Lucid Motors(NASDAQ:LCID) 
Lucid Group, Inc. is an American electric vehicle manufacturer headquartered in Newark, California. Lucid's other divisions include energy storage, and original equipment manufacturing. The company was founded in 2007. As of 2021, its first car, Lucid Air, is in development.
Website: https://www.lucidmotors.com/
Founded: 2007
IPO Price: $10 (Jul 02, 2021)
Full Time Employees: 7,200 (Dec 2022)
Founder: Bernard Tse / Sam Weng / Sheaupyng Lin
CEO: Peter Rawlinson
Sector: Consumer Cyclical
Industry: Auto Manufacturers
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At a glance:
- Cash Burn Remains Elevated Amid Scale-Up Efforts: Lucid continues to invest heavily in manufacturing ramp, product development, and commercial infrastructure, keeping free cash flow and profitability under pressure as it works toward higher volumes.
- Demand, Deliveries, and ASPs Are Key Near-Term Drivers: Quarterly deliveries, order momentum, and realized pricing (including incentives and mix) remain central to assessing revenue growth and margin trajectory, particularly as the company expands beyond its flagship sedan.
- Gravity SUV Launch Execution Is a Major Catalyst: Successful timing, production readiness, and customer reception for the Gravity SUV are important for broadening the addressable market and improving capacity utilization, with execution risk a primary investor focus.
- Liquidity Backstop and Capital Needs Stay in Focus: With ongoing operating losses, Lucid’s funding runway, access to capital, and support from strategic stakeholders are closely watched as the company balances growth plans with dilution and leverage considerations.
- Margin Improvement Depends on Volume, Cost-Down, and Supply Chain Stability: Progress on bill-of-materials reductions, manufacturing efficiencies, and stable component supply will largely determine gross margin improvement, alongside higher production volumes to absorb fixed costs.
Bull Thesis:
- Industry-Leading Technology and Luxury Appeal: Lucid Air's exceptional range, performance, charging capabilities (Wunderbox), and premium design position it as a leader in the luxury EV segment, attracting discerning high-end buyers and setting a high bar for competitors.
- Robust Financial Backing from Saudi PIF: The significant investment and ongoing support from Saudi Arabia's Public Investment Fund provide Lucid with a substantial capital runway, enabling long-term R&D, manufacturing expansion (including the AMP-2 factory in Saudi Arabia), and market penetration without immediate liquidity concerns.
- Promising Product Pipeline and Manufacturing Expansion: The highly anticipated Gravity SUV is expected to broaden Lucid's market appeal and sales volume significantly. The new AMP-2 factory in Saudi Arabia offers potential for increased production capacity, lower costs, and access to new markets, diversifying its manufacturing footprint.
Bear Thesis:
- Persistent Production and Delivery Bottlenecks: Lucid has consistently struggled to meet its production targets and ramp up manufacturing efficiently, leading to lower-than-expected vehicle deliveries, impacting revenue generation, and eroding investor confidence in its ability to scale.
- High Cash Burn and Distant Path to Profitability: The company continues to report substantial negative free cash flow, burning through significant capital with no clear timeline for achieving profitability. This raises concerns about long-term financial sustainability and continued reliance on external funding.
- Intense Competition in the Luxury EV Market: Lucid faces formidable competition from established luxury automakers (e.g., Mercedes-Benz, Porsche, BMW, Audi) and other EV players, making it challenging to capture significant market share and differentiate its offerings in an increasingly crowded premium segment.
- Niche Market Due to Premium Pricing Strategy: The high price point of Lucid Air models limits its addressable market to a very exclusive segment, potentially hindering sales volume growth and making it vulnerable to economic downturns affecting luxury spending or shifts in consumer preferences.
Main Competitors:
- Tesla ($TSLA) (Model S, Model X), The established leader in the luxury EV market, Tesla competes with Lucid on performance, range, technology, and a direct-to-consumer sales model. The Model S is a direct competitor to the Lucid Air, appealing to buyers seeking high-performance, long-range electric sedans.
- Mercedes-Benz ($MBG.DE) (EQS Sedan, EQE Sedan, EQS SUV), A traditional luxury automotive giant, Mercedes-Benz is rapidly electrifying its lineup with the EQ sub-brand. They compete with Lucid on brand prestige, interior luxury, advanced technology, and an established global service network, targeting the same high-end EV sedan and SUV buyers with a focus on comfort and refinement.
- Porsche ($P911.DE) (Taycan, Macan EV (upcoming)), Known for high-performance luxury vehicles, Porsche's Taycan directly competes with the Lucid Air in the premium performance EV sedan segment. Porsche emphasizes driving dynamics, brand heritage, and a sporty luxury experience, appealing to enthusiasts who prioritize driving engagement.
- BMW ($BMW.DE) (i7, i5, iX), Another dominant force in the traditional luxury market, BMW's 'i' sub-brand offers high-end electric vehicles like the i7, which directly challenges the Lucid Air in the full-size luxury EV sedan category. BMW competes with its focus on comfort, technology, and its signature 'ultimate driving machine' philosophy adapted for electric powertrains.
Moat:
Lucid Motors operates in the highly competitive luxury electric vehicle segment. Its primary moat lies in its proprietary powertrain technology, which delivers industry-leading efficiency and range, particularly with its Lucid Air sedan. This technological advantage, coupled with a focus on ultra-luxury design and performance, aims to differentiate it from both established EV players like Tesla and traditional luxury automakers rapidly electrifying their fleets (Mercedes-Benz, Porsche, BMW). However, Lucid faces significant challenges including scaling production, building brand awareness and trust against deeply entrenched competitors, expanding its service and charging infrastructure, and navigating intense capital requirements in a market increasingly crowded with premium EV offerings. The competition is fierce, with rivals leveraging brand loyalty, extensive dealer networks, and massive R&D budgets to capture market share in the high-end EV space.
