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Polestar reports results for first quarter of 2023 and intensifies cost management

GOTHENBURG, Sweden–(BUSINESS WIRE)–
Polestar Automotive Holding UK PLC (“Polestar” or the “Company,” Nasdaq: PSNY), the Swedish electric performance car brand, reports its results for the three months ended March 31, 2023.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230511005400/en/

Polestar achieved record first quarter deliveries of 12,076 cars, up 26% year on year and enters the second quarter with good commercial momentum. The Company has experienced strong growth over the past five years establishing a global footprint with over 100,000 cars on the road across 27 markets. It recently launched two new cars – Polestar 3 and Polestar 4 – to address the popular SUV segment.

Polestar was recently informed that additional time for final software development of the new all-electric platform shared by Volvo Cars is needed and that the start of production of Polestar 3 is now expected in the first quarter of 2024. In light of this and the economic environment affecting the automotive industry, Polestar now expects 2023 global volumes of 60,000 – 70,000 vehicles, representing annual growth of 16% – 36%, following record deliveries of 51,491 last year. There is no change to the start of production of Polestar 4, which is expected for China in the fourth quarter of 2023, and for other markets in early 2024.

Polestar is intensifying its focus on cost management, including a global hiring freeze and 10% headcount reduction, driving greater efficiencies across the business.

Thomas Ingenlath, Polestar CEO, comments: “We are taking necessary steps to strengthen Polestar in the near-term. While production of Polestar 3 will now start in the first quarter of 2024, the successful launch of Polestar 4 last month means that we add two strong offers in the attractive electric SUV market in 2024. I am confident that we will deliver on our growth ambitions and path towards profitability.”

The investor update presentation, Management’s Discussion and Analysis of Financial Conditions and Results of Operations and Unaudited Condensed Consolidated Financial Statements, are available on the Polestar investor relations website and will be filed with the SEC.

Polestar management will hold a live audio webcast today, 11 May 2023 at 08:00 EDT (14:00 CEST) to discuss the Company’s results and outlook. The live webcast will be available at https://edge.media-server.com/mmc/p/kjynmjj5.

Following the completion of the call, a replay will be available shortly at https://investors.polestar.com/.

About Polestar

Polestar (Nasdaq: PSNY) is the Swedish electric performance car brand determined to improve society by using design and technology to accelerate the shift to sustainable mobility. Headquartered in Gothenburg, Sweden, its cars are available online in 27 markets globally across North America, Europe and Asia Pacific. The company plans to create a truly climate-neutral production car, without offsetting, by 2030.

Polestar 2 launched in 2019 as the electric performance fastback with avant-garde Scandinavian design and up to 350 kW. Polestar 3 launched in late 2022 as the SUV for the electric age – a large high-performance SUV that delivers sports car dynamics with a low stance and spacious interior. Polestar 4 launched in April 2023 and transforms the aerodynamic of a coupe and the space of an SUV into a new breed of SUV coupe. Polestar plans to release two more electric performance vehicles through to 2026.

Forward-Looking Statements

Certain statements in this press release (“Press Release”) may be considered “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or the future financial or operating performance of Polestar. For example, projections of revenue, volumes and other financial or operating metrics are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential”, “forecast”, “plan”, “seek”, “future”, “propose” or “continue”, or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements.

These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Polestar and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) Polestar’s ability to maintain agreements or partnerships with its strategic partners, Volvo Cars and Geely, and to develop new agreements or partnerships; (2) Polestar’s ability to maintain relationships with its existing suppliers, and source new suppliers for its critical components, and to complete building out its supply chain, while effectively managing the risks due to such relationships; (3) Polestar’s reliance on its partnerships with vehicle charging networks to provide charging solutions for its vehicles and its reliance on strategic partners for servicing its vehicles and their integrated software; (4) Polestar’s reliance on its partners to manufacture vehicles at a high volume, some of which have limited experience in producing electric vehicles, and on the allocation of sufficient production capacity to Polestar by its partners in order for Polestar to be able to increase its vehicle production capacities; (5) competition, the ability of Polestar to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (6) Polestar’s estimates of expenses and profitability; (7) increases in costs, disruption of supply or shortage of materials, in particular for lithium-ion cells or semiconductors; (8) the possibility that Polestar may be adversely affected by other economic, business, and/or competitive factors; (9) the effects of competition and the high barriers to entry in the automotive industry, and the pace and depth of electric vehicle adoption generally on Polestar’s future business; (10) changes in regulatory requirements, governmental incentives and fuel and energy prices; (11) the outcome of any legal proceedings that may be instituted against Polestar or others; (12) the ability to meet stock exchange listing standards; (13) risks associated with changes in applicable laws or regulations and with Polestar’s international operations; (14) Polestar’s ability to establish its brand and capture additional market share, and the risks associated with negative press or reputational harm, including from lithium-ion battery cells catching fire or venting smoke; (15) delays in the design, manufacture, launch and financing of Polestar’s vehicles and Polestar’s reliance on a limited number of vehicle models to generate revenues; (16) Polestar’s ability to continuously and rapidly innovate, develop and market new products; (17) risks related to future market adoption of Polestar’s offerings; (18) risks related to Polestar’s distribution model; (19) the impact of the global COVID-19 pandemic, inflation, interest rate changes, the ongoing conflict between Ukraine and Russia, supply chain disruptions and logistical constraints on Polestar, Polestar’s projected results of operations, financial performance or other financial and operational metrics, or on any of the foregoing risks; and (20) other risks and uncertainties set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Polestar’s Form 20-F, and other documents filed, or to be filed, with the SEC by Polestar. There may be additional risks that Polestar presently does not know or that Polestar currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements.

Nothing in this Press Release should be regarded as a representation by any person that the forward- looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Polestar assumes no obligation to update these forward-looking statements, even if new information becomes available in the future.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230511005400/en/

Bojana Flint

Head of Investor Relations [email protected]

Tanya Ridd

Global Head of Communications & PR [email protected]

KEYWORDS: Europe Sweden United States North America

INDUSTRY KEYWORDS: Alternative Vehicles/Fuels Automotive Manufacturing Manufacturing General Automotive Automotive

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Polestar 3 with LiDAR from Luminar

Electra Provides Update on Refinery Project and Black Mass Economics; Launches Strategic Review Process

TORONTO–(BUSINESS WIRE)–Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) (“Electra” or the “Company”) today released updated economics and capital spend estimates for its refinery complex currently under construction north of Toronto.

Pending completion, Electra’s refinery complex will be the first in North America to integrate the production of critical minerals, including cobalt sulfate and nickel sulfate, needed for the electric vehicle battery supply chain and the processing of black mass material designed to recover high value elements found in recycled lithium-ion batteries, including lithium, nickel, cobalt, manganese, graphite, and copper.

“Consistent with our recent disclosure, we completed a re-baseline engineering report to fully determine the impacts supply chain delays, inflationary price pressures, and scope changes have had on the capital budget required to complete our cobalt refinery project,” said Trent Mell, CEO of Electra. “In tandem, we also completed a desktop scoping study to assess the potential economics to process black mass material from recycled lithium-ion batteries at our refinery complex.

“As expected, the capital spend requirements for completing our refinery project have risen beyond our initial forecasts due to higher material and labor costs, scope expansion, and supply chain disruptions over the past 18 months. Offsetting this development are the compelling economics identified by our desktop scoping study to build a permanent black mass processing operation, given its low capital intensity estimated at US$6 million and its high rate of internal return of more than 120%. Leveraging existing infrastructure, equipment, permits, and personnel, Electra can quickly transition from a plant-scale demonstration facility to a scalable, continuous battery recycling operation in 12 months from financing.

“Development of both studies marks a significant step towards the completion of our integrated refinery complex and reduces considerable uncertainty from our efforts to secure the remaining capital needed from various stakeholders. We can now accelerate our funding efforts with government, commercial, and strategic partners, and prioritize the processing of black mass material given the anticipated payback of less than two years and estimated EBITDA of US$10 million per year,” Mr. Mell also said.

Black Mass Economics

Electra launched a black mass trial late in 2022 at its Ontario refinery complex to recover high-value elements found in shredded lithium-ion batteries. Using its proprietary hydrometallurgical process, Electra successfully completed the first plant-scale recycling of black mass material in North America and confirmed the recovery of a number of critical metals, including lithium, nickel, cobalt, copper, manganese, and graphite, needed for North America’s EV battery supply chain, surpassing initial expectations.

To date, Electra has produced quality nickel-cobalt mixed hydroxide, graphite, and lithium carbonate products in its black mass recycling trial. The Company expects to begin commercial shipments of product to customers in Q2 2023.

Electra completed an desktop scoping study to evaluate the potential economics of developing a standalone black mass process plant within its refinery complex capable of processing 2,500 tonnes of black mass material per annum. The Phase 1 facility could be scaled over time as the market for battery recycling expands.

Alcoa and United Steelworkers Reach Tentative Agreement for U.S. aluminum smelters in Indiana and New York State

PITTSBURGH–(BUSINESS WIRE)–
Alcoa Corporation announced today that it has reached a tentative agreement with the United Steelworkers on a new three-year labor agreement for employees at two U.S. locations.

The union will now schedule a vote with its members to ratify the proposed contract, the result of extensive negotiations between the Company and the United Steelworkers.

The proposal will cover approximately 860 active employees at the smelter at Warrick Operations in Indiana and the smelter at Massena Operations in New York.

The existing contract was set to expire on May 15^th 2023, but the parties reached agreement prior to expiration.

About Alcoa Corp.

Alcoa (NYSE: AA) is a global industry leader in bauxite, alumina and aluminum products with a vision to reinvent the aluminum industry for a sustainable future. With a values-based approach that encompasses integrity, operating excellence, care for people and courageous leadership, our purpose is to Turn Raw Potential into Real Progress. Since developing the process that made aluminum an affordable and vital part of modern life, our talented Alcoans have developed breakthrough innovations and best practices that have led to greater efficiency, safety, sustainability and stronger communities wherever we operate.

