health epidemics, including the war between Hamas and Israel, on our business. Our actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in our filings with the Securities and Exchange Commission ("SEC"), including in our annual report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on March 29, 2024, our quarterly reports on Form 10-Q, and other filings and reports that we may file from time to time with the SEC. Forward-looking statements represent our beliefs and assumptions only as of the date of this press release. We disclaim any obligation to update forward-looking statements.
Consolidated Balance Sheets
(in thousands)
(unaudited)
September 30, 2024 December 31, 2023
-------------------- -------------------
Assets
Current assets:
Cash and cash
equivalents $ 17,368 $ 38,256
Marketable securities
and short-term
deposits -- 31,355
Accounts receivable, net 26,461 33,905
Prepaid expenses and
other current assets 2,499 4,349
---------------- ---------------
Total current assets 46,328 107,865
Right-of-use assets 963 2,437
Property, equipment and
software, net 1,674 871
Capitalized software costs,
net 3,679 --
Intangible assets, net 4,786 9,283
Other non-current assets 2,426 738
---------------- ---------------
Total assets $ 59,856 $ 121,194
================ ===============
Liabilities and
Stockholders' Equity
(Deficit)
Current liabilities:
Accounts payable $ 3,469 $ 4,478
Accrued expenses and
other current
liabilities 25,113 22,730
Current lease
liabilities 552 710
Current portion of
long-term debt, net 53,706 3,193
---------------- ---------------
Total current
liabilities 82,840 31,111
Long-term lease liabilities 524 2,045
Long-term debt, net -- 66,076
Other long-term liabilities -- 12,358
---------------- ---------------
Total liabilities 83,364 111,590
---------------- ---------------
Stockholders' equity
(deficit):
Common stock 13 13
Additional paid-in
capital 166,543 164,920
Accumulated deficit (190,064) (154,769)
Accumulated other
comprehensive loss -- (560)
---------------- ---------------
Total stockholders'
equity (deficit) (23,508) 9,604
---------------- ---------------
Total liabilities and
stockholders' equity
(deficit) $ 59,856 $ 121,194
================ ===============
Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------- -------------------
2024 2023 2024 2023
-------- -------- -------- --------
Revenue $ 36,246 $ 46,047 $110,875 $139,602
Cost of revenue 28,481 36,869 86,429 111,905
------- ------- ------- -------
Gross profit 7,765 9,178 24,446 27,697
------- ------- ------- -------
Operating
expenses:
Research and
development 3,069 3,667 11,109 11,077
Sales and
marketing 1,518 899 5,153 2,846
Operations and
support 2,997 5,418 10,890 18,665
General and
administrative 4,942 4,978 16,537 17,215
Depreciation
and
amortization 1,130 64 3,336 198
------- ------- ------- -------
Total
operating
expenses 13,656 15,026 47,025 50,001
------- ------- ------- -------
Operating
loss (5,891) (5,848) (22,579) (22,304)
Other income
(expense), net:
Interest
expense, net (2,973) (15,438) (10,107) (39,608)
Change in fair
value of
derivative and
warrant
liabilities -- (7,539) -- 5,048
Change in fair
value of
accrued
purchase
consideration 661 -- 1,584 --
Gain (loss) on
debt
extinguishment -- -- (1,405) 4,913
Loss on
divestiture (3,290) -- (3,290) --
Other income
(expense),
net 880 (27) 651 (1,069)
------- ------- ------- -------
Total other
expense,
net (4,722) (23,004) (12,567) (30,716)
------- ------- ------- -------
Loss before income
taxes (10,613) (28,852) (35,146) (53,020)
Provision for
income taxes -- -- 149 --
------- ------- ------- -------
Net loss $(10,613) $(28,852) $(35,295) $(53,020)
======= ======= ======= =======
Loss per share,
basic and
diluted $ (0.79) $(186.40) $ (2.63) $(342.54)
======= ======= ======= =======
Non-GAAP Financial Measures
(in thousands)
(unaudited)
Reconciliation of Operating Expenses to Non-GAAP Operating
Expenses
Three Months
Ended September Nine Months Ended
30, September 30,
----------------- -----------------
2024 2023 2024 2023
------- ------- ------- -------
Operating
expenses $13,656 $15,026 $47,025 $50,001
Less:
Depreciation
and
amortization
expense (1,130) (64) (3,336) (198)
Less:
Stock-based
compensation
expense (609) (69) (1,765) (222)
Less:
Non-recurring
transaction
costs (638) (1,970) (1,571) (8,449)
Less:
Restructuring
costs $(569.SI)$ (201) (1,693) (337)
------ ------ ------ ------
Non-GAAP
operating
expenses $10,710 $12,722 $38,660 $40,795
====== ====== ====== ======
Reconciliation of Operating Loss to Non-GAAP Operating
Loss
Three Months
Ended September Nine Months Ended
30, September 30,
----------------- -------------------
2024 2023 2024 2023
------- ------- -------- --------
Operating loss $(5,891) $(5,848) $(22,579) $(22,304)
Add:
Depreciation
and
amortization
expense 1,130 64 3,336 198
Add:
Stock-based
compensation
expense 609 69 1,765 222
Add:
Non-recurring
transaction
costs 638 1,970 1,571 8,449
Add:
Restructuring
costs 569 201 1,693 337
------ ------ ------- -------
Non-GAAP
operating
loss $(2,945) $(3,544) $(14,214) $(13,098)
====== ====== ======= =======
(END) Dow Jones Newswires
November 12, 2024 16:05 ET (21:05 GMT)
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