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Momentus Inc. Announces Fourth Quarter and Full Year 2022 Financial Results

Momentus Inc. (NASDAQ: MNTS) (“Momentus” or the "Company”), a U.S. commercial space company that offers transportation and other in-space infrastructure services, today announced its financial results for the fourth quarter and full year ended December 31, 2022.

John Rood, Momentus Chief Executive Officer, said, “Momentus took great strides in 2022 and so far in 2023 toward our goal of being one of the market leaders in in-space transportation and infrastructure services. We are one of a select number of companies that have launched orbital service vehicles into space to serve this market. We have made significant progress on our technology development, conducting the first launch of our Vigoride Orbital Service Vehicle in May 2022 and our second Vigoride launch in January 2023, which is a mission that remains underway. We deployed our first eight customer satellites in orbit. We have recruited a highly experienced group of leaders for our engineering, technology, program management, manufacturing, and supply chain organizations that we believe gives us a competitive edge over our peer group.”

Rood went on to say, “We see multiple opportunities for growth. We recently signed new and repeat commercial customers and are seeing increased interest in our services. We have begun to focus on growing our government business and are delighted that NASA contracted with us to fly two satellites on our next launch targeted for April 2023 on an important mission to study spacecraft interactions with the upper atmosphere. Finally, we’re excited about the significant interest we are seeing from U.S. Defense Department organizations in our capabilities and expect to be very competitive in winning contracts in this area.”

The space economy continues to experience significant growth. The number of small satellites launched continues to grow to historic highs and new regulations put in place by the Federal Communications Commission (FCC) requiring the de-orbit of satellites in Low Earth Orbit has combined to create a very favorable demand outlook for the services we provide.

Momentus is eager to play a key role in the vibrant and growing space economy and we look forward to showing more progress in 2023.

Fourth Quarter 2022 Business Highlights:

  • Applied lessons learned from the company’s inaugural mission with Vigoride 3 to the next generation Vigoride 5 Orbital Service Vehicle (OSV).
  • Completed thermal vacuum testing of Vigoride 5, concluding its rigorous environmental testing campaign.
  • Integrated all customer satellites onto Vigoride 5, shipped Vigoride 5 to launch site, and completed all on-base preparation for launch including integration onto the SpaceX Falcon 9 launch vehicle.
  • On January 3, 2023, subsequent to the close of the fourth quarter, Momentus launched Vigoride 5 to space onboard the SpaceX Transporter-6 mission from Cape Canaveral, Florida.
  • Established communications with Vigoride 5 on its first orbital pass, deployed solar arrays, generated power nominally, commissioned the vehicle’s attitude determination system, and pressurized its propulsion system in anticipation of firing the Microwave Electrothermal Thruster.
  • Signed transportation contracts with new customer CONTEC, new customer Australian Research Council Training Centre for CubeSats, Uncrewed Aerial Vehicles, and their Applications (CUAVA), repeat customer FOSSA Systems, and another repeat customer that wishes to remain anonymous.
  • Subsequent to the close of the fourth quarter, completed assembly, customer integration and ground-testing of Vigoride 6, the next spacecraft that the company plans to launch on the Transporter-7 mission, which SpaceX is targeting for April 2023. Completed the Vigoride 6 Flight Readiness Review and shipped the vehicle to its launch site at Vandenberg Space Force Base in California where it has been integrated onto a SpaceX launch vehicle.
  • Continued to implement the previously-announced cash-reduction plan and took steps to further extend Momentus’ cash runway.
  • Subsequent to the close of the quarter, reached agreement in principle to settle certain securities class action lawsuits. Under the settlement, Momentus would pay $8.5 million to the plaintiffs, at least $4 million of which is expected to be funded by insurance proceeds.
  • Subsequent to the close of the quarter, issued $10 million in stock and warrants to an institutional investor through a registered direct offering. The infusion of capital combined with the retirement of legacy challenges from the period before Momentus became a public company in August 2021, enables the Company to focus on future growth.

Conference Call Information

Momentus Inc. will host a conference call to discuss its financial results today, at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time). To access the conference call, participants should dial +1 (800) 715-9871 and enter the conference ID number 2057180. International participants should dial +1 (646) 307-1963. The live audio webcast along with supplemental information will be accessible on the Company’s Investor Relations website at https://investors.momentus.space/events-and-presentations. A recording of the webcast will also be available following the conference call.

