Shapeways Holdings, Inc. (NASDAQ: SHPW) (“Shapeways” or the
“Company”), a leader in the large and fast-growing digital
manufacturing industry, announced its results for the third quarter
ended September 30, 2023.
“As we navigate the dynamic landscape of the
digital manufacturing industry, Shapeways continues to expand its
enterprise and software businesses, while our eCommerce operations
remain stable, providing a solid foundation for our growth
initiatives,” said Greg Kress, Shapeways’ Chief Executive Officer.
“In the third quarter we expanded our gross margin sequentially, as
we saw a greater contribution from higher margin software sales.
Furthermore, we have initiated a number of cost reduction measures
to better align with the current environment. We remain encouraged
by our growing traction of SaaS contract commitments on our
refreshed MFG platform, increased customer acquisition, retention,
lifetime value and new initiatives such as MFG Materials which was
launched in the second quarter. Through MFG Materials, we believe
we are providing a very compelling return to our customers by
helping them save on raw material costs.
“In addition, our increased customer focus on
middle market and enterprise opportunities has translated into
several exciting new multi-year customer contracts in our target
industries. While we are encouraged with our progress, and have a
growing pipeline of orders, the length of the sales cycle to these
customers is typically longer. As a result, our ability to
recognize about $0.5 million in revenue from three enterprise
contracts shifted from the third quarter to the fourth quarter.
“We remain dedicated to meeting evolving
customer needs and the ongoing shift towards digital manufacturing
solutions, and to demonstrating continued leadership in the
industry.”
Business Updates
The Company made progress on each of its key
initiatives:
Software tools and services continues to
scale – Shapeways’ software offering is one of its key
growth drivers, and is continuing to make progress. Notable
highlights during and subsequent to quarter-end include:
- The Company saw ongoing software
growth, with software revenues increasing 39.6% in the quarter,
compared to the same period in the prior year, and with $2.2
million of software revenues year to date, leading the Company to
believe it is on track to more than double software revenues for
full year 2023 from 2022.
- The Company launched several key
features to create a more comprehensive software offering, which
the Company expects will continue to drive increased customer
acquisition, retention, and lifetime value. These include an
enhancement to the ordering service and the ability for customers
to source discounted materials using the MFG Materials
platform.
Enterprise manufacturing growth
– Shapeways continues to increase its customer focus towards middle
market and enterprise opportunities, and anticipates seeing
accelerating benefits from these investments in the coming
quarters.
- The Company has secured two new
long-term agreements in the third quarter with leading automotive
and transportation manufacturers for multi-year production programs
which are expected to ramp up to approximately $4 million
annualized revenues by the end of next year. This affirms
Shapeways’ commitment to and proficiency in partnering with Tier 1
manufacturers to support OEM volume production.
- The Company continues to increase
its share of wallet with existing customers on multi-year revenue
projects and saw revenues for the first nine months of this year
from its top 250 customers grow 18% compared to the same period
last year.
Cost Alignment Initiatives and Strategic
Alternatives – While the Company remains encouraged by its
momentum, in light of the elongated sales cycle and near term
macroeconomic uncertainty, Shapeways management initiated a number
of cost reduction measures in the quarter. These included a
reduction in force completed in October 2023, a reduction of new
hires, and a reduction in non-critical capital and discretionary
operating expenditures. In addition, the Company has been working
with advisors in considering the strategic alternatives available
to the Company. Potential strategic alternatives may include,
without limitation, a merger, a business combination, a sale of a
material portion of the Company’s assets, a capital raise or other
strategic transaction. The Company has not made a decision to
pursue or not pursue any particular strategic alternative, and
there can be no assurance that this process will result in any
transaction.
