Financial Overview and Strategic Insights
FINANCIAL OVERVIEW
(in thousands of USD)
Three Months Ended
December 31.
Change
Year ended December 31.
Change
2023
2022
S
%
2023
2022
S
%
Consolidated net revenue
$ 23,915
$ 22,033
$
1,882
9 % $ 87,241
$ 86,749
00
S
492
1 %
Cost of sales
21,913
20,773
1,140
5 %
Inventory write-down
89
89
N/A
74,527
805
Gross profit
$ 1,913
$ 1,260
$
653
52 % $ 11,909
$ 15,436
09
Gross margin
8 %
6%
N/A
2 PP
14 %
18 %
71,313
3.214
5 %
805
(3,527)
N/A
(23)%
N/A
(4)pp
Net income (loss)()
$(45,151)
$(76,181)
$
31,030
41 % $ (70,439)
$(155,178)
S
84,739
55 %
Adjusted EBITDA (ii)
$(14,790)
$(19,018)
$ 4,228
22% $(61,564)
(70,291)
8,727
12 %
Other Data
Cash and cash equivalents(iv)
Short-term investments(iv)
$669,291 $764,644 $ (95,353)
192.237 113,077
79,160
(12)%
70 %
1,792
768
1,024
133 %
3,423
Capital expenditures(V)
(i) Gross margin is defined as gross profit divided by net revenue.
5,032
(1,609)
(32)%
(ii) The improvement year-over-year in quarterly net income (loss) was primarily driven by lower income tax expense, an improvement in operating loss and higher interest income.
(W) See "Non-GAAP Measures" for more information, including a reconciliation of adjusted earnings (loss) before interest, taxes, depreciation and amortization ("Adjusted EBITDA") to net income (loss).
(iv) Dollar amounts are as of the last day of the period indicated.
(v) Capital expenditures represent component information of investing activities and is defined as the sum of purchase of property, plant and equipment, and purchase of intangible assets.
For more details on the Company's Adjusted EBITDA calculation, including reconciliations to net income (loss), please go to page 24 of this presentation.
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