DIH Announces Second Quarter 2025 Financial Results and Restates June 30, 2024 Form 10-Q
DIH (NASDAQ:DHAI) reported Q2 2025 financial results with revenue of $18.2 million, up 39% year-over-year. Device revenue grew 49% to $15.0 million, while service revenue remained flat at $2.7 million. The company saw significant growth in EMEA (72%) and Americas (20%). Gross margin improved to 52.6%, and income before taxes reached $0.1 million.
The company restated Q1 2025 revenue to $17.0 million (30% YoY growth) from previously reported $16.2 million. DIH revised its fiscal year 2025 revenue guidance to $60-67 million. The restatement was due to timing adjustments for two device sales in June 2024.
DIH (NASDAQ:DHAI) ha riportato i risultati finanziari del Q2 2025 con ricavi di 18,2 milioni di dollari, in aumento del 39% rispetto all'anno precedente. I ricavi da dispositivi sono aumentati del 49% a 15,0 milioni di dollari, mentre i ricavi da servizi sono rimasti stabili a 2,7 milioni di dollari. L'azienda ha registrato una crescita significativa in EMEA (72%) e nelle Americhe (20%). Il margine lordo è migliorato al 52,6% e il reddito ante imposte ha raggiunto 0,1 milioni di dollari.
L'azienda ha rettificato i ricavi del Q1 2025 a 17,0 milioni di dollari (crescita del 30% su base annua), rispetto ai precedentemente riportati 16,2 milioni di dollari. DIH ha rivisto le previsioni di ricavi per l'anno fiscale 2025 a 60-67 milioni di dollari. La rettifica è stata dovuta a regolazioni temporali per due vendite di dispositivi avvenute a giugno 2024.
DIH (NASDAQ:DHAI) informó los resultados financieros del Q2 2025 con ingresos de 18.2 millones de dólares, un aumento del 39% interanual. Los ingresos por dispositivos crecieron un 49% a 15.0 millones de dólares, mientras que los ingresos por servicios se mantuvieron estables en 2.7 millones de dólares. La empresa vio un crecimiento significativo en EMEA (72%) y en las Américas (20%). El margen bruto mejoró al 52.6% y el ingreso antes de impuestos alcanzó 0.1 millones de dólares.
La empresa ajustó los ingresos del Q1 2025 a 17.0 millones de dólares (crecimiento del 30% interanual) desde los previamente reportados 16.2 millones de dólares. DIH revisó su guía de ingresos para el año fiscal 2025 a 60-67 millones de dólares. La rectificación se debió a ajustes de tiempo para dos ventas de dispositivos en junio de 2024.
DIH (NASDAQ:DHAI)는 2025년 2분기 재무 결과를 보고하며 매출이 1820만 달러로 전년 대비 39% 증가했다고 밝혔습니다. 장치 매출은 49% 증가하여 1500만 달러에 이르렀고, 서비스 매출은 270만 달러로 평평하게 유지되었습니다. 회사는 EMEA에서 72%, 아메리카에서 20%의 유의미한 성장을 보였습니다. 총 이익률은 52.6%로 향상되었고, 세전 소득은 10만 달러에 달했습니다.
회사는 2025년 1분기 매출을 1700만 달러(전년 대비 30% 성장)로 조정했으며, 이전에 보고된 1620만 달러에서 수정되었습니다. DIH는 2025 회계연도 매출 가이드를 6000만~6700만 달러로 수정했습니다. 이 조정은 2024년 6월 두 개의 장치 판매에 대한 시기 조정 때문이었습니다.
DIH (NASDAQ:DHAI) a rapporté les résultats financiers du 2ème trimestre 2025 avec des revenus de 18,2 millions de dollars, en hausse de 39 % par rapport à l'année précédente. Les revenus des dispositifs ont augmenté de 49 % pour atteindre 15,0 millions de dollars, tandis que les revenus des services sont restés stables à 2,7 millions de dollars. L'entreprise a connu une croissance significative en EMEA (72 %) et dans les Amériques (20 %). La marge brute s'est améliorée à 52,6 % et le revenu avant impôts a atteint 0,1 million de dollars.
