Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash Flows From Operating Activities:      
Net loss $ (203,693) $ (91,560) $ (55,119)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 12,441 9,547 2,731
Non-cash lease expense 2,128 997 1,246
Dividend income (62)
Impairment of goodwill 89,087
Impairment of intangible assets 5,143
Change in fair value of contingent consideration (1,375) (1,499)
Change in fair value of derivative and other accrued liabilities 8 69
Provision for bad debt 2,555 1,336 908
Loss on extinguishment of notes payable 1,000
(Gain) loss on disposal of fixed assets (11) 113 156
Provision for slow moving and obsolete inventory 527 78 (187)
Gain on forgiveness of PPP loan (856)
Gain on settlement of accounts payable, net 24
Stock-based compensation:      
Common stock 12,893 11,224 4,391
Options 4,064 4,689 14,717
Warrants 5,082
Changes in operating assets and liabilities:      
Accounts receivable and other receivables (23,677) (11,869) (5,212)
Inventory (15,362) (24,283) (9,227)
Prepaid expenses and other current assets (2,134) (1,782) 710
Other assets 941 2 262
Accounts payable, accrued expenses, and other current liabilities 6,977 16,309 3,723
Other liabilities (307) 18 103
Operating lease liabilities (3,672) (825) (1,021)
Deferred revenue 9,791 5,140 2,098
Total Adjustments 106,123 9,195 14,549
Net Cash Used In Operating Activities (97,570) (82,365) (40,570)
Cash Flows From Investing Activities:      
Proceeds from sale of marketable securities 6,804
Note receivable (2,200)
Purchase consideration of SemaConnect, net of cash acquired (38,338)
Purchase consideration of Envoy, net of cash acquired (4,660)
Purchase of marketable securities (7,209)
Capitalization of engineering costs (1,028) (294) (237)
Purchase consideration of Blue Corner, net of cash acquired (22,742)
Purchase consideration of Electric Blue, net of cash acquired (11,360)
Purchases of property and equipment (7,552) (5,249) (7,065)
Net Cash Used In Investing Activities (13,240) (57,441) (30,449)
Cash Flows From Financing Activities:      
Proceeds from sale of common stock in public offering [1] 208,865 7,386 221,333
Proceeds from exercise of options and warrants 835 220 2,000
Repayment of financing liability in connection with finance lease (2,837) (217)
Repayment of notes payable (9,292) (681)
Payment of financing liability in connection with internal use software (256) (315) (62)
Net Cash Provided By Financing Activities 197,315 6,393 223,271
Effect of Exchange Rate Changes on Cash and Cash Equivalents (1,368) (4,830) 206
Net Increase (Decrease) In Cash and Cash Equivalents and Restricted Cash 85,137 (138,243) 152,458
Cash and Cash Equivalents and Restricted Cash - Beginning of Year 36,633 174,876 22,418
Cash and Cash Equivalents and Restricted Cash - End of Year 121,770 36,633 174,876
Cash and cash equivalents and restricted cash consisted of the following:      
Cash and cash equivalents 121,691 36,562 174,795
Restricted cash 79 71 81
Total Cash and cash equivalents and restricted cash 121,770 36,633 174,876
Cash paid during the year for:      
Interest 3,605
Income taxes 73
Non-cash investing and financing activities:      
Common stock issued as consideration for property and equipment 600
Common stock issued as purchase consideration of Blue Corner 790
Reclassification of common stock liability to equity 416
Right-of-use assets obtained in exchange for lease obligations 7,401 1,787 2,129
Property and equipment obtained in exchange for finance lease obligations 2,798 931
Transfer of inventory to property and equipment (1,786) (5,283) (2,189)
Accrued interest converted to notes payable 5
Common stock issued in satisfaction of accrued issuable equity 2,600
Reclassification from inventory to fixed assets 60
Common stock issued as purchase consideration of SemaConnect 113,837
Common stock issued as purchase consideration of Electric Blue 2,852
Intangible assets obtained in exchange for financing liability 122 660
Note receivable applied to purchase consideration of Envoy (1,321)
Surrender and cancellation of common stock $ (197)
[1] For the year ended December 31, 2023, includes gross proceeds of $216,662, less issuance costs of $7,796.