SHPW Shapeways Holdings Inc

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On September 29, 2021 (the “Closing” or the “Closing Date”), Galileo Acquisition Corp., a Cayman Islands exempted company (“Galileo” and after the Domestication (as defined below) “Shapeways”), a publicly-traded special purpose acquisition company, consummated the transactions described in the Agreement and Plan of Merger and Reorganization (the “Merger Agreement”) dated April 28, 2021, by and among Galileo Founders Holdings, L.P. (the “Sponsor”), Galileo Acquisition Corp., Galileo Acquisition Holdings, Inc., a Delaware corporation and wholly owned subsidiary of Galileo (“Merger Sub”), and Shapeways, Inc., a Delaware corporation (“Legacy Shapeways”), whereby Merger Sub merged with and into Legacy Shapeways, the separate corporate existence of Merger Sub ceasing and Legacy Shapeways being the surviving corporation and a wholly owned subsidiary of Shapeways (the “Merger”).

Further, on the Closing Date, Galileo was domesticated and continued as a Delaware corporation (the “Domestication” and, together with the Merger, the “Business Combination”), changing its name to “Shapeways Holdings, Inc.” (the “Company” and/or “Shapeways”). Simultaneously with the execution of the Business Combination, Galileo entered into subscription agreements pursuant to which certain investors agreed to purchase an aggregate of 7,500,000 shares of common stock for a purchase price of $10.00 per share and $75,000,000 in the aggregate (the “PIPE Investment”). At the Closing, the Company consummated the PIPE Investment. Shapeways also operates through its wholly owned subsidiaries, Shapeways BV, which was incorporated in the Netherlands on December 10, 2008 and Linear Mold & Engineering, LLC, also referred to as Linear AMS ("Linear"), which was acquired in May 2022.

Shapeways is a leader in the large and fast-growing digital manufacturing industry combining high quality, flexible on-demand manufacturing powered by purpose-built proprietary software which enables customers to rapidly transform digital designs into physical products, globally. Shapeways makes industrial-grade additive manufacturing accessible by fully digitizing the end-to-end manufacturing process, and by providing a broad range of solutions utilizing 12 additive manufacturing technologies and more than 120 materials and finishes, with the ability to easily scale new innovation. Shapeways has delivered over 24 million parts to over 1 million customers in over 180 countries, from inception through September 30, 2023.

Basis of Presentation and Principles of Consolidation

The accompanying unaudited condensed consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information as defined by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and in accordance with the instruction to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission (“SEC”). Certain information or footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. The unaudited condensed consolidated financial statements include the accounts of its wholly owned subsidiaries, Legacy Shapeways, Shapeways BV and Linear. All intercompany accounts and transactions have been eliminated in consolidation. In the opinion of management, the accompanying unaudited condensed consolidated interim financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. These unaudited condensed consolidated interim financial statements should be read along with the audited financial statements included in the Company’s Annual Report on Form 10-K/A for the fiscal year ended December 31, 2022, as filed with the SEC on August 4, 2023 (the “Annual Report”).

Use of Estimates

The preparation of the Company’s unaudited condensed consolidated financial statements, in conformity with U.S. GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and

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disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and reported amounts of revenues and expenses during the reporting periods. Actual results may differ from those estimates.

Functional Currency

The Euro is the functional currency for Shapeways BV’s operations outside the United States. Assets and liabilities of these operations are translated into U.S. Dollars at the exchange rate in effect at the end of each period. Income statement accounts are translated at the average exchange rate prevailing during the period. Translation adjustments arising from the use of differing exchange rates from period to period are included as a component of other comprehensive loss within stockholders’ equity. Gains and losses from foreign currency transactions are included in net loss for the period.

Cash, Cash Equivalents and Restricted Cash

Cash includes cash on hand and demand deposits and highly liquid securities with original maturities at the date of acquisition of ninety days or less. The Company maintains its deposits at high quality financial institutions and monitors the credit ratings of those institutions. The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. While cash held by financial institutions may at times exceed federally insured limits, the Company believes that no material credit or market risk exposure exists due to the high quality of the institutions. The Company has not experienced any losses on such accounts. Restricted cash represents cash required to be held as collateral for the Company’s credit cards and security deposit for its facility in the Netherlands. Accordingly, these balances contain restrictions as to their availability and usage and are classified as restricted cash in the unaudited condensed consolidated balance sheets.

The reconciliation of cash, cash equivalents and restricted cash reported within the applicable unaudited condensed consolidated balance sheets that sum to the total of the same such amount shown in the unaudited condensed consolidated statements of cash flows is as follows:

			September 30, 2023						September 30, 2022
Cash and cash equivalents			$	17,517					$	46,941
Restricted cash			139						136
			$	17,656					$	47,077

Short-term investments

The Company invests its excess cash in fixed income instruments including U.S. treasury securities with a maturity of six months or less. The Company has the means to and intends to, hold all investments to maturity, and as such, its investments are classified as held-to-maturity investments. Held-to-maturity investments are recorded at amortized cost and adjusted for the amortization or accretion of premiums or discounts.

Accounts Receivable

Accounts receivable are recorded at the invoiced amount and are generally unsecured as they are uncollateralized. The Company provides an allowance for doubtful accounts to reduce receivables to their estimated net realizable value. Judgement is exercised in establishing allowances and estimates are based on the customers’ payment history and liquidity. Any amounts that were previously recognized as revenue and subsequently determined to be uncollectible are charged to bad debt expense included in selling, general and administrative expense in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss. Given the nature and historical collectability of the Company’s accounts receivable, an allowance for doubtful accounts was not deemed necessary at September 30, 2023 and December 31, 2022.

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Inventory

Inventory consists of raw materials, work-in-process and finished goods at the Company’s distribution centers. Raw materials are stated at the lower of cost or net realizable value, determined by the first-in-first-out method. Finished goods and work-in-process are valued using a methodology to determine the cost of each 3D printed object using allocations for material, labor, machine time and overhead. The Company periodically reviews its inventory for slow-moving, damaged and discontinued items and provides allowances to reduce such items identified to their recoverable amounts. As of September 30, 2023 and December 31, 2022, the Company determined an allowance was not deemed necessary.

Property and Equipment, net

Property and equipment are stated at cost, less accumulated depreciation. Maintenance and repairs are charged to expense when incurred. Additions and improvements that extend the economic useful life of the asset are capitalized and depreciated over the remaining useful lives of the assets. The cost and accumulated depreciation of assets sold or retired are removed from the respective accounts, and any resulting gain or loss is reflected in current earnings.

In March 2021, the Company entered into a non-binding Memorandum of Understanding (“MOU”) with Desktop Metal Inc. ("Desktop Metal"), pursuant to which Desktop Metal agreed to invest $20.0 million in the PIPE Investment. Upon consummation of this investment, the Company became obligated to purchase $20.0 million of equipment, materials and services from Desktop Metal. In September 2023, the Company identified $11.5 million of such equipment that would not be utilized in its operations and classified the assets as held for sale, at the lower of the carrying value or fair value. The Company recognized $9.7 million of impairment charges during the three and nine months ended September 30, 2023. No impairment charges were recorded for the three and nine months ended September 30, 2022. The Company also wrote off $3.2 million of prepaid services related to such equipment, which was included in selling, general and administrative expense on the condensed consolidated statements of operations and comprehensive loss. Costs for capital assets not yet placed into service are capitalized and depreciated once placed into service. Depreciation is recognized using the straight-line method in amounts considered to be sufficient to allocate the cost of the assets to operations over the estimated useful lives or lease terms, as follows:

Asset Category						Depreciable Life
Machinery and equipment						5 to 10 years
Computers and IT equipment						3 to 10 years
Furniture and fixtures						7 to 10 years
Vehicles						10 years
Leasehold improvements						**

**			Leasehold improvements are amortized using the straight-line method over the shorter of the lease term or estimated useful life of the asset.

Long-Lived Assets, Including Definite-Lived Intangible Assets

Intangible assets, which consist of technology, customer relationships, trademarks, favorable and unfavorable operating leases, and non-competition agreements are stated at cost less accumulated amortization. Amortization is generally recorded on a straight-line basis over estimated useful lives ranging from two to ten years. The Company periodically reviews the estimated useful lives of intangible assets and adjusts when events indicate that a shorter life is appropriate. Capitalization of costs to develop software begins when preliminary development efforts are successful and completed. Costs related to the design or maintenance of internal-use software are expensed as incurred.

Long-lived assets, other than goodwill and other indefinite-lived intangibles, are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable through the estimated undiscounted future cash flows derived from such assets.

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Factors that the Company considers in deciding when to perform an impairment review include significant changes in the Company’s forecasted projections for the asset or asset group for reasons including, but not limited to, significant underperformance of a product in relation to expectations, significant changes, or planned changes in the Company’s use of the assets, significant negative industry or economic trends, and new or competing products that enter the marketplace. The impairment test is based on a comparison of the undiscounted cash flows expected to be generated from the use of the asset group. If impairment is indicated, the asset is written down by the amount by which the carrying value of the asset exceeds the related fair value of the asset with the related impairment charge recognized within the unaudited condensed consolidated statements of operations and comprehensive loss. No impairment charges were recorded for the three and nine months ended September 30, 2023 and 2022.

Goodwill

Goodwill, which represents the excess of purchase prices over the fair value of net assets acquired, is carried at cost. Goodwill is not amortized; rather, it is subject to a periodic assessment for impairment by applying a fair value-based test. Goodwill is evaluated for impairment on an annual basis at a level of reporting referred to as the reporting unit, and more frequently if adverse events or changes in circumstances indicate that the asset may be impaired.

Under ASC 350, Intangibles - Goodwill and Other, the Company has the option to first assess the qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform a quantitative goodwill impairment test. If the Company determines that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then the goodwill impairment test is performed. Impairment tests are performed on a quarterly basis. Management uses the future discounted cash flows valuation approach to determine the fair value of reporting units and determines whether the fair value of reporting units exceeded its carrying amounts. If the fair value exceeds the carrying amount, then no impairment is recognized. If the carrying amount recorded exceeds the fair value calculated, then an impairment charge is recognized for the difference. The impairment review requires management to make judgments in determining various assumptions with respect to revenues, operating margins, growth rates and discount rates. The judgments made in determining the projected cash flows used to estimate the fair value can materially impact the Company’s financial condition and results of operations. No impairment charges related to Goodwill were recorded for the three and nine months ended September 30, 2023 and 2022.

Fair Value Measurements

The Company applies ASC 820, Fair Value Measurement (“ASC 820”), which establishes a framework for measuring fair value and clarifies the definition of fair value within that framework. ASC 820 defines fair value as an exit price, which is the price that would be received for an asset or paid to transfer a liability in the Company’s principal or most advantageous market in an orderly transaction between market participants on the measurement date. The fair value hierarchy established in ASC 820 generally requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs reflect the assumptions that market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the entity’s own assumptions based on market data and the entity’s judgments about the assumptions that market participants would use in pricing the asset or liability and are to be developed based on the best information available in the circumstances.

The valuation hierarchy is composed of three levels. The classification within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The levels within the valuation hierarchy are described below:

Level 1 - Assets and liabilities with unadjusted, quoted prices listed on active market exchanges. Inputs to the fair value measurement are observable inputs, such as quoted prices in active markets for identical assets or liabilities.

Level 2 - Inputs to the fair value measurement are determined using prices for recently traded assets and liabilities with similar underlying terms, as well as direct or indirect observable inputs, such as interest rates and yield curves that are observable at commonly quoted intervals.

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Level 3 - Inputs to the fair value measurement are unobservable inputs, such as estimates, assumptions, and valuation techniques when little or no market data exists for the assets or liabilities.

Business Acquisitions

The purchase price of an acquisition is allocated to the assets acquired, including intangible assets, and liabilities assumed, based on their respective fair values at the acquisition date. Acquisition-related costs are expensed as incurred. The excess of the cost of an acquired entity, net of the amounts assigned to the assets acquired and liabilities assumed, is recognized as goodwill. The net assets and results of operations of an acquired entity are included on the Company’s unaudited condensed consolidated financial statements from the acquisition date.

Revenue Recognition

Revenue is derived from two primary sources: (a) products and services and (b) software.

The Company recognizes revenue following the five-step model prescribed under ASC 606, Revenue from Contracts with Customers ("ASC 606"): (i) identify contract(s) with a customer; (ii) identify the performance obligation(s) in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligation(s) in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the products or services it transfers to the customer. These contracts have different terms based on the scope, performance obligations, and complexity of the project, which often requires the Company to make judgments and estimates in recognizing revenues.

Performance obligations are satisfied both at a point of time and over time. All revenue is recognized based on the satisfaction of the performance obligation to date (see Note 6).

Leases

The Company’s lease arrangements relate primarily to office and manufacturing space and equipment. The Company’s leases have initial terms ranging from 2 to 10 years and may include renewal options and rent escalation clauses. The Company is typically required to make fixed minimum rent payments relating to its right to use an underlying leased asset. Additionally, the Company’s leases do not contain significantly restrictive covenants or residual value guarantees.

The Company determines if an arrangement is a lease at inception and classifies its leases at commencement. Operating leases are presented as operating lease right-of-use assets, net and the corresponding lease liabilities are included in operating lease liabilities, current and operating lease liabilities, net of current on the Company’s unaudited condensed consolidated balance sheets. Finance lease right-of-use assets are presented within property and equipment, net and the corresponding finance lease liabilities are included in finance lease liability, current and finance lease liability, noncurrent on the Company's unaudited condensed consolidated balance sheets. Operating lease right-of-use assets and finance lease right-of-use assets, (collectively "ROU assets") represent the Company’s right to use an underlying asset and lease liabilities represent the Company’s obligation for lease payments in exchange for the ability to use the asset for the duration of the lease term. The Company does not recognize short term leases that have a term of twelve months or less as ROU assets or lease liabilities. The Company’s short-term leases are not material and do not have a material impact on its ROU assets or lease liabilities.

ROU assets and lease liabilities are recognized at commencement date and determined using the present value of the future minimum lease payments over the lease term. The Company uses an incremental borrowing rate based on estimated rate of interest for collateralized borrowing since the Company’s leases do not include an implicit interest rate. The estimated incremental borrowing rate considers market data, actual lease economic environment, and actual lease term at commencement date. The lease term may include options to extend when it is reasonably certain that the Company will exercise that option. ROU assets include lease payments made in advance, and excludes any incentives received or initial direct costs incurred. The Company recognizes lease expense on a straight-line basis over the lease term.

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The Company has lease agreements which contain both lease and non-lease components, which it has elected to account for as a single lease component. As such, minimum lease payments include fixed payments for non-lease components within a lease agreement, but exclude variable lease payments not dependent on an index or rate, such as common area maintenance, operating expenses, utilities, or other costs that are subject to fluctuation from period to period.

Stock-based Compensation

The Company recognizes stock-based compensation expense for all stock options, restricted stock units and other arrangements within the scope of ASC 718, Stock Compensation ("ASC 718"). Stock-based compensation expense is measured at the date of grant, based on the fair value of the award, and is recognized using the straight-line method over the employee’s requisite service period. Compensation for stock-based awards with vesting conditions other than service are recognized based on the probability of the performance condition being met over the vesting period. Forfeitures are recognized as they are incurred.

Common Stock Warrant Liabilities

The Company evaluates its warrants under ASC 815-40, Derivatives and Hedging—Contracts in Entity’s Own Equity (“ASC 815-40”). The Private Warrants (as defined in Note 14) previously met the definition of a derivative under ASC 815, and the Company recorded these warrants as liabilities on the unaudited condensed consolidated balance sheets at fair value, with subsequent changes in their respective fair values recognized in the unaudited condensed consolidated statements of operations and comprehensive loss at each reporting date.

In December 2022, the Company and the holders of the Private Warrants entered into letter agreements, pursuant to which such holders agreed that the Private Warrants will be exercisable for cash or on a cashless basis and redeemable on the same terms and subject to the same conditions as the Public Warrants (as defined in Note 14). The Company has therefore concluded that as of September 30, 2023 and December 31, 2022, all its warrants met the criteria to be classified in stockholders' equity.

Research and Development Costs

Research and development expenses consist primarily of allocated personnel costs, fees paid to consultants and outside service providers, and allocations for rent and overhead. Research and development costs are expensed as incurred. Advance payments for goods and services that will be used in future research and development activities are expensed when the activity has been performed or when the goods have been received. For the three months ended September 30, 2023 and 2022, research and development costs were $2,257 and $2,572, respectively. For the nine months ended September 30, 2023 and 2022, research and development costs were $7,261 and $6,992, respectively.

Advertising Costs

Advertising costs are expensed as incurred. For the three months ended September 30, 2023 and 2022, advertising costs were $321 and $571, respectively. For the nine months ended September 30, 2023 and 2022, advertising costs were $928 and $1,425, respectively. Advertising costs are included in selling, general and administrative expense on the unaudited condensed consolidated statements of operations and comprehensive loss.

Income Taxes

The Company files income tax returns in the U.S. federal jurisdiction, various state jurisdictions, and the Netherlands. Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. Where applicable, the Company records a valuation allowance to reduce any deferred tax assets that it determines will not be realizable in the future.

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The Company recognizes the benefit of an uncertain tax position that it has taken or expects to take on income tax returns it files if such tax position is more likely than not to be sustained on examination by the taxing authorities, based on the technical merits of the position. These tax benefits are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. Although the Company believes that it has adequately reserved for uncertain tax positions (including interest and penalties), it can provide no assurance that the final tax outcome of these matters will not be materially different. The Company makes adjustments to these reserves in accordance with the income tax accounting guidance when facts and circumstances change, such as the closing of a tax audit or the refinement of an estimate. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will affect the provision for income taxes in the period in which such determination is made and could have a material impact on the Company’s financial condition and operating results. Carryforward attributes that were generated in tax years prior to those that remain open for examination may still be adjusted by relevant tax authorities upon examination if they either have been, or will be, used in a future period.

In applying the estimated annual effective tax rate approach prescribed under ASC 740-270, Income Taxes - Interim Reporting, and based on present evidence and conclusions around the realizability of deferred tax assets, the Company determined that any deferred tax benefits related to the forecasted tax rate and pretax activity during the three and nine months ended September 30, 2023 and 2022 are neither more likely than not to be realized in the current year, nor realizable as a deferred tax asset at the end of the year. Therefore, the appropriate amount of income tax benefit to recognize related to deferred tax assets during the three and nine months ended September 30, 2023 and 2022 is zero. The Company’s effective tax rate was (0.17)% and (0.21)% for the three and nine months ended September 30, 2023, respectively and zero percent for the three and nine months ended September 30, 2022, respectively. The Company's effective tax rates differ from the applicable statutory tax rate primarily due to the fact that the Company maintains a full valuation allowance against its deferred tax assets as a result of its historical and current period losses.

Reverse Stock Split

On June 14, 2023, the Company’s Board of Directors approved a reverse stock split ratio of 1-for-8 (the “Reverse Stock Split”). On June 22, 2023, the effective date of the Reverse Stock Split, the number of the Company’s issued and outstanding shares of common stock decreased from 51,540,172 shares to 6,442,436 shares, net of fractional shares redeemed. The number of authorized shares and par value per common share remained unchanged. No fractional shares were issued as a result of the Reverse Stock Split. Stockholders who would otherwise have been entitled to receive a fractional share received a cash payment in lieu thereof. Prior to the effective date of the Reverse Stock Split, the Company had listed warrants to purchase a total of 18,410,000 shares of Common Stock, with each whole warrant being exercisable for one share of Common Stock at $11.50 per share. After the effective date of the Reverse Stock Split, every eight shares of Common Stock that may have been purchased pursuant to the warrants immediately prior to the Reverse Stock Split represented one share of Common Stock that may be purchased pursuant to such warrants immediately following the Reverse Stock Split. Correspondingly, the exercise price per share of Common Stock attributable to such warrants was proportionately increased, such that the exercise price immediately following the Reverse Stock Split was $92.00, which equals the product of eight multiplied by $11.50, the exercise price per share immediately prior to the Reverse Stock Split. The number of shares of Common Stock subject to the warrants was proportionately decreased by eight times, to an aggregate of 2,301,250 shares.

The share, per share and trading price amounts in the unaudited condensed consolidated financial statements and the accompanying notes, have been retrospectively adjusted to reflect the Reverse Stock Split for all periods presented.

Net loss per Share

In accordance with the provisions of ASC 260, Earnings Per Share, net loss per common share is computed by dividing net loss by the weighted-average shares of common stock outstanding during the period. Basic net loss per share is computed by dividing net loss by the weighted average number of shares outstanding during the period. Diluted net loss per share gives effect to all dilutive potential common shares outstanding during the period including stock options and warrants, using the treasury stock method, and convertible debt and convertible securities, using the if-converted method. During a loss period, the effect of the potential exercise of stock options and convertible debt are not considered in the

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diluted net loss per share calculation since the effect would be anti-dilutive. A reconciliation of net loss and number of shares used in computing basic and diluted net loss per share is as follows:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2023						2022						2023						2022
Basic and Diluted net loss per share computation:
Numerator for basic and diluted net loss per share:
Net loss			$	(19,193)					$	(4,550)					$	(33,377)					$	(13,261)
Denominator for basic and diluted net loss per share:
Weighted average common shares - basic and diluted			6,968,534						6,648,195						6,824,520						6,623,168
Basic and diluted net loss per share			$	(2.75)					$	(0.68)					$	(4.89)					$	(2.00)

The following table presents the outstanding shares of common stock equivalents that were excluded from the computation of the diluted net loss per share for the periods in which a net loss is presented because their effect would have been anti-dilutive:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2023						2022						2023						2022
Common stock warrants(1)			2,301,250						2,301,250						2,301,250						2,301,250
Earnout Shares			438,800						438,800						438,800						438,800
Unvested RSUs			568,570						655,882						568,570						655,882

(1) The number of shares of common stock subject to the warrants was proportionately decreased as a result of the Reverse Stock Split.

Included in net loss per share are 482,906 and 493,900 shares subject to options due to their nominal exercise prices as of September 30, 2023 and 2022, respectively.

Segment Information

The Company operates and reports in one segment, which focuses on providing additive and traditional manufacturing services to customers. The Company’s operating segment is reported in a manner consistent with the internal reporting provided to the chief operating decision maker (“CODM”). The Company’s CODM has been identified as its Chief Executive Officer. The Company is continually evaluating its operating and reporting segments as the Company continues to grow.

Recent Accounting Pronouncements

Accounting Pronouncements Recently Issued Not Yet Adopted

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The Company had net loss of $33,377 and $13,261 for the nine months ended September 30, 2023 and 2022, respectively. The Company has incurred losses from operations since inception and as of September 30, 2023, had an accumulated deficit of $166,409 and negative cash flows of $13,126. These conditions, among others, raise substantial doubt about the Company's ability to continue as a going concern for one year following the issuance of these financial statements.

The Company initiated a number of cost reduction measures in the quarter ended September 30, 2023, including a reduction in force completed in October 2023, reduction of new hires and reduction in non-critical capital and discretionary operating expenditures. The Company has also identified several further potential actions that could be initiated in a timely manner to extend the cash runway necessary to fund operations and to address the Company’s liquidity needs over the twelve-month period from the date of issuance of these condensed consolidated financial statements. These actions include raising substantial additional capital to fund its operations through equity or debt financings or other sources, strategic collaborations, deferral and reprioritization of certain additional research and development programs that would involve reduced program and headcount spend, further reduction in force, realignment of operating infrastructure including closing or downsizing manufacturing facilities, and further reduction in non-critical capital and discretionary operating expenditures including personnel costs, travel and recruitment, additional equipment and business support spend. Although the Company is continuing to explore actions to maximize shareholder value and management has taken actions to reduce cash use, it cannot be sure these actions will sufficiently reduce or eliminate future losses.

Furthermore, the Company has been working with advisors in considering the strategic alternatives available to the Company. Potential strategic alternatives may include, without limitation, a sale of a material portion of the Company’s assets, merger, business combination, or other strategic transaction. The Company has not made a decision to pursue or not pursue any particular strategic alternative, and there can be no assurance that this process will result in any transaction.

The Company believes management’s plans may not provide sufficient liquidity to meet its financial obligations and maintain levels of liquidity over the twelve-month period from the date of issuance of these financial statements. As such, the Company demonstrates adverse conditions that raise substantial doubt about the Company's ability to continue as a going concern for one year following the issuance of these condensed consolidated financial statements.

The condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event that the Company cannot continue as a going concern.

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Acquisition of MFG.com

On April 22, 2022, the Company completed the acquisition of the outstanding assets of MP2020, Inc. ("MFG.com" or "MFG") under an Asset Purchase Agreement ("MFG Purchase"). MFG.com is expected to help the Company's software strategy by providing an immediate supply chain of a wide range of traditional manufacturing services that its customers can leverage.

The following table summarizes the total consideration for the MFG Purchase:

			April 22, 2022
Cash consideration			$	2,700
Holdback consideration			300
Total consideration			$	3,000

The holdback consideration represents the portion of the purchase price to be paid within 12 months from the closing date, subject to reduction for certain indemnifications and other potential obligations of the acquired businesses. The holdback consideration was recorded in accrued expenses and other liabilities on the unaudited condensed consolidated balance sheets and was paid January 2023.

