☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 82-3100340 | |||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||||||||||
Class A Common Stock, par value of $0.00001 per share | FSR | New York Stock Exchange |
Large accelerated filer | ☒ | Accelerated filer | ☐ | |||||||||||
Non-accelerated filer | ☐ | |||||||||||||
Smaller reporting company | ||||||||||||||
Emerging growth company |
As of March 31, 2022 | As of December 31, 2021 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 1,042,562 | $ | 1,202,439 | |||||||
Prepaid expenses and other current assets | 32,192 | 30,423 | |||||||||
Total current assets | 1,074,754 | 1,232,862 | |||||||||
Non-current assets: | |||||||||||
Property and equipment, net | 122,662 | 85,643 | |||||||||
Intangible assets | 238,219 | 231,525 | |||||||||
Right-of-use assets, net | 17,385 | 18,285 | |||||||||
Equity investment | 15,120 | — | |||||||||
Other non-current assets | 24,393 | 24,637 | |||||||||
Total non-current assets | 417,779 | 360,090 | |||||||||
TOTAL ASSETS | $ | 1,492,533 | $ | 1,592,952 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 10,890 | $ | 28,143 | |||||||
Accrued expenses | 102,377 | 79,634 | |||||||||
Lease liabilities | 4,612 | 4,552 | |||||||||
Total current liabilities | 117,879 | 112,329 | |||||||||
Non-current liabilities: | |||||||||||
Customer deposits | 11,055 | 6,300 | |||||||||
Lease liabilities | 14,021 | 14,933 | |||||||||
Convertible senior notes | 659,552 | 659,348 | |||||||||
Total non-current liabilities | 684,628 | 680,581 | |||||||||
Total liabilities | 802,507 | 792,910 | |||||||||
COMMITMENTS AND CONTINGENCIES (Note 13) | 0 | 0 | |||||||||
Stockholders’ equity: | |||||||||||
Preferred stock, $0.00001 par value; 15,000,000 shares authorized; no shares issued and outstanding as of March 31, 2022 and December 31, 2021 | — | — | |||||||||
Class A Common stock, $0.00001 par value; 750,000,000 shares authorized; 164,836,936 and 164,377,306 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively | 2 | 2 | |||||||||
Class B Common stock, $0.00001 par value; 150,000,000 shares authorized; 132,354,128 shares issued and outstanding as of March 31, 2022 and December 31, 2021 | 1 | 1 | |||||||||
Additional paid-in capital | 1,431,342 | 1,419,284 | |||||||||
Accumulated deficit | (741,319) | (619,245) | |||||||||
Total stockholders’ equity | 690,026 | 800,042 | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 1,492,533 | $ | 1,592,952 |
As of March 31, 2021 | As of December 31, 2020 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 985,422 | $ | 991,158 | ||||
Notes receivable | 487 | 795 | ||||||
Prepaid expenses and other current assets | 6,950 | 9,077 | ||||||
Total current assets | 992,859 | 1,001,030 | ||||||
Non-current assets: | ||||||||
Property and equipment, net | 1,986 | 945 | ||||||
Intangible assets | 122,370 | 58,041 | ||||||
Right-of-use | 2,396 | 2,548 | ||||||
Other non-current assets | 1,329 | 1,329 | ||||||
Total non-current assets | 128,081 | 62,863 | ||||||
TOTAL ASSETS | $ | 1,120,940 | $ | 1,063,893 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 3,892 | $ | 5,159 | ||||
Accrued expenses | 7,024 | 7,408 | ||||||
Lease liabilities | 684 | 655 | ||||||
Total current liabilities | 11,600 | 13,222 | ||||||
Non-current liabilities: | ||||||||
Customer deposits | 4,382 | 3,527 | ||||||
Warrants liability | 30,876 | 138,102 | ||||||
Lease l iabilities | 1,764 | 1,912 | ||||||
Total non-current liabilities | 37,022 | 143,541 | ||||||
Total liabilities | 48,622 | 156,763 | ||||||
COMMITMENTS AND CONTINGENCIES (Note 12) | 0 | 0 | ||||||
Stockholders’ equity (deficit): | ||||||||
