FTC Solar, Inc. (Nasdaq: FTCI), a leading provider of solar
tracker systems, software and engineering services, today announced
financial results for the second quarter ended June
30, 2023.
“Project delays, including some related to
domestic content discussions around the Inflation Reduction Act,
have continued to challenge us as certain revenue anticipated in
the second quarter has been pushed into future periods resulting in
an overall disappointing quarter,” said Sean Hunkler, FTC Solar
President and Chief Executive Officer. “However, on the positive
side, we were pleased to show continued gross margin expansion in
the quarter, with non-GAAP gross margin improving another 90 basis
points over the prior quarter. Improved margins and continued cost
controls allowed us to report Adjusted EBITDA flat with the prior
quarter, despite the lower revenue.
“While we’re disappointed that customer project
delays have impacted near-term revenue, we are pleased to report
that we have seen a significant uptick in project wins in the last
few weeks, including several notable projects, which should set us
up for meaningful revenue growth into 2024. Among these wins is a
multi-year exclusive one-gigawatt award with Cat Creek Energy. The
largest portion of this will supply the solar PV component of the
landmark Cat Creek Energy & Water Storage facilities in Idaho,
as part of the recently signed Bayer/Cat Creek contract to produce
1,400 GWh of clean renewable energy annually. We are also
pleased to announce our expansion in Europe with a 300-megawatt
tracker award in Spain and Italy, which includes utility-scale
agrivoltaic projects, and marks our first projects in each country.
Other notable wins include a new 120 megawatt award in South
Africa.
“With these new project awards, our total
backlog2 has grown to $1.6 billion, with another $259 million added
since May 10. While our larger revenue ramp has pushed out
slightly, we now have line-of-sight to meaningful improvement as we
head into 2024.
Summary Financial Performance: Q2 2023
compared to Q2 2022
|
|
U.S. GAAP |
|
|
Non-GAAP |
|
|
|
Three months ended June 30, |
|
(in thousands, except per share data) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenue |
|
$ |
32,359 |
|
|
$ |
30,721 |
|
|
$ |
32,359 |
|
|
$ |
30,721 |
|
Gross margin percentage |
|
|
6.8 |
% |
|
|
(21.2 |
%) |
|
|
8.2 |
% |
|
|
(17.5 |
%) |
Total operating expenses |
|
$ |
12,568 |
|
|
$ |
18,727 |
|
|
$ |
9,740 |
|
|
$ |
12,448 |
|
Loss from operations(a) |
|
$ |
(10,367 |
) |
|
$ |
(25,239 |
) |
|
$ |
(7,239 |
) |
|
$ |
(17,741 |
) |
Net loss |
|
$ |
(10,414 |
) |
|
$ |
(25,683 |
) |
|
$ |
(7,163 |
) |
|
$ |
(18,226 |
) |
Diluted loss per share |
|
$ |
(0.09 |
) |
|
$ |
(0.26 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.18 |
) |
(a) Adjusted EBITDA for
Non-GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
“We’re also excited about our competitive
positioning. Our manufacturing costs have never been better, and
will further improve with scale. Our project margins put us on
track to achieve our stated gross margin targets, including 20%+
long-term. We are now in the market with our new and differentiated
1P tracker solution, which significantly expands our market
opportunity, and for which we have recently received UL
certification and a new 140+ megawatt project award which is part
of the 1 GW Cat Creek award. Our international business is gaining
traction, now with awards in more than a dozen countries to-date,
and our backlog continues to grow nicely. And we are focused on
controlling expenses while investing in areas that support and
accelerate our long-term growth,” Hunkler concluded.
Total second-quarter revenue was $32.4 million,
coming in short of our target range, as customer project delays
pushed revenue to future periods. This revenue level represents a
decrease of 20.9% compared to the prior quarter, on lower product
volume. Compared to the year-earlier quarter, revenue increased
5.3%, driven primarily by higher product volume.
GAAP gross profit was $2.2 million, or 6.8%
of revenue, compared to gross profit of $2.0 million, or 5.0% of
revenue, in the prior quarter. Non-GAAP gross profit was $2.6
million or 8.2% of revenue. The result for this quarter compares to
a non-GAAP gross loss of $5.4 million in the prior-year period,
with the difference driven primarily by significantly improved
product direct margins.
