Adesto Technologies Corporation (NASDAQ:IOTS), a leading provider
of application-specific, feature-rich, ultra-low power non-volatile
memory products, today announced financial results for the fourth
quarter and full year ended December 31, 2016.
Fourth Quarter Highlights:
- Revenue increased 10.3% sequentially and 4.3% year-over-year to
a quarterly record of $12.3 million;
- GAAP gross margin was 50.6%, compared to 48.1% in the third
quarter of 2016 and 45.6% in the fourth quarter of 2015 and;
- GAAP operating expenses were $7.8 million, compared to $8.8
million in the previous quarter and $7.0 million in the prior year
quarter;
- Adjusted EBITDA was a loss of $111,000, compared to a loss of
$2.0 million in the third quarter of 2016 and a loss of $494,000 in
the fourth quarter of 2015;
- Introduced Mavriq DS (Digital Security) Series based on
Adesto’s CBRAM technology - designed for improved security in IoT
and connected devices; and
- Secured 127 design wins across the industrial, consumer,
communications and automotive markets for a full year record of 280
design wins.
Commenting on the quarter, Narbeh Derhacobian,
Adesto’s president and CEO, stated, “We closed out 2016 achieving
our goal of growing second half revenue 15% over the first half as
we continued to see a strengthening in orders across our end
markets and product families as design wins ramped into production.
In addition, we expanded gross margin 500 basis points over the
prior year fourth quarter to 50.6%. We also sequentially decreased
operating expenses over $1 million in the quarter, which
contributed to a significant improvement in adjusted EBITDA and
loss per share. These results make us confident in our ability to
achieve our goal of adjusted EBITDA breakeven by mid-2017.
“For the full year, we secured a record number
of design wins, more than doubling over the prior year. The
consumer market once again represented the largest percentage of
our estimate of the total dollar value opportunity of these design
wins, reflecting our efforts to further expand revenue in
high-volume consumer applications. In fact, revenue from our
FusionFlash products, which are well-suited for battery-operated
consumer devices, more than doubled over 2015 reflecting the
suitability of this product line for connected IoT devices.
“Additionally, our EcoXiP product released in
September is gaining strong momentum in the market as this product
sets a new standard for performance, cost and power for IoT edge
devices. As a result of its high, value-added feature set, we
believe there is a broad market opportunity for this product with
significant potential for growth.”
Mr. Derhacobian concluded, “In summary, I
believe we have taken the proper steps over the past year to
strengthen our financial position and balance sheet, while focusing
on driving top line revenue. We expect growth in 2017 to be driven
by an increasing number of design wins ramping into production as
well as a higher contribution from new products as we expand our
market share of the rapidly growing IoT market across a broad
number of end market applications. As we look more specifically at
the first quarter, we expect our revenue to reflect seasonality
primarily from our consumer end market, with the second quarter
anticipated to return to strong growth and reach a new quarterly
revenue record.”
Fourth Quarter 2016 Results
Revenue in the quarter ended December 31, 2016 was $12.3 million,
an increase of 10.3% from $11.2 million in the third quarter of
2016 and an increase of 4.3% from $11.8 million in the fourth
quarter of 2015.
Gross margin in the fourth quarter of 2016 was
50.6%, compared to 48.1% in the third quarter of 2016 and 45.6% in
the fourth quarter of 2015. The increase in gross margin was due
primarily to favorable product mix from the sale of higher margin
products combined with the benefits from continued improvements in
product costs.
GAAP operating expenses in the fourth quarter of
2016 were $7.8 million, compared to $8.8 million in the previous
quarter and $7.0 million in the prior year quarter. On a non-GAAP
basis, operating expenses were $6.7 million in the fourth quarter
of 2016, compared to $7.7 million in the prior quarter and $6.1
million in the fourth quarter of 2015.
GAAP net loss in the fourth quarter of 2016 was
$1.7 million, or ($0.11) per share, compared to a GAAP net loss of
$4.1 million, or ($0.27) per share, in the third quarter of 2016
and a GAAP net loss of $3.3 million, or ($0.32) per share, in the
fourth quarter of 2015.
On a non-GAAP basis, net loss in the fourth
quarter of 2016 was $0.6 million, or ($0.04) per share, compared to
a net loss of $2.9 million, or ($0.19) per share, in the third
quarter of 2016 and a net loss of $0.9 million, or ($0.07) per
share, in the fourth quarter of 2015.
