Non-GAAP Financial Information
The company uses non-GAAP financial measures to help it make strategic decisions, establish budgets and operational goals for managing its business, analyze its financial results and evaluate its performance. The company also believes that the presentation of these non-GAAP financial measures in this release provides an additional tool for investors to use in comparing the company’s core business and results of operations over multiple periods. However, the non-GAAP financial measures presented in this release may not be comparable to similarly titled measures reported by other companies due to differences in the way that these measures are calculated. The non-GAAP financial measures presented in this release should not be considered as the sole measure of the company’s performance and should not be considered in isolation from, or as a substitute for, comparable financial measures calculated in accordance with generally accepted accounting principles accepted in the United States (“GAAP”).
The information in the table below sets forth the non-GAAP financial measures that the company uses in this release. Because of the limitations associated with these non-GAAP financial measures, “Non-GAAP Net Loss”, “EBITDA”, “Adjusted EBITDA”, “Adjusted EBITDA excluding merger costs and loss on convertible note extinguishment” and “Non-GAAP Operating Expenses”, should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. The company compensates for these limitations by relying primarily on its GAAP results and using Non-GAAP Net Loss, EBITDA, Adjusted EBITDA, and Non-GAAP Operating Expenses on a supplemental basis. You should review the reconciliation of the non-GAAP financial measures below and not rely on any single financial measure to evaluate the company's business.
The following tables reconcile Net income (loss) to Non-GAAP Net Loss, EBITDA, and Adjusted EBITDA and Total Operating Expenses to Non-GAAP Operating Expenses during the three months ended December 31, 2023, September 30, 2023, December 31, 2022 and September 30, 2022, fiscal year 2023 and fiscal year 2022 ended December 31, 2023 and December 31, 2022:
| Velo3D, Inc. | |||||||||||||||||||||||||||||||||||
| NON-GAAP Net Loss Reconciliation | |||||||||||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||||||||||
| Three months ended | Year ended | Three months ended | |||||||||||||||||||||||||||||||||
| December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||||||||||||
| (In thousands, except for percentages) | |||||||||||||||||||||||||||||||||||
| % of Rev | % of Rev | % of Rev | % of Rev | % of Rev | % of Rev | ||||||||||||||||||||||||||||||
| Revenue | $ |
1,806 |
|
100.0 |
% |
$ |
29,780 |
|
100.0 |
% |
$ |
77,562 |
|
100.0 |
% |
$ |
80,757 |
|
100.0 |
% |
$ |
23,808 |
|
100.0 |
% |
$ |
19,115 |
|
100.0 |
% |
|||||
| Gross Profit |
|
(33,541 |
) |
(1857.2 |
)% |
|
1,768 |
|
5.9 |
% |
|
(26,148 |
) |
(33.7 |
)% |
|
2,894 |
|
3.6 |
% |
|
1,488 |
|
6.3 |
% |
|
(121 |
) |
(0.6 |
)% |
|||||
| Net Income (Loss) | $ |
(58,225 |
) |
(3224.0 |
)% |
$ |
22,607 |
|
75.9 |
% |
$ |
