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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities    
Net loss $ (69,609) $ (55,339)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 3,926 3,559
Equity-based compensation 11,162 12,643
Change in fair value of warranty liability 19,523 9,800
Change in fair value of asset purchase agreement liability (2,217)
Realized and unrealized gain on short term investments (517) (501)
Equity method investment loss 118 157
Asset retirement obligation accretion 51 51
Amortization of debt discount 4,526 1,771
Changes in operating assets and liabilities:    
Accounts receivable 97 (569)
Other current assets 269 1,246
Other assets 60 84
Accounts payable 527 (102)
Deferred revenue 6 (23)
Accrued expenses and other liabilities 5,144 2,140
Operating lease right-of-use assets and liabilities 874 476
Net cash used in operating activities (26,060) (24,607)
Investing activities    
Capitalization of costs and purchases of network assets, property, and equipment (182) (2,541)
Purchase of internal use software (354) (708)
Purchase of marketable securities (44,894) (33,494)
Sale and maturity of marketable securities 30,500 35,249
Payment for asset purchase agreement liability (2,732)
Net cash used in investing activities (17,662) (1,494)
Financing activities    
Proceeds from senior secured notes 70,000
Payments towards debt issuance cost (1,861)
Payments towards debt (82) (82)
Proceeds from exercise of common warrants 27,896 882
Redemption of non-controlling interests 40
Proceeds from exercise of common stock options 1,882 66
Net cash provided by financing activities 29,736 69,005
Effect of exchange rates on cash and cash equivalents 13 (2)
Net (decrease) increase in cash and cash equivalents (13,973) 42,902
Cash and cash equivalents at beginning of period 81,878 47,230
Cash and cash equivalents at end of period 67,905 90,132
Non-cash investing and financing information    
Capital expenditure included in Accrued expenses and other current liabilities 159 120
Issuance of warrants 22,843
Interest paid in shares of Common Stock $ 1,867