FY 2024 Bookings up 128% Year over Year
Q4 Bookings up 502% Year over Year
Current Cash Position Exceeds
$300 Million
PALO ALTO, Calif., March 13, 2025 --( BUSINESS WIRE )-- D-Wave Quantum Inc. (NYSE: QBTS) ("D-Wave" or the "Company"), a leader in quantum computing systems, software, and services, today announced financial results for its fourth fiscal quarter and year ended December 31, 2024.
"Every day D-Wave’s quantum technology is helping customers gain competitive advantages, discover new scientific breakthroughs, and fuel innovations that were previously unimaginable," said Dr. Alan Baratz, CEO of D-Wave. "Our mission is unwavering - to help organizations realize the benefits of quantum computing now. With record bookings, a record cash position and an unequivocal demonstration of our quantum system outperforming classical on a real-world problem, our progress toward achieving that mission is clear."
Recent Business and Technical Highlights
Financial Results for the Fiscal Year 2024
Fourth Quarter Fiscal 2024 Financial Highlights
Balance Sheet and Liquidity
As of December 31, 2024, D-Wave’s consolidated cash balance totaled $178.0 million and, as of the date of this earnings press release, exceeded $300 million. During the fourth quarter of fiscal 2024, the Company raised $161.3 million in equity through its At-The-Market (ATM) and Equity Line of Credit (ELOC) common stock issuance programs and, during the current first quarter of fiscal 2025, the Company raised an additional $146.2 million under an ATM program for total net proceeds of $307.5 million. Of the $307.5 million, $295.4 million was raised under the ATM programs at an average price per share of $4.30 that was $0.08 higher than the corresponding Volume Weighted Average Price (VWAP) of $4.22 per share. In addition, the Company paid off the remaining balance of its $50 million secured term loan with PSPIB Unitas Investments II Inc. during the fourth quarter.
As of December 31, 2024, the Company had $37.8 million in available issuance capacity under the ELOC with Lincoln Park Capital Fund, LLC, with the investment commitment running through October 2025. D-Wave’s ability to raise additional funds under the ELOC is subject to a number of conditions including having a sufficient number of registered shares and D-Wave's stock price being above $1.00 per share.
First Quarter Fiscal Year 2025 Outlook
|
____________________ |
|
1 "Bookings" is an operating metric that is defined as customer orders received that are expected to generate net revenues in the future. We present the operational metric of Bookings because it reflects customers' demand for our products and services and to assist readers in analyzing our potential performance in future periods. |
|
2 "Non-GAAP Gross Profit", "Non-GAAP Gross Margin", "Non-GAAP Adjusted Operating Expenses", "Adjusted Net Loss", "Adjusted Net Loss per Share" and "Adjusted EBITDA Loss" are non-GAAP financial measures or metrics. Please see the discussion in the section "Non-GAAP Financial Measures" and the reconciliations included at the end of this press release. |
Earnings Conference Call
In conjunction with this announcement, D-Wave will host a conference call on Thursday, March 13, 2025, at 8:00 a.m. (Eastern Time), to discuss the Company’s financial results and business outlook. The live dial-in number is 1-800-717-1738 (domestic) or 1-646-307-1865 (international). Participating in the call will be Chief Executive Officer, Dr. Alan Baratz and Chief Financial Officer, John Markovich.
About D-Wave Quantum Inc.
D-Wave is a leader in the development and delivery of quantum computing systems, software, and services. We are the world’s first commercial supplier of quantum computers, and the only company building both annealing and gate-model quantum computers. Our mission is to help customers realize the value of quantum, today. Our 5,000+ qubit Advantage quantum computers, the world’s largest, are available on-premises or via the cloud, supported by 99.9% availability and uptime. More than 100 organizations trust D-Wave with their toughest computational challenges. With over 200 million problems submitted to our Advantage systems and Advantage2 prototypes to date, our customers apply our technology to address use cases spanning optimization, artificial intelligence, research and more. Learn more about realizing the value of quantum computing today and how we’re shaping the quantum-driven industrial and societal advancements of tomorrow: www.dwavequantum.com .
