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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of report (Date of earliest event reported):
May 14, 2024
Actelis Networks, Inc.
(Exact name of registrant as specified in its charter)
Delaware |
|
001-41375 |
|
52-2160309 |
(State or other jurisdiction
of incorporation) |
|
(Commission File Number) |
|
(I.R.S. Employer
Identification Number) |
4039 Clipper Court, Fremont, CA 94538
(Address of principal executive offices)
(510) 545-1045
(Registrant’s telephone number, including
area code)
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General
Instructions A.2. below):
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Common Stock, $0.0001 par value per share |
|
ASNS |
|
Nasdaq Capital Market |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operation and Financial
Condition.
On
May 14, 2024, Actelis Networks, Inc. issued a press release which included its results of operations for the fiscal first quarter ended
March 31, 2024. The press release is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference
herein in its entirety.
The
information included in this Item 2.02 of Current Report on Form 8-K, including the attached Exhibit 99.1, shall not be deemed “filed”
for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to
the liabilities of that section, and shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933,
as amended, or the Exchange Act, whether made before or after the date of this Current Report on Form 8-K, regardless of any general incorporation
language in any such filing, except as expressly set forth by specific reference in such filing.
Item 7.01 Regulation
FD Disclosures.
The matters described in Item
2.02 of this Current Report on Form 8-K are incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
The following exhibits
are filed herewith or incorporated herein by reference:
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
|
ACTELIS NETWORKS, INC. |
|
|
Dated: May 14, 2024 |
By: |
/s/ Tuvia Barlev |
|
Name: |
Tuvia Barlev |
|
Title: |
Chief Executive Officer |
Exhibit 99.1
Actelis Networks Reports Fiscal First Quarter
2024
FREMONT, Calif., May 14, 2024 — Actelis
Networks, Inc. (NASDAQ: ASNS) (“Actelis” or the “Company”), a market leader in cyber-hardened, rapid deployment
networking solutions for wide area IoT applications, today reported financial results for the fiscal first quarter ended March 31, 2024.
First Quarter 2024 Financial Highlights:
| ● | Strategic
shift to IoT sales continues: Revenue at $0.73 million for the first quarter ended March
31, 2024 compared to $1.85 million in the year ago period, driven by delay in customer order
delivery to the second quarter of 2024. |
| ● | Fixed
costs maintained in anticipation of next quarters’ growth: Gross Margin at 30%
for the first quarter ended March 31, 2024, compared to 37% for the three months ended March
31, 2023, driven by lower revenue offset by indirect costs that are down 20%. |
| ● | Operating
expense improvement driving net loss near parity: Operating expenses declined 20% to
$2.09 million for the first quarter ended March 31, 2024 compared to $2.55 million in the
year ago period, driving net Loss to remain nearly the same at $2.0 million in the 3 months
ended March 31, 2024 compared to $1.9 million in the year ago period. |
| ● | Non-GAAP
adjusted EBITDA loss was $1.8 million for the first quarter ended March 31, 2024, compared
to $1.6 million in the prior year period. |
Recent
Company Highlights:
| ● | Major
order win of $2.3 million for immediate delivery from Washington D.C.’s Department
of Transportation to modernize the city infrastructure as part of its smart city upgrades. |
| ● | Successful
implementation of hybrid-fiber, cyber-hardened solution in the city of Bakersfield, CA |
| ● | The
Company continued to pursue a partnership in the cyber-aware-networking
space to secure the surrounding devices to the Actelis network. |
| ● | The
Company’s expense reduction program continues through first and second
quarters of 2024, in advance of economic softness. Actual spending is in line with plan at 20% lower operating expenses in the first quarter
of 2024 compared to the year ago period. Additional expense reductions have been executed during the last few months, continuing the positive
trend. |
| ● | Multiple telecom carrier and IoT customer trials scheduled for the
coming months for the new GigaLine 800 and GigaLine 900 Multi Dwelling Unit (MDU) solutions, exploring additional verticals where these
can be deployed in IoT networking.
|
| ● | Yoav
Efron the Company’s Chief Financial Officer has been promoted to Deputy CEO and CFO,
on top of his duties as CFO which he will continue to assume, denoting his significant involvement
and impact on the strategic and operational progress the Company is making. |
| ● | The
war in Israel has not affected the Company’s operations, we are keeping a close look
as the situation evolves and preparing for any necessary adjustments. |
“Actelis continues to drive momentum in
customer acquisitions, partnerships in technology and sales distribution and expansion. I am pleased with our progress with cyber-aware
networking as we combine our own expertise with those of 3rd party technology partners. Our solutions continue to win customers
domestically and internationally, some already disclosed and others moving through our pipeline, and our partner network has expanded
adding new names we just recently announced such as Carahsoft and Netceed to name a few,” said Tuvia Barlev, Chairman and CEO of
Actelis. Despite macroeconomic headwinds, cyber-secure IoT connectivity of everything is essential in all our verticals for any data-oriented
solution.”
