XML 18 R6.htm IDEA: XBRL DOCUMENT v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities    
Net loss $ (77,532) $ (75,384)
Adjustments to reconcile net loss to net cash used in operating activities    
Equity-based compensation 8,703 9,448
Fair value change of warrants (17,669) 16,224
Depreciation expense 14,618 2,583
Amortization of debt issuance costs and debt discounts 1,840 746
Accretion of discount on debt securities (149) (235)
Operating lease amortization expense 2,171 964
Changes in operating assets and liabilities    
Prepaid expenses and other current assets (5,957) (3,320)
Prepaid expenses and other non-current assets (1,523) (1,296)
Accounts payable 1,527 827
Accrued expenses 4,375 491
Accrued interest 9,867 324
Operating right-of-use liabilities (1,601) (1,536)
Net cash used in operating activities (61,330) (50,164)
Cash flows from investing activities    
Purchase of property, plant & equipment (142,680) (212,095)
Purchase of debt securities, available for sale (12,020) (192,388)
Sale and maturity of debt securities, available for sale 99,371 200,689
Net cash used in investing activities (55,329) (203,794)
Cash flows from financing activities    
Proceeds from issuance of convertible notes 225,000 0
Proceeds from related party note payable 38,000 0
Proceeds from equipment lease financing 22,101 0
Convertible notes issuance costs (6,498) 0
Payments to repurchase shares (1,122) (1,572)
Other payments for financing activities (257) (36)
Proceeds from issuance of common stock 0 206,072
Proceeds from issuance of warrants 0 43,929
Common stock issuance costs 0 (775)
Net cash provided by financing activities 273,275 247,618
Net increase (decrease) in cash and restricted cash 156,616 (6,340)
Cash and restricted cash, beginning of period 227,523 263,858
Cash and restricted cash, end of period 384,139 257,518
Supplemental disclosure of cash flow information    
Interest paid during the period, net of capitalized interest  2,736 650
Non-cash investing activities    
Additions to property, plant, and equipment in accrued expenses 16,152 22,059
Additions to property, plant, and equipment in accounts payable 4,470 3,267
Additions to property, plant, and equipment in accrued interest 0 4,271
Non-cash financing activities    
PIK interest on related party note payable 1,745 0
Related Party    
Cash flows from financing activities    
Payments of debt issuance costs (2,100) 0
Nonrelated Party    
Cash flows from financing activities    
Payments of debt issuance costs $ (1,849) $ 0