Revision of Prior Period Financial Statements (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Changes and Error Corrections [Abstract]

Summary of impacts of the error on the consolidated financial statements

The impact of the revisions to the periods presented in this Annual Report on Form 10-K are as follows (in thousands):

Revised Consolidated Balance Sheets

	December 31, 2021
	As Previously Reported		Adjustment		As Revised
Assets
Current assets:
Cash and cash equivalents	$	307,492	$	—	$	307,492
Restricted cash	400		—		400
Accounts receivable, net	6,477		—		6,477
Inventory	5,140		(2,250)		2,890
Current portion of contract assets	1,459		—		1,459
Current portion of commission asset	1,645		—		1,645
Prepaid expenses and other current assets	11,047		(290)		10,757
Total current assets	333,660		(2,540)		331,120
Restricted cash, noncurrent	275		—		275
Contract assets, noncurrent	3,418		—		3,418
Commission asset, noncurrent	3,719		—		3,719
Property and equipment, net	21,592		2,191		23,783
Other assets	401		141		542
Total assets	$	363,065	$	(208)	$	362,857
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	6,363	$	(318)	$	6,045
Accrued expenses and other current liabilities	9,183		368		9,551
Current portion of deferred revenue	6,690		(91)		6,599
Current portion of deferred rent	135		—		135
Current portion of long-term debt	2,000		—		2,000
Total current liabilities	24,371		(41)		24,330
Deferred revenue, noncurrent	2,475		—		2,475
Deferred rent, noncurrent	333		—		333
Long-term debt, noncurrent	7,945		—		7,945
Contingent earn-out liability	20,809		397		21,206
Contingently issuable common stock liability	5,264		—		5,264
Public warrant liability	11,030		—		11,030
Total liabilities	72,227		356		72,583
Stockholders’ equity:
Convertible preferred stock	—		—		—
Common stock	14		—		14
Additional paid-in capital	395,563		501		396,064
Accumulated deficit	(104,739)		(1,065)		(105,804)
Stockholders’ equity	290,838		(564)		290,274
Total liabilities and stockholders’ equity	$	363,065	$	(208)	$	362,857

	December 31, 2020
	As Previously Reported		Adjustment		As Revised
Assets
Current assets:
Cash and cash equivalents	$	4,704	$	—	$	4,704
Accounts receivable, net	1,401		—		1,401
Inventory	2,742		(1,156)		1,586
Current portion of commission asset	562		—		562
Prepaid expenses and other current assets	900		641		1,541
Total current assets	10,309		(515)		9,794
Commission asset, noncurrent	1,730		—		1,730
Property and equipment, net	9,316		752		10,068
Other assets	—		173		173
Total assets	$	21,355	$	410	$	21,765
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	4,437	$	—	$	4,437
Accrued expenses and other current liabilities	3,727		484		4,211
Current portion of deferred revenue	3,717		45		3,762
Current portion of deferred rent	11		—		11
Current portion of financing obligations	227		—		227
Total current liabilities	12,119		529		12,648
Deferred revenue, noncurrent	480		—		480
Financing obligation, noncurrent	132		—		132
Long-term debt, noncurrent	16,432		—		16,432
Derivative Liability	1,000		—		1,000
Common stock warrant liability	1		—		1
Total liabilities	30,164		529		30,693
Stockholders’ equity:
Convertible preferred stock	75,877		—		75,877
Common stock	1		—		1
Additional paid-in capital	9,194		916		10,110
Accumulated deficit	(93,881)		(1,035)		(94,916)
Stockholders’ equity	(84,686)		(119)		(84,805)
Total liabilities and stockholders’ equity	$	21,355	$	410	$	21,765

