10/31/2024 | Press release | Distributed by Public on 10/31/2024 07:10
Three Months Ended September 30, |
Nine Months Ended September 30, |
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(In thousands, except share and per share data)
|
2024 | 2023 | 2024 | 2023 | ||||
Trucks produced | 83 | N/A | 203 | 96 | ||||
Trucks shipped | 90 | 3 | 203 | 79 | ||||
Total revenues | $ | 25,181 | $ | (1,732) | $ | 63,997 | $ | 24,307 |
Gross profit (loss) | $ | (61,943) | $ | (125,503) | $ | (174,244) | $ | (175,831) |
Gross margin | (246) | % | 7246 | % | (272) | % | (723) | % |
Loss from operations | $ | (178,791) | $ | (226,167) | $ | (455,278) | $ | (521,993) |
Net loss from continuing operations | $ | (199,781) | $ | (425,764) | $ | (481,177) | $ | (711,025) |
Net loss on discontinued operations | $ | - | $ | - | $ | - | $ | (101,661) |
Net loss | $ | (199,781) | $ | (425,764) | $ | (481,177) | $ | (812,686) |
Adjusted EBITDA (1)
|
$ | (123,610) | $ | (188,563) | $ | (337,037) | $ | (417,318) |
Net loss from continuing operations per share, basic and diluted | $ | (3.89) | $ | (14.90) | $ | (10.12) | $ | (30.20) |
Net loss from discontinued operations | $ | - | $ | - | $ | - | $ | (4.32) |
Non-GAAP net loss per share, basic and diluted(1)
|
$ | (2.75) | $ | (9.04) | $ | (8.05) | $ | (21.97) |
Weighted-average shares outstanding, basic and diluted | 51,388,962 | 28,573,800 | 47,553,460 | 23,544,174 |
Three Months Ended September 30, |
Nine Months Ended September 30, |
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2024 | 2023 | 2024 | 2023 | |||||
Revenues: | ||||||||
Truck sales | $ | 24,847 | $ | (2,368) | $ | 61,008 | $ | 19,693 |
Service and other | 334 | 636 | 2,989 | 4,614 | ||||
Total revenues | 25,181 | (1,732) | 63,997 | 24,307 | ||||
Cost of revenues: | ||||||||
Truck sales | 82,205 | 122,679 | 222,946 | 195,902 | ||||
Service and other | 4,919 | 1,092 | 15,295 | 4,236 | ||||
Total cost of revenues | 87,124 | 123,771 | 238,241 | 200,138 | ||||
Gross loss | (61,943) | (125,503) | (174,244) | (175,831) | ||||
Operating expenses: | ||||||||
Research and development (1)
|
41,800 | 41,966 | 121,458 | 168,286 | ||||
Selling, general, and administrative (1)
|
41,629 | 57,982 | 126,157 | 159,443 | ||||
Impairment expense | 33,419 | - | 33,419 | - | ||||
Loss on supplier deposits | - | 716 | - | 18,433 | ||||
Total operating expenses | 116,848 | 100,664 | 281,034 | 346,162 | ||||
Loss from operations | (178,791) | (226,167) | (455,278) | (521,993) | ||||
Other income (expense): | ||||||||
Interest expense, net | (10,875) | (52,680) | (17,094) | (71,262) | ||||
Gain on divestiture of affiliate | - | - | - | 70,849 | ||||
Loss on debt extinguishment | (871) | - | (3,184) | (20,362) | ||||
Other income (expense), net | (9,417) | (146,654) | (4,664) | (151,969) | ||||
Loss before income taxes and equity in net profit (loss) of affiliates | (199,954) | (425,501) | (480,220) | (694,737) | ||||
Income tax expense | - | 1 | 92 | 1 | ||||
Loss before equity in net profit (loss) of affiliates | (199,954) | (425,502) | (480,312) | (694,738) | ||||
Equity in net profit (loss) of affiliates | 173 | (262) | (865) | (16,287) | ||||
Net loss from continuing operations | (199,781) | (425,764) | (481,177) | (711,025) | ||||
Discontinued operations: | ||||||||
Loss from discontinued operations | - | - | - | (76,726) | ||||
Loss from deconsolidation of discontinued operations | - | - | - | (24,935) | ||||
Net loss from discontinued operations | - | - | - | (101,661) | ||||
Net loss | $ | (199,781) | $ | (425,764) | $ | (481,177) | $ | (812,686) |
Basic and diluted net loss per share (2):
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Net loss from continuing operations | $ | (3.89) | $ | (14.90) | $ | (10.12) | $ | (30.20) |
Net loss from discontinued operations | $ | - | $ | - | $ | - | $ | (4.32) |
Net loss | $ | (3.89) | $ | (14.90) | $ | (10.12) | $ | (34.52) |
Weighted-average shares outstanding, basic and diluted (2)
|
51,388,962 | 28,573,800 | 47,553,460 | 23,544,174 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Cost of revenues | $ | 434 | $ | 414 | $ | 1,114 | $ | 1,813 |
Research and development | 2,473 | 3,383 | 7,825 | 19,043 | ||||
Selling, general, and administrative | 5,694 | 14,862 | 16,398 | 48,060 | ||||
