\n \n \n “. concat(self. i18n. t(‘search. voice. recognition_retry’), “\n
Reserves of the last 12 months of $8. 8 million; one hundred percent growth year over year
SUNNYVALE, Calif. , August 11, 2022–(BUSINESS WIRE)–Quanergy Systems, Inc. (NYSE: QNGY) (“Quanergy”), a leading provider of LiDAR sensors and smart 3D solutions, announced monetary effects for the 3 months ended June 30, 2022.
This press is multimedia. Read the full press here: https://www. businesswire. com/news/home/20220811005504/en/
Highlights of the second quarter of 2022
Bookings in the last 12 months1 increased one hundred percent year-over-year to $8. 8 million
Second quarter sales of $1. 2 million, within forecast range, up 31% year-over-year
GAAP net loss for the current quarter of $25. 7 million, to $20. 5 million in the current quarter of 2021
Adjusted EBITDA loss of $12. 5 million in the current quarter, compared to $6. 6 million in the current quarter of 2021, an accumulation primarily due to additional acquisition costs, expansion investments, and public corporate costs.
End of the quarter with money, money equivalents and allocated money of $18. 8 million
“The timing of the quarter marked the continuation of our expansion trajectory, with the company posting its fifth consecutive annual increase in quarterly revenue. Our business is in expansion mode, supported by strong increases in bookings, transaction duration and number of pipeline visitors,” said Kevin Kennedy, President and Chief Executive Officer. “We expect our bookings and revenue to continue to gain advantages from market-responsive construction, repeatability and scale, thanks to the incredible accuracy, functionality and overall ownership of our security, commercial and control solutions. “
1
Reservations are explained as non-cancellable orders that are expected to be delivered within 12 months of receipt of the purchase order.
Financial results for the second quarter of 2022
Revenue for the current quarter of 2022 was $1. 2 million, compared to $905,000 in 2021, representing a year-over-year growth of 31%. the company’s production capacity and the timing of some reserves gained at the end of the quarter.
GAAP gross profit was negative to $1. 3 million for the quarter, compared to $145,000 in the current quarter of 2021. Excluding stock-based reimbursement expense, the non-GAAP adjusted gross revenue stream was negative to $1. 1 million for the quarter, compared to $166,000 in the current quarter. Quarter of 2021. La non-GAAP adjusted gross revenue source in the current quarter of 2022 was impacted by additional acquisition prices of $1. 1 million spent in the quarter, continued supply chain constraints, and transition production pricing.
GAAP net loss of $25. 7 million for the quarter, compared to $20. 5 million for the same era in 2021.
The adjusted EBITDA loss for the current quarter of 2022 was $12. 5 million, compared to $6. 6 million for the same period in 2021, accumulation basically due to acquisition surcharges, increased investments for expansion and public corporate costs.
As of June 30, 2022, the Company had $18. 8 million in money, equivalents of money and money allocated to its balance sheet. During the current quarter, $9. 9 million was drawn from GEM’s percentage acquisition facility, leaving a notable $115 million under the Facility.
Net money from operating activities was negative at $10. 6 million in the current quarter of 2022, compared to a negative price of $7. 8 million in the current quarter of 2021. Free money was negative at $10. 8 million in the current quarter of 2022, compared to negative $7. 9 million in the last year period.
Key Operational Highlights
Multi-million dollar agreement signed with Prime Secured for surveillance and access control at a primary casino
Audio Technology decided on Quanergy’s M-series sensors and QORTEX DTC belief software to provide perimeter intrusion detection for a critical military in Egypt.
Nanjing Port Group Selects Quanergy M-Series Sensors to Reduce Injuries and False Alarms in China’s Busy Port
Quanergy and PARIFEX have teamed up on the first 3-D LiDAR-based road compliance and tracking formula that has been qualified through a French regulatory body.
Introducing the M1 Edge PoE sensor, the world’s first 360° 2D POE LiDAR sensor, which provides higher detection accuracy at a lower price than competing services for perimeter intrusion detection and commercial applications.
Welcome to Lori Sundberg as Director of Human Resources; Lori is a well-rounded HR specialist who has held leadership positions at Western Digital, Jacobs, American Express, among others.
Appointed Lisa Kelley to the Board of Directors in August 2022; Lisa is an experienced finance and operations manager, with over 25 years of good fortune in many industries, adding electronics and manufacturing.
Outlook for 2022
The customer call for Quanergy’s responses is constructive, as evidenced by booking expansion and other metrics, adding pipeline expansion and expansion and progression trends.
Quanergy lately expects reserves for 2022 of $14. 0 million to $18. 0 million, in line with previous forecasts and representing medium-term growth of 121% year-over-year.
Due to increased production capacity and continued chain constraints, Quanergy expects a profit for the third quarter of 2022 of $1. 75 million to $2. 5 million and a profit for the year 2022 of $7. 0 million to $9. 0 million.
