Ocean Power Technologies, Inc. Announces Fourth Quarter and Full Year Fiscal 2024 Results
Ocean Power Technologies, Inc. (NYSE American: OPTT) announced financial results for Q4 and full-year fiscal 2024. Key highlights include:
- FY24 revenue increased 102% to $5.5 million
- Gross profit for FY24 was 51% and $2.8 million, up from 9% and $0.2 million in FY23
- Backlog at April 30, 2024 is $4.9 million, a 25% increase over the prior year
- Pipeline at April 30, 2024 stood at $71.6 million
OPT signed strategic partnerships with Teledyne Marine, Red Cat Holdings, and a major international defense contractor. The company expects to reach profitability during the second half of calendar year 2025. For FY25, contracted orders are expected to be approximately $12.5 million, representing nearly 2x growth over FY24.
Ocean Power Technologies, Inc. (NYSE American: OPTT) ha annunciato i risultati finanziari per il Q4 e l'intero anno fiscale 2024. I punti salienti includono:
- Le entrate dell'anno fiscale 2024 sono aumentate del 102% a 5,5 milioni di dollari
- Il profitto lordo per l'anno fiscale 2024 è stato del 51% e 2,8 milioni di dollari, in aumento rispetto al 9% e 0,2 milioni di dollari nell'anno fiscale 2023
- L'ordine accumulato al 30 aprile 2024 è di 4,9 milioni di dollari, un aumento del 25% rispetto all'anno precedente
- Il pipeline al 30 aprile 2024 ammonta a 71,6 milioni di dollari
OPT ha firmato partnership strategiche con Teledyne Marine, Red Cat Holdings e un importante appaltatore della difesa internazionale. L'azienda prevede di raggiungere la redditività nella seconda metà dell'anno civile 2025. Per l'anno fiscale 2025, si prevede che gli ordini contrattati siano circa 12,5 milioni di dollari, rappresentando quasi il doppio della crescita rispetto all'anno fiscale 2024.
Ocean Power Technologies, Inc. (NYSE American: OPTT) anunció resultados financieros para el cuarto trimestre y todo el año fiscal 2024. Los aspectos destacados incluyen:
- Los ingresos del año fiscal 2024 aumentaron un 102% a 5,5 millones de dólares
- La ganancia bruta para el año fiscal 2024 fue del 51% y 2,8 millones de dólares, en comparación con el 9% y 0,2 millones de dólares en el año fiscal 2023
- El backlog al 30 de abril de 2024 es de 4,9 millones de dólares, un aumento del 25% en comparación con el año anterior
- El pipeline al 30 de abril de 2024 se situó en 71,6 millones de dólares
OPT firmó asociaciones estratégicas con Teledyne Marine, Red Cat Holdings y un importante contratista de defensa internacional. La empresa espera alcanzar la rentabilidad durante la segunda mitad del año calendario 2025. Para el año fiscal 2025, se espera que los pedidos contratados sean aproximadamente de 12,5 millones de dólares, lo que representa casi el doble de crecimiento respecto al año fiscal 2024.
오션 파워 테크놀로지스, Inc. (NYSE American: OPTT)는 2024 회계연도 4분기 및 전체 연도 재무 결과를 발표했습니다. 주요 하이라이트는 다음과 같습니다:
- FY24 매출은 102% 증가하여 550만 달러
- FY24 총 이익은 51%와 280만 달러로, FY23의 9%와 20만 달러에서 증가
- 2024년 4월 30일 기준 장기 미수금은 490만 달러로, 전년 대비 25% 증가
- 2024년 4월 30일 기준 파이프라인은 7160만 달러로 집계
OPT는 테레다인 마린, 레드캣 홀딩스 및 주요 국제 방산 계약업체와 전략적 파트너십을 체결했습니다. 이 회사는 2025년 하반기까지 수익성을 달성할 것으로 예상하고 있습니다. FY25에 대해 계약된 주문은 약 1250만 달러에 이를 것으로 예상하며, 이는 FY24에 비해 거의 2배의 성장을 나타냅니다.
