Shapeways Reports Third Quarter 2023 Results


SHAPEWAYS HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) (in thousands, except share and per share amounts)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Revenue, net	$	8,371		$	8,449		$	25,010		$	24,452
Cost of revenue		4,926			4,758			14,872			13,710
Gross profit		3,445			3,691			10,138			10,742
Operating expenses
Selling, general and administrative		10,964			7,605			27,526			20,516
Research and development		2,257			2,572			7,261			6,992
Impairment on assets held for sale		9,680			—			9,680			—
Total operating expenses		22,901			10,177			44,467			27,508
Loss from operations		(19,456	)		(6,486	)		(34,329	)		(16,766	)
Other income (expense)
Interest income		247			21			913			23
Interest expense		(35	)		(7	)		(87	)		(7	)
Loss on disposal of assets		—			—			(85	)		—
Change in fair value of earnout liability		—			1,784			—			1,784
Change in fair value of warrant liabilities		—			31			—			1,558
Other income		70			110			268			149
Total other income (expense), net		282			1,939			1,009			3,507
Loss before income tax expense		(19,174	)		(4,547	)		(33,320	)		(13,259	)
Income tax expense		19			3			57			2
Net loss		(19,193	)		(4,550	)		(33,377	)		(13,261	)
Net loss per share:
Basic ⁽¹⁾	$	(2.75	)	$	(0.68	)	$	(4.89	)	$	(2.00	)
Diluted ⁽¹⁾	$	(2.75	)	$	(0.68	)	$	(4.89	)	$	(2.00	)
Weighted average common shares outstanding:
Basic ⁽¹⁾		6,968,534			6,648,195			6,824,520			6,623,168
Diluted ⁽¹⁾		6,968,534			6,648,195			6,824,520			6,623,168
Other comprehensive income (loss)
Foreign currency translation adjustment		(65	)		(125	)		(21	)		(351	)
Comprehensive loss	$	(19,258	)	$	(4,675	)	$	(33,398	)	$	(13,612	)

(1) Retroactively adjusted shares issued and outstanding, and per share information to give effect to the Company's 1-for-8 reverse stock split.

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