Achieves Sixth Consecutive Quarter of
More Than 30% Year-Over-Year Revenue Growth, Driving Margin
Improvement & Expanded EBITDA
Adesto Technologies Corporation (NASDAQ: IOTS), a leading provider
of innovative application-specific semiconductors and embedded
systems for the IoT era, today announced financial results for its
third quarter ended September 30, 2018.
Third Quarter and Recent
Highlights:
- Revenue increased to $21.9 million, including $1.9 million of
revenue contribution from Echelon Corporation (“Echelon”)
- GAAP gross margin was 43.7% and non-GAAP gross margin was
45.7%, an increase from non-GAAP gross margin of 43.0% in the
second quarter
- GAAP operating expenses were $17.0 million and non-GAAP
operating expenses were $10.2 million
- Adjusted EBITDA was a positive $0.5 million, an increase from
$0.1 million in the second quarter
- Closed acquisition of Echelon on September 14, 2018
Commenting on the quarter, Narbeh Derhacobian,
Adesto’s president and CEO, stated, “Revenue in the third quarter
grew 32% year-over-year and 10% sequentially, excluding the revenue
contribution from Echelon, and represents our sixth consecutive
quarter of above-30% growth. Non-GAAP gross margin increased 270
basis points sequentially as expected and we achieved $0.5 million
of positive adjusted EBITDA. We also successfully closed the
Echelon acquisition and have begun the integration process.
We are well on track to meet our goal of realizing more than 50% of
the $6 to $8 million of cost synergies in the fourth quarter that
we identified as part of the acquisition.
“Also during the quarter, we continued to make
great progress on expanding our sales opportunities within our ASIC
Division (formed through the acquisition of S3 Semiconductors),
almost doubling our project pipeline as we continue to engage with
both S3semi’s client base as well as Adesto’s memory customers.
Moreover, the addition of Echelon’s products and technologies
further increases our content opportunities and served available
market for the industrial IoT market by offering customers a
powerful system and solutions approach.
“Together, these acquisitions have transformed
Adesto from an applications-specific memory supplier to a provider
of highly-differentiated semiconductors and systems focused on
IoT. We have expanded our revenue opportunities and gross
margin profile, enhanced our channel and customer base, improved
profitability as well as expanded and strengthened relationships
with our leading industrial customers. We are very excited about
the future outlook for the consolidated company and expect
continued strong growth in the fourth quarter.”
Third Quarter 2018 Results
Revenue in the third quarter of 2018 was $21.9
million, which includes approximately $1.9 million of revenue
contribution from Echelon, compared to $15.2 million in the third
quarter of 2017 and $18.2 million in the previous quarter.
GAAP gross margin in the third quarter was
43.7%, compared to 49.0% in the third quarter of 2017 and 42.7% in
the previous quarter. Non-GAAP gross margin for the third quarter
was 45.7% compared to 49.2% in the third quarter of 2017 and 43.0%
in the previous quarter.
GAAP operating expenses in the third quarter of
2018 were $17.0 million compared to $8.3 million in the third
quarter of 2017 and $11.7 million last quarter. On a non-GAAP
basis, operating expenses in the third quarter were $10.2 million,
compared to $6.9 million in the year-ago quarter and $8.3 million
in the prior quarter.
GAAP net loss in the third quarter of 2018 was
$8.4 million, or ($0.30) per share, compared to a net loss of $1.0
million, or ($0.05) per share, in the third quarter of 2017 and a
net loss of $5.1 million or ($0.24) per share, in the previous
quarter.
On a non-GAAP basis, the net loss for the third
quarter of 2018 was $1.2 million, or ($0.04) per diluted share,
which excludes $5.9 million of acquisition-related expenses, $0.9
million of stock-based compensation expense and $0.4 million for an
inventory valuation adjustment. This compares to non-GAAP net
income of $0.4 million, or $0.02 per diluted share, in the third
quarter of 2017 and a net loss of $1.6 million, or ($0.08) per
diluted share, last quarter.