Dissemination of Company Information

Alcoa Corporation intends to make future announcements regarding company developments and financial performance through its website at www.alcoa.com, as well as through press releases, filings with the Securities and Exchange Commission, conference calls and webcasts.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230510006067/en/

Investor Contact:

James Dwyer

412-992-5450

[email protected]

Media Contact:

Jim Beck

412-315-2909

[email protected]

KEYWORDS: Indiana New York Pennsylvania United States North America

INDUSTRY KEYWORDS: Construction & Property Natural Resources Other Manufacturing Steel Machine Tools, Metalworking & Metallurgy Other Natural Resources Other Construction & Property Manufacturing

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Bird Reports Revenue of $29.5 Million in First Quarter and Best First Quarter in Company History for Adjusted EBITDA

• Consolidated gross margin improved by 15 points to 17% and Ride Profit Margin before vehicle depreciation improved by 17 points to 52%
• Total operating expenses decreased 60% year-over-year; Adjusted Operating Expenses decreased 39% year-over-year
• Net loss of $44.3 million
• Adjusted EBITDA improved by $23.8 million to $(15.6) million from $(39.4) million in the prior year period
• Reaffirmed 2023 guidance with Adjusted EBITDA of $15 to $20 million, and positive cash flow of $5 to $10 million

MIAMI–(BUSINESS WIRE)–
Bird Global, Inc. (“Bird” or the “Company”) (NYSE: BRDS), a leader in environmentally friendly electric transportation, today announced financial results for the first quarter ended March 31, 2023 and reaffirmed guidance for 2023.

Shane Torchiana, CEO of Bird, said, “We are starting to execute on our plan of reducing costs while remaining laser-focused on our mission to provide clean, equitable transportation alternatives in cities around the world. During the first quarter, we continued to improve gross margins, reduce operating expenses and cash usage, and won new city launches or program expansions in 20 cities including two leading US cities and one leading European city. This gives us increased confidence in our reaffirmed 2023 outlook.” Mr. Torchiana continued, “Last year, we pulled out of many cities which provided revenue without a sightline to profit. We are capturing the impact from our new strategic initiatives and I remain optimistic about the growth opportunity ahead as our focus on cost discipline, asset efficiency, and a rightsized footprint leaves us well positioned to become a self-sustaining, free cash flow positive company.”

First Quarter Ended March 31, 2023 Financial Results

• Consolidated gross margin, which is net of vehicle depreciation, as a percentage of revenue was 17%, representing a 15% percentage point increase compared to 2022 (“the prior year period”).

• Gross margin was $5.1 million compared to $0.8 million in the prior year period.

• Ride Profit (before Vehicle Depreciation) was $14.9 million compared to $10.1 million in the prior year period. Ride Profit (before Vehicle Depreciation) as a percentage of Bird’s core vehicle-sharing business (“Sharing”) revenue was 52% compared to 35% for the prior year period.

• Cash flow from operations was $(21.7) million compared to $(42.6) million in the prior year period. Free Cash Flow improved to $(25.3) million compared to $(106.2) million in the prior year period.

• Revenue was $29.5 million compared to $35.4 million in the same period in 2022 the year prior period.

• Total operating expenses were $40.6 million, including $7.3 million of non-cash stock-based compensation expense. Adjusted Operating Expenses were $30.6 million, reflecting a decrease of 39% compared to the prior year period.

• Net loss was $44.3 million compared to net income of $7.7 million in the prior year period.

• Adjusted EBITDA narrowed to $(15.6) million compared to $(39.4) million in the prior year period.

• Ended the fiscal quarter with total cash of $18 million, of which $13 million was unrestricted.

2023 Outlook

Continuing to focus on profitability and Free Cash Flow generation, the Company continues to expect:

• Adjusted Operating Expense of approximately $100 million;

• Adjusted EBITDA in the range of $15 to $20 million; and

• Positive cash flow of $5 to $10 million.

Michael Washinushi, CFO of Bird, commented, “I am pleased to share results today that reflect significant progress on our efforts to improve gross margins and implement our cost optimization initiatives. We continue to optimize spend and we are committed to achieving targeted 2023 Adjusted Operating Expenses of approximately $100 million, as well as our positive Adjusted EBITDA and Free Cash Flow goals.” Mr. Washinushi continued, “As the seasonality in Q1 has a strong impact on cash flow, and we expect to return to positive cash flow over the next three quarters.”

Key Financial Information and Metrics

Bird Global, Inc.
(In million, except percentages or as otherwise noted)
		Three Months Ended March 31,
		2023				2022				% Change
Rides(1)			5.2				7.3			(29	)%
Rides per Deployed Vehicles per Day(1)			0.9x				1.0x			(17	)%
Deployed Vehicles (in thousands)(1)			67.6				78.9			(14	)%
Revenue		$	29.5			$	35.4			(17	)%
Gross margin			17	%			2	%		15	%
Sharing gross margin			16	%			—	%		16	%
Ride Profit Margin (before Vehicle Depreciation) (2)			52	%			35	%		18	%
Ride Profit Margin (after Vehicle Depreciation) (2)			18	%			4	%		14	%
Total operating expenses		$	40.6			$	100.2			(60	)%
Adjusted Operating Expenses (2)		$	30.6			$	50.0			(39	)%
Net loss		$	(44.3	)		$	7.7			(672	)%
Adjusted EBITDA (2)		$	(15.6	)		$	(39.4	)		60	%
Cash flows from operations		$	(21.7	)		$	(42.6	)		49	%
Free Cash Flow		$	(25.3	)		$	(106.2	)		76	%

(1)		Rides, Rides per Deployed Vehicle per Day, and Deployed Vehicles reflect key financial metrics. See “Key Financial Metrics” for additional information.
(2)		Ride Profit Margin, Adjusted Operating Expenses, Adjusted EBITDA and Free Cash Flow are non-GAAP financial measures. See “Non-GAAP Financial Measures” for additional information on non-GAAP financial measures and the tables to this press release for a reconciliation to the most comparable GAAP measures.

Going Concern

The Company’s ability to fund working capital, make capital expenditures, and service its debt will depend on its ability to generate cash from operating activities, which is subject to its future operating success, and obtain financing on reasonable terms, which is subject to factors beyond its control, including general economic, political, and financial market conditions. The capital markets have in the past experienced, are currently experiencing, and may in the future experience, periods of volatility that could impact the availability and cost of equity and debt financing and there can be no assurances that such financing will be available to the Company on satisfactory terms, or at all. As of March 31, 2023, the Company had $12.8 million in unrestricted cash and cash equivalents which, without additional funding, will not be sufficient to meet the Company’s obligations within the next 12 months. If the Company is unable to raise additional capital and generate cash flows necessary to expand its operations and invest in continued innovation, it may not be able to compete successfully and may need to scale back or discontinue certain or all of its operations in order to reduce costs or seek bankruptcy protection, which would harm its business, financial condition, and results of operations. As such, these factors raise substantial doubt about the Company’s ability to continue as a going concern. Accordingly, the Company plans to continue to closely monitor its operating forecast, reduce its operating expenses, and pursue additional sources of outside capital. Along with this global footprint realignment, the Company is targeting additional reductions in its operating expenses.

Conference Call Information

A conference call to discuss the Company’s first quarter 2023 financial results and other business updates is scheduled for May 11, 2023, at 8:00 am Eastern time. Participants interested in participating in the call are invited to dial 1-877-407-0792, or join the live audio webcast available online at https://ir.bird.co. A recorded replay of the webcast will be available within two hours of the conclusion of the event and can be accessed online at https://ir.bird.co for 90 days.

About Bird

Bird is an electric vehicle company dedicated to bringing affordable, environmentally friendly transportation solutions such as e-scooters and e-bikes to communities across the world. Founded in 2017 by transportation pioneer Travis VanderZanden, Bird’s cleaner, affordable, and on-demand mobility solutions are available in more than 350 cities, primarily across the United States, Canada, Europe, the Middle East, and Australia. We take a collaborative, community-first approach to micromobility. Bird partners closely with the cities in which it operates to provide a reliable and affordable transportation option for people who live and work there.

Non-GAAP Financial Measures

This press release contains “Ride Profit,” “Ride Profit Margin,” “Adjusted Operating Expenses,” “Adjusted EBITDA,” and “Free Cash Flow” which are measures that are not prepared and presented in accordance with generally accepted accounting principles in the United States (“GAAP”). The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

• “Ride Profit” reflects the profit generated from rides in our Sharing business after accounting for direct ride expenses, which primarily consist of payments to Fleet Managers. Other ride costs include payment processing fees, network infrastructure, and city permit fees. We calculate Ride Profit (i) before Vehicle Depreciation to illustrate the cash return and (ii) after Vehicle Depreciation to illustrate the impact of the evolution of our vehicles.

• “Ride Profit Margin” is Ride Profit divided by the revenue we generate from our Sharing business. We use Ride Profit Margin for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We believe that Ride Profit and Ride Profit Margin are useful indicators of the economics of our Sharing business, as they exclude indirect unallocated expenses such as research and development, selling and marketing, and general and administrative expenses.

• “Adjusted Operating Expenses” is a supplemental measure of operating expenses used to provide investors with additional information about the Company’s business performance. We believe Adjusted Operating Expenses is useful in evaluating the operational costs of our business as it excludes impact from items that are non-cash in nature, non-recurring, or not related to our core business operations. We calculate Adjusted Operating Expenses as total operating expenses, adjusted to exclude (i) depreciation and amortization associated with operating expenses, (ii) stock-based compensation expense, (iii) legal settlements and reserves, (iv) impairment of assets, and (v) other non-recurring, non-cash, or non-core items.

• “Adjusted EBITDA” is a supplemental measure of operating performance used to inform management decisions for the business. We believe Adjusted EBITDA is useful in evaluating our performance on a relative basis to other comparable businesses as it excludes impact from items that are non-cash in nature, non-recurring, or not related to our core business operations. We calculate Adjusted EBITDA as net profit or loss, adjusted to exclude (i) interest expense (income), net, (ii) provision for (benefit from) income taxes, (iii) depreciation and amortization, (iv) vehicle count adjustments, (v) stock-based compensation expense, (vi) other income (expense), net, (vii) legal settlements and reserves, and (viii) other non-recurring, non-cash, or non-core items.

