Augmedix (AUGX) 8-K Summary Condensed Consolidated Statement of Operations

Exhibit 99.1

Augmedix, Inc.

Summary Condensed Consolidated Statement of Operations

(in thousands except Average Clinicians in Service)

	Three Months Ended (unaudited)												Three Months Ended (unaudited)
	3/31/2019			6/30/2019			9/30/2019			12/31/2019			3/31/2020			6/30/2020			9/30/2020			12/31/2020
Revenue	$	3,185		$	3,297		$	3,668		$	3,958		$	3,970		$	3,725		$	4,245		$	4,543
Cost of revenue		2,254			2,238			2,340			2,596			2,590			2,195			2,368			2,536
Gross profit		931			1,059			1,328			1,362			1,380			1,530			1,877			2,007
General and administrative		2,779			2,884			2,595			2,604			2,868			2,276			3,336			3,087
Sales and marketing		724			910			1,000			949			1,239			819			887			1,453
Research and development		1,555			1,676			1,951			1,795			1,491			985			1,009			1,037
Total operating expenses		5,058			5,470			5,546			5,348			5,598			4,080			5,232			5,577
Loss from operations		(4,127	)		(4,411	)		(4,218	)		(3,986	)		(4,218	)		(2,550	)		(3,355	)		(3,570	)
Other income (expense), net		96			237			(2,397	)		308			(520	)		(409	)		(761	)		(221	)
Net loss	$	(4,031	)	$	(4,174	)	$	(6,615	)	$	(3,678	)	$	(4,738	)	$	(2,959	)	$	(4,116	)	$	(3,971	)
Reconciliation of Non-GAAP Metrics
Net loss	$	(4,031	)	$	(4,174	)	$	(6,615	)	$	(3,678	)	$	(4,738	)	$	(2,959	)	$	(4,116	)	$	(3,971	)
Interest		460			440			1,479			433			356			439			402			256
Tax		14			30			28			39			48			25			26			9
Depreciation		228			227			234			260			218			215			213			221
EBITDA		(3,329	)		(3,477	)		(4,874	)		(2,946	)		(4,116	)		(2,280	)		(3,475	)		(3,305	)
Transaction Related Expenses		-			-			-			-			-			-			753			314
Adjusted EBITDA	$	(3,329	)	$	(3,477	)	$	(4,874	)	$	(2,946	)	$	(4,116	)	$	(2,280	)	$	(2,722	)	$	(2,991	)
GAAP Operating Expenses	$	5,058		$	5,470		$	5,546		$	5,348		$	5,598		$	4,080		$	5,232		$	5,577
Transaction Related Expenses		-			-			-			-			-			-			753			314
Adjusted Operating Expenses	$	5,058		$	5,470		$	5,546		$	5,348		$	5,598		$	4,080		$	4,479		$	5,263
Average Clinicians in Service		398			439			493			518			551			530			552			590

Included for each quarter is the Average Clinicians in Service Headcount. We define a clinician in service as an individual doctor, nurse practitioner or other healthcare professional using our services. We average the month end number of clinicians in service for all months in the measurement period and the number of clinicians in service at the end of the month immediately preceding the measurement period. We believe growth in the average number of clinicians in service is a key indicator of the performance of our business as it demonstrates our ability to penetrate the market and grow our business.

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Augmedix, Inc.

Summary Condensed Consolidated Balance Sheet	As of:
(in thousands)	3/31/2019			6/30/2019			9/30/2019			12/31/2019			3/31/2020			6/30/2020			9/30/2020			12/31/2020
	(unaudited)
Assets
Current assets:
Cash	$	5,635		$	3,410		$	15,822		$	9,603		$	4,223		$	3,411		$	1,429		$	20,762
Restricted cash		-			-			-			2,000			2,000			2,000			2,000			2,211
Accounts receivable, net of allowance for doubtful accounts		2,163			2,523			1,974			2,291			2,656			2,992			2,562			2,693
Prepaid expenses and other current assets		423			459			497			459			492			555			412			1,104
Total current assets		8,221			6,392			18,293			14,353			9,371			8,958			6,403			26,770
Property and equipment, net		1,260			1,186			1,134			1,213			1,258			1,094			995			992
Deferred offering costs		-			-			-			-			-			-			935			-
Deposits		156			156			156			173			173			173			173			173
Total assets	$	9,637		$	7,734		$	19,583		$	15,739		$	10,802		$	10,225		$	8,506		$	27,935
Liabilities, Convertible Preferred Stock and Stockholders’ equity (deficit)
Current liabilities:
Notes payable, current portion	$	3,674		$	3,224		$	3,824		$	2,894		$	2,894		$	2,894		$	2,894		$	2,894
Subordinated note payable, current portion		-			-			-			-			-			1,804			2,747			3,719
Accounts payable		483			755			707			641			565			590			291			259
Accrued expenses and other current liabilities		1,885			2,404			2,515			2,766			2,143			2,221			3,888			3,109
Deferred revenue		4,687			6,660			5,968			5,510			5,210			4,902			5,166			5,439
Customer deposits		1,189			1,084			1,053			1,053			1,053			1,053			1,053			1,053
Total current liabilities		11,918			14,127			14,067			12,864			11,865			13,464			16,039			16,473
Notes payable, net of current portion		-			-			-			-			-			2,180			2,180			2,180
Subordinated note payable, net of current portion		10,046			10,136			8,648			9,722			9,758			8,081			7,221			6,158
Deferred rent, net of current portion		231			114			114			21			21			-			-			-
Preferred stock warrant liability		175			154			4,942			4,391			4,657			4,673			5,253			-
Total liabilities	$	22,370		$	24,531		$	27,771		$	26,998		$	26,301		$	28,398		$	30,693		$	24,811
Commitments and contingencies
Convertible preferred stock		38,257			38,257			53,430			53,882			54,283			54,283			54,283			-
Total stockholders’ equity (deficit)		(50,990	)		(55,054	)		(61,618	)		(65,141	)		(69,782	)		(72,456	)		(76,470	)		3,124
Total liabilities, convertible preferred stock and stockholders’ equity (deficit)	$	9,637		$	7,734		$	19,583		$	15,739		$	10,802		$	10,225		$	8,506		$	27,935

