Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net loss $ (106,254) $ (86,406)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 9,932 5,465
Write-off of inventory and change in inventory reserve 1,612 1,582
Adjustment to property and equipment for sales type leases 0 (625)
Loss from impairment of property and equipment 322 1,161
Stock-based compensation 24,151 22,498
Non-cash interest expense 22 55
Accretion of discount on marketable securities (575) 0
Non-cash lease expense 478 811
Change in allowance for expected credit losses 382 150
Loss on extinguishment of debt 626 0
Change in fair value of earn-out liability 14,901 (6,988)
Change in fair value of contingently issuable common stock 3,138 (1,872)
Change in fair value of public warrant liability 4,765 (4,906)
Changes in operating assets and liabilities    
Accounts receivable 8,927 (25,593)
Inventory (644) (8,495)
Commission assets (2,407) (3,675)
Contract assets 80 639
Other assets 633 (419)
Prepaid expenses and other current assets (2,566) (3,174)
Accounts payable (5,963) 7,661
Deferred revenue 35,522 26,887
Accrued expenses and other current liabilities 3,732 1,462
Operating lease liability (615) (946)
Net cash used in operating activities (9,801) (74,728)
Cash flows from investing activities:    
Development of internal-use software (3,535) (2,720)
Purchases of property and equipment (69,134) (21,473)
Proceeds from sale of property and equipment 270 312
Purchases of marketable securities (89,898) 0
Proceeds from maturities of marketable securities 39,184 0
Net cash used in investing activities (123,113) (23,881)
Cash flows from financing activities:    
Proceeds from exercise of stock options 668 827
Proceeds from long-term debt 1,876 29,683
Repayment of principal on long-term debt (31,876) (10,000)
Payment of debt issuance costs and prepayment penalty (332) 0
Net cash provided by (used in) financing activities (29,664) 20,510
Effect of exchange rate changes on cash and cash equivalents (43) (10)
Net increase (decrease) in cash, cash equivalents and restricted cash (162,621) (78,109)
Cash, cash equivalents and restricted cash    
Cash, cash equivalents and restricted cash at beginning of period 230,058 308,167
Cash, cash equivalents and restricted cash at end of period 67,437 230,058
Supplemental disclosure of cash flow information    
Cash paid for interest 710 581
Supplemental disclosure of non-cash activities    
Transfer of property and equipment to inventory 218 0
Capital expenditures incurred but not yet paid 13,322 7,552
Capitalization of stock compensation 516 205
Finback exercise price 464 0
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 67,162 229,783
Restricted cash 275 0
Restricted cash, noncurrent 0 275
Total cash, cash equivalents and restricted cash shown in the statements of cash flows $ 67,437 $ 230,058