Presto Automation Inc. (NASDAQ: PRST), one of the largest
drive-thru automation technology providers in the hospitality
industry, today announced financial results for the fiscal third
quarter ended March 31, 2023.
“We believe this is an inflection point for the drive-thru
automation market and we continue to increasingly focus our
attention on the Voice segment of our business, including the
announcement of our partnership with CKE Restaurants for
participating drive-thrus nationwide to use our Presto Voice
product,” said Krishna Gupta, interim CEO at Presto. “Our customers
are learning about the revenue and efficiency benefits that Presto
Voice can provide and that Voice AI in the drive-thru is not a
futuristic application of AI, it is immediately actionable. We are
the market leader in this segment and are investing meaningfully
behind it.”
“The Voice segment builds on our existing focus on labor
automation and driving more revenue to our customers using Presto
Touch, which is centered around our new Flex product that several
of our enterprise partners are in the process of testing,”
continued Gupta. “Our revenue decline in the quarter is due to the
amortization of legacy contracts, but we are looking to upgrade our
customers to our new product, and expect to see the financial
benefits from our new partnership in the future.”
Fiscal Third Quarter 2023 Financial
Highlights
For the fiscal third quarter of 2023, compared
to the fiscal third quarter of 2022:
- Total revenue was
$6.6 million down 12.0% compared to $7.5 million for 2022.
- Total ARR was
$26.4 million, a decrease of 12.0% year-over-year.
- Net loss was
$(15.7) million, compared to net income $9.0 million for 2022. Of
the $25 million change, $21 million was due to a change in the fair
value of warrant liabilities and convertible promissory notes and
non-cash stock compensation.
- Adjusted EBITDA*
was a loss of $(9.3) million for 2023, compared to a loss of $(7.1)
million for 2022.
*Adjusted EBITDA is a non-GAAP financial measure
defined under “Non-GAAP Financial Measures,” and is reconciled to
net income, the closest comparable GAAP measure, at the end of this
release.
Recent Business Highlights
- Expanded partnership with CKE Restaurants Holdings, Inc., the
parent company of the iconic Carl's Jr. and Hardee's brands. Presto
will be rolling out its AI powered solution, Presto Voice™, to
automate voice ordering at participating CKE drive-thrus
nationwide.
- Announced a collaboration with
OpenAI, an AI research and deployment company, to drive greater
innovation around Presto’s drive-thru AI voice assistant.
Financial Outlook Update
Presto expects total revenue for the fiscal year
2023 to be in the range of $26 million to $28 million. The revision
is due to updated assumptions impacting the accounting treatment of
a single customer contract. This non-cash change is not material to
commercial operations.
Presto
Automation, Inc Fiscal Third Quarter 2023 Conference Call
Details |
Date: |
Thursday, May 18, 2023 |
Time: |
5:00 p.m. Eastern Time (2:00 p.m.
Pacific Time) |
Telco Registration: |
You can register for the
conference call at
https://investor.presto.com/news-events/events |
|
|
A live audio webcast of the event will be available on the
Presto Investor Relations website, https://investor.presto.com/. An
archived replay of the webcast also will be available shortly after
the live event on the Presto Investor Relations website.
About Presto Automation Inc.
Presto (NASDAQ: PRST) provides enterprise-grade
AI solutions for the nation’s largest hospitality brands. Our
industry-leading automation and voice AI technology improves order
accuracy, reduces labor costs, and increases revenue for superior
drive-thru and dine-in experiences. With over $18 billion in
payments processed, Presto is one of the largest labor automation
technology providers in the industry. Presto is headquartered in
Silicon Valley in San Carlos, California and counts among its
customers some of the top 20 restaurant chains in the United
States.