Revised Consolidated Statements of Operations and Comprehensive Loss

	Year Ended December 31, 2021
	As Previously Reported		Adjustment		As Revised
Revenue:
Product revenue	$	13,917	$	(286)	$	13,631
Subscription revenue	7,855		(52)		7,803
Service revenue	1,920		39		1,959
Total revenue	23,692		(299)		23,393
Cost of revenue:
Cost of product revenue	12,471		(192)		12,279
Cost of subscription revenue	3,644		857		4,501
Cost of service revenue	936		1,648		2,584
Total cost of revenue	17,051		2,313		19,364
Gross profit	6,641		(2,612)		4,029
Operating expenses:
Research and development	11,416		42		11,458
Sales and marketing expense	27,404		(1,305)		26,099
General and administrative	20,013		(144)		19,869
Loss from impairment of property and equipment	1,869		—		1,869
Total operating expenses	60,702		(1,407)		59,295
Loss from operations	(54,061)		(1,205)		(55,266)
Other income (expense), net:
Interest expense, net	(6,095)		27		(6,068)
Interest income	—		—		—
Loss on disposal of property and equipment	(617)		—		(617)
Loss on extinguishment of debt	(12,685)		—		(12,685)
Change in fair value of derivative liability	(1,745)		—		(1,745)
Change in fair value of contingent earn-out liability	46,212		1,148		47,360
Change in fair value of contingently issuable common stock liability	6,406		—		6,406
Change in fair value of public warrant liability	12,606		—		12,606
Change in fair value of common stock warrant liability	(879)		—		(879)
Total other income (expense), net	43,203		1,175		44,378
Net loss	$	(10,858)	$	(30)	$	(10,888)
Weighted average common shares outstanding - basic and diluted	71,662,694		—		71,662,694
Net loss per share - basic and diluted	$	(0.15)	$	—	$	(0.15)

Revised Consolidated Statements of Cash Flows

	Year Ended December 31, 2021
	As Previously Reported		Adjustment		As Revised
Cash flows from operating activities:
Net loss	$	(10,858)	$	(30)	$	(10,888)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,895		—		2,895
Write-off of inventory	2,132		—		2,132
Adjustment to property and equipment for sales type leases	(91)		—		(91)
Loss from impairment of property and equipment	1,869		—		1,869
Loss on disposal of property and equipment	617		—		617
Stock-based compensation	8,511		1,085		9,596
Non-cash interest expense	5,245		—		5,245
Provision recorded for allowance for doubtful accounts	(13)		—		(13)
Loss on extinguishment of debt	12,685		—		12,685
Change in fair value of derivative liability	1,745		—		1,745
Change in fair value of common stock warrant liability	879		—		879
Change in fair value of earn-out liability	(46,212)		(1,148)		(47,360)
Change in fair value of contingently issuable common stock	(6,406)		—		(6,406)
Change in fair value of public warrant liability	(12,606)		—		(12,606)
Changes in operating assets and liabilities
Accounts receivable	(5,063)		—		(5,063)
Inventory	(17,479)		14,043		(3,436)
Commission assets	(3,072)		—		(3,072)
Contract assets	(4,877)		—		(4,877)
Other assets	—		32		32
Prepaid expenses and other current assets	(10,079)		931		(9,148)
Accounts payable	(7)		772		765
Deferred revenue	4,968		(136)		4,832
Deferred rent	457		—		457
Warranty reserve	(42)		—		(42)
Accrued expenses and other current liabilities	5,174		(2,702)		2,472
Net cash used in operating activities	(69,628)		12,847		(56,781)
Cash flows from investing activities:
Development of internal-use software	(1,028)		—		(1,028)
Purchases of property and equipment	(3,710)		(12,847)		(16,557)
Net cash used in investing activities	(4,738)		(12,847)		(17,585)
Cash flows from financing activities:
Proceeds from exercise of stock options	915		—		915
Proceeds from issuance of common stock from the PIPE Investment	300,000		—		300,000
Proceeds from the closing of the Merger	84,945		—		84,945
Payment of offering costs from the closing of the Merger and PIPE Investment	(34,132)		—		(34,132)
Repayment of financing obligations	(359)		—		(359)
Proceeds from long-term debt, net of issuance costs	31,882		—		31,882
Repayment of principal on long-term debt	(5,422)		—		(5,422)
Net cash provided by financing activities	377,829		—		377,829
Net increase (decrease) in cash, cash equivalents and restricted cash	303,463		—		303,463
Cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash at beginning of period	4,704		—		4,704
Cash, cash equivalents and restricted cash at end of period	$	308,167	$	—	$	308,167
Supplemental disclosure of non-cash activities
Transfer of inventory to property and equipment	$	12,949	$	(12,949)	$	—
Capital expenditures incurred but not yet paid	347		2,589		2,936

