Movella Holdings Inc. (NASDAQ: MVLA) (“Movella”), a leading
full-stack provider of sensors, software, and analytics that enable
the digitization of movement, today reported its results for the
first quarter ended March 31, 2023.
“We believe our strong cash position resulting from our Nasdaq
listing will allow us to continue our focus on execution and on
bringing new, innovative products to the market," said Movella CEO
Ben Lee. “The impressive early access response to OBSKUR, Movella’s
new all-in-one platform that provides live-streaming influencers
with tools and assets for delivering immersive interactive
experiences, is an example of our strong execution.”
First Quarter
2023 Financial Highlights
- Revenue. Net revenue in Q1 totaled $9.2
million, a decrease of 4% year-over-year.
- Gross Profit. GAAP gross profit rose to $5.6
million as compared to $4.8 million last year. GAAP gross margin
reached a record 61%, an improvement of approximately 1000 basis
points year-over-year. Non-GAAP gross profit totaled $5.9 million
versus $6.0 million for the comparable quarter in the previous
year. Non-GAAP Q1 gross margin was 64%.
- Loss from Operations. GAAP loss from
operations in Q1 was $9.4 million, inclusive of a $4.7 million
non-cash intangibles impairment charge, versus $5.5 million in the
same period last year. Non-GAAP loss from operations was $3.6
million, a decrease of $0.1 million year-over-year.
- GAAP Net Income. GAAP net income attributable
to common stockholders totaled $15.5 million versus a net loss of
$6.3 million in the comparable quarter in the previous year.
- Adjusted EBITDA. Adjusted EBITDA in Q1 totaled
negative $3.0 million, an improvement of $0.1 million
year-over-year.
- Cash and cash equivalents. Cash and cash
equivalents at quarter end were $62.1 million, compared to $14.3
million as of December 31, 2022.
“While the challenging macro environment and
typical seasonality weighed on our first quarter top line
performance, we expect to achieve near-term adjusted EBITDA
breakeven and subsequent profitability, driven by continued gross
margin expansion and prudent expense management,” said Movella CFO
Steve Smith. “We believe our results combined with our expectations
reflect the strength of our business and our ability to execute on
our strategy to deliver value for our shareholders."
First Quarter 2023 Business Highlights
- Received strong response to the new
OBSKUR platform, resulting in over-subscription to early
access stage prior to production launch this summer
- Improved time-to-market and reduced cost of production for
leading-game developer Ubisoft by leveraging Movella’s Xsens motion
capture suits for real-time prototyping and pre-visualization of
character movement
- Introduced MTi-320 high performance Active Heading Tracker
(AHT) for robotics and autonomous vehicle applications
- Announced the appointment of Dale Pistilli as Vice President of
Marketing to drive brand strategy and the overall marketing efforts
of the company
“To accelerate the OBSKUR momentum, enhance the Movella brand,
and grow as a public company, we are excited to announce the
appointment of Dale Pistilli as our new VP of Marketing,” continued
Movella CEO Ben Lee. “Dale's deep knowledge of influencer and
creator marketing complements the strengths of the executive team
we’ve built over the past two years, including CFO Steve Smith’s
strong public company background, and CTO Vijay Nadkarni’s AI
expertise and leadership from his previous companies.”
Conference Call and Webcast Information
The company will hold a conference call at 2:00 p.m. PT / 5:00
p.m. ET on Wednesday, May 10, 2023 to discuss Movella’s financial
results and outlook. The call will be hosted by Ben Lee, CEO and
Steve Smith, CFO. Q&A with management will follow immediately
after prepared remarks.
A live webcast of the call will be accessible on the investor
relations section of the Movella website at
https://investors.movella.com/. To access the call by phone, please
register at
https://register.vevent.com/register/BIbe1840b8f26a44b1b4035c6653c3ee93.
Upon registration, telephone participants will receive the dial-in
number along with a unique PIN number that can be used to access
the call. A replay of the webcast will also be available for a
limited time at https://investors.movella.com/.
About Movella Holdings Inc.
