Quarterly report [Sections 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
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating Activities:    
Net loss $ (37,675) $ (24,050)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 4,988 2,335
Amortization of intangible assets 892 893
Stock-based compensation expense, net of amounts capitalized 590 (934)
Allowance for expected credit losses (6) 0
Inventory allowance (56) 223
Loss on disposal of property and equipment 14 3
Change in fair value of warrant liability 3,510 4,180
Paid-in-kind interest expense 15,293 9,786
Amortization of debt issuance costs 2,100 2,100
Interest expense on financing obligation 163 198
Changes in operating assets and liabilities:    
Accounts receivable (303) (281)
Inventory (287) (973)
Prepaid expenses and other current assets (207) 181
Other assets (41) (2,936)
Accounts payable (276) 969
Operating lease liabilities (1) (21)
Finance lease liabilities 16 0
Accrued liabilities 1,733 1,244
Net cash used in operating activities (9,553) (7,083)
Investing Activities:    
Purchases of property and equipment (4,962) (34,985)
Net cash used in investing activities (4,962) (34,985)
Financing Activities:    
Proceeds from issuance of Series A preferred stock 21,457 0
Proceeds from issuance of common stock 3,543 0
Proceeds from issuance of debt 10,474 39,904
Principal payment on finance lease liabilities (12) 0
Net cash provided by financing activities 35,462 39,904
Net change in cash and cash equivalents and restricted cash 20,947 (2,164)
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 28,413 14,731
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 18,008 8,242
Restricted cash 10,405 6,489
Total cash and cash equivalents and restricted cash as shown in the Unaudited Condensed Consolidated Statements of Cash Flows 28,413 14,731
Non-cash investing and financing activities:    
Accrued interest capitalized to debt 15,293 0
Purchases of property and equipment included in accounts payable and accrued liabilities 1,788 1,965
Transaction costs recorded to Preferred Stock included in accounts payable 469 0
Stock-based compensation capitalized to property and equipment, net 58 264
Deemed dividend to preferred stockholders 403 0
Interest capitalized to property and equipment, net $ 0 $ 5,683