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 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:        
Net income (loss) $ 5,999 $ (18,615) $ (89,364) $ (58,102)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation and amortization 2,700 1,400 6,781 3,782
Write-off of inventory and change in inventory reserve     581 559
Adjustment to property and equipment for sales type leases     0 (625)
Loss from impairment of property and equipment 28 626 322 1,038
Stock-based compensation     17,303 15,513
Non-cash interest expense     22 14
Accretion of discount on marketable securities     (482) 0
Non-cash lease expense     136 602
Change in allowance for expected credit losses     237 100
Loss on extinguishment of debt 0 0 626 0
Change in fair value of contingent earn-out liability (14,078) (7,245) 17,353 (9,754)
Change in fair value of contingently issuable common stock liability (2,277) (1,081) 3,560 (2,529)
Change in fair value of public warrant liability (8,156) 1,146 5,345 (4,297)
Changes in operating assets and liabilities        
Accounts receivable     2,107 (14,822)
Inventory     2,041 (4,401)
Commission assets     (1,757) (1,656)
Contract assets     75 (1,938)
Other assets     352 (629)
Prepaid expenses and other current assets     (2,111) (9,009)
Accounts payable     (6,396) 2,177
Deferred revenue     36,551 16,005
Accrued expenses and other current liabilities     278 (750)
Operating lease liability     (218) (699)
Net cash used in operating activities     (6,658) (69,421)
Cash flows from investing activities:        
Development of internal-use software     (2,202) (1,936)
Purchases of property and equipment     (51,646) (17,554)
Proceeds from sale of property and equipment     60 312
Purchases of marketable securities     (58,652) 0
Proceeds from maturities of marketable securities     19,647 0
Net cash used in investing activities     (92,793) (19,178)
Cash flows from financing activities:        
Proceeds from exercise of stock options and warrants     616 571
Proceeds from long-term debt     1,876 0
Repayment of principal on long-term debt     (31,876) (1,000)
Payment of debt issuance costs and prepayment penalty     (332) 0
Net cash provided by (used in) financing activities     (29,716) (429)
Effect of exchange rate changes on cash and cash equivalents     1 35
Net increase (decrease) in cash, cash equivalents and restricted cash     (129,166) (88,993)
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 100,892 219,174 100,892 219,174
Supplemental disclosure of cash flow information        
Cash paid for interest     710 478
Supplemental disclosure of non-cash activities        
Transfer of property and equipment to inventory     191 0
Capital expenditures incurred but not yet paid     10,214 5,935
Capitalization of stock compensation     340 90
Reconciliation of cash, cash equivalents and restricted cash:        
Cash and cash equivalents 99,617 218,499 99,617 218,499
Restricted cash 1,000 400 1,000 400
Restricted cash, noncurrent 275 275 275 275
Total cash, cash equivalents and restricted cash shown in the statements of cash flows $ 100,892 $ 219,174 $ 100,892 $ 219,174