Income Statement | | | | | | | | | | |
| | | | | | | Original | | | |
USD | Fiscal Year Ending | | Latest | | Year-to-date Ending |
(in millions) | Dec-20 | Dec-21 | Dec-22 | Dec-23 | Dec-24 | | Dec-24 | | Dec-23 | Dec-24 |
| FY - 4 | FY - 3 | FY - 2 | FY - 1 | FY | | LTM | | YTD-1 | YTD |
| | | | | | | | | | |
Revenue | 41 | 55 | 70 | 60 | 43 | | 43 | | 60 | 43 |
% Growth | NA | 34.9% | 27.3% | -14.9% | -27.6% | | | | | -27.6% |
| | | | | | | | | | |
Cost of Revenue | (20) | (27) | (34) | (34) | (21) | | (21) | | (34) | (21) |
Gross Profit | 20 | 28 | 36 | 26 | 22 | | 22 | | 26 | 22 |
% Revenue | 49.8% | 50.3% | 51.2% | 43.1% | 51.6% | | 51.6% | | 43.1% | 51.6% |
| | | | | | | | | | |
Research and Development | (25) | (27) | (31) | (31) | (31) | | (31) | | (31) | (31) |
Selling and Marketing | 0 | 0 | 0 | 0 | 0 | | 0 | | 0 | 0 |
General and Admin | (20) | (20) | (22) | (23) | (21) | | (21) | | (23) | (21) |
Other Inc / (Exp) | (1) | 0 | 0 | 0 | (1) | | (1) | | 0 | (1) |
Total Operating Exp | (46) | (47) | (53) | (54) | (53) | | (53) | | (54) | (53) |
| | | | | | | | | | |
Operating Income | (26) | (20) | (17) | (29) | (30) | | (30) | | (29) | (30) |
% Revenue | -63.1% | -35.9% | -23.9% | -47.8% | -70.0% | | -70.0% | | -47.8% | -70.0% |
| | | | | | | | | | |
Interest Expense | (0) | 0 | 1 | 2 | 1 | | 1 | | 2 | 1 |
Pre-tax Income | (26) | (20) | (16) | (27) | (29) | | (29) | | (27) | (29) |
Earnings of Discontinued Ops. | 0 | 0 | 0 | 0 | 0 | | 0 | | 0 | 0 |
Provision for Taxes | (1) | 0 | 1 | (0) | (0) | | (0) | | (0) | (0) |
Net Income to Company | (27) | (19) | (15) | (27) | (30) | | (30) | | (27) | (30) |
% Margin | -64.9% | -35.2% | -21.7% | -45.1% | -68.4% | | -68.4% | | -45.1% | -68.4% |
| | | | | | | | | | |
Minority Interest in Earnings | 0 | (0) | (1) | 1 | 1 | | 1 | | 1 | 1 |
Net Income to Stockholders | (27) | (20) | (16) | (26) | (29) | | (29) | | (26) | (29) |
| | | | | | | | | | |
Preferred Dividends | 0 | 0 | 0 | 0 | 0 | | 0 | | 0 | 0 |
Other Adj. | 0 | (0) | (0) | 0 | 0 | | 0 | | 0 | 0 |
| | | | | | | | | | |
Net Income to Common | (27) | (20) | (16) | (26) | (29) | | (29) | | (26) | (29) |
% Margin | -64.9% | -36.3% | -23.0% | -43.9% | -66.5% | | -66.5% | | -43.9% | -66.5% |
| | | | | | | | | | |
As Reported | | | | | | | | | | |
Basic EPS (Continuing Ops) | (0.65) | (0.38) | (0.30) | (0.47) | (0.49) | | (0.49) | | (0.47) | (0.49) |
Diluted EPS (Continuing Ops) | (0.65) | (0.38) | (0.30) | (0.47) | (0.49) | | (0.49) | | (0.47) | (0.49) |
| | | | | | | | | | |
WA Basic Shares Out. | 40.71 | 52.51 | 54.34 | 56.16 | 58.40 | | 58.40 | | 56.16 | 58.40 |
WA Diluted Shares Out. | 40.71 | 52.51 | 54.34 | 56.16 | 58.40 | | 58.40 | | 56.16 | 58.40 |
| | | | | | | | | | |
EBITDA, EBIT Reconciliation | | | | | | | | | | |
EBT, Incl. Unusual Items | (26) | (20) | (16) | (27) | (29) | | (29) | | (27) | (29) |
Addback: Net Interest Expense | 0 | (0) | (1) | (2) | (1) | | (1) | | (2) | (1) |
Addback: Other Non Operating Expenses, Total | (0) | (0) | (0) | (0) | (1) | | (1) | | (0) | (1) |
Addback: Depreciation & Amortization | 4 | 4 | 3 | 3 | 2 | | 2 | | 3 | 2 |
Addback: Restructuring Charges | 2 | 0 | 0 | 0 | 2 | | 2 | | 0 | 2 |
Addback: Merger / Acquisition Expenses | 0 | 0 | 0 | 0 | 0 | | 0 | | 0 | 0 |
Addback: Goodwill Impairment | 0 | 0 | 0 | 0 | 0 | | 0 | | 0 | 0 |
Addback: Gain (Loss) On Sale Of Invest. | 0 | 0 | 0 | 0 | 0 | | 0 | | 0 | 0 |
Addback: Gain (Loss) On Sale Of Assets | 0 | 0 | 0 | 0 | 0 | | 0 | | 0 | 0 |
Addback: Asset Writedown | 0 | 0 | 0 | 0 | 0 | | 0 | | 0 | 0 |
Addback: In Process R&D Expenses | 0 | 0 | 0 | 0 | 0 | | 0 | | 0 | 0 |
Addback: Insurance Settlements | 0 | 0 | 0 | 0 | 0 | | 0 | | 0 | 0 |
Addback: Legal Settlements | 0 | 0 | 0 | 0 | 0 | | 0 | | 0 | 0 |
Addback: Other Unusual Items | (1) | 0 | 0 | 0 | 0 | | 0 | | 0 | 0 |
Adjusted EBITDA | (20) | (16) | (14) | (26) | (27) | | (27) | | (26) | (27) |
% Margin | -50.1% | -29.9% | -19.4% | -43.2% | -63.3% | | -63.3% | | -43.2% | -63.3% |
| | | | | | | | | | |
Adjusted EBIT | (25) | (20) | (17) | (29) | (30) | | (30) | | (29) | (30) |
% Margin | -60.0% | -36.3% | -24.0% | -48.0% | -68.8% | | -68.8% | | -48.0% | -68.8% |
| | | | | | | | | | |
Adjusted Net Income Reconciliation | | | | | | | | | | |
Net Income to Company | (27) | (19) | (15) | (27) | (30) | | (30) | | (27) | (30) |
Addback: Unusual Items | 1 | 0 | 0 | 0 | 2 | | 2 | | 0 | 2 |
Less: Tax Benefit of Unusual Items (26%) | (0) | 0 | 0 | 0 | (0) | | (0) | | 0 | (0) |
Adjusted Net Income | (25) | (19) | (15) | (27) | (28) | | (28) | | (27) | (28) |
% Margin | -62.4% | -35.2% | -21.7% | -45.1% | -65.6% | | -65.6% | | -45.1% | -65.6% |