Pineapple Energy Inc. (NASDAQ: PEGY), a leading provider of
sustainable solar energy and back-up power to households and small
businesses, today announced financial results for the third quarter
ended September 30, 2023.
Pineapple CEO Kyle Udseth commented, “My main message is quite
similar to three months ago. We were able to deliver a strong third
quarter, which is a nice counter to the reports of underperformance
from some of our larger public peers who have already reported. The
residential solar industry does continue to face challenges,
principal among them the expectations of a higher-for-longer
interest rate environment. But fundamental demand for clean,
affordable, and resilient rooftop solar, ideally paired with
battery storage, remains strong. And a higher interest rate
environment increases the cost of capital for electric utilities as
well, which we expect they will pass on to consumers in the form of
ongoing steep annual increases to their electric bills. Couple this
with the continuing declines in hardware and equipment costs, and I
believe companies like Pineapple, who sell and install residential
solar, are reaching an inflection point. And then beyond the macro
factors, our commitment to operational discipline and a focus on
driving positive EBITDA and operating cash-flow remain bedrock
principles, and further differentiate us from competitors. We are
leaving previous guidance unchanged, for 2023 revenue between
$80-$85 million and positive adjusted EBITDA. I am grateful to all
our Pineapple employees for their dedication and sacrifices – this
has not been an easy quarter, and further challenges remain in Q4.
But we believe our strategy is sound and will continue to bear out
into 2024.”
Pineapple CFO Eric Ingvaldson commented, “In the third quarter,
we were again able to achieve meaningful year-over-year revenue
growth of more than 200% due to the SUNation acquisition in the
fourth quarter of 2022 and strong organic growth in Hawaii. Gross
profit margins increased due to lower equipment prices and
financing fees. While gross profit increased 401% year-over-year,
operating expenses increased 125% year-over-year, resulting in
positive cash flow from operations for the quarter and our third
consecutive quarter of positive adjusted EBITDA. Although third
quarter pro-forma revenue declined 10% from the prior year,
pro-forma gross profit increased 9% due to margin expansion.
Year-to-date we have achieved 20% proforma revenue growth, and 38%
pro-forma gross profit growth over the prior year leading to a $4.2
million year-over-year improvement in pro-forma adjusted EBITDA. We
are grateful to our employees for delivering these results.”
Third Quarter Business Highlights
- Pro forma operating metrics
- Residential kW installed +10% sequentially (Q3 2023 vs Q2
2023)
- Residential kW sold +14% sequentially (Q3 2023 vs Q2 2023)
- Residential battery attachment rate declined to 37% in Q3 2023,
down from 42% in Q2 2023
- Backlog increased to $41M as of September 30, 2023, up from
$38M as of June 30, 2023
Third Quarter 2023 GAAP Results from Continuing
Operations1
|
3rd Quarter
2023 |
3rd Quarter
20223 |
Revenue |
$18,288,697 |
|
$5,888,162 |
|
Gross Profit |
$7,032,458 |
|
$1,404,173 |
|
Operating Expense |
$8,596,808 |
|
$3,827,944 |
|
Operating Loss |
($1,564,350 |
) |
($2,423,771 |
) |
Other Expense |
($768,937 |
) |
($119,017 |
) |
Net Loss |
($2,329,053 |
) |
($2,542,788 |
) |
Cash, restricted cash & investments2 |
$5,593,402 |
|
$10,236,453 |
|
Diluted Loss per Share |
($0.23 |
) |
($0.34 |
) |
1 Includes continuing operations and excludes discontinued
operations.
2 Includes restricted cash and liquid investments of $2,175,753
as of September 30, 2023, and $4,578,099 as of September 30, 2022,
earmarked for payment of contingent value rights.
3 As the determination for discontinued operations was made for
the period ending December 31, 2022, the 3rd Quarter 2022 numbers
have been adjusted to reflect continuing operations only.
Total revenue was $18.3 million in the third quarter of 2023, up
$12.4 million, or 211%, from the third quarter of 2022. The
increase in revenue was a result of the SUNation acquisition in Q4
of 2022 and organic growth in Hawaii.
Total gross profit was $7.0 million, an increase of $5.6
million, or 401%, year-over-year. Gross profit increased due to
increased revenue and an improved gross profit margin. The gross
profit margin improvements were a result of the SUNation
acquisition and an improvement in equipment costs and financing
fees.
