Voyager Reports Second Quarter 2025 Financial Results
Business and Financial Performance Highlights
-
Completed IPO, raising proceeds of
$409.4 million , net of underwriting fees
-
Delivered record net sales of
$45.7 million , up 25% year over year, including 85% growth from the Defense and National Security segment
-
Starlab met four
NASA milestones and received cash proceeds of$22.5 million
-
Incurred net loss of
$(31.4) million , a dilutive loss of$(36.6) million and loss per diluted share of$(1.23) , including non-recurring costs associated with the Company’s IPO
-
Non-GAAP Adjusted EBITDA of
$(9.1) million , non-GAAP adjusted loss of$(18.0) million and non-GAAP adjusted loss per share of$(0.60)
-
Closed the quarter debt-free, with
$468.9 million of cash and cash equivalents, and with total liquidity of$668.9 million , including$200 million undrawn on revolving credit facility
-
Acquired Optical Physics Company to strengthen the Company’s optical guidance technology
“We delivered strong growth this quarter by staying focused on our core strengths and sharpening execution, with a record quarterly net sales of
“We enter the second half of 2025 with a differentiated, debt-free balance sheet, with total liquidity of
Business and Financial Performance Results
Voyager net sales grew
Voyager’s Defense and National Security segment provides leading technology capabilities that support marquee programs with expertise in defense systems, signals intelligence, communication technologies, and guidance, navigation and control systems. For the three month ended
Voyager’s Space Solutions segment operates at the forefront of space technology, specializing in mission enabling, reliable hardware, software and engineering services for space missions. For the three month ended
Our Starlab Space Stations segment is a Voyager-led, majority-owned joint venture focused on developing the commercial replacement for the
Backlog
As of
Innovation Spend
Innovation is a foundational pillar of our long-term strategy and a key differentiator across the defense, national security and space sectors. For the three month ended
Business Outlook for the Full Year 2025
For the full year 2025, the Company expects total net sales in the range of
The foregoing estimates are forward-looking and reflect management’s view of current and future market conditions, subject to certain risks and uncertainties, including certain assumptions with respect to our ability to efficiently and on a timely basis integrate acquisitions, obtain and retain contracts, changes in the timing and/or amount of government spending, react to changes in the demand for our products, activities of competitors, changes in the regulatory environment, and general economic and business conditions in
Conference Call and Live Webcast
A live webcast of the call will be made available on the Events & Presentations section of Voyager’s Investor Relations website at investors.voyagertechnologies.com. The earnings release and presentation will be posted to the Investor Relations website prior to the call.
A replay of the call will be available approximately one hour after the call through the archived webcast on the Events & Presentations section of Voyager’s Investor Relations website.
Audio Replay
An audio replay of the event will be archived on the Investor Relations section of the Company's website at https://investors.voyagertechnologies.com.
About
Non-GAAP Financial Measures
Non-GAAP financial measures are not calculated or presented in accordance with GAAP and other companies in our industry may calculate them differently than we do. As a result, non-GAAP financial measures have limitations as analytical and comparative tools and you should not consider them in isolation, or as a substitute, for analysis of our results as reported under GAAP. In addition, in evaluating Adjusted EBITDA, adjusted earnings per share and free cash flow, you should be aware that in the future we may incur expenses similar to those eliminated in this presentation. Our presentation of Adjusted EBITDA, adjusted loss per share and free cash flow should not be construed as an inference that our future results will be unaffected by unusual items. Management compensates for these limitations by primarily relying on our GAAP results in addition to using Adjusted EBITDA, adjusted earnings per share and free cash flow supplementally.
Adjusted EBITDA
We consider Adjusted EBITDA to be a useful, supplemental, measure of our operating performance. We use Adjusted EBITDA to supplement GAAP measures in evaluating the performance of our business and the effectiveness of our strategies, to make budgeting decisions, make certain compensation decisions, and to compare our performance against that of our peer companies, many of which present similar non-GAAP financial measures.
In addition, we believe Adjusted EBITDA provides a useful measure for period-to-period comparisons of our business, as they remove the impact of our capital structure and other items not indicative of our core operating performance from operating results.
