(Unaudited)
GAAP refers to financial information presented in accordance with U.S. Generally Accepted Accounting Principles. This announcement includes historical non-GAAP financial measures, as defined in Regulation G promulgated by the Securities and Exchange Commission. We believe that our presentation of historical non-GAAP financial measures provides useful supplementary information to investors. The presentation of historical non-GAAP financial measures is not meant to be considered in isolation from or as a substitute for results prepared in accordance with GAAP.
The reconciliations of our preliminary GAAP basis financial data to non-GAAP measures are as follows (in thousands, except share and per share amounts):
|
Three Months Ended
|
||||||
|
|
2022 |
|
|
|
2021 |
|
Computation of non-GAAP gross margin: |
|
|
|
||||
GAAP revenue |
$ |
21,999 |
|
|
$ |
8,114 |
|
GAAP cost of goods sold |
|
14,192 |
|
|
|
4,848 |
|
Acquisition-related expenses |
|
(2,622 |
) |
|
|
— |
|
Non-GAAP gross profit |
$ |
10,429 |
|
|
$ |
3,266 |
|
Non-GAAP gross margin |
|
47.4 |
% |
|
|
40.3 |
% |
|
Three Months Ended
|
||||||
|
|
2022 |
|
|
|
2021 |
|
Computation of non-GAAP operating loss: |
|
|
|
||||
GAAP loss from operations |
$ |
(34,334 |
) |
|
$ |
(8,106 |
) |
Acquisition-related expenses |
|
5,451 |
|
|
|
526 |
|
| Share-based compensation |
|
12,415 |
|
|
|
— |
|
| Non-GAAP operating loss |
$ |
(16,468 |
) |
|
$ |
(7,580 |
) |
|
|
Three Months Ended
|
||||||
|
|
|
2022 |
|
|
|
2021 |
|
| Computation of non-GAAP net loss: |
|
|
|
||||
| GAAP Net income |
$ |
13,706 |
|
|
$ |
10,361 |
|
| Acquisition-related expenses |
|
5,451 |
|
|
|
579 |
|
| Share-based compensation |
|
12,415 |
|
|
|
— |
|
| (Gain) loss from change in fair value of SAFEs |
|
— |
|
|
|
(19,100 |
) |
| (Gain) loss from change in fair value of warrants |
|
(47,353 |
) |
|
|
— |
|
| (Gain) loss from change in fair value of earn-out liabilities |
|
(83 |
) |
|
|
— |
|
| Other expense |
|
30 |
|
|
|
7 |
|
| Non-cash interest expense |
|
— |
|
|
|
48 |
|
| Income taxes (benefits) provision |
|
(659 |
) |
|
|
13 |
|
| Non-GAAP net loss |
$ |
(16,493 |
) |
|
$ |
(8,092 |
) |
|
|
Three Months Ended
|
||
| Computation of non-GAAP share count: |
|
||
| Issued and outstanding Class A common stock |
|
114,977,679 |
|
| Escrow Shares |
|
1,725,000 |
|
| TeraXion Unexercised Options |
|
1,299,292 |
|
| ADK Minority Holders interests |
|
30,119,812 |
|
| Non-GAAP share count |
|
148,121,783 |
|
|
|
|
||
| Non-GAAP net loss |
$ |
(16,493 |
) |
| Non-GAAP net loss per share |
$ |
(0.11 |
) |
Discussion Regarding the Use of Non-GAAP Financial Measures