Income Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | 282,465,000 | 522,730,000 | 336,580,000 | 259,432,000 | 235,048,000 | 234,473,000 | 200,038,000 | 200,581,000 | 172,740,000 | 157,151,000 | 137,814,000 | 150,874,000 | 149,432,000 | 257,713,000 | 195,457,000 | 97,336,000 | 57,675,000 | 26,392,000 | 232,000 | |
yoy | 20.17% | 122.94% | 68.26% | 29.34% | 36.07% | 49.20% | 45.15% | 32.95% | 15.60% | -39.02% | -29.49% | 55.00% | 159.09% | 876.48% | 84148.71% | |||||
qoq | -45.96% | 55.31% | 29.74% | 10.37% | 0.25% | 17.21% | -0.27% | 16.12% | 9.92% | 14.03% | -8.66% | 0.96% | -42.02% | 31.85% | 100.81% | 68.77% | 118.53% | 11275.86% | ||
costs and expenses | ||||||||||||||||||||
cost of revenue | 594,170,000 | 944,636,000 | 670,197,000 | 531,783,000 | 463,560,000 | 443,248,000 | 412,544,000 | 470,355,000 | 404,796,000 | 410,015,000 | 469,722,000 | 555,805,000 | 500,524,000 | 615,291,000 | 492,483,000 | 292,342,000 | 245,970,000 | 151,473,000 | 3,320,000 | |
research and development | 335,670,000 | 361,007,000 | 325,305,000 | 273,839,000 | 251,246,000 | 280,285,000 | 324,371,000 | 287,170,000 | 284,627,000 | 242,977,000 | 230,758,000 | 233,474,000 | 229,803,000 | 221,294,000 | 213,761,000 | 200,381,000 | 186,076,000 | 163,606,000 | 242,408,000 | |
selling, general and administrative | 304,176,000 | 281,841,000 | 283,097,000 | 256,857,000 | 212,175,000 | 243,890,000 | 233,585,000 | 210,245,000 | 213,232,000 | 241,026,000 | 189,691,000 | 197,748,000 | 168,770,000 | 170,867,000 | 176,736,000 | 163,812,000 | 223,159,000 | 196,997,000 | 251,554,000 | |
workforce reduction charges | 37,934,000 | |||||||||||||||||||
total cost and expenses | 1,271,950,000 | 1,587,484,000 | 1,278,599,000 | 1,062,479,000 | 926,981,000 | 967,423,000 | 970,576,000 | 987,998,000 | 902,655,000 | 894,018,000 | 890,689,000 | 988,559,000 | 921,593,000 | 1,007,452,000 | 882,980,000 | 656,535,000 | 655,205,000 | |||
income from operations | -989,485,000 | -1,064,754,000 | -942,019,000 | -803,047,000 | -691,933,000 | -732,950,000 | -770,538,000 | -787,417,000 | -729,915,000 | -736,867,000 | -752,875,000 | -837,685,000 | -772,161,000 | -749,739,000 | -687,523,000 | -559,199,000 | -597,530,000 | -485,684,000 | -497,050,000 | -562,194 |
yoy | 43.00% | 45.27% | 22.25% | 1.98% | -5.20% | -0.53% | 2.35% | -6.00% | -5.47% | -1.72% | 9.51% | 49.80% | 29.23% | 54.37% | 38.32% | 99367.27% | ||||
qoq | -7.07% | 13.03% | 17.31% | 16.06% | -5.60% | -4.88% | -2.14% | 7.88% | -0.94% | -2.13% | -10.12% | 8.49% | 2.99% | 9.05% | 22.95% | -6.41% | 23.03% | -2.29% | 88312.54% | |
operating margin % | -350.30% | -203.69% | -279.88% | -309.54% | -294.38% | -312.59% | -385.20% | -392.57% | -422.55% | -468.89% | -546.30% | -555.22% | -516.73% | -290.92% | -351.75% | -574.50% | -1036.03% | -1840.27% | -214245.69% | -Infinity% |
other income | -7,867,000 | 3,572,000 | 2,965,000 | -1,007,000 | 934,000 | -763,000 | -928,000 | 667,000 | -366,000 | 665,000 | 11,188,000 | 942,000 | -742,000 | 249,000 | ||||||
change in fair value of common stock warrant liability | 887,000 | 444,000 | 5,322,000 | 12,861,000 | 13,305,000 | -13,748,000 | 7,539,000 | 27,054,000 | 25,279,000 | 60,316,000 | 42,133,000 | -40,802,000 | 255,899,000 | 140,146,000 | 334,843,000 | 523,330,000 | -557,973,000 | -24,787,000 | ||
change in fair value of equity securities of a related party | -10,221,000 | -7,196,000 | 916,000 | 3,948,000 | -13,453,000 | -4,898,000 | -8,836,000 | -9,390,000 | -19,933,000 | |||||||||||
change in fair value of derivative liabilities associated with redeemable convertible preferred stock | 7,375,000 | 266,425,000 | -36,375,000 | 111,475,000 | 281,700,000 | 292,600,000 | -240,250,000 | |||||||||||||
interest income | 13,104,000 | 25,273,000 | 34,643,000 | 44,318,000 | 52,209,000 | 57,825,000 | 50,017,000 | 54,553,000 | 50,631,000 | 58,680,000 | 66,064,000 | 39,525,000 | 40,005,000 | 29,472,000 | 24,373,000 | |||||
interest expense | -41,073,000 | -33,898,000 | -25,571,000 | -23,749,000 | -11,883,000 | -10,271,000 | -8,478,000 | -6,673,000 | -7,501,000 | -7,777,000 | -3,340,000 | -6,690,000 | -7,108,000 | -8,075,000 | -7,613,000 | -7,189,000 | -7,705,000 | -1,263,000 | -76,000 | |
total other income | -38,682,000 | 252,496,000 | -36,772,000 | 261,246,000 | 324,399,000 | 336,321,000 | -221,450,000 | 143,962,000 | 49,244,000 | 83,115,000 | 122,277,000 | 74,040,000 | -7,238,000 | 276,930,000 | 157,571,000 | 338,842,000 | 516,567,000 | -122,322,000 | -27,331,000 | |
income before provision for income taxes | -1,028,167,000 | -812,258,000 | -978,791,000 | -541,801,000 | -367,534,000 | -396,629,000 | -991,988,000 | -643,455,000 | -680,671,000 | -653,752,000 | -630,598,000 | -763,645,000 | -779,399,000 | -472,809,000 | -529,952,000 | -220,357,000 | -80,963,000 | -1,045,662,000 | -524,381,000 | -588,817,953 |
provision for income taxes | 177,000 | 1,762,000 | -363,000 | -2,369,000 | -1,363,000 | 589,000 | 487,000 | -65,000 | 188,000 | 14,000 | 296,000 | 587,000 | 129,000 | -161,000 | 149,000 | 68,000 | 323,000 | 18,000 | 22,000 | -1,962 |
net income | -1,028,344,000 | -814,020,000 | -978,428,000 | -539,432,000 | -366,171,000 | -397,218,000 | -992,475,000 | -643,390,000 | -680,859,000 | -653,766,000 | -630,894,000 | -764,232,000 | -779,528,000 | -472,648,000 | -530,101,000 | -220,425,000 | -588,819,915 | |||
yoy | 180.84% | 104.93% | -1.42% | -16.16% | -46.22% | -39.24% | 57.31% | -15.81% | -12.66% | 38.32% | 19.01% | 246.71% | -62.56% | |||||||
qoq | 26.33% | -16.80% | 81.38% | 47.32% | -7.82% | -59.98% | 54.26% | -5.50% | 4.14% | 3.63% | -17.45% | -1.96% | 64.93% | -10.84% | 140.49% | |||||
net income margin % | -364.06% | -155.72% | -290.70% | -207.93% | -155.79% | -169.41% | -496.14% | -320.76% | -394.15% | -416.01% | -457.79% | -506.54% | -521.66% | -183.40% | -271.21% | -226.46% | 0% | 0% | 0% | -Infinity% |
accretion of redeemable convertible preferred stock | -105,962,000 | -362,779,000 | -56,121,000 | -199,823,000 | -364,925,000 | -239,686,000 | 42,838,000 | -3,901,000 | ||||||||||||
net loss attributable to common stockholders, basic and diluted | -1,134,306,000 | -731,096,000 | -606,162,000 | -949,637,000 | -790,251,000 | -684,760,000 | ||||||||||||||
weighted-average shares outstanding attributable to common stockholders, basic and diluted | 328,285,861,000 | 3,036,317,307,000 | 2,323,971,541,000 | 2,310,360,525,000 | 2,301,870,644,000 | |||||||||||||||
net income per share | -3.46 | -0.24 | -0.263 | -0.41 | -0.34 | -0.3 | -0.28 | -0.32 | -0.13 | -0.05 | 2.15 | -0.43 | ||||||||
other comprehensive income | ||||||||||||||||||||
net unrealized gains on investments, net of tax | -1,385 | -669 | 684 | 293 | 3,552 | -5,730 | 11,891 | -957 | -3,262 | 10,079 | 1,554 | -2,999 | 4,035 | |||||||
reclassification adjustment for realized gains on investments included in net loss | -5,702 | |||||||||||||||||||
foreign currency translation adjustments | -1,092 | -752 | -2,187 | 8,973 | 3,897 | -9,283 | 5,182 | -802 | -3,988 | 5,134 | -1,967 | 586 | ||||||||
total other comprehensive income | -8,179 | -1,421 | -1,503 | 9,266 | 7,449 | -15,013 | 17,073 | -1,759 | -7,250 | 15,213 | -413 | -2,413 | ||||||||
