(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
Exhibit No. | Description | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL). | |||||||
NIKOLA CORPORATION | |||||||||||
Date: August 3, 2021 | By: | /s/ Kim J. Brady | |||||||||
Kim J. Brady | |||||||||||
Chief Financial Officer | |||||||||||
(In thousands, except share and per share data) | Q2 2021 | Q2 2020 | Q2 2021 YTD | Q2 2020 YTD | |||||||||||||||||||
Loss from operations | $ | (138,398) | $ | (86,623) | $ | (258,988) | $ | (118,620) | |||||||||||||||
Net loss | $ | (143,231) | $ | (115,782) | $ | (263,455) | $ | (148,928) | |||||||||||||||
Adjusted EBITDA (1) | $ | (73,906) | $ | (46,901) | $ | (127,340) | $ | (76,063) | |||||||||||||||
Net loss per share, basic | $ | (0.36) | $ | (0.43) | $ | (0.67) | $ | (0.56) | |||||||||||||||
Net loss per share, diluted | $ | (0.36) | $ | (0.43) | $ | (0.67) | $ | (0.56) | |||||||||||||||
Non-GAAP net loss per share, basic(1) | $ | (0.20) | $ | (0.16) | $ | (0.34) | $ | (0.28) | |||||||||||||||
Non-GAAP net loss per share, diluted(1) | $ | (0.20) | $ | (0.16) | $ | (0.34) | $ | (0.28) | |||||||||||||||
Weighted-average shares outstanding, basic | 394,577,711 | 303,785,616 | 393,390,377 | 287,822,558 | |||||||||||||||||||
Weighted-average shares outstanding, diluted | 394,577,711 | 303,785,616 | 393,390,377 | 287,822,558 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Solar revenues | $ | — | $ | 36 | $ | — | $ | 94 | |||||||||||||||
Cost of solar revenues | — | 30 | — | 73 | |||||||||||||||||||
Gross profit | — | 6 | — | 21 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development(1) | 67,726 | 42,525 | 122,889 | 66,602 | |||||||||||||||||||
Selling, general, and administrative(1) | 70,672 | 44,104 | 136,099 | 52,039 | |||||||||||||||||||
Total operating expenses | 138,398 | 86,629 | 258,988 | 118,641 | |||||||||||||||||||
Loss from operations | (138,398) | (86,623) | (258,988) | (118,620) | |||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest income (expense), net | (92) | 22 | (101) | 84 | |||||||||||||||||||
Loss on forward contract liability | — | — | — | (1,324) | |||||||||||||||||||
Revaluation of warrant liability | (2,511) | (29,157) | (1,560) | (29,157) | |||||||||||||||||||
Other income (expense), net | (1,102) | (23) | (883) | 91 | |||||||||||||||||||
Loss before income taxes and equity in net loss of affiliates | (142,103) | (115,781) | (261,532) | (148,926) | |||||||||||||||||||
Income tax expense | 2 | 1 | 3 | 2 | |||||||||||||||||||
Loss before equity in net loss of affiliates | (142,105) | (115,782) | (261,535) | (148,928) | |||||||||||||||||||
Equity in net loss of affiliates | (1,126) | — | (1,920) | — | |||||||||||||||||||
Net loss | (143,231) | (115,782) | (263,455) | (148,928) | |||||||||||||||||||
Premium paid on repurchase of redeemable convertible preferred stock | — | (13,407) | — | (13,407) | |||||||||||||||||||
Net loss attributable to common stockholders | $ | (143,231) | $ | (129,189) | $ | (263,455) | $ | (162,335) | |||||||||||||||
Net loss per share attributable to common stockholders: | |||||||||||||||||||||||
Basic | $ | (0.36) | $ | (0.43) | $ | (0.67) | $ | (0.56) | |||||||||||||||
Diluted | $ | (0.36) | $ | (0.43) | $ | (0.67) | $ | (0.56) | |||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||
Basic | 394,577,711 | 303,785,616 | 393,390,377 | 287,822,558 | |||||||||||||||||||
