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    Near Intelligence Announces First Quarter 2023 Financial Results

    5/15/23 4:15:00 PM ET
    $NIR
    EDP Services
    Technology
    Get the next $NIR alert in real time by email

    Q1 2023 revenue of $15.5 million, up 10% year-over-year and slightly above the guidance range

    Near Intelligence, Inc. (NASDAQ:NIR) ("Near," "we," "our," "us" or the "Company"), a global leader in privacy-led data intelligence on people, places and products, today announced financial results for the first quarter ended March 31, 2023.

    "In the first quarter of 2023, we executed well on our go-to-market strategy, adding new logos across the geographies we serve and expanding our offerings within many of our existing customers. As expected, year-over-year revenue growth was 10%, slightly above the guidance range, and we believe it will accelerate throughout the year," said Anil Mathews, CEO of Near. "I believe that Near is well-positioned to continue to deliver products that our customers rely on to provide insights that help them make better decisions. Looking to the future, we believe our high-quality data, coupled with generative AI, will allow our customers to get the maximum value out of data without sacrificing privacy."

    First Quarter 2023 Financial Highlights

    • Revenue: Total revenue for the first quarter of 2023 was $15.5 million, up 10% from total revenue of $14.1 million in the first quarter of 2022.
    • Gross Profit: GAAP gross profit for the first quarter of 2023 was $10.4 million, and GAAP gross margin for the first quarter of 2023 was 67%.
    • Operating Expenses: GAAP operating expenses for the first quarter of 2023 were $32.7 million.
    • Operating Income/(Loss): GAAP operating loss for the first quarter of 2023 was $22.3 million.
    • Net loss: GAAP net loss for the first quarter of 2023 was $19.2 million.
    • Adjusted EBITDA: Adjusted EBITDA1 was $(7.0) million in the first quarter of 2023.
    • Net Revenue Retention: Net Revenue Retention for the first quarter of 2023 was 110%.

    Recent Business Highlights

    • Expanded its multi-year relationship with Yahoo! Australia. Since 2020, its relationship with Yahoo! Australia has expanded into additional geographies that Yahoo! serves. Near's solutions serve as a measurement tool for Yahoo APAC properties, helping the customer to demonstrate increased value across its online properties.
    • Completed its business combination (the "Business Combination") with KludeIn I Acquisition Corp. on March 23, 2023, and its common stock and warrants began trading on Nasdaq under NIR and NIRWW, respectively, on March 24, 2023.

    1

    Adjusted EBITDA is a non-GAAP financial measure. Please see the discussion below under the heading "Use of Non-GAAP Financial Measures" and the reconciliation at the end of this release for additional information concerning non-GAAP financial measures.

    Financial Outlook

    Near is providing guidance for its second quarter and full year 2023 as follows:

    • Second Quarter 2023 Guidance: Total revenue is expected to be in the range of $17.5 million to $18.0 million. Adjusted EBITDA is expected to be approximately $(5.5) million.
    • Full Year 2023 Guidance: Total revenue is projected to be approximately $81.0 million, or approximately 35% year-over-year growth. Adjusted EBITDA is expected to be approximately $(14.0) million.

    Quarterly Conference Call

    Near will host a conference call today, May 15, 2023, to review its first quarter 2023 financial results and to discuss its financial outlook. The call is scheduled to begin at 5:00 p.m. ET. Investors are invited to join the webcast by visiting investors.near.com. The webcast will be available live, and a replay will be available following the completion of the live broadcast for approximately 90 days.

    About Near

    Near, a global, full-stack data intelligence software-as-a-service ("SaaS") platform curates one of the world's largest sources of intelligence on people, places, and products. The Near platform's patented technology processes data from an estimated 1.6 billion unique user IDs and 70 million points of interest in more than 44 countries. Near's data and insights empower marketing and operations teams to understand consumers' online and offline behaviors, affinities, and attributes in order to engage them and grow their businesses. With a presence in Los Angeles, Paris, Bangalore, Singapore, Sydney, and Tokyo, Near serves scaled enterprises in retail, real estate, restaurant/QSR, travel/tourism, telecom, and financial services. For more information, please visit https://near.com.

