v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net loss $ (61,986) $ (127,792)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 3,470 2,439
Amortization of debt issuance costs and discount 2,764 3,336
Equity-based compensation expense 7,400 5,157
Goodwill impairment 0 85,000
Non-cash lease expense 370 94
Provision for doubtful accounts 40 171
Deferred income tax benefit 0 (23)
Loss on extinguishment of debt 2,577 0
Net increase in fair value of derivatives 33,336 23,807
Changes in assets and liabilities:    
Decrease (increase) in accounts receivable 4,348 (8,957)
Decrease in contract assets 383 2,443
(Increase) decrease in prepaid expenses and other assets (1,795) 950
Decrease in accounts payable (4,163) (5,960)
Increase in accrued expenses 4,446 2,599
Increase in contract liabilities 476 1,826
Increase in other liabilities 1,670 551
Net cash used in operating activities (6,664) (14,359)
Cash flows from investing activities:    
Acquisition of business, net of cash acquired 0 13,935
Purchases of property and equipment (80) (38)
Capitalized software development costs (1,540) (1,643)
Net cash (used in) provided by investing activities (1,620) 12,254
Cash flows from financing activities:    
Proceeds from issuance of shares for exercised RDO and PIPE warrants 64,673 53,809
Payment of RDO and PIPE transaction costs (551) 0
Proceeds from short-term borrowings 0 0
Repayment of short-term borrowings (366) (403)
Proceeds from at-the-market offering 6,569 0
Payment of transaction costs for at-the-market offering (115) 0
Payment of debt issuance costs to third parties (4,342) 0
Proceeds from exercise of options 1,393 86
Payments of tax withholding from the issuance of common stock (1,318) (2,532)
Net cash provided by financing activities 65,943 50,960
Effect of foreign currency rate changes on cash and cash equivalents (190) 0
Net increase in cash and cash equivalents 57,469 48,855
Cash and cash equivalents at the beginning of period 50,141 32,557
Cash and cash equivalents at the end of the period 107,610 81,412
Cash paid during the period for:    
Interest 0 0
Income taxes 0 0
Supplemental schedule of non-cash investing and financing activities:    
Issuance of common stock as consideration for Pangiam acquisition 0 207,776
Issuance of common stock upon conversion of 2029 Notes $ 135,597 $ 0

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