GAAP operating expenses were $12.6 million. On a
non-GAAP basis, excluding stock-based compensation and certain
other costs, operating expenses were $9.7 million,
compared to $12.4 million in the year-ago
quarter. The year-over-year decrease was driven
largely by lower R&D and personnel-related expenses.
GAAP net loss was $10.4 million or
$0.09 per share, compared to a loss of $11.8 million or $0.11 per
share in the prior quarter and a net loss of $25.7
million or $0.26 per share in the year-ago quarter. Adjusted
EBITDA loss, which excludes approximately $3.2 million, including
stock-based compensation expense and other non-cash items, was $7.2
million, which was flat compared to the prior quarter and compares
to $17.7 million in the year-ago quarter.
OutlookWe expect third-quarter
revenue to be approximately flat to down relative to the second
quarter. Gross margin performance will directionally follow revenue
and increase with higher revenue or decline if lower, driven by
cost absorption. We expect this to be followed by a return to
revenue growth in the fourth quarter with margin expansion (above
Q2 levels), as production from recent project wins is
reflected.
(in millions) |
|
2Q'23 Guidance |
|
2Q'23 Actual |
|
3Q'23 Guidance |
Revenue |
|
$42.5 - $52.5 |
|
|
$32.4 |
|
$24.0 - $34.0 |
Non-GAAP Gross Profit |
|
$4.0 - $6.5 |
|
|
$2.6 |
|
$0.7 - $3.1 |
Non-GAAP Gross Margin |
|
9% - 12% |
|
|
8.2% |
|
3% - 9% |
Non-GAAP operating
expenses |
|
$10 - $11 |
|
|
$9.7 |
|
$10 - $11 |
Non-GAAP adjusted EBITDA |
|
$(7.0) - $(3.5) |
|
|
$(7.2) |
|
$(10.3) - $(6.9) |
|
The recent uptick in project wins gives us
increased confidence that the revenue ramp expected in the fourth
quarter should continue into 2024, with meaningful improvement.
Second Quarter 2023 Earnings Conference
CallFTC Solar’s senior management will host a conference
call for members of the investment community at 8:30 a.m. E.T.
today, during which the company will discuss its second quarter
results, its outlook and other business items. This call will be
webcast and can be accessed within the Investor Relations section
of FTC Solar's website at investor.ftcsolar.com. A replay of the
conference call will also be available on the website for 30 days
following the webcast.
About FTC Solar Inc. Founded in
2017 by a group of renewable energy industry veterans, FTC Solar is
a leading provider of solar tracker systems, technology, software,
and engineering services. Solar trackers significantly increase
energy production at solar power installations by dynamically
optimizing solar panel orientation to the sun. FTC Solar’s
innovative tracker designs provide compelling performance and
reliability, with an industry-leading installation cost-per-watt
advantage.
Footnotes1. The term ‘pipeline’
refers to the total amount of uncontracted projects in the solar
energy market to which the company has visibility as a potential
sale opportunity for its trackers. The size of our pipeline does
not guarantee future sales results or revenues, which will depend
on our ability to convert pipeline opportunities to binding sales
orders.
2. The term ‘backlog’ refers to the combination
of our executed contracts and awarded orders, which are orders that
have been documented and signed through a contract, where we are in
the process of documenting a contract but for which a contract has
not yet been signed, or that have been awarded in writing or
verbally with a mutual understanding that the order will be
contracted in the future. In the case of certain projects,
including those that are scheduled for delivery on later dates, we
have not locked in binding pricing with customers, and we instead
use estimated average selling price to calculate the revenue
included in our contracted and awarded orders for such projects.
Actual revenue for these projects could differ once contracts with
binding pricing are executed, and there is also a risk that a
contract may never be executed for an awarded but uncontracted
project, or that a contract may be executed for an awarded but
uncontracted project at a date that is later than anticipated, thus
reducing anticipated revenues. Please refer to our SEC filings,
including our Form 10-K, for more information on our contracted and
awarded orders, including risk factors.