About Momentus Inc.

Momentus is a U.S. commercial space company that offers in-space infrastructure services, including in-space transportation, hosted payloads and in-orbit services. Momentus believes it can make new ways of operating in space possible with its planned in-space transfer and service vehicles that will be powered by an innovative water plasma-based propulsion system that is under development.

Forward-Looking Statements

This press release contains certain statements which may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding Momentus or its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, and are not guarantees of future performance. The words “may,” “will,” “anticipate,” “believe,” “expect,” “continue,” “could,” “estimate,” “future,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “aim,” “strive,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions.

Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of Momentus’ control. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: the ability of the Company to obtain licenses and government approvals for its missions, which are essential to its operations; the ability of the Company to effectively market and sell satellite transport services and planned in-orbit services; the ability of the Company to protect its intellectual property and trade secrets; the development of markets for satellite transport and in-orbit services; the ability of the Company to develop, test and validate its technology, including its water plasma propulsion technology; delays or impediments that the Company may face in the development, manufacture and deployment of next generation satellite transport systems; the ability of the Company to convert backlog or inbound inquiries into revenue; changes in applicable laws or regulations and extensive and evolving government regulations that impact operations and business, including export control license requirements; the ability to attract or maintain a qualified workforce with the required security clearances and requisite skills; product service or product or launch failures or delays that could lead customers to use competitors’ services; investigations, claims, disputes, enforcement actions, litigation and/or other regulatory or legal proceedings; the effects of the COVID-19 pandemic on the Company’s business; the Company’s ability to comply with the terms of its National Security Agreement and any related compliance measures instituted by the director who was approved by the CFIUS Monitoring Agencies (the “Security Director”); the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; and/or other risks and uncertainties. These are only some of the factors that may affect the forward-looking statements contained in this press release. For a discussion identifying additional important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements, see the company’s filings with the U.S. Securities and Exchange Commission including, but not limited to, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The company’s filings may be accessed through the Investor Relations page of its website, investors.momentus.space, or through the website maintained by the SEC at www.sec.gov. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Fiscal Year 2022 Financial Results

MOMENTUS INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share data)

 

 

Three Months Ended

December 31,

 

Year Ended

December 31,

 

2022

 

2021

 

2022

 

2021

Service revenue1

$

120

 

 

$

 

 

$

299

 

 

$

330

 

Cost of (reversal of) revenue2 (exclusive of items shown separately below)

 

 

 

 

 

 

 

26

 

 

 

(135

)

Gross profit

 

120

 

 

 

 

 

 

273

 

 

 

465

 

Operating expenses:

 

 

 

 

 

 

 

Research and development expenses

 

10,283

 

 

 

11,574

 

 

 

41,721

 

 

 

51,321

 

Selling, general and administrative expenses

 

10,929

 

 

 

13,103

 

 

 

49,827

 

 

 

48,905

 

Total operating expenses

 

21,212

 

 

 

24,677

 

 

 

91,548

 

 

 

100,226

 

Loss from operations

 

(21,092

)

 

 

(24,677

)

 

 

(91,275

)

 

 

(99,761

)

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

Decrease (increase) in fair value of SAFE notes

 

 

 

 

 

 

 

 

 

 

209,291

 

Decrease (increase) in fair value of warrants

 

1,803

 

 

 

27,505

 

 

 

5,185

 

 

 

37,330

 

Realized loss on disposal of asset

 

(54

)

 

 

(17

)

 

 

(168

)

 

 

(17

)

Interest income

 

489

 

 

 

 

 

 

522

 

 

 

2

 

Interest expense

 

(1,096

)

 

 

(5,544

)

 

 

(5,262

)

 

 

(14,229

)

SEC settlement

 

 

 

 

 

 

 

 

 

 

(7,000

)

Litigation settlement, net

 

(4,500

)

 

 

 

 

 

(4,500

)

 

 

 

Other income (expense)3

 

10

 

 

 

5

 

 

 

54

 

 

 

(4,960

)

Total other income

 

(3,348

)

 

 

21,949

 

 

 

(4,169

)

 

 

220,417

 

(Loss) income before income taxes

 

(24,440

)

 

 

(2,728

)

 

 

(95,444

)

 

 