We define EBITDA as net loss attributable to
Free Cash Flow
We consider free cash flow to be a useful, supplemental measure of our ability to generate cash on a normalized basis. We use free cash flow to supplement GAAP measures in evaluating our flexibility to allocate capital and pursue opportunities that may enhance shareholder value and the effectiveness of our strategies, to make budgeting decisions and to compare our performance against that of our peer companies, many of which present similar non-GAAP financial measures.
We believe that while expenditures and dispositions of property, plant and equipment will fluctuate on a period-to-period basis, we seek to ensure that we have adequate capital on hand to maintain ongoing operations and enable growth of the business. Additionally, free cash flow is of limited usefulness in that it does not represent residual cash flows available for discretionary expenditures due to the fact the measures do not deduct the payments required for debt service and other contractual obligations or payments.
We define free cash flow as the sum of our cash (used in) provided by operating activities less our net capital expenditures. The net capital expenditures of the Company are defined as the gross capital expenditures for the purchase of property and equipment less the grant funding we received in order to make such purchases. Based on the nature of government grants for purposes of funding capital expenditures on our Starlab program, these grants are pass through for purposes of making capital expenditures as they are directly used to source funding on capital expenditures. Our calculation of free cash flow may not be comparable to the calculation of similarly titled measures reported by other companies.
Adjusted Earnings Per Share
We consider adjusted earnings per share to be a useful, supplemental measure of our operations on a per share basis adjusting for items that are considered either non-operational or significant infrequent expenses or that are sources of income that are not recurring to the business on a frequent basis. We define adjusted earnings per share as the net income/loss attributable to common stockholders adjusted for stock-based compensation, business acquisition costs, restructuring, and other items mainly related to financing expenses and other individually immaterial items divided by our diluted basis number of weighted average shares outstanding during the period. Since the adjustments made for presentational purposes do not impact the tax basis of the Company, the adjustments have been presented on a tax free basis.
Innovation Spend
We are focused on delivering innovative solutions to the defense, national security and space end markets, and research and development is at the core of our business. We believe innovation spend and innovation spend excluding Starlab provide our management and investors useful measures of our aggregate spend on research and development type activities in support of our customers’ needs and our future growth.
However, innovation spend is an operating metric, not a financial measure calculated or presented in accordance with GAAP, and companies in our industry may calculate innovation spend or similar operating metrics differently than we do. We define innovation spend as research and development costs associated with
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. We intend all forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements in this presentation that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding Voyager’s financial outlook, anticipated financial and operational performance and long-term value creation. The words “expect,” “expectation,” “believe,” “anticipate,” “may,” “could,” “intend,” “belief,” “plan,” “estimate,” “target,” “predict,” “likely,” “seek,” “project,” “model,” “ongoing,” “will,” “should,” “forecast,” “outlook” or similar terminology are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These forward-looking statements are based on and reflect our current expectations, estimates, assumptions and/or projections, our perception of historical trends and current conditions, as well as other factors that we believe are appropriate and reasonable under the circumstances. Forward-looking statements are neither promises nor guarantees of future events, circumstances or performance and are inherently subject to known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements to differ materially from those indicated by those statements including, but not limited to: our ability to generate, sustain and manage our growth given our limited operating history in an evolving industry; factors out of our control that affect our success and revenue growth; our ability to generate a sustainable order rate for our products and services and develop new technologies to meet customer needs; our compliance with development contracts with third-parties and losses from fixed price contracts; our history of losses and ability to achieve profitability; risks related to Starlab; the unpredictable environment of space; our customer concentration and risks with contracting with the
The forward-looking statements included in this announcement are only made as of the date of this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable law.
