08/06/2024

Tempus Reports Second Quarter 2024 Results

CHICAGO, August 6, 2024 — Tempus AI, Inc. (NASDAQ: TEM), a technology company leading the adoption of AI to advance precision medicine and patient care, today reported financial results for the quarter that ended June 30, 2024, and provided recent business highlights.

  • Revenue increased 25% year-over-year to $166.0 million in the second quarter of 2024
  • Data licensing revenue growth accelerated to 40% year-over-year 
  • Expanded into the minimal residual disease (MRD) market with the launch of both tumor-naïve and tumor-informed assays
  • Established a joint venture with Softbank to enter the Japanese market 
  • Raised $410.7 million of gross proceeds in initial public offering 
  • Net Loss of ($552.2 million), largely driven by $493.1 million of stock compensation expense and related employer payroll taxes tied to initial public offering 
  • Adjusted EBITDA improved $12.7 million quarter-over-quarter to ($31.2 million)
  • Expect full year 2024 revenue of ~$700 million, which represents ~32% annual growth
  • For additional information on the quarter, including a letter from our CEO, please visit our investor relations site
“We continue to make great progress in deploying technology within healthcare as providers and life science companies are increasingly seeking AI solutions,” said Eric Lefkofsky, Founder and CEO of Tempus. “Given our expansive multimodal dataset, and our broad reach across thousands of connected healthcare providers, we are uniquely positioned to advance AI in diagnostics and accelerate the pace of algorithmic insights.”

Second Quarter 2024 Financial Results

Three months ended June 30,
2024 2023 Change
(in thousands, except percentages)
GAAP Results
Revenue $165,969 $132,417 25.3%
Genomics gross margin 39.2% 48.9% NM(1)
Data and services gross margin 58.7% 65.9% NM(1)
Operating expenses $609,005 $116,787 NM(1)
Net loss $(552,212) $(55,832) NM(1)
Non-GAAP Results
Non-GAAP Genomics gross margin 49.4% 48.9% 50 bps
Non-GAAP Data and services gross margin 72.4% 65.9% 650 bps
Non-GAAP Operating Expenses $134,742 $116,787 15.4%
Adjusted EBITDA $(31,186) $(36,967) 15.6%
1. Not meaningful due to the impact of including stock compensation expense and related employer payroll taxes
  • Genomics revenue of $112.3 million in the second quarter of 2024, an increase of $20.4 million or 22.2% over the second quarter of 2023.
  • Data and services revenue of $53.6 million in the second quarter of 2024, an increase of $13.2 million or 32.5% over the second quarter of 2023, including 40% growth in our Insights (data licensing) business.
  • Non-GAAP Genomics gross margin was 49.4% in the second quarter of 2024, compared to 48.9% in the second quarter of 2023.  
  • Non-GAAP Data and services gross margin was 72.4% in the second quarter of 2024, compared to 65.9% in the second quarter of 2023.
  • Net Loss of ($552.2 million), largely driven by $493.1 million of stock compensation and related employer payroll taxes tied to initial public offering.
  • Adjusted EBITDA ($31.2 million) in the second quarter of 2024, compared to ($43.9 million) in the first quarter of 2024.


Recent Operating Highlights

  • Announced the clinical launch of our MRD portfolio including Tempus’ xM tumor-naïve test and xM tumor-informed (NeXT Personal® Dx) test. 
  • Received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for the Tempus ECG-AF device that uses AI to help identify patients who may be at increased risk of atrial fibrillation/flutter (AF). 
  • Completed a Joint Venture Agreement with SoftBank, titled “SB Tempus,” to bring Tempus’ AI-enabled precision medicine solutions to Japan. 
  • Received Advanced Diagnostic Laboratory Test (ADLT) status from the Centers for Medicare & Medicaid Services (CMS) for Tempus’ next-generation sequencing assay, xT CDx.
  • Sold 11,100,000 shares of Class A common stock at $37 per share in initial public offering, raising $410.7 million of gross proceeds. 


Financial Outlook and Guidance

Tempus expects full year 2024 revenue of approximately $700 million, which represents approximately 32% year-over-year growth. The Company expects approximately ($105 million) in adjusted EBITDA, an improvement of approximately $50 million over 2023.

