• |
Revenue for the first quarter 2023 was $1.8 million compared to $1.0 million for the first quarter 2022. |
• |
GAAP operating loss for the first quarter 2023 was $17.1 million, compared to $15.1 million for the first quarter 2022, and included restructuring costs of $2.0 million and transaction costs related to the merger transaction with Urgent.ly of $3.6 million. |
• |
Non-GAAP operating loss* for the first quarter 2023 was $12.0 million compared to non-GAAP operating loss of $12.5 million for the first quarter 2022. |
• |
Cash and cash equivalents, short term restricted cash, short term deposits, and marketable securities as of March 31, 2023 were $129.8 million compared to $140.6 million as of December 31, 2022. * For a definition of non-GAAP operating loss and a reconciliation of such non-GAAP financial measure to the most directly comparable GAAP financial measure, please see "Use of non-GAAP Financial Information" and "Reconciliation of GAAP to non-GAAP Financial Information." |
• |
Revenue for the first quarter of 2023 decreased by 11% compared to the fourth quarter 2022. Revenues from Insurance related services and Fleet products increased by 8%, but such increase was offset by decreases in revenues from CVD.
|
• |
78% of Otonomo's revenue for the first quarter 2023 was recurring in nature. |
• |
Bookings* for the first quarter decreased by 55% compared to the fourth quarter 2022 to $1.6 million, of which 96% is recurring revenue. Bookings* related to Insurance services and Fleet product increased by 21%. |
• |
Backlog, which we define as secured future revenue, as of March 31, 2023 was $3.6 million.
|
• |
Otonomo's number of employees decreased from 225 as of December 31, 2022, to 135 as of March 31, 2023.
|
"We continued with our cost reduction initiative, which started in fourth quarter 2022 to ensure that we are well positioned with the necessary capital to meet market requirements," said Ben Volkow, CEO and Co-founder of Otonomo. "Following the closing of the transaction with Urgently, we believe the combined company will be well positioned to capitalize on the connections between vehicle data and the fleet, insurance and roadside assistance sectors to provide real-world services that will improve customer experiences and safety."
Conference Call Details
- 8:30 a.m. Eastern Time
- 5:30 a.m. Pacific Time
- 3:30 p.m. Israel Time
● |
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In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, Otonomo uses the measure of non-GAAP operating loss, which reflects adjustments from results based on GAAP to exclude, as applicable, stock-based compensation expenses, restructuring expenses, amortization of intangible assets, depreciation, and contingent consideration expense related to The Floow acquisition. Otonomo's management believes the non-GAAP financial information provided in this release is useful to investors' understanding and assessment of Otonomo's ongoing core operations and prospects for the future. The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of non-GAAP operating loss to the most directly comparable GAAP financial measure is included with the financial statements contained in this press release. Management uses both GAAP and non-GAAP information in evaluating and operating business internally and as such has determined that it is important to provide this information to investors.
March 31 2023 |
December 31 2022 | |||||||
Unaudited
|
Audited
| |||||||
Assets
| ||||||||
Current assets
| ||||||||
Cash and cash equivalents, short term restricted cash, short term deposits, and marketable securities
|
129,769
|
140,643
| ||||||
Account receivables, other receivables and prepaid expenses
|
2,866
|
4,314
| ||||||
Total current assets
|
132,635
|
144,957
| ||||||
Non-current assets
| ||||||||
Other long-term assets
|
460
|
606
| ||||||
Property, equipment, and operating lease right-of-use assets, net
|
2,710
|
3,083
| ||||||
Total non-current assets
|
3,170
|
3,689
| ||||||
Total assets |
135,805
|
148,646
| ||||||
Current liabilities
| ||||||||
Account payables, other payables and accrued expenses
|
11,858
|
11,978
| ||||||
Deferred revenue
|
186
|
216
| ||||||
Other current liabilities
|
2,945
|
894
| ||||||
Total current liabilities
|
14,989
|
13,088
| ||||||
Non-current liabilities
| ||||||||
Warrants for ordinary shares
|
160
|
155
| ||||||
Other non-current liabilities
|
1,074
|
1,975
| ||||||
Total non-current liabilities
|
1,234
|
2,130
| ||||||
Total liabilities |
16,223
|
15,218
| ||||||
Shareholders' equity |
119,582
|
133,428
| ||||||
Total liabilities and shareholders' equity |
135,805
|
148,646
|
Three-months
| ||||||||
ended
| ||||||||
March 31,
| ||||||||
2023
|
2022
| |||||||
Unaudited
| ||||||||
Revenues
|
1,839
|
1,031
| ||||||
Costs and operating expenses: | ||||||||
Cost of services
|
(1,204
|
)
|
(380
|
)
| ||||
Cloud infrastructure
|
(754
|
)
|
(1,158
|
)
| ||||
Research and development
|
(3,550
|
)
|
(4,727
|
)
| ||||
Sales and marketing
|
(4,642
|
)
|
(4,410
|
)
| ||||
General and administrative
|
(7,344
|
)
|
(5,022
|
)
| ||||
Contingent consideration expense
|
(1,381
|
)
|
-
| |||||
Depreciation and amortization
|
(87
|
)
|
(455
|
)
| ||||
Total costs and operating expenses
|
(18,962
|
)
|
(16,152
|
)
| ||||
Operating loss
|
(17,123
|
)
|
(15,121
|
)
|
Three-months
| ||||||||
ended
| ||||||||
March 31
| ||||||||
2023
|
2022
| |||||||
Unaudited
| ||||||||
GAAP Operating Loss
|
(17,123
|
)
|
(15,121
|
)
| ||||
Adjustments: | ||||||||
Share-based compensation (1)
|
1,648
|
2,197
| ||||||
Contingent consideration expense
|
1,381
|
-
| ||||||
Amortization and depreciation (2)
|
87
|
455
| ||||||
Restructuring cost (3)
|
1,979
|
-
| ||||||
Non-GAAP total adjustments
|
5,095
|
2,652
| ||||||
Non-GAAP operating Loss
|
(12,028
|
)
|
(12,469
|
)
| ||||
(1) Share-based compensation
| ||||||||
Cost of services
|
14
|
-
| ||||||
Research and development
|
314
|
519
| ||||||
Sales and marketing
|
432
|
665
| ||||||
General and administrative
|
888
|
1,013
| ||||||
1,648
|
2,197
| |||||||
(2) Amortization and depreciation
| ||||||||
Amortization of intangible assets
|
-
|
417
| ||||||
Depreciation of property and equipment
|
87
|
38
| ||||||
87
|
455
| |||||||
(3) Restructuring cost
| ||||||||
Cost of services
|
278
|
-
| ||||||
Research and development
|
281
|
-
| ||||||
Sales and marketing
|
1,336
|
-
| ||||||
General and administrative
|
84
|
-
| ||||||
1,979 |
-
|
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Otonomo Technologies Ltd. published this content on 17 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 May 2023 13:40:11 UTC.