v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net (loss)/income $ (33,441) $ 8,832
Adjustments to reconcile net (loss)/income to net cash used in operating activities    
Equity-based compensation 2,544 3,354
Change in fair value of warrants (22,997) (56,669)
Depreciation expense 7,379 7,350
Amortization of debt issuance costs and debt discounts 6,572 3,727
Operating lease amortization expense 1,169 1,119
Changes in operating assets and liabilities    
Accounts receivable, net (1,818) (1,494)
Inventory 1,489 (660)
Prepaid expenses and other current assets 701 1,936
Prepaid expenses and other noncurrent assets 291 (13)
Accounts payable (2,280) (6,846)
Accrued expenses and other current liabilities (2,218) 4,014
Accrued interest (689) 531
Operating lease right-of-use liabilities (919) (903)
Net cash used in operating activities (42,654) (38,868)
Cash flows from investing activities    
Purchase of property, plant and equipment (3,432) (15,004)
Purchase of debt securities, available for sale (31,668) 0
Sale and maturity of debt securities, available for sale 14,450 0
Net cash used in investing activities (20,650) (15,004)
Cash flows from financing activities    
Proceeds from issuance of Common Stock 0 33,152
Proceeds from exercise and issuance of warrants 230 5,400
Payments on equipment financing (1,136) 0
Payments to repurchase shares (2,223) (1,697)
Other financing activities (1,485) (3,400)
Net cash (used in)/provided by financing activities (4,614) 49,823
Net decrease in cash and restricted cash (67,918) (4,049)
Cash and cash equivalents and restricted cash, beginning of period 168,034 41,511
Cash and cash equivalents and restricted cash, end of period 100,116 37,462
Operating activities    
Interest paid during the period, net of capitalized interest 9,373 10,837
Reconciliation of cash and cash equivalents and restricted cash reported in the consolidated balance sheets    
Cash and cash equivalents 90,213 22,482
Restricted cash - current 508 5,761
Restricted cash - noncurrent 9,395 9,219
Total cash, cash equivalents and restricted cash 100,116 37,462
Put Option    
Adjustments to reconcile net (loss)/income to net cash used in operating activities    
Change in fair value of put option 1,563 (3,146)
Series A Preferred Stock    
Non-cash financing activities    
PIK interest 1,075 0
Series B Convertible Perpetual Preferred Stock    
Non-cash financing activities    
PIK dividends on Series B Convertible Perpetual Preferred Stock 5,313 0
Third Party    
Cash flows from financing activities    
Proceeds from issuance of revenue bonds 0 16,368
Accounts Payable and Accrued Expenses    
Non-cash investing activities    
Additions to property, plant, and equipment $ 30,770 $ 20,097