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
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities    
Net Income (Loss) $ 8,832 $ (85,607)
Adjustments to reconcile net income/(loss) to net cash used in operating activities    
Equity-based compensation 3,354 2,682
Change in fair value of warrants (56,669) 13,944
Change in fair value of derivative (3,146) 0
Depreciation expense 7,350 9,256
Amortization of debt issuance costs and debt discounts 3,727 2,538
Accretion of discount on debt securities 0 (318)
Operating lease amortization expense 1,119 767
Loss on extinguishment of debt 0 21,214
Changes in operating assets and liabilities    
Accounts receivable, net (1,494) 0
Inventory (596) (648)
Prepaid expenses and other current assets 1,872 308
Prepaid expenses and other noncurrent assets (13) 83
Accounts payable (6,846) 1,196
Accrued expenses 4,014 214
Accrued interest 531 (4,151)
Operating right-of-use liabilities (903) (656)
Net cash used in operating activities (38,868) (39,178)
Cash flows from investing activities    
Purchase of property, plant and equipment (15,004) (14,348)
Purchase of debt securities, available for sale 0 (30,586)
Sale and maturity of debt securities, available for sale 0 76,961
Net cash (used in)/provided by investing activities (15,004) 32,027
Cash flows from financing activities    
Payment to purchase revenue bonds 0 (253,230)
Proceeds from bond issuance 16,368 0
Debt issuance costs 0 (1,119)
Payments to repurchase shares (1,697) (598)
Other payments for financing activities (3,400) (568)
Proceeds from issuance of common stock 33,152 92
Proceeds from exercise of warrants 5,400 0
Net cash provided by/(used in) financing activities 49,823 (255,423)
Net decrease in cash and restricted cash (4,049) (262,574)
Cash and restricted cash, beginning of period 41,511 302,514
Cash and restricted cash, end of period 37,462 39,940
Operating activities    
Interest paid during the period, net of capitalized interest  10,837 16,383
Non-cash financing activities    
PIK interest on related party note payable 0 1,441
Reconciliation of cash, cash equivalents reported in the consolidated balance sheet    
Cash and cash equivalents 22,482 25,021
Restricted cash and cash equivalents - current 5,761 7,566
Restricted cash and cash equivalents - noncurrent 9,219 7,353
Total cash, cash equivalents and restricted cash 37,462 39,940
Accrued Expenses    
Non-cash investing activities    
Additions to property, plant, and equipment 12,386 15,656
Accounts Payable    
Non-cash investing activities    
Additions to property, plant, and equipment $ 7,711 $ 5,903

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