Adesto Technologies Corporation (NASDAQ: IOTS), a leading provider
of innovative application-specific semiconductors and embedded
systems for the IoT, today announced financial results with record
revenue, gross margin and adjusted EBITDA for its third quarter
ended September 30, 2019.
Third Quarter and Recent
Highlights:
- Revenue increased 6.2% sequentially and 46.1% year-over-year to
$32.0 million
- GAAP gross margin was 50.7% and non-GAAP gross margin was
51.0%
- GAAP operating expenses were $17.6 million and non-GAAP
operating expenses were $14.3 million
- Adjusted EBITDA was $3.1 million, representing the 10th
consecutive quarter of positive adjusted EBITDA
- Completed offering of 4.25% senior convertible notes generating
$77.3 million in net proceeds, providing increased financial
flexibility
- Achieved shipment milestone of one billion non-volatile memory
devices
- Expanded partnerships including those with Microsoft and
STMicroelectronics
Commenting on the quarter, Narbeh Derhacobian,
Adesto’s president and CEO, stated, “We set new records for
revenue, gross margin and adjusted EBITDA, while also achieving
non-GAAP profitability. We continued to strengthen our position in
the industrial market and also advanced engagements with our
tier-one consumer customers across portable computing, wearables
and smart home applications.
“In summary, we’re delivering record results and
maintaining our 30% growth outlook for 2H 2019 over 2H 2018. With
expanded revenue streams, increasing profitability and a strong
balance sheet, the Company is well positioned to drive future
growth and shareholder value.”
Third Quarter 2019 Results
Revenue in the third quarter of 2019 was a record
$32.0 million, representing a 46.1% increase from $21.9 million in
the third quarter of 2018 and a 6.2% increase from $30.2 million in
the previous quarter.
GAAP gross margin in the third quarter was a
record 50.7%, compared to 43.7% in the third quarter of 2018 and
47.9% in the prior quarter. Non-GAAP gross margin for the third
quarter was 51.0%, compared to 45.7% in the third quarter of 2018
and 48.1% last quarter. The increase in gross margin was due to
continued improvements in product mix.
GAAP operating expenses in the third quarter of
2019 were $17.6 million, compared to $17.0 million in the third
quarter of 2018 and $17.4 million in the prior quarter. On a
non-GAAP basis, operating expenses in the third quarter of 2019
were $14.3 million, compared to $10.2 million in the third quarter
of 2018 and $14.3 million in the prior quarter.
GAAP net loss in the third quarter of 2019 was
$7.6 million, or ($0.25) per share, compared to a net loss of $8.4
million, or ($0.30) per share, in the third quarter of 2018, and a
net loss of $4.3 million, or ($0.14) per share, in the previous
quarter.
On a non-GAAP basis, net income for the third
quarter of 2019 was a record $1.0 million, or $0.03 per diluted
share, compared to a net loss of $1.2 million, or ($0.04) per
share, in the third quarter of 2018 and a net loss of $0.7 million,
or ($0.03) per share, in the previous quarter.
Adjusted EBITDA for the third quarter of 2019
was a record $3.1 million, compared to $0.5 million in the third
quarter of 2018 and $0.9 million in the second 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 fourth
quarter of 2019, the Company expects revenue to increase to a range
between $32.0 million and $35.0 million, which at the mid-point
represents approximately a 20% increase year-over-year and
approximately 30% growth in the second half of 2019 compared to the
prior-year period. 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
third quarter 2019 financial results. Investors and analysts may
join the call by dialing 1-844-419-1786 and
providing confirmation code 4347048. 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, November 12, 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 4347048.
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.
- Restructuring and other charges.
