v3.25.2
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating Activities:    
Net loss $ (59,252) $ (49,317)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 9,951 5,332
Amortization of intangible assets 1,785 1,785
Stock-based compensation expense, net of amounts capitalized 2,850 714
Allowance for expected credit losses (18) (31)
Inventory allowance (384) 212
Loss on disposal of property and equipment 14 42
Change in fair value of warrant liability 5,009 3,084
Paid-in-kind interest expense 15,293 21,652
Amortization of debt premium (1,717) 0
Amortization of debt issuance costs 2,100 4,200
Interest expense on financing obligation 314 363
Changes in operating assets and liabilities:    
Accounts receivable (138) 608
Inventory 170 (1,476)
Prepaid expenses and other current assets (49) 186
Other assets (160) (2,986)
Accounts payable (1,027) 1,514
Operating lease liabilities (3) (21)
Finance lease liabilities 31 6
Accrued liabilities 6,961 3,049
Net cash used in operating activities (18,270) (11,084)
Investing Activities:    
Purchases of property and equipment (10,884) (59,824)
Net cash used in investing activities (10,884) (59,824)
Financing Activities:    
Proceeds from issuance of Series A preferred stock, net of issuance costs 21,408 0
Proceeds from issuance of common stock, net of issuance costs 3,543 0
Proceeds from issuance of debt 10,468 70,191
Payment of minimum employee taxes withheld upon net share settlement of restricted stock units (536) 0
Principal payment on finance lease liabilities (24) (4)
Net cash provided by financing activities 34,859 70,187
Net change in cash and cash equivalents and restricted cash 5,705 (721)
Cash and cash equivalents and restricted cash at beginning of period 7,466 16,895
Cash and cash equivalents and restricted cash at end of period 13,171 16,174
Reconciliation of cash, cash equivalents, and restricted cash from the Unaudited Condensed Consolidated Balance Sheets to the Unaudited Condensed Consolidated Statements of Cash Flows    
Cash and cash equivalents 5,286 9,685
Restricted cash 7,885 6,489
Total cash and cash equivalents and restricted cash as shown in the Unaudited Condensed Consolidated Statements of Cash Flows 13,171 16,174
Non-cash investing and financing activities:    
Conversion of Series A Preferred Stock to common stock 21,408 0
Accrued interest capitalized to debt 15,293 0
Purchases of property and equipment included in accounts payable and accrued liabilities 658 (153)
Transaction costs recorded to Preferred Stock included in accounts payable 469 0
Stock-based compensation capitalized to property and equipment, net 234 491
Deemed dividend to preferred stockholders 403 0
Interest capitalized to property and equipment, net $ 0 $ 10,108

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