$SONX
Sonendo, Inc.

2022 Q3 Form 10-Q Financial Statement

#000095017022016456 Filed on August 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $9.846M $10.55M $9.033M
YoY Change 24.84% 31.97% 21.62%
Cost Of Revenue $7.528M $7.994M $6.754M
YoY Change 28.95% 35.51% 18.8%
Gross Profit $2.318M $2.553M $2.279M
YoY Change 13.13% 21.98% 30.83%
Gross Profit Margin 23.54% 24.21% 25.23%
Selling, General & Admin $12.59M $12.82M $11.99M
YoY Change 48.16% 73.72% 83.71%
% of Gross Profit 542.97% 502.23% 525.89%
Research & Development $4.328M $4.018M $4.850M
YoY Change -6.58% -13.24% -3.88%
% of Gross Profit 186.71% 157.38% 212.81%
Depreciation & Amortization $200.0K $397.0K $246.0K
YoY Change -60.24% -61.31% -39.11%
% of Gross Profit 8.63% 15.55% 10.79%
Operating Expenses $16.91M $16.84M $16.84M
YoY Change 28.65% 40.44% 45.33%
Operating Profit -$14.60M -$14.29M -$14.56M
YoY Change 31.52% 44.34% 47.9%
Interest Expense -$943.0K -$850.0K -$966.0K
YoY Change -36.11% -63.01%
% of Operating Profit
Other Income/Expense, Net $0.00 $0.00
YoY Change -100.0% -100.0%
Pretax Income -$15.54M -$15.14M -$15.52M
YoY Change 22.04% 35.77% 42.33%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$15.54M -$15.14M -$15.52M
YoY Change 22.04% 35.77% 42.33%
Net Earnings / Revenue -157.82% -143.52% -171.84%
Basic Earnings Per Share -$0.47 -$0.57 -$0.59
Diluted Earnings Per Share -$0.47 -$0.57 -$587.8K
COMMON SHARES
Basic Shares Outstanding 26.62M 26.47M 26.40M
Diluted Shares Outstanding 33.12M 26.47M 26.41M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $105.6M $51.81M $66.05M
YoY Change 668.01% 101.37%
Cash & Equivalents $68.50M $17.60M $66.10M
Short-Term Investments $37.07M $34.21M
Other Short-Term Assets $2.911M $4.010M $3.968M
YoY Change -13.29% 375.68%
Inventory $15.19M $12.65M $10.13M
Prepaid Expenses
Receivables $3.349M $3.248M $2.702M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $127.0M $71.72M $82.86M
YoY Change 383.84% 106.81%
LONG-TERM ASSETS
Property, Plant & Equipment $2.739M $2.573M $2.177M
YoY Change 8.39% -56.92%
Goodwill $8.454M $8.454M $8.454M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $118.0K $118.0K $118.0K
YoY Change 2.61% 2.61%
Total Long-Term Assets $15.91M $16.19M $16.02M
YoY Change -7.3% -9.16%
TOTAL ASSETS
Total Short-Term Assets $127.0M $71.72M $82.86M
Total Long-Term Assets $15.91M $16.19M $16.02M
Total Assets $142.9M $87.91M $98.88M
YoY Change 229.23% 67.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.057M $2.355M $2.235M
YoY Change 3.52% 108.22%
Accrued Expenses $5.098M $5.621M $4.416M
YoY Change 13.9% -16.79%
Deferred Revenue $747.0K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $14.35M $14.30M $12.09M
YoY Change 12.09% -63.04%
LONG-TERM LIABILITIES
Long-Term Debt $36.60M $26.65M $26.62M
YoY Change 38.77%
Other Long-Term Liabilities $519.0K $548.0K $517.0K
YoY Change 10.66% -92.62%
Total Long-Term Liabilities $37.12M $27.20M $27.14M
YoY Change 38.28% 266.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.35M $14.30M $12.09M
Total Long-Term Liabilities $37.12M $27.20M $27.14M
Total Liabilities $52.58M $42.87M $40.70M
YoY Change 7.03% -7.01%
SHAREHOLDERS EQUITY
Retained Earnings -$358.2M -$342.7M -$327.6M
YoY Change 20.08%
Common Stock $448.7M $387.8M $385.8M
YoY Change 3860.96%
Preferred Stock
YoY Change
Treasury Stock (at cost) $51.00K $51.00K $51.00K
YoY Change 0.0%
Treasury Stock Shares
Shareholders Equity $90.36M $45.03M $58.18M
YoY Change
Total Liabilities & Shareholders Equity $142.9M $87.91M $98.88M
YoY Change 229.23% 67.45%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$15.54M -$15.14M -$15.52M
YoY Change 22.04% 35.77% 42.33%
Depreciation, Depletion And Amortization $200.0K $397.0K $246.0K
YoY Change -60.24% -61.31% -39.11%
Cash From Operating Activities -$15.32M -$13.46M -$31.50M
YoY Change 53.0% -43.61% 141.07%
INVESTING ACTIVITIES
Capital Expenditures -$237.0K -$738.0K $56.00K
YoY Change -7.06% -51.67% -24.32%
Acquisitions
YoY Change
Other Investing Activities -$2.709M -$34.26M
YoY Change
Cash From Investing Activities -$2.946M -$34.99M -$56.00K
YoY Change 1055.29% 2191.62% -24.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 69.18M -5.000K -486.0K
YoY Change -4143.42% -99.17% -24.65%
NET CHANGE
Cash From Operating Activities -15.32M -13.46M -31.50M
Cash From Investing Activities -2.946M -34.99M -56.00K
Cash From Financing Activities 69.18M -5.000K -486.0K
Net Change In Cash 50.91M -48.46M -18.59M
YoY Change -524.96% 86.42% 34.83%
FREE CASH FLOW
Cash From Operating Activities -$15.32M -$13.46M -$31.50M
Capital Expenditures -$237.0K -$738.0K $56.00K
Free Cash Flow -$15.09M -$12.72M -$31.56M
YoY Change 54.57% -43.06% 140.13%

