Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Operating Activities:    
Net loss $ (124,015) $ (111,071)
Adjustments to reconcile net loss to net cash used in operating activities:    
Fixed assets and land 7,212 5,400
Amortization 5,920 5,027
Stock-based compensation expense, net of amounts capitalized 16,274 39,166
Allowance for credit losses 5 114
Inventory valuation allowance 62 596
Loss on disposal of property and equipment 4,709 2,568
Gain related to change in fair value of warrant liability (18,483) 0
Paid-in-kind interest 23,977 0
Loss on debt extinguishment 0 735
Amortization of debt issuance costs 7,283 2,988
Interest on financing obligation 313 231
Goodwill impairment 38,481 0
Changes in operating assets and liabilities:    
Accounts receivable (392) (643)
Inventory (678) (88)
Prepaid expenses and other current assets 776 1,397
Other assets (48) 2,328
Accounts payable (66) 2,116
Operating lease liabilities (96) 151
Accrued liabilities 5,609 177
Net cash used in operating activities (33,157) (48,808)
Investing Activities:    
Purchases of property and equipment (162,265) (56,020)
Asset acquisition 0 (25,813)
Business combination, net of cash acquired 0 (90,552)
Net cash used in investing activities (162,265) (172,385)
Financing Activities:    
Proceeds from financing obligation 35,000 0
Proceeds from Private Placement financing 0 23,300
Transaction costs paid in connection with financing activities 0 (553)
Proceeds from issuance of debt 152,608 124,649
Payment of debt modification or issuance costs (226) (2,342)
Fractional shares paid in cash pursuant to Reverse Stock Split (3) 0
Net cash provided by financing activities 187,379 145,054
Net decrease in cash and cash equivalents and restricted cash (8,043) (76,139)
Cash and cash equivalents and restricted cash at beginning of period 24,938 101,077
Cash and cash equivalents and restricted cash at end of period 16,895 24,938
Reconciliation of cash, cash equivalents, and restricted cash from the Consolidated Balance Sheets to the Consolidated Statements of Cash Flows:    
Cash and cash equivalents 10,326 13,666
Restricted cash 6,569 11,272
Total cash and cash equivalents and restricted cash as shown in the Consolidated Statements of Cash Flows 16,895 24,938
Supplemental disclosures of cash flow information:    
Cash paid for interest, net of interest capitalized 4,039 10,743
Non-cash activities:    
Warrants issued in connection with debt modification 25,697 0
Purchases of property and equipment included in accounts payable and accrued liabilities 3,118 825
Non-cash equity settlement on employee receivable 176 17,416
Stock-based compensation capitalized to property and equipment, net 1,860 444
Interest capitalized to property and equipment, net 14,873 1,695
Issuance of common stock for business combination 0 50,948
Non-cash financing obligation activity 0 840
Right-of-use asset obtained in exchange for operating lease liability 0 388
Reduction of right of use asset and associated lease liability due to lease cancellation $ 0 $ 203