Teknova Reports Third Quarter 2024 Financial Results
Teknova (TKNO) reported Q3 2024 revenue of $9.6 million, up 17% year-over-year. The company reaffirmed its 2024 revenue guidance of $35-38 million while lowering its free cash outflow outlook from $18 million to $16 million. Q3 Lab Essentials revenue remained stable at $7.2 million, while Clinical Solutions revenue grew 229% to $2.0 million. The company recorded a $2.8 million non-recurring charge related to inventory write-downs, resulting in a gross margin of 0.9%. Excluding this charge, gross margin would have been 29.8%. Total cash and short-term investments stood at $31.7 million with gross debt of $12.1 million.
Teknova (TKNO) ha riportato un fatturato per il terzo trimestre 2024 di 9,6 milioni di dollari, con un incremento del 17% rispetto all'anno precedente. L'azienda ha confermato la sua previsione di fatturato per il 2024 tra 35 e 38 milioni di dollari, mentre ha ridotto le sue previsioni di flusso di cassa libero da 18 milioni a 16 milioni. I ricavi da Lab Essentials sono rimasti stabili a 7,2 milioni di dollari, mentre i ricavi da Clinical Solutions sono aumentati del 229% raggiungendo 2,0 milioni di dollari. L'azienda ha registrato un onere straordinario di 2,8 milioni di dollari legato a svalutazioni di inventario, generando un margine lordo dello 0,9%. Escludendo questa spesa, il margine lordo sarebbe stato del 29,8%. Il totale delle liquidità e degli investimenti a breve termine ammontava a 31,7 milioni di dollari, con un debito lordo di 12,1 milioni di dollari.
Teknova (TKNO) reportó ingresos del tercer trimestre de 2024 de 9.6 millones de dólares, un incremento del 17% interanual. La compañía reafirmó sus proyecciones de ingresos para 2024 entre 35 y 38 millones de dólares, mientras que redujo su pronóstico de flujo de caja libre de 18 millones a 16 millones. Los ingresos de Lab Essentials se mantuvieron estables en 7.2 millones de dólares, mientras que los ingresos de Clinical Solutions crecieron un 229% alcanzando 2.0 millones de dólares. La empresa registró un cargo no recurrente de 2.8 millones de dólares relacionado con la depreciación de inventario, resultando en un margen bruto del 0.9%. Sin este cargo, el margen bruto habría sido del 29.8%. El total de efectivo e inversiones a corto plazo se situó en 31.7 millones de dólares con deuda bruta de 12.1 millones de dólares.
Teknova (TKNO)는 2024년 3분기 매출이 960만 달러로, 전년 대비 17% 증가했다고 보고했습니다. 이 회사는 2024년 매출 전망을 3,500만에서 3,800만 달러로 다시 확인하면서, 자유 현금 흐름 전망을 1,800만 달러에서 1,600만 달러로 낮췄습니다. Lab Essentials의 매출은 720만 달러로 안정세를 유지했으며, Clinical Solutions의 매출은 229% 증가하여 200만 달러에 달했습니다. 회사는 재고 평가 손실과 관련된 비경상적 비용으로 280만 달러를 기록했으며, 이로 인해 총 매출총이익률은 0.9%에 그쳤습니다. 이 비용을 제외하면 총 매출총이익률은 29.8%였을 것입니다. 총 현금 및 단기 투자금은 3,170만 달러였고, 총 부채는 1,210만 달러로 나타났습니다.
Teknova (TKNO) a annoncé un chiffre d'affaires de 9,6 millions de dollars pour le troisième trimestre 2024, en hausse de 17% par rapport à l'année précédente. L'entreprise a réaffirmé ses prévisions de chiffre d'affaires pour 2024 entre 35 et 38 millions de dollars, tout en abaissant ses prévisions de flux de trésorerie libre de 18 millions à 16 millions de dollars. Les revenus issus de Lab Essentials sont restés stables à 7,2 millions de dollars, tandis que les revenus de Clinical Solutions ont augmenté de 229 % pour atteindre 2,0 millions de dollars. L'entreprise a enregistré une charge non récurrente de 2,8 millions de dollars liée à des amortissements d'inventaire, entraînant une marge brute de 0,9 %. En excluant cette charge, la marge brute aurait été de 29,8 %. Le total des liquidités et des investissements à court terme s'élevait à 31,7 millions de dollars, avec une dette brute de 12,1 millions de dollars.