Adjusted EBITDA for the third quarter of 2018
was a positive $0.5 million compared to a positive $0.9 million in
the third quarter of 2017 and a positive $0.1 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 fourth
quarter of 2018, the Company expects revenue to increase to a range
between $27.0 million and $30.0 million. GAAP gross margin is
expected to be between 41% and 44% and non-GAAP gross margin
between 47% and 50%. GAAP operating expenses are expected to range
between $15.8 million and $17.8 million, or $13.0 million and $15.0
million on a non-GAAP basis, which excludes approximately $1.0
million in stock-based compensation expense and $1.8 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
third quarter 2018 financial results. Investors and analysts may
join the call by dialing 1-844-419-1786 and
providing confirmation code 1997356. 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 14, 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 1997356.
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, non-GAAP gross profit 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.
- Inventory step-up related to acquisition accounting. In
connection with our Echelon acquisition, accounting rules require
us to adjust various balance sheet accounts, including inventory,
to fair value at the time of the acquisition. This expense is part
of costs of sales. We exclude the amortization expense relating to
the step up in fair value of our inventory to arrive at our
non-GAAP measures as we believe it does not reflect the performance
of our ongoing operations.
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 gross profit. Non-GAAP gross profit is GAAP gross profit
as reported in our condensed consolidated statements of operations,
excluding the impact of stock-based compensation expense and
inventory step up related to acquisition accounting.
- Non-GAAP gross profit. Non-GAAP gross profit is GAAP
gross profit as reported in our condensed, consolidated statements
of operations, excluding the impact of stock-based compensation
expense and inventory step-up related to acquisition
accounting.
- 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 and embedded systems 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,
expanding our sales opportunities within our ASIC Division, the
integration of Echelon Corporation and the expected synergies and
benefits to Adesto and its customers, stockholders and investors
from integrating 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 Factors that could cause actual results to differ
materially from those expressed in the forward-looking statements
include: the businesses of the Company, Echelon and S3
Semiconductors may not be combined successfully, or such
combinations may take longer, be more difficult, time-consuming or
costly to accomplish than expected; the risk that sales of S3
Semiconductors and Echelon products will not be as high as
anticipated; the expected growth opportunities from the
acquisitions may not be fully realized or may take longer to
realize than expected; customer losses and business disruption
following the acquisitions, including adverse effects on ability to
