FTC Solar, Inc. (Nasdaq: FTCI), a leading provider of solar
tracker systems, software and engineering services, today announced
financial results for the fourth quarter
ended December 31, 2023.
Fourth Quarter Results“The
company's fourth-quarter results were in line with our targets,”
said Shaker Sadasivam, Chairman of the Board of FTC Solar. “Along
with those results, the company is making good progress advancing
key initiatives that will support the company’s future growth and
profitability. These include:
- Accelerating contracted projects
through improved customer engagement and an enhanced product
portfolio;
- Improving gross margin potential by
reducing product cost;
- Further lowering the breakeven
revenue level through continued operating efficiencies; and
- Improving business processes across
the business with particular emphasis on customer engagement,
customer satisfaction, and purchase orders.”
“As it relates to our CEO succession plan, we have begun
searching for our next CEO and have seen great interest. The Board
is focusing the processes on highly qualified candidates both
within the industry and adjacent industries to identify a CEO
capable of leading the company for a long tenure. We have a
shortlist of excellent candidates and will plan to name a successor
at the appropriate time when the process has concluded.”
Approximately $213 million has been added to
backlog1 since November 8, with total backlog now standing at
approximately $1.7 billion.
Summary Financial Performance: Q4 2023
compared to Q4 2022
|
|
U.S. GAAP |
|
|
Non-GAAP |
|
|
|
Three months ended December 31, |
|
(in thousands, except per share data) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenue |
|
$ |
23,201 |
|
|
$ |
26,220 |
|
|
$ |
23,201 |
|
|
$ |
26,220 |
|
Gross margin percentage |
|
|
3.0 |
% |
|
|
(7.3 |
%) |
|
|
4.8 |
% |
|
|
(3.4 |
%) |
Total operating expenses |
|
$ |
12,428 |
|
|
$ |
17,947 |
|
|
$ |
10,848 |
|
|
$ |
9,971 |
|
Loss from operations(a) |
|
$ |
(11,736 |
) |
|
$ |
(19,861 |
) |
|
$ |
(10,050 |
) |
|
$ |
(10,976 |
) |
Net loss |
|
$ |
(11,177 |
) |
|
$ |
(20,501 |
) |
|
$ |
(9,657 |
) |
|
$ |
(11,499 |
) |
Diluted loss per share |
|
$ |
(0.09 |
) |
|
$ |
(0.20 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.11 |
) |
(a) Adjusted EBITDA for Non-GAAP
Total fourth-quarter revenue was $23.2 million,
coming in at the mid-point of our target range. This revenue level
represents a decrease of 24.1% compared to the prior quarter, on
both lower product and logistics volumes. Compared to the
year-earlier quarter, revenue decreased 11.5%, driven by lower
logistics volumes.
GAAP gross profit was $0.7 million, or 3.0% of
revenue, compared to gross profit of $3.4 million, or 11.1% of
revenue, in the prior quarter. Non-GAAP gross profit was $1.1
million or 4.8% of revenue. The result for this quarter compares to
a non-GAAP gross loss of $0.9 million in the prior-year period,
with the difference driven primarily by significantly improved
product direct margins and lower warranty, retrofit and other
indirect costs.
GAAP operating expenses were $12.4 million. On a
non-GAAP basis, excluding stock-based compensation and certain
other costs, operating expenses were $10.8 million.
This result compares to operating expenses of $10.0 million in
the year-ago quarter.
GAAP net loss was $11.2 million or $0.09 per
share, compared to a loss of $16.9 million or $0.14 per share in
the prior quarter and a net loss of $20.5 million or $0.20 per
share in the year-ago quarter. Adjusted EBITDA loss, which excludes
approximately $1.1 million, including stock-based compensation
expense and other non-cash items, was $10.1 million, compared to
losses of $9.7 million in the prior quarter and $11.0 million in
the year-ago quarter.
