RKLB Rocket Lab USA Inc

Rocket Lab USA, Inc. (Nasdaq: RKLB) (“Rocket Lab” or “the Company”), a global leader in launch services and space systems, today shared the financial results for fiscal second quarter, ended June 30, 2024.

Rocket Lab founder and CEO, Sir Peter Beck, said: “This year’s second quarter was Rocket Lab’s highest revenue quarter in Company history at $106 million. This 71% year-on-year revenue increase demonstrates the strong and growing demand for our launch services and space systems products, and importantly, our team’s ability to execute against it. Meanwhile, we reached a critical milestone in the development of our new medium lift rocket Neutron, with the successful completion of the first hot fire for the Archimedes engine. Over the same period, we made significant progress in Neutron production and launch infrastructure with the scaling of engine production facilities, installation of the automated fiber placement machine that will produce Neutron’s largest carbon fiber structures, and we furthered development of Launch Complex 3 and the integration and assembly facility on site in Wallops, Virginia. On the small launch front, Electron remains the leading small rocket globally with successful launches in the quarter for government and commercial customers, and demand for it continues to grow with 17 new launches signed so far this year. We also continue to reach development and production milestones across our space systems programs, in which we have more than $720 million in spacecraft under contract. Some significant achievements on this front include the completion of twin Rocket Lab-designed and built satellites for a NASA mission to Mars, as well as completing successful development reviews for the government and commercial constellations we have in work.”

Business Highlights for the Second Quarter 2024, plus updates since June 30, 2024:

• Achieved our highest revenue quarter in Company history at $106 million.
• Successful Electron launches for NASA, commercial constellation operators Synspective, Kineis, and the Korea Advanced Institute of Science and Technology (KAIST). Electron remains the most frequently launched small rocket globally and Electron launches have accounted for 64% of all non-SpaceX orbital U.S. launches in 2024 to date.
• Successfully launched our 50th Electron mission, reaching 50 launches faster than any commercially developed rocket in history.
• Demonstrated pinpoint deployment accuracy by launching customer payload to within eight meters of target orbit (accepted industry tolerance is typically 15 kilometers).
• Signed 17 new launch contracts year-to-date, including multi-launch deals with commercial constellation operators, a HASTE (Hypersonic Accelerator Suborbital Test Electron) launch for a government customer, and two highly complex missions for the Department of Defense, including a responsive launch demonstration in which Rocket Lab will build a spacecraft, as well as launch and operate it as an end-to-end space service.
• Reached major development milestone with successful completion of first Archimedes engine hot fire. Now moving into full production for remaining flight engines.
• Significant progress made in development and flight hardware of Neutron structures, fairing, avionics, and flight software.
• Infrastructure development progressing to support first Neutron flight and operational launch cadence, including scaling Archimedes engine production line, arrival of long lead cryogenic systems at launch site, installation of automated fiber placement machine for Neutron production, and entering final construction phase of establishing final assembly facility at Wallops, Virginia.
• Completed production of two spacecraft for NASA’s ESCAPADE mission to Mars, scheduled to launch this year.
• Signed preliminary terms for $49.4m in state and federal funding, including a portion under the CHIPS Act, to expand production of solar cells in Albuquerque, New Mexico.
• Progressing development and production of spacecraft for Varda Space Industries, as well as constellations on contract for the Space Development Agency and MDA/Globalstar.
• Introduced a new satellite dispenser at the Small Satellite Conference in Utah to provide customers with more flexibility when designing spacecraft.

Third Quarter 2024 Guidance

For the third quarter of 2024, Rocket Lab expects:

• Revenue between $100 million and $105 million.
• Space Systems revenue between $79 million and $84 million.
• Launch Services revenue of approximately $21 million.
• GAAP Gross Margins between 25% and 27%.
• Non-GAAP Gross Margins between 30% and 32%.
• GAAP Operating Expenses between $80 million and $82 million.
• Non-GAAP Operating Expenses between $69 million and $71 million.
• Expected Interest Expense (Income), net $1 million.
• Adjusted EBITDA loss of $31 million to $33 million.
• Basic Shares Outstanding of 498 million.

See “Use of Non-GAAP Financial Measures” below for an explanation of our use of Non-GAAP financial measures, and the reconciliation of historical Non-GAAP measures to the comparable GAAP measures in the tables attached to this press release. We have not provided a reconciliation for the forward-looking Non-GAAP Gross Margin, Non-GAAP Operating Expenses or Adjusted EBITDA expectations for Q3 2024 described above because, without unreasonable efforts, we are unable to predict with reasonable certainty the amount and timing of adjustments that are used to calculate these non-GAAP financial measures, particularly related to stock-based compensation and its related tax effects. Stock-based compensation is currently expected to range from $12 million to $14 million in Q3 2024.

