Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Cash flows from operating activities:      
Net loss $ (54,445) $ (71,372)  
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 919 846  
Non-cash interest expense 7,053 1,215  
Share-based compensation expense 10,166 17,335  
Provision for losses on receivables and inventory 3 169  
Loss on extinguishment of debt   23,141  
Change in fair value of warrant and derivative liabilities 9,455 11,853  
Amortization of operating right-of-use assets 279 305  
Changes in operating assets and liabilities:      
Accounts receivable, net 1,992 (15,002)  
Contract assets 1,423 (928)  
Inventory (3,990) (1,550)  
Accounts payable 1,009 2,134  
Contract liabilities (8,021) 6,708  
Reserve for anticipated losses on contracts (1,723) 79  
Accrued interest (88) (4,803)  
Other, net 3,145 570  
Net cash used in operating activities (32,823) (29,300)  
Cash flows from investing activities:      
Purchases of property, plant and equipment (3,162) (4,030)  
Net cash used in investing activities (3,162) (4,030)  
Cash flows from financing activities:      
Proceeds from long-term debt   35,942  
Proceeds from warrants and derivatives   42,247  
Proceeds from Tailwind Two Merger and PIPE Investment   58,424  
Proceeds from issuance of common stock   14,791  
Repayment of long-term debt (518) (27,171)  
Payment of issuance costs   (41,681)  
Proceeds from exercise of stock options 339 135  
Net cash (used in) provided by financing activities (179) 82,687  
Effect of exchange rate fluctuations on cash and cash equivalents 30 (28)  
Net (decrease) increase in cash and cash equivalents (36,134) 49,329  
Cash and cash equivalents at beginning of period 93,561 27,325 $ 27,325
Cash and cash equivalents at end of period 57,427 76,654 $ 93,561
Non-cash investing and financing activities:      
Interest capitalized to property, plant, and equipment not yet paid   555  
Purchases of property, plant, and equipment not yet paid 5,265 211  
Depreciation and amortization capitalized to construction-in-process   77  
Issuance costs not yet paid $ 139 5,983  
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   26,304  
Reclassification of liability-classified warrants and derivatives to equity-classified   11,007  
Issuance of contingently issuable common stock   $ 44,887