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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Operating Activities        
Net loss $ 2,729 $ (21,002) $ (19,044) $ (39,877)
Adjustments to reconcile net loss to net cash used in operating activities:        
Stock-based compensation     4,142 8,699
Depreciation and amortization 7,213 4,277 12,835 8,728
Change in fair value of derivative instruments     (652)  
Tax credit generation     (21,494)  
Other non-cash income     1,274 1,276
Changes in operating assets and liabilities, net of effects of acquisition:        
Accounts receivable     (3,634) 341
Inventories     (788) 243
Prepaid expenses and other current assets, deposits and other assets     (9,504) (5,941)
Accounts payable, accrued expenses and non-current liabilities     10,295 (989)
Net cash used in operating activities     (26,570) (27,520)
Investing Activities        
Acquisitions of property, plant and equipment     (11,077) (26,708)
Acquisition of Red Trail Energy     (198,461)  
Net cash used in investing activities     (209,538) (26,708)
Financing Activities        
Loan proceeds     105,000  
Payment of debt issuance costs     (5,480) (1,665)
Non-controlling interest     5,000  
Proceeds from the exercise of stock options     182  
Payment of loans payable       (65)
Payment of finance lease liabilities     (726) (255)
Repurchases of common stock       (4,064)
Net cash provided by (used in) financing activities     103,976 (6,049)
Net decrease in cash and cash equivalents     (132,132) (60,277)
Cash, cash equivalents and restricted cash at beginning of period     259,033 375,597
Cash, cash equivalents and restricted cash at end of period 126,901 315,320 126,901 315,320
Schedule of cash, cash equivalents and restricted cash        
Cash and cash equivalents 57,257 245,676 57,257 245,676
Restricted cash (current) 69,644 1,489 69,644 1,489
Restricted cash (non-current)   68,155   68,155
Total cash, cash equivalents and restricted cash $ 126,901 $ 315,320 126,901 315,320
Supplemental disclosures of cash and non-cash investing and financing transactions        
Cash paid for interest     3,052 1,464
Non-cash purchase of property, plant and equipment     6,317 9,855
Right-of-use asset purchased with operating lease     $ 1,337 $ 32