Conference Call Information

Rocket Lab will host a conference call for investors at 2 p.m. PT (5 p.m. ET) today to discuss these business highlights and financial results for our second quarter, to provide our outlook for the third quarter, and other updates.

The live webcast and a replay of the webcast will be available on Rocket Lab’s Investor Relations website: https://investors.rocketlabusa.com/events-and-presentations/events

About Rocket Lab

Founded in 2006, Rocket Lab is an end-to-end space company with an established track record of mission success. We deliver reliable launch services, satellite manufacture, spacecraft components, and on-orbit management solutions that make it faster, easier and more affordable to access space. Headquartered in Long Beach, California, Rocket Lab designs and manufactures the Electron small orbital launch vehicle, various satellite platforms, and is developing the Neutron launch vehicle for large spacecraft and constellation deployment. From its first orbital launch in January 2018 to date, Rocket Lab’s Electron launch vehicle has become the second most frequently launched U.S. rocket annually and has delivered 191 satellites to orbit for private and public sector organizations, enabling operations in national security, scientific research, space debris mitigation, Earth observation, climate monitoring, and communications. Rocket Lab’s Photon spacecraft platform has been selected to support NASA missions to the Moon and Mars, as well as the first private commercial mission to Venus. Rocket Lab has three launch pads at two launch sites, including two launch pads at a private orbital launch site located in New Zealand and a third launch site in Virginia, USA. To learn more, visit www.rocketlabusa.com.

+ FORWARD-LOOKING STATEMENTS

This press release may contain certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, contained in this press release, including statements regarding our expectations of financial results for the third quarter of 2024, strategy, future operations, future financial position, projected costs, prospects, plans and objectives of management, are forward-looking statements. Words such as, but not limited to, “anticipate,” “aim,” “believe,” “contemplate,” “continue,” “could,” “design,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “seek,” “should,” “suggest,” “strategy,” “target,” “will,” “would,” and similar expressions or phrases, or the negative of those expressions or phrases, are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements are based on Rocket Lab’s current expectations and beliefs concerning future developments and their potential effects. These forward-looking statements involve a number of risks, uncertainties (many of which are beyond Rocket Lab’s control), or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. Many factors could cause actual future events to differ materially from the forward-looking statements in this release, including risks related to delays and disruptions in expansion efforts; delays in the development of our Neutron rocket; our dependence on a limited number of customers; the harsh and unpredictable environment of space in which our products operate which could adversely affect our launch vehicle and spacecraft; increased competition in our industry due in part to rapid technological development; technological change in our industry which we may not be able to keep up with or which may render our services uncompetitive; average selling price trends; general economic uncertainty and turbulence which could impact our customers’ ability to pay what we are owed; failure of our launch vehicles, spacecraft and components to operate as intended either due to our error in design, in engineering, in production or through no fault of our own; launch schedule disruptions; supply chain disruptions, product delays or failures; launch failures; natural disasters and epidemics or pandemics; any inability to effectively integrate recently acquired assets; a US government shutdown or delays in government funding; changes in governmental regulations including with respect to trade and export restrictions, or in the status of our regulatory approvals or applications; or other events that force us to cancel or reschedule launches, including customer contractual rescheduling and termination rights; risks that acquisitions may not be completed on the anticipated time frame or at all or do not achieve the anticipated benefits and results; and the other risks detailed from time to time in Rocket Lab’s filings with the Securities and Exchange Commission (the “SEC”), including under the heading “Risk Factors” in Rocket Lab’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which was filed with the SEC on February 28, 2024, and elsewhere. There can be no assurance that the future developments affecting Rocket Lab will be those that we have anticipated. Except as required by law, Rocket Lab is not undertaking any obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Notes to Editor: All dollar amounts in this press release are expressed in U.S. dollars, unless otherwise stated.

