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Tempus AI, Inc. Investor Presentation Q2 2025 August 8th, 2025
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2 Disclaimer This presentation contains forward-looking statements that reflect Tempus AI, Inc.’s (the “Company” or “Tempus”) current expectations and projections with respect to, among other things, its financial condition, results of operations, plans, objectives, future performance and business. Forward-looking statements include all statements that are not historical facts. Such forward-looking statements are subject to various risks and uncertainties, including those set forth under “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as supplemented by the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2025, and in subsequent reports Tempus files with the Securities and Exchange Commision. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Tempus does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. Moreover, the Company operates in very competitive and rapidly changing environments, and new risks may emerge from time to time. It is not possible for the Company to predict all risks, nor can it assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements the Company may make. This presentation includes information concerning economic conditions, the Company’s industry, the Company’s markets and the Company’s competitive position that is based on a variety of sources, including information from independent industry analysts and publications, as well as Tempus’ own estimates and research. The Company’s estimates are derived from publicly available information released by third-party sources, as well as data from its internal research, and are based on such data and the Company’s knowledge of its industry, which the Company believes to be reasonable. This presentation includes certain financial information, such as Non-GAAP Genomics gross margin, Non-GAAP Genomics gross profit, Non-GAAP Data and Services gross margin, Non-GAAP Data and Services gross profit, Non-GAAP operating expenses, Non-GAAP technology R&D, non-GAAP R&D, Non-GAAP SG&A, Non-GAAP operating expenses, Non-GAAP net loss, Non-GAAP net loss per share, EBITDA, Adjusted EBITDA, and Adjusted EBITDA margin, that have not been prepared in accordance with generally accepted accounting principles in the United States ("GAAP"). Management uses this Non-GAAP financial information internally in analyzing the Company's financial results and believes that it is useful to investors as an additional tool to evaluate ongoing operating results and trends. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable financial measures prepared in accordance with GAAP and should be read only in conjunction with the Company's consolidated financial statements prepared in accordance with GAAP. Tempus urges you to review the reconciliation of its non-GAAP financial measures to the most directly comparable GAAP financial measures set forth in the Appendix to this presentation, and not to rely on any single financial measure to evaluate the Company's business. For additional information concerning Tempus’ non-GAAP measures, see the earnings release posted on Tempus’ Investor Relations website at https:/ /investors.tempus.com. Tempus believes non-GAAP financial measures are useful to investors and others because they allow for additional information with respect to financial measures used by management in its financial and operational decision-making and they may be used by institutional investors and the analyst community to help them analyze the health of Tempus’ business. In particular, Adjusted EBITDA is a key measurement used by Tempus management to make operating decisions, including those related to analyzing operating expenses, evaluating performance, and performing strategic planning and annual budgeting. However, there are a number of limitations related to the use of non-GAAP financial measures, and these non-GAAP measures should be considered in addition to, not as a substitute for or in isolation from, our financial results prepared in accordance with GAAP. Other companies, including companies in our industry, may calculate these non-GAAP financial measures differently or not at all, which reduces their usefulness as comparative measures.
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Based on recent advancements, including generative AI, the time is now. AI is finally ready to transform healthcare. We believe the change will occur in diagnostics first.
