Record Q4 and Full Year Revenue, up 83% and 45% Over Prior Year Respectively Won Over $265 Million in New Multi-Year Contracts and Renewal Agreements in 2023 Quarterly Net Loss of $3.8 million with Positive Adjusted EBITDA of $9.3 million in Q4
HERNDON, VA – February 28, 2024 – BlackSky Technology Inc. (“BlackSky” or the “Company”) (NYSE: BKSY) announced results for the fourth quarter and full year ended December 31, 2023.
Fourth Quarter Financial Highlights:
- Revenue of $35.5 million, up 83% from the prior year quarter
- Imagery & software analytical services revenue grew 18% over the prior year quarter
- Cost of sales, as a percent of revenue, related to imagery & software analytical services improved to 17% from 24% in the prior year quarter
Full Year Financial Highlights:
- Revenue of $94.5 million, up 45% from the prior year
- Imagery & software analytical services revenue grew 38% over the prior year
- Cost of sales, as a percent of revenue, related to imagery & software analytical services improved to 21% from 31% in the prior year
“2023 was an exceptional year for BlackSky; we delivered record revenues, our total bookings exceeded a quarter billion dollars, and we achieved positive Adjusted EBITDA of over 9 million dollars in Q4,” said Brian E. O’Toole, BlackSky CEO. “Our success is the result of increasing global demand for our space-based intelligence solutions, strong operating leverage, and disciplined execution. The demand for our capabilities is exemplified by recent landmark contract wins supporting the Indonesian Ministry of Defense and expansion of a number of U.S. government contracts. These wins are anchored by our industry leading AI and software-first approach, which is redefining the way customers adopt space-based intelligence. The strong execution in 2023 sets us on a path toward long-term profitable growth and we look forward to carrying this momentum into 2024 and beyond.”
Recent Highlights
- Won approximately $50 million in multi-year contracts to accelerate sovereign space capabilities for the Indonesian Ministry of Defense, leveraging Gen-3 capabilities and an immediate subscription for imagery
- Awarded a multi-million dollar expansion contract with the Intelligence Advanced Research Projects Activity (IARPA) to deliver AI-based broad area search capability
- Signed a multi-million dollar contract in support of the Department of Defense to provide dynamic monitoring services leveraging AI for identifying moving targets and pattern-of-life changes
- Received nearly a million dollars in orders supporting the National Geospatial-Intelligence Agency’s (NGA) Economic Indicator Monitoring (EIM) program
- Renewed an agreement with an existing international government agency to continue providing BlackSky’s high resolution imagery and AI-driven analytics
- Secured a six-figure contract with a new international government to provide high-frequency imagery
- Ended December 31, 2023 with approximately $262 million in backlog
- Entered into a property lease for office space located in Herndon, VA to further streamline operating expenses
Financial Results
Revenues
Total revenue for the fourth quarter of 2023 was $35.5 million, up $16.1 million, or 83%, from the fourth quarter of 2022. Imagery and software analytical services revenue was $19.0 million in the fourth quarter of 2023, up 18% over the prior year period, primarily driven by increased demand from new and existing U.S. and international government customers. Professional and engineering services revenue was $16.5 million in the fourth quarter of 2023, up 407% over the prior year period. The significant year-over-year increase was related to progress to date on the capabilities to be delivered under the new Indonesian contract, awarded in the fourth quarter. Professional and engineering services contracts are milestone-based contracts that may have quarter-over-quarter revenue variability, in contrast to the imagery and software analytical services, which are typically recurring subscription-based revenues.
For the full year 2023, total revenue was $94.5 million, up $29.1 million, or 45%, from 2022. Imagery and software analytical services revenue was $65.4 million, up $18.0 million, or 38% over the prior year.