+ USE OF NON-GAAP FINANCIAL MEASURES

We supplement the reporting of our financial information determined under Generally Accepted Accounting Principles in the United States of America (“GAAP”) with certain non-GAAP financial information. The non-GAAP financial information presented excludes certain significant items that may not be indicative of, or are unrelated to, results from our ongoing business operations. We believe that these non-GAAP measures provide investors with additional insight into the company's ongoing business performance. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. We encourage investors to review our financial statements and publicly filed reports in their entirety and not to rely on any single financial measure. Reconciliation of the non-GAAP financial information to the corresponding GAAP measures for the historical periods disclosed are included at the end of the tables in this press release. We have not provided a reconciliation for forward-looking non-GAAP financial measures because, without unreasonable efforts, we are unable to predict with reasonable certainty the amount and timing of adjustments that are used to calculate these non-GAAP financial measures, particularly related to stock-based compensation and its related tax effects. The following definitions are provided:

+ ADJUSTED EBITDA

EBITDA is defined as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA further excludes items of income or loss that we characterize as unrepresentative of our ongoing operations. Such items are excluded from net income or loss to determine Adjusted EBITDA. Management believes this measure provides investors meaningful insight into results from ongoing operations.

+ OTHER NON-GAAP FINANCIAL MEASURES

Non-GAAP gross profit, research and development, net, selling, general and administrative, operating expenses, operating loss and total other income (expense), net, further excludes items of income or loss that we characterize as unrepresentative of our ongoing operations. Such items are excluded from the applicable GAAP financial measure. Management believes these non-GAAP measures provide investors meaningful insight into results from ongoing operations.

ROCKET LAB U.S.A., INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023

(unaudited; in thousands, except share and per share data)

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2024

 

2023

 

2024

 

2023

Revenues

 

$

106,251

 

 

$

62,045

 

 

$

199,018

 

 

$

116,940

 

Cost of revenues

 

 

79,089

 

 

 

47,452

 

 

 

147,682

 

 

 

95,990

 

Gross profit

 

 

27,162

 

 

 

14,593

 

 

 

51,336

 

 

 

20,950

 

Operating expenses:

 

 

 

 

 

 

 

 

Research and development, net

 

 

39,912

 

 

 

31,035

 

 

 

78,416

 

 

 

54,940

 

Selling, general and administrative

 

 

30,524

 

 

 

28,717

 

 

 

59,273

 

 

 

57,186

 

Total operating expenses

 

 

70,436

 

 

 

59,752

 

 

 

137,689

 

 

 

112,126

 

Operating loss

 

 

(43,274

)

 

 

(45,159

)

 

 

(86,353

)

 

 

(91,176

)

Other income (expense):

 

 

 

 

 

 

 

 

Interest expense, net

 

 

(824

)

 

 

(745

)

 

 

(1,722

)

 

 

(1,430

)

(Loss) gain on foreign exchange

 

 

(286

)

 

 

(90

)

 

 

25

 

 

 

44

 

Other income, net

 

 

1,893

 

 

 

866

 

 

 

1,304

 

 

 

2,343

 

Total other income (expense), net

 

 

783

 

 

 

31

 

 

 

(393

)

 

 

957

 

Loss before income taxes

 

 

(42,491

)

 

 

(45,128

)

 

 

(86,746

)

 

 

(90,219

)

Benefit (provision) for income taxes

 

 

860

 

 

 

(761

)

 

 

855

 

 

 

(1,287

)

Net loss

 

$

(41,631

)

 

$

(45,889

)

 

$

(85,891

)

 

$

(91,506

)

Net loss per share attributable to Rocket Lab USA, Inc.:

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(0.08

)

 

$

(0.10

)

 

$

(0.17

)

 

$

(0.19

)

Weighted-average common shares outstanding:

 

 

 

 

 

 

 

 

Basic and diluted

 

 

494,190,708

 

 

 

479,735,858

 

 

 

492,092,709

 

 

 

477,977,551

 

ROCKET LAB U.S.A., INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

AS OF JUNE 30, 2024 AND DECEMBER 31, 2023

(unaudited; in thousands, except share and per share data)

 

 

 

 

 

 

 

June 30, 2024

(unaudited)

 

December 31,

2023

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

340,911

 

 

$

162,518

 

Marketable securities, current

 

 

155,844

 

 

 

82,255

 

Accounts receivable, net

 

 

50,476

 

 

 

35,176

 

Contract assets

 

 

18,744

 

 

 

12,951

 

Inventories

 

 

104,539

 

 

 

107,857

 

Prepaids and other current assets

 

 

81,322

 

 

 

66,949

 

Assets held for sale

 

 

—

 

 

 

9,016

 

Total current assets

 

 

751,836

 

 

 

476,722

 

Non-current assets:

 

 

 

 

Property, plant and equipment, net

 

 

155,894

 

 

 

145,409

 

Intangible assets, net

 

 

64,243

 

 

 

68,094

 

