Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities    
Net loss $ (107,091) $ (21,807)
Adjustments to reconcile net loss to net cash used in operating activities    
Depreciation and amortization 2,170 1,240
Amortization of deferred loan costs 837 0
Stock-based compensation 4,368 1,455
Loss on convertible note modification 50,577 0
Loss/(gain) on fair value of warrants 5,202 (4)
Gain on fair value of contingent earnout liabilities (9,276) 0
Changes in assets and liabilities    
Accounts receivable (11,546) 742
Inventories (8,010) (2,743)
Contract assets 2,759 (2,493)
Prepaid expenses and other current assets (7,628) 1,077
Other assets (14,499) 466
Accounts payable 1,876 (490)
Accrued expenses and other liabilities 6,878 (1,024)
Contract liabilities 17,550 (2,389)
Other noncurrent liabilities 9,429 (476)
Net cash used in operating activities (56,404) (26,446)
Cash flows from investing activities    
Purchase of property and equipment (9,619) (401)
Production of equipment for lease to customers (8,480) (3,028)
Purchases of available-for-sale investments (15,491) 0
Net cash used in investing activities (33,590) (3,429)
Cash flows from financing activities    
Proceeds from Merger, net of transaction costs 123,270 0
Proceeds from PIPE financing 155,000 0
Proceeds from term loan 19,339 2,324
Repayment of term loan (25,283) (420)
Repayment of property and equipment loan (833) 0
Proceeds from term loan revolver facility 3,000 0
Proceeds from equipment loans 5,419 0
Repayment of equipment loans (2,411) 0
Proceeds from convertible notes 5,000 5,467
Issuance of common stock upon exercise of stock options 385 53
Net cash provided by financing activities 282,886 35,577
Effect of exchange rate on cash and cash equivalents (7) 0
Net change in cash and cash equivalents 192,885 5,702
Cash and cash equivalents and restricted cash at beginning of period 15,517 9,815
Cash and cash equivalents and restricted cash at end of period 208,402 15,517
Supplemental disclosure of cash flow information    
Cash paid for interest 1,417 461
Supplemental disclosure of non-cash information    
Extinguishment of redeemable convertible preferred stock 0 13,274
Conversion of convertible notes to Series D redeemable convertible preferred stock 5,000 6,967
Issuance of warrants 316 27
Unpaid liabilities related to property and equipment 1,271 216
Transfer between inventories and property and equipment 0 0
Conversion of warrants into redeemable convertible preferred stock, net settlement 899 0
Conversion of redeemable convertible preferred stock into common stock 180,180 0
Conversion of warrants into common stock, net settlement 3,635 0
Reclassification of warrants liability upon the reverse recapitalization 21,051 0
Reclassification of contingent earnout liability upon the reverse recapitalization 120,763 0
Cash and Cash Equivalents and Restricted Cash    
Cash and cash equivalents 207,602 15,517
Restricted cash 800 0
Total cash and cash equivalents, and restricted cash 208,402 15,517
Series C    
Supplemental disclosure of non-cash information    
Issuance of warrants 0 0
Series C    
Cash flows from financing activities    
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs 0 0
Supplemental disclosure of non-cash information    
Issuance of common stock upon conversion of redeemable convertible preferred stock 0 0
Series A    
Supplemental disclosure of non-cash information    
Issuance of common stock upon conversion of redeemable convertible preferred stock 0 0
Series D    
Cash flows from financing activities    
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs $ 0 $ 28,153