Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||||||||||||||
2024 | 2023 | % Change | 2024 | 2023 | % Change | ||||||||||||||||||||||||||||||
(Restated) | (Restated) | ||||||||||||||||||||||||||||||||||
Recurring revenue | $ | 23,678 | $ | 17,074 | 39 | % | $ | 87,419 | $ | 50,915 | 72 | % | |||||||||||||||||||||||
Non-recurring revenue | 5,422 | 3,506 | 55 | % | 16,446 | 28,650 | (43) | % | |||||||||||||||||||||||||||
Total revenue | $ | 29,100 | $ | 20,580 | 41 | % | $ | 103,865 | $ | 79,565 | 31 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
2024 | 2023 | % Change | 2024 | 2023 | % Change | ||||||||||||||||||||||||||||||
(Restated) | (Restated) | ||||||||||||||||||||||||||||||||||
Recurring revenue | $ | 23,764 | $ | 13,907 | 71 | % | $ | 63,741 | $ | 33,841 | 88 | % | |||||||||||||||||||||||
Non-recurring revenue | 3,596 | 6,054 | (41) | % | 11,024 | 25,144 | (56) | % | |||||||||||||||||||||||||||
Total revenue | $ | 27,360 | $ | 19,961 | 37 | % | $ | 74,765 | $ | 58,985 | 27 | % |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
(Restated) | (Restated) | ||||||||||||||||||||||
Net loss | $ | (15,720) | $ | (17,198) | $ | (54,017) | $ | (108,048) | |||||||||||||||
Non-cash expense | 6,870 | 7,461 | 22,504 | 59,199 | |||||||||||||||||||
Changes in operating assets and liabilities | 12,054 | 6,594 | 660 | 39,048 | |||||||||||||||||||
Net cash used in operating activities | $ | 3,204 | $ | (3,143) | $ | (30,853) | $ | (9,801) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
(Restated) | (Restated) | ||||||||||||||||||||||
Net loss | $ | (30,443) | $ | 5,046 | $ | (38,297) | $ | (90,850) | |||||||||||||||
Non-cash expense | 26,306 | (16,055) | 15,634 | 51,738 | |||||||||||||||||||
Changes in operating assets and liabilities | 7,812 | 13,106 | (11,394) | 32,454 | |||||||||||||||||||
Net cash used in operating activities | $ | 3,675 | $ | 2,097 | $ | (34,057) | $ | (6,658) |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
(Restated) | (Restated) | ||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Product revenue | $ | 1,675 | $ | 1,848 | $ | 6,464 | $ | 22,768 | |||||||||||||||
Subscription revenue | 17,263 | 12,468 | 65,046 | 36,201 | |||||||||||||||||||
Service revenue | 6,564 | 4,856 | 23,467 | 15,606 | |||||||||||||||||||
License fee and other revenue | 3,598 | 1,408 | 8,888 | 4,990 | |||||||||||||||||||
Total revenue | 29,100 | 20,580 | 103,865 | 79,565 | |||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||
Cost of product revenue | 2,166 | 4,692 | 10,735 | 27,967 | |||||||||||||||||||
Cost of subscription revenue | 8,604 | 4,984 | 27,846 | 14,760 | |||||||||||||||||||
Cost of service revenue | 1,476 | 1,166 | 5,399 | 3,982 | |||||||||||||||||||
Cost of license fee and other revenue | 113 | 177 | 597 | 949 | |||||||||||||||||||
Total cost of revenue | 12,359 | 11,019 | 44,577 | 47,658 | |||||||||||||||||||
Gross profit | 16,741 | 9,561 | 59,288 | 31,907 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development | 5,390 | 6,303 | 23,446 | 24,473 | |||||||||||||||||||
Sales and marketing | 13,455 | 14,344 | 61,291 | 54,986 | |||||||||||||||||||
General and administrative | 16,759 | 11,128 | 56,634 | 42,182 | |||||||||||||||||||
Loss from impairment of property and equipment | 15 | — | 224 | 322 | |||||||||||||||||||
Total operating expenses | 35,619 | 31,775 | 141,595 | 121,963 | |||||||||||||||||||
Loss from operations | (18,878) | (22,214) | (82,307) | (90,056) | |||||||||||||||||||
Other income (expense), net: | |||||||||||||||||||||||
Interest expense | — | — | — | (654) | |||||||||||||||||||
Interest income | 548 | 1,630 | 2,942 | 6,227 | |||||||||||||||||||
Other expense, net | (50) | (17) | (83) | (84) | |||||||||||||||||||
Loss on extinguishment of debt | — | — | — | (626) | |||||||||||||||||||
Change in fair value of contingent earn-out liability | 1,218 | 2,452 | 16,310 | (14,901) | |||||||||||||||||||
Change in fair value of contingently issuable common stock liability | 311 | 422 | 2,529 | (3,138) | |||||||||||||||||||
Change in fair value of public warrant liability | 1,131 | 580 | 6,592 | (4,765) | |||||||||||||||||||