• “Free Cash Flow” is a non-GAAP financial measure used by our management and board of directors as an important indicator of our liquidity, as it is an additional basis for assessing the amount of cash we generate. Accordingly, we believe that Free Cash Flow provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. There are limitations related to the use of Free Cash Flow as an analytical tool, including: other companies may calculate Free Cash Flow differently, which reduces its usefulness as a comparative measure; Free Cash Flow does not reflect our future contractual commitments; and Free Cash Flow does not represent the total residual cash flow for a given period. We calculate Free Cash Flow as net cash provided by (used in) operating activities, adjusted to exclude capital expenditures, which consist of purchases of vehicles and property and equipment.

There are a number of limitations related to the use of non-GAAP financial measures. In light of these limitations, we provide specific information regarding the GAAP amounts excluded from Ride Profit, Ride Profit Margin, Adjusted Operating Expenses, Adjusted EBITDA and Free Cash Flow. For reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, see the tables attached to this press release.

Consistent with SEC regulations, we have not provided a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures in reliance on the “unreasonable efforts” exception set forth in the applicable regulations, because there is substantial uncertainty associated with predicting any future adjustments that may be made to our GAAP financial measures in calculating the non-GAAP financial measures.

Key Financial Metrics

This press release also contains certain key business metrics which are used to evaluate our business, measure our performance, identify trends affecting our business, formulate business plans, and make strategic decisions. We calculate “Rides” as the total number of paid and unpaid trips completed by customers of our Sharing business. Rides are seasonal to a certain degree. “Deployed Vehicles” reflects the number of vehicles available to riders through our Sharing business. We calculate Deployed Vehicles on a pro-rata basis over a 24-hour period, wherein two vehicles deployed for a combined period of 24 hours equate to one Deployed Vehicles. “Rides per Deployed Vehicle per Day” (“RpD”) reflects the rate at which our shared vehicles are utilized by riders. We calculate RpD as the total number of Rides divided by total Deployed Vehicles in our Sharing business each calendar day.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. We based these forward-looking statements on our current expectations and projections about future events. All statements, other than statements of present or historical fact included in this press release, including those regarding our future financial performance and strategy, future operating results and financial condition, ability to achieve our self-sustainability goals, anticipated Adjusted Operating Expenses for full year 2023, anticipated Adjusted EBITDA for full year 2023, ability to achieve positive Free Cash Flow in 2023, and strategic objectives of our management are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “continue,” “project,” or the negative of such terms or other similar expressions. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that may cause actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by such forward-looking statements. Except as otherwise required by applicable law, we disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. We caution you that these forward-looking statements are subject to numerous risks and uncertainties, many of which are difficult to predict and beyond our control. Some of the risks and uncertainties that may cause our actual results to materially differ from those expressed or implied by these forward-looking statements are described in the “Risk Factors” section in our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, as well as our other filings with Securities and Exchange Commission. The forward-looking statements in this press release speak only as of the time made and the Company does not undertake to update or revise them to reflect future events or circumstances.

Bird Global, Inc.
Condensed Consolidated Balance Sheets
(In thousands, except per share amounts and number of shares)
		March 31,				December 31,
		2023				2022
Assets
Current assets:
Cash and cash equivalents		$	12,841			$	33,469
Restricted cash and cash equivalents—current			4,841				4,978
Accounts receivable, net			282				2,188
Inventory			1,361				1,535
Prepaid expenses and other current assets			14,664				22,615
Total current assets			33,989				64,785
Restricted cash and cash equivalents—non current			614				598
Vehicle deposits			45,319				48,783
Vehicles, net			94,113				100,088
Goodwill			29,437				—
Other assets			10,285				11,402
Total assets			213,757				225,656
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable			20,403				20,235
Accrued expenses			28,310				33,413
Deferred revenue			44,732				47,820
Notes payable—current			19,500				22,200
Other current liabilities			11,036				10,950
Total current liabilities			123,981				134,618
Notes payable—non current			87,691				56,205
Derivative liabilities			3,269				1,892
Other liabilities			6,386				7,831
Total liabilities			221,327				200,546
Commitments and contingencies (Note 11)
Stockholders’ Deficit
Class A common stock, $0.0001 par value, 1,000,000,000 shares authorized, and 284,581,178 and 262,695,741 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively, and Class X common stock, $0.0001 par value, 50,000,000 shares authorized, 34,534,930 shares issued and outstanding as of March 31, 2023 and December 31, 2022			32				30
Additional paid-in capital			1,583,751				1,572,576
Accumulated other comprehensive loss			(7,160	)			(7,621	)
Accumulated deficit			(1,584,193	)			(1,539,875	)
Total stockholders’ (deficit) equity			(7,570	)			25,110
Total liabilities and stockholders’ equity		$	213,757			$	225,656

Bird Global, Inc.
Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except per share amounts and number of shares)
		Three Months Ended March 31,
		2023				2022
Revenues:
Revenues from sharing			28,517				30,176
Revenues from platform partner services			694				770
Revenues from product sales			326				4,429
Total revenues			29,537				35,375
Cost of revenues:
Cost of sharing, exclusive of depreciation			14,080				21,161
Depreciation on sharing vehicles			9,835				8,940
Total cost of sharing			23,915				30,101
Cost of platform partner services			282				225
Total cost of platform partner services			282				225
Cost of product sales			255				4,229
Total cost of product sales			255				4,229
Total cost of revenues			24,452				34,555
Gross margin:
Sharing			4,602				75
Platform partner services			412				545
Product sales			71				200
Total gross margin			5,085				820
Other operating expenses: (1)
General and administrative			31,640				84,650
Selling and marketing			1,935				5,051
Research and development			6,979				10,513
Total operating expenses			40,554				100,214
Loss from operations			(35,469	)			(99,394	)
Interest income			7				72
Interest expense			(1,969	)			(1,473	)
Other (expense) income, net			(5,979	)			108,580
(Loss) income before income taxes			(43,410	)			7,785
Provision for income taxes			908				37
Net (loss) income			(44,318	)			7,748
Earnings (loss) per share
Basic		$	(0.14	)		$	0.03
Diluted		$	(0.14	)		$	0.03
Weighted-average shares of common stock outstanding, basic and diluted
Basic			316,240,215				269,825,019
Diluted			316,240,215				280,949,068

(1)

Includes stock-based compensation expense

Bird Global, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands, except per share amounts and number of shares)
		March 31,
		2023				2022
Cash flows from operating activities
Net (loss) income		$	(44,318	)		$	7,748
Adjustments to reconcile net loss to net cash used in operating activities:
Mark-to-market adjustments of derivative liabilities and fair valued convertible notes			6,134				(108,646	)
Depreciation and amortization			10,225				9,512
Non-cash vehicle expenses			680				2,557
Stock-based compensation expense			7,280				48,704
Amortization of debt issuance costs and discounts			574				352
Bad debt expense			65				20
Other			1,642				278
Changes in assets and liabilities:
Accounts receivable			1,937				(1,509	)
Inventory			473				3,323
Prepaid expenses and other current assets			1,982				(13,814	)
Other assets			1,358				63
Accounts payable			(93	)			3,329
Deferred revenue			(4,988	)			2,129
Accrued expenses and other current liabilities			(1,184	)			3,952
Other liabilities			(3,436	)			(563	)
Net cash used in operating activities			(21,669	)			(42,565	)
Cash flows from investing activities
Purchases of property and equipment			(96	)			(251	)
Purchases of vehicles			(3,506	)			(63,364	)
Net cash used in investing activities			(3,602	)			(63,615	)
Cash flows from financing activities
Proceeds from borrowings, net of issuance costs			—				23,716
Proceeds from issuance of convertible debt, net of issuance costs			8,732				—
Proceeds for the issuance of common stock			204				169
Payments for taxes related to net share settlement			(4	)			(1,903	)
Payment for settlement of debt			(5,700	)			(4,353	)
Proceeds from issuance of convertible debt from Bird Canada acquisition			994				0
Net cash provided by financing activities			4,226				17,629
Effect of exchange rate changes on cash			296				(1,003	)
Net decrease in cash and cash equivalents and restricted cash and cash equivalents			(20,749	)			(89,554	)
Cash and cash equivalents and restricted cash and cash equivalents
Beginning of period			39,045				159,901
End of period		$	18,296			$	70,347
Components of cash and cash equivalents and restricted cash and cash equivalents
Cash and cash equivalents			12,841				35,026
Restricted cash and cash equivalents			5,455				35,321
Total cash and cash equivalents and restricted cash and cash equivalents		$	18,296			$	70,347

Bird Global, Inc.
Calculations of Key Metrics and GAAP to Non-GAAP Reconciliations
(In millions, except as otherwise noted)
Reconciliation of Adjusted EBITDA to Net Income (Loss)
		Three Months Ended March 31
		2023			2022
(in millions)
Net (loss) income		(44.3	)		7.7
Interest income		—			(0.1	)
Interest expense		2.0			1.5
Provision for income taxes		0.9			—
Depreciation and amortization		10.2			9.8
Vehicle count adjustments		0.1			0.6
Stock-based compensation expense		7.3			48.7
Other (expense) income, net		6.0			(108.6	)
Legal settlements and reserves		0.3			0.9
Other non-recurring, non-cash, or non-core items (1)		2.0			—
Adjusted EBITDA		(15.6	)		(39.4	)

(1)

Consists primarily of $ 2.0 million of restructuring costs for the three months ended March 31, 2023.

Reconciliation of Free Cash Flow to Cash Flow from Operations
		Three Months Ended March 31
		2023				2022
(in millions)
Net cash used in operating activities		$	(21.7	)		$	(42.6	)
Capital Expenditures(1)		$	(3.6	)		$	(63.6	)
Free Cash Flow		$	(25.3	)		$	(106.2	)

(1)

Capital expenditures were primarily made up of purchases of vehicles, which were $3.5 million and $63.4 million for the three months ended March 31, 2023 and 2022.