Restructuring and other charges consists 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 June 30, 2019 and filed
with the SEC on August 9, 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, November 5, 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 November 5,
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 +1-650-336-4222 jen.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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30, |
|
December
31, |
|
|
|
|
|
2019 |
|
2018 |
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
37,205 |
|
|
$ |
8,630 |
|
|
Restricted cash |
|
|
459 |
|
|
|
458 |
|
|
Accounts receivable, net |
|
|
33,913 |
|
|
|
23,211 |
|
|
Inventories |
|
|
16,343 |
|
|
|
18,635 |
|
|
Prepaid expenses |
|
|
1,660 |
|
|
|
1,668 |
|
|
Other current assets |
|
|
404 |
|
|
|
871 |
|
|
|
Total current assets |
|
|
89,984 |
|
|
|
53,473 |
|
Property and equipment, net |
|
|
8,040 |
|
|
|
7,085 |
|
Intangible assets, net |
|
|
30,896 |
|
|
|
36,261 |
|
Operating lease right-of-use asset |
|
|
4,474 |
|
|
|
- |
|
Other non-current assets |
|
|
2,300 |
|
|
|
1,729 |
|
Goodwill |
|
|
38,640 |
|
|
|
38,640 |
|
Total assets |
|
$ |
174,334 |
|
|
$ |
137,188 |
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Accounts payable |
|
|
20,778 |
|
|
|
16,146 |
|
|
Accrued compensation and benefits |
|
|
4,359 |
|
|
|
4,038 |
|
|
Accrued expenses and other current liabilities |
|
|
5,772 |
|
|
|
5,172 |
|
|
Price adjustments and other revenue reserves |
|
|
5,108 |
|
|
|
4,819 |
|
|
Earn-out liability, current |
|
|
10,130 |
|
|
|
10,450 |
|
|
Operating lease liabilities, current |
|
|
1,186 |
|
|
|
- |
|
|
Term loan, current |
|
|
- |
|
|
|
141 |
|
|
|
Total current liabilities |
|
|
47,333 |
|
|
|
40,766 |
|
Term loan, non-current |
|
|
- |
|
|
|
29,418 |
|
Convertible senior notes, net |
|
|
55,315 |
|
|
|
- |
|
Operating lease liabilities, non-current |
|
|
5,048 |
|
|
|
- |
|
Deferred rent, non-current |
|
|
- |
|
|
|
1,947 |
|
Deferred tax liability, non-current |
|
|
1,515 |
|
|
|
1,735 |
|
Other non-current liabilities |
|
|
608 |
|
|
|
580 |
|
|
|
|
Total liabilities |
|
|
109,819 |
|
|
|
74,446 |
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity: |
|
|
|
|
|
|
|
Common stock |
|
|
3 |
|
|
|
3 |
|
|
Additional paid-in capital |
|
|
205,003 |
|
|
|
184,158 |
|
|
Accumulated other comprehensive loss |
|
|
(518 |
) |
|
|
(135 |
) |
|
Accumulated deficit |
|
|
(139,973 |
) |
|
|
(121,284 |
) |
Total stockholders' equity |
|
|
64,515 |
|
|
|
62,742 |
|
Total liabilities and stockholders' equity |
|
$ |
174,334 |
|
|
$ |
137,188 |
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
|
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue, net |
|
$ |
32,028 |
|
|
$ |
21,927 |
|
|
$ |
90,297 |
|
|
$ |
55,412 |
|
Cost of revenue |
|
|
15,781 |
|
|
|
12,344 |
|
|
|
46,384 |
|
|
|
30,885 |
|
|
Gross profit |
|
|
16,247 |
|
|
|
9,583 |
|
|
|
43,913 |
|
|
|
24,527 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
7,384 |
|
|
|
5,297 |
|
|
|
22,353 |
|
|
|
13,139 |
|
|
Selling, general and administrative |
|
|