Diluted | 394,577,711 | 303,785,616 | 393,390,377 | 287,822,558 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Research and development | $ | 10,228 | $ | 2,880 | $ | 20,550 | $ | 3,238 | |||||||||||||||
Selling, general, and administrative | 42,442 | 35,347 | 82,386 | 36,302 | |||||||||||||||||||
Total stock-based compensation expense | $ | 52,670 | $ | 38,227 | $ | 102,936 | $ | 39,540 |
June 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
(Unaudited) | |||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 632,694 | $ | 840,913 | |||||||
Restricted cash and cash equivalents | — | 4,365 | |||||||||
Inventory | 2,267 | — | |||||||||
Prepaid in-kind services | 18,548 | 46,271 | |||||||||
Prepaid expenses and other current assets | 9,776 | 5,368 | |||||||||
Total current assets | 663,285 | 896,917 | |||||||||
Restricted cash and cash equivalents | — | 4,000 | |||||||||
Long-term deposits | 16,670 | 17,687 | |||||||||
Property, plant and equipment, net | 166,367 | 71,401 | |||||||||
Intangible assets, net | 50,000 | 50,050 | |||||||||
Investment in affiliates | 63,639 | 8,420 | |||||||||
Goodwill | 5,238 | 5,238 | |||||||||
Total assets | $ | 965,199 | $ | 1,053,713 | |||||||
Liabilities and stockholders' equity | |||||||||||
Current liabilities | |||||||||||
Accounts payable | 58,064 | 29,364 | |||||||||
Accrued expenses and other current liabilities | 26,725 | 18,809 | |||||||||
Term note, current | — | 4,100 | |||||||||
Total current liabilities | 84,789 | 52,273 | |||||||||
Finance lease liabilities | 13,491 | 13,956 | |||||||||
Warrant liability | 8,895 | 7,335 | |||||||||
Deferred tax liabilities, net | 10 | 8 | |||||||||
Total liabilities | 107,185 | 73,572 | |||||||||
Commitments and contingencies (Note 11) | |||||||||||
Common stock with embedded put right | 13,237 | — | |||||||||
Stockholders' equity | |||||||||||
Preferred stock, $0.0001 par value, 150,000,000 shares authorized, no shares issued and outstanding as of June 30, 2021 and December 31, 2020 | — | — | |||||||||
Common stock, $0.0001 par value, 600,000,000 shares authorized, 397,077,561 and 391,041,347 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively | 40 | 39 | |||||||||
Additional paid-in capital | 1,668,362 | 1,540,037 | |||||||||
Accumulated other comprehensive income | 4 | 239 | |||||||||
Accumulated deficit | (823,629) | (560,174) | |||||||||
Total stockholders' equity | 844,777 | 980,141 | |||||||||
Total liabilities and stockholders' equity | $ | 965,199 | $ | 1,053,713 |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Cash flows from operating activities | |||||||||||
Net loss | $ | (263,455) | $ | (148,928) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation and amortization | 3,710 | 2,926 | |||||||||
Stock-based compensation | 102,936 | 39,540 | |||||||||
Deferred income taxes | 2 | 2 | |||||||||
Non-cash in-kind services | 27,723 | 17,241 | |||||||||
Loss on forward contract liability | — | 1,324 | |||||||||
Equity in net loss of affiliates | 1,920 | — | |||||||||
Revaluation of warrant liability | 1,560 | 29,157 | |||||||||
Issuance of common stock for commitment shares | 2,625 | — | |||||||||
Loss on sale of equipment | 1,008 | — | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Inventory | (2,267) | — | |||||||||
Prepaid expenses and other current assets | (4,024) | (779) | |||||||||
Accounts payable, accrued expenses and other current liabilities | 9,535 | 9,064 | |||||||||
Long-term and customer deposits | (7,247) | 4,892 | |||||||||
