Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Cash flows from operating activities:          
Net loss $ (28,130) $ (32,274) $ (82,575) $ (103,646)  
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation and amortization     2,708 1,701  
Non-cash interest expense     14,716 4,934  
Share-based compensation expense     13,755 31,150  
Provision for losses on receivables and inventory     250 173  
Loss on extinguishment of debt       23,141  
Change in fair value of warrant and derivative liabilities     (2,031) 3,676  
Amortization of operating right-of-use assets     576 693  
Other non-cash, net     116    
Changes in operating assets and liabilities:          
Accounts receivable, net     (766) (6,436)  
Contract assets     2,218 (4,843)  
Inventory     (3,808) (4,696)  
Accounts payable     1,078 9,514  
Contract liabilities     (9,332) 16,188  
Reserve for anticipated losses on contracts     (2,002) 489  
Accrued interest     6 (2,330)  
Other, net     658 (2,278)  
Net cash used in operating activities     (64,433) (32,570)  
Cash flows from investing activities:          
Purchases of property, plant and equipment     (12,372) (9,363)  
Net cash used in investing activities     (12,372) (9,363)  
Cash flows from financing activities:          
Proceeds from long-term debt     886 35,942  
Proceeds from warrants and derivatives     24,924 42,247  
Proceeds from Tailwind Two Merger and PIPE Investment       58,424  
Proceeds from issuance of common stock     12,195 14,791  
Repayment of long-term debt     (3,836) (29,049)  
Payment of issuance costs     (2,864) (45,303)  
Proceeds from exercise of stock options     441 145  
Net cash provided by financing activities     31,746 77,197  
Effect of exchange rate fluctuations on cash and cash equivalents     52 (290)  
Net (decrease) increase in cash and cash equivalents     (45,007) 34,974  
Cash and cash equivalents at beginning of period     93,561 27,325 $ 27,325
Cash and cash equivalents at end of period $ 48,554 $ 62,299 48,554 62,299 $ 93,561
Non-cash investing and financing activities:          
Interest capitalized to property, plant, and equipment not yet paid       607  
Purchases of property, plant, and equipment not yet paid     3,269 819  
Depreciation and amortization capitalized to construction-in-process       130  
Issuance costs not yet paid     $ 394 3,078  
Non-cash exchange and extinguishment of long-term debt       40,432  
Conversion of redeemable convertible preferred stock into common stock       8,000  
Net settlement of liability-classified warrants into common stock       7,616  
Net settlement of equity-classified warrants into common stock       (2)  
Non-cash issuance of common stock in connection with PIPE Investment       10,060  
Non-cash issuance of common stock in connection with financing transactions       26,304  
Reclassification of liability-classified warrants and derivatives to equity-classified       11,007  
Issuance of contingently issuable common stock       $ 44,887