L'entreprise a révisé les revenus du 1er trimestre 2025 à 17,0 millions de dollars (croissance de 30 % par rapport à l'année précédente) par rapport aux 16,2 millions de dollars précédemment rapportés. DIH a ajusté ses prévisions de revenus pour l'exercice fiscal 2025 à 60-67 millions de dollars. La rectification était due à des ajustements de calendrier pour deux ventes de dispositifs en juin 2024.
DIH (NASDAQ:DHAI) berichtete über die finanziellen Ergebnisse des 2. Quartals 2025 mit einem Umsatz von 18,2 Millionen Dollar, was einem Anstieg von 39 % im Vergleich zum Vorjahr entspricht. Der Umsatz aus Geräten stieg um 49 % auf 15,0 Millionen Dollar, während der Serviceumsatz mit 2,7 Millionen Dollar stabil blieb. Das Unternehmen verzeichnete ein signifikantes Wachstum in EMEA (72 %) und den Amerikas (20 %). Die Bruttomarge verbesserte sich auf 52,6 %, und das Einkommen vor Steuern betrug 0,1 Millionen Dollar.
Das Unternehmen korrigierte den Umsatz für das 1. Quartal 2025 auf 17,0 Millionen Dollar (30 % Wachstum im Jahresvergleich), nachdem zuvor 16,2 Millionen Dollar berichtet wurden. DIH hat seine Umsatzprognose für das Geschäftsjahr 2025 auf 60-67 Millionen Dollar angepasst. Die Neufeststellung war auf zeitliche Anpassungen bei zwei Geräteverkäufen im Juni 2024 zurückzuführen.
- Revenue increased 39.1% YoY to $18.2 million
- Device revenue grew 48.8% YoY to $15.0 million
- EMEA revenue increased 72% YoY to $10.7 million
- Gross margin improved to 52.6%, up 11% YoY
- Income before taxes improved by $2.5 million to $0.1 million
- SG&A expenses decreased by $0.6 million (9.6%) YoY
- Cash position relatively low at $1.8 million
- Downward revision of FY2025 revenue guidance
- Required restatement of Q1 2025 financial results
- Service revenue showed flat growth
- APAC sales decreased by $0.1 million
Insights
DIH's Q2 FY2025 results show significant operational improvements with
The restatement of Q1 FY2025 results, while concerning from a controls perspective, actually improves the reported revenue from
Strong EMEA performance (
NORWELL, Mass., Nov. 14, 2024 (GLOBE NEWSWIRE) -- DIH Holding US, Inc. ("DIH")(NASDAQ:DHAI), a global provider of advanced robotic devices used in physical rehabilitation, which incorporates visual stimulation in an interactive manner to enable clinical research and intensive functional rehabilitation and training in patients with walking impairments, reduced balance and/or impaired arm and hand functions, today announced financial results for the second fiscal quarter ended September 30, 2024, and a restatement of the financial results for the first fiscal quarter ended June 30, 2024, to account for the timing of revenue and associated cost of sales recognition for two devices sold in late June 2024.
Recent Highlights
- Revenue of
$18.2 million for the quarter ended September 30, 2024, representing growth of39% over the prior year period - Device revenue of
$15.0 million and service revenue of$2.7 million for the quarter ended September 30, 2024, representing a growth of49% and flat growth, respectively, over the prior year period - Revenue growth in Europe, Middle East and Africa (EMEA) and the Americas of
72% and20% , respectively, over the prior year period - Gross Margin of
52.6% , representing an11% improvement over the prior year period - Income before taxes of
$0.1 million , representing an improvement of$2.5 million over the prior year period - Appointed Dietmar Dold to position of Chief Operating Officer
- Restated first quarter 2025 revenue to equal
$17.0 million , a30.0% year-over-year growth rate, versus previously reported revenue of$16.2 million , a24.1% year-over-year growth rate - Adjusted revenue guidance for the fiscal year 2025 to range between
$60 million to$67 million
“Our financial results represent another consecutive quarter of strong revenue growth and operational performance across the income statement,” said Jason Chen, Chairman and CEO of DIH. “We are pleased to have delivered positive income before taxes for the quarter in addition to recognizing a significant inflection in our gross margin profile. While we will continue to prioritize operational efficiencies going forward, we are adjusting our revenue guidance for the remainder of 2025 to account for certain macro environmental conditions as well as other business factors. We now anticipate revenue for fiscal year 2025 to range between
Financial Results for the Second Fiscal Quarter Ended September 30, 2024
Revenue for the three months ended September 30, 2024 increased by
The impact due to foreign currency translation is immaterial for the three months ended September 30, 2024.
