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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Maxwell Technologies, Inc. | NASDAQ:MXWL | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.48 | 4.48 | 4.49 | 0 | 01:00:00 |
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x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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95-2390133
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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3888 Calle Fortunada, San Diego, California
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92123
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer
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o
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Accelerated filer
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x
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Non-accelerated filer
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o
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(Do not check if a smaller reporting company)
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Smaller reporting company
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x
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Emerging growth company
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o
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Page
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Item 1.
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Financial Statements
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September 30,
2018 |
|
December 31,
2017 |
||||
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|
||||
ASSETS
|
|
|
|
|
||||
Current assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
23,561
|
|
|
$
|
50,122
|
|
Trade and other accounts receivable,
net of allowance for doubtful accounts of $4 and $36 as of September 30, 2018 and Decembe
r 31, 2017, respectively
|
|
30,022
|
|
|
31,643
|
|
||
Inventories
|
|
39,621
|
|
|
32,228
|
|
||
Prepaid expenses and other current assets
|
|
4,119
|
|
|
2,983
|
|
||
Total current assets
|
|
97,323
|
|
|
116,976
|
|
||
Property and equipment, net
|
|
31,308
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|
|
28,044
|
|
||
Intangible assets, net
|
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10,344
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|
|
11,715
|
|
||
Goodwill
|
|
35,464
|
|
|
36,061
|
|
||
Pension asset
|
|
11,949
|
|
|
11,712
|
|
||
Other non-current assets
|
|
730
|
|
|
871
|
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||
Total assets
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$
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187,118
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|
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$
|
205,379
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|
|
|
|
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|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
||||
Current liabilities:
|
|
|
|
|
||||
Accounts payable and accrued liabilities
|
|
$
|
18,870
|
|
|
$
|
32,758
|
|
Accrued employee compensation
|
|
7,244
|
|
|
9,070
|
|
||
Deferred revenue and customer deposits
|
|
4,101
|
|
|
6,669
|
|
||
Short-term borrowings and current portion of long-term debt
|
|
34
|
|
|
33
|
|
||
Total current liabilities
|
|
30,249
|
|
|
48,530
|
|
||
Deferred tax liability, long-term
|
|
7,831
|
|
|
8,762
|
|
||
Long-term debt, excluding current portion
|
|
36,454
|
|
|
35,124
|
|
||
Defined benefit plan liability
|
|
4,109
|
|
|
3,942
|
|
||
Other long-term liabilities
|
|
2,356
|
|
|
2,920
|
|
||
Total liabilities
|
|
80,999
|
|
|
99,278
|
|
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Commitments and contingencies (Note 13)
|
|
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Stockholders’ equity:
|
|
|
|
|
||||
Common stock, $0.10 par value per share, 80,000,000 shares authorized at September 30, 2018 and December 31, 2017; 45,867,418 and 37,199,519 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively
|
|
4,584
|
|
|
3,717
|
|
||
Additional paid-in capital
|
|
368,044
|
|
|
337,541
|
|
||
Accumulated deficit
|
|
(277,185
|
)
|
|
(247,233
|
)
|
||
Accumulated other comprehensive income
|
|
10,676
|
|
|
12,076
|
|
||
Total stockholders’ equity
|
|
106,119
|
|
|
106,101
|
|
||
Total liabilities and stockholders’ equity
|
|
$
|
187,118
|
|
|
$
|
205,379
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
September 30,
|
|
September 30,
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Revenue
|
|
$
|
33,727
|
|
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$
|
35,816
|
|
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$
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91,607
|
|
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$
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99,605
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Cost of revenue
|
|
27,357
|
|
|
28,492
|
|
|
74,128
|
|
|
78,420
|
|
||||
Gross profit
|
|
6,370
|
|
|
7,324
|
|
|
17,479
|
|
|
21,185
|
|
||||
Operating expenses:
|
|
|
|
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|
|
|
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||||||||
Selling, general and administrative
|
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9,052
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14,565
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|
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28,411
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|
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36,277
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|
||||
Research and development
|
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5,599
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|
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4,909
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|
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16,680
|
|
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14,064
|
|
||||
Restructuring and exit costs
|
|
(47
|
)
|
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1,251
|
|
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(26
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)
|
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2,248