Total other income (expense), net | 3,158 | 5,067 | 28,290 | (17,941) | |||||||||||||||||||
Loss before income taxes | (15,720) | (17,147) | (54,017) | (107,997) | |||||||||||||||||||
Provision for income taxes | — | (51) | $ | — | $ | (51) | |||||||||||||||||
Net loss | $ | (15,720) | $ | (17,198) | $ | (54,017) | $ | (108,048) | |||||||||||||||
Net income (loss) attributable to common stockholders – basic and diluted | $ | (15,720) | $ | (17,198) | $ | (54,017) | $ | (108,048) | |||||||||||||||
Weighted average common shares outstanding | |||||||||||||||||||||||
Basic | 158,997,410 | 151,087,430 | 156,573,886 | 149,168,105 | |||||||||||||||||||
Diluted | 158,997,410 | 151,087,430 | 156,573,886 | 149,168,105 | |||||||||||||||||||
Net loss per share | |||||||||||||||||||||||
Basic | $ | (0.10) | $ | (0.11) | $ | (0.34) | $ | (0.72) | |||||||||||||||
Diluted | $ | (0.10) | $ | (0.11) | $ | (0.34) | $ | (0.72) | |||||||||||||||
Weighted average common shares outstanding – basic and diluted | 158,997,410 | 151,087,430 | 156,573,886 | 149,168,105 | |||||||||||||||||||
Net loss per share - basic and diluted | $ | (0.10) | $ | (0.11) | $ | (0.34) | $ | (0.72) | |||||||||||||||
Net loss | $ | (15,720) | $ | (17,198) | $ | (54,017) | $ | (108,048) |
Other comprehensive income (loss) | |||||||||||||||||||||||
Cumulative translation adjustment | 96 | (44) | 21 | (43) | |||||||||||||||||||
Total other comprehensive income (loss) | 96 | (44) | 21 | (43) | |||||||||||||||||||
Total comprehensive loss | $ | (15,624) | $ | (17,242) | $ | (53,996) | $ | (108,091) |
December 31, 2024 | December 31, 2023 | ||||||||||
(Restated) | |||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 37,015 | $ | 67,162 | |||||||
Restricted cash | — | 275 | |||||||||
Marketable securities | 14,927 | 51,289 | |||||||||
Accounts receivable, net | 28,392 | 21,547 | |||||||||
Inventory | 16,963 | 10,344 | |||||||||
Current portion of contract assets | 799 | 1,397 | |||||||||
Current portion of commission asset | 5,429 | 4,387 | |||||||||
Prepaid expenses and other current assets | 17,921 | 16,957 | |||||||||
Total current assets | 121,446 | 173,358 | |||||||||
Contract assets, noncurrent | 657 | 964 | |||||||||
Commission asset, noncurrent | 7,567 | 7,249 | |||||||||
Property and equipment, net | 123,661 | 113,161 | |||||||||
Operating lease right-of-use assets | 13,993 | 1,195 | |||||||||
Other assets | 735 | 1,202 | |||||||||
Total assets | $ | 268,059 | $ | 297,129 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 10,492 | $ | 17,400 | |||||||
Accrued expenses and other current liabilities | 19,508 | 15,703 | |||||||||
Current portion of deferred revenue | 64,506 | 46,808 | |||||||||
Current portion of operating lease liabilities | 2,203 | 1,391 | |||||||||
Total current liabilities | 96,709 | 81,302 | |||||||||
Deferred revenue, noncurrent | 20,266 | 25,149 | |||||||||
Operating lease liabilities, noncurrent | 12,326 | — | |||||||||
Contingent earn-out liability | 12,809 | 29,119 | |||||||||
Contingently issuable common stock liability | 4,001 | 6,530 | |||||||||
Public warrant liability | 4,297 | 10,889 | |||||||||
Total liabilities | 150,408 | 152,989 | |||||||||
Stockholders’ equity: | |||||||||||
Preferred stock, $0.0001 par value; 100,000,000 authorized at December 31, 2024 and December 31, 2023; no shares issued and outstanding at December 31, 2024 and December 31, 2023 | — | — | |||||||||
Common stock, $0.0001 par value; 1,100,000,000 shares authorized at December 31, 2024 and December 31, 2023; 159,602,069 and 151,310,080 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively | 16 | 15 | |||||||||
Additional paid-in capital | 472,331 | 444,825 | |||||||||
Accumulated other comprehensive loss | (32) | (53) | |||||||||
Accumulated deficit | (354,664) | (300,647) | |||||||||
Stockholders’ equity | 117,651 | 144,140 | |||||||||
Total liabilities and stockholders’ equity | $ | 268,059 | $ | 297,129 |
Twelve Months Ended December 31, | |||||||||||
2024 | 2023 | ||||||||||