120,656

 

Income tax provision

 

 

 

 

1

 

 

 

 

 

 

2

 

Net (loss) income

$

(24,440

)

 

$

(2,729

)

 

$

(95,444

)

 

$

120,654

 

Net (loss) income per share, basic

$

(0.30

)

 

$

(0.03

)

 

$

(1.17

)

 

$

1.85

 

Net (loss) income per share, fully diluted

$

(0.30

)

 

$

(0.03

)

 

$

(1.17

)

 

$

1.70

 

Weighted average shares outstanding, basic

 

82,805,352

 

 

 

79,429,672

 

 

 

81,546,648

 

 

 

65,177,873

 

Weighted average shares outstanding, fully diluted

 

82,805,352

 

 

 

79,429,672

 

 

 

81,546,648

 

 

 

70,918,777

 

1

-

Prior year revenue recognized related to the cancellation of customer contracts, resulting in the forfeiture of customer deposits

2

 

-

The reduction of cost of revenue represents the reversal of a contingency recorded during the prior year for loss contracts related to free slots on future missions. During the prior year ended December 31, 2021, the Company signed amendments or terminations with those customers such that the services will no longer be free of charge. The reversed contingency was offset by costs incurred related to one of the cancelled contracts.

3

-

Other expenses during the year ended December 31, 2021 were due to the transaction costs allocated to the liability-classified warrant assumed in connection with the Business Combination.

MOMENTUS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

 

 

December 31,

2022

 

December 31,

2021

 

 

 

 

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

61,094

 

 

$

160,036

 

Restricted cash, current

 

1,007

 

 

 

197

 

Insurance receivable

 

4,000

 

 

 

 

Prepaids and other current assets

 

10,173

 

 

 

9,431

 

Total current assets

 

76,274

 

 

 

169,664

 

Property, machinery and equipment, net

 

4,016

 

 

 

4,829

 

Intangible assets, net

 

337

 

 

 

349

 

Operating right-of-use asset

 

6,441

 

 

 

7,604

 

Deferred offering costs

 

331

 

 

 

 

Restricted cash, non-current

 

312

 

 

 

314

 

Other non-current assets

 

4,712

 

 

 

3,065

 

Total assets

$

92,423

 

 

$

185,825

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

Accounts payable

 

2,239

 

 

 

1,911

 

Accrued expenses

 

8,026

 

 

 

9,785

 

Loan payable, current

 

11,627

 

 

 

20,907

 

Contract liabilities, current

 

1,654

 

 

 

 

Operating lease liability, current

 

1,153

 

 

 

1,189

 

Stock repurchase liability

 

10,000

 

 

 

 

Litigation settlement contingency

 

8,500

 

 

 

 

Other current liabilities

 

27

 

 

 

5,075

 

Total current liabilities

 

43,226

 

 

 

38,867

 

Contract liabilities, non-current

 

1,026

 

 

 

1,554

 

Loan Payable, non-current

 

2,404

 

 

 

 

Warrant liability

 

564

 

 

 

5,749

 

Operating lease liability, non-current

 

6,131

 

 

 

7,284

 

Other non-current liabilities

 

465

 

 

 

483

 

Total non-current liabilities

 

10,590

 

 

 

15,070

 

Total liabilities

 

53,816

 

 

 

53,937

 

Commitment and Contingencies (Note 12)

 

 

 

Shareholders’ equity:

 

 

 

Common stock, $0.00001 par value; 250,000,000 shares authorized and 84,441,153 issued and outstanding as of December 31, 2022; 250,000,000 shares authorized and 81,211,781 issued and outstanding as of December 31, 2021

 

1

 

 

 

1

 

Additional paid-in capital

 

342,733

 

 

 

340,570

 

Accumulated deficit

 

(304,127

)

 

 

(208,683

)

Total shareholders’ equity

 

38,607

 

 

 

131,888

 

Total liabilities and shareholders’ equity

$

92,423

 

 

$

185,825

 

MOMENTUS INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

 

 

Year Ended

 

2022

 

2021

Cash flows from operating activities:

 

 

 

Net (loss) income

$

(95,444

)

 

$

120,654

 

Adjustments to reconcile net (loss) income to net cash used in operating activities:

 

 

 

Depreciation and amortization

 

1,090

 

 

 

1,092

 

