Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating activities    
Net income (loss) $ (7,846) $ 1,855
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 2,576 2,413
Equity-based compensation 2,591 1,952
Amortization of debt issuance costs 266 301
Loss on disposal of assets 839 511
Paid-in-kind interest 1,234 0
Other 350 315
Changes in operating assets and liabilities:    
Accounts receivable, net 6,586 58
Inventories, net (7,851) (2,405)
Prepaid expenses and other assets (25) (1,892)
Accounts payable (4,401) 7,264
Accrued liabilities 2,511 (2,331)
Deferred revenue and gift card liability (104) (3,468)
Operating lease liability (721) 371
Other liabilities (146) (30)
Net cash provided by (used in) operating activities (4,141) 4,914
Investing activities    
Purchases of property, plant and equipment (1,173) (2,718)
Proceeds from sale of property and equipment 0 41
Net cash used in investing activities (1,173) (2,677)
Financing activities    
Proceeds from issuance of long-term debt, net of discount 98,904 21,829
Debt issuance costs paid (147) (164)
Repayment of long-term debt (96,162) (32,224)
Financing lease obligations 17 20
Repayment of promissory note (400) (400)
Issuance of stock from the Employee Stock Purchase Plan 194 251
Net cash provided by (used in) financing activities 2,406 (10,688)
Net decrease in cash, cash equivalents and restricted cash (2,908) (8,451)
Cash and cash equivalents, beginning of period 6,810 12,448
Cash and cash equivalents, end of period 3,902 3,997
Restricted cash, end of period 0 1,465
Non-cash operating activities    
Derecognition of right-of-use operating lease assets 0 (1,955)
Recognition of revenue for inventory exchanged for prepaid advertising 0 8,487
Non-cash investing and financing activities    
Property and equipment purchased but not yet paid 22 622
Supplemental cash flow information    
Cash paid for income taxes 72 58
Cash paid for interest $ 756 $ 1,816