    Additional information about Near is available at investors.near.com. The Company plans to routinely post important information on that site.

    Use of Non-GAAP Financial Measures

    To supplement our financial information presented in accordance with generally accepted accounting principles in the United States ("GAAP"), we present adjusted EBITDA, which is a non-GAAP financial measure, in this press release and on the related teleconference call. We use adjusted EBITDA internally in analyzing our financial results and believe it is useful to investors, as a supplement to GAAP measures, in evaluating our ongoing operational performance. The adjustments to our current period GAAP results are made with the intent of providing both management and investors a more complete understanding of our underlying operating results and trends and our marketplace performance. Management believes the non-GAAP results are an indication of our baseline performance that are considered by management for the purpose of making operational decisions. In addition, the non-GAAP results are the primary indicators management uses as a basis for our planning and forecasting of future periods. We believe that the use of adjusted EBITDA provides an additional tool for investors to use in evaluating ongoing operating results and trends, and in comparing our financial results with other companies in our industry, many of which present similar non-GAAP financial measures to investors.

    Non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, you should not consider non-GAAP financial measures in isolation, or as a substitute for the consolidated statements of income data prepared in accordance with GAAP. The non-GAAP financial measures that we present may not be comparable to similarly titled measures of other companies and other companies may not calculate such measures in the same manner as we do.

    Adjusted EBITDA is defined as net loss, plus depreciation and amortization, stock-based compensation expense for restricted stock units, interest expense, changes in fair value of warrant liabilities, other expenses (income), provision for income taxes, and certain one-time expenses related to the Business Combination.

    We have not reconciled the forward-looking adjusted EBITDA ranges discussed on the teleconference call to net income (loss), because applicable information for future periods, on which this reconciliation would be based, is not readily available due to uncertainty regarding, and the potential variability of, depreciation and amortization, interest expense, provision for income taxes and other items. Accordingly, a reconciliation of the forward-looking adjusted EBITDA ranges to net income (loss) is not available at this time without unreasonable effort.

    Key Performance Metric – Net Revenue Retention

    The key performance measure that management uses to help it evaluate the health of our business, identify trends affecting its growth, formulate goals and objectives and make strategic decisions is Net Revenue Retention ("NRR"). NRR is a metric that measures recurring revenue generated from existing customers over a set period of time and is used to monitor the sustainability of revenue growth. NRR calculates the percentage of revenue retained from existing customers over the specified period of time, including upgrades, downgrades, cross selling, and cancellations by such customers. Because NRR only looks at an existing cohort of customers over a period of time and not new customer sales, management believes it is a true reflection of aggregated revenue growth and the core key performance measure we use to measure usage and engagement across our platform. NRR is increased by account expansion and lowered by account downgrades and churn. We calculate NRR by dividing the last twelve months of subscription revenue from the relevant reporting period by the revenue from that same customer group a year earlier. NRR of greater than 100% means aggregated revenue from the existing customer base is expanding, while NRR of less than 100% shows revenue from that customer base is lowering.

    We continually strive to drive higher NRR by focusing on customer needs during the sales process and dedicating customer service resources to engage the customer and ensure the platform is fulfilling their existing needs, while looking for ways in which to expand their usage going forward.

