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FTC Solar Announces Fourth Quarter 2022 Financial Results

Fourth Quarter Highlights and Recent Developments

  • Revenue growth of 58% q/q, significant gross margin improvement
  • Project backlog crosses billion-dollar mark for first time at $1.2B, with $240 million added
  • Total project pipeline1 reaches new record high of 110GW
  • Announced U.S. manufacturing joint venture utilizing domestic steel

AUSTIN, Texas, Feb. 28, 2023 (GLOBE NEWSWIRE) — FTC Solar, Inc. (Nasdaq: FTCI), a leading provider of solar tracker systems, software and engineering services, today announced financial results for the fourth quarter ended December 31, 2022.

“I’m pleased to report that fourth quarter results came in above the mid-point of our guidance on all metrics,” said Sean Hunkler, FTC Solar President and Chief Executive Officer. “While the U.S. market continues to be impacted by a UFLPA-related module shortage, we were able to finish the year on an improving trajectory, demonstrating 58% revenue growth over the third-quarter lows, along with significantly improved gross margin, as our cost-reduction initiatives are just beginning to show up in our results.

“As I reflect on my first full calendar year as CEO in 2022, I am proud of how the team navigated many external challenges. The year began with historically high logistics and steel costs, followed by a rather challenging regulatory environment in the U.S. The team responded well to the challenges, utilizing the downturn to focus on what we can control and significantly improving our competitive positioning across nearly all aspects of our business.

“We now have a materially lower product cost structure on current and future projects, which puts us on track for additional improvement in gross margin as our revenue grows. We have a more comprehensive product line that expands our addressable market in the U.S. and internationally. We are growing and diversifying in new markets and are positioned with a strengthened supply chain, including our recently announced U.S. manufacturing joint venture, which will bolster our ability to support customers with domestic content to capture monetary benefits from the Inflation Reduction Act. We also have a record backlog and pipeline that demonstrates increasing customer interest and global adoption. Looking ahead, we believe the solar market is not only poised to recover but is poised to recover with powerful and increasing, long-term growth tailwinds.”

Contracted and awarded orders2 as of February 28, 2023, were $1.2 billion, and our pipeline has grown to a record high of 110GW. Since our last update on November 9, 2022, the company has added $240 million of backlog. Importantly, the vast majority of the additions this period are not impacted by UFLPA. In aggregate, our backlog now includes approximately $400 million of non-UFLPA impacted projects as we continue to diversify our sales efforts.

Summary Financial Performance: Q4 2022 compared to Q4 2021

    GAAP     Non-GAAP  
    Three months ended December 31,  
(in thousands, except per share data)   2022     2021     2022     2021  
Revenue   $ 26,220     $ 101,721     $ 26,220     $ 101,721  
Gross margin percentage     (7.3 %)     (8.4 %)     (3.4 %)     (7.3 %)
Total operating expenses   $ 17,947     $ 14,968     $ 9,971     $ 8,969  
Loss from operations(a)   $ (19,861 )   $ (23,543 )   $ (10,976 )   $ (16,358 )
Net loss   $ (20,501 )   $ (23,882 )   $ (11,499 )   $ (16,653 )
Diluted loss per share   $ (0.20 )   $ (0.25 )   $ (0.11 )   $ (0.17 )
(a) Adjusted EBITDA for Non-GAAP                        

Total fourth quarter revenue was $26.2 million, in line with our prior guidance range. This revenue level reflects the lower demand environment in the U.S., as customers struggle to navigate the regulatory environment and get line of sight to solar modules. This revenue level represents an increase of 58.2% compared to the prior quarter and a decrease of 74.2% year-over-year, driven primarily by lower volume.

GAAP gross loss was $1.9 million, or 7.3% of revenue, compared to $9.5 million, or 57.4% of revenue in the prior quarter. Non-GAAP gross loss was $0.9 million or 3.4% of revenue. The result for this quarter compares to a non-GAAP gross loss of $7.4 million in the prior-year period, with the difference driven primarily by lower product revenue, partially offset by improved logistics margin.

GAAP operating expenses were $17.9 million. On a non-GAAP basis, excluding stock-based compensation and certain other expenses, operating expenses were $10.0 million, compared to $9.0 million in the year-ago quarter. The year-over-year increase was driven primarily by higher spending on research and development as well as the absence of credits recorded in the year-ago quarter.