Preferred stock, $0.00001 par value; 15,000,000 shares authorized; 0 shares issued and outstanding as of March 31, 2021 and December 31, 2020 | 0 | 0 | ||||||
Class A Common stock, $0.00001 par value; 750,000,000 shares authorized; 161,207,423 and 144,912,362 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively | 2 | 1 | ||||||
Class B Common stock, $0.00001 par value; 150,000,000 shares authorized; 132,354,128 shares issued and outstanding as of March 31, 2021 and December 31, 2020 | 1 | 1 | ||||||
Additional paid-in capital | 1,397,451 | 1,055,128 | ||||||
Accumulated deficit | (324,747 | ) | (147,904 | ) | ||||
Receivable for warrant exercises | (389 | ) | (96 | ) | ||||
Total stockholders’ equity (deficit) | 1,072,318 | 907,130 | ||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) | $ | 1,120,940 | $ | 1,063,893 | ||||
Three-Months Ended March 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Revenue | $ | 12 | 22 | |||||||||||
Cost of goods sold | 11 | 17 | ||||||||||||
Gross margin | 1 | 5 | ||||||||||||
Operating costs and expenses: | ||||||||||||||
General and administrative | 21,992 | $ | 5,832 | |||||||||||
Research and development | 101,460 | 27,271 | ||||||||||||
Total operating costs and expenses | 123,452 | 33,103 | ||||||||||||
Loss from operations | (123,451) | (33,098) | ||||||||||||
Other income (expense): | ||||||||||||||
Other income (expense) | (371) | 75 | ||||||||||||
Interest income | 265 | 156 | ||||||||||||
Interest expense | (4,383) | — | ||||||||||||
Change in fair value of derivatives | — | (145,249) | ||||||||||||
Foreign currency gain | 746 | 1,273 | ||||||||||||
Unrealized gains recognized on equity securities | 5,120 | — | ||||||||||||
Total other income (expense) | 1,377 | (143,745) | ||||||||||||
Net loss | $ | (122,074) | $ | (176,843) | ||||||||||
Net loss per common share | ||||||||||||||
Net loss per share attributable to Class A and Class B Common shareholders- Basic and Diluted | $ | (0.41) | $ | (0.63) | ||||||||||
Weighted average shares outstanding | ||||||||||||||
Weighted average Class A and Class B Common shares outstanding- Basic and Diluted | 296,508,619 | 279,837,563 |
Three-Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
Revenue | $ | 22 | 0 | |||||
Cost of goods sold | 17 | 0 | ||||||
Gross margin | 5 | 0 | ||||||
Operating costs and expenses: | ||||||||
General and administrative | 5,832 | $ | 432 | |||||
Research and development | 27,271 | 368 | ||||||
Total operating costs and expenses | 33,103 | 800 | ||||||
Loss from operations | (33,098 | ) | (800 | ) | ||||
Other income (expense): | ||||||||
Other income | 75 | 4 | ||||||
Interest income | �� | 156 | 3 | |||||
Interest expense | 0 | (248 | ) | |||||
Change in fair value of derivatives | (145,249 | ) | (106 | ) | ||||
Foreign currency gain (loss) | 1,273 | 22 | ||||||
Total other income (expense) | (143,745 | ) | (325 | ) | ||||
Net loss | $ | (176,843 | ) | $ | (1,125 | ) | ||
Net loss per common share | ||||||||
Net loss per share attributable to Class A and Class B Common shareholders- Basic and Diluted | $ | (0.63 | ) | $ | (0.01 | ) | ||
Weighted average shares outstanding | ||||||||
Weighted average Class A and Class B Common shares outstanding- Basic and Diluted | 279,837,563 | 105,409,457 |
Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Receivable For Warrant Exercises | Accumulated Deficit | Stockholders’ Deficit | ||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 144,912,362 | $ | 1 | 132,354,128 | $ | 1 | $ | 1,055,128 | $ | (96) | $ | (147,904) | $ | 907,130 | |||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 817 | — | — | 817 | |||||||||||||||||||||||||||||||||||||||
Exercise of stock options and issuance of restricted stock unit awards, net of statutory tax withholdings | 163,397 | — | — | — | 106 | (5) | — | 101 | |||||||||||||||||||||||||||||||||||||||
