Revenue of $66 Million for Full Year 2022 Meets Full Year Outlook
Company Achieves Positive Gross Margins in Q4
BEDFORD, Mass. , March 29, 2023 (GLOBE NEWSWIRE) -- Berkshire Grey Inc. (Nasdaq: BGRY) (the “Company”), a leader in AI-enabled robotic solutions that automate supply chain processes, today announced results for its fourth quarter and year ended December 31, 2022. The Company:
“We had another strong quarter in terms of execution, and we continue to make significant progress improving our financial performance,” said Tom Wagner, Chief Executive Officer of the Company. “Our customers are impressed with the ability of our AI-enabled robotics solutions to increase efficiency and drive out costs across their logistics operations.”
Full Year 2022 Financial Highlights
About Berkshire Grey Berkshire Grey (Nasdaq: BGRY) helps customers radically change the essential way they do business by delivering game-changing technology that combines AI and robotics to automate fulfillment, supply chain, and logistics operations. Berkshire Grey solutions are a fundamental engine of change that transform pick, pack, move, store, organize, and sort operations to deliver competitive advantage for enterprises serving today’s connected consumers. Berkshire Grey customers include Global 100 retailers and logistics service providers. More information is available at www.berkshiregrey.com.
Non-GAAP Financial Measures In addition to our financial results determined in accordance with U.S. generally accepted accounting principles (“GAAP”), we believe that Adjusted EBITDA, a non-GAAP financial measure, is useful in evaluating the performance of our business. We define Adjusted EBITDA as net loss less other income or expense, income taxes, depreciation, and amortization expense, change in fair value of warrant liabilities, FedEx warrant provision, and stock-based compensation expense. This non-GAAP measure has limitations as an analytical tool. We do not, nor do we suggest that investors should, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors should also note that the non-GAAP financial measures we use may not be the same non-GAAP financial measures, and may not be calculated in the same manner, as that of other companies. We recommend that investors review the reconciliation of this non-GAAP measure to the most directly comparable GAAP financial measure provided in the financial statement tables included below in this press release, and not rely on any single financial measure to evaluate our business.
Cautionary Note Regarding Forward-Looking StatementsThis communication contains certain forward-looking statements within the meaning of 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 communication, including statements regarding Berkshire Grey’s beliefs regarding future operating performance and demand for Berkshire Grey’s solutions in general, are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions. The forward-looking statements in this communication are only predictions. Berkshire Grey has based these forward-looking statements on current information and management’s current expectations and beliefs. These forward-looking statements are subject to a number of significant risks and uncertainties, including, without limitation (a) risks and uncertainties related to Berkshire Grey’s proposed merger with a wholly-owned subsidiary of SoftBank Group Corp. (the “Proposed Merger”) such as (i) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement; (ii) the failure to obtain stockholder approval of the Proposed Merger; (iii) the failure to obtain certain required regulatory approvals to the completion of the Proposed Merger or the failure to satisfy any of the other conditions to the completion of the Proposed Merger; (iv) the effect of the announcement of the Proposed Merger on the ability of the Company to retain and hire key personnel and maintain relationships with its key business partners and customers, and others with whom it does