NextNav Inc. Reports Second Quarter 2024 Results

GlobeNewswire08-08

Federal Communications Commission Releases Public Notice on Petition for Rulemaking Awarded $1.9 million in Funding from DOT to Test PNT Services as Complement and Backup to GPS RESTON, Va., Aug. 07, ...

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Reports Second Quarter 2024 Results","media":"GlobeNewswire","content":"<div>\n<p>Federal Communications Commission Releases Public Notice on Petition for Rulemaking\nAwarded $1.9 million in Funding from DOT to Test PNT Services as Complement and Backup to GPS\nRESTON, Va., Aug. 07, ...</p>\n\n<a href=\"https://finance.yahoo.com/news/nextnav-inc-reports-second-quarter-200500716.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>NextNav Inc. Reports Second Quarter 2024 Results</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNextNav Inc. Reports Second Quarter 2024 Results\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-08-08 04:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/nextnav-inc-reports-second-quarter-200500716.html><strong>GlobeNewswire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Federal Communications Commission Releases Public Notice on Petition for Rulemaking\nAwarded $1.9 million in Funding from DOT to Test PNT Services as Complement and Backup to GPS\nRESTON, Va., Aug. 07, ...</p>\n\n<a href=\"https://finance.yahoo.com/news/nextnav-inc-reports-second-quarter-200500716.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"NNAVW","symbol_name":"NEXTNAV INC C/WTS (TO PUR COM)","start_time":0,"source_url":"https://finance.yahoo.com/news/nextnav-inc-reports-second-quarter-200500716.html","article_id":"2457714758","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/rLjpSyjd6z4iMetQjTqGtg--~B/aD0xNTc7dz0zMDA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/globenewswire.com/51865984a4eadf9004e1fdf3d14c8b04"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2457714758","pubTimestamp":1723061100,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Federal Communications Commission Releases Public Notice on Petition for Rulemaking. Awarded $1.9 million in Funding from DOT to Test PNT Services as Complement and Backup to GPS. Mariam Sorond, NextNav CEO stated, “The NextNav team continued to make solid progress towards our strategic vision in the second quarter. Notably, on August 6, 2024, the Federal Communications Commission  issued a public notice seeking comments on NextNav’s petition for rulemaking. This is a standard, but significant first step in the longer-term FCC rulemaking process and we appreciate the FCC’s action as we push to deliver an innovative spectrum solution in the Lower 900 MHz band.Revenue: was $1.1 million in the three months ended June 30, 2024, as compared to $800,000 in the prior year period. In the six months ended June 30, 2024, Revenue was $2.1 million, as c","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"NNAVW":"NEXTNAV INC C/WTS (TO PUR COM)","BK4023":"应用软件","PNT":"POINT BIOPHARMA GLOBAL INC","NN":"NextNav Inc.","BK4139":"生物科技"},"translate_title":"NextNav Inc.报告2024年第二季度业绩","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NN":1,"PNT":1,"NNAVW":0.9},"content_text":"Federal Communications Commission Releases Public Notice on Petition for Rulemaking\nAwarded $1.9 million in Funding from DOT to Test PNT Services as Complement and Backup to GPS\nRESTON, Va., Aug. 07, 2024 (GLOBE NEWSWIRE) -- NextNav Inc. (NASDAQ: NN) (“NextNav” or the “Company”) a leader in next generation positioning, navigation, and timing (PNT) and 3D geolocation, today reported financial results for NextNav’s second quarter ended June 30, 2024.\nMariam Sorond, NextNav CEO stated, “The NextNav team continued to make solid progress towards our strategic vision in the second quarter. Notably, on August 6, 2024, the Federal Communications Commission (“FCC”) issued a public notice seeking comments on NextNav’s petition for rulemaking. This is a standard, but significant first step in the longer-term FCC rulemaking process and we appreciate the FCC’s action as we push to deliver an innovative spectrum solution in the Lower 900 MHz band.