OutlookWe expect first quarter
2024 revenue to be down from the fourth quarter and represent the
trough in revenue for the year. Beyond the first quarter, we expect
to see continued sequential revenue growth for the remainder of the
year, with revenue being weighted toward the second half of the
year. We expect to approximate breakeven on an Adjusted EBITDA
basis in the third quarter and be profitable in the fourth
quarter.
|
4Q'23 |
|
4Q'23 |
|
1Q'24 |
(in millions) |
Guidance |
|
Actual |
|
Guidance |
Revenue |
$18.0 – $28.0 |
|
$23.2 |
|
$10.0 – $15.0 |
Non-GAAP Gross Profit |
$(1.3) – $2.0 |
|
$1.1 |
|
$(3.8) – $(1.8) |
Non-GAAP Gross Margin |
(7%) – 7% |
|
4.8% |
|
(38%) – (12%) |
Non-GAAP operating
expenses |
$10 – $11 |
|
$10.8 |
|
$8.0 – $8.9 |
Non-GAAP adjusted EBITDA |
$(13.0) – $(2.5) |
|
$(10.1) |
|
$(12.6) – $(9.8) |
Fourth Quarter 2023 Earnings Conference
CallFTC Solar’s senior management will host a conference
call for members of the investment community at 5:00 p.m. E.T.
today, during which the company will discuss its fourth
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 ‘backlog’
or ‘contracted and awarded’ 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, or that a contract once
executed may be subsequently amended, supplemented, rescinded,
cancelled or breached, including in a manner that impacts the
timing and amounts of payments due thereunder, 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 December 31, |
|
|
Year ended December 31, |
|
(in thousands, except shares and per share
data) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Product |
|
$ |
20,945 |
|
|
$ |
20,083 |
|
|
$ |
101,872 |
|
|
$ |
63,760 |
|
Service |
|
|
2,256 |
|
|
|
6,137 |
|
|
|
25,130 |
|
|
|
59,306 |
|
Total revenue |
|
|
23,201 |
|
|
|
26,220 |
|
|
|
127,002 |
|
|
|
123,066 |
|
Cost of revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Product |
|
|
19,620 |
|
|
|
21,966 |
|
|
|
93,314 |
|
|
|
84,766 |
|
Service |
|
|
2,889 |
|
|
|
6,168 |
|
|
|
25,381 |
|
|
|
65,528 |
|
Total cost of revenue |
|
|
22,509 |
|
|
|
28,134 |
|
|
|
118,695 |
|
|
|
150,294 |
|
Gross profit (loss) |
|
|
692 |
|
|
|
(1,914 |
) |
|
|
8,307 |
|
|
|
(27,228 |
) |
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
1,450 |
|
|
|
2,411 |
|
|
|
7,166 |
|
|
|
9,949 |
|
Selling and marketing |
|
|
4,924 |
|
|
|
1,766 |
|
|
|
14,811 |
|
|
|
8,659 |
|
General and administrative |
|
|
6,054 |
|
|
|
13,770 |
|
|
|
37,107 |
|
|
|
53,736 |
|
Total operating expenses |
|
|
12,428 |
|
|
|
17,947 |
|
|
|
59,084 |
|
|
|
72,344 |
|
Loss from operations |
|
|
(11,736 |
) |
|
|
(19,861 |
) |
|
|
(50,777 |
) |
|
|
(99,572 |
) |
Interest expense, net |
|
|
(59 |
) |
|
|
(96 |
) |
|
|
(253 |
) |
|
|
(978 |
) |
Gain from disposal of
investment in unconsolidated subsidiary |
|
|
421 |
|
|
|
— |
|
|
|
1,319 |
|
|
|
1,745 |
|
Other income (expense),
net |
|
|
8 |
|
|
|
(124 |
) |
|
|
(257 |
) |
|
|
(373 |
) |
Loss from unconsolidated
subsidiary |
|
|
