Annual report pursuant to Section 13 and 15(d)

Condensed Consolidated Statements of Cash Flows

v3.22.4
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities    
Net loss $ (89,411) $ (38,090)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 18,341 8,509
Stock-based compensation 11,491 11,634
Amortization of operating lease right-of-use assets 2,344 0
Accretion on carrying value of convertible notes 0 2,103
Amortization of debt issuance costs 3,781 3,876
Change in fair value of warrant liability (8,757) 1,600
Change in fair value of contingent earnout liability (9,677) (48,248)
Deferred income tax liabilities 23 497
Loss on impairment of assets and decommissioned satellite 784 91
Loss on extinguishment of debt 22,271 2,277
Other, net (22) 0
Changes in operating assets and liabilities:    
Accounts receivable, net (4,180) (5,010)
Contract assets (1,364) (1)
Other current assets 324 (6,565)
Other long-term assets 1,852 13
Accounts payable (1,808) 2,291
Accrued wages and benefits (923) 1,751
Contract liabilities 7,776 161
Other accrued expenses 1,012 2,917
Operating lease liabilities (1,632) 0
Other long-term liabilities (45) 2,208
Net cash used in operating activities (47,820) (57,986)
Cash flows from investing activities    
Purchases of short-term investments (40,213) 0
Maturities of short-term investments 17,300 0
Purchase of property and equipment (18,915) (15,421)
Investment in intangible assets 0 (166)
Payments made in conection with business acquisiton, net 0 (103,892)
Net cash used in investing activities (41,828) (119,479)
Cash flows from financing activities    
Proceeds from reverse recapitalation and PIPE financing 0 264,823
Payments of transaction costs related to reverse recapitalization 0 (31,806)
Proceeds from long-term debt 100,973 70,515
Payments on long-term debt (71,512) (29,628)
Proceeds from issuance of convertible notes payable 0 20,000
Payments of redemption of warrants 0 (19,942)
Payment of debt issuance costs (4,516) (4,717)
Proceeds from exercise of stock options 806 1,289
Proceeds from employee stock purchase plan 622 0
Net cash provided by financing activities 26,373 270,534
Effect of foreign currency translation on cash, cash equivalent and restricted cash 1,199 590
Net (decrease) increasein cash, cash equivalents and restricted cash (62,076) 93,659
Cash, cash equivalents and restricted cash    
Beginning of year 109,645 15,986
End of year 47,569 109,645
Supplemental disclosure of cash flow information    
Cash paid for interest 9,438 3,130
Income taxes paid (210) (173)
Noncash Investing and financing activities    
Conversion of Series A, B and C preferred stock into common stock upon the reverse recapitalization 0 154,150
Contingent earnout liability recognized upon the closing of the reverse recapitalization 0 58,274
Conversion of convertible notes to common stock upon the reverse recapitalization 0 70,933
Public and private warrants acquired as part of the Merger 0 26,707
Issuance of shares to FP Credit Partners, L.P. ("FP") (Note 8) 0 22,868
Issuance of shares in the acquisition 0 19,361
Conversion of warrants to Class A common stock 4,205 0
Exercise of Series C preferred stock warrants 0 891
Property and equipment purchased but not yet paid 957 687
Issuance of stock warrants with long-term debt (Note 8) $ 3,579 $ 308