Energy Focus, Inc. (NASDAQ:EFOI), a leader in advanced LED retrofit
technologies, today announced financial results for its second
quarter, which ended June 30, 2018.
Second Quarter 2018 Highlights:
- Net sales grew to $5.2 million, an 11% increase from $4.7
million in the first quarter of 2018.
- Gross profit improved by 7.6 points, to 25.1% of net sales,
from 17.5% in the first quarter of 2018.
- Net loss declined to ($1.8) million, a $0.6 million improvement
from a net loss of ($2.4) million, in the first quarter of
2018.
- Introduced three new products and technologies:
- Double-Ended Ballast Bypass (DEBB) technology to enable faster,
lower cost tubular LED (TLED) retrofits
- T5 High-Output tubular LED for high-bay applications
- Commercial tube-based fixture family for retrofit and new
construction
“Our second quarter results demonstrated solid execution on all
fronts. When compared with the first quarter, we grew revenues
across all major account categories: commercial, military
(excluding the low-margin M1 Intellitube®), key accounts and
agencies. Gross margins were up, operating expenses were down
again, and our net loss decreased. It was a prolific quarter with
three new product introductions, surpassing our commitment of two
for all of fiscal 2018, and paving the way to achieve our goal of
one per quarter in fiscal 2019,” said Dr. Ted Tewksbury, Chairman,
Chief Executive Officer and President of Energy Focus, Inc.
Second Quarter 2018 Financial
Results:
Net sales of $5.2 million for the second quarter of 2018
increased 11% when compared with $4.7 million in the first quarter.
Net sales were $6.0 million in the second quarter of 2017.
Net sales of commercial products in the second quarter were
up 35% to $3.0 million. This compares with $2.2 million in
the first quarter of 2018 and $5.2 million in the second quarter of
2017. Net sales of military products of $2.2 million were
relatively consistent with the prior quarter, decreasing slightly
from $2.5 million. Net sales of military products were $0.8
million in the second quarter of 2017. In the first quarter
of 2018, there was a $1.3 million spike in low-margin M1
Intellitube® that was largely, but not completely, replaced in the
second quarter by substantial increases in sales of globe, berth
and flood lights to the U.S. Navy. Net sales of military
products were $0.8 million in the second quarter of 2017.
Gross profit was $1.3 million, or 25.1% of net sales, for the
second quarter, compared with gross profit of $0.8 million, or
17.5%, in the first quarter, and gross profit of $1.5 million, or
25.0%, in the second quarter of 2017. The mix shift away from the
high volume, low margin legacy naval product in the second quarter
was the primary reason for the sequential gross margin
improvement.
Operating loss and net loss were both ($1.8) million for the
quarter, with a net loss of ($0.15) per share. This compares with
an operating and net loss each of ($2.4) million, or a loss of
($0.20) per share, in the first quarter and an operating loss and
net loss each of ($3.1) million, or a loss of ($0.26) per share, in
the second quarter of 2017.
Adjusted EBITDA, as defined under non-GAAP measures in the
exhibits to this press release, was a loss of ($1.4) million. This
compares with an adjusted EBITDA loss of ($2.1) million in the
first quarter and an adjusted EBITDA loss of ($1.7) million in the
second quarter of 2017.
Cash and cash equivalents were $8.6 million as of June 30, 2018,
compared with $10.2 million at the end of the first quarter and
$10.8 million at December 31, 2017. Energy Focus continues to
be debt free.
“As a result of our new products and expanded nationwide sales
channels, we are seeing increasing interest from a broader range of
commercial, industrial and retail customers, and our sales
opportunity pipeline has grown significantly over the past 12
months and we expect these opportunities to begin converting to
revenue in the coming months. While we continue to face pricing
pressures, periodic gross margin headwinds and the potential for
volatility arising from customer and project timing on a
quarter-to-quarter basis, we believe the financial turnaround is on
the right track to deliver higher revenue, and improved
profitability and shareholder value,” said Dr. Tewksbury.
