8th August 2023


Movella Reports Second Quarter 2023 Financial Results

August 9, 2023
  • Launched OBSKUR in Epic Games Store: the first all-in-one broadcasting application for livestreams
  • Began shipping the OBSKUR Mocap Box, powered by Xsens, for motion-enabled avatars
  • Extended leadership in automotive workplace ergonomics with BMW and partnership with Toyota

HENDERSON, Nev., Aug. 09, 2023 (GLOBE NEWSWIRE) -- Movella Holdings Inc. (NASDAQ: MVLA) (“Movella”), a leading full-stack provider of sensors, software, and analytics that enable the digitization of movement, today reported its results for the second quarter and six months ended June 30, 2023.

“We're proud to have launched the OBSKUR broadcasting platform this quarter, expanding Movella’s Xsens mocap technology from professional Hollywood studios to individual streamers and VTubers. OBSKUR enables livestreamers to create engaging content, complete with motion-enabled avatars,” said Movella CEO Ben Lee. “While the writers strike impacted our top line in Q2, our results reflect the resiliency embedded in the business, and our continued expansion of movement digitization use cases into our existing markets, as well as new growth areas such as automotive workplace ergonomics. We remain well positioned for significant opportunity ahead, particularly in film and game production once all parties reach a resolution.”

Second Quarter 2023 Financial Highlights

  • Revenue. Net revenue in Q2 totaled $8.4 million, a decrease of 3% year-over-year.  
  • Gross Profit. GAAP gross profit rose to $4.4 million as compared to $4.3 million last year. GAAP gross margin was 53%, an improvement of approximately 300 basis points year-over-year. Non-GAAP gross profit totaled $4.4 million versus $5.4 million for the comparable quarter in the previous year. Non-GAAP Q2 gross margin was 53%.
  • Loss from Operations. GAAP loss from operations in Q2 was $7.7 million, versus $6.8 million in the same period last year. Non-GAAP loss from operations was $7.2 million, versus $4.9 million in the same period last year.
  • GAAP Net Income. GAAP net loss attributable to common stockholders totaled $13.9 million versus $7.6 million in the comparable quarter in the previous year.
  • Adjusted EBITDA. Adjusted EBITDA in Q2 totaled negative $5.2 million versus negative $4.5 million in the comparable quarter in the previous year.
  • Cash and cash equivalents. Cash and cash equivalents at quarter end were $51.0 million, compared to $6.2 million as of the same period last year, and $62.1 million in Q1.

“The ongoing strikes in the entertainment industry that began in early May challenged our top line results in the quarter, and these headwinds may take time to resolve,” said Movella CFO Steve Smith. “Our strong cash position will allow Movella to continue to make measured investments in new compelling products and use cases such as OBSKUR, while continuing to manage our expenses prudently.”

Second Quarter 2023 Business Highlights

  • Launched OBSKUR in the Epic Games Store: the first all-in-one broadcasting application for engaging livestreams. The move comes at a time when the global livestreaming market is booming, with experts predicting the market to reach $247 billion by 2027 (Source: Market Research Future).
  • Began shipping the OBSKUR Mocap Box, powered by Xsens, for motion-enabled avatars.
  • Extended leadership in automotive workplace ergonomics with BMW and partnership with Toyota.
  • Hosted the Movella developer community at the Movella DOT Developers Conference 2023, with over 300 attendees and thought leader speakers in digital health present.
  • Hosted VTuber live-streamers who collectively represented over 100 million monthly views at private OBSKUR pre-launch event.

Conference Call and Webcast Information

The company will hold a conference call at 2:00 p.m. PT / 5:00 p.m. ET on Wednesday, August 9, 2023 to discuss Movella’s financial results and outlook. The call will be hosted by Ben Lee, CEO and Steve Smith, CFO. Q&A with management will follow immediately after prepared remarks.

A live webcast of the call will be accessible on the investor relations section of the Movella website at https://investors.movella.com/. To access the call by phone, please register at https://register.vevent.com/register/BI39b0377d9f524b739f18fd518634538d. Upon registration, telephone participants will receive the dial-in number along with a unique PIN number that can be used to access the call. A replay of the webcast will also be available for a limited time at https://investors.movella.com/.

