Lifeward Reports Second Quarter 2024 Financial Results
Lifeward (LFWD) reported record Q2 2024 revenue of $6.7M, up over 400% from $1.3M in Q2 2023. Key highlights include:
1. ReWalk revenue growth with 20 systems placed
2. Medicare claims for prior quarters beginning to be paid
3. Successful launch of NEO product line with Differential Air Pressure Anti-Gravity Technology
4. FDA submission for 7th generation ReWalk design
Financial results:
- Gross margin: 41.1% (46.9% non-GAAP)
- Operating loss: $4.4M ($3.7M non-GAAP)
- Net loss: $4.3M or $0.50 per share ($3.6M or $0.42 per share non-GAAP)
- Cash position: $15.1M with no debt
Lifeward maintains its 2024 revenue guidance of $28M to $32M, expecting sequential quarterly improvement.
Lifeward (LFWD) ha riportato un fatturato record del Q2 2024 di $6.7M, in aumento di oltre il 400% rispetto ai $1.3M del Q2 2023. I punti salienti includono:
1. Crescita del fatturato di ReWalk con 20 sistemi installati
2. Inizio del pagamento delle richieste Medicare per i trimestri precedenti
3. Lancio di successo della linea di prodotti NEO con Tecnologia Anti-Gravità a Pressione Dierenziale
4. Inoltro alla FDA per il design di settima generazione di ReWalk
Risultati finanziari:
- Margine lordo: 41.1% (46.9% non-GAAP)
- Perdita operativa: $4.4M ($3.7M non-GAAP)
- Perdita netta: $4.3M o $0.50 per azione ($3.6M o $0.42 per azione non-GAAP)
- Posizione cash: $15.1M senza debito
Lifeward mantiene le previsioni di fatturato per il 2024 tra $28M e $32M, aspettandosi un miglioramento sequenziale trimestrale.
Lifeward (LFWD) informó de un ingreso récord de $6.7M en el Q2 2024, un aumento de más del 400% respecto a $1.3M en el Q2 2023. Los puntos destacados incluyen:
1. Crecimiento de ingresos de ReWalk con 20 sistemas colocados
2. Comienzo del pago de reclamaciones de Medicare para trimestres anteriores
3. Lanzamiento exitoso de la línea de productos NEO con Tecnología Anti-Gravedad de Presión Diferencial
4. Presentación a la FDA del diseño de séptima generación de ReWalk
Resultados financieros:
- Margen bruto: 41.1% (46.9% no-GAAP)
- Pérdida operativa: $4.4M ($3.7M no-GAAP)
- Pérdida neta: $4.3M o $0.50 por acción ($3.6M o $0.42 por acción no-GAAP)
- Posición de efectivo: $15.1M sin deuda
Lifeward mantiene su orientación de ingresos para 2024 entre $28M y $32M, esperando mejoras trimestrales secuenciales.
Lifeward (LFWD)는 2024년 2분기 기록 매출 670만 달러를 보고했으며, 이는 2023년 2분기의 130만 달러에서 400% 이상 증가한 수치입니다. 주요 하이라이트는 다음과 같습니다:
1. ReWalk 매출 성장으로 20개의 시스템 설치
2. 이전 분기의 Medicare 청구금이 지급되기 시작
3. 차별 압력 반중력 기술을 적용한 NEO 제품 라인 성공적으로 출시
4. ReWalk 7세대 디자인에 대한 FDA 제출
재무 결과:
- 총 매출 이익률: 41.1% (46.9% 비GAAP)
- 운영 손실: 440만 달러 (비GAAP 370만 달러)
- 순손실: 430만 달러 또는 주당 0.50 달러 (비GAAP 360만 달러 또는 주당 0.42 달러)
- 현금 보유액: 1510만 달러, 부채 없음
Lifeward는 2024년 매출 전망을 2800만 달러에서 3200만 달러로 유지하며, 분기별 개선을 기대하고 있습니다.