Gross profit for the second fiscal quarter ended September 30, 2024, was
Selling, general and administrative expenses for the three months ended September 30, 2024 decreased by
Research and development costs for the three months ended September 30, 2024 increased by
Cash and cash equivalents on September 30, 2024 totaled
Fiscal Year 2025 Outlook
The Company has revised its expected gross revenue for fiscal year 2025 to range between
Restatement of June 30, 2024 Form 10-Q
During the preparation of the Company’s financial statements as of and for the three and six months ended September 30, 2024, the Company identified two device sales and related cost of sales which should have been recognized in the quarter ended June 30, 2024 when the transfer of control occurred. The device sales had erroneously not been recorded in the originally issued Form 10-Q. The errors in the unaudited condensed consolidated financial statements for the June 30, 2024 Non-Reliance Periods noted above will be corrected in the restated financial statements for the June 30, 2024 Non-Reliance Period in an amendment to the previously-filed Form 10-Q and a Post-Effective Amendment to the Form S-1.
As the company is restating the June 30, 2024 Non-Reliance Period, we are taking the opportunity to adjust for immaterial adjustments identified during the current review period, or were passed in the prior review period. The financials including any restated amounts are included as supplemental tables in this press release. The June 30, 2024 10Q-A and September 30, 2024 10Q will be filed no later than November 19, 2024.
About DIH Holding US, Inc.
DIH stands for the vision to “Deliver Inspiration & Health” to improve the daily lives of millions of people with disabilities and functional impairments through providing devices and solutions enabling intensive rehabilitation. DIH is a global provider of advanced robotic devices used in physical rehabilitation, which incorporate visual stimulation in an interactive manner to enable clinical research and intensive functional rehabilitation and training in patients with walking impairments, reduced balance and/or impaired arm and hand functions. Built through the mergers of global-leading niche technology providers, DIH is a transformative rehabilitation solutions provider and consolidator of a largely fragmented and manual-labor-driven industry.
Caution Regarding Forward-Looking Statement
This press release contains certain statements which are not historical facts, which are forward-looking statements within the meaning of the federal securities laws, for the purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. These forward-looking statements include certain statements made with respect to the business combination, the services offered by DIH and the markets in which it operates, and DIH’s projected future results. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions provided for illustrative purposes only, and projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that could cause the actual results to differ materially from the expected results. These risks and uncertainties include, but are not limited to: general economic, political and business conditions; the ability of DIH to achieve its projected revenue, the failure of DIH realize the anticipated benefits of the recently-completed business combination and access to sources of additional debt or equity capital if needed. While DIH may elect to update these forward-looking statements at some point in the future, DIH specifically disclaims any obligation to do so.
Investor Contact
Greg Chodaczek
332-895-3230
Investor.relations@dih.com
| DIH HOLDING US, INC. | ||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||
