CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
3 Months Ended |
Mar. 31, 2023 |
Mar. 31, 2022 |
| Cash flows from operating activities |
|
|
| Net loss |
$ (12,915)
|
$ (6,991)
|
| Adjustments to reconcile net loss to net cash (used in) provided by operating activities |
|
|
| Depreciation and amortization |
3,386
|
2,817
|
| Deferred taxes |
11
|
46
|
| Provision for doubtful accounts receivable and contract assets |
(667)
|
207
|
| Stock-based compensation |
2,561
|
80
|
| Amortization of loan origination fees |
2,035
|
551
|
| Payment in kind interest expense |
1,381
|
5,722
|
| Unrealized (gain) loss on foreign currency exchange derivatives |
(12)
|
0
|
| Change in the estimated fair value of earn-out considerations and warrant liability |
192
|
(165)
|
| Changes in operating assets and liabilities |
|
|
| Accounts receivable |
(17,935)
|
(7,471)
|
| Contract assets |
1,294
|
(2,569)
|
| Prepaid expenses and other current assets |
(550)
|
(2,303)
|
| Operating lease right-of-use assets |
(331)
|
(156)
|
| Other non-current assets |
(278)
|
(308)
|
| Amounts payable to related parties, current portion |
164
|
1,258
|
| Accounts payable |
10,950
|
10,482
|
| Accrued expenses and other current liabilities |
449
|
2,719
|
| Deferred revenue |
(2)
|
(749)
|
| Operating lease liabilities |
264
|
248
|
| Net cash (used in) provided by operating activities |
(9,979)
|
3,418
|
| Cash flows from investing activities |
|
|
| Capital expenditure |
(1,968)
|
(1,721)
|
| Cash paid for acquisition, net of cash acquired (Orinter) |
18,304
|
0
|
| Purchase of restricted short term investments |
(235)
|
0
|
| Sale of restricted short term investments |
62
|
0
|
| Net cash used in investing activities |
(20,445)
|
(1,721)
|
| Cash flows from financing activities |
|
|
| Repayment of long term debt |
(2,063)
|
(129)
|
| Loan origination fee for long term debt |
(616)
|
0
|
| Proceeds from long term debt |
15,000
|
0
|
| Payment of offering costs |
(2,222)
|
(255)
|
| Net cash provided by (used in) by financing activities |
10,099
|
(384)
|
| Effect of exchange rate changes on cash, cash equivalents and restricted cash |
(14)
|
(229)
|
| Net decrease (increase) decrease in cash, cash equivalents and restricted cash |
(20,339)
|
1,084
|
| Cash, cash equivalents and restricted cash at beginning of period |
78,841
|
15,506
|
| Cash, cash equivalents and restricted cash at end of period |
58,502
|
16,590
|
| Supplemental cash flow information: |
|
|
| Cash paid for interest |
5,025
|
4
|
| Cash paid for income taxes |
4
|
0
|
| Non-cash investing and financing activities: |
|
|
| Right-of-use assets obtained in exchange for new operating lease liabilities |
572
|
2,604
|
| Sale of restricted short term investments |
62
|
0
|
| Common Class A |
|
|
| Non-cash investing and financing activities: |
|
|
| Stock issued |
16,037
|
0
|
| Earnout Shares |
|
|
| Non-cash investing and financing activities: |
|
|
| Stock issued |
$ 3,719
|
$ 0
|