Artificial Intelligence
Mohawk Group Reports Fourth Quarter & Full Year 2020 Results
Quarterly Net Revenue Grew 61.9% Year-Over-Year to $41.5 Million Company Raises 2021 Net Revenue Outlook Range to $350 million – $380 million
Appoints New CFO; Appoints Heads of Corporate Development in Europe and North America focused on M&A Pipeline
NEW YORK, March 08, 2021 (GLOBE NEWSWIRE) — Mohawk Group Holdings, Inc. (Nasdaq: MWK) (“Mohawk” or the “Company”) today announced results for the fourth quarter and full year ended December 31, 2020.
Fourth Quarter and Full Year 2020 Highlights M&A Update
Yaniv Sarig, Co-Founder and Chief Executive Officer, commented, “I am proud of our team for delivering a strong Q4 and for our full year results. Looking ahead in 2021, we expect to continue the momentum following our Healing Solutions acquisition as we continue to accelerate our accretive M&A strategy. We are currently evaluating a strong pipeline of potential M&A targets that in total have trailing twelve month’s net revenue of $522 million and trailing twelve month’s EBITDA of $97 million. I am also excited to announce that our CFO, Fabrice Hamaide, is changing roles effective immediately to become our General Manager and Head of Corporate Development, Europe, and Arturo Rodriguez is being promoted from SVP, Finance to become our new Chief Financial Officer. We are thrilled about the opportunities in Europe for potential expansion of our existing products and the many potential acquisition opportunities of e-commerce brands abroad. Fabrice has already secured a binding term sheet for our first proposed European acquisition, Photo Paper Direct. Photo Paper Direct is an established UK based e-commerce brand in the Printing Supplies Category with a long history of Amazon success in Europe.”
Arturo Rodriguez Promoted to CFO and Other Management Announcements Mr. Sarig added: “Since joining Mohawk, Arty has played a critical role in the growth and success of our Company, demonstrating his expertise in business and financial strategy. Arty’s promotion is reflective of his dedicated leadership and thoughtful contributions across finance, accounting, human resources, investor relations, strategic planning and corporate governance. This promotion and Fabrice’s new role as General Manager, Head of Corporate Development, Europe, are in line with our global corporate expansion. In connection with that, we hired Sascha Lewis in January as our new Chief Marketing Officer and promoted Joe Risico to Chief Legal Officer and Head of Corporate Development, North America.”
Debt Refinancing Special Meeting of Stockholders There will be more information in our definitive proxy statement for the Special Meeting. Stockholders are not required to take any action at this time. Increased 2021 Outlook The most directly comparable GAAP financial measure for Adjusted EBITDA is net loss and we expect to report a net loss for the twelve months ending December 31, 2021, due primarily to quarterly interest expense, net, fair value changes on contingent earnout liabilities from our acquisitions, fair value changes from warrant liabilities from our financings and stock-based compensation expense.
Non-GAAP Financial Measures Net income is the most directly comparable GAAP financial measure for Adjusted EBITDA. The Company has not reconciled its expectations as to forward-looking Adjusted EBITDA to net income, the most directly comparable GAAP financial measure, because certain items are out of the Company’s control or cannot be reasonably predicted, including that the historical revenue and operating income of Photo Paper Direct, fair value changes on contingent earnout liabilities from our acquisitions, fair value changes from warrant liabilities from our financings and any other potential acquisitions to be completed that are subject to the completion of the Company’s standard procedures for the preparation and completion of its financial statements and completion of an audit by the Company’s independent registered public accounting firm. Accordingly, a reconciliation of forward-looking Adjusted EBITDA to net income is not available without unreasonable effort.
Webcast and Conference Call Information Additional Information and Where to Find It Participants in the Company’s Solicitation *Sustain revenues are defined as revenues on products that are generating 10% or better contribution margin three months after launch.
About Mohawk Group Holdings, Inc. Forward Looking Statements All statements other than statements of historical facts included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements including, in particular, our expectations regarding future growth internationally (including Europe), through both the development and launch of products under our brands and the acquisition of additional brands and businesses; our 2021 net revenue and Adjusted EBITDA outlook, including any expected impact that any acquisitions may have thereon; any increases in guidance regarding our 2021 net revenue and Adjusted EBITDA due to the potential acquisition of Photo Paper Direct; expectations regarding continued investment in our M&A strategy in the future; our ability to acquire accretive e-commerce businesses including the size of our potential pipeline; any potential acquisition of additional businesses in the future, including Photo Paper Direct; our ability to integrate any additional acquired businesses into our platform; our ability to create significant operating leverage and efficiency when integrating companies that we acquire, including through the use of our team’s expertise; the potential closing of the acquisition of the Photo Paper Direct business and corresponding potential for recurring purchase or subscription revenue related to the business; our expectation that the potential acquisition of Photo Paper Direct will be a good first move in our European expansion; our ability to maintain Photo Paper Direct’s history of Amazon success; our expectations regarding unaudited annualized net revenue, unaudited Adjusted EBITDA and unaudited trailing twelve month net revenue of any potential acquisitions; expectations regarding negotiation, entry into definitive documentation and diligence regarding any potential acquisition; the expected timing of closing of any potential acquisitions; our ability to refinance all of our current outstanding debt, including our senior secured notes and credit facility; our expectations regarding the terms of a new senior secured note to be issued in the Refinancing, including expected interest rates, expected maturity, and any potential issuance of warrants to purchase shares of our common stock; expectations regarding the timing of the Refinancing; expectations regarding the timing of the Special Meeting; expectations regarding stockholder approval of any proposals presented at the Special Meeting; and expectations regarding our potential obligation to issue shares pursuant to the Senior Secured Note Due 2022 or the Senior Secured Note Due 2023 after stockholder approval of the Refinancing and completion of the Refinancing.