Earnings Conference Call:
Energy Focus, Inc. will host a conference call and webcast on
August 8, 2018 at 11:00 a.m. ET to review the second quarter 2018
financial results, followed by a Q & A session. To participate
in the call, please dial 877-407-0784 if calling within the United
States, or 201-689-8560 if calling internationally. A replay will
be available until August 15, 2018, which can be accessed by
dialing 844-512-2921 if calling within the United States, or
412-317-6671 if calling internationally. Please use passcode
13679779 to access the replay. The call will additionally be
broadcast live and archived for 90 days over the internet
accessible in the Company section of the Energy Focus website,
http://investors.energyfocus.com/. To access the recording link,
click on “Company” in the top menu bar of the Energy Focus
corporate website, then select “Investors” from the dropdown
menu.
Forward Looking Statements:
Forward-looking statements in this release are made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Generally, these statements can be identified
by the use of words such as “believes,” “estimates,” “anticipates,”
“expects,” “seeks,” “projects,” “intends,” “plans,” “may,” “will,”
“should,” “could,” “would” and similar expressions intended to
identify forward-looking statements, although not all
forward-looking statements contain these identifying words.
These forward-looking statements include all matters that are not
historical facts and include statements regarding our current
expectations concerning, among other things, our results of
operations, financial condition, liquidity, prospects, growth,
strategies, capital expenditures and the industry in which we
operate. By their nature, forward-looking statements involve risks
and uncertainties because they relate to events and depend on
circumstances that may or may not occur in the future. Although we
base these forward-looking statements on assumptions that we
believe are reasonable when made, we caution you that
forward-looking statements are not guarantees of future performance
and that our actual results of operations, financial condition and
liquidity, and industry developments may differ materially from
statements made in or suggested by the forward-looking statements
contained in this release. We believe that important factors that
could cause our actual results to differ materially from
forward-looking statements include, but are not limited to: (i) our
history of operating losses and our ability to effectively
implement cost-cutting measures and generate sufficient cash from
operations or receive sufficient financing, on acceptable terms, to
continue our operations; (ii) our reliance on a limited number of
customers, in particular our historical sales of products for the
U.S. Navy, for a significant portion of our revenue, and our
ability to maintain or grow such sales levels; (iii) the
entrance of new competitors in our target markets; (iv) general
economic conditions in the United States and in other markets in
which we sell our products; (v) our ability to implement and manage
our growth plans to diversify our customer base, increase sales,
and control expenses; (vi) our ability to increase demand in our
targeted markets and to manage sales cycles that are difficult to
predict and may span several quarters; (vii) the timing of large
customer orders and significant expenses, and fluctuations between
demand and capacity, as we invest in growth opportunities; (viii)
our dependence on military maritime customers and on the levels of
government funding available to such customers, as well as funding
resources of our other customers in the public sector and
commercial markets; (ix) market acceptance of LED lighting
technology; (x) our ability to respond to new lighting technologies
and market trends, and fulfill our warranty obligations with safe
and reliable products; (xi) any delays we may encounter in making
new products available or fulfilling customer specifications; (xii)
our ability to compete effectively against companies with greater
resources, lower cost structures, or more rapid development
efforts; (xiii) our ability to protect our intellectual property
rights and other confidential information, and manage infringement
claims by others; (xiv) the impact of any type of legal inquiry,
claim, or dispute; (xv) our reliance on a limited number of
third-party suppliers, our ability to obtain critical components
and finished products from such suppliers on acceptable terms, and
the impact of our fluctuating demand on the stability of such
suppliers; (xvi) our ability to timely and efficiently transport
products from our third-party suppliers to our facility by ocean
marine channels; (xvii) our ability to successfully scale our
network of sales representatives, agents, and distributors to match
the sales reach of larger, established competitors; (xviii) any
flaws or defects in our products or in the manner in which they are
used or installed; (xix) our compliance with government contracting
laws and regulations, through both direct and indirect sale
channels, as well as other laws, such as those relating to the
environment and health and safety; (xx) risks inherent in
international markets, such as economic and political uncertainty,
changing regulatory and tax requirements, currency fluctuations and
potential tariffs and other barriers to international trade; (xxi)
our ability to attract and retain qualified personnel, and to do so
in a timely manner; and (xxii) our ability to maintain effective
internal controls and otherwise comply with our obligations as a
public company.
