Adesto Technologies Corporation (NASDAQ:IOTS), a leading provider
of application-specific, ultra-low power and smart non-volatile
memory products, today announced financial results for its third
quarter ended September 30, 2017.
Third Quarter Highlights:
- Revenue was a record $15.2 million, increasing 36.3% from the
third quarter of 2016 and 13.6% from the second quarter of
2017;
- GAAP gross margin was 49.0%, compared to 48.1% in the prior
year quarter and 50.1% last quarter;
- GAAP operating expenses were $8.3 million, and non-GAAP
operating expenses were $6.9 million, a $0.8 million decrease
year-over-year;
- Adjusted EBITDA was a positive $0.9 million, compared to a
positive $0.1 million in the prior quarter and a loss of $2.0
million in the third quarter of 2016.
- GAAP net loss was $1.0 million, or ($0.05) per share, and
non-GAAP net income was $0.4 million, or $0.02 per diluted share;
and
- Ended the quarter with $30.5 million of cash and cash
equivalents, and restructured existing debt facility by expanding
borrowing capacity, deferring principal payments and lowering
interest rates.
Commenting on the quarter, Narbeh Derhacobian,
Adesto’s president and CEO, stated ”We achieved another quarter of
record revenue, increasing 36% year-over-year to $15.2 million and
exceeding our guidance range of $14.3 to $14.7 million. Notably, we
achieved non-GAAP profitability one quarter ahead of plan as a
result of our strong revenue growth and expense management. Our
significant momentum is a direct result of our past design wins
ramping into production with increasing traction on new product
introductions. Also during the quarter, we continued to make great
strides expanding our tier-one customer base by leveraging our new
standard serial flash offerings allowing us to showcase the
value-added features of our smart-memory devices.
“We also continue to see strong design win
activity, with over 75% of our design wins within our two largest
end-markets of industrial and consumer, where our products are
ideally suited for connected, low-energy applications. An
increasing number of our design wins involve applications such as
smart meters, smart lighting, fitness devices, voice-activated home
appliances, touch-sensor applications as well as many other types
of IoT and embedded devices.”
Mr. Derhacobian concluded, “As we look to the
fourth quarter, we expect to continue our growth trajectory and for
the third consecutive quarter are projecting revenue to grow
approximately 30% over the prior year period. We also expect to
maintain non–GAAP operating expenses, as a percent of revenue,
consistent with the third quarter to improve bottom-line
results.”
Third Quarter 2017 Results
Revenue in the quarter ended September 30, 2017 was a record $15.2
million, an increase of 36.3% from $11.2 million in the third
quarter of 2016 and an increase of 13.6% from $13.4 million last
quarter.
Gross margin in the third quarter of 2017 was
49.0%, compared to 48.1% in the third quarter of 2016 and 50.1% in
the second quarter of 2017. Gross margin continues to be within the
Company’s targeted range.
GAAP operating expenses in the third quarter of
2017 were $8.3 million, compared to $8.8 million in the prior year
quarter and $8.3 million last quarter. On a non-GAAP basis,
operating expenses in the third quarter of 2017 were $6.9 million,
compared to $7.7 million in the third quarter of 2016 and $7.0
million in the prior quarter.
GAAP net loss in the third quarter of 2017 was
$1.0 million, or ($0.05) per share, compared to a net loss of $4.1
million, or ($0.27) per share, in the third quarter of 2016 and a
net loss of $1.8 million, or ($0.11) per share, in the previous
quarter.
On a non-GAAP basis, net income in the third
quarter of 2017 was $0.4 million, or $0.02 per diluted 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 $0.5 million, or
($0.03) per share, last quarter.
Adjusted EBITDA for the third quarter was a
positive $0.9 million, compared to a loss of $2.0 million in the
third quarter of 2016 and a positive $0.1 million in the previous
quarter.
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 and cash equivalents totaled $30.5 million
as of September 30, 2017, compared to $31.9 million as of June 30,
2017.
