(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common Stock, par value $0.0001 per share | TGAN | The Nasdaq Stock Market LLC |
Exhibit No. | Description | |||||||
99.1 | ||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Transphorm, Inc. | ||||||||
Dated: February 22, 2023 | By: | /s/ Cameron McAulay | ||||||
Cameron McAulay | ||||||||
Chief Financial Officer |
Event: | Transphorm Fiscal 2023 Third Quarter Financial Results | ||||
Date: | Thursday, February 23, 2023 | ||||
Time: | 11:00 a.m. Eastern Time | ||||
Registration: | https://register.vevent.com/register/BI851a7746d2294d99978db9598035906d |
December 31, 2022 (unaudited) | March 31, 2022 (audited) | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 23,149 | $ | 33,435 | |||||||
Restricted cash | 500 | 500 | |||||||||
Accounts receivable | 3,704 | 2,558 | |||||||||
Inventory | 7,476 | 6,330 | |||||||||
Prepaid expenses and other current assets | 1,570 | 1,971 | |||||||||
Total current assets | 36,399 | 44,794 | |||||||||
Property and equipment, net | 5,367 | 1,649 | |||||||||
Operating lease right-of-use assets | 3,173 | — | |||||||||
Goodwill | 1,097 | 1,180 | |||||||||
Intangible assets, net | 395 | 617 | |||||||||
Investment in joint venture | 647 | 143 | |||||||||
Other assets | 2,167 | 263 | |||||||||
Total assets | $ | 49,245 | $ | 48,646 | |||||||
Liabilities and stockholders’ equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable and accrued expenses | $ | 4,016 | $ | 3,588 | |||||||
Deferred revenue | — | 346 | |||||||||
Accrued interest | 184 | 180 | |||||||||
Accrued payroll and benefits | 1,657 | 1,171 | |||||||||
Operating lease liabilities | 536 | — | |||||||||
Revolving credit facility | 12,000 | — | |||||||||
Total current liabilities | 18,393 | 5,285 | |||||||||
Revolving credit facility, net of current portion | — | 12,000 | |||||||||
Operating lease liabilities, net of current portion | 2,670 | — | |||||||||
Total liabilities | 21,063 | 17,285 | |||||||||
Commitments and contingencies | |||||||||||
Stockholders’ equity: | |||||||||||
Common stock | 6 | 5 | |||||||||
Additional paid-in capital | 229,954 | 211,190 | |||||||||
Accumulated deficit | (200,446) | (178,638) | |||||||||
Accumulated other comprehensive loss | (1,332) | (1,196) | |||||||||
Total Stockholders’ equity | 28,182 | 31,361 | |||||||||
Total liabilities and stockholders’ equity | $ | 49,245 | $ | 48,646 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
December 31, 2022 | September 30, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||
Revenue, net | $ | 4,493 | $ | 3,670 | $ | 4,604 | $ | 13,319 | $ | 19,123 | |||||||||||||||||||
Cost of goods sold | 7,162 | 3,232 | 3,935 | 14,444 | 8,741 | ||||||||||||||||||||||||
Gross (loss) profit | (2,669) | 438 | 669 | (1,125) | 10,382 | ||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||
Research and development | 2,325 | 1,830 | 1,609 | 5,895 | 5,023 | ||||||||||||||||||||||||
Sales and marketing | 1,447 | 1,066 | 976 | 3,596 | 2,488 | ||||||||||||||||||||||||
General and administrative | 3,457 | 3,044 | 2,852 | 9,818 | 8,309 | ||||||||||||||||||||||||
Total operating expenses | 7,229 | 5,940 | 5,437 | 19,309 | 15,820 | ||||||||||||||||||||||||
Loss from operations | (9,898) | (5,502) | (4,768) | (20,434) | (5,438) | ||||||||||||||||||||||||
Interest expense | 184 | 184 | 187 | 550 | 611 | ||||||||||||||||||||||||
Loss in joint venture | 799 | 684 | 712 | 2,065 | 3,294 | ||||||||||||||||||||||||
Changes in fair value of promissory note | — | — | — | — | (605) | ||||||||||||||||||||||||
Other income, net | (421) | (375) | (1,503) | (1,241) | (3,502) | ||||||||||||||||||||||||
Loss before tax expense | (10,460) | (5,995) | (4,164) | (21,808) | (5,236) | ||||||||||||||||||||||||
Tax expense | — | — | — | — | — | ||||||||||||||||||||||||
Net loss | $ | (10,460) | $ | (5,995) | $ | (4,164) | $ | (21,808) | $ | (5,236) | |||||||||||||||||||
Net loss per share - basic and diluted | $ | (0.18) | $ | (0.10) | $ | (0.08) | $ | (0.38) | $ | (0.12) | |||||||||||||||||||
Weighted average common shares outstanding - basic and diluted | 56,739,450 | 56,619,662 | 49,147,630 | 55,926,828 | 43,671,321 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
December 31, 2022 | September 30, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||
GAAP net loss | $ | (10,460) | $ | (5,995) | $ | (4,164) | $ | (21,808) | $ | (5,236) | |||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||
Stock-based compensation | 1,123 | 636 | 848 | 2,341 | 1,856 | ||||||||||||||||||||||||
Depreciation | 180 | 165 | 142 | 497 | 399 | ||||||||||||||||||||||||