(Restated) | |||||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ | (54,017) | $ | (108,048) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation and amortization | 17,375 | 9,702 | |||||||||
Write-off of inventory and change in inventory reserve | 2,578 | 1,309 | |||||||||
Loss from impairment of property and equipment | 224 | 322 | |||||||||
Loss from impairment of intangible asset | 983 | — | |||||||||
Stock-based compensation | 24,756 | 24,129 | |||||||||
Non-cash interest expense | — | 22 | |||||||||
Amortization (accretion) of premium (discount) on marketable securities, net of change in accrued interest | 447 | (575) | |||||||||
Non-cash lease expense | 1,420 | 478 | |||||||||
Change in allowance for expected credit losses | 152 | 382 | |||||||||
Loss on extinguishment of debt | — | 626 | |||||||||
Change in fair value of earn-out liability | (16,310) | 14,901 | |||||||||
Change in fair value of contingently issuable common stock | (2,529) | 3,138 | |||||||||
Change in fair value of public warrant liability | (6,592) | 4,765 | |||||||||
Changes in operating assets and liabilities | |||||||||||
Accounts receivable | (6,997) | 4,510 | |||||||||
Inventory | (7,852) | 960 | |||||||||
Commission assets | (1,360) | (2,779) | |||||||||
Contract assets | 905 | 1,383 | |||||||||
Other assets | 467 | 633 | |||||||||
Prepaid expenses and other current assets | (964) | (2,426) | |||||||||
Accounts payable | 192 | (5,963) | |||||||||
Deferred revenue | 12,815 | 39,488 | |||||||||
Accrued expenses and other current liabilities | 4,534 | 3,857 | |||||||||
Operating lease liability | (1,080) | (615) | |||||||||
Net cash used in operating activities | (30,853) | (9,801) | |||||||||
Cash flows from investing activities: | |||||||||||
Development of internal-use software | (6,125) | (3,535) | |||||||||
Purchases of property and equipment | (31,189) | (69,134) | |||||||||
Proceeds from sale of property and equipment | — | 270 | |||||||||
Purchases of marketable securities | (29,367) | (89,898) | |||||||||
Proceeds from maturities of marketable securities | 65,282 | 39,184 | |||||||||
Net cash provided by (used in) investing activities | (1,399) | (123,113) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from exercise of stock options | 1,809 | 668 | |||||||||
Proceeds from long-term debt | — | 1,876 | |||||||||
Repayment of principal on long-term debt | — | (31,876) | |||||||||
Payment of debt issuance costs and prepayment penalty | — | (332) | |||||||||
Net cash provided by (used in) financing activities | 1,809 | (29,664) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 21 | (43) | |||||||||
Net decrease in cash, cash equivalents and restricted cash | (30,422) | (162,621) | |||||||||
Cash, cash equivalents and restricted cash | |||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 67,437 | 230,058 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 37,015 | $ | 67,437 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
(Restated) | (Restated) | ||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Product revenue | $ | 1,344 | $ | 3,456 | $ | 4,789 | $ | 20,920 | |||||||||||||||
Subscription revenue | 17,909 | 9,858 | 47,783 | 23,733 | |||||||||||||||||||
Service revenue | 6,085 | 4,345 | 16,903 | 10,750 | |||||||||||||||||||
License fee and other revenue | 2,022 | 2,302 | 5,290 | 3,582 | |||||||||||||||||||
Total revenue | 27,360 | 19,961 | 74,765 | 58,985 | |||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||
Cost of product revenue | 2,616 | 3,496 | 8,569 | 23,275 | |||||||||||||||||||
Cost of subscription revenue | 7,348 | 4,157 | 19,242 | 9,776 | |||||||||||||||||||
Cost of service revenue | 1,404 | 1,219 | 3,923 | 2,816 | |||||||||||||||||||
Cost of license fee and other revenue | 183 | 198 | 484 | 772 | |||||||||||||||||||
Total cost of revenue | 11,551 | 9,070 | 32,218 | 36,639 | |||||||||||||||||||
Gross profit | 15,809 | 10,891 | 42,547 | 22,346 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development | 5,810 | 6,386 | 18,056 | 18,170 | |||||||||||||||||||
Sales and marketing | 14,966 | 14,408 | 47,836 | 40,642 | |||||||||||||||||||
General and administrative | 13,976 | 11,261 | 39,875 | 31,054 | |||||||||||||||||||
