Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.23.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net loss $ (163,980) $ (138,982)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 4,008 3,053
Non-cash interest expense 14,309 7,908
Share-based compensation expense 51,082 678
Provision for losses on receivables and inventory 3,598 877
Loss on impairment 23,694  
Loss on extinguishment of debt 23,141 96,024
Change in fair value of warrant and derivative liabilities (43,300) (1,716)
Amortization of operating right-of-use assets 994  
Other non-cash, net 1,000 567
Changes in operating assets and liabilities:    
Accounts receivable, net 376 (1,687)
Contract assets (4,054) (901)
Inventory (14,564) (5,393)
Prepaid expenses and other current assets 105 596
Accounts payable 12,981 2,161
Contract liabilities 10,012 (229)
Reserve for anticipated losses on contracts 1,975 (1,322)
Accrued expenses and other current liabilities (2,685) 4,634
Accrued interest (1,835)  
Other, net 1,339 (21)
Net cash used in operating activities (81,804) (34,887)
Cash flows from investing activities:    
Purchases of property, plant and equipment (22,469) (16,352)
Net cash used in investing activities (22,469) (16,352)
Cash flows from financing activities:    
Proceeds from long-term debt 77,369 58,241
Proceeds from warrants and derivatives 101,734 16,759
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 (32,890) (10)
Payment of issuance costs (49,515) (8,880)
Proceeds from exercise of stock options 356 242
Payment of withholding taxes on net share settlements (1,515)  
Net cash provided by financing activities 170,549 66,352
Effect of exchange rate fluctuations on cash and cash equivalents (40) (124)
Net increase in cash and cash equivalents 66,236 14,989
Cash and cash equivalents at beginning of period 27,325 12,336
Cash and cash equivalents at end of period 93,561 27,325
Non-cash investing and financing activities:    
Interest paid, net of amounts capitalized 14,270  
Interest capitalized to property, plant, and equipment not yet paid 426 1,265
Purchases of property, plant and equipment not yet paid 1,196 845
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 170 479
Issuance costs not yet paid   4,141
Non-cash exchange and extinguishment of long-term debt 40,432 125,857
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