v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net loss $ (31,911,000) $ (18,410,000) $ (11,472,000)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation, amortization and long-lived assets impairment 12,996,000 6,143,000 661,000
Goodwill impairment 14,503,000 0 0
Stock-based compensation 20,000,000 13,781,000 3,273,000
Change in fair value of warrants (3,994,000) (14,671,000) 762,000
Founders notes forgiven 0 0 459,000
Transaction costs allocated to warrants 0 0 2,750,000
Loss on foreign exchange, net 729,000 0 0
Changes in operating assets and liabilities      
Trade receivables, net (2,767,000) (4,045,000) (618,000)
Prepaid expenses and other assets (2,872,000) 755,000 (1,823,000)
Operating lease right of use assets 1,764,000 1,831,000 0
Trade payables (551,000) (622,000) 1,500,000
Employees and payroll accruals 3,895,000 1,710,000 1,236,000
Operating lease liabilities (2,277,000) (2,335,000) 0
Accrued expenses and other liabilities 2,925,000 4,302,000 851,000
Net cash provided by / (used in) operating activities 12,440,000 (11,561,000) (2,421,000)
Cash flows from investing activities:      
Acquisitions of businesses, net of cash acquired 0 (99,097,000) 0
Internal use software capitalization (9,630,000) (9,961,000) (2,594,000)
Purchase of property and equipment (684,000) (488,000) (549,000)
Founders’ note receivable 0 0 (459,000)
Investment in short-term bank deposits (165,000) (10,000,000) 0
Withdrawal of short-term bank deposits 10,000,000 0 0
Other deposits 0 120,000 (85,000)
Net cash used in) investing activities (479,000) (119,426,000) (3,687,000)
Cash flows from financing activities:      
Proceeds from reverse recapitalization, net 0 0 149,252,000
Proceeds from loans 35,000,000 14,000,000 0
Loan repayment (35,000,000) 0 (3,033,000)
Repayment of acquisition liability 0 0 (126,000)
Payment of SPAC merger transaction costs 0 (3,185,000) 0
Proceeds from exercise of options 794,000 985,000 1,081,000
Net cash provided by financing activities 794,000 11,800,000 147,174,000
Effect of exchange rates on cash, cash equivalent and restricted cash (729,000) 0 0
Increase (decrease) in cash, cash equivalents and restricted cash 12,026,000 (119,187,000) 141,066,000
Cash, cash equivalents and restricted cash, beginning of the year 37,971,000 157,158,000 16,092,000
Cash, cash equivalents and restricted cash, end of the year 49,997,000 37,971,000 157,158,000
Supplemental disclosures:      
Income taxes paid, net of tax refunds 1,508,000 785,000 535,000
Interest paid 1,451,000 675,000 259,000
Non-cash transactions      
Conversion of redeemable convertible preferred stock into common stock 0 0 164,060,000
Conversion of Legacy Innovid Warrants 0 0 5,080,000
Accretion of preferred stocks to redemption value 0 0 77,063,000
Accrued transaction cost, not yet paid 0 0 3,185,000
Business combination consideration paid in stock 0 47,152,000 0
Reconciliation of cash, cash equivalents, and restricted cash      
Cash and cash equivalents 49,585,000 37,541,000 156,696,000
Long-term restricted deposits 412,000 430,000 462,000
Total cash, cash equivalents, and restricted cash $ 49,997,000 $ 37,971,000 $ 157,158,000

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