Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating Activities    
Net income (loss) $ 106,401 $ (45,089)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Share-based compensation 1,112 1,349
Depreciation and amortization 1,233 1,177
Accretion of asset retirement obligations 243 399
Change in fair value of Class B units 1,650 (407)
Gain on extinguishment of debt (163,566) 0
Amortization of debt discount 2,655 2,290
Deferred income taxes 0 100
Changes in operating assets and liabilities:    
Accounts receivable (122) (4)
Inventories (8,773) 2,004
Prepaid expenses and other current assets 0 (1,683)
Other long-term assets (7,408) (4)
Accounts payable (5,830) 484
Accrued liabilities 4,998 1,636
Asset retirement obligations 0 (10)
Environmental liabilities (332) (298)
Operating lease obligations 90 (37)
Net Cash Used in Operating Activities (67,649) (38,093)
Investing Activities:    
Cash paid for intangible assets (37) (19)
Cash paid for property, plant, and equipment (24,158) (17,799)
Proceeds from government grant 136 0
Net Cash Used in Investing Activities (24,059) (17,818)
Financing Activities:    
Proceeds received from exercise of stock options 2 9
Payment on settlement and cancelation of warrants and Series C preferred shares (18,000) 0
Payments on notes payable and long-term debt (1,341) (3,821)
Borrowings on other notes 1,668 5,184
Borrowings on Senior Credit Agreement 114,253 51,000
Net Cash Provided by Financing Activities 96,582 52,372
Effect of foreign currency exchange rate changes on cash (101) 0
Net Change in Cash and Restricted Cash 4,773 (3,539)
Cash and Restricted Cash at Beginning of Period 3,736 7,464
Cash and Restricted Cash at End of Period 8,509 3,925
Supplemental Disclosures of Cash Flow Information    
Cash 1,899 2,213
Restricted cash 6,610 1,023
Restricted cash, net of current portion 0 689
Cash and Restricted Cash 8,509 3,925
Cash Paid for Interest 50 86
Supplemental Disclosures of Non-cash Investing and Financing Activities    
Debt discount related to warrants issued to certain Senior Lenders 7,805 18,489
In-kind interest added to principal balance of Senior Credit Agreement 53,094 34,829
EPC deferred payment included in purchases of property, plant, and equipment 39,957 0
Amounts included in accounts payable, accrued liabilities and other long-term liabilities for purchases of property, plant, and equipment 14,702 4,523
Capitalized interest added in property, plant, and equipment 100,560 45,229
Settlement and Cancellation of warrants and Series C preferred shares 125,653 0
Exchange of Series C preferred shares and deemed contribution for issuance of Tranche B loans under Senior Credit Agreement $ 17,855 $ 0