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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Operating activities    
Net loss $ (595,909) $ (199,203)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 16,314 11,313
Loss on disposal of property and equipment 2,473 591
Loss on issuance of convertible preferred stock 355,551 0
Stock based compensation 16,819 9,172
Warrant expense 308 0
Non-cash interest expense 1,508 1,586
Non-cash lease expense 185 330
Changes in operating assets and liabilities:    
Accounts receivable (5,531) (2,626)
Prepaid expenses and other current assets 3,653 3,858
Other assets and liabilities (6) 19
Accounts payable, accrued expenses and current liabilities 17,990 7,564
Operating lease liabilities (27) (226)
Deferred revenue 3,286 2,360
Net cash used in operating activities (183,386) (165,262)
Investing activities    
Purchases of property and equipment (25,663) (51,681)
Proceeds from sale of property and equipment 1,296 380
Net cash used in investing activities (24,367) (51,301)
Financing activities    
Proceeds from sale-leaseback transaction 32,658 0
Proceeds from the issuance of promissory note 0 15,501
Payment of debt issuance costs 0 (150)
Repayment of borrowings (2,103) (685)
Issuance of common stock 2,095 1,231
Principal payments on finance lease obligations (46) (39)
Stock issuance costs (7,005) 0
Repurchase of common stock 0 (530)
Net cash provided by financing activities 598,380 15,328
Effect of currency translation on cash, cash equivalents and restricted cash (20) (24)
Increase (decrease) in cash, cash equivalents and restricted cash 390,607 (201,259)
Cash, cash equivalents and restricted cash at beginning of period 302,025 254,136
Cash, cash equivalents and restricted cash at end of period 692,632 52,877
Supplemental disclosure of cash flow information    
Cash paid for interest 7,946 6,842
Cash paid for taxes 117 34
Non-cash investing and financing activities    
Right-of-use assets recognized for new leases 1,243 796
Right-of-use assets modified for amendments 6 (1,138)
Property and equipment recorded in accounts payable 4,147 12,319
Stock issuance costs recorded in accounts payable and accrued liabilities 1,773 1,405
Deferred offering costs included in accounts payable and accrued expenses and other liabilities 6,181 0
Series C Preferred Stock    
Financing activities    
Proceeds from convertible preferred stock 150,406 0
Series C-1 Preferred Stock    
Financing activities    
Proceeds from convertible preferred stock $ 422,375 $ 0