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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
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☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2024
OR
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☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number: 001-40234
PureCycle Technologies, Inc.
(Exact name of registrant as specified in its charter)
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Delaware |
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86-2293091 |
(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
20 North Orange Avenue, Suite 106
Orlando, Florida 32801
(877) 648-3565
(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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Trading Symbols |
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Name of each exchange on which registered |
Common Stock, par value $0.001 per share |
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PCT |
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The Nasdaq Stock Market LLC |
Warrants, each exercisable for one share of common stock, $0.001 par value per share, at an exercise price of $11.50 per share |
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PCTTW |
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The Nasdaq Stock Market LLC |
Units, each consisting of one share of common stock, $0.001 par value per share, and three quarters of one warrant |
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PCTTU |
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The Nasdaq Stock Market LLC |
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer |
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Accelerated filer |
☐ |
Non-accelerated filer |
☐ |
Smaller reporting company |
☐ |
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Emerging growth company |
☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 (a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of November 13, 2024, there were approximately 173,491,740 shares of the registrant's common stock, par value $0.001 per share, outstanding.
PureCycle Technologies, Inc.
QUARTERLY REPORT on FORM 10-Q
TABLE OF CONTENTS
PureCycle Technologies, Inc.
PART I - FINANCIAL INFORMATION
CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including statements about the financial condition, results of operations, earnings outlook and prospects of PureCycle Technologies, Inc. (“PCT”). Forward-looking statements generally relate to future events or PCT’s future financial or operating performance and may refer to projections and forecasts. Forward-looking statements are typically identified by words such as “plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would” and other similar words and expressions (or the negative versions of such words or expressions), but the absence of these words does not mean that a statement is not forward-looking.
The forward-looking statements are based on the current expectations of the management of PCT and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of this Quarterly Report on Form 10-Q. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in the section of PCT’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the “Annual Report on Form 10-K”) entitled “Risk Factors,” those discussed and identified in other public filings made with the U.S. Securities and Exchange Commission (the “SEC”) by PCT and the following:
•PCT's ability to obtain funding for its operations and future growth and to continue as a going concern;
•PCT's ability to meet, and to continue to meet, applicable regulatory requirements for the use of PCT’s UPR resin (as defined below) in food grade applications (including in the United States, Europe, Asia and other future international locations);
•PCT's ability to comply on an ongoing basis with the numerous regulatory requirements applicable to the UPR resin and PCT’s facilities (including in the United States, Europe, Asia and other future international locations);
•expectations and changes regarding PCT’s strategies and future financial performance, including its future business plans, expansion plans or objectives, prospective performance and opportunities and competitors, revenues, products and services, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures, and PCT’s ability to invest in growth initiatives;
•the ability of PCT’s first commercial-scale recycling facility in Lawrence County, Ohio (the “Ironton Facility”) to be appropriately certified by Leidos (as defined below), following certain performance and other tests, and commence full-scale commercial operations in a timely and cost-effective manner, or at all;
•PCT’s ability to meet, and to continue to meet, the requirements imposed upon it and its subsidiaries by the funding for its operations, including the funding for the Ironton Facility;
•PCT’s ability to minimize or eliminate the many hazards and operational risks at its manufacturing facilities that can result in potential injury to individuals, disrupt its business (including interruptions or disruptions in operations at its facilities), and subject PCT to liability and increased costs;
PureCycle Technologies, Inc.
