0001695295-21-000014 | 10-Q | XBRL Viewer | Hydrofarm Holdings Group INC

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Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2021	May 03, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-39773
Entity Registrant Name	Hydrofarm Holdings Group, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-4895761
Entity Address, Address Line One	290 Canal Road
Entity Address, City or Town	Fairless Hills
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19030
City Area Code	707
Local Phone Number	765-9990
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	HYFM
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		39,799,666
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001695295
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 60,264	$ 75,178
Restricted cash	1,777	1,777
Accounts receivable, net	33,520	21,626
Inventories	96,277	88,618
Notes receivable	0	3,151
Prepaid expenses and other current assets	13,825	9,567
Total current assets	205,663	199,917
Property and equipment, net	3,771	3,988
Operating lease right-of-use assets	17,360	18,289
Intangible assets, net	51,267	52,421
Other assets	4,616	1,180
Total assets	282,677	275,795
Current liabilities:
Accounts payable	36,807	22,638
Accrued expenses and other current liabilities	14,177	21,615
Current portion of lease liabilities	3,836	3,701
Current portion of long-term debt	822	746
Total current liabilities	55,642	48,700
Long-term lease liabilities	14,385	15,320
Long-term debt	238	290
Other long-term liabilities	564	567
Total liabilities	70,829	64,877
Commitments and contingencies (Note 10)
Convertible preferred stock ($0.0001 par value; 50,000,000 shares authorized; 0 shares issued and outstanding at March 31, 2021 and December 31, 2020)	0	0
Shareholders’ equity
Common stock ($0.0001 par value; 300,000,000 shares authorized; 33,970,364 and 33,499,953 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively)	3	3
Additional paid-in capital	360,015	364,248
Accumulated other comprehensive income	822	599
Accumulated deficit	(148,992)	(153,932)
Total stockholders’ equity	211,848	210,918
Total liabilities, convertible preferred stock and stockholders’ equity	$ 282,677	$ 275,795

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Convertible preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Convertible preferred stock, authorized (in shares)	50,000,000	50,000,000
Convertible preferred stock, issued (in shares)	0	0
Convertible preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares issued (in shares)	33,970,364	33,499,953
Common stock, shares outstanding (in shares)	33,970,364	33,499,953

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Net sales	$ 111,389	$ 66,897
Cost of goods sold	88,166	55,333
Gross profit	23,223	11,564
Operating expenses:
Selling, general and administrative	16,826	11,722
Impairment, restructuring and other	15	9
Income (loss) from operations	6,382	(167)
Interest expense	(90)	(2,803)
Loss on debt extinguishment	(680)	0
Other income, net	84	21
Income (loss) before tax	5,696	(2,949)
Income tax expense	(756)	(144)
Net income (loss)	4,940	(3,093)
Cumulative dividends allocated to Series A Convertible Preferred Stock	0	(634)
Net income (loss) attributable to common stockholders	4,940	(3,727)
Net income (loss) attributable to common stockholders	$ 4,940	$ (3,727)
Net income (loss) per share attributable to common stockholders:
Basic (in dollars per share)	$ 0.15	$ (0.18)
Diluted (in dollars per share)	$ 0.13	$ (0.18)
Weighted-average shares of common stock outstanding:
Basic (in shares)	33,717,103	20,688,439
Diluted (in shares)	38,997,031	20,688,439

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 4,940	$ (3,093)
Foreign currency translation gain (loss)	223	(1,283)
Total comprehensive income (loss)	$ 5,163	$ (4,376)

- Definition

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

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit	Convertible Preferred Stock
Beginning balance (in shares) at Dec. 31, 2019						7,007,429
Beginning balance at Dec. 31, 2019						$ 21,802
Beginning balance (in shares) at Dec. 31, 2019		20,688,439
Beginning balance at Dec. 31, 2019	$ 9,378	$ 2	$ 156,179	$ (144)	$ (146,659)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Proceeds from issuance of Series A Convertible Preferred Stock, net of issuance costs of $169 (in shares)						717,616
Proceeds from issuance of Series A Convertible Preferred Stock, net of issuance costs of $169						$ 2,342
Collection of receivable for issuance of Series A Convertible Preferred Stock						1,450
Stock-based compensation expense	34		34
Series A Convertible Preferred Stock cumulative dividend	(634)		(634)			$ 634
Net income (loss)	(3,093)				(3,093)
Foreign currency translation gain (loss)	(1,283)			(1,283)
Ending balance (in shares) at Mar. 31, 2020						7,725,045
Ending balance at Mar. 31, 2020						$ 26,228
Ending balance (in shares) at Mar. 31, 2020		20,688,439
Ending balance at Mar. 31, 2020	$ 4,402	$ 2	155,579	(1,427)	(149,752)
Beginning balance (in shares) at Dec. 31, 2020	0					0
Beginning balance at Dec. 31, 2020	$ 0					$ 0
Beginning balance (in shares) at Dec. 31, 2020	33,499,953	33,499,953
Beginning balance at Dec. 31, 2020	$ 210,918	$ 3	364,248	599	(153,932)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued upon exercise of options (in shares)	32,272	32,272
Common stock issued upon exercise of options	$ 272		272
Issuance of common stock for vesting of restricted stock units (in shares)		214,324
Shares repurchased for withholding tax on restricted stock units (in shares)		(88,360)
Shares repurchased for withholding tax on restricted stock units	(5,506)		(5,506)
Issuance of common stock under cashless warrant exercise (in shares)		312,175
Stock-based compensation expense	1,001		1,001
Series A Convertible Preferred Stock cumulative dividend	0
Net income (loss)	4,940				4,940
Foreign currency translation gain (loss)	$ 223			223
Ending balance (in shares) at Mar. 31, 2021	0
Ending balance at Mar. 31, 2021	$ 0
Ending balance (in shares) at Mar. 31, 2021	33,970,364	33,970,364
Ending balance at Mar. 31, 2021	$ 211,848	$ 3	$ 360,015	$ 822	$ (148,992)

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (UNAUDITED) (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2020 USD ($)
Convertible Preferred Stock
Issuance costs	$ 169

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating Activities
Net income (loss)	$ 4,940	$ (3,093)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	1,591	1,715
Stock-based compensation expense	1,001	34
Non-cash operating lease expense	958	876
Other	640	589
Changes in assets and liabilities:
Accounts receivable	(11,554)	(10,056)
Inventories	(7,496)	4,316
Prepaid expenses and other current assets	(3,970)	16
Other assets	(414)	36
Accounts payable	14,332	1,882
Accrued expenses and other current liabilities	(1,840)	2,816
Lease liabilities	(826)	(879)
Other long-term liabilities	0	1
Net cash used in operating activities	(2,638)	(1,747)
Investing activities
Purchases of property and equipment	(428)	(82)
Proceeds from notes receivable	0	2,000
Other	(17)	14
Net cash (used in) provided by investing activities	(445)	1,932
Financing activities
Payment of withholding tax related to restricted stock units	(11,595)	0
Borrowings under revolving credit facilities	52,344	51,570
Repayments of revolving credit facilities	(52,250)	(56,436)
Proceeds from issuance of Series A Convertible Preferred Stock, net of issuance costs	0	3,792
Other	(326)	(160)
Net cash used in financing activities	(11,827)	(1,234)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(4)	(146)
Net decrease in cash, cash equivalents and restricted cash	(14,914)	(1,195)
Cash, cash equivalents and restricted cash at beginning of period	76,955	32,857
Cash, cash equivalents and restricted cash at end of period	$ 62,041	$ 31,662

DESCRIPTION OF THE BUSINESS	3 Months Ended
DESCRIPTION OF THE BUSINESS	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF THE BUSINESS	DESCRIPTION OF THE BUSINESS Description of the business Hydrofarm Holdings Group, Inc. and its subsidiaries (collectively, the “Company”) was formed in May 2017 under the laws of the state of Delaware to acquire and continue the business of Hydrofarm, LLC established in 1977. The Company is a leading distributor and manufacturer of controlled environment agriculture (“CEA”, principally hydroponics) equipment and supplies, including a broad portfolio of proprietary branded products. Products offered include agricultural lighting devices, indoor climate control equipment, hydroponics and nutrients, and plant additives used to grow, farm and cultivate cannabis, flowers, fruits, plants, vegetables, grains and herbs in controlled environment settings that allow end users to control key farming variables including temperature, humidity, CO2, light intensity and color, nutrient concentration and pH. Initial public offering On December 14, 2020, the Company closed its initial public offering (“IPO”) under a registration statement effective December 9, 2020, in which it issued and sold 9,966,667 shares of its common stock, including the full exercise by the underwriters of its option to purchase 1,300,000 additional shares of the common stock. The price was $20.00 per share. The Company received net proceeds of approximately $182.3 million from the IPO after deducting underwriting discounts and commissions and offering expenses.

