Shapeways Reports Third Quarter 2023 Results

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 expense, change in fair value of warrant liabilities, change in fair value of earnout liabilities, acquisition costs, restructuring costs, impairment costs, write-offs 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)
 
  September 30, 2023  December 31, 2022
  (Unaudited)   
Assets   
Current assets   
Cash and cash equivalents$17,517  $30,630 
Restricted cash 139   139 
Short-term investments    9,816 
Accounts receivable 3,832   1,606 
Inventory 1,998   1,307 
Prepaid expenses and other current assets 3,225   6,255 
Current assets held for sale 1,857       
Total current assets   28,568       49,753  
Property and equipment, net   5,988       15,627  
Operating lease, right-of-use assets, net   1,948       2,365  
Goodwill   6,286       6,286  
Intangible assets, net   4,379       5,398  
Security deposits   99       99  
Total assets $ 47,268     $ 79,528  
Liabilities and Stockholders’ Equity      
Current liabilities      
Accounts payable $ 1,657     $ 2,354  
Accrued expenses and other liabilities   3,598       5,950  
Current portion of long-term debt   55        
Operating lease liabilities, current   872       719  
Finance lease liability, current   62        
Other financing obligations, current   40        
Deferred revenue   1,838       972  
Total current liabilities   8,122       9,995  
Operating lease liabilities, net of current portion   1,176       1,715  
Deferred tax liabilities, net   83       27  
Finance lease liability, noncurrent   261        
Other financing obligations   426        
Long-term debt   441        
Total liabilities   10,509       11,737  
Commitments and contingencies      
Stockholders’ equity      
Preferred stock ($0.0001 par value; 10,000,000 shares authorized; none issued or outstanding as of September 30, 2023 and December 31, 2022)          
Common stock ($0.0001 par value; 120,000,000 shares authorized; 6,547,873 and 6,180,646 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively) (1)   1       5  
Additional paid-in capital   203,732       201,362  
Accumulated deficit   (166,409 )     (133,032 )
Accumulated other comprehensive loss   (565 )     (544 )
Total stockholders’ equity   36,759       67,791  
Total liabilities and stockholders’ equity $ 47,268     $ 79,528  
 
(1) Retroactively adjusted shares issued and outstanding to give effect to the Company's 1-for-8 reverse stock split.



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