Lifeward (LFWD) a rapporté un chiffre d'affaires record de 6,7 millions de dollars au Q2 2024, en hausse de plus de 400 % par rapport à 1,3 million de dollars au Q2 2023. Les points saillants comprennent :
1. Croissance des revenus de ReWalk avec 20 systèmes installés
2. Les demandes de Medicare pour les trimestres précédents commencent à être payées
3. Lancement réussi de la ligne de produits NEO avec une technologie anti-gravité à pression différentielle
4. Soumission à la FDA du design de septième génération de ReWalk
Résultats financiers:
- Marge brute: 41,1 % (46,9 % non-GAAP)
- Perte d'exploitation: 4,4 millions de dollars (3,7 millions de dollars non-GAAP)
- Perte nette: 4,3 millions de dollars ou 0,50 $ par action (3,6 millions de dollars ou 0,42 $ par action non-GAAP)
- Position de liquidités: 15,1 millions de dollars sans dettes
Lifeward maintient ses prévisions de revenus pour 2024 entre 28 millions et 32 millions de dollars, s'attendant à une amélioration trimestrielle séquentielle.
Lifeward (LFWD) berichtete von einem Rekordumsatz im Q2 2024 von $6,7M, was einem Anstieg von über 400% gegenüber $1,3M im Q2 2023 entspricht. Die wichtigsten Highlights umfassen:
1. Umsatzwachstum von ReWalk mit 20 installierten Systemen
2. Medicare-Anträge für vorherige Quartale beginnen zu zahlen
3. Erfolgreicher Launch der NEO-Produktlinie mit Differentieller Luftdruck-Anti-Schwerkraft-Technologie
4. FDA-Einreichung für das ReWalk-Design der 7. Generation
Finanzielle Ergebnisse:
- Bruttomarge: 41,1 % (46,9 % non-GAAP)
- Betrieb - Verlust: $4,4M ($3,7M non-GAAP)
- Nettoverlust: $4,3M oder $0,50 pro Aktie ($3,6M oder $0,42 pro Aktie non-GAAP)
- Cash-Position: $15,1M ohne Schulden
Lifeward hält an seiner Umsatzprognose für 2024 von $28M bis $32M fest und erwartet eine quadratische Verbesserung.
- Record Q2 2024 revenue of $6.7M, up over 400% year-over-year
- ReWalk revenue increased 131% to $3.1M
- Medicare claims from prior quarters beginning to be paid
- Successful launch of NEO product line
- FDA submission for 7th generation ReWalk design
- Non-GAAP gross margin improved to 46.9% from 43.3% in Q2 2023
- Maintained 2024 revenue guidance of $28M to $32M
- Operating loss of $4.4M in Q2 2024
- Net loss of $4.3M or $0.50 per share in Q2 2024
- Cash used in operations was $5.6M, affected by long Medicare payment lead times
- Total operating expenses increased to $7.2M from $5.7M in Q2 2023
Insights
Lifeward's Q2 2024 results show significant progress, with revenue surging over
The integration of AlterG is showing promise, contributing
Lifeward's Q2 results highlight significant traction in the medical device market, particularly with their ReWalk exoskeleton. The placement of 20 ReWalk systems marks a record, indicating growing acceptance of this technology among healthcare providers and patients. The successful launch of the NEO product line, featuring Differential Air Pressure Anti-Gravity Technology, demonstrates Lifeward's commitment to innovation and market expansion.
The FDA submission for the 7th generation ReWalk design is a important development. If approved, it could further solidify Lifeward's position as a leader in personal exoskeletons. The increasing Medicare approvals and payments for previous submissions suggest a positive shift in reimbursement landscape, which could accelerate adoption of these advanced rehabilitation technologies. This progress in both product development and market access positions Lifeward well for future growth in the medical device sector.
The Q2 results underscore the significant impact of Medicare coverage on Lifeward's business model. The company's success in navigating the CMS Home Health Rule and establishing Medicare pricing has been a game-changer, enabling widespread approvals and initiating payments for submissions from previous quarters. This development is important for expanding access to advanced rehabilitation technologies for Medicare beneficiaries.
The report of physicians now confidently prescribing ReWalk systems for on-label SCI individuals signals a potential shift in treatment paradigms. However, the noted delays in Medicare Administrative Contractors setting up and commencing initial claims payments highlight ongoing challenges in the healthcare reimbursement landscape. As Lifeward continues to build its Medicare processing pipeline, monitoring the efficiency of this process will be key to assessing the company's long-term growth potential and the broader implications for innovative medical device reimbursement policies.