|
|
||||
Total operating expenses
|
|
14,604
|
|
|
20,725
|
|
|
45,065
|
|
|
52,589
|
|
||||
Loss from operations
|
|
(8,234
|
)
|
|
(13,401
|
)
|
|
(27,586
|
)
|
|
(31,404
|
)
|
||||
Interest expense, net
|
|
1,252
|
|
|
152
|
|
|
3,275
|
|
|
312
|
|
||||
Other components of defined benefit plans, net
|
|
(217
|
)
|
|
(141
|
)
|
|
(649
|
)
|
|
(439
|
)
|
||||
Other (income) loss
|
|
34
|
|
|
(14
|
)
|
|
(7
|
)
|
|
(67
|
)
|
||||
Foreign currency exchange loss (gain), net
|
|
56
|
|
|
(65
|
)
|
|
383
|
|
|
50
|
|
||||
Loss before income taxes
|
|
(9,359
|
)
|
|
(13,333
|
)
|
|
(30,588
|
)
|
|
(31,260
|
)
|
||||
Income tax provision (benefit)
|
|
364
|
|
|
527
|
|
|
(358
|
)
|
|
3,117
|
|
||||
Net loss
|
|
$
|
(9,723
|
)
|
|
$
|
(13,860
|
)
|
|
$
|
(30,230
|
)
|
|
$
|
(34,377
|
)
|
Net loss per share
|
|
|
|
|
|
|
|
|
||||||||
Basic and diluted
|
|
$
|
(0.23
|
)
|
|
$
|
(0.37
|
)
|
|
$
|
(0.77
|
)
|
|
$
|
(0.98
|
)
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
||||||||
Basic and diluted
|
|
42,497
|
|
|
37,008
|
|
|
39,381
|
|
|
34,929
|
|
|
|
|
|
|
||||||||||||
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net loss
|
|
$
|
(9,723
|
)
|
|
$
|
(13,860
|
)
|
|
$
|
(30,230
|
)
|
|
$
|
(34,377
|
)
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustment
|
|
510
|
|
|
(929
|
)
|
|
(1,457
|
)
|
|
3,197
|
|
||||
Defined benefit plans, net of tax:
|
|
|
|
|
|
|
|
|
||||||||
Amortization of prior service cost, net of tax provision of $5 and $7 for the three months ended September 30, 2018 and 2017, respectively; net of tax provision of $15 and $22 for the nine months ended September 30, 2018 and 2017, respectively
|
|
19
|
|
|
31
|
|
|
57
|
|
|
91
|
|
||||
Other comprehensive income (loss), net of tax
|
|
529
|
|
|
(898
|
)
|
|
(1,400
|
)
|
|
3,288
|
|
||||
Comprehensive loss
|
|
$
|
(9,194
|
)
|
|
$
|
(14,758
|
)
|
|
$
|
(31,630
|
)
|
|
$
|
(31,089
|
)
|
|
|
Nine Months Ended September 30,
|
||||||
|
|
2018
|
|
2017
|
||||
OPERATING ACTIVITIES:
|
|
|
|
|
||||
Net loss
|
|
$
|
(30,230
|
)
|
|
$
|
(34,377
|
)
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
|
|
||||
Depreciation
|
|
6,040
|
|
|
6,638
|
|
||
Amortization of intangible assets
|
|
935
|
|
|
502
|
|
||
Non-cash interest expense
|
|
1,356
|
|
|
24
|
|
||
Loss (recovery) on lease due to restructuring
|
|
(86
|
)
|
|
179
|
|
||
Pension and defined benefit plan cost
|
|
736
|
|
|
520
|
|
||
Stock-based compensation expense
|
|
7,365
|
|
|
6,547
|
|
||
Gain on sale of property and equipment
|
|
(4
|
)
|
|
(20
|
)
|
||
Provision for (recovery of) losses on accounts receivable
|
|
(32
|
)
|
|
4
|
|
||
Provision for losses on inventory
|
|
1,395
|
|
|
1,669
|
|
||
Provision for warranties
|
|
165
|
|
|
605
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
|
||||
Trade and other accounts receivable
|
|
1,734
|
|
|
(3,662
|
)
|
||
Inventories
|
|
(9,492
|
)
|
|
3,626
|
|
||
Prepaid expenses and other assets
|
|
(1,129
|
)
|
|
145
|
|
||
Pension asset
|
|
(442
|
)
|
|
(502
|
)
|
||
Accounts payable and accrued liabilities
|
|
(13,291
|
)
|
|
7,293
|
|
||
Deferred revenue and customer deposits
|
|
(2,161
|
)
|
|
1,817
|
|
||
Accrued employee compensation
|
|
(1,368
|
)
|
|
1,190
|
|
||
Deferred tax liability
|
|
(789
|
)
|
|
(981
|
)
|
||
Defined benefit plan and other long-term liabilities
|
|
(748
|
)
|
|
7
|
|
||
Net cash used in operating activities
|
|
(40,046
|
)
|
|
(8,776
|
)
|
||
INVESTING ACTIVITIES:
|
|
|
|
|
||||
Purchases of property and equipment
|
|
(9,708
|
)
|
|
(3,315
|
)
|
||
Proceeds from sale of property and equipment
|
|
8
|
|
|
20
|
|
||
Cash used in acquisition, net of cash acquired
|
|
—
|
|
|
(97
|
)
|
||
Proceeds from sale of product line
|
|
—
|
|
|
1,500
|
|
||
Net cash used in investing activities
|
|
(9,700
|
)
|
|
(1,892
|
)
|
||
FINANCING ACTIVITIES:
|
|
|
|
|
||||
Repayments of line of credit and other borrowings
|
|
(15,025
|
)
|
|
(24
|
)
|
||
Line of credit borrowings
|
|
15,000
|
|
|
—
|
|
||
Proceeds from convertible debt, net of discount and issuance costs
|
|
—
|
|
|
37,333
|
|
||
Proceeds from sale of common stock, net of offering costs
|
|
22,974
|
|
|
—
|
|
||
Proceeds from issuance of common stock under equity compensation plans
|
|
229
|
|
|
193
|
|
||
Net cash provided by financing activities
|
|
23,178
|
|
|
37,502
|
|
||
Effect of exchange rate changes on cash and cash equivalents
|
|
7
|
|
|
659
|
|
||
Increase (decrease) in cash and cash equivalents
|
|
(26,561
|
)
|
|
27,493
|
|
||
Cash and cash equivalents, beginning of period
|
|
50,122
|
|
|
25,359
|
|
||
Cash and cash equivalents, end of period
|
|
$
|
23,561
|
|
|
$
|
52,852
|
|
•
|
Dry Battery Electrode Technology
: The Company has developed and transformed its patented, proprietary and fundamental dry electrode manufacturing technology that has historically been used to make ultracapacitors to create a new technology that can be applied to the manufacturing of batteries, which the Company believes can create significant performance and cost benefits as compared to today’s state of the art lithium-ion batteries.
|
•
|
Energy Storage:
The Company’s ultracapacitor products are energy storage devices that possess a unique combination of high power density, extremely long operational life and the ability to charge and discharge very rapidly. The Company’s ultracapacitor cells, multi-cell packs and modules provide highly reliable energy storage and power delivery solutions for applications in multiple industries, including automotive, grid energy storage, wind, bus, industrial and truck. The Company’s lithium-ion capacitors are energy storage devices with the power characteristics of an ultracapacitor combined with enhanced energy storage capacity approaching that of a battery and are uniquely designed to address a variety of applications in the rail, grid, and industrial markets where energy density and weight are differentiating factors.
|
•
|
High-Voltage Capacitors:
The Company’s CONDIS
®
high-voltage capacitors are designed and manufactured to perform reliably for decades in all climates. These products include grading and coupling capacitors, electric voltage transformers and metering products that are used to ensure the safety and reliability of electric utility infrastructure and other applications involving transport, distribution and measurement of high-voltage electrical energy.