Cost of Sales(1)
Cost of sales as a percent of revenue improved to 34% for the fourth quarter of 2023, compared to 38% in the fourth quarter of 2022. Imagery and software analytical service costs as a percent of revenue improved to 17% in the fourth quarter of 2023, compared to 24% in the fourth quarter of 2022. The year-over-year improvement in imagery and software analytical service costs was primarily driven by greater volumes of revenue that inherently have a low fixed-cost structure as a percent of revenue.
(1) Cost of sales is defined as imagery and software analytical services costs and professional and engineering services cost, less depreciation and amortization expense.
For the full year 2023, cost of sales as a percent of revenue improved to 36%, compared to 55% in 2022. Imagery and software analytical services cost of sales, as a percent of revenue, improved to 21%, compared to 31% in the prior year.
Operating Expenses
Operating expenses for the fourth quarter of 2023 were $28.2 million, which included $3.0 million of non-cash stock-based compensation expense and $10.7 million in depreciation and amortization expenses. Operating expenses for the fourth quarter of 2022 were $30.4 million, which included $3.3 million in non-cash stock-based compensation expense and $9.5 million in depreciation and amortization expenses. Excluding the non-cash stock-based compensation and depreciation and amortization expenses from both years, cash operating expenses for the fourth quarter of 2023 were $14.5 million compared to cash operating expenses of $17.6 million for the fourth quarter of 2022. The year-over-year decrease of $3.1 million, or 18%, was primarily driven by reductions in general corporate costs, which more than offset investments in our go-to-market initiatives.
For the full year 2023, operating expenses were $116.7 million, which included $10.1 million of non-cash stock-based compensation expense and $43.4 million in depreciation and amortization expenses. For the full year 2022, operating expenses were $116.1 million, which included $18.1 million in non-cash stock-based compensation expense and $35.7 million in depreciation and amortization expenses. Excluding the non-cash stock-based compensation and depreciation and amortization expenses from both years, cash operating expenses in 2023 were $63.2 million, essentially in-line with cash operating expenses of $62.3 million in 2022.
Net Loss(2)
Net loss for the fourth quarter of 2023 was $3.8 million, compared to a net loss of $14.8 million in the fourth quarter of 2022.
For the full year 2023, net loss was $53.9 million, compared to a net loss of $74.2 million in 2022.
Adjusted EBITDA(3)
Adjusted EBITDA for the fourth quarter of 2023 was $9.3 million, compared to an Adjusted EBITDA loss of $4.6 million in the fourth quarter of 2022. The $13.9 million year-over-year improvement was primarily driven by strong operating leverage achieved through higher revenues, improvement in gross margins, and reductions in operating expenses.
For the full year 2023, the Adjusted EBITDA loss was $1.1 million, compared to an Adjusted EBITDA loss of $29.5 million in 2022. The $28.4 million year-over-year improvement was primarily driven by increased revenues and strong operating leverage in the business.
(2) This represents our current estimate of net loss for the period ended December 31, 2023, which is subject to the completion of our financial closing procedures and adjustments that may result from the completion of the audit of our consolidated financial statements. As a result, this net loss estimate may differ from the actual net loss reported in our consolidated financial statements when they are completed and publicly disclosed in our Annual Report on Form 10-K.
(3) Non-GAAP financial measure. See “Non-GAAP Financial Measures” below and reconciliation table at the end of this press release.
Balance Sheet & Capital Expenditures
As of December 31, 2023, cash and cash equivalents, restricted cash, and short-term investments totaled $53.1 million. Capital expenditures for the fourth quarter of 2023 were $7.8 million and for the full year 2023 totaled $43.7 million.
2024 Outlook
BlackSky expects full year 2024 revenue to be between $102 million and $118 million, full year 2024 Adjusted EBITDA to be between $8 million and $16 million, and anticipates capital expenditures for the full year 2024 to be between $55 million and $65 million, primarily driven by investments in the Gen-3 satellites, which excludes vendor financed launch costs, that will be recorded on the balance sheet.