Exercise of warrants | 24,140,361 | 1 | — | — | 341,400 | (288) | — | 341,113 | |||||||||||||||||||||||||||||||||||||||
Shares surrendered upon exercise of warrants | (8,008,697) | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | (176,843) | (176,843) | |||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | 161,207,423 | $ | 2 | 132,354,128 | $ | 1 | $ | 1,397,451 | $ | (389) | $ | (324,747) | $ | 1,072,318 |
Series A Convertible Preferred | Series B Convertible Preferred | Founders Convertible Preferred | Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Receivable For Warrant Exercises | Accumulated Deficit | Total Stockholders’ Equity (Deficit) | ||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | — | $ | — | — | $ | — | — | $ | — | 144,912,362 | $ | 1 | 132,354,128 | $ | 1 | $ | 1,055,128 | $ | (96 | ) | $ | (147,904 | ) | $ | 907,130 | |||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | — | — | — | — | 817 | — | — | 817 | ||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options and restricted stock awards, net of statutory tax withholdings | — | — | — | — | — | — | 163,397 | — | — | — | 106 | (5 | ) | — | 101 | |||||||||||||||||||||||||||||||||||||||||
Exercise of warrants | 24,140,361 | 1 | 341,400 | (288 | ) | 341,113 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shares surrendered upon exercise of warrants | (8,008,697 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | — | — | — | (176,843 | ) | (176,843 | ) | ||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | — | $ | — | — | $ | — | — | $ | — | 161,207,423 | $ | 2 | 132,354,128 | $ | 1 | $ | 1,397,451 | $ | (389 | ) | $ | (324,747 | ) | $ | 1,072,318 | |||||||||||||||||||||||||||||||
Balance at December 31, 2019 | 16,983,241 | $ | 4,634 | 3,765,685 | $ | 6,386 | 27,162,191 | $ | — | 210,863 | $ | — | 105,191,937 | $ | 1 | $ | 756 | $ | — | $ | (17,900 | ) | $ | (17,143 | ) | |||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | — | — | — | — | — | 18 | — | — | 18 | ||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | — | — | — | 4,902 | — | — | — | 1 | — | — | 1 | ||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | — | — | — | — | — | — | — | — | (1,125 | ) | (1,125 | ) | ||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | 16,983,241 | $ | 4,634 | 3,765,685 | $ | 6,386 | 27,162,191 | $ | — | 215,765 | $ | 1 | 105,191,937 | $ | 1 | $ | 775 | $ | — | $ | (19,025 | ) | $ | (18,249 | ) | |||||||||||||||||||||||||||||||
Class A Common Stock | Class B Common Stock | Additional Paid-in Capital | Receivable For Warrant Exercises | Accumulated Deficit | Stockholders’ Deficit | ||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | 164,377,306 | $ | 2 | 132,354,128 | $ | 1 | $ | 1,419,284 | $ | — | $ | (619,245) | $ | 800,042 | |||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | 5,065 | — | — | 5,065 | |||||||||||||||||||||||||||||||||||||||
Exercise of stock options and issuance of restricted stock unit awards, net of statutory tax withholdings | 459,630 | — | — | — | 298 | — | — | 298 | |||||||||||||||||||||||||||||||||||||||
Net Loss | — | — | — | — | — | — | (122,074) | (122,074) | |||||||||||||||||||||||||||||||||||||||
Recognition of Magna Warrants | — | — | — | — | 6,695 | — | — | 6,695 | |||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | 164,836,936 | $ | 2 | 132,354,128 | $ | 1 | $ | 1,431,342 | $ | — | $ | (741,319) | $ | 690,026 |
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net loss | $ | (122,074) | $ | (176,843) | |||||||
Reconciliation of net loss to net cash used in operating activities: | |||||||||||
