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
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities    
Net Income (Loss) $ (28,486) $ (59,526)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation and amortization 2,707 2,983
Amortization of debt discount and deferred financing costs 8,281 43
Stock-based compensation 9,334 12,771
(Gain) loss on fair value of warrants (22,690) 1,725
(Gain) loss on fair value of contingent earnout liabilities. (1,387) 7,810
Non-cash cost of issuance of common stock warrants on BEPO Offering 1,313 0
Realized loss on available for sale securities 21 0
Changes in assets and liabilities    
Accounts receivable 1,245 (5,099)
Inventories 3,891 3,538
Contract assets (1,351) (8,323)
Prepaid expenses and other current assets 1,871 3,609
Other assets 1,369 292
Accounts payable (2,391) (1,716)
Accrued expenses and other liabilities (595) (6,249)
Contract liabilities (345) (9,422)
Other noncurrent liabilities (1,279) (1,214)
Net cash used in operating activities (28,492) (58,778)
Cash flows from investing activities    
Purchase of property and equipment (8) (690)
Production of equipment for lease to customers 0 (3,694)
Sales of available for sale securities 2,474 0
Proceeds from maturity of available-for-sale investments 3,500 29,984
Net cash provided by investing activities 5,966 25,600
Cash flows from financing activities    
Proceeds from ATM offering, net of issuance costs 0 15,591
Proceeds from revolver facility 0 14,000
Proceeds from equipment loans 0 1,600
Repayment of equipment loans 0 (1,467)
Proceeds from BEPO Offering, net of issuance costs 10,675 0
Repayment of secured notes (10,500) 0
Issuance of common stock upon exercise of stock options 315 350
Net cash provided by financing activities 490 30,074
Effect of exchange rate changes on cash and cash equivalents 4 (11)
Net change in cash and cash equivalents (22,032) (3,115)
Cash and cash equivalents and restricted cash at beginning of period 25,294 32,783
Cash and cash equivalents and restricted cash at end of period 3,262 29,668
Supplemental disclosure of cash flow information    
Cash paid for interest 762 564
Supplemental disclosure of non-cash information    
Unpaid liabilities related to property and equipment 20 177
Equipment for lease to customers returned to inventory 2,235 4,364
Cash and Cash Equivalents and Restricted Cash    
Cash and cash equivalents 2,462 28,868
Restricted cash (Other assets) 800 800
Total cash and cash equivalents and restricted cash $ 3,262 $ 29,668