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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating activities    
Net loss $ (55,339) $ (27,614)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 3,559 2,657
Equity-based compensation 12,643 20,593
Change in fair value of warranty liability 9,800 (23,188)
Realized and unrealized gain on marketable securities (501)
Equity method investment loss 157 175
Asset retirement obligation accretion 51 41
Amortization of debt discount 1,771
Changes in operating assets and liabilities:    
Accounts receivable (569) 298
Other current assets 1,246 1,996
Other assets 84 68
Accounts payable (102) 1,068
Deferred revenue (23) (1,588)
Accrued expenses and other liabilities 2,140 (92)
Operating lease right-of-use assets and liabilities 476 401
Net cash used in operating activities (24,607) (25,185)
Investing activities    
Capitalization of costs and purchases of network assets, property, and equipment (2,541) (1,720)
Purchase of marketable securities (33,494) (8,173)
Sale and maturity of marketable securities 35,249
Purchase of internal use software (708) (279)
Purchase of equity method investment (1,125)
Net cash used in investing activities (1,494) (11,297)
Financing activities    
Proceeds from senior secured notes 70,000
Payments towards debt issuance cost (1,861)
Payments towards debt (82)
Proceeds from exercise of stock options 66 48
Proceeds from exercise of warrants 882
Repurchase of common stocks (withholding taxes) (4)
Net cash provided by financing activities 69,005 44
Effect of exchange rates on cash and cash equivalents (2) (50)
Net decrease in cash and cash equivalents 42,902 (36,488)
Cash and cash equivalents at beginning of period 47,230 100,076
Cash and cash equivalents at end of period 90,132 63,588
Non-cash financing information    
Capital expenditure included in accounts payable 120 427
Issuance of warrants $ 22,843