About Movella Holdings Inc.

Movella is a leading full-stack provider of sensors, software, and analytics that enable the digitization of movement. Movella serves the entertainment, health & sports, and automation & mobility markets. Our innovations enable customers to capitalize on the value of movement by transforming data into meaningful and actionable insights. Partnering with leading global brands such as Electronic Arts, EPIC Games, 20th Century Studios, Netflix, Toyota, Siemens, and over 500 sports organizations, Movella is creating extraordinary outcomes that move humanity forward. To learn more, please visit www.movella.com

Media
media@movella.com

Investors
investors@movella.com
(725) 238-5682

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of federal securities laws. The words “accelerate,” “anticipate,” “believe,” “continue,” “could,” “enable,” “estimate,” “expect,” “extend,” “fuel,” “future,” “growth,” “intend,” “may,” “might,” “opportunity,” “outlook,” “plan,” “position,” “possible,” “potential,” “predict,” “progress,” “project,” “realize,” “see,” “seem,” “should,” “will,” “would,” and similar expressions, or the negative of such expressions, may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, statements regarding the following: our belief that our strong cash position will allow us to continue our focus on execution and on bringing new, innovative products to the market; that we expect to achieve near-term adjusted EBITDA breakeven and subsequent profitability; our ability to execute on our strategy to deliver value to shareholders, macro-environment challenges; the anticipated or potential features, benefits, and applications for Movella’s products and technology and timing thereof; the anticipated benefits and limitations of non-GAAP financial measures; the market opportunity for Movella’s products and technology; or other characterizations of future events or circumstances, including any underlying assumptions. These statements are based on the current expectations of Movella’s management and are not predictions of actual performance. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond Movella’s control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, the following: (i) failure to realize the anticipated benefits of the business combination; (ii) general economic and macro-economic conditions and Movella’s financial performance and factors affecting the same; (iii) changes adversely affecting the businesses and target markets in which Movella is engaged; (iv) Movella’s ability to execute on its business strategy and plans and to manage growth; and (v) risks related to regulatory matters, as well as the factors described under the headings “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” and under similar headings in the final prospectus filed with the Securities and Exchange Commission (the “SEC”) pursuant to Rule 424(b)(3) by Pathfinder on January 17, 2023, the Company’s annual report on Form 10-K for the year ended December 31, 2022 and current reports on Form 8-K filed on February 13, 2023 and March 31, 2023, and in Movella’s future filings with the SEC. If any of these risks materialize or the underlying assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Movella presently knows or currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect expectations, plans or forecasts of future events and views as of the date of this press release. Movella anticipates that subsequent events and developments will cause its assessments to change. However, Movella specifically disclaims any obligation to update any forward-looking statements, except to the extent required by applicable law. These forward-looking statements should not be relied upon as representing Movella’s assessments as of any date subsequent to the date of this press release and are not intended to serve as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Non-GAAP Financial Measures

Movella Holdings has provided financial information in this news release that has not been prepared in accordance with GAAP. Adjusted EBITDA, non-GAAP gross profit, and non-GAAP operating loss exclude net loss attributable to non-controlling interests, preferred stock dividends, share-based compensation expense, loss on debt extinguishments related to the consummation of the business combination agreement, debt issuance costs, change in fair value of warrant liabilities, fair value adjustments on debt instruments for which we elected the fair value option under ASC 825, and impairment of acquired intangible assets. Adjusted EBITDA also excludes interest expense and interest income, taxes, depreciation and amortization, other income (expense), certain transaction expenses related to the business combination agreement that are not expected to recur, and other infrequent costs.

Adjusted EBITDA, non-GAAP gross profit, non-GAAP gross margin, and non-GAAP operating loss are supplemental measures of our performance that are not required by, or presented in accordance with, GAAP. These non-GAAP financial measures have limitations as an analytical tool and are not intended to be used in isolation or as a substitute for net loss, gross profit, operating loss or any other performance measure determined in accordance with GAAP. We present these non-GAAP financial measures because we consider each to be an important supplemental measure of our performance.