Net cash used in operating activities | (125,974) | (45,561) | |||||||||
Cash flows from investing activities | |||||||||||
Purchases and deposits of property, plant and equipment | (64,787) | (6,303) | |||||||||
Investments in affiliates | (25,000) | — | |||||||||
Proceeds from sale of equipment | 200 | — | |||||||||
Net cash used in investing activities | (89,587) | (6,303) | |||||||||
Cash flows from financing activities | |||||||||||
Proceeds from issuance of Series D redeemable convertible preferred stock, net of issuance costs paid | — | 50,349 | |||||||||
Business Combination and PIPE financing, net of issuance costs paid | — | 616,736 | |||||||||
Proceeds from the exercise of stock options | 3,839 | 1,884 | |||||||||
Proceeds from landlord of finance lease | — | 889 | |||||||||
Payments on finance lease liabilities | (518) | (544) | |||||||||
Proceeds from note payable | — | 4,134 | |||||||||
Payment of note payable | (4,100) | (4,134) | |||||||||
Payments for issuance costs | (244) | — | |||||||||
Net cash provided by (used in) financing activities | (1,023) | 669,314 | |||||||||
Net increase (decrease) in cash and cash equivalents, including restricted cash | (216,584) | 617,450 | |||||||||
Cash and cash equivalents, including restricted cash, beginning of period | 849,278 | 89,832 | |||||||||
Cash and cash equivalents, including restricted cash, end of period | $ | 632,694 | $ | 707,282 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Net loss | $ | (143,231) | $ | (115,782) | $ | (263,455) | $ | (148,928) | ||||||||||||||||||
Interest (income) expense, net | 92 | (22) | 101 | (84) | ||||||||||||||||||||||
Income tax expense | 2 | 1 | 3 | 2 | ||||||||||||||||||||||
Depreciation and amortization | 1,905 | 1,518 | 3,710 | 2,926 | ||||||||||||||||||||||
EBITDA | (141,232) | (114,285) | (259,641) | (146,084) | ||||||||||||||||||||||
Stock-based compensation | 52,670 | 38,227 | 102,936 | 39,540 | ||||||||||||||||||||||
Loss on forward contract liability | — | — | — | 1,324 | ||||||||||||||||||||||
Revaluation of warrant liability | 2,511 | 29,157 | 1,560 | 29,157 | ||||||||||||||||||||||
Equity in net loss of affiliates | 1,126 | — | 1,920 | — | ||||||||||||||||||||||
Regulatory and legal matters (1) | 11,019 | — | 25,885 | — | ||||||||||||||||||||||
Adjusted EBITDA | $ | (73,906) | $ | (46,901) | $ | (127,340) | $ | (76,063) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
(in thousands, except share and per share data) | ||||||||||||||||||||||||||
Net loss attributable to common stockholders | $ | (143,231) | $ | (129,189) | $ | (263,455) | $ | (162,335) | ||||||||||||||||||
Stock-based compensation | 52,670 | 38,227 | 102,936 | 39,540 | ||||||||||||||||||||||
Premium paid on repurchase of redeemable convertible preferred stock | — | 13,407 | — | 13,407 | ||||||||||||||||||||||
Revaluation of warrant liability | 2,511 | 29,157 | 1,560 | 29,157 | ||||||||||||||||||||||
Regulatory and legal matters(1) | 11,019 | — | 25,885 | — | ||||||||||||||||||||||
Non-GAAP net loss | $ | (77,031) | $ | (48,398) | $ | (133,074) | $ | (80,231) | ||||||||||||||||||
Non-GAAP net loss per share: | ||||||||||||||||||||||||||
Basic | $ | (0.20) | $ | (0.16) | $ | (0.34) | $ | (0.28) | ||||||||||||||||||
Diluted | $ | (0.20) | $ | (0.16) | $ | (0.34) | $ | (0.28) | ||||||||||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||||||||
