(Unaudited)
GAAP refers to financial information presented in accordance with U.S. Generally Accepted Accounting Principles. This announcement includes non-GAAP financial measures, as defined in Regulation G promulgated by the Securities and Exchange Commission. We believe that our presentation of non-GAAP financial measures provides useful supplementary information to investors. The presentation of 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 to non-GAAP measures are as follows (in thousands, except share and per share amounts):
|
Three Months Ended
|
|
Year Ended
|
||||||||||||
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Computation of non-GAAP gross margin: |
|
|
|
|
|
|
|
||||||||
GAAP revenue |
$ |
33,027 |
|
|
$ |
18,961 |
|
|
$ |
110,797 |
|
|
$ |
48,412 |
|
GAAP cost of goods sold |
|
16,216 |
|
|
|
11,606 |
|
|
|
60,556 |
|
|
|
28,703 |
|
Acquisition-related expenses |
|
(355 |
) |
|
|
(1,431 |
) |
|
|
(4,912 |
) |
|
|
(1,431 |
) |
Share-based compensation |
|
(67 |
) |
|
|
— |
|
|
|
(148 |
) |
|
|
— |
|
Non-GAAP gross profit |
$ |
17,233 |
|
|
$ |
8,786 |
|
|
$ |
55,301 |
|
|
$ |
21,140 |
|
| Non-GAAP gross margin |
|
52.2 |
% |
|
|
46.3 |
% |
|
|
49.9 |
% |
|
|
43.7 |
% |
|
|
Three Months Ended
|
|
Year Ended
|
||||||||||||
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
| Computation of non-GAAP operating loss: |
|
|
|
|
|
|
|
||||||||
| GAAP loss from operations |
$ |
(27,960 |
) |
|
$ |
(26,925 |
) |
|
$ |
(118,128 |
) |
|
$ |
(74,792 |
) |
| Acquisition-related expenses |
|
2,746 |
|
|
|
6,544 |
|
|
|
12,800 |
|
|
|
11,544 |
|
| Share-based compensation |
|
10,145 |
|
|
|
7,705 |
|
|
|
40,990 |
|
|
|
21,890 |
|
| Non-GAAP operating loss |
$ |
(15,069 |
) |
|
$ |
(12,676 |
) |
|
$ |
(64,338 |
) |
|
$ |
(41,358 |
) |
|
|
Three Months Ended
|
|
Year Ended
|
||||||||||||
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
| Computation of non-GAAP net loss: |
|
|
|
|
|
|
|
||||||||
| GAAP Net loss |
$ |
(22,257 |
) |
|
$ |
(33,795 |
) |
|
$ |
(59,287 |
) |
|
$ |
(118,607 |
) |
| Acquisition-related expenses |
|
2,746 |
|
|
|
6,544 |
|
|
|
12,800 |
|
|
|
11,544 |
|
| Share-based compensation |
|
10,145 |
|
|
|
7,705 |
|
|
|
40,990 |
|
|
|
21,890 |
|
| Gain from change in fair value of SAFEs |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(21,600 |
) |
| (Gain) loss from change in fair value of warrants |
|
(6,474 |
) |
|
|
(3,025 |
) |
|
|
(55,069 |
) |
|
|
26,060 |
|
| Loss from change in fair value of earn-out liabilities |
|
— |
|
|
|
11,201 |
|
|
|
— |
|
|
|
38,758 |
|
| (Gain) loss from change in fair value of contingent considerations |
|
1,482 |
|
|
|
(40 |
) |
|
|
(2,064 |
) |
|
|
80 |
|
| Gain from extinguishment of debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(304 |
) |
| Other expense |
|
— |
|
|
|
(956 |
) |
|
|
— |
|
|
|
(42 |
) |
| Non-cash interest expense |
|
191 |
|
|
|
1 |
|
|
|
417 |
|
|
|
198 |
|
| Income taxes benefit |
|
(275 |
) |
|
|
(361 |
) |
|
|
(940 |
) |
|
|
(327 |
) |
| Non-GAAP net loss |
$ |
(14,442 |
) |
|
$ |
(12,726 |
) |
|
$ |
(63,153 |
) |
|
$ |
(42,350 |
) |
|
|
As of December 31, 2022 |
||
| Computation of non-GAAP share count: |
|
||
| Issued and outstanding Class A common stock |
|
126,824,465 |
|
| Escrow Shares |
|
1,725,000 |
|
| TeraXion Unexercised Options |
|
1,214,044 |
|
| ADK Minority Holders interests |
|
21,381,476 |
|
| Non-GAAP share count |
|
151,144,985 |
|
|
|
|
||
| Non-GAAP net loss |
$ |
(14,442 |
) |
| Non-GAAP net loss per share |
$ |
(0.10 |
) |
Discussion Regarding the Use of Non-GAAP Financial Measures
