Lifecore Biomedical Reports First Quarter of Fiscal 2025 Financial Results and Provides Corporate Update
Lifecore Biomedical (NASDAQ: LFCR) reported Q1 fiscal 2025 financial results and provided a corporate update. Key highlights include:
1. Revenues of $24.7 million for Q1 fiscal 2025
2. Installation of a 5-head isolator filler, more than doubling capacity and increasing revenue generating potential to up to $300 million annually
3. Successful closing of financing, raising approximately $24.3 million
4. Signing of multiple new business agreements with new and existing customers
5. Reaffirmation of fiscal year 2025 guidance for both revenue and Adjusted EBITDA
6. Net loss of $16.2 million or $0.53 per diluted share for Q1
7. Adjusted EBITDA of $(1.8) million for Q1
The company aims to focus on maximizing existing business, advancing its development pipeline, and pursuing new business opportunities.
Lifecore Biomedical (NASDAQ: LFCR) ha riportato i risultati finanziari del primo trimestre dell'anno fiscale 2025 e fornito un aggiornamento aziendale. I punti salienti includono:
1. Ricavi di 24,7 milioni di dollari per il primo trimestre dell'anno fiscale 2025.
2. Installazione di un riempitore isolatore a 5 teste, che raddoppia più di due volte la capacità e aumenta il potenziale di generazione di entrate fino a 300 milioni di dollari all'anno.
3. Chiusura con successo di un finanziamento, raccogliendo circa 24,3 milioni di dollari.
4. Firma di diversi nuovi accordi commerciali con nuovi e attuali clienti.
5. Riconferma delle previsioni per l'anno fiscale 2025 sia per i ricavi che per l'EBITDA rettificato.
6. Perdita netta di 16,2 milioni di dollari o 0,53 dollari per azione diluita per il primo trimestre.
7. EBITDA rettificato di (1,8) milioni di dollari per il primo trimestre.
L'azienda mira a concentrarsi sulla massimizzazione del business esistente, a far avanzare il proprio pipeline di sviluppo e a perseguire nuove opportunità commerciali.
Lifecore Biomedical (NASDAQ: LFCR) reportó los resultados financieros del primer trimestre del año fiscal 2025 y proporcionó una actualización corporativa. Los aspectos destacados incluyen:
1. Ingresos de 24,7 millones de dólares para el primer trimestre del año fiscal 2025.
2. Instalación de un llenador aislante de 5 cabezales, lo que más que duplica la capacidad y aumenta el potencial de generación de ingresos hasta 300 millones de dólares anuales.
3. Cierre exitoso de financiamiento, recaudando aproximadamente 24,3 millones de dólares.
4. Firma de múltiples nuevos acuerdos comerciales con clientes nuevos y existentes.
5. Reafirmación de las proyecciones para el año fiscal 2025 tanto para ingresos como para EBITDA ajustado.
6. Pérdida neta de 16,2 millones de dólares o 0,53 dólares por acción diluida para el primer trimestre.
7. EBITDA ajustado de (1,8) millones de dólares para el primer trimestre.
La empresa tiene como objetivo centrarse en maximizar el negocio existente, avanzar en su cartera de desarrollo y perseguir nuevas oportunidades comerciales.
라이프코어 바이오메디컬 (NASDAQ: LFCR)는 2025 회계 연도 1분기 재무 결과를 보고하고 기업 업데이트를 제공했습니다. 주요 내용은 다음과 같습니다:
1. 2025 회계 연도 1분기 매출은 2470만 달러입니다.
2. 5개 헤드 격리 충전기의 설치로 능력이 두 배 이상 증가하고 연간 최대 3억 달러의 수익 창출 잠재력이 증가했습니다.
3. 약 2430만 달러를 모금하는 성공적인 자금 조달 종료.
4. 새로운 고객과 기존 고객과의 여러 신규 사업 계약 체결.
5. 2025 회계 연도 수익 및 조정된 EBITDA에 대한 가이던스 재확인.
6. 1분기 순손실은 1620만 달러 또는 희석 주당 0.53 달러입니다.
7. 1분기 조정된 EBITDA는 (180만 달러)입니다.
회사는 기존 사업 최대화, 개발 파이프라인 전진 및 새로운 비즈니스 기회 추구에 주력할 계획입니다.