Loss from impairment of property and equipment | 209 | 28 | 209 | 322 | |||||||||||||||||||
Total operating expenses | 34,961 | 32,083 | 105,976 | 90,188 | |||||||||||||||||||
Loss from operations | (19,152) | (21,192) | (63,429) | (67,842) | |||||||||||||||||||
Other income (expense), net: | |||||||||||||||||||||||
Interest expense | — | — | — | (654) | |||||||||||||||||||
Interest income | 628 | 1,791 | 2,394 | 4,597 | |||||||||||||||||||
Other income (expense), net | 34 | (64) | (33) | (67) | |||||||||||||||||||
Loss on extinguishment of debt | — | — | — | (626) | |||||||||||||||||||
Change in fair value of contingent earn-out liability | (8,321) | 14,078 | 15,092 | (17,353) | |||||||||||||||||||
Change in fair value of contingently issuable common stock liability | (2,056) | 2,277 | 2,218 | (3,560) | |||||||||||||||||||
Change in fair value of public warrant liability | (1,576) | 8,156 | 5,461 | (5,345) | |||||||||||||||||||
Total other (expense) income, net | (11,291) | 26,238 | 25,132 | (23,008) | |||||||||||||||||||
Net (loss) income | $ | (30,443) | $ | 5,046 | $ | (38,297) | $ | (90,850) | |||||||||||||||
Net (loss) income attributable to common stockholders – basic and diluted | $ | (30,443) | $ | 4,983 | $ | (38,297) | $ | (90,850) | |||||||||||||||
Weighted average common shares outstanding | |||||||||||||||||||||||
Basic | 157,709,229 | 150,206,893 | 155,760,149 | 148,521,299 | |||||||||||||||||||
Diluted | 157,709,229 | 173,976,375 | 155,760,149 | 148,521,299 | |||||||||||||||||||
Net (loss) income per share | |||||||||||||||||||||||
Basic | $ | (0.19) | $ | 0.03 | $ | (0.25) | $ | (0.61) | |||||||||||||||
Diluted | $ | (0.19) | $ | 0.03 | $ | (0.25) | $ | (0.61) | |||||||||||||||
Net (loss) income | $ | (30,443) | $ | 5,046 | $ | (38,297) | $ | (90,850) | |||||||||||||||
Other comprehensive (loss) income | |||||||||||||||||||||||
Cumulative translation adjustment | (86) | 34 | (75) | 1 | |||||||||||||||||||
Total other comprehensive (loss) income | (86) | 34 | (75) | 1 | |||||||||||||||||||
Total comprehensive (loss) income | $ | (30,529) | $ | 5,080 | $ | (38,372) | $ | (90,849) |
September 30, 2024 | December 31, 2023 | ||||||||||
(Restated) | |||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 46,033 | $ | 67,162 | |||||||
Restricted cash | 275 | 275 | |||||||||
Marketable securities | 9,960 | 51,289 | |||||||||
Accounts receivable, net | 34,855 | 21,547 | |||||||||
Inventory | 16,276 | 10,344 | |||||||||
Current portion of contract assets | 696 | 1,397 | |||||||||
Current portion of commission asset | 5,256 | 4,387 | |||||||||
Prepaid expenses and other current assets | 21,050 | 16,957 | |||||||||
Total current assets | 134,401 | 173,358 | |||||||||
Contract assets, noncurrent | 672 | 964 | |||||||||
Commission asset, noncurrent | 7,385 | 7,249 | |||||||||
Property and equipment, net | 120,842 | 113,161 | |||||||||
Operating lease right-of-use assets | 14,297 | 1,195 | |||||||||
Other assets | 869 | 1,202 | |||||||||
Total assets | $ | 278,466 | $ | 297,129 | |||||||
Liabilities and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 8,619 | $ | 17,400 | |||||||
Accrued expenses and other current liabilities | 17,016 | 15,703 | |||||||||
Current portion of deferred revenue | 61,649 | 46,808 | |||||||||
Current portion of operating lease liabilities | 2,191 | 1,391 | |||||||||
Total current liabilities | 89,475 | 81,302 | |||||||||
Deferred revenue, noncurrent | 23,867 | 25,149 | |||||||||
Operating lease liabilities, noncurrent | 12,372 | — | |||||||||
Contingent earn-out liability | 14,027 | 29,119 | |||||||||
Contingently issuable common stock liability | 4,312 | 6,530 | |||||||||
Public warrant liability | 5,428 | 10,889 | |||||||||
Total liabilities | 149,481 | 152,989 | |||||||||
Stockholders’ equity: | |||||||||||
Preferred stock, $0.0001 par value; 100,000,000 authorized at September 30, 2024 and December 31, 2023; no shares issued and outstanding at September 30, 2024 and December 31, 2023 | — | — | |||||||||