Record ReWalk revenue with 20 systems placed
Q2’24 revenue of
Medicare claims for submissions from prior quarters beginning to be paid
MARLBOROUGH, Mass. and YOKNEAM ILLIT, Israel, Aug. 15, 2024 (GLOBE NEWSWIRE) -- ReWalk Robotics Ltd. (DBA Lifeward™), (Nasdaq: LFWD) (“Lifeward” or the “Company”), a global market leader delivering life-changing solutions to revolutionize what is possible in rehabilitation, recovery, and the pursuit of life’s passions in the face of physical limitation or disability, today announced its financial results for the three months and six months ended June 30, 2024.
Recent Highlights and Milestones for Lifeward
- The CMS Home Health Rule and Medicare Pricing achieved by Lifeward is now fully functional with widespread approvals and the beginning of payments from our 2023 and first-half 2024 submissions.
- With the experience of access for Medicare beneficiaries, physicians are now able to actively write prescriptions with confidence that on-label SCI individuals have access to this innovative walking and stair climbing technology.
- In June, Lifeward successfully launched the latest generation of Differential Air Pressure Anti-Gravity Technology with its new NEO product line. The NEO provides features that are aligned for independent clinics seeking to offer this advanced technology.
- In June, Lifeward completed its FDA submission for its 7th generation ReWalk design which will further enhance use of the system in all aspects of daily life and further establish Lifeward as the most experienced personal exoskeleton company in the world.
“We are succeeding with the basics of execution with building a Medicare processing pipeline and by successfully getting paid. In addition our integration of two companies has expanded our scale and positions us well for the coming quarters” said Larry Jasinski, Chief Executive Officer of Lifeward. “The ability to drive growth and to cut and leverage expenses are the meaningful output of these achievements.”
Second Quarter 2024 Financial Results
Revenue was
Gross margin was
Total operating expenses in the second quarter of 2024 were
Operating loss in the second quarter of 2024 was
Net loss was
Liquidity
As of June 30, 2024, ReWalk had
Financial Guidance
Following the results of the second quarter of 2024, Lifeward continues to expect full year revenue of between
Conference Call
Lifeward management will host its conference call as follows:
| Date | August 14, 2024 | |
| Time | 8:30 AM EDT | |
| Telephone | U.S: | 1-833-316-0561 |
| International: | 1-412-317-0690 | |
| Israel: | 1-80-9212373 | |
| Germany: | 0800-6647560 | |
| Access code | Please reference the “Lifeward Earnings Call” | |
| Webcast (live, listen-only and archive) | https://edge.media-server.com/mmc/p/i8mtrha9 | |
The archived webcast will be available via the following https://edge.media-server.com/mmc/p/i8mtrha9 or through the “Investors” section on our website at GoLifeward.com.
About Lifeward
Lifeward designs, develops, and commercializes life-changing solutions that span the continuum of care in physical rehabilitation and recovery, delivering proven functional and health benefits in clinical settings as well as in the home and community. Our mission at Lifeward is to relentlessly drive innovation to change the lives of individuals with physical limitations or disabilities. We are committed to delivering groundbreaking solutions that empower individuals to do what they love. The Lifeward portfolio features innovative products including the ReWalk Exoskeleton, the AlterG Anti-Gravity systems, the ReStore Exo-Suit, and the MyoCycle FES Systems.
Founded in 2001, Lifeward has operations in the United States, Israel, and Germany. For more information on the Lifeward mission and product portfolio, please visit GoLifeward.com.
ReWalk®, ReStore® and Alter G® are registered trademarks of ReWalk Robotics Ltd. (DBA Lifeward) and/or its affiliates.