We use these non-GAAP financial measures to make operational decisions, evaluate our performance, prepare forecasts and determine compensation. Further, we believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance when planning, forecasting and analyzing future periods. Share-based compensation expenses are expected to vary depending on the number of new incentive award grants issued to both current and new employees, the number of such grants forfeited by former employees, and changes in our stock price, stock market volatility, expected option term and risk-free interest rates, all of which are difficult to estimate. In calculating non-GAAP financial measures, we exclude certain non-cash and one-time items in order to facilitate comparability of our operating performance on a period-to-period basis because such expenses are not, in our view, related to our ongoing operating performance. We use this view of our operating performance for purposes of comparison with our business plan and individual operating budgets and in the allocation of resources.

We further believe that these non-GAAP financial measures are useful to investors in providing greater transparency to the information used by management in its operational decision-making. The Company believes that the use of these non-GAAP financial measures also facilitates a comparison of our underlying operating performance with that of other companies in our industry, which use similar non-GAAP financial measures to supplement their GAAP results.

Investors and potential investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. The limitations of relying on non-GAAP financial measures include, but are not limited to, the fact that other companies, including other companies in our industry, may calculate non-GAAP financial measures differently than we do, limiting their usefulness as a comparative tool. Investors and potential investors are encouraged to review the reconciliation of our non-GAAP financial measures contained within this news release with our GAAP financial results.

MOVELLA HOLDINGS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)

  Three Months Ended June 30,   Six Months Ended June 30,
    2023       2022       2023       2022  
  (unaudited)   (unaudited)
Revenues              
Product $ 6,550     $ 7,064     $ 14,209     $ 15,164  
Service   1,809       1,513       3,317       2,921  
Total revenues   8,359       8,577       17,526       18,085  
Cost of revenues              
Product   2,971       3,184       5,332       6,773  
Service   944       1,137       2,154       2,250  
Total cost of revenues   3,915       4,321       7,486       9,023  
Gross profit   4,444       4,256       10,040       9,062  
Operating expenses              
Research and development   2,203       4,273       5,107       7,809  
Sales and marketing   3,785       3,660       7,265       7,100  
General and administrative   6,192       3,140       10,149       6,477  
Impairment of intangible assets               4,657        
   Total operating expenses   12,180       11,073       27,178       21,386  
Loss from operations   (7,736 )     (6,817 )     (17,138 )     (12,324 )
Other income (expense)              
Loss on debt extinguishment               (107 )      
Change in fair value of warrant liabilities   288             1,678        
Debt issuance costs               (7,945 )      
Revaluation of debt, net   (7,292 )           24,576        
Interest expense   (8 )     (655 )     (180 )     (1,055 )
Interest income   623       2       879       6  
Other income, net   149       65       34       148  
Income (loss) before income taxes   (13,976 )     (7,405 )     1,797       (13,225 )
Income tax expense (benefit)   71       (337 )     129       (322 )
Net income (loss)   (14,047 )     (7,068 )     1,668       (12,903 )
Net loss attributable to non-controlling interests   (188 )     (184 )     (309 )     (423 )
Net income (loss) attributable to Movella Holdings Inc.   (13,859 )     (6,884 )     1,977       (12,480 )
Deemed dividend from accretion of Series D-1 preferred stock         (670 )     (316 )     (1,329 )
Net income (loss) attributable to common stockholders $ (13,859 )   $ (7,554 )   $ 1,661     $ (13,809 )
               
Earnings (loss) per share attributable to common stockholders              
Basic $ (0.27 )   $ (1.48 )   $ 0.04     $ (2.87 )
Diluted $ (0.27 )   $ (1.48 )   $ 0.04     $ (2.87 )
Weighted average shares used in computing earnings (loss) per share attributable to common stockholders              
Basic   50,876,842       5,098,463       40,710,849       4,815,575  
Diluted   50,876,842       5,098,463       41,755,785       4,815,575  
                               

MOVELLA HOLDINGS INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)

