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 6 Months Ended 12 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Operating activities              
Net income (loss) $ (14,512) $ (7,846) $ (1,374) $ 1,855 $ (22,357) $ 482  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:              
Depreciation and amortization         6,536 4,797  
Equity-based compensation         5,331 5,257  
Amortization of debt issuance costs         536 605  
Loss on disposal of assets         839 881  
Paid-in-kind interest         1,155 1,559  
Other         423 151  
Changes in operating assets and liabilities:              
Accounts receivable, net         3,967 2,036  
Inventories, net         (6,341) (232)  
Prepaid expenses and other assets         (1,595) (4,778)  
Accounts payable         (3,590) 2,010  
Accrued liabilities         10,067 (1,203)  
Deferred revenue and gift card liability         (148) (5,438)  
Operating lease liability         (1,285) 411  
Other liabilities         (1,002) 674  
Net cash provided by (used in) operating activities         (7,464) 7,212  
Investing activities              
Purchases of property, plant and equipment         (2,147) (4,869)  
Proceeds from sale of property and equipment         0 892  
Net cash used in investing activities         (2,147) (3,977)  
Financing activities              
Proceeds from issuance of long-term debt, net of discount         197,457 111,601  
Debt issuance costs paid         (225) (164)  
Repayment of long-term debt         (190,932) (118,472)  
Financing lease obligations         11 (27)  
Repayment of promissory note         (400) (400)  
Issuance of stock from the Employee Stock Purchase Plan         194 258  
Proceeds received for settlement agreement         1,000 0  
Proceeds from exercise of stock options         0 13  
Net cash provided by (used in) financing activities         7,105 (7,191)  
Net decrease in cash, cash equivalents and restricted cash         (2,506) (3,956)  
Cash and cash equivalents, beginning of period   6,810   12,448 6,810 12,448 $ 12,448
Restricted cash, beginning of period   $ 0   $ 1,465 0 1,465 1,465
Cash and cash equivalents, end of period 4,304   9,642   4,304 9,642 6,810
Restricted cash, end of period $ 0   $ 315   0 315 $ 0
Non-cash operating activities              
Derecognition of right-of-use operating lease assets         0 (3,448)  
Recognition of revenue for inventory exchanged for prepaid advertising         406 11,904  
Recognition of receivable from inventory purchase commitment         0 3,000  
Increase in insurance receivables as a result of legal settlement         2,500 0  
Non-cash investing and financing activities              
Property and equipment purchased but not yet paid         (4) 445  
Supplemental cash flow information              
Cash paid for income taxes         334 345  
Cash paid for interest         $ 1,822 $ 3,567