Movella is a leading full-stack provider of sensors, software,
and analytics that enable the digitization of movement. Movella
serves the entertainment, health & sports, and automation &
mobility markets. Our innovations enable customers to capitalize on
the value of movement by transforming data into meaningful and
actionable insights. Partnering with leading global brands such as
Electronic Arts, EPIC Games, 20th Century Studios, Netflix, Toyota,
Siemens, and over 500 sports organizations, Movella is creating
extraordinary outcomes that move humanity forward. To learn more,
please visit www.movella.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of federal securities laws. The words “accelerate,”
“anticipate,” “believe,” “continue,” “could,” “enable,” “estimate,”
“expect,” “extend,” “fuel,” “future,” “growth,” “intend,” “may,”
“might,” “opportunity,” “outlook,” “plan,” “position,” “possible,”
“potential,” “predict,” “progress,” “project,” “realize,” “see,”
“seem,” “should,” “will,” “would,” and similar expressions, or the
negative of such expressions, may identify forward-looking
statements, but the absence of these words does not mean that a
statement is not forward-looking. These forward-looking statements
include, but are not limited to, statements regarding the
following: our belief that our strong cash position will allow us
to continue our focus on execution and on bringing new, innovative
products to the market; that we expect to achieve near-term
adjusted EBITDA breakeven and subsequent profitability; our ability
to execute on our strategy to deliver value to shareholders,
macro-environment challenges; the anticipated or potential
features, benefits, and applications for Movella’s products and
technology and timing thereof; the anticipated benefits and
limitations of non-GAAP financial measures; the market opportunity
for Movella’s products and technology; or other characterizations
of future events or circumstances, including any underlying
assumptions. These statements are based on the current expectations
of Movella’s management and are not predictions of actual
performance. These forward-looking statements involve a number of
risks, uncertainties (some of which are beyond Movella’s control)
or other assumptions that may cause actual results or performance
to be materially different from those expressed or implied by these
forward-looking statements. These risks and uncertainties include,
but are not limited to, the following: (i) failure to realize the
anticipated benefits of the business combination; (ii) general
economic and macro-economic conditions and Movella’s financial
performance and factors affecting the same; (iii) changes adversely
affecting the businesses and target markets in which Movella is
engaged; (iv) Movella’s ability to execute on its business strategy
and plans and to manage growth; and (v) risks related to regulatory
matters, as well as the factors described under the headings “Risk
Factors” and “Cautionary Note Regarding Forward-Looking Statements”
and under similar headings in the final prospectus filed with the
Securities and Exchange Commission (the “SEC”) pursuant to Rule
424(b)(3) by Pathfinder on January 17, 2023, the Company’s annual
report on Form 10-K for the year ended December 31, 2022 and
current reports on Form 8-K filed on February 13, 2023 and March
31, 2023, and in Movella’s future filings with the SEC. If any of
these risks materialize or the underlying assumptions prove
incorrect, actual results could differ materially from the results
implied by these forward-looking statements. There may be
additional risks that Movella presently knows or currently believes
are immaterial that could also cause actual results to differ from
those contained in the forward-looking statements. In addition,
forward-looking statements reflect expectations, plans or forecasts
of future events and views as of the date of this press release.
Movella anticipates that subsequent events and developments will
cause its assessments to change. However, Movella specifically
disclaims any obligation to update any forward-looking statements,
except to the extent required by applicable law. These
forward-looking statements should not be relied upon as
representing Movella’s assessments as of any date subsequent to the
date of this press release and are not intended to serve as a
guarantee, an assurance, a prediction or a definitive statement of
fact or probability. Accordingly, undue reliance should not be
placed upon the forward-looking statements.
Non-GAAP Financial Measures
Movella Holdings has provided financial information in this news
release that has not been prepared in accordance with GAAP.
Adjusted EBITDA, non-GAAP gross profit, and non-GAAP operating loss
exclude net loss attributable to non-controlling interests,
preferred stock dividends, share-based compensation expense, loss
on debt extinguishments related to the consummation of the business
combination agreement, debt issuance costs, change in fair value of
warrant liabilities fair value adjustments on debt instruments for
which we elected the fair value option under ASC 825, and
impairment of acquired intangible assets. Adjusted EBITDA also
excludes interest expense and income, taxes, depreciation and
amortization, other income (expense), and certain non-recurring
transaction expenses related to the business combination
agreement.
