Annual report [Section 13 and 15(d), not S-K Item 405]

Consolidated Statements of Cash Flows

v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Flows From Operating Activities:      
Net loss $ (83,385) $ (201,318) $ (203,693)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 9,596 12,751 12,441
Non-cash lease expense 4,352 3,666 2,128
Non-cash gain on lease termination (72)
Impairment of goodwill 17,897 126,984 89,087
Impairment of intangible assets 762 5,143
Change in fair value of contingent consideration (1,375)
Change in fair value of derivative and other accrued liabilities 8 10 8
Provision for credit losses 3,894 1,720 2,555
(Gain) loss on extinguishment of notes payable (36) 1,000
Loss (gain) on disposal of property and equipment 3,112 1,969 (11)
Provision for slow moving and obsolete inventory 6,619 4,024 527
Change in fair value of consideration payable (9,238) 2,910
Gain on settlement of accounts payable, net 24
Stock-based compensation 2,764 3,525 22,039
Changes in operating assets and liabilities:      
Accounts receivable 11,932 (906) (23,677)
Inventory 14,840 500 (15,362)
Prepaid expenses and other current assets (2,121) (29) (2,134)
Other assets (27) 68 941
Accounts payable, accrued expenses, and other current liabilities 6,564 (3,768) 6,977
Other liabilities (4,281) 6,358 (307)
Operating lease liabilities (4,285) (3,222) (3,672)
Deferred revenue (9,788) (3,497) 9,791
Total Adjustments 52,528 153,027 106,123
Net Cash Used In Operating Activities (30,857) (48,291) (97,570)
Cash Flows From Investing Activities:      
Proceeds from sale of marketable securities 13,630 10,500 16,442
Proceeds from sale of equity method investment 223
Purchase of marketable securities (1,160) (39,412)
Proceeds from government grants 4,811 1,129
Purchase consideration of Zemetric, net of cash acquired (207)
Proceeds from sale of property and equipment 3,425
Purchase consideration of Envoy, net of cash acquired (4,660)
Capitalization of engineering costs (205) (1,028)
Purchases of property and equipment (9,708) (8,617) (7,552)
Net Cash Provided By (Used In) Investing Activities 8,544 5,277 (36,210)
Cash Flows From Financing Activities:      
Proceeds from sale of common stock in public offering [1],[2],[3] 19,417 26,396 208,865
Proceeds from exercise of options and warrants 835
Repayment of financing liability in connection with finance lease (36) (596) (2,837)
Repayment of notes payable (114) (37,881) (9,292)
Other (338) (256)
Net Cash Provided By (Used In)  Financing Activities 19,267 (12,419) 197,315
Effect of Exchange Rate Changes on Cash and Cash Equivalents 851 (1,515) (1,368)
Net (Decrease) Increase In Cash and Cash Equivalents and Restricted Cash (2,195) (56,948) 62,167
Cash and Cash Equivalents and Restricted Cash - Beginning of Year 41,852 98,800 36,633
Cash and Cash Equivalents and Restricted Cash - End of Year 39,657 41,852 98,800
Cash and cash equivalents and restricted cash consisted of the following:      
Cash and cash equivalents 39,568 41,774 98,721
Restricted cash 89 78 79
Cash paid during the year for:      
Interest 61 1,517 3,605
Income taxes 338 218
Non-cash investing and financing activities:      
Right-of-use assets obtained in exchange for lease obligations 1,664 3,205 7,401
Right-of-use assets derecognized in connection with lease termination (577)
Property and equipment obtained in exchange for finance lease obligations 10 53 2,798
Transfer of inventory to property and equipment (1,919) (6,242) (1,786)
Reclassification of liability to equity 825
Common stock issued in satisfaction of accrued issuable equity 2,600
Common stock and warrants issued in satisfaction of consideration payable 11,760
Common stock issued as purchase consideration of Zemetric 1,098
Earn-out liabilities incurred as purchase consideration of Zemetric 2,194
Common stock issued in satisfaction of earn-out liabilities 206
Intangible assets obtained in exchange for financing liability 122
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.
[2] For the year ended December 31, 2024, includes gross proceeds of $27,004, less issuance costs of $608.
[3] For the year ended December 31, 2025, includes gross proceeds of $20,909, less issuance costs of $1,492.