(324 |
) |
|
|
— |
|
|
|
(660 |
) |
|
|
— |
|
Loss before income taxes |
|
|
(11,690 |
) |
|
|
(20,081 |
) |
|
|
(50,628 |
) |
|
|
(99,178 |
) |
(Provision for) benefit from
income taxes |
|
|
513 |
|
|
|
(420 |
) |
|
|
338 |
|
|
|
(435 |
) |
Net loss |
|
|
(11,177 |
) |
|
|
(20,501 |
) |
|
|
(50,290 |
) |
|
|
(99,613 |
) |
Other comprehensive
income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation
adjustments |
|
|
219 |
|
|
|
289 |
|
|
|
(232 |
) |
|
|
(68 |
) |
Comprehensive loss |
|
$ |
(10,958 |
) |
|
$ |
(20,212 |
) |
|
$ |
(50,522 |
) |
|
$ |
(99,681 |
) |
Net loss per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
(0.09 |
) |
|
$ |
(0.20 |
) |
|
$ |
(0.44 |
) |
|
$ |
(0.98 |
) |
Weighted-average
common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
125,107,426 |
|
|
|
103,869,160 |
|
|
|
115,546,150 |
|
|
|
101,408,263 |
|
FTC Solar, Inc.Condensed Consolidated
Balance Sheets(unaudited) |
|
(in thousands, except shares and per share
data) |
|
December 31, 2023 |
|
|
December 31, 2022 |
|
ASSETS |
|
|
|
|
|
|
Current
assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
25,235 |
|
|
$ |
44,385 |
|
Accounts receivable, net |
|
|
65,279 |
|
|
|
49,052 |
|
Inventories |
|
|
3,905 |
|
|
|
14,949 |
|
Prepaid and other current assets |
|
|
14,089 |
|
|
|
10,304 |
|
Total current assets |
|
|
108,508 |
|
|
|
118,690 |
|
Operating lease right-of-use
assets |
|
|
1,819 |
|
|
|
1,154 |
|
Property and equipment,
net |
|
|
1,823 |
|
|
|
1,702 |
|
Intangible assets, net |
|
|
542 |
|
|
|
1,113 |
|
Goodwill |
|
|
7,353 |
|
|
|
7,538 |
|
Equity method investment |
|
|
240 |
|
|
|
— |
|
Other assets |
|
|
2,785 |
|
|
|
4,201 |
|
Total assets |
|
$ |
123,070 |
|
|
$ |
134,398 |
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
Accounts payable |
|
$ |
7,979 |
|
|
$ |
15,801 |
|
Accrued expenses |
|
|
34,848 |
|
|
|
23,896 |
|
Income taxes payable |
|
|
88 |
|
|
|
443 |
|
Deferred revenue |
|
|
3,612 |
|
|
|
11,316 |
|
Other current liabilities |
|
|
8,138 |
|
|
|
8,884 |
|
Total current liabilities |
|
|
54,665 |
|
|
|
60,340 |
|
Operating lease liability, net
of current portion |
|
|
1,124 |
|
|
|
786 |
|
Other non-current
liabilities |
|
|
4,810 |
|
|
|
6,822 |
|
Total liabilities |
|
|
60,599 |
|
|
|
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 December 31, 2023 and
December 31, 2022 |
|
|
— |
|
|
|
— |
|
Common stock par value of $0.0001 per share, 850,000,000 shares
authorized; 125,445,325 and 105,032,588 shares issued and
outstanding as of December 31, 2023 and December 31,
2022 |
|
|
13 |
|
|
|
11 |
|
Treasury stock, at cost; 10,762,566 shares as of December 31,
2023 and December 31, 2022 |
|
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
|
361,886 |
|
|
|
315,345 |
|
Accumulated other comprehensive loss |
|
|
(293 |
) |
|
|
(61 |
) |
Accumulated deficit |
|
|
(299,135 |
) |
|
|
(248,845 |
) |
Total stockholders’ equity |
|
|
62,471 |
|
|
|
66,450 |
|
Total liabilities and stockholders’ equity |