Reconciliation of Ride Profit to Gross Margin
		Three Months Ended March 31
		2023			2022
(in millions)
Gross margin		5.1			0.8
Vehicle depreciation		9.8			9.2
Vehicle count adjustments (1)		0.1			0.6
Product Sales division (2)		(0.1	)		(0.2	)
Ride Profit (before Vehicle Depreciation)		14.9			10.4
Vehicle depreciation		(9.8	)		(9.2	)
Ride Profit (after Vehicle Depreciation)		5.1			1.2

(1)		We exclude vehicle count adjustments as these are adjustments made based on results of physical inventory counts, which are non-cash in nature.
(2)		We exclude the revenue and cost of revenue associated with vehicle sales to retail customers and Bird Platform partners.

Reconciliation of Ride Profit Margin to Sharing Revenue
		Three Months Ended March 31
		2023				2022
(in millions, unless otherwise noted)
Sharing Revenue		$	28.5			$	30.2
Ride Profit Margin % (before Vehicle Depreciation)			52	%			34	%
Ride Profit Margin % (after Vehicle Depreciation)			18	%			4	%

Reconciliation of Adjusted Operating Expenses to Total Operating Expenses
		Three Months Ended March 31
		2023				2022
(in millions, except as otherwise noted)
Total operating expenses		$	40.6			$	100.2
Depreciation and amortization (1)			(0.4	)			(0.6	)
Stock-based compensation expense			(7.3	)			(48.7	)
Legal settlements and reserves			(0.3	)			(0.9	)
Other non-recurring, non-cash, and non-core items			(2.0	)			—
Adjusted Operating Expenses		$	30.6			$	50.0
% of Revenue			104	%			141	%

(1)

Depreciation and amortization is comprised of property and equipment depreciation and intangible asset amortization, which is part of total operating expenses.

 

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Investor Contact

[email protected]

Media Contact

[email protected]

KEYWORDS: Florida United States North America

INDUSTRY KEYWORDS: Fleet Management EV/Electric Vehicles Alternative Vehicles/Fuels Automotive Other Transport Public Transport General Automotive Transport

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Ameresco Hosts 2023 Investor Day in London

– Focused Discussion of European Growth Strategy –

– Detailed 2023 and 2024 Financial Build and Metrics –

– Reiterates 2023 Guidance and 2024 Adjusted EBITDA Target of $300 Million –

FRAMINGHAM, Mass.–(BUSINESS WIRE)–
Ameresco, Inc. (NYSE:AMRC), a leading cleantech integrator specializing in energy efficiency and renewable energy, hosted its previously announced investor day in London today. Given the importance of the European market to Ameresco’s future growth strategy, the company was pleased to host the 2023 investor day in London. As European expansion is becoming a meaningful contributor to the company’s targeted revenue and Adjusted EBITDA growth in the coming years, the leadership team and partners discussed its existing European footprint and its plans for expansion in this geography. A copy of the investor day presentation will also be available in the “Investor Relations” section of the Company’s website along with a replay of the day’s presentations.

“Today’s investor day emphasized the growing importance of Europe to Ameresco given both the tremendous business opportunities as well as our valued European investor base,” said George P. Sakellaris, President and Chief Executive Officer. “Select European markets represent a compelling value proposition for our shareholders, complementing our plans for continued growth in the United States. Furthermore, we believe our expanded geographic footprint will allow Ameresco to better service many of our global customers.”

Interactive presentations and panels further elaborated Ameresco’s plan to deliver its robust cleantech solution portfolio to key regions across Europe. Management discussed the company’s unique approach to developing these markets as well as its track record for international growth. The team also covered the increasing need for carbon consulting services as more and more companies and institutions commit to decarbonization and net zero goals. The company believes that the need for these consultative carbon reporting services and energy software-as-a-service will have broadscale applicability across Europe.

Management shared their approach and criteria for targeting acquisitions, joint ventures and partnerships to broaden Ameresco’s regional knowledge base and build a strong customer portfolio. Given the importance of organic growth complimented by targeted acquisitions and strategic partnerships, Ameresco held a discussion with executives from both Enerqos and Sunel Group.

The customer presentation on Bristol City Council covered the transformational Bristol City Leap project centered around Bristol’s accelerated net zero commitment. Analysts and investors learned how Ameresco is working through a unique public private partnership structure to provide services including energy efficiency upgrades, wind and solar services, project financing, long-term operation and maintenance, and more. This project provides a blueprint for other councils as they embark upon their net zero journey.

Doran Hole, Executive Vice President and Chief Financial Officer, provided more detailed information to Ameresco’s 2023 revenue and adjusted EBITDA guidance as well as the 2024 Adjusted EBITDA target. More detail on this information is provided on the slides that accompanied the presentations and will also be available in the “Investor Relations” section of the Company’s website including the following assumptions:

2023 Revenue Guidance

Projects

• Approximately 90-95% conversion to revenue of Ameresco’s 12-month contracted project backlog as of March 31, 2023;

• Conversion to contracted backlog followed by revenue recognition of approximately 10-15% of Ameresco’s total awarded project backlog as of December 31, 2022;

• Conversion to revenue of aged proposals to equal approximately 9-10% of total project revenue in 2023;

Energy Assets

• A slight increase to the Q1 2023 asset run rate to account for seasonality;

• A 3-quarter contribution from the 34MW of solar and battery assets placed in service in Q1 2023 at approximately $250k/MW per year;

• A 2-quarter average contribution from between 24MW and 44MW of solar and battery assets placed in service throughout the remainder of the year at approximately $250k/MW per year;

• A 2-quarter contribution from our 5.2MWe RNG asset expected to be placed in service in Q2 at approximately $2.3M/MW per year;

• A 1-quarter contribution from another 5.2Mwe RNG asset expected to be placed in service in Q3 at approximately $2.3M/MW per year;

• No significant revenue contribution from our 12MWe RNG asset expected to be placed in service in Q4;

O&M and Other

• Continuation of the general run-rate from Q1 2023 levels

2023 Adjusted EBITDA Guidance

Mr. Hole also provided a bridge to Ameresco’s 2023 Adjusted EBITDA guidance midpoint, which included a discussion of the expected line of business Adjusted EBITDA margins before the corporate overhead allocation. Ameresco’s Adjusted EBITDA guidance includes the following expectations of the pre-allocation Adjusted EBITDA margins in the periods ending Q2-Q4, 2023:

• An improvement to 12.2% from 6.4% in Projects based on mix;

• An improvement to 56.0% from 53.1% in Energy Assets based on new assets placed in service and slight performance improvement on select operating assets;

• An improvement to 18.5% from 11.1% in O&M based on timing;

• No change to Other margins

2024 Adjusted EBITDA Target

Mr. Hole concluded with a bridge to Ameresco’s 2024 Adjusted EBITDA target which included the following assumptions:

• Reasonable 10% growth in Project, O&M and Other lines of business;

• The incremental contribution from the 2023 assets placed in service;

• A half year contribution from approximately 75MW of Solar and Battery assets expected to be placed in service in 2024;

• A half year contribution from approximately 45MWe of RNG assets expected to be placed in service in 2024;

• No change in margins required from 2023 levels;

• Operating leverage from corporate overhead allocations growing at approximately 5%

The company also outlined the significant revenue visibility and platform value from its portfolio of energy assets in development of approximately $5.7 billion, bringing the company’s total long-term revenue visibility to over $12 billion.

About Ameresco, Inc.

Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading cleantech integrator and renewable energy asset developer, owner and operator. Our comprehensive portfolio includes energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions delivered to clients throughout North America and Europe. Ameresco’s sustainability services in support of clients’ pursuit of Net-Zero include upgrades to a facility’s energy infrastructure and the development, construction, and operation of distributed energy resources. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state, and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,200 employees providing local expertise in the United States, Canada, and Europe. For more information, visit www.ameresco.com.

Cautionary Language Concerning Forward-Looking Statements

Any statements in this press release about future expectations, plans and prospects for Ameresco, Inc., including statements about market conditions, pipeline, assets in development, visibility and backlog, as well as future financial results, longer term outlook, growth strategy and other statements containing the words “projects,” “believes,” “anticipates,” “plans,” “expects,” “will” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward looking statements as a result of various important factors, including the timing of, and ability to, enter into contracts for awarded projects on the terms proposed or at all; the timing of work we do on projects where we recognize revenue on a percentage of completion basis, including the ability to perform under signed contracts without delay and in accordance with their terms; demand for our energy efficiency and renewable energy solutions; our ability to complete and operate our projects on a profitable basis and as committed to our customers; our ability to arrange financing to fund our operations and projects and to comply with covenants in our existing debt agreements; changes in federal, state and local government policies and programs related to energy efficiency and renewable energy and the fiscal health of the government; the ability of customers to cancel or defer contracts included in our backlog; the output and performance of our energy plants and energy projects; the effects of our acquisitions and joint ventures; seasonality in construction and in demand for our products and services; a customer’s decision to delay our work on, or other risks involved with, a particular project; availability and cost of labor and equipment particularly given global supply chain challenges and global trade conflicts; our reliance on third parties for our construction and installation work; the addition of new customers or the loss of existing customers; the impact of macroeconomic challenges, weather related events and climate change on our business; global supply chain challenges, component shortages and inflationary pressures; market price of the Company’s stock prevailing from time to time; the nature of other investment opportunities presented to the Company from time to time; the Company’s cash flows from operations; cybersecurity incidents and breaches; regulatory and other risks inherent to constructing and operating energy assets; risks related to our international operation and international growth strategy; and other factors discussed in our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. The forward-looking statements included in this press release represent our views as of the date of this press release. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

Use of Non-GAAP Financial Measures

This press release include references to adjusted EBITDA, which is a Non-GAAP financial measure. For a description of this Non-GAAP financial measure, including the reasons management uses this measure, please see the section in the back of the Q1 2023 earnings presentation titled “Non-GAAP Financial Measures.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230511005162/en/

Media Relations

Leila Dillon, 508.661.2264, [email protected]

Investor Relations

Eric Prouty, AdvisIRy Partners, 212.750.5800, [email protected]

Lynn Morgen, AdvisIRy Partners, 212.750.5800, [email protected]

KEYWORDS: Massachusetts Europe United States United Kingdom North America

INDUSTRY KEYWORDS: Other Science Technology Research Other Construction & Property Building Systems Commercial Building & Real Estate Construction & Property Environment Other Energy Urban Planning Utilities REIT Oil/Gas Alternative Energy Energy Architecture Other Technology Other Natural Resources Software Science Natural Resources

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Kopin Corporation Reports Financial Results for the First Quarter 2023

• Q1 2023 product revenues increased 17.6% compared to the same period in 2022

• Product gross margin increased to 13.5% compared to (19.6%) for the same period in 2022

• Operating Expense¹ reduced 29.5% compared to the same period in 2022

• Positive book-to-bill for Q1

WESTBOROUGH, Mass.–(BUSINESS WIRE)–
Kopin Corporation (“Kopin” or “the Company”) (Nasdaq: KOPN), a leading developer and provider of high-performance application-specific optical solutions consisting of high-resolution microdisplays, microdisplays subassemblies and related components for defense, enterprise, industrial, and consumer products, today reported financial results for the first quarter ended April 1, 2023.

