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
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net loss $ (110,687) $ (90,732)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 3,390 4,575
Non-cash operating lease expense 870 821
Stock-based compensation expense 10,954 9,836
Gain on fair value change of contingent earnout shares liability (26) (2,505)
Loss (Gain) on fair value change in warrants liability 19,508 (17,342)
Gain on fair value change in derivative liability (10,037) 0
Loss (Gain) on extinguishment of debt (24,466) 26,739
Loss on fair value change in convertible debt 58,584 0
Non-cash debt discount 3,142 0
Non-cash interest expense 2,599 503
Other 437 800
Changes in assets and liabilities:    
Inventory (652) (2,151)
Prepaid expenses and other current assets (1,847) (2,102)
Other assets (58) (8)
Accounts payable, accrued expenses and other current liabilities 770 4,350
Net cash used in operating activities (47,519) (67,216)
Cash flows from investing activities:    
Purchases of property and equipment (4,923) (18,435)
Net cash used in investing activities (4,923) (18,435)
Cash flows from financing activities:    
Payment of offering costs 0 (275)
Proceeds from issuance of shares under SEPA agreement 0 50,961
Proceeds from employee stock purchase plan 78 389
Payment made on I-40 lease (543) 0
Proceeds from PPA, net of issuance costs 83,257 5,001
Repayment of PPAs (33,007) 0
Net cash provided by financing activities 49,785 56,076
Net decrease in cash, cash equivalents, and restricted cash (2,657) (29,575)
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 18,242 21,040
Reconciliation of cash, cash equivalents, and restricted cash to the Condensed Consolidated Balance Sheets    
Cash and cash equivalents at end of period 3,656 6,715
Restricted cash, current at end of period 3,986 3,725
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 18,242 21,040
Supplemental non-cash investing and financing activities    
Acquisition of property and equipment included in current liabilities 57,566 79,527
Acquisition of property and equipment included in current liabilities during the period 2,106 21,956
Offering costs included in current liabilities 903 903
Recognition of operating lease right-of-use asset 0 272
Issuance of shares for extinguishment of convertible debt under PPA agreement 54,940 64,389
Issuance of shares for extinguishment of convertible debt under convertible debenture 22,254 0
Exchange of equity classified warrants 43,416 0
Accretion on preferred shares 862 0
Non-cash settlement of accounts payable 125 0
Recognition of warrant liability 0 40,000
Reclassification of warrant liability to additional paid in capital $ 0 $ 19,510