Non-GAAP Financial Measures and
Performance Measures
This press release includes Adjusted EBITDA,
which is a financial measure that is not calculated in accordance
with Generally Accepted Accounting Principles (“GAAP”) in the
United States. We believe Adjusted EBITDA is useful for comparing
our financial performance to other companies and from period to
period by excluding the impact of certain items that do not reflect
our core operating performance, thereby providing consistency and
direct comparability with our past financial performance and
between fiscal periods. Adjusted EBITDA is defined as net loss,
adjusted to exclude interest, other income (expense), net loss on
debt extinguishment, income taxes, depreciation and amortization
expense, stock-based compensation expense, fair value adjustments
on warrant liabilities and convertible promissory notes, merger
related ancillary costs, and hardware repair expenses related to
COVID and COVID-related expenses due to damage from liquid ingress
and contra-revenue associated with warrants issued in a sales
transaction.We include this non-GAAP measure because it used by
management to evaluate our core operating performance and trends
and to make strategic decisions regarding the allocation of capital
and new investments. A reconciliation of Adjusted EBITDA to its
most comparable GAAP financial measure is included below under
“Reconciliation from GAAP to Non-GAAP Results” at the end of this
release.In addition, we use Annual Revenue Run-Rate, or ARR, as a
key business metric to evaluate our business, identify trends,
formulate business plans and make strategic decisions. We calculate
ARR by annualizing quarterly revenue at the end of the fiscal
quarter. Our calculation of ARR may differ from similarly titled
metrics presented by other companies, and the amount of revenue we
recognize over any 12-month period may differ significantly from
the ARR at the beginning of that period.
Forward Looking Statements
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended (the “Securities Act”), and Section 21E of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”).
Statements that refer to projections , forecasts or other
characterizations of future events or circumstances, including any
underlying assumptions, are forward-looking statements.
Forward-looking statements are typically identified by words such
as “plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,”
“estimate,” “forecast,” “project,” “continue,” “could,” “may,”
“might,” “possible,” “potential,” “predict,” “should,” “would” and
other similar words and expressions, but the absence of these words
does not mean that a statement is not forward-looking.
The forward-looking statements are based on
management’s current expectations and assumptions about future
events and are based on currently available information as to the
outcome and timing of future events. The forward-looking statements
speak only as of the date of this press release or as of the date
they are made. Except as otherwise required by applicable law,
Presto disclaims any duty to update any forward-looking statements,
all of which are expressly qualified by the statements in this
section, to reflect events or circumstances after the date of this
press release. Presto cautions you that these forward-looking
statements are subject to numerous risks and uncertainties, most of
which are difficult to predict and many of which are beyond the
control of Presto. In addition, Presto cautions you that the
forward-looking statements contained in this press release are
subject to the following risks and uncertainties: our ability to
manage our growth effectively, to sustain our recent revenue growth
or attract new customers; the limited operating history with our
new Vision and Voice products in a new and developing market; our
ability to achieve revenue growth while our expenses increase;
continued adverse impacts from COVID-19 (including as a result of
global supply chain shortages); the loss of any of our three
largest customers or a reduction in their business with us; our
ability to improve and enhance the functionality, performance,
reliability, design, security, or scalability of our platform to
respond to customers’ evolving needs; our ability to protect the
security of our customers’’ information; changing privacy laws,
regulations and standards, and our ability to comply with
contractual obligations and laws related to data privacy and
security; unfavorable conditions in the restaurant industry or the
global economy, including with respect to food, labor, and
occupancy costs; the availability of capital or financing on
acceptable terms, if at all; financial covenants and other
restrictions on our actions contained in our financing agreements
that may limit our operational flexibility; the length and
unpredictability of our sales cycles and the amount of investments
required in sales efforts; material weaknesses in our internal
control over financial reporting and, our ability to remediate
these deficiencies; our ability to continue as a going concern; our
ability to receive additional financing in a timely manner;
shortages, price increases, changes, delays or discontinuations of
hardware; our ability to maintain relationships with our payment
processors; our relies on computer hardware, licensed software and
services rendered by third parties; U.S. laws and regulations
(including with respect to payment transaction processing), many of
which are unsettled and still developing, and our or our customers’
ability to comply with such laws and regulations; significant
changes in U.S. and international trade policies that restrict
imports or increase tariffs; any requirements to collect additional
sales taxes or be subject to other tax liabilities that may
increase the costs to our customers; our ability to adequately
protect our intellectual property rights; claims by third parties
of intellectual property infringement; our use of open-source
software in our platform; and other economic, business, competitive
and/or regulatory factors affecting Presto’s business generally as
set forth in our filings with the Securities and Exchange
Commission.
