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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash Flows from Operating activities:    
Net loss $ (22,827) $ (15,266)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 612 536
Reserve for inventory obsolescence 458 410
Change in fair value of preferred stock warrant and contingent shares liability (155) 3,120
Change in fair value of derivative liability   38,251
Deferred tax benefit   (11,147)
Non-cash interest expense 4,470 982
Stock-based compensation 4,208 863
Allowance for credit losses (1,434) 170
Loss on debt extinguishment   171
Non-cash lease expense 619 415
Accretion of interest on marketable securities (163) (204)
Changes in operating assets and liabilities:    
Accounts receivable 1,379 (30,057)
Inventory 9,632 (26,134)
Prepaid expenses and other assets 687 167
Accounts payable (8,392) 30,254
Accrued expenses and other liabilities (1,648) 2,267
Deferred revenue 178 (500)
Warranty liability 145 1,142
Operating lease liabilities (641) (374)
Net cash used in operating activities (12,872) (4,934)
Investing activities:    
Purchase of marketable securities   (50,221)
Acquisition of fSight   (16)
Purchase of intangible assets   (450)
Purchase of property and equipment (418) (1,510)
Disposals of property and equipment   73
Sales and maturities of marketable securities 23,768  
Net cash provided by (used in) investing activities 23,350 (52,124)
Financing activities:    
Proceeds from Convertible Promissory Note   50,000
Repayment of from Series 2022-1 Notes   (20,833)
Payment of financing costs   (354)
Proceeds from Business Combination   2,238
Proceeds from exercise of stock options 260 106
Payment of tax withholdings on stock options   (91)
Net cash provided by financing activities 260 31,066
Net increase (decrease) in cash, cash equivalents and restricted cash 10,738 (25,992)
Cash, cash equivalents, and restricted cash at beginning of period 4,405 37,717
Cash, cash equivalents, and restricted cash at end of period 15,143 11,725
Supplemental disclosure of cash flow information:    
Cash paid for interest 1,250 168
Cash paid for income taxes 373 53
Supplemental schedule of non-cash investing and financing activities:    
Operating lease right of use assets obtained in exchange for operating lease liabilities 126 1,973
Property and equipment in accounts payable 31 297
Non-cash consideration paid for the acquisition of fSight 239 10,974
Contingent shares liability from fSight acquisition 132 2,167
Unrealized gain (loss) resulting from change in fair value of marketable securities $ 36 (181)
Net assets acquired from ROCG   573
Fair value of derivative note liability at issuance   23,525
Convertible preferred stock dividends (Note 3)   12,581
Reclassification of deferred issuance costs to additional paid in capital   2,221
Conversion of convertible preferred stock into common stock in connection with the Business Combination (Note 3)   87,140
Issuance of preferred stock upon exercise of preferred warrants   $ 2,008