Business OutlookFor the fourth
quarter of 2017, the Company expects revenue to range between $15.8
million and $16.2 million, resulting in another quarter of record
revenue and approximately 30% year-over-year growth at the
mid-point. Gross margin is expected to be between 47% and 50%. GAAP
operating expenses are expected to range between $8.1 million and
$8.3 million, or $7.1 million and $7.3 million on a non-GAAP basis,
which excludes approximately $0.7 million in stock-based
compensation expense 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
1910401. 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 Wednesday, November 15, 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 1910401.
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 income (loss), non-GAAP net income
(loss) per share and 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.
- 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 income (loss) and non-GAAP net income (loss) per
share. Non-GAAP net income (loss) is GAAP net loss as reported on
our condensed consolidated statements of operations, excluding the
impact of stock-based compensation expense, amortization of
acquisition-related intangible assets and gains from dispute
settlements. Non-GAAP net income (loss) per share is non-GAAP net
income (loss) divided by weighted average shares outstanding and,
if dilutive, incremental shares based upon the conversion of
outstanding stock options, restricted stock units and
warrants.
- Non-GAAP operating expense. Non-GAAP operating expenses
are GAAP operating expenses as reported in our condensed
consolidated statements of operations, excluding the impact of
stock-based compensation expense, amortization of
acquisition-related intangible assets and gains from dispute
settlements.
- Adjusted EBITDA is GAAP net loss as reported on our condensed
consolidated statements of operations, excluding the impact of the
same items excluded from the calculation of non-GAAP net income
(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 TechnologiesAdesto Technologies
(NASDAQ:IOTS) is a leading provider of application-specific,
ultra-low power and smart 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 its trademark resistive RAM technology, called Conductive
Bridging RAM (CBRAM®). For more information, please visit
http://www.adestotech.com.
Adesto Technologies and
the Adesto logo are trademarks of Adesto
Technologies in the United States and other regions.
All other trademarks are property of their respective owners.
Forward looking StatementsThe
quotes of our Chief Executive Officer in this release regarding our
momentum and expected revenue growth and non-GAAP operating expense
maintenance, 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 our Quarterly Report on Form 10-Q
for the quarterly period ended June 30, 2017, filed with the SEC on
August 14, 2017, 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 November 8, 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 November 8, 2017 press
release, or to reflect the occurrence of unanticipated events.
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: 949-224-3874E:
sheltonir@sheltongroup.com
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ADESTO TECHNOLOGIES CORPORATION |
|
CONDENSED CONSOLIDATED BALANCE