Contact
Investors:Adam RogersVP Investor
Relationsinvestor@presto.com
Media:Justin Foster & Brian Rubymedia@presto.com
|
PRESTO AUTOMATION INC. |
CONDENSED CONSOLIDATED STATEMENTS OF |
OPERATIONS AND COMPREHENSIVE INCOME (LOSS) |
(unaudited) |
(in thousands, except per share amounts) |
|
|
Three months ended |
|
Nine months ended |
|
March 31, |
|
March 31, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Revenue |
|
|
|
|
|
|
|
|
|
|
|
Platform |
$ |
3,088 |
|
|
$ |
5,083 |
|
|
$ |
11,617 |
|
|
$ |
14,754 |
|
Transaction |
|
3,519 |
|
|
|
2,451 |
|
|
|
9,699 |
|
|
|
7,705 |
|
Total revenue |
|
6,607 |
|
|
|
7,534 |
|
|
|
21,316 |
|
|
|
22,459 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
|
|
|
|
|
|
|
|
|
Platform |
|
2,743 |
|
|
|
4,057 |
|
|
|
10,951 |
|
|
|
11,872 |
|
Transaction |
|
3,084 |
|
|
|
2,185 |
|
|
|
8,561 |
|
|
|
6,749 |
|
Depreciation and
impairment |
|
291 |
|
|
|
279 |
|
|
|
873 |
|
|
|
1,206 |
|
Total cost of revenue |
|
6,118 |
|
|
|
6,521 |
|
|
|
20,385 |
|
|
|
19,827 |
|
Gross profit |
|
489 |
|
|
|
1,013 |
|
|
|
931 |
|
|
|
2,632 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
5,496 |
|
|
|
3,927 |
|
|
|
16,877 |
|
|
|
11,733 |
|
Sales and marketing |
|
2,127 |
|
|
|
1,966 |
|
|
|
6,753 |
|
|
|
4,791 |
|
General and
administrative |
|
7,408 |
|
|
|
2,978 |
|
|
|
19,608 |
|
|
|
7,110 |
|
Loss on infrequent product
repairs |
|
— |
|
|
|
119 |
|
|
|
— |
|
|
|
582 |
|
Total operating expenses |
|
15,031 |
|
|
|
8,990 |
|
|
|
43,238 |
|
|
|
24,216 |
|
Loss from operations |
|
(14,542 |
) |
|
|
(7,977 |
) |
|
|
(42,307 |
) |
|
|
(21,584 |
) |
Change in fair value of
warrants and convertible promissory notes |
|
1,599 |
|
|
|
18,102 |
|
|
|
61,043 |
|
|
|
(11,668 |
) |
Interest expense, net |
|
(2,991 |
) |
|
|
(1,162 |
) |
|
|
(9,397 |
) |
|
|
(3,418 |
) |
Loss on extinguishment of debt
and financing obligations |
|
— |
|
|
|
— |
|
|
|
(8,095 |
) |
|
|
— |
|
Other financing and financial
instrument expenses, net |
|
— |
|
|
|
— |
|
|
|
(1,768 |
) |
|
|
— |
|
Other income (expense),
net |
|
257 |
|
|
|
(12 |
) |
|
|
2,612 |
|
|
|
2,629 |
|
Total other income (expense),
net |
|
(1,135 |
) |
|
|
16,928 |
|
|
|
44,395 |
|
|
|
(12,457 |
) |
Income (loss) before provision
for income taxes |
|
(15,677 |
) |
|
|
8,951 |
|
|
|
2,088 |
|
|
|
(34,041 |
) |
Provision for income
taxes |
|
3 |
|
|
|
(3 |
) |
|
|
8 |
|
|
|
21 |
|
Net income (loss) and
comprehensive income (loss) |
$ |
(15,680 |
) |
|
$ |
8,954 |
|
|
$ |
2,080 |
|
|
$ |
(34,062 |
) |
Numerator adjustments for
diluted earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
Less: Change in fair value of
convertible notes |
|
— |
|
|
|
(16,307 |
) |
|
|
— |
|
|
|
— |
|
Net income (loss) attributable
to common stockholders, diluted |
$ |
(15,680 |
) |
|
$ |
(7,353 |
) |
|
$ |
2,080 |
|
|
$ |
(34,062 |