The Company’s expectations are estimated for the third quarter of 2022 and the full year of 2022. Actual revenue for the third quarter of 2022 and the full year of 2022 are subject to the final touch of the Company’s monetary closing procedures for the period and the actual and reported monetary effects for the third quarter of 2022 and the full year. 2022 may differ materially. As such, the Company’s expectations for the third quarter of 2022 and the full year 2022 are inherently unpredictable and actual effects and effects may also differ materially for a variety of reasons, adding the points discussed in the “Forward-Looking Statements. “
Second Quarter 2022 Conference Call and Webcast Quanergy is a conference call and webcast today, August 11, 2022, starting at 4:30 p. m. m. And to talk about the company’s initial effects for the current quarter of 2022 and other matters. to the general public. The convention call number is 201-389-0920 and the convention identification number is the 13731117 (national or international). Call five minutes before the presentation to make sure you are logged in.
At Quanergy Systems, Inc. The Quanergy Project (NYSE: QNGY and QNGY. WS) is to create smart, hard and affordable LiDAR responses for automotive and IoT applications for the fun and safety of people. State CMOS LiDAR sensor based on optical phase matrix generation (OPA) to enable mass production of highly reliable and low-cost 3D LiDAR responses. With Quanergy’s smart LiDAR responses, companies can now leverage complex, real-time 3D data to reshape their operations across a variety of industries, adding business automation, physical security, smart cities, smart spaces, and much more. Quanergy’s responses are implemented through approximately 400 consumers worldwide. For more information, visit us at www. quanergy. com.
Non-GAAP Financial Measures
In addition to its effects decided in accordance with accounting principles sometimes accepted in the United States (“GAAP”), Quanergy believes that the non-GAAP measures of adjusted gross profit, adjusted EBITDA and free cash flow are useful in comparing the functionality of your operations. . Quanergy calculates non-GAAP adjusted gross profit as gross profit by adding included stock-based reimbursement expenses charged to goods sold. Quanergy calculates non-GAAP Adjusted EBITDA as net loss by adding stock-based redemption expense, amortization, interest expense and source of income, replacement at fair price of derivatives, gain on the cancellation of the PPP loan and the provision for the tax on the source of income (benefit). Quanergy believes that Non-GAAP Adjusted Gross Profit and Non-GAAP Adjusted EBITDA can be useful to investors because they provide consistency and comparability with functionality beyond monetary and can be helpful in comparing with other companies, some of which use similar non-GAAP data to supplement its GAAP effects. Free cash flow is a non-GAAP monetary measure. Management believes, however, that free cash flow is a vital monetary measure for comparing the Company’s monetary functionality, as it measures the Company’s ability to generate more money from its business activities. Quanergy defines free cash flow as operating cash flow minus capital expenditures. Free money flow deserves to be considered in addition to, rather than replacing, net loss as a measure of functionality or net money supplied through operating activities as a measure of liquidity. Therefore, Quanergy believes it is critical to consider loose cash flow as a complement to cash flow in general. Non-GAAP monetary data is presented for supplemental data purposes only and should not be considered a replacement for monetary data presented in accordance with GAAP and may differ from similarly titled non-GAAP measures used by other companies. other companies. Reconciliation tables of comparable maximum GAAP monetary measures to non-GAAP monetary measures are included at the end of this news release.
Forward-Looking Statements
This press release contains forward-looking statements that are not past facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements sometimes are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “should,” “plan” Matrix ” expected”, “prospective”. seem’, ‘seek’, ‘long-term’, ‘prospects’, ‘project’, ‘probably will result’ and similar expressions that are looking forward to or imply long-term occasions or trends or are not statements of old affairs. All statements, other than offer or past fact statements included in this press release, are forward-looking statements, which aggregate statements regarding the trajectory and expansion of our business, our visitor base, expectations regarding reservations and revenues and profits from the market adjustment. , repetition and scale, our projects with Prime Secured, Audio Technology, Nanjing Port Group and PARIFEX, and all the data included in the segment entitled “Perspectives for 2022”. These forward-looking statements involve significant risks and uncertainties that may also cause actual effects to differ materially from expected effects. Most of those points are out of Quanergy’s control and hard to wait for. Factors that may also cause such differences include, but are not limited to: adjustments in domestic and foreign business, commercial, currency, political and legal situations; the general point of customer demand for Quanergy’s products; general economic situations and other points that affect customer confidence, personal tastes and behavior; disruption and volatility in global currency, capital and credit markets; the option to keep Quanergy’s securities directory current on the New York Stock Exchange; the monetary strength of Quanergy visitors; Quanergy’s ability to implement its business strategy; adjustments in government regulations; Quanergy’s exposure to litigation and other potential losses; disruptions and others have an effect on Quanergy’s business, as a result of the global COVID-19 pandemic and government moves and restrictive measures imposed in response; the ability of Quanergy’s suppliers and the effect of supply chain constraints, as well as customer demand for its products, in light of disease outbreaks and health considerations such as the global COVID-19 pandemic ; the impact that global climate change trends could have on Quanergy, its suppliers and visitors; Quanergy’s ability to protect patents, trademarks and other intellectual property rights; any breach or disruption of Quanergy’s data systems; fluctuations in the price, availability and quality of electricity and other raw and contracted textile products, as well as exchange rate fluctuations; Quanergy’s ability to use prospective net operating loss carryforwards; adjustments in tax legislation and legal responsibilities, tariffs, legal, regulatory, political and economic dangers; and other dangers and uncertainties set forth in Quanergy’s filings with the United States Securities and Exchange Commission. In addition, forward-looking statements reflect Quanergy’s expectations, plans or forecasts regarding events and long-term prospects only as of the date of this news release. Quanergy anticipates that upcoming events and developments will bring its tests to life. However, although Quanergy may decide to update such forward-looking statements at some point in the long term, Quanergy expressly disclaims any legal responsibility to do so, unless required by law.