Forward-Looking StatementsThis
press release contains forward looking statements. These statements
are not historical facts but rather are based on our current
expectations and projections regarding our business, operations and
other factors relating thereto. Words such as “may,” “will,”
“could,” “would,” “should,” “anticipate,” “predict,” “potential,”
“continue,” “expects,” “intends,” “plans,” “projects,” “believes,”
“estimates” and similar expressions are used to identify these
forward-looking statements. These statements are only predictions
and as such are not guarantees of future performance and involve
risks, uncertainties and assumptions that are difficult to predict.
You should not rely on our forward-looking statements as
predictions of future events, as actual results may differ
materially from those in the forward-looking statements because of
several factors, including those described in more detail above and
in our filings with the U.S. Securities and Exchange Commission,
including the section entitled “Risk Factors” contained therein.
FTC Solar undertakes no duty or obligation to update any
forward-looking statements contained in this release as a result of
new information, future events or changes in its expectations,
except as required by law.
FTC Solar Investor Contact:Bill Michalek Vice
President, Investor Relations FTC SolarT: (737) 241-8618 E:
IR@FTCSolar.com
FTC Solar, Inc. |
Condensed Consolidated Statements of Comprehensive
Loss |
(unaudited) |
|
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
(in thousands, except shares and per share
data) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Product |
|
$ |
21,074 |
|
|
$ |
9,166 |
|
|
$ |
53,653 |
|
|
$ |
40,134 |
|
Service |
|
|
11,285 |
|
|
|
21,555 |
|
|
|
19,600 |
|
|
|
40,140 |
|
Total revenue |
|
|
32,359 |
|
|
|
30,721 |
|
|
|
73,253 |
|
|
|
80,274 |
|
Cost of revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Product |
|
|
19,152 |
|
|
|
16,426 |
|
|
|
50,919 |
|
|
|
51,389 |
|
Service |
|
|
11,006 |
|
|
|
20,807 |
|
|
|
18,098 |
|
|
|
44,684 |
|
Total cost of revenue |
|
|
30,158 |
|
|
|
37,233 |
|
|
|
69,017 |
|
|
|
96,073 |
|
Gross profit (loss) |
|
|
2,201 |
|
|
|
(6,512 |
) |
|
|
4,236 |
|
|
|
(15,799 |
) |
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
1,873 |
|
|
|
2,711 |
|
|
|
3,795 |
|
|
|
5,412 |
|
Selling and marketing |
|
|
1,852 |
|
|
|
2,927 |
|
|
|
3,563 |
|
|
|
4,899 |
|
General and administrative |
|
|
8,843 |
|
|
|
13,089 |
|
|
|
19,642 |
|
|
|
26,907 |
|
Total operating expenses |
|
|
12,568 |
|
|
|
18,727 |
|
|
|
27,000 |
|
|
|
37,218 |
|
Loss from operations |
|
|
(10,367 |
) |
|
|
(25,239 |
) |
|
|
(22,764 |
) |
|
|
(53,017 |
) |
Interest expense, net |
|
|
(28 |
) |
|
|
(427 |
) |
|
|
(86 |
) |
|
|
(722 |
) |
Gain from disposal of
investment in unconsolidated subsidiary |
|
|
— |
|
|
|
— |
|
|
|
898 |
|
|
|
337 |
|
Other income (expense),
net |
|
|
(141 |
) |
|
|
73 |
|
|
|
(215 |
) |
|
|
92 |
|
Loss before income taxes |
|
|
(10,536 |
) |
|
|
(25,593 |
) |
|
|
(22,167 |
) |
|
|
(53,310 |
) |
(Provision) benefit for income
taxes |
|
|
122 |
|
|
|
(90 |
) |
|
|
(9 |
) |
|
|
(166 |
) |
Net loss |
|
|
(10,414 |
) |
|
|
(25,683 |
) |
|
|
(22,176 |
) |
|
|
(53,476 |
) |
Other comprehensive
income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation
adjustments |