Investment Community Conference Call
BlackSky will host a conference call and webcast for the investment community this morning at 8:30 AM ET. Senior management will review the results, discuss BlackSky’s business, and answer questions. To access the live webcast or the archived webcast following completion of the call, please visit the Company’s investor relations website at http://ir.blacksky.com and then select “News & Events” for the link to the webcast. A presentation accompanying the webcast can also be found on the investor relations website. To access the conference call, participants should dial 1-877-589-7299 or 1-201-689-8778 at least ten minutes prior to the start of the call. To listen to a replay of the conference call, please dial 1-877-660-6853 or 1-201-612-7415 using access code 13744406. The audio replay will be available from approximately 12:30 PM EST on February 28, 2024, through March 13, 2024.
About BlackSky
BlackSky is a real-time, space-based intelligence company that delivers on-demand, high-frequency imagery, analytics, and high-frequency monitoring of the most critical and strategic locations, economic assets, and events in the world. BlackSky owns and operates one of the industry’s most advanced, purpose-built commercial, real-time intelligence systems that combines the power of the BlackSky Spectra tasking and analytics software platform and our proprietary low earth orbit satellite constellation.
With BlackSky, customers can see, understand and anticipate changes for a decisive strategic advantage at the tactical edge, and act not just fast, but first. BlackSky is trusted by some of the most demanding U.S. and international government agencies, commercial businesses, and organizations around the world. BlackSky is headquartered in Herndon, VA, and is publicly traded on the New York Stock Exchange as BKSY. To learn more, visit www.blacksky.com and follow us on X (Twitter).
Non-GAAP Financial Measures
Adjusted EBITDA is defined as net income or loss attributable to BlackSky before interest income, interest expense, income taxes, depreciation and amortization, as well as significant non-cash and/or non-recurring expenses as our management believes these items are not as useful in evaluating the Company’s core operating performance. These items include, but are not limited to, stock-based compensation expense, unrealized (gain) loss on certain warrants/shares classified as derivative liabilities, severance, impairment losses, income on equity method investment, investment loss on short-term investments, transaction costs associated with debt and equity financings, forgiveness of non-trade receivables, and gain from discontinued operations, net of income taxes.
Adjusted EBITDA is a non-GAAP financial performance measure. It should not be considered in isolation or as an alternative to measures determined in accordance with GAAP. Please refer to the schedule herein and our filings with the U.S. Securities and Exchange Commission (the “SEC”) for a reconciliation of Adjusted EBITDA to Net Loss, the most comparable measure reported in accordance with GAAP and for a discussion of the presentation, comparability, and use of Adjusted EBITDA.
Forward-Looking Statements
Certain statements and other information included in this press release constitute forward-looking statements under applicable securities laws. Words such as “may”, “will”, “could”, “should”, “would”, “plan”, “potential”, “intend”, “anticipate”, “believe”, “estimate”, “future”, “opportunity”, “will likely result”, or “expect” and other words, terms, and phrases of similar meaning are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. All statements, other than statements of historical fact contained in this press release, including statements as to future performance, our guidance outlook for the year and expected capital expenditures, our ability to sustain revenue growth, expectations regarding global demand for our products and services, and our expectations related to future profitability on an adjusted basis, are forward-looking statements.
Forward-looking statements are subject to various risks and uncertainties, which could cause actual results to differ materially from the anticipated results or expectations expressed in this press release. As a result, although BlackSky’s management believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because BlackSky can give no assurance that they will prove to be correct. The risks that could cause actual results to differ materially from current expectations include, but are not limited to, factors such as long and unpredictable sales cycles, customer demand, and our ability to estimate resources for fixed-price contracts, expenses, and other operational and liquidity needs, as well as the risk factors discussed in our most recent Annual Report on Form 10-K and other disclosures about BlackSky and its business included in BlackSky’s disclosure materials filed from time to time with the SEC, which are available on the SEC’s website at www.sec.gov or on BlackSky’s Investor Relations website at ir.blacksky.com.