Lifecore Biomedical (NASDAQ: LFCR) a annoncé les résultats financiers du premier trimestre de l'exercice 2025 et a fourni une mise à jour de l'entreprise. Les points clés incluent :
1. Revenus de 24,7 millions de dollars pour le premier trimestre de l'exercice 2025.
2. Installation d'un remplisseur isolant à 5 têtes, doublant ainsi la capacité et augmentant le potentiel de génération de revenus jusqu'à 300 millions de dollars par an.
3. Clôture réussie d'un financement, avec environ 24,3 millions de dollars levés.
4. Signature de plusieurs nouveaux contrats commerciaux avec des clients nouveaux et existants.
5. Confirmation des prévisions pour l'exercice 2025 concernant les revenus et l'EBITDA ajusté.
6. Perte nette de 16,2 millions de dollars ou 0,53 dollar par action diluée pour le premier trimestre.
7. EBITDA ajusté de (1,8) million de dollars pour le premier trimestre.
La société vise à se concentrer sur la maximisation de son activité existante, l'avancement de son pipeline de développement et la recherche de nouvelles opportunités commerciales.
Lifecore Biomedical (NASDAQ: LFCR) hat die finanziellen Ergebnisse für das 1. Quartal des Geschäftsjahres 2025 veröffentlicht und ein Unternehmensupdate bereitgestellt. Zu den wichtigsten Punkten gehören:
1. Einnahmen von 24,7 Millionen Dollar für das 1. Quartal des Geschäftsjahres 2025.
2. Installation eines Isolatorfüllers mit 5 Köpfen, der die Kapazität mehr als verdoppelt und das Umsatzpotenzial auf bis zu 300 Millionen Dollar jährlich erhöht.
3. Erfolgreicher Abschluss der Finanzierung mit einer Einsammlung von etwa 24,3 Millionen Dollar.
4. Unterzeichnung mehrerer neuer Geschäftspartnerschaften mit neuen und bestehenden Kunden.
5. Bestätigung der Prognose für das Geschäftsjahr 2025 sowohl für Umsatz als auch für bereinigtes EBITDA.
6. Nettoverlust von 16,2 Millionen Dollar oder 0,53 Dollar pro verwässerter Aktie für das 1. Quartal.
7. Bereinigtes EBITDA von (1,8) Millionen Dollar für das 1. Quartal.
Das Unternehmen beabsichtigt, sich auf die Maximierung des bestehenden Geschäfts, die Weiterentwicklung seiner Produktpipeline und die Verfolgung neuer Geschäftsmöglichkeiten zu konzentrieren.
- Installation of 5-head isolator filler, more than doubling capacity and increasing revenue potential to $300 million annually
- Successful closing of $24.3 million financing through private placement
- Signing of four new customers and numerous expansion agreements for existing projects
- Regained compliance with Nasdaq's listing requirements
- Reaffirmation of fiscal year 2025 guidance for revenue and Adjusted EBITDA
- Net loss increased to $16.2 million in Q1 compared to $10.8 million in the prior year period
- Selling, general and administrative expenses increased by $5.6 million to $14.8 million
- Interest expense increased by $1.4 million to $5.4 million
- Adjusted EBITDA remained negative at $(1.8) million
Insights
Lifecore Biomedical's Q1 FY2025 results show mixed signals. Revenues increased slightly to
However, the company still reported a net loss of
Positively, Lifecore has doubled its production capacity, potentially increasing annual revenue generation to
Lifecore's strategic initiatives are promising for long-term growth. The installation of a new 5-head isolator filler significantly expands the company's capabilities, potentially opening doors to new market segments beyond highly viscous formulations. This could be a game-changer for attracting new clients in the protein, peptide and antibody markets.
The company's aggressive business development approach, including hiring new sales representatives and increasing presence at industry conferences, indicates a strong push for market expansion. The signing of four new customers, including the partnership with Lindy Biosciences, demonstrates early success in these efforts.
