(In thousands)
(Unaudited)
| Six Months Ended June 30, | ||||||||
| 2024 | 2023 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (30,308 | ) | $ | (44,902 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 6,409 | 5,461 | ||||||
| Impairment of assets | — | 246 | ||||||
| Reduction in carrying amount of right-of-use asset | 2,202 | 12,179 | ||||||
| Stock based compensation | 14,161 | 10,492 | ||||||
| Revaluation of contingent consideration | 137 | 187 | ||||||
| Income from unconsolidated joint venture | (42 | ) | (203 | ) | ||||
| Donation of common stock | 657 | 370 | ||||||
| (Gain) loss on sale of property and equipment | (23 | ) | 92 | |||||
| Inventory write-off | — | 223 | ||||||
| Amortization of deferred costs on convertible notes | 930 | 930 | ||||||
| Deferred taxes benefit | (15 | ) | (44 | ) | ||||
| Changes in other assets and liabilities: | ||||||||
| Accounts receivable, net | (1,293 | ) | (8,308 | ) | ||||
| Inventory | (33 | ) | 5 | |||||
| Prepaid expenses | (495 | ) | 1,417 | |||||
| Other assets | 2,593 | (2,546 | ) | |||||
| Accounts payable | (14,428 | ) | (50 | ) | ||||
| Accrued expenses | 1,519 | 2,743 | ||||||
| Contract liabilities | 1,719 | 1,470 | ||||||
| Lease liabilities | (3,371 | ) | (2,369 | ) | ||||
| Income taxes payable | (1,154 | ) | — | |||||
| Net cash used in operating activities | (20,835 | ) | (22,607 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Purchases of marketable securities | (13,481 | ) | (5,641 | ) | ||||
| Proceeds from sale of marketable securities | 10,000 | 30,000 | ||||||
| Purchases of property and equipment | (8,750 | ) | (8,492 | ) | ||||
| Distributions in excess of earnings | 12 | — | ||||||
| Proceeds from sale of property and equipment | 79 | 223 | ||||||
| Cash paid for business combination, net of cash acquired | — | (3,349 | ) | |||||
| Net cash (used in) provided by investing activities | (12,140 | ) | 12,741 | |||||
| Cash flows from financing activities: | ||||||||
| Proceeds from stock options exercised | 1,795 | 1,144 | ||||||
| Net cash provided by financing activities | 1,795 | 1,144 | ||||||
| Effect of foreign currency translation on cash and cash equivalents | (173 | ) | (202 | ) | ||||
| Net decrease in cash and cash equivalents | (31,353 | ) | (8,924 | ) | ||||
| Cash and cash equivalents at beginning of the period | 53,424 | 65,662 | ||||||
| Cash and cash equivalents at end of the period | $ | 22,071 | $ | 56,738 | ||||
| Supplemental cash flow information: | ||||||||
| Cash paid for interest | $ | 1,438 | $ | 1,438 | ||||
| Non-cash investing and financing activities: | ||||||||
| Non-cash purchase of property and equipment | 66 | — | ||||||
| Non-cash consideration in connection with business combination | — | 1,593 | ||||||
Xometry, Inc. and Subsidiaries
