Shapeways Reports Second Quarter 2022 Results

Non-GAAP Financial Information

In addition to Shapeways’ results determined in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), Shapeways believes that Adjusted EBITDA, a non-U.S. GAAP financial measure, is useful in evaluating its operational performance. Shapeways uses this non-U.S. GAAP financial information to evaluate its ongoing operations and for internal planning and forecasting purposes. Shapeways believes that this non-U.S. GAAP financial information, when reviewed collectively with its U.S. GAAP results, may be helpful to investors in assessing its operating performance.

Shapeways defines Adjusted EBITDA as net (loss) income excluding debt forgiveness, interest expense, net of interest income, income tax benefit, depreciation and amortization, stock-based compensation, change in fair value of warrant liabilities, acquisition costs and other (which includes other income and non-operating gains and losses).

Shapeways believes that the use of Adjusted EBITDA provides an additional tool for investors to use in evaluating ongoing operating results and trends because it eliminates the effect of financing and capital expenditures and provides investors with a means to compare its financial measures with those of comparable companies, which may present similar non-U.S. GAAP financial measures to investors. However, you should be aware that when evaluating Adjusted EBITDA Shapeways may incur future expenses similar to those excluded when calculating these measures. In addition, Shapeways’ presentation of these measures should not be construed as an inference that its future results will be unaffected by unusual or non-recurring items.

Because of these limitations, Adjusted EBITDA should not be considered in isolation or as a substitute for performance measures calculated in accordance with U.S. GAAP. Shapeways compensates for these limitations by relying primarily on its U.S. GAAP results and using Adjusted EBITDA on a supplemental basis. You should review the reconciliation of net income (loss) to Adjusted EBITDA below and not rely on any single financial measure to evaluate Shapeways’ business.

SHAPEWAYS HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)

 

June 30, 2022

 

December 31, 2021

 

(Unaudited)

 

 

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

50,402

 

 

$

79,677

 

Restricted cash

 

138

 

 

 

142

 

Accounts receivable

 

2,954

 

 

 

1,372

 

Inventory

 

1,155

 

 

 

927

 

Prepaid expenses and other current assets

 

6,572

 

 

 

4,360

 

Total current assets

 

61,221

 

 

 

86,478

 

Property and equipment, net

 

14,492

 

 

 

4,388

 

Right-of-use assets, net

 

2,603

 

 

 

842

 

Goodwill

 

6,233

 

 

 

1,835

 

Intangible assets, net

 

5,658

 

 

 

 

Security deposits

 

267

 

 

 

175

 

Total assets

$

90,474

 

 

$

93,718

 

Liabilities and Stockholders’ Equity

 

 

 

Current liabilities

 

 

 

Accounts payable

$

1,575

 

 

$

1,909

 

Accrued expenses and other liabilities

 

7,238

 

 

 

2,645

 

Operating lease liabilities, current

 

850

 

 

 

639

 

Deferred revenue

 

1,102

 

 

 

921

 

Total current liabilities

 

10,765

 

 

 

6,114

 

Operating lease liabilities, net of current portion

 

1,838

 

 

 

326

 

Warrant liabilities

 

77

 

 

 

2,274

 

Total liabilities

 

12,680

 

 

 

8,714

 

Commitments and contingencies

 

 

 

Stockholders’ equity

 

 

 

Preferred stock ($0.0001 par value; 10,000,000 shares authorized; none issued or outstanding as of June 30, 2022 and December 31, 2021, respectively)

 

 

 

 

 

Common stock ($0.0001 par value; 120,000,000 shares authorized; 49,213,438 and 48,627,739 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively)

 

5

 

 

 

5

 

Additional paid-in capital

 

199,906

 

 

 

198,179

 

Accumulated deficit

$

(121,522

)

 

$

(112,811

)

Accumulated other comprehensive loss

 

(595

)

 

 

(369

)

Total stockholders’ equity

 

77,794

 

 

 

85,004

 

Total liabilities and stockholders’ equity

$

90,474

 

 

$

93,718

 

SHAPEWAYS HOLDINGS, INC.

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