However, investors should note that revenue growth remains modest at this stage and the company is still operating at a loss. The reaffirmed guidance for FY2025 suggests management confidence, but achieving sustainable profitability will be important for long-term investor confidence. The recent
-- Recorded Revenues of
-- Signed Multiple New Business Agreements with New and Existing Customers --
-- More than Doubled Capacity with Installation of 5-Head Isolator Filler; Increased Revenue Generating Potential to Up to
-- Successfully Closed Financing Raising Approx.
Conference Call Today at 8:30 a.m. ET
CHASKA, Minn., Oct. 04, 2024 (GLOBE NEWSWIRE) -- Lifecore Biomedical, Inc. (NASDAQ: LFCR) (“Lifecore” or the “Company”), a fully integrated contract development and manufacturing organization (“CDMO”), today announced its financial results for the first quarter of fiscal 2025.
Highlights from First Quarter Fiscal 2025:
“I joined Lifecore last spring with a commitment to position the company for long-term success. To that end, we implemented a growth strategy based on three primary efforts: maximizing our existing business and customer base; advancing our development pipeline toward commercialization; and aggressively pursuing new business. I am pleased to report that, during the first quarter, Lifecore’s operational and business development achievements supported each of these priorities,” stated Paul Josephs, president & chief executive officer of Lifecore.
“Regarding operations. the company recently completed the installation and qualification of its high-speed, multi-purpose 5-head isolator filler, which is now GMP-ready. This new system positions the company to offer existing and future customers the speed and aseptic isolation benefits associated with this state-of-the-art, closed-system platform. With the addition of the 5-head isolator filler, which is designed for fill/finish activities for vials, cartridges, and pre-filled syringes, the company has more than doubled its prior capacity, significantly increasing our maximum revenue generating potential to up to approximately
“With respect to business development, our team had a very solid first quarter. During the period, the company signed four new customers, including an exciting new program with Lindy Biosciences that will be focused on streamlining the formulation process for Lindy’s innovative microglassification technology and scaling it for commercial manufacturing. During the quarter, we also signed numerous expansion agreements for existing customer projects. Importantly, the company increased investment in both our business development infrastructure and outreach. During the first quarter, the company added two new sales representatives who are increasing our reach in key pharma and biotech hubs in the U.S., and we plan to add at least one industry veteran to this team to provide an additional resource to maximize the sizable opportunity in front of us. In addition, the company is elevating its participation in industry conferences and events in the U.S and abroad. Our team is aggressively working to fill the plant’s capacity, and though it is early, we are pleased to see our business development pipeline improving in terms of the quantity of opportunities that we are reviewing.
“To support the ongoing execution of our growth strategy, Lifecore today announced the successful closing of a private placement of 5,928,775 shares of its common stock with new and existing investors raising approximately
“Today, I am pleased to report that in my first 100 days, Lifecore has streamlined its operations, added talented leaders to the organization, signed multiple new customers, regained compliance with Nasdaq’s listing requirements, and successfully raised funds. We have great optimism regarding the opportunity ahead, with this backdrop, we are reaffirming guidance for fiscal year 2025 for both revenue and Adjusted EBITDA. Looking forward we have established medium term financial objectives targeting double digit revenue CAGR and Adjusted EBITDA margins in line with those of our peers, which we expect to discuss in further detail at our future Investors Day in November. We are very pleased with the achievements during the period, all of which, I believe, have strengthened our potential to achieving sustainable growth in the coming years.”
Corporate Developments
New Business
- During the first quarter, the company signed four new customers, and numerous expansion agreements for existing customer projects. The highlight of these new business wins is the company’s agreement with Lindy Biosciences, which was publicly announced last week. These new and expanded projects span the range of Lifecore’s capabilities and the company is pleased to continue as the partner of choice for many of its existing customers.
- During the first quarter, the company added two new sales representatives who are seeking to expand Lifecore’s reach in key pharma and biotech hubs in the U.S. In addition, the company is increasing its participation in industry conferences and events. In September and October alone, the Lifecore team has met, and will continue to meet, with prospective and existing customers at multiple industry conferences including MAIS (Medical Aesthetic Injectable Summit), CPHI (Convention on Pharmaceutical Ingredients), PDA (Parenteral Drug Association) and PODD (Partnering Opportunities in Drug Delivery). Importantly, the company will have the opportunity to leverage its leadership in the field of sterile injectables with Lifecore management presenting and sitting on panels at several of these meetings.
