Bright Machines SPAC
Summary Forecasted Financials
Bright
Machines.
($ in milllions)
Assembly automation
Additional software & services
Total revenue
% growth
Cost of goods sold
Gross profit
% margin
Research & development
Sales & marketing
General & administrative
Total operating expenses
EBITDA
% margin
2020A
$9
26
$34
(35)
($1)
(2%)
($24)
(9)
(12)
($45)
($40)
(115%)
2021E
$36
18
$54
55%
(58)
($4)
(8%)
($30)
(14)
(17)
($61)
($63)
(118%)
2022E
$64
21
$85
59%
(75)
$10
12%
($43)
(23)
(19)
($85)
($73)
(86%)
2023E
$130
33
$164
92%
(117)
$47
29%
($52)
(28)
(26)
($106)
($57)
(35%)
2024E
$234
82
$317
94%
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 purchase o milion per year through May aday of the Company's proprietary
products and services. The new estimated lifetime value of the amended MSSA will be approximately sayo million Neither the used manufacturing equipment
leasing nor automation testing and engineering professional services is core to the Bright Machines business,
(190)
$126
40%
(563)
(48)
(37)
($148)
($19)
(6%)
2025E
$483
243
$727
129%
(361)
$366
50%
($74)
(109)
(50)
($232)
$137
19%
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 million. 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 s8.2 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 go million shares of their s4.8 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.
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