Amortization of debt discount and issuance costs

 

2,690

 

 

 

11,729

 

Amortization of right-of-use asset

 

1,163

 

 

 

1,285

 

Decrease in fair value of warrants

 

(5,185

)

 

 

(37,330

)

Decrease in fair value of SAFE notes

 

 

 

 

(209,291

)

Impairment of prepaid launch costs

 

 

 

 

9,450

 

Litigation settlement, net

 

4,500

 

 

 

 

Loss on disposal of fixed and intangible assets

 

168

 

 

 

17

 

Stock-based compensation expense

 

11,580

 

 

 

18,452

 

Changes in operating assets and liabilities:

 

 

 

Prepaids and other current assets

 

(2,206

)

 

 

(14,373

)

Other non-current assets

 

(147

)

 

 

(325

)

Accounts payable

 

373

 

 

 

1,562

 

Accrued expenses

 

(1,540

)

 

 

7,042

 

Accrued interest

 

131

 

 

 

 

Other current liabilities

 

(5,020

)

 

 

4,810

 

Contract liabilities

 

1,126

 

 

 

(1,071

)

Lease liability

 

(1,189

)

 

 

(426

)

Other non-current liabilities

 

23

 

 

 

11

 

Net cash used in operating activities

 

(87,887

)

 

 

(86,712

)

 

 

 

 

Cash flows from investing activities:

 

 

 

Purchases of property, machinery and equipment

 

(583

)

 

 

(2,972

)

Proceeds from sale of property, machinery and equipment

 

34

 

 

 

 

Purchases of intangible assets

 

(184

)

 

 

(118

)

Net cash used in investing activities

 

(733

)

 

 

(3,090

)

 

 

 

 

Cash flows from financing activities:

 

 

 

Proceeds from issuance of SAFE notes

 

 

 

 

30,853

 

Proceeds from issuance of loan payable

 

 

 

 

25,000

 

Proceeds from exercise of stock options

 

574

 

 

 

336

 

Proceeds from employee stock purchase plan

 

271

 

 

 

 

Repurchase of Section 16 Officer shares for tax coverage exchange

 

(331

)

 

 

(151

)

Payment of loan payable

 

(9,697

)

 

 

(1,500

)

Payment of debt issuance costs

 

 

 

 

(144

)

Payment of warrant issuance costs

 

 

 

 

(31

)

Payment of deferred offering costs

 

(331

)

 

 

 

Payment for repurchase of common shares

 

 

 

 

(40,000

)

Proceeds from issuance of common shares in PIPE

 

 

 

 

110,000

 

Payments of issuances costs related to PIPE

 

 

 

 

(4,416

)

Proceeds from issuance of common stock upon Business Combination

 

 

 

 

128,167

 

Payments for issuance costs related to Business Combination

 

 

 

 

(21,285

)

Net cash (used in) provided by financing activities

 

(9,514

)

 

 

226,829

 

 

 

 

 

(Decrease) Increase in cash, cash equivalents and restricted cash

 

(98,134

)

 

 

137,027

 

Cash, cash equivalents and restricted cash, beginning of period

 

160,547

 

 

 

23,520

 

Cash, cash equivalents and restricted cash, end of period

$

62,413

 

 

$

160,547

 

 

 

 

 

Supplemental disclosure of non-cash investing and financing activities

 

 

 

Issuance of common stock related to conversion of SAFE notes

$

 

 

$

136,001

 

Issuance of common stock related to exercise of warrant liabilities

$

 

 

$

6,999

 

Reclassification of deferred offering costs

$

 

 

$

2,610

 

Assumption of merger warrants liability

$

 

 

$

31,225

 

Operating lease right-of-use assets in exchange for lease obligations

$

 

 

$

8,501

 

Stock repurchase liability fair value

$

10,000

 

 

$

 

 

 

 

 

Supplemental disclosure of cash flow information

 

 

 

Cash paid for income taxes

$

 

 

$

1

 

Cash paid for interest

$

2,440

 

 

$

2,500

 

Reclassifications

Certain reclassifications have been made to the prior year’s financial statements to conform to the current year’s presentation. None of the reclassifications have changed the total assets, liabilities, shareholders’ deficit, income, expenses or net losses previously reported.