Non-GAAP Financial Measures
To supplement the financial information presented in accordance with GAAP, we use non-GAAP measures of certain components of financial performance. Each of Non-GAAP gross profit, Non-GAAP gross margin, Adjusted EBITDA loss, Adjusted Net Loss, Adjusted Net Loss per Share, and Non-GAAP adjusted operating expenses is a financial measure that is not required by or presented in accordance with GAAP. Management believes that each measure provides investors an additional meaningful method to evaluate certain aspects of such results period over period. The Company defines each of its non-GAAP financial measures as follows:
The presentation of non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the financial results prepared in accordance with GAAP, and our presentation of non-GAAP measures may be different from non-GAAP measures used by other companies. For a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures, please refer to the reconciliations below.
Forward Looking Statements
Certain statements in this press release are forward-looking, as defined in the Private Securities Litigation Reform Act of 1995. These statements involve risks, uncertainties, and other factors that may cause actual results to differ materially from the information expressed or implied by these forward-looking statements and may not be indicative of future results. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, various factors beyond management’s control, including the risks set forth under the heading "Risk Factors" discussed under the caption "Item 1A. Risk Factors" in Part I of our most recent Annual Report on Form 10-K or any updates discussed under the caption "Item 1A. Risk Factors" in Part II of our Quarterly Reports on Form 10-Q and in our other filings with the SEC. Undue reliance should not be placed on the forward-looking statements in this press release in making an investment decision, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.
|
D-Wave Quantum Inc. |
||||||||
|
Consolidated Balance Sheets |
||||||||
|
( Unaudited ) |
||||||||
|
|
|
|
|
|||||
|
|
December 31, |
|
December 31, |
|||||
|
(In thousands, except share and per share data) |
2024 |
|
2023 |
|||||
|
Assets |
|
|
|
|||||
|
Current assets: |
|
|
|
|||||
|
Cash and cash equivalents |
$ |
177,980 |
|
|
$ |
41,307 |
|
|
|
Trade accounts receivable, net of allowance for doubtful accounts of $176 and zero |
|
1,420 |
|
|
|
1,652 |
|
|
|
Inventories |
|
1,686 |
|
|
|
2,078 |
|
|
|
Prepaid expenses and other current assets |
|
3,954 |
|
|
|
2,009 |
|
|
|
Total current assets |
|
185,040 |
|
|
|
47,046 |
|
|
|
Property and equipment, net |
|
4,133 |
|
|
|
2,551 |
|
|
|
Operating lease right-of-use assets |
|
7,261 |
|
|
|
8,223 |
|
|
|
Intangible assets, net |
|
490 |
|
|
|
179 |
|
|
|
Other non-current assets, net |
|
2,929 |
|
|
|
1,357 |
|
|
|
Total assets |
$ |
199,853 |
|
|
$ |
59,356 |
|
|
|
|
|
|
|
|||||
|
Liabilities and stockholders' deficit |
|
|
|
|||||
|
Current liabilities: |
|
|
|
|||||
|
Trade accounts payable |
$ |
815 |
|
|
$ |
1,465 |
|
|
|
Accrued expenses and other current liabilities |
|
8,784 |
|
|
|
5,343 |
|
|
|
Current portion of operating lease liabilities |
|
1,512 |
|
|
|
1,374 |
|
|
|
Loans payable, net, current |
|
348 |
|
|
|
399 |
|
|
|
Deferred revenue, current |
|
18,686 |
|
|
|
2,669 |
|
|
|
