Fourth Quarter Revenue Grows 31.0% Year-Over-Year
with Second Consecutive Quarter of Positive Cash Flow from
Operations; Full Year Revenue Up 27.6% over 2016 with Positive
EBITDA
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 fourth
quarter and year ended December 31, 2017.
Fourth Quarter Financial
Summary:
- Revenue was a record $16.2 million, increasing 31.0% from the
fourth quarter of 2016 and 6.0% from the third quarter of
2017;
- GAAP gross margin was 47.9%, compared to 50.6% in the prior
year quarter and 49.0% last quarter;
- GAAP operating expenses were $7.7 million, and non-GAAP
operating expenses were $6.8 million, essentially flat
year-over-year;
- Adjusted EBITDA was a positive $1.4 million, compared to a loss
of $0.1 million in the fourth quarter of 2016 and a positive $0.9
million in the prior quarter;
- GAAP net loss was $165,000, or ($0.01) per share, and non-GAAP
net income was $0.8 million, or $0.03 per diluted share; and
- Ended the quarter with $30.1 million of cash and cash
equivalents.
2017 Highlights:
- Revenue grew 27.6% to $56.1 million from $44.0 million in
2016;
- Reported three consecutive quarters of over 30% year-over-year
revenue growth;
- Gross margin was 49.0% remaining at high-end of targeted
range;
- Achieved two consecutive quarters of non-GAAP profitability and
positive cash flow from operations in the second half of 2017;
- Achieved three consecutive quarters of increasing adjusted
EBITDA, ending the year with a positive $1.3 million compared to a
negative $6.7 million last year; and
- Secured over 400 design wins for the full year across
industrial, consumer, communications and automotive markets.
Commenting on the quarter, Narbeh Derhacobian,
Adesto’s president and CEO, stated, “Revenue in the fourth quarter
was at the high-end of our guidance range with operating expenses
below the low-end of the range, contributing to our achievement of
non-GAAP profitability, positive adjusted EBITDA and operating cash
flow for the quarter. These results conclude a pivotal year for
Adesto as we gained significant momentum ramping production of past
design wins, resulting in three consecutive quarters of revenue
growing by over 30% year-over-year and 27.6% for the full year.
“We are equally excited about our growth
prospects in 2018 and beyond as we layered on a record number of
design wins this past year, which should add to our current
momentum. In fact, the annual revenue run rate
potential of our secured design wins for 2017 increased by over 85%
from 2016 and four times over that of 2015. We believe this
is a clear indication that the growth we experienced in 2017 will
carry forward into 2018 and beyond. We are seeing a number of new
IoT and embedded applications coming to market that are benefitting
from our low-power smart memory devices, including voice-activated
home appliances, touch-sensors, asset trackers, smart lighting as
well as health monitors.
“Finally, we significantly improved our balance
sheet and financial position during the year, ending with more than
$30 million in cash and giving us the capital and resources
necessary to grow our existing business. With operating
expenses well under control and gross margins remaining within our
targeted range, we are well positioned to deliver improving profits
and cash flow. We are starting out the year with expectations to
achieve our fourth consecutive quarter of revenue increasing 30%
year-over-year and strong growth anticipated throughout the year as
we expect to reach GAAP profitability in 2018.”
Fourth Quarter and 2017 Results
Revenue in the fourth quarter of 2017 was a record $16.2 million,
an increase of 31.0% from $12.3 million in the fourth quarter of
2016 and an increase of 6.0% from $15.2 million last quarter. For
the full year 2017, revenue increased 27.6% to $56.1 million from
$44.0 million in 2016.
Gross margin in the fourth quarter of 2017 was
47.9%, compared to 50.6% in the fourth quarter of 2016 and 49.0% in
the third quarter of 2017. Gross margin remains within the
Company’s targeted range. Gross margin for the full year 2017
was up 40 basis points to 49.0% from the prior year.