Use of Non-GAAP Financial Measures (unaudited)

This press release references certain non-GAAP financial measures, including adjusted EBITDA, non-GAAP selling, general, and administrative expense and non-GAAP research and development expense. The Company defines adjusted EBITDA as earnings before interest expense, taxes, depreciation and amortization, stock-based compensation, and certain other items the Company believes are not indicative of its core operating performance. The Company defines non-GAAP selling, general, and administrative expenses and research and development expenses as those respective GAAP amounts, excluding stock-based compensation and non-recurring items not indicative of core operating performance None of these non-GAAP financial measures is a substitute for or superior to measures of financial performance prepared in accordance with generally accepted accounting principles in the United States (GAAP) and should not be considered as an alternative to any other performance measures derived in accordance with GAAP.

The Company believes that presenting these non-GAAP financial measures provides useful supplemental information to investors about the Company that is helpful in understanding and evaluating its operating results, enhancing the overall understanding of its past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by its management in financial and operational-decision making. However, there are a number of limitations related to the use of non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance, and therefore any non-GAAP measures the Company uses may not be directly comparable to similarly titled measures of other companies.

Full year adjusted EBITDA

A reconciliation of adjusted EBITDA to net loss for the years ended December 31, 2022 and December 31, 2021 is set forth below:

 

Year Ended December 31,

(in thousands)

2022

 

2021

Net Income (Loss)

$

(95,444

)

 

$

120,654

 

Income tax expense

 

 

 

 

2

 

Interest income

 

(522

)

 

 

(2

)

Interest expense

 

5,262

 

 

 

14,229

 

Depreciation & amortization

 

1,090

 

 

 

1,092

 

EBITDA

 

(89,614

)

 

 

135,975

 

(Decrease) increase in fair value of SAFE notes

 

 

 

 

(209,291

)

(Decrease) increase in fair value of warrants

 

(5,185

)

 

 

(37,330

)

Realized loss on disposal of assets

 

168

 

 

 

17

 

SEC settlement

 

 

 

 

7,000

 

Litigation settlement, net

 

4,500

 

 

 

 

Transaction costs allocated to warrant liability

 

 

 

 

4,780

 

Investment banking fees related to SAFE financing

 

 

 

 

175

 

Prepaid launch deposit impairment

 

 

 

 

9,450

 

SEC and CFIUS legal expenses

 

1,740

 

 

 

10,038

 

Reduction in SEC and CFIUS legal expenses due to fee dispute resolution

 

 

 

 

(2,551

)

Class action litigation legal expenses

 

2,659

 

 

 

852

 

Other non-recurring litigation legal expense

 

1,736

 

 

 

 

SEC compliance costs

 

2,268

 

 

 

1,073

 

NSA compliance costs

 

2,530

 

 

 

1,835

 

Severance and other non-recurring expenses

 

421

 

 

 

136

 

Stock-based compensation

 

11,580

 

 

 

18,452

 

Adjusted EBITDA

$

(67,197

)

 

$

(59,389

)

A reconciliation of selling, general, and administrative expenses to non-GAAP selling, general, and administrative expenses for the years ended December 31, 2022 and December 31, 2021 is set forth below:

 

Year Ended December 31,

(in thousands)

2022

 

2021

Selling, general, and administrative expenses

$

49,827

 

$

48,905

 

Stock-based compensation

 

9,446

 

 

 

16,111

 

SEC and CFIUS legal expenses

 

1,740

 

 

 

10,038

 

Reduction in SEC and CFIUS legal expenses due to fee dispute resolution

 

 

 

 

(2,551

)

Class action litigation legal expenses

 

2,659

 

 

 

852

 

Other non-recurring litigation legal expense

 

1,736

 

 

 

 

SEC compliance costs

 

2,268

 

 

 

1,073

 

NSA compliance costs

 

2,530

 

 

 

1,835

 

Severance and other non-recurring expenses

 

155

 

 

 

63

 

Non-GAAP selling, general, administration expenses

$

29,293

 

 

$

21,484

 

A reconciliation of research and development expenses to non-GAAP research and development expenses for the years ended December 31, 2022 and December 31, 2021 is set forth below:

 

Year Ended December 31,

(in thousands)

2022

 

2021

Research and development expenses

$

41,721

 

$

51,321

Prepaid launch deposit impairment

 

 

 

 

9,450

 

Stock-based compensation

 