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ARTIFICIAL INTELLIGENCE MULTIMODAL DATA UNIFIED TOOLING We envision a new approach to precision medicine. Unraveling disease complexity from a complete, unified picture of the patient Leveraging AI to reveal unmet needs that lead to actionable insights Mobilizing insights through application via a connected network
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Through our sequencing efforts and established connections with >4,500 institutions, we have amassed one of largest proprietary datasets in the world Allowing us to build and train AI models and distribute the insights generated to treating physicians, patients and researchers. ● We are connected to >65% of all Academic Medical Centers and >50% of oncologists in the U.S. through our sequencing and data collection efforts. ● We have >350 petabytes of rich multimodal healthcare data. >40,000,000 total patient records >2,000,000 imaging records ~4,000,000 samples sequenced ~330,000 DNA +RNA profiles 10,000 DNA+RNA TCGA Data as of 06/30/2025
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Tempus’ three product lines are integrated and benefit from network effects Our Platform supports our three product lines, with each designed to enable and enhance the others, thereby translating the network effects of our technology into the markets in which we operate and allowing us to monetize our products, and the resulting data we collect, in multiple ways. Each of our businesses is integrated with the others, reinforcing their impact in the market. The more patients we sequence, the more data we collect, which allows us to provide additional insights, further enhancing our genomics business and adding more data, which compounds the value of our data and AI business. GENOMICS Diagnostic Testing Run tests and bill insurance or be paid directly DATA SERVICES Licensing & Analytical Tools License de-identified, multimodal records and software tools to analyze and derive insights APPLICATIONS Therapy/Trial Matching Develop algorithmic diagnostics, such as matching patients to clinical trials or closing care gaps ANALYTICS DIAGNOSTICS APPLICATIONS
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>2,000 total publications, from Tempus & Ambry including: ~700 peer-reviewed articles ~180 oral presentations at scientific meetings such as ASCO, SABCS and AHA GENOMICS We offer the most comprehensive menu across oncology and hereditary testing and also offer solutions across neurology, cardiology, rare disease, and reproductive health. Our tests are developed with scientific rigor and supported by: The Genomics product line focuses on delivering intelligent and personalized molecular results to physicians Announced strategic collaboration with Personalis to co-commercialize NeXT Personal Dx for tumor informed detection of MRD and recurrence in lung, breast cancer, colorectal cancers and IO monitoring Tempus xT CDx 648-gene tissue-based NGS-based test for molecular profiling of all solid malignant tumors, includes CDx claims for colorectal cancer patients; FDA approved in April 2023 Tempus xR Whole transcriptome RNA assay Tempus xF/xF+ 105 & 523 gene liquid biopsy cancer assay Tempus xE Whole exome cancer assay Tempus xG/xG+ 39 & 76 gene inherited cancer risk germline assays (CancerNext, CancerNext-Expanded) powered by Ambry Genetics HRD Homologous recombination deficiency algo TO Tumor origin algo DPYD Dihydropyrimidine dehydrogenase deficiency algo BRCAplus 13 gene inherited breast cancer risk assay, where screening and / or surgical intervention may be indicated BRCANext 26 gene inherited breast and / or gynecological cancer risk assay ColoNext 26 gene hereditary colorectal, gastric cancer and polyposis cancer risk assay Tempus xM High coverage methylation sequencing for minimal residual disease in (early stage) cancer and monitoring (late stage); launched in CRC, treatment response monitoring for ICI therapy (RUO) Tempus xH Whole genome cancer assay (RUO) UGT1A1 Elevated toxicity risk algo PurIST℠ Subtype classification in PDAC algo IPS DNA and RNA based algo for immune checkpoint inhibitor treatment outcomes in solid tumors Merlin Early-stage melanoma algo ONCOLOGY ALGORITHMIC
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Our oncology product line is growing rapidly as measured by the number of tests that are ordered and delivered and the average reimbursement per test Oncology testing (Tempus Genomics) GENOMICS ONCOLOGY NGS - TESTS DELIVERED 148,000 64,300 218,700 97,000 ONCOLOGY NGS - AVERAGE REVENUE PER TEST $633 $736 $714 $916 $1,452 $1,584 270,800 2019 2020 2021 2022 2023 2024 Q2 24 Q2 25 66,500 84,000 2019 2020 2021 2022 2023 2024 Q2 25 40,600 $1,530
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Hereditary testing (Ambry Genetics) continues to demonstrate sustained volume growth ~128,000 Q2 2024 Q2 2025 ~97,000 GENOMICS Hereditary risk represents a rapidly growing category, driven by: ● An increase in inherited cancers and NCCN guideline recommendations with testing recommended in breast, ovarian, pancreatic, prostate and colorectal cancers 1 ● Personalized prevention, risk stratification and treatment strategies driven by genetic risk profile ● Increasing incidence of cancers globally, with estimated 10% linked to hereditary mutations 2 Average reimbursement per test of $760 in Q2 2025 Sources: 1.NCCN Guidelines 2. National Cancer Institute HEREDITARY - TESTS DELIVERED
