v3.26.1
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net income (loss) $ 233,173 $ (207,801)
Adjustment to reconcile net income to net cash used in operating activities    
Stock-based compensation 12,085 14,701
Depreciation and amortization 11,461 5,615
Loss on debt extinguishment 0 49,063
Loss from write-down of property, plant and equipment 76 766
Amortization of right-of-use assets 1,522 805
Change in fair value of debt - related party 8,766 (25,682)
Change in fair value of warrants (146,140) 12,011
Loss on contingently issuable securities 35,662 0
Other 669 (6,317)
Changes in operating assets and liabilities:    
Prepaid expenses (542) (1,067)
Inventory (16,577) (90)
Vendor deposits (5,925) (5,093)
Contract assets (7,369) (2,776)
Grant receivable (22,798) (4,306)
Accounts payable 12,461 10,165
Accrued expenses 7,450 (1,273)
Operating lease liabilities 736 (961)
Contract liabilities (7,595) 13,188
Other (7,018) (1,556)
Net cash used in operating activities (191,753) (95,046)
Cash flows from investing activities    
Investment in internally developed software (76) 0
Purchases of property, plant and equipment (70,475) (11,959)
Net cash used in investing activities (70,551) (11,959)
Cash flows from financing activities    
Principal payments on finance lease obligations (45) (22)
Proceeds from exercise of stock options 74 319
Proceeds from exercise of warrants 3,280 7,829
Proceeds received from Credit and Securities Purchase Transaction, net - related party 0 38,475
Payment of debt issuance costs (566) (2,836)
Payoff of notes payable - related parties 0 (180,940)
Payment of debt extinguishment costs 0 (680)
Return of debt repurchase premium 0 5,000
Repayment of equipment financing facility (122) (912)
Proceeds from issuance of common stock 0 81,075
Repurchase of shares from employees for income tax withholding purposes (813) (488)
Net cash provided by financing activities 1,808 186,820
Effect of exchange rate changes on cash, cash equivalents and restricted cash 0 (2)
Net (decrease) increase in cash, cash equivalents and restricted cash (260,496) 79,813
Cash, cash equivalents and restricted cash, beginning of the period 624,566 103,362
Cash, cash equivalents and restricted cash, end of the period 364,070 183,175
Non-cash investing and financing activities    
Accrued and unpaid capital expenditures 21,919 13,872
Accrued and unpaid investment in internally developed software 632 0
Accrued direct costs for equity-method investment 530 0
Warrants issuable for formation of joint venture 151,034 0
Paid-in kind interest added to principal 2,217 4,576
Accrued and unpaid debt issuance costs 28 2,797
Accrued and unpaid equity issuance costs 2,188 0
Down round deemed dividend 0 4,456
Remeasurement of preferred stock - related party (648,320) (58,612)
Fixed assets acquired with finance lease 24 0
Right-of-use operating lease assets in exchange for lease liabilities 1,829 520
Reclassification of embedded derivative to additional paid in capital 133,231 0
Supplemental disclosures    
Cash paid for interest 7,147 127
May 2025 Convertible Notes    
Cash flows from financing activities    
Proceeds from the issuance of May 2025 Convertible Notes, net of discount 0 240,000
Related Party    
Adjustment to reconcile net income to net cash used in operating activities    
Non-cash interest expense 0 10,291
Change in fair value of derivatives (216,684) 41,869
Changes in operating assets and liabilities:    
Accounts receivable (5,516) 0
Nonrelated Party    
Adjustment to reconcile net income to net cash used in operating activities    
Non-cash interest expense 17,236 3,826
Change in fair value of derivatives (95,488) 0
Changes in operating assets and liabilities:    
Accounts receivable $ (1,398) $ (424)