Shapeways Reports Third Quarter 2023 Results

 
SHAPEWAYS HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands, except share and per share amounts)
 
  Nine Months Ended September 30,
  2023  2022
Cash flows from operating activities:   
Net loss$(33,377) $(13,261)
Adjustments to reconcile net loss to net cash used in operating activities:   
Depreciation and amortization 1,467   1,032 
Loss from impairment on assets held for sale 9,680    
Write-off of prepaid services 3,196    
Write-off of intangible assets 481    
Loss on disposal of assets 85    
Stock-based compensation expense 1,884   1,519 
Non-cash lease expense 749   687 
Deferred income taxes 56        
Interest receivable on short-term investments   (611 )      
Change in fair value of earnout liability         (1,784 )
Change in fair value of warrant liabilities         (1,558 )
Change in operating assets and liabilities:      
Accounts receivable   (2,226 )     710  
Inventory   (662 )     (152 )
Prepaid expenses and other assets   (89 )     (1,335 )
Accounts payable   (425 )     (396 )
Accrued expenses and other liabilities   (1,794 )     713  
Operating lease liabilities   (721 )     (732 )
Deferred revenue   866       (458 )
Net cash used in operating activities   (21,441 )     (15,015 )
Cash flows from investing activities:      
Purchases of property and equipment   (2,796 )     (9,043 )
Purchase of short-term investments   (9,769 )      
Proceeds from settlement of short-term investments   20,000        
Cash paid for acquisitions, net of cash acquired         (8,861 )
Net cash provided by (used in) investing activities   7,435       (17,904 )
Cash flows from financing activities:      
Proceeds received from other finance obligations   993        
Principal payments on finance leases   (45 )      
Payments on other finance obligations   (17 )      
Payments of taxes on restricted stock units withheld for employee taxes   (169 )      
Proceeds from issuance of common stock   118       289  
Net cash provided by financing activities   880       289  
Net change in cash and cash equivalents and restricted cash   (13,126 )     (32,630 )
Effect of change in foreign currency exchange rates on cash and cash equivalents and   13       (112 )
Cash and cash equivalents and restricted cash at beginning of period   30,769       79,819  
Cash and cash equivalents and restricted cash at end of period $ 17,656     $ 47,077  
Supplemental disclosure of cash and non-cash transactions:      
Cash paid for interest $ 87     $  
Purchase of property and equipment included in accounts payable $ 39     $  
Issuance of common stock upon settlement of earnout consideration liability $ 537     $  



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