    Forward-Looking Statements

    This press release contains "forward-looking statements" for purposes of the federal securities laws. Forward-looking statements are any statements that look to future events and include, but are not limited to, statements regarding our business strategy; anticipated future operating results and operating expenses, cash flows, capital resources, and liquidity; trends, opportunities and risks affecting our business, industry and financial results; the expected benefits of use of our solutions; future expansion or growth plans and potential for future growth; our ability to attract new clients to purchase our solutions; market acceptance of our solutions; the sufficiency of our existing cash and cash equivalents to meet our working capital and capital expenditure needs over the next 12 months; acquisitions; and our expectations or beliefs concerning future events. In addition, the words "anticipates," "appear," "approximate," "believe," "continue," "could," "estimate," "expect," "foresee," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "seek," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are neither historical facts nor assurances of future performance, and are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Therefore, you should not place undue reliance on these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) our ability to generate sufficient revenue to achieve and sustain profitability; (ii) the impact of existing events of default under our financing arrangements, which could have a material adverse effect on our financial condition, results of operations and prospects; (iii) our ability to attract new customers or retain existing customers; (iv) our reliance on a limited number of customers for a significant portion of our revenue; (v) we may be unable to accurately predict our future capital needs, and we may not be able to obtain additional financing to fund our operations on favorable terms; (vi) substantial regulation and the potential for unfavorable changes to, or our failure to comply with, these regulations, which could substantially harm our business and operating results; (vii) the level of demand for and market utilization of our solutions and products; (viii) developments and projections relating to our competitors and industry; (ix) our management team's limited experience managing a public company; (x) the possibility that we need to defend ourselves against fines, penalties and injunctions if we are determined to be promoting products for unapproved uses; (xi) our dependency upon third-party service providers for certain technologies; (xii) our ability to maintain the listing of our common stock or public warrants on Nasdaq; (xiii) the risk that our significant increased expenses and administrative burdens as a public company could have an adverse effect on our business, financial condition and results of operations; and (xiv) the other risks and uncertainties identified in our SEC filings. These forward-looking statements are based on information available as of the date hereof and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

    Near Intelligence, Inc. and Subsidiaries

    Unaudited Condensed Consolidated Balance Sheets

    (in thousands, except per share data and share count)

     

     

     

    As of

    March 31,

    2023

     

    As of December 31,

    2022

    Assets

     

     

     

     

    Current assets

     

     

     

     

    Cash and cash equivalents

     

     

    15,885

     

     

     

    16,600

     

    Restricted cash

     

     

    40,644

     

     

     

    44,398

     

    Accounts receivable, net of allowance for credit losses of $3,377, and $3,418 as of March 31, 2023 and December 31, 2022, respectively

     

     

    25,234

     

     

     

    26,011

     

    Prepaid expenses and other current assets

     

     

    3,376

     

     

     

    4,963

     

    Total current assets

     

     

    85,139

     

     

     

    91,973

     

     

     

     

     

     

     

     

    Property and equipment, net

     

     

    3,700

     

     

     

    4,659

     

    Operating lease right-of-use assets

     

     

    3,848

     

     

     

    4,038

     

    Goodwill

     

     

    62,073

     

     

     

    61,995

     

    Intangible assets, net

     

     

    9,085

     

     

     

    10,689

     

    Other assets

     

     

    2,969

     

     

     

    2,882

     

    Total assets

     

     

    166,815

     

     

     

    176,236

     

     

     

     

     

     

     

     

    Liabilities, redeemable convertible preferred shares and stockholders' deficit

     

     

     

     

     

     

     

     

     

     

     

     

     

    Current liabilities:

     

     

     

     

     

     

    Current portion of long-term borrowings

     

     

    5,197

     

     

     

    2,783

     

    Accounts payable

     

     

    26,015

     

     

     

    9,992

     

    Accrued expenses and other current liabilities

     

     

    23,153

     

     

     

    20,004

     

    Current portion of operating lease liabilities

     

     

    1,004

     

     

     

    937

     

    Total current liabilities

     

     

    55,369

     

     

     

    33,716

     

     

     

     

     

     

     

     

    Convertible debentures

     

     

    4,027

     

     

     

    -

     

    Long-term borrowings, less current portion

     

     

    86,050

     

     

     

    85,564

     

    Long-term operating lease liabilities

     

     

    3,069

     

     

     

    3,299

     

    Derivative liabilities

     

     

    11,705

     

     

     

    16,766

     

    Other liabilities

     

     

    432

     

     

     

    731

     

    Total liabilities

     

     

    160,652

     

     

     

    140,076

     

     

     

     

     

     

     

     

    Redeemable convertible preferred shares

     

     

     

     

     

     

