Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash, cash equivalents and restricted cash $ 49,071 $ 30,278
Accounts receivable, net 21,905 32,411
Contract assets 43,044 36,961
Inventory 2,239 1,516
Income tax receivable 666 636
Prepaid insurance 975 1,083
Prepaid expenses and other current assets 8,025 6,428
Total current assets 125,925 109,313
Property, plant and equipment, net of accumulated depreciation of $9,628 and $6,538, respectively 17,837 15,909
Right-of-use assets 15,277 13,181
Intangible assets, net of accumulated amortization of $25,920 and $18,509, respectively 61,788 62,985
Goodwill 71,161 65,757
Equity method investments 0 3,613
Deferred tax assets 72 0
Other non-current assets 557 511
Total assets 292,617 271,269
Current liabilities:    
Accounts payable 32,127 18,573
Short-term debt, including current portion of long-term debt 1,266 1,378
Short-term operating lease liabilities 4,354 3,737
Short-term finance lease liabilities 473 439
Accrued expenses 24,192 32,902
Deferred revenue 67,201 52,645
Other current liabilities 19,730 2,362
Total current liabilities 149,343 112,036
Long-term debt, net 124,464 86,842
Long-term operating lease liabilities 13,444 12,302
Long-term finance lease liabilities 980 1,137
Warrant liabilities 55,285 3,325
Deferred tax liabilities 582 2,402
Other non-current liabilities 428 400
Total liabilities 344,526 218,444
Commitments and contingencies (Note N – Commitments and Contingencies)
Convertible preferred stock, $0.0001 par value, 125,292.00 shares authorized; 108,649.30 and 93,890.20 issued and outstanding as of December 31, 2024 and December 31, 2023, respectively. Liquidation preference of $599,412 and $187,780 as of December 31, 2024 and December 31, 2023, respectively(1). [1] 136,805 96,106
Shareholders’ Equity (Deficit):    
Preferred stock, $0.0001 par value, 99,874,708 shares authorized; none issued and outstanding as of December 31, 2024 and December 31, 2023, respectively 0 0
Common stock, $0.0001 par value, 500,000,000 shares authorized; 67,002,370 and 65,546,174 issued and outstanding as of December 31, 2024 and December 31, 2023, respectively 7 7
Treasury stock, 728,739 and 353,470 shares, at cost, as of December 31, 2024 and December 31, 2023, respectively (3,573) (951)
Additional paid-in capital 161,619 188,323
Accumulated deficit (348,106) (233,791)
Accumulated other comprehensive income (loss) 1,339 2,903
Total shareholders’ equity (deficit) (188,714) (43,509)
Noncontrolling interests 0 228
Total equity (deficit) (188,714) (43,281)
Total liabilities, convertible preferred stock and equity (deficit) $ 292,617 $ 271,269
[1] Please refer to Note O – Convertible Preferred Stock for additional information.