Ocean Power Technologies, Inc. (NYSE American: OPTT) a annoncé les résultats financiers pour le quatrième trimestre et l'exercice fiscal 2024. Les principaux points saillants incluent:
- Les revenus pour l'exercice 2024 ont augmenté de 102 % pour atteindre 5,5 millions de dollars
- Le bénéfice brut pour l'exercice 2024 était de 51 % et 2,8 millions de dollars, contre 9 % et 0,2 million de dollars en 2023
- Le carnet de commandes au 30 avril 2024 s'élève à 4,9 millions de dollars, soit une augmentation de 25 % par rapport à l'année précédente
- La pipeline au 30 avril 2024 s'élevait à 71,6 millions de dollars
OPT a signé des partenariats stratégiques avec Teledyne Marine, Red Cat Holdings et un important contractant international de défense. L'entreprise s'attend à atteindre la rentabilité au cours de la seconde moitié de l'année civile 2025. Pour l'exercice 2025, les commandes contractées devraient atteindre environ 12,5 millions de dollars, représentant presque un doublement de la croissance par rapport à l'exercice 2024.
Ocean Power Technologies, Inc. (NYSE American: OPTT) hat die finanziellen Ergebnisse für das 4. Quartal und das gesamte Geschäftsjahr 2024 bekannt gegeben. Wichtige Highlights sind:
- Der Umsatz im Geschäftsjahr 2024 stieg um 102% auf 5,5 Millionen USD
- Der Bruttogewinn für das Geschäftsjahr 2024 betrug 51% und 2,8 Millionen USD, gegenüber 9% und 0,2 Millionen USD im Geschäftsjahr 2023
- Der Auftragsbestand zum 30. April 2024 beträgt 4,9 Millionen USD, was einem Anstieg von 25% im Vergleich zum Vorjahr entspricht
- Die Pipeline betrug zum 30. April 2024 71,6 Millionen USD
OPT hat strategische Partnerschaften mit Teledyne Marine, Red Cat Holdings und einem großen internationalen Verteidigungsauftragnehmer unterzeichnet. Das Unternehmen erwartet, in der zweiten Hälfte des Kalenderjahres 2025 rentabel zu werden. Für das Geschäftsjahr 2025 werden die Vertragsaufträge voraussichtlich etwa 12,5 Millionen USD betragen, was nahezu einer Verdopplung im Vergleich zum Geschäftsjahr 2024 entspricht.
- Revenue for FY24 increased 102% to $5.5 million
- Gross profit for FY24 improved to 51% ($2.8 million) from 9% ($0.2 million) in FY23
- Backlog increased 25% to $4.9 million as of April 30, 2024
- Pipeline stood at $71.6 million as of April 30, 2024
- Strategic partnerships signed with Teledyne Marine, Red Cat Holdings, and a major international defense contractor
- Contracted orders for FY25 expected to be approximately $12.5 million, nearly 2x growth over FY24
- Company expects to reach profitability during the second half of calendar year 2025
- Net loss increased to $27.5 million for FY24, compared to $26.3 million for FY23
- Operating expenses increased to $32.2 million in FY24, up from $28.3 million in FY23
- Cash position decreased to $3.3 million as of April 30, 2024, down from $34.9 million at the beginning of the fiscal year
- Net cash used in operating activities for FY24 increased to $29.8 million, compared to $21.7 million in FY23
Ocean Power Technologies' Q4 and FY2024 results reveal significant progress in revenue growth and gross margin improvement. The company's revenue for FY24 increased by
However, the company's net loss widened slightly to
On a positive note, the backlog increased by
While OPT's strategic partnerships and technological advancements are promising, the path to profitability remains challenging. The company's goal of reaching profitability in the second half of 2025 will require careful management of cash burn and successful execution of its commercial strategy.
