Investor Presentaiton
Q3 2023 Results Versus Q2 2023
$'s in millions
Bookings [MWH]
Bookings [$]
Q3 2023
Q2 2023
Change
400
400
$
137.4
$
33.0
104.4
Q3 2023 revenue and gross margin primarily due to advancement on the
Company's BESS projects.
Revenue
Gross profit
Gross margin %
172.2
39.7
132.5
•
7.1
3.9
3.2
4.2 %
9.9 %
Operating expenses:
о
OPEX (excluding stock-based compensation) decreased $4.6M versus Q2 2023
Stock-based compensation was $10.7M in Q3, up from $10.1M in Q2.
о
°
Sales & Marketing (ex-stock comp) decreased $0.7M.
R&D (ex-stock comp) decreased $2.2M.
Sales and marketing
4.2
4.9
(0.7)
R&D
8.2
10.2
(2.0)
о
G&A (ex-stock comp) decreased $1.6M.
G&A
15.8
17.0
(1.2)
Depreciation & Amortization
0.2
0.2
Improvement in operating loss of $7.1M versus Q2 2023 driven by an increase in
gross profit and a decrease in operating expenses.
Total operating expenses
28.4
32.3
(3.9)
Operating loss
(21.3)
(28.4)
7.1
Cash balance on September 30 primarily reflects the net loss, change in net
working capital, and $8.4M for the purchase of property and equipment.
Other income:
Interest income
1.9
2.3
(0.4)
Change in FV of warrant liability
Other
Total other income
1.9
(0.1)
2.2
0.1
(0.3)
Provision (benefit) for income taxes
(0.4)
(0.4)
Net loss
$
(19.0)
$
(26.2)
$
7.2
Cash on hand
$
132.2
165.0
(32.8)
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