Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash Flows from Operating Activities    
Net loss $ (27,423) $ (43,232)
Adjustments to reconcile net loss to net cash used in operating activities:    
Gain on partial termination of lease (3,139) 0
Stock-based compensation 11,995 15,513
Depreciation and amortization 9,821 5,824
Changes in fair value of derivative liabilities (9,888) (216)
Reduction of transaction costs allocated to derivative liabilities upon Business Combination 0 (3,745)
Non-cash interest expense 3,380 3,833
Asset impairment charges 1,260 2,495
Inventory reserve (3,061) 372
Loss on extinguishment of debt 5,004 0
Other non-cash expenses (income) (140) 135
Changes in operating assets and liabilities:    
Inventory 12,486 14,984
Prepaids and other assets 569 1,672
Accounts payable (1,274) (2,574)
Accrued expenses (4,612) 2,216
Deferred revenue (814) (3,724)
Operating lease right-of-use assets and liabilities (4,349) (1,603)
Other liabilities 436 57
Net cash used in operating activities (9,749) (7,993)
Cash Flows from Investing Activities    
Proceeds from sale of property and equipment 136 0
Purchase of property and equipment (1,757) (2,985)
Net cash used in investing activities (1,621) (2,985)
Cash Flows from Financing Activities    
Proceeds from the issuance of debt 0 7,500
Payment of debt issuance costs (301) (925)
Repayment of debt and Structural Derivative Liability (72,348) (575)
Payment of costs to extinguish debt (24) 0
Proceeds from issuance of redeemable convertible preferred stock, convertible common stock, and common stock warrants 15,000 10,000
Payment of transaction costs related to Business Combination, redeemable convertible preferred stock and settlement of HGI Additional Shares liability 513 4,555
Payments related to stock-based award activities, net (1,366) (2,071)
Proceeds from issuance under employee stock purchase plan 363 482
Net cash provided by (used in) financing activities (59,189) 9,856
Net increase (decrease) in cash, cash equivalents and restricted cash (70,559) (1,122)
Cash, cash equivalents and restricted cash at beginning of period 94,863 95,985
Cash, cash equivalents and restricted cash at end of period 24,304 94,863
Supplemental Disclosure    
Cash paid for taxes 49 43
Cash paid for interest 9,419 12,140
Supplemental Disclosure of Non-Cash Investing and Financing Activities    
Purchase of property and equipment in accounts payable and accrued liabilities 4 21
Debt issuance costs in accounts payable and accrued liabilities 45 0
Cost of debt extinguishment in accrued liabilities 78 0
Transaction costs and preferred stock issuance costs in accounts payable and accrued liabilities 15 0
Settlement of HGI Additional Shares liability 0 1,500
Partial settlement of Earnout due to cancellation of shares 0 347
Cancellation of Volition Warrants 300 0
Reduction in transaction costs allocated to equity instruments $ 0 $ 9,609