Adjusted EBITDA for the fourth quarter was a
loss of $111,000 compared to a loss of $2.0 million in the third
quarter of 2016 and a loss of $494,000 in the fourth quarter of
2015.
A reconciliation of our GAAP results to non-GAAP
results is provided in the financial statement tables following the
text of this press release.
Cash totaled $19.7 million as of December 31,
2016, compared to $23.1 million as of December 31, 2015.
Business OutlookFor the first
quarter of 2017, the Company expects revenue to range between $11.1
million and $11.3 million. Gross margin is expected to be between
48% and 50%. GAAP operating expenses are expected to range between
$8.3 million and $8.5 million, which includes approximately $0.8
million in stock-based compensation and $0.3 million in
amortization of acquisition-related intangible assets.
Conference Call
InformationAdesto will host a conference call today at
2:00 p.m. Pacific Time to discuss its financial results. Investors
and analysts may join the call by dialing
1-844-419-1786 and providing confirmation code
56971664. International callers may join the
teleconference by dialing +1-216-562-0473 using the same
confirmation code. The call will also be available as a live and
archived webcast in the Investor Relations section of the Company’s
website at http://www.adestotech.com.
A telephone replay of the conference call will
be available approximately two hours after the conference call
until Tuesday, February 21, 2017 at midnight Pacific Time. The
replay dial-in number is 1-855-859-2056. International callers
should dial +1-404-537-3406. The pass code is 56971664.
Non-GAAP Financial Information
To supplement our financial results presented in accordance with
generally accepted accounting principles (GAAP), this press release
and the accompanying tables and the related earnings conference
call contain certain non-GAAP financial measures, including
adjusted EBITDA, non-GAAP net loss, non-GAAP net loss per share and
non-GAAP weighted average shares outstanding. It also contains
projected non-GAAP operating expenses. We believe these non-GAAP
financial measures are useful in evaluating our past financial
performance and future results. Our non-GAAP financial measures
should not be considered in isolation or as a substitute for
comparable GAAP measures and should be read in conjunction with our
consolidated financial statements prepared in accordance with
GAAP. Our management regularly uses our supplemental non-GAAP
financial measures internally to help us evaluate growth trends,
establish budgets, measure the effectiveness of our business
strategies and assess operational efficiencies. These non-GAAP
financial measures are not based on any standardized methodology
prescribed by GAAP and are not necessarily comparable to similar
measures presented by other companies. Our non-GAAP financial
measures include adjustments based on the following items:
- Stock-based compensation expenses: We have excluded the effect
of stock-based compensation expenses from our non-GAAP financial
measures. Although stock-based compensation is an important part of
our employees’ compensation affecting their performance, we
continue to evaluate our business performance excluding stock-based
compensation expenses. Stock-based compensation expenses will recur
in future periods.
- Amortization of acquisition-related intangible assets: We have
excluded the effect of amortization of acquisition-related
intangible assets from our non-GAAP financial measures.
Amortization of acquisition-related intangible assets is a non-cash
expense, and it is not part of our core operations. Investors
should note that the use of acquisition-related intangible assets
contributed to revenues earned during the periods presented and
will contribute to future period revenues as well.
- Revaluation of preferred stock warrants: We have excluded the
effect of the revaluation of preferred stock warrants from our
non-GAAP financial measures. Revaluation of our preferred stock
warrants is a non-cash expense and we evaluate our financial
performance excluding the impact of any revaluation of preferred
stock warrants. Upon the completion of our initial public offering
in October 2015, all preferred stock warrants converted to common
stock warrants, as a result there will be no preferred stock
revaluation income or expense in future periods.
- Gains from dispute settlements: We have excluded the
effect of the gain on settlement of an alleged liability with a
former foundry supplier from our non-GAAP financial measures.
The gain on settlement is a non-cash gain, is not a recurring event
and is not part of our core operations and was excluded when
evaluating our financial performance.
Our non-GAAP Financial Measures are described as
follows:
- Non-GAAP net loss and net loss per share. Non-GAAP net loss is
net loss as reported on our condensed consolidated statements of
operations, excluding the impact of stock-based compensation,
amortization of acquisition-related intangible assets, the
revaluation of preferred stock warrants and gains from dispute
settlements. Non-GAAP net loss per share is non-GAAP net loss
divided by non-GAAP weighted average shares outstanding. Non-GAAP
weighted average shares outstanding was computed to give effect to
the conversion of all outstanding convertible preferred stock which
occurred in connection with our initial public offering in October
2015, as if conversion had occurred at the beginning of the
period.