These forward-looking statements are based on management’s current expectations and beliefs and are subject to a number of risks and uncertainties and other factors, all of which are difficult to predict and many of which are beyond our control and could cause actual results to differ materially and adversely from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, those related to the impact of the COVID-19 pandemic including its impact on consumer demand, our cash flows, financial condition and revenue growth rate; changes to net income due to non-cash stock based compensation and fluctuation in valuation of earnouts in connection with our acquisition transactions and warrants associated with our financing transactions; whether we successfully close the Photo Paper Direct acquisition or other acquisitions targeted in our M&A pipeline; our supply chain including sourcing, manufacturing, warehousing and fulfillment, including with respect to existing disruptions we are experiencing due to the COVID-19 pandemic; our ability to manage expenses, working capital and capital expenditures efficiently; our business model and our technology platform; our ability to disrupt the consumer products industry; our ability to grow market share in existing and new product categories, including PPE; our ability to generate profitability and stockholder value; international tariffs and trade measures; inventory management, product liability claims, recalls or other safety and regulatory concerns; reliance on third party online marketplaces; seasonal and quarterly variations in our revenue; acquisitions of other companies and technologies and our ability to integrate any such companies and technologies with our business; our ability to obtain stockholder approvals of our proposals at the Special Meeting; and other factors discussed in the “Risk Factors” section of our most recent periodic reports filed with the Securities and Exchange Commission (“SEC”), all of which you may obtain for free on the SEC’s website at www.sec.gov.
Although we believe that the expectations reflected in our forward-looking statements are reasonable, we do not know whether our expectations will prove correct. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, even if subsequently made available by us on our website or otherwise. We do not undertake any obligation to update, amend or clarify these forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
MOHAWK GROUP HOLDINGS, INC.
MOHAWK GROUP HOLDINGS, INC. MOHAWK GROUP HOLDINGS, INC. MOHAWK GROUP HOLDINGS, INC. Non-GAAP Financial Measures and Reconciliations
In addition to disclosing financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), this press release and accompanying tables include certain non-GAAP financial measures. The non-GAAP financial measures contained herein are a supplement to the corresponding financial measures prepared in accordance with U.S. GAAP. The non-GAAP financial measures presented exclude the items described below. Management believes that adjustments for these items assist investors in making comparisons of period-to-period operating results. Furthermore, management also believes that these items are not indicative of the Company’s on-going core operating performance. These non-GAAP financial measures have certain limitations in that they do not reflect all of the costs associated with the operations of the Company’s business as determined in accordance with GAAP.
Therefore, investors should consider non-GAAP financial measures in addition to, and not as a substitute for, or as superior to, measures of financial performance prepared in accordance with GAAP. The non-GAAP financial measures presented by the Company may be different from the non-GAAP financial measures used by other companies. The Company has presented the following non-GAAP measures to assist investors in understanding the Company’s core net operating results on an on-going basis: (i) Contribution margin; (ii) Contribution margin as a percentage of net revenue; (iii) Adjusted EBITDA; and (iv) Adjusted EBITDA as a percentage of net revenue. These non-GAAP financial measures may also assist investors in making comparisons of the Company’s core operating results with those of other companies.
As used herein, Contribution margin represents operating loss plus general and administrative expenses, research and development expenses, fixed sales and distribution expenses, changes in fair-market value of earn-outs and amortization of inventory step-up from acquisitions (included in cost of goods sold). As used herein, Contribution margin as a percentage of net revenue represents Contribution margin divided by net revenue. As used herein, EBITDA represents net loss plus depreciation and amortization, interest expense, net and income tax expense. As used herein, Adjusted EBITDA represents EBITDA plus stock-based compensation expense, changes in fair-market value of earn-outs, amortization of inventory step-up from acquisitions (included in cost of goods sold), change in fair-market value of warrant liability, professional fees related to acquisitions, loss from extinguishment of debt and other expenses, net. As used herein, Adjusted EBITDA as a percentage of net revenue represents Adjusted EBITDA divided by net revenue. Contribution margin, EBITDA and Adjusted EBITDA do not represent and should not be considered as alternatives to loss from operations or net loss, as determined under GAAP.
We present Contribution margin, Contribution margin as a percentage of net revenue, EBITDA, Adjusted EBITDA and Adjusted EBITDA as a percentage of net revenue because we believe each of these measures provides an additional metric to evaluate our operations and, when considered with both our GAAP results and the reconciliation to net loss, provides useful supplemental information for investors. We use Contribution margin, Contribution margin as a percentage of net revenue, EBITDA, Adjusted EBITDA and Adjusted EBITDA as a percentage of net revenue, together with financial measures prepared in accordance with GAAP, such as sales and gross margins, to assess our historical and prospective operating performance, to provide meaningful comparisons of operating performance across periods, to enhance our understanding of our operating performance and to compare our performance to that of our peers and competitors.
We believe EBITDA, Adjusted EBITDA and Adjusted EBITDA as a percentage of net revenue are useful to investors in assessing the operating performance of our business without the effect of non-cash items, while Contribution margin and Contribution margin as a percentage of net revenue are useful to investors in assessing the operating performance of our products as they represent our operating results without the effects of fixed costs and non-cash items. Contribution margin, Contribution margin as a percentage of net revenue, EBITDA, Adjusted EBITDA and Adjusted EBITDA as a percentage of net revenue, should not be considered in isolation or as alternatives to net loss, loss from operations or any other measure of financial performance calculated and prescribed in accordance with GAAP. Neither EBITDA, Adjusted EBITDA nor Adjusted EBITDA as a percentage of net revenue should be considered a measure of discretionary cash available to us to invest in the growth of our business. Our Contribution margin, Contribution margin as a percentage of net revenue, EBITDA, Adjusted EBITDA and Adjusted EBITDA as a percentage of net revenue may not be comparable to similar titled measures in other organizations because other organizations may not calculate Contribution margin, EBITDA, Adjusted EBITDA or Adjusted EBITDA as a percentage of net revenue in the same manner as we do. Our presentation of Contribution margin and Adjusted EBITDA should not be construed as an inference that our future results will be unaffected by the expenses that are excluded from such terms or by unusual or non-recurring items.