(135,020 |
) |
(174.1 |
)% |
$ |
10,020 |
|
12.4 |
% |
$ |
(17,396 |
) |
(73.1 |
)% |
$ |
(75,195 |
) |
(393.4 |
)% |
|||||
| Stock-based compensation |
|
5,445 |
|
301.5 |
% |
|
5,058 |
|
17.0 |
% |
|
24,931 |
|
32.1 |
% |
|
20,148 |
|
24.9 |
% |
|
6,716 |
|
28.2 |
% |
|
5,157 |
|
27.0 |
% |
|||||
| (Gain) loss on fair value of warrants |
|
(2,473 |
) |
(136.9 |
)% |
|
(8,090 |
) |
(27.2 |
)% |
(2,338 |
) |
(3.0 |
)% |
|
(19,129 |
) |
(23.7 |
)% |
|
(1,587 |
) |
(6.7 |
)% |
|
6,612 |
|
34.6 |
% |
||||||
| (Gain) loss on fair value of contingent earnout liabilities |
|
(12,958 |
) |
(717.5 |
)% |
|
(35,963 |
) |
(120.8 |
)% |
|
(15,958 |
) |
(20.6 |
)% |
|
(94,073 |
) |
(116.5 |
)% |
|
(10,810 |
) |
(45.4 |
)% |
|
40,885 |
|
213.9 |
% |
|||||
| (Gain) loss on fair value of debt derivative |
|
(12,133 |
) |
(671.8 |
)% |
|
— |
|
— |
% |
|
(8,485 |
) |
(10.9 |
)% |
|
— |
|
— |
% |
|
3,648 |
|
15.3 |
% |
|
— |
|
— |
% |
|||||
| Loss on extinguishment of debt |
|
19,197 |
|
1063.0 |
% |
|
— |
|
— |
% |
|
19,450 |
|
25.1 |
% |
|
— |
|
— |
% |
|
253 |
|
1.1 |
% |
|
— |
|
— |
% |
|||||
| Non-GAAP Net Loss | $ |
(61,147 |
) |
(3385.8 |
)% |
$ |
(16,388 |
) |
(55.0 |
)% |
$ |
(117,420 |
) |
(151.4 |
)% |
$ |
(83,034 |
) |
(102.8 |
)% |
$ |
(19,176 |
) |
(80.5 |
)% |
$ |
(22,541 |
) |
(117.9 |
)% |
|||||
| Velo3D, Inc. | |||||||||||||||||||||||||||||||||||
| NON-GAAP Adjusted EBITDA Reconciliation | |||||||||||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||||||||||
| Three months ended | Year ended | Three months ended | |||||||||||||||||||||||||||||||||
| December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||||||||||||
| (In thousands, except for percentages) | |||||||||||||||||||||||||||||||||||
| % of Rev | % of Rev | % of Rev | % of Rev | % of Rev | % of Rev | ||||||||||||||||||||||||||||||
| Revenue | $ |
1,806 |
|
100.0 |
% |
$ |
29,780 |
|
100.0 |
% |
$ |
77,562 |
|
100.0 |
% |
$ |
80,757 |
|
100.0 |
% |
$ |
23,808 |
|
100.0 |
% |
$ |
19,115 |
|
100.0 |
% |
|||||
| Net Income (Loss) |
|
(58,225 |
) |
(3224.0 |
)% |
|
22,607 |
|
75.9 |
% |
|
(135,020 |
) |
(174.1 |
)% |
|
10,020 |
|
12.4 |
% |
|
(17,396 |
) |
(73.1 |
)% |
(75,195 |
) |
(393.4 |
)% |
||||||
| Interest expense |
|
8,051 |
|
445.8 |
% |
|
10 |
|
0.0 |
% |
|
9,722 |
|
12.5 |
% |
|
372 |
|
0.5 |
% |
|
1,107 |
|
4.6 |
% |
|
129 |
|
0.7 |
% |
|||||
| Tax expense |
|
— |
|
— |
% |
|
— |
|
— |
% |
|
— |
|
— |
% |
|
— |
|
— |
% |
— |
|
— |
% |
|
— |
|
— |
% |
||||||
| Depreciation and amortization |
|
1,641 |
|
90.9 |
% |
|
1,962 |
|
6.6 |
% |
|
6,157 |
|
7.9 | % |
|
5,290 |
|
6.6 |
% |
|
1,490 |
|
6.3 |
% |
|
1,220 |
|
6.4 |
% |
|||||
| EBITDA | $ |
(48,533 |
) |
(2687.3 |
)% |
$ |
24,579 |
|
82.5 |
% |
$ |
(119,141 |
) |
(153.6 |
)% |
$ |
15,682 |
|
19.4 |
% |
$ |
(14,799 |
) |
(62.2 |
)% |
$ |
(73,846 |
) |
(386.3 |
)% |
|||||
| Stock-based compensation |
|
5,445 |
|
301.5 |
% |
|
5,058 |
|
17.0 |
% |
|
24,931 |
|
32.1 |
% |
|
20,148 |
|
24.9 |
% |
|
6,716 |
|
28.2 |
% |
|
5,157 |
|
27.0 |
% |
|||||
| (Gain) loss on fair value of warrants |
|
(2,473 |
) |
(136.9 |
)% |
|
(8,090 |
) |
(27.2 |
)% |
|