Common stock, $0.0001 par value; 1,100,000,000 shares authorized at September 30, 2024 and December 31, 2023; 158,288,746 and 151,310,080 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively | 16 | 15 | |||||||||
Additional paid-in capital | 468,041 | 444,825 | |||||||||
Accumulated other comprehensive loss | (128) | (53) | |||||||||
Accumulated deficit | (338,944) | (300,647) | |||||||||
Stockholders’ equity | 128,985 | 144,140 | |||||||||
Total liabilities and stockholders’ equity | $ | 278,466 | $ | 297,129 |
Nine Months Ended September 30, | |||||||||||
2024 | 2023 | ||||||||||
(Restated) | |||||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ | (38,297) | $ | (90,850) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation and amortization | 11,933 | 6,570 | |||||||||
Write-off of inventory and change in inventory reserve | 3,151 | 278 | |||||||||
Loss from impairment of property and equipment | 209 | 322 | |||||||||
Stock-based compensation | 21,364 | 17,771 | |||||||||
Non-cash interest expense | — | 22 | |||||||||
Amortization (accretion) of premium (discount) on marketable securities, net of change in accrued interest | 261 | (482) | |||||||||
Non-cash lease expense | 1,116 | 136 | |||||||||
Change in allowance for expected credit losses | 371 | 237 | |||||||||
Loss on extinguishment of debt | — | 626 | |||||||||
Change in fair value of earn-out liability | (15,092) | 17,353 | |||||||||
Change in fair value of contingently issuable common stock | (2,218) | 3,560 | |||||||||
Change in fair value of public warrant liability | (5,461) | 5,345 | |||||||||
Changes in operating assets and liabilities | |||||||||||
Accounts receivable | (13,679) | (929) | |||||||||
Inventory | (8,327) | 4,170 | |||||||||
Commission assets | (1,005) | (2,102) | |||||||||
Contract assets | 993 | (85) | |||||||||
Other assets | 333 | 352 | |||||||||
Prepaid expenses and other current assets | (4,093) | (1,973) | |||||||||
Accounts payable | 216 | (6,396) | |||||||||
Deferred revenue | 13,559 | 39,357 | |||||||||
Accrued expenses and other current liabilities | 1,655 | 278 | |||||||||
Operating lease liability | (1,046) | (218) | |||||||||
Net cash used in operating activities | (34,057) | (6,658) | |||||||||
Cash flows from investing activities: | |||||||||||
Development of internal-use software | (4,773) | (2,202) | |||||||||
Purchases of property and equipment | (24,443) | (51,646) | |||||||||
Proceeds from sale of property and equipment | — | 60 | |||||||||
Purchases of marketable securities | (14,567) | (58,652) | |||||||||
Proceeds from maturities of marketable securities | 55,635 | 19,647 | |||||||||
Net cash provided by (used in) investing activities | 11,852 | (92,793) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from exercise of stock options | 1,151 | 616 | |||||||||
Proceeds from long-term debt | — | 1,876 | |||||||||
Repayment of principal on long-term debt | — | (31,876) | |||||||||
Payment of debt issuance costs and prepayment penalty | — | (332) | |||||||||
Net cash provided by (used in) financing activities | 1,151 | (29,716) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (75) | 1 | |||||||||
Net decrease in cash, cash equivalents and restricted cash | (21,129) | (129,166) | |||||||||
Cash, cash equivalents and restricted cash | |||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 67,437 | 230,058 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 46,308 | $ | 100,892 |
Three Months Ended or as of, | |||||||||||||||||||||||
($ in thousands) | March 31, 2024 | June 30, 2024 | September 30, 2024 | December 31, 2024 | |||||||||||||||||||
New customers | 53 | 84 | 52 | 60 | |||||||||||||||||||
Annual recurring revenue | $ | 79,192 | $ | 87,011 | $ | 93,676 | $ | 99,351 | |||||||||||||||
Recurring revenue | $ | 18,961 | $ | 21,016 | $ | 23,764 | $ | 23,678 | |||||||||||||||
Total net units shipped* | 375 | 447 | 468 | 458 |
Three Months Ended, | ||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | December 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||
(Restated) | (Restated) | (Restated) | (Restated) | (Restated) | (Restated) | |||||||||||||||||||||||||||||||||||||||||||||
