AirSculpt Technologies, Inc.(AIRS) has released its financial statemen ts for the first quarter of 2023, revealing a net loss of $14,000. However, the company experienced a significant boost in revenue, reaching $45.8 million during the same period. The financial data provides insights into the company's performance, highlighting both the challenges faced and the growth achieved.
AirSculpt Technologies' total assets amounted to $209.5 million as of March 31, 2023, an increase from $200.8 million reported at the end of 2022. The company's current assets, including cash and cash equivalents, taxes receivable, and prepaid expenses, totaled $17.9 million. AirSculpt Technologies' long-term assets, such as property and equipment, intangible assets, and goodwill, amounted to $161.6 million.
Condensed Consolidated Statements of Operations
During the three months ended March 31, 2023, AirSculpt Technologies generated revenue of $45.8 million, representing a notable increase from $39.5 million in the same period last year. Operating expenses for the quarter amounted to $44.1 million. The company reported income from operations of $1.8 million, compared to a loss of $1.2 million in the first quarter of 2022. However, after accounting for interest expenses and taxes, AirSculpt Technologies reported a net loss of $14,000.
Condensed Consolidated Statements of Other Comprehensive Income
AirSculpt Technologies reported a comprehensive income of $8,000 for the first quarter of 2023. This includes a net loss of $14,000 and other comprehensive income of $22,000, mainly driven by changes in foreign currency translation adjustment.
Condensed Consolidated Statements of Changes in Stockholders' Equity
The company's stockholders' equity increased to $75.2 million at the end of March 2023, compared to $70.8 million at the end of December 2022. The increase was primarily due to the issuance of common stock through unit vesting and equity-based compensation. Accumulated other comprehensive loss decreased from $76,000 to $54,000 during the period, while the accumulated deficit slightly decreased to $15.1 million.
Condensed Consolidated Statements of Cash Flows
AirSculpt Technologies generated $6.2 million in net cash from operating activities during the first quarter of 2023. The company invested $3.8 million in purchasing property and equipment. In terms of financing activities, AirSculpt Technologies made a payment on term loan, distributed dividends to shareholders, and paid interest expenses. The company ended the quarter with $11.3 million in cash and cash equivalents, representing an increase from $9.6 million at the beginning of the period.
The financial data reflects AirSculpt Technologies' efforts to drive revenue growth, improve operations, and manage its financial resources effectively. Despite the net loss reported for the quarter, the company remains focused on enhancing its position in the market and delivering value to its stakeholders.