Total current liabilities |
|
30,145 |
|
|
|
11,250 |
|
|
|
Warrant liabilities |
|
69,875 |
|
|
|
1,630 |
|
|
|
Operating lease liabilities, net of current portion |
|
6,389 |
|
|
|
7,028 |
|
|
|
Loans payable, net, non-current (including $— and $31,400 as of December 31, 2024 and December 31, 2023, respectively, at fair value) |
|
30,128 |
|
|
|
63,850 |
|
|
|
Deferred revenue, non-current |
|
670 |
|
|
|
79 |
|
|
|
Total liabilities |
$ |
137,207 |
|
|
$ |
83,837 |
|
|
|
|
|
|
|
|||||
|
Commitments and contingencies |
|
|
|
|||||
|
|
|
|
|
|||||
|
Stockholders' equity (deficit): |
|
|
|
|||||
|
Common stock, par value $0.0001 per share; 675,000,000 shares authorized at both December 31, 2024 and December 31, 2023; 266,595,867 shares and 161,113,744 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively. |
|
27 |
|
|
|
16 |
|
|
|
Additional paid-in capital |
|
700,069 |
|
|
|
469,081 |
|
|
|
Accumulated deficit |
|
(626,940 |
) |
|
|
(483,061 |
) |
|
|
Accumulated other comprehensive loss |
|
(10,510 |
) |
|
|
(10,517 |
) |
|
|
Total stockholders' equity (deficit) |
|
62,646 |
|
|
|
(24,481 |
) |
|
|
Total liabilities and stockholders’ equity (deficit) |
$ |
199,853 |
|
|
$ |
59,356 |
|
|
|
|
||||||||
|
D-Wave Quantum Inc. |
||||||||||||||||
|
Consolidated Statements of Operations and Comprehensive Loss |
||||||||||||||||
|
(Unaudited) |
||||||||||||||||
|
|
||||||||||||||||
|
|
Three Months Ended
|
|
Year Ended
|
|||||||||||||
|
(In thousands, except share and per share data) |
2024 |
|
2023 |
|
2024 |
|
2023 |
|||||||||
|
Revenue |
$ |
2,309 |
|
|
$ |
2,906 |
|
|
$ |
8,827 |
|
|
$ |
8,758 |
|
|
|
Cost of revenue |
|
836 |
|
|
|
939 |
|
|
|
3,264 |
|
|
|
4,136 |
|
|
|
Total gross profit |
|
1,473 |
|
|
|
1,967 |
|
|
|
5,563 |
|
|
|
4,622 |
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|||||||||
|
Research and development |
|
9,752 |
|
|
|
7,956 |
|
|
|
35,300 |
|
|
|
37,878 |
|
|
|
General and administrative |
|
8,126 |
|
|
|
8,139 |
|
|
|
32,422 |
|
|
|
37,014 |
|
|
|
Sales and marketing |
|
3,827 |
|
|
|
2,414 |
|
|
|
15,064 |
|
|
|
10,276 |
|
|
|
Total operating expenses |
|
21,705 |
|
|
|
18,509 |
|
|
|
82,786 |
|
|
|
85,168 |
|
|
|
Loss from operations |
|
(20,232 |
) |
|
|
(16,542 |
) |
|
|
(77,223 |
) |
|
|
(80,546 |
) |
|
|
Other income (expense), net: |
|
|
|
|
|
|
|
|||||||||
|
Interest expense |
|
(417 |
) |
|
|
1,785 |
|
|
|
(3,897 |
) |
|
|
(37 |
) |
|
|
Change in fair value of Term Loan |
|
(10 |
) |
|
|
(716 |
) |
|
|
(645 |
) |
|
|
640 |
|
|
|
Term Loan debt issuance costs |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,118 |
) |
|
|
Gain on investment in marketable securities |
|
— |
|
|
|
— |
|
|
|
1,495 |
|
|
|
— |
|
|
|
Change in fair value of warrant liabilities |
|
(68,264 |
) |
|
|
341 |
|
|
|
(68,245 |
) |
|
|
262 |
|
|
|
Other income (expense), net |
|
2,846 |
|
|
|
(882 |
) |
|
|
4,636 |
|
|
|
(916 |
) |
|
|
Total other income (expense), net |
|
(65,845 |
) |
|
|
528 |
|
|
|
(66,656 |
) |
|
|
(2,169 |
) |
|
|
Net loss |
$ |
(86,077 |
) |
|
$ |
(16,014 |
) |
|
$ |
(143,879 |
) |
|
$ |
(82,715 |
) |
|
|
Net loss per share, basic and diluted |
$ |
(0.37 |
) |
|
$ |
(0.10 |
) |
|
$ |
(0.75 |
) |
|
$ |
(0.60 |
) |
|
|
Weighted-average shares used in computing net loss per share, basic and diluted |
|
232,997,043 |
|
|
|
158,869,112 |
|
|
|
192,129,049 |
|
|
|