retain key personnel, 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; 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 10-Q for the period ended June 30, 2018 and filed
with the SEC on August 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, November 7, 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 November 7,
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) |
|
|
|
|
|
September 30, |
|
|
December 31, |
|
|
|
|
|
2018 |
|
|
2017 |
Assets |
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
13,273 |
|
|
|
$ |
30,078 |
|
|
Short-term
investments |
|
|
1,275 |
|
|
|
|
- |
|
|
Accounts
receivable, net |
|
|
24,706 |
|
|
|
|
8,668 |
|
|
Inventories |
|
|
17,541 |
|
|
|
|
5,814 |
|
|
Prepaid
expenses |
|
|
1,853 |
|
|
|
|
993 |
|
|
Other
current assets |
|
|
1,971 |
|
|
|
|
52 |
|
|
|
Total
current assets |
|
|
60,619 |
|
|
|
|
45,605 |
|
Property
and equipment, net |
|
|
8,729 |
|
|
|
|
7,183 |
|
Intangible
assets, net |
|
|
38,013 |
|
|
|
|
7,102 |
|
Other
non-current assets |
|
|
1,594 |
|
|
|
|
900 |
|
Goodwill |
|
|
38,640 |
|
|
|
|
22 |
|
Total
assets |
|
$ |
147,595 |
|
|
|
$ |
60,812 |
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Accounts
payable |
|
|
16,316 |
|
|
|
|
7,075 |
|
|
Accrued
compensation and benefits |
|
|
3,701 |
|
|
|
|
2,614 |
|
|
Accrued
expenses and other current liabilities |
|
|
6,969 |
|
|
|
|
2,359 |
|
|
Earn-out
liability, current |
|
|
9,997 |
|
|
|
|
- |
|
|
Price
adjustments and other revenue reserves |
|
|
5,202 |
|
|
|
|
- |
|
|
Line of
credit, current |
|
|
- |
|
|
|
|
1,500 |
|
|
Term loan,
current |
|
|
- |
|
|
|
|
926 |
|
|
|
Total
current liabilities |
|
|
42,185 |
|
|
|
|
14,474 |
|
Term loan,
non-current |
|
|
29,433 |
|
|
|
|
10,908 |
|
Earn-out
liability, non-current |
|
|
3,208 |
|
|
|
|
- |
|
Other
non-current liabilities |
|
|
580 |
|
|
|
|
75 |
|
Deferred
rent, non-current |
|
|
2,063 |
|
|
|
|
2,404 |
|
Deferred
tax liability, non-current |
|
|
1,797 |
|
|
|
|
1 |
|
|
|
|
Total liabilities |
|
|
79,266 |
|
|
|
|
27,862 |
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
|
|
Common
stock |
|
|
3 |
|
|
|
|
2 |
|
|
Additional
paid-in capital |
|
|
183,087 |
|
|
|
|
133,087 |
|
|
Accumulated
other comprehensive loss |
|
|
(360 |
) |
|
|
|
(295 |
) |
|
Accumulated
deficit |
|
|
(114,401 |
) |
|
|
|
(99,844 |
) |
Total
stockholders' equity |
|
|
68,329 |
|
|
|
|
32,950 |
|
Total
liabilities and stockholders' equity |
|
$ |
147,595 |
|
|
|
$ |
60,812 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADESTO TECHNOLOGIES CORPORATION |
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(in thousands, except for share and per share
amounts) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September
30, |
|
Nine Months Ended September
30, |
|
|
|
|
2018 |
|
|
2017 |
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue,
net |
|
$ |
21,927 |
|
|
|
$ |
15,239 |
|
|
$ |
55,412 |
|
|
|
$ |
39,958 |
|
Cost of
revenue |
|
|
12,344 |
|
|
|
|
7,773 |
|
|
|
30,885 |
|
|
|
|
20,215 |
|
|
Gross
profit |
|
|
9,583 |
|
|
|
|
7,466 |
|
|
|
24,527 |
|
|
|
|
19,743 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research
and development |
|
|
5,620 |
|
|
|
|
3,606 |
|
|
|
13,706 |
|
|
|
|
10,653 |
|
|
Sales and
marketing |
|
|
4,256 |
|
|
|
|
2,897 |
|
|
|
10,623 |
|
|
|
|
8,408 |
|
|
General and
administrative |
|
|
7,130 |
|
|
|
|
1,761 |
