(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
|
|
Six Months Ended
|
||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
Computation of non-GAAP gross margin: |
|
|
|
|
|
|
|
||||||||
GAAP revenue |
$ |
25,755 |
|
|
$ |
9,180 |
|
|
$ |
47,754 |
|
|
$ |
17,294 |
|
GAAP cost of goods sold |
|
15,178 |
|
|
|
5,319 |
|
|
|
29,370 |
|
|
|
10,167 |
|
Acquisition-related expenses |
|
(1,920 |
) |
|
|
— |
|
|
|
(4,542 |
) |
|
|
— |
|
Share-based compensation |
|
(13 |
) |
|
|
— |
|
|
|
(13 |
) |
|
|
— |
|
Non-GAAP gross profit |
$ |
12,510 |
|
|
$ |
3,861 |
|
|
$ |
22,939 |
|
|
$ |
7,127 |
|
| Non-GAAP gross margin |
|
48.6 |
% |
|
|
42.1 |
% |
|
|
48.0 |
% |
|
|
41.2 |
% |
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
| Computation of non-GAAP operating loss: |
|
|
|
|
|
|
|
||||||||
| GAAP loss from operations |
$ |
(29,975 |
) |
|
$ |
(18,503 |
) |
|
$ |
(64,309 |
) |
|
$ |
(26,609 |
) |
| Acquisition-related expenses |
|
4,222 |
|
|
|
964 |
|
|
|
9,673 |
|
|
|
1,490 |
|
| Share-based compensation |
|
8,767 |
|
|
|
7,968 |
|
|
|
21,182 |
|
|
|
7,968 |
|
| Non-GAAP operating loss |
$ |
(16,986 |
) |
|
$ |
(9,571 |
) |
|
$ |
(33,454 |
) |
|
$ |
(17,151 |
) |
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
| Computation of non-GAAP net loss: |
|
|
|
|
|
|
|
||||||||
| GAAP Net income (loss) |
$ |
(5,304 |
) |
|
$ |
12,988 |
|
|
$ |
8,402 |
|
|
$ |
23,349 |
|
| Acquisition-related expenses |
|
4,222 |
|
|
|
964 |
|
|
|
9,673 |
|
|
|
1,490 |
|
| Share-based compensation |
|
8,767 |
|
|
|
7,968 |
|
|
|
21,182 |
|
|
|
7,968 |
|
| (Gain) loss from change in fair value of SAFEs |
|
— |
|
|
|
(2,500 |
) |
|
|
— |
|
|
|
(21,600 |
) |
| (Gain) loss from change in fair value of warrants |
|
(20,301 |
) |
|
|
(11,316 |
) |
|
|
(67,654 |
) |
|
|
(11,316 |
) |
| (Gain) loss from change in fair value of earn-out liabilities |
|
— |
|
|
|
(17,939 |
) |
|
|
— |
|
|
|
(17,939 |
) |
| (Gain) loss from change in fair value of contingent considerations |
|
(3,584 |
) |
|
|
100 |
|
|
|
(3,667 |
) |
|
|
100 |
|
| (Gain) loss from extinguishment of debt |
|
— |
|
|
|
(304 |
) |
|
|
— |
|
|
|
(304 |
) |
| Non-cash interest expense |
|
150 |
|
|
|
97 |
|
|
|
150 |
|
|
|
198 |
|
| Income taxes (benefit) expense |
|
(869 |
) |
|
|
57 |
|
|
|
(1,528 |
) |
|
|
70 |
|
| Non-GAAP net loss |
$ |
(16,919 |
) |
|
$ |
(9,885 |
) |
|
$ |
(33,442 |
) |
|
$ |
(17,984 |
) |
|
|
Three Months Ended
|
||
| Computation of non-GAAP share count: |
|
||
| Issued and outstanding Class A common stock |
|
119,323,612 |
|
| Escrow Shares |
|
1,725,000 |
|
| TeraXion Unexercised Options |
|
1,287,212 |
|
| ADK Minority Holders interests |
|
26,382,703 |
|
| Non-GAAP share count |
|
148,718,527 |
|
|
|
|
||
| Non-GAAP net loss |
$ |
(16,919 |
) |
| Non-GAAP net loss per share |
$ |
(0.11 |
) |
Discussion Regarding the Use of Non-GAAP Financial Measures