(2,338 |
) |
(3.0 |
)% |
|
(19,129 |
) |
(23.7 |
)% |
|
(1,587 |
) |
(6.7 |
)% |
|
6,612 |
|
34.6 |
% |
|||||
| (Gain) loss on fair value of contingent earnout liabilities |
|
(12,958 |
) |
(717.5 |
)% |
|
(35,963 |
) |
(120.8 |
)% |
|
(15,958 |
) |
(20.6 |
)% |
|
(94,073 |
) |
(116.5 |
)% |
|
(10,810 |
) |
(45.4 |
)% |
|
40,885 |
|
213.9 |
% |
|||||
| (Gain) loss on fair value of debt derivative |
|
(12,133 |
) |
(671.8 |
)% |
|
— |
|
— |
% |
|
(8,485 |
) |
(10.9 |
)% |
|
— |
|
— |
% |
|
3,648 |
|
15.3 |
% |
|
— |
|
— |
% |
|||||
| Loss on extinguishment of debt |
|
19,197 |
|
1063.0 |
% |
|
— |
|
— |
% |
|
19,450 |
|
25.1 |
% |
|
— |
|
— |
% |
|
253 |
|
1.1 |
% |
|
— |
|
— |
% |
|||||
| Adjusted EBITDA | $ |
(51,455 |
) |
(2849.1 |
)% |
$ |
(14,416 |
) |
(48.4 |
)% |
$ |
(101,541 |
) |
(130.9 |
)% |
$ |
(77,372 |
) |
(95.8 |
)% |
$ |
(16,579 |
) |
(69.6 |
)% |
$ |
(21,192 |
) |
(110.9 |
)% |
|||||
| Velo3D, Inc. | |||||||||||||||||||||||||||||||||||
| NON-GAAP Adjusted Operating Expenses Reconciliation | |||||||||||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||||||||||
| Three months ended | Year ended | Three months ended | |||||||||||||||||||||||||||||||||
| December 31, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | September 30, 2023 | September 30, 2022 | ||||||||||||||||||||||||||||||
| (In thousands, except for percentages) | |||||||||||||||||||||||||||||||||||
| % of Rev | % of Rev | % of Rev | % of Rev | % of Rev | % of Rev | ||||||||||||||||||||||||||||||
| Revenue | $ |
1,806 |
|
100.0 |
% |
$ |
29,780 |
|
100.0 |
% |
$ |
77,562 |
|
100.0 |
% |
$ |
80,757 |
|
100.0 |
% |
$ |
23,808 |
|
100.0 |
% |
$ |
19,115 |
|
100.0 |
% |
|||||
| Operating expenses | |||||||||||||||||||||||||||||||||||
| Research and development |
|
9,211 |
|
510.0 |
% |
|
7,828 |
|
26.3 |
% |
|
42,031 |
|
54.2 |
% |
|
46,266 |
|
57.3 |
% |
|
9,819 |
|
41.2 |
% |
12,558 |
|
65.7 |
% |
||||||
| Selling and marketing |
|
5,175 |
|
286.5 |
% |
|
6,043 |
|
20.3 |
% |
|
23,229 |
|
29.9 |
% |
|
23,907 |
|
29.6 |
% |
|
5,772 |
|
24.2 |
% |
|
5,632 |
|
29.5 |
% |
|||||
| General and administrative |
|
10,158 |
|
562.5 |
% |
|
9,791 |
|
32.9 |
% |
|
41,727 |
|
53.8 |
% |
|
36,982 |
|
45.8 |
% |
|
11,118 |
|
46.7 |
% |
|
9,642 |
|
50.4 |
% |
|||||
| Total operating expenses |
|
24,544 |
|
1359.0 |
% |
|
23,662 |
|
79.5 |
% |
|
106,987 |
|
137.9 |
% |
|
107,155 |
|
132.7 |
% |
|
26,709 |
|
112.2 |
% |
|
27,832 |
|
145.6 |
% |
|||||
| Stock-based compensation in operating expenses |
|
3,387 |
|
187.5 |
% |
|
5,058 |
|
17.0 |
% |
|
22,873 |
|
29.5 |
% |
|
20,148 |
|
24.9 |
% |
|
6,716 |
|
28.2 |
% |
|
5,157 |
|
27.0 |
% |
|||||
| Adjusted operating expenses | $ |
21,157 |
|
1171.5 |
% |
$ |
18,604 |
|
62.5 |
% |
$ |
84,114 |
|
108.4 |
% |
$ |
87,007 |
|
107.7 |
% |
$ |
19,993 |
|
84.0 |
% |
$ |
22,675 |
|
118.6 |
% |
|||||
| Velo3D, Inc. | |||||||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| (in thousands, except share and per share data) | |||||||||||||||||||
| Three months ended | Year ended | ||||||||||||||||||
| December 31, 2023 | September 30, 2023 | December 31, 2022 | December 31, 2023 | December 31, 2022 | |||||||||||||||