We recognize that EBITDA, Adjusted EBITDA and Adjusted EBITDA as a percentage of net revenue, have limitations as analytical financial measures. For example, neither EBITDA nor Adjusted EBITDA reflects: Additionally, Adjusted EBITDA excludes non-cash expense for stock-based compensation, which is and will remain a key element of our overall long-term incentive compensation package.
The following table represents a reconciliation of EBITDA and Adjusted EBITDA to net loss, which is the most directly comparable financial measure presented in accordance with GAAP (in thousands, except percentages):
We also recognize that Contribution margin and Contribution margin as a percentage of net revenue have limitations as analytical financial measures. For example, Contribution margin does not reflect:
The following table provides a reconciliation of Contribution Margin to operating loss, which is the most directly comparable financial measure presented in accordance with GAAP (in thousands, except percentages):
We believe each of our products goes through three core phases as follows:
The following table breaks out our quarterly fourth quarter and full year 2019 and 2020 results of operations by our product phases including our PaaS business line (in thousands):
The following table provides summarized quarterly information from our condensed statement of cash flows for 2020 and 2019 (in thousands):
The following table provides summarized quarterly net revenue and operating income information from our December 1, 2020 acquisition of assets of leading e-commerce business brands Mueller, Pursteam, Pohl and Schmitt, and Spiralizer (the “Smash Assets”). The net revenue and operating income information is being disclosed this one time for lender requirements. The information has been provided by the sellers and is unaudited. For the Smash Assets acquisition, operating income is a close approximation to our Adjusted EBITDA as the Smash Assets has have a de minimis amounts of depreciation and amortization in its operating income figures (in thousands):
Mohawk today announced the promotion of Arturo Rodriguez to Chief Financial Officer, effective immediately. Mr. Rodriguez has served as the Company’s Senior Vice President of Finance at Mohawk Group Holdings, Inc. since September 2017. Prior to Mohawk, Mr. Rodriguez spent five years as Chief Accounting Officer and Global Controller for Piksel, Inc. and also held the role of Interim Chief Operating Officer in his last year. From 2000 to 2011, Mr. Rodriguez was with the Atari Group where he held several financial leadership roles, most notably Acting Chief Financial Officer of Atari, Inc. (NASDAQ: ATAR) from 2007 to 2008 and Deputy CFO of Atari SA (Euronext: ATA) from 2008 to 2010. Mr. Rodriguez replaces Fabrice Hamaide, who will be focusing on M&A opportunities in Europe as our new Head of Corporate Development, Europe.
Mohawk today also announced its intent to refinance all of its currently outstanding debt, including the two senior secured notes totaling $53.9 million and its revolver credit facility totaling $30.0 million with a new $110.0 million senior secured note to an institutional lender (the “Refinancing”). The new senior secured note is expected to have an 8% annual interest rate payable in cash on a quarterly basis with a three year maturity and will provide for the issuance to the institutional lender of a warrant to purchase additional shares of the Company’s common stock in an amount to be determined at the closing of the Refinancing. The Refinancing is expected to close in the first half of April 2021, and is subject to entry into definitive documentation and other customary closing conditions.
The Company is expecting to hold a special meeting of stockholders (the “Special Meeting”) in early April 2021 pursuant to which the Company’s stockholders are expected to be asked to approve certain issuances of the Company’s shares in accordance with Nasdaq listing rules.
For full year 2021, the Company now expects net revenue to be in the range of $350 million to $380 million up from $340 million to $370 million, assuming the anticipated acquisition of Photo Paper Direct. For full year 2021, on the same assumption, the Company now expects Adjusted EBITDA to be in the range of $30.0 million to $34.0 million up from $28.0 million to $32.0 million.
For more information on our non-GAAP financial measures and a reconciliation of GAAP to non-GAAP measures, please see the “Non-GAAP Financial Measures and Reconciliations” section below.
Mohawk will host a live conference call to discuss financial results today, March 8, 2021, at 5:00 p.m. Eastern Time. To access the call, participants from within the U.S. should dial (877) 295-1077 and participants from outside the U.S. should dial (470) 495-9485 and provide the conference ID: 4271887. Participants may also access the call through a live webcast at https://ir.mohawkgp.com/investor-relations. Please visit the website at least 15 minutes prior to the start of the call to register and download any necessary software. The archived online replay will be available for a limited time after the call in the Investor Relations section of Mohawk’s website.
In connection with the Special Meeting, the Company has filed a preliminary proxy statement and accompanying proxy card with the Securities and Exchange Commission (the “SEC”), and will file a definitive proxy statement and accompanying proxy card with the SEC, STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ THE COMPANY’S DEFINITIVE PROXY STATEMENT WHEN AVAILABLE (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), THE ACCOMPANYING PROXY CARD AND ALL OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE AS THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders may obtain a free copy of the proxy statement, and amendments or supplements thereto and other documents that the Company files with the SEC at the SEC’s website at www.sec.gov or the Company’s website at https://ir.mohawkgp.com/investor-relations as soon as reasonably practicable after such materials are filed with, or furnished to the SEC.
