$SEER
Seer, Inc.

2024 Q1 Form 10-Q Financial Statement

#000095017024055806 Filed on May 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023 Q1
Revenue $3.066M $4.438M $4.053M
YoY Change -24.35% -3.63% 22.37%
Cost Of Revenue $1.705M $2.437M $1.985M
YoY Change -14.11% 5.5% -4.01%
Gross Profit $1.361M $2.001M $2.068M
YoY Change -34.19% -12.81% 66.24%
Gross Profit Margin 44.39% 45.09% 51.02%
Selling, General & Admin $14.29M $13.07M $15.04M
YoY Change -4.99% -10.58% 5.18%
% of Gross Profit 1049.82% 653.07% 727.22%
Research & Development $12.27M $11.17M $14.47M
YoY Change -15.26% -11.6% 34.87%
% of Gross Profit 901.18% 557.97% 699.9%
Depreciation & Amortization $1.500M $1.580M $1.200M
YoY Change 25.0% 43.25% 33.33%
% of Gross Profit 110.21% 78.96% 58.03%
Operating Expenses $26.55M $24.23M $29.51M
YoY Change -10.03% -11.05% 17.91%
Operating Profit -$25.19M -$22.23M -$27.45M
YoY Change -8.21% -10.89% 15.38%
Interest Expense $4.586M $4.720M $3.717M
YoY Change 23.38% 89.03% 2481.25%
% of Operating Profit
Other Income/Expense, Net $4.513M -$287.0K $3.486M
YoY Change 29.46% 293.15% 2390.0%
Pretax Income -$20.68M -$17.80M -$23.96M
YoY Change -13.69% -20.98% 1.32%
Income Tax
% Of Pretax Income
Net Earnings -$20.68M -$17.80M -$23.96M
YoY Change -13.69% -20.98% 1.32%
Net Earnings / Revenue -674.46% -401.06% -591.14%
Basic Earnings Per Share -$0.32 -$0.38
Diluted Earnings Per Share -$0.32 -$0.28 -$0.38
COMMON SHARES
Basic Shares Outstanding 64.59M 63.54M shares
Diluted Shares Outstanding 64.59M 63.54M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $308.6M $316.2M $352.1M
YoY Change -12.37% -24.93% -20.92%
Cash & Equivalents $54.40M $32.50M $48.39M
Short-Term Investments $254.2M $283.7M $303.7M
Other Short-Term Assets $3.641M $3.082M $4.380M
YoY Change -16.87% 46.9% 3.77%
Inventory $5.809M $4.491M $3.718M
Prepaid Expenses $3.641M $3.082M $4.380M
Receivables $4.831M $4.735M
Other Receivables $1.346M $1.326M $1.065M
Total Short-Term Assets $324.2M $330.5M $367.4M
YoY Change -11.77% -24.02% -19.69%
LONG-TERM ASSETS
Property, Plant & Equipment $21.18M $22.19M $18.68M
YoY Change 13.39% 14.35% 36.77%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $50.64M $56.86M $58.42M
YoY Change -13.31% 1002.54% 120.02%
Other Assets $900.0K $1.004M $853.0K
YoY Change 5.51% 17.43% 74.08%
Total Long-Term Assets $97.81M $105.8M $105.4M
YoY Change -7.21% 99.74% 51.39%
TOTAL ASSETS
Total Short-Term Assets $324.2M $330.5M $367.4M
Total Long-Term Assets $97.81M $105.8M $105.4M
Total Assets $422.0M $436.3M $472.8M
YoY Change -10.75% -10.59% -10.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.564M $1.370M $1.956M
YoY Change 31.08% -34.89% -40.57%
Accrued Expenses $7.572M $9.212M $7.175M
YoY Change 5.53% 11.01% 12.51%
Deferred Revenue $269.0K $206.0K $263.0K
YoY Change 2.28% 54.89% -33.25%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $12.83M $13.22M $11.75M
YoY Change 9.15% 5.07% 5.4%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $173.0K $179.0K $360.0K
YoY Change -51.94% -44.06% 5.57%
Total Long-Term Liabilities $173.0K $179.0K $360.0K
YoY Change -51.94% -44.06% 5.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.83M $13.22M $11.75M
Total Long-Term Liabilities $173.0K $179.0K $360.0K
Total Liabilities $38.41M $39.37M $39.80M
YoY Change -3.5% -3.84% -2.04%
SHAREHOLDERS EQUITY
Retained Earnings -$326.5M -$305.8M -$243.5M
YoY Change 34.09% 39.32% 62.12%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $383.6M $396.9M $433.0M
YoY Change
Total Liabilities & Shareholders Equity $422.0M $436.3M $472.8M
YoY Change -10.75% -10.59% -10.3%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023 Q1
OPERATING ACTIVITIES
Net Income -$20.68M -$17.80M -$23.96M
YoY Change -13.69% -20.98% 1.32%
Depreciation, Depletion And Amortization $1.500M $1.580M $1.200M
YoY Change 25.0% 43.25% 33.33%
Cash From Operating Activities -$10.46M -$10.19M -$19.33M
YoY Change -45.91% -28.52% 0.94%
INVESTING ACTIVITIES
Capital Expenditures $754.0K $1.839M $121.0K
YoY Change 523.14% -63.02% -88.8%
Acquisitions
YoY Change
Other Investing Activities $33.11M $7.950M $14.60M
YoY Change 126.77% 251.46% 21.67%
Cash From Investing Activities $32.36M $6.111M $14.48M
YoY Change 123.46% -325.41% 32.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 182.0K $30.00K
YoY Change -100.0% -91.36% -96.01%
NET CHANGE
Cash From Operating Activities -10.46M -10.19M -$19.33M
Cash From Investing Activities 32.36M 6.111M $14.48M
Cash From Financing Activities 0.000 182.0K $30.00K
Net Change In Cash 21.90M -3.897M -$4.822M
YoY Change -554.15% -73.78% -35.53%
FREE CASH FLOW
Cash From Operating Activities -$10.46M -$10.19M -$19.33M
Capital Expenditures $754.0K $1.839M $121.0K
Free Cash Flow -$11.21M -$12.03M -$19.45M
YoY Change -42.37% -37.44% -3.85%