| (in thousands, except share and per share data, unaudited) | ||||||||
| As of September 30, 2024 | As of March 31, 2024 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 1,759 | $ | 3,225 | ||||
| Restricted cash | 300 | — | ||||||
| Accounts receivable, net of allowances of | 6,383 | 5,197 | ||||||
| Inventories, net | 9,591 | 7,830 | ||||||
| Due from related party | 6,133 | 5,688 | ||||||
| Other current assets | 5,608 | 5,116 | ||||||
| Total current assets | 29,774 | 27,056 | ||||||
| Property, and equipment, net | 790 | 530 | ||||||
| Capitalized software, net | 1,992 | 2,131 | ||||||
| Other intangible assets, net | 380 | 380 | ||||||
| Operating lease, right-of-use assets, net | 4,182 | 4,466 | ||||||
| Other tax assets | 128 | 267 | ||||||
| Other assets | 948 | 905 | ||||||
| Total assets | $ | 38,194 | $ | 35,735 | ||||
| Liabilities and Deficit | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 5,231 | $ | 4,305 | ||||
| Employee compensation | 3,813 | 2,664 | ||||||
| Due to related party | 10,322 | 10,192 | ||||||
| Current portion of deferred revenue | 5,900 | 5,211 | ||||||
| Manufacturing warranty obligation | 621 | 513 | ||||||
| Current portion of long-term operating lease | 1,494 | 1,572 | ||||||
| Current maturities of convertible debt, at fair value | 1,991 | — | ||||||
| Advance payments from customers | 8,945 | 10,562 | ||||||
| Accrued expenses and other current liabilities ( | 11,046 | 9,935 | ||||||
| Total current liabilities | 49,363 | 44,954 | ||||||
| Convertible debt, net of current maturities, at fair value | 928 | — | ||||||
| Notes payable - related party | 9,404 | 11,457 | ||||||
| Non-current deferred revenues | 4,943 | 4,670 | ||||||
| Long-term operating lease | 2,731 | 2,917 | ||||||
| Deferred tax liabilities | 86 | 112 | ||||||
| Other non-current liabilities | 5,134 | 4,171 | ||||||
| Total liabilities | $ | 72,589 | $ | 68,281 | ||||
| Commitments and contingencies | ||||||||
| Deficit: | ||||||||
| Preferred stock, | — | — | ||||||
| Common stock, | 3 | 3 | ||||||
| Additional paid-in-capital | 3,323 | 2,613 | ||||||
| Accumulated deficit | (35,756 | ) | (35,212 | ) | ||||
| Accumulated other comprehensive income (loss) | (1,965 | ) | 50 | |||||
| Total deficit | $ | (34,395 | ) | $ | (32,546 | ) | ||
| Total liabilities and deficit | $ | 38,194 | $ | 35,735 | ||||
| DIH HOLDING US, INC. | ||||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||
| (in thousands, except per share data, unaudited) | ||||||||||||||||
| Three Months Ended September 30, | For the Six Months Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue | $ | 18,162 | $ | 13,060 | $ | 35,122 | $ | 26,105 | ||||||||
| Cost of sales | 8,605 | 7,652 | 16,110 | 15,300 | ||||||||||||
| Gross profit | 9,557 | 5,408 | 19,012 | 10,805 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Selling, general, and administrative expense | 5,758 | 6,372 | 14,368 | 12,209 | ||||||||||||
| Research and development | 1,911 | 1,584 | 3,555 | 3,022 | ||||||||||||
| Total operating expenses | 7,669 | 7,956 | 17,923 | 15,231 | ||||||||||||
| Operating income (loss) | 1,888 | (2,548 | ) | 1,089 | (4,426 | ) | ||||||||||
| Other income (expense): | ||||||||||||||||
| Interest expense | (26 | ) | (155 | ) | (161 | ) | (275 | ) | ||||||||
| Other income (expense), net | (1,761 | ) | 271 | (414 | ) | (418 | ) | |||||||||
| Total other income (expense) | (1,787 | ) | 116 | (575 | ) | (693 | ) | |||||||||
| Income (loss) before income taxes | 101 | (2,432 | ) | 514 | (5,119 | ) | ||||||||||
| Income tax expense | 335 | 52 | 1,058 | 278 | ||||||||||||
| Net loss | $ | (234 | ) | $ | (2,484 | ) | $ | (544 | ) | $ | (5,397 | ) | ||||
| Net loss per share, basic and diluted | $ | (0.01 | ) | $ | (0.10 | ) | $ | (0.02 | ) | $ | (0.22 | ) | ||||