Capabilities and Capacity
- Subsequent to quarter-end, as previously publicly disclosed, the company successfully completed the installation and qualification of its high-speed, multi-purpose 5-head isolator filler, which is now GMP-ready. With the addition of the 5-head isolator filler, which is designed for fill/finish activities for vials, cartridges, and pre-filled syringes, the company has more than doubled its capacity, creating maximum revenue-generating potential of up to
$300 million annually, based on historical fiscal year 2024 revenues, projected development pipeline, and new business pricing, volume and other assumptions.
Financial Markets
- This morning, the company announced the successful closing of a
$24.3 million private placement of 5,928,775 shares of its common stock with new and existing shareholders at a price per share of$4.10 . The company believes this offering, along with other non-dilutive actions, will address Lifecore’s near-term liquidity needs, allowing management to further execute its growth strategy with the goal of achieving sustainable profitability. - On September 12th, Lifecore was pleased to announce that the company received written notice from the Nasdaq Listing Qualifications Department stating that the company has regained compliance with the filing and annual meeting requirements in the Nasdaq Listing Rules, and Nasdaq has ceased any action to delist the company’s common stock.
Consolidated First Quarter Fiscal 2025 Financial Results
Revenues for the quarter ended August 25, 2024 were
Gross profit for the quarter ended August 25, 2024 was
Selling, general and administrative expenses for the first quarter of fiscal 2025 was
Interest expense was
For the quarter ended August 25, 2024, the company recorded a net loss of
Financial Guidance
For the full fiscal year 2025, the company is reiterating is financial guidance and expects revenue to be approximately
*Adjusted EBITDA is a non-GAAP financial measure (see reconciliation of non-GAAP financial measures in this release).
Earnings Webcast
Lifecore Biomedical will host a conference call today, October 4, 2024, at 8:30 a.m. ET to discuss first quarter fiscal 2025 financial results. The webcast can be accessed via Lifecore’s Investor Events & Presentations page at: https://ir.lifecore.com/events-presentations. An archived version of the webcast will be available on the website for 30 days.
About Lifecore Biomedical
Lifecore Biomedical, Inc. is a fully integrated contract development and manufacturing organization (CDMO) that offers highly differentiated capabilities in the development, fill and finish of sterile injectable pharmaceutical products in syringes, vials and cartridges, including complex formulations. As a leading manufacturer of premium, injectable-grade hyaluronic acid, Lifecore brings more than 40 years of expertise as a partner for global and emerging biopharmaceutical and biotechnology companies across multiple therapeutic categories to bring their innovations to market. For more information about the Company, visit Lifecore’s website at www.lifecore.com.
Non-GAAP Financial Information
This press release contains non-GAAP financial information, including Adjusted EBITDA. The Company has included a reconciliation of Adjusted EBITDA to Net (loss) income, the most directly comparable financial measure calculated in accordance with GAAP. See the section entitled “Non-GAAP Financial Information and Reconciliations” in this release for the Company’s definition of Adjusted EBITDA.
The Company has disclosed these non-GAAP financial measures to supplement its consolidated financial statements presented in accordance with GAAP. These non-GAAP financial measures exclude/include certain items that are included in the Company’s results reported in accordance with GAAP. Management believes these non-GAAP financial measures provide useful additional information to investors about trends in the Company’s operations and are useful for period-over-period comparisons. These non-GAAP financial measures should not be considered in isolation or as a substitute for the comparable GAAP measures. In addition, these non-GAAP financial measures may not be the same as similar measures provided by other companies due to the potential differences in methods of calculation and items being excluded/included. These non-GAAP financial measures should be read in conjunction with the Company’s consolidated financial statements presented in accordance with GAAP.
