Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.23.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net loss $ (487,694) $ (346,768)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 11,554 8,921
Non-cash operating lease expense 2,355 1,046
Non-cash commitment fee under the SEPA 582 0
Non-cash legal settlement 5,532 0
Stock-based compensation expense 79,573 108,360
Gain on fair value change of contingent earnout shares liability (26,044) (104,446)
Loss on fair value change in private placement warrants liability 0 1,639
Loss on extinguishment of debt 4,626 0
Non-cash debt discount 900 0
Amortization of debt issuance costs and non-cash interest expense 1,430 0
Inventory (2,954) 0
Prepaid expenses and other current assets 5,672 (27,744)
Other assets 879 (13,980)
Accounts payable & accrued expenses and other current liabilities 3,114 72,156
Net cash used in operating activities (400,475) (300,816)
Cash flows from investing activities:    
Purchases of property and equipment (97,270) (136,594)
Prepayment to VDL Nedcar 0 (26,134)
Return of prepayment from VDL Nedcar 30,440 0
Net cash used in investing activities (66,830) (162,728)
Cash flows from financing activities:    
Proceeds from exercise of public warrants 0 6,880
Repurchase of unvested shares (12) (17)
Payment of offering costs (1,233) (11,307)
Repayments on PPP loan 0 (6,943)
Proceeds from the purchase of shares and warrants by VDL Nedcar 8,400 0
Proceeds from issuance of shares under SEPA agreement 32,500 0
Proceeds from issuance of shares under PIPE 60,000 0
Proceeds from the issuance of shares under ATM, net of issuance costs 49,263 0
Proceeds from PPA 141,100 0
Repayments on PPA (2,514) 0
Proceeds from the exercise of stock options 1 1
Proceeds from the employee stock purchase plan 2,923 0
Net cash provided by (used in) financing activities 290,428 (11,386)
Net decrease in cash, cash equivalents, and restricted cash (176,877) (474,930)
Cash, cash equivalents, and restricted cash    
Cash, cash equivalents, and restricted cash, beginning of period 227,492 702,422
Cash, cash equivalents, and restricted cash, end of period 50,615 227,492
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets    
Cash and cash equivalents at end of period 36,589 224,721
Restricted cash, current at end of period 3,426 2,771
Restricted cash, non-current at end of period 10,600 0
Total cash, cash equivalents, and restricted cash at end of period shown in the consolidated statements of cash flows 50,615 227,492
Supplemental non-cash investing and financing activities:    
Issuance of shares for extinguishment of convertible debt under PPA agreement 92,542 0
Acquisition of property and equipment included in current liabilities 75,881 52,512
Recognition of operating lease right of use asset 27,458 2,362
Recognition of warrant liability 17,171 0
Offering costs included in accrued expenses and other current liabilities 1,178 0
Conversion of private placement warrants to public warrants 0 8,252
Settlement of offering costs 0 2,000
Reclassification of deposit paid to VDL Nedcar to receivable 0 30,440
Supplemental disclosures of cash flow information    
Cash paid for interest $ 0 $ 60