Total operating expenses were $8.6 million, an increase of $4.8
million, or 125%, year-over-year. The increase in operating
expenses was primarily a result of the SUNation acquisition in Q4
of 2022. Operating expenses in the third quarter of 2023 included
$1.3M of amortization and depreciation expense, $353,843 of
stock-based compensation and a $230,000 unfavorable fair value
remeasurement of earnout consideration.
Other expenses were $768,937, an increase of $649,920,
year-over-year. Other expenses increased primarily due to an
increase in interest expense because of debt financing closed in
the second quarter and a $239,922 unfavorable fair value
remeasurement of contingent value rights.
Net loss from continuing operations attributable to common
stockholders was $2.3 million, or ($0.23) per diluted share in the
third quarter of 2023. This was an improvement from net loss from
continuing operations in the third quarter of 2022 of $2.5 million
or ($0.34) per diluted share.
As of September 30, 2023, cash, cash equivalents, restricted
cash, and investments were $5.6 million. Of that amount, $2.2
million was held as restricted cash and investments that can only
be used for the legacy CSI business and will be distributed to
holders of CVRs (Contingent Value Rights).
Third Quarter 2023 Pro Forma Comparisons
To facilitate analysis of the Company’s operating business,
below is an unaudited pro forma presentation of results as if the
Company had completed the SUNation merger, the CSI merger, and the
HEC/E-Gear asset acquisition as of January 1, 2022:
|
|
Three Months Ended September 30 |
|
|
Nine Months Ended September 30 |
|
|
2023 |
|
|
|
2022 |
|
|
|
2022 |
|
|
|
2021 |
|
Revenue |
$ |
18,288,697 |
|
|
$ |
20,289,487 |
|
|
$ |
60,190,413 |
|
|
|
50,209,437 |
|
Gross
Profit |
|
7,032,458 |
|
|
|
6,453,090 |
|
|
|
22,175,708 |
|
|
|
16,078,176 |
|
Net Loss |
|
(2,329,053 |
) |
|
|
(217,898 |
) |
|
|
(5,260,514 |
) |
|
|
(1,363,018 |
) |
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA* |
|
336,297 |
|
|
|
(601,932 |
) |
|
|
1,028,100 |
|
|
|
(3,133,723 |
) |
* Adjusted EBITDA is a non-GAAP financial
measure. See “Pro Forma Results and Non-GAAP Financial Measures”
and the reconciliations in this release for further
information.
Third quarter pro forma revenue declined 10% compared to the
prior year due to a decrease in kW installed of 10%, a decrease in
the residential battery attachment rate to 37% from 47%, offset by
a 3% increase in service and other revenue, and a 1% increase in
commercial revenue.
Third quarter pro forma gross profit increased 9% due to reduced
equipment costs and financing fees.
Third quarter pro forma net loss increased by $2.1M from the
prior year due to a $1.9M employee retention credit recognized by
SUNation in the third quarter of 2022.
Third quarter pro forma adjusted EBITDA increased 156% or
$938,229 driven by overall margin improvement and increased
operating leverage by controlling costs at SUNation, HEC (Hawaii
Energy Connection) and Corporate.
The unaudited pro forma financial information above is not
necessarily indicative of consolidated results of operations of the
combined business had the acquisition occurred at the beginning of
the respective period, nor is it necessarily indicative of future
results of operations of the combined company. The above unaudited
pro forma results are not adjusted for the level of corporate
overhead costs needed to support the go-forward strategy and
instead include a higher cost structure based on operating legacy
businesses and the structure in place while carrying out plans to
complete the CSI merger transaction. The unaudited pro forma
financial information above includes adjustments to amortization
expense for intangible assets totaling $0 and $303,125 and excludes
transaction costs totaling $0 and $292,174 for the three months
ended September 30, 2023, and 2022, respectively. The unaudited pro
forma financial information below includes adjustments to
amortization expense for intangible assets totaling $0 and
$1,538,378 and excludes transaction costs totaling $2,020 and
$3,204,118 for the nine months ended September 30, 2023, and 2022,
respectively.
Outlook
For the full year 2023, the Company leaves unchanged its revenue
guidance of $80 to $85 million, positive adjusted EBITDA and cash
flow from operations in 2023.
Status of Contingent Value RightsThe CVR
(Contingent Value Rights) liability as of September 30, 2023, was
estimated at $3.2 million and represents the estimated fair value
as of that date of the legacy CSI assets to be distributed to CVR
holders.