Issuance of equity classified warrants	1	(1)	—
Deferred offering costs included in accounts payable	1,932	11	1,943
Conversion of convertible preferred stock to common stock	75,877	—	75,877
Initial fair value of contingent earn-out liability recognized in connection with the closing of the Merger	67,021	—	67,021
Initial fair value of contingently issuable common stock liability recognized in connection with the closing of the Merger	11,670	—	11,670
Conversion of common stock warrants to common stock in connection with the closing of the Merger	880	—	880
Initial fair value of public warrants in connection with the closing of the Merger	23,636	—	23,636

The following tables summarize the consolidated quarterly results of operations for 2022 and 2021:

	2022
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Total revenue	$	8,710	$	9,070	$	16,530	$	20,885
Gross profit	897		553		225		54
Net loss	(13,801)		(25,686)		(18,615)		(28,304)
Net loss per share - basic and diluted	$	(0.10)	$	(0.18)	$	(0.13)	$	(0.20)

	2021
	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
Total revenue	$	3,693	$	4,678	$	8,424	$	6,598
Gross profit	449		728		3,467		(615)
Net income (loss)	(13,506)		(22,977)		20,807		4,788
Net income (loss) per share - basic	$	(1.29)	$	(1.93)	$	0.17	$	0.03
Net income (loss) per share - diluted	(1.29)		(1.93)		0.14		0.03

The following tables summarize the impact of the revisions described in Note 21 to the periods ending March 31, 2022 and 2021:

	Three Months Ended March 31, 2022
	As Previously Reported		Adjustment		As Revised
Revenue:
Product revenue	$	5,194	$	—	$	5,194
Subscription revenue	3,020		(16)		3,004
Service revenue	501		11		512
Total revenue	8,715		(5)		8,710
Cost of revenue:
Cost of product revenue	5,576		(370)		5,206
Cost of subscription revenue	1,065		477		1,542
Cost of service revenue	448		617		1,065
Total cost of revenue	7,089		724		7,813
Gross profit	1,626		(729)		897
Operating expenses:
Research and development	4,286		(111)		4,175
Sales and marketing expense	12,053		(2,381)		9,672
General and administrative	11,093		(276)		10,817
Loss from impairment of property and equipment	96		—		96
Total operating expenses	27,528		(2,768)		24,760
Loss from operations	(25,902)		2,039		(23,863)
Other income (expense), net:
Interest expense	(142)		—		(142)
Interest income	209		(141)		68
Change in fair value of contingent earn-out liability	4,226		(1,148)		3,078
Change in fair value of contingently issuable common stock liability	1,472		—		1,472
Change in fair value of public warrant liability	5,586		—		5,586
Total other income (expense), net	11,351		(1,289)		10,062
Net loss	$	(14,551)	$	750	$	(13,801)
Weighted average common shares outstanding - basic and diluted	142,878,406		—		142,878,406
Net loss per share - basic and diluted	$	(0.10)	$	—	$	(0.10)

	Three Months Ended March 31, 2021
	As Previously Reported		Adjustment		As Revised
Revenue:
Product revenue	$	2,502	$	(235)	$	2,267
Subscription revenue	1,300		(73)		1,227
Service revenue	197		2		199
Total revenue	3,999		(306)		3,693
Cost of revenue:
Cost of product revenue	2,229		(13)		2,216
Cost of subscription revenue	595		148		743
Cost of service revenue	127		158		285
Total cost of revenue	2,951		293		3,244
Gross profit	1,048		(599)		449
Operating expenses:
Research and development	3,612		128		3,740
Sales and marketing expense	3,684		(1,076)		2,608
General and administrative	2,899		153		3,052
Total operating expenses	10,195		(795)		9,400
Loss from operations	(9,147)		196		(8,951)
Other income (expense), net:
Interest expense, net	(2,447)		53		(2,394)
Change in fair value of derivative liability	(1,425)		—		(1,425)
Change in fair value of common stock warrant liability	(736)		—		(736)
Total other income (expense), net	(4,608)		53		(4,555)
Net loss	$	(13,755)	$	249	$	(13,506)
Weighted average common shares outstanding - basic and diluted	10,443,323		—		10,443,323
Net loss per share - basic and diluted	$	(1.32)	$	0.03	$	(1.29)