Basic | 394,577,711 | 303,785,616 | 393,390,377 | 287,822,558 | ||||||||||||||||||||||
Diluted | 394,577,711 | 303,785,616 | 393,390,377 | 287,822,558 |
(In thousands, except share and per share data) | Q2 2021 | Q2 2020 | Q2 2021 YTD | Q2 2020 YTD | |||||||||||||||||||
Loss from operations | $ | (138,398) | $ | (86,623) | $ | (258,988) | $ | (118,620) | |||||||||||||||
Net loss | $ | (143,231) | $ | (115,782) | $ | (263,455) | $ | (148,928) | |||||||||||||||
Adjusted EBITDA (1) | $ | (73,906) | $ | (46,901) | $ | (127,340) | $ | (76,063) | |||||||||||||||
Net loss per share, basic | $ | (0.36) | $ | (0.43) | $ | (0.67) | $ | (0.56) | |||||||||||||||
Net loss per share, diluted | $ | (0.36) | $ | (0.43) | $ | (0.67) | $ | (0.56) | |||||||||||||||
Non-GAAP net loss per share, basic(1) | $ | (0.20) | $ | (0.16) | $ | (0.34) | $ | (0.28) | |||||||||||||||
Non-GAAP net loss per share, diluted(1) | $ | (0.20) | $ | (0.16) | $ | (0.34) | $ | (0.28) | |||||||||||||||
Weighted-average shares outstanding, basic | 394,577,711 | 303,785,616 | 393,390,377 | 287,822,558 | |||||||||||||||||||
Weighted-average shares outstanding, diluted | 394,577,711 | 303,785,616 | 393,390,377 | 287,822,558 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Solar revenues | $ | — | $ | 36 | $ | — | $ | 94 | |||||||||||||||
Cost of solar revenues | — | 30 | — | 73 | |||||||||||||||||||
Gross profit | — | 6 | — | 21 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research and development(1) | 67,726 | 42,525 | 122,889 | 66,602 | |||||||||||||||||||
Selling, general, and administrative(1) | 70,672 | 44,104 | 136,099 | 52,039 | |||||||||||||||||||
Total operating expenses | 138,398 | 86,629 | 258,988 | 118,641 | |||||||||||||||||||
Loss from operations | (138,398) | (86,623) | (258,988) | (118,620) | |||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest income (expense), net | (92) | 22 | (101) | 84 | |||||||||||||||||||
Loss on forward contract liability | — | — | — | (1,324) | |||||||||||||||||||
Revaluation of warrant liability | (2,511) | (29,157) | (1,560) | (29,157) | |||||||||||||||||||
Other income (expense), net | (1,102) | (23) | (883) | 91 | |||||||||||||||||||
Loss before income taxes and equity in net loss of affiliates | (142,103) | (115,781) | (261,532) | (148,926) | |||||||||||||||||||
Income tax expense | 2 | 1 | 3 | 2 | |||||||||||||||||||
Loss before equity in net loss of affiliates | (142,105) | (115,782) | (261,535) | (148,928) | |||||||||||||||||||
Equity in net loss of affiliates | (1,126) | — | (1,920) | — | |||||||||||||||||||
Net loss | (143,231) | (115,782) | (263,455) | (148,928) | |||||||||||||||||||
Premium paid on repurchase of redeemable convertible preferred stock | — | (13,407) | — | (13,407) | |||||||||||||||||||
Net loss attributable to common stockholders | $ | (143,231) | $ | (129,189) | $ | (263,455) | $ | (162,335) | |||||||||||||||
Net loss per share attributable to common stockholders: | |||||||||||||||||||||||
Basic | $ | (0.36) | $ | (0.43) | $ | (0.67) | $ | (0.56) | |||||||||||||||
Diluted | $ | (0.36) | $ | (0.43) | $ | (0.67) | $ | (0.56) | |||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||
Basic | 394,577,711 | 303,785,616 | 393,390,377 | 287,822,558 | |||||||||||||||||||
Diluted | 394,577,711 | 303,785,616 | 393,390,377 | 287,822,558 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Research and development | $ | 10,228 | $ | 2,880 | $ | 20,550 | $ | 3,238 | |||||||||||||||