|
•
|
The Company's operating plan for the next 12 months from the date of issuance of these financial statements contemplates a significant reduction in its net operating cash outflows as compared to the nine months ended September 30, 2018, resulting from (a) a return to normal inventory levels after the completion of its contract manufacturer transition in 2018 which required higher cash outflows related to a buildup of inventory during the transition and (b) revenue recovery in the Company’s high-voltage product line as delayed infrastructure projects are resumed and uncertainties related to tax reform legislation and tariffs are resolved. However, it is uncertain when and to what degree these recoveries in the business will occur.
|
•
|
The Company may delay otherwise planned spending on capital investments, research and development and other various activities as necessary to help curb cash outflow until if and when necessary funding is obtained to pursue such activities.
|
•
|
The Company has a shelf registration statement which allows it to sell up to an aggregate of
$125 million
of any combination of its common stock, warrants, debt securities or units. Under this registration statement, the Company may access the capital markets for the three-year period ending November 15, 2020. As of
September 30, 2018
,
$24.7 million
of securities have been issued under the Company’s shelf registration statement and a balance of
$100.3 million
remains available for future issuance pursuant to the shelf registration statement.
|
•
|
The Company is actively exploring non-dilutive funding opportunities. No assurance can be given that any future transaction will be successful or that it will be on terms that are satisfactory to the Company or that the resources will be received in a timely manner. If the Company is unable to secure funding, the Company’s business, financial condition and results of operations will be materially adversely affected, and the Company may be unable to continue as a going concern.
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Numerator
|
|
|
|
|
|
|
|
|
||||||||
Net loss
|
|
$
|
(9,723
|
)
|
|
$
|
(13,860
|
)
|
|
$
|
(30,230
|
)
|
|
$
|
(34,377
|
)
|
Denominator
|
|
|
|
|
|
|
|
|
||||||||
Weighted-average common shares outstanding
|
|
42,497
|
|
|
37,008
|
|
|
39,381
|
|
|
34,929
|
|
||||
Net loss per share
|
|
|
|
|
|
|
|
|
||||||||
Basic and diluted
|
|
$
|
(0.23
|
)
|
|
$
|
(0.37
|
)
|
|
$
|
(0.77
|
)
|
|
$
|
(0.98
|
)
|
|
|
Three and Nine Months Ended September 30,
|
||||
|
|
2018
|
|
2017
|
||
Outstanding options to purchase common stock
|
|
357
|
|
|
364
|
|
Unvested restricted stock awards
|
|
—
|
|
|
29
|
|
Unvested restricted stock unit awards
|
|
3,016
|
|
|
2,760
|
|
Employee stock purchase plan awards
|
|
77
|
|
|
29
|
|
Bonus and director fees to be paid in stock awards
|
|
504
|
|
|
349
|
|
Convertible senior notes
|
|
7,245
|
|
|
6,300
|
|
|
|
11,199
|
|
|
9,831
|
|
Balance Sheet
|
|
Balance at December 31, 2017
|
|
Adjustments Due to ASC 606
|
|
Balance at January 1, 2018
|
||||||
Assets:
|
|
|
|
|
|
|
||||||
Trade and other accounts receivable, net of allowance
|
|
$
|
31,643
|
|
|
$
|
227
|
|
|
$
|
31,870
|
|
Inventories
|
|
32,228
|
|
|
(430
|
)
|
|
31,798
|
|
|||
Liabilities and Stockholders’ Equity:
|
|
|
|
|
|
|
||||||
Accounts payable and accrued liabilities
|
|
32,758
|
|
|
37
|
|
|
32,795
|
|
|||
Deferred revenue and customer deposits
|
|
6,669
|
|
|
(518
|
)
|
|
6,151
|
|
|||
Accumulated deficit
|
|
(247,233
|
)
|
|
278
|
|
|
(246,955
|
)
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||
Product Line:
|
|
2018
|
|
2018
|
||||
Energy Storage
|
|
$
|
26,535
|
|
|
$
|
72,242
|
|
High-Voltage Capacitors
|
|
7,192
|
|
|
19,365
|
|
||
Total
|
|
$
|
33,727
|
|
|
$
|
91,607
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||
Region:
|
|
2018
|
|
2018
|
||||
Americas
|
|
$
|
7,067
|
|
|
$
|
16,970
|
|
Asia Pacific
|
|
14,385
|
|
|
38,929
|
|
||
Europe
|
|
12,275
|
|
|
35,708
|
|
||
Total
|
|
$
|
33,727
|
|
|
$
|
91,607
|
|
|
|
Nine Months Ended September 30,
|
||
|
|
2018
|
||
Beginning balance as of December 31, 2017
|
|
$
|
5,331
|
|
Impact of adoption of ASC 606
|
|
(518
|
)
|
|
Increases due to cash received from customers
|
|
2,098
|
|
|
Decreases due to recognition of revenue
|
|
(3,784
|
)
|
|
Other changes
|
|
(206
|
)
|
|
Contract liabilities as of September 30, 2018
|
|
$
|
2,921
|
|
|
|
September 30,
2018 |
|
December 31,
2017 |
||||
Raw materials and purchased parts
|
|
$
|
14,056
|
|
|
$
|
12,675
|
|
Work-in-process
|
|
1,198
|
|
|
1,756
|
|
||
Finished goods
|
|
22,625
|
|
|
17,797
|
|
||
Consigned inventory
|
|
1,742
|
|
|
—
|
|
||
Total inventories
|
|
$
|
39,621
|
|
|
$
|
32,228
|
|
|
|
Nine Months Ended September 30,
|
||||||
|
|
2018
|
|
2017
|
||||
Beginning balance
|
|
$
|
1,413
|
|
|
$
|
1,213
|
|
Acquired liability from Nesscap
|
|
—
|
|
|
773
|
|
||
Product warranties issued
|
|
510
|
|
|
352
|
|
||
Settlement of warranties
|
|
(477
|
)
|
|
(300
|
)
|
||
Changes related to preexisting warranties
|
|
(345
|
)
|
|
253
|
|
||
Ending balance
|
|
$
|
1,101
|
|
|
$
|
2,291
|
|
|
|
Foreign
Currency Translation Adjustment |