Website Disclosure
Investors and others should note that we announce material financial and operational information to our investors using press releases,
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||||
|
(Unaudited, in thousands, except share and per share amounts) |
|||||||
|
|
|
|
|
||||
|
ASSETS |
|||||||
|
Current assets: |
|
|
|
||||
|
Cash and cash equivalents |
$ |
468,925 |
|
|
$ |
55,930 |
|
|
Accounts receivable, net |
|
12,674 |
|
|
|
15,360 |
|
|
Contract assets |
|
21,609 |
|
|
|
17,304 |
|
|
Inventories |
|
1,424 |
|
|
|
1,526 |
|
|
Prepaid expenses and other current assets |
|
6,793 |
|
|
|
11,461 |
|
|
TOTAL CURRENT ASSETS |
|
511,425 |
|
|
|
101,581 |
|
|
Property and equipment, net |
|
67,559 |
|
|
|
49,439 |
|
|
Operating lease right-of-use assets |
|
8,625 |
|
|
|
8,167 |
|
|
Intangible assets, net |
|
36,993 |
|
|
|
34,684 |
|
|
|
|
50,510 |
|
|
|
46,515 |
|
|
Other assets |
|
10,228 |
|
|
|
7,210 |
|
|
TOTAL ASSETS |
$ |
685,340 |
|
|
$ |
247,596 |
|
|
|
|
|
|
||||
|
LIABILITIES, MEZZANINE EQUITY, AND EQUITY (DEFICIT) |
|
|
|
||||
|
Current liabilities: |
|
|
|
||||
|
Accounts payable |
$ |
20,748 |
|
|
$ |
22,787 |
|
|
Contract liabilities |
|
10,171 |
|
|
|
21,365 |
|
|
Operating lease liabilities |
|
3,386 |
|
|
|
3,000 |
|
|
SMI promissory note, current |
|
— |
|
|
|
665 |
|
|
Accrued expenses and other current liabilities |
|
56,988 |
|
|
|
39,594 |
|
|
TOTAL CURRENT LIABILITIES |
|
91,293 |
|
|
|
87,411 |
|
|
Term loan, net |
|
— |
|
|
|
56,991 |
|
|
Operating lease liabilities, non-current |
|
6,108 |
|
|
|
6,205 |
|
|
Contract liabilities, non-current |
|
2,948 |
|
|
|
2,762 |
|
|
Convertible notes, net |
|
— |
|
|
|
7,435 |
|
|
Embedded derivatives |
|
— |
|
|
|
2,723 |
|
|
Deferred tax liabilities |
|
203 |
|
|
|
112 |
|
|
Other long-term liabilities |
|
1,969 |
|
|
|
102 |
|
|
SMI promissory note |
|
— |
|
|
|
23,928 |
|
|
TOTAL LIABILITIES |
$ |
102,521 |
|
|
$ |
187,669 |
|
|
Mezzanine equity: |
|
|
|
||||
|
Class A-1 redeemable preferred stock: |
$ |
— |
|
|
$ |
93,496 |
|
|
Redeemable noncontrolling interests |
|
19,836 |
|
|
|
32,431 |
|
|
Equity: |
|
|
|
||||
|
Class A preferred stock: |
|
— |
|
|
|
— |
|
|
Class B convertible preferred stock: |
|
— |
|
|
|
132,835 |
|
|
Class C preferred stock: |
|
— |
|
|
|
63,464 |
|
|
Common stock: |
|
— |
|
|
|
1 |
|
|
Class A common stock: |
|
5 |
|
|
|
— |
|
|
Class B common stock: |
|
1 |
|
|
|
— |
|
|
Additional paid-in capital |
|
894,226 |
|
|
|
15,081 |
|
|
Accumulated other comprehensive (loss) income |
|
(83 |
) |
|
|
28 |
|
|
Accumulated deficit |
|
(339,433 |
) |
|
|
(281,113 |
) |
|
|
|
554,716 |
|
|
|
(69,704 |
) |
|
Noncontrolling interests |
|
8,267 |
|
|
|
3,704 |
|
|
TOTAL EQUITY (DEFICIT) |
|
562,983 |
|
|
|
(66,000 |
) |
|
TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY |
$ |
685,340 |
|
|
$ |
247,596 |
|
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||
|
(Unaudited, in thousands, except share and per share amounts) |
|||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