Forward-Looking Statements
In addition to historical information, this press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the U.S. Securities Act of 1933, and Section 21E of the U.S. Securities Exchange Act of 1934. Such forward-looking statements may include projections regarding the Company's future performance and other statements that are not statements of historical fact and, in some cases, may be identified by words like "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "future," "will," "should," "would," "seek" and similar terms or phrases. The forward-looking statements contained in this press release are based on management's current expectations, which are subject to uncertainty, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company’s control. Important factors that could cause the Company’s actual results to differ materially from those indicated in the forward-looking statements include, among others: the Company’s ability to realize the anticipated benefits of the acquisition of AlterG, including the possibility that the expected benefits of the acquisition will not be realized within the expected time period or at all; the effect of the AlterG acquisition on the ability of the Company to retain customers and key personnel and to maintain relationships with suppliers, distributors and other key business relations; potential litigation in connection with the AlterG acquisition; uncertainties associated with future clinical trials and the clinical development process, the product development process and FDA regulatory submission review and approval process; the Company's ability to have sufficient funds to meet certain future capital requirements, which could impair the Company's efforts to develop and commercialize existing and new products; the Company’s ability to manage challenges and expenses associated with activist shareholder activities, including litigation; the Company's ability to maintain and grow its reputation and the market acceptance of its products; the Company's ability to achieve reimbursement from third-party payors, including CMS, for its products; the Company's limited operating history and its ability to leverage its sales, marketing and training infrastructure; the Company's expectations as to its clinical research program and clinical results; the Company's expectations regarding future growth, including its ability to increase sales in its existing geographic markets and expand to new markets; the Company's ability to obtain certain components of its products from third-party suppliers and its continued access to its product manufacturers; the Company's ability to improve its products and develop new products; the Company's compliance with medical device reporting regulations to report adverse events involving the Company's products, which could result in voluntary corrective actions or enforcement actions such as mandatory recalls, and the potential impact of such adverse events on the Company's ability to market and sell its products; the Company's ability to gain and maintain regulatory approvals; the Company's ability to maintain adequate protection of its intellectual property and to avoid violation of the intellectual property rights of others; the risk of a cybersecurity attack or breach of the Company's IT systems significantly disrupting its business operations; the Company's ability to use effectively the proceeds of its offerings of securities; and other factors discussed under the heading "Risk Factors" in the Company’s annual report on Form 10-K, as amended, for the year ended December 31, 2023 filed with the SEC and other documents subsequently filed with or furnished to the SEC. Any forward-looking statement made in this press release speaks only as of the date hereof. Factors or events that could cause the Company’s actual results to differ from the statements contained herein may emerge from time to time, and it is not possible for the Company to predict all of them. Except as required by law, the Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.
Non-GAAP Financial Measures
To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), the Company believes that the use of non-GAAP accounting measures, including non-GAAP net loss, is helpful to its investors. These measures, which the Company refers to as non-GAAP financial measures, are not prepared in accordance with GAAP.
Because of varying available valuation methodologies, subjective assumptions, and the variety of equity instruments that can impact a company’s non-cash expenses, the Company believes that providing non-GAAP financial measures that exclude non-cash share-based compensation expense and acquisition costs allows for more meaningful comparisons between operating results from period to period. Each of the Company’s non-GAAP financial measures is an important tool for financial and operational decision-making and for the Company’s evaluation of its operating results over different periods of time. The non-GAAP financial data are not measures of the Company’s financial performance under U.S. GAAP and should not be considered as alternatives to operating loss or net loss or any other performance measures derived in accordance with GAAP. Non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in ReWalk’s industry, as other companies in the industry may calculate non-GAAP financial results differently, particularly related to non-recurring, unusual items. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP, may be different from non-GAAP financial measures used by other companies and exclude expenses that may have a material impact on the Company’s reported financial results. Further, share-based compensation expense has been, and will continue to be for the foreseeable future, a significant recurring expense in the Company’s business and an important part of the compensation provided to its employees.
The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. ReWalk urges investors to review the reconciliation of the Company’s non-GAAP financial measures to the comparable GAAP financial measures included below, and not to rely on any single financial measure to evaluate the Company’s business.
