments Interest Included In Payments
CapitalLeasesFutureMinimumPaymentsInterestIncludedInPayments
80000 USD
CY2020Q4 us-gaap Capital Leases Future Minimum Payments Present Value Of Net Minimum Payments
CapitalLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayments
614000 USD
CY2021Q1 us-gaap Purchase Obligation Due In Next Twelve Months
PurchaseObligationDueInNextTwelveMonths
10700000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5313000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5313000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5313000 USD
CY2021Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
657000 USD
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-29244000 USD
CY2021Q1 us-gaap Assets
Assets
651214000 USD
CY2021Q1 us-gaap Inventory Net
InventoryNet
3283000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3872000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3872000 USD
CY2020Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3872000 USD
CY2020Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
628000 USD
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-14835000 USD
CY2020Q1 us-gaap Assets
Assets
35498000 USD
CY2020Q1 us-gaap Inventory Net
InventoryNet
6168000 USD

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