Goodwill

 

 

71,020

 

 

 

71,020

 

Right-of-use assets - operating leases

 

 

55,283

 

 

 

59,401

 

Right-of-use assets - finance leases

 

 

14,667

 

 

 

14,987

 

Marketable securities, non-current

 

 

46,411

 

 

 

79,247

 

Restricted cash

 

 

3,640

 

 

 

3,916

 

Deferred income tax assets, net

 

 

1,573

 

 

 

3,501

 

Other non-current assets

 

 

24,031

 

 

 

18,914

 

Total assets

 

$

1,188,598

 

 

$

941,211

 

Liabilities and Stockholders’ Equity

 

 

 

 

Current liabilities:

 

 

 

 

Trade payables

 

$

26,468

 

 

$

29,303

 

Accrued expenses

 

 

11,937

 

 

 

5,590

 

Employee benefits payable

 

 

13,918

 

 

 

16,342

 

Contract liabilities

 

 

184,042

 

 

 

139,338

 

Current installments of long-term borrowings

 

 

11,345

 

 

 

17,764

 

Other current liabilities

 

 

18,731

 

 

 

15,036

 

Total current liabilities

 

 

266,441

 

 

 

223,373

 

Non-current liabilities:

 

 

 

 

Convertible senior notes, net

 

 

344,344

 

 

 

—

 

Long-term borrowings, net, excluding current installments

 

 

50,061

 

 

 

87,587

 

Non-current operating lease liabilities

 

 

52,888

 

 

 

56,099

 

Non-current finance lease liabilities

 

 

15,112

 

 

 

15,238

 

Deferred tax liabilities

 

 

619

 

 

 

426

 

Other non-current liabilities

 

 

3,953

 

 

 

3,944

 

Total liabilities

 

 

733,418

 

 

 

386,667

 

COMMITMENTS AND CONTINGENCIES

 

 

 

 

Stockholders’ equity:

 

 

 

 

Common stock, $0.0001 par value; authorized shares: 2,500,000,000; issued and outstanding shares: 496,500,849 and 488,923,055 at June 30, 2024 and December 31, 2023, respectively

 

 

50

 

 

 

49

 

Additional paid-in capital

 

 

1,165,322

 

 

 

1,176,484

 

Accumulated deficit

 

 

(709,417

)

 

 

(623,526

)

Accumulated other comprehensive income (loss)

 

 

(775

)

 

 

1,537

 

Total stockholders’ equity

 

 

455,180

 

 

 

554,544

 

Total liabilities and stockholders’ equity

 

$

1,188,598

 

 

$

941,211

 

ROCKET LAB U.S.A., INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2023

(unaudited; in thousands)

 

 

 

For the Six Months Ended June 30,

 

 

2024

 

2023

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

Net loss

 

$

(85,891

)

 

$

(91,506

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

Depreciation and amortization

 

 

16,421

 

 

 

13,785

 

Stock-based compensation expense

 

 

27,048

 

 

 

29,300

 

(Gain) loss on disposal of assets

 

 

(1,192

)

 

 

27

 

Loss on extinguishment of long-term debt

 

 

1,330

 

 

 

—

 

Amortization of debt issuance costs and discount

 

 

1,454

 

 

 

1,431

 

Noncash lease expense

 

 

2,959

 

 

 

2,026

 

Change in the fair value of contingent consideration

 

 

(218

)

 

 

1,600

 

Accretion of marketable securities purchased at a discount

 

 

(1,605

)

 

 

(2,116

)

Deferred income taxes

 

 

2,000

 

 

 

248

 

Changes in operating assets and liabilities:

 

 

 

 

Accounts receivable, net

 

 

(15,420

)

 

 

11,433

 

Contract assets

 

 

(5,793

)

 

 

(7,264

)

Inventories

 

 

2,530

 

 

 

(10,611

)

Prepaids and other current assets

 

 

(4,638

)

 

 

(10,839

)

Other non-current assets

 

 

(5,289

)

 

 

(5,634

)

Trade payables

 

 

(1,930

)

 

 

13,234

 

Accrued expenses

 

 

6,566

 

 

 

(2,845

)

Employee benefits payables

 

 

(1,064

)

 

 

4,116

 

Contract liabilities

 

 

44,718

 

 

 

26,230

 

Other current liabilities

 

 

4,222

 

 

 

(1,881

)

Non-current lease liabilities

 

 

(2,860

)

 

 

(1,942

)

Other non-current liabilities

 

 

1,064

 

 

 

(241

)