| Weighted average common shares outstanding, basic and diluted | 34,545 | 25,000 | 34,545 | 25,000 | ||||||||||||
| DIH HOLDING US, INC. | ||||||||||||||||
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ||||||||||||||||
| (in thousands, unaudited) | ||||||||||||||||
| Three Months Ended September 30, | For the Six Months Ended September 30, | |||||||||||||||
| 2025 | 2023 | 2024 | 2023 | |||||||||||||
| Net loss | $ | (234 | ) | $ | (2,484 | ) | $ | (544 | ) | $ | (5,397 | ) | ||||
| Other comprehensive (loss) income, net of tax | ||||||||||||||||
| Foreign currency translation adjustments, net of tax of | 454 | (601 | ) | (934 | ) | 240 | ||||||||||
| Pension liability adjustments, net of tax of | (562 | ) | 60 | (1,081 | ) | (360 | ) | |||||||||
| Other comprehensive (loss) income | (108 | ) | (541 | ) | (2,015 | ) | (120 | ) | ||||||||
| Comprehensive loss | $ | (342 | ) | $ | (3,025 | ) | $ | (2,559 | ) | $ | (5,517 | ) | ||||
| DIH HOLDING US, INC. AND SUBSIDIARIES | ||||||||||||||||||
| CONDENSED COMBINED STATEMENTS OF CHANGES IN EQUITY (DEFICIT) | ||||||||||||||||||
| (in thousands, unaudited) | ||||||||||||||||||
| For the Three Months Ended September 30, | ||||||||||||||||||
| Common Stock | ||||||||||||||||||
| Shares | Amount | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total Equity (Deficit) | |||||||||||||
| Balance, June 30, 2024 | 34,544,935 | $ | 3 | $ | 3,323 | $ | (35,522 | ) | $ | (1,857 | ) | $ | (34,053 | ) | ||||
| Net loss | — | — | — | (234 | ) | — | (234 | ) | ||||||||||
| Other comprehensive loss, net of tax | — | — | — | — | (108 | ) | (108 | ) | ||||||||||
| Balance, September 30, 2024 | 34,544,935 | $ | 3 | $ | 3,323 | $ | (35,756 | ) | $ | (1,965 | ) | $ | (34,395 | ) | ||||
| Shares(1) | Amount | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total Equity (Deficit) | |||||||||||||
| Balance, June 30, 2023 | 25,000,000 | $ | 2 | $ | (1,898 | ) | $ | (29,682 | ) | $ | 132 | $ | (31,446 | ) | ||||
| Net loss | — | — | — | (2,484 | ) | — | (2,484 | ) | ||||||||||
| Other comprehensive loss, net of tax | — | — | — | — | (541 | ) | (541 | ) | ||||||||||
| Balance, September 30, 2023 | 25,000,000 | $ | 2 | $ | (1,898 | ) | $ | (32,166 | ) | $ | (409 | ) | $ | (34,471 | ) | |||
| For the Six Months Ended September 30, | ||||||||||||||||||
| Common Stock | ||||||||||||||||||
| Shares | Amount | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total Equity (Deficit) | |||||||||||||
| Balance, March 31, 2024 | 34,544,935 | $ | 3 | $ | 2,613 | $ | (35,212 | ) | $ | 50 | $ | (32,546 | ) | |||||
| Net loss | — | — | — | (544 | ) | — | (544 | ) | ||||||||||
| Out of period adjustment related to reverse recapitalization | — | — | 710 | — | — | 710 | ||||||||||||
| Other comprehensive loss, net of tax | — | — | — | — | (2,015 | ) | (2,015 | ) | ||||||||||
| Balance, September 30, 2024 | 34,544,935 | $ | 3 | $ | 3,323 | $ | (35,756 | ) | $ | (1,965 | ) | $ | (34,395 | ) | ||||
| Shares(1) | Amount | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total Equity (Deficit) | |||||||||||||
| Balance, March 31, 2023 | 25,000,000 | $ | 2 | $ | (1,898 | ) | $ | (26,769 | ) | $ | (289 | ) | $ | (28,954 | ) | |||
| Net loss | — | — | — | (5,397 | ) | — | (5,397 | ) | ||||||||||
| Other comprehensive loss, net of tax | — | — | — | — | (120 | ) | (120 | ) | ||||||||||
| Balance, September 30, 2023 | 25,000,000 | $ | 2 | $ | (1,898 | ) | $ | (32,166 | ) | $ | (409 | ) | $ | (34,471 | ) | |||
(1) All outstanding share and per-share amounts have been restated to reflect the reverse recapitalization as established in the Business Combination Agreement as described in Note 1 to the condensed consolidated financial statements.