Amortization | 74 | 74 | 74 | 222 | 222 | ||||||||||||||||||||||||
Changes in fair value of promissory note | — | — | — | — | (605) | ||||||||||||||||||||||||
Other income | — | — | (1,222) | — | (2,677) | ||||||||||||||||||||||||
Total adjustments to GAAP net loss | 1,377 | 875 | (158) | 3,060 | (805) | ||||||||||||||||||||||||
Non-GAAP net loss | $ | (9,083) | $ | (5,120) | $ | (4,322) | $ | (18,748) | $ | (6,041) | |||||||||||||||||||
GAAP net loss per share - basic and diluted | $ | (0.18) | $ | (0.10) | $ | (0.08) | $ | (0.38) | $ | (0.12) | |||||||||||||||||||
Adjustment | 0.01 | 0.01 | (0.01) | 0.04 | (0.02) | ||||||||||||||||||||||||
Non-GAAP net loss per share - basic and diluted | $ | (0.16) | $ | (0.09) | $ | (0.09) | $ | (0.33) | $ | (0.14) |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
December 31, 2022 | September 30, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||
GAAP operating expenses | $ | 7,229 | $ | 5,940 | $ | 5,437 | $ | 19,309 | $ | 15,820 | |||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||
Stock-based compensation | 1,035 | 583 | 796 | 2,161 | 1,738 | ||||||||||||||||||||||||
Depreciation | 180 | 165 | 142 | 497 | 399 | ||||||||||||||||||||||||
Amortization | 74 | 74 | 74 | 222 | 222 | ||||||||||||||||||||||||
Total adjustments to GAAP operating expenses | 1,289 | 822 | 1,012 | 2,880 | 2,359 | ||||||||||||||||||||||||
Non-GAAP operating expenses | $ | 5,940 | $ | 5,118 | $ | 4,425 | $ | 16,429 | $ | 13,461 |
Nine Months Ended December 31, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ | (21,808) | $ | (5,236) | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Inventory write-off | 2,810 | 202 | |||||||||
Depreciation and amortization | 719 | 621 | |||||||||
Amortization of right-of-use assets | 425 | — | |||||||||
Perpetual licensing revenue from a related party | — | (8,000) | |||||||||
Stock-based compensation | 2,342 | 1,856 | |||||||||
Interest cost | 4 | 295 | |||||||||
Gain on promissory note conversion | — | (1,222) | |||||||||
Gain on sale of equipment | (110) | — | |||||||||
Loss in joint venture | 2,065 | 1,839 | |||||||||
Changes in fair value of derivative instruments | 75 | — | |||||||||
Changes in fair value of promissory note | — | (605) | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | (1,221) | (871) | |||||||||
Inventory | (3,956) | (3,935) | |||||||||
Prepaid expenses and other current assets | 401 | 204 | |||||||||
Other assets | (504) | (8) | |||||||||
Accounts payable and accrued expenses | 428 | 1,359 | |||||||||
Deferred revenue | (346) | (238) | |||||||||
Accrued payroll and benefits | 486 | (171) | |||||||||
Operating lease liabilities | (392) | — | |||||||||
Net cash used in operating activities | (18,582) | (13,910) | |||||||||
Cash flows from investing activities: | |||||||||||
Advances and purchases of property and equipment | (5,633) | (690) | |||||||||
Proceeds from sale of equipment | 110 | — | |||||||||
Investment in joint venture | (2,569) | (3,765) | |||||||||
Net cash used in investing activities | (8,092) | (4,455) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from stock option exercise | 709 | 134 | |||||||||
Proceeds from issuance of common stock | 16,000 | 49,773 | |||||||||
Cost associated with issuance of common stock | (280) | — | |||||||||
Payment for taxes related to net share settlement of restricted stock units | (6) | — | |||||||||
Net cash provided by financing activities | 16,423 | 49,907 | |||||||||
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | (35) | (75) | |||||||||
Net (decrease) increase in cash, cash equivalents and restricted cash | (10,286) | 31,467 | |||||||||
Cash and cash equivalents and restricted cash at beginning of period | 33,935 | 9,500 | |||||||||
Cash and cash equivalents at end of period | 23,149 | 40,467 | |||||||||
Restricted cash at end of period | 500 | 500 | |||||||||
Cash and cash equivalents and restricted cash at end of period | $ | 23,649 | $ | 40,967 |
Cover Page |
Nov. 09, 2022 |
---|---|
Cover [Abstract] | |
Entity Central Index Key | 0001715768 |
Amendment Flag | false |
Document Type | 8-K |
Document Period End Date | Feb. 22, 2023 |
Entity Registrant Name | Transphorm, Inc. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 000-55832 |
Entity Tax Identification Number | 82-1858829 |
Entity Address, Address Line One | 75 Castilian Drive |
Entity Address, City or Town | Goleta |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 93117 |
City Area Code | 805 |
Local Phone Number | 456-1300 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
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