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Licensing We license libraries of de-identified clinical, molecular, and imaging data and provide a suite of analytic and cloud-and-compute tools through our Lens platform to pharmaceutical and biotechnology companies. Our customers leverage data across all stages of the drug development cycle, from discovery to clinical trial design. DATA
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We support life science companies’ research needs across the product life cycle 11 DATA CLINICAL DEVELOPMENT Identify appropriate comparator and benchmark outcomes Inform study design (e.g. comparator, endpoints) Identify target patient population Efficacy/safety benchmarking REGULATORY Generate evidence to support regulatory submissions Contextualize outcomes for single-arm clinical trials ID clinical outcomes (using imaging) to standard of care Matched or unmatched populations to clinical trial for contextualization or formal external control arm RWE to support label expansion Characterize unmet needs Expand labels MARKET ACCESS & REIMBURSEMENT Develop a strategy to ensure product access and favorable pricing Define a clear value proposition Support pricing decisions Generate healthcare resource utilization and economic evidence Provide local data Monitor treatment adherence COMMERCIALIZATION Ensure launch success and optimize lifecycle management Determine financial opportunity and maintain forecast Long-term follow up demonstrating RW outcomes are consistent with clinical trial data Patient counts for Outcomes analyses to support ‘consistent with label’
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Case Studies DATA PATIENT JOURNEY & CARE GAPS Quantify patient journeys in real world settings and identify care gaps from NCCN guideline directed care Observe treatment patterns for drug launches alongside richly annotated clinical and molecular data Identify gaps in diagnostics, imaging, surgeries, or other NCCN guidelines HCRU*, COST, & OUTCOMES Quantify high-acuity HCRU & identify areas to improve patient outcomes while reducing economic burden Assess utilization & costs of high-acuity care, like hospitalizations, ER, and specialist visits Capture longitudinal history of relevant comorbidities, treatments, adverse effects, & outcomes NEW INDICATIONS & TRIAL DESIGN Uncover opportunities to address unmet clinical need using multi-omic data combined with treatment & outcomes Investigate new indications with unmet clinical need & design trial criteria using rich multi-omic data (somatic + germline DNA, whole transcriptome RNA, and IHC) linked with longitudinal treatments & outcomes *Healthcare Resource Utilization (HCRU)
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13 Tempus to develop largest multimodal foundation model with AstraZeneca/Pathos in oncology Non-exclusive collaboration allows Tempus to build other foundation models with interested parties Foundation models have the potential to unlock the full potential of precision medicine by: ● Providing a complete understanding of each patient’s disease by ingesting and reasoning across multi-modal datasets ● Delivering deep clinical insights, finding novel patterns and associations to generate new hypotheses and accelerate drug development ● Enhancing diagnostic accuracy and early detection to positively enhance patient outcomes ● Improving the ability to predict response to therapy at a molecular level in order to identify the right therapy for the right patient at the right time Collaboration details: ● Tempus’ > 350 petabytes of de-identified oncology data will be leveraged to build the model ● Upon completion, the model will be shared with all three parties ● Agreements include $200 million in data licensing and model development fees to Tempus ● Tempus to utilize model to improve recommendations for oncologists and enhance our data products (Insights) DATA
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*As of December 31, 2024 approximate TCV is equal to the total potential value of signed contracts and assumes the exercise of all contract options, all discretionary opt-ins, and no early termination. It excludes any revenue recognized to date on these contracts or any future adjustments made to the contractual value as a result of amendments or terminations. Many of our agreements contain termination clauses, including the ability of our counterparty to terminate for convenience, and there can be no guarantee that contracts will not be terminated, that contractual options and discretionary opt-ins will be exercised, or that we will achieve the full amount of potential revenue represented by these contracts in the time periods set forth above or at all. TCV is not a calculation of revenue and should be viewed independently of revenue and deferred revenue, as TCV is not intended to be combined with or replace these items. Similarly, TCV is not a forecast of future revenue, which can be impacted by, among other things, contract start and end dates and the exercise of