comprehensive loss | -1,036,523 | -815,441 | -979,931 | -530,166 | -358,722 | -412,231 | -975,402 | -645,149 | -688,109 | -470,954 | -542,676 | -221,116 | ||||||||
comprehensive loss attributable to common stockholders | -1,142,485 | -1,178,220 | -1,036,052 | -729,989 | -723,647 | -651,917 | -932,564 | -792,010 | -692,010 | -638,553 | -631,307 | -766,645 | -775,493 | -470,954 | -542,676 | -221,116 | ||||
restructuring charges | 76,000 | 20,228,000 | 518,000 | 1,532,000 | 22,496,000 | |||||||||||||||
gain on extinguishment of debt | 5,405,000 | 116,360,000 | ||||||||||||||||||
other expense | -4,400,000 | -10,829,000 | -1,557,250 | -155,000 | -5,067,000 | |||||||||||||||
net loss attributable to common stockholders, basic | -1,176,799,000 | -1,034,549,000 | -739,255,000 | -653,766,000 | -630,894,000 | -764,232,000 | -779,528,000 | -472,648,000 | -530,101,000 | -220,425,000 | ||||||||||
interest expense on 2026 notes | 10,026,000 | 309,000 | ||||||||||||||||||
net loss attributable to common stockholders, diluted | -1,172,178,000 | -1,034,549,000 | -855,306,000 | -653,766,000 | -630,894,000 | -764,232,000 | -779,528,000 | -728,547,000 | -670,247,000 | -555,268,000 | ||||||||||
weighted-average shares outstanding attributable to common stockholders | ||||||||||||||||||||
basic | 311,680,046,000 | 312,166,297,000 | 3,056,404,834,000 | 2,445,176,539,000 | 2,081,772,622,000 | 2,284,446,783,000 | 1,912,459,833,000 | 1,831,725,009,000 | ||||||||||||
diluted | 313,400,136,000 | 312,166,297,000 | 3,057,882,724,000 | 2,445,176,539,000 | 2,081,772,622,000 | 2,284,446,783,000 | 1,912,459,833,000 | 1,831,725,009,000 | ||||||||||||
net income per share | -3.46 | -0.24 | -0.263 | -0.41 | -0.34 | -0.3 | -0.28 | -0.32 | -0.13 | -0.05 | 2.15 | -0.43 | ||||||||
basic | -3.66 | -3.31 | -0.24 | -0.28 | -0.28 | -0.4 | -0.43 | |||||||||||||
diluted | -3.59 | -3.31 | -0.28 | -0.28 | -0.28 | -0.4 | -0.43 | |||||||||||||
change in fair value of derivative liability associated with series a redeemable convertible preferred stock | 103,000,000 | |||||||||||||||||||
accretion of series a redeemable convertible preferred stock | -146,861,000 | |||||||||||||||||||
change in fair value of dilutive warrants | -255,899,000 | -140,146,000 | -334,843,000 | |||||||||||||||||
change in fair value of forward contracts | ||||||||||||||||||||
change in fair value of convertible preferred stock warrant liability | ||||||||||||||||||||
transaction costs expensed | -2,717,000 | |||||||||||||||||||
deemed dividend related to the issuance of series e convertible preferred stock | ||||||||||||||||||||
weighted-average shares outstanding used in computing net loss per share attributable to common stockholders, basic | 1,678,346,079 | 1,676,048,504 | 1,669,303,813 | |||||||||||||||||
weighted-average shares outstanding used in computing net loss per share attributable to common stockholders, diluted | 1,693,258,608 | 1,690,963,548 | 1,686,815,404 | |||||||||||||||||
other comprehensive loss | ||||||||||||||||||||
net unrealized losses on investments, net of tax | 1,694 | -12,575 | -691 | |||||||||||||||||
other income, net: | ||||||||||||||||||||
net loss and comprehensive loss | -81,286,000 | -1,045,680,000 | -524,403,000 | |||||||||||||||||
net loss attributable to common stockholders | -81,286,000 | -1,045,680,000 | -524,403,000 | |||||||||||||||||
weighted-average shares outstanding used in computing net loss per share attributable to common stockholders, basic and diluted | 1,654,322,379 | 740,393,759 | 1,217,032,285 | |||||||||||||||||
gross profit | -676,250 | -3,088,000 | ||||||||||||||||||
yoy | ||||||||||||||||||||
qoq | -78.10% | |||||||||||||||||||
gross margin % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -2.56% | -1331.03% | NaN% |
operating expenses | ||||||||||||||||||||
total operating expenses | 260,514,250 | 493,962,000 | ||||||||||||||||||
operating costs | 562,194 | |||||||||||||||||||
other income: | ||||||||||||||||||||
change in fair value of derivative liabilities | -587,379,256 | |||||||||||||||||||
interest expense - excess fair value of conversion liability | ||||||||||||||||||||
interest expense - amortization of debt discount | -900,000 | |||||||||||||||||||
interest earned on marketable securities held in trust account | 27,453 | |||||||||||||||||||
unrealized loss on marketable securities held in trust account | -3,956 | |||||||||||||||||||
other expense net | -588,255,759 | |||||||||||||||||||
basic and diluted weighted-average shares outstanding, class a common stock subject to redemption | 207,000,000 | |||||||||||||||||||
basic and diluted net income per share, class a common stock subject to redemption | ||||||||||||||||||||
basic and diluted weighted-average shares outstanding, non-redeemable common stock | 51,750,000 | |||||||||||||||||||
basic and diluted net loss per share, non-redeemable common stock | -11.38 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||||||||
current assets: | |||||||||||||||||||||
cash and cash equivalents | 700,356,000 | 997,827,000 | 1,635,120,000 | 1,795,719,000 | 1,854,879,000 | 1,606,865,000 | 1,893,638,000 | 1,353,581,000 | 2,169,489,000 | 1,369,947,000 | 1,164,391,000 | 2,775,339,000 | 900,038,000 | 1,735,765,000 | 1,264,136,000 | 3,157,449,000 | 5,391,844,000 | 6,262,905,000 | 4,796,880,000 | 1,000,159 | 2,068,115 |
short-term investments | 631,093,000 | 701,906,000 | 1,030,140,000 | 1,756,026,000 | 2,424,103,000 | 1,578,283,000 | 1,862,848,000 | 1,824,900,000 | 2,489,798,000 | 3,258,206,000 | 2,473,955,000 | 2,078,377,000 | 2,177,231,000 | 2,078,045,000 | 1,136,633,000 | 505,000 | |||||
accounts receivable | 131,244,000 | 177,162,000 | 137,642,000 | 125,265,000 | 90,328,000 | 112,025,000 | 98,243,000 | 101,370,000 | 126,930,000 | 51,822,000 | 23,370,000 | 20,570,000 | 2,583,000 | 19,542,000 | 2,659,000 | 1,294,000 | 867,000 | 3,148,000 | 261,000 | ||
inventory | 1,468,853,000 | 1,109,529,000 | 981,062,000 | 713,269,000 | 471,407,000 | 407,774,000 | 506,842,000 | 509,888,000 | 565,653,000 | 696,236,000 | 798,974,000 | 849,781,000 | 1,017,570,000 | 834,401,000 | 685,321,000 | 553,045,000 | 333,906,000 | 127,250,000 | 61,155,000 | ||
prepaid expenses | 63,880,000 | 59,606,000 | 58,135,000 | 63,336,000 | 51,482,000 | 52,951,000 | 62,210,000 | 71,637,000 | 72,135,000 | 69,682,000 | 76,368,000 | 73,455,000 | 62,367,000 | 63,548,000 | 57,259,000 | 48,963,000 | 42,325,000 | 70,346,000 | 80,353,000 | 675,344 | 845,672 |
other current assets | 392,336,000 | 324,434,000 | 286,245,000 | 223,391,000 | 199,135,000 | 270,218,000 | 107,795,000 | 102,164,000 | 74,890,000 | 79,670,000 | 70,185,000 | 63,828,000 | 58,897,000 | 81,541,000 | 69,008,000 | 69,105,000 | 95,489,000 | 43,328,000 | 20,213,000 | ||
total current assets | 2,756,669,000 | 3,299,651,000 | 3,800,110,000 | 3,951,120,000 | 4,423,257,000 | 4,873,936,000 | 4,247,011,000 | 4,001,488,000 | 4,833,997,000 | 4,757,155,000 | 5,391,494,000 | 6,256,928,000 | 4,119,832,000 | 4,912,028,000 | 4,156,428,000 | 4,966,489,000 | 5,864,431,000 | 6,506,977,000 | 4,986,801,000 | 1,675,503 | 2,913,787 |
