Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2021 |
Dec. 31, 2020 |
| Operating Activities: |
|
|
| Net profit (loss) |
$ 3,855
|
$ (17,985)
|
| Adjustments to reconcile net loss to cash used in operating activities |
|
|
| Depreciation |
1,720
|
1,795
|
| Provision for doubtful accounts |
263
|
591
|
| Reserve for excess and obsolete inventory |
151
|
37
|
| Change in fair value of warrant liabilities |
(1,808)
|
175
|
| Change in fair value of contingent earnout liability |
(63,407)
|
0
|
| Stock-based compensation expense |
18,930
|
2,569
|
| Transaction costs expensed |
1,996
|
0
|
| Changes in operating assets and liabilities |
|
|
| Accounts receivable |
(10,439)
|
967
|
| Inventory |
(3,975)
|
(808)
|
| Prepaid expenses |
(2,425)
|
(333)
|
| Other current assets |
862
|
840
|
| Other assets |
(191)
|
49
|
| Accounts payable and accrued expenses |
7,277
|
852
|
| Other current liabilities |
10
|
(366)
|
| Deferred rent |
550
|
100
|
| Deferred revenue |
929
|
5,058
|
| Net cash used in operating activities |
(45,702)
|
(6,459)
|
| Investing Activities: |
|
|
| Purchases of property and equipment |
(3,788)
|
(640)
|
| Proceeds from sale and disposal of fixed assets |
0
|
118
|
| Net cash used in investing activities |
(3,788)
|
(522)
|
| Financing Activities: |
|
|
| (Repayments) proceeds of debt obligations |
(5,022)
|
5,022
|
| Proceeds from Merger |
132,926
|
0
|
| Proceeds from PIPE investment |
210,000
|
0
|
| Repurchase of common stock |
(45,000)
|
(826)
|
| Payment of transaction costs for the Merger |
(16,043)
|
0
|
| Proceeds from exercise of Series D warrants |
550
|
700
|
| Proceeds from the exercise of common stock options |
1,967
|
1,131
|
| Taxes paid related to net share settlement of equity awards |
0
|
(98)
|
| Principal repayments of capital lease obligations |
0
|
(1)
|
| Net cash provided by financing activities |
279,378
|
5,928
|
| Net change in cash and cash equivalents |
229,888
|
(1,053)
|
| Cash and cash equivalents |
|
|
| Beginning of year |
58,715
|
59,768
|
| End of period |
288,603
|
58,715
|
| Supplemental disclosure of cash flow information |
|
|
| Cash paid for income taxes |
0
|
84
|
| Supplemental disclosure of Non cash financing and investing activities |
|
|
| Purchase of property and equipment in accounts payable and accrued expenses |
532
|
0
|
| Recognition of contingent earnout liability related to earnout shares |
123,129
|
0
|
| Recognition of one public warrant acquired as part of the Merger in additional paid in capital |
9,729
|
0
|
| Recognition of private placement warrant liability upon Merger |
5,702
|
0
|
| Exercise of common stock warrants, net of shares withheld for exercise |
1,793
|
0
|
| Conversion of convertible preferred stock into common stock upon reverse recapitalization |
$ 138,047
|
$ 0
|