Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.22.2.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities    
Net loss $ (12,587) $ (92,663)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation and amortization 3,328 1,276
Stock-based compensation 15,090 1,751
Loss on the convertible note modification 0 50,577
(Gain) loss on fair value of warrants (11,039) 3,633
Gain on fair value of contingent earnout liabilities (58,110) (2,014)
Changes in assets and liabilities    
Accounts receivable (8,144) (5,326)
Inventories (41,807) (3,022)
Contract assets (2,096) 1,523
Prepaid expenses and other current assets 7,342 (1,767)
Other assets 1,970 (2,407)
Accounts payable 1,177 (252)
Accrued expenses and other liabilities 10,148 3,400
Contract liabilities 3,789 12,414
Other noncurrent liabilities (1,215) 1,611
Net cash used in operating activities (92,154) (31,266)
Cash flows from investing activities    
Purchase of property and equipment (12,228) (1,534)
Production of equipment for lease to customers (4,174) (6,919)
Purchases of available-for-sale investments (87,655) 0
Proceeds from maturity of available-for-sale investments 29,550 0
Net cash used in investing activities (74,507) (8,453)
Cash flows from financing activities    
Proceeds from loan refinance, net of issuance costs 6,664 0
Repayment of loans in connection with loan refinance (8,089) 0
Proceeds from Merger 0 143,183
Proceeds from PIPE financing 0 155,000
Proceeds from loan refinance 0 19,339
Repayment of term loan 0 (4,997)
Repayment of property and equipment loan (355) (833)
Proceeds from term loan revolver facility 0 3,000
Proceeds from convertible notes 0 5,000
Proceeds from equipment loans 0 5,419
Repayment of equipment loans 0 (1,878)
Issuance of common stock upon exercise of stock options 1,243 313
Net cash provided by (used in) financing activities (537) 323,546
Effect of exchange rate changes on cash and cash equivalents (57) 0
Net change in cash and cash equivalents (167,255) 283,827
Cash and cash equivalents and restricted cash at beginning of period 208,402 15,517
Cash and cash equivalents and restricted cash at end of period 41,147 299,344
Supplemental disclosure of cash flow information    
Cash paid for interest 253 857
Supplemental disclosure of non-cash information    
Conversion of warrants into redeemable convertible preferred stock, net settlement 0 899
Conversion of convertible notes to Series D redeemable convertible preferred stock 0 5,000
Conversion of redeemable convertible preferred stock into common stock 0 180,180
Conversion of warrants into common stock, net settlement 0 3,635
Reclassification of warrants liability upon the reverse recapitalization 0 21,051
Reclassification of contingent earnout liability upon the reverse recapitalization 0 120,763
Issuance of common stock warrants in connection with financing 0 316
Issuance of common stock warrants in connection with refinancing 170 0
Unpaid liabilities related to property and equipment 0 3,231
Unpaid merger transactional costs 0 19,313
Cash and Cash Equivalents and Restricted Cash    
Cash and cash equivalents 40,347 296,826
Restricted cash (Other assets) 800 2,518
Total cash and cash equivalents and restricted cash $ 41,147 $ 299,344