Annual report pursuant to Section 13 and 15(d)

Unaudited Quarterly Financial Information

v3.23.1
Unaudited Quarterly Financial Information
 12 Months Ended
Dec. 31, 2022
Quarterly Financial Data [Abstract]  
Unaudited Quarterly Financial Information Unaudited Quarterly Financial Information
The following tables summarize the consolidated quarterly results of operations for 2022 and 2021:
2022
First Quarter Second Quarter Third Quarter Fourth Quarter
Total revenue $ 8,710  $ 9,070  $ 16,530  $ 20,885 
Gross profit 897  553  225  54 
Net loss (13,801) (25,686) (18,615) (28,304)
Net loss per share - basic and diluted $ (0.10) $ (0.18) $ (0.13) $ (0.20)
2021
First Quarter Second Quarter Third Quarter Fourth Quarter
Total revenue $ 3,693  $ 4,678  $ 8,424  $ 6,598 
Gross profit 449  728  3,467  (615)
Net income (loss) (13,506) (22,977) 20,807  4,788 
Net income (loss) per share - basic $ (1.29) $ (1.93) $ 0.17  $ 0.03 
Net income (loss) per share - diluted (1.29) (1.93) 0.14  0.03 
The following tables summarize the impact of the revisions described in Note 21 to the periods ending March 31, 2022 and 2021:
Three Months Ended
March 31, 2022
As Previously Reported Adjustment As Revised
Revenue:
Product revenue $ 5,194  $ —  $ 5,194 
Subscription revenue 3,020  (16) 3,004 
Service revenue 501  11  512 
Total revenue 8,715  (5) 8,710 
Cost of revenue:
Cost of product revenue 5,576  (370) 5,206 
Cost of subscription revenue 1,065  477  1,542 
Cost of service revenue 448  617  1,065 
Total cost of revenue 7,089  724  7,813 
Gross profit 1,626  (729) 897 
Operating expenses:
Research and development 4,286  (111) 4,175 
Sales and marketing expense 12,053  (2,381) 9,672 
General and administrative 11,093  (276) 10,817 
Loss from impairment of property and equipment 96  —  96 
Total operating expenses 27,528  (2,768) 24,760 
Loss from operations (25,902) 2,039  (23,863)
Other income (expense), net:
Interest expense (142) —  (142)
Interest income 209  (141) 68 
Change in fair value of contingent earn-out liability 4,226  (1,148) 3,078 
Change in fair value of contingently issuable common stock liability 1,472  —  1,472 
Change in fair value of public warrant liability 5,586  —  5,586 
Total other income (expense), net 11,351  (1,289) 10,062 
Net loss $ (14,551) $ 750  $ (13,801)
Weighted average common shares outstanding - basic and diluted 142,878,406  —  142,878,406 
Net loss per share - basic and diluted $ (0.10) $ —  $ (0.10)
Three Months Ended
March 31, 2021
As Previously Reported Adjustment As Revised
Revenue:
Product revenue $ 2,502  $ (235) $ 2,267 
Subscription revenue 1,300  (73) 1,227 
Service revenue 197  2  199 
Total revenue 3,999  (306) 3,693 
Cost of revenue:
Cost of product revenue 2,229  (13) 2,216 
Cost of subscription revenue 595  148  743 
Cost of service revenue 127  158  285 
Total cost of revenue 2,951  293  3,244 
Gross profit 1,048  (599) 449 
Operating expenses:
Research and development 3,612  128  3,740 
Sales and marketing expense 3,684  (1,076) 2,608 
General and administrative 2,899  153  3,052 
Total operating expenses 10,195  (795) 9,400 
Loss from operations (9,147) 196  (8,951)
Other income (expense), net:
Interest expense, net (2,447) 53  (2,394)
Change in fair value of derivative liability (1,425) —  (1,425)
Change in fair value of common stock warrant liability (736) —  (736)
Total other income (expense), net (4,608) 53  (4,555)
Net loss $ (13,755) $ 249  $ (13,506)
Weighted average common shares outstanding - basic and diluted 10,443,323  —  10,443,323 
Net loss per share - basic and diluted $ (1.32) $ 0.03  $ (1.29)
Three Months Ended
March 31, 2022
As Previously Reported Adjustment As Revised
Cash flows from operating activities:
Net loss $ (14,551) $ 750  $ (13,801)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization 948  138  1,086 
Write-off of inventory 324  —  324 
Adjustment to property and equipment for sales type leases (321) (304) (625)
Loss from impairment of property and equipment 96  —  96 
Stock-based compensation 5,190  (1,263) 3,927 
Non-cash interest expense 5  —  5 
Non-cash lease expense 197  —  197 
Change in fair value of earn-out liability (4,226) 1,148  (3,078)
Change in fair value of contingently issuable common stock (1,472) —  (1,472)
Change in fair value of public warrant liability (5,586) —  (5,586)
Changes in operating assets and liabilities
Accounts receivable (2,112) —  (2,112)
Inventory (6,985) 5,675  (1,310)
Commission assets (351) —  (351)
Contract assets 108  —  108 
Other assets —  141  141 
Prepaid expenses and other current assets (5,280) (291) (5,571)
Accounts payable (1,867) 1,012  (855)
Deferred revenue 2,778  (201) 2,577 
Deferred rent (468) 468  — 
Accrued expenses and other current liabilities (2,065) (368) (2,433)
Operating lease liability (229) (468) (697)
Net cash used in operating activities (35,867) 6,437  (29,430)
Cash flows from investing activities:
Development of internal-use software (646) (82) (728)
Purchases of property and equipment (323) (6,366) (6,689)
Net cash used in investing activities (969) (6,448) (7,417)
Cash flows from financing activities:
Proceeds from exercise of stock options 216  11  227 
Net cash provided by financing activities 216  11  227 
Net increase (decrease) in cash, cash equivalents and restricted cash (36,620) —  (36,620)
Cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash at beginning of period 308,167  —  308,167 
Cash, cash equivalents and restricted cash at end of period $ 271,547  $ —  $ 271,547 
Supplemental disclosure of non-cash activities
Transfer of inventory to property and equipment $ 4,620  $ (4,620) $ — 
Capital expenditures incurred but not yet paid 1,693  698  2,391 
Three Months Ended
March 31, 2021
As Previously Reported Adjustment As Revised
Cash flows from operating activities:
Net loss $ (13,755) $ 249  $ (13,506)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization 452  —  452 
Stock-based compensation 1,082  (773) 309 
Non-cash interest expense 2,344  —  2,344 
Provision recorded for allowance for doubtful accounts (63) —  (63)
Change in fair value of derivative liability 1,425  —  1,425 
Change in fair value of common stock warrant liability 736  —  736 
Changes in operating assets and liabilities
Accounts receivable (874) —  (874)
Inventory (433) (47) (480)
Commission assets (391) —  (391)
Contract assets (119) —  (119)
Other assets —  7  7 
Prepaid expenses and other current assets (4,104) 377  (3,727)
Accounts payable 1,194  (235) 959 
Deferred revenue (621) (185) (806)
Deferred rent (11) —  (11)
Accrued expenses and other current liabilities 1,100  206  1,306 
Net cash used in operating activities (12,038) (401) (12,439)
Cash flows from investing activities:
Purchases of property and equipment (2,522) 401  (2,121)
Net cash used in investing activities (2,522) 401  (2,121)
Cash flows from financing activities:
Proceeds from exercise of stock options 455  —  455 
Repayment of financing obligations (359) —  (359)
Proceeds from long-term debt, net of issuance costs 31,882  —  31,882 
Net cash provided by financing activities 31,978  —  31,978 
Net increase (decrease) in cash, cash equivalents and restricted cash 17,418  —  17,418 
Cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash at beginning of period 4,704  —  4,704 
Cash, cash equivalents and restricted cash at end of period $ 22,122  $ —  $ 22,122 
Supplemental disclosure of non-cash activities
Capital expenditures incurred but not yet paid —  1,335  1,335 
Issuance of equity classified warrants 1  —  1