Ocean Power Technologies is making significant strides in maritime technology integration, particularly in the realm of autonomous and renewable energy systems. The company's recent developments showcase a multi-faceted approach to addressing maritime challenges:
- The introduction of the Merrows AI-capable Maritime Domain Awareness Solution demonstrates OPT's commitment to advanced surveillance and monitoring capabilities.
- The strategic alliance with Red Cat Holdings for integrating drone technology with OPT's PowerBuoy and WAM-V platforms represents a leap forward in air-sea-subsea defense and security missions.
- The successful demonstration of a WAM-V autonomously attaching to a buoy for charging is a groundbreaking achievement, potentially revolutionizing long-duration maritime operations.
These technological advancements position OPT at the forefront of the blue economy, particularly in renewable energy and autonomous maritime systems. The company's pivot from R&D to commercial activities suggests that its technologies are maturing and ready for market deployment.
However, the true test will be in the widespread adoption and integration of these technologies in real-world applications. The success of OPT's commercial strategy will heavily depend on the reliability, efficiency and cost-effectiveness of its solutions compared to traditional maritime technologies.
Ocean Power Technologies' strategic positioning in the maritime technology sector is noteworthy. The company is actively expanding its global footprint through key partnerships and agreements:
- The OEM agreement with Teledyne Marine enhances OPT's product offerings and potentially opens new revenue streams.
- Partnerships in the Middle East, including the UAE, indicate a focus on the growing offshore energy industry in the Gulf region.
- Collaborations with major international defense contractors and reseller agreements in Latin America suggest a diversified approach to market penetration.
The company's focus on the defense and security sector, as well as the offshore energy industry, aligns with growing global demands for maritime domain awareness and sustainable ocean technologies. The
However, the maritime technology market is competitive and often subject to long sales cycles, especially in the defense sector. OPT's success will depend on its ability to convert its pipeline into firm orders and deliver on its contracts efficiently.
The projected growth in contracted orders for FY25 to
Significant Improvement in Revenue and Gross Margin
MONROE TOWNSHIP, N.J., July 25, 2024 (GLOBE NEWSWIRE) -- Ocean Power Technologies, Inc. ("OPT" or "the Company") (NYSE American: OPTT), today announced financial results for its fiscal fourth quarter (“4Q24”) and full-year ended April 30, 2024 (“FY24”). Highlights include:
4Q24 and RECENT HIGHLIGHTS
- Backlog at April 30, 2024 is
$4.9 million , a25% increase over the prior year. - Pipeline at April 30, 2024 stood at
$71.6 million - In July 2024 we announced a contract for immediate delivery of a PowerBuoy equipped with Merrows, our Artificial Intelligence capable Maritime Domain Awareness Solution, in the Midde East. This order follows our previous announcement of the customer’s selection of OPT as a preferred supplier for Merrows equipped buoys in the region. This shipment for a solar and wind powered system highlights our ability to service almost all marine environments across the globe.
- In June 2024 we announced the signing of an Original Equipment Manufacturer agreement with Teledyne Marine, a key supplier of maritime technology inclusive of connectors, instruments, and vehicles. This strategic partnership will enhance OPT's product offerings and drive innovation within the industry providing customers with a turnkey system. Joining forces with Teledyne allows us to leverage Teledyne’s best-in-class offerings to deliver superior sensor and ocean technology products to our customers. We believe this partnership further accelerates our growth and enables an additional revenue stream.
- In April 2024 we announced a strategic alliance with Red Cat Holdings, Inc., a leading aerial drone technology firm specializing in the integration of robotic hardware and software across military, government, and commercial sectors. This collaboration signifies a material step forward in enhancing maritime domain awareness capabilities for air, sea, and subsea defense and security missions. Through this relationship, OPT's PowerBuoy and WAM-V platforms will be integrated with Red Cat’s Drones, facilitating a new era of autonomous vehicle deployment. By combining our sustainable, ocean-powered solutions with Red Cat’s advanced drone technology, we believe we are setting a new standard for naval and border protection operations.