Financial Highlights
Three Months Ended September 30,
2023
- Revenue was $8.4 million for each
of the three months ended September 30, 2023 and 2022
- Gross profit was $3.4 million
compared to $3.7 million for the same period in 2022
- Gross margin was 41% compared to
44% for the same period in 2022
- Net loss was $19.2 million compared
to $4.6 million for the same period in 2022
- Adjusted EBITDA was $(5.0) million
compared to $(4.6) million for the same period in 2022
Nine Months Ended
September 30, 2023
- Revenue was $25.0 million compared
to $24.5 million for the same period in 2022
- Gross profit was $10.1 million
compared to $10.7 million for the same period in 2022
- Gross margin was 41% compared to
44% for the same period in 2022
- Net loss was $33.4 million compared
to $13.3 million for the same period in 2022
- Adjusted EBITDA was $(17.4) million
compared to $(13.7) million for the same period in 2022
Outlook
For the fourth quarter of 2023, the Company
anticipates revenue to be in the range of $9.3 million to $10.0
million.
Throughout the remainder of 2023 and into 2024,
the Company will maintain a strong emphasis on achieving
profitability and managing cash burn as it expands its digital
manufacturing platform by leveraging the investments made in
2022.
Webcast and Conference Call
Information
Shapeways will host a conference call and
webcast on Tuesday, November 14, 2023, at 5:00 P.M. ET. To
participate in the call, please dial 1-877-322-9565 or
1-412-542-4177 for international participants, ten minutes before
the scheduled start. Participants may also access the call via live
webcast by visiting the investors section of the Company's website
at shapeways.com.
If you cannot participate in the live event, a
replay will be available until 11:59 p.m. ET, Tuesday, November 21,
2023. To access the replay, please dial 1-844-512-2921, or
1-412-317-6671 for international participants, and reference pass
code 10183885.
About Shapeways
Shapeways is a leader in the large and
fast-growing digital manufacturing industry combining high quality,
flexible on-demand manufacturing powered by purpose-built
proprietary software which enables customers to rapidly transform
digital designs into physical products, globally. Shapeways makes
industrial-grade additive manufacturing accessible by fully
digitizing the end-to-end manufacturing process, and by providing a
broad range of solutions utilizing 12 additive manufacturing
technologies and approximately 120 materials and finishes, with the
ability to easily scale new innovation. To date, Shapeways has
delivered over 24 million parts to 1 million customers in over 180
countries. To learn more, please
visit https://www.shapeways.com.
Contact
InformationInvestor Relations
investors@shapeways.com
Media Relations
press@shapeways.com
Special Note Regarding Forward-Looking
Statements
Certain statements included in this press
release are not historical facts and are forward-looking statements
for purposes of the safe harbor provisions under the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements generally are accompanied by words such as "believe,"
"may," "will," "estimate," "continue," "anticipate," "intend,"
"expect," "should," "would," "plan," "predict," "potential,"
"seem," "seek," "future," "outlook," and similar expressions that
predict or indicate future events or trends or that are not
statements of historical matters. All statements, other than
statements of present or historical fact included in this press
release, regarding the Company's strategy, future operations,
outlook, prospects, expectations regarding revenue, customer uptake
of new offerings, ability and anticipated timeline to achieve
profitability, objectives of management and ability to implement
additional cost-reduction measures or consummate capital raises or
strategic alternatives are forward-looking statements. These
statements are based on various assumptions, whether or not
identified in this press release, and on the current expectations
of management and are not predictions of actual performance. These
forward-looking statements are provided for illustrative purposes
only and are not intended to serve as, and must not be relied on
as, a guarantee, an assurance, a prediction, or a definitive
statement of fact or probability. Actual events and circumstances
are difficult or impossible to predict and will differ from
assumptions. Many actual events and circumstances are beyond the
control of the Company. These forward-looking statements are
subject to a number of risks and uncertainties, including changes
in domestic and foreign business, financial, geopolitical, legal,
and market conditions, including supply chain disruptions and
inflationary or recessionary pressures; failure to realize the
anticipated benefits of acquisitions; difficulties integrating
acquired companies; ability to retain customers of acquired
companies or otherwise expand its customer base; the risk that
Shapeways has a history of losses and may not achieve or maintain
profitability in the future; the risk that the Company faces
significant competition and expects to face increasing competition
in many aspects; the risk that the digital manufacturing industry
is a relatively new and emerging market and it is uncertain whether
it will gain widespread acceptance; the risk that the Company's new
and existing solutions and software do not achieve sufficient
market acceptance; the loss of key personnel; the inability to
timely and effectively scale the Company's platform; and those
factors discussed under the heading "Risk Factors" in Shapeways’
most recent Form 10-K, most recent Form 10-Q, and other documents
Shapeways has filed, or will file, with the SEC. If any of these
risks materialize or the Company’s assumptions prove incorrect,
actual results could differ materially from the results implied by
these forward-looking statements. There may be additional risks
that the Company does not presently know, or that the Company
currently believes are immaterial, that could also cause actual
results to differ from those contained in forward-looking
statements. In addition, forward-looking statements reflect the
Company's expectations, plans, or forecasts of future events and
views as of the date of this press release. The Company anticipates
that subsequent events and developments will cause its assessments
to change. However, while the Company may elect to update these
forward-looking statements at some point in the future, it
specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing the Company's assessments of any date subsequent to
the date of this press release. Accordingly, undue reliance should
not be placed upon forward-looking statements.
