Company Drives Future of Smart Mobility with
Launch of Real-Time Traffic Intelligence Solution and Software
Solutions for Automotive, Insurance and Media
Wejo Group Limited (NASDAQ: WEJO) (“Wejo” or the “Company”), a
global leader in cloud and software analytics for connected,
electric, and autonomous mobility, today announced financial
results and key performance indicators (“KPIs”) for the first
quarter ended March 31, 2022.
First Quarter 2022 Financial Highlights
- Net Revenue increased 86% to $568 thousand in the quarter,
driven by strong growth in the Traffic Management product line of
the Wejo Marketplace Data Solutions as well as a 122% increase in
customers compared to the quarter ended March 31, 2021.
- Net loss was $40.3 million, an improvement of 61% from the
prior year period, due to losses on the issuance of the convertible
loan notes and on the fair value of the derivative liability for
the quarter ended March 31, 2021. This improvement was offset by a
loss on fair value on forward purchase agreement, costs for capital
raising activities and higher expenses due to increased headcount
and technology spending for the quarter ended March 31, 2022.
- Adjusted EBITDA1 was a loss of $25.2 million, which is in line
with the Company's outlook as it continues to manage expenses.
- Gross Bookings (defined as the total value of new customer
deals signed in the period) increased over 300% to $6.4 million
compared to the quarter ended March 31, 2021. This increase
represents robust growth in new customers and growth in the
Company's base of recurring revenue in future periods.
- Gross Billings (defined as billed amounts to customers in the
period) increased 138% to $1.9 million and demonstrates the growth
in cash generated from customer activity.
- Annual Recurring Revenue (“ARR”) for the quarter ended March
31, 2022 increased 45% to $4.5 million, as the Company remains
focused on delivering multi-year subscription deals that leverage
its expanding product set. We calculate ARR by taking the gross
Monthly Recurring Revenue (“MRR”) for the last month of the
reporting period and multiplying it by 12. MRR for each month is
calculated by aggregating revenue from customers with contracts
with more than four months in duration and includes recurring
software licenses, data licenses, and subscription agreements.
- Total Contract Value (“TCV,” defined as new and existing
contracts signed to-date as of a date certain) increased 97% to
$27.0 million as of March 31, 2022 compared to the metric as of
March 31, 2021, as Wejo launched new products and added more
leading enterprise customers. Some of our leading new customers
include Inrix, Rekor, and Telenav.
- Generated $1.18 in annualized Gross Bookings per average
monetizable connected vehicle on a rolling four quarter basis, up
146% over the same period last year.
Business Highlights
Over the quarter, Wejo has notably:
- Launched Wejo RTTI™, a real-time traffic intelligence solution
that can be utilized by public agencies, civil engineering firms,
mapping and navigation providers, and logistics companies to get a
more accurate view of real-time road conditions. These insights
allow for a significant impact on road safety and congestion while
enabling more efficient vehicle routing within a community by
utilizing easily digestible real-time traffic data.
- Added two new automotive relationships, bringing the total to
twenty-four OEM, Tier 1 and Fleet partnerships as of the end of the
quarter. Wejo also completed the vehicle onboarding process for
Renault, enabling the Company to make inroads into Europe as well
as position the Company to deliver on its outlook for vehicles on
platform in 2022.
- Signed over 25 new customer agreements in the quarter as the
Company continued to build its presence with both large and small
customers. Specifically, the Company added a new US services
agreement to its OEM partnership with Honda and is in discussions
with a major US insurance company to utilize its data and solutions
to create an end-to-end insurance platform.
- Wejo is working to help accelerate the global shift to mass
autonomous mobility solutions. Wejo plans to use our proprietary
data and intelligence in AV development and testing to simulate
real world driver behavior to make our roads and cities safer for
all as we transition to a more autonomous world.
