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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________________ to __________________

Commission File Number: 001-39768

 

Berkshire Grey, Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

85-2994421

( State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

140 South Road

Bedford, MA

01730

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (833) 848-9900

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Class A Common Stock, par value $0.0001 per share

 

BGRY

 

The NASDAQ Stock Market LLC

Redeemable warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 per share

 

BGRYW

 

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

 

 

 

 

 

 

 

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ☒

As of November 10, 2022, the registrant had 233,296,411 shares of Class A common stock, par value $0.0001 per share, and 5,750,000 shares of Class C common stock, par value $0.0001 per share, issued and outstanding.

 

 


Table of Contents

 

 

 

Page

PART I.

FINANCIAL INFORMATION

1

Item 1.

Financial Statements (Unaudited)

1

 

Consolidated Balance Sheets

1

 

Consolidated Statements of Operations and Comprehensive Loss

2

 

Consolidated Statements of Mezzanine Equity and Stockholders’ Equity (Deficit)

3

 

Consolidated Statements of Cash Flows

5

 

Notes to Unaudited Consolidated Financial Statements

6

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

24

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

32

Item 4.

Controls and Procedures

32

PART II.

OTHER INFORMATION

34

Item 1.

Legal Proceedings

34

Item 1A.

Risk Factors

34

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

34

Item 3.

Defaults Upon Senior Securities

34

Item 4.

Mine Safety Disclosures

34

Item 5.

Other Information

34

Item 6.

Exhibits

35

Signatures

36

 

i


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

 

BERKSHIRE GREY, INC.

Consolidated Balance Sheets

(Unaudited)

(in thousands, except for share data)

 

 

 

September 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

77,616

 

 

$

171,089

 

Accounts receivable

 

 

7,132

 

 

 

13,291

 

Inventories, net

 

 

5,489

 

 

 

2,641

 

Deferred fulfillment costs (see Note 8 for related party transactions)

 

 

7,711

 

 

 

7,689

 

Prepaid expenses

 

 

4,947

 

 

 

5,138

 

Other current assets

 

 

7,113

 

 

 

5,078

 

Total current assets

 

 

110,008

 

 

 

204,926

 

Property and equipment, net

 

 

10,487

 

 

 

10,874

 

Operating lease right-of-use assets

 

 

7,710

 

 

 

 

Restricted cash

 

 

1,254

 

 

 

862

 

Other non-current assets

 

 

22

 

 

 

22

 

Total assets

 

$

129,481

 

 

$

216,684

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

8,774

 

 

$

6,766

 

Accrued expenses

 

 

9,180

 

 

 

15,659

 

Contract liabilities

 

 

14,875

 

 

 

19,216

 

Other current liabilities

 

 

1,017

 

 

 

146

 

Total current liabilities

 

 

33,846

 

 

 

41,787

 

Share-based compensation liability

 

 

3,335

 

 

 

15,435

 

Warrant liabilities

 

 

2,631

 

 

 

13,277

 

Operating lease liabilities, noncurrent

 

 

8,863

 

 

 

 

Other non-current liabilities

 

 

 

 

 

1,954

 

Total liabilities

 

$

48,675

 

 

$

72,453

 

Stockholders’ equity:

 

 

 

 

 

 

Common stock – Class A shares, $0.0001 par value; 385,000,000 shares authorized as of September 30, 2022 and December 31, 2021, 229,862,845 and 225,428,187 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively; Class C shares, par value $0.0001, 5,750,000 shares issued and outstanding as of September 30, 2022 and December 31, 2021

 

 

24

 

 

 

24

 

Additional paid-in capital

 

 

465,355

 

 

 

449,307

 

Accumulated deficit

 

 

(384,516

)

 

 

(305,084

)

Accumulated other comprehensive (loss)

 

 

(57

)

 

 

(16

)

Total stockholders’ equity

 

 

80,806

 

 

 

144,231

 

Total liabilities and stockholders’ equity

 

$

129,481

 

 

$

216,684

 

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

1


 

BERKSHIRE GREY, INC.

Consolidated Statements of Operations and Comprehensive Loss

(Unaudited)

(in thousands, except for share data)

 

 

 

For the Three Months Ended September 30,

 

 

For the Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue, net (see Note 8 for related party transactions)

 

$

23,597

 

 

$

18,794

 

 

$

52,537

 

 

$

27,262

 

Cost of revenue (see Note 8 for related party transactions)

 

 

24,811

 

 

 

21,543

 

 

 

57,918

 

 

 

31,481

 

Gross loss

 

 

(1,214

)

 

 

(2,749

)

 

 

(5,381

)

 

 

(4,219

)

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative expense

 

 

2,107

 

 

 

19,286

 

 

 

16,773

 

 

 

28,138

 

Sales and marketing expense

 

 

7,053

 

 

 

7,174

 

 

 

11,107

 

 

 

45,197

 

Research and development expense

 

 

17,413

 

 

 

17,745

 

 

 

56,683

 

 

 

45,797

 

Total operating expenses

 