Teknova (TKNO) meldete im 3. Quartal 2024 einen Umsatz von 9,6 Millionen Dollar, was einem Anstieg von 17 % im Vergleich zum Vorjahr entspricht. Das Unternehmen bestätigte seine Umsatzprognose für 2024 zwischen 35 und 38 Millionen Dollar, während es die Prognose für den freien Cashflow von 18 Millionen auf 16 Millionen Dollar senkte. Der Umsatz aus Lab Essentials blieb stabil bei 7,2 Millionen Dollar, während der Umsatz aus Clinical Solutions um 229 % auf 2,0 Millionen Dollar stieg. Das Unternehmen verzeichnete eine einmalige Belastung von 2,8 Millionen Dollar aufgrund von Bestandsabschreibungen, was zu einer Bruttomarge von 0,9 % führte. Ohne diesen Posten hätte die Bruttomarge 29,8 % betragen. Der Gesamtbetrag an Bargeld und kurzfristigen Investitionen betrug 31,7 Millionen Dollar, wobei die Bruttoverschuldung bei 12,1 Millionen Dollar lag.
- Revenue increased 17% year-over-year to $9.6 million in Q3 2024
- Clinical Solutions revenue grew 229% to $2.0 million
- Operating expenses decreased by $2.3 million compared to Q3 2023
- Free cash outflow improved to negative $2.4 million from negative $5.4 million in Q3 2023
- Gross margin declined to 0.9% from 18.0% in Q3 2023
- Net loss of $7.6 million in Q3 2024
- $2.8 million non-recurring charge for inventory write-downs
- Negative Adjusted EBITDA of $5.0 million
Insights
The Q3 results show mixed signals. While revenue grew
The improved cost control measures are showing results, with operating expenses down significantly and free cash outflow guidance lowered to
Third quarter 2024 total revenue was
Company lowers 2024 total free cash outflow outlook to less than
Company reaffirms 2024 revenue guidance of
HOLLISTER, Calif., Nov. 07, 2024 (GLOBE NEWSWIRE) -- Alpha Teknova, Inc. (“Teknova” or the “Company”) (Nasdaq: TKNO), a leading producer of critical reagents for the discovery, development, and commercialization of novel therapies, vaccines, and molecular diagnostics, today announced financial results for the third quarter ended September 30, 2024.
“Our year-on-year double-digit revenue growth in the third quarter gives us confidence that we have put Teknova on track for long-term success,” said Stephen Gunstream, President and Chief Executive Officer at Teknova. “We believe the difficult decisions we made to reduce expenses and raise modest amounts of capital, while retaining our core strategy, are now beginning to bear fruit. We remain confident that we’ll finish the back half of 2024 with double-digit revenue growth and look to build on this momentum as we enter 2025.”