business, or on its operating results and businesses generally; (v) the response of the Company’s competitors to the Proposed Merger; (vi) risks associated with the disruption of management’s attention from ongoing business operations due to the Proposed Merger; (vii) the ability to meet expectations regarding the timing and completion of the Proposed Merger; (viii) significant costs associated with the Proposed Merger, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the Proposed Merger; (ix) potential litigation relating to the Proposed Merger; (x) restrictions during the pendency of the Proposed Merger that may impact the Company’s ability to pursue certain business opportunities; (xi) the outcome of any legal proceedings that may be instituted against the parties and others following announcement of the merger agreement; and (xii) the completion of the convertible note financing that was agreed to with the merger agreement; (b) current and future conditions in the global economy, including as a result of the impact of the COVID-19 pandemic, inflation and rising interest rates; (c) the loss of any customers, or the termination of existing contracts by any customers; (d) the inability to penetrate new markets and generate revenues from the pipeline; (e) demand for Berkshire Grey products and services from FedEx and other customers that does not grow as expected; (f) dependence on a limited number of third-party contract manufacturers; (g) the failure to manage any growth in the company or its business; (h) increased competition; (i) the difficulty of predicting order flow and revenue generated from Berkshire Grey’s small number of customers with generally large order sizes and many variables that can impact project schedules and the completion of sales; (j) risks associated with Berkshire Grey’s plans to develop and commercialize its product candidates to meet constantly evolving customer demands; (k) Berkshire Grey’s ability to maintain and establish collaborations or obtain additional funding; (l) other risks associated with companies, such as Berkshire Grey, that are engaged in the intelligent automation industry; and (m) other risks and uncertainties described under “Risk Factors” and elsewhere in the Company’s most recent Annual Report on Form 10-K filed with the SEC, and such other reports as Berkshire Grey has filed or may file with the SEC from time to time. Although such forward-looking statements have been made in good faith and are based on assumptions that Berkshire Grey believes to be reasonable, there is no assurance that the expected results will be achieved, and Berkshire Grey’s actual results may differ materially from the results discussed in forward-looking statements. Readers are cautioned not to place undue reliance upon any forward-looking statements. These forward-looking statements are made only as of the date hereof, and Berkshire Grey does not undertake any obligations to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Contacts:Investors: Ian Rhoades Sharon Merrill Associates, Inc.BGRY@investorrelations.com
Media: Method Communications for Berkshire Greyberkshiregrey@methodcommunications.com
BERKSHIRE GREY, INC.Consolidated Statements of Operations and Comprehensive Loss(Unaudited)(in thousands, except for share data)
Years Ended December 31, | ||||||||
2022 | 2021 | |||||||
Revenue | $ | 65,850 | $ | 50,852 | ||||
Cost of revenue | 71,118 | 59,099 | ||||||
Gross loss | (5,268 | ) | (8,247 | ) | ||||
Operating expenses: | ||||||||
General and administrative expense | 22,491 | 40,313 | ||||||
Sales and marketing expense | 13,503 | 51,960 | ||||||
Research and development expense | 72,580 | 63,819 | ||||||
Total operating expenses | 108,574 | 156,092 | ||||||
Loss from operations | (113,842 | ) | (164,339 | ) | ||||
Other income (expense) | ||||||||
Interest income | 163 | 32 | ||||||
Change in fair value of warrant liabilities | 12,391 | 11,061 | ||||||
Other (expense) | (1,398 | ) | (76 | ) | ||||