Operating expenses, GAAP | $ | 27,098 | $ | 31,007 | $ | 32,083 | $ | 31,775 | $ | 34,061 | $ | 36,954 | $ | 34,961 | $ | 35,619 | ||||||||||||||||||||||||||||||||||
Stock-based compensation | (4,888) | (6,518) | (5,922) | (6,218) | (6,292) | (7,254) | (7,263) | (3,159) | ||||||||||||||||||||||||||||||||||||||||||
Loss on impairment of lease equipment | (137) | (157) | (28) | — | — | — | (209) | (15) | ||||||||||||||||||||||||||||||||||||||||||
One-time employee separation costs | — | (282) | (61) | (262) | — | (826) | — | (2,059) | ||||||||||||||||||||||||||||||||||||||||||
Other one-time legal and regulatory costs | (53) | (401) | (884) | (273) | (476) | (2,185) | (2,339) | (7,285) | ||||||||||||||||||||||||||||||||||||||||||
Adjusted operating expenses | $ | 22,020 | $ | 23,649 | $ | 25,188 | $ | 25,022 | $ | 27,293 | $ | 26,689 | $ | 25,150 | $ | 23,101 |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
(Restated) | (Restated) | ||||||||||||||||||||||
Revenue | $ | 29,100 | $ | 20,580 | $ | 103,865 | $ | 79,565 | |||||||||||||||
Cost of revenue | 12,359 | 11,019 | 44,577 | 47,658 | |||||||||||||||||||
Gross profit, GAAP | 16,741 | 9,561 | 59,288 | 31,907 | |||||||||||||||||||
Stock-based compensation | 233 | 140 | 788 | 583 | |||||||||||||||||||
Amortization of capitalized stock-based compensation | 85 | 14 | 137 | 47 | |||||||||||||||||||
Loss from impairment of intangible asset | 983 | — | 983 | — | |||||||||||||||||||
One-time employee separation costs | — | — | 174 | — | |||||||||||||||||||
One-time inventory charges | 123 | 1,925 | 2,729 | 1,925 | |||||||||||||||||||
Adjusted gross profit | $ | 18,165 | $ | 11,640 | $ | 64,100 | $ | 34,462 | |||||||||||||||
Gross margin % | 57.5 | % | 46.5 | % | 57.1 | % | 40.1 | % | |||||||||||||||
Adjusted gross margin % | 62.4 | % | 56.6 | % | 61.7 | % | 43.3 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
(Restated) | (Restated) | ||||||||||||||||||||||
Revenue | $ | 27,360 | $ | 19,961 | $ | 74,765 | $ | 58,985 | |||||||||||||||
Cost of revenue | 11,551 | 9,070 | 32,218 | 36,639 | |||||||||||||||||||
Gross profit, GAAP | 15,809 | 10,891 | 42,547 | 22,346 | |||||||||||||||||||
Stock-based compensation | 244 | 114 | 555 | 443 | |||||||||||||||||||
Amortization of capitalized stock-based compensation | 23 | 12 | 52 | 33 | |||||||||||||||||||
One-time employee separation costs | — | — | 174 | — | |||||||||||||||||||
One-time inventory charges | 1,471 | — | 2,607 | — | |||||||||||||||||||
Adjusted gross profit | $ | 17,547 | $ | 11,017 | $ | 45,935 | $ | 22,822 | |||||||||||||||
Gross margin % | 57.8 | % | 54.6 | % | 56.9 | % | 37.9 | % | |||||||||||||||
Adjusted gross margin % | 64.1 | % | 55.2 | % | 61.4 | % | 38.7 | % |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
(Restated) | (Restated) | ||||||||||||||||||||||
Operating loss, GAAP | $ | (18,878) | $ | (22,214) | $ | (82,307) | $ | (90,056) | |||||||||||||||
Stock-based compensation | 3,392 | 6,358 | 24,756 | 24,129 | |||||||||||||||||||
Amortization of capitalized stock-based compensation | 85 | 14 | 137 | 47 | |||||||||||||||||||
Loss on impairment of lease equipment | 15 | — | 224 | 322 | |||||||||||||||||||
Loss from impairment of intangible asset | 983 | — | 983 | — | |||||||||||||||||||
One-time employee separation costs | 2,060 | 262 | 3,060 | 605 | |||||||||||||||||||
One-time inventory charges | 123 | 1,925 | 2,729 | 1,925 | |||||||||||||||||||
Other one-time legal and regulatory costs | 7,284 | 273 | 12,285 | 1,611 | |||||||||||||||||||
Adjusted operating loss | $ | (4,936) | $ | (13,382) | $ | (38,133) | $ | (61,417) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
(Restated) | (Restated) | ||||||||||||||||||||||
Operating loss, GAAP | $ | (19,152) | $ | (21,192) | $ | (63,429) | $ | (67,842) | |||||||||||||||
Stock-based compensation | 7,507 | 6,036 | 21,364 | 17,771 | |||||||||||||||||||
Amortization of capitalized stock-based compensation | 23 | 12 | 52 | 33 | |||||||||||||||||||
Loss on impairment of lease equipment | 209 | 28 | 209 | 322 | |||||||||||||||||||
One-time employee separation costs | — | 61 | 1,000 | 343 | |||||||||||||||||||