contractual options. Moreover, Remaining TCV may differ from similarly titled metrics presented by other companies and may not be comparable to such other metrics. ** Net Revenue Retention compares the annual revenue generated from all Data Licensing customers (includes data and services, excluding CRO services) in one year to the annual revenue generated from the same cohort of Data Licensing customers in the subsequent year. Net Revenue Retention is not a calculation of revenue and should be viewed independently of revenue and deferred revenue, as Net Revenue Retention is not intended to be combined with or replace these items. Similarly, Net Revenue Retention is not a forecast of future revenue. Moreover, Net Revenue Retention may differ from similarly titled metrics presented by other companies and may not be comparable to such other metrics. Our data business continues to demonstrate robust growth based on the remaining committed total contract value (“Total Remaining Contract Value or TCV”) that is contractually committed to be delivered in the future and annual net revenue retention from customers Data & Services >$940M Year End 2024 Total Remaining Contract Value* Year End 2024 Data Licensing Retention** ~140% DATA
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Institutional data Data ingestion and normalization Tempus OS Provider/biopharma software Our Apps Platform Bringing the power of AI to healthcare so millions of patients can live longer and healthier lives ● Tempus collects real-time clinical, molecular, imaging and other data on millions of patients ● Our AI technology can enable clinical trial matching, clinical decision support, and care gap identification ● Layering our technology on top of routine tests we also provide AI-enabled "Intelligent Diagnostic" applications APPS
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Tempus AI Applications We have a suite of applications that live inside EHRs enabling providers to leverage Tempus technology, from clinical trial matching, to care gap closure, to intelligent results and insights. We have >4,500 healthcare institutions connected to our platform and have the capabilities to integrate with any EHR— including Epic, Cerner, Flatiron OncoEMR, Meditech, IKnowMed, Allscripts, and more. TIME: CLINICAL TRIAL MATCHING AI-enabled clinical trial matching and just-in-time clinical trial activation in ~ 2 weeks NEXT: CARE GAP INTELLIGENCE AI-platform that enables healthcare systems to deliver guidelines based care across specialties ALGOS: ACTIONABLE INSIGHTS Develop integrated systems that transform genomic data, DICOM images, and digitized H&E slides into automated clinical actions Diagnostic Results Intelligent Algorithmic Apps Care Gap Identification and Closure Clinical Trial Matching Tempus Now: Refresh APPS
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Hub Diagnostic ordering and resulting Lens Cloud based data exploration & analysis tool Link Clinical trial matching and enrollment software olivia Patient application, for AI-enabled personal health One Each of our software solutions integrate with One, our AI Agent, to build and deploy generative AI applications directly Tempus can you find me all of my melanoma patients, include any patients with an xT or xF result. Exclude patients with xE assays. AI is integrated throughout all of our products Allowing us to fuse insights together to create new diagnostic possibilities
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Financials
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Q2 2025 Q2 2024 Change Revenue $314.6M $166.0M 89.6% Gross Profit $195.0M $75.5M 158.3% Loss from operations $(61.8)M $(533.5)M NM (1) Net loss $(42.8)M $(552.2)M NM (1) Adjusted EBITDA $(5.6)M $(31.2)M 82.1% Net loss per share attributable to common shareholders, basic and diluted $(0.25) $(6.86) 96.4% Non-GAAP net loss per share $(0.22) $(0.63) 65.1% Refer to the Appendix for reconciliation of non-GAAP figures to the most directly comparable GAAP figure (1) Not meaningful due to the impact of stock compensation expense and employer payroll taxes related to stock-based compensation associated with the initial public offering in June 2024. Q2 2025 Performance summary
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Q2 2025 Summary of Results Accelerating growth, expanding margins and continued adjusted EBITDA improvement highlight underlying strength across the business ● Revenue increased 89.6% year-over-year to $314.6 million ● Genomics revenue of $241.8 million, growing 115.3% compared to the second quarter of 2024 ○ Oncology testing (Tempus Genomics) delivered $133.2 million of revenue, up 32.9% year-over-year with approximately 26% volume growth ○ Hereditary testing (Ambry Genetics) contributed $97.3 million of revenue, up 33.6% year-over-year on a pro forma basis1 with approximately 32% volume growth ● Data and services revenue totaled $72.8 million, delivering 35.7% growth versus the prior year, led by Insights (data licensing), which grew 40.7% year-over-year ● Generated $195.0 million in quarterly gross profit, reflecting a 158.3% improvement year-over-year ● Continue to approach goal of positive Adjusted EBITDA in 2025, reporting ($5.6 million) of Adjusted EBITDA