Shapeways Reports Financial Results for the Third Quarter of 2021

Non-GAAP Financial Information

In addition to Shapeways’ results determined in accordance with GAAP, Shapeways believes that Adjusted EBITDA, a non-GAAP financial measure, is useful in evaluating our operational performance. Shapeways uses this non-GAAP financial information to evaluate our ongoing operations and for internal planning and forecasting purposes. Shapeways believes that this non-GAAP financial information, when taken collectively, may be helpful to investors in assessing our operating performance.

Shapeways defines Adjusted EBITDA as net income (loss) plus/minus debt forgiveness, interest expense, income taxes, depreciation and amortization expense, and change in fair value of warrant liabilities. In the future, Shapeways expects to report Adjusted EBITDA with an additional adjustment for stock based compensation expense.

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-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 our 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 GAAP. Shapeways compensates for these limitations by relying primarily on our GAAP results and using Adjusted EBITDA on a supplemental basis. You should review the reconciliation of net income (loss) to Adjusted EBITDA below and not rely on any single financial measure to evaluate Shapeways’ business.

BALANCE SHEET

As of September 30, 2021 and December 31, 2020

  
(in thousands, except share and per share amounts)
 
September 30, 2021 December 31, 2020
(Unaudited)
Assets
Current assets
Cash and cash equivalents

$

90,108

 

$

8,564

 

Restricted cash

 

143

 

 

145

 

Accounts receivable

 

1,114

 

 

185

 

Inventory

 

573

 

 

727

 

Promissory note due from related party

 

-

 

 

151

 

Prepaid expenses and other current assets

 

1,908

 

 

1,910

 

Total current assets

 

93,846

 

 

11,682

 

Property and equipment, net

 

1,090

 

 

948

 

Right-of-use assets, net

 

982

 

 

2,102

 

Goodwill

 

1,835

 

 

1,835

 

Security deposits

 

175

 

 

175

 

Total assets

$

97,928

 

$

16,742

 

 
Liabilities and Stockholders' Equity (Deficit)
Current liabilities
Accounts payable

$

1,168

 

$

1,633

 

Accrued expenses and other liabilities

 

3,700

 

 

3,319

 

Current portion of long-term debt

 

39

 

 

8,332

 

Operating lease liabilities, current

 

631

 

 

1,222

 

Deferred revenue

 

658

 

 

753

 

Total current liabilities

 

6,196

 

 

15,259

 

Operating lease liabilities, net of current portion

 

499

 

 

1,094

 

Warrant liabilities

 

6,777

 

 

-

 

Long-term debt

 

88

 

 

2,236

 

Total liabilities

 

13,560

 

 

18,589

 

 
Commitments and contingencies
 
Stockholders' equity (deficit) (1)
Preferred stock ($0.0001 par value; 10,000,000 shares authorized; none issued and outstanding as of September 30, 2021 and December 31, 2020, respectively)

 

-

 

 

-

 

Common stock ($0.0001 par value; 120,000,000 shares authorized; 48,296,484 and 32,170,068 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively)

 

5

 

 

3

 

Additional paid-in capital

 

195,121

 

 

112,994

 

Accumulated deficit

 

(110,442

)

 

(114,567

)

Accumulated other comprehensive loss

 

(316

)

 

(277

)

Total stockholders' equity (deficit)

 

84,368

 

 

(1,847

)

Total liabilities and stockholders' equity (deficit)

$

97,928

 

$

16,742

 

 

STATEMENT OF OPERATIONS

For the Three and Nine Months Ended September 30, 2021 and 2020

(in thousands, except share data)
 

Three Months Ended September 30,

 

Nine Months Ended September 30,

2021

 

2020

 

2021

 

2020

Revenue, net

$

7,716

 

$

8,107

 

$

25,354

 

$

23,028

 

Cost of revenue

 

4,055

 

 

4,406

 

 

13,271

 

 

13,030

 

Gross profit

 

3,661

 

 

3,701

 

 

12,083

 

 

9,998

 

Operating expenses
Selling, general and administrative

 

4,366

 

 

2,461

 

 

10,513

 

 

8,075

 

Research and development

 

1,673

 

 

1,516

 

 

4,099

 

 

4,289

 

Amortization and depreciation

 

33

 

 

37

 

 

100

 

 

113

 

Total operating expenses

 

6,072

 

 

4,014

 

 

14,712

 

 

12,477

 

Loss from operations

 

(2,411

)

 

(313

)

 

(2,629

)

 

(2,479

)

Other income (expense)
Long-term debt forgiveness

 

-

 

 

-

 

 

2,000

 

 

-

 

Interest expense

 

(126

)

 

(141

)

 

(407

)

 

(444

)

Change in fair value of warrant liabilities

 

5,088

 

 

-

 

 

5,088

 

 

-

 

Interest income

 

1

 

 

-

 

 

1

 

 

-

 

Other income

 

-

 

 

4

 

 

1

 

 

7

 

Loss on disposal of assets

 

-

 

 

-

 

 

-

 

 

(4

)

Total other income (expense), net

 

4,963

 

 

(137

)

 

6,683

 

 

(441

)

Income (loss) before income tax benefit

 

2,552

 

 

(450

)

 

4,054

 

 

(2,920

)

Income tax benefit

 

-

 

 

-

 

 

(71

)

 

-

 

Net income (loss)

 

2,552

 