\n“Additionally, we recently received an award from the Department of Transportation (“DOT”) to test NextNav’s PNT technology, a terrestrial solution that delivers PNT as a complement and back up to GPS. The award provides $1.9 million in funding, the largest dollar value awarded by the DOT, and is a significant win for NextNav as it’s aligned with the DOT’s complementary PNT action plan to conduct field testing of technologies with critical infrastructure providers. It also further validates NextNav’s strength and leadership position in PNT services and aligns well with our technology and spectrum path with the FCC.”\nRecent Operational Highlights\n\nFCC Releases Public Notice on Petition for Rulemaking: On August 6, 2024, the FCC released a public notice seeking comment on NextNav’s innovative spectrum solution in the Lower 900 MHz band (902-928 MHz band). The FCC has requested comments from the public on this petition within the next 30 days, followed by a 15-day reply comment period.\nNextNav Granted U.S. Department of Transportation Award to Test PNT Services: On July 3, 2024, the DOT issued a press release announcing that NextNav was awarded a purchase order to test the Company’s 3D PNT technology, a terrestrial solution that delivers PNT as a complement and backup to GPS. The award comes from the U.S. DOT Volpe Center and is a part of its Complementary PNT Action Plan.\nNicola Palmer Joins NextNav Board of Directors: Nicola Palmer was appointed to the NextNav Board of Directors, effective June 24, 2024. Ms. Palmer spent much of her career with Verizon where she held leadership roles spanning engineering, operations, and technology supporting advanced data and wireless products, serving as Chief Technology Officer, Chief Engineering Officer, and Head of Wireless Networks.\n\nThree and Six Months Ended June 30, 2024 Financial Highlights\n\nRevenue: was $1.1 million in the three months ended June 30, 2024, as compared to $800,000 in the prior year period. In the six months ended June 30, 2024, Revenue was $2.1 million, as compared to $1.6 million. The increase in both the three and six months ended June 30, 2024 was primarily attributable to increased recurring service revenue in the current period from technology and services contracts with commercial customers, including in support of government opportunities.\nOperating Loss: was $15.3 million in the three months ended June 30, 2024, as compared to an operating loss of $15.0 million in the prior year period, primarily driven by increases in payroll-related expenses and professional services, partially offset by lower stock-based compensation expense. In the six months ended June 30, 2024, operating loss was $31.5 million, as compared to $29.0 million in the prior year period. The increase in operating loss was primarily driven by an increase in payroll-related expenses and professional services, particularly offset by lower stock-based compensation expenses.\nNet Loss: was $24.4 million in the three months ended June 30, 2024, including a loss on the fair value of warrants, net of gain associated with a change in liability associated with the Telesaurus asset purchase of $6.6 million, as compared to a net loss of $15.8 million in the prior year period, including a loss on the fair value of the warrants of $0.3 million. In the six months ended June 30, 2024, net loss was $56.0 million including a loss on the fair value of warrants, net of gain associated with a change in liability with the Telesaurus asset purchase of $19.8 million, as compared to a net loss of $32.1 million in the prior year period, including a loss on the fair value of the warrants of $3.1 million.