) |
Net income (loss) per share
attributable to common stockholders, basic |
$ |
(0.30 |
) |
|
$ |
0.33 |
|
|
$ |
0.05 |
|
|
$ |
(1.25 |
) |
Net income (loss) per share
attributable to common stockholders, diluted |
|
(0.30 |
) |
|
|
(0.23 |
) |
|
|
0.04 |
|
|
|
(1.25 |
) |
Weighted-average shares used
in computing net income (loss) per share attributable to common
stockholders, basic |
|
51,453,368 |
|
|
|
27,316,602 |
|
|
|
44,173,570 |
|
|
|
27,213,403 |
|
Weighted-average shares used
in computing net income (loss) per share attributable to common
stockholders, diluted |
|
51,453,368 |
|
|
|
31,838,707 |
|
|
|
54,539,795 |
|
|
|
27,213,403 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Includes
stock-based compensation expense as follows (in
thousands) |
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
Nine Months Ended March 31, |
|
|
2023 |
2022 |
|
2023 |
2022 |
|
Research and development |
$ |
1,154 |
$ |
99 |
|
$ |
1,886 |
$ |
349 |
|
Sales and marketing |
|
245 |
|
110 |
|
581 |
323 |
|
General and
administrative |
|
2,997 |
|
221 |
|
6,805 |
706 |
|
Total* |
$ |
4,396 |
$ |
430 |
|
$ |
9,272 |
$ |
1,378 |
|
|
|
|
|
|
|
|
*For the three
and nine months ended March 31, 2023, such amount reflects $1,604
and $3,478, respectively, of stock-based compensation expense
related to earn out shares. |
|
|
|
|
|
PRESTO AUTOMATION INC. |
CONDENSED CONSOLIDATED BALANCE SHEET |
(unaudited) |
|
|
As of |
|
As of |
|
March 31, |
|
June 30 |
|
2023 |
|
2022 |
Assets |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
26,978 |
|
|
$ |
3,017 |
|
Accounts receivable, net of allowance for doubtful accounts of $135
and $353, respectively |
|
2,207 |
|
|
|
1,518 |
|
Inventories |
|
395 |
|
|
|
869 |
|
Deferred costs, current |
|
3,772 |
|
|
|
8,443 |
|
Prepaid expenses and other current assets |
|
1,851 |
|
|
|
707 |
|
Total current assets |
|
35,203 |
|
|
|
14,554 |
|
Deferred costs, net of current
portion |
|
22 |
|
|
|
2,842 |
|
Investment in
non-affiliate |
|
2,000 |
|
|
|
— |
|
Deferred transaction
costs |
|
— |
|
|
|
5,765 |
|
Property and equipment,
net |
|
1,215 |
|
|
|
1,975 |
|
Intangible assets, net |
|
8,436 |
|
|
|
4,226 |
|
Goodwill |
|
1,156 |
|
|
|
1,156 |
|
Other long-term assets |
|
578 |
|
|
|
18 |
|
Total assets |
$ |
48,610 |
|
|
$ |
30,536 |
|
|
|
|
|
|
|
Liabilities and
Stockholders’ Deficit |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
$ |
3,267 |
|
|
$ |
5,916 |
|
Accrued liabilities |
|
4,152 |
|
|
|
6,215 |
|
Financing obligations, current |
|
3,720 |
|
|
|
8,840 |
|
Term loans, current |
|
53,979 |
|
|
|
25,443 |
|
Convertible promissory notes and embedded warrants, current |
|
— |
|
|
|
89,663 |
|
Deferred revenue, current |
|
1,551 |
|
|
|
10,532 |
|
Total current liabilities |
|
66,669 |
|
|
|
146,609 |
|
Financing obligations, net of
current |
