Bankruptcy Proceedings (Tables)

12 Months Ended

Dec. 31, 2025

Reorganization, Chapter 11 [Line Items]

The following table sets forth, as of December 31, 2025, information about the amounts presented as liabilities subject to compromise in the consolidated balance sheets (in thousands):

	December 31, 2025
2030 Convertible Notes⁽¹⁾	$	237,941
2026 Convertible Senior Notes⁽¹⁾		134,883
Accrued interest		11,712
Operating lease liabilities		11,359
Accrual for loss on firm purchase commitments		42,811
Accounts payables		28,667
Total liabilities subject to compromise	$	467,373

⁽¹⁾	Refer to Note 10, “Debt” for additional information.

Reorganization Items

Certain expenses and other items resulting from and recognized during the Chapter 11 Cases are recorded in reorganization items in the consolidated statements of operations and comprehensive loss. The following table sets forth, for the fiscal year ended December 31, 2025, information about the amounts presented as reorganization items in the consolidated statements of operations and comprehensive loss (in thousands):

	Year ended December 31, 2025
Unamortized debt discounts⁽¹⁾	$	36,138
Unamortized debt issuance costs⁽¹⁾		5,606
Professional fees		4,605
Total reorganization items⁽²⁾	$	46,349

⁽¹⁾	Refer to Note 10, “Debt” for additional information.

⁽²⁾	Total reorganization items of $46,349 are included in the statement of cash flows for the year ended December 31, 2025 with $41,744 presented as an adjustment to reconcile net loss to net cash used in operating activities and $4,605 included within changes in operating assets and liabilities.

Debtor-in-Possession [Member]

Reorganization, Chapter 11 [Line Items]

Condensed Combined Debtor-In-Possession Financial Information

The financial statements included below represent the condensed combined financial statements of the Debtors only. These statements reflect the condensed combined results of operations, financial position and cash flows of the Debtors, including certain amounts and activities between Debtor and non-Debtor subsidiaries of the Company, which are eliminated in the consolidated financial statements.

Condensed Combined Debtor’s Balance Sheet

(In thousands)

	December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	6,489
Restricted cash		1,405
Marketable securities		2,580
Accounts receivable		2,657
Accounts receivable from non-debtor affiliates		86,167
Inventory		3,497
Prepaid expenses and other current assets		14,966
Total current assets		117,761
Property and equipment, net		31,145
Operating lease right-of-use assets		10,001
Intangible assets, net		6,792
Goodwill		1,750
Investment in non-debtor affiliates		52,770
Other non-current assets		13,171
Total assets	$	233,390

LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable	$	4,741
Accrued and other current liabilities		15,233
Current portion of long-term debt		110,905
Total current liabilities		130,879
Other non-current liabilities		184
Total liabilities not subject to compromise		131,063
Liabilities subject to compromise		467,373
Total liabilities		598,436
Total stockholders’ deficit		(365,046	)
Total liabilities and stockholders’ deficit	$	233,390

Condensed Combined Debtor’s Statement of Operations

(In thousands)

	Year ended December 31,2025
Revenue:
Products	$	30,374
Services		10,510
Total revenue		40,884
Cost of sales:
Products		111,096
Services		6,614
Non-debtor affiliates		2,436
Total cost of sales		120,146
Gross loss		(79,262	)
Operating expenses:
Research and development		111,271
Research and development expenses from non-debtor affiliates		24,342
Sales and marketing		12,419
Sales and marketing expenses from non-debtor affiliates		1,408
General and administrative		18,405
General and administrative expenses from non-debtor affiliates		3,758
Impairment of long-lived assets		5,233
Restructuring and other costs		25,869
Total operating expenses		202,705
Loss from operations		(281,967	)
Other income (expense), net:
Interest expense		(48,185	)
Interest income		4,444
Gain on extinguishment of debt		22,303
Loss from acquisition of EM4		(48	)
Changes in fair value of derivative liability		(3,308	)
Losses and impairments related to investments and certain other assets, and other income (expense)		(387	)
Total other income (expense), net		(25,181	)
Loss before reorganization items and provision for income taxes		(307,148	)
Reorganization items		46,349
Provision for income taxes		1,111
Net loss		(354,608	)

Condensed Combined Debtors’ Statement of Cash Flows

(In thousands)

	Year Ended December 31, 2025
Cash flows from operating activities:
Net loss	$	(354,608	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		13,663
Amortization of operating lease right-of-use assets		4,281
Amortization of discount on marketable securities		(1,099	)
Loss on marketable securities		690
Vendor stock in lieu of cash program		12,785
Amortization of debt discount and issuance costs		7,955
Inventory write-offs and write-downs		12,458
Loss on firm purchase commitments		42,811
Change in the fair value of the derivatives		3,308
Gain or write-off on sale or disposal of property and equipment		166
Gain on extinguishment of debt		(22,303	)
Share-based compensation, including restructuring costs		8,706
Impairment of long-lived assets		5,233
Loss from acquisition of EM4		48
Provision for credit loss		2,186
Gain from sale of investment		(2,908	)
Change in product warranty and other		6,202
Reorganization items		41,744
Changes in operating assets and liabilities:
Accounts receivable		5,689
Accounts receivable from non-debtor affiliates		(11,421	)
Inventories		(4,818	)
Prepaid expenses and other current assets		9,952
Other non-current assets		21,504
Accounts payable		22,614
Accrued and other current liabilities		(5,226	)
Other non-current liabilities		(17,402	)
Net cash used in operating activities		(197,790	)
Cash flows from investing activities:
Purchases of marketable securities		(54,268	)
Proceeds from maturities of marketable securities		128,120
Proceeds from sales/redemptions of marketable securities		23,625
Issuance of promissory notes		(2,100	)
Proceeds from sales of equity investment		2,908
Purchases of property and equipment		(1,747	)
Acquisition of EM4 (net of cash acquired)		242
Proceeds from disposal of property and equipment		305
Net cash provided by investing activities		97,085
Cash flows from financing activities:
Net proceeds from issuance of Class A common stock under the Equity Financing Program		36,153
Proceeds from sale of Class A common stock under ESPP		381
Payments of employee taxes related to stock-based awards		(1,054	)
Repurchases of 2026 Convertible Senior Notes		(30,297	)
Proceeds from issuance of Series A preferred stock, net of issuance costs, discount and commitment fees		31,415
Net cash provided by financing activities		36,598
Net (decrease) increase in cash, cash equivalents and restricted cash		(64,107	)
Beginning cash, cash equivalents and restricted cash		72,001
Ending cash, cash equivalents and restricted cash	$	7,894