Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Operating Activities:    
Net profit (loss) $ (25,388) $ 3,855
Adjustments to reconcile net (loss) profit to cash used in operating activities    
Depreciation, amortization, and non-cash lease interest 9,181 1,720
Provision for doubtful accounts 545 263
Reserve for excess and obsolete inventory 544 151
Change in fair value of derivative liabilities (1,485) (1,808)
Change in fair value of contingent earnout liability (57,307) (63,407)
Amortization (accretion) of (discounts) premiums on available-for-sale securities (92) 0
Stock-based compensation expense 18,209 18,930
Transaction costs expensed 0 1,996
Changes in operating assets and liabilities, net of effects of businesses acquired    
Accounts receivable (2,469) (10,439)
Inventory (14,050) (3,975)
Prepaid expenses 1,144 (2,425)
Other current assets (2,604) 862
Other assets (922) (191)
Accounts payable and accrued expenses 3,401 7,277
Other current liabilities (135) 10
Deferred rent 0 550
Deferred revenue 3,756 929
Other non-current lease liabilities (5,849) 0
Net cash used in operating activities (73,521) (45,702)
Investing Activities:    
Purchases of property and equipment (11,415) (3,788)
Cash paid for acquisitions, net of cash acquired (35,939) 0
Purchases of available-for-sale securities (43,544) 0
Net cash used in investing activities (90,898) (3,788)
Financing Activities:    
Repayment of debt obligations 0 (5,022)
Proceeds from Merger 0 132,926
Proceeds from PIPE investment 0 210,000
Repurchase of common stock 0 (45,000)
Payment of transaction costs for the Merger 0 (16,043)
Proceeds from exercise of Series D warrants 0 550
Proceeds from the exercise of common stock options 2,216 1,967
Taxes paid related to net share settlement of equity awards (664) 0
Net cash provided by financing activities 1,552 279,378
Effect of exchange rate changes on cash (64) 0
Net change in cash, cash equivalents, and restricted cash (162,931) 229,888
Cash, cash equivalents, and restricted cash    
Beginning of year 288,603 58,715
End of period 125,672 288,603
Supplemental disclosure of cash flow information    
Cash and cash equivalents 124,242 288,603
Restricted cash in other non-current assets 1,430 0
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows 125,672 288,603
Non cash financing and investing activities    
Purchase of property and equipment in accounts payable and accrued expenses 4,347 532
Recognition of contingent earnout liability related to earnout shares 0 123,129
Recognition of one public warrant acquired as part of the Merger in additional paid in capital 0 9,729
Recognition of private placement warrant liability upon Merger 0 5,702
Exercise of common stock warrants, net of shares withheld for exercise 0 1,793
Conversion of convertible preferred stock into common stock upon reverse recapitalization 0 138,047
Common stock issued for acquisitions 12,194 0
Common stock issued in connection with acquisition earnout achievement 750  
Additions to right of use assets and liabilities from adoption of ASC 842 (see Note 16) 12,248 0
Right of use assets obtained in exchange for new lease liabilities $ 37,861