Stock-based compensation | 5,065 | 817 | |||||||||
Depreciation | 379 | 93 | |||||||||
Amortization of right-of-use asset | 900 | 182 | |||||||||
Accretion of debt issuance costs | 204 | — | |||||||||
Change in fair value of derivative liabilities | — | 145,249 | |||||||||
Unrealized gains recognized on equity securities | (5,120) | — | |||||||||
Unrealized foreign currency gain | (744) | — | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Prepaid expenses and other assets | (1,524) | 2,469 | |||||||||
Accounts payable and accrued expenses | 13,024 | (1,513) | |||||||||
Customer deposits | 4,755 | 855 | |||||||||
Change in operating lease liability | (853) | (119) | |||||||||
Net cash used in operating activities | (105,988) | (28,810) | |||||||||
Cash Flows from Investing Activities: | |||||||||||
Acquisition of equity investment | (10,000) | — | |||||||||
Purchases of property and equipment and intangible asset | (45,750) | (65,665) | |||||||||
Net cash used in investing activities | (55,750) | (65,665) | |||||||||
Cash Flows from Financing Activities: | |||||||||||
Proceeds from the exercise of warrants | — | 88,638 | |||||||||
Proceeds from the exercise of stock options | 1,861 | 101 | |||||||||
Net cash provided by financing activities | 1,861 | 88,739 | |||||||||
Net decrease in cash and cash equivalents | (159,877) | (5,736) | |||||||||
Cash and cash equivalents, beginning of the period | 1,202,439 | 991,158 | |||||||||
Cash and cash equivalents, end of the period | $ | 1,042,562 | $ | 985,422 | |||||||
Supplemental disclosure of cash flow information | |||||||||||
Cash paid for interest | $ | 9,642 | $ | — |
Three-Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net loss | $ | (176,843 | ) | $ | (1,125 | ) | ||
Reconciliation of net loss to net cash used in operating activities: | ||||||||
Stock-based compensation | 817 | 18 | ||||||
Depreciation | 93 | 6 | ||||||
Amortization of right-of-use | 182 | 33 | ||||||
Amortization of debt discount | 0 | 197 | ||||||
Change in fair value of derivative liabilities | 145,249 | 106 | ||||||
Unrealized loss on foreign currency transactions | 0 | (21 | ) | |||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses and other assets | 2,469 | (5 | ) | |||||
Accounts payable and accrued expenses | (1,513 | ) | 53 | |||||
Customer deposits | 855 | 1,033 | ||||||
Change in operating lease liability | (119 | ) | (35 | ) | ||||
Net cash (used in) provided by operating activities | (28,810 | ) | 260 | |||||
Cash Flows from Investing Activities: | ||||||||
Purchases of property and equipment and intangible asset | (65,665 | ) | 0 | |||||
Net cash used in investing activities | (65,665 | ) | 0 | |||||
Cash Flows from Financing Activities: | ||||||||
Proceeds from the issuance of bridge notes | 0 | 144 | ||||||
Proceeds from the exercise of warrants | 88,638 | 0 | ||||||
Proceeds from the exercise of stock options | 101 | 1 | ||||||
Net cash provided by financing activities | 88,739 | 145 | ||||||
Net increase (decrease) in cash and cash equivalents | (5,736 | ) | 405 | |||||
Cash and cash equivalents, beginning of the period | 991,158 | 1,858 | ||||||
Cash and cash equivalents, end of the period | $ | 985,422 | $ | 2,263 | ||||
Supplemental disclosure of cash flow information | ||||||||
Cash paid for interest | $ | 0 | $ | 0 | ||||
Cash paid for income taxes | $ | 0 | $ | 0 | ||||
Fair Value Measured as of March 31, 2022: | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets included in: | |||||||||||||||||||||||
Money market funds included in cash and cash equivalents | $ | 882,894 | $ | — | $ | — | $ | 882,894 | |||||||||||||||
Equity investment | $ | 15,120 | $ | — | $ | — | $ | 15,120 | |||||||||||||||