Net sales |
$ |
45,674 |
|
|
$ |
36,653 |
|
|
$ |
80,181 |
|
|
$ |
66,869 |
|
|
Cost of sales |
|
37,464 |
|
|
|
27,390 |
|
|
|
66,386 |
|
|
|
51,425 |
|
|
Selling, general, and administrative |
|
30,241 |
|
|
|
13,295 |
|
|
|
56,527 |
|
|
|
28,885 |
|
|
Research and development |
|
502 |
|
|
|
6,870 |
|
|
|
4,542 |
|
|
|
7,637 |
|
|
Amortization of acquired intangibles |
|
1,604 |
|
|
|
1,745 |
|
|
|
3,152 |
|
|
|
3,489 |
|
|
Loss from operations |
$ |
(24,137 |
) |
|
$ |
(12,647 |
) |
|
$ |
(50,426 |
) |
|
$ |
(24,567 |
) |
|
Other income (expense): |
|
|
|
|
|
|
|
||||||||
|
Loss on debt extinguishment |
$ |
(7,804 |
) |
|
$ |
(10,713 |
) |
|
$ |
(7,804 |
) |
|
$ |
(10,713 |
) |
|
Finance and interest expense, net |
|
(2,523 |
) |
|
|
(3,095 |
) |
|
|
(5,252 |
) |
|
|
(6,089 |
) |
|
Other income, net |
|
1,480 |
|
|
|
282 |
|
|
|
2,617 |
|
|
|
492 |
|
|
Loss before income taxes |
|
(32,984 |
) |
|
|
(26,173 |
) |
|
|
(60,865 |
) |
|
|
(40,877 |
) |
|
Income tax expense (benefit) |
|
81 |
|
|
|
(122 |
) |
|
|
129 |
|
|
|
126 |
|
|
Net loss |
|
(33,065 |
) |
|
|
(26,051 |
) |
|
|
(60,994 |
) |
|
|
(41,003 |
) |
|
Net loss attributable to noncontrolling interests |
|
(1,683 |
) |
|
|
(2,729 |
) |
|
|
(2,674 |
) |
|
|
(2,858 |
) |
|
Net loss attributable to |
|
(31,382 |
) |
|
|
(23,322 |
) |
|
|
(58,320 |
) |
|
|
(38,145 |
) |
|
Less: dividends accrued on preferred stock |
|
5,258 |
|
|
|
5,481 |
|
|
|
11,259 |
|
|
|
10,488 |
|
|
Net loss attributable to common shareholders |
$ |
(36,640 |
) |
|
$ |
(28,803 |
) |
|
$ |
(69,579 |
) |
|
$ |
(48,633 |
) |
|
|
|
|
|
|
|
|
|
||||||||
|
Net loss per common share: |
|
|
|
|
|
|
|
||||||||
|
Basic |
$ |
(1.23 |
) |
|
$ |
(2.29 |
) |
|
$ |
(3.16 |
) |
|
$ |
(3.88 |
) |
|
Diluted |
$ |
(1.23 |
) |
|
$ |
(2.73 |
) |
|
$ |
(3.16 |
) |
|
$ |
(4.32 |
) |
|
Weighted-average shares outstanding |
|
|
|
|
|
|
|
||||||||
|
Basic |
|
29,695,203 |
|
|
|
12,574,261 |
|
|
|
22,017,362 |
|
|
|
12,536,053 |
|
|
Diluted |
|
29,695,203 |
|
|
|
12,577,013 |
|
|
|
22,017,362 |
|
|
|
12,538,805 |
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
|
(Unaudited, in thousands) |
|||||||
|
|
Six Months Ended |
||||||
|
|
|
|
|
||||
|
Cash Flows from Operating Activities: |
|
|
|
||||
|
Net loss |
$ |
(60,994 |
) |
|
$ |
(41,003 |
) |
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
||||
|
Depreciation and amortization |
|
5,310 |
|
|
|
5,471 |
|
|
Stock-based compensation |
|
13,270 |
|
|
|
1,843 |
|
|
Amortization of operating lease right-of-use assets |
|
1,352 |
|
|
|
1,364 |
|
|
Loss on debt extinguishment |
|
7,804 |
|
|
|
10,713 |
|
|
Amortization of debt issuance costs and other non-cash interest expense |
|
2,300 |
|
|
|
2,896 |
|
|
Reduction in fair value of earnout |
|
— |
|
|
|
(5,956 |
) |
|
Deferred Taxes |
|
89 |
|
|
|
(201 |
) |
|
Non-cash services acquired |
|
10,619 |
|
|
|
9,500 |
|
|
Other |
|
76 |
|
|
|
217 |
|
|
Change in operating assets and liabilities, net of acquisitions: |
|
|
|
||||
|
Accounts receivable |
|
2,714 |
|
|
|
(3,837 |
) |
|