Richard Barlow, Chief Executive Officer and Founder, said, “We
are extremely excited about Wejo’s progress thus far in 2022 as a
growing number of premier customers recognize the power of our
platform and the impact it can have on their businesses. We have
successfully converted that awareness into significant growth in
Gross Bookings with a substantial number of new customer deals. We
expect that booking momentum to further accelerate over the course
of the year as we launch services in five new product lines and
deploy additional ground-breaking products like Wejo RTTI™, our
real-time traffic intelligence solution. Our increasing success
validates our long-held view that our ability to process data in
real-time – validated by the strong performance of our Traffic
vertical – is the application that no one in the industry can
match. We are excited to continue building on our momentum across
our product lines through 2022 and beyond."
Guidance
Wejo is maintaining its full-year 2022 guidance on net revenue
of more than $10 million, Adjusted EBITDA1 loss of $110 million to
$120 million and vehicles on platform in the range of 27 million to
32 million.
___________________________
1 Adjusted EBITDA is a non-GAAP measure, defined as Loss from
operations excluding: (1) share-based compensation expense; (2)
depreciation of equipment and amortization of intangible assets;
and (3) transaction related costs, when applicable. A
reconciliation of GAAP to non-GAAP financial information is
provided at the end of this press release.
Business Update Call Details
Wejo will host a business update call to discuss the
first-quarter results today at 8:30 am EST. The call will be hosted
by Chief Executive Officer, Richard Barlow and Chief Financial
Officer, John Maxwell, and can be accessed on the Investor
Relations page of Wejo’s website at investors.wejo.com.
Investors and other stakeholders should note that Wejo currently
announces material information using SEC filings, press releases,
public conference calls, and webcasts. In the future, Wejo will
continue to use these channels to distribute material information
about the Company and may also utilize its website and/or various
social media sites to communicate vital information about the
Company, key personnel, latest brands and services, trends, novel
marketing campaigns, corporate initiatives, and other matters.
Information that the Company posts on its website or on social
media channels could be deemed material; therefore, the Company
encourages investors, the media, our customers, business partners
and other stakeholders interested in Wejo to review the information
posted on its website, as well as the following social media
channels: LinkedIn, Twitter, and Instagram.
About Wejo
Wejo Group Limited is a global leader in cloud and software
analytics for connected, electric, and autonomous mobility,
revolutionizing the way we live, work and travel by transforming
and interpreting historic and real-time vehicle data. The Company
enables smarter mobility by organizing trillions of data points
from 16.9 million vehicles, of which 11.8 million were active on
the platform during the prior six months transmitting data in near
real-time, and over 71 billion journeys globally as of March 31,
2022, across multiple brands, makes and models, and then
standardizing and enhancing those streams of data on a vast scale.
Wejo partners with ethical, like-minded companies and organizations
to turn that data into insights that unlock value for consumers.
With the most comprehensive and trusted data, information, and
intelligence, Wejo is creating a smarter, safer, more sustainable
world for all. Founded in 2014, Wejo employs more than 300 people
and has offices in Manchester, UK and in regions where Wejo does
business around the world. For more information, visit:
www.wejo.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. All statements
other than statements of historical fact contained in this release,
including statements regarding the Company’s future operating
results and financial position, business strategy and plans,
objectives of management for future operations, expected funding
mechanism, pipeline, and our future SEC filings, are
forward-looking statements. These statements are based on the
Company’s current expectations, assumptions, estimates and
projections. These statements involve known and unknown risks,
uncertainties and other important factors that may cause the
Company’s actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. Forward-looking statements are based on management’s
current expectations and assumptions regarding the Company’s
business, the economy and other future conditions.
Words such as “expect,” “estimate,” “project,” “forecast,”
“anticipate,” “plan,” “may,” “will,” “could,” “believes,”
“predicts,” “continue,” and similar expressions (or the negative
versions of such words or expressions) are intended to identify
such forward-looking statements. Many factors could cause actual
future events to differ materially from the forward-looking
statements in this press release, including, without limitation,
those factors described in the Company’s filings with the
Securities and Exchange Commission (SEC), including the risk
factors set forth in our Comprehensive Annual Report on Form 10-K/A
filed with the SEC on April 11, 2022, and future filings with the
SEC.