- Non-GAAP operating expense. Non-GAAP operating expenses
is operating expenses as reported in our condensed consolidated
statements of operations, excluding the impact of stock-based
compensation, amortization of acquisition-related intangible assets
and gains from dispute settlements.
- Adjusted EBITDA is net loss as reported on our consolidated
statements of operations, excluding the impact of the same items
excluded from the calculation of non-GAAP net loss as well as
interest expense, depreciation and amortization, and our provision
for income taxes.
For reconciliations of these non-GAAP financial
measures to the most directly comparable GAAP financial measures,
please see the section of the accompanying tables titled,
“Reconciliation of GAAP to Non-GAAP Financial Information.”
About Adesto
Technologies Adesto Technologies (NASDAQ:IOTS) is a
leading provider of application-specific, ultra-low power
non-volatile memory products. The company has designed and built a
portfolio of innovative products with intelligent features to
conserve energy and enhance performance, including Fusion Serial
Flash, DataFlash®, EcoXiP™ and products based on Conductive
Bridging RAM (CBRAM®). CBRAM® is a breakthrough technology platform
that enables 100 times less energy consumption than today’s memory
technologies without sacrificing speed and performance. Adesto is
focused on delivering differentiated solutions and helping its
customers usher in the era of the Internet of Things (IoT). For
more information, please visit http://www.adestotech.com.
Forward looking StatementsThe
quotes of our Chief Executive Officer in this release regarding our
prospects for growth, product momentum and expected revenue
performance, as well as all statements under “Business Outlook” are
forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These statements involve risks and uncertainties that could cause
our actual results to differ materially, including, but not limited
to: our ability to predict the timing of design wins entering
production and the potential future revenue associated with our
design wins; market adoption of our CBRAM-based products; our
limited operating history; our rate of growth; our ability to
predict customer demand for our existing and future products and to
secure adequate manufacturing capacity; consumer demand conditions
affecting our end markets; our ability to manage our growth; our
ability to hire, retain and motivate employees; the effects of
competition, including price competition; technological, regulatory
and legal developments; and developments in the economy and
financial markets.
For a detailed discussion of these and other
risk factors, please refer to our filings with the Securities and
Exchange Commission, including the final prospectus related to our
initial public offering, which are available on our investor
relations Web site (ir.adestotech.com) and on the SEC’s Web site
(www.sec.gov).
All information provided in this release and in
the attachments is as of February 14, 2017, and stockholders of
Adesto are cautioned not to place undue reliance on our
forward-looking statements, which speak only as of the date such
statements are made. Adesto does not undertake any obligation to
publicly update any forward-looking statements to reflect events,
circumstances or new information after this February 14, 2017 press
release, or to reflect the occurrence of unanticipated events.
ADESTO TECHNOLOGIES CORPORATION |