\nBalance Sheet: as of June 30, 2024, the Company had $86.3 million in cash, cash equivalents, and short-term investments and has $51.4 million in debt net of unamortized discount attributed to transaction costs and the issuance of warrants, with a gross value of $70 million.\n\nConference Call Information\nNextNav will host a conference call for analysts and investors at 5:00 pm ET on Wednesday, August 7, 2024.\nRegistration for the conference call can be completed by visiting the following website prior to, or on the day of, the conference call: https://registrations.events/direct/Q4I6293666000. After registering, each participant will be provided with call details and a registrant ID. Reminders will also be sent to registered participants via email. Alternatively, the conference call will be available via a live webcast.\nTo access the live webcast or a replay, visit the Company’s investor relations website at https://ir.nextnav.com/.\nA replay of the call can also be accessed via phone through August 14, 2024 by dialing (800) 770-2030 from the U.S., or (647) 362-9199 from outside the U.S. The conference I.D. number is 62936.\nAbout NextNav Inc.\nNextNav Inc. (Nasdaq: NN) is a leader in next generation positioning, navigation and timing (PNT), enabling a whole new ecosystem of applications and services that rely upon 3D geolocation and PNT technology. Powered by low-band licensed spectrum, NextNav's positioning and timing technologies deliver accurate, reliable, and resilient 3D PNT solutions for critical infrastructure, GPS resiliency and commercial use cases.\nFor more information, please visit https://nextnav.com/ or follow NextNav on Twitter or LinkedIn.\nSource: NN-FIN\nForward-Looking Statements\nThis press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “forecast,” “intend,” “seek,” “target,” “anticipate,” “believe,” “expect,” “estimate,” “plan,” “outlook,” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements, which involve risks and uncertainties, relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable and may also relate to NextNav’s future prospects, developments and business strategies. In particular, such forward-looking statements include the achievement of certain FCC-related milestones and FCC approvals, the ability to realize the broader spectrum capacity and the advancement of NextNav’s terrestrial 3D PNT services, NextNav’s position to drive growth in its 3D geolocation business and expansion of its next generation terrestrial 3D PNT technologies, the business plans, objectives, expectations and intentions of NextNav, and NextNav’s estimated and future business strategies, competitive position, industry environment, potential growth opportunities, revenue, expenses, and profitability. These statements are based on NextNav’s management’s current expectations and beliefs, as well as a number of assumptions concerning future events.\nSuch forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside NextNav’s control that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to, those included in Part II, Item 1A, “Risk Factors” of the Company’s quarterly reports on Form 10-Q, and Part I, Item 1A, “Risk Factors” of the NextNav’s Annual Report on Form 10-K for the year ended December 31, 2023, as well as those otherwise described or updated from time to time in our other filings with the Securities and Exchange Commission (the “SEC”). You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and NextNav undertakes no commitment to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.