Cash Flow
Cash Flow
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
Sep. 30, 2025 | Sep. 30, 2024 |
|---|---|---|
| Cash flows from operating activities | ||
| Net loss | $ (163,778) | $ (224,458) |
| Adjustments to reconcile net loss to net cash used in operating activities | ||
| Equity-based compensation | 12,668 | 8,637 |
| Change in fair value of warrants | 1,881 | 54,532 |
| Change in fair value of derivative | (3,443) | 395 |
| Depreciation expense | 21,875 | 23,853 |
| Amortization of debt issuance costs and debt discounts | 17,335 | 10,505 |
| Accretion of discount on debt securities | 0 | (330) |
| Operating lease amortization expense | 3,398 | 2,281 |
| Loss on extinguishment of debt | 0 | 21,214 |
| Loss on disposal of equipment | 3,765 | 0 |
| Impairment of operating right-of-use asset | 0 | 757 |
| Other | 938 | 0 |
| Changes in operating assets and liabilities | ||
| Accounts receivable | (1,595) | 0 |
| Inventory | (2,638) | (1,829) |
| Prepaid expenses and other current assets | (1,779) | (347) |
| Prepaid expenses and other noncurrent assets | 968 | (63) |
| Accounts payable | (2,062) | 675 |
| Accrued expenses and other current liabilities | (578) | (3,379) |
| Accrued interest | 1,820 | (3,334) |
| Other noncurrent liabilities | 0 | 33 |
| Operating lease right-of-use liabilities | (2,827) | (2,127) |
| Net cash used in operating activities | (114,054) | (112,985) |
| Cash flows from investing activities | ||
| Purchase of property, plant and equipment | (27,504) | (33,989) |
| Purchase of debt securities, available for sale | 0 | (30,586) |
| Sale and maturity of debt securities, available for sale | 0 | 79,161 |
| Net cash (used in)/provided by investing activities | (27,504) | 14,586 |
| Cash flows from financing activities | ||
| Proceeds from issuance of Common Stock | 33,462 | 38,110 |
| Payments on related party revenue bonds | (535) | (475) |
| Payment to purchase revenue bonds | 0 | (253,230) |
| Proceeds from exercise and issuance of warrants | 6,616 | 30,050 |
| Proceeds from equipment lease financing | 0 | 9,536 |
| Payments on equipment financing | (7,663) | (3,118) |
| Preferred stock and debt issuance costs | (7,624) | (1,119) |
| Payments to repurchase shares | (4,527) | (1,178) |
| Other financing activities | 698 | 1,122 |
| Net cash provided by/(used in) financing activities | 347,298 | (110,462) |
| Net increase/(decrease) in cash and restricted cash | 205,742 | (208,861) |
| Cash and cash equivalents and restricted cash, beginning of period | 41,511 | 302,514 |
| Cash and cash equivalents and restricted cash, end of period | 247,253 | 93,653 |
| Operating Activities | ||
| Interest paid during the period | 29,247 | 33,786 |
| Non-cash financing activities | ||
| PIK dividends on Series B Convertible Perpetual Preferred Stock | 5,900 | - |
| Carrying value of shareholder loan exchanged for revenue bonds payable to related parties | 0 | 44,386 |
| Initial fair value of warrant liability issued to satisfy shareholder loan prepayment penalty | 0 | 6,802 |
| Reconciliation of cash and cash equivalents and restricted cash reported in the consolidated balance sheet | ||
| Cash and cash equivalents | 234,359 | 83,673 |
| REstricted cash - current | 3,582 | 241 |
| Restricted cash - noncurrent | 9,312 | 9,739 |
| Total cash, cash equivalents and restricted cash | 247,253 | 93,653 |
| Series A Preferred Stock | ||
| Cash flows from financing activities | ||
| Proceeds from issuance of Series A Preferred shares, inclusive of put option | 0 | 21,840 |
| Non-cash financing activities | ||
| PIK interest | 3,005 | 0 |
| Series B Convertible Perpetual Preferred Stock | ||
| Non-cash financing activities | ||
| PIK dividends on Series B Convertible Perpetual Preferred Stock | 5,927 | 0 |
| Series B | ||
| Cash flows from financing activities | ||
| Proceeds from issuance of Series B Convertible Perpetual Preferred Stock | 300,000 | 0 |
| Third Party | ||
| Cash flows from financing activities | ||
| Proceeds from issuance of revenue bonds | 16,808 | 8,000 |
| Related Party | ||
| Cash flows from financing activities | ||
| Proceeds from issuance of revenue bonds | 16,063 | 40,000 |
| Proceeds from revolving credit facility and related party note payable | 14,900 | 0 |
| Payments on revolving credit facility and related party note payable | (14,900) | 0 |
| Accounts Payable and Accrued Expenses | ||
| Non-cash investing activities | ||
| Additions to property, plant, and equipment | 13,466 | 19,546 |
| Related Party Notes Payable | ||
| Non-cash investing activities | ||
| PK interest | $ 0 | $ 1,938 |
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
Sep. 30, 2025 | Sep. 30, 2024 |
|---|---|---|
| Cash flows from operating activities | ||
| Net loss | $ (163,778) | $ (224,458) |