| DIH HOLDING US, INC. | ||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
| (in thousands, unaudited) | ||||||||
| For the Six Months Ended September 30, | ||||||||
| 2024 | 2023 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (544 | ) | $ | (5,397 | ) | ||
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||
| Depreciation and amortization | 351 | 147 | ||||||
| Provision for credit losses | (434 | ) | (869 | ) | ||||
| Allowance for inventory obsolescence | (108 | ) | 739 | |||||
| Pension contributions | (309 | ) | (309 | ) | ||||
| Pension expense | 155 | 136 | ||||||
| Change in fair value of convertible debt and warrant liability | 400 | — | ||||||
| Foreign exchange (gain) loss | (38 | ) | 418 | |||||
| Noncash lease expense | 828 | 770 | ||||||
| Noncash interest expense | — | 14 | ||||||
| Deferred and other noncash income tax (income) expense | 112 | 12 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | (694 | ) | 2,149 | |||||
| Inventories | (1,527 | ) | (1,528 | ) | ||||
| Due from related parties | (548 | ) | 343 | |||||
| Due to related parties | (98 | ) | 988 | |||||
| Other assets | (481 | ) | (1,350 | ) | ||||
| Operating lease liabilities | (820 | ) | (957 | ) | ||||
| Accounts payable | 813 | 1,764 | ||||||
| Employee compensation | 1,070 | (59 | ) | |||||
| Other liabilities | (247 | ) | 197 | |||||
| Deferred revenue | 846 | 1,265 | ||||||
| Manufacturing warranty obligation | 100 | 180 | ||||||
| Advance payments from customers | (1,737 | ) | 2,591 | |||||
| Accrued expense and other current liabilities | 1,376 | 519 | ||||||
| Net cash provided by (used in) operating activities | (1,534 | ) | 1,763 | |||||
| Cash flows from investing activities: | ||||||||
| Purchases of property and equipment | (423 | ) | (73 | ) | ||||
| Net cash used in investing activities | (423 | ) | (73 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds from issuance of convertible debt, net of issuance costs | 2,809 | — | ||||||
| Payments on related party notes payable | (2,053 | ) | (3,744 | ) | ||||
| Net cash provided by (used in) financing activities | 756 | (3,744 | ) | |||||
| Effect of currency translation on cash and cash equivalents | 35 | 15 | ||||||
| Net decrease in cash, and cash equivalents, and restricted cash | (1,166 | ) | (2,039 | ) | ||||
| Cash, cash equivalents and restricted cash - beginning of period | 3,225 | 3,175 | ||||||
| Cash, cash equivalents and restricted cash- end of period | $ | 2,059 | $ | 1,136 | ||||
| Reconciliation of cash, cash equivalents and restricted cash: | ||||||||
| Cash and cash equivalents | $ | 1,759 | $ | 1,136 | ||||
| Restricted cash | 300 | — | ||||||
| Total cash, cash equivalents and restricted cash | $ | 2,059 | $ | 1,136 | ||||
| Supplemental disclosure of cash flow information: | ||||||||
| Interest paid | $ | 162 | $ | 262 | ||||
| Income tax paid | $ | 15 | $ | — | ||||
| Supplemental disclosure of non-cash investing and financing activity: | ||||||||
| Accounts payable settled upon reverse recapitalization | $ | 710 | $ | — | ||||
| DIH HOLDING US, INC. | ||||||||||||
| RESTATED CONSOLIDATED BALANCE SHEETS | ||||||||||||
| (in thousands, except share and per share data, unaudited) | ||||||||||||
| As of June 30, 2024 | ||||||||||||
| As Previously Reported | Adjustment | As Restated | ||||||||||
| Assets | ||||||||||||
| Current assets: | ||||||||||||
| Cash and cash equivalents | $ | 2,749 | $ | — | $ | 2,749 | ||||||
| Accounts receivable, net of allowances of | 5,690 | 773 | 6,463 | |||||||||
| Inventories, net | 9,014 | (32 | ) | 8,982 | ||||||||
| Due from related party | 5,728 | — | 5,728 | |||||||||
| Other current assets | 6,194 | (398 | ) | 5,796 | ||||||||
| Total current assets | 29,375 | 343 | 29,718 | |||||||||
