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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net loss $ (138,168) $ (127,658) $ (174,030)
Adjustments to reconcile net loss to net cash used by operating activities      
Depreciation, amortization, and loss on disposal 252 184 25
Non-cash lease expenses 520 84 9
Unrealized (gain)/loss on exchange rate changes (2,489) (9) 0
Share-based compensation 3,699 3,292 3,302
Warrant expenses 0 2,343 108,085
Change in fair value of derivative financial instruments (6,983) 10,403 (9,548)
Deferred income taxes (923) (1,714) 0
Non-cash tax expense 0 436 0
Changes in operating assets and liabilities      
Accrued interest on financial investments, net (3,794) 564 (1,782)
Accrued interest on related party loan receivable, net 2,042 (391) (1,650)
Other assets (4,347) 623 4,840
Related party receivables (282) (299) 207
Accounts payable (3,310) 2,460 1,924
Related party payables 15,705 7,510 2,864
Other payables 2,111 7,664 6,295
Net cash used by operating activities (135,966) (94,509) (59,458)
Cash flows from investing activities      
Redemptions of financial investments 137,000 219,500 0
Purchases of financial investments (269,000) (152,500) (177,000)
Related party loan collected (disbursed) 81,000 0 (81,000)
Expenditures for property, plant and equipment (5,216) (168) (476)
Net cash (used) provided by investing activities (56,216) 66,832 (258,476)
Cash flows from financing activities      
Proceeds from issuance of common stock, net of fees to investors 94,288 0 0
Non-investor equity issuance costs (956) 0 0
Proceeds from issuance of debt 110,762 25,453 0
Non-creditor debt issuance costs (1,084) (243) 0
Tax withholding on share-based compensation 0 (287) 0
Capital contribution net of transaction costs reimbursed to Zanite 0 0 369,830
Transaction costs reimbursed to parent 0 0 (15,754)
Distribution to parent, net 0 0 (1,373)
Proceeds from exercised warrants 9 3 0
Net cash provided by financing activities 203,019 24,926 352,704
Effect of exchange rate changes on cash and cash equivalents (1,354) 487 0
Net increase (decrease) in cash and cash equivalents 9,484 (2,264) 34,770
Cash and cash equivalents at the beginning of the period 46,882 49,146 14,377
Cash and cash equivalents at the end of the period 56,366 46,882 49,146
Cash paid for      
Interest 2,839 77 0
Income taxes 3,569 1,762 970
Supplemental disclosure of other non-cash investing and financing activities      
Property, plant & equipment expenditures in accounts payable and other payables 137 106 0
Right-of-use assets obtained in exchange for operating lease liabilities 1,108 376 224
Issuance of common stock for vested restricted stock units $ 878 $ 1,366 $ 1,585

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