Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.24.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net loss $ (151,843) $ (163,980)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 7,843 4,008
Non-cash interest expense 32,034 14,309
Share-based compensation expense 21,467 51,082
Provision for losses on receivables and inventory 1,034 3,598
Loss on impairment   23,694
Loss on extinguishment of debt   23,141
Change in fair value of warrant and derivative liabilities (5,488) (43,300)
Amortization of operating right-of-use assets 1,224 994
Other non-cash, net 737 1,000
Changes in operating assets and liabilities:    
Accounts receivable, net (5,395) 376
Contract assets (14,571) (4,054)
Inventory (9,482) (14,564)
Accounts payable (3,205) 12,981
Contract liabilities 76,470 10,012
Reserve for anticipated losses on contracts (1,883) 1,975
Accrued interest 9 (1,835)
Other, net (4,671) (1,241)
Net cash used in operating activities (55,720) (81,804)
Cash flows from investing activities:    
Purchases of property, plant and equipment (23,147) (22,469)
Net cash used in investing activities (23,147) (22,469)
Cash flows from financing activities:    
Proceeds from long-term debt 1,720 77,369
Proceeds from warrants and derivatives 47,445 101,734
Proceeds from Tailwind Two Merger and PIPE Investment   58,424
Proceeds from issuance of common stock 22,172 14,791
Repayment of long-term debt (8,818) (32,890)
Payment of issuance costs (6,176) (49,515)
Proceeds from exercise of stock options 463 356
Exercise of equity-classified warrants 2  
Payment of withholding taxes on net share settlements   (1,515)
Net cash provided by financing activities 56,808 170,549
Effect of exchange rate fluctuations on cash and cash equivalents 161 (40)
Net (decrease) increase in cash and cash equivalents (21,898) 66,236
Cash and cash equivalents at beginning of period 93,561 27,325
Cash and cash equivalents at end of period 71,663 93,561
Non-cash investing and financing activities:    
Interest paid, net of amounts capitalized 16,484 14,270
Interest capitalized to property, plant, and equipment not yet paid   426
Purchases of property, plant, and equipment not yet paid 1,243 1,196
Reclassification of property, plant, and equipment to inventory and prepaid expenses and other current assets   6,199
Depreciation and amortization capitalized to construction-in-process   170
Issuance costs not yet paid $ 44  
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
Committed Equity Facility [Member]    
Cash flows from financing activities:    
Proceeds from issuance of common stock   $ 1,795