0001193125-21-336059 | 8-K | XBRL Viewer

Cover	Nov. 22, 2021
Document Information [Line Items]
Document Type	8-K
Document Period End Date	Nov. 22, 2021
Entity File Number	001-39790
Entity Registrant Name	Matterport, Inc./DE
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-1695048
Entity Address, Address Line One	352 East Java Drive
Entity Address, City or Town	Sunnyvale
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94089
City Area Code	650
Local Phone Number	641-2241
Title of 12(b) Security	Class A common stock, par value $0.01 per share
Trading Symbol	MTTR
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Amendment Flag	false
Entity Central Index Key	0001819394
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 51,850	$ 8,424
Restricted cash	400	1,728
Accounts receivable, net of allowance of $182 and $799, as of September 30, 2021 and December 31, 2020, respectively	3,924	1,507
Inventories	3,646	1,901
Prepaid expenses and other current assets	2,453	1,784
Total current assets	62,273	15,344
Property and equipment, net	8,210	7,970
Other assets	1,369	919
Total assets	71,852	24,233
Current liabilities
Accounts payable	3,434	2,893
Current portion of long-term debt	8,215	6,748
Deferred revenue	4,606	2,146
Accrued expenses and other current liabilities	6,995	3,138
Total current liabilities	23,250	14,925
Long-term debt	4,502	7,630
Deferred revenue, non-current	297	227
Other long-term liabilities	335	102
Total liabilities	28,384	22,884
Commitments and contingencies (Note 8)
Redeemable convertible preferred stock, $0.0001 par value; 30,000 and 125,405 shares authorized as of September 30, 2021 and December 31, 2020, respectively; nil and 124,979 shares issued and outstanding as of September 30, 2021 and December 31, 2020; and liquidation preference of nil and $166,131 as of September 30, 2021 and December 31, 2020, respectively	164,168	110,978
Stockholders' equity (deficit):
Common stock, $0.0001 par value; 640,000 shares and 230,680 shares authorized as of September 30, 2021 and December 31, 2020, respectively; and 242,413 shares and 38,981 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively	4	3
Additional paid-in capital	9,159	5,871
Accumulated other comprehensive income (loss)	135	36
Accumulated deficit	(129,998)	(115,539)
Total stockholders' equity (deficit)	(120,700)	(109,629)
Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit)	$ 71,852	$ 24,233

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)

Dec. 31, 2020

Dec. 31, 2019

Statement of Financial Position [Abstract]

Allowance for credit loss

$ 799,000

$ 337,000

Redeemable convertible preferred stock, par value ($ per share)

$ 0.0001

Redeemable convertible preferred, authorized (shares)

125,405,000

98,545,000

Redeemable convertible preferred, issued (shares)

124,979,000

98,542,000

Redeemable convertible preferred, outstanding (shares)

^[1]

124,979,000

98,542,000

Redeemable convertible preferred liquidation preference

$ 166,131,000

$ 112,778,000

Common stock, par value ($ per share)

$ 0.0001

Common stock, authorized (shares)

230,680,000

189,487,000

Common stock, issued (shares)

38,981,000

32,132,000

Common stock, outstanding (shares)

38,981,000

32,132,000

[1]	The shares of the Company’s common and redeemable convertible preferred stock, prior to the Merger (as defined in Note 1) have been retroactively restated to reflect the exchange ratio of approximately 4.1193 established in the Merger as described in Note 3.

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Total revenue	$ 85,884	$ 46,009
Total costs of revenue	37,945	23,862
Gross profit	47,939	22,147
Operating expenses:
Research and development	17,710	17,195
Selling, general, and administrative	41,791	35,350
Total operating expenses	59,501	52,545
Income (loss) from operations	(11,562)	(30,398)
Other income (expense):
Interest income	19	229
Interest expense	(1,501)	(1,482)
Other expense, net	(900)	(244)
Total other expense	(2,382)	(1,497)
Income (loss) before provision for income taxes	(13,944)	(31,895)
Provision for income taxes	77	65
Net income (loss)	$ (14,021)	$ (31,960)
Net income (loss) per share, basic and diluted
Basic ($ per share)	$ (0.43)	$ (1.03)
Weighted-average shares used in per share calculation, basic and diluted
Basic (shares)	32,841	31,108
Other comprehensive income, net of tax:
Foreign currency translation gain (loss)	$ 99	$ 101
Comprehensive income (loss)	(13,922)	(31,859)
Subscription
Total revenue	41,558	24,528
Total costs of revenue	11,445	7,592
License
Total revenue	3,500	0
Total costs of revenue	69	0
Services
Total revenue	7,702	2,869
Total costs of revenue	6,131	2,394
Product
Total revenue	33,124	18,612
Total costs of revenue	$ 20,300	$ 13,876

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($)
$ in Thousands

Total

Common Stock

Additional Paid-In Capital

Accumulated Other Comprehensive Income (loss)

Accumulated Deficit

Redeemable convertible preferred, outstanding, beginning (shares) at Dec. 31, 2018

^[1]

72,314,000

Redeemable convertible preferred stock, beginning at Dec. 31, 2018

$ 61,282

Increase (Decrease) in Temporary Equity [Roll Forward]

Conversion of convertible note to Series C redeemable convertible preferred stock (Shares)

^[1]

10,371,000

Conversion of convertible note to Series C redeemable convertible preferred stock

$ 17,834

Issuance of Series D redeemable convertible preferred stocks net of issuance costs (shares)

^[1]

15,857,000

Issuance of Series D redeemable convertible preferred stock net of issuance costs

$ 31,862

Redeemable convertible preferred, outstanding, ending (shares) at Dec. 31, 2019

^[1]

98,542,000

Redeemable convertible preferred stock, ending at Dec. 31, 2019

$ 110,978

Common stock, outstanding, beginning (shares) at Dec. 31, 2018

^[1]

30,052,000

Beginning balance at Dec. 31, 2018

(80,153)

$ 3

$ 3,488

$ (65)

$ (83,579)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss

(31,960)

Other comprehensive income (loss)

$ 101

101

Issuance of common stock upon exercise of stock options (shares)

2,080

2,080,000

^[1]

Issuance of common stock upon exercise of stock options

$ 469

469

Issuance of common stock warrants, net of issuance costs

Stock-based compensation

$ 1,886

1,886

Common stock, outstanding, ending (shares) at Dec. 31, 2019

32,132,000

^[1]

Ending balance at Dec. 31, 2019

$ (109,629)

$ 3

5,871

(115,539)

Increase (Decrease) in Temporary Equity [Roll Forward]

Conversion of convertible note to Series C redeemable convertible preferred stock (Shares)

^[1]

4,729,000

Conversion of convertible note to Series C redeemable convertible preferred stock

$ 9,501

Issuance of Series D redeemable convertible preferred stocks net of issuance costs (shares)

^[1]

21,708,000

Issuance of Series D redeemable convertible preferred stock net of issuance costs

$ 43,689

Redeemable convertible preferred, outstanding, ending (shares) at Dec. 31, 2020

^[1]

124,979,000

Redeemable convertible preferred stock, ending at Dec. 31, 2020

$ 164,168

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net loss

(14,021)

Other comprehensive income (loss)

$ 99

Issuance of common stock upon exercise of stock options (shares)

7,293

7,293,000

^[1]

Issuance of common stock upon exercise of stock options

$ 1,539

$ 1

1,538

Issuance of common stock warrants, net of issuance costs

Repurchase and Retirement of common stock (shares)

^[1]

(444,000)

Repurchase and Retirement of common stock

(438)

Stock-based compensation

$ 2,651

2,651

Common stock, outstanding, ending (shares) at Dec. 31, 2020

38,981,000

^[1]

Ending balance at Dec. 31, 2020

$ (120,700)

$ 4

9,159

$ 135

$ (129,998)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Settlement of vested stock options

$ (956)

[1]	The shares of the Company’s common and redeemable convertible preferred stock, prior to the Merger (as defined in Note 1) have been retroactively restated to reflect the exchange ratio of approximately 4.1193 established in the Merger as described in Note 3.

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical)	Jul. 22, 2021	Jul. 21, 2021
Statement of Stockholders' Equity [Abstract]
Recapitalization exchange ratio	4.1193	4.1193

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (14,021)	$ (31,960)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	4,778	4,224
Amortization of debt discount	223	200
Stock-based compensation, net of amounts capitalized	2,505	1,830
Loss on extinguishment of debt and convertible notes	955	55
Allowance for doubtful accounts	846	356
Other	(4)	160
Changes in operating assets and liabilities:
Accounts receivable	(3,264)	(968)
Inventories	(1,731)	440
Prepaid expenses and other assets	(1,109)	(1,409)
Accounts payable	616	(240)
Deferred revenue	2,524	716
Accrued expenses and other liabilities	4,085	(230)
Net cash used in operating activities	(3,597)	(26,826)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(30)	(553)
Capitalized software and development costs	(4,854)	(4,317)
Net cash used in investing activities	(4,884)	(4,870)
CASH FLOW FROM FINANCING ACTIVITIES:
Proceeds from reverse recapitalization and PIPE financing, net	43,689	31,862
Proceeds from exercise of stock options	1,538	466
Proceeds from debt, net	6,302	6,000
Proceeds from convertible notes, net of issuance costs	8,457	0
Repayment of debt	(8,049)	(4,132)
Settlement of vested stock options	(956)	0
Repurchase of common stock	(438)	0
Other	(81)	(26)
Net cash provided by financing activities	50,462	34,170
Net change in cash, cash equivalents, and restricted cash	41,981	2,474
Effect of exchange rate changes on cash	117	107
Cash, cash equivalents, and restricted cash at beginning of year	10,152	7,571
Cash, cash equivalents, and restricted cash at end of period	52,250	10,152
Supplemental disclosures of cash flow information
Cash paid for interest	1,071	1,274
Cash paid for income taxes	52	24
Supplemental disclosures of non-cash investing and financing information
Exchange of convertible notes for redeemable convertible preferred stock	$ 9,501	$ 17,834

Organization and Description of Business	12 Months Ended
Organization and Description of Business	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	1. ORGANIZATION AND DESCRIPTION OF BUSINESS Matterport, Inc. and its subsidiaries (collectively, “Matterport” or the “Company”) is leading the digitization and datafication of the built world. Matterport’s pioneering technology has set the standard for digitizing, accessing and managing buildings, spaces and places online. Matterport’s platform comprising innovative software, spatial data-driven data science, and 3D capture technology has broken down the barriers that have kept the largest asset class in the world, buildings and physical spaces, offline and underutilized for so long. The Company was incorporated in the state of Delaware in 2011. The Company is headquartered at Sunnyvale, California. Operating results are presented as of and for the years ended on December 31, 2020 and 2019. On July 22, 2021, the Company consummated the merger (collectively with the other transactions described in the Merger Agreement, the “Merger”, “Closing”, or “Transactions”) pursuant to an Agreement and Plan of Merger, dated February 7, 2021 (the “Merger Agreement”), by and among the Company (at such time named Gores Holding VI, Inc., (“Gores”, or “GHVI”), Maker Merger Sub, Inc. (“First Merger Sub”), Maker Merger Sub II, LLC (“Second Merger Sub”), and the pre-Merger Matterport, Inc. (“Legacy Matterport”). In connection with the consummation of the Merger, the registrant changed its name from Gores Holdings VI, Inc. to Matterport, Inc. First Merger Sub merged with and into Legacy Matterport, with Legacy Matterport continuing as the surviving corporation (the “First Merger”), and immediately following the First Merger and as part of the same overall transaction as the First Merger, Legacy Matterport merged with and into Second Merger Sub, with Second Merger Sub continuing as the surviving entity as a wholly owned subsidiary of the Company, under the new name “Matterport Operating, LLC” (the “Mergers”). See Note 15 “Subsequent Events” for additional information. The Merger was accounted for as a reverse recapitalization in accordance with U.S. GAAP. Under this method of accounting, Gores was treated as the “acquired” company for financial reporting purposes. The financial statements of the combined entity upon consummation of the Merger represented a continuation of the financial statements of Matterport with the Merger being treated as the equivalent of Matterport issuing stock for the net assets of Gores, accompanied by a recapitalization. The net assets of Gores are stated at historical cost, with no goodwill or other intangible assets recorded. Operations prior to the Merger are presented as those of Matterport in future reports of the combined entity. All periods prior to the Merger have been retroactively adjusted using the exchange ratio of approximately 4.1193 for the equivalent number of shares outstanding immediately after the Merger to effect the reverse recapitalization.

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts and disclosures in the consolidated financial statements and accompanying notes. Significant estimates include assumptions related to the fair value of common stock and other assumptions used to measure stock-based compensation,

valuation of deferred tax assets, net realizable value of inventories reserves, allowance for doubtful accounts, and the determination of stand-alone selling price (“SSP”) of various performance obligations. As of December 31, 2020, future impact of the

COVID-19

pandemic on the Company’s operational and financial performance will depend on certain developments, including the duration and spread of the pandemic, impact on the Company’s subscribers and their spending habits, impact on the Company’s marketing efforts, and effect on the Company’s suppliers, all of which are uncertain and cannot be predicted with certainty. As a result, many of the Company’s estimates and assumptions required increased judgment and these estimates may change materially in future periods.

Management evaluates its estimates and assumptions on an ongoing basis using historical experience and various other factors, including the current economic environment, which management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. The Company adjusts such estimates and assumptions when dictated by facts and circumstances. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the consolidated financial statements in future periods. Actual results may differ materially from those estimates.

Segment information

The Company manages its operations and allocates resources as a single operating segment. Further, the Company manages, monitors, and reports its financial results as a single reporting segment. The Company’s

chief operating decision-maker is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, and allocating resources. For revenue by geography, please refer to Note 3. Substantially, all of the Company’s long-lived assets are located in the United States.

Concentration of Credit Risk and Other Risks and Uncertainties

Financial instruments that subject the Company to concentrations of credit risk consist primarily of cash and accounts receivable. The Company maintains its cash balances in accounts held by major banks and financial institutions located in the United States. Such bank deposits from time to time may be exposed to credit risk in excess of the Federal Deposit Insurance Corporation insurance limit, and the Company considers such risk to be minimal.

The Company’s accounts receivable is derived from customers located both inside and outside the United States. The Company mitigates its credit risks by performing ongoing credit evaluations of the financial condition of its customers and requires advance payment from customers in certain circumstances. The Company generally does not require collateral from its customers. No customer accounted for more than 10% of the Company’s total accounts receivable at December 31, 2020 and 2019. No customer accounted for more than 10% of the

Company’s total revenue for the years ended December 31, 2020 and 2019.

Liquidity and Capital Resources

The Company has incurred net losses of $14.0 million and $32.0

million for the years ended December 31, 2020 and, 2019, respectively. The Company has historically funded the net cash needed for operating and investing activities through the sale of equity and through debt financing. Before considering management’s plans described below, the Company expects that its cash and cash and cash equivalents will be sufficient to fund its forecasted operating expenses, working capital requirements and capital expenditures through the first quarter of 2022. The Company plans to raise additional liquidity in connection with the completion of the Merger (see Note 15). If the Company is unable to complete the Merger the Company’s plan is to cease increasing spending levels for labor, and sales and marketing programs, and will also reduce discretionary spending, including reducing its direct and

indirect labor, reducing sales and marketing costs and focusing its available capital on a reduced number of prioritized activities and programs, in order to have sufficient liquidity to fund its operations for at least one year from the date of the issuance of these financial statements.

Cash, Cash Equivalents, and Restricted Cash

The Company considers all highly liquid investments purchased with an

original maturity of three months or less to be cash equivalents. Cash and cash equivalents include cash on hand and amounts on deposits with financial institutions.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the consolidated balance sheets as

December 31, 2020 and 2019, and which, in aggregate, represent the amount reported on the consolidated statements of cash flows (in thousands):


	December 31,
	2020		2019
Cash and cash equivalents	$	51,850	$	8,424
Restricted cash		400		1,728

Total cash, cash equivalents, and restricted cash	$	52,250	$	10,152

The Company had restricted cash of $0.4 million and $1.7 million as of December 31, 2020 and 2019, respectively. The restricted cash

$0.4 million as of December 31, 2020 is related to cash deposits restricted under the 2020 Term Loan, and the restricted cash of $1.7 million as of December 31, 2019 is related to cash held as cash deposits to secure credit card charges from customers. The cash deposit was returned to the Company during 2020.

Accounts Receivable, Net

Accounts receivable consists of current trade receivables due from customers recorded at the invoiced amount, net of allowances for doubtful accounts.

The Company’s accounts receivable primarily represent amounts due from customers arising from revenue and are stated at the amount the Company expects to collect from outstanding balances. On a periodic basis, the Company evaluates accounts receivable estimated to be uncollectible and provides allowances, as necessary, for doubtful accounts. As of December 31, 2020 and 2019, the allowance for doubtful accounts was $0.8 million and $0.3 million, respectively.

Fair Value Measurement

The Company accounts for certain of its financial assets and liabilities at fair value. The Company uses a three-level hierarchy, which prioritizes, within the measurement of fair value, the use of market-based information over entity-specific information for fair value measurements based on the nature of inputs used in the valuation of an asset or liability as of the measurement date. Fair value focuses on an exit price and is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The inputs or methodology used for valuing financial instruments are not necessarily an indication of the risk associated with investing in those financial instruments.

The three-level hierarchy for fair value measurements is defined as follows:

Level

—Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level

—Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

Level

—Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The Company has investments in U.S. treasury bills, and they were classified as cash equivalents on the consolidated balance sheets. The Company classifies the U.S. treasury bills within Level 1 because the Company

uses quoted prices and models to determine their fair value. The Company’s assets and liabilities that were measured at fair value on a recurring basis were as follows (in thousands):


	December 31, 2020
Description:	Total		Level 1		Level 2		Level 3
Cash equivalents:
U.S. Treasury securities	$	43,116	$	43,116	$	—	$	—

Total cash equivalents	$	43,116	$	43,116	$	—	$	—


	December 31, 2019
Description:	Total		Level 1		Level 2		Level 3
Cash equivalents:
U.S. Treasury securities	$	2,963	$	2,963	$	—	$	—

Total cash equivalents	$	2,963	$	2,963	$	—	$	—

Accounts receivable and accounts payable are carried at cost, which approximates fair value due to the short maturity of these instruments. Short-term and long-term debt is carried at amortized cost, which approximates its fair value based on borrowing rates as of December 31, 2020 available to the Company for loans with similar terms. The fair value of the Company’s debt is determined based on Level 2 inputs using primarily observable markets.

Inventories

Inventories consist primarily of finished goods, assemblies, and raw materials. Assemblies are generally purchased from contract manufacturers. Inventories are valued at the lower of cost or net realizable value. Costs are determined using standard cost, which approximates actual cost on a

first-in,

first-out

basis. The Company assesses the valuation of inventory and periodically adjusts the value for estimated excess and obsolete inventory based upon estimates of future demand and market conditions, as well as damaged or otherwise impaired goods.

