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
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
Mar. 31, 2025
USD ($)
Operating Activities:    
Net loss $ (12,718) $ (37,675)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 5,001 4,988
Amortization 628 892
Stock-based compensation expense, net of amounts capitalized 993 590
Allowance for expected credit losses 0 (6)
Inventory allowance (254) (56)
Loss on disposal of property and equipment 76 14
Change in fair value of warrant liabilities (5,243) 3,510
Paid-in-kind interest 0 15,293
Amortization of debt premium (2,059) 0
Amortization of debt issuance costs 94 2,100
Interest expense on financing obligation 163 163
Changes in operating assets and liabilities:    
Accounts receivable (662) (303)
Inventory 480 (287)
Prepaid expenses and other current assets 323 (207)
Other assets 0 (41)
Accounts payable 2,559 (276)
Operating lease liabilities 0 (1)
Finance lease liabilities 16 16
Accrued liabilities 4,533 1,733
Net cash used in operating activities (6,070) (9,553)
Investing Activities:    
Purchases of property and equipment (1,105) (4,962)
Net cash used in investing activities (1,105) (4,962)
Financing Activities:    
Proceeds from issuance of Series A preferred stock, net of issuance costs 0 21,457
Proceeds from issuance of common stock, net of issuance costs 0 3,543
Proceeds from issuance of debt 750 10,474
Proceeds from issuance of long-term debt, net of debt issuance costs 14,921 0
Payment of minimum employee taxes withheld upon net share settlement of restricted stock units (99) 0
Principal payment on financing obligation (330) 0
Principal payment on finance lease liabilities (15) (12)
Net cash provided by financing activities 15,227 35,462
Net change in cash and cash equivalents and restricted cash 8,052 20,947
Cash and cash equivalents and restricted cash at beginning of period 10,719 7,466
Cash and cash equivalents and restricted cash at end of period 18,771 28,413
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 12,254 18,008
Restricted cash 6,517 10,405
Total cash and cash equivalents and restricted cash as shown in the Unaudited Condensed Consolidated Statements of Cash Flows 18,771 28,413
Non-cash investing and financing activities:    
Addition of finance lease obligations and right-of-use assets 152 0
Purchases of property and equipment included in accounts payable and accrued liabilities 58 1,788
Stock-based compensation capitalized to property and equipment, net 39 58
Accrued interest capitalized to debt 0 15,293
Transaction costs recorded to Preferred Stock included in accounts payable 0 469
Deemed dividend to preferred stockholders $ 0 $ 403