v3.23.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net loss $ (288,530) $ (183,572)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 7,536 2,544
Amortization of operating lease right-of-use assets 3,303 2,139
Amortization of premium (discount) on marketable securities (1,611) 919
Loss on marketable securities 1,859 0
Change in fair value of private warrants 1,028 (7,876)
Vendor stock-in-lieu of cash program 21,114 19,916
Amortization of debt discount and issuance costs 1,618 1,618
Inventory write-offs and write-downs 13,432 4,778
Share-based compensation 115,149 65,323
Product warranty and other 3,084 171
Changes in operating assets and liabilities:    
Accounts receivable (5,635) 7,038
Inventories (24,958) (2,814)
Prepaid expenses and other current assets 13,858 (2,417)
Other non-current assets (5,287) (532)
Accounts payable 3,761 7,392
Accrued and other current liabilities 10,927 1,106
Other non-current liabilities (8,631) (931)
Net cash used in operating activities (137,983) (85,198)
Cash flows from investing activities:    
Purchases of marketable securities (171,118) (270,440)
Proceeds from maturities of marketable securities 277,771 147,053
Proceeds from sales/redemptions of marketable securities 39,152 50,315
Purchases of property and equipment (16,831) (7,491)
Advances for capital projects and equipment 0 (1,673)
Net cash provided by (used in) investing activities 116,366 (86,996)
Cash flows from financing activities:    
Proceeds from exercise of stock options 1,570 1,791
Proceeds from sale of Class A common stock under ESPP 1,406 0
Payments of employee taxes related to stock-based awards (572) (1,724)
Repurchase of common stock 0 (80,878)
Net cash provided by (used in) financing activities 42,008 (80,811)
Net increase (decrease) in cash, cash equivalents and restricted cash 20,391 (253,005)
Beginning cash, cash equivalents and restricted cash 71,105 330,702
Ending cash, cash equivalents and restricted cash 91,496 77,697
Supplemental disclosures of cash flow information:    
Cash paid for interest 3,906 3,863
Supplemental disclosures of noncash investing and financing activities:    
Issuance of Class A common stock upon exercise of warrants 0 19,003
Operating lease right-of-use assets obtained in exchange for lease obligations 2,948 9,993
Purchases of property and equipment recorded in accounts payable and accrued liabilities 5,439 2,630
Vendor stock-in-lieu of cash program—advances for capital projects and equipment 4,245 10,293
Equity Financing Program    
Cash flows from financing activities:    
Proceeds from issuance of class A common stock 29,604 0
TPK Universal Solutions Limited    
Cash flows from financing activities:    
Proceeds from issuance of class A common stock 10,000 0
Freedom Photonics    
Cash flows from investing activities:    
Acquisition of Freedom Photonics LLC (net of cash acquired) 0 (2,759)
Solfice    
Cash flows from investing activities:    
Acquisitions 0 (2,001)
Seagate    
Cash flows from investing activities:    
Acquisitions $ (12,608) $ 0

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