PART I - FINANCIAL INFORMATION — CONTINUED
•PCT’s ability to complete the necessary funding with respect to, and complete the construction of its first U.S. multi-line facility, located in Augusta, Georgia (the “Augusta Facility”) and its first commercial-scale European plant located in Antwerp, Belgium, in a timely and cost-effective manner;
•PCT’s ability to procure, sort and process polypropylene plastic waste at its planned plastic waste prep (“Feed PreP”) facilities;
•PCT’s ability to maintain exclusivity under the Procter & Gamble Company (“P&G”) license (as described below);
•the implementation, market acceptance and success of PCT’s business model and growth strategy;
•the success or profitability of PCT’s offtake arrangements;
•the ability to source feedstock with a high polypropylene content at a reasonable cost;
•PCT’s future capital requirements and sources and uses of cash;
•developments and projections relating to PCT’s competitors and industry;
•the outcome of any legal or regulatory proceedings to which PCT is, or may become, a party including the securities class action and putative class action cases;
•geopolitical risk and changes in applicable laws or regulations;
•the possibility that PCT may be adversely affected by other economic, business, and/or competitive factors, including interest rates, availability of capital, economic cycles, and other macro-economic impacts;
•turnover or increases in employees and employee-related costs;
•changes in the prices and availability of labor (including labor shortages), transportation and materials, including inflation, supply chain conditions and its related impact on energy and raw materials, and PCT’s ability to obtain them in a timely and cost-effective manner;
•any business disruptions due to political or economic instability, pandemics, armed hostilities (including the ongoing conflict between Russia and Ukraine and the conflict in the Middle East);
•the potential impact of climate change on PCT, including physical and transition risks, higher regulatory and compliance costs, reputational risks, and availability of capital on attractive terms; and
PCT undertakes no obligation to update any forward-looking statements made in this Quarterly Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law.
Should one or more of these risks or uncertainties materialize or should any of the assumptions made prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events.
PureCycle Technologies, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
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ASSETS |
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(Unaudited) |
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(in thousands) |
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September 30, 2024 |
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December 31, 2023 |
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CURRENT ASSETS |
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Cash and cash equivalents |
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$ |
83,673 |
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$ |
73,411 |
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Debt securities available for sale |
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— |
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48,226 |
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Restricted cash – current |
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241 |
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25,692 |
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Inventory |
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6,620 |
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4,791 |
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Prepaid expenses and other current assets |
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10,962 |
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10,525 |
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Total current assets |
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101,496 |
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162,645 |
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Restricted cash – non-current |
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9,739 |
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203,411 |
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Prepaid expenses and other non-current assets |
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4,835 |
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4,772 |
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Operating lease right-of-use assets |
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27,318 |
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29,799 |
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Property, plant and equipment, net |
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645,389 |
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638,746 |
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TOTAL ASSETS |
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$ |
788,777 |
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$ |
1,039,373 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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CURRENT LIABILITIES |
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Accounts payable |
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$ |
2,333 |
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$ |
2,881 |
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Accrued expenses |
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29,593 |
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35,391 |
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Accrued interest |
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5,427 |
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8,190 |
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Current portion of warrant liability |
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9,051 |
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— |
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Current portion of long-term debt |
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10,839 |
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9,148 |
|
Current portion of related party bonds payable |
|
|
1,040 |
|
|
|
— |
|
Total current liabilities |
|
|
58,283 |
|
|
|
55,610 |
|
NON-CURRENT LIABILITIES |
|
|
|
|
|
|
Deferred revenue |
|
|
5,000 |
|
|
|
5,000 |
|
Long-term debt, less current portion |
|
|
255,031 |
|
|
|
467,708 |
|
Related party bonds payable |
|
|
74,427 |
|
|
|
— |
|
Related party note payable |
|
|
— |
|
|
|
39,696 |
|
Warrant liability |
|
|
104,392 |
|
|
|
22,059 |
|
Operating lease right-of-use liabilities |
|
|
25,462 |
|
|
|
27,253 |
|
Preferred stock liability |
|
|
15,270 |
|
|
|
— |
|
Put option liability |
|
|
7,333 |
|
|
|
— |
|
Other non-current liabilities |
|
|
2,163 |
|
|
|
1,811 |
|
TOTAL LIABILITIES |
|
$ |
547,361 |
|
|
$ |
619,137 |
|
|
|
|
|
|
|
|
COMMITMENT AND CONTINGENCIES |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Common Stock - $0.001 par value, 450,000 shares authorized; 173,494 and 164,279 shares issued and outstanding as of September 30, 2024 and December 31, 2023 |
|
|
173 |
|
|
|
164 |
|
Preferred stock - $0.001 par value, 25,000 shares authorized; 50 and no shares issued and outstanding as of September 30, 2024 and December 31, 2023 |
|
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
|
809,996 |
|
|
|
764,344 |
|
Accumulated other comprehensive income (loss) |
|
|
(55 |
) |
|
|
(32 |
) |
Accumulated deficit |
|
|
(568,698 |
) |
|
|
(344,240 |
) |
TOTAL STOCKHOLDERS' EQUITY |
|
|
241,416 |
|
|
|
420,236 |
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
$ |
788,777 |
|
|
$ |
1,039,373 |
|
The accompanying notes are an integral part of these financial statements.