Prepaid expenses and other current assets |
|
(2,666 |
) |
|
|
(282 |
) |
|
Contract assets |
|
(2,521 |
) |
|
|
(1,030 |
) |
|
Inventory |
|
102 |
|
|
|
543 |
|
|
Other assets |
|
(936 |
) |
|
|
(2,989 |
) |
|
Accounts payable |
|
3,060 |
|
|
|
(4,388 |
) |
|
Contract liabilities |
|
(12,559 |
) |
|
|
4,883 |
|
|
Accrued expenses |
|
3,812 |
|
|
|
4,625 |
|
|
Operating lease liabilities |
|
(1,522 |
) |
|
|
(1,335 |
) |
|
Other liabilities |
|
(213 |
) |
|
|
(89 |
) |
|
Net cash used in operating activities |
$ |
(30,903 |
) |
|
$ |
(19,055 |
) |
|
|
|
|
|
||||
|
Cash Flows from Investing Activities: |
|
|
|
||||
|
Purchases of property and equipment |
$ |
(57,865 |
) |
|
$ |
(32,325 |
) |
|
Grant funding for property and equipment |
|
38,250 |
|
|
|
14,250 |
|
|
Acquisitions, net of cash acquired |
|
(6,572 |
) |
|
|
— |
|
|
Purchase of investment |
|
— |
|
|
|
— |
|
|
Net cash used in investing activities |
$ |
(26,187 |
) |
|
$ |
(18,075 |
) |
|
|
|
|
|
||||
|
Cash Flows from Financing Activities: |
|
|
|
||||
|
Proceeds from term loan, net |
$ |
— |
|
|
$ |
57,922 |
|
|
Repayment of term loan |
|
(64,420 |
) |
|
|
(56,574 |
) |
|
Borrowings from the credit facility |
|
64,500 |
|
|
|
— |
|
|
Repayments on the credit facility |
|
(64,500 |
) |
|
|
— |
|
|
Proceeds from the exercise of stock options |
|
155 |
|
|
|
— |
|
|
Proceeds from the issuance of Common stock, net |
|
45,886 |
|
|
|
— |
|
|
Proceeds from the issuance of Class C preferred stock, net |
|
116,047 |
|
|
|
37,197 |
|
|
Proceeds from the issuance of Class A common stock upon initial public offering, net of underwriting costs |
|
409,405 |
|
|
|
— |
|
|
Costs associated with initial public offering |
|
(3,502 |
) |
|
|
— |
|
|
Sale of noncontrolling interest |
|
6,029 |
|
|
|
13,425 |
|
|
Purchase of noncontrolling interest |
|
(7,001 |
) |
|
|
— |
|
|
Redemptions of Class A-1 redeemable preferred stock |
|
(3,044 |
) |
|
|
— |
|
|
Cash repayment of Preferred B dividends |
|
(27,584 |
) |
|
|
— |
|
|
Costs associated with the credit facility |
|
(2,146 |
) |
|
|
— |
|
|
Proceeds from the convertible note |
|
130 |
|
|
|
4,721 |
|
|
Net cash provided by financing activities |
$ |
469,955 |
|
|
$ |
56,161 |
|
|
|
|
|
|
||||
|
Effect of foreign exchange on cash and cash equivalents |
$ |
130 |
|
|
$ |
(13 |
) |
|
Net increase in cash and cash equivalents |
|
412,995 |
|
|
|
19,018 |
|
|
Cash and cash equivalent at the beginning of the period |
|
55,930 |
|
|
|
30,279 |
|
|
Cash and cash equivalents at the end of the period |
$ |
468,925 |
|
|
$ |
49,297 |
|
|
TABLE 1 - |
|||||||||||||||||||||||||||||
|
(Unaudited, in thousands) |
|||||||||||||||||||||||||||||
|
|
Three Months Ended |
|
Change |
|
Six Months Ended |
|
Change |
||||||||||||||||||||||
|
(dollars in thousands) |
|
|
|
|
Year
|
|
% |
|
|
|
|
|
Year
|
|
% |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Defense and National Security |
$ |
35,191 |
|
|
$ |
19,029 |
|
|
$ |
16,162 |
|
|
84.9 |
% |
|
$ |
58,736 |
|
|
$ |
33,730 |
|
|
$ |
25,006 |
|
|
74.1 |
% |
|
Space Solutions |
|
11,124 |