|
Defined Benefit
Pension Plan |
|
Accumulated
Other Comprehensive Income |
|
Affected Line Items in the Statement of Operations
|
||||||
Balance as of December 31, 2017
|
|
$
|
12,957
|
|
|
$
|
(881
|
)
|
|
$
|
12,076
|
|
|
|
Other comprehensive income before reclassification
|
|
(1,457
|
)
|
|
—
|
|
|
(1,457
|
)
|
|
|
|||
Amounts reclassified from accumulated other comprehensive income
|
|
—
|
|
|
57
|
|
|
57
|
|
|
Cost of Sales, Selling, General and Administrative and Research and Development Expense
|
|||
Net other comprehensive income for the
nine months ended September 30, 2018
|
|
(1,457
|
)
|
|
57
|
|
|
(1,400
|
)
|
|
|
|||
Balance as of September 30, 2018
|
|
$
|
11,500
|
|
|
$
|
(824
|
)
|
|
$
|
10,676
|
|
|
|
Maxwell common stock
|
|
$
|
25,294
|
|
Settlement of seller’s transaction expenses
|
|
1,006
|
|
|
Total estimated purchase price
|
|
$
|
26,300
|
|
|
|
Fair Value
|
||
Cash and cash equivalents
|
|
$
|
909
|
|
Accounts receivable
|
|
2,545
|
|
|
Inventories
|
|
4,397
|
|
|
Prepaid expenses and other assets
|
|
764
|
|
|
Property and equipment
|
|
3,314
|
|
|
Intangible assets
|
|
11,800
|
|
|
Accounts payable, accrued compensation and other liabilities
|
|
(5,713
|
)
|
|
Employee severance obligation
|
|
(3,340
|
)
|
|
Total identifiable net assets
|
|
14,676
|
|
|
Goodwill
|
|
11,624
|
|
|
Total purchase price
|
|
$
|
26,300
|
|
|
|
Estimated Useful Life (in years)
|
|
Fair Value
|
||
Customer relationships - institutional
|
|
14
|
|
$
|
3,200
|
|
Customer relationships - non-institutional
|
|
10
|
|
4,400
|
|
|
Trademarks and trade names
|
|
10
|
|
1,500
|
|
|
Developed technology
|
|
8
|
|
2,700
|
|
|
Total intangible assets
|
|
|
|
$
|
11,800
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||
|
|
2017
|
|
2017
|
||||
Net revenues
|
|
$
|
35,816
|
|
|
$
|
104,771
|
|
Net loss
|
|
(13,573
|
)
|
|
(35,165
|
)
|
||
Net loss per share:
|
|
|
|
|
||||
Basic and diluted
|
|
(0.37
|
)
|
|
(0.96
|
)
|
||
Weighted average common shares outstanding:
|
|
|
|
|
||||
Basic and diluted
|
|
37,008
|
|
|
36,706
|
|
•
|
Amortization expense for acquired intangibles and removal of Nesscap historical intangibles amortization
|
•
|
Removal of historical Nesscap interest expenses, gains and losses related to debt not acquired
|
•
|
Recognition of expense associated with the valuation of inventory acquired
|
Balance as of December 31, 2017
|
|
$
|
36,061
|
|
Foreign currency translation adjustments
|
|
(597
|
)
|
|
Balance as of September 30, 2018
|
|
$
|
35,464
|
|
|
|
As of September 30, 2018
|
||||||||||||||||
|
|
Useful Life
(in years)
|
|
Gross Initial Carrying Value
|
|
Cumulative Foreign Currency Translation Adjustment
|
|
Accumulated Amortization
|
|
Net Carrying Value
|
||||||||
Customer relationships - institutional
|
|
14
|
|
$
|
3,200
|
|
|
$
|
68
|
|
|
$
|
(332
|
)
|
|
$
|
2,936
|
|
Customer relationships - non-institutional
|
|
10
|
|
4,400
|
|
|
89
|
|
|
(645
|
)
|
|
3,844
|
|
||||
Trademarks and trade names
|
|
10
|
|
1,500
|
|
|
30
|
|
|
(219
|
)
|
|
1,311
|
|
||||
Developed technology
|
|
8
|
|
2,700
|
|
|
52
|
|
|
(499
|
)
|
|
2,253
|
|
||||
Total intangible assets
|
|
|
|
$
|
11,800
|
|
|
$
|
239
|
|
|
$
|
(1,695
|
)
|
|
$
|
10,344
|
|
|
|
As of December 31, 2017
|
||||||||||||||||
|
|
Useful Life
(in years)
|
|
Gross Initial Carrying Value
|
|
Cumulative Foreign Currency Translation Adjustment
|
|
Accumulated Amortization
|
|
Net Carrying Value
|
||||||||
Customer relationships - institutional
|
|
14
|
|
$
|
3,200
|
|
|
$
|
197
|
|
|
$
|
(156
|
)
|
|
$
|
3,241
|
|
Customer relationships - non-institutional
|
|
10
|
|
4,400
|
|
|
266
|
|
|
(304
|
)
|
|
4,362
|
|
||||
Trademarks and trade names
|
|
10
|
|
1,500
|
|
|
90
|
|
|
(103
|
)
|
|
1,487
|
|
||||
Developed technology
|
|
8
|
|
2,700
|
|
|
160
|
|
|
(235
|
)
|
|
2,625
|
|
||||
Total intangible assets
|
|
|
|
$
|
11,800
|
|
|
$
|
713
|
|
|
$
|
(798
|
)
|
|
$
|
11,715
|
|
|
|
February 2017 Plan
|
|
September 2017 Plan
|
||||
|
|
Employee Severance Costs
|
||||||
Restructuring liability as of December 31, 2016
|
|
$
|
—
|
|
|
$
|
—
|
|
Costs incurred
|
|
997
|
|
|
1,275
|
|
||
Amounts paid
|
|
(855
|
)
|
|
(431
|
)
|
||
Accruals released
|
|
(142
|
)
|
|
(27
|
)
|
||
Restructuring liability as of December 31, 2017
|
|
—
|
|
|
817
|
|
||
Costs incurred
|
|
—
|
|
|
45
|
|
||
Amounts paid
|
|
—
|
|
|
(705
|
)
|
||
Accruals released
|
|
—
|
|
|
(157
|
)
|
||
Restructuring liability as of September 30, 2018
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
September 30,
2018 |
|
December 31,
2017 |
||||
Principal amount
|
|
$
|
46,000
|
|
|
$
|
46,000
|
|
Unamortized debt discount - equity component
|
|
(7,135
|
)
|
|
(8,144
|
)
|
||
Unamortized debt discount - initial purchaser
|
|
(2,130
|
)
|
|
(2,431
|
)
|
||
Unamortized transaction costs
|
|
(336
|
)
|
|
(383
|
)
|
||
Net carrying value
|
|
$
|
36,399
|
|
|
$
|
35,042
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Cash interest expense
|
|
|
|
|
|
|
|
|
||||||||
Coupon interest expense
|
|
$
|
633
|
|
|
$
|
37
|
|
|
$
|
1,898
|
|
|
$
|
37
|
|
Non-cash interest expense
|
|
|
|
|
|
|
|
|
||||||||
Amortization of debt discount - equity component
|
|
346
|
|