in the second quarter of 2025 compared to ($31.2 million) in the second quarter of 2024 Tempus believes non-GAAP financial measures are useful to investors and others because they allow for additional information with respect to financial measures used by management in its financial and operational decision-making and they may be used by institutional investors and the analyst community to help them analyze the health of Tempus’ business. In particular, Adjusted EBITDA is a key measurement used by Tempus management to make operating decisions, including those related to analyzing operating expenses, evaluating performance, and performing strategic planning and annual budgeting. However, there are a number of limitations related to the use of non-GAAP financial measures, and these non-GAAP measures should be considered in addition to, not as a substitute for or in isolation from, our financial results prepared in accordance with GAAP. Other companies, including companies in our industry, may calculate these non-GAAP financial measures differently or not at all, which reduces their usefulness as comparative measures. 1 The pro forma amounts have been calculated after applying the Company's accounting policies
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Genomics ● Introduced Tempus xM™ to monitor immune checkpoint inhibitor response in patients with advanced solid tumors for research use only, with clinical availability anticipated later in 2025 ● Expanded exclusive collaboration with Personalis to include colorectal cancer as the fourth indication under the NeXT Personal® MRD commercial partnership in addition to lung, breast and IO monitoring. Data ● Announced multi-year, strategic collaborations with AstraZeneca and Pathos AI, Inc. to build the largest multimodal foundation model in oncology; pre-training is underway with Version 1 release expected in early 2026. ● Entered a multi-year collaboration with Northwestern Medicine to harness AI for rapid discovery and innovation in Alzheimer’s disease research leveraging Lens, Tempus’ AI-powered data analytics platform. Apps ● Expanded Tempus Next AI-driven care gap algorithms (e.g., EGFR testing) in lung cancer and added breast cancer as a second indication. ● Received FDA 510(k) clearance for a second ECG algorithm (LowEF), adding to the AFIB algorithm. Capital Structure ● Raised $750M through an upsized 0.75% convertible senior note offering, replacing a portion of our higher-cost debt and adding approximately $370 million to the balance sheet in July. Q2 2025 and Recent Operational Highlights
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CONFIDENTIAL ($5.6M) REVENUE* ADJUSTED EBITDA** 2022 2023 Q2 24 Q2 25 Genomics Revenue Data & Services Revenue 2024 ($238.8M) ($154.2M) ($104.7M) ($31.2M) * Revenue and growth rates exclude COVID revenue. Including COVID revenues, revenue was $320.7M and $531.8M, with a YoY growth rate of 66% for 2022 to 2023 ** Adjusted EBITDA inclusive of COVID revenue for 2022 and 2023; Adjusted EBITDA margin is a non-GAAP measure; refer to the Appendix for reconciliation to the most directly comparable GAAP figure Our platform drives sustainable business growth. We are on track to reach our goal of positive adjusted EBITDA in 2025. We have achieved significant revenue scale and growth while improving profitability metrics $298.5M $529.0M $693.3M $165.9M $314.6M
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2025 Guidance ● Our increased 2025 guidance includes ~11 months of Ambry revenue, given the acquisition closed February 3, 2025 ● We anticipate recognizing approximately $330 million, or ~26%, of our annual revenue guidance in the third quarter ● Below are several updates on stock compensation, Ambry-related expenses, and other items that will be recognized going forward: ○ Total stock compensation and related taxes of approximately $150 million in 2025, with 25% recognized in the third quarter ○ Amortization of intangibles of approximately $20 million per quarter due to the acquisition of Ambry Genetics ○ Interest expense of approximately $15 million per quarter for remaining Ares debt facility, Google Convertible Note and Convertible Senior Notes ○ One-time debt extinguishment loss of $18.5 million in the third quarter ~$1.26 B ~$5 M Adjusted EBITDA $110M improvement over 2024 Revenue ~82% year-over-year Our revenue and adjusted EBITDA guidance reflect targets and are therefore noted to be approximate values for fiscal year 2025. Given the unique nature of our business, it is difficult to predict these numbers with complete accuracy; as such, the word “approximately” implies a modest range.
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This is the power of precision medicine. This is Tempus.
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Total Gross Profit & Gross Margin Gross profit and gross profit margin reconciliation 2025 2024 Net Revenue $ 314,635 $ 165,969 Cost of revenues 119,596 90,456 Gross profit $ 195,039 $ 75,513 Stock-based compensation expense 2,113 18,566 Employer payroll tax related to stock-based compensation 369 255 Non-GAAP gross profit $ 197,521 $ 94,324 Gross margin 62.0% 45.5% Stock-based compensation expense 0.7% 11.2% Employer payroll tax related to stock-based compensation 0.1% 0.2% Non-GAAP gross margin 62.8% 56.8% Three months Ended June 30, Unaudited In thousands, except percentages