Quanergy is a registered industrial trademark of Quanergy Systems. All other industrial marks and industrial names contained herein may belong to their respective owners.
© 2022, Quanergy Systems, Inc. All rights reserved.
Quanergy Systems, Inc.
Consolidated Balance Sheet
(in thousands, consistent with consistent with percentage and consistent with consistent with percentage)
(unaudited)
June 30, 2022
December 31, 2021
The advantages
Current assets:
Cash and money equivalents
Ps
18 719
$
26 106
Allocated cash
70
70
Accounts receivable, net of a provision for doubtful accounts of $224 as of June 30, 2022 and December 31, 2021
820
645
Inventory
5 521
3 242
Expenses paid in advance and existing assets
12 915
1 138
Total assets
38 045
31 201
Ownership and equipment, net
1 867
1 908
Other long-term assets
11 116
3 539
Total assets
Ps
51 028
Ps
36 648
Liabilities and/or (deficit)
Current liabilities
Accounts payable
Ps
4 475
Ps
2 375
increased expenditure
3 317
2 435
Settlement liabilities payable
2 750
2 500
Other liabilities
5 086
737
Short-term debt
—
34 311
Related to paying
1 070
—
Total liability
16 698
42 358
Long-term debt
—
16 153
Long-term debt – similar part
—
16 670
Derivative liability
496
26 017
Other long-term liabilities
9 026
803
Total responsibilities
26 220
102,001
Commitments and Contingencies (Note 15)
Equity / (deficit):
Common shares, on par with $0. 0001,300,000,000 and 80,071,901 legal actions as of June 30, 2022 and December 31, 2021 respectively; 129,613,549 and 57,020,151 shares issued and notable as of June 30, 2022 and December 31, 2021 respectively.
13
6
issue premium
462 827
242 299
Comprehensive result for the year to date
(79
)
(61
)
Accumulated deficit
(437 953
)
(307 597
)
Total / (deficit)
24 808
(65 353
)
Total liabilities and equity
Ps
51 028
Ps
36 648
Quanergy Systems, Inc.
Consolidated statements of operations
(in thousands, consistent with consistent with percentage and consistent with consistent with percentage)
(unaudited)
Quarter ended June 30
Semester ended June 30
2022
2021
2022
2021
Net sales
Ps
1 189
Ps
905
Ps
2 556
Ps
1 288
cost of sale
2 453
760
4 306
1 257
Gross loss
(1 264
)
24V
(1 750
)
31
Operating costs:
Research and development
6 441
3 740
19 265
8 097
Sales & Marketing
4 092
2 223
11 288
3 968
General and administrative
6 219
6 699
48 011
9 192
Operating expenses
16 752
12 662
78 564
21 257
Business interruption
(18 016
)
(12 517
)
(80 314
)
(21 226
)
Other source of income (expenses):
Interest expense, net
(ten
)
(5 277
)
(40 054
)
(8 961
)
Other source of income (expenses), net
(7 645
)
(2 667
)
(9 982
)
(4 984
)
Loss before source of income tax
(25 671
)
(20 461
)
(130 350
)
(35 171
)
Provision for the source of income tax
(3
)
(6
)
(6
)
(ten
)
Net loss
Ps
(25 674
)
Ps
(20 467
)
Ps
(130 356
)
Ps
(35 181
)
Net attributable loss consistent with percentage to non-unusual consistent with percentage holders, fundamental and diluted
Ps
(0,22
)
Ps
(0,30
)
Ps
(1. 27
)
Ps
(0,54
)
Weighted average consistent with the percentages used to calculate the attributable loss consistent with the percentage consistent with common, fundamental, and diluted percentage holders
117 864 896
67. 111. 977
102 868 390
65 096 986
Quanergy Systems, Inc.