|
|
|
12,484 |
|
|
|
|
5,569 |
|
|
|
Total operating
expenses |
|
|
17,006 |
|
|
|
|
8,264 |
|
|
|
36,813 |
|
|
|
|
24,630 |
|
Loss from
operations |
|
|
(7,423 |
) |
|
|
|
(798 |
) |
|
|
(12,286 |
) |
|
|
|
(4,887 |
) |
Other
income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense, net |
|
|
(1,046 |
) |
|
|
|
(170 |
) |
|
|
(2,368 |
) |
|
|
|
(581 |
) |
|
Other
income (expense), net |
|
|
8 |
|
|
|
|
(12 |
) |
|
|
17 |
|
|
|
|
2 |
|
|
|
Total other income
(expense), net |
|
|
(1,038 |
) |
|
|
|
(182 |
) |
|
|
(2,351 |
) |
|
|
|
(579 |
) |
Loss before
provision for (benefit from) income taxes |
|
|
(8,461 |
) |
|
|
|
(980 |
) |
|
|
(14,637 |
) |
|
|
|
(5,466 |
) |
Provision
for (benefit from) income taxes |
|
|
(64 |
) |
|
|
|
17 |
|
|
|
(80 |
) |
|
|
|
57 |
|
Net
loss |
|
$ |
(8,397 |
) |
|
|
$ |
(997 |
) |
|
$ |
(14,557 |
) |
|
|
$ |
(5,523 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted |
|
$ |
(0.30 |
) |
|
|
$ |
(0.05 |
) |
|
$ |
(0.61 |
) |
|
|
$ |
(0.31 |
) |
Weighted
average number of shares used in computing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net loss
per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted |
|
|
28,171,952 |
|
|
|
|
21,058,635 |
|
|
|
23,717,727 |
|
|
|
|
17,701,230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADESTO TECHNOLOGIES CORPORATION |
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL
INFORMATION |
(in thousands, except for share and per share
amounts) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September
30, |
|
|
Nine Months Ended September
30, |
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross
profit |
|
$ |
|
9,583 |
|
|
|
$ |
|
7,466 |
|
|
|
$ |
|
24,527 |
|
|
|
$ |
|
19,743 |
|
Stock-based
compensation expense |
|
|
|
56 |
|
|
|
|
|
35 |
|
|
|
|
|
129 |
|
|
|
|
|
86 |
|
Inventory
step-up related to acquisition accounting |
|
|
|
371 |
|
|
|
|
|
- |
|
|
|
|
|
371 |
|
|
|
|
|
- |
|
Non-GAAP
gross profit |
|
$ |
|
10,010 |
|
|
|
$ |
|
7,501 |
|
|
|
$ |
|
25,027 |
|
|
|
$ |
|
19,829 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
research and development expenses |
|
$ |
|
5,620 |
|
|
|
$ |
|
3,606 |
|
|
|
$ |
|
13,706 |
|
|
|
$ |
|
10,653 |
|
Stock-based
compensation expense |
|
|
|
(356 |
) |
|
|
|
|
(373 |
) |
|
|
|
|
(786 |
) |
|
|
|
|
(937 |
) |
Acquisition-related expenses |
|
|
|
(323 |
) |
|
|
|
|
(121 |
) |
|
|
|
|
(567 |
) |
|
|
|
|
(364 |
) |
Non-GAAP
research and development expenses |
|
$ |
|
4,941 |
|
|
|
$ |
|
3,112 |
|
|
|
$ |
|
12,353 |
|
|
|
$ |
|
9,352 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP sales
and marketing expenses |
|
$ |
|
4,256 |
|
|
|
$ |
|
2,897 |
|
|
|
$ |
|
10,623 |
|
|
|
$ |
|
8,408 |
|
Stock-based
compensation expense |
|
|
|
(180 |
) |
|
|
|
|
(239 |
) |
|
|
|
|
(456 |
) |
|
|
|
|
(621 |
) |
Acquisition-related expenses |
|
|
|
(763 |
) |
|
|
|
|
(188 |
) |
|
|
|
|
(1,472 |
) |
|
|
|
|
(563 |
) |
Non-GAAP
sales and marketing expenses |
|
$ |
|
3,313 |
|
|
|
$ |
|
2,470 |
|
|
|
$ |
|
8,695 |
|
|
|
$ |
|
7,224 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
general and administrative expenses |
|
$ |
|
7,130 |
|
|
|
$ |
|
1,761 |
|
|
|
$ |
|
12,484 |
|
|
|
$ |
|
5,569 |
|
Stock-based
compensation expense |
|
|
|
(348 |
) |
|
|
|
|
(420 |
) |
|
|
|
|
(732 |
) |
|
|
|
|