“During the third quarter of 2024, we continued to deliver improved results on several key metrics over the second quarter of 2024, as we again managed our operating expenses and capital expenditures to plan. We typically see revenue soften in the fourth quarter, primarily due to fewer business days, and are thus maintaining our full-year outlook of
Corporate and Financial Updates
- Third quarter 2024 total revenue of
$9.6 million was up17% compared to$8.2 million in the third quarter 2023 - Total cash and short-term investments were
$31.7 million and gross debt was$12.1 million at the end of the third quarter 2024 - Recorded
$2.8 million in non-recurring, non-cash charges related to the disposal of expired inventory and write down of excess inventory created in the second half of 2022 when we increased production in anticipation of persistent high demand. Excluding this$2.8 million charge, gross margin would have been29.8% in the third quarter 2024
Revenue for the Third Quarter and Year-to-Date
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
| (Dollars in thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Lab Essentials | $ | 7,161 | $ | 7,274 | $ | 22,065 | $ | 22,112 | ||||||||
| Clinical Solutions | 1,964 | 597 | 5,247 | 5,859 | ||||||||||||
| Other | 451 | 298 | 1,168 | 846 | ||||||||||||
| Total revenue | $ | 9,576 | $ | 8,169 | $ | 28,480 | $ | 28,817 | ||||||||
Third Quarter 2024 Financial Results
Total revenue for the third quarter 2024 was
Gross profit for the third quarter 2024 was
Operating expenses for the third quarter 2024 were
Net loss for the third quarter 2024 was
Adjusted EBITDA for the third quarter 2024 was negative
Reiterates 2024 Outlook
Teknova is reiterating its fiscal 2024 outlook for revenue while lowering its anticipated free cash outflow. The Company continues to anticipate total revenue of
Upcoming Investor Conference Attendance
Stephens Annual Investment Conference (Nashville, TN)
Wednesday, November 20, 2024
Conference Call and Webcast
Teknova will host a webcast and conference call on Thursday, November 7, 2024, beginning at 5:30 p.m. Eastern Time. To access the live webcast, listeners can log onto the call from the Investor Relations section of the Teknova website or by using this link. If you would like to participate in the call, please register for the webcast here to receive a unique PIN number and dial-in information. The webcast will be available for replay on the Company’s website approximately two hours after the event.
About Teknova
Teknova makes solutions possible. Since 1996, Teknova has been innovating the manufacture of critical reagents for the life sciences industry to accelerate the discovery and development of novel therapies that will help people live longer, healthier lives. We offer fully customizable solutions for every stage of the workflow, supporting industry leaders in cell and gene therapy, molecular diagnostics, and synthetic biology. Our fast turnaround of high-quality agar plates, microbial culture media, buffers, reagents, and water helps our customers scale seamlessly from RUO to GMP. Headquartered in Hollister, California, with over 200,000 square feet of state-of-the-art facilities, Teknova’s modular manufacturing platform was designed by our team of scientists, engineers, and quality control experts to efficiently produce the foundational ingredients for the discovery and commercialization of novel therapies.
Non-GAAP Financial Measures
This press release contains financial measures that have not been calculated in accordance with U.S. generally accepted accounting principles (GAAP). Teknova uses the following non-GAAP financial measures in assessing the performance of its business and the effectiveness of its business strategies: (a) Adjusted EBITDA and (b) Free Cash Flow.
Teknova defines Adjusted EBITDA as net loss adjusted for interest income (expense), net, provision for (benefit from) income taxes, depreciation expense, amortization of intangible assets, and stock-based compensation expense. Adjusted EBITDA reflects further adjustments to eliminate the impact of certain items, including certain non-cash and other items that Teknova does not consider representative of its ongoing operating performance.
Teknova defines Free Cash Flow as cash used in operating activities plus purchases of property, plant, and equipment.
Teknova provides Adjusted EBITDA and Free Cash Flow in this press release because Teknova believes that analysts, investors, and other interested parties frequently use these measures to evaluate companies in Teknova’s industry and that such measures facilitate comparisons on a consistent basis across reporting periods. Teknova also believes such measures are helpful in highlighting trends in Teknova’s operating results because they exclude items that are not indicative of Teknova’s core operating performance. Investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. The non-GAAP financial measures presented by Teknova may be different from the non-GAAP financial measures used by other companies.
A full reconciliation of these non-GAAP measures to the most comparable GAAP measures is included at the end of this release.
