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, 2024
Jun. 30, 2023
Cash flows from operating activities    
Net Income (Loss) $ (133,819) $ (81,210)
Adjustments to reconcile net loss to net cash used in operating activities    
Equity-based compensation 5,754 5,418
Change in fair value of warrants 9,633 31,148
Depreciation expense 16,423 4,098
Amortization of debt issuance costs and debt discounts 5,865 657
Accretion of discount on debt securities (330) (139)
Operating lease amortization expense 1,529 1,459
Loss on extinguishment of debt 21,214 0
Impairment of operating right-of-use asset 757 0
Changes in operating assets and liabilities    
Prepaid expenses and other current assets (1,083) (2,262)
Inventory (1,323) (2,526)
Prepaid expenses and other non-current assets (117) (1,625)
Accounts payable 1,254 2,372
Accrued expenses (3,051) 1,175
Accrued interest (1,004) 2,060
Other non-current liabilities 66 0
Operating right-of-use liabilities (1,376) (1,049)
Net cash used in operating activities (79,608) (40,424)
Cash flows from investing activities    
Purchase of property, plant & equipment (24,718) (124,239)
Purchase of debt securities, available for sale (30,586) 0
Sale and maturity of debt securities, available for sale 79,161 99,371
Net cash provided by (used in) investing activities 23,857 (24,868)
Cash flows from financing activities    
Payment to purchase revenue bonds (253,230) 0
Proceeds from issuance of revenue bonds to related parties 30,000 0
Proceeds from other borrowings 2,185 0
Proceeds from equipment lease financing 2,000 19,747
Payments on equipment financing (1,617) 0
Debt issuance costs (1,119) (1,196)
Payments to repurchase shares (695) (304)
Payments on related party revenue bonds (475) 0
Other payments for financing activities (357) (50)
Proceeds from related party note payable 0 38,000
Related party note payable issuance costs 0 (2,100)
Net cash (used in) provided by financing activities (223,308) 54,097
Net decrease in cash and restricted cash (279,059) (11,195)
Cash and restricted cash, beginning of period 302,514 227,523
Cash and restricted cash, end of period 23,455 216,328
Non-cash operating activities    
Interest paid during the period, net of capitalized interest  21,647 650
Non-cash investing activities    
Additions to property, plant, and equipment in accrued expenses 20,314 24,980
Additions to property, plant, and equipment in accounts payable 1,739 7,639
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 3,983 0
PIK interest on related party note payable 1,938 422
Reconciliation of cash, cash equivalents reported in the consolidated balance sheet    
Cash and cash equivalents 10,895 28,885
Restricted cash and cash equivalents - current 2,880 36,098
Restricted cash and cash equivalents - non-current 9,680 151,345
Total cash, cash equivalents and restricted cash $ 23,455 $ 216,328

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