D-Wave Quantum Inc., (NYSE: QBTS) ("D-Wave" or the "Company") a leader in commercial quantum computing systems, software, and services, today announced financial results for its fourth fiscal quarter and year ended December 31, 2023.
"Our momentum is undeniable," said Dr. Alan Baratz, CEO of D-Wave. "From our commercial traction to substantive product advancements, from our ground-breaking scientific milestones to new strategic partnerships ? we believe all these achievements are propelling us forward to solidify D-Wave's position as the commercial quantum category builder and leader."
Recent Business and Technical Highlights
Fourth Quarter Fiscal 2023 Financial Highlights
Financial Results for the Fiscal Year 2023
Balance Sheet and Liquidity
As of December 31, 2023, D-Wave's consolidated cash balance totaled $41.3 million, an increase of $34.2 million, or 485%, from the December 31, 2022 consolidated cash balance of $7.1 million.
During fiscal 2023, D-Wave raised $98.1 million in capital, including $66.1 million in equity, primarily under the Company's common stock purchase agreement ("Equity Line of Credit" or "ELOC") with Lincoln Park Capital Fund, LLC ("Lincoln Park"), and $32.0 million in debt, primarily under the Company's $50 million four-year term loan agreement with PSPIB Unitas Investments II Inc., an affiliate of PSP Investments. As of December 31, 2023, D-Wave has $82.1 million in remaining capacity under the Lincoln Park ELOC commitment that terminates in October 2025. D-Wave's ability to raise funds under the ELOC is subject to a number of conditions including having a sufficient number of registered shares and having D-Wave's stock price above $1.00 per share.
Fiscal Year 2024 and Q1 Outlook
Based on the information available on March 27, 2024, guidance for the full year 2024 and the first quarter is as follows and our guidance is subject to various cautionary factors described below:
Adjusted EBITDA Loss
Bookings
___________________ |
1"Bookings" is an operating metric that is defined as customer orders received that are expected to generate net revenues in the future. We present the operational metric of Bookings because it reflects customers' demand for our products and services and to assist readers in analyzing our potential performance in future periods. |
2"Non-GAAP Gross Profit", "Non-GAAP Gross Margin", "Non-GAAP Adjusted Operating Expenses", and "Adjusted EBITDA Loss", are non-GAAP financial measures or metrics. Please see the discussion in the section "Non-GAAP Financial Measures" and the reconciliations included at the end of this press release. |
3We are not able to reconcile guidance for Adjusted EBITDA Loss to its most directly comparable GAAP measure, Net Loss, and cannot provide an estimated range of net loss for such period without unreasonable efforts because certain items that impact Net Loss, including foreign exchange and the fair value of warrant liabilities, are not within our control or cannot be reasonably predicted. |
Earnings Conference Call
In conjunction with this announcement, D-Wave will host a conference call on Thursday, March 28, 2024, at 8:00 a.m. (Eastern Time), to discuss the Company's financial results and business outlook. The live dial-in number is 1-800-267-6316 (domestic) or 1-203-518-9783 (international). The Conference ID is "D-Wave." Participating in the call on behalf of the Company will be Chief Executive Officer Alan Baratz and Chief Financial Officer John Markovich.
About D-Wave Quantum Inc.
D-Wave is a leader in the development and delivery of quantum computing systems, software, and services, and is the world's first commercial supplier of quantum computers. Our mission is to unlock the power of quantum computing today to benefit business and society. We do this by delivering customer value with practical quantum applications for problems as diverse as logistics, artificial intelligence, materials sciences, drug discovery, scheduling, cybersecurity, fault detection, and financial modeling. D-Wave's technology has been used by some of the world's most advanced organizations, including Mastercard, Deloitte, Davidson Technologies, ArcelorMittal, Siemens Healthineers, Unisys, NEC Corporation, Pattison Food Group Ltd., DENSO, Lockheed Martin, Forschungszentrum Jülich, University of Southern California, and Los Alamos National Laboratory.
Non-GAAP Financial Measures
To supplement the financial information presented in accordance with GAAP, we use non-GAAP measures of certain components of financial performance. Each of non-GAAP gross profit, non-GAAP gross margin, Adjusted EBITDA and non-GAAP adjusted operating expenses is a financial measure that is not required by or presented in accordance with GAAP. Management believes that each measure provides investors an additional meaningful method to evaluate certain aspects of such results period over period. The Company defines each of its non-GAAP financial measures as follows:
The presentation of non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the financial results prepared in accordance with GAAP, and our presentation of non-GAAP measures may be different from non-GAAP measures used by other companies. For a reconciliation of non-GAAP gross profit, non-GAAP gross margin, Adjusted EBITDA and non-GAAP adjusted operating expenses to its most directly comparable GAAP measure, please refer to the reconciliations below.