    Redeemable convertible preferred shares, no par value, 307,298,151, and 307,298,151 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively; redemption amount of $253,045,305, and $253,045,305 as of March 31, 2022 and December 31, 2021, respectively

     

     

    -

     

     

     

    207,417

     

     

     

     

    -

     

     

     

    -

     

    Stockholders' equity (deficit)

     

     

     

     

     

     

    Common stock, par value $0.0001; 300,000,000 and 20,746,276 shares authorized as of March 31, 2023 and December 31, 2022, respectively; 46,383,143 and 8,296,074 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively

     

     

    5

     

     

     

    0

     

    Additional paid-in-capital

     

     

    267,356

     

     

     

    70,901

     

    Accumulated deficit

     

     

    (259,945

    )

     

     

    (240,787

    )

    Accumulated other comprehensive loss

     

     

    (1,252

    )

     

     

    (1,371

    )

    Total stockholders' equity (deficit)

     

     

    6,163

     

     

     

    (171,258

    )

    Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit)

     

     

    166,815

     

     

     

    176,236

     

     

    Near Intelligence, Inc. and Subsidiaries

    Unaudited Condensed Consolidated Statements of Operations

    (in thousands, except per share data and share count)

     

     

     

    Three Months Ended

    March 31,

     

     

    2023

     

    2022

     

     

     

     

     

    Revenue

     

     

    15,508

     

     

     

    14,059

     

    Costs and expenses:

     

     

     

     

     

     

    Cost of revenue (exclusive of depreciation and amortization shown separately below)

     

     

    5,144

     

     

     

    4,278

     

    Product and technology

     

     

    8,303

     

     

     

    4,900

     

    Sales and marketing

     

     

    5,162

     

     

     

    4,692

     

    General and administrative

     

     

    16,515

     

     

     

    3,005

     

    Depreciation and amortization

     

     

    2,722

     

     

     

    2,379

     

    Total costs and expenses

     

     

    37,846

     

     

     

    19,255

     

    Operating loss

     

     

    (22,338

    )

     

     

    (5,197

    )

    Interest expense, net

     

     

    3,999

     

     

     

    749

     

    Changes in fair value of derivative liabilities

     

     

    (7,304

    )

     

     

    (1,700

    )

    Other expense (income), net

     

     

    5

     

     

     

    (499

    )

    Loss before income tax expense

     

     

    (19,038

    )

     

     

    (3,746

    )

    Income tax expense

     

     

    121

     

     

     

    62

     

    Net loss attributable to Near Intelligence, Inc. and common stockholders

     

     

    (19,158

    )

     

     

    (3,808

    )

     

     

     

     

     

     

     

    Net loss attributable to common stockholders, basic and diluted

     

     

    (19,158

    )

     

     

    (3,808

    )

    Net loss per share attributable to common stockholders, basic and diluted

     

     

    (1.20

    )

     

     

    (0.49

    )

    Weighted-average number of shares outstanding used to compute net loss per share attributable to common stockholders, basic and diluted

     

     

    16,004,795

     

     

     

    7,747,665

     

     

    Near Intelligence, Inc. and Subsidiaries

    Unaudited Condensed Consolidated Statements of Cash Flows

    (in thousands)

     

     

     

    For the three months

    ended

     

     

    March 31, 2023

     

     

    March 31, 2022

    Cash flows from operating activities :

     

     

     

     

     

    Net loss

     

     

    (19,158

    )

     

     

    (3,808

    )

    Adjustments to reconcile net loss to net cash used in operating activities:

     

     

     

     

     

     

     

    Depreciation and amortization

     

     

    2,722

     

     

     

    2,379

     

    Share based compensation

     

     

    5,839

     

     

     

    47

     

    Changes in fair value of Derivative liabilities

     

     

    (7,304

    )

     

     

    (1,700

    )

    Allowance for credit losses on trade receivables and write off

     

     

    36

     

     

     

    75

     

    Amortization of debt discount due to warrants

     

     

    688

     

     

     

    257

     

    Other

     

     

    (146

    )

     

     

    (354

    )

    Changes in operating assets and liabilities:

     

     

     

     

     

     

     