|
|
(408 |
) |
|
|
60 |
|
|
|
(413 |
) |
|
|
117 |
|
Comprehensive loss |
|
$ |
(10,822 |
) |
|
$ |
(25,623 |
) |
|
$ |
(22,589 |
) |
|
$ |
(53,359 |
) |
Net loss per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
(0.09 |
) |
|
$ |
(0.26 |
) |
|
$ |
(0.20 |
) |
|
$ |
(0.54 |
) |
Weighted-average
common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
112,669,296 |
|
|
|
100,321,943 |
|
|
|
109,632,336 |
|
|
|
99,752,707 |
|
FTC Solar, Inc. |
Condensed Consolidated Balance Sheets |
(unaudited) |
|
(in thousands, except shares and per share
data) |
|
June 30, 2023 |
|
|
December 31, 2022 |
|
ASSETS |
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
33,817 |
|
|
$ |
44,385 |
|
Accounts receivable, net |
|
|
69,728 |
|
|
|
49,052 |
|
Inventories |
|
|
6,045 |
|
|
|
14,949 |
|
Prepaid and other current assets |
|
|
10,276 |
|
|
|
10,304 |
|
Total current assets |
|
|
119,866 |
|
|
|
118,690 |
|
Operating lease right-of-use
assets |
|
|
2,217 |
|
|
|
1,154 |
|
Property and equipment,
net |
|
|
1,508 |
|
|
|
1,702 |
|
Intangible assets, net |
|
|
792 |
|
|
|
1,113 |
|
Goodwill |
|
|
7,173 |
|
|
|
7,538 |
|
Equity method investment |
|
|
900 |
|
|
|
— |
|
Other assets |
|
|
4,979 |
|
|
|
4,201 |
|
Total assets |
|
$ |
137,435 |
|
|
$ |
134,398 |
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
Accounts payable |
|
$ |
27,049 |
|
|
$ |
15,801 |
|
Accrued expenses |
|
|
12,248 |
|
|
|
23,896 |
|
Income taxes payable |
|
|
337 |
|
|
|
443 |
|
Deferred revenue |
|
|
2,512 |
|
|
|
11,316 |
|
Other current liabilities |
|
|
8,775 |
|
|
|
8,884 |
|
Total current liabilities |
|
|
50,921 |
|
|
|
60,340 |
|
Operating lease liability, net
of current portion |
|
|
1,497 |
|
|
|
786 |
|
Other non-current
liabilities |
|
|
5,623 |
|
|
|
6,822 |
|
Total liabilities |
|
|
58,041 |
|
|
|
67,948 |
|
Commitments and
contingencies |
|
|
|
|
|
|
Stockholders’ equity |
|
|
|
|
|
|
Preferred stock par value of $0.0001 per share, 10,000,000 shares
authorized; none issued as of June 30, 2023 and
December 31, 2022 |
|
|
— |
|
|
|
— |
|
Common stock par value of $0.0001 per share, 850,000,000 shares
authorized; 118,118,220 and 105,032,588 shares issued and
outstanding as of June 30, 2023 and December 31,
2022 |
|
|
12 |
|
|
|
11 |
|
Treasury stock, at cost; 10,762,566 shares as of June 30, 2023
and December 31, 2022 |
|
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
|
350,877 |
|
|
|
315,345 |
|
Accumulated other comprehensive loss |
|
|
(474 |
) |
|
|
(61 |
) |
Accumulated deficit |
|
|
(271,021 |
) |
|
|
(248,845 |
) |
Total stockholders’ equity |
|
|
79,394 |
|
|
|
66,450 |
|
Total liabilities and stockholders’ equity |
|
$ |
137,435 |
|
|
$ |
134,398 |
|
FTC Solar, Inc. |
Condensed Consolidated Statements of Cash
Flows |
(unaudited) |
|
|
|
Six months ended June 30, |
|
(in thousands) |
|
2023 |
|
|
2022 |
|
Cash flows from operating activities |
|
|
|
|
|
|
Net loss |
|
$ |
(22,176 |
) |
|
$ |
(53,476 |
) |
Adjustments to reconcile net
loss to cash used in operating activities: |
|
|
|
|
|
|
Stock-based compensation |
|
|
7,852 |
|
|
|
5,608 |
|
Depreciation and amortization |
|
|
666 |
|
|
|
265 |
|
Loss from sale of property and equipment |
|
|
— |
|
|
|
111 |
|
Amortization of debt issue costs |
|
|
355 |
|
|
|
349 |
|
Provision for obsolete and slow-moving inventory |
|
|
1,261 |
|
