Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED STATEMENTS OF CASH FLOWS

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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 $ (7,649) $ (56,716) $ (338,044)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depreciation and amortization 10,057 7,263 4,383
Equity-based compensation 10,607 6,974 6,079
Amortization of debt issuance costs 1,193 549 317
Loss on disposal of assets 1,848 4,763 0
Loss on impairment of assets 6,079 0 0
Paid-in-kind interest 2,535 0 0
Loss on extinguishment of debt 1,127 0 0
Other 173 311 849
Change in fair value of earn-out liability 0 0 209,651
Change in fair value of warrant liability 0 0 56,675
Change in fair value of derivative liability 0 0 2,335
Changes in operating assets and liabilities:      
Accounts receivable, net (8,627) (2,766) (14,895)
Inventories, net (10,107) (8,183) (56,311)
Prepaid expenses and other assets 900 654 (184)
Accounts payable 6,806 21,557 (6,146)
Accrued liabilities (7,890) (1,811) 15,986
Deferred revenue and gift card liability (7,112) 1,525 2,171
Operating lease liability 560 891 776
Other liabilities 10,808 22 168
Net cash provided by (used in) operating activities 11,308 (24,967) (116,190)
Investing activities      
Purchases of property, plant and equipment (8,666) (27,220) (30,404)
Proceeds from sale of property and equipment 953 5,712 0
Net cash used in investing activities (7,713) (21,508) (30,404)
Financing activities      
Proceeds from issuance of long-term debt, net of discount 353,197 294,508 51,593
Debt issuance costs paid (706) (4,333) (279)
Repayment of long-term debt (361,565) (268,230) (38,761)
Payments of debt extinguishment costs (1,040) 0 0
Financing lease obligations (68) (173) 3
Repayment of promissory note (1,047) (1,047) 0
Issuance of stock from the Employee Stock Purchase Plan 518 673 0
Proceeds from exercise of stock options 13 0 0
Distribution and redemption of Series A preferred equity 0 0 (127,853)
Proceeds from Business Combination, including PIPE investment 0 0 337,957
Payment of Business Combination costs 0 0 (31,638)
Redemption of Class A and Class B shares 0 0 (20,145)
Redemption of incentive units 0 0 (3,627)
Net cash (used in) provided by financing activities (10,698) 21,398 167,250
Net (decrease) increase in cash, cash equivalents, and restricted cash (7,103) (25,077) 20,656
Cash and cash equivalents, beginning of period 12,448 38,990 18,334
Restricted cash, beginning of period 1,465 0 0
Cash and cash equivalents, end of period 6,810 12,448 38,990
Restricted cash, end of period 0 1,465 0
Non-cash operating activities      
(Derecognition) Recognition of right-of-use operating lease assets (8,043) 18,547 20,050
Recognition of revenue for inventory exchanged for prepaid advertising 23,925 28,901 0
Non-cash investing and financing activities      
Property and equipment purchased but not yet paid 304 1,857 2,279
Debt issuances costs accrued but not yet paid 378 0 0
Series A preferred equity exchange for PIPE shares 0 0 26,203
Series A preferred equity amortization 0 0 5,390
Supplemental cash flow information      
Cash paid for income taxes 425 562 277
Cash paid for interest $ 9,041 $ 4,483 $ 1,279