The Company, its directors and certain of its executive officers are participants in the solicitations of proxies from the Company’s stockholders. Preliminary information regarding the direct and indirect interest, by security holdings or otherwise of the Company’s directors and executive officers is set forth in the Company’s preliminary proxy statement for the Special Meeting expected to be filed with the SEC on or about March 8, 2021, and final information will be set forth in the Company’s definitive proxy statement for the Special Meeting to be filed with the SEC. These documents, when available, can be found on the SEC’s website at www.sec.gov or the Company’s website at https://ir.mohawkgp.com/investor-relations. Updated information regarding the identities of potential participants, and their direct or indirect interests, by security holdings or otherwise, will be set forth in the Company’s definitive proxy statement in connection with the solicitation of proxies from the Company’s stockholders and other relevant documents to be filed with the SEC.
Mohawk Group Holdings, Inc., together with its subsidiaries (“Mohawk”), is a rapidly growing technology-enabled consumer products company that uses machine learning, natural language processing, and data analytics to design, develop, market and sell products. Mohawk predominantly operates through online retail channels such as Amazon and Walmart. Mohawk has twelve owned and operated brands and sells products in multiple categories, including home and kitchen appliances, kitchenware, environmental appliances (i.e., dehumidifiers and air conditioners), beauty-related products and, to a lesser extent, consumer electronics. Mohawk was founded on the premise that if a company selling consumer packaged goods was founded today, it would apply artificial intelligence and machine learning, the synthesis of massive quantities of data and the use of social proof to validate high caliber product offerings as opposed to over-reliance on brand value and other traditional marketing tactics.
Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands, except share and per share data
December 31,
2019
December 31,
2020
ASSETS
CURRENT ASSETS:
Cash
$
30,353
$
26,718
Accounts receivable—net
1,059
5,747
Inventory
36,212
31,582
Prepaid and other current assets
5,395
11,111
Total current assets
73,019
75,158
PROPERTY AND EQUIPMENT—net
175
169
GOODWILL AND OTHER INTANGIBLES—net
1,055
78,778
OTHER NON-CURRENT ASSETS
175
3,349
TOTAL ASSETS
$
74,424
$
157,454
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Credit facility
$
21,657
$
12,190
Accounts payable
21,064
14,856
Term loan
3,000
21,600
Seller notes
—
16,231
Contingent earn-out liability
—
1,515
Accrued and other current liabilities
7,505
8,340
Total current liabilities
53,226
74,732
OTHER LIABILITIES
4
1,841
CONTINGENT EARN-OUT LIABILITY
—
21,016
TERM LOANS
10,467
36,483
Total liabilities
63,697
134,072
COMMITMENTS AND CONTINGENCIES (Note 12)
STOCKHOLDERS’ EQUITY:
Common stock, par value $0.0001 per share—500,000,000 shares authorized
and 17,736,649 shares outstanding at December 31, 2019; 500,000,000 shares
authorized and 27,074,791 shares outstanding at December 31, 2020
2
3
Additional paid-in capital
140,477
216,305
Accumulated deficit
(129,809
)
(192,935
)
Accumulated other comprehensive income
57
9
Total stockholders’ equity
10,727
23,382
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$
74,424
$
157,454
Condensed Consolidated Statements of Operations
(Unaudited)
(in thousands, except share and per share data)
Three Months Ended
December 31,
Year-Ended December 31,
2019
2020
2019
2020
NET REVENUE
$
25,634
$
41,492
$
114,451
$
185,704
COST OF GOODS SOLD
16,552
22,740
69,411
100,958
GROSS PROFIT
9,082
18,752
45,040
84,746
OPERATING EXPENSES:
Research and development
2,930
1,551
10,661
8,130
Sales and distribution
14,112
16,533
55,206
68,005
General and administrative
9,574
7,078
33,506
30,631
Change in fair value of contingent earn-out liabilities
—
12,731
—
12,731
TOTAL OPERATING EXPENSES:
26,616
37,893
99,373
119,497
OPERATING LOSS
(17,534
)
(19,141
)
(54,333
)
(34,751
)
INTEREST EXPENSE:
Interest expense, net
1,003
1,841
4,386
4,961
Loss on extinguishment of debt
—
2,055
—
2,055
Change in fair market value of warrant liability
—
21,338
—
21,338
TOTAL INTEREST EXPENSE:
1,003
25,234
4,386
28,354
OTHER (INCOME) EXPENSE— net
(1
)
(23
)
41
(27
)
LOSS BEFORE INCOME TAXES
(18,538
)
(44,352
)
(58,760
)
(63,078
)
PROVISION FOR INCOME TAXES
7
2
29
48
NET LOSS
$
(18,545
)
$
(44,354
)
$
(58,789
)
$
(63,126
)
Net loss per share, basic and diluted
$
(1.23
)
$
(2.12
)
$
(4.35
)
$
(3.68
)
Weighted-average number of shares outstanding, basic and diluted
15,134,677
20,888,137
13,516,844
17,167,999
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)
Year-Ended December 31,
2019
2020
OPERATING ACTIVITIES:
Net loss
$
(58,789
)
$
(63,126
)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization
183
552
Provision for sales returns
134
92
Amortization of deferred financing cost and debt discounts