“The first quarter of 2023 has demonstrated positive initial returns on our strategy to reset the course and focus within Kopin,” said Michael Murray, Kopin’s CEO. “The improvements in our financial results are largely due to a renewed emphasis on quality, efficiency and focus. We have instituted several organizational changes to clarify accountability, established goals and metrics which are measured, and brought in new members of the team in areas including new program management, business development and quality. This has allowed us to reduce material usage and improve production rates. These improvements also allowed us to build products more efficiently and to take a reduction in work force during the quarter. The combination of these efforts is evidenced in our improving gross margins. Furthermore, we are being more judicious with our internal research and development expenditures.

“Additionally, Kopin continues to demonstrate positive momentum in our book-to-bill rate which ended positively for the first quarter of 2023 and is looking to be positive for the second quarter of 2023. We are fortunate to have great customers who continue to support Kopin in this transformative time. We are excited to see the benefits of these efforts as we see new designs and opportunities with our current and new customers increasing. We believe we are slightly ahead of our strategic initiatives and goals of cash flow breakeven by year end which are the bedrock for significant and sustainable revenue and profitable growth in 2024.”

Mr. Murray concluded: “Looking ahead, international and domestic defense affairs are becoming more dynamic and coupled with the increase in commercial and industrial redesign activities, which are being driven by the need for advanced augmentation and visualization of the analog and digital environments, we believe Kopin is well positioned to deliver innovations that enable the market and return value to our customers, society, and our internal and external stakeholders.”

First Quarter Financial Results

Total revenues for the first quarter ended April 1, 2023, were $10.8 million, compared to $11.6 million for the first quarter ended March 26, 2022, a 7% decrease. Year-over-year product revenues increased 17.6% with defense product revenues increasing by $1.7 million or 35% year over year while industrial product revenues decreased $0.6 million or 39%, year over year. First quarter 2023 funded research and development revenues declined by $2.0 million or 41% as certain defense development programs moved into production.

Cost of Product Revenues for the first quarter of 2023 was $6.6 million, or 87% of net product revenues, compared with $7.8 million, or 120% of net product revenues, for the first quarter of 2022. The reduction in cost of product revenues was result of lower material for warranty issues, as well as of the usage of material that was previously written off.

Research and Development (R&D) expenses for the first quarter of 2023 were $2.3 million compared to $5.4 million for the first quarter of 2022, a 57% decrease year over year. The decrease in R&D expense is attributable to some customer funded programs transitioning to production and a decline in certain display development activities that were completed.

Selling, General and Administration (SG&A) expenses were $4.6 million for the first quarter of 2023, compared to $4.5 million for the first quarter of 2022. The increase was primarily due to increased professional fees, which were partially offset by lower cash and stock-based compensation and benefits.

Net Loss Attributable to Kopin Corporation for the first quarter of 2023 was $2.6 million, or $0.03 per share, compared with Net Loss Attributable to Kopin Corporation of $1.4 million, or $0.02 per share, for the first quarter of 2022.

All amounts above are estimates and readers should refer to our Form 10-Q for the quarter ended April 1, 2023, for final disposition as well as important risk factors.

Earnings Call and Webcast

Kopin Corporation management will host the conference call, followed by a question and answer session.

Date: Thursday, May 11, 2023

Time: 8:30 AM Eastern Time (5:30 AM Pacific Time)

U.S. dial-in number: 844-825-9789

International number: 412-317-5180

Webcast: Q1 2023 Webcast Link

The Company will also provide a link at https://www.kopin.com/investor-overview/ for those who wish to stream the call via webcast. Please call the conference telephone number 5-10 minutes prior to the start time.

A telephonic replay of the conference call will also be available through May 18, 2023.

Toll-free replay number: 844-512-2921

International replay number: 412-317-6671

Replay passcode: 10178363

About Kopin

Kopin Corporation is a leading developer and provider of high-performance application-specific optical solutions consisting of high-resolution microdisplays, microdisplays subassemblies and related components for defense, enterprise, industrial, and consumer products. Our products are used for soldier, avionic, armored vehicle, and training & simulation defense applications; industrial, public safety and medical headsets; 3D optical inspection systems; and consumer augmented reality (“AR”) and virtual reality (“VR”) wearable headsets systems. For more information, please visit Kopin’s website at www.kopin.com.

Kopin is a trademark of Kopin Corporation.

Forward-Looking Statements

Statements in this press release may be considered “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which are subject to the safe harbor created by such sections. Words such as “expects,” “believes,” “can,” “will,” “estimates,” and variations of such words and similar expressions, and the negatives thereof, are intended to identify such forward-looking statements. We caution readers not to place undue reliance on any such “forward-looking statements,” which speak only as of the date made, and advise readers that these forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties, estimates, and assumptions by us that are difficult to predict. These forward-looking statements include statements with respect to our expectation of a positive book to bill rate in the second quarter of 2023; our belief we are seeing increasing new design and opportunities with current and new customers; our belief we are slightly ahead of our strategic initiatives and goals of cash flow breakeven by year end; and our belief that with international affairs becoming more dynamic and that we are well -positioned to deliver innovations that enable the market and return value to our customers, society, and our internal and external stakeholders . Various factors, some of which are beyond our control, could cause actual results to differ materially from those expressed in, or implied by, such forward-looking statements. All such forward-looking statements, whether written or oral, and whether made by us or on our behalf, are expressly qualified by these cautionary statements and any other cautionary statements that may accompany the forward-looking statements. In addition, we disclaim any obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release, except as may otherwise be required by the federal securities laws. These forward-looking statements are only predictions, subject to risks and uncertainties, and actual results could differ materially from those discussed. Important factors that could affect performance and cause results to differ materially from management’s expectations are described in our Annual Report on Form 10-K, or as updated from time to time our Securities and Exchange Commission filings.

_________________________

¹ Operating expenses defined as Research & Development and Selling, General and Administration expenses

Kopin Corporation
Condensed Consolidated Balance Sheets
(Unaudited)
	April 1, 2023				December 31, 2022
ASSETS
Current assets:
Cash and marketable securities	$	29,610,196			$	12,647,656
Accounts receivable, net		5,612,935				6,537,891
Inventory		6,817,754				6,426,400
Contract assets and unbilled receivables		3,043,076				4,068,364
Prepaid and other current assets		1,711,949				1,180,362
Total current assets		46,795,910				30,860,673
Plant and equipment, net		1,826,093				1,831,641
Operating lease right-of-use assets		3,005,772				3,168,520
Equity investments		7,727,789				7,721,206
Other assets		169,132				170,132
Total assets	$	59,524,696			$	43,752,172
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	3,836,280			$	5,438,980
Accrued expenses		5,853,442				6,817,485
Customer deposits		87,283				–
Deferred tax liabilities		466,246				482,739
Contract liabilities and billings in excess of revenue earned		718,544				930,500
Operating lease liabilities		790,567				786,928
Total current liabilities		11,752,362				14,456,632
Other long term liabilities		2,496,613				2,728,042
Operating lease liabilities, net of current portion		2,378,248				2,576,883
Total Kopin Corporation stockholders’ equity		42,897,473				24,163,297
Noncontrolling interest		–				(172,682	)
Total stockholders’ equity		42,897,473				23,990,615
Total liabilities and stockholders’ equity	$	59,524,696			$	43,752,172

Kopin Corporation
Condensed Consolidated Statements of Operations
(Unaudited)
	Three Months Ended
	April 1, 2023				March 26, 2022
Revenues:
Net product revenues	$	7,654,716			$	6,507,528
Research and development		2,896,451				4,908,033
Other revenues		207,024				162,861
		10,758,191				11,578,422
Expenses:
Cost of product revenues		6,624,101				7,782,879
Research and development		2,312,217				5,408,613
Selling, general and administration		4,648,130				4,464,548
		13,584,448				17,656,040
Loss from operations		(2,826,257	)			(6,077,618	)
Other income, net		236,702				4,740,954
Loss before provision for income taxes and net loss from noncontrolling interest		(2,589,555	)			(1,336,664	)
Tax provision		(39,000	)			(36,000	)
Net loss		(2,628,555	)			(1,372,664	)
Net loss attributable to noncontrolling interest		–				23
Net loss attributable to Kopin Corporation	$	(2,628,555	)		$	(1,372,641	)
Net loss per share:
Basic and diluted	$	(0.03	)		$	(0.02	)
Weighted average number of common shares outstanding:
Basic and diluted		105,036,382				90,121,226

Kopin Corporation
Supplemental Information
(Unaudited)
	Three Months Ended
	April 1, 2023			March 26, 2022
Display Revenues by Category (in millions)
Defense	$	6.4		$	4.8
Industrial/Enterprise		1.0			1.5
Consumer		0.3			0.2
R&D		2.9			4.9
License and Royalties		0.2			0.2
Total	$	10.8		$	11.6
Stock-Based Compensation Expense
Cost of product revenues	$	26,000		$	67,000
Research and development		17,000			147,000
Selling, general and administrative		151,000			442,000
	$	194,000		$	656,000
Other Financial Information
Depreciation and amortization	$	225,000		$	268,000

 

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For Investor Relations

Kopin Corporation

Richard Sneider

Treasurer and Chief Financial Officer

[email protected]

MZ Contact

Brian M. Prenoveau, CFA

MZ Group – MZ North America

[email protected]

+561 489 5315

KEYWORDS: Massachusetts United States North America

INDUSTRY KEYWORDS: Wearables/Mobile Technology Technology Military Other Technology Audio/Video Government Technology Hardware Defense Consumer Electronics

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Sixth Street Specialty Lending, Inc. Prices Public Offering of Common Stock

NEW YORK–(BUSINESS WIRE)–
Sixth Street Specialty Lending, Inc. (NYSE:TSLX) (“TSLX” or the “Company”) announced today that it has priced a public offering of 4,500,000 shares of its common stock for total gross proceeds of approximately $79.2 million. In connection with the offering, the Company has granted the underwriters for the offering an option to purchase up to an additional 675,000 shares of its common stock. The offering is subject to customary closing conditions, and the shares are expected to be delivered on or about May 15, 2023.