 

(450

)

 

4,125

 

 

(2,920

)

Deemed dividend - Earnout Shares

 

(18,132

)

 

-

 

 

(18,132

)

 

-

 

Net loss attributable to common stockholders

$

(15,580

)

$

(450

)

$

(14,007

)

$

(2,920

)

Net income (loss) per share:
Basic

$

0.07

 

$

(0.01

)

$

0.11

 

$

(0.08

)

Diluted

$

0.07

 

$

(0.01

)

$

0.11

 

$

(0.08

)

Net loss per share attributable to common stockholders:
Basic

$

(0.41

)

$

(0.01

)

$

(0.38

)

$

(0.08

)

Diluted

$

(0.41

)

$

(0.01

)

$

(0.38

)

$

(0.08

)

Weighted average common shares outstanding: (1)
Basic

 

37,932,345

 

 

35,787,986

 

 

37,351,244

 

 

35,660,635

 

Diluted

 

37,932,345

 

 

35,787,986

 

 

37,351,244

 

 

35,660,635

 

Other comprehensive (loss) income
Foreign currency translation adjustment

 

(22

)

 

65

 

 

(39

)

 

32

 

Comprehensive loss

$

(15,602

)

$

(385

)

$

(14,046

)

$

(2,888

)

 

STATEMENT OF CASH FLOWS

For the Three and Nine Months Ended September 30, 2021 and 2020

    
(in thousands, except share and per share amounts)
(Unaudited)
 

Nine Months Ended September 30,

2021

 

2020

Cash flows from operating activities:
Net income (loss)

$

4,125

 

$

(2,920

)

Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization

 

424

 

 

362

 

Loss on disposal of assets

 

-

 

 

4

 

Stock-based compensation expense

 

783

 

 

544

 

Non-cash lease expense

 

696

 

 

1,586

 

Non-cash debt forgiveness

 

(2,000

)

 

-

 

Change in fair value of warrant liabilities

 

(5,088

)

 

-

 

Change in operating assets and liabilities:
Accounts receivable

 

(924

)

 

(763

)

Inventory

 

173

 

 

(102

)

Prepaid expenses and other assets

 

83

 

 

337

 

Interest on promissory note due from related party

 

-

 

 

50

 

Accounts payable

 

(512

)

 

(775

)

Accrued expenses and other liabilities

 

853

 

 

713

 

Lease liabilities

 

(762

)

 

(1,674

)

Deferred revenue

 

(101

)

 

67

 

Deferred rent

 

-

 

 

(283

)

Net cash used in operating activities

 

(2,250

)

 

(2,854

)

 
Cash flows from investing activities:
Purchases of property and equipment

 

(125

)

 

(23

)

Net cash used in investing activities

 

(125

)

 

(23

)

 
Cash flows from financing activities:
Principal payments on capital leases

 

-

 

 

(18

)

Proceeds from issuance of common stock

 

552

 

 

68

 

Proceeds received from exercise of preferred stock warrants

 

60

 

 

-

 

Effect of Merger, net of transaction costs

 

86,792

 

 

-

 

Repayments of loans payable

 

(3,459

)

 

(851

)

Proceeds from loans payable

 

-

 

 

1,983

 

Net cash provided by financing activities

 

83,945

 

 

1,182

 

 
Net change in cash and cash equivalents and restricted cash

$

81,570

 

$

(1,695

)

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

 

(28

)

 

8

 

 
Cash and cash equivalents and restricted cash at beginning of period

 

8,709

 

 

9,605

 

Cash and cash equivalents and restricted cash at end of period

$

90,251

 

$

7,918

 

 
Supplemental disclosure of cash and non-cash transactions:
Cash paid for interest

$

88

 

$

145

 

Accrued acquisition of property and equipment

$

441

 

$

-

 

Issuance of Legacy Shapeways common stock upon conversion of convertible notes

$

5,913

 

$

-

 

Repurchase of Legacy Shapeways common stock

$

(152

)

$

-

 

 

RECONCILIATION OF GAAP TO NON-GAAP MEASURES

For the Three and Nine Months Ended September 30, 2021 and 2020

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

(Dollars in thousands)

2021

 

2020

 

2021

 

2020

Net income (loss)

$

2,552

 

$

(450

)

$

4,125

 

$

(2,920

)

Debt forgiveness

 

-

 

 

-

 

 

(2,000

)

 

-

 

Interest expense

 

126

 

 

141

 

 

407

 

 

444

 

Depreciation and amortization

 

33

 

 

37

 

 

100

 

 

113

 

Change in fair value of warrant liabilities

 

(5,088

)

 

-

 

 

(5,088

)

 

-

 

Income tax benefit

 

-

 

 

-

 

 

(71

)

 

-

 

Adjusted EBITDA

$

(2,377

)

$

(272

)

$

(2,527

)

$

(2,363

)





Review Article Be the first to review this article
Featured Video
Editorial
Jobs
MECHANICAL ENGINEERING for L3Harris at Hamilton,, Canada
Upcoming Events
IMTS 2022 at McCormick Place Chicago IL - Sep 12 - 17, 2022
FABTECH 2022 at Georgia World Congress Center Atlanta GA - Nov 8 - 10, 2022



© 2022 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering EDACafe - Electronic Design Automation GISCafe - Geographical Information Services TechJobsCafe - Technical Jobs and Resumes ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise