Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Balance Sheets (Unaudited)

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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash $ 20,962 $ 19,408
Accounts receivable, net 43,180 43,980
Inventories, net 5,721 6,653
Prepaid expenses and other current assets 9,360 9,922
Total current assets 79,223 79,963
Noncurrent assets:    
Restricted cash 297 293
Property and equipment, net 8,219 9,052
Intangible assets, net 104,116 125,057
Goodwill 228,844 228,844
Operating lease right-of-use assets 6,627 8,412
Other non-current assets 5,610 4,212
Total assets 432,936 455,833
Current liabilities:    
Accounts payable 19,140 14,827
Accrued liabilities 35,155 31,849
Current portion of operating lease liabilities 1,232 1,431
Deferred revenue 8,619 8,509
Current portion of long-term debt and other borrowings, net 1,850 1,850
Warrant liabilities to affiliates 5,628 7,624
Total current liabilities 71,624 66,090
Noncurrent liabilities:    
Operating lease liabilities 6,178 8,278
Long-term debt and other borrowings, net 295,417 295,661
Deferred income tax liabilities, net 2,002 4,131
Accrued interest due to affiliate 35,370 23,798
Mandatorily redeemable preferred stock due to affiliate, net 143,342 142,776
Other liabilities 12,497 14,699
Total liabilities 566,430 555,433
Commitments and Contingencies
Stockholders’ deficit:    
Common stock, voting, par value $0.0001 per share; 315,000,000 shares authorized; 18,445,197 shares issued and 17,252,460 outstanding as of June 30, 2025, and 18,201,093 shares issued and 17,008,356 outstanding as of December 31, 2024 8 8
Additional paid-in capital 469,529 468,711
Accumulated other comprehensive loss (6,704) (3,778)
Accumulated deficit (593,142) (561,356)
Treasury stock, at cost, 1,192,737 shares (3,185) (3,185)
Total stockholders’ deficit (133,494) (99,600)
Total liabilities and stockholders’ deficit $ 432,936 $ 455,833