Non-GAAP Financial Information
In addition to Shapeways’ results determined in
accordance with accounting principles generally accepted in the
United States of America (“U.S. GAAP”), Shapeways believes that
Adjusted EBITDA, a non-U.S. GAAP financial measure, is useful in
evaluating its operational performance. Shapeways uses this
non-U.S. GAAP financial information to evaluate its ongoing
operations and for internal planning and forecasting purposes.
Shapeways believes that this non-U.S. GAAP financial information,
when reviewed collectively with its U.S. GAAP results, may be
helpful to investors in assessing its operating performance.
Shapeways defines Adjusted EBITDA as net loss
excluding interest expense, net of interest income, income tax
expense (benefit), depreciation and amortization, stock-based
compensation expense, change in fair value of warrant liabilities,
change in fair value of earnout liabilities, acquisition costs,
restructuring costs, impairment costs, write-offs and other (which
includes other income and non-operating gains and losses).
Shapeways believes that the use of Adjusted
EBITDA provides an additional tool for investors to use in
evaluating ongoing operating results and trends because it
eliminates the effect of financing and capital expenditures and
provides investors with a means to compare its financial measures
with those of comparable companies, which may present similar
non-U.S. GAAP financial measures to investors. However, you should
be aware that when evaluating Adjusted EBITDA Shapeways may incur
future expenses similar to those excluded when calculating these
measures. In addition, Shapeways’ presentation of these measures
should not be construed as an inference that its future results
will be unaffected by unusual or non-recurring items.
Because of these limitations, Adjusted EBITDA
should not be considered in isolation or as a substitute for
performance measures calculated in accordance with U.S. GAAP.
Shapeways compensates for these limitations by relying primarily on
its U.S. GAAP results and using Adjusted EBITDA on a supplemental
basis. You should review the reconciliation of net loss to Adjusted
EBITDA below and not rely on any single financial measure to
evaluate Shapeways’ business.