SHEETS |
|
(in thousands) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
|
December 31, |
|
|
|
|
|
|
2017 |
|
|
2016 |
|
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
30,508 |
|
|
|
$ |
19,719 |
|
|
|
Accounts receivable, net |
|
|
8,810 |
|
|
|
|
6,111 |
|
|
|
Inventories |
|
|
4,263 |
|
|
|
|
5,182 |
|
|
|
Prepaid expenses |
|
|
348 |
|
|
|
|
462 |
|
|
|
Other current assets |
|
|
103 |
|
|
|
|
105 |
|
|
|
|
Total current assets |
|
|
44,032 |
|
|
|
|
31,579 |
|
|
Property
and equipment, net |
|
|
6,325 |
|
|
|
|
5,962 |
|
|
Intangible
assets, net |
|
|
7,397 |
|
|
|
|
8,324 |
|
|
Other
non-current assets |
|
|
607 |
|
|
|
|
296 |
|
|
Goodwill |
|
|
22 |
|
|
|
|
22 |
|
|
Total
assets |
|
$ |
58,383 |
|
|
|
$ |
46,183 |
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
|
5,907 |
|
|
|
|
5,167 |
|
|
|
Accrued
compensation and benefits |
|
|
2,132 |
|
|
|
|
1,599 |
|
|
|
Accrued
expenses and other current liabilities |
|
|
1,946 |
|
|
|
|
2,176 |
|
|
|
Term loan,
current |
|
|
- |
|
|
|
|
6,466 |
|
|
|
|
Total current liabilities |
|
|
9,985 |
|
|
|
|
15,408 |
|
|
Line of
credit |
|
|
2,000 |
|
|
|
|
1,807 |
|
|
Term loan,
non-current |
|
|
11,396 |
|
|
|
|
9,775 |
|
|
Deferred
rent, non-current |
|
|
2,511 |
|
|
|
|
2,826 |
|
|
Deferred
tax liability, non-current |
|
|
2 |
|
|
|
|
2 |
|
|
|
|
|
Total
liabilities |
|
|
25,894 |
|
|
|
|
29,818 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
|
|
|
Common stock |
|
|
2 |
|
|
|
|
2 |
|
|
|
Additional
paid-in capital |
|
|
132,467 |
|
|
|
|
110,749 |
|
|
|
Accumulated
other comprehensive loss |
|
|
(301 |
) |
|
|
|
(230 |
) |
|
|
Accumulated
deficit |
|
|
(99,679 |
) |
|
|
|
(94,156 |
) |
|
Total
stockholders' equity |
|
|
32,489 |
|
|
|
|
16,365 |
|
|
Total
liabilities and stockholders' equity |
|
$ |
58,383 |
|
|
|
$ |
46,183 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADESTO TECHNOLOGIES CORPORATION |
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(in thousands, except for share and per share
amounts) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue, net |
|
$ |
15,239 |
|
|
|
$ |
11,180 |
|
|
|
$ |
39,958 |
|
|
|
$ |
31,638 |
|
Cost
of revenue |
|
|
7,773 |
|
|
|
|
5,803 |
|
|
|
|
20,215 |
|
|
|
|
16,531 |
|
|
Gross
profit |
|
|
7,466 |
|
|
|
|
5,377 |
|
|
|
|
19,743 |
|
|
|
|
15,107 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
3,606 |
|
|
|
|
4,390 |
|
|
|
|
10,653 |
|
|
|
|
12,527 |
|
|
Sales
and marketing |
|
|
2,897 |
|
|
|
|
2,870 |
|
|
|
|
8,408 |
|
|
|
|
8,315 |
|
|
General and administrative |
|
|
1,761 |
|
|
|
|
1,586 |
|
|
|
|
5,569 |
|
|
|
|
4,984 |
|
|
Gain
from settlement with former foundry supplier |
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
(1,962 |
) |
|
|
Total operating
expenses |
|
|
8,264 |
|
|
|
|
8,846 |
|
|
|
|
24,630 |
|
|
|
|
23,864 |
|
Loss
from operations |
|
|
(798 |
) |
|
|
|
(3,469 |
) |
|
|
|
(4,887 |
) |
|
|
|
(8,757 |
) |
Other
income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
(170 |
) |
|
|
|
(576 |
) |
|
|
|
(581 |
) |
|
|
|
(1,058 |
) |
|
Other
income (expense), net |
|
|
(12 |
) |
|
|
|
(18 |
) |
|
|
|
2 |
|
|
|
|
(29 |
) |
|
|
Total other
income (expense), net |
|
|
(182 |
) |
|
|
|
(594 |
) |
|
|
|
(579 |
) |
|
|
|
(1,087 |
) |
Loss
before provision for income taxes |
|
|
(980 |
) |
|
|
|
(4,063 |
) |
|
|
|
(5,466 |
) |
|
|
|
(9,844 |
) |
Provision for income taxes |
|
|
17 |
|
|
|
|
15 |
|
|
|
|
57 |
|
|
|
|
46 |
|
Net
loss |
|
$ |
(997 |
) |
|
|
$ |
(4,078 |
) |
|
|
$ |
(5,523 |
) |
|
|
$ |
(9,890 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
and diluted |
|
$ |
(0.05 |
) |
|
|
$ |
(0.27 |
) |
|
|
$ |
(0.31 |
) |
|
|
$ |
(0.66 |
) |
Weighted average number of shares used in
computing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net
loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
and diluted |
|
|
21,058,635 |
|
|
|
|
15,034,475 |
|
|
|
|
17,701,230 |
|
|
|
|
14,997,417 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADESTO TECHNOLOGIES CORPORATION |
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
INFORMATION |
(in thousands, except for share and per share
amounts) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended |
|
|
Nine Months
Ended |
|
|
|
|
|
|
September 30,2017 |
|
|
|
September 30,2016 |
|
|
|
September 30,2017 |
|
|
|
September 30,2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit |
|
|
|
$ |
|
7,466 |
|
|
|
$ |
|
5,377 |
|
|
|
$ |
|
19,743 |
|
|
|
$ |
|
15,107 |
|
Stock-based compensation expense |
|
|
|
|
|
35 |
|
|
|
|
|
22 |
|
|
|
|
|
86 |
|
|
|
|
|
60 |
|
Non-GAAP gross profit |
|
|
|
$ |
|
7,501 |
|
|
|
$ |
|
5,399 |
|
|
|
$ |
|
19,829 |
|
|
|
$ |
|
15,167 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP research and development expenses |
|
|
|
$ |
|
3,606 |
|
|
|
$ |
|
4,390 |
|
|
|
$ |
|
10,653 |
|
|
|
$ |
|
12,527 |
|
Stock-based compensation expense |
|
|
|
|
|
(373 |
) |
|
|
|
|
(273 |
) |
|
|
|
|
(937 |
) |
|
|
|
|
(787 |
) |
Amortization of acquisition-related intangible assets |
|
|
|
|
|
(121 |
) |
|
|
|
|
(121 |
) |
|
|
|
|
(364 |
) |
|
|
|
|
(363 |
) |
Non-GAAP research and development expenses |
|
|
|
$ |
|
3,112 |
|
|
|
$ |
|
3,996 |
|
|
|
$ |
|
9,352 |
|
|
|
$ |
|
11,377 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP sales and marketing expenses |
|
|
|
$ |
|
2,897 |
|
|
|
$ |
|
2,870 |
|
|
|
$ |
|
8,408 |
|
|
|
$ |
|
8,315 |
|
Stock-based compensation expense |
|
|
|
|
|
(239 |
) |
|
|
|
|
(186 |
) |
|
|
|
|
(621 |
) |
|
|
|
|
(530 |
) |
Amortization of acquisition-related intangible assets |
|
|
|
|
|
(188 |
) |
|
|
|
|
(188 |
) |
|
|
|
|
(563 |
) |
|
|
|
|
(564 |
) |
Non-GAAP sales and marketing expenses |
|
|
|
$ |
|
2,470 |
|
|
|
$ |
|
2,496 |
|
|
|
$ |
|
7,224 |
|
|
|
$ |
|
7,221 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP general and administrative expenses |
|
|
|
$ |
|
1,761 |
|
|
|
$ |
|
1,586 |
|
|
|
$ |
|
5,569 |
|
|
|
$ |
|
4,984 |
|
Stock-based compensation expense |
|
|
|
|
|
(420 |
) |
|
|
|
|
(398 |
) |
|
|
|
|
(1,229 |
) |
|
|
|
|
(1,131 |
) |
Non-GAAP general and administrative expenses |
|
|
|
$ |
|
1,341 |
|
|
|
$ |
|
1,188 |
|
|
|
$ |
|
4,340 |
|
|
|
$ |
|
3,853 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating expenses |
|
|
|
$ |
|
8,264 |
|
|
|
$ |
|
8,846 |
|
|
|
$ |
|
24,630 |
|
|
|
$ |
|
23,864 |
|
Stock-based compensation expense |
|
|
|
|
|
(1,032 |
) |
|
|
|
|
(857 |
) |
|
|
|
|
(2,787 |
) |
|
|
|
|
(2,448 |
) |
Amortization of acquisition-related intangible assets |
|
|
|
|
|
(309 |
) |
|
|
|
|
(309 |
) |
|
|
|
|
(927 |
) |
|
|
|
|
(927 |
) |