PureCycle Technologies, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
(in thousands except per share data) |
|
|
|
|
|
|
|
|
|
|
|
Costs and expenses |
|
|
|
|
|
|
|
|
|
|
|
Operating costs |
$ |
16,965 |
|
|
$ |
17,053 |
|
|
$ |
60,379 |
|
|
$ |
36,037 |
|
Research and development |
|
1,544 |
|
|
|
1,592 |
|
|
|
4,940 |
|
|
|
4,917 |
|
Selling, general and administrative |
|
12,789 |
|
|
|
12,958 |
|
|
|
44,883 |
|
|
|
39,063 |
|
Total operating costs and expenses |
|
31,298 |
|
|
|
31,603 |
|
|
|
110,202 |
|
|
|
80,017 |
|
Interest expense |
|
14,567 |
|
|
|
11,500 |
|
|
|
41,676 |
|
|
|
16,183 |
|
Interest income |
|
(414 |
) |
|
|
(2,867 |
) |
|
|
(4,530 |
) |
|
|
(6,377 |
) |
Change in fair value of warrants |
|
44,899 |
|
|
|
(48,817 |
) |
|
|
54,532 |
|
|
|
(17,669 |
) |
Loss on debt extinguishment |
|
— |
|
|
|
— |
|
|
|
21,214 |
|
|
|
— |
|
Other expense |
|
289 |
|
|
|
51 |
|
|
|
1,364 |
|
|
|
526 |
|
Total other expense |
|
59,341 |
|
|
|
(40,133 |
) |
|
|
114,256 |
|
|
|
(7,337 |
) |
Loss before income taxes |
|
(90,639 |
) |
|
|
8,530 |
|
|
$ |
(224,458 |
) |
|
$ |
(72,680 |
) |
Provision for income taxes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net Loss |
$ |
(90,639 |
) |
|
$ |
8,530 |
|
|
$ |
(224,458 |
) |
|
$ |
(72,680 |
) |
Loss per share |
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.54 |
) |
|
$ |
0.05 |
|
|
$ |
(1.36 |
) |
|
$ |
(0.44 |
) |
Diluted |
$ |
(0.54 |
) |
|
$ |
0.03 |
|
|
$ |
(1.36 |
) |
|
$ |
(0.45 |
) |
Weighted average shares of common stock |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
166,513 |
|
|
|
164,018 |
|
|
|
165,224 |
|
|
|
163,783 |
|
Diluted |
|
166,513 |
|
|
|
165,548 |
|
|
|
165,224 |
|
|
|
163,980 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income |
|
|
|
|
|
|
|
|
|
|
|
Cumulative translation adjustment |
$ |
(66 |
) |
|
$ |
— |
|
|
$ |
(41 |
) |
|
$ |
— |
|
Unrealized gain on debt securities available for sale |
|
— |
|
|
|
(7 |
) |
|
|
18 |
|
|
|
634 |
|
Total comprehensive loss |
$ |
(90,705 |
) |
|
$ |
8,523 |
|
|
$ |
(224,481 |
) |
|
$ |
(72,046 |
) |
The accompanying notes are an integral part of these financial statements.