GAAP net loss was $20.5 million or $0.20 per share, compared to a loss of $25.6 million or $0.25 per share in the prior quarter and compared to a net loss of $23.9 million or $0.25 per share in the year-ago quarter. Adjusted EBITDA loss, which excludes approximately $9.5 million, including stock-based compensation expense, certain consulting and legal fees, severance and other non-cash items, was $11.0 million. This result compares to an Adjusted EBITDA loss of $17.7 million in the prior quarter and $16.4 million in the year-ago quarter.

Outlook
For the first quarter of 2023, we are targeting continued sequential growth in revenue of approximately 37%-53%. Along with this growth, we anticipate additional improvement in gross margin into positive territory as the benefits of our cost-reduction initiatives continue to show through.

(in millions)     4Q ’22 Guidance   4Q ’22 Actual     1Q ’23 Guidance  
Revenue     $23 – $27     $26.2       $36 – $40
Non-GAAP Gross Profit     $(3.5) – $0.0     $(0.9)       $0.7 – $3.2
Non-GAAP Gross Margin     (15%) – 0%     (3.4)%       2% – 8%
Non-GAAP operating expenses     $10 – $11     $10.0       $10 – $11
Non-GAAP adjusted EBITDA     $(14.5) – $(10.0)     $(11.0)       $(10.3) – $(6.8)

For the second quarter of 2023, we expect to see continued operational improvements.

Overall, we continue to believe the ingredients are in place for a very strong industry recovery and long-term growth. The pace of the recovery in our largest market, the U.S., will largely be determined by the pace of improvement for the importation of modules into the U.S. Once improvement does occur at scale, we believe FTC Solar is increasingly well positioned competitively to capitalize on that growth, with a lowered cost-structure, innovative new products, a record pipeline and more than a billion dollars in backlog.

Fourth quarter 2022 Earnings Conference Call

FTC Solar’s senior management will host a conference call for members of the investment community at 8:30 a.m. E.T. today, during which the company will discuss its fourth quarter results, its outlook and other business items. This call will be webcast and can be accessed within the Investor Relations section of FTC Solar’s website at investor.ftcsolar.com. A replay of the conference call will also be available on the website for 30 days following the webcast.

About FTC Solar Inc.
Founded in 2017 by a group of renewable energy industry veterans, FTC Solar is a leading provider of solar tracker systems, technology, software, and engineering services. Solar trackers significantly increase energy production at solar power installations by dynamically optimizing solar panel orientation to the sun. FTC Solar’s innovative tracker designs provide compelling performance and reliability, with an industry-leading installation cost-per-watt advantage.

Footnotes
1. The term ‘pipeline’ refers to the total amount of uncontracted projects in the solar energy market to which the company has visibility as a potential sale opportunity for its trackers. The size of our pipeline does not guarantee future sales results or revenues, which will depend on our ability to convert pipeline opportunities to binding sales orders.

2. The term ‘backlog’ refers to the combination of our executed contracts and awarded orders, which are orders that have been documented and signed through a contract, where we are in the process of documenting a contract but for which a contract has not yet been signed, or that have been awarded in writing or verbally with a mutual understanding that the order will be contracted in the future. In the case of certain projects, including those that are scheduled for delivery on later dates, we have not locked in binding pricing with customers, and we instead use estimated average selling price to calculate the revenue included in our contracted and awarded orders for such projects. Actual revenue for these projects could differ once contracts with binding pricing are executed, and there is also a risk that a contract may never be executed for an awarded but uncontracted project, or that a contract may be executed for an awarded but uncontracted project at a date that is later than anticipated, thus reducing anticipated revenues. Please refer to our SEC filings, including our Form 10-K, for more information on our contracted and awarded orders, including risk factors.

Forward-Looking Statements
This press release contains forward looking statements. These statements are not historical facts but rather are based on our current expectations and projections regarding our business, operations and other factors relating thereto. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates” and similar expressions are used to identify these forward-looking statements. These statements are only predictions and as such are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. You should not rely on our forward-looking statements as predictions of future events, as actual results may differ materially from those in the forward-looking statements because of several factors, including those described in more detail above and in our filings with the U.S. Securities and Exchange Commission, including the section entitled “Risk Factors” contained therein. FTC Solar undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations, except as required by law.