The forward-looking statements contained in this press release are expressly qualified in their entirety by the foregoing cautionary statements. All such forward-looking statements are based upon data available as of the date of this press release and speak only as of such date. BlackSky disclaims any intention or obligation to update or revise any forward-looking statements as a result of new information or future events, except as may be required under applicable securities law.
|
BLACKSKY TECHNOLOGY INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited) (in thousands, except per share amounts) |
|||||||||||||||
|
|
Three Months Ended December 31, |
|
Years Ended December 31, |
||||||||||||
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
Revenue |
|
|
|
|
|
|
|
||||||||
|
Imagery & software analytical services |
$ |
19,039 |
|
|
$ |
16,166 |
|
|
$ |
65,391 |
|
|
$ |
47,415 |
|
|
Professional & engineering services |
|
16,469 |
|
|
|
3,251 |
|
|
|
29,101 |
|
|
|
17,935 |
|
|
Total revenue |
|
35,508 |
|
|
|
19,417 |
|
|
|
94,492 |
|
|
|
65,350 |
|
|
Costs and expenses |
|
|
|
|
|
|
|
||||||||
|
Imagery & software analytical service costs, excluding depreciation and amortization |
|
3,159 |
|
|
|
3,925 |
|
|
|
13,793 |
|
|
|
14,462 |
|
|
Professional & engineering service costs, excluding depreciation and amortization |
|
8,851 |
|
|
|
3,374 |
|
|
|
19,988 |
|
|
|
21,365 |
|
|
Selling, general and administrative |
|
17,350 |
|
|
|
20,631 |
|
|
|
72,639 |
|
|
|
79,672 |
|
|
Research and development |
|
118 |
|
|
|
290 |
|
|
|
643 |
|
|
|
739 |
|
|
Depreciation and amortization |
|
10,696 |
|
|
|
9,495 |
|
|
|
43,431 |
|
|
|
35,661 |
|
|
Total costs and expenses |
|
40,174 |
|
|
|
37,715 |
|
|
|
150,494 |
|
|
|
151,899 |
|
|
Operating loss |
|
(4,666 |
) |
|
|
(18,298 |
) |
|
|
(56,002 |
) |
|
|
(86,549 |
) |
|
Gain on derivatives |
|
234 |
|
|
|
1,183 |
|
|
|
7,679 |
|
|
|
11,812 |
|
|
Income on equity method investments |
|
3,252 |
|
|
|
1,393 |
|
|
|
4,165 |
|
|
|
2,087 |
|
|
Interest income |
|
461 |
|
|
|
452 |
|
|
|
2,063 |
|
|
|
1,116 |
|
|
Interest expense |
|
(2,679 |
) |
|
|
(1,670 |
) |
|
|
(9,306 |
) |
|
|
(5,426 |
) |
|
Other income (expense), net |
|
1 |
|
|
|
2,135 |
|
|
|
(1,807 |
) |
|
|
2,081 |
|
|
Loss before income taxes |
|
(3,397 |
) |
|
|
(14,805 |
) |
|
|
(53,208 |
) |
|
|
(74,879 |
) |
|
Income tax expense |
|
(447 |
) |
|
|
— |
|
|
|
(707 |
) |
|
|
— |
|
|
Loss from continuing operations |
|
(3,844 |
) |
|
|
(14,805 |
) |
|
|
(53,915 |
) |
|
|
(74,879 |
) |
|
Discontinued operations: |
|
|
|
|
|
|
|
||||||||
|
Gain from discontinued operations |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
707 |
|
|
Income tax (expense) benefit |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Gain from discontinued operations, net of income taxes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
707 |
|
|
Net loss |
|