Webcast and Conference Call Information

A conference call and webcast will begin today, August 6, 2024 after market close at 4:30 p.m. Eastern Time. Interested parties may access details at:

The webcast may be accessed on the company’s investor relations website at investors.tempus.com. For those unable to listen to the live webcast, a recording will be made available on the company’s website after the event and will be accessible for one year. Visit the investor relations website to find the company’s latest deck, and commentary on the quarter by Eric Lefkofsky, Founder and CEO and Jim Rogers, CFO, which will be discussed on the conference call and webcast.

About Tempus

Tempus is a technology company advancing precision medicine through the practical application of artificial intelligence in healthcare. With one of the world’s largest libraries of multimodal data, and an operating system to make that data accessible and useful, Tempus provides AI-enabled precision medicine solutions to physicians to deliver personalized patient care and in parallel facilitates discovery, development and delivery of optimal therapeutics. The goal is for each patient to benefit from the treatment of others who came before by providing physicians with tools that learn as the company gathers more data. For more information, visit tempus.com.

Non-GAAP Financial Measures

In addition to the financial information presented in this release in accordance with accounting principles generally accepted in the United States of America (GAAP), Tempus also presents adjusted non-GAAP financial measures.

Non-GAAP gross profit is defined as GAAP gross profit, excluding stock-based compensation expense and employer payroll tax related to stock-based compensation (collectively, the “stock-based compensation adjustments”). Non-GAAP gross margin is defined as gross profit,  excluding the stock-based compensation adjustments, as a percentage of revenue. Non-GAAP operating expenses are calculated as the sum of technology research and development expense, research and development expense, and selling, general and administrative expense, excluding the stock-based compensation adjustments. Non-GAAP net income (loss) is defined as net income (loss), adjusted to exclude (i) losses on equity method investments, (ii) changes in fair value of our warrant liability, warrant asset, marketable equity securities, contingent consideration liabilities and indemnity-related holdback liabilities, and (iv) the payment of $2.3 million of our Series G-4 convertible preferred stock in connection with the initial public offering (the “G-4 Special Payment”). Non-GAAP net income (loss) per share is defined as adjusted net income (loss) divided by weighted average common shares outstanding, basic and diluted. 

Adjusted EBITDA is defined as net income (loss), adjusted to exclude (i) interest income, (ii) interest expense, (iii) depreciation and amortization, (iv) provision for (benefit from) income taxes, (v) losses on equity method investments, (vi) changes in fair value of our warrant liability, warrant asset, marketable equity securities, contingent consideration liabilities and indemnity-related holdback liabilities, (vii)  the stock-based compensation adjustments, and (Viii) the G-4 Special Payment. Adjusted EBITDA margin is calculated as adjusted EBITDA as a percentage of revenue.

Tempus believes these non-GAAP financial measures are useful to investors and others because they allow for additional information with respect to financial measures used by management in its financial and operational decision-making and they may be used by institutional investors and the analyst community to help them analyze the health of Tempus’ business. In particular, Adjusted EBITDA is a key measurement used by Tempus management to make operating decisions, including those related to analyzing operating expenses, evaluating performance, and performing strategic planning and annual budgeting. However, there are a number of limitations related to the use of non-GAAP financial measures, and these non-GAAP measures should be considered in addition to, not as a substitute for or in isolation from, our financial results prepared in accordance with GAAP. Other companies, including companies in our industry, may calculate these non-GAAP financial measures differently or not at all, which reduces their usefulness as comparative measures.

Tempus does not provide guidance for net loss, the most directly comparable GAAP measure to Adjusted EBITDA, and similarly cannot provide a reconciliation between its forecasted Adjusted EBITDA and net loss without unreasonable effort due to the unavailability of reliable estimates for certain components of net income and the respective reconciliations. These forecasted items are not within Tempus’ control, may vary greatly between periods and could significantly impact future financial results.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended, about Tempus and Tempus’ industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release are forward-looking statements, including, but not limited to, Tempus’ expected financial results for full year 2024; the contributions of Tempus’ research and findings to the larger scientific community and the use of Tempus’ products and services to advance clinical care for patients. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “going to,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” or the negative of these words or other similar terms or expressions. Tempus cautions you that the foregoing may not include all of the forward-looking statements made in this press release. 