GAAP operating expenses in the fourth quarter of
2017 were $7.7 million, compared to $7.8 million in the prior year
quarter and $8.3 million last quarter. On a non-GAAP basis,
operating expenses in the fourth quarter were $6.8 million,
compared to $6.7 million in the fourth quarter of 2016 and $6.9
million in the prior quarter. For the full year 2017, GAAP
operating expenses were $32.3 million, compared to $31.7 million in
2016 and non-GAAP operating expenses were $27.7 million, compared
to $29.1 million in the prior year.
GAAP net loss in the fourth quarter of 2017 was
$165,000, or ($0.01) per share, compared to a net loss of $1.7
million, or ($0.11) per share, in the fourth quarter of 2016 and a
net loss of $1.0 million, or ($0.05) per share, in the previous
quarter. The full year 2017 net loss was $5.7 million or
($0.31) per share, compared to a loss of $11.6 million, or ($0.77)
per share in 2016.
On a non-GAAP basis, net income in the fourth
quarter of 2017 was $0.8 million, or $0.03 per diluted share,
compared to a net loss of $0.6 million, or ($0.04) per share, in
the fourth quarter of 2016 and net income of $0.4 million, or $0.02
per diluted share, last quarter. For the full year 2017,
non-GAAP net loss declined to $1.0 million, or ($0.05) per share,
from $9.0 million, or ($0.60) per share, in 2016.
Adjusted EBITDA for the fourth quarter of 2017
was a positive $1.4 million, compared to a loss of $0.1 million in
the fourth quarter of 2016 and a positive $0.9 million in the
previous quarter. For the full year 2017, adjusted EBITDA was a
positive $1.3 million, compared to a loss of $6.7 million in
2016.
A reconciliation of GAAP results to non-GAAP
results is provided in the financial statement tables following the
text of this press release.
Cash and cash equivalents as of December 31,
2017 totaled $30.1 million, compared to $19.7 million at the end of
2016.
Business OutlookFor the first
quarter of 2018, the Company expects revenue to range between $14.7
million and $15.0 million, representing a 31.3% increase
year-over-year at the mid-point even when considering the typical
seasonality associated with the quarter. Gross margin is expected
to be between 46% and 49%. GAAP operating expenses are expected to
range between $8.5 million and $8.7 million, or $7.5 million and
$7.7 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
6459898. 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 20, 2018 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 6459898.
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 Technologies Adesto
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 September 30, 2017, filed with the
SEC on November 13, 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 February 13, 2018, 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 13, 2018 press
release, or to reflect the occurrence of unanticipated events.
Company Contact: Ron Shelton Chief Financial
Officer P: 408-400-0578 E: ron.shelton@adestotech.com
Adesto Technologies Investor Relations: Shelton
Group Leanne K. Sievers, President P: 949-224-3874E:
sheltonir@sheltongroup.com
|
|
|
|
|
|
|
|
|
|
|
ADESTO TECHNOLOGIES CORPORATION |
CONDENSED CONSOLIDATED BALANCE
SHEETS |
(in thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
December 31, |
|
|
|
|
|
2017 |
|
|
|
2016 |
|
Assets |
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
30,078 |
|
|
|
$ |
19,719 |
|
|
Accounts
receivable, net |
|
|
8,668 |
|
|
|
|
6,111 |
|
|
Inventories |
|
|
5,814 |
|
|
|
|
5,182 |
|
|
Prepaid
expenses |
|
|
993 |
|
|
|
|
462 |
|
|
Other
current assets |
|
|
52 |
|
|
|
|
105 |
|
|
|
Total
current assets |
|
|
45,605 |
|
|
|
|
31,579 |
|
Property
and equipment, net |
|
|
6,833 |
|
|
|
|
5,962 |
|
Intangible
assets, net |
|
|
7,452 |
|
|
|
|
8,324 |
|
Other
non-current assets |
|
|
900 |
|
|
|
|
296 |
|
Goodwill |
|
|
22 |
|
|
|
|
22 |
|
Total
assets |
|
$ |
60,812 |
|
|
|
$ |
46,183 |
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Accounts
payable |
|
|
7,075 |
|
|
|
|
5,167 |
|
|
Accrued
compensation and benefits |
|
|
2,614 |
|
|
|
|
1,599 |
|
|
Accrued
expenses and other current liabilities |
|
|
2,359 |
|
|
|
|
2,176 |
|
|
Line of
credit, current |
|
|
1,500 |
|
|
|
|
- |
|
|
Term loan,
current |
|
|
926 |
|
|
|
|
6,466 |
|
|
|
Total
current liabilities |
|
|
14,474 |
|
|
|
|
15,408 |
|
Line of
credit, non-current |
|
|
- |
|
|
|
|
1,807 |
|
Term loan,
non-current |
|
|
10,908 |
|
|
|
|
9,775 |
|
Other
non-current liabilities |
|
|
75 |
|
|
|
|
- |
|
Deferred
rent, non-current |
|
|
2,404 |
|
|
|
|
2,826 |
|
Deferred
tax liability, non-current |
|
|
1 |
|
|
|
|
2 |
|
|
|
|
Total liabilities |
|
|
27,862 |
|
|
|
|
29,818 |
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
|
|
Common
stock |
|
|
2 |
|
|
|
|
2 |
|
|
Additional
paid-in capital |
|
|
133,087 |
|
|
|
|
110,749 |
|
|
Accumulated
other comprehensive loss |
|
|
(295 |
) |
|
|
|
(230 |
) |
|
Accumulated
deficit |
|
|
(99,844 |
) |
|
|
|
(94,156 |
) |
Total
stockholders' equity |
|
|
32,950 |
|
|
|
|
16,365 |
|
Total
liabilities and stockholders' equity |
|
$ |
60,812 |
|
|
|
$ |
46,183 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue,
net |
|
$ |
16,154 |
|
|
|
$ |
12,330 |
|
|
|
$ |
56,112 |
|
|
|
$ |
43,968 |
|
Cost of
revenue |
|
|
8,422 |
|
|
|
|
6,087 |
|
|
|
|
28,637 |
|
|
|
|
22,618 |
|
|
Gross
profit |
|
|
7,732 |
|
|
|
|
6,243 |
|
|
|
|
27,475 |
|
|
|
|
21,350 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
3,441 |
|
|
|
|
3,369 |
|
|
|
|
14,094 |
|
|
|
|
15,896 |
|
|
Sales
and marketing |
|
|
2,656 |
|
|
|
|
2,711 |
|
|
|
|
11,064 |
|
|
|
|
11,026 |
|
|
General and administrative |
|
|
1,579 |
|
|
|
|
1,709 |
|
|
|
|
7,148 |
|
|
|
|
6,693 |
|
|
Gain
from settlement with former foundry supplier |
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
(1,962 |
) |
|
|
Total operating
expenses |
|
|
7,676 |
|
|
|
|
7,789 |
|
|
|
|
32,306 |
|
|
|
|
31,653 |
|
Income
(loss) from operations |
|
|
56 |
|
|
|
|
(1,546 |
) |
|
|
|
(4,831 |
) |
|
|
|
(10,303 |
) |
Other
income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
(172 |
) |
|
|
|
(217 |
) |
|
|
|
(753 |
) |
|
|
|
(1,275 |
) |
|
Other
income (expense), net |
|
|
(5 |
) |
|
|
|
(21 |
) |
|
|
|
(3 |
) |
|
|
|
(50 |
) |
|
|
Total other
income (expense), net |
|
|
(177 |
) |
|
|
|
(238 |
) |
|
|
|
(756 |
) |
|
|
|
(1,325 |
) |
Loss before
provision for income taxes |
|
|
(121 |
) |
|
|
|
(1,784 |
) |
|
|
|
(5,587 |
) |
|
|
|
(11,628 |
) |
Provision
for (benefit from) income taxes |
|
|
44 |
|
|
|
|
(62 |
) |
|
|
|
101 |
|
|
|
|
(16 |
) |
Net
loss |
|
$ |
(165 |
) |
|
|
$ |
(1,722 |
) |
|
|
$ |
(5,688 |
) |
|
|
$ |
(11,612 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
and diluted |
|
$ |
(0.01 |
) |
|
|
$ |
(0.11 |
) |
|
|
$ |
(0.31 |
) |
|
|
$ |
(0.77 |
) |
Weighted
average number of shares used in computing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net
loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
and diluted |
|
|
21,232,518 |
|
|
|
|
15,349,715 |
|
|
|
|
18,591,308 |
|
|
|
|
15,085,973 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADESTO TECHNOLOGIES CORPORATION |
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
INFORMATION |
(in thousands, except for share and per share
amounts) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December
31, |
|
|
Year Ended December 31, |
|
|
|
|
|
|
2017 |
|
|
|
|
2016 |
|
|
|
|
2017 |
|
|
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross
profit |
|
|
|
$ |
7,732 |
|
|
|
$ |
6,243 |
|
|
|
$ |
27,475 |
|
|
|
$ |
21,350 |
|
Stock-based
compensation expense |
|
|
|
|
26 |
|
|
|
|
21 |
|
|
|
|
112 |
|
|
|
|
81 |
|
Non-GAAP
gross profit |
|
|
|
$ |
7,758 |
|
|
|
$ |
6,264 |
|
|
|
$ |
27,587 |
|
|
|
$ |
21,431 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
research and development expenses |
|
|
|
$ |
3,441 |
|
|
|
$ |
3,369 |
|
|
|
$ |
14,094 |
|
|
|
$ |
15,896 |
|
Stock-based
compensation expense |
|
|
|
|
(235 |
) |
|
|
|
(251 |
) |
|
|
|
(1,172 |
) |
|
|
|
(1,038 |
) |
Amortization of acquisition-related intangible assets |
|
|
|
|
(107 |
) |
|
|
|
(121 |
) |
|
|
|
(471 |
) |
|
|
|
(484 |
) |
Non-GAAP
research and development expenses |
|
|
|
$ |
3,099 |
|
|
|
$ |
2,997 |
|
|
|
$ |
12,451 |
|
|
|
$ |
14,374 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP sales
and marketing expenses |
|
|
|
$ |
2,656 |
|
|
|
$ |
2,711 |
|
|
|
$ |
11,064 |
|
|
|
$ |
11,026 |
|
Stock-based
compensation expense |
|
|
|
|
(143 |
) |
|
|
|
(176 |
) |
|
|
|
(764 |
) |
|
|
|
(706 |
) |
Amortization of acquisition-related intangible assets |
|
|
|
|
(188 |
) |
|
|
|
(187 |
) |
|
|
|
(751 |
) |
|
|
|
(751 |
) |
Non-GAAP
sales and marketing expenses |
|
|
|
$ |
2,325 |
|
|
|
$ |
2,348 |
|
|
|
$ |
9,549 |
|
|
|
$ |
9,569 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
general and administrative expenses |
|
|
|
$ |
1,579 |
|
|
|
$ |
1,709 |
|
|
|
$ |
7,148 |
|
|
|
$ |
6,693 |
|
Stock-based
compensation expense |
|
|
|
|
(225 |
) |
|
|
|
(387 |
) |
|
|
|
(1,454 |
) |
|
|
|
(1,518 |
) |
Non-GAAP
general and administrative expenses |
|
|
|
$ |
1,354 |
|
|
|
$ |
1,322 |
|
|
|
$ |
5,694 |
|
|
|
$ |
5,175 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
operating expenses |
|
|
|
$ |
7,676 |
|
|
|
$ |
7,789 |
|
|
|
$ |
32,306 |
|
|
|
$ |
31,653 |
|
Stock-based