The Company recorded a provision for excess and obsolete inventory to cost of revenue totaling $0.1 million in the years ended December 31, 2020 and 2019.

Property and Equipment, Net

Property and equipment are stated at cost, less accumulated depreciation and are depreciated on a straight- line basis over their estimated useful lives as follows:


Machinery and equipment		2- 7 years
Furniture and fixtures		3 years
Capitalized software and development costs		3 years
Leasehold improvements		Shorter of remaining lease term or 10 years

Upon retirement or sale, the cost and related accumulated depreciation are removed from the consolidated balance sheets and the resulting gain or loss is reflected in general and administrative expenses in the consolidated statements of operations and comprehensive loss. Maintenance and repairs are charged to operations as incurred.

Long-Lived Assets, Net

The Company evaluates the recoverability of its property and equipment and finite-lived intangible assets for possible impairment whenever

events

or circumstances indicate that the carrying amount of such assets may

not be recoverable. The evaluation is performed at the lowest level for

which

identifiable cash flows are largely independent of the cash flows of other assets and liabilities.

Recoverability of these assets is measured by a comparison of the carrying amounts to the future undiscounted cash flows the assets are expected to generate. If such review determines that the carrying amount of specific property and equipment is not recoverable, the carrying amount of such assets is reduced to its fair value. There was

impairment of long-lived assets for the years ended

December 31, 2020

and

2019

Acquired property and equipment and finite-lived intangible assets are amortized over their useful lives. The Company evaluates the estimated remaining useful life of these assets when events or changes in circumstances warrant a revision to the remaining period of amortization. If the Company revises the estimated useful life assumption for any asset, the remaining unamortized balance is amortized or depreciated over the revised estimated useful life on a prospective basis.

Comprehensive Loss and Foreign Currency Translation

The functional currency of Matterport, Inc. and its wholly owned subsidiary in Singapore is the U.S. dollar. Matterport, Inc.’s United Kingdom (“U.K.”) subsidiary uses the British Pound as its functional currency to maintain its books and records. Matterport, Inc., therefore, translates its monetary assets and liabilities for its subsidiaries with a functional currency other than the U.S. dollar by using the applicable exchange rate as of the consolidated balance sheet date, and the consolidated statements of operations and comprehensive loss and consolidated statements of cash flows are translated at average exchange rates during the reporting period. Equity accounts are translated at historical rates. Adjustments resulting from the translation of the consolidated financial statements are recorded as accumulated other comprehensive income or loss.

For transactions that occur in a foreign currency other than the functional currency of Matterport, Inc. or its subsidiaries, the Company records the transaction at the applicable rate on the date of recognition. Monetary assets and liabilities are remeasured at each consolidated balance sheet date until settled and changes are reported as transaction gains or losses in other income (expense), net in the consolidated statements of operations and comprehensive loss.

Revenue Recognition

The Company adopted Accounting Standards Codification (“ASC”) Topic 606,

Revenue from Contracts

with Customers

, on January 1, 2019, using the full retrospective method. The Company determines the amount of revenue to be recognized through the application of the following steps: (1) identify the contract; (2) identify the performance obligations; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations; and (5) recognize revenue when (or as) performance obligations are satisfied. In accordance with ASC 606, the Company recognizes revenue upon transfer of control of goods or services to customers, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services.

Nature of Revenue

The Company recognizes revenue from subscription, license, services and sale of products.

Subscription—

Revenues comprises of fees that provide customer access to ordered subscription services

Customers have the ability to select from several levels of subscription to the Matterport platform (“Subscription Levels”). Each selected Subscription Level includes Subscription Level-specific features and Subscription Level- specific pricing for

add-ons

that are available to the user at any time during the subscription term.

Subscription fees are invoiced in advance of the service being provided to the customer. Typical payment terms provide that customers pay within 30 days of invoice. The portion of the transaction price allocated to the subscription is recognized ratably over the subscription term, which typically ranges from one month to a year as

the Company’s management has concluded that the nature of the Company’s promise to the customer is to provide continuous access to the Matterport platform, which represents a stand-ready obligation provided throughout the subscription period. Annual and monthly subscriptions are renewed automatically at the end of each term.

The Company’s contracts with customers typically do not include termination rights for convenience, nor do they include terms with a significant financing component.

License

—The Company provides a perpetual license to spatial data assets in exchange for a fixed license fee. The license represents

right-to-use

intellectual property and revenue is recognized at the point in time control of license transfers to the customer.

Services

—The Company provides capture services of spatial data and other

add-on

services to existing subscription customers. Capture services and other

add-on

services are typically invoiced in arrears on a monthly basis as services are provided. The Company recognizes revenue as the services are delivered.

Product—

The Company provides 3D capture cameras and third-party capture devices to customers

Cameras are invoiced upon shipment. The portion of the transaction price allocated to the camera is recognized upon control transferring to the customer. Revenue from sales to end users is recognized upon shipment, net of estimates of returns, as these buyers are entitled to return the camera within 30 days from the date of purchase for a full refund. These rights are accounted for as variable consideration and recognized as a reduction to the revenue recognized. Estimates of returns are made at contract inception and updated each reporting period. Revenue from sales to value-added resellers is recognized upon shipment and resellers do not have rights of return .

The Company accounts for shipping and handling activities related to contracts with customers as costs to fulfill the Company’s promise to transfer the associated products, rather than as a separate performance obligation. Accordingly, the Company records amounts billed for shipping and handling costs as a component of net product sales, and classifies such costs as a component of cost of products.

Arrangements with Multiple Performance Obligations

The Company’s contracts with customers frequently include multiple performance obligations that may consist of subscription, license, services and products. For these contracts, the transaction price is allocated to each performance obligation on a relative SSP. The SSP is the price at which the Company would sell a promised product or service separately to a customer. Judgment is required to determine the SSP for each distinct performance obligation.

The Company determines SSP based on the Company’s best estimates and judgments by considering its pricing strategies, historical selling price of these performance obligations in similar transactions, bundling and discounting practices, customer and geographic information, and other factors. More than one SSP may exist for individual goods and services due to the stratification of those goods and services, considering attributes such as the size of the customer and geographic region. The allocation of transaction price among performance obligations in a contract may impact the amount and timing of revenue recognized in the consolidated statements of operations and comprehensive loss during a given period.

Deferred Commission, Net

Incremental costs of obtaining a contract with a customer consist primarily of direct sales commissions incurred upon execution of the contract. These costs require capitalization under ASC

340-40,

Other Assets and Deferred Costs—Contracts and Customers

, and amortization over the estimated period over which the benefit is expected to be received as direct sales commissions paid for subscription renewals are not commensurate with the amounts paid for initial contracts. The Company applies the practical expedient and expenses commissions when incurred if the amortization period is one year or less. The capitalized direct commission costs are included in other assets on the Company’s consolidated balance sheets and the amortization of these costs is included in selling, general, and administrative in the Company’s consolidated statements of operations and comprehensive loss. Deferred commission, net was

0.8

million and $

0.4

million for the

years ended

December 31, 2020

and

2019

, respectively

Advertising Costs

Advertising costs are expensed as incurred and included in selling, general, and administrative in the consolidated statements of operations and comprehensive loss. Advertising expense was $4.1 million and $6.6 million for the years ended December 31, 2020 and 2019, respectively.

Research and Development Costs

Research and development costs are expensed as incurred and consist primarily of salaries, consulting services, and other direct expenses.

Internal-Use Software Development Costs

The Company capitalizes certain costs related to developed or modified software solely for its internal use and cloud-based applications used to deliver the Matterport platform. The Company capitalizes costs during the application development stage once the preliminary project stage is complete, management authorizes and commits to funding the project, and it is probable that the project will be completed and that the software will be used to perform the function intended. Costs related to preliminary project activities and post-implementation activities are expensed as incurred.

Stock-Based Compensation

The Company measures and records the expense related to stock-based payment awards based on the fair value of those awards as determined on the date of grant. The Company recognizes stock-based compensation expense over the requisite service period of the individual grant, generally equal to the vesting period and uses the straight-line method to recognize stock-based compensation. For stock options with performance conditions, the Company records compensation expense when it is deemed probable that the performance condition will be met. The Company accounts for forfeitures as they occur. The Company selected the Black-Scholes option- pricing model as the method for determining the estimated fair value for stock options. The Black-Scholes option-pricing model requires the use of highly subjective and complex assumptions, which determine the fair value of stock-based awards, including the option’s expected term and the price volatility of the underlying stock.

The Company calculates the fair value of options granted by using the Black-Scholes option-pricing model with the following assumptions:

Expected Volatility

—The Company estimated volatility for option grants by evaluating the average historical volatility of a peer group of companies for the period immediately preceding the option grant for a term that is approximately equal to the options’ expected term.

Expected Term

—The expected term of the Company’s options represents the period that the stock-based awards are expected to be outstanding. The Company has elected to use the midpoint of the stock options vesting term and contractual expiration period to compute the expected term, as the Company does not have sufficient

historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior.

Risk-Free Interest Rate

—The risk-free interest rate is based on the implied yield available on U.S. Treasury zero coupon issues with a term that is equal to the options’ expected term at the grant date.

Dividend Yield

—The Company has never declared or paid dividends and does not anticipate declaring dividends. As such, the dividend yield has been estimated to be zero.

Common Stock Valuation

In the absence of a public trading market for the Company’s common stock, on each grant date, the fair value of the Company’s common stock is determined by the Company’s board of directors with inputs from management, taking into account the most recent valuations from an independent third-party valuation specialist. The valuations of the Company’s common stock are determined in accordance with the guidelines outlined in the American Institute of Certified Public Accountants Practice Aid, Valuation of Privately-Held-Company Equity Securities Issued as Compensation.

The Company uses a hybrid method utilizing a combination of the option-pricing model and the probability weighted expected return method (“PWERM”) to allocate the Company’s equity value among outstanding common stock. After the allocation to the various classes of equity securities, a discount for lack of marketability is applied to arrive at a fair value of common stock. Application of these approaches and methodologies involves the use of estimates, judgments and assumptions that are highly complex and subjective, such as those regarding the Company’s expected future revenue, expenses and future cash flows, discount rates, market multiples, the selection of comparable public companies, and the probability of and timing associated with possible future events.

Redeemable Convertible Preferred Stock

The Company records redeemable convertible preferred stock at fair value on the dates of issuance, net of issuance costs. The Company classifies its redeemable convertible preferred stock as mezzanine equity outside of stockholders’ deficit when the stock contains contingent redemption features that are not solely within the Company’s control. The Company does not adjust the carrying values of shares of its redeemable convertible preferred stock to the liquidation preferences of such shares until it is reasonably certain that the event that would obligate the Company to pay the liquidation preferences to the holders of the redeemable convertible preferred stock will occur.

Common Stock Warrants

The Company generally accounts for warrants issued in connection with debt and equity financings as a component of equity unless the warrants include a conditional obligation to issue a variable number of shares or if there is a deemed possibility that the Company may need to settle the warrants in cash, in which case the Company records the fair value of the warrants as a liability. All the Company’s outstanding warrants as of December 31, 2020 and 2019, were classified as equity.

Income Taxes

The Company utilizes the asset and liability method for computing its income tax provision. Deferred tax assets and liabilities reflect the expected future consequences of temporary differences between the financial reporting and tax bases of assets and liabilities as well as operating loss, capital loss, and tax credit carryforwards, using enacted tax rates. The Company’s management makes estimates, assumptions, and judgments to determine the Company’s provision for income taxes, deferred tax assets and liabilities, and any valuation allowance recorded against deferred tax assets. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent the Company believes recovery is not likely, establishes a valuation allowance.

The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement.

In August 2016, the FASB issued ASU

No. 2016-15,

Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments

. These amendments provide cash flow statement classification guidance for (1) debt prepayment or debt extinguishment costs; (2) settlement of zero coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; (3) contingent consideration payments made after a business combination; (4) proceeds from the settlement of insurance claims; (5) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies; (6) distributions received from equity method investees; (7) beneficial interests in securitization transactions; and (8) separately identifiable cash flows and application of the predominance principle. The Company adopted ASU

No. 2016-15

as of January 1, 2019. The standard did not have a material impact on the Company’s consolidated statements of cash flows.

In November 2016, the FASB issued ASU

No. 2016-18,

Statement of Cash Flows (Topic 230): Restricted Cash

, which requires restricted cash to be presented with cash and cash equivalents on the consolidated statements of cash flows and disclosure of how the consolidated statements of cash flows reconcile to the consolidated balance sheets if restricted cash is shown separately from cash and cash equivalents on the consolidated balance sheets. The Company adopted ASU

No. 2016-18

as of January 1, 2019. Restricted cash is now included as a component of cash, cash equivalents, and restricted cash on the Company’s consolidated statements of cash flows. Upon the adoption of ASU

No. 2016-18,

the amount of cash and cash equivalents presented on the consolidated statements of cash flows reflect the inclusion of restricted cash in the amount reported for changes in cash, cash equivalents, and restricted cash. Additionally, as a result of the adoption, transfers between restricted and unrestricted cash are no longer presented as a component of the Company’s investing activities.

In June 2018, the FASB issued ASU

No. 2018-07,

Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting

, which simplifies the accounting for stock- based payments made to

non-employees

so the accounting for such payments is substantially the same as those made to employees. Under this ASU, stock-based awards to

non-employees

will be measured at fair value on the grant date of the awards, entities will need to assess the probability of satisfying performance conditions if any are present, and awards will continue to be classified according to ASC 718, upon vesting, which eliminates the need to reassess classification upon vesting, consistent with awards granted to employees. The Company early adopted ASU

No. 2018-07

on January 1, 2019, which did not have a material impact on the consolidated financial statements.

Recently Issued Accounting Standards Not yet Adopted

In February 2016, the FASB issued ASU

No. 2016-02,

Leases (Topic 842).

This ASU requires a lessee to recognize on the statement of financial position a liability to make lease payments (the lease liability) and a

right-to-use

asset representing its right to use the underlying asset for the lease term. This ASU is effective for public and private companies’ fiscal years beginning after December 15, 2018, and December 15, 2021, respectively, with early adoption permitted. The Company expects to adopt ASU

No. 2016-02

under the private company transition guidance beginning January 1, 2022, and is currently evaluating the impact on the Company’s consolidated financial statements.

In June 2016, the FASB issued ASU

No. 2016-13,

Financial instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

, and subsequent related ASUs, which amends the guidance on the impairment of financial instruments by requiring measurement and recognition of expected credit losses for financial assets held. This ASU is effective for public and private companies’ fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2019, and December 15, 2022, respectively. The Company expects to adopt ASU

No. 2016-13

under the private company transition guidance beginning January 1, 2023, and is currently evaluating the impact on the Company’s consolidated financial statements.

In August 2018, the FASB issued ASU

No. 2018-15,

Intangibles—Goodwill and Other—

Internal-Use

Software (Subtopic

350-40):

Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract

. The intent of this pronouncement is to align the requirements for capitalizing implementation costs incurred in a cloud computing arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain

internal-use

software as defined in ASC

350-40.

Under ASU

No. 2018-15,

the capitalized implementation costs related to a cloud computing arrangement will be amortized over the term of the arrangement and all capitalized implementation amounts will be required to be presented in the same line items of the consolidated financial statements as the related hosting fees. ASU

No. 2018-15

is effective for public and private companies’ fiscal years beginning after December 15, 2019 and 2020, respectively, with early adoption permitted. For private companies, ASU

No. 2018-15

is effective for interim periods beginning after December 15, 2021. The Company expects to adopt ASU

No. 2018-15

under the private company transition guidance beginning January 1, 2021, and does not expect to have a material impact on the Company’s consolidated financial statements.

In December 2019, the FASB issued ASU

No. 2019-12,

Income Taxes (Topic 740): Simplifying the

Accounting for Income Taxes

. ASU

No. 2019-12

removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU

No. 2019-12

will be effective for public entities for interim and annual periods beginning after December 15, 2020, with early adoption permitted. ASU

No. 2019-12

will be effective for private entities for annual periods beginning after December 15, 2021, and interim periods beginning after December 15, 2022, with early adoption permitted. The Company expects to adopt ASU

No. 2019-12

under the private company transition guidance beginning January 1, 2022, and is currently assessing the impact the guidance will have on the Company’s consolidated financial statements.

In March 2020, the FASB issued ASU

No. 2020-04,

Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting

. The amendments in ASU

No. 2020-04

provide optional expedients and exceptions to contracts, hedging relationships, and other transactions that reference London InterBank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued due to reference rate reform if certain criteria are met. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. The amendments in this update are elective and are effective upon issuance for all entities. This guidance is optional and may be elected over time as reference rate reform activities occur. The Company is currently evaluating the impact of this guidance. However, the impact of this ASU is not expected to be material as the Company is not a party to any contracts referencing LIBOR.

In August 2020, the FASB issued ASU

No. 2020-06,

Debt—Debt with Conversion and Other Options (Topic 470) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic

815-40):

Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments. This guidance also eliminates the treasury stock method to calculate diluted earnings per share for convertible instruments and requires the use of the

if-converted

method. ASU

No. 2020-06

is effective for public and private companies’ fiscal years beginning after December 15, 2021, and December 15, 2023, respectively, and interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently evaluating the timing of adoption and the impact on the consolidated financial statements.

Revenue

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Revenue

3. REVENUE

Disaggregated Revenue

—The following table shows the revenue by geography for the years ended December 31, 2020 and 2019 (in thousands):


	Year Ended December 31,
	2020		2019
United States	$	52,093	$	31,298
International		33,791		14,711

Total revenue	$	85,884	$	46,009

No country other than the United States accounted for more than 10% of the Company’s revenue for the years ended December 31, 2020 and 2019. The geographical revenue information is determined by the

ship-to

address of the products and the billing address of the customers of the services.

The following table shows over time versus

point-in-time

revenue for the years ended December 31, 2020 and 2019 (in thousands):


	Year Ended December 31,
	2020		2019
Over time revenue	$	49,260	$	27,397
Point-in-time revenue		36,624		18,612

Total	$	85,884	$	46,009

Contract Balances

—The timing of revenue recognition differs from the timing of invoicing to customers and this timing difference results in contract liabilities (deferred revenue) on the Company’s consolidated balance sheets. The contract balances as of December 31, 2020 and 2019 were as follows (in thousands):


	December 31,
	2020		2019
Accounts receivable, net	$	2,700	$	1,032
Unbilled accounts receivable		1,224		475
Deferred revenue		4,903		2,373

The beginning balances of accounts receivable, net, unbilled accounts receivable, and deferred revenue as of

January 1, 2019, were $0.8 million, $0.2 million, and $1.7 million, respectively.

