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, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating activities      
Net loss $ (32,235) $ (7,649) $ (56,716)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depreciation and amortization 12,198 10,057 7,263
Equity-based compensation 10,307 10,607 6,974
Settlement of litigation by issuance of stock 2,367 0 0
Amortization of debt issuance costs 1,082 1,193 549
Loss on disposal of assets 721 1,848 4,763
Loss on impairment of assets 3,437 6,079 0
Paid-in-kind interest 1,224 2,535 0
Loss on extinguishment of debt 0 1,127 0
Other 83 173 311
Changes in operating assets and liabilities:      
Accounts receivable, net (1,536) (8,627) (2,766)
Inventories, net (12,019) (10,107) (8,183)
Prepaid expenses and other assets 11,086 900 654
Accounts payable (3,825) 6,806 21,557
Accrued liabilities 4,064 (7,890) (1,811)
Deferred revenue and gift card liability 115 (7,112) 1,525
Operating lease liability (4,307) 560 891
Other liabilities (2,572) 10,808 22
Net cash provided by (used in) operating activities (9,810) 11,308 (24,967)
Investing activities      
Purchases of property, plant and equipment (3,660) (8,666) (27,220)
Proceeds from sale of property and equipment 5,078 953 5,712
Net cash provided by (used in) investing activities 1,418 (7,713) (21,508)
Financing activities      
Proceeds from issuance of long-term debt, net of discount 248,321 353,197 294,508
Debt issuance costs paid (225) (706) (4,333)
Repayment of long-term debt (279,716) (361,565) (268,230)
Payments of debt extinguishment costs 0 (1,040) 0
Financing lease obligations 6 (68) (173)
Repayment of promissory note (1,047) (1,047) (1,047)
Issuance of stock from the Employee Stock Purchase Plan 297 518 673
Proceeds received for settlement agreement 1,000 0 0
Proceeds received for public offering, net of issuance costs 37,276 0 0
Proceeds from exercise of stock options 0 13 0
Net cash provided by (used in) financing activities 5,912 (10,698) 21,398
Net decrease in cash, cash equivalents, and restricted cash (2,480) (7,103) (25,077)
Cash and cash equivalents, beginning of period 6,810 12,448 38,990
Restricted cash, beginning of period 0 1,465 0
Cash and cash equivalents, end of period 4,330 6,810 12,448
Restricted cash, end of period 0 0 1,465
Non-cash operating activities      
(Derecognition) Recognition of right-of-use operating lease assets (1,917) (8,043) 18,547
Recognition of revenue for inventory exchanged for prepaid advertising 4,963 23,925 28,901
Non-cash investing and financing activities      
Property and equipment purchased but not yet paid 32 304 1,857
Debt issuances costs accrued but not yet paid 0 378 0
Supplemental cash flow information      
Cash paid for income taxes 132 425 562
Cash paid for interest $ 5,384 $ 9,041 $ 4,483