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

Consolidated Statements of Cash Flows

v3.26.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Operating activities:    
Net loss $ (62,976,000) $ (146,076,000)
Adjustments to reconcile net loss to net cash provided by operating activities    
Depreciation and amortization 54,891,000 56,218,000
Amortization of deferred financing costs 2,562,000 2,584,000
Goodwill impairment 0 65,861,000
Stock-based compensation expense 2,095,000 8,481,000
Deferred income taxes (2,767,000) (10,109,000)
Change in fair value of warrant liabilities to affiliates 2,405,000 (4,040,000)
Amortization of operating lease right-of-use assets 1,308,000 1,284,000
Loss on lease termination 322,000 0
Loss on sale of assets 1,115,000 0
Provision for credit losses 609,000 1,029,000
Provision for inventory write-downs 2,012,000 1,005,000
Unrealized (gain) loss on foreign currency translation (5,323,000) 5,020,000
Changes in operating assets and liabilities:    
Accounts receivable (2,814,000) 6,723,000
Inventories 1,168,000 506,000
Prepaid expenses and other assets 1,156,000 4,029,000
Accounts payable and accrued liabilities 1,502,000 (832,000)
Accrued interest due to affiliate 24,109,000 21,268,000
Deferred revenue 432,000 (418,000)
Operating lease liabilities (1,349,000) (1,491,000)
Other assets and liabilities (1,970,000) (1,919,000)
Net cash provided by operating activities 18,487,000 9,123,000
Investing activities:    
Purchases of property and equipment (2,664,000) (2,024,000)
Additions to intangible assets (7,176,000) (10,648,000)
Proceeds from sale of assets 250,000 0
Net cash used in investing activities (9,590,000) (12,672,000)
Financing activities:    
Repayment of debt (1,850,000) (2,411,000)
Purchase of treasury stock 0 (431,000)
Principal payments under finance lease obligations (24,000) (101,000)
Payment of employee tax withholdings through cancelled shares of stock (194,000) (839,000)
Net cash used in financing activities (2,068,000) (3,782,000)
Effect of exchange rate changes on cash 468,000 (405,000)
Net increase (decrease) in cash and restricted cash 7,297,000 (7,736,000)
Cash and restricted cash, beginning of year 19,701,000 27,437,000
Cash and restricted cash, end of year 26,998,000 19,701,000
Supplemental cash flow information:    
Cash paid for interest 26,903,000 28,885,000
Cash paid for income taxes (net of refunds) 2,921,000 2,104,000
Non-cash investing and financing activities:    
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities 1,216,000 485,000
Right-of-use asset derecognized in connection with early lease termination 6,807,000 0
Purchases of property and equipment in accounts payable and accrued liabilities 62,000 783,000
Reconciliation of cash and restricted cash, end of year:    
Cash 26,730,000 19,408,000
Restricted cash 268,000 293,000
Total cash and restricted cash, end of year $ 26,998,000 $ 19,701,000