Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.22.2.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net loss $ (131,001) $ (98,729)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 2,612 2,217
Non-cash interest expense 8,581 6,149
Share-based compensation expense 40,354 531
Provision for losses on receivables and inventory 295 570
Loss on extinguishment of debt 23,141 67,954
Change in fair value of warrant and derivative liabilities (2,325) 76
Amortization of operating right-of-use assets 1,003  
Other non-cash, net 1,000  
Changes in operating assets and liabilities:    
Accounts receivable, net (1,565) 3,471
Contract assets (12,370) (1,740)
Inventory (9,338) (4,117)
Prepaid expenses and other current assets 707 (363)
Accounts payable 11,532 2,595
Contract liabilities 17,156 (133)
Reserve for anticipated losses on contracts 572 (1,337)
Accrued expenses and other current liabilities (690) 2,060
Accrued interest (2,289)  
Other, net (1,508) (148)
Net cash used in operating activities (54,133) (27,886)
Cash flows from investing activities:    
Purchases of property, plant and equipment (15,013) (10,523)
Net cash used in investing activities (15,013) (10,523)
Cash flows from financing activities:    
Proceeds from long-term debt 36,856 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  
Proceeds from Issuance of Common Stock under Committed Equity Facility 1,795  
Repayment of long-term debt (30,958) (13)
Payment of issuance costs (45,746) (6,356)
Proceeds from exercise of stock options 269 98
Net cash provided by financing activities 77,678 43,729
Effect of exchange rate fluctuations on cash and cash equivalents (34) (126)
Net increase (decrease) in cash and cash equivalents 8,498 5,194
Cash and cash equivalents at beginning of period 27,325 12,336
Cash and cash equivalents at end of period 35,823 17,530
Non-cash investing and financing activities:    
Purchases of property, plant and equipment not yet paid 1,557 701
Interest capitalized to property, plant, and equipment not yet paid 639 798
Depreciation and amortization capitalized to construction-in-process 158  
Issuance costs not yet paid 2,687 713
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 27,304  
Reclassification of liability-classified warrants and derivatives to equity-classified 11,007  
Issuance of contingently issuable common stock $ 44,887