(In thousands)
|
Nine Months Ended
September 30, | ||||||||
| 2022 | 2021 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (51,585 | ) | $ | (37,476 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 5,716 | 2,304 | ||||||
| Impairment of assets | 444 | - | ||||||
| Reduction in carrying amount of right-of-use asset | 5,351 | 912 | ||||||
| Stock based compensation | 14,048 | 4,747 | ||||||
| Non-cash interest expense | - | 111 | ||||||
| Loss on debt extinguishment | - | 272 | ||||||
| Revaluation of contingent consideration | 434 | - | ||||||
| Income from unconsolidated joint venture | (100 | ) | - | |||||
| Donation of common stock | 2,272 | 1,157 | ||||||
| Unrealized loss on marketable securities | 1,659 | 239 | ||||||
| Non-cash income tax benefit | (559 | ) | - | |||||
| Loss on sale of property and equipment | 71 | - | ||||||
| Amortization of deferred costs on convertible notes | 1,250 | - | ||||||
| Deferred taxes benefit | (2 | ) | - | |||||
| Changes in other assets and liabilities: | ||||||||
| Accounts receivable, net | (19,032 | ) | (10,645 | ) | ||||
| Inventory | (3,680 | ) | 842 | |||||
| Prepaid expenses | (1,784 | ) | (4,080 | ) | ||||
| Other assets | (3,922 | ) | 580 | |||||
| Accounts payable | (240 | ) | (400 | ) | ||||
| Accrued expenses | 5,591 | 3,931 | ||||||
| Contract liabilities | 2,777 | 1,053 | ||||||
| Lease liabilities | (4,219 | ) | (917 | ) | ||||
| Net cash used in operating activities | (45,510 | ) | (37,370 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Purchase of marketable securities | (281,897 | ) | (266,978 | ) | ||||
| Proceeds from sale of marketable securities | 4 | - | ||||||
| Purchases of property and equipment | (9,608 | ) | (4,625 | ) | ||||
| Proceeds from sale of property and equipment | 165 | - | ||||||
| Net cash used in investing activities | (291,336 | ) | (271,603 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds from initial public offering, net of underwriters' discount | - | 325,263 | ||||||
| Payments in connection with initial public offering | - | (3,995 | ) | |||||
| Proceeds from stock options exercised | 3,317 | 1,787 | ||||||
| Repayment of term loan | - | (16,136 | ) | |||||
| Proceeds from issuance of convertible notes | 287,500 | - | ||||||
| Costs incurred in connection with issuance of convertible notes | (9,309 | ) | - | |||||
| Payments on finance lease obligations | (2 | ) | (9 | ) | ||||
| Net cash provided by financing activities | 281,506 | 306,910 | ||||||
| Effect of foreign currency translation on cash and cash equivalents | (425 | ) | (33 | ) | ||||
| Net decrease in cash and cash equivalents | (55,765 | ) | (2,096 | ) | ||||
| Cash and cash equivalents at beginning of the period | 86,262 | 59,874 | ||||||
| Cash and cash equivalents at end of the period | $ | 30,497 | $ | 57,778 | ||||
| Supplemental cash flow information: | ||||||||
| Cash paid for interest | $ | 1,414 | $ | 907 | ||||
| Non-cash investing activity: | ||||||||
| Non-cash purchase of property and equipment | - | (19 | ) | |||||
Xometry, Inc. and Subsidiaries