About Pineapple EnergyPineapple is focused on
growing leading local and regional solar, storage, and energy
services companies nationwide. Our vision is to power the energy
transition through grass-roots growth of solar electricity paired
with battery storage. Our portfolio of brands (SUNation, Hawaii
Energy Connection, E-Gear, Sungevity, and Horizon Solar Power)
provide homeowners and small businesses with an end-to-end product
offering spanning solar, battery storage, and grid services.
Forward Looking StatementsThis press release
includes certain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995, including
statements regarding future financial performance, future growth or
growth opportunities, future opportunities, future cost reductions,
future flexibility to pursue acquisitions, future cash flows and
future earnings. These statements are based on the Company’s
current expectations or beliefs and are subject to uncertainty and
changes in circumstances. Actual results may vary materially from
those expressed or implied by the statements here due to changes in
economic, business, competitive or regulatory factors, and other
risks and uncertainties, including those set forth in the Company’s
filings with the Securities and Exchange Commission. The
forward-looking statements in this press release speak only as of
the date of this press release. The Company does not undertake any
obligation to update or revise these forward-looking statements for
any reason, except as required by law.
Contacts:
Pineapple Energy
Kyle UdsethChief Executive Officer+1 (952)
996-1674Kyle.Udseth@pineappleenergy.com
Eric IngvaldsonChief Financial Officer+1 (952)
996-1674Eric.Ingvaldson@pineappleenergy.com
PINEAPPLE ENERGY INC. |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(Unaudited) |
|
|
|
|
|
|
ASSETS |
|
September 30 |
|
December 31 |
|
|
2023 |
|
|
|
2022 |
|
CURRENT ASSETS: |
|
|
|
|
|
Cash and cash equivalents |
$ |
3,417,649 |
|
|
$ |
2,187,540 |
|
Restricted cash and cash equivalents |
|
2,175,753 |
|
|
|
3,068,938 |
|
Investments |
|
— |
|
|
|
2,666,766 |
|
Trade accounts receivable, less allowance for |
|
|
|
|
|
credit losses of $177,662 and $108,636, respectively |
|
5,743,630 |
|
|
|
5,564,532 |
|
Inventories, net |
|
4,626,764 |
|
|
|
6,054,493 |
|
Prepaid income taxes |
|
27,431 |
|
|
|
— |
|
Employee retention credit |
|
— |
|
|
|
1,584,541 |
|
Related party receivables |
|
50,479 |
|
|
|
116,710 |
|
Prepaid expenses |
|
1,720,937 |
|
|
|
2,152,058 |
|
Costs and estimated earnings in excess of billings |
|
369,881 |
|
|
|
777,485 |
|
Other current assets |
|
790,275 |
|
|
|
634,362 |
|
Current assets held for sale |
|
— |
|
|
|
1,154,099 |
|
TOTAL CURRENT ASSETS |
|
18,922,799 |
|
|
|
25,961,524 |
|
PROPERTY, PLANT AND EQUIPMENT,
net |
|
1,565,722 |
|
|
|
1,190,932 |
|
OTHER ASSETS: |
|
|
|
|
|
Goodwill |
|
20,545,850 |
|
|
|
20,545,850 |
|
Operating lease right of use asset |
|
4,622,387 |
|
|
|
4,166,838 |
|
Intangible assets, net |
|
16,846,714 |
|
|
|
20,546,810 |
|
Other assets, net |
|
12,000 |
|
|
|
12,000 |
|
Non-current assets held for sale |
|
— |
|
|
|
2,271,533 |
|
TOTAL OTHER ASSETS |
|
42,026,951 |
|
|
|
47,543,031 |
|
TOTAL ASSETS |
$ |
62,515,472 |
|
|
$ |
74,695,487 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
CURRENT LIABILITIES: |
|
|
|
|
|
Accounts payable |
$ |
7,083,759 |
|
|
$ |
7,594,181 |
|
Accrued compensation and benefits |
|
944,196 |
|
|
|
859,774 |