	Three Months Ended March 31, 2022
	As Previously Reported		Adjustment		As Revised
Cash flows from operating activities:
Net loss	$	(14,551)	$	750	$	(13,801)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	948		138		1,086
Write-off of inventory	324		—		324
Adjustment to property and equipment for sales type leases	(321)		(304)		(625)
Loss from impairment of property and equipment	96		—		96
Stock-based compensation	5,190		(1,263)		3,927
Non-cash interest expense	5		—		5
Non-cash lease expense	197		—		197
Change in fair value of earn-out liability	(4,226)		1,148		(3,078)
Change in fair value of contingently issuable common stock	(1,472)		—		(1,472)
Change in fair value of public warrant liability	(5,586)		—		(5,586)
Changes in operating assets and liabilities
Accounts receivable	(2,112)		—		(2,112)
Inventory	(6,985)		5,675		(1,310)
Commission assets	(351)		—		(351)
Contract assets	108		—		108
Other assets	—		141		141
Prepaid expenses and other current assets	(5,280)		(291)		(5,571)
Accounts payable	(1,867)		1,012		(855)
Deferred revenue	2,778		(201)		2,577
Deferred rent	(468)		468		—
Accrued expenses and other current liabilities	(2,065)		(368)		(2,433)
Operating lease liability	(229)		(468)		(697)
Net cash used in operating activities	(35,867)		6,437		(29,430)
Cash flows from investing activities:
Development of internal-use software	(646)		(82)		(728)
Purchases of property and equipment	(323)		(6,366)		(6,689)
Net cash used in investing activities	(969)		(6,448)		(7,417)
Cash flows from financing activities:
Proceeds from exercise of stock options	216		11		227
Net cash provided by financing activities	216		11		227
Net increase (decrease) in cash, cash equivalents and restricted cash	(36,620)		—		(36,620)
Cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash at beginning of period	308,167		—		308,167
Cash, cash equivalents and restricted cash at end of period	$	271,547	$	—	$	271,547
Supplemental disclosure of non-cash activities
Transfer of inventory to property and equipment	$	4,620	$	(4,620)	$	—
Capital expenditures incurred but not yet paid	1,693		698		2,391

	Three Months Ended March 31, 2021
	As Previously Reported		Adjustment		As Revised
Cash flows from operating activities:
Net loss	$	(13,755)	$	249	$	(13,506)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	452		—		452
Stock-based compensation	1,082		(773)		309
Non-cash interest expense	2,344		—		2,344
Provision recorded for allowance for doubtful accounts	(63)		—		(63)
Change in fair value of derivative liability	1,425		—		1,425
Change in fair value of common stock warrant liability	736		—		736
Changes in operating assets and liabilities
Accounts receivable	(874)		—		(874)
Inventory	(433)		(47)		(480)
Commission assets	(391)		—		(391)
Contract assets	(119)		—		(119)
Other assets	—		7		7
Prepaid expenses and other current assets	(4,104)		377		(3,727)
Accounts payable	1,194		(235)		959
Deferred revenue	(621)		(185)		(806)
Deferred rent	(11)		—		(11)
Accrued expenses and other current liabilities	1,100		206		1,306
Net cash used in operating activities	(12,038)		(401)		(12,439)
Cash flows from investing activities:
Purchases of property and equipment	(2,522)		401		(2,121)
Net cash used in investing activities	(2,522)		401		(2,121)
Cash flows from financing activities:
Proceeds from exercise of stock options	455		—		455
Repayment of financing obligations	(359)		—		(359)
Proceeds from long-term debt, net of issuance costs	31,882		—		31,882
Net cash provided by financing activities	31,978		—		31,978
Net increase (decrease) in cash, cash equivalents and restricted cash	17,418		—		17,418
Cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash at beginning of period	4,704		—		4,704
Cash, cash equivalents and restricted cash at end of period	$	22,122	$	—	$	22,122
Supplemental disclosure of non-cash activities
Capital expenditures incurred but not yet paid	—		1,335		1,335
Issuance of equity classified warrants	1		—		1