|
SHAPEWAYS HOLDINGS, INC. CONDENSED
CONSOLIDATED BALANCE SHEETS (in thousands, except share
and per share amounts) |
|
|
September 30, 2023 |
|
December 31, 2022 |
|
(Unaudited) |
|
|
Assets |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
$ |
17,517 |
|
|
$ |
30,630 |
|
Restricted cash |
|
139 |
|
|
|
139 |
|
Short-term investments |
|
— |
|
|
|
9,816 |
|
Accounts receivable |
|
3,832 |
|
|
|
1,606 |
|
Inventory |
|
1,998 |
|
|
|
1,307 |
|
Prepaid expenses and other current assets |
|
3,225 |
|
|
|
6,255 |
|
Current assets held for sale |
|
1,857 |
|
|
|
— |
|
Total current assets |
|
28,568 |
|
|
|
49,753 |
|
Property and equipment, net |
|
5,988 |
|
|
|
15,627 |
|
Operating lease, right-of-use assets, net |
|
1,948 |
|
|
|
2,365 |
|
Goodwill |
|
6,286 |
|
|
|
6,286 |
|
Intangible assets, net |
|
4,379 |
|
|
|
5,398 |
|
Security deposits |
|
99 |
|
|
|
99 |
|
Total assets |
$ |
47,268 |
|
|
$ |
79,528 |
|
Liabilities and Stockholders’ Equity |
|
|
|
Current liabilities |
|
|
|
Accounts payable |
$ |
1,657 |
|
|
$ |
2,354 |
|
Accrued expenses and other liabilities |
|
3,598 |
|
|
|
5,950 |
|
Current portion of long-term debt |
|
55 |
|
|
|
— |
|
Operating lease liabilities, current |
|
872 |
|
|
|
719 |
|
Finance lease liability, current |
|
62 |
|
|
|
— |
|
Other financing obligations, current |
|
40 |
|
|
|
— |
|
Deferred revenue |
|
1,838 |
|
|
|
972 |
|
Total current liabilities |
|
8,122 |
|
|
|
9,995 |
|
Operating lease liabilities, net of current portion |
|
1,176 |
|
|
|
1,715 |
|
Deferred tax liabilities, net |
|
83 |
|
|
|
27 |
|
Finance lease liability, noncurrent |
|
261 |
|
|
|
— |
|
Other financing obligations |
|
426 |
|
|
|
— |
|
Long-term debt |
|
441 |
|
|
|
— |
|
Total liabilities |
|
10,509 |
|
|
|
11,737 |
|
Commitments and contingencies |
|
|
|
Stockholders’ equity |
|
|
|
Preferred stock ($0.0001 par value; 10,000,000 shares authorized;
none issued or outstanding as of September 30, 2023 and
December 31, 2022) |
|
— |
|
|
|
— |
|
Common stock ($0.0001 par value; 120,000,000 shares authorized;
6,547,873 and 6,180,646 shares issued and outstanding as of
September 30, 2023 and December 31, 2022,
respectively)(1) |
|
1 |
|
|
|
5 |
|
Additional paid-in capital |
|
203,732 |
|
|
|
201,362 |
|
Accumulated deficit |
|
(166,409 |
) |
|
|
(133,032 |
) |
Accumulated other comprehensive loss |
|
(565 |
) |
|
|
(544 |
) |
Total stockholders’ equity |
|
36,759 |
|
|
|
67,791 |
|
Total liabilities and stockholders’ equity |
$ |
47,268 |
|
|
$ |
79,528 |
|
|
(1) Retroactively
adjusted shares issued and outstanding to give effect to the
Company's 1-for-8 reverse stock split. |
|
SHAPEWAYS HOLDINGS, INC.CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS(UNAUDITED) (in thousands, except
share and per share amounts) |
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Revenue, net |
$ |
8,371 |
|
|
$ |
8,449 |
|
|
$ |
25,010 |
|
|
$ |
24,452 |
|
Cost of revenue |
|
4,926 |
|
|
|
4,758 |
|
|
|
14,872 |
|
|
|
13,710 |
|