“We will continue to invest in developing
our target markets and look for cost saving measures operationally as we enter our third year as a publicly traded company. We are continuing
our investment in the opportunities in IoT and cyber aware networking strengthened by our FIPS compliance and continue to serve residential
and enterprise telecom customers with our new MDU solution,” Barlev added. “Overall, we are excited by our growth opportunity
and future prospects as we continue to execute on our strategy.”
Fiscal First Quarter 2024 Financial Results:
Revenues for the three months ended March
31, 2024, amounted to $0.73 million, compared to $1.85 million for the three months ended March 31, 2023. The decrease from the corresponding
period was primarily attributable to a decrease of $236,000 of revenues
generated from North America, a decrease of $636,000 of revenues generated from Europe the Middle East and Africa as a major project phase
completed in the three months ended March 31, 2023, and a decrease of $250,000 of revenues generated from Asia Pacific.
Cost of revenues for the three months ended
March 31, 2024, amounted to $0.51 million compared to $1.16 million for the three months ended March 31, 2023. The decrease from the corresponding
period was mainly due to the decrease in revenues, partially offset by the higher effect of indirect costs as a higher percent of the
lower revenues.
Gross profit for the three months ended
March 31, 2024, amounted to $220,000 or 30% of revenue, compared to $688,000, or 37% of revenue for the three months ended March 31, 2023.
The decrease from the corresponding period was mainly due to a favorable product mix and higher effect of indirect costs as a higher percent
of the lower revenues.
Research and development expenses for the
three months ended March 31, 2024, amounted to $0.65 million compared to $0.76 million for the three months ended March 31, 2023. The
decrease is mainly due to a decrease in payroll expenses.
Sales and marketing expenses for the three
months ended March 31, 2024, amounted to $0.63 million compared to $0.93 million for the three months ended March 31, 2023. The decrease
was mainly due to a decrease in commission expenses as a result of the decrease in revenues primarily driven by the project phase completion
in Europe, and a decrease in payroll associated with the Company’s cost reduction measures.
General and administrative expenses for
the three months ended March 31, 2024, amounted to $0.82 million compared to $0.87 million for the three months ended March 31, 2023.
Operating loss for the three months ended
March 31, 2024, was $1.87 million, compared to an operating income of $1.86 million for the three months ended March 31, 2023.
Other Financial expenses, net and interest
expenses for the three months ended March 31, 2024, were $0.12 million (including $0.2 million interest expenses) compared to $0.03
million (including $0.2 million interest expenses) for the three months ended March 31, 2023. The increase is mainly due to a decrease
in income from exchange rate differences.
Net loss for the three months ended March
31, 2024, was $2.0 million, compared to net loss of $1.9 million for the three months ended March 31, 2023.
Adjusted EBITDA loss, a non-GAAP measurement
of operating performance (reconciled below to Net Loss), for the three months ended March 31, 2024, was $1.8 million, compared to $1.6
million in the comparable year-ago period. This was primarily a result of a decrease in revenues.
The Company reported a balance sheet
with $10.5 million of total assets compared to $11.2 million as of December 31, 2023, $12.0 million of total liabilities compared to
$10.8 million as of December 31, 2023, $0.2 million of Mezzanine equity compared to $0.2 million as of December 31, 2023, and $1.7
million of capital deficiency compared to shareholders equity of $0.2 million as of December 31, 2023.
About Actelis Networks, Inc.
Actelis Networks, Inc.
(NASDAQ: ASNS) is a market leader in cyber-hardened, rapid-deployment hybrid fiber networking solutions for wide-area IoT applications
including federal, state and local government, ITS, military, utility, rail, telecom and campus applications. Actelis’ unique portfolio
of hybrid fiber-copper, environmentally hardened aggregation switches, high density Ethernet devices, advanced management software and
cyber-protection capabilities, unlocks the hidden value of essential networks, delivering safer connectivity for rapid, cost-effective
deployment. For more information, please visit www.actelis.com.
