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, 2025
Jun. 30, 2024
Cash flows from operating activities    
Net loss $ (135,408) $ (133,819)
Adjustments to reconcile net loss to net cash used in operating activities    
Equity-based compensation 9,765 5,754
Change in fair value of warrants 25,626 9,633
Change in fair value of derivative (3,443) 0
Depreciation expense 14,613 16,423
Amortization of debt issuance costs and debt discounts 11,147 5,865
Accretion of discount on debt securities 0 (330)
Operating lease amortization expense 2,251 1,529
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
Changes in operating assets and liabilities    
Accounts receivable (2,126) 0
Prepaid expenses and other current assets 478 (1,083)
Inventory (2,673) (1,323)
Prepaid expenses and other noncurrent assets 1,011 (117)
Accounts payable (1,823) 1,254
Accrued interest 2,436 (1,004)
Accrued expenses and other current liabilities 618 (3,051)
Other noncurrent liabilities 0 66
Operating lease right-of-use liabilities (1,827) (1,376)
Net cash used in operating activities (75,590) (79,608)
Cash flows from investing activities    
Purchase of property, plant and equipment (23,609) (24,718)
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 (23,609) 23,857
Cash flows from financing activities    
Proceeds from issuance of Common Stock 33,307 0
Payments on related party revenue bonds (535) (475)
Payment to purchase revenue bonds 0 (253,230)
Proceeds from exercise of warrants 5,400 0
Payments on equipment financing (4,297) (1,617)
Debt and preferred stock issuance costs (1,000) (1,119)
Payments to repurchase shares (2,800) (695)
Other (payments)/proceeds for other borrowings (1,314) 3,828
Net cash provided by/(used in) financing activities 355,632 (223,308)
Net increase/(decrease) in cash and restricted cash 256,433 (279,059)
Cash and cash equivalents and restricted cash, beginning of period 41,511 302,514
Cash and cash equivalents and restricted cash, end of period 297,944 23,455
Operating activities    
Interest paid during the period 18,774 21,647
Non-cash financing activities    
Series B Convertible Perpetual Preferred Stock issuance costs accrued but not yet paid 6,525  
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 3,983
Reconciliation of cash and cash equivalents and restricted cash reported in the consolidated balance sheet    
Cash and cash equivalents 284,067 10,895
Restricted cash - current 4,612 2,880
Restricted cash - noncurrent 9,265 9,680
Total cash, cash equivalents and restricted cash 297,944 23,455
Series A Preferred Stock    
Non-cash financing activities    
PIK interest 1,985 0
Series B Convertible Perpetual Preferred Stock    
Non-cash financing activities    
PIK dividends on Series B Convertible Perpetual Preferred Stock 583 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 0
Related Party    
Cash flows from financing activities    
Proceeds from issuance of revenue bonds 10,063 30,000
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
Accrued Expenses    
Non-cash investing activities    
Additions to property, plant, and equipment 11,927 20,314
Accounts Payable    
Non-cash investing activities    
Additions to property, plant, and equipment 1,343 1,739
Related Party Notes Payable    
Non-cash financing activities    
PIK interest $ 0 $ 1,938

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