7Baggers
Quarterly
Annual
    Unit: USD2025-09-30 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 
      
    		                   
      cash flows from operating activities
    		                   
      net income
    		-28,370,000   -64,678,000 -90,639,000 -48,212,000 -85,607,000 -24,183,000 4,886,000 -56,576,000 -25,842,000 -9,362,000 -34,948,000 -15,004,000 -25,432,000 -19,392,000 -12,713,000 -15,277,000 -30,120,000 
      adjustments to reconcile net income to net cash from operating activities
    		                   
      equity-based compensation
    		2,903,000 6,411,000 3,354,000 3,016,000 2,883,000 3,072,000 2,682,000 3,126,000 3,285,000 3,252,000 2,166,000 1,392,000 3,010,000 3,267,000 3,171,000 7,883,000 13,611,000 835,000 307,000 
      change in fair value of warrants
    		-23,745,000 82,295,000 -56,669,000 17,078,000 44,899,000 -4,311,000 13,944,000             
      change in fair value of derivative
    		0 -297,000 -3,146,000                 
      depreciation expense
    		7,262,000 7,263,000 7,350,000 7,467,000 7,430,000 7,167,000 9,256,000 1,317,000 9,312,000 4,012,000 1,294,000 1,030,000 890,000 875,000 818,000 774,000 522,000 495,000 490,000 
      amortization of debt issuance costs and debt discounts
    		6,188,000 7,420,000 3,727,000 6,113,000 4,640,000 3,327,000 2,538,000  1,183,000 392,000 265,000  254,000 248,000 244,000     
      accretion of discount on debt securities
    		   0 0 -12,000 -318,000             
      operating lease amortization expense
    		1,147,000 1,132,000 1,119,000 1,107,000 752,000 762,000 767,000 752,000 712,000 533,000 926,000 632,000 433,000 244,000 287,000     
      loss on extinguishment of debt
    		   0 0 0 21,214,000             
      loss on disposal of equipment
    		0                   
      impairment of operating right-of-use asset
    		   0 0               
      other
    		                   
      changes in operating assets and liabilities
    		                   
      accounts receivable
    		531,000 -632,000 -1,494,000                 
      inventory
    		35,000 -2,077,000 -596,000 -1,466,000 -506,000               
      prepaid expenses and other current assets
    		-2,257,000 -1,394,000 1,872,000 -2,873,000 736,000 -743,000 -340,000 -2,916,000 -1,169,000 -3,640,000 -1,148,000 1,149,000 252,000 -3,093,000 -479,000 82,000 552,000 -1,129,000 -1,770,000 
      prepaid expenses and other noncurrent assets
    		-43,000 1,024,000 -13,000                 
      accounts payable
    		-239,000 5,023,000 -6,846,000 4,102,000 -579,000 58,000 1,196,000 -1,109,000 -845,000 1,154,000 1,218,000 -742,000 -267,000 347,000 747,000 106,000 326,000 -1,148,000 423,000 
      accrued expenses and other current liabilities
    		-1,196,000                   
      accrued interest
    		-616,000 1,905,000 531,000 2,198,000 -2,330,000 3,147,000 -4,151,000 1,340,000 7,807,000 1,736,000 324,000    324,000 -18,000 4,070,000 -6,504,000 5,253,000 
      other noncurrent liabilities
    		                   
      operating lease right-of-use liabilities
    		-1,000,000                   
      net cash from operating activities
    		-38,462,000 -36,722,000 -38,868,000 -31,841,000 -33,377,000 -40,430,000 -39,178,000 -33,576,000 -20,906,000 -25,669,000 -14,755,000 -15,314,000 -15,074,000 -18,166,000 -16,924,000 -12,549,000 1,024,000 -22,414,000 -20,568,000 
      capex
    		-3,895,000 -15,432,000 5,093,000 -7,156,000 -11,778,000 -9,876,000 7,211,000 2,917,000 -30,438,000 -18,699,000 55,589,000 -970,000 0 11,079,000 18,518,000 3,424,000 1,484,000 10,020,000 16,661,000 
      free cash flows
    		-42,357,000 -52,154,000 -33,775,000 -38,997,000 -45,155,000 -50,306,000 -31,967,000 -30,659,000 -51,344,000 -44,368,000 40,834,000 -16,284,000 -15,074,000 -7,087,000 1,594,000 -9,125,000 2,508,000 -12,394,000 -3,907,000 
      cash flows from investing activities
    		                   
