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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net loss $ (56,543) $ (74,917)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 12,518 18,150
Non-cash lease expense 8,951 7,934
(Gain) loss on disposal of property, plant and equipment (2) 191
Revaluation of derivative contracts (158) (117)
Stock-based compensation 18,136 27,743
Amortization of debt issuance costs 1,471 665
Unrealized foreign currency exchange loss 1,136 28
Other (50) 0
Changes in operating assets and liabilities:    
Accounts receivable [1] (7,615) (78,872)
Contract assets [2] 7,578 (1,051)
Inventories (24,965) (127,666)
Deferred cost of revenue [3] (10,183) 5,793
Prepaid expenses and other current assets [4] 3,509 (4,527)
Other long-term assets [5] (2,155) (128)
Operating lease right-of-use assets and operating lease liabilities (8,807) (7,507)
Finance lease liabilities 97 244
Accounts payable [6] (33,455) (26,835)
Accrued warranty (10,129) (7,876)
Accrued expenses and other current liabilities [7] (32,996) (32,277)
Deferred revenue and customer deposits [8] (13,454) (13,108)
Other long-term liabilities (150) (577)
Net cash used in operating activities (147,266) (314,710)
Cash flows from investing activities:    
Purchase of property, plant and equipment (21,435) (26,574)
Proceeds from sale of property, plant and equipment 7 0
Net cash used in investing activities (21,428) (26,574)
Cash flows from financing activities:    
Repayment of debt 0 (9,892)
Proceeds from financing obligations 1,334 1,163
Repayment of financing obligations (4,958) (4,266)
Proceeds from issuance of common stock 6,816 8,525
Contributions from noncontrolling interest 3,958 0
Proceeds from issuance of redeemable convertible preferred stock 0 310,957
Net cash provided by financing activities 7,150 306,487
Effect of exchange rate changes on cash, cash equivalent, and restricted cash (912) (124)
Net decrease in cash, cash equivalents, and restricted cash (162,456) (34,921)
Beginning of period 745,178 518,366
End of period 582,722 483,445
Supplemental disclosure of cash flow information:    
Cash paid during the period for interest 9,714 13,409
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash flows from operating leases 8,742 7,446
Operating cash flows from finance leases 65 254
Cash paid during the period for income taxes 327 213
Non-cash investing and financing activities:    
Liabilities recorded for property, plant and equipment, net 3,539 4,517
Recognition of operating lease right-of-use asset during the year-to-date period 4,062 6,535
Recognition of finance lease right-of-use asset during the year-to-date period 97 244
Accrual for dividend 1,620 0
Derecognition of the pre-modified forward contract fair value 0 76,242
Equity component of redeemable convertible preferred stock $ 0 $ 16,145
[1] Including changes in related party balances of $30.3 million and $4.3 million for the three months ended March 31, 2024 and 2023, respectively.
[2] Including changes in related party balances of $3.3 million for the three months ended March 31, 2024. There were no associated related party balances as of March 31, 2023.
[3] Including changes in related party balances of $0.9 million for the three months ended March 31, 2024. There were no associated related party balances as of March 31, 2023.
[4] Including changes in related party balances of $0.1 million for the three months ended March 31, 2024. There were no associated related party balances as of March 31, 2023.
[5] Including changes in related party balances of $0.8 million for the three months ended March 31, 2024. There were no associated related party balances as of March 31, 2023.
[6] Including amounts from related parties of $2.2 million and $2.3 million as of March 31, 2024 and December 31, 2023, respectively.
[7] Including changes in related party balances of $2.7 million for the three months ended March 31, 2024. There were no associated related party balances as of March 31, 2023.
[8] Including changes in related party balances of $0.8 million for the three months ended March 31, 2024. There were no associated related party balances as of March 31, 2023.