|
Operating lease liability |
|
384,581 |
|
|
|
220,763 |
|
Accrued warranty |
|
300,000 |
|
|
|
276,791 |
|
Other accrued liabilities |
|
937,608 |
|
|
|
961,986 |
|
Related party payables |
|
— |
|
|
|
2,181,761 |
|
Income taxes payable |
|
— |
|
|
|
1,650 |
|
Refundable customer deposits |
|
3,363,901 |
|
|
|
4,285,129 |
|
Billings in excess of costs and estimated earnings |
|
1,750,256 |
|
|
|
2,705,409 |
|
Contingent value rights |
|
3,213,765 |
|
|
|
— |
|
Earnout consideration |
|
2,370,000 |
|
|
|
— |
|
Current portion of loans payable |
|
1,461,228 |
|
|
|
346,290 |
|
Current portion of loans payable - related party |
|
360,723 |
|
|
|
5,339,265 |
|
Current liabilities held for sale |
|
— |
|
|
|
1,161,159 |
|
TOTAL CURRENT LIABILITIES |
|
22,170,017 |
|
|
|
25,934,158 |
|
LONG-TERM LIABILITIES: |
|
|
|
|
|
Loans payable and related interest |
|
8,264,318 |
|
|
|
3,138,194 |
|
Loans payable and related interest - related party |
|
4,984,458 |
|
|
|
4,635,914 |
|
Operating lease liability |
|
4,295,406 |
|
|
|
3,961,340 |
|
Earnout consideration |
|
940,000 |
|
|
|
2,150,000 |
|
Contingent value rights |
|
— |
|
|
|
7,402,714 |
|
Long term liabilities held for sale |
|
— |
|
|
|
250,875 |
|
TOTAL LONG-TERM LIABILITIES |
|
18,484,182 |
|
|
|
21,539,037 |
|
COMMITMENTS AND CONTINGENCIES
(Note 9) |
|
|
|
|
|
STOCKHOLDERS' EQUITY |
|
|
|
|
|
Convertible preferred stock, par value $1.00 per share;3,000,000
shares authorized; 28,000 shares issued and outstanding |
|
28,000 |
|
|
|
28,000 |
|
Common stock, par value $0.05 per share; 75,000,000 shares
authorized; |
|
|
|
|
|
10,182,723 and 9,915,586 shares issued and outstanding,
respectively |
|
509,136 |
|
|
|
495,779 |
|
Additional paid-in capital |
|
46,773,844 |
|
|
|
45,798,069 |
|
Accumulated deficit |
|
(25,449,707 |
) |
|
|
(19,089,134 |
) |
Accumulated other comprehensive loss |
|
— |
|
|
|
(10,422 |
) |
TOTAL STOCKHOLDERS' EQUITY |
|
21,861,273 |
|
|
|
27,222,292 |
|
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY |
$ |
62,515,472 |
|
|
$ |
74,695,487 |
|
PINEAPPLE ENERGY INC. |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS |
(Unaudited) |
|
|
Three Months EndedSeptember
30 |
|
Nine Months EndedSeptember
30 |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Sales |
$ |
18,288,697 |
|
|
$ |
5,888,162 |
|
|
$ |
60,190,413 |
|
|
$ |
10,338,483 |
|
Cost of sales |
|
11,256,239 |
|
|
|
4,483,989 |
|
|
|
38,014,705 |
|
|
|
7,966,159 |
|
Gross profit |
|
7,032,458 |
|
|
|
1,404,173 |
|
|
|
22,175,708 |
|
|
|
2,372,324 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
7,150,110 |
|
|
|
2,702,005 |
|
|
|
22,442,789 |
|
|
|
5,792,270 |
|
Amortization expense |
|
1,216,698 |
|
|
|
863,574 |
|
|
|
3,700,095 |
|
|
|
2,084,470 |
|
Transaction costs |
|
— |
|
|
|
262,365 |
|
|
|
2,020 |
|
|
|
1,399,147 |
|
Fair value remeasurement of SUNation earnout consideration |
|
230,000 |
|
|
|
— |
|
|
|
1,160,000 |
|
|
|
— |
|
Total operating expenses |
|
8,596,808 |
|
|
|
3,827,944 |
|
|
|
27,304,904 |
|
|
|
9,275,887 |
|
Operating loss |
|
(1,564,350 |
) |
|
|
(2,423,771 |
) |
|
|
(5,129,196 |
) |
|
|
(6,903,563 |
) |
Other (expense) income: |
|
|
|
|
|
|
|
|
|
|
|
Investment and other income |
|
88,163 |
|
|
|
8,215 |
|
|
|
143,452 |
|
|
|
106,974 |
|
Gain on sale of assets |
|
192,845 |
|
|
|
14,573 |
|
|
|
437,116 |
|
|
|
1,229,133 |
|
Fair value remeasurement of merger earnout consideration |
|
— |
|
|
|
13,000 |
|
|
|
— |
|
|
|