Important Cautions Regarding Forward-Looking Statements
This press release contains forward-looking statements regarding future events and our future results that are subject to the safe harbor created under the Private Securities Litigation Reform Act of 1995 and other safe harbors under the Securities Act of 1933 and the Securities Exchange Act of 1934. Words such as “anticipate”, “estimate”, “expect”, “project”, “plan”, “intend”, “believe”, “may”, “might”, “will”, “should”, “can have”, “likely” and similar expressions are used to identify forward-looking statements. In addition, all statements regarding our current operating and financial expectations, anticipated capacity and utilization, anticipated liquidity, and anticipated future customer relationships usage are forward-looking statements. All forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially, including such factors among others, as the outcome of any evaluation of the company’s strategic alternatives or any discussions with any potential bidders related thereto, the competition of the company’s financial closing procedures, the company’s ability to successfully enact its business strategies, including with respect to installation, capacity generation and its ability to attract demand for its services, the company’s ability to remain current with its reports with the Securities and Exchange Commission (the “SEC”), the company’s ability to remain in compliance with applicable listing standards under Nasdaq, and its ability expand its relationship with its existing customers or attract new customers, the impact of inflation on the Company’s business and financial condition, indications of a change in the market cycles in the CDMO market; changes in business conditions and general economic conditions both domestically and globally including rising interest rates and fluctuation in foreign currency exchange rates, access to capital; and other risk factors set forth from time to time in the company’s SEC filings, including, but not limited to, the Annual Report on Form 10-K for the year ended May 26, 2024 (the “2024 10-K”). For additional information about factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to our filings with the Securities and Exchange Commission, including the risk factors contained in the 2024 10-K. Forward-looking statements represent management’s current expectations as of the date hereof and are inherently uncertain. Except as required by law, we do not undertake any obligation to update forward-looking statements made by us to reflect subsequent events or circumstances.
| LIFECORE BIOMEDICAL, INC. CONSOLIDATED CONDENSED BALANCE SHEETS (In thousands, except share and par values) | |||||||
| August 25, 2024 | May 26, 2024 | ||||||
| (unaudited) | |||||||
| ASSETS | |||||||
| Current Assets: | |||||||
| Cash | $ | 5,520 | $ | 8,462 | |||
| Accounts receivable, less allowance for credit losses | 17,674 | 20,343 | |||||
| Accounts receivable, related party | 7,471 | 10,810 | |||||
| Inventories, net | 41,642 | 39,979 | |||||
| Prepaid expenses and other current assets | 1,876 | 1,439 | |||||
| Total Current Assets | 74,183 | 81,033 | |||||
| Property, plant, and equipment, net | 148,756 | 148,598 | |||||
| Operating lease right-of-use assets | 2,373 | 2,442 | |||||
| Goodwill | 13,881 | 13,881 | |||||
| Intangible assets, net | 4,200 | 4,200 | |||||
| Other long-term assets | 3,431 | 3,806 | |||||
| Total Assets | $ | 246,824 | $ | 253,960 | |||
| LIABILITIES, CONVERTIBLE PREFERRED STOCK, AND SHAREHOLDERS’ EQUITY | |||||||
| Current Liabilities: | |||||||
| Accounts payable | $ | 18,010 | $ | 16,334 | |||
| Accrued compensation | 5,565 | 5,533 | |||||
| Other accrued liabilities | 11,380 | 9,986 | |||||
| Current portion of lease liabilities | 4,141 | 4,133 | |||||
| Deferred revenues | 339 | 1,088 | |||||
| Deferred revenues, related party | 315 | 1,025 | |||||
| Current portion of long-term debt, net, related party | 773 | 773 | |||||
| Total Current Liabilities | 40,523 | 38,872 | |||||
| Long-term debt, less current portion, net, related party | 105,545 | 100,819 | |||||