|
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
|
(in thousands, except for share and per share
amounts) |
|
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31, |
|
Year Ended December
31, |
|
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
$ |
12,330 |
|
|
|
$ |
11,826 |
|
|
$ |
43,968 |
|
|
$ |
43,259 |
|
|
Cost
of revenue |
|
|
|
6,087 |
|
|
|
|
6,429 |
|
|
|
22,618 |
|
|
|
24,775 |
|
|
|
Gross
profit |
|
|
|
6,243 |
|
|
|
|
5,397 |
|
|
|
21,350 |
|
|
|
18,484 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
|
3,369 |
|
|
|
|
3,482 |
|
|
|
15,896 |
|
|
|
12,795 |
|
|
|
Sales
and marketing |
|
|
|
2,711 |
|
|
|
|
2,156 |
|
|
|
11,026 |
|
|
|
8,345 |
|
|
|
General and administrative |
|
|
|
1,709 |
|
|
|
|
1,389 |
|
|
|
6,693 |
|
|
|
3,978 |
|
|
|
Gain
from settlement with former foundry supplier |
|
|
|
- |
|
|
|
|
- |
|
|
|
(1,962 |
) |
|
|
- |
|
|
|
|
Total operating
expenses |
|
|
|
7,789 |
|
|
|
|
7,027 |
|
|
|
31,653 |
|
|
|
25,118 |
|
|
Loss
from operations |
|
|
|
(1,546 |
) |
|
|
|
(1,630 |
) |
|
|
(10,303 |
) |
|
|
(6,634 |
) |
|
Other
income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
|
(217 |
) |
|
|
|
(293 |
) |
|
|
(1,275 |
) |
|
|
(1,115 |
) |
|
|
Other
income (expense), net |
|
|
|
(21 |
) |
|
|
|
(1,478 |
) |
|
|
(50 |
) |
|
|
(695 |
) |
|
|
|
Total other
income (expense), net |
|
|
|
(238 |
) |
|
|
|
(1,771 |
) |
|
|
(1,325 |
) |
|
|
(1,810 |
) |
|
Loss
before benefit from income taxes |
|
|
|
(1,784 |
) |
|
|
|
(3,401 |
) |
|
|
(11,628 |
) |
|
|
(8,444 |
) |
|
Benefit from income taxes |
|
|
|
(62 |
) |
|
|
|
(137 |
) |
|
|
(16 |
) |
|
|
(61 |
) |
|
Net
loss |
|
|
$ |
(1,722 |
) |
|
|
$ |
(3,264 |
) |
|
$ |
(11,612 |
) |
|
$ |
(8,383 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
and diluted |
|
|
$ |
(0.11 |
) |
|
|
$ |
(0.32 |
) |
|
$ |
(0.77 |
) |
|
$ |
(2.79 |
) |
|
Weighted average number of shares used in
computing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net
loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
and diluted |
|
|
|
15,349,715 |
|
|
|
|
10,265,217 |
|
|
|
15,085,973 |
|
|
|
3,007,929 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADESTO TECHNOLOGIES CORPORATION |
|
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
INFORMATION |
|
(in thousands, except for share and per share
amounts) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
Year Ended |
|
|
|
|
|
|
|
December 31, 2016 |
|
|
|
December 31, 2015 |
|
|
December 31, 2016 |
|
|
|
December 31, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit |
|
|
|
$ |
|
6,243 |
|
|
|
$ |
|
5,397 |
|
|
$ |
|
21,350 |
|
|
|
$ |
|
18,484 |
|
|
Stock-based compensation expense |
|
|
|
|
|
21 |
|
|
|
|
|
13 |
|
|
|
|
81 |
|
|
|
|
|
19 |
|
|
Amortization of acquisition-related intangible assets |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
|
- |
|
|
Non-GAAP gross profit |
|
|
|
$ |
|
6,264 |
|
|
|
$ |
|
5,410 |
|
|
$ |
|
21,431 |
|
|
|
$ |
|
18,503 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP research and development expenses |
|
|
|
$ |
|
3,369 |
|
|
|
$ |
|
3,482 |
|
|
$ |
|
15,896 |
|
|
|
$ |
|
12,795 |
|
|
Stock-based compensation expense |
|
|
|
|
|
(251 |
) |
|
|
|
|
(197 |
) |
|
|
|
(1,038 |
) |
|
|
|
|
(263 |
) |
|
Amortization of acquisition-related intangible assets |
|
|
|
|
|
(121 |
) |
|
|
|
|
(121 |
) |
|
|
|
(484 |
) |
|
|
|
|
(484 |
) |
|
Non-GAAP research and development expenses |
|
|
|
$ |
|
2,997 |
|
|
|
$ |