  June 30,
2023
  December 31,
2022
ASSETS (unaudited)
Current assets      
Cash and cash equivalents $ 51,008     $ 14,334  
Accounts receivable, net of allowance for credit losses of $721 and $144 at June 30, 2023 and December 31, 2022   5,517       6,690  
Inventories   6,348       5,164  
Prepaid expenses and other current assets   5,404       3,274  
Total current assets   68,277       29,462  
Property and equipment, net   2,692       2,361  
Goodwill   37,238       36,381  
Intangible assets, net   2,216       5,807  
Non-marketable equity securities   25,292       25,285  
Capitalized equity issuance costs and other assets   1,668       4,265  
Deferred tax assets         86  
Right-of-use assets   3,134       3,281  
Total assets $ 140,517     $ 106,928  
LIABILITIES, MEZZANINE EQUITY AND STOCKHOLDERS' EQUITY (DEFICIT)      
Current liabilities      
Accounts payable $ 2,428     $ 5,967  
Accrued expenses and other current liabilities   6,428       7,944  
Current portion of long-term debt   141       148  
Current portion of deferred revenue   3,053       3,334  
Payable to Kinduct sellers – current         4,303  
Total current liabilities   12,050       21,696  
Long-term portion of term debt   50,458       25,649  
Convertible notes, net – related party         6,186  
Warrant liabilities   1,225        
Deferred revenue, net of current portion   1,331       1,344  
Deferred tax liabilities, net   68        
Operating lease liabilities and other non-current liabilities   2,934       3,088  
Total liabilities   68,066       57,963  
Commitments and contingencies      
Mezzanine equity      
Redeemable convertible preferred stock, $0.00001 par value. 0 shares authorized, issued, and outstanding at June 30, 2023; 3,207,472 shares authorized, issued and outstanding as of December 31, 2022; liquidation preference of $30,000 as of December 31, 2022         41,991  
Non-redeemable convertible preferred stock, $0.00001 par value. 20,000,000 shares authorized, 0 shares issued, and outstanding at June 30, 2023; 29,524,294 shares authorized and 24,338,566 shares issued and outstanding as of December 31, 2022; liquidation preference of $146,548 as of December 31, 2022         143,192  
Total mezzanine equity         185,183  
Stockholders’ equity (deficit)      
Common stock, $0.00001 par value. 900,000,000 shares authorized, 50,907,431 and 6,231,947 shares issued and outstanding at June 30, 2023 and December 31, 2022   1       1  
Additional paid-in capital   211,914       692  
Accumulated other comprehensive loss   (561 )     (1,646 )
Accumulated deficit   (140,039 )     (142,016 )
Total Movella stockholders’ equity (deficit)   71,315       (142,969 )
Non-controlling interest in subsidiaries   1,136       6,751  
Total stockholders’ equity (deficit)   72,451       (136,218 )
Total liabilities, mezzanine equity and stockholders’ equity $ 140,517     $ 106,928  
               

MOVELLA HOLDINGS INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)