During fiscal years 2020 and 2019, the Company recognized revenue of $2.2 million and $1.3 million that was included in the deferred revenue balance at the beginning of the fiscal year, respectively. Contracted but unsatisfied performance obligations were $12.2 million and $5.8 million at the end of fiscal years 2020 and 2019 and consisted of deferred revenue and backlog, respectively. The contracted but unsatisfied or partially unsatisfied performance obligations expected to be recognized over the next 12 months at the end of fiscal years 2020 and 2019 were $9.2 million and $5.5 million, respectively, and the remaining thereafter.

Costs of Obtaining a Contract with a Customer

—Total capitalized direct commission costs as of December 31, 2020 and 2019, were $0.8 million and $0.5 million and are included in prepaid expenses and other current assets on the Company’s consolidated balance sheets, respectively. Amortization of these costs was $0.3 million and $0.1 million during fiscal years ended 2020 and 2019 and are included in selling, general, and administrative in the Company’s consolidated statements of operations and comprehensive loss, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

Balance Sheet Components

12 Months Ended

Dec. 31, 2020

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

4. BALANCE SHEET COMPONENTS

Allowance for Doubtful Accounts

—Allowance for doubtful accounts as of December 31, 2020 and 2019 were as follows (in thousands):


	December 31,
	2020			2019
Balance—beginning of year	$	(337	)	$	(49	)
Increase in reserves		(846	)		(356	)
Write-offs		384			68

Balance—end of year	$	(799	)	$	(337	)

Inventories

—Inventories as of December 31, 2020 and 2019, consisted of the following (in thousands):


	December 31,
	2020		2019
Finished goods	$	538	$	361
Work in process		2,219		945
Purchased parts and raw materials		889		595

Total inventories	$	3,646	$	1,901

Prepaid Expenses and Other Current Assets

—Prepaid expenses and other current assets as of December 31, 2020 and 2019 consisted of the following (in thousands):


	December 31,
	2020		2019
Prepaid subscription	$	1,084	$	564
Prepaid materials		983		493
Prepaid rent and security deposit		145		201
Other prepaid expenses and current assets		241		526

Total prepaid expenses and other current assets	$	2,453	$	1,784

Property and Equipment, Net

—Property and equipment as of December 31, 2020 and 2019, consisted of the following (in thousands):


	December 31,
	2020			2019
Machinery and equipment	$	1,435		$	1,422
Furniture and fixtures		359			369
Leasehold improvements		733			726
Capitalized software and development costs		18,126			13,125

Total property and equipment		20,653			15,642
Accumulated depreciation and amortization		(12,443	)		(7,672	)

Total property and equipment, net	$	8,210		$	7,970

Depreciation and amortization expenses were $4.8 million and $4.2 million for the years ended December 31, 2020 and 2019, respectively.

Additions to capitalized software and development costs, inclusive of stock-based compensation in 2020 and 2019, was $5.0 million and $4.3 million and are recorded as part of property and equipment, net on the

consolidated balance sheets, respectively. Amortization expense was $4.5 million and $3.4 million for the years ended December 31, 2020 and 2019, of which $3.9 million and $3.0 million was recorded to costs of revenue related to subscription and $0.6 million and $0.4 million to selling, general, and administrative in the consolidated statements of operations and comprehensive loss, respectively.

Accrued Expenses and Other Current Liabilities

—Accrued expenses and other current liabilities as of December 31, 2020 and 2019, consisted of the following (in thousands):


	December 31,
	2020		2019
Accrued compensation	$	3,208	$	509
Tax payable		1,164		1,525
Other current liabilities		2,623		1,104

Total accrued expenses and other current liabilities	$	6,995	$	3,138

Debt

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Debt

5. DEBT

The Company’s short-term and long-term debt is secured by substantially all the assets of the Company and subject the Company to certain affirmative and negative covenants. Failure to comply with these covenants could result in an event of default, which may lead to an acceleration of the amounts owed and other remedies.

As of December 31, 2020, the Company has the following financing arrangements:

2015 Term Loan and Line of Credit

—

On May 20, 2015, the Company entered into a Loan and Security Agreement with a lender (the “2015 Agreement”) to borrow a term loan up to $4.0 million (“2015 Term Loan”). The Company borrowed the full $4.0 million term loan on September 23, 2016. The term loan matured on September 30, 2019. The Company was required to make 36 equal installment payments of principal starting October 2016 through September 2019. The term loan bore interest at a floating per annum rate equal to 1.0% above the prime rate published by Wall Street Journal (the “Prime Rate”). Interest was payable monthly. The Company repaid the 2015 Term Loan by September 2019. The total repayment of principal outstanding in 2019 was $1.0 million. The agreement also allowed the Company to borrow under financing of eligible accounts, for up to $1.0 million (“2015 Account Financing”) The Company did not borrow any amount under the 2015 Account Financing.

On May 22, 2017, the Company amended and restated the 2015 Agreement with the lender (the “2015 Amended and Restated Agreement”) for an additional revolving line of credit up to $2.0 million. The line of credit bore interest at a floating per annum rate equal to 0.5% above the Prime Rate. The line of credit matured on May 22, 2019.

On October 26, 2017, the Company amended the 2015 Amended and Restated Agreement with the lender (the “2017 Amendment”) for an additional term loan up to $1.5 million (“2017 Term Loan”). The Company borrowed the full $1.5 million on November 3, 2017. The Company was required to make monthly interest-only payments starting December 2017 and 36 equal installment payments of principal starting October 2018 through September 2021. During 2019, the Company repaid $0.4 million for the 2017 Term Loan. The term loan bore interest at a floating per annum rate equal to the greater of (a) 1.0% above the Prime Rate; and (b) 5.25%. Interest was payable monthly.

On September 16, 2019, the Company amended and restated the 2015 Amended and Restated Agreement and the 2017 Amendment with the lender (the “2017 Second Amended and Restated Agreement”). The agreement provided the Company with a term loan up to $3.0 million (“2019 Term Loan”). The loan must be first used to repay the prior term loan and accrued interest. The Company borrowed the full $3.0 million on

September 16, 2019, and $1.0 million of the amount was used to repay in full the outstanding principal and interest under the 2017 Term Loan. The term loan matures in May 2023. The Company is required to make 36 equal installments payments of principal, plus monthly payment of accrued interest starting in June 2020 through May 2023. The term loan bears interest at a floating per annum rate equal to the greater of (a) 1.0% above the Prime Rate and (b) 5.25%. The amendment also provided the Company with a revolving line of credit up to $3.0 million due in September 2020. The Company borrowed $3.0 million under the line of credit on September 27, 2019. The principal amount outstanding under the revolving line of credit bears interest at a floating per annum rate equal to the greater of (a) 0.5% above the Prime Rate and (b) 5.25%. Interest is payable monthly. As of December 31, 2019, the interest rates for the term loan and the revolving line of credit were 5.8% and 5.3%, respectively. The restructuring of the term loan was accounted for as an extinguishment. The loss on extinguishment was not material.

For the years ended December 31, 2020 and 2019, the Company recorded $0.3 million and $0.1 million of interest expense, respectively, under the 2019 Term Loan. The Company repaid $0.6 million of principal outstanding under the 2019 Term Loan during year ended December 31, 2020.

On April 28, 2020, the Company amended the 2017 Second Amended and Restated Agreement with the lender (the “2020 Amendment”) to increase the limit of the revolving line of credit from $3.0 million to $5.0 million and extend the maturity date of the revolving line to December 15, 2020. On December 22, 2020, the Company amended and extended the line of credit maturity date from December 15, 2020, through December 14, 2021. As of December 31, 2020, the interest rates for the term loan and the revolving line of credit were 5.25%. As of December 31, 2020, $3.0 million of principal was outstanding under the 2020 Amendment revolving line of credit.

2018 Term Loan

—On April 20, 2018, the Company entered into a $10.0 million term loan agreement (the “2018 Agreement”) with a lender maturing on May 1, 2022. The loan is repayable in 48 monthly scheduled installments commencing on May 1, 2018. The Company is required to make interest-only payments for the first 12 months starting May 2018 and thereafter to make 36 equal installment payments through the maturity date of the loan. The interest rate is fixed at 11.5% per annum. As of December 31, 2020 and 2019, there was $5.1 million and $8.3 million of principal outstanding under the 2018 Agreement, respectively.

In connection with the execution of the 2018 Agreement, an additional final payment of $0.5 million is due at the earlier of the maturity date and prepayment of the term loan. The Company accretes the final payment liability up to the redemption amount as part of the 2018 Agreement term loan balance and recognizes interest expense over the term of the loan. The Company recognized $0.1 million of interest expense related to the 2018 Agreement final payment for each of the years ended December 31, 2020 and 2019.

For the years ended December 31, 2020 and 2019, the Company recorded $0.8 million and $1.1 million of interest expense, respectively, and repaid $3.2 million and $1.7 million of principal outstanding under the 2018 Agreement, respectively.

The Company incurred certain debt issuance costs in connection with the above loan agreements. Such cost was capitalized against the loan proceeds. The Company also issued warrants to purchase common stock in conjunction with the above loan agreements. The Company determined the fair value of the warrants using the Black-Scholes option-pricing model, which was recorded to additional

paid-in

capital and an adjustment against the loan proceeds. The debt issuance cost was capitalized and amortized as interest expense over the initial term of the agreement.

2020 Term Loan

—

On February 20, 2020, the Company entered into a $ 2.0 million term loan agreement (“2020 Term Loan”) with a lender. The loan is provided under two facilities: facility A is comprised of $1.0 million maturing in 36 months, and facility B is comprised of $1.0 million maturing in 30 months. On April 17, 2020, the Company borrowed $1.0 million from facility A, and on October 12, 2020 the

Company borrowed the full $1.0 million from facility B. In addition to the principal payment, both loan facilities require a fixed monthly coupon payment. The aggregated annual coupon payment is $0.1 million. The principal is payable in 24 equal installments commencing on May 31, 2021 through April 30, 2023. The interest rate is fixed at 4.75% per annum. For the year ended December 31, 2020, the Company recorded $0.1 million of interest expense and did

not

repay any principal outstanding under the 2020 Term Loan.

paid-in

capital and an adjustment against the loan proceeds. The debt issuance costs are amortized as additional interest expense over the term of the agreement.

2020 Note

—In April 2020, the Company entered into a Paycheck Protection Program Note (“PPP Note”) for $4.3 million pursuant to the PPP under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act administered by the U.S. Small Business Administration (“SBA”). The term of the PPP Note was two years with a maturity date in April 2022 and contained a favorable fixed annual interest rate of 1.0%. Principal and interest were payable monthly and could be prepaid by the Company at any time prior to maturity with no prepayment penalties. The Company repaid in full the PPP Note in May 2020, including accrued interest of $0.1 million, in the amount of $4.4 million.

Debt obligations as of December 31, 2020 and 2019, consisted of the following (in thousands):


	December 31,
	2020			2019
Line of credit	$	3,000		$	3,000
2019 Term Loan		2,417			3,000
2018 Term Loan		5,650			8,815
2020 Term Loan		2,000			—

Total debt		13,067			14,815
Less: unamortized debt discount		(350	)		(437	)

Total debt, net of debt discount		12,717			14,378
Less: current portion of long-term debt		(8,215	)		(6,748	)

Long-term debt	$	4,502		$	7,630

The future principal payments and final payment fee for the Company’s outstanding debt obligations as of December 31, 2020 were as follows (in thousands):


	December 31, 2020
2021	$	8,215
2022		4,102
2023		750
2024		—

Total	$	13,067

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1I
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Commitment and Contingencies

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

6. COMMITMENTS AND CONTINGENCIES

Lease and Purchase Obligation

—The Company leases offices under operating leases for its U.S. headquarters and international locations that expire at various dates through 2025. Under the lease agreements

that contain escalating rent provisions, lease expense is recorded on a straight-line basis over the lease term. Rent expense for the years ended December 31, 2020 and 2019, was

2.5

million and $

1.9

million, respectively. In addition, the Company has purchase obligations, which includes agreements and issued purchase orders containing

non-cancelable

payment terms to purchase goods and

services.

As of December 31, 2020 and 2019, future minimum operating lease payments and purchase obligations are as follows (in thousands):


	Operating Leases		Purchase Obligations		Total Lease and Purchase Obligations
2021	$	1,383	$	3,859	$	5,242
2022		1,301		—		1,301
2023		1,339		—		1,339
2024		1,306		—		1,306
2025		207		—		207
Thereafter		—		—		—

Total	$	5,536	$	3,859	$	9,395

Litigation

—The Company is named from time to time as a party to lawsuits and other types of legal proceedings and claims in the normal course of business. The Company accrues for contingencies when it believes that a loss is probable and that it can reasonably estimate the amount of any such loss and the Company has made an assessment of the probability of incurring any such losses and whether or not those losses are estimable. As of December 31, 2020 and 2019, there were no amounts accrued that the Company believes would be material to its financial position.

Indemnification

—In the ordinary course of business, the Company entered into certain agreements that provided for indemnification by the Company of varying scope and terms to customers, vendors, directors, officers, employees and other parties with respect to certain matters. Indemnification includes losses from breach of such agreements, services provided by the Company, or third-party intellectual property infringement claims. These indemnities may survive termination of the underlying agreement and the maximum potential amount of future indemnification payments, in some circumstances, are not subject to a cap. As of December 31, 2020 and 2019, there were no known events or circumstances that have resulted in a material indemnification liability.

Convertible Notes	12 Months Ended
Convertible Notes	Dec. 31, 2020
Debt Disclosure [Abstract]
Convertible Notes	7. CONVERTIBLE NOTES The Company issued convertible notes in 2017 and 2018 to various investors in an aggregate principal amount of $17.0 million. The convertible notes carried an interest rate of 5.0% per annum. As per the terms of the convertible note agreement, the principal and the unpaid accrued interest are automatically convertible into shares of the Company’s Series C redeemable convertible preferred stock at $1.7194 per share by the maturity date upon certain terms and conditions. Accordingly, all of the convertible notes, including unpaid accrued interest, amounting to $17.8 million converted to 10,370,967 shares of Series C redeemable convertible preferred stock at $1.7194 per share in January 2019. The Company issued convertible notes between January 2020 and March 2020 to various investors amounting to $8.5 million (“2020 Notes”). The convertible notes carry an interest rate of 5.0% per annum. The notes mature in January 2022 and cannot be prepaid without written consent. As per the terms of the convertible note agreement, if a qualified financing, defined as a transaction or series of transactions by which the Company sells redeemable convertible preferred stock for aggregate gross proceeds of at least $10.0 million, occurs prior to the payment of the notes, then the notes plus accrued and unpaid interest shall automatically convert into shares of redeemable convertible preferred stock at a price paid by the other purchasers of the redeemable convertible preferred stock sold in the qualified financing discounted by 10.0% if converted prior to January 2021, and on or after January 2021 by 15.0%. If no qualified financing occurs on or prior to the maturity date, then the outstanding principal amount of these convertible notes and all accrued and unpaid interest shall be converted into Series D redeemable convertible preferred stock at a conversion price of $2.0181 per share. During April and June 2020, the Company completed the Series D redeemable convertible preferred stock financing and subsequently issued 21,708,519 shares of Series D redeemable convertible preferred stock at $2.0181 per share for total cash proceeds of $43.8 million. Accordingly, as this meets the qualified financing requirement, all of the convertible notes, including unpaid accrued interest of $8.6 million converted into 4,728,975 shares of Series D redeemable convertible preferred stock at $1.8163 per share in April 2020. The combined aggregate amount of the proceeds from the Series D redeemable convertible preferred stock financing and the converted notes was $52.4 million. The 2020 Notes contain an embedded derivative. The fair value of the derivative was recorded as a liability with an offsetting amount recorded as a debt discount, and the debt discount is recorded against the carrying amount of the related convertible notes outstanding. The amortization of the debt discount was recorded as interest expense. The embedded derivative liability was re-valued to the current fair value at the end of each reporting period using the income-based approach. Upon conversion, the embedded derivative liability was re-valued at the conversion, and then the related fair value amount was recorded to other (expense) income in the consolidated statements of operations and comprehensive loss as part of gain or loss on debt extinguishment. The fair value of the embedded derivative upon issuance was $1.0 million and was adjusted to $0.9 million upon conversion in April 2020. Interest expense was accreted on the convertible notes between issuance and conversion. Interest expense of $0.1 million on the convertible notes are included in interest expense for the year ended December 31, 2020 in the consolidated statements of operations and comprehensive loss. There was no derivative liability balance as of December 31, 2020 and 2019.

Redeemable Convertible Preferred Stock

12 Months Ended

Dec. 31, 2020

Temporary Equity Disclosure [Abstract]

Redeemable Convertible Preferred Stock

8. REDEEMABLE CONVERTIBLE PREFERRED STOCK

As of December 31, 2020 and 2019, the Company’s redeemable convertible preferred stock consisted of the following balances (in thousands, except per share amounts):


	December 31, 2020
Convertible preferred stock:	Original Issuance Price		Shares Authorized		Shares Issued and Outstanding		Shares of Common Stock if converted		Carrying Value		Aggregate Liquidation Preference		Dividend Rate
Series Seed redeemable	$	0.3507		24,861		24,861		24,861	$	7,350	$	8,720		8.0	%
Series A-1 redeemable	$	0.4261		7,570		7,570		7,570		3,165		3,226		8.0	%
Series B redeemable	$	0.8194		19,527		19,527		20,957		15,905		16,000		8.0	%
Series C redeemable	$	1.7194		30,730		30,727		30,727		52,696		52,832		8.0	%
Series D redeemable	$	2.0181		42,717		42,294		42,294		85,052	$	85,353		8.0	%

				125,405		124,979		126,409	$	164,168	$	166,131

The holders of the Company’s Series Seed,

A-1,

B, C, and D redeemable

convertible preferred stock have various rights, preferences, privileges, and restrictions with respect to voting, dividends, liquidation, and conversion as follows:

Dividends

—Holders of shares of the Company’s redeemable convertible preferred stock are entitled to receive

non-cumulative

dividends at an annual rate of 8.0% per share payable, if and when, declared by the board of directors, prior and in preference to any payment of any dividend on the common stock; such dividends shall be

non-cumulative.

The redeemable convertible preferred stockholders are also entitled to participate in dividends on common stock on an

as-converted

basis. The holders of redeemable convertible preferred stock can waive any dividend preference that such holders shall be entitled to receive upon the affirmative vote or written consent of the holders of a majority of the outstanding shares of redeemable convertible preferred stock, voting as a single class on an

as-converted

basis (the “Preferred Consent”). As of December 31, 2020, no dividends have been declared or paid.