|
3,164 |
|
|
$ |
|
14,374 |
|
|
|
$ |
|
12,048 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP sales and marketing expenses |
|
|
|
$ |
|
2,711 |
|
|
|
$ |
|
2,156 |
|
|
$ |
|
11,026 |
|
|
|
$ |
|
8,345 |
|
|
Stock-based compensation expense |
|
|
|
|
|
(176 |
) |
|
|
|
|
(116 |
) |
|
|
|
(706 |
) |
|
|
|
|
(153 |
) |
|
Amortization of acquisition-related intangible assets |
|
|
|
|
|
(187 |
) |
|
|
|
|
(188 |
) |
|
|
|
(751 |
) |
|
|
|
|
(752 |
) |
|
Non-GAAP sales and marketing expenses |
|
|
|
$ |
|
2,348 |
|
|
|
$ |
|
1,852 |
|
|
$ |
|
9,569 |
|
|
|
$ |
|
7,440 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP general and administrative expenses |
|
|
|
$ |
|
1,709 |
|
|
|
$ |
|
1,389 |
|
|
$ |
|
6,693 |
|
|
|
$ |
|
3,978 |
|
|
Stock-based compensation expense |
|
|
|
|
|
(387 |
) |
|
|
|
|
(264 |
) |
|
|
|
(1,518 |
) |
|
|
|
|
(352 |
) |
|
Amortization of acquisition-related intangible assets |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
|
- |
|
|
Non-GAAP general and administrative expenses |
|
|
|
$ |
|
1,322 |
|
|
|
$ |
|
1,125 |
|
|
$ |
|
5,175 |
|
|
|
$ |
|
3,626 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating expenses |
|
|
|
$ |
|
7,789 |
|
|
|
$ |
|
7,027 |
|
|
$ |
|
31,653 |
|
|
|
$ |
|
25,118 |
|
|
Stock-based compensation expense |
|
|
|
|
|
(814 |
) |
|
|
|
|
(577 |
) |
|
|
|
(3,262 |
) |
|
|
|
|
(768 |
) |
|
Amortization of acquisition-related intangible assets |
|
|
|
|
|
(308 |
) |
|
|
|
|
(309 |
) |
|
|
|
(1,235 |
) |
|
|
|
|
(1,236 |
) |
|
Gain from settlement with former foundry supplier |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
1,962 |
|
|
|
|
|
- |
|
|
Non-GAAP operating expenses |
|
|
|
$ |
|
6,667 |
|
|
|
$ |
|
6,141 |
|
|
$ |
|
29,118 |
|
|
|
$ |
|
23,114 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP loss from operations |
|
|
|
$ |
|
(1,546 |
) |
|
|
$ |
|
(1,630 |
) |
|
$ |
|
(10,303 |
) |
|
|
$ |
|
(6,634 |
) |
|
Stock-based compensation expense |
|
|
|
|
|
835 |
|
|
|
|
|
590 |
|
|
|
|
3,343 |
|
|
|
|
|
787 |
|
|
Amortization of acquisition-related intangible assets |
|
|
|
|
|
308 |
|
|
|
|
|
309 |
|
|
|
|
1,235 |
|
|
|
|
|
1,236 |
|
|
Gain from settlement with former foundry supplier |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
(1,962 |
) |
|
|
|
|
- |
|
|
Non-GAAP loss from operations |
|
|
|
$ |
|
(403 |
) |
|
|
$ |
|
(731 |
) |
|
$ |
|
(7,687 |
) |
|
|
$ |
|
(4,611 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation from GAAP net loss to adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss: |
|
|
|
$ |
|
(1,722 |
) |
|
|
$ |
|
(3,264 |
) |
|
$ |
|
(11,612 |
) |
|
|
$ |
|
(8,383 |
) |
|
|
Stock-based compensation expense |
|
|
|
|
|
835 |
|
|
|
|
|
590 |
|
|
|
|
3,343 |
|
|
|
|
|
787 |
|
|
|
Revaluation of preferred stock warrants |
|
|
|
|
|
- |
|
|
|
|
|
1,428 |
|
|
|
|
- |
|
|
|
|
|
906 |
|
|
|
Gain from settlement with former foundry supplier |
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
(1,962 |
) |
|
|
|
|
- |
|
|
|
Amortization of acquisition-related intangible assets |
|
|
|
|
308 |
|
|
|
|
|
309 |
|
|
|
|
1,235 |
|
|
|
|
|
1,236 |
|
|
|
|
Non-GAAP net loss |
|
(579 |
) |
|
|
|
|
(937 |
) |
|
|
|
(8,996 |
) |
|
|
|
|
(5,454 |
) |
|
|
Interest
expense |
|
|
|
|
|
227 |
|
|
|
|
|
300 |
|
|
|
|
1,321 |
|
|
|
|
|
1,122 |
|
|
|
Provision for income taxes |
|
|
|
|
|
(62 |
) |
|
|
|
|
(137 |
) |
|
|
|
(16 |
) |
|
|
|
|
(61 |
) |
|
|
Depreciation and amortization |
|
|
|
|
|
303 |
|
