Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities    
Net income (loss) $ (135,139) $ 7,969
Adjustments to reconcile net income (loss) to net cash used in operating activities    
Depreciation and amortization 9,310 5,290
Stock-based compensation 24,931 20,148
Gain on fair value of warrants (2,338) (19,129)
Gain on fair value of contingent earnout liabilities (15,958) (94,073)
Gain on fair value of debt derivatives (8,485) 0
Loss on debt extinguishment 19,450 0
Cost of issuance of common stock warrants 1,357 0
Realized loss on available for sale securities 14 0
Changes in assets and liabilities    
Accounts receivable (398) 3,593
Inventories 13,728 (47,017)
Contract assets (7,224) (5,129)
Prepaid expenses and other current assets 2,795 6,142
Other assets 10,153 (592)
Accounts payable 2,211 2,341
Accrued expenses and other liabilities (9,038) 6,362
Contract liabilities (10,059) (7,058)
Other noncurrent liabilities (946) (2,809)
Net cash used in operating activities (105,636) (123,962)
Cash flows from investing activities    
Purchase of property and equipment (1,046) (13,822)
Production of equipment for lease to customers (2,164) (5,595)
Purchases of available-for-sale investments (3,655) (87,655)
Sales of available for sale securities 10,664 0
Proceeds from maturity of available for sale investments 35,092 54,050
Net cash provided by (used in) investing activities 38,891 (53,022)
Cash flows from financing activities    
Proceeds from loan refinance, net of issuance costs 0 6,664
Repayment of loans in connection with loan refinance 0 (8,089)
Proceeds from ATM offering, net of issuance costs 22,805 0
Proceeds from revolving credit line 14,000 0
Repayment of revolving credit line (17,000) 0
Proceeds from equipment loans 1,600 2,400
Repayment of equipment loans (6,956) (889)
Proceeds from secured convertible notes, net of issuance costs 65,736 0
Repayment of secured convertible notes 69,886 0
Proceeds from secured notes, net of issuance costs 57,114 0
Repayment of secured notes (25,000) 0
Proceeds from capital raise, net of issuance costs 16,287 0
Issuance of common stock upon exercise of stock options 561 1,256
Net cash provided by financing activities 59,261 1,342
Effect of exchange rate on cash and cash equivalents (5) 23
Net change in cash and cash equivalents (7,489) (175,619)
Cash and cash equivalents and restricted cash at beginning of period 32,783 208,402
Cash and cash equivalents and restricted cash at end of period 25,294 32,783
Supplemental disclosure of cash flow information    
Cash paid for interest 9,722 372
Supplemental disclosure of non-cash information    
Unpaid liabilities related to property and equipment 92 0
Equipment for lease to customers returned to inventory 3,375 2,619
Issuance of common stock warrants in connection with capital raise 11,428 0
Issuance of common stock warrants in connection with financing 0 170
Cash and Cash Equivalents and Restricted Cash    
Cash and cash equivalents 24,494 31,983
Restricted cash 800 800
Total cash and cash equivalents, and restricted cash $ 25,294 $ 32,783