The Company has accounted for the MFG Purchase as a business combination in accordance with ASC Topic 805, Business Combinations ("ASC 805"). The following table summarizes the allocation of the purchase price to the estimated fair values of assets acquired and liabilities assumed:

			April 22, 2022
Assets acquired:
Goodwill			$	1,954
Intangible assets			1,604
Other assets			15
Total assets acquired			3,573
Liabilities assumed:
Deferred revenue			573
Total liabilities assumed			573
Net assets acquired			$	3,000

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The estimated useful lives of the identifiable intangible assets acquired is as follows:

			Gross Value						Estimated Life (in years)
Customer relationships			$	264					10
Trade name			240						10
Acquired software platform			910						10
Customer list			190						3
Total intangible assets			$	1,604

The goodwill will not be deductible for tax purposes. The Company incurred $212 of transaction costs related to this acquisition, which are included in general and administrative expenses on the unaudited condensed consolidated statements of operations.

The Company has determined that the impact of the MFG Purchase was not material to its condensed consolidated financial statements; therefore, separate presentation of revenue and earnings since the acquisition date and pro forma information are not required nor included herein.

Acquisition of Linear AMS

On May 9, 2022, the Company completed the acquisition of the membership interest of Linear Mold & Engineering, LLC ("Linear AMS" or "Linear") under a Membership Interest Purchase Agreement (the "Linear AMS Purchase"). Linear is expected to help the Company expand its go to market strategy by leveraging Linear's highly technical business development and user application experience and extend its enterprise customer base in key markets.

The following table summarizes the total consideration for the Linear AMS Purchase:

			May 9, 2022
Cash consideration			$	6,090
Holdback consideration			800
Earnout consideration liability			2,900
Total consolidation			$	9,790

The holdback consideration represents the portion of the purchase price payable 12 months from the closing date, subject to reduction for certain indemnifications and other potential obligations of Linear AMS. The estimated fair value of the earnout consideration liability at acquisition was determined using a Monte Carlo simulation based on certain performance metrics for the 12 months ended December 31, 2022. During 2022, the Company recognized a non-cash gain of $1,824 as a result of the actual revenue performance of Linear for the year ended December 31, 2022. The final earnout consideration liability was paid in cash of $539 and a non-cash issuance of equity valued at $537 in April 2023.

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The Company has accounted for the Linear AMS Purchase as a business combination in accordance with ASC 805. The following table summarizes the fair values of assets acquired and liabilities assumed as of the acquisition date:

			May 9, 2022
Assets acquired:
Cash and cash equivalents			$	29
Accounts receivable			1,117
Inventory			214
Prepaid expenses			34
Security deposits			92
Property and equipment, net			2,086
Right-of-use assets			2,131
Goodwill			2,497
Intangible assets, net			4,199
Total assets acquired			12,399
Liabilities assumed:
Accounts payable			308
Accrued expenses and other liabilities			170
Operating lease liability			2,131
Total liabilities assumed			2,609
Net assets acquired			$	9,790

The estimated useful lives of the identifiable intangible assets acquired is as follows:

			May 9, 2022						Estimated Life (in years)
Customer relationships			$	2,822					10
Trade name			647						10
Noncompetition agreement			52						2
Favorable operating lease			699						4
Unfavorable operating lease			(21)						4
Total intangible assets			$	4,199

The goodwill will not be deductible for tax purposes. The Company incurred $161 of transaction costs related to this acquisition, which are included in general and administrative expenses on the unaudited condensed consolidated statements of operations.

The Company has determined that the impact of the Linear AMS Purchase was not material to its consolidated financial statements; therefore, separate presentation of revenue and earnings since the acquisition date and pro forma information are not required nor included herein.

Acquisition of Maker OS

On April 13, 2022, the Company completed the acquisition of the outstanding assets of Maker OS under an Asset Purchase Agreement ("Maker OS Asset Purchase"). Maker OS is expected to help the Company expand on its manufacturing capabilities and help it build comprehensive ordering services within its software offerings. The total cash consideration paid related to this transaction was $100.

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The Company has accounted for the Maker OS Asset Purchase as an asset purchase and no liabilities were assumed as part of the acquisition. The following table summarizes the fair values of assets acquired as of the acquisition date:

			April 13, 2022
Assets acquired:
Intangible assets			$	100
Total assets acquired			$	100

The Company incurred immaterial transaction costs related to the Maker OS Asset Purchase, which are included in selling, general and administrative expenses on the unaudited condensed consolidated statements of operations.

Under ASC 606, revenue is recognized throughout the life of the executed agreement. The Company measures revenue based on consideration specified in a contract with a customer. Furthermore, the Company recognizes revenue when a performance obligation is satisfied by transferring control of the product or service to the customer which could occur over time or at a point in time.

A performance obligation is a promise in a contract to transfer a distinct service to the customer. The transaction price of a contract is allocated to each distinct performance obligation and recognized as revenue when or as the customer receives the benefit of the performance obligation. Customers typically receive the benefit of the Company’s services as (or when) they are performed. Substantially all customer contracts provide that compensation is received for services performed to date. Payments from customers are based on billing terms established in the contracts with each customer, which vary by the type of customer and the product or services offered. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue.

Nature of Products and Services

The following is a description of the Company’s products and services from which the Company generates revenue, as well as the nature, timing of satisfaction of performance obligations, and significant payment terms for each:

Direct sales

The Company provides customers with an additive manufacturing service, allowing for the customer to select the specifications of the model which they wish to have printed. Shapeways prints the 3D model and ships the product directly to the customer.

The Company recognizes the sale of products through its e-commerce website over time using the output method. Contracts involving the sale of products through its e-commerce website do not include other performance obligations. As such, allocation of the transaction price was not necessary as the entire contract price is attributed to the sole performance obligation identified.

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Marketplace sales

The Company provides a platform for shop owners to list their designs through Shapeways’ marketplace website. The Company prints the 3D models and ships the product directly to the customer, handling the financial transaction, manufacturing, distribution and customer service on behalf of the shop owners. Judgment is applied to determine whether the Company is the principal or the agent, which could impact the recognition of revenue and cost of revenue within the consolidated statements of operations and comprehensive loss. The Company considers whether it has the primary responsibility for fulfilling the promise to provide the specified product or service to the end user, whether it has inventory risk prior to transferring the product or service to the customer and if the Company has discretion in establishing prices. The Company acts as an agent in these arrangements where it facilitates the sales of the goods and services on behalf of third-party shop owners to end customers. The Company is considered an agent and recognizes revenue generated from these transactions on a net basis since the Company lacks the ability to establish the overall selling price of the goods or services provided to the end user.

The Company recognizes the sale of 3D printed products to customers at a point in time, specifically upon shipping the goods to the customer (FOB Origin) given the transfer of significant risks and rewards of ownership at that point in time. Contracts involving the manufacturing and delivery of 3D printed products to customers do not include other performance obligations. As such, allocation of the transaction price is not necessary as the entire contract price is attributed to the sole performance obligation identified.

Software revenue

The Company launched the first phase of its software offering under the brand "OTTO" in the fourth quarter of 2021. The software enables other manufacturers to leverage Shapeways’ existing end-to-end manufacturing software to scale their businesses and shift to digital manufacturing. Shapeways’ software offers improved customer accessibility, increased productivity, and expanded manufacturing capabilities for its customers. The Company expanded its software offering's customer base and feature set with the acquisitions of MFG and MakerOS, both completed in April 2022.

For each of the performance obligations classified as software revenue, the performance obligations are satisfied evenly over the term of the contract. For contracts including performance obligations classified as software revenue, the Company identified that each performance obligation has an explicitly stated standalone selling price. As such, allocation is not necessary as the prices included in the contract are attributed to each separate performance obligation.

The following table presents the Company's revenue disaggregated by revenue source:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2023						2022						2023						2022
Major products and service lines:
Direct sales			$	6,773					$	6,457					$	19,247					$	18,901
Marketplace sales			776						1,403						3,571						4,383
Software			822						589						2,192						1,168
Total revenue			$	8,371					$	8,449					$	25,010					$	24,452
Timing of revenue recognition:
Products transferred at a point in time			$	776					$	1,403					$	3,571					$	4,383
Products and services transferred over time			7,595						7,046						21,439						20,069
Total revenue			$	8,371					$	8,449					$	25,010					$	24,452

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Deferred Revenue

The Company records deferred revenue when cash payments are received in advance of performance. Deferred revenue activity consisted of the following:

			September 30, 2023						December 31, 2022
Balance at beginning of the period			$	972					$	921
Deferred revenue recognized during period			(25,010)						(33,157)
Additions to deferred revenue during period			25,876						33,208
Total deferred revenue			$	1,838					$	972

The Company expects to satisfy its remaining performance obligations within the next twelve months. The $972 of deferred revenue as of January 1, 2023 was recognized during the nine months ended September 30, 2023. The opening balance of accounts receivable as of January 1, 2022 was $1,372.

Practical Expedients and Exemptions

The Company applies the practical expedient related to incremental costs of obtaining a contract. Although certain of its commission costs qualify for capitalization under ASC 340-40, Contracts with Customers, their amortization period is less than one year. Therefore, utilizing the practical expedient, the Company expenses these costs as incurred.

Components of inventory consisted of the following:

			September 30, 2023						December 31, 2022
Raw materials			$	1,283					$	849
Work-in-process			485						209
Finished goods			230						249
Total			$	1,998					$	1,307

Prepaid expenses and other current assets consisted of the following:

			September 30, 2023						December 31, 2022
Prepaid expenses			$	2,251					$	1,384
VAT receivable			914						990
Prepaid insurance			12						401
Prepaid service expenses			—						3,231
Security deposits			—						175
Other current assets			48						74
Total			$	3,225					$	6,255

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Property and equipment, net consisted of the following:

			September 30, 2023						December 31, 2022
Machinery and equipment			$	10,659					$	10,450
Computers and IT equipment			1,136						1,138
Leasehold improvements			2,773						2,429
Furniture and fixtures			106						81
Vehicles			42						42
Assets to be placed in service			189						11,749
Property and equipment			14,905						25,889
Less: Accumulated depreciation			(8,917)						(10,262)
Property and equipment, net			$	5,988					$	15,627

For the three months ended September 30, 2023 and 2022, depreciation expense totaled $335 and $285, respectively. For the nine months ended September 30, 2023 and 2022, depreciation expense totaled $929 and $721, respectively. Of these amounts, depreciation charged to cost of revenue was $273 and $249 for the three months ended September 30, 2023 and 2022, respectively and $789 and $616 for the nine months ended September 30, 2023 and 2022, respectively.

On March 26, 2021, the Company entered into a MOU with Desktop Metal, pursuant to which Desktop Metal agreed to invest $20.0 million in the PIPE Investment. Upon consummation of this investment, the Company became obligated to purchase $20.0 million of equipment, materials and services from Desktop Metal. In conjunction with these obligations, the Company and Desktop Metal agreed to develop a strategic partnership. In September 2023, the Company identified $11.5 million of equipment that would not be utilized in its operations and classified the assets as held for sale at the lower of the carrying value or fair value. The Company recognized $9.7 million of impairment charges on these assets during the three and nine months ended September 30, 2023. The Company also wrote off $3.2 million of prepaid services related to such equipment, which was included in selling, general and administrative expenses on the condensed consolidated statements of operations and comprehensive loss.

Changes in the carrying amount of goodwill as of September 30, 2023 and December 31, 2022 are as follows:

			September 30, 2023						December 31, 2022
Balance, beginning of period			$	6,286					$	1,835
Acquired goodwill			—						4,451
Balance, end of period			$	6,286					$	6,286

The Company had no accumulated impairment losses on goodwill during the three and nine months ended September 30, 2023 and 2022.

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Intangible assets consisted of the following as of September 30, 2023:

			Gross carrying amount						Accumulated amortization						Intangible assets, net						Weighted average amortization period (in years)
Customer relationships			$	3,086					$	(437)					$	2,649					10
Trade name			987						(140)						847						10
Acquired software platform			910						(129)						781						10
Customer lists			190						(90)						100						3
Noncompetition agreement			52						(37)						15						2
Unfavorable operating lease			(21)						8						(13)						4
Total intangible assets, net			$	5,204					$	(825)					$	4,379

During the three and nine months ended September 30, 2023, the Company wrote off $481 of intangible assets related to the favorable operating lease. There were no intangible assets written off during the three and nine months ended September 30, 2022.

Intangible assets consisted of the following as of December 31, 2022:

			Gross carrying amount						Accumulated amortization						Intangible assets, net						Weighted average amortization period (in years)
Customer relationships			$	3,086					$	(206)					$	2,880					10
Trade name			987						(66)						921						10
Acquired software platform			910						(61)						849						10
Customer lists			190						(42)						148						3
Noncompetition agreement			52						(17)						35						2
Favorable operating lease			699						(117)						582						4
Unfavorable operating lease			(21)						4						(17)						4
Total intangible assets, net			$	5,903					$	(505)					$	5,398

The Company recognized $160 and $188 of amortization expense during the three months ended September 30, 2023 and 2022, respectively and $538 and $311 of amortization expense during the nine months ended September 30, 2023 and 2022, respectively. The Company estimates the future aggregate amortization expense related to its intangible assets as of September 30, 2023 will be as follows:

			Amortization expense
Remainder of 2023			$	146
2024			565
2025			514
2026			497
2027			498
Thereafter			2,159
Total			$	4,379

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Accrued expenses and other liabilities consisted of the following:

			September 30, 2023						December 31, 2022
Accrued compensation			$	1,544					$	1,504
Holdback consideration			400						1,100
Accrued selling expenses			605						487
Taxes payable			71						339
Accrued acquisition of property and equipment			39						225
Earnout consideration liability			—						1,076
Other accrued expenses and other liabilities			939						1,219
Total			$	3,598					$	5,950

Leases

During the three and nine months ended September 30, 2023, the Company maintained six leases of facilities located in the United States and the Netherlands, as well as two leases of equipment classified as finance leases. In addition, the Company has two failed sale-leaseback transactions that have been recorded as finance obligations within its unaudited condensed consolidated balance sheets. See Note 13 for additional information.

The table below presents certain information related to the Company’s lease costs:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2023						2022						2023						2022
Operating lease expense			$	249					$	302					$	749					$	687
Finance lease expense			12						—						31						—
Interest expense on finance lease liabilities			5						—						14						—
Total lease cost			$	266					$	302					$	794					$	687

The Company recorded sublease income of $62 and $108 during the three months ended September 30, 2023 and 2022, respectively and $221 and $142 during the nine months ended September 30, 2023 and 2022, respectively. The sublease income is associated with the Company's sublease of its facility in Michigan.

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Right-of-use assets and lease liabilities for operating leases were recorded in the unaudited condensed consolidated balance sheets as follows:

			September 30, 2023						December 31, 2022
Assets:
Operating lease right-of-use assets, net			$	1,948					$	2,365
Finance lease right-of-use assets, net			323						—
Total lease assets			$	2,271					$	2,365
Liabilities:
Current liabilities:
Operating lease liabilities, current			$	872					$	719
Finance lease liability, current			62						—
Non-current liabilities:
Operating lease liabilities, net of current portion			1,176						1,715
Finance lease liability, net of current portion			261						—
Total lease liabilities			$	2,371					$	2,434

The Company’s lease agreements do not state an implicit borrowing rate, therefore, an internal incremental borrowing rate was determined based on information available at the lease commencement date for the purposes of determining the present value of lease payments. The incremental borrowing rate reflects the cost to borrow on a securitized basis in each market. The weighted-average remaining lease term for operating and finance leases was 2.33 years and 4.49 years, respectively and the weighted-average incremental borrowing rate for operating and finance leases was 6.93% and 8.24%, respectively, as of September 30, 2023.

Supplemental cash flow information related to the Company’s leases was as follows:

			Nine Months Ended September 30,
			2023						2022
Operating cash flows from operating leases			$	721					$	732
Financing cash flows from finance leases			$	45					$	—
Lease liabilities arising from obtaining right-of-use assets			$	595					$	—

As of September 30, 2023, future minimum lease payments required under operating and finance leases are as follows:

			Operating Leases						Finance Leases
Rest of 2023			$	242					$	22
2024			965						87
2025			791						87
2026			236						87
2027			—						87
Thereafter			—						18
Total minimum lease payments			2,234						388
Less effects of discounting			(186)						(65)
Present value of future minimum lease payments			$	2,048					$	323

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Desktop Metal

As of September 30, 2023, the Company had paid $16.4 million to Desktop Metal for equipment, materials and services received and placed purchase orders for another $3.6 million of equipment, materials and services to be purchased under the MOU. The timing of payments for these purchase orders may depend on a number of factors, including Desktop Metal's inventory management and logistics systems and the Company's ability to take delivery of any such equipment, materials and services. The Company has no further obligations under the MOU.

Legal Proceedings

The Company is involved in various legal proceedings which arise from time to time in the normal course of business. While the results of such matters generally cannot be predicted with certainty, management does not expect any such matters to have a material adverse effect on the Company’s unaudited condensed consolidated financial position or results of operations as of September 30, 2023 and December 31, 2022 and for the three and nine months ended September 30, 2023 and 2022, respectively.

Failed Sale-Leaseback

During February and March 2023, the Company entered into two lease transactions with Rabo Lease BV (“Rabo”), whereby it sold equipment to Rabo and leased back the equipment for an initial term of four years. The Company concluded that the lease arrangements would be classified as a failed sale-leaseback transaction and accounted as a financing obligation as it has the option to repurchase the assets at a fixed price at the end of the term. The assets continue to be depreciated over their useful lives, and payments are allocated between interest expense and repayment of the financing obligation. The assets under failed sale-leaseback transactions are included within property and equipment, net and the proceeds from the transactions are recorded as a financing obligation on the Company's unaudited condensed consolidated balance sheets.

The weighted average interest rate of 20.5% was used to impute interest on the failed sale-leaseback transactions. Interest expense recognized for the three and nine months ended September 30, 2023 was $24 and $64, respectively.

As of September 30, 2023, future financing obligation payments under the failed sale-leaseback transactions are as follows:

			Finance Obligations
Rest of 2023			$	33
2024			132
2025			132
2026			132
2027			13
Total payments			442
Less: imputed interest			(270)
Financing obligation at end of term			294
Total financing obligations			$	466

Other Financing Arrangements

In August 2023, the Company entered into a financing agreement with Mitsubishi HC Capital America (“Financing Agreement”) for $500 using certain equipment as collateral. The Financing Agreement is payable in monthly installments beginning September 1, 2023 and has a maturity date of August 31, 2030. The effective interest rate on the Financing

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Agreement is 8.09%. Interest expense of $4 was recognized for the three and nine months ended September 30, 2023. As of September 30, 2023, the amount outstanding under the Financing Agreement was $496.

The scheduled maturities of the Company’s Financing Agreement are as follows:

			Financing Agreement
Rest of 2023			$	13
2024			56
2025			61
2026			67
2027			72
Thereafter			226
Total payments			$	496

Common Stock

Upon closing of the Business Combination, pursuant to the terms of the Certificate of Incorporation, the Company authorized 120,000,000 shares of common stock with a par value $0.0001. The holders of common stock are entitled to one vote per share on all matters submitted to the stockholders for their vote or approval and are entitled to receive dividends, as and if declared by the Board of Directors out of legally available funds.

The Company has issued and outstanding 6,547,873 and 6,180,646 shares of common stock as of September 30, 2023 and December 31, 2022, respectively.

Public Warrants

Prior to the Merger, the Company had outstanding 13,800,000 warrants entitling the holder to exercise eight warrants to purchase one share of common stock at an exercise price of $92.00 per share (the "Public Warrants"). The Public Warrants became exercisable 30 days after the Closing Date, and expire five years after the Closing Date or earlier upon redemption or liquidation.

The Company may redeem the Public Warrants as follows: in whole and not in part; at a price of $0.01 per warrant; at any time while the Public Warrants are exercisable, upon not less than 30 days’ prior written notice of redemption to each Public Warrant holder; if, and only if, the reported last sale price of the Company’s common stock equals or exceeds $144.00 per share, for any 20 trading days within a 30-trading day period ending on the third business day prior to the notice of redemption to the warrant holders; and if, and only if, there is a current registration statement in effect with respect to the common stock underlying such warrants at the time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date of redemption. Certain of these conditions have not been met to redeem the Public Warrants. If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement.

The Company had outstanding 4,110,000 private warrants that were issued upon the consummation of the initial public offering of Galileo (the "Private Warrants"). Additionally, at the Closing, a lender holding a convertible note issued by the Company with an aggregate principal amount of $500 converted the note into 500,000 sponsor warrants exercisable for common stock at a purchase price of $1.00 per warrant (the "Sponsor Warrants"), with terms equivalent to the Private Warrants. The Sponsor Warrants are no longer held by the initial purchaser or any of its permitted transferees, and therefore have terms equivalent to the Public Warrants. In December 2022, the Company and the holders of the Private Warrants entered into letter agreements, pursuant to which such holders agreed that the Private Warrants will be

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exercisable for cash or on a cashless basis and redeemable on the same terms and subject to the same conditions as the Public Warrants.

There were 18,410,000 warrants outstanding, representing 2,301,250 shares subject to warrants, as of September 30, 2023 and December 31, 2022.

2010 Stock Plan

Prior to the Business Combination, Legacy Shapeways maintained its 2010 Stock Plan (the “2010 Plan”), under which Legacy Shapeways granted statutory and non-statutory stock to employees, outside directors and consultants. The maximum number of shares of common stock that was issuable under the 2010 Plan was 2,117,818 shares.

In connection with the Business Combination, each Legacy Shapeways stock option that was outstanding immediately prior to Closing, whether vested or unvested, was converted into an option to acquire a number of shares of common stock (each such option, an “Exchanged Option”) equal to the product of (i) the number of shares of Legacy Shapeways common stock subject to such Legacy Shapeways option immediately prior to the Business Combination and (ii) 90% of the recapitalization conversion ratio of 0.8293 established in the Merger (the "Conversion Ratio"), at an exercise price per share (rounded up to the nearest whole cent) equal to (A) the exercise price per share of such Legacy Shapeways option immediately prior to the consummation of the Business Combination, divided by (B) 90% of the Conversion Ratio. Except as specifically provided in the Business Combination Agreement, following the Business Combination, each Exchanged Option will continue to be governed by the same terms and conditions (including vesting and exercisability terms) as were applicable to the corresponding former Legacy Shapeways option immediately prior to the consummation of the Business Combination. All stock option activity was retroactively restated to reflect the Exchanged Options.

In addition, each holder of an in-the-money Legacy Shapeways option held by individuals remaining in continuous service to the Company through the Closing, was granted a right to receive an award of restricted stock units denominated in shares of common stock granted under the 2021 Plan (each, an “Earnout RSU”) equal to the product of (A) the number of shares of Legacy Shapeways common stock that were subject to the option immediately prior to Closing, multiplied by (B) ten percent (10%) of the Conversion Ratio. The Earnout RSUs are subject to substantially the same service-based vesting conditions and acceleration provisions as applied to the Legacy Shapeways option provided that, in addition to such service-based vesting conditions, Earnout RSUs will be subject to vesting and forfeiture conditions based upon the dollar volume-weighted price of the Company’s common stock reaching certain targets (the “RSU Performance Milestones”). The Company records stock compensation expense for Earn-Out RSUs based upon an assessment of the grant date fair value using the Monte Carlo valuation model in accordance with FASB ASC 718. The Company did not grant any additional Earn-Out RSUs during the three and nine months ended September 30, 2023.

Upon the Closing of the Business Combination, the outstanding and unexercised Legacy Shapeways options became options to purchase an aggregate of 612,650 shares of the Company’s common stock under the 2010 Plan at an average exercise price of $4.96 per share.

2021 Equity Incentive Plan

Upon the closing of the Business Combination, the Company adopted the 2021 Equity Incentive Plan (the “2021 Plan”). The 2021 Plan permits the granting of incentive stock options, restricted stock awards, other share-based awards or other cash-based awards to employees, consultants, and non-employee directors. On the first day of each calendar year, beginning on January 1, 2022 and continuing until (and including) January 1, 2031, the number of shares available under the 2021 Plan will automatically increase by a number equal to the lesser of (a) five percent of the total number of shares of the Company’s common stock issued and outstanding on December 31 of the calendar year immediately preceding the date of such increase and (b) a number of shares of our common stock determined by the Company’s Board of Directors. As of September 30, 2023, 1,565,630 shares of common stock are authorized for issuance pursuant to awards under the 2021 Plan. Any shares of common stock related to awards that are forfeited, cancelled, terminated, expire or shares withheld by

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the Company to satisfy tax withholding obligations or to pay any exercise price are deemed available for issuance under the 2021 Plan. As of September 30, 2023, 597,619 shares remain available for issuance under the 2021 Plan.

2022 New Employee Equity Incentive Plan

In September 2022, the Company adopted the 2022 New Employee Equity Incentive Plan (the "2022 Plan"). The 2022 Plan permits the granting of restricted stock awards, stock options and other share-based rewards to individuals who were not previously employees of the Company, as an inducement material to the individual's entry into employment with the Company within the meaning of Listing Rule 303A.08 of the New York Stock Exchange ("NYSE"). The 2022 Plan was adopted by the Board of Directors without stockholder approval pursuant to NYSE Listing Rule 303A.08 (which was the stock exchange on which the Company's securities were then trading). As of September 30, 2023, 625,000 shares of common stock are authorized for issuance pursuant to awards under the 2022 Plan. Any shares of common stock related to awards that are forfeited, cancelled, terminated, expire or shares withheld by the Company to satisfy tax withholding obligations or to pay any exercise price are deemed available for issuance under the 2022 Plan. As of September 30, 2023, 412,674 shares remain available for issuance under the 2022 Plan.

Option Awards

The Company accounts for share-based payments pursuant to ASC 718 and, accordingly, the Company records stock compensation expense for share-based awards based upon an assessment of the grant date fair value for stock options using the Black-Scholes option pricing model. Due to its limited trading history, the Company lacks company-specific historical and implied volatility information. Therefore, it estimates its expected stock volatility based on the historical volatility of a publicly traded set of peer companies. Due to the lack of historical exercise history, the expected term of the Company’s stock options for employees has been determined utilizing the “simplified” method for awards. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve. Expected dividend yield is zero based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future.

The fair value of stock options under the Black-Scholes model requires management to make assumptions regarding projected employee stock option exercise behaviors, risk-free interest rates, volatility of the Company’s stock price and expected dividends. The Company generally recognizes stock compensation expense on the grant date and over the period of vesting or period that services will be provided. There were 410,793 stock options granted during nine months ended September 30, 2023. There were no stock options granted during the nine months ended September 30, 2022.

The assumptions used to estimate the fair value of stock options granted during the periods presented were as follows:

			Nine Months Ended September 30, 2023
Strike price			$2.64 - $3.40
Expected term (in years)			6.25
Expected volatility			110.67% - 132.00%
Risk-free interest rate			3.79% - 4.19%
Dividend yield			—		%

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The following table summarizes the Company’s stock option activity during the period presented:

			Shares Underlying Options						Weighted Average Exercise Price						Weighted Average Remaining Contractual Term (in years)						Aggregate Intrinsic Value
Outstanding as of January 1, 2023			497,402						$	5.16					5.67
Granted			—						—
Forfeited			(2,287)						3.78
Exercised			(32)						3.92
Outstanding at March 31, 2023			495,083						5.16						4.37						$	—
Granted			375,168						2.74
Forfeited			(12,294)						2.88
Exercised			—						—
Outstanding at June 30, 2023			857,957						4.14						6.55						$	374
Granted			35,625						3.26
Forfeited			(16,355)						3.73
Exercised			—						—
Outstanding at September 30, 2023			877,227						$	4.11					6.46						$	162
Exercisable at September 30, 2023			482,906						$	5.20					3.91						$	67

The aggregate intrinsic value in the above table is calculated as the difference between fair value of the Company’s common stock price and the exercise price of the stock options. As of September 30, 2023, approximately $541 of unrecognized compensation expense related to non-vested awards is expected to be recognized over the weighted average period of 3.32 years.

Restricted Stock Units

The following table summarizes the Company’s restricted stock unit activity during the period presented:

			Restricted Stock Units						Weighted Average Grant Fair Value per Share						Aggregate Intrinsic Value
Outstanding as of January 1, 2023			870,126						$	12.08
Granted			10,901						4.56
Forfeited			(79,218)						7.52
Settled			(20,475)						25.44
Outstanding at March 31, 2023			781,334						12.40						$	2,146
Granted			30,573						3.30
Forfeited			(35,825)						8.89
Settled			(118,945)						12.75
Outstanding at June 30, 2023			657,137						12.00						$	2,471
Granted			7,500						3.11
Forfeited			(86,876)						7.40
Settled			(9,191)						9.08
Outstanding at September 30, 2023			568,570						$	12.45					$	1,791

---

The total fair value of restricted stock unit awards settled during the nine months ended September 30, 2023 was $2,121. The total restricted stock unit awards settled include 19,360 and 53,418 shares withheld for employee tax liability during the three and nine months ended September 30, 2023.

Total unrecognized compensation expense related to outstanding restricted stock unit awards was approximately $4,909 as of September 30, 2023 and is expected to be recognized over the weighted average period of 2.59 years.

2021 Employee Stock Purchase Plan

Upon the closing of the Business Combination, the Company adopted the 2021 Employee Stock Purchase Plan (the “ESPP”). The purpose of the ESPP is to provide eligible employees with an opportunity to increase their proprietary interest in the success of the Company by purchasing common stock from the Company on favorable terms and to pay for such purchases through payroll deductions or other approved contributions. As of September 30, 2023, 172,749 shares of common stock are available for purchase under the ESPP. As of September 30, 2023, the Company had not launched the ESPP and thus no shares have been purchased under the ESPP.

Fair value measurements discussed herein are based upon certain market assumptions and pertinent information available to management as of September 30, 2023 and December 31, 2022. The carrying amounts of accounts receivable, inventory, prepaid expenses and other current assets, accounts payable, accrued expenses and other liabilities, and deferred revenue approximated fair value as they are short term in nature. The fair value of warrants issued for settlement and services is estimated based on the Black-Scholes model. The carrying value of the Company’s debt and operating lease liabilities approximated its fair value, as the obligation bears interest at rates currently available for debt with similar maturities and collateral requirements.

Fair Value on a Recurring Basis

The Company follows the guidance in ASC 820 for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. The estimated fair value of the warrant liabilities represents Level 3 measurements. The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis at September 30, 2023 and December 31, 2022, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

Description						Level						September 30, 2023						December 31, 2022
Assets:
Marketable securities - U.S Treasury Securities						2						$	14,933					$	29,680
Liabilities:
Earnout consideration liability						3						$	—					$	1,076

---

Earnout Consideration Liability

There was no change in the fair value of the earnout consideration liability during the three and nine months ended September 30, 2023. For the three and nine months ended September 30, 2022, the Company recognized income resulting from a change in the fair value of the earnout liability of $1,784. The final earnout consideration liability was paid in cash of $539 and a non-cash issuance of equity valued at $537 in April 2023.

Warrant Liabilities

In December 2022, the Company and the holders of the Private Warrants entered into letter agreements, pursuant to which such holders agreed that the Private Warrants will be exercisable for cash or on a cashless basis and redeemable on the same terms and subject to the same conditions as the Public Warrants. As a result of these letter agreements, there was no change in fair value of warrant liabilities recognized for the three and nine months ended September 30, 2023. For the three and nine months ended September 30, 2022, the Company recognized income resulting from a change in the fair value of warrant liabilities of $31 and $1,558, respectively.

Fair Value on a Non-Recurring Basis

At the Closing, there were 438,800 shares of common stock issued as part of the Merger consideration (the “Earnout Shares”) subject to vesting and forfeiture conditions (the “Earnout Terms”) based upon the volume-weighted average trading price of common stock reaching targets of $112.00 and $128.00, respectively (with 50% released at each target) for a period of 30 consecutive trading days during the three-year period after the Closing, with the portion of such shares that would otherwise be deliverable to Legacy Shapeways stockholders at the Closing being withheld and deposited into escrow. The fair value of the Earnout Shares was estimated using the trading price of the common stock at Closing ($61.60), discounted based on the probability of the Earnout Terms being met as determined at Closing, and thus represents a Level 2 fair value measurement as defined in ASC 820. The Earnout Shares, if achieved, would be issued to Legacy Shapeways stockholders. The Earnout Shares are a fixed number of shares to be issued to such stockholders on a pro rata basis. The fair value of the Earnout Shares was recognized as a deemed dividend. Upon closing of the Merger, the estimated fair value of the Earnout Shares was $18,132 with such amount recognized as a deemed dividend. As the Company was in an accumulated deficit position as of the measurement date, the resulting deemed dividend was recorded as a reduction of additional paid-in capital with a corresponding offset recorded to additional paid-in capital. As of September 30, 2023, there were 438,800 Earnout Shares unvested and remaining subject to the Earnout Terms.

One customer accounted for approximately 16% and 18% of revenue for the three months ended September 30, 2023 and 2022, respectively. No other customers represented more than 10% of revenue for the three months ended September 30, 2023 and 2022.

One customer accounted for approximately 17% and 20% of revenue for the nine months ended September 30, 2023 and 2022, respectively. No other customers represented more than 10% of revenue for the nine months ended September 30, 2023 and 2022.

No vendor accounted for more than 10% of purchases for the nine months ended September 30, 2023. One vendor accounted for 37% of purchases for the nine months ended September 30, 2022. No other vendors represented more than 10% of purchases for the nine months ended September 30, 2022.

As of September 30, 2023, two customers accounted for approximately 16% and 13% of accounts receivable. As of December 31, 2022, two customers accounted for approximately 17% and 16% of accounts receivable. No other customers represented more than 10% of outstanding accounts receivable as of September 30, 2023 and December 31, 2022.

As of September 30, 2023, one vendor accounted for more than 10% of accounts payable. As of December 31, 2022, one vendor represented approximately 10% of accounts payable. No other vendors represented more than 10% of outstanding accounts payable balance as of December 31, 2022.

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v3.23.3

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Nov. 09, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-39092
Entity Registrant Name	SHAPEWAYS HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-2876494
Entity Address, Address Line One	12163 Globe St
Entity Address, City or Town	Livonia
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48150
City Area Code	734
Local Phone Number	422-6060
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Outstanding, (in shares)		6,547,873
Entity Central Index Key	0001784851
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	SHPW
Security Exchange Name	NASDAQ
Warrants
Document Information [Line Items]
Title of 12(b) Security	Warrants to purchase Common Stock
Trading Symbol	SHPWW
Security Exchange Name	NASDAQ

v3.23.3

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands		Sep. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents		$ 17,517	$ 30,630
Restricted cash		139	139
Short-term investments		0	9,816
Accounts receivable		3,832	1,606
Inventory		1,998	1,307
Prepaid expenses and other current assets		3,225	6,255
Current assets held for sale		1,857	0
Total current assets		28,568	49,753
Property and equipment, net		5,988	15,627
Operating lease, right-of-use assets, net		1,948	2,365
Goodwill		6,286	6,286
Intangible assets, net		4,379	5,398
Security deposits		99	99
Total assets		47,268	79,528
Current liabilities
Accounts payable		1,657	2,354
Accrued expenses and other liabilities		3,598	5,950
Current portion of long-term debt		55	0
Operating lease liabilities, current		872	719
Finance lease liability, current		62	0
Other financing obligations, current		40	0
Deferred revenue		1,838	972
Total current liabilities		8,122	9,995
Operating lease liabilities, net of current portion		1,176	1,715
Deferred tax liabilities, net		83	27
Finance lease liability, noncurrent		261	0
Other financing obligations		426	0
Long-term debt		441	0
Total liabilities		10,509	11,737
Commitments and contingencies
Stockholders’ equity
Preferred stock ($0.0001 par value; 10,000,000 shares authorized; none issued or outstanding as of September 30, 2023 and December 31, 2022)		0	0
Common stock ($0.0001 par value; 120,000,000 shares authorized; 6,547,873 and 6,180,646 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively)(1)	[1]	1	5
Additional paid-in capital		203,732	201,362
Accumulated deficit		(166,409)	(133,032)
Accumulated other comprehensive loss		(565)	(544)
Total stockholders’ equity		36,759	67,791
Total liabilities and stockholders’ equity		$ 47,268	$ 79,528
[1] Retroactively adjusted shares issued and outstanding to give effect to the Company's 1-for-8 reverse stock split. See Note 2.

v3.23.3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value (dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	120,000,000	120,000,000
Common stock, shares issued (in shares)	6,547,873	6,180,646
Common stock, shares outstanding (in shares)	6,547,873	6,180,646

v3.23.3

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Revenue, net		$ 8,371,000	$ 8,449,000	$ 25,010,000	$ 24,452,000
Cost of revenue		4,926,000	4,758,000	14,872,000	13,710,000
Gross profit		3,445,000	3,691,000	10,138,000	10,742,000
Operating expenses
Selling, general and administrative		10,964,000	7,605,000	27,526,000	20,516,000
Research and development		2,257,000	2,572,000	7,261,000	6,992,000
Impairment on assets held for sale		9,680,000	0	9,680,000	0
Total operating expenses		22,901,000	10,177,000	44,467,000	27,508,000
Loss from operations		(19,456,000)	(6,486,000)	(34,329,000)	(16,766,000)
Other income (expense)
Interest income		247,000	21,000	913,000	23,000
Interest expense		(35,000)	(7,000)	(87,000)	(7,000)
Loss on disposal of assets		0	0	(85,000)	0
Change in fair value of earnout liability		0	(1,784,000)	0	(1,784,000)
Change in fair value of warrant liabilities		0	31,000	0	1,558,000
Other income		70,000	110,000	268,000	149,000
Total other income (expense), net		282,000	1,939,000	1,009,000	3,507,000
Loss before income tax expense		(19,174,000)	(4,547,000)	(33,320,000)	(13,259,000)
Income tax expense		19,000	3,000	57,000	2,000
Net loss		$ (19,193,000)	$ (4,550,000)	$ (33,377,000)	$ (13,261,000)
Net loss per share:
Basic (in dollars per shares)	[1]	$ (2.75)	$ (0.68)	$ (4.89)	$ (2.00)
Diluted (in dollars per shares)	[1]	$ (2.75)	$ (0.68)	$ (4.89)	$ (2.00)
Weighted average common shares outstanding:
Basic (in shares)	[1]	6,968,534	6,648,195	6,824,520	6,623,168
Diluted (in shares)	[1]	6,968,534	6,648,195	6,824,520	6,623,168
Other comprehensive income (loss)
Foreign currency translation adjustment		$ (65,000)	$ (125,000)	$ (21,000)	$ (351,000)
Comprehensive loss		$ (19,258,000)	$ (4,675,000)	$ (33,398,000)	$ (13,612,000)
[1] Retroactively adjusted shares issued and outstanding, and per share information to give effect to the Company's 1-for-8 reverse stock split. See Note 2.

v3.23.3

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands		Total	Common Stock		Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Common Stock, Beginning Balance (in shares) at Dec. 31, 2021	[1]		6,078,467
Beginning Balance at Dec. 31, 2021		$ 85,004	$ 5		$ 198,179	$ (112,811)	$ (369)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Legacy Shapways common stock upon exercise of stock options, (in shares)	[1]		27,246
Issuance of common stock for stock-based compensation		99			99
Stock-based compensation expense		312			312
Net loss		(4,037)				(4,037)
Transfer of Private Warrants to Public Warrants		382			382
Foreign currency translation adjustment		(52)					(52)
Ending Balance at Mar. 31, 2022		81,708	$ 5		198,972	(116,848)	(421)
Common Stock, Ending Balance (in shares) at Mar. 31, 2022	[1]		6,105,713
Common Stock, Beginning Balance (in shares) at Dec. 31, 2021	[1]		6,078,467
Beginning Balance at Dec. 31, 2021		85,004	$ 5		198,179	(112,811)	(369)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss		(13,261)
Foreign currency translation adjustment		(351)
Ending Balance at Sep. 30, 2022		73,870	$ 5		200,657	(126,072)	(720)
Common Stock, Ending Balance (in shares) at Sep. 30, 2022	[1]		6,161,785
Common Stock, Beginning Balance (in shares) at Mar. 31, 2022	[1]		6,105,713
Beginning Balance at Mar. 31, 2022		81,708	$ 5		198,972	(116,848)	(421)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Legacy Shapways common stock upon exercise of stock options, (in shares)	[1]		45,966
Issuance of common stock for stock-based compensation		189			189
Stock-based compensation expense		457			457
Net loss		(4,674)				(4,674)
Transfer of Private Warrants to Public Warrants		288			288
Foreign currency translation adjustment		(174)					(174)
Ending Balance at Jun. 30, 2022		77,794	$ 5		199,906	(121,522)	(595)
Common Stock, Ending Balance (in shares) at Jun. 30, 2022	[1]		6,151,679
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Legacy Shapways common stock upon exercise of stock options, (in shares)	[1]		10,106
Issuance of common stock for stock-based compensation		1			1
Stock-based compensation expense		750			750
Net loss		(4,550)				(4,550)
Foreign currency translation adjustment		(125)					(125)
Ending Balance at Sep. 30, 2022		$ 73,870	$ 5		200,657	(126,072)	(720)
Common Stock, Ending Balance (in shares) at Sep. 30, 2022	[1]		6,161,785
Common Stock, Beginning Balance (in shares) at Dec. 31, 2022		6,180,646	6,180,646	[1]
Beginning Balance at Dec. 31, 2022		$ 67,791	$ 5		201,362	(133,032)	(544)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Legacy Shapways common stock upon exercise of stock options, (in shares)		32	20,507	[1]
Cancellation of restricted stock (in shares)	[1]		(7)
Stock-based compensation expense		$ 805			805
Net loss		(7,403)				(7,403)
Foreign currency translation adjustment		39					39
Ending Balance at Mar. 31, 2023		$ 61,232	$ 5		202,167	(140,435)	(505)
Common Stock, Ending Balance (in shares) at Mar. 31, 2023	[1]		6,201,146
Common Stock, Beginning Balance (in shares) at Dec. 31, 2022		6,180,646	6,180,646	[1]
Beginning Balance at Dec. 31, 2022		$ 67,791	$ 5		201,362	(133,032)	(544)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Restricted stock units withheld for employee tax liability (shares)		(53,418)
Net loss		$ (33,377)
Foreign currency translation adjustment		(21)
Ending Balance at Sep. 30, 2023		$ 36,759	$ 1		203,732	(166,409)	(565)
Common Stock, Ending Balance (in shares) at Sep. 30, 2023		6,547,873	6,547,873	[1]
Common Stock, Beginning Balance (in shares) at Mar. 31, 2023	[1]		6,201,146
Beginning Balance at Mar. 31, 2023		$ 61,232	$ 5		202,167	(140,435)	(505)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Legacy Shapways common stock upon exercise of stock options, (in shares)		0	118,945	[1]
Issuance of common stock upon settlement of earnout consideration liability (shares)	[1]		156,658
Issuance of common stock upon settlement of earnout consideration liability		$ 537			537
Restricted stock units withheld for employee tax liability (shares)	[1]	(34,058)
Restricted stock units withheld for employee tax liability		$ (111)			(111)
Cancellation of restricted stock (in shares)	[1]		(170)
Stock-based compensation expense		476			476
Redemption of fractional shares on reverse stock split (shares)	[1]		(85)
Redemption of fractional shares on reverse stock split		(4)			(4)
Net loss		(6,781)				(6,781)
Foreign currency translation adjustment		5					5
Ending Balance at Jun. 30, 2023		$ 55,354	$ 5		203,065	(147,216)	(500)
Common Stock, Ending Balance (in shares) at Jun. 30, 2023	[1]		6,442,436
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Legacy Shapways common stock upon exercise of stock options, (in shares)		0	86,876
Issuance of common stock under the ATM facility, net of offering costs (in shares)			19,360
Restricted stock units withheld for employee tax liability		$ (58)			(58)
Restricted stock units withheld for employee tax liability (shares)		(19,360)	(1,666)
Cancellation of restricted stock (in shares)			39,587
Issuance of common stock under the ATM Facility, net of offering costs		$ 118			118
Stock-based compensation expense		603			603
Redemption of fractional shares on reverse stock split			$ 4		(4)
Net loss		(19,193)				(19,193)
Foreign currency translation adjustment		(65)					(65)
Ending Balance at Sep. 30, 2023		$ 36,759	$ 1		$ 203,732	$ (166,409)	$ (565)
Common Stock, Ending Balance (in shares) at Sep. 30, 2023		6,547,873	6,547,873	[1]
[1] Retroactively adjusted shares issued and outstanding to give effect to the Company's 1-for-8 reverse stock split. See Note 2.

v3.23.3

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (19,193,000)	$ (7,403,000)	$ (4,550,000)	$ (4,037,000)	$ (33,377,000)	$ (13,261,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization					1,467,000	1,032,000
Loss from impairment on assets held for sale					9,680,000	0
Write-off of prepaid services					3,196,000	0
Write-off of intangible assets	481,000		0		481,000	0
Loss on disposal of assets	0		0		85,000	0
Stock-based compensation expense					1,884,000	1,519,000
Non-cash lease expense					749,000	687,000
Deferred income taxes					56,000	0
Change in fair value of earnout liability	0		(1,784,000)		0	(1,784,000)
Interest receivable on short-term investments					(611,000)	0
Change in fair value of warrant liabilities	0		(31,000)		0	(1,558,000)
Change in operating assets and liabilities:
Accounts receivable					(2,226,000)	710,000
Inventory					(662,000)	(152,000)
Prepaid expenses and other assets					(89,000)	(1,335,000)
Accounts payable					(425,000)	(396,000)
Accrued expenses and other liabilities					(1,794,000)	713,000
Operating lease liabilities					(721,000)	(732,000)
Deferred revenue					866,000	(458,000)
Net cash used in operating activities					(21,441,000)	(15,015,000)
Cash flows from investing activities:
Purchases of property and equipment					(2,796,000)	(9,043,000)
Purchase of short-term investments					(9,769,000)	0
Proceeds from settlement of short-term investments					20,000,000	0
Cash paid for acquisitions, net of cash acquired					0	(8,861,000)
Net cash provided by (used in) investing activities					7,435,000	(17,904,000)
Cash flows from financing activities:
Proceeds received from other finance obligations					993,000	0
Principal payments on finance leases					(45,000)	0
Payments on other finance obligations					(17,000)	0
Payments of taxes on restricted stock units withheld for employee taxes					(169,000)	0
Proceeds from issuance of common stock					118,000	289,000
Net cash provided by financing activities					880,000	289,000
Net change in cash and cash equivalents and restricted cash					(13,126,000)	(32,630,000)
Effect of change in foreign currency exchange rates on cash and cash equivalents and restricted cash					13,000	(112,000)
Cash and cash equivalents and restricted cash at beginning of period		$ 30,769,000		$ 79,819,000	30,769,000	79,819,000	$ 79,819,000
Cash and cash equivalents and restricted cash at end of period	$ 17,656,000		$ 47,077,000		17,656,000	47,077,000	$ 30,769,000
Supplemental disclosure of cash and non-cash transactions:
Cash paid for interest					87,000	0
Purchase of property and equipment included in accounts payable					39,000	0
Issuance of common stock upon settlement of earnout consideration liability					$ 537,000	$ 0

v3.23.3

Organization	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization On September 29, 2021 (the “Closing” or the “Closing Date”), Galileo Acquisition Corp., a Cayman Islands exempted company (“Galileo” and after the Domestication (as defined below) “Shapeways”), a publicly-traded special purpose acquisition company, consummated the transactions described in the Agreement and Plan of Merger and Reorganization (the “Merger Agreement”) dated April 28, 2021, by and among Galileo Founders Holdings, L.P. (the “Sponsor”), Galileo Acquisition Corp., Galileo Acquisition Holdings, Inc., a Delaware corporation and wholly owned subsidiary of Galileo (“Merger Sub”), and Shapeways, Inc., a Delaware corporation (“Legacy Shapeways”), whereby Merger Sub merged with and into Legacy Shapeways, the separate corporate existence of Merger Sub ceasing and Legacy Shapeways being the surviving corporation and a wholly owned subsidiary of Shapeways (the “Merger”). Further, on the Closing Date, Galileo was domesticated and continued as a Delaware corporation (the “Domestication” and, together with the Merger, the “Business Combination”), changing its name to “Shapeways Holdings, Inc.” (the “Company” and/or “Shapeways”). Simultaneously with the execution of the Business Combination, Galileo entered into subscription agreements pursuant to which certain investors agreed to purchase an aggregate of 7,500,000 shares of common stock for a purchase price of $10.00 per share and $75,000,000 in the aggregate (the “PIPE Investment”). At the Closing, the Company consummated the PIPE Investment. Shapeways also operates through its wholly owned subsidiaries, Shapeways BV, which was incorporated in the Netherlands on December 10, 2008 and Linear Mold & Engineering, LLC, also referred to as Linear AMS ("Linear"), which was acquired in May 2022. Shapeways is a leader in the large and fast-growing digital manufacturing industry combining high quality, flexible on-demand manufacturing powered by purpose-built proprietary software which enables customers to rapidly transform digital designs into physical products, globally. Shapeways makes industrial-grade additive manufacturing accessible by fully digitizing the end-to-end manufacturing process, and by providing a broad range of solutions utilizing 12 additive manufacturing technologies and more than 120 materials and finishes, with the ability to easily scale new innovation. Shapeways has delivered over 24 million parts to over 1 million customers in over 180 countries, from inception through September 30, 2023.