You should not rely on forward-looking statements as predictions of future events. Tempus has based the forward-looking statements contained in this press release primarily on its current expectations and projections about future events and trends that it believes may affect Tempus’ business, financial condition, results of operations and prospects. These forward-looking statements are subject to risks and uncertainties related to: the intended use of Tempus’ products and services; Tempus’ financial performance; the ability to attract and retain customers and partners; managing Tempus’ growth and future expenses; competition and new market entrants; compliance with new laws, regulations and executive actions, including any evolving regulations in the artificial intelligence space; the ability to maintain, protect and enhance Tempus’ intellectual property; the ability to attract and retain qualified team members and key personnel; the ability to repay or refinance outstanding debt, or to access additional financing; future acquisitions, divestitures or investments; the potential adverse impact of climate change, natural disasters, health epidemics, macroeconomic conditions, and war or other armed conflict, as well as risks, uncertainties, and other factors described in the section titled “Risk Factors” in Tempus’ Final Prospectus filed with the Securities and Exchange Commission (“SEC”) on June 17, 2024, pursuant to Rule 424(b)(4) under the Securities Act, as well as in other filings Tempus may make with the SEC in the future, including its Quarterly Report on Form 10-Q for the quarter ended June 30, 2024. In addition, any forward-looking statements contained in this press release are based on assumptions that Tempus believes to be reasonable as of this date. Tempus undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.

Contacts

Tempus Communications

Erin Carron

media@tempus.com

Tempus Investor Relations

Elizabeth Krutoholow

elizabeth.krutoholow@tempus.com

H/Advisors Abernathy

Dan Scorpio

dan.scorpio@h-advisors.global

Source: Tempus AI, Inc.

Tempus AI, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(unaudited)
(in thousands, except per share amounts)

Three Months Ended June 30, Six Months Ended June 30,
2024 2023 2024 2023
Net revenue
Genomics $ 112,324 $ 91,924 $ 214,893 $ 173,982
Data and services 53,645 40,493 96,896 74,059
Total net revenue $ 165,969 $ 132,417 $ 311,789 $ 248,041
Cost and operating expenses
Cost of revenues, genomics 68,324 46,961 121,159 92,241
Cost of revenues, data and services 22,132 13,807 37,420 25,200
Technology research and development 77,908 23,427 104,975 46,329
Research and development 68,025 22,171 92,365 43,034
Selling, general and administrative 463,072 71,189 542,636 140,236
Total cost and operating expenses 699,461 177,555 898,555 347,040
Loss from operations $ (533,492) $ (45,138) $ (586,766) $ (98,999)
Interest income 1,718 1,957 2,749 4,381
Interest expense (13,295) (11,712) (26,533) (20,903)
Other (expense) income, net (7,048) (766) (6,299) 5,622
Loss before provision for income taxes $ (552,117) $ (55,659) $ (616,849) $ (109,899)
Provision for income taxes (95) (3) (106) (9)
Losses from equity method investments (170) (301)
Net loss $ (552,212) $ (55,832) $ (616,955) $ (110,209)
Dividends on Series A, B, B-1, B-2, C, D, E, F, G, G-3, and G-4 preferred shares (11,540) (10,897) (39,347) (21,566)
Cumulative Undeclared Dividends on Series C preferred shares (668) (745) (1,174) (1,466)
Net loss attributable to common shareholders, basic and diluted (564,420) (67,474) (657,476) (133,241)
Net loss per share attributable to common shareholders, basic and diluted $ (6.86) $ (1.07) $ (9.02) $ (2.11)
Weighted-average shares outstanding used to compute net loss per share, basic and diluted 82,325 63,286 72,930 63,257
Comprehensive Loss, net of tax
Net loss $ 552,212 $ 55,832 $ 616,955 $ 110,209
Foreign currency translation adjustment (43) 53 (99) 25
Comprehensive loss $ (552,255) $ (55,779) $ (617,054) $ (110,184)

Tempus AI, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
(in thousands, except share and per share amounts)

June 30, 2024 December 31, 2023
Assets
Current Assets $ 478,811 $ 165,767
Cash and cash equivalents    
Accounts receivable, net of allowances of $1,092 and $1,115 at June 30, 2024 and December 31, 2023, respectively 118, 106 94,462
Inventory 32,690 28,845
Warrant asset   800   5,070
Prepaid expenses and other current assets 29,704 17,295
Marketable equity securities 11,255 31,807
Deferred offering costs 7,085
Total current assets $ 671,366 $ 350,331
Property and equipment, net   60,539   61,681
Goodwill 73,345 73,354
Warrant asset, less current portion 1,500 4,930
Intangible assets, net   16,252   21,916
Investments and other assets 7,677 8,971
Warrant contract asset, less current portion 19,077 21,499
Operating lease right-of-use assets 13,994 20,530
Restricted cash 861 840
Total Assets $ 864,611 $ 564,052
 