PureCycle Technologies, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three And Nine Months Ended September 30, 2024 |
|
|
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
Shares |
|
|
|
Amount |
|
|
Additional paid-in capital |
|
|
Accumulated other comprehensive (loss) income |
|
|
Accumulated deficit |
|
|
Total stockholders' equity |
|
Balance, December 31, 2023 |
|
|
164,279 |
|
|
|
$ |
164 |
|
|
$ |
764,344 |
|
|
$ |
(32 |
) |
|
$ |
(344,240 |
) |
|
$ |
420,236 |
|
Options exercised |
|
|
16 |
|
|
|
|
— |
|
|
|
92 |
|
|
|
— |
|
|
|
— |
|
|
|
92 |
|
Share repurchase |
|
|
(99 |
) |
|
|
|
— |
|
|
|
(598 |
) |
|
|
— |
|
|
|
— |
|
|
|
(598 |
) |
Equity-based compensation |
|
|
416 |
|
|
|
|
1 |
|
|
|
2,681 |
|
|
|
— |
|
|
|
— |
|
|
|
2,682 |
|
Unrealized gain on available for sale debt securities |
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
18 |
|
|
|
— |
|
|
|
18 |
|
Cumulative translation adjustment |
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
16 |
|
|
|
— |
|
|
|
16 |
|
Net loss |
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(85,607 |
) |
|
|
(85,607 |
) |
Balance, March 31, 2024 |
|
|
164,612 |
|
|
|
$ |
165 |
|
|
$ |
766,519 |
|
|
$ |
2 |
|
|
$ |
(429,847 |
) |
|
$ |
336,839 |
|
Share repurchase |
|
|
(14 |
) |
|
|
|
— |
|
|
|
(97 |
) |
|
|
— |
|
|
|
— |
|
|
|
(97 |
) |
Equity-based compensation |
|
|
148 |
|
|
|
|
— |
|
|
|
3,072 |
|
|
|
— |
|
|
|
— |
|
|
|
3,072 |
|
Cumulative translation adjustment |
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
9 |
|
|
|
— |
|
|
|
9 |
|
Net loss |
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(48,212 |
) |
|
|
(48,212 |
) |
Balance, June 30, 2024 |
|
|
164,746 |
|
|
|
$ |
165 |
|
|
$ |
769,494 |
|
|
$ |
11 |
|
|
$ |
(478,059 |
) |
|
$ |
291,611 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock |
|
|
8,529 |
|
|
|
|
8 |
|
|
|
38,102 |
|
|
|
— |
|
|
|
— |
|
|
|
38,110 |
|
Share repurchase |
|
|
(87 |
) |
|
|
|
— |
|
|
|
(483 |
) |
|
|
— |
|
|
|
— |
|
|
|
(483 |
) |
Equity-based compensation |
|
|
306 |
|
|
|
|
— |
|
|
|
2,883 |
|
|
|
— |
|
|
|
— |
|
|
|
2,883 |
|
Cumulative translation adjustment |
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
(66 |
) |
|
|
— |
|
|
|
(66 |
) |
Net loss |
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(90,639 |
) |
|
|
(90,639 |
) |
Balance at September 30, 2024 |
|
|
173,494 |
|
|
|
$ |
173 |
|
|
$ |
809,996 |
|
|
$ |
(55 |
) |
|
$ |
(568,698 |
) |
|
$ |
241,416 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For The Three And Nine Months Ended September 30, 2023 |
|
|
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
Shares |
|
|
|
Amount |
|
|
Additional paid-in capital |
|
|
Accumulated other comprehensive (loss) income |
|
|
Accumulated deficit |
|
|
Total stockholders' equity |
|
Balance, December 31, 2022 |
|
|
163,550 |
|
|
|
$ |
164 |
|
|
$ |
753,885 |
|
|
$ |
(641 |
) |
|
$ |
(242,525 |
) |
|
$ |
510,883 |
|
Share repurchase |
|
|
(48 |
) |
|
|
|
— |
|
|
|
(277 |
) |
|
|
— |
|
|