- Also in April 2024, we signed a teaming agreement with a major international defense contractor to provide our Merrows suite of solutions with a focus on certain geographic regions. Under the terms of the agreement, the defense contractor will have exclusive rights to provide OPT's MDAS solution within certain international geographic regions. Leveraging OPT's cutting-edge technology alongside the international contractor’s extensive expertise in defense, homeland security, and commercial programs, the collaboration should strengthen the contractor’s capabilities in maritime security and surveillance. This collaboration underscores the opportunity and our commitment to enhancing maritime security globally and positions us to achieve remarkable advancements in this field.
FY24 and OTHER HIGHLIGHTS
- Revenues for FY24 increased
102% to$5.5 million , over FY23. - Gross profit for FY24 was
51% and$2.8 million , as compared to9% and$0.2 million in FY23. - We recently partnered with Unique Group, a UAE headquartered global innovator in subsea technologies and engineering, to collaborate to deploy OPT’s WAM-V’s in the UAE and other countries in the Gulf Collaboration Council (“GCC”) region. Integrating OPT’s commercially available vehicles with Unique’s leading position in the offshore energy industry in the UAE should accelerate the adoption of USVs in the region. Working with Unique Group should further accelerate our efforts to deploy USVs globally. The GCC in general, and the UAE specifically, are rapidly becoming a major focus area for us as we continue our growth in both the defense and security, and offshore energy industries.
- Back home in the USA, we signed a reseller agreement with Survey Equipment Services, Inc. (SES), a specialist in the supply of Marine Survey and Navigation equipment. The agreement focuses on the provision of OPT’s WAM-Vs domestically. This agreement allows us to leverage SES’s offering of survey and navigation equipment and deploy WAM-V’s to SES’s customer base. This partnership further accelerates our growth and enables additional revenue stream.
- Most recently, we entered into a Memorandum of Understanding with AltaSea at the Port of Los Angeles. The joint aim is to explore exciting opportunities within the Blue Economy and partnering with AltaSea provides additional opportunities for staging our renewable energy PowerBuoys and WAM-V unmanned surface vehicles for projects in the Pacific Ocean.
- In February 2024, we received multiple orders for fully integrated WAM-V Unmanned Surface Vehicles (USVs) from clients in Latin America, highlighting the wide-ranging capabilities and applications of the WAM-V USVs and the opportunities for growth in this region.
- In November 2023 we announced that we had substantially completed our research and development phase and are now primarily focused on commercial activities. This pivot to commercial activities has enabled a reduction and reallocation of headcount and a material reduction in third-party expenditures. As a result, the majority of OPT’s employees are now dedicated to customer delivery. We expect that recent meaningful contract wins, the growth in our commercial pipeline, and the corresponding savings will enable us to reach profitability during the second half of calendar year 2025.
- During the first quarter of fiscal 2024 we announced a groundbreaking milestone: the successful demonstration of the WAM-V attaching itself remotely to a buoy and establishing a connection that will enable charging, exemplifying OPT's advanced autonomous capabilities. This paves the way for a future where autonomous vessels can operate for extended durations, opening doors to various applications within the maritime domain
Management Commentary – Dr. Philipp Stratmann, OPT's President and Chief Executive Officer
“Fiscal 2024 was a landmark year for OPT, resulting in significant increases in pipeline, backlog, revenue, and gross margin. As a result of the foundation and opportunities achieved during fiscal 2024, we remain on track to achieve our previously stated goal of attaining profitability during the second half of calendar 2025. Moving forward, we plan to leverage these opportunities to increase our market presence, expand our geographical focus, and improve operational efficiencies. We are confident that these efforts will drive sustainable growth and create long-term value for our shareholders.”
4Q24 FINANCIALS
- Revenues for the 4Q23 were
$1.6 million ,60% growth over 4Q23 revenues. - Operating expenses were
$7.6 million in the 4Q24, down from$8.8 million in Q423 - Net loss was
$6.7 million for 4Q24, as compared to a net loss of$9.5 million for 4Q23.
