Cash Flow

Unaudited Condensed Consolidated Statements of Cash Flows for the Six months ended June 30, 2022 and 2021

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities      
Net loss $ (101,715) $ (84,746) $ (77,502)
Adjustments to reconcile net loss to net cash used in operating activities      
Equity-based compensation 11,829 10,840 22,636
Fair value change of warrants (33,824) 5,842 1,476
Depreciation expense 15,935 3,613 2,281
Amortization of debt instrument discounts and debt issuance costs 4,893 1,004 2,612
(Accretion) amortization of (discount) premium on debt securities (805) (432) 584
Operating lease amortization expense 2,923 1,596 0
Deferred taxes 650 0 0
Other, net 0 0 128
Changes in operating assets and liabilities      
Prepaid expenses and other current assets (8,873) (2,171) (2,265)
Prepaid expenses and other non-current assets 711 52 (2,645)
Accounts payable 418 85 (293)
Accrued expenses 4,045 1,201 (9,320)
Accrued interest 11,207 0 2,801
Deferred revenue 0 0 5,000
Operating right-of-use liabilities (2,300) (2,362) 0
Net cash used in operating activities (94,906) (65,478) (54,507)
Cash flows from investing activities      
Purchase of property, plant, and equipment (153,899) (287,189) (137,388)
Purchase of debt securities, available for sale (57,575) (192,388) (229,183)
Maturity of debt securities, available for sale 21,000 188,509 37,800
Sale of debt securities, available for sale 88,371 72,681 23,196
Net cash used in investing activities (102,103) (218,387) (305,575)
Cash flows from financing activities      
Proceeds from issuance of convertible notes 225,000 0 0
Proceeds from related party note payable 38,000 0 0
Proceeds from equipment lease financing 22,101 0 0
Convertible notes issuance costs (6,498) 0 (480)
Payments to repurchase shares (1,370) (1,639) (1,695)
Payments on equipment financing (592) 0 0
Other (payments) proceeds for financing activities (91) (56) 147
Proceeds from issuance of common stock 0 206,071 1,000
Proceeds from issuance of warrants 0 43,929 0
Common stock issuance costs 0 (775) 0
Proceeds from ROCH and PIPE financing, net of issuance costs 0 0 298,461
Net cash provided by financing activities 272,000 247,530 293,366
Net increase (decrease) in cash and restricted cash 74,991 (36,335) (66,716)
Cash and restricted cash, beginning of period 227,523 263,858 330,574
Cash and restricted cash, end of period 302,514 227,523 263,858
Non-cash operating activities      
Interest paid during the period, net of capitalized interest 13,862 1,300 1,495
Non-cash investing activities      
Additions to property, plant, and equipment in accrued expenses 21,947 26,386 29,797
Additions to property, plant, and equipment in accounts payable 1,592 817 636
Additions to property, plant, and equipment in accrued interest 0 1,424 1,424
Non-cash financing activities      
Issuance of common stock on conversion of convertible notes 0 0 61,796
Initial fair value of acquired warrant liability 0 0 4,604
Reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheet      
Cash and cash equivalents 73,411 63,892 33,417
Restricted cash and cash equivalents - current 25,692 68,850 141,855
Restricted cash and cash equivalents - non-current 203,411 94,781 88,586
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Total 302,514 227,523 263,858
Related Party      
Cash flows from financing activities      
Debt issuance costs (2,100) 0 0
Non-cash financing activities      
PIK interest on convertible notes 3,125 0 0
Nonrelated Party      
Cash flows from financing activities      
Debt issuance costs (2,450) 0 (4,067)
Non-cash financing activities      
PIK interest on convertible notes $ 0 $ 0 $ 3,492

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