Adjusted EBITDA, non-GAAP gross profit, non-GAAP gross margin,
and non-GAAP operating loss are supplemental measures of our
performance that are not required by, or presented in accordance
with, GAAP. These non-GAAP financial measures have limitations as
an analytical tool and are not intended to be used in isolation or
as a substitute for net loss, gross profit, operating loss or any
other performance measure determined in accordance with GAAP. We
present these non-GAAP financial measures because we consider each
to be an important supplemental measure of our performance.
We use these non-GAAP financial measures to make operational
decisions, evaluate our performance, prepare forecasts and
determine compensation. Further, we believe that both management
and investors benefit from referring to these non-GAAP financial
measures in assessing our performance when planning, forecasting
and analyzing future periods. Share-based compensation expenses are
expected to vary depending on the number of new incentive award
grants issued to both current and new employees, the number of such
grants forfeited by former employees, and changes in our stock
price, stock market volatility, expected option term and risk-free
interest rates, all of which are difficult to estimate. In
calculating non-GAAP financial measures, we exclude certain
non-cash and one-time items in order to facilitate comparability of
our operating performance on a period-to-period basis because such
expenses are not, in our view, related to our ongoing operating
performance. We use this view of our operating performance for
purposes of comparison with its business plan and individual
operating budgets and in the allocation of resources.
We further believe that these non-GAAP financial measures are
useful to investors in providing greater transparency to the
information used by management in its operational decision-making.
The Company believes that the use of these non-GAAP financial
measures also facilitates a comparison of our underlying operating
performance with that of other companies in our industry, which use
similar non-GAAP financial measures to supplement their GAAP
results.
Investors and potential investors are cautioned that there are
material limitations associated with the use of non-GAAP financial
measures as an analytical tool. The limitations of relying on
non-GAAP financial measures include, but are not limited to, the
fact that other companies, including other companies in our
industry, may calculate non-GAAP financial measures differently
than we do, limiting their usefulness as a comparative tool.
Investors and potential investors are encouraged to review the
reconciliation of our non-GAAP financial measures contained within
this news release with our GAAP financial results.
Mediamedia@movella.com
Investorsinvestors@movella.com(725)
238-5682
MOVELLA HOLDINGS INC.CONSOLIDATED STATEMENTS OF
OPERATIONS(In thousands, except share and per share
data) |
|
Three Months Ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
|
(unaudited) |
Revenues |
|
|
|
|
|
|
|
Product |
$ |
7,659 |
|
|
$ |
8,100 |
|
Service |
|
1,508 |
|
|
|
1,408 |
|
Total revenues |
|
9,167 |
|
|
|
9,508 |
|
Cost of revenues |
|
|
|
Product |
|
2,361 |
|
|
|
3,589 |
|
Service |
|
1,210 |
|
|
|
1,113 |
|
Total cost of revenues |
|
3,571 |
|
|
|
4,702 |
|
Gross profit |
|
5,596 |
|
|
|
4,806 |
|
Operating expenses |
|
|
|
Research and development |
|
2,904 |
|
|
|
3,536 |
|
Sales and marketing |
|
3,480 |
|
|
|
3,440 |
|
General and administrative |
|
3,957 |
|
|
|
3,337 |
|
Impairment of intangible assets |
|