Liabilities, Convertible redeemable preferred stock, and Stockholders’ equity (deficit)
Current liabilities 28,646 54,421
Account payable   85,185   82,517
Accrued expenses 50,905 64,860
Deferred revenue 7,273 8,213
Other current liabilities 5,828 $ 6,437
Accrued data licensing fees   3,727   6,382
Accrued dividends 9,797
Total current liabilities $ 181,564 $ 232,627
Operating lease liabilities, less current portion 27,238 32,040
Convertible promissory note   180,648   193,124
Warrant liability  33,600 34,500
Other long-term liabilities 16,790 19,751
Interest payable 62,608 55,321
Long-term debt, net   261,853   256,541
Deferred revenue, less current portion 2,059 16,768
Total Liabilities $ 766,360 $ 840,672
 
Commitments and contingencies (Note 7)
Convertible redeemable preferred stock, $0.0001 par value, no and 69,803,765 shares authorized at June 30, 2024 and December 31, 2023, respectively; no and 63,525,953 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively; aggregate liquidation preference of $0 and $1,130,429 at June 30, 2024 and December 31, 2023, respectively $ $ 1,105,543
 
Stockholders’ equity (deficit)
Class A Voting Common Stock, $0.0001 par value, 1,000,000,000 and 200,228,024 shares authorized at June 30, 2024 and December 31, 2023, respectively; 149,274,923 and 58,367,961 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively $ 15 $ 6
Class B Voting Common Stock, $0.0001 par value, 5,500,000 and 5,374,899 shares authorized at June 30, 2024 and December 31, 2023, respectively; 5,043,789 and no shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 1
Non-voting Common Stock, $0.0001 par value, no and 66,946,627 shares authorized at June 30, 2024 and December 31, 2023, respectively; no shares issued and outstanding at June 30, 2024, and 5,205,802 shares issued and 5,060,336 shares outstanding at December 31, 2023     0
Treasury Stock, 145,466 shares at June 30, 2024 and December 31, 2023, at cost (3,602) (3,602)
Additional Paid-In Capital 2,163,911 18,345
Accumulated Other Comprehensive (Loss) Income (94) 5
Accumulated deficit (2,061,980) (1,396,917)
Total Stockholders’ equity (deficit) $ 98,251 $ (1,382,163)
Total Liabilities, Convertible redeemable preferred stock, and Stockholders’ equity (deficit) $ 864,611 $ 564,052

Tempus AI, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited)
(in thousands, except per share amounts)

Six Months Ended June 30,
  2024 2023
Operating activities
Net loss $ (616,955) $ (110,209)
Adjustments to reconcile net loss to net cash used in operating activities    
Change in fair value of warrant liability $ (900) $ (5,700)
Stock-based compensation 488,313
Gain on warrant exercise   (173)  
Gain on marketable equity securities (2,541)
Amortization of original issue discount 691 489
Amortization of deferred financing fees 255 255
Change in fair value of contingent consideration 165
Amortization of warrant contract asset   2,422   3,307
Depreciation and amortization 18,348 16,185
Provision for bad debt expense 327 1,376
Change in fair value of warrant asset   7,700  
Loss from equity-method investments 301
Amortization of finance right-of-use lease assets 190
Non-cash operating lease costs 3,252 3,382
Minimum accretion expense 92 187
Impairment of intangible assets     7,359
PIK interest added to principal 4,366 297
Change in assets and liabilities
Accounts receivable    (23,971)   (6,850)
Inventory (3,845) (5,101)
Prepaid expenses and other current assets (12,409) (1,634)
Investments and other assets 1,294 (4,528)
Accounts payable (33,371) (4,195)
Deferred revenue   (28,669)   (19,974)
Accrued data licensing fees (2,749) (7,608)
Accrued expenses & other (2,805) 8,125
Interest payable   7,287   7,611
Operating net liabilities (4,582) (4,352)
Net cash used in operating activities $ (198,458) $ (121,087)
 