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the requirements of the U.S. Securities and Exchange Commission (“SEC”) for interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. These condensed consolidated financial statements have been prepared on the same basis as the Company's annual consolidated financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the Company’s financial information. These interim results are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2021, or for any other interim period or for any other future year. All intercompany balances and transactions have been eliminated in consolidation.

The condensed consolidated balance sheet as of December 31, 2020 has been derived from the audited consolidated financial statements of the Company, which is included in the Company's Annual Report on Form 10-K ("2020 Annual Report"). These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the 2020 Annual Report.

Use of estimates

The preparation of 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 as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Significant estimates include provisions for sales returns, rebates and claims from customers, realization of accounts receivable and inventories, valuation of intangible assets, valuation of stock and warrants issued in private placements, valuation of stock-based compensation, recognition of deferred income taxes, recognition of liabilities related to commitments and contingencies and valuation allowances. Actual results may differ from these estimates. On an ongoing basis, the Company reviews its estimates to ensure that these estimates appropriately reflect changes in its business or new information available.

Segment and entity-wide information

Segment information

The Company's chief operating decision maker ("CODM") is the chief executive officer ("CEO") who reviews financial information for the purposes of making operating decisions, assessing financial performance and allocating resources.

The business is organized as two operating segments, the U.S. and Canada, which meet the criteria for aggregation, and the Company has elected to present them as one reportable segment, which is the distribution and manufacture of CEA equipment and supplies. Aggregation is based on similarities which include the nature of its products, production or acquisition of inventory, customer base, fulfillment and distribution and economic characteristics.

Since the Company operates as one reportable segment, all required segment financial information is found in the condensed consolidated financial statements and footnotes with entity-wide disclosures presented below.

Entity-wide information

Sales to external customers and property and equipment, net in the United States and Canada, determined by the location of the subsidiaries, were as follows:


	For the three months ended March 31,
	2021		2020
United States	$	90,672	$	53,504
Canada	22,264		14,102
Intersegment eliminations	(1,547)		(709)
Total consolidated net sales	$	111,389	$	66,897


	March 31, 2021		December 31, 2020
United States	$	3,118	$	3,272
Canada	653		716
Total property and equipment, net	$	3,771	$	3,988

All of the products sold by the Company are similar and classified as CEA equipment and supplies. The Company’s underlying accounting records currently do not support presentation of disaggregated net sales and any attempt to report them would be impracticable.

Cash, cash equivalents and restricted cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the consolidated statements of cash flows.


	March 31, 2021		December 31, 2020
Cash and cash equivalents	$	60,264	$	75,178
Restricted cash	1,777		1,777
Cash and cash equivalents, and restricted cash	$	62,041	$	76,955

Cash and cash equivalents and restricted cash as of March 31, 2020 were $30,037 and $1,625, respectively, for total cash, cash equivalents and restricted cash as of March 31, 2020 of $31,662.

Revenue recognition

The Company follows Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”) which requires that revenue recognized from contracts with customers be disaggregated into categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The Company has determined that revenue is generated from one category, which is the distribution and manufacture of controlled environment agriculture equipment and supplies. Inventory is maintained in regional distribution centers. Payment terms are primarily at the point of sale or due within thirty days.

The amount billed to customers for shipping and handling costs included in net sales was $1,245 and $756 for the three months ended March 31, 2021 and 2020, respectively. Shipping and handling costs that occur before the customer obtains control of the goods are deemed to be fulfillment activities and are accounted for as fulfillment costs included in cost of goods sold under the practical expedient provisions of ASC 606. Deferred revenues are not material. The Company does not receive noncash consideration for the sale of goods. There are no significant financing components. Excluded from revenue are any taxes assessed by governmental authorities, including value-added and other sales-related taxes that are imposed on and concurrent with revenue-generating activities under the practical expedient provisions.

Income taxes—interim tax provision

The income tax provision is calculated for an interim period by distinguishing between elements recognized in the income tax provision through applying an estimated annual effective tax rate (the “ETR”) to a measure of year-to-date operating results referred to as “ordinary income (or loss),” and discretely recognizing specific events referred to as “discrete items” as they occur. The income tax provision or benefit for each interim period is the difference between the year-to-date amount for the current period and the year-to-date amount for the prior period. Under FASB ASC 740-270-30-36, entities subject to income taxes in multiple jurisdictions should apply one overall ETR instead of separate ETRs for each jurisdiction when calculating the interim-period income tax or benefit related to consolidated ordinary income (or loss) for the year-to-date interim period, except in certain circumstances.

The Company’s effective tax rates for the three months ended March 31, 2021 and 2020 differ from the federal statutory rate of 21% principally as a result of reducing valuation allowances on the Company's deferred tax assets related to net operating loss carryforward.

Fair value

No financial assets or liabilities are measured at fair value on a recurring basis for the periods presented.

The carrying values of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accrued and other current liabilities and revolving asset-backed credit facility approximate their fair value due to their short-term maturities using level 2 inputs.

Recently issued accounting pronouncements

Adopted in 2021

In October 2020, the FASB issued Accounting Standards Update ("ASU") No. 2020-10, Codification Improvements. The amendments improve the codification by having all disclosure-related guidance available in the disclosure sections of the codification. Prior to this ASU, various disclosure requirements or options to present information on the face of the financial statements or as a note to the financial statements were not included in the appropriate disclosure sections of the codification. The codification improvements also contain various other minor amendments to the codification that are not expected to have a significant effect on current accounting practice. The amendments are effective for annual periods beginning after December 15, 2020 and early adoption is permitted. The Company early adopted the standard effective January 1, 2021 with no impact on the condensed consolidated financial statements.

Accounting standards not yet effective

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326), with additional amendments issued subsequently. Topic 326 changes the impairment model for most financial assets. The new model uses a forward-looking expected loss method, which will generally result in earlier recognition of allowances for losses. Topic 326 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact the adoption of Topic 326 will have on its condensed consolidated financial statements.

NET INCOME (LOSS) PER COMMON SHARE (“EPS”)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

NET INCOME (LOSS) PER COMMON SHARE (“EPS”)

Basic EPS is computed using net income (loss) attributable to common stockholders divided by the weighted-average number of common shares outstanding during each period, excluding unvested restricted stock units (“RSUs”).

Diluted EPS represents net income (loss) attributable to common stockholders divided by the weighted-average number of common shares outstanding during the period, including common stock equivalents. Common stock equivalents consist of shares subject to warrants and share-based awards with exercise prices less than the average market price of the Company’s common stock for the period, to the extent their inclusion would be dilutive. Regarding RSUs subject to a market condition, before the end of the contingency period, the number of contingently issuable shares (i.e., RSUs) to be included in diluted EPS would be based on the number of common shares issuable under the terms of the arrangement if the end of the reporting period was the end of the contingency period, assuming the result would be dilutive. Those contingently issuable shares would be included in the denominator of diluted EPS as of the beginning of the period, or as of the grant date of the share-based payment, if later.

