Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash Flows From Operating Activities:    
Net loss $ (71,283) $ (37,764)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 6,825 3,393
Non-cash lease expense 833 215
Change in fair value of contingent consideration 41 73
Loss on disposal of fixed assets 33
Change in fair value of derivative and other accrued liabilities 10
Provision for bad debt 1,318 798
Provision for slow moving and obsolete inventory 65 161
Stock-based compensation:    
Common stock 10,500 962
Options 3,857 2,027
Warrants 5,082
Changes in operating assets and liabilities:    
Accounts receivable and other receivables (20,630) (2,728)
Inventory (11,855) (8,105)
Prepaid expenses and other current assets (1,073) 4,270
Other assets 898 (1,339)
Accounts payable and accrued expenses 7,379 4,491
Other liabilities (258) 50
Lease liabilities (2,232) (146)
Deferred revenue 5,450 2,656
Total Adjustments 6,243 6,778
Net Cash Used In Operating Activities (65,040) (30,986)
Cash Flows From Investing Activities:    
Purchase consideration of Envoy, net of cash acquired (4,660)
Purchase consideration of SemaConnect, net of cash acquired (38,338)
Purchase consideration of Electric Blue, net of cash acquired (11,360)
Capitalization of engineering costs (526) (288)
Purchases of property and equipment (5,647) (2,247)
Net Cash Used In Investing Activities (10,833) (52,233)
Cash Flows From Financing Activities:    
Proceeds from sale of common stock in public offering, net [1] 113,254
Proceeds from exercise of options and warrants 835 92
Repayment of financing liability in connection with finance lease (1,443) (71)
Payment of financing liability in connection with internal use software (220) (235)
Net Cash Provided By (Used In) Financing Activities 112,426 (214)
Effect of Exchange Rate Changes on Cash and Cash Equivalents 1,354 (2,350)
Net Increase (Decrease) In Cash and Cash Equivalents and Restricted Cash 37,907 (85,783)
Cash and Cash Equivalents and Restricted Cash - Beginning of Period 36,633 175,049
Cash and Cash Equivalents and Restricted Cash - End of Period 74,540 89,266
Cash and cash equivalents and restricted cash consisted of the following:    
Cash and cash equivalents 74,464 85,136
Restricted cash 76 4,130
Total Cash and cash equivalents and restricted cash 74,540 89,266
Cash paid during the period for:    
Interest
Income taxes 20
Non-cash investing and financing activities:    
Common stock issued as purchase consideration of SemaConnect 113,837
Common stock issued as purchase consideration of Electric Blue 2,852
Right-of-use assets obtained in exchange for lease obligations 4,765 258
Property and equipment obtained in exchange for finance lease obligations 2,798 931
Intangible assets obtained in exchange for financing liability 122 660
Transfer of inventory to property and equipment (1,241) (2,024)
Note receivable applied to purchase consideration of Envoy $ (1,321)
[1] Includes gross proceeds of $118,868, less issuance costs of $5,614.