Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Operating Activities:    
Net loss $ (119,902) $ (124,015)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 15,301 7,212
Amortization 3,570 5,920
Stock-based compensation expense, net of amounts capitalized 3,348 16,274
Allowance for credit losses (103) 5
Inventory allowance 498 62
Loss on disposal of property and equipment 1,651 4,709
Gain related to change in fair value of warrant liability (811) (18,483)
Paid-in-kind interest 50,283 23,977
Amortization of debt issuance costs 8,401 7,283
Write-off of financing fees 1,228 0
Interest on financing obligation 682 313
Goodwill impairment 0 38,481
Changes in operating assets and liabilities:    
Accounts receivable 899 (392)
Inventory (3,102) (678)
Prepaid expenses and other current assets 544 776
Other assets (28) (48)
Accounts payable 6,643 (66)
Operating lease liabilities (25) (96)
Finance lease liabilities 37 0
Accrued liabilities 3,825 5,609
Net cash used in operating activities (27,061) (33,157)
Investing Activities:    
Purchases of property and equipment (82,454) (162,265)
Net cash used in investing activities (82,454) (162,265)
Financing Activities:    
Proceeds from financing obligation 0 35,000
Proceeds from issuance of debt 100,113 152,608
Principal payment on finance lease liabilities (27) 0
Payment of debt modification or issuance costs 0 (226)
Fractional shares paid in cash pursuant to Reverse Stock Split 0 (3)
Net cash provided by financing activities 100,086 187,379
Net decrease in cash and cash equivalents and restricted cash (9,429) (8,043)
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 7,466 16,895
Reconciliation of cash, cash equivalents, and restricted cash from the Consolidated Balance Sheets to the Consolidated Statements of Cash Flows:    
Cash and cash equivalents 937 10,326
Restricted cash 6,529 6,569
Total cash and cash equivalents and restricted cash as shown in the Consolidated Statements of Cash Flows 7,466 16,895
Supplemental disclosures of cash flow information:    
Cash paid for interest, net of interest capitalized 5,545 4,039
Non-cash investing and financing activities:    
Accrued interest capitalized to debt 50,283 14,889
Purchases of property and equipment included in accounts payable and accrued liabilities 7,243 3,118
Non-cash transfer from property and equipment, net to other assets 1,228 0
Stock-based compensation capitalized to property and equipment, net 781 1,860
Warrants issued in connection with debt modification 0 25,697
Non-cash equity settlement on employee receivable $ 0 $ 176