Net income (loss) per share attributable to common stockholders

The following table presents information necessary to calculate basic and diluted EPS for the three months ended March 31, 2021 and 2020:


	Three months ended March 31,
	2021		2020
Net income (loss)	$	4,940	$	(3,093)
Cumulative dividends allocated to Series A Convertible Preferred Stock	—		(634)
Net income (loss) available for distribution	4,940		(3,727)
Less: Undistributed earnings allocable to participating securities	—		—
Basic and diluted net income (loss) attributable to common stockholders	$	4,940	$	(3,727)
Less: Effect on net income (loss) of dilutive securities using the “if converted” method	—		—
Diluted net income (loss) attributable to common stockholders after adjustment for assumed conversions	$	4,940	$	(3,727)
Weighted-average shares of common stock outstanding for basic net income (loss) per share attributable to common stockholders	33,717,103		20,688,439
Dilutive effect of warrants using the treasury stock method	2,840,464		—
Dilutive effect of restricted stock units using the treasury stock method	1,658,866		—
Dilutive effect of stock options using the treasury stock method	780,598		—
Weighted-average shares of common stock outstanding for diluted net income (loss) per share attributable to common stockholders	38,997,031		20,688,439
Basic net income (loss) per share attributable to common stockholders	$	0.15	$	(0.18)
Diluted net income (loss) per share attributable to common stockholders	$	0.13	$	(0.18)

Basic and diluted net income (loss) per share attributable to common stockholders is computed using the two-class method as the convertible preferred stock is determined to be a participating security and the application of the if-converted method is not more dilutive. The computation of the weighted-average shares of common stock outstanding for diluted EPS includes the following potential common shares attributable to common stockholders using the treasury stock method for the weighted-average period during which the units were outstanding:


	Three months ended March 31,
	2021	2020
Shares subject to warrants outstanding	3,701,139	—
Shares subject to unvested restricted stock units	1,766,324	—
Shares subject to stock options outstanding	912,449	—

The computation of the weighted-average shares of common stock outstanding for diluted EPS excludes the following potential common shares as their inclusion would have an anti-dilutive effect on diluted EPS attributable to common stockholders:


	Three months ended March 31,
	2021	2020
Shares subject to warrants outstanding	—	3,886,191
Shares subject to unvested restricted stock units with performance conditions	—	1,820,598
Shares subject to stock options outstanding	—	796,131
Shares of common stock subject to conversion of 7,725,045 shares Series A Convertible Preferred Stock	—	2,291,469
Shares of common stock subject to share settlement of $634 cumulative dividend on Series A Convertible Preferred Stock	—	53,729

ACCOUNTS RECEIVABLE, NET AND INVENTORIES

3 Months Ended

Mar. 31, 2021

Receivables [Abstract]

ACCOUNTS RECEIVABLE, NET AND INVENTORIES

Accounts receivable, net comprised the following:


	March 31, 2021		December 31, 2020
Trade accounts receivable	$	33,207	$	20,252
Allowance for doubtful accounts	(681)		(918)
Other receivables	994		2,292
Total accounts receivable, net	$	33,520	$	21,626

Inventories comprised the following:


	March 31, 2021		December 31, 2020
Finished goods	$	98,705	$	91,050
Allowance for inventory obsolescence	(2,428)		(2,432)
Total inventories	$	96,277	$	88,618

OPERATING LEASES

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

OPERATING LEASES

The Company leases its distribution centers from third parties under various non-cancelable lease agreements expiring at various dates through 2030. Certain lease agreements contain renewal options. The Company recognizes operating lease costs over the respective lease periods, including short-term and month-to-month leases. During the three months ended March 31, 2021 and 2020, the Company incurred operating lease costs of $1,494 and $1,418, respectively, included within selling, general and administrative expense in the condensed consolidated statements of operations.

Supplemental balance sheet information related to the Company’s operating leases are as follows:


	March 31, 2021		December 31, 2020
Assets
Operating lease right-of-use assets	$	17,360	$	18,289
Total leased assets	$	17,360	$	18,289
Liabilities
Current portion of lease liabilities	$	3,836	$	3,701
Long-term lease liabilities	14,385		15,320
Total lease liabilities	$	18,221	$	19,021

As of March 31, 2021, future minimum lease payments under non-cancelable operating leases are as follows:


	Operating
For the period of April 1, 2021 to December 31, 2021	$	3,413
Year ending December 31,
2022	4,069
2023	2,490
2024	2,103
2025	2,156
2026	1,584
Thereafter	5,266
Total rental payments	21,081
Less portion representing interest	(2,860)
Total principal	18,221
Less current portion	(3,836)
Long-term portion	$	14,385

In April 2021, the Company executed a lease for approximately 175,000 square feet of warehouse space in Fairfield, CA for a distribution center that the Company will relocate to from its Petaluma, California distribution facility. The new lease commencing August 15, 2021 has a term of 126 months with an option to renew at the then fair market value for another ten years. Rent is abated for the first six months. Thereafter, monthly rent is approximately $77, and increases periodically to the final year where the monthly rent is $134.

In April 2021, the Company executed a lease for approximately 147,000 square feet of warehouse space in Fontana, CA to be available upon expiration of the lease for existing space. The new lease commencing July 1, 2021 has a term of 86.5 months with an option to renew for another five years at the greater of 103% of the rent payable during the last month of the initial term or the then fair market value. Rent is abated for the first two and a half months. Thereafter, monthly rent is approximately $115, and increases periodically to the final year where the monthly rent is $141.

The future minimum lease payments for executed non-cancelable operating leases not yet commenced are as follows:


	Operating
For the period of April 1, 2021 to December 31, 2021	$	501
Year ending December 31,
2022	2,272
2023	2,688
2024	2,769
2025	2,853
2026	2,938
Thereafter	10,403
Total rental payments	$	24,424

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

3 Months Ended

Mar. 31, 2021

Payables and Accruals [Abstract]

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities comprised the following:


	March 31, 2021		December 31, 2020
Accrued compensation and benefits	$	2,741	$	9,902
Freight, custom and duty accrual	2,650		2,603
Goods in transit accrual	1,894		3,845
Audit, tax and legal accrual	1,848		237
Corporate tax accrual	1,331		585
Obligations due under a distribution agreement	500		590

Other accrued liabilities	3,213		3,853
Total accrued expenses and other current liabilities	$	14,177	$	21,615

The December 31, 2020 amounts for audit, tax and legal accrual and corporate tax accrual were reclassified from other accrued liabilities to separate line items to conform to the current year presentation.