Consolidated consolidated money statements
(thousands)
(unaudited)
Semester ended June 30
2022
2021
Cash flows from activities
Net loss
Ps
(130 356
)
Ps
(35 181
)
Adjustments to reconcile loss with money used in operational activities:
Stock-based compensation
56 812
7 306
Non-monetary expenditure
40 071
8 727
Change in the fair value of derivative liabilities
1 025
7 499
Change in the fair of forward assets settled in shares
8 956
Non-cash rates
1 412
—
Depreciation and amortization
472
490
Non-monetary charges
333
—
Interest paid in kind and interest accrued on the repayment of the 2022 Bonds
(9 341
)
—
Profit from debt extinction
—
(2 515
)
Another
—
(70
)
Evolution of assets and liabilities:
Accounts receivable
(175
)
290
Inventory
(2 279
)
446
Expenses paid in advance and existing assets
(1 907
)
166
Other long-term assets
(1
)
(1 780
)
Accounts payable
1 835
629
increased expenditure
(61
)
(222
)
Settlement liabilities payable
250
—
Other liabilities
(452
)
—
Other long-term liabilities
77
(251
)
Net money used in operational activities
(33 329
)
(14 466
)
Cash for performing an investment activity
Purchases of and equipment
(431
)
(5
)
Net money used in investment activities
(431
)
(5
)
Cash from funding activities
Related to PIPE financing
36 950
—
Pipe Combination and Financing Revenue
13 414
—
Revenue from the gem settlement fee
9 900
Payment of offer fees
(8 188
)
—
Bond Amortization 2022
(25 813
)
—
Product of the renegotiation of inventory options
58
74
Product of renegotiation of non-unusual percentages acquire warrants
70
—
Proceeds from the issuance of convertible bonds
—
37 130
Proceeds from the issuance of convertible bonds to similar parties
—
11 475
Net money from funding activities
26 391
48 679
Effect of exchange rate adjustments on money, money equivalents and allocated money
(18
)
(6
)
Net accumulation (decrease) of money, money equivalents and allocated money
(7 387
)
34 202
Cash, cash equivalents and money allocated at the beginning of the period
26 176
7,668
Cash, cash equivalents and money allocated at the end of the period
Ps
18 789
Ps
41 870
Additional information about money:
Cash paid the interest period
Ps
9 326
Ps
236
Additional non-cash investment and financing activities:
Conversion of refundable convertible shares into non-unusual shares
Ps
152 978
Ps
—
Converting Bonds 2023 into Stocks
Ps
101 978
Ps
—
Issuance of non-unusual percentage acquisition warrants
Ps
17 602
Ps
21 970
Assumption of business combination liabilities
Ps
15 956
Ps
—
Issuance of term settled in shares
Ps
10 027
Issuance fees paid on non-unusual shares
Ps
9 531
Ps
—
GEM Commitment Fees
Ps
2 500
Ps
—
Fair of liabilities derived from debt similar to the issuance of convertible promissory notes
Ps
—
Ps
17 540
Quanergy Systems, Inc.
Reconciliation of GAAP and Non-GAAP Financial Measures
(thousands)
(unaudited)
Quarter ended June 30
Semester ended June 30
2022
2021
2022
2021
Non-GAAP Adjusted Gross Earnings
Gross profit (loss)
Ps
(1 264
)
Ps
24V
Ps
(1 750
)
Ps
31
Stock-based reimbursement expense
154
21
837
41
Non-GAAP Adjusted Gross Earnings
Ps
(1 110
)
Ps
166
Ps
(913
)
Ps
72
Adjusted EBITDA
Net loss
(25 674
)
(20 467
)
(130 356
)
(35 181
)
Stock-based reimbursement expense
5 251
5 725
56 812
7 306
Depreciation and amortization
244
239
472
490
Interest expense
25
5 279
40 071
8 964
Interest income
(15
)
(2
)
(17
)
(3
)
Change in derivatives fair
7 645
5 182
9 982
7 499
Gain in PPP forgiveness
—
(2 515
)
—
(2 515
)
Provision for source of income tax (profit)
3
6
6
Dix
Adjusted EBITDA
(12 521
)
(6 553
)
(23 030
)
(13 430
)
capital-free
Net money used in operational activities
(10 583
)
(7 848
)
(33 329
)
(14 466
)
Less: Purchase of tangible capital goods
(229
)
(5
)
(431
)
(5
)
capital-free
(10 812
)
(7 853
)
(33 760
)
(14 471
)
See the businesswire. com edition: https://www. businesswire. com/news/home/20220811005504/en/
Contacts
Quanergy Systems Investor Contact: Ryan Gardellaryan. gardella@icrinc. com
Media Contact: Shannon Van Everymedia@quanergy. com