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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:3.333%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and the disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and assumptions, including, but not limited to, those related to the determination of stand-alone selling price for revenue recognition, stock-based compensation, allowance for credit losses, inventory valuation, operating lease right-of-use assets and liabilities, useful lives and valuation of property and equipment, income tax uncertainties, and tax valuation allowances.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from those estimates.</span></p>
CY2024Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:3.333%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentration of Credit Risk and Other Risks and Uncertainties</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, and investments. The Company maintains bank deposits in federally insured financial institutions, and these deposits may exceed federally insured limits. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash and cash equivalents and issuers of investments to the extent account balances exceed the amount insured by the Federal Deposit Insurance Corporation.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">For the three months ended March 31, 2024 and 2023, the Company recognized revenue from a related party that represented </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">31</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">32</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, respectively, of the Company’s total revenue.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">For the three months ended March 31, 2024 and 2023, </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">13</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">22</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, respectively, of the total revenue was generated outside of the United States, from countries in Asia and Europe.</span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">As of March 31, 2024, there were two customers which represented </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">21</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">10</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> of the total accounts receivable balance, including related party receivables. As of December 31, 2023, there were two customers which represented </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">14</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">10</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">of the total accounts receivable balance, including related party receivables.</span></p>
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CY2024Q1 us-gaap Operating Lease Lease Income
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CY2024Q1 us-gaap Common Stock Shares Authorized
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CY2024Q1 us-gaap Preferred Stock Shares Authorized
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CY2024Q1 us-gaap Common Stock Conversion Basis
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The Class B common stock will also automatically convert into Class A common stock on December 8, 2025.
CY2024Q1 us-gaap Common Stock Dividends Per Share Declared
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
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CY2024Q1 us-gaap Operating Lease Cost
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CY2023Q1 us-gaap Operating Lease Cost
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CY2024Q1 us-gaap Lease Cost
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CY2023Q1 us-gaap Lease Cost
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CY2024Q1 ck0001726445 Lessee Incremental Borrowing Rate
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CY2023Q1 ck0001726445 Lessee Incremental Borrowing Rate
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CY2024Q1 us-gaap Operating Lease Payments
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CY2023Q1 us-gaap Operating Lease Payments
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CY2024Q1 ck0001726445 Lessee Operating Lease Liability To Be Paid After Year Four
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CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
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CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2024Q1 us-gaap Operating Lease Liability
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CY2024Q1 us-gaap Purchase Obligation
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CY2024Q1 us-gaap Earnings Per Share Basic
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CY2023Q1 us-gaap Earnings Per Share Diluted
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CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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