|
|
|
20,100 |
|
|
|
(8,976 |
) |
|
(44.7 |
)% |
|
|
23,428 |
|
|
|
37,143 |
|
|
|
(13,715 |
) |
|
(36.9 |
)% |
|
Starlab Space Stations |
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
Total net sales, reportable segments |
|
46,315 |
|
|
|
39,129 |
|
|
|
7,186 |
|
|
18.4 |
% |
|
|
82,164 |
|
|
|
70,873 |
|
|
|
11,291 |
|
|
15.9 |
% |
|
Intersegment eliminations |
|
(641 |
) |
|
|
(2,476 |
) |
|
|
1,835 |
|
|
(74.1 |
)% |
|
|
(1,983 |
) |
|
|
(4,004 |
) |
|
|
2,021 |
|
|
(50.5 |
)% |
|
Total |
$ |
45,674 |
|
|
$ |
36,653 |
|
|
$ |
9,021 |
|
|
24.6 |
% |
|
$ |
80,181 |
|
|
$ |
66,869 |
|
|
$ |
13,312 |
|
|
19.9 |
% |
|
TABLE 2 - ADJUSTED EBITDA |
|||||||||||||||
|
(Unaudited, in thousands) |
|||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
(dollars in thousands) |
|
|
|
|
|
|
|
||||||||
|
Net loss attributable to |
$ |
(31,382 |
) |
|
$ |
(23,322 |
) |
|
$ |
(58,320 |
) |
|
$ |
(38,145 |
) |
|
Finance and interest expense, net |
|
2,523 |
|
|
|
3,095 |
|
|
|
5,252 |
|
|
|
6,089 |
|
|
Depreciation and amortization |
|
2,708 |
|
|
|
2,758 |
|
|
|
5,310 |
|
|
|
5,471 |
|
|
Taxes |
|
81 |
|
|
|
(122 |
) |
|
|
129 |
|
|
|
126 |
|
|
EBITDA |
|
(26,070 |
) |
|
|
(17,591 |
) |
|
|
(47,629 |
) |
|
|
(26,459 |
) |
|
Stock-based compensation |
|
11,547 |
|
|
|
1,113 |
|
|
|
13,270 |
|
|
|
1,843 |
|
|
Business acquisition costs(1) |
|
284 |
|
|
|
— |
|
|
|
440 |
|
|
|
230 |
|
|
Restructuring(2) |
|
529 |
|
|
|
549 |
|
|
|
947 |
|
|
|
1,662 |
|
|
Impairment losses |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Net loss attributable to noncontrolling interests |
|
(1,683 |
) |
|
|
(2,729 |
) |
|
|
(2,674 |
) |
|
|
(2,858 |
) |
|
Other(3) |
|
6,327 |
|
|
|
10,964 |
|
|
|
5,224 |
|
|
|
10,709 |
|
|
Adjusted EBITDA |
$ |
(9,066 |
) |
|
$ |
(7,694 |
) |
|
$ |
(30,422 |
) |
|
$ |
(14,873 |
) |
|
________________ |
||
|
(1) |
|
Business acquisition costs include legal cost and incremental transaction costs associated with an acquisition. |
|
(2) |
|
Restructuring includes costs for retention and severance payments related to management’s decision to undertake certain actions to realign our cost structure through workforce reductions and the closure of certain facilities, businesses and product lines. |
|
(3) |
|
Other includes capital market and advisory fees related to advisors assisting with transitional activities associated with becoming a public company, changes in fair value of earn out liabilities, and foreign exchange gain/loss that are all individually insignificant for the period. also contains debt extinguishment costs of |
|
TABLE 3 - FREE CASH FLOW |
|||||||||||||||
|
(Unaudited, in thousands) |
|||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
(dollars in thousands) |
|
|
|
|
|
|
|
||||||||
|
Net cash used in operating activities |
$ |
(16,549 |
) |
|
$ |
(11,149 |
) |
|
$ |
(30,903 |
) |
|
$ |
(19,055 |
) |
|
Purchases of property and equipment |
|
(30,895 |
) |
|
|
(16,275 |
) |
|
|
(57,865 |
) |
|
|
(32,325 |
) |
|
Grant funding for property and equipment |
|
20,250 |
|
|
