Alphatec Holdings, Inc.

For the period ended Dec 31, 2025. Filed Feb 24, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 24, 2026

ATEC$7.00-5.1%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEM ENTS OF CASH FLOWS

	Year Ended December 31,
	2025	2024	2023
Operating activities:
Net loss	$(143,358)	$(162,123)	$(186,638)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	77,492	78,418	56,139
Stock-based compensation	73,719	73,277	81,244
Amortization of debt discount and debt issuance costs	22,512	4,462	3,634
Amortization of right-of-use assets	5,071	4,902	3,543
Write-down for excess and obsolete inventories	13,535	15,421	13,608
Loss on disposal of assets	2,472	3,072	3,708
Loss on debt extinguishment	17,576	—	—
Gain on derivative liability	(620)	—	—
Other	8,388	5,194	455
Changes in operating assets and liabilities:
Accounts receivable	(21,879)	(14,589)	(12,795)
Inventories	(6,313)	(54,660)	(45,562)
Prepaid expenses and other current assets	(1,755)	(97)	(11,098)
Other assets	405	(466)	(541)
Accounts payable	(11,156)	9,671	6,989
Accrued expenses	15,824	(1,781)	17,000
Lease liabilities	(4,890)	(5,495)	(3,602)
Contract liabilities	(271)	(3,261)	1,793
Other long-term liabilities	(1,521)	3,404	(6,362)
Net cash provided by (used in) operating activities	45,231	(44,651)	(78,485)
Investing activities:
Purchases of property and equipment	(42,455)	(83,223)	(80,508)
Purchase of intangible assets	(7,186)	(9,913)	(6,467)
Acquisition of business, net of cash acquired	—	—	(55,000)
Cash paid for equity investment	(3,000)	—	—
Other	(770)
Net cash used in investing activities	(53,411)	(93,136)	(141,975)
Financing activities:
Proceeds from issuance of convertible notes, net	392,850	—	—
Repurchase of convertible notes	(268,231)	—	—
Repayment of revolving credit facility	(63,960)	(164,175)	(119,500)
Purchase of capped calls	(42,485)	—	—
Proceeds from revolving credit facility	14,154	174,975	134,000
Payment of debt issuance costs	(706)	(140)	(3,321)
Proceeds from term debt, net of debt discount	—	48,000	148,473
Net cash received (paid for) common stock exercises	515	(560)	(1,064)
Proceeds from common stock offerings, net of offering costs	—	—	213,181
Repayment of OCEANEs	—	—	(13,315)
Other	(2,119)	(1,892)	(1,535)
Net cash provided by financing activities	30,018	56,208	356,919
Effect of exchange rate changes on cash	128	(551)	(185)
Net change in cash and cash equivalents	21,966	(82,130)	136,274
Cash and cash equivalents at beginning of year	138,840	220,970	84,696
Cash and cash equivalents at end of year	$160,806	$138,840	$220,970
Supplemental disclosure of cash flow information:
Cash paid for interest	$23,820	$20,316	$17,269
Cash paid for income taxes	$389	$275	$333
Supplemental disclosure of noncash investing and financing activities:
Financed insurance	$1,347	$1,156	$1,328
Purchases of property and equipment in accounts payable and accrued expenses	$7,818	$8,668	$10,406
Purchases of intangible assets in accrued expenses and other long-term liabilities	$3,169	$250	$99
Common stock issued for asset acquisition	$2,250	$—	$—
Recognition of derivative liability	$124,061	$—	$—
Recognition of lease liability	$136	$11,923	$424

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