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| Financial Statements:
Condensed Consolidated Statements of Operations
16
(unaudited, dollars in thousands, except per share data) Change % Change %
Revenue $ 50,552 $ 9,076 457 % $ 75,852 $ 16,776 352 %
Cost of revenue 37,740 5,719 560 % 56,657 10,565 436 %
Depreciation, net of capital-build amortization 7,283 4,101 78 % 13,625 7,555 80 %
Cost of sales 45,023 9,820 358 % 70,282 18,120 288 %
Gross profit (loss) 5,529 (744) 843 % 5,570 (1,344) 514 %
General and administrative expenses 34,333 32,178 7 % 72,222 57,606 25 %
Depreciation, amortization and accretion 4,783 4,132 16 % 9,567 8,019 19 %
Total operating expenses 39,116 36,310 8 % 81,789 65,625 25 %
Operating loss (33,587) (37,054) 9 % (76,219) (66,969) (14)%
Interest expense — (13) 100 % — (13) 100 %
Interest income 2,199 636 246 % 4,197 691 507 %
Other expense, net (1) (158) 99 % — (422) 100 %
Change in fair value of earnout liability 2,496 4,891 (49)% 433 2,627 (84)%
Change in fair value of warrant liabilities 7,391 48,712 (85)% 1,011 25,839 (96)%
Total other income, net 12,085 54,068 (78)% 5,641 28,722 (80)%
(Loss) income before income tax expense (21,502) 17,014 (226)% (70,578) (38,247) (85)%
Income tax expense (37) (17) (118)% (42) (22) (91)%
Net (loss) income (21,539) 16,997 (227)% (70,620) (38,269) (85)%
Less: net (loss) income attributable to redeemable noncontrolling interest (14,513) 12,518 (216)% (50,518) (28,349) (78)%
Net (loss) income attributable to Class A common stockholders $ (7,026) $ 4,479 (257)% $ (20,102) $ (9,920) (103)%
Net (loss) income per share to Class A common stockholders, basic $ (0.08) $ 0.06 (233)% $ (0.25) $ (0.14) (79)%
Net (loss) income per share to Class A common stockholders, diluted $ (0.08) $ 0.06 (233)% $ (0.25) $ (0.14) (79)%
Weighted average common stock outstanding, basic 85,320 68,545 78,196 68,449
Weighted average common stock outstanding, diluted 85,320 69,322 78,196 68,449
Three Months Ended
June 30,
Six Months Ended
2023 2022 2023 2022
June 30, |