| Non-IFRS measures |
The following are reconciliations of income before taxes, as calculated in accordance with International Financial Reporting Standards (“IFRS”), to EBITDA and Adjusted EBITDA, as well as of gross profit, as calculated in accordance with IFRS, to Adjusted Gross Profit:
|
For the Six Months Ended
June 30, |
For the Three Months
Ended June 30, | |||||||
|
2023
|
2024
| 2023 | 2024 | |||||
| In thousands of USD | In thousands of USD | |||||||
| Net income (loss) | 12,553 | (79,223 | ) | (9,406 | ) | (44,261 | ) | |
| Tax expenses | 152 | 125 | 78 | 141 | ||||
| Depreciation | 2,963 | 3,431 | 1,540 | 1,365 | ||||
| Interest income | (23,567 | ) | (21,846 | ) | (12,047 | ) | (10,535 | ) |
| EBITDA (loss) | (7,899 | ) | (97,513 | ) | (19,835 | ) | (53,290 | ) |
| Finance expense from revaluation of assets and liabilities | (56,299 | ) | 57,496 | (11,522 | ) | 31,524 | ||
| Exchange rate differences | 5,475 | 3,608 | 2,430 | 2,275 | ||||
| Share-based compensation expenses | 11,542 | 6,833 | 5,418 | 3,373 | ||||
| Other income | - | (115 | ) | - | - | |||
| Adjusted EBITDA (loss) | (47,181 | ) | (29,691 | ) | (23,509 | ) | (16,118 | ) |
| Gross profit | 13,061 | 12,986 | 6,495 | 6,808 | ||||
| Depreciation | 186 | 184 | 120 | 43 | ||||
| Share-based payments | 812 | 462 | 390 | 127 | ||||
| Adjusted gross profit | 14,059 | 13,632 | 7,005 | 6,978 | ||||
EBITDA is a non-IFRS measure and is defined as income before taxes, excluding depreciation and amortization expenses and interest income. We believe that EBITDA, as described above, should be considered in evaluating the Company’s operations. EBITDA facilitates the Company’s performance comparisons from period to period and company to company by backing out potential differences caused by variations in capital structures, and the age and depreciation charges and amortization of fixed and intangible assets, respectively (affecting relative depreciation and amortization expense, respectively), and EBITDA is useful to an investor in evaluating our operating performance because it is widely used by investors, securities analysts and other interested parties to measure a company’s operating performance without regard to the items mentioned above.