Gross profit |
|
3,445 |
|
|
|
3,691 |
|
|
|
10,138 |
|
|
|
10,742 |
|
Operating expenses |
|
|
|
|
|
|
|
Selling, general and administrative |
|
10,964 |
|
|
|
7,605 |
|
|
|
27,526 |
|
|
|
20,516 |
|
Research and development |
|
2,257 |
|
|
|
2,572 |
|
|
|
7,261 |
|
|
|
6,992 |
|
Impairment on assets held for sale |
|
9,680 |
|
|
|
— |
|
|
|
9,680 |
|
|
|
— |
|
Total operating expenses |
|
22,901 |
|
|
|
10,177 |
|
|
|
44,467 |
|
|
|
27,508 |
|
Loss from operations |
|
(19,456 |
) |
|
|
(6,486 |
) |
|
|
(34,329 |
) |
|
|
(16,766 |
) |
Other income (expense) |
|
|
|
|
|
|
|
Interest income |
|
247 |
|
|
|
21 |
|
|
|
913 |
|
|
|
23 |
|
Interest expense |
|
(35 |
) |
|
|
(7 |
) |
|
|
(87 |
) |
|
|
(7 |
) |
Loss on disposal of assets |
|
— |
|
|
|
— |
|
|
|
(85 |
) |
|
|
— |
|
Change in fair value of earnout liability |
|
— |
|
|
|
1,784 |
|
|
|
— |
|
|
|
1,784 |
|
Change in fair value of warrant liabilities |
|
— |
|
|
|
31 |
|
|
|
— |
|
|
|
1,558 |
|
Other income |
|
70 |
|
|
|
110 |
|
|
|
268 |
|
|
|
149 |
|
Total other income (expense), net |
|
282 |
|
|
|
1,939 |
|
|
|
1,009 |
|
|
|
3,507 |
|
Loss before income tax expense |
|
(19,174 |
) |
|
|
(4,547 |
) |
|
|
(33,320 |
) |
|
|
(13,259 |
) |
Income tax expense |
|
19 |
|
|
|
3 |
|
|
|
57 |
|
|
|
2 |
|
Net loss |
|
(19,193 |
) |
|
|
(4,550 |
) |
|
|
(33,377 |
) |
|
|
(13,261 |
) |
Net loss per share: |
|
|
|
|
|
|
|
Basic(1) |
$ |
(2.75 |
) |
|
$ |
(0.68 |
) |
|
$ |
(4.89 |
) |
|
$ |
(2.00 |
) |
Diluted(1) |
$ |
(2.75 |
) |
|
$ |
(0.68 |
) |
|
$ |
(4.89 |
) |
|
$ |
(2.00 |
) |
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
Basic(1) |
|
6,968,534 |
|
|
|
6,648,195 |
|
|
|
6,824,520 |
|
|
|
6,623,168 |
|
Diluted(1) |
|
6,968,534 |
|
|
|
6,648,195 |
|
|
|
6,824,520 |
|
|
|
6,623,168 |
|
Other comprehensive income (loss) |
|
|
|
|
|
|
|
Foreign currency translation adjustment |
|
(65 |
) |
|
|
(125 |
) |
|
|
(21 |
) |
|
|
(351 |
) |
Comprehensive loss |
$ |
(19,258 |
) |
|
$ |
(4,675 |
) |
|
$ |
(33,398 |
) |
|
$ |
(13,612 |
) |
|
(1) Retroactively adjusted shares issued and outstanding, and per
share information to give effect to the Company's 1-for-8 reverse
stock split. |
|
SHAPEWAYS HOLDINGS, INC.CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED) (in thousands, except share and per
share amounts) |
|
|
Nine Months Ended September 30, |
|
2023 |
|
2022 |
Cash flows from
operating activities: |
|
|
|
Net loss |
$ |
(33,377 |
) |
|
$ |
(13,261 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
Depreciation and amortization |
|
1,467 |
|
|
|
1,032 |
|
Loss from impairment on assets held for sale |
|
9,680 |
|
|
|
— |
|
Write-off of prepaid services |
|
3,196 |
|
|
|
— |
|
Write-off of intangible assets |
|
481 |
|
|
|
— |
|
Loss on disposal of assets |
|
85 |
|
|
|
— |
|
Stock-based compensation expense |
|
1,884 |
|
|
|
1,519 |
|
Non-cash lease expense |
|
749 |
|
|
|
687 |
|
Deferred income taxes |
|
56 |
|
|
|
— |
|
Interest receivable on short-term investments |
|
