Quarterly report pursuant to Section 13 or 15(d)

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating Activities:    
Net loss $ (83,644) $ (58,461)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 10,307 5,152
Amortization of intangible assets 2,678 5,027
Stock-based compensation expense, net of amounts capitalized 2,101 13,658
Allowance for expected credit losses (55) 5
Inventory allowance 1,664 385
Loss on disposal of property and equipment 1,652 1,375
Change in fair value of warrant liability 1,163 (16,917)
Paid-in-kind interest expense 23,271 15,797
Amortization of debt issuance costs 6,300 5,183
Interest expense on financing obligation 523 144
Changes in operating assets and liabilities:    
Accounts receivable 1,090 20
Inventory (4,002) (1,284)
Prepaid expenses and other current assets 903 1,291
Other assets (2,984) (649)
Accounts payable 5,110 (493)
Operating lease liabilities (23) (104)
Finance lease liabilities 21 0
Accrued liabilities 5,630 3,880
Net cash used in operating activities (28,295) (25,991)
Investing Activities:    
Purchases of property and equipment (72,629) (117,241)
Net cash used in investing activities (72,629) (117,241)
Financing Activities:    
Proceeds from financing obligations 0 35,000
Proceeds from issuance of debt 90,851 101,861
Principal payment on finance lease liabilities (15) 0
Payment of debt issuance costs 0 (226)
Fractional shares paid in cash pursuant to reverse stock split 0 (3)
Net cash provided by financing activities 90,836 136,632
Net decrease in cash and cash equivalents and restricted cash (10,088) (6,600)
Cash and cash equivalents and restricted cash at beginning of period 16,895 24,938
Cash and cash equivalents and restricted cash at end of period 6,807 18,338
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 317 11,814
Restricted cash 6,490 6,524
Total cash and cash equivalents and restricted cash as shown in the Unaudited Condensed Consolidated Statements of Cash Flows 6,807 18,338
Non-cash activities:    
Warrants issued in connection with debt modification 0 25,697
Purchases of property and equipment included in accounts payable and accrued liabilities 3,123 1,910
Interest capitalized to property and equipment, net 10,460 9,486
Stock-based compensation capitalized to property and equipment, net 655 1,451
Non-cash equity settlement on employee receivable $ 0 $ 176