|
$ |
123,070 |
|
|
$ |
134,398 |
|
FTC Solar, Inc.Condensed Consolidated
Statements of Cash Flows(unaudited) |
|
|
|
|
|
Year ended December 31, |
|
(in thousands) |
|
2023 |
|
|
2022 |
|
Cash flows from operating activities |
|
|
|
|
|
|
Net loss |
|
$ |
(50,290 |
) |
|
$ |
(99,613 |
) |
Adjustments to reconcile net loss
to cash used in operating activities: |
|
|
|
|
|
|
Stock-based compensation |
|
|
8,295 |
|
|
|
20,303 |
|
Depreciation and amortization |
|
|
1,375 |
|
|
|
900 |
|
(Gain) loss from sale of property and equipment |
|
|
(2 |
) |
|
|
183 |
|
Amortization of debt issue costs |
|
|
709 |
|
|
|
703 |
|
Provision for litigation settlement |
|
|
— |
|
|
|
4,493 |
|
Provision for obsolete and slow-moving inventory |
|
|
706 |
|
|
|
1,813 |
|
Loss from unconsolidated subsidiary |
|
|
660 |
|
|
|
— |
|
Gain from disposal of investment in unconsolidated subsidiary |
|
|
(1,319 |
) |
|
|
(1,745 |
) |
Gain on extinguishment of debt |
|
|
— |
|
|
|
— |
|
Warranty and remediation provisions |
|
|
4,310 |
|
|
|
8,228 |
|
Warranty recoverable from manufacturer |
|
|
90 |
|
|
|
(302 |
) |
Credit losses and bad debt expense |
|
|
7,373 |
|
|
|
1,159 |
|
Deferred income taxes |
|
|
138 |
|
|
|
(135 |
) |
Lease expense and other |
|
|
996 |
|
|
|
705 |
|
Impact on cash from changes in
operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
(23,600 |
) |
|
|
57,337 |
|
Inventories |
|
|
10,338 |
|
|
|
(7,902 |
) |
Prepaid and other current assets |
|
|
(3,681 |
) |
|
|
7,189 |
|
Other assets |
|
|
383 |
|
|
|
(1,019 |
) |
Accounts payable |
|
|
(7,960 |
) |
|
|
(22,940 |
) |
Accruals and other current liabilities |
|
|
10,582 |
|
|
|
(32,670 |
) |
Deferred revenue |
|
|
(7,704 |
) |
|
|
9,895 |
|
Other non-current liabilities |
|
|
(3,083 |
) |
|
|
(599 |
) |
Lease payments and other, net |
|
|
(972 |
) |
|
|
(493 |
) |
Net cash used in operations |
|
|
(52,656 |
) |
|
|
(54,510 |
) |
Cash flows from
investing activities: |
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(816 |
) |
|
|
(985 |
) |
Proceeds from sale of property and equipment |
|
|
— |
|
|
|
86 |
|
Equity method investment in Alpha Steel |
|
|
(900 |
) |
|
|
— |
|
Acquisitions, net of cash acquired |
|
|
— |
|
|
|
(5,093 |
) |
Proceeds from disposal of investment in unconsolidated
subsidiary |
|
|
1,319 |
|
|
|
1,745 |
|
Net cash provided by (used in) investing activities |
|
|
(397 |
) |
|
|
(4,247 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
|
Sale of common stock |
|
|
34,007 |
|
|
|
— |
|
Stock offering costs paid |
|
|
(283 |
) |
|
|
— |
|
Proceeds from stock option exercises |
|
|
226 |
|
|
|
903 |
|
Net cash provided by financing activities |
|
|
33,950 |
|
|
|
903 |
|
Effect of exchange rate changes
on cash and cash equivalents |
|
|
(47 |
) |
|
|
54 |
|
Decrease in cash and cash
equivalents |
|
|
(19,150 |
) |
|
|
(57,800 |
) |
Cash and cash equivalents at
beginning of period |
|
|
44,385 |
|
|
|
102,185 |
|
Cash and cash equivalents at end
