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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash Flows from Operating activities:    
Net (loss) income $ (35,944) $ 13,790
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Depreciation and amortization 917 820
Reserve for inventory obsolescence 3,879 796
Change in fair value of preferred stock warrant and contingent shares liability (152) 143
Change in fair value of derivative liability   (12,247)
Deferred tax benefit   (12)
Non-cash interest expense 6,705 3,237
Stock-based compensation 5,994 2,137
Allowance for credit losses (1,616) 1,968
Loss on debt extinguishment   171
Non-cash lease expense 820 710
Accretion of interest on marketable securities (260) (333)
Loss on disposal of property and equipment   16
Changes in operating assets and liabilities:    
Accounts receivable (350) (6,393)
Inventory 10,733 (33,318)
Prepaid expenses and other assets 1,598 1,183
Accounts payable (3,387) (4,115)
Accrued expenses and other liabilities (2,011) 1,975
Deferred revenue 429 (666)
Warranty liability 75 1,456
Operating lease liabilities (837) (697)
Net cash used in operating activities (13,407) (29,379)
Investing activities:    
Purchase of marketable securities (6,756) (53,483)
Acquisition of fSight   (16)
Purchase of intangible assets   (450)
Purchase of property and equipment (757) (1,855)
Sales and maturities of marketable securities 25,818 14,885
Net cash provided by (used in) investing activities 18,305 (40,919)
Financing activities:    
Proceeds from Convertible Promissory Note   50,000
Repayment of from Series 2022-1 Notes   (20,833)
Payment of financing costs   (358)
Proceeds from Business Combination   2,238
Proceeds from exercise of stock options 272 212
Payment of tax withholdings on equity instruments (114) (91)
Proceeds from common stock warrant redemption, net of issuance costs and payments to warrant holders of non-redeemed warrants   3,653
Net cash provided by financing activities 158 34,821
Net increase (decrease) in cash and cash equivalents 5,056 (35,477)
Cash and cash equivalents at beginning of period 4,405 37,717
Cash and cash equivalents at end of period 9,461 2,240
Supplemental disclosure of cash flow information:    
Cash paid for interest 2,500 168
Cash paid for taxes 547 48
Supplemental schedule of non-cash investing and financing activities:    
Operating lease right of use assets obtained in exchange for operating lease liabilities 159 2,187
Property and equipment in accounts payable 39 38
Non-cash consideration paid for the acquisition of fSight 375 10,974
Contingent shares liability from fSight acquisition   2,167
Unrealized gain (loss) resulting from change in fair value of marketable securities $ 62 (156)
Net assets acquired from Roth CH Acquisition IV Co.   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
Reclassification of convertible note derivative liability to equity   $ 11,278