|
18
|
|
|
1,008
|
|
|
18
|
|
||||
Amortization of debt discount - initial purchaser
|
|
103
|
|
|
5
|
|
|
301
|
|
|
5
|
|
||||
Amortization of transaction costs
|
|
16
|
|
|
1
|
|
|
47
|
|
|
1
|
|
||||
Total interest expense
|
|
$
|
1,098
|
|
|
$
|
61
|
|
|
$
|
3,254
|
|
|
$
|
61
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
|||||
|
|
2017
|
|
2018
|
|
2017
|
|||
Expected dividend yield
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
Expected volatility
|
|
58
|
%
|
|
54
|
%
|
|
58% - 59%
|
|
Risk-free interest rate
|
|
1.96
|
%
|
|
2.95
|
%
|
|
1.87% - 1.96%
|
|
Expected term (in years)
|
|
5.5
|
|
|
5.5
|
|
|
5.5
|
|
|
|
Three and Nine Months Ended September 30,
|
||||
|
|
2018
|
|
2017
|
||
Expected dividend yield
|
|
—
|
%
|
|
—
|
%
|
Expected volatility
|
|
41% - 47%
|
|
|
53
|
%
|
Risk-free interest rate
|
|
2.36% - 2.60%
|
|
|
1.55
|
%
|
Expected term (in years)
|
|
2.5 - 2.9
|
|
|
2.8
|
|
|
|
Three Months Ended September 30,
|
||||||||||||
|
|
2018
|
|
2017
|
||||||||||
|
|
Shares granted
(in thousands) |
|
Average grant date fair value
|
|
Shares granted
(in thousands) |
|
Average grant date fair value
|
||||||
Service-based
|
|
10
|
|
|
$
|
3.69
|
|
|
321
|
|
|
$
|
5.58
|
|
Performance objectives
|
|
—
|
|
|
n/a
|
|
|
—
|
|
|
n/a
|
|
||
Market-condition
|
|
—
|
|
|
n/a
|
|
|
34
|
|
|
6.79
|
|
||
Total RSUs granted
|
|
10
|
|
|
3.69
|
|
|
355
|
|
|
5.70
|
|
||
|
|
|
|
|
|
|
|
|
||||||
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2018
|
|
2017
|
||||||||||
|
|
Shares granted
(in thousands) |
|
Average grant date fair value
|
|
Shares granted
(in thousands) |
|
Average grant date fair value
|
||||||
Service-based
|
|
1,111
|
|
|
$
|
5.70
|
|
|
1,242
|
|
|
$
|
5.54
|
|
Performance objectives
|
|
78
|
|
|
5.85
|
|
|
158
|
|
|
5.73
|
|
||
Market-condition
|
|
355
|
|
|
7.49
|
|
|
368
|
|
|
7.22
|
|
||
Total RSUs granted
|
|
1,544
|
|
|
6.12
|
|
|
1,768
|
|
|
5.91
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
RSU Type
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Service-based
|
|
$
|
1,043
|
|
|
$
|
1,124
|
|
|
$
|
3,229
|
|
|
$
|
2,460
|
|
Performance objectives
|
|
(49
|
)
|
|
219
|
|
|
239
|
|
|
389
|
|
||||
Market-condition
|
|
526
|
|
|
432
|
|
|
1,413
|
|
|
1,027
|
|
||||
|
|
$
|
1,520
|
|
|
$
|
1,775
|
|
|
$
|
4,881
|
|
|
$
|
3,876
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Expected dividend yield
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
||||
Expected volatility
|
|
38
|
%
|
|
37
|
%
|
|
40
|
%
|
|
32
|
%
|
||||
Risk-free interest rate
|
|
2.09
|
%
|
|
1.09
|
%
|
|
1.74
|
%
|
|
0.78
|
%
|
||||
Expected term (in years)
|
|
0.50
|
|
|
0.38
|
|
|
0.50
|
|
|
0.46
|
|
||||
Fair value per share
|
|
$
|
1.39
|
|
|
$
|
1.45
|
|
|
$
|
1.34
|
|
|
$
|
1.28
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Cost of revenue
|
|
$
|
255
|
|
|
$
|
271
|
|
|
$
|
939
|
|
|
$
|
721
|
|
Selling, general and administrative
|
|
1,479
|
|
|
2,097
|
|
|
5,309
|
|
|
4,762
|
|
||||
Research and development
|
|
260
|
|
|
387
|
|
|
1,117
|
|
|
1,064
|
|
||||
Total stock-based compensation expense
|
|
$
|
1,994
|
|
|
$
|
2,755
|
|
|
$
|
7,365
|
|
|
$
|
6,547
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Service cost
|
|
$
|
309
|
|
|
$
|
251
|
|
|
$
|
939
|
|
|
$
|
737
|
|
Cost recognized as a component of compensation cost
|
|
309
|
|
|
251
|
|
|
939
|
|
|
737
|
|
||||
Interest cost
|
|
58
|
|
|
59
|
|
|
175
|
|
|
172
|
|
||||
Expected return on plan assets
|
|
(322
|
)
|
|
(258
|
)
|
|
(978
|
)
|
|
(757
|
)
|
||||
Prior service cost amortization
|
|
24
|
|
|
38
|
|
|
72
|
|
|
113
|
|
||||
Net cost recognized in other components of defined benefit plans, net
|
|
(240
|
)
|
|
(161
|
)
|
|
(731
|
)
|
|
(472
|
)
|
||||
Net pension cost
|
|
$
|
69
|
|
|
$
|
90
|
|
|
$
|
208
|
|
|
$
|
265
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Service cost
|
|
$
|
145
|
|
|
$
|
134
|
|
|
$
|
446
|
|
|
$
|
221
|
|
Cost recognized as a component of compensation cost
|
|
145
|
|
|
134
|
|
|
446
|
|
|
221
|
|
||||
Interest cost
|
|
23
|
|
|
20
|
|
|
82
|
|
|
34
|
|
||||
Cost recognized in other components of defined benefit plans, net
|
|
23
|
|
|
20
|
|
|
82
|
|
|
34
|
|
||||
Net cost
|
|
$
|
168
|
|
|
$
|
154
|
|
|
$
|
528
|
|
|
$
|
255
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
•
|
our intentions, beliefs and expectations regarding our expenses, cost savings, sales, operations and future financial performance;
|
•
|
our operating results;
|
•
|
our ability to manage cash flows to enable the business to continue as a going concern;
|
•
|
our ability to develop, introduce and commercialize new products, technologies applications or enhancements to existing products and educate prospective customers;
|
•
|
anticipated growth and trends in our business;
|
•
|
our ability to successfully complete one or more financings;
|
•
|
our ability to otherwise obtain sufficient capital to meet our operating requirements, including, but not limited to, our investment requirements for new technology and products, or other needs;
|
•
|
our ability to manage our long-term debt and our ability to service our debt, including our convertible debt;
|
•
|
