We offer a wide and growing range of manufacturing technologies, including additive manufacturing (often referred to as 3D printing), CNC machining, injection molding, sheet metal, urethane casting, and other manufacturing methods. We offer these manufacturing capabilities through our own micro-factories as well as a network of curated third-party suppliers.

Concurrently with the execution of the Merger Agreement, ENNV entered into subscription agreements (collectively, the "Subscription Agreements"), with certain third-party investors, including, among others, UPS, Palantir and the Sponsor (the "PIPE Investors"),

Interest expense, including amortization of debt issuance costs The increase in interest expense was primarily attributable to higher outstanding debt levels in 2022 compared to 2021. Refer to Note 5 for additional information related to indebtedness.

We define "EBITDA" as net loss plus interest expense, income tax expense, depreciation and amortization expense.

To provide investors with additional information regarding our financial results, we are presenting EBITDA and Adjusted EBITDA, non-GAAP financial measures, in the table below along with a reconciliation to net loss, the most directly comparable measure calculated and presented in accordance with GAAP.

Adjusted EBITDA We consider Adjusted EBITDA to be an important measure because it helps illustrate underlying trends in our business and our historical operating performance on a more consistent basis.

In addition, Adjusted EBITDA has limitations as an analytical tool, including:

Adjusted EBITDA does not include the dilution that results from stock-based compensation or any cash outflows included in stock-based compensation, including from our purchases of shares of outstanding common stock;

Adjusted EBITDA does not reflect tax payments that may represent a reduction in cash available to us; and other companies may calculate Adjusted EBITDA differently, which reduces its usefulness as a comparative measure.

Transaction costs are costs for advisory, consulting, accounting and legal expenses in connection with the Business Combination as well as certain bonuses to employees that were contingent on the closing of the Business Combination.

The following table provides a reconciliation of net loss, the most closely comparable GAAP financial measure, to EBITDA and Adjusted EBITDA:

As of March 31, 2022, we had $28.9 million in debt, net of discounts and issuance costs, outstanding.

Cash Flows The following table sets forth a summary of cash flows for the three months ended March 31, 2022 and 2021:

Off-Balance Sheet Arrangements As of March 31, 2022 and December 31, 2021, we did not have any off-balance sheet arrangements, as defined in Regulation S-K, Item 303(a)(4)(ii).

© Edgar Online, source Glimpses