Voting Rights

—Holders of shares of the Company’s Series Seed and Series

A-1

redeemable convertible preferred stock have voting rights equal to the number of shares of common stock into which such redeemable convertible preferred stock is convertible. The holders of a majority of the outstanding shares of Series Seed redeemable convertible preferred stock and Series

A-1

redeemable convertible preferred stock, voting as a single class on an

as-converted

basis, shall be entitled to elect one member of the Board of Directors of Matterport, Inc. (the “Board”). The holders of a majority of the outstanding shares of Series B redeemable convertible preferred stock, voting as a separate class, shall be entitled to elect one member of the Board. The holders of a majority of the outstanding shares of Series C redeemable convertible preferred stock, voting as a separate class, shall be entitled to elect one member of the Board. The holders of a majority of the outstanding shares of the Company’s common stock, voting as a separate class, shall be entitled to elect three members of the Board. Any remaining members of the Board shall be elected by the holders of (a) a majority of the outstanding shares of the Company’s common stock and (b) a majority of the outstanding shares of the Company’s redeemable convertible preferred stock, voting together as a single class on an

as-converted

basis.

Liquidation Preference

—In the event of any Liquidation Event (as defined below), either voluntary or involuntary, the holders of Series C redeemable convertible preferred stock and Series D redeemable convertible preferred stock shall be entitled to receive, on a pari passu basis, prior and in preference to any distribution of any of the proceeds of such Liquidation Event to the holders of Series Seed redeemable convertible preferred stock, Series

A-1

redeemable convertible preferred stock, Series B redeemable convertible preferred stock or common stock by reason of their ownership thereof, an amount equal to the Series C redeemable convertible preferred stock original issue price or Series D redeemable convertible preferred stock original issue price, as applicable, plus all declared but unpaid dividends, on each such applicable share of redeemable convertible preferred stock held by them. If, upon the occurrence of such Liquidation Event, the proceeds distributed among the holders of Series C redeemable convertible preferred stock and Series D redeemable convertible preferred stock are insufficient to permit the payment to such holders of the full preferential amount, then the entire proceeds legally available for distribution shall be distributed ratably among the holders of Series C redeemable convertible preferred stock and Series D redeemable convertible preferred stock in proportion to the preferential amount each such holder is otherwise entitled to receive.

After payment in full of amounts payable to the holders of Series C redeemable convertible preferred stock and Series D redeemable convertible preferred stock above, the holders of Series B redeemable convertible preferred stock shall be entitled to receive, prior and in preference to any distribution of any of the proceeds of such Liquidation Event to the holders of Series Seed redeemable convertible preferred stock, Series

A-1

redeemable convertible preferred stock or common stock by reason of their ownership thereof, an amount equal to the Series B redeemable convertible preferred stock original issue price, plus all declared but unpaid dividends, on each such share of Series B redeemable convertible preferred stock held by them. If upon the occurrence of such Liquidation Event, the proceeds distributed among the holders of Series B redeemable convertible preferred stock are insufficient to permit the payment to such holders of the full preferential amount, then the entire proceeds legally

available for distribution shall be distributed ratably among the holders of Series B redeemable convertible preferred stock in proportion to the preferential amount each such holder is otherwise entitled to receive.

After payment in full of amounts payable to the holders of Series B redeemable convertible preferred stock, the holders of Series Seed redeemable convertible preferred stock and Series

A-1

redeemable convertible preferred stock shall be entitled to receive, prior and in preference to any distribution of any of the proceeds of such Liquidation Event to the holders of common stock by reason of their ownership thereof, an amount equal to the Series Seed redeemable convertible preferred stock original issue price or the Series

A-1

redeemable convertible preferred stock original issue price, as applicable, plus all declared but unpaid dividends, on each such share of redeemable convertible preferred stock held by them. The Series Seed redeemable convertible preferred stock and Series

A-1

redeemable convertible preferred stock shall rank pari passu with respect to the respective preferential amounts for each such series upon the occurrence of such event. If, upon the occurrence of such Liquidation Event, the proceeds thus distributed among the holders of Series Seed redeemable convertible preferred stock and Series

A-1

redeemable convertible preferred stock are insufficient to permit the payment to such holders of the full preferential amount, then the entire proceeds legally available for distribution shall be distributed ratably among the holders of Series Seed redeemable convertible preferred stock and Series

A-1

redeemable convertible preferred stock in proportion to the preferential amount each such holder is otherwise entitled to receive.

After payment to the holders of redeemable convertible preferred stock of the preferential amounts, all remaining proceeds legally available for distribution to stockholders of the Company shall be distributed pro rata among the holders of common stock based on the number of shares of common stock then held by them. If, upon occurrence of such event, the assets and funds distributed among the holders of redeemable convertible preferred stock are insufficient to permit the payment, then the entire assets and funds of the Company legally available for distribution shall be distributed ratably among the holders of redeemable convertible preferred stock in proportion to the preferential amount each such holder is otherwise entitled to receive.

For purposes of determining the amount each holder of redeemable convertible preferred stock is entitled to receive with respect to a Liquidation Event, each such holder of redeemable convertible preferred stock shall be deemed to have converted (regardless of whether such holder actually converted) such holder’s shares of redeemable convertible preferred stock into shares of common stock immediately prior to the Liquidation Event if, as a result of an actual conversion, such holder would receive, in the aggregate, an amount greater than the amount that would be distributed to such holder if such holder did not convert such shares of redeemable convertible preferred stock into shares of common stock. If any such holder shall be deemed to have converted shares of redeemable convertible preferred stock into common stock pursuant to this paragraph, then such holder shall not be entitled to receive any distribution that would otherwise be made to holders of the redeemable convertible preferred stock that have not converted (or have not been deemed to have converted) into shares of common stock.

A “Liquidation Event” shall mean (i) a liquidation, dissolution, or winding up of the Company; (ii) an acquisition of the Company by another person or entity by means of any transaction or series of related transactions to which the Company is a party (including, without limitation, a merger, consolidation, or other corporate reorganization), other than an acquisition in which the shares of capital stock held by stockholders of the Company immediately prior to such acquisition continue to represent, or are converted into or exchanged for shares of capital stock that represent, immediately after such acquisition and by virtue of the acquisition, a majority of the total outstanding voting power of the surviving or acquiring person or entity; (iii) a sale, lease, exclusive license, or other disposition of all or substantially all of the assets or intellectual property of the Company, except where such sale, lease, exclusive license, or other disposition is to a wholly owned subsidiary of the Company; or (iv) a transaction or series of related transactions to which the Company is a party (whether by merger, consolidation, stock acquisition, or otherwise) in which a majority of the total outstanding voting power of the Company is transferred. Notwithstanding the foregoing sentence, a transaction shall not constitute a Liquidation Event if the primary purpose is to change the jurisdiction of the Company’s incorporation, create a holding company that will be owned in substantially the same proportions by the persons who held the

Company’s securities immediately before such transaction or engage in a bona fide equity financing transaction. The treatment of any particular transaction or series of related transactions as a Liquidation Event may only be waived with the Preferred Consent.

Conversion Rights

—At the option of the holder, each share of redeemable convertible preferred stock is convertible into shares of common stock as is determined by dividing the original issuance price per share for Series Seed,

A-1,

B, C, and D redeemable convertible preferred stock, by the conversion price applicable to such shares. The initial conversion price per share is the original issuance price of the redeemable convertible preferred stock. The conversion ratio for the redeemable convertible preferred stock shall be subject to appropriate adjustments for stock splits, stock dividends, combinations, subdivisions, recapitalizations, or the like. In addition, if the Company should issue any

additional stock without consideration or for a consideration per share less than the conversion price for the redeemable convertible preferred stock, the conversion price for each series shall automatically be adjusted in accordance with anti-dilution provisions contained in the Company’s Amended Certificate of Incorporation.

Each share of redeemable convertible preferred stock will automatically convert into shares of common stock at the conversion rate then in effect upon the earlier of (i) the closing of the sale of the Company’s Common Stock to the public at a price of at least $3.0272 per share and aggregate proceeds of not less than $50.0 million, net of underwriting discounts and commissions or (ii) the date of the Preferred Consent.

Redemption

—Redeemable convertible preferred stock is not redeemable at the election of the holder, except that in the event of a change in control resulting from the sale or transfer of the Company’s securities, which qualifies as a Liquidation Event.

Stockholders' Equity

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Stockholders' Equity

9. COMMON STOCK

As of December 31, 2020 and 2019, the Company was authorized to issue 230.7 million and 189.5 million shares, respectively, of common stock with a par value of $0.0001 per share.

In August 2020, the Company repurchased and retired 0.4 million shares of common stock held by former employees. Of the $0.5 million total aggregate consideration, the fair value of the shares of $0.4 million was recorded in accumulated deficit, while the amounts paid in excess of the fair value of common stock at the time of purchase of $0.1 million was recorded as compensation expense.

The Company had reserved shares of common stock for future issuance as of December 31, 2020 and 2019 as follows (in thousands):


	December 31,
	2020		2019
Redeemable convertible preferred stock, all series		126,409		99,972
Warrants to purchase common stock		1,081		875
Common stock options outstanding		49,206		48,763
Shares available for future grant of equity awards		1,921		1,419

Total shares of common stock reserved		178,617		151,029

Common Stock Warrants

—The Company issued warrants to purchase common stock in connection with loan agreements entered from three lenders as disclosed below and in Note 5. All previously issued common stock warrants were fully vested and exercisable as of December 31, 2020 and 2019. Those warrants were considered equity instruments at inception and were recorded to additional

paid-in

capital. The warrants have a contractual

10-year

life from the issuance date.

In the event of an acquisition in which the fair market value of one share is greater than the warrant exercise price as of the date of the acquisition, all outstanding and unexercised warrant shall automatically be deemed to be cashless exercised immediately prior to the consummation of the acquisition. In the event of an acquisition where the fair market value per share is less than the warrant exercise price in effect immediately prior to the acquisition, then warrant will expire immediately prior to the consummation of the acquisition.

2015 and 2017 Term Loan Warrants

—On May 20, 2015, and October 26, 2017, in connection with the 2015 Agreement and the 2015 Amended and Restated Agreement, the Company issued warrants to purchase 182,072 shares of common stock to the lender with an exercise price of $0.159 per share and 9,268 shares of common stock to the lender with an exercise price of $0.347 per share, respectively. As set forth in the warrant agreement, on November 2, 2017, the Company issued additional warrants to purchase 9,268 shares of common stock to the lender upon the funding of the term loan with an exercise price of $0.347 per share. On September 16, 2019, in connection with the 2017 Second Amended and Restated Agreement, the Company issued warrants to purchase 82,386 shares of common stock to the lender with an exercise price of $0.659 per share. As of December 31, 2020, the 2015 and 2017 Term Loan warrants remained outstanding.

2018 Term Loan Warrants

—On April 20, 2018, in connection with the 2018 Agreement, the Company issued warrants to purchase 592,406 shares of common stock to the lender with an exercise price of $0.347 per share. The Company determined the fair value of the warrants to be $0.2 million as of the issuance date based on the Black-Scholes option-pricing model using the following assumptions: 0% dividend yield, 44.8% volatility, and risk-free rate of 3.0%. The Company amortized less than $0.1 million debt discount related to these warrants during the year ended December 31, 2019, which was recorded to interest expense in the Company’s consolidated statement of operations and comprehensive loss. As of December 31, 2020 and 2019, the unamortized debt discount related to the above warrants were $0.2 million and $0.1 million, respectively. As of December 31, 2020, the 2018 Term Loan warrants remained outstanding.

2020 Term Loan Warrants

—On February 20, 2020, in connection with the 2020 Term Loan, the company issued warrants to purchase up to 205,964 shares of common stock to the lender with an exercise price of $0.659 per share. The Company determined the fair value of the warrants to be $0.1 million as of the issuance date based on the Black-Scholes option pricing model using the following assumptions: 0% dividend yield, 38.37% volatility, and risk-free rate of 1.45%. As set forth in the warrant agreement, upon an event of an acquisition, the warrant shall automatically be deemed as cashless exercise. In the event of acquisition where the fair market value of one share is less than the warrant exercise price, then the warrant will expire immediately prior to the consummation of the acquisition. As of December 31, 2020, the 2020 Term Loan warrants remained outstanding.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

Stock Plan

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Stock Plan

10. STOCK PLAN

2011 Stock Incentive Plan

—On June 17, 2011, the Company’s Board and stockholders approved the Matterport, Inc. 2011 Stock Incentive Plan, (the “2011 Stock Plan”), which allows for the issuance of incentive stock options (“ISOs”),

non-qualified

stock options (“NSOs”), the issuance of restricted stock awards (“RSAs”), and the sale of stock to its employees, the Board, and consultants. As of December 31, 2020, the Company has granted primarily ISOs. The 2011 Stock Plan will expire in June 2021 (10 years from its adoption), unless terminated earlier.

Since the inception of the 2011 Stock Plan, the Company’s Board and its stockholders have voted to increase the shares of common stock reserved under the plan on several occasions. As of December 31, 2020 and 2019, 66.5 million and 58.2 million shares, respectively, were authorized under the 2011 Stock Plan. Shares forfeited due to employee termination or expiration are returned to the share pool. Similarly, shares withheld upon exercise to provide for the exercise price and/or taxes due and shares repurchased by the Company are also returned to the pool.

Stock options are granted with exercise prices not less than 100% of the fair value of the common stock on the date of issuance and, for 10% stockholders, not less than 110%. Equity awards vest over a period of time as

determined by the Board, generally over a four-year period, and stock options expire 10 years from the date of grant (

years for 10% stockholders) and are

non-transferable.

The Company has also granted equity awards subject to performance-based vesting. Stock options may be granted with early exercise provisions. Vested option shares are exercisable for three months after termination, other than for cause, and for at least 12 months if due to death or disability, but in no event later than the expiration of the option term. Stock options granted to the Board are subject to automatic vesting upon change in control. For

non-Board

award recipients, if within 60 days of a change of control, the individual resigns due to an adverse change in job position, work location, reduction in pay, or other adverse changes, or within 12 months of a change of control the successor company terminates the individual’s service without cause, vesting of the option shall accelerate with respect to shares that would have vested in the

12-month

period following such termination or resignation, effective immediately prior to their last day.

Shares Available for Future Grant

—Shares available for future grant under the Company’s stock plans as of December 31, 2020 and 2019, were 1.9 million and 1.4 million shares, respectively. The Company issues new shares upon a share option exercise or release.

Stock Option Activity

—The following table summarizes the stock option activities under the Company’s stock plans for the years ended December 31, 2020 and 2019 (in thousands, except for share data):


	Options Outstanding					Weighted- Average Remaining Contractual Term (Years)
	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Balance—January 1, 2019		24,482		$	0.28		7.3	$	3,555
Granted		29,030			0.66
Exercised		(2,080	)		0.22
Expired or canceled		(2,670	)		0.42

Balance—December 31, 2019		48,762		$	0.50		8.1	$	7,698
Granted		13,349			0.81
Exercised		(7,293	)		0.21
Expired or canceled		(5,612	)		0.54

Balance—December 31, 2020		49,206		$	0.62		8.1	$	245,565	(1)

Option vested and exercisable—December 31, 2020		20,935		$	0.50		7.2	$	107,029	(1)

(1)	As corrected to reflect the common stock fair market value per share as of December 31, 2020.

The weighted-average grant date fair value of options granted were $0.33 and $0.27 per share as of December 31, 2020 and 2019, respectively. The aggregate intrinsic value of the options exercised, and total grant-date fair value of awards vested were $3.6 million and $0.9 million and $2.3 million and $1.6 million, during the years ended December 31, 2020 and 2019, respectively.

The weighted-average remaining contractual life of vested and expected to vest options is 8.1 years as of December 31, 2020 and 2019.

Total compensation cost related to

non-vested

awards not yet recognized as of December 31, 2020 and 2019, was $7.3 million and $6.4 million, respectively, with a weighted-average period of 2.73 years and 3.12 years, respectively, over which this compensation cost was expected to be recognized.

Employee Stock-based Compensation

—For service awards, the fair value of options on the date of grant is estimated based on the Black-Scholes option-pricing model using the single-option award approach. The Company recognizes costs as compensation expense, recorded under operating expenses in the statements of operations and comprehensive loss, on a straight-line basis over the employee’s requisite service period, which is generally four years. The Company does not estimate expected forfeitures and recognizes forfeitures as they occur.

In March 2019, the Company granted 0.9 million performance-based stock option awards to a senior executive. The award shall vest and become exercisable upon the consummation of the earlier of a change in control or an initial public offering (“IPO”), subject to certain share price targets. The vesting of the award also requires employment up to the consummation of the change in control or IPO. As of December 31, 2020, no stock-based compensation has been recognized for the stock options because a change in control transaction or an IPO has not yet occurred. The term of the awards was modified in March 2021. See Note 15.

In August and November 2020, the company settled 1.3

million

vested stock options held by certain former employees with cash. Of the $1.3 million total aggregate consideration, the fair value of the shares of $1.0 million was recorded in additional

paid-in

capital, while the amounts paid in excess of the fair value of stock options at the time of purchase of $0.3 million was recorded as compensation expense.

Employee Stock Options Valuation

—The Company estimates the fair value of stock options on the date of grant using the Black-Scholes option-pricing model. The Black-Scholes option-pricing model requires estimates

of highly subjective assumptions, which affect the fair value of each stock option. The assumptions used to estimate the fair value of stock options granted during the years ended December 31, 2020 and 2019 were as follows:


	Year Ended December 31,
	2020	2019
Expected volatility	38.5 – 45.0%	38.4 – 39.1%
Expected term	5.5 – 6.1 Years	5.9 – 6.4 Years
Risk-free interest rate	0.3 – 1.5%	1.6 – 2.4%
Expected dividend yield	0%	0%

Stock-Based Compensation Expense

—Compensation expense is allocated on a departmental basis, based on the classification of the option holder. The following table presents the amount of stock-based compensation related to stock-based awards to employees in the Company’s consolidated statements of operations and comprehensive loss for the years ended December 31, 2020 and 2019 (in thousands):


	Year ended December 31,
	2020		2019
Costs of revenue	$	135	$	32
Research and development		624		427
Selling, general, and administrative		1,746		1,371
Stock-based compensation, net of amounts capitalized		2,505		1,830
Capitalized stock-based compensation		146		56

Total stock-based compensation	$	2,651	$	1,886

There was no nonemployee stock-based compensation expense for the years ended December 31, 2020 and 2019.

The amount of cash received by the Company for the exercise of share

options

was $1.5 million and $0.5 million for the years ended December 31, 2020 and 2019, respectively.