risks related to changes in, and uncertainties with respect to, legislation, regulation and governmental policy;
|
•
|
risks related to tax laws and tax changes (including U.S. and foreign taxes on foreign subsidiaries);
|
•
|
risks related to our international operations;
|
•
|
our expectations regarding our revenues, customers and distributors;
|
•
|
our beliefs and expectations regarding our market penetration and expansion efforts, especially considering the small number of vertical markets and a small number of geographic regions;
|
•
|
our expectations regarding the benefits and integration of recently-acquired businesses and our ability to make future acquisitions and successfully integrate any such future-acquired businesses;
|
•
|
our ability to protect our intellectual property rights and to defend claims against us;
|
•
|
dependence upon third party manufacturing and other service providers, many of which are located outside the U.S. and our ability to manage reliance upon certain key suppliers;
|
•
|
our anticipated trends and challenges in the markets in which we operate; and
|
•
|
our expectations and beliefs regarding and the impact of investigations, claims and litigation.
|
•
|
Executive Overview
|
•
|
Current Year Highlights
|
•
|
Results of Operations
|
•
|
Liquidity and Capital Resources
|
•
|
Critical Accounting Estimates
|
•
|
Recent Accounting Pronouncements
|
•
|
Off Balance Sheet Arrangements
|
•
|
In April 2018, we announced a technology partnership with Zhejiang Geely Holding Group ("Geely"), the parent company of leading brands such as Volvo and Geely Auto. The collaboration kicks off with the inclusion of our ultracapacitor-based peak power subsystem in five mild-hybrid and plugin hybrid vehicles, which will initially be available in North America and Europe. The production ramp for these vehicles is slated to begin in late 2019 and marks the most significant milestone in our automotive market history.
|
•
|
In June 2018, we announced the launch of two new highly scalable products to deliver reliable, fast responding, long lifetime storage in grids and microgrids. Our new Grid Cell Pack and Grid Energy Storage System inject and absorb power in cycle timeframes, and are designed to stabilize voltage and frequency, firm renewable power output, provide bridging and ramping services, and improve generator response. These products can be deployed as stand-alone energy storage systems or in combination with other energy storage assets to improve project business cases, including stacked functionality and extension of battery life to lower capital expense, operating expense and lifetime cost. The systems are designed to be utilized in greenfield storage projects as well as support existing deployed storage systems.
|
•
|
In August 2018, we completed a public offering of 7,590,000 shares of our common stock at a public offering price of $3.25 per share. We received total net proceeds of approximately $23.0 million from the offering, after deducting underwriting discounts, commissions and our estimated offering expenses. Offering net proceeds are being used for general corporate purposes, including research and development expenses, capital expenditures, working capital, repayment of debt and general and administrative expenses.
|
•
|
In August 2018, we announced that our Switzerland-based product line will be delivering high voltage capacitors to the major OEMs involved in a DC grid initiative called the ZhangBei Project, which is the first and largest 550kV DC meshed grid project in the world. This project will secure power supply to Beijing from a variety of renewable sources including wind and solar power. Our high voltage capacitors and resistors are key components for DC circuit breakers and DC voltage dividers by reinforcing DC circuit breaker switching capability and DC voltage divider accurate measurements. The long term stability, temperature control and outstanding insulation design of our high voltage capacitors and voltage dividers help customers handle variable working conditions in high altitude HVDC substations.
|
•
|
In September 2018, we announced a grid energy storage subsystem design-in with Siemens to deliver economical, fast responding, long life grid voltage and frequency support solutions. The new Siemens Static VAR Compensator plus Frequency Stabilizer (SVC PLUS FS) enables ISOs, electric utilities and transmission system operators to have better control of their grids and reduce the risk of blackouts. Due to their rapid response time at high power levels, long lifetime, and minimal maintenance, our ultracapacitors were selected as the energy storage asset of choice to provide grid frequency and voltage support. SVC PLUS FS built by Siemens and enabled by our ultracapacitor solution secures the energy and bridging reserves necessary to provide protection against emergency grid system imbalances. As a result, grid reliability increases and the operational expenses for fossil based, short duration must-run generation, as well as GHG and CO2 emissions, are reduced. Further, the system is highly adaptable and flexible in the face of evolving grid demands.
