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(Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedMarch 31, 2025or oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________Commission File Number:001-40592________________________________________ (978)349-3200 (Registrant’s telephone number, including area code)________________________________________ Not applicable(Former name, former address and former fiscal year, if changed since last report)________________________________________ Securities registered pursuant to Section 12(b) of the Act: Name of Exchange on which registered Class A common stock, $0.01 par value per share Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90days.YesxNoo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).YesxNoo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerginggrowth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of theExchange Act. Large accelerated fileroAccelerated fileroNon-accelerated filerxSmaller reporting companyxEmerging growth companyx If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act.o Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YesoNoxAs of May6, 2025, there were39,332,172shares of the registrant’s Class A common stock, par value $0.01, outstanding.As of May6, 2025, there were4,499,529shares of the registrant’s Class B common stock, par value $0.01, outstanding. TABLE OF CONTENTS Part IFinancial InformationItem 1.Financial Statements6Condensed Consolidated Balance Sheets as ofMarch 31, 2025and December 31,2024(Unaudited)6Condensed Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024(Unaudited)7Condensed Consolidated Statements of Comprehensive Loss for the threemonths endedMarch31, 2025and2024(Unaudited)8Condensed Consolidated Statements of Stockholders’ Equity for the threemonths endedMarch31, 2025and2024(Unaudited)9Condensed Consolidated Statements of Cash Flows for thethreemonths endedMarch 31, 2025and2024(Unaudited)10Notes to Condensed Consolidated Financial Statements (Unaudited)11Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations27Item 3.Quantitative and Qualitative Disclosures about Market Risk39Item 4.Controls and Procedures39Part IIOther InformationItem 1.Legal Proceedings40Item 1A.Risk Factors40Item 2.Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities72Item 3.Defaults Upon Senior Securities72Item 4.Mine Safety Disclosures72Item 5.Other Information72Item 6.Exhibits73Exhibit Index73Signatures74 FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements. We intend such forward-looking statements to becovered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, asamended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Allstatements other than statements of historical facts contained in this Quarterly Report on Form 10-Q may be forward-lookingstatements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,”“anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “forecasts,” “predicts,” “potential” or“continue” or the negative of these terms or other similar expressions. Forward-looking statements contained in this Quarterly Reporton Form 10-Q include, but are not limited to, statements regarding: •our business strategy for our Growth Direct platform and systems;•our future results of operations and financial position, including our expectations regarding revenue, gross margin,operating expenses and our ability to achieve positive cash flow;•our goal to achieve positive cash flow by the end of 2027