DEBT	3 Months Ended
DEBT	Mar. 31, 2021
Debt Disclosure [Abstract]
DEBT	DEBT Term Loan with Brightwood In May 2017, a term loan in the aggregate principal amount of $75,000 (the “Term Loan”) was obtained by Hydrofarm Holdings LLC and certain of its direct and indirect subsidiaries (the “Term Loan Obligors”) from Brightwood Loan Services LLC. The Term Loan was to mature on May 12, 2022 and was secured by substantially all non-working capital assets and a second lien on working capital assets of the Term Loan Obligors. For the three months ended March 31, 2020, the effective interest rate was 12.10% and interest expense was $2,208. The Term Loan was repaid in December 2020. Revolving asset-backed credit facilities On July 11, 2019, Hydrofarm Holdings LLC and certain of its direct and indirect subsidiaries (the “Encina Obligors”) entered into the Encina Credit Facility through a certain Loan and Security Agreement whereby the Encina Obligors obtained a revolving asset-based loan commitment in the maximum amount of $45,000 (inclusive of a limit of up to $15,000 of borrowings for the Canadian borrowers and a swingline facility of up to $2,000), subject to applicable borrowing base availability, through Encina Business Credit, LLC. The Encina Credit Facility was due on the earlier of July 11, 2022 or 90 days prior to the scheduled maturity date of the Term Loan. The Encina Credit Facility was secured by working capital assets and a second lien on non-working capital assets. For the three months ended March 31, 2020, the effective interest rate was 9.10% and interest expense was $523. The Encina Credit Facility was repaid in December 2020 and replaced in March 2021. The unamortized deferred financing costs and early termination fees totaling $680 were recognized as a loss on debt extinguishment in the condensed consolidated statements of operations for the three months ended March 31, 2021. On March 29, 2021, Hydrofarm Holdings Group, Inc. and certain of its direct and indirect subsidiaries (the "JPMorgan Obligors") entered into a Senior Secured Revolving Credit Facility (the "JPMorgan Credit Facility") with JPMorgan Chase Bank, N.A., as administrative agent, issuing bank and swingline lender, and the lenders from time to time party thereto. The JPMorgan Credit Facility replaced the Encina Credit Facility. The JPMorgan Credit Facility is due on the earlier of March 29, 2024 or any earlier date on which the revolving commitments are reduced to zero. The three-year JPMorgan Credit Facility has a borrowing limit of $50,000 with an option to request an increase in the revolving commitment by up to $25,000, drawn in $5,000 increments, for a total not to exceed $75,000, subject to customary condition ("Revolver"). The Revolver maintains an interest rate of LIBOR plus 1.95% and has a 0.0% LIBOR floor. A fee of 0.25% per annum is charged for available but unused borrowings as defined. The JPMorgan Obligors had approximately $50,000 available to borrow under the JPMorgan Credit Facility as of March 31, 2021. The JPMorgan Credit Facility maintains certain reporting requirements, affirmative covenants, negative covenants and financial covenants ("debt covenants"). The financial covenants include that the Company must maintain a minimum fixed charge coverage ratio of 1.1x on a rolling twelve-month basis. The JPMorgan Obligors were in compliance with all debt covenants as of March 31, 2021. The JPMorgan Credit Facility is secured by the Company’s assets and the assets of certain of the Company’s subsidiaries obligated under the JPMorgan Credit Facility.

CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY

Capital stock

As of March 31, 2021, the following summarizes shares authorized, issued and outstanding:


Capital stock authorized and outstanding:	Shares authorized	Shares outstanding
Convertible preferred stock	50,000,000	—
Common stock	300,000,000	33,970,364

As of March 31, 2021, the following summarizes shares of common stock reserved for issuance:


Common stock reserved for issuance:						Shares reserved for issuance
Warrants						3,516,086
2020 Employee, Director, and Consultant Equity Incentive Plan						2,197,988
Restricted stock units						1,643,120
Stock options						889,932

Convertible preferred stock classified outside of permanent equity

In December 2019, the Company issued 7,007,429 shares of Series A Convertible Preferred Stock (the "Series A preferred stock") with a par value of $24,526 in return for cash of $15,439, conversion of debt with a basis of $7,637, and $1,450 in receivables that were settled in January 2020, less offering costs totaled $1,274. In January and February 2020, an additional 717,616 shares of Series A preferred stock were issued primarily to existing investors for $2,511, less offering costs of $169, for net cash proceeds of $2,342.

The Series A preferred stock purchase agreement provided for mandatory conversion upon a qualified IPO based on a formula. Under this formula, all outstanding shares of Series A preferred stock converted into 2,291,469 shares of common stock concurrent with the IPO in December 2020 and the cumulative dividend of $2,597 was settled in cash at the option of the Company rather than in shares of common stock.

Common stock

Each holder of common stock is entitled to one vote for each share of common stock. Common stockholders have no pre-emptive rights to acquire additional share of common stock or other securities. The common stock is not subject to redemption rights and carries no subscription or conversion rights. In the event of liquidation, the stockholders are entitled to share in corporate assets on a pro rata basis after the Company satisfies all liabilities and after provision is made for any class of capital stock having preference over the common stock. Subject to corporate regulations and preferences to preferred stock, if any, dividends are at the discretion of the Company’s board of directors (the ‘‘Board’’).

Warrants

As of March 31, 2021, the following table summarizes the outstanding warrants:


	Number of Warrants	Exercise Price
Investor warrants	3,369,124	$	16.86
Placement agent warrants	129,981	$	8.43
Placement agent warrants	16,981	$	16.86
Total	3,516,086	$	16.55

For the three months ended March 31, 2021, 155,370 placement agent warrants were exercised on a cashless basis at a price of $16.86 per share for 121,401 shares of common stock and 214,735 placement agent warrants were exercised on as cashless basis at a price of $8.43per share for 190,774 shares of common stock.

STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

Stock-based compensation plan overview

The Company maintains three equity incentive plans: the 2018 Equity Incentive Plan (“2018 Plan”), the 2019 Employee, Director and Consultant Equity Incentive Plan (“2019 Plan”) and the 2020 Employee, Director, and Consultant Equity Incentive Plan (“2020 Plan” and collectively, “Incentive Plans”). The 2020 Plan serves as the successor to the 2019 Plan and 2018 Plan and provides for the issuance of incentive stock options, nonqualified stock options, stock grants and stock-based awards to employees, directors, and consultants of the Company. No further awards will be issued under the 2018 Plan and 2019 Plan. Of the total shares available for grant under the 2020 Plan, 2,197,988 remain available as of March 31, 2021.

RSU Activity

RSUs granted to certain executives, employees and members of the Board expire 10 years after the grant date. The awards generally have a time-based vesting requirement (based on continuous employment) and certain awards also have a performance-based vesting requirement (defined as a liquidity event including an initial public offering).

Upon the IPO, the performance-based vesting requirement was satisfied and the employees became vested in the number of RSUs that had satisfied the time-based vesting requirement. The stock-based compensation expense related to remaining service-based awards is recorded over the remaining requisite service period. The following table summarizes the activity related to the Company's RSUs for the three months ended March 31, 2021. For purposes of this table, vested RSUs represent the shares for which the service condition had been fulfilled as of March 31, 2021:


	Number of RSUs	Weighted average grant date fair value
Balance, January 1, 2021	1,857,444	$	6.55
Granted	—	$	—
Vested	(214,324)	$	5.56
Balance, March 31, 2021	1,643,120	$	6.68

As of March 31, 2021, total unamortized stock-based compensation cost related to unvested RSUs was $7,179 and the weighted-average period over which the compensation is expected to be recognized is 2.30 years.The award granted to the member of the Board in July 2020 and modified in November 2020 contains a market-based vesting condition based on the traded value of shares of the Company’s common stock following the IPO over a specific time frame. For this award, the market condition was factored into its fair value. All of the stock-based compensation expense related to this award was recognized upon the IPO in December 2020. The total shares under the unvested RSUs subject to a market-based vesting condition are 296,630 as of March 31, 2021.

Stock options

The following table summarizes the stock option activity for the three months ended March 31, 2021:


	Number	Weighted average exercise price		Weighted average grant date fair value		Weighted average remaining contractual term (years)
Outstanding as of January 1, 2021	922,796	$	8.81	$	1.78	8.08
Granted	—	$	—	$	—
Forfeited	(592)	$	11.06	$	9.89
Exercised	(32,272)	8.43		0.77
Outstanding as of March 31, 2021	889,932	$	8.82	$	1.81	7.94

Exercisable as of March 31, 2021	494,980	$	8.43	$	0.74	7.39
Unvested as of March 31, 2021	394,952	$	9.31	$	3.19	2.29
Vested and expected to vest as of March 31, 2021	889,932	$	8.82	$	1.81	7.94

As of March 31, 2021, total compensation cost related to unvested awards not yet recognized was $1,125 and the weighted-average period over which the compensation is expected to be recognized is 2.29 years.