Forward-Looking Statements
Certain statements in this press release are forward-looking, as defined in the Private Securities Litigation Reform Act of 1995. These statements involve risks, uncertainties, and other factors that may cause actual results to differ materially from the information expressed or implied by these forward-looking statements and may not be indicative of future results. Forward-looking statements in this press release include, but are not limited to, statements regarding full-year 2024 guidance. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, various factors beyond management's control, including; our ability to raise funds under the ELOC or meet the conditions necessary to draw on the third tranche of the PSP Loan; general economic conditions and other risks; our ability to maintain and expand our customer base and the customer adoption of our solutions; risks within D-Wave's industry, including anticipated trends, growth rates, and challenges for companies engaged in the business of quantum computing and the markets in which they operate; the outcome of any legal proceedings that may be instituted against us; risks related to the performance of our business and the timing of expected business or financial milestones; unanticipated technological or project development challenges, including with respect to the cost and/or timing thereof; the performance of our products; like our hybrid solvers and software like "zero downtime deployment"; the effects of competition on our business; the risk that we will need to raise additional capital to execute our business plan, which may not be available on acceptable terms or at all; the risk that we may never achieve or sustain profitability; the risk that we are unable to secure or protect our intellectual property; volatility in the price of our securities; the risk that our securities will not maintain the listing on the NYSE; and the numerous other factors set forth in D-Wave's Annual Report on Form 10-K/A for its fiscal year ended December 31, 2022 filed on March 18, 2024, as may be supplemented or amended by the Company's other SEC filings, including the Form 10-K for year ended December 31, 2023 expected to be filed today. Any such forward-looking statements represent management's estimates as of the date of this press release. Undue reliance should not be placed on the forward-looking statements in this press release in making an investment decision, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.
D-Wave Quantum Inc. |
|||||||
Consolidated Balance Sheets |
|||||||
|
December 31, |
|
December 31, |
||||
(In thousands, except share and per share data) |
|
2023 |
|
|
|
2022 |
|
|
(Unaudited) |
|
|
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash |
$ |
41,307 |
|
|
$ |
7,065 |
|
Trade accounts receivable, net |
|
1,652 |
|
|
|
757 |
|
Research incentive receivable |
|
? |
|
|
|
264 |
|
Inventories |
|
2,078 |
|
|
|
2,196 |
|
Prepaid expenses and other current assets |
|
2,009 |
|
|
|
3,643 |
|
Total current assets |
|
47,046 |
|
|
|
13,925 |
|
Property and equipment, net |
|
2,551 |
|
|
|
2,294 |
|
Operating lease right-of-use assets |
|
8,223 |
|
|
|
9,133 |
|
Intangible assets, net |
|
179 |
|
|
|
244 |
|
Other non-current assets |
|
1,357 |
|
|
|
1,351 |
|
Total assets |
$ |
59,356 |
|
|
$ |
26,947 |
|
|
|
|
|
||||
Liabilities and stockholders' deficit |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Trade accounts payable |