(611 |
) |
|
|
— |
|
Change in fair value of earnout liability |
|
— |
|
|
|
(1,784 |
) |
Change in fair value of warrant liabilities |
|
— |
|
|
|
(1,558 |
) |
Change in operating assets and liabilities: |
|
|
|
Accounts receivable |
|
(2,226 |
) |
|
|
710 |
|
Inventory |
|
(662 |
) |
|
|
(152 |
) |
Prepaid expenses and other assets |
|
(89 |
) |
|
|
(1,335 |
) |
Accounts payable |
|
(425 |
) |
|
|
(396 |
) |
Accrued expenses and other liabilities |
|
(1,794 |
) |
|
|
713 |
|
Operating lease liabilities |
|
(721 |
) |
|
|
(732 |
) |
Deferred revenue |
|
866 |
|
|
|
(458 |
) |
Net cash used in operating activities |
|
(21,441 |
) |
|
|
(15,015 |
) |
Cash flows from
investing activities: |
|
|
|
Purchases of property and equipment |
|
(2,796 |
) |
|
|
(9,043 |
) |
Purchase of short-term investments |
|
(9,769 |
) |
|
|
— |
|
Proceeds from settlement of short-term investments |
|
20,000 |
|
|
|
— |
|
Cash paid for acquisitions, net of cash acquired |
|
— |
|
|
|
(8,861 |
) |
Net cash provided by (used in) investing activities |
|
7,435 |
|
|
|
(17,904 |
) |
Cash flows from
financing activities: |
|
|
|
Proceeds received from other finance obligations |
|
993 |
|
|
|
— |
|
Principal payments on finance leases |
|
(45 |
) |
|
|
— |
|
Payments on other finance obligations |
|
(17 |
) |
|
|
— |
|
Payments of taxes on restricted stock units withheld for employee
taxes |
|
(169 |
) |
|
|
— |
|
Proceeds from issuance of common stock |
|
118 |
|
|
|
289 |
|
Net cash provided by financing activities |
|
880 |
|
|
|
289 |
|
Net change in cash and cash
equivalents and restricted cash |
|
(13,126 |
) |
|
|
(32,630 |
) |
Effect of change in foreign
currency exchange rates on cash and cash equivalents and |
|
13 |
|
|
|
(112 |
) |
Cash and cash equivalents and
restricted cash at beginning of period |
|
30,769 |
|
|
|
79,819 |
|
Cash and cash equivalents and
restricted cash at end of period |
$ |
17,656 |
|
|
$ |
47,077 |
|
Supplemental
disclosure of cash and non-cash transactions: |
|
|
|
Cash paid for interest |
$ |
87 |
|
|
$ |
— |
|
Purchase of property and equipment included in accounts
payable |
$ |
39 |
|
|
$ |
— |
|
Issuance of common stock upon settlement of earnout consideration
liability |
$ |
537 |
|
|
$ |
— |
|
|
SHAPEWAYS HOLDINGS, INC.RECONCILIATION OF
GAAP TO NON-GAAP MEASURESFor the Three and Nine
Months Ended September 30, 2023 and 2022 |
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
(Dollars in thousands) |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Net loss |
|
$ |
(19,193 |
) |
|
$ |
(4,550 |
) |
|
$ |
(33,377 |
) |
|
$ |
(13,261 |
) |
Interest expense, net |
|
|
(212 |
) |
|
|
(14 |
) |
|
|
(826 |
) |
|
|
(16 |
) |
Depreciation and amortization |
|
|
495 |
|
|
|
473 |
|
|
|
1,467 |
|
|
|
1,032 |
|
Stock-based compensation expense |
|
|
603 |
|
|
|
1,207 |
|
|
|
1,884 |
|
|
|
1,519 |
|
Impairment on assets held for sale |
|
|
9,680 |
|
|
|
— |
|
|
|
9,680 |
|
|
|
— |
|
Write-offs of prepaid services |
|
|
3,196 |
|
|