v3.23.3

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information as defined by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and in accordance with the instruction to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission (“SEC”). Certain information or footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. The unaudited condensed consolidated financial statements include the accounts of its wholly owned subsidiaries, Legacy Shapeways, Shapeways BV and Linear. All intercompany accounts and transactions have been eliminated in consolidation. In the opinion of management, the accompanying unaudited condensed consolidated interim financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. These unaudited condensed consolidated interim financial statements should be read along with the audited financial statements included in the Company’s Annual Report on Form 10-K/A for the fiscal year ended December 31, 2022, as filed with the SEC on August 4, 2023 (the “Annual Report”). Use of Estimates The preparation of the Company’s unaudited condensed consolidated financial statements, in conformity with U.S. GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and reported amounts of revenues and expenses during the reporting periods. Actual results may differ from those estimates. Functional Currency The Euro is the functional currency for Shapeways BV’s operations outside the United States. Assets and liabilities of these operations are translated into U.S. Dollars at the exchange rate in effect at the end of each period. Income statement accounts are translated at the average exchange rate prevailing during the period. Translation adjustments arising from the use of differing exchange rates from period to period are included as a component of other comprehensive loss within stockholders’ equity. Gains and losses from foreign currency transactions are included in net loss for the period. Cash, Cash Equivalents and Restricted Cash Cash includes cash on hand and demand deposits and highly liquid securities with original maturities at the date of acquisition of ninety days or less. The Company maintains its deposits at high quality financial institutions and monitors the credit ratings of those institutions. The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. While cash held by financial institutions may at times exceed federally insured limits, the Company believes that no material credit or market risk exposure exists due to the high quality of the institutions. The Company has not experienced any losses on such accounts. Restricted cash represents cash required to be held as collateral for the Company’s credit cards and security deposit for its facility in the Netherlands. Accordingly, these balances contain restrictions as to their availability and usage and are classified as restricted cash in the unaudited condensed consolidated balance sheets. The reconciliation of cash, cash equivalents and restricted cash reported within the applicable unaudited condensed consolidated balance sheets that sum to the total of the same such amount shown in the unaudited condensed consolidated statements of cash flows is as follows: September 30, 2023 September 30, 2022 Cash and cash equivalents $ 17,517  $ 46,941  Restricted cash 139  136  $ 17,656  $ 47,077  Short-term investments The Company invests its excess cash in fixed income instruments including U.S. treasury securities with a maturity of six months or less. The Company has the means to and intends to, hold all investments to maturity, and as such, its investments are classified as held-to-maturity investments. Held-to-maturity investments are recorded at amortized cost and adjusted for the amortization or accretion of premiums or discounts. Accounts Receivable Accounts receivable are recorded at the invoiced amount and are generally unsecured as they are uncollateralized. The Company provides an allowance for doubtful accounts to reduce receivables to their estimated net realizable value. Judgement is exercised in establishing allowances and estimates are based on the customers’ payment history and liquidity. Any amounts that were previously recognized as revenue and subsequently determined to be uncollectible are charged to bad debt expense included in selling, general and administrative expense in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss. Given the nature and historical collectability of the Company’s accounts receivable, an allowance for doubtful accounts was not deemed necessary at September 30, 2023 and December 31, 2022. Inventory Inventory consists of raw materials, work-in-process and finished goods at the Company’s distribution centers. Raw materials are stated at the lower of cost or net realizable value, determined by the first-in-first-out method. Finished goods and work-in-process are valued using a methodology to determine the cost of each 3D printed object using allocations for material, labor, machine time and overhead. The Company periodically reviews its inventory for slow-moving, damaged and discontinued items and provides allowances to reduce such items identified to their recoverable amounts. As of September 30, 2023 and December 31, 2022, the Company determined an allowance was not deemed necessary. Property and Equipment, net Property and equipment are stated at cost, less accumulated depreciation. Maintenance and repairs are charged to expense when incurred. Additions and improvements that extend the economic useful life of the asset are capitalized and depreciated over the remaining useful lives of the assets. The cost and accumulated depreciation of assets sold or retired are removed from the respective accounts, and any resulting gain or loss is reflected in current earnings. In March 2021, the Company entered into a non-binding Memorandum of Understanding (“MOU”) with Desktop Metal Inc. ("Desktop Metal"), pursuant to which Desktop Metal agreed to invest $20.0 million in the PIPE Investment. Upon consummation of this investment, the Company became obligated to purchase $20.0 million of equipment, materials and services from Desktop Metal. In September 2023, the Company identified $11.5 million of such equipment that would not be utilized in its operations and classified the assets as held for sale, at the lower of the carrying value or fair value. The Company recognized $9.7 million of impairment charges during the three and nine months ended September 30, 2023. No impairment charges were recorded for the three and nine months ended September 30, 2022. The Company also wrote off $3.2 million of prepaid services related to such equipment, which was included in selling, general and administrative expense on the condensed consolidated statements of operations and comprehensive loss. Costs for capital assets not yet placed into service are capitalized and depreciated once placed into service. Depreciation is recognized using the straight-line method in amounts considered to be sufficient to allocate the cost of the assets to operations over the estimated useful lives or lease terms, as follows: Asset Category Depreciable Life Machinery and equipment 5 to 10 years Computers and IT equipment 3 to 10 years Furniture and fixtures 7 to 10 years Vehicles 10 years Leasehold improvements ** ** Leasehold improvements are amortized using the straight-line method over the shorter of the lease term or estimated useful life of the asset. Long-Lived Assets, Including Definite-Lived Intangible Assets Intangible assets, which consist of technology, customer relationships, trademarks, favorable and unfavorable operating leases, and non-competition agreements are stated at cost less accumulated amortization. Amortization is generally recorded on a straight-line basis over estimated useful lives ranging from two to ten years. The Company periodically reviews the estimated useful lives of intangible assets and adjusts when events indicate that a shorter life is appropriate. Capitalization of costs to develop software begins when preliminary development efforts are successful and completed. Costs related to the design or maintenance of internal-use software are expensed as incurred. Long-lived assets, other than goodwill and other indefinite-lived intangibles, are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable through the estimated undiscounted future cash flows derived from such assets. Factors that the Company considers in deciding when to perform an impairment review include significant changes in the Company’s forecasted projections for the asset or asset group for reasons including, but not limited to, significant underperformance of a product in relation to expectations, significant changes, or planned changes in the Company’s use of the assets, significant negative industry or economic trends, and new or competing products that enter the marketplace. The impairment test is based on a comparison of the undiscounted cash flows expected to be generated from the use of the asset group. If impairment is indicated, the asset is written down by the amount by which the carrying value of the asset exceeds the related fair value of the asset with the related impairment charge recognized within the unaudited condensed consolidated statements of operations and comprehensive loss. No impairment charges were recorded for the three and nine months ended September 30, 2023 and 2022. Goodwill Goodwill, which represents the excess of purchase prices over the fair value of net assets acquired, is carried at cost. Goodwill is not amortized; rather, it is subject to a periodic assessment for impairment by applying a fair value-based test. Goodwill is evaluated for impairment on an annual basis at a level of reporting referred to as the reporting unit, and more frequently if adverse events or changes in circumstances indicate that the asset may be impaired. Under ASC 350, Intangibles - Goodwill and Other, the Company has the option to first assess the qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform a quantitative goodwill impairment test. If the Company determines that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then the goodwill impairment test is performed. Impairment tests are performed on a quarterly basis. Management uses the future discounted cash flows valuation approach to determine the fair value of reporting units and determines whether the fair value of reporting units exceeded its carrying amounts. If the fair value exceeds the carrying amount, then no impairment is recognized. If the carrying amount recorded exceeds the fair value calculated, then an impairment charge is recognized for the difference. The impairment review requires management to make judgments in determining various assumptions with respect to revenues, operating margins, growth rates and discount rates. The judgments made in determining the projected cash flows used to estimate the fair value can materially impact the Company’s financial condition and results of operations. No impairment charges related to Goodwill were recorded for the three and nine months ended September 30, 2023 and 2022. Fair Value Measurements The Company applies ASC 820, Fair Value Measurement (“ASC 820”), which establishes a framework for measuring fair value and clarifies the definition of fair value within that framework. ASC 820 defines fair value as an exit price, which is the price that would be received for an asset or paid to transfer a liability in the Company’s principal or most advantageous market in an orderly transaction between market participants on the measurement date. The fair value hierarchy established in ASC 820 generally requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs reflect the assumptions that market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the entity’s own assumptions based on market data and the entity’s judgments about the assumptions that market participants would use in pricing the asset or liability and are to be developed based on the best information available in the circumstances. The valuation hierarchy is composed of three levels. The classification within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The levels within the valuation hierarchy are described below: Level 1 - Assets and liabilities with unadjusted, quoted prices listed on active market exchanges. Inputs to the fair value measurement are observable inputs, such as quoted prices in active markets for identical assets or liabilities. Level 2 - Inputs to the fair value measurement are determined using prices for recently traded assets and liabilities with similar underlying terms, as well as direct or indirect observable inputs, such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 - Inputs to the fair value measurement are unobservable inputs, such as estimates, assumptions, and valuation techniques when little or no market data exists for the assets or liabilities. Business Acquisitions The purchase price of an acquisition is allocated to the assets acquired, including intangible assets, and liabilities assumed, based on their respective fair values at the acquisition date. Acquisition-related costs are expensed as incurred. The excess of the cost of an acquired entity, net of the amounts assigned to the assets acquired and liabilities assumed, is recognized as goodwill. The net assets and results of operations of an acquired entity are included on the Company’s unaudited condensed consolidated financial statements from the acquisition date. Revenue Recognition Revenue is derived from two primary sources: (a) products and services and (b) software. The Company recognizes revenue following the five-step model prescribed under ASC 606, Revenue from Contracts with Customers ("ASC 606"): (i) identify contract(s) with a customer; (ii) identify the performance obligation(s) in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligation(s) in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the products or services it transfers to the customer. These contracts have different terms based on the scope, performance obligations, and complexity of the project, which often requires the Company to make judgments and estimates in recognizing revenues. Performance obligations are satisfied both at a point of time and over time. All revenue is recognized based on the satisfaction of the performance obligation to date (see Note 6). Leases The Company’s lease arrangements relate primarily to office and manufacturing space and equipment. The Company’s leases have initial terms ranging from 2 to 10 years and may include renewal options and rent escalation clauses. The Company is typically required to make fixed minimum rent payments relating to its right to use an underlying leased asset. Additionally, the Company’s leases do not contain significantly restrictive covenants or residual value guarantees. The Company determines if an arrangement is a lease at inception and classifies its leases at commencement. Operating leases are presented as operating lease right-of-use assets, net and the corresponding lease liabilities are included in operating lease liabilities, current and operating lease liabilities, net of current on the Company’s unaudited condensed consolidated balance sheets. Finance lease right-of-use assets are presented within property and equipment, net and the corresponding finance lease liabilities are included in finance lease liability, current and finance lease liability, noncurrent on the Company's unaudited condensed consolidated balance sheets. Operating lease right-of-use assets and finance lease right-of-use assets, (collectively "ROU assets") represent the Company’s right to use an underlying asset and lease liabilities represent the Company’s obligation for lease payments in exchange for the ability to use the asset for the duration of the lease term. The Company does not recognize short term leases that have a term of twelve months or less as ROU assets or lease liabilities. The Company’s short-term leases are not material and do not have a material impact on its ROU assets or lease liabilities. ROU assets and lease liabilities are recognized at commencement date and determined using the present value of the future minimum lease payments over the lease term. The Company uses an incremental borrowing rate based on estimated rate of interest for collateralized borrowing since the Company’s leases do not include an implicit interest rate. The estimated incremental borrowing rate considers market data, actual lease economic environment, and actual lease term at commencement date. The lease term may include options to extend when it is reasonably certain that the Company will exercise that option. ROU assets include lease payments made in advance, and excludes any incentives received or initial direct costs incurred. The Company recognizes lease expense on a straight-line basis over the lease term. The Company has lease agreements which contain both lease and non-lease components, which it has elected to account for as a single lease component. As such, minimum lease payments include fixed payments for non-lease components within a lease agreement, but exclude variable lease payments not dependent on an index or rate, such as common area maintenance, operating expenses, utilities, or other costs that are subject to fluctuation from period to period. Stock-based Compensation The Company recognizes stock-based compensation expense for all stock options, restricted stock units and other arrangements within the scope of ASC 718, Stock Compensation ("ASC 718"). Stock-based compensation expense is measured at the date of grant, based on the fair value of the award, and is recognized using the straight-line method over the employee’s requisite service period. Compensation for stock-based awards with vesting conditions other than service are recognized based on the probability of the performance condition being met over the vesting period. Forfeitures are recognized as they are incurred. Common Stock Warrant Liabilities The Company evaluates its warrants under ASC 815-40, Derivatives and Hedging—Contracts in Entity’s Own Equity (“ASC 815-40”). The Private Warrants (as defined in Note 14) previously met the definition of a derivative under ASC 815, and the Company recorded these warrants as liabilities on the unaudited condensed consolidated balance sheets at fair value, with subsequent changes in their respective fair values recognized in the unaudited condensed consolidated statements of operations and comprehensive loss at each reporting date. In December 2022, the Company and the holders of the Private Warrants entered into letter agreements, pursuant to which such holders agreed that the Private Warrants will be exercisable for cash or on a cashless basis and redeemable on the same terms and subject to the same conditions as the Public Warrants (as defined in Note 14). The Company has therefore concluded that as of September 30, 2023 and December 31, 2022, all its warrants met the criteria to be classified in stockholders' equity. Research and Development Costs Research and development expenses consist primarily of allocated personnel costs, fees paid to consultants and outside service providers, and allocations for rent and overhead. Research and development costs are expensed as incurred. Advance payments for goods and services that will be used in future research and development activities are expensed when the activity has been performed or when the goods have been received. For the three months ended September 30, 2023 and 2022, research and development costs were $2,257 and $2,572, respectively. For the nine months ended September 30, 2023 and 2022, research and development costs were $7,261 and $6,992, respectively. Advertising Costs Advertising costs are expensed as incurred. For the three months ended September 30, 2023 and 2022, advertising costs were $321 and $571, respectively. For the nine months ended September 30, 2023 and 2022, advertising costs were $928 and $1,425, respectively. Advertising costs are included in selling, general and administrative expense on the unaudited condensed consolidated statements of operations and comprehensive loss. Income Taxes The Company files income tax returns in the U.S. federal jurisdiction, various state jurisdictions, and the Netherlands. Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. Where applicable, the Company records a valuation allowance to reduce any deferred tax assets that it determines will not be realizable in the future. The Company recognizes the benefit of an uncertain tax position that it has taken or expects to take on income tax returns it files if such tax position is more likely than not to be sustained on examination by the taxing authorities, based on the technical merits of the position. These tax benefits are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. Although the Company believes that it has adequately reserved for uncertain tax positions (including interest and penalties), it can provide no assurance that the final tax outcome of these matters will not be materially different. The Company makes adjustments to these reserves in accordance with the income tax accounting guidance when facts and circumstances change, such as the closing of a tax audit or the refinement of an estimate. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will affect the provision for income taxes in the period in which such determination is made and could have a material impact on the Company’s financial condition and operating results. Carryforward attributes that were generated in tax years prior to those that remain open for examination may still be adjusted by relevant tax authorities upon examination if they either have been, or will be, used in a future period. In applying the estimated annual effective tax rate approach prescribed under ASC 740-270, Income Taxes - Interim Reporting, and based on present evidence and conclusions around the realizability of deferred tax assets, the Company determined that any deferred tax benefits related to the forecasted tax rate and pretax activity during the three and nine months ended September 30, 2023 and 2022 are neither more likely than not to be realized in the current year, nor realizable as a deferred tax asset at the end of the year. Therefore, the appropriate amount of income tax benefit to recognize related to deferred tax assets during the three and nine months ended September 30, 2023 and 2022 is zero. The Company’s effective tax rate was (0.17)% and (0.21)% for the three and nine months ended September 30, 2023, respectively and zero percent for the three and nine months ended September 30, 2022, respectively. The Company's effective tax rates differ from the applicable statutory tax rate primarily due to the fact that the Company maintains a full valuation allowance against its deferred tax assets as a result of its historical and current period losses. Reverse Stock Split On June 14, 2023, the Company’s Board of Directors approved a reverse stock split ratio of 1-for-8 (the “Reverse Stock Split”). On June 22, 2023, the effective date of the Reverse Stock Split, the number of the Company’s issued and outstanding shares of common stock decreased from 51,540,172 shares to 6,442,436 shares, net of fractional shares redeemed. The number of authorized shares and par value per common share remained unchanged. No fractional shares were issued as a result of the Reverse Stock Split. Stockholders who would otherwise have been entitled to receive a fractional share received a cash payment in lieu thereof. Prior to the effective date of the Reverse Stock Split, the Company had listed warrants to purchase a total of 18,410,000 shares of Common Stock, with each whole warrant being exercisable for one share of Common Stock at $11.50 per share. After the effective date of the Reverse Stock Split, every eight shares of Common Stock that may have been purchased pursuant to the warrants immediately prior to the Reverse Stock Split represented one share of Common Stock that may be purchased pursuant to such warrants immediately following the Reverse Stock Split. Correspondingly, the exercise price per share of Common Stock attributable to such warrants was proportionately increased, such that the exercise price immediately following the Reverse Stock Split was $92.00, which equals the product of eight multiplied by $11.50, the exercise price per share immediately prior to the Reverse Stock Split. The number of shares of Common Stock subject to the warrants was proportionately decreased by eight times, to an aggregate of 2,301,250 shares. The share, per share and trading price amounts in the unaudited condensed consolidated financial statements and the accompanying notes, have been retrospectively adjusted to reflect the Reverse Stock Split for all periods presented. Net loss per Share In accordance with the provisions of ASC 260, Earnings Per Share, net loss per common share is computed by dividing net loss by the weighted-average shares of common stock outstanding during the period. Basic net loss per share is computed by dividing net loss by the weighted average number of shares outstanding during the period. Diluted net loss per share gives effect to all dilutive potential common shares outstanding during the period including stock options and warrants, using the treasury stock method, and convertible debt and convertible securities, using the if-converted method. During a loss period, the effect of the potential exercise of stock options and convertible debt are not considered in the diluted net loss per share calculation since the effect would be anti-dilutive. A reconciliation of net loss and number of shares used in computing basic and diluted net loss per share is as follows:   Three Months Ended September 30, Nine Months Ended September 30,   2023 2022 2023 2022 Basic and Diluted net loss per share computation: Numerator for basic and diluted net loss per share: Net loss $ (19,193) $ (4,550) $ (33,377) $ (13,261) Denominator for basic and diluted net loss per share: Weighted average common shares - basic and diluted 6,968,534  6,648,195  6,824,520  6,623,168  Basic and diluted net loss per share $ (2.75) $ (0.68) $ (4.89) $ (2.00) The following table presents the outstanding shares of common stock equivalents that were excluded from the computation of the diluted net loss per share for the periods in which a net loss is presented because their effect would have been anti-dilutive:   Three Months Ended September 30, Nine Months Ended September 30,   2023 2022 2023 2022 Common stock warrants(1) 2,301,250  2,301,250  2,301,250  2,301,250  Earnout Shares 438,800  438,800  438,800  438,800  Unvested RSUs 568,570  655,882  568,570  655,882  (1) The number of shares of common stock subject to the warrants was proportionately decreased as a result of the Reverse Stock Split. Included in net loss per share are 482,906 and 493,900 shares subject to options due to their nominal exercise prices as of September 30, 2023 and 2022, respectively. Segment Information The Company operates and reports in one segment, which focuses on providing additive and traditional manufacturing services to customers. The Company’s operating segment is reported in a manner consistent with the internal reporting provided to the chief operating decision maker (“CODM”). The Company’s CODM has been identified as its Chief Executive Officer. The Company is continually evaluating its operating and reporting segments as the Company continues to grow. Recent Accounting Pronouncements Accounting Pronouncements Recently Issued Not Yet Adopted In October 2023, the FASB issued Accounting Standards Update ("ASU") 2023-06, Disclosure Improvements. The amendments in this ASU modify the disclosure or presentation requirements of a variety of topics in the codification. Certain of the amendments represent clarifications to or technical corrections of the current requirements. The amendments in this ASU are effective for the interim period June 30, 2027, with early adoption prohibited. The Company is currently evaluating the impact the standard will have on its condensed consolidated financial statements.

v3.23.3

Going Concern	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Going Concern	Going ConcernThe Company’s condensed consolidated financial statements are prepared in accordance with U.S. GAAP applicable to a going concern that contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company had net loss of $33,377 and $13,261 for the nine months ended September 30, 2023 and 2022, respectively. The Company has incurred losses from operations since inception and as of September 30, 2023, had an accumulated deficit of $166,409 and negative cash flows of $13,126. These conditions, among others, raise substantial doubt about the Company's ability to continue as a going concern for one year following the issuance of these financial statements. The Company initiated a number of cost reduction measures in the quarter ended September 30, 2023, including a reduction in force completed in October 2023, reduction of new hires and reduction in non-critical capital and discretionary operating expenditures. The Company has also identified several further potential actions that could be initiated in a timely manner to extend the cash runway necessary to fund operations and to address the Company’s liquidity needs over the twelve-month period from the date of issuance of these condensed consolidated financial statements. These actions include raising substantial additional capital to fund its operations through equity or debt financings or other sources, strategic collaborations, deferral and reprioritization of certain additional research and development programs that would involve reduced program and headcount spend, further reduction in force, realignment of operating infrastructure including closing or downsizing manufacturing facilities, and further reduction in non-critical capital and discretionary operating expenditures including personnel costs, travel and recruitment, additional equipment and business support spend. Although the Company is continuing to explore actions to maximize shareholder value and management has taken actions to reduce cash use, it cannot be sure these actions will sufficiently reduce or eliminate future losses. Furthermore, the Company has been working with advisors in considering the strategic alternatives available to the Company. Potential strategic alternatives may include, without limitation, a sale of a material portion of the Company’s assets, merger, business combination, or other strategic transaction. The Company has not made a decision to pursue or not pursue any particular strategic alternative, and there can be no assurance that this process will result in any transaction. The Company believes management’s plans may not provide sufficient liquidity to meet its financial obligations and maintain levels of liquidity over the twelve-month period from the date of issuance of these financial statements. As such, the Company demonstrates adverse conditions that raise substantial doubt about the Company's ability to continue as a going concern for one year following the issuance of these condensed consolidated financial statements. The condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classification of liabilities that might be necessary in the event that the Company cannot continue as a going concern.

v3.23.3

Short-term Investments	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Short-term Investments	Short-term InvestmentsAs of September 30, 2023, the Company's short-term investments consisted of U.S. Treasury Securities classified as held-to-maturity. Held-to-maturity investments are recorded at amortized cost and adjusted for the amortization or accretion of premiums or discounts. The Company considers all investments with original maturities of 3 months or less to be cash and cash equivalents and investments with original maturities of more than three months but less than one year to be short-term investments. The carrying value, excluding gross unrealized holding gains or losses and fair value as of September 30, 2023 and December 31, 2022 were as follows: September 30, 2023 Amortized Cost and Carrying Value Gross Unrealized Gains Gross Unrealized Losses Fair Value September 30, 2023 Classified as Cash and cash equivalents U.S. Treasury Securities $ 14,933  $ 45  $ —  $ 14,978  Classified as short-term investments U.S. Treasury Securities $ —  $ —  $ —  $ —  December 31, 2022 Amortized Cost and Carrying Value Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2022 Classified as Cash and cash equivalents U.S. Treasury Securities $ 19,864  $ 73  $ —  $ 19,937  Classified as short-term investments U.S. Treasury Securities $ 9,816  $ 33  $ —  $ 9,849

v3.23.3

Business Acquisitions	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Business Acquisitions	Business Acquisitions Acquisition of MFG.com On April 22, 2022, the Company completed the acquisition of the outstanding assets of MP2020, Inc. ("MFG.com" or "MFG") under an Asset Purchase Agreement ("MFG Purchase"). MFG.com is expected to help the Company's software strategy by providing an immediate supply chain of a wide range of traditional manufacturing services that its customers can leverage. The following table summarizes the total consideration for the MFG Purchase: April 22, 2022 Cash consideration $ 2,700  Holdback consideration 300  Total consideration $ 3,000  The holdback consideration represents the portion of the purchase price to be paid within 12 months from the closing date, subject to reduction for certain indemnifications and other potential obligations of the acquired businesses. The holdback consideration was recorded in accrued expenses and other liabilities on the unaudited condensed consolidated balance sheets and was paid January 2023. The Company has accounted for the MFG Purchase as a business combination in accordance with ASC Topic 805, Business Combinations ("ASC 805"). The following table summarizes the allocation of the purchase price to the estimated fair values of assets acquired and liabilities assumed: April 22, 2022 Assets acquired: Goodwill $ 1,954  Intangible assets 1,604  Other assets 15  Total assets acquired 3,573  Liabilities assumed: Deferred revenue 573  Total liabilities assumed 573  Net assets acquired $ 3,000  The estimated useful lives of the identifiable intangible assets acquired is as follows: Gross Value Estimated Life (in years) Customer relationships $ 264  10 Trade name 240  10 Acquired software platform 910  10 Customer list 190  3 Total intangible assets $ 1,604  The goodwill will not be deductible for tax purposes. The Company incurred $212 of transaction costs related to this acquisition, which are included in general and administrative expenses on the unaudited condensed consolidated statements of operations. The Company has determined that the impact of the MFG Purchase was not material to its condensed consolidated financial statements; therefore, separate presentation of revenue and earnings since the acquisition date and pro forma information are not required nor included herein. Acquisition of Linear AMS On May 9, 2022, the Company completed the acquisition of the membership interest of Linear Mold & Engineering, LLC ("Linear AMS" or "Linear") under a Membership Interest Purchase Agreement (the "Linear AMS Purchase"). Linear is expected to help the Company expand its go to market strategy by leveraging Linear's highly technical business development and user application experience and extend its enterprise customer base in key markets. The following table summarizes the total consideration for the Linear AMS Purchase: May 9, 2022 Cash consideration $ 6,090  Holdback consideration 800  Earnout consideration liability 2,900  Total consolidation $ 9,790  The holdback consideration represents the portion of the purchase price payable 12 months from the closing date, subject to reduction for certain indemnifications and other potential obligations of Linear AMS. The estimated fair value of the earnout consideration liability at acquisition was determined using a Monte Carlo simulation based on certain performance metrics for the 12 months ended December 31, 2022. During 2022, the Company recognized a non-cash gain of $1,824 as a result of the actual revenue performance of Linear for the year ended December 31, 2022. The final earnout consideration liability was paid in cash of $539 and a non-cash issuance of equity valued at $537 in April 2023. The Company has accounted for the Linear AMS Purchase as a business combination in accordance with ASC 805. The following table summarizes the fair values of assets acquired and liabilities assumed as of the acquisition date: May 9, 2022 Assets acquired: Cash and cash equivalents $ 29  Accounts receivable 1,117  Inventory 214  Prepaid expenses 34  Security deposits 92  Property and equipment, net 2,086  Right-of-use assets 2,131  Goodwill 2,497  Intangible assets, net 4,199  Total assets acquired 12,399  Liabilities assumed: Accounts payable 308  Accrued expenses and other liabilities 170  Operating lease liability 2,131  Total liabilities assumed 2,609  Net assets acquired $ 9,790  The estimated useful lives of the identifiable intangible assets acquired is as follows: May 9, 2022 Estimated Life (in years) Customer relationships $ 2,822  10 Trade name 647  10 Noncompetition agreement 52  2 Favorable operating lease 699  4 Unfavorable operating lease (21) 4 Total intangible assets $ 4,199  The goodwill will not be deductible for tax purposes. The Company incurred $161 of transaction costs related to this acquisition, which are included in general and administrative expenses on the unaudited condensed consolidated statements of operations. The Company has determined that the impact of the Linear AMS Purchase was not material to its consolidated financial statements; therefore, separate presentation of revenue and earnings since the acquisition date and pro forma information are not required nor included herein. Acquisition of Maker OS On April 13, 2022, the Company completed the acquisition of the outstanding assets of Maker OS under an Asset Purchase Agreement ("Maker OS Asset Purchase"). Maker OS is expected to help the Company expand on its manufacturing capabilities and help it build comprehensive ordering services within its software offerings. The total cash consideration paid related to this transaction was $100. The Company has accounted for the Maker OS Asset Purchase as an asset purchase and no liabilities were assumed as part of the acquisition. The following table summarizes the fair values of assets acquired as of the acquisition date: April 13, 2022 Assets acquired: Intangible assets $ 100  Total assets acquired $ 100  The Company incurred immaterial transaction costs related to the Maker OS Asset Purchase, which are included in selling, general and administrative expenses on the unaudited condensed consolidated statements of operations.