Net cash used in operating activities

 

 

(15,588

)

 

 

(31,449

)

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

Purchases of property, equipment and software

 

 

(34,521

)

 

 

(23,246

)

Proceeds on disposal of assets, net

 

 

10,815

 

 

 

—

 

Cash paid for asset acquisition

 

 

—

 

 

 

(16,119

)

Purchases of marketable securities

 

 

(113,274

)

 

 

(132,000

)

Maturities of marketable securities

 

 

73,883

 

 

 

154,176

 

Net cash used in investing activities

 

 

(63,097

)

 

 

(17,189

)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

Proceeds from the exercise of stock options and public warrants

 

 

1,159

 

 

 

1,808

 

Proceeds from Employee Stock Purchase Plan

 

 

2,665

 

 

 

2,522

 

Proceeds from sale of employees restricted stock units to cover taxes

 

 

9,270

 

 

 

7,801

 

Minimum tax withholding paid on behalf of employees for restricted stock units

 

 

(9,479

)

 

 

(6,968

)

Payment of contingent consideration

 

 

—

 

 

 

(1,000

)

Purchase of capped calls related to issuance of convertible senior notes

 

 

(43,168

)

 

 

—

 

Proceeds from issuance of convertible senior notes

 

 

355,000

 

 

 

—

 

Repayments on Trinity Loan Agreement

 

 

(45,822

)

 

 

—

 

Payment of debt issuance costs

 

 

(12,205

)

 

 

—

 

Finance lease principal payments

 

 

(477

)

 

 

(160

)

Net cash provided by financing activities

 

 

256,943

 

 

 

4,003

 

Effect of exchange rate changes on cash and cash equivalents

 

 

(141

)

 

 

(482

)

Net increase (decrease) in cash and cash equivalents and restricted cash

 

 

178,117

 

 

 

(45,117

)

Cash and cash equivalents, and restricted cash, beginning of period

 

 

166,434

 

 

 

245,871

 

Cash and cash equivalents, and restricted cash, end of period

 

$

344,551

 

 

$

200,754

 

ROCKET LAB U.S.A., INC. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023

(unaudited; in thousands)

 

The tables provided below reconcile the non-GAAP financial measures Adjusted EBITDA, Non-GAAP gross profit, Non-GAAP research and development, net, Non-GAAP selling, general and administrative, Non-GAAP operating expenses, Non-GAAP operating loss and Non-GAAP total other income (expense), net with the most directly comparable GAAP financial measures. See above for additional information on the use of these non-GAAP financial measures.

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2024

 

2023

 

2024

 

2023

NET LOSS

 

$

(41,631

)

 

$

(45,889

)

 

$

(85,891

)

 

$

(91,506

)

Depreciation

 

 

4,796

 

 

 

3,513

 

 

 

9,720

 

 

 

7,226

 

Amortization

 

 

3,312

 

 

 

3,239

 

 

 

6,701

 

 

 

6,559

 

Stock-based compensation expense

 

 

13,955

 

 

 

15,264

 

 

 

27,048

 

 

 

29,300

 

Transaction costs

 

 

12

 

 

 

4

 

 

 

384

 

 

 

169

 

Interest expense, net

 

 

824

 

 

 

745

 

 

 

1,722

 

 

 

1,430

 

Change in fair value of contingent consideration

 

 

53

 

 

 

1,300

 

 

 

(218

)

 

 

1,600

 

Performance reserve escrow

 

 

—

 

 

 

1,788

 

 

 

—

 

 

 

3,626

 

(Benefit) provision for income taxes

 

 

(860

)

 

 

761

 

 

 

(855

)

 

 

1,287

 

Loss (gain) on foreign exchange

 

 

286

 

 

 

90

 

 

 

(25

)

 

 

(44

)

Accretion of marketable securities purchased at a discount

 

 

(764

)

 

 

(989

)

 

 

(1,606

)

 

 

(2,154

)

(Gain) loss on disposal of assets

 

 

(1,195

)

 

 

22

 

 

 

(1,192

)

 

 

27

 

Employee retention credit

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(3,841

)

Loss on extinguishment of debt

 

 

—

 

 

 

—

 

 

 

1,330

 

 

 

—

 

ADJUSTED EBITDA

 

$

(21,212

)

 

$

(20,152

)

 

$

(42,882

)

 

$

(46,321

)

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2024

 

2023

 

2024

 

2023

GAAP Gross profit

 

$

27,162

 

 

$

14,593

 

 

$

51,336

 

 

$

20,950

 

