Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows

v3.26.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities    
Net loss $ (33,608) $ (49,465)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation and amortization 2,358 2,630
Amortization of debt discount and deferred financing costs 17 148
Stock-based compensation 10,311 7,335
(Gain) loss on fair value of warrants (27) 1,044
Gain on fair value of contingent earnout liabilities (1)  
Loss on warrant cancellation 0 11,357
Reserve for excess and obsolete inventory 1,948 0
Provision for credit losses 57 37
Non-cash lease expense 156 105
Loss on sale/disposal of fixed assets 0 24
Changes in operating assets and liabilities    
Accounts receivable (2,452) (2,986)
Inventories (3,177) 11,333
Contract assets (14,264) (2,938)
Prepaid expenses and other current assets (7,241) 507
Other assets 871 (5,890)
Accounts payable (10,052) (1,762)
Accrued expenses and other liabilities (1,543) 11,876
Contract liabilities 1,507 (2,057)
Other noncurrent liabilities 2,947 (888)
Net cash used in operating activities (52,193) (19,590)
Cash flows from investing activities    
Purchase of property and equipment (6,375) (2,112)
Net cash used in investing activities (6,375) (2,112)
Cash flows from financing activities    
Proceeds from convertible secured notes 0 15,000
Repayment of 2025 equipment loan (2,282) 0
Repayment of secured notes (3,039) (499)
Net cash provided by financing activities 98,629 32,323
Effect of exchange rate changes on cash and cash equivalents 6 4
Net change in cash and cash equivalents and restricted cash 40,067 10,625
Cash and cash equivalents and restricted cash at beginning of period 39,636 1,840
Cash and cash equivalents and restricted cash at end of period 79,703 12,465
Supplemental disclosure of cash flow information    
Cash paid for interest 769 850
Supplemental schedule of non-cash investing and financing activities    
Conversion of convertible secured notes into common stock 18,494 0
Unpaid liabilities related to property and equipment, net 4,410 94
Unpaid purchase of inventories, net 1,775 0
Equipment subject to operating lease, net returned to inventories, net 1,045 653
Transfer of property and equipment, net (to) from inventories, net 1,605 1,645
Transfer of other assets to inventories, net, upon return of leased asset (1,237) 0
Derecognition of right-of-use asset upon purchase of leased asset 306 0
Operating lease right-of-use assets recorded in exchange for lease obligations (72,892) 0
Cash and Cash Equivalents and Restricted Cash    
Cash and cash equivalents 75,732 11,842
Restricted cash (Other assets) 3,971 623
Total cash and cash equivalents and restricted cash 79,703 12,465
April 2026 Offering    
Cash flows from financing activities    
Gross proceeds from Offering 50,000 0
Payment for issuance costs related to Offering (3,408) 0
ATM Offering    
Cash flows from financing activities    
Gross proceeds from Offering 59,428 0
Payment for issuance costs related to Offering (2,070) 0
August 2025 Offering    
Cash flows from financing activities    
Gross proceeds from Offering 0 20,125
Payment for issuance costs related to Offering $ 0 $ (2,303)