$ |
1,465 |
|
|
$ |
3,756 |
|
Accrued expenses and other current liabilities |
|
5,343 |
|
|
|
6,687 |
|
Current portion of operating lease liabilities |
|
1,374 |
|
|
|
1,533 |
|
Loans payable, net, current |
|
399 |
|
|
|
1,863 |
|
Deferred revenue, current |
|
2,669 |
|
|
|
1,781 |
|
Promissory notes - related party |
|
? |
|
|
|
420 |
|
Total current liabilities |
|
11,250 |
|
|
|
16,040 |
|
Warrant liabilities |
|
1,630 |
|
|
|
1,892 |
|
Operating lease liabilities, net of current portion |
|
7,028 |
|
|
|
7,301 |
|
Loans payable, net, non-current (including $31,400 and $? as of December 31, 2023 and 2022, respectively, at fair value) |
|
63,850 |
|
|
|
31,168 |
|
Deferred revenue, non-current |
|
79 |
|
|
|
9 |
|
Total liabilities |
$ |
83,837 |
|
|
$ |
56,410 |
|
|
|
|
|
||||
Commitments and contingencies |
|
|
|
||||
Stockholders' deficit: |
|
|
|
||||
Common stock, par value $0.0001 per share; 675,000,000 shares and unlimited shares authorized at December 31, 2023 and December 31, 2022, respectively; 161,113,744 shares and 113,335,530 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively. |
|
16 |
|
|
|
11 |
|
Additional paid-in capital |
|
469,081 |
|
|
|
381,274 |
|
Accumulated deficit |
|
(483,061 |
) |
|
|
(400,346 |
) |
Accumulated other comprehensive loss |
|
(10,517 |
) |
|
|
(10,402 |
) |
Total stockholders' deficit |
|
(24,481 |
) |
|
|
(29,463 |
) |
Total liabilities and stockholders' deficit |
$ |
59,356 |
|
|
$ |
26,947 |
|
D-Wave Quantum Inc. |
|||||||||||||||
Consolidated Statements of Operations and Comprehensive Loss |
|||||||||||||||
|
Three Months Ended December 31, |
|
Year ended December 31, |
||||||||||||
(In thousands, except share and per share data) |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
||||||||
Revenue |
$ |
2,906 |
|
|
$ |
2,394 |
|
|
$ |
8,758 |
|
|
$ |
7,173 |
|
Cost of revenue |
|
939 |
|
|
|
1,033 |
|
|
|
4,136 |
|
|
|
2,923 |
|
Total gross profit |
|
1,967 |
|
|
|
1,361 |
|
|
|
4,622 |
|
|
|
4,250 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Research and development |
|
7,956 |
|
|
|
10,336 |
|
|
|
37,878 |
|
|
|
32,101 |
|
General and administrative |
|
8,139 |
|
|
|
8,009 |
|
|
|
37,014 |
|
|
|
21,539 |
|
Sales and marketing |
|
2,414 |
|
|
|
3,956 |
|
|
|
10,276 |
|
|
|
10,068 |
|
Total operating expenses |
|
18,509 |
|
|
|
22,301 |
|
|
|
85,168 |
|
|
|
63,708 |
|
Loss from operations |
|
(16,542 |
) |
|
|
(20,940 |
) |
|
|
(80,546 |
) |
|
|
(59,458 |
) |
Other income (expense), net: |
|
|
|
|
|
|
|
||||||||
Interest income (expense) |
|
1,785 |
|
|
|
(598 |
) |
|
|
(37 |
) |
|
|
(2,335 |
) |
Change in fair value of Term Loan |
|
(716 |
) |
|
|
|
|
640 |
|
|
|
? |
|
||
Term Loan debt issuance costs |
|
? |
|
|
|
|
|
(2,118 |
) |
|
|
? |
|
||
Change in fair value of warrant liabilities |
|
341 |
|
|
|
3,570 |
|
|
|
262 |
|
|
|
6,173 |
|
Lincoln Park Purchase Agreement issuance costs |
|
? |
|
|
|
|
|
? |
|
|
|
(629 |
) |
||
Other income (expense), net |
|
(882 |
) |
|
|
(234 |
) |
|
|
(916 |
) |
|
|
2,547 |
|
Total other income (expense), net |
|
528 |
|
|
|
2,738 |
|
|
|
(2,169 |
) |
|
|
5,756 |
|
Net loss |
$ |
(16,014 |
) |
|
$ |
(18,202 |
) |
|
$ |
(82,715 |
) |
|
$ |
(53,702 |
) |
Net loss per share, basic and diluted |
$ |
(0.10 |
) |
|
$ |
(0.15 |
) |
|
$ |
(0.60 |
) |
|
$ |
(0.45 |
) |
Weighted-average shares * used in computing net loss per share, basic and diluted |
|
158,869,112 |
|
|
|