Selling, general, and administrative | 42,442 | 35,347 | 82,386 | 36,302 | |||||||||||||||||||
Total stock-based compensation expense | $ | 52,670 | $ | 38,227 | $ | 102,936 | $ | 39,540 |
June 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
(Unaudited) | |||||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 632,694 | $ | 840,913 | |||||||
Restricted cash and cash equivalents | — | 4,365 | |||||||||
Inventory | 2,267 | — | |||||||||
Prepaid in-kind services | 18,548 | 46,271 | |||||||||
Prepaid expenses and other current assets | 9,776 | 5,368 | |||||||||
Total current assets | 663,285 | 896,917 | |||||||||
Restricted cash and cash equivalents | — | 4,000 | |||||||||
Long-term deposits | 16,670 | 17,687 | |||||||||
Property, plant and equipment, net | 166,367 | 71,401 | |||||||||
Intangible assets, net | 50,000 | 50,050 | |||||||||
Investment in affiliates | 63,639 | 8,420 | |||||||||
Goodwill | 5,238 | 5,238 | |||||||||
Total assets | $ | 965,199 | $ | 1,053,713 | |||||||
Liabilities and stockholders' equity | |||||||||||
Current liabilities | |||||||||||
Accounts payable | 58,064 | 29,364 | |||||||||
Accrued expenses and other current liabilities | 26,725 | 18,809 | |||||||||
Term note, current | — | 4,100 | |||||||||
Total current liabilities | 84,789 | 52,273 | |||||||||
Finance lease liabilities | 13,491 | 13,956 | |||||||||
Warrant liability | 8,895 | 7,335 | |||||||||
Deferred tax liabilities, net | 10 | 8 | |||||||||
Total liabilities | 107,185 | 73,572 | |||||||||
Commitments and contingencies (Note 11) | |||||||||||
Common stock with embedded put right | 13,237 | — | |||||||||
Stockholders' equity | |||||||||||
Preferred stock, $0.0001 par value, 150,000,000 shares authorized, no shares issued and outstanding as of June 30, 2021 and December 31, 2020 | — | — | |||||||||
Common stock, $0.0001 par value, 600,000,000 shares authorized, 397,077,561 and 391,041,347 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively | 40 | 39 | |||||||||
Additional paid-in capital | 1,668,362 | 1,540,037 | |||||||||
Accumulated other comprehensive income | 4 | 239 | |||||||||
Accumulated deficit | (823,629) | (560,174) | |||||||||
Total stockholders' equity | 844,777 | 980,141 | |||||||||
Total liabilities and stockholders' equity | $ | 965,199 | $ | 1,053,713 |
Six Months Ended June 30, | |||||||||||
2021 | 2020 | ||||||||||
Cash flows from operating activities | |||||||||||
Net loss | $ | (263,455) | $ | (148,928) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation and amortization | 3,710 | 2,926 | |||||||||
Stock-based compensation | 102,936 | 39,540 | |||||||||
Deferred income taxes | 2 | 2 | |||||||||
Non-cash in-kind services | 27,723 | 17,241 | |||||||||
Loss on forward contract liability | — | 1,324 | |||||||||
Equity in net loss of affiliates | 1,920 | — | |||||||||
Revaluation of warrant liability | 1,560 | 29,157 | |||||||||
Issuance of common stock for commitment shares | 2,625 | — | |||||||||
Loss on sale of equipment | 1,008 | — | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Inventory | (2,267) | — | |||||||||
Prepaid expenses and other current assets | (4,024) | (779) | |||||||||
Accounts payable, accrued expenses and other current liabilities | 9,535 | 9,064 | |||||||||
Long-term and customer deposits | (7,247) | 4,892 | |||||||||
Net cash used in operating activities | (125,974) | (45,561) | |||||||||
Cash flows from investing activities | |||||||||||