4,684,000 |
|
Fair value remeasurement of contingent value rights |
|
(239,922 |
) |
|
|
— |
|
|
|
1,152,273 |
|
|
|
(1,214,560 |
) |
Interest and other expense |
|
(810,023 |
) |
|
|
(154,805 |
) |
|
|
(1,867,576 |
) |
|
|
(640,536 |
) |
Other (expense) income, net |
|
(768,937 |
) |
|
|
(119,017 |
) |
|
|
(134,735 |
) |
|
|
4,165,011 |
|
Net loss before income
taxes |
|
(2,333,287 |
) |
|
|
(2,542,788 |
) |
|
|
(5,263,931 |
) |
|
|
(2,738,552 |
) |
Income tax benefit |
|
(4,234 |
) |
|
|
— |
|
|
|
(1,396 |
) |
|
|
— |
|
Net loss from continuing
operations |
|
(2,329,053 |
) |
|
|
(2,542,788 |
) |
|
|
(5,262,535 |
) |
|
|
(2,738,552 |
) |
Net (loss) income from
discontinued operations, net of tax |
|
(33,983 |
) |
|
|
22,792 |
|
|
|
(1,206,235 |
) |
|
|
(222,426 |
) |
Net loss |
|
(2,363,036 |
) |
|
|
(2,519,996 |
) |
|
|
(6,468,770 |
) |
|
|
(2,960,978 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive gain
(loss), net of tax: |
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain (loss) on available-for-sale securities |
|
(34,108 |
) |
|
|
38 |
|
|
|
10,422 |
|
|
|
(32,760 |
) |
Total other comprehensive gain
(loss) |
|
(34,108 |
) |
|
|
38 |
|
|
|
10,422 |
|
|
|
(32,760 |
) |
Comprehensive loss |
$ |
(2,397,144 |
) |
|
$ |
(2,519,958 |
) |
|
$ |
(6,458,348 |
) |
|
$ |
(2,993,738 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net loss per share: |
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
$ |
(0.23 |
) |
|
$ |
(0.34 |
) |
|
$ |
(0.53 |
) |
|
$ |
(0.45 |
) |
Discontinued operations |
|
(0.01 |
) |
|
|
— |
|
|
|
(0.12 |
) |
|
|
(0.04 |
) |
|
$ |
(0.24 |
) |
|
$ |
(0.34 |
) |
|
$ |
(0.65 |
) |
|
$ |
(0.49 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net loss per
share: |
|
|
|
|
|
|
|
|
|
|
|
Continuing operations |
$ |
(0.23 |
) |
|
|
(0.34 |
) |
|
|
(0.53 |
) |
|
|
(0.45 |
) |
Discontinued operations |
|
(0.01 |
) |
|
|
— |
|
|
|
(0.12 |
) |
|
|
(0.04 |
) |
|
$ |
(0.24 |
) |
|
$ |
(0.34 |
) |
|
$ |
(0.65 |
) |
|
$ |
(0.49 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Basic Shares
Outstanding |
|
10,050,015 |
|
|
|
7,435,586 |
|
|
|
9,973,311 |
|
|
|
6,049,611 |
|
Weighted Average Dilutive
Shares Outstanding |
|
10,050,015 |
|
|
|
7,435,586 |
|
|
|
9,973,311 |
|
|
|
6,049,611 |
|
Pro Forma Results and Non-GAAP Financial
MeasuresThis press release includes unaudited pro forma
information, which represents the results of operations as if the
Company had completed the CSI merger, the HEC and E-Gear asset
acquisitions and the SUNation acquisition as of January 1, 2022.
The unaudited pro forma financial information presented in this
press release is not necessarily indicative of consolidated results
of operations of the combined business had the acquisitions
occurred at the beginning of the respective period, nor is it
necessarily indicative of future results of operations of the
combined company.
For the three months ended September 30, 2023, and 2022, the
unaudited pro forma financial information includes adjustments to
amortization expense for intangible assets totaling $0 and
$303,125, respectively, and excludes transaction costs totaling $0
and $292,174, respectively. For the nine months ended September 30,
2023, and 2022, the unaudited pro forma financial information
includes adjustments to amortization expense for intangible assets
totaling $0 and $1,538,378, respectively, and excludes transaction
costs totaling $2,020 and $3,204,118, respectively.