137,993,736 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Comprehensive loss: |
|
|
|
|
|
|
|
|||||||||
|
Net loss |
$ |
(86,077 |
) |
|
$ |
(16,014 |
) |
|
$ |
(143,879 |
) |
|
$ |
(82,715 |
) |
|
|
Foreign currency translation adjustment |
|
89 |
|
|
|
(45 |
) |
|
|
7 |
|
|
|
(115 |
) |
|
|
Net comprehensive loss |
$ |
(85,988 |
) |
|
$ |
(16,059 |
) |
|
$ |
(143,872 |
) |
|
$ |
(82,830 |
) |
|
|
|
||||||||||||||||
|
D-Wave Quantum Inc. |
||||||||
|
Consolidated Statements of Cash Flows |
||||||||
|
(Unaudited) |
||||||||
|
|
||||||||
|
|
Year Ended December 31, |
|||||||
|
(in thousands) |
2024 |
|
2023 |
|||||
|
Cash flows from operating activities: |
|
|
|
|||||
|
Net loss |
$ |
(143,879 |
) |
|
$ |
(82,715 |
) |
|
|
Adjustments to reconcile net loss to cash used in operating activities: |
|
|
|
|||||
|
Depreciation and amortization |
|
1,109 |
|
|
|
1,054 |
|
|
|
Stock-based compensation |
|
15,661 |
|
|
|
21,919 |
|
|
|
Amortization of operating right-of-use assets |
|
823 |
|
|
|
791 |
|
|
|
Provision for excess and obsolete inventory |
|
134 |
|
|
|
32 |
|
|
|
Non-cash interest expense, net of cash paid for PIK interest |
|
(1,441 |
) |
|
|
(78 |
) |
|
|
Change in fair value of Warrant liabilities |
|
68,245 |
|
|
|
(262 |
) |
|
|
Change in fair value of Term Loan |
|
645 |
|
|
|
(640 |
) |
|
|
Debt issuance costs netted from Term Loan proceeds |
|
— |
|
|
|
993 |
|
|
|
Gain on marketable securities |
|
(1,495 |
) |
|
|
— |
|
|
|
Unrealized foreign exchange loss (gain) |
|
(3,307 |
) |
|
|
955 |
|
|
|
Change in operating assets and liabilities: |
|
|
|
|||||
|
Trade accounts receivable |
|
137 |
|
|
|
(818 |
) |
|
|
Research incentives receivable |
|
— |
|
|
|
264 |
|
|
|
Inventories |
|
(215 |
) |
|
|
(237 |
) |
|
|
Prepaid expenses and other current assets |
|
(1,580 |
) |
|
|
1,636 |
|
|
|
Trade accounts payable |
|
(570 |
) |
|
|
(2,614 |
) |
|
|
Accrued expenses and other current liabilities |
|
5,520 |
|
|
|
(1,374 |
) |
|
|
Deferred revenue |
|
16,608 |
|
|
|
958 |
|
|
|
Operating lease liability |
|
293 |
|
|
|
(510 |
) |
|
|
Other non-current assets, net |
|
669 |
|
|
|
(3 |
) |
|
|
Net cash used in operating activities |
|
(42,643 |
) |
|
|
(60,649 |
) |
|
|
Cash flows from investing activities: |
|
|
|
|||||
|
Purchase of property and equipment |
|
(2,106 |
) |
|
|
(583 |
) |
|
|
Purchase of convertible note |
|
(1,000 |
) |
|
|
— |
|
|
|
Sales of marketable equity securities |
|
254 |
|
|
|
— |
|
|
|
Expenditures for internal-use software |
|
(289 |
) |
|
|
(47 |
) |
|
|
Net cash used in investing activities |
|
(3,141 |
) |
|
|
(630 |
) |
|
|
Cash flows from financing activities: |
|
|
|
|||||
|
Proceeds from the issuance of common stock pursuant to the Lincoln Park Purchase Agreement |
|
44,285 |
|
|
|
63,676 |
|
|
|
Proceeds from the issuance of common stock in at-the-market offerings, net of issuance costs of $278 |
|
169,906 |
|
|
|
— |
|
|
|
Proceeds from the issuance of common stock upon exercise of stock options |
|
1,347 |
|
|
|
1,897 |
|
|
|
Proceeds from common stock issued under the Employee Stock Purchase Plan |
|
424 |
|
|
|
491 |
|
|
|
Proceeds from Term Loan |
|
— |
|
|
|
29,007 |
|
|
|
Proceeds from government assistance |
|
— |
|
|
|
2,996 |
|
|
|
Payment of tax withheld pursuant to stock-based compensation settlements |
|
(3,142 |
) |
|
|
(416 |
) |
|
|
Short swing profit settlement |
|
— |
|
|
|
