Revenues for the three months ended
Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) was a loss of
Net loss for the third quarter ended
As of
"The third quarter results reflect the current transition phase of our business and the significant R&D investments being made in our new hybrid memory technologies," said
Conference Call Information
Note Regarding Use of Non-GAAP Financial Measures
Certain of the information set forth herein, including EBITDA and adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization), may be considered non-GAAP financial measures.
Adjusted EBITDA loss is a non-GAAP measure in which the net interest expense, provision for income taxes, depreciation and amortization, stock-based compensation and net other (income) expense are added back to the GAAP basis loss. The non-GAAP measures are described above and are reconciled to the corresponding GAAP measure in the condensed consolidated financial statements portion of this release under the heading "Unaudited Schedule Reconciling GAAP Net Loss to Non-GAAP EBITDA and Adjusted EBITDA."
About
Safe Harbor Statement:
This news release contains forward-looking statements regarding future events and the future performance of
(Tables Follow)
For more information, please contact: |
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|
|
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Chief Financial Officer | |
(212) 986-6667 |
(949) 435-0025 |
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Consolidated Balance Sheets | |||||||
(in thousands) | |||||||
(unaudited) |
(audited) |
||||||
|
|
||||||
2015 |
2014 |
||||||
ASSETS |
|||||||
Current assets: |
|||||||
Cash and cash equivalents |
$ |
12,647 |
$ |
11,040 |
|||
Restricted cash |
700 |
700 |
|||||
Accounts receivable, net |
457 |
1,091 |
|||||
Inventories |
1,841 |
1,880 |
|||||
Prepaid expenses and other current assets |
692 |
988 |
|||||
Total current assets |
16,337 |
15,699 |
|||||
Property and equipment, net |
218 |
393 |
|||||
Other assets |
64 |
150 |
|||||
Total assets |
$ |
16,619 |
$ |
16,242 |
|||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||||||
Current liabilities: |
|||||||
Accounts payable |
$ |
6,902 |
$ |
3,957 |
|||
Accrued payroll and related liabilities |
753 |
710 |
|||||
Accrued expenses and other current liabilities |
468 |
420 |
|||||
Accrued engineering charges |
500 |
500 |
|||||
Current portion of long-term debt, net of debt discount |
7,569 |
2,205 |
|||||
Total current liabilities |
16,192 |
7,792 |
|||||
Long-term debt, net of current portion and debt discount |
- |
3,632 |
|||||
Long-term warranty liability |
47 |
99 |
|||||
Total liabilities |
16,239 |
11,523 |
|||||
Commitments and contingencies |
|||||||
Stockholders' equity: |
|||||||
Preferred stock |
- |
- |
|||||
Common stock |
50 |
41 |
|||||
Additional paid-in capital |
129,381 |
117,546 |
|||||
Accumulated deficit |
(129,051) |
(112,868) |
|||||
Total stockholders' equity |
380 |
4,719 |
|||||
Total liabilities and stockholders' equity |
$ |
16,619 |
$ |
16,242 |
|||
|
|||||||||||||||
Unaudited Condensed Consolidated Statements of Operations |
|||||||||||||||
(in thousands, except per share amounts) |
|||||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||||
|
|
|
| ||||||||||||
2015 |
2014 |
2015 |
2014 | ||||||||||||
Net sales |
$ |
1,617 |
$ |
4,791 |
5,160 |
$ |
16,679 |
||||||||
Cost of sales(1) |
1,593 |
3,678 |
4,332 |
12,602 |
|||||||||||
Gross profit |
24 |
1,113 |
828 |
4,077 |
|||||||||||
Operating expenses: |
|||||||||||||||
Research and development(1) |
1,449 |
1,445 |
4,369 |
3,555 |
|||||||||||
Intellectual property legal fees |
899 |
1,552 |
6,679 |
3,719 |
|||||||||||
Selling, general and administrative(1) |
1,710 |
1,782 |
5,213 |
5,185 |
|||||||||||
Total operating expenses |
4,058 |
4,779 |
16,261 |
12,459 |
|||||||||||
Operating loss |
(4,034) |
(3,666) |
(15,433) |
(8,382) |
|||||||||||
Other expense, net: |
|||||||||||||||
Interest expense, net |
(447) |
(393) |
(1,416) |
(1,181) |
|||||||||||
Other income (expense), net |
(889) |
- |
667 |
(5) |
|||||||||||
Total other expense, net |
(1,336) |
(393) |
(749) |
(1,186) |
|||||||||||
Loss before provision for income tax |
(5,370) |
(4,059) |
(16,182) |
(9,568) |
|||||||||||
Provision for income taxes |
- |
- |
1 |
2 |
|||||||||||
Net loss |
$ |
(5,370) |
$ |
(4,059) |
(16,183) |
$ |
(9,570) |
||||||||
Net loss per common share: |
|||||||||||||||
Basic and diluted |
$ |
(0.11) |
$ |
(0.10) |
(0.33) |
$ |
(0.24) |
||||||||
Weighted-average common shares outstanding: |
|||||||||||||||
Basic and diluted |
50,354 |
41,472 |
48,471 |
39,911 |
|||||||||||
(1) Amounts include stock-based compensation as follows: |
|||||||||||||||
Cost of sales |
$ |
11 |
$ |
13 |
37 |
$ |
42 |
||||||||
Research and development |
123 |
179 |
461 |
548 |
|||||||||||
Selling, general and administrative |
240 |
313 |
795 |
961 |
Netlist, Inc. | |||||||||||||||
Unaudited Schedule Reconciling GAAP Net Loss to Non-GAAP EBITDA and Adjusted EBITDA | |||||||||||||||
(in thousands) | |||||||||||||||
Three Months Ended |
Nine Months Ended |
||||||||||||||
|
|
|
|
||||||||||||
2015 |
2014 |
2015 |
2014 |
||||||||||||
GAAP net loss |
$ |
(5,370) |
$ |
(4,059) |
$ |
(16,183) |
$ |
(9,570) |
|||||||
Interest expense, net |
447 |
393 |
1,416 |
1,181 |
|||||||||||
Provision for income taxes |
- |
- |
1 |
2 |
|||||||||||
Depreciation and amortization |
30 |
187 |
312 |
722 |
|||||||||||
EBITDA (loss) |
(4,893) |
(3,479) |
(14,454) |
(7,665) |
|||||||||||
Stock-based compensation |
374 |
505 |
1,293 |
1,551 |
|||||||||||
Other expense (income), net |
889 |
- |
(667) |
5 |
|||||||||||
Adjusted EBITDA (loss) |
$ |
(3,630) |
$ |
(2,974) |
$ |
(13,828) |
$ |
(6,109) |
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