Use of Non-GAAP Financial Information
Non-GAAP Adjusted
EBITDA, and backlog of open orders are Non-GAAP financial measures. In addition to reporting financial results in accordance with GAAP,
we provide Non-GAAP operating results adjusted for certain items, including: financial expenses, which are interest, financial instrument
fair value adjustments, exchange rate differences of assets and liabilities, stock based compensation expenses, depreciation and amortization
expense, tax expense, and impact of development expenses ahead of product launch. We adjust for the items listed above and show Non-GAAP
financial measures in all periods presented, unless the impact is clearly immaterial to our financial statements. When we calculate the
tax effect of the adjustments, we include all current and deferred income tax expense commensurate with the adjusted measure of pre-tax
profitability.
Cautionary Statement
Concerning Forward-Looking Statements
This press release contains “forward-looking
statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Words such as
“expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,”
“estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. Forward-looking
statements are not historical facts, and are based upon management’s current expectations, beliefs and projections, many of which,
by their nature, are inherently uncertain. Such expectations, beliefs and projections are expressed in good faith. However, there can
be no assurance that management’s expectations, beliefs and projections will be achieved, and actual results may differ materially
from what is expressed in or indicated by the forward-looking statements. Forward-looking statements are subject to risks and uncertainties
that could cause actual performance or results to differ materially from those expressed in the forward-looking statements. More detailed
information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s
filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly
Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at http://www.sec.gov.
Forward-looking
statements speak only as of the date the statements are made. The Company assumes no obligation to update forward-looking statements to
reflect actual results, subsequent events or circumstances, changes in assumptions or changes in other factors affecting forward-looking
information except to the extent required by applicable securities laws. If the Company does update one or more forward-looking statements,
no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking
statements. References and links to websites have been provided as a convenience, and the information contained on such websites is not
incorporated by reference into this press release. Actelis is not responsible for the contents of third-party websites.
Investor Relations Contact:
Kirin Smith
PCG Advisory
ksmith@pcgadvisory.com
-Financial Tables to Follow-
ACTELIS NETWORKS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(U. S. dollars in thousands except for share and
per share amounts)
| |
March 31, 2024 | | |
December 31, 2023 | |
Assets | |
| | |
| |
CURRENT ASSETS: | |
| | |
| |
Cash and cash equivalents | |
| 1,211 | | |
| 620 | |
Restricted cash equivalents | |
| 1,392 | | |
| 1,565 | |
Short term deposits | |
| 197 | | |
| 197 | |
Trade receivables, net of allowance for credit losses of $168 as of March 31, 2024, and December 31, 2023. | |
| 533 | | |
| 664 | |
Inventories | |
| 2,608 | | |
| 2,526 | |
Prepaid expenses and other current assets, net of allowance for doubtful debts of $181 and $144 as of March 31, 2024, and December 31, 2023, respectively | |
| 249 | | |
| 340 | |
TOTAL CURRENT ASSETS | |
| 6,190 | | |
| 5,912 | |
| |
| | | |
| | |
NON-CURRENT ASSETS: | |
| | | |
| | |
Property and equipment, net | |
| 58 | | |
| 61 | |
Prepaid expenses | |
| 592 | | |
| 592 | |
Restricted cash and cash equivalents | |
| 2,542 | | |
| 3,330 | |
Restricted bank deposits | |
| 90 | | |
| 94 | |
Severance pay fund | |
| 238 | | |
