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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities    
Net loss $ (969,647) $ (685,870)
Adjustment to reconcile net loss to net cash used in operating activities    
Stock-based compensation 24,876 18,780
Depreciation and amortization 14,183 7,899
Loss from write-down of property, plant and equipment 1,781 9,133
Amortization of right-of-use assets 1,888 1,233
(Gain) loss on debt extinguishment 52,652 (68,478)
Induced conversion expense 63,471 0
Change in fair value of debt - related party (18,053) (33,823)
Change in fair value of warrants 279,861 171,226
Other (96) 12,984
Changes in operating assets and liabilities:    
Prepaid expenses (1,763) 144
Inventory (22,423) (20,498)
Accounts receivable (3,957) 349
Vendor deposits (2,919) 350
Contract assets (1,676) (5,737)
Grant receivable (8,745) 973
Accounts payable 62,139 (4,565)
Accrued expenses 3,266 (14,687)
Operating lease liabilities (1,764) (1,448)
Contract liabilities (8,868) 19,739
Other receivables 0 7,500
Other (1,184) 640
Net cash used in operating activities (211,190) (153,936)
Cash flows from investing activities    
Investment in internally developed software (913) (34)
Purchases of property, plant and equipment (53,778) (33,152)
Net cash used in investing activities (54,691) (33,186)
Cash flows from financing activities    
Proceeds received from Credit and Securities Purchase Transaction, net - related party 38,475 160,325
Proceeds received from DOE Loan, net of fees paid to lender 22,666 66,614
Payoff of Senior Secured Term Loan 0 (19,946)
Payoff of Notes Payable - related party (180,940) 0
Repurchase of May 2025 Convertible Notes (558,236) 0
Return of debt repurchase premium 5,000 0
Principal payments on finance lease obligations (57) (99)
Repayment of equipment financing facility (1,613) (3,326)
Proceeds from issuance of common stock 539,310 14,089
Proceeds from exercise of stock options 2,522 56
Proceeds from exercise of warrants 108,618 7,492
Repurchase of shares from employees for income tax withholding purposes (488) (1,228)
Net cash provided by financing activities 787,088 205,834
Effect of foreign exchange on cash, cash equivalents and restricted cash (3) (17)
Net increase in cash, cash equivalents and restricted cash 521,204 18,695
Cash, cash equivalents and restricted cash, beginning of year 103,362 84,667
Cash, cash equivalents and restricted cash, end of year 624,566 103,362
Non-cash investing and financing activities:    
Right-of-use operating lease assets in exchange for lease liabilities 19,399 109
Fixed assets acquired with finance lease 252 0
Accrued and unpaid debt issuance costs 519 3,278
Accrued and unpaid capital expenditures 22,327 1,298
Remeasurement of preferred stock - related party 770,661 278,330
Issuance of convertible notes for interest paid-in-kind - related parties 2,962 11,977
Issuance of common stock upon settlement of AFG Convertible Notes 148,121 0
Paid-in kind interest added to principal 3,632 0
Down round deemed dividend 4,456 0
Issuance of DOE Warrants 7,294 0
Supplemental disclosures    
Cash paid for interest 8,403 4,395
May 2025 Convertible Note    
Cash flows from financing activities    
Proceeds received from May 2025 Convertible Notes, net 240,000 0
November 2025 Convertible Notes    
Cash flows from financing activities    
Proceeds received from May 2025 Convertible Notes, net 580,500 0
Nonrelated Party    
Adjustment to reconcile net loss to net cash used in operating activities    
Non-cash interest expense 9,054 5,333
Change in fair value of derivatives (76,467) 0
Cash flows from financing activities    
Payment of debt and equity issuance costs (6,591) (5,905)
Related Party    
Adjustment to reconcile net loss to net cash used in operating activities    
Non-cash interest expense 9,926 19,499
Change in fair value of derivatives 383,275 405,388
Changes in operating assets and liabilities:    
Accounts payable (4,965)  
Cash flows from financing activities    
Payment of debt extinguishment costs - related party (1,680) 0
Payment of debt and equity issuance costs $ (398) $ (12,238)