Net loss before income taxes | (102,686 | ) | (153,322 | ) | ||||
Income tax | 108 | 58 | ||||||
Net loss | $ | (102,794 | ) | $ | (153,380 | ) | ||
Other comprehensive (loss): | ||||||||
Net foreign currency translation adjustments | (23 | ) | (17 | ) | ||||
Total comprehensive loss | $ | (102,817 | ) | $ | (153,397 | ) | ||
Net loss per common share (Class A and C) – basic and diluted | $ | (0.44 | ) | $ | (1.33 | ) | ||
Weighted average shares outstanding – basic and diluted | 234,675,258 | 115,301,526 | ||||||
BERKSHIRE GREY, INC.Consolidated Balance Sheets(Unaudited)(in thousands, except for share data)
December 31, | ||||||||
2022 | 2021 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 64,322 | $ | 171,089 | ||||
Accounts receivable | 5,006 | 13,291 | ||||||
Inventories – net | 8,090 | 2,641 | ||||||
Deferred fulfillment costs | 3,971 | 7,689 | ||||||
Prepaid expenses | 4,293 | 5,138 | ||||||
Contract assets | 7,333 | 4,257 | ||||||
Other current assets | 1,254 | 821 | ||||||
Total current assets | 94,269 | 204,926 | ||||||
Property and equipment – net | 10,810 | 10,874 | ||||||
Operating lease right-of-use assets | 7,485 | — | ||||||
Restricted cash | 1,254 | 862 | ||||||
Other non-current assets | 23 | 22 | ||||||
Total assets | $ | 113,841 | $ | 216,684 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 5,290 | $ | 6,766 | ||||
Accrued expenses | 10,698 | 15,659 | ||||||
Contract liabilities | 15,923 | 19,216 | ||||||
Other current liabilities | 1,039 | 146 | ||||||
Total current liabilities | 32,950 | 41,787 | ||||||
Share-based compensation liability | 1,089 | 15,435 | ||||||
Warrant liability | 885 | 13,277 | ||||||
Operating lease liabilities, noncurrent | 8,590 | — | ||||||
Other non-current liabilities | — | 1,954 | ||||||
Total liabilities | 43,514 | 72,453 | ||||||
Stockholders’ equity: | ||||||||
Common stock – Class A shares, $0.0001 par value; 385,000,000 shares authorized, 234,844,952 and 225,428,187 shares issued and outstanding as of December 31, 2022 and December 31, 2021, respectively; Class C shares, par value $0.0001, 5,750,000 issued and outstanding as of December 31, 2022 and December 30, 2021 | 25 | 24 | ||||||
Additional paid-in capital | 478,219 | 449,307 | ||||||
Accumulated deficit | (407,878 | ) | (305,084 | ) | ||||
Accumulated other comprehensive (loss) | (39 | ) | (16 | ) | ||||
Total stockholders’ equity | 70,327 | 144,231 | ||||||
Total liabilities and stockholders’ equity | $ | 113,841 | $ | 216,684 | ||||
BERKSHIRE GREY, INC.Consolidated Statements of Cash Flows(Unaudited) (in thousands, except for share data)
Years Ended December 31, | ||||||||
2022 | 2021 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net loss | $ | (102,794 | ) | $ | (153,380 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities | ||||||||
Depreciation and amortization | 3,385 | 2,745 | ||||||
Loss on disposal of fixed assets | 29 | 18 | ||||||
Gain on change in fair value of warrants | (12,391 | ) | (11,061 | ) | ||||
Gain on foreign currency transactions | 79 | 73 | ||||||
Stock-based compensation | 1,434 | 49,843 | ||||||
FedEx warrant provision | 3,574 | — | ||||||
Other expense related to equity purchase agreement | 1,262 | — | ||||||
Change in operating assets and liabilities | ||||||||
Accounts receivable | 8,285 | 3,461 | ||||||
Inventories | (5,449 | ) | (1,883 | ) | ||||
Deferred fulfillment costs | 3,718 | (4,228 | ) | |||||
Contract assets | (3,076 | ) | (4,257 | ) | ||||
Prepaid expenses and other assets | 1,082 | (4,944 | ) | |||||
Accounts payable | (1,560 | ) | 4,952 | |||||
Accrued expenses | (5,208 | ) | 7,856 | |||||
Contract liabilities | (3,293 | ) | (3,115 | ) | ||||
Other liabilities | (3 | ) | (138 | ) | ||||
Net cash used in operating activities | (110,926 | ) | (114,058 | ) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Capital expenditures | (3,132 | ) | (4,069 | ) | ||||
Net cash used in investing activities | (3,132 | ) | (4,069 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Proceeds from exercise of stock options | 3,511 | 3,103 | ||||||
