v3.26.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net income $ 508,883 $ 15,136
Adjustment to reconcile net income to net cash used in operating activities    
Stock-based compensation 5,902 7,574
Depreciation and amortization 5,394 2,680
Loss from write-down of property, plant and equipment 71 561
Amortization of right-of-use assets 780 373
Change in fair value of debt - related party 4,232 5,933
Change in fair value of warrants (168,725) (45,925)
Other (205) (821)
Changes in operating assets and liabilities:    
Prepaid expenses (688) (337)
Inventory 571 (6,101)
Accounts receivable 2,878 (4,107)
Vendor deposits (2,613) (1,681)
Contract assets (25,531) (140)
Grant receivable (10,341) (1,799)
Accounts payable (14,814) 8,130
Accrued expenses 7,213 (380)
Interest payable - related parties 0 3,324
Operating lease liabilities 399 (445)
Contract liabilities (8,529) 17,064
Other (177) 3,267
Net cash used in operating activities (119,735) (28,924)
Cash flows from investing activities    
Investment in internally developed software (76) 0
Purchases of property, plant and equipment (35,062) (4,918)
Net cash used in investing activities (35,138) (4,918)
Cash flows from financing activities    
Principal payments on finance lease obligations (20) (11)
Proceeds from exercise of stock options 3 319
Proceeds from exercise of warrants 3,280 7,029
Proceeds received from Credit and Securities Purchase Transaction, net - related party 0 38,475
Payment of debt issuance costs (468) (2,250)
Repayment of equipment financing facility (122) (912)
Repurchase of shares from employees for income tax withholding purposes 0 (488)
Net cash provided by financing activities 2,673 42,162
Effect of exchange rate changes on cash, cash equivalents and restricted cash 2 12
Net (decrease) increase in cash, cash equivalents and restricted cash (152,198) 8,332
Cash, cash equivalents and restricted cash, beginning of the period 624,566 103,362
Cash, cash equivalents and restricted cash, end of the period 472,368 111,694
Non-cash investing and financing activities    
Accrued and unpaid capital expenditures 20,666 730
Accrued and unpaid investment in internally developed software 323 0
Paid-in kind interest added to principal 1,102 789
Accrued and unpaid debt issuance costs 51 1,581
Remeasurement of preferred stock - related party (778,878) (79,997)
Right-of-use operating lease assets in exchange for lease liabilities 1,829 25
Supplemental disclosures    
Cash paid for interest 5 73
Related Party    
Adjustment to reconcile net income to net cash used in operating activities    
Non-cash interest expense 0 2,457
Change in fair value of derivatives (267,230) (34,586)
Nonrelated Party    
Adjustment to reconcile net income to net cash used in operating activities    
Non-cash interest expense 8,730 899
Change in fair value of derivatives $ (165,935) $ 0