(3,844 |
) |
|
|
(14,805 |
) |
|
|
(53,915 |
) |
|
|
(74,172 |
) |
|
Other comprehensive income |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Total comprehensive loss |
$ |
(3,844 |
) |
|
$ |
(14,805 |
) |
|
$ |
(53,915 |
) |
|
$ |
(74,172 |
) |
|
|
|
|
|
|
|
|
|
||||||||
|
Basic and diluted loss per share of common stock: |
|
|
|
|
|
|
|
||||||||
|
Loss from continuing operations |
$ |
(0.03 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.40 |
) |
|
$ |
(0.64 |
) |
|
Gain from discontinued operations, net of income taxes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.01 |
|
|
Net loss per share of common stock |
$ |
(0.03 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.40 |
) |
|
$ |
(0.63 |
) |
|
|
|
|
|
|
|
|
|
||||||||
|
Weighted average common shares outstanding – basic and diluted |
|
141,343 |
|
|
|
119,064 |
|
|
|
135,451 |
|
|
|
117,821 |
|
|
BLACKSKY TECHNOLOGY INC. CONSOLIDATED BALANCE SHEETS (unaudited) (in thousands, except par value) |
|||||||
|
|
December 31, |
|
December 31, |
||||
|
Assets |
|
|
|
||||
|
Current assets: |
|
|
|
||||
|
Cash and cash equivalents |
$ |
32,815 |
|
|
$ |
34,181 |
|
|
Restricted cash |
|
619 |
|
|
|
2,835 |
|
|
Short-term investments |
|
19,697 |
|
|
|
37,982 |
|
|
Accounts receivable, net of allowance of $151 and $0, respectively |
|
7,071 |
|
|
|
3,112 |
|
|
Prepaid expenses and other current assets |
|
4,194 |
|
|
|
4,713 |
|
|
Contract assets |
|
15,213 |
|
|
|
5,706 |
|
|
Total current assets |
|
79,609 |
|
|
|
88,529 |
|
|
Property and equipment – net |
|
67,116 |
|
|
|
71,584 |
|
|
Operating lease right of use assets – net |
|
1,630 |
|
|
|
3,586 |
|
|
Goodwill |
|
9,393 |
|
|
|
9,393 |
|
|
Investment in equity method investees |
|
— |
|
|
|
5,285 |
|
|
Intangible assets – net |
|
1,357 |
|
|
|
1,918 |
|
|
Satellite procurement work in process |
|
55,976 |
|
|
|
50,954 |
|
|
Other assets |
|
9,263 |
|
|
|
2,841 |
|
|
Total assets |
$ |
224,344 |
|
|
$ |
234,090 |
|
|
Liabilities and stockholders’ equity |
|
|
|
||||
|
Current liabilities: |
|
|
|
||||
|
Accounts payable and accrued liabilities |
$ |
11,573 |
|
|
$ |
14,368 |
|
|
Amounts payable to equity method investees |
|
10,843 |
|
|
|
3,728 |
|
|
Contract liabilities – current |
|
3,670 |
|
|
|
6,783 |
|
|
Other current liabilities |
|
1,739 |
|
|
|
2,048 |
|
|
Total current liabilities |
|
27,825 |
|
|
|
26,927 |
|
|
Operating lease liabilities |
|
3,041 |
|
|
|
3,132 |
|
|
Derivative liabilities |
|
15,149 |
|
|
|
5,113 |
|
|
Long-term debt |
|
83,502 |
|
|
|
76,219 |
|
|
Other liabilities |
|
1,724 |
|
|
|
825 |
|
|
Total liabilities |
|
131,241 |
|
|
|
112,216 |
|
|
Stockholders’ equity: |
|
|
|
||||
|
Class A common stock, $0.0001 par value-authorized, 300,000 shares; issued, 145,232 and 121,938 shares; outstanding, 142,837 shares and 119,508 shares as of December 31, 2023 and December 31, 2022, respectively. |
|
14 |
|
|