1,218
2,245
Stock-based compensation
34,681
22,716
Allowance for doubtful accounts
35
(35
)
Other
59
—
Loss from extinguishment of Horizon term loan
—
1,065
Loss from increase of contingent liabilities
—
12,732
Loss in connection with warrant
—
21,338
Changes in assets and liabilities:
Accounts receivable
309
(4,668
)
Inventory
(5,360
)
18,218
Prepaid and other current assets
(1,004
)
1,513
Accounts payable, accrued and other liabilities
3,334
(7,541
)
Cash (used in) provided by operating activities
(25,200
)
5,101
INVESTING ACTIVITIES:
Purchase of fixed assets
(114
)
(89
)
Cash consideration for acquisition of Aussie Health Co. assets
(1,176
)
—
Purchase of Truweo assets
—
(13,965
)
Purchase of Smash assets
—
(25,000
)
Proceeds on sale of fixed assets
6
—
Cash used in investing activities
(1,284
)
(39,054
)
FINANCING ACTIVITIES:
Proceeds from initial public offering, net of issuance costs
36,000
—
Issuance costs from initial public offering
(5,446
)
—
Proceeds from issuance of common stock from follow-on public offering, net of issuance costs
—
23,416
Payment of seller note from the Purchase of Aussie Health Co. assets
—
(207
)
Proceeds from exercise of stock options
—
35
Tax paid in connection with RSAs
—
(137
)
Borrowings from Mid Cap credit facility
98,663
123,733
Repayments from Mid Cap credit facility
(92,165
)
(133,782
)
Mid Cap deferred financing fees
—
(100
)
Debt issuance costs from Mid Cap credit facility
(581
)
—
Debt issuance costs from Horizon term loan
(900
)
—
Repayments for Horizon term loan
—
(15,000
)
Borrowings from High Trail term loan
—
38,000
Debt issuance costs High Trail term loan
—
(2,207
)
Insurance financing proceeds
3,833
2,660
Insurance obligation payments
(2,783
)
(3,070
)
Capital lease obligation payments
(55
)
(32
)
Cash provided by financing activities
36,566
33,309
EFFECT OF EXCHANGE RATE ON CASH
(1
)
(48
)
NET CHANGE IN CASH AND RESTRICTED CASH FOR THE YEAR
10,081
(692
)
CASH AND RESTRICTED CASH AT BEGINNING OF YEAR
20,708
30,789
CASH AND RESTRICTED CASH AT END OF YEAR
$
30,789
$
30,097
RECONCILIATION OF CASH AND RESTRICTED CASH
CASH
$
30,353
$
26,718
RESTRICTED CASH—Prepaid and other current assets
307
3,250
RESTRICTED CASH—Other non-current assets
129
129
TOTAL CASH AND RESTRICTED CASH
$
30,789
$
30,097
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest
$
3,201
$
2,775
Cash paid for taxes
$
21
$
46
Non-cash barter exchange of inventory for advertising credits
$
—
$
3,352
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Equity fundraising costs not paid
$
160
$
—
Debt issuance costs not paid
$
—
$
142
Original issue discount
$
—
$
5,000
Discount of debt relating to warrants issuance
$
—
$
10,483
Notes payable on acquisition
$
195
$
18,073
Non-cash consideration paid to contractors
$
—
$
1,671
Issuance of common stock in connection with acquisition
$
—
$
29,075
Fair value of contingent consideration
$
—
$
9,800
Three Months Ended
December 31,
Year-Ended
December 31,
2019
2020
2019
2020
Net loss
$
(18,545
)
$
(44,354
)
$
(58,789
)
$
(63,126
)
Add (deduct)
Provision for income taxes
7
2
29
48
Interest expense
1,003
1,841
4,386
4,961
Depreciation and amortization
47
373
183
552
EBITDA
(17,488
)
(42,138
)
(54,191
)
(57,565
)
Other Income (expense), net
1
(23
)
41
(27
)
Loss on extinguishment of debt
—
2,055
—
2,055
Change in fair value of contingent earn-out liabilities
—
12,731
—
12,731
Amortization of inventory step-up from acquisitions (included in cost of goods sold)
—
583
—
583
Change in fair market value of warrant liability
—
21,338
—
21,338
Professional fees related to acquisitions
—
663
—
663
Stock-based compensation
9,933
5,244
34,681
22,716
Adjusted EBITDA
$
(7,554
)
$
453
$
(19,469
)
$
2,494
Adjusted EBITDA as a percentage of net revenue
(29.5
)%
1.1
%
(17.0
)%
1.3
%
Three Months Ended
December 31,
Year-Ended
December 31,
2019
2020
2019
2020
Operating loss
$
(17,534
)
$
(19,141
)
$
(54,333
)
$
(34,751
)
Add:
General and administrative expenses
9,574
7,078
33,506
30,631
Research and development expenses
2,930
1,551
10,661
8,130
Sales and distribution fixed expenses, including
stock-based compensation expense
3,348
1,829
12,655
7,799
Change in fair value of contingent earn-out liabilities
—
12,731
—
12,731
Amortization of inventory step-up from acquisitions (included in cost of goods sold)
—
583
—
583
Contribution margin
$
(1,682
)
$
4,631
$
2,489
$
25,123
Contribution margin as a percentage of net revenue
(6.6
)%
11.2
%
2.2
%
13.5
%
Three Months Ended December 31, 2019
Sustain
Launch
PaaS
Liquidation/
Other
Fixed
Costs
Stock based
compensation
expense / Earnout
Total
NET REVENUE
$
20,326
$
3,026
$
310
$
1,972
$
—
$
—
$
25,634
COST OF GOODS SOLD
11,945
1,821
—
2,786
—
—
16,552
GROSS PROFIT
$
8,381
$
1,205
$
310
$
(814
)
$
—
$
—
$
9,082
OPERATING EXPENSES:
Sales and distribution expenses
7,096
1,635
141
1,892
1,208
2,140
14,112
Research and development
—
—
—
—
1,172
1,758
2,930
General and administrative
—
—
—
—
3,538
6,036
9,574
Change in earn-out liability
—
—
—
—
—
—
—
Three Months Ended December 31, 2020