4,657 |
|
|
|
— |
|
Total operating expenses |
|
14,998 |
|
|
|
10,313 |
|
Loss from operations |
|
(9,402 |
) |
|
|
(5,507 |
) |
Other income (expense) |
|
|
|
Loss on debt extinguishment |
|
(107 |
) |
|
|
— |
|
Change in fair value of warrant liabilities |
|
1,390 |
|
|
|
— |
|
Debt issuance costs |
|
(7,945 |
) |
|
|
— |
|
Revaluation of debt |
|
31,868 |
|
|
|
— |
|
Interest expense |
|
(172 |
) |
|
|
(400 |
) |
Interest income |
|
256 |
|
|
|
4 |
|
Other income (expense), net |
|
(115 |
) |
|
|
83 |
|
Income (loss) before income
taxes |
|
15,773 |
|
|
|
(5,820 |
) |
Income tax expense |
|
58 |
|
|
|
15 |
|
Net income (loss) |
|
15,715 |
|
|
|
(5,835 |
) |
Net loss attributable to
non-controlling interests |
|
(121 |
) |
|
|
(239 |
) |
Net income (loss) attributable
to Movella Holdings Inc. |
|
15,836 |
|
|
|
(5,596 |
) |
Deemed dividend from accretion
of Series D-1 preferred stock |
|
(316 |
) |
|
|
(659 |
) |
Net income (loss) attributable
to common stockholders |
$ |
15,520 |
|
|
$ |
(6,255 |
) |
|
|
|
|
Earnings per share
attributable to common stockholders |
|
|
|
Basic |
$ |
0.51 |
|
|
$ |
(1.38 |
) |
Diluted |
$ |
0.36 |
|
|
$ |
(1.38 |
) |
Weighted average shares used
in computing earnings per share attributable to common
stockholders |
|
|
|
Basic |
|
30,440,497 |
|
|
|
4,529,543 |
|
Diluted |
|
44,562,485 |
|
|
|
4,529,543 |
|
|
|
|
|
|
|
|
|
MOVELLA HOLDINGS INC.CONSOLIDATED BALANCE
SHEETS(In thousands, except share and per share
data) |
|
March 31,2023 |
|
December 31,2022 |
ASSETS |
(unaudited) |
Current
assets |
|
|
|
Cash and cash equivalents |
$ |
62,096 |
|
|
$ |
14,334 |
|
Accounts receivable, net of allowance for credit losses of $440 and
$144 at March 31, 2023 and December 31, 2022 |
|
4,716 |
|
|
|
6,690 |
|
Inventories |
|
6,570 |
|
|
|
5,164 |
|
Prepaid expenses and other current assets |
|
5,657 |
|
|
|
3,274 |
|
Total current assets |
|
79,039 |
|
|
|
29,462 |
|
Property and equipment, net |
|
2,362 |
|
|
|
2,361 |
|
Goodwill |
|
36,666 |
|
|
|
36,381 |
|
Intangible assets, net |
|
843 |
|
|
|
5,807 |
|
Non-marketable equity securities |
|
25,285 |
|
|
|
25,285 |
|
Capitalized equity issuance costs and other assets |
|
1,735 |
|
|
|
4,265 |
|
Deferred tax assets |
|
86 |
|
|
|
86 |
|
Right-of-use assets |
|
3,107 |
|
|
|
3,281 |
|
Total assets |
$ |
149,123 |
|
|
$ |
106,928 |
|
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY
(DEFICIT) |
|
|
|
Current
liabilities |
|
|
|
Accounts payable |
$ |
3,896 |
|
|
$ |
5,967 |
|
Accrued expenses and other current liabilities |
|
7,356 |
|
|
|
7,944 |
|
Line of credit and current portion of long-term debt |
|
148 |
|
|
|
148 |
|
Current portion of deferred revenue |
|
3,159 |
|
|
|
3,334 |
|
Payable to Kinduct sellers – current |
|
— |
|
|
|
4,303 |
|
Total current liabilities |
|
14,559 |
|
|
|
21,696 |
|
Long-term portion of term debt |
|
43,187 |
|
|
|
25,649 |
|
Convertible notes, net – related party |
|
— |
|
|
|
6,186 |
|
Warrant liabilities |
|
1,513 |
|
|
|
— |
|
Deferred revenue, net of current portion |
|
1,389 |
|
|
|
1,344 |
|
Operating lease liabilities and other non-current liabilities |
|
2,982 |
|
|
|
3,088 |
|
Total liabilities |
|
63,630 |
|
|
|
57,963 |
|
Commitments and contingencies |
|
|
|
Mezzanine equity |
|
|
|
Redeemable convertible preferred stock, $0.00001 par value. 0
shares authorized, issued, and outstanding at March 31, 2023;
3,207,472 shares authorized, issued and outstanding as of
December 31, 2022; liquidation preference of $30,000 as of
December 31, 2022 |
|
— |
|
|
|
41,991 |
|
Non-redeemable convertible preferred stock, $0.00001 par value.