Proceeds from issuance of common stock pursuant to equity purchase agreement | 4,223 | — | ||||||
Proceeds from issuance of common stock upon Merger, net of issuance costs paid | — | 192,088 | ||||||
Net cash provided by financing activities | 7,734 | 195,191 | ||||||
Effect of exchange rate on cash | (51 | ) | (91 | ) | ||||
Net (decrease) increase in cash, cash equivalents, and restricted cash | (106,375 | ) | 76,973 | |||||
Cash, cash equivalents, and restricted cash at beginning of period | 171,951 | 94,978 | ||||||
Cash, cash equivalents, and restricted cash at end of period | 65,576 | 171,951 | ||||||
NON-CASH INVESTING AND FINANCING ACTIVITIES | ||||||||
Assumption of merger warrants liability | — | 24,338 | ||||||
Conversion of redeemable convertible preferred stock to common stock | — | (223,442 | ) | |||||
Right of use asset | (7,485 | ) | — | |||||
Lease liability | 9,618 | — | ||||||
Settlement of promissory note through repurchase of shares | — | 10,238 | ||||||
Purchase of property and equipment included in accounts payable and accrued expenses | 331 | 165 | ||||||
RECONCILIATION OF CASH AND RESTRICTED CASH WITHIN THE CONSOLIDATED BALANCE SHEETS TO THE AMOUNTS SHOWN IN THE CONSOLIDATED STATEMENTS OF CASH FLOWS ABOVE | ||||||||
Cash (inclusive of money market funds and cash equivalents of $53,830 and $162,164 at December 31, 2022 and 2021, respectively) | 64,322 | 171,089 | ||||||
Restricted cash | 1,254 | 862 | ||||||
Total cash, cash equivalents, and restricted cash | $ | 65,576 | $ | 171,951 | ||||
BERKSHIRE GREY, INC.Reconciliations of EBITDA and Adjusted EBITDA(Unaudited)
For the Years Ended December 31, | ||||||||
(Dollars in thousands) | 2022 | 2021 | ||||||
Net loss | $ | (102,794 | ) | $ | (153,380 | ) | ||
Interest income, net | (163 | ) | (32 | ) | ||||
Income tax expense | 108 | 58 | ||||||
Depreciation and amortization | 3,385 | 2,745 | ||||||
EBITDA | (99,464 | ) | (150,609 | ) | ||||
Stock-based compensation | 1,434 | 49,843 | ||||||
Change in fair value of warrant liabilities | (12,391 | ) | (11,061 | ) | ||||
FedEx warrant provision | 3,574 | - | ||||||
Other (expense) | 1,398 | 76 | ||||||
Adjusted EBITDA | $ | (105,449 | ) | $ | (111,751 | ) |
Выручка в размере 66 миллионов долларов за весь 2022 год соответствует прогнозам на весь год
Компания достигла положительной валовой прибыли в четвертом квартале
БЕДФОРД, Массачусетс, 29 марта 2023 г. (GLOBE NEWSWIRE) -- Berkshire Grey Inc. (Nasdaq: BGRY) (“Компания”), лидер в области роботизированных решений с поддержкой искусственного интеллекта, автоматизирующих процессы цепочки поставок, сегодня объявила результаты за четвертый квартал и год, закончившийся 31 декабря 2022 года. компания:
“У нас был еще один сильный квартал с точки зрения исполнения, и мы продолжаем добиваться значительного прогресса в улучшении наших финансовых показателей”, - сказал Том Вагнер, главный исполнительный директор компании. “Наши клиенты впечатлены способностью наших робототехнических решений с поддержкой искусственного интеллекта повышать эффективность и снижать затраты на их логистические операции”.
Основные финансовые показатели за весь 2022 год
О компании Berkshire Grey Berkshire Grey (Nasdaq: BGRY) помогает клиентам радикально изменить основные способы ведения бизнеса, предоставляя технологию, меняющую правила игры, которая сочетает искусственный интеллект и робототехнику для автоматизации выполнения заказов, цепочки поставок и логистических операций. Решения Berkshire Grey - это фундаментальный двигатель изменений, который преобразует операции по подбору, упаковке, перемещению, хранению, организации и сортировке, обеспечивая конкурентное преимущество предприятиям, обслуживающим современных подключенных потребителей. Клиентами Berkshire Grey являются 100 розничных продавцов по всему миру и поставщиков логистических услуг. Более подробная информация доступна по адресу www.berkshiregrey.com .