Total fair value | $ | 898,014 | $ | — | $ | — | $ | 898,014 |
Fair Value Measured as of December 31, 2021: | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets included in: | |||||||||||||||||||||||
Money market funds included in cash and cash equivalents | $ | 1,191,079 | $ | — | $ | — | $ | 1,191,079 | |||||||||||||||
Total fair value | $ | 1,191,079 | $ | — | $ | — | $ | 1,191,079 |
Fair Value Measured as of March 31, 2021: | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets included in: | ||||||||||||||||
Money market funds included in cash and cash equivalents | $ | 978,045 | $ | — | $ | — | $ | 978,045 | ||||||||
Total fair value | $ | 978,045 | $ | — | $ | — | $ | 978,045 | ||||||||
Liabilities included in: | ||||||||||||||||
Derivative liabilities – public warrants | $ | 30,876 | $ | — | $ | — | $ | 30,876 | ||||||||
Total fair value | $ | 30,876 | $ | — | $ | — | $ | 30,876 | ||||||||
Fair Value Measured as of December 31, 2020: | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets included in: | ||||||||||||||||
Money market funds included in cash and cash equivalents | $ | 987,728 | $ | — | $ | — | $ | 987,728 | ||||||||
Total fair value | $ | 987,728 | $ | — | $ | — | $ | 987,728 | ||||||||
Liabilities included in: | ||||||||||||||||
Derivative liabilities – public and private warrants | $ | 90,487 | $ | — | $ | 47,615 | $ | 138,102 | ||||||||
Total fair value | $ | 90,487 | $ | — | $ | 47,615 | $ | 138,102 | ||||||||
Balance as of December 31, 2020 | $ | 47,615 | ||
Change in fair value | 63,526 | |||
Exercise of warrants | (111,141 | ) | ||
Balance as of March 31, 2021 | $ | 0 | ||
As of March 31, 2021 | ||||||||||||||||
Amortization Period | Gross Carrying Amount | Accumulated Amortization | Net | |||||||||||||
Capitalized cost - manufacturing | 8 | $ | 122,370 | $ | 0 | $ | 122,370 | |||||||||
$ | 122,370 | $ | 0 | $ | 122,370 | |||||||||||
As of December 31, 2020 | ||||||||||||||||
Amortization Period | Gross Carrying Amount | Accumulated Amortization | Net | |||||||||||||
Capitalized cost - manufacturing | 8 | $ | 58,041 | $ | 0 | $ | 58,041 | |||||||||
$ | 58,041 | $ | 0 | $ | 58,041 | |||||||||||
As of March 31, 2022 | |||||||||||||||||||||||
Amortization Period | Gross Carrying Amount | Accumulated Amortization | Net | ||||||||||||||||||||
Capitalized cost - manufacturing | 8 years | $ | 238,219 | $ | — | $ | 238,219 | ||||||||||||||||
$ | 238,219 | $ | — | $ | 238,219 |
As of December 31, 2021 | |||||||||||||||||||||||
Amortization Period | Gross Carrying Amount | Accumulated Amortization | Net | ||||||||||||||||||||
Capitalized cost - manufacturing | 8 years | $ | 231,525 | $ | — | $ | 231,525 | ||||||||||||||||
$ | 231,525 | $ | — | $ | 231,525 |
March 31, 2021 | December 31, 2020 | |||||||
Machinery and equipment | $ | 1,102 | $ | 130 | ||||
Furniture and fixtures | 88 | 67 | ||||||
IT hardware and software | 983 | 820 | ||||||
Leasehold improvements | 4 | 26 | ||||||
Total property and equipment | 2,177 | 1,043 | ||||||
Less: Accumulated depreciation and amortization | (191 | ) | (98 | ) | ||||
Property and equipment, net | $ | 1,986 | $ | 945 | ||||
March 31, 2022 | December 31, 2021 | ||||||||||
Machinery and equipment | $ | 1,242 | $ | 1,174 | |||||||
Furniture and fixtures | 450 | 307 | |||||||||
IT hardware and software | 5,047 | 3,778 | |||||||||
Leasehold improvements | $20 | 20 | |||||||||
Construction in progress | 117,078 | 81,160 | |||||||||
Total property and equipment | 123,837 | 86,439 | |||||||||
Less: Accumulated depreciation and amortization | (1,175) | (796) | |||||||||
Property and equipment, net | $ | 122,662 | $ | 85,643 |
March 31, 2022 | December 31, 2021 | ||||||||||
Accrued vendor liabilities | $ | 97,506 | $ | 67,293 | |||||||
