Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.24.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net loss $ (302,021,000) $ (487,694,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 13,843,000 11,554,000
Non-cash operating lease expense 3,362,000 2,355,000
Non-cash commitment fee under the SEPA 0 582,000
Inventory write-downs 2,182,000 0
Non-cash legal settlement 0 5,532,000
Stock-based compensation expense 30,206,000 79,573,000
Gain on fair value change of contingent earnout shares liability (2,972,000) (26,044,000)
Gain on fair value change in warrants liability (57,816,000) 0
Gain on fair value change in derivative liability (10,873,000) 0
Loss on extinguishment of debt 30,717,000 4,626,000
Loss on fair value change in derivative asset 5,966,000 0
Loss on fair value change in convertible debt 61,551,000 0
Non-cash debt discount 2,571,000 900,000
Non-cash interest expense 3,619,000 1,430,000
Other 1,046,000 0
Inventory (5,381,000) (2,954,000)
Prepaid expenses and other current assets (6,750,000) 5,672,000
Other assets (2,691,000) 879,000
Accounts payable & accrued expenses and other current liabilities (17,693,000) 3,114,000
Net cash used in operating activities (251,134,000) (400,475,000)
Cash flows from investing activities:    
Purchases of property and equipment (67,064,000) (97,270,000)
Return of prepayment from VDL Nedcar 0 30,440,000
Net cash used in investing activities (67,064,000) (66,830,000)
Cash flows from financing activities:    
Repurchase of unvested shares 0 (12,000)
Payment of offering costs (400,000) (1,233,000)
Proceeds from the exercise of YA warrants 21,223,000 0
Proceeds from the purchase of shares and warrants by VDL Nedcar 0 8,400,000
Proceeds from issuance of shares under SEPA agreement 0 32,500,000
Proceeds from issuance of shares under PIPEs 11,750,000 60,000,000
Proceeds from the employee stock purchase plan 989,000 2,923,000
Proceeds from the exercise of stock options 0 1,000
Proceeds from issuance of shares under RDO, net of issuance costs 50,961,000 0
Proceeds from convertible debenture, net of issuance costs 107,545,000 0
Payment made on financing arrangement (1,492,000) 0
Proceeds from the issuance of shares under ATM 1,155,000 49,263,000
Proceeds from PPA, net of issuance costs 51,751,000 141,100,000
Repayments on PPA 0 (2,514,000)
Proceeds from Preferred Shares transaction 45,000,000 0
Net cash provided by financing activities 288,482,000 290,428,000
Net decrease in cash, cash equivalents, and restricted cash (29,716,000) (176,877,000)
Cash, cash equivalents, and restricted cash    
Cash, cash equivalents, and restricted cash, beginning of period 50,615,000 227,492,000
Cash, cash equivalents, and restricted cash, end of period 20,899,000 50,615,000
Reconciliation of cash, cash equivalents, and restricted cash to the Consolidated Balance Sheets    
Cash and cash equivalents at end of period 6,394,000 36,589,000
Restricted cash, current at end of period 3,905,000 3,426,000
Restricted cash, non-current at end of period 10,600,000 10,600,000
Total cash, cash equivalents, and restricted cash at end of period shown in the Consolidated statements of Cash Flows 20,899,000 50,615,000
Supplemental non-cash investing and financing activities:    
Acquisition of property and equipment included in current liabilities 53,873,000 75,881,000
Acquisition of property and equipment included in current liabilities during the period 45,217,000 71,189,000
Acquisition of property and equipment included in financing liabilities 34,275,000 0
Recognition of operating lease right of use asset 272,000 27,458,000
Reclassification of warrant liability to additional paid-in-capital 62,925,000 0
Issuance of shares for extinguishment of convertible debt under PPA agreement 77,064,000 92,542,000
Issuance of shares for extinguishment of convertible debt under convertible debenture 100,918,000 0
Recognition of warrant liability 118,279,000 17,171,000
Recognition of derivative liability 38,426,000 0
Recognition of derivative asset 5,966,000 0
Recognition of convertible debentures 71,438,000 0
Offering costs included in current liabilities 903,000 1,178,000
Accretion on preferred shares $ 601,000 $ 0