|
|
|
|
280 |
|
|
|
|
987 |
|
|
|
|
|
1,453 |
|
|
|
|
Adjusted EBITDA |
$ |
|
(111 |
) |
|
|
$ |
|
(494 |
) |
|
$ |
|
(6,704 |
) |
|
|
$ |
|
(2,940 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
basic and diluted net loss per share |
|
|
|
|
$ |
(0.04 |
) |
|
|
|
$ |
(0.07 |
) |
|
|
$ |
(0.60 |
) |
|
|
|
$ |
(0.52 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of shares used in computing
non-GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net
loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares
used in calculating |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP basic and diluted
net loss per share |
|
|
|
|
|
15,349,715 |
|
|
|
|
|
10,265,617 |
|
|
|
|
15,085,973 |
|
|
|
|
|
3,007,929 |
|
|
|
Incremental shares upon conversion of convertible
preferred |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
stock in
connection with IPO |
|
|
|
|
|
|
|
|
|
2,972,198 |
|
|
|
|
|
|
|
|
7,566,482 |
|
|
Weighted-average shares used in calculating non-GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
basic and
diluted net loss per share |
|
|
|
|
|
15,349,715 |
|
|
|
|
|
13,237,815 |
|
|
|
|
15,085,973 |
|
|
|
|
|
10,574,411 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADESTO TECHNOLOGIES CORPORATION |
|
CONDENSED CONSOLIDATED BALANCE
SHEETS |
|
(in thousands) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
December 31, |
|
|
|
|
|
|
2016 |
|
|
|
2015 |
|
|
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
19,719 |
|
|
|
$ |
23,089 |
|
|
|
Accounts receivable, net |
|
|
6,111 |
|
|
|
|
6,536 |
|
|
|
Inventories |
|
|
5,182 |
|
|
|
|
7,368 |
|
|
|
Prepaid expenses |
|
|
462 |
|
|
|
|
1,155 |
|
|
|
Other current assets |
|
|
105 |
|
|
|
|
1,186 |
|
|
|
|
Total current assets |
|
|
31,579 |
|
|
|
|
39,334 |
|
|
Property
and equipment, net |
|
|
5,962 |
|
|
|
|
909 |
|
|
Intangible
assets, net |
|
|
8,324 |
|
|
|
|
9,559 |
|
|
Other
non-current assets |
|
|
296 |
|
|
|
|
114 |
|
|
Goodwill |
|
|
22 |
|
|
|
|
22 |
|
|
Total
assets |
|
$ |
46,183 |
|
|
|
$ |
49,938 |
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
|
5,167 |
|
|
|
|
9,680 |
|
|
|
Income taxes payable |
|
|
32 |
|
|
|
|
52 |
|
|
|
Accrued
compensation and benefits |
|
|
1,599 |
|
|
|
|
893 |
|
|
|
Accrued
expenses and other current liabilities |
|
|
2,144 |
|
|
|
|
1,413 |
|
|
|
Term
loan |
|
|
6,466 |
|
|
|
|
5,606 |
|
|
|
|
Total current liabilities |
|
|
15,408 |
|
|
|
|
17,644 |
|
|
Line of
credit |
|
|
1,807 |
|
|
|
|
- |
|
|
Term loan,
non-current |
|
|
9,775 |
|
|
|
|
7,814 |
|
|
Deferred
rent, non-current |
|
|
2,826 |
|
|
|
|
- |
|
|
Deferred
tax liability, non-current |
|
|
2 |
|
|
|
|
1 |
|
|
|
|
|
Total
liabilities |
|
|
29,818 |
|
|
|
|
25,459 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
|
|
|
|
|
|
|
Common stock |
|
|
2 |
|
|
|
|
2 |
|
|
|
Additional
paid-in capital |
|
|
110,749 |
|
|
|
|
107,167 |
|
|
|
Accumulated
other comprehensive loss |
|
|
(230 |
) |
|
|
|
(146 |
) |
|
|
Accumulated
deficit |
|
|
(94,156 |
) |
|
|
|
(82,544 |
) |
|
Total
stockholders' equity |
|
|
16,365 |
|
|
|
|
24,479 |
|
|
Total
liabilities and stockholders' equity |
|
$ |
46,183 |
|
|
|
$ |
49,938 |
|
|
Company Contact:
David Viera
Director, Corporate Communications
P: 408-419-4844
E: david.viera@adestotech.com
Adesto Technologies Investor Relations:
Shelton Group
Leanne K. Sievers, President
P: 949-836-4276
E: sheltonir@sheltongroup.com
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