Shapeways Reports First Quarter 2023 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 excluding interest expense, net of interest income, income tax benefit (expense), depreciation and amortization, stock-based compensation, change in fair value of earnout liability, change in fair value of warrant liabilities, restructuring costs, 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 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)

 

 

March 31, 2023

 

December 31, 2022

 

(Unaudited)

 

 

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

12,817

 

 

$

30,630

 

Restricted cash

 

140

 

 

 

139

 

Short-term investments

 

19,733

 

 

 

9,816

 

Accounts receivable

 

2,250

 

 

 

1,606

 

Inventory

 

1,406

 

 

 

1,307

 

Prepaid expenses and other current assets

 

6,562

 

 

 

6,255

 

Total current assets

 

42,908

 

 

 

49,753

 

Property and equipment, net

 

16,492

 

 

 

15,627

 

Operating lease, right-of-use assets, net

 

2,159

 

 

 

2,365

 

Goodwill

 

6,286

 

 

 

6,286

 

Intangible assets, net

 

5,209

 

 

 

5,398

 

Security deposits

 

99

 

 

 

99

 

Total assets

$

73,153

 

 

$

79,528

 

Liabilities and Stockholders’ Equity

 

 

 

Current liabilities

 

 

 

Accounts payable

$

1,505

 

 

$

2,354

 

Accrued expenses and other liabilities

 

6,296

 

 

 

5,950

 

Operating lease liabilities, current

 

708

 

 

 

719

 

Finance lease liability, current

 

49

 

 

 

 

Other financing obligations, current

 

37

 

 

 

 

Deferred revenue

 

1,061

 

 

 

972

 

Total current liabilities

 

9,656

 

 

 

9,995

 

Operating lease liabilities, net of current portion

 

1,534

 

 

 

1,715

 

Deferred tax liabilities, net

 

45

 

 

 

27

 

Finance lease liability, noncurrent

 

227

 

 

 

 

Other financing obligations

 

459

 

 

 

 

Total liabilities

 

11,921

 

 

 

11,737

 

Commitments and contingencies

 

 

 

Stockholders’ equity

 

 

 

Preferred stock ($0.0001 par value; 10,000,000 shares authorized; none issued or outstanding as of March 31, 2023 and December 31, 2022)

 

 

 

 

 

Common stock ($0.0001 par value; 120,000,000 shares authorized; 49,609,167 and 49,445,174 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively)

 

5

 

 

 

5

 

Additional paid-in capital

 

202,167

 

 

 

201,362

 

Accumulated deficit

 

(140,435

)

 

 

(133,032

)

Accumulated other comprehensive loss

 

(505

)

 

 

(544

)

Total stockholders’ equity

 

61,232

 

 

 

67,791

 

Total liabilities and stockholders’ equity

$

73,153

 

 

$

79,528

 

SHAPEWAYS HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(UNAUDITED)

(in thousands, except share and per share amounts)

 

 

Three Months Ended March 31,

 

2023

 

2022

Revenue, net

$

8,199

 

 

$

7,570

 

Cost of revenue

 

4,917

 

 

 

4,161

 

Gross profit

 

3,282

 

 

 

3,409

 

Operating expenses

 

 

 

Selling, general and administrative

 

8,481

 

 

 

6,145

 

Research and development

 

2,526

 

 

 

2,065

 

Total operating expenses

 

11,007

 

 

 

8,210

 

Loss from operations

 

(7,725

)

 

 

(4,801

)

Other income (expense)

 

 

 

Interest income

 

319

 

 

 

1

 

Interest expense

 

(21

)

 

 

 

Other income

 

114

 

 

 

1

 

Loss on disposal of assets

 

(72

)

 

 

 

Change in fair value of warrant liabilities

 

 

 

 

762

 

Total other income (expense), net

 

340

 

 

 

764

 

Loss before income tax expense

 

(7,385

)

 

 

(4,037

)

Income tax expense

 

18

 

 

 

 

Net loss

 

(7,403

)

 

 

(4,037

)

Net loss per share:

 

 

 

Basic

$

(0.14

)

 

$

(0.08

)

Diluted

$

(0.14

)

 

$

(0.08

)

Weighted average common shares outstanding:

 

 

 

Basic

 

53,410,652

 

 

 

53,142,447

 

Diluted

 

53,410,652

 

 

 

53,142,447

 

Other comprehensive income (loss)

 

 

 

Foreign currency translation adjustment

 

39

 

 

 

(52

)

Comprehensive loss

$

(7,364

)

 

$

(4,089

)

SHAPEWAYS HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(in thousands, except share and per share amounts)

 

 

Three Months Ended March 31,

 

2023

 

2022

Cash flows from operating activities:

 

 

 

Net loss

$

(7,403

)

 

$

(4,037

)

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

 

 

 

Depreciation and amortization

 

442

 

 

 

182

 

Loss on disposal of assets

 

72

 

 

 

 

Stock-based compensation expense

 

805

 

 

 

312

 

Non-cash lease expense

 

252

 

 

 

131

 

Deferred income taxes

 

18

 

 

 

 

Net change in interest receivable on short-term investments

 

37

 

 

 

 

Change in fair value of warrant liabilities

 

 

 

 

(762

)

Change in operating assets and liabilities:

 

 

 

