•Gross margin of 63% in the third quarter of 2024, compared to 51% margin in the second quarter of 2024 and an insignificant margin in the third quarter of 2023. The increase in margin in the third quarter of 2024 compared to the second quarter of 2024 was attributable to variability in the weighted average cost related to the Company's existing inventory in the second quarter of 2024. The increase in margin in 2024 was due to the sale and delivery of two Qt Breast Acoustic CTTM scanners during the third quarter of 2024, compared to no deliveries in the third quarter of 2023.
•Net loss of $360萬 for the third quarter of 2024, which includes convertible note interest expenses of $150萬, compared to a net loss of $140萬 for the third quarter of 2023, and which included non-cash stock-based compensation expense of $20萬 and one-time transaction-related expenses of $30萬.
•2024年9月11日,與YA II PN,Ltd(「投資者」)簽訂的1000萬美元可轉讓期票據(「票據」)條款下,公司發生了與公司股價相關的觸發事件。因此,公司於2024年9月13日支付了150萬美元,並可能被要求進行後續類似的月付款。2024年9月26日和10月31日,公司分別執行了票據的第一和第二修正案,共同將月觸發事件付款金額降至每月50萬美元,有效期延長至2025年2月15日,票據到期日延至2026年3月31日,並將票據的股價下限從每股0.8768美元降至每股0.50美元。2024年11月4日,投資者將票據未償本金254,593美元轉換爲公司通用股38,4059股,適用轉換價格爲每股0.6629美元。投資者發出的轉換通知後,票據本金餘額爲860萬美元。
EBITDA is defined as loss before interest expense, income tax expense, depreciation and amortization. Adjusted EBITDA is defined as EBITDA further adjusted for stock-based compensation, net change in fair value of the derivative, earnout and warrant liabilities, and transaction expenses. Similar excluded expenses may be incurred in future periods when calculating these measures. Qt Imaging believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to the Company’s financial condition and results of operations. Qt Imaging believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating projected operating results and trends and in
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comparing Qt Imaging’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors.
Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company’s condensed consolidated financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which expense and income items are excluded or included in determining these non-GAAP financial measures.
Management uses EBITDA and Adjusted EBITDA as a non-GAAP performance measure which is defined in the accompanying tables and is reconciled to net loss, the most directly comparable GAAP measure, in the tables above. The Company does not reconcile forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measure (or otherwise describe such forward-looking GAAP measure) because it is not able to forecast the most directly comparable measure calculated and presented in accordance with GAAP without unreasonable effort. Certain elements of the composition of the GAAP amounts are not predictable, making it impracticable for the Company to forecast. As a result, no guidance for the Company’s net income (loss) or reconciliation of the Company’s Adjusted EBITDA guidance is provided. For the same reasons, the Company is unable to assess the probable significance of the unavailable information, which could have a potentially significant impact on its future net income (loss).