v3.23.3

Revenue Recognition	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Under ASC 606, revenue is recognized throughout the life of the executed agreement. The Company measures revenue based on consideration specified in a contract with a customer. Furthermore, the Company recognizes revenue when a performance obligation is satisfied by transferring control of the product or service to the customer which could occur over time or at a point in time. A performance obligation is a promise in a contract to transfer a distinct service to the customer. The transaction price of a contract is allocated to each distinct performance obligation and recognized as revenue when or as the customer receives the benefit of the performance obligation. Customers typically receive the benefit of the Company’s services as (or when) they are performed. Substantially all customer contracts provide that compensation is received for services performed to date. Payments from customers are based on billing terms established in the contracts with each customer, which vary by the type of customer and the product or services offered. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue. Nature of Products and Services The following is a description of the Company’s products and services from which the Company generates revenue, as well as the nature, timing of satisfaction of performance obligations, and significant payment terms for each: Direct sales The Company provides customers with an additive manufacturing service, allowing for the customer to select the specifications of the model which they wish to have printed. Shapeways prints the 3D model and ships the product directly to the customer. The Company recognizes the sale of products through its e-commerce website over time using the output method. Contracts involving the sale of products through its e-commerce website do not include other performance obligations. As such, allocation of the transaction price was not necessary as the entire contract price is attributed to the sole performance obligation identified. Marketplace sales The Company provides a platform for shop owners to list their designs through Shapeways’ marketplace website. The Company prints the 3D models and ships the product directly to the customer, handling the financial transaction, manufacturing, distribution and customer service on behalf of the shop owners. Judgment is applied to determine whether the Company is the principal or the agent, which could impact the recognition of revenue and cost of revenue within the consolidated statements of operations and comprehensive loss. The Company considers whether it has the primary responsibility for fulfilling the promise to provide the specified product or service to the end user, whether it has inventory risk prior to transferring the product or service to the customer and if the Company has discretion in establishing prices. The Company acts as an agent in these arrangements where it facilitates the sales of the goods and services on behalf of third-party shop owners to end customers. The Company is considered an agent and recognizes revenue generated from these transactions on a net basis since the Company lacks the ability to establish the overall selling price of the goods or services provided to the end user. The Company recognizes the sale of 3D printed products to customers at a point in time, specifically upon shipping the goods to the customer (FOB Origin) given the transfer of significant risks and rewards of ownership at that point in time. Contracts involving the manufacturing and delivery of 3D printed products to customers do not include other performance obligations. As such, allocation of the transaction price is not necessary as the entire contract price is attributed to the sole performance obligation identified. Software revenue The Company launched the first phase of its software offering under the brand "OTTO" in the fourth quarter of 2021. The software enables other manufacturers to leverage Shapeways’ existing end-to-end manufacturing software to scale their businesses and shift to digital manufacturing. Shapeways’ software offers improved customer accessibility, increased productivity, and expanded manufacturing capabilities for its customers. The Company expanded its software offering's customer base and feature set with the acquisitions of MFG and MakerOS, both completed in April 2022. For each of the performance obligations classified as software revenue, the performance obligations are satisfied evenly over the term of the contract. For contracts including performance obligations classified as software revenue, the Company identified that each performance obligation has an explicitly stated standalone selling price. As such, allocation is not necessary as the prices included in the contract are attributed to each separate performance obligation. The following table presents the Company's revenue disaggregated by revenue source: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Major products and service lines: Direct sales $ 6,773  $ 6,457  $ 19,247  $ 18,901  Marketplace sales 776  1,403  3,571  4,383  Software 822  589  2,192  1,168  Total revenue $ 8,371  $ 8,449  $ 25,010  $ 24,452  Timing of revenue recognition: Products transferred at a point in time $ 776  $ 1,403  $ 3,571  $ 4,383  Products and services transferred over time 7,595  7,046  21,439  20,069  Total revenue $ 8,371  $ 8,449  $ 25,010  $ 24,452  Deferred Revenue The Company records deferred revenue when cash payments are received in advance of performance. Deferred revenue activity consisted of the following: September 30, 2023 December 31, 2022 Balance at beginning of the period $ 972  $ 921  Deferred revenue recognized during period (25,010) (33,157) Additions to deferred revenue during period 25,876  33,208  Total deferred revenue $ 1,838  $ 972  The Company expects to satisfy its remaining performance obligations within the next twelve months. The $972 of deferred revenue as of January 1, 2023 was recognized during the nine months ended September 30, 2023. The opening balance of accounts receivable as of January 1, 2022 was $1,372. Practical Expedients and Exemptions The Company applies the practical expedient related to incremental costs of obtaining a contract. Although certain of its commission costs qualify for capitalization under ASC 340-40, Contracts with Customers, their amortization period is less than one year. Therefore, utilizing the practical expedient, the Company expenses these costs as incurred.

v3.23.3

Inventory	9 Months Ended
	Sep. 30, 2023
Inventory Disclosure [Abstract]
Inventory	Inventory Components of inventory consisted of the following: September 30, 2023 December 31, 2022 Raw materials $ 1,283  $ 849  Work-in-process 485  209  Finished goods 230  249  Total $ 1,998  $ 1,307

v3.23.3

Prepaid Expenses and Other Current Assets	9 Months Ended
	Sep. 30, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid Expenses and Other Current Assets	Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following: September 30, 2023 December 31, 2022 Prepaid expenses $ 2,251  $ 1,384  VAT receivable 914  990  Prepaid insurance 12  401  Prepaid service expenses —  3,231  Security deposits —  175  Other current assets 48  74  Total $ 3,225  $ 6,255

v3.23.3

Property and Equipment, Net	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	Property and Equipment, Net Property and equipment, net consisted of the following: September 30, 2023 December 31, 2022 Machinery and equipment $ 10,659  $ 10,450  Computers and IT equipment 1,136  1,138  Leasehold improvements 2,773  2,429  Furniture and fixtures 106  81  Vehicles 42  42  Assets to be placed in service 189  11,749  Property and equipment 14,905  25,889  Less: Accumulated depreciation (8,917) (10,262) Property and equipment, net $ 5,988  $ 15,627  For the three months ended September 30, 2023 and 2022, depreciation expense totaled $335 and $285, respectively. For the nine months ended September 30, 2023 and 2022, depreciation expense totaled $929 and $721, respectively. Of these amounts, depreciation charged to cost of revenue was $273 and $249 for the three months ended September 30, 2023 and 2022, respectively and $789 and $616 for the nine months ended September 30, 2023 and 2022, respectively. On March 26, 2021, the Company entered into a MOU with Desktop Metal, pursuant to which Desktop Metal agreed to invest $20.0 million in the PIPE Investment. Upon consummation of this investment, the Company became obligated to purchase $20.0 million of equipment, materials and services from Desktop Metal. In conjunction with these obligations, the Company and Desktop Metal agreed to develop a strategic partnership. In September 2023, the Company identified $11.5 million of equipment that would not be utilized in its operations and classified the assets as held for sale at the lower of the carrying value or fair value. The Company recognized $9.7 million of impairment charges on these assets during the three and nine months ended September 30, 2023. The Company also wrote off $3.2 million of prepaid services related to such equipment, which was included in selling, general and administrative expenses on the condensed consolidated statements of operations and comprehensive loss.

v3.23.3

Goodwill and Intangible Assets	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Changes in the carrying amount of goodwill as of September 30, 2023 and December 31, 2022 are as follows: September 30, 2023 December 31, 2022 Balance, beginning of period $ 6,286  $ 1,835  Acquired goodwill —  4,451  Balance, end of period $ 6,286  $ 6,286  The Company had no accumulated impairment losses on goodwill during the three and nine months ended September 30, 2023 and 2022. Intangible assets consisted of the following as of September 30, 2023: Gross carrying amount Accumulated amortization Intangible assets, net Weighted average amortization period (in years) Customer relationships $ 3,086  $ (437) $ 2,649  10 Trade name 987  (140) 847  10 Acquired software platform 910  (129) 781  10 Customer lists 190  (90) 100  3 Noncompetition agreement 52  (37) 15  2 Unfavorable operating lease (21) 8  (13) 4 Total intangible assets, net $ 5,204  $ (825) $ 4,379  During the three and nine months ended September 30, 2023, the Company wrote off $481 of intangible assets related to the favorable operating lease. There were no intangible assets written off during the three and nine months ended September 30, 2022. Intangible assets consisted of the following as of December 31, 2022: Gross carrying amount Accumulated amortization Intangible assets, net Weighted average amortization period (in years) Customer relationships $ 3,086  $ (206) $ 2,880  10 Trade name 987  (66) 921  10 Acquired software platform 910  (61) 849  10 Customer lists 190  (42) 148  3 Noncompetition agreement 52  (17) 35  2 Favorable operating lease 699  (117) 582  4 Unfavorable operating lease (21) 4  (17) 4 Total intangible assets, net $ 5,903  $ (505) $ 5,398  The Company recognized $160 and $188 of amortization expense during the three months ended September 30, 2023 and 2022, respectively and $538 and $311 of amortization expense during the nine months ended September 30, 2023 and 2022, respectively. The Company estimates the future aggregate amortization expense related to its intangible assets as of September 30, 2023 will be as follows: Amortization expense Remainder of 2023 $ 146  2024 565  2025 514  2026 497  2027 498  Thereafter 2,159  Total $ 4,379

v3.23.3

Accrued Expenses and Other Liabilities	9 Months Ended
	Sep. 30, 2023
Accrued Liabilities and Other Liabilities [Abstract]
Accrued Expenses and Other Liabilities	Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following: September 30, 2023 December 31, 2022 Accrued compensation $ 1,544  $ 1,504  Holdback consideration 400  1,100  Accrued selling expenses 605  487  Taxes payable 71  339  Accrued acquisition of property and equipment 39  225  Earnout consideration liability —  1,076  Other accrued expenses and other liabilities 939  1,219  Total $ 3,598  $ 5,950

v3.23.3

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Leases During the three and nine months ended September 30, 2023, the Company maintained six leases of facilities located in the United States and the Netherlands, as well as two leases of equipment classified as finance leases. In addition, the Company has two failed sale-leaseback transactions that have been recorded as finance obligations within its unaudited condensed consolidated balance sheets. See Note 13 for additional information. The table below presents certain information related to the Company’s lease costs: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Operating lease expense $ 249  $ 302  $ 749  $ 687  Finance lease expense 12  —  31  —  Interest expense on finance lease liabilities 5  —  14  —  Total lease cost $ 266  $ 302  $ 794  $ 687  The Company recorded sublease income of $62 and $108 during the three months ended September 30, 2023 and 2022, respectively and $221 and $142 during the nine months ended September 30, 2023 and 2022, respectively. The sublease income is associated with the Company's sublease of its facility in Michigan. Right-of-use assets and lease liabilities for operating leases were recorded in the unaudited condensed consolidated balance sheets as follows: September 30, 2023 December 31, 2022 Assets: Operating lease right-of-use assets, net $ 1,948  $ 2,365  Finance lease right-of-use assets, net 323  —  Total lease assets $ 2,271  $ 2,365  Liabilities: Current liabilities: Operating lease liabilities, current $ 872  $ 719  Finance lease liability, current 62  —  Non-current liabilities: Operating lease liabilities, net of current portion 1,176  1,715  Finance lease liability, net of current portion 261  —  Total lease liabilities $ 2,371  $ 2,434  The Company’s lease agreements do not state an implicit borrowing rate, therefore, an internal incremental borrowing rate was determined based on information available at the lease commencement date for the purposes of determining the present value of lease payments. The incremental borrowing rate reflects the cost to borrow on a securitized basis in each market. The weighted-average remaining lease term for operating and finance leases was 2.33 years and 4.49 years, respectively and the weighted-average incremental borrowing rate for operating and finance leases was 6.93% and 8.24%, respectively, as of September 30, 2023. Supplemental cash flow information related to the Company’s leases was as follows: Nine Months Ended September 30, 2023 2022 Operating cash flows from operating leases $ 721  $ 732  Financing cash flows from finance leases $ 45  $ —  Lease liabilities arising from obtaining right-of-use assets $ 595  $ —  As of September 30, 2023, future minimum lease payments required under operating and finance leases are as follows: Operating Leases Finance Leases Rest of 2023 $ 242  $ 22  2024 965  87  2025 791  87  2026 236  87  2027 —  87  Thereafter —  18  Total minimum lease payments 2,234  388  Less effects of discounting (186) (65) Present value of future minimum lease payments $ 2,048  $ 323  Desktop Metal As of September 30, 2023, the Company had paid $16.4 million to Desktop Metal for equipment, materials and services received and placed purchase orders for another $3.6 million of equipment, materials and services to be purchased under the MOU. The timing of payments for these purchase orders may depend on a number of factors, including Desktop Metal's inventory management and logistics systems and the Company's ability to take delivery of any such equipment, materials and services. The Company has no further obligations under the MOU. Legal Proceedings The Company is involved in various legal proceedings which arise from time to time in the normal course of business. While the results of such matters generally cannot be predicted with certainty, management does not expect any such matters to have a material adverse effect on the Company’s unaudited condensed consolidated financial position or results of operations as of September 30, 2023 and December 31, 2022 and for the three and nine months ended September 30, 2023 and 2022, respectively.

v3.23.3

Financing Obligations	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Financing Obligations	Financing Obligations Failed Sale-Leaseback During February and March 2023, the Company entered into two lease transactions with Rabo Lease BV (“Rabo”), whereby it sold equipment to Rabo and leased back the equipment for an initial term of four years. The Company concluded that the lease arrangements would be classified as a failed sale-leaseback transaction and accounted as a financing obligation as it has the option to repurchase the assets at a fixed price at the end of the term. The assets continue to be depreciated over their useful lives, and payments are allocated between interest expense and repayment of the financing obligation. The assets under failed sale-leaseback transactions are included within property and equipment, net and the proceeds from the transactions are recorded as a financing obligation on the Company's unaudited condensed consolidated balance sheets. The weighted average interest rate of 20.5% was used to impute interest on the failed sale-leaseback transactions. Interest expense recognized for the three and nine months ended September 30, 2023 was $24 and $64, respectively. As of September 30, 2023, future financing obligation payments under the failed sale-leaseback transactions are as follows: Finance Obligations Rest of 2023 $ 33  2024 132  2025 132  2026 132  2027 13  Total payments 442  Less: imputed interest (270) Financing obligation at end of term 294  Total financing obligations $ 466  Other Financing Arrangements In August 2023, the Company entered into a financing agreement with Mitsubishi HC Capital America (“Financing Agreement”) for $500 using certain equipment as collateral. The Financing Agreement is payable in monthly installments beginning September 1, 2023 and has a maturity date of August 31, 2030. The effective interest rate on the Financing Agreement is 8.09%. Interest expense of $4 was recognized for the three and nine months ended September 30, 2023. As of September 30, 2023, the amount outstanding under the Financing Agreement was $496. The scheduled maturities of the Company’s Financing Agreement are as follows: Financing Agreement Rest of 2023 $ 13  2024 56  2025 61  2026 67  2027 72  Thereafter 226  Total payments $ 496

v3.23.3

Stockholders' Equity	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock Upon closing of the Business Combination, pursuant to the terms of the Certificate of Incorporation, the Company authorized 120,000,000 shares of common stock with a par value $0.0001. The holders of common stock are entitled to one vote per share on all matters submitted to the stockholders for their vote or approval and are entitled to receive dividends, as and if declared by the Board of Directors out of legally available funds. The Company has issued and outstanding 6,547,873 and 6,180,646 shares of common stock as of September 30, 2023 and December 31, 2022, respectively. Public Warrants Prior to the Merger, the Company had outstanding 13,800,000 warrants entitling the holder to exercise eight warrants to purchase one share of common stock at an exercise price of $92.00 per share (the "Public Warrants"). The Public Warrants became exercisable 30 days after the Closing Date, and expire five years after the Closing Date or earlier upon redemption or liquidation. The Company may redeem the Public Warrants as follows: in whole and not in part; at a price of $0.01 per warrant; at any time while the Public Warrants are exercisable, upon not less than 30 days’ prior written notice of redemption to each Public Warrant holder; if, and only if, the reported last sale price of the Company’s common stock equals or exceeds $144.00 per share, for any 20 trading days within a 30-trading day period ending on the third business day prior to the notice of redemption to the warrant holders; and if, and only if, there is a current registration statement in effect with respect to the common stock underlying such warrants at the time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date of redemption. Certain of these conditions have not been met to redeem the Public Warrants. If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The Company had outstanding 4,110,000 private warrants that were issued upon the consummation of the initial public offering of Galileo (the "Private Warrants"). Additionally, at the Closing, a lender holding a convertible note issued by the Company with an aggregate principal amount of $500 converted the note into 500,000 sponsor warrants exercisable for common stock at a purchase price of $1.00 per warrant (the "Sponsor Warrants"), with terms equivalent to the Private Warrants. The Sponsor Warrants are no longer held by the initial purchaser or any of its permitted transferees, and therefore have terms equivalent to the Public Warrants. In December 2022, the Company and the holders of the Private Warrants entered into letter agreements, pursuant to which such holders agreed that the Private Warrants will be exercisable for cash or on a cashless basis and redeemable on the same terms and subject to the same conditions as the Public Warrants. There were 18,410,000 warrants outstanding, representing 2,301,250 shares subject to warrants, as of September 30, 2023 and December 31, 2022.

v3.23.3

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation 2010 Stock Plan Prior to the Business Combination, Legacy Shapeways maintained its 2010 Stock Plan (the “2010 Plan”), under which Legacy Shapeways granted statutory and non-statutory stock to employees, outside directors and consultants. The maximum number of shares of common stock that was issuable under the 2010 Plan was 2,117,818 shares. In connection with the Business Combination, each Legacy Shapeways stock option that was outstanding immediately prior to Closing, whether vested or unvested, was converted into an option to acquire a number of shares of common stock (each such option, an “Exchanged Option”) equal to the product of (i) the number of shares of Legacy Shapeways common stock subject to such Legacy Shapeways option immediately prior to the Business Combination and (ii) 90% of the recapitalization conversion ratio of 0.8293 established in the Merger (the "Conversion Ratio"), at an exercise price per share (rounded up to the nearest whole cent) equal to (A) the exercise price per share of such Legacy Shapeways option immediately prior to the consummation of the Business Combination, divided by (B) 90% of the Conversion Ratio. Except as specifically provided in the Business Combination Agreement, following the Business Combination, each Exchanged Option will continue to be governed by the same terms and conditions (including vesting and exercisability terms) as were applicable to the corresponding former Legacy Shapeways option immediately prior to the consummation of the Business Combination. All stock option activity was retroactively restated to reflect the Exchanged Options. In addition, each holder of an in-the-money Legacy Shapeways option held by individuals remaining in continuous service to the Company through the Closing, was granted a right to receive an award of restricted stock units denominated in shares of common stock granted under the 2021 Plan (each, an “Earnout RSU”) equal to the product of (A) the number of shares of Legacy Shapeways common stock that were subject to the option immediately prior to Closing, multiplied by (B) ten percent (10%) of the Conversion Ratio. The Earnout RSUs are subject to substantially the same service-based vesting conditions and acceleration provisions as applied to the Legacy Shapeways option provided that, in addition to such service-based vesting conditions, Earnout RSUs will be subject to vesting and forfeiture conditions based upon the dollar volume-weighted price of the Company’s common stock reaching certain targets (the “RSU Performance Milestones”). The Company records stock compensation expense for Earn-Out RSUs based upon an assessment of the grant date fair value using the Monte Carlo valuation model in accordance with FASB ASC 718. The Company did not grant any additional Earn-Out RSUs during the three and nine months ended September 30, 2023. Upon the Closing of the Business Combination, the outstanding and unexercised Legacy Shapeways options became options to purchase an aggregate of 612,650 shares of the Company’s common stock under the 2010 Plan at an average exercise price of $4.96 per share. 2021 Equity Incentive Plan Upon the closing of the Business Combination, the Company adopted the 2021 Equity Incentive Plan (the “2021 Plan”). The 2021 Plan permits the granting of incentive stock options, restricted stock awards, other share-based awards or other cash-based awards to employees, consultants, and non-employee directors. On the first day of each calendar year, beginning on January 1, 2022 and continuing until (and including) January 1, 2031, the number of shares available under the 2021 Plan will automatically increase by a number equal to the lesser of (a) five percent of the total number of shares of the Company’s common stock issued and outstanding on December 31 of the calendar year immediately preceding the date of such increase and (b) a number of shares of our common stock determined by the Company’s Board of Directors. As of September 30, 2023, 1,565,630 shares of common stock are authorized for issuance pursuant to awards under the 2021 Plan. Any shares of common stock related to awards that are forfeited, cancelled, terminated, expire or shares withheld by the Company to satisfy tax withholding obligations or to pay any exercise price are deemed available for issuance under the 2021 Plan. As of September 30, 2023, 597,619 shares remain available for issuance under the 2021 Plan. 2022 New Employee Equity Incentive Plan In September 2022, the Company adopted the 2022 New Employee Equity Incentive Plan (the "2022 Plan"). The 2022 Plan permits the granting of restricted stock awards, stock options and other share-based rewards to individuals who were not previously employees of the Company, as an inducement material to the individual's entry into employment with the Company within the meaning of Listing Rule 303A.08 of the New York Stock Exchange ("NYSE"). The 2022 Plan was adopted by the Board of Directors without stockholder approval pursuant to NYSE Listing Rule 303A.08 (which was the stock exchange on which the Company's securities were then trading). As of September 30, 2023, 625,000 shares of common stock are authorized for issuance pursuant to awards under the 2022 Plan. Any shares of common stock related to awards that are forfeited, cancelled, terminated, expire or shares withheld by the Company to satisfy tax withholding obligations or to pay any exercise price are deemed available for issuance under the 2022 Plan. As of September 30, 2023, 412,674 shares remain available for issuance under the 2022 Plan. Option Awards The Company accounts for share-based payments pursuant to ASC 718 and, accordingly, the Company records stock compensation expense for share-based awards based upon an assessment of the grant date fair value for stock options using the Black-Scholes option pricing model. Due to its limited trading history, the Company lacks company-specific historical and implied volatility information. Therefore, it estimates its expected stock volatility based on the historical volatility of a publicly traded set of peer companies. Due to the lack of historical exercise history, the expected term of the Company’s stock options for employees has been determined utilizing the “simplified” method for awards. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve. Expected dividend yield is zero based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. The fair value of stock options under the Black-Scholes model requires management to make assumptions regarding projected employee stock option exercise behaviors, risk-free interest rates, volatility of the Company’s stock price and expected dividends. The Company generally recognizes stock compensation expense on the grant date and over the period of vesting or period that services will be provided. There were 410,793 stock options granted during nine months ended September 30, 2023. There were no stock options granted during the nine months ended September 30, 2022. The assumptions used to estimate the fair value of stock options granted during the periods presented were as follows: Nine Months Ended September 30, 2023 Strike price $2.64 - $3.40 Expected term (in years) 6.25 Expected volatility 110.67% - 132.00% Risk-free interest rate 3.79% - 4.19% Dividend yield —  % The following table summarizes the Company’s stock option activity during the period presented:   Shares Underlying Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding as of January 1, 2023 497,402  $ 5.16  5.67 Granted —  —  Forfeited (2,287) 3.78  Exercised (32) 3.92  Outstanding at March 31, 2023 495,083  5.16  4.37 $ —  Granted 375,168  2.74  Forfeited (12,294) 2.88  Exercised —  —  Outstanding at June 30, 2023 857,957  4.14  6.55 $ 374  Granted 35,625  3.26  Forfeited (16,355) 3.73  Exercised —  —  Outstanding at September 30, 2023 877,227  $ 4.11  6.46 $ 162  Exercisable at September 30, 2023 482,906  $ 5.20  3.91 $ 67  The aggregate intrinsic value in the above table is calculated as the difference between fair value of the Company’s common stock price and the exercise price of the stock options. As of September 30, 2023, approximately $541 of unrecognized compensation expense related to non-vested awards is expected to be recognized over the weighted average period of 3.32 years. Restricted Stock Units The following table summarizes the Company’s restricted stock unit activity during the period presented: Restricted Stock Units Weighted Average Grant Fair Value per Share Aggregate Intrinsic Value Outstanding as of January 1, 2023 870,126  $ 12.08  Granted 10,901  4.56  Forfeited (79,218) 7.52  Settled (20,475) 25.44  Outstanding at March 31, 2023 781,334  12.40  $ 2,146  Granted 30,573  3.30  Forfeited (35,825) 8.89  Settled (118,945) 12.75  Outstanding at June 30, 2023 657,137  12.00  $ 2,471  Granted 7,500  3.11  Forfeited (86,876) 7.40  Settled (9,191) 9.08  Outstanding at September 30, 2023 568,570  $ 12.45  $ 1,791  The total fair value of restricted stock unit awards settled during the nine months ended September 30, 2023 was $2,121. The total restricted stock unit awards settled include 19,360 and 53,418 shares withheld for employee tax liability during the three and nine months ended September 30, 2023. Total unrecognized compensation expense related to outstanding restricted stock unit awards was approximately $4,909 as of September 30, 2023 and is expected to be recognized over the weighted average period of 2.59 years. 2021 Employee Stock Purchase Plan Upon the closing of the Business Combination, the Company adopted the 2021 Employee Stock Purchase Plan (the “ESPP”). The purpose of the ESPP is to provide eligible employees with an opportunity to increase their proprietary interest in the success of the Company by purchasing common stock from the Company on favorable terms and to pay for such purchases through payroll deductions or other approved contributions. As of September 30, 2023, 172,749 shares of common stock are available for purchase under the ESPP. As of September 30, 2023, the Company had not launched the ESPP and thus no shares have been purchased under the ESPP.