| Property, and equipment, net | 664 | — | 664 | |||||||||
| Capitalized software, net | 2,052 | — | 2,052 | |||||||||
| Other intangible assets, net | 380 | — | 380 | |||||||||
| Operating lease, right-of-use assets, net | 4,388 | — | 4,388 | |||||||||
| Other tax assets | 417 | — | 417 | |||||||||
| Other assets | 933 | — | 933 | |||||||||
| Total assets | $ | 38,209 | $ | 343 | $ | 38,552 | ||||||
| Liabilities and Deficit | ||||||||||||
| Current liabilities: | ||||||||||||
| Accounts payable | $ | 5,368 | $ | — | $ | 5,368 | ||||||
| Employee compensation | 3,991 | — | 3,991 | |||||||||
| Due to related party | 9,790 | — | 9,790 | |||||||||
| Current portion of deferred revenue | 6,350 | — | 6,350 | |||||||||
| Manufacturing warranty obligation | 549 | — | 549 | |||||||||
| Current portion of long-term operating lease | 1,509 | — | 1,509 | |||||||||
| Current maturities of convertible debt | 1,461 | 82 | 1,543 | |||||||||
| Advance payments from customers | 9,272 | — | 9,272 | |||||||||
| Accrued expenses and other current liabilities | 9,950 | 165 | 10,115 | |||||||||
| Total current liabilities | 48,240 | 247 | 48,487 | |||||||||
| Convertible debt, net of current maturities | 1,177 | — | 1,177 | |||||||||
| Notes payable - related party | 10,722 | — | 10,722 | |||||||||
| Non-current deferred revenues | 4,747 | — | 4,747 | |||||||||
| Long-term operating lease | 2,925 | — | 2,925 | |||||||||
| Deferred tax liabilities | 89 | — | 89 | |||||||||
| Other non-current liabilities | 4,304 | 154 | 4,458 | |||||||||
| Total liabilities | $ | 72,204 | $ | 401 | $ | 72,605 | ||||||
| Commitments and contingencies | ||||||||||||
| Deficit: | ||||||||||||
| Preferred stock, | — | — | — | |||||||||
| Common stock, | 3 | — | 3 | |||||||||
| Additional paid-in-capital | 3,685 | (362 | ) | 3,323 | ||||||||
| Accumulated deficit | (35,826 | ) | 304 | (35,522 | ) | |||||||
| Accumulated other comprehensive income (loss) | (1,857 | ) | — | (1,857 | ) | |||||||
| Total deficit | $ | (33,995 | ) | $ | (58 | ) | $ | (34,053 | ) | |||
| Total liabilities and deficit | $ | 38,209 | $ | 343 | $ | 38,552 | ||||||
| DIH HOLDING US, INC. | ||||||||||||
| RESTATED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||
| (in thousands, except per share data, unaudited) | ||||||||||||
| For the Three Months Ended June 30, 2024 | ||||||||||||
| Reported | Adjustment | As Restated | ||||||||||
| Revenue | $ | 16,187 | $ | 773 | $ | 16,960 | ||||||
| Cost of sales | 7,521 | (16 | ) | 7,505 | ||||||||
| Gross profit | 8,666 | 789 | 9,455 | |||||||||
| Operating expenses: | ||||||||||||
| Selling, general, and administrative expense | 8,676 | (66 | ) | 8,610 | ||||||||
| Research and development | 1,644 | — | 1,644 | |||||||||
| Total operating expenses | 10,320 | (66 | ) | 10,254 | ||||||||
| Operating loss | (1,654 | ) | 855 | (799 | ) | |||||||
| Other income (expense): | ||||||||||||
| Interest income (expense) | (135 | ) | — | (135 | ) | |||||||
| Other income (expense), net | 1,898 | (551 | ) | 1,347 | ||||||||
| Total other income (expense) | 1,763 | (551 | ) | 1,212 | ||||||||
| Income (loss) before income taxes | 109 | 304 | 413 | |||||||||
| Income tax expense | 723 | — | 723 | |||||||||
| Net loss | $ | (614 | ) | $ | 304 | $ | (310 | ) | ||||
| Net loss per share | ||||||||||||
| Net loss per share, basic and diluted | $ | (0.02 | ) | $ | 0.01 | $ | (0.01 | ) | ||||
| Weighted average common shares outstanding | ||||||||||||
| Weighted average common shares outstanding, basic and diluted | 34,545 | — | 34,545 | |||||||||
| DIH HOLDING US, INC. | ||||||||||||
| RESTATED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||
| (in thousands, unaudited) | ||||||||||||