Accrued payroll | 2,757 | 1,989 | |||||||||
Accrued professional fees | 1,107 | 3,579 | |||||||||
Accrued interest | 695 | 6,165 | |||||||||
Accrued other | 312 | 608 | |||||||||
Total accrued expenses | $ | 102,377 | $ | 79,634 |
March 31, 2022 | December 31, 2021 | ||||||||||
Customer reservation deposits | $ | 10,301 | $ | 5,546 | |||||||
Customer SUV option | 754 | 754 | |||||||||
Total customer deposits | $ | 11,055 | $ | 6,300 |
March 31, 2021 | December 31, 2020 | |||||||
Customer reservation deposits | $ | 3,628 | $ | 2,773 | ||||
Customer SUV option | 754 | 754 | ||||||
Total customer deposits | $ | 4,382 | $ | 3,527 | ||||
Principal | $ | 667,500 | |||
Unamortized debt issuance costs | (7,948) | ||||
Net carrying amount | $ | 659,552 |
Public warrants | Private warrants | Total | ||||||||||
December 31, 2020 | 18,391,587 | 9,360,000 | 27,751,587 | |||||||||
Shares issued for cash exercises | (7,733,400 | ) | (7,733,400 | ) | ||||||||
Shares issued for cashless exercises | (3,490,935 | ) | (4,907,329 | ) | (8,398,264 | ) | ||||||
Shares surrendered upon cashless exercise | (3,556,026 | ) | (4,452,671 | ) | (8,008,697 | ) | ||||||
March 31, 2021 | 3,611,226 | 0 | 3,611,226 | |||||||||
Milestone | Percentage of Warrants that Vest Upon Achievement | Number of Warrants that Vest Upon Achievement | ||||||||||||
(a) (i) Achievement of the “preliminary production specification” gateway as set forth in the Development Agreement; (ii) entering into the Platform Agreement; and (iii) entering into the Initial Manufacturing Agreement | 33.3 | % | 6,484,993 | |||||||||||
(b) (i) Achievement of the “target agreement” gateway as set forth in the Development Agreement and (ii) entering into the Detailed Manufacturing Agreement, which will contain terms and conditions agreed to in the Initial Manufacturing Agreement | 33.3 | % | 6,484,993 | |||||||||||
(c) Start of pre-serial production | 33.4 | % | 6,504,468 | |||||||||||
19,474,454 |
Fair value | Capitalized at March 31, 2022 | ||||||||||
Milestone (a) | $ | 58,041 | $ | 58,041 | |||||||
Milestone (b) | 58,041 | 58,041 | |||||||||
Milestone (c) | 58,215 | 38,131 | |||||||||
$ | 174,297 | $ | 154,213 |
Three-months Ended March 31, | ||||||||
2021 | 2020 | |||||||
Numerator: | ||||||||
Net loss | $ | (176,843 | ) | $ | (1,125 | ) | ||
Denominator: | ||||||||
Weighted average Class A common shares outstanding | 147,483,435 | 217,520 | ||||||
Weighted average Class B common shares outstanding | 132,354,128 | 105,191,937 | ||||||
Weighted average Class A and Class B common shares outstanding- Basic | 279,837,563 | 105,409,457 | ||||||
Dilutive effect of potential common shares | — | — | ||||||
Weighted average Class A and Class B common shares outstanding- Diluted | 279,837,563 | 105,409,457 | ||||||
Net loss per share attributable to Class A and Class B Common shareholders- Basic | $ | (0.63 | ) | $ | (0.01 | ) | ||
Net loss per share attributable to Class A and Class B Common shareholders- Diluted | $ | (0.63 | ) | $ | (0.01 | ) | ||
Three-months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Numerator: | |||||||||||
Net loss | $ | (122,074) | $ | (176,843) | |||||||
Denominator: | |||||||||||
Weighted average Class A common shares outstanding | 164,154,491 | 147,483,435 | |||||||||
Weighted average Class B common shares outstanding | 132,354,128 | 132,354,128 | |||||||||
Weighted average Class A and Class B common shares outstanding- Basic and Diluted | 296,508,619 | 279,837,563 | |||||||||
Net loss per share attributable to Class A and Class B Common shareholders- Basic | $ | (0.41) | $ | (0.63) | |||||||
Net loss per share attributable to Class A and Class B Common shareholders- Diluted | $ | (0.41) | $ | (0.63) |