Lifeward Media Relations:
LifeSci Communications
E: media@golifeward.com
Lifeward Investor Contact:
Mike Lawless
Chief Financial Officer
Lifeward
E: ir@golifeward.com
| ReWalk Robotics Ltd. And subsidiaries | ||||||||||||||||
| Condensed Consolidated Statements of Operations | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| (In thousands, except share and per share data) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue | $ | 6,707 | $ | 1,337 | $ | 11,990 | $ | 2,567 | ||||||||
| Cost of revenues | 3,950 | 761 | 7,838 | 1,420 | ||||||||||||
| Gross profit | 2,757 | 576 | 4,152 | 1,147 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development, net | 1,205 | 816 | 2,496 | 1,568 | ||||||||||||
| Sales and marketing | 4,403 | 2,504 | 9,417 | 4,988 | ||||||||||||
| General and administrative | 1,592 | 2,414 | 3,184 | 4,124 | ||||||||||||
| Total operating expenses | 7,200 | 5,734 | 15,097 | 10,680 | ||||||||||||
| Operating loss | (4,443 | ) | (5,158 | ) | (10,945 | ) | (9,533 | ) | ||||||||
| Financial income, net | 144 | 558 | 376 | 636 | ||||||||||||
| Loss before income taxes | (4,299 | ) | (4,600 | ) | (10,569 | ) | (8,897 | ) | ||||||||
| Taxes on income | 5 | 42 | 11 | 66 | ||||||||||||
| Net loss | $ | (4,304 | ) | $ | (4,642 | ) | $ | (10,580 | ) | $ | (8,963 | ) | ||||
| Net loss per ordinary share, basic and diluted | $ | (0.50 | ) | $ | (0.55 | ) | $ | (1.23 | ) | $ | (1.05 | ) | ||||
| Weighted average number of shares used in computing net loss per ordinary share basic and diluted (1) | 8,608,937 | 8,502,201 | 8,599,520 | 8,502,184 | ||||||||||||
| (1) Reflects our one-for-seven reverse share split that became effective on March 15, 2024. | ||||||||||||||||
| ReWalk Robotics Ltd. And subsidiaries | ||||||||
| Condensed Consolidated Balance Sheets | ||||||||
| (In thousands) | ||||||||
| June 30, | December 31, | |||||||
| 2024 | 2023 | |||||||
| (Unudited) | (Audited) | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 15,131 | $ | 28,083 | ||||
| Trade receivables, net | 5,269 | 3,120 | ||||||
| Prepaid expenses and other current assets | 2,046 | 2,366 | ||||||
| Inventories | 7,193 | 5,653 | ||||||
| Total current assets | 29,639 | 39,222 | ||||||
| Restricted cash and other long term assets | 430 | 784 | ||||||
| Operating lease right-of-use assets | 1,257 | 1,861 | ||||||
| Property and equipment, net | 1,257 | 1,262 | ||||||
| Intangible Assets | 10,862 | 12,525 | ||||||
| Goodwill | 7,538 | 7,538 | ||||||
| Total assets | $ | 50,983 | $ | 63,192 | ||||
| Liabilities and equity | ||||||||
| Current liabilities | ||||||||
| Trade payables | 4,849 | 5,069 | ||||||
| Current maturities of operating leases | 1,167 | 1,296 | ||||||
| Other current liabilities | 3,954 | 4,854 | ||||||
| Earnout | - | 576 | ||||||
| Total current liabilities | 9,970 | 11,795 | ||||||
| Non-current operating leases | 123 | 607 | ||||||
| Earnout | 2,800 | 2,716 | ||||||
| Other long-term liabilities | 1,403 | 1,564 | ||||||
| Shareholders’ equity | 36,687 | 46,510 | ||||||
| Total liabilities and equity | $ | 50,983 | $ | 63,192 | ||||
| ReWalk Robotics Ltd. And subsidiaries | ||||||||
| Condensed Consolidated Statements of Cash Flows | ||||||||
| (Unaudited) | ||||||||
| (In thousands) | ||||||||
| Six Months Ended | ||||||||
| June 30, | ||||||||
| 2024 | 2023 | |||||||
| Net cash used in operating activities | $ | (13,290 | ) | $ | (8,739 | ) | ||