| Revolving credit facility | 21,605 | 19,691 | |||||
| Debt derivative liability, related party | 24,500 | 25,400 | |||||
| Long-term lease liabilities, less current portion | 4,800 | 4,944 | |||||
| Deferred taxes, net | 443 | 543 | |||||
| Deferred revenues, less current portion, related party | 4,791 | 4,703 | |||||
| Other non-current liabilities | 5,114 | 5,086 | |||||
| Total Liabilities | 207,321 | 200,058 | |||||
| Convertible Preferred Stock, | 43,441 | 42,587 | |||||
| Shareholders’ Equity: | |||||||
| Common Stock, | 31 | 30 | |||||
| Additional paid-in capital | 178,784 | 177,808 | |||||
| Accumulated deficit | (182,753 | ) | (166,523 | ) | |||
| Total Shareholders’ (Deficit) Equity | (3,938 | ) | 11,315 | ||||
| Total Liabilities, Convertible Preferred Stock, and Shareholders’ Equity | $ | 246,824 | $ | 253,960 | |||
| LIFECORE BIOMEDICAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (In thousands, except share and per share values) | |||||||
| Three Months Ended | |||||||
| August 25, 2024 | August 27, 2023 | ||||||
| Revenues | $ | 16,793 | $ | 16,953 | |||
| Revenues, related party | 7,912 | 7,569 | |||||
| Total Revenues | 24,705 | 24,522 | |||||
| Cost of goods sold | 19,318 | 21,794 | |||||
| Gross profit | 5,387 | 2,728 | |||||
| Operating costs and expenses: | |||||||
| Research and development | 2,186 | 2,146 | |||||
| Selling, general, and administrative | 14,785 | 9,196 | |||||
| Total operating costs and expenses | 16,971 | 11,342 | |||||
| Operating loss | (11,584 | ) | (8,614 | ) | |||
| Interest expense, net | (968 | ) | (793 | ) | |||
| Interest expense, related party | (4,400 | ) | (3,145 | ) | |||
| Change in fair value of debt derivative liability, related party | 900 | 200 | |||||
| Other expense, net | (203 | ) | (170 | ) | |||
| Net loss from continuing operations before taxes | (16,255 | ) | (12,522 | ) | |||
| Provision for income tax benefit (expense) | 25 | (88 | ) | ||||
| Net loss from continuing operations | (16,230 | ) | (12,610 | ) | |||
| Discontinued operations: | |||||||
| Income from discontinued operations | — | 1,850 | |||||
| Income tax benefit | — | 6 | |||||
| Income from discontinued operations, net of tax | — | 1,856 | |||||
| Net loss | $ | (16,230 | ) | $ | (10,754 | ) | |
| Basic and diluted net income (loss) per share: | |||||||
| Loss from continuing operations | $ | (0.53 | ) | $ | (0.41 | ) | |
| Income from discontinued operations | — | 0.06 | |||||
| Total basic and diluted net loss per share | $ | (0.53 | ) | $ | (0.35 | ) | |
| Shares used in per share computation: | |||||||
| Basic and Diluted | 30,855,742 | 30,403,392 | |||||
| LIFECORE BIOMEDICAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In thousands) | |||||||
| Three Months Ended | |||||||
| August 25, 2024 | August 27, 2023 | ||||||
| Cash flows from operating activities: | |||||||
| Net loss | $ | (16,230 | ) | $ | (10,754 | ) | |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
| Depreciation and amortization | 1,993 | 2,168 | |||||
| Stock-based compensation | 2,419 | 1,533 | |||||
| Deferred taxes | (100 | ) | 76 | ||||
| Non-cash interest expense | 423 | — | |||||
| Non-cash interest expense, related party | 4,296 | 3,025 | |||||
| Change in debt derivative liability, related party | (900 | ) | (200 | ) | |||
| Provision for expected credit losses | (11 | ) | 21 | ||||
| Other, net | — | 3 | |||||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable | 2,680 | 9,241 | |||||
| Accounts receivable, related party | 3,339 | (6,855 | ) | ||||
| Inventories | (1,663 | ) | (849 | ) | |||
| Other assets | (244 | ) | (2,426 | ) | |||
| Accounts payable | 3,628 | (4,202 | ) | ||||
| Accrued compensation | 32 | 371 | |||||
| Other liabilities | 1,154 | (2,530 | ) | ||||
| Deferred revenues | (749 | ) | (451 | ) | |||
| Deferred revenues, related party | (710 | ) | 3,500 | ||||
| Net cash used in operating activities | (643 | ) | (8,329 | ) | |||
| Cash flows from investing activities: | |||||||
| Purchases of property, plant, and equipment | (3,392 | ) | (5,054 | ) | |||
