Cash Flow

Unaudited Condensed Consolidated Statements of Cash Flows for the Six months ended June 30, 2022 and 2021

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net loss $ (82,418) $ (40,436)
Adjustments to reconcile net loss to net cash used in operating activities    
Equity-based compensation 5,418 6,438
Fair value change of warrants 31,148 1,340
Depreciation expense 5,306 1,693
Amortization of debt issuance costs and debt discounts 657 492
(Accretion) amortization of (discount) premium on debt securities (139) 20
Operating lease amortization expense 1,459 531
Changes in operating assets and liabilities    
Prepaid expenses and other current assets (4,788) (3,572)
Prepaid expenses and other non-current assets (1,625) (875)
Accounts payable 2,372 1,094
Accrued expenses 1,175 (1,649)
Accrued interest 2,060 0
Operating right-of-use liabilities (1,049) (166)
Net cash used in operating activities (40,424) (35,090)
Cash flows from investing activities    
Purchase of property, plant & equipment (124,239) (127,067)
Purchase of debt securities, available for sale 0 (177,755)
Sale and maturity of debt securities, available for sale 99,371 112,968
Net cash used in investing activities (24,868) (191,854)
Cash flows from financing activities    
Proceeds from related party note payable 38,000 0
Proceeds from equipment lease financing 19,747 0
Payments to repurchase shares (304) (1,066)
Other payments for financing activities (50) (23)
Proceeds from issuance of common stock 0 206,071
Proceeds from issuance of warrants 0 43,929
Common stock issuance costs 0 (775)
Net cash provided by financing activities 54,097 248,136
Net (decrease) increase in cash and restricted cash (11,195) 21,192
Cash and restricted cash, beginning of period 227,523 263,858
Cash and restricted cash, end of period 216,328 285,050
Supplemental disclosure of cash flow information    
Interest paid during the period, net of capitalized interest  650 650
Non-cash investing activities    
Additions to property, plant, and equipment in accrued expenses 24,980 22,059
Additions to property, plant, and equipment in accounts payable 7,639 3,267
Non-cash financing activities    
PIK interest on related party note payable 422 0
Related Party    
Cash flows from financing activities    
Payments of debt issuance costs (2,100) 0
Nonrelated Party    
Cash flows from financing activities    
Payments of debt issuance costs $ (1,196) $ 0

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