Quarterly report [Sections 13 or 15(d)]

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash, cash equivalents and restricted cash $ 54,221 $ 49,071
Accounts receivable, net 15,247 21,905
Contract assets 60,757 43,044
Inventory 2,192 2,239
Prepaid expenses and other current assets 9,718 9,666
Total current assets 142,135 125,925
Property, plant and equipment, net of accumulated depreciation of $10,891 and $9,628 18,759 17,837
Right-of-use assets 16,070 15,277
Intangible assets, net of accumulated amortization of $28,050 and $25,920 62,070 61,788
Goodwill 71,996 71,161
Other non-current assets 3,069 629
Total assets 314,099 292,617
Current liabilities:    
Accounts payable 28,179 32,127
Short-term debt, including current portion of long-term debt 780 1,266
Short-term operating lease liabilities 4,481 4,354
Short-term finance lease liabilities 496 473
Accrued expenses 19,825 24,192
Deferred revenue 59,748 67,201
Other current liabilities 5,033 19,730
Total current liabilities 118,542 149,343
Long-term debt, net 104,375 124,464
Long-term operating lease liabilities 14,267 13,444
Long-term finance lease liabilities 1,006 980
Warrant liabilities 6,688 55,285
Deferred tax liabilities 615 582
Other non-current liabilities 1,936 428
Total liabilities 247,429 344,526
Commitments and contingencies (Note K – Commitments and Contingencies)
Convertible preferred stock, $0.0001 par value, 125,292.00 shares authorized; issued and outstanding: 2025—106,982.68 and 2024—108,649.30. Liquidation preference: 2025—$306,712 and 2024—$599,412 (Note L - Convertible Preferred Stock) 134,734 136,805
Shareholders’ Equity (Deficit):    
Preferred stock, $0.0001 par value, 99,874,708 shares authorized; none issued and outstanding 0 0
Common stock, $0.0001 par value, 500,000,000 shares authorized; issued and outstanding 2025—77,082,332 and 2024—67,002,370 8 7
Treasury stock, 2025 and 2024—728,739 shares, at cost (3,573) (3,573)
Additional paid-in capital 284,381 161,619
Accumulated deficit (351,054) (348,106)
Accumulated other comprehensive income (loss) 2,174 1,339
Total shareholders’ equity (deficit) (68,064) (188,714)
Total liabilities, convertible preferred stock and equity (deficit) $ 314,099 $ 292,617