20,000,000 shares authorized, 0 shares issued, and outstanding at
March 31, 2023; 29,524,294 shares authorized and 24,338,566
shares issued and outstanding as of December 31, 2022;
liquidation preference of $146,548 as of December 31,
2022 |
|
— |
|
|
|
143,192 |
|
Total mezzanine equity |
|
— |
|
|
|
185,183 |
|
Stockholders’ deficit |
|
|
|
Common stock, $0.00001 par value. 900,000,000 shares authorized,
50,693,308 and 6,231,947 shares issued and outstanding at March 31,
2023 and December 31, 2022 |
|
1 |
|
|
|
1 |
|
Additional paid-in capital |
|
206,428 |
|
|
|
692 |
|
Accumulated other comprehensive loss |
|
(1,386 |
) |
|
|
(1,646 |
) |
Accumulated deficit |
|
(126,180 |
) |
|
|
(142,016 |
) |
Total Movella stockholders’ equity (deficit) |
|
78,863 |
|
|
|
(142,969 |
) |
Non-controlling interest in subsidiaries |
|
6,630 |
|
|
|
6,751 |
|
Total stockholders’ equity (deficit) |
|
85,493 |
|
|
|
(136,218 |
) |
Total liabilities, mezzanine equity and stockholders’ equity
(deficit) |
$ |
149,123 |
|
|
$ |
106,928 |
|
|
|
|
|
|
|
|
|
MOVELLA HOLDINGS INC.CONSOLIDATED STATEMENTS OF
CASH FLOWS(In thousands) |
|
Three Months Ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
Cash flows from operating activities |
(unaudited) |
Net
income (loss) |
$ |
15,715 |
|
|
$ |
(5,835 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities |
|
|
|
Depreciation and amortization |
|
672 |
|
|
|
1,852 |
|
Stock-based compensation expense |
|
664 |
|
|
|
313 |
|
Allowance for credit losses |
|
296 |
|
|
|
— |
|
Impairment of intangible assets |
|
4,657 |
|
|
|
— |
|
Unrealized loss (gain) on marketable securities |
|
— |
|
|
|
58 |
|
Accretion of convertible notes, net |
|
61 |
|
|
|
76 |
|
Accretion of Kinduct deferred payout |
|
57 |
|
|
|
— |
|
Amortization of debt discount and debt issuance costs |
|
52 |
|
|
|
69 |
|
Gain on change in fair value of warrant liabilities |
|
(1,390 |
) |
|
|
— |
|
Gain on revaluation of debt |
|
(31,868 |
) |
|
|
— |
|
Loss on debt extinguishment |
|
107 |
|
|
|
— |
|
Debt issuance costs |
|
7,945 |
|
|
|
— |
|
Right-of-use assets |
|
174 |
|
|
|
— |
|
Changes in operating assets and liabilities, net of
acquisition |
|
|
|
Accounts receivable |
|
1,788 |
|
|
|
728 |
|
Inventories |
|
(1,229 |
) |
|
|
(1,063 |
) |
Prepaid expenses and other assets |
|
(1,408 |
) |
|
|
(50 |
) |
Other assets |
|
(1,594 |
) |
|
|
10 |
|
Accounts payable |
|
629 |
|
|
|
(1,046 |
) |
Accrued expenses and other liabilities |
|
(397 |
) |
|
|
(297 |
) |
Deferred revenue |
|
(235 |
) |
|
|
514 |
|
Other liabilities |
|
(136 |
) |
|
|
(74 |
) |
Net cash used in operating activities |
|
(5,440 |
) |
|
|
(4,745 |
) |
Cash flows from
investing activities |
|
|
|
Purchase of intangibles |
|
(15 |
) |
|
|
(153 |
) |
Purchases of property and equipment |
|
(191 |
) |
|
|
(215 |
) |
Net cash used in investing activities |
|
(206 |
) |
|
|
(368 |
) |
Cash flows from
financing activities |
|
|
|
Proceeds from Venture Linked Notes |
|
75,000 |
|
|
|
— |
|
Payment of debt issuance costs |