|
— |
|
|
|
(277 |
) |
Equity-based compensation |
|
|
169 |
|
|
|
|
— |
|
|
|
2,166 |
|
|
|
— |
|
|
|
— |
|
|
|
2,166 |
|
Unrealized gain on available for sale debt securities |
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
641 |
|
|
|
— |
|
|
|
641 |
|
Net loss |
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(25,842 |
) |
|
|
(25,842 |
) |
Balance, March 31, 2023 |
|
|
163,671 |
|
|
|
$ |
164 |
|
|
$ |
755,774 |
|
|
$ |
— |
|
|
$ |
(268,367 |
) |
|
$ |
487,571 |
|
Share repurchase |
|
|
(9 |
) |
|
|
|
— |
|
|
|
(27 |
) |
|
|
— |
|
|
|
— |
|
|
|
(27 |
) |
Forfeiture of restricted stock |
|
|
(1 |
) |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Equity-based compensation |
|
|
135 |
|
|
|
|
— |
|
|
|
3,252 |
|
|
|
— |
|
|
|
— |
|
|
|
3,252 |
|
Unrealized loss on available for sale debt securities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
Net loss |
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(55,368 |
) |
|
|
(55,368 |
) |
Balance, June 30, 2023 |
|
|
163,796 |
|
|
|
$ |
164 |
|
|
$ |
758,999 |
|
|
$ |
— |
|
|
$ |
(323,735 |
) |
|
$ |
435,428 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share repurchase |
|
|
(78 |
) |
|
|
|
— |
|
|
|
(818 |
) |
|
|
— |
|
|
|
— |
|
|
|
(818 |
) |
Equity-based compensation |
|
|
341 |
|
|
|
|
— |
|
|
|
3,285 |
|
|
|
— |
|
|
|
— |
|
|
|
3,285 |
|
Unrealized loss on available for sale debt securities |
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
(7 |
) |
|
|
— |
|
|
|
(7 |
) |
Net income |
|
|
— |
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,530 |
|
|
|
8,530 |
|
Balance, September 30, 2023 |
|
|
164,059 |
|
|
|
$ |
164 |
|
|
$ |
761,466 |
|
|
$ |
(7 |
) |
|
$ |
(315,205 |
) |
|
$ |
446,418 |
|
The accompanying notes are an integral part of these financial statements.
PureCycle Technologies, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
(in thousands) |
|
2024 |
|
|
|
2023 |
|
Cash flows from operating activities |
|
|
|
|
|
|
|
Net 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 |
|
|
|
|
— |
|
Impairment of operating right-of-use asset |
|
|
757 |
|
|
|
|
— |
|
Change in fair value of put option liability |
|
|
395 |
|
|
|
|
— |
|
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 |
|
|
|
|
— |
|
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 |
) |
|
|
|
— |
|
Proceeds from issuance of revenue bonds to related parties |
|
|
40,000 |
|
|
|
|
— |
|
Proceeds from issuance of revenue bonds |
|
|
8,000 |
|
|
|
|
— |
|
Proceeds from issuance of common stock |
|
|
38,110 |
|
|
|
|
— |
|
Proceeds from issuance of warrants |
|
|
30,050 |
|
|
|
|
— |
|
Proceeds from issuance of preferred shares, inclusive of put option |
|
|
21,840 |
|
|
|
|
— |
|
Proceeds from equipment lease financing |
|
|
9,536 |
|
|
|
|
22,101 |
|
Payments on equipment financing |
|
|
(3,118 |
) |
|
|
|
— |
|
Payments to repurchase shares |
|
|
(1,178 |
) |
|
|
|
(1,122 |
) |
Proceeds from other borrowings |
|
|
2,383 |
|
|
|
|
— |
|
Debt issuance costs |
|
|
( |