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
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating Activities    
Net income (loss) $ 30,362 $ (59,955)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Share-based compensation 1,530 2,064
Loss on lower of cost or net realizable value adjustment on inventories 10,322 714
Depreciation and amortization 11,383 1,450
Accretion of asset retirement obligations 365 599
Change in fair value of Class B units (90) (6,586)
Gain on extinguishment of debt (163,566) 0
Amortization of debt discount 14,029 2,880
Paid in kind interest 16,036 0
Deferred income taxes 0 (308)
Other (181) 0
Changes in operating assets and liabilities:    
Accounts receivable (72) (35)
Inventories (32,578) 894
Prepaid expenses and other current assets 260 (1,638)
Other long-term assets (12,454) (4,135)
Accounts payable (11,936) 12,256
Accrued liabilities 4,406 4,359
Asset retirement obligations (67) (10)
Environmental liabilities (677) (405)
Operating lease obligations (77) (55)
Net Cash Used in Operating Activities (133,005) (47,911)
Investing Activities:    
Cash paid for intangible assets (45) (22)
Cash paid for property, plant, and equipment (31,900) (43,025)
Proceeds from government grant 138 1,119
Net Cash Used in Investing Activities (31,807) (41,928)
Financing Activities:    
Proceeds received from exercise of stock options 2 9
Payment on settlement and cancellation of warrants and Series C preferred shares (18,000) 0
Payments on notes payable and long-term debt (1,732) (4,631)
Borrowings on revolving credit facility 15,300 0
Borrowings on other notes 1,721 5,185
Borrowings on Senior Credit Agreement 165,773 87,098
Net Cash Provided by Financing Activities 163,064 87,661
Effect of foreign currency exchange rate changes on cash (39) (522)
Net Change in Cash and Restricted Cash (1,787) (2,700)
Cash and Restricted Cash at Beginning of Period 3,736 7,464
Cash and Restricted Cash at End of Period 1,949 4,764
Supplemental Disclosures of Cash Flow Information    
Cash 980 2,821
Restricted cash 969 1,943
Restricted cash, net of current portion 0 0
Cash and Restricted Cash 1,949 4,764
Cash Paid for Interest 69 104
Supplemental Disclosures of Non-cash Investing and Financing Activities    
Debt discount related to warrants issued to certain Senior Lenders 7,805 22,129
In-kind interest added to principal balance of Senior Credit Agreement 86,376 55,299
EPC deferred payment included in purchases of property, plant, and equipment 43,519 0
Amounts included in accounts payable, accrued liabilities and other long-term liabilities for purchases of property, plant, and equipment 27,845 5,626
Capitalized interest added in property, plant, and equipment 154,960 73,408
Conversion of note payable and associated accrued interest to common shares 0 1,168
Proceeds to be received from government grant associated with property, plant and equipment 0 438
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