of period |
|
$ |
25,235 |
|
|
$ |
44,385 |
|
Notes to Reconciliations of Non-GAAP Financial Measures
to Nearest Comparable GAAP Measures
We 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 for (benefit from)
income taxes, (ii) interest expense, net (iii) depreciation
expense, (iv) amortization of intangibles, (v) stock-based
compensation, and (vi) non-routine legal fees, severance and
certain other costs (credits). We also deduct the contingent gains
from the disposal of our investment in an 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
an 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 twelve months ended December 31, 2023 and 2022,
respectively:
|
|
Three months ended December 31, |
|
|
Year ended December 31, |
|
(in thousands, except percentages) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
U.S. GAAP revenue |
|
$ |
23,201 |
|
|
$ |
26,220 |
|
|
$ |
127,002 |
|
|
$ |
123,066 |
|
U.S. GAAP gross profit
(loss) |
|
$ |
692 |
|
|
$ |
(1,914 |
) |
|
$ |
8,307 |
|
|
$ |
(27,228 |
) |
Depreciation expense |
|
|
139 |
|
|
|
117 |
|
|
|
478 |
|
|
|
389 |
|
Stock-based compensation |
|
|
283 |
|
|
|
771 |
|
|
|
1,596 |
|
|
|
3,292 |
|
Severance |
|
|
— |
|
|
|
145 |
|
|
|
252 |
|
|
|
145 |
|
Other costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
102 |
|
Non-GAAP gross profit
(loss) |
|
$ |
1,114 |
|
|
$ |
(881 |
) |
|
$ |
10,633 |
|
|
$ |
(23,300 |
) |
Non-GAAP gross margin
percentage |
|
|
4.8 |
% |
|
|
(3.4 |
%) |
|
|
8.4 |
% |
|
|
(18.9 |
%) |
The following table reconciles Non-GAAP
operating expenses to the most closely related GAAP measure for the
three and twelve months ended December 31, 2023 and 2022,
respectively:
|
|
Three months ended December 31, |
|
|
Year ended December 31, |
|
(in thousands) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
U.S. GAAP operating expenses |
|
$ |
12,428 |
|
|
$ |
17,947 |
|
|
$ |
59,084 |
|
|
$ |
72,344 |
|
Depreciation expense |
|
|
(99 |
) |
|
|
(67 |
) |
|
|
(355 |
) |
|
|
(242 |
) |
Amortization expense |
|
|
(133 |
) |
|
|
(134 |
) |
|
|
(542 |
) |
|
|
(269 |
) |
Stock-based compensation |
|
|
1,032 |
|
|
|
(4,277 |
) |
|
|
(6,699 |
) |
|
|
(17,011 |
) |
Non-routine legal fees |
|
|
(33 |
) |
|
|
(2,753 |
) |
|
|
(214 |
) |
|
|
(8,495 |
) |
Severance |
|
|
(2,347 |
) |
|
|
(296 |
) |
|
|
(4,170 |
) |
|
|
(1,333 |
) |
Other (costs) credits |
|
|
— |
|
|
|
(449 |
) |
|
|
(3,241 |
) |
|
|
(2,251 |
) |
Non-GAAP operating
expenses |
|
$ |
10,848 |
|
|
$ |
9,971 |
|
|
$ |
43,863 |
|
|
$ |
42,743 |
|
The following table reconciles Non-GAAP Adjusted
EBITDA to the related GAAP measure of loss from operations for the
three and twelve months ended December 31, 2023 and 2022,
respectively:
|
|
Three months ended December 31, |
|
|
Year ended December 31, |
|
(in thousands) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
U.S. GAAP loss from operations |
|
$ |
(11,736 |
) |
|
$ |
(19,861 |
) |
|
$ |
(50,777 |
) |
|
$ |
(99,572 |
) |
