Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:    
Net loss $ (34,015) $ (103,596)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 8,589 8,087
Stock-based compensation 8,006 5,215
Change in fair value of warrant liability (56,417)  
Expense related to Common Stock warrants issued 1,915 1,038
Loss (gain) on disposal of property and equipment 18 (7)
Gain on investment, related to Make Composites, Inc.   (1,426)
Impairment of capitalized software   444
Amortization (accretion) of discount on investments 75 (1,570)
Amortization of debt financing cost 19 19
Provision for bad debt 377 199
Net increase in accrued interest related to marketable securities (3) (36)
Deferred tax benefit (940)  
Changes in operating assets and liabilities:    
Accounts receivable (2,370) (1,664)
Inventory (1,303) (1,694)
Prepaid expenses and other current assets 901 809
Accounts payable (2,637) (4,455)
Accrued expenses and other current liabilities (2,391) 3,272
Customer deposits (845) 152
Deferred revenue 774 (1,693)
Change in right of use assets and lease liabilities, net (328) (296)
Net cash used in operating activities (80,575) (97,202)
Cash flows from investing activities:    
Purchases of property and equipment (1,429) (6,867)
Purchase of other investments (3,000)  
Capitalized software   (321)
Purchase of marketable securities (136,286) (215,584)
Proceeds from sales and maturities of marketable securities 109,016 196,836
Cash paid for asset acquisition, net of cash acquired (5,284) (96)
Net cash used in investing activities (36,983) (26,032)
Cash flows from financing activities:    
Proceeds from Preferred Stock issuances, net of issuance cost   159,644
Proceeds from reverse recapitalization, net of issuance costs 534,597  
Proceeds from exercise of stock options 325 708
Proceeds from PPP loan 5,379  
Repayment of PPP loan (5,379)  
Net cash provided by financing activities 534,922 160,352
Net increase in cash, cash equivalents, and restricted cash 417,364 37,118
Cash and cash equivalents at beginning of year 66,161 29,043
Restricted cash 612 612
Cash, cash equivalents, and restricted cash at year-end 484,137 66,773
Supplemental cash flow information:    
Interest paid 322 485
Non-cash investing and financing activities:    
Net liabilities assumed from Trine in Business Combination 152,395  
Accrued reverse recapitalization transaction costs 1,901  
Common Stock issued for acquisitions 500 3,563
Accrued purchase price for asset acquisition 200  
Tax liabilities related to withholdings on Common Stock issued in connection with acquisitions $ 102  
Additions to right of use assets and lease liabilities   296
Purchase of property and equipment included in accrued expenses and other current liabilities   109
Common Stock forfeited in satisfaction of note receivable   $ 249