  Three Months Ended June 30,   Six Months Ended June 30,
    2023       2022       2023       2022  
Cash flows from operating activities (unaudited)   (unaudited)
Net income (loss) $ (14,047 )   $ (7,068 )   $ 1,668     $ (12,903 )
Adjustments to reconcile net income (loss) to net cash used in operating activities              
Depreciation and amortization   281       1,795       953       3,647  
Stock-based compensation expense   493       335       1,157       648  
Provision for excess and obsolete inventories   241             241        
Allowance for credit losses   281             577        
Impairment of intangible assets               4,657        
Unrealized loss on marketable securities                     58  
Accretion of convertible notes, net         154             154  
Accretion of Kinduct deferred payout               57        
Non-cash interest expense from note accretion         83       61       159  
Amortization of debt discount and debt issuance costs         140       52       209  
Gain on change in fair value of warrant liabilities   (288 )           (1,678 )      
Gain on change in fair value of embedded derivative         (50 )           (50 )
Gain on revaluation of debt, net   7,292             (24,576 )      
Loss on debt extinguishment               107        
Debt issuance costs               7,945        
Right-of-use assets   93             267        
Deferred income taxes   154             154        
Changes in operating assets and liabilities              
Accounts receivable   (1,182 )     (254 )     606       474  
Inventories   (84 )     (951 )     (1,313 )     (2,014 )
Prepaid expenses and other assets   (80 )     (4 )     (1,488 )     (54 )
Other assets   67       (41 )     (1,527 )     (31 )
Accounts payable   (1,422 )     202       (793 )     (844 )
Accrued expenses and other liabilities   (729 )     (551 )     (1,126 )     (848 )
Deferred revenue   (131 )     (267 )     (366 )     247  
Other liabilities   (69 )     39       (205 )     (35 )
     Net cash used in operating activities   (9,130 )     (6,438 )     (14,570 )     (11,183 )
Cash flows from investing activities              
  Purchase of intangibles                     (153 )
  Additions to capitalized software development costs   (1,513 )           (1,528 )      
  Purchases of property and equipment   (455 )     (87 )     (646 )     (302 )
     Net cash used in investing activities   (1,968 )     (87 )     (2,174 )     (455 )
Cash flows from financing activities              
Proceeds from Venture Linked Notes               75,000        
Payment of debt issuance costs               (8,791 )      
Proceeds from Business Combination               36,048        
Payment of equity issuance costs               (18,682 )      
Repayment of loans using proceeds from Venture Linked Notes               (25,557 )      
Proceeds from term loans and revolving line of credit, net         63             1,006  
Proceeds from issuance of convertible notes                     4,873  
Principal payments of loans                     (280 )
Proceeds from the exercise of stock options         1,404       10       1,491  
Payment of deferred payout to Kinduct sellers               (4,360 )      
     Net cash provided by financing activities         1,467       53,668       7,090  
Effect of foreign exchange rate changes on cash and equivalents   10       (224 )     (250 )     (443 )
     Net increase (decrease) in cash and cash equivalents   (11,088 )     (5,282 )     36,674       (4,991 )
Cash and cash equivalents              
Beginning of period   62,096       11,457       14,334       11,166  
End of period $ 51,008     $ 6,175     $ 51,008     $ 6,175  
               
Supplemental disclosures of cash flow information              
Cash paid for interest $ 57     $ 300     $ 614     $ 507  
Cash paid for taxes, net of refunds   34       80       93       127  
Supplemental disclosure of non-cash investing and financing activities              
Accretion of Series D-1 convertible preferred Stock $     $ 670     $ 316     $ 1,329  
Issuance of convertible notes in exchange for Kinduct deferred payout                     1,148  
Distribution of equity shares to TDI NCI                      
Issuance of warrants to lender                     18  
Right-of-use assets obtained in exchange for operating lease liabilities   219             219       4,280  
Debt and equity issuance costs financed through accrued expenses and other current liabilities                      
Issuance of common stock upon conversion of Convertible notes               6,520        
Issuance of common stock upon conversion of preferred stock               185,499        
Acquisition of warrant liabilities               2,903        
Capitalized equity issuance costs applied to proceeds               4,248        
Partial disposition of QDJV   5,306             5,306        
                               

MOVELLA HOLDINGS INC.
Reconciliation of GAAP Net Income Attributable to Common Stockholders to Non-GAAP Net Loss
(In thousands)
(Unaudited)

  Three Months Ended
June 30, 2023
  Six Months Ended
June 30, 2023
  Net Income (Loss)   Net Income (Loss)
Per Share
  Net Income (Loss)   Net Income (Loss)
Per Share
GAAP net income (loss) attributable to common shareholders $ (13,859 )   $ (0.27 )   $ 1,661     $ 0.04  
Deemed dividends from accretion of Series D-1 Preferred Stock               316       0.01  
Stock-based compensation   493       0.01       1,157       0.03  
Intangibles amortization   52             508       0.01  
Loss on debt extinguishment               107        
Debt issuance costs               7,945       0.20  
Revaluation of debt   7,292       0.15       (24,576 )     (0.60 )
Change in fair value of warrant liabilities   (288 )     (0.01 )     (1,678 )     (0.04 )
Impairment of intangible assets               4,657       0.11  
Non-GAAP net loss $ (6,310 )   $ (0.12 )   $ (9,903 )   $ (0.24 )
                               

MOVELLA HOLDINGS INC.
Reconciliation of GAAP Cost of Revenues and Operating Costs and Expenses to Non-GAAP Cost of Revenues and Operating Costs and Expenses
Three Months Ended June 30, 2023
(In thousands)
(Unaudited)