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
Revenue
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
Cost of revenue
|
|
81
|
%
|
|
79
|
%
|
|
81
|
%
|
|
79
|
%
|
Gross profit
|
|
19
|
%
|
|
21
|
%
|
|
19
|
%
|
|
21
|
%
|
Operating expenses:
|
|
|
|
|
|
|
|
|
||||
Selling, general and administrative
|
|
27
|
%
|
|
41
|
%
|
|
31
|
%
|
|
36
|
%
|
Research and development
|
|
16
|
%
|
|
14
|
%
|
|
18
|
%
|
|
14
|
%
|
Restructuring and exit costs
|
|
—
|
%
|
|
3
|
%
|
|
—
|
%
|
|
2
|
%
|
Total operating expenses
|
|
43
|
%
|
|
58
|
%
|
|
49
|
%
|
|
52
|
%
|
Loss from operations
|
|
(24
|
)%
|
|
(37
|
)%
|
|
(30
|
)%
|
|
(31
|
)%
|
Other components of defined benefit plans, net
|
|
—
|
%
|
|
—
|
%
|
|
(1
|
)%
|
|
—
|
%
|
Interest expense, net
|
|
4
|
%
|
|
—
|
%
|
|
4
|
%
|
|
—
|
%
|
Loss before income taxes
|
|
(28
|
)%
|
|
(37
|
)%
|
|
(33
|
)%
|
|
(31
|
)%
|
Income tax provision (benefit)
|
|
1
|
%
|
|
2
|
%
|
|
—
|
%
|
|
3
|
%
|
Net loss
|
|
(29
|
)%
|
|
(39
|
)%
|
|
(33
|
)%
|
|
(34
|
)%
|
•
|
$2.8 million of expense recorded in the third quarter of 2017 for a settlement with the SEC related to our 2011 and 2012 restatement;
|
•
|
a
$1.3 million
decrease in restructuring charges, mainly related to our September 2017 restructuring plan to optimize headcount in connection with the acquisition and integration of Nesscap, as well as to implement additional organizational efficiencies;
|
•
|
a
$1.1 million
increase in interest expense mainly related to our convertible senior notes issued in September and October 2017;
|
•
|
a
$1.0 million
decline in gross profit primarily related to a change in product mix which included lower sales of higher margin high voltage products in 2018;
|
•
|
a
$0.8 million
decrease in shareholder related expenses including legal and advisory costs as well as a settlement with a shareholder in connection with the issuance of our convertible senior notes recorded in the third quarter of 2017;
|
•
|
a
$0.8 million
decrease in stock compensation expense primarily due to a difference in the expected level of achievement under our bonus plan; and
|
•
|
decreases in operating expense associated with our restructuring and ongoing cost reduction efforts.
|
•
|
a
$3.7 million
decline in gross profit primarily associated with a change in product mix which included significantly lower sales of higher margin high voltage products in 2018, as well as higher amortization of intangibles related to the Nesscap Acquisition;
|
•
|
a
$3.5 million
decrease in taxes due to the recognition of a tax holiday for our Swiss subsidiary in the first quarter of 2018, which was retroactively effective to the beginning of 2017, as well as lower taxable revenue for our Swiss subsidiary;
|
•
|
a
$3.0 million
increase in interest expense mostly related to our convertible senior notes issued in September and October 2017;
|
•
|
$2.8 million of expense recorded in the third quarter of 2017 for a settlement with the SEC related to our 2011 and 2012 restatement;
|
•
|
a decrease of
$2.3 million
in restructuring expense due to our February 2017 and September 2017 restructuring plans; and
|
•
|
a decrease of
$1.8 million
due to acquisition related expenses in 2017;
|
•
|
a
$1.1 million
decrease in shareholder related expenses including legal and advisory costs as well as a settlement with a shareholder in connection with the issuance of our convertible senior notes recorded in the third quarter of 2017;
|
•
|
a
$0.8 million
increase in stock compensation expense due to a change in award mix to include market-condition RSUs which have a higher expense, increased utilization of performance based awards, new executive hires and lower termination rates, and the payment of a portion of our board of director fees with fully vested RSUs in lieu of cash;
|
•
|
decreases in operating expense associated with our restructuring and ongoing cost reduction efforts.