244 |
|
|
|
Repayments on Term Loan |
|
(30,000 |
) |
|
|
— |
|
|
|
Repayments on TPC Loan |
|
(370 |
) |
|
|
(374 |
) |
|
|
Repayment of promissory notes - related party |
|
— |
|
|
|
(420 |
) |
|
|
Other debt payments |
|
— |
|
|
|
(1,465 |
) |
|
|
Net cash provided by financing activities |
|
182,450 |
|
|
|
95,636 |
|
|
|
Effect of exchange rate changes on cash and cash equivalents |
|
7 |
|
|
|
(115 |
) |
|
|
Net increase in cash and cash equivalents |
|
136,673 |
|
|
|
34,242 |
|
|
|
Cash and cash equivalents at beginning of period |
|
41,307 |
|
|
|
7,065 |
|
|
|
Cash and cash equivalents at end of period |
$ |
177,980 |
|
|
$ |
41,307 |
|
|
|
|
||||||||
|
D-Wave Quantum Inc. |
||||||||||||||||
|
Reconciliation of Gross Profit to Non-GAAP Gross Profit |
||||||||||||||||
|
|
|
|
|
|
||||||||||||
|
|
|
Three Months Ended
|
|
Year Ended
|
||||||||||||
|
(in thousands of U.S. dollars) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
Gross Profit |
|
$ |
1,473 |
|
|
$ |
1,967 |
|
|
$ |
5,563 |
|
|
$ |
4,622 |
|
|
Gross Margin |
|
|
63.8 |
% |
|
|
67.7 |
% |
|
|
63.0 |
% |
|
|
52.8 |
% |
|
Excluding: |
|
|
|
|
|
|
|
|
||||||||
|
Depreciation and Amortization (1) |
|
|
54 |
|
|
|
54 |
|
|
|
218 |
|
|
|
218 |
|
|
Stock-based compensation (2) |
|
|
159 |
|
|
|
310 |
|
|
|
647 |
|
|
|
1,272 |
|
|
Non-GAAP Gross Profit |
|
$ |
1,686 |
|
|
$ |
2,331 |
|
|
$ |
6,428 |
|
|
$ |
6,112 |
|
|
Non-GAAP Gross Margin |
|
|
73.0 |
% |
|
|
80.2 |
% |
|
|
72.8 |
% |
|
|
69.8 |
% |
|
(1) |
Depreciation and Amortization reflects the Depreciation and Amortization recorded in Cost of Revenue only, which differs from the total Depreciation and Amortization set forth in the Condensed Consolidated Statement of Cash Flows that also includes Depreciation and Amortization recorded in Operating Expenses. |
|
|
(2) |
Stock-based compensation reflects the stock-based compensation recorded in Cost of Revenue only, which differs from the total stock-based compensation set forth in the Condensed Consolidated Statement of Cash flows that also includes stock-based compensation recorded in Operating Expenses. |
|
D-Wave Quantum Inc. |
||||||||||||||||
|
Reconciliation of Operating Expenses to Non-GAAP Operating Expenses |
||||||||||||||||
|
|
||||||||||||||||
|
|
|
Three Months Ended
|
|
Year Ended
|
||||||||||||
|
(in thousands of U.S. dollars) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
Operating expenses |
|
$ |
21,705 |
|
|
$ |
18,509 |
|
|
$ |
82,786 |
|
|
$ |
85,168 |
|
|
Excluding: |
|
|
|
|
|
|
|
|
||||||||
|
Depreciation and Amortization (1) |
|
|
(261 |
) |
|
|
(153 |
) |
|
|
(891 |
) |
|
|
(817 |
) |
|
Stock-based compensation (2) |
|
|
(3,771 |
) |
|
|
(4,248 |
) |
|
|
(15,014 |
) |
|
|
(20,647 |
) |
|
Non-recurring one time expenses (3) |
|
|
(651 |
) |
|
|
(882 |
) |
|
|
(4,437 |
) |
|
|
(3,278 |
) |
|
Non-GAAP Adjusted Operating Expenses |
|
$ |
17,022 |
|
|
$ |
13,226 |
|
|
$ |
62,444 |
|
|
$ |
60,426 |
|
|
(1) |
Depreciation and Amortization reflects the Depreciation and Amortization recorded in the Operating Expenses only, which differs from the total Depreciation and Amortization set forth in the Condensed Consolidated Statement of Cash Flows that also includes Depreciation and Amortization recorded in Cost of Revenue. |
|
|
(2) |