8,461 |
|
|
|
5,795 |
|
|
|
24,554 |
|
|
|
14,762 |
|
|
Amortization of intangible assets |
|
|
1,789 |
|
|
|
1,138 |
|
|
|
5,365 |
|
|
|
2,119 |
|
|
Acquisition related expenses |
|
|
- |
|
|
|
4,776 |
|
|
|
227 |
|
|
|
6,793 |
|
|
Restructuring and other charges |
|
|
- |
|
|
|
- |
|
|
|
1,694 |
|
|
|
- |
|
|
|
Total operating expenses |
|
|
17,634 |
|
|
|
17,006 |
|
|
|
54,193 |
|
|
|
36,813 |
|
Loss from operations |
|
|
(1,387 |
) |
|
|
(7,423 |
) |
|
|
(10,280 |
) |
|
|
(12,286 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
(6,034 |
) |
|
|
(1,046 |
) |
|
|
(8,781 |
) |
|
|
(2,368 |
) |
|
Other income, net |
|
|
190 |
|
|
|
8 |
|
|
|
359 |
|
|
|
17 |
|
|
|
Total other
income (expense), net |
|
|
(5,844 |
) |
|
|
(1,038 |
) |
|
|
(8,422 |
) |
|
|
(2,351 |
) |
Loss before provision for (benefit from) income taxes |
|
(7,231 |
) |
|
|
(8,461 |
) |
|
|
(18,702 |
) |
|
|
(14,637 |
) |
Provision for (benefit from) income taxes |
|
|
337 |
|
|
|
(64 |
) |
|
|
236 |
|
|
|
(80 |
) |
Net loss |
|
$ |
(7,568 |
) |
|
$ |
(8,397 |
) |
|
$ |
(18,938 |
) |
|
$ |
(14,557 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
(0.25 |
) |
|
$ |
(0.30 |
) |
|
$ |
(0.64 |
) |
|
$ |
(0.61 |
) |
Weighted average number of shares used in computing |
|
|
|
|
|
|
|
|
|
|
|
net loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
30,016,585 |
|
|
|
28,171,952 |
|
|
|
29,784,314 |
|
|
|
23,717,727 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit |
|
$ |
16,247 |
|
|
$ |
9,583 |
|
|
$ |
43,913 |
|
|
$ |
24,527 |
|
Stock-based compensation expense |
|
|
81 |
|
|
|
56 |
|
|
|
213 |
|
|
|
129 |
|
Inventory step-up related to acquisition accounting |
|
|
- |
|
|
|
371 |
|
|
|
616 |
|
|
|
371 |
|
Non-GAAP gross profit |
|
$ |
16,328 |
|
|
$ |
10,010 |
|
|
$ |
44,742 |
|
|
$ |
25,027 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP research and development expenses |
|
$ |
7,384 |
|
|
$ |
5,297 |
|
|
$ |
22,353 |
|
|
$ |
13,139 |
|
Stock-based compensation expense |
|
|
(637 |
) |
|
|
(356 |
) |
|
|
(1,516 |
) |
|
|
(786 |
) |
Non-GAAP research and development expenses |
|
$ |
6,747 |
|
|
$ |
4,941 |
|
|
$ |
20,837 |
|
|
$ |
12,353 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP selling, general and administrative expenses |
|
$ |
8,461 |
|
|
$ |
5,795 |
|
|
$ |
24,554 |
|
|
$ |
14,762 |
|
Stock-based compensation expense |
|
|
(917 |
) |
|
|
(528 |
) |
|
|
(2,345 |
) |
|
|
(1,188 |
) |
Non-GAAP selling, general and administrative expenses |
|
$ |
7,544 |
|
|
$ |
5,267 |
|
|
$ |
22,209 |
|
|
$ |
13,574 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating expenses |
|
$ |
17,634 |
|
|
$ |
17,006 |
|
|
$ |
54,193 |
|
|
$ |
36,813 |
|
Stock-based compensation expense |
|
|
(1,554 |
) |
|
|
(884 |
) |
|
|
(3,861 |
) |
|
|
(1,974 |
) |
Amortization of intangible assets |
|
|
(1,789 |
) |
|
|
(1,138 |
) |
|
|
(5,365 |
) |
|
|
(2,119 |
) |
Acquisition related expenses |
|
|
- |
|
|
|
(4,776 |
) |
|
|
(227 |
) |
|
|
(6,793 |
) |
Restructuring and other charges |
|
|
- |
|
|
|
- |
|
|
|
(1,694 |
) |
|
|
- |
|
Non-GAAP operating expenses |
|
$ |
14,291 |
|
