Bright Machines SPAC
High Visibility into Near-Term Performance
Bright
Machines
Total: $54m
Current Forecast
Tracking $5m ahead of
plan in 2021
Total: $59m
Q2 bookings: s8m
Q1 bookings: $7m
Existing backlog: $26m
Flex contract: $18m
Detailed Pipeline
2021E Revenue
Total: $85m
Current Forecast
Identified pipeline of
$80m with existing
customers and $132m
with new customers
Total: $85m
Additional bookings needed:
$40m
Although there will be an overall reduction in revenue related to legacy automation testing professional services and leasing of non-proprietary used manufacturing
equipment under the MSSA, this amendment also includes a firm commitment to purchasesso milion per year through May 20ag of the Company's proprietary
products and services. The new estimated lifetime value of the amended MSSA will be approximately $240 million Neither the used manufacturing equipment
leasing nor automation testing and engineering professional services is core to the Bright Machines business.
Projected backlog: $30m
Flex contract: $15m
2022E Revenue
Detailed Pipeline
Source Bright Machines management projection
Note: In 2018, Bright Machines entered into a 5-year Master Services Subscription Agreement (the "MSSA) with Flex for services ranging from hardware leasing to engineering and testing services as well as product purchases. The estimated
lifetime value of that contract was approximately $350 milion. Given that business conditions have changed due to the pandemic and that Bright Machines has focused on building software-defined assembly lines and manufacturing
software, Bright Machines and Flex have agreed to amend the terms of the MSSA.
The agreement will result in
- Bright Machines exiting the used SMT hardware leasing business. Flex will make an upfront cash payment of s82 million for the sale of such hardware assets mostly based in China.
- Flexwil reduce its commitment to purchase professional automation services by a total of approximately $120 million over the remaining term of the MSSA.
- Bright Machines will retire approximately gomillion shares of their 24.8 million shares) of Bright Machines common stock currently owned by Flex, which is proportionate to Flex's revised commitments under the MSSA
Ⓒ2021 Bright Machines, Inc.View entire presentation