FTC Solar Investor Contact:
Bill Michalek
Vice President, Investor Relations
FTC Solar
T: (737) 241-8618
E: [email protected]

FTC Solar, Inc.
Condensed Consolidated Statements of Comprehensive Loss
(unaudited)

    Three months ended December 31,     Year ended December 31,  
(in thousands, except shares and per share data)   2022     2021     2022     2021  
Revenue:                        
Product   $ 20,083     $ 89,598     $ 63,760     $ 227,397  
Service     6,137       12,123       59,306       43,128  
Total revenue     26,220       101,721       123,066       270,525  
Cost of revenue:                        
Product     21,966       92,185       84,766       239,149  
Service     6,168       18,111       65,528       63,921  
Total cost of revenue     28,134       110,296       150,294       303,070  
Gross profit (loss)     (1,914 )     (8,575 )     (27,228 )     (32,545 )
Operating expenses                        
Research and development     2,411       1,887       9,949       11,540  
Selling and marketing     1,766       402       8,659       6,823  
General and administrative     13,770       12,679       53,736       75,896  
Total operating expenses     17,947       14,968       72,344       94,259  
Loss from operations     (19,861 )     (23,543 )     (99,572 )     (126,804 )
Interest expense, net     (96 )     (299 )     (978 )     (814 )
Gain from disposal of investment in unconsolidated subsidiary                 1,745       20,829  
Gain on extinguishment of debt                       790  
Other income (expense), net     (124 )     (8 )     (373 )     (67 )
Loss from unconsolidated subsidiary                       (354 )
Loss before income taxes     (20,081 )     (23,850 )     (99,178 )     (106,420 )
(Provision) benefit for income taxes     (420 )     (32 )     (435 )     (169 )
Net loss     (20,501 )     (23,882 )     (99,613 )     (106,589 )
Other comprehensive income (loss):                        
Foreign currency translation adjustments     289       1       (68 )     10  
Comprehensive loss   $ (20,212 )   $ (23,881 )   $ (99,681 )   $ (106,579 )
Net loss per share:                        
Basic   $ (0.20 )   $ (0.25 )   $ (0.98 )   $ (1.24 )
Diluted   $ (0.20 )   $ (0.25 )   $ (0.98 )   $ (1.24 )
Weighted-average common shares outstanding:                        
Basic     103,869,160       96,021,632       101,408,263       86,043,051  
Diluted     103,869,160       96,021,632       101,408,263       86,043,051  

FTC Solar, Inc.
Condensed Consolidated Balance Sheets
(unaudited)

(in thousands, except shares and per share data)   December 31, 2022     December 31, 2021  
ASSETS            
Current assets            
Cash and cash equivalents   $ 44,385     $ 102,185  
Accounts receivable, net     49,052       107,548  
Inventories     14,949       8,860  
Prepaid and other current assets     10,304       17,186  
Total current assets     118,690       235,779  
Operating lease right-of-use assets     1,154       1,733  
Property and equipment, net     1,702       1,582  
Intangible assets, net     1,113        
Goodwill     7,538        
Other assets     4,201       3,926  
Total assets   $ 134,398     $ 243,020  
LIABILITIES AND STOCKHOLDERS’ EQUITY            
Current liabilities            
Accounts payable   $ 15,801     $ 39,264  
Accrued expenses     23,896       47,860  
Income taxes payable     443       47  
Deferred revenue     11,316       1,421  
Other current liabilities     8,884       4,656  
Total current liabilities     60,340       93,248  
Operating lease liability, net of current portion     786       1,340  
Deferred income taxes            
Other non-current liabilities     6,822       5,566  
Total liabilities     67,948       100,154  
Commitments and contingencies            
Stockholders’ equity            
Preferred stock par value of $0.0001 per share, 10,000,000 shares authorized; none issued as of December 31, 2022 and December 31, 2021            
Common stock par value of $0.0001 per share, 850,000,000 shares authorized; 105,032,588 and 92,619,641 shares issued and outstanding as of December 31, 2022 and December 31, 2021     11       9  
Treasury stock, at cost; 10,762,566 shares as of December 31, 2022 and December 31, 2021            
Additional paid-in capital     315,345       292,082  
Accumulated other comprehensive income (loss)     (61 )     7  
Accumulated deficit     (248,845 )     (149,232 )
Total stockholders’ equity     66,450       142,866  
Total liabilities and stockholders’ equity   $ 134,398     $ 243,020  

