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 12 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Cash flows from operating activities:      
Net loss $ (11,644) $ (28,609)  
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 3,474 1,815  
Write-off of inventory and change in inventory reserve 1,059 214  
Loss from impairment of property and equipment 0 137  
Stock-based compensation 6,410 5,043  
Non-cash interest expense 0 22  
Accretion of discount on marketable securities, net of change in accrued interest 200 0  
Non-cash lease expense 354 214  
Change in allowance for expected credit losses (267) 124  
Loss on extinguishment of debt 0 626  
Change in fair value of contingent earn-out liability (6,899) 3,318  
Change in fair value of contingently issuable common stock liability (527) 742  
Change in fair value of public warrant liability (2,151) 1,750  
Changes in operating assets and liabilities      
Accounts receivable 848 8,640  
Inventory (2,091) 1,418  
Commission assets (70) (644)  
Contract assets 1,313 258  
Other assets 203 (130)  
Prepaid expenses and other current assets (3,746) (25)  
Accounts payable (760) (2,213)  
Deferred revenue 231 8,757  
Accrued expenses and other current liabilities (1,628) (4,637)  
Operating lease liability (392) (254)  
Net cash used in operating activities (16,083) (3,434)  
Cash flows from investing activities:      
Development of internal-use software (1,797) (733)  
Purchases of property and equipment (19,665) (13,365)  
Proceeds from sale of property and equipment 0 60  
Purchases of marketable securities (14,567) 0  
Proceeds from maturities of marketable securities 29,241 0  
Net cash used in investing activities (6,788) (14,038)  
Cash flows from financing activities:      
Proceeds from exercise of stock options 302 33  
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 302 (30,299)  
Effect of exchange rate changes on cash and cash equivalents 3 (16)  
Net decrease in cash, cash equivalents and restricted cash (22,566) (47,787)  
Cash, cash equivalents and restricted cash      
Cash, cash equivalents and restricted cash at beginning of period 67,437 230,058 $ 230,058
Cash, cash equivalents and restricted cash at end of period 44,871 182,271 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 12,030 10,648  
Capitalization of stock compensation 195 91  
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 44,596 180,996 67,162
Restricted cash 0 1,000 275
Restricted cash, noncurrent 275 275 0
Total cash, cash equivalents and restricted cash shown in the statements of cash flows $ 44,871 $ 182,271 $ 67,437