Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.23.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net loss $ (90,732) $ (125,367)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 4,575 2,678
Non-cash operating lease expense 821 439
Stock-based compensation expense 9,836 20,680
Gain on fair value change of contingent earnout shares liability (2,505) (15,465)
Gain on fair value change in warrants liability (17,342) 0
Loss on extinguishment of debt 26,739 0
Non-cash interest expense 503 0
Non-cash offering cost associated with the warrant liability 800 0
Inventory (2,151) 0
Prepaid expenses and other current assets (2,102) (998)
Other assets (8) (1,176)
Accounts payable, accrued expenses and other current liabilities 4,350 (1,128)
Net cash used in operating activities (67,216) (120,337)
Cash flows from investing activities:    
Purchases of property and equipment (18,435) (28,442)
Return of prepayment from VDL Nedcar 0 30,440
Net cash (used in) provided by investing activities (18,435) 1,998
Cash flows from financing activities:    
Withholding for employee stock purchase plan 0 1,174
Repurchase of unvested shares 0 (3)
Payment of offering costs (275) (100)
Proceeds from the purchase of shares and warrants by VDL Nedcar 0 8,400
Proceeds from employee stock purchase plan 389 0
Proceeds from issuance of shares under SPA 50,961 0
Proceeds from PPA 5,001 0
Net cash provided by financing activities 56,076 9,471
Net decrease in cash, cash equivalents, and restricted cash (29,575) (108,868)
Cash, cash equivalents, and restricted cash    
Cash, cash equivalents, and restricted cash, beginning of period 50,615 227,492
Cash, cash equivalents, and restricted cash, end of period 21,040 118,624
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets    
Cash and cash equivalents at end of period 6,715 104,926
Restricted cash, current at end of period 3,725 3,448
Restricted cash, non-current at end of period 10,600 10,250
Total cash, cash equivalents, and restricted cash at end of period shown in the condensed consolidated statements of cash flows 21,040 118,624
Supplemental non-cash investing and financing activities    
Acquisition of property and equipment included in current liabilities 79,527 48,149
Acquisition of property and equipment included in current liabilities during the period 21,956 15,504
Offering costs included in current liabilities 903 982
Recognition of operating lease right-of-use asset 272 13,058
Reclassification of warrant liability to additional paid-in capital 19,510 0
Issuance of shares for extinguishment of convertible debt under PPA agreement 64,389 0
Recognition of warrant liability $ 40,000 $ 0