property, plant and equipment | 4,028,772,000 | 3,978,132,000 | 3,752,065,000 | 3,568,248,000 | 3,322,275,000 | 3,262,612,000 | 3,222,098,000 | 3,065,711,000 | 2,971,601,000 | 2,810,867,000 | 2,673,057,000 | 2,474,564,000 | 2,322,884,000 | 2,166,776,000 | 1,954,310,000 | 1,615,435,000 | 1,327,544,000 | 1,182,153,000 | 965,901,000 | ||
right-of-use assets | 258,414,000 | 241,974,000 | 227,995,000 | 235,821,000 | 230,780,000 | 211,886,000 | 220,616,000 | 212,877,000 | 217,699,000 | 221,508,000 | 221,657,000 | 223,890,000 | 213,193,000 | 215,160,000 | 211,844,000 | 198,207,000 | 166,625,000 | 161,974,000 | 143,782,000 | ||
long-term investments | 13,615,000 | 512,241,000 | 656,249,000 | 776,677,000 | 921,588,000 | 1,012,223,000 | 555,521,000 | 687,641,000 | 627,591,000 | 461,029,000 | 479,727,000 | 288,081,000 | 441,727,000 | 529,974,000 | 513,735,000 | 278,055,000 | |||||
other noncurrent assets | 425,698,000 | 354,983,000 | 355,199,000 | 306,095,000 | 294,500,000 | 249,443,000 | 198,277,000 | 204,049,000 | 185,352,000 | 262,159,000 | 175,299,000 | 171,589,000 | 163,295,000 | 55,300,000 | 51,494,000 | 71,233,000 | 43,240,000 | 30,609,000 | 42,700,000 | ||
total assets | 7,483,168,000 | 8,386,981,000 | 8,823,038,000 | 8,869,078,000 | 9,217,969,000 | 9,647,931,000 | 8,489,183,000 | 8,223,268,000 | 8,897,041,000 | 8,512,718,000 | 8,941,234,000 | 9,415,052,000 | 7,260,931,000 | 7,879,238,000 | 6,887,811,000 | 7,129,419,000 | 7,401,840,000 | 7,881,713,000 | 6,139,184,000 | 2,071,966,288 | 2,073,181,075 |
liabilities | |||||||||||||||||||||
current liabilities: | |||||||||||||||||||||
accounts payable | 484,853,000 | 487,521,000 | 393,029,000 | 213,656,000 | 121,298,000 | 133,832,000 | 139,187,000 | 113,634,000 | 101,489,000 | 108,724,000 | 104,602,000 | 140,083,000 | 145,746,000 | 229,084,000 | 79,781,000 | 129,070,000 | 66,440,000 | 41,342,000 | 8,914,000 | ||
finance lease liabilities, current portion | 5,029,000 | 84,222,000 | 81,633,000 | 8,141,000 | 6,941,000 | 6,788,000 | 6,921,000 | 7,099,000 | 7,548,000 | 8,202,000 | 8,964,000 | 9,653,000 | 10,239,000 | 10,586,000 | 9,780,000 | 4,657,000 | 4,485,000 | 4,183,000 | 3,268,000 | ||
current portion of debt | 707,449,000 | 671,746,000 | |||||||||||||||||||
other current liabilities | 1,496,972,000 | 1,392,641,000 | 1,630,322,000 | 1,312,157,000 | 1,203,235,000 | 1,024,671,000 | 861,074,000 | 752,779,000 | 827,041,000 | 798,990,000 | 862,752,000 | 666,856,000 | 774,108,000 | 634,567,000 | 686,555,000 | 464,819,000 | 412,258,000 | 318,212,000 | 228,277,000 | ||
total current liabilities | 2,694,303,000 | 2,636,130,000 | 2,104,984,000 | 1,533,954,000 | 1,331,474,000 | 1,165,291,000 | 1,146,064,000 | 1,010,886,000 | 1,036,719,000 | 1,008,410,000 | 1,037,860,000 | 885,593,000 | 1,014,960,000 | 937,559,000 | 825,124,000 | 654,096,000 | 511,940,000 | 396,101,000 | 269,408,000 | 2,050,791 | 1,824,919 |
finance lease liabilities, net of current portion | 103,833,000 | 104,559,000 | 101,886,000 | 176,113,000 | 75,292,000 | 76,096,000 | 75,027,000 | 76,533,000 | 75,807,000 | 77,653,000 | 77,019,000 | 79,123,000 | 78,845,000 | 81,336,000 | 79,371,000 | 5,377,000 | 6,039,000 | 6,083,000 | 4,687,000 | ||
debt, net of current portion | 2,047,844,000 | 2,046,576,000 | |||||||||||||||||||
other long-term liabilities | 590,277,000 | 582,739,000 | 572,091,000 | 600,321,000 | 594,922,000 | 572,800,000 | 558,525,000 | 555,923,000 | 525,914,000 | 524,339,000 | 345,724,000 | 356,846,000 | 360,770,000 | 378,212,000 | 365,009,000 | 233,725,000 | 194,867,000 | 188,575,000 | 183,096,000 | ||
derivative liabilities associated with redeemable convertible preferred stock | 8,825,000 | 16,200,000 | 282,625,000 | 246,250,000 | 357,725,000 | 639,425,000 | 932,025,000 | ||||||||||||||
total liabilities | 5,445,082,000 | 5,386,204,000 | 5,101,949,000 | 4,596,897,000 | 4,369,527,000 | 4,475,277,000 | 4,745,307,000 | 4,056,060,000 | 4,160,401,000 | 3,661,026,000 | 3,535,219,000 | 3,455,212,000 | 3,629,080,000 | 3,529,537,000 | 3,656,564,000 | 3,419,033,000 | 3,572,371,000 | 3,972,358,000 | 1,294,026,000 | 1,674,146,585 | 1,086,541,457 |
commitments and contingencies | |||||||||||||||||||||
redeemable convertible preferred stock | |||||||||||||||||||||
preferred stock 10,000,000 shares authorized as of march 31, 2026 and december 31, 2025, series a redeemable convertible preferred stock, par value 0.0001... | 1,402,103,000 | ||||||||||||||||||||
preferred stock 10,000,000 shares authorized as of march 31, 2026 and december 31, 2025, series b redeemable convertible preferred stock, par value 0.0001... | 987,349,000 | ||||||||||||||||||||
total redeemable convertible preferred stock | 2,389,452,000 | 2,283,490,000 | 1,920,711,000 | 1,864,590,000 | 1,664,767,000 | 1,299,842,000 | 1,060,156,000 | ||||||||||||||
stockholders’ equity | |||||||||||||||||||||
common stock, par value 0.0001... | 33,000 | 33,000 | 32,000 | 307,000 | 305,000 | 303,000 | 234,000 | 232,000 | 231,000 | 230,000 | 229,000 | 228,000 | 183,000 | 183,000 | 168,000 | 167,000 | 167,000 | 165,000 | 164,000 | ||
additional paid-in capital | 16,304,893,000 | 16,337,023,000 | 16,604,674,000 | 16,231,681,000 | 16,477,601,000 | 16,808,018,000 | 15,206,764,000 | 15,063,541,000 | 15,134,686,000 | 15,066,080,000 | 14,981,851,000 | 14,904,370,000 | 11,809,781,000 | 11,752,138,000 | 10,162,745,000 | 10,099,209,000 | 9,997,176,000 | 9,995,778,000 | 9,865,186,000 | ||
treasury stock | -20,716,000 | -20,716,000 | -20,716,000 | -20,716,000 | -20,716,000 | -20,716,000 | -20,716,000 | -20,716,000 | -20,716,000 | -20,716,000 | -20,716,000 | -20,716,000 | -20,716,000 | -20,716,000 | -20,716,000 | -20,716,000 | -20,716,000 | -20,716,000 | |||
accumulated other comprehensive income | 3,513,000 | 11,692,000 | 13,113,000 | 14,616,000 | 5,350,000 | -2,099,000 | 12,914,000 | -4,159,000 | -2,400,000 | 4,850,000 | |||||||||||
accumulated deficit | -16,639,089,000 | -15,610,745,000 | -14,796,725,000 | -13,818,297,000 | -13,278,865,000 | -12,912,694,000 | -12,515,476,000 | -11,523,001,000 | -10,879,611,000 | -10,198,752,000 | -9,544,986,000 | -8,914,092,000 | -8,149,860,000 | -7,370,332,000 | -6,897,684,000 | -6,367,583,000 | -6,147,158,000 | -6,065,872,000 | -5,020,192,000 | -1,672,185,472 | -1,083,365,557 |
total stockholders’ equity | -351,366,000 | 717,287,000 | 1,800,378,000 | 2,407,591,000 | 3,183,675,000 | 3,872,812,000 | 2,683,720,000 | 3,515,897,000 | 4,232,190,000 | 4,851,692,000 | 5,406,015,000 | 5,959,840,000 | 3,631,851,000 | 4,349,701,000 | 3,231,247,000 | 3,710,386,000 | -1,672,180,297 | -1,083,360,382 | |||
total liabilities, redeemable convertible preferred stock and stockholders’ equity | 7,483,168,000 | 8,386,981,000 | 8,823,038,000 | 8,869,078,000 | 9,217,969,000 | 9,647,931,000 | 8,489,183,000 | 8,223,268,000 | 8,897,041,000 | ||||||||||||
preferred stock 10,000,000 shares authorized as of december 31, 2025 and 2024, series a redeemable convertible preferred stock, par value 0.0001... | 1,339,641,000 | ||||||||||||||||||||