Forward-Looking Statements
Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements.” These statements include, but are not limited to, statements relating to Teknova’s anticipated total revenue, including our expectations for 2024 revenue and free cash outflow guidance, expected growth in Lab Essentials and Clinical Solutions, and other statements about Teknova’s business prospects, including about the Company’s profitability, strategy of managing operating expenses, and long-term growth strategy. The words, without limitation, “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these or similar identifying words. These forward-looking statements are based on management’s current expectations and beliefs and are subject to risks and uncertainties, all of which are difficult to predict and many of which are beyond Teknova’s control and could cause actual results to differ materially and adversely from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, demand for Teknova’s products (including the potential delay to or pausing of customer orders); Teknova’s assessment of fundamental indicators of future demand across its target customer base; Teknova’s cash flows and revenue growth rate; Teknova’s supply chain, sourcing, manufacturing, and warehousing; inventory management; risks related to global economic and marketplace uncertainties, including those related to the conflicts in Ukraine and the Middle East; reliance on a limited number of customers for a high percentage of Teknova’s revenue; potential acquisitions and integration of other companies; and other factors discussed in the “Risk Factors” section of Teknova’s most recent periodic reports filed with the Securities and Exchange Commission (“SEC”), including in Teknova’s Annual Report on Form 10-K for the year ended December 31, 2023, and subsequent Quarterly Reports on Form 10-Q filed with the SEC, all of which you may obtain for free on the SEC’s website at www.sec.gov. Although Teknova believes that the expectations reflected in its forward-looking statements are reasonable, Teknova does not know whether its expectations will prove correct. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, even if subsequently made available by Teknova on its website or otherwise. Teknova does not undertake any obligation to update, amend, or clarify these forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws.
Investor Contact
Matt Lowell
Chief Financial Officer
matt.lowell@teknova.com
+1 831-637-1100
Media Contact
Jennifer Henry
Senior Vice President, Marketing
jenn.henry@teknova.com
+1 831-313-1259
| ALPHA TEKNOVA, INC. Condensed Statements of Operations (Unaudited) (In thousands, except share and per share data) | ||||||||||||||||
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue | $ | 9,576 | $ | 8,169 | $ | 28,480 | $ | 28,817 | ||||||||
| Cost of sales | 9,486 | 6,697 | 23,377 | 19,856 | ||||||||||||
| Gross profit | 90 | 1,472 | 5,103 | 8,961 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 627 | 1,397 | 2,165 | 4,256 | ||||||||||||
| Sales and marketing | 1,640 | 2,412 | 4,763 | 6,929 | ||||||||||||
| General and administrative | 4,968 | 6,138 | 17,832 | 19,426 | ||||||||||||
| Amortization of intangible assets | 287 | 287 | 861 | 860 | ||||||||||||
| Long-lived assets impairment | — | — | — | 2,195 | ||||||||||||
| Total operating expenses | 7,522 | 10,234 | 25,621 | 33,666 | ||||||||||||
| Loss from operations | (7,432 | ) | (8,762 | ) | (20,518 | ) | (24,705 | ) | ||||||||
| Other expenses, net | ||||||||||||||||
| Interest expense, net | (141 | ) | (791 | ) | (558 | ) | (1,006 | ) | ||||||||
| Loss on extinguishment of debt | — | (824 | ) | — | (824 | ) | ||||||||||
| Other income, net | — | 233 | — | 417 | ||||||||||||