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Non-GAAP Genomics Gross profit and gross profit margin reconciliation 2025 2024 Revenue $241,843 $112,324 Cost of revenues 99,756 68,324 Gross profit $ 142,087 $ 44,000 Stock-based compensation expense 1,420 11,327 Employer payroll tax related to stock-based compensation 254 136 Non-GAAP gross profit $ 143,761 $ 55,463 Gross margin 58.8% 39.2% Stock-based compensation expense 0.6% 10.1% Employer payroll tax related to stock-based compensation 0.1% 0.1% Non-GAAP gross margin 59.4% 49.4% Three months Ended June 30, Unaudited In thousands, except percentages
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Non-GAAP Data and Services Gross profit and gross profit margin reconciliation Unaudited In thousands, except percentages 2025 2024 Revenue $ 72,792 $ 53,645 Cost of revenues 19,840 22,132 Gross profit $ 52,952 $ 31,513 Stock-based compensation expense 693 7,229 Employer payroll tax related to stock-based compensation 114 119 Non-GAAP gross profit $ 53,759 $ 38,861 Gross margin 72.7% 58.7% Stock-based compensation expense 1.0% 13.5% Employer payroll tax related to stock-based compensation 0.2% 0.2% Non-GAAP gross margin 73.9% 72.4% Three months Ended June 30,
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Non-GAAP Operating expenses reconciliation Unaudited In thousands 2025 2024 Technology R&D $ 34,482 $77,908 Stock-based compensation expense 3,285 50,434 Employer payroll tax related to stock-based compensation 495 1,248 Non-GAAP technology R&D $ 30,702 $ 26,226 Research & development $ 41,619 $ 68,025 Stock-based compensation expense 2,335 42,233 Employer payroll tax related to stock-based compensation 235 676 Non-GAAP R&D $ 39,049 $ 25,116 Selling, general & administrative $ 180,712 $ 463,072 Stock-based compensation expense 14,722 377,090 Employer payroll tax related to stock-based compensation 774 2,582 Acquisition related expenses 1,992 - Amortization of intangible due to acquisition 16,771 - Franchise taxes related to IPO 1,647 - Non-GAAP SG&A $ 144,806 $ 83,400 Operating expenses $ 256,813 $609,005 Stock-based compensation expense 20,342 469,757 Employer payroll tax related to stock-based compensation 1,504 4,506 Acquisition related expenses 1,992 - Amortization of intangible due to acquisition 16,771 - Franchise taxes related to IPO 1,647 - Non-GAAP operating expenses $ 214,557 $134,742 Three months Ended June 30,
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Non-GAAP EPS reconciliation Unaudited In thousands (except per share numbers) 1 Fair value changes include gains and losses related to quarterly fair value adjustments of our warrant liability, warrant asset, marketable equity securities, contingent consideration liabilities, and indemnity-related holdback liabilities. 2 Acquisition related expenses consist of legal and diligence, accounting, and financing costs incurred for acquisitions during the three months ended June 30, 2025. 2025 2024 Net loss $ (42,843) $(552,212) Fair value changes 1 (37,546) 4,870 Stock-based compensation expense 22,455 488,313 Employer payroll tax related to stock-based compensation 1,873 4,762 Acquisition related expenses 2 1,992 - Amortization of intangibles due to acquisition 16,771 - Losses on equity method investments 2,100 - Provision for income taxes 212 95 Amortization of technology license (3,988) - G-4 Special Payment - 2,250 Franchise taxes related to IPO 1,647 - Non-GAAP net loss $(37,327) $(51,992) Non-GAAP net loss per share $(0.22) $(0.63) Weighted average common shares outstanding, basic and diluted 173,381 82,325 Three months Ended June 30,
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Adjusted EBITDA reconciliation Unaudited In thousands 1 Fair value changes include gains and losses related to quarterly fair value adjustments of our warrant liability, warrant asset, marketable equity securities, contingent consideration liabilities, and indemnity-related holdback liabilities. 2 Acquisition related expenses consist of legal, diligence, accounting, and financing costs incurred for acquisitions of during the three months ended June 30, 2025. 2025 2024 2024 2023 2022 Net loss $(42,843) $ (552,212) $(705,809) $(214,118) $(289,811) Interest income (1,093) (1,718) (11,084) (7,601) (3,032) Interest expense 21,579 13,295 53,653 46,869 21,894 Depreciation 8,347 6,415 26,356 21,279 16,694 Amortization 19,685 2,744 10,889 11,770 13,335 Provision for income taxes 212 95 266 288 66 EBITDA $ 5,887 $ (531,381) $(625,729) $(141,513) $(240,854) Losses on equity method investments 2,100 - 4,228 301 595 Fair value changes 1 (37,546) 4,870 (27,868) (22,307) 999 Stock-based compensation expense 22,455 488,313 534,138 - - Employer payroll tax related to stock-based compensation 1,873 4,762 13,543 - - G-4 Special Payment - 2,250 2,250 - - Amortization of technology license (3,988) - (7,977) - - Settlement costs - - - 8,625 - Acquisition related expenses 2 1,992 - 2,708 672 482 Franchise taxes related to IPO 1,647 - - - - Adjusted EBITDA $ (5,580) $ (31,186) $(104,707) $(154,222) $(238,778) Three months Ended June 30, Year Ended December 31,