v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net (loss) income $ (95,752,000) $ (39,395,000) $ 20,463,000
(Income) loss from discontinued operations, net of tax (8,725,000) 605,000 12,637,000
Net (loss) income from continuing operations (104,477,000) (38,790,000) 33,100,000
Adjustments to reconcile net (loss) income from continuing operations to net cash (used in) provided by operating activities:      
Depreciation and amortization 5,698,000 4,973,000 4,520,000
Deferred taxes 67,669,000 (10,828,000) (25,982,000)
Non-cash lease expense 1,737,000 1,958,000 1,818,000
Non-cash interest expenses 4,844,000 325,000 0
Gain on forgiveness of debt 0 0 (4,923,000)
Share-based compensation 3,698,000 0 0
Amortization of RDEC credit (1,182,000) (839,000) (460,000)
Accrued tax credit RDEC 0 (1,732,000) 0
Change in fair value of derivative liability (11,389,000) (432,000) 0
Increase in inventory provision 0 4,630,000 3,951,000
Write-off of prepaid subscriptions 0 5,668,000 0
Other 90,000 71,000 30,000
Change in operating assets and liabilities:      
Accounts receivable 33,365,000 (679,000) 25,346,000
Inventories 25,251,000 54,734,000 (20,003,000)
Prepaid expenses and other assets 1,270,000 (5,482,000) 701,000
Prepaid subscriptions 0 1,632,000 (7,300,000)
Due from related parties 533,000 482,000 (4,376,000)
Accounts payable (17,675,000) (23,651,000) (1,820,000)
Accrued expenses and other liabilities (2,439,000) (1,329,000) (10,225,000)
Accrued warranties (2,037,000) 3,883,000 3,266,000
Due to related parties 1,491,000 1,083,000 3,469,000
Contract liabilities (5,743,000) 6,966,000 7,779,000
Lease obligations - operating leases (1,579,000) (1,903,000) (2,084,000)
Net cash (used in) provided by operating activities - continuing operations (875,000) 740,000 6,807,000
Net cash provided by (used in) operating activities - discontinued operations 1,661,000 (3,098,000) (12,079,000)
Net cash provided by (used in) provided by operating activities 786,000 (2,358,000) (5,272,000)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Acquisition of property, plant and equipment (1,283,000) (389,000) (829,000)
Internal-use software development costs (8,465,000) (4,434,000) (1,028,000)
Repayment (issuance) of loan receivable, related party 0 8,019,000 (7,919,000)
Proceeds from disposition of GEH Singapore 20,000,000 0 0
Acquisition of businesses, net of cash 0 10,375,000 (6,000,000)
Net cash provided by (used in) investing activities - continuing operations 10,252,000 13,571,000 (15,776,000)
Net cash used in investing activities - discontinued operations (5,942,000) 5,763,000 0
Net cash provided by (used in) investing activities 4,310,000 19,334,000 (15,776,000)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Repayment of Revolver (38,000,000) (80,300,000) (49,305,000)
Payments of Debt Issuance Costs (90,000) 0 0
Proceeds from Revolver 17,000,000 62,000,000 63,000,000
Proceeds from convertible note 0 64,884,000 0
Contingent consideration payments (1,007,000) (2,174,000) 0
Repayment of Paycheck Protection Program Loan (192,000) (192,000) (5,000)
Repayment of NetDragon group loans 0 0 (3,210,000)
Proceeds from NetDragon group loans 0 219,000 869,000
Share repurchase (342,000) 0 0
Net cash (used in) provided by financing activities - continuing operations (22,631,000) 44,437,000 11,349,000
Net cash provided by financing activities - discontinued operations 0 0 0
Net cash (used in) provided by financing activities (22,631,000) 44,437,000 11,349,000
Net change in cash (17,535,000) 61,413,000 (9,699,000)
Cash and cash equivalents, beginning of year 91,784,000 29,312,000 40,508,000
Exchange rate effects 1,068,000 1,059,000 (1,497,000)
Cash and cash equivalents, end of year 75,317,000 91,784,000 29,312,000
Supplemental disclosure of non-cash investing and financing activities transactions:      
Convertible notes issued in exchange for accrued PIK interest 3,309,000 0 0
Decrease in goodwill due to measurement period adjustments relating to business acquisition, net 1,228,000 0 0
Lease assets acquired in exchange for lease liabilities 2,838,000 0 0
Forgiveness of related party payables 2,412,000 0 0
Accrued purchase price related to acquisition of businesses 0 0 1,688,000
Accrued value of earnout related to acquisition of businesses 0 0 377,000
Noncash consideration transferred for acquisition of businesses 0 22,848,000 0
Lease assets acquired in exchange for lease liabilities 5,044,000 0 0
Supplemental disclosure of cash transactions:      
Cash paid for interest 5,387,000 5,223,000 0
Cash received for tax refunds, net $ 1,397,000 914,000 $ 969,000
Discontinued Operations      
Supplemental disclosure of cash transactions:      
Cash and cash equivalents   $ 3,980,000  

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