Q1 2024 Earnings

Reported March 31, 2024

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Metric	Q1 2024	Q4 2023	Q1 2023	QoQ Change	YoY Change
Revenue	$401M	$758M	-$258M	-47.1%	255.4%
Op. Income	-$93M	-$219M	$43M	57.4%	-318.6%
Gross Margin	89.2%	24.3%	-213.1%	64.9pp	302.3pp
Net Margin	-15.4%	-20.5%	-17.7%	5.2pp	2.4pp
EPS (Diluted)	$-1.04	$-2.95	$0.77	64.7%	-235.1%

Income Statement

Item	Amount
REVENUE	$401M
Cost of Revenue	$43M
GROSS PROFIT	$358M
R&D Expenses	$225M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$236M
Other Expenses	-$10M
Operating Expenses	$451M
Cost & Expenses	$494M
OPERATING INCOME	-$93M
Interest Income	$39M
Interest Expense	$512.0K
Other Income/Expenses	$19M
INCOME BEFORE TAX	-$74M
Income Tax Expense	-$13M
Net Income from Continuing Ops	-$62M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	-$62M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	-$62M
D&A	$0
EBIT	-$74M
EBITDA	-$74M
EPS	-$1
EPS Diluted	-$1