COMMITMENTS AND CONTINGENCIES, AND RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES, AND RELATED PARTY TRANSACTIONS	COMMITMENTS AND CONTINGENCIES, AND RELATED PARTY TRANSACTIONS Purchase commitments From time to time in the normal course of business, the Company will enter into agreements with suppliers which provide favorable pricing in return for a commitment to purchase minimum amounts of inventory over a defined time period. In June 2020, as part of negotiations with the supplier that began in late 2019, the Company amended its October 2017 agreement to distribute and sell certain garden products for a term ending in December 2024. Under the amended agreement, the Company committed to purchase inventory in periodic minimum volumes on a take-or-pay basis, as defined, over the term of the agreement. In 2021, the Company expects to meet the minimum purchase commitment obligations. Contingencies In the normal course of business, certain claims have been brought against the Company and, where applicable, its suppliers. While there is inherent difficulty in predicting the outcome of such matters, management has vigorously contested the validity of these claims. Based on available information, management believes the claims are without merit and does not expect that the outcome, individually or in the aggregate, would have a material adverse effect on the consolidated financial positions, results of operations, cash flows or future earnings. Related party transactions—Hydrofarm Distribution Center The Company leases a distribution center in Petaluma, California from entities in which a related party is an investor. For the three months ended March 31, 2021 and 2020, rent expense for the month to month lease totaled $320 and $319, respectively.

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSOn May 3, 2021, the Company acquired 100% of the issued and outstanding membership interests of Field 16, LLC, a Delaware limited liability company ("HEAVY 16"), pursuant to the terms of a unit purchase and contribution agreement, dated April 26, 2021, by and between the Company, HEAVY 16, F16 Holding LLC, a California limited liability company (the “Seller”), and the members of the Seller, for a purchase price of up to $78.1 million, consisting of $63.1 million in cash and $15 million of the Company's common stock, subject to customary adjustments at closing for cash, working capital, transaction expenses and indebtedness of HEAVY 16 (the "Acquisition"). The purchase price includes a potential earn out payment of up to $2.5 million based on achievement of certain performance metrics. In connection with the Acquisition, the Company intends to enter into employment agreements with certain key employees of HEAVY 16.On May 3, 2021, the Company completed its follow-on public offering ("FPO") under a registration statement effective April 28, 2021, in which it issued and sold 5,526,861 shares of its common stock, including the full exercise by the underwriters of its option to purchase 720,894 additional shares of the Company's common stock. The public offering price was $59.00 per share. The Company received net proceeds of approximately $309.8 million from the FPO after deducting underwriting discounts and commissions and estimated offering expenses.

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of presentation	The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the requirements of the U.S. Securities and Exchange Commission (“SEC”) for interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. These condensed consolidated financial statements have been prepared on the same basis as the Company's annual consolidated financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for the fair statement of the Company’s financial information. These interim results are not necessarily indicative of the results to be expected for the fiscal year ending December 31, 2021, or for any other interim period or for any other future year. All intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated balance sheet as of December 31, 2020 has been derived from the audited consolidated financial statements of the Company, which is included in the Company's Annual Report on Form 10-K ("2020 Annual Report"). These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the 2020 Annual Report.
Use of estimates	The preparation of 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 as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Significant estimates include provisions for sales returns, rebates and claims from customers, realization of accounts receivable and inventories, valuation of intangible assets, valuation of stock and warrants issued in private placements, valuation of stock-based compensation, recognition of deferred income taxes, recognition of liabilities related to commitments and contingencies and valuation allowances. Actual results may differ from these estimates. On an ongoing basis, the Company reviews its estimates to ensure that these estimates appropriately reflect changes in its business or new information available.
Revenue recognition	The Company follows Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (“ASC 606”) which requires that revenue recognized from contracts with customers be disaggregated into categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. The Company has determined that revenue is generated from one category, which is the distribution and manufacture of controlled environment agriculture equipment and supplies. Inventory is maintained in regional distribution centers. Payment terms are primarily at the point of sale or due within thirty days. The amount billed to customers for shipping and handling costs included in net sales was $1,245 and $756 for the three months ended March 31, 2021 and 2020, respectively. Shipping and handling costs that occur before the customer obtains control of the goods are deemed to be fulfillment activities and are accounted for as fulfillment costs included in cost of goods sold under the practical expedient provisions of ASC 606. Deferred revenues are not material. The Company does not receive noncash consideration for the sale of goods. There are no significant financing components. Excluded from revenue are any taxes assessed by governmental authorities, including value-added and other sales-related taxes that are imposed on and concurrent with revenue-generating activities under the practical expedient provisions.
Income taxes—interim tax provision	The income tax provision is calculated for an interim period by distinguishing between elements recognized in the income tax provision through applying an estimated annual effective tax rate (the “ETR”) to a measure of year-to-date operating results referred to as “ordinary income (or loss),” and discretely recognizing specific events referred to as “discrete items” as they occur. The income tax provision or benefit for each interim period is the difference between the year-to-date amount for the current period and the year-to-date amount for the prior period. Under FASB ASC 740-270-30-36, entities subject to income taxes in multiple jurisdictions should apply one overall ETR instead of separate ETRs for each jurisdiction when calculating the interim-period income tax or benefit related to consolidated ordinary income (or loss) for the year-to-date interim period, except in certain circumstances.
Fair value	The carrying values of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accrued and other current liabilities and revolving asset-backed credit facility approximate their fair value due to their short-term maturities using level 2 inputs.
Recently issued accounting pronouncements	Adopted in 2021 In October 2020, the FASB issued Accounting Standards Update ("ASU") No. 2020-10, Codification Improvements. The amendments improve the codification by having all disclosure-related guidance available in the disclosure sections of the codification. Prior to this ASU, various disclosure requirements or options to present information on the face of the financial statements or as a note to the financial statements were not included in the appropriate disclosure sections of the codification. The codification improvements also contain various other minor amendments to the codification that are not expected to have a significant effect on current accounting practice. The amendments are effective for annual periods beginning after December 15, 2020 and early adoption is permitted. The Company early adopted the standard effective January 1, 2021 with no impact on the condensed consolidated financial statements. Accounting standards not yet effective In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments (Topic 326), with additional amendments issued subsequently. Topic 326 changes the impairment model for most financial assets. The new model uses a forward-looking expected loss method, which will generally result in earlier recognition of allowances for losses. Topic 326 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact the adoption of Topic 326 will have on its condensed consolidated financial statements.
Purchase commitments	From time to time in the normal course of business, the Company will enter into agreements with suppliers which provide favorable pricing in return for a commitment to purchase minimum amounts of inventory over a defined time period.
Contingencies	In the normal course of business, certain claims have been brought against the Company and, where applicable, its suppliers. While there is inherent difficulty in predicting the outcome of such matters, management has vigorously contested the validity of these claims. Based on available information, management believes the claims are without merit and does not expect that the outcome, individually or in the aggregate, would have a material adverse effect on the consolidated financial positions, results of operations, cash flows or future earnings.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References

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-SubTopic 10
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32809-109319

+ Details

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
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+ Details

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Revenue from External Customers by Geographic Areas

Sales to external customers and property and equipment, net in the United States and Canada, determined by the location of the subsidiaries, were as follows:


	For the three months ended March 31,
	2021		2020
United States	$	90,672	$	53,504
Canada	22,264		14,102
Intersegment eliminations	(1,547)		(709)
Total consolidated net sales	$	111,389	$	66,897


	March 31, 2021		December 31, 2020
United States	$	3,118	$	3,272
Canada	653		716
Total property and equipment, net	$	3,771	$	3,988

Long-lived Assets by Geographic Areas

Sales to external customers and property and equipment, net in the United States and Canada, determined by the location of the subsidiaries, were as follows:


	For the three months ended March 31,
	2021		2020
United States	$	90,672	$	53,504
Canada	22,264		14,102
Intersegment eliminations	(1,547)		(709)
Total consolidated net sales	$	111,389	$	66,897


	March 31, 2021		December 31, 2020
United States	$	3,118	$	3,272
Canada	653		716
Total property and equipment, net	$	3,771	$	3,988

Restrictions on Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the consolidated statements of cash flows.


	March 31, 2021		December 31, 2020
Cash and cash equivalents	$	60,264	$	75,178
Restricted cash	1,777		1,777
Cash and cash equivalents, and restricted cash	$	62,041	$	76,955

Schedule of Cash and Cash Equivalents

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the consolidated statements of cash flows.