|
(8,791 |
) |
|
|
— |
|
Proceeds from Business Combination |
|
36,048 |
|
|
|
— |
|
Payment of equity issuance costs |
|
(18,682 |
) |
|
|
— |
|
Repayment of loans using proceeds from Venture Linked Notes |
|
(25,557 |
) |
|
|
— |
|
Proceeds from term loans and revolving line of credit, net |
|
— |
|
|
|
943 |
|
Proceeds from issuance of convertible notes |
|
— |
|
|
|
4,873 |
|
Principal payments of loans |
|
— |
|
|
|
(280 |
) |
Proceeds from the exercise of stock options |
|
10 |
|
|
|
87 |
|
Payment of deferred payout to Kinduct sellers |
|
(4,360 |
) |
|
|
— |
|
Net cash provided by financing activities |
|
53,668 |
|
|
|
5,623 |
|
Effect of foreign exchange rate changes on cash and
equivalents |
|
(260 |
) |
|
|
(219 |
) |
Net increase in cash and cash equivalents |
|
47,762 |
|
|
|
291 |
|
Cash and cash
equivalents |
|
|
|
Beginning of period |
|
14,334 |
|
|
|
11,166 |
|
End of period |
$ |
62,096 |
|
|
$ |
11,457 |
|
|
|
|
|
Supplemental
disclosures of cash flow information |
|
|
|
Cash paid for interest |
$ |
557 |
|
|
$ |
207 |
|
Cash paid for taxes, net of
refunds |
|
59 |
|
|
|
47 |
|
Supplemental
disclosure of non-cash financing activity |
|
|
|
Accretion of Series D-1
convertible preferred Stock |
$ |
316 |
|
|
$ |
659 |
|
Issuance of convertible notes
in exchange for Kinduct deferred payout |
|
— |
|
|
|
1,148 |
|
Issuance of warrants to
lender |
|
— |
|
|
|
18 |
|
Right-of-use assets obtained
in exchange for operating lease liabilities |
|
— |
|
|
|
4,280 |
|
Issuance of common stock upon
conversion of Convertible notes |
|
6,520 |
|
|
|
— |
|
Issuance of common stock upon
conversion of preferred stock |
|
185,499 |
|
|
|
— |
|
Acquisition of warrant
liabilities |
|
2,903 |
|
|
|
— |
|
Capitalized equity issuance
costs applied to proceeds |
|
4,248 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
MOVELLA HOLDINGS INC.Reconciliation of GAAP Net
Income Attributable to Common Stockholders to Non-GAAP Net
Loss(In
thousands)(Unaudited) |
|
Three Months EndedMarch 31,
2023 |
|
Net Loss |
|
Net Income (Loss) Per Share |
GAAP net income attributable to common shareholders |
$ |
15,520 |
|
|
$ |
0.51 |
|
Deemed dividends from
accretion of Series D-1 Preferred Stock |
|
316 |
|
|
|
0.01 |
|
Stock-based compensation |
|
664 |
|
|
|
0.02 |
|
Intangibles amortization |
|
457 |
|
|
|
0.02 |
|
Loss on debt
extinguishment |
|
107 |
|
|
|
— |
|
Debt issuance costs |
|
7,945 |
|
|
|
0.26 |
|
Revaluation of debt |
|
(31,868 |
) |
|
|
(1.04 |
) |
Change in fair value of
warrant liabilities |
|
(1,390 |
) |
|
|
(0.05 |
) |
Impairment of intangible
assets |
|
4,657 |
|
|
|
0.15 |
|
Non-GAAP net
loss |
$ |
(3,592 |
) |
|
$ |
(0.12 |
) |
|
|
|
|
|
|
|
|
MOVELLA HOLDINGS INC.Reconciliation of GAAP Cost
of Revenues and Operating Costs and Expenses to Non-GAAP Cost of
Revenues and Operating Costs and ExpensesThree Months Ended March
31, 2023(In
thousands)(Unaudited) |
|
|
|
Adjustments |
|
|
|
GAAPFinancials |
|
Stock-BasedCompensation |
|
Amortizationof Intangibles |
|