FTC Solar, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited)

    Year ended December 31,  
(in thousands)   2022     2021  
Cash flows from operating activities            
Net loss   $ (99,613 )   $ (106,589 )
Adjustments to reconcile net loss to cash used in operating activities:            
Stock-based compensation     20,303       61,765  
Depreciation and amortization     900       232  
Loss from sale of property and equipment     183        
Amortization of debt issue costs     703       461  
Provision for litigation settlement     4,493        
Provision for obsolete and slow-moving inventory     1,813       90  
(Gain) loss from unconsolidated subsidiary           354  
Gain from disposal of investment in unconsolidated subsidiary     (1,745 )     (20,829 )
(Gain) loss on extinguishment of debt           (790 )
Warranty provision     8,228       8,588  
Warranty recoverable from manufacturer     (302 )     (928 )
Bad debt expense (credit)     1,159       (91 )
Deferred income taxes     (135 )      
Lease expense and other     705       458  
Impact on cash from changes in operating assets and liabilities:            
Accounts receivable, net     57,337       (83,723 )
Inventories     (7,902 )     (7,264 )
Prepaid and other current assets     7,189       (10,237 )
Other assets     (1,019 )     (2,137 )
Accounts payable     (22,940 )     21,659  
Accruals and other current liabilities     (32,670 )     34,095  
Accrued interest – related party debt            
Deferred revenue     9,895       (21,559 )
Other non-current liabilities     (599 )     (6,016 )
Lease payments and other, net     (493 )     (393 )
Net cash provided by (used in) operating activities     (54,510 )     (132,854 )
Cash flows from investing activities:            
Purchases of property and equipment     (985 )     (1,025 )
Proceeds from sale of property and equipment     86        
Acquisitions, net of cash acquired     (5,093 )      
Proceeds from disposal of investment in unconsolidated subsidiary     1,745       22,332  
Net cash provided by (used in) investing activities     (4,247 )     21,307  
Cash flows from financing activities:            
Repayments of borrowings           (1,000 )
Repurchase and retirement of common stock held by related parties           (54,155 )
Offering costs paid           (5,948 )
Proceeds from stock issuance           241,155  
Proceeds from stock option exercises     903       317  
Net cash provided by financing activities     903       180,369  
Effect of exchange rate changes on cash, cash equivalents and restricted cash     54       (10 )
Net increase (decrease) in cash, cash equivalents and restricted cash     (57,800 )     68,812  
Cash, cash equivalents and restricted cash at beginning of period     102,185       33,373  
Cash, cash equivalents and restricted cash at end of period   $ 44,385     $ 102,185  

Notes to Reconciliations of Non-GAAP Financial Measures to Nearest Comparable GAAP Measures

We present Non-GAAP gross profit (loss), Non-GAAP operating expense, Adjusted EBITDA, Adjusted net loss and Adjusted EPS as supplemental measures of our performance. We define Adjusted EBITDA as net loss plus (i) income tax (benefit) or expense, (ii) interest expense, (iii) depreciation expense, (iv) amortization of intangibles, (v) amortization of debt issuance costs, (vi) stock-based compensation (vii) gain on extinguishment of debt, (viii) gain from disposal of our investment in an unconsolidated subsidiary, (ix) non-routine legal fees, (x) severance, (xi) other costs and (xii) loss from unconsolidated subsidiary. We define Adjusted net loss as net loss plus (i) amortization of intangibles, (ii) amortization of debt issuance costs (iii) stock-based compensation, (iv) gain on extinguishment of debt, (v) gain from disposal of our investment in an unconsolidated subsidiary, (vi) non-routine legal fees, (vii) severance, (viii) other costs, (ix) loss from unconsolidated subsidiary and (x) income tax expense of adjustments. Adjusted EPS is defined as Adjusted Non-GAAP net loss per share using our weighted average basic and diluted shares outstanding.

