Restatement of Previously Issued Financial Statements (Tables)

6 Months Ended

Jun. 30, 2025

Accounting Changes and Error Corrections [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

The effect of the correction noted above on the Company’s consolidated statement of operations for the three and the six months ended June 30, 2024 was as follows:

	Three Months Ended June 30, 2024						Six Months Ended June 30, 2024
Unaudited consolidated statements of operations	As reported		Adjustment		Restated		As reported		Adjustment		Restated
Revenues	$	39,783	$	—	$	39,783	$	72,904	$	—	$	72,904
Cost of revenues	28,720		—		28,720		54,855		—		54,855
Gross margin	11,063		—		11,063		18,049		—		18,049
Operating expenses:
Selling, general and administrative	23,364		—		23,364		40,312		—		40,312
Research and development	3,565		—		3,565		4,709		—		4,709
Restructuring charges	457		—		457		1,317		—		1,317
Transaction expenses	347		—		347		1,450		—		1,450
Goodwill impairment	—		—		—		85,000		—		85,000
Operating loss	(16,670)		—		(16,670)		(114,739)		—		(114,739)
Interest expense	3,551		2,901		6,452		7,106		5,731		12,837
Net increase in fair value of derivatives	(7,882)		(199)		(8,081)		16,110		(384)		15,726
Other income	(617)		—		(617)		(1,072)		—		(1,072)
Loss before taxes:	(11,722)		(2,702)		(14,424)		(136,883)		(5,347)		(142,230)
Income tax benefit	15		—		15		1		—		1
Net loss	$	(11,737)	$	(2,702)	$	(14,439)	$	(136,884)	$	(5,347)	$	(142,231)

The effect of the correction noted above on the Company’s consolidated statement of cash flows for the six months ended June 30, 2024 was as follows:

	Six Months Ended June 30, 2024
Unaudited consolidated statement of cash flows	As reported		Adjustment		Restated
Net loss	$	(136,884)	$	(5,347)	$	(142,231)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	5,346		—		5,346
Amortization of debt issuance costs and discount	1,012		5,731		6,743
Equity-based compensation expense	10,906		—		10,906
Goodwill impairment	85,000		—		85,000
Non-cash lease expense	363		—		363
Provision for doubtful accounts	176		—		176
Deferred income tax benefit	(37)		—		(37)
Net increase in fair value of derivatives	16,110		(384)		15,726
Changes in assets and liabilities:
Increase in accounts receivable	(6,232)		—		(6,232)
Decrease in contract assets	3,781		—		3,781
Decrease in prepaid expenses and other assets	1,243		—		1,243
Decrease in accounts payable	(5,047)		—		(5,047)
Increase in accrued liabilities	1,652		—		1,652
Increase in contract liabilities	1,469		—		1,469
Increase in other liabilities	(275)		—		(275)
Net cash used in operating activities	(21,417)		—		(21,417)
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired	13,935		—		13,935
Purchases of property and equipment	(167)		—		(167)
Capitalized software development costs	(3,225)		—		(3,225)
Net cash provided by investing activities	10,543		—		10,543
Cash flows from financing activities:
Proceeds from issuance of shares for exercised RDO and PIPE warrants	53,809		—		53,809
Repayment of short-term borrowings	(812)		—		(812)
Issuance of common stock upon ESPP purchase	607		—		607
Proceeds from exercise of options	119		—		119
Payments of tax withholding from the issuance of common stock	(3,140)		—		(3,140)
Net cash provided by financing activities	50,583		—		50,583
Effect of foreign currency rate changes on cash and cash equivalents	—		—		—
Net increase in cash and cash equivalents	39,709		—		39,709
Cash and cash equivalents at the beginning of the period	32,557		—		32,557
Cash and cash equivalents at the end of the period	$	72,266	$	—	$	72,266