| Net cash used in financing activities | - | (986 | ) | |||||
| Effect of Exchange rate changes on Cash, Cash Equivalents and Restricted Cash | (15 | ) | 5 | |||||
| Decrease in cash, cash equivalents, and restricted cash | (13,305 | ) | (9,720 | ) | ||||
| Cash, cash equivalents, and restricted cash at beginning of period | 28,792 | 68,555 | ||||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 15,487 | $ | 58,835 | ||||
| ReWalk Robotics Ltd. And subsidiaries | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| (In thousand) | ||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenues based on customer’s location: | ||||||||||||||||
| United States | 3,849 | 924 | 7,596 | 1,801 | ||||||||||||
| Europe | 2,308 | 411 | 3,477 | 735 | ||||||||||||
| Asia - Pacific | 214 | 1 | 394 | 29 | ||||||||||||
| Rest of the world | 336 | 1 | 523 | 2 | ||||||||||||
| Total Revenues | $ | 6,707 | $ | 1,337 | $ | 11,990 | $ | 2,567 | ||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| Dollars in thousands, except per share data | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| GAAP net loss | $ | (4,304 | ) | $ | (4,642 | ) | $ | (10,580 | ) | $ | (8,963 | ) | ||||
| Adjustments: | ||||||||||||||||
| Amortization of intangible assets | 832 | - | 1,663 | - | ||||||||||||
| M&A transaction | - | 894 | (467 | ) | 1,044 | |||||||||||
| Integration/Rebranding costs | - | - | 236 | - | ||||||||||||
| Remeasurement of earnout liability | (488 | ) | - | (492 | ) | - | ||||||||||
| Stock-based compensation expenses | 376 | 318 | 757 | 622 | ||||||||||||
| Non-GAAP net loss | $ | (3,584 | ) | $ | (3,430 | ) | $ | (8,883 | ) | $ | (7,297 | ) | ||||
| Shares used in net loss per share | 8,608,937 | 8,502,201 | 8,599,520 | 8,502,184 | ||||||||||||
| Non-GAAP net loss per share | $ | (0.42 | ) | $ | (0.40 | ) | $ | (1.03 | ) | $ | (0.86 | ) | ||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||
| June 30, | June 30, | June 30, | June 30, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||||
| Dollars in thousands | $ | % of revenue | $ | % of revenue | $ | % of revenue | $ | % of revenue | ||||||||||||||||||||||
| GAAP operating loss | $ | (4,443 | ) | (66.2 | )% | $ | (5,158 | ) | (385.8 | )% | $ | (10,945 | ) | (91.3 | )% | $ | (9,533 | ) | (371.4 | )% | ||||||||||
| Amortization of intangible assets | 832 | 12.4 | % | - | - | 1,663 | 13.9 | % | - | - | ||||||||||||||||||||
| M&A transaction | - | - | 894 | 66.9 | % | (467 | ) | (3.9 | )% | 1,044 | 40.7 | % | ||||||||||||||||||
| Integration/Rebranding costs | - | - | - | - | 236 | 2.0 | % | - | - | |||||||||||||||||||||
| Remeasurement of earnout liability | (488 | ) | (7.3 | )% | - | - | (492 | ) | (4.1 | )% | - | - | ||||||||||||||||||
| Stock-based compensation expenses | 376 | 5.6 | % | 318 | 23.8 | % | 757 | 6.3 | % | 622 | 24.2 | % | ||||||||||||||||||
| Non-GAAP operating loss | $ | (3,723 | ) | (55.5 | )% | $ | (3,946 | ) | (295.1 | )% | $ | (9,248 | ) | (77.1 | )% | $ | (7,867 | ) | (306.5 | )% | ||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||
| June 30, | June 30, | June 30, | June 30, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||||
| Dollars in thousands | $ | % of revenue | $ | % of revenue | $ | % of revenue | $ | % of revenue | ||||||||||||||||||||||
| GAAP gross profit | $ | 2,757 | 41.1 | % | $ | 576 | 43.1 | % | $ | 4,152 | 34.6 | % | $ | 1,147 | 44.7 | % | ||||||||||||||
