Financial Performance - DIH generated revenue of $16.2 million for the three months ended June 30, 2024, a 24.1% increase from $13.0 million in the same period of 2023[118] - The net loss for the three months ended June 30, 2024, was $0.6 million, an improvement of $2.3 million compared to a net loss of $2.9 million in the same period of 2023[119] - Revenue for the three months ended June 30, 2024 increased by $3.1 million, or 24.1%, to $16.2 million from $13.0 million for the same period in 2023[141] - Other income for the three months ended June 30, 2024 was $1.9 million, compared to an expense of $0.7 million for the same period in 2023[147] Revenue Breakdown - Revenue from devices was $12.3 million for the three months ended June 30, 2024, a 17.6% increase from $10.4 million in the same period of 2023[139] - Service revenue increased by 49.1% to $3.5 million compared to $2.4 million in the same period of 2023[139] - Devices sold increased by $1.8 million, or 17.6% year over year, primarily driven by higher sales volume in EMEA[141] - Services revenue increased by $1.2 million, up 49.1% compared to the prior period[141] Expenses - Selling, general and administrative expenses rose by 48.6% to $5.8 million, reflecting increased headcount and operational costs as a public company[137] - Selling, general and administrative expenses increased by $2.8 million, or 48.2%, to $8.7 million for the three months ended June 30, 2024[144] - Research and development expenses increased by 14.3% to $1.4 million, as the Company continues to invest in product design and technology[137] - Research and development costs increased by $0.2 million, or 14.3%, to $1.6 million for the three months ended June 30, 2024[145] Cash Flow and Financial Position - Cash and cash equivalents amounted to $2.7 million as of June 30, 2024, down from $3.2 million as of March 31, 2024[150] - Net cash used in operating activities increased by $1.5 million to $2.0 million for the three months ended June 30, 2024[158] - The company expects cash and cash equivalents, along with cash provided by operating activities and future debt and equity financings, to be sufficient to fund operating expenses for at least the next 12 months[152] Regulatory and Compliance - DIH is classified as an "emerging growth company," allowing it to take advantage of certain exemptions from reporting requirements applicable to other public companies[174] - The company has not opted out of the extended transition period for new or revised financial accounting standards, which may complicate comparisons with other public companies[175] Internal Controls - There were material weaknesses identified in the internal controls over financial reporting, attributed to limited accounting personnel and resources[179] - A remediation plan is being implemented to improve internal controls, including hiring additional qualified accounting personnel and engaging consultants[181] - The material weakness will not be considered remediated until the remediation plan is fully implemented and controls are tested for effectiveness[182] - There have been no changes in internal control over financial reporting that materially affected the company during the last quarter[183] Legal Matters - There is no material litigation or governmental proceeding currently pending against the company or its management team[184]
Aurora Technology Acquisition (ATAK) - 2024 Q2 - Quarterly Report