Финансовые показатели, не относящиеся к GAAP В дополнение к нашим финансовым результатам, определенным в соответствии с общепринятыми принципами бухгалтерского учета в США (“GAAP”), мы считаем, что скорректированный показатель EBITDA, не относящийся к GAAP, полезен для оценки эффективности нашего бизнеса. Мы определяем скорректированный показатель EBITDA как чистый убыток за вычетом прочих доходов или расходов, налогов на прибыль, износа и амортизационных отчислений, изменения справедливой стоимости обязательств по гарантиям, резерва по гарантиям FedEx и расходов на компенсацию на основе акций. Этот показатель, не относящийся к GAAP, имеет ограничения в качестве аналитического инструмента. Мы не рассматриваем и не предполагаем, что инвесторам следует рассматривать такие финансовые показатели, не относящиеся к GAAP, в отрыве от финансовой информации, подготовленной в соответствии с GAAP, или в качестве замены ей. Инвесторы также должны иметь в виду, что финансовые показатели, не относящиеся к GAAP, которые мы используем, могут отличаться от финансовых показателей, не относящихся к GAAP, и могут рассчитываться не таким образом, как у других компаний. Мы рекомендуем инвесторам проанализировать сверку этого показателя, не относящегося к GAAP, с наиболее непосредственно сопоставимым финансовым показателем GAAP, представленным в таблицах финансовой отчетности, приведенных ниже в настоящем пресс-релизе, и не полагаться на какой-либо отдельный финансовый показатель для оценки нашего бизнеса.
Предостережение относительно заявлений прогнозного характера Данное сообщение содержит определенные заявления прогнозного характера по смыслу раздела 27A Закона о ценных бумагах 1933 года с внесенными в него поправками и раздела 21E Закона о ценных бумагах и биржах 1934 года с внесенными в него поправками. Все заявления, кроме изложения исторических фактов, содержащиеся в этом сообщении, включая заявления, касающиеся убеждений Berkshire Grey относительно будущих операционных показателей и спроса на решения Berkshire Grey в целом, являются заявлениями прогнозного характера. В некоторых случаях вы можете идентифицировать заявления прогнозного характера с помощью таких терминов, как “может”, “будет”, “должен”, “ожидать”, “планировать”, “предвидеть”, “мог бы”, “намереваться”, “цель”, “проект”, “обдумывать”, “верить”, “оценивать”, “прогнозировать”, “потенциально” или “продолжать” или отрицательное значение этих терминов или других подобных выражений. Заявления о перспективах, содержащиеся в этом сообщении, являются всего лишь прогнозами. Berkshire Grey основал эти прогнозные заявления на текущей информации и текущих ожиданиях и убеждениях руководства. Эти прогнозные заявления подвержены ряду существенных рисков и неопределенностей, включая, помимо прочего (а) риски и неопределенности, связанные с Berkshire Grey предложил слияние с дочерней Софтбанк группа Corp. (далее - “присоединение”), такие как (I) наступления какого-либо события, перемены или других обстоятельствах, которые могут привести к расторжению договор о слиянии; и (II) неполучение акционером утверждения предложение о слиянии; и (III) неполучение определенных необходимых регуляторных одобрений для завершения предполагаемого слияния или невыполнение каких-либо других условий для завершения предложением о слиянии; и (IV) последствия объявления предполагаемого слияния на способность компании сохранить