About Energy Focus
Energy Focus is an industry-leading innovator of
energy-efficient LED lighting technologies. As the creator of the
first UL-verified flicker-free LED products on the U.S. market,
Energy Focus products provide extensive energy and maintenance
savings, and aesthetics, safety, health and sustainability benefits
over conventional lighting. Our customers include U.S. and foreign
navies, U.S. federal, state and local governments, healthcare and
educational institutions, and Fortune 500 companies.
Energy Focus is headquartered in Solon, Ohio. For more
information, visit our website at www.energyfocus.com.
Investor Contact:
Jim FanucchiDarrow Associates, Inc.(408)
404-5400ir@energyfocus.com
Condensed
Consolidated Balance Sheets |
|
|
|
|
(In
thousands) |
|
|
|
|
|
|
|
|
|
|
June 30, |
|
December 31, |
|
|
|
2018 |
|
|
|
2017 |
|
|
ASSETS |
|
|
|
|
Current
assets: |
|
|
|
|
Cash and
cash equivalents |
$ |
8,619 |
|
|
$ |
10,761 |
|
|
Trade
accounts receivable less allowances of $31 and $42,
respectively |
|
3,369 |
|
|
|
3,595 |
|
|
Inventories, net |
|
5,739 |
|
|
|
5,718 |
|
|
Prepaid
and other current assets |
|
1,042 |
|
|
|
596 |
|
|
Assets
held for sale |
|
— |
|
|
|
225 |
|
|
Total current assets |
|
18,769 |
|
|
|
20,895 |
|
|
|
|
|
|
|
Property and equipment,
net |
|
847 |
|
|
|
1,097 |
|
|
Other assets |
|
147 |
|
|
|
159 |
|
|
Total assets |
$ |
19,763 |
|
|
$ |
22,151 |
|
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts
payable |
$ |
3,021 |
|
|
$ |
1,630 |
|
|
Accrued
liabilities |
|
197 |
|
|
|
130 |
|
|
Accrued
payroll and related benefits |
|
393 |
|
|
|
394 |
|
|
Accrued
sales commissions |
|
167 |
|
|
|
124 |
|
|
Accrued
restructuring - short-term |
|
93 |
|
|
|
170 |
|
|
Accrued
warranty reserve |
|
196 |
|
|
|
174 |
|
|
Deferred
revenue |
|
12 |
|
|
|
5 |
|
|
Total current liabilities |
|
4,079 |
|
|
|
2,627 |
|
|
|
|
|
|
|
Other liabilities |
|
176 |
|
|
|
232 |
|
|
Total liabilities |
|
4,255 |
|
|
|
2,859 |
|
|
|
|
|
|
|
STOCKHOLDERS'
EQUITY |
|
|
|
|
Preferred stock, par
value $0.0001 per share: |
|
|
|
|
Authorized: 2,000,000 shares in 2018 and 2017 |
|
|
|
|
Issued
and outstanding: no shares in 2018 and 2017 |
|
— |
|
|
|
— |
|
|
Common stock, par value
$0.0001 per share: |
|
|
|
|
Authorized: 30,000,000 shares in 2018 and 2017 |
|
|
|
|
Issued and outstanding:
12,047,272 at June 30, 2018 and 11,868,896 at December 31,
2017 |
|
1 |
|
|
|
1 |
|
|
Additional paid-in
capital |
|
127,906 |
|
|
|
127,493 |
|
|
Accumulated other
comprehensive loss |
|
(1 |
) |
|
|
2 |
|
|
Accumulated
deficit |
|
(112,398 |
) |
|
|
(108,204 |
) |
|
Total stockholders' equity |
|
15,508 |
|
|
|
19,292 |
|
|
Total liabilities and stockholders' equity |
$ |
19,763 |
|
|
$ |
22,151 |
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Operations |
|
|
|
|
|
|
|
|
|
|
|
(In thousands,
except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Six months ended |
|
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
|
Net
sales |
|
$ |
5,172 |
|
|
$ |
4,659 |
|
|
$ |
6,011 |
|
|
$ |
9,831 |
|
|
$ |
10,117 |
|
|
Cost of sales |
|
|
3,876 |
|
|
|
3,843 |
|
|
|
4,510 |
|
|
|
7,719 |
|
|
|
8,055 |
|
|
Gross profit |
|
|
1,296 |