      purchase of property, plant and equipment
    		-3,895,000 -8,605,000 -15,004,000                 
      purchase of debt securities, available for sale
    		   0 0 0 -30,586,000 -45,555,000    0 -14,633,000 -79,685,000 -98,070,000 0 -28,480,000   
      sale and maturity of debt securities, available for sale
    		   0 0 2,200,000 76,961,000  0 0 99,371,000  87,721,000 67,779,000 45,189,000     
      net cash (used in)/provided by investing activities
    		-3,895,000 -8,605,000 -15,004,000                 
      cash flows from financing activities
    		                   
      proceeds from issuance of series b convertible perpetual preferred stock
    		0                   
      proceeds from issuance of series a preferred shares, inclusive of put option
    		                   
      proceeds from issuance of common stock
    		155,000 155,000 33,152,000 93,000        -1,000 1,000 0 206,071,000     
      proceeds from issuance of revenue bonds to third parties
    		0                   
      proceeds from issuance of revenue bonds to related parties
    		0   0 10,000,000               
      payments on related party revenue bonds
    		0   -505,000 0               
      payment to purchase revenue bonds
    		   0 0 0 -253,230,000             
      proceeds from revolving credit facility and related party note payable
    		0                   
      payments on revolving credit facility and related party note payable
    		0                   
      proceeds from exercise and issuance of warrants
    		                   
      proceeds from equipment lease financing
    		   3,396,000 7,536,000   0 2,354,000           
      payments on equipment financing
    		-3,366,000   -2,383,000 -1,501,000               
      preferred stock and debt issuance costs
    		                   
      payments to repurchase shares
    		-1,727,000 -1,103,000 -1,697,000 -440,000 -483,000 -97,000 -598,000 -248,000 -818,000 -27,000 -277,000 -67,000 -506,000 -17,000 -1,049,000     
      other financing activities
    		                   
      net cash provided by/(used in) financing activities
    		-8,334,000 305,809,000 49,823,000                 
      net increase/(decrease) in cash and restricted cash
    		-50,691,000                   
      cash and cash equivalents and restricted cash, beginning of period
    		0                   
      cash and cash equivalents and restricted cash, end of period
    		-50,691,000                   
      supplemental disclosure of cash flow information
    		                   
      operating activities
    		                   
      interest paid during the period
    		10,473,000                   
      non-cash investing activities
    		                   
      additions to property, plant, and equipment in accounts payable and accrued expenses
    		                   
      non-cash financing activities
    		                   
      pik dividends on series b convertible perpetual preferred stock
    		5,344,000                   
      pik interest on series a preferred stock
    		1,020,000                   
      carrying value of shareholder loan exchanged for revenue bonds payable to related parties
    		    0               
      initial fair value of warrant liability issued to satisfy shareholder loan prepayment penalty
    		   0 2,819,000               
      pik interest on related party note payable
    		   0 0 497,000 1,441,000  1,323,000           
      reconciliation of cash and cash equivalents and restricted cash reported in the consolidated balance sheet
    		                   
      cash and cash equivalents
    		-49,708,000 261,585,000 22,482,000 -67,990,000 72,778,000 -14,126,000 25,021,000 -125,938,000 170,464,000 -9,496,000 38,381,000  -62,052,000       
      restricted cash - current
    		-1,030,000                   
      restricted cash - noncurrent
    		47,000                   
      total cash and cash equivalents and restricted cash
    		-50,691,000                   
      debt instruments
    		                   
      related party bonds payable
    		0                   
      preferred stock and warrants
    		                   
      series a preferred stock
    		2,000                   
      series b convertible perpetual preferred stock
    		0                   
      series a warrants
    		0                   
      series b warrants
    		                   
      series c warrants
    		0                   
      proceeds from exercise of warrants
    		 0 5,400,000                 
      debt and preferred stock issuance costs
    		                   
      other (payments)/proceeds for other borrowings
    		                   
      additions to property, plant, and equipment in accrued expenses
    		 -459,000 12,386,000 14,041,000 -1,069,000 4,658,000 15,656,000 5,795,000 -8,828,000 -5,829,000 30,809,000 4,327,000 0 8,141,000 13,918,000 4,497,000 -1,104,000 9,967,000 16,437,000 
      additions to property, plant, and equipment in accounts payable
    		 -6,368,000 7,711,000 398,000 -1,438,000 -4,164,000 5,903,000 -2,878,000 -3,169,000 -12,870,000 20,509,000 -2,450,000 0 2,938,000 329,000 -789,000 1,157,000   
      series b convertible perpetual preferred stock issuance costs accrued but not yet paid
    		                   