|
— |
|
|
|
3,196 |
|
|
|
— |
|
Write-offs of intangible assets |
|
|
481 |
|
|
|
— |
|
|
|
481 |
|
|
|
— |
|
Change in fair value of earnout liability |
|
|
— |
|
|
|
(1,784 |
) |
|
|
— |
|
|
|
(1,784 |
) |
Change in fair value of warrant liabilities |
|
|
— |
|
|
|
(31 |
) |
|
|
— |
|
|
|
(1,558 |
) |
Income tax expense |
|
|
19 |
|
|
|
3 |
|
|
|
57 |
|
|
|
2 |
|
Acquisition costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
373 |
|
Restructuring costs |
|
|
16 |
|
|
|
190 |
|
|
|
303 |
|
|
|
190 |
|
Other |
|
|
(57 |
) |
|
|
(109 |
) |
|
|
(217 |
) |
|
|
(148 |
) |
Adjusted EBITDA |
|
$ |
(4,972 |
) |
|
$ |
(4,615 |
) |
|
$ |
(17,352 |
) |
|
$ |
(13,651 |
) |
|
SHAPEWAYS HOLDINGS, INC.QUARTERLY
PERFORMANCE(UNAUDITED)(in thousands) |
|
|
Three Months Ended, |
|
September 30, 2022 |
|
December 31, 2022 |
|
March 31, 2023 |
|
June 30, 2023 |
|
September 30, 2023 |
Revenue |
$ |
8,449 |
|
|
$ |
8,705 |
|
|
$ |
8,199 |
|
|
$ |
8,440 |
|
|
$ |
8,371 |
|
% YoY Growth |
|
9 |
% |
|
|
5 |
% |
|
|
8 |
% |
|
|
— |
% |
|
|
(1 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit |
$ |
3,691 |
|
|
$ |
3,556 |
|
|
$ |
3,282 |
|
|
$ |
3,411 |
|
|
$ |
3,445 |
|
Gross Margin |
|
44 |
% |
|
|
41 |
% |
|
|
40 |
% |
|
|
40 |
% |
|
|
41 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
(4,615 |
) |
|
$ |
(5,826 |
) |
|
$ |
(6,336 |
) |
|
$ |
(6,044 |
) |
|
$ |
(4,972 |
) |
|
SHAPEWAYS HOLDINGS, INC.RECONCILIATION OF
GAAP TO NON-GAAP MEASURES |
|
|
Three Months Ended, |
(Dollars in thousands) |
September 30, 2022 |
|
December 31, 2022 |
|
March 31, 2023 |
|
June 30, 2023 |
|
September 30, 2023 |
Net loss |
$ |
(4,550 |
) |
|
$ |
(6,960 |
) |
|
$ |
(7,403 |
) |
|
$ |
(6,781 |
) |
|
$ |
(19,193 |
) |
Interest expense, net |
|
(14 |
) |
|
|
(126 |
) |
|
|
(298 |
) |
|
|
(316 |
) |
|
|
(212 |
) |
Depreciation and amortization |
|
473 |
|
|
|
759 |
|
|
|
442 |
|
|
|
530 |
|
|
|
495 |
|
Stock based compensation |
|
1,207 |
|
|
|
636 |
|
|
|
805 |
|
|
|
476 |
|
|
|
603 |
|
Impairment on assets held for sale |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9,680 |
|
Write-offs of prepaid services |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,196 |
|
Write-offs of intangible assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
481 |
|
Change in fair value of earnout liability |
|
(1,784 |
) |
|
|
(40 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Change in fair value of warrant liabilities |
|
(31 |
) |
|
|
(26 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Income tax (benefit) expense |
|
3 |
|
|
|
29 |
|
|
|
18 |
|
|
|
20 |
|
|
|
19 |
|
Acquisition costs |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Restructuring costs |
|
190 |
|
|
|
8 |
|
|
|
212 |
|
|
|
75 |
|
|
|
16 |
|
Other |
|
(109 |
) |
|
|
(106 |
) |
|
|
(112 |
) |
|
|
(48 |
) |
|
|
(57 |
) |
Adjusted EBITDA |
$ |
(4,615 |
) |
|
$ |
(5,826 |
) |
|
$ |
(6,336 |
) |
|
$ |
(6,044 |
) |
|
$ |
(4,972 |
) |
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