	March 31, 2021		December 31, 2020
Cash and cash equivalents	$	60,264	$	75,178
Restricted cash	1,777		1,777
Cash and cash equivalents, and restricted cash	$	62,041	$	76,955

NET INCOME (LOSS) PER COMMON SHARE (“EPS”) (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table presents information necessary to calculate basic and diluted EPS for the three months ended March 31, 2021 and 2020:


	Three months ended March 31,
	2021		2020
Net income (loss)	$	4,940	$	(3,093)
Cumulative dividends allocated to Series A Convertible Preferred Stock	—		(634)
Net income (loss) available for distribution	4,940		(3,727)
Less: Undistributed earnings allocable to participating securities	—		—
Basic and diluted net income (loss) attributable to common stockholders	$	4,940	$	(3,727)
Less: Effect on net income (loss) of dilutive securities using the “if converted” method	—		—
Diluted net income (loss) attributable to common stockholders after adjustment for assumed conversions	$	4,940	$	(3,727)
Weighted-average shares of common stock outstanding for basic net income (loss) per share attributable to common stockholders	33,717,103		20,688,439
Dilutive effect of warrants using the treasury stock method	2,840,464		—
Dilutive effect of restricted stock units using the treasury stock method	1,658,866		—
Dilutive effect of stock options using the treasury stock method	780,598		—
Weighted-average shares of common stock outstanding for diluted net income (loss) per share attributable to common stockholders	38,997,031		20,688,439
Basic net income (loss) per share attributable to common stockholders	$	0.15	$	(0.18)
Diluted net income (loss) per share attributable to common stockholders	$	0.13	$	(0.18)

Schedule of Weighted Average Number of Shares Outstanding

The computation of the weighted-average shares of common stock outstanding for diluted EPS includes the following potential common shares attributable to common stockholders using the treasury stock method for the weighted-average period during which the units were outstanding:


	Three months ended March 31,
	2021	2020
Shares subject to warrants outstanding	3,701,139	—
Shares subject to unvested restricted stock units	1,766,324	—
Shares subject to stock options outstanding	912,449	—

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	Three months ended March 31,
	2021	2020
Shares subject to warrants outstanding	—	3,886,191
Shares subject to unvested restricted stock units with performance conditions	—	1,820,598
Shares subject to stock options outstanding	—	796,131
Shares of common stock subject to conversion of 7,725,045 shares Series A Convertible Preferred Stock	—	2,291,469
Shares of common stock subject to share settlement of $634 cumulative dividend on Series A Convertible Preferred Stock	—	53,729

ACCOUNTS RECEIVABLE, NET AND INVENTORIES (Tables)

3 Months Ended

Mar. 31, 2021

Receivables [Abstract]

Schedule of Accounts Receivable, Net

Accounts receivable, net comprised the following:


	March 31, 2021		December 31, 2020
Trade accounts receivable	$	33,207	$	20,252
Allowance for doubtful accounts	(681)		(918)
Other receivables	994		2,292
Total accounts receivable, net	$	33,520	$	21,626

Schedule of Inventories

Inventories comprised the following:


	March 31, 2021		December 31, 2020
Finished goods	$	98,705	$	91,050
Allowance for inventory obsolescence	(2,428)		(2,432)
Total inventories	$	96,277	$	88,618

OPERATING LEASES (Tables)

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Assets And Liabilities, Lessee

Supplemental balance sheet information related to the Company’s operating leases are as follows:


	March 31, 2021		December 31, 2020
Assets
Operating lease right-of-use assets	$	17,360	$	18,289
Total leased assets	$	17,360	$	18,289
Liabilities
Current portion of lease liabilities	$	3,836	$	3,701
Long-term lease liabilities	14,385		15,320
Total lease liabilities	$	18,221	$	19,021

Lessee, Operating Lease, Liability, Maturity

As of March 31, 2021, future minimum lease payments under non-cancelable operating leases are as follows:


	Operating
For the period of April 1, 2021 to December 31, 2021	$	3,413
Year ending December 31,
2022	4,069
2023	2,490
2024	2,103
2025	2,156
2026	1,584
Thereafter	5,266
Total rental payments	21,081
Less portion representing interest	(2,860)
Total principal	18,221
Less current portion	(3,836)
Long-term portion	$	14,385

Lessee, Operating Lease, Lease Not yet Commenced, Maturity Schedule

The future minimum lease payments for executed non-cancelable operating leases not yet commenced are as follows:


	Operating
For the period of April 1, 2021 to December 31, 2021	$	501
Year ending December 31,
2022	2,272
2023	2,688
2024	2,769
2025	2,853
2026	2,938
Thereafter	10,403
Total rental payments	$	24,424

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2021

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities and Other Current Liabilities

Accrued expenses and other current liabilities comprised the following:


	March 31, 2021		December 31, 2020
Accrued compensation and benefits	$	2,741	$	9,902
Freight, custom and duty accrual	2,650		2,603
Goods in transit accrual	1,894		3,845
Audit, tax and legal accrual	1,848		237
Corporate tax accrual	1,331		585
Obligations due under a distribution agreement	500		590

Other accrued liabilities	3,213		3,853
Total accrued expenses and other current liabilities	$	14,177	$	21,615

CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (Tables)

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Schedule of Stock by Class

As of March 31, 2021, the following summarizes shares authorized, issued and outstanding:


Capital stock authorized and outstanding:	Shares authorized	Shares outstanding
Convertible preferred stock	50,000,000	—
Common stock	300,000,000	33,970,364

As of March 31, 2021, the following summarizes shares of common stock reserved for issuance:


Common stock reserved for issuance:						Shares reserved for issuance
Warrants						3,516,086
2020 Employee, Director, and Consultant Equity Incentive Plan						2,197,988
Restricted stock units						1,643,120
Stock options						889,932

Schedule of Warrants

As of March 31, 2021, the following table summarizes the outstanding warrants:


	Number of Warrants	Exercise Price
Investor warrants	3,369,124	$	16.86
Placement agent warrants	129,981	$	8.43
Placement agent warrants	16,981	$	16.86
Total	3,516,086	$	16.55

- Definition

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

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+ Details

STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Share-based Payment Arrangement, Outstanding Award, Activity, Excluding Option

The following table summarizes the activity related to the Company's RSUs for the three months ended March 31, 2021. For purposes of this table, vested RSUs represent the shares for which the service condition had been fulfilled as of March 31, 2021:


	Number of RSUs	Weighted average grant date fair value
Balance, January 1, 2021	1,857,444	$	6.55
Granted	—	$	—
Vested	(214,324)	$	5.56
Balance, March 31, 2021	1,643,120	$	6.68

Share-based Payment Arrangement, Option, Activity

The following table summarizes the stock option activity for the three months ended March 31, 2021:


	Number	Weighted average exercise price		Weighted average grant date fair value		Weighted average remaining contractual term (years)
Outstanding as of January 1, 2021	922,796	$	8.81	$	1.78	8.08
Granted	—	$	—	$	—
Forfeited	(592)	$	11.06	$	9.89
Exercised	(32,272)	8.43		0.77
Outstanding as of March 31, 2021	889,932	$	8.82	$	1.81	7.94

Exercisable as of March 31, 2021	494,980	$	8.43	$	0.74	7.39
Unvested as of March 31, 2021	394,952	$	9.31	$	3.19	2.29
Vested and expected to vest as of March 31, 2021	889,932	$	8.82	$	1.81	7.94

DESCRIPTION OF THE BUSINESS (Details) - Common Stock $ / shares in Units, $ in Millions	Dec. 14, 2020 USD ($) $ / shares shares
IPO
Class of Stock [Line Items]
Shares issued in offering (in shares)	9,966,667
Sale of stock, price per share (in dollars per share) \| $ / shares	$ 20.00
Proceeds from issuance on offering \| $	$ 182.3
Over-Allotment Option
Class of Stock [Line Items]
Shares issued in offering (in shares)	1,300,000

