Adesto Technologies Corporation (NASDAQ: IOTS), a leading provider
of innovative application-specific semiconductors and embedded
systems for the IoT, today announced financial results for its
second quarter ended June 30, 2019.
Second Quarter and Recent
Highlights:
- Revenue increased 7.3% sequentially and 65.8% year-over-year to
$30.2 million
- GAAP gross margin was 47.9% and non-GAAP gross margin was
48.1%
- GAAP operating expenses were $17.4 million and non-GAAP
operating expenses were $14.3 million—better than guidance
- Adjusted EBITDA was a positive $0.9 million, representing the
9th consecutive quarter of positive adjusted EBITDA
- Generated positive free cash flow
- Announced the appointment of two highly experienced industrial
executives to its board of directors
Commenting on the quarter, Narbeh Derhacobian,
Adesto’s President and CEO, stated, “We posted another solid
quarter with record revenue as our first-half revenue grew almost
75% over the same period in 2018. All of our divisions posted
year-over-year growth in the second quarter. This strong
growth is especially notable in the current global environment and
serves as a testament to Adesto’s solid position in our target end
markets as well as our operational execution. Additionally, our
expanded revenue combined with lower operating expenses drove
improved bottom line results and positive free cash flow.
“We also continued to make excellent progress
expanding our sales pipeline across the industrial and consumer IoT
markets, positioning us for a sustained expansion of revenue
opportunities. The team’s execution on these new engagements is
enabling roadmap discussions with new customers regarding our
comprehensive solutions for a range of industrial applications,
thus reflecting our evolution toward providing a fully integrated
solutions platform from the IoT edge to the cloud. During the
quarter, we began shipping our SmartServer™ IoT, the first truly
open multi-protocol edge server for building automation and
industrial IoT, which has been positively received by numerous
global customers in various pilot programs.
“With multiple growth opportunities gaining
momentum across our business, we expect our second-half revenue to
grow more than 30% over the same period last year and at least 15%
over the first half of 2019, as Adesto benefits from its position
as a leading global systems, software and silicon supplier to IoT
applications across multiple segments. We are also on track to
achieve adjusted EBITDA margins in excess of 10% and non-GAAP
profitability by end of the year.”
Second Quarter 2019 Results
Revenue in the second quarter of 2019 was $30.2
million, compared to $18.2 million in the second quarter of 2018
and $28.1 million in the previous quarter.
GAAP gross margin in the second quarter was
47.9%, compared to 42.7% in the second quarter of 2018 and 47.0% in
the first quarter of 2019. Non-GAAP gross margin for the second
quarter was 48.1% compared to 43.0% in the second quarter of 2018
and 49.4% last quarter.
GAAP operating expenses in the second quarter of
2019 were $17.4 million, compared to $11.7 million in the second
quarter of 2018 and $19.2 million in the prior quarter. On a
non-GAAP basis, operating expenses in the second quarter of 2019
were $14.3 million, compared to $8.3 million in the second quarter
of 2018 and $14.4 million in the prior quarter.
GAAP net loss in the second quarter of 2019 was
$4.3 million, or ($0.14) per share, compared to a net loss of $5.1
million, or ($0.24) per share, in the second quarter of 2018, and a
net loss of $7.1 million, or ($0.24) per share, in the previous
quarter.
On a non-GAAP basis, net loss for the second
quarter of 2019 was $0.7 million, or ($0.03) per share, compared to
a net loss of $1.6 million, or ($0.08) per share, in the second
quarter of 2018 and a net loss of $1.6 million, or ($0.05) per
share, in the previous quarter.
Adjusted EBITDA for the second quarter of 2019
was a positive $0.9 million, compared to a positive $0.1 million in
the second quarter of 2018 and a positive $12 thousand in the first
quarter of 2019.
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 2019, the Company expects revenue to increase to a range
between $31.5 million and $34.5 million. Non-GAAP gross margin is
expected to be between 50% and 52%, and non-GAAP operating expenses
are expected to range between $14.5 million and $15.5 million.