Sustain
Launch
PaaS
Liquidation/
Other
Fixed
Costs
Stock based
compensation
expense / Earnout
Total
NET REVENUE
$
34,749
$
1,754
$
292
$
4,697
$
—
$
—
$
41,492
COST OF GOODS SOLD
17,034
1,113
—
4,593
—
—
22,740
GROSS PROFIT
$
17,715
$
641
$
292
$
104
$
—
$
—
$
18,752
OPERATING EXPENSES:
Sales and distribution expenses
12,436
971
196
1,096
1,062
772
16,533
Research and development
—
—
—
—
817
734
1,551
General and administrative
—
—
—
—
3,340
3,738
7,078
Change in earn-out liability
—
—
—
—
—
12,731
12,731
Year ended December 31, 2019
Sustain
Launch
PaaS
Liquidation/
Other
Fixed
Costs
Stock based
compensation
expense / Earnout
Total
NET REVENUE
$
97,248
$
9,804
$
1,681
$
5,718
$
—
$
—
$
114,451
COST OF GOODS SOLD
58,878
6,479
—
4,054
—
—
69,411
GROSS PROFIT
$
38,370
$
3,325
$
1,681
$
1,664
$
—
$
—
$
45,040
OPERATING EXPENSES:
Sales and distribution expenses
32,073
5,205
555
4,717
5,297
7,358
55,206
Research and development
—
—
—
—
4,950
5,711
10,661
General and administrative
—
—
—
—
11,894
21,612
33,506
Change in earn-out liability
—
—
—
—
—
—
—
Years ended December 31, 2020
Sustain
Launch
PaaS
Liquidation/
Other
Fixed
Costs
Stock based
compensation
expense / Earnout
Total
NET REVENUE
$
137,299
$
18,592
$
1,338
$
28,475
$
—
$
—
$
185,704
COST OF GOODS SOLD
69,692
10,505
—
20,761
—
—
100,958
GROSS PROFIT
$
67,607
$
8,087
$
1,338
$
7,714
$
—
$
—
$
84,746
OPERATING EXPENSES:
Sales and distribution expenses
42,614
8,473
461
8,658
5,266
2,533
68,005
Research and development
—
—
—
—
4,165
3,965
8,130
General and administrative
—
—
—
—
14,413
16,218
30,631
Change in earn-out liability
—
—
—
—
—
12,731
12,731
Three Months Ended
March 31,
2019
June 30,
2019
September 30,
2019
December 31,
2019
Operating activities:
Net loss
$
(8,389
)
$
(16,879
)
$
(14,975
)
$
(18,546
)
Total adjustments to reconcile net loss to net cash used in operating activities
1,879
12,473
11,782
10,176
Cash (used in) provided by working capital (changes in assets and liabilities)
(5,414
)
41
6,336
(3,684
)
Cash (used in) provided by operating activities
(11,924
)
(4,365
)
3,143
(12,054
)
Cash used in investing activities
(10
)
(11
)
(1,126
)
(137
)
Financing activities:
Proceeds from initial public offering, less issuance costs
—
30,902
(348
)
5,446
Net proceeds from (payments to) MidCap credit facility, including debt issuance costs
5,520
(1,618
)
(5,244
)
7,840
All other financing activities
(892
)
1,652
(266
)
(6,426
)
Cash provided by (used in) financing activities
4,628
30,936
(5,858
)
6,860
Effect of exchange rate on cash
1
—
(1
)
(1
)
Net change in cash and restricted cash for period
$
(7,305
)
$
26,560
$
(3,842
)
$
(5,332
)
Three Months Ended
March 31,
2020
June 30,
2020
September 30,
2020
December 31,
2020
Operating activities:
Net loss
$
(15,030
)
$
(2,937
)
$
(805
)
$
(44,354
)
Total adjustments to reconcile net loss to net cash used in operating activities
7,901
5,450
5,296
42,058
Cash (used in) provided by working capital (changes in assets and liabilities)
(9,962
)
5,655
12,032
(203
)
Cash (used in) provided by operating activities
(17,091
)
8,168
16,523
(2,499
)
Cash used in investing activities
(18
)
(1
)
(14,046
)
(24,989
)
Financing activities:
Proceeds from initial public offering, less issuance costs
(139
)
139
23,416
—
Net proceeds from (payments to) MidCap credit facility, including debt issuance costs
2,021
(5,863
)
(4,928
)
(1,279
)
Payments to term loan with Horizon
—
—
(1,000
)
(14,000
)
Borrowings from High Trail term loan
—
—
—
35,793
All other financing activities
(1,079
)
703
229
(704
)
Cash provided by (used in) financing activities
803
(5,021
)
17,717
19,810
Effect of exchange rate on cash
3
(2
)
2
(51
)
Net change in cash and restricted cash for period
$
(16,303
)
$
3,144
$
20,196
$
(7,729
)
Three Months Ended
Two Months Ended
March 31,
2020
June 30,
2020
September 30,
2020
November 30,
2020
Net revenue
$
14,411
$
21,118
$
26,958
$
19,876
Operating income
2,502
4,401
4,736
4,168
Investor Contact:
Ilya Grozovsky
Director of Investor Relations & Corp. Development
Mohawk Group 917-905-1699
Artificial Intelligence
Huawei Wen Tong: 6G Needs to Embrace AI for Shaping Future Network
SHENZHEN, China, Sept. 29, 2024 /PRNewswire/ — At the 6G Conference held in Istanbul, on September 24, 2024, Dr. Wen Tong, Huawei Wireless CTO, delivered a keynote speech on 6G standardization and innovation. With the release of the ITU-R 6G vision framework, the 3GPP will start 6G standardization in 2025. “6G is a new generation of mobile technology, not a simple upgrade of 5G, it should bring new value to users,” said Dr. Tong, “6G is a true intergenerational technological disruption. 6G standard, key technologies, and network architecture should be re-defined based on application scenarios and requirements from 2030 to 2040. 6G should not be another way to implement 5G. Instead, 6G should embrace the AI revolution with a quantum leap and generate new values for the consumers. In this way, 3GPP standards can truly realize the 6G vision and create greater value for the entire industry.”