|
|
12 |
|
Gain from disposal of investment in unconsolidated subsidiary |
|
|
(898 |
) |
|
|
(337 |
) |
Warranty provision |
|
|
2,852 |
|
|
|
4,184 |
|
Warranty recoverable from manufacturer |
|
|
30 |
|
|
|
(181 |
) |
Credit losses and bad debt expense |
|
|
203 |
|
|
|
1,147 |
|
Deferred income taxes |
|
|
184 |
|
|
|
— |
|
Lease expense and other |
|
|
497 |
|
|
|
384 |
|
Impact on cash from changes in
operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable, net |
|
|
(17,879 |
) |
|
|
30,397 |
|
Inventories |
|
|
7,643 |
|
|
|
(4,829 |
) |
Prepaid and other current assets |
|
|
70 |
|
|
|
3,586 |
|
Other assets |
|
|
(1,422 |
) |
|
|
(384 |
) |
Accounts payable |
|
|
11,247 |
|
|
|
(3,943 |
) |
Accruals and other current liabilities |
|
|
(7,895 |
) |
|
|
(22,127 |
) |
Deferred revenue |
|
|
(8,804 |
) |
|
|
5,460 |
|
Other non-current liabilities |
|
|
(4,264 |
) |
|
|
(2,334 |
) |
Lease payments and other, net |
|
|
(331 |
) |
|
|
(290 |
) |
Net cash used in operations |
|
|
(30,809 |
) |
|
|
(36,398 |
) |
Cash flows from
investing activities: |
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(195 |
) |
|
|
(683 |
) |
Proceeds from sale of property and equipment |
|
|
— |
|
|
|
53 |
|
Investment in Alpha Steel |
|
|
(900 |
) |
|
|
— |
|
Acquisitions, net of cash acquired |
|
|
— |
|
|
|
18 |
|
Proceeds from disposal of investment in unconsolidated
subsidiary |
|
|
898 |
|
|
|
337 |
|
Net cash used in investing activities |
|
|
(197 |
) |
|
|
(275 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
|
Sale of common stock |
|
|
20,640 |
|
|
|
— |
|
Stock offering costs paid |
|
|
(114 |
) |
|
|
— |
|
Proceeds from stock option exercises |
|
|
51 |
|
|
|
514 |
|
Net cash provided by financing activities |
|
|
20,577 |
|
|
|
514 |
|
Effect of exchange rate
changes on cash and cash equivalents |
|
|
(139 |
) |
|
|
(1 |
) |
Net decrease in cash and cash
equivalents |
|
|
(10,568 |
) |
|
|
(36,160 |
) |
Cash and cash equivalents at
beginning of period |
|
|
44,385 |
|
|
|
102,185 |
|
Cash and cash equivalents at
end of period |
|
$ |
33,817 |
|
|
$ |
66,025 |
|
|
Notes to Reconciliations of Non-GAAP Financial Measures
to Nearest Comparable GAAP MeasuresWe present Non-GAAP
gross profit (loss), Non-GAAP operating expense, Adjusted EBITDA,
Adjusted Net Loss and Adjusted EPS as supplemental measures of our
performance. We define Adjusted EBITDA as net loss plus (i)
provision (benefit) for income taxes, (ii) interest expense, net
(iii) depreciation expense, (iv) amortization of intangibles, (v)
stock-based compensation, and (vi) non-routine legal fees, certain
severance and other costs (credits). We also deduct the contingent
gains from the disposal of our investment in unconsolidated
subsidiary from net loss in arriving at Adjusted EBITDA. We define
Adjusted Net Loss as net loss plus (i) amortization of debt issue
costs and intangibles, (ii) stock-based compensation, (iii)
non-routine legal fees, severance and certain other costs
(credits), and (iv) the income tax expense (benefit) of those
adjustments, if any. We also deduct the contingent gains from the
disposal of our investment in unconsolidated subsidiary from net
loss in arriving at Adjusted Net Loss. Adjusted EPS is defined as
Adjusted Net Loss on a per share basis using our weighted average
diluted shares outstanding.