v3.23.3

Fair Value Measurements	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair value measurements discussed herein are based upon certain market assumptions and pertinent information available to management as of September 30, 2023 and December 31, 2022. The carrying amounts of accounts receivable, inventory, prepaid expenses and other current assets, accounts payable, accrued expenses and other liabilities, and deferred revenue approximated fair value as they are short term in nature. The fair value of warrants issued for settlement and services is estimated based on the Black-Scholes model. The carrying value of the Company’s debt and operating lease liabilities approximated its fair value, as the obligation bears interest at rates currently available for debt with similar maturities and collateral requirements. Fair Value on a Recurring Basis The Company follows the guidance in ASC 820 for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. The estimated fair value of the warrant liabilities represents Level 3 measurements. The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis at September 30, 2023 and December 31, 2022, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: Description Level September 30, 2023 December 31, 2022 Assets: Marketable securities - U.S Treasury Securities 2 $ 14,933  $ 29,680  Liabilities:   Earnout consideration liability 3 $ —  $ 1,076  Earnout Consideration Liability There was no change in the fair value of the earnout consideration liability during the three and nine months ended September 30, 2023. For the three and nine months ended September 30, 2022, the Company recognized income resulting from a change in the fair value of the earnout liability of $1,784. The final earnout consideration liability was paid in cash of $539 and a non-cash issuance of equity valued at $537 in April 2023. Warrant Liabilities In December 2022, the Company and the holders of the Private Warrants entered into letter agreements, pursuant to which such holders agreed that the Private Warrants will be exercisable for cash or on a cashless basis and redeemable on the same terms and subject to the same conditions as the Public Warrants. As a result of these letter agreements, there was no change in fair value of warrant liabilities recognized for the three and nine months ended September 30, 2023. For the three and nine months ended September 30, 2022, the Company recognized income resulting from a change in the fair value of warrant liabilities of $31 and $1,558, respectively. Fair Value on a Non-Recurring Basis At the Closing, there were 438,800 shares of common stock issued as part of the Merger consideration (the “Earnout Shares”) subject to vesting and forfeiture conditions (the “Earnout Terms”) based upon the volume-weighted average trading price of common stock reaching targets of $112.00 and $128.00, respectively (with 50% released at each target) for a period of 30 consecutive trading days during the three-year period after the Closing, with the portion of such shares that would otherwise be deliverable to Legacy Shapeways stockholders at the Closing being withheld and deposited into escrow. The fair value of the Earnout Shares was estimated using the trading price of the common stock at Closing ($61.60), discounted based on the probability of the Earnout Terms being met as determined at Closing, and thus represents a Level 2 fair value measurement as defined in ASC 820. The Earnout Shares, if achieved, would be issued to Legacy Shapeways stockholders. The Earnout Shares are a fixed number of shares to be issued to such stockholders on a pro rata basis. The fair value of the Earnout Shares was recognized as a deemed dividend. Upon closing of the Merger, the estimated fair value of the Earnout Shares was $18,132 with such amount recognized as a deemed dividend. As the Company was in an accumulated deficit position as of the measurement date, the resulting deemed dividend was recorded as a reduction of additional paid-in capital with a corresponding offset recorded to additional paid-in capital. As of September 30, 2023, there were 438,800 Earnout Shares unvested and remaining subject to the Earnout Terms.

v3.23.3

Significant Concentrations	9 Months Ended
	Sep. 30, 2023
Risks and Uncertainties [Abstract]
Significant Concentrations	Significant Concentrations One customer accounted for approximately 16% and 18% of revenue for the three months ended September 30, 2023 and 2022, respectively. No other customers represented more than 10% of revenue for the three months ended September 30, 2023 and 2022. One customer accounted for approximately 17% and 20% of revenue for the nine months ended September 30, 2023 and 2022, respectively. No other customers represented more than 10% of revenue for the nine months ended September 30, 2023 and 2022. No vendor accounted for more than 10% of purchases for the nine months ended September 30, 2023. One vendor accounted for 37% of purchases for the nine months ended September 30, 2022. No other vendors represented more than 10% of purchases for the nine months ended September 30, 2022. As of September 30, 2023, two customers accounted for approximately 16% and 13% of accounts receivable. As of December 31, 2022, two customers accounted for approximately 17% and 16% of accounts receivable. No other customers represented more than 10% of outstanding accounts receivable as of September 30, 2023 and December 31, 2022. As of September 30, 2023, one vendor accounted for more than 10% of accounts payable. As of December 31, 2022, one vendor represented approximately 10% of accounts payable. No other vendors represented more than 10% of outstanding accounts payable balance as of December 31, 2022.

v3.23.3

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events In October 2023, a first lot of assets held for sale related to the Desktop Metal MOU was auctioned and sold to the highest bidder, resulting in approximately $344.9 in cash to the Company as of the date of this filing. See Note 9 for more information.

v3.23.3

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of ConsolidationThe accompanying unaudited condensed consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information as defined by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and in accordance with the instruction to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission (“SEC”). Certain information or footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a complete presentation of financial position, results of operations, or cash flows. The unaudited condensed consolidated financial statements include the accounts of its wholly owned subsidiaries, Legacy Shapeways, Shapeways BV and Linear. All intercompany accounts and transactions have been eliminated in consolidation. In the opinion of management, the accompanying unaudited condensed consolidated interim financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. These unaudited condensed consolidated interim financial statements should be read along with the audited financial statements included in the Company’s Annual Report on Form 10-K/A for the fiscal year ended December 31, 2022, as filed with the SEC on August 4, 2023 (the “Annual Report”).
Use of Estimates	Use of Estimates The preparation of the Company’s unaudited condensed consolidated financial statements, in conformity with U.S. GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and reported amounts of revenues and expenses during the reporting periods. Actual results may differ from those estimates.
Functional Currency	Functional Currency The Euro is the functional currency for Shapeways BV’s operations outside the United States. Assets and liabilities of these operations are translated into U.S. Dollars at the exchange rate in effect at the end of each period. Income statement accounts are translated at the average exchange rate prevailing during the period. Translation adjustments arising from the use of differing exchange rates from period to period are included as a component of other comprehensive loss within stockholders’ equity. Gains and losses from foreign currency transactions are included in net loss for the period.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Cash includes cash on hand and demand deposits and highly liquid securities with original maturities at the date of acquisition of ninety days or less. The Company maintains its deposits at high quality financial institutions and monitors the credit ratings of those institutions. The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. While cash held by financial institutions may at times exceed federally insured limits, the Company believes that no material credit or market risk exposure exists due to the high quality of the institutions. The Company has not experienced any losses on such accounts. Restricted cash represents cash required to be held as collateral for the Company’s credit cards and security deposit for its facility in the Netherlands. Accordingly, these balances contain restrictions as to their availability and usage and are classified as restricted cash in the unaudited condensed consolidated balance sheets.
Short-term investments	Short-term investmentsThe Company invests its excess cash in fixed income instruments including U.S. treasury securities with a maturity of six months or less. The Company has the means to and intends to, hold all investments to maturity, and as such, its investments are classified as held-to-maturity investments. Held-to-maturity investments are recorded at amortized cost and adjusted for the amortization or accretion of premiums or discounts.
Accounts Receivable	Accounts ReceivableAccounts receivable are recorded at the invoiced amount and are generally unsecured as they are uncollateralized. The Company provides an allowance for doubtful accounts to reduce receivables to their estimated net realizable value. Judgement is exercised in establishing allowances and estimates are based on the customers’ payment history and liquidity. Any amounts that were previously recognized as revenue and subsequently determined to be uncollectible are charged to bad debt expense included in selling, general and administrative expense in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss.
Inventory	InventoryInventory consists of raw materials, work-in-process and finished goods at the Company’s distribution centers. Raw materials are stated at the lower of cost or net realizable value, determined by the first-in-first-out method. Finished goods and work-in-process are valued using a methodology to determine the cost of each 3D printed object using allocations for material, labor, machine time and overhead. The Company periodically reviews its inventory for slow-moving, damaged and discontinued items and provides allowances to reduce such items identified to their recoverable amounts.
Property and Equipment, Net	Property and Equipment, net Property and equipment are stated at cost, less accumulated depreciation. Maintenance and repairs are charged to expense when incurred. Additions and improvements that extend the economic useful life of the asset are capitalized and depreciated over the remaining useful lives of the assets. The cost and accumulated depreciation of assets sold or retired are removed from the respective accounts, and any resulting gain or loss is reflected in current earnings. In March 2021, the Company entered into a non-binding Memorandum of Understanding (“MOU”) with Desktop Metal Inc. ("Desktop Metal"), pursuant to which Desktop Metal agreed to invest $20.0 million in the PIPE Investment. Upon consummation of this investment, the Company became obligated to purchase $20.0 million of equipment, materials and services from Desktop Metal. In September 2023, the Company identified $11.5 million of such equipment that would not be utilized in its operations and classified the assets as held for sale, at the lower of the carrying value or fair value. The Company recognized $9.7 million of impairment charges during the three and nine months ended September 30, 2023. No impairment charges were recorded for the three and nine months ended September 30, 2022. The Company also wrote off $3.2 million of prepaid services related to such equipment, which was included in selling, general and administrative expense on the condensed consolidated statements of operations and comprehensive loss. Costs for capital assets not yet placed into service are capitalized and depreciated once placed into service. Depreciation is recognized using the straight-line method in amounts considered to be sufficient to allocate the cost of the assets to operations over the estimated useful lives or lease terms, as follows: Asset Category Depreciable Life Machinery and equipment 5 to 10 years Computers and IT equipment 3 to 10 years Furniture and fixtures 7 to 10 years Vehicles 10 years Leasehold improvements ** ** Leasehold improvements are amortized using the straight-line method over the shorter of the lease term or estimated useful life of the asset.
Long-Lived Assets, Including Definite-Lived Intangible Assets	Long-Lived Assets, Including Definite-Lived Intangible Assets Intangible assets, which consist of technology, customer relationships, trademarks, favorable and unfavorable operating leases, and non-competition agreements are stated at cost less accumulated amortization. Amortization is generally recorded on a straight-line basis over estimated useful lives ranging from two to ten years. The Company periodically reviews the estimated useful lives of intangible assets and adjusts when events indicate that a shorter life is appropriate. Capitalization of costs to develop software begins when preliminary development efforts are successful and completed. Costs related to the design or maintenance of internal-use software are expensed as incurred. Long-lived assets, other than goodwill and other indefinite-lived intangibles, are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable through the estimated undiscounted future cash flows derived from such assets. Factors that the Company considers in deciding when to perform an impairment review include significant changes in the Company’s forecasted projections for the asset or asset group for reasons including, but not limited to, significant underperformance of a product in relation to expectations, significant changes, or planned changes in the Company’s use of the assets, significant negative industry or economic trends, and new or competing products that enter the marketplace. The impairment test is based on a comparison of the undiscounted cash flows expected to be generated from the use of the asset group. If impairment is indicated, the asset is written down by the amount by which the carrying value of the asset exceeds the related fair value of the asset with the related impairment charge recognized within the unaudited condensed consolidated statements of operations and comprehensive loss.
Goodwill	Goodwill Goodwill, which represents the excess of purchase prices over the fair value of net assets acquired, is carried at cost. Goodwill is not amortized; rather, it is subject to a periodic assessment for impairment by applying a fair value-based test. Goodwill is evaluated for impairment on an annual basis at a level of reporting referred to as the reporting unit, and more frequently if adverse events or changes in circumstances indicate that the asset may be impaired. Under ASC 350, Intangibles - Goodwill and Other, the Company has the option to first assess the qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform a quantitative goodwill impairment test. If the Company determines that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then the goodwill impairment test is performed. Impairment tests are performed on a quarterly basis. Management uses the future discounted cash flows valuation approach to determine the fair value of reporting units and determines whether the fair value of reporting units exceeded its carrying amounts. If the fair value exceeds the carrying amount, then no impairment is recognized. If the carrying amount recorded exceeds the fair value calculated, then an impairment charge is recognized for the difference. The impairment review requires management to make judgments in determining various assumptions with respect to revenues, operating margins, growth rates and discount rates. The judgments made in determining the projected cash flows used to estimate the fair value can materially impact the Company’s financial condition and results of operations. No impairment charges related to Goodwill were recorded for the three and nine months ended September 30, 2023 and 2022.
Fair Value Measurements	Fair Value Measurements The Company applies ASC 820, Fair Value Measurement (“ASC 820”), which establishes a framework for measuring fair value and clarifies the definition of fair value within that framework. ASC 820 defines fair value as an exit price, which is the price that would be received for an asset or paid to transfer a liability in the Company’s principal or most advantageous market in an orderly transaction between market participants on the measurement date. The fair value hierarchy established in ASC 820 generally requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs reflect the assumptions that market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the entity’s own assumptions based on market data and the entity’s judgments about the assumptions that market participants would use in pricing the asset or liability and are to be developed based on the best information available in the circumstances. The valuation hierarchy is composed of three levels. The classification within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The levels within the valuation hierarchy are described below: Level 1 - Assets and liabilities with unadjusted, quoted prices listed on active market exchanges. Inputs to the fair value measurement are observable inputs, such as quoted prices in active markets for identical assets or liabilities. Level 2 - Inputs to the fair value measurement are determined using prices for recently traded assets and liabilities with similar underlying terms, as well as direct or indirect observable inputs, such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 - Inputs to the fair value measurement are unobservable inputs, such as estimates, assumptions, and valuation techniques when little or no market data exists for the assets or liabilities.
Business Acquisitions	Business Acquisitions The purchase price of an acquisition is allocated to the assets acquired, including intangible assets, and liabilities assumed, based on their respective fair values at the acquisition date. Acquisition-related costs are expensed as incurred. The excess of the cost of an acquired entity, net of the amounts assigned to the assets acquired and liabilities assumed, is recognized as goodwill. The net assets and results of operations of an acquired entity are included on the Company’s unaudited condensed consolidated financial statements from the acquisition date.
Revenue Recognition	Revenue Recognition Revenue is derived from two primary sources: (a) products and services and (b) software. The Company recognizes revenue following the five-step model prescribed under ASC 606, Revenue from Contracts with Customers ("ASC 606"): (i) identify contract(s) with a customer; (ii) identify the performance obligation(s) in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligation(s) in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the products or services it transfers to the customer. These contracts have different terms based on the scope, performance obligations, and complexity of the project, which often requires the Company to make judgments and estimates in recognizing revenues. Performance obligations are satisfied both at a point of time and over time. All revenue is recognized based on the satisfaction of the performance obligation to date (see Note 6). Under ASC 606, revenue is recognized throughout the life of the executed agreement. The Company measures revenue based on consideration specified in a contract with a customer. Furthermore, the Company recognizes revenue when a performance obligation is satisfied by transferring control of the product or service to the customer which could occur over time or at a point in time. A performance obligation is a promise in a contract to transfer a distinct service to the customer. The transaction price of a contract is allocated to each distinct performance obligation and recognized as revenue when or as the customer receives the benefit of the performance obligation. Customers typically receive the benefit of the Company’s services as (or when) they are performed. Substantially all customer contracts provide that compensation is received for services performed to date. Payments from customers are based on billing terms established in the contracts with each customer, which vary by the type of customer and the product or services offered. Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue. Nature of Products and Services The following is a description of the Company’s products and services from which the Company generates revenue, as well as the nature, timing of satisfaction of performance obligations, and significant payment terms for each: Direct sales The Company provides customers with an additive manufacturing service, allowing for the customer to select the specifications of the model which they wish to have printed. Shapeways prints the 3D model and ships the product directly to the customer. The Company recognizes the sale of products through its e-commerce website over time using the output method. Contracts involving the sale of products through its e-commerce website do not include other performance obligations. As such, allocation of the transaction price was not necessary as the entire contract price is attributed to the sole performance obligation identified. Marketplace sales The Company provides a platform for shop owners to list their designs through Shapeways’ marketplace website. The Company prints the 3D models and ships the product directly to the customer, handling the financial transaction, manufacturing, distribution and customer service on behalf of the shop owners. Judgment is applied to determine whether the Company is the principal or the agent, which could impact the recognition of revenue and cost of revenue within the consolidated statements of operations and comprehensive loss. The Company considers whether it has the primary responsibility for fulfilling the promise to provide the specified product or service to the end user, whether it has inventory risk prior to transferring the product or service to the customer and if the Company has discretion in establishing prices. The Company acts as an agent in these arrangements where it facilitates the sales of the goods and services on behalf of third-party shop owners to end customers. The Company is considered an agent and recognizes revenue generated from these transactions on a net basis since the Company lacks the ability to establish the overall selling price of the goods or services provided to the end user. The Company recognizes the sale of 3D printed products to customers at a point in time, specifically upon shipping the goods to the customer (FOB Origin) given the transfer of significant risks and rewards of ownership at that point in time. Contracts involving the manufacturing and delivery of 3D printed products to customers do not include other performance obligations. As such, allocation of the transaction price is not necessary as the entire contract price is attributed to the sole performance obligation identified. Software revenue The Company launched the first phase of its software offering under the brand "OTTO" in the fourth quarter of 2021. The software enables other manufacturers to leverage Shapeways’ existing end-to-end manufacturing software to scale their businesses and shift to digital manufacturing. Shapeways’ software offers improved customer accessibility, increased productivity, and expanded manufacturing capabilities for its customers. The Company expanded its software offering's customer base and feature set with the acquisitions of MFG and MakerOS, both completed in April 2022. For each of the performance obligations classified as software revenue, the performance obligations are satisfied evenly over the term of the contract. For contracts including performance obligations classified as software revenue, the Company identified that each performance obligation has an explicitly stated standalone selling price. As such, allocation is not necessary as the prices included in the contract are attributed to each separate performance obligation.
Leases	Leases The Company’s lease arrangements relate primarily to office and manufacturing space and equipment. The Company’s leases have initial terms ranging from 2 to 10 years and may include renewal options and rent escalation clauses. The Company is typically required to make fixed minimum rent payments relating to its right to use an underlying leased asset. Additionally, the Company’s leases do not contain significantly restrictive covenants or residual value guarantees. The Company determines if an arrangement is a lease at inception and classifies its leases at commencement. Operating leases are presented as operating lease right-of-use assets, net and the corresponding lease liabilities are included in operating lease liabilities, current and operating lease liabilities, net of current on the Company’s unaudited condensed consolidated balance sheets. Finance lease right-of-use assets are presented within property and equipment, net and the corresponding finance lease liabilities are included in finance lease liability, current and finance lease liability, noncurrent on the Company's unaudited condensed consolidated balance sheets. Operating lease right-of-use assets and finance lease right-of-use assets, (collectively "ROU assets") represent the Company’s right to use an underlying asset and lease liabilities represent the Company’s obligation for lease payments in exchange for the ability to use the asset for the duration of the lease term. The Company does not recognize short term leases that have a term of twelve months or less as ROU assets or lease liabilities. The Company’s short-term leases are not material and do not have a material impact on its ROU assets or lease liabilities. ROU assets and lease liabilities are recognized at commencement date and determined using the present value of the future minimum lease payments over the lease term. The Company uses an incremental borrowing rate based on estimated rate of interest for collateralized borrowing since the Company’s leases do not include an implicit interest rate. The estimated incremental borrowing rate considers market data, actual lease economic environment, and actual lease term at commencement date. The lease term may include options to extend when it is reasonably certain that the Company will exercise that option. ROU assets include lease payments made in advance, and excludes any incentives received or initial direct costs incurred. The Company recognizes lease expense on a straight-line basis over the lease term. The Company has lease agreements which contain both lease and non-lease components, which it has elected to account for as a single lease component. As such, minimum lease payments include fixed payments for non-lease components within a lease agreement, but exclude variable lease payments not dependent on an index or rate, such as common area maintenance, operating expenses, utilities, or other costs that are subject to fluctuation from period to period.
Stock-based Compensation	Stock-based Compensation The Company recognizes stock-based compensation expense for all stock options, restricted stock units and other arrangements within the scope of ASC 718, Stock Compensation ("ASC 718"). Stock-based compensation expense is measured at the date of grant, based on the fair value of the award, and is recognized using the straight-line method over the employee’s requisite service period. Compensation for stock-based awards with vesting conditions other than service are recognized based on the probability of the performance condition being met over the vesting period. Forfeitures are recognized as they are incurred.
Common Stock Warrant Liabilities	Common Stock Warrant Liabilities The Company evaluates its warrants under ASC 815-40, Derivatives and Hedging—Contracts in Entity’s Own Equity (“ASC 815-40”). The Private Warrants (as defined in Note 14) previously met the definition of a derivative under ASC 815, and the Company recorded these warrants as liabilities on the unaudited condensed consolidated balance sheets at fair value, with subsequent changes in their respective fair values recognized in the unaudited condensed consolidated statements of operations and comprehensive loss at each reporting date. In December 2022, the Company and the holders of the Private Warrants entered into letter agreements, pursuant to which such holders agreed that the Private Warrants will be exercisable for cash or on a cashless basis and redeemable on the same terms and subject to the same conditions as the Public Warrants (as defined in Note 14). The Company has therefore concluded that as of September 30, 2023 and December 31, 2022, all its warrants met the criteria to be classified in stockholders' equity.
Research and Development Costs	Research and Development CostsResearch and development expenses consist primarily of allocated personnel costs, fees paid to consultants and outside service providers, and allocations for rent and overhead. Research and development costs are expensed as incurred. Advance payments for goods and services that will be used in future research and development activities are expensed when the activity has been performed or when the goods have been received.
Advertising Costs	Advertising Costs Advertising costs are expensed as incurred.
Income Taxes	Income Taxes The Company files income tax returns in the U.S. federal jurisdiction, various state jurisdictions, and the Netherlands. Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. Where applicable, the Company records a valuation allowance to reduce any deferred tax assets that it determines will not be realizable in the future. The Company recognizes the benefit of an uncertain tax position that it has taken or expects to take on income tax returns it files if such tax position is more likely than not to be sustained on examination by the taxing authorities, based on the technical merits of the position. These tax benefits are measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. Although the Company believes that it has adequately reserved for uncertain tax positions (including interest and penalties), it can provide no assurance that the final tax outcome of these matters will not be materially different. The Company makes adjustments to these reserves in accordance with the income tax accounting guidance when facts and circumstances change, such as the closing of a tax audit or the refinement of an estimate. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will affect the provision for income taxes in the period in which such determination is made and could have a material impact on the Company’s financial condition and operating results. Carryforward attributes that were generated in tax years prior to those that remain open for examination may still be adjusted by relevant tax authorities upon examination if they either have been, or will be, used in a future period.In applying the estimated annual effective tax rate approach prescribed under ASC 740-270, Income Taxes - Interim Reporting, and based on present evidence and conclusions around the realizability of deferred tax assets, the Company determined that any deferred tax benefits related to the forecasted tax rate and pretax activity during the three and nine months ended September 30, 2023 and 2022 are neither more likely than not to be realized in the current year, nor realizable as a deferred tax asset at the end of the year. Therefore, the appropriate amount of income tax benefit to recognize related to deferred tax assets during the three and nine months ended September 30, 2023 and 2022 is zero. The Company’s effective tax rate was (0.17)% and (0.21)% for the three and nine months ended September 30, 2023, respectively and zero percent for the three and nine months ended September 30, 2022, respectively. The Company's effective tax rates differ from the applicable statutory tax rate primarily due to the fact that the Company maintains a full valuation allowance against its deferred tax assets as a result of its historical and current period losses.
Reverse Stock Split	Reverse Stock Split On June 14, 2023, the Company’s Board of Directors approved a reverse stock split ratio of 1-for-8 (the “Reverse Stock Split”). On June 22, 2023, the effective date of the Reverse Stock Split, the number of the Company’s issued and outstanding shares of common stock decreased from 51,540,172 shares to 6,442,436 shares, net of fractional shares redeemed. The number of authorized shares and par value per common share remained unchanged. No fractional shares were issued as a result of the Reverse Stock Split. Stockholders who would otherwise have been entitled to receive a fractional share received a cash payment in lieu thereof. Prior to the effective date of the Reverse Stock Split, the Company had listed warrants to purchase a total of 18,410,000 shares of Common Stock, with each whole warrant being exercisable for one share of Common Stock at $11.50 per share. After the effective date of the Reverse Stock Split, every eight shares of Common Stock that may have been purchased pursuant to the warrants immediately prior to the Reverse Stock Split represented one share of Common Stock that may be purchased pursuant to such warrants immediately following the Reverse Stock Split. Correspondingly, the exercise price per share of Common Stock attributable to such warrants was proportionately increased, such that the exercise price immediately following the Reverse Stock Split was $92.00, which equals the product of eight multiplied by $11.50, the exercise price per share immediately prior to the Reverse Stock Split. The number of shares of Common Stock subject to the warrants was proportionately decreased by eight times, to an aggregate of 2,301,250 shares. The share, per share and trading price amounts in the unaudited condensed consolidated financial statements and the accompanying notes, have been retrospectively adjusted to reflect the Reverse Stock Split for all periods presented.
Net loss per Share	Net loss per Share In accordance with the provisions of ASC 260, Earnings Per Share, net loss per common share is computed by dividing net loss by the weighted-average shares of common stock outstanding during the period. Basic net loss per share is computed by dividing net loss by the weighted average number of shares outstanding during the period. Diluted net loss per share gives effect to all dilutive potential common shares outstanding during the period including stock options and warrants, using the treasury stock method, and convertible debt and convertible securities, using the if-converted method. During a loss period, the effect of the potential exercise of stock options and convertible debt are not considered in the diluted net loss per share calculation since the effect would be anti-dilutive.
Segment Information	Segment Information The Company operates and reports in one segment, which focuses on providing additive and traditional manufacturing services to customers. The Company’s operating segment is reported in a manner consistent with the internal reporting provided to the chief operating decision maker (“CODM”). The Company’s CODM has been identified as its Chief Executive Officer. The Company is continually evaluating its operating and reporting segments as the Company continues to grow.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Accounting Pronouncements Recently Issued Not Yet Adopted In October 2023, the FASB issued Accounting Standards Update ("ASU") 2023-06, Disclosure Improvements. The amendments in this ASU modify the disclosure or presentation requirements of a variety of topics in the codification. Certain of the amendments represent clarifications to or technical corrections of the current requirements. The amendments in this ASU are effective for the interim period June 30, 2027, with early adoption prohibited. The Company is currently evaluating the impact the standard will have on its condensed consolidated financial statements.