| Adjustments: | ||||||||||||||||||||||||||||||
| Amortization of intangible assets | 383 | 5.7 | % | - | - | 766 | 6.4 | % | - | - | ||||||||||||||||||||
| Stock-based compensation expenses | 5 | 0.1 | % | 3 | 0.2 | % | 9 | 0.1 | % | 1 | - | |||||||||||||||||||
| Non-GAAP gross profit | $ | 3,145 | 46.9 | % | $ | 579 | 43.3 | % | $ | 4,927 | 41.1 | % | $ | 1,148 | 44.7 | % | ||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||
| June 30, | June 30, | June 30, | June 30, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||||
| Dollars in thousands | $ | % of revenue | $ | % of revenue | $ | % of revenue | $ | % of revenue | ||||||||||||||||||||||
| GAAP research & development | $ | 1,205 | 18.0 | % | $ | 816 | 61.0 | % | $ | 2,496 | 20.8 | % | $ | 1,568 | 61.1 | % | ||||||||||||||
| Adjustments: | ||||||||||||||||||||||||||||||
| Stock-based compensation expenses | (46 | ) | (0.7 | )% | (34 | ) | (2.5 | )% | (92 | ) | (0.8 | )% | (66 | ) | (2.6 | )% | ||||||||||||||
| Non-GAAP research & development | $ | 1,159 | 17.3 | % | $ | 782 | 58.5 | % | $ | 2,404 | 20.0 | % | $ | 1,502 | 58.5 | % | ||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||
| June 30, | June 30, | June 30, | June 30, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||||
| Dollars in thousands | $ | % of revenue | $ | % of revenue | $ | % of revenue | $ | % of revenue | ||||||||||||||||||||||
| GAAP sales & marketing | $ | 4,403 | 65.6 | % | $ | 2,504 | 187.3 | % | $ | 9,417 | 78.5 | % | $ | 4,988 | 194.3 | % | ||||||||||||||
| Adjustments: | ||||||||||||||||||||||||||||||
| Amortization of intangible assets | (383 | ) | (5.7 | )% | - | - | (765 | ) | (6.4 | )% | - | - | ||||||||||||||||||
| Integration/Rebranding costs | - | - | - | - | (193 | ) | (1.6 | )% | - | - | ||||||||||||||||||||
| Stock-based compensation expenses | (107 | ) | (1.6 | )% | (83 | ) | (6.2 | )% | (218 | ) | (1.8 | )% | (164 | ) | (6.4 | )% | ||||||||||||||
| Non-GAAP sales & marketing | $ | 3,913 | 58.3 | % | $ | 2,421 | 181.1 | % | $ | 8,241 | 68.7 | % | $ | 4,824 | 187.9 | % | ||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||
| June 30, | June 30, | June 30, | June 30, | |||||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||||
| Dollars in thousands | $ | % of revenue | $ | % of revenue | $ | % of revenue | $ | % of revenue | ||||||||||||||||||||||
| GAAP general & administrative | $ | 1,592 | 23.7 | % | $ | 2,414 | 180.6 | % | $ | 3,184 | 26.6 | % | $ | 4,124 | 160.7 | % | ||||||||||||||
| Adjustments: | ||||||||||||||||||||||||||||||
| M&A transaction | - | - | (894 | ) | (66.9 | )% | 467 | 3.9 | % | (1,044 | ) | (40.7 | )% | |||||||||||||||||
| Amortization of intangible assets | (66 | ) | (1.0 | )% | - | - | (132 | ) | (1.1 | )% | - | - | ||||||||||||||||||
| Integration/Rebranding costs | - | - | - | - | (43 | ) | (0.4 | )% | - | - | ||||||||||||||||||||
| Remeasurement of earnout liability | 488 | 7.3 | % | - | - | 492 | 4.1 | % | - | - | ||||||||||||||||||||
| Stock-based compensation expenses | (218 | ) | (3.3 | )% | (198 | ) | (14.8 | )% | (438 | ) | (3.7 | )% | (391 | ) | (15.2 | )% | ||||||||||||||
| Non-GAAP general & administrative | $ | 1,796 | 26.7 | % | $ | 1,322 | 98.9 | % | $ | 3,530 | 29.4 | % | $ | 2,689 | 104.8 | % | ||||||||||||||
FAQ
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