| Revenue | |||||||||||||||||||
| 3D Printer | $ |
(136 |
) |
$ |
21,428 |
|
$ |
27,010 |
|
$ |
69,057 |
|
$ |
71,346 |
|
||||
| Recurring payment |
|
535 |
|
|
531 |
|
|
1,119 |
|
|
1,676 |
|
|
4,161 |
|
||||
| Support services |
|
1,407 |
|
|
1,849 |
|
|
1,651 |
|
|
6,829 |
|
|
5,250 |
|
||||
| Total Revenue |
|
1,806 |
|
|
23,808 |
|
|
29,780 |
|
|
77,562 |
|
|
80,757 |
|
||||
| Cost of revenue | |||||||||||||||||||
| Cost of 3D Printer |
|
32,473 |
|
|
20,273 |
|
|
25,567 |
|
|
94,448 |
|
|
68,253 |
|
||||
| Cost of Recurring Payment |
|
398 |
|
|
111 |
|
|
553 |
|
|
1,291 |
|
|
2,612 |
|
||||
| Cost of Support Services |
|
2,476 |
|
|
1,936 |
|
|
1,892 |
|
|
7,971 |
|
|
6,998 |
|
||||
| Total cost of revenue |
|
35,347 |
|
|
22,320 |
|
|
28,012 |
|
|
103,710 |
|
|
77,863 |
|
||||
| Gross profit |
|
(33,541 |
) |
1,488 |
|
|
1,768 |
|
|
(26,148 |
) |
2,894 |
|
||||||
| Operating expenses | |||||||||||||||||||
| Research and development |
|
9,211 |
|
|
9,819 |
|
|
7,828 |
|
|
42,031 |
|
|
46,266 |
|
||||
| Selling and marketing |
|
5,175 |
|
|
5,772 |
|
|
6,043 |
|
|
23,229 |
|
|
23,907 |
|
||||
| General and administrative |
|
10,158 |
|
|
11,118 |
|
|
9,791 |
|
|
41,727 |
|
|
36,982 |
|
||||
| Total operating expenses |
|
24,544 |
|
|
26,709 |
|
|
23,662 |
|
|
106,987 |
|
|
107,155 |
|
||||
| Loss from operations |
|
(58,085 |
) |
(25,221 |
) |
|
(21,894 |
) |
|
(133,135 |
) |
(104,261 |
) |
||||||
| Interest expense |
|
(8,051 |
) |
|
(1,107 |
) |
|
(10 |
) |
|
(9,722 |
) |
|
(372 |
) |
||||
| Gain on fair value of warrants |
|
2,476 |
|
|
1,587 |
|
|
8,090 |
|
|
2,338 |
|
|
19,129 |
|
||||
| Gain on fair value of contingent earnout liabilities |
|
12,958 |
|
|
10,810 |
|
|
35,963 |
|
|
15,958 |
|
|
94,073 |
|
||||
| Gain (loss) on fair value of debt derivatives |
|
12,133 |
|
|
(3,648 |
) |
|
— |
|
|
8,485 |
|
|
— |
|
||||
| Loss on debt extinguishment |
|
(19,197 |
) |
|
(253 |
) |
|
— |
|
|
(19,450 |
) |
|
— |
|
||||
| Other income (loss), net |
|
(459 |
) |
|
436 |
|
|
458 |
|
|
506 |
|
|
1,451 |
|
||||
| Income (loss) before provision for income taxes |
|
(58,225 |
) |
|
(17,396 |
) |
|
22,607 |
|
|
(135,020 |
) |
|
10,020 |
|
||||
| Provision for income taxes |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
||||
| Net income (loss) |
|
(58,225 |
) |
|
(17,396 |
) |
|
22,607 |
|
|
(135,020 |
) |
|
10,020 |
|
||||
| Net income (loss) per share: | |||||||||||||||||||
| Basic | $ |
(0.28 |
) |
$ |
(0.09 |
) |
$ |
0.12 |
|
$ |
(0.68 |
) |
$ |
0.05 |
|
||||
| Diluted | $ |
(0.28 |
) |
$ |
(0.09 |
) |
$ |
0.11 |
|
$ |
(0.68 |
) |
$ |
0.05 |
|
||||
| Shares used in computing net income (loss) per share: | |||||||||||||||||||
| Basic |
|
207,869,092 |
|
|
197,833,109 |
|
|
186,491,083 |
|
|
197,358,751 |
|
|
185,079,101 |
|
||||
| Diluted |
|
207,869,092 |
|
|
197,833,109 |
|
|
202,704,021 |
|
|
197,358,751 |
|
|
202,174,903 |
|
||||
| Net Income (loss) | $ |
(58,225 |
) |
$ |
(17,396 |
) |
$ |
22,607 |
|
$ |
(135,020 |
) |
$ |
10,020 |
|
||||
| Net unrealized holding loss on available-for-sale investments |
