XML 17 R7.htm IDEA: XBRL DOCUMENT v3.24.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Operating Activities        
Net loss $ (21,156) $ (15,700) $ (61,033) $ (47,738)
Adjustments to reconcile net loss to net cash used in operating activities:        
Stock-based compensation     12,485 12,752
Depreciation and amortization 3,494 4,994 12,222 14,323
Amortization of marketable securities discount       (102)
Other noncash expense     1,847 655
Changes in operating assets and liabilities, net of effects of acquisition:        
Accounts receivable     1,417 (1,766)
Inventories     (1,542) 1,137
Prepaid expenses and other current assets, deposits and other assets     (10,750) (816)
Accounts payable, accrued expenses and non-current liabilities     6,814 427
Net cash used in operating activities     (38,540) (21,128)
Investing Activities        
Acquisitions of property, plant and equipment     (36,459) (61,413)
Proceeds from sale of investment tax credit     15,336  
Payment of earnest money deposit     (10,000)  
Acquisition of CultivateAI, net     (6,070)  
Proceeds from maturity of marketable securities       168,550
Proceeds from sale of property, plant and equipment       34
Net cash (used in) provided by investing activities     (37,193) 107,171
Financing Activities        
Proceeds from issuance of Remarketed Bonds     68,155  
Extinguishment of 2021 Bonds     (68,155)  
Payment of debt offering costs     (1,665)  
Proceeds from the exercise of warrants     49  
Payment of loans payable     (89) (128)
Payment of finance lease liabilities     (578) (22)
Repurchases of common stock     (4,710)  
Net cash used in financing activities     (6,993) (150)
Net (decrease) increase in cash and cash equivalents     (82,726) 85,893
Cash, cash equivalents and restricted cash at beginning of period     375,597 315,376
Cash, cash equivalents and restricted cash at end of period 292,871 401,269 292,871 401,269
Schedule of cash, cash equivalents and restricted cash        
Cash and cash equivalents 223,227 323,510 223,227 323,510
Restricted cash (current) 1,489 77,759 1,489 77,759
Restricted cash (non-current) 68,155   68,155  
Total cash, cash equivalents and restricted cash $ 292,871 $ 401,269 292,871 401,269
Supplemental disclosures of cash and non-cash investing and financing transactions        
Cash paid for interest     1,556 1,028
Non-cash purchase of property, plant and equipment     5,600 15,593
Right-of-use asset purchased with financing leases     2,731 0
Right-of-use asset purchased with operating lease     $ 32 $ 199