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
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating Activities:    
Net loss $ (49,317) $ (34,203)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 5,332 3,423
Amortization of intangible assets 1,785 3,351
Stock-based compensation expense, net of amounts capitalized 714 10,393
Allowance for expected credit losses (31) 4
Inventory allowance 212 315
Loss on disposal of property and equipment 42 152
Change in fair value of warrant liability 3,084 (15,151)
Paid-in-kind interest expense 21,652 9,256
Amortization of debt issuance costs 4,200 3,085
Interest expense on financing obligation 363 232
Changes in operating assets and liabilities:    
Accounts receivable 608 (106)
Inventory (1,476) (975)
Prepaid expenses and other current assets 186 496
Other assets (2,986) 0
Accounts payable 1,514 842
Operating lease liabilities (21) (135)
Finance lease liabilities 6 0
Accrued liabilities 3,049 2,933
Net cash used in operating activities (11,084) (16,088)
Investing Activities:    
Purchases of property and equipment (59,824) (76,187)
Net cash used in investing activities (59,824) (76,187)
Financing Activities:    
Proceeds from financing obligations 0 35,000
Proceeds from issuance of debt 70,191 72,992
Principal payment on finance lease liabilities (4) 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 70,187 107,763
Net (decrease) increase in cash and cash equivalents and restricted cash (721) 15,488
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 16,174 40,426
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 9,685 33,946
Restricted cash 6,489 6,480
Total cash and cash equivalents and restricted cash as shown in the Unaudited Condensed Consolidated Statements of Cash Flows 16,174 40,426
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 (153) (543)
Interest capitalized to property and equipment, net 10,108
Stock-based compensation capitalized to property and equipment, net 491 936
Non-cash equity settlement on employee receivable $ 0 $ 176