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details)	3 Months Ended
	Mar. 31, 2021 USD ($) segment	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)
Class of Stock [Line Items]
Number of operating segments \| segment	2
Number of reportable segments \| segment	1
Net sales	$ 111,389,000	$ 66,897,000
Recurring
Class of Stock [Line Items]
Financial assets	0		$ 0
Financial liabilities	0		$ 0
Shipping and Handling
Class of Stock [Line Items]
Net sales	$ 1,245,000	$ 756,000

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Entity-wide Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Segment Reporting Information [Line Items]
Net sales	$ 111,389	$ 66,897
Property and equipment, net	3,771		$ 3,988
United States
Segment Reporting Information [Line Items]
Net sales	90,672	53,504
Property and equipment, net	3,118		3,272
Canada
Segment Reporting Information [Line Items]
Net sales	22,264	14,102
Property and equipment, net	653		$ 716
Intersegment eliminations
Segment Reporting Information [Line Items]
Net sales	$ (1,547)	$ (709)

- Definition

+ References

+ Details

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Cash, Cash Equivalents And Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 60,264	$ 75,178	$ 30,037
Restricted cash	1,777	1,777	1,625
Cash and cash equivalents, and restricted cash	$ 62,041	$ 76,955	$ 31,662	$ 32,857

NET INCOME (LOSS) PER COMMON SHARE (“EPS”) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Net income (loss)	$ 4,940	$ (3,093)
Cumulative dividends allocated to Series A Convertible Preferred Stock	0	(634)
Net income (loss) available for distribution	4,940	(3,727)
Less: Undistributed earnings allocable to participating securities	0	0
Less: Undistributed earnings allocable to participating securities	0	0
Net income (loss) attributable to common stockholders	4,940	(3,727)
Net income (loss) attributable to common stockholders	4,940	(3,727)
Less: Effect on net income (loss) of dilutive securities using the “if converted” method	0	0
Diluted net income (loss) attributable to common stockholders after adjustment for assumed conversions	$ 4,940	$ (3,727)
Weighted-average shares of common stock outstanding for basic net income (loss) per share attributable to common stockholders (in shares)	33,717,103	20,688,439
Dilutive effect of warrants using the treasury stock method (in shares)	2,840,464	0
Weighted-average shares of common stock outstanding for diluted net income (loss) per share attributable to common stockholders (in shares)	38,997,031	20,688,439
Basic net income (loss) per share attributable to common stockholders (in dollars per share)	$ 0.15	$ (0.18)
Diluted net income (loss) per share attributable to common stockholders (in dollars per share)	$ 0.13	$ (0.18)
Restricted stock units (RSUs)
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive effect of share-based payments using the treasury stock method	1,658,866	0
Stock options
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Dilutive effect of share-based payments using the treasury stock method	780,598	0

NET INCOME (LOSS) PER COMMON SHARE (“EPS”) - Shares Outstanding (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Shares subject to (in shares)	38,997,031	20,688,439
Warrant
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Shares subject to (in shares)	3,701,139	0
Restricted stock units (RSUs)
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Shares subject to (in shares)	1,766,324	0
Stock options
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Shares subject to (in shares)	912,449	0

NET INCOME (LOSS) PER COMMON SHARE (“EPS”) - Antidilutive (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Convertible preferred stock, outstanding (in shares)	0		0
Cumulative dividends allocated to Series A Convertible Preferred Stock	$ 0	$ 634
Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares subject to (in shares)	0	3,886,191
Restricted stock units (RSUs) with performance conditions
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares subject to (in shares)	0	1,820,598
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares subject to (in shares)	0	796,131
Series A Convertible Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares subject to (in shares)	0	2,291,469
Convertible preferred stock, outstanding (in shares)		7,725,045
Series A Convertible Preferred Stock, Share Settlement
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares subject to (in shares)	0	53,729

ACCOUNTS RECEIVABLE, NET AND INVENTORIES - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Trade accounts receivable	$ 33,207	$ 20,252
Allowance for doubtful accounts	(681)	(918)
Other receivables	994	2,292
Total accounts receivable, net	$ 33,520	$ 21,626

ACCOUNTS RECEIVABLE, NET AND INVENTORIES - Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Finished goods	$ 98,705	$ 91,050
Allowance for inventory obsolescence	(2,428)	(2,432)
Total inventories	$ 96,277	$ 88,618

OPERATING LEASES - Narrative (Details) ft² in Thousands, $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 30, 2021 USD ($) ft²	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)
Leases [Abstract]
Operating lease, cost		$ 1,494	$ 1,418
Subsequent Event
Lessee, Lease, Description [Line Items]
Greater of FMV or rent payable percentage	103.00%
Fairfield, California \| Subsequent Event
Lessee, Lease, Description [Line Items]
Rented area \| ft²	175
Term of contract	126 months
Renewal term	10 years
Rent abated term	6 months
Periodic payment	$ 77
Periodic payment, final year	$ 134
Fontana, California \| Subsequent Event
Lessee, Lease, Description [Line Items]
Rented area \| ft²	147
Term of contract	86 months 15 days
Renewal term	5 years
Rent abated term	2 months 15 days
Periodic payment	$ 115
Periodic payment, final year	$ 141

OPERATING LEASES - Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease right-of-use assets	$ 17,360	$ 18,289
Total leased assets	17,360	18,289
Current portion of lease liabilities	3,836	3,701
Long-term lease liabilities	14,385	15,320
Total lease liabilities	$ 18,221	$ 19,021

OPERATING LEASES - Future Minimum Lease Payment (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Leases [Abstract]
For the period of April 1, 2021 to December 31, 2021	$ 3,413
2022	4,069
2023	2,490
2024	2,103
2025	2,156
2026	1,584
Thereafter	5,266
Total rental payments	21,081
Less portion representing interest	(2,860)
Total lease liabilities	18,221	$ 19,021
Less current portion	(3,836)	(3,701)
Long-term portion	$ 14,385	$ 15,320

OPERATING LEASES - Lease Not yet Commenced Maturity (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Leases [Abstract]
For the period of April 1, 2021 to December 31, 2021	$ 501
2022	2,272
2023	2,688
2024	2,769
2025	2,853
2026	2,938
Thereafter	10,403
Total rental payments	$ 24,424

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued compensation and benefits	$ 2,741	$ 9,902
Freight, custom and duty accrual	2,650	2,603
Goods in transit accrual	1,894	3,845
Audit, tax and legal accrual	1,848	237
Corporate tax accrual	1,331	585
Obligations due under a distribution agreement	500	590
Other accrued liabilities	3,213	3,853
Total accrued expenses and other current liabilities	$ 14,177	$ 21,615

DEBT - Narrative (Details)			3 Months Ended
DEBT - Narrative (Details)	Mar. 29, 2021 USD ($)	Jul. 11, 2019 USD ($)	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	May 31, 2017 USD ($)
Debt Instrument [Line Items]
Loss on debt extinguishment			$ (680,000)	$ 0
Line of credit facility, accordion feature, increase limit	$ 25,000,000
Line of credit facility, accordion feature, withdrawal limit increments	5,000,000
Term Loan \| Brightwood
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					$ 75,000,000
Debt instrument, interest rate, effective percentage				12.10%
Interest expense, debt				$ 2,208,000
Revolving Asset-baked Credit Facility \| Encina Obligors
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 45,000,000
Debt instrument, interest rate, effective percentage				9.10%
Interest expense, debt				$ 523,000
Debt instrument, payment due, period before scheduled maturity date		90 days
Loss on debt extinguishment			680,000
Revolving Asset-baked Credit Facility \| Encina Obligors \| Canada
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 15,000,000
JPMorgan Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 50,000,000
Debt instrument, term	3 years
Line of credit facility, remaining borrowing capacity			$ 50,000,000
Covenant , minimum fixed charge coverage ratio multiplier			1.1
Covenant , minimum fixed charge coverage ratio, term			12 months
JPMorgan Credit Facility, Revolver
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 75,000,000
Line of credit facility, unused capacity, commitment fee percentage	0.25%
JPMorgan Credit Facility, Revolver \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.95%
JPMorgan Credit Facility, Revolver \| London Interbank Offered Rate (LIBOR) Floor
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.00%
Bridge Loan \| Encina Obligors
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 2,000,000

CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY - Capital Stock (Details) - shares	Mar. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Convertible preferred stock, authorized (in shares)	50,000,000	50,000,000
Convertible preferred stock, outstanding (in shares)	0	0
Common stock, shares authorized (in shares)	300,000,000	300,000,000
Common stock, shares outstanding (in shares)	33,970,364	33,499,953
2020 Employee, Director, and Consultant Equity Incentive Plan
Class of Stock [Line Items]
Capital shares reserved for future issuance (in shares)	2,197,988
Warrant
Class of Stock [Line Items]
Capital shares reserved for future issuance (in shares)	3,516,086
Restricted stock units (RSUs)
Class of Stock [Line Items]
Capital shares reserved for future issuance (in shares)	1,643,120
Stock options
Class of Stock [Line Items]
Capital shares reserved for future issuance (in shares)	889,932

CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY - Convertible Preferred Stock (Details) - USD ($) $ in Thousands		1 Months Ended		2 Months Ended	3 Months Ended
	Dec. 14, 2020	Dec. 31, 2020	Dec. 31, 2019	Feb. 29, 2020	Mar. 31, 2021	Mar. 31, 2020
Class of Stock [Line Items]
Proceeds from issuance of Series A Convertible Preferred Stock, net of issuance costs					$ 0	$ 3,792
Dividends, preferred stock, cash		$ 2,597
Series A Convertible Preferred Stock
Class of Stock [Line Items]
Shares issued in Series A offering (in shares)			7,007,429
Preferred stock, par value, gross			$ 24,526
Proceeds from issuance of Series A Convertible Preferred Stock, net of issuance costs			15,439	$ 2,342
Debt conversion, original debt, Amount			7,637
Receivable for issuance of Series A Convertible Preferred Stock			1,450			$ 1,450
Offering costs			$ 1,274	$ 169
Series A Convertible Preferred Stock \| Investor
Class of Stock [Line Items]
Shares issued in Series A offering (in shares)				717,616
Consideration received per transaction				$ 2,511
Common Stock \| IPO
Class of Stock [Line Items]
Shares issued in Series A offering (in shares)	9,966,667
Conversion of stock, shares issued (in shares)	2,291,469

CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY - Outstanding Warrants (Details)	Mar. 31, 2021 $ / shares shares
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares) \| shares	3,516,086
Exercise price (in dollars per share) \| $ / shares	$ 16.55
Investor Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares) \| shares	3,369,124
Exercise price (in dollars per share) \| $ / shares	$ 16.86
Investor Warrants, Placement Agents, $8.43
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares) \| shares	129,981
Exercise price (in dollars per share) \| $ / shares	$ 8.43
Investor Warrants, Placement Agents, $16.86
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares) \| shares	16,981
Exercise price (in dollars per share) \| $ / shares	$ 16.86

CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY - Warrant (Details)	3 Months Ended
	Mar. 31, 2021 $ / shares shares
Class of Warrant or Right [Line Items]
Exercise price (in dollars per share) \| $ / shares	$ 16.55
Investor Warrants, Placement Agents, $8.43
Class of Warrant or Right [Line Items]
Exercise price (in dollars per share) \| $ / shares	$ 8.43
Investor Warrants, Placement Agents, $8.43 \| Warrant
Class of Warrant or Right [Line Items]
Warrants exercised (in shares)	214,735
Investor Warrants, Placement Agents, $8.43 \| Common Stock
Class of Warrant or Right [Line Items]
Number of securities called by warrants or rights (in shares)	190,774
Investor Warrants, Placement Agents, $16.86
Class of Warrant or Right [Line Items]
Exercise price (in dollars per share) \| $ / shares	$ 16.86
Investor Warrants, Placement Agents, $16.86 \| Warrant
Class of Warrant or Right [Line Items]
Warrants exercised (in shares)	155,370
Investor Warrants, Placement Agents, $16.86 \| Common Stock
Class of Warrant or Right [Line Items]
Number of securities called by warrants or rights (in shares)	121,401

STOCK-BASED COMPENSATION - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($) plan shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity plans maintained \| plan	3
Restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Cost not yet recognized, amount \| $	$ 7,179
Cost not yet recognized, period for recognition	2 years 3 months 18 days
Nonvested award subject to market based vesting conditions (in shares) \| shares	296,630
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cost not yet recognized, amount \| $	$ 1,125
Cost not yet recognized, period for recognition	2 years 3 months 14 days
2020 Employee, Director, and Consultant Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares) \| shares	2,197,988

STOCK-BASED COMPENSATION - RSU Activity (Details) - Restricted stock units (RSUs)	3 Months Ended
	Mar. 31, 2021 $ / shares shares
Number of RSUs
Balance, beginning (in shares) \| shares	1,857,444
Granted (in shares) \| shares	0
Vested (in shares) \| shares	(214,324)
Balance, ending (in shares) \| shares	1,643,120
Weighted average grant date fair value
Balance, beginning (in dollars per shares) \| $ / shares	$ 6.55
Granted (in dollars per share) \| $ / shares	0
Vested (in dollars per share) \| $ / shares	5.56
Balance, ending (in dollars shares) \| $ / shares	$ 6.68

STOCK-BASED COMPENSATION - Stock Option Activity (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Number
Balance, outstanding, beginning (in shares)	922,796
Granted (in shares)	0
Forfeited (in shares)	(592)
Exercised (in shares)	(32,272)
Balance, outstanding, ending (in shares)	889,932	922,796
Exercisable (in shares)	494,980
Unvested (in shares)	394,952
Vested and expected to vest (in shares)	889,932
Weighted average exercise price
Balance, outstanding, beginning (in dollars per share)	$ 8.81
Granted (in dollars per share)	0
Forfeited (in dollars per share)	11.06
Exercised (in dollars per share)	8.43
Balance, outstanding, ending (in dollars per share)	8.82	$ 8.81
Exercisable (in dollars per share)	8.43
Unvested (in dollars per share)	9.31
Vested and expected to vest (in dollars per share)	8.82
Weighted average grant date fair value
Balance, outstanding, beginning (in dollars per share)	1.78
Granted (in dollars per share)	0
Forfeited (in dollars per share)	9.89
Exercised (in dollars per share)	0.77
Balance, outstanding, ending (in dollars per share)	1.81	$ 1.78
Exercisable (in dollars per share)	0.74
Unvested (in dollars per share)	3.19
Vested and expected to vest (in dollars per share)	$ 1.81
Weighted average remaining contractual term (years)
Outstanding, term	7 years 11 months 8 days	8 years 29 days
Exercisable, term	7 years 4 months 20 days
Unvested, term	2 years 3 months 14 days
Vested and expected to vest, term	7 years 11 months 8 days

COMMITMENTS AND CONTINGENCIES, AND RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Related Party Transaction [Line Items]
Operating lease, expense	$ 958	$ 876
Investor
Related Party Transaction [Line Items]
Operating lease, expense	$ 320	$ 319

SUBSEQUENT EVENTS (Details) - Subsequent Event - USD ($) $ / shares in Units, $ in Millions	May 03, 2021	Apr. 26, 2021
Follow-On Public Offering \| Common Stock
Subsequent Event [Line Items]
Shares issued in offering (in shares)	5,526,861
Sale of stock, price per share (in dollars per share)	$ 59.00
Proceeds from issuance on offering	$ 309.8
Follow-On Public Offering, Over-Allotment Option \| Common Stock
Subsequent Event [Line Items]
Shares issued in offering (in shares)	720,894
F16 Holding LLC (HEAVY 16)
Subsequent Event [Line Items]
Percentage of voting interests acquired	100.00%
Consideration transferred		$ 78.1
Payments to acquire businesses		63.1
Consideration transferred, equity interests		15.0
Earn out payment		$ 2.5