Gain from settlement with former foundry supplier |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
1,962 |
|
Non-GAAP operating expenses |
|
|
|
$ |
|
6,923 |
|
|
|
$ |
|
7,680 |
|
|
|
$ |
|
20,916 |
|
|
|
$ |
|
22,451 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP loss from operations |
|
|
|
$ |
|
(798 |
) |
|
|
$ |
|
(3,469 |
) |
|
|
$ |
|
(4,887 |
) |
|
|
$ |
|
(8,757 |
) |
Stock-based compensation expense |
|
|
|
|
|
1,067 |
|
|
|
|
|
879 |
|
|
|
|
|
2,873 |
|
|
|
|
|
2,508 |
|
Amortization of acquisition-related intangible assets |
|
|
|
|
|
309 |
|
|
|
|
|
309 |
|
|
|
|
|
927 |
|
|
|
|
|
927 |
|
Gain from settlement with former foundry supplier |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
(1,962 |
) |
Non-GAAP income (loss) from operations |
|
|
|
$ |
|
578 |
|
|
|
$ |
|
(2,281 |
) |
|
|
$ |
|
(1,087 |
) |
|
|
$ |
|
(7,284 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation from GAAP net loss to adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss: |
|
|
|
$ |
|
(997 |
) |
|
|
$ |
|
(4,078 |
) |
|
|
$ |
|
(5,523 |
) |
|
|
$ |
|
(9,890 |
) |
|
Stock-based compensation expense |
|
|
|
|
|
1,067 |
|
|
|
|
|
879 |
|
|
|
|
|
2,873 |
|
|
|
|
|
2,508 |
|
|
Gain
from settlement with former foundry supplier |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
(1,962 |
) |
|
Amortization of acquisition-related intangible assets |
|
|
|
|
|
309 |
|
|
|
|
|
309 |
|
|
|
|
|
927 |
|
|
|
|
|
927 |
|
|
|
|
|
Non-GAAP net income (loss) |
|
|
379 |
|
|
|
|
|
(2,890 |
) |
|
|
|
|
(1,723 |
) |
|
|
|
|
(8,417 |
) |
|
Interest
expense |
|
|
|
|
|
182 |
|
|
|
|
|
585 |
|
|
|
|
|
611 |
|
|
|
|
|
1,094 |
|
|
Provision for income taxes |
|
|
|
|
|
17 |
|
|
|
|
|
15 |
|
|
|
|
|
57 |
|
|
|
|
|
46 |
|
|
Depreciation and amortization |
|
|
|
|
|
360 |
|
|
|
|
|
255 |
|
|
|
|
|
1,004 |
|
|
|
|
|
684 |
|
|
|
|
|
Adjusted EBITDA |
$ |
|
938 |
|
|
|
$ |
|
(2,035 |
) |
|
|
$ |
|
(51 |
) |
|
|
$ |
|
(6,593 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
diluted net income (loss) per share |
|
|
|
|
$ |
0.02 |
|
|
|
|
($ |
0.19 |
) |
|
|
|
($ |
0.10 |
) |
|
|
|
($ |
0.56 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of shares used in computing
non-GAAP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net
income (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares
used in calculating |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
non-GAAP basic net
income (loss) per share |
|
|
|
|
|
21,058,635 |
|
|
|
|
|
15,034,475 |
|
|
|
|
|
17,701,230 |
|
|
|
|
|
14,997,417 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Incremental
shares upon conversion of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
stock options,
restricted stock units and warrants |
|
|
|
|
|
963,798 |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares
used in calculating |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
non-GAAP diluted net
income (loss) per share |
|
|
|
|
|
22,022,433 |
|
|
|
|
|
15,034,475 |
|
|
|
|
|
17,701,230 |
|
|
|
|
|
14,997,417 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adesto Technologies (NASDAQ:IOTS)
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From Jun 2024 to Jul 2024
Adesto Technologies (NASDAQ:IOTS)
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From Jul 2023 to Jul 2024