Non-GAAP Financial Measures and Key Performance
Indicators
This release discloses the Company’s Adjusted EBITDA, which is a
non-GAAP financial measure, as well as key performance indicators
such as Total Contract Value, Annual Recurring Revenue, Gross
Billings, Gross Bookings and monetizable vehicles on platform.
Important information regarding such measures is contained in the
definitions included in this release and in Appendix I, the
reconciliation of Adjusted EBITDA to the closest comparable U.S.
GAAP measure, Net Loss. The Company and its management believe that
these non-GAAP measures and KPIs are useful to investors in
measuring the comparable results of the Company period-over-period.
Wejo does not reconcile its forward-looking non-GAAP financial
measure, Adjusted EBITDA, to the corresponding U.S. GAAP measure,
Net Loss, due to variability and difficulty in making accurate
forecasts and projections and/or certain information not being
ascertainable or accessible. Wejo is unable to provide guidance for
this reconciling item because we cannot determine its probable
significance, as certain items are outside of our control and
cannot be reasonably predicted due to the fact that these items
could vary significantly from period to period. Accordingly,
reconciliations to the corresponding U.S. GAAP financial measure is
not available without unreasonable effort.
Wejo Group Limited
Condensed Consolidated Balance
Sheets
(unaudited)
(in thousands, except share
and per share amount)
March 31, 2022
December 31, 2021
Assets
Current assets:
Cash
$
39,731
$
67,322
Accounts receivable, net
2,068
1,416
Forward Purchase Agreement
28,907
45,611
Prepaid expenses and other current
assets
15,793
17,518
Total current assets
86,499
131,867
Property and equipment, net
645
651
Operating lease right-of-use asset
3,260
—
Intangible assets, net
8,859
9,489
Other assets
471
—
Total assets
$
99,734
$
142,007
Liabilities and Shareholders’
Equity
Current liabilities:
Accounts payable, including due to related
party of
$1,130 and $1,464, respectively
$
18,666
$
15,433
Accrued expenses and other current
liabilities
17,258
21,089
Current portion of operating lease
liability
644
—
Income tax payable
378
282
Total current liabilities
36,946
36,804
Non-current liabilities:
Long term portion of operating lease
liability
2,618
—
Long term debt, net of unamortized debt
discount and
debt issuance costs
34,948
33,705
Public Warrants
6,717
12,650
Exchangeable right liability
4,174
11,154
Total liabilities
85,403
94,313
Commitments and contingencies
Shareholders’ equity:
Common shares, $0.001 par value,
634,000,000 shares authorized; 94,666,196 and 93,950,205
shares issued and outstanding as of March
31, 2022 and December 31, 2021, respectively
95
94
Additional paid in capital
419,299
415,304
Accumulated deficit
(410,293
)
(369,951
)
Accumulated other comprehensive income
5,230
2,247
Total shareholders’ equity
14,331
47,694
Total liabilities and shareholders’
equity
$
99,734
$
142,007
Wejo Group Limited
Condensed Consolidated
Statements of Operations and Comprehensive Loss
(unaudited)
(in thousands, except share
and per share amounts)
Three Months Ended March
31,
2022
2021
Revenue, net
$
568
$
305
Costs and operating expenses:
Cost of revenue (exclusive of depreciation
and
amortization shown separately below)
1,317
353
Technology and development
7,297
2,482
Sales and marketing
5,214
2,454
General and administrative
17,729
2,932
Depreciation and amortization
1,098
1,025
Total costs and operating expenses
32,655
9,246
Loss from operations
(32,087
)
(8,941
)
Loss on issuance of convertible loan
notes
—
(33,301
)
Loss on fair value of derivative
liability
—
(56,902
)
Gain on fair value of public warrant
liabilities
5,933
—
Loss on fair value of Forward Purchase
Agreement
(16,704
)
—
Gain on fair value of exchangeable right
liability
6,980
—
Loss on fair value of Advanced
Subscription