|
3,600 |
|
|
|
38,250 |
|
|
|
14,250 |
|
|
Free cash flow |
$ |
(27,194 |
) |
|
$ |
(23,824 |
) |
|
$ |
(50,518 |
) |
|
$ |
(37,130 |
) |
|
TABLE 4 - ADJUSTED EARNINGS PER SHARE |
|||||||||||||||
|
(Unaudited, in thousands) |
|||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
(dollars in thousands) |
|
|
|
|
|
|
|
||||||||
|
Net loss attributable to common stockholders |
$ |
(36,640 |
) |
|
$ |
(28,803 |
) |
|
$ |
(69,579 |
) |
|
$ |
(48,633 |
) |
|
Stock-based compensation |
|
11,547 |
|
|
|
1,113 |
|
|
|
13,270 |
|
|
|
1,843 |
|
|
Business acquisition costs(1) |
|
284 |
|
|
|
— |
|
|
|
440 |
|
|
|
230 |
|
|
Restructuring(2) |
|
529 |
|
|
|
549 |
|
|
|
947 |
|
|
|
1,662 |
|
|
Other(3) |
|
6,327 |
|
|
|
10,964 |
|
|
|
5,224 |
|
|
|
10,709 |
|
|
Adjusted net loss attributable to common stockholders |
$ |
(17,953 |
) |
|
$ |
(16,177 |
) |
|
$ |
(49,698 |
) |
|
$ |
(34,189 |
) |
|
Adjusted net loss per common share |
$ |
(0.60 |
) |
|
$ |
(1.29 |
) |
|
$ |
(2.26 |
) |
|
$ |
(2.73 |
) |
|
________________ |
||
|
(1) |
Business acquisition costs include legal costs and incremental transaction costs associated with an acquisition. |
|
|
(2) |
Restructuring includes costs for retention and severance payments related to management’s decision to undertake certain actions to realign our cost structure through workforce reductions and the closure of certain facilities, businesses and product lines. |
|
|
(3) |
Other includes capital market and advisory fees related to advisors assisting with transitional activities associated with becoming a public company, changes in fair value of earn out liabilities, and foreign exchange gain/loss that are all individually insignificant for the period. Other also contains debt extinguishment costs of |
|
|
TABLE 5 - INNOVATION SPEND |
|||||||||||||||
|
(Unaudited, in thousands) |
|||||||||||||||
|
|
Three Months Ended |
|
Years Ended |
||||||||||||
|
(dollars in thousands) |
|
|
|
|
2024 |
|
2023 |
||||||||
|
Capitalized research and development under section 174 |
$ |
32,658 |
|
|
$ |
33,599 |
|
|
$ |
105,206 |
|
|
$ |
46,222 |
|
|
Development program innovation spend(1) |
|
5,989 |
|
|
|
5,513 |
|
|
|
22,024 |
|
|
|
20,330 |
|
|
Innovation spend |
|
38,647 |
|
|
|
39,112 |
|
|
|
127,230 |
|
|
|
66,552 |
|
|
Less: Starlab Space Stations innovation spend |
|
30,538 |
|
|
|
29,378 |
|
|
|
101,678 |
|
|
|
42,556 |
|
|
Innovation spend excluding Starlab Space Stations |
$ |
8,109 |
|
|
$ |
9,734 |
|
|
$ |
25,552 |
|
|
$ |
23,996 |
|
|
Innovation spend as a percentage of net sales |
|
84.6 |
% |
|
|
106.7 |
% |
|
|
158.7 |
% |
|
|
99.5 |
% |
|
Innovation spend excluding Starlab Space Stations as a percentage of net sales |
|
17.8 |
% |
|
|
26.6 |
% |
|
|
31.9 |
% |
|
|
35.9
|
%
|
|
________________ |
||
|
(1) |
Development program innovation spend represents program spend on designated innovation programs within the business that is necessary for fulfillment of performance obligations on revenue generating programs. |
|
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