|
|
|
816 |
|
|
|
1,501 |
|
|
|
2,112 |
|
|
|
2,062 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
Product
development |
|
|
673 |
|
|
|
629 |
|
|
|
763 |
|
|
|
1,302 |
|
|
|
1,534 |
|
|
Selling,
general, and administrative |
|
|
2,421 |
|
|
|
2,647 |
|
|
|
2,778 |
|
|
|
5,068 |
|
|
|
6,409 |
|
|
Restructuring (credits) expenses |
|
|
3 |
|
|
|
(50 |
) |
|
|
1,060 |
|
|
|
(47 |
) |
|
|
1,734 |
|
|
Total operating expenses |
|
|
3,097 |
|
|
|
3,226 |
|
|
|
4,601 |
|
|
|
6,323 |
|
|
|
9,677 |
|
|
Loss from operations |
|
|
(1,801 |
) |
|
|
(2,410 |
) |
|
|
(3,100 |
) |
|
|
(4,211 |
) |
|
|
(7,615 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expenses
(income): |
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
|
1 |
|
|
|
1 |
|
|
|
— |
|
|
|
2 |
|
|
|
— |
|
|
Other
(income) expenses |
|
|
2 |
|
|
|
(21 |
) |
|
|
14 |
|
|
|
(19 |
) |
|
|
21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations before income taxes |
|
|
(1,804 |
) |
|
|
(2,390 |
) |
|
|
(3,114 |
) |
|
|
(4,194 |
) |
|
|
(7,636 |
) |
|
Provision
for income taxes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Net loss |
|
$ |
(1,804 |
) |
|
$ |
(2,390 |
) |
|
$ |
(3,114 |
) |
|
$ |
(4,194 |
) |
|
$ |
(7,636 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share - basic and diluted |
|
$ |
(0.15 |
) |
|
$ |
(0.20 |
) |
|
$ |
(0.26 |
) |
|
$ |
(0.35 |
) |
|
$ |
(0.65 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average shares used in computing net loss per share: |
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted |
|
|
11,949 |
|
|
|
11,900 |
|
|
|
11,791 |
|
|
|
11,925 |
|
|
|
11,755 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Cash Flows |
|
|
|
|
|
|
|
|
|
|
(In
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Six months ended |
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities: |
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(1,804 |
) |
|
$ |
(2,390 |
) |
|
$ |
(3,114 |
) |
|
$ |
(4,194 |
) |
|
$ |
(7,636 |
) |
|
|
|
|
|
|
|
|
|
|
|
Adjustments to reconcile net loss to net cash used in
operating activities: |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
143 |
|
|
|
151 |
|
|
|
171 |
|
|
|
294 |
|
|
|
348 |
|
Stock-based compensation |
|
|
235 |
|
|
|
195 |
|
|
|
226 |
|
|
|
430 |
|
|
|
433 |
|
Stock-based compensation reversal |
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
|
|
— |
|
|
|
(270 |
) |
Provision
for doubtful accounts receivable |
|
|
11 |
|
|
|
(22 |
) |
|
|
1 |
|
|
|
(11 |
) |
|
|
1 |
|
Provision
for slow-moving and obsolete inventory |
|
|
78 |
|
|
|
(487 |
) |
|
|
(433 |
) |
|
|
(409 |
) |
|
|
(271 |
) |
Provision
for warranties |
|
|
48 |
|
|
|
(33 |
) |
|
|
31 |
|
|
|
15 |
|
|
|
44 |
|
(Gain)
loss on disposals of property and equipment |
|
|
4 |
|
|
|
(19 |
) |
|
|
96 |
|
|
|
(15 |
) |
|
|
104 |
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
171 |
|
|
|
66 |
|
|
|
(874 |
) |
|
|
237 |
|
|
|
2,180 |
|
Inventories |
|
|
(209 |
) |
|
|
597 |
|
|
|
973 |
|
|
|
388 |
|
|
|
1,839 |
|
Prepaid and other assets |
|
|
(161 |
) |
|
|
(274 |
) |
|
|
(8 |
) |
|
|
(435 |
) |
|
|
(122 |
) |
Accounts payable |
|
|
73 |
|
|
|
1,398 |
|
|
|
1,474 |
|
|
|
1,471 |
|
|
|
(175 |
