Slide 1: First Quarter 2024 Earnings Results
May 10, 2024 First Quarter 2024 Earnings Results
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
Forward-Looking Statements and Non-GAAP Financial Measures 2 This presentation contains forward looking statements. These statements are not historical facts but rather are based on our current expectations and projections regarding our business, operations and other factors relating thereto. Words
Slide 3: Three Key Takeaways
Three Key Takeaways 3 1. First quarter results in-line with targets 2. Continued focus on advancing key initiatives to support growth and profitability 3. Continue to target adjusted EBITDA breakeven in Q3, transitioning to profitability on that basis in Q4
Slide 4: Recent Progress
Recent Progress 4 Bookings & Product Enhancements • Bookings remain healthy, POs ~$50m/mo • Improved customer engagement & enhanced product portfolio, first order for high-wind Pioneer • Contracted portion of backlog ~$485m 2P Market Recovery, Most Comprehensive Product Portfolio To-Date • More norm
Slide 5: Q1 Financial Performance
Q1 Financial Performance 5 U.S. GAAP Non-GAAP Three months ended March 31, (in thousands, except per share data) 2024 2023 2024 2023 Revenue $ 12,587 $ 40,894 $ 12,587 $ 40,894 Gross margin percentage (16.7%) 5.0% (13.7%) 7.3% Total operating expenses $ 10,394 $ 14,432 $ 8,702 $ 10,053 Loss from ope
Slide 6: Outlook
Outlook 6 2Q’24 Guidance 2024 Revenue ($M) $10.5-$15.5 • Expect slight sequential revenue growth in Q2 at midpoint Non-GAAP Gross Profit ($M) $(3.1)-$(1.1) • Revenue weighted toward second half of year Non-GAAP Gross Margin (%) (29.5%)-(7.1%) • Approximately breakeven in Q3* Non-GAAP OpEx ($M) $8.6-
Slide 7: Q&A
Q&A
Slide 8: Appendix
Appendix
Slide 9: Reconciliation of Non-GAAP Gross Margin and Operating Expenses
Reconciliation of Non-GAAP Gross Margin and Operating Expenses 9 The following table reconciles U.S. GAAP gross margin to Non-GAAP gross margin for the three months ended March 31, 2024, and 2023, respectively: Thre e months e nde d March 31, (in thousands, e xce pt pe rce ntage s) 2024 2023 U.S. GA
Slide 10: Reconciliation of Non-GAAP Loss from Operations
Reconciliation of Non-GAAP Loss from Operations 10 The following table reconciles U.S. GAAP loss from operations to Adjusted EBITDA for the three months ended March 31, 2024, and 2023, respectively: Thre e months e nde d March 31, (in thousands) 2024 2023 U.S. GAAP loss from operations $ (12,502) $
Slide 11: Reconciliation of Net Loss to Adjusted EBITDA and Adjusted Net Loss
Reconciliation of Net Loss to Adjusted EBITDA and Adjusted Net Loss 11 The following table reconciles U.S. GAAP Net loss to Adjusted EBITDA and Adjusted Net Loss for the three months ended March 31, 2024, and 2023, respectively: Thre e months e nde d March 31, 2024 2023 (in thousands, e xce pt share
Slide 12: Notes to Reconciliations of Non-GAAP Financial Measures
Notes to Reconciliations of Non-GAAP Financial Measures 12 Notes to Reconciliations of Non-GAAP Financial Measures to Nearest Comparable GAAP Measures We utilize Adjusted EBITDA, Adjusted Net Loss, and Adjusted EPS as supplemental measures of our performance. We define Adjusted EBITDA as net loss pl