(1,229 |
) |
Acquisition-related expenses |
|
|
|
(4,828 |
) |
|
|
|
|
- |
|
|
|
|
|
(6,873 |
) |
|
|
|
|
- |
|
Non-GAAP
general and administrative expenses |
|
$ |
|
1,954 |
|
|
|
$ |
|
1,341 |
|
|
|
$ |
|
4,879 |
|
|
|
$ |
|
4,340 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
operating expenses |
|
$ |
|
17,006 |
|
|
|
$ |
|
8,264 |
|
|
|
$ |
|
36,813 |
|
|
|
$ |
|
24,630 |
|
Stock-based
compensation expense |
|
|
|
(884 |
) |
|
|
|
|
(1,032 |
) |
|
|
|
|
(1,974 |
) |
|
|
|
|
(2,787 |
) |
Acquisition-related expenses |
|
|
|
(5,914 |
) |
|
|
|
|
(309 |
) |
|
|
|
|
(8,912 |
) |
|
|
|
|
(927 |
) |
Non-GAAP
operating expenses |
|
$ |
|
10,208 |
|
|
|
$ |
|
6,923 |
|
|
|
$ |
|
25,927 |
|
|
|
$ |
|
20,916 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP loss
from operations |
|
$ |
|
(7,423 |
) |
|
|
$ |
|
(798 |
) |
|
|
$ |
|
(12,286 |
) |
|
|
$ |
|
(4,887 |
) |
Stock-based
compensation expense |
|
|
|
940 |
|
|
|
|
|
1,067 |
|
|
|
|
|
2,103 |
|
|
|
|
|
2,873 |
|
Acquisition-related expenses |
|
|
|
5,914 |
|
|
|
|
|
309 |
|
|
|
|
|
8,912 |
|
|
|
|
|
927 |
|
Inventory
step-up related to acquisition accounting |
|
|
|
371 |
|
|
|
|
|
- |
|
|
|
|
|
371 |
|
|
|
|
|
- |
|
Non-GAAP
income (loss) from operations |
|
$ |
|
(198 |
) |
|
|
$ |
|
578 |
|
|
|
$ |
|
(900 |
) |
|
|
$ |
|
(1,087 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation from GAAP net loss to adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
loss: |
|
$ |
|
(8,397 |
) |
|
|
$ |
|
(997 |
) |
|
|
$ |
|
(14,557 |
) |
|
|
$ |
|
(5,523 |
) |
|
Stock-based compensation
expense |
|
|
|
940 |
|
|
|
|
|
1,067 |
|
|
|
|
|
2,103 |
|
|
|
|
|
2,873 |
|
|
Acquisition-related
expenses |
|
|
|
5,914 |
|
|
|
|
|
309 |
|
|
|
|
|
8,912 |
|
|
|
|
|
927 |
|
|
Inventory step-up
related to acquisition accounting |
|
|
|
371 |
|
|
|
|
|
- |
|
|
|
|
|
371 |
|
|
|
|
|
- |
|
Non-GAAP net income (loss) |
|
|
(1,172 |
) |
|
|
|
|
379 |
|
|
|
|
|
(3,171 |
) |
|
|
|
|
(1,723 |
) |
|
Interest expense |
|
|
|
1,083 |
|
|
|
|
|
182 |
|
|
|
|
|
2,436 |
|
|
|
|
|
611 |
|
|
Provision for (benefit
from) income taxes |
|
|
|
(64 |
) |
|
|
|
|
17 |
|
|
|
|
|
(80 |
) |
|
|
|
|
57 |
|
|
Depreciation and
amortization |
|
|
|
625 |
|
|
|
|
|
360 |
|
|
|
|
|
1,687 |
|
|
|
|
|
1,004 |
|
Adjusted EBITDA |
$ |
|
472 |
|
|
|
$ |
|
938 |
|
|
|
$ |
|
872 |
|
|
|
$ |
|
(51 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
diluted net income (loss) per share |
|
|
($ |
0.04 |
) |
|
|
|
$ |
0.02 |
|
|
|
|
($ |
0.13 |
) |
|
|
|
($ |
0.10 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number
of shares used in calculatingnon-GAAP basic net income (loss) per
share |
|
|
|
28,171,952 |
|
|
|
|
|
21,058,635 |
|
|
|
|
|
23,717,727 |
|
|
|
|
|
17,701,230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Incremental shares upon
conversion of stock options, restricted stock units and
warrants |
|
|
|
- |
|
|
|
|
|
963,798 |
|
|
|
|
|
- |
|
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number
of shares used in calculating non-GAAP diluted net income (loss)
per share |
|
|
|
28,171,952 |
|
|
|
|
|
22,022,433 |
|
|
|
|
|
23,717,727 |
|
|
|
|
|
17,701,230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adesto Technologies (NASDAQ:IOTS)
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