| 238 | |
Operating lease right of use assets | |
| 728 | | |
| 918 | |
Long term deposits | |
| 78 | | |
| 78 | |
TOTAL NON-CURRENT ASSETS | |
| 4,326 | | |
| 5,311 | |
| |
| | | |
| | |
TOTAL ASSETS | |
| 10,516 | | |
| 11,223 | |
ACTELIS NETWORKS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (continued)
UNAUDITED
(U. S. dollars in thousands except for share and
per share amounts)
| |
March 31, 2024 | | |
December 31, 2023 | |
Liabilities, Mezzanine Equity and shareholders’ equity (capital deficiency) | |
| | |
| |
CURRENT LIABILITIES: | |
| | |
| |
Short term loan | |
| 574 | | |
| - | |
Current maturities of long-term loans | |
| 1,088 | | |
| 1,335 | |
Trade payables | |
| 2,258 | | |
| 1,769 | |
Deferred revenues | |
| 305 | | |
| 389 | |
Employee and employee-related obligations | |
| 855 | | |
| 737 | |
Advances from reseller | |
| 1,143 | | |
| - | |
Accrued royalties | |
| 1,087 | | |
| 1,062 | |
Operating lease liabilities | |
| 465 | | |
| 498 | |
Other accrued liabilities | |
| 1,115 | | |
| 1,122 | |
TOTAL CURRENT LIABILITIES | |
| 8,890 | | |
| 6,912 | |
NON-CURRENT LIABILITIES: | |
| | | |
| | |
Long-term loan, net of current maturities | |
| 2,521 | | |
| 3,154 | |
Deferred revenues | |
| 68 | | |
| 71 | |
Operating lease liabilities | |
| 254 | | |
| 405 | |
Accrued severance | |
| 269 | | |
| 270 | |
Other long-term liabilities | |
| 23 | | |
| 23 | |
TOTAL NON-CURRENT LIABILITIES | |
| 3,135 | | |
| 3,923 | |
| |
| | | |
| | |
TOTAL LIABILITIES | |
| 12,025 | | |
| 10,835 | |
COMMITMENTS AND CONTINGENCIES (Note 6) | |
| | | |
| | |
MEZZANINE EQUITY | |
| - | | |
| | |
Redeemable Convertible Preferred Stock $0.0001 par value, 10,000,000 authorized; None issued and outstanding as of March 31, 2024 and December 31, 2023. | |
| - | | |
| - | |
WARRANTS TO PLACEMENT AGENT (Note 7d) | |
| 159 | | |
| 159 | |
SHAREHOLDERS’ EQUITY (CAPITAL DEFICIENCY): | |
| | | |
| | |
Common stock, $0.0001 par value: 30,000,000 shares authorized; 3,010,244 and 3,007,745 shares issued and outstanding as of March 31, 2024, and December 31, 2023, respectively. | |
| 1 | | |
| 1 | |
Non-voting common stock, $0.0001 par value: 2,803,774 shares authorized as of March 31, 2024, and December 31, 2023, None issued and outstanding as of March 31, 2024, and December 31, 2023. | |
| - | | |
| - | |
Additional paid-in capital | |
| 40,005 | | |
| 39,916 | |
Accumulated deficit | |
| (41,674 | ) | |
| (39,688 | ) |
TOTAL SHAREHOLDERS’ EQUITY (CAPITAL DEFICIENCY) | |
| (1,668 | ) | |
| 229 | |
TOTAL LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY (CAPITAL DEFICIENCY) | |
| 10,516 | | |
| 11,223 | |
The accompanying notes are an integral part of these condensed consolidated
financial statements (Unaudited).
ACTELIS NETWORKS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
LOSS
(UNAUDITED)
(U. S. dollars in thousands except for share and
per share amounts)
| |
Three months ended March 31, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
REVENUES | |
| 726 | | |
| 1,848 | |
COST OF REVENUES | |
| 506 | | |
| 1,160 | |
GROSS PROFIT | |
| 220 | | |
| 688 | |
| |
| | | |
| | |
OPERATING EXPENSES: | |
| | | |
| | |
Research and development expenses | |
| 647 | | |
| 757 | |
Sales and marketing expenses, net | |
| 627 | | |
| 929 | |
General and administrative expenses | |
| 817 | | |
| 865 | |
TOTAL OPERATING EXPENSES | |
| 2,091 | | |
| 2,551 | |
| |
| | | |
| | |
OPERATING LOSS | |
| (1,871 | ) | |
| (1,863 | ) |
Interest expenses | |
| (207 | ) | |
| (180 | ) |
Other Financial income, net | |
| 92 | | |
| 148 | |
NET COMPREHENSIVE LOSS FOR THE PERIOD | |
| (1,986 | ) | |
| (1,895 | ) |
| |
| | | |
| | |
Net loss per share attributable to common shareholders – basic and diluted | |
$ | (0.50 | ) | |
$ | (1.09 | ) |
Weighted average number of common stocks used in computing net loss per share – basic and diluted | |
| 3,978,828 | | |
| 1,734,160 | |
The accompanying notes are an integral part of these condensed consolidated
financial statements (Unaudited).