| Total other expenses, net | (141 | ) | (1,382 | ) | (558 | ) | (1,413 | ) | ||||||||
| Loss before income taxes | (7,573 | ) | (10,144 | ) | (21,076 | ) | (26,118 | ) | ||||||||
| (Benefit from) provision for income taxes | (8 | ) | 9 | (50 | ) | 6 | ||||||||||
| Net loss | $ | (7,565 | ) | $ | (10,153 | ) | $ | (21,026 | ) | $ | (26,124 | ) | ||||
| Net loss per share—basic and diluted | $ | (0.15 | ) | $ | (0.34 | ) | $ | (0.47 | ) | $ | (0.91 | ) | ||||
| Weighted average shares used in computing net loss per share—basic and diluted | 51,821,395 | 29,956,930 | 44,520,132 | 28,810,068 | ||||||||||||
| ALPHA TEKNOVA, INC. Condensed Balance Sheets (Unaudited) (In thousands) | ||||||||
| As of September 30, | As of December 31, | |||||||
| 2024 | 2023 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 6,145 | $ | 28,484 | ||||
| Short-term investments, held -to-maturity | 25,546 | — | ||||||
| Accounts receivable, net | 4,605 | 3,948 | ||||||
| Inventories, net | 7,674 | 11,594 | ||||||
| Prepaid expenses and other current assets | 1,960 | 1,634 | ||||||
| Total current assets | 45,930 | 45,660 | ||||||
| Property, plant, and equipment, net | 46,715 | 50,364 | ||||||
| Operating right-of-use lease assets | 16,558 | 16,472 | ||||||
| Intangible assets, net | 13,378 | 14,239 | ||||||
| Other non-current assets | 1,518 | 1,852 | ||||||
| Total assets | $ | 124,099 | $ | 128,587 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 975 | $ | 1,493 | ||||
| Accrued liabilities | 4,373 | 5,579 | ||||||
| Current portion of operating lease liabilities | 1,843 | 1,803 | ||||||
| Current portion of long-term debt | 2,528 | — | ||||||
| Total current liabilities | 9,719 | 8,875 | ||||||
| Deferred tax liabilities | 867 | 919 | ||||||
| Other accrued liabilities | 30 | 102 | ||||||
| Long-term debt, net | 10,857 | 13,251 | ||||||
| Long-term operating lease liabilities | 15,358 | 15,404 | ||||||
| Total liabilities | 36,831 | 38,551 | ||||||
| Stockholders’ equity: | ||||||||
| Preferred stock | — | — | ||||||
| Common stock | 1 | — | ||||||
| Additional paid-in capital | 200,079 | 181,822 | ||||||
| Accumulated deficit | (112,812 | ) | (91,786 | ) | ||||
| Total stockholders’ equity | 87,268 | 90,036 | ||||||
| Total liabilities and stockholders’ equity | $ | 124,099 | $ | 128,587 | ||||
| ALPHA TEKNOVA, INC. Condensed Statements of Cash Flows (Unaudited) (In thousands) | ||||||||||||||||
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Operating activities: | ||||||||||||||||
| Net loss | $ | (7,565 | ) | $ | (10,153 | ) | $ | (21,026 | ) | $ | (26,124 | ) | ||||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||||||
| Bad debt expense | 5 | 13 | 61 | 21 | ||||||||||||
| Inventory reserve | 3,339 | 97 | 4,235 | 130 | ||||||||||||
| Depreciation and amortization | 1,671 | 1,622 | 4,933 | 4,049 | ||||||||||||
| Stock-based compensation | 760 | 1,035 | 2,900 | 3,115 | ||||||||||||
| Deferred taxes | (8 | ) | 9 | (52 | ) | 5 | ||||||||||
| Accrued interest income on short-term investments | (118 | ) | — | (118 | ) | — | ||||||||||
| Amortization of debt financing costs | 103 | 205 | 291 | 415 | ||||||||||||
| Non-cash lease expense | 46 | 55 | 140 | 86 | ||||||||||||
| Loss on disposal of property, plant, and equipment | — | 5 | 49 | 5 | ||||||||||||
| Long-lived assets impairment | — | — | — | 2,195 | ||||||||||||
| Loss on extinguishment of debt | — | 824 | — | 824 | ||||||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||
| Accounts receivable | (13 | ) | (402 | ) | (718 | ) | (721 | ) | ||||||||
| Contract assets | — | 1,050 | — | — | ||||||||||||
| Inventories | (26 | ) | 453 | (315 | ) | 649 | ||||||||||
| Income taxes receivable | — | 22 | — | 22 | ||||||||||||
| Prepaid expenses and other current assets | (1,356 | ) | (1,736 | ) | (943 | ) | (694 | ) | ||||||||
