Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.23.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities    
Net income (loss) $ 10,020 $ (107,091)
Adjustments to reconcile net income (loss) to net cash used in operating activities    
Depreciation and amortization 5,290 3,007
Stock-based compensation 20,148 4,368
Loss on convertible note modification 0 50,577
Loss (gain) on fair value of warrants (19,129) 5,202
Gain on fair value of contingent earnout liabilities (94,073) (9,276)
Bad debt provision 387 0
Changes in assets and liabilities    
Accounts receivable 3,206 (11,546)
Inventories (47,017) (8,010)
Contract assets (6,531) 2,759
Prepaid expenses and other current assets 6,142 (7,628)
Other assets (1,241) (14,499)
Accounts payable 2,341 1,876
Accrued expenses and other liabilities 6,362 6,878
Contract liabilities (7,058) 17,550
Other noncurrent liabilities (2,809) 9,429
Net cash used in operating activities (123,962) (56,404)
Cash flows from investing activities    
Purchase of property and equipment (13,822) (9,619)
Production of equipment for lease to customers (5,595) (8,480)
Purchases of available-for-sale investments (87,655) (15,491)
Proceeds from maturity of available for sale investments 54,050 0
Net cash used in investing activities (53,022) (33,590)
Cash flows from financing activities    
Proceeds from Merger, net of transaction costs 0 123,270
Proceeds from PIPE financing 0 155,000
Proceeds from term loan 0 19,339
Proceeds from loan refinance, net of issuance costs 6,664 0
Repayment of loans in connection with loan refinance (8,089) 0
Repayment of term loan 0 (25,283)
Repayment of property and equipment loan (889) (833)
Proceeds from term loan revolver facility 0 3,000
Proceeds from equipment loans 2,400 5,419
Repayment of equipment loans 0 (2,411)
Proceeds from convertible notes 0 5,000
Issuance of common stock upon exercise of stock options 1,256 385
Net cash provided by financing activities 1,342 282,886
Effect of exchange rate on cash and cash equivalents 23 (7)
Net change in cash and cash equivalents (175,619) 192,885
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 32,783 208,402
Supplemental disclosure of cash flow information    
Cash paid for interest 372 1,417
Supplemental disclosure of non-cash information    
Conversion of convertible notes to Series D redeemable convertible preferred stock 0 5,000
Unpaid liabilities related to property and equipment 0 1,271
Conversion of warrants into redeemable convertible preferred stock, net settlement 0 899
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 warrants 170 316
Cash and Cash Equivalents and Restricted Cash    
Cash and cash equivalents 31,983 207,602
Restricted cash 800 800
Total cash and cash equivalents, and restricted cash $ 32,783 $ 208,402