v3.25.2
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenue        
Revenue $ 15,236 $ 898 $ 25,693 $ 7,499
Cost of goods sold 46,189 14,121 81,185 42,350
Gross profit (loss) (30,953) (13,223) (55,492) (34,851)
Operating expenses        
Research and development expenses 7,201 4,250 14,038 9,450
Selling, general and administrative expenses 25,488 11,293 46,483 25,535
Loss from write-down of property, plant and equipment 205 271 766 336
Total operating expenses 32,894 15,814 61,287 35,321
Operating Loss (63,847) (29,037) (116,779) (70,172)
Other (expense) income        
Change in fair value of debt - related party 31,615 (240) 25,682 (240)
Change in fair value of warrants (57,936) (7,941) (12,011) (5,041)
Change in fair value of derivatives - related parties (76,455) (47,727) (41,869) (47,193)
(Loss) gain on debt extinguishment (49,063) 68,478 (49,063) 68,478
Other expense (606) (3,270) (1,166) (3,134)
Loss before income taxes (222,931) (28,164) (207,790) (74,847)
Income tax expense 6 8 11 33
Net Loss attributable to shareholders (222,937) (28,172) (207,801) (74,880)
Remeasurement of Preferred Stock - related party (21,385) (23,671) 58,612 (23,671)
Down round deemed dividend (4,456) 0 (4,456) 0
Net Loss attributable to common shareholders (248,778) (51,843) (153,645) (98,551)
Other Comprehensive Loss        
Change in fair value of debt - credit risk - related party (6,224) 0 (6,224) 0
Foreign currency translation adjustment 14 1 21 (4)
Comprehensive Loss attributable to common shareholders $ (254,988) $ (51,842) $ (159,848) $ (98,555)
Basic and diluted Loss per share attributable to common shareholders        
Basic (in dollars per share) $ (1.05) $ (0.25) $ (0.66) $ (0.48)
Diluted (in dollars per share) $ (1.05) $ (0.25) $ (0.66) $ (0.48)
Weighted average shares of common stock        
Basic (in shares) 237,741,328 211,137,189 231,616,540 206,225,126
Diluted (in shares) 237,741,328 211,137,189 231,616,540 206,225,126
Nonrelated Party        
Other (expense) income        
Interest expense, net $ (2,129) $ (3,515) $ (2,293) $ (7,782)
Related Party        
Other (expense) income        
Interest expense, net $ (4,510) $ (4,912) (10,291) (9,763)
Remeasurement of Preferred Stock - related party     $ 58,612 $ (23,671)