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, 2022
Sep. 30, 2021
Cash flows from operating activities    
Net loss $ (75,384) $ (58,110)
Adjustments to reconcile net loss to net cash used in operating activities    
Equity-based compensation 9,448 14,753
Fair value change of warrants 16,224 4,893
Depreciation expense 2,583 1,507
Amortization of debt issuance costs and debt discounts 746 2,208
(Accretion) amortization of (discount) premium on debt securities (235) 395
Operating lease amortization expense 964 0
Issuance costs attributable to warrants 0 109
Gain on extinguishment of secured term loan 0 (314)
Changes in operating assets and liabilities    
Prepaid expenses and other current assets (3,320) (2,347)
Prepaid expenses and other non-current assets (1,296) (2,917)
Accounts payable 827 (399)
Accrued expenses 491 (9,554)
Accrued interest 324 2,819
Deferred revenue 0 5,000
Operating right-of-use liabilities (1,536) 0
Net cash used in operating activities (50,164) (41,957)
Cash flows from investing activities    
Construction of plant (212,095) (88,153)
Purchase of debt securities, available for sale (192,388) (229,183)
Sale and maturity of debt securities, available for sale 200,689 44,197
Net cash used in investing activities (203,794) (273,139)
Cash flows from financing activities    
Proceeds from issuance of common stock 206,072 0
Proceeds from issuance of warrants 43,929 0
Payments to repurchase shares (1,572) 0
Common stock issuance costs (775) 0
Other (payments) proceeds from financing activities (36) 160
Proceeds from ROCH and PIPE financing, net of issuance costs 0 298,461
Bond issuance costs 0 (4,067)
Convertible notes issuance costs 0 (480)
Net cash provided by financing activities 247,618 294,074
Net decrease in cash and restricted cash (6,340) (21,022)
Cash and restricted cash, beginning of period 263,858 330,574
Cash and restricted cash, end of period 257,518 309,552
Non-cash operating activities    
Interest paid during the period, net of capitalized interest  650 845
Non-cash investing activities    
Additions to property, plant, and equipment in accrued expenses 22,059 25,300
Additions to property, plant, and equipment in accounts payable 3,267 1,425
Additions to property, plant, and equipment in accrued interest 4,271 1,708
Non-cash financing activities    
Initial fair value of acquired warrant liability 0 4,604
Share repurchase — additions to accrued expense 0 1,695
PIK interest on convertible notes $ 0 $ 1,680

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