|
1,860 |
|
|
|
— |
|
PPP loans |
|
— |
|
|
|
2,000 |
|
Warrant liabilities |
|
1,623 |
|
|
|
4,149 |
|
Deferred revenue, net of
current portion |
|
264 |
|
|
|
237 |
|
Other long-term
liabilities |
|
426 |
|
|
|
— |
|
Total liabilities |
|
70,842 |
|
|
|
152,995 |
|
|
|
|
|
|
|
Commitments and
Contingencies |
|
|
|
|
|
Stockholders’ deficit: |
|
|
|
|
|
Preferred stock, $0.0001 par
value–1,500,000 shares authorized as of March 31, 2023
and June 30, 2022, respectively; no shares issued and
outstanding as of March 31, 2023 and
June 30, 2022 respectively |
|
— |
|
|
|
— |
|
Common stock, $0.0001 par
value–180,000,000 shares authorized as of March 31, 2023
and June 30, 2022, and 51,921,941 and 27,974,439 shares
issued and outstanding as of March 31, 2023 and
June 30, 2022, respectively |
|
5 |
|
|
|
3 |
|
Additional paid-in
capital |
|
176,466 |
|
|
|
78,321 |
|
Accumulated deficit |
|
(198,703 |
) |
|
|
(200,783 |
) |
Total stockholders’ deficit |
|
(22,232 |
) |
|
|
(122,459 |
) |
Total liabilities and
stockholders’ deficit |
$ |
48,610 |
|
|
$ |
30,536 |
|
|
|
|
|
|
|
|
|
PRESTO AUTOMATION INC. |
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(unaudited) |
(in thousands) |
|
|
Nine months ended |
|
March 31, |
|
2023 |
|
2022 |
Cash Flows from
Operating Activities |
|
|
|
|
|
Net income (loss) |
$ |
2,080 |
|
|
$ |
(34,062 |
) |
Adjustments to reconcile net
income (loss) to net cash used in operating activities: |
|
|
|
|
|
Depreciation, amortization and impairment |
|
1,262 |
|
|
|
1,524 |
|
Stock-based compensation |
|
5,794 |
|
|
|
1,384 |
|
Earnout share stock-based compensation |
|
3,479 |
|
|
|
— |
|
Contra-revenue associated with warrant agreement (Refer to Note
2) |
|
1,073 |
|
|
|
— |
|
Noncash expense attributable to fair value liabilities assumed in
Merger |
|
34 |
|
|
|
— |
|
Change in fair value of liability classified warrants |
|
(12,555 |
) |
|
|
1,066 |
|
Change in fair value of warrants and convertible promissory
notes |
|
(48,271 |
) |
|
|
10,602 |
|
Amortization of debt discount and debt issuance costs |
|
2,433 |
|
|
|
405 |
|
Loss on extinguishment of debt and financing obligations |
|
8,095 |
|
|
|
— |
|
Paid-in-kind interest expense |
|
4,604 |
|
|
|
15 |
|
Share and warrant cost on termination of convertible note
agreement |
|
2,412 |
|
|
|
— |
|
Forgiveness of PPP Loan |
|
(2,000 |
) |
|
|
(2,599 |
) |
Change in fair value of unvested founder shares liability |
|
(1,392 |
) |
|
|
— |
|
Noncash lease expense |
|
264 |
|
|
|
— |
|
Loss on disposal off property and equipment |
|
16 |
|
|
|
— |
|
Changes in operating assets and liabilities: |
|
|
|
|
— |
|
Accounts receivable, net |
|
(689 |
) |
|
|
(524 |
) |
Inventories |
|
474 |
|
|
|
(905 |
) |
Deferred costs |
|
7,769 |
|
|
|
8,978 |
|
Prepaid expenses and other current assets |
|
(742 |
) |
|
|
538 |
