Fast Radius Reports First Quarter 2022 Results, Raises 2022 Revenue Outlook
CHICAGO, May 12, 2022 (GLOBE NEWSWIRE) -- Fast Radius, Inc. (“Fast Radius”) (Nasdaq: FSRD), a cloud manufacturing and digital supply chain company, reported financial results for the first quarter ended March 31, 2022.
First Quarter 2022 Financial Summary
“In the first quarter, we grew revenue by 65% compared to the year ago period, driven by increased demand from new and existing customers,” said Lou Rassey, Co-Founder and CEO of Fast Radius. “Our performance further demonstrates that customers need new, more flexible and more sustainable digital manufacturing and supply chain solutions, and we believe that Fast Radius is well-positioned to meet that demand. Accordingly, we’re pleased to raise our full year revenue outlook to a range of $29 million to $34 million, which would represent an increase of 45% to 70% year over year.
Importantly, we are pleased to have secured additional equity financing. We believe this is a helpful step and provides incremental flexibility as we work to obtain additional capital this year. As we move into the second quarter and beyond, we are focused on building on our momentum from our cloud-based manufacturing platform, including the recently launched Studio software tools. We are continuing to enhance our software and solutions, build out our customer base and user community, and grow our supplier network to expand our on-demand marketplace offering. As we focus on these discrete areas, we anticipate helping more companies bring products to market more flexibly, sustainably, and cost effectively.”
2022 Revised Outlook
For the full year 2022, Fast Radius is increasing its revenue guidance and expects revenue to be within the range of $29 million to $34 million. Adjusted EBITDA loss is expected to be within the range of $72 million to $65 million.
On May 11, 2022, Fast Radius entered into a purchase agreement and registration rights agreement with Lincoln Park Capital (“Lincoln Park”), a Chicago-based institutional investor, whereby, over a 24-month period, Fast Radius will have the right and the sole discretion to sell to Lincoln Park up to $30 million worth of common stock. Any proceeds realized may be used at Fast Radius’ discretion and are available on an as-needed basis, subject to the terms and conditions of the agreements, market conditions and other factors, providing Fast Radius with additional liquidity.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy any shares of common stock, nor shall there be any sale of shares of common stock in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
Conference Call Details:
The conference call and a supplemental slide presentation to accompany management’s prepared remarks will be available via the webcast link and for download via the investor relations section of Fast Radius’ website at ir.fastradius.com.
For the conference call, please dial-in 5-10 minutes prior to the start time and an operator will register your name and organization, or you can register here. If you have any difficulty connecting with the conference call, please contact Gateway at (949) 574-3860.
About Fast Radius, Inc.
Non-GAAP Financial Measures
For the quarter ended March 31, 2022, special items include the change in fair value of warrant liabilities, the change in fair value of derivative liabilities and transaction costs. These items are excluded because they are highly variable or unusual and of a size that may substantially impact Fast Radius’ reported operations for a period. Additionally, stock-based compensation expense is excluded as a special item to facilitate an evaluation of current and past operating performance and is consistent with how management and Fast Radius’ board of directors assess performance.
Non-GAAP financial measures may enhance an understanding of Fast Radius’ operations and may facilitate an analysis of those operations, particularly in evaluating performance from one period to another. Management believes that non-GAAP financial measures, when used in conjunction with the results presented in accordance with U.S. GAAP and the reconciliations to corresponding U.S. GAAP financial measures, may enhance an investor’s overall understanding of Fast Radius’ past financial performance and prospects for the future. Accordingly, management uses these non-GAAP measures internally in financial planning. This information should be considered in addition to, and not as substitutes for, information prepared in accordance with U.S. GAAP.
Fast Radius is unable to present a quantitative reconciliation to the most directly comparable U.S. GAAP measure for the forward-looking non-GAAP financial measure used in this presentation without unreasonable effort as certain items that impact this measure, such as the potential impact of future business or asset acquisitions or dispositions, the changes in the fair value of financial instruments or other unusual or infrequently occurring items that may occur later in 2022 have not yet occurred, are sometimes out of Fast Radius’ control and cannot be predicted.
Cautionary Statement Regarding Forward-Looking Statements
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