One-time inventory charges | 1,471 | — | 2,607 | — | |||||||||||||||||||
Other one-time legal and regulatory costs | 2,339 | 884 | 5,000 | 1,338 | |||||||||||||||||||
Adjusted operating loss | $ | (7,603) | $ | (14,171) | $ | (33,197) | $ | (48,035) |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
(Restated) | (Restated) | ||||||||||||||||||||||
Net loss | $ | (15,720) | $ | (17,198) | $ | (54,017) | $ | (108,048) | |||||||||||||||
Depreciation & amortization | 5,442 | 3,132 | 17,375 | 9,702 | |||||||||||||||||||
Stock-based compensation | 3,392 | 6,358 | 24,756 | 24,129 | |||||||||||||||||||
Interest expense (income) | (548) | (1,630) | (2,942) | (5,573) | |||||||||||||||||||
Provision for income taxes | — | 51 | — | 51 | |||||||||||||||||||
Loss on extinguishment of debt | — | — | — | 626 | |||||||||||||||||||
Change in fair value of contingent earn-out liability | (1,218) | (2,452) | (16,310) | 14,901 | |||||||||||||||||||
Change in fair value of contingently issuable common stock liability | (311) | (422) | (2,529) | 3,138 | |||||||||||||||||||
Change in fair value of public warrant liability | (1,131) | (580) | (6,592) | 4,765 | |||||||||||||||||||
Loss on impairment of lease equipment | 15 | — | 224 | 322 | |||||||||||||||||||
Loss from impairment of intangible asset | 983 | — | 983 | — | |||||||||||||||||||
One-time employee separation costs | 2,060 | 262 | 3,060 | 605 | |||||||||||||||||||
One-time inventory charges | 123 | 1,925 | 2,729 | 1,925 | |||||||||||||||||||
Other one-time legal and regulatory costs | 7,284 | 273 | 12,285 | 1,611 | |||||||||||||||||||
Adjusted EBITDA | $ | 371 | $ | (10,281) | $ | (20,978) | $ | (51,846) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
(Restated) | (Restated) | ||||||||||||||||||||||
Net (loss) income | $ | (30,443) | $ | 5,046 | $ | (38,297) | $ | (90,850) | |||||||||||||||
Depreciation & amortization | 4,575 | 2,620 | 11,933 | 6,570 | |||||||||||||||||||
Stock-based compensation | 7,507 | 6,036 | 21,364 | 17,771 | |||||||||||||||||||
Interest expense (income) | (628) | (1,791) | (2,394) | (3,943) | |||||||||||||||||||
Loss on extinguishment of debt | — | — | — | 626 | |||||||||||||||||||
Change in fair value of contingent earn-out liability | 8,321 | (14,078) | (15,092) | 17,353 | |||||||||||||||||||
Change in fair value of contingently issuable common stock liability | 2,056 | (2,277) | (2,218) | 3,560 | |||||||||||||||||||
Change in fair value of public warrant liability | 1,576 | (8,156) | (5,461) | 5,345 | |||||||||||||||||||
Loss on impairment of lease equipment | 209 | 28 | 209 | 322 | |||||||||||||||||||
One-time employee separation costs | — | 61 | 1,000 | 343 | |||||||||||||||||||
One-time inventory charges | 1,471 | — | 2,607 | — | |||||||||||||||||||
Other one-time legal and regulatory costs | 2,339 | 884 | 5,000 | 1,338 | |||||||||||||||||||
Adjusted EBITDA | $ | (3,017) | $ | (11,627) | $ | (21,349) | $ | (41,565) |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
(Restated) | (Restated) | ||||||||||||||||||||||
Net loss | $ | (15,720) | $ | (17,198) | $ | (54,017) | $ | (108,048) | |||||||||||||||
Stock-based compensation | 3,392 | 6,358 | 24,756 | 24,129 | |||||||||||||||||||
Amortization of capitalized stock-based compensation | 85 | 14 | 137 | 47 | |||||||||||||||||||
Loss on extinguishment of debt | — | — | — | 626 | |||||||||||||||||||
Change in fair value of contingent earn-out liability | (1,218) | (2,452) | (16,310) | 14,901 | |||||||||||||||||||
Change in fair value of contingently issuable common stock liability | (311) | (422) | (2,529) | 3,138 | |||||||||||||||||||
Change in fair value of public warrant liability | (1,131) | (580) | (6,592) | 4,765 | |||||||||||||||||||
Loss on impairment of lease equipment | 15 | — | 224 | 322 | |||||||||||||||||||
Loss from impairment of intangible asset | 983 | — | 983 | — | |||||||||||||||||||
One-time employee separation costs | 2,060 | 262 | 3,060 | 605 | |||||||||||||||||||
One-time inventory charges | 123 | 1,925 | 2,729 | 1,925 | |||||||||||||||||||
Other one-time legal and regulatory costs | 7,284 | 273 | 12,285 | 1,611 | |||||||||||||||||||