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

11. INCOME TAXES

The components of the net loss before income taxes, determined by jurisdiction, for the years ended December 31, 2020 and 2019 were as follows (in thousands):


	Year Ended December 31,
	2020			2019
United States	$	(14,294	)	$	(32,136	)
Foreign		350			241

Loss before income taxes	$	(13,944	)	$	(31,895	)

The provision for income taxes for the years ended December 31, 2020 and 2019, were as follows (in thousands):


	Year Ended December 31,
	2020		2019
Current
State	$	8	$	3
International		69		62

Total current tax expense		77		65
Total deferred tax expense		—		—

Total tax expense	$	77	$	65

The components of the deferred tax assets for the years ended December 31, 2020 and 2019, consisted of the following (in thousands):


	Year Ended December 31,
	2020			2019
Deferred tax assets:
Net operating loss carryforwards	$	29,734		$	27,510
Research and development credits carryforward		5,009			3,975
Accruals		988			509
Other		62			71
Interest expense carryforward		566			278
Fixed assets		128			140
Stock-based compensation		604			413

Total deferred tax assets	$	37,091		$	32,896

Less: valuation allowance		(35,023	)		(31,081	)
Deferred tax liabilities:
Intangibles		(1,876	)		(1,710	)
Deferred commissions		(192	)		(105	)
Total deferred tax liabilities		(2,068	)		(1,815	)

Net deferred tax assets	$	—		$	—

ASC 740,

Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

, requires that the tax benefit of net operating losses (“NOLs”), temporary differences, and credit carryforwards be recorded as an asset to the extent that management assesses that realization is “more likely than not.” Realization of the future tax benefits is dependent on the Company’s ability to generate sufficient taxable income within the carryforward period. Because of the Company’s recent history of operating losses, management believes that recognition of the deferred tax assets arising from the above-mentioned future tax benefits is currently not more likely than not to be realized and, accordingly, has provided a valuation allowance.

The table below presents the changes in the valuation allowance for deferred tax assets for the years ended December 31, 2020 and 2019 (in thousands):


Description	Balance at beginning of period		Additions charges to costs and expenses		Write-offs and deductions		Balance at end of period
Valuation allowance for deferred tax assets
For the Year Ended December 31, 2020		31,081		3,942		—		35,023
For the Year Ended December 31, 2019		23,150		7,931		—		31,081

Net operating loss and tax credit carryforwards as of December 31, 2020 were as follows (in thousands):


	Amount		Expiration Years
NOLs, federal (Post December 31, 2017)	$	59,316		Do Not Expire
NOLs, federal (Pre January 1, 2018)		61,397		12/31/2031
NOLs, state		65,315		12/31/2032
Tax credits, federal		5,312		12/31/2032
Tax credits, state	$	3,843		Do Not Expire

On December 22, 2017, the Tax Cuts and Jobs Act was signed into law, which resulted in significant changes to the Internal Revenue Code. The new law provides for an indefinite carryforward of NOLs but limits the NOLs deduction to

% of taxable income and generally disallows the carryback of NOLs. The new 80% limitation applies to NOLs arising in taxable years beginning after

December 31, 2017, and the carryback/ carryforward provisions apply to NOLs arising in taxable years ending after December 31, 2017. Consequently, NOLs generated in taxable years beginning before January 1, 2018, will continue to be able to offset 100% of taxable income. NOLs generated in tax years ending before January 1, 2018, will remain subject to a

20-year

carryforward.

The effective tax rate of the Company’s provision for income taxes differed from the federal statutory rate as of December 31, 2020 and 2019, and was as follows:


	December 31,
	2020			2019
Statutory federal income benefit rate		21.0	%		21.0	%
State income tax rate		7.01			3.90
Change in valuation allowance		(28.27	)		(24.85	)
Research and development credits		2.86			0.73
Other		(0.80	)		(0.45	)
Convertible notes—nondeductible		(1.57	)		—
Stock-based compensation		(0.89	)		(0.53	)
Foreign rate differential		0.03			(0.03	)

Effective tax rate		(0.63	)%		(0.23	)%

A reconciliation of the Company’s unrecognized tax benefits for the years ended December 31, 2020 and 2019, was as follows (in thousands):


	Year Ended December 31,
	2020		2019
Unrecognized tax benefits—beginning	$	2,906	$	2,441
Gross Increases—prior-year unrecognized tax benefits		—		—
Gross Increases—current-year unrecognized tax benefits		756		465

Unrecognized tax benefits—ending	$	3,662	$	2,906

The entire amount of the unrecognized tax benefits would not impact the Company’s effective tax rate if recognized. During the years ended December 31, 2020 and 2019, the Company did not recognize accrued interest and penalties related to unrecognized tax benefits. The Company does not anticipate that the amount of existing unrecognized tax benefits will significantly increase or decrease during the next 12 months.

The Company files income tax returns in the US for federal, California, and several state tax jurisdictions. The federal and state income tax returns from inception since 2011 to December 31, 2020, remain subject to examination.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Net Income (Loss) Attributable to Common Stockholders

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Net Income (Loss) Attributable to Common Stockholders

12. NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS

Net loss per share attributable to common stockholders was computed by dividing net loss by the weighted-average number of common shares outstanding for the years ended December 31, 2020 and 2019 (in thousands, except per share data):


	Year ended December 31,
	2020			2019
Numerator :
Net loss attributable to common stockholders	$	(14,021	)	$	(31,960	)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted		32,841			31,108

Net loss per share attributable to common stockholders, basic and diluted	$	(0.43	)	$	(1.03	)

The potential shares of common stock were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive

for

the years ended December 31, 2020 and 2019:


	Year ended December 31,
	2020		2019
Redeemable convertible preferred stock, all series		126,409		99,972
Warrants to purchase common stock		1,081		875
Common stock options outstanding		49,206		48,762

Total potentially dilutive common share equivalents		176,696		149,609

Related Party Disclosures	12 Months Ended
Related Party Disclosures	Dec. 31, 2020
Related Party Transactions [Abstract]
Related-Party Transactions	13. RELATED-PARTY TRANSACTIONS From January 2020 to March 2020, Matterport issued convertible promissory notes in an aggregate principal amount of $8.5 million (“ 2020 Notes ”) to investors, including (i) $400,000 aggregate principal amount to DCM VI, L.P., an affiliate of Jason Krikorian, a member of the Matterport board of directors, (ii) $2.0 million aggregate principal amount to Lux Co-Invest Opportunities, L.P., an affiliate of Peter Hébert, a member of the Matterport board of directors, and (iii) $1,000,000 aggregate principal amount to QUALCOMM Ventures LLC, an affiliate of Carlos Kokron, a member of the Matterport board of directors. The 2020 Notes accrued interest at a rate of 5% per annum. All of the 2020 Notes were converted to Series D redeemable convertible preferred stock in April 2020 in connection with Matterport’s Series D redeemable convertible preferred stock financing.

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2020
Retirement Benefits [Abstract]
Employee Benefit Plans	14. EMPLOYEE BENEFITS PLANS The Company has a defined-contribution retirement and savings plan intended to qualify under Section 401 of the Internal Revenue Code (the “401(k) Plan”) covering substantially all US employees. The 401(k) Plan allows each participant to contribute up to an amount not to exceed an annual statutory maximum. 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. For the years ended December 31, 2020 and 2019, the Company made $0.2 million and $0.6 million, respectively, of discretionary matching contribution. The Company contributes to a defined-contribution pension plan for eligible employees in the U.K. Pension plan benefits are based primarily on participants’ compensation and years of service credited as specified under the terms of the plan. For the years ended December 31, 2020 and 2019, the Company made $0.2 million and $0.1 million, respectively, of matching contributions to the U.K. pension plan.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Subsequent Events

12 Months Ended

Dec. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

15. SUBSEQUENT EVENTS

The Company has evaluated subsequent events through April 5, 2021, the

date these consolidated financial statements are available to be

issued,

and has determined that the following subsequent events require disclosure in the consolidated financial statements.

In February 2021, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Gores Holdings VI Inc. (“Gores”), Maker Merger Sub, Inc. (“First Merger Sub”), and Maker Merger Sub II, LLC (“Second Merger Sub”), which provides for, among other things: (a) the merger of First Merger Sub with and into the Company, with the Company continuing as the surviving corporation (the “First Merger”); and (b) immediately following the First Merger and as part of the same overall transaction as the First Merger, the merger of the Company with and into Second Merger Sub, with Second Merger Sub continuing as the surviving corporation and a wholly owned subsidiary of Gores (the “Second Merger” and, together with the First Merger and the other transactions contemplated by the Merger Agreement, the “Merger”).

In February 2021, the holders of all of the Company’s outstanding warrants agreed to exercise their warrants contingent upon, and effective immediately prior to, the consummation of the First Merger.

In February 2021, the Company amended and restated its certificate of incorporation to include a merger with or into or consolidation with Gores Holdings VI, Inc., a Delaware corporation, or one or more of its subsidiaries (whether or not the Company is the surviving entity of such merger or consolidation), in the definition of “Liquidation Event”.

In February 2021, the Company amended and restated 2011 Stock Plan which allows the Company to grant restricted stock units (“RSUs”) and extended the terms of the plan until February 12, 2022, unless terminated earlier. The Company approved and granted a total of 1,353,200 shares of RSUs awards to certain employees under the amended and restated 2011 Stock Plan in February 2021.

In March 2021, the Company amended the performance condition of the performance-based stock option awards to a senior executive and as a result the award shall vest and become exercisable upon the closing of the Merger. The modification will result in a Type IV modification and the fair value of the stock option awards remeasured as of the modification date will be recognized upon the closing of the Merger, which will be approximately $8.2 million.

Events Subsequent to Original Issuance of Consolidated Financial Statements (unaudited)

In connection with the reissuance of the financial statements, the Company has evaluated subsequent events through November 19, 2021, the date the financial statements were available to be reissued.

On July 22, 2021, in connection with the Merger, the Company raised gross proceeds of

640.1

million, including the contribution of $

345.1

million of cash held in Gores’ trust account from its initial public offering and an aggregate purchase price of $

295.0

million in a private placement pursuant to the subscription agreements (“Private Investment in Public Equity” or “PIPE) at $

10.00

per share of Gores’ Class A common stock. The Company paid $

0.9

million to Gores’ stockholders who redeemed Gores’ Class A common stock immediately prior to the Closing. The Company and Gores incurred $

10.0

million and $

26.3

million transaction costs, respectively. The total transaction cost was $

36.3

million, consisting of underwriting, legal, and other professional fees. The aggregate consideration paid to Legacy Matterport stockholders in connection with the Merger (excluding any potential

Earn-Out

Shares), was

218,875,000

shares of the Company Class A common stock, par value $

0.0001

per share. The Per Share Matterport Stock Consideration was equal to approximately

4.1193

(the “Exchange Ratio”).

The following transactions were completed concurrently upon the Closing:

•

Immediately prior to the Closing, 52,236 shares Series D redeemable convertible preferred stock of Legacy Matterport were issued to a customer of Legacy Matterport.

•

each issued and outstanding share of Legacy Matterport preferred stock was canceled and converted into the right to receive a total of 126,460,926 shares of the Matterport Class A common stock;

•

each Legacy Matterport warrant was exercised in full in exchange for the issuance of 1,038,444 shares of Matterport Class A common stock to the holder of such Matterport Warrants;

•

each issued and outstanding share of Legacy Matterport common stock (including the items mentioned in above points) was canceled and converted into the right to receive an aggregate number of shares of Class A common stock equal to the Per Share Matterport Stock Consideration;

•

each outstanding vested and unvested Legacy Matterport common stock option was converted into a rollover option, exercisable for shares of Matterport Class A common stock with the same terms except for the number of shares exercisable and the exercise price, each of which was adjusted using the Per Share Matterport Stock Consideration; and

•

each outstanding and unvested Legacy Matterport RSU was converted into a rollover RSU for shares of Matterport Class A common stock with the same terms except for the number of shares, which were adjusted using the Per Share Matterport Stock Consideration

On July 22, 2021, the Company approved the 2021 Incentive Award Plan (“2021 Plan”) and the 2021 Employee Stock Purchase Plan (“2021 ESPP”).

At closing of the Merger, Legacy Matterport Stockholders and certain holders of Legacy Matterport Stock Options and RSUs are entitled to receive a number of

Earn-out

Shares comprising up to 23,460,000 shares of Class A common stock in the aggregate. There are six distinct tranches, and each tranche has 3,910,000

Earn-out

shares. The

Earn-out

shares are issuable if the daily volume weighted average price (based on such trading day) of one share of common stock exceeds $13.00, $15.50, $18.00, $20.50, $23.00, and $25.50 for a period of at least 10 days out of 30 consecutive trading days during the period beginning on the 180th day following the Closing and ending on the fifth anniversary of such date. The

Earn-out

shares are subject to early release if a change of control that will result in the holders of the Company common stock receiving a per share price equal to or in excess of the price target as above.

The Company repaid in full the Line of Credit of $3.0 million and the 2019 Term Loan of $2.4 million of principal outstanding during the nine months ended September 30, 2021.

The company repaid in full the 2018 Term loan of $5.6 million during the nine months ended September 30, 2021, including a $0.5 million required final payment fee pursuant to the 2018 Agreement and $0.1 million prepayment fee as the Company fully repaid the 2018 Term Loan in July 2021. The Company recorded $0.1 million loss on the extinguishment for the three months ended September 30, 2021.

The Company started repayment of principal of 2020 Term Loan in May 2021 and repaid in full the 2020 Term Loan of $2.0 million of principal outstanding during the nine months ended September 30, 2021. The Company recorded $0.1 million loss on the 20

Term Loan extinguishment for the three months ended September 30, 2021.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Basis of Presentation

The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Principles of Consolidation

Segment Information

Segment information

Concentration of Credit Risk and Other Risks and Uncertainties

Company’s total revenue for the years ended December 31, 2020 and 2019.

Liquidity and Capital Resources

The Company has incurred net losses of $14.0 million and $32.0

Cash and Cash Equivalents and Restricted Cash

Cash, Cash Equivalents, and Restricted Cash

The Company considers all highly liquid investments purchased with an

original maturity of three months or less to be cash equivalents. Cash and cash equivalents include cash on hand and amounts on deposits with financial institutions.

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the consolidated balance sheets as

December 31, 2020 and 2019, and which, in aggregate, represent the amount reported on the consolidated statements of cash flows (in thousands):


	December 31,
	2020		2019
Cash and cash equivalents	$	51,850	$	8,424
Restricted cash		400		1,728

Total cash, cash equivalents, and restricted cash	$	52,250	$	10,152

The Company had restricted cash of $0.4 million and $1.7 million as of December 31, 2020 and 2019, respectively. The restricted cash

Accounts Receivable, Net

Accounts receivable consists of current trade receivables due from customers recorded at the invoiced amount, net of allowances for doubtful accounts.

Fair Value Measurement

The three-level hierarchy for fair value measurements is defined as follows:

Level

—Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level

—Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

uses quoted prices and models to determine their fair value. The Company’s assets and liabilities that were measured at fair value on a recurring basis were as follows (in thousands):


	December 31, 2020
Description:	Total		Level 1		Level 2		Level 3
Cash equivalents:
U.S. Treasury securities	$	43,116	$	43,116	$	—	$	—

Total cash equivalents	$	43,116	$	43,116	$	—	$	—


	December 31, 2019
Description:	Total		Level 1		Level 2		Level 3
Cash equivalents:
U.S. Treasury securities	$	2,963	$	2,963	$	—	$	—

Total cash equivalents	$	2,963	$	2,963	$	—	$	—

Deferred Commission, Net

Incremental costs of obtaining a contract with a customer consist primarily of direct sales commissions incurred upon execution of the contract. These costs require capitalization under ASC

340-40,

Other Assets and Deferred Costs—Contracts and Customers

0.8

million and $

0.4

million for the

years ended

December 31, 2020

and

2019

, respectively

Advertising Costs

Accounting Pronouncements

The Company is provided the option to adopt new or revised accounting guidance as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 either (1) within the same periods as those otherwise applicable to public business entities or (2) within the same time periods as nonpublic business entities, including early adoption when permissible. With the exception of standards the Company elected to early adopt, when permissible, the Company has elected to adopt new or revised accounting guidance within the same time period as

non-public

business entities, as indicated below. As a result, the Company’s financial statements may not be comparable to companies that comply with public company effective dates because of this election.

Recently Adopted Accounting Standards

In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”)

No. 2014-09,

Revenue from Contracts with Customers

(

Topic 606

). This ASU, along with subsequent ASUs issued to clarify certain provisions of ASC 606, provides a single, comprehensive revenue recognition model for all contracts with customers. In addition, the standard requires disclosures related to the nature, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The Company applied the five- step method outlined in ASU

No. 2014-09

to all revenue streams and elected the full retrospective method for its adoption of the standard as of January 1, 2019. The revenue adoption did not have a material impact on the Company’s consolidated financial statements.

In January 2016, the FASB issued ASU

No. 2016-01,

Financial Instruments—Overall (Subtopic

825-10):

Recognition and Measurement of Financial Assets and Financial Liabilities

. ASU

No. 2016-01

affected the recognition, measurement, presentation, and disclosure of financial instruments. The guidance required equity investments to be measured at fair value with changes in fair value recognized through net income (other than those accounted for under the equity method of accounting or those that result in consolidation of the investee) and an assessment of a valuation allowance on deferred tax assets related to unrealized losses of

available-for-sale

debt securities in combination with other deferred tax assets. The Company adopted the standard and all related amendments prospectively, effective January 1, 2019. The adoption of ASU

No. 2016-01

did not have a material impact on the Company’s consolidated financial statements.

In August 2016, the FASB issued ASU

No. 2016-15,

Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments

No. 2016-15

as of January 1, 2019. The standard did not have a material impact on the Company’s consolidated statements of cash flows.

In November 2016, the FASB issued ASU

No. 2016-18,

Statement of Cash Flows (Topic 230): Restricted Cash

No. 2016-18

as of January 1, 2019. Restricted cash is now included as a component of cash, cash equivalents, and restricted cash on the Company’s consolidated statements of cash flows. Upon the adoption of ASU

No. 2016-18,

In June 2018, the FASB issued ASU

No. 2018-07,

Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting

, which simplifies the accounting for stock- based payments made to

non-employees

so the accounting for such payments is substantially the same as those made to employees. Under this ASU, stock-based awards to

non-employees

No. 2018-07

on January 1, 2019, which did not have a material impact on the consolidated financial statements.

Recently Issued Accounting Standards Not yet Adopted

In February 2016, the FASB issued ASU

No. 2016-02,

Leases (Topic 842).

This ASU requires a lessee to recognize on the statement of financial position a liability to make lease payments (the lease liability) and a

right-to-use

No. 2016-02

under the private company transition guidance beginning January 1, 2022, and is currently evaluating the impact on the Company’s consolidated financial statements.

In June 2016, the FASB issued ASU

No. 2016-13,

Financial instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

No. 2016-13

under the private company transition guidance beginning January 1, 2023, and is currently evaluating the impact on the Company’s consolidated financial statements.

In August 2018, the FASB issued ASU

No. 2018-15,

Intangibles—Goodwill and Other—

Internal-Use

Software (Subtopic

350-40):

Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract

internal-use

software as defined in ASC

350-40.