FY24 FINANCIALS
- Revenues for FY24 increased to
$5.5 million , a102% increase over FY23 revenue of$2.7 million . - Gross profit for FY24 was
$2.8 million , as compared to a gross profit of$0.2 million for FY23. - Operating expenses were
$32.2 million in FY24, as compared to$28.3 million in FY23. FY24 included extraordinary expenses of$3.9 million . - Net loss was
$27.5 million for FY24, as compared to a net loss of$26.3 million for FY23 - Backlog was
$4.9 million as of April 30, 2024 as compared to$4.0 million at April 30, 2023. Our backlog includes unfilled firm written orders for our products and services from commercial or governmental customers, which we call orders. We believe the disclosure of orders is a useful metric for investors, as it helps support our future revenue expectations and adds validity to our strategic growth plan. Company management uses orders as a tool to manage expected growth, budget and cash requirements, and to monitor the success of our sales and marketing efforts. If any of our orders were to be terminated, delayed or revised downward, our orders and our backlog would be reduced by the expected value of the remaining terms of such contract.
Balance Sheet:
- Combined cash, unrestricted cash, cash equivalents and short-term investments as of April 30, 2024, was
$3.3 million , which compares to$34.9 million at the beginning of the fiscal year. - The Company continues to have no bank debt as of April 30, 2024.
- Net cash used in operating activities for FY24 was approximately
$29.8 million , compared to$21.7 million FY23.
Introduction of Fiscal 2025 Annual Guidance
The Company is also introducing the following select guidance for full-year fiscal 2024:
- Contracted orders for FY25 are expected to be approximately
$12.5 million . This represents growth of almost 2x over FY24.
The Company’s anticipated order growth will be driven primarily by the continued ramp in its DaaS line, WAM-V sales and leases.
Conference Call & Webcast
As previously announced, a conference call to discuss OPT’s financial results will be held tomorrow morning, Friday, July 26, 2024, at 9:00 a.m. Eastern time. Philipp Stratmann, CEO, and Bob Powers, CFO will host the call.
- The dial-in numbers for the conference call are 877-407-8291 or 201-689-8345.
- Live webcast: Link to 4Q23 Webcast for OPT
- Call Replay: Will be available by telephone approximately two hours after the call's completion until August 26, 2024. You may access the replay by dialing 877-660-6853 from the U.S. or 201-612-7415 for international callers and using the Conference ID 1374 7852.
- Webcast Replay: The archived webcast will also be available on the OPT investor relations section of its website.
About Ocean Power Technologies
OPT provides intelligent maritime solutions and services that enable safer, cleaner, and more productive ocean operations for the defense and security, oil and gas, science and research, and offshore wind markets. Our PowerBuoy® platforms provide clean and reliable electric power and real-time data communications for remote maritime and subsea applications. We also provide WAM-V® autonomous surface vessels (ASVs) and marine robotics services. The Company’s headquarters is located in Monroe Township, New Jersey and has an additional office in Richmond, California. To learn more, visit www.OceanPowerTechnologies.com.
Non-GAAP Measures: Pipeline
Pipeline is not a term recognized under United States generally accepted accounting principles; however, it is a common measurement used in our industry. Our methodology for determining pipeline may not be comparable to the methodologies used by other companies. Pipeline is a representation of the journey potential customers take from the moment they become aware of our products and service to the moment they become a paying customer. The sales pipeline is divided into a series of phases, each representing a different milestone in the customer journey. It is a tool we use to track sales progress, identify potential roadblocks, and make data-driven decisions to improve our sales performance. Revenue estimates derived from our pipeline can be subject to change due to project accelerations, cancellations or delays due to various factors. These factors can also cause revenue amounts to be realized in periods and at levels different than originally projected.