    Accounts receivable

     

     

    844

     

     

     

    (2,564

    )

    Prepaid expenses and other current assets

     

     

    (828

    )

     

     

    (633

    )

    Operating lease right-of-use assets

     

     

    226

     

     

     

    143

     

    Other assets

     

     

    (87

    )

     

     

    150

     

    Accounts payable

     

     

    4,964

     

     

     

    (1,760

    )

    Accrued expenses and other current liabilities

     

     

    3,473

     

     

     

    3,725

     

    Operating lease liabilities

     

     

    (201

    )

     

     

    (136

    )

    Other liabilities

     

     

    (301

    )

     

     

    (10

    )

    Net cash used in operating activities

     

     

    (9,233

    )

     

     

    (4,189

    )

     

     

     

     

     

     

     

     

    Cash flows from investing activities :

     

     

     

     

     

     

     

    Additions to property and equipment

     

     

    (157

    )

     

     

    (74

    )

    Proceeds from sale of marketable securities

     

     

    -

     

     

     

    259

     

    Proceeds from sale of short term investments

     

     

    -

     

     

     

    1,067

     

    Cash acquired in Business Combination, net of transaction costs paid

     

     

    205

     

     

     

    -

     

    Advance to related party

     

     

    1,778

     

     

     

    -

     

    Net cash provided by investing activities

     

     

    1,826

     

     

     

    1,252

     

     

     

     

     

     

     

     

     

    Cash flows from financing activities

     

     

     

     

     

     

     

    Proceeds from issuance of debt, net of issuance costs

     

     

    5,219

     

     

     

    -

     

    Proceeds from exercise of share options

     

     

    -

     

     

     

    3

     

    Repayment of short term borrowing from related party

     

     

    (2,073

    )

     

     

    -

     

    Repayments of debt

     

     

    (234

    )

     

     

    (1,606

    )

    Net cash (used in) provided by financing activities

     

     

    3,117

     

     

     

    (1,603

    )

     

     

     

     

     

     

     

     

    Effect of exchange rates on cash, cash equivalents and restricted cash

     

     

    26

     

     

     

    (132

    )

    Net (decrease) increase in cash and cash equivalents and restricted cash

     

     

    (4,469

    )

     

     

    (4,673

    )

    Cash and cash equivalents and restricted cash at beginning of period

     

     

    60,998

     

     

     

    8,950

     

    Cash, cash equivalents and restricted cash at the end of the period

     

     

    56,529

     

     

     

    4,277

     

     

    Near Intelligence, Inc.

    Unaudited Reconciliation of GAAP to Non-GAAP Operating Results

    (in thousands, except per share amounts)

     

     

     

    For the three months ended

    March 31,

     

     

    2023

     

    2022

    Net loss to adjusted EBITDA

     

     

     

     

    Net loss

     

     

    (19,158

    )

     

     

    (3,807

    )

    Stock-based compensation expense related to restricted stock units

     

     

    5,839

     

     

     

    47

     

    One-time expenses

     

     

    6,802

     

     

     

    114

     

    Depreciation and amortization

     

     

    2,722

     

     

     

    2,379

     

    Interest expense

     

     

    3,999

     

     

     

    749

     

    Changes in fair value of warrant liabilities

     

     

    (7,304

    )

     

     

    (1,700

    )

    Other expenses (income)

     

     

    5

     

     

     

    (499

    )

    Provision for income taxes

     

     

    121

     

     

     

    62

     

    Adjusted EBITDA

     

    $

    (6,975

    )

     

    $

    (2,655

    )

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20230515005708/en/

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      LOS ANGELES, Sept. 26, 2023 (GLOBE NEWSWIRE) -- via IBN – Near Intelligence Inc. (NASDAQ:NIR), the global Data Intelligence Platform curating one of the world's largest sources of intelligence on people and places, today announces it has selected the corporate communications expertise of IBN, a multifaceted financial news and publishing company for private and public entities. Near curates one of the world's largest sources of intelligence on people and places. Its patented technology analyzes data to deliver insights on approximately 1.6 billion unique user IDs across 70 million points of interest in more than 44 countries. Through Near's three-pillared approach – high-quality data, priv

