Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Cash flows from operating activities:              
Net income (loss) $ 3,462 $ (11,644) $ (66,754) $ (28,609) $ (8,182) $ (95,363)  
Adjustments to reconcile net loss to net cash used in operating activities:              
Depreciation and amortization 4,000   2,300   7,442 4,087  
Write-off of inventory and change in inventory reserve         1,725 337  
Loss from impairment of property and equipment 0   157   0 294  
Stock-based compensation         13,834 11,732  
Non-cash interest expense         0 22  
Amortization (accretion) of premium (discount) on marketable securities, net of change in accrued interest         181 (242)  
Non-cash lease expense         728 432  
Change in allowance for expected credit losses         203 173  
Loss on extinguishment of debt 0   0   0 626  
Change in fair value of contingent earn-out liability (16,514)   28,113   (23,413) 31,431  
Change in fair value of contingently issuable common stock liability (3,747)   5,095   (4,274) 5,837  
Change in fair value of public warrant liability (4,886)   11,751   (7,037) 13,501  
Changes in operating assets and liabilities              
Accounts receivable         (14,020) (646)  
Inventory         (10,354) 5,080  
Commission assets         (492) (1,258)  
Contract assets         2,324 (1,184)  
Other assets         337 (43)  
Prepaid expenses and other current assets         (2,958) 580  
Accounts payable         (1,653) (7,409)  
Deferred revenue         8,333 24,113  
Accrued expenses and other current liabilities         79 (342)  
Operating lease liability         (765) (513)  
Net cash used in operating activities         (37,962) (8,755)  
Cash flows from investing activities:              
Development of internal-use software         (3,408) (1,599)  
Purchases of property and equipment         (21,092) (33,173)  
Proceeds from sale of property and equipment         0 60  
Purchases of marketable securities         (14,567) (29,405)  
Proceeds from maturities of marketable securities         44,918 0  
Net cash provided by (used in) investing activities         5,851 (64,117)  
Cash flows from financing activities:              
Proceeds from exercise of stock options         636 344  
Proceeds from long-term debt         0 1,876  
Repayment of principal on long-term debt         0 (31,876)  
Payment of debt issuance costs and prepayment penalty         0 (332)  
Net cash provided by (used in) financing activities         636 (29,988)  
Effect of exchange rate changes on cash and cash equivalents         11 (33)  
Net decrease in cash, cash equivalents and restricted cash         (31,464) (102,893)  
Cash, cash equivalents and restricted cash              
Cash, cash equivalents and restricted cash at beginning of period   $ 67,437   $ 230,058 67,437 230,058 $ 230,058
Cash, cash equivalents and restricted cash at end of period 35,973   127,165   35,973 127,165 67,437
Supplemental disclosure of cash flow information              
Cash paid for interest         0 710  
Supplemental disclosure of non-cash activities              
Transfer of property and equipment to inventory         468 191  
Capital expenditures incurred but not yet paid         3,407 13,572  
Capitalization of stock compensation         450 218  
Finback exercise price         0 348  
Operating lease liabilities arising from obtaining right-of-use assets         1,694 0  
Reconciliation of cash, cash equivalents and restricted cash:              
Cash and cash equivalents 35,698   125,890   35,698 125,890 67,162
Restricted cash 0   1,000   0 1,000 275
Restricted cash, noncurrent 275   275   275 275 0
Total cash, cash equivalents and restricted cash shown in the statements of cash flows $ 35,973   $ 127,165   $ 35,973 $ 127,165 $ 67,437