v3.25.2
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 2,190,820 $ 4,119,938
Restricted cash 22,528,341 525,000
Accounts receivable, less allowance for credit losses of $0.3 million and $0.2 million as of June 30, 2025 and December 31, 2024, respectively 2,372,701 537,536
Other receivables, net 136,474 544,436
Inventory, net 32,757,831 41,839,020
Prepaid expenses and other current assets 3,702,346 5,865,890
Total current assets 63,688,513 53,431,820
Property, plant and equipment, net 29,145,327 32,976,581
Operating lease right-of-use assets, net 6,003,964 3,247,548
Finance lease right-of-use assets, net 0 4,008,510
Other assets 416,308 176,311
Total Assets 99,254,112 93,840,770
Current liabilities:    
Accounts payable 10,823,073 11,509,150
Accrued liabilities and other current liabilities 11,200,767 8,731,915
Deferred revenue 6,048,581 6,350,581
Warranty liability 1,151,614 861,409
Operating lease liability - current portion 1,593,131 984,407
Finance lease liability - current portion 0 528,023
Warrant liability at fair value 3,145,592 5,778,660
Convertible notes at fair value 39,520,020 10,491,792
Total current liabilities 73,482,778 45,235,937
Operating lease liability-long-term 3,424,595 4,295,743
Financing lease liability-long-term 0 21,165
Total Liabilities 76,907,373 49,552,845
Commitments and contingencies
Stockholders’ Equity:    
Common stock, par value $0.001 per share, 36,000,000 shares authorized, 10,585,800 shares issued and outstanding as of June 30, 2025 and 3,843,336 shares issued and outstanding as of December 31, 2024 (presented on a reverse stock split-adjusted basis) [1] 10,586 3,843
Additional paid-in capital [1] 911,119,795 897,642,626
Accumulated deficit (888,783,642) (853,358,544)
Total stockholders’ equity 22,346,739 44,287,925
Total Liabilities and Stockholders’ Equity $ 99,254,112 $ 93,840,770
[1] Periods presented have been adjusted to reflect the 2024 reverse stock split (1-for-20), which was effective June 17, 2024 and the 2025 reverse stock split (1-for-12.5) which was effective March 17, 2025. Additional information regarding the reverse stock splits may be found in Note 1 – Summary of Business and Significant Accounting Principles to these Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q

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