v3.23.3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of reconciliation of cash and cash equivalents	The reconciliation of cash, cash equivalents and restricted cash reported within the applicable unaudited condensed consolidated balance sheets that sum to the total of the same such amount shown in the unaudited condensed consolidated statements of cash flows is as follows: September 30, 2023 September 30, 2022 Cash and cash equivalents $ 17,517  $ 46,941  Restricted cash 139  136  $ 17,656  $ 47,077
Summary of useful lives of property plant and equipment	Depreciation is recognized using the straight-line method in amounts considered to be sufficient to allocate the cost of the assets to operations over the estimated useful lives or lease terms, as follows: Asset Category Depreciable Life Machinery and equipment 5 to 10 years Computers and IT equipment 3 to 10 years Furniture and fixtures 7 to 10 years Vehicles 10 years Leasehold improvements ** ** Leasehold improvements are amortized using the straight-line method over the shorter of the lease term or estimated useful life of the asset.
Schedule of earnings per share	A reconciliation of net loss and number of shares used in computing basic and diluted net loss per share is as follows:   Three Months Ended September 30, Nine Months Ended September 30,   2023 2022 2023 2022 Basic and Diluted net loss per share computation: Numerator for basic and diluted net loss per share: Net loss $ (19,193) $ (4,550) $ (33,377) $ (13,261) Denominator for basic and diluted net loss per share: Weighted average common shares - basic and diluted 6,968,534  6,648,195  6,824,520  6,623,168  Basic and diluted net loss per share $ (2.75) $ (0.68) $ (4.89) $ (2.00)
Summary of common stock equivalents outstanding were excluded from computation of diluted net loss per share	The following table presents the outstanding shares of common stock equivalents that were excluded from the computation of the diluted net loss per share for the periods in which a net loss is presented because their effect would have been anti-dilutive:   Three Months Ended September 30, Nine Months Ended September 30,   2023 2022 2023 2022 Common stock warrants(1) 2,301,250  2,301,250  2,301,250  2,301,250  Earnout Shares 438,800  438,800  438,800  438,800  Unvested RSUs 568,570  655,882  568,570  655,882  (1) The number of shares of common stock subject to the warrants was proportionately decreased as a result of the Reverse Stock Split.

v3.23.3

Short-term Investments (Tables)	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of investments	The carrying value, excluding gross unrealized holding gains or losses and fair value as of September 30, 2023 and December 31, 2022 were as follows: September 30, 2023 Amortized Cost and Carrying Value Gross Unrealized Gains Gross Unrealized Losses Fair Value September 30, 2023 Classified as Cash and cash equivalents U.S. Treasury Securities $ 14,933  $ 45  $ —  $ 14,978  Classified as short-term investments U.S. Treasury Securities $ —  $ —  $ —  $ —  December 31, 2022 Amortized Cost and Carrying Value Gross Unrealized Gains Gross Unrealized Losses Fair Value December 31, 2022 Classified as Cash and cash equivalents U.S. Treasury Securities $ 19,864  $ 73  $ —  $ 19,937  Classified as short-term investments U.S. Treasury Securities $ 9,816  $ 33  $ —  $ 9,849

v3.23.3

Business Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of total consideration	The following table summarizes the total consideration for the MFG Purchase: April 22, 2022 Cash consideration $ 2,700  Holdback consideration 300  Total consideration $ 3,000  The following table summarizes the total consideration for the Linear AMS Purchase: May 9, 2022 Cash consideration $ 6,090  Holdback consideration 800  Earnout consideration liability 2,900  Total consolidation $ 9,790
Schedule of recognized identified assets acquired and liabilities assumed	The following table summarizes the allocation of the purchase price to the estimated fair values of assets acquired and liabilities assumed: April 22, 2022 Assets acquired: Goodwill $ 1,954  Intangible assets 1,604  Other assets 15  Total assets acquired 3,573  Liabilities assumed: Deferred revenue 573  Total liabilities assumed 573  Net assets acquired $ 3,000  The following table summarizes the fair values of assets acquired and liabilities assumed as of the acquisition date: May 9, 2022 Assets acquired: Cash and cash equivalents $ 29  Accounts receivable 1,117  Inventory 214  Prepaid expenses 34  Security deposits 92  Property and equipment, net 2,086  Right-of-use assets 2,131  Goodwill 2,497  Intangible assets, net 4,199  Total assets acquired 12,399  Liabilities assumed: Accounts payable 308  Accrued expenses and other liabilities 170  Operating lease liability 2,131  Total liabilities assumed 2,609  Net assets acquired $ 9,790
Schedule of finite-lived intangible assets	The estimated useful lives of the identifiable intangible assets acquired is as follows: Gross Value Estimated Life (in years) Customer relationships $ 264  10 Trade name 240  10 Acquired software platform 910  10 Customer list 190  3 Total intangible assets $ 1,604  The estimated useful lives of the identifiable intangible assets acquired is as follows: May 9, 2022 Estimated Life (in years) Customer relationships $ 2,822  10 Trade name 647  10 Noncompetition agreement 52  2 Favorable operating lease 699  4 Unfavorable operating lease (21) 4 Total intangible assets $ 4,199  Intangible assets consisted of the following as of September 30, 2023: Gross carrying amount Accumulated amortization Intangible assets, net Weighted average amortization period (in years) Customer relationships $ 3,086  $ (437) $ 2,649  10 Trade name 987  (140) 847  10 Acquired software platform 910  (129) 781  10 Customer lists 190  (90) 100  3 Noncompetition agreement 52  (37) 15  2 Unfavorable operating lease (21) 8  (13) 4 Total intangible assets, net $ 5,204  $ (825) $ 4,379  During the three and nine months ended September 30, 2023, the Company wrote off $481 of intangible assets related to the favorable operating lease. There were no intangible assets written off during the three and nine months ended September 30, 2022. Intangible assets consisted of the following as of December 31, 2022: Gross carrying amount Accumulated amortization Intangible assets, net Weighted average amortization period (in years) Customer relationships $ 3,086  $ (206) $ 2,880  10 Trade name 987  (66) 921  10 Acquired software platform 910  (61) 849  10 Customer lists 190  (42) 148  3 Noncompetition agreement 52  (17) 35  2 Favorable operating lease 699  (117) 582  4 Unfavorable operating lease (21) 4  (17) 4 Total intangible assets, net $ 5,903  $ (505) $ 5,398
Schedule of asset acquisition	The following table summarizes the fair values of assets acquired as of the acquisition date: April 13, 2022 Assets acquired: Intangible assets $ 100  Total assets acquired $ 100

v3.23.3

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Summary of amount disaggregated by revenue	The following table presents the Company's revenue disaggregated by revenue source: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Major products and service lines: Direct sales $ 6,773  $ 6,457  $ 19,247  $ 18,901  Marketplace sales 776  1,403  3,571  4,383  Software 822  589  2,192  1,168  Total revenue $ 8,371  $ 8,449  $ 25,010  $ 24,452  Timing of revenue recognition: Products transferred at a point in time $ 776  $ 1,403  $ 3,571  $ 4,383  Products and services transferred over time 7,595  7,046  21,439  20,069  Total revenue $ 8,371  $ 8,449  $ 25,010  $ 24,452
Summary of deferred revenue activity	Deferred revenue activity consisted of the following: September 30, 2023 December 31, 2022 Balance at beginning of the period $ 972  $ 921  Deferred revenue recognized during period (25,010) (33,157) Additions to deferred revenue during period 25,876  33,208  Total deferred revenue $ 1,838  $ 972

v3.23.3

Inventory (Tables)	9 Months Ended
	Sep. 30, 2023
Inventory Disclosure [Abstract]
Summary of components of inventory	Components of inventory consisted of the following: September 30, 2023 December 31, 2022 Raw materials $ 1,283  $ 849  Work-in-process 485  209  Finished goods 230  249  Total $ 1,998  $ 1,307

v3.23.3

Prepaid Expenses and Other Current Assets (Tables)	9 Months Ended
	Sep. 30, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Summary of prepaid expenses and other current assets	Prepaid expenses and other current assets consisted of the following: September 30, 2023 December 31, 2022 Prepaid expenses $ 2,251  $ 1,384  VAT receivable 914  990  Prepaid insurance 12  401  Prepaid service expenses —  3,231  Security deposits —  175  Other current assets 48  74  Total $ 3,225  $ 6,255

v3.23.3

Property and Equipment, Net (Tables)	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Summary of property and equipment	Property and equipment, net consisted of the following: September 30, 2023 December 31, 2022 Machinery and equipment $ 10,659  $ 10,450  Computers and IT equipment 1,136  1,138  Leasehold improvements 2,773  2,429  Furniture and fixtures 106  81  Vehicles 42  42  Assets to be placed in service 189  11,749  Property and equipment 14,905  25,889  Less: Accumulated depreciation (8,917) (10,262) Property and equipment, net $ 5,988  $ 15,627

v3.23.3

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of goodwill	Changes in the carrying amount of goodwill as of September 30, 2023 and December 31, 2022 are as follows: September 30, 2023 December 31, 2022 Balance, beginning of period $ 6,286  $ 1,835  Acquired goodwill —  4,451  Balance, end of period $ 6,286  $ 6,286
Schedule of finite-lived intangible assets	The estimated useful lives of the identifiable intangible assets acquired is as follows: Gross Value Estimated Life (in years) Customer relationships $ 264  10 Trade name 240  10 Acquired software platform 910  10 Customer list 190  3 Total intangible assets $ 1,604  The estimated useful lives of the identifiable intangible assets acquired is as follows: May 9, 2022 Estimated Life (in years) Customer relationships $ 2,822  10 Trade name 647  10 Noncompetition agreement 52  2 Favorable operating lease 699  4 Unfavorable operating lease (21) 4 Total intangible assets $ 4,199  Intangible assets consisted of the following as of September 30, 2023: Gross carrying amount Accumulated amortization Intangible assets, net Weighted average amortization period (in years) Customer relationships $ 3,086  $ (437) $ 2,649  10 Trade name 987  (140) 847  10 Acquired software platform 910  (129) 781  10 Customer lists 190  (90) 100  3 Noncompetition agreement 52  (37) 15  2 Unfavorable operating lease (21) 8  (13) 4 Total intangible assets, net $ 5,204  $ (825) $ 4,379  During the three and nine months ended September 30, 2023, the Company wrote off $481 of intangible assets related to the favorable operating lease. There were no intangible assets written off during the three and nine months ended September 30, 2022. Intangible assets consisted of the following as of December 31, 2022: Gross carrying amount Accumulated amortization Intangible assets, net Weighted average amortization period (in years) Customer relationships $ 3,086  $ (206) $ 2,880  10 Trade name 987  (66) 921  10 Acquired software platform 910  (61) 849  10 Customer lists 190  (42) 148  3 Noncompetition agreement 52  (17) 35  2 Favorable operating lease 699  (117) 582  4 Unfavorable operating lease (21) 4  (17) 4 Total intangible assets, net $ 5,903  $ (505) $ 5,398
Schedule of finite-lived intangible assets, future amortization expense	The Company estimates the future aggregate amortization expense related to its intangible assets as of September 30, 2023 will be as follows: Amortization expense Remainder of 2023 $ 146  2024 565  2025 514  2026 497  2027 498  Thereafter 2,159  Total $ 4,379

v3.23.3

Accrued Expenses and Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 2023
Accrued Liabilities and Other Liabilities [Abstract]
Summary of accrued expenses and other liabilities	Accrued expenses and other liabilities consisted of the following: September 30, 2023 December 31, 2022 Accrued compensation $ 1,544  $ 1,504  Holdback consideration 400  1,100  Accrued selling expenses 605  487  Taxes payable 71  339  Accrued acquisition of property and equipment 39  225  Earnout consideration liability —  1,076  Other accrued expenses and other liabilities 939  1,219  Total $ 3,598  $ 5,950

v3.23.3

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Summary of certain information related to the lease costs	The table below presents certain information related to the Company’s lease costs: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Operating lease expense $ 249  $ 302  $ 749  $ 687  Finance lease expense 12  —  31  —  Interest expense on finance lease liabilities 5  —  14  —  Total lease cost $ 266  $ 302  $ 794  $ 687
Summary of right of use assets and lease liabilities for operating leases	Right-of-use assets and lease liabilities for operating leases were recorded in the unaudited condensed consolidated balance sheets as follows: September 30, 2023 December 31, 2022 Assets: Operating lease right-of-use assets, net $ 1,948  $ 2,365  Finance lease right-of-use assets, net 323  —  Total lease assets $ 2,271  $ 2,365  Liabilities: Current liabilities: Operating lease liabilities, current $ 872  $ 719  Finance lease liability, current 62  —  Non-current liabilities: Operating lease liabilities, net of current portion 1,176  1,715  Finance lease liability, net of current portion 261  —  Total lease liabilities $ 2,371  $ 2,434
Summary of supplemental cash flow information related to the company's leases	Supplemental cash flow information related to the Company’s leases was as follows: Nine Months Ended September 30, 2023 2022 Operating cash flows from operating leases $ 721  $ 732  Financing cash flows from finance leases $ 45  $ —  Lease liabilities arising from obtaining right-of-use assets $ 595  $ —
Summary of future minimum lease payments required under operating leases	As of September 30, 2023, future minimum lease payments required under operating and finance leases are as follows: Operating Leases Finance Leases Rest of 2023 $ 242  $ 22  2024 965  87  2025 791  87  2026 236  87  2027 —  87  Thereafter —  18  Total minimum lease payments 2,234  388  Less effects of discounting (186) (65) Present value of future minimum lease payments $ 2,048  $ 323
Summary of future minimum lease payments required under financing leases	As of September 30, 2023, future minimum lease payments required under operating and finance leases are as follows: Operating Leases Finance Leases Rest of 2023 $ 242  $ 22  2024 965  87  2025 791  87  2026 236  87  2027 —  87  Thereafter —  18  Total minimum lease payments 2,234  388  Less effects of discounting (186) (65) Present value of future minimum lease payments $ 2,048  $ 323

v3.23.3

Financing Obligations (Tables)	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Financing Obligations, Maturity	As of September 30, 2023, future financing obligation payments under the failed sale-leaseback transactions are as follows: Finance Obligations Rest of 2023 $ 33  2024 132  2025 132  2026 132  2027 13  Total payments 442  Less: imputed interest (270) Financing obligation at end of term 294  Total financing obligations $ 466
Contractual Obligation, Fiscal Year Maturity	As of September 30, 2023, the amount outstanding under the Financing Agreement was $496. The scheduled maturities of the Company’s Financing Agreement are as follows: Financing Agreement Rest of 2023 $ 13  2024 56  2025 61  2026 67  2027 72  Thereafter 226  Total payments $ 496

v3.23.3

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Summary of assumptions used to determine the fair value of the stock options	The assumptions used to estimate the fair value of stock options granted during the periods presented were as follows: Nine Months Ended September 30, 2023 Strike price $2.64 - $3.40 Expected term (in years) 6.25 Expected volatility 110.67% - 132.00% Risk-free interest rate 3.79% - 4.19% Dividend yield —  %
Summary of stock option plan and the activity	The following table summarizes the Company’s stock option activity during the period presented:   Shares Underlying Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding as of January 1, 2023 497,402  $ 5.16  5.67 Granted —  —  Forfeited (2,287) 3.78  Exercised (32) 3.92  Outstanding at March 31, 2023 495,083  5.16  4.37 $ —  Granted 375,168  2.74  Forfeited (12,294) 2.88  Exercised —  —  Outstanding at June 30, 2023 857,957  4.14  6.55 $ 374  Granted 35,625  3.26  Forfeited (16,355) 3.73  Exercised —  —  Outstanding at September 30, 2023 877,227  $ 4.11  6.46 $ 162  Exercisable at September 30, 2023 482,906  $ 5.20  3.91 $ 67
Summary of restricted stock unit activity	The following table summarizes the Company’s restricted stock unit activity during the period presented: Restricted Stock Units Weighted Average Grant Fair Value per Share Aggregate Intrinsic Value Outstanding as of January 1, 2023 870,126  $ 12.08  Granted 10,901  4.56  Forfeited (79,218) 7.52  Settled (20,475) 25.44  Outstanding at March 31, 2023 781,334  12.40  $ 2,146  Granted 30,573  3.30  Forfeited (35,825) 8.89  Settled (118,945) 12.75  Outstanding at June 30, 2023 657,137  12.00  $ 2,471  Granted 7,500  3.11  Forfeited (86,876) 7.40  Settled (9,191) 9.08  Outstanding at September 30, 2023 568,570  $ 12.45  $ 1,791

v3.23.3

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of assets and liabilities that are measured at fair value on a recurring basis	The following table presents information about the Company’s liabilities that are measured at fair value on a recurring basis at September 30, 2023 and December 31, 2022, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: Description Level September 30, 2023 December 31, 2022 Assets: Marketable securities - U.S Treasury Securities 2 $ 14,933  $ 29,680  Liabilities:   Earnout consideration liability 3 $ —  $ 1,076

v3.23.3

Organization (Details) $ / shares in Units, part in Millions, customer in Millions, $ in Millions		21 Months Ended
	Sep. 29, 2021 USD ($) $ / shares shares	Jun. 30, 2023 customer country technology materialAndFinish part
Subsidiary, Sale of Stock [Line Items]
Number of utilization of additive technologies | technology		12
Number of manufacturing parts delivered | part		24
Number of customers | customer		1
Number of countries | country		180
Minimum
Subsidiary, Sale of Stock [Line Items]
Number of materials and finishes | materialAndFinish		120
Shapeways Inc | Reverse Recapitalization | Pipe Investors | Subscription Agreement
Subsidiary, Sale of Stock [Line Items]
Stock issued during period new shares issued (in shares) | shares	7,500,000
Purchase price per share (in dollars per share) | $ / shares	$ 10.00
Shared issued value | $	$ 75

v3.23.3

Summary of Significant Accounting Policies - Additional Information (Details)		3 Months Ended		9 Months Ended
	Mar. 26, 2021 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) segment shares	Sep. 30, 2022 USD ($) shares
Financing Receivable, Impaired [Line Items]
Assets held for sale		$ 11,500,000		$ 11,500,000
Impairment on assets held for sale		9,680,000	$ 0	9,680,000	$ 0
Write-off of prepaid services				3,196,000	0
Goodwill impairment loss		0	0	0	0
Research and development expense		2,257,000	2,572,000	7,261,000	6,992,000
Advertising expense		321,000	571,000	$ 928,000	1,425,000
Percentage of largest benefit greater than likelihood of resolution for tax benefit measurement				50.00%
Deferred tax assets		$ 0	$ 0	$ 0	$ 0
Effective income tax reconciliation rate		(0.17%)	0.00%	(0.21%)	0.00%
Weighted average shares included in computation of earning per share (in shares) | shares				482,906	493,900
Number of operating segments | segment				1
Desktop Metal
Financing Receivable, Impaired [Line Items]
Long-term purchase commitment amount	$ 20,000,000
Purchase obligation	$ 20,000,000
Minimum
Financing Receivable, Impaired [Line Items]
Intangible asset useful life		2 years		2 years
Lease terms		2 years		2 years
Maximum
Financing Receivable, Impaired [Line Items]
Intangible asset useful life		10 years		10 years
Lease terms		10 years		10 years

v3.23.3

Summary of Significant Accounting Policies - Summary of reconciliation of cash and cash equivalents (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 17,517	$ 30,630	$ 46,941
Restricted cash	139	$ 139	136
Total	$ 17,656		$ 47,077

v3.23.3

Summary of Significant Accounting Policies - Summary of useful lives of property plant and equipment (Details)	Sep. 30, 2023
Machinery and equipment | Minimum
Property, Plant and Equipment [Line Items]
Depreciable life	5 years
Machinery and equipment | Maximum
Property, Plant and Equipment [Line Items]
Depreciable life	10 years
Computers and IT equipment | Minimum
Property, Plant and Equipment [Line Items]
Depreciable life	3 years
Computers and IT equipment | Maximum
Property, Plant and Equipment [Line Items]
Depreciable life	10 years
Furniture and fixtures | Minimum
Property, Plant and Equipment [Line Items]
Depreciable life	7 years
Furniture and fixtures | Maximum
Property, Plant and Equipment [Line Items]
Depreciable life	10 years
Vehicles
Property, Plant and Equipment [Line Items]
Depreciable life	10 years

v3.23.3

Summary of Significant Accounting Policies - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended						9 Months Ended
		Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Numerator for basic and diluted net loss per share:
Net loss		$ (19,193)	$ (6,781)	$ (7,403)	$ (4,550)	$ (4,674)	$ (4,037)	$ (33,377)	$ (13,261)
Denominator for basic and diluted net loss per share:
Weighted average common shares - basic (in shares)	[1]	6,968,534			6,648,195			6,824,520	6,623,168
Weighted average common shares - diluted (in shares)	[1]	6,968,534			6,648,195			6,824,520	6,623,168
Diluted (in dollars per shares)	[1]	$ (2.75)			$ (0.68)			$ (4.89)	$ (2.00)
Basic (in dollars per shares)	[1]	$ (2.75)			$ (0.68)			$ (4.89)	$ (2.00)
[1] Retroactively adjusted shares issued and outstanding, and per share information to give effect to the Company's 1-for-8 reverse stock split. See Note 2.

