Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating activities    
Net loss $ (31,986) $ (301,912)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 3,352 2,015
Equity-based compensation 5,049 3,238
Non-employee equity-based compensation 0 739
Amortization of debt issuance costs 52 261
Loss on sale of assets 128 0
Impairment on assets held for sale 1,202 0
Change in fair value of earn-out liability 0 209,651
Change in fair value of warrant liability 0 56,675
Change in fair value of derivative liability 0 2,335
Changes in operating assets and liabilities:    
Accounts receivable, net (2,058) (6,243)
Inventories, net (32,537) (5,711)
Prepaid expenses and other assets (2,248) (4,635)
Accounts payable 22,112 (8,922)
Accrued liabilities (5,043) (3,105)
Deferred revenue and gift card liability 570 676
Operating lease liability 850 257
Other liabilities 100 145
Net cash used in operating activities (40,457) (54,536)
Investing activities    
Purchases of property, plant and equipment (10,009) (9,400)
Proceeds from sale of equipment 186 0
Net cash used in investing activities (9,823) (9,400)
Financing activities    
Proceeds from issuance of long-term debt, net of cash paid for debt issuance costs of $34 as of June 30, 2023 and $— as of June 30, 2022 199,000 7,597
Repayment of long-term debt (167,783) (23,617)
Financing lease obligations (50) 13
Repayment of promissory note (400) 0
Issuance of stock from the Employee Stock Purchase Plan 305 0
Distribution and redemption of Series A preferred equity 0 (127,853)
Proceeds from Business Combination, including PIPE investment 0 337,957
Payment of Business Combination costs 0 (31,638)
Redemption of Class A and Class B units 0 (20,145)
Redemption of incentive units 0 (3,627)
Net cash provided by financing activities 31,072 138,687
Net increase (decrease) in cash and cash equivalents (19,208) 74,751
Beginning cash and cash equivalents 38,990 18,334
Ending cash and cash equivalents 19,782 93,085
Non-cash operating activities    
Recognition of right-of-use operating lease assets 13,919 10,392
Non-cash investing and financing activities    
Accrued capital expenditures 2,956 23
Series A preferred exchange for PIPE shares 0 26,203
Series A preferred equity amortization 0 5,390
Supplemental cash flow information    
Cash paid for income taxes 422 233
Cash paid for interest $ 1,324 $ 531