compensation expense |
|
|
|
|
(603 |
) |
|
|
|
(814 |
) |
|
|
|
(3,390 |
) |
|
|
|
(3,262 |
) |
Amortization of acquisition-related intangible assets |
|
|
|
|
(295 |
) |
|
|
|
(308 |
) |
|
|
|
(1,222 |
) |
|
|
|
(1,235 |
) |
Gain from
settlement with former foundry supplier |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
1,962 |
|
Non-GAAP
operating expenses |
|
|
|
$ |
6,778 |
|
|
|
$ |
6,667 |
|
|
|
$ |
27,694 |
|
|
|
$ |
29,118 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP income
(loss) from operations |
|
|
|
$ |
56 |
|
|
|
$ |
(1,546 |
) |
|
|
$ |
(4,831 |
) |
|
|
$ |
(10,303 |
) |
Stock-based
compensation expense |
|
|
|
|
629 |
|
|
|
|
835 |
|
|
|
|
3,502 |
|
|
|
|
3,343 |
|
Amortization of acquisition-related intangible assets |
|
|
|
|
295 |
|
|
|
|
308 |
|
|
|
|
1,222 |
|
|
|
|
1,235 |
|
Gain from
settlement with former foundry supplier |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
(1,962 |
) |
Non-GAAP
income (loss) from operations |
|
|
|
$ |
980 |
|
|
|
$ |
(403 |
) |
|
|
$ |
(107 |
) |
|
|
$ |
(7,687 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation from GAAP net loss to adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
loss: |
|
|
|
$ |
(165 |
) |
|
|
$ |
(1,722 |
) |
|
|
$ |
(5,688 |
) |
|
|
$ |
(11,612 |
) |
|
Stock-based
compensation expense |
|
|
|
|
629 |
|
|
|
|
835 |
|
|
|
|
3,502 |
|
|
|
|
3,343 |
|
|
Gain from settlement
with former foundry supplier |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
(1,962 |
) |
|
Amortization of
acquisition-related intangible assets |
|
|
|
|
295 |
|
|
|
|
308 |
|
|
|
|
1,222 |
|
|
|
|
1,235 |
|
|
|
|
|
Non-GAAP net income (loss) |
|
759 |
|
|
|
|
(579 |
) |
|
|
|
(964 |
) |
|
|
|
(8,996 |
) |
|
Interest expense |
|
|
|
|
170 |
|
|
|
|
227 |
|
|
|
|
781 |
|
|
|
|
1,321 |
|
|
Provision for (benefit
from) income taxes |
|
|
|
|
44 |
|
|
|
|
(62 |
) |
|
|
|
101 |
|
|
|
|
(16 |
) |
|
Depreciation and
amortization |
|
|
|
|
380 |
|
|
|
|
303 |
|
|
|
|
1,384 |
|
|
|
|
987 |
|
|
|
|
|
Adjusted EBITDA |
$ |
1,353 |
|
|
|
$ |
(111 |
) |
|
|
$ |
1,302 |
|
|
|
$ |
(6,704 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
diluted net income (loss) per share |
|
|
|
|
$0.03 |
|
|
|
|
($0.04 |
) |
|
|
|
($0.05 |
) |
|
|
|
($0.60 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
21,232,518 |
|
|
|
|
15,349,715 |
|
|
|
|
18,591,308 |
|
|
|
|
15,085,973 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Incremental
shares upon conversion of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
stock options,
restricted stock units and warrants |
|
|
|
|
1,082,995 |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares
used in calculating |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
non-GAAP diluted net
income (loss) per share |
|
|
|
|
22,315,513 |
|
|
|
|
15,349,715 |
|
|
|
|
18,591,308 |
|
|
|
|
15,085,973 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adesto Technologies (NASDAQ:IOTS)
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From May 2024 to Jun 2024
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From Jun 2023 to Jun 2024