Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

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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 loss $ (115,647) $ (161,602)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 6,845 9,137
Non-cash operating lease expense 1,752 1,658
Stock-based compensation expense 12,082 16,543
Gain on fair value change of contingent earnout shares liability (41) (2,564)
Loss (Gain) on fair value change in warrants liability (22,046) (23,015)
Loss (Gain) on fair value change in derivative liability (16,790) 50
Loss (Gain) on extinguishment of debt and other (24,462) 27,688
Loss on fair value change in convertible debt and other 67,116 0
Non-cash debt discount 3,142 1,538
Non-cash interest expense 3,410 1,386
Financing charges incurred upon issuance of PPAs 910 800
Common shares issued to vendor for services 658 250
Changes in assets and liabilities:    
Inventory (3,149) (2,358)
Prepaid expenses and other current assets 543 (2,060)
Other assets 764 (2,614)
Accounts payable, accrued expenses and other current liabilities 1,494 5,619
Net cash used in operating activities (83,419) (129,544)
Cash flows from investing activities:    
Purchases of property and equipment (6,923) (33,905)
Net cash used in investing activities (6,923) (33,905)
Cash flows from financing activities:    
Proceeds from sale of employee retention credits 9,013 0
Payment of offering costs 0 (400)
Proceeds from exercise of YA warrants 0 21,223
Proceeds from issuance of shares under PIPEs 0 8,750
Proceeds from employee stock purchase plan 114 635
Proceeds from issuance of shares under RDO, net of issuance cost 0 50,961
Proceeds from convertible debenture 0 45,120
Payment of transaction costs 0 (25)
Payment made on financing arrangement 0 (205)
Proceeds for issuance of shares under ATM 0 1,155
Payment made on I-40 lease (1,428) 0
Proceeds from PPA, net of issuance costs 97,347 5,001
Repayment of PPAs (33,007) 0
Proceeds from preferred shares transaction 16,500 0
Net cash provided by financing activities 88,539 132,215
Net decrease in cash, cash equivalents, and restricted cash (1,803) (31,234)
Cash, cash equivalents, and restricted cash    
Cash, cash equivalents, and restricted cash, beginning of period 20,899 50,615
Cash, cash equivalents, and restricted cash, end of period 19,096 19,381
Reconciliation of cash, cash equivalents, and restricted cash to the Condensed Consolidated Balance Sheets    
Cash and cash equivalents at end of period 4,513 4,993
Restricted cash, current at end of period 3,983 3,788
Restricted cash, non-current at end of period 10,600 10,600
Total cash, cash equivalents, and restricted cash at end of period shown in the Condensed Consolidated Statements of Cash Flows 19,096 19,381
Supplemental non-cash investing and financing activities    
Acquisition of property and equipment included in current liabilities 58,411 68,050
Acquisition of property and equipment included in current liabilities during the period 2,951 58,459
Acquisition of property and equipment included in financing liabilities 0 34,275
Offering costs included in current liabilities 903 903
Recognition of operating lease right-of-use asset 0 272
Reclassification of warrant liability to additional paid in capital 0 19,510
Issuance of shares for extinguishment of convertible debt under PPA agreement 70,547 64,389
Issuance of shares for extinguishment of convertible debt under convertible debenture 22,254 19,021
Exchange of equity classified warrants 43,416 0
Accretion on preferred shares 1,939 0
Recognition of warrant liability 17,236 47,942
Recognition of derivative liability 24,857 4,310
Non-cash settlement of accounts payable $ 125 $ 0