v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net loss $ (175,660) $ (135,408)
Adjustments to reconcile net loss to net cash used in operating activities    
Equity-based compensation 4,506 9,765
Change in fair value of warrants 29,495 25,626
Depreciation expense 14,746 14,613
Loss on disposal of equipment 426 3,765
Amortization of debt issuance costs and debt discounts 13,493 11,147
Loss on extinguishment of debt 34,541 0
Operating lease amortization expense 2,395 2,251
Other (350) 0
Changes in operating assets and liabilities    
Accounts receivable, net (3,803) (2,126)
Inventory (4,453) (3,218)
Prepaid expenses and other current assets (273) 1,023
Prepaid expenses and other noncurrent assets 323 1,011
Accounts payable 3,509 (1,823)
Accrued expenses and other current liabilities (7,534) 618
Accrued interest (3,201) 2,436
Operating lease right-of-use liabilities (1,761) (1,827)
Net cash used in operating activities (92,684) (75,590)
Cash flows from investing activities    
Purchase of property, plant and equipment (35,176) (23,609)
Purchase of debt securities, available for sale (88,046) 0
Sale and maturity of available-for-sale investments 42,181 0
Net cash used in investing activities (81,041) (23,609)
Cash flows from financing activities    
Proceeds from issuance of Common Stock 163,001 33,307
Payments on related party revenue bonds (3,720) (535)
Proceeds from exercise and issuance of warrants 243 5,400
Payments on equipment financing (2,938) (4,297)
Stock and debt issuance costs (16,884) (1,000)
Payments to repurchase shares (2,518) (2,800)
Other financing activities (620) (1,314)
Net cash provided by financing activities 182,985 355,632
Net increase in cash and restricted cash 9,260 256,433
Cash and cash equivalents and restricted cash, beginning of period 168,034 41,511
Cash and cash equivalents and restricted cash, end of period 177,294 297,944
Operating activities    
Interest paid during the period, net of capitalized interest 20,564 18,774
Non-cash financing activities    
Stock and debt issuance costs accrued but not yet paid 1,657 6,525
Reconciliation of cash and cash equivalents and restricted cash reported in the condensed consolidated balance sheets    
Cash and cash equivalents 165,223 284,067
Restricted cash - current 2,636 4,612
Restricted cash - noncurrent 9,435 9,265
Total cash, cash equivalents and restricted cash 177,294 297,944
Put Option    
Adjustments to reconcile net loss to net cash used in operating activities    
Change in fair value of put option 917 (3,443)
Series B    
Cash flows from financing activities    
Proceeds from issuance of Series B Convertible Perpetual Preferred Stock 0 300,000
Series B Convertible Perpetual Preferred Stock    
Non-cash financing activities    
PIK dividends on Series B Convertible Perpetual Preferred Stock 10,839 583
Series A Preferred Stock    
Non-cash financing activities    
PIK interest 2,144 1,985
Third Party    
Cash flows from financing activities    
Proceeds from issuance of revenue bonds 0 16,808
Related Party    
Cash flows from financing activities    
Proceeds from issuance of revenue bonds 0 10,063
Proceeds from revolving credit facility and related party note payable 0 14,900
Payments on revolving credit facility and related party note payable 0 (14,900)
Accounts Payable and Accrued Expenses    
Non-cash investing activities    
Additions to property, plant, and equipment 10,246 13,270
Convertible Senior Notes    
Cash flows from financing activities    
Proceeds from issuance of Convertible Senior Notes 287,500 0
Green Convertible Notes    
Cash flows from financing activities    
Repurchase of Green Convertible Notes $ (241,079) $ 0