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Unaudited Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities    
Net loss $ (276,595) $ (70,555)
Adjustments to reconcile net loss to net cash used in operating activities:    
Reduction in the carrying amount of ROU assets 4,718 2,572
Depreciation and amortization 11,153 6,469
Stock-based compensation 173,989 1,903
Compensation expense related to secondary sale 0 3,736
Amortization of debt issuance costs 337 306
Non-cash interest expense 0 13,097
Accretion expense 195 87
Revaluation of warrant liability to estimated fair value 1,239 698
Expenses related to invoices in dispute 0 624
Loss on disposal of property and equipment and inventory 1,896 16
Loss on disposal of research and development equipment 0 116
Other 0 281
Changes in operating assets and liabilities:    
Accounts receivable (6,436) 3,986
Inventory 2,844 1,859
Prepaid expenses and other current assets (11,154) 169
Prepaid partnership costs (2,245) (4,752)
Operating lease right-of-use asset (30,112) (20,502)
Other non-current assets 6 (7)
Accounts payable 12,626 (13,275)
Due to related party (91) 44
Accrued expenses and other current liabilities (3,379) 3,984
Accrued interest (132) 718
Deferred revenue 825 (629)
Lease incentive liability (44) (48)
Operating lease liability 25,744 16,081
Other noncurrent liabilities 1,350 (4,258)
Net cash used in operating activities (93,266) (57,280)
Cash flows from investing activities    
Purchase of property and equipment (56,480) (16,905)
Capitalization of internal-use software (626) (348)
Lease incentives received 0 605
Cash paid for acquisition of 2Predict (200) 0
Net cash used in investing activities (57,306) (16,648)
Cash flows from financing activities    
Due from employees for taxes paid on partial recourse notes (8,341) (1,019)
Proceeds from issuance of Series D Preferred Stock 28,721 69,194
Proceeds from issuance of Series D-1 convertible notes   20,550
Proceeds from issuance of Series D-1 convertible notes - related party   9,600
Proceeds from issuance of long term debt 24,694
Payments of long term debt (8,167) 0
Proceeds from PPP loan   3,193
Payment of PPP Loan (3,195)  
Proceeds from exercise of stock options 1,497 104
Payment of issuance costs related to Series D and D-1 Preferred Stock (1,290) (3,784)
Payment of debt issuance costs 0 (662)
Proceeds from financing activity 0 446
Payment of financing activity principal (620) (340)
Proceeds from Reverse Recapitalization and PIPE Financing 350,146  
Proceeds from exercise of common stock warrants - related party 2 0
Proceeds from refunds of transaction costs related to Reverse Recapitalization 4,108 0
Payment of transaction costs related to Reverse Recapitalization (9,048)  
Net cash provided by financing activities 353,813 121,976
Effect of exchange rate changes on cash and cash equivalents 213 0
Net increase in cash and cash equivalents 203,454 48,048
Cash and cash equivalents, beginning of period 58,806 10,758
Cash and cash equivalents, end of period 262,260 58,806
Supplemental disclosures of cash flow information    
Cash paid for interest 6,534 4,275
Cash paid for taxes 0 9
Non-cash investing and financing activities    
Purchases of property and equipment not yet settled 3,657 4,813
Conversion of redeemable convertible Preferred Stock into common stock in connection with the Reverse Recapitalization 210,030  
Initial recognition of operating lease right-of-use asset 30,612 21,461
Initial recognition of operating lease liability 29,036 18,077
Class B common stock warrants issued in satisfaction of services rendered   749
Forfeiture of shares to settle promissory notes collateralized to common stock 9,359 0
Cashless exercise of Legacy Volta Preferred Stock Warrants 1,944
Common stock issued for acquisition of 2Predict 1,220 0
Issuance of Series D-1 Preferred Stock in satisfaction of debt and other liabilities 0 42,021
Secondary sales of common stock pledged against partial recourse notes - related party $ 0 $ 3,736