v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities:    
Net loss $ (28,264) $ (53,520)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation, depletion and amortization 67,516 42,161
Accretion of discount on short-term investments (12,956) (11,462)
Stock-based compensation expense 24,217 12,905
Amortization of debt discount and debt issuance costs 3,621 2,074
Lower of cost or net realizable value reserve 0 6,736
Deferred income taxes (13,444) (17,936)
Other 154 (5,919)
Decrease (increase) in operating assets:    
Trade accounts receivable (including related party) (25,794) (2,686)
Other receivables 58,677 (10,951)
Inventories (20,809) (52,441)
Prepaid expenses, other current and non-current assets (13,694) (4,481)
Increase (decrease) in operating liabilities:    
Accounts payable and accrued liabilities (4,108) 1,201
Deferred revenue (33,872) 24,948
Deferred government grant 5,857 3,313
Other current and non-current liabilities (2,162) (795)
Net cash provided by (used in) operating activities 4,939 (66,853)
Investing activities:    
Additions to property, plant and equipment (307,711) (59,473)
Purchases of short-term investments (1,236,482) (683,815)
Proceeds from sales of short-term investments 15,840 80,387
Proceeds from maturities of short-term investments 873,593 690,942
Proceeds from return of investment in equity method investee 0 9,673
Proceeds from sale of property, plant and equipment 0 4,063
Reimbursements received from the government 0 12,200
Net cash provided by (used in) investing activities (654,760) 53,977
Financing activities:    
Payments to retire long-term debt (67,499) 0
Principal payments on debt obligations (2,177) (3,857)
Tax withholding on stock-based awards (18,246) (3,877)
Net cash used in financing activities (87,922) (7,734)
Net change in cash, cash equivalents and restricted cash (737,743) (20,610)
Cash, cash equivalents and restricted cash beginning balance 1,167,359 283,603
Cash, cash equivalents and restricted cash ending balance 429,616 262,993
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 429,075 261,535
Restricted cash, current 541 918
Restricted cash, non-current 0 540
Total cash, cash equivalents and restricted cash $ 429,616 $ 262,993