Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.22.2.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2022
Mar. 31, 2022
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Jun. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:                    
Net loss $ (18,615) $ (13,801) $ 20,807 $ (22,977) $ (13,506) $ (36,483) $ (58,102) $ (15,676) $ (10,888) $ (28,427)
Adjustments to reconcile net loss to net cash used in operating activities:                    
Depreciation and amortization 1,400 1,086 800   452 1,102 3,782 1,948 2,895 1,065
Write-off of inventory   324         559 400 2,132  
Adjustment to property and equipment for sales type leases   (625)         (625) 0 (91)  
Loss from impairment of property and equipment 626 96 1,656       1,038 1,656 1,869  
Loss on disposal of property and equipment             0 659 617  
Stock-based compensation   3,927     309 1,376 15,513 6,032 9,596 1,579
Non-cash interest expense   5     2,344 5,455 14 5,561 5,245 25
Non-cash lease expense   197         602 0    
Provision recorded for allowance for doubtful accounts         (63) (63) 100 (63) (13) 47
Loss on extinguishment of debt 0   865 11,820   11,820 0 12,685 12,685 66
Change in fair value of derivative liability 0   (475) 795 1,425 2,220 0 1,745 1,745  
Change in fair value of common stock warrant liability 0   (42) 185 736 921 0 879 879  
Change in fair value of contingent earn-out liability (7,245) (3,078) (32,609)       (9,754) (32,609) (47,360)  
Change in fair value of contingently issuable common stock liability (1,081) (1,472) (5,718)       (2,529) (5,718) (6,406)  
Change in fair value of public warrant liability 1,146 (5,586) (3,152)       (4,297) (3,152) (12,606)  
Changes in operating assets and liabilities                    
Accounts receivable   (2,112)     (874) (1,335) (14,822) (5,866) (5,063) (464)
Inventory   (1,310)     (480) (453) (4,401) (736) (3,436) (315)
Commission assets   (351)     (391) (742) (1,656) (1,102) (3,072) (1,785)
Contract assets   108     (119) (239) (1,938) (3,477) (4,877)  
Other assets   141     7 13 (629) 23 32 (173)
Prepaid expenses and other current assets   (5,571)     (3,727) (7,287) (9,009) (11,535) (9,148) (1,016)
Accounts payable   (855)     959 3,499 2,177 240 765 815
Deferred revenue   2,577     (806) 153 16,005 2,352 4,832 2,386
Deferred rent   0     (11) 152 0 397 457 (34)
Warranty reserve           (42) 0 (42) (42) (14)
Accrued expenses and other current liabilities   (2,433)         (750) 2,834    
Operating lease liability   (697)         (699) 0   0
Net cash used in operating activities   (29,430)     (12,439) (18,292) (69,421) (42,565) (56,781) (23,602)
Cash flows from investing activities:                    
Development of internal-use software   (728)         (1,936) 0 (1,028)  
Purchases of property and equipment   (6,689)     (2,121) (7,954) (17,554) (10,994) (16,557) (6,261)
Proceeds from sale of property and equipment             312 0    
Net cash used in investing activities   (7,417)     (2,121) (7,954) (19,178) (10,994) (17,585) (6,261)
Cash flows from financing activities:                    
Proceeds from exercise of stock options   227     455 657 571 777 915 442
Proceeds from issuance of common stock from the PIPE Investment             0 300,000 300,000  
Proceeds from the closing of the Merger             0 84,945 84,945  
Payment of offering costs from the closing of the Merger and PIPE Investment             0 (33,968) (34,132)  
Repayment of financing obligations         (359) (359) 0 (359) (359) (244)
Proceeds from long-term debt, net of issuance costs         31,882 31,882 0 31,882 31,882 22,438
Repayment of principal on long-term debt             (1,000) 0 (5,422) (8,404)
Net cash provided by (used in) financing activities   227     31,978 32,180 (429) 383,277 377,829 17,226
Effect of exchange rate changes on cash and cash equivalents             35 0    
Net increase (decrease) in cash, cash equivalents and restricted cash   (36,620)     17,418 5,934 (88,993) 329,718 303,463 (12,637)
Cash, cash equivalents and restricted cash                    
Cash, cash equivalents and restricted cash at beginning of period   308,167 10,638 22,122 4,704 4,704 308,167 4,704 4,704 17,341
Cash, cash equivalents and restricted cash at end of period 219,174 271,547 334,422 10,638 22,122 10,638 219,174 334,422 308,167 4,704
Supplemental disclosure of cash flow information                    
Cash paid for interest             478 427    
Supplemental disclosure of non-cash activities                    
Capital expenditures incurred but not yet paid   2,391     1,335 2,962 5,935 3,123 2,936 1,100
Capitalization of stock compensation           27 90 40    
Deferred offering costs included in accounts payable             0 1,770 1,943  
Conversion of convertible preferred stock to common stock             0 75,877 75,877  
Initial fair value of contingent earn-out liability recognized in connection with the closing of the Merger             0 67,021 67,021  
Initial fair value of contingently issuable common stock liability recognized in connection with the closing of the Merger             0 11,670 11,670  
Conversion of common stock warrants to common stock in connection with the closing of the Merger             0 880 880  
Initial fair value of public warrants in connection with the closing of the Merger             0 23,636 23,636  
Reconciliation of cash, cash equivalents and restricted cash:                    
Cash and cash equivalents 218,499   333,747       218,499 333,747 307,492 4,704
Restricted cash 400   400       400 400 400  
Restricted cash, noncurrent 275   275       275 275 275  
Total cash, cash equivalents and restricted cash shown in the statements of cash flows $ 219,174 $ 271,547 $ 334,422 $ 10,638 $ 22,122 $ 10,638 $ 219,174 $ 334,422 $ 308,167 $ 4,704