preferred stock 10,000,000 shares authorized as of december 31, 2025 and 2024, series b redeemable convertible preferred stock, par value 0.0001... | 943,849,000 | ||||||||||||||||||||
investments in equity securities of a related party | 31,420,000 | 31,117,000 | 25,569,000 | 37,831,000 | 45,660,000 | 51,502,000 | 60,801,000 | ||||||||||||||
long-term debt | 2,040,363,000 | 2,038,928,000 | 2,003,461,000 | 2,002,151,000 | 2,000,847,000 | 1,999,547,000 | 1,998,251,000 | 1,996,960,000 | 1,995,673,000 | 1,994,391,000 | 1,993,113,000 | 1,991,840,000 | 1,990,571,000 | 1,989,200,000 | 1,988,047,000 | 1,986,791,000 | |||||
preferred stock 10,000,000 shares authorized as of september 30, 2025 and december 31, 2024, series a redeemable convertible preferred stock, par value 0.0001... | 1,109,905,000 | ||||||||||||||||||||
preferred stock 10,000,000 shares authorized as of september 30, 2025 and december 31, 2024, series b redeemable convertible preferred stock, par value 0.0001... | 810,806,000 | ||||||||||||||||||||
common stock warrant liability | 1,331,000 | 6,653,000 | 19,514,000 | 32,819,000 | 19,071,000 | 26,610,000 | 53,664,000 | 78,943,000 | 139,259,000 | 181,392,000 | 140,590,000 | 396,489,000 | 536,635,000 | 871,478,000 | 1,394,808,000 | 836,835,000 | |||||
preferred stock 10,000,000 shares authorized as of june 30, 2025 and december 31, 2024, series a redeemable convertible preferred stock, par value 0.0001... | 1,084,589,000 | ||||||||||||||||||||
preferred stock 10,000,000 shares authorized as of june 30, 2025 and december 31, 2024, series b redeemable convertible preferred stock, par value 0.0001... | 780,001,000 | ||||||||||||||||||||
preferred stock 10,000,000 shares authorized as of march 31, 2025 and december 31, 2024, series a redeemable convertible preferred stock, par value 0.0001... | 955,317,000 | ||||||||||||||||||||
preferred stock 10,000,000 shares authorized as of march 31, 2025 and december 31, 2024, series b redeemable convertible preferred stock, par value 0.0001... | 709,450,000 | ||||||||||||||||||||
preferred stock 10,000,000 shares authorized as of december 31, 2024 and 2023, series a redeemable convertible preferred stock, par value 0.0001... | 730,025,000 | ||||||||||||||||||||
preferred stock 10,000,000 shares authorized as of december 31, 2024 and 2023, series b redeemable convertible preferred stock, par value 0.0001... | 569,817,000 | ||||||||||||||||||||
accrued compensation | 138,882,000 | 137,374,000 | 100,641,000 | 92,494,000 | 61,542,000 | 69,001,000 | 84,867,000 | 63,322,000 | 49,008,000 | 55,550,000 | 28,757,000 | 32,364,000 | 28,949,000 | ||||||||
preferred stock 10,000,000 shares authorized as of september 30, 2024 and december 31, 2023, series a redeemable convertible preferred stock, par value 0.0001... | 591,897,000 | ||||||||||||||||||||
preferred stock 10,000,000 shares authorized as of september 30, 2024 and december 31, 2023, series b redeemable convertible preferred stock, par value 0.0001... | 468,259,000 | ||||||||||||||||||||
derivative liability associated with series a redeemable convertible preferred stock | 394,100,000 | ||||||||||||||||||||
series a redeemable convertible preferred stock, par value 0.0001... | 651,311,000 | ||||||||||||||||||||
derivative liability | 497,100,000 | ||||||||||||||||||||
redeemable convertible preferred stock, par value 0.0001... | 504,450,000 | ||||||||||||||||||||
total liabilities and stockholders’ equity | 8,512,718,000 | 8,941,234,000 | 9,415,052,000 | 7,260,931,000 | 7,879,238,000 | 6,887,811,000 | 7,129,419,000 | 7,401,840,000 | 2,071,966,288 | 2,073,181,075 | |||||||||||
accumulated other comprehensive loss | -10,363,000 | -9,950,000 | -7,537,000 | -11,572,000 | -13,266,000 | -691,000 | |||||||||||||||
liabilities and stockholders’ equity | |||||||||||||||||||||
preferred stock, par value 0.0001... | |||||||||||||||||||||
liabilities and stockholders' equity | |||||||||||||||||||||
total stockholders' equity | 3,829,469,000 | 3,909,355,000 | 4,845,158,000 | ||||||||||||||||||
liabilities, convertible preferred stock and stockholders' equity | |||||||||||||||||||||
convertible preferred stock warrant liability | |||||||||||||||||||||
convertible preferred stock | |||||||||||||||||||||
convertible preferred stock, 0.0001 par value... | |||||||||||||||||||||
total liabilities, convertible preferred stock and stockholders’ equity | 7,881,713,000 | 6,139,184,000 | |||||||||||||||||||
other receivable | 27,434,000 | ||||||||||||||||||||
current assets | |||||||||||||||||||||
marketable securities held in trust account | 2,070,290,785 | 2,070,267,288 | |||||||||||||||||||
current liabilities | |||||||||||||||||||||
accounts payable and accrued expenses | 827,213 | 1,419,919 | |||||||||||||||||||
income taxes payable | 23,578 | 105,000 | |||||||||||||||||||
convertible promissory note – related party, net of discount | 1,200,000 | 300,000 | |||||||||||||||||||
derivative liabilities | 1,599,645,794 | 1,012,266,538 | |||||||||||||||||||
deferred underwriting fee payable | 72,450,000 | 72,450,000 | |||||||||||||||||||
class a common stock | 2,070,000,000 | 2,070,000,000 | |||||||||||||||||||
preferred stock, 0.0001 par value... | |||||||||||||||||||||
class a common stock, 0.0001 par value... | |||||||||||||||||||||
class b common stock, 0.0001 par value... | 5,175 | 5,175 | |||||||||||||||||||
operating costs | 3,089,824 | ||||||||||||||||||||
income from operations | -3,089,824 | ||||||||||||||||||||
other income: | |||||||||||||||||||||
change in fair value of derivative liabilities | -812,374,402 | ||||||||||||||||||||
interest expense - excess fair value of conversion liability | -56,191,636 | ||||||||||||||||||||
interest expense - amortization of debt discount | -300,000 | ||||||||||||||||||||
interest earned on marketable securities held in trust account | 177,326 | ||||||||||||||||||||
unrealized gain on marketable securities held in trust account | 3,956 | ||||||||||||||||||||
other income | -868,684,756 | ||||||||||||||||||||
income before benefit from income taxes | -871,774,580 | ||||||||||||||||||||
benefit from income taxes | -23,578 | ||||||||||||||||||||
net income | -871,798,158 | ||||||||||||||||||||
basic and diluted weighted-average shares outstanding, class a common stock subject to redemption | 196,306,266 | ||||||||||||||||||||
basic and diluted net income per share, class a common stock subject to redemption | |||||||||||||||||||||
basic and diluted weighted-average shares outstanding, non-redeemable common stock | 65,318,734 | ||||||||||||||||||||
basic and diluted net income per share, non-redeemable common stock | -13.35 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-03-31 | 2020-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | ||||||||||||||||||||
net loss | -1,028,344,000 | -814,020,000 | -978,428,000 | -539,432,000 | -366,171,000 | -397,218,000 | -992,475,000 | -643,390,000 | -680,859,000 | -653,766,000 | -630,894,000 | -764,232,000 | -779,528,000 | -472,648,000 | -530,101,000 | -220,425,000 | -81,286,000 | -1,045,680,000 | ||