      9/26/23 8:30:00 AM ET
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    • Near Intelligence Announces Second Quarter 2023 Financial Results

      PASADENA, Calif., Aug. 14, 2023 (GLOBE NEWSWIRE) -- Near Intelligence, Inc. (NASDAQ:NIR) ("Near," "we," "our," or the "Company"), a global leader in privacy-led data intelligence on people and places, today announced financial results for the second quarter ended June 30, 2023. "In the second quarter of 2023, Near successfully implemented our go-to-market strategy, acquiring new clients across various regions and enhancing our offerings for existing customers. As anticipated, our year-over-year revenue growth was 19%, which is within the guidance range, and for the remainder of the year our focus will be on sustainable growth with a strong focus on getting to profitability on an operation

      8/14/23 4:45:09 PM ET
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    • Near Intelligence Announces Date of Second Quarter 2023 Financial Results Webcast

      PASADENA, Calif., Aug. 10, 2023 (GLOBE NEWSWIRE) -- Near Intelligence, Inc. (NASDAQ:NIR) ("Near" or the "Company"), a global leader in privacy-led data intelligence on people and places, today announced that it will report financial results for the second quarter ended June 30, 2023, after the close of the market on August 14, 2023. Near will host a live webcast to discuss financial results for investors and analysts at 5:30 a.m. Pacific Time (8:30 a.m. Eastern Time) on August 15, 2023. The live webcast can be accessed at Near Q2 2023 Earnings Call Pre-Registration. Please allow at least 15 minutes prior to the start of the webcast to log in. An audio replay of the webcast will be availab

      8/10/23 5:08:46 PM ET
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    • Near Intelligence Announces First Quarter 2023 Financial Results

      Q1 2023 revenue of $15.5 million, up 10% year-over-year and slightly above the guidance range Near Intelligence, Inc. (NASDAQ:NIR) ("Near," "we," "our," "us" or the "Company"), a global leader in privacy-led data intelligence on people, places and products, today announced financial results for the first quarter ended March 31, 2023. "In the first quarter of 2023, we executed well on our go-to-market strategy, adding new logos across the geographies we serve and expanding our offerings within many of our existing customers. As expected, year-over-year revenue growth was 10%, slightly above the guidance range, and we believe it will accelerate throughout the year," said Anil Mathews, CEO

      5/15/23 4:15:00 PM ET
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    • Near Intelligence's Board Grows Stronger with Key Appointments

      PASADENA, Calif., Sept. 25, 2023 (GLOBE NEWSWIRE) -- Near Intelligence, Inc. (NASDAQ:NIR), a global data intelligence platform that curates one of the world's largest sources of intelligence on people and places, today announced the appointment of two new members to its Board of Directors, effective September 19, 2023: Richard J. Salute, former Director of Capital Markets and SEC Practice at J.H. Cohn and CohnReznick LLP, and served in various leadership roles over 29 years at Arthur Andersen.Sherman Edmiston III, former managing director of Zolfo Cooper LLC (now Alix Partners), and currently a Managing Member of HI CapM Advisors, Ltd. "We're thrilled to bring these talented and

      9/25/23 7:00:00 AM ET
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    • Near Intelligence Appoints Jay Angelo as Chief Privacy Officer to Further Strengthen its Commitment to Protecting User Privacy

      In addition to his role as General Counsel, Jay Angelo will serve as Near's Chief Privacy Officer Near Intelligence, Inc. (NASDAQ:NIR), a Data Intelligence Platform that curates one of the world's largest sources of intelligence on people and places, today announced that it has appointed its General Counsel, Jay Angelo, to also serve as the company's Chief Privacy Officer. This appointment solidifies Near's dedication to safeguarding user privacy, a core pillar of the company's foundation. Near's three-pillared approach – data, privacy, and AI – empowers operational and marketing leaders with solutions to help them engage and grow their businesses at scale. With the rapid evolution of c

      9/14/23 7:00:00 AM ET
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