EX-99.2 3 sonx-ex99_2.htm EX-99.2 EX-99.2

Ex. 99.2

 

SONENDO, INC.

RECONCILIATION OF GAAP TO NON-GAAP

FINANCIAL MEASURES

(unaudited; in thousands; except percentage)

 

 

 

Q1 2023

 

 

Q2 2023

 

 

Q3 2023

 

 

Q4 2023

 

 

Q1 2024

 

 

Q2 2024

 

Gross profit (loss)

 

$

1,978

 

 

$

(485

)

 

$

884

 

 

$

2,292

 

 

$

2,001

 

 

$

3,116

 

Gross margin

 

 

22.8

%

 

 

(5.5

%)

 

 

10.8

%

 

 

25.4

%

 

 

28.4

%

 

 

37.5

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Excess and obsolete inventory reserve related to recently discontinued products

 

 

—

 

 

 

2,917

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

241

 

Impairment of long-lived assets

 

 

—

 

 

 

—

 

 

 

1,341

 

 

 

243

 

 

 

146

 

 

 

15

 

Stock-based compensation expense

 

 

139

 

 

 

79

 

 

 

44

 

 

 

54

 

 

 

302

 

 

 

8

 

Adjusted gross profit

 

$

2,117

 

 

$

2,511

 

 

$

2,269

 

 

$

2,589

 

 

$

2,449

 

 

$

3,380

 

Adjusted gross margin

 

 

24.4

%

 

 

28.7

%

 

 

27.8

%

 

 

28.7

%

 

 

34.8

%

 

 

40.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from continuing operations, net of tax

 

$

(15,642

)

 

$

(18,097

)

 

$

(17,449

)

 

$

(11,273

)

 

$

(12,189

)

 

$

(7,446

)

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and financing costs, net

 

 

579

 

 

 

739

 

 

 

884

 

 

 

994

 

 

 

1,940

 

 

 

759

 

Depreciation and amortization

 

 

353

 

 

 

397

 

 

 

402

 

 

 

11

 

 

 

55

 

 

 

73

 

Excess and obsolete inventory reserve related to recently discontinued products

 

 

—

 

 

 

2,917

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

241

 

Stock-based compensation expense

 

 

1,903

 

 

 

2,012

 

 

 

1,739

 

 

 

1,443

 

 

 

2,521

 

 

 

703

 

Impairment of long-lived assets

 

 

—

 

 

 

—

 

 

 

3,392

 

 

 

280

 

 

 

146

 

 

 

15

 

Adjusted EBITDA

 

$

(12,807

)

 

$

(12,032

)

 

$

(11,032

)

 

$

(8,545

)

 

$

(7,527

)

 

$

(5,655

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Flows

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flow used in operating activities

 

$

(16,976

)

 

$

(9,365

)

 

$

(10,216

)

 

$

(9,505

)

 

$

(10,689

)

 

$

(6,718

)

Purchases of property and equipment

 

 

(210

)

 

 

(417

)

 

 

(216

)

 

 

(86

)

 

 

(146

)

 

 

(15

)

Free cash flow (burn)

 

$

(17,186

)

 

$

(9,782

)

 

$

(10,432

)

 

$

(9,591

)

 

$

(10,835

)

 

$

(6,733

)