Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 30,832 $ 30,278
Accounts receivable, net 22,083 32,411
Contract assets 42,909 36,961
Inventory 1,825 1,516
Income tax receivable 636 636
Prepaid insurance 577 1,083
Prepaid expenses and other current assets 6,451 6,428
Total current assets 105,313 109,313
Property, plant and equipment, net of accumulated depreciation of $8,422 and $6,538, respectively 15,889 15,909
Right-of-use assets 11,495 13,181
Intangible assets, net of accumulated amortization of $22,176 and $18,509, respectively 61,755 62,985
Goodwill 65,218 65,757
Equity method investments 0 3,613
Other non-current assets 604 511
Total assets 260,274 271,269
Current liabilities:    
Accounts payable 27,796 18,573
Short-term debt, including current portion of long-term debt 780 1,378
Short-term operating lease liabilities 3,502 3,737
Short-term finance lease liabilities 461 439
Accrued expenses 28,624 32,902
Deferred revenue 44,076 52,645
Other current liabilities 2,064 2,362
Total current liabilities 107,303 112,036
Long-term debt, net 94,646 86,842
Long-term operating lease liabilities 10,634 12,302
Long-term finance lease liabilities 1,064 1,137
Warrant liabilities 13,377 3,325
Deferred tax liabilities 2,442 2,402
Other non-current liabilities 378 400
Total liabilities 229,844 218,444
Commitments and contingencies (Note I – Commitments and Contingencies)
Convertible preferred stock [1] 108,696 96,106
Shareholders’ Equity (Deficit):    
Preferred stock, $0.0001 par value, 99,874,708 shares authorized; none issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 0 0
Common stock, $0.0001 par value, 500,000,000 shares authorized; 65,980,697 and 65,546,174 issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 7 7
Treasury stock, 373,420 and 353,470 shares, at cost, as of June 30, 2024 and December 31, 2023, respectively (1,007) (951)
Additional paid-in capital 180,716 188,323
Accumulated deficit (259,978) (233,791)
Accumulated other comprehensive income (loss) 1,996 2,903
Total shareholders’ equity (deficit) (78,266) (43,509)
Noncontrolling interests 0 228
Total equity (deficit) (78,266) (43,281)
Total liabilities, convertible preferred stock and equity (deficit) $ 260,274 $ 271,269
[1] Please refer to Note J – Convertible Preferred Stock for additional information.