Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash Flows from Operating Activities      
Net loss $ (87,715) $ (135,896) $ (72,260)
Adjustments to reconcile net loss to net cash used in operating activities:      
Remeasurement of convertible preferred stock warrant liability (1,616) 1,234 964
Stock-based compensation 45,660 14,610 7,762
Depreciation and amortization 5,716 4,992 4,115
Changes in fair value of derivative liabilities (71,532) 0 0
Transaction costs allocated to derivative liabilities upon Business Combination 6,873 0 0
Non-cash interest expense 586 704 917
Inventory reserve 7,036 4,725 1,820
Loss on extinguishment of debt 4,663 1,027 0
Impairment of operating lease right-of-use asset 5,300 0 0
Other non-cash expenses 274 1,274 401
Changes in operating assets and liabilities:      
Inventory 3,285 (12,598) (18,611)
Prepaids and other assets 3,114 (3,294) (1,437)
Accounts payable (10,518) (2,489) (16,250)
Accrued expenses (5,004) (817) 5,582
Deferred revenue (389) 148 2,102
Operating lease right-of-use assets and liabilities (130) 65 278
Other liabilities (1,864) (774) 961
Net cash used in operating activities (96,261) (127,089) (83,656)
Cash Flows from Investing Activities      
Purchase of property and equipment (4,222) (5,768) (4,820)
Net cash used in investing activities (4,222) (5,768) (4,820)
Cash Flows from Financing Activities      
Proceeds from issuance of common stock upon Closing of Business Combination 97,100 0 0
Proceeds from issuance of contingently redeemable convertible common stock 27,500 0 0
Proceeds from the issuance of common stock 4,924 0 0
Proceeds from issuance of convertible preferred stock 0 0 215,000
Payment of transaction costs related to the Closing of the Business Combination, the ELOC Agreement and convertible preferred stock issuance costs (6,558) (1,396) (210)
Proceeds from the issuance of debt 70,820 60,000 43,513
Payment of debt issuance costs (2,463) (375) (279)
Repayment of debt (5,180) (21,932) (33,118)
Payment of debt upon extinguishment (66,034) (2,499) 0
Proceeds from exercise of stock options, settlement of restricted stock units, net of withholding taxes paid related to common stock issued to employees, and warrants (1,985) 1,209 3,264
Repurchase of common stock (32) (297) 0
Net cash provided by financing activities 118,092 34,710 228,170
Net increase (decrease) in cash, cash equivalents and restricted cash 17,609 (98,147) 139,694
Cash, cash equivalents and restricted cash at beginning of period 78,376 176,523 36,829
Cash, cash equivalents and restricted cash at end of period 95,985 78,376 176,523
Supplemental Disclosure      
Cash paid for taxes 67 52 4
Cash paid for interest 10,144 4,472 3,887
Supplemental Disclosure of Non-Cash Investing and Financing Activities      
Purchase of property and equipment in accounts payable and accrued liabilities 85 112 86
Conversion of contingently redeemable convertible common stock and preferred stock to common stock 516,380 0 0
Assumption of derivative liabilities upon Business Combination 93,196 0 0
Reclassification of Grove's preferred stock warrant liability to equity 2,182 0 0
Transaction costs and convertible preferred stock included in accounts payable and accrued liabilities 17,500 1,928 284
Issuance of common stock for business and asset acquisitions 0 0 67
Debt issuance costs recorded with an offset to convertible preferred stock warrant liability 0 0 323
Initial measurement of Structural Derivative Liability recorded as debt fees 7,050 0 0
Initial measurement of common stock recorded as debt fees 1,072 0 0
Debt issuance costs in accounts payable and accrued liabilities 46 0 0
Initial measurement of common stock warrants recorded as debt fees 0 1,622 0
Settlement of Additional Shares liability 16,310 0 0
Net exercise of preferred stock warrants 989 0 0
Vesting of early exercised stock options $ 125 $ 1,577 $ 68