Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Cash flows from operating activities:          
Net loss $ (26,429) $ (27,355) $ (109,004) $ (131,001)  
Adjustments to reconcile net loss to net cash used in operating activities:          
Depreciation and amortization     5,031 2,612  
Non-cash interest expense     23,047 8,581  
Share-based compensation expense     17,529 40,354  
Provision for losses on receivables and inventory     2,568 295  
Loss on extinguishment of debt       23,141  
Change in fair value of warrant and derivative liabilities     (7,534) (2,325)  
Amortization of operating right-of-use assets     873 1,003  
Other non-cash, net     198 1,000  
Changes in operating assets and liabilities:          
Accounts receivable, net     (10,784) (1,565)  
Contract assets     2,158 (12,370)  
Inventory     (11,756) (9,338)  
Accounts payable     7,975 11,532  
Contract liabilities     (13,911) 17,156  
Reserve for anticipated losses on contracts     (1,846) 572  
Accrued interest     8 (2,289)  
Other, net     (771) (1,491)  
Net cash used in operating activities     (96,219) (54,133)  
Cash flows from investing activities:          
Purchases of property, plant and equipment     (18,455) (15,013)  
Net cash used in investing activities     (18,455) (15,013)  
Cash flows from financing activities:          
Proceeds from long-term debt     1,409 36,856  
Proceeds from warrants and derivatives     47,445 42,247  
Proceeds from Tailwind Two Merger and PIPE Investment       58,424  
Proceeds from issuance of common stock     22,172 14,791  
Proceeds from issuance of common stock under committed equity facility       1,795  
Repayment of long-term debt     (6,319) (30,958)  
Payment of issuance costs     (5,308) (45,746)  
Proceeds from exercise of stock options     460 269  
Net cash provided by financing activities     59,859 77,678  
Effect of exchange rate fluctuations on cash and cash equivalents     (70) (34)  
Net (decrease) increase in cash and cash equivalents     (54,885) 8,498  
Cash and cash equivalents at beginning of period     93,561 27,325 $ 27,325
Cash and cash equivalents at end of period $ 38,676 $ 35,823 38,676 35,823 $ 93,561
Non-cash investing and financing activities:          
Interest capitalized to property, plant, and equipment not yet paid       639  
Purchases of property, plant, and equipment not yet paid     3,678 1,557  
Depreciation and amortization capitalized to construction-in-process       158  
Issuance costs not yet paid     $ 912 2,687  
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       27,304  
Reclassification of liability-classified warrants and derivatives to equity-classified       11,007  
Issuance of contingently issuable common stock       $ 44,887