120,610,855 |
|
|
|
137,993,736 |
|
|
|
119,647,777 |
|
|
|
|
|
|
|
|
|
||||||||
Comprehensive loss: |
|
|
|
|
|
|
|
||||||||
Net loss |
$ |
(16,014 |
) |
|
$ |
(18,202 |
) |
|
$ |
(82,715 |
) |
|
$ |
(53,702 |
) |
Foreign currency translation adjustment, net of tax |
|
(45 |
) |
|
|
23 |
|
|
|
(115 |
) |
|
|
41 |
|
Net comprehensive loss |
$ |
(16,059 |
) |
|
$ |
(18,179 |
) |
|
$ |
(82,830 |
) |
|
$ |
(53,661 |
) |
* Weighted-average shares have been retroactively restated to give effect to the Merger. |
D-Wave Quantum Inc. |
|||||||
Consolidated Statements of Cash Flows |
|||||||
|
Year ended December 31, |
||||||
(in thousands) |
|
2023 |
|
|
|
2022 |
|
|
(Unaudited) |
|
|
||||
Cash flows from operating activities: |
|
|
|
||||
Net loss |
$ |
(82,715 |
) |
|
$ |
(53,702 |
) |
Adjustments to reconcile net loss to cash used in operating activities: |
|
|
|
||||
Depreciation and amortization |
|
1,054 |
|
|
|
1,423 |
|
Allowance for doubtful accounts |
|
? |
|
|
|
1 |
|
Stock-based compensation |
|
21,919 |
|
|
|
9,164 |
|
Amortization of operating right-of-use assets |
|
791 |
|
|
|
910 |
|
Provision for excess and obsolete inventory |
|
32 |
|
|
|
66 |
|
Non-cash interest (income) expense |
|
(78 |
) |
|
|
185 |
|
Venture Loan interest and final payment fee |
|
? |
|
|
|
1,808 |
|
Amortization of Venture Loan commitment fee |
|
? |
|
|
|
(175 |
) |
Non-cash Lincoln Park Purchase Agreement issuance costs |
|
? |
|
|
|
629 |
|
Change in fair value of Warrant liabilities |
|
(262 |
) |
|
|
(6,173 |
) |
Change in fair value of Term Loan |
|
(640 |
) |
|
|
? |
|
Debt issuance costs expensed for loans recorded under the fair value option |
|
993 |
|
|
|
? |
|
Unrealized foreign exchange loss (gain) |
|
955 |
|
|
|
(2,459 |
) |
Realized loss on issuance of shares under the Lincoln Park Purchase Agreement |
|
? |
|
|
|
75 |
|
Change in operating assets and liabilities: |
|
|
|
||||
Trade accounts receivable |
|
(818 |
) |
|
|
(337 |
) |
Research incentives receivable |
|
264 |
|
|
|
1,332 |
|
Inventories |
|
(237 |
) |
|
|
(148 |
) |
Prepaid expenses and other current assets |
|
1,636 |
|
|
|
(387 |
) |
Trade accounts payable |
|
(2,614 |
) |
|
|
3,597 |
|
Accrued expenses and other current liabilities |
|
(1,374 |
) |
|
|
715 |
|
Deferred revenue |
|
958 |
|
|
|
(929 |
) |
Operating lease liability |
|
(510 |
) |
|
|
(821 |
) |
Other non-current assets |
|
(3 |
) |
|
|
? |
|
Net cash used in operating activities |
|
(60,649 |
) |
|
|
(45,226 |
) |
Cash flows from investing activities: |
|
|
|
||||
Purchase of property and equipment |
|
(583 |
) |
|
|
(423 |
) |
Purchase of software |
|
(47 |
) |
|
|
(75 |
) |
Net cash used in investing activities |
|
(630 |
) |
|
|
(498 |
) |
Cash flows from financing activities: |
|
|
|
||||
Merger, net of redemption and transaction costs (Note 3) |
|
? |
|
|
|
4,100 |
|
Transaction costs paid directly by D-Wave Systems |
|
? |
|
|
|
(6,528 |
) |
Proceeds from issuance of common stock from the PIPE investment (Note 3) |
|
? |
|
|
|
40,000 |
|
Proceeds from exercise of Public Warrants |
|
? |
|
|
|
924 |
|
Proceeds from Lincoln Park Purchase Agreement |
|
63,676 |
|
|
|
4,250 |
|
Proceeds from issuance of common stock upon exercise of stock options |
|
1,897 |
|
|
|
1,077 |
|
Proceeds from common stock issued under the Employee Stock Purchase Plan |
|
491 |
|
|
|
? |
|
Payment of tax withheld for common stock issued under stock-based compensation plans |
|
(416 |
) |