TSLX expects to use the net proceeds of the offering to pay down outstanding debt under its revolving credit facility. However, through re-borrowing under the revolving credit facility, the Company intends to make new investments in accordance with its investment objectives and strategies outlined in the preliminary prospectus supplement and the accompanying prospectus described below in greater detail.

Wells Fargo Securities, Morgan Stanley, BofA Securities, RBC Capital Markets, Keefe, Bruyette & Woods, A Stifel Company, Raymond James, Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are acting as joint book-running managers for this offering.

Investors are advised to carefully consider the investment objectives, risks, charges and expenses of the Company before investing. The preliminary prospectus supplement dated May 10, 2023 and the accompanying prospectus dated January 13, 2023, which have been filed with the Securities and Exchange Commission (the “SEC”), contain this and other information about the Company and should be read carefully before investing.

The information in the preliminary prospectus supplement, the accompanying prospectus and this press release is not complete and may be changed. The preliminary prospectus supplement, the accompanying prospectus and this press release are not offers to sell any securities of TSLX and are not soliciting an offer to buy such securities in any state or jurisdiction where such offer and sale is not permitted.

An effective shelf registration statement relating to these securities is on file with the SEC. The offering may be made only by means of a preliminary prospectus supplement and an accompanying prospectus, copies of which may be obtained from: Wells Fargo Securities, Attention: Equity Syndicate Department, 500 West 33rd Street, New York, New York, 10001, at 800-645-3751 (option #5) or email a request to [email protected].

About Sixth Street Specialty Lending, Inc.

Sixth Street Specialty Lending, Inc. is a specialty finance company focused on lending to middle-market companies. The Company seeks to generate current income primarily in U.S.-domiciled middle-market companies through direct originations of senior secured loans and, to a lesser extent, originations of mezzanine loans and investments in corporate bonds and equity securities. The Company has elected to be regulated as a business development company, or a BDC, under the Investment Company Act of 1940 and the rules and regulations promulgated thereunder. The Company is externally managed by Sixth Street Specialty Lending Advisers, LLC, an affiliate of Sixth Street and an SEC registered investment adviser. The Company leverages the deep investment, sector, and operating resources of Sixth Street, a global investment firm with over $65 billion in assets under management as of March 31, 2023.

Forward-Looking Statements

Statements included herein may constitute “forward-looking statements,” which relate to future events or the Company’s future performance or financial condition. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about the Company, its current and prospective portfolio investments, its industry, its beliefs and opinions, and its assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” “outlook,” “potential,” “predicts” and variations of these words and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the Company’s control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements including, without limitation, the risks, uncertainties and other factors identified in the Company’s filings with the SEC. Investors should not place undue reliance on these forward-looking statements, which apply only as of the date on which the Company makes them. The Company does not undertake any obligation to update or revise any forward-looking statements or any other information contained herein, except as required by applicable law.

Source: Sixth Street Specialty Lending, Inc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230511005331/en/

Investors:

Cami VanHorn, 469-621-2033

Sixth Street Specialty Lending

[email protected]

Media:

Patrick Clifford, 617-793-2004

Sixth Street

[email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Professional Services Finance

MEDIA:

Posted on May 11, 2023 7:05 am

Apyx Medical Corporation Reports First Quarter 2023 Financial Results and Updates Full Year 2023 Financial Outlook

Apyx Medical Corporation Reports First Quarter 2023 Financial Results and Updates Full Year 2023 Financial Outlook

CLEARWATER, Fla.–(BUSINESS WIRE)–Apyx Medical Corporation (NASDAQ:APYX) (the “Company”), the manufacturer of a proprietary helium plasma and radiofrequency technology marketed and sold as Renuvion^®, today reported financial results for its first quarter ended March 31, 2023, and updated financial expectations for the full year ending December 31, 2023.

First Quarter 2023 Financial Summary:

• Total revenue of $12.1 million, down 3% year-over-year.
  • Advanced Energy revenue of $9.7 million, down 10% year-over-year.

  • OEM revenue of $2.5 million, up 46% year-over-year.

• Net loss attributable to stockholders of $3.5 million, compared to $5.9 million for the first quarter of 2022.

• Adjusted EBITDA loss of $4.0 million, compared to $4.0 million for the first quarter of 2022.

First Quarter 2023 Operating Summary:

• On January 3, 2023, the Company announced the launch of its first direct-to-consumer brand campaign. Entitled #ThisIsMe, the campaign is aimed at U.S. consumers who are interested in a minimally invasive procedure with the Renuvion technology.

• On January 25, 2023, the Company announced the launch of its latest-generation Renuvion generator, the Apyx One Console, in the United States.

• On February 21, 2023, the Company announced that it and its subsidiaries had entered into a new, five-year secured credit facility with MidCap Financial. The credit agreement provides for an up to $35 million facility consisting of senior, secured term loans of up to $25 million and a revolving facility of up to $10 million.

• On February 27, 2023, the Company announced that it received 510(k) clearance from the FDA “for the use of the Renuvion APR Handpiece for the delivery of radiofrequency energy and/or helium plasma where coagulation/contraction of soft tissue is needed. Soft tissue includes subcutaneous tissue.”

Highlights & Developments Subsequent to Quarter End:

• On April 28, 2023, the Company announced that it received 510(k) clearance from the FDA “for coagulation of subcutaneous soft tissues following liposuction for aesthetic body contouring.”

• On May 8, 2023, the Company closed on a Purchase Agreement and concurrently executed a 10-year agreement to leaseback its underlying real property in Clearwater, FL with VK Acquisitions VI, LLC. The Company received net cash proceeds of approximately $6,600,000, after withholding the security deposit equal to one years rent, taxes, first months rent, expenses, and fees.

• On May 10, 2023, the FDA posted an update to the Medical Device Safety Communication (“Safety Communication”) to inform consumers and healthcare providers about the clearance for the Renuvion APR handpiece for use under the skin in certain procedures intended to improve the appearance of the skin, including for coagulation of subcutaneous soft tissues following liposuction for aesthetic body contouring. The Company believes that the May 10, 2023 FDA update to the Safety Communication addresses the issues set forth in the original Safety Communication from March 14, 2022.

Management Comments:

“While our revenue performance in the first quarter continued to reflect the business disruption related to the Medical Device Safety Communication, we were pleased to deliver sales results which ultimately exceeded our expectations,” said Charlie Goodwin, President and Chief Executive Officer. “Our Advanced Energy revenue decreased 10% year-over-year, primarily due to softer sales of generators and handpieces to our international distributors. In the U.S., however, we were pleased to see year-over-year growth in generator revenue of approximately 40% year-over-year, as many of our users upgraded to our latest-generator Renuvion generator – the Apyx One Console – following its launch in January. In addition to introducing the Apyx One Console, we obtained two new 510(k) clearances for our Advanced Energy products in February and April. Yesterday, we were pleased to see the FDA issue an update to their Safety Communication informing consumers and health care providers that our Renuvion APR Handpiece is now cleared for coagulation of subcutaneous soft tissues following liposuction for aesthetic body contouring. We believe this update addresses the issues set forth in the original Safety Communication from March 14, 2022. Lastly, we implemented activities to reduce our operating expenses, while securing additional capital to strengthen our balance sheet and enhance our financial flexibility.”

Mr. Goodwin continued: “We are raising our 2023 guidance today to reflect our stronger-than-anticipated performance in the first quarter, and now expect to drive global sales growth of our Advanced Energy products in excess of 38% for the full year. With four new 510(k) clearances secured for our Renuvion technology over the last 12 months, along with the recent progress made by our sales, marketing and product development teams, we expect to see improved global generator and handpiece demand in 2023 as we leverage our recent achievements and continue our strong pace of execution with respect to our stated strategic priorities.”

The following tables present revenue by reportable segment and geography:

	Three Months Ended March 31,						Increase/Decrease
(In thousands)	2023			2022			$ Change				% Change
Advanced Energy	$	9,690		$	10,814		$	(1,124	)		(10.4	)%
OEM		2,452			1,679			773			46.0	%
Total	$	12,142		$	12,493		$	(351	)		(2.8	)%

	Three Months Ended March 31,						Increase/Decrease
(In thousands)	2023			2022			$ Change				% Change
Domestic	$	8,871		$	7,548		$	1,323			17.5	%
International		3,271			4,945			(1,674	)		(33.9	)%
Total	$	12,142		$	12,493		$	(351	)		(2.8	)%

First Quarter 2022 Results:

Total revenue for the three months ended March 31, 2023 decreased $0.4 million, or 3% year-over-year, to $12.1 million, compared to $12.5 million in the prior year period. Advanced Energy segment sales decreased $1.1 million, or 10% year-over-year, to $9.7 million. OEM segment sales increased $0.8 million, or 46% year-over-year to $2.5 million. The decrease in Advanced Energy revenue was driven by decreased demand for the Company’s generators in international markets and decreased global demand for handpieces following the FDA Safety Communication on March 14, 2022. These decreases were partially offset by generator sales to domestic customers, as customers upgraded to the Company’s new Apyx One Console, which was launched in January 2023. The increase in OEM sales was due to increased sales volume to existing customers, as well as incremental new sales upon the commencement of the supply arrangement related to the completion of the development portion of some of our OEM development agreements. For the first quarter of 2023, revenue in the United States decreased $1.3 million, or 18% year-over-year, to $8.9 million, and international revenue decreased $1.7 million, or 34% year-over-year, to $3.3 million.