Accounts receivable

 

(643

)

 

 

(134

)

Inventory

 

(94

)

 

 

24

 

Prepaid expenses and other assets

 

(473

)

 

 

(2,567

)

Accounts payable

 

(698

)

 

 

(193

)

Accrued expenses and other liabilities

 

334

 

 

 

851

 

Operating lease liabilities

 

(243

)

 

 

(154

)

Deferred revenue

 

89

 

 

 

(406

)

Net cash used in operating activities

 

(7,505

)

 

 

(6,753

)

Cash flows from investing activities:

 

 

 

Purchases of property and equipment

 

(1,032

)

 

 

(8,258

)

Purchase of short-term investments

 

(9,769

)

 

 

 

Net cash used in investing activities

 

(10,801

)

 

 

(8,258

)

Cash flows from financing activities:

 

 

 

Proceeds received from other finance obligations

 

493

 

 

 

 

Principal payments on finance leases

 

(8

)

 

 

 

Payments on other finance obligations

 

(5

)

 

 

 

Proceeds from issuance of common stock

 

 

 

 

99

 

Net cash provided by financing activities

 

480

 

 

 

99

 

Net change in cash and cash equivalents and restricted cash

 

(17,826

)

 

 

(14,912

)

Effect of change in foreign currency exchange rates on cash and cash equivalents and restricted cash

 

14

 

 

 

(74

)

Cash and cash equivalents and restricted cash at beginning of period

 

30,769

 

 

 

79,819

 

Cash and cash equivalents and restricted cash at end of period

$

12,957

 

 

$

64,833

 

Supplemental disclosure of cash and non-cash transactions:

 

 

 

Cash paid for interest

$

21

 

 

$

 

Accrued acquisition of property and equipment

$

79

 

 

$

 

SHAPEWAYS HOLDINGS, INC.

RECONCILIATION OF GAAP TO NON-GAAP MEASURES

For the Three Months Ended March 31, 2023 and 2022

 

 

 

Three Months Ended March 31,

(Dollars in thousands)

 

2023

 

2022

Net loss

 

$

(7,403

)

 

$

(4,037

)

Interest expense, net

 

 

(298

)

 

 

 

Depreciation and amortization

 

 

442

 

 

 

182

 

Stock based compensation

 

 

805

 

 

 

312

 

Change in fair value of warrant liabilities

 

 

 

 

 

(762

)

Income tax benefit

 

 

18

 

 

 

 

Restructuring costs

 

 

212

 

 

 

 

Other

 

 

(112

)

 

 

2

 

Adjusted EBITDA

 

$

(6,336

)

 

$

(4,303

)

SHAPEWAYS HOLDINGS, INC.

QUARTERLY PERFORMANCE

(UNAUDITED)

(in thousands)

 

 

Three Months Ended,

 

March 31, 2022

 

June 30, 2022

 

September 30,
2022

 

December 31,
2022

 

March 31, 2023

Revenue

$

7,570

 

 

$

8,433

 

 

$

8,449

 

 

$

8,705

 

 

$

8,199

 

% YoY Growth

 

(14

)%

 

 

(5

)%

 

 

9

%

 

 

5

%

 

 

8

%

 

 

 

 

 

 

 

 

 

 

Gross Profit

$

3,409

 

 

$

3,642

 

 

$

3,691

 

 

$

3,556

 

 

$

3,282

 

Gross Margin

 

45

%

 

 

43

%

 

 

44

%

 

 

41

%

 

 

40

%

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

$

(4,303

)

 

$

(4,270

)

 

$

(4,615

)

 

$

(5,826

)

 

$

(6,336

)

SHAPEWAYS HOLDINGS, INC.

RECONCILIATION OF GAAP TO NON-GAAP MEASURES

 

 

Three Months Ended,

(Dollars in thousands)

March 31, 2022

 

June 30, 2022

 

September 30,
2022

 

December 31,
2022

 

March 31, 2023

Net loss

$

(4,037

)

 

$

(4,674

)

 

$

(4,550

)

 

$

(6,960

)

 

$

(7,403

)

Interest expense, net

 

 

 

 

(1

)

 

 

(14

)

 

 

(126

)

 

 

(298

)

Depreciation and amortization

 

182

 

 

 

377

 

 

 

473

 

 

 

759

 

 

 

442

 

Stock based compensation

 

312

 

 

 

457

 

 

 

1,207

 

 

 

636

 

 

 

805

 

Change in fair value of earnout liability

 

 

 

 

 

 

 

(1,784

)

 

 

(40

)

 

 

 

Change in fair value of warrant liabilities

 

(762

)

 

 

(765

)

 

 

(31

)

 

 

(26

)

 

 

 

Income tax expense (benefit)

 

 

 

 

(1

)

 

 

3

 

 

 

29

 

 

 

18

 

Acquisition costs

 

 

 

 

373

 

 

 

 

 

 

 

 

 

 

Restructuring costs

 

 

 

 

 

 

 

190

 

 

 

8

 

 

 

212

 

Other

 

2

 

 

 

(36

)

 

 

(109

)

 

 

(106

)

 

 

(112

)

Adjusted EBITDA

$

(4,303

)

 

$

(4,270

)

 

$

(4,615

)

 

$

(5,826

)

 

$

(6,336

)





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