ACTELIS NETWORKS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
| |
Three months ended March 31, | |
| |
2024 | | |
2023 | |
| |
U.S. dollars in thousands | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |
| | |
| |
Net loss for the period | |
| (1,986 | ) | |
| (1,895 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Depreciation | |
| 4 | | |
| 7 | |
Inventory write-downs | |
| - | | |
| 7 | |
Exchange rate differences | |
| (70 | ) | |
| (130 | ) |
Share-based compensation | |
| 89 | | |
| 95 | |
Interest expenses | |
| (61 | ) | |
| - | |
Financial income from long term bank deposit | |
| (1 | ) | |
| (51 | ) |
Changes in operating assets and liabilities: | |
| | | |
| | |
Trade receivables | |
| 131 | | |
| 561 | |
Net change in operating lease assets and liabilities | |
| 6 | | |
| 16 | |
Inventories | |
| (83 | ) | |
| (102 | ) |
Prepaid expenses and other current assets | |
| 91 | | |
| 265 | |
Trade payables | |
| 490 | | |
| (381 | ) |
Deferred revenues | |
| (87 | ) | |
| (35 | ) |
Advances from reseller | |
| 1,143 | | |
| - | |
Other current liabilities | |
| 131 | | |
| (46 | ) |
Other long-term liabilities | |
| - | | |
| (16 | ) |
Net cash used in operating activities | |
| (203 | ) | |
| (1,705 | ) |
CASH FLOWS FROM INVESTING ACTIVITIES: | |
| | | |
| | |
Short term deposits | |
| - | | |
| 812 | |
Short term Restricted bank deposits | |
| - | | |
| (329 | ) |
Long term Restricted bank deposits | |
| - | | |
| (811 | ) |
Long term deposits | |
| - | | |
| (3 | ) |
Purchase of property and equipment | |
| (1 | ) | |
| (3 | ) |
Net cash used in investing activities | |
| (1 | ) | |
| (334 | ) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |
| | | |
| | |
Repurchase of common stock | |
| - | | |
| (50 | ) |
Proceeds from credit lines with bank | |
| 574 | | |
| - | |
Early repayment of long-term loan | |
| (545 | ) | |
| | |
Repayment of long-term loan | |
| (193 | ) | |
| (192 | ) |
Net cash used in financing activities | |
| (164 | ) | |
| (242 | ) |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | |
| (2 | ) | |
| (5 | ) |
DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | |
| (370 | ) | |
| (2,281 | ) |
BALANCE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF THE PERIOD | |
| 5,515 | | |
| 4,279 | |
BALANCE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF THE PERIOD | |
| 5,145 | | |
| 1,998 | |
The accompanying notes are an integral part of these condensed consolidated
financial statements (Unaudited).
ACTELIS NETWORKS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(continued)
(UNAUDITED)
| |
March 31, 2024 | | |
December 31, 2023 | |
| |
U.S. dollars in thousands | |
| |
| | |
| |
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH: | |
| | |
| |
Cash and cash equivalents | |
| 1,211 | | |
| 808 | |
Restricted cash equivalents, current | |
| 1,392 | | |
| - | |
Restricted cash and cash equivalents, non-current | |
| 2,542 | | |
| 1,190 | |
Total cash, cash equivalents and restricted cash | |
| 5,145 | | |
| 1,998 | |
| |
Three months ended March 31, | |
| |
2024 | | |
2023 | |
| |
U.S. dollars in thousands | |
SUPPLEMENTARY DISCLOSURE OF CASH FLOW INFORMATION: | |
| | |
| |
Cash paid for interest | |
| 273 | | |
| 116 | |
The accompanying notes are an integral part of these condensed consolidated
financial statements (Unaudited).
Non-GAAP Financial Measures
(U.S. dollars in thousands) | |
Three months Ended March 31, 2024 | | |
Three months Ended March 31, 2023 | |
Revenues | |
$ | 726 | | |
$ | 1,848 | |
GAAP net loss | |
| (1,986 | ) | |
| (1,895 | ) |
Interest Expense | |
$ | 207 | | |
$ | 180 | |
Other financial (income) expenses, net | |
| (92 | ) | |
| (148 | ) |
Tax Expense | |
| 17 | | |
| 21 | |
Fixed asset depreciation expense | |
| 4 | | |
| 7 | |
Stock based compensation | |
| 89 | | |
| 95 | |
Research and development, capitalization | |
| - | | |
| 146 | |
Other one time costs and expenses | |
| (26 | ) | |
| - | |
Non-GAAP Adjusted EBITDA | |
| (1,787 | ) | |
$ | (1,594 | ) |
GAAP net loss margin | |
| (246.27 | )% | |
| (102.54 | )% |
Adjusted EBITDA margin | |
| (90.00 | )% | |
| (84.12 | )% |
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