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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net loss $ (47,191) $ (181,787)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation 2,190 1,319
Bad debt expense 135 440
Impairment of property and equipment (see Note 4) 0 5,044
Amortization of debt discount and issuance costs 243 0
Share-based compensation expense 6,780 7,180
Change in fair value of earn-out liabilities 33,369 33,816
Change in fair value of warrant liabilities (31,919) 36,641
Loss on issuance of securities 0 68,080
Other 177 108
Changes in operating assets and liabilities:    
Contract assets 24,417 (15,083)
Prepaid expenses (5,493) (55)
Other assets, net 2,037 852
Accounts payable and accrued expenses (3,940) 2,194
Accounts payable – affiliated companies (524) 238
Contract liabilities – current and long-term (11,724) 14,314
Other liabilities 3,167 5,948
Net cash used in operating activities (7,023) (55,622)
Cash flows from investing activities:    
Purchase of property and equipment (25,987) (5,185)
Net cash used in investing activities (25,987) (5,185)
Cash flows from financing activities:    
Proceeds from issuance of convertible notes, net of discount 335,513 0
Proceeds from borrowings 0 10,000
Purchase of capped call transactions (36,777) 0
Warrants exercised 176,620 51,360
Redemption of warrants (66) 0
Payment of debt issuance costs (929) 0
Transaction costs 0 (437)
Repurchase of Class A Common Stock (20,700) 0
Repayment of loans 0 (18,000)
Proceeds from issuance of securities 0 107,935
Payment of withholding taxes from share-based awards (4,757) (2,291)
Stock option exercises 0 300
Distributions to noncontrolling interests (1,526) (973)
Net cash provided by financing activities 447,378 147,894
Net increase in cash, cash equivalents and restricted cash 414,368 87,087
Cash, cash equivalents and restricted cash at beginning of the period 209,649 4,560
Cash, cash equivalents and restricted cash at end of the period 624,017 91,647
Less: restricted cash 2,042 2,042
Cash and cash equivalents 621,975 89,605
Supplemental disclosure of cash flow information    
Cash paid for interest 0 408
Cash paid for taxes 5 277
Accrued capital expenditures 2,309 0
Right-of-use assets obtained in exchange for new lease liabilities 6,607 4,264
Right-of-use assets reduced due to lease modifications (7,103) 0
Noncash financing activities:    
Issuance of Class C Common Stock related to earn-out awards (Note 2) 167,525  
Conversion of Series A preferred stock (Note 7) 0 23,120
Preferred dividends (456) (751)
Nonrelated Party    
Changes in operating assets and liabilities:    
Trade accounts receivable, net 21,299 (34,871)
Related Party    
Changes in operating assets and liabilities:    
Trade accounts receivable, net (46) 0
Class C Common Stock    
Noncash financing activities:    
Issuance of Class C Common Stock related to earn-out awards (Note 2) $ 167,525 $ 0