Total stock-based compensation expense | $ | 8,601 | $ | 18,659 | $ | 25,337 | $ | 68,916 |
September 30, | December 31, | |||
2024 | 2023 | |||
Assets | ||||
Current assets | ||||
Cash and cash equivalents | $ | 198,301 | $ | 464,715 |
Restricted cash and cash equivalents | 3,374 | 1,224 | ||
Accounts receivable, net | 51,773 | 17,974 | ||
Inventory | 76,076 | 62,588 | ||
Prepaid expenses and other current assets | 61,996 | 25,911 | ||
Total current assets | 391,520 | 572,412 | ||
Restricted cash and cash equivalents | 16,086 | 28,026 | ||
Long-term deposits | 17,256 | 14,954 | ||
Property, plant and equipment, net | 490,244 | 503,416 | ||
Intangible assets, net | 52,130 | 85,860 | ||
Investment in affiliate | 56,197 | 57,062 | ||
Goodwill | - | 5,238 | ||
Other assets | 12,610 | 7,889 | ||
Total assets | $ | 1,036,043 | $ | 1,274,857 |
Liabilities and stockholders' equity | ||||
Current liabilities | ||||
Accounts payable | $ | 57,161 | $ | 44,133 |
Accrued expenses and other current liabilities | 205,508 | 207,022 | ||
Debt and finance lease liabilities, current | 73,111 | 8,950 | ||
Total current liabilities | 335,780 | 260,105 | ||
Long-term debt and finance lease liabilities, net of current portion | 270,018 | 269,279 | ||
Operating lease liabilities | 6,806 | 4,765 | ||
Other long-term liabilities | 44,193 | 21,534 | ||
Total liabilities | 656,797 | 555,683 | ||
Commitments and contingencies | ||||
Stockholders' equity | ||||
Preferred stock | - | - | ||
Common stock | 6 | 4 | ||
Additional paid-in capital | 3,931,702 | 3,790,401 | ||
Accumulated deficit | (3,552,246) | (3,071,069) | ||
Accumulated other comprehensive loss | (216) | (162) | ||
Total stockholders' equity | 379,246 | 719,174 | ||
Total liabilities and stockholders' equity | $ | 1,036,043 | $ | 1,274,857 |
Nine Months Ended September 30, | ||||
2024 | 2023 | |||
Cash flows from operating activities | ||||
Net loss | $ | (481,177) | $ | (812,686) |
Less: Loss from discontinued operations | - | (101,661) | ||
Loss from continuing operations | (481,177) | (711,025) | ||
Adjustments to reconcile net loss from continuing operations to net cash used in operating activities: | ||||
Depreciation and amortization | 33,408 | 28,758 | ||
Stock-based compensation | 25,337 | 68,916 | ||
Equity in net loss of affiliates | 865 | 16,287 | ||
Revaluation of financial instruments | 6,284 | 195,132 | ||
Revaluation of contingent stock consideration | - | (43,981) | ||
Inventory write-downs | 56,587 | 64,500 | ||
Non-cash interest expense | 11,906 | 72,846 | ||
Loss on supplier deposits | - | 18,433 | ||
Gain on divestiture of affiliate | - | (70,849) | ||
Loss on debt extinguishment | 3,184 | 20,362 | ||
Loss on disposal of assets | 2,921 | - | ||
Impairment expense | 33,419 | - | ||
Other non-cash activity | 5,674 | 3,888 | ||
Changes in operating assets and liabilities: | ||||
Accounts receivable, net | (33,799) | 20,932 | ||
Inventory | (71,085) | (9,983) | ||
Prepaid expenses and other current assets | (14,017) | (48,332) | ||
Other assets | (1,595) | (2,384) | ||
Accounts payable, accrued expenses and other current liabilities | (3,478) | (1,672) | ||
Long-term deposits | (262) | (1,377) | ||
Operating lease liabilities | (2,769) | (1,191) | ||
Other long-term liabilities | 29,064 | 2,316 | ||
Net cash used in operating activities | (399,533) | (378,424) | ||
Cash flows from investing activities | ||||
Purchases and deposits of property, plant and equipment | (43,740) | (108,409) | ||
Proceeds from the sale of assets | 21,398 | 20,742 | ||
Divestiture of affiliate | - | 35,000 | ||
Payments to Assignee | - | (2,725) | ||
Investments in affiliate | - | (250) | ||
Net cash used in investing activities | (22,342) | (55,642) |
Cash flows from financing activities | ||||
Proceeds from the exercise of stock options | - | 7,393 | ||
Proceeds from issuance of shares under the Tumim Purchase Agreements | - | 67,587 | ||
Proceeds from registered direct offering, net of underwriter's discount | - | 63,456 | ||
Proceeds from public offering, net of underwriter's discount | - | 32,244 | ||
Proceeds from issuance of common stock under Equity Distribution Agreement, net of commissions and other fees paid | 73,464 | 115,027 | ||
