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, 2023
Jan. 01, 2023
Jan. 02, 2022
Cash flows used in operating activities:      
Net loss $ (214,132) $ (51,622) $ (125,874)
Adjustments to reconcile net loss to net cash used in operating activities      
Depreciation, accretion and amortization 34,009 7,972 1,515
Stock-based compensation 69,452 30,367 10,711
Change in fair value of common stock warrants and convertible preferred stock warrants (6,180) (75,180) 56,141
Impairment of equipment [1] 4,411 4,921 0
Others 703 0 60
Changes in operating assets and liabilities:      
Accounts and notes receivables (370) (170) 0
Inventory 4,509 (634) 0
Prepaid expenses and other assets (626) 926 (3,464)
Accounts payable 6,096 2,272 1,523
Accrued expenses and compensation 1,977 2,547 5,193
Deferred revenue (3,860) (4,091) 2,370
Deferred tax liability (813) 0 0
Other liabilities 188 (48) 519
Net cash used in operating activities (104,636) (82,740) (51,306)
Cash flows from investing activities:      
Purchase of property and equipment (61,795) (36,212) (43,584)
Routejade acquisition, net of cash and restricted cash acquired (9,968) 0 0
Purchases of investments (138,343) 0 0
Maturities of investments 67,150 0 0
Net cash used in investing activities (142,956) (36,212) (43,584)
Cash flows from financing activities:      
Proceeds from Business Combination and PIPE financing 0 0 405,155
Payments of transaction costs related to common stock issuance 0 0 (31,410)
Proceeds from exercise of common stock warrants, net and convertible preferred stock warrants 0 52,828 77,272
Proceeds from issuance of Convertible Senior Notes and secured promissory note 172,500 0 15,000
Purchase of Capped Calls (17,250) 0 0
Payments of debt issuance costs (5,917) 0 (90)
Repayment of debt (69) 0 (15,000)
Proceeds from issuance of common stock under employee stock purchase plan 2,350 1,900 0
Payroll tax payments for shares withheld upon vesting of RSUs (3,931) (587) 0
Proceeds from the exercise of stock options 11,928 2,379 190
Repurchase of unvested restricted common stock (26) (10) (27)
Net cash provided by financing activities 159,585 56,510 451,090
Effect of exchange rate changes on cash, cash equivalents and restricted cash 154 0 0
Change in cash, cash equivalents, and restricted cash (87,853) (62,442) 356,200
Cash and cash equivalents and restricted cash, beginning of period 322,976 385,418 29,218
Cash and cash equivalents, and restricted cash, end of period 235,123 322,976 385,418
Supplemental cash flow disclosure:      
Cash paid for interest 2,757 0 0
Net liabilities assumed from Business Combination 0 0 73,400
Purchase of property and equipment included in liabilities $ 15,980 $ 7,037 $ 5,488
[1] As of December 31, 2023, $0.6 million of the $4.4 million impairment of equipment, was recorded as accrued expenses on the Consolidated Balance Sheet. As of January 1, 2023, $1.7 million of the $4.9 million impairment of equipment was recorded as accrued expenses on the Consolidated Balance Sheet.