|
12 |
|
|
Additional paid-in capital |
|
692,115 |
|
|
|
666,973 |
|
|
Accumulated deficit |
|
(599,026 |
) |
|
|
(545,111 |
) |
|
Total stockholders’ equity |
|
93,103 |
|
|
|
121,874 |
|
|
Total liabilities and stockholders’ equity |
$ |
224,344 |
|
|
$ |
234,090 |
|
|
BLACKSKY TECHNOLOGY INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (in thousands) |
|||||||
|
Years Ended December 31, |
|||||||
|
|
|
2023 |
|
|
|
2022 |
|
|
Cash flows from operating activities: |
|
|
|
||||
|
Net loss |
$ |
(53,915 |
) |
|
$ |
(74,172 |
) |
|
Gain from discontinued operations, net of income taxes |
|
— |
|
|
|
707 |
|
|
Loss from continuing operations |
|
(53,915 |
) |
|
|
(74,879 |
) |
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
||||
|
Depreciation and amortization expense |
|
43,431 |
|
|
|
35,661 |
|
|
Transfer of satellite procurement work in process to engineering service costs |
|
4,854 |
|
|
|
— |
|
|
Operating lease right of use assets amortization |
|
883 |
|
|
|
1,640 |
|
|
Bad debt expense (recovery) |
|
179 |
|
|
|
(22 |
) |
|
Stock-based compensation expense |
|
10,862 |
|
|
|
20,025 |
|
|
Income on equity method investment |
|
(4,165 |
) |
|
|
(2,087 |
) |
|
Loss on disposal of property and equipment |
|
127 |
|
|
|
— |
|
|
Loss on impairment of assets |
|
81 |
|
|
|
— |
|
|
Gain on derivatives |
|
(7,679 |
) |
|
|
(11,812 |
) |
|
Non-cash interest expense |
|
7,967 |
|
|
|
1,805 |
|
|
Non-cash interest income |
|
(796 |
) |
|
|
(656 |
) |
|
Other, net |
|
— |
|
|
|
106 |
|
|
Changes in operating assets and liabilities: |
|
|
|
||||
|
Accounts receivable |
|
(4,137 |
) |
|
|
(461 |
) |
|
Contract assets – current and long-term |
|
(16,299 |
) |
|
|
(5,996 |
) |
|
Prepaid expenses and other current assets |
|
840 |
|
|
|
1,413 |
|
|
Other assets |
|
1,328 |
|
|
|
(12 |
) |
|
Accounts payable and accrued liabilities |
|
3,316 |
|
|
|
(73 |
) |
|
Other current liabilities |
|
(707 |
) |
|
|
(1,180 |
) |
|
Contract liabilities – current and long-term |
|
(3,053 |
) |
|
|
(4,942 |
) |
|
Other liabilities |
|
(538 |
) |
|
|
(2,984 |
) |
|
Net cash used in operating activities |
|
(17,421 |
) |
|
|
(44,454 |
) |
|
Cash flows from investing activities: |
|
|
|
||||
|
Purchase of property and equipment |
|
(15,274 |
) |
|
|
(11,679 |
) |
|
Satellite procurement work in process |
|
(28,441 |
) |
|
|
(32,385 |
) |
|
Purchases of short-term investments |
|
(40,078 |
) |
|
|
(50,343 |
) |
|
Proceeds from maturities of short-term investments |
|
59,110 |
|
|
|
13,000 |
|
|
Proceeds from sale of equity method investment |
|
9,450 |
|
|
|
— |
|
|
Proceeds from sale of property and equipment |
|
22 |
|
|
|
— |
|
|
Proceeds from equity method investment |
|
— |
|
|
|
804 |
|
|
Cash flows used in investing activities – continuing operations |
|
(15,211 |
) |
|
|
(80,603 |
) |
|
Cash flows used in investing activities – discontinued operations |
|
— |
|
|