|
156 |
|
|
149 |
|
|
298 |
|
|
741 |
|
|
(823 |
) |
||||
| Other comprehensive income (loss) | $ |
(58,069 |
) |
$ |
(17,247 |
) |
$ |
22,905 |
|
$ |
(134,279 |
) |
$ |
9,197 |
|
||||
| Velo3D, Inc. | |||||||
| CONSOLIDATED BALANCE SHEETS | |||||||
| (Unaudited) | |||||||
| (In thousands, except share and per share data) | |||||||
| December 31, | December 31, | ||||||
|
|
2023 |
|
|
2022 |
|
||
| (in thousands, except share and per share data) | |||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ |
24,494 |
|
$ |
31,983 |
|
|
| Short-term investments |
|
6,621 |
|
|
48,214 |
|
|
| Accounts receivable, net |
|
9,583 |
|
|
9,185 |
|
|
| Inventories |
|
60,816 |
|
|
71,202 |
|
|
| Contract assets |
|
14,797 |
|
|
6,805 |
|
|
| Prepaid expenses and other current assets |
|
4,000 |
|
|
5,533 |
|
|
| Total current assets |
|
120,311 |
|
|
172,922 |
|
|
| Property and equipment, net |
|
16,326 |
|
|
19,812 |
|
|
| Equipment on lease, net |
|
6,667 |
|
|
9,070 |
|
|
| Other assets |
|
14,203 |
|
|
23,310 |
|
|
| Total assets | $ |
157,507 |
|
$ |
225,114 |
|
|
| Liabilities and Stockholders' Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable |
|
15,854 |
|
|
12,207 |
|
|
| Accrued expenses and other current liabilities |
|
6,491 |
|
|
15,877 |
|
|
| Debt - current portion |
|
20,632 |
|
|
2,775 |
|
|
| Contract liabilities |
|
5,135 |
|
|
15,194 |
|
|
| Total current liabilities |
|
48,112 |
|
|
46,053 |
|
|
| Long-term debt - less current portion |
|
12,500 |
|
|
5,422 |
|
|
| Contingent earnout liabilities |
|
1,456 |
|
|
17,414 |
|
|
| Warrant liabilities |
|
11,835 |
|
|
2,745 |
|
|
| Other noncurrent liabilities |
|
13,094 |
|
|
12,634 |
|
|
| Total liabilities | $ |
86,997 |
|
$ |
84,268 |
|
|
| Commitments and contingencies | |||||||
| Stockholders’ equity: | |||||||
| Common stock, $0.00001 par value – 500,000,000 shares authorized at December 31, 2023 and 2022, respectively, 258,418,695 and 187,561,368 shares issued and outstanding as of December 31, 2023 and 2022, respectively |
|
2 |
|
|
2 |
|
|
| Additional paid-in capital |
|
425,471 |
|
|
361,528 |
|
|
| Accumulated other comprehensive loss |
|
(96 |
) |
(837 |
) |
||
| Accumulated deficit |
|
(354,867 |
) |
|
(219,847 |
) |
|
| Total stockholders’ equity | $ |
70,510 |
|
$ |
140,846 |
|
|
| Total liabilities and stockholders’ equity | $ |
157,507 |
|
$ |
225,114 |
|
|
| Velo3D, Inc. | |||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| (Unaudited) | |||||||
| (In thousands) | |||||||
| Year Ended | |||||||
| December 31, 2023 | December 31, 2022 | ||||||
| Cash flows from operating activities | |||||||
| Net income (loss) |
|
(135,020 |
) |
|
10,020 |
|
|
| Adjustments to reconcile net loss to net cash used in operating activities | |||||||
| Depreciation and amortization |
|
11,538 |
|
|
5,290 |
|
|
| Stock-based compensation |
|
24,931 |
|
|
20,148 |
|
|
| Gain on fair value of warrants |
|
(2,338 |
) |
|
(19,129 |
) |
|
| Gain on fair value of contingent earnout liabilities |
|
(15,958 |
) |
|
(94,073 |
) |
|
| Gain on fair value of debt derivatives |
|
(8,485 |
) |
|
— |
|
|