Stock-based compensation expense is expected to be approximately
$1.7 million and amortization of acquisition-related intangible
assets approximately $1.8 million.
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 2019 financial results. Investors and analysts may
join the call by dialing 1-844-419-1786 and
providing confirmation code 3988634. 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, August 13, 2019 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 3988634.
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, non-GAAP gross margin 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 intangible assets. We have excluded the effect
of amortization of intangible assets from our non-GAAP financial
measures. Amortization of intangible assets 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. Amortization of acquisition-related intangible assets
includes acquired intangible assets such as purchased technology,
patents, customer relationships, trademarks, backlog and
non-compete agreements.
- 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 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 cost of revenue. 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.
- Debt amortization costs. Debt amortization costs are excluded
from non-GAAP results as they are non-cash. Excluding debt
amortization costs from non-GAAP measures provides investors with a
basis to compare us against the performance of other companies
without the variability associated with such items.
- Revaluation of earnout liability. In connection with our S3
acquisition, we are required to evaluate and revalue, as
appropriate, the projected earn out consideration payable under the
terms of the acquisition. Any changes to the earn out liability are
included in other income (expense). Any changes in the earn out
liability 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 on an
ongoing basis. Adjustments of these items provide investors with a
basis to compare our performance to other companies without the
variability caused by such items.
- Impairment and other charges. Impairment and other charges
consist primarily of impairment of inventory, estimated warranty
reserves and severance costs. These costs are generally infrequent
and, as a result, the company excludes such costs from its internal
operating forecasts and models when evaluating its 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, inventory step up
related to acquisition accounting, amortization of intangible
assets, acquisition-related expenses, impairment and other charges,
revaluation of earn-out liability and debt amortization costs.
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 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 intangible assets,
acquisition-related expenses and impairment and other charges.
- 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
Corp.Adesto Technologies Corporation (NASDAQ: IOTS) is a
leading provider of innovative application-specific semiconductors
and embedded systems for the IoT. The company’s technology is used
by more than 5,000 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 Statements The
quotes of our Chief Executive Officer in this release regarding our
strategic direction, expansion opportunities, product mix impacts
