XML 22 R7.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
1 Months Ended 5 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 07, 2023
Jun. 30, 2024
Cash flows from operating activities:      
Net loss before income tax $ (110,586,000) $ (34,176,000) $ (58,849,000)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation, amortization and accretion 4,920,000 5,802,000 40,079,000
Non-cash interest (income) expense 0 30,000 (1,424,000)
Non-cash lease expense 6,000 13,000 48,000
Conversion of equity awards 86,585,000 0 0
Allowance for doubtful accounts 0 352,000 0
Deferred taxes (672,000) 0 (6,391,000)
Change in fair value of Earnout Shares liability (119,000) 0 (267,000)
Change in fair value of Warrant liability (890,000) 0 (1,404,000)
Vesting of profits interests 0 2,864,000 0
Share-based payments 752,000 8,593,000 14,800,000
Changes in operating assets and liabilities:      
Accounts receivable, net 0 0 (185,000)
Interest receivable (2,125,000) 0 1,611,000
Prepaid expenses (2,922,000) (453,000) (573,000)
Other current assets 108,000 1,765,000 (252,000)
Other long-term assets 0 0 (420,000)
Accounts payable (1,504,000) 1,768,000 1,367,000
Accrued liabilities (10,959,000) (384,000) 935,000
Due to related parties 1,914,000 3,203,000 88,000
Net cash used in operating activities (35,492,000) (10,623,000) (10,837,000)
Cash flows from investing activities:      
Cash acquired as part of Business Combination 7,946,000 0 0
Purchases of available-for-sale securities 0 0 (121,656,000)
Maturities of available-for-sale securities 0 0 20,750,000
Capitalized software 0 0 (412,000)
Purchase of property, plant and equipment (492,000) (2,431,000) (17,273,000)
Net cash (used in) provided by investing activities 7,454,000 (2,431,000) (118,591,000)
Cash flows from financing activities:      
Repurchase of redeemed Class A Ordinary Shares (218,983,000) 0 0
Issuance of Class A Common Stock, including exercise of Warrants 0 0 61,000
Proceeds from PIPE financing, net of issuance costs 540,451,000 0 0
Payment of transaction expenses (11,722,000) 0 0
Net cash provided by financing activities 319,663,000 15,836,000 61,000
Net (decrease) increase in cash, cash equivalents, and restricted cash 291,625,000 2,782,000 (129,367,000)
Effect of foreign currency exchange rate changes on cash 1,000 0 0
Cash, cash equivalents, and restricted cash, beginning of period 7,946,000 5,164,000 536,927,000
Cash, cash equivalents, and restricted cash, end of period 648,645,000 7,946,000 407,560,000
Supplemental non-cash investing activities:      
Change in accruals for capital expenditures 0 0 120,000
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheet:      
Cash and cash equivalents 648,645,000 7,946,000 405,145,000
Restricted cash 0 0 2,415,000
Total cash, cash equivalents, and restricted cash 648,645,000 7,946,000 407,560,000
Related Party      
Cash flows from financing activities:      
Proceeds from share issuances 9,917,000 0 0
Nonrelated Party      
Cash flows from financing activities:      
Proceeds from share issuances $ 0 $ 15,836,000 $ 0