Forward-Looking Statements
This release may contain forward-looking statements that are within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are identified by certain words or phrases such as "may", "will", "aim", "will likely result", "believe", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", "seek to", "future", "objective", "goal", "project", "should", "will pursue" and similar expressions or variations of such expressions. These forward-looking statements reflect the Company's current expectations about its future plans and performance. These forward-looking statements rely on a number of assumptions and estimates that could be inaccurate and subject to risks and uncertainties. Actual results could vary materially from those anticipated or expressed in any forward-looking statement made by the Company. Please refer to the Company's most recent Forms 10-Q and 10-K and subsequent filings with the U.S. Securities and Exchange Commission for further discussion of these risks and uncertainties.. Except as may be required by applicable law, the Company undertakes no, and expressly disclaims any, obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, circumstances or otherwise after the date of this press release, and you are cautioned not to rely upon them unduly,
Financial Tables Follow
Additional information may be found in the Company's Annual Report on Form 10-K that will be filed with the U.S. Securities and Exchange Commission. The Form 10-K is accessible at www.sec.gov or the Investor Relations section of the Company's website (www.OceanPowerTechnologies.com/investor-relations).
Ocean Power Technologies, Inc. and Subsidiaries | ||||||||
Consolidated Balance Sheets | ||||||||
(in thousands, except share data) | ||||||||
April 30, 2024 | April 30, 2023 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 3,151 | $ | 6,883 | ||||
Short-term investments | — | 27,790 | ||||||
Restricted cash, short-term | — | 65 | ||||||
Accounts receivable | 796 | 745 | ||||||
Contract assets | 18 | 152 | ||||||
Inventory | 4,831 | 1,044 | ||||||
Other current assets | 1,747 | 994 | ||||||
Total current assets | $ | 10,543 | $ | 37,673 | ||||
Property and equipment, net | 3,443 | 1,280 | ||||||
Intangibles, net | 3,622 | 3,978 | ||||||
Right-of-use assets, net | 2,405 | 1,751 | ||||||
Restricted cash, long-term | 154 | 155 | ||||||
Goodwill | 8,537 | 8,537 | ||||||
Total assets | $ | 28,704 | $ | 53,374 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 3,366 | $ | 952 | ||||
Earn out payable | 1,130 | 1,500 | ||||||
Accrued expenses | 1,787 | 2,346 | ||||||
Contract liabilities | 302 | 1,378 | ||||||
Right-of-use liabilities, current portion | 774 | 529 | ||||||
Contingent liabilities, current portion | — | 1,202 | ||||||
Total current liabilities | $ | 7,359 | $ | 7,907 | ||||
Deferred tax liability | 203 | 203 | ||||||
Right-of-use liabilities, less current portion | 1,798 | 1,311 | ||||||
Total liabilities | $ | 9,360 | $ | 9,421 | ||||
Commitments and contingencies (Note 15) | ||||||||
Shareholders’ Equity: | ||||||||
Preferred stock, | $ | — | $ | — | ||||
Common stock, | 61 | 56 | ||||||
Treasury stock, at cost; 88,017 and 40,914 shares, respectively | (369 | ) | (355 | ) | ||||
Additional paid-in capital | 327,276 | 324,393 | ||||||
Accumulated deficit | (307,579 | ) | (280,096 | ) | ||||
Accumulated other comprehensive loss | (45 | ) | (45 | ) | ||||
Total shareholders’ equity | 19,344 | 43,953 | ||||||
Total liabilities and shareholders’ equity | $ | 28,704 | $ | 53,374 |
Ocean Power Technologies, Inc. and Subsidiaries | ||||||||
Consolidated Statements of Operations | ||||||||
(in thousands, except per share data) | ||||||||
Fiscal year ended April 30, | ||||||||
2024 | 2023 | |||||||
Revenue | $ | 5,525 | $ | 2,732 | ||||
Cost of revenue | 2,699 | 2,496 | ||||||