2,134

 

 

 

2,341

 

Severance and other non-recurring expenses

 

388

 

 

 

74

 

Non-GAAP Research and development expenses

$

39,199

 

 

$

39,456

 

Quarterly adjusted EBITDA

A reconciliation of adjusted EBITDA to net loss for the three months ended December 31, 2022, December 31, 2021, and September 30, 2022, is set forth below:

 

Three Months Ended

(in thousands)

December 31,

2022

 

December 31,

2021

 

September 30,

2022

Net Income (Loss)

$

(24,440

)

 

$

(2,729

)

 

$

(21,298

)

Income tax expense

 

 

 

 

1

 

 

 

 

Interest income

 

(489

)

 

 

 

 

 

(28

)

Interest expense

 

1,096

 

 

 

5,544

 

 

 

1,261

 

Depreciation & amortization

 

259

 

 

 

324

 

 

 

253

 

EBITDA

 

(23,574

)

 

 

3,140

 

 

 

(19,812

)

(Decrease) increase in fair value of warrants

 

(1,803

)

 

 

(27,505

)

 

 

(1,579

)

Realized loss on disposal of assets

 

54

 

 

 

17

 

 

 

45

 

Litigation settlement, net

 

4,500

 

 

 

 

 

 

 

SEC and CFIUS legal expenses

 

161

 

 

 

464

 

 

 

279

 

Reduction in SEC and CFIUS legal expenses due to fee dispute

 

 

 

 

(2,551

)

 

 

 

Class action litigation legal expenses

 

755

 

 

 

797

 

 

 

621

 

Other non-recurring litigation legal expense

 

1,004

 

 

 

 

 

 

447

 

SEC compliance costs

 

76

 

 

 

1,073

 

 

 

20

 

NSA compliance costs

 

233

 

 

 

905

 

 

 

487

 

Severance and other non-recurring expenses1

 

 

 

 

(13

)

 

 

90

 

Stock-based compensation

 

3,044

 

 

 

7,265

 

 

 

3,289

 

Adjusted EBITDA

$

(15,550

)

 

$

(16,408

)

 

$

(16,113

)

1

-

Loss contingencies for certain severance agreements were reversed when the Company determined they would not be signed and paid

A reconciliation of selling, general, and administrative expenses to non-GAAP selling, general, and administrative expenses for the three months ended December 31, 2022, December 31, 2021, and September 30, 2022, is set forth below:

 

Three Months Ended

(in thousands)

December 31,

2022

 

December 31,

2021

 

September 30,

2022

Selling, general, and administrative expenses

$

10,929

 

$

13,103

 

 

$

11,184

Stock-based compensation

 

2,534

 

 

 

5,109

 

 

 

2,552

 

SEC and CFIUS legal expenses

 

161

 

 

 

464

 

 

 

279

 

Reduction in SEC and CFIUS legal expenses due to fee dispute resolution

 

 

 

 

(2,551

)

 

 

 

Class action litigation legal expenses

 

755

 

 

 

797

 

 

 

621

 

Other non-recurring litigation legal expense

 

1,004

 

 

 

 

 

 

447

 

SEC compliance costs

 

76

 

 

 

1,073

 

 

 

20

 

NSA compliance costs

 

233

 

 

 

905

 

 

 

487

 

Severance and other non-recurring expenses1

 

 

 

 

(13

)

 

 

52

 

Non-GAAP selling, general, administration expenses

$

6,166

 

 

$

7,318

 

 

$

6,726

 

1

-

Loss contingencies for certain severance agreements were reversed when the Company determined they would not be signed and paid

A reconciliation of research and development expenses to non-GAAP research and development expenses for the three months ended December 31, 2022, December 31, 2021, and September 30, 2022, is set forth below:

 

Three Months Ended

(in thousands)

December 31,

2022

 

December 31,

2021

 

September 30,

2022

Research and development expenses

$

10,283

 

$

11,574

 

$

10,571

Stock-based compensation

 

510

 

 

 

2,156

 

 

 

737

 

Severance and non-recurring expenses

 

 

 

 

 

 

 

38

 

Non-GAAP Research and development expenses

$

9,773

 

 

$

9,418

 

 

$

9,796

 

1

-

Loss contingencies for certain severance agreements were reversed when the Company determined they would not be signed and paid

_______________

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