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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Operating activities              
Net loss $ (63,195) $ (58,579) $ (24,390) $ (31,610) $ (121,774) $ (56,000)  
Adjustments to reconcile net loss to net cash used in operating activities:              
Depreciation and amortization 1,350   1,295   2,802 2,613  
Equity-based compensation         7,974 7,896  
Change in fair value of warrants 8,836   8,490   2,795 21,666  
Debt extinguishment loss         13,734  
Issuance of common warrants         9,006  
Change in fair value of derivative liability 30,658     55,181  
Change in fair value of asset purchase agreement liability         (1,878)  
Realized and unrealized gain on short term investments         (1,160) (254)  
Equity method investment loss         74 81  
Asset retirement obligation accretion         52 32  
Amortization of debt discount         4,275 2,950  
Changes in operating assets and liabilities:              
Accounts receivable         1,064 84  
Other current assets         (918) 24  
Other assets         67 (53)  
Accounts payable         752 754  
Deferred revenue         65 (82)  
Accrued expenses and other liabilities         (120) 2,365  
Operating lease right-of-use assets and liabilities         428 523  
Net cash used in operating activities         (25,703) (19,279)  
Investing activities              
Purchases of network assets, property, and equipment         (57) (181)  
Purchase of internal use software         (200) (262)  
Purchase of marketable securities         (132,141) (26,144)  
Sale and maturity of marketable securities         56,900 7,000  
Payment for asset purchase agreement liability         (2,732)  
Net cash used in investing activities         (75,498) (22,319)  
Financing activities              
Proceeds from 2028 senior convertible notes         190,000  
Repayment of 2026 senior secured notes         (70,000)  
Payments towards debt issuance cost         (1,517)  
Payments towards debt         (56) (55)  
Proceeds from exercise of common warrants         582 21,036  
Redemption of non-controlling interests         40  
Proceeds from exercise of common stock options         1,422 1,650  
Net cash provided by financing activities         120,431 22,671  
Effect of exchange rates on cash and cash equivalents         306 22  
Net increase (decrease) in cash and cash equivalents         19,536 (18,905)  
Cash and cash equivalents at beginning of period   $ 39,330   $ 81,878 39,330 81,878 $ 81,878
Cash and cash equivalents at end of period $ 58,866   $ 62,973   58,866 62,973 $ 39,330
Non-cash investing and financing information and supplemental disclosures              
Capital expenditure included in Accrued expenses and other current liabilities         22 156  
Interest paid in shares of common stock         1,867  
Interest paid in cash         $ 4,244 $ 1,750