Gross profit | 2,826 | 236 | ||||||
Loss/(Gain) from change in fair value of consideration | (72 | ) | 1,112 | |||||
Operating expenses | 32,229 | 28,340 | ||||||
Total operating expenses | 32,157 | 29,452 | ||||||
Operating loss | $ | (29,331 | ) | $ | (29,216 | ) | ||
Interest income, net | 800 | 902 | ||||||
Other income, employee retention credit | — | 1,251 | ||||||
Other income, proceeds from insurance claim | — | 458 | ||||||
Other income | 2 | — | ||||||
Loss on disposition of assets (Note 7) | (210 | ) | — | |||||
Foreign exchange gain | 2 | 1 | ||||||
Loss before income taxes | $ | (28,737 | ) | $ | (26,604 | ) | ||
Income tax benefit | 1,254 | 278 | ||||||
Net loss | $ | (27,483 | ) | $ | (26,326 | ) | ||
Basic and diluted net loss per share | $ | (0.47 | ) | $ | (0.47 | ) | ||
Weighted average shares used to compute basic and diluted net loss per share | 59,031,736 | 55,998,543 |
OCEAN POWER TECHNOLOGIES, INC. AND SUBSIDIARIES | ||||||||
Consolidated Statements of Cash Flows | ||||||||
(in thousands) | ||||||||
Fiscal year ended April 30, | ||||||||
2024 | 2023 | |||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | (27,483 | ) | $ | (26,326 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Foreign exchange gain | (2 | ) | (1 | ) | ||||
Depreciation of fixed assets | 420 | 183 | ||||||
Amortization of intangible assets | 148 | 158 | ||||||
Amortization of right-of-use assets | 593 | 296 | ||||||
(Accretion of discount)/amortization of premium on investments | (290 | ) | 113 | |||||
Change in contingent consideration liability | (72 | ) | 1,112 | |||||
Loss on disposal of assets | 210 | — | ||||||
Stock based compensation | 1,155 | 1,461 | ||||||
Changes in operating assets and liabilities, net of acquisitions: | ||||||||
Accounts receivable | (51 | ) | (262 | ) | ||||
Contract assets | 134 | 234 | ||||||
Inventory | (3,787 | ) | (602 | ) | ||||
Other assets | (753 | ) | (527 | ) | ||||
Accounts payable | 2,414 | 47 | ||||||
Accrued expenses | (309 | ) | 1,469 | |||||
Earn out payable | (500 | ) | — | |||||
Right-of-use liabilities | (514 | ) | (311 | ) | ||||
Contract liabilities | (1,076 | ) | 1,249 | |||||
Net cash used in operating activities | $ | (29,763 | ) | $ | (21,707 | ) | ||
Cash flows from investing activities: | ||||||||
Redemptions of short term investments | $ | 35,975 | $ | 64,923 | ||||
Purchases of short term investments | (7,894 | ) | (43,442 | ) | ||||
Purchases of property and equipment | (2,585 | ) | (648 | ) | ||||
Leased WAM-Vs built and capitalized | — | (371 | ) | |||||
Net cash provided by investing activities | $ | 25,496 | $ | 20,462 | ||||
Cash flows from financing activities: | ||||||||
Proceeds from issuance of common stock - Cantor At The Market offering, net of issuance costs | $ | 29 | $ | — | ||||
Proceeds from issuance of common stock - AGP At The Market offering, net of issuance costs | 454 | — | ||||||
Cash paid for tax withholding related to shares withheld | (14 | ) | (14 | ) | ||||
Net cash provided by/(used in) financing activities | $ | 469 | $ | (14 | ) | |||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | $ | — | $ | — | ||||
Net decrease in cash, cash equivalents and restricted cash | $ | (3,798 | ) | $ | (1,259 | ) | ||
Cash, cash equivalents and restricted cash, beginning of year | 7,103 | $ | 8,362 | |||||
Cash, cash equivalents and restricted cash, end of year | $ | 3,305 | $ | 7,103 | ||||
Supplemental disclosure of noncash investing and financing activities: | ||||||||
Common stock issued related to bonus and earnout payments | $ | 1,250 | $ | — | ||||
Operating right of use asset obtained in exchange for operating lease liability | $ | 1,247 | $ | 1,296 |
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FAQ
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