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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:        
Net loss $ (147,761) $ (16,743) $ (61,195) $ (87,589)
Adjustments to reconcile net loss to net cash used in operating activities:        
Depreciation and amortization 191 253 886 2,040
Noncash lease expense 150 153 649 815
Pay-to-Play financing charge       35,832
Debt financing charge on convertible notes     464 3,145
Stock-based compensation 11,040 337 3,847 2,483
Credit loss expense   421 570 421
Deferred income taxes (10) (23) (1,124) (107)
Loss on purchase commitments     0 1,165
Non-cash loss on lease termination       (18)
Changes in operating assets and liabilities:        
Accounts receivable, net (953) (2,138) (614) 362
Accounts receivable - related party   (30) 467 639
Inventories 178 (1,767) (2,039) (2,186)
Prepaid expenses and other current assets 8,504 33 (21,630) 167
Other assets 8 170 15 64
Accounts payable and accrued liabilities 3,583 5,286 10,988 9,500
Operating lease liabilities (152) (140) (616) (854)
Income taxes payable (95) 100 2,108 (590)
Accrued loss on purchase commitments (2) (1,581) (2,985) (3,022)
Accrued compensation 150 322 (325) 34
Other liabilities (234) (182) 1,279 (733)
Advances from related party (114)      
Change in fair value of earnout share liabilities (116,518)      
Change in fair value of convertible notes 165,703 4,651 10,022 9,532
Change in fair value of warrant liabilities 60,345 3,515 5,701 945
Other 43      
Net cash used in operating activities (15,944) (7,363) (53,532) (27,955)
Cash flows from investing activities:        
Purchases of property and equipment (661) (177) (902) (220)
Net cash used in investing activities (661) (177) (902) (220)
Cash flows from financing activities:        
Payment of deferred offering costs (4,531) (128) (4,357)  
Proceeds from convertible notes   11,500 110,718 12,300
Proceeds from short term demand notes       4,925
Repayment of short term demand notes     (4,750) (176)
Proceeds from exercise of stock options     98 1
Merger and PIPE financing, net of transaction costs 15,874      
Net cash provided by financing activities 11,343 11,372 101,709 26,475
Net change in cash, cash equivalents and restricted cash (5,262) 3,832 47,275 (1,700)
Cash and restricted cash – beginning of period 50,488 3,213 3,213 4,913
Cash and restricted cash - end of period 45,226 7,045 50,488 3,213
Components of cash, cash equivalents and restricted cash:        
Cash - end of period 44,967 7,045 50,237 3,213
Restricted cash - end of period 259   251 0
Cash and restricted cash - end of period 45,226 7,045 50,488 3,213
Supplemental cash flow disclosures:        
Cash paid during the year for interest     245 3
Cash paid for income taxes 129 60 223  
Supplemental non-cash disclosures:        
Property and equipment acquired in accounts payable & accrued expenses     510  
Reissuance of Shadow Preferred in Pay-to-Play Pull Through Exchange at redemption value       109,327
Operating lease asset obtained in exchange for new operating lease liabilities     0 1,673
Right-of-use assets and lease liabilities extinguished upon termination of lease, net of gain       (108)
Conversion of convertible notes to common stock 314,334      
Capitalized deferred offering costs included in accounting payable and accrued liabilities     6,764 1,491
Property and equipment acquired in accounts payable and accrued expenses and other current liabilities 497 123    
Capitalized deferred offering costs included in accounts payable and accrued expenses and other current liabilities   154    
Issuance of warrants with convertible notes   $ 909 $ 4,816 1,690
Net exercise of warrants for common stock 75,056      
Issuance of warrants for professional services 167      
Issuance of common stock for shareholder note receivable $ 8,754      
Pay-to-Play convertible notes and Common Rights Offering        
Cash flows from financing activities:        
Proceeds from convertible notes       $ 9,425