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||||||||
|
|
2018
|
|
2017
|
|
Decrease
|
|
% Change
|
|
2018
|
|
2017
|
|
Decrease
|
|
% Change
|
||||||||||||||
Revenue
|
|
$
|
33,727
|
|
|
$
|
35,816
|
|
|
$
|
(2,089
|
)
|
|
(6
|
)%
|
|
$
|
91,607
|
|
|
$
|
99,605
|
|
|
$
|
(7,998
|
)
|
|
(8
|
)%
|
Cost of revenue
|
|
27,357
|
|
|
28,492
|
|
|
(1,135
|
)
|
|
(4
|
)%
|
|
74,128
|
|
|
78,420
|
|
|
(4,292
|
)
|
|
(5
|
)%
|
||||||
% of Revenue
|
|
81
|
%
|
|
79
|
%
|
|
|
|
|
|
81
|
%
|
|
79
|
%
|
|
|
|
|
||||||||||
Gross profit
|
|
$
|
6,370
|
|
|
$
|
7,324
|
|
|
$
|
(954
|
)
|
|
(13
|
)%
|
|
$
|
17,479
|
|
|
$
|
21,185
|
|
|
$
|
(3,706
|
)
|
|
(17
|
)%
|
% of Revenue
|
|
19
|
%
|
|
21
|
%
|
|
|
|
|
|
19
|
%
|
|
21
|
%
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||||||||||||||||
|
|
2018
|
|
2017
|
|
Decrease
|
|
% Change
|
|
2018
|
|
2017
|
|
Decrease
|
|
% Change
|
||||||||||||||
Selling, general and administrative
|
|
$
|
9,052
|
|
|
$
|
14,565
|
|
|
$
|
(5,513
|
)
|
|
(38
|
)%
|
|
$
|
28,411
|
|
|
$
|
36,277
|
|
|
$
|
(7,866
|
)
|
|
(22
|
)%
|
% of Revenue
|
|
27
|
%
|
|
41
|
%
|
|
|
|
|
|
31
|
%
|
|
36
|
%
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
|||||||||||||||||||||||||
|
|
2018
|
|
2017
|
|
Increase
|
|
% Change
|
|
2018
|
|
2017
|
|
Increase
|
|
% Change
|
|||||||||||||
Research and development
|
|
$
|
5,599
|
|
|
4,909
|
|
|
$
|
690
|
|
|
14
|
%
|
|
$
|
16,680
|
|
|
$
|
14,064
|
|
|
$
|
2,616
|
|
|
19
|
%
|
% of Revenue
|
|
16
|
%
|
|
14
|
%
|
|
|
|
|
|
18
|
%
|
|
14
|
%
|
|
|
|
|
|
|
September 2017 Plan
|
||
Restructuring liability as of December 31, 2017
|
|
$
|
817
|
|
Costs incurred
|
|
45
|
|
|
Amounts paid
|
|
(705
|
)
|
|
Accruals released
|
|
(157
|
)
|
|
Restructuring liability as of September 30, 2018
|
|
$
|
—
|
|
|
|
Nine Months Ended September 30,
|
||||||
|
|
2018
|
|
2017
|
||||
Total cash provided by (used in):
|
|
|
|
|
||||
Operating activities
|
|
$
|
(40,046
|
)
|
|
$
|
(8,776
|
)
|
Investing activities
|
|
(9,700
|
)
|
|
(1,892
|
)
|
||
Financing activities
|
|
23,178
|
|
|
37,502
|
|
||
Effect of exchange rate changes on cash and cash equivalents
|
|
7
|
|
|
659
|
|
||
Decrease in cash and cash equivalents
|
|
$
|
(26,561
|
)
|
|
$
|
27,493
|
|
•
|
Our operating plan for the next 12 months from the date of issuance of these financial statements contemplates a significant reduction in our net operating cash outflows as compared to the nine months ended September 30, 2018, resulting from (a) a return to normal inventory levels after the completion of our contract manufacturer transition in 2018 which required higher cash outflows related to a buildup of inventory during the transition and (b) revenue recovery in our high-voltage product line as delayed infrastructure projects are resumed and uncertainties related to tax reform legislation and tariffs are resolved. However, it is uncertain when and to what degree these recoveries in the business will occur.
|
•
|
We may delay otherwise planned spending on capital investments, research and development and other various activities as necessary to help curb cash outflow until if and when necessary funding is obtained to pursue such activities.
|
•
|
We have a shelf registration statement which allows us to sell up to an aggregate of
$125 million
of any combination of our common stock, warrants, debt securities or units. Under this registration statement, we may access the capital markets for the three-year period ending November 15, 2020. As of
September 30, 2018
,
$24.7 million
of securities have been issued under our shelf registration statement and a balance of $100.3 million remains available for future issuance pursuant to the shelf registration statement.
|
•
|
We are actively exploring non-dilutive funding opportunities. No assurance can be given that any future transaction will be successful or that it will be on terms that are satisfactory to us or that the resources will be received in a timely manner. If we are unable to secure funding, our business, financial condition and results of operations will be materially adversely affected, and we may be unable to continue as a going concern.
|
Item 3.
|
Quantitative and Qualitative Disclosures about Market Risk
|
Item 4.
|
Controls and Procedures
|
Item 1.
|
Legal Proceedings
|
Item 1A.
|
Risk Factors
|
Item 6.
|
Exhibits
|
Exhibit
Number |
|
|
Description of Document
|
Filed Herewith
|
Form
|
File No.
|
Date Filed
|
|
|
|
|
|
|
|
|
|
|
|
10-K
|
001-15477
|
02/16/18
|
||
|
|
|
|
|
|
|
|
|
|
|
8-K
|
001-15477
|
02/27/17
|
||
|
|
|
|
|
|
|
|
|
|
|
8-K
|
001-15477
|
09/26/17
|
||
|
|
|
|
|
|
|
|
|
|
|
8-K
|
001-15477
|
09/26/17
|
||
|
|
|
|
|
|
|
|
|
|
|
8-K
|
001-15477
|
08/09/18
|
||
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
||
|
|
|
|
|
|
|
|
101
|
|
|
The following financial statements and footnotes from the Maxwell Technologies, Inc. Quarterly Report on Form 10-Q for the quarter ended September 30, 2018 formatted in Extensible Business Reporting Language (XBRL): (i) Condensed Consolidated Balance Sheets; (ii) Condensed Consolidated Statements of Operations; (iii) Condensed Consolidated Statements of Comprehensive Income (Loss) (iv) Condensed Consolidated Statements of Cash Flows; and (v) the Notes to Condensed Consolidated Financial Statements.
|
X
|
|
|
|
|
|
|
MAXWELL TECHNOLOGIES, INC.
|
|
|
|
|
|
|
Date:
|
November 7, 2018
|
|
By:
|
/s/ Franz Fink
|
|
|
|
|
Franz Fink
|
|
|
|
|
President and Chief Executive Officer
|
|
|
|
|
|
Date:
|
November 7, 2018
|
|
By:
|
/s/ David Lyle
|
|
|
|
|
David Lyle
|
|
|
|
|
Senior Vice President, Chief Financial Officer, Treasurer and Secretary
|
1 Year Maxwell Technologies, Inc. Chart |
1 Month Maxwell Technologies, Inc. Chart |
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