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
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities    
Net Income (Loss) $ (224,458) $ (72,680)
Adjustments to reconcile net loss to net cash used in operating activities    
Equity-based compensation 8,637 8,703
Change in fair value of warrants 54,532 (17,669)
Depreciation expense 23,853 9,766
Amortization of debt issuance costs and debt discounts 10,505 1,840
Accretion of discount on debt securities (330) (149)
Operating lease amortization expense 2,281 2,171
Loss on extinguishment of debt 21,214 0
Impairment of operating right-of-use asset 757 0
Change in fair value of put option liability 395 0
Changes in operating assets and liabilities    
Prepaid expenses and other current assets (347) (2,468)
Prepaid expenses and other non-current assets (63) (1,523)
Inventory (1,829) (3,489)
Accounts payable 675 1,527
Accrued expenses (3,379) 4,375
Accrued interest (3,334) 9,867
Other non-current liabilities 33 0
Operating right-of-use liabilities (2,127) (1,601)
Net cash used in operating activities (112,985) (61,330)
Cash flows from investing activities    
Purchase of property, plant & equipment (33,989) (142,680)
Purchase of debt securities, available for sale (30,586) (12,020)
Sale and maturity of debt securities, available for sale 79,161 99,371
Net cash provided by (used in) investing activities 14,586 (55,329)
Cash flows from financing activities    
Payment to purchase revenue bonds (253,230) 0
Proceeds from issuance of revenue bonds to related parties 40,000 0
Proceeds from issuance of revenue bonds 8,000 0
Proceeds from issuance of common stock 38,110 0
Proceeds from issuance of warrants 30,050 0
Proceeds from issuance of preferred shares, inclusive of put option 21,840 0
Proceeds from equipment lease financing 9,536 22,101
Payments on equipment financing (3,118) 0
Payments to repurchase shares (1,178) (1,122)
Proceeds from other borrowings 2,383 0
Debt issuance costs (1,119) (1,849)
Payments on related party revenue bonds (475) 0
Proceeds from convertible note offering 0 225,000
Proceeds from related party note payable 0 38,000
Convertible note payable issuance costs 0 (6,498)
Related party note payable issuance costs 0 (2,100)
Other payments for financing activities (1,261) (257)
Net cash (used in) provided by financing activities (110,462) 273,275
Net (decrease) increase in cash and restricted cash (208,861) 156,616
Cash and restricted cash, beginning of period 302,514 227,523
Cash and restricted cash, end of period 93,653 384,139
Non-cash operating activities    
Interest paid during the period, net of capitalized interest  33,786 2,736
Non-cash investing activities    
Additions to property, plant, and equipment in accrued expenses 19,245 16,152
Additions to property, plant, and equipment in accounts payable 301 4,470
Non-cash financing activities    
Carrying value of shareholder loan exchanged for revenue bonds payable to related parties 44,386 0
Initial fair value of warrant liability issued to satisfy shareholder loan prepayment penalty 6,802 0
PIK interest on related party note payable 1,938 1,745
Reconciliation of cash, cash equivalents reported in the consolidated balance sheet    
Cash and cash equivalents 83,673 199,349
Restricted cash and cash equivalents - current 241 33,277
Restricted cash and cash equivalents - non-current 9,739 151,513
Total cash, cash equivalents and restricted cash $ 93,653 $ 384,139

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