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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating activities:      
Net loss $ (162,123) $ (186,638) $ (151,293)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 78,418 56,139 41,168
Stock-based compensation 73,277 81,244 40,556
Amortization of debt discount and debt issuance costs 4,462 3,634 2,038
Amortization of right-of-use assets 4,902 3,543 2,760
Write-down for excess and obsolete inventories 15,421 13,608 9,792
Loss on disposal of assets 3,072 3,708 2,594
Other 5,194 455 1,187
Changes in operating assets and liabilities:      
Accounts receivable (14,589) (12,795) (18,832)
Inventories (54,660) (45,562) (20,704)
Prepaid expenses and other current assets (97) (11,098) 552
Other assets (466) (541) (109)
Accounts payable 9,671 6,989 9,796
Accrued expenses and other current liabilities (1,781) 17,000 13,508
Lease liabilities (5,495) (3,602) (2,678)
Contract liabilities (3,261) 1,793 (2,280)
Other long-term liabilities 3,404 (6,362) (3,189)
Net cash used in operating activities (44,651) (78,485) (75,134)
Investing activities:      
Purchases of property and equipment (83,223) (80,508) (49,453)
Purchase of intangible assets (9,913) (6,467) (8,827)
Acquisition of business, net of cash acquired (55,000)
Net cash used in investing activities (93,136) (141,975) (58,280)
Financing activities:      
Proceeds from Revolving Credit Facility and line of credit 174,975 134,000 62,500
Repayment of Revolving Credit Facility and line of credit (164,175) (119,500) (27,500)
Proceeds from term debt, net of debt discount 48,000 148,473
Net cash paid for common stock exercises (560) (1,064) (3,041)
Payment of debt issuance costs (140) (3,321) (1,315)
Proceeds from common stock offerings, net of offering costs 213,181
Repayment of OCEANEs (13,315)
Other (1,892) (1,535) 584
Net cash provided by financing activities 56,208 356,919 31,228
Effect of exchange rate changes on cash (551) (185) (366)
Net change in cash and cash equivalents (82,130) 136,274 (102,552)
Cash and cash equivalents at beginning of year 220,970 84,696 187,248
Cash and cash equivalents at end of year 138,840 220,970 84,696
Supplemental disclosure of cash flow information:      
Cash paid for interest 20,316 17,269 3,860
Cash paid for income taxes 275 333 272
Supplemental disclosure of noncash investing and financing activities:      
Debt issuance costs 2,760
Financed insurance 1,156 1,328 1,959
Financed property and equipment 600
Purchases of property and equipment in accounts payable and accrued expenses 8,668 10,406 2,128
Purchase of intangible assets 250 99 750
Recognition of lease liability 11,923 424 1,694
Modification of lease liability for lease amendment $ 4,288