| Loss on debt extinguishment |
|
19,450 |
|
|
— |
|
|
| Non-cash cost of issuance of common stock warrants |
|
1,357 |
|
|
— |
|
|
| Realized loss on available for sales securities |
|
14 |
|
|
— |
|
|
| Changes in assets and liabilities | |||||||
| Accounts receivable |
|
(398 |
) |
|
3,593 |
|
|
| Inventories |
|
14,506 |
|
|
(47,017 |
) |
|
| Contract assets |
|
(7,992 |
) |
|
(6,531 |
) |
|
| Prepaid expenses and other current assets |
|
2,795 |
|
|
6,142 |
|
|
| Other assets |
|
9,264 |
|
|
(1,241 |
) |
|
| Accounts payable |
|
2,211 |
|
|
2,341 |
|
|
| Accrued expenses and other liabilities |
|
(9,038 |
) |
|
6,362 |
|
|
| Contract liabilities |
|
(10,059 |
) |
|
(7,058 |
) |
|
| Other noncurrent liabilities |
|
592 |
|
|
(2,809 |
) |
|
| Net cash used in operating activities |
|
(102,630 |
) |
|
(123,962 |
) |
|
| Cash flows from investing activities | |||||||
| Purchase of property and equipment |
|
(1,046 |
) |
|
(13,822 |
) |
|
| Production of equipment for lease to customers |
|
(2,942 |
) |
|
(5,595 |
) |
|
| Purchases of available-for-sale investments |
|
(3,655 |
) |
|
(87,655 |
) |
|
| Sales of available for sale securities |
|
10,664 |
|
|
— |
|
|
| Proceeds from maturities of available-for-sale investments |
|
35,092 |
|
|
54,050 |
|
|
| Net cash provided by (used in) investing activities |
|
38,113 |
|
|
(53,022 |
) |
|
| Cash flows from financing activities | |||||||
| Proceeds from loan refinance, net of issuance costs |
|
— |
|
|
6,664 |
|
|
| Repayment of loans in connection with loan refinance |
|
— |
|
|
(8,089 |
) |
|
| Proceeds from ATM offering, net of issuance costs |
|
22,805 |
|
|
— |
|
|
| Proceeds from revolver facility |
|
14,000 |
|
|
— |
|
|
| Proceeds from capital raise, net of issuance costs |
|
16,287 |
|
|
— |
|
|
| Proceeds from revolver facility |
|
(17,000 |
) |
|
— |
|
|
| Repayment of property and equipment loan |
|
(6,956 |
) |
|
(889 |
) |
|
| Proceeds from equipment loans |
|
1,600 |
|
|
2,400 |
|
|
| Repayment of notes |
|
(40,000 |
) |
|
— |
|
|
| Proceeds from notes, net of issuance costs |
|
65,736 |
|
|
— |
|
|
| Issuance of common stock upon exercise of stock options |
|
561 |
|
|
1,256 |
|
|
| Net cash provided by financing activities |
|
57,033 |
|
|
1,342 |
|
|
| Effect of exchange rate changes on cash and cash equivalents |
|
(5 |
) |
|
23 |
|
|
| Net change in cash and cash equivalents |
|
(7,489 |
) |
|
(175,619 |
) |
|
| Cash and cash equivalents and restricted cash at beginning of period |
|
32,783 |
|
|
208,402 |
|
|
| Cash and cash equivalents and restricted cash at end of period | $ |
25,294 |
|
$ |
32,783 |
|
|
| Supplemental disclosure of cash flow information | |||||||
| Cash paid for interest | $ |
9,722 |
|
$ |
372 |
|
|
| Supplemental disclosure of non-cash information | |||||||
| Unpaid liabilities related to property and equipment |
|
92 |
|
|
— |
|
|
| Equipment for lease to customers returned to inventory |
|
4,153 |
|
|
2,619 |
|
|
| Issuance of common stock warrants in connection with capital raise |
|
11,428 |
|
|
— |
|
|
| Issuance of common stock warrants in connection with financing |
|
— |
|
|
170 |
|
|