adjustments to reconcile net loss to net cash from operating activities: | ||||||||||||||||||||
depreciation and amortization | 116,412,000 | 122,106,000 | 120,090,000 | 111,088,000 | 97,959,000 | 90,843,000 | 69,473,000 | 66,183,000 | 68,838,000 | 67,498,000 | 60,832,000 | 55,363,000 | 49,838,000 | 55,240,000 | 50,653,000 | 42,448,000 | 38,242,000 | 36,286,000 | ||
amortization of insurance premium | 9,296,000 | 8,446,000 | 9,536,000 | 8,571,000 | 8,914,000 | 7,371,000 | 8,645,000 | 8,725,000 | 8,589,000 | 9,265,000 | 9,114,000 | 10,865,000 | 10,263,000 | 10,432,000 | 10,264,000 | 7,425,000 | 7,499,000 | 11,290,000 | ||
non-cash operating lease cost | 15,162,000 | 14,841,000 | 12,928,000 | 11,207,000 | 8,551,000 | 7,768,000 | 7,861,000 | 7,667,000 | 7,469,000 | 7,330,000 | 6,593,000 | 6,448,000 | 5,830,000 | 5,457,000 | 5,302,000 | 4,848,000 | 4,104,000 | 3,934,000 | ||
stock-based compensation | 61,030,000 | 72,386,000 | 115,055,000 | 56,319,000 | 27,515,000 | 77,069,000 | 88,094,000 | 57,013,000 | 63,696,000 | 63,851,000 | 68,237,000 | 71,376,000 | 53,819,000 | 71,255,000 | 83,302,000 | 94,392,000 | 174,551,000 | 150,557,000 | ||
inventory and firm purchase commitments write-downs | 228,317,000 | 280,608,000 | 190,664,000 | 179,888,000 | 147,918,000 | 174,100,000 | 138,557,000 | 145,243,000 | 132,298,000 | 171,574,000 | 230,816,000 | 276,631,000 | 227,048,000 | 204,926,000 | ||||||
change in fair value of common stock warrant liability | -887,000 | -444,000 | -5,322,000 | -12,861,000 | -13,305,000 | 13,748,000 | -7,539,000 | -27,054,000 | -25,279,000 | -60,316,000 | -42,133,000 | 40,802,000 | -255,899,000 | -140,146,000 | -334,843,000 | -523,330,000 | 557,973,000 | |||
change in fair value of equity securities of a related party | 10,221,000 | 7,196,000 | -916,000 | -3,948,000 | 13,453,000 | 4,898,000 | 8,836,000 | 9,390,000 | 19,933,000 | |||||||||||
change in fair value of derivative liabilities associated with redeemable convertible preferred stock | -7,375,000 | -266,425,000 | 36,375,000 | -111,475,000 | -281,700,000 | -292,600,000 | ||||||||||||||
net accretion of investment discounts/premiums | -941,000 | -1,953,000 | -2,616,000 | -5,582,000 | -13,480,000 | -17,159,000 | -15,272,000 | -23,004,000 | -21,304,000 | |||||||||||
other non-cash items | -2,805,000 | 10,007,000 | 719,000 | 6,582,000 | 2,718,000 | 1,217,000 | -178,000 | 6,199,000 | -1,255,000 | 81,195,000 | -19,286,000 | -8,654,000 | -19,050,000 | -5,322,000 | -5,015,000 | |||||
changes in operating assets and liabilities: | ||||||||||||||||||||
accounts receivable | 44,835,000 | -39,167,000 | -13,263,000 | -35,041,000 | 21,781,000 | -14,678,000 | 3,011,000 | 25,584,000 | -75,196,000 | -28,731,000 | -2,800,000 | -17,987,000 | 17,009,000 | -16,987,000 | -1,119,000 | -673,000 | 2,281,000 | -2,887,000 | ||
inventory | -576,397,000 | -416,471,000 | -446,557,000 | -379,573,000 | -206,470,000 | -112,850,000 | -137,982,000 | -62,408,000 | -21,002,000 | -82,077,000 | -127,971,000 | -93,808,000 | -354,154,000 | -350,295,000 | -302,202,000 | -300,830,000 | -303,022,000 | -114,979,000 | ||
prepaid expenses | -12,099,000 | -9,929,000 | -4,366,000 | -20,254,000 | -7,423,000 | 1,812,000 | 782,000 | -8,227,000 | -11,042,000 | -2,579,000 | -12,027,000 | -21,953,000 | -9,082,000 | -16,721,000 | -18,560,000 | -14,064,000 | 20,523,000 | -1,283,000 | ||
other assets | -127,445,000 | -22,480,000 | ||||||||||||||||||
accounts payable | -11,112,000 | 74,128,000 | 185,815,000 | 58,890,000 | -377,000 | -7,808,000 | 39,383,000 | 6,714,000 | -3,533,000 | -24,709,000 | -18,811,000 | -29,825,000 | -66,174,000 | 128,253,000 | 2,620,000 | 43,883,000 | 5,713,000 | 18,529,000 | ||
other liabilities | 95,586,000 | 70,611,000 | ||||||||||||||||||
net cash from operating activities | -1,185,659,000 | -916,408,000 | -756,650,000 | -830,241,000 | -428,613,000 | -533,147,000 | -462,795,000 | -506,987,000 | -516,745,000 | -474,549,000 | -513,582,000 | -700,358,000 | -801,264,000 | -648,515,000 | -569,466,000 | -513,628,000 | -494,649,000 | -312,732,000 | ||
capital expenditures | -259,449,000 | -325,436,000 | -198,818,000 | -182,663,000 | -194,152,000 | -291,635,000 | -159,694,000 | -289,089,000 | -157,733,000 | -272,642,000 | -192,517,000 | -203,715,000 | -261,582,000 | -289,888,000 | -290,064,000 | 0 | -185,082,000 | -121,907,000 | ||
free cash flows | -1,445,108,000 | -1,241,844,000 | -955,468,000 | -1,012,904,000 | -622,765,000 | -824,782,000 | -622,489,000 | -796,076,000 | -674,478,000 | -747,191,000 | -706,099,000 | -904,073,000 | -1,062,846,000 | -938,403,000 | -859,530,000 | -513,628,000 | -679,731,000 | -434,639,000 | ||
cash flows from investing activities: | ||||||||||||||||||||
purchases of property, plant and equipment | -253,167,000 | -325,436,000 | -198,818,000 | -182,663,000 | -161,241,000 | -291,635,000 | -159,694,000 | -234,315,000 | -198,197,000 | -272,642,000 | -192,517,000 | -203,715,000 | -241,770,000 | -289,888,000 | -290,064,000 | |||||
proceeds from maturities of investments | 177,228,000 | 240,637,000 | 451,968,000 | 899,194,000 | 1,062,291,000 | 860,684,000 | 963,506,000 | 1,257,603,000 | 1,030,291,000 | 1,240,320,000 | 498,081,000 | 941,338,000 | 1,041,151,000 | 1,024,361,000 | ||||||
proceeds from sale of investments | 951,125,000 | 95,193,000 | 0 | 0 | 0 | 135,144,000 | 13,244,000 | |||||||||||||
purchases of investments | 0 | 0 | -22,528,000 | -287,029,000 | -2,248,670,000 | -520,093,000 | -1,339,579,000 | -514,548,000 | -413,028,000 | -1,438,001,000 | -1,304,715,000 | -842,538,000 | -1,127,452,000 | -1,307,454,000 | ||||||
net cash from investing activities | 875,186,000 | -84,713,000 | 255,118,000 | 694,003,000 | 614,021,000 | -1,584,428,000 | 283,719,000 | -311,291,000 | 317,546,000 | 652,150,000 | -1,132,437,000 | -437,972,000 | -28,716,000 | -392,656,000 | -1,374,898,000 | -1,729,041,000 | -185,082,000 | -121,399,000 | ||
cash flows from financing activities: | ||||||||||||||||||||
proceeds from borrowings from a related party | 35,994,000 | 154,619,000 | 79,976,000 | 39,989,000 | 66,656,000 | |||||||||||||||
proceeds from exercise of stock options | 2,768,000 | 442,000 | 626,000 | 861,000 | 413,000 | 1,637,000 | 935,000 | 786,000 | 1,525,000 | 3,022,000 | 2,214,000 | 2,926,000 | 2,181,000 | 3,050,000 | 1,889,000 | 3,735,000 | 9,114,000 | 2,105,000 | ||
tax withholding payments for net settlement of employee awards | -1,105,000 | -402,000 | -3,060,000 | -6,172,000 | -3,277,000 | -1,519,000 | -3,190,000 | -2,070,000 | -3,242,000 | -2,910,000 | -4,327,000 | -3,879,000 | -6,499,000 | |||||||
payment for finance lease liabilities | -1,212,000 | -1,046,000 | -822,000 | -554,000 | -534,000 | -703,000 | -848,000 | -1,081,000 | -891,000 | -1,455,000 | -1,652,000 | -1,427,000 | -1,372,000 | -1,204,000 | -1,200,000 | -1,201,000 | -1,173,000 | |||
payment for credit facility issuance costs to a related party | 0 | -507,000 | ||||||||||||||||||
payments of transaction costs for the issuance of 2031 notes | -1,165,000 | |||||||||||||||||||