on our gross margins, expanding our sales opportunities, the
integration of Echelon Corporation and S3 Semiconductors 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 March 31, 2019 and filed
with the SEC on May 10, 2019, 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 Tuesday, August 6, 2019, 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 6, 2019 press
release, or to reflect the occurrence of unanticipated events.
Adesto, SmartServer and the Adesto logo are trademarks or
registered trademarks of Adesto Technologies Corporation or its
subsidiaries in the United States and other countries. Other
company, product, and service names may be trademarks or service
marks of others.
Adesto Technologies Media Contact: Jen
Bernier-Santarini +1-650-336-4222jen.bernier@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, |
|
|
|
|
|
2019 |
|
|
2018 |
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
7,191 |
|
|
$ |
8,630 |
|
|
Restricted cash |
|
|
459 |
|
|
|
458 |
|
|
Accounts receivable, net |
|
|
24,025 |
|
|
|
23,211 |
|
|
Inventories |
|
|
14,769 |
|
|
|
18,635 |
|
|
Prepaid expenses |
|
|
1,705 |
|
|
|
1,668 |
|
|
Other current assets |
|
|
687 |
|
|
|
871 |
|
|
|
Total current assets |
|
|
48,836 |
|
|
|
53,473 |
|
Property and
equipment, net |
|
|
7,714 |
|
|
|
7,085 |
|
Intangible assets,
net |
|
|
32,684 |
|
|
|
36,261 |
|
Operating lease
right-of-use asset |
|
|
4,641 |
|
|
|
- |
|
Other non-current
assets |
|
|
1,810 |
|
|
|
1,729 |
|
Goodwill |
|
|
38,640 |
|
|
|
38,640 |
|
Total assets |
|
$ |
134,325 |
|
|
$ |
137,188 |
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
Accounts payable |
|
|
18,592 |
|
|
|
16,146 |
|
|
Accrued compensation and benefits |
|
|
4,162 |
|
|
|
4,038 |
|
|
Accrued expenses and other current liabilities |
|
|
4,343 |
|
|
|
5,172 |
|
|
Price adjustments and other revenue reserves |
|
|
4,379 |
|
|
|
4,819 |
|
|
Earn-out liability, current |
|
|
10,130 |
|
|
|
10,450 |
|
|
Operating lease liabilities, current |
|
|
1,152 |
|
|
|
- |
|
|
Term loan, current |
|
|
182 |
|
|
|
141 |
|
|
|
Total current liabilities |
|
|
42,940 |
|
|
|
40,766 |
|
Term loan,
non-current |
|
|
29,293 |
|
|
|
29,418 |
|
Operating lease
liabilities, non-current |
|
|
5,366 |
|
|
|
- |
|
Deferred rent,
non-current |
|
|
- |
|
|
|
1,947 |
|
Deferred tax
liability, non-current |
|
|
1,584 |
|
|
|
1,735 |
|
Other non-current
liabilities |
|
|
608 |
|
|
|
580 |
|
|
|
|
Total liabilities |
|
|
79,791 |
|
|
|
74,446 |
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity: |
|
|
|
|
|
|
|
Common stock |
|
|
3 |
|
|
|
3 |
|
|
Additional paid-in capital |
|
|
187,156 |
|
|
|
184,158 |
|
|
Accumulated other comprehensive loss |
|
|
(219 |
) |
|
|
(135 |
) |
|
Accumulated deficit |
|
|
(132,406 |
) |
|
|
(121,284 |
) |
Total
stockholders' equity |
|
|
54,534 |
|
|
|
62,742 |
|
Total liabilities
and stockholders' equity |
|
$ |
134,325 |
|
|
$ |
137,188 |
|
|
|
|
|
|
|
|
|
|
|
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, |
|
|
|
|
2019 |
|
|
2018 |
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue, net |
|
$ |
30,155 |
|
|
|
$ |
18,183 |
|
|
$ |
58,268 |
|
|
|
$ |
33,485 |
|
Cost of revenue |
|
|
15,709 |
|
|
|
|
10,419 |
|
|
|
30,602 |
|
|
|
|
18,541 |
|
|
Gross profit |
|
|
14,446 |
|
|
|
|
7,764 |
|
|
|
27,666 |
|