Stock-based compensation reflects the stock-based compensation recorded in Operating Expenses only, which differs from the total stock-based compensation set forth in the Condensed Consolidated Statement of Cash flows that also includes stock-based compensation recorded in Cost of Revenue. |
|
|
(3) |
Non-recurring professional fees and provisions for credit losses, as well as legal, consulting, and accounting fees related to capital markets activities. |
|
D-Wave Quantum Inc. |
||||||||||||||||
|
Reconciliation of Net Loss to Adjusted Net Loss |
||||||||||||||||
|
|
||||||||||||||||
|
|
|
Three Months Ended
|
|
Year Ended
|
||||||||||||
|
(in thousands of U.S. dollars) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
Net loss |
|
$ |
(86,077 |
) |
|
$ |
(16,014 |
) |
|
$ |
(143,879 |
) |
|
$ |
(82,715 |
) |
|
Net loss per share (basic and diluted) |
|
$ |
(0.37 |
) |
|
$ |
(0.10 |
) |
|
$ |
(0.75 |
) |
|
$ |
(0.60 |
) |
|
Excluding: |
|
|
|
|
|
|
|
|
||||||||
|
Change in fair value of warrant liabilities |
|
|
68,264 |
|
|
|
(341 |
) |
|
|
68,245 |
|
|
|
(262 |
) |
|
Adjusted net loss |
|
$ |
(17,813 |
) |
|
$ |
(16,355 |
) |
|
$ |
(75,634 |
) |
|
$ |
(82,977 |
) |
|
Adjusted net loss per share (basic and diluted) |
|
$ |
(0.08 |
) |
|
$ |
(0.10 |
) |
|
$ |
(0.39 |
) |
|
$ |
(0.60 |
) |
|
D-Wave Quantum Inc. |
||||||||||||||||
|
Reconciliation of Net Loss to Adjusted EBITDA Loss |
||||||||||||||||
|
|
||||||||||||||||
|
|
|
Three Months Ended
|
|
Year Ended
|
||||||||||||
|
(in thousands of U.S. dollars) |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
Net loss |
|
$ |
(86,077 |
) |
|
$ |
(16,014 |
) |
|
$ |
(143,879 |
) |
|
$ |
(82,715 |
) |
|
Excluding: |
|
|
|
|
|
|
|
|
||||||||
|
Depreciation and Amortization |
|
|
315 |
|
|
|
207 |
|
|
|
1,109 |
|
|
|
1,035 |
|
|
Stock-based compensation |
|
|
3,930 |
|
|
|
4,557 |
|
|
|
15,661 |
|
|
|
21,919 |
|
|
Interest expense (1) |
|
|
417 |
|
|
|
(1,785 |
) |
|
|
3,897 |
|
|
|
37 |
|
|
Change in fair value of warrant liabilities |
|
|
68,264 |
|
|
|
(341 |
) |
|
|
68,245 |
|
|
|
(262 |
) |
|
Term Loan debt issuance costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,118 |
|
|
Change in fair value of Term Loan |
|
|
10 |
|
|
|
716 |
|
|
|
645 |
|
|
|
(640 |
) |
|
Gain on investment in marketable securities |
|
|
— |
|
|
|
— |
|
|
|
(1,495 |
) |
|
|
— |
|
|
Other (income) expense, net (2) |
|
|
(2,846 |
) |
|
|
882 |
|
|
|
(4,636 |
) |
|
|
916 |
|
|
Non-recurring one time expenses (3) |
|
|
651 |
|
|
|
882 |
|
|
|
4,437 |
|
|
|
3,278 |
|
|
Adjusted EBITDA Loss |
|
$ |
(15,336 |
) |
|
$ |
(10,896 |
) |
|
$ |
(56,016 |
) |
|
$ |
(54,314 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||
|
(1) |
Interest expense primarily reflects the paid-in-kind interest associated with the term loan agreement with PSPIB Unitas Investments II Inc. entered into on April 13, 2023 and fully repaid on October 22, 2024, and interest and adjustments to accrued interest on the SIF Loan. |
|
|
(2) |
Other income (expense), net consists primarily of foreign exchange gains and losses and interest income earned from cash and cash equivalents. |
|
|
(3) |
Non-recurring professional fees and provisions for credit losses, as well as legal, consulting, and accounting fees related to capital markets activities. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250313687646/en/
Contacts
Investor Contact:
Kevin Hunt
[email protected]
Media Contact:
Alex Daigle
[email protected]