Investing activities
Purchases of property and equipment $ (14,116) $ (15,906)
Proceeds from sales of marketable equity securities   23,098  
Business combinations, net of cash acquired (Note 4) (2,869)
Net cash provided by (used in) investing activities $ 8,982 $
(18,775)
 
Financing activities
Proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions $ 381,951 $
Tax withholding related to net share settlement of restricted stock units   (69,918)  
Issuance of Series G-5 Preferred Stock 199,750
Principal payments on finance lease liabilities (192)
Purchase of treasury stock     (3,602)
Payment of deferred offering costs (2,714) (151)
Dividends paid (5,625) (5,625)
Proceeds from long-term debt, net of original issue discount 48,750
Payment of indemnity holdback related to acquisition (813)
Net cash provided by financing activities $ 502,631 $ 39,180
Effect of foreign exchange rates on cash $ (90) $ 28
Net increase (decrease) in Cash, Cash Equivalents and Restricted Cash $ 313,065 $ (100,654)
Cash, cash equivalents and restricted cash, beginning of period 166,607 303,731
Cash, cash equivalents and restricted cash, end of period  $ 479,672  $ 203,077
Cash, Cash Equivalents and Restricted Cash are Comprised of:
Cash and cash equivalents $ 478,811 $ 202,266
Restricted cash and cash equivalents   861   811
Total cash, cash equivalents and restricted cash $ 479,672 $ 203,077
Supplemental disclosure of cash flow information
Cash paid during the year for interest $ 13,921 $ 5,691
Cash paid for income taxes $ 89 $ 41
 
Supplemental disclosure of noncash investing and financing activities
Dividends payable $ 5,487 $ 4,545
Purchases of property and equipment, accrued but not paid $ 1,108 $ 2,952
Deferred offering costs, accrued but not yet paid $ 6,051 $ 2,917
Redemption of convertible promissory note $ 12,476 $ 13,926
Non-voting common stock issued in connection with business combinations $
344 $ 4,305
Operating lease liabilities arising from obtaining right-of-use assets $ $ 892
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering $ 1,348,809 $
Taxes related to net share settlement of restricted stock units not yet paid $ 164 $
Reclassification of deferred offering costs to additional paid-in capital upon initial public offering $ 12,347 $
Issuance of Series G-3 Preferred Stock $ 3,809 $ 2,738
Issuance of Series G-4 Preferred Stock $ 611 $

Tempus AI, Inc.

Reconciliation of GAAP to Non-GAAP Financial Measures
(unaudited)
(in thousands, except percentages and per share amounts)

Genomics Gross Profit & Gross Margin

  Three Months Ended June 30, Six Months Ended June 30,
 
  2024 2023 2024 2023
Genomics revenue $ 112,324 $ 91,924 $ 214,893 $ 173,982
Cost of revenues, genomics   68,324   46,961   121,159   92,241
Gross profit, genomics $ 44,000 $ 44,963 $ 93,734 $ 81,741
Stock-based compensation expense   11,327     11,327  
Employer payroll tax related to stock-based compensation   136   –    136   – 
Non-GAAP gross profit, genomics $ 55,463 $ 44,963 $ 105,197 $ 81,741
 
Genomics gross margin 39.2% 48.9% 43.6% 47.0%
Stock-based compensation expense   10.1%   0.0%   5.3%   0.0%
Employer payroll tax related to stock-based compensation 0.1% 0.0% 0.1% 0.0%
Non-GAAP gross margin, genomics   49.4%   48.9%   49.0%   47.0%

Data and Services Gross Profit & Gross Margin

  Three Months Ended June 30, Six Months Ended June 30,
 
  2024 2023 2024 2023
Data and services revenue $ 53,645 $ 40,493 $ 96,896 $ 74,059
Costs of revenues, data and services   22,132   13,807   37,420   25,200
Gross profit, data and services $ 31,513 $ 26,686 $ 59,476 $ 48,859
Stock-based compensation expense   7,229     7,229  
Employer payroll tax related to stock-based compensation   119   –    119    
Non-GAAP gross profit, data and services $ 38,861 $ 26,686 $ 66,824 $ 48,859
 
