SAN FRANCISCO, Dec. 15, 2022 (GLOBE NEWSWIRE) — Tempo Automation Holdings, Inc. (Nasdaq: TMPO, “Tempo”, or the “Company”), a leading software-accelerated electronics manufacturer, is providing commentary on its previously issued financial results for the three and nine-month periods ended September 30, 2022 and 2021 and is updating its guidance for anticipated annual 2022 and 2023 results.
Third Quarter 2022 and Recent Operational Highlights
Management Commentary
“We are thrilled to announce the successful completion of our business combination and public listing, which allows us to fully focus on executing our strategic plans and achieving our growth objectives. As a company that specializes in helping other businesses design new products, we are excited to bring technology to help industry participants better cope with supply chain disruptions and shortages,” said Joy Weiss Chief Executive Officer.
“As such, we are excited to reveal our upcoming customer-facing portal software upgrades, which will bring much-needed innovations in areas such as inventory management. The portal upgrade is scheduled to launch in Q1 2023 and will help us better engage with our customers. In support of this launch, we plan to slightly increase our marketing expenditures in 2023 to promote the new platform and associated services. Overall, we are confident in our ability to continue delivering value to our customers and shareholders as we move forward with our plans.”
Financial Results for the Three Months Ended September 30, 2022Results compare the three months ended September 30, 2022 to the three months ended September 30, 2021, unless otherwise indicated.
Financial Results for the Nine Months Ended September 30, 2022Results compare the nine months ended September 30, 2022 to the nine months ended September 30, 2021, unless otherwise indicated.
Financial Outlook
Management anticipates that the completion of the Company’s business combination and public listing of the combined company’s securities will have a positive impact on the Company’s financial performance in the fourth quarter and throughout 2023. With the business combination completed, the Company expects that management will be able to focus on growth opportunities, both through organic means and possibly strategic acquisitions. Additionally, the Company expects to be able to increase its investments in key areas such as marketing, sales, and the further development of its software platform.
The Company is providing the following financial outlook for the fourth quarter and full year 2022:
In addition, the Company is providing the following financial outlook for the full year 2023:
About Tempo Automation
Tempo is a leading software-accelerated electronics manufacturer, transforming the way top companies innovate and bring new products to market. Tempo Automation’s unique automated manufacturing platform optimizes the complex process of printed circuit board manufacturing to deliver unmatched quality, speed and agility. The platform’s all-digital process automation, data-driven intelligence, and connected smart factory create a distinctive competitive advantage for customers—to deliver tomorrow’s products today. From rockets to robots, autonomous cars to drones, many of the fastest-moving companies in industrial tech, medical technology, space, and other industries partner with Tempo Automation to accelerate innovation and set a new tempo for progress. Learn more at tempoautomation.com.
Forward Looking Statements
This document contains certain forward-looking statements within the meaning of the federal securities laws. These forward- looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that could cause the actual results to differ materially from the expected results. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: (i) the ability of Tempo’s to implement business plans, forecasts, and other expectations and identify and realize additional opportunities; (ii) the impact of the global COVID-19 pandemic; (iii) the enforceability of Tempo’s intellectual property, including its patents, and the potential infringement on the intellectual property rights of others; (iv) cyber security risks or potential breaches of data security; (v) the ability of Tempo to protect the intellectual property and confidential information of its customers; and (vi) the risk of downturns in the highly competitive electronics manufacturing industry. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by investors as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the definitive proxy statement/prospectus filed by Tempo with the U.S. Securities and Exchange Commission (the “SEC”) on November 1, 2022, and the other documents filed by Tempo from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Tempo assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities and other applicable laws. Tempo Automation does not give any assurance that it will achieve its expectations.
Non-GAAP Financial Measures
We report our financial results in accordance with generally accepted accounting standards in the United States (“GAAP”). However, management believes certain non-GAAP financial measures, including Adjusted EBITDA (the “Non-GAAP Measures”), provide investors with additional useful information in evaluating our operating performance.
Tempo defines Adjusted EBITDA as net income (loss), adjusted to exclude the effects of stock-based compensation expense, total other income (expense) including the change in fair value of warrants, derivatives and debt, forgiveness of loans under the Paycheck Protection Program, provision for income taxes, depreciation and amortization, merger related integration costs associated with the recent business combination between Tempo and Tempo Automation, Inc., restructuring charges which includes cost for personnel whose position have been eliminated as part of a restructuring and impairment charges related to abandonment of certain section of our operation lease and other one-time or non-recurring charges.
The Non-GAAP Measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with U.S. GAAP, and may not be comparable to similarly titled measures used by other companies.
Tempo believes that a quantitative reconciliation of the forward-looking Non-GAAP Measures contained herein to comparable GAAP measures cannot be made available without unreasonable effort due to the forward-looking nature of the estimates contained herein and the nature and complexity of such reconciliation. The forward-looking estimates contained herein are not prepared in accordance with generally accepted accounting standards. Consequently, no reconciliations of the forward-looking Non-GAAP Measures to the most directly comparable GAAP measures are included. Specifically, the following GAAP adjustments, among others, have not been included in the estimates contained herein: revenue accounting, including identifying the relevant performance obligations, allocating the value of the arrangement to the performance obligations and determining the timing of recognition of the relative fair value assigned to the performance obligations. It is probable that these factors would have a significant impact on Tempo’s projected financial position and results of operations as reported under GAAP.
Contact:
Tempo Automation Holdings, Inc.CONDENSED STATEMENTS OF OPERATIONS(in thousands)
Tempo Automation Holdings, Inc.RECONCILIATION OF NON-GAAP MEASURES(in thousands)
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