|
|
? |
|
Short swing profit settlement |
|
244 |
|
|
|
? |
|
Proceeds from debt financing |
|
29,007 |
|
|
|
20,000 |
|
Proceeds from government assistance |
|
2,996 |
|
|
|
3,159 |
|
Government loan payment |
|
(374 |
) |
|
|
(398 |
) |
Repayment of promissory notes - related party |
|
(420 |
) |
|
|
? |
|
Debt payments |
|
(1,465 |
) |
|
|
(21,511 |
) |
Venture Loan interest and final payment fee |
|
? |
|
|
|
(1,808 |
) |
Net cash provided by financing activities |
|
95,636 |
|
|
|
43,265 |
|
Effect of exchange rate changes on cash and cash equivalents |
|
(115 |
) |
|
|
41 |
|
Net (decrease) increase in cash and cash equivalents |
|
34,242 |
|
|
|
(2,418 |
) |
Cash and cash equivalents at beginning of period |
|
7,065 |
|
|
|
9,483 |
|
Cash and cash equivalents at end of period |
$ |
41,307 |
|
|
$ |
7,065 |
|
D-Wave Quantum Inc. |
||||||||||||||||||||||||
Reconciliation of Gross Profit to Non-GAAP Gross Profit |
||||||||||||||||||||||||
For the Three Months & Year Ended December 31, 2023 and 2022 |
||||||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||
|
|
For the three months ended
|
|
Three Months Ended
|
|
Years ended
|
||||||||||||||||||
(in thousands of U.S. dollars) |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Gross Profit |
|
$ |
1,529 |
|
|
$ |
1,041 |
|
|
$ |
1,967 |
|
|
$ |
1,361 |
|
|
$ |
4,622 |
|
|
$ |
4,250 |
|
Gross Margin |
|
|
59.7 |
% |
|
|
61.4 |
% |
|
|
67.7 |
% |
|
|
56.9 |
% |
|
|
52.8 |
% |
|
|
59.2 |
% |
Excluding: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Depreciation and Amortization (1) |
|
|
54 |
|
|
|
40 |
|
|
|
54 |
|
|
|
78 |
|
|
|
218 |
|
|
|
199 |
|
Stock-based compensation (2) |
|
|
353 |
|
|
|
45 |
|
|
|
310 |
|
|
|
299 |
|
|
|
1,272 |
|
|
|
379 |
|
Non-GAAP Gross Profit |
|
|
1,936 |
|
|
|
1,126 |
|
|
$ |
2,331 |
|
|
$ |
1,738 |
|
|
$ |
6,112 |
|
|
$ |
4,828 |
|
Non-GAAP Gross Margin |
|
|
75.6 |
% |
|
|
66.4 |
% |
|
|
80.2 |
% |
|
|
72.6 |
% |
|
|
69.8 |
% |
|
|
67.3 |
% |
(1) |
Depreciation and Amortization reflects the Depreciation and Amortization record in Cost of Revenue only, which differs from the total Depreciation and Amortization set forth in the Condensed Consolidated Statement of Cash Flows that also includes Depreciation and Amortization recorded in Operating Expenses. |
|
(2) |
Stock based compensation reflects the stock based compensation recorded in Cost of Revenue only, which differs from the total stock based compensation set forth in the Condensed Consolidated Statement of Cash flows that also includes stock based compensation recorded in Operating Expenses. |
D-Wave Quantum Inc. |
||||||||||||||||||||||||
Reconciliation of Operating Expenses to Non-GAAP Operating Expenses |
||||||||||||||||||||||||
For the Three Months & Year Ended December 31, 2023 and 2022 |
||||||||||||||||||||||||
|
|
For the three months ended
|
|
Three Months Ended
|
|
Year Ended
|
||||||||||||||||||
(in thousands of U.S. dollars) |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Operating expenses |
|
$ |
19,936 |
|
$ |
16,205 |
|
$ |
18,509 |
|
$ |
22,301 |
|
$ |
85,168 |
|
$ |
63,708 |
||||||
Excluding: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Depreciation and Amortization (1) |
|
|
173 |
|
|
|
296 |
|
|
|
153 |
|
|
|
220 |
|
|
|
817 |
|
|
|
1,258 |
|
Stock-based compensation (2) |
|
|
5,531 |
|
|
|
1,736 |
|
|
|
4,248 |
|
|
|
5,809 |
|
|
|
20,647 |
|
|
|
9,164 |
|
Non-recurring one time expenses (3) |
|
|
714 |
|