 

26,573

 

 

 

44,205

 

 

 

84,563

 

 

 

119,132

 

Loss from operations

 

 

(27,787

)

 

 

(46,954

)

 

 

(89,944

)

 

 

(123,351

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income, net

 

 

23

 

 

9

 

 

 

36

 

 

 

23

 

Change in fair value of warrant liabilities

 

 

907

 

 

 

6,490

 

 

 

10,645

 

 

 

6,490

 

Other (expense), net

 

 

(12

)

 

 

(17

)

 

 

(110

)

 

 

(57

)

Net loss before income taxes

 

 

(26,869

)

 

 

(40,472

)

 

 

(79,373

)

 

 

(116,895

)

Income tax

 

 

13

 

 

 

28

 

 

 

59

 

 

 

40

 

Net loss

 

$

(26,882

)

 

$

(40,500

)

 

$

(79,432

)

 

$

(116,935

)

Other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

Net foreign currency translation adjustments

 

 

(17

)

 

 

 

 

 

(57

)

 

 

(5

)

Total comprehensive loss

 

$

(26,899

)

 

$

(40,500

)

 

$

(79,489

)

 

$

(116,940

)

Net loss per common share (Class A and C) – basic and diluted

 

$

(0.11

)

 

$

(0.22

)

 

$

(0.34

)

 

$

(1.52

)

Weighted average shares outstanding – basic and diluted

 

 

234,680,988

 

 

 

183,838,219

 

 

 

233,265,195

 

 

 

76,685,048

 

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

2


 

BERKSHIRE GREY, INC.

Consolidated Statements of Mezzanine Equity and Stockholders’ Equity (Deficit)

(Unaudited)

(in thousands, except share data)

 

 

 

Mezzanine equity

 

 

 

Common stock

 

 

Additional
paid-in

 

 

Accumulated

 

 

Accumulated
other
comprehensive

 

 

Total
stockholders’

 

 

 

Shares

 

 

Amount

 

 

 

Class A Shares

 

 

Amount

 

 

Class C Shares

 

 

Amount

 

 

capital

 

 

deficit

 

 

income (loss)

 

 

equity(deficit)

 

Balance – December 31, 2021

 

 

 

 

$

 

 

 

 

225,428,187

 

 

$

24

 

 

 

5,750,000

 

 

$

 

 

$

449,307

 

 

$

(305,084

)

 

$

(16

)

 

$

144,231

 

Proceeds from exercise of stock options

 

 

 

 

 

 

 

 

 

1,296,415

 

 

 

 

 

 

 

 

 

 

 

 

823

 

 

 

 

 

 

 

 

 

823

 

Reclassification of restricted stock to equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

706

 

 

 

 

 

 

 

 

 

706

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,408

 

 

 

 

 

 

 

 

 

4,408

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7

)

 

 

(7

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(23,566

)

 

 

 

 

 

(23,566

)

Balance – March 31, 2022

 

 

 

 

 

 

 

 

 

226,724,602

 

 

 

24

 

 

 

5,750,000

 

 

 

 

 

 

455,244

 

 

 

(328,650

)

 

 

(23

)

 

 

126,595

 

Proceeds from exercise of stock options and vesting of RSUs

 

 

 

 

 

 

 

 

 

1,323,313

 

 

 

 

 

 

 

 

 

 

 

 

1,005

 

 

 

 

 

 

 

 

 

1,005

 

Reclassification of restricted stock to equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,138

 

 

 

 

 

 

 

 

 

2,138

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,049

 

 

 

 

 

 

 

 

 

4,049

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17

)

 

 

(17

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(28,984

)

 

 

 

 

 

(28,984

)

Balance – June 30, 2022

 

 

 

 

 

 

 

 

 

228,047,915

 

 

 

24

 

 

 

5,750,000

 

 

 

 

 

 

462,436

 

 

 

(357,634

)

 

 

(40

)

 

 

104,786

 

Proceeds from exercise of stock options and vesting of RSUs

 

 

 

 

 

 

 

 

 

1,814,930

 

 

 

 

 

 

 

 

 

 

 

 

1,385

 

 

 

 

 

 

 

 

 

1,385

 

Reclassification of restricted stock to equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

400

 

 

 

 

 

 

 

 

 

400

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(582

)

 

 

 

 

 

 

 

 

(582

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(17

)

 

 

(17

)

FedEx warrant provision

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,716

 

 

 

 

 

 

 

 

 

1,716

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(26,882

)

 

 

 

 

 

(26,882

)

Balance – September 30, 2022

 

 

 

 

 

 

 

 

 

229,862,845

 

 

 

24

 

 

 

5,750,000

 

 

 

 

 

 

465,355

 

 

 

(384,516

)

 

 

(57

)

 

 

80,806

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance – December 31, 2020

 

 

28,207,674

 

 

$

223,442

 

 

 

 

3,623,109

 

 

$

3

 

 

 

 

 

$

 

 

$

17,578

 

 

$

(151,704

)

 

$

1