Achieves Fifth Consecutive Quarter of More Than
30% Year-Over-Year Revenue Growth; Revenue from S3 Semiconductors
at High-End Of Expectations; Guiding for Sixth Consecutive Quarter
of over 30% Year-Over-Year Growth at the Midpoint
Adesto Technologies Corporation (NASDAQ: IOTS), a leading provider
of innovative application-specific semiconductors for the IoT era,
today announced financial results for its second quarter ended June
30, 2018.
Second Quarter and Recent
Highlights:
- Revenue increased 35.6%
year-over-year to $18.2 million;
- GAAP gross margin was 42.7%;
- GAAP operating expenses were $11.7
million and non-GAAP operating expenses were $8.3 million, both
better than expectations;
- Adjusted EBITDA was a positive $0.1
million, compared to positive $0.1 million in the second quarter of
2017;
- Announced a definitive agreement to
acquire Echelon Corporation; and
- Successfully completed public
offering of common stock, raising $43.1 million in proceeds net of
underwriters’ discount.
Commenting on the quarter, Narbeh Derhacobian,
Adesto’s president and CEO, stated, “Revenue in the second quarter
grew more than 35% year-over-year, representing the fifth
consecutive quarter of above 30% growth. We also made solid
progress integrating S3 Semiconductors (“S3semi”) during the
quarter, with its results at the high-end of our expectations. We
remain very excited about the market and content expansion
opportunities we are able to pursue globally with the addition of
S3semi’s broad analog, RF and mixed signal expertise.
“Also highlighting the quarter was the
achievement of another record quarter of design wins for our memory
products, further adding to the momentum we have gained over the
past year. Contributing to this success was the continued execution
on our strategy to expand our Tier-1 OEM customer base with
standard serial flash products. Although the resulting
product mix impacted our gross margins for the quarter and can have
a short-term effect on gross margins, we believe this strategy is
beginning to produce its intended benefit in expanded opportunities
for our higher value-added solutions at these customers, and is
reflected in our third quarter guidance. Also mentioned in our
second quarter preliminary results announcement, our newest
DataFlash-L products for smart home applications ramped slower than
anticipated in the quarter. This is a growing and healthy market
opportunity for us as we saw the sampling activity more than double
from 80 to over 170 unique opportunities in the last six months as
compared to the second half of 2017. We continue to believe these
products will gain increasing traction with customers later in the
year.”
Mr. Derhacobian concluded, “In addition to the
integration of S3semi, we are diligently working to close our
recently announced proposed acquisition of Echelon, which is
expected to occur late in the third quarter subject to the
satisfaction of customary closing conditions, including approval by
Echelon’s shareholders. Our recently completed equity offering
provides the necessary capital to fund this transaction. Together,
these acquisitions greatly expand Adesto’s served addressable
market, product portfolio and content opportunities across the IoT
space, specifically the industrial market, thereby significantly
increasing our future growth potential.”
Second Quarter 2018 Results
Revenue in the second quarter of 2018 of $18.2
million was up 35.6% from $13.4 million in the second quarter of
2017 and also up from $15.3 million in the previous quarter. Second
quarter 2018 revenue includes approximately $2.0 million of revenue
contribution from S3 Semiconductors following its acquisition on
May 9, 2018.
Gross margin in the second quarter was 42.7%,
compared to 50.1% in the second quarter of 2017 and 46.9% in the
previous quarter.
GAAP operating expenses in the second quarter of
2018 were $11.7 million compared to $8.3 million in the second
quarter of 2017 and $8.1 million in the first quarter of 2018. On a
non-GAAP basis, operating expenses in the second quarter were $8.3
million, compared to $7.0 million in the year-ago quarter and $7.4
million in the prior quarter.
GAAP net loss in the second quarter of 2018 was
$5.1 million, or ($0.24) per share, compared to a net loss of $1.8
million, or ($0.11) per share, in the second quarter of 2017 and a
net loss of $1.1 million or ($0.05) per share, in the previous
quarter.
On a non-GAAP basis, the net loss for the second
quarter of 2018 was $1.6 million, or ($0.08) per share, compared to
a net loss of $0.5 million, or ($0.03) per share, in the second
quarter of 2017 and a net loss of $0.4 million, or ($0.02) per
diluted share, last quarter.
Adjusted EBITDA for the second quarter of 2018
was a positive $0.1 million compared to a positive $0.1 million in
the second quarter of 2017 and a positive $0.3 million in the
previous quarter.
A reconciliation of GAAP results to non-GAAP
results is provided in the financial statement tables following the
text of this press release.
Business OutlookFor the third
quarter of 2018, the Company expects revenue to increase to a range
between $19.0 million and $21.0 million. Gross margin is expected
to be between 45% and 48% and GAAP operating expenses are expected
to range between $11.1 million and $11.4 million, or $9.2 million
and $9.5 million on a non-GAAP basis, which excludes approximately
$0.9 million in stock-based compensation expense and $1.0 million
in amortization of acquisition-related intangible assets.
Conference Call
InformationAdesto will host a conference call today at
2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss its
second quarter 2018 financial results. Investors and analysts may
join the call by dialing 1-844-419-1786 and
providing confirmation code 8787367. 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, August 8, 2018 at midnight Pacific Time. The
replay dial-in number is 1-855-859-2056. International callers
should dial +1-404-537-3406. The confirmation code is 8787367.
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.
- Acquisition-related expenses. We have excluded the effect
of acquisition-related expenses from our non-GAAP financial
measures. Acquisition-related expenses are not factored into our
evaluation of potential acquisitions or our performance after
completion of acquisitions, because they are not related to the
Company's core operations. Adjustments of these items provide
investors with a basis to compare our performance to other
companies without the variability caused by purchase accounting.
Acquisition-related expenses primarily include:○ Amortization
of acquisition-related intangible assets, which include acquired
intangible assets such as purchased technology, patents, customer
relationships, trademarks, backlog and non-compete
agreements.○ Acquisition-related costs such as legal,
accounting and other professional or consulting fees directly
related to an acquisition.
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 and acquisition-related
expenses. 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 and acquisition-related expenses.
- 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 innovative
application-specific semiconductors for the IoT era. The company’s
technology is used by more than 2,000 customers worldwide who are
creating differentiated solutions across industrial, consumer,
medical and communications markets. With its growing portfolio of
high-value technologies, Adesto is helping its customers usher in
the era of the Internet of Things. See: www.adestotech.com.
Follow Adesto on Twitter.
Forward Looking StatementsThe
quotes of our Chief Executive Officer in this release regarding our
expansion opportunities, product mix impacts on our gross margins,
customer adoption of DataFlash-L products, the acquisition of
Echelon Corporation and the expected benefits to Adesto and its
customers, stockholders and investors from completing the
acquisitions of Echelon Corporation and S3 Semiconductors, 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 Echelon stockholders may not
approve the transaction; closing of the transaction may not occur
or may be delayed; expected synergies and other financial benefits
of the transaction may not be realized; integration of the
acquisition post-closing may not occur as anticipated; litigation
related to the transaction may delay or negatively impact the
transaction; unanticipated restructuring costs may be incurred or
undisclosed liabilities assumed; attempts to retain key personnel
and customers may not succeed; the business combination or the
combined company’s products may not be supported by third parties;
actions by competitors may negatively impact results; and there may
be negative changes in general economic conditions in the regions
or the industries in which Adesto and Echelon operate. Additional
factors that could cause actual results to differ materially from
those expressed in the forward-looking statements include: the
businesses of the Company and S3 Semiconductors may not be combined
successfully, or such combination may take longer, be more
difficult, time-consuming or costly to accomplish than expected;
the risk that sales of S3 Semiconductors products will not be as
high as anticipated; the expected growth opportunities from the
acquisition may not be fully realized or may take longer to realize
than expected; customer losses and business disruption following
the acquisition, including adverse effects on relationships with
former employees of S3 Semiconductors, may be greater than
expected; and the risk that the Company may incur unanticipated or
unknown losses or liabilities in the acquisition. Additional
factors that could cause actual results to differ materially from
those expressed in the forward-looking statements include: 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 those discussed in the section
captioned “Risk Factors” contained in an exhibit to our Current
Report on Form 8-K filed with the SEC on July 9, 2018, 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 Wednesday, August 1, 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 August 1, 2018
press release, or to reflect the occurrence of unanticipated
events.
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.
Adesto Technologies Media Contact: Jen
Bernier-Santarini +1-650-336-4222 press@adestotech.com
Adesto Technologies Investor Relations: Shelton
Group Leanne K. Sievers, President
+1-949-224-3874sheltonir@sheltongroup.com
|
|
|
|
|
|
|
|
|
|
|
ADESTO TECHNOLOGIES CORPORATION |
CONDENSED CONSOLIDATED BALANCE
SHEETS |
(in thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
|
December 31, |
|
|
|
|
|
2018 |
|
|
2017 |
Assets |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
7,939 |
|
|
|
$ |
30,078 |
|
|
Accounts receivable, net |
|
|
17,172 |
|
|
|
|
8,668 |
|
|
Inventories |
|
|
11,448 |
|
|
|
|
5,814 |
|
|
Prepaid expenses |
|
|
1,977 |
|
|
|
|
993 |
|
|
Other current assets |
|
|
50 |
|
|
|
|
52 |
|
|
|
Total current assets |
|
|
38,586 |
|
|
|
|
45,605 |
|
Property
and equipment, net |
|
|
8,236 |
|
|
|
|
7,183 |
|
Intangible
assets, net |
|
|
21,461 |
|
|
|
|
7,102 |
|
Other
non-current assets |
|
|
1,235 |
|
|
|
|
900 |
|
Goodwill |
|
|
34,374 |
|
|
|
|
22 |
|
Total
assets |
|
$ |
103,892 |
|
|
|
$ |
60,812 |
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
|
11,473 |
|
|
|
|
7,075 |
|
|
Accrued
compensation and benefits |
|
|
2,735 |
|
|
|
|
2,614 |
|
|
Accrued
expenses and other current liabilities |
|
|
5,537 |
|
|
|
|
2,359 |
|
|
Earn-out
liability, current |
|
|
10,037 |
|
|
|
|
- |
|
|
Price
adjustments and other revenue reserves |
|
|
4,404 |
|
|
|
|
- |
|
|
Line of
credit, current |
|
|
- |
|
|
|
|
1,500 |
|
|
Term loan,
current |
|
|
- |
|
|
|
|
926 |
|
|
|
Total current liabilities |
|
|
34,186 |
|
|
|
|
14,474 |
|
Term loan,
non-current |
|
|
29,361 |
|
|
|
|
10,908 |
|
Earn-out
liability, non-current |
|
|
3,221 |
|
|
|
|
- |
|
Other
non-current liabilities |
|
|
- |
|
|
|
|
75 |
|
Deferred
rent, non-current |
|
|
2,179 |
|
|
|
|
2,404 |
|
Deferred
tax liability, non-current |
|
|
1,884 |
|
|
|
|
1 |
|
|
|
|
Total
liabilities |
|
|
70,831 |
|
|
|
|
27,862 |
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
|
|
Common stock |
|
|
2 |
|
|
|
|
2 |
|
|
Additional
paid-in capital |
|
|
139,275 |
|
|
|
|
133,087 |
|
|
Accumulated
other comprehensive loss |
|
|
(212 |
) |
|
|
|
(295 |
) |
|
Accumulated
deficit |
|
|
(106,004 |
) |
|
|
|
(99,844 |
) |
Total
stockholders' equity |
|
|
33,061 |
|
|
|
|
32,950 |
|
Total
liabilities and stockholders' equity |
|
$ |
103,892 |
|
|
|
$ |
60,812 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADESTO TECHNOLOGIES CORPORATION |
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(in thousands, except for share and per share
amounts) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June
30, |
|
Six Months Ended June
30, |
|
|
|
|
2018 |
|
|
2017 |
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue,
net |
|
$ |
18,183 |
|
|
|
$ |
13,412 |
|
|
$ |
33,485 |
|
|
|
$ |
24,719 |
|
Cost of
revenue |
|
|
10,419 |
|
|
|
|
6,689 |
|
|
|
18,541 |
|
|
|
|
12,442 |
|
|
Gross
profit |
|
|
7,764 |
|
|
|
|
6,723 |
|
|
|
14,944 |
|
|
|
|
12,277 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research
and development |
|
|
4,421 |
|
|
|
|
3,675 |
|
|
|
8,086 |
|
|
|
|
7,047 |
|
|
Sales and
marketing |
|
|
3,615 |
|
|
|
|
2,911 |
|
|
|
6,367 |
|
|
|
|
5,511 |
|
|
General and
administrative |
|
|
3,641 |
|
|
|
|
1,673 |
|
|
|
5,354 |
|
|
|
|
3,808 |
|
|
|
Total operating
expenses |
|
|
11,677 |
|
|
|
|
8,259 |
|
|
|
19,807 |
|
|
|
|
16,366 |
|
Loss from
operations |
|
|
(3,913 |
) |
|
|
|
(1,536 |
) |
|
|
(4,863 |
) |
|
|
|
(4,089 |
) |
Other
income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net |
|
|
(1,181 |
) |
|
|
|
(198 |
) |
|
|
(1,322 |
) |
|
|
|
(411 |
) |
|
Other
income (expense), net |
|
|
(1 |
) |
|
|
|
(4 |
) |
|
|
9 |
|
|
|
|
14 |
|
|
|
Total other income
(expense), net |
|
|
(1,182 |
) |
|
|
|
(202 |
) |
|
|
(1,313 |
) |
|
|
|
(397 |
) |
Loss before
provision for income taxes |
|
|
(5,095 |
) |
|
|
|
(1,738 |
) |
|
|
(6,176 |
) |
|
|
|
(4,486 |
) |
Provision
for (benefit from) income taxes |
|
|
(37 |
) |
|
|
|
13 |
|
|
|
(16 |
) |
|
|
|
40 |
|
Net
loss |
|
$ |
(5,058 |
) |
|
|
$ |
(1,751 |
) |
|
$ |
(6,160 |
) |
|
|
$ |
(4,526 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted |
|
$ |
(0.24 |
) |
|
|
$ |
(0.11 |
) |
|
$ |
(0.29 |
) |
|
|
$ |
(0.28 |
) |
Weighted
average number of shares used in computing net loss per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted |
|
|
21,475,913 |
|
|
|
|
16,343,248 |
|
|
|
21,423,710 |
|
|
|
|
15,994,703 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADESTO TECHNOLOGIES CORPORATION |
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
INFORMATION |
(in thousands, except for share and per share
amounts) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June
30, |
|
|
Six Months Ended June
30, |
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit |
$ |
|
7,764 |
|
|
|
$ |
|
6,723 |
|
|
|
$ |
|
14,944 |
|
|
|
$ |
|
12,277 |
|
Stock-based compensation expense |
|
|
48 |
|
|
|
|
|
30 |
|
|
|
|
|
73 |
|
|
|
|
|
51 |
|
Non-GAAP gross profit |
$ |
|
7,812 |
|
|
|
$ |
|
6,753 |
|
|
|
$ |
|
15,017 |
|
|
|
$ |
|
12,328 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP research and development expenses |
$ |
|
4,421 |
|
|
|
$ |
|
3,675 |
|
|
|
$ |
|
8,086 |
|
|
|
$ |
|
7,047 |
|
Stock-based compensation expense |
|
|
(247 |
) |
|
|
|
|
(309 |
) |
|
|
|
|
(430 |
) |
|
|
|
|
(564 |
) |
Acquisition-related expenses |
|
|
(138 |
) |
|
|
|
|
(121 |
) |
|
|
|
|
(244 |
) |
|
|
|
|
(243 |
) |
Non-GAAP research and development expenses |
$ |
|
4,036 |
|
|
|
$ |
|
3,245 |
|
|
|
$ |
|
7,412 |
|
|
|
$ |
|
6,240 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP sales and marketing expenses |
$ |
|
3,615 |
|
|
|
$ |
|
2,911 |
|
|
|
$ |
|
6,367 |
|
|
|
$ |
|
5,511 |
|
Stock-based compensation expense |
|
|
(172 |
) |
|
|
|
|
(215 |
) |
|
|
|
|
(276 |
) |
|
|
|
|
(382 |
) |
Acquisition-related expenses |
|
|
(521 |
) |
|
|
|
|
(188 |
) |
|
|
|
|
(709 |
) |
|
|
|
|
(375 |
) |
Non-GAAP sales and marketing expenses |
$ |
|
2,922 |
|
|
|
$ |
|
2,508 |
|
|
|
$ |
|
5,382 |
|
|
|
$ |
|
4,754 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP general and administrative expenses |
$ |
|
3,641 |
|
|
|
$ |
|
1,673 |
|
|
|
$ |
|
5,354 |
|
|
|
$ |
|
3,808 |
|
Stock-based compensation expense |
|
|
(253 |
) |
|
|
|
|
(428 |
) |
|
|
|
|
(384 |
) |
|
|
|
|
(809 |
) |
Acquisition-related expenses |
|
|
(2,045 |
) |
|
|
|
|
- |
|
|
|
|
|
(2,045 |
) |
|
|
|
|
- |
|
Non-GAAP general and administrative expenses |
$ |
|
1,343 |
|
|
|
$ |
|
1,245 |
|
|
|
$ |
|
2,925 |
|
|
|
$ |
|
2,999 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating expenses |
$ |
|
11,677 |
|
|
|
$ |
|
8,259 |
|
|
|
$ |
|
19,807 |
|
|
|
$ |
|
16,366 |
|
Stock-based compensation expense |
|
|
(672 |
) |
|
|
|
|
(952 |
) |
|
|
|
|
(1,090 |
) |
|
|
|
|
(1,755 |
) |
Acquisition-related expenses |
|
|
(2,704 |
) |
|
|
|
|
(309 |
) |
|
|
|
|
(2,998 |
) |
|
|
|
|
(618 |
) |
Non-GAAP operating expenses |
$ |
|
8,301 |
|
|
|
$ |
|
6,998 |
|
|
|
$ |
|
15,719 |
|
|
|
$ |
|
13,993 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP loss from operations |
$ |
|
(3,913 |
) |
|
|
$ |
|
(1,536 |
) |
|
|
$ |
|
(4,863 |
) |
|
|
$ |
|
(4,089 |
) |
Stock-based compensation expense |
|
|
720 |
|
|
|
|
|
982 |
|
|
|
|
|
1,163 |
|
|
|
|
|
1,806 |
|
Acquisition-related expenses |
|
|
2,704 |
|
|
|
|
|
309 |
|
|
|
|
|
2,998 |
|
|
|
|
|
618 |
|
Non-GAAP loss from operations |
$ |
|
(489 |
) |
|
|
$ |
|
(245 |
) |
|
|
$ |
|
(702 |
) |
|
|
$ |
|
(1,665 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation from GAAP net loss to adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss: |
$ |
|
(5,058 |
) |
|
|
$ |
|
(1,751 |
) |
|
|
$ |
|
(6,160 |
) |
|
|
$ |
|
(4,526 |
) |
|
Stock-based compensation expense |
|
|
720 |
|
|
|
|
|
982 |
|
|
|
|
|
1,163 |
|
|
|
|
|
1,806 |
|
|
Acquisition-related expenses |
|
|
2,704 |
|
|
|
|
|
309 |
|
|
|
|
|
2,998 |
|
|
|
|
|
618 |
|
|
Non-GAAP net loss |
|
|
(1,634 |
) |
|
|
|
|
(460 |
) |
|
|
|
|
(1,999 |
) |
|
|
|
|
(2,102 |
) |
|
Interest
expense |
|
|
1,199 |
|
|
|
|
|
206 |
|
|
|
|
|
1,353 |
|
|
|
|
|
429 |
|
|
Provision for (benefit from) income taxes |
|
|
(37 |
) |
|
|
|
|
13 |
|
|
|
|
|
(16 |
) |
|
|
|
|
40 |
|
|
Depreciation and amortization |
|
|
574 |
|
|
|
|
|
340 |
|
|
|
|
|
1,062 |
|
|
|
|
|
644 |
|
Adjusted EBITDA |
$ |
|
102 |
|
|
|
$ |
|
99 |
|
|
|
$ |
|
400 |
|
|
|
$ |
|
(989 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
basic and diluted net loss per share |
|
($0.08 |
) |
|
|
|
($0.03 |
) |
|
|
|
($0.09 |
) |
|
|
|
($0.13 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number
of shares used in calculating |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
non-GAAP basic and
diluted net loss per share |
|
|
21,475,913 |
|
|
|
|
|
16,343,248 |
|
|
|
|
|
21,423,710 |
|
|
|
|
|
15,994,703 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adesto Technologies (NASDAQ:IOTS)
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From May 2024 to Jun 2024
Adesto Technologies (NASDAQ:IOTS)
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From Jun 2023 to Jun 2024