|
$ |
10,208 |
|
|
$ |
43,046 |
|
|
$ |
25,927 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP loss from operations |
|
$ |
(1,387 |
) |
|
$ |
(7,423 |
) |
|
$ |
(10,280 |
) |
|
$ |
(12,286 |
) |
Stock-based compensation expense |
|
|
1,635 |
|
|
|
940 |
|
|
|
4,074 |
|
|
|
2,103 |
|
Inventory step-up related to acquisition accounting |
|
|
- |
|
|
|
371 |
|
|
|
616 |
|
|
|
371 |
|
Amortization of intangible assets |
|
|
1,789 |
|
|
|
1,138 |
|
|
|
5,365 |
|
|
|
2,119 |
|
Acquisition-related expenses |
|
|
- |
|
|
|
4,776 |
|
|
|
227 |
|
|
|
6,793 |
|
Restructuring and other charges |
|
|
- |
|
|
|
- |
|
|
|
1,694 |
|
|
|
- |
|
Non-GAAP income (loss) from operations |
|
$ |
2,037 |
|
|
$ |
(198 |
) |
|
$ |
1,696 |
|
|
$ |
(900 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation from GAAP net loss to adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss: |
|
$ |
(7,568 |
) |
|
$ |
(8,397 |
) |
|
$ |
(18,938 |
) |
|
$ |
(14,557 |
) |
|
Stock-based compensation expense |
|
|
1,635 |
|
|
|
940 |
|
|
|
4,074 |
|
|
|
2,103 |
|
|
Inventory
step-up related to acquisition accounting |
|
|
- |
|
|
|
371 |
|
|
|
616 |
|
|
|
371 |
|
|
Amortization
of intangible assets |
|
|
1,789 |
|
|
|
1,138 |
|
|
|
5,365 |
|
|
|
2,119 |
|
|
Acquisition-related expenses |
|
|
- |
|
|
|
4,776 |
|
|
|
227 |
|
|
|
6,793 |
|
|
Restructuring and other charges |
|
|
- |
|
|
|
- |
|
|
|
1,694 |
|
|
|
- |
|
|
Revaluation
of earn-out liability |
|
|
- |
|
|
|
- |
|
|
|
(320 |
) |
|
|
- |
|
|
Debt
amortization costs |
|
|
5,127 |
|
|
|
- |
|
|
|
5,933 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
net income (loss) |
|
|
983 |
|
|
|
(1,172 |
) |
|
|
(1,349 |
) |
|
|
(3,171 |
) |
|
Interest
expense |
|
|
919 |
|
|
|
1,083 |
|
|
|
2,885 |
|
|
|
2,436 |
|
|
Provision
for (benefit from) income taxes |
|
|
337 |
|
|
|
(64 |
) |
|
|
236 |
|
|
|
(80 |
) |
|
Depreciation
and amortization |
|
|
865 |
|
|
|
625 |
|
|
|
2,226 |
|
|
|
1,687 |
|
|
Adjusted
EBITDA |
|
$ |
3,104 |
|
|
$ |
472 |
|
|
$ |
3,998 |
|
|
$ |
872 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP diluted net income (loss) per share |
|
|
$0.03 |
|
|
|
($0.04 |
) |
|
|
($0.05 |
) |
|
|
($0.13 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number of shares used in calculating |
|
|
|
|
|
|
|
|
|
|
|
|
|
non-GAAP
basic net income (loss) per share |
|
|
30,016,585 |
|
|
|
28,171,952 |
|
|
|
29,784,314 |
|
|
|
23,717,727 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Incremental
shares upon conversion of |
|
|
|
|
|
|
|
|
|
|
|
|
|
stock
options, restricted stock units and warrants |
|
|
2,394,723 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares used in calculating |
|
|
|
|
|
|
|
|
|
|
|
|
|
non-GAAP
diluted net income (loss) per share |
|
|
32,411,308 |
|
|
|
28,171,952 |
|
|
|
29,784,314 |
|
|
|
23,717,727 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adesto Technologies (NASDAQ:IOTS)
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From Jun 2024 to Jul 2024
Adesto Technologies (NASDAQ:IOTS)
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From Jul 2023 to Jul 2024