| For the Three Months Ended June 30, 2024 | ||||||||||||
| Reported | Adjustment | As Restated | ||||||||||
| Cash flows from operating activities: | ||||||||||||
| Net loss | $ | (614 | ) | $ | 304 | $ | (310 | ) | ||||
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||||||
| Depreciation and amortization | 91 | — | 91 | |||||||||
| Provision for credit losses | (36 | ) | — | (36 | ) | |||||||
| Allowance for inventory obsolescence | (13 | ) | — | (13 | ) | |||||||
| Pension contributions | (150 | ) | — | (150 | ) | |||||||
| Pension expense | 77 | — | 77 | |||||||||
| Change in fair value of convertible debt and warrant liability | — | 105 | 105 | |||||||||
| Foreign exchange (gain) loss | (1,899 | ) | 32 | (1,867 | ) | |||||||
| Noncash lease expense | 422 | — | 422 | |||||||||
| Noncash interest expense | — | — | — | |||||||||
| Change in manufacturing warranty obligation estimate | — | — | ||||||||||
| Deferred and other noncash income tax (income) expense | (166 | ) | — | (166 | ) | |||||||
| Changes in operating assets and liabilities: | ||||||||||||
| Accounts receivable | (489 | ) | (773 | ) | (1,262 | ) | ||||||
| Inventories | (1,468 | ) | — | (1,468 | ) | |||||||
| Due from related parties | (108 | ) | — | (108 | ) | |||||||
| Due to related parties | (584 | ) | — | (584 | ) | |||||||
| Other assets | (872 | ) | 398 | (474 | ) | |||||||
| Operating lease liabilities | (425 | ) | — | (425 | ) | |||||||
| Accounts payable | 1,508 | — | 1,508 | |||||||||
| Employee compensation | 1,388 | — | 1,388 | |||||||||
| Other liabilities | — | 154 | 154 | |||||||||
| Deferred revenue | 1,411 | — | 1,411 | |||||||||
| Manufacturing warranty obligation | 50 | — | 50 | |||||||||
| Advance payments from customers | (1,136 | ) | — | (1,136 | ) | |||||||
| Accrued expense and other current liabilities | 1,003 | (220 | ) | 783 | ||||||||
| Net cash used in operating activities | (2,010 | ) | — | (2,010 | ) | |||||||
| Cash flows from investing activities: | ||||||||||||
| Purchases of property and equipment | (235 | ) | — | (235 | ) | |||||||
| Capitalized software development costs | — | — | — | |||||||||
| Net cash used in investing activities | (235 | ) | — | (235 | ) | |||||||
| Cash flows from financing activities: | ||||||||||||
| Proceeds from issuance of convertible debt, net of issuance costs | 2,509 | — | 2,509 | |||||||||
| Payments on related party notes payable | (735 | ) | — | (735 | ) | |||||||
| Net cash provided by financing activities | 1,774 | — | 1,774 | |||||||||
| Effect of currency translation on cash and cash equivalents | (5 | ) | — | (5 | ) | |||||||
| Net increase in cash, and cash equivalents, and restricted cash | (476 | ) | — | (476 | ) | |||||||
| Cash, and cash equivalents - beginning of period | 3,225 | — | 3,225 | |||||||||
| Cash, and cash equivalents - end of period | $ | 2,749 | $ | — | $ | 2,749 | ||||||
| Cash and cash equivalents - end of period | $ | 2,749 | $ | — | $ | 2,749 | ||||||
| Restricted cash - end of period | — | — | — | |||||||||
| Total cash, and cash equivalents - end of period | $ | 2,749 | $ | — | $ | 2,749 | ||||||
| Supplemental disclosure of cash flow information: | ||||||||||||
| Interest paid | $ | 135 | $ | — | $ | 135 | ||||||
| Income tax paid | $ | — | $ | — | $ | — | ||||||
| Supplemental disclosure of non-cash investing and financing activity: | ||||||||||||
| Accrued liability related to asset acquisition | $ | — | $ | — | ||||||||
| Accounts payable settled upon reverse recapitalization | $ | 710 | $ | — | $ | 710 | ||||||
FAQ
What was DIH's (DHAI) revenue for Q2 2025?
What is DIH's (DHAI) revised revenue guidance for fiscal year 2025?
Why did DIH (DHAI) restate its Q1 2025 financial results?
What was DIH's (DHAI) gross margin in Q2 2025?