Proceeds from issuance of convertible notes | 80,000 | 217,075 | ||
Proceeds from issuance of financing obligation, net of issuance costs | - | 53,548 | ||
Proceeds from insurance premium financing | 4,598 | 5,223 | ||
Repayment of debt and promissory notes | (522) | (45,287) | ||
Payment for Coupon Make-Whole Premium | (4,579) | - | ||
Payments on insurance premium financing | (3,661) | (3,550) | ||
Payments on finance lease liabilities and financing obligation | (3,549) | (459) | ||
Payments for issuance costs | (80) | - | ||
Net cash provided by financing activities | 145,671 | 512,257 | ||
Net increase (decrease) in cash and cash equivalents, including restricted cash and cash equivalents | (276,204) | 78,191 | ||
Cash and cash equivalents, including restricted cash and cash equivalents, beginning of period | 493,965 | 313,909 | ||
Cash and cash equivalents, including restricted cash and cash equivalents, end of period | $ | 217,761 | $ | 392,100 |
Cash flows from discontinued operations: | ||||
Operating activities | $ | - | $ | (4,964) |
Investing activities | - | (1,804) | ||
Financing activities | - | (572) | ||
Net cash used in discontinued operations | $ | - | $ | (7,340) |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
(in thousands) | ||||||||
Net loss from continuing operations | $ | (199,781) | $ | (425,764) | $ | (481,177) | $ | (711,025) |
Interest expense, net | 10,875 | 52,680 | 17,094 | 71,262 | ||||
Income tax expense | - | 1 | 92 | 1 | ||||
Depreciation and amortization | 11,720 | 16,996 | 33,408 | 28,758 | ||||
EBITDA | (177,186) | (356,087) | (430,583) | (611,004) | ||||
Impairment expense | 33,419 | - | 33,419 | - | ||||
Stock-based compensation | 8,601 | 18,659 | 25,337 | 68,916 | ||||
Loss on supplier deposits | - | 716 | - | 18,433 | ||||
Gain on divestiture of affiliate | - | - | - | (70,849) | ||||
Loss on debt extinguishment | 871 | - | 3,184 | 20,362 | ||||
Loss / (gain) on disposal of assets | (237) | - | 2,921 | - | ||||
Equipment purchase cancellation | - | - | 15,613 | - | ||||
Revaluation of financial instruments | 8,431 | 145,717 | 6,284 | 151,151 | ||||
Regulatory and legal matters (1)
|
2,491 | 2,432 | 6,788 | 5,673 | ||||
Adjusted EBITDA | $ | (123,610) | $ | (188,563) | $ | (337,037) | $ | (417,318) |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
(in thousands, except share and per share data) | ||||||||
Net loss from continuing operations | $ | (199,781) | $ | (425,764) | $ | (481,177) | $ | (711,025) |
Impairment expense | 33,419 | - | 33,419 | - | ||||
Stock-based compensation | 8,601 | 18,659 | 25,337 | 68,916 | ||||
Debt issuance costs for Senior Convertible Notes | 4,890 | - | 4,890 | - | ||||
Loss on supplier deposits | - | 716 | - | 18,433 | ||||
Gain on divestiture of affiliate | - | - | - | (70,849) | ||||
Loss on debt extinguishment | 871 | - | 3,184 | 20,362 | ||||
Revaluation of financial instruments | 8,431 | 145,717 | 6,284 | 151,151 | ||||
Loss / (gain) on disposal of assets | (237) | - | 2,921 | - | ||||
Equipment purchase cancellation | - | - | 15,613 | - | ||||
Regulatory and legal matters (1)
|
2,491 | 2,432 | 6,788 | 5,673 | ||||
Non-GAAP net loss | $ | (141,315) | $ | (258,240) | $ | (382,741) | $ | (517,339) |
Net loss from continuing operations per share, basic and diluted (2)
|
$ | (3.89) | $ | (14.90) | $ | (10.12) | $ | (30.20) |
Non-GAAP net loss per share, basic and diluted | $ | (2.75) | $ | (9.04) | $ | (8.05) | $ | (21.97) |
Weighted average shares outstanding, basic and diluted (2)
|
51,388,962 | 28,573,800 | 47,553,460 | 23,544,174 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
(in thousands) | ||||||||
Most comparable GAAP measure: | ||||||||
Net cash used in operating activities | $ | (149,377) | $ | (91,259) | $ | (399,533) | $ | (378,424) |
Net cash used in investing activities | (13,558) | (115) | (22,342) | (55,642) | ||||
Net cash provided by financing activities | 98,080 | 188,119 | 145,671 | 512,257 | ||||
Non-GAAP measure: | ||||||||
Net cash used in operating activities | (149,377) | (91,259) | (399,533) | (378,424) | ||||
Purchases of property, plant and equipment | (13,558) | (20,690) | (43,740) | (108,409) | ||||
Adjusted free cash flow | $ | (162,935) | $ | (111,949) | $ | (443,273) | $ | (486,833) |