|
(978 |
) |
|
Net cash used in investing activities |
|
(15,211 |
) |
|
|
(81,581 |
) |
|
Cash flows from financing activities: |
|
|
|
||||
|
Proceeds from equity issuances, net of equity issuance costs |
|
32,733 |
|
|
|
— |
|
|
Proceeds from options exercised |
|
10 |
|
|
|
47 |
|
|
Withholding tax payments on vesting of restricted stock units |
|
(1,410 |
) |
|
|
(5,069 |
) |
|
Payments of transaction costs for debt modification |
|
(1,311 |
) |
|
|
— |
|
|
Payments of transaction costs related to derivative liabilities |
|
(905 |
) |
|
|
— |
|
|
Payments for deferred financing costs |
|
(67 |
) |
|
|
— |
|
|
Payments for deferred offering costs |
|
— |
|
|
|
(31 |
) |
|
Net cash provided by (used in) financing activities |
|
29,050 |
|
|
|
(5,053 |
) |
|
Net decrease in cash, cash equivalents, and restricted cash |
|
(3,582 |
) |
|
|
(131,088 |
) |
|
Cash, cash equivalents, and restricted cash – beginning of year |
|
37,016 |
|
|
|
168,104 |
|
|
Cash, cash equivalents, and restricted cash – end of year |
$ |
33,434 |
|
|
$ |
37,016 |
|
|
BLACKSKY TECHNOLOGY INC. RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA (unaudited) (in thousands) |
|||||||||||||||
|
|
Three Months Ended December 31, |
|
Years Ended December 31, |
||||||||||||
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
Net loss |
$ |
(3,844 |
) |
|
$ |
(14,805 |
) |
|
$ |
(53,915 |
) |
|
$ |
(74,172 |
) |
|
Interest income |
|
(461 |
) |
|
|
(452 |
) |
|
|
(2,063 |
) |
|
|
(1,116 |
) |
|
Interest expense |
|
2,679 |
|
|
|
1,670 |
|
|
|
9,306 |
|
|
|
5,426 |
|
|
Income tax expense |
|
447 |
|
|
|
— |
|
|
|
707 |
|
|
|
— |
|
|
Depreciation and amortization |
|
10,696 |
|
|
|
9,495 |
|
|
|
43,431 |
|
|
|
35,661 |
|
|
Stock-based compensation expense |
|
3,137 |
|
|
|
3,636 |
|
|
|
10,862 |
|
|
|
20,025 |
|
|
Gain on derivatives |
|
(234 |
) |
|
|
(1,183 |
) |
|
|
(7,679 |
) |
|
|
(11,812 |
) |
|
Income on equity method investment |
|
(3,252 |
) |
|
|
(1,393 |
) |
|
|
(4,165 |
) |
|
|
(2,087 |
) |
|
Transaction costs associated with debt and equity financings |
|
— |
|
|
|
— |
|
|
|
1,738 |
|
|
|
— |
|
|
Severance |
|
28 |
|
|
|
435 |
|
|
|
590 |
|
|
|
1,196 |
|
|
Impairment losses |
|
81 |
|
|
|
— |
|
|
|
81 |
|
|
|
— |
|
|
Investment loss on short-term investments |
|
— |
|
|
|
— |
|
|
|
55 |
|
|
|
— |
|
|
Proceeds from earn-out payment |
|
— |
|
|
|
(2,000 |
) |
|
|
— |
|
|
|
(2,000 |
) |
|
Gain from discontinued operations, net of income taxes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(707 |
) |
|
Forgiveness of non-trade receivables |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
106 |
|
|
Adjusted EBITDA |
$ |
9,277 |
|
|
$ |
(4,597 |
) |
|
$ |
(1,052 |
) |
|
$ |
(29,480 |
) |
Contacts
Investor Contact
Aly Bonilla
VP, Investor Relations
[email protected]
571-591-2864
Media Contact
Pauly Cabellon
Director, External Communications
[email protected]
571-591-2865