Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating activities      
Net loss $ (56,716) $ (338,044) $ (13,845)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 7,263 4,383 2,895
Equity-based compensation 6,974 6,079 3,204
Amortization of debt issuance costs 549 317 358
Loss on disposal of assets 4,763 0 70
Other 311 849 2,167
Change in fair value of earn-out liability 0 209,651 0
Change in fair value of warrant liability 0 56,675 0
Change in fair value of derivative liability 0 2,335 0
Changes in operating assets and liabilities:      
Accounts receivable, net (2,766) (14,895) (3,761)
Inventories, net (8,183) (56,311) (4,831)
Prepaid expenses and other assets 654 (184) (5,283)
Accounts payable 21,557 (6,146) 4,646
Accrued liabilities (1,811) 15,986 3,636
Deferred revenue and gift card liability 1,525 2,171 2,719
Operating lease liability 891 776 0
Other liabilities 22 168 334
Net cash used in operating activities (24,967) (116,190) (7,691)
Investing activities      
Purchases of property, plant and equipment (27,220) (30,404) (19,287)
Proceeds from sale of property and equipment 5,712 0 0
Net cash used in investing activities (21,508) (30,404) (19,287)
Financing activities      
Proceeds from issuance of long-term debt, net of discount 294,508 51,593 38,740
Debt issuance costs paid (4,333) (279) (338)
Repayment of long-term debt (268,230) (38,761) (20,058)
Repayment of and restricted cash for capital lease obligations 0 0 (1,663)
Financing lease obligations (173) 3 0
Repayment of promissory note (1,047) 0 0
Issuance of stock from the Employee Stock Purchase Plan 673 0 0
Payment of Series A preferred dividends 0 0 (7,001)
Distribution and redemption of Series A preferred equity 0 (127,853) 0
Proceeds from Business Combination, including PIPE investment 0 337,957 0
Payment of Business Combination costs 0 (31,638) 0
Redemption of Class A and Class B shares 0 (20,145) 0
Redemption of incentive units 0 (3,627) 0
Net cash provided by financing activities 21,398 167,250 9,680
Net increase (decrease) in cash, cash equivalents, and restricted cash (25,077) 20,656 (17,298)
Cash and cash equivalents, beginning of period 38,990 18,334 35,632
Restricted cash, beginning of period 0 0 0
Cash and cash equivalents, end of period 12,448 38,990 18,334
Restricted cash, end of period 1,465 0 0
Non-cash operating activities      
Recognition of right-of-use operating lease assets 18,547 20,050 0
Recognition of revenue for inventory exchanged for prepaid advertising 28,901 0 0
Accrued other assets 0 0 750
Deferred transaction costs 0 0 1,214
Non-cash investing and financing activities      
Property and equipment purchased but not yet paid 1,857 2,279 803
Series A preferred equity exchange for PIPE shares 0 26,203 1,406
Series A preferred equity amortization 0 5,390 27,510
Supplemental cash flow information      
Cash paid for income taxes 562 277 147
Cash paid for interest $ 4,483 $ 1,279 $ 719