This press release also includes non-GAAP financial measures
that differ from financial measures calculated in accordance with
U.S., (United States) generally accepted accounting principles
(“GAAP”). Adjusted EBITDA is a non-GAAP financial measure provided
in this release, and is net loss, on a pro forma basis calculated
in accordance with GAAP, adjusted for pro forma interest, income
taxes, depreciation, amortization, stock compensation, gain on sale
of assets, and non-cash fair value remeasurement adjustments as
detailed in the reconciliations presented below in this press
release.
These non-GAAP financial measures are presented because the
Company believes they are useful indicators of its operating
performance. Management uses these measures principally as measures
of the Company’s operating performance and for planning purposes,
including the preparation of the Company’s annual operating plan
and financial projections. The Company believes these measures are
useful to investors as supplemental information and because they
are frequently used by analysts, investors, and other interested
parties to evaluate companies in its industry. The Company also
believes these non-GAAP financial measures are useful to its
management and investors as a measure of comparative operating
performance from period to period.
The non-GAAP financial measures presented in this release should
not be considered as an alternative to, or superior to, their
respective GAAP financial measures, as measures of financial
performance or cash flows from operations as a measure of
liquidity, or any other performance measure derived in accordance
with GAAP, and they should not be construed to imply that the
Company’s future results will be unaffected by unusual or
non-recurring items. In addition, these measures do not reflect
certain cash requirements such as tax payments, debt service
requirements, capital expenditures and certain other cash costs
that may recur in the future. Adjusted EBITDA contains certain
other limitations, including the failure to reflect our cash
expenditures, cash requirements for working capital needs and cash
costs to replace assets being depreciated and amortized. In
evaluating non-GAAP financial measures, you should be aware that in
the future the Company may incur expenses that are the same as or
similar to some of the adjustments in this presentation. The
Company’s presentation of non-GAAP financial measures should not be
construed to imply that its future results will be unaffected by
any such adjustments. Management compensates for these limitations
by primarily relying on the Company’s GAAP results in addition to
using non-GAAP financial measures on a supplemental basis. The
Company’s definition of these non-GAAP financial measures is not
necessarily comparable to other similarly titled captions of other
companies due to different methods of calculation.
Reconciliation of Non-GAAP to GAAP Financial
Information
Reconciliation of Pro Forma Net Loss to Pro Forma Adjusted
EBITDA:
|
Three Months Ended September 30 |
|
Nine Months Ended September 30 |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Pro Forma Net
Loss |
$ |
(2,329,053 |
) |
|
$ |
(217,898 |
) |
|
$ |
(5,260,514 |
) |
|
$ |
(1,363,018 |
) |
Interest expense |
|
810,023 |
|
|
|
185,345 |
|
|
|
1,867,576 |
|
|
|
719,545 |
|
Interest income |
|
(79,430 |
) |
|
|
(8,959 |
) |
|
|
(117,941 |
) |
|
|
(16,729 |
) |
Income taxes |
|
(4,234 |
) |
|
|
95,793 |
|
|
|
(1,396 |
) |
|
|
209,561 |
|
Depreciation |
|
91,373 |
|
|
|
86,144 |
|
|
|
302,844 |
|
|
|
246,879 |
|
Amortization |
|
1,216,698 |
|
|
|
1,166,699 |
|
|
|
3,700,095 |
|
|
|
3,650,095 |
|
Stock compensation |
|
353,843 |
|
|
|
23,498 |
|
|
|
966,825 |
|
|
|
23,498 |
|
Gain on sale of assets |
|
(192,845 |
) |
|
|
(14,573 |
) |
|
|
(437,116 |
) |
|
|
(1,229,133 |
) |
FV remeasurement of contingent value rights |
|
239,922 |
|
|
|
- |
|
|
|
(1,152,273 |
) |
|
|
1,214,560 |
|
FV remeasurement of earnout consideration |
|
230,000 |
|
|
|
(13,000 |
) |
|
|
1,160,000 |
|
|
|
(4,684,000 |
) |
Employee retention credit |
|
- |
|
|
|
(1,904,981 |
) |
|
|
- |
|
|
|
(1,904,981 |
) |
Pro Forma Adjusted
EBITDA |
$ |
336,297 |
|
|
$ |
(601,932 |
) |
|
$ |
1,028,100 |
|
|
$ |
(3,133,723 |
) |
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