|
Other long-term assets |
|
— |
|
|
|
(80 |
) |
Accounts payable |
|
1,480 |
|
|
|
(4,297 |
) |
Vendor financing facility |
|
— |
|
|
|
(6,792 |
) |
Accrued liabilities |
|
(2,138 |
) |
|
|
(2,551 |
) |
Deferred revenue |
|
(8,954 |
) |
|
|
(10,917 |
) |
Other long-term liabilities |
|
(247 |
) |
|
|
(200 |
) |
Net cash used in operating activities |
|
(35,719 |
) |
|
|
(38,415 |
) |
Cash Flows from
Investing Activities |
|
|
|
|
|
Purchase of property and equipment |
|
(229 |
) |
|
|
(214 |
) |
Payments relating to capitalized software |
|
(3,584 |
) |
|
|
(1,249 |
) |
Investment in non-affiliate |
|
(2,000 |
) |
|
|
— |
|
Net cash used in investing activities |
|
(5,813 |
) |
|
|
(1,463 |
) |
Cash Flows from
Financing Activities |
|
|
|
|
|
Proceeds from the exercise of common stock options |
|
280 |
|
|
|
104 |
|
Proceeds from the issuance of term loans |
|
60,250 |
|
|
|
12,600 |
|
Payment of debt issuance costs |
|
(1,294 |
) |
|
|
(1,287 |
) |
Repayment of term loans |
|
(32,980 |
) |
|
|
— |
|
Payment of penalties and other costs on extinguishment of debt |
|
(6,144 |
) |
|
|
— |
|
Proceeds from issuance of convertible promissory notes and embedded
warrants |
|
— |
|
|
|
5,500 |
|
Proceeds from issuance of financing obligations |
|
— |
|
|
|
— |
|
Principal payments of financing obligations |
|
(3,669 |
) |
|
|
(2,009 |
) |
Proceeds from the issuance of common stock |
|
1,100 |
|
|
|
— |
|
Contributions from Merger and PIPE financing, net of transaction
costs and other payments |
|
49,840 |
|
|
|
— |
|
Payments of deferred transaction costs |
|
(1,890 |
) |
|
|
(1,541 |
) |
Net cash provided by financing activities |
|
65,493 |
|
|
|
13,367 |
|
|
|
|
|
|
|
Net increase (decrease) in
cash and cash equivalents |
|
23,961 |
|
|
|
(26,511 |
) |
Cash and cash equivalents at
beginning of period |
|
3,017 |
|
|
|
36,909 |
|
Cash and cash equivalents at
end of period |
$ |
26,978 |
|
|
$ |
10,398 |
|
Supplemental
Disclosure of Non-Cash Investing and Financing
Activities |
|
|
|
|
|
Capitalization of stock-based
compensation expense to capitalized software |
$ |
915 |
|
|
$ |
9 |
|
Issuance of warrants (Refer to
Note 2) |
|
1,352 |
|
|
|
1,466 |
|
Capital contribution from
shareholder in conjunction with Credit Agreement |
|
2,779 |
|
|
|
— |
|
Issuance of warrants in
conjunction with Credit Agreement |
|
2,705 |
|
|
|
— |
|
Issuance of warrants in
conjunction with Lago Term Loan |
|
843 |
|
|
|
— |
|
Convertible note conversion to
common stock |
|
41,392 |
|
|
|
— |
|
Reclassification of warrants
from liabilities to equity |
|
830 |
|
|
|
— |
|
Recognition of liability
classified warrants upon Merger |
|
9,388 |
|
|
|
— |
|
Recognition of Unvested
Founder Shares liability |
|
1,588 |
|
|
|
— |
|
Forgiveness of PPP Loan |
|
2,000 |
|
|
|
2,599 |
|
Transaction costs recorded in