Non-GAAP gross profit (loss), Non-GAAP operating
expense, Adjusted EBITDA, Adjusted Net Loss and Adjusted EPS are
intended as supplemental measures of performance that are neither
required by, nor presented in accordance with, U.S. generally
accepted accounting principles (“GAAP”). We present these non-GAAP
measures, many of which are commonly used by investors and
analysts, because we believe they assist those investors and
analysts in comparing our performance across reporting periods on
an ongoing basis by excluding items that we do not believe are
indicative of our core operating performance. In addition, we use
Adjusted EBITDA, Adjusted Net Loss and Adjusted EPS to evaluate the
effectiveness of our business strategies.
Non-GAAP gross profit (loss), Non-GAAP operating
expense, Adjusted EBITDA, Adjusted Net Loss and Adjusted EPS should
not be considered in isolation or as substitutes for performance
measures calculated in accordance with GAAP, and you should not
rely on any single financial measure to evaluate our business.
These Non-GAAP financial measures, when presented, are reconciled
to the most closely applicable GAAP measure as disclosed below.
The following table reconciles Non-GAAP gross
profit (loss) to the most closely related GAAP measure for the
three and six months ended June 30, 2023 and 2022,
respectively:
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
(in thousands, except percentages) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
U.S. GAAP revenue |
|
$ |
32,359 |
|
|
$ |
30,721 |
|
|
$ |
73,253 |
|
|
$ |
80,274 |
|
U.S. GAAP gross profit
(loss) |
|
$ |
2,201 |
|
|
$ |
(6,512 |
) |
|
$ |
4,236 |
|
|
$ |
(15,799 |
) |
Depreciation expense |
|
|
125 |
|
|
|
87 |
|
|
|
249 |
|
|
|
156 |
|
Stock-based compensation |
|
|
316 |
|
|
|
1,059 |
|
|
|
1,132 |
|
|
|
1,368 |
|
Other costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
102 |
|
Non-GAAP gross profit
(loss) |
|
$ |
2,642 |
|
|
$ |
(5,366 |
) |
|
$ |
5,617 |
|
|
$ |
(14,173 |
) |
Non-GAAP gross margin
percentage |
|
|
8.2 |
% |
|
|
(17.5 |
%) |
|
|
7.7 |
% |
|
|
(17.7 |
%) |
|
The following table reconciles Non-GAAP
operating expenses to the most closely related GAAP measure for the
three and six months ended June 30, 2023 and 2022,
respectively:
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
(in thousands) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
U.S. GAAP operating expenses |
|
$ |
12,568 |
|
|
$ |
18,727 |
|
|
$ |
27,000 |
|
|
$ |
37,218 |
|
Depreciation expense |
|
|
(71 |
) |
|
|
(57 |
) |
|
|
(141 |
) |
|
|
(109 |
) |
Amortization expense |
|
|
(136 |
) |
|
|
— |
|
|
|
(276 |
) |
|
|
— |
|
Stock-based compensation |
|
|
(2,646 |
) |
|
|
(2,079 |
) |
|
|
(6,720 |
) |
|
|
(6,380 |
) |
Non-routine legal fees |
|
|
25 |
|
|
|
(3,822 |
) |
|
|
(83 |
) |
|
|
(4,900 |
) |
Severance |
|
|
— |
|
|
|
(111 |
) |
|
|
13 |
|
|
|
(726 |
) |
Other (costs) credits |
|
|
— |
|
|
|
(210 |
) |
|
|
— |
|
|
|
(1,478 |
) |
Non-GAAP operating
expenses |
|
$ |
9,740 |
|
|
$ |
12,448 |
|
|
$ |
19,793 |
|
|
$ |
23,625 |
|
|