      net income/
    		  8,832,000                 
      adjustments to reconcile net income/(loss) to net cash from operating activities
    		                   
      accrued expenses
    		  4,014,000 -996,000 -328,000 -3,265,000 214,000 -330,000 3,200,000 -941,000 2,116,000 710,000 2,140,000 854,000 -2,503,000 234,000 3,528,000 -45,000 -13,037,000 
      operating right-of-use liabilities
    		  -903,000 -791,000 -751,000 -720,000 -656,000 -699,000 -552,000 -452,000 -597,000 -826,000 -1,370,000 -73,000 -93,000     
      proceeds from bond issuance
    		  16,368,000                 
      debt issuance costs
    		   0 0 0 -1,119,000 -601,000 -653,000 148,000 -1,344,000         
      other payments for financing activities
    		  -3,400,000 -1,675,000 -904,000 119,000 -476,000  -207,000 -39,000 -11,000         
      net decrease in cash and restricted cash
    		  -4,049,000                 
      cash and restricted cash, beginning of period
    		  41,511,000 0 0 0 302,514,000 0 0 0 227,523,000 0 0 0 263,858,000 0 0   
      cash and restricted cash, end of period
    		  37,462,000 -52,142,000 70,198,000 -16,485,000 39,940,000 -81,625,000 167,811,000 -47,547,000 263,875,000 -29,995,000 -27,532,000 -104,992,000 390,042,000 -45,693,000 -29,023,000   
      interest paid during the period, net of capitalized interest
    		  10,837,000 8,567,000 12,139,000 5,264,000 16,383,000 11,126,000 2,086,000   650,000 0   650,000 -11,103,000   
      reconciliation of cash, cash equivalents reported in the consolidated balance sheet
    		                   
      restricted cash and cash equivalents - current
    		  5,761,000 16,415,000 -2,639,000 -4,686,000 7,566,000             
      restricted cash and cash equivalents - noncurrent
    		  9,219,000                 
      total cash, cash equivalents and restricted cash
    		  37,462,000 -52,142,000 70,198,000 -16,485,000 39,940,000             
      deferred taxes
    		                   
      change in fair value of put option liability
    		   -2,289,000                
      prepaid expenses and other non-current assets
    		   283,000 54,000 -200,000 83,000 2,234,000 102,000 -1,451,000 -174,000 1,348,000 -421,000 -886,000 11,000 272,000    
      purchase of property, plant & equipment
    		   -21,595,000 -9,271,000 -10,370,000 -14,348,000  -18,441,000           
      net cash from investing activities
    		   -21,595,000 -9,271,000 -8,170,000 32,027,000 -46,774,000 -30,461,000 -77,607,000 52,739,000 -14,593,000 -11,940,000 -86,796,000 -105,058,000 -32,436,000 -30,207,000 -209,041,000 -33,891,000 
      proceeds from issuance of revenue bonds
    		   0                
      proceeds from issuance of warrants
    		   0        0 0 0 43,929,000     
      proceeds from issuance of preferred shares, inclusive of put option
    		   0                
      proceeds from other borrowings
    		   2,808,000 198,000               
      proceeds from convertible note offering
    		                   
      proceeds from related party note payable
    		       0 0           
      convertible note payable issuance costs
    		                   
      related party note payable issuance costs
    		       0 0           
      common stock issuance costs
    		           0 0 0 -775,000     
      net cash from financing activities
    		   1,294,000 112,846,000 32,115,000 -255,423,000 -1,275,000 219,178,000 55,729,000 -1,632,000 -88,000 -518,000 -30,000 248,166,000 -708,000 160,000 -55,000 293,969,000 
      net increase in cash and restricted cash
    		   -52,142,000   -262,574,000 -81,625,000 167,811,000 -47,547,000 36,352,000   -104,992,000 126,184,000     
      additions to property, plant, and equipment in accrued interest
    		          4,271,000 -2,847,000   4,271,000 -284,000 1,431,000 53,000 224,000 
      carrying value of warrant liability issued to satisfy shareholder loan prepayment penalty
    		                   
      restricted cash and cash equivalents - non-current
    		   -567,000 59,000 2,327,000 7,353,000             
      debt securities available for sale
    		            -72,818,000       
      unrestricted liquidity
    		        182,490,000 -9,496,000 38,381,000  -134,870,000       
      restricted cash and cash equivalents
    		                   
