Silvaco Reports First Quarter 2024 Financial Results

SILVACO GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands except share and par value amounts)
   
   
  March 31,  December 31,
   2024    2023 
    
ASSETS   
Current assets:   
Cash $5,739   $4,421 
Accounts receivable, net  5,562    4,006 
Contract assets, net  9,240    8,749 
Prepaid expenses and other current assets  1,748    2,549 
Deferred transaction costs  1,943    1,163 
Total current assets   24,232     20,888  
Long-term assets:      
Property and equipment, net     656     591  
Operating lease right-of-use assets, net     2,157     1,963  
Intangible assets, net     273     342  
Goodwill     9,026     9,026  
Long-term portion of contract assets, net     8,961     6,250  
Other assets     2,057     1,825  
Total long-term assets     23,130     19,997  
Total assets   $ 47,362       $ 40,885  
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:      
Accounts payable   $ 3,332       $ 2,495  
Accrued expenses and other current liabilities     9,945     10,255  
Accrued income taxes     2,185     1,626  
Operating lease liabilities, current     817     735  
Deferred revenue, current     7,935     7,882  
Related party line of credit     2,016     2,000  
Total current liabilities     26,230         24,993  
Long-term liabilities:      
Deferred revenue, non-current     4,737     5,071  
Operating lease liabilities, non-current     1,320     1,198  
Long-term loan facility     4,283      
Other long-term liabilities     197     221  
Total liabilities     36,767         31,483  
Commitments and contingencies            
Stockholders' equity:
Common stock, $0.0001 par value; 25,000,000 shares authorized; 20,000,000 shares issued and outstanding     2     2  
Retained earnings     12,770     11,392  
Accumulated other comprehensive loss     (2,177 )   (1,992 )
Total stockholders' equity     10,595         9,402  
Total liabilities and stockholders' equity   $                      47,362       $ 40,885  
                   



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