The following table reconciles Non-GAAP Adjusted
EBITDA to the related GAAP measure of loss from operations for the
three and six months ended June 30, 2023 and 2022,
respectively:
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
(in thousands) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
U.S. GAAP loss from operations |
|
$ |
(10,367 |
) |
|
$ |
(25,239 |
) |
|
$ |
(22,764 |
) |
|
$ |
(53,017 |
) |
Depreciation expense |
|
|
196 |
|
|
|
144 |
|
|
|
390 |
|
|
|
265 |
|
Amortization expense |
|
|
136 |
|
|
|
— |
|
|
|
276 |
|
|
|
— |
|
Stock-based compensation |
|
|
2,962 |
|
|
|
3,138 |
|
|
|
7,852 |
|
|
|
7,748 |
|
Non-routine legal fees |
|
|
(25 |
) |
|
|
3,822 |
|
|
|
83 |
|
|
|
4,900 |
|
Severance |
|
|
— |
|
|
|
111 |
|
|
|
(13 |
) |
|
|
726 |
|
Other costs |
|
|
— |
|
|
|
210 |
|
|
|
— |
|
|
|
1,580 |
|
Other income (expense) |
|
|
(141 |
) |
|
|
73 |
|
|
|
(215 |
) |
|
|
92 |
|
Adjusted
EBITDA |
|
$ |
(7,239 |
) |
|
$ |
(17,741 |
) |
|
$ |
(14,391 |
) |
|
$ |
(37,706 |
) |
|
The following table reconciles Non-GAAP Adjusted
EBITDA, Adjusted net loss and Adjusted EPS to the related GAAP
measure of net loss for the three months ended June 30, 2023
and 2022, respectively:
|
|
Three months ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
(in thousands, except shares and per share
data) |
|
Adjusted EBITDA |
|
|
Adjusted Net Loss |
|
|
Adjusted EBITDA |
|
|
Adjusted Net Loss |
|
Net loss per U.S. GAAP |
|
$ |
(10,414 |
) |
|
$ |
(10,414 |
) |
|
$ |
(25,683 |
) |
|
$ |
(25,683 |
) |
Reconciling items - |
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income taxes |
|
|
(122 |
) |
|
|
— |
|
|
|
90 |
|
|
|
— |
|
Interest expense, net |
|
|
28 |
|
|
|
— |
|
|
|
427 |
|
|
|
— |
|
Amortization of debt issue costs in interest expense |
|
|
— |
|
|
|
178 |
|
|
|
— |
|
|
|
176 |
|
Depreciation expense |
|
|
196 |
|
|
|
— |
|
|
|
144 |
|
|
|
— |
|
Amortization of intangibles |
|
|
136 |
|
|
|
136 |
|
|
|
— |
|
|
|
— |
|
Stock-based compensation |
|
|
2,962 |
|
|
|
2,962 |
|
|
|
3,138 |
|
|
|
3,138 |
|
Non-routine legal fees(a) |
|
|
(25 |
) |
|
|
(25 |
) |
|
|
3,822 |
|
|
|
3,822 |
|
Severance(b) |
|
|
— |
|
|
|
— |
|
|
|
111 |
|
|
|
111 |
|
Other costs(c) |
|
|
— |
|
|
|
— |
|
|
|
210 |
|
|
|
210 |
|
Adjusted Non-GAAP
amounts |
|
$ |
(7,239 |
) |
|
$ |
(7,163 |
) |
|
$ |
(17,741 |
) |
|
$ |
(18,226 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Non-GAAP net
loss per share (Adjusted EPS): |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
N/A |
|
|
$ |
(0.06 |
) |
|
N/A |
|
|
$ |
(0.18 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
N/A |
|
|
|
112,669,296 |
|
|
N/A |
|
|
|
100,321,943 |
|
(a) Non-routine legal fees represent legal fees
and other costs incurred for matters that were not ordinary or
routine to the operations of the business.(b) Severance costs were
incurred in 2022 related to agreements with certain executives due
to restructuring changes. (c) Other costs in 2022 include
shareholder follow on registration costs pursuant to our IPO and
acquisition related costs.
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