Bright Machines SPAC
Long-Term Outlook
Customers
nl Revenue
Revenue Growth %
(YoY)
Gross Margin
Bright
Machines.
2020A
-25
$34m
2021E
-50
$54m
55%
2022E
-85
$85m
59%
12%
2023E
-125
$164m
92%
29%
2024E
-175
$317m
94%
40%
2025E
-225
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 so 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 saço million Neither the used manufacturing equipment
leasing nor automation testing and engineering professional services is core to the Bright Machines business,
$727m
129%
50%
↑
2030E
550+
$3,500m+
60%+
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 s8.2 million for the sale of such hardware assets mostly based in China.
-Flex will 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 milion 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.
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