|
|
- |
|
|
|
882 |
|
|
|
387 |
|
|
|
3,278 |
|
|
|
843 |
|
Non-GAAP Operating Expenses |
|
$ |
13,518 |
|
|
$ |
14,173 |
|
|
$ |
13,227 |
|
|
$ |
15,885 |
|
|
$ |
60,426 |
|
|
$ |
52,443 |
|
(1) |
Depreciation and Amortization reflects the Depreciation and Amortization record in the Operating Expenses only, which differs from the total Depreciation and Amortization set forth in the Condensed Consolidated Statement of Cash Flows that also includes Depreciation and Amortization recorded in Cost of Revenue. |
|
(2) |
Stock based compensation reflects the stock based compensation recorded in Operating Expenses only, which differs from the total stock based compensation set forth in the Condensed Consolidated Statement of Cash flows that also includes stock based compensation recorded in Cost of Revenue. |
|
(3) |
Non-recurring legal, consulting, and accounting fees related to capital markets activities. |
D-Wave Quantum Inc. |
||||||||||||||||||||||||
Reconciliation of Net Loss to Adjusted EBITDA |
||||||||||||||||||||||||
For the Three Months & Year Ended December 31, 2023 and 2022 |
||||||||||||||||||||||||
|
|
For the three months ended
|
|
Three Months Ended
|
|
Year Ended
|
||||||||||||||||||
(in thousands of U.S. dollars) |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net loss |
|
$ |
(16,106 |
) |
|
$ |
(11,650 |
) |
|
$ |
(16,014 |
) |
|
$ |
(18,202 |
) |
|
$ |
(82,715 |
) |
|
$ |
(53,702 |
) |
Excluding: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Depreciation and Amortization |
|
|
227 |
|
|
|
336 |
|
|
|
207 |
|
|
|
385 |
|
|
|
1,035 |
|
|
|
1,423 |
|
Stock-based compensation |
|
|
5,884 |
|
|
|
1,781 |
|
|
|
4,557 |
|
|
|
5,809 |
|
|
|
21,919 |
|
|
|
9,164 |
|
Interest (income) expense (1) |
|
|
1,035 |
|
|
|
633 |
|
|
|
(1,785 |
) |
|
|
598 |
|
|
|
37 |
|
|
|
2,335 |
|
Change in fair value of warrant liabilities |
|
|
(1,433 |
) |
|
|
(2,603 |
) |
|
|
(341 |
) |
|
|
(3,570 |
) |
|
|
(262 |
) |
|
|
(6,173 |
) |
Change in fair value of Term Loan |
|
|
(1,701 |
) |
|
|
? |
|
|
|
716 |
|
|
|
? |
|
|
|
(640 |
) |
|
|
? |
|
Term Loan debt issuance costs |
|
|
725 |
|
|
|
? |
|
|
|
? |
|
|
|
? |
|
|
|
2,118 |
|
|
|
? |
|
Lincoln Park Purchase Agreement issuance costs |
|
|
? |
|
|
|
629 |
|
|
|
? |
|
|
|
? |
|
|
|
? |
|
|
|
629 |
|
Other (income) expense, net (2) |
|
|
(927 |
) |
|
|
(2,173 |
) |
|
|
882 |
|
|
|
234 |
|
|
|
916 |
|
|
|
(2,547 |
) |
Non-recurring one time expenses (3) |
|
|
714 |
|
|
|
- |
|
|
|
882 |
|
|
|
387 |
|
|
|
3,278 |
|
|
|
843 |
|
Adjusted EBITDA |
|
$ |
(11,582 |
) |
|
$ |
(13,047 |
) |
|
$ |
(10,896 |
) |
|
$ |
(14,359 |
) |
|
$ |
(54,314 |
) |
|
$ |
(48,028 |
) |
(1) |
Interest expense primarily reflects the accrued interest associated with the below market interest rate government loans as if they were interest-bearing at market rates of interest, the paid-in-kind interest associated with the term loan agreement with PSPIB Unitas Investments II Inc. entered into on April 13, 2023, interest and adjustments to accrued interest on the SIF Loan, and the interest and amortization of the final fee associated with the Venture Loan with PSPIB Unitas Investments II Inc. that was entered into on March 3, 2022. |
|
(2) |
Other income (expense), net consists primarily of foreign exchange gains and losses. |
|
(3) |
Non-recurring legal, consulting, and accounting fees related to capital markets activities. |
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