net cash from financing activities | 35,280,000 | 369,616,000 | 376,052,000 | 78,945,000 | 62,731,000 | 1,830,964,000 | 719,144,000 | 2,363,000 | 997,202,000 | 27,959,000 | 35,086,000 | 3,013,615,000 | -5,745,000 | 1,512,801,000 | 17,643,000 | 4,092,000 | -187,301,000 | 1,899,585,000 | ||
net increase in cash, cash equivalents, and restricted cash | -275,193,000 | -631,505,000 | -125,480,000 | -57,293,000 | 248,139,000 | -286,611,000 | 540,068,000 | -815,915,000 | 798,003,000 | 471,630,000 | -867,032,000 | 1,465,454,000 | ||||||||
beginning cash, cash equivalents, and restricted cash | 1,040,913,000 | 0 | 0 | 0 | 1,607,052,000 | 0 | 0 | 0 | 1,371,507,000 | 0 | 0 | 0 | 1,737,320,000 | 0 | 0 | 0 | 6,298,020,000 | 0 | ||
ending cash, cash equivalents, and restricted cash | 765,720,000 | -631,505,000 | -125,480,000 | -57,293,000 | 1,855,191,000 | -286,611,000 | 540,068,000 | -815,915,000 | 2,169,510,000 | 205,560,000 | -1,610,933,000 | 1,875,285,000 | 901,595,000 | 471,630,000 | -1,926,721,000 | -2,238,577,000 | 5,430,988,000 | 1,465,454,000 | ||
supplemental disclosure of cash flow information: | ||||||||||||||||||||
cash paid for interest, net of amounts capitalized | 6,589,000 | 4,321,000 | 10,556,000 | 1,031,000 | 10,450,000 | 857,000 | ||||||||||||||
cash paid for taxes | 910,000 | 33,000 | 9,000 | |||||||||||||||||
supplemental disclosure of non-cash investing and financing activity: | ||||||||||||||||||||
decreases in purchases of property, plant and equipment included in accounts payable and other current liabilities | -6,282,000 | |||||||||||||||||||
property, plant and equipment and right-of-use assets obtained through leases | 32,370,000 | 27,813,000 | 3,065,000 | 4,327,000 | 17,705,000 | 3,862,000 | ||||||||||||||
decrease in property, plant, and equipment related to finance lease asset remeasurements | -79,262,000 | |||||||||||||||||||
gain on extinguishment of debt | -5,405,000 | 0 | ||||||||||||||||||
proceeds from government grant | 0 | |||||||||||||||||||
other investing activities | 86,000 | 0 | 0 | |||||||||||||||||
proceeds from issuance of series a redeemable convertible preferred stock to a related party | 0 | 0 | ||||||||||||||||||
payments of issuance costs for series a redeemable convertible preferred stock | -8,000 | 0 | ||||||||||||||||||
proceeds from issuance of series b redeemable convertible preferred stock to a related party | 0 | |||||||||||||||||||
payments of issuance costs for series b redeemable convertible preferred stock | -391,000 | |||||||||||||||||||
proceeds from issuance of common stock under 2025 subscription agreement | 0 | |||||||||||||||||||
payments of issuance costs for the 2025 subscription agreement | ||||||||||||||||||||
proceeds from issuance of 2031 notes | ||||||||||||||||||||
proceeds from issuance of 2030 notes | 0 | 0 | ||||||||||||||||||
payments of transaction costs for the issuance of 2030 notes | ||||||||||||||||||||
purchase of capped call options | 0 | 0 | ||||||||||||||||||
repurchases of 2026 notes | ||||||||||||||||||||
proceeds from issuance of common stock under 2024 underwriting agreement, net of issuance costs | ||||||||||||||||||||
proceeds from issuance of common stock under 2024 subscription agreement to a related party, net of issuance costs | ||||||||||||||||||||
proceeds from issuance of common stock under 2023 underwriting agreement, net of issuance costs | ||||||||||||||||||||
proceeds from issuance of common stock under 2023 subscription agreement to a related party, net of issuance costs | ||||||||||||||||||||
repayment of borrowings to a related party | ||||||||||||||||||||
proceeds from employee stock purchase plan | 10,112,000 | 0 | 8,104,000 | 0 | 8,747,000 | 0 | 11,680,000 | 0 | ||||||||||||
payments for finance lease liabilities | ||||||||||||||||||||
payments for credit facility issuance costs | ||||||||||||||||||||
increases | ||||||||||||||||||||
government grant (related party) reflected in property, plant and equipment | ||||||||||||||||||||
equity securities obtained through strategic technology arrangement | ||||||||||||||||||||
payment of issuance costs for the 2025 subscription agreement | ||||||||||||||||||||
payment of transaction costs for the issuance of 2030 notes | -166,000 | |||||||||||||||||||
repurchase of 2026 notes | 0 | |||||||||||||||||||
payment for credit facility issuance costs | -186,000 | 0 | 0 | |||||||||||||||||
other current assets | -32,874,000 | 45,299,000 | -113,629,000 | -5,171,000 | -26,224,000 | 3,914,000 | -8,922,000 | -4,808,000 | -3,705,000 | 22,193,000 | -10,329,000 | -1,063,000 | 17,426,000 | -49,625,000 | -23,003,000 | |||||
other noncurrent assets | -22,338,000 | -45,911,000 | -47,864,000 | 8,497,000 | -19,023,000 | -4,369,000 | -8,000,000 | -4,032,000 | -82,421,000 | -27,337,000 | -4,148,000 | -11,526,000 | ||||||||
other current liabilities | 1,076,000 | 116,845,000 | 140,924,000 | 30,063,000 | -36,320,000 | -3,040,000 | -27,675,000 | -625,000 | -50,591,000 | 7,211,000 | -12,159,000 | 102,001,000 | ||||||||
other long-term liabilities | 8,337,000 | 14,827,000 | 24,350,000 | 29,575,000 | 52,697,000 | 19,025,000 | 49,454,000 | 5,644,000 | 16,009,000 | 4,340,000 | 10,837,000 | 12,396,000 | 5,894,000 | 1,901,000 | -9,870,000 | |||||
increases (decreases) in purchases of property, plant and equipment included in accounts payable and other current liabilities | -32,911,000 | -54,774,000 | 40,464,000 | |||||||||||||||||
proceeds from issuance of common stock under at-the-market offering, net of issuance costs | ||||||||||||||||||||
proceeds from issuance of common stock under 2022 subscription agreement to a related party | ||||||||||||||||||||
payment for short-term insurance financing note | 0 | 0 | -2,381,000 | -12,949,000 | -11,068,000 | |||||||||||||||
proceeds from failed sale-leaseback transaction | 0 | |||||||||||||||||||
accrued compensation | 1,508,000 | 36,733,000 | 8,147,000 | 30,953,000 | -7,460,000 | -15,866,000 | 21,545,000 | 14,314,000 | -6,542,000 | 26,793,000 | -3,607,000 | 3,415,000 | ||||||||
proceeds from issuance of common stock under underwriting agreement, net of issuance costs | 0 | 0 | ||||||||||||||||||
repayment of borrowings from a related party | -21,590,000 | |||||||||||||||||||
change in fair value of derivative liability associated with series a redeemable convertible preferred stock | ||||||||||||||||||||
proceeds from issuance of redeemable convertible preferred stock to a related party | 1,000,000,000 | |||||||||||||||||||
change in fair value of contingent forward contract liability | 0 | |||||||||||||||||||
change in fair value of preferred stock warrant liability | 0 | |||||||||||||||||||
change in fair value of equity securities | ||||||||||||||||||||
proceed from issuance of convertible notes, net of issuance costs | ||||||||||||||||||||
payment of transaction costs for the issuance of convertible notes | ||||||||||||||||||||
proceeds from issuance of common stock under 2023 subscription agreement, net of issuance costs | 0 | 0 | ||||||||||||||||||
proceeds from issuance of common stock under 2022 subscription agreement | ||||||||||||||||||||
proceeds from short-term insurance financing note | 0 | |||||||||||||||||||
