[루미나] 20211116_10-k 분석(재무제표)

먼저 뉴스로도 뜨고 다양한 매체에서 다뤄서 재무구조가 매우 좋아졌다는 사실은 아실거라고 생각됩니다. 그래도 한번 어떤식으로 좋아졌는지 공식자료를 살펴보겠습니다. 

 

 

1. Condensed Consolidated Balance Sheets

(In thousands)

			September 30, 2021						December 31, 2020
			(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents			$	129,323					$	208,944
Restricted cash			725						775
Marketable securities			415,544						276,710
Accounts receivable			1,033						5,971
Inventories, net			7,871						3,613
Prepaid expenses and other current assets			23,883						4,797
Total current assets			578,379						500,810
Property and equipment, net			11,128						7,689
Operating lease right-of-use assets			10,165						—
Intangible assets, net			2,488						—
Goodwill			3,110						701
Other non-current assets			2,536						1,151
Total assets			$	607,806					$	510,351
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable			$	9,682					$	6,039
Accrued and other current liabilities			18,551						10,452
Operating lease liabilities			4,927						—
Debt, current			66						99
Total current liabilities			33,226						16,590
Warrant liabilities			27,753						343,400
Debt, non-current			177						302
Operating lease liabilities, non-current			6,639						—
Other non-current liabilities			911						1,318
Total liabilities			68,706						361,610
Commitments and contingencies (Note 13)
Stockholders’ equity:
Class A common stock			26						22
Class B common stock			10						11
Additional paid-in capital			1,287,558						733,175
Accumulated other comprehensive income			100						34
Accumulated deficit			(748,594)						(584,501)
Total stockholders’ equity			539,100						148,741
Total liabilities and stockholders’ equity			$	607,806					$	510,351

우선 인상깊은 것은 총 부채가 대폭 감소했다는 사실입니다. 기존 361,610천달러에서 68,706천달러로 대폭 감소했습니다. 

이에 따라 부채비율도 11%로 매우 낮아졌습니다. 

 

2. Condensed Consolidated Statements of Operations and Comprehensive Loss

(Unaudited, in thousands, except share and per share data)

			Three Months Ended September 30,												Nine Months Ended September 30,
			2021						2020						2021						2020
Revenue			$7,978						$4,223						$19,600						$11,519
Cost of sales			10,762						6,924						26,254						18,209
Gross loss			(2,784)						(2,701)						(6,654)						(6,690)
Operating expenses:
Research and development			25,890						10,152						59,813						28,268
Sales and marketing			5,868						2,332						12,010						5,407
General and administrative			35,603						6,611						65,113						16,116
Total operating expenses			67,361						19,095						136,936						49,791
Loss from operations			(70,145)						(21,796)						(143,590)						(56,481)
Other income (expense), net:
Change in fair value of warrant liabilities			17,072						(7,988)						(22,649)						(12,562)
Loss on extinguishment of debt			—						—						—						(866)
Interest expense and other			(374)						(1,076)						(860)						(2,097)
Interest income and other			843						(351)						1,744						(221)
Total other income (expense), net			17,541						(9,415)						(21,765)						(15,746)
Loss before benefit from income taxes			(52,604)						(31,211)						(165,355)						(72,227)
Benefit from income taxes			(1,264)						—						(1,262)						—
Net loss			$	(51,340)					$	(31,211)					$	(164,093)					$	(72,227)
Net loss attributable to common stockholders			$	(51,340)					$	(37,458)					$	(164,093)					$	(78,474)
Net loss per share attributable to common stockholders:
Basic and diluted			$	(0.15)					$	(0.29)					$	(0.48)					$	(0.61)
Shares used in computing net loss per share attributable to common stockholders:
Basic and diluted			352,122,485						130,601,660						341,858,435						129,643,774
Comprehensive Loss:
Net loss			$	(51,340)					$	(31,211)					$	(164,093)					$	(72,227)
Net unrealized gains (losses) on available-for-sale debt securities			93						(28)						66						(19)
Comprehensive loss			$	(51,247)					$	(31,239)					$	(164,027)					$	(72,246)

See accompanying notes to the unaudited condensed consolidated financial statements.

사람들이 주목해서 본 쪽은 오히려 매출쪽입니다. 작년 동기 대비 88% 상승한 7,978천달러 입니다. 아직 시가총액과 비교하면 보잘것 없는 매출이지만 상승폭이 높고, 아직 본격적으로 라이다를 대량생산하지 않았음에도 이 정도 수치가 나온다는 점에서 놀랄만 합니다.  

