Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows

v3.25.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES      
Net income (loss) $ (9,684) $ (4,612)  
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation related to issuance of warrants in exchange for services 1,627 0  
Provision for credit loss expense 295 0  
Stock-based compensation and employee inducement award 487 274  
Depreciation and amortization 473 212  
Change in fair value of warrant liability 0 23  
Amortization of deferred issuance costs 0 944  
Amortization of right-of-use assets 194 168  
Changes in operating assets and liabilities:      
Prepaid and other assets 94 (111)  
Accounts and retention receivables 121 (1,269)  
Contract assets (642) 0  
Contract liabilities 0 1,260  
Accrued expenses and other current liabilities (1,953) (192)  
Lease liabilities (180) (171)  
Net cash used in operating activities (11,014) (2,677)  
CASH FLOWS FROM INVESTING ACTIVITIES      
Purchases of property and equipment (1,659) (63)  
Repayments of note receivable 2 0  
Net cash used in investing activities (1,657) (63)  
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from the issuance of common stock / at-the-market offering, net of issuance costs 21,476 588  
Repayments of notes payable (54) (8)  
Proceeds from the issuance of common stock in connection with equity line-of-credit, net of issuance costs 0 1,391  
Net cash provided by financing activities 21,422 1,971  
Net increase (decrease) in cash 8,751 (769)  
Cash — beginning of the period 13,699 1,059 $ 1,059
Cash — end of the period 22,450 290 $ 13,699
SUPPLEMENTAL CASH FLOW INFORMATION      
Cash paid for interest 23 0  
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:      
Right-of-use assets in exchange of operating lease liabilities 84 0  
Acquisitions of property and equipment included in liabilities 21 0  
At-the-market advanced proceeds settled on January 2, 2025 1,130 0  
Prepaid property and equipment received 750 0  
Nonrelated Party      
Changes in operating assets and liabilities:      
Accounts payable (423) 797  
Related Party      
Changes in operating assets and liabilities:      
Accounts payable $ (1,423) $ 0