Non-GAAP gross profit (loss), Non-GAAP operating expense, Adjusted EBITDA, Adjusted net loss and Adjusted EPS are intended as supplemental measures of performance that are neither required by, nor presented in accordance with U.S. generally accepted accounting principles (“GAAP”). We present these non-GAAP measures, many of which are commonly used by investors and analysts, because we believe they assist those investors and analysts in comparing our performance across reporting periods and on an ongoing basis, as well as against other entities, by excluding items that we do not believe are indicative of our core operating performance. In addition, we use Adjusted EBITDA, Adjusted Non-GAAP net loss and Adjusted EPS to evaluate the effectiveness of our business strategies.

Non-GAAP gross profit (loss), Non-GAAP operating expense, Adjusted EBITDA, Adjusted net loss and Adjusted EPS should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP and you should not rely on any single financial measure to evaluate our business. These Non-GAAP financial measures, when presented, are reconciled to the most closely applicable GAAP measure as disclosed below.

The following table reconciles Non-GAAP gross profit (loss) to the most closely related GAAP measure for the three and twelve months ended December 31, 2022 and 2021, respectively:

    Three months ended December 31,     Year ended December 31,  
(in thousands, except percentages)   2022     2021     2022     2021  
GAAP revenue   $ 26,220     $ 101,721     $ 123,066     $ 270,525  
GAAP gross profit (loss)   $ (1,914 )   $ (8,575 )   $ (27,228 )   $ (32,545 )
Depreciation expense     117       47       389       94  
Stock-based compensation     771       523       3,292       8,094  
Severance     145             145       295  
Other costs           624       102       789  
Non-GAAP gross profit (loss)   $ (881 )   $ (7,381 )   $ (23,300 )   $ (23,273 )
Non-GAAP gross margin percentage     (3.4 %)     (7.3 %)     (18.9 %)     (8.6 %)

The following table reconciles Non-GAAP operating expenses to the most closely related GAAP measure for the three and twelve months ended December 31, 2022 and 2021, respectively:

    Three months ended December 31,     Year ended December 31,  
(in thousands)   2022     2021     2022     2021  
GAAP operating expenses   $ 17,947     $ 14,968     $ 72,344     $ 94,259  
Depreciation expense     (67 )     (90 )     (242 )     (138 )
Amortization expense     (134 )           (269 )      
Stock-based compensation     (4,277 )     (2,711 )     (17,011 )     (53,671 )
Non-routine legal fees     (2,753 )     (1,013 )     (8,495 )     (2,791 )
Severance     (296 )     (1,003 )     (1,333 )     (1,003 )
Other (costs) credits     (449 )     (1,182 )     (2,251 )     (4,138 )
Non-GAAP operating expenses   $ 9,971     $ 8,969     $ 42,743     $ 32,518  

The following table reconciles Non-GAAP Adjusted EBITDA to the related GAAP measure of loss from operations for the three and twelve months ended December 31, 2022 and 2021, respectively:

    Three months ended December 31,     Year ended December 31,  
(in thousands)   2022     2021     2022     2021  
GAAP loss from operations   $ (19,861 )   $ (23,543 )   $ (99,572 )   $ (126,804 )
Depreciation expense     184       137       631       232  
Amortization expense     134             269        
Stock-based compensation     5,048       3,234       20,303       61,765  
Non-routine legal fees     2,753       1,013       8,495       2,791  
Severance     441       1,003       1,478       1,298  
Other costs     449       1,806       2,353       4,927  
Other income (expense)     (124 )     (8 )     (373 )     (67 )
Adjusted EBITDA   $ (10,976 )   $ (16,358 )   $ (66,416 )   $ (55,858 )

The following table reconciles Non-GAAP Adjusted EBITDA, Adjusted net loss and Adjusted EPS to the related GAAP measure of net loss for the three months ended December 31, 2022 and 2021, respectively:

    Three months ended December 31,  
    2022     2021  
(in thousands, except shares and per share data)   Adjusted EBITDA     Adjusted Net Loss     Adjusted EBITDA     Adjusted Net Loss  
Net loss per GAAP   $ (20,501 )   $ (20,501 )   $ (23,882 )   $ (23,882 )
Reconciling items –                        
Provision for income taxes     420             32        
Interest expense, net     96             299        
Amortization of debt issue costs in interest expense           177             173  
Depreciation expense     184             137        
Amortization of intangibles     134       134              
Stock-based compensation     5,048       5,048       3,234       3,234  
Non-routine legal fees(a)     2,753       2,753       1,013       1,013  
Severance(b)     441       441       1,003       1,003  
Other costs(c)     449       449       1,806       1,806  
Adjusted Non-GAAP amounts   $ (10,976 )   $ (11,499 )   $ (16,358 )   $ (16,653 )
                         
Adjusted Non-GAAP net loss per share (Adjusted EPS):                        
Basic   N/A     $ (0.11 )   N/A     $ (0.17 )
Diluted   N/A     $ (0.11 )   N/A     $ (0.17 )
                         
Weighted-average common shares outstanding:                        
Basic   N/A       103,869,160     N/A       96,021,632  
Diluted   N/A       103,869,160     N/A       96,021,632  

(a) Non-routine legal fees represent legal fees and settlement costs incurred for matters that were not ordinary or routine to the operations of the business.
(b) Severance costs were incurred related to a 2022 workforce reduction and agreements with certain executives in 2021 due to restructuring changes.
(c) Other costs include a 2022 write-off of deferred costs relating to certain uncompleted transactions and taxes due in 2021 resulting from settlement of certain IPO related stock-based awards.

The following table reconciles Non-GAAP Adjusted EBITDA, Adjusted net loss and Adjusted EPS to the related GAAP measure of net loss for the twelve months ended December 31, 2022 and 2021, respectively:

    Year ended December 31,  
    2022     2021  
(in thousands, except shares and per share data)   Adjusted EBITDA     Adjusted Net Loss     Adjusted EBITDA     Adjusted Net Loss  
Net loss per GAAP   $ (99,613 )   $ (99,613 )   $ (106,589 )   $ (106,589 )
Reconciling items –                        
Provision for income taxes     435             169        
Interest expense, net     978             814        
Amortization of debt issue costs in interest expense           703             461  
Depreciation expense     631             232        
Amortization of intangibles     269       269              
Stock-based compensation     20,303       20,303       61,765       61,765  
Gain from disposal of investment in unconsolidated subsidiary(a)     (1,745 )     (1,745 )     (20,829 )     (20,829 )
Gain on extinguishment of debt                 (790 )     (790 )
Non-routine legal fees(b)     8,495       8,495       2,791       2,791  
Severance(c)     1,478       1,478       1,298       1,298  
Other costs(d)     2,353       2,353       4,927       4,927  
Loss from unconsolidated subsidiary(a)                 354       354  
Adjusted Non-GAAP amounts   $ (66,416 )   $ (67,757 )   $ (55,858 )   $ (56,612 )
                         
Adjusted Non-GAAP net loss per share (Adjusted EPS):                        
Basic   N/A     $ (0.67 )   N/A     $ (0.66 )
Diluted   N/A     $ (0.67 )   N/A     $ (0.66 )
                         
Weighted-average common shares outstanding:                        
Basic   N/A       101,408,263     N/A       86,043,051  
Diluted   N/A       101,408,263     N/A       86,043,051  

(a) Our management excludes the gain from current year collections of contingent contractual amounts arising from the sale in 2021 of our investment in our unconsolidated subsidiary, as well as the gain from the 2021 sale, when evaluating our operating performance, along with the loss from operations of our unconsolidated subsidiary prior to the sale.
(b) Non-routine legal fees represent legal fees and other costs incurred for matters that were not ordinary or routine to the operations of the business.
(c) Severance costs were incurred related to agreements with certain executives in both years and a 2022 workforce reduction due to restructuring changes.
(d) Other 2022 costs include certain amounts related to our acquisition of HX Tracker, costs attributable to settlement of stock-based compensation awards in 2022 resulting from our IPO, shareholder follow-on registration costs and other items pursuant to our IPO, write-off of deferred costs relating to certain uncompleted transactions and installment payments relating to a 2021 CEO transition event. Other costs during 2021 include consulting fees in connection with operations and finance, costs associated with our IPO and a 2021 CEO transition.

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