Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)

v3.24.3
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenue        
Total revenue $ 67,868,000 $ 69,536,000 $ 143,843,000 $ 135,511,000
Cost of revenue        
Total cost of revenue (exclusive of depreciation and amortization shown separately below) 29,245,000 31,716,000 63,458,000 62,033,000
Operating expenses        
Depreciation and amortization 14,423,000 14,512,000 28,029,000 28,637,000
Goodwill impairment 65,864,000 0 65,864,000 0
Total operating expenses 115,323,000 47,404,000 164,466,000 91,729,000
Operating loss (76,700,000) (9,584,000) (84,081,000) (18,251,000)
Other expense (income)        
Interest income (375,000) (99,000) (675,000) (229,000)
Change in fair value of warrant liabilities to affiliates (4,365,000) 3,000 (6,686,000) 0
Other expense, net 302,000 208,000 609,000 213,000
Loss before income taxes (85,287,000) (19,994,000) (103,294,000) (38,853,000)
Income tax benefit (1,654,000) (495,000) (2,074,000) (864,000)
Net loss $ (83,633,000) $ (19,499,000) $ (101,220,000) $ (37,989,000)
Loss per share:        
Basic (in dollars per share) $ (4.37) $ (1.22) $ (5.31) $ (2.43)
Diluted (in dollars per share) $ (4.37) $ (1.22) $ (5.31) $ (2.43)
Weighted average shares outstanding:        
Basic (in shares) 19,147,677 15,969,860 19,069,876 15,639,241
Diluted (in shares) 19,147,677 15,969,860 19,069,876 15,639,241
Comprehensive loss        
Net loss $ (83,633,000) $ (19,499,000) $ (101,220,000) $ (37,989,000)
Other comprehensive loss:        
Foreign currency translation adjustment 477,000 130,000 717,000 258,000
Comprehensive loss (83,156,000) (19,369,000) (100,503,000) (37,731,000)
Nonrelated Party        
Operating expenses        
Selling, general, and administrative expenses 34,877,000 32,563,000 70,244,000 62,430,000
Other expense (income)        
Interest expense, including amortization of deferred financing costs 7,976,000 10,298,000 15,729,000 20,618,000
Affiliate        
Operating expenses        
Selling, general, and administrative expenses 159,000 329,000 329,000 662,000
Other expense (income)        
Interest expense, including amortization of deferred financing costs 5,049,000 0 10,236,000 0
Services        
Revenue        
Total revenue 57,318,000 51,023,000 116,958,000 98,573,000
Cost of revenue        
Total cost of revenue (exclusive of depreciation and amortization shown separately below) 22,919,000 18,068,000 46,865,000 34,611,000
Products        
Revenue        
Total revenue 10,550,000 18,513,000 26,885,000 36,938,000
Cost of revenue        
Total cost of revenue (exclusive of depreciation and amortization shown separately below) $ 6,326,000 $ 13,648,000 $ 16,593,000 $ 27,422,000