accounts payable and accrued liabilities |
|
— |
|
|
|
5,584 |
|
Right of use asset in exchange
for operating lease liability |
|
308 |
|
|
|
— |
|
Cancellation of June 2021 Note
and related accrued interest, with issuance of February 2022
Note |
|
— |
|
|
|
20,663 |
|
|
|
|
|
|
|
|
|
PRESTO AUTOMATION INC. |
RECONCILIATION FROM GAAP TO NON-GAAP RESULTS |
(unaudited) |
(in thousands, except per share amounts) |
|
|
|
Three months ended March 31, |
|
Nine months ended March 31, |
(in thousands) |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Net income (loss) |
|
$ |
(15,680 |
) |
|
$ |
8,954 |
|
|
$ |
2,080 |
|
|
$ |
(34,062 |
) |
Provision for income
taxes |
|
|
3 |
|
|
|
(3 |
) |
|
|
8 |
|
|
|
21 |
|
Interest expense |
|
|
2,991 |
|
|
|
1,162 |
|
|
|
9,397 |
|
|
|
3,418 |
|
Other income, net |
|
|
(257 |
) |
|
|
12 |
|
|
|
(2,612 |
) |
|
|
(2,629 |
) |
Depreciation and
amortization |
|
|
418 |
|
|
|
338 |
|
|
|
1,262 |
|
|
|
1,391 |
|
Stock-based compensation
expense |
|
|
2,792 |
|
|
|
430 |
|
|
|
5,794 |
|
|
|
1,384 |
|
Earnout stock-based
compensation expense |
|
|
1,604 |
|
|
|
— |
|
|
|
3,478 |
|
|
|
— |
|
Change in fair value of
warrants and convertible promissory notes |
|
|
(1,599 |
) |
|
|
(18,102 |
) |
|
|
(61,043 |
) |
|
|
11,668 |
|
Loss on extinguishment of debt
and financial obligations |
|
|
— |
|
|
|
— |
|
|
|
8,095 |
|
|
|
— |
|
Other financing and financial
instrument (costs) income, net |
|
|
— |
|
|
|
— |
|
|
|
1,768 |
|
|
|
— |
|
Deferred compensation and
bonuses earned upon closing of the Merger |
|
|
— |
|
|
|
— |
|
|
|
2,232 |
|
|
|
— |
|
Public relations fee due upon
closing of the Merger |
|
|
— |
|
|
|
— |
|
|
|
250 |
|
|
|
— |
|
Loss on infrequent product
repairs(1) |
|
|
— |
|
|
|
119 |
|
|
|
— |
|
|
|
582 |
|
Contra-revenue associated with
warrant agreement |
|
|
458 |
|
|
|
— |
|
|
|
1,073 |
|
|
|
— |
|
Hardware repair expense
related to COVID(1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,110 |
|
Adjusted EBITDA |
|
$ |
(9,270 |
) |
|
$ |
(7,090 |
) |
|
$ |
(28,218 |
) |
|
$ |
(17,117 |
) |
(1) |
In
June 2022, the Company received a favorable arbitrator ruling
related to a matter with its third-party subcontractor and was
awarded approximately $11.3 million in damages related to the
Company’s loss on infrequent product repairs and to cover its legal
expenses. This arbitration ruling was affirmed by the appellate
court in the country of the arbitration ruling on March 6, 2023. On
May 2, 2023, the vendor appealed the ruling to the highest court
there. The award has not met the criteria to be considered
realizable as of March 31, 2023. As a result, the Company
has not recognized any gain related to this settlement in its
condensed consolidated statement of operations and comprehensive
loss. |
|
|
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