As of March 31, | |||||||||||
2022 | 2021 | ||||||||||
Convertible senior notes | 33,891,845 | — | |||||||||
Stock options and warrants | 30,560,564 | 29,048,269 | |||||||||
Total | 64,452,409 | 29,048,269 |
Three-months Ended March 31, | ||||||||
2021 | 2020 | |||||||
Series A Convertible Preferred Stock | — | 16,983,241 | ||||||
Series B Convertible Preferred Stock | — | 3,765,685 | ||||||
Founders Convertible Preferred Stock | — | 27,162,191 | ||||||
Bridge notes | — | 932,172 | ||||||
Stock options and warrants | 29,048,269 | 17,387,461 | ||||||
Total | 29,048,269 | 66,230,750 | ||||||
Three-months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
General and administrative expense | $ | 1,773 | $ | 174 | |||||||
Research and development | 3,292 | 643 | |||||||||
Total | $ | 5,065 | $ | 817 |
Options | Weighted Average Exercise Price | Weighted Average Contractual Term (in Years) | |||||||||||||||
Balance as of December 31, 2021 | 17,695,560 | 1.44 | 5.6 | ||||||||||||||
Granted | 128,700 | 13.45 | |||||||||||||||
Exercised | (95,900) | 2.45 | |||||||||||||||
Forfeited | (137,782) | 12.27 | |||||||||||||||
Balance as of March 31, 2022 | 17,590,578 | 1.43 | 5.4 |
Shares Available For Grant | Options and restricted stock awards | Weighted Average Exercise Price | Weighted Average Contractual Term (in Years) | |||||||||||||
Balance as of January 1, 2021 | 28,974,067 | 18,724,096 | 0.69 | 6.5 | ||||||||||||
Granted | (449,295 | ) | 449,295 | 19.29 | ||||||||||||
Exercised | — | (164,829 | ) | 0.65 | ||||||||||||
Forfeited or surrendered for taxes | 57,944 | (56,512 | ) | 5.73 | ||||||||||||
Balance as of March 31, 2021 | 28,582,716 | 18,952,050 | 1.11 | 6.3 | ||||||||||||
Three Months Ended March 31, 2022 | |||||
Expected term (in years) | 6.3 | ||||
Volatility | 76.4% to 80.3% | ||||
Dividend yield | 0.0% | ||||
Risk-free interest rate | 1.55% to 2.16% | ||||
Common stock price | $12.90 |
Three-months Ended March 31, | ||||||||
2021 | 2020 | |||||||
Expected term (in years) | 6.3 | 6.3 | ||||||
Volatility | 93 | % to 99% | 83.7 | % | ||||
Dividend yield | 0.0 | % | 0.0 | % | ||||
Risk-free interest rate | 0.6 | % to 1.2% | 2.0 | % | ||||
Common stock price | $ | 17.22 | $ | 1.41 |
Three-months Ended March 31, | ||||||||
2021 | 2020 | |||||||
General and administrative expense | $ | 174 | $ | 8 | ||||
Research and development | 643 | 10 | ||||||
Total | 817 | 18 | ||||||
RSU Awards | Weighted Average Grant Date Fair Value | |||||||||||||
Unvested as of December 31, 2021 | 17,174 | $ | 13.47 | |||||||||||
Awarded | 360,582 | 12.43 | ||||||||||||
Vested | (353,160) | 11.54 | ||||||||||||
Forfeited | (1,016) | 11.46 | ||||||||||||
Unvested as of March 31, 2022 | 23,580 | $ | 12.72 |
Three-Months Ended March 31, | |||||||||||||||||||||||
2022 | 2021 | $ Change | % Change | ||||||||||||||||||||
(dollar amounts in thousands) | |||||||||||||||||||||||
Revenue | $ | 12 | 22 | $ | (10) | (45) | % | ||||||||||||||||
Cost of goods sold | 11 | 17 | (6) | (35) | % | ||||||||||||||||||
Gross Margin | 1 | 5 | (4) | (80) | % | ||||||||||||||||||
Operating costs and expenses: | |||||||||||||||||||||||
General and administrative | 21,992 | $ | 5,832 | 16,160 | 277 | % | |||||||||||||||||
Research and development | 101,460 | 27,271 | 74,189 | 272 | % | ||||||||||||||||||
Total operating costs and expenses | 123,452 | 33,103 | 90,349 | 273 | % | ||||||||||||||||||
Loss from operations | (123,451) | (33,098) | (90,353) | 273 | % | ||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Other income (expense) | (371) | 75 | (446) | n.m. | |||||||||||||||||||
Interest income | 265 | 156 | 109 | 70 | % | ||||||||||||||||||