Under ASU

No. 2018-15,

No. 2018-15

is effective for public and private companies’ fiscal years beginning after December 15, 2019 and 2020, respectively, with early adoption permitted. For private companies, ASU

No. 2018-15

is effective for interim periods beginning after December 15, 2021. The Company expects to adopt ASU

No. 2018-15

under the private company transition guidance beginning January 1, 2021, and does not expect to have a material impact on the Company’s consolidated financial statements.

In December 2019, the FASB issued ASU

No. 2019-12,

Income Taxes (Topic 740): Simplifying the

Accounting for Income Taxes

. ASU

No. 2019-12

removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. ASU

No. 2019-12

will be effective for public entities for interim and annual periods beginning after December 15, 2020, with early adoption permitted. ASU

No. 2019-12

under the private company transition guidance beginning January 1, 2022, and is currently assessing the impact the guidance will have on the Company’s consolidated financial statements.

In March 2020, the FASB issued ASU

No. 2020-04,

Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting

. The amendments in ASU

No. 2020-04

In August 2020, the FASB issued ASU

No. 2020-06,

Debt—Debt with Conversion and Other Options (Topic 470) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic

815-40):

if-converted

method. ASU

No. 2020-06

F-1

Inventories

first-in,

first-out

The Company recorded a provision for excess and obsolete inventory to cost of revenue totaling $0.1 million in the years ended December 31, 2020 and 2019.

Property and Equipment, Net

Property and equipment are stated at cost, less accumulated depreciation and are depreciated on a straight- line basis over their estimated useful lives as follows:


Machinery and equipment		2- 7 years
Furniture and fixtures		3 years
Capitalized software and development costs		3 years
Leasehold improvements		Shorter of remaining lease term or 10 years

Long-Lived Assets, Net

The Company evaluates the recoverability of its property and equipment and finite-lived intangible assets for possible impairment whenever

events

or circumstances indicate that the carrying amount of such assets may

not be recoverable. The evaluation is performed at the lowest level for

which

identifiable cash flows are largely independent of the cash flows of other assets and liabilities.

impairment of long-lived assets for the years ended

December 31, 2020

and

2019

Comprehensive Loss and Foreign Currency Translation

Revenue Recognition

The Company adopted Accounting Standards Codification (“ASC”) Topic 606,

Revenue from Contracts

with Customers

Nature of Revenue

The Company recognizes revenue from subscription, license, services and sale of products.

Subscription—

Revenues comprises of fees that provide customer access to ordered subscription services

add-ons

that are available to the user at any time during the subscription term.

The Company’s contracts with customers typically do not include termination rights for convenience, nor do they include terms with a significant financing component.

License

—The Company provides a perpetual license to spatial data assets in exchange for a fixed license fee. The license represents

right-to-use

intellectual property and revenue is recognized at the point in time control of license transfers to the customer.

Services

—The Company provides capture services of spatial data and other

add-on

services to existing subscription customers. Capture services and other

add-on

services are typically invoiced in arrears on a monthly basis as services are provided. The Company recognizes revenue as the services are delivered.

Product—

The Company provides 3D capture cameras and third-party capture devices to customers

Arrangements with Multiple Performance Obligations

Research and Development Costs

Research and development costs are expensed as incurred and consist primarily of salaries, consulting services, and other direct expenses.

Internal-Use Software Development Costs

Stock-Based Compensation

The Company calculates the fair value of options granted by using the Black-Scholes option-pricing model with the following assumptions:

Expected Volatility

Expected Term

historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior.

Risk-Free Interest Rate

—The risk-free interest rate is based on the implied yield available on U.S. Treasury zero coupon issues with a term that is equal to the options’ expected term at the grant date.

Dividend Yield

—The Company has never declared or paid dividends and does not anticipate declaring dividends. As such, the dividend yield has been estimated to be zero.

Common Stock Valuation

Redeemable Convertible Preferred Stock

Common Stock Warrants

Income Taxes

Net Loss per Share Attributable to Common Stockholders

Basic and diluted net loss per share attributable to common stockholders is presented in conformity with the

two-class

method required for participating securities. The Company considers all series of redeemable convertible preferred stock to be participating securities. Under the

two-class

method, the net loss attributable to common stockholders is not allocated to the redeemable convertible preferred stock as the holders of the Company’s redeemable convertible preferred stock do not have a contractual obligation to share in the losses.

Under the

two-class

method, basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period.

Diluted earnings per share attributable to common stockholders adjusts basic earnings per share for the potentially dilutive impact of stock options, warrants, and redeemable convertible preferred stock. As the Company has reported loss for the periods presented, all potentially dilutive securities are antidilutive, and accordingly, basic net loss per share equals diluted net loss per share.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Summary of reconciliation of cash, cash equivalents, and restricted cash

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the consolidated balance sheets as

December 31, 2020 and 2019, and which, in aggregate, represent the amount reported on the consolidated statements of cash flows (in thousands):


	December 31,
	2020		2019
Cash and cash equivalents	$	51,850	$	8,424
Restricted cash		400		1,728

Total cash, cash equivalents, and restricted cash	$	52,250	$	10,152

Schedule of Financial Assets Measured at Fair Value on a Recurring Basis

The Company’s assets and liabilities that were measured at fair value on a recurring basis were as follows (in thousands):


	December 31, 2020
Description:	Total		Level 1		Level 2		Level 3
Cash equivalents:
U.S. Treasury securities	$	43,116	$	43,116	$	—	$	—

Total cash equivalents	$	43,116	$	43,116	$	—	$	—


	December 31, 2019
Description:	Total		Level 1		Level 2		Level 3
Cash equivalents:
U.S. Treasury securities	$	2,963	$	2,963	$	—	$	—

Total cash equivalents	$	2,963	$	2,963	$	—	$	—

Summary of Property and Equipment, Net

Property and equipment are stated at cost, less accumulated depreciation and are depreciated on a straight- line basis over their estimated useful lives as follows:


Machinery and equipment		2- 7 years
Furniture and fixtures		3 years
Capitalized software and development costs		3 years
Leasehold improvements		Shorter of remaining lease term or 10 years

Revenue (Tables)

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table shows the revenue by geography for the years ended December 31, 2020 and 2019 (in thousands):


	Year Ended December 31,
	2020		2019
United States	$	52,093	$	31,298
International		33,791		14,711

Total revenue	$	85,884	$	46,009

The following table shows over time versus

point-in-time

revenue for the years ended December 31, 2020 and 2019 (in thousands):


	Year Ended December 31,
	2020		2019
Over time revenue	$	49,260	$	27,397
Point-in-time revenue		36,624		18,612

Total	$	85,884	$	46,009

Contract Balances

The timing of revenue recognition differs from the timing of invoicing to customers and this timing difference results in contract liabilities (deferred revenue) on the Company’s consolidated balance sheets. The contract balances as of December 31, 2020 and 2019 were as follows (in thousands):


	December 31,
	2020		2019
Accounts receivable, net	$	2,700	$	1,032
Unbilled accounts receivable		1,224		475
Deferred revenue		4,903		2,373

Balance Sheet Components (Tables)

12 Months Ended

Dec. 31, 2020

Balance Sheet Related Disclosures [Abstract]

Allowance for Doubtful Accounts

Allowance for doubtful accounts as of December 31, 2020 and 2019 were as follows (in thousands):


	December 31,
	2020			2019
Balance—beginning of year	$	(337	)	$	(49	)
Increase in reserves		(846	)		(356	)
Write-offs		384			68

Balance—end of year	$	(799	)	$	(337	)

Inventories

Inventories as of December 31, 2020 and 2019, consisted of the following (in thousands):


	December 31,
	2020		2019
Finished goods	$	538	$	361
Work in process		2,219		945
Purchased parts and raw materials		889		595

Total inventories	$	3,646	$	1,901

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets as of December 31, 2020 and 2019 consisted of the following (in thousands):


	December 31,
	2020		2019
Prepaid subscription	$	1,084	$	564
Prepaid materials		983		493
Prepaid rent and security deposit		145		201
Other prepaid expenses and current assets		241		526

Total prepaid expenses and other current assets	$	2,453	$	1,784

Property, Plant and Equipment, Net

Property and equipment as of December 31, 2020 and 2019, consisted of the following (in thousands):


	December 31,
	2020			2019
Machinery and equipment	$	1,435		$	1,422
Furniture and fixtures		359			369
Leasehold improvements		733			726
Capitalized software and development costs		18,126			13,125

Total property and equipment		20,653			15,642
Accumulated depreciation and amortization		(12,443	)		(7,672	)

Total property and equipment, net	$	8,210		$	7,970

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities as of December 31, 2020 and 2019, consisted of the following (in thousands):


	December 31,
	2020		2019
Accrued compensation	$	3,208	$	509
Tax payable		1,164		1,525
Other current liabilities		2,623		1,104

Total accrued expenses and other current liabilities	$	6,995	$	3,138

Debt (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of Debt Obligations

Debt obligations as of December 31, 2020 and 2019, consisted of the following (in thousands):


	December 31,
	2020			2019
Line of credit	$	3,000		$	3,000
2019 Term Loan		2,417			3,000
2018 Term Loan		5,650			8,815
2020 Term Loan		2,000			—

Total debt		13,067			14,815
Less: unamortized debt discount		(350	)		(437	)

Total debt, net of debt discount		12,717			14,378
Less: current portion of long-term debt		(8,215	)		(6,748	)

Long-term debt	$	4,502		$	7,630

Schedule of Maturities of Long-term Debt

The future principal payments and final payment fee for the Company’s outstanding debt obligations as of December 31, 2020 were as follows (in thousands):


	December 31, 2020
2021	$	8,215
2022		4,102
2023		750
2024		—

Total	$	13,067

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Commitment and Contingencies (Tables)

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Future Minimum Operating Lease Payments and Purchase Obligations

As of December 31, 2020 and 2019, future minimum operating lease payments and purchase obligations are as follows (in thousands):


	Operating Leases		Purchase Obligations		Total Lease and Purchase Obligations
2021	$	1,383	$	3,859	$	5,242
2022		1,301		—		1,301
2023		1,339		—		1,339
2024		1,306		—		1,306
2025		207		—		207
Thereafter		—		—		—

Total	$	5,536	$	3,859	$	9,395

Redeemable Convertible Preferred Stock (Tables)

12 Months Ended

Dec. 31, 2020

Temporary Equity Disclosure [Abstract]

Schedule of Redeemable Convertible Preferred Stock

As of December 31, 2020 and 2019, the Company’s redeemable convertible preferred stock consisted of the following balances (in thousands, except per share amounts):


	December 31, 2020
Convertible preferred stock:	Original Issuance Price		Shares Authorized		Shares Issued and Outstanding		Shares of Common Stock if converted		Carrying Value		Aggregate Liquidation Preference		Dividend Rate
Series Seed redeemable	$	0.3507		24,861		24,861		24,861	$	7,350	$	8,720		8.0	%
Series A-1 redeemable	$	0.4261		7,570		7,570		7,570		3,165		3,226		8.0	%
Series B redeemable	$	0.8194		19,527		19,527		20,957		15,905		16,000		8.0	%
Series C redeemable	$	1.7194		30,730		30,727		30,727		52,696		52,832		8.0	%
Series D redeemable	$	2.0181		42,717		42,294		42,294		85,052	$	85,353		8.0	%

				125,405		124,979		126,409	$	164,168	$	166,131


	December 31, 2019
Convertible preferred stock:	Original Issuance Price		Shares Authorized		Shares Issued and Outstanding		Shares of Common Stock if converted		Carrying Value		Aggregate Liquidation Preference		Dividend Rate
Series Seed redeemable	$	0.3507		24,861		24,861		24,861	$	7,350	$	8,720		8.0	%
Series A-1 redeemable	$	0.4261		7,570		7,570		7,570		3,165		3,226		8.0	%
Series B redeemable	$	0.8194		19,527		19,527		20,957		15,905		16,000		8.0	%
Series C redeemable	$	1.7194		30,730		30,727		30,727		52,696		52,832		8.0	%
Series D redeemable	$	2.0181		15,857		15,857		15,857		31,862	$	32,000		8.0	%

				98,545		98,542		99,972	$	110,978	$	112,778

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Common Stock Reserved for Future Issuance

The Company had reserved shares of common stock for future issuance as of December 31, 2020 and 2019 as follows (in thousands):


	December 31,
	2020		2019
Redeemable convertible preferred stock, all series		126,409		99,972
Warrants to purchase common stock		1,081		875
Common stock options outstanding		49,206		48,763
Shares available for future grant of equity awards		1,921		1,419

Total shares of common stock reserved		178,617		151,029

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

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-Topic 210
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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+ Details

Stock Plan (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The following table summarizes the stock option activities under the Company’s stock plans for the years ended December 31, 2020 and 2019 (in thousands, except for share data):


	Options Outstanding					Weighted- Average Remaining Contractual Term (Years)
	Number of Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Balance—January 1, 2019		24,482		$	0.28		7.3	$	3,555
Granted		29,030			0.66
Exercised		(2,080	)		0.22
Expired or canceled		(2,670	)		0.42

Balance—December 31, 2019		48,762		$	0.50		8.1	$	7,698
Granted		13,349			0.81
Exercised		(7,293	)		0.21
Expired or canceled		(5,612	)		0.54

Balance—December 31, 2020		49,206		$	0.62		8.1	$	245,565	(1)

Option vested and exercisable—December 31, 2020		20,935		$	0.50		7.2	$	107,029	(1)

(1)	As corrected to reflect the common stock fair market value per share as of December 31, 2020.

Employee Stock Option Valuation

The assumptions used to estimate the fair value of stock options granted during the years ended December 31, 2020 and 2019 were as follows:


	Year Ended December 31,
	2020	2019
Expected volatility	38.5 – 45.0%	38.4 – 39.1%
Expected term	5.5 – 6.1 Years	5.9 – 6.4 Years
Risk-free interest rate	0.3 – 1.5%	1.6 – 2.4%
Expected dividend yield	0%	0%

Stock-based Compensation Arrangement

The following table presents the amount of stock-based compensation related to stock-based awards to employees in the Company’s consolidated statements of operations and comprehensive loss for the years ended December 31, 2020 and 2019 (in thousands):


	Year ended December 31,
	2020		2019
Costs of revenue	$	135	$	32
Research and development		624		427
Selling, general, and administrative		1,746		1,371
Stock-based compensation, net of amounts capitalized		2,505		1,830
Capitalized stock-based compensation		146		56

Total stock-based compensation	$	2,651	$	1,886

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Summary of Components of Net Loss

The components of the net loss before income taxes, determined by jurisdiction, for the years ended December 31, 2020 and 2019 were as follows (in thousands):


	Year Ended December 31,
	2020			2019
United States	$	(14,294	)	$	(32,136	)
Foreign		350			241

Loss before income taxes	$	(13,944	)	$	(31,895	)

Summary of Provision for Income Taxes

The provision for income taxes for the years ended December 31, 2020 and 2019, were as follows (in thousands):


	Year Ended December 31,
	2020		2019
Current
State	$	8	$	3
International		69		62

Total current tax expense		77		65
Total deferred tax expense		—		—

Total tax expense	$	77	$	65

Summary of Components of Deferred Tax Assets

The components of the deferred tax assets for the years ended December 31, 2020 and 2019, consisted of the following (in thousands):


	Year Ended December 31,
	2020			2019
Deferred tax assets:
Net operating loss carryforwards	$	29,734		$	27,510
Research and development credits carryforward		5,009			3,975
Accruals		988			509
Other		62			71
Interest expense carryforward		566			278
Fixed assets		128			140
Stock-based compensation		604			413

Total deferred tax assets	$	37,091		$	32,896

Less: valuation allowance		(35,023	)		(31,081	)
Deferred tax liabilities:
Intangibles		(1,876	)		(1,710	)
Deferred commissions		(192	)		(105	)
Total deferred tax liabilities		(2,068	)		(1,815	)

Net deferred tax assets	$	—		$	—

Summary of Valuation Allowance for Deferred Tax Assets

The table below presents the changes in the valuation allowance for deferred tax assets for the years ended December 31, 2020 and 2019 (in thousands):


Description	Balance at beginning of period		Additions charges to costs and expenses		Write-offs and deductions		Balance at end of period
Valuation allowance for deferred tax assets
For the Year Ended December 31, 2020		31,081		3,942		—		35,023
For the Year Ended December 31, 2019		23,150		7,931		—		31,081

Summary of Net Operating Loss and Tax Credit

Net operating loss and tax credit carryforwards as of December 31, 2020 were as follows (in thousands):


	Amount		Expiration Years
NOLs, federal (Post December 31, 2017)	$	59,316		Do Not Expire
NOLs, federal (Pre January 1, 2018)		61,397		12/31/2031
NOLs, state		65,315		12/31/2032
Tax credits, federal		5,312		12/31/2032
Tax credits, state	$	3,843		Do Not Expire

Summary of Effective Tax Rate of Company's Provision for Income Taxes

The effective tax rate of the Company’s provision for income taxes differed from the federal statutory rate as of December 31, 2020 and 2019, and was as follows:


	December 31,
	2020			2019
Statutory federal income benefit rate		21.0	%		21.0	%
State income tax rate		7.01			3.90
Change in valuation allowance		(28.27	)		(24.85	)
Research and development credits		2.86			0.73
Other		(0.80	)		(0.45	)
Convertible notes—nondeductible		(1.57	)		—
Stock-based compensation		(0.89	)		(0.53	)
Foreign rate differential		0.03			(0.03	)

Effective tax rate		(0.63	)%		(0.23	)%

Summary of Reconciliation of Unrecognized Tax Benefits

A reconciliation of the Company’s unrecognized tax benefits for the years ended December 31, 2020 and 2019, was as follows (in thousands):


	Year Ended December 31,
	2020		2019
Unrecognized tax benefits—beginning	$	2,906	$	2,441
Gross Increases—prior-year unrecognized tax benefits		—		—
Gross Increases—current-year unrecognized tax benefits		756		465

Unrecognized tax benefits—ending	$	3,662	$	2,906

Net Loss Attributable to Common Stockholders (Tables)

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Net Loss Attributable to Common Stockholders, Basic and Diluted


	Year ended December 31,
	2020			2019
Numerator :
Net loss attributable to common stockholders	$	(14,021	)	$	(31,960	)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted		32,841			31,108

Net loss per share attributable to common stockholders, basic and diluted	$	(0.43	)	$	(1.03	)

Potentially Dilutive Securities Excluded from the Computation of Diluted Net Loss Per Share Attributable to Common Stockholders

for

the years ended December 31, 2020 and 2019:


	Year ended December 31,
	2020		2019
Redeemable convertible preferred stock, all series		126,409		99,972
Warrants to purchase common stock		1,081		875
Common stock options outstanding		49,206		48,762