v3.23.3

Summary of Significant Accounting Policies - Summary of common stock equivalents outstanding were excluded from computation of diluted net loss per share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Common stock warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities	2,301,250	2,301,250	2,301,250	2,301,250
Earnout Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities	438,800	438,800	438,800	438,800
Unvested RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Antidilutive securities	568,570	655,882	568,570	655,882

v3.23.3

Summary of Significant Accounting Policies - Reverse Stock Split (Details)	Jun. 22, 2023 $ / shares shares	Sep. 30, 2023 shares	Jun. 21, 2023 $ / shares shares	Dec. 31, 2022 shares
Accounting Policies [Abstract]
Reverse stock split ratio	0.125
Common stock, shares issued (in shares)	6,442,436	6,547,873	51,540,172	6,180,646
Common stock, shares outstanding (in shares)	6,442,436	6,547,873	51,540,172	6,180,646
Securities called by warrants (in shares)	2,301,250	2,301,250	18,410,000	2,301,250
Warrant to common stock ratio (in shares)			1
Exercise price of warrants or rights (dollars per share) | $ / shares	$ 92.00		$ 11.50

v3.23.3

Going Concern (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net loss	$ (19,193)	$ (6,781)	$ (7,403)	$ (4,550)	$ (4,674)	$ (4,037)	$ (33,377)	$ (13,261)
Accumulated deficit	$ (166,409)						(166,409)		$ (133,032)
Cash and cash equivalents and restricted cash							$ (13,126)	$ (32,630)

v3.23.3

Short-term Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Marketable Securities [Line Items]
Amortized Cost and Carrying Value	$ 0	$ 9,816
U.S. Treasury Securities | Cash and Cash Equivalents
Marketable Securities [Line Items]
Amortized Cost and Carrying Value	14,933	19,864
Gross Unrealized Gains	45	73
Gross Unrealized Losses	0	0
Fair Value September 30, 2023	14,978	19,937
U.S. Treasury Securities | Short-Term Investments
Marketable Securities [Line Items]
Amortized Cost and Carrying Value	0	9,816
Gross Unrealized Gains	0	33
Gross Unrealized Losses	0	0
Fair Value September 30, 2023	$ 0	$ 9,849

v3.23.3

Business Acquisitions - Consideration (Details) - USD ($) $ in Thousands	Apr. 22, 2022	Sep. 30, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Holdback consideration		$ 400	$ 1,100
MFG.com
Business Acquisition [Line Items]
Cash consideration	$ 2,700
Holdback consideration	300
Total consideration	$ 3,000

v3.23.3

Business Acquisitions - MFG.com - Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Apr. 22, 2022	Dec. 31, 2021
Assets acquired:
Goodwill	$ 6,286	$ 6,286		$ 1,835
MFG.com
Assets acquired:
Goodwill			$ 1,954
Intangible assets			1,604
Other assets			15
Total assets acquired			3,573
Liabilities assumed:
Deferred revenue			573
Total liabilities assumed			573
Net assets acquired			$ 3,000

v3.23.3

Business Acquisitions - MFG.com - Intangible Assets (Details) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
	Apr. 22, 2022	Sep. 30, 2023	Dec. 31, 2022
Customer relationships
Business Acquisition [Line Items]
Estimated Life (in years)		10 years	10 years
Trade name
Business Acquisition [Line Items]
Estimated Life (in years)		10 years	10 years
Acquired software platform
Business Acquisition [Line Items]
Estimated Life (in years)		10 years	10 years
Customer list
Business Acquisition [Line Items]
Estimated Life (in years)		3 years	3 years
MFG.com
Business Acquisition [Line Items]
Total intangible assets	$ 1,604
Transaction cost	212
MFG.com | Customer relationships
Business Acquisition [Line Items]
Total intangible assets	$ 264
Estimated Life (in years)	10 years
MFG.com | Trade name
Business Acquisition [Line Items]
Total intangible assets	$ 240
Estimated Life (in years)	10 years
MFG.com | Acquired software platform
Business Acquisition [Line Items]
Total intangible assets	$ 910
Estimated Life (in years)	10 years
MFG.com | Customer list
Business Acquisition [Line Items]
Total intangible assets	$ 190
Estimated Life (in years)	3 years

v3.23.3

Business Acquisitions - Linear AMS - Consideration (Details) - USD ($)		1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	May 09, 2022	Apr. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Business Acquisition [Line Items]
Holdback consideration			$ 400,000		$ 400,000		$ 1,100,000
Change in fair value of earnout liability			$ 0	$ (1,784,000)	0	$ (1,784,000)
Payment of earnout liability		$ 539,000
Issuance of common stock upon settlement of earnout consideration liability		$ 537,000			$ 537,000	$ 0
Linear AMS
Business Acquisition [Line Items]
Cash consideration	$ 6,090,000
Holdback consideration	800,000
Earnout consideration liability	2,900,000
Total consideration	$ 9,790,000
Change in fair value of earnout liability							$ 1,824,000

v3.23.3

Business Acquisitions - Linear AMS - Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	May 09, 2022	Dec. 31, 2021
Assets acquired:
Goodwill	$ 6,286	$ 6,286		$ 1,835
Linear AMS
Assets acquired:
Cash and cash equivalents			$ 29
Accounts receivable			1,117
Inventory			214
Prepaid expenses			34
Security deposits			92
Property and equipment, net			2,086
Right-of-use assets			2,131
Goodwill			2,497
Intangible assets			4,199
Total assets acquired			12,399
Liabilities assumed:
Accounts payable			308
Accrued expenses and other liabilities			170
Operating lease liability			2,131
Total liabilities assumed			2,609
Net assets acquired			$ 9,790

v3.23.3

Business Acquisitions - Linear AMS - Intangible Assets (Details) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
	May 09, 2022	Sep. 30, 2023	Dec. 31, 2022
Linear AMS
Business Acquisition [Line Items]
Total intangible assets	$ 4,199
Transaction cost	161
Customer relationships
Business Acquisition [Line Items]
Estimated Life (in years)		10 years	10 years
Customer relationships | Linear AMS
Business Acquisition [Line Items]
Total intangible assets	$ 2,822
Estimated Life (in years)	10 years
Trade name
Business Acquisition [Line Items]
Estimated Life (in years)		10 years	10 years
Trade name | Linear AMS
Business Acquisition [Line Items]
Total intangible assets	$ 647
Estimated Life (in years)	10 years
Noncompetition agreement
Business Acquisition [Line Items]
Estimated Life (in years)		2 years	2 years
Noncompetition agreement | Linear AMS
Business Acquisition [Line Items]
Total intangible assets	$ 52
Estimated Life (in years)	2 years
Favorable operating lease
Business Acquisition [Line Items]
Estimated Life (in years)			4 years
Favorable operating lease | Linear AMS
Business Acquisition [Line Items]
Total intangible assets	$ 699
Estimated Life (in years)	4 years
Unfavorable operating lease | Linear AMS
Business Acquisition [Line Items]
Unfavorable operating lease	$ (21)
Estimated Life (in years)	4 years

v3.23.3

Business Acquisitions - Maker OS - Fair Value (Details) - Maker OS $ in Thousands	Apr. 13, 2022 USD ($)
Business Acquisition [Line Items]
Cash consideration	$ 100
Intangible assets	100
Total assets acquired	$ 100

v3.23.3

Revenue Recognition - Disaggregation of revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Disaggregated revenue	$ 8,371	$ 8,449	$ 25,010	$ 24,452
Products transferred at a point in time
Disaggregation of Revenue [Line Items]
Disaggregated revenue	776	1,403	3,571	4,383
Products and services transferred over time
Disaggregation of Revenue [Line Items]
Disaggregated revenue	7,595	7,046	21,439	20,069
Direct sales
Disaggregation of Revenue [Line Items]
Disaggregated revenue	6,773	6,457	19,247	18,901
Marketplace sales
Disaggregation of Revenue [Line Items]
Disaggregated revenue	776	1,403	3,571	4,383
Software
Disaggregation of Revenue [Line Items]
Disaggregated revenue	$ 822	$ 589	$ 2,192	$ 1,168

v3.23.3

Revenue Recognition - Deferred revenues (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022	Jan. 01, 2022
Deferred Revenue [Roll Forward]
Beginning balance	$ 972	$ 921
Deferred revenue recognized during period	(25,010)	(33,157)
Additions to deferred revenue during period	25,876	33,208
Ending balance	1,838	972
Deferred revenue recognized	972
Accounts receivable	$ 3,832	$ 1,606	$ 1,372

v3.23.3

Inventory (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 1,283	$ 849
Work-in-process	485	209
Finished goods	230	249
Total	$ 1,998	$ 1,307

v3.23.3

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid expenses	$ 2,251	$ 1,384
VAT receivable	914	990
Prepaid insurance	12	401
Prepaid service expenses	0	3,231
Security deposits	0	175
Other current assets	48	74
Total	$ 3,225	$ 6,255

v3.23.3

Property and Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 14,905		$ 14,905		$ 25,889
Less: Accumulated depreciation	(8,917)		(8,917)		(10,262)
Property and equipment, net	5,988		5,988		15,627
Depreciation expense	335	$ 285	929	$ 721
Depreciation charged to cost of revenue	273	$ 249	789	616
Assets held for sale	11,500		11,500
Loss from impairment on assets held for sale	9,700		9,700
Write-off of prepaid services			3,196	$ 0
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	10,659		10,659		10,450
Computers and IT equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,136		1,136		1,138
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,773		2,773		2,429
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	106		106		81
Vehicles
Property, Plant and Equipment [Line Items]
Property and equipment, gross	42		42		42
Assets to be placed in service
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 189		$ 189		$ 11,749

v3.23.3

Goodwill and Intangible Assets - Carrying Value of Goodwill (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 6,286	$ 1,835
Acquired goodwill	0	4,451
Goodwill, ending balance	$ 6,286	$ 6,286

v3.23.3

Goodwill and Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment loss	$ 0	$ 0	$ 0	$ 0
Amortization expense	$ 160,000	$ 188,000	$ 538,000	$ 311,000

v3.23.3

Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 5,204,000		$ 5,204,000		$ 5,903,000
Accumulated amortization	(825,000)		(825,000)		(505,000)
Intangible assets, net	4,379,000		4,379,000		5,398,000
Write-off of intangible assets	481,000	$ 0	481,000	$ 0
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	3,086,000		3,086,000		3,086,000
Accumulated amortization	(437,000)		(437,000)		(206,000)
Intangible assets, net	2,649,000		$ 2,649,000		$ 2,880,000
Weighted average amortization period (in years)			10 years		10 years
Trade name
Acquired Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	987,000		$ 987,000		$ 987,000
Accumulated amortization	(140,000)		(140,000)		(66,000)
Intangible assets, net	847,000		$ 847,000		$ 921,000
Weighted average amortization period (in years)			10 years		10 years
Acquired software platform
Acquired Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	910,000		$ 910,000		$ 910,000
Accumulated amortization	(129,000)		(129,000)		(61,000)
Intangible assets, net	781,000		$ 781,000		$ 849,000
Weighted average amortization period (in years)			10 years		10 years
Customer list
Acquired Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	190,000		$ 190,000		$ 190,000
Accumulated amortization	(90,000)		(90,000)		(42,000)
Intangible assets, net	100,000		$ 100,000		$ 148,000
Weighted average amortization period (in years)			3 years		3 years
Noncompetition agreement
Acquired Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	52,000		$ 52,000		$ 52,000
Accumulated amortization	(37,000)		(37,000)		(17,000)
Intangible assets, net	15,000		$ 15,000		$ 35,000
Weighted average amortization period (in years)			2 years		2 years
Favorable operating lease
Acquired Finite-Lived Intangible Assets [Line Items]
Gross carrying amount					$ 699,000
Accumulated amortization					(117,000)
Intangible assets, net					$ 582,000
Weighted average amortization period (in years)					4 years
Unfavorable operating lease
Acquired Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	(21,000)		$ (21,000)		$ (21,000)
Accumulated amortization	8,000		8,000		4,000
Intangible assets, net	$ (13,000)		$ (13,000)		$ (17,000)
Weighted average amortization period (in years)			4 years		4 years

v3.23.3

Goodwill and Intangible Assets - Future Amortization (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Remainder of 2023	$ 146
2024	565
2025	514
2026	497
2027	498
Thereafter	2,159
Intangible assets, net	$ 4,379	$ 5,398

v3.23.3

Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accrued Liabilities and Other Liabilities [Abstract]
Accrued compensation	$ 1,544	$ 1,504
Holdback consideration	400	1,100
Accrued selling expenses	605	487
Taxes payable	71	339
Accrued acquisition of property and equipment	39	225
Earnout consideration liability	0	1,076
Other accrued expenses and other liabilities	939	1,219
Total	$ 3,598	$ 5,950

v3.23.3

Commitments and Contingencies - Additional Information (Details) $ in Millions		3 Months Ended	9 Months Ended
	Mar. 26, 2021 USD ($)	Sep. 30, 2023 USD ($) lease	Sep. 30, 2023 USD ($) lease
Other Commitments [Line Items]
Number of leases of facilities located in the United States and the Netherlands | lease		6	6
Number of finance leases | lease		2	2
Operating lease, weighted-average remaining lease term		2 years 3 months 29 days	2 years 3 months 29 days
Financing lease, weighted-average remaining lease term		4 years 5 months 26 days	4 years 5 months 26 days
Operating lease, weighted-average incremental borrowing rate, percent		6.93%	6.93%
Financing lease, weighted-average incremental borrowing rate, percent		8.24%	8.24%
Desktop Metal
Other Commitments [Line Items]
Long-term purchase commitment amount	$ 20.0
Purchase obligation	$ 20.0
Payments to acquire desktop metal			$ 16.4
Property purchase payable		$ 3.6	$ 3.6

v3.23.3

Commitments and Contingencies - Company's lease costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating lease expense	$ 249	$ 302	$ 749	$ 687
Finance lease expense	12	0	31	0
Interest expense on finance lease liabilities	5	0	14	0
Total lease cost	266	302	794	687
Other Information
Sublease income	$ 62	$ 108	$ 221	$ 142

v3.23.3

Commitments and Contingencies - Right of use assets and lease liabilities for operating leases (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets:
Operating lease right-of-use assets, net	$ 1,948	$ 2,365
Finance lease right-of-use assets, net	323	0
Total lease assets	2,271	2,365
Current liabilities:
Operating lease liabilities, current	872	719
Finance lease liability, current	62	0
Non-current liabilities:
Operating lease liabilities, net of current portion	1,176	1,715
Finance lease liability, noncurrent	261	0
Total lease liabilities	$ 2,371	$ 2,434

v3.23.3

Commitments and Contingencies - Weighted-average (Details)	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Weighted-average remaining lease term for operating leases	2 years 3 months 29 days
Financing lease, weighted-average remaining lease term	4 years 5 months 26 days
Weighted-average incremental borrowing rate	6.93%
Financing lease, weighted-average incremental borrowing rate, percent	8.24%

v3.23.3

Commitments and Contingencies - Supplemental cash flow (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating cash flows from operating leases	$ 721	$ 732
Financing cash flows from finance leases	45	0
Lease liabilities arising from obtaining right-of-use assets	$ 595	$ 0

v3.23.3

Commitments and Contingencies - Future minimum lease payments (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Operating Leases
Rest of 2023	$ 242
2024	965
2025	791
2026	236
2027	0
Thereafter	0
Total minimum lease payments	2,234
Less effects of discounting	(186)
Present value of future minimum lease payments	2,048
Finance Leases
Rest of 2023	22
2024	87
2025	87
2026	87
2027	87
Thereafter	18
Total minimum lease payments	388
Less effects of discounting	(65)
Present value of future minimum lease payments	$ 323

v3.23.3

Financing Obligations - Narrative (Details) $ in Thousands	2 Months Ended	3 Months Ended	9 Months Ended
	Mar. 31, 2023 lease	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)	Aug. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Financial Instruments Owned and Pledged as Collateral [Line Items]
Number of lease transactions | lease	2
Term of contract	4 years
Weighted average interest rate, percent		20.50%	20.50%
Interest expense		$ 24	$ 64
Property and equipment gross		14,905	$ 14,905		$ 25,889
Secured Debt
Financial Instruments Owned and Pledged as Collateral [Line Items]
Effective interest rate			8.09%
Interest expense		$ 4	$ 4
Asset Pledged as Collateral
Financial Instruments Owned and Pledged as Collateral [Line Items]
Property and equipment gross				$ 500

v3.23.3

Financing Obligations - Financing Obligations (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Leases [Abstract]
Rest of 2023	$ 33
2024	132
2025	132
2026	132
2027	13
Total payments	442
Less: imputed interest	(270)
Financing obligation at end of term	294
Total financing obligations	$ 466

v3.23.3

Financing Obligations - Financing Agreements (Details) - Secured Debt $ in Thousands	Sep. 30, 2023 USD ($)
Lessee, Lease, Description [Line Items]
Rest of 2023	$ 13
2024	56
2025	61
2026	67
2027	72
Thereafter	226
Total payments	$ 496

v3.23.3

Stockholders' Equity (Details) $ / shares in Units, $ in Thousands		9 Months Ended
	Sep. 28, 2021 $ / shares shares	Sep. 30, 2023 USD ($) Day vote $ / shares shares	Jun. 22, 2023 $ / shares shares	Jun. 21, 2023 $ / shares shares	Dec. 31, 2022 $ / shares shares
Class of Stock [Line Items]
Common stock, shares authorized (in shares)		120,000,000			120,000,000
Common stock, par value (dollars per share) | $ / shares		$ 0.0001			$ 0.0001
Common stock, voting rights | vote		1
Common stock, shares issued (in shares)		6,547,873	6,442,436	51,540,172	6,180,646
Common stock, shares outstanding (in shares)		6,547,873	6,442,436	51,540,172	6,180,646
Warrant outstanding (in shares)		18,410,000			18,410,000
Warrant to common stock ratio (in shares)				1
Exercise price of warrants or rights (dollars per share) | $ / shares			$ 92.00	$ 11.50
Warrants expire term	5 years
Redemption price (per warrant) | $ / shares		$ 0.01
Redemption notice period		30 days
Redemption share price basis (in dollars per share) | $ / shares		$ 144.00
Redemption share price basis number of days | Day		20
Redemption, registration statement to be maintained | Day		30
Securities called by warrants (in shares)		2,301,250	2,301,250	18,410,000	2,301,250
Convertible Note
Class of Stock [Line Items]
Debt conversion convertible instrument amount | $		$ 500
Public Warrants
Class of Stock [Line Items]
Warrant to common stock ratio (in shares)	1
Exercise price of warrants or rights (dollars per share) | $ / shares	$ 92.00
Warrants exercisable period	30 days
Private Warrants
Class of Stock [Line Items]
Warrant outstanding (in shares)	4,110,000
Sponsor Warrants
Class of Stock [Line Items]
Strike Price (in dollars per share) | $ / shares		$ 1.00
Sponsor Warrants | Convertible Note
Class of Stock [Line Items]
Conversion of promissory note, warrants issued (in shares)		500,000
Prior to Merger | Public Warrants
Class of Stock [Line Items]
Warrant outstanding (in shares)	13,800,000
Number of warrants exercised (in shares)	8

v3.23.3

Stock-Based Compensation -Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 29, 2021	Sep. 30, 2023	Jun. 30, 2023		Mar. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Average exercise price per share		$ 4.11	$ 4.14		$ 5.16	$ 4.11			$ 5.16
Number of shares awarded (in shares)		35,625	375,168		0	410,793	0
Restricted stock units withheld for employee tax liability (shares)		(19,360)	(34,058)	[1]		(53,418)
Unrecognized compensation expense		$ 541				$ 541
Unrecognized compensation expense expected to be recognized over the weighted average period						3 years 3 months 25 days
Unvested RSUs
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Fair value of RSUs						$ 2,121
Unrecognized compensation expense		$ 4,909				$ 4,909
Unrecognized compensation expense expected to be recognized over the weighted average period						2 years 7 months 2 days
2010 Stock Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Maximum number of shares authorized for issuance (in shares)	2,117,818
Percentage of exchange ratio used to determine the number of restricted stock units granted as right to receive						10.00%
Aggregate number of options to purchase		612,650				612,650
Average exercise price per share		$ 4.96				$ 4.96
2010 Stock Plan | Legacy Shapeways Stock Option
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Recapitalization conversion ratio	0.8293
Percentage of recapitalization conversion ratio for conversion in to common stock	90.00%
Percentage of recapitalization conversion ratio as divider for determining exercise price	90.00%
2021 Equity Incentive Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Percentage of outstanding stock, maximum								5.00%
Number of shares awarded (in shares)						1,565,630
Number of shares remain available for issuance (in shares)		597,619				597,619
2022 Equity Incentive Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Number of shares awarded (in shares)						625,000
Number of shares remain available for issuance (in shares)		412,674				412,674
2021 Employee Stock Purchase Plan
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Number of shares available for purchase		172,749				172,749
Number of shares purchased (in shares)						0
[1] Retroactively adjusted shares issued and outstanding to give effect to the Company's 1-for-8 reverse stock split. See Note 2.

v3.23.3

Stock-Based Compensation - Fair value of stock-based compensation (Details) - Options	9 Months Ended
	Sep. 30, 2023 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 years 3 months
Expected volatility, minimum	110.67%
Expected volatility , maximum	132.00%
Risk-free interest rate, minimum	3.79%
Risk-free interest rate, maximum	4.19%
Dividend yield	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Strike Price (in dollars per share)	$ 2.64
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Strike Price (in dollars per share)	$ 3.40

v3.23.3

Stock-Based Compensation - Stock option plan (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended			9 Months Ended		12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Shares Underlying Options
Outstanding at beginning (in shares)	857,957	495,083	497,402	497,402
Granted (in dollars per share)	35,625	375,168	0	410,793	0
Forfeited (in dollars per share)	(16,355)	(12,294)	(2,287)
Exercised (in dollars per share)	0	0	(32)
Outstanding at ending (in shares)	877,227	857,957	495,083	877,227		497,402
Exercisable at the end (in shares)	482,906			482,906
Weighted Average Exercise Price
Outstanding at beginning (in dollars per share)	$ 4.14	$ 5.16	$ 5.16	$ 5.16
Granted (in dollars per share)	3.26	2.74	0
Forfeited (in dollars per share)	3.73	2.88	3.78
Exercised (in dollars per share)	0	0	3.92
Outstanding at ending (in dollars per share)	4.11	$ 4.14	$ 5.16	4.11		$ 5.16
Exercisable (in dollars per share)	$ 5.20			$ 5.20
Weighted Average Remaining Contractual Term (in years)
Outstanding (in years)	6 years 5 months 15 days	6 years 6 months 18 days	4 years 4 months 13 days			5 years 8 months 1 day
Exercisable at the end	3 years 10 months 28 days
Aggregate Intrinsic Value, Outstanding at end	$ 162	$ 374	$ 0	$ 162
Aggregate Intrinsic Value, Exercisable at end	$ 67			$ 67

v3.23.3

Stock-Based Compensation - RSUs (Details) - Unvested RSUs - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Restricted Stock Units
Beginning balance, Outstanding (in shares)	657,137	781,334	870,126
Granted (in shares)	7,500	30,573	10,901
Forfeited (in shares)	(86,876)	(35,825)	(79,218)
Settled (in shares)	(9,191)	(118,945)	(20,475)
Ending balance, Outstanding (in shares)	568,570	657,137	781,334
Weighted Average Grant Fair Value per Share
Beginning balance, Outstanding (in dollars per share)	$ 12.45	$ 12.00	$ 12.40	$ 12.08
Granted (in dollars per share)	3.11	3.30	4.56
Forfeited (in dollars per share)	7.40	8.89	7.52
Settled (in dollars per share)	9.08	12.75	25.44
Ending balance, Outstanding (in dollars per share)	$ 12.45	$ 12.00	$ 12.40
Aggregate Intrinsic Value, Outstanding	$ 1,791	$ 2,471	$ 2,146

v3.23.3

Fair Value Measurements - Assets and liabilities measured at fair value (Details) - Recurring - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Level 2
Schedule of Held-to-maturity Securities [Line Items]
Fair Value September 30, 2023	$ 14,933	$ 29,680
Level 3
Schedule of Held-to-maturity Securities [Line Items]
Earnout consideration liability	$ 0	$ 1,076

v3.23.3

Fair Value Measurements - Narrative (Details) - USD ($)		1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 29, 2021	Apr. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 22, 2023	Jun. 21, 2023	Dec. 31, 2022
Schedule of Held-to-maturity Securities [Line Items]
Change in fair value of earnout liability			$ 0	$ (1,784,000)	$ 0	$ (1,784,000)
Payment of earnout liability		$ 539,000
Issuance of common stock upon settlement of earnout consideration liability		$ 537,000			537,000	0
Change in fair value of warrant liabilities			$ 0	$ (31,000)	$ 0	$ (1,558,000)
Common stock, shares outstanding (in shares)			6,547,873		6,547,873		6,442,436	51,540,172	6,180,646
Trading days period	3 years
Trading Price One
Schedule of Held-to-maturity Securities [Line Items]
Percentage released at targets	50.00%
Trading Price Two
Schedule of Held-to-maturity Securities [Line Items]
Percentage released at targets	50.00%
Earnout Shares
Schedule of Held-to-maturity Securities [Line Items]
Common stock, shares outstanding (in shares)	438,800		438,800		438,800
Number of consecutive trading days to determine the trading price per share	30 days
Estimated fair value of the shares recognized as a deemed dividend	$ 18,132,000
Earnout Shares | Trading Price One
Schedule of Held-to-maturity Securities [Line Items]
Volume weighted average trading price of common stock (in dollars per share)	$ 112.00
Earnout Shares | Trading Price Two
Schedule of Held-to-maturity Securities [Line Items]
Volume weighted average trading price of common stock (in dollars per share)	128.00
Nonrecurring | Earnout Shares
Schedule of Held-to-maturity Securities [Line Items]
Fair value of shares estimated based on trading price of common stock (in dollars per share)	$ 61.60

v3.23.3

Significant Concentrations (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Supplier Concentration Risk | Cost of Goods and Service Benchmark | Vendor One
Concentration Risk [Line Items]
Concentration risk percentage				37.00%
Supplier Concentration Risk | Accounts Payable | Vendor One
Concentration Risk [Line Items]
Concentration risk percentage			10.00%		10.00%
Customer One | Customer Concentration Risk | Revenue Benchmark
Concentration Risk [Line Items]
Concentration risk percentage	16.00%	18.00%	17.00%	20.00%
Customer One | Customer Concentration Risk | Accounts Receivable
Concentration Risk [Line Items]
Concentration risk percentage			16.00%		17.00%
Customer Two | Customer Concentration Risk | Accounts Receivable
Concentration Risk [Line Items]
Concentration risk percentage			13.00%		16.00%

v3.23.3

Subsequent Events (Details)	Nov. 14, 2023 USD ($)
Subsequent Event | Desktop Metal
Subsequent Event [Line Items]
Assets held for sale	$ 344,900

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