Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.23.3
Condensed Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2023
Mar. 31, 2023
Sep. 30, 2022
Mar. 31, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Cash flows from operating activities:              
Net loss $ (111,974,000) $ (90,732,000) $ (117,705,000) $ (125,367,000) $ (273,576,000) $ (407,464,000)  
Adjustments to reconcile net loss to net cash used in operating activities:              
Depreciation 1,495,000   3,449,000   10,632,000 9,020,000  
Non-cash operating lease expense         2,504,000 1,515,000  
Non-cash commitment fee under SEPA         0 582,000  
Inventory write-downs 400,000       366,000 0 $ 0
Non-cash legal settlement         0 5,532,000  
Stock-based compensation expense         23,451,000 60,980,000  
Gain on fair value change of contingent earnout shares liability (279,000)   2,067,000   (2,843,000) (22,869,000)  
Gain on fair value change in warrants liability         (37,093,000) 0  
Gain on fair value change in derivative liability         (2,998,000) 0  
Loss on extinguishment of debt 2,573,000   4,095,000   30,261,000 4,095,000  
Loss on fair value change in derivative asset 3,761,000   0   3,761,000 0  
Loss on fair value change in convertible debt 69,615,000   0   69,615,000 0  
Non-cash debt discount         5,010,000 900,000  
Non-cash interest expense         2,234,000 1,316,000  
Other         839,000 0  
Changes in assets and liabilities:              
Inventory         (3,096,000) (1,282,000)  
Prepaid expenses and other current assets         (3,445,000) 4,037,000  
Other assets         (2,511,000) 970,000  
Accounts payable, accrued expenses and other current liabilities         (14,546,000) 12,805,000  
Net cash used in operating activities         (191,435,000) (329,863,000)  
Cash flows from investing activities:              
Purchases of property and equipment         (45,376,000) (88,817,000)  
Return of prepayment from VDL Nedcar         0 30,440,000  
Net cash used in investing activities         (45,376,000) (58,377,000)  
Cash flows from financing activities:              
Repurchase of unvested shares         0 (9,000)  
Payment of offering costs         (400,000) (1,219,000)  
Proceeds from 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 50,000,000  
Proceeds from employee stock purchase plan         866,000 2,499,000  
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         (949,000) 0  
Proceeds for issuance of shares under ATM         1,155,000 0  
Proceeds from PPA         16,751,000 89,100,000  
Net cash provided by financing activities         208,902,000 181,271,000  
Net decrease in cash, cash equivalents, and restricted cash         (27,909,000) (206,969,000)  
Cash, cash equivalents, and restricted cash              
Cash, cash equivalents, and restricted cash, beginning of period   50,615,000   $ 227,492,000 50,615,000 227,492,000 227,492,000
Cash, cash equivalents, and restricted cash, end of period 22,706,000   20,523,000   22,706,000 20,523,000 50,615,000
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets              
Cash and cash equivalents at end of period 8,260,000   6,815,000   8,260,000 6,815,000 36,589,000
Restricted cash, current at end of period 3,846,000   4,208,000   3,846,000 4,208,000 3,426,000
Restricted cash, non-current at end of period 10,600,000   9,500,000   10,600,000 9,500,000 10,600,000
Total cash, cash equivalents, and restricted cash at end of period shown in the condensed consolidated statements of cash flows $ 22,706,000   $ 20,523,000   22,706,000 20,523,000 $ 50,615,000
Supplemental non-cash investing and financing activities              
Acquisition of property and equipment included in current liabilities         63,776,000 72,375,000  
Acquisition of property and equipment included in current liabilities during the period         23,820,000 41,306,000  
Acquisition of property and equipment included in financing liabilities         34,275,000 0  
Offering costs included in current liabilities         903,000 1,189,000  
Recognition of operating lease right-of-use asset         272,000 15,757,000  
Reclassification of warrant liability to additional paid-in capital   $ 19,510,000     19,510,000 0  
Issuance of shares for extinguishment of convertible debt under PPA agreement         71,911,000 81,909,000  
Issuance of shares for extinguishment of convertible debt under convertible debenture         49,219,000 0  
Recognition of warrant liability         112,401,000 0  
Recognition of derivative liability         4,310,000 0  
Recognition of derivative asset         5,966,000 0  
Recognition of convertible debentures         71,438,000 0  
Supplemental disclosures of cash flow information              
Cash paid for interest         $ 0 $ 0