      Adjustments    
  GAAP
Financials
  Stock-Based
Compensation
  Amortization
of Intangibles
  Non-
GAAP
Financials
Revenues              
Product $ 6,550             $ 6,550  
Service   1,809               1,809  
Total revenues   8,359               8,359  
Cost of revenues              
Product   2,971               2,971  
Service   944               944  
Total cost of revenues   3,915               3,915  
Gross profit              
Product   3,579               3,579  
Service   865               865  
Total gross profit   4,444               4,444  
Gross margin              
Product   54.6 %             54.6 %
Service   47.8 %             47.8 %
Total gross margin   53.2 %             53.2 %
Operating expenses              
Research and development   2,203       80         2,123  
Sales and marketing   3,785       148         3,637  
General and administrative   6,192       265     52     5,875  
Total operating expenses $ 12,180     $ 493   $ 52   $ 11,635  
Total     $ 493   $ 52    
Loss from operations $ (7,736 )           $ (7,191 )
                       

MOVELLA HOLDINGS INC.
Reconciliation of GAAP Cost of Revenues and Operating Costs and Expenses to Non-GAAP Cost of Revenues and Operating Costs and Expenses
Six Months Ended June 30, 2023
(In thousands)
(Unaudited)

      Adjustments    
  GAAP
Financials
  Stock-Based
Compensation
  Amortization
of Intangibles
  Impairment of Intangibles   Non-
GAAP
Financials
Revenues                  
Product $ 14,209                 $ 14,209  
Service   3,317                   3,317  
Total revenues   17,526                   17,526  
Cost of revenues                  
Product   5,332                   5,332  
Service   2,154           264         1,890  
Total cost of revenues   7,486           264         7,222  
Gross profit                  
Product   8,877                   8,877  
Service   1,163                   1,427  
Total gross profit   10,040                   10,304  
Gross margin                  
Product   62.5 %                 62.5 %
Service   35.1 %                 43.0 %
Total gross margin   57.3 %                 58.8 %
Operating expenses                  
Research and development   5,107       299             4,808  
Sales and marketing   7,265       288     139         6,838  
General and administrative   10,149       570     105         9,474  
Impairment of intangible assets   4,657               4,657      
Total operating expenses $ 27,178     $ 1,157   $ 244   $ 4,657   $ 21,120  
Total     $ 1,157   $ 508   $ 4,657    
Loss from operations $ (17,138 )               $ (10,816 )
                           

MOVELLA HOLDINGS INC.
Reconciliation of GAAP Net Income Attributable to Common Stockholders to Non-GAAP Net Loss and Adjusted EBITDA
(In thousands)
(Unaudited)

  Three Months Ended
June 30, 2023
  Six Months Ended
June 30, 2023
Net income (loss) attributable to common stockholders $ (13,859 )   $ 1,661  
Deemed dividend from accretion of Series D-1 preferred stock         316  
Stock-based compensation   493       1,157  
Amortization of acquired intangibles   52       508  
Loss on debt extinguishment         107  
Change in fair value of warrant liabilities   (288 )     (1,678 )
Debt issuance costs         7,945  
Revaluation of debt, net   7,292       (24,576 )
Impairment of intangible assets         4,657  
Non-GAAP net loss $ (6,310 )   $ (9,903 )
Interest expense   8       180  
Interest income   (623 )     (879 )
Income tax expense   71       129  
Depreciation and amortization, excluding acquired intangibles   229       445  
Other income, net   (149 )     (34 )
Costs incurred related to the transaction   78       394  
Other infrequent costs   1,499       1,499  
Adjusted EBITDA $ (5,197 )   $ (8,169 )
               

MOVELLA HOLDINGS INC.
Quarterly Net Revenues by Product Grouping
(In thousands)
(Unaudited)

  Three Months Ended
  June 30,
2023
  March 31,
2023
  December 31,
2022
  September 30,
2022
  June 30,
2022
Product $ 6,550   $ 7,659   $ 10,068   $ 9,051   $ 7,064
Service   1,809     1,508     2,049     1,213     1,513
Total revenues $ 8,359   $ 9,167   $ 12,117   $ 10,264   $ 8,577

 


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