Gross margin, data and services   58.7%   65.9%   61.4%   66.0%
Stock-based compensation expense   13.5%   0.0%   7.5%   0.0%
Employer payroll tax related to stock-based compensation   0.2%   0.0%   0.1   0.0%
Non-GAAP gross margin, data and services   72.4%   65.9%   69.0%   66.0%

Total Gross Profit & Gross Margin

  Three Months Ended June 30, Six Months Ended June 30,
 
  2024 2023 2024 2023
Net revenue $ 165,969 $ 132,417 $ 311,789 $ 248,041
Costs of revenues   90,456   60,768   158,579   117,441
Gross profit $ 75,513 $ 71,649 $ 153,210 $ 130,600
Stock-based compensation expense   18,556     18,556  
Employer payroll tax related to stock-based compensation   255   –    255    
Non-GAAP gross profit  $ 94,324 $ 71,649 $ 172,021 $ 130,600
 
Gross margin   45.5%   54.1%   49.1%   52.7%
Stock-based compensation expense   11.2%   0.0%   6.0%   0.0%
Employer payroll tax related to stock-based compensation   0.0%   0.0%   0.1%   0.0%
Non-GAAP gross margin   56.8%   54.1%   55.2%   52.7%

Operating Expenses

  Three Months Ended June 30, Six Months Ended June 30,
 
  2024 2023 2024 2023
Technology research and development $ 77,908 $ 23,427 $ 104,975 $ 46,329
Stock-based compensation expense   50,434     50,434  
Employer payroll tax related to stock-based compensation 1,248 1,248
Non-GAAP technology research and development $ 26,226 $ 23,427 $ 53,293 $ 46,329
 
Research and development $ 68,025 $ 22,171 $ 92,365 $ 43,034
Stock-based compensation expense 42,233 42,233 – 
Employer payroll tax related to stock-based compensation 676 676
Non-GAAP research and development $ 25,116 $ 22,171 $ 49,456 $ 43,034
 
Selling, general and administrative $ 463,072 $ 71,189 $ 542,636 $ 140,236
Stock-based compensation expense   377,090   –    377,090   – 
Employer payroll tax related to stock-based compensation 2,582 2,582
Non-GAAP selling, general and administrative $ 83,400 $ 71,189 $ 162,964 $ 140,236
 
Operating expenses $ 609,005 $ 116,787 $ 739,976 $ 229,599
Stock-based compensation expense 469,757 469,757
Employer payroll tax related to stock-based compensation 4,506 4,506
Non-GAAP operating expenses 134,742 116,787 265,713 229,599 

Earnings per Share

  Three Months Ended June 30, 2024 Six Months Ended June 30, 2024
 
Net loss $ (552,212) $ (616,955)
Fair market changes(1)   4,870   4,280
Stock-based compensation expense 488,313 488,313
Employer payroll tax related to stock-based compensation from IPO 4,762 $ 4,762
G-4 Special Payment   2,250    2,250
Non-GAAP net loss $ (52,017) $ (117,350)
Non-GAAP net loss per share $ (0.63) $ (1.61)
Weighted average common shares outstanding, basic and diluted 82,325 72,930
1. Fair value changes include gains and losses related to quarterly fair value adjustments of our warrant liability, warrant asset, marketable equity securities, contingent consideration liabilities, and indemnity-related holdback liabilities.
Adjusted EBITDA
  Three Months Ended June 30, Six Months Ended June 30,
 
  2024 2023 2024 2023
Net loss $ (552,212) $ (55,832) $ (616,955) $ (110,209)
Interest income   (1,718)   (1,957)   (2,749)   (4,381)
Interest expense 13,295 11,712 26,533 20,903
Depreciation 6,415 5,194 12,684 10,254
Amortization   2,744   3,043    5,664   5,931 
Provision for income taxes 95 3 106 9
EBITDA $ (531,381) $ (37,837) $ (574,717) $ (77,493)
Loses on equity method investments     170     301
Fair market changes(1) 4,870 700 4,280 (5,700)
Stock-based compensation expense 488,313 488,313
Employer payroll tax related to stock-based compensation   4,762   –    4,762   – 
G-4 Special Payment 2,250 2,250
Adjusted EBITDA $ (31,186) $ (36,967) $ (75,112) $ (82,892)
1. Fair value changes include gains and losses related to quarterly fair value adjustments of our warrant liability, warrant asset, marketable equity securities, contingent consideration liabilities, and indemnity-related holdback liabilities.

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