Total potentially dilutive common share equivalents		176,696		149,609

Summary of Significant Accounting Policies - Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Cash and Cash Equivalents [Line Items]
Restricted cash	$ 400	$ 1,728
Minimum
Cash and Cash Equivalents [Line Items]
Receivables from credit card processors	$ 400
Maximum
Cash and Cash Equivalents [Line Items]
Receivables from credit card processors		$ 1,700

Summary of Significant Accounting Policies - Summary Of Reconciliation Of Cash, Cash Equivalents, And Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Cash and cash equivalents	$ 51,850	$ 8,424
Restricted cash	400	1,728
Total cash, cash equivalents, and restricted cash	$ 52,250	$ 10,152	$ 7,571

Summary of Significant Accounting Policies -Schedule Of Financial Assets Measured At Fair Value On a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, fair value	$ 43,116	$ 2,963
U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, fair value	43,116	2,963
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, fair value	43,116	2,963
Level 1 \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, fair value	43,116	2,963
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, fair value	0	0
Level 2 \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, fair value	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, fair value	0	0
Level 3 \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, fair value	$ 0	$ 0

Summary of Significant Accounting Policies - Summary Of Property And Equipment, Net (Details)	12 Months Ended
	Dec. 31, 2020
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Capitalized software and development costs
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	Shorter of remaining lease term or 10 years
Minimum [Member] \| Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	2 years
Maximum [Member] \| Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Useful Life	7 years

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reverse Recapitalization [Line Items]
Allowance for doubtful accounts (less than $0.1 million in current period)	$ 799	$ 337	$ 49
Advertising costs	4,100	6,600
Inventory Write-down	100	100
Impairment of long lived assets	0	0
Capitalized contract costs net	$ 800	$ 500
Minimum percentage of tax benefits to be realized for recognition in the income statement	50.00%	50.00%
Net loss	$ (14,021)	$ (31,960)
Liquidity and Capital Resources [Member]
Reverse Recapitalization [Line Items]
Net loss	$ 14,000	$ 32,000
Customer Concentration Risk [Member] \| Accounts Receivable [Member] \| Minimum [Member]
Reverse Recapitalization [Line Items]
Concentration risk (percent)	10.00%	10.00%
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| Minimum [Member]
Reverse Recapitalization [Line Items]
Concentration risk (percent)	10.00%	10.00%
Matterport, Inc.
Reverse Recapitalization [Line Items]
Allowance for doubtful accounts (less than $0.1 million in current period)	$ 800	$ 300
Capitalized contract costs net		$ 400

Revenue - Disaggregated Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Total revenue	$ 85,884	$ 46,009
Over time revenue
Disaggregation of Revenue [Line Items]
Total revenue	49,260	27,397
Point-in-time revenue
Disaggregation of Revenue [Line Items]
Total revenue	36,624	18,612
United States
Disaggregation of Revenue [Line Items]
Total revenue	52,093	31,298
International
Disaggregation of Revenue [Line Items]
Total revenue	$ 33,791	$ 14,711

Revenue - Contract Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019
Revenue from Contract with Customer [Abstract]
Accounts receivable, net	$ 2,700	$ 1,032
Unbilled accounts receivable	1,224	475	$ 200
Deferred revenue	$ 4,903	$ 2,373

Revenue - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2019
Revenue from Contract with Customer [Abstract]
Deferred revenue recognized	$ 2,200	$ 1,300
Accounts receivable net of unbilled accounts receivable current			$ 800
Unbilled accounts receivable current	1,224	475	200
Contract with customer liability current	4,606	2,146	$ 1,700
Capitalized contract costs net	800	500
Amortization of capitalized contract costs	$ 300	$ 100

Revenue - Remaining Performance Obligation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Contracted but unsatisfied performance obligations	$ 9.2	$ 5.8
Contracted but unsatisfied performance obligations	$ 12.2	$ 5.5
Contracted but unsatisfied performance obligations, period	12 months

Balance Sheet Components - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance—beginning of period	$ (337)	$ (49)
Increase in reserves	(846)	(356)
Write-offs	384	68
Balance—end of period	$ (799)	$ (337)

Balance sheet Components - Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Balance Sheet Related Disclosures [Abstract]
Finished Goods	$ 538	$ 361
Work in process	2,219	945
Purchased parts and raw materials	889	595
Total inventories	$ 3,646	$ 1,901

Balance Sheet Components - Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Balance Sheet Related Disclosures [Abstract]
Prepaid subscription	$ 1,084	$ 564
Prepaid materials	983	493
Prepaid rent and security deposit	145	201
Other prepaid expenses and current assets	241	526
Total prepaid expenses and other current assets	$ 2,453	$ 1,784

Balance Sheet Components - Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 20,653	$ 15,642
Accumulated depreciation and amortization	(12,443)	(7,672)
Total property and equipment, net	8,210	7,970
Depreciation and amortization	4,778	4,224
Capitalized computer software additions	5,000	4,300
Capitalized computer software amortization	4,500	3,400
Costs of revenue
Property, Plant and Equipment [Line Items]
Capitalized computer software amortization	3,900	3,000
Selling, general, and administrative
Property, Plant and Equipment [Line Items]
Capitalized computer software amortization	600	400
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	1,435	1,422
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	359	369
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and equipment	733	726
Capitalized software and development costs
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 18,126	$ 13,125

Balance Sheet Components - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Balance Sheet Related Disclosures [Abstract]
Accrued compensation	$ 3,208	$ 509
Tax payable	1,164	1,525
Other current liabilities	2,623	1,104
Total accrued expenses and other current liabilities	$ 6,995	$ 3,138

Debt - Narrative (Details)												1 Months Ended		12 Months Ended
Debt - Narrative (Details)	Oct. 12, 2020 USD ($)	Apr. 17, 2020 USD ($)	Feb. 20, 2020 USD ($) payment loanFacility	Sep. 27, 2019 USD ($)	Sep. 16, 2019 USD ($) payment	Apr. 20, 2018 USD ($) payment	Nov. 03, 2017 USD ($) payment	Oct. 26, 2017 USD ($)	May 22, 2017 USD ($)	Sep. 23, 2016 USD ($) payment	May 20, 2015 USD ($)	Jul. 31, 2021 USD ($)	Apr. 30, 2020 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Apr. 28, 2020 USD ($)	Apr. 27, 2020 USD ($)
Debt Instrument [Line Items]
Proceeds from debt, net														$ 6,302,000	$ 6,000,000
Long-term debt														4,502,000	$ 7,630,000
2017 Term Loan
Debt Instrument [Line Items]
Stated interest rate (percent)															5.80%
2018 Agreement
Debt Instrument [Line Items]
Interest expense															$ 1,100,000
Term Loan \| 2015 Term Loan
Debt Instrument [Line Items]
Term loan, maximum amount											$ 4,000,000.0
Proceeds from debt, net										$ 4,000,000.0
Number of equal installment payments \| payment										36
Long-term debt															1,000,000.0
Term Loan \| 2015 Term Loan \| Prime Rate
Debt Instrument [Line Items]
Basis spread on floating rate (percent)											1.00%
Term Loan \| 2017 Term Loan
Debt Instrument [Line Items]
Term loan, maximum amount								$ 1,500,000
Proceeds from debt, net							$ 1,500,000
Number of equal installment payments \| payment							36
Stated interest rate (percent)								5.25%
Debt repaid in full					$ 1,000,000.0
Repayment of term loan															400,000
Term Loan \| 2017 Term Loan \| Prime Rate
Debt Instrument [Line Items]
Basis spread on floating rate (percent)								1.00%
Term Loan \| 2019 Term Loan
Debt Instrument [Line Items]
Term loan, maximum amount					3,000,000.0
Proceeds from debt, net					$ 3,000,000.0
Number of equal installment payments \| payment					36	36
Stated interest rate (percent)					5.25%
Long-term debt														600,000
Interest expense														300,000	100,000
Term Loan \| 2019 Term Loan \| Prime Rate
Debt Instrument [Line Items]
Basis spread on floating rate (percent)					1.00%
Term Loan \| 2018 Agreement
Debt Instrument [Line Items]
Term loan, maximum amount						$ 10,000,000.0
Stated interest rate (percent)						11.50%
Repayment of term loan														3,200,000	1,700,000
Number of monthly scheduled installment payments \| payment						48
Payment of final payment fee														500,000
Period of interest-only payments						12 months
Long-term debt														5,100,000	8,300,000
Interest expense														800,000	$ 100,000
Term Loan \| 2020 Term Loan
Debt Instrument [Line Items]
Term loan, maximum amount			$ 2,000,000.0
Number of equal installment payments \| payment			24
Stated interest rate (percent)			4.75%
Interest expense														100,000
Number of term loan facilities \| loanFacility			2
Aggregated annual coupon payment			$ 100,000
Term Loan \| 2020 Term Loan - Facility A
Debt Instrument [Line Items]
Term loan, maximum amount			$ 1,000,000.0
Proceeds from debt, net		$ 1,000,000.0
Debt maturity period			36 months
Term Loan \| 2020 Term Loan - Facility B
Debt Instrument [Line Items]
Term loan, maximum amount			$ 1,000,000.0
Proceeds from debt, net	$ 1,000,000.0
Debt maturity period			30 months
Line of Credit
Debt Instrument [Line Items]
Stated interest rate (percent)															5.30%
Line of Credit \| 2015 Account Financing \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity											$ 1,000,000.0
Line of Credit \| 2015 Amended and Restated Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity									$ 2,000,000.0
Line of Credit \| 2015 Amended and Restated Agreement \| Prime Rate \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on floating rate (percent)									0.50%
Line of Credit \| 2017 Second Amended and Restated Agreement \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 3,000,000.0												$ 3,000,000.0
Stated interest rate (percent)					5.25%
Proceeds from line of credit				$ 3,000,000.0
Line of Credit \| 2017 Second Amended and Restated Agreement \| Prime Rate \| Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on floating rate (percent)					0.50%
Line of Credit \| 2020 Amendment \| Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity																$ 5,000,000.0
Stated interest rate (percent)																5.25%
Debt repaid in full												$ 3,000,000.0
Notes Payable to Banks \| Paycheck Protection Program CARES Act
Debt Instrument [Line Items]
Long-term debt															$ 4,400,000
Debt maturity period													2 years
Fixed annual interest rate (percent)													1.00%
Notes payable													$ 4,300,000
Debt Instrument, Increase, Accrued Interest														$ 100,000

Debt - Schedule of Debt Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total debt	$ 13,067	$ 14,815
Less: unamortized debt discount	(350)	(437)
Total debt, net of debt discount	12,717	14,378
Current portion of long-term debt	(8,215)	(6,748)
Long - term debt	4,502	7,630
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Total debt	3,000	3,000
Term Loan \| 2019 Term Loan
Debt Instrument [Line Items]
Total debt	2,417	3,000
Long - term debt	600
Term Loan \| 2018 Term Loan
Debt Instrument [Line Items]
Total debt	5,650	8,815
Long - term debt	5,100	8,300
Term Loan \| 2020 Term Loan
Debt Instrument [Line Items]
Total debt	$ 2,000	$ 0

Debt - Schedule of Maturities of Long-term Debt (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Debt Disclosure [Abstract]
2021	$ 8,215
2022	4,102
2023	750
2024	0
Total	$ 13,067

Commitment and Contingencies - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Rent expense	$ 2,500,000	$ 1,900,000
Estimated litigation liability	$ 0	$ 0

Commitment and Contingencies - Future Minimum Operating Lease Payments and Purchase Obligations (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Operating Leases
2021	$ 1,383
2022	1,301
2023	1,339
2024	1,306
2025	207
Thereafter	0
Total	5,536
Purchase Obligations
2021	3,859
2022	0
2023	0
2024	0
2025	0
Thereafter	0
Total	3,859
Total Lease and Purchase Obligations
2021	5,242
2022	1,301
2023	1,339
2024	1,306
2025	207
Thereafter	0
Total	$ 9,395

Convertible Notes - Additional Information (Details) $ / shares in Units, $ in Thousands		1 Months Ended		3 Months Ended		9 Months Ended	12 Months Ended
	Nov. 30, 2020 shares	Apr. 30, 2020 USD ($) $ / shares shares	Jan. 31, 2019 USD ($) shares	Jun. 30, 2020 USD ($) $ / shares shares	Mar. 31, 2020 USD ($) $ / shares	Sep. 30, 2021	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Jan. 01, 2019 $ / shares	Dec. 31, 2018 USD ($)
Debt Instrument [Line Items]
Redeemable convertible preferred, issued (shares) \| shares	1,300,000
Redeemable Convertible Preferred Stock
Debt Instrument [Line Items]
Conversion of convertible debt plus interest into Series D redeemable convertible preferred stock ($ per share) \| $ / shares		$ 1.8163
Redeemable convertible preferred, issued (shares) \| shares				21,708,519
Redeemable convertible preferred issued ($ per share) \| $ / shares				$ 2.0181
Proceeds from issuance of redeemable convertible preferred stock				$ 43,800
Conversion of debt, shares issued (shares) \| shares		4,728,975
Aggregate proceeds from convertible preferred stock financing and converted notes		$ 52,400
Debt instrument convertible conversion price per share \| $ / shares		$ 1.8163
2020 Notes
Debt Instrument [Line Items]
Conversion of debt to redeemable convertible preferred stock, trigger amount					$ 10,000
Conversion of debt to redeemable convertible preferred stock, discount rate (percent)						15.0	10.0
2020 Notes \| Redeemable Convertible Preferred Stock
Debt Instrument [Line Items]
Conversion of convertible debt plus interest into Series D redeemable convertible preferred stock ($ per share) \| $ / shares					$ 2.0181
Debt instrument convertible conversion price per share \| $ / shares					$ 2.0181
2020 Notes \| Convertible Notes
Debt Instrument [Line Items]
Proceeds from issuance of convertible notes					$ 8,500
Stated interest rate (percent)					5.00%
Unpaid accrued interest		$ 8,600
Fair value of embedded derivative		$ 900			$ 1,000		$ 0	$ 0
Interest expense							$ 100
Two Thousand Seventeen And Two Thousand And Eighteen Notes [Member] \| Convertible Notes
Debt Instrument [Line Items]
Stated interest rate (percent)										5.00%
Debt instrument face value										$ 17,000
Two Thousand Seventeen And Two Thousand And Eighteen Notes [Member] \| Convertible Notes \| Series C Redeemable Convertible Preferred Stock [Member]
Debt Instrument [Line Items]
Conversion of convertible debt plus interest into Series D redeemable convertible preferred stock ($ per share) \| $ / shares									$ 1.7194
Conversion of debt, shares issued (shares) \| shares			10,370,967
Debt instrument convertible conversion price per share \| $ / shares									$ 1.7194
Debt conversion converted instrument amount			$ 17,800

Redeemable Convertible Preferred Stock - Narrative (Details) $ / shares in Units, $ in Millions		12 Months Ended
	Nov. 30, 2020 USD ($)	Dec. 31, 2020 USD ($) Director $ / shares	Dec. 31, 2019 $ / shares
Class of Stock [Line Items]
Number of directors entitled to be elected by the shareholders \| Director		3
Shares issued price per share \| $ / shares		$ 3.0272
Sale of stock net consideration received on the transaction \| $	$ 1.3	$ 50.0
Series Seed Redeemable Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Dividend Rate (percent)		8.0	8.0
Number of directors entitled to be elected by the shareholders \| Director		1
Shares issued price per share \| $ / shares		$ 0.3507	$ 0.3507
Series A One Redeemable Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Dividend Rate (percent)		8.0
Number of directors entitled to be elected by the shareholders \| Director		1
Series B Redeemable Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Dividend Rate (percent)		8.0	8.0
Number of directors entitled to be elected by the shareholders \| Director		1
Shares issued price per share \| $ / shares		$ 0.8194	$ 0.8194
Series C Redeemable Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Dividend Rate (percent)		8.0	8.0
Number of directors entitled to be elected by the shareholders \| Director		1
Shares issued price per share \| $ / shares		$ 1.7194	$ 1.7194
Series D Redeemable Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Dividend Rate (percent)		8.0	8.0
Shares issued price per share \| $ / shares		$ 2.0181	$ 2.0181

Redeemable Convertible Preferred Stock (Details)
$ / shares in Units, $ in Thousands

12 Months Ended

Dec. 31, 2020

USD ($)

$ / shares

Dec. 31, 2019

USD ($)

$ / shares

Sep. 30, 2020

USD ($)

Dec. 31, 2018

USD ($)

Class of Stock [Line Items]

Original Issuance Price ($ per share) | $ / shares

$ 3.0272

Shares Authorized

125,405,000

98,545,000

Shares Issued

124,979,000

98,542,000

Shares Outstanding

^[1]

124,979,000

98,542,000

72,314,000

Shares of Common Stock if converted

126,409,000

99,972

Carrying Value | $

$ 164,168

$ 110,978

$ 61,282

Aggregate Liquidation Preference | $

$ 166,131

$ 112,778

$ 166,131

Series Seed redeemable

Class of Stock [Line Items]

Original Issuance Price ($ per share) | $ / shares

$ 0.3507

Shares Authorized

24,861,000

Shares Issued

24,861,000

Shares Outstanding

24,861,000

Shares of Common Stock if converted

24,861,000

24,861

Carrying Value | $

$ 7,350

Aggregate Liquidation Preference | $

$ 8,720

Dividend Rate (percent)

8.0

Series A-1 redeemable

Class of Stock [Line Items]

Original Issuance Price ($ per share) | $ / shares

$ 0.4261

Shares Authorized

7,570,000

Shares Issued

7,570,000

Shares Outstanding

7,570,000

Shares of Common Stock if converted

7,570,000

7,570

Carrying Value | $

$ 3,165

Aggregate Liquidation Preference | $

$ 3,226

Dividend Rate (percent)

8.0

Series B redeemable

Class of Stock [Line Items]

Original Issuance Price ($ per share) | $ / shares

$ 0.8194

Shares Authorized

19,527,000

Shares Issued

19,527,000

Shares Outstanding

19,527,000

Shares of Common Stock if converted

20,957,000

20,957

Carrying Value | $

$ 15,905

Aggregate Liquidation Preference | $

$ 16,000

Dividend Rate (percent)

8.0

Series C redeemable

Class of Stock [Line Items]

Original Issuance Price ($ per share) | $ / shares

$ 1.7194

Shares Authorized

30,730,000

Shares Issued

30,727,000

Shares Outstanding

30,727,000

Shares of Common Stock if converted

30,727,000

30,727

Carrying Value | $

$ 52,696

Aggregate Liquidation Preference | $

$ 52,832

Dividend Rate (percent)

8.0

Series D redeemable

Class of Stock [Line Items]

Original Issuance Price ($ per share) | $ / shares

$ 2.0181

Shares Authorized

42,717,000

15,857,000

Shares Issued

42,294,000

15,857,000

Shares Outstanding

42,294,000

15,857,000

Shares of Common Stock if converted

42,294,000

15,857

Carrying Value | $

$ 85,052

$ 31,862

Aggregate Liquidation Preference | $

$ 85,353

$ 32,000

Dividend Rate (percent)

8.0

[1]	The shares of the Company’s common and redeemable convertible preferred stock, prior to the Merger (as defined in Note 1) have been retroactively restated to reflect the exchange ratio of approximately 4.1193 established in the Merger as described in Note 3.

Stockholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Aug. 31, 2020 USD ($) shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares	Sep. 30, 2021 Day	Feb. 20, 2020 USD ($) $ / shares shares	Sep. 16, 2019 $ / shares shares	Apr. 20, 2018 USD ($) $ / shares shares	Nov. 02, 2017 $ / shares shares	Oct. 26, 2017 $ / shares shares	May 20, 2015 $ / shares shares
Class of Stock [Line Items]
Common stock, authorized (shares) \| shares		230,680,000	189,487,000
Common stock, par value ($ per share) \| $ / shares		$ 0.0001	$ 0.0001
Unamortized debt discount		$ 350	$ 437
Amortization of debt discount		223	200
Stock repurchased and retired during the period value		438
Warrants \| 2015 Term Loan [Member] \| Secured Debt [Member]
Class of Stock [Line Items]
Shares issued upon exercise of warrants (shares) \| shares										182,072
Warrant, exercise price ($ per share) \| $ / shares										$ 0.159
Warrants \| 2017 Term Loan [Member] \| Two Thousand And Fifteen Amended And Restated Agreement [Member] \| Secured Debt [Member]
Class of Stock [Line Items]
Shares issued upon exercise of warrants (shares) \| shares									9,268
Warrant, exercise price ($ per share) \| $ / shares									$ 0.347
Warrants \| 2017 Term Loan [Member] \| Two Thousand And Fifteen Amended And Restated Agreement [Member] \| Secured Debt [Member] \| Additional Warrants [Member]
Class of Stock [Line Items]
Shares issued upon exercise of warrants (shares) \| shares								9,268
Warrant, exercise price ($ per share) \| $ / shares								$ 0.347
Warrants \| 2019 Term Loan [Member] \| 2017 Second Amended and Restated Agreement [Member] \| Secured Debt [Member]
Class of Stock [Line Items]
Shares issued upon exercise of warrants (shares) \| shares						82,386
Warrant, exercise price ($ per share) \| $ / shares						$ 0.659
Warrants \| 2018 Term Loan [Member] \| Secured Debt [Member]
Class of Stock [Line Items]
Shares issued upon exercise of warrants (shares) \| shares							592,406
Unamortized debt discount		200	100
Amortization of debt discount			$ 100
Warrant, exercise price ($ per share) \| $ / shares							$ 0.347
Derivative liabilities fair value							$ 200
Warrants \| 2018 Term Loan [Member] \| Secured Debt [Member] \| Measurement Input, Expected Dividend Rate [Member]
Class of Stock [Line Items]
Warrants or rights measurement input							0
Warrants \| 2018 Term Loan [Member] \| Secured Debt [Member] \| Measurement Input, Price Volatility [Member]
Class of Stock [Line Items]
Warrants or rights measurement input							44.8
Warrants \| 2018 Term Loan [Member] \| Secured Debt [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Class of Stock [Line Items]
Warrants or rights measurement input							3.0
Warrants \| 2020 Term Loan [Member] \| Secured Debt [Member]
Class of Stock [Line Items]
Shares issued upon exercise of warrants (shares) \| shares					205,964
Warrant, exercise price ($ per share) \| $ / shares					$ 0.659
Derivative liabilities fair value					$ 100
Warrants \| 2020 Term Loan [Member] \| Secured Debt [Member] \| Measurement Input, Expected Dividend Rate [Member]
Class of Stock [Line Items]
Warrants or rights measurement input					0
Warrants \| 2020 Term Loan [Member] \| Secured Debt [Member] \| Measurement Input, Price Volatility [Member]
Class of Stock [Line Items]
Warrants or rights measurement input					38.37
Warrants \| 2020 Term Loan [Member] \| Secured Debt [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Class of Stock [Line Items]
Warrants or rights measurement input					1.45
Retained Earnings [Member]
Class of Stock [Line Items]
Stock repurchased and retired during the period value		$ 438
Common Stock
Class of Stock [Line Items]
Number of lenders \| Day				3
Warrants, contractual life		10 years
Common Stock \| Former Employees [Member]
Class of Stock [Line Items]
Stock repurchased and retired during the period shares \| shares	400,000
Stock repurchased and retired during the period value	$ 500
Common Stock \| Former Employees [Member] \| Compensation Expenses [Member]
Class of Stock [Line Items]
Stock repurchased and retired during the period value	100
Common Stock \| Retained Earnings [Member] \| Former Employees [Member]
Class of Stock [Line Items]
Stock repurchased and retired during the period value	$ 400

Stockholders' Equity - Shares Reserved for Future Issuance (Details) - shares	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares of common stock reserved	178,617	151,029
Warrants to purchase common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares of common stock reserved	1,081	875
Shares available for future grant under 2021 Incentive Award Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares of common stock reserved	1,921	1,419
Redeemable convertible preferred stock, all series
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares of common stock reserved	126,409	99,972
Common stock options outstanding
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total shares of common stock reserved	49,206	48,763

Stock Plan - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands

2 Months Ended

12 Months Ended

Nov. 30, 2020

Sep. 30, 2021

Dec. 31, 2020

Dec. 31, 2019

Mar. 31, 2019

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Unrecognized stock-based expense related to unvested options

$ 0

Stock-based compensation expense

$ 2,505

$ 1,830

Share-based compensation arrangement by share-based payment award, options, grants in period, weighted average grant date fair value

$ 0.33

$ 0.27

Options exercisable, aggregate intrinsic value

^[1]

$ 107,029

Share-based compensation arrangement by share-based payment award, options, vested in period, fair value

$ 956

Weighted average remaining contractual term

8 years 1 month 6 days

Share-based payment arrangement, nonvested award, cost not yet recognized, amount

$ 7,300

$ 6,400

Sale of stock, number of shares issued in transaction

1,300,000

Sale of stock net consideration received on the transaction

$ 1,300

50,000

Additional paid-in capital

1,000

9,159

5,871

Payments of stock issuance costs

$ 300

Proceeds from exercise of stock options

1,538

466

Stock based compensation [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock-based compensation expense

Share-based compensation arrangement by share-based payment award, options, vested in period, fair value

$ 2,300

$ 1,600

Maximum [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Unrecognized stock-based expense, period for recognition

3 years 1 month 13 days

Minimum [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Unrecognized stock-based expense, period for recognition

2 years 8 months 23 days

Performance Based Stock Option Awards [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Shares available for grant under the plan (shares)

900,000

2011 Stock Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock incentive plan, period in force

10 years

Annual increase to shares available for grant under the plan as percentage of shares outstanding at prior year end (percent)

110.00%

Vesting period

4 years

Stock repurchase program, authorized amount

$ 66,500

$ 58,200

2011 Stock Plan | Maximum [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Annual increase to shares available for grant under the plan as percentage of shares outstanding at prior year end (percent)

100.00%

Vesting period

12 months

2011 Stock Plan | Minimum [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Annual increase to shares available for grant under the plan as percentage of shares outstanding at prior year end (percent)

10.00%

Vesting period

3 months

2021 Plan

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Shares available for grant under the plan (shares)

1,900,000

2021 ESPP

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Shares available for grant under the plan (shares)

1,400,000

Stock option activity [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Options exercisable, aggregate intrinsic value

$ 3,600

$ 900

[1]	As corrected to reflect the common stock fair market value per share as of December 31, 2020.

Stock Plan - Stock Option Activities (Details) - USD ($)
$ / shares in Units, $ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Jan. 01, 2019

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]

Balance, beginning (shares)

48,762

24,482

Granted (shares)

13,349

29,030

Exercised (shares)

(7,293)

(2,080)

Expired or canceled (shares)

(5,612)

(2,670)

Balance, ending (shares)

49,206

48,762

Exercisable (shares)

20,935

Weighted- Average Exercise Price Per Share

Beginning balance ($ per share)

$ 0.50

$ 0.28

Granted ($ per share)

0.81

0.66

Exercised ($ per share)

0.21

0.22

Expired or canceled ($ per share)

0.54

0.42

Exercisable ($ per share)

0.50

Ending Balance ($ per share)

$ 0.62

$ 0.50

Options outstanding, weighted-average remaining contractual term (in years)

8 years 1 month 6 days

7 years 3 months 18 days

Options exercisable, weighted-average remaining contractual term (in years)

7 years 2 months 12 days

Options outstanding, aggregate intrinsic value

$ 245,565

^[1]

$ 7,698

$ 3,555

Options exercisable, aggregate intrinsic value

^[1]

$ 107,029

[1]	As corrected to reflect the common stock fair market value per share as of December 31, 2020.

Stock Plan - Fair Value Assumptions, Options and Earn-out Shares (Details) - Common stock options outstanding	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility, minimum (percent)	38.50%	38.40%
Expected volatility, maximum (percent)	45.00%	39.10%
Risk-free interest rate, minimum (percent)	0.30%	1.60%
Risk-free interest rate, maximum (percent)	1.50%	2.40%
Expected dividend yield (percent)	0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	5 years 6 months	5 years 10 months 24 days
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	6 years 1 month 6 days	6 years 4 months 24 days

Stock Plan - Stock-based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation, net of amounts capitalized	$ 2,505	$ 1,830
Capitalized stock-based compensation	146	56
Total stock-based compensation	2,651	1,886
Costs of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation, net of amounts capitalized	135	32
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation, net of amounts capitalized	624	427
Selling, general, and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation, net of amounts capitalized	$ 1,746	$ 1,371

Income Taxes - Summary of Components of Net Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract]
United States	$ (14,294)	$ (32,136)
Foreign	350	241
Loss before income taxes	$ (13,944)	$ (31,895)

Income Taxes - Summary of Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Current
State	$ 8	$ 3
International	69	62
Total current tax expense	77	65
Total deferred tax expense	0	0
Total tax expense	$ 77	$ 65

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Summary of Components of Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Deferred tax assets:
Net operating loss carryforwards	$ 29,734	$ 27,510
Research and development credits carryforward	5,009	3,975
Accruals	988	509
Other	62	71
Interest expense carryforward	566	278
Fixed assets	128	140
Stock-based compensation	604	413
Total deferred tax assets	37,091	32,896
Less: valuation allowance	(35,023)	(31,081)	$ (23,150)
Deferred tax liabilities:
Intangibles	(1,876)	(1,710)
Deferred commissions	(192)	(105)
Total deferred tax liabilities	(2,068)	(1,815)
Net deferred tax assets	$ 0	$ 0

Income Taxes - Summary of Valuation Allowance for Deferred Tax Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Valuation Allowance [Abstract]
Balance at beginning of period	$ 31,081	$ 23,150
Additions charges to costs and expenses	3,942	7,931
Balance at end of period	$ 35,023	$ 31,081

Income Taxes - Summary of Net Operating Loss and Tax Credit (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
NOLs, federal (Post December 31, 2017) [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	$ 59,316
NOLs, federal (Pre January 1, 2018) [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	$ 61,397
Operating Loss Carryforwards, Expiration Date	Dec. 31, 2031
NOLs, state [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	$ 65,315
Operating Loss Carryforwards, Expiration Date	Dec. 31, 2032
Tax credits, federal [Member]
Operating Loss Carryforwards [Line Items]
Tax Credit Carryforward, Amount	$ 5,312
Tax Credit Carryforward, Expiration Date	Dec. 31, 2032
Tax credits, state [Member]
Operating Loss Carryforwards [Line Items]
Tax Credit Carryforward, Amount	$ 3,843

Income Taxes - Summary of Effective Tax Rate of Company's Provision for Income Taxes (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Statutory federal income benefit rate	21.00%	21.00%
State income tax rate	7.01%	3.90%
Change in valuation allowance	(28.27%)	(24.85%)
Research and development credits	2.86%	0.73%
Other	(0.80%)	(0.45%)
Convertible notes—nondeductible	(1.57%)	0.00%
Stock-based compensation	(0.89%)	(0.53%)
Foreign rate differential	0.03%	(0.03%)
Effective tax rate	(0.63%)	(0.23%)

Income Taxes - Summary of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefits—beginning	$ 2,906	$ 2,441
Gross Increases—prior-year unrecognized tax benefits	0	0
Gross Increases—current-year unrecognized tax benefits	756	465
Unrecognized tax benefits—ending	$ 3,662	$ 2,906

Income Taxes - Narrative (Details)			12 Months Ended
Income Taxes - Narrative (Details)	Jan. 01, 2018	Dec. 22, 2017	Dec. 31, 2020	Dec. 31, 2019
Effective income tax rate reconciliation, percent			(0.63%)	(0.23%)
Operating loss carryforwards, expiration term	20 years
Minimum [Member]
Effective income tax rate reconciliation, percent		80.00%
Maximum [Member]
Effective income tax rate reconciliation, percent	100.00%

Net Income (Loss) Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Numerator :
Net income (loss) attributable to common stockholders	$ (14,021)	$ (31,960)
Denominator:
Weighted average shares used in computing net loss per share attributable to common stockholders, basic (shares)	32,841	31,108
Weighted average shares used in computing net loss per share attributable to common stockholders, diluted (shares)	32,841	31,108
Net income (loss), basic ($ per share)	$ (0.43)	$ (1.03)
Net income (loss), diluted ($ per share)	$ (0.43)	$ (1.03)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Net Loss Attributable to Common Stockholders - Antidilutive Securities (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive common stock equivalents	176,696	149,609
Redeemable convertible preferred stock, all series
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive common stock equivalents	126,409	99,972
Warrants to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive common stock equivalents	1,081	875
Common stock options outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total potentially dilutive common stock equivalents	49,206	48,762

Related Party Disclosures (Details) - 2020 Notes - Convertible Notes - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Related Party Transaction [Line Items]
Proceeds from issuance of convertible notes	$ 8,500
Stated interest rate (percent)	5.00%
Affiliated Entity
Related Party Transaction [Line Items]
Proceeds from issuance of convertible notes		$ 8,500
Stated interest rate (percent)		5.00%
DCM VI, L.P. \| Affiliated Entity
Related Party Transaction [Line Items]
Proceeds from issuance of convertible notes		$ 400,000
Lux Co-Invest Opportunities, L.P. \| Affiliated Entity
Related Party Transaction [Line Items]
Proceeds from issuance of convertible notes		2,000
QUALCOMM Ventures LLC \| Affiliated Entity
Related Party Transaction [Line Items]
Proceeds from issuance of convertible notes		$ 1,000,000

Employee Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
United Kingdom \| Pension Plan
Defined Contribution Plan Disclosure [Line Items]
Discretionary matching contribution	$ 0.2	$ 0.6

Subsequent Events - Narrative (Details) $ / shares in Units, $ in Thousands			1 Months Ended	2 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended
	Jul. 22, 2021 USD ($) $ / shares shares	Nov. 30, 2020 shares	Mar. 31, 2021 USD ($)	Sep. 30, 2021 USD ($) shares	Sep. 30, 2021 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Feb. 28, 2021 shares
Subsequent Event [Line Items]
Share-based compensation arrangement by share-based payment award, options, vested in period, fair value							$ 956
Business acquisition, transaction costs	$ 36,300
Sale of stock, number of shares issued in transaction \| shares		1,300,000
Stockholders' equity note, stock split, exchange ratio	4.1193
Gain (loss) on extinguishment of debt							$ (955)	$ (55)
Two Thousand And Nineteen Term Loan [Member]
Subsequent Event [Line Items]
Repayments of lines of credit						$ 3,000
Line of credit facility, annual principal payment						2,400
Two Thousand And Eighteen Term Loan [Member]
Subsequent Event [Line Items]
Repayments of lines of credit						5,600
Line of credit facility, annual principal payment						500
Payment for debt extinguishment						100
Gain (loss) on extinguishment of debt						100
Two Thousand And Twenty Term Loan [Member]
Subsequent Event [Line Items]
Line of credit facility, annual principal payment						$ 2,000
Gain (loss) on extinguishment of debt					$ 100
First Tranche Share Price [Member]
Subsequent Event [Line Items]
Share price \| $ / shares	$ 13.00
Second Tranche Share Price [Member]
Subsequent Event [Line Items]
Share price \| $ / shares	15.50
Third Tranche Share Price [Member]
Subsequent Event [Line Items]
Share price \| $ / shares	18.00
Four Tranche Share Price [Member]
Subsequent Event [Line Items]
Share price \| $ / shares	20.50
Fifth Tranche Share Price [Member]
Subsequent Event [Line Items]
Share price \| $ / shares	23.00
Six Tranche Share Price [Member]
Subsequent Event [Line Items]
Share price \| $ / shares	$ 25.50
Earn-out Shares
Subsequent Event [Line Items]
Number of consecutive trading days for determining share price	10 days
Number of trading days for determining share price	30 days
Matterport, Inc. [Member]
Subsequent Event [Line Items]
Business acquisition, transaction costs	$ 10,000
Gores [Member]
Subsequent Event [Line Items]
Proceeds from issuance or sale of equity	640,100
Proceeds from issuance initial public offering	345,100
Proceeds from issuance of private placement	295,000
Business acquisition, transaction costs	$ 26,300
Gores Class A Common Stock [Member] \| Gores [Member]
Subsequent Event [Line Items]
Business acquisition, share price \| $ / shares	$ 10.00
Stock redeemed or called during period, value				$ 900
Series D Redeemable Convertible Preferred Stock [Member]
Subsequent Event [Line Items]
Shares, issued \| shares	52,236
Matterport Class A Common Stock [Member]
Subsequent Event [Line Items]
Convertible preferred stock, shares issued upon conversion \| shares	126,460,926
Matterport Warrants [Member]
Subsequent Event [Line Items]
Number of securities called by warrants or rights \| shares	1,038,444
Common Class A [Member]
Subsequent Event [Line Items]
Sale of stock, number of shares issued in transaction \| shares				218,875,000
Sale of stock, price per share \| $ / shares	$ 0.0001
Common Class A [Member] \| Earn-out Shares
Subsequent Event [Line Items]
Stock issued during period, shares, new issues \| shares	23,460,000
Shares, outstanding \| shares	3,910,000
Restricted Stock Units (RSUs) [Member] \| Two Thousand Eleven Stock Plan [Member]
Subsequent Event [Line Items]
Share-based compensation arrangement by sharebased payment award, number of shares available for grant \| shares									1,353,200
Share-based compensation arrangement by share-based payment award, options, vested in period, fair value			$ 8,200