Stock-based compensation

 

 

3,673

 

 

 

3,330

 

 

 

7,176

 

 

 

7,143

 

Amortization of purchased intangibles and favorable lease

 

 

1,741

 

 

 

1,709

 

 

 

3,484

 

 

 

3,419

 

Performance reserve escrow

 

 

—

 

 

 

76

 

 

 

—

 

 

 

133

 

Employee retention credit

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(2,130

)

Non-GAAP Gross profit

 

$

32,576

 

 

$

19,708

 

 

$

61,996

 

 

$

29,515

 

Non-GAAP Gross margin

 

 

30.7

%

 

 

31.8

%

 

 

31.2

%

 

 

25.2

%

 

 

 

 

 

 

 

 

 

GAAP Research and development, net

 

$

39,912

 

 

$

31,035

 

 

$

78,416

 

 

$

54,940

 

Stock-based compensation

 

 

(5,049

)

 

 

(6,652

)

 

 

(9,034

)

 

 

(11,674

)

Amortization of purchased intangibles and favorable lease

 

 

(155

)

 

 

(9

)

 

 

(384

)

 

 

(18

)

Employee retention credit

 

 

—

 

 

 

—

 

 

 

—

 

 

 

631

 

Non-GAAP Research and development, net

 

$

34,708

 

 

$

24,374

 

 

$

68,998

 

 

$

43,879

 

 

 

 

 

 

 

 

 

 

GAAP Selling, general and administrative

 

$

30,524

 

 

$

28,717

 

 

$

59,273

 

 

$

57,186

 

Stock-based compensation

 

 

(5,233

)

 

 

(5,282

)

 

 

(10,838

)

 

 

(10,483

)

Amortization of purchased intangibles and favorable lease

 

 

(1,382

)

 

 

(1,395

)

 

 

(2,314

)

 

 

(2,829

)

Transaction costs

 

 

(12

)

 

 

(4

)

 

 

(384

)

 

 

(169

)

Performance reserve escrow

 

 

—

 

 

 

(1,712

)

 

 

—

 

 

 

(3,493

)

Change in fair value of contingent consideration

 

 

(53

)

 

 

(1,300

)

 

 

218

 

 

 

(1,600

)

Employee retention credit

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,080

 

Non-GAAP Selling, general and administrative

 

$

23,844

 

 

$

19,024

 

 

$

45,955

 

 

$

39,692

 

 

 

 

 

 

 

 

 

 

GAAP Operating expenses

 

$

70,436

 

 

$

59,752

 

 

$

137,689

 

 

$

112,126

 

Stock-based compensation

 

 

(10,282

)

 

 

(11,934

)

 

 

(19,872

)

 

 

(22,157

)

Amortization of purchased intangibles and favorable lease

 

 

(1,537

)

 

 

(1,404

)

 

 

(2,698

)

 

 

(2,847

)

Transaction costs

 

 

(12

)

 

 

(4

)

 

 

(384

)

 

 

(169

)

Performance reserve escrow

 

 

—

 

 

 

(1,712

)

 

 

—

 

 

 

(3,493

)

Change in fair value of contingent consideration

 

 

(53

)

 

 

(1,300

)

 

 

218

 

 

 

(1,600

)

Employee retention credit

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,711

 

Non-GAAP Operating expenses

 

$

58,552

 

 

$

43,398

 

 

$

114,953

 

 

$

83,571

 

 

 

 

 

 

 

 

 

 

GAAP Operating loss

 

$

(43,274

)

 

$

(45,159

)

 

$

(86,353

)

 

$

(91,176

)

Total non-GAAP adjustments

 

 

17,298

 

 

 

21,469

 

 

 

33,396

 

 

 

37,120

 

Non-GAAP Operating loss

 

$

(25,976

)

 

$

(23,690

)

 

$

(52,957

)

 

$

(54,056

)

 

 

 

 

 

 

 

 

 

GAAP Total other income (expense), net

 

$

783

 

 

$

31

 

 

$

(393

)

 

$

957

 

Loss (gain) on foreign exchange

 

 

286

 

 

 

90

 

 

 

(25

)

 

 

(44

)

(Gain) loss on disposal of assets

 

 

(1,195

)

 

 

22

 

 

 

(1,192

)

 

 

27

 

Loss on extinguishment of debt

 

 

—

 

 

 

—

 

 

 

1,330

 

 

 

—

 

Non-GAAP Total other income (expense), net

 

$

(126

)

 

$

143

 

 

$

(280

)

 

$

940

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240808283474/en/

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