Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.22.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net loss $ (71,372) $ (77,496)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 846 671
Non-cash interest expense 1,215 889
Share-based compensation expense 17,335 168
Provision for losses on receivables and inventory 169 444
Loss on extinguishment of debt 23,141 70,667
Change in fair value of warrant and derivative liabilities 11,853 (34)
Amortization of operating right-of-use assets 305  
Changes in operating assets and liabilities:    
Accounts receivable, net (15,002) (226)
Contract assets (928) (785)
Inventory (1,550) 998
Prepaid expenses and other current assets (1,384) 216
Accounts payable 2,134 2,202
Contract liabilities 6,708 728
Reserve for anticipated losses on contracts 79 (52)
Accrued expenses and other current liabilities 4,032 1,047
Accrued interest (4,803)  
Other, net (2,078) 15
Net cash used in operating activities (29,300) (548)
Cash flows from investing activities:    
Purchases of property, plant and equipment (4,030) (2,422)
Net cash used in investing activities (4,030) (2,422)
Cash flows from financing activities:    
Proceeds from long-term debt 35,942 47,481
Proceeds from warrants and derivatives 42,247 2,519
Proceeds from Tailwind Two Merger and PIPE Investment 58,424  
Proceeds from issuance of common stock 14,791  
Repayment of long-term debt (27,171) (4)
Payment of issuance costs (41,681) (5,667)
Proceeds from exercise of stock options 135 19
Net cash provided by financing activities 82,687 44,348
Effect of exchange rate fluctuations on cash and cash equivalents (28) (66)
Net increase (decrease) in cash and cash equivalents 49,329 41,312
Cash and cash equivalents at beginning of period 27,325 12,336
Cash and cash equivalents at end of period 76,654 53,648
Non-cash investing and financing activities:    
Purchases of property, plant and equipment not yet paid 211 111
Non-cash interest capitalized to property, plant and equipment 555 121
Depreciation and amortization capitalized to construction in process 77  
Issuance costs not yet paid 5,983 2,361
Non-cash exchange and extinguishment of long-term debt 40,432 36,859
Issuance of common stock in exchange for non-controlling interest 0 $ 23,743
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