Impairment ofIntangibles |
|
Non-GAAPFinancials |
Revenues |
|
|
|
|
|
|
|
|
|
Product |
$ |
7,659 |
|
|
|
— |
|
|
— |
|
|
— |
|
$ |
7,659 |
|
Service |
|
1,508 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
1,508 |
|
Total revenues |
|
9,167 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
9,167 |
|
Cost of revenues |
|
|
|
|
|
|
|
|
|
Product |
|
2,361 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
2,361 |
|
Service |
|
1,210 |
|
|
|
— |
|
|
260 |
|
|
— |
|
|
950 |
|
Total cost of revenues |
|
3,571 |
|
|
|
— |
|
|
260 |
|
|
— |
|
|
3,311 |
|
Gross profit |
|
|
|
|
|
|
|
|
|
Product |
|
5,298 |
|
|
|
|
|
|
|
|
|
5,298 |
|
Service |
|
298 |
|
|
|
|
|
|
|
|
|
558 |
|
Total gross profit |
|
5,596 |
|
|
|
|
|
|
|
|
|
5,856 |
|
Gross margin |
|
|
|
|
|
|
|
|
|
Product |
|
69.2 |
% |
|
|
|
|
|
|
|
|
69.2 |
% |
Service |
|
19.8 |
% |
|
|
|
|
|
|
|
|
37.0 |
% |
Total gross margin |
|
61.0 |
% |
|
|
|
|
|
|
|
|
63.9 |
% |
Operating expenses |
|
|
|
|
|
|
|
|
|
Research and development |
|
2,904 |
|
|
|
219 |
|
|
— |
|
|
— |
|
|
2,685 |
|
Sales and marketing |
|
3,480 |
|
|
|
140 |
|
|
139 |
|
|
— |
|
|
3,201 |
|
General and administrative |
|
3,957 |
|
|
|
305 |
|
|
58 |
|
|
— |
|
|
3,594 |
|
Impairment of intangible assets |
|
4,657 |
|
|
|
— |
|
|
— |
|
|
4,657 |
|
|
— |
|
Total operating expenses |
$ |
14,998 |
|
|
$ |
664 |
|
$ |
197 |
|
$ |
4,657 |
|
$ |
9,480 |
|
Total |
|
|
$ |
664 |
|
$ |
457 |
|
$ |
4,657 |
|
|
Loss from operations |
$ |
(9,402 |
) |
|
|
|
|
|
|
|
$ |
(3,624 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MOVELLA HOLDINGS INC.Reconciliation of GAAP Net
Income Attributable to Common Stockholders to Non-GAAP Net Loss and
Adjusted EBITDA(In
thousands)(Unaudited) |
|
Three Months EndedMarch 31,
2023 |
Net income attributable to common stockholders |
$ |
15,520 |
|
Deemed dividend from accretion
of Series D-1 preferred stock |
|
316 |
|
Stock-based compensation |
|
664 |
|
Amortization of acquired
intangibles |
|
457 |
|
Loss on debt
extinguishment |
|
107 |
|
Change in fair value of
warrant liabilities |
|
(1,390 |
) |
Debt issuance costs |
|
7,945 |
|
Revaluation of debt |
|
(31,868 |
) |
Impairment of intangible
assets |
|
4,657 |
|
Non-GAAP net
loss |
$ |
(3,592 |
) |
Interest expense |
|
172 |
|
Interest income |
|
(256 |
) |
Income tax expense |
|
58 |
|
Depreciation and amortization,
excluding acquired intangibles |
|
215 |
|
Other expenses, net |
|
115 |
|
Non-recurring transaction
expenses |
|
316 |
|
Adjusted
EBITDA |
$ |
(2,972 |
) |
|
|
|
|
MOVELLA HOLDINGS INC.Quarterly Net Revenues by
Product Grouping(In
thousands)(Unaudited) |
|
Three Months Ended |
|
March 31, 2023 |
|
December 31, 2022 |
|
September 30, 2022 |
|
June 30, 2022 |
|
March 31, 2022 |
Product |
$ |
7,659 |
|
$ |
10,068 |
|
$ |
9,051 |
|
$ |
7,064 |
|
$ |
8,100 |
Service |
|
1,508 |
|
|
2,049 |
|
|
1,213 |
|
|
1,513 |
|
|
1,408 |
Total revenues |
$ |
9,167 |
|
$ |
12,117 |
|
$ |
10,264 |
|
$ |
8,577 |
|
$ |
9,508 |
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