| Other non-current assets | 128 | 78 | 334 | 300 | ||||||||||||
| Accounts payable | (41 | ) | 414 | (430 | ) | (948 | ) | |||||||||
| Accrued liabilities | 1,040 | 2,049 | (724 | ) | 815 | |||||||||||
| Other | (24 | ) | (22 | ) | (72 | ) | (66 | ) | ||||||||
| Cash used in operating activities | (2,059 | ) | (4,382 | ) | (11,455 | ) | (15,922 | ) | ||||||||
| Investing activities: | ||||||||||||||||
| Purchases of short-term investments | (25,428 | ) | — | (25,428 | ) | — | ||||||||||
| Proceeds from sale of property, plant, and equipment | — | — | 125 | — | ||||||||||||
| Purchases of property, plant, and equipment | (331 | ) | (972 | ) | (558 | ) | (7,622 | ) | ||||||||
| Cash used in investing activities | (25,759 | ) | (972 | ) | (25,861 | ) | (7,622 | ) | ||||||||
| Financing activities: | ||||||||||||||||
| Proceeds from equity financing, net | 15,141 | 22,915 | 15,104 | 22,915 | ||||||||||||
| Repayment of long-term debt | — | (10,000 | ) | — | (10,000 | ) | ||||||||||
| Proceeds from financed insurance premiums | 385 | 1,004 | 385 | 1,004 | ||||||||||||
| Repayment of financed insurance premiums | (163 | ) | (294 | ) | (572 | ) | (294 | ) | ||||||||
| Payment of debt issuance costs | — | — | (25 | ) | (24 | ) | ||||||||||
| Payment of at-the-market facility costs | — | — | — | (395 | ) | |||||||||||
| Proceeds from exercise of stock options | 4 | — | 4 | 76 | ||||||||||||
| Proceeds from issuance of common stock under employee stock purchase plan | — | — | 81 | 138 | ||||||||||||
| Cash used in financing activities | 15,367 | 13,625 | 14,977 | 13,420 | ||||||||||||
| Change in cash, cash equivalents, and restricted cash | (12,451 | ) | 8,271 | (22,339 | ) | (10,124 | ) | |||||||||
| Cash, cash equivalents, and restricted cash at beginning of period | 18,596 | 23,841 | 28,484 | 42,236 | ||||||||||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 6,145 | $ | 32,112 | $ | 6,145 | $ | 32,112 | ||||||||
| ALPHA TEKNOVA, INC. Reconciliation of Non-GAAP Measures to the Most Comparable GAAP Measures (Unaudited) (In thousands) | ||||||||||||||||
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net loss – as reported | $ | (7,565 | ) | $ | (10,153 | ) | $ | (21,026 | ) | $ | (26,124 | ) | ||||
| Add back: | ||||||||||||||||
| Interest expense, net | (141 | ) | (791 | ) | (558 | ) | (1,006 | ) | ||||||||
| (Benefit from) provision for income taxes | (8 | ) | 9 | (50 | ) | 6 | ||||||||||
| Depreciation expense | 1,384 | 1,335 | 4,072 | 3,189 | ||||||||||||
| Amortization of intangible assets | 287 | 287 | 861 | 860 | ||||||||||||
| EBITDA | $ | (5,761 | ) | $ | (7,731 | ) | $ | (15,585 | ) | $ | (21,063 | ) | ||||
| Other and non-recurring expenses: | ||||||||||||||||
| Stock-based compensation expense | 760 | 1,035 | 2,900 | 3,115 | ||||||||||||
| Severance pay and other termination benefits | — | — | 1,287 | 725 | ||||||||||||
| Long-lived assets impairment | — | — | — | 2,195 | ||||||||||||
| Loss on extinguishment of debt | — | 824 | — | 824 | ||||||||||||
| Write-off of at-the-market facility costs | — | 395 | — | 395 | ||||||||||||
| Loss contingency | — | — | 73 | — | ||||||||||||
| Adjusted EBITDA | $ | (5,001 | ) | $ | (5,477 | ) | $ | (11,325 | ) | $ | (13,809 | ) | ||||
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Cash used in operating activities | $ | (2,059 | ) | $ | (4,382 | ) | $ | (11,455 | ) | $ | (15,922 | ) | ||||
| Purchases of property, plant, and equipment | (331 | ) | (972 | ) | (558 | ) | (7,622 | ) | ||||||||
| Free Cash Flow | $ | (2,390 | ) | $ | (5,354 | ) | $ | (12,013 | ) | $ | (23,544 | ) | ||||
This press release was published by a CLEAR® Verified individual.
FAQ
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