и нанимать ключевых сотрудников и поддерживать отношения со своим ключевым бизнес-партнерам и клиентов, и тех, с кем он имеет дело, или о результатах его деятельности и предприятия в целом; (в) ответная реакция конкурентов компании на присоединение; (ви) риски, связанные с нарушением управления внимание от текущих бизнес-операциях в связи с предложением о слиянии; и (VII) способность удовлетворять ожидания в отношении сроков и завершения предполагаемого присоединения; (VIII в) существенные затраты, связанные с предложением о слиянии, в том числе сроки, и условия получения всех необходимых правительственных и регуляторных одобрений предполагаемого присоединения; (іх) потенциальные судебные разбирательства, касающиеся предлагаемого слияния; (х) ограничения на время рассмотрения предлагаемого слияния, которые могут повлиять на способность компании вести определенные бизнес-возможности; (Си) исход любого судебного разбирательства, которое может быть возбуждено в отношении сторон и других участников после оглашения соглашение о слиянии; и (XII) завершение кабриолет отметить финансировании, которая была согласована с соглашением о слиянии; и (B) существующие и будущие условия в мировой экономике, в том числе в результате воздействия COVID-19 пандемией, инфляции и роста процентных ставок; (с) потерю клиентов или расторжения действующих договоров любыми клиентам; (д) отсутствие возможности проникновения на новые рынки и получение доходов от трубопровода; (е) спрос на Berkshire Grey товаров и услуг, FedEx и другие клиенты, что не растет, как ожидалось; (F) в зависимости от ограниченного количества сторонних контрактных производителей; (г) неспособность управлять любым роста в компании или свой бизнес; (ч) усиление конкуренции; (я) сложность прогнозирования поток заказов и доходы, полученные от Berkshire Grey небольшое количество клиентов, где, как правило, большой заказ размеров и много переменных, которые могут повлиять на проект расписания и завершение продаж; (к) риски, связанные с Berkshire Grey планирует развивать и коммерциализировать свой продукт кандидатов для удовлетворения постоянно растущих потребностей клиентов; (к) Berkshire Grey это способность поддерживать и установить сотрудничество или получения дополнительного финансирования; (Л) другие риски связаны с компаниями, такие как Berkshire Grey, которые занимаются интеллектуальной автоматизации промышленности; и (M) другие риски и неопределенности, указанные в разделе “Факторы риска” и в других местах в последнем годовом отчете компании по форме 10-K, поданном в SEC, и такие другие доклады, Berkshire Grey подал или, может подать в комиссию по ценным бумагам время от времени. Хотя такие прогнозные заявления были сделаны добросовестно и основаны на предположениях, которые Berkshire Grey считает разумными, нет никакой гарантии, что ожидаемые результаты будут достигнуты, и фактические результаты Berkshire Grey могут существенно отличаться от результатов, обсуждаемых в прогнозных заявлениях. Читателей предостерегают от чрезмерного доверия к каким-либо прогнозным заявлениям. Эти заявления прогнозного характера сделаны только на дату настоящего соглашения, и Berkshire Grey не берет на себя никаких обязательств по обновлению или пересмотру заявлений прогнозного характера, будь то в результате новой информации, будущих событий или иным образом, за исключением случаев, предусмотренных законом.