Gross profit for the three months ended March 31, 2023, decreased $0.6 million, or 8% year-over-year, to $7.6 million, compared to $8.2 million in the prior year period. Gross margin for the three months ended March 31, 2023, was 62.4%, compared to 65.8% in the prior year period. The decrease in gross profit margins for the three months ended March 31, 2023 from the prior year period was primarily attributable to changes in the sales mix between our two segments, with our OEM segment comprising a higher percentage of total sales, and to product mix within our Advanced Energy segment. These decreases were partially offset by geographic mix within our Advanced Energy segment, with domestic sales comprising a higher percentage of total sales.

Operating expenses for the three months ended March 31, 2023 decreased $0.9 million, or 6% year-over-year, to $13.2 million, compared to $14.1 million in the prior year period. The year-over-year change in operating expenses was driven by a $0.5 million decrease in professional services, a $0.2 million decrease in selling, general and administrative expenses and a $0.1 million decrease in salaries and related costs.

Income tax (benefit) expense for the three months ended March 31, 2023 and 2022 was $(2.3) million and $0.1 million, respectively.

Net loss attributable to stockholders for the three months ended March 31, 2023 was $3.5 million, or $0.10 per share, compared to $5.9 million, or $0.17 per share, in the prior year period.

Adjusted EBITDA loss for the three months ended March 31, 2023 and 2022 was approximately $4.0 million.

Full Year 2023 Financial Outlook:

The Company is updating financial guidance for the year ending December 31, 2023 to:

• Total revenue in the range of $59.0 million to $62.0 million, representing growth of approximately 33% to 39% year-over-year, compared to total revenue of $44.5 million for the year ended December 31, 2022. The Company’s prior guidance range for total revenue was $58.0 million to $61.0 million, representing growth of 30% to 37% year-over-year.
  • Total revenue guidance assumes:
    • Advanced Energy revenue in the range of $51.0 million to $54.0 million, representing growth of approximately 39% to 47% year-over-year, compared to Advanced Energy revenue of $36.8 million for the year ended December 31, 2022. The Company’s prior guidance range for Advanced Energy revenue was $50.0 million to $53.0 million, representing growth of approximately 36% to 44% year-over-year.

    • OEM revenue of approximately $8 million, representing growth of approximately 4% year-over-year, compared to $7.7 million for the year ended December 31, 2022. This is unchanged versus the Company’s prior guidance assumptions.

• Net loss attributable to stockholders of approximately $10.5 million, compared to $23.2 million for the year ended December 31, 2022. The Company’s prior guidance for net loss attributable to stockholders was approximately $14.0 million.

Conference Call Details:

Management will host a conference call at 8:00 a.m. Eastern Time on May 11, 2023 to discuss the results of the quarter, and to host a question and answer session. To listen to the call by phone, interested parties may dial 877-407-8289 (or 201-689-8341 for international callers) and provide access code 13737575. Participants should ask for the Apyx Medical Corporation Call. A live webcast of the call will be accessible via the Investor Relations section of the Company’s website and at:

https://event.choruscall.com/mediaframe/webcast.html?webcastid=gfBZBEow

A telephonic replay will be available approximately two hours after the end of the call through the following two weeks. The replay can be accessed by dialing 877-660-6853 for U.S. callers or 201-612-7415 for international callers and using the replay access code: 13737575. The webcast will be archived on the Investor Relations section of the Company’s website.

About Apyx Medical Corporation:

Apyx Medical Corporation is an advanced energy technology company with a passion for elevating people’s lives through innovative products, including its Helium Plasma Technology products marketed and sold as Renuvion® in the cosmetic surgery market and J-Plasma® in the hospital surgical market. Renuvion® and J-Plasma® offer surgeons a unique ability to provide controlled heat to tissue to achieve their desired results. The Company also leverages its deep expertise and decades of experience in unique waveforms through OEM agreements with other medical device manufacturers. For further information about the Company and its products, please refer to the Apyx Medical Corporation website at www.ApyxMedical.com.

Cautionary Statement on Forward-Looking Statements:

Certain matters discussed in this release and oral statements made from time to time by representatives of the Company may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved.

All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to, any statements regarding the potential impact of the COVID-19 pandemic and the actions by governments, businesses and individuals in response to the situation; projections of net revenue, margins, expenses, net earnings, net earnings per share, or other financial items; projections or assumptions concerning the possible receipt by the Company of any regulatory approvals from any government agency or instrumentality including but not limited to the U.S. Food and Drug Administration, supply chain disruptions, component shortages, manufacturing disruptions or logistics challenges; or macroeconomic or geopolitical matters and the impact of those matters on the Company’s financial performance.

Forward-looking statements and information are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond the Company’s ability to control or predict. Important factors that may cause the Company’s actual results to differ materially and that could impact the Company and the statements contained in this release include but are not limited to risks, uncertainties and assumptions relating to the regulatory environment in which the Company is subject to, including the Company’s ability to gain requisite approvals for its products from the U.S. Food and Drug Administration and other governmental and regulatory bodies, both domestically and internationally; the impact of the recent FDA Safety Communication on our business and operations; factors relating to the effects of the COVID-19 pandemic; sudden or extreme volatility in commodity prices and availability, including supply chain disruptions; changes in general economic, business or demographic conditions or trends; changes in and effects of the geopolitical environment; liabilities and costs which the Company may incur from pending or threatened litigations, claims, disputes or investigations; and other risks that are described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and the Company’s other filings with the Securities and Exchange Commission. For forward-looking statements in this release, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The Company assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise.

 

APYX MEDICAL CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited)
	Three Months Ended March31,
		2023				2022
Sales	$	12,142			$	12,493
Cost of sales		4,569				4,274
Gross profit		7,573				8,219
Other costs and expenses:
Research and development		1,121				1,158
Professional services		1,740				2,286
Salaries and related costs		5,068				5,181
Selling, general and administrative		5,255				5,465
Total other costs and expenses		13,184				14,090
Loss from operations		(5,611	)			(5,871	)
Interest income		51				2
Interest expense		(234	)			(8	)
Other loss, net		(5	)			(21	)
Total other loss, net		(188	)			(27	)
Loss before income taxes		(5,799	)			(5,898	)
Income tax (benefit) expense		(2,267	)			70
Net loss		(3,532	)			(5,968	)
Net loss attributable to non-controlling interest		(49	)			(23	)
Net loss attributable to stockholders	$	(3,483	)		$	(5,945	)
Loss per share
Basic and Diluted	$	(0.10	)		$	(0.17	)
Weighted average number of shares outstanding – basic and diluted		34,598				34,429

APYX MEDICAL CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data)
	March 31, 2023 (Unaudited)				December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents	$	16,255			$	10,192
Trade accounts receivable, net of allowance of $359 and $668		9,966				10,602
Income tax receivables		7,752				7,545
Other receivables		417				99
Inventories, net of provision for obsolescence of $428 and $457		10,946				11,797
Assets held for sale		4,569				—
Prepaid expenses and other current assets		2,779				2,737
Total current assets		52,684				42,972
Property and equipment, net		2,109				6,761
Operating lease right-of-use assets		646				710
Finance lease right-of-use assets		106				115
Other assets		1,239				1,217
Total assets	$	56,784			$	51,775
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	1,905			$	2,669
Accrued expenses and other liabilities		7,626				8,928
Current portion of operating lease liabilities		184				216
Current portion of finance lease liabilities		33				37
Term loan, net		8,778				—
Total current liabilities		18,526				11,850
Long-term operating lease liabilities		448				470
Long-term finance lease liabilities		68				73
Long-term contract liabilities		1,343				1,408
Other liabilities		185				181
Total liabilities		20,570				13,982
EQUITY
Preferred Stock, $0.001 par value; 10,000,000 shares authorized; 0 issued and outstanding as of March 31, 2023 and December 31, 2022		—				—
Common stock, $0.001 par value; 75,000,000 shares authorized; 34,597,822 issued and outstanding as of March 31, 2023 and December 31, 2022		35				35
Additional paid-in capital		75,235				73,282
Accumulated deficit		(39,218	)			(35,735	)
Total stockholders’ equity		36,052				37,582
Non-controlling interest		162				211
Total equity		36,214				37,793
Total liabilities and equity	$	56,784			$	51,775

Use of Non-GAAP Financial Measure

We present the following non-GAAP measure because we believe such measure is a useful indicator of our operating performance. Our management uses this non-GAAP measure principally as a measure of our operating performance and believes that this measure is useful to investors because it is frequently used by analysts, investors and other interested parties to evaluate companies in our industry. We also believe that this measure is useful to our management and investors as a measure of comparative operating performance from period to period. The non-GAAP financial measure presented in this release should not be considered as a substitute for, or preferable to, the measures of financial performance prepared in accordance with GAAP.

The Company has presented the following non-GAAP financial measure in this press release: adjusted EBITDA. The Company defines adjusted EBITDA as its reported net income (loss) attributable to stockholders (GAAP) plus income tax expense (benefit), interest, depreciation and amortization, and stock-based compensation expense.

