Shapeways Reports Second 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 expense (benefit), 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)

 

June 30, 2023

 

December 31, 2022

 

(Unaudited)

 

 

Assets

 

 

 

Current assets

 

 

 

Cash and cash equivalents

$

14,664

 

$

30,630

Restricted cash

 

140

 

 

139

Short-term investments

 

9,922

 

 

9,816

Accounts receivable

 

3,183

 

 

1,606

Inventory

 

1,798

 

 

1,307

Prepaid expenses and other current assets

 

6,455

 

 

6,255

Total current assets

 

36,162

 

 

49,753

Property and equipment, net

 

16,705

 

 

15,627

Operating lease, right-of-use assets, net

 

2,162

 

 

2,365

Goodwill

 

6,286

 

 

6,286

Intangible assets, net

 

5,020

 

 

5,398

Security deposits

 

99

 

 

99

Total assets

$

66,434

 

$

79,528

Liabilities and Stockholders’ Equity

 

 

 

Current liabilities

 

 

 

Accounts payable

$

2,241

 

$

2,354

Accrued expenses and other liabilities

 

3,961

 

 

5,950

Operating lease liabilities, current

 

848

 

 

719

Finance lease liability, current

 

44

 

 

Other financing obligations, current

 

39

 

 

Deferred revenue

 

1,838

 

 

972

Total current liabilities

 

8,971

 

 

9,995

Operating lease liabilities, net of current portion

 

1,408

 

 

1,715

Deferred tax liabilities, net

 

64

 

 

27

Finance lease liability, noncurrent

 

189

 

 

Other financing obligations

 

448

 

 

Total liabilities

 

11,080

 

 

11,737

Commitments and contingencies

 

 

 

Stockholders’ equity

 

 

 

Preferred stock ($0.0001 par value; 10,000,000 shares authorized; none issued or outstanding as of June 30, 2023 and December 31, 2022)

 

 

 

Common stock ($0.0001 par value; 120,000,000 shares authorized; 6,442,436 and 6,180,646 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively) (1)

 

5

 

 

5

Additional paid-in capital

 

203,065

 

 

201,362

Accumulated deficit

 

(147,216)

 

 

(133,032)

Accumulated other comprehensive loss

 

(500)

 

 

(544)

Total stockholders’ equity

 

55,354

 

 

67,791

Total liabilities and stockholders’ equity

$

66,434

 

$

79,528


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