v3.25.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net loss $ (273,140) $ (571,269) $ (445,939)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 25,255 26,624 6,566
Amortization of operating lease right-of-use assets 8,497 6,987 5,237
Amortization of premium (discount) on marketable securities (2,248) (5,929) 1,288
Loss on marketable securities 1,901 7,594 0
Losses and impairments on non-marketable securities and certain other assets 4,000 2,141 6,016
Change in fair value of warrants (1,069) (1,936) (9,222)
Vendor stock in lieu of cash program 14,614 50,829 41,459
Amortization of debt discount and issuance costs 4,938 3,236 3,236
Inventory write-offs and write-downs 20,133 19,547 12,154
Change in the fair value of the derivatives (31,729) 0 0
Gain or write-off on sale or disposal of property and equipment (51) 1,522 0
Gain on extinguishment of debt (148,660) 0 0
Share-based compensation, including restructuring costs 139,135 207,132 162,405
Impairment of goodwill and intangible assets 6,647 15,489 0
Gain from acquisition of EM4 (1,474) 0 0
Change in product warranty and other (2,790) 2,382 2,481
Deferred taxes (582) (64) 232
Changes in operating assets and liabilities:      
Accounts receivable 916 (2,951) 5,144
Inventories (19,306) (22,951) (10,477)
Prepaid expenses and other current assets (4,990) 11,641 (6,557)
Other non-current assets 10,722 177 (3,289)
Accounts payable (2,639) 3,657 5,301
Accrued and other current liabilities (7,212) 9,158 17,768
Other non-current liabilities (17,498) (10,320) (2,035)
Net cash used in operating activities (276,630) (247,304) (208,232)
Cash flows from investing activities:      
Purchases of marketable securities (130,404) (301,493) (404,598)
Proceeds from maturities of marketable securities 177,932 520,286 367,367
Proceeds from sales/redemptions of marketable securities 3,421 52,356 88,041
Purchases of property and equipment (5,090) (21,915) (15,614)
Proceeds from disposal of property and equipment 135 0 0
Advances for capital projects and equipment 0 0 (2,450)
Net cash provided by investing activities 42,463 236,626 27,986
Cash flows from financing activities:      
Proceeds from issuance of Senior notes, net of Senior Notes and 2030 Convertible Notes issuance costs 89,202 0 0
Proceeds from exercise of stock options 548 3,061 3,986
Proceeds from sale of Class A common stock under ESPP 1,153 2,641 1,271
Payments of employee taxes related to stock-based awards (1,997) (2,137) (3,730)
Proceeds from a financing transaction 0 6,442 0
Repurchases of common stock and redemption of warrants 0 0 (80,878)
Net cash provided by (used in) financing activities 178,265 80,197 (79,351)
Net increase (decrease) in cash, cash equivalents and restricted cash (55,902) 69,519 (259,597)
Beginning cash, cash equivalents and restricted cash 140,624 71,105 330,702
Ending cash, cash equivalents and restricted cash 84,722 140,624 71,105
Supplemental disclosures of cash flow information:      
Cash paid for interest 14,837 7,813 7,769
Supplemental disclosures of noncash investing and financing activities:      
Conversion of 2030 Convertible Notes to equity 28,945 0 0
Recognition/derecognition of right-of-use assets in exchange for lease obligations (4,821) 28,447 16,749
Purchases of property and equipment recorded in accounts payable and accrued liabilities 490 826 3,870
Vendor stock in lieu of cash program—advances for capital projects and equipment 0 8,551 28,402
Investments 0 10,000 0
Issuance of Class A common stock upon exercise of warrants 0 0 19,003
Equity Financing Program | Class A Common Stock      
Cash flows from financing activities:      
Proceeds from issuance of Class A common stock 89,359 50,190 0
TPK Universal Solutions Limited | Class A Common Stock      
Cash flows from financing activities:      
Proceeds from issuance of Class A common stock 0 20,000 0
EM4      
Adjustments to reconcile net loss to net cash used in operating activities:      
Gain from acquisition of EM4 (1,500)    
Cash flows from investing activities:      
Acquisition, net of cash acquired (3,531) 0 0
Freedom Photonics      
Cash flows from investing activities:      
Acquisition, net of cash acquired 0 0 (2,759)
Solfice      
Cash flows from investing activities:      
Acquisition of certain assets 0 0 (2,001)
Seagate      
Cash flows from investing activities:      
Acquisition of certain assets 0 (12,608) 0
ECARX Holdings Inc.,      
Supplemental disclosures of noncash investing and financing activities:      
Investments $ 0 $ 0 $ 12,588

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