|
|
|
14,944 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
7,447 |
|
|
|
|
4,283 |
|
|
|
14,969 |
|
|
|
|
7,840 |
|
|
Selling, general and administrative |
|
|
8,158 |
|
|
|
|
4,690 |
|
|
|
16,093 |
|
|
|
|
8,968 |
|
|
Amortization of intangible assets |
|
|
1,788 |
|
|
|
|
687 |
|
|
|
3,576 |
|
|
|
|
982 |
|
|
Acquisition related expenses |
|
|
5 |
|
|
|
|
2,017 |
|
|
|
227 |
|
|
|
|
2,017 |
|
|
Impairment and other charges |
|
|
- |
|
|
|
|
- |
|
|
|
1,694 |
|
|
|
|
- |
|
|
|
Total operating expenses |
|
|
17,398 |
|
|
|
|
11,677 |
|
|
|
36,559 |
|
|
|
|
19,807 |
|
Loss from
operations |
|
|
(2,952 |
) |
|
|
|
(3,913 |
) |
|
|
(8,893 |
) |
|
|
|
(4,863 |
) |
Other income
(expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
(1,377 |
) |
|
|
|
(1,181 |
) |
|
|
(2,747 |
) |
|
|
|
(1,322 |
) |
|
Other income (expense), net |
|
|
(51 |
) |
|
|
|
(1 |
) |
|
|
169 |
|
|
|
|
9 |
|
|
|
Total other income (expense), net |
|
|
(1,428 |
) |
|
|
|
(1,182 |
) |
|
|
(2,578 |
) |
|
|
|
(1,313 |
) |
Loss before benefit
from income taxes |
|
|
(4,380 |
) |
|
|
|
(5,095 |
) |
|
|
(11,471 |
) |
|
|
|
(6,176 |
) |
Benefit from income
taxes |
|
|
(70 |
) |
|
|
|
(37 |
) |
|
|
(101 |
) |
|
|
|
(16 |
) |
Net loss |
|
$ |
(4,310 |
) |
|
|
$ |
(5,058 |
) |
|
$ |
(11,370 |
) |
|
|
$ |
(6,160 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
(0.14 |
) |
|
|
$ |
(0.24 |
) |
|
$ |
(0.38 |
) |
|
|
$ |
(0.29 |
) |
Weighted average
number of shares used in computing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
net loss per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
29,735,959 |
|
|
|
|
21,475,913 |
|
|
|
29,664,500 |
|
|
|
|
21,423,710 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit |
|
$ |
14,446 |
|
|
|
$ |
7,764 |
|
|
|
$ |
27,666 |
|
|
|
$ |
14,944 |
|
Stock-based compensation expense |
|
|
67 |
|
|
|
|
48 |
|
|
|
|
132 |
|
|
|
|
73 |
|
Inventory step-up related to acquisition accounting |
|
|
- |
|
|
|
|
- |
|
|
|
|
616 |
|
|
|
|
- |
|
Non-GAAP gross profit |
|
$ |
14,513 |
|
|
|
$ |
7,812 |
|
|
|
$ |
28,414 |
|
|
|
$ |
15,017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP research and development expenses |
|
$ |
7,447 |
|
|
|
$ |
4,283 |
|
|
|
$ |
14,969 |
|
|
|
$ |
7,840 |
|
Stock-based compensation expense |
|
|
(490 |
) |
|
|
|
(247 |
) |
|
|
|
(879 |
) |
|
|
|
(430 |
) |
Non-GAAP research and development expenses |
|
$ |
6,957 |
|
|
|
$ |
4,036 |
|
|
|
$ |
14,090 |
|
|
|
$ |
7,410 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP selling, general and administrative expenses |
|
$ |
8,158 |
|
|
|
$ |
4,690 |
|
|
|
$ |
16,093 |
|
|
|
$ |
8,968 |
|
Stock-based compensation expense |
|
|
(807 |
) |
|
|
|
(425 |
) |
|
|
|
(1,428 |
) |
|
|
|
(660 |
) |
Non-GAAP selling, general and administrative expenses |
|
$ |
7,351 |
|
|
|
$ |
4,265 |
|
|
|
$ |
14,665 |
|
|
|
$ |
8,308 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating expenses |
|
$ |
17,398 |
|
|
|
$ |
11,677 |
|
|
|
$ |
36,559 |
|
|
|
$ |
19,807 |
|
Stock-based compensation expense |
|
|
(1,297 |
) |
|
|
|
(672 |
) |
|
|
|
(2,307 |
) |
|
|
|
(1,090 |
) |
Amortization of intangible assets |
|
|
(1,788 |
) |
|
|
|
(687 |
) |
|
|
|
(3,576 |
) |
|
|
|
(982 |
) |
Acquisition related expenses |
|
|
(5 |
) |
|
|
|
(2,017 |
) |
|
|
|
(227 |
) |
|
|
|
(2,017 |
) |
