“The increase was largely due to an increase in interest expense recognized on new borrowings following March 31, 2025 that included the 2032 2.375% Convertible Notes, the 2036 2.00% Convertible Notes, the 2036 2.25% Convertible Notes, the UBS Bridge Financing Loan, and the Trinity Capital Equipment Loan, partially offset by decreases in interest expense recognized on the 2034 Convertible Notes, which we converted into shares of our Class A Common Stock on January 22, 2025.”
“This was primarily driven by a $6.5 million increase in costs related to the continuing ramp of the Alpha program, a $3.9 million increase in payroll expenses related to the expansion of production capacity, a $3.1 million increase in depreciation and amortization due to additional research and development assets being placed into service, and a $2.4 million increase in insurance expenses and other incremental costs related to our expanding research and development activities.”
“Backlog represents our estimate of the revenue we expect to realize in future periods as a result of performing work on contracts that have been awarded to us, net of any revenue already recognized.”