XML 23 R7.htm IDEA: XBRL DOCUMENT v3.25.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net loss $ (366,171) $ (680,859)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 97,959 68,838
Amortization of insurance premium 8,914 8,589
Non-cash operating lease cost 8,551 7,469
Stock-based compensation 27,515 63,696
Inventory and firm purchase commitments write-downs 147,918 132,298
Change in fair value of common stock warrant liability (12,861) (27,054)
Change in fair value of equity securities of a related party 13,453 19,933
Change in fair value of derivative liabilities associated with redeemable convertible preferred stock (related party) (281,700) 0
Net accretion of investment discounts/premiums (13,480) (21,304)
Other non-cash items 2,718 (1,255)
Changes in operating assets and liabilities:    
Accounts receivable (including $4,116 and $(49,358) from a related party for the three months ended March 31, 2025 and 2024, respectively) 21,781 (75,196)
Inventory (206,470) (21,002)
Prepaid expenses (7,423) (11,042)
Other current assets 45,299 3,914
Other noncurrent assets (45,911) (4,369)
Accounts payable (377) (3,533)
Other current liabilities 116,845 5,107
Other long-term liabilities 14,827 19,025
Net cash used in operating activities (428,613) (516,745)
Cash flows from investing activities:    
Purchases of property, plant and equipment (including $(41,993) and $(6,026) from a related party for the three months ended March 31, 2025 and 2024, respectively) (161,241) (198,197)
Purchases of investments (including $(30,000) and nil from a related party for the three months ended March 31, 2025 and 2024, respectively) (287,029) (514,548)
Proceeds from maturities of investments 1,062,291 1,030,291
Net cash provided by investing activities 614,021 317,546
Cash flows from financing activities:    
Payment for finance lease liabilities (554) (1,081)
Proceeds from borrowings from a related party 66,656 0
Proceeds from exercise of stock options 413 1,525
Tax withholding payments for net settlement of employee awards (3,277) (3,242)
Payment for credit facility issuance costs to a related party (507) 0
Net cash provided by financing activities 62,731 997,202
Net increase in cash, cash equivalents, and restricted cash 248,139 798,003
Beginning cash, cash equivalents, and restricted cash 1,607,052 1,371,507
Ending cash, cash equivalents, and restricted cash 1,855,191 2,169,510
Supplemental disclosure of cash flow information:    
Cash paid for interest, net of amounts capitalized 4,321 1,031
Cash paid for taxes 0 9
Supplemental disclosure of non-cash investing and financing activity:    
Increases (decreases) in purchases of property, plant and equipment included in accounts payable and other current liabilities (32,911) 40,464
Government grant (related party) reflected in property, plant and equipment 0 (15,047)
Property, plant and equipment and right-of-use assets obtained through leases 27,813 4,327
Series A Redeemable Convertible Preferred Stock    
Cash flows from financing activities:    
Proceeds from issuance of Series A redeemable convertible preferred stock to a related party 0 1,000,000
Change in fair value of common stock warrant liability    
Adjustments to reconcile net loss to net cash used in operating activities:    
Change in fair value of common stock warrant liability $ (12,861) $ (27,054)