Контакты:Инвесторы: Иэн Роудс, Шарон Меррилл Ассошиэйтс, Inc.BGRY@investorrelations.com
Средства массовой информации: Метод коммуникаций для Berkshire Greyberkshiregrey@methodcommunications.com
Berkshire Grey, INC.Консолидированный отчет о деятельности и совокупном убытке (неаудированный) (в тысячах, за исключением данных об акциях)
Years Ended December 31, | ||||||||
2022 | 2021 | |||||||
Revenue | $ | 65,850 | $ | 50,852 | ||||
Cost of revenue | 71,118 | 59,099 | ||||||
Gross loss | (5,268 | ) | (8,247 | ) | ||||
Operating expenses: | ||||||||
General and administrative expense | 22,491 | 40,313 | ||||||
Sales and marketing expense | 13,503 | 51,960 | ||||||
Research and development expense | 72,580 | 63,819 | ||||||
Total operating expenses | 108,574 | 156,092 | ||||||
Loss from operations | (113,842 | ) | (164,339 | ) | ||||
Other income (expense) | ||||||||
Interest income | 163 | 32 | ||||||
Change in fair value of warrant liabilities | 12,391 | 11,061 | ||||||
Other (expense) | (1,398 | ) | (76 | ) | ||||
Net loss before income taxes | (102,686 | ) | (153,322 | ) | ||||
Income tax | 108 | 58 | ||||||
Net loss | $ | (102,794 | ) | $ | (153,380 | ) | ||
Other comprehensive (loss): | ||||||||
Net foreign currency translation adjustments | (23 | ) | (17 | ) | ||||
Total comprehensive loss | $ | (102,817 | ) | $ | (153,397 | ) | ||
Net loss per common share (Class A and C) – basic and diluted | $ | (0.44 | ) | $ | (1.33 | ) | ||
Weighted average shares outstanding – basic and diluted | 234,675,258 | 115,301,526 | ||||||
Консолидированный баланс Berkshire Grey, INC. (неаудированный) (в тысячах, за исключением данных об акциях)
December 31, | ||||||||
2022 | 2021 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 64,322 | $ | 171,089 | ||||
Accounts receivable | 5,006 | 13,291 | ||||||
Inventories – net | 8,090 | 2,641 | ||||||
Deferred fulfillment costs | 3,971 | 7,689 | ||||||
Prepaid expenses | 4,293 | 5,138 | ||||||
Contract assets | 7,333 | 4,257 | ||||||
Other current assets | 1,254 | 821 | ||||||
Total current assets | 94,269 | 204,926 | ||||||
Property and equipment – net | 10,810 | 10,874 | ||||||
Operating lease right-of-use assets | 7,485 | — | ||||||
Restricted cash | 1,254 | 862 | ||||||
Other non-current assets | 23 | 22 | ||||||
Total assets | $ | 113,841 | $ | 216,684 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 5,290 | $ | 6,766 | ||||
Accrued expenses | 10,698 | 15,659 | ||||||
Contract liabilities | 15,923 | 19,216 | ||||||
Other current liabilities | 1,039 | 146 | ||||||
Total current liabilities | 32,950 | 41,787 | ||||||
Share-based compensation liability | 1,089 | 15,435 | ||||||
Warrant liability | 885 | 13,277 | ||||||
Operating lease liabilities, noncurrent | 8,590 | — | ||||||
Other non-current liabilities | — | 1,954 | ||||||
Total liabilities | 43,514 | 72,453 | ||||||
Stockholders’ equity: | ||||||||
Common stock – Class A shares, $0.0001 par value; 385,000,000 shares authorized, 234,844,952 and 225,428,187 shares issued and outstanding as of December 31, 2022 and December 31, 2021, respectively; Class C shares, par value $0.0001, 5,750,000 issued and outstanding as of December 31, 2022 and December 30, 2021 | 25 | 24 | ||||||
Additional paid-in capital | 478,219 | 449,307 | ||||||
Accumulated deficit | (407,878 | ) | (305,084 | ) | ||||
Accumulated other comprehensive (loss) | (39 | ) | (16 | ) | ||||
Total stockholders’ equity | 70,327 | 144,231 | ||||||
Total liabilities and stockholders’ equity | $ | 113,841 | $ | 216,684 | ||||
Berkshire Grey, INC.Консолидированные отчеты о движении денежных средств (неаудированные) (в тысячах, за исключением данных об акциях)
Years Ended December 31, | ||||||||
