Aurora Technology Acquisition (ATAK) - 2024 Q2 - Quarterly Results

Revenue Performance - Revenue for Q1 FY2025 was $16.2 million, a 24% increase from $13.0 million in Q1 FY2024[2] - Device revenue reached $12.3 million, growing by 18%, while service revenue increased by 49% to $3.5 million compared to the prior year[2] - The company expects full-year 2025 revenue to be between $74 million and $77 million, reflecting a growth of approximately 15% to 20% over FY2024[4] - Revenue in the EMEA and Americas regions grew by 54% year-over-year, contributing significantly to overall revenue growth[2] Profitability and Loss - Gross margin improved to 53.5%, a 12 percentage point increase year-over-year[2] - Net loss narrowed to $0.6 million, an improvement of $2.3 million from the previous year[2] - The net loss for the three months ended June 30, 2024, is $614,000, a significant improvement compared to a net loss of $2,913,000 for the same period in 2023[19] Expenses - Selling, general, and administrative expenses rose by 48.2% to $8.7 million, driven by increased professional service costs and performance-based compensation[3] - Research and development costs increased by 14.3% to $1.6 million, primarily due to higher personnel expenses[3] Cash and Liquidity - Cash and cash equivalents as of June 30, 2024, totaled $2.7 million, down from $3.2 million at the end of the previous quarter[3] - Cash used in operating activities for the three months ended June 30, 2024, is $2,010,000, compared to $475,000 for the same period in 2023, indicating increased operational cash outflows[19] - Cash and cash equivalents at the end of the period on June 30, 2024, are $2,749,000, up from $762,000 at the end of June 30, 2023[19] - The company issued convertible debt, resulting in proceeds of $2,509,000 during the three months ended June 30, 2024[19] Balance Sheet and Assets - Total assets increased to $38.2 million as of June 30, 2024, compared to $35.7 million as of March 31, 2024[9] - As of June 30, 2024, the total equity deficit stands at $33,995,000, an increase from $31,446,000 as of June 30, 2023[15] - The balance of accounts payable increased to $1,508,000 for the three months ended June 30, 2024, compared to $36,000 for the same period in 2023[19] - The total paid-in capital increased to $3,685,000 as of June 30, 2024, from $2,613,000 as of March 31, 2024[17] Inventory and Foreign Exchange - The company recorded an allowance for inventory obsolescence of $13,000 for the three months ended June 30, 2024, a decrease from $693,000 in the same period last year[19] - The company reported a foreign exchange loss of $1,899,000 for the three months ended June 30, 2024, compared to a gain of $689,000 in the same period last year[19] Investment Activities - The company experienced a net cash outflow of $235,000 from investing activities for the three months ended June 30, 2024, compared to $15,000 for the same period in 2023[19]