Centered “6G Standardization Direction” and “6G Innovation Driving Force”, Dr. Tong shared important views on the future architecture, terminal development, and key technologies of 6G.
In terms of architecture design, 6G should go beyond Service-Based Architecture and move towards Application-Driven Network.
5G has already achieved market success and continues to evolve towards 5G-Advanced. 6G will not simply reuse 5G network architecture, without generational and fundamental innovations, which will limit the mobile industry’s aspiration and imagination to dive the innovation in the 6G era. 6G must have obvious cross-generational characteristics and technical breakpoint.
On the core side, reusing the 5G core network will hinder the innovation in AI. We should use Agentic-AI based technology to re-architect 6G Core that goes beyond 5G Service-Based Architecture and support the foundational capabilities of AI, Sensing and NTN , and thus evolve towards the Application Driven Network .
In terms of terminal evolution, 6G user device calls for a breakthrough to lead the success of the entire industry chain.
It is the law of the mobile industry to drive the evolution of the market with the pioneering technology. The 6G networks and 6G terminals must meet the requirements of consumers and vertical industries in the 6G market phase from 2030 to 2040.
Currently, smartphones are evolving to AI terminals to usher in the mobile AI era. In post-MBB era, breakthroughs in terminal technologies will be the key to the evolution of the mobile industry. Therefore, 6G user device calls for a breakthrough towards “Full-AI”, thus to drive 6G network upgrade and the success of the entire industry ecosystem.
In terms of technology development, AI will become a key enabler for 6G with network paradigm shifting.
Twenty years ago, the Internet was the enabler of the technology innovations. Mobile communications embraced the Internet and achieved great business success. Today, AI maybe the disruptive enabler of the latest technology innovations.
6G should embrace the AI revolution with a quantum leap. However, 6G networks should not be limited to generative AI, Artificial General Intelligence (AGI) and Embodiment-AI are the main directions of future AI development. Therefore, AGI should run through the whole process of sensing, reasoning, decision, and action of terminals, wireless networks, and core networks of 6G, to welcome the arrival of a new network paradigm.
At the end, Dr. Tong Wen emphasized the relationship between 5G and 6G: “The global 5G deployment is on the rise and evolving to 5G-Advanced, which not only meets the current requirements of operators, but also protects their investment. Therefore, 6G technologies should not overlap with 5G in technologies and market space. The specifications, technologies, and architecture of 6G must be based on the scenarios and requirements from 2030 to 2040. We should focus on true generational technology disruption, embrace the new opportunities brought by AI, expand the mobile industry in the next generation.”
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Artificial Intelligence
How AIoT shapes the future of mobility: Hikvision at ITS World Congress 2024
HANGZHOU, China, Sept. 27, 2024 /PRNewswire/ — Hikvision made a significant impact at the ITS World Congress in Dubai with its captivating theme, “Embrace AIoT for safer, smarter, and greener mobility.” Its booth became a hub of innovation, where visitors explored AIoT solutions that are reshaping the transportation landscape, sparking deep conversations on the future of urban mobility.
Road safety revolution: harnessing AIoT for secure transportation
Hikvision’s commitment to road safety was on full display at its booth through the impressive array of AIoT solutions designed to create secure and reliable traffic environments. The company’s technology provides 24/7 traffic monitoring, ensuring continuous oversight of motor vehicles, non-motorized vehicles, pedestrians and environmental factors. This comprehensive, real-time information collection enables traffic managers to prevent accidents and enhance road safety. Among the showcased products was the 20 MP IR ANPR Checkpoint Capture Unit, renowned for its high-definition capture capabilities, bolstering traffic safety measures.
A standout innovation was the integration of advanced radar and camera technologies, ensuring uninterrupted, comprehensive detection even in adverse weather conditions. The Radar-Video Fusion Incident Detection Cameras, featured prominently in the product experience area, enable early detection and warning of potential hazards. They are particularly effective in challenging situations such as curved roads, blind spots at intersections, and obstacles beyond visual range.
Attendees also engaged with onboard monitoring products on the simulated bus, including dome network cameras, which is designed to enhance passenger safety. Driving assistance products, such as the Driver Status Monitor (DSM), were demonstrated to mitigate unsafe driving behaviors and ensure safer journeys.
Urban mobility redefined: smart traffic innovations
In the realm of smarter mobility, Hikvision showcased its multidimensional sensing technology, which integrates visible light sensors, infrared sensors, radar, and sonar. This technology expands perception capabilities, significantly improving traffic management and situational awareness. The use of AI-powered comprehensive sensing elevates incident monitoring and violation detection to unprecedented levels of accuracy and efficiency.
A major attraction was the Radar-Video Fusion TandemVu PTZ Camera, which integrates millimeter-wave radar with high-resolution cameras for extensive traffic detection and data analysis. AI-based algorithms combine these two systems to enhance target information, detecting up to 16 types of incidents. This leads to the development of a large-scale fusion model that merges spatial physical data with image semantic information. The result is ultra-long-range perception, achieving over 95% accuracy in vehicle trajectory detection. This robust system improves traffic violation management and optimizes traffic flow, significantly enhancing road efficiency.
At the simulated bus station, visitors observed how AI-assisted people counting automated the collection of passenger flow statistics at peak stop hours and bus line frequency during busy periods. Paired with smart bus stop digital signage, the solution improves bus service quality, operational efficiency, passenger experience, and overall public transport effectiveness.