proceeds from borrowings | 19,991,000 | 38,654,000 | 9,590,000 | 13,565,000 | ||||||||||||||||
repayments for borrowings | -13,570,000 | |||||||||||||||||||
repurchase of series b convertible preferred stock | 0 | |||||||||||||||||||
proceeds from issuance of series d convertible preferred stock | 0 | |||||||||||||||||||
proceeds from issuance of series e convertible preferred stock | 0 | |||||||||||||||||||
proceeds from the exercise of public warrants | 0 | |||||||||||||||||||
proceeds from the reverse capitalization | ||||||||||||||||||||
payment of transaction costs related to the reverse recapitalization | -34,054,000 | |||||||||||||||||||
treasury stock repurchase | ||||||||||||||||||||
net decrease in cash, cash equivalents, and restricted cash | 205,560,000 | -835,725,000 | ||||||||||||||||||
purchases of property, plant and equipment included in accounts payable and other current liabilities | ||||||||||||||||||||
issuance of series d convertible preferred stock upon exercise of preferred stock warrants | ||||||||||||||||||||
issuance of series e convertible preferred stock contingent forward contracts | ||||||||||||||||||||
capital contribution upon forfeit of series e awards | ||||||||||||||||||||
issuance of series e convertible preferred stock upon settlement of contingent forward contracts | ||||||||||||||||||||
issuance of common stock upon conversion of preferred stock in connection with the reverse recapitalization | ||||||||||||||||||||
operating lease liabilities | -5,788,000 | |||||||||||||||||||
supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||||||
cash flows from operating activities | ||||||||||||||||||||
operating lease liability | -5,837,000 | -4,721,000 | -3,817,000 | -3,845,000 | -3,099,000 | -5,503,000 | ||||||||||||||
proceeds from insurance claims | 1,197,000 | |||||||||||||||||||
decrease in purchases of property, plant and equipment included in accounts payable and other current liabilities | -19,812,000 | |||||||||||||||||||
proceeds from sale of property, plant and equipment | ||||||||||||||||||||
proceeds from sale of short term investments | ||||||||||||||||||||
proceeds from issuance of common stock under subscription agreement | ||||||||||||||||||||
payment for capital lease liabilities | ||||||||||||||||||||
repurchase of series c convertible preferred stock | ||||||||||||||||||||
stock repurchases from employees for tax withholdings | -5,894,000 | -21,654,000 | -8,976,000 | -182,265,000 | ||||||||||||||||
amortization of debt discounts and issuance costs | 1,154,000 | 1,255,000 | ||||||||||||||||||
inventory write-downs | ||||||||||||||||||||
proceed from sale of property, plant and equipment | ||||||||||||||||||||
loss on disposal of property and equipment | -4,000 | |||||||||||||||||||
write-down of inventory | 96,366,000 | |||||||||||||||||||
other noncurrent assets and security deposit | -11,175,000 | 11,750,000 | ||||||||||||||||||
other liabilities and accrued liabilities | 128,060,000 | 47,622,000 | ||||||||||||||||||
purchases of property, equipment, and software | -185,082,000 | -121,907,000 | ||||||||||||||||||
cash paid for interest | 312,000 | |||||||||||||||||||
property and equipment included in accounts payable and accrued expense | -2,753,000 | |||||||||||||||||||
property and equipment and right-of-use assets obtained through leases | 10,008,000 | |||||||||||||||||||
amortization of debt discount | ||||||||||||||||||||
financed insurance premium | 0 | |||||||||||||||||||
proceed from sale of property, equipment, and software | 3,000 | |||||||||||||||||||
proceeds from the reverse recapitalization | 0 | |||||||||||||||||||
issuance of series d convertible preferred stock upon settlement of contingent forward contracts | ||||||||||||||||||||
transaction costs related to the reverse recapitalization not yet paid | ||||||||||||||||||||
| ||||||||||||||||||||
net income | -871,798,158 | -156,614 | ||||||||||||||||||
adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||||||||
change in fair value of derivative liabilities | ||||||||||||||||||||
interest expense - excess fair value of conversion liability | ||||||||||||||||||||
interest earned on marketable securities held in trust account | ||||||||||||||||||||
prepaid expenses and other current assets | ||||||||||||||||||||
accounts payable and accrued expenses | ||||||||||||||||||||
income taxes payable | ||||||||||||||||||||
proceeds from issuance of class b common stock to sponsor | ||||||||||||||||||||
proceeds from promissory note – related party | ||||||||||||||||||||
payment of convertible promissory note – related party | ||||||||||||||||||||
net cash from used in financing activities | ||||||||||||||||||||
net change in cash | ||||||||||||||||||||
cash – beginning of period | ||||||||||||||||||||
cash – ending of period | ||||||||||||||||||||
non-cash investing and financing activities: | ||||||||||||||||||||
offering costs included in accrued offering costs | ||||||||||||||||||||
change in value of class a common stock subject to possible redemption | ||||||||||||||||||||
initial classification of conversion option liability | ||||||||||||||||||||
class a common stock subject to possible redemption | ||||||||||||||||||||
numerator: earnings allocable to class a common stock subject to possible redemption | ||||||||||||||||||||
interest income | 177,326 | |||||||||||||||||||
unrealized gain on investments held in trust account | 3,956 | |||||||||||||||||||
less: company’s portion available to be withdrawn to pay taxes | -73,578 | |||||||||||||||||||
less: company’s portion available to be withdrawn for working capital purposes | -107,704 | |||||||||||||||||||
net income allocable to class a common stock subject to possible redemption | ||||||||||||||||||||
denominator: weighted-average class a common stock subject to possible redemption | ||||||||||||||||||||
basic and diluted weighted-average shares outstanding, class a common stock subject to possible redemption | 196,306,266 | |||||||||||||||||||
basic and diluted net income per share, class a common stock subject to possible redemption | ||||||||||||||||||||
non-redeemable common stock | ||||||||||||||||||||
numerator: net income minus net earnings | ||||||||||||||||||||
less: income allocable to class a common stock subject to possible redemption | ||||||||||||||||||||
non-redeemable net income | -871,798,158 | |||||||||||||||||||
denominator: weighted-average non-redeemable common stock | ||||||||||||||||||||
basic and diluted weighted-average shares outstanding, non-redeemable common stock | 65,318,734 | |||||||||||||||||||
basic and diluted net income per share, non-redeemable common stock | -13.35 | |||||||||||||||||||
less: income attributable to shares subject to possible redemption | ||||||||||||||||||||
adjusted net income | -156,614 | |||||||||||||||||||
weighted-average shares outstanding, basic and diluted | 51,122,554 | |||||||||||||||||||
basic and diluted net income per common share | ||||||||||||||||||||
less: net income allocable to class a common stock subject to possible redemption |