| Net cash used in investing activities | (3,392 | ) | (5,054 | ) | |||
| Cash flows from financing activities: | |||||||
| Issuance of common stock under stock-based compensation plans | 1 | — | |||||
| Proceeds from exercise of stock options | — | 724 | |||||
| Proceeds from revolving credit facility, net | 1,914 | 2,281 | |||||
| Taxes paid by the Company for employee stock plans | (589 | ) | (45 | ) | |||
| Principal payments on equipment financing, related party | (193 | ) | — | ||||
| Principal payments on finance leases | (40 | ) | (26 | ) | |||
| Net cash provided by financing activities | 1,093 | 2,934 | |||||
| Net decrease in cash | (2,942 | ) | (10,449 | ) | |||
| Cash, beginning of period | 8,462 | 19,091 | |||||
| Cash, end of period | $ | 5,520 | $ | 8,642 | |||
| Supplemental disclosure of non-cash investing and financing activities: | |||||||
| Purchases of property, plant, and equipment in accounts payable | $ | 5,906 | $ | 4,741 | |||
| Capitalized interest | $ | 711 | $ | 969 | |||
| Convertible Preferred Stock PIK dividend | $ | 806 | $ | 748 | |||
Non-GAAP Financial Information and Reconciliations
Adjusted EBITDA is net income or loss as determined under GAAP excluding (i) interest expense, net of interest income, (ii) provision for income tax expense (benefit), (iii) depreciation and amortization, (iv) stock-based compensation, (v) change in fair value derivatives, (vi) financing fees (non-interest), (vii) reorganization costs, (viii) restructuring costs, (ix) franchise tax equivalent to income tax, (x) contract cancellations, (xi) stockholder activist settlement costs, and (xii) start-up costs. See “Non-GAAP Financial Information” above for further information regarding the Company’s use of non-GAAP financial measures.
| First Quarter of Fiscal 2025 | |||||||
| Three Months Ended | |||||||
| (in thousands) | August 25, 2024 | August 27, 2023 | |||||
| Net Loss (GAAP) | $ | (16,230 | ) | $ | (10,754 | ) | |
| Interest expense, net | 5,368 | 3,938 | |||||
| Provision for income tax (benefit) expense | (25 | ) | 88 | ||||
| Depreciation and amortization on property, plant, and equipment | 1,993 | 1,947 | |||||
| Income from discontinued operations, net of tax | — | (1,856 | ) | ||||
| Stock-based compensation | 2,419 | 1,533 | |||||
| Change in fair value of debt derivatives | (900 | ) | (200 | ) | |||
| Financing fees (non-interest) | 275 | 253 | |||||
| Reorganization costs (a) | 3,592 | 2,737 | |||||
| Restructuring costs (a) | 483 | (10 | ) | ||||
| Franchise tax equivalent to income tax | 50 | 82 | |||||
| Stockholder activist settlement (a) | 1,182 | — | |||||
| Start-up costs | — | 239 | |||||
| Adjusted EBITDA | $ | (1,793 | ) | $ | (2,003 | ) | |
| (a) |
| 2025 Guidance Compared to Fiscal Year 2024 Results | |||||||||||||||
| (in thousands) | Fiscal Year Ending | Fiscal Year Ended | |||||||||||||
| May 25, 2025 | May 26, 2024 | ||||||||||||||
| (estimate) | |||||||||||||||
| Net Loss (GAAP) | $ | (25,900 | ) | — | $ | (23,900 | ) | $ | 9,331 | ||||||
| Interest expense, net | 20,900 | 18,090 | |||||||||||||
| Provision for income tax (benefit) expense | — | 183 | |||||||||||||
| Depreciation and amortization on property, plant, and equipment | 8,600 | 7,954 | |||||||||||||
| Stock-based compensation | 9,700 | 6,201 | |||||||||||||
| Change in fair value of debt derivatives | (4,800 | ) | (39,500 | ) | |||||||||||
| Financing fees (non-interest) | 400 | 3,513 | |||||||||||||
| Reorganization costs (a) | 7,100 | 9,796 | |||||||||||||
| Restructuring costs (a) | 1,300 | 1,656 | |||||||||||||
| Franchise tax equivalent to income tax | 200 | 272 | |||||||||||||
| Contract cancellation and other costs | — | 567 | |||||||||||||
| Stockholder activist settlement (a) | 1,500 | 459 | |||||||||||||
| Start-up costs | — | 1,684 | |||||||||||||
| Adjusted EBITDA | $ | 19,000 | — | $ | 21,000 | $ | 20,206 | ||||||||
| (a) | We previously estimated restructuring, reorganization, stockholder activist settlement costs to be in a range of |
FAQ
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