Sonendo (SONX) 8-K Sonendo, Inc. Reports Second Quarter 2024 Financial Results and Raises Full Year Revenue Guidance

Ex. 99.2

SONENDO, INC.

RECONCILIATION OF GAAP TO NON-GAAP

FINANCIAL MEASURES

(unaudited; in thousands; except percentage)

	Q1 2023			Q2 2023			Q3 2023			Q4 2023			Q1 2024			Q2 2024
Gross profit (loss)	$	1,978		$	(485	)	$	884		$	2,292		$	2,001		$	3,116
Gross margin		22.8	%		(5.5	%)		10.8	%		25.4	%		28.4	%		37.5	%
Adjustments:
Excess and obsolete inventory reserve related to recently discontinued products		—			2,917			—			—			—			241
Impairment of long-lived assets		—			—			1,341			243			146			15
Stock-based compensation expense		139			79			44			54			302			8
Adjusted gross profit	$	2,117		$	2,511		$	2,269		$	2,589		$	2,449		$	3,380
Adjusted gross margin		24.4	%		28.7	%		27.8	%		28.7	%		34.8	%		40.7	%
Loss from continuing operations, net of tax	$	(15,642	)	$	(18,097	)	$	(17,449	)	$	(11,273	)	$	(12,189	)	$	(7,446	)
Adjustments:
Interest and financing costs, net		579			739			884			994			1,940			759
Depreciation and amortization		353			397			402			11			55			73
Excess and obsolete inventory reserve related to recently discontinued products		—			2,917			—			—			—			241
Stock-based compensation expense		1,903			2,012			1,739			1,443			2,521			703
Impairment of long-lived assets		—			—			3,392			280			146			15
Adjusted EBITDA	$	(12,807	)	$	(12,032	)	$	(11,032	)	$	(8,545	)	$	(7,527	)	$	(5,655	)
Cash Flows
Cash flow used in operating activities	$	(16,976	)	$	(9,365	)	$	(10,216	)	$	(9,505	)	$	(10,689	)	$	(6,718	)
Purchases of property and equipment		(210	)		(417	)		(216	)		(86	)		(146	)		(15	)
Free cash flow (burn)	$	(17,186	)	$	(9,782	)	$	(10,432	)	$	(9,591	)	$	(10,835	)	$	(6,733	)