) |
Accrued and other liabilities |
|
|
(132 |
) |
|
|
53 |
|
|
|
111 |
|
|
|
(79 |
) |
|
|
359 |
|
Deferred revenue |
|
|
(14 |
) |
|
|
22 |
|
|
|
(156 |
) |
|
|
8 |
|
|
|
18 |
|
Total
adjustments |
|
|
247 |
|
|
|
1,647 |
|
|
|
1,611 |
|
|
|
1,894 |
|
|
|
4,488 |
|
Net cash
used in operating activities |
|
|
(1,557 |
) |
|
|
(743 |
) |
|
|
(1,503 |
) |
|
|
(2,300 |
) |
|
|
(3,148 |
) |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
|
|
Acquisitions of property and equipment |
|
|
— |
|
|
|
(57 |
) |
|
|
(86 |
) |
|
|
(57 |
) |
|
|
(115 |
) |
Proceeds
from the sale of property and equipment |
|
|
(4 |
) |
|
|
244 |
|
|
|
72 |
|
|
|
240 |
|
|
|
72 |
|
Net cash
(used in) provided by investing activities |
|
|
(4 |
) |
|
|
187 |
|
|
|
(14 |
) |
|
|
183 |
|
|
|
(43 |
) |
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
|
|
Proceeds
from the exercise of stock options/ESPP |
|
|
21 |
|
|
|
— |
|
|
|
29 |
|
|
|
21 |
|
|
|
105 |
|
Common
stock withheld to satisfy income tax withholding on vesting of
restrictedstock units |
|
|
(7 |
) |
|
|
(32 |
) |
|
|
(3 |
) |
|
|
(39 |
) |
|
|
(49 |
) |
Net cash
provided by (used in) financing activities |
|
|
14 |
|
|
|
(32 |
) |
|
|
26 |
|
|
|
(18 |
) |
|
|
56 |
|
|
|
|
|
|
|
|
|
|
|
|
Effect of
exchange rate changes on cash |
|
|
(6 |
) |
|
|
(1 |
) |
|
|
8 |
|
|
|
(7 |
) |
|
|
(7 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net
decrease in cash and cash equivalents |
|
|
(1,553 |
) |
|
|
(589 |
) |
|
|
(1,483 |
) |
|
|
(2,142 |
) |
|
|
(3,142 |
) |
Cash and
cash equivalents at beginning of year |
|
|
10,172 |
|
|
|
10,761 |
|
|
|
14,970 |
|
|
|
10,761 |
|
|
|
16,629 |
|
Cash and cash equivalents at end of period |
|
$ |
8,619 |
|
|
$ |
10,172 |
|
|
$ |
13,487 |
|
|
$ |
8,619 |
|
|
$ |
13,487 |
|
|
|
|
|
|
|
|
|
|
|
|
Classification
of cash and cash equivalents: |
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
|
8,277 |
|
|
|
9,830 |
|
|
|
13,145 |
|
|
|
8,277 |
|
|
|
13,145 |
|
Restricted cash held |
|
|
342 |
|
|
|
342 |
|
|
|
342 |
|
|
|
342 |
|
|
|
342 |
|
Cash and cash equivalents at end of period |
|
$ |
8,619 |
|
|
$ |
10,172 |
|
|
$ |
13,487 |
|
|
$ |
8,619 |
|
|
$ |
13,487 |
|
|
|
|
|
|
|
|
|
|
|
|
Sales by
Products |
|
|
|
|
|
|
|
(In
thousands) |
|
|
|
|
|
|
|
|
Three months ended |
|
Six months ended |
|
|
June 30, |
March 31, |
June 30, |
|
June 30, |
|
|
2018 |
2018 |
2017 |
|
2018 |
2017 |
|
Commercial
products |
$ |
2,972 |
$ |
2,205 |
$ |
5,178 |
|
$ |
5,177 |
$ |
8,257 |
|
Military maritime
products |
|
2,200 |
|
2,454 |
|
833 |
|
|
4,654 |
|
1,860 |
|
Total net sales |
$ |
5,172 |
$ |
4,659 |
$ |
6,011 |
|
$ |
9,831 |
$ |
10,117 |
|
|
|
|
|
|
|
|
|
Non-GAAP Measures
In addition to the results provided in accordance
with U.S. GAAP, we may provide certain non-GAAP measures, which
present operating results on an adjusted basis. These are
supplemental measures of performance that are not required by or
presented in accordance with U.S. GAAP and, for the three and six
months ended June 30, 2018 and 2017, include adjustments for our
restructuring expenses, and for depreciation and stock compensation
expenses that do not have a current period impact on cash flow.