Facts In Submission

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us-gaap Stockholders Equity Reverse Stock Split
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On October 20, 2021, the Company’s Board of Directors (the "Board") approved an amendment to the Company’s certificate of incorporation to effect a reverse split of shares of the Company’s common stock and convertible preferred stock on a 1-for-1.825 basis (the “Reverse Stock Split”). The par values of the common stock and convertible preferred stock were not adjusted as a result of the Reverse Stock Split.
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:6.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:12.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The preparation of financial statements in conformity with GAAP requires management to make informed estimates, judgements and assumptions that affect the reported amounts in the unaudited condensed consolidated financial statements and disclosures in the accompanying notes, including estimates of probable losses and expenses, as of the date of the accompanying unaudited condensed consolidated financial statements. Management considers many factors in selecting appropriate financial accounting policies and in developing the estimates and assumptions that are used in the preparation of these unaudited condensed consolidated financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates, including the expected business and operational changes, the sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process often may yield a range of potentially reasonable estimates of the ultimate future outcomes, and management must select an amount that falls within that range of reasonable estimates. Actual results could differ materially from the estimates and assumptions used in the preparation of the accompanying unaudited condensed consolidated financial statements under different assumptions or conditions.</span></p>
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us-gaap Lessee Operating Lease Lease Not Yet Commenced Description
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the Company has not entered into any leases that have not yet commenced that would entitle the Company to significant rights or create additional obligations.
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us-gaap Lessee Operating Lease Description
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The Company leases office space under operating leases with expirations ranging from April 2022 to March 2025, some of which include rent escalations or an option to extend the lease for up to three years per renewal.
us-gaap Lessee Operating Lease Existence Of Option To Extend
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us-gaap Lease Cost
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us-gaap Lease Cost
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us-gaap Operating Lease Lease Income Lease Payments
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CY2021Q2 us-gaap Lease Cost
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CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
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CY2022Q2 us-gaap Operating Lease Liability
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CY2022Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1380000
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y5M12D
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0755
CY2022Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
320000
CY2021Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
260000
us-gaap Operating Lease Cost
OperatingLeaseCost
637000
us-gaap Operating Lease Cost
OperatingLeaseCost
589000
CY2022Q2 us-gaap Variable Lease Cost
VariableLeaseCost
27000
CY2021Q2 us-gaap Variable Lease Cost
VariableLeaseCost
5000
us-gaap Variable Lease Cost
VariableLeaseCost
53000
us-gaap Variable Lease Cost
VariableLeaseCost
47000
CY2022Q2 us-gaap Lease Cost
LeaseCost
347000
CY2021Q2 us-gaap Lease Cost
LeaseCost
265000
us-gaap Lease Cost
LeaseCost
690000
us-gaap Lease Cost
LeaseCost
636000
CY2022Q2 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
317000
CY2021Q2 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
280000
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
30000000
CY2022Q2 us-gaap Long Term Debt
LongTermDebt
30000000
CY2022Q2 us-gaap Equity Method Investment Ownership Percentage
EquityMethodInvestmentOwnershipPercentage
0.50
CY2022Q2 us-gaap Revenues
Revenues
10547000
CY2021Q2 us-gaap Revenues
Revenues
7992000
CY2022Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
7994000
CY2021Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
5899000
CY2022Q2 us-gaap Gross Profit
GrossProfit
2553000
CY2021Q2 us-gaap Gross Profit
GrossProfit
2093000
CY2022Q2 sonx Gross Margin Percentage
GrossMarginPercentage
0.24
CY2021Q2 sonx Gross Margin Percentage
GrossMarginPercentage
0.26
CY2022Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
12822000
CY2021Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
7381000
CY2022Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4018000
CY2021Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4631000
CY2021Q2 sonx Change In Fair Value Of Contingent Earnout
ChangeInFairValueOfContingentEarnout
-21000
CY2022Q2 us-gaap Operating Expenses
OperatingExpenses
16840000
CY2021Q2 us-gaap Operating Expenses
OperatingExpenses
11991000
CY2022Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-14287000
CY2021Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-9898000
us-gaap Revenues
Revenues
19580000
us-gaap Revenues
Revenues
15419000
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
14748000
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
11584000
us-gaap Gross Profit
GrossProfit
4832000
us-gaap Gross Profit
GrossProfit
3835000
sonx Gross Margin Percentage
GrossMarginPercentage
0.25
sonx Gross Margin Percentage
GrossMarginPercentage
0.25
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
24807000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
13905000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
8868000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
9677000
sonx Change In Fair Value Of Contingent Earnout
ChangeInFairValueOfContingentEarnout
-7000
us-gaap Operating Expenses
OperatingExpenses
33675000
us-gaap Operating Expenses
OperatingExpenses
23575000
us-gaap Operating Income Loss
OperatingIncomeLoss
-28843000
us-gaap Operating Income Loss
OperatingIncomeLoss
-19740000
CY2022Q2 us-gaap Assets
Assets
87908000
CY2021Q4 us-gaap Assets
Assets
115499000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-15137000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-11149000
us-gaap Net Income Loss
NetIncomeLoss
-30659000
us-gaap Net Income Loss
NetIncomeLoss
-22055000
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26468515
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26468515
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1217759
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1217759
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26437058
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26437058
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1211571
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1211571
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.57
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.57
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-9.16
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-9.16
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.16
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.16
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-18.20
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-18.20

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