v3.26.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
OPERATING ACTIVITIES    
Net (loss) income before redeemable non-controlling interest $ (17,444) $ 67,450
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Depreciation and amortization 10,186 10,907
Amortization of debt issuance costs 1,023 652
Stock-based compensation 4,615 607
Non-cash operating lease expense 6,105 2,371
Provision for inventory obsolescence 4,453 2,130
Provision for bad debts 2,348 1,622
Gain on the disposition of businesses, property, equipment and other assets (95) (125,825)
Gain on debt extinguishment 0 (8,203)
Provision for deferred income taxes and reserve adjustments 714 (3,124)
Gain on disposal of investment (2,576) 0
Loss on equity method investment, net of taxes 1,953 2,229
Changes in operating accounts:    
Accounts receivable (2,966) 9,394
Inventories (2,588) (11,137)
Prepaid expenses and other current assets 3,161 (6,362)
Accounts payable (8,761) (8,142)
Deferred revenue and customer deposits 8,285 7,094
Accrued and other liabilities (9,521) 5,009
All other operating activities (12,998) (6,302)
Net cash used in operating activities (14,106) (59,630)
INVESTING ACTIVITIES    
Purchases of property and equipment (5,890) (5,743)
Proceeds from sale of assets and businesses, net of cash sold 100 119,400
Acquisitions and other investments, net of cash acquired 0 (900)
Other investing activities (80) 174
Net cash (used in) provided by investing activities (5,870) 112,931
FINANCING ACTIVITIES    
Proceeds from equity offering 53,825 0
Equity issuance costs (127) 0
Proceeds from borrowings and long-term debt 0 92,030
Debt issuance costs 0 (3,425)
Repayment of borrowings and long-term debt 0 (169,987)
Stock repurchases 0 (14,960)
Purchase of non-controlling interests (498) 0
Taxes paid related to net-share settlement of equity awards (434) (605)
Other financing activities (824) (393)
Net cash provided by (used in) financing activities 51,942 (97,340)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (71) 5,104
Net increase (decrease) in cash, cash equivalents and restricted cash 31,895 (38,935)
Cash, cash equivalents and restricted cash at the beginning of the year 97,100 172,883
Cash, cash equivalents and restricted cash at the end of the period 128,995 133,948
Balances per Condensed Consolidated Balance Sheets:    
Cash and cash equivalents 127,951 116,358
Restricted cash included in prepaid expenses and other current assets 128 125
Restricted cash included in other assets [1] 916 17,465
Total cash, cash equivalents and restricted cash 128,995 133,948
Supplemental cash flow information    
Lease assets obtained in exchange for new lease liabilities 424 42
Cash interest payments 3,153 239
Cash income tax payments, net 9,749 3,671
Transfer of equipment from inventory to property and equipment, net [2] 2,219 1,662
Exchange of assets for investment $ 0 $ 1,016
[1] The balance in restricted cash as of June 30, 2026 primarily relates to minimum balance guarantees required by certain bank accounts that the Company holds. The balance in restricted cash as of June 30, 2025 includes (1) $16.8 million of restricted cash that was required at the time under the indenture for the convertible senior secured notes due 2030 and (2) guarantees in the form of a standby letter of credit as security for a long-term real estate lease. Refer to Note 12 for further information.
[2] Inventory is transferred to property and equipment at cost when we require additional machines for training or demonstration or for placement into on demand manufacturing services locations.