Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.22.2.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities    
Net income (loss) $ 23,751 $ (122,955)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 1,279 605
Provision for doubtful accounts 2,231 142
Provision for inventory obsolescence and write-downs 1,155 98
Loss (gain) on disposal of fixed asset 58 (9)
Gain on extinguishment of debt 0 (2,194)
Change in fair value of warrant liability (1,850) 28,108
Change in fair value of earnout liability (68,357) 44,164
Change in fair value of derivative liability (16,370) 9,290
Stock-based compensation 3,878 1,545
Amortization of debt discount 6,899 4,598
Non-cash impact of operating lease right-of-use asset 849 1,453
Issuance of common stock for commitment shares 851 0
Issuance of common stock warrants for services performed 0 433
Changes in operating assets and liabilities:    
Accounts receivable (4,793) (8,090)
Inventories (21,955) (5,116)
Prepaid expenses and other assets (4,126) (6,511)
Accounts payable 6,052 1,293
Accrued expenses and other liabilities 3,462 5,184
Net cash used in operating activities (66,986) (47,962)
Cash flows from investing activities    
Purchase of property and equipment (5,694) (2,320)
Proceeds from disposal of property and equipment 0 9
Net cash used in investing activities (5,694) (2,311)
Cash flows from financing activities    
Proceeds from convertible notes payable, net of issuance costs paid 0 95,000
Proceeds from Business Combination and PIPE Financing, net of issuance costs paid 0 142,796
Proceeds from facility borrowings 0 7,000
Repayments of facility borrowings 0 (11,500)
Proceeds from the exercise of Series C redeemable convertible preferred warrants 0 3,100
Proceeds from exercise of common warrants 0 157
Payments on finance lease obligations (78) (54)
Proceeds from exercise of stock options 129 552
Tax withholding payment related to net settlement of equity awards (114) 0
Net cash (used in) provided by financing activities (63) 237,051
Net (decrease) increase in cash (72,743) 186,778
Cash - Beginning of period 168,538 460
Cash - End of period 95,795 187,238
Supplemental cash flow information    
Cash paid for interest 3,536 2,559
Significant noncash transactions    
Earnout liability at inception   78,960
Warrant liability at inception   1,253
Derivative liability at inception   17,063
Conversion of warrant liabilities for common stock   37,580
Property and equipment included in accounts payable and accruals 879 0
Finance lease right-of-use asset in exchange for a lease liability 786 0
Inventory repossessed for accounts receivable $ 1,410 0
Conversion of Short-term Convertible Notes    
Significant noncash transactions    
Conversion of convertible notes for common stock   9,679
Conversion Of Convertible Debt    
Significant noncash transactions    
Conversion of convertible notes for common stock   $ 10,089