Depreciation expense |
|
|
238 |
|
|
|
184 |
|
|
|
833 |
|
|
|
631 |
|
Amortization expense |
|
|
133 |
|
|
|
134 |
|
|
|
542 |
|
|
|
269 |
|
Stock-based compensation |
|
|
(749 |
) |
|
|
5,048 |
|
|
|
8,295 |
|
|
|
20,303 |
|
Non-routine legal fees |
|
|
33 |
|
|
|
2,753 |
|
|
|
214 |
|
|
|
8,495 |
|
Severance |
|
|
2,347 |
|
|
|
441 |
|
|
|
4,422 |
|
|
|
1,478 |
|
Other costs |
|
|
— |
|
|
|
449 |
|
|
|
3,241 |
|
|
|
2,353 |
|
Other income (expense), net |
|
|
8 |
|
|
|
(124 |
) |
|
|
(257 |
) |
|
|
(373 |
) |
Loss from unconsolidated subsidiary |
|
|
(324 |
) |
|
|
— |
|
|
|
(660 |
) |
|
|
— |
|
Adjusted
EBITDA |
|
$ |
(10,050 |
) |
|
$ |
(10,976 |
) |
|
$ |
(34,147 |
) |
|
$ |
(66,416 |
) |
The following table reconciles Non-GAAP Adjusted
EBITDA and Adjusted Net Loss to the related GAAP measure of net
loss for the three months ended December 31, 2023 and 2022,
respectively:
|
|
Three months ended December 31, |
|
|
|
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 |
|
$ |
(11,177 |
) |
|
$ |
(11,177 |
) |
|
$ |
(20,501 |
) |
|
$ |
(20,501 |
) |
Reconciling items - |
|
|
|
|
|
|
|
|
|
|
|
|
Provision for (benefit from) income taxes |
|
|
(513 |
) |
|
|
— |
|
|
|
420 |
|
|
|
— |
|
Interest expense, net |
|
|
59 |
|
|
|
— |
|
|
|
96 |
|
|
|
— |
|
Amortization of debt issue costs in interest expense |
|
|
— |
|
|
|
177 |
|
|
|
— |
|
|
|
177 |
|
Depreciation expense |
|
|
238 |
|
|
|
— |
|
|
|
184 |
|
|
|
— |
|
Amortization of intangibles |
|
|
133 |
|
|
|
133 |
|
|
|
134 |
|
|
|
134 |
|
Stock-based compensation |
|
|
(749 |
) |
|
|
(749 |
) |
|
|
5,048 |
|
|
|
5,048 |
|
Gain from disposal of investment in unconsolidated
subsidiary(a) |
|
|
(421 |
) |
|
|
(421 |
) |
|
|
— |
|
|
|
— |
|
Non-routine legal fees(b) |
|
|
33 |
|
|
|
33 |
|
|
|
2,753 |
|
|
|
2,753 |
|
Severance(c) |
|
|
2,347 |
|
|
|
2,347 |
|
|
|
441 |
|
|
|
441 |
|
Other costs(d) |
|
|
— |
|
|
|
— |
|
|
|
449 |
|
|
|
449 |
|
Adjusted Non-GAAP
amounts |
|
$ |
(10,050 |
) |
|
$ |
(9,657 |
) |
|
$ |
(10,976 |
) |
|
$ |
(11,499 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Non-GAAP net
loss per share (Adjusted EPS): |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
N/A |
|
|
$ |
(0.08 |
) |
|
N/A |
|
|
$ |
(0.11 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
N/A |
|
|
|
125,107,426 |
|
|
N/A |
|
|
|
103,869,160 |
|
(a) |
Our management excludes the gain from collections of contingent
contractual amounts from the sale in 2021 of our investment in an
unconsolidated subsidiary. |
(b) |
Non-routine legal fees represent legal fees and other costs
incurred for specific matters that were not ordinary or routine to
the operations of the business. |
(c) |
Severance costs were incurred in 2023 and 2022 due to restructuring
changes involving executive turnover and a headcount reduction
event. |
(d) |
Other costs in 2022 included the write-off of deferred costs
relating to certain uncompleted transactions. |
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