Interest expense | (4,383) | — | (4,383) | n.m. | |||||||||||||||||||
Change in fair value of derivatives | — | (145,249) | 145,249 | n.m. | |||||||||||||||||||
Foreign currency gain | 746 | 1,273 | (527) | (41) | % | ||||||||||||||||||
Unrealized gain recognized on equity securities | 5,120 | — | 5,120 | n.m. | |||||||||||||||||||
Total other income (expense) | 1,377 | (143,745) | 145,122 | n.m. | |||||||||||||||||||
Net Loss | $ | (122,074) | $ | (176,843) | $ | 54,769 | (31) | % |
Three-Months Ended March 31, | ||||||||||||||||
2021 | 2020 | $ Change | % Change | |||||||||||||
(dollar amounts in thousands) | ||||||||||||||||
Revenue | $ | 22 | — | $ | 22 | n.m. | ||||||||||
Cost of goods sold | 17 | — | 17 | n.m. | ||||||||||||
Gross Margin | 5 | — | 5 | n.m. | ||||||||||||
Operating costs and expenses: | ||||||||||||||||
General and administrative | 5,832 | 432 | 5,400 | n.m. | ||||||||||||
Research and development | 27,271 | 368 | 26,903 | n.m. | ||||||||||||
Total operating costs and expenses | 33,103 | 800 | 32,303 | n.m. | ||||||||||||
Loss from operations | (33,098 | ) | (800 | ) | (32,298 | ) | n.m. | |||||||||
Other income (expense): | ||||||||||||||||
Other income (expense) | 75 | 4 | 71 | n.m. | ||||||||||||
Interest income | 156 | 3 | 153 | n.m. | ||||||||||||
Interest expense | — | (248 | ) | 248 | n.m. | |||||||||||
Change in fair value of derivatives | (145,249 | ) | (106 | ) | (145,143 | ) | n.m. | |||||||||
Foreign currency gain (loss) | 1,273 | 22 | 1,251 | n.m. | ||||||||||||
Total other income (expense) | (143,745 | ) | (325 | ) | (143,420 | ) | n.m. | |||||||||
Net Loss | $ | (176,843 | ) | (1,125 | ) | (175,718 | ) | n.m. | ||||||||
Public warrants | Private warrants | Total | ||||||||||
December 31, 2020 | 18,391,587 | 9,360,000 | 27,751,587 | |||||||||
Shares issued for cash exercises | (7,733,400 | ) | (7,733,400 | ) | ||||||||
Shares issued for cashless exercises | (3,490,935 | ) | (4,907,329 | ) | (8,398,264 | ) | ||||||
Shares surrendered upon cashless exercise | (3,556,026 | ) | (4,452,671 | ) | (8,008,697 | ) | ||||||
March 31, 2021 | 3,611,226 | — | 3,611,226 | |||||||||
Shares issued for cashless exercises | (1,676,856 | ) | ||||||||||
Shares surrendered upon cashless exercise | (1,708,464 | ) | ||||||||||
Warrants redeemed by Company | (225,906 | ) | ||||||||||
April 22, 2021 | — | |||||||||||
Three-Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
(dollar amounts in thousands) | |||||||||||
Net cash used in operating activities | (105,988) | (28,810) | |||||||||
Net cash used in investing activities | (55,750) | (65,665) | |||||||||
Net cash provided by financing activities | 1,861 | 88,739 |
Three-Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
Net cash (used in) provided by operating activities | | (28,810 | ) | 260 | ||||
Net cash used in investing activities | | (65,665 | ) | — | ||||
Net cash provided by financing activities | 88,739 | 145 |
Three-Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
GAAP Loss from operations | (123,451) | (33,098) | |||||||||
Add: stock based compensation | 5,065 | 817 | |||||||||
Non-GAAP Adjusted loss from operations | $ | (118,386) | $ | (32,281) |
Three-Months Ended March 31, | ||||||||
2021 | 2020 | |||||||
GAAP Loss from operations | $ | (33,098 | ) | $ | (800 | ) | ||
Add: stock based compensation | 817 | 18 | ||||||
Non-GAAP Adjusted loss from operations | $ | (32,281 | ) | $ | (782 | ) | ||
Incorporated by Reference | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exhibit No. | Exhibit Title | Form | File No. | Exhibit No. | Filing Date | Filed or
SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized on May 9, 2022
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