Press Release: DIH Announces Second Quarter 2025 Financial Results and Restates June 30, 2024 Form 10-Q

Dow Jones
2024-11-15
                                        Additional                         Other           Total 
                                         Paid-In       Accumulated     Comprehensive      Equity 
                 Shares(1)    Amount     Capital         Deficit       Income (Loss)     (Deficit) 
                -----------  --------  ------------   -------------   ---------------   ----------- 
Balance, June 
 30, 2023        25,000,000   $     2   $    (1,898)   $    (29,682)     $        132    $  (31,446) 
Net loss                 --        --            --          (2,484)               --        (2,484) 
Other 
 comprehensive 
 loss, net of 
 tax                     --        --            --              --              $(541.SI)$         (541) 
Balance, 
 September 30, 
 2023            25,000,000   $     2   $    (1,898)   $    (32,166)     $       (409)   $  (34,471) 
                 ==========      ====      ========       =========   ====  =========       ======= 
 
 
 
                                         For the Six Months Ended September 30, 
                   ---------------------------------------------------------------------------------- 
                       Common Stock 
                   --------------------- 
                                                                           Accumulated 
                                           Additional                         Other          Total 
                                            Paid-In       Accumulated     Comprehensive      Equity 
                     Shares      Amount     Capital         Deficit       Income (Loss)    (Deficit) 
                   -----------  --------  ------------   -------------   ---------------   ---------- 
Balance, March 31, 
 2024               34,544,935   $     3   $     2,613    $    (35,212)     $         50   $  (32,546) 
Net loss                    --        --            --            $(544.SI)$               --         (544) 
Out of period 
 adjustment 
 related to 
 reverse 
 recapitalization           --        --           710              --                --          710 
Other 
 comprehensive 
 loss, net of tax           --        --            --              --            (2,015)      (2,015) 
                    ----------      ----      --------       ---------   ----  ---------    --------- 
Balance, September 
 30, 2024           34,544,935   $     3   $     3,323    $    (35,756)     $     (1,965)  $  (34,395) 
                    ==========      ====      ========       =========   ====  =========    ========= 
 
                                                                           Accumulated 
                                           Additional                         Other          Total 
                                            Paid-In       Accumulated     Comprehensive      Equity 
                    Shares(1)    Amount     Capital         Deficit       Income (Loss)    (Deficit) 
                   -----------  --------  ------------   -------------   ---------------   ---------- 
Balance, March 31, 
 2023               25,000,000   $     2   $    (1,898)   $    (26,769)     $       (289)  $  (28,954) 
Net loss                    --        --            --          (5,397)               --       (5,397) 
Other 
 comprehensive 
 loss, net of tax           --        --            --              --              (120)        (120) 
Balance, September 
 30, 2023           25,000,000   $     2   $    (1,898)   $    (32,166)     $       (409)  $  (34,471) 
                    ==========      ====      ========       =========   ====  =========    ========= 
 
 

(1) All outstanding share and per-share amounts have been restated to reflect the reverse recapitalization as established in the Business Combination Agreement as described in Note 1 to the condensed consolidated financial statements.

 
                           DIH HOLDING US, INC. 
                  CONSOLIDATED STATEMENTS OF CASH FLOWS 
                        (in thousands, unaudited) 
 
                             For the Six Months Ended September 30, 
                         ---------------------------------------------- 
                                 2024                      2023 
                         ---------------------      ------------------- 
Cash flows from 
operating activities: 
Net loss                   $              (544)      $           (5,397) 
Adjustments to 
reconcile net loss to 
net cash provided by 
operating activities: 
   Depreciation and 
    amortization                           351                      147 
   Provision for credit 
    losses                                (434)                    (869) 
   Allowance for 
    inventory 
    obsolescence                          (108)                     739 
   Pension 
    contributions                         (309)                    (309) 
   Pension expense                         155                      136 
   Change in fair 
   value of 
   convertible debt 
   and warrant 
   liability                               400                       -- 
   Foreign exchange 
    (gain) loss                            (38)                     418 
   Noncash lease 
    expense                                828                      770 
   Noncash interest 
    expense                                 --                       14 
   Deferred and other 
    noncash income tax 
    (income) expense                       112                       12 
Changes in operating 
assets and 
liabilities: 
   Accounts receivable                    (694)                   2,149 
   Inventories                          (1,527)                  (1,528) 
   Due from related 
    parties                               (548)                     343 
   Due to related 
    parties                                (98)                     988 
   Other assets                           (481)                  (1,350) 
   Operating lease 
    liabilities                           (820)                    (957) 
   Accounts payable                        813                    1,764 
   Employee 
    compensation                         1,070                      (59) 
   Other liabilities                      (247)                     197 
   Deferred revenue                        846                    1,265 
   Manufacturing 
    warranty 
    obligation                             100                      180 
   Advance payments 
    from customers                      (1,737)                   2,591 
   Accrued expense and 
    other current 
    liabilities                          1,376                      519 
                         ---  ----------------          --------------- 
Net cash provided by 
 (used in) operating 
 activities                             (1,534)                   1,763 
                         ---  ----------------          --------------- 
Cash flows from 
investing activities: 
   Purchases of 
    property and 
    equipment                             (423)                     (73) 
                         ---  ----------------          --------------- 
Net cash used in 
 investing activities                     (423)                     (73) 
                         ---  ----------------          --------------- 
Cash flows from 
financing activities: 
   Proceeds from 
   issuance of 
   convertible debt, 
   net of issuance 
   costs                                 2,809                       -- 
   Payments on related 
    party notes 
    payable                             (2,053)                  (3,744) 
                         ---  ----------------          --------------- 
Net cash provided by 
 (used in) financing 
 activities                                756                   (3,744) 
                         ---  ----------------          --------------- 
Effect of currency 
 translation on cash 
 and cash equivalents                       35                       15 
                         ---  ----------------          --------------- 
Net decrease in cash, 
 and cash equivalents, 
 and restricted cash                    (1,166)                  (2,039) 
Cash, cash equivalents 
 and restricted cash - 
 beginning of period                     3,225                    3,175 
                         ---  ----------------          --------------- 
Cash, cash equivalents 
 and restricted cash- 
 end of period             $             2,059       $            1,136 
                         ===  ================          =============== 
Reconciliation of 
cash, cash equivalents 
and restricted cash: 
Cash and cash 
 equivalents               $             1,759       $            1,136 
Restricted cash                            300                       -- 
                         ---  ----------------          --------------- 
Total cash, cash 
 equivalents and 
 restricted cash           $             2,059       $            1,136 
                         ===  ================          =============== 
Supplemental 
disclosure of cash 
flow information: 
     Interest paid         $               162       $              262 
     Income tax paid       $                15       $               -- 
Supplemental 
disclosure of non-cash 
investing and 
financing activity: 
     Accounts payable 
      settled upon 
      reverse 
      recapitalization     $               710       $               -- 
 
 
 
                       DIH HOLDING US, INC. 
               RESTATED CONSOLIDATED BALANCE SHEETS 
    (in thousands, except share and per share data, unaudited) 
 
                                 As of June 30, 2024 
                       ---------------------------------------- 
                           As 
                       Previously 
                        Reported      Adjustment    As Restated 
                       -----------   ------------   ----------- 
Assets 
Current assets: 
   Cash and cash 
    equivalents        $     2,749    $        --    $    2,749 
   Accounts 
    receivable, net 
    of allowances of 

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November 14, 2024 17:30 ET (22:30 GMT)

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