2022 | 2021 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Net loss | $ | (102,794 | ) | $ | (153,380 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities | ||||||||
Depreciation and amortization | 3,385 | 2,745 | ||||||
Loss on disposal of fixed assets | 29 | 18 | ||||||
Gain on change in fair value of warrants | (12,391 | ) | (11,061 | ) | ||||
Gain on foreign currency transactions | 79 | 73 | ||||||
Stock-based compensation | 1,434 | 49,843 | ||||||
FedEx warrant provision | 3,574 | — | ||||||
Other expense related to equity purchase agreement | 1,262 | — | ||||||
Change in operating assets and liabilities | ||||||||
Accounts receivable | 8,285 | 3,461 | ||||||
Inventories | (5,449 | ) | (1,883 | ) | ||||
Deferred fulfillment costs | 3,718 | (4,228 | ) | |||||
Contract assets | (3,076 | ) | (4,257 | ) | ||||
Prepaid expenses and other assets | 1,082 | (4,944 | ) | |||||
Accounts payable | (1,560 | ) | 4,952 | |||||
Accrued expenses | (5,208 | ) | 7,856 | |||||
Contract liabilities | (3,293 | ) | (3,115 | ) | ||||
Other liabilities | (3 | ) | (138 | ) | ||||
Net cash used in operating activities | (110,926 | ) | (114,058 | ) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES | ||||||||
Capital expenditures | (3,132 | ) | (4,069 | ) | ||||
Net cash used in investing activities | (3,132 | ) | (4,069 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Proceeds from exercise of stock options | 3,511 | 3,103 | ||||||
Proceeds from issuance of common stock pursuant to equity purchase agreement | 4,223 | — | ||||||
Proceeds from issuance of common stock upon Merger, net of issuance costs paid | — | 192,088 | ||||||
Net cash provided by financing activities | 7,734 | 195,191 | ||||||
Effect of exchange rate on cash | (51 | ) | (91 | ) | ||||
Net (decrease) increase in cash, cash equivalents, and restricted cash | (106,375 | ) | 76,973 | |||||
Cash, cash equivalents, and restricted cash at beginning of period | 171,951 | 94,978 | ||||||
Cash, cash equivalents, and restricted cash at end of period | 65,576 | 171,951 | ||||||
NON-CASH INVESTING AND FINANCING ACTIVITIES | ||||||||
Assumption of merger warrants liability | — | 24,338 | ||||||
Conversion of redeemable convertible preferred stock to common stock | — | (223,442 | ) | |||||
Right of use asset | (7,485 | ) | — | |||||
Lease liability | 9,618 | — | ||||||
Settlement of promissory note through repurchase of shares | — | 10,238 | ||||||
Purchase of property and equipment included in accounts payable and accrued expenses | 331 | 165 | ||||||
RECONCILIATION OF CASH AND RESTRICTED CASH WITHIN THE CONSOLIDATED BALANCE SHEETS TO THE AMOUNTS SHOWN IN THE CONSOLIDATED STATEMENTS OF CASH FLOWS ABOVE | ||||||||
Cash (inclusive of money market funds and cash equivalents of $53,830 and $162,164 at December 31, 2022 and 2021, respectively) | 64,322 | 171,089 | ||||||
Restricted cash | 1,254 | 862 | ||||||
Total cash, cash equivalents, and restricted cash | $ | 65,576 | $ | 171,951 | ||||
Berkshire Grey, INC.Сверка показателей EBITDA и скорректированной EBITDA (неаудировано)
For the Years Ended December 31, | ||||||||
(Dollars in thousands) | 2022 | 2021 | ||||||
Net loss | $ | (102,794 | ) | $ | (153,380 | ) | ||
Interest income, net | (163 | ) | (32 | ) | ||||
Income tax expense | 108 | 58 | ||||||
Depreciation and amortization | 3,385 | 2,745 | ||||||
EBITDA | (99,464 | ) | (150,609 | ) | ||||
Stock-based compensation | 1,434 | 49,843 | ||||||
Change in fair value of warrant liabilities | (12,391 | ) | (11,061 | ) | ||||
FedEx warrant provision | 3,574 | - | ||||||
Other (expense) | 1,398 | 76 | ||||||
Adjusted EBITDA | $ | (105,449 | ) | $ | (111,751 | ) |