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, change in fair value of earnout liability, change in fair value of warrant liabilities, restructuring costs, acquisition costs 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)
|
June 30, 2023 |
|
December 31, 2022 |
||
|
(Unaudited) |
|
|
||
Assets |
|
|
|
||
Current assets |
|
|
|
||
Cash and cash equivalents |
$ |
14,664 |
|
$ |
30,630 |
Restricted cash |
|
140 |
|
|
139 |
Short-term investments |
|
9,922 |
|
|
9,816 |
Accounts receivable |
|
3,183 |
|
|
1,606 |
Inventory |
|
1,798 |
|
|
1,307 |
Prepaid expenses and other current assets |
|
6,455 |
|
|
6,255 |
Total current assets |
|
36,162 |
|
|
49,753 |
Property and equipment, net |
|
16,705 |
|
|
15,627 |
Operating lease, right-of-use assets, net |
|
2,162 |
|
|
2,365 |
Goodwill |
|
6,286 |
|
|
6,286 |
| Intangible assets, net |
|
5,020 |
|
|
5,398 |
| Security deposits |
|
99 |
|
|
99 |
| Total assets |
$ |
66,434 |
|
$ |
79,528 |
| Liabilities and Stockholders’ Equity |
|
|
|
||
| Current liabilities |
|
|
|
||
| Accounts payable |
$ |
2,241 |
|
$ |
2,354 |
| Accrued expenses and other liabilities |
|
3,961 |
|
|
5,950 |
| Operating lease liabilities, current |
|
848 |
|
|
719 |
| Finance lease liability, current |
|
44 |
|
|
— |
| Other financing obligations, current |
|
39 |
|
|
— |
| Deferred revenue |
|
1,838 |
|
|
972 |
| Total current liabilities |
|
8,971 |
|
|
9,995 |
| Operating lease liabilities, net of current portion |
|
1,408 |
|
|
1,715 |
| Deferred tax liabilities, net |
|
64 |
|
|
27 |
| Finance lease liability, noncurrent |
|
189 |
|
|
— |
| Other financing obligations |
|
448 |
|
|
— |
| Total liabilities |
|
11,080 |
|
|
11,737 |
| Commitments and contingencies |
|
|
|
||
| Stockholders’ equity |
|
|
|
||
| Preferred stock ($0.0001 par value; 10,000,000 shares authorized; none issued or outstanding as of June 30, 2023 and December 31, 2022) |
|
— |
|
|
— |
| Common stock ($0.0001 par value; 120,000,000 shares authorized; 6,442,436 and 6,180,646 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively) (1) |
|
5 |
|
|
5 |
| Additional paid-in capital |
|
203,065 |
|
|
201,362 |
| Accumulated deficit |
|
(147,216) |
|
|
(133,032) |
| Accumulated other comprehensive loss |
|
(500) |
|
|
(544) |
| Total stockholders’ equity |
|
55,354 |
|
|
67,791 |
| Total liabilities and stockholders’ equity |
$ |
66,434 |
|
$ |
79,528 |