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Augmedix, Inc.

Condensed Consolidated Statement of Cash Flows	Three Months Ended (unaudited)												Three Months Ended (unaudited)
(in thousands)	3/31/2019			6/30/2019			9/30/2019			12/31/2019			3/31/2020			6/30/2020			9/30/2020			12/31/2020
Cash flows from operating activities:
Net loss	$	(4,031	)	$	(4,174	)	$	(6,615	)	$	(3,678	)	$	(4,738	)	$	(2,959	)	$	(4,116	)	$	(3,971	)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization		228			226			234			261			218			214			213			222
Stock-based compensation		86			107			101			103			97			295			99			177
Non-cash interest expense		74			89			1,161			98			36			128			83			(91	)
Change in fair value of preferred stock warrant liability		(154	)		(20	)		920			(674	)		170			16			580			(22	)
Allowance for doubtful accounts		-			(1	)		-			(2	)		-			-			-			-
Deferred rent		(53	)		(55	)		(55	)		(55	)		172			(276	)		(53	)		(53	)
Changes in operating assets and liabilities:								-			-									-			-
Accounts receivable		3			(290	)		473			(312	)		(365	)		(248	)		342			(131	)
Prepaid expenses and other current assets		(4	)		(37	)		(37	)		39			(28	)		(70	)		142			(691	)
Deposits		(1	)		-			-			(40	)		-			-			-			-
Accounts payable		36			451			(46	)		(67	)		(32	)		(99	)		(230	)		(36	)
Accrued expenses and other current liabilities		(149	)		205			136			338			(848	)		373			929			44
Deferred revenue		(179	)		1,973			(692	)		(458	)		(301	)		(307	)		264			272
Customer deposits		28			(105	)		(32	)		-			-			-			-			-
Net cash used in operating activities	$	(4,116	)	$	(1,631	)	$	(4,452	)	$	(4,447	)	$	(5,619	)	$	(2,933	)	$	(1,747	)	$	(4,100	)
Cash flows from investing activities:
Purchase of property and equipment		(149	)		(151	)		(183	)		(340	)		(257	)		(58	)		(112	)		(220	)
Net cash used in investing activities	$	(149	)	$	(151	)	$	(183	)	$	(340	)	$	(257	)	$	(58	)	$	(112	)	$	(220	)
Cash flows from financing activities:
Cash paid in connection with the Merger, net of cash acquired		-			-			-			-			-			-			-			(46	)
Payment to unaccredited investors of Augmedix Operating Corporation		-			-			-			-			-			-			-			(555	)
Proceeds from notes payable		-			-			-			-			-			2,180			-			-
Repayment of notes payable		-			(450	)		(908	)		-			-			-			-			-
Proceeds from sale of common stock		-			-						-			-			-			-			27,416
Proceeds from issuance of convertible preferred stock		-			-			14,696			575			500			-			-			-
Proceeds from issuance of convertible notes payable		-			-			3,304			-			-			-			-			-
Payment of financing costs		-			-			(45	)		(8	)		(4	)		-			(125	)		(3,030	)
Proceeds from exercise of stock options		-			1			3			-			2			-			-			78
Net cash provided by (used in) financing activities	$	-		$	(449	)	$	17,050		$	567		$	498		$	2,180		$	(125	)	$	23,863
Effect of exchange rate changes on cash and restricted cash		(14	)		6			(3	)		1			(2	)		(1	)		2			1
Net decrease in cash and restricted cash		(4,279	)		(2,225	)		12,412			(4,219	)		(5,380	)		(812	)		(1,982	)		19,544
Cash and restricted cash at beginning of period		9,914			5,635			3,410			15,822			11,603			6,223			5,411			3,429
Cash and restricted cash at end of period	$	5,635		$	3,410		$	15,822		$	11,603		$	6,223		$	5,411		$	3,429		$	22,973

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