APYX MEDICAL CORPORATION RECONCILIATION OF GAAP NET LOSS RESULTS TO NON-GAAP ADJUSTED EBITDA (Unaudited)
(In thousands)	Three Months Ended March 31,
		2023				2022
Net loss attributable to stockholders	$	(3,483	)		$	(5,945	)
Interest income		(51	)			(2	)
Interest expense		234				8
Income tax (benefit) expense		(2,267	)			70
Depreciation and amortization		203				225
Stock based compensation		1,367				1,650
Adjusted EBITDA	$	(3,997	)		$	(3,994	)

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20230511005317/en/

Investor Relations:

ICR Westwicke on behalf of Apyx Medical Corporation

Mike Piccinino, CFA

[email protected]

KEYWORDS: Florida United States North America

INDUSTRY KEYWORDS: Medical Supplies Medical Devices Health Surgery Health Technology Biotechnology

MEDIA:

Posted on May 11, 2023 7:05 am

Identiv Sets Second Quarter 2023 Financial Conference Schedule

Identiv Sets Second Quarter 2023 Financial Conference Schedule

FREMONT, Calif.–(BUSINESS WIRE)–Identiv, Inc. (NASDAQ: INVE), global digital security and identification leader in the Internet of Things (IoT), is scheduled to participate at the following financial conferences during the second quarter of 2023.

• B. Riley Securities Institutional Investor Conference:
  
  Presenting in-person on Wednesday, May 24, 2023 at 1 PM PDT

• Craig-Hallum Institutional Investor Conference:
  
  Holding one-on-one meetings on Wednesday, May 31, 2023

To schedule a one-on-one meeting, request a conference invitation, or receive additional information, please contact your conference representative or Identiv’s investor relations team at [email protected].

Management will also be hosting a Fireside Chat presentation with Lake Street Capital Markets on Thursday, May 18, 2023, at 11 AM PDT.

About Identiv

Identiv, Inc. is a global leader in digitally securing the physical world. Identiv’s platform encompasses RFID and NFC, cybersecurity, and the full spectrum of physical access, video, and audio security. Identiv is a publicly traded company, and its common stock is listed on the NASDAQ Stock Market LLC in the U.S. under the symbol “INVE.” For more information, visit identiv.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230511005061/en/

Identiv Investor Relations:

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Technology Semiconductor Security Software Networks Internet Hardware IOT (Internet of Things) Data Management

MEDIA:

Logo

ADS-TEC Energy (ADSE) Reports Full-Year Fiscal 2022 Results and Provides Business Update For 2023

NÜRTINGEN, Germany–(BUSINESS WIRE)–
ADS-TEC Energy plc (NASDAQ: ADSE), a global leader in battery-buffered, ultra-fast charging technology, today announced audited financials for the full fiscal year 2022 and guidance for 2023. The company will be hosting a conference call to discuss the results at 14:00h CET/ 8:00 a.m. ET today.

Full-Year 2022 operational highlights

• Successfully managed supply chain issues and produced systems and performed services from the factory worth €45.6M

• New ultra-fast charging system, ChargePost, was successfully launched in December 2022, as planned

• Focus on blue-chip partners and strategic customers, including GP-Joule together with Mobilize Power Solutions, a subsidiary of Groupe Renault aimed at expanding the EV fleet charging market, and amperio GmbH, who have ordered their first 100 ChargePosts

Full-Year 2022 financial highlights

• Consolidated revenue of €26.4M, compared to €33.0M in FY21, impacted by clients not taking product by 12/31; finished goods still in the company’s Alabama facility and moved to 2023

• Operational expenses of €33.0M (2021: €15.3M)

• EBITDA of €-32.1M (2021: €-15.2M)

• Year-end cash of €34.4M

2023 outlook

• 2023 full year revenues expected to exceed €100M

• Expecting to be EBITDA break-even to positive in FY 2023

• Secured shareholder loan of €12.9M; no intention to raise equity in foreseeable future

• Strong order backlog of €90.0M based on binding orders mainly from solid customers underpinning revenue visibility

• Substantial growth anticipated in 2024 and beyond, driven by very strong customer dynamics and market trends

Thomas Speidel, CEO of ADS-TEC Energy, said: “We are at the beginning of a major transformation, focusing on well-funded, blue-chip customers with very ambitious growth plans. These customers and partners highly appreciate the managed eco-platform business provided by ADS-TEC Energy combined with long-term services optimizing the Total Cost of Ownership and securing their business case”.

The combination of a growing, high-quality customer base with the need for infrastructure operators to balance demand across their grids will enable us to substantially scale our platform. I am confident that we are well-positioned to capitalize on very strong customer demand and positive market trends in 2023 and beyond.”

Momentum in 2023

• New order from a first-class international corporation in the range of €5M. ChargeBoxes and ChargePosts delivered in 2023 will offer ultra-fast charging at sites in Europe and North America.

• Service business will grow in 2023. Long term service agreements are expected to be signed with existing customers as well as with new platform partners. The value of ADS-TEC Energy’s physical and digital services to optimize the total cost of ownership are highly appreciated.

• ADS-TEC Energy partner JOLT Energy recently completed a large funding round of €150M led by InfraRed Capital Partners and has placed an initial order for a significant double-digit number of ChargePosts for 2023. As announced by JOLT on May 5,2023, its plan is to deploy 1,000 charge-points in Europe within the next 18 months.

• ADS-TEC Energy continues to explore new market segments for its technology. Initial systems are ordered by and will be shipped to one of the biggest car rental companies in Europe and to one of the leading mail-order courier companies worldwide.

• ADS-TEC Energy has signed a framework agreement with a blue-chip listed oil & gas petrochemical company.

2024 outlook

Existing customers and partners are forecasting and expecting to significantly increase their revenues in 2024, which confirms the strong momentum and growth for ADS-TEC Energy business.

Conference Call Information

Participants may access the call by dialing 1-412-317-5195 or 1-844-826-3035 (US). A live webcast of the call will also be available by clicking here. Please log in approximately 5-10 minutes prior to the scheduled start time.

A replay of the call will be available for two weeks by dialing 1-844-512-2921 for US callers or 1-412-317-6671 for international callers and using Conference ID: 10178618. The archived webcast will be available in the Investor Presentations and White Papers section of the company’s website.

About ADS-TEC Energy

ADS-TEC Energy plc, a public limited company incorporated in Ireland and publicly listed on NASDAQ (“ADS-TEC Energy”), serves as a holding company for ads-tec Energy GmbH, our operating company incorporated in Germany (“ADSE GM”) and ads-tec Energy Inc., a US subsidiary of ads-tec Energy GmbH (“ADSE US” and together with ADS-TEC Energy and ADSE GM, “ADSE”). Based on more than ten years of experience with lithium-ion technologies, ADS-TEC Energy develops and manufactures battery storage solutions and fast charging systems including their energy management systems. Its battery-based, fast charging technology enables electric vehicles to ultrafast charge even on low powered grids and features a very compact design. It was most recently nominated by the President of the Federal Republic of Germany for the German Future Prize and elevated to the “Circle of Excellence” in 2022. The high quality and functionality of the battery systems are due to a particularly high depth of development and in-house production. With its advanced system platforms, ADS-TEC Energy is a valuable partner for automotive, OEMs, utility companies and charge-operators.

Forward-looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include statements regarding our financial outlook for 2023, our expectations with respect to future performance and the anticipated timing of certain commercial activities. There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release, including: the impact of the COVID-19 pandemic, geopolitical events including the Russian invasion of Ukraine, macroeconomic trends including changes in inflation or interest rates, or other events beyond our control on the overall economy, our business and those of our customers and suppliers, including due to supply chain disruptions and expense increases; our limited operating history as a public company; our dependence on widespread acceptance and adoption of EVs and increased installation of charging stations; our current dependence on sales to a limited number of customers for most of our revenues; overall demand for EV charging and the potential for reduced demand for EVs if governmental rebates, tax credits and other financial incentives are reduced, modified or eliminated or governmental mandates to increase the use of EVs or decrease the use of vehicles powered by fossil fuels, either directly or indirectly through mandated limits on carbon emissions, are reduced, modified or eliminated; supply chain interruptions and expense increases; unexpected delays in new product introductions; our ability to expand our operations and market share in Europe and the U.S.; the effects of competition; changes to battery energy storage standards; and the risk that our technology could have undetected defects or errors. Additional risks and uncertainties that could affect our financial results are included under “Item 3. Key Information – 3.D. Risk Factors” in our annual report on Form 20-F filed with the Securities and Exchange Commission (the “SEC”) on May 11, 2023, which is available on our website at https://www.ads-tec-energy.com/en/company/invest and on the SEC’s website at www.sec.gov. Additional information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by applicable law.

Use of Non-IFRS Financial Measures

ADS-TEC Energy has provided in this press release certain financial information, such as EBITDA, that have not been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). ADS-TEC Energy uses these non-IFRS financial measures internally in analyzing its financial results and believes that the use of these non-IFRS financial measures is useful to investors to evaluate ongoing operating results and trends, and in comparing ADS-TEC Energy’s financial results with other companies in its industry as well other technology companies, many of which present similar non-IFRS financial measures.

The presentation of these non-IFRS financial measures is not meant to be considered in isolation or as a substitute for comparable IFRS financial measures and should be read only in conjunction with ADS-TEC Energy’s consolidated financial statements prepared in accordance with IFRS. A reconciliation of ADS-TEC Energy’s historical non-IFRS financial measures to their most directly comparable IFRS measures has been provided in the financial statement tables included in this press release, and investors are encouraged to review these reconciliations.

Definition and Reconciliation of Non-IFRS Measures

The press release includes the following non-IFRS financial measure: “”EBITDA”. ADSE believes this measure is useful to investors for evaluating period-to-period operational performance on a consistent basis by excluding items that we do not believe are indicative of our core operating performance.

ADSE defines EBITDA as result before tax before (i) finance income / (expenses) and (ii) depreciation and amortization. This measure should not be considered as a measure of financial performance under IFRS, and the items excluded from or included in these metrics are significant components in understanding and assessing ADSE financial performance.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230511005269/en/

Media:

ADS-TEC Energy Europe:

Dennis Müller

SVP Product Marketing & Communication

[email protected]

Media – United States:

Stephannie Depa

Breakaway Communications

[email protected]

+1 530 864 0136

KEYWORDS: Florida Germany Europe United States North America

INDUSTRY KEYWORDS: Technology Alternative Vehicles/Fuels EV/Electric Vehicles Automotive Other Energy Alternative Energy Energy Batteries Hardware

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