We believe that our use of non-GAAP financial measures permits
investors to assess the operating performance of our business
relative to our performance based on U.S. GAAP results and relative
to other companies within the industry by isolating the effects of
items that may vary from period to period without correlation to
core operating performance or that vary widely among similar
companies, and to assess cash flow performance of the operations of
our business relative to our U.S. GAAP results and relative to
other companies in the industry by isolating the effects of certain
items which do not have a current period cash flow impact. However,
our inclusion of these adjusted measures should not be construed as
an indication that our future results will be unaffected by unusual
or infrequent items or that the items for which we have made
adjustments are unusual or infrequent or will not recur. We believe
that the disclosure of these non-GAAP measures is useful to
investors as they form part of the basis for how our management
team and Board of Directors evaluate our operating performance.
These non-GAAP financial measures are not
intended to replace U.S. GAAP financial measures, and they are not
necessarily standardized or comparable to similarly titled measures
used by other companies.
(In
thousands) |
|
Three months ended |
|
Six months ended |
|
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
|
Total operating
expenses |
|
$ |
3,097 |
|
|
$ |
3,226 |
|
|
$ |
4,601 |
|
|
$ |
6,323 |
|
|
$ |
9,677 |
|
|
Restructuring credits
(expenses) |
|
|
(3 |
) |
|
|
50 |
|
|
|
(1,060 |
) |
|
|
47 |
|
|
|
(1,734 |
) |
|
Total operating expenses, excluding
restructuring |
|
$ |
3,094 |
|
|
$ |
3,276 |
|
|
$ |
3,541 |
|
|
$ |
6,370 |
|
|
$ |
7,943 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Six months ended |
|
|
|
June 30, |
|
March 31, |
|
June 30, |
|
June 30, |
|
|
|
|
2018 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
|
Net loss |
|
$ |
(1,804 |
) |
|
$ |
(2,390 |
) |
|
$ |
(3,114 |
) |
|
$ |
(4,194 |
) |
|
$ |
(7,636 |
) |
|
Restructuring credits
(expenses) |
|
|
(3 |
) |
|
|
50 |
|
|
|
(1,060 |
) |
|
|
47 |
|
|
|
(1,734 |
) |
|
Net loss, excluding restructuring |
|
|
(1,801 |
) |
|
|
(2,440 |
) |
|
|
(2,054 |
) |
|
|
(4,241 |
) |
|
|
(5,902 |
) |
|
Depreciation |
|
|
143 |
|
|
|
151 |
|
|
|
171 |
|
|
|
294 |
|
|
|
348 |
|
|
Stock-based
compensation |
|
|
235 |
|
|
|
195 |
|
|
|
226 |
|
|
|
430 |
|
|
|
433 |
|
|
Adjusted EBITDA |
|
$ |
(1,423 |
) |
|
$ |
(2,094 |
) |
|
$ |
(1,657 |
) |
|
$ |
(3,517 |
) |
|
$ |
(5,121 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
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