Xometry, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Cash Flows
(In thousands)
| Three Months Ended March 31, | ||||||||
| 2022 | 2021 | |||||||
| Cash flows from operating activities: | (unaudited) | |||||||
| Net loss | $ | (19,995 | ) | $ | (10,501 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 1,799 | 734 | ||||||
| Reduction in carrying amount of right-of-use asset | 1,765 | 266 | ||||||
| Stock based compensation | 3,456 | 505 | ||||||
| Non-cash interest expense | — | 56 | ||||||
| Revaluation of contingent consideration | 434 | — | ||||||
| Income from unconsolidated joint venture | (34 | ) | — | |||||
| Unrealized loss on marketable securities | 858 | — | ||||||
| Non-cash income tax benefit | (559 | ) | — | |||||
| Loss on sale of property and equipment | 71 | — | ||||||
| Amortization of deferred costs on convertible notes | 312 | — | ||||||
| Deferred taxes benefit | (2 | ) | — | |||||
| Changes in other assets and liabilities: | ||||||||
| Accounts receivable, net | (6,145 | ) | (5,525 | ) | ||||
| Inventory | (180 | ) | 792 | |||||
| Prepaid expenses | 567 | (875 | ) | |||||
| Deferred commissions | (1,425 | ) | — | |||||
| Other assets | (362 | ) | (224 | ) | ||||
| Accounts payable | (2,752 | ) | 1,856 | |||||
| Accrued expenses | (2,843 | ) | 1,645 | |||||
| Contract liabilities | 2,145 | 1,595 | ||||||
| Lease liabilities | (1,369 | ) | (266 | ) | ||||
| Net cash used in operating activities | (24,259 | ) | (9,942 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Purchase of marketable securities | (280,091 | ) | — | |||||
| Proceeds from sale of marketable securities | 4 | — | ||||||
| Purchases of property and equipment | (2,543 | ) | (1,244 | ) | ||||
| Proceeds from sale of property and equipment | 165 | — | ||||||
| Net cash used in investing activities | (282,465 | ) | (1,244 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds from stock options exercised | 1,263 | 846 | ||||||
| Proceeds from issuance of convertible notes | 287,500 | — | ||||||
| Costs incurred in connection with issuance of convertible notes | (9,301 | ) | — | |||||
| Payments on finance lease obligations | (2 | ) | (3 | ) | ||||
| Net cash provided by financing activities | 279,460 | 843 | ||||||
| Effect of foreign currency translation on cash and cash equivalents | (29 | ) | (19 | ) | ||||
| Net decrease in cash and cash equivalents | (27,293 | ) | (10,362 | ) | ||||
| Cash and cash equivalents at beginning of the period | 86,262 | 59,874 | ||||||
| Cash and cash equivalents at end of the period | $ | 58,969 | $ | 49,512 | ||||
| Supplemental cash flow information: | ||||||||
| Cash paid for interest | $ | — | $ | 326 | ||||
