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 $ (94,280) $ (127,030)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 35,933 17,465
Stock-based compensation expense 47,677 37,167
(Gain) loss on disposal of assets (403) 1,503
Lower of cost or market inventory valuation adjustment 5,802 0
Amortization of debt issuance costs and discount 179 1,691
Noncash lease expense 5,629 3,565
Change in the fair value of contingent consideration 386 0
Accretion of marketable securities purchased at a discount (873) (1,099)
Deferred income taxes 1,409 1,454
Changes in operating assets and liabilities:    
Accounts receivable, net (63,023) (25,317)
Contract assets (30,057) 11,193
Inventories (73,331) (11,513)
Prepaids and other current assets (6,881) (18,037)
Other non-current assets (40,337) 11,879
Trade payables (3,124) 11,149
Accrued expenses 8,963 4,024
Employee benefits payables (3,375) 3,289
Contract liabilities 78,835 7,217
Other current liabilities 2,788 98
Non-current lease liabilities (6,467) (6,547)
Other non-current liabilities 143 382
Net cash used in operating activities (134,407) (77,467)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property, equipment and software (53,112) (60,719)
Proceeds on disposal of assets 715 144
Cash paid for business combinations, net of acquired cash (44,271) 0
Purchases of marketable securities (149,519) (128,325)
Maturities of marketable securities 161,579 149,495
Sale of marketable securities 0 3,383
Net cash used in investing activities (84,608) (36,022)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from ATM Equity Offerings 1,529,639 396,647
Issuance costs related to ATM Equity Offerings (16,722) (9,496)
Proceeds from the exercise of stock options 1,278 379
Proceeds from Employee Stock Purchase Plan 8,792 4,836
Proceeds from sale of employees restricted stock units to cover taxes 151,719 40,715
Minimum tax withholding paid on behalf of employees for restricted stock units (151,154) (40,421)
Proceeds from secured term loans 0 25,000
Repayments on secured term loan 0 (11,208)
Payment of debt issuance costs 0 (278)
Finance lease principal payments (149) (126)
Net cash provided by financing activities 1,523,403 406,048
Effect of exchange rate changes on cash and cash equivalents (35) 1,127
Net increase in cash and cash equivalents and restricted cash 1,304,353 293,686
Cash and cash equivalents, and restricted cash, beginning of period 833,545 275,302
Cash and cash equivalents, and restricted cash, end of period 2,137,898 568,988
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid for interest 3,402 12,299
Cash paid for income taxes 464 428
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES:    
Unpaid purchases of property, equipment and software 15,371 14,009
Right-of-use assets obtained in exchange for new operating lease liabilities 3,865 19,602
Issuance of common stock for payment of accrued bonus 2,515 1,798
Issuance of common stock in connection with acquisition, at fair value 160,802 0
Accrued issuance costs in connection with ATM Equity Offerings 163 88
Accrued issuance costs in connection with Bridge Loan 12,600 0
Convertible senior notes, net and accrued interest settled by issuance of common stock 139,852 0
Payable to sellers in connection with business combinations 800 0
Contingent consideration assumed at acquisition $ 5,654 $ 0