Purchases and deposits of property, plant and equipment | (64,787) | (6,303) | |||||||||
Investments in affiliates | (25,000) | — | |||||||||
Proceeds from sale of equipment | 200 | — | |||||||||
Net cash used in investing activities | (89,587) | (6,303) | |||||||||
Cash flows from financing activities | |||||||||||
Proceeds from issuance of Series D redeemable convertible preferred stock, net of issuance costs paid | — | 50,349 | |||||||||
Business Combination and PIPE financing, net of issuance costs paid | — | 616,736 | |||||||||
Proceeds from the exercise of stock options | 3,839 | 1,884 | |||||||||
Proceeds from landlord of finance lease | — | 889 | |||||||||
Payments on finance lease liabilities | (518) | (544) | |||||||||
Proceeds from note payable | — | 4,134 | |||||||||
Payment of note payable | (4,100) | (4,134) | |||||||||
Payments for issuance costs | (244) | — | |||||||||
Net cash provided by (used in) financing activities | (1,023) | 669,314 | |||||||||
Net increase (decrease) in cash and cash equivalents, including restricted cash | (216,584) | 617,450 | |||||||||
Cash and cash equivalents, including restricted cash, beginning of period | 849,278 | 89,832 | |||||||||
Cash and cash equivalents, including restricted cash, end of period | $ | 632,694 | $ | 707,282 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Net loss | $ | (143,231) | $ | (115,782) | $ | (263,455) | $ | (148,928) | ||||||||||||||||||
Interest (income) expense, net | 92 | (22) | 101 | (84) | ||||||||||||||||||||||
Income tax expense | 2 | 1 | 3 | 2 | ||||||||||||||||||||||
Depreciation and amortization | 1,905 | 1,518 | 3,710 | 2,926 | ||||||||||||||||||||||
EBITDA | (141,232) | (114,285) | (259,641) | (146,084) | ||||||||||||||||||||||
Stock-based compensation | 52,670 | 38,227 | 102,936 | 39,540 | ||||||||||||||||||||||
Loss on forward contract liability | — | — | — | 1,324 | ||||||||||||||||||||||
Revaluation of warrant liability | 2,511 | 29,157 | 1,560 | 29,157 | ||||||||||||||||||||||
Equity in net loss of affiliates | 1,126 | — | 1,920 | — | ||||||||||||||||||||||
Regulatory and legal matters (1) | 11,019 | — | 25,885 | — | ||||||||||||||||||||||
Adjusted EBITDA | $ | (73,906) | $ | (46,901) | $ | (127,340) | $ | (76,063) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
(in thousands, except share and per share data) | ||||||||||||||||||||||||||
Net loss attributable to common stockholders | $ | (143,231) | $ | (129,189) | $ | (263,455) | $ | (162,335) | ||||||||||||||||||
Stock-based compensation | 52,670 | 38,227 | 102,936 | 39,540 | ||||||||||||||||||||||
Premium paid on repurchase of redeemable convertible preferred stock | — | 13,407 | — | 13,407 | ||||||||||||||||||||||
Revaluation of warrant liability | 2,511 | 29,157 | 1,560 | 29,157 | ||||||||||||||||||||||
Regulatory and legal matters(1) | 11,019 | — | 25,885 | — | ||||||||||||||||||||||
Non-GAAP net loss | $ | (77,031) | $ | (48,398) | $ | (133,074) | $ | (80,231) | ||||||||||||||||||
Non-GAAP net loss per share: | ||||||||||||||||||||||||||
Basic | $ | (0.20) | $ | (0.16) | $ | (0.34) | $ | (0.28) | ||||||||||||||||||
Diluted | $ | (0.20) | $ | (0.16) | $ | (0.34) | $ | (0.28) | ||||||||||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||||||||
Basic | 394,577,711 | 303,785,616 | 393,390,377 | 287,822,558 | ||||||||||||||||||||||
Diluted | 394,577,711 | 303,785,616 | 393,390,377 | 287,822,558 |
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