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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Operating activities    
Net loss $ (121,291) $ (69,609)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 6,348 3,926
Equity-based compensation 12,539 11,162
Change in fair value of warrants (2,006) 19,523
Debt extinguishment loss 13,734
Issuance of common warrants 9,006
Change in fair value of derivative liability 36,407
Change in fair value of asset purchase agreement liability (2,217)
Realized and unrealized gain on short term investments (2,204) (517)
Equity method investment loss 119 118
Asset retirement obligation accretion 78 51
Amortization of debt discount 6,878 4,526
Changes in operating assets and liabilities:    
Accounts receivable 1,869 97
Other current assets (511) 269
Other assets 121 60
Accounts payable (21) 527
Deferred revenue 134 6
Accrued expenses and other liabilities 3,483 5,144
Operating lease right-of-use assets and liabilities 649 874
Net cash used in operating activities (34,668) (26,060)
Investing activities    
Purchases of network assets, property, and equipment (65) (182)
Purchase of internal use software (310) (354)
Purchase of marketable securities (194,494) (44,894)
Sale and maturity of marketable securities 159,900 30,500
Payment for asset purchase agreement liability (2,732)
Net cash used in investing activities (34,969) (17,662)
Financing activities    
Proceeds from 2028 senior convertible notes 190,000
Repayment of 2026 senior secured notes (70,700)
Payments towards debt issuance cost (1,517)
Payments towards debt (86) (82)
Proceeds from exercise of common warrants 766 27,896
Redemption of non-controlling interests 40
Proceeds from exercise of common stock options 1,614 1,882
Net cash provided by financing activities 120,077 29,736
Effect of exchange rates on cash and cash equivalents 224 13
Net increase (decrease) in cash and cash equivalents 50,664 (13,973)
Cash and cash equivalents at beginning of period 39,330 81,878
Cash and cash equivalents at end of period 89,994 67,905
Non-cash investing and financing information and supplemental disclosures    
Capital expenditure included in Accrued expenses and other current liabilities 23 159
Interest paid in shares of common stock 1,867
Interest paid in cash 4,244 1,750
Issuance of shares for asset purchase agreement $ 20,394