\nContact:\nErica BartschSloane & Companyebartsch@sloanepr.com212-446-1875\n\n\n\nNEXTNAV INC.CONDENSED CONSOLIDATED BALANCE SHEETS(IN THOUSANDS, EXCEPT SHARE DATA)\n\n\n \n\n\n \nJune 30,2024(unaudited)\n \n \nDecember 31,2023\n \n\n\nAssets\n \n \n \n \n \n\n\nCurrent assets:\n \n \n \n \n \n\n\nCash and cash equivalents\n$\n62,973\n \n \n$\n81,878\n \n\n\nShort term investments\n \n23,352\n \n \n \n3,954\n \n\n\nAccounts receivable\n \n2,248\n \n \n \n2,332\n \n\n\nOther current assets\n \n15,588\n \n \n \n3,056\n \n\n\nTotal current assets\n$\n104,161\n \n \n$\n91,220\n \n\n\nNetwork under construction\n \n1,677\n \n \n \n1,676\n \n\n\nProperty and equipment, net of accumulated depreciation of $11,718 and $9,724 at June 30, 2024 and December 31, 2023, respectively\n \n17,937\n \n \n \n19,885\n \n\n\nOperating lease right-of-use assets\n \n19,497\n \n \n \n19,267\n \n\n\nGoodwill\n \n17,450\n \n \n \n17,977\n \n\n\nIntangible assets\n \n10,137\n \n \n \n10,625\n \n\n\nOther assets\n \n1,476\n \n \n \n1,508\n \n\n\nTotal assets\n$\n172,335\n \n \n$\n162,158\n \n\n\n \n \n \n \n \n \n \n \n\n\nLiabilities and stockholders’ equity\n \n \n \n \n \n \n \n\n\nCurrent liabilities:\n \n \n \n \n \n \n \n\n\nAccounts payable\n$\n1,145\n \n \n$\n391\n \n\n\nAccrued expenses and other current liabilities\n \n13,784\n \n \n \n6,592\n \n\n\nOperating lease current liabilities\n \n2,428\n \n \n \n2,523\n \n\n\nDeferred revenue\n \n215\n \n \n \n297\n \n\n\nTotal current liabilities\n$\n17,572\n \n \n$\n9,803\n \n\n\nWarrants\n \n21,943\n \n \n \n7,053\n \n\n\nOperating lease noncurrent liabilities\n \n15,990\n \n \n \n15,145\n \n\n\nOther long-term liabilities\n \n1,584\n \n \n \n1,614\n \n\n\nLong term debt, net of debt issuance cost and discount\n \n51,397\n \n \n \n48,447\n \n\n\nTotal liabilities\n$\n108,486\n \n \n$\n82,062\n \n\n\n \n \n \n \n \n \n \n \n\n\nStockholders’ equity:\n \n \n \n \n \n \n \n\n\nCommon stock, authorized 500,000,000 shares; 124,049,855 and 111,261,434 shares issued and 123,917,627 and 111,132,222 shares outstanding at June 30, 2024 and December 31, 2023, respectively\n \n14\n \n \n \n12\n \n\n\nAdditional paid-in capital\n \n879,258\n \n \n \n837,416\n \n\n\nAccumulated other comprehensive income\n \n1,497\n \n \n \n2,198\n \n\n\nAccumulated deficit\n \n(816,227\n)\n \n \n(760,227\n)\n\n\nCommon stock in treasury, at cost; 132,228 and 129,212 shares at June 30, 2024 and December 31, 2023, respectively\n \n(693\n)\n \n \n(665\n)\n\n\nTotal stockholders’ equity\n$\n63,849\n \n \n$\n78,734\n \n\n\nNon-controlling interests\n \n—\n \n \n \n1,362\n \n\n\nTotal liabilities and stockholders’ equity\n$\n172,335\n \n \n$\n162,158\n \n\n\n\n\n\n\nNEXTNAV INC.CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS(UNAUDITED)(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)\n\n\n \n\n\n \nThree Months EndedJune 30,\n \n \nSix Months EndedJune 30,\n \n\n\n \n2024\n \n \n2023\n \n \n2024\n \n \n2023\n \n\n\nRevenue\n$\n1,105\n \n \n$\n800\n \n \n$\n2,151\n \n \n$\n1,630\n \n\n\nOperating expenses:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\nCost of goods sold (exclusive of depreciation and amortization)\n \n2,924\n \n \n \n3,142\n \n \n \n5,685\n \n \n \n6,165\n \n\n\nResearch and development\n \n4,110\n \n \n \n4,994\n \n \n \n8,780\n \n \n \n9,572\n \n\n\nSelling, general and administrative\n \n8,108\n \n \n \n6,516\n \n \n \n16,554\n \n \n \n12,570\n \n\n\nDepreciation and amortization\n \n1,295\n \n \n \n1,178\n \n \n \n2,613\n \n \n \n2,303\n \n\n\nTotal operating expenses\n$\n16,437\n \n \n$\n15,830\n \n \n$\n33,632\n \n \n$\n30,610\n \n\n\nOperating loss\n$\n(15,332\n)\n \n$\n(15,030\n)\n \n$\n(31,481\n)\n \n$\n(28,980\n)\n\n\nOther income (expense):\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n\nInterest income (expense)\n \n(2,320\n)\n \n \n(343\n)\n \n \n(4,489\n)\n \n \n126\n \n\n\nChange in fair value of warrants\n \n(8,490\n)\n \n \n(263\n)\n \n \n(21,666\n)\n \n \n(3,063\n)\n\n\nOther income (loss), net\n \n1,820\n \n \n \n14\n \n \n \n1,748\n \n \n \n(67\n)\n\n\nLoss before income taxes\n$\n(24,322\n)\n \n$\n(15,622\n)\n \n$\n(55,888\n)\n \n$\n(31,984\n)\n\n\nProvision for income taxes\n \n(68\n)\n \n \n(148\n)\n \n \n(112\n)\n \n \n(135\n)\n\n\nNet loss\n$\n(24,390\n)\n \n$\n(15,770\n)\n \n$\n(56,000\n)\n \n$\n(32,119\n)\n\n\nForeign currency translation adjustment\n \n(179\n)\n \n \n20\n \n \n \n(701\n)\n \n \n452\n \n\n\nComprehensive loss\n$\n(24,569\n)\n \n$\n(15,750\n)\n \n$\n(56,701\n)\n \n$\n(31,667\n)\n\n\nNet loss\n \n(24,390\n)\n \n \n(15,770\n)\n \n \n(56,000\n)\n \n \n(32,119\n)\n\n\nNet loss attributable to common stockholders\n$\n(24,390\n)\n \n$\n(15,770\n)\n \n$\n(56,000\n)\n \n$\n(32,119\n)\n\n\nWeighted average of shares outstanding – basic and diluted\n \n115,210\n \n \n \n106,749\n \n \n \n119,359\n \n \n \n106,951\n \n\n\nNet loss attributable to common stockholders per share - basic and diluted\n$\n(0.21\n)\n \n$\n(0.15\n)\n \n$\n(0.47\n)\n \n$\n(0.30\n)\n\n\n\n\n\n\nNEXTNAV INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(UNAUDITED)(IN THOUSANDS)\n\n\n \n\n\n \nSix Months EndedJune 30,\n \n\n\n \n2024\n \n \n2023\n \n\n\nOperating activities\n \n \n \n \n \n\n\nNet loss\n$\n(56,000\n)\n \n$\n(32,119\n)\n\n\nAdjustments to reconcile net loss to net cash used in operating activities:\n \n \n \n \n \n \n \n\n\nDepreciation and amortization\n \n2,613\n \n \n \n2,303\n \n\n\nEquity-based compensation\n \n7,896\n \n \n \n8,236\n \n\n\nChange in fair value of warranty liability\n \n21,666\n \n \n \n3,063\n \n\n\nChange in fair value of asset purchase agreement liability\n \n(1,878\n)\n \n \n—\n \n\n\nRealized and unrealized gain on short term investments\n \n(254\n)\n \n \n(191\n)\n\n\nEquity method investment loss\n \n81\n \n \n \n86\n \n\n\nAsset retirement obligation accretion\n \n32\n \n \n \n33\n \n\n\nAmortization of debt discount\n \n2,950\n \n \n \n480\n \n\n\nChanges in operating assets and liabilities:\n \n \n \n \n \n \n \n\n\nAccounts receivable\n \n84\n \n \n \n338\n \n\n\nOther current assets\n \n24\n \n \n \n655\n \n\n\nOther assets\n \n(53\n)\n \n \n75\n \n\n\nAccounts payable\n \n754\n \n \n \n(140\n)\n\n\nDeferred revenue\n \n(82\n)\n \n \n(31\n)\n\n\nAccrued expenses and other liabilities\n \n2,365\n \n \n \n1,054\n \n\n\nOperating lease right-of-use assets and liabilities\n \n523\n \n \n \n239\n \n\n\nNet cash used in operating activities\n$\n(19,279\n)\n \n$\n(15,919\n)\n\n\n \n \n \n \n \n \n \n \n\n\nInvesting activities\n \n \n \n \n \n \n \n\n\nCapitalization of costs and purchases of network assets, property, and equipment\n \n(181\n)\n \n \n(2,333\n)\n\n\nPurchase of marketable securities\n \n(26,144\n)\n \n \n(30,534\n)\n\n\nSale and maturity of marketable securities\n \n7,000\n \n \n \n6,713\n \n\n\nPayment for asset purchase agreement liability\n \n(2,732\n)\n \n \n—\n \n\n\nPurchase of internal use software\n \n(262\n)\n \n \n(505\n)\n\n\nNet cash used in investing activities\n$\n(22,319\n)\n \n$\n(26,659\n)\n\n\n \n \n \n \n \n \n \n \n\n\nFinancing activities\n \n \n \n \n \n \n \n\n\nProceeds from senior secured notes\n \n—\n \n \n \n50,000\n \n\n\nPayments towards debt issuance cost\n \n—\n \n \n \n(1,838\n)\n\n\nPayments towards debt\n \n(55\n)\n \n \n(55\n)\n\n\nProceeds from exercise of common warrants\n \n21,036\n \n \n \n—\n \n\n\nRedemption of non-controlling interests\n \n40\n \n \n \n—\n \n\n\nProceeds from exercise of common stock options\n \n1,650\n \n \n \n39\n \n\n\nNet cash provided by financing activities\n$\n22,671\n \n \n$\n48,146\n \n\n\nEffect of exchange rates on cash and cash equivalents\n \n22\n \n \n \n(14\n)\n\n\nNet (decrease) increase in cash and cash equivalents\n \n(18,905\n)\n \n \n5,554\n \n\n\nCash and cash equivalents at beginning of period\n \n81,878\n \n \n \n47,230\n \n\n\nCash and cash equivalents at end of period\n$\n62,973\n \n \n$\n52,784\n \n\n\n \n \n \n \n \n \n \n \n\n\nNon-cash investing and financing information\n \n \n \n \n \n \n \n\n\nCapital expenditure included in Accrued expenses and other current liabilities\n$\n156\n \n \n$\n225\n \n\n\nIssuance of warrants\n$\n—\n \n \n$\n14,598\n \n\n\nInterest paid in shares of Common Stock\n$\n1,867\n \n \n$\n—","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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