      working capital
    		   -80,191,000 58,923,000    183,881,000 -21,684,000 43,178,000  -120,248,000       
      accumulated deficit
    		   -64,678,000 -90,639,000    4,886,000 -56,576,000 -268,367,000  -431,378,000       
      other non-current liabilities
    		    -33,000               
      non-cash operating activities
    		                   
      available unrestricted liquidity
    		        182,490,000 -9,496,000 38,381,000         
      restricted cash
    		    -2,580,000    -2,653,000 -38,051,000 225,494,000  34,520,000       
      fair value change of warrants
    		       -16,155,000 -48,817,000 26,313,000 4,835,000 -10,382,000 14,884,000 -4,495,000 5,835,000 -3,417,000 -8,369,000 -359,000 13,621,000 
      amortization of debt instrument discounts and debt issuance costs
    		                   
      amortization of (discount) premium on debt securities
    		         -1,000 -138,000 -197,000        
      deferred revenue
    		               0 0 0 5,000,000 
      purchase of property, plant, and equipment
    		                   
      maturity of debt securities, available for sale
    		                   
      sale of debt securities, available for sale
    		                   
      proceeds from issuance of convertible notes
    		       0            
      convertible notes issuance costs
    		       0        0 0 0 -480,000 
      other (payments) proceeds for financing activities
    		                   
      proceeds from roch and pipe financing, net of issuance costs
    		               0 0 0 298,461,000 
      issuance of common stock on conversion of convertible notes
    		                   
      pik interest on convertible notes
    		               1,812,000 0   
      initial fair value of acquired warrant liability
    		               0 0 0 4,604,000 
      pik interest on related party notes payable
    		                   
      reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheet
    		                   
      less: other ironton set-aside
    		                   
      construction of plant
    		          -46,632,000  -85,028,000 -74,890,000 -52,177,000 -49,235,000 -45,924,000 -8,338,000 -33,891,000 
      non-cash issuance of shares
    		                   
      accretion of debt instrument discounts
    		               56,000 55,000 55,000 57,000 
      amortization of debt issuance costs
    		               349,000 644,000 612,000 784,000 
      issuance costs attributable to warrants
    		               0 0 0 109,000 
      gain on extinguishment of secured term loan
    		               0 0   
      amortization of beneficial conversion feature
    		                   
      loss on exercise of warrants
    		                   
      other (payments) proceeds from financing activities
    		           -20,000 -13,000 -13,000 -10,000     
      bond issuance costs
    		               0 0 0 -4,067,000 
      payments on promissory notes
    		               0 -36,000   
      issuance of bonds
    		                   
      issuance of convertible notes
    		                   
      payments on promissory note from related parties
    		                   
      payments on advances from related parties
    		                   
      issuance of shares upon exercise of warrants
    		                   
      beneficial conversion feature of convertible notes
    		                   
      conversion of accounts payable to promissory notes
    		                   
      capitalization of bond issuance costs — additions to accrued expense
    		                   
      share repurchase — additions to accrued expense
    		                   
      amortization of premium on debt securities
    		             -126,000 146,000 189,000 230,000   
      total shares transferred
    		              83,500,000    83,500,000 
      value per share
    		              10,000    10,000 
      total share consideration
    		              835,000,000    835,000,000 
      assumed indebtedness
    		                   
      revenue bonds
    		              249,600,000    249,600,000 
      the convertible notes
    		              60,000,000    60,000,000 
      term loan
    		              314,000    314,000 
      related party promissory note
    		              12,000,000    12,000,000 
      total merger consideration
    		              1,156,914,000    1,156,914,000 
      proceeds from secured term loan
    		                   
      proceeds from promissory note
    		               0 0 0 91,000 
      payments on capital leases
    		                   
      proceeds from issuance of shares
    		                   
      payments on redemption of vested legacy pct profit interests
    		               0 0 0 -36,000 
      proceeds for exercise of warrants
    		                   
      proceeds from issuance of units
    		                   
      capitalization of bond issuance costs — additions to accrued expenses
    		                   
      prepaid royalties and licenses
    		                 200,000 -1,685,000 
      net increase in cash
    		                  239,510,000 
      cash, beginning of period
    		                  330,574,000 
      cash, end of period
    		                  570,084,000 
    The information provided in this report is taken from www.sec.gov and many other data providers. While we have conducted our best efforts to ensure that the parsed data is accurate, we cannot guarantee its accuracy. Please use caution and understand that any consequences of its use are your own responsibility.