Otonomo Reports Fourth Quarter and Full Year 2021 Financial Results
HERZLIYA,
Otonomo Full Year & Q4 2021 Financial Highlights
- Total Revenue for the fourth quarter was
$1.1 million compared to$212 thousand , in the fourth quarter 2020 - Revenue for the full year 2021 was
$1.7 million , compared to$394 thousand in 2020 - GAAP operating loss for the fourth quarter was
$16.2 million . GAAP operating loss for the same period in 2020 was$4.6 million . The increase is attributed to the acquisition of Neura, a growing number of employees, and expenses related to becoming a publicly traded company. - Non-GAAP operating loss for the fourth quarter was
$13.8 million . Non-GAAP operating loss for the same period in 2020 was$4.3 million . - Cash and cash equivalents and restricted cash as of
December 31, 2021 , was$208.1 million .
For information regarding the Non-GAAP financial measures discussed in this release, as well as a reconciliation of such Non-GAAP financial measures to the most directly comparable GAAP financial measures, please see “Use of Non-GAAP Financial Information” and “Reconciliation of GAAP to Non-GAAP Financial Information.”
Full Year Key Performance Indicators
- 6 OEM contracts signed during 2021 that brought us to 22 total contracts
- 50 million addressable connected vehicles
- More than 370 billion data points processed in 2021
Management’s Remarks
“During 2021, we laid the infrastructure to offer solutions for the Mobility-as-a Service, Smart City, Electric Vehicle, Fleet and Transportation sectors. We successfully signed 6 new OEM agreements, expanding the total number to 22, fortifying our strong position as a neutral mobility intelligence platform. We are proud of the growing number of new partnerships that we were able to announce, coupled with our diversified client base across platforms, geographies and use cases,” commented
“As we focused on scaling our go-to-market strategy, we doubled our employee base, and added several industry veterans to our leadership team with broad business experience. We are already seeing the positive impact of these hires on our business.”
“Additionally, we finalized the Neura acquisition during the fourth quarter, and successfully integrated Neura’s patented AI and machine learning capabilities into our offerings, while expanding our total addressable market and targeting the larger mobility ecosystem.”
“I am excited for all the opportunities in 2022 and beyond,”
2022 Guidance
In 2022,
* * * *
Conference Call
Otonomo’s management will host a conference call to discuss the fourth quarter and full year 2021 financial results today,
Participants can choose to view the session via a live webcast from a link on Otonomo’s website at https://edge.media-server.com/mmc/p/wh5qtrn8.
Participants can also choose to call in. They will receive a unique dial-in number upon registration, which will enable immediate access on the day of the call. Please begin by placing your call 10 minutes before the conference call commences. If you are unable to connect using the toll-free number, please try the international dial-in number. Participants may pre-register at any time, including up to and after the call start time.
A replay of the conference call will be available from
About Otonomo
More information is available at otonomo.io
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Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the services offered by
Use of Non-GAAP Financial Information
In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP,
UNAUDITED OTONOMO TECHNOLOGIES LTD. CONSOLIDATED BALANCE SHEET
(in $ thousands)
As of |
|||
2021 | 2020 | ||
Assets | |||
Current assets | |||
Cash and cash equivalents, short-term investments and restricted cash | 208,080 | 27,784 | |
Account receivables and other receivables | 4,334 | 314 | |
Total current assets | 212,414 | 28,098 | |
Non-current assets | |||
Other long-term assets | 254 | 202 | |
Property and equipment, net | 726 | 625 | |
46,483 | - | ||
Total non-current assets | 47,463 | 827 | |
Total assets | 259,877 | 28,925 | |
Liabilities, redeemable convertible preferred shares and shareholders' equity (deficit) | |||
Current liabilities | |||
Account payables and other payables | 9,353 | 2,998 | |
Deferred revenue | 11 | 265 | |
Warrants for redeemable convertible preferred shares | - | 7,731 | |
Total current liabilities | 9,364 | 10,994 | |
Non-current liabilities | |||
Warrants for ordinary shares | 1,924 | - | |
Total non-current liabilities | 1,924 | - | |
Redeemable convertible preferred shares | - | 77,702 | |
Shareholders’ equity (deficit) | 248,589 | (59,771) | |
Total liabilities, and Shareholders’ equity (deficit) | 259,877 | 28,925 | |
UNAUDITED OTONOMO TECHNOLOGIES LTD. CONSOLIDATED STATEMENTS OF OPERATIONS
(in $ thousands)
Three-month Period ended | |||
2021 | 2020 |
Revenue | 1,066 | 212 | |
Costs of revenue and operating expenses: | |||
Cost of revenue | 299 | 243 | |
Cloud infrastructure (*) | 1,075 | 297 | |
Research and development | 4,844 | 2,105 | |
Sales and marketing | 4,348 | 1,386 | |
General and administrative | 6,182 | 786 | |
Amortization and depreciation | 566 | 33 | |
Total cost of revenue and operating expenses | 17,314 | 4,850 | |
Loss from operations | (16,248) | (4,638) | |
(*) Cloud infrastructure consists primarily of expenses related to the cost to a third-party cloud service provider to deliver our platform to our users and for internal use.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
(in $ thousands)
Three-months Period Ended | |||
2021 | 2020 |
GAAP operating Loss | (16,248) | (4,638) | |
Share-based compensation (1) | 1,850 | 321 | |
Amortization and depreciation (2) | 566 | 33 | |
2,416 | 354 | ||
Non-GAAP operating Loss | (13,832) | (4,284) |
|
|||
Research and development | 378 | 174 | |
Sales and marketing | 469 | 62 | |
General and administrative | 1,003 | 85 | |
1,850 | 321 |
|
|||
Technology amortization | 537 | - | |
Depreciation of property and equipment | 29 | 33 | |
566 | 33 |

Source: OTONOMO TECHNOLOGIES LTD