 

하지만 그래도 순손실이 늘어났고, 적자가 개선되지 않았다는 점에서 주가 상승 발목을 잡고 있습니다. 만약 적자까지 개선했다면 30%이상 올랐을 텐데 말이죠. 연구비용이 두배이상 증가했고 판관비도 큰폭으로 증가했습니다. 아무래도 대규모 영입(과, 큰 회사(엔비디아)들과 손잡는 과정에서 비용이 많이 들어간 것으로 추측됩니다. 

참고: https://canarygreen.tistory.com/351?category=945636 

[루미나] 2명의 재무 및 기술 전문가를 이사회에 영입

그래도 확실히 재무전문가가 영입되니 회사 재무상태가 눈에 띄게 좋아지는 것을 확인 할 수 있었습니다. 

 

3. Condensed Consolidated Statements of Cash Flows

 

(Unaudited, in thousands)

			Nine Months Ended September 30,
			2021						2020
Cash flows from operating activities:
Net loss			$	(164,093)					$	(72,227)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization			2,240						1,929
Noncash lease expense related to operating lease right-of-use assets			2,682						—
Change in fair value of warrants			22,649						12,562
Share-based compensation—vendor payments			2,744						—
Impairment of inventories			1,601						4,393
Loss on extinguishment of debt			—						866
Share-based compensation			49,887						4,710
Warranty related to sensors			1,239						—
Deferred taxes			(1,264)						—
Other			883						389
Changes in operating assets and liabilities:
Accounts receivable			5,748						723
Inventories			(6,658)						(3,206)
Prepaid expenses and other current assets			(16,971)						(3,571)
Other non-current assets			(88)						544
Accounts payable			3,330						2,462
Accrued and other current liabilities			5,910						2,885
Other non-current liabilities			(4,095)						(190)
Net cash used in operating activities			(94,256)						(47,731)
Cash flows from investing activities:
Cash received from acquisition of Optogration, Inc.			358						—
Purchases of marketable securities			(530,179)						(123,403)
Proceeds from maturities of marketable securities			306,907						8,465
Proceeds from sales of marketable securities			83,493						4,448
Purchases of property and equipment			(4,155)						(1,963)
Net cash used in investing activities			(143,576)						(112,453)
Cash flows from financing activities:
Proceeds from issuance of Series X convertible preferred stock			—						170,000
Issuance cost paid for Series X convertible preferred stock			—						(5,662)
Proceeds from the issuance of debt			—						31,910
Repayment of debt			(159)						(11,206)
Proceeds from exercise of warrants			153,927						—
Proceeds from exercise of stock options			4,738						—
Other financing activities			(345)						(1,238)
Net cash provided by financing activities			158,161						183,804
Net increase (decrease) in cash, cash equivalents and restricted cash			(79,671)						23,620
Beginning cash, cash equivalents and restricted cash			209,719						27,305
Ending cash, cash equivalents and restricted cash			$	130,048					$	50,925
Supplemental disclosures of cash flow information:
Cash paid for interest			$	53					$	2,013
Supplemental disclosures of noncash investing and financing activities:
Issuance of Class A common stock upon exercise of warrants			$	338,293					$	—
Operating lease right-of-use assets obtained in exchange for lease obligations upon adoption of ASC 842			10,849						—
Operating lease right-of-use assets obtained in exchange for lease obligations			2,876						—
Assets acquired under finance leases (capital lease prior to adoption of ASC 842)			—						43
Purchases of property and equipment recorded in accounts payable and accrued liabilities			543						313
Merger related expense recorded in accounts payable and accrued liabilities			—						3,669
Issuance cost for Series X preferred stock recorded in accounts payable			—						227

숫자가 큰 것들만 살펴보면 유가증권을 대량 구매한 것이 있습니다. (Purchases of marketable securities, (530,179))

Beginning cash, cash equivalents and restricted cash (현금성 자산 및 보증금)도 큰 폭으로 늘었습니다. 대량생산 시설을 위한 대규모 채권발행이나 다른 이슈가 있을 것으로 예상됩니다. 

 

그래도 연초 약속했던 것처럼(비지니스 업데이트에서 CEO 발언) 재무상태도 개선되고, 실적도 어느정도 나와줘서 다행입니다. 머스크처럼 쇼맨쉽은 없지만(없어도 됨) 착실한 CEO라 믿고 갈 수 있겠습니다.