Impairment and other charges |
|
|
- |
|
|
|
|
- |
|
|
|
|
(1,694 |
) |
|
|
|
- |
|
Non-GAAP operating expenses |
|
$ |
14,308 |
|
|
|
$ |
8,301 |
|
|
|
$ |
28,755 |
|
|
|
$ |
15,718 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP income (loss) from operations |
|
$ |
(2,952 |
) |
|
|
$ |
(3,913 |
) |
|
|
$ |
(8,893 |
) |
|
|
$ |
(4,863 |
) |
Stock-based compensation expense |
|
|
1,364 |
|
|
|
|
720 |
|
|
|
|
2,439 |
|
|
|
|
1,163 |
|
Inventory step-up related to acquisition accounting |
|
|
- |
|
|
|
|
- |
|
|
|
|
616 |
|
|
|
|
- |
|
Amortization of intangible assets |
|
|
1,788 |
|
|
|
|
687 |
|
|
|
|
3,576 |
|
|
|
|
982 |
|
Acquisition-related expenses |
|
|
5 |
|
|
|
|
2,017 |
|
|
|
|
227 |
|
|
|
|
2,017 |
|
Impairment and other charges |
|
|
- |
|
|
|
|
- |
|
|
|
|
1,694 |
|
|
|
|
- |
|
Non-GAAP income (loss) from operations |
|
$ |
205 |
|
|
|
$ |
(489 |
) |
|
|
$ |
(341 |
) |
|
|
$ |
(701 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation from GAAP net loss to adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss: |
|
$ |
(4,310 |
) |
|
|
$ |
(5,058 |
) |
|
|
$ |
(11,370 |
) |
|
|
$ |
(6,160 |
) |
Stock-based compensation expense |
|
|
1,364 |
|
|
|
|
720 |
|
|
|
|
2,439 |
|
|
|
|
1,163 |
|
Inventory step-up related to acquisition accounting |
|
|
- |
|
|
|
|
- |
|
|
|
|
616 |
|
|
|
|
- |
|
Amortization of intangible assets |
|
|
1,788 |
|
|
|
|
687 |
|
|
|
|
3,576 |
|
|
|
|
982 |
|
Acquisition-related expenses |
|
|
5 |
|
|
|
|
2,017 |
|
|
|
|
227 |
|
|
|
|
2,017 |
|
Impairment and other charges |
|
|
- |
|
|
|
|
- |
|
|
|
|
1,694 |
|
|
|
|
- |
|
Revaluation of earn-out liability |
|
|
- |
|
|
|
|
- |
|
|
|
|
(320 |
) |
|
|
|
- |
|
Debt amortization costs |
|
|
405 |
|
|
|
|
- |
|
|
|
|
806 |
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net loss |
|
(748 |
) |
|
|
|
(1,634 |
) |
|
|
|
(2,332 |
) |
|
|
|
(1,998 |
) |
Interest expense |
|
|
985 |
|
|
|
|
1,199 |
|
|
|
|
1,966 |
|
|
|
|
1,353 |
|
Provision for (benefit from) income taxes |
|
|
(70 |
) |
|
|
|
(37 |
) |
|
|
|
(101 |
) |
|
|
|
(16 |
) |
Depreciation and amortization |
|
|
715 |
|
|
|
|
574 |
|
|
|
|
1,361 |
|
|
|
|
1,062 |
|
|
Adjusted EBITDA |
$ |
882 |
|
|
|
$ |
102 |
|
|
|
$ |
894 |
|
|
|
$ |
401 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP diluted net loss per
share |
|
|
($0.03 |
) |
|
|
|
($0.08 |
) |
|
|
|
($0.08 |
) |
|
|
|
($0.09 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number of shares used in calculating |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
non-GAAP basic net loss per share |
|
|
29,735,959 |
|
|
|
|
21,475,913 |
|
|
|
|
29,664,500 |
|
|
|
|
21,423,710 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Incremental shares upon conversion of |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
stock options, restricted stock units and warrants |
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares used in calculating |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
non-GAAP diluted net loss per share |
|
|
29,735,959 |
|
|
|
|
21,475,913 |
|
|
|
|
29,664,500 |
|
|
|
|
21,423,710 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adesto Technologies (NASDAQ:IOTS)
Historical Stock Chart
From May 2024 to Jun 2024
Adesto Technologies (NASDAQ:IOTS)
Historical Stock Chart
From Jun 2023 to Jun 2024