Sustainable transportation: leading the charge for greener cities
Hikvision’s commitment to sustainable urban mobility was evident through its innovative green wave technology and eco-friendly checkpoint solutions. Green wave technology efficiently manages traffic flow to reduce congestion and lower carbon emissions, aligning with global sustainability goals. Visitors were particularly impressed by a case study showcasing a green wave solution implemented in Zhoushan, China. Over a stretch of 21 kilometers and 34 intersections, this main road cut travel times by 50%.
The use of DarkFighterX technology in checkpoint cameras also received significant attention. This technology senses both visible and invisible light, resulting in more accurate and realistic images. It enhances traffic violation enforcement efficiency while minimizing the need for high ambient light levels, thus reducing light pollution. The 9M DarkfightX ANPR Checkpoint Camera exemplified this dedication to environmental stewardship.
Frank Zhang, President of Hikvision MEA, remarked, “Hikvision supports sustainable urban planning by empowering traffic departments to address congestion and transportation challenges.” He further emphasized, “Our system’s openness fosters a secure and reliable platform for developing smart and green cities. Additionally, our solar technology is extensively utilized in remote areas, while our smart street lighting solutions reduce energy consumption by 20-30%, promoting intelligent urban transportation and advancing global sustainability objectives.”
Hikvision’s presence at the ITS World Congress in Dubai underscored its leadership in integrating AIoT technologies to drive safer, smarter, and greener mobility solutions. The engaging presentations and advanced product demonstrations captured significant attention from industry partners and customers, reaffirming the company’s role as a pioneer in shaping the future of urban transportation. As the world moves towards more intelligent and sustainable transportation systems, Hikvision remains at the forefront, embracing AIoT to create a safer, smarter, and greener future for all.
To find out more about Hikvision’s advanced traffic and public transport solutions, please explore the Hikvision official website.
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Artificial Intelligence
Anti-Drone Market worth $7.05 billion by 2029 – Exclusive Report by MarketsandMarkets™
DELRAY BEACH, Fla., Sept. 27, 2024 /PRNewswire/ — The global anti-drone market was valued at USD 2.16 billion in 2024 and is projected to reach USD 7.05 billion by 2029; it is expected to register a CAGR of 26.7% during the forecast period according to a new report by MarketsandMarkets™. Increasing government spending on counter-drone technologies, rising incidence of critical infrastructure security breaches by unauthorized drones, and surge in adoption of aerial remote sensing technologies to safeguard critical infrastructure are attributed to the demand for anti-drone.
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Browse in-depth TOC on “Anti-Drone Market” 178 – Tables61 – Figures253 – Pages
Anti-Drone Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 2.16 billion
Estimated Value by 2029
$ 7.05 billion
Growth Rate
Poised to grow at a CAGR of 26.7%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By System Type, Application, Platform type, Vertical, and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Vulnerability to hacking
Key Market Opportunities
Emphasis on improving unmanned aircraft systems technology
Key Market Drivers
Growing number of illicit activities
By System Type: Hybrid systems to account for the larger market share in the forecasted year.
The hybrid segment accounted for the largest share of the anti-drone market in 2029. The trends of integrating multiple anti-drone technologies are rising since they are most effective in detecting, tracking, and neutralizing drone threats. These systems merge electronic, kinetic, and lasers, providing a comprehensive defense solution against UAVs. Hybrid systems use electronic, kinetic, and laser-based countermeasures to offer optimum protection against drones. These systems are designed to detect, track, identify, categorize, and mitigate drones at operational wide ranges ranging from a few km up to tens of km.
By Platform: The ground-based segment accounted for the largest market share in the forecast year.
The ground-based segment will hold a major share of the anti-drone market in 2029. Many ground-based anti-drone systems use several electronic technologies, such as radar, IR sensors, acoustic systems, and RF & GNSS jammers. MESA radar solutions are used mostly for counter-UAS purposes, protecting critical infrastructure, military camps, and other security-sensitive sites from unauthorized drones. One such solution is EchoGuard, a ground-based airspace management solution that contains a software-defined 3D radar that can be specific to the site. This system can identify single or multiple off-chance drones, including swarms in unauthorized areas. They provide accurate and sustained airspace surveillance for the field of view (FOV) they are configured, and both human and AI-monitored visual checks. The system can be easily transported and integrated directly with the command-and-control centers or another identification sensor for portable use, and multiple units of the system can be combined to cover vast areas or lengths of borders. Major providers of ground-based counter-drone systems include companies like EchoDyne Corporation, DeTect, Meteksan Defense, and WhiteFox Defense. Acoustics-based Discovair G2 utilizes patented microphone arrays. With 128 interconnected microphone elements, the Discovair sensor units can establish azimuth and elevation to the target in real-time using advanced digital signal processing.
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By Region: Americas are expected to hold the largest share of the anti-drone market during the forecast period.
Americas is expected to capture the largest share in the anti-drone industry during the forecast period. The growth can be attributed to protecting crucial infrastructure in the region. Governments, particularly in the US, invest in anti-drone systems for military bases, borders, and critical infrastructure. For Instance, in April 2023, RTX secured a USD 237 million contract from the US Army to provide Ku-band Radio Frequency Sensors (KuRFS) and Coyote effectors. These systems are designed to detect and neutralize unmanned aircraft systems (UAS). The contract includes stationary and mobile systems and a specified quantity of effectors, all aimed at enhancing the Army’s operations within the US Central Command region.
Key Players-
The key companies offering anti-drone companies include RTX (US), Lockheed Martin Corporation (US), Leonardo S.p.A. (Italy), Thales (France), and IAI (Israel).
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About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
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