| Adjustments to reconcile net loss to net cash used in operating activities | ||
| Equity-based compensation | 12,668 | 8,637 |
| Change in fair value of warrants | 1,881 | 54,532 |
| Change in fair value of derivative | (3443) | 395 |
| Depreciation expense | 21,875 | 23,853 |
| Amortization of debt issuance costs and debt discounts | 17,335 | 10,505 |
| Accretion of discount on debt securities | 0 | (330) |
| Operating lease amortization expense | 3,398 | 2,281 |
| Loss on extinguishment of debt | 0 | 21,214 |
| Loss on disposal of equipment | 3,765 | 0 |
| Impairment of operating right-of-use asset | 0 | 757 |
| Other | 938 | 0 |
| Changes in operating assets and liabilities | ||
| Accounts receivable | (1,595) | 0 |
| Inventory | (2,638) | (1,829) |
| Prepaid expenses and other current assets | ||
| Prepaid expenses and other noncurrent assets | 968 | (63) |
| Accounts payable | (2,062) | 675 |
| Accrued expenses and other current liabilities | (578) | (3,379) |
| Accrued interest | 1,820 | (3,334) |
| Other noncurrent liabilities | 0 | 359 |
| Net cash used in operating activities | (96,359) | (143,160) |
| Cash flows from investing activities | ||
| Additions to property, plant, and equipment | -70752 | -62325 |
| Proceeds from sale of property, plant and equipment | 0 | 1681 |
| Additions to intangible assets | -350 | 0 |
| Change in restricted cash | 87 | -126 |
| Net cash used in investing activities | -71015 | -60770 |
| Cash flows from financing activities | ||
| Proceeds from issuance of Series B Convertible Perpetual Preferred Stock | 300000 | 0 |
| Proceeds from issuance of revenue bonds | 26871 | 48000 |
| Proceeds from revolving credit facility and related party note payable | 14900 | 0 |
| Payments on revolving credit facility and related party note payable | -14900 | 0 |
| Proceeds from issuance of Series A Preferred shares, inclusive of put option | 0 | 21840 |
| Proceeds from issuance of common stock and warrants, net of offering costs | 0 | 89000 |
| Proceeds from the exercise of stock options and warrants | 89 | 16 |
| Payments on finance lease obligations | -2979 | -1834 |
| Payments on debt | -10178 | -3746 |
| Deferred financing costs | -282 | 0 |
| Net cash provided by financing activities | 313821 | 153276 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | -24 | -27 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 146423 | -50681 |
| Cash, cash equivalents and restricted cash at beginning of period | 93653 | 144334 |
| Cash, cash equivalents and restricted cash at end of period | 240076 | 93653 |
| Supplemental Disclosures of Cash Flow Information | ||
| Cash paid during the period for interest, net of capitalized interest | 35919 | 13835 |
| Non-cash investing activities | ||
| Additions to property, plant, and equipment | 13466 | 14275 |
| Additions to intangible assets | 50 | 0 |
| Non-cash financing activities | ||
| Issuance of common stock upon vesting of restricted stock units | 1778 | 1148 |
| Issuance of common stock to satisfy accrued interest | 3602 | 0 |
| Issuance of warrants and common stock for services | 0 | 1068 |
| Initial fair value of warrant liability issued to satisfy shareholder loan prepayment penalty | 0 | 6802 |
| Issuance of Series A Preferred Stock to extinguish bonds payable to related parties | 0 | 44386 |
| PIK interest | 3005 | 0 |
| PIK dividends on Series B Convertible Perpetual Preferred Stock | 5927 | 0 |
| Reconciliation of cash and cash equivalents and restricted cash reported in the consolidated balance sheet | ||
| Cash and cash equivalents | 234359 | 83673 |
| Restricted cash - current | 3582 | 241 |
| Restricted cash - noncurrent | 9312 | 9739 |
| Total cash, cash equivalents and restricted cash | 247253 | 93653 |
| Series A Preferred Stock | ||
| Cash flows from financing activities | ||
| Interest paid during the period | 0 | 21840 |
| Non-cash financing activities | ||
| PIK interest | 3005 | 0 |
| Series B Convertible Perpetual Preferred Stock | ||
| Non-cash financing activities | ||
| PIK dividends on Series B Convertible Perpetual Preferred Stock | 5927 | 0 |
| Series B | ||
| Cash flows from financing activities | ||
| Proceeds from issuance of Series B Convertible Perpetual Preferred Stock | 300000 | 0 |
| Third Party | ||
| Cash flows from financing activities | ||
| Proceeds from issuance of revenue bonds | 16808 | 8000 |
| Related Party | ||
| Cash flows from financing activities | ||
| Proceeds from issuance of revenue bonds | 10063 | 40000 |
| Proceeds from revolving credit facility and related party note payable | 14900 | 0 |
| Payments on revolving credit facility and related party note payable | -14900 | 0 |
| Accounts Payable and Accrued Expenses | ||
| Non-cash investing activities | ||
| Additions to property, plant, and equipment | 13466 | 14275 |