Agreements, including related party of nil
and
$(407), respectively
—
(1,272
)
Interest expense
(1,243
)
(1,862
)
Other expense, net
(3,125
)
(79
)
Loss before income taxes
(40,246
)
(102,357
)
Income tax expense
(96
)
—
Net loss
(40,342
)
(102,357
)
Other comprehensive loss:
Foreign currency exchange translation
adjustment
2,983
(571
)
Total comprehensive loss
$
(37,359
)
$
(102,928
)
Net loss per common share - basic and
diluted
$
(0.43
)
$
(2.81
)
Weighted-average basic and diluted common
shares
94,300,245
36,463,696
Wejo Group Limited
Condensed Consolidated
Statements of Cash Flows
(unaudited)
(in thousands)
Three Months Ended March
31,
2022
2021
Operating activities
Net loss
$
(40,342
)
$
(102,357
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Non-cash interest expense
1,243
801
Loss on issuance of convertible loans
—
33,301
Depreciation and amortization
1,098
1,025
Non-cash share-based compensation
expense
996
—
Non-cash expense settled by issuance of
commitment shares
3,000
—
Non-cash lease expense
156
—
Non-cash loss (gain) on foreign currency
remeasurement
4,174
(80
)
Loss on fair value of Advanced
Subscription Agreements
—
1,272
Loss in fair value of derivative
liability
—
56,902
Gain on fair value of warrant
liabilities
(5,933
)
—
Loss on fair value of Forward Purchase
Agreement
16,704
—
Gain on fair value of exchangeable right
liability
(6,980
)
—
Changes in operating assets and
liabilities:
Accounts receivable
(656
)
52
Prepaid expenses and other current
assets
1,332
3,154
Accounts payable
3,839
1,442
Operating lease liability
(155
)
—
Other assets
(480
)
—
Accrued expenses and other liabilities
(1,407
)
(4,119
)
Income tax provision
96
—
Net cash used in operating activities
(23,315
)
(8,607
)
Investing activities
Purchases of property and equipment
(145
)
(126
)
Development of internal software
(662
)
(316
)
Net cash used in investing activities
(807
)
(442
)
Financing activities
Proceeds from issuance of convertible
loans
—
16,115
Payment of issuance costs of convertible
loans
—
(998
)
Payment of transaction costs
(2,085
)
—
Repayment of other loan
—
(84
)
Proceeds from issuance of related party
debt
—
17
Payment of deferred financing costs
—
(100
)
Net cash (used in) provided by financing
activities
(2,085
)
14,950
Effect of exchange rate changes on
cash
(1,384
)
145
Net (decrease) increase in cash
(27,591
)
6,046
Cash at beginning of period
67,322
14,421
Cash at end of period
$
39,731
$
20,467
Non-cash financing activities
Property and equipment purchases in
accounts payable
$
24
$
—
Transaction costs included in accounts
payable and accrued expenses
$
6,391
$
—
Right-of-use asset obtained in exchange
for new operating lease liability
$
3,481
$
—
Deferred offering costs included in
accounts payable and accrued expenses
$
—
$
2,070
Wejo Group Limited
Reconciliation of Net Loss to
Adjusted EBITDA
(unaudited)
(in thousands)
Three Months Ended March
31,
2022
2021
Net loss
$
(40,342
)
$
(102,357
)
Income tax expense
96
—
Loss before income taxes
(40,246
)
(102,357
)
Interest expense
1,243
1,862
Loss on issuance of convertible loan
notes
—
33,301
Loss on fair value of derivative
liability
—
56,902
Gain on fair value of public warrant
liabilities
(5,933
)
—
Loss on fair value of Forward Purchase
Agreement
16,704
—
Gain on fair value of exchangeable right
liability
(6,980
)
—
Loss on fair value of Advanced
Subscription Agreements
—
1,272
Other expense, net
3,125
79
Loss from operations
(32,087
)
(8,941
)
Add (Subtract):
Depreciation and amortization
1,098
1,025
Transaction costs
4,801
—
Share-based compensation expense
996
—
Adjusted EBITDA
$
(25,192
)
$
(7,916
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220515005076/en/
Investors: Tahmin Clarke investor.relations@wejo.com
Idalia Rodriguez Arbor Advisory Group
investor.relations@wejo.com
Wejo (NASDAQ:WEJO)
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