Adjusted loss | $ | (4,438) | $ | (11,820) | $ | (35,274) | $ | (55,979) | |||||||||||||||
Weighted average common shares outstanding – diluted | 158,997,410 | 151,087,430 | 156,573,886 | 149,168,105 | |||||||||||||||||||
Adjusted loss per share – diluted | $ | (0.03) | $ | (0.08) | $ | (0.23) | $ | (0.38) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
(Restated) | (Restated) | ||||||||||||||||||||||
Net (loss) income | $ | (30,443) | $ | 5,046 | $ | (38,297) | $ | (90,850) | |||||||||||||||
Stock-based compensation | 7,507 | 6,036 | 21,364 | 17,771 | |||||||||||||||||||
Amortization of capitalized stock-based compensation | 23 | 12 | 52 | 33 | |||||||||||||||||||
Loss on extinguishment of debt | — | — | — | 626 | |||||||||||||||||||
Change in fair value of contingent earn-out liability | 8,321 | (14,078) | (15,092) | 17,353 | |||||||||||||||||||
Change in fair value of contingently issuable common stock liability | 2,056 | (2,277) | (2,218) | 3,560 | |||||||||||||||||||
Change in fair value of public warrant liability | 1,576 | (8,156) | (5,461) | 5,345 | |||||||||||||||||||
Loss on impairment of lease equipment | 209 | 28 | 209 | 322 | |||||||||||||||||||
One-time employee separation costs | — | 61 | 1,000 | 343 | |||||||||||||||||||
One-time inventory charges | 1,471 | — | 2,607 | — | |||||||||||||||||||
Other one-time legal and regulatory costs | 2,339 | 884 | 5,000 | 1,338 | |||||||||||||||||||
Adjusted loss | $ | (6,941) | $ | (12,444) | $ | (30,836) | $ | (44,159) | |||||||||||||||
Weighted average common shares outstanding – diluted | 157,709,229 | 150,206,893 | 155,760,149 | 148,521,299 | |||||||||||||||||||
Adjusted loss per share – diluted | $ | (0.04) | $ | (0.08) | $ | (0.20) | $ | (0.30) |
Three Months Ended, | |||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 | March 31, 2024 | June 30, 2024 | September 30, 2024 | December 31, 2024 | ||||||||||||||||||||||||||||||||||||||||
(Restated) | (Restated) | (Restated) | (Restated) | (Restated) | (Restated) | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation: | |||||||||||||||||||||||||||||||||||||||||||||||
Cost of product revenue | $ | 16 | $ | 12 | $ | — | $ | 6 | $ | — | $ | 5 | $ | 4 | $ | 8 | |||||||||||||||||||||||||||||||
Cost of subscription revenue | 52 | 82 | 74 | 82 | 91 | 110 | 169 | 154 | |||||||||||||||||||||||||||||||||||||||
Cost of service revenue | 47 | 61 | 38 | 47 | 44 | 51 | 63 | 61 | |||||||||||||||||||||||||||||||||||||||
Cost of license fee and other revenue | 31 | 28 | 2 | 5 | 3 | 7 | 8 | 10 | |||||||||||||||||||||||||||||||||||||||
Research and development | 843 | 1,232 | 1,148 | 1,079 | 902 | 1,222 | 1,243 | 1,153 | |||||||||||||||||||||||||||||||||||||||
Sales and marketing | 1,980 | 2,536 | 2,293 | 2,572 | 2,959 | 2,724 | 2,516 | 2,747 | |||||||||||||||||||||||||||||||||||||||
General and administrative | 2,065 | 2,750 | 2,481 | 2,567 | 2,431 | 3,308 | 3,504 | (741) | |||||||||||||||||||||||||||||||||||||||
Total stock-based compensation | $ | 5,034 | $ | 6,701 | $ | 6,036 | $ | 6,358 | $ | 6,430 | $ | 7,427 | $ | 7,507 | $ | 3,392 | |||||||||||||||||||||||||||||||
Amortization of capitalized stock-based compensation: | |||||||||||||||||||||||||||||||||||||||||||||||
Cost of subscription revenue | 5 | 5 | 6 | 8 | 8 | 8 | 13 | 47 | |||||||||||||||||||||||||||||||||||||||
Cost of service revenue | 5 | 6 | 6 | 6 | 6 | 7 | 10 | 38 | |||||||||||||||||||||||||||||||||||||||
Total amortization of capitalized stock-based compensation | $ | 10 | $ | 11 | $ | 12 | $ | 14 | $ | 14 | $ | 15 | $ | 23 | $ | 85 | |||||||||||||||||||||||||||||||
One-time employee separation costs: | |||||||||||||||||||||||||||||||||||||||||||||||
Cost of service revenue | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 174 | $ | — | $ | — | |||||||||||||||||||||||||||||||
Sales and marketing | — | 282 | 61 | 262 | — | 794 | — | 63 | |||||||||||||||||||||||||||||||||||||||
General